Session: AFA PhD Student Poster Session

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Session: Information in Financial Markets

Session Chair: Cecilia Parlatore (New York University)

Flexible Information Acquisition in the Kyle Model

S Viswanathan (Duke University)
Hao Xing (Boston University)

Discussant: Savitar Sundaresan (Imperial College London)

Kyle Meets Friedman: Informed Trading When Anticipating Future Information

Hongjun Yan (DePaul University)
Liyan Yang (University of Toronto)
Xueyong Zhang (Central University of Finance and Economics)
Deqing Zhou (Central University of Finance and Economics)

Discussant: Jesse Davis (University of North Carolina-Chapel Hill)

Information Disclosure Frequency: Implications for Welfare and Cost of Capital

Wen Chen (Texas Tech University)
Yajun Wang (CUNY-Baruch College)

Discussant: Ansgar Walther (University of Oxford)

Session: Investor Behavior

Session Chair: Baolian Wang (University of Florida)

Limited Consideration Sets and Financial Decision-Making

Alex Imas (Carnegie Mellon University)
Ye Jin (New York University Shanghai)
Yiqing Lu (New York University Shanghai)

Discussant: Daniel Graves (Harvard University)

Divine Catalysts: Religion and Portfolio Choices

Maxime Bonelli (London Business School)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
S. lakshmi Naaraayanan (London Business School)
Purnoor Tak (New York University)

Discussant: Tony Cookson (Pennsylvania State University)

The Rise of Retail Trading Since the Pandemic and Its Market Implications

Charles Jones (Columbia University)
Lin Tan (Shanghai University of Finance and Economics)
Xiaoyan Zhang (Tsinghua University)
Xinran Zhang (Central University of Finance and Economics)

Discussant: Xing Huang (Cornell University)

Haven’t We Seen This Before? Return Predictions from 200 Years of News

AJ Yuan Chen (University of British Columbia)
Gerard Hoberg (University of Southern California)
Miao Zhang (University of Southern California)

Discussant: Andrei Goncalves (Ohio State University)

Session: The Corporate Finance of Climate Change: Theory and Evidence

Session Chair: Mariano Croce (Bocconi University)

Who Bears the Cost of Natural Disasters?

Mariassunta Giannetti (Stockholm School of Economics)
Yingjie Qi (Copenhagen Business School)
Su Wang (ShanghaiTech University)

Discussant: Ran Duchin (Boston College)

Financially constrained carbon management

Maria Cecilia Bustamante (University of Maryland)
Francesca Zucchi (European Central Bank)

Discussant: Maxime Sauzet (Boston University)

Routine and Material: The Integration of Environmental Factors in Analyst Research

Deqiu Chen (University of International Business and Economics)
Haoyuan Li (University of International Business and Economics)
Yujing Ma (Hong Kong Polytechnic University)
Roni Michaely (The University of Hong Kong)

Discussant: Stefano Rossi (Bocconi University)

Carbon in the Cloud

Tingyu Yu (Vienna University of Economics and Business)

Discussant: Marco Grotteria (London Business School)

Session: Regulation of Financial Institutions

Session Chair: Sascha Steffen (Frankfurt School of Finance and Management)

Credit Crunch in Housing under Regulation Q

Pauline Liang (Georgia Institute of Technology)

Discussant: Vrinda Mittal (University of North Carolina-Chapel Hill)

Payout Restrictions and Bank Risk-Shifting

Fulvia Fringuellotti (Federal Reserve Bank of New York)
Thomas Kroen (International Monetary Fund)

Discussant: Florian Heider (Goethe University Frankfurt)

Mitigating the risks of deregulation: The role of supervisory attention

Elena Carletti (Bocconi University)
Filippo De Marco (Bocconi University)
Alberto Manconi (Bocconi University)
Isabella Wolfskeil (Federal Reserve Board)

Discussant: Emil Verner (Massachusetts Institute of Technology)

Bank Liquidity Regulation and the Growth of Private Credit

Sebastian Doerr (Bank for International Settlements)
Gaston Gelos (International Monetary Fund)
Vesa Pursiainen (University of St. Gallen)

Discussant: Franz Hinzen (Dartmouth College)

Session: Diversity, Careers, and Capital Allocation

Session Chair: Mila Sherman (University of Massachusetts)

Race, Gender, and Careers in Asset Management: Evidence from U.S. Administrative Data

John Jianqiu Bai (Northeastern University)
Linlin Ma (Peking University)
Kevin Mullally (University of Central Florida)
Aisulu Munkina (University of Florida)
Yuehua Tang (University of Florida)

Discussant: Wenting Ma (University of Massachusetts)

Information Frictions and the Real Effects of Sustainable Investing

Cynthia Yin (Cornell University)
Minsu Ko (Binghamton University)

Discussant: Kelly Shue (Yale University)

Board Diversity and Career Progression of Women

Anushri Jain (Washington University in St. Louis)
Rana Mohie El Din (Washington University in St. Louis)

Discussant: Nadya Malenko (Boston College)

Session: Behavioral Household Finance

Session Chair: Arna Olafsson (Copenhagen Business School)

The Impact of Financial Literacy: Evidence from a Randomized Trial Linked to Administrative Data

Miguel Ferreira (NOVA University Lisbon)
Diogo Mendes (Stockholm School of Economics)
Andre F. Silva (Federal Reserve Board)

Discussant: Francesco D'Acunto (Georgetown University)

Targeting Higher Credit Card Payments

Benedict Guttman-Kenney (Rice University)

Discussant: Ben Keys (University of Pennsylvania)

The Financial Psychology of Shrinking Families: How Demographic Decline Shapes Investor Behavior

Yingmei Cheng (Florida State University)
Henrik Cronqvist (Chapman University)
Jingyu Guo (Xiamen University)
Chaopeng Wu (Xiamen University)

Discussant: Da Ke (University of South Carolina-Columbia)

Eliciting Stopping Times

Maximilian Voigt (HEC - Montréal)
Sebastian Ebert (Heidelberg University)

Discussant: Michael Ungeheuer (Aalto University)

Session: Portfolio Choice - Skill, Scale and Constraints

Session Chair: Richard Evans (University of Virginia)

The Real Cost of Benchmarking

Christian Kontz (University of Notre Dame)
Sebastian Hanson (Citadel LLC)

Discussant: Alexander Chinco (Michigan State University)

Surprises in Modern Portfolio Theory

Oliver Hellum (Copenhagen Business School)
Theis Jensen (Yale University)
Bryan Kelly (Yale University)
Semyon Malamud (Swiss Federal Institute of Technology Lausanne)

Discussant: Michael Gallmeyer (University of Virginia)

The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits

Lubos Pastor (University of Chicago)
Taisiya Sikorskaya (University of Chicago)
Jinrui Wang (University of Chicago)

Discussant: Clemens Sialm (University of Texas-Austin)

Dinner Table Alphas

Sean Cao (University of Maryland)
Huaizhi Chen (University of Texas-Dallas)
Lauren Cohen (Harvard University)
Tianchen (Hugo) Zhao (University of Maryland)

Discussant: Veronika Pool (Vanderbilt University)

Session: Private Equity

Session Chair: Ludovic Phalippou (University of Oxford)

Private Equity and the Organization of Firms

Stefan Obernberger (Erasmus University Rotterdam)
Stefan Weik (University of St. Gallen)
Xiang Yin (Tsinghua University)

Discussant: Marie Lambert (University of Liege)

Insider Alpha: Evidence from Private Foundation Portfolios

Zhongjin Lu (University of Georgia)
Miguel Izquierdo Puertas (University of Georgia)

Discussant: Matteo Binfarè (University of Missouri)

When Investors Don’t Trust the NAV: Valuation Opacity, Runs, and “Retailization” of Private Equity

Mathias Awuni (Stevens Institute of Technology)
Stefano Bonini (Stevens Institute of Technology)

Discussant: Hao Jiang (Michigan State University)

Democratizing Illiquid Assets: Liquidity Transformation and Performance in Interval Funds

Stefano Pegoraro (University of Notre Dame)
Sophie Shive (University of Notre Dame)
Rafael Zambrana (University of Notre Dame)

Discussant: Jules Van Binsbergen (University of Pennsylvania)

Session: AFA Panel - Journal of Finance: Insights and Perspectives

Session Chair: Janice Eberly (Northwestern University)

Panelists include the JFIP Co-Editors: Valentin Haddad (University of California, Los Angeles), Arvind Krishnamurthy (Stanford University), David Thesmar (Massachusetts Institute of Technology)

Is that a $100 bill on the sidewalk?

Philip Bond (University of Washington)

Discussant: David Thesmar (Massachusetts Institute of Technology)

Most claimed statistical findings in cross-sectional return predictability are likely true

Andrew Chen (Federal Reserve Board)

Discussant: Arvind Krishnamurthy (Stanford University)

Artificial Intelligence, Productivity, and the Workforce: Evidence from Corporate Executives

Salome Baslandze (Federal Reserve Bank of Atlanta)
Zachary Edwards (Federal Reserve Bank of Richmond)
John Graham (Duke University)
Ty McClure (Federal Reserve Bank of Atlanta)
Michael Sparks (Federal Reserve Bank of Atlanta)
Brent Meyer (Federal Reserve Bank of Atlanta)
Sonya Waddell (Federal Reserve Bank of Richmond)
Daniel Weitz (Federal Reserve Bank of Atlanta)

Discussant: Valentin Haddad (University of California-Los Angeles)

Corporate Actions as Moral Issues

Zwetelina Iliewa (University of Bonn)
Elisabeth Kempf (Harvard University)
Oliver Spalt (University of Mannheim)

Session: Insurance and Pension Funds

Session Chair: Motohiro Yogo (Princeton University)

Risk Management, Product Offerings, and Consumer Surplus: Evidence from the Insurance Industry

Cameron Ellis (University of Iowa)
Andrew Ellul (Indiana University)
Chotibhak Jotikasthira (Southern Methodist University)
Jianren Xu (University of North Texas)

Discussant: Ishita Sen (Harvard University)

Buying from the Family: Private Equity-Owned Insurers and Their Affiliated Investments

Amy Huber (University of Pennsylvania)
Stefan Huber (University of Pennsylvania)
Bella Shan (University of Pennsylvania)
Christina Zhu (University of Pennsylvania)

Discussant: Ralf Meisenzahl (Federal Reserve Bank of Chicago)

Economics of Property Insurance

Hyeyoon Jung (Federal Reserve Bank of New York)
Jaehoon Jung (New York University)

Discussant: Derek Wenning (Indiana University)

When Cash Flows Turn Negative: Liquidity-Driven Selling by Pension Funds

Aleksandar Andonov (University of Amsterdam)
Kristy Jansen (University of Southern California)
Joshua Rauh (Stanford University)

Discussant: Sean Myers (University of Pennsylvania)

Session: Information and Learning from Markets

Session Chair: Snehal Banerjee (University of Michigan)

From Tulip to Gold: Rational Bubbles in Consumable Assets

Jungsuk Han (Seoul National University)
Yenan Wang (University of Amsterdam)

Discussant: Michael Sockin (University of Texas-Austin)

Learning from Prediction Markets: The Transmission of Information and Noise to Traditional Assets

Itay Goldstein (University of Pennsylvania)
Ye Li (University of Washington)
Chen Wang (University of Notre Dame)

Discussant: Eric Zitzewitz (Dartmouth College)

Causal Inference in Financial Event Studies

Paul Goldsmith-pinkham (Yale University)
Tianshu Lyu (Cornell University)

Discussant: Matthew Ringgenberg (University of Utah)

Session: Bankruptcy and Distress

Session Chair: Efraim Benmelech (Northwestern University)

Expected Liquidation Values

Mehdi Beyhaghi (Federal Reserve Board)
Cooper Howes (Federal Reserve Bank of Kansas City)
Gregory Weitzner (McGill University)

Discussant: Nitish Kumar (Rutgers University)

Credit Cycles and Creditor Rights

Martin Kornejew (Bocconi University)
Shohini Kundu (University of California-Los Angeles)
Karsten Müller (National University of Singapore)

Discussant: Bo Bian (University of British Columbia)

Retailer Bankruptcy and Its Spillover to Consumer Credit

Sudheer Chava (Georgia Institute of Technology)
Rohan Ganduri (Georgia Institute of Technology)
Xinyue Zhao (Georgia Institute of Technology)
Yafei Zhang (University of Central Florida)

Discussant: Benjamin Iverson (Brigham Young University)

Strategic Bankruptcy and Corporate Negligence

Samuel Antill (Harvard University)
Xu Tian (University of Georgia)
Toni Whited (University of Michigan)

Discussant: Adriano Rampini (Duke University)

Session: Market Mispricing and Limits to Arbitrage

Session Chair: Jianfeng Yu (Tsinghua University)

Sparse Portfolios and Benchmarking in Corporate Bond Markets

Li Zheng (London Business School)
Anna Pavlova (London Business School)
Taisiya Sikorskaya (University of Chicago)

Discussant: Lukas Schmid (University of Southern California)

Erasing Alpha

Carter Davis (Ohio State University)
Xiao Han (City University of London)
Stanislav Sokolinski (Michigan State University)
Andrea Tamoni (University of Notre Dame)

Discussant: Valentin Haddad (University of California-Los Angeles)

Price Discovery and Trading in Modern Prediction Markets

Dexin Zhou (CUNY-Baruch College)
Yubo Tao (Singapore Management University)
Lin Peng (CUNY-Baruch College)
Hunter Ng (CUNY-Baruch College)

Discussant: Theis Jensen (Yale University)

Rethinking Volume: Has the Market Become More Liquid?

Philippe van der Beck (Harvard University)
Julie (Zhiyu) Fu (Washington University in St. Louis)
Lorenzo Bretscher (University of Lausanne)

Discussant: Jonathan Brogaard (University of Utah)

Session: Behavioral asset pricing AND Neurofinance - PB

Session Chair: Pedro Bordalo (University of Oxford)

The Inefficient Pricing of News Shocks

Antoine Didisheim (University of Melbourne)
Bryan Kelly (Yale University)
Mo Pourmohammadi (Yale University)
Hanqing Tian (University of Melbourne)

The Mechanical Disposition Effect

Qinglin Ouyang (Aalto University)
Shumiao Ouyang (University of Oxford)

Valuation Models

Francesca Bastianello (University of Chicago)
Paul Decaire (Arizona State University)
Marius Guenzel (University of Pennsylvania)

Attention Allocation and Fund Flows: Evidence from Institutional Investors

Zhi Da (University of Notre Dame)
Thanh Huynh (Monash University)

Session: Interest Rates and the Transformation of Credit Intermediation

Session Chair: Tim Eisert (NOVA University Lisbon)

The Declining Role of Deposits in Credit Creation

Naz Koont (Stanford University)
Stefan Walz (Boston College)

Discussant: William Diamond (University of Pennsylvania)

Bank to Non-Bank Lending and the Reallocation of Credit

Jian Li (Columbia University)
Yiming Ma (Columbia University)
Dominik Supera (Columbia University)
Caterina Mendicino (European Central Bank)

Discussant: Gregory Buchak (Stanford University)

Interest-Rate Fee Substitution: Credit Facilitation in Segmented Markets

Joao Cocco (London Business School)
S. lakshmi Naaraayanan (London Business School)
Jagdish Tripathy (Bank of England)

Discussant: Adam Jorring (University of Massachusetts)

Session: Real Abatement: Markets, Disclosure, and Climate Policy Design

Session Chair: Kai Li (Tsinghua University)

Valuing Local Climate Policy: Evidence from Firm Behavior and Financial Markets

Joanna Harris Murphy (Emory University)

Discussant: Sehoon Kim (University of Florida)

Environmental Disclosures in Global Supply Chains

Christian Opp (University of Rochester)
Xingtan Zhang (Cheung Kong Graduate School of Business)

Discussant: Mariano Croce (Bocconi University)

The Value of Compliance Carbon Offsets in Cap-and-Trade Markets

Aymeric Bellon (University of North Carolina-Chapel Hill)
Deeksha Gupta (Johns Hopkins University)
Tarun Ramadorai (Imperial College London)
Federica Zeni (Swiss Finance Institute)

Discussant: Zhimin Chen (Nanyang Technological University)

Sustainable Investing with Real-Asset Trades: Incentives to Own and Transform Pollutive Assets

Felipe Verastegui (Columbia University)
Agostino Capponi (Columbia University)
Jay Sethuraman (Columbia University)

Discussant: Olivier Darmouni (Columbia University)

Session: Decentralized and Onchain Finance

Session Chair: Lin William Cong (Nanyang Technological University)

Natural Centralization in Decentralized Finance

Pablo Azar (Federal Reserve Bank of New York)
Adrian Casillas (New York University)
Maryam Farboodi (Massachusetts Institute of Technology)

Discussant: Zhiguo He (Stanford University)

Automated Market Making with Continuity: Liquidity, Price Discovery, and Adverse Selection

Cesare Fracassi (University of Texas-Austin)
Thomas George (University of Houston)
Moazzam Khoja (University of Texas-San Antonio)

Discussant: Ciamac Moallemi (Columbia University)

When Bricks Meet Bytes: Does Tokenisation Fill Gaps in Traditional Real Estate Markets?

Giulio Cornelli (Bank for International Settlements)

Discussant: Jillian Grennan (Emory University)

Meme-Driven Gamification

Donghwa Shin (University of North Carolina-Chapel Hill)
Chuyi Sun (Stevens Institute of Technology)
Baolian Wang (University of Florida)

Discussant: Gideon Saar (Cornell University)

Session: Costs of Climate Finance

Session Chair: Kelly Shue (Yale University)

It’s not easy being green

Jonathan Brogaard (University of Utah)
Nataliya Gerasimova (BI Norwegian Business School)
Daniel Kim (University of Waterloo)
Maximilian Rohrer (Norwegian School of Economics)

Discussant: Julian Koelbel (University of St. Gallen)

Climate Policy Abroad, Emissions at Home: Pollution Reshoring by U.S. Multinationals

Jing He (Renmin University of China)
Vojislav Maksimovic (University of Maryland)
Daxuan Zhao (Renmin University of China)

Discussant: Ian Appel (University of Virginia)

Biodiversity Impacts of Renewable Energy

Haozhou Gong (The University of Hong Kong)
Chen Lin (The University of Hong Kong)
Zacharias Sautner (University of Zurich)
Thomas Schmid (The University of Hong Kong)

Discussant: Andrew Karolyi (Cornell University)

Capital Allocation, Operational Efficiency, and Emissions: The Real Effects of ESG Divestment

Johannes Klausmann (University of Houston)
Marco Ceccarelli (Vrije Universiteit Amsterdam)
Christoph Herpfer (University of Virginia)

Discussant: Sophie Shive (University of Notre Dame)

Session: New Frontiers in Asset Pricing: Predictability, Production, and Valuation

Session Chair: Liyan Yang (University of Toronto)

A Market-Based Cost of Capital

Niels Gormsen (Copenhagen Business School)
Kilian Huber (University of Chicago)
Theis Jensen (Yale University)

Discussant: Winston Dou (University of Pennsylvania)

Payout-Based Asset Pricing

Andrei Goncalves (Ohio State University)
Andreas Stathopoulos (University of North Carolina-Chapel Hill)

Discussant: Frederico Belo (INSEAD)

Global Production Networks and Asset Prices

Teodor Dyakov (EDHEC Business School)
Hao Jiang (Michigan State University)

Discussant: Lin Peng (CUNY-Baruch College)

Beyond First-Order Bias in Predictive Regressions: Estimation, Inference, and Return Predictability

Liang Jiang (Fudan University)
Ron Kaniel (University of Rochester)
Yayi Yan (Shanghai University of Finance and Economics)
Jun Yu (Singapore Management University)

Discussant: David Rapach (Federal Reserve Bank of Atlanta)

Session: Real Effects of Bank Lending

Session Chair: Richard Thakor (University of Minnesota)

Banks, Firms, and Households: Credit Shock Amplification and Real Effects

Cedric Huylebroek (KU Leuven)
Jin Cao (Norges Bank)

Discussant: Anjan Thakor (Washington University in St. Louis)

Bank Specialization within Production Networks

Olivier De Jonghe (National Bank of Belgium)
Yushi Peng (Tilburg University)
Tong Zhao (KU Leuven)

Discussant: Indraneel Chakraborty (University of Miami)

On the Tradeoffs between Interest Rates and Haircuts of Lending Facilities

Anil Kashyap (University of Chicago)
Antonis Kotidis (Federal Reserve Board)
Alexandros Vardoulakis (Federal Reserve Board)

Discussant: Itay Goldstein (University of Pennsylvania)

Tracing the Trajectory of Financial Development and Consumption Dynamics: Evidence from the United States

Kim Cramer (London School of Economics and Political Science)
Nishant Vats (Washington University in St. Louis)
Michael Weber (Purdue University)

Discussant: Emil Verner (Massachusetts Institute of Technology)

Session: Cross-section of Returns: Structure and Interpretability in High-Dimensional Models

Session Chair: Andrea Tamoni (University of Notre Dame)

Compute, Complexity, and the Scaling Laws of Return Predictability

Allan Timmermann (University of California-San Diego)
Luka Vulicevic (University of California-San Diego)

Discussant: Yuan Zhang (Shanghai University of Finance and Economics)

Schrödinger's Sparsity in the Cross Section of Stock Returns

Doron Avramov (Reichman University)
Guanhao Feng (City University of Hong Kong)
Jingyu He (City University of Hong Kong)
Shuhua Xiao (City University of Hong Kong)

Discussant: Seth Pruitt (Arizona State University)

Factor Identity

Jiantao Huang (The University of Hong Kong)
Christian Julliard (London School of Economics and Political Science)
Ran Shi (University of Colorado-Boulder)

Discussant: Andrew Chen (Federal Reserve Board)

Session: Artificial Intelligence, Incentives, and Organizational Distortions

Session Chair: Nadya Malenko (Boston College)

Artificial Intelligence Investments and Expertise Erosion

Pierre Chaigneau (Queen's University, Kingston)
Evan Jo (Queen's University, Kingston)

Discussant: Ernst Maug (University of Mannheim)

When Corporate AI Adoption Backfires

Joanne Chen (Boston University)
Brandon Yueyang Han (University of Maryland)

Discussant: Jing Huang (Texas A&M University)

Artificial Intelligence in the Boardroom

Daniel Ferreira (London School of Economics and Political Science)
Jin Li (The University of Hong Kong)

Discussant: George Nurisso (University of Florida)

Session: Evolution of Market Risk

Session Chair: Jialin Yu (Hong Kong University of Science and Technology)

Actively Passive: The Rise of Market Volatility

Lars Lochstoer (University of California-Los Angeles)
Tyler Muir (University of California-Los Angeles)

Discussant: Itzhak Ben-David (Ohio State University)

A Brief History of Financial Risk

Samuel Hartzmark (Boston College)
David Solomon (Boston College)

Discussant: Rajnish Mehra (Arizona State University)

Limits To (Machine) Learning

Zhimin Chen (Nanyang Technological University)
Bryan Kelly (Yale University)
Semyon Malamud (Swiss Federal Institute of Technology Lausanne)

Discussant: Carter Davis (Ohio State University)

Exogenous Stress and Runs on Perpetual Futures: A Global Games Approach

Ravi Joshi (Lamar University)
Don Chance (Louisiana State University-Baton Rouge)

Discussant: Yizhou Xiao (Chinese University of Hong Kong)

Session: Real Estate and Housing Finance

Session Chair: Jacob Sagi (University of North Carolina-Chapel Hill)

Household Migration and Collateral Constraint: Cash-based Housing Resettlement in China

Zhiguo He (Stanford University)
Yang Su (Chinese University of Hong Kong)
Xinle Pang (University of Buffalo)
Zehao Liu (Renmin University of China)
Kunru Zou (Hong Kong Baptist University)

Discussant: Michael Sockin (University of Texas-Austin)

Enforcement Risk and Screening in Rental Markets: Evidence from Eviction Moratoria

Alina Arefeva (University of Wisconsin-Madison)
Qihui Hu (Carnegie Mellon University)
Kay Jowers (Duke University)
Christopher Timmins (University of Wisconsin-Madison)

Discussant: Franklin Qian (University of North Carolina-Chapel Hill)

Homeownership and Entrepreneurship: Evidence from a Brazilian Housing Lottery

Murillo Campello (University of Florida)
Guilherme Junqueira (University of Florida)
Changcheng Song (University of Florida)

Discussant: Felipe Severino (Dartmouth College)

Property Tax Limitations, Covariance Risk, and Mortgage Distress

Sebastien Bradley (Drexel University)
Da Huang (Northeastern University)
Nathan Seegert (Northeastern University)

Discussant: Kenneth Ahern (University of Southern California)

Session: Entrepreneurial Finance/Venture Capital

Session Chair: Michael Ewens (Columbia University)

Venture Capital Cycles and the Startup Labor Market

Jessica Bai (Georgetown University)

Discussant: Jessica Jeffers (HEC - Paris)

The Impact of Patient Capital

Yingxiang Li (City University of Hong Kong)
Tong Liu (Massachusetts Institute of Technology)
Ting Xu (University of Toronto)

Discussant: Johan Cassel Pegelow (Vanderbilt University)

Prompted to Start: How Generative AI is Transforming Entrepreneurship

Bo Bian (University of British Columbia)
Jan Bena (University of British Columbia)
Mariassunta Giannetti (Stockholm School of Economics)

Discussant: Maxime Bonelli (London Business School)

Anatomy of a VC Boom: A Theory of Skills and Bargaining Power

Hyun Joong Kim (University of Southern Denmark)
Christopher Yung (University of Virginia)

Discussant: Naveen Khanna (Michigan State University)

Session: Asset Pricing: Climate / Sustainability ESG

Session Chair: Stefano Giglio (Yale University)

Climate Risk Pricing

Nicolae Garleanu (Washington University in St. Louis)
Lasse Pedersen (Copenhagen Business School)

Discussant: Lubos Pastor (University of Chicago)

Catastrophe and Corporate Bonds: A Unified Approach to Pricing Natural Disaster Risks

Robert Jarrow (Cornell University)
Sujan Lamichhane (International Monetary Fund)

Discussant: Sumudu Watugala (Indiana University)

Sustainability Risk Premium: Evidence from Sustainability-linked Bonds

Junxiong Gao (Shanghai Advanced Institute of Finance)
Laura Starks (University of Texas-Austin)
Haoyue Wang (Shanghai Jiao Tong University)
Hong Yan (Shanghai Advanced Institute of Finance)

Discussant: Daniel Garrett (University of Pennsylvania)

Legislator Tweets About the Green Transition and the Returns of Green versus Brown Stocks

Victor Demiguel (London Business School)
Javier Gil-Bazo (Pompeu Fabra University)
Milind Goel (London Business School)

Discussant: Martijn Boons (NOVA University Lisbon)

Session: Fixed Income

Session Chair: Jules Van Binsbergen (University of Pennsylvania)

Model-Based Cross-Section Factors in Corporate Bonds

Zhe Geng (Fudan University)
Jun Pan (Shanghai Jiao Tong University)

Discussant: Hui Chen (Massachusetts Institute of Technology)

Downside Risk and the Cross-section of Corporate Bond Returns

Ricardo Lopez A. (Syracuse University)
Patrick Augustin (McGill University)
Roméo Tédongap (ESSEC Business School)
Linxiao Francis Cong (McGill University)

Discussant: Yoshio Nozawa (University of Toronto)

Breaking the Tension: Almost Affine Term Structure Models with Stochastic Volatility

Anh Le (Pennsylvania State University)
Scott Joslin (University of Southern California)

Discussant: Gregory Duffee (Johns Hopkins University)

Understanding Corporate Bond Excess Returns

Liyuan Cui (City University of Hong Kong)
Xiaomeng Lu (Fudan University)
Zhaogang Song (Johns Hopkins University)

Discussant: Cesare Robotti (University of Warwick)

Session: Household Finance in the Age of Private Markets and AI

Session Chair: Alberto Rossi (Georgetown University)

Democratizing Private Markets? Private Equity Performance of Individual Investors

Cynthia Balloch (London School of Economics and Political Science)
Federico Mainardi (Columbia University)
Simon Oh (Columbia University)
Petra Vokata (Ohio State University)

Discussant: Emil Siriwardane (Harvard University)

AI Financial Advice: Supply, Demand, and Life Cycle Implications

Taha Choukhmane (Massachusetts Institute of Technology)
Tim de Silva (Massachusetts Institute of Technology)
Weidong Lin (Massachusetts Institute of Technology)
Matthew Akuzawa (Massachusetts Institute of Technology)

Discussant: Sylvain Catherine (University of Pennsylvania)

Facing Default?

Pranav Garg (Yale University)
Marius Guenzel (University of Pennsylvania)
Shimon Kogan (University of Pennsylvania)
Marina Niessner (Indiana University)
Kelly Shue (Yale University)

Discussant: Francesco D'Acunto (Georgetown University)

Session: Corporate Governance (Executive compensation)

Session Chair: Anh Tran (City University of London)

The Value of Non-Value-Maximizing Managers

Pierre Chaigneau (Queen's University, Kingston)
Alex Edmans (London Business School)
Nicolas Sahuguet (HEC - Montréal)

Discussant: Paolo Volpin (Drexel University)

Trade Associations and Shared Industry Governance

Felipe Cabezon (Virginia Polytechnic Institute and State University)
Gerard Hoberg (University of Southern California)
Ekaterina Neretina (Bocconi University)

Discussant: Ana Albuquerque (Boston University)

Implicit versus Explicit Contracting in Executive Compensation for Environmental and Social Performance

Roni Michaely (The University of Hong Kong)
Thomas Schmid (The University of Hong Kong)
Menghan Wang (The University of Hong Kong)

Discussant: Ingolf Dittmann (Erasmus University Rotterdam)

When the Tax Break Breaks: CEO Pay and Turnover Following TCJA

Ilona Babenko (Arizona State University)
Benjamin Bennett (Texas Christian University)
Dragana Cvijanovic (Cornell University)

Discussant: Charles McClure (University of Chicago)

Session: Disclosure, Price Formation, and Real Effects

Session Chair: Brett Green (Washington University in St. Louis)

The Value of Silence: Voluntary Disclosure, Market Feedback, and Investment Efficiency

Rishabh Aggarwal (Indian School of Business)
Irina Luneva (New York University)

Discussant: Jeremy Bertomeu (Washington University in St. Louis)

Disclosing Share Repurchase More Frequently?

Mao Ye (Cornell University)
Feng Zhang (Southern Methodist University)
Jason Zou (Cornell University)

Discussant: Alice Bonaime (University of Arizona)

Public Information and the Securities Lending Market

Snehal Banerjee (University of Michigan)
Kevin Smith (Stanford University)

Discussant: Ron Kaniel (University of Rochester)

Session: Firms, Government Contracts, and Politics

Session Chair: Julien Sauvagnat (Bocconi University)

Is Government Spending Wasteful? Evidence from Private Equity

Nickolay Gantchev (University of Virginia)
Oleg Gredil (Tulane University)
Constantine Yannelis (University of Cambridge)

Discussant: Aymeric Bellon (University of North Carolina-Chapel Hill)

Kamikazes in Public Procurements: Bid-Rigging and Real Non-Market Outcomes

Dimas Fazio (National University of Singapore)
Alminas Zaldokas (National University of Singapore)

Discussant: Ben Charoenwong (INSEAD)

Firms as Electoral Monopsonies

Carlos Avenancio-Leon (University of California-San Diego)
Adelina Barbalau (University of Alberta)
Cyndi Hou (Indiana University)
Alessio Piccolo (Indiana University)

Discussant: S. lakshmi Naaraayanan (London Business School)

Session: Capital Structure

Session Chair: Ilya Strebulaev (Stanford University)

Does Fund Size Affect Private Equity Performance? Evidence from Donations to Private Universities

Abhishek Bhardwaj (Tulane University)
Abhinav Gupta (University of North Carolina-Chapel Hill)
Sabrina Howell (New York University)
Kyle Zimmerschied (University of Arkansas)

Discussant: Rustam Abuzov (University of Virginia)

Who Survives in Private Credit? The Role of Private Equity Experience

Shuwen Wang (Columbia University)
Vyacheslav Fos (Boston College)

Discussant: Sergey Chernenko (Purdue University)

Strategic Capital Deployment in Private Equity

Richard Maxwell (University of Virginia)

Discussant: Joshua Lerner (Harvard University)

Cash or Stock? Agency Frictions in Venture Capital Distributions

Minmo Gahng (Cornell University)

Discussant: Ayako Yasuda (University of California-Davis)

Session: ETFs AND Hedge Funds

Session Chair: Matthew Ringgenberg (University of Utah)

Underlying Valuation Uncertainty, Strategic ETF Creation and Pricing Efficiency

Alan Huang (University of Waterloo)
Russell Wermers (University of Maryland)
Jinming Xue (Southern Methodist University)
Alex Zhou (Southern Methodist University)

Discussant: Caitlin Dannhauser (Villanova University)

When Does Active Trading Pay?

George Aragon (Arizona State University)
Maziar Kazemi (Arizona State University)
Xiaohui Yang (Fairleigh Dickinson University)

Discussant: Alan Crane (Rice University)

The Longs and Shorts of Hedge Funds

Alan Kwan (The University of Hong Kong)
Po-Yu Liu (National Taiwan University)
Yukun Liu (University of Rochester)

Discussant: Aleksandra Rzeznik (York University)

The Impact of Active Managers on the Pricing of Underlying Assets in ETFs

Charles Trzcinka (Indiana University)
Ziwei Zhao (HEC - Lausanne)

Discussant: Anna Helmke (Vanderbilt University)

Session: Market Microstructure

Session Chair: Mao Ye (Cornell University)

Competition and Privacy in Off-Market Trading

Markus Baldauf (University of British Columbia)
Joshua Mollner (University of Illinois)
Basil Williams (Imperial College London)

Discussant: Thomas Ernst (University of Maryland)

Brokerage Commissions and Trading Volume: Lessons from the 20th Century

Valeria Fedyk (Arizona State University)
Rawley Heimer (Arizona State University)

Discussant: Gregory Eaton (University of Georgia)

Trading Relationships in FX Derivatives: Lessons From Credit Suisse's Collapse

Gerardo Ferrara (Bank of England)
Helene Hall (Harvard University)

Discussant: Norman Schuerhoff (University of Lausanne)

Latency and the Look-Ahead Bias in Trade and Quote Data

Robert Battalio (University of Notre Dame)
Craig Holden (Indiana University)
Matthew Pierson (Wharton Research Data Services)
John Shim (University of Notre Dame)
Jun Wu (University of Pennsylvania)

Discussant: Sunil Wahal (Arizona State University)

Session: Cross-Border Capital Flows, Hedging, and Market Dynamics

Session Chair: Riccardo Colacito (University of North Carolina-Chapel Hill)

Dollar and Carry Redux

Sining Liu (Soochow University)
Thomas Maurer (EDHEC Business School)
Andrea Vedolin (Boston University)
Yaoyuan Zhang (University of Manchester)

Discussant: Nikolai Roussanov (University of Pennsylvania)

Financial Hedging and Optimal Currency of Invoicing

Oliver Xie (Stanford University)

Discussant: Oleg Itskhoki (Harvard University)

When Funding Markets Move Credit Markets: Foreign Investors and U.S. CLOs

Shohini Kundu (University of California-Los Angeles)
Amy Huber (University of Pennsylvania)

Discussant: Pasquale Della corte (London University)

Homemade Foreign Trading

Zhiguo He (Stanford University)
Yuehan Wang (Central University of Finance and Economics)
Xiaoquan Zhu (University of International Business and Economics)

Discussant: Andrew Karolyi (Cornell University)

Session: Raising Capital (including IPOs/SEOs)

Session Chair: Matt Gustafson (Pennsylvania State University)

Financing via Partially Liquid Tokens

Dan Luo (Chinese University of Hong Kong)
Evgeny Lyandres (Tel Aviv University)
Yizhou Xiao (Chinese University of Hong Kong)

Discussant: Yang You (The University of Hong Kong)

Coveting your neighbor’s worker: IPOs, talent reallocation, and innovation

Cyrus Aghamolla (Rice University)
Minjia Li (University of Alberta)
Richard Thakor (University of Minnesota)

Discussant: Kevin Pisciotta (University of Kansas)

Superstar Founders

Andrea Eisfeldt (University of California-Los Angeles)
Aria Liu (University of California-Los Angeles)
Yu Shi (Nankai University)

Discussant: Michelle Lowry (Drexel University)

Session: Artificial Intelligence, Innovation, and Entry

Session Chair: Tania Babina (University of Maryland)

AI and Productivity: The Role of Innovation

Viral Acharya (New York University)
Xuehua Shao (University of New South Wales)
Zhaoxia Xu (University of New South Wales)

Discussant: Salome Baslandze (Federal Reserve Bank of Atlanta)

When AI Meets Entrepreneurship: Evidence from the Commercialization of ChatGPT

Edoardo Marchesi (Loyola University Chicago)
Sixun Tang (University of Chicago)

Discussant: Bo Bian (University of British Columbia)

Intellectual Property Protection for AI-Generated Output

Robin Dottling (Erasmus University Rotterdam)
Logan Emery (Erasmus University Rotterdam)
Shuo Zhao (Erasmus University Rotterdam)

Discussant: Joshua Gans (University of Toronto)

Physical AI Innovation

Adair Morse (University of California-Berkeley)
Amrita Nain (University of Iowa)

Discussant: Mark Chen (Georgia State University)

Session: Behavioral Asset Pricing

Session Chair: Dong Lou (London School of Economics and Political Science)

Selective Recall and the Story-Statistics Gap in Stock Market Misreaction

Weiting Hong (Yale University)

Discussant: Lauren Cohen (Harvard University)

Price Agnostic Demand

Samuel Hartzmark (Boston College)
Abigail Sussman (University of Chicago)

Discussant: James Choi (Yale University)

Adaptive Heuristics in Stock Selection

Byoung-Hyoun Hwang (Nanyang Technological University)
Don Noh (Hong Kong University of Science and Technology)
Sean Shin (Korea Advanced Institute of Science and Technology)

Discussant: Lawrence Jin (Cornell University)

It’s a Small World: Social Ties, Comovements, and Predictable Returns

Lin Peng (CUNY-Baruch College)
Sheridan Titman (University of Texas-Austin)
Muhammed Yönaç (Seton Hall University)
Dexin Zhou (CUNY-Baruch College)

Discussant: Shiyang Huang (The University of Hong Kong)

Session: Macro Finance

Session Chair: Hui Chen (Massachusetts Institute of Technology)

Risk Premia, Limited Firm Insurance, and Heterogeneous Earnings Risk

Maarten Meeuwis (Washington University in St. Louis)
Dimitris Papanikolaou (Northwestern University)
Lawrence Schmidt (Massachusetts Institute of Technology)

Discussant: Indrajit Mitra (Federal Reserve Bank of Atlanta)

Institutional Asset Pricing with Segmentation and Household Heterogeneity

Goutham Gopalakrishna (University of Toronto)
Jonathan Payne (Princeton University)
Zhouzhou Gu (Princeton University)

Discussant: Vadim Elenev (Johns Hopkins University)

Investor Composition, Bond Liquidity, and Labor Market

Xiaoji Lin (University of Minnesota)
Runhuan Wang (University of Oxford)
Lin Xie (University of Minnesota)
Yucheng Yang (University of Zurich)

Discussant: Lukas Schmid (University of Southern California)

Sticky Discount Rates

Masao Fukui (Boston University)
Niels Gormsen (Copenhagen Business School)
Kilian Huber (University of Chicago)

Discussant: Aditya Sunderam (Harvard University)

Session: Behavioral Corporate Finance

Session Chair: Ryan Israelsen (Michigan State University)

Does Corporate Production of AI Innovation Create Value?

Ali Ahmadi (York University)
Ambrus Kecskés (York University)
Roni Michaely (The University of Hong Kong)
Phuong-Anh Nguyen (York University)

Discussant: Caroline Genc (Michigan State University)

Behavioral Machine Learning? Regularization and Forecast Bias

Murray Frank (University of Minnesota)
Jing Gao (Peking University)
Keer Yang (University of California-Davis)

Echoes of Inflation: CEO Early-life Inflation Experience, Inflation Attention, and Corporate Decisions

Diego Garcia (University of Colorado-Boulder)
Chanik Jo (Chinese University of Hong Kong)
Michael Shin (California State University - Northridge)
Siyuan Wu (Chinese University of Hong Kong)

Discussant: Zhi Da (University of Notre Dame)

Session: Treasury Markets

Session Chair: Lukas Schmid (University of Southern California)

Treasury Supply Shocks: Propagation Through Debt Expansion and Maturity Adjustment

Huixin Bi (Federal Reserve Bank of Kansas City)
Maxime Phillot (Swiss National Bank)
Sarah Zubairy (Texas A&M University)

Discussant: Kristy Jansen (University of Southern California)

Government Bonds Supply Shocks

Michele Andreolli (Boston College)

Discussant: Walker Ray (Federal Reserve Bank of Chicago)

Treasury Buybacks

Yannis Cabossioras (Federal Reserve Board)
Julia Selgrad (University of Chicago)
Courtney Wiegand (University of Pennsylvania)

Discussant: Jonathan Wallen (Harvard University)

Quantitative Easing and Government Debt Sustainability

Wenhao Li (University of Southern California)
Sebastian Merkel (University of Bristol)

Discussant: Tim Landvoigt (University of Pennsylvania)

Session: Factor Models, Machine Learning, and Asset Pricing

Session Chair: Dacheng Xiu (University of Chicago)

Culling the Factor Zoo

Gurdip Bakshi (Temple University)
Timothy Christensen (Yale University)
John Crosby (Old Dominion University)
Xiaohui Gao (Temple University)

Discussant: Markus Pelger (Stanford University)

A Financial Brain Scan of the LLM

Antoine Didisheim (University of Melbourne)
Hui Chen (Massachusetts Institute of Technology)
Mo Pourmohammadi (Yale University)
Luciano Somoza (ESSEC Business School)
Hanqing Tian (University of Melbourne)

Discussant: Yuehua Tang (University of Florida)

Nonlinear Time Series Momentum

Tobias Moskowitz (Yale University)
Riccardo Sabbatucci (Stockholm School of Economics)
Andrea Tamoni (University of Notre Dame)
Björn Uhl (University of Hamburg)

Discussant: Christopher Polk (London School of Economics and Political Science)

Session: Geopolitical Risk and Asset Prices

Session Chair: Frederico Belo (INSEAD)

The Pricing of Geopolitical Tensions over a Century

Andrei Goncalves (Ohio State University)
Alessandro Melone (Ohio State University)
Andrea Ricciardi (Ohio State University)

Discussant: Gill Segal (University of North Carolina-Chapel Hill)

Pricing the Global Trade Vulnerability

Jiatao Liu (Xi'an Jiaotong-Liverpool University)
Jun Pan (Shanghai Jiao Tong University)

Discussant: Vladimir Smirnyagin (University of Virginia)

Ideological Customer Capital: Measurement and Asset Pricing Implications

Winston Dou (University of Pennsylvania)
Yan Ji (Hong Kong University of Science and Technology)
David Reibstein (University of Pennsylvania)
Di Tian (Hong Kong University of Science and Technology)

Discussant: Nancy Xu (University of Cambridge)

Session: Technology, Workforce Dynamics, and Productivity

Session Chair: Janet Gao (Georgetown University)

Firm Data on AI

Ivan Yotzov (Bank of England)
Jose Maria Barrero (Mexico's Autonomous Institute of Technology (ITAM))
Nicholas Bloom (Stanford University)
Philip Bunn (Bank of England)
Steven Davis (University of Chicago)
Kevin Foster (Federal Reserve Bank of Atlanta)
Aaron Jalca (Federal Reserve Bank of Atlanta)
Brent Meyer (Federal Reserve Bank of Atlanta)
Paul Mizen (University of Nottingham)
Michael Navarrete (Federal Reserve Bank of Atlanta)
Pawel Smietanka (Deutsche Bundesbank)
Gregory Thwaites (University of Nottingham)
Ben Zhe Wang (Macquarie University)

Discussant: Menaka Hampole (Yale University)

Foreign Geopolitical Risk and U.S. Firm Productivity: The Role of Immigrant Labor

Zhongling Qin (Auburn University)
Miao Zhang (University of Southern California)

Discussant: Liu Yang (University of Maryland)

Skill Mismatch over the Technology Life Cycle

Ashwini Agrawal (London School of Economics and Political Science)
Daniel Kim (University of Waterloo)

Discussant: Abhinav Gupta (University of North Carolina-Chapel Hill)

Generative AI and Entrepreneurship

Abhinav Gupta (University of North Carolina-Chapel Hill)
Franklin Qian (University of North Carolina-Chapel Hill)
Elena Simintzi (University of North Carolina-Chapel Hill)
Yifan Sun (University of Pennsylvania)

Discussant: Ting Xu (University of Toronto)

Session: Bank Competition and Funding

Session Chair: Ansgar Walther (University of Oxford)

Destebalizing Digital Bank Walks

Tano Santos (Columbia University)
Luigi Zingales (University of Chicago)
Naz Koont (Stanford University)

Discussant: Aditya Sunderam (Harvard University)

Banking on Inattention

Xu Lu (University of Washington)
Lingxuan Wu (New York University)

Discussant: Erica Jiang (University of California-Los Angeles)

How Do Banks Compete? Evidence from Advertising Videos

Allen Hu (University of British Columbia)
Song Ma (Yale University)
Xugan Chen (Yale University)

Staffing the Private Debt Boom: Skills, Talent, and Consequences

Victoria Ivashina (Harvard University)
Sophie-Dorothee Rotermund (Stockholm School of Economics)
Zachariah Wallace-Wright (University of Pennsylvania)

Discussant: Tetiana Davydiuk (Johns Hopkins University)

Session: Mergers and Acquisitions

Session Chair: Paige Ouimet (University of North Carolina-Chapel Hill)

Collaborate or Consolidate? A NLP Text-Mining Analysis of R&D Networks and M&A

Chih-Sheng Hsieh (National Taiwan University)
Michael König (Vrije Universiteit Amsterdam)
Gordon Phillips (Dartmouth College)
Jakob Rauch (Vrije Universiteit Amsterdam)

Discussant: Daisy Wang (University of Southern California)

Antitrust in the Age of Intellectual Property: Licensing, Merger Approval, and Product Prices

Ran Duchin (Boston College)
Yajie Sun (Chinese University of Hong Kong-Shenzhen)
Cong Wang (Chinese University of Hong Kong-Shenzhen)
Yabo Zhao (Chinese University of Hong Kong-Shenzhen)

Discussant: Jan Bena (University of British Columbia)

Regulating Profitability

Siqi Xue (Northwestern University)
Laura Lingyu Gu (University of Chicago)

Discussant: Janet Gao (Georgetown University)

Session: Private Equity and Private Credit Markets

Session Chair: Victoria Ivashina (Harvard University)

Liquid Claims on Illiquid Assets: The Economics of Retail Access to Private Markets

Michael Ewens (Columbia University)
Jacob Faber (Columbia University)

Discussant: Stefano Pegoraro (University of Notre Dame)

Selling to Yourself: Continuation Funds in Private Equity

Rustam Abuzov (University of Virginia)
Will Gornall (University of British Columbia)
Sophie Shive (University of Notre Dame)
Ilya Strebulaev (Stanford University)
Michael Weisbach (Ohio State University)

Discussant: Ludovic Phalippou (University of Oxford)

The Lending Technology of Direct Lenders in Private Credit

Young Soo Jang (Pennsylvania State University)
Dasol Kim (Office of Financial Research)
Amir Sufi (University of Chicago)

Discussant: Cecilia Parlatore (New York University)

Life Insurers Private Credit Investments and Annuity Market Share Capture

Ralf Meisenzahl (Federal Reserve Bank of Chicago)
Jackson Overpeck (Federal Reserve Bank of Chicago)
Andy Polacek (Federal Reserve Bank of Chicago)

Discussant: Simon Oh (Columbia University)

Session: Finance and Race

Session Chair: Rohan Williamson (Georgetown University)

Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market?

Xiang Li (Fordham University)

Discussant: Anya Kleymenova (Federal Reserve Board)

Wealth Accumulation in College Savings Accounts and Educational Opportunities

Alexey Vasilenko (Monash University)

Discussant: Constantine Yannelis (University of Cambridge)

Are Firms Sacrificing Flexibility for Diversity and Inclusion?

Hoa Briscoe-Tran (Monash University)

Discussant: Simon Glossner (Federal Reserve Board)

Session: Demand, Intermediation, and Risk in Asset Pricing

Session Chair: Martijn Boons (NOVA University Lisbon)

Option-Implied Risk Premia with Intertemporal Hedging

Fousseni Chabi-Yo (University of Massachusetts)
Elise Gourier (ESSEC Business School)
Hugues Langlois (Barclays)

Discussant: Ran Shi (University of Colorado-Boulder)

Market Makers and the Dynamics of Volatility Demand

Paola Pederzoli (University of Houston)
Kris Jacobs (University of Houston)
Anh thu Mai (University of Houston)

Discussant: Yoshio Nozawa (University of Toronto)

A Bound on Price Impact and Disagreement

Lorenzo Bretscher (University of Lausanne)
Philippe van der Beck (Harvard University)
Julie (Zhiyu) Fu (Washington University in St. Louis)

Discussant: Aditya Chaudhry (Ohio State University)

When Can Positive Return Autocorrelation Arise in Rational Expectations Models?

Wen Chen (Texas Tech University)
Albert Kyle (University of Maryland)
Yajun Wang (CUNY-Baruch College)

Discussant: Vincent Van kervel (Pontifical Catholic University of Chile)

Session: Bureaucrats and the Bottom Line

Session Chair: Eric Zwick (University of Chicago)

Lobbying Congress versus Agencies

Michelle Lowry (Drexel University)
Ekaterina Volkova (University of Melbourne)

Discussant: Marco Grotteria (London Business School)

A Dark Side to Experience? Firm Age and Uncertainty

Jim Goldman (McGill University)
Pablo Slutzky (Temple University)
Stefan Zeume (University of Illinois)

Discussant: Stephen Terry (Boston University)

Campaign Contributions and Pay-to-Play: Evidence from U.S. Health Insurers

Jingshu Wen (University of Oxford)
Tonglin Zhang (The University of Hong Kong)

Discussant: Cameron Ellis (University of Iowa)

Borders Bear the Brunt: State Environmental Review and Severed Agglomerations

Matt Gustafson (Pennsylvania State University)
Lubomir Litov (University of Oklahoma)
Bharat Raj Parajuli (Monash University)

Discussant: Joanna Harris Murphy (Emory University)

Session: Cryptoassets AND Digital Currencies

Session Chair: Baozhong Yang (Georgia State University)

Productivity Enables Security: The Economics of Blockchain Settlement

Campbell Harvey (Duke University)
Kose John (New York University)
Fahad Saleh (University of Florida)

Discussant: Ruizhe Jia (Stanford University)

Crypto ATMs: Material Effects of Virtual Currencies

Will Cong (Cornell University)
Tingyu Feng (University of Michigan)
Yican Liu (The University of Hong Kong)
Fangzhou Lu (The University of Hong Kong)

Discussant: Michaela Pagel (Washington University in St. Louis)

Non-native tokens and price discovery

Agostino Capponi (Columbia University)
Konstantin Sokolov (University of Memphis)
Jiang Zhang (University of St. Thomas)

Discussant: Jiasun Li (George Mason University)

Crypto Capture of Foreign Aid

Sumit Agarwal (National University of Singapore)
Peiyi Jin (National University of Singapore)
Eswar Prasad (Cornell University)
Daniel Rabetti (National University of Singapore)

Discussant: Kevin Mei (University of Texas-Austin)

Session: Machine Learning and AI - BK

Session Chair: Bryan Kelly (Yale University)

Can LLMs Discover Novel Economic Theories?

Alejandro Lopez-Lira (University of Florida)
Sina Seyfi (Aalto University)
Yuehua Tang (University of Florida)

Discussant: Mihail Velikov (Pennsylvania State University)

Autonomous Market Intelligence: Agentic AI Nowcasting Predicts Stock Returns

Darcy Pu (Peking University)
Zefeng Chen (Peking University)

Discussant: Theis Jensen (Yale University)

What Do Large Factor Models Learn? Self-Induced Regularization, Cost of Overfitting, and Self-Adaptivity

Xin Xiong (Massachusetts Institute of Technology)

Discussant: Shikun Ke (Yale University)

Do LLMs Make Markets More Efficient?

Runjing Lu (University of Toronto)
Luka Vulicevic (University of California-San Diego)
Yongxin Xu (Monash University)

Discussant: Winston Dou (University of Pennsylvania)

Session: Investment, Policy, and New Technologies

Session Chair: Kilian Huber (University of Chicago)

From Brains to Bits: Intangible Assets in the AI Era

Andrea Eisfeldt (University of California-Los Angeles)
Gregor Schubert (University of California-Los Angeles)

Discussant: Laura Veldkamp (Columbia University)

R&D Intensity, Uncertainty, and the Cross-Section of Investment

Nicolas Crouzet (Northwestern University)
Janice Eberly (Northwestern University)

Discussant: Howard Kung (London Business School)

Everything but the Interest Rate: Measuring Central Bank Interventions

Valentin Haddad (University of California-Los Angeles)
Tyler Muir (University of California-Los Angeles)

Discussant: Thomas Drechsel (University of Maryland)

Investment, Debt, and Taxes

John Graham (Duke University)
Hyunseob Kim (Federal Reserve Bank of Chicago)
Mark Leary (Washington University in St. Louis)
YoungJun Song (San Diego State University)

Discussant: Murray Frank (University of Minnesota)

Session: Future of Finance

Session Chair: Ulrike Malmendier (University of California-Berkeley)

Financial Regulation and AI: A Faustian Bargain?

Christopher Clayton (Yale University)
Antonio Coppola (Stanford University)

Populism and Monetary Policy Transmission

Nora Lamersdorf (BI Norwegian Business School)

Unbalanced Financial Globalization

Damien Capelle (International Monetary Fund)
Bruno Pellegrino (Columbia University)

The Security Dividend: US Military Power, Dollar Dominance and Global Stability

Sun Yong Kim (Fordham University)

Session: Asset Pricing: Monetary Policy and Markets

Session Chair: Howard Kung (London Business School)

FCI-star

Ricardo Caballero (Massachusetts Institute of Technology)
Tomas Caravello (Massachusetts Institute of Technology)
Alp Simsek (Yale University)

Discussant: Quentin Vandeweyer (University of Chicago)

Beliefs About Government Debt Valuation and Sustainability

Wenhao Li (University of Southern California)
Ricardo Delao (University of Southern California)

Discussant: Alexandre Corhay (University of Toronto)

A Model of U.S. Monetary Policy and the Global Financial Cycle

Rohan Kekre (University of California-Berkeley)
Moritz Lenel (Princeton University)

Discussant: David Zeke (Federal Reserve Board)

Reaching for Beta

Egemen Genc (University of Illinois-Chicago)
Emanuel Moench (Frankfurt School of Finance and Management)
Altan Pazarbasi (Frankfurt School of Finance and Management)

Discussant: Julia Selgrad (University of Chicago)

Session: Options and Commodities

Session Chair: Dmitriy Muravyev (University of Illinois)

Commodity Risk Premiums Everywhere

Xiao Qiao (City University of Hong Kong)
K. geert Rouwenhorst (Yale University)

Discussant: Fahiz Baba Yara (Indiana University)

Recovery Theory in a Nonstationary Economy

Steven Heston (University of Maryland)
Kris Jacobs (University of Houston)
Fernando Soares (London School of Economics and Political Science)

Discussant: David Schreindorfer (Michigan State University)

The Volatility Smile of Expected Returns

Tobias Sichert (Stockholm School of Economics)
Adrien d'Avernas (Stockholm School of Economics)
Christian Schlag (Goethe University Frankfurt)
Martin Waibel (Stockholm School of Economics)
Chunjie Wang (Stockholm School of Economics)

Discussant: Neil Pearson (University of Illinois)

Intraday pricing and mispricing of short-maturity SPX options

Christian Dorion (HEC - Montréal)
Piotr Orłowski (HEC - Montréal)
Yuhan Song (HEC - Montréal)

Discussant: Caio Almeida (Princeton University)

Session: Corporate Governance: Who monitors?

Session Chair: Martin Schmalz (University of Oxford)

The Governance Role of Investor Communications: Evidence from a Field Experiment

Chen Xu (City University of London)
Jing Xie (University of Macau)
Bohui Zhang (Chinese University of Hong Kong-Shenzhen)
Xiaofeng Zhao (Lingnan University)

Discussant: Joshua White (Vanderbilt University)

Fragmentation of Shareholder Power

Andrey Malenko (Boston College)
Nadya Malenko (Boston College)
Anton Tsoy (University of Toronto)

Discussant: Irene Yi (University of Toronto)

Control Rights or Wrongs? Active versus Index Governance

David Musto (University of Pennsylvania)
Anne Tucker (University of Georgia)
Begum Ipek Yavuz (McGill University)

Discussant: Tove Forsbacka (Norwegian School of Economics)

Corporate Governance by Workers

Anthony lee Zhang (University of Chicago)
Hongda Zhong (University of Texas-Dallas)

Discussant: Liyan Yang (University of Toronto)

Session: Social Influence and Networks

Session Chair: William Mullins (University of California-San Diego)

THE EXTERNALITIES OF CORPORATE POLITICAL CONNECTIONS: EVIDENCE FROM THE SUPPLY CHAIN

Hung-chia Hsu (University of Arkansas)
Mara Faccio (Purdue University)

Discussant: Marco Grotteria (London Business School)

Unreadable Political Trades

Ziming Dong (University of California-Irvine)
Nancy Xu (University of Cambridge)
Xiaoyun Yu (Shanghai Advanced Institute of Finance)

Discussant: Max Miller (Harvard University)

Earnings Calls and Echo Chambers: Evidence from the Introduction of Livestreaming on StockTwits

Clifton Green (Emory University)
Jeroen Koenraadt (London School of Economics and Political Science)
Stanimir Markov (University of Texas-Dallas)
Jedson Pinto (University of Texas-Dallas)

Discussant: Byoung-Hyoun Hwang (Nanyang Technological University)

Session: Mutual Funds: Performance and Flows

Session Chair: George Aragon (Arizona State University)

Same Dollar, Different Impact: Investor Flows are Not Equally Price-Moving

Shiyang Huang (The University of Hong Kong)
Ruiqing Hu (The University of Hong Kong)
Yang Song (University of Washington)
Hong Xiang (Hong Kong Polytechnic University)

Discussant: Itay Goldstein (University of Pennsylvania)

Who Stays, Who Switches: Tax Frictions and the Shift from Mutual Funds

Jessica Goldenring (University of Colorado-Boulder)

Discussant: Jeffrey Pontiff (Boston College)

Credit Where It's Not Due: Misbenchmarking by Active Bond Funds

Caitlin Dannhauser (Villanova University)
Michele Dathan (Federal Reserve Board)
Michael Young (University of Missouri)
Qifei Zhu (National University of Singapore)

Discussant: Lauren Cohen (Harvard University)

Rethinking Mutual Fund Performance: From Traditional Alpha to Achievable Alpha

Victor Demiguel (London Business School)
Alberto Martin-Utrera (Iowa State University)
Raman Uppal (EDHEC Business School)

Discussant: Scott Cederburg (University of Arizona)

Session: Financial Intermediation: Household Finance

Session Chair: Taylor Nadauld (Brigham Young University)

Self-Control and Commitment in Consumer Credit Markets

Ke Shi (Shanghai Jiao Tong University)
Yi Xin (California Institute of Technology)

Discussant: Sheisha Kulkarni (University of Virginia)

Paying More, Expecting the Same: Supply Shocks, Household Consumption, and Inflation Beliefs

Leandro Sanz (University of Notre Dame)
Paul Decaire (Arizona State University)
Felix Meyerinck (University of Zurich)
Michael Weber (Purdue University)
Michael Wittry (Ohio State University)

Discussant: Leslie Sheng Shen (Federal Reserve Bank of Boston)

Economic Opportunity Costs: Banking Access and Educational (Dis)Investment

Sumit Agarwal (National University of Singapore)
Yuqi Chang (National University of Singapore)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Arkodipta Sarkar (National University of Singapore)

Discussant: Constantine Yannelis (University of Cambridge)

Copayments and the Value of Health Insurance: Experimental Evidence from Uganda

Kim Cramer (London School of Economics and Political Science)
Jack Willis (Columbia University)
Lorenzo Casaburi (University of Zurich)

Discussant: Raymond Kluender (Harvard University)

Session: Corporate Investment and Firm Dynamics

Session Chair: Xiaoji Lin (University of Minnesota)

Intangible Intensity

Andrea Eisfeldt (University of California-Los Angeles)
Barney Hartman-glaser (University of California-Los Angeles)
Edward Kim (University of Michigan)
Ki Beom Lee (California State University - Los Angeles)

Discussant: Michael Ewens (Columbia University)

What Drives Corporate Savings

Nan Chen (Chinese University of Hong Kong)
Xavier Giroud (Columbia University)
Ling Qin (ShanghaiTech University)
Neng Wang (Columbia University)

Discussant: Winston Dou (University of Pennsylvania)

Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction

Kevin Aretz (University of Manchester)
Murillo Campello (University of Florida)
Gaurav Kankanhalli (University of Pittsburgh)
Kevin Schneider (University of Oxford)

Discussant: Matteo Crosignani (Federal Reserve Board)

Session: Climate Finance: Frictions and Distortions

Session Chair: Jawad Addoum (Cornell University)

When climate-risk disclosures reduce green investment and welfare

Snehal Banerjee (University of Michigan)
Filipp Prokopev (University of Michigan)

Discussant: Deeksha Gupta (Johns Hopkins University)

Objective vs. Perceived Corporate Greenness: Do Individuals Understand Corporate Sustainability Information?

Kornelia Fabisik (University of Bern)
Sebastian Rink (Frankfurt School of Finance and Management)

Discussant: Da Ke (University of South Carolina-Columbia)

Doing Good, Investing Less? Substitutability between Digital Climate Effort and Green Investment

Celine Fei (University of Mannheim)
Michele Bisceglia (Toulouse School of Economics)
Sanxi Li (Renmin University of China)

Discussant: Paul Smeets (University of Amsterdam)