Costly LLM features matter only if calibration lets them affect the forecast. We document a failure of this link in a next-day risk study of two broad-market funds. Full-history scoring preceded the 2022 calibration. Calibration then set all four LLM weights to zero. The 856 later scores therefore could not affect the evaluation. We call this calibration-induced degeneracy. Allowing signed weights reactivated all four mappings. None improved forecasts after familywise correction. By contrast, a near-zero-cost headline count reduced SPY variance-forecast loss by 0.001720 (95 percent familywise interval: [0.000719, 0.002830]). The cheap baseline is therefore a critical diagnostic. We propose a calibration-viability checkpoint. Fit the mapping, perturb the feature over prespecified calibration values, and require a meaningful forecast response before acquiring holdout features. The check uses no holdout outcomes. Here, it would have stopped the paid full-history inference phase.
Digital-investment decision support can reduce heterogeneous exchange-traded fund (ETF) risk–return signals to a point ranking, but that order can hide uncertainty from sampling, normalization, criterion choice, market regimes, and the alternative set. We present a retrospective, reproducibilityfocused audit of 60 ETFs...
Jia-Qi Yao· Empirical Studies in Econimi...· 0 citations
Shariah-compliant equity screening provides a transparent setting in which institutional rules determine who may own a stock. A binary label identifies current eligibility but not whether the feasible investor base is fragmented across standards or close to changing. We define this instability as classification uncerta...
Abdulrahman Qadi, A. Sharma, Francesca Medda· 0 citations
This study asks whether environmental, social, and governance (ESG) screening changes the risk-return profile of an Indian large-cap equity portfolio. The Nifty 100 ESG index is compared with its unscreened parent, the Nifty 100, so the only systematic difference is the ESG screen and reweighting applied to a common co...
Vasudha Srivatsa, Bhavya Vikas· Journal of Computers, Mechan...· 0 citations
The studies address different limits: what an execution comparison estimates, and what target recall captures are addressed: what an execution comparison estimates, and what target recall captures.
Low correlation alone does not establish an implementable diversification benefit. This study tests whether Bitcoin and Ethereum improved a fixed, retrospectively selected sample of 13 Thai REITs—not a point-in-time investable universe—for a Thai baht-based investor, using dependence-aware bootstrap inference (Bonferro...
Chaiyathad Phutthadet, Ausawatap Akartwipart, Chainarong Kaewmuangmoon· Journal of Risk and Financia...· 0 citations
We examine whether post-origin training information inflates the measured accuracy and economic value of financial forecasts. We evaluate five sets of financial time-series foundation models, each comprising independently trained annual vintages under U.S., global, and factor-augmented training environments, across 14...
Hai-Qiang Chen, Li Chen, Yun-Long Chen et al.· 0 citations
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