Frank Elderson: Fireside chat

Massive spending on data centers and AI infrastructure can benefit “HALO” companies: hard assets, low obsolescence.

Using mandatory Outlook reports from Chinese mutual funds, we decompose each fund’s equity-market beliefs into macro fundamentals, government policy, and residual sentiment. Policy beliefs, rather than macro beliefs, predict subsequent market returns and help explain the positive alphas observed in China’s mutual fund industry. By contrast, residual sentiment strongly shapes equity allocations and attracts investor…

We design a method for measuring the risk preferences of agents in the deep past. The method combines a structural model of crop choice as a portfolio allocation with machine-learning prediction of expected crop returns, using historic agronomic and climate data. We estimate county-level risk preferences for the United States and farmer-level preferences in Kansas…

The authors would like to thank Grant Kovel for providing excellent research assistance and seminar participants at the BU-Harvard-MIT Health Economics seminar, the Highland Health Economics Symposium, the Murphy Institute Health Policy Working Group seminar, Fiona Scott Morton, David Bradford, Liran Einav, Luca Maini, Mark Shepard, Anirban Basu, Bob Rebitzer and Jim Rebitzer, and Rebekah…

“His proposal involves a proprietary equity hedge strategy to manage $700,000 of my assets.”