{"id":"https://openalex.org/W7214976147","doi":"https://doi.org/10.48550/arxiv.2609.37820","title":"Information Games: Strategic Crowding and Firm Repositioning in Language-Model Space","display_name":"Information Games: Strategic Crowding and Firm Repositioning in Language-Model Space","publication_year":2026,"publication_date":"2026-09-29","ids":{"openalex":"https://openalex.org/W7214976147","doi":"https://doi.org/10.48550/arxiv.2609.37820"},"language":"en","primary_location":{"id":"pmh:oai:arXiv.org:2609.37820","doi":null,"is_oa":true,"landing_page_url":"https://arxiv.org/abs/2609.37820","pdf_url":"https://arxiv.org/pdf/2609.37820","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":["arxiv","datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://arxiv.org/pdf/2609.37820","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5114635569","display_name":"Marcus Gawronsky","orcid":"https://orcid.org/0000-0003-0554-0850","observed_orcids":["https://orcid.org/0000-0003-0554-0850"]},"institutions":[{"id":"https://openalex.org/I157614274","display_name":"University of Cape Town","ror":"https://ror.org/03p74gp79","country_code":"ZA","type":"education","lineage":["https://openalex.org/I157614274"]}],"countries":["ZA"],"is_corresponding":false,"raw_author_name":"Gawronsky, Marcus","raw_affiliation_strings":["Department of Finance and Tax , University of Cape Town"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance and Tax , University of Cape Town","institution_ids":["https://openalex.org/I157614274"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5069697291","display_name":"Chun\u2010Sung Huang","orcid":"https://orcid.org/0000-0002-4758-3712","observed_orcids":["https://orcid.org/0000-0002-4758-3712"]},"institutions":[{"id":"https://openalex.org/I157614274","display_name":"University of Cape Town","ror":"https://ror.org/03p74gp79","country_code":"ZA","type":"education","lineage":["https://openalex.org/I157614274"]}],"countries":["ZA"],"is_corresponding":false,"raw_author_name":"Huang, Chun-Sung","raw_affiliation_strings":["Department of Finance and Tax , University of Cape Town"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance and Tax , University of Cape Town","institution_ids":["https://openalex.org/I157614274"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I157614274"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.40209999680519104,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.40209999680519104,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.3086000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.13850000500679016,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/information-games","display_name":"information games","score":0.625},{"id":"https://openalex.org/keywords/large-language-models","display_name":"large language models","score":0.8119999766349792},{"id":"https://openalex.org/keywords/information-geometry","display_name":"information geometry","score":0.6309999823570251},{"id":"https://openalex.org/keywords/news-articles","display_name":"news articles","score":0.5049999952316284},{"id":"https://openalex.org/keywords/analyst-reports","display_name":"analyst reports","score":0.984000027179718},{"id":"https://openalex.org/keywords/multi-agent-simulation","display_name":"multi-agent simulation","score":0.8230000138282776},{"id":"https://openalex.org/keywords/sandwich-estimator","display_name":"sandwich estimator","score":0.7829999923706055}],"concepts":[{"id":"https://openalex.org/C2779602485","wikidata":"https://www.wikidata.org/wiki/Q2901966","display_name":"Rivalry","level":2,"score":0.8503000140190125},{"id":"https://openalex.org/C2776502983","wikidata":"https://www.wikidata.org/wiki/Q690182","display_name":"Contrast (vision)","level":2,"score":0.6467999815940857},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.6424000263214111},{"id":"https://openalex.org/C91306197","wikidata":"https://www.wikidata.org/wiki/Q45767","display_name":"Competition (biology)","level":2,"score":0.6086999773979187},{"id":"https://openalex.org/C185798385","wikidata":"https://www.wikidata.org/wiki/Q1161707","display_name":"Benchmark (surveying)","level":2,"score":0.6047999858856201},{"id":"https://openalex.org/C149333683","wikidata":"https://www.wikidata.org/wiki/Q5189188","display_name":"Crowding","level":2,"score":0.6017000079154968},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5720999836921692},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5680999755859375},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5321000218391418},{"id":"https://openalex.org/C176217482","wikidata":"https://www.wikidata.org/wiki/Q860554","display_name":"Metric (unit)","level":2,"score":0.44999998807907104},{"id":"https://openalex.org/C2778572836","wikidata":"https://www.wikidata.org/wiki/Q380933","display_name":"Space (punctuation)","level":2,"score":0.4442000091075897},{"id":"https://openalex.org/C168167062","wikidata":"https://www.wikidata.org/wiki/Q1117970","display_name":"Component (thermodynamics)","level":2,"score":0.40070000290870667},{"id":"https://openalex.org/C8031360","wikidata":"https://www.wikidata.org/wiki/Q1071788","display_name":"Crowding out","level":2,"score":0.3946000039577484},{"id":"https://openalex.org/C182365436","wikidata":"https://www.wikidata.org/wiki/Q50701","display_name":"Variable (mathematics)","level":2,"score":0.36079999804496765},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3285999894142151},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.2953999936580658},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.2915000021457672},{"id":"https://openalex.org/C103278499","wikidata":"https://www.wikidata.org/wiki/Q254465","display_name":"Similarity (geometry)","level":3,"score":0.27959999442100525},{"id":"https://openalex.org/C2778058735","wikidata":"https://www.wikidata.org/wiki/Q4692253","display_name":"Aggregate data","level":2,"score":0.2694999873638153},{"id":"https://openalex.org/C68387754","wikidata":"https://www.wikidata.org/wiki/Q7271585","display_name":"Schedule","level":2,"score":0.25859999656677246},{"id":"https://openalex.org/C110121322","wikidata":"https://www.wikidata.org/wiki/Q865811","display_name":"Distribution (mathematics)","level":2,"score":0.25189998745918274}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:arXiv.org:2609.37820","doi":null,"is_oa":true,"landing_page_url":"https://arxiv.org/abs/2609.37820","pdf_url":"https://arxiv.org/pdf/2609.37820","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"doi:10.48550/arxiv.2609.37820","doi":"https://doi.org/10.48550/arxiv.2609.37820","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2609.37820","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"pmh:oai:arXiv.org:2609.37820","doi":null,"is_oa":true,"landing_page_url":"https://arxiv.org/abs/2609.37820","pdf_url":"https://arxiv.org/pdf/2609.37820","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7214976147.pdf","grobid_xml":"https://content.openalex.org/works/W7214976147.grobid-xml"},"referenced_works_count":15,"referenced_works":["https://openalex.org/W1522372289","https://openalex.org/W1964382689","https://openalex.org/W1972221945","https://openalex.org/W2150329862","https://openalex.org/W2319854370","https://openalex.org/W2776678297","https://openalex.org/W3123123374","https://openalex.org/W3123638525","https://openalex.org/W4240491954","https://openalex.org/W4307208870","https://openalex.org/W4417252869","https://openalex.org/W7090900503","https://openalex.org/W7204879912","https://openalex.org/W7204966441","https://openalex.org/W7207727268"],"related_works":["https://openalex.org/W2241586881","https://openalex.org/W752011017","https://openalex.org/W1690862200","https://openalex.org/W2099365521","https://openalex.org/W1151378577","https://openalex.org/W2112541754","https://openalex.org/W2548749128","https://openalex.org/W7100086386","https://openalex.org/W7112690083","https://openalex.org/W3124872719"],"abstract_inverted_index":{"When":[0],"firms":[1,94,113,118],"respond":[2],"to":[3,18,63,70],"new":[4],"market":[5],"opportunities,":[6],"their":[7],"capacity":[8,115,121],"choices":[9],"alter":[10],"the":[11,37,53,65,91,135],"future":[12],"discounted":[13],"free":[14,124],"cash":[15,125],"flows":[16],"available":[17],"both":[19],"competitors":[20],"and":[21,33,48,137,146,155],"investors.":[22],"In":[23],"competitive":[24,109],"markets,":[25],"these":[26,79],"investment":[27],"decisions":[28],"publicized":[29],"in":[30,39,111,116],"news":[31,80,154],"articles":[32,81],"analyst":[34,156],"reports,":[35],"measuring":[36],"changes":[38],"capital":[40],"structure,":[41],"product":[42],"mix,":[43],"firm":[44,120],"leadership,":[45],"risk":[46],"exposure":[47],"operating":[49],"procedure":[50],"made":[51],"by":[52],"firm.":[54],"Modern":[55],"search":[56,72],"engines":[57],"rely":[58],"on":[59,98,150],"Large":[60],"Language":[61],"Models":[62],"measure":[64],"relevancy":[66],"of":[67,84,93,107,139,153],"source":[68],"documents":[69],"given":[71],"query.":[73],"These":[74],"measurements":[75],"let":[76],"researchers":[77],"represent":[78],"as":[82],"clouds":[83],"dense":[85],"vectors":[86],"whose":[87],"information":[88],"geometry":[89],"reflects":[90],"dissimilarity":[92],"over":[95],"time.":[96],"Building":[97],"Xu":[99],"et":[100],"al.":[101],"(2022),":[102],"we":[103,133],"develop":[104],"a":[105,129,151],"model":[106],"costly":[108],"adjustment":[110,122,142],"which":[112,117],"allocate":[114],"make":[119],"towards":[123],"flow":[126],"shocks.":[127],"Using":[128],"novel":[130],"sandwich":[131],"estimator,":[132],"analyse":[134],"sign":[136],"magnitude":[138],"this":[140],"predicted":[141],"using":[143],"multi-agent":[144],"simulation,":[145],"validate":[147],"our":[148],"findings":[149],"sample":[152],"reports":[157],"from":[158],"Nasdaq-listed":[159],"companies":[160],"between":[161],"2018-2022.":[162]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-10-01T00:00:00"}