NBERWORKINGPAPERSERIESCHATGPTANDCORPORATEPOLICIESManishJhaJialinQianMichaelWeberBaozhongYangWorkingPaper32161http://www.nber.org/papers/w32161NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138February2024Wehavenothingtodisclose.TheviewsexpressedhereinarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheNationalBureauofEconomicResearch.NBERworkingpapersarecirculatedfordiscussionandcommentpurposes.Theyhavenotbeenpeer-reviewedorbeensubjecttothereviewbytheNBERBoardofDirectorsthataccompaniesofficialNBERpublications.©2024byManishJha,JialinQian,MichaelWeber,andBaozhongYang.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including©notice,isgiventothesource.ChatGPTandCorporatePoliciesManishJha,JialinQian,MichaelWeber,andBaozhongYangNBERWorkingPaperNo.32161February2024JELNo.C81,E22,G14,G31,G32,O33ABSTRACTWecreateafirm-levelChatGPTinvestmentscore,basedonconferencecalls,thatmeasuresmanagers'anticipatedchangesincapitalexpenditures.WevalidatethescorewithinterpretabletextualcontentanditsstrongcorrelationwithCFOsurveyresponses.Theinvestmentscorepredictsfuturecapitalexpenditureforuptoninequarters,controllingforTobin'sqandotherdeterminants,implyingtheinvestmentscoreprovidesincrementalinformationaboutfirms'futureinvestmentopp...
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