Skill Acquisition and Data Sales
研究了替代数据对金融市场的影响，数据供应商控制样本大小影响投资者信息精度，技能获取成本与价格信息含量呈倒U型关系。
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. This paper was accepted by Agostino Capponi, finance.