This paper studies the information content of a subtle writing style, the expression of confidence. We use unsupervised machine learning to generate new lexicons for three aspects of a writer's level of confidence in expressing opinions: certainty, intensity of expression, and emotional...

Using data on Chinese listed companies for 2008-2018, we find that firms participating in overseas operations, proxied by overseas subsidiaries, generally have higher financial asset allocations than other firms. At the micro level, the effects are more pronounced when the parent company faces...