S1 File -

(DOCX)</p

Relationship between covid-related expressions and firm size.

Relationship between covid-related expressions and firm size.</p

Coherence scores of LDA with topic number 30–100.

Coherence scores of LDA with topic number 30–100.</p

Relationship between risk shock measurements and firm size.

Relationship between risk shock measurements and firm size.</p

Risk structure change across time.

Risk structure change across time.</p

Flow chart of methodology.

Flow chart of methodology.</p

S2 File -

(ZIP)</p

This document presents additional analysis and case examples related to the analysis in the main text.

(DOCX)</p

Distribution of risk topics during 2020 Q1 and 2021 Q3.

Distribution of risk topics during 2020 Q1 and 2021 Q3.</p

Fixed effect model of covid-19 risk shock on company performance.

Fixed effect model of covid-19 risk shock on company performance.</p