We propose a new approach to identify firm-level financial constraints by applying artificial intelligence to text of 10-K filings by U.S. public firms from 1993 to 2021. Leveraging transformer-based natural language processing, our model captures contextual and semantic nuances often missed by...

This article explores the puzzling ups and downs of Tesla, going through one the most volatile stock market swings of the recent past, under conditions of financialised capitalism. We adopt a conjunctural approach, highlighting both the macro and micro dynamics shaping the firm's financial...

We establish that macroprudential policies limiting capital flows can curb risks arising from corporate foreign currency borrowing in emerging markets. Using detailed firm-level data from India, we show that propensity to issue foreign currency debt for the same firm is higher when the...

How does growing international financial diversification affect firm-level and aggregate labor shares? We study this question using a novel framework of firm labor choice in the face of aggregate risk. The theory implies a cross-section of labor risk premia and labor shares that appear as...

In Our Lives in Their Portfolios, Brett Christophers provides an account of the rise of 'asset manager society' - a world in which the infrastructures of public life are converted from public to private ownership. Here I use Christophers' analysis to comment on growing calls for asset manager...