We leverages computational linguistics to determine how the narrative content of earnings conference calls influences investors’ uncertainty about a firm’s future valuation. By applying statistical topic modeling to a corpus of 18,254 conference calls, we extract topics and tones from both...

In imperfectly competitive markets, a producer-employer firm can be considered monopolist-monopsonist, facing downward sloping residual demand for product and upward sloping residual supply for labour. Firms can thereby exercise both product price markup and wage markdown powers. To study market...

What is the role of financial deregulation on rising finance wage premium in the US? This study makes use of the Interstate Banking and Branching Efficiency Act of 1994 as an exogenous shift to local banking markets and investigates the effect of deregulation induced competition on relative...

During recent years, central banks have increased the levels of their international reserves at an unprecedented pace. In this paper, we introduce new country-specific reserve data and examine determinants of the composition of international reserves. Using a dataset of 36 countries (and the...