Credit support shapes both the financing of AI infrastructure and the distribution of its downside exposure. We combine a 30-project powered-land inventory, a purposive register of 15 financing instruments across four parent…
AI infrastructure investment creates a capital cycle in which demand commitments, construction funding, physical delivery and cash recovery mature on different schedules. We measure this cycle across compute, networking, dat…
Formal voting authority can matter even when it does not visibly change what a central banker says. We exploit the mechanical annual rotation of voting rights among Federal Reserve Bank presidents and ask whether otherwise c…
Serving a hyperscale data center can require irreversible utility investment before the customer operates. If the project is delayed, downsized, or cancelled, who pays for unused capacity? This paper studies largeload electr…
This paper examines whether Federal Open Market Committee (FOMC) statement language is associated with the long-run component of equity market volatility. We construct a dataset of 89 scheduled post-meeting statements issued…
The past two decades have witnessed a structural transformation in financial market microstructure: human traders have been displaced by algorithmic agents operating at microsecond timescales. This paper provides a systemati…