Journal ArticleDOI
The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic
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In this article, a topic model was used to fit 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020.Abstract:
After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We show that despite the large negative impact of COVID-19 on their operations, firms with a strong corporate culture outperform their peers without a strong culture. Moreover, these firms are more likely to support their community, embrace digital transformation, and develop new products than those peers. We conclude that corporate culture is an intangible asset designed to meet unforeseen contingencies as they arise.read more
Citations
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Journal ArticleDOI
Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic
TL;DR: This paper examined the relation between corporate social responsibility (CSR) and stock market returns during the COVID-19 pandemic-induced market crash and the post-crash recovery.
Journal ArticleDOI
CSR in Times of Crisis: Evidence from the COVID-19 Pandemic
TL;DR: The authors examined the relation between corporate social responsibility (CSR) and stock market returns during the COVID-19 pandemic-induced market crash and the post-crash recovery using a sample of 1,750 U.S. firms and two major sources of CSR ratings.
Common risk factors in the returns on stocks : empirical evidence from Singapore.
Morina. Kurniawan,Chin Thin. Ng +1 more
Journal ArticleDOI
COVID-19, Government Policy Responses, and Stock Market Liquidity around the World: A Note
TL;DR: It is demonstrated that the impact of the interventions is limited in scale and scope, while workplace and school closures deteriorate liquidity in emerging markets, while information campaigns on the novel coronavirus facilitate trading activity.
Posted Content
Disaster Resilience and Asset Prices
TL;DR: The authors investigated whether security markets price the effect of social distancing on firms' operations, and found that firms that are more resilient to social distance significantly outperformed those with lower resilience during the COVID-19 outbreak, even after controlling for the standard risk factors.
References
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Proceedings Article
Latent Dirichlet Allocation
TL;DR: This paper proposed a generative model for text and other collections of discrete data that generalizes or improves on several previous models including naive Bayes/unigram, mixture of unigrams, and Hof-mann's aspect model, also known as probabilistic latent semantic indexing (pLSI).
Journal ArticleDOI
Common risk factors in the returns on stocks and bonds
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this article, the authors identify five common risk factors in the returns on stocks and bonds, including three stock-market factors: an overall market factor and factors related to firm size and book-to-market equity.
Proceedings Article
Distributed Representations of Words and Phrases and their Compositionality
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Book
A Theory of Human Motivation
Abstract: 1. The integrated wholeness of the organism must be one of the foundation stones of motivation theory. 2. The hunger drive (or any other physiological drive) was rejected as a centering point or model for a definitive theory of motivation. Any drive that is somatically based and localizable was shown to be atypical rather than typical in human motivation. 3. Such a theory should stress and center itself upon ultimate or basic goals rather than partial or superficial ones, upon ends rather than means to these ends. Such a stress would imply a more central place for unconscious than for conscious motivations. 4. There are usually available various cultural paths to the same goal. Therefore conscious, specific, local-cultural desires are not as fundamental in motivation theory as the more basic, unconscious goals. 5. Any motivated behavior, either preparatory or consummatory, must be understood to be a channel through which many basic needs may be simultaneously expressed or satisfied. Typically an act has more than one motivation. 6. Practically all organismic states are to be understood as motivated and as motivating. 7. Human needs arrange themselves in hierarchies of prepotency. That is to say, the appearance of one need usually rests on the prior satisfaction of another, more pre-potent need. Man is a perpetually wanting animal. Also no need or drive can be treated as if it were isolated or discrete; every drive is related to the state of satisfaction or dissatisfaction of other drives. 8. Lists of drives will get us nowhere for various theoretical and practical reasons. Furthermore any classification of motivations
Book
The Social Construction of Reality: A Treatise in the Sociology of Knowledge
Peter L. Berger,Thomas Luckmann +1 more
TL;DR: In this paper, the authors present an analysis of knowledge in everyday life in the context of a theory of society as a dialectical process between objective and subjective reality, focusing particularly on that common-sense knowledge which constitutes the reality of everyday life for the ordinary member of society.
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