. High learning index stocks have lower future returns and risk compared to low learning index stocks. Analysis of a … information and investment choice, we estimate a learning index that reflects the expected benefits of learning about an asset … information environment surrounding earnings announcements reinforce our interpretation of the learning index. Our findings …

We study dynamic portfolio choice of a long-horizon investor who uses deep learning methods to predict equity returns … learning to form optimal portfolios through certainty equivalent returns and Sharpe ratios. We demonstrate that a long …-short-term-memory recurrent neural network, which excels in learning complex time-series dependencies, generates a superior performance among a …