Nuoyuan Ke柯諾遠

N = 1,818 firm-years  ·  278 firms  ·  2010–2020

Textual Signals in Forward-Looking Disclosures and Corporate Credit Ratings

Risk Sentiment and Disclosure Clarity

Working paper · intended PhD writing sample · guided 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 risk expectations conveyed in disclosure from the clarity of their expression through a two-channel framework: a content channel measured with FinBERT and a clarity channel inversely proxied by Flesch–Kincaid grade level. Across the corrected, report-date-aligned panel, lower clarity is robustly associated with lower ratings, while sentiment is substantially more salient among relatively larger firms.

16,598 titles  ·  31 platforms · 1980–2020

Exclusivity and First-Party Strategies: Regional Insights into 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.