Using transformer-based language models to measure sentiment in 143,755 Dow Jones Factiva financial news articles, this study shows that context-aware sentiment scores (FinBERT) align more closely with human judgments than dictionary-based approaches, producing more dispersed and polarized sentiment distributions. The authors construct multiple article- and day-level sentiment indices, validate them against incentivized human annotations, and demonstrate superior in-sample and out-of-sample performance relative to lexicon-based benchmarks. The framework remains robust to alternative aggregation schemes and highlights the value of context in financial sentiment measurement for macro-finance applications [page::1]
Cheaper AI-assisted production lowers the information content of polished manuscripts, expanding entry and potentially deteriorating the average quality of the uncertified pool. At a fixed standard, the premium for credible certification rises and can be captured as a fee by a market-powerful certifier; competition and disclosure rules may absorb or reallocate it. With fixed verification capacity, weak commitment leads to false certification, requiring a partial Pigouvian toll and a rising shadow value of review capacity. The contribution links AI, signaling, and peer review, showing that the monetary frictions around certification can emerge even as research output expands [page::1][page::2][page::6].
This working paper introduces a new quantitative dataset on European diplomatic representation for 1648–1715, drawn from Band I of the Repertorium der diplomatischen Vertreter aller Länder. It documents 13,344 missions across 141 sending and 201 receiving polities, involving 8,852 representatives, with high temporal granularity (dates to the day for the majority of opening acts). The paper describes source and coding procedures, assesses data quality and limitations, and highlights patterns in participation, rank, and mission duration. An illustrative application shows that while ruler successions affected individual appointments, the international network of relationships remained durable, signaling a tension between patrimonial and impersonal structures in the early modern state. The dataset is positioned to inform research on recognition, status hierarchies, and state formation, with Bands II–III to extend the series to 1815. [page::0]
