{"id":168,"date":"2019-07-03T11:02:51","date_gmt":"2019-07-03T15:02:51","guid":{"rendered":"https:\/\/ruslangoyenko.com\/home\/"},"modified":"2026-05-25T09:32:23","modified_gmt":"2026-05-25T13:32:23","slug":"home","status":"publish","type":"page","link":"https:\/\/ruslangoyenko.com\/fr\/","title":{"rendered":"Accueil"},"content":{"rendered":"

[vc_row][vc_column][vc_empty_space height=\u00a0\u00bb35px\u00a0\u00bb][\/vc_column][\/vc_row][vc_row disable_element=\u00a0\u00bbyes\u00a0\u00bb][vc_column][vc_custom_heading text=\u00a0\u00bbStock Picks\u00a0\u00bb font_container=\u00a0\u00bbtag:h1|text_align:center\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb][vc_custom_heading text=\u00a0\u00bbMorbi in sem quis dui placerat ornare. Pellentesque odio nisi, euismod in, pharetra a, ultricies in, diam.\u00a0\u00bb font_container=\u00a0\u00bbtag:div|font_size:17PX|text_align:center|color:%23007925|line_height:20PX\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb][\/vc_column][\/vc_row][vc_row disable_element=\u00a0\u00bbyes\u00a0\u00bb][vc_column width=\u00a0\u00bb1\/4″]

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Je ne suis pas un blogueur professionnel, mais un vrai passionn\u00e9 de recherche en finance. Au fur et \u00e0 mesure que divers projets progressent, de nombreuses informations me semblent autant pertinentes pour le milieu universitaire que pour les professionnels de l\u2019industrie de la finance.<\/strong><\/p>\n

Le but de ce blog est de partager ces informations de mani\u00e8re plus concise et de rendre les connaissances issues de la recherche plus accessible en ne faisant pas n\u00e9cessairement appel aux r\u00e9f\u00e9rences acad\u00e9miques, aux citations ou au vocabulaire sp\u00e9cifique. Le blog couvre des sujets aussi vari\u00e9s que la FinTech et ses applications en finance, ainsi que les r\u00e9sultats de mes diverses implications acad\u00e9miques. Bonne lecture!<\/p>\n

[\/vc_column_text][\/vc_column][vc_column width=\u00a0\u00bb2\/3″]

12 f\u00e9vrier 2024<\/div>
<\/div>\"\"<\/a>
<\/i> 12 f\u00e9vrier 2024<\/span><\/span><\/div><\/div><\/div>

How active management strategies are helping institutional investors amid volatile global marketplace<\/a><\/h2><\/div>
[vc_row][vc_column][vc_column_text] The next Industrial Revolution is here: In Asset Management, \u00ab\u00a0a couple years ago AI was a good solution, but now it\u2019s really a salvation\u00a0\u00bb Read [\u2026]<\/span><\/div><\/div><\/div><\/article>
22 juin 2023<\/div>
<\/div>\"\"<\/a>
<\/i> 22 juin 2023<\/span><\/span><\/div><\/div><\/div>

Can Large Language Models Produce More Accurate Analyst Forecasts?<\/a><\/h2><\/div>
[vc_row][vc_column][vc_column_text]Using textual information from a complete history of regular quarterly and annual (10-Q and 10-K) filings by U.S. corporations, we train machine learning algorithms and large [\u2026]<\/span><\/div><\/div><\/div><\/article><\/div><\/div>\n<\/div>\n[\/vc_column][vc_column width=\u00a0\u00bb1\/3″ offset=\u00a0\u00bbvc_hidden-xs\u00a0\u00bb][vc_custom_heading text=\u00a0\u00bbBlogue\u00a0\u00bb font_container=\u00a0\u00bbtag:h1|text_align:right\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb][vc_column_text]<\/p>\n

Je ne suis pas un blogueur professionnel, mais un vrai passionn\u00e9 de recherche en finance. Au fur et \u00e0 mesure que divers projets progressent, de nombreuses informations me semblent autant pertinentes pour le milieu universitaire que pour les professionnels de l\u2019industrie de la finance.<\/strong><\/p>\n

Le but de ce blog est de partager ces informations de mani\u00e8re plus concise et de rendre les connaissances issues de la recherche plus accessible en ne faisant pas n\u00e9cessairement appel aux r\u00e9f\u00e9rences acad\u00e9miques, aux citations ou au vocabulaire sp\u00e9cifique. Le blog couvre des sujets aussi vari\u00e9s que la FinTech et ses applications en finance, ainsi que les r\u00e9sultats de mes diverses implications acad\u00e9miques. Bonne lecture!<\/p>\n

[\/vc_column_text][vc_btn title=\u00a0\u00bbVoir tout\u00a0\u00bb style=\u00a0\u00bboutline-custom\u00a0\u00bb outline_custom_color=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_background=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_text=\u00a0\u00bb#ffffff\u00a0\u00bb size=\u00a0\u00bblg\u00a0\u00bb align=\u00a0\u00bbright\u00a0\u00bb link=\u00a0\u00bburl:https%3A%2F%2Fruslangoyenko.com%2Ffr%2Fblogue%2F|title:Blogue||\u00a0\u00bb][\/vc_column][\/vc_row][vc_row css=\u00a0\u00bb.vc_custom_1562352331458{margin-bottom: 0px !important;}\u00a0\u00bb][vc_column][vc_custom_heading text=\u00a0\u00bbM\u00e9dia\u00a0\u00bb font_container=\u00a0\u00bbtag:h1|text_align:left\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb]

12 f\u00e9vrier 2024<\/div>
<\/div>\"\"<\/a>
<\/i> 12 f\u00e9vrier 2024<\/span><\/span><\/div><\/div><\/div>

How active management strategies are helping institutional investors amid volatile global marketplace<\/a><\/h2><\/div>
[vc_row][vc_column][vc_column_text] The next Industrial Revolution is here: In Asset Management, \u00ab\u00a0a couple years ago AI was a good solution, but now it\u2019s really a salvation\u00a0\u00bb Read [\u2026]<\/span><\/div><\/div><\/div><\/article>
22 juin 2023<\/div>
<\/div>\"\"<\/a>
<\/i> 22 juin 2023<\/span><\/span><\/div><\/div><\/div>

Can Large Language Models Produce More Accurate Analyst Forecasts?<\/a><\/h2><\/div>
[vc_row][vc_column][vc_column_text]Using textual information from a complete history of regular quarterly and annual (10-Q and 10-K) filings by U.S. corporations, we train machine learning algorithms and large [\u2026]<\/span><\/div><\/div><\/div><\/article>
12 avril 2023<\/div>
<\/div>\"\"<\/a>
<\/i> 12 avril 2023<\/span><\/span><\/div><\/div><\/div>

Can ChatGPT create Portfolios? Investing at the Age of AI, Volatile Markets and Uncertain Economy<\/a><\/h2><\/div>
[vc_row][vc_column][vc_column_text]Nowadays, the availability of alternative data and their adoption in the asset management industry to improve investment decision processes is a widespread alternative approach. It comes [\u2026]<\/span><\/div><\/div><\/div><\/article><\/div><\/div>\n<\/div>\n[vc_raw_js]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[\/vc_raw_js][\/vc_column][\/vc_row][vc_row][vc_column][vc_separator color=\u00a0\u00bbcustom\u00a0\u00bb border_width=\u00a0\u00bb2″ accent_color=\u00a0\u00bb#00519e\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1567707247204{margin-top: 0px !important;margin-bottom: 80px !important;}\u00a0\u00bb][\/vc_column][\/vc_row][vc_row][vc_column width=\u00a0\u00bb1\/3″][vc_custom_heading text=\u00a0\u00bbRecherche en bref\u00a0\u00bb font_container=\u00a0\u00bbtag:h1|text_align:left\u00a0\u00bb use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb][vc_column_text]Mes recherches r\u00e9centes visent\u00a0\u00e0 comprendre comment les pressions de la demande des investisseurs modifient les strat\u00e9gies de gestion du risque d\u2019inventaire des teneurs du march\u00e9 des options sur actions.<\/strong><\/p>\n

Les produits d\u00e9riv\u00e9s, contrairement aux stocks, ont une offre nette nulle. Ainsi, les pressions de la demande positives ou n\u00e9gatives et l’incapacit\u00e9 \u00e0 se couvrir parfaitement peuvent entra\u00eener divers \u00e9carts par rapport aux prix implicites des mod\u00e8les. Ces \u00e9carts ne sont pas anodins et entra\u00eenent diff\u00e9rentes qualit\u00e9s d’ex\u00e9cution en fonction de l’heure \u00e0 laquelle vous n\u00e9gociez. En collaboration avec LiveVol \/ CBOE, nous travaillons \u00e0 attirer l’attention des universitaires et des praticiens du secteur sur l’importance d’utiliser des donn\u00e9es sur les options de n\u00e9gociation intra-journali\u00e8res plut\u00f4t que sur les cours de cl\u00f4ture de fin de journ\u00e9e.[\/vc_column_text][vc_btn title=\u00a0\u00bbVoir tout\u00a0\u00bb style=\u00a0\u00bboutline-custom\u00a0\u00bb outline_custom_color=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_background=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_text=\u00a0\u00bb#ffffff\u00a0\u00bb size=\u00a0\u00bblg\u00a0\u00bb align=\u00a0\u00bbleft\u00a0\u00bb link=\u00a0\u00bburl:https%3A%2F%2Fruslangoyenko.com%2Ffr%2Frecherche%2F|title:Recherche||\u00a0\u00bb][\/vc_column][vc_column width=\u00a0\u00bb2\/3″][vc_custom_heading text=\u00a0\u00bbThe Joint Cross Section of Option and Stock Returns Predictability with Big Data and Machine Learning\u00a0\u00bb font_container=\u00a0\u00bbtag:h2|text_align:left|color:%23161922″ use_theme_fonts=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1608136455859{margin-bottom: 0px !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1608136463604{margin-bottom: 0px !important;}\u00a0\u00bb]<\/p>\n

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with Chengyu Zhang (McGill)<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Using big data, and machine learning we show that investors can quite successfully predict delta-hedged (or delta-neutral straddle) option returns. The predictability is driven by option specific predictors, and commonly used stock predictors play only marginal role. Large set of stock predictors and machine learning also fail to robustly predict stock returns in more recent data. However, options-based predictors and machine learning allows identifying mispricing even for the cross-section of the most liquid S&P500 stocks. Moreover, machines almost unanimously identify options illiquidity as the main predictor of stock returns. Guided by machines, we uncover positive option illiquidity premium in the stock returns. Stock long-short value-weighted portfolio strategies formed on option illiquidity outperform machine learning based portfolios with Sharpe ratio of 2.<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/vc_column_text][vc_row_inner css=\u00a0\u00bb.vc_custom_1574708386123{margin-bottom: 0px !important;}\u00a0\u00bb][vc_column_inner][vc_btn title=\u00a0\u00bb\u00a0\u00bb style=\u00a0\u00bboutline-custom\u00a0\u00bb outline_custom_color=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_background=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_text=\u00a0\u00bb#ffffff\u00a0\u00bb size=\u00a0\u00bblg\u00a0\u00bb i_icon_fontawesome=\u00a0\u00bbfa fa-external-link\u00a0\u00bb add_icon=\u00a0\u00bbtrue\u00a0\u00bb link=\u00a0\u00bburl:https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3747238||target:%20_blank|\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1608136491048{margin-top: 0px !important;margin-bottom: 0px !important;margin-left: 15px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][\/vc_column_inner][\/vc_row_inner][vc_separator color=\u00a0\u00bbcustom\u00a0\u00bb border_width=\u00a0\u00bb2″ accent_color=\u00a0\u00bb#f29400″][vc_row_inner equal_height=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1567707116781{margin-bottom: 25px !important;}\u00a0\u00bb][vc_column_inner width=\u00a0\u00bb3\/4″ css=\u00a0\u00bb.vc_custom_1567707172036{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][vc_custom_heading text=\u00a0\u00bbLiquidity Guided Machine Learning: The Case of the Volatility Risk Premium\u00a0\u00bb font_container=\u00a0\u00bbtag:h2|font_size:111%25|text_align:left|color:%23626262|line_height:125%25″ google_fonts=\u00a0\u00bbfont_family:Ubuntu%3A300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\u00a0\u00bb el_class=\u00a0\u00bbquote-embed\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1608136397143{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1608136415475{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb]with Eric Ghysels (UNC) and Chengyu Zhang (McGill)[\/vc_column_text][\/vc_column_inner][vc_column_inner width=\u00a0\u00bb1\/4″ css=\u00a0\u00bb.vc_custom_1567707180573{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][vc_btn title=\u00a0\u00bb\u00a0\u00bb style=\u00a0\u00bboutline-custom\u00a0\u00bb outline_custom_color=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_background=\u00a0\u00bb#65b57e\u00a0\u00bb outline_custom_hover_text=\u00a0\u00bb#ffffff\u00a0\u00bb size=\u00a0\u00bblg\u00a0\u00bb i_icon_fontawesome=\u00a0\u00bbfa fa-external-link\u00a0\u00bb add_icon=\u00a0\u00bbtrue\u00a0\u00bb link=\u00a0\u00bburl:https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3726743||target:%20_blank|\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1605018540290{margin-top: 0px !important;margin-bottom: 0px !important;margin-left: 15px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][\/vc_column_inner][\/vc_row_inner][vc_separator color=\u00a0\u00bbcustom\u00a0\u00bb border_width=\u00a0\u00bb2″ accent_color=\u00a0\u00bb#f29400″][vc_row_inner equal_height=\u00a0\u00bbyes\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1567707116781{margin-bottom: 25px !important;}\u00a0\u00bb][vc_column_inner width=\u00a0\u00bb3\/4″ css=\u00a0\u00bb.vc_custom_1567707172036{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][vc_custom_heading text=\u00a0\u00bbVolatility and the Cross-Section of Equity Returns: The Role of Short-Selling Constraints\u00a0\u00bb font_container=\u00a0\u00bbtag:h2|font_size:111%25|text_align:left|color:%23626262|line_height:125%25″ google_fonts=\u00a0\u00bbfont_family:Ubuntu%3A300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal\u00a0\u00bb el_class=\u00a0\u00bbquote-embed\u00a0\u00bb css=\u00a0\u00bb.vc_custom_1605018469973{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][vc_column_text css=\u00a0\u00bb.vc_custom_1605018502404{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb]with Paul Schultz (University of Notre Dame)[\/vc_column_text][\/vc_column_inner][vc_column_inner width=\u00a0\u00bb1\/4″ css=\u00a0\u00bb.vc_custom_1567707180573{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\u00a0\u00bb][vc_btn 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