We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks. We validate our measure by showing it correctly identifies calls containing...

We examine the effect of firm-level political risk on debt markets. While prior research relies mainly on economy-wide proxies for political risk, Hassan et al. (2019) suggests that a substantial amount of political risk plays out at the firm-level. We use their measure to show that...

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks. We validate our measure by showing it correctly identifies calls containing...

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks. We validate our measure by showing it correctly identifies calls containing...

We take advantage of a new measure of political risk (Hassan et al. (2019)) to study the effects of firmlevel political risk on private debt markets. First, we use panel data tests and exploit the redrawing of US congressional districts to uncover plausibly exogenous variation in firm-level...