Blood type is one of the most fundamental phenotypes in biological, medical, and psychological studies. Using a unique dataset of one million Chinese pregnancies, we find strong evidence from a group of statistical tests for assortative mating on blood type. After controlling for anthropometric...

We use proprietary futures brokerage data with intraday time stamps to analyze how embedded derivatives leverage affects trading and performance in the cross-section of investors. The effect is heterogeneous: Skilled investors benefit from leverage, while leverage has the opposite impact on the...

We directly optimize the objectives of portfolio management via reinforcement learning---an alternative to conventional supervised-learning-based paradigms that entail first-step estimations of return distributions, pricing kernels, or risk premia. Building upon breakthroughs in AI, we develop...