Textual similarity between firm and government: Measurement and pricing

Yulin Liu, Zhiling Cao and Fenghua Wen

Economics Letters, 2024, vol. 241, issue C

Abstract: Using the BERT large language model and extensive textual data, this paper measures the alignment between firm achievements and government development goals. We prove that firms aligning closely with national goals are more favorably valued in the capital market. Our results offer valuable insights for policymakers and corporate leaders in strategy optimization within complex macroeconomic environments.

Keywords: Large language models; Bert model; Text mining; Government goal; Firm value (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:241:y:2024:i:c:s0165176524003070

DOI: 10.1016/j.econlet.2024.111823

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