综合金融
We study a \emph{QDisCoCirc}-inspired, chunked diagram-to-circuit quantum natural language processing (QNLP) model for three-class sentiment classification of financial texts. In our classical simulations, we keep the Hilbert-space…
The Federal Open Market Committee (FOMC) sets the federal funds rate, shaping monetary policy and the broader economy. We introduce \emph{FedSight AI}, a multi-agent framework that uses large language models (LLMs) to simulate FOMC…
In traditional financial markets, yield curves are widely available for countries (and, by extension, currencies), financial institutions, and large corporates. These curves are used to calibrate stochastic interest rate models, discount…
The approval of the Bitcoin Spot ETF in January 2024 marked a transformative event in cryptocurrency markets, signaling increased institutional adoption and integration into traditional finance. This study examines Bitcoin's changing…
This study explores the potential impact of introducing a Central Bank Digital Currency (CBDC) on financial stability in an emerging dual-currency economy (Romania), where the domestic currency (RON) coexists with the euro. It develops an…
Large language models (LLMs) cannot be trusted for economic forecasts during periods covered by their training data. Counterfactual forecasting ability is non-identified when the model has seen the realized values: any observed output is…
This paper introduces a novel framework for designing fair and sustainable unemployment benefits, grounded in cooperative game theory and real-time fiscal policy. The labor market is modeled as a coalitional game, where a random subset of…
This study examines how China's high-speed rail (HSR) expansion affects analyst earnings forecast errors from an economic information friction perspective. Using firm-year panel data from 2008-2019, a period that covers HSR's early…
This paper analyzes the intersection of presidential authority and cryptocurrency markets during Donald J. Trump's second term (2025-2029). We examine developments from 2024 through October 2025, focusing on how executive influence, family…
Financial networks based on Pearson correlations have been intensively studied. However, previous studies may have led to misleading and catastrophic results because of several critical shortcomings of the Pearson correlation. The local…
Economic behavior is shaped not only by quantitative information but also by the narratives through which such information is communicated and interpreted (Shiller, 2017). I show that narratives extracted from earnings calls significantly…
We show that while anonymization effectively obscures firm identity, it significantly reduces the power of textual understanding, thereby diminishing models' ability to extract meaningful economic signals from financial texts. This…
Users engage with financial services companies through multiple channels, often interacting with mobile applications, web platforms, call centers, and physical locations to service their accounts. The resulting interactions are recorded at…
The false discovery rate (FDR) measures the share of false positives in a set of statistical tests. I develop simple and intuitive bounds on the FDR in cross-sectional predictability publications. The simplest bound requires just a few…
Financial advisors and investors struggle with information overload from financial news, where irrelevant content and noise obscure key market signals and hinder timely investment decisions. To address this, we propose a novel…
This paper investigates a fundamental methodological flaw in the investment-cash flow sensitivity model of Fazzari, Hubbard, and Petersen (1988). The model comes from a full accounting identity in which some components are missing,…
Practitioners and researchers trying to strike a balance between accuracy and transparency center Explainable Artificial Intelligence (XAI) at the junction of finance. This paper offers a thorough overview of the changing scene of XAI…
Prevailing career and education systems continue to reward early specialization and deep expertise within narrow domains. While such depth promotes efficiency, it may also limit adaptability in complex and rapidly changing environments.…
This paper investigates the impact of financial technology (FinTech) on the financial sustainability (FS) of commercial banks. We employ a three-stage network DEA-Malmquist model to evaluate the FS performance of 104 Chinese commercial…
When the traded energy and reserve products between zones are co-allocated to optimize the infrastructure usage, both deterministic and stochastic flows have to be accounted for on interconnector lines. We focus on allocation models, which…