This repository hosts a basic Python code that calculates the firm level scores of earnings call transcripts as developed in:

• Hassan, Tarek, Stephan Hollander, Laurence van Lent, and Ahmed Tahoun, "Firm-Level Political Risk: Measurement and Effects," Quarterly Journal of Economics, 134(2020), pp. 2135-2202.
• Hassan, Tarek, Stephan Hollander, Laurence van Lent, and Ahmed Tahoun, "Firm-level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1," Working Paper.
• Hassan, Tarek, Stephan Hollander, Laurence van Lent, and Ahmed Tahoun, "The Global Impact of Brexit Uncertainty ," Working Paper.

Please see https://www.firmlevelrisk.com/ for the papers and most recent update of their firm level scores.

To create the scores, please run ~./code/run_score.py. The code creates the following scores:

• Risk (Risk in the QJE paper)
• Sentiment (Sentiment in the QJE paper)
• Covid (as in the recent working paper on firm exposure to diseases)
• Political (Pol in the QJE paper)
• Political Risk (PRisk in the QJE paper)
• Political Sentiment (PSentiment in the QJE paper)

For more details on the scores, please see the paper itself.

To run this code, you need to install Python 3 and the following modules: BeautifulSoup, Pandas.

Please direct any questions about the code to mschwed at bu dot edu.

• Earnings call transcripts I use two example earnings call transcripts that I downloaded from https://www.fool.com/earnings-call-transcripts/ but more can be added.
• Synonyms of risk Manually transcribed from Oxford Dictionary.
• Sentiment words Downloaded from https://sraf.nd.edu/textual-analysis/resources/#Master%20Dictionary.
• Political bigrams and associated tf*idf weights Taken from the latest update of the PRisk scores. Note that the political bigrams are not published on https://www.firmlevelrisk.com/. But we include them in this repository for convenience. For more details on how they are created, please see the readme.md in its input folder here or the paper.

A tab-separated file that contains the above scores for each of the earnings call transcripts.