Different ways of managing risk as reported in 10‐Ks: A supervised learning approach
利用美国上市公司年报（10-K）的监督学习，构建了通过衍生品、保险、多元化、长期合同和信用额度进行风险管理的文本度量，发现不同风险管理方式之间存在替代与互补关系。
Abstract We use supervised learning on annual reports of publicly listed US firms (10‐Ks) to build textual measures of risk management via derivatives, insurance, diversification, long‐run contracts, and credit lines. Validation exercises favor these supervised learning‐based measures over those based on word lists. Panel regressions (1996–2015) indicate that firms using one form of risk management are more likely to also use other forms. In contrast, intensive use of one risk management technique associates with less intensive use of other methods. Findings are consistent with a model featuring fixed costs of organizational capacity for managing risks and increasing marginal costs of hedging.