| 讲座简介： | We measure two types of uncertainty shocks, risk and ambiguity, through textual analysis ofcorporate annual 10-K reports, and examine their implications on the ecosystem of corporatepolicies. We find that risk shocks lead to simultaneous negative adjustments in leverage,investment, employment and payout, and positive adjustment in cash holdings. Theeconomically significant impact of risk shocks persists for years, and is stronger for firmswith smaller size, lower credit ratings, and negative earnings. Not all policies respond topositive and negative risk shocks symmetrically, i.e., firms appear not to increase payout andreduce cash holdings after risk level reduces. In contrast, ambiguity shocks only lead toshort-term reduction in leverage, which could be partially caused by shrinking externalcredit supply. Managers appear to adopt a "wait-and-see" strategy until ambiguity resolves.Keywords: Risk, ambiguity, leverage, investment, employment, payout, cash holdings |
