3 papers
stat.AP2026
Extreme Value Alpha and Crash Risk: Separating Structural Tails from Lottery Tails with LLM-Extracted Disclosure Networks
Lin Zhang, Fan Yang
A heavy upper tail in a stock's returns is ambiguous: it can be a lottery tail, transient jump risk that investors overpay for (the MAX discount), or a structural tail, the statist…
cs.CL2026
Kimi K3: Open Frontier Intelligence
Kimi Team, Tongtong Bai, Yifan Bai +398
We introduce Kimi K3, a 2.8T parameter Mixture-of-Experts model with 104 billion activated parameters, native vision capabilities, and a 1-million-token context window. Kimi K3 is…
stat.AP2026
LLM Latent Edge Measurement: Point-in-Time Economic Graphs for Quantitative Investing from Corporate Disclosures
Fan Yang, Lin Zhang
Standard industry classification systems such as GICS assign each firm to a single sector, but the economic relationships through which shocks propagate, such as supplier agreement…