Hedge funds can subsequently amend their originally reported 13F quarterly holdings using restatements. We conduct the first systematic analysis of such filings, which are as common as confidential filings (used by funds to delay holdings disclosures), but affect three times as many stocks....

We use a deep learning model to extract syntax and context information from mutual fund managers' narrative discussions and measure their risk assessment. We validate the forward-looking nature of the risk measure by showing that more negative (positive) risk assessment in managers' narratives...

This paper constructs and studies a comprehensive data set comprised of corporate executivepresentations. Executive presentations are unique in that they provide an abundance of visual information about a firm’s project designs and production plans. In the aggregate, these presentations allow...

An AI analyst we build to digest corporate financial information, qualitative disclosure, and macroeconomic indicators are able to beat the majority of human analysts in stock price forecasts and generate excess returns compared to following human analysts. In the contest of “man vs...

The setting of railway station waiting room and waiting zones relates to passengers' feeling and satisfaction. In this article, the authors develop an optimization model for railway station waiting room assignment, as well as considering adjustment of platforms. With four types of improvement...

An important yet understudied aspect of mergers and acquisitions is the selling procedure. This paper compares a seller's revenue in a standard English ascending auction to that in a negotiation with a “go-shop” provision. In the latter, the target privately negotiates with a few bidders,...

In the past decade, a new selling procedure called “go-shop negotiation” has gained popularity in mergers and acquisitions. With a dynamic mechanism design approach, I fully characterize the target's revenue-maximizing mechanism, and find that it resembles a go-shop negotiation under certain...

Analytics services provided by marketplace platforms are becoming an increasingly important tool for sellers to gain market insights. In this paper, we characterize the role of analytics services as improving sellers' knowledge about the preference variation of the consumer market on a platform,...

We establish the existence and uniqueness of pure-strategy equilibrium in two-worker rank order contests with sabotage while allowing interdependent effects of productive and sabotage effort. We find that diverging marginal costs in workers' productive effort discourage sabotage activity. For...