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April 26, 2026Annals of Operations ResearchOpen Access

ESG anchor words and risk

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Authors

KKKyriaki KosmidouDKDimitrios KousenidisALAnestis C. Ladas

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Overview

Randomized trial examines ESG sentiment's impact on stock crash risk, suggesting varied effects by industry.

Key Points

  • The study aims to quantify ESG sentiment and its relation to future stock crash risk by analyzing earnings conference calls.
  • Developed a methodology using deep machine learning and expanded ESG dictionaries via word2vec.
  • Employed FinBERT to extract sentiment from sentences containing ESG anchor words.
  • Analyzed the relationship between sentiment and stock crash risk across different industries.
  • Environmental sentiment significantly reduces stock crash risk, especially in environmentally sensitive industries.
  • Social sentiment increases crash risk in optimistic narratives but decreases it in balanced communications.
  • Governance sentiment shows minimal impact on crash risk.

Cite This Study

Kosmidou et al. (2026) studied this question.

synapsesocial.com/papers/69edabdf4a46254e215b3b82https://doi.org/10.1007/s10479-026-07200-2
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