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Asaf Manela

@amanela.bsky.social

Financial economist. Studies asset pricing, ML, text/NLP, information. Teaches fintech. Dad x 3. Coding nerd. Rarely funny. asafmanela.github.io

77 Posts1878 Follower166 Folgt
Asaf Manela@amanela.bsky.social · last wk.

don't you just love a good puzzle? this new draft incorporates some great new potential explanations we heard from smart colleagues while presenting the paper in seminars and conferences. yet the puzzle still stands ...

The Value of Information: A Puzzle Ohad Kadan, Asaf Manela We show that under mild assumptions, the total value of information to informed traders in the market can be measured by the covariance between price changes and order flow. This covariance captures noise trader losses, which equal informed trader gains when market making is competitive. We estimate the value of information using high frequency data on US equities at about $3.5 million per year for the average stock. The aggregate value of information is about 0.04% of market cap, which is considerably lower than the 0.67% in fees investors pay each year searching for superior returns (French 2008). We discuss potential resolutions for these puzzling findings.
Ethan Mollick@emollick.bsky.social · last yr.

Updated this chart with the newest Gemini. It shows the rapid progress in AI over less than two years: costs for GPT-4 class models has dropped 99.7% and even the most advanced models (beating PhDs at the GPQA) are still 82% cheaper than GPT-4. Probably not worth betting on this trend ending soon.

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Asaf Manela@amanela.bsky.social · 2y ago

Been using @zotero.org for bib management for many years, but what is most remarkable about this project is how it keeps improving. Its pdf reader now beats anything else I've used, and v7 added the Smart Reference Popup that allow me to peak at a figure/table/reference without leaving the text.

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Asaf Manela@amanela.bsky.social · 2y ago

Ever wonder why in finance we refer to market-wide risk as "systematic" instead of "systemic"? Purely from the standpoint of dictionary definitions, “systemic” (affecting an entire system) might appear more intuitive for market-wide risk than “systematic” (done according to a system or plan).

Bo Becker@bobecker.bsky.social · 2y ago

Why do large Swedish companies file for Chapter 11 in the US? And what does it tell us about reform opportunities in EU insolvency law? (Hint: ch 11 is better; reforms should continue). I discuss the Northvolt filing here: www.hhs.se/sv/houseoffi...

Navigating Corporate Insolvency: Lessons from Northvolt's Bankruptcy

Northvolt, the ambitious Swedish battery producer, recently filed for Chapter 11 bankruptcy in Texas, highlighting significant challenges for Europe's corporate insolvency systems. Swedish House of Fi...

hhs.se

Nandini Gupta@nandinigupta.bsky.social · 2y ago

Good idea. Using sentiment analysis @israelsen.bsky.social, eitan goldman and I found that the same corporate financial news is covered differently in the NYT vs WSJ based on corporations’ politics www.sciencedirect.com/science/arti...

Political polarization in financial news

Comparing coverage of the same corporate financial news by the conservative Wall Street Journal and the liberal New York Times, we find strong evidenc…

sciencedirect.com

Mark Cuban@mcuban.bsky.social · 2y ago

Actually, sentiment and bias analysis have been around for a while. If we can get the @latimes.com reporters to post their stories on @bsky.app , with the open firehose, any academic or researcher can analyze everything they post. And nothing will ever be as bad as the cuecat!

Asaf Manela@amanela.bsky.social · 2y ago

1/ Does finance benefit society? 📈📉 In a forthcoming Review of Financial Studies paper, @mjha91.bsky.social , Hongyi Liu, and yours truly tackle this question by leveraging large language models to measure sentiments in books spanning centuries and continents. 🧵

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Guillaume Dalle@gdalle.bsky.social · 2y ago

Pluto is an absolute masterpiece of scientific and educational software. It's like Jupyter notebooks without "rerun all". In fact, it's so good someone wrote a song about it!!! youtu.be/SyloWC8gheM?...

We don't talk about Pluto

YouTube video by PianoHamster

youtu.be

Julia Language@julialang.org · 2y ago

If you haven't found it already be sure to subscribe to the #JuliaDispatch podcast by @chrisrackauckas.bsky.social and Michael Tiemann! This week's special guest is Παναγιώτης Γεωργακόπουλος to discuss the #PlutoJL project. youtu.be/TknY3rE1TeE?...

John Barrios@barriosecon.bsky.social · 2y ago

New paper alert! 📢 WFH reshapes the tradeoff between job flexibility and entrepreneurship: fewer startups, esp. women-led. ⚖️ Flexibility at work is now a tradeoff for autonomy. Explore the findings: papers.ssrn.com/sol3/papers.... @yalesom.bsky.social #econ #newbusiness #wfh

Hustling From Home? Work From Home Flexibility and Entrepreneurial Entry

We investigate the influence of the growing trend of work-from-home (WFH) on new business formation, with a particular focus on the period surrounding the COVID

papers.ssrn.com

Asaf Manela@amanela.bsky.social · 2y ago

Matt Levine's account sure looks like a bot is just advertising his (highly recommended) newsletter with a generated title. Except the "spent" typo through me off. Is it really you @matt-levine.bsky.social ? Will you pass a turing test?

Matt Levine@matt-levine.bsky.social · 2y ago

Every week I spent about 50 hours on this newsletter. It’s not about the prize money or the internship. I purely want to experience the taste of being first. www.bloomberg.com/opinion/arti...