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Quantitative Methods in Finance: From Descriptive Statistics to Factor Models
Foundation of quantitative finance — statistical methods, risk measures, and multi-factor models use
Volatility Analysis: Measuring, Modeling, and Trading Uncertainty
Understand volatility as an asset class — from historical vol to implied vol surfaces, VIX dynamics,
Market Microstructure: How Trades Execute and Prices Form
Understand the mechanics of order execution, bid-ask spreads, market making, and how electronic mark
Algorithmic Trading: Strategies, Infrastructure, and Market Impact
Algorithmic trading uses computer programs to execute trades based on predefined rules, accounting f
Market Microstructure: Order Books, Liquidity, and VPIN Toxicity
Market microstructure studies the process by which prices emerge from the interaction of orders, tra
Factor Investing and Risk Parity: Modern Portfolio Construction
Factor investing targets specific drivers of returns rather than broad market exposure, while risk p
All Articles
Mitochondrial-inflammation crosstalk in major depressive disorder: molecular mechanisms and therapeutic implications.
Despite its high prevalence, the precise mechanisms underlying major depressive disorder (MDD) remain incompletely understood. Growing evidence identifies mitochondrial dysfunction, including abnormalities in mitochondrial DNA, impaired bioenergetics, disrupted quality control, and redox imbalance,...
6-K · Intercont (Cayman) Ltd (NCT)
FORM OF SECURITIES PURCHASE AGREEMENT
8-K · SUMISHO AIR LEASE CORP
EX-99.1
8-K · TRICO BANCSHARES / (TCBK)
EX-99.1
8-K · FIRST HAWAIIAN, INC. (FHB)
EXHIBIT 99.1
Decorrelating the Advice Layer: A Calibrated Fragility Metric and Tested Mitigations for Synchronized Liquidation in Agentic Wealth Management
Conversational AI agents are turning wealth management into a continuous loop of market analysis, allocation, risk checks and execution, run for millions of clients on a handful of foundation models. We build a multi-asset agent-based model of this layer, calibrated to measured model concentration,...
Adaptive Scenario Generation for KL-DRO Around a Learned Density Model
Distributionally robust optimization (DRO) hedges data-driven two-stage stochastic programs against error in the distribution estimated from a finite record, and standard ambiguity sets differ in how
A Pretrained Model for Bayesian Filtering in Heterogeneous Dynamical Systems
Filtering has not yet had its foundation-model moment: state estimation is still dominated either by online Bayesian filtering algorithms that require known dy- namics as inputs, or by learning-based
Exponential Convergence of the Lifted Gradient Flow of the Bass Functional
We establish multidimensional exponential convergence of the lifted Bass gradient flow in martingale optimal transport. Let $μ\le_{cx}ν$ be an irreducible pair, with compact convex target support, sou
Continuous-Action World Models: Learning Cross-Embodiment Spatiotemporal Dynamics Priors
We introduce Continuous-Action World Models (CoAWM), a framework for learning cross-embodiment spatiotemporal dynamics priors that support robot action generation across embodiments and execution freq
Comparing tail forecasts: the number of exceedances is the sample size
When two forecasts of a tail, such as prediction intervals at high coverage, extreme quantiles or expected shortfall (ES), are compared by a consistent score, the score difference is known in advance
Latent Path Exploration via Potential-Guided Subtrajectory Balance
Continuous latent reasoning enables language models to perform intermediate computation without generating explicit reasoning traces. Advances in stochastic latent reasoning allow multiple paths to be
8-K · MVB FINANCIAL CORP (MVBF)
EX-99.1
6-K · Addex Therapeutics Ltd. (ADXN)
FORM 6-K
8-K · QUAKER CHEMICAL CORP (KWR)
EX-99.2
Measuring Longer-Horizon Leveraged ETF Performance
Many investors hold leveraged exchange-traded funds (LETFs) for more than one day. Because these products reset leverage daily, their longer-horizon returns need not equal the stated leverage multiple times the underlying return. We explain this gap using a return identity that separates what we cal...
6-K · Banco Santander, S.A. (SAN, BCDRF)
FORM 6-K
8-K · CHAIN BRIDGE BANCORP INC (CBNA)
EX-99.1
8-K · ORACLE CORP (ORCL, ORCL-PD)
EX-99.1
8-K · LCI INDUSTRIES (LCII)
EX-99.1
8-K · HomeTrust Bancshares, Inc. (HTB)
EX-99.1
Code-execution flaw in UEFI firmware threatens most servers on planet Earth
HackerNews discussion (317 points) about Code-execution flaw in UEFI firmware threatens most servers on planet Earth.
6-K · BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA, BBVXF)
6-K
Anthropic S-1
HackerNews discussion (1708 points) about Anthropic S-1.
8-K · SR Bancorp, Inc. (SRBK)
EXHIBIT 99.1
8-K · Braemar Hotels & Resorts Inc. (BHR, BHR-PB, BHR-PD)
EXHIBIT 99.1
8-K · FARADAY FUTURE INTELLIGENT ELECTRIC INC. (FFAI)
INVESTOR PRESENTATION SLIDE DECK
Crowded Factors and Volatility Timing: When Risk Scaling Works
Crowded Factors and Volatility Timing: When Risk Scaling Works
Self-Inflated Funds
When funds with illiquid portfolios grow rapidly without rebalancing into more liquid assets, they generate self-inflated returns via their own price impact. Investors chase these returns, triggering a positive feedback loop that inflates both fund size and asset prices. We introduce a simple measur...
Modern Approaches to the Valuation and Application of Options in the Stock Market: Tools, Models, and Behavioral Aspects
The article examines modern approaches to the valuation and application of options as derivative financial instruments. It analyzes key pricing models, including the Black-Scholes model, the binomial model, and the Monte Carlo method. The role of market makers in maintaining liquidity and the impact...
Workplace Investigations and Internal Complaint Resolution: Designing Fair and Legally Defensible HR Processes
Workplace investigations sit at the intersection of employment law, organisational psychology, and human resource management. Yet many organisations lack consistent procedures for handling internal complaints, exposing employees to unfair treatment and employers to legal, reputational, and financial...
Trading Literature Atlas For Semi-automated Systematic Trading
Research that matters for systematic trading is scattered across communities that rarely read one another. Time-series classification, deep learning, empirical finance, market microstructure, derivatives, rough-path mathematics, statistics, decision theory, language models and practitioner writing e...
LangGraph-Orchestrated Stateful Multi-Agent Framework for Personalized Investment Advisory System Using Hybrid Forecasting and LLM Explainability
Effective investment management is currently hindered by the huge disconnect between global market intelligence and personal fiscal reality. Traditional methodologies and foundational frameworks focus primarily on market-centric analysis but remain context blind to personal liquidity, lack long-term...
Options Strategies in Trading and Hedging
The article analyzes options strategies used for directional trading, investment risk hedging, and profit generation under low volatility conditions. The study examines both limited and unlimited profit potential structures, including long options, vertical spreads, calendar spreads, ratio backsprea...
Automation and High-Skill Labor Markets: Evidence from Robo-Advisors
Does artificial intelligence substitute or complement high-skill labor? We study financial robo-advisors and their impact on the labor market for human advisors. Using novel data on robo-advisors and advisor employment, we find that robo-advisors increase, rather than reduce, human advisor employmen...
Financial Market Correlations as a Predictor of Output Growth and Stock Returns
Understanding the linkages between real and financial markets is important for a range of economic agents, including policymakers, investors (in both market types) and those engaged in modelling behaviour. This paper argues that financial market correlations (both across international stocks and bet...
Self-Fulfilling Risk Panics: An Expected Utility Framework
Even if an asset has no fundamental uncertainty with a constant dividend process, a stochastic sentiment-driven equilibrium for the asset price exists besides the well-known fundamental equilibrium. Our paper constructs such sentiment-driven equilibria under general utility functions within an OLG s...
Asset Insulators
We propose that financial institutions can act as asset insulators, holding assets for the long run to protect their valuations from consequences of exposure to financial markets. We demonstrate the empirical relevance of this theory for the balance sheet behavior of a large class of intermediaries,...
Learning, Confidence, and Business Cycles
We build a tractable heterogeneous-firm business cycle model where firms face Knightian uncertainty about their profitability and learn it through production. The cross-sectional mean of firm-level uncertainty is high in recessions because firms invest and hire less. The higher uncertainty reduces a...
Covariances versus Characteristics in General Equilibrium
We question a deep-ingrained doctrine in asset pricing: If an empirical characteristic-return relation is consistent with investor "rationality," the relation must be "explained" by a risk factor model. The investment approach changes the big picture of asset pricing. Factors formed on characteristi...
July 2026 Market Conditions: Earnings Fuel Waning, Oil at $95+, and Sector Rotation Underway
JPMorgan warns the S&P 500's 'earnings fuel' is running out as of July 23, 2026 — the PPI-CPI spread has peaked, ISM orders-to-inventory ratio has declined for three consecutive months, and the market is rotating toward defensive assets. Oil surges past $95 on Iran/Hormuz Strait tensions. Core PCE remains sticky at 3.4%, the 10Y yield sits at 4.7%, and the market has begun pricing rate hikes rather than cuts. Small caps have rallied 22% in H1 2026 (best since 1991). Bitcoin is down 31% YTD, Gold down 7% — both declining simultaneously for the first time.
Kyle (1985) - Continuous Auctions and Insider Trading
Kyle's seminal model of informed trading shows how an informed trader strategically splits orders to maximize profit while market makers adjust prices under adverse selection, introducing Kyle's lambda as a measure of market illiquidity.
Glosten & Milgrom (1985) - Bid, Ask and Transaction Prices
The Glosten-Milgrom model explains the bid-ask spread as arising from adverse selection: market makers face a positive probability of trading against informed traders, so they set a spread compensating for the expected loss to informed order flow.
Easley, Kiefer, O'Hara & Paperman (1996) - Probability of Informed Trading (PIN)
Easley, Kiefer, O'Hara and Paperman develop a structural model to estimate the probability of informed trading (PIN) from order flow data, providing an empirical measure of information asymmetry in securities markets.
Fama & French (1993) - Common Risk Factors in Stock and Bond Returns
Fama and French extend the CAPM by adding size (SMB) and value (HML) factors to explain cross-sectional variation in stock returns, demonstrating that the three-factor model explains patterns that the CAPM cannot.
Fama & French (2015) - A Five-Factor Asset Pricing Model
Fama and French extend their three-factor model by adding profitability (RMW) and investment (CMA) factors, providing a more complete description of the cross-section of average stock returns.
Markowitz (1952) - Portfolio Selection (Modern Portfolio Theory)
Harry Markowitz's Portfolio Selection establishes the mathematical foundation for diversification, showing that portfolio risk depends on asset correlations, and introduces the efficient frontier concept.
Sharpe (1964) - Capital Asset Prices: A Theory of Market Equilibrium (CAPM)
William Sharpe's CAPM provides the theory of how assets are priced in equilibrium, showing that expected return is linearly related to systematic risk measured by beta.
Black & Scholes (1973) / Merton (1973) - Options Pricing Model
The Black-Scholes-Merton model provides a closed-form solution for European option prices via a no-arbitrage argument based on continuous delta-hedging, founding the modern options market.
Kahneman & Tversky (1979) - Prospect Theory: Decision Under Risk
Prospect theory describes how people actually make decisions under risk: loss aversion (~2x), reference dependence, and probability weighting. It is the foundation of behavioral finance.
Barberis & Thaler (2002) - A Survey of Behavioral Finance
Barberis and Thaler survey behavioral finance's two pillars: limits to arbitrage (why mispricing persists) and psychology (systematic biases in beliefs and preferences), showing how they explain asset pricing anomalies.
Barber & Odean (2000) - Trading Is Hazardous to Your Wealth
Barber and Odean show that individual investors who trade more frequently earn significantly lower returns, establishing that overconfidence leads to excessive trading which harms portfolio performance.
Shiller (1981) - Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?
Shiller demonstrates that stock prices are 5-13 times more volatile than can be justified by future dividends, providing influential evidence against the efficient market hypothesis.
Amihud (2002) - Illiquidity and Stock Returns: Cross-Section and Time-Series Effects
Amihud develops the ILLIQ measure (absolute return / dollar volume) and shows that expected stock returns are positively related to illiquidity across stocks and over time.
Lakonishok, Shleifer & Vishny (1994) - Contrarian Investment, Extrapolation, and Risk
LSV show contrarian strategies outperform because investors extrapolate past growth too far, not because value strategies are riskier. Value stocks do NOT have higher risk in bad times.
Bollen, Mao & Zeng (2011) - Twitter Mood Predicts the Stock Market
Bollen, Mao and Zeng show that the 'Calm' mood dimension from Twitter feeds can predict DJIA movements with 87.6% accuracy, demonstrating the predictive power of social media sentiment.
Feature Engineering at Scale: Building ML-Ready Market Data Pipelines with dbt and Iceberg
Production feature engineering pipelines for quantitative finance: transforming raw tick data into ML-ready feature sets using dbt for SQL transformations, Iceberg for time-travel access, and Dagster for asset orchestration.
Real-Time Data Engineering for Algorithmic Trading: From Tick Data to Execution Signals
Production-grade data pipelines for algorithmic trading systems: handling market data at microsecond latency, feature engineering stream processing, backtesting infrastructure, and DataOps orchestration.
S&P 500 rejects SpaceX, also blocking entry for OpenAI and Anthropic -- 🧬 SCIENCE 2026-06-07
Summary Today in SCIENCE, the top story is "S&P 500 rejects SpaceX, also blocking entry for OpenAI and Anthropic", which gathered 1405 points on Hacker News -- nearly 15x higher than the av
Meta confirms 1000s of Instagram accounts were hacked by abusing its AI chatbot -- 📈 STOCK 2026-06-07
Summary Today in STOCK, the top story is "Meta confirms 1000s of Instagram accounts were hacked by abusing its AI chatbot", which gathered 546 points on Hacker News -- nearly 5x higher than
Gov.uk has replaced Stripe with Dutch provider Adyen -- 🛡️ AML 2026-06-07
Summary Today in AML, the top story is "Gov.uk has replaced Stripe with Dutch provider Adyen", which gathered 559 points on Hacker News -- nearly 13x higher than the average of other articl
Nvidia RTX Spark -- 📈 STOCK 2026-06-02
Trending (HackerNews, 2026-06-02) Nvidia RTX Spark (discussion) (405 pts) OpenAI frontier models and Codex are now available on AWS (discussion) (326 pts) ChatGPT for Google Sheets exfiltrates wor
Can the stockmarket swallow Anthropic, SpaceX and OpenAI? -- 🧬 SCIENCE 2026-06-02
Trending (HackerNews, 2026-06-02) Can the stockmarket swallow Anthropic, SpaceX and OpenAI? (discussion) (534 pts) Anthropic confidentially submits draft S-1 to the SEC (discussion) (508 pts) AI A
Iran stops negotiations with U.S., vows to completely block Strait of Hormuz -- 🛡️ AML 2026-06-02
Trending (HackerNews, 2026-06-02) Iran stops negotiations with U.S., vows to 'completely' block Strait of Hormuz (discussion) (101 pts) Show HN: Eyeball (discussion) (60 pts) The Infosec Phraseboo
Microsoft Office 2019 and 2021 for Mac view-only conversion -- 📈 STOCK 2026-06-01
Trending (HackerNews, 2026-06-01) Microsoft Office 2019 and 2021 for Mac view-only conversion (discussion) (998 pts) I put a datacenter GPU in my gaming PC (discussion) (318 pts) ChatGPT for Googl
Global Stock Markets Volatility Amid Interest Rate Uncertainty
Trending Topics (HackerNews, 2026-05-10) S&P 500 enters correction territory as inflation data surprises (discussion) (540 points) Retail investors pour money into AI ETFs despite warnings (di
Quantum computing startups see record $4.2B in venture funding during Q1 2026
Quantum computing venture funding reaches $4.2B in Q1 2026, analyzing the major rounds, technology approaches (superconducting, trapped ion, photonic), and the path toward commercial quantum advantage.
JWST detects unexpected atmospheric chemistry on temperate exoplanet in habitable zone
JWST reveals unexpected atmospheric composition on a temperate exoplanet in the habitable zone, including potential biosignature gases and unusual chemical disequilibrium that challenges current atmospheric models.
EV battery supply chain diversification accelerates with 12 new gigafactories
Mapping the global EV battery supply chain as 12 new gigafactories break ground across North America, Europe, and Southeast Asia, reducing dependence on Chinese battery supply chains.
EU AI Act Implementation — Global Implications for Tech
Trending Topics (HackerNews, 2026-04-15) EU AI Act officially enters into force (discussion) (620 points) OpenAI releases GPT-5 with improved reasoning (discussion) (580 points) Google's new AI se
AI hardware spending reaches $300B annual run rate: who benefits?
Analysis of the AI hardware investment boom as annual spending reaches $300B run rate, examining which companies capture value across the stack — from NVIDIA and AMD to custom ASIC designers and memory manufacturers.
Neuralink first human trial results: 12 patients achieve brain-computer interface milestones
Detailed report on Neuralink's first human clinical trial results across 12 patients, examining cursor control accuracy, communication speeds for locked-in patients, and long-term implant biocompatibility.
LK-99: The 2023 Room-Temperature Superconductivity Claim and Its Failed Replication
Comprehensive analysis of the latest room temperature superconductivity claim, following rigorous replication attempts by 15 independent laboratories showing partial resistance drops but no definitive zero resistance.
Global semiconductor supply chain reshuffling: the post-Taiwan scenario
Analysis of semiconductor supply chain diversification as companies accelerate fab construction in US, Europe, and Japan, examining timelines, costs, and technical challenges of geographic redistribution.
TSMC 2nm process enters volume production: what it means for global semiconductor supply
TSMC begins volume production of 2nm chips, examining the technical milestones achieved, production yields, customer allocations, and implications for the global semiconductor supply chain and geopolitics.