We provide a rationale for window dressing where investors respond to conflicting signals of managerial ability inferred from a fund's performance and disclosed portfolio holdings. We contend that window dressers take a risky bet on their performance during a reporting delay period, which...

We develop empirical models of hedonic prices and derive hedonic indices for measuring changes in customer welfare based upon deep learning. We first generate abstract product attributes, or "features," from text descriptions and images using deep neural networks, and then use these attributes...

Accurate, real-time measurements of price index changes using electronic records are essential for tracking inflation and productivity in today's economic environment. We develop empirical hedonic models that can process large amounts of unstructured product data (text, images, prices,...