Fecha: noviembre 2024
Andrea Bafundi, Marco Caserta, Marco Trombetta
Abstract
We study the content of Press Releases (PR) issued by companies of the IBEX-35 for the period 2013-2023. We collect all the PRs both in Spanish and English. To study the differences between the corpus of PRs in Spanish and English, we apply the BERT Large Language Model (LLM). For most companies, we find a certain parallelism in content between English and Spanish press releases. Indeed, almost all the English PRs are the exact translation of the ones in Spanish, while the opposite is not true. A relatively extensive corpus of Spanish PRs is not translated into English. We study the content of the Spanish corpus through the application of BERTopic. We document how PRs describe local projects or activities related to Environmental, Social, and Governance (ESG) or Corporate Social Responsibility (CSR) themes. Given the high relevance of ESG/CSR activities, this result is surprising because these companies might miss the opportunity to disclose this type of information that is of potential high interest to an international audience.