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An Agent-Based Model Of Financial Benchmark Manipulation, Gabriel Virgil Rauterberg, Megan Shearer, Michael Wellman
An Agent-Based Model Of Financial Benchmark Manipulation, Gabriel Virgil Rauterberg, Megan Shearer, Michael Wellman
Articles
Financial benchmarks estimate market values or reference rates used in a wide variety of contexts, but are often calculated from data generated by parties who have incentives to manipulate these benchmarks. Since the the London Interbank Offered Rate (LIBOR) scandal in 2011, market participants, scholars, and regulators have scrutinized financial benchmarks and the ability of traders to manipulate them. We study the impact on market quality and microstructure of manipulating transaction-based benchmarks in a simulated market environment. Our market consists of a single benchmark manipulator with external holdings dependent on the benchmark, and numerous background traders unaffected by the benchmark. …
Automatically Extracting Meaning From Legal Texts: Opportunities And Challenges, Kevin D. Ashley
Automatically Extracting Meaning From Legal Texts: Opportunities And Challenges, Kevin D. Ashley
Articles
This paper examines impressive new applications of legal text analytics in automated contract review, litigation support, conceptual legal information retrieval, and legal question answering against the backdrop of some pressing technological constraints. First, artificial intelligence (Al) programs cannot read legal texts like lawyers can. Using statistical methods, Al can only extract some semantic information from legal texts. For example, it can use the extracted meanings to improve retrieval and ranking, but it cannot yet extract legal rules in logical form from statutory texts. Second, machine learning (ML) may yield answers, but it cannot explain its answers to legal questions or …