内生性
撞车
利用
库存(枪支)
现存分类群
经济
股票价格
业务
货币经济学
计量经济学
计算机科学
工程类
机械工程
古生物学
计算机安全
进化生物学
系列(地层学)
生物
程序设计语言
作者
Liang Wang,Qikai Wang,Fan Jiang
标识
DOI:10.1016/j.frl.2022.103462
摘要
We employ text-based tools to construct a new measurement of firm-specific economic policy uncertainty (FEPU, hereafter): the share of sentences related to EPU in management discussion and analysis (MD&A, hereafter). Our measure enables us to exploit the wide range of variation in actual and perceived EPU across firms and over time. Linking our FEPU to stock price crash risk shows that FEPU negatively affects stock price crash risk, which still holds after addressing endogeneity problem, and varies across firms’ ownership and asset irreversibility. We extend extant research on impacts of EPU by capturing time-varying firms’ exposures to EPU.
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