I use machine learning to categorize US active equity mutual funds as quantitative (reliant
on computer models and fixed-rules) or discretionary (reliant on human judgment). I then …

Many people share investment ideas online. This study investigates whether individual
investors trade on investment-related internet postings. We use unique data from a social …

We study innovation and product differentiation using a uniqueness measure based on
textual analysis of prospectuses. We find that small and start‐up families have higher start …

We construct novel measures of mutual funds' environmental, social, and governance (ESG)
commitment by analyzing the discretionary investment-strategy descriptions of their …

We examine the relationship between the tone of mandatory disclosures and bank risk
insolvency to determine what this qualitative information may reveal about bank stability. By …

Computer-aided text analyses have gained a lot of attention recently. Applied to different
types of business communication such as earnings announcements, analyst reports, or IPO …

We analyze fund managers' incentives to disclose qualitative information about their
strategies, and investors' ability to learn from these disclosures. We propose a mechanism …

Purpose This paper examines whether and how customers' annual report tone affects
suppliers' innovation decisions. Design/methodology/approach Using the data from …

This paper examines the relationship between the fund managers' tones and future fund
performance based on the Chinese mutual fund data. Using the textual analysis method to …

In this paper, we shed light on the informational value of US mutual fund risk disclosures by
examining the qualitative content of funds' prospectuses. First, approximating a fund's …