Artificial Intelligence and FinTech Research
Environmental, Social and Governance
Machine Learning and Textual analysis
Factor Investing
Artificial Intelligence and FinTech Research
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A song to share with my students
A song shared by Prof. Bruce Grundy to me when I was a PhD student -
Lecture notes
Empirical Methods in Corporate Finance by Todd A. GormleyRegression Discontinuity Design by Caroline Flammer -
Dissertation examples
Cohesiveness of value and quality anomalies by Saieswari Vedula -
Guide and sources
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Meeting arrangements
The first group meeting: Introduction, Resources and ExpectationsTask 1: Identify one or two key papers
Task 2: Present one key paper in the second meeting
The second group meeting: Literature ReviewTask: Submit a 3000-word litearture review
Individual-based meeting to offer feedbacks on research topicThe third group meeting: Empirical AnalysisIndividual-based meeting: By appointments -
Papers
Hsu, Po-Hsuan. 2009. Technological innovations and aggregate risk premiums. Journal of Financial Economics 94, 264-279.Kogan, Leonid, and Dimitris Papanikolaou. 2010. Growth opportunities and technology shocks. American Economic Review 100, 532–536.Cohen, Lauran, Karl Diether, and Christopher Malloy. 2013. Misvaluing innovation. Review of Financial Studies 26, 635–66.Hirshleifer,David, Po-Hsuan Hsu, and Dongmei Li. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107, 632–54.Kogan, Leonid, Dimitris Papanikolaou, Amit Seru, and Noah Stoffman. 2017. Technological innovation, resource allocation, and growth.” The Quarterly Journal of Economics 132, 665-712.Balsmeier, Benjamin, Lee Fleming, and Gustavo Manso. 2017. Independent boards and innovation.” Journal of Financial Economics 123, 536-557.Hirshleifer,David, Po-Hsuan Hsu, and Dongmei Li. 2018. Innovative originality, profitability, and stock returns. Review of Financial Studies 31, 2553–2605. -
Reseachers on patents
Tristan Fitzgerald from Texas A&MDeepak Hegde from NYU SternSabrina T. Howell from NYU SternPo-Hsuan (Paul) Hsu from NTHUDongmei Li from USCBryan Kelly Yale School of ManagementgmLeonid Kogan MIT SloanTom Nicholas HBSDimitris Papanikolaou Northwestern KelloggAmit Seru Stanford GSBNoah Stoffman from Indiana KelleyJohn Van Reenen from MIT -
Patent data
US Patent level panel data from 1926 to 2020 by Kogan, Papanikolaou, Seru, and StoffmanGlobal patents filed at USPTO by the University of Virginia Darden School of BusinessPATSTAT collection of patent documents worldwide, curated by EPO and OECDEPO bulk data sets, bulk extractions from EPO-internal patent databases made available to external users for further processing. They are structured and standardised collections of data.Match of US Patents to CRSP 1926-2010 by Leonid Kogan, Dimitris Papanikolaou, Amit Seru, and Noah StoffmanMatch of EPO (European Patent Office) patent data to European firm data (including R&D data) by Grid ThomaMatch of Chinese patent data to firm names by Zilin He, Tony Tong, and Yuchen ZhangPatent Information and Databases by Bronwyn H. HallPatents data by Michael Woeppel -
Journal links
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Stata links
Propensity Score Matching by Ani KatchovaInstrumental Variables by Ani KatchovaUseful output command suite: estout -
Textual Analysis Measures and Data Resources
Text Complexity Measure for all 10-K filings by Tim Loughrain, Bill McdonaldBog Index Data for 10-K Filings by Brian P. MillerText-based industry classification by Gerard Hoberg and Gordon PhillipsText similarity by Joshua A. Lee
Master dissertation: ESG
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Music to share with my students
A song shared by Prof. Bruce Grundy to me when I was a PhD student -
Dissertation examples
Cohesiveness of value and quality anomalies by Saieswari Vedula -
Guide and sources
Climate Finance by Stefano Giglio, Bryan T. Kelly, and Johannes Stroebel. -
Reseachers on ESG
Caroline Flammer Boston UniversityMarcin T. Kacperczyk Imperial CollegePhilipp Krueger Swiss Finance InstitutePedro Matos Virginia DardenZacharias Sautner Frankfurt School of Finance & ManagementLaura T. Starks UTexas Austin -
Meeting arrangements
The first group meeting: Introduction, Resources and ExpectationsTask 1: Identify three key papers
Task 2: Present three key papers in the second group meeting
The second group meeting: Literature ReviewTask: Submit a 3000-word litearture review
Individual-based meeting to offer feedbacks on research topicThe third group meeting: Empirical AnalysisIndividual-based meeting: By appointments -
Data sources
Refinitiv ESG ratings available thourgh Datastream Eikon -
ESG links
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Talks
Which Capitalism? by Luigi Zingales -
Journal links
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Stata links
Propensity Score Matching by Ani KatchovaInstrumental Variables by Ani KatchovaUseful output command suite: estout
Artificial Intelligence and Fintech Research
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Annoucements
Welcome to the AI and Fintech Research course! I’m Dr Chelsea Yao, Director of the Doctoral Programme at Lancaster University. We’re delighted to welcome Dr Sean Cao from the University of Maryland back to Lancaster to deliver this popular course once again.You’ll find all course materials and updates from Dr Cao and me in this space, so please check in regularly. The venue for the course is Lancaster University Management School, Lecture Theatre 16 (Robinson) on 15 and 16 December, and Lecture Theatre 14 (Dormer) on 17 December. Please bring a laptop with you. We hope you enjoy the course as much as previous cohorts have! -
Course Outline
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Pre-requisite
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Textbooks
Business AI Data Structures and Analytics by Sean Cao, Wei Jiang, Lijun Lei.Using Python for Text Analysis in Accounting Research by Vic Anand, Khrystyna Bochkay, Roman Chychyla, Andrew Leone. -
Discussion Papers
December 16 Afternoon:Ali Kakhbod, Leonid Kogan, Peiyao Li, Dimitris Papanikolaou, 2025. Measuring Creative Destruction. University of California, Working Paper.
December 17 Morning:Lauren Cohen, Yiwen Lu, Quoc H. Nguyen, 2025. Mimicking Finance. Harvard Business School, Working Paper.
December 17 Afternoon:Anna M. Costello, Bradford Levy, Valeri V. Nikolaev 2025. Representations of Investors Beliefs. University of Chicago, Working Paper.
Da Chen, Shu Tao, Chelsea Yao, 2025.Understanding ESG Disclosures: Financial Motives, Performance, and Greenwashing. Chinese University Hong Kong, Working Paper.
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Key Resources for PhD Skills and Career Preparation
The Economist’s Craft by Michael S. WeisbachWriting Tips for Ph. D. Students by John H. CochraneHow to succeed in Academia by Lasse H. PedersenJob market guide by John Cawley
Factor Investing
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Dissertation examples
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Guide and sources
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Journal links
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Stata links