With the emergence of decentralized finance, new trading mechanisms called Automated Market Makers have appeared. The most popular Automated Market Makers are Constant Function Market Makers. They have been studied both theoretically and empirically. In particular, the concept of impermanent loss ha
This paper investigates dynamic and static fund separations and their stability for long-term optimal investments under three model classes. An investor maximizes the expected utility with constant relative risk aversion under an incomplete market consisting of a safe asset, several risky assets, an
Non-Fungible Tokens (NFTs) are transforming how content creators, such as artists, price and sell their work. A key feature of NFTs is the inclusion of royalties, which grant creators a share of all future resale proceeds. Although widely used, critics argue that sophisticated speculators, who domin
Do institutional investors invest efficiently? To study this question I combine a novel dataset of over 16,000 startups (representing over $9 billion in investm
We study how restricting intermediary contracting over ESG policies distorts financial market outcomes. In 2021 Texas prohibited municipalities from hiring bank
The paper seeks to explore the role of green finance in achieving sustainable development goals through the case of China, and address some issues of sustainabl
The growth of so-called “shadow banking” was a significant contributor to the financial crisis of 2008, which had huge social costs that we still grapple with t
The purpose of this study is to analyze the effect of digital finance, digital marketing and digital payment variables on finance performance. This study uses q
Decentralized Finance (DeFi) is the (r)evolutionary movement to create a solely code-based, intermediary-independent financial system—a movement which has grown
The metaverse is understood to be an immersive virtual world serving as the locus for all forms of work, education, and entertainment experiences. Depicted in b
This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topic
We discuss how to build ETF risk models. Our approach anchors on i) first building a multilevel (non-)binary classification/taxonomy for ETFs, which is utilized in order to define the risk factors, and ii) then building the risk models based on these risk factors by utilizing the heterotic risk mode
This study has done based on the financial analysis of Tesla, inc. to understand its financial position throughout the year 2017 to 2020. The fundamental purpos
We develop FinBERT, a state-of-the-art large language model that adapts to the finance domain. We show that FinBERT incorporates finance knowledge and can bette
Decentralized Finance (or “DeFi”) is growing in volume and in importance. DeFi promises cheaper and more open access to financial services by reducing the costs
Are market experts prone to heuristics, and if so, do they transfer across closely related domains—buying and selling? We investigate this question using a uniq
Firms increasingly borrow via sustainability-linked loans (SLLs), contractually tying spreads to their ESG performance. SLLs vary widely in transparency of disc
Cryptocurrencies have gone a long way since their inception. While the conventional financial sector initially dismissed digital currencies as tools for crooks
The term decentralized finance (DeFi) refers to an alternative financial infrastructure built on top of the Ethereum blockchain. DeFi uses smart contracts to cr
Driven by the 2020 pandemic’s work-at-home mandates, the future of work in banking and finance may be in the midst of disruptive change. The digital transformat