39 results
This paper asks under what conditions inherited wealth, mortgage leverage, nominal debt, housing supply and down-payment constraints generate persistent owner–renter wealth gaps among households with the same labour-income process, and what an unanticipated inflation changes. A three-stage benchmark with two-period…
Evidence from 391,000 Single-Family Transactions in Quebec, 2021–2026
The sales comparison approach is the dominant method of residential valuation, yet its operating rules — how many comparables to use, how far and how far back to search, which adjustments to apply, how to weight and reconcile — rest largely on professional convention. This paper subjects these rules to a…
This paper studies how intraday shocks travel across U.S. equities using 7.69 billion one-minute bars covering the full listed and delisted cross-section from 1992 to 2026. Three findings emerge. First, isolated idiosyncratic shocks barely spread: across 1.85 million ±6σ one-minute events, the abnormal share of other…
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…
The paper compares 27 forecasts of daily realized variance (six HAR specifications, GARCH, GJR, EGARCH and Realized GARCH, penalized regressions, random forests, XGBoost and LightGBM on two information sets, an LSTM, a Transformer, a LightGBM pooled across assets, and two combinations) on 25 liquid instruments from…
A Systematic Assessment of Hedonic Specifications and Estimation Methods for the Quebec Housing Market, 2021–2026
Fifty years after Rosen (1974), applied hedonic practice still rests on specification choices (functional form, temporal controls, spatial controls, estimation method) that are made by convention and rarely stress-tested jointly. Using 514,212 Quebec residential sales (2021–2026) whose structural descriptors come from…
Vertical and Horizontal Inequity in Municipal Property Valuation: Evidence from 522,769 Sales Matched to the Assessment Roll
Municipal property taxes are levied on assessed values, so any systematic relationship between assessment ratios and market value redistributes the tax burden within a municipality. This paper matches 522,769 residential sales recorded in Quebec between 2021 and 2026 to the triennial assessment rolls of 625…
Decomposing the Value of Structure and Location across 142,121 MLS Listings with High-Dimensional Neighbourhood Fixed Effects
This paper estimates a national hedonic price function for the Canadian residential market on a cross-section of 142,121 active MLS listings from nine provinces. A semi-logarithmic specification relates the log list price to structural attributes, dwelling type and ownership form, and 1,155 absorbed neighbourhood…
State Prices, No-Arbitrage Bounds and Macroeconomic News in Blockchain-Based Contingent Claims
Negative-risk events on Polymarket list one binary contract for every outcome of a decision and settle exactly one of them at one dollar, so that their prices are observable analogues of Arrow–Debreu state prices. The paper uses the five-outcome market on the June 2026 FOMC decision (146 daily closes, December 2025 to…
This paper measures the information content of the implied volatility surface for returns and realized variance in a panel of 69 liquid US underlyings (49 large stocks, 17 ETFs and three equity indices) over 2010–2025, built from 3.83 billion end-of-day option records and 5-minute prices. Option-implied features…
This paper measures how realized volatility is transmitted across equity index futures, major exchange rates, gold and crude oil futures, the VIX, and the two largest cryptocurrencies. Daily realized volatilities are built from 5-minute bars for ten instruments over 2008–2026, and the connectedness of their logarithms…
This paper examines the relationship between short-term rental (STR) activity and residential rents in Quebec, Canada, using a 2026 cross-section of 3,456 Airbnb listings and 8,303 residential rental listings with precise coordinates. For each rental listing the number of Airbnb listings within 250 m, 500 m, 1 km and…
This paper estimates hedonic price functions for a province-wide cross-section of Airbnb listings in Quebec, Canada, from a scrape of 5,000 listing cards collected in early 2026 (3,456 with a displayed price). The displayed price field is bimodal: about 28% of priced listings, mostly small Montreal rental units, show…
This paper compares econometric and machine-learning approaches to hedonic housing valuation on 788,842 active Zillow listings covering all 50 U.S. states and the District of Columbia, and asks how much of the machine-learning advantage survives when models must price homes in markets they have not seen. A semi-log…
Broker-written listing descriptions contain information about housing quality that structured hedonic variables omit. This paper proposes an interpretable way to use that information: sentence-transformer embeddings of 17,087 single-family listings from Quebec are projected, by cosine similarity, onto 20…
This paper measures artificial-intelligence (AI) engagement in the SEC filings of some 2,500 U.S. listed firms (the current S&P 500 constituents and the holdings of the iShares Russell 3000 ETF) by embedding every passage of their Form 10-K, 10-Q and 8-K filings of 2010–2026 with a sentence transformer and scoring it…
Hedonic regressions estimated at the conditional mean impose a single implicit price for each housing attribute across the price distribution. This paper asks whether the capitalisation of neighbourhood amenities into Quebec residential asking prices varies along the conditional price distribution, and whether it…
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…