Evgeny Lyandres

Decentralized finance (DeFi) represents a fundamental reconfiguration of financial intermediation, replacing traditional institutions with programmable protocols, token-based governance, and distributed consensus mechanisms. While often described as a technological innovation, DeFi raises core institutional questions about how capital is raised, how control rights are allocated, and how information is produced and enforced in the absence of centralized intermediaries. By embe

This paper develops a novel, large language model (LLM)–based measure of managerial horizon using managers’ language in earnings calls. Leveraging a hybrid GPT–BERT framework, we classify millions of transcript segments into performance, strategy, and activity content and construct a firm-quarter measure of managerial short-termism based on the relative emphasis on performance. Firms with more short-term–oriented managerial language exhibit lower R&D and capital investment, w

working paper

Journal of Corporate Finance 97 (12), 102934, December 2025

working paper

working paper

working paper