arXiv subjects

Baozhong Yang

Publications and source records attributed to Baozhong Yang.

7 recordsLinked to original sources

arXiv2026

Anonymization and Information Loss

Anonymizing financial texts prevents large language models (LLMs) from exploiting look-ahead bias, but inadvertently weakens the extracted signal. We propose a framework disentangling this information loss from bias removal. Predicting S&P credit downgrades, raw texts significantly outperform anonymized texts. Look-ahead bias does not explain this difference; rather, anonymization degrades predictive performance by masking informative numerical and agent entities, fundamentally altering how LLMs interpret the remaining context. This degradation spans various LLMs, tasks, and text types. To quantify it, we introduce the "anonymization gap," a metric requiring no outcome data.

q-fin.GN↗

arXiv2026

Mapping the Midweek Mountain: The New Geography of Hybrid Work

This paper provides a behavioral analysis of the post-pandemic transformation of work, using a dataset of approximately 41 billion mobile geolocation records from 73.5 million individuals in the five largest U.S. metropolitan areas from the pre- to post- pandemic periods. By tracking movements between corporate headquarters, residences, and other points of interest, we document a structural shift in work patterns. Office based workdays declined from 42% in 2019 to 20.7% in 2022, before settling at 29.1% in 2023, a new equilibrium significantly below pre-pandemic levels. A "midweek mountain" peak of office attendance on Tuesdays through Thursdays, emerged as a robust new phenomenon post-pandemic. The nature of remote work has also changed: both in and after the pandemic, employees working from home allocated significantly more time to non-work locations like parks and malls during the workday. These findings indicate that the pandemic catalyzed a lasting transformation not just in work arrangements but also in the integration of personal and professional life, with implications for corporate policy, urban economics, and the future of work.

q-fin.CP↗

arXiv2025

Generative AI, Managerial Expectations, and Economic Activity

We use generative AI to extract managerial expectations about their economic outlook from 120,000+ corporate conference call transcripts. The resulting AI Economy Score predicts GDP growth, production, and employment up to 10 quarters ahead, beyond existing measures like survey forecasts. Moreover, industry and firm-level measures provide valuable information about sector-specific and individual firm activities. A composite measure that integrates managerial expectations about firm, industry, and macroeconomic conditions further significantly improves the forecasting power and predictive horizon of national and sectoral growth. Our findings show managerial expectations offer unique insights into economic activity, with implications for both macroeconomic and microeconomic decision-making.

q-fin.CP↗

arXiv2025

ChatGPT and Corporate Policies

We create a firm-level ChatGPT investment score, based on conference calls, that measures managers' anticipated changes in capital expenditures. We validate the score with interpretable textual content and its strong correlation with CFO survey responses. The investment score predicts future capital expenditure for up to nine quarters, controlling for Tobin's $q$ and other determinants, implying the investment score provides incremental information about firms' future investment opportunities. The investment score also separately forecasts future total, intangible, and R\&D investments. Consistent with theoretical predictions, high-investment-score firms experience significant positive short-term returns upon disclosure, and negative long-run future abnormal returns. We demonstrate ChatGPT's applicability to measure other policies, such as dividends and employment.

q-fin.CP↗

arXiv2020

Blockchain Architecture forAuditing Automation and TrustBuilding in Public Markets

Business transactions by public firms are required to be reported, verified, and audited periodically, which is traditionally a labor-intensive and time-consuming process. To streamline this procedure, we design FutureAB (Future Auditing Blockchain) which aims to automate the reporting and auditing process, thereby allowing auditors to focus on discretionary accounts to better detect and prevent fraud. We demonstrate how distributed-ledger technologies build investor trust and disrupt the auditing industry. Our multi-functional design indicates that auditing firms can automate transaction verification without the need for a trusted third party by collaborating and sharing their information while preserving data privacy (commitment scheme) and security (immutability). We also explore how smart contracts and wallets facilitate the computerization and implementation of our system on Ethereum. Finally, performance evaluation reveals the efficacy and scalability of FutureAB in terms of both encryption (0.012 seconds per transaction) and verification (0.001 seconds per transaction).

cs.CR↗

arXiv2002

The uniqueness of tangent cones for Yang-Mills connections with isolated singularities

We proved a uniqueness theorem of tangent connections for a Yang-Mills connection with an isolated singularity with a quadratic growth of the curvature at the singularity. We also obtained controls over the rate of the asymptotic convergence of the connection to the tangent connection under assumptions that the connection is stationary or the tangent connection is integrable. There are parallel results for the cones at infinity of a Yang-Mills connection on an asymptotically flat manifold. We also gave an application of our methods to the Yang-Mills flow and proved that the Yang-Mills flow exists for all time and has asymptotic limit if the initial value is close to a smooth local minimizer of the Yang-Mills functional.

math.DG↗

arXiv2002

Compactification of the moduli spaces of vortices and coupled vortices

Vortices and coupled vortices arise from Yang-Mills-Higgs theories and can be viewed as generalizations or analogues to Yang-Mills connections and, in particular, Hermitian-Yang-Mills connections. We proved an analytic compactification of the moduli spaces of vortices and coupled vortices on hermitian vector bundles over compact Kähler manifolds. In doing so we introduced the concept of ideal coupled vortices and characterized the singularities of ideal coupled vortices as well as Hermitian-Yang-Mills connections.

math.DG↗