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Claes Backman

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Case report Open access Aug 2026

Capable but Not Deployable: Institutional Constraints on AI Exposure in Finance

It is found that the pricing content resides in the institutional layer: firms in the top half of the markdown distribution underperform the bottom half by roughly 25 percentage points in market-adjusted cumulative abnormal returns over the three years after ChatGPT, while sorting on technical exposure alone produces n...

Claes Backman, Christos A. Makridis · 0 citations

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