Ashok Banerjee is currently the Departmental Head of Finance and Control, at the Indian Institute of Management (IIM) Calcutta. He joined IIM Calcutta as Professor (Finance and Control) in 2004 and has been instrumental in setting up the state-of-the-art Financial Research and Trading Laboratory (Finance Lab) there. He is also the founding member of Indian Finance Association.

Prediction of Distress using Text of Corporate Filings
Using the qualitative information present in corporate annual reports of companies registered and operating in India, we have systematically evaluated the language and content of annual reports, particularly text and observed that the negative sentiments in the qualitative information starts increasing approx. 3-4 years before the year of credit default event and remains very high after the credit default event. The finding is based on a text-based analytical model that evaluates three sections of a corporate annual report- Directors Report, Audit Report and Notes to Accounts.

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