Annual Conference

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Tech, Digital Markets and AI

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May 2025

We study the depositors’ reaction to the disclosure of consumer complaints about their banks. Using the Consumer Financial Protection Bureau (CFPB) complaints data, we find banks subject to prudential CFPB oversight that receive consumer complaints experience a decline in uninsured deposits and re...
Keywords: Disclosure, CFPB, Consumer complaints, AI, LLM, ChatGPT
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

We develop firm-level measures of input and output price changes based on textual analysis of earnings calls. Our measures establish five facts: (1) The median firm experiences an increase (decrease) in input prices every 7 (30) months. (2) Input price changes are driven by aggregate and firm specif...
Keywords: Input price changes, pass through, Earnings conference calls, deep learning, stock returns
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

We systematically document governance centralization in decentralized autonomous organizations (DAOs) and study its drivers and economic implications. Using multiple data sources and granular on-chain transactional data, we compare our findings to those in corporate finance (and venture startup) set...
Keywords: Blockchain, Blockholder Activism, DAOs, DeFi Ventures, Governance, Insider Trading, Voting
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Nearly half of decentralized autonomous organizations (DAOs) allow vote delegation to facilitate user participation in governance and decision making. Yet, how well this mechanism works is largely unknown. We evaluate the efficacy of the vote delegation scheme by examining token holders’ vote dele...
Keywords: Decentralized Autonomous Organizations, Vote Delegation, Incentive Alignment, Conflicts of Interest
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Behavioral biases are well-documented among less sophisticated investors. Are arbitrageurs less affected by these issues? To explore this question, we analyze account-level trading data from a leading cryptocurrency exchange in India and use triangular arbitrage opportunities to identify arbitrageur...
Keywords: bitcoin, cryptocurrency, behavioral biases, retail traders
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