This paper studies the role of technological fundamentals in Initial Coin Offering (ICO) successes and valuations. Using various machine learning methods, we construct four technology indexes for all cryptocurrencies from their ICO whitepapers. We find that the cryptocurrencies with high...

We establish that the risk-return tradeoff of cryptocurrencies (Bitcoin, Ripple, and Ethereum) is distinct from those of stocks, currencies, and precious metals. Cryptocurrencies have no exposure to most common stock market and macroeconomic factors. They also have no exposure to the returns of...

This paper documents the existence of long run risk in consumption growth. We take a novel approach using news coverage to capture investor concern about economic growth prospects. We provide evidence that consumption growth is highly predictable over long horizons - our measure explains up to...

We cluster asset pricing factors using the t-distributed Stochastic Neighborhood Embedding (t-SNE), one of the most empirically successful dimensionality reduction techniques. t-SNE endogenously separates the strategies into six distinct clusters. The first five clusters resemble the standard...

Using a novel database representing the near-universe of US online job postings, we examine the role of firms’ labor market power on financial flexibility and corporate policy. Validating our measure, within a county-occupation, high labor market power is associated with lower posted wages....

We study institutional investor attention using daily internet news reading. We measure fund-level attention to both aggregate and firm-specific information and relate it to portfolio allocation decisions. During economic downturns, funds shift their attention from firm-specific news toward...