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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
Labor-replacing automation and finance
Management Science 71 (8), August 2025
Does the market correctly value investment options?
Review of Finance 24 (6), November 2020
Owners’ portfolio diversification and firm investment
Review of Financial Studies 32 (12), December 2019
Convertible debt and investment timing
Journal of Corporate Finance 24 (1), February 2014
Investment opportunities and bankruptcy prediction
Journal of Financial Markets 16 (3), August 2013
Accelerated investment effect of risky debt
Journal of Banking and Finance 34 (11), November 2010
Costly external financing, investment timing, and investment–cash flow sensitivity
Journal of Corporate Finance 13 (5), December 2007
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