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Managerial horizon: an LLM approach
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
Innovation and industry-academia collaboration
working paper
Advances in blockchain-based finance: Insights from the Special Issue
Journal of
Corporate Finance 97 (12), 102934, December 2025
Financing via partially liquid tokens
working paper
Inventory, renegotiation, and trade credit
working paper
Industry equilibrium with blockchain
Research Policy, forthcoming
Product market competition and equity returns
working paper
Auditing decentralized finance (DeFi) protocols
working paper
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