The Locker Alliance Network (LAN), a cutting-edge initiative under Singapore's Smart Nation vision, aims to revolutionize parcel pickup processes. This government-led project seeks to implement two major changes in Singapore’s urban logistics: (i) establishing an open-access facility for all Logistic Service Providers (LSPs), and (ii) enhancing the last mile ... Read More

This paper studies surprise clearance as an innovative business model to increase store profit and reduce food waste. A store holding surprise clearance sells “surprise bags” composed of surplus food that would otherwise go to waste. At the time of ordering, consumers are uncertain about the quantity of food items included in a surprise bag. We model ... Read More

This paper reexamines the relationship between monetary policy, exchange rates and international trade in a world characterized by the dominant currency paradigm and global value chains. Using a three-country dynamic stochastic general equilibrium (DSGE) model, it documents key differences between the response of gross and value added trade flows to interest ... Read More

We examine the evolutionary effects of sentiment words in financial text and their implications for various business outcomes. We propose an algorithm called Word List Vector for Sentiment (WOLVES) that leverages both a human-defined sentiment word list and the word embedding approach to quantify text sentiment over time. We then apply WOLVES to investigate ... Read More

We develop FinBERT, a state-of-the-art large language model that adapts to the finance domain. We show that FinBERT incorporates finance knowledge and can better summarize contextual information in financial texts. Using a sample of researcher-labeled sentences from analyst reports, we document that FinBERT substantially outperforms the Loughran and McDonald ... Read More