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Text as Data in Economic Analysis

Author

Listed:
  • Tarek A. Hassan
  • Stephan Hollander
  • Aakash Kalyani
  • Laurence van Lent
  • Markus Schwedeler
  • Ahmed Tahoun

Abstract

This article discusses how to apply computational linguistics techniques to analyze largely unstructured corporate-generated text for economic analysis. As a core example, we illustrate how textual analysis of earnings conference call transcripts can provide insights into how markets and individual firms respond to economic shocks, such as a nuclear disaster or a geopolitical event: insights that often elude traditional non-text data sources. This approach enables extracting actionable intelligence, supporting both policy-making and strategic corporate decision-making. We also explore applications using other sources of corporate-generated text, including patent documents and job postings. By incorporating computational linguistics techniques into the analysis of economic shocks, new opportunities arise for real-time economic data, offering a more nuanced understanding of market and firm responses in times of economic volatility.

Suggested Citation

  • Tarek A. Hassan & Stephan Hollander & Aakash Kalyani & Laurence van Lent & Markus Schwedeler & Ahmed Tahoun, 2025. "Text as Data in Economic Analysis," Journal of Economic Perspectives, American Economic Association, vol. 39(3), pages 193-220, Summer.
    • Handle: RePEc:aea:jecper:v:39:y:2025:i:3:p:193-220
    DOI: 10.1257/jep.20231365
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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