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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
Product market competition and equity returns
working paper
Auditing decentralized finance (DeFi) protocols
working paper
Product market competition and convertible debt financing
Review of Corporate Finance 15(1), 158-198, January 2026
Trading volume manipulation and competition among centralized crypto exchanges
Management Science 71 (10), October 2025
Labor-replacing automation and finance
Management Science 71 (8), August 2025
Initial coin offering (ICO) success and post-ICO performance
Management Science 68 (12), December 2022
The choice between various freeze-out procedures and its consequences
Journal of Law, Finance, and Accounting 6 (2), November 2021
What do insiders know? Evidence from insider trading around share repurchases and SEOs
Journal of Corporate Finance 66 (2), February 2021
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
Inefficient mergers
Journal of Banking and Finance 108 (11), November 2019
Trade credit and supplier competition
Journal of Financial Economics 131 (3), March 2019
The effects of horizontal merger operating efficiencies on rivals, customers, and suppliers
Review of Finance 23 (1), February 2019
Do underwriters compete in IPO pricing?
Management Science 64 (2), February 2018
Cash holdings, competition, and innovation
Journal of Financial and Quantitative Analysis 51 (6), December 2016
Investment opportunities and bankruptcy prediction
Journal of Financial Markets 16 (3), August 2013
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