Federal Reserve Bank of Boston 2025 Research note

How Firms’ Perceptions of Geopolitical Risk Affect Investment

Leslie Sheng Shen

Shen, L. S., “How Firms’ Perceptions of Geopolitical Risk Affect Investment,” Current Policy Perspectives 25-3, Federal Reserve Bank of Boston (2025).

Firms’ geopolitical-risk perceptions

The note uses NL Analytics firm-level geopolitical-risk measures based on the share of earnings-call sentences combining geopolitical terms with risk or uncertainty language. Its dictionary adapts established geopolitical-risk categories to the quarterly earnings calls of publicly listed US firms.

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