Corporate Geopolitical Risk Index
At a glance:
Monitor global instability through the eyes of corporate executives across 80 countries.
- Coverage
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Public firms, 80+ countries, 2002-present.
- Granularity
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Earnings-call level (firm-panel export: one row per call).
- Source
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LSEG earnings-call transcripts (English).
- Update schedule
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Last updated Jan 14, 2026.
Update frequency:
Quarterly
- Export shape
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Time-series aggregates; firm-panel call-level rows.
- Access
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Free preview; exports depend on plan.
Overview
Explore the data
This measure currently has one series. Use the chart below to inspect its time trend, and open Details for full query and methodology notes.
over time
Chart data unavailable
Mean number of sentences per earnings call containing a query keyword and a synonym for risk.
How to read this chart
This time-series chart shows the mean number of sentences per earnings call containing a query keyword and a synonym for risk.
Interpretation:
- Higher values mean call participants devoted more discussion to the topic.
- The chart is best for timing and directional monitoring.
- Use exports for statistical modeling, replication, and firm-level analysis.
How to access?
Preview: Browse all series and view charts without an account. Downloads require sign-in .
Free plan
- series: time-series + panel included.
- Other series: 1 unlocks panel + time-series.
Standard plan
- Time-series: included for all series.
- Panel: series included; other series require 1 panel export credit .
Research / Enterprise
- Time-series: included for all series.
- Panel: included for all series.
Methodology and data
Overview
The Global Corporate Geopolitical Risk Index offers a novel, high-frequency measure of how political tensions are impacting real-world business decisions. Building on the seminal methodology of Caldara and Iacoviello (2022) published in the American Economic Review, this index moves beyond news headlines to measure material risk as perceived by corporate executives in 80 countries.
Methodology
While the original Caldara & Iacoviello GPR Index relies on newspaper archives to track general geopolitical sentiment, our metric applies their validated dictionary of risk-related terms to a massive, proprietary dataset of corporate earnings call transcripts.
- Scope: Coverage of listed companies across 80 countries (approx. 50% US-based, 50% International).
- History: Continuous quarterly data available from 2002 to present.
- Construction: We calculate the share of conversation in each earnings call devoted to geopolitical risks (wars, terrorism, diplomatic tensions).
Why it matters
For analysts at the IMF, central banks, and global financial institutions, this index serves as a "bottom-up" complement to traditional macroeconomic indicators.
- Filter out noise: Corporate executives are legally obligated to disclose material risks. A spike in this index reflects not just "bad news," but news that is actively altering capital allocation, supply chains, and forward guidance.
- Early warning system: By aggregating firm-level anxiety, this measure often anticipates drops in cross-border investment and capital flight before they appear in official GDP or trade statistics.
- Granular analysis: The dataset allows users to isolate risk perceptions by country or sector, enabling precise stress-testing of portfolios against specific regional flashpoints.
Data Access
To download the full firm-level Global Corporate GPR Index in CSV format, you can use an export credit on the Free or Standard plan. Alternatively, full download access is included in the Research plan.
See our pricing page for more details.
References
Caldara, D. & Iacoviello, M., "Measuring Geopolitical Risk," American Economic Review, 112(4):1194-1225 (2022)
NL Analytics. (2026). Corporate Geopolitical Risk Index [Data set]. NL Analytics. https://apps.nlanalytics.tech/curated-measures/global-corporate-geopolitical-risk-index/