Annual Conference

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Investment Finance

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May 2025

In a “government centric” equilibrium like China, the central government performs frequent and intensive interventions while investors prioritize information about government policies over macro-economic fundamentals. Consistently, top government meetings on economic policies are highly anticipa...
Keywords: Chinese Government Meetings, Government-Centric Equilibrium, Pre-Announcement Drift, Heightened Uncertainty, Information Leakage, Institutional Investors
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Annual Conference

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Investment Finance

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May 2025

We analyze a dynamic model of an investor who receives private information on an ongoing basis and faces a post-trading disclosure requirement. Characterizing the equilibrium of our trading game between two players—the investor and a market maker—can be reduced into a fictitious consumption-savi...
Keywords: Informed investor trading, Dissimulation, Mixed strategy, Information arrival
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Annual Conference

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Corporate Finance

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May 2025

Corporate decision-making entails complex, high-dimensional, non-linear stochastic control during which managers learn and adapt via dynamic interactions with the market environment. We propose a data-driven-robust-control (DDRC) framework to complement traditional theory, reduced-form models, and s...
Keywords: AI, Ambiguity, Big Data, Corporate Finance, Deep Learning, Generative Modeling, Inverse RL, Offline RL, Stochastic Control, Transfer Learning
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Annual Conference

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Corporate Finance

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May 2025

Protectionist policies intended to revitalize US chip manufacturing backfired, ultimately weakening the domestic workforce they aimed to rebuild. Instead of fostering talent growth, these measures diminished hiring for critical science and engineering roles, particularly in entry-level positions and...
Keywords: Chip, Semiconductor, Economic Nationalism, Tariff, H1-B, Labor, Career
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Annual Conference

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Corporate Finance

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May 2025

Whistleblowing by senior local officials is pivotal for monitoring official behavior and suppressing corruption. Yet, the act of reporting is a strategic decision, entangled with complex considerations such as the risk of retaliation by those being reported and the gains from collusion. Despite its ...
Keywords: Whistleblowing, Political coalition, Disaster
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