Cluster

Size

Silhouette

Top Terms by LLR (P = 0.0001)

#0

25

0.94

(55.43) firm value; (46.44) international study; (44.04) sovereign wealth fund investment

#1

25

0.949

(67.06) information quality; (59.73) long-run risk; (30.19) subjective expectation

#2

24

0.982

(53.85) momentum; (44.49) idiosyncratic risk; (41.83) return

#3

23

0.966

(69.7) executive compensation; (68.4) long-term perspective; (68.4) new view

#4

22

0.991

(105.04) cash holding; (71.58) financial constraint; (49.81) real effect

#5

21

0.945

(59.17) diversification discount; (28.62) property-liability insurer; (28.62) portfolio risk

#6

21

0.963

(59.07) short seller; (30.04) short selling; (27.91) costly arbitrage

#7

20

0.988

(54.39) investor protection; (43.55) corporate ownership; (39.75) political right

#8

19

0.986

(41.33) moderate-income neighborhood; (41.33) bank branch presence; (39.74) lending relationship

#9

18

0.951

(52.56) stock return; (43.28) cross-section; (29.65) performance

#10

18

0.925

(118.2) IPO; (46.32) town; (43.35) new game

#11

18

0.911

(93.55) credit spread; (56.56) capital structure; (45.59) permanent shock

#12

18

0.933

(37.97) capital structure; (28.2) debt structure; (26.42) capital structure adjustment speed

#13

17

0.906

(36.11) envious CEO; (36.11) merger wave; (25.69) market discount

#14

17

0.909

(26.38) stock market efficiency; (26.38) dealer market; (26.38) trading volume

#15

17

0.946

(52.37) liquidity; (22.15) bank; (21.94) probability

#16

16

0.969

(26.88) antitakeover provision; (26.12) auction; (26.12) threat

#17

16

0.97

(65.1) growth; (43.22) rent; (41.02) out-of-sample equity premium prediction

#18

15

0.946

(65.55) option price; (45.99) levy jump diffusion process; (45.99) detecting jump

#19

14

0.957

(127.32) mutual fund; (112.41) hedge fund; (73.88) performance

#20

14

0.937

(73.4) investor behavior; (61.64) individual investor; (43.97) nature