Three Essays on Financial Technology

182 pagesThis dissertation makes several contributions to the literature on Financial Technology. In the first two chapters I push the frontier of Artificial Intelligence (AI) applications in finance by developing a novel Large Language Topic Model and a constrained optimization framework marrying Reinforcement Learning with Natural Language Processing. I demonstrate the value of these algorithms by applying them to mergers and acquisitions and faith-based investing, respectively. In the final chapter I investigate how perpetual contracts, originally proposed by Robert Shiller in 1992 to price illiquid assets, affect microstructure in underlying spot markets using cryptocurrency markets as a sandbox. More specifically, in Chapter 1 I propose a novel Large Language Model to generate time-varying exposure of firms to arbitrary user-defined risks using conference calls. This approach respects language complexity, does not require an expert to generate an extensive list of keywords, produces exposure measures with respect to any query and is directly applicable to any textual input. The model learns from synthetic corpora for the first time in finance research. Leveraging this methodology, I generate firm-level exposures to geopolitical risk, population aging, climate change and demonstrate how exposure to such risks affects M&A activity. Geopolitical risk makes firms more likely to be an acquirer and less a target. It is propagated through supply chains and makes firms acquire targets in the U.S. with higher investment irreversibility driving vertical integration within the U.S. Population aging increases aggregate M&A activity doubling the effect from labor shortage on M&A activity. Finally, I show that managers pay larger premia for low climate change risk targets, while investors react negatively to deal announcements of targets undergoing structural change. Chapter 2 (joint work with Maureen O'Hara) introduces a new approach for Socially Responsible Investing based on techniques from Artificial Intelligence to enhance investor returns. Focusing on faith-based investing, our approach draws on Large Language Models and Deep Reinforcement Learning (DRL) to address the challenges posed by moral constraints on portfolio selection. Using the Global X S&P500 CATH ETF (the largest Catholic values fund) as an example, we use textual analysis to identify companies consistent with the values mandate, allowing us to create “synthetic CATH” portfolios of different sizes and with longer time horizons. We further optimize each portfolio using DRL to arrive at an optimal set of portfolio weights that maximize out-of-sample Sharpe ratios. Using the tools of AI, we demonstrate dramatic improvements in risk-adjusted returns closing the performance gap in values-based investing. Finally, Chapter 3 (joint work with Qihong Ruan) examines perpetual futures contracts' impact on cryptocurrency spot market quality. Using high-frequency order book data from 2017 to 2023, we document that spot market quality follows a U-shaped pattern over perpetual contracts' eight-hour funding cycles. Exploiting both the exogenous termination of perpetual trading at Huobi Exchange and 95 staggered contract introductions, we identify a seemingly puzzling liquidity pattern: perpetual contracts increase spot trading volume while widening quoted spreads. To resolve this puzzle, we demonstrate that this pattern reflects increased informed trading, particularly during funding settlement hours and periods of larger funding fee magnitudes. Market makers respond to heightened adverse selection risk by widening quoted spreads.2027-06-1

Single Particle Structural Virology of Paramyxoviruses

211 pagesParamyxoviruses represent some of the most contagious (Measles) and pathogenic (Nipah) viruses present on our planet; therefore, understanding their assembly is of the utmost importance. Members of the Paramyxoviridae family all encode four major structural proteins Nucleocapsid (N), Matrix (M), Fusion (F) and Attachment Glycoprotein (G) which assemble with membranes and nonstructural proteins Phosphoprotein (P), and Polymerase (L) to form infectious virions. Interestingly, paramyxoviruses are pleomorphic, meaning no two virions appear to be the same, and particle shapes can vary drastically. The work in this dissertation focuses on the development and application of highly sensitive technologies to interrogate the morphology and protein contents of individual paramyxoviral particles. I was able to develop a protocol to generate Nipah virus-like-particles (VLPs) in high concentration and purity for flow virometry and cryo-electron microscopy (cryoEM) analyses. In the first part of this dissertation, I reviewed hardware and software technologies required for flow virometry analysis and demonstrated that paramyxoviruses are too fragile for viral sorting. The M protein forms a lattice of dimers that binds membranes and orchestrates viral assembly. In the second and major part of this dissertation, I directly observed the interactions between the M lattice and structural proteins N, F, and G by cryoEM and demonstrated that morphology of an individual particle can be modulated based on these interactions. Furthermore, this analysis yielded the very first sub nanometer structure for any paramyxovirus M protein lattice and describes a novel structural arrangement of the M oligomeric assembly. These results provide the first explanation for paramyxovirus pleomorphism and provide valuable structural insights into the assembly of Nipah virus

The roles of cancer cell-derived extracellular vesicles in the tumor microenvironment

150 pagesExtracellular vesicles (EVs) are lipid-bilayer enclosed particles produced by all types of cells, and their roles as important couriers for intercellular communication have been gaining increasing amounts of appreciation. There are two major types of EVs classified based on their sizes and biogenesis, microvesicles (MVs) and exosomes. These vesicles contain specialized cargoes depending on their cellular origin, and they can induce phenotypic changes in recipient cells. The involvement of EVs in cancer is essential for disease progression. Specifically, EV-mediated communication between cancer cells and the other types of cells (i.e. endothelial cells, fibroblasts, immune cells, etc.) in the tumor microenvironment (TME) has been shown to promote cancer proliferation, survival, immune evasion, and invasion and metastasis. In chapter 2, I show that a highly aggressive triple-negative breast cancer (TNBC) cell line, MDA-MB-231 cells, produce EVs that can convert primary (non-immortalized) normal human dermal fibroblasts (NHDFs) into cancer-associated fibroblasts (CAFs), a phenotype found within the TME. CAFs are critical for reshaping the extracellular matrix to promote malignant transformation. I discovered this effect is driven by the fibronectin that coats the surfaces of these EVs, and its ability to engage the integrins expressed in the fibroblasts. This event then activates the focal adhesion kinase (FAK), phosphoinositide 3-kinase (PI3K), and AKT signaling pathway, which results in the inactivation of glycogen synthase kinase-3 $\beta$ (GSK3-$\beta$) and CAF formation. I also discovered tubulointerstitial nephritis antigen-like 1 (TINAGL1) is expressed on the surfaces of exosomes produced by MDA-MB-231 TNBC cells. Its expression is heavily downregulated in this cell line, as is the NAD+-dependent lysine deacetylase sirtuin 1 (SIRT1). I then showed that insulin-like growth factor 2 messenger RNA binding protein 2 (IGF2BP2), is a substrate of SIRT1, and its increased acetylation under conditions of low SIRT1 expression decreases the stability of the RNA transcript encoding TINAGL1. The exosomes from MDA-MB-231 cells stimulated AKT activity in recipient cancer cells and strongly promoted their ability to cell migrate and invade, which could be blocked by ectopically expressing TINAGL1 in the exosomes. Collectively, these results demonstrate that TNBC cell-derived EVs play essential roles within the TME to promote cancer progression

INNOVATIVE APPROACHES TO THE USE OF MESENCHYMAL STROMAL CELLS FOR DEGENERATIVE ORTHOPEDIC DISEASE AND CUTANEOUS WOUNDS

187 pagesMesenchymal stromal cells (MSCs) are adult, multipotent progenitor cells that show promise as a therapeutic for a variety of human and veterinary diseases alike. Clinical implementation of MSCs or MSC-derived therapeutics is hindered by a limited understanding of their mechanism(s) of action. Mitochondrial transfer from MSCs to other cell types and antibacterial secreted products from MSCs are two relatively understudied mechanisms that may contribute to beneficial clinical outcomes, particularly in the context of degenerative orthopedic disease and cutaneous wounds, respectively. In the first chapter, I provide a comprehensive overview of (i) mitochondrial transfer from MSCs, which is whole organelle donation of mitochondria from MSCs to recipient cell types and (ii) secreted products of MSCs, collectively referred to as the ‘secretome’ and their ability to inhibit bacterial growth. Chapter Two is a published report of mitochondrial transfer from MSCs to chondrocytes, the cells of cartilage. Mitochondrial dysfunction in chondrocytes contributes to the degeneration of articular cartilage and thus, osteoarthritis (OA). We describe several in vitro and ex vivo models of OA caused by mitochondrial, mechanical, and environmental stress and show that MSCs respond by donating mitochondria to the stressed chondrocytes. Chapter Three attempts to establish a chemically-induced model of mitochondrial dysfunction in intervertebral disc cells, which, like chondrocytes, are known to experience mitochondrial dysfunction in the pathogenesis of degenerative disc disease (DDD). Chapter Four is also a published report, describing a novel in vivo model of equine cutaneous wounds infected with Methicillin-resistant Staphylococcus aureus (MRSA) to explore the efficacy of MSC secretome as a treatment. Several areas for improvement were identified in this in vivo model and the objectives of Chapter Five were to investigate those areas in more depth. Firstly, we acquired a new tissue source of equine MSCs, namely dental pulp (DP), and then compared the anti-MRSA potential of their secretome to the secretomes collected from adipose tissue (AT)-, bone marrow (BM)-, and peripheral blood (PB)-MSCs. Our salient findings were that the BM-MSC secretome can inhibit MRSA isolated from humans; however, the secretome from all four tissue sources inhibited MRSA isolated from an equine wound to a greater degree than human MRSA isolates. The work described within this dissertation furthers our understanding of novel approaches to the use of MSCs for the treatment of OA, DDD, and cutaneous wounds

Conversation Redirection in Mental-Health Therapy

56 pagesMental-health therapy involves a complex conversation flow in which patients and therapists continuously negotiate what should be talked about next. For example, therapists might try to shift the conversation’s direction to keep the therapeutic process on track and avoid stagnation, or patients might push the discussion towards issues they want to focus on. How do such patient and therapist redirections relate to the development and quality of their relationship? In this thesis, we introduce a probabilistic measure of the extent to which a certain utterance immediately redirects the flow of the conversation, accounting for both the intention and the actual realization of such a change. We apply this new measure to characterize the development of patient-therapist relationships over multiple sessions in a very large, widely used online therapy platform. We draw correspondences between the interactional behaviors and the relationship’s progression and eventual success. We then conclude with directions for future work as well as an initial exploration of how our framework can be broadly applied in other domains beyond therapy

Enhancing Juice Safety and Technology Knowledge for Small Producers: A Needs Based Assessment Outreach Activities Initiative in New York State

Small- to mid-sized juice and beverage producers face unique challenges related to food safety, regulatory compliance, and technical capacity. To better understand these challenges and inform targeted outreach, a need assessment survey was conducted as part of an Extension Outreach and Assessment (EOA) project sponsored by Cornell AgriTech. The 25-question online survey, distributed via extension networks, was completed by 30 producers across New York State, representing a diverse range of businesses, production scales, and distribution strategies. Survey results revealed critical knowledge gaps in areas such as shelf-life determination, non-thermal processing, and regulatory compliance. These findings guided the development of two one-hour webinars focused on product quality and juice safety. Two webinars were conducted "Food Safety and Shelf life Strategies for Small Juice Beverage Producers" and "Safety and Quality in Juice Processing: Validating Non-thermal Processes" , reaching about 120 participants and offering high-impact learning on shelf-life, validation, and non-thermal processing. Attendance data highlighted strong engagement and interest across both sessions. The webinars incorporated live Q&A sessions to enhance engagement and assess learning outcomes. This ongoing project highlights the importance of data-driven outreach and underscores the need for continued support and training tailored to the specific needs of small-scale juice and juice-containing processors.This project was supported by Cornell AgriTech Extension Outreach Assistanshi

Soil health and corn silage performance: Comparing grain and dairy field systems

Soil health is a key focus of corn growers who are working towards sustainability goals and safeguarding their operation against increasingly challenging growing conditions. Understanding the contributing factors that lead to resilient cropping systems in the Northeast is important for farmers to meet those goals. With funding support from the New York Corn Growers Association Corn Research and Education Program, soil health data was collected from the Cornell PRO-DAIRY’s NY Corn Silage Hybrid Evaluation Program in 2023. The annual hybrid evaluation program offers the opportunity to compare the same hybrids in different growing environments. Measuring key soil health parameters at each location with the Cornell Assessment of Soil Health (CASH) test offered additional insight into the role of soil health in the overall performance of the crop grown at each location.The Manager, published by Progressive Dairy, is sponsored by Papillon

Data from: Rates of female mouse ultrasonic vocalizations are low and are not modulated by estrous state during interactions with muted males

Please cite as: Cassidy A. Malone, Patryk Ziobro, Julia Khinno, and Katherine A. Tschida. (2025) Data from: Rates of female mouse ultrasonic vocalizations are low and are not modulated by estrous state during interactions with muted males. [dataset] Cornell University eCommons Repository. https://doi.org/10.7298/XJWN-1A66These files contain data supporting all results in Malone et al., Rates of female mouse ultrasonic vocalizations are low and are not modulated by estrous state during interactions with muted males. In Malone et al., we tested the idea that courtship vocalizations produced by female mice are regulated by estrous state. Adult male mice produce high rates of ultrasonic vocalizations (USVs) during courtship interactions with females. It was long thought that only males produced courtship USVs, but recent studies using microphone arrays to assign USVs to individual signalers report that females produce a portion (5-18%) of total courtship USVs. The factors that regulate female courtship USV production are poorly understood. Here, we tested the idea that female courtship USV production is regulated by estrous state. To facilitate the detection of female USVs, we paired females with males that were muted for USV production via caspase-mediated ablation of midbrain neurons that are required for USV production. We report that total USVs recorded during interactions between group-housed B6 females and muted males are low and are not modulated by female estrous state. Similar results were obtained for single-housed B6 females and for single-housed outbred wild-derived female mice paired with muted males. These findings suggest either that female mice produce substantial rates of courtship USVs only when interacting with vocal male partners or that prior studies have overestimated female courtship USV production. Studies employing methods that can unambiguously assign USVs to individual signalers, regardless of inter-mouse distances, are needed to distinguish between these possibilities

YOUTH NAVIGATING PRECARITY THROUGH CLIMATE ACTION: CASE OF MATHARE

This study explores the environmental organizing of the youth in Mathare and its potential to transcend hustle into climate activism. It examines how the intervention of global climate actors and their agendas influence the youth's work. By building an empirical case through the stories and evolution of the youth, using observer participation and participant observation, the research analyzes potential pathways and possibilities for Mathare’s youth groups. Embedded in the discourse of hustle and climate adaptation in informal settlements, this paper argues that the youth's work is transitioning from opportunism to visionary practice. As the youth navigate their precarious employment situations and struggle to find identity and community through hustling, the paper explores their potential to expand their vision and scope, and to collectivize towards climate adaptation, is enabled by opportunities presented by global climate efforts. Finally, the paper invites further research on the potential of youth activism to contribute to effective climate adaptation

Assessment of Pesticide Leachability on Long Island Using the Theoretical Groundwater Ubiquity Score (TGUS) Model

This study evaluates pesticide leachability on Long Island, New York, using the Theoretical Groundwater Ubiquity Score (TGUS) model, a theoretically based expansion of the empirical GUS model that includes soil properties, preferential flow, and dynamic degradation processes. Long Island's sandy soils and vulnerable aquifer systems offer a best-case study area for groundwater contamination risk assessment. The research provides improved calculations for the leaching risk of pesticides by introducing a Time of Leaching Risk Period (TLRP). TLRP is designed to forecast pesticides with a high risk of groundwater contamination by identifying a time window after application, following a rainfall that causes leaching risk and groundwater pollution. The results suggest that TLRP reliably predicts the leaching of pesticides in groundwater. Ninety-two percent of the pesticides that leached into groundwater were predicted correctly. One difficulty in the data analysis was that many pesticides were not found in the groundwater samples, including pesticides that were classified as leachers in other studies. Also, many of the pesticides were not applied on Long Island according to the Pesticide Use and Sales Reporting (PSUR) data. Using the PSUR that specified the pesticide use per zip code level in the risk analysis was only partially successful for predicting spatial leaching