AMPF Papers

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Commissioned Paper

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May 2025

Interpreting Turbulent Episodes in International Finance New!

Helene REY, Vania STAVRAKEVA
We study the anatomy of the international portfolio finance network. As global financial linkages have become denser over time, cross-border portfolio equity positions have grown in importance relative to debt for Emerging markets and Advanced economies. Using the framework developed by Rey and Stav...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Macro Shocks and Firm-Level Response Heterogeneity

Steven J. DAVIS, Stephen HANSEN, Cristhian SEMINARIO-AMEZ
Macro shocks produce high dispersion in firm-level equity returns, sales growth, and other outcomes. We show that this dispersion reflects observable differences in business characteristics. To do so, we combine firm-level returns on stock market “jump” days with text about business risks in pri...
Keywords: Firm Heterogeneity, Text-as-Data, Machine Learning, Shock Identification
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

The Private Value of Open-Source Innovation

Logan P. EMERY, Chan LIM, Shiwei YE
We investigate open-source innovation by public firms and the private value it generates for these firms. Unlike patents, which grant inventors exclusive rights to their inventions, open-source innovations can be used by anyone. Nevertheless, using an extensive dataset of public-firm activity on Git...
Keywords: Open Source, Innovation, Firm growth, Valuation, GitHub
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

The Value of AI Innovations in Non-IT Firms

Wilbur Xinyuan CHEN, Terrence Tianshuo SHI, Suraj SRINIVASAN, Saleh ZAKERINIA
As the latest general-purpose-technology (GPT), AI technologies have recently started to diffuse from the general sector (IT industry) to the application sectors of AI (non-IT industries) at scale. To understand the benefits of AI innovations in application sectors, we study the value of AI innovati...
Keywords: Artificial Intelligence, Innovation, Valuation
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Venture Capital Response to Government-Funded Basic Science

Roham REZAEI, Yufeng YAO
Science-based R&D can deter venture capitalists due to high technical uncertainty. We study whether mission-oriented public funding—supplying basic science as a public good—fosters VC investment. Our quasi-natural experiment is the BRAIN Initiative (BI), a large-scale government program aime...
Keywords: Venture Capital, innovation, academic entrepreneurship, government policy, machine learning
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