Nuoyuan Ke柯諾遠

N = 1,730 firm-years  ·  S&P 500 · 2010–2020

Forward-Looking Disclosures and Corporate Credit Ratings

The Impact of Forward-Looking Disclosures on Corporate Credit Ratings: Risk Sentiment and Disclosure Complexity

Working paper · intended PhD writing sample · advised by Prof. Raymond Y.K. Lau · Draft manuscript in progress

Annual reports carry subtle, hard-to-verify signals about future risk, especially in the forward-looking statements where managers discuss expectations and adverse conditions. I separate the semantic content of disclosure from its information-processing cost through a two-channel framework: a content channel measuring risk sentiment with FinBERT, and a clarity channel measuring complexity with Flesch–Kincaid readability. Across the panel, disclosure complexity tracks ratings more consistently, while sentiment matters most for larger firms — suggesting that rating-relevant textual signals depend on a firm's information environment.

16,598 titles  ·  31 platforms · 1980–2020

Exclusivity and First-Party Strategies on Video Game Platforms

Undergraduate thesis, SUSTech · advised by Prof. Xu Ting · 2025

Platform-strategy research often treats exclusivity as a universal advantage, overlooking regional differences in switching costs, loyalty, and content preference. Estimating OLS models on log regional sales across North America, Europe, Japan and other markets — with robustness checks using winsorization, clustered standard errors, and alternative specifications — I find substantial regional heterogeneity: exclusivity associates with lower sales in Western markets but a marginally positive effect in Japan, while first-party strategies are consistently positive yet regionally distinct.