[3E4-OS-11a] OS-11

[3E4-OS-11a-03] Correlation Analysis of Risk Factors and Economic Indicators in Annual Securities Reports

〇Hiroyuki Higa¹, Shinji Sakatani¹, Kazuhiro Takeuchi¹, Makoto Okada² (1. Osaka Electro-Communication University, 2. Osaka Metropolitan University)

Keywords:annual securities report, text mining, text embedding

Annual securities reports serve as a crucial resource for analyzing corporate operations, with the Risk Factors section encompassing a wide range of information, including the underlying causes and potential consequences of risks, significant events deemed material by the company, and the perspectives of report authors. In this study, we employ BERT and fin-BERT to vectorize and cluster these riskrelated disclosures, thereby elucidating how companies conceptualize and assess risk. Subsequently, we examin the relationship between the resulting clusters and various economic indicators. Specifically, we classify the events referenced within the risk items and assessed their reliability. As a result, we identified distinct groups of companies that recognize specific economic indicators as critical risk factors.