Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

The Private Value of Open-Source Innovation

Logan P. EMERY, Chan LIM, Shiwei YE
We investigate open-source innovation by public firms and the private value it generates for these firms. Unlike patents, which grant inventors exclusive rights to their inventions, open-source innovations can be used by anyone. Nevertheless, using an extensive dataset of public-firm activity on Git...
Keywords: Open Source, Innovation, Firm growth, Valuation, GitHub
  • View
  • Download
  •    |   

Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

The Value of AI Innovations in Non-IT Firms

Wilbur Xinyuan CHEN, Terrence Tianshuo SHI, Suraj SRINIVASAN, Saleh ZAKERINIA
As the latest general-purpose-technology (GPT), AI technologies have recently started to diffuse from the general sector (IT industry) to the application sectors of AI (non-IT industries) at scale. To understand the benefits of AI innovations in application sectors, we study the value of AI innovati...
Keywords: Artificial Intelligence, Innovation, Valuation
  • View
  • Download
  •    |   

Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

Venture Capital Response to Government-Funded Basic Science

Roham REZAEI, Yufeng YAO
Science-based R&D can deter venture capitalists due to high technical uncertainty. We study whether mission-oriented public funding—supplying basic science as a public good—fosters VC investment. Our quasi-natural experiment is the BRAIN Initiative (BI), a large-scale government program aime...
Keywords: Venture Capital, innovation, academic entrepreneurship, government policy, machine learning
  • View
  • Download
  •    |   

Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

Generative AI and Asset Management

Jinfei SHENG, Zheng SUN, Baozhong YANG, Alan ZHANG
This paper proposes a novel measure of investment companies’ reliance on generative AI, focusing on its implications for hedge funds. We document a sharp increase in generative AI usage by hedge funds after ChatGPT’s 2022 launch. A difference-in-differences test shows that hedge funds adopting g...
Keywords: Generative AI (GenAI), ChatGPT, Hedge Funds, GenAI Reliance, Portfolio Return, Alpha, Survey, AI Disparity
  • View
  • Download
  •    |   

Annual Conference

|

Tech, Digital Markets and AI

|

May 2025

Disciplining Banks through Disclosure: Evidence from CFPB Consumer Complaints

Jeffrey JOU, Anya KLEYMENOVA, Andrea PASSALACQUA, Laszlo SANDOR, Rajesh VIJAYARAGHAVAN
We study the depositors’ reaction to the disclosure of consumer complaints about their banks. Using the Consumer Financial Protection Bureau (CFPB) complaints data, we find banks subject to prudential CFPB oversight that receive consumer complaints experience a decline in uninsured deposits and re...
Keywords: Disclosure, CFPB, Consumer complaints, AI, LLM, ChatGPT
  • View
  • Download
  •    |