What are the effects of recent advances in Generative AI on the value of firms? Our study offers a quantitative answer to this question for U.S. publicly traded companies based on the exposures of their workforce to Generative AI. Our novel firm-level measure of workforce exposure to Generative...

The Securities and Exchange Commission has recently attempted to establish a new form of insider trading: the use of nonpublic information about mutual fund portfolio holdings to engage in fund arbitrage. In a series of settled cases, the SEC has alleged that fund managers violated rules...

Since September 2003, the U.S. mutual fund industry has been mired in the worst scandal in its 65-year history. The scandal has produced in excess of 40 civil and criminal prosecutions, more than $2 billion in monetary sanctions, numerous Congressional hearings and bills, and a bevy of new...

This article regresses the market value of equity on pre-depreciation income and on depreciation expense for capital-intensive firms, referring to the coefficients from our model as valuation weights. The valuation weight on depreciation expense versus the weight on pre-depreciation income are...

This paper presents an N-player Tullock contest where players purchases shares in a lottery at a fixed common cost. Once all players have purchased their shares, a common value reward is raffled off. The model has some similarities to all-pay auctions, however the assignment mechanism differs....

Blockchain technology has a significant impact in multiple fields. Bitcoin was the first of its applications to rise to widespread attention. Due to its source code being publicly available (open source), it was followed quickly by a number of other cryptocurrencies as developers caught on to...

We investigate the role that transaction fees play in the Bitcoin blockchain's evolution from a mining-based structure to a market-based ecology. We develop a game-theoretic model to explain the factors leading to the emergence of transactions fees, as well as to explain the strategic behavior...