ECB 2023 Bulletin article

Earnings Calls: New Evidence on Corporate Profits, Investment and Financing Conditions

Malin Andersson, Pedro Neves and Carolina Nunes

Andersson, M. & Neves, P. & Nunes, C., “Earnings Calls: New Evidence on Corporate Profits, Investment and Financing Conditions,” ECB Economic Bulletin, Issue 4/2023 (2023).

Euro area corporate sentiment

Andersson, Neves and Nunes use NL Analytics to extract topic-specific sentiment and risk indicators from earnings calls. The ECB analysis aggregates these measures to study corporate profits, investment and financing conditions at euro area firms.

Study coverage: Euro area firms in the main non-financial sectors; quarterly analysis beginning in 2002, with observations into 2023.

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