We use supervised learning on annual reports of publicly listed US firms (10-Ks) to build textual measures of risk management via derivatives, insurance, diversification, long-run contracts, and credit lines. Validation exercises favor these supervised learning-based measures over those based on word lists. Panel regressions (1996–2015) indicate that firms using one form of risk management are more likely to also use other forms. In contrast, intensive use of one risk management technique associates with less intensive use of other methods. Findings are consistent with a model featuring fixed costs of organizational capacity for managing risks and increasing marginal costs of hedging.

中文翻译：

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10-Ks 中报告的管理风险的不同方法：一种监督学习方法

我们对美国上市公司 (10-Ks) 的年度报告使用监督学习，通过衍生品、保险、多元化、长期合同和信贷额度构建风险管理的文本度量。验证练习有利于这些基于监督学习的措施而不是基于单词列表的措施。面板回归（1996-2015）表明，使用一种风险管理形式的公司更有可能同时使用其他形式。相比之下，一种风险管理技术的密集使用与其他方法的较少使用相关联。研究结果与以组织风险管理能力的固定成本和对冲边际成本增加为特征的模型一致。