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Asaf Manela

@amanela.bsky.social

1.8K followers 160 following 64 posts

Financial economist. Studies asset pricing, ML, text/NLP, information. Teaches fintech. Dad x 3. Coding nerd. Rarely funny. asafmanela.github.io

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Asaf Manela @amanela.bsky.social · Dec 3

1/ Does finance benefit society? 📈📉 In a forthcoming Review of Financial Studies paper, @mjha91.bsky.social , Hongyi Liu, and yours truly tackle this question by leveraging large language models to measure sentiments in books spanning centuries and continents. 🧵

Asaf Manela @amanela.bsky.social · Jun 20

🚨 Call for Papers! 🚨
Submit to the 21st Annual Olin Finance Conference @WashUOlin, Oct 16–17, 2025.
Topics: asset pricing, corp finance, behavioral, more.
Deadline: July 13
Details: event.olin.wustl.edu/washu-financ...

#econsky

Reposted by Asaf Manela

Ethan Mollick @emollick.bsky.social · Apr 4

Updated this chart with the newest Gemini. It shows the rapid progress in AI over less than two years: costs for GPT-4 class models has dropped 99.7% and even the most advanced models (beating PhDs at the GPQA) are still 82% cheaper than GPT-4.

Probably not worth betting on this trend ending soon.

Asaf Manela @amanela.bsky.social · Feb 28

Love what you have done with that graph

Manish Jha @mjha91.bsky.social · Feb 27

My third paper, co-authored with @amanela.bsky.social and Hongyi Liu, is now available as a pre-print. We analyze public sentiment toward finance across countries and over time, investigating its influence on economic growth and credit expansion.

Link: academic.oup.com/rfs/advance-...

Reposted by Asaf Manela

Arpit Gupta @arpitrage.bsky.social · Feb 5

📢Call for papers for the NYU Stern Climate Finance Conference!

Conference: May 23
NYU Stern
Deadline: Feb 28

www.stern.nyu.edu/experience-s...

Reposted by Asaf Manela

Laurens Swinkels @lswinkels.bsky.social · Feb 5

The most extensive open access macro database spanning centuries, many items, and many countries. Worth a look if you are into empirical macro/finance: www.globalmacrodata.com

#EconSky #FinSky #Data #Macro #Research #OpenAccess

NB: Interest rate of Netherlands since 1402 (the year, not Feb '14 😀)

Reposted by Asaf Manela

Toni Whited 😷 @toniwhited.bsky.social · Feb 4

Luke Taylor, Stephen Terry, and I are doing it again. This will be the 5th structural summer school in finance. We do not just teach papers. We teach techniques, and then we have students work on a problem set. Please get your students to apply.

rodneywhitecenter.wharton.upenn.edu/2025-summer-...

2025 Summer School on Structural Estimation in Corporate Finance

rodneywhitecenter.wharton.upenn.edu

Asaf Manela @amanela.bsky.social · Jan 31

* #econsky

Asaf Manela @amanela.bsky.social · Jan 31

Thrilled to announce our new paper, The Natural Language of Finance, forthcoming in Foundations and Trends!

We explore how #AI, #NLP, and large language models are transforming research in corporate finance and asset pricing. #econtwitter

Asaf Manela @amanela.bsky.social · Jan 31

Check it out here: papers.ssrn.com/sol3/papers....

We hope this sparks fresh ideas for researchers, practitioners, and especially students, and generally lowers any barriers to using natural language data in your work.

The Natural Language of Finance

We summarize the wide array of natural language processing (NLP) tools used in financial economics research. These tools empower researchers to incorporate rich

papers.ssrn.com

Asaf Manela @amanela.bsky.social · Jan 31

We also highlight real-world applications: measuring financial constraints, uncovering product-market synergies, tracking investor sentiment, mapping climate risk, and more.

Asaf Manela @amanela.bsky.social · Jan 31

From word lists and anchor-phrase queries to embeddings and Generative AI, our paper surveys the full spectrum of NLP methods. We explain when each approach excels, and how to choose the right tool for your research objective.

Asaf Manela @amanela.bsky.social · Jan 31

Thrilled to announce our new paper, The Natural Language of Finance, forthcoming in Foundations and Trends!

We explore how #AI, #NLP, and large language models are transforming research in corporate finance and asset pricing. #econtwitter

Asaf Manela @amanela.bsky.social · Jan 29

I recognize though, that I know much more about generating natural language than I know about generating power, so maybe this is also not as big a deal ...

Asaf Manela @amanela.bsky.social · Jan 29

This breakthrough in fusion seems much more significant to me than the llm one by deepseek:

physicsworld.com/a/chinas-exp...

China's Experimental Advanced Superconducting Tokamak smashes fusion confinement record – Physics World

The device sustained a high-confinement plasma for over 1000 seconds

physicsworld.com

Reposted by Asaf Manela

Daniel Rock @danielrock.bsky.social · Jan 29

Hi Everyone!

We're hosting our Wharton AI and the Future of Work Conference on 5/21-22. Last year was a great event with some of the top papers on AI and work.

Paper submission deadline is 3/3. Come join us! Submit papers here: forms.gle/ozJ5xEaktXDE...

Asaf Manela @amanela.bsky.social · Jan 26

Been using @zotero.org for bib management for many years, but what is most remarkable about this project is how it keeps improving. Its pdf reader now beats anything else I've used, and v7 added the Smart Reference Popup that allow me to peak at a figure/table/reference without leaving the text.

Asaf Manela @amanela.bsky.social · Jan 20

Ever wonder why in finance we refer to market-wide risk as "systematic" instead of "systemic"?

Purely from the standpoint of dictionary definitions, “systemic” (affecting an entire system) might appear more intuitive for market-wide risk than “systematic” (done according to a system or plan).

Reposted by Asaf Manela

Bo Becker @bobecker.bsky.social · Jan 16

Why do large Swedish companies file for Chapter 11 in the US? And what does it tell us about reform opportunities in EU insolvency law? (Hint: ch 11 is better; reforms should continue). I discuss the Northvolt filing here: www.hhs.se/sv/houseoffi...

Navigating Corporate Insolvency: Lessons from Northvolt's Bankruptcy

Northvolt, the ambitious Swedish battery producer, recently filed for Chapter 11 bankruptcy in Texas, highlighting significant challenges for Europe's corporate insolvency systems. Swedish House of Fi...

Asaf Manela @amanela.bsky.social · Dec 30

Abolish the CPA/CFA?

Asaf Manela @amanela.bsky.social · Dec 29

Congratulations!

Asaf Manela @amanela.bsky.social · Dec 19

I was joking of course. I think some of the papers it generated have clear formatting problems (though real submitted papers sometimes have those too). But the tech will keep improving so you are clearly pointing to a real issue.

Asaf Manela @amanela.bsky.social · Dec 18

Cool paper. Why not take the extra step and see if they are credible enough to pass peer review?

Asaf Manela @amanela.bsky.social · Dec 9

The machines are still producing mostly convex combinations of human writing and ideas.

If you put an exponential growth curve on it then sure, they'll be super intelligent around the corner, but until then, still human civilization.

Reposted by Asaf Manela

Nandini Gupta @nandinigupta.bsky.social · Dec 5

Good idea. Using sentiment analysis @israelsen.bsky.social, eitan goldman and I found that the same corporate financial news is covered differently in the NYT vs WSJ based on corporations’ politics www.sciencedirect.com/science/arti...

Asaf Manela @amanela.bsky.social · Dec 5

Thanks for making our paper much more fun than we ever could.

Getting a journal pub is nice, but in my circles, a feature in Money Stuff is on a higher level.

Achievement unlocked ;)

Asaf Manela @amanela.bsky.social · Dec 4

Don't know about CF, but in AP I would consider estimates of:
1. relative risk aversion
2. intertemporal elasticity of substitution
3. equity premium