RDP 2023-06: Firms' Price-setting Behaviour: Insights from Earnings Calls Appendix D: Correlations between Sentiment Indices

Callan Windsor and Max Zang

September 2023

Table D1: Correlations between Sentiment Indices Used in Equation (1)
Within-firm correlations
  Price Demand Aggregate input costs Import costs Labour costs Supply shortages Transport costs
Price 1.00            
Demand 0.15 1.00          
Aggregate input costs 0.45 0.18 1.00        
Import costs 0.17 0.08 0.37 1.00      
Labour costs 0.12 0.11 0.50 0.14 1.00    
Supply shortages 0.24 0.15 0.64 0.11 0.23 1.00  
Transport costs 0.19 0.09 0.54 0.20 0.16 0.23 1.00

Sources: Authors' calculations; Reuters.

Table D2: Correlations between the Count of References to Topics
Within-firm correlations
  Price Demand Aggregate input costs Import costs Labour costs Supply shortages Transport costs
Price 1.00            
Demand 0.23 1.00          
Aggregate input costs 0.50 0.19 1.00        
Import costs 0.17 0.08 0.42 1.00      
Labour costs 0.13 0.14 0.48 0.19 1.00    
Supply shortages 0.17 0.14 0.53 0.09 0.21 1.00  
Transport costs 0.18 0.09 0.58 0.16 0.15 0.16 1.00

Sources: Authors' calculations; Reuters.