演講者簡介 : Professor Chi-Yang Tsou received his PhD from the University of Hong Kong in 2018. He is currently an Assistant Professor at the University of Manchester. His research interests are Empirical and Theoretical Asset Pricing, Macro-finance, and Firm Dynamics.
演講摘要 : This paper jointly examines the link between data scientist hiring, markup, and expected returns in the cross-section. To this end, we build a general equilibrium model where markups vary because of the heterogeneity in data scientist hires. Increasing data scientist hiring enables firms to better understand product demands and enhance markups. Higher data scientist hiring is associated with higher markups and expected returns over time, in line with the data. We develop a model with heterogeneous firms to quantitatively account for the risk premium associated with data scientist hiring-driven market power.
