NBER Working Paper No. 24029
Issued in November 2017, Revised in June 2019
---- Acknowledgments ----
We thank seminar participants at Barcelona GSE, Boston University, the Federal Reserve Bank of Philadelphia, Frankfurt School of Finance and Management, University of Bristol, Universidad Carlos III de Madrid, University of Chicago, University of Exeter, Humboldt University, Lancaster University, Mannheim University, University of Melbourne, MIT (Department of Economics), MIT Sloan School of Management, University of Southern California, Stanford SITE, the Stigler Center, DAR Conference at the University of Maastricht, the joint BFI-Hoover Conference on Elections, Policymaking, and Uncertainty, and the NBER EFG meeting. We received helpful feedback from Scott Baker, Nick Bloom, Steve Davis, Gene Fama, Alex Frankel, Ray Fisman, Igor Goncharov, Lars Peter Hansen, Rick Hornbeck, Emir Kamenica, Ties de Kok, Christian Leuz, Juhani Linnainmaa, Valeri Nikolaev, Lubos Pastor, Andrei Shleifer, Chad Syverson, Stephen Terry, Pietro Veronesi, and Luigi Zingales. We are most grateful to Menno van Zaanen for generously providing his textual analysis code and for advising on computational linguistics matters. Markus Schwedeler deserves a special thanks for his excellent research assistance. We also thank Jakub Dudzic, Chris Emmery, Yusiyu Wang, and Hongcen Wei for their help as RAs at various stages. Funding for this project was provided by the Institute for New Economic Thinking. We further gratefully acknowledge the Fama-Miller Center at the University of Chicago (Hassan) and the London Business School (Tahoun) for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.