Hasil untuk "Capital. Capital investments"

S. Kothari, I. Thank, Jeffery Abarbanell et al.

W. Sahlman

H. DeAngelo, Ronald W. Masulis, Ronald W. Masulis

J. Mincer

G. Psacharopoulos, T. Schultz

E. Glaeser, D. Laibson, Bruce I. Sacerdote

Jeffrey Wurgler

Financial markets appear to improve the allocation of capital. Across 65 countries, those with developed financial sectors increase investment more in their growing industries, and decrease investment more in their declining industries, than those with undeveloped financial sectors. The efficiency of capital allocation is negatively correlated with the extent of state ownership in the economy, positively correlated with the amount of firm-specific information in domestic stock returns, and positively correlated with the legal protection of minority investors. In particular, strong minority investor rights appear to curb overinvestment in declining industries.

Thomas F. Hellmann, Kevin C. Murdock, Joseph E. Stiglitz

William R. Gebhardt, Charles M.C. Lee, Bhaskaran Swaminathan

Matthew Wiswall, basit. zafar

Sadok El Ghoul, O. Guedhami, Hakkon Kim et al.

Yukun Zhang, Tianyang Zhang

This paper develops a micro-founded economic theory of the AI industry by modeling large language models as a distinct asset class-Digital Intelligence Capital-characterized by data-compute complementarities, increasing returns to scale, and relative (rather than absolute) valuation. We show that these features fundamentally reshape industry dynamics along three dimensions. First, because downstream demand depends on relative capability, innovation by one firm endogenously depreciates the economic value of rivals' existing capital, generating a persistent innovation pressure we term the Red Queen Effect. Second, falling inference prices induce downstream firms to adopt more compute-intensive agent architectures, rendering aggregate demand for compute super-elastic and producing a structural Jevons paradox. Third, learning from user feedback creates a data flywheel that can destabilize symmetric competition: when data accumulation outpaces data decay, the market bifurcates endogenously toward a winner-takes-all equilibrium. We further characterize conditions under which expanding upstream capabilities erode downstream application value (the Wrapper Trap). A calibrated agent-based model confirms these mechanisms and their quantitative implications. Together, the results provide a unified framework linking intelligence production upstream with agentic demand downstream, offering new insights into competition, scalability, and regulation in the AI economy.

L. Plummer, T. H. Allison, Brian L. Connelly

Nils Bonfils

The modern web is increasingly characterized by the pervasiveness of Surveillance Capitalism. This investigation employs an empirical approach to examine this phenomenon through the web tracking practices of major tech companies -- specifically Google, Apple, Facebook, Amazon, and Microsoft (GAFAM) -- and their relation to financial performance indicators. Using longitudinal data from WhoTracks.Me spanning from 2017 to 2025 and publicly accessible SEC filings, this paper analyzes patterns and trends in web tracking data to establish empirical evidence of Surveillance Capitalism's extraction mechanisms. Our findings reveal Google's omnipresent position on the web, a three-tier stratification among GAFAM companies in the surveillance space, and evidence suggesting an evolution of tracking techniques to evade detection. The investigation further discusses the social and environmental costs of web tracking and how alternative technologies, such as the Gemini protocol, offer pathways to challenge the extractive logic of this new economic order. By closely examining surveillance activities, this research contributes to an ongoing effort to better understand the current state and future trajectory of Surveillance Capitalism.

Ebenezer Asem, Ruijie Fan, Gloria Y. Tian

This paper explores how AI-powered tools could be leveraged to streamline the process of identifying, screening, and analyzing relevant literature in academic research. More specifically, we examine the documented relationship between environmental, social, and governance (ESG) factors and the cost of capital (CoC). By applying an AI-assisted workflow, we identified 36 published studies, synthesized their key findings, and highlighted relevant theories, moderators, and methodological challenges. Our analyses demonstrate the value of AI tools in enhancing business research processes and also contribute to the growing literature on the importance of ESG in the field of corporate finance.

Ufuk Beyaztas, Kaiying Ji, Han Lin Shang et al.

The capital asset pricing model (CAPM) is readily used to capture a linear relationship between the daily returns of an asset and a market index. We extend this model to an intraday high-frequency setting by proposing a functional CAPM estimation approach. The functional CAPM is a stylized example of a function-on-function linear regression with a bivariate functional regression coefficient. The two-dimensional regression coefficient measures the cross-covariance between cumulative intraday asset returns and market returns. We apply it to the Standard and Poor's 500 index and its constituent stocks to demonstrate its practicality. We investigate the functional CAPM's in-sample goodness-of-fit and out-of-sample prediction for an asset's cumulative intraday return. The findings suggest that the proposed functional CAPM methods have superior model goodness-of-fit and forecast accuracy compared to the traditional CAPM empirical estimation. In particular, the functional methods produce better model goodness-of-fit and prediction accuracy for stocks traditionally considered less price-efficient or more information-opaque.

Sergio Demian Lerner, Ariel Futoransky

We present BATTLE for Bitcoin, a DoS-resilient dispute layer that secures optimistic bridges between Bitcoin and rollups or sidechains. Our design adapts the BATTLE tournament protocol to Bitcoin's UTXO model using BitVM-style FLEX components and garbled circuits with on-demand L1 security bonds. Disputes are resolved in logarithmic rounds while recycling rewards, keeping the honest asserter's minimum initial capital constant even under many permissionless challengers. The construction is fully contestable (challengers can supply higher-work counter-proofs) and relies only on standard timelocks and pre-signed transaction DAGs, without new opcodes. For $N$ operators, the protocol requires $O(N^2)$ pre-signed transactions, signatures, and message exchanges, yet remains practical at $N\!\gtrsim\!10^3$, enabling high decentralization.

Stella C. Dong

This paper develops a prudential framework for assessing the reliability of large language models (LLMs) in reinsurance. A five-pillar architecture--governance, data lineage, assurance, resilience, and regulatory alignment--translates supervisory expectations from Solvency II, SR 11-7, and guidance from EIOPA (2025), NAIC (2023), and IAIS (2024) into measurable lifecycle controls. The framework is implemented through the Reinsurance AI Reliability and Assurance Benchmark (RAIRAB), which evaluates whether governance-embedded LLMs meet prudential standards for grounding, transparency, and accountability. Across six task families, retrieval-grounded configurations achieved higher grounding accuracy (0.90), reduced hallucination and interpretive drift by roughly 40%, and nearly doubled transparency. These mechanisms lower informational frictions in risk transfer and capital allocation, showing that existing prudential doctrines already accommodate reliable AI when governance is explicit, data are traceable, and assurance is verifiable.

Xin Jin, Farzana Akram

This study investigates the heterogeneous effects of economic level, renewable energy consumption, financial development, natural resource rents, adult literacy, and access to improved water sources on life expectancy at birth in Emerging Seven (E7) economies. Employing the Method of Moments Quantile Regression (MMQR), the analysis examines these relationships across the 25th, 50th, 75th, and 90th percentiles to capture distributional variations in health outcomes. The findings indicate that economic level and renewable energy consumption have positive but diminishing effects on life expectancy at higher percentiles, while financial development exerts a consistently strong and increasing influence across all levels. Natural resource rents demonstrate a persistent negative association, underscoring the risks of resource dependence. In contrast, adult literacy and access to improved water sources emerge as robust determinants of health, with their positive effects strengthening at higher percentiles. These results suggest that economic and environmental progress alone are insufficient without parallel investments in human capital and basic infrastructure. The study recommends an integrated policy framework that strengthens financial systems, promotes sustainable energy use, enhances education and water access, and ensures responsible resource governance to advance long-term health outcomes and inclusive development across E7 countries.

Nguyen Phu H., Rozhanskaya E.A.

This paper investigates the role of foreign direct investment (FDI) in fostering economic growth within the ASEAN region, which is a dynamic area known for its fast-paced economic development in recent decades. The study's objective is to analyze the FDI situation in ASEAN and how it is distributed among key sectors such as manufacturing, finance, and trade, as well as to assess the challenges and opportunities that the region faces in attracting foreign capital. The study explores how ASEAN's policies, such as trade liberalization, agreements, the ASEAN Economic Community (AEC), and other initiatives, have successfully positioned the region as a prime destination for FDI. The findings indicate that FDI has significantly contributed to economic growth, job creation, and technological advancement, though benefits remain unevenly distributed among the member states. The paper also highlights the growing importance of sustainable and high-tech investments, emphasizing that future economic progress will require addressing infrastructure gaps, enhancing human capital, and strengthening regulatory frameworks. The findings suggest that, while FDI remains a crucial driver of growth, ASEAN must focus on promoting inclusivity and sustainability in its investment strategies to maintain its competitive edge in the global market.