We predict asset returns and measure risk premia using a prominent technique from artificial intelligence -- deep sequence modeling. Because asset returns often exhibit sequential dependence that may not be effectively captured by conventional time series models, sequence modeling offers a...

As more and more countries have employed stay-at-home policy to halt the spread of COVID-19, the effectiveness of this policy has become an important question to both researchers and policymakers. To answer this question, our paper empirically measures the effect of stay-at-home policy on the...

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...

This paper proposes a statistical framework in which artificial intelligence can assist human decision making. Using observational data we benchmark the performance of each decision maker against the machine predictions, and replace decision makers whose information process quality is dominated...

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 introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and nature; abnormal first-significant-digit distributions,...

Using data on 988 peer-to-peer lending platforms in China, we examine cross-side network effects (CNEs)---arguably the most important factor for multi-sided marketplaces---throughout platforms’ lifecycle in a dynamic industry characterized by entries, exits, and network externalities. We find...

Web3 and DeFi are widely advocated as innovations for greater financial inclusion and democratization. We assemble the most comprehensive dataset to date on the largest Web3 ecosystem and use large-scale computing to conduct an initial investigation. We describe Ethereum's network structure,...