AI Hype or Reality? Shifts in Corporate Investment after ChatGPT
Kalyani, Aakash; Ozkan, Serdar; Bass, Mickenzie; Dueholm, Mick (2024-10-03)
An analysis of earnings calls shows a sharp rise in AI-related chatter among U.S. corporate executives. But this increase doesn’t appear to be matched by a similar rise in capital and R&D spending.
On the Economy

Does Worker Scarcity Spur Investment, Automation and Productivity? Evidence from Earnings Calls
Dueholm, Mick; Kalyani, Aakash; Ozkan, Serdar (2024-06-18)
An analysis suggests labor issues like higher wages and hiring difficulties have prompted some firms to invest in automation, leading to productivity growth.
On the Economy

AI Optimism and Uncertainty: What Can Earnings Calls Tell Us Post-ChatGPT?
Kalyani, Aakash; Ozkan, Serdar; Bass, Mickenzie; Dueholm, Mick (2024-09-30)
An analysis of earnings calls shows that America’s corporate leaders are talking much more about AI. It also reveals an increase in perceived risk in this new technology.
On the Economy

Can Earnings Calls Be Used to Gauge Labor Market Tightness?
Dueholm, Mick; Kalyani, Aakash; Ozkan, Serdar (2024-06-18)
An index that uses textual analysis of earnings calls to track labor issues appears to be highly correlated to one measure of labor market tightness.
On the Economy

Journal Article
Real-Time Discovery of Corporate Risks
Bass, Mickenzie; Kalyani, Aakash (2025-10-07)
We propose a new methodology to discover emerging corporate risks in real time by analyzing the text of quarterly earnings conference calls from 2008 to 2025. Our approach identifies bigrams (two-word phrases) within risk-related sentences whose usage surges significantly and then groups them into thematic topics. The method successfully recovers a timeline of major economic events, from the credit crisis in 2008 to macroeconomic and tariff uncertainty in 2025. We find that firms manage these risks differently. While macroeconomic uncertainty is associated with reductions in investment and ...
Review , Volume 107 , Issue 16 , Pages 1-17