Working papers

Instruction Tuning Chronologically Consistent Language Models (with Songrun He, Linying Lv and Jimmy Wu)

Entity Neutering (with Joseph Engelberg, Asaf Manela, William Mullins and Luka Vulicevic)

Chronologically Consistent Large Language Models (with Songrun He, Linying Lv and Jimmy Wu)

Fundamentals of Perpetual Futures (with Songrun He, Omri Ross and Victor von Wachter)

The Value of Data to Fixed Income Investors (with Jennie Bai and Jane Li)

Publications

The Natural Language of Finance (with Gerard Hoberg)

Does Finance Benefit Society? A Language Embedding Approach (with Manish Jha and Hongyi Liu)

Liquidity and the Strategic Value of Information (with Ohad Kadan)

Business News and Business Cycles (with Leland Bybee, Bryan Kelly and Dacheng Xiu)

The Partisanship of Financial Regulators (with Joseph Engelberg, Matthew Henriksson and Jared Williams)

Text Selection (with Bryan Kelly and Alan Moreira)

Natural Disaster Effects on Popular Sentiment Toward Finance (with Manish Jha and Hongyi Liu)

Hub-and-Spoke Regulation and Bank Leverage (with Yadav Gopalan and Ankit Kalda)

Estimating the Value of Information (with Ohad Kadan)

Intermediary Asset Pricing: New Evidence from Many Asset Classes (with Zhiguo He and Bryan Kelly)

News Implied Volatility and Disaster Concerns (with Alan Moreira)

The Shadow Cost of Bank Capital Requirements (with Roni Kisin)

Information Acquisition in Rumor-Based Bank Runs (with Zhiguo He)

The Value of Diffusing Information*

Not so working papers

Funding and Incentives of Regulators: Evidence from Banking (with Roni Kisin)

An Empirical Evaluation of the Black-Litterman Approach to Portfolio Choice (with Michael Gofman)