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Developing a hierarchical system for energy corporate risk factors based on textual risk disclosures

Published on May 1, 2019in Energy Economics4.15
· DOI :10.1016/j.eneco.2019.01.020
Lu Wei2
Estimated H-index: 2
(CAS: Chinese Academy of Sciences),
Guowen Li2
Estimated H-index: 2
(CAS: Chinese Academy of Sciences)
+ 2 AuthorsJianping LiXiaolei19
Estimated H-index: 19
(CAS: Chinese Academy of Sciences)
Abstract
Abstract Selecting risk factors is essential for measuring energy corporate risk. However, the comprehensive identification of energy corporate risk factors is still a difficult issue. This paper innovatively uses the text mining approach to comprehensively identify energy corporate risk factors from textual risk disclosures reported in financial statements. Based on 131,755 risk factor headings from 3707 Form 10-K filings from 840 U.S. energy corporations over the period 2010–2016, 66 types of risk factors that affect energy corporate risks are identified. Furthermore, we develop a hierarchical system for 66 energy corporate risk factors by dividing energy corporations into nine subsectors. Thus, the hierarchical energy corporate risk factor system provides fundamental support for further energy corporate risk measurement. Researchers can comprehensively and effectively select risk factors in measuring risks of the entire energy industry or each of nine energy subsectors.
  • References (32)
  • Citations (7)
References32
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#1Qiang Ji (CAS: Chinese Academy of Sciences)H-Index: 21
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view all 4 authors...
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Cited By7
Newest
#1Lu Wei (CAS: Chinese Academy of Sciences)H-Index: 2
#2Guowen Li (CAS: Chinese Academy of Sciences)H-Index: 2
Last.Xiaoqian Zhu (CAS: Chinese Academy of Sciences)H-Index: 7
view all 4 authors...
#1Qiang Ji (CAS: Chinese Academy of Sciences)H-Index: 21
#2Jianping Li (CAS: Chinese Academy of Sciences)
Last.Xiaolei Sun (CAS: Chinese Academy of Sciences)H-Index: 11
view all 3 authors...
#1Lu Wei (CAS: Chinese Academy of Sciences)H-Index: 2
#2Guowen Li (CAS: Chinese Academy of Sciences)H-Index: 2
Last.Jianping LiXiaolei (CAS: Chinese Academy of Sciences)H-Index: 19
view all 4 authors...
#1Dayong Zhang (SWUFE: Southwestern University of Finance and Economics)H-Index: 14
#2Qiang Ji (CAS: Chinese Academy of Sciences)H-Index: 21
#1Xiuwen Chen (CAS: Chinese Academy of Sciences)H-Index: 2
#2Xiaolei Sun (CAS: Chinese Academy of Sciences)H-Index: 11
Last.Jianping LiXiaolei (CAS: Chinese Academy of Sciences)H-Index: 19
view all 3 authors...
#1Jianping LiXiaolei (CAS: Chinese Academy of Sciences)H-Index: 19
#2Yinhong Yao (CAS: Chinese Academy of Sciences)
Last.Xiaoqian Zhu (CAS: Chinese Academy of Sciences)H-Index: 7
view all 6 authors...
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