arXiv research

A new method for ILO with transition model disparity using an intermediary policy.

News attention to financial intermediaries and crises predicts excess bond premium and macroeconomic movements.

An assistant learns to mediate decisions between humans and experts, balancing risk and learning.

SPAC data shows premium investors get better terms, non-premium get quid pro quo deals.

Analyzing available FAO data from 176 countries over 21 years, we observe an increase of complexity in the international trade of maize, rice, soy, and wheat. A larger number of countries play a role as producers or intermediaries, either for trade or food processing. In consequence, we find that the trade networks bec…

Research proposes a decentralized invoice discounting system using Kelly criterion.

Integrates inductive biases into VAEs using intermediary latent variables.

Tensor factorization has been demonstrated as an efficient approach for computational phenotyping, where massive electronic health records (EHRs) are converted to concise and meaningful clinical concepts. While distributing the tensor factorization tasks to local sites can avoid direct data sharing, it still requires t…

We compute the convex hull in $\mathbb{C}^2$ of an arbitrary finite subgroup of ${\mathbb{C}^*}^2$. The combinatorics are dictated by continued fractions in a natural way. This reproves a theorem of Smilansky, with a slightly stronger intermediary step.

The main purpose of this paper is to formalize the modelling process, analysis and mathematical definition of corruption when entering into a contract between principal agent and producers. The formulation of the problem and the definition of concepts for the general case are considered. For definiteness, all calculati…

Reduces data leakage in distributed deep learning models.

We classify nonsingular holomorphic foliations of dimension and codimension one on certain Hopf manifolds. More general, we prove that all nonsingular codimension one distributions on intermediary or generic Hopf manifolds are integrable and has holomorphic integral first. Also, we prove some results about singular hol…

Business cycles affect startup valuations, both directly and indirectly.

The study tests a functional-form restriction on risk exposure dynamics using margin debt data.

We study conservative partially hyperbolic diffeomorphisms in hyperbolic 3-manifolds. We show that they are always accessible and deduce as a result that every conservative $C^{1+}$ partially hyperbolic in a hyperbolic 3-manifold must be ergodic, giving an afirmative answer to a conjecture of Hertz-Hertz-Ures in the co…

This work develops an agent-based model for the study of how the leverage through the use of repurchase agreements can function as a mechanism for the propagation and amplification of financial shocks in a financial system. Based on the analysis of financial intermediaries in the repo and interbank lending markets duri…

Thanks to the access to labeled orders on the Cac40 index future provided by Euronext, we are able to quantify market participants contributions to the volatility in the diffusive limit. To achieve this result we leverage the branching properties of Hawkes point processes. We find that fast intermediaries (e.g., market…

Study insurance pricing under correlation ambiguity without increasing prices or reducing utility.

Hessian-free (HF) optimization has been successfully used for training deep autoencoders and recurrent networks. HF uses the conjugate gradient algorithm to construct update directions through curvature-vector products that can be computed on the same order of time as gradients. In this paper we exploit this property a…

This paper assesses risks in DeFi investments.

New machine learning model identifies key drivers of market troughs.

Suppliers (including companies and individual prosumers) may wish to protect their private information when selling items they have in stock. A market is envisaged where private information can be protected through the use of differential privacy and option contracts, while privacy-aware suppliers deliver their stock a…

Study finds significant premium for low-beta stocks in firm-level idiosyncratic return distributions.

Flatland is a simple, lightweight environment for fast prototyping and testing of reinforcement learning agents. It is of lower complexity compared to similar 3D platforms (e.g. DeepMind Lab or VizDoom), but emulates physical properties of the real world, such as continuity, multi-modal partially-observable states with…

This study reviews decentralized prediction markets, identifying key design variants and open problems.

Q-groupoids and Q-algebroids are, respectively, supergroupoids and superalgebroids that are equipped with compatible homological vector fields. These new objects are closely related to the double structures of Mackenzie; in particular, we show that Q-groupoids are intermediary objects between Mackenzie's LA-groupoids a…

Framework learns image dynamics between time steps using latent variables.

Model for hedging price and quantity risks in electricity markets.

Recent developments in the literature on financial architecture suggest that banks and markets not only coexist, but also coevolve in ways that are non-neutral from the viewpoint of optimality. This article aims to analyse the concrete mechanisms of this coevolution by focusing on a very relevant case study: Belgium (t…

Proposes a decentralized insurance protocol for DeFi.

With success on controlled tasks, generative models are being increasingly applied to humanitarian applications [1,2]. In this paper, we focus on the evaluation of a conditional generative model that illustrates the consequences of climate change-induced flooding to encourage public interest and awareness on the issue.…

PLS-Lasso integrates dimension reduction into regression for financial index tracking.

Characterizes no Butterfly arbitrage in SVI model parameters.

FedGAN trains GANs across distributed data sources with reduced communication.

We propose a new method for assessing agents' influence in financial network structures, which takes into consideration the intensity of interactions. A distinctive feature of this approach is that it considers not only direct interactions of agents of the first level and indirect interactions of the second level, but …

Optimizes AIS hyperparameters for efficient marginal likelihood estimation.

Framework integrates financial and annual report data for better corporate credit ratings.

Closed Riemannian 4 or 5-manifolds contain branched immersed closed minimal surfaces.

Study proposes optimal risk-aware interest rates for crypto lending protocols.

Online Peer to Peer Lending (P2PL) systems connect lenders and borrowers directly, thereby making it convenient to borrow and lend money without intermediaries such as banks. Many recommendation systems have been developed for lenders to achieve higher interest rates and avoid defaulting loans. However, there has not b…

Global supply networks in agriculture, manufacturing, and services are a defining feature of the modern world. The efficiency and the distribution of surpluses across different parts of these networks depend on choices of intermediaries. This paper conducts price formation experiments with human subjects located in lar…

We consider a general discrete-time financial market with proportional transaction costs as in [Kabanov, Stricker and Rásonyi Finance and Stochastics 7 (2003) 403--411] and [Schachermayer Math. Finance 14 (2004) 19--48]. In addition to the usual investment in financial assets, we assume that the agents can invest part …

This paper introduces an intermediary between conditional expectation and conditional sublinear expectation, called R-conditioning. The R-conditioning of a random-vector in $L^2$ is defined as the best $L^2$-estimate, given a $σ$-subalgebra and a degree of model uncertainty. When the random vector represents the payoff…

Study analyzes profitability and efficiency of Chinese banks, finding state-owned banks superior.

Semantic segmentation of land cover classes is fundamental for agricultural and economic development work, from sustainable forestry to urban planning, yet existing training datasets have significant limitations. To generate an open and comprehensive training library of high resolution Earth imagery and high quality la…

Designing AI market for content creation

The study examines Kernel Ridge Regression error rates across noiseless and noisy conditions.

The paper analyzes sterling bills of exchange during the first globalization, revealing their global financial role.