Trends in Quantitative Asset Management in Europe
Bibliographic record
Abstract
This study of the use of financial modeling at European asset management firms is based on interviews at asset management firms in the Benelux countries, France, Germany, Italy, the Scandinavian countries, Switzerland, and the United Kingdom. Since the fall of the market from its peak in March 2000, there have been six major changes: 1) we have seen a sharp increase in the use of modeling and quantitative techniques; 2) the performance of models has improved, and market participants now have a better understanding of models and their limits; 3) there is a growing use of multiple models and of methods to handle them; 4) there is increased use of value-based models and of factors that measure market sentiment; 5) risk management has assumed a greater role, as the handling of extreme events has gained importance; and 6) uncertainty as to the macrotrends in financial markets remains high.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.012 | 0.018 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.005 | 0.009 |
| Science and technology studies | 0.000 | 0.002 |
| Scholarly communication | 0.004 | 0.003 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".