Interpretable Deep Learning for Stock Returns: A Consensus-Bottleneck Asset Pricing Model
arXiv:2512.16251v5 Announce Type: replace-cross Abstract: We introduce the Consensus-Bottleneck Asset Pricing Model (CB-APM), which embeds aggregate analyst consensus as a structural bottleneck, treating professional beliefs as a sufficient statistic for the market’s high-dimensional information set. Unlike post-hoc explainability approaches, CB-APM…
