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cs.CY2026
The Cross-Section of Stock Returns and AI Exposure
Nicola Borri, Yukun Liu, Aleh Tsyvinski
We study 380 trillion tokens of realized AI consumption across more than four hundred LLMs. We build a high-frequency AI factor and show that a long-short strategy based on firms'…
econ.TH2026
Trading Frictions in Dynamic Cap-and-Trade Markets
Nicola Borri, Yukun Liu, Aleh Tsyvinski +1
Using 2.8 million EU ETS transactions and compliance records, 2005-2022, we document three facts about the world's largest carbon market: each year, 37% of regulated operators do n…