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- Publisher Website: 10.1287/mnsc.2021.4117
- WOS: WOS:000752124100001
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Article: Skill Acquisition and Data Sales
Title | Skill Acquisition and Data Sales |
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Authors | |
Issue Date | 2021 |
Citation | Management Science, 2021, Forthcoming How to Cite? |
Abstract | We develop a data-sales model to study the implications of alternative data for financial markets. Investors acquire skills to process the purchased raw data, and developing such skills is costly and involves considerable uncertainty. The data vendor controls the size of the data sample to influence the precision of the information investors can extract from the purchased data. Price informativeness is hump-shaped in skill-acquisition costs although the cost of capital and return volatility are U-shaped in skill-acquisition costs. Similar patterns can arise for skill mean and volatility. Our analysis suggests that the funds and data industries foster each other. |
Persistent Identifier | http://hdl.handle.net/10722/307810 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Huang, S | - |
dc.contributor.author | Xiong, Y | - |
dc.contributor.author | Yang, L | - |
dc.date.accessioned | 2021-11-12T13:38:14Z | - |
dc.date.available | 2021-11-12T13:38:14Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Management Science, 2021, Forthcoming | - |
dc.identifier.uri | http://hdl.handle.net/10722/307810 | - |
dc.description.abstract | We develop a data-sales model to study the implications of alternative data for financial markets. Investors acquire skills to process the purchased raw data, and developing such skills is costly and involves considerable uncertainty. The data vendor controls the size of the data sample to influence the precision of the information investors can extract from the purchased data. Price informativeness is hump-shaped in skill-acquisition costs although the cost of capital and return volatility are U-shaped in skill-acquisition costs. Similar patterns can arise for skill mean and volatility. Our analysis suggests that the funds and data industries foster each other. | - |
dc.language | eng | - |
dc.relation.ispartof | Management Science | - |
dc.title | Skill Acquisition and Data Sales | - |
dc.type | Article | - |
dc.identifier.email | Huang, S: huangsy@hku.hk | - |
dc.identifier.authority | Huang, S=rp02052 | - |
dc.identifier.doi | 10.1287/mnsc.2021.4117 | - |
dc.identifier.hkuros | 330383 | - |
dc.identifier.volume | Forthcoming | - |
dc.identifier.isi | WOS:000752124100001 | - |