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q-fin.ST2026
Portfolio Risk Bounds without Cross-Asset Return Covariances: Distributional Fields from Language-Model Representations
Marcus Gawronsky, Chun-Sung Huang
Portfolio risk assessment ordinarily relies on reliable estimates of cross-asset return covariances, which are difficult to obtain in short, high-dimensional panels. We show that f…
q-fin.ST2026
Who Are a Firm's Economic Peers? Mapping a Latent Information Field with Language Models
Marcus Gawronsky, Chun-Sung Huang
Identifying a firm's economic peers matters for benchmarking, risk measurement, and understanding return dependence, yet a diversified firm may have no single natural peer. We use…