Showing q-fin.CPShow all
2 papers · 1 filter
q-fin.CP2026
Information Games: Strategic Crowding and Firm Repositioning in Language-Model Space
Marcus Gawronsky, Chun-Sung Huang
When firms respond to new market opportunities, their capacity choices alter the future discounted free cash flows available to both competitors and investors. In competitive marke…
q-fin.CP2024
Systematic Covariance Envelopes from Wasserstein Geometry: Evidence from Language-Model Representations
Marcus Gawronsky, Chun-Sung Huang
Firm characteristics are commonly represented as fixed vectors, even though evidence about firms' operations arrives as heterogeneous collections of articles and reports. We repres…