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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
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Inventory, renegotiation, and trade credit
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Product market competition and equity returns
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Auditing decentralized finance (DeFi) protocols
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