Deep learning vs. machine learning: Understand the differences
Deep learning vs. machine learning: Understand the differenceshttps://t.co/hzoO3cTXtq â moneyscience (@moneyscience) January 7, 2020
View ArticleThe Mathematical Center of the Universe
The University of Göttingen (1800–1933)Continue reading on Cantorâs Paradise »
View ArticleDoes Option-Based Compensation Affect Payout Policy? Evidence from FAS 123R
Does option-based compensation affect payout policy? To address this question, we examine the adoption of mandatory expensing of stock options. Our identification strategy exploits the fact that the...
View ArticleThe Effect of Financial Flexibility on Payout Policy
We use variation in real estate prices as exogenous shocks to firmsâ debt capacity to study the causal effect of financial flexibility on payout policy. We show that an increase in financial...
View ArticleDo Mutual Fund Investors Overweight the Probability of Extreme Payoffs in the...
We investigate the role of extreme positive payoffs in the distribution of monthly fund returns in investorsâ mutual fund preferences. We document a positive and significant relationship between the...
View ArticleThe Market Microstructure of Central Bank Bond Purchases
We study quantitative easing (QE) policies from a microstructure perspective, drawing on intraday transaction-level data for German bonds (purchased under the Eurosystemâs QE program). An initial...
View ArticleCentralized Trading, Transparency, and Interest Rate Swap Market Liquidity:...
We use proprietary transaction data on interest rate swaps to assess the effects of centralized trading, as mandated by DoddâFrank, on market quality. Contracts with the most extensive centralized...
View ArticleGovernment Intervention and Strategic Trading in the U.S. Treasury Market
We study the impact of permanent open market operations (POMOs) by the Federal Reserve on U.S. Treasury market liquidity. Using a parsimonious model of speculative trading, we conjecture that i)Â this...
View ArticleShort Selling and Price Discovery in Corporate Bonds
We show short selling in corporate bonds forecasts future bond returns. Short selling predicts bond returns where private information is more likely, in high-yield bonds, particularly after Lehman...
View ArticleSignaling in OTC Markets: Benefits and Costs of Transparency
We provide a theoretical rationale for dealer objections to ex post transparency in over-the-counter markets. Disclosure of the terms of a transaction conveys information possessed by the dealer about...
View Article