Are Financial Constraints Priced? Evidence from Textual Analysis

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Textual analysis in finance (2019, methodology): “…to predict the pessimism and optimism of internet messages (Antweiler and Frank, 2004), the tone in analyst reports (Huang et al., 2014) and corporate filings (Li, 2010), among other applications (Antweiler and Frank, 2006; Das and Chen, 2007; Agarwal et al., 2016; Buehlmaier and Whited, 2018a).”
Text as Data (2017, background): “…mapped into v ˆ i by differencing the frequency 24 Other papers that use naive Bayes and similar generative models to study behavioral finance questions include Buehlmaier and Whited (2018), Li (2010), and Das and Chen (2007). of positive and negative searches and averaging over all phrases in i .”