3 papers
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
Wasserstein-Barycentric Interaction Fields for Spatial Factor Models: Evidence from Language-Model Representations
Marcus Gawronsky, Chun-Sung Huang
Spatial asset-pricing models take the structure of inter-firm interaction as given. We infer that structure from firms' information environments using language-model representation…
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 reports. We study how…