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Khemraj Bhatt

Publications and source records attributed to Khemraj Bhatt.

2 recordsLinked to original sources

Clear Messages, Ambiguous Audiences: Measuring Interpretability in Political Communication

Text-based measurement in political research often treats classi6ication disagreement as random noise. We examine this assumption using con6idence-weighted human annotations of 5,000 social media messages by U.S. politicians. We 6ind that political communication is generally highly legible, with mean con6idence exceeding 0.99 across message type, partisan bias, and audience classi6ications. However, systematic variation concentrates in the constituency category, which exhibits a 1.79 percentage point penalty in audience classi6ication con6idence. Given the high baseline of agreement, this penalty represents a sharp relative increase in interpretive uncertainty. Within messages, intent remains clear while audience targeting becomes ambiguous. These patterns persist with politician 6ixed effects, suggesting that measurement error in political text is structured by strategic incentives rather than idiosyncratic coder error.

econ.GN

Regulatory Migration to Europe: ICO Reallocation Following U.S. Securities Enforcement

This paper examines whether a major U.S. regulatory clarification coincided with cross-border spillovers in crypto-asset entrepreneurial finance. We study the Securities and Exchange Commission's July 2017 DAO Report, which clarified the application of U.S. securities law to many initial coin offerings, and analyze how global issuance activity adjusted across regions. Using a comprehensive global dataset of ICOs from 2014 to 2021, we construct a region-month panel and evaluate issuance dynamics around the announcement. We document a substantial and persistent reallocation of ICO activity toward Europe following the DAO Report. In panel regressions with region and month fixed effects, Europe experiences an average post-2017 increase of approximately 14 additional ICOs per region-month relative to other regions, net of global market cycles. The results are consistent with cross-border regulatory spillovers in highly mobile digital-asset markets.

q-fin.GN