Comparing Geopolitical Risk Measures
比较了基于资产价格模型、新闻文本分析和专家评级三种方法构建的地缘政治风险度量指标，发现资产价格指标反应最快，文本分析次之，专家评级最慢。
Although geopolitical risk has traditionally been approached from a qualitative aspect, what makes it a novel risk is the application of innovative techniques to measure it. The authors compare methodologies and applications of geopolitical risk measures constructed using three broad approaches: empirical models of asset prices, textual analysis of news, and analyst/expert ratings. The authors examine the ability of these approaches to capture changes in geopolitical risks in a timely manner, and they document that measures based on asset prices reflect geopolitical risk changes more promptly than those based on textual analysis, whereas textual analysis–based measures incorporate new information on geopolitical risk more promptly than ratings-based ones.