Javier Gil-Bazo
@JGilBazo
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Associate Professor of Finance at Universitat Pompeu Fabra, Barcelona School of Economics and UPF-Barcelona School of Management https://t.co/IaJERmZ5wO
Barcelona
Joined March 2015
Brief practitioner article @LBS about "Machine Learning and Fund Characteristics Help to Select Mutual Funds with Positive Alpha," published at @J_Fin_Economics with @JGilBazo, @fjnogales, @AndrePortelaSa1 : https://t.co/Qx7luENYxp
london.edu
Active funds are a riskier proposition than passive funds, but research suggests they can sometimes be a gamble worth taking
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Yesterday, I gave the keynote address at the Bank of Spain’s Economics of Artificial Intelligence conference on “Deep Learning in Economics: A Geometric Interpretation.” The central point of my talk was that deep learning succeeds in economics because it offers a constructive
Data often lie on a low-dimensional manifold embedded in a high-dimensional space. But these manifolds are often highly non-linear, making linear dimensionality reduction methods like PCA insufficient. This has motivated the development of non-linear dimensionality reduction.
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"Causation does not imply variation." A lovely saying coined by Tyler Muir with applications to price pressure in stocks and the causality revolution in applied micro. Just because x causes y does not mean most variation in y is caused by x. https://t.co/8CIpeREBth
grumpy-economist.com
Tyler Muir suggested this lovely catchphrase, which should stand next to “Correlation does not imply causation” in our menagerie of econometric sayings.
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During the lifetimes of most Europeans, the countries in the EU have been at the front of the technological frontier. Stagnation is not our destiny, it is a choice. Europe must take a different path and put innovation first. A thread on our Manifesto. 1/10
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AND IT IS OUT! We have had enough reports saying Europe is stagnating. Change is not possible if we do not change the way the EU works. With Bengt Holmstrom and @competitionprof , I argue the EU should focus on prosperity and stop regulating everything. https://t.co/iZnCssIiP7
constitutionofinnovation.eu
An academic paper examining Europe's innovation challenges and proposing a constitutional framework for economic renaissance.
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In the future we will look back at the discourse on social media like we now look at smoking. For decades we had correlational studies and the literal mechanism for why smoking was harmful. But the perfect causal study was too difficult/impossible to do. So we carried on.
This strikes me as obviously right and, as I observed in comments on another paper about the effects of social media, I think it illustrates how methods that can plausibly yield causal estimates often can't be used to answer the questions we're really interested in, but since
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Let me explain why I believe modern economics is such a powerful tool for understanding the world. I’ll do this by discussing a great paper by Simone Cerreia-Vioglio, @UncertainLars, Fabio Maccheroni, and Massimo Marinacci, “Making Decisions Under Model Misspecification,”
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1/I'm very excited about the JMP of my PhD student Chris Kontz (Stanford GSB) who's on the academic job market this year. Chris’ job market paper analyzes the impact of the rise in passive investing on the real economy. More passive investing in a stock results in increased
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Andrew Ross Sorkin’s new book “1929” has wild details of Winston Churchill YOLO trading US stocks before The Great Depression: ▫️Traded £400,000 a week on margin at one point. ▫️Was in New York on “Black Monday” in October 28, 1929 (Dow fell 13% and another 12% next day) and
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*Speculating* how the Nobel Peace Prize winner was leaked: Last night I hosted a *difficult* interview with the alleged “insider” in the Nobel Peace Prize market on Polymarket. Despite an hour of questions, we were still stuck wondering how a trader or team could know Maria
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🚨 2025 Nobel Prize in Economics goes to Mokyr, Aghion and Howitt 🚨 "for having explained innovation-driven economic growht" The best prize in years!
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A Polymarket user figured out who won the Nobel Peace Prize almost 11 hours before the official announcement from the Nobel Committee. The Nobel Committee just got front-run by the internet. The market was trading at $0.08 and rose to $1.00, a 100x gain for those who got in
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The other day a student asked me about the prevalence of insider trading in prediction markets. I now have an answer.
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A principios de año Morningstar publicó este informe sobre la evolución de la industria internacional de los gestores automatizados (enlace abajo). Tiene varias cosas de valor. Y un ranking fundamentado con los 16 mejores Robo-Advisors.
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In our textbook, Modern Principles @tylercowen and I liken this effect to dating: "Imagine how difficult it would be to get a date if every date required marriage? In the same way, it’s more difficult to find a job when every job requires a long-term commitment from the
The Economist published this article that's contentious but probably right: It argues that laws protecting labour in much of Europe make lay-offs so onerous that high-risk moonshot projects become unviable. Making it easier to fire people could, weirdly, benefit everyone.
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For reference, BlackRock bought Preqin private deal data for 10x the price @UChicago sold CRSP public equity data. So either this was a major fire sale or a sign that PE/VC markets are on the rise…
reuters.com
BlackRock has agreed to buy UK data firm Preqin for 2.55 billion pounds ($3.23 billion) in cash in a further expansion by the world's biggest asset management company into alternative investments.
.@UChicago is selling the Center for Research in Security Prices (CRSP) for $375mn
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Le ha llegado el turno a los Fondos de Inversión. Aquí tenéis un comparador y screener sin restricciones (páginas, límite de métricas, tiempos de carga) para un universo muestral de 45k Fondos en España. He buscado sencillez y utilidad tratando de mantener lo importante. Es
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Great opportunity in you are in the academic job market.
We are hiring!!! UPF has several junior positions available and we'll be looking across fields in econ and finance. Apply! The posting is here: https://t.co/YiMQ4ElfRM If you have any questions about the department or living in BCN, DM me!
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If you're an economist and haven't heard about the double descent phenomenon, you might be overlooking one of the most interesting developments in computer science and statistics today. Personally, I haven't come across anything as fascinating since I first learned about Markov
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