Using 10-K Text to Gauge Financial Constraints
通过分析公司10-K报告中约束性词汇的频率，构建了一种新的财务约束衡量指标，该指标与传统指标相关性低，但能更好预测后续流动性事件，如股利减少或停发、股权回购等。
Abstract Measuring the extent to which a firm is financially constrained is critical in assessing capital structure. Extant measures of financial constraints focus on macro firm characteristics such as age and size, variables highly correlated with other firm attributes. We parse 10-K disclosures filed with the U.S. Securities and Exchange Commission (SEC) using a unique lexicon based on constraining words. We find that the frequency of constraining words exhibits very low correlation with traditional measures of financial constraints and predicts subsequent liquidity events, such as dividend omissions or increases, equity recycling, and underfunded pensions, better than widely used financial constraint indexes.