Measuring Firm Complexity
针对企业复杂性难以衡量的问题，利用机器学习和专业词典，基于公开文本数据开发了一个综合复杂性指标，与10-K文件大小结合使用，优于传统方法。
Abstract In business research, firm size is both ubiquitous and readily measured. Complexity, another firm-related construct, is also relevant, but difficult to measure and not well-defined. As a result, complexity is less frequently incorporated in empirical designs. We argue that most extant measures of complexity are one-dimensional, have limited availability, and/or are frequently misspecified. Using both machine learning and an application-specific lexicon, we develop a text solution that uses widely available data and provides an omnibus measure of complexity. Our proposed measure, used in tandem with 10-K file size, provides a useful proxy that dominates traditional measures.