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The seminal work of Artzner et al. (1999) has bestowed upon the field of risk assessment a set of four pivotal axioms that stand as the cornerstones of coherence for any reputable risk measure. Building upon this foundational framework, Föllmer and Schied (2002), in tandem with the pioneering efforts of Frittelli and R... | **A**: The conventional depiction of these theories operates within a fixed temporal frame, offering a foundational understanding of risk.
Over the past two decades, not only has the study of static risk measures flourished, but also dynamic theories of risk measurement have developed into a thriving and mathematical... | ACB | BCA | BCA | BCA | Selection 3 |
<|MaskedSetence|> Numerical analysis of the Asian option was conducted in Geman and Yor (1993); Linetsky (2004); Broadie et al. (1999); Boyle and Potapchik (2008). <|MaskedSetence|> <|MaskedSetence|> We expect our analysis to help overcome the numerical inefficiency in the short-maturity regime.
. | **A**:
Our study is of practical interest because existing numerical methods have proven to be less efficient in the case of short maturity or low volatility.
**B**: However, as pointed out in Fu et al.
**C**: (1999); Vecer (2002), such methods are either problematic in the short-maturity regime or computationally ... | ABC | ABC | ACB | ABC | Selection 1 |
A very natural framework to tackle this specific issue is Functional Data Analysis (FDA) [29], the branch of statistics that deals with studying data points that come in the shape of continuous functions over some kind of domain. <|MaskedSetence|> <|MaskedSetence|> [11] proposes a similar approach, without specifyin... | **A**: [9] instead use a bayesian framework, based on adaptive splines to extract also in this case non-time-varying indices.
**B**: This approach is thus not capable of detecting the presence of time variations in impacts, nor does it address the issue of statistical significance of impacts.
**C**: FDA is a niche ye... | CBA | CBA | CBA | CBA | Selection 1 |
The pathwise approach, pioneered by [36], makes no assumptions on the dynamics of the underlying assets. Instead, the set of all models which are consistent with the prices of observed vanilla options was investigated and bounds on the prices of exotic derivatives were derived. The approach was applied to barrier opt... | **A**: [23] introduced the concept of model independent
arbitrage and characterized three different situations that a set of option prices would fall into: absence of arbitrage, model-independent arbitrage, or weak forms of model-dependent arbitrage.
**B**: Pathwise versions of FTAP were given in [60] for a one-period... | ACB | ABC | ABC | ABC | Selection 3 |
Our leading application of excludability is to preferences with single-crossing differences (SCD). <|MaskedSetence|> <|MaskedSetence|> By contrast, DUB appears to be a new condition on information structures, although Milgrom (1979) utilizes a related property in the context of auction theory. <|MaskedSetence|> It ... | **A**: Like SCD, DUB is formulated for a (totally) ordered state space.
**B**: SCD is a familiar property (Milgrom and
Shannon, 1994) that is widely assumed in economics: it captures settings in which there are no preference reversals as the state increases.
**C**: Here we show that learning obtains when the informat... | CBA | CBA | CBA | CBA | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> Here we briefly describe extensions to two settings with successively more scope for interaction between hypotheses. <|MaskedSetence|> In the second we allow for arbitrary economic interactions between treatments—for example, complementary treatments—as well as threshold payoff fu... | **A**: As a result, treatments interacted only via the research cost function.
**B**:
Section 3.2 imposed linearity on the research payoff function and welfare.
**C**: In the first, we continue to assume no economic interactions between treatments but allow for interactions in the researcher’s payoff function throug... | BAC | ACB | BAC | BAC | Selection 3 |
<|MaskedSetence|> This final figure surpasses Britain’s total crop and pasture land combined. <|MaskedSetence|> If we add cotton, sugar, and timber circa 1830, we have somewhere between 25,000,000 and 30,000,000 ghost acres, exceeding even the contribution of coal by a healthy margin. <|MaskedSetence|> 276)
Based o... | **A**: (p.
**B**:
…[R]aising enough sheep to replace the yarn made with Britain’s New World cotton imports by would have required staggering quantities of land: almost 9,000,000 acres in 1815, using ratios from model farms, and over 23,000,000 acres in 1830.
**C**: It also surpasses Anthony Wrigley’s estimate that m... | BCA | ABC | BCA | BCA | Selection 4 |
<|MaskedSetence|> This includes both questions about positive reciprocity (e.g. <|MaskedSetence|> <|MaskedSetence|> At the onset of the treatment, they also shift more weight toward direct reciprocity. However, this shift toward direct reciprocity is potentially offset by a decrease in altruism (measured by addition... | **A**:
The characteristic that we describe as overall reciprocity consists of positive weights on the answers to all of the questions in the reciprocity questionnaire.
**B**: “If someone does me a favor, I am prepared to return it”), as well as negative reciprocity (“If someone puts me in a difficult position, I wil... | ABC | ABC | CBA | ABC | Selection 4 |
Our approach to formulating risk-averse MDPs is grounded in the understanding that law-invariant convex risk measures can be interpreted as functionals defined on the space of probabilities over ℝℝ\mathbb{R}blackboard_R. <|MaskedSetence|> [61, 1, 26, 32]). <|MaskedSetence|> In a similar vein, we explore DRMs at the ... | **A**: For simplicity, we consider bounded costs, which allows for conditional risk mappings that contain essential supremum as a major ingredient – a feature that is often omitted otherwise.
The main contributions of this paper can be summarized as follows:.
**B**: This perspective has been effectively employed in ... | BCA | BCA | BCA | CBA | Selection 1 |
<|MaskedSetence|> Retailers therefore have to deal with two key challenges that make it difficult to integrate available information when determining optimal replenishment orders (Fildes et al.,, 2019). First, the underlying probability distributions or their parameters need to be estimated from historical data, and p... | **A**:
This task becomes even more challenging as the distributions of the various uncertain variables impacting the stochastic inventory process are typically unknown to the decision maker.
**B**: For example, Xu et al., (2021) consider shelf lives to be fixed at a single demand period as within the newsvendor model... | ACB | ACB | ACB | ACB | Selection 3 |
•
Financial and Trade Globalization Indexes. <|MaskedSetence|> According to Shahbaz et al., (2013, 2015); Shahbaz et al., 2017b , globalization could increase pollution if trade and capital flows induce an economic expansion (Dinda, , 2008; Sirag et al., , 2018; Phong, , 2019) and, especially, if investments are dir... | **A**: However, Shahbaz et al., 2017b and Shahbaz et al., 2017a find a positive relationship for Japan and twenty-five developed economies, respectively.
.
**B**: Shahbaz et al., (2013) and Shahbaz et al., (2015) find that the KOF globalization index is negatively correlated with CO2 emissions in Turkey and India... | ACB | CBA | CBA | CBA | Selection 3 |
<|MaskedSetence|> <|MaskedSetence|> The obtained p𝑝pitalic_p-values (see Table 5(b)) show that the GRM model is rejected at any standard level while the RSAR(1) process is not. This is particularly interesting given that the p𝑝pitalic_p-values of the two-sample Kolmogorov-Smirnov test reported in Table 4(b) are ver... | **A**: between 1982 and 2021) and a regime of high inflation (e.g.
**B**:
Again, we complete this preliminary verification with the signature-based validation test.
**C**: We implement the same steps described in the previous section (here, we obtain m=72𝑚72m=72italic_m = 72 historical paths) except that we work w... | BCA | BCA | BCA | BAC | Selection 2 |
4.1 Limitations of the Experiments
In our human subject experiments, we attempted to control spurious variables by running the test at the same time of the day (6PM PST) and restricting the poll to adult respondents. <|MaskedSetence|> I reserve their analysis for future projects. Unlike other aggregate analyses where... | **A**: However, there are many dimensions that, if changed, may affect the outcome, including age, level of instruction, geographic location, income and current profession, political inclination, awareness of the minimum wage in their location, and others.
**B**: I have chosen the most common jobs in the US for these ... | ABC | ABC | ABC | ACB | Selection 1 |
To illustrate the impact of FDA approvals on pharmaceutical companies, we consider the case of ChemoCentryx, which was developing ANCA-associated vasculitis therapy. On October 8, 2021, the company announced that the FDA approved its application. <|MaskedSetence|> Last accessed November 14, 2023. <|MaskedSetence|> ... | **A**: Figure 1-(a) shows that the market responded positively to this news, and its stock price increased sharply, resulting in a rise in the company’s market value.333Click here for Chemocentryx’s (archived) announcement document.
**B**: These abnormal returns reflect the market’s revised expectation of the firm’s f... | BAC | ACB | ACB | ACB | Selection 2 |
<|MaskedSetence|> To that end, we first introduce quantum circuits that can perform arithmetic operations on two complement’s numbers representing signed dyadic rational numbers, together with its complexity analysis. This allows us to provide a rigorous error and complexity analysis when uploading first a truncated a... | **A**: We refer to Remark 2.22 for a detailed discussion of the complexity analysis.
.
**B**:
Our main contribution lies in a rigorous error analysis as well as complexity analysis of our algorithm.
**C**: This together with a rigorous error and complexity analysis when applying the modified iterative quantum amplit... | ABC | BCA | BCA | BCA | Selection 3 |
<|MaskedSetence|> In Section 2, we introduce the auxiliary state processes with reflections and derive the associated HJB equation with two Neumann boundary conditions for the auxiliary stochastic control problem. In Section 3, we address the solvability of the dual PDE problem by verifying a separation form of the so... | **A**: The verification theorem on the optimal feedback control is presented in Section 4 together with the technical proofs on the strength of stochastic flow analysis and estimations of the optimal control.
**B**:
The rest of the paper is organized as follows.
**C**: Finally, the proof of an auxiliary lemma is re... | BAC | ACB | BAC | BAC | Selection 3 |
Differentiating risky from non-risky emitters requires studying their role in the production network. This result is especially relevant to be considered in climate-economic models such as IAMs. One avenue to do this is to integrate the presented firm-level production network approach with an existing macroeconomic m... | **A**: Several models use an Input-Output Computable General Equilibrium (I-O CGE) approach to study decarbonization at the sectoral level.
**B**: Candidates include the E3ME [11] or DSK [12] models, designed for firm-level dynamics but initialized from sectoral data.
.
**C**: These models could be modified to allow... | ACB | CBA | ACB | ACB | Selection 4 |
<|MaskedSetence|> Additionally, the increase of the VRE share among the energy sources may jeopardise sufficient power quality (i.e., requirements for uninterrupted power supply and stable conditions of voltage and current), energy systems stability, power balance and efficient transmission and distribution of power (... | **A**: However, in liberalised electricity markets, such as those found in EU countries, the UK, and North America, renewable energy revenues are insufficient to provide an adequate return to VRE capacity for private investors (Haar, 2020).
**B**: (2013); Lumbreras and Ramos (2016); Niharika et al.
**C**: (2016) sugg... | BAC | ABC | ABC | ABC | Selection 4 |
We contribute to two strands of literature. <|MaskedSetence|> Strategic interaction in portfolio optimization problems has been motivated for example by [10] and [31] through competition between agents. Since then, portfolio choice problems including strategic interaction between investors have been widely studied. ... | **A**: [35] consider the case of asset specialization for n𝑛nitalic_n agents.
**B**: More specifically, either the additive relative performance metric, introduced by [19, 20], or the multiplicative performance metric, introduced by [4], are included into the utility function.
**C**: The first one is the literature ... | CBA | CBA | CBA | CBA | Selection 4 |
Hence, when one compares the figures of phosphate rock mining and P fertilizer use (and averages these over a few years) one can come to the conclusion that about 70% of mined phosphate rock (in the following abbreviated as PR) ends up as fertilizer. Considering losses in the production processes of fertilizer and tend... | **A**: Other studies estimate a higher fraction of P fertilizer use, at the upper end of the spectrum \citetfao04 estimates that 90% of mined PR is used by the fertilizer industry.333These differences can partly be explained by slightly varying approximations of the shares of fertilizer production processes, as well as... | BAC | BAC | BAC | BAC | Selection 1 |
<|MaskedSetence|> We henceforth focus on the accumulation funds since they enable the provision of highly tailored investment options, accommodating diverse individual beliefs and investment preferences. <|MaskedSetence|> In particular, 1.00 trillion AUD (around 40% of the total) was invested in MySuper, which is a d... | **A**: Accumulation account holders have the flexibility to allocate their investments across various asset classes, including equities, cash investments, property, infrastructure, as well as other assets such as hedge funds and commodities, which also means that their risk-taking capacity is virtually unlimited.
As ... | CAB | CAB | CAB | CBA | Selection 3 |
A second strand of the literature aims at assessing what happens to individual life trajectories after a default. This literature essentially focused on the impact of a harsh default, i.e. <|MaskedSetence|> Our work sheds some light on the short and medium term consequences of a soft default, an event that is substa... | **A**: Finally, Indarte [2022] analyzes the costs and benefits of household debt relief policies..
**B**: Similarly, Currie and Tekin [2015] show that foreclosure causes an increase in unscheduled and preventable hospital visits.
Albanesi and Nosal [2018] investigate the impact of the 2005 bankruptcy reform, which mad... | CBA | CBA | CBA | CAB | Selection 1 |
In these models the (log-)spot price is described as a superposition of two latent stochastic processes: The long term behavior is modeled as an arithmetic Brownian motion, the short term behavior as an OU-process. <|MaskedSetence|> <|MaskedSetence|> In the long run, the process always fluctuates around a determinist... | **A**: The same approach is used by Hinderks and Wagner [11] for their two-factor model.
**B**: Since both components are Gaussian, the model can be calibrated using Kalman filter techniques.
**C**: However, it turns out that Gaussian processes cannot appropriately describe the spikes, which frequently occur in obser... | BCA | BCA | BCA | BCA | Selection 2 |
<|MaskedSetence|> IL methods show superior efficiency compared with RR methods in either offline training or online training. <|MaskedSetence|> Thus the meta-learning methods are not much slower than naïve IL, and the excess time cost is small enough to omit. It is practical for model selection, hyperparameter tuning... | **A**:
Table 3 compares the total time costs in offline training and online training of different methods.
**B**: Moreover, the low time cost of DoubleAdapt in offline training paves the way for collaboration with RR, e.g., periodically retraining the meta-learners once a year.
.
**C**: As we adopt the first-order... | ACB | ACB | ACB | CBA | Selection 2 |
I use EmTract to generate emotion variables by quantifying the content of each message and then average the results across all messages from ninety days before the IPO up till the market opening on the day of the IPO. <|MaskedSetence|> I then use a predictive regression to test whether emotions predict first-day retu... | **A**: In a regression setting that controls for IPO characteristics, such as offer amount and 1-month past industry returns, I show that a standard deviation increase in pre-IPO enthusiasm translates into a 14.30% standard deviation increase in first-day returns.
**B**: I also distinguish between different types of m... | BCA | BAC | BAC | BAC | Selection 2 |
Figure 8: Quantum hardware-ready procedure for DPP sampling.
We repeated this process for a number of trees and estimated the F1222We chose the F1 score as the evaluation metric for two reasons. Firstly, a single decision tree, unlike the random forest, does not provide an estimate of the likelihood, which is requir... | **A**: score for every tree.
**B**: The F1 score is particularly effective when used in these scenarios.
**C**: We then compared the results for different sampling methods: uniform sampling, quantum DPP sampling using a simulator, and quantum DPP sampling using a quantum processor..
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<|MaskedSetence|> 2 with the time series of RV from 1970 to 2021, including expanded views of the aforementioned periods of market upheavals. In Sec. 3 we give analytical expressions of the two distribution functions used to fit the entire RV distribution: modified Generalized Beta (mGB), which is discussed in great d... | **A**: 4 we describe fits of RV with mGB and GB2 and give a detailed description of the tails, specifically in regards to possible DK/nDK.
**B**:
To gain further insight into this phenomenon, we start in Sec.
**C**: In Sec.
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The results in Table 7 show that, even without optimizing hard floors, there is no benefit to soft-floors, whether high or low; this is true, even considering soft floors that are not covered by the analysis in Zeithammer (2019).101010In a first-price auction without a reserve price, no regular bidder would bid above ... | **A**: One feature of the above parameterization is that, since the stronger bidders have a high valuation and at least one of them appears with high probability (0.75)0.75(0.75)( 0.75 ), it is optimal for the seller to target that bidder only, by fixing a high reserve price of 1.81.81.81.8.
**B**: This means that the... | ABC | ABC | ABC | ACB | Selection 2 |
We find that while participants’ behaviour is in line with the theoretical predictions, there is still a large part of behaviour that the model cannot account for. Using the Strategy Frequency Estimation Method (Dal Bó and Fréchette, 2011; Fudenberg et al., 2012), we allow for the presence of various behavioural types ... | **A**: 2001; Bardsley and Moffatt 2007; Thöni and Volk 2018; Katuščák and Miklánek 2023; Préget et al.
**B**: Additionally, we investigate whether subjects align with the predictions of the G&M model (G&M type).
**C**: On top of G&M agents, we classify subjects to free-riders (who never contribute), altruists (who al... | ABC | ACB | ACB | ACB | Selection 4 |
In traditional finance, the random walk theory is a prevalent model. <|MaskedSetence|> In other words, the future price of a stock is independent of its past prices, making it impossible to predict a stock’s future trajectory based on historical data alone. This idea forms the basis of the Efficient Market Hypothesis[... | **A**: This dynamic process reflects the collective sentiment, beliefs, and actions of all these market participants.
**B**: This theory, first postulated by the French mathematician Louis Bachelier[4], posits that the trajectory of stock prices is essentially random.
**C**: Each study contributes to the broader unde... | BAC | ACB | BAC | BAC | Selection 3 |
In contrast to our work, they offer no information on earnings or decision quality, nor do their investors choose among experts.
Their investors indicate i) whether they want to delegate their decision to their expert, ii) their maximum willingness to pay for delegation and iii) how much risk they want the expert to ta... | **A**: (2022) identify a significant problem with risk communication in the sense that while finance professionals in general take into account the client’s desired risk level, the constructed portfolios show considerably overlap across the different requested risk levels.
By contrast, we find that the fraction of dele... | ACB | CAB | CAB | CAB | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> If the reader is familiar with ergodic theory, skip Subsection 5.1. <|MaskedSetence|> Note that our strategy (philosophy) in this and the next sections stems from [Lyubich, 2012] and [Shen and van Strien, 2014] (these are quite readable expository articles on recent developments o... | **A**: Our basic references for ergodic theory are classical [Collet and Eckmann, 1980], [Day, 1998], and [W. de Melo, 1993].
**B**: Here, we give a quick review of ergodic theory.
**C**:
Our (numerical/theoretical) argument in this and the next sections use ergodic theory.
| CBA | CAB | CBA | CBA | Selection 1 |
<|MaskedSetence|> <|MaskedSetence|> It is, therefore, important to audit this trust assumption. Our reordering slippage provides a way for the public to monitor builders’ behavior, without the need to acquire private data.
As Table 6 shows, we do not find conclusive evidence that any of the top 5 builders (by priva... | **A**: This may suggest that the penalties associated with breaking users’ trust are large enough to incentivize builders not to defect.
**B**:
When participating in the mev-boost ecosystem, searchers and users of private RPCs must trust that builders do not frontrun or ‘unpack’ the mev-boost bundles that are sent to... | BCA | BCA | BAC | BCA | Selection 1 |
<|MaskedSetence|> We construct an unbalanced panel data131313i.e., time observations are different for different VASPs. <|MaskedSetence|> Ultimately, in our empirical analysis, we use the data of four Austrian VASPs for which we can identify on-chain and off-chain data. Our variable of interest is a firm-level measur... | **A**: starting from 2014 to 2021.
**B**:
We collect balance-sheet data for 17 Austrian VASPs through the Austrian Commercial Register.
**C**: The balance sheet does not allow us to distinguish between cryptoasset holdings such as ether and bitcoin.
| BCA | BAC | BAC | BAC | Selection 3 |
<|MaskedSetence|> These financial instruments are based on an underlying weather index and trigger a claim depending on the value of the index at maturity, similar to other financial market derivatives. These instruments experienced significant success in the early 2000s, reaching $45 billion in notional volume traded... | **A**:
Weather derivatives emerged in the 1990s as a response to this need for risk transfer.
**B**: It also led to extensive research into the modeling of weather derivatives and best pricing methodologies [37] [17] [11] [1] [23] [22] [21].
By 2008, the weather market experienced a significant slowdown, with tradi... | ABC | ABC | ABC | ABC | Selection 3 |
<|MaskedSetence|> It is unclear whether this is due to delayed or unreported trading volume or due to incorrectly reported open interest. In our view, the most likely scenario is that both are true, perhaps, however, not to the same degree on every exchange. Although we could not perfectly reconcile these quantities f... | **A**: We find that trading volume cannot be reconciled with the reported changes in open interest for the majority of these exchanges.
**B**: The last group of exchanges is formed by Kraken and HTX, who have the lowest number of discrepancies.
**C**: Figures 1 and 2 also seem to point in that direction.
Binance, D... | ACB | ABC | ACB | ACB | Selection 4 |
The paper is organized as follows. The variant of the Yard-Sale Model on which the present paper focuses is motivated and defined in Section 2. The Gini coefficient is briefly reviewed in Section 3 with particular focus on its invariance under a normalization of the equations of motion. <|MaskedSetence|> <|MaskedSe... | **A**: In Section 4 it is proven both that the Gini coefficient increases monotonically in time under the induced dynamics and that its rate of increase may be bounded.
**B**: This result is then re-stated for a more general class of evolutionary models.
**C**: The evolutionary, integro-differential PDE are numerical... | ABC | ACB | ABC | ABC | Selection 4 |
A common approach to mitigate the curse of dimensionality is the regression-based Monte Carlo method, which involves simulating numerous paths and then estimating the continuation value through cross-sectional regression to obtain optimal stopping rules. [1] first used spline regression to estimate the continuation va... | **A**: Their method adopts GPR and a one-step Monte Carlo simulation at each time step to estimate the continuation value for a predetermined set of stock prices.
**B**: [11] further explored the performance of GPR in high-dimensional scenarios through numerous numerical experiments.
**C**: [10] initially integrated ... | CBA | CBA | ACB | CBA | Selection 1 |
<|MaskedSetence|> <|MaskedSetence|> The most well-known family of scoring functions are the Bregman divergences that elicit the mean, where a functional is called elicitable if it is a minimiser of an expected score, see Definition 2.2. Other elicitable functionals are quantiles, expectiles, and shortfall risk measur... | **A**: The study of elicitability is a fast growing field in statistics and at its core are scoring functions that incentivise truthful predictions and allow for forecast comparison, model comparison (backtesting), and model calibration [17, 12].
**B**: In sensitivity analysis, scoring functions are utilised for defin... | ABC | ABC | BCA | ABC | Selection 4 |
Another research direction with fruitful outcomes is time-inconsistent control problem, where the Bellman optimality principle does not hold.
There are many important problems in mathematical finance and economics incurring time-inconsistency, for example, the mean-variance selection problem and the investment-consum... | **A**: The solution concepts considered in [5, 30] are closed-loop equilibrium strategies and the methods to handle time-inconsistency are extensions of the classical dynamic programming approaches.
**B**: The open-loop equilibrium control is characterized by a flow of FBSDEs, which is deduced by a duality method in t... | ACB | ACB | CBA | ACB | Selection 1 |
<|MaskedSetence|> Section 3.1), PBS relay data (cf. <|MaskedSetence|> Section 3.3), and cryptocurrency price data (cf. Section 3.4). <|MaskedSetence|> Thus, our data set covers the entire history of the Ethereum PoS up until 31 October 2023.
. | **A**:
To measure the prevalence and impact of non-atomic arbitrage trades on the Ethereum ecosystem, we collect four different types of data.
Namely, we collect Ethereum blockchain (cf.
**B**: All data we collect from block 15,537,393, i.e., the block of the merge on Ethereum on 15 September 2022, to block 18,473,5... | ACB | ACB | ACB | ACB | Selection 2 |
We posit that the state-of-the-art LLM, GPT-4, possesses the requisite capacity to weigh and reason upon these different categories of data, as evidenced by its demonstrated proficiency in complex financial reasoning tasks (Callanan et al., 2023). In its operation, the GPT-4 model is prompted to adopt the role of an e... | **A**: This approach employs a Chain of Thought methodology (Wei et al., 2022), guiding the model through a logical, multi-step reasoning process that reflects an expert financial analyst’s thinking pattern.
**B**: Concurrently, in-context learning is employed to dynamically adjust the analysis based on current financ... | CAB | ABC | ABC | ABC | Selection 2 |
<|MaskedSetence|> We obtain error bounds for its density approximation compared to the randomised model as well as its characteristic function.
The extension to regime switches at stochastic times is the subject of Section 4. After enhancing the underlying probabilistic framework to allow for the stochastic switching ... | **A**: In Section 3, the local volatility model which circumvents potential issues with the randomisation formulation is constructed.
**B**: Furthermore, we illustrate a financial application by solving the pricing problem of a European option with an underlying that is modelled using the proposed local volatility mod... | ABC | CBA | ABC | ABC | Selection 1 |
<|MaskedSetence|> There are two treatments. In Skill, subjects learn that experts can pay 10 Coins each round to increase their diagnostic precision to 90%. In Algorithm, experts can pay 10 Coins each round to rent an algorithmic decision aid that increases the expert’s maximum diagnostic precision to 90% if used corr... | **A**: Consumers observe each expert’s investment decision.
**B**: Then, subjects complete another 15 rounds.
**C**:
After 10 rounds, all subjects are informed that experts now have the opportunity to invest into their diagnostic precision (Figure 1).
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We investigate the distinct behaviors of traders on exchanges within different models by examining the relationship between the price volatility of the underlying asset, i.e., Bitcoin, and various trading activities, i.e., trading volume, open interest, liquidation, and leverage. Our study encompasses prominent exchang... | **A**: We also find that uninformed traders tend to overreact more to positive news than negative, evidenced by more of the long positions accumulated.
Existing literature evaluates cryptocurrency future contracts mainly in terms of their relationship with the spot market.
**B**: [2] found that BitMEX derivatives le... | CAB | CBA | CAB | CAB | Selection 3 |
Section 3 demonstrated that a little-known or understood ‘funding ratio condition’, contained within the USS self-sufficiency(SfS) definition, is strongly influenced by the gilt yield and produces unnecessarily high self-sufficiency liabilities. Further, this condition does not predict the ability to pay benefits. Prel... | **A**: This leads to the 97-99% correlation of the post-retirement discount rate with the gilt yield, as seen in Figure 5.
Section 4 considered the USS metrics of Actual and Target Reliance.
**B**: Target Reliance is defined as SfS liabilities minus TP liabilities plus the USS estimated cost of moving to SfS.
**C**... | CAB | ABC | ABC | ABC | Selection 2 |
Next, we study the impact of varying the credit quality or the relative weights of individual loans in the portfolio on the GA𝐺𝐴GAitalic_G italic_A. <|MaskedSetence|> We depict the composition of these portfolios ordered by an increasing exposure share together with the assigned PDPD{\rm PD}roman_PD in Figures 5.1 ... | **A**: Therefore, to consider an average-sized portfolio, we construct a portfolio consisting of only 50505050 obligors sampled according to our input distributions for the actuarial and the MtM case.
**B**: It can be observed that the effect on the GA is the more pronounced the larger the exposure of the respective o... | ACB | ABC | ABC | ABC | Selection 4 |
Management Discussion: Upon the consolidation of expert analyses into a summary report, this document is forwarded to a panel of management agents. <|MaskedSetence|> Mirroring real-world organizational dynamics, these management agents are engineered to adopt high-level perspectives, contrasting with the detail-orien... | **A**: This design ensures that strategic insights and broader contexts are considered in the decision-making process.
**B**: These agents, each focusing on distinct areas, engage in a review and discussion of the report’s findings.
**C**: At the end of the discussion, these agents reach a conclusion on the next cour... | BAC | BAC | BAC | ABC | Selection 2 |
In our simulation, the ECN is gone. <|MaskedSetence|> When the simulator replays market activity there is a single predetermined price path. Asset prices may diverge slightly but they will all come back to the real history. In the original work, all agents use a shared policy which they learn collaboratively. <|Mask... | **A**: This allows us to diverge from the one reality problem inherent in financial simulators.
**B**: We believe this approach works and it is relevant in their case, precisely due to the fixed flow ECN.
**C**: This is why in our implementation each agent has its own policy function.
Since our system does not have... | BCA | ABC | ABC | ABC | Selection 3 |
We also extend the work of Zhao et al. (2019), who used deep learning models to process interior and exterior photos of houses from listings in Australia to come up with a measure of how aesthetically pleasing the photos were. This measure was then used as an input in a model that used multiple machine learning methods... | **A**: In Law et al.
**B**: Existing research that uses deep learning models has so far primarily focused on using one or two prediction methods.
**C**: This was based on work by Peterson and Flanagan (2009), Ahmed and Moustafa (2016), which compare the results of predictions from standard linear hedonic price models... | BAC | BAC | BAC | ABC | Selection 1 |
Given the recent emergence of the COVID-19 pandemic, the body of literature related to this topic is relatively limited. However, many scholars have studied the phenomenon from various aspects to restore the world’s economic status and the health status of people. <|MaskedSetence|> As a result, the economic and healt... | **A**: Some were more anxious and stressed than others (9)..
**B**: This section summarizes such studies.
There were two more main coronaviruses (SARS-CoV in 2002 and MARS-CoV in 2012) before COVID-19, but they could not spread as much as the COVID-19 pandemic did.
**C**: They provided an example to support their c... | BCA | BCA | CAB | BCA | Selection 4 |
From a risk management point of view, the message from Sections 6.1 and 6.2 is clear. If a careful statistical analysis leads to statistical models in the realm of infinite means, then the risk manager at the helm should take a step back and question to what extent classical diversification arguments can be applied. ... | **A**: When such underlying models are methodologically possible, then one should think carefully about the applicability of standard risk management arguments; this brings us back to Weitzman’s Dismal Theorem as discussed towards the end of Section 1.
**B**: As a consequence, it is advised to hold on to only one such... | CBA | CBA | CBA | BAC | Selection 3 |
Figure 4 illustrates the performance of a news-based strategy against a naive long-only strategy within the S&P 500 universe. <|MaskedSetence|> In Figure 5, we observe a similar analysis within the NASDAQ universe. <|MaskedSetence|> Figure 6 extends this comparison to the Major Equities Markets, offering a broader v... | **A**: This figure highlights the temporal evolution of the strategy’s effectiveness in comparison to the benchmark.
**B**: The subplot is particularly insightful for understanding the allocation differences underlined by the news-based strategy.
**C**: These figures offer an intriguing perspective on the synergistic... | ABC | ABC | ACB | ABC | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> 6. It can be observed from the figure that the performance of the proposed Granular Semantic method is almost consistent and as good as the other methods with low impurity (<10%absentpercent10<10\%< 10 %). Once the impurity increases, the proposed method performed better in all cas... | **A**: To verify the reliability and robustness of the proposed method in comparison with the existing data imputation methods we performed the study by varying the amount of injected impurities.
**B**: It proves the utility of considering the semantics of the feature and dropping the missing values while forming the ... | ACB | ACB | ACB | ACB | Selection 2 |
<|MaskedSetence|> Such scenarios are common in the financial technology sector, including Neobanks and FinTech companies. By examining the specific case of Fintonic’s loan and fraud model, we illustrate the potential advantages and early-stage applicability of QML for this particular scenario. <|MaskedSetence|> <|Ma... | **A**:
In this work we propose an end-to-end model composition algorithm, focusing on the development and integration of efficient quantum kernels to address the limitations of classical models, particularly for unbalanced datasets with a small number of samples.
**B**: We introduce a novel method named Systemic Quan... | ABC | ABC | ABC | ABC | Selection 4 |
<|MaskedSetence|> <|MaskedSetence|> However, the application of TGN for GAD in the finance domain is still not well-established.
Addressing this gap, our research presents a comprehensive framework for utilizing TGN in the financial domain, specifically for anomaly detection. <|MaskedSetence|> Our findings reveal th... | **A**: TGN can learn from a graph that evolves over time, making it potentially suitable for applications like real-time fraud detection in financial transactions.
**B**:
TGN has emerged as a promising model capable of capturing these dynamic changes in nodes and edges effectively.
**C**: We experimented with variou... | BAC | CBA | BAC | BAC | Selection 4 |
As a class, truck drivers are much less embedded within a job than workers in other occupations because external embeddedness considerations rarely fix workers to a particular job. For example, a truck driver does not necessarily need to move locations to take a job with a different company, even if that company is loc... | **A**: Additionally, skills are highly transferable across firms so that there is comparatively little sacrifice involved in changing jobs.
**B**: Truckers are also less internally embedded.
**C**: The effect of the shock, however is moderated by embeddedness, and, in particular, what the shock reveals about job-fit.... | BAC | CAB | BAC | BAC | Selection 3 |
<|MaskedSetence|> <|MaskedSetence|> We have compared, and tested on historical data from the stocks included in the S&P 500 index, various centrality measures (possibly depending on a parameter α𝛼\alphaitalic_α) as well as possible associated tweaks such as how to exactly construct the underlying adjacency matrix, w... | **A**: We also utilize a simple threshold instead of other more sophisticated filtering techniques and we depict the most frequently used threshold values.
.
**B**: In this paper, we aim to fill these gaps by proposing a more systematic comparison of portfolio selection strategies purely based on graph centrality, inc... | CAB | BCA | BCA | BCA | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> However, the latter is computationally expensive due to the configuration time of the different hidden layers for each feature in the model. <|MaskedSetence|> In any case, the improvement of the svc classifier in Table 9 over the rule-based baseline was at least 8% for all metrics... | **A**: By comparing these results with those of the second experiment (Table 9), we observe a ∼similar-to\sim∼4% improvement in accuracy for the nn classifier thanks to the numerical and temporal features.
**B**: The best classification model was svc followed by nn.
**C**:
Table 8 shows the results obtained with n𝑛... | CBA | CBA | ACB | CBA | Selection 1 |
We evaluated inter-annotator agreement using two well-known state-of-the-art metrics: Alpha-reliability and accuracy.
Table 11 shows the coincidence matrix of relevance across all annotators. <|MaskedSetence|> <|MaskedSetence|> The mean values were 0.552 and 0.861, respectively. <|MaskedSetence|> Inter-agreement ... | **A**: The two components in the diagonal show the number of news sentences on which all the annotators agreed, while the other two components show the cases on which at least one annotator disagreed.
**B**: Previous works have considered an Alpha-reliability value above 0.41 to be acceptable [66, 67, 68, 69].
**C**:... | CAB | ACB | ACB | ACB | Selection 2 |
Derakhshan & Beigy [4] introduced the LDA-POS method, which leverages part-of-speech information in the LDA model to separate words based on their part-of-speech tags. This model demonstrated notable results on two datasets, one in English and the other in Persian. The study utilized a comment dataset from Yahoo Fina... | **A**: The LDA-POS method combines the LDA topic model with part-of-speech tagging for comment analysis.
**B**: However, the obtained accuracy was not significantly high, with values of 56.24% and 55.33%, respectively [4].
**C**: This could be attributed to the relatively small size of the dataset, which may have lim... | ABC | ABC | BCA | ABC | Selection 2 |
These bounds were more recently enforced by additional information on the dependence structure, which led to the creation of improved Fréchet–Hoeffding bounds and the pricing of multi-asset options in the presence of additional information on the dependence structure, see e.g. <|MaskedSetence|> [22].
The setting of de... | **A**: Tankov [24], Lux and Papapantoleon [17], and Puccetti et al.
**B**: Bartl et al.
**C**: [12] have translated the model-free superhedging problem into an optimization problem over classes of functions, and used neural networks and the stochastic gradient descent algorithm for the computation of the bounds.
.
| ABC | ABC | ABC | ABC | Selection 1 |
In recent years, the rapid progress in manufacturing of quantum processing units (QPUs) and the development of hybrid quantum-classical workflows, not only for universal quantum computers (Abrams and Lloyd, 1998; Farhi et al., 2014; Zheng, 2021; Brandhofer et al., 2022; Chen et al., 2023), but also for quantum anneale... | **A**: Where up to now integrating ESG constraints in investment decisions has been up to individual preferences, it can be expected to become a required standard in the near future in the EU.
**B**: Based on these prospects, portfolio optimization is a natural application for quantum computing in finance, and in part... | BCA | BCA | BCA | BCA | Selection 2 |
Figure 1 illustrates how karma works out to the benefit of everyone at hand of an example involving three intersection encounters. Let’s start with the encounter in the top center. <|MaskedSetence|> As a result, the blue car’s karma account goes up by 4 to 13. Let’s move along clockwise. Blue now happens to have hig... | **A**: Orange now has high urgency and bids 4, thus outbidding low-urgency lila who has 5 karma left and bids 1.
**B**: Now the orange karma goes up by 4 to 13.
**C**: The high-urgency lila car has a current karma account of 9 and bids 4, thus outbidding the low-urgency blue car whose karma account is also 9 but bids... | CBA | CBA | CBA | ABC | Selection 3 |
Our framework is characterized by multiple time periods, variation in treatment timing, and staggered adoption (once a tweet is treated, it remains treated in the following periods). To estimate the average treatment effects in this difference in difference (DiD) setup, we use the Callaway and Sant’Anna, (2021) estima... | **A**: To maintain data integrity and minimize the influence of tweets with low virality, we remove all tweets that gathered less than one retweet per hour and notes that have changed status more than 2 times.
**B**: We consider a large number of covariates in our model to control for potential confounding factors or ... | ABC | CAB | ABC | ABC | Selection 4 |
Our paper delivers such a quantification. Particularly, we estimate the level of trade barriers imposed by the Iron Curtain, and how they fluctuated over time. <|MaskedSetence|> (2020) to simulate the trade and welfare effects of a counterfactual world without the Iron Curtain. <|MaskedSetence|> The IMF’s DOTS databa... | **A**: A major challenge is the lack of complete historical data on bilateral trade flows for important countries belonging to the Eastern bloc.
**B**: In a second step, we use our estimates and a state-of-the art quantitative trade model that belongs to the class of ‘‘universal gravity’’ models described by Allen
et ... | BAC | BAC | CAB | BAC | Selection 2 |
Another contribution of my paper is to the body of research examining social media’s impact on capital markets. <|MaskedSetence|> (2014), who demonstrate that firms can diminish information asymmetry among investors by using Twitter to widely distribute news, press releases, and other disclosures. <|MaskedSetence|>... | **A**: Jung et al.
**B**: Studies by Antweiler and Frank (2004) and Das and Chen (2007) link the volume of message board posts to stock return volatility but not to the returns themselves.
**C**: The relevance of social media in this domain is underscored by studies such as Blankespoor et al.
| CAB | CAB | BAC | CAB | Selection 2 |
Nonetheless, we investigate the endogenous adoption of anti-discrimination laws at the state level. <|MaskedSetence|> It is possible that controlling for state-level polling is not the best way to capture sentiment toward LGB workers since it is possible to discriminate against people based on sexual orientation and... | **A**: However, it seems plausible that the changes in state-level support for same-sex marriage are highly correlated with changes in sentiment toward LGB workers such that it will suffice for a suitable proxy.
**B**: To better get at the question of endogenous adoption of laws, we create an event-study plot showing ... | CAB | BCA | CAB | CAB | Selection 1 |
In this paper, we have explored the implementation of subscription offers within the e-grocery sector to address inventory challenges. As subscription offers typically involve price reductions, we have outlined a three-step procedure ensuring that offering price reductions positively impacts profitability. <|MaskedSe... | **A**: Our approach involves first calculating the expected planning costs of uncertainty, assessing the value of advanced demand information, and then determining the appropriate level of price reduction.
**B**: Our findings reveal several insights:
•.
**C**: Additionally, we recognise that not all customers will ... | ACB | ACB | CAB | ACB | Selection 2 |
The literature on the social cost of carbon is dominated by Western scholars. <|MaskedSetence|> We find that Western scholars advocate a higher social cost of carbon than would national representatives. The social cost of carbon may fall further if we weigh the results by the number of people.
Having extensively sur... | **A**: The analysis here should therefore be repeated when better data become available.
**B**: More research is therefore needed but—since none of these extensions affects the relationship between the social cost of carbon on the one hand and the pure rate of time preference and the elasticity of intertemporal substi... | CAB | CAB | CAB | BAC | Selection 3 |
<|MaskedSetence|> The CFL333Courant-Friedrichs-Lewy. convergence condition for the associated finite difference scheme is determined and written explicitly. For the proper calibration, our model can avoid overpricing options at the money, and underpricing options at the ends, either deep in the money444When the option... | **A**: a value at a strike price higher than the market price of the underlying asset.
**B**: the Greek which quantifies the risk, is less than 50..
**C**: Special treatment is given to the self-similar case by writing an explicit formula, which enables computation of the solution.
| CAB | CAB | CAB | ABC | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> In Step 2 we decide the number of Horizontal Components and their hℎhitalic_h % weight to their relative Virtual Positions. In Step 3 we decide the number of Vertical Components and their v𝑣vitalic_v % weight to their relative Horizontal Components. <|MaskedSetence|>
. | **A**: Finally, in Step 4 we design the Waterfall Configuration by connecting each x𝑥xitalic_x Cost and y𝑦yitalic_y Note Position to their Vertical Components.
**B**:
Figure 1: Synoptic representation of the 4 steps required to Designing the Positions.
**C**: In Step 1 we compute the Virtual Positions.
| BCA | BCA | BCA | BCA | Selection 2 |
The choice of the possible best target for a deal is made in a complex evolving landscape of partners and competitors, involving a huge effort in terms of time and human capabilities. In this paper, we propose an automatized, machine learning-inspired approach to quantify the closeness between two firms in terms of the... | **A**: In this study, we have modified the Sapling Similarity to predict M&A events, introducing the MASS approach.
**B**: This metric has demonstrated superior performance in link prediction and recommendation tasks compared to existing metrics in the literature.
**C**: Equipped with this tool, decision-makers can a... | CBA | CBA | CBA | BCA | Selection 1 |
•
Stop words removal. <|MaskedSetence|> <|MaskedSetence|> <|MaskedSetence|> We consider days of the week and months of the year as stop words. However, we keep elements such as no ‘not’, sí ‘yes’, muy ‘very’ and poco ‘few’, since they help to interpret the evolution of the assets.. | **A**: We also remove urls and retweet (rt) tags.
**B**: Meaningless words such as determiners and prepositions999Available at https://www.ranks.nl/stopwords/spanish, August 2020.
**C**: are removed from the text.
| BAC | BCA | BCA | BCA | Selection 2 |
<|MaskedSetence|> <|MaskedSetence|> This section outlines the format of the data input and details each module. In brief, the Earnings Conference Call Encoder, Time-Series Data Encoder, and Relevant News Encoder are utilized to extract features from various data types. These features are fused data undergoes processi... | **A**: The framework comprises four main modules: 1) Earnings Conference Call Encoder; 2) Time-Series Encoder; 3) Relevant News Encoder; and 4) Multi-Task Prediction Block.
**B**: 2 RiskLabs Framework
Figure 1 illustrates the RiskLabs Framework, designed to handle multiple data types surrounding the financial informa... | CBA | BAC | BAC | BAC | Selection 2 |
Second, our analysis focuses solely on the price impact of the speculator’s disclosure and does not model the price impact of the speculator’s trading. <|MaskedSetence|> Therefore, we present our analysis, specifically the unraveling result in Proposition 1, as a benchmark. An interesting avenue for future research i... | **A**: For example, when responding to activist short-sellers, target firms may not voluntarily issue additional information that worsens the market’s belief.
**B**: Due to the multi-dimensional signal structure, the joint strategic disclosure decisions by speculators and target firms are too complex to solve in our m... | CAB | BCA | CAB | CAB | Selection 4 |
I find that women at lower rungs of the leadership ladder are substantially less likely to apply for promotions relative to their male counterparts. <|MaskedSetence|> <|MaskedSetence|> Column 2 shows that when using increases in direct reports as a measure for promotions, women are 30.2% (p𝑝pitalic_p=0.000) less l... | **A**: Similar patterns result when separately using the measures of job authority to identify higher-level positions.
**B**: Using my preferred approach for identifying promotions based on the combined measure of job authority, I find a gender application gap of 27.4% (p𝑝pitalic_p=0.000, Column 1 of Table 2).
**C**... | BAC | BAC | CBA | BAC | Selection 2 |
<|MaskedSetence|> (2022) have integrated all the
above risk measures in one, and call them conditional distortion risk
measure. <|MaskedSetence|> This is intrinsically different from the classical law-invariant risk measures in Föllmer and Schied (2016). <|MaskedSetence|> We call it law-invariant factor risk measure... | **A**: Recently, Dhaene
et al.
**B**: The Co-risk measures actually rely on the conditional distribution of the risk on the event of systemic risk, which is determined by the joint distribution of the risk and the systemic risk.
**C**: In this paper, we will follow the same idea as Co-risk measures to consider the fa... | BCA | ABC | ABC | ABC | Selection 4 |
<|MaskedSetence|> <|MaskedSetence|> <|MaskedSetence|> The second is the multi-class stacking ensemble described in the same section. Since both were implemented in streaming mode, they were progressively tested and trained by sequentially using each sample from the experimental data set to test the model (i.e., to p... | **A**:
4.5 Streaming classification
In this section, we evaluate the final performance of our system to detect financial opportunities and precautions.
**B**: The first is a single-stage scheme as a baseline, using the classifiers in Section 3.3.
**C**: The results were computed using two different streaming appro... | ACB | ACB | ACB | ACB | Selection 2 |
III.1.4 k-Nearest Neighbor
The k-Nearest Neighbor (k-NN) algorithm stands out in the machine learning landscape for its simplicity and non-parametric nature, contrasting sharply with the complexity of SVM with RBF kernel and the linearity of Linear Regression cover1967nearest . <|MaskedSetence|> <|MaskedSetence|> Ad... | **A**: Despite its simplicity, k-NN’s effectiveness is contingent upon a careful balance between the choice of k𝑘kitalic_k and the distance metric, ensuring adequate performance while highlighting its intuitive approach to machine learning prediction outcomes.
**B**: k-NN operates on the principle of feature similari... | BCA | BCA | BCA | ACB | Selection 2 |
While it is an undoubted fact that large financial institutions invest to obtain private information, even when trading in markets that are not thin, theoretical studies that justify the positive relation between better information and higher gains from trading are scarce. <|MaskedSetence|> Under a competitive market ... | **A**: In addition, we show that under Pareto-allocated initial endowments, private information has positive value for uniformed traders too (even though they are assumed as price-takers).
.
**B**: Strategic uniformed traders, together with specific conditions on noise traders’ demand, lead to an equilibrium at which ... | CBA | CBA | CBA | BCA | Selection 3 |
V CONCLUDING REMARKS
Financial Portfolio optimisation has been studied for a few decades yet is still a very challenging and significant task for investors to balance investment returns and risks under different financial market conditions. <|MaskedSetence|> <|MaskedSetence|> In this work, a multi-agent and self-a... | **A**: However, due to the conventional price series involving a lot of noise, the trend patterns may not be easy to discover by most of the existing methods under the highly turbulent financial market.
**B**: There are many studies trying to use various deep or reinforcement learning approaches such as convolution-ba... | BAC | CBA | BAC | BAC | Selection 3 |
<|MaskedSetence|> The concentrated liquidity approach implemented in v3 makes the actual calculation a little more complicated, and is expanded upon in Section 2. However, the general idea of a CPMM is that swapping token A for token B within the pool raises the price of token B with respect to token A due to its rela... | **A**: This can result in a discrepancy between the exchange rate within a pool and the more widely available market exchange rate.
**B**: The market exchange rate can be thought of as the exchange rate for a theoretical “infinite-liquidity” pool, or as the rate obtained in a large centralized exchange like Coinbase w... | CAB | CAB | CAB | ABC | Selection 3 |
In this example we uses the same database as before and calculate the welfare gain that Spain would have experienced if it had had the border thickness of its synthetically constructed counterfactual. <|MaskedSetence|> We use a trade elasticity of 4 and three different values for the supply elasticity: 0, 1, and 2. ... | **A**: A trade elasticity of 4 and a supply elasticity of zero corresponds to the original simulations by Campos et al.
**B**: (2023).
To avoid having to use a loop to simulate the model for each year, we make use of the fact that the ge_gravity2 command can be used with the by prefix.
**C**: We perform the calcula... | CAB | CAB | CAB | CBA | Selection 3 |
Third, the problem of conflicting biases also arises in the field of behavioural interventions. <|MaskedSetence|> One of the challenges mentioned in this area of research is the fact that these interventions normally target one bias at a time, when indeed multiple biases could be at stake (Kahneman et al.,, 2021). <... | **A**: Once again, having a method to distinguish between different conflicting biases could come in handy in order to focus the intervention on those biases which end up being more common, or drive inference the most.
The paper continues as follows: Section 2 explains the theoretical framework, the updating setting ... | BAC | BAC | BAC | ACB | Selection 3 |
Conversely, a contrasting picture emerges when examining domains that have consistently been a part of the lowest harmonic centrality clusters. <|MaskedSetence|> Their genesis in more recent times often means they are still in the nascent stages of brand development and market penetration. These entities tend to be g... | **A**: These domains are commonly associated with younger, newly established enterprises.
**B**: This dichotomy between the high and low harmonic centrality clusters underscores the diverse spectrum of enterprises and their varying stages of growth, market presence, and digital influence, revealing the multifaceted na... | ACB | ACB | CBA | ACB | Selection 1 |
6. A Discussion of the Mathematical Contribution
The results presented here on the axiomatization of allocation mechanisms are based on applications of Hahn-Banach type-extension results (Theorems 1 and 2). These results provide conditions for extending linear operators on ordered vector spaces. We study some implica... | **A**: Monotonicity is a non-satiation assumption of the type “more is better”, while normalization says that the value of certain outcomes should remain unchanged after any evaluation.
**B**: This motivates the mathematical analysis of such properties, that is provided in the Appendices.
**C**: The provided represen... | ACB | CAB | CAB | CAB | Selection 3 |
Recommnder systems were initially a niche application of a broader, earlier form of AI, Expert Systems, which came to prominence in the 1980s. <|MaskedSetence|> One of the first academic works by Lui and Lee of Hong Kong University in 1997 considered a system that was an ”intelligent business advisor system for stock ... | **A**: The academic field proliferated following the publication of the ”Handbook of Applied Expert Systems” in 1997.
**B**: The prize was finally won in 2009.
**C**: Extensive academic work exists in the field of applied RS as early as the 2000s, with meta review studies being published as early as 2016 covering ove... | ABC | ABC | CAB | ABC | Selection 4 |
For this work, we employ a sophisticated form of ANN inspired in the developments proposed in [17], where the so-called Differential Machine Learning concept was introduced. The general idea behind it is to enhance the approximation power of an ANN by incorporating the information of the labels’ differentials (when ava... | **A**: Ideally, these aside financial products must have a strong connection with the original product (depending on the same model and market parameters).
**B**: Thus, with the goal of covering most of the market situations (represented by the model parameters), we simulate each of the Monte Carlo paths with a differ... | BCA | ABC | BCA | BCA | Selection 3 |
The proposed challenge translates into a new problem, because the underlying networks present systems of different dimensions, i.e. <|MaskedSetence|> When given two networks, determining how similar they are typically involves quantifying their structural, topological, or functional similarities. Several methods and... | **A**: Choosing an appropriate method depends on the specific characteristics of the networks and the research question at hand.
Indeed, approaches to network comparison can be roughly divided into two groups based on whether they consider or require two graphs defined on the same set of nodes.
**B**: networks with no... | BAC | BCA | BAC | BAC | Selection 4 |
An alternative approach is the risk-sensitive control (which can be traced back to Jacobson, 1973), and it later becomes popular, particularly in financial asset management, e.g., in Bielecki and Pliska, (1999). <|MaskedSetence|> <|MaskedSetence|> From this perspective, an RL agent often encounters the similar situ... | **A**: Specifically, I adopt the entropy-regularized continuous-time RL framework proposed in Wang et al., (2020) and aim to find a stochastic policy that maximizes the entropy-regularized risk-sensitive objective.
**B**: In contrast to solely considering the expectation, risk-sensitive objective accounts for the who... | BCA | BCA | BCA | BAC | Selection 2 |
One of the current theories to explain why larger population sizes give rise to higher rates of cultural complexity is Joseph Henrich’s “collective brain hypothesis” muthukrishna2016innovation . <|MaskedSetence|> The basis on which this theory is built are the recent observations that show that humans are super-imitat... | **A**: The cultural brain hypothesis suggests that as culture evolves and expands, it exerts evolutionary forces that adjust sociality, imitation, and transmission variance to cope with the increased complexity of tools, practices, beliefs, and behaviors.
**B**: As a result of this unique ability to mimic our close pe... | CBA | CBA | CBA | CAB | Selection 3 |
When borrowers consider potential projects, they want to know not only what the most likely outcome is, but also how likely it is that they will earn a high return or experience a significant loss. <|MaskedSetence|> <|MaskedSetence|> As far as I am aware, the current literature on joint liability problems only focus... | **A**: The variability of the profit, or the range of possible returns, is an important consideration.
**B**: This means that they concentrate solely on the central point of an individual’s profit without taking into account the distribution of potential profits or the variability of these returns.
**C**: If the pote... | ACB | ACB | ACB | ACB | Selection 2 |
Note: For these figures the mean submission quality is used as measure of skill.
Panel A (Sabotage). Relative change in probability of rating 0-stars when competing compared to not competing across skill levels. Outer rugs show distribution of data. <|MaskedSetence|> <|MaskedSetence|> <|MaskedSetence|> | **A**: Relative change in probability of rating 5-stars when rating own submission compared to submissions by others of same skill (error band is 95% confidence interval).
**B**:
.
**C**: There are 4,512 (1,091) observations for source (target) skill ≥3.5absent3.5\geq 3.5≥ 3.5.
Panel B (Self-promotion).
| CAB | CAB | CBA | CAB | Selection 2 |
<|MaskedSetence|> We calibrate our benchmark model without GMT to match basic data on international profit shifting. We set the total pre-tax profits of MNEs (ΠΠ\Piroman_Π) to 2,59025902,5902 , 590 billion USD, as reported in Tørsløv et al., (2023). The coverage rate of the GMT is set at ϕ=0.9italic-ϕ0.9\phi=0.9italic... | **A**:
4 Quantitative implications
In this section we analyze a calibrated version of our model, and explore its quantitative revenue effects.
**B**: Table 2 reports calibration results.
**C**: We then calculate the cost parameter of profit shifting, δ𝛿\deltaitalic_δ, to exactly match the GDP-weighted average of ... | ACB | ACB | ACB | ACB | Selection 2 |
We define LCM at pair-, node-, and system-levels, offering different granularities for analysis. Pair-level LCM between two firms demonstrates the first firm’s position when the second firm experiences a shock. <|MaskedSetence|> System-level LCM aggregates multiple scenarios to portray overall centrality changes under... | **A**: Node-level LCM of a firm is the total resulting shock when it is stressed.
**B**: We also allow the association of weights with node- and system-level centralities.
Our approach involves statistical analysis to assess the robustness of the centrality measure.
**C**: We validate our framework using simulated ... | ABC | ABC | ABC | BAC | Selection 1 |
Constructing equilibria for N𝑁Nitalic_N-player games in continuous-time and space is a challenging problem. The theory of mean-field games, developed independently by [38] and [42], provides approximation results for equilibria of symmetric games with finite players. Indeed, it is typically possible to prove that mean... | **A**: In this paper, we introduce the mean-field version of the previously described stochastic game and explicitly construct the mean-field Nash equilibrium and the solution to the mean-field central planner control problem.
We also determine sufficient conditions for the existence of coarse correlated equilibria (ba... | ABC | ABC | ABC | BAC | Selection 1 |
Mid-to long-term stock price overreaction was first noticed and proposed by DeBondt & Thaler (1985)[1] in the US stock market. <|MaskedSetence|> Furthermore, for more than 40 years, the short-term return reversal has been a recognized phenomenon. According to Jegadeesh (1990)[2], a reversal strategy that buys and sell... | **A**: They proposed momentum trading and reversal trading, and show that using the latter during an overreaction will lead to a positive stock return.
**B**: Generally speaking, institutional investors have more resources, more expertise, and easier access to transaction data than retail investors do.
**C**: Similar... | ABC | CAB | ABC | ABC | Selection 3 |
Hence, the most striking conclusion of this section is that many large co-jumps are in fact explained by endogenous dynamics and propagate across stocks, rather than being due to impactful external news. <|MaskedSetence|> This crash triggered a price drop in other US stocks. <|MaskedSetence|> <|MaskedSetence|> As a ... | **A**: A (in)famous example of such propagation is the flash crash of May 6th 2010, where the S&Pmini crashed in less than 30min, due to a sell algorithm set with an excessively high execution rate.
**B**: induced by news.
**C**: Here, our results suggest that this synchronization phenomenon is not such a rare event ... | ACB | CBA | ACB | ACB | Selection 3 |
The set of SSD efficient portfolios is generally very large, and investors need to decide how to select a portfolio in which to invest
from within this set. <|MaskedSetence|> Hodder et al. (2015) proposed ways to assign values to these parameters with the goal of helping investors select a single portfolio out of the ... | **A**: They proposed.
**B**: The formulation from Post and Kopa (2013) may be used to find different SSD-efficient portfolios depending on how some parameters are specified.
**C**: (2017, 2012) developed an alternative approach for SD-based enhanced indexation.
| BCA | BCA | BCA | BCA | Selection 2 |
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