5 results
What happens to price discovery when a growing share of the traders in a market are autonomous language-model agents? The paper builds an event-sourced continuous double-auction exchange with exact accounting, a latent dividend process that separates fundamental value from public value and transaction price, seven…
Committees of role-specialised language-model agents that debate before answering are increasingly proposed as valuation tools. This paper asks whether the debate adds information. In a preregistered experiment on 631,866 arm's-length residential sales registered in Quebec between 2021 and 2026, evaluated under a…
Hedonic house-price models are bounded by the characteristics an analyst can measure, yet much of a home's value is recorded only in the free-text description and photographs of its listing. This paper treats general-purpose AI models as a feature-engineering technology: a large language model converts each…
Reasoning-Augmented Tool Orchestration, In-Loop Numerical Computation, and Multi-Format Reporting
Large language models write fluently about finance, but fluency does not make a number correct, current, or reproducible. This paper is a design-science description of VQuant, a deployed web platform that couples a reasoning-capable LLM with a deterministic execution substrate so that a natural-language request…
This paper documents the construction of SPID, a project-level research database that reconstructs the strategic initiatives disclosed by U.S.-listed companies in their SEC filings. Starting from an issuer universe that merges a current S&P 500 snapshot with the holdings of the iShares Russell 3000 ETF (2,564 distinct…