Posts
OpenAI recently released the second version of their GPT-3 embedding models. They have simplified their previous set of five models into one, reduced the cost of using them and improved performance. The previous version of openAI embeddings were shown to fare poorly compared to smaller models (for example, see this...
In addition to direct tax or regulation, recent research has shown how powerful the impact of mandated public disclosures can be. In a recent working paper, “Internalizing Externalities: Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality”, Bonetti, Leuz and Michelon, examine the impact of post-2010 US state level...
Skill is bad for your wealth! Or rather, a recent paper by Anastassia Fedyk and James Hodson provides evidence that firms who invest more in technically skilled labour tend to underperform, both in terms of stock-price and operationally. Obviously, the devil is in the detail, of which there is a...
Interesting working paper from Chiu, Jagannathan and Tseng which highlights the shortcomings of just using historic expenditures on RnD and SG&A to estimate firms’ intangible assets. The paper examines in detail the gap between estimates produced by this historic cost method, reported intangibles (such as goodwill) and market value. This...