Special Sessions & Events
PhD Poster Session
Saturday, Jan 03 | 7:00 am - 6:00 pm EDT
Session: AFA PhD Student Poster Session
Location: Millennium Hall
Session Chair: Sydney Ludvigson (New York University)
Show poster details
(Don’t) Go Woke, Go Broke? An Analysis of Public Pension Plan Investment Restrictions
Madison Borrelli (University of Central Florida)
AI and Demand-Based Option Listings
Yizhen Xie (Carnegie Mellon University)
AI Washing
Boyuan Li (University of Florida)
Ample Reserves for Whom? The Role of Foreign Banks in U.S. Monetary Policy Implementation
Junko Oguri (Northwestern University)
Crisitoforo Pizzimenti (Northwestern University)
Are Carbon Offset Projects an Effective Vehicle for Carbon Emission Reduction?
Zirui Wang (University of Texas-Austin)
Are GFC-era Foreclosures Continuing to Affect Housing Markets?
Prateek Mahajan (University of Texas-Austin)
Conor McKinley (University of Texas)
Donal O Cofaigh (University of Texas-Austin)
Artificial Intelligence, Opportunity, and Regulatory Uncertainty: Implications for Asset Pricing
Kris Shen (Ohio State University)
Asymmetric Labor Income Risk: Implications for Risk-Taking in Financial Markets
Tai Lo Yeung (University of Lugano)
Avoiding the Premium on the Premium? Self-funded Health Benefit Plans and Corporate Financial Decisions
Haolin Wu (University of Minnesota)
Awkward silence: Is manager hesitation informative?
Umit Kurucak (University of Texas-Dallas)
Bailouts, Bank Regulation and Risk-Taking: A General-Equilibrium Exposition
Luigi Falasconi (University of Pennsylvania)
Behavioral Cross-Selling: Evidence from Retail Credit Cards
Sarah Robinson (Harvard University)
Dominic Russel (Harvard University)
Claire Shi (Harvard University)
Belief Distortions and Unemployment Fluctuations
Do Lee (New York University)
Beyond the Headlines: Measuring Monetary Policy Uncertainty from Bank Earnings Calls
Pablo Pastor y Camarasa (Ghent University)
Board Diversity and the Career Progression of Women
Anushri Jain (Washington University in St. Louis)
Rana Mohie El Din (Washington University in St. Louis)
Breaking the Bond: The Effect of Banker Turnover on Municipal Bonds
Natalia Boreyko (University of Michigan)
Can investor coalitions drive corporate climate action?
Nikolaus Hastreiter (London School of Economics and Political Science)
Clearing the Murky Waters: The First Analyst Recommendations and Retail Trading Costs
Wendi Wu (University of Oregon)
Climate Disclosure: Theory and Evidence
Florian Perusset (Swiss Finance Institute - EPFL)
Corporate Payouts and Local Job Creation
Xun Xiong (University of Kansas)
Credit Relationships and Dynamic Credit Constraints
Jingfeng Zhang (London School of Economics and Political Science)
Data Valuation in the Shadow of Agency Conflicts
Zexin Zheng (Hong Kong University of Science and Technology)
DatedGPT: Preventing Lookahead Bias in Large Language Models with Time-Aware Pretraining
Yutong Yan (Chinese University of Hong Kong)
Raphael Tang (University College London)
Demand Shifts and Asset Pricing
Huaixin Wang (University of Macau)
Deviations from Covered Interest Parity, Dollar Funding Pressure, and Currency Risk Premia
Yirong Wang (University of Bristol)
Distorted by Design: Size-Dependent Guarantees and Capital Misallocation
Dongcheng Yang (Columbia University)
Do Firm Credit Constraints Impair Climate Policy?
Mengjie Shi (Goethe University Frankfurt)
Matthias Kaldorf (Deutsche Bundesbank)
Do Sell-side Analyst Reports Have Investment Value?
Linying Lyu (Washington University in St. Louis)
Does Artificial Intelligence Redirect Real Intelligence of Sophisticated Investors? Implications for Information Acquisition and Investment Performance
Yuan Gao (University of Arizona)
ESG Favoritism in Mutual Fund Families
Anna Csiky (Vienna University of Economics and Business)
Rainer Jankowitsch (Vienna University of Economics and Business)
Alexander Pasler (Vienna University of Economics and Business)
Marti Subrahmanyam (New York University)
Estimating Investor Demand Elasticity with Endogenous Firm Responses: Evidence from Mutual Fund Flow Shocks
Yicheng Wang (University of Minnesota)
Exchange Rate Expectations and Currency Demand
Leonie Braeuer (Swiss Finance Institute - Geneva)
Expansion of Informal Finance and Household Behavior
Jianfei Zhu (The University of Hong Kong)
FHLB as Lender of First Resort: The Good, the Bad and the Ugly
Yudong Rao (Washington University in St. Louis)
Financing Risk and Entrepreneurial Activity
Xugan Chen (Yale University)
Firm-level Political Risks and Newly Issued Corporate Debt Maturity
Zannatus Saba (Oklahoma State University)
Flexible Windows and Loadings for Identifying Monetary Policy Surprises
Jonas Camargos Jensen (Frankfurt School of Finance and Management)
Flooded but Thriving? The Uneven Economic Effects of Floods and Flood Risk
Sijia Fan (Cornell University)
Flow-Induced Demand Pressure from Option-Trading ETFs
Zhaoyi Wang (London Business School)
Forecast Dispersion and Price Reaction to Macroeconomic News
Samia Badidi (Tilburg University)
From Failure to Innovation: Strategic Knowledge Transfer in Corporate Venture Capital
Hao Zhang (University of New South Wales)
From Index Trackers to Risk Managers: The Expanding Role of Derivatives in ETFs
Aneel Keswani (City University of London)
Xiao Xiao (University of Cambridge)
Yue Zhang (City University of London)
Green Neighbors, Greener Neighborhoods: Peer Effects in Green Home Investments
Christine Zhuowei Huang (University of Texas-Dallas)
Growing through Capital
Geraud Desazars de Montgailhard (Bocconi University)
Housing Duration and Interest Rates: Evidence from Reaching-for-Income Investors
Gen Li (University of British Columbia)
How Do Lender-Household Relationships Affect Mortgage Refinancing?
Yanting Huang (University of Rochester)
How Insurance Claim Delays Shift Mortgage Costs After Disasters?
Chuqiao Bi (Cornell University)
How Mutual Fund Managers and Investors Respond to U.S.–China Geopolitical Risk
Xijin Huang (University of Connecticut)
Import Competition and U.S. Firms: A Text-Based Approach
Huaizhou Li (University of New South Wales)
Information and Innovation: Evidence From Railroad Expansion in the Nineteenth Century
Shuting Li (Georgia State University)
Institutional Equity Investors and Corporate Debt Financing: A Cross-Market Perspective
Jing Gao (University of Minnesota)
Institutional Investors and House Prices
Emil Bandoni (University College Dublin)
Giorgia De Nora (European Central Bank)
Ellen Ryan (European Central Bank)
Margherita Giuzio (European Central Bank)
Manuela Storz (European Central Bank)
Interdependence of Bank Run Risk and Interest Rate Risk
Debosmita Chatterjee (City University of London)
Interpretable Systematic Risk around the Clock
Songrun He (Washington University in St. Louis)
Investment and Governance: Through the Lens of Sustainability
Jitendra Aswani (Massachusetts Institute of Technology)
Roberto Rigobon (Massachusetts Institute of Technology)
Is Ownership Concentration in Multifamily Housing Leading to Higher Rents?
Prateek Mahajan (University of Texas-Austin)
Labor Shortage, Hiring and Asset Returns
Xinyu Liu (INSEAD)
Learning about Noise, Information Disclosure, and Market Stability
Hao Yu (University of Macau)
Minxing Zhu (University of Macau)
Machine learning in foreign exchange
Bo Yuan (University of Cambridge)
Managerial Attention to Financial Markets
Zhenkai Ran (University of Cambridge)
Market's Time-Varying Sensitivity to Macro News and Monetary Policy: the Role of Attention
Xueliang Wang (University of California-Irvine)
Memory and Generative AI
Xingjian Zheng (Shanghai Advanced Institute of Finance)
Mental Barriers to Investing: Psychological Fixed Costs and Stock Market Participation
Elissa Iorgulescu (University of Münster)
Fiona Höllmann (University of Münster)
Mitigating Moral Hazard in Delegated Investment through Recommendation Algorithms
Kai Feng (Tsinghua University)
Zhiheng He (Tsinghua University)
Wenshi Wei (Tsinghua University)
Mixed Messages by Firms’ Managers: An Exploration into the Strategic Use of Tonal Inconsistency across Managerial Financial Communications
Elham Tabatabaei (York University)
Monetary Policy Shocks: A New Hope
Ruben Fernandez-Fuertes (Bocconi University)
Monetary Policy, Industry Leaders and Growth
Pranav Garg (Yale University)
Julien Weber (New York University)
Mortgage structure, household saving and the wealth distribution
Luis Teles Morais (NOVA University Lisbon)
Mutual Funds' Preemptive Response to Major Cyber Attacks
Zhibo Zhang (University of Melbourne)
Nonbank Lending and the Transmission of Monetary Policy: Evidence from U.S. Small Business Loans
Suyang Xu (Purdue University)
Open Banking and Competition in Banks and Fintech: Evidence from Mobile Apps
Xinchen Ma (London School of Economics and Political Science)
Open-source Generative AI and Firm Value: Evidence from the Release of DeepSeek
Yue Zhao (Singapore Management University)
Optimal Capital Deployment: Dry Powder and the Option to Invest
David Huberdeau-Reid (University of Memphis)
Optimizing portfolio weights with machine learning
Ziqi Yuan (Boston University)
Jiaqi Zhang (Boston College)
Partisan Beliefs and Housing Decisions: Evidence from the U.S. Real Estate Market
Xinyu Cao (University of British Columbia)
Tianping Wu (University of British Columbia)
Partisan Bias in Venture Capital Financing
Wanji Wu (University of Leeds)
Efthymia Symitsi (University of Leeds)
Konstantinos Bozos (University of Leeds)
Partisan Fed
Andrea Pagliuca (London Business School)
Payoff over Panorama: Mental Accounting and Asset Class Selection
Judith Bohnenkamp (University of Miami)
Pension Reform and Asset Allocation: Evidence from Annuity Cuts to Retired Civil Servants in Taiwan
Cyrus C. Y. Chu (Academia Sinica)
Po-Hsuan Hsu (National Tsing Hua University)
Chin-Wei Yang (Washington University in St. Louis)
Political Affiliation and the Pricing of Climate Risk in Mortgages
Zixin Jiang (University of North Carolina-Charlotte)
Political Donations and Rent-Seeking: Evidence from the U.S. Health Insurance Industry
Jingshu Wen (University of Oxford)
Price path convexity and analyst recommendations
Huzaifa Shamsi (Indian Institute of Management-Ahmedabad)
Ellapulli V. Vasudevan (Indian Institute of Management-Ahmedabad)
Joshy Jacob (Indian Institute of Management-Ahmedabad)
Private Fund Capital Calls, Investor Portfolios, and Spillovers
Tiange Ye (University of Southern California)
Real Effects of Bernanke–Kuttner: The Risk Channel of Monetary Policy Announcement on Corporate Investment
Zhou Ren (Vienna Graduate School of Finance)
Real Effects of Corporate Debt Collateral Eligibility
Bo Jing (Tsinghua University)
Refinancing Inequality and Implications on Monetary Policy
Jinho Kim (University of California-Davis)
Regulation and Intermediation in Over-the-counter Markets
Nicole Fleskes (Rice University)
Relief Beliefs: Effects of Anticipated Student Loan Forgiveness
Danial Salman (University of Washington)
Xuan Xie (University of Washington)
Resistance and Arbitrage: International Trade in Brown Loans
Lishu Zhang (Tilburg University)
Revisit labor market concentration under Work-From-Home: An Integration of Labor Market Boundaries
Chengmou Lei (University of Maryland)
Rising and Converging Interest Rate Risk in U.S. Banks: A Capital-Constrained Mean-Variance Explanation
Marcos Correa (Washington University in St. Louis)
Scale-Dependent Returns or Dynamics of the Interest Rate?
Mojtaba Hayati (University of Zurich)
Sentiment-Induced Misvaluation and Predictability in Financial Markets
Hamidreza Kazemi (Arizona State University)
Specialization in Non-Bank Lending
Rajendra Patidar (Texas A&M University)
Specific Signals in a Noisy World: Idiosyncratic Forward-Looking Disclosures and Predictable Returns
Haowei Yuan (Pennsylvania State University)
Strategic Capital Deployment in Private Equity
Richard Maxwell (University of North Carolina-Chapel Hill)
Stress-Tested: Municipal Bond ETFs During Market Turmoil
Yu He (University of Nebraska-Lincoln)
Subjective Beliefs and the Q-Theory of Investments
Dardan Gashi (University of Lugano)
Subscription Revenue Models as Financing Models
Matthew Hagerty (Boston College)
Sustainability-linked Loans and Financial Benefits
Yuxin Luo (Boston University)
Swap Line Dollar Supply
Peteris Kloks (University of St. Gallen)
Symbolic Regressions: Opening the Black Box of Equity Premium Predictions
Igor Kuznetsov (London Business School)
Take the Long View: Horizon Bias and Equity Term Premia on Earnings Days
Xicheng LI (Hong Kong University of Science and Technology)
Tax Planning, Illiquidity, and Credit Risks: Evidence from DeFi Lending
Lisa De Simone (University of Texas-Austin)
Peiyi JIN (National University of Singapore)
Daniel Rabetti (National University of Singapore)
Tax Revenue Sensitivity and Bond Valuation
Yun Joo An (Indiana University)
Technological Complexity, Valuation and Drives
Yuya Wang (Brandeis University)
The Appraisal Mechanism: Spillover Effects of All-Cash Buyers on Local Housing Markets
Zipei Zhu (University of North Carolina-Chapel Hill)
The Effects of Relaxing Downpayment Constraint on the Mortgage and Housing Market
Nithin Mannil (London School of Economics and Political Science)
The Environmental Impact of Corporate Mergers
Costanza Tomaselli (Imperial College London)
The Gift that Keeps on Giving to Investors: Does the Corporate Bond Market Learn from Politicians' Stock Trades?
Ye Moe (University of Nebraska-Lincoln)
The Green Value of BigTech Credit
Dan Su (Cheung Kong Graduate School of Business)
Peng Wang (Sun Yat-sen University)
Xinyi Wang (Peking University)
Xiaoyun Yu (Shanghai Advanced Institute of Finance)
The Human Edge Beyond Algorithms: Forecasting in Global Macro Shocks
Yuhan Ye (Swiss Finance Institute)
The Inequality Multiplier: Market Inelasticity and the Persistence of Wealth Inequality
Aditya Khemka (University of Oxford)
Charles Christopher Hyland (University of Oxford)
The Intersection of Expected Returns
Austin Sobotka (University of Arizona)
The Intertwined Price Discovery Processes in Equity and Option Markets
Yunjiang Dong (Queen's University, Kingston)
The Nature of Deposits
Nicolas de Souza (University of Rochester)
The Price of Emissions: Carbon Risk in the European Equity Market
Lewei He (Lancaster University)
Harald Lohre (Lancaster University)
Ingmar Nolte (Lancaster University)
Yaqiong Yao (Lancaster University)
The Pricing of Geopolitical Tensions over a Century
Andrea Ricciardi (Ohio State University)
Andrei Goncalves (Ohio State University)
Alessandro Melone (Ohio State University)
The Quote Not Taken: The Effect of Market Structure on Liquidity Provision in Equity Markets
Thomas Brown (University of Texas-Austin)
The Rise in Insurance Costs for Commercial Properties: Causes, Effects on Rents, and the Role of Owners
Minjoo Kim (University of Texas-Austin)
Prateek Mahajan (University of Texas-Austin)
Zirui Wang (University of Texas-Austin)
The Rise of Single-Stock ETFs and More Volatile Stock Prices
Zihan Huang (University of Oxford)
The Salience of Disaster: How Experience Outweighs Information in Pricing Earthquake Risk
Hilmi Bugra Abbasoglu (Koç University)
Burak Kalkan (Koç University)
Time-Varying Leverage Constraint, Safe Asset Demand and Dollar Exchange Rate
Jingjie Huang (University of North Carolina-Chapel Hill)
Top Government Meetings in China
Qing Peng (Shanghai Jiao Tong University)
Jun Pan (Shanghai Jiao Tong University)
Uncovering the Black Box of Startup Growth: How Startup Mergers drive Successful Exits
Alexander Reifschneider (Halle Institute for Economic Research)
VC Competition and Startup Financing Cost
Chengmou Lei (University of Maryland)
Yongyi Lin (University of Maryland)
When does ownership matter? Evidence from China
Xintong Li (Boston College)
Tao Shen (Tsinghua University)
Xiaoyun Yu (Shanghai Advanced Institute of Finance)
When Elephants Walk: Large Investor, Information Advantage and the Fragility of the Asset Market
Shiyan Wei (University of California-Irvine)
When Models Fail: Evidence from Automated Underwriting in Auto Loan Markets
Sarah Najafzadeh khoei (University of Kentucky)
When Roll-up Breaks: Serial Private Equity Acquisitions in the Hospital Industry
Sungil Kim (Duke University)
When the Rules Change: The Uneven Effects of SEC's Accredited Investor Reform
Alina Munteanu (University of Oklahoma)
Why Do Firms Adopt ESG-linked Pay? The Role of Bank Financing
Donglin Gao (Boston College)
Hongpan Zhang (Washington University in St. Louis)
Why Venture Later? Incentives, Learning, and Industry Allocation in VC Funds
Ehsan Mahdikhani (Stockholm School of Economics)
Paper Sessions
Saturday, Jan 03 | 8:00 am - 10:00 am EDT
The Pre-FOMC Drift and the Secular Decline in Long-Term Interest Rates
Jun Pan (Shanghai Jiao Tong University)
Qing Peng (Shanghai Jiao Tong University)
Discussant: Sebastian Hillenbrand (Harvard University)
Monetary Policy the Yield Curve and the Repo Market
Ruggero Jappelli (University of Warwick)
Loriana Pelizzon (Goethe University Frankfurt)
Marti Subrahmanyam (New York University)
Discussant: Aytek Malkhozov (McGill University)
Upgrading Credit Pricing and Risk Assessment through Embeddings
Xavier Gabaix (Harvard University)
Ralph Koijen (University of Chicago)
Robert Richmond (New York University)
Motohiro Yogo (Princeton University)
Discussant: Valentin Haddad (University of California-Los Angeles)
A Preferred-Habitat Model with a Corporate Sector
Filippo Cavaleri (University of Chicago)
Discussant: Monika Piazzesi (Stanford University)
Mental Models and Financial Forecasts
Francesca Bastianello (University of Chicago)
Paul Decaire (Arizona State University)
Marius Guenzel (University of Pennsylvania)
Discussant: Baozhong Yang (Georgia State University)
Economic Representations
Suproteem Sarkar (University of Chicago)
Discussant: Dasol Kim (Office of Financial Research)
The Research Behavior of Individual Investors
Toomas Laarits (New York University)
Jeff Wurgler (New York University)
Discussant: Xing Huang (Washington University in St. Louis)
FOMO Economics: External Reference-Dependence in Household Portfolios
Michael Gelman (University of Delaware)
Liron Reiter-Gavish (Netanya Academic College)
Nikolai Roussanov (University of Pennsylvania)
Discussant: Russell Jame (University of Kentucky)
Coverage Neglect in Homeowners Insurance
J Cookson (University of Colorado-Boulder)
Emily Gallagher (University of Colorado-Boulder)
Philip Mulder (University of Wisconsin-Madison)
Discussant: Parinitha Sastry (University of Pennsylvania)
Who Should Manage Impact Investments? Evidence from Affordable Housing
Jess Cornaggia (Pennsylvania State University)
Christophe Spaenjers (University of Colorado-Boulder)
Eva Steiner (Pennsylvania State University)
Discussant: Samuel Hartzmark (Boston College)
Determinants and Consequences of Return to Office Policies
Sean Flynn (Cornell University)
Andra Ghent (University of Utah)
Vasudha Nair (University of Utah)
Discussant: Kyle Mangum (Federal Reserve Bank of Philadelphia)
Screen More, Sell Later: Screening and Dynamic Signaling in the Mortgage Market
Manuel Adelino (Duke University)
Bin Wei (Federal Reserve Bank of Atlanta)
Feng Zhao (University of Texas-Dallas)
Discussant: Taylor Begley (University of Kentucky)
Homeowners Insurance and the Transmission of Monetary Policy
Jakob Ahm Sorensen (Bocconi University)
Christian Kubitza (European Central Bank)
Dominik Damast (Luiss Guido Carli University)
Discussant: Ben Keys (University of Pennsylvania)
From Long to Short: How Interest Rates Shape Life Insurance Markets
Derek Wenning (Indiana University)
Ziang Li (Imperial College London)
Discussant: Ishita Sen (Harvard University)
Strategic Claim Payment Delays: Evidence from Property and Casualty Insurance
Chotibhak Jotikasthira (Southern Methodist University)
Anastasia Kartasheva (University of St. Gallen)
Christian Lundblad (University of North Carolina-Chapel Hill)
Tarun Ramadorai (Imperial College London)
Discussant: Alexandru Barbu (INSEAD)
Does Mandating Women on Corporate Boards Backfire?
Jingjing Li (University of Virginia)
Kai Li (University of British Columbia)
Bo Bian (University of British Columbia)
Discussant: Paige Ouimet (University of North Carolina-Chapel Hill)
Board Gender Quotas and Female Borrowing: Evidence from Loan-Level Data
Fabrizio Core (Luiss Guido Carli University)
Angelo D'Andrea (Bank of Italy)
Tim Eisert (NOVA University Lisbon)
Daniel Urban (Erasmus University Rotterdam)
Discussant: Andrew Hertzberg (Federal Reserve Bank of Philadelphia)
The Role of Mandatory Director Retirement Policies in Corporate Governance
Feng Guo (Iowa State University)
Tingting Liu (University of Tennessee-Knoxville)
Mohammad Ali Nari Abyaneh (Iowa State University)
Discussant: Vyacheslav Fos (Boston College)
Blocking the Credit Chain: Cryptocurrencies, Deposits, and Bank Loan Growth
Allen Berger (University of South Carolina-Columbia)
Jiarui Guo (University of South Carolina-Columbia)
Stephen Karolyi (Office of the Comptroller of the Currency)
Leili Pour Rostami (University of Massachusetts-Boston)
Discussant: Dominik Supera (Columbia University)
Perpetual Futures and Basis Risk: Evidence from Cryptocurrency
Will Gornall (University of British Columbia)
Yizhou Xiao (Chinese University of Hong Kong)
Martin Rinaldi (University of British Columbia)
Discussant: Songrun He (Washington University in St. Louis)
Perpetual Futures Contracts and Cryptocurrency Market Quality
Qihong Ruan (Cornell University)
Artem Streltsov (State University of New York-Buffalo)
Discussant: Will Gornall (University of British Columbia)
Dark Crypto
Chester Spatt (Carnegie Mellon University)
Thomas Ernst (University of Maryland)
Bryan Routledge (Carnegie Mellon University)
Ariel Zetlin-Jones (Carnegie Mellon University)
Discussant: Jiasun Li (George Mason University)
Saturday, Jan 03 | 10:15 am - 12:15 pm EDT
The Silicon Divide: High-Technology IPOs and the Widening Socioeconomic Gap
Wenchuan Zhao (University of Oxford)
Discussant: Matthew Denes (Carnegie Mellon University)
The (Going) Public Option: Equity Market Financing in the Hospital Industry
Cyrus Aghamolla (Rice University)
Jash Jain (Indian School of Business)
Richard Thakor (University of Minnesota)
Discussant: Katharina Lewellen (Dartmouth College)
Monetary Policy and Corporate Investment: The Equity Financing Channel
Mehdi Beyhaghi (Federal Reserve Board)
Murray Frank (University of Minnesota)
Ping Mclemore (Federal Reserve Bank of Richmond)
Ali Sanati (American University)
Discussant: Yufeng Wu (Ohio State University)
Financing Small Investments
Pierre Chaigneau (Queen's University, Kingston)
Alex Edmans (London Business School)
Daniel Gottlieb (London School of Economics and Political Science)
Discussant: Paolo Fulghieri (University of North Carolina-Chapel Hill)
Session: Behavioral Finance: Predictable Stock Returns
Session Chair: Lisa Kramer (University of Toronto)
GIFfluence: A Visual Approach to Investor Sentiment and the Stock Market
Ming Gu (University of California-Irvine)
David Hirshleifer (University of Southern California)
Siew Hong Teoh (University of California-Los Angeles)
Shijia Wu (Chinese University of Hong Kong-Shenzhen)
Discussant: Chukwuma Dim (George Washington University)
The Inflation Gamble
Melina Vosse (University of San Diego)
Yosef Bonaparte (University of Colorado-Denver)
George Korniotis (University of Miami)
Alok Kumar (University of Miami)
Discussant: Lin Peng (CUNY-Baruch College)
Correlation Neglect in Asset Prices
Hongye Guo (The University of Hong Kong)
Jessica Wachter (University of Pennsylvania)
Discussant: Itzhak Ben-David (Ohio State University)
Same-Weekday Momentum
Zhi Da (University of Notre Dame)
Xiao Zhang (University of Maryland)
Discussant: Jeffrey Pontiff (Boston College)
Session: Inflation Drivers and Dynamics in Financial Markets
Session Chair: Michael Weber (University of Chicago)
Subjective Expectations and Financial Intermediation
Francesco D'Acunto (Georgetown University)
Janet Gao (Georgetown University)
Lu Liu (Central University of Finance and Economics)
Kai Lu (University of Science and Technology Beijing)
Zhengwei Wang (Tsinghua University)
Jun Yang (Nanyang Technological University)
Discussant: Mathieu Pedemonte (Inter-American Development Bank)
Inflation Expectation and Cryptocurrency Investment
Will Cong (Cornell University)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Jiasun Li (George Mason University)
Qihong Ruan (Cornell University)
Artem Streltsov (State University of New York-Buffalo)
Discussant: Francesco D'Acunto (Georgetown University)
How do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe
Viral Acharya (New York University)
Matteo Crosignani (Federal Reserve Bank of New York)
Tim Eisert (NOVA University Lisbon)
Christian Eufinger (IESE Business School)
Discussant: Frank Smets (Bank for International Settlements)
Inflation, Default, and Corporate Bond Returns
Xiaomeng Lu (Fudan University)
Yoshio Nozawa (University of Toronto)
Zhaogang Song (Johns Hopkins University)
Discussant: Patrick Augustin (McGill University)
How do Global Portfolio Investors Hedge Currency Risk
Robin Greenwood (Harvard University)
Alexander Cheema-Fox (State Street Associates)
Discussant: Clemens Sialm (University of Texas-Austin)
Does Options Trading Matter for Risk Management? Insights from the 1936 Options Ban on U.S. Futures Markets
Fiona Höllmann (University of Münster)
Elissa Iorgulescu (University of Münster)
Discussant: Ingomar Krohn (Bank of Canada)
Attention-based Graph Neural Networks in Firm CDS Prediction
Belinda Chen (Shanghai Advanced Institute of Finance)
Jonathan Brogaard (University of Utah)
Discussant: Jack Bao (University of Delaware)
Session: Pricing under Heterogeneous Information and Disagreement
Session Chair: Johan Walden (University of California-Berkeley)
The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement
Daniel Andrei (McGill University)
Lorenzo Garlappi (University of British Columbia)
Discussant: Christian Heyerdahl-Larsen (BI Norwegian Business School)
Competition and Collusion Among Strategic Traders Who Face Uncertainty
Snehal Banerjee (University of Michigan)
George Malikov (University of Western Ontario)
Discussant: Hongjun Yan (DePaul University)
Probability Pricing
Eduardo Davila (Yale University)
Cecilia Parlatore (New York University)
Ansgar Walther (Imperial College London)
Discussant: Sergei Glebkin (INSEAD)
Session: New Developments in Household Finance
Session Chair: Anthony DeFusco (University of Wisconsin-Madison)
The Effects of Deleting Medical Debt from Consumer Credit Reports
Victor Duarte (University of Illinois)
Julia Fonseca (University of Illinois)
Divij Kohli (University of Illinois)
Julian Reif (University of Illinois)
Discussant: Raymond Kluender (Harvard University)
The Welfare Benefits of Pay-As-You-Go Financing
Brett Green (Washington University in St. Louis)
Renping Li (Tulane University)
David Sraer (University of California-Berkeley)
Paul Gertler (University of California-Berkeley)
Discussant: Huan Tang (University of Pennsylvania)
How Do Crypto Flows Finance Slavery? The Economics of Pig Butchering
John Griffin (University of Texas-Austin)
Kevin Mei (University of Texas-Austin)
Discussant: Paul Goldsmith-pinkham (Yale University)
Housing and Fertility
Bernardus Doornik (Central Bank of Brazil)
Dimas Fazio (National University of Singapore)
Tarun Ramadorai (Imperial College London)
Janis Skrastins (Washington University in St. Louis)
Discussant: Tim McQuade (University of California-Berkeley)
Session: Climate Risk, Insurance and Financial Adaptation
Session Chair: David Ng (Cornell University)
Insuring Correlated Climate Risk: Evidence from Public Reinsurance
Adam Solomon (New York University)
Discussant: Pietro Bini (Cornell University)
The Hidden Cost of Climate Risk: How Rising Insurance Premiums Affect Mortgage, Relocation, and Credit
Shan Ge (New York University)
Stephanie Johnson (Rice University)
Nitzan Tzur-Ilan (Federal Reserve Bank of Dallas)
Discussant: Parinitha Sastry (University of Pennsylvania)
The Biodiversity Protection Discount
Golnaz Bahrami (Pennsylvania State University)
Matt Gustafson (Pennsylvania State University)
Eva Steiner (Pennsylvania State University)
Discussant: Simon Oh (Columbia University)
Global Currency Risk and Corporate Carbon Emissions
Po-Hsuan Hsu (National Tsing Hua University)
Yan Li (The University of Hong Kong)
Mark Taylor (Washington University in St. Louis)
Zigan Wang (Tsinghua University)
Discussant: Amy Huber (University of Pennsylvania)
Saturday, Jan 03 | 2:30 pm - 4:30 pm EDT
Social and Economic Networks in Corporate Culture
David Easley (Cornell University)
Maureen OHara (Cornell University)
Discussant: Michael Richter (CUNY-Baruch College)
Market Signals from Social Media
J Cookson (University of Colorado-Boulder)
Runjing Lu (University of Toronto)
William Mullins (University of California-San Diego)
Marina Niessner (Indiana University)
Discussant: Zhi Da (University of Notre Dame)
Social Interaction Intensity and Investor Behavior
Yaron Levi (University of Southern California)
David Hirshleifer (University of Southern California)
Michael Gelman (University of Delaware)
Liron Reiter-Gavish (Netanya Academic College)
Discussant: Shuaiyu Chen (Purdue University)
Amusing Ourselves to Death? Education and Work Under Digital Influence
Will Cong (Cornell University)
Siguang Li (Hong Kong University of Science and Technology)
Discussant: Alexandr Kopytov (University of Rochester)
Credit Union Expansions: A Fork in the Road for Local Banks?
Jiakai Chen (University of Hawaii at Manoa)
Rodney Ramcharan (University of Southern California)
Teng Wang (Federal Reserve Board)
Tim Zhang (University of Texas-San Antonio)
Discussant: James Vickery (Federal Reserve Bank of Philadelphia)
How Do Banks Attract Deposits From Households?
Indraneel Chakraborty (University of Miami)
Sudheer Chava (Georgia Institute of Technology)
Keyi Wang (Georgia Institute of Technology)
Discussant: Arkodipta Sarkar (National University of Singapore)
Systemic Risk Measures: From the Panic of 1907 to the Banking Stress of 2023
Viral Acharya (New York University)
Markus Brunnermeier (Princeton University)
Diane Pierret (University of Luxembourg)
Discussant: Anjan Thakor (Washington University in St. Louis)
Session: Corporate Finance and Government Policies in the 21st Century
Session Chair: Miao Zhang (University of Southern California)
When Protectionism Kills Talent
Mehmet Canayaz (Pennsylvania State University)
Isil Erel (Ohio State University)
Umit Gurun (University of Texas-Dallas)
Yufeng Wu (Ohio State University)
Discussant: Janet Gao (Georgetown University)
Mega-Donors and Representation of the Wealthy in the Wake of Citizens United
Ilona Babenko (Arizona State University)
Viktar Fedaseyeu (China Europe International Business School)
Guosong Xu (Erasmus University Rotterdam)
Discussant: Ran Duchin (Boston College)
Escaping Pay-for-Performance
Jason Chen (Auburn University)
Jakub Hajda (HEC - Montréal)
Joseph Kalmenovitz (University of Rochester)
Discussant: Kenneth Ahern (University of Southern California)
Unveiling the Fog of Law: Judicial Transparency and Entrepreneurship
Xing Liu (Tsinghua University)
Xuan Tian (Tsinghua University)
Zhiming Zhu (Tsinghua University)
Discussant: Song Ma (Yale University)
Session: Financial Intermediaries During Times of Stress
Session Chair: Emil Siriwardane (Harvard University)
Rewiring Repo
Jin-Wook Chang (Federal Reserve Board)
Elizabeth Klee (Federal Reserve Board)
Vladimir Yankov (Federal Reserve System)
Discussant: Moritz Lenel (Princeton University)
Risk-averse Dealers in a Risk-free Market -- The Role of Trading Desk Risk Limits
Dan Li (Federal Reserve Board)
Lubomir Petrasek (Federal Reserve Board)
Mary Tian (Federal Reserve Board)
Discussant: Hillary Stein (Federal Reserve Bank of Boston)
Do Intermediaries Help Mitigate the Contagious Effects of Runs?
Raja Reddy Bujunoori (Indian School of Business)
Nishant Kashyap (Indian School of Business)
Prasanna Tantri (Indian School of Business)
Vikrant Vig (Stanford University)
Discussant: William Diamond (University of Pennsylvania)
Debt and Assets
Efraim Benmelech (Northwestern University)
Nitish Kumar (University of Florida)
Raghuram Rajan (University of Chicago)
Discussant: Victoria Ivashina (Harvard University)
Diverging Paths: Productivity and the Financing Choices of Small Versus Large Firms
Murray Frank (University of Minnesota)
Keer Yang (University of California-Davis)
Discussant: Vojislav Maksimovic (University of Maryland)
Demand-driven Corporate Leverage Choice: Implications for Intermediary Regulation
Janko Heineken (European Commission)
Discussant: Xu Tian (University of Georgia)
Session: Return Dynamics, Volatility, Tail Risk
Session Chair: Jessica Wachter (University of Pennsylvania)
Creative Destruction, Stock Return Volatility, and the Number of Listed Firms
Sohnke Bartram (University of Warwick)
Gregory Brown (University of North Carolina-Chapel Hill)
Rene Stulz (Ohio State University)
Discussant: Thomas Winberry (University of Pennsylvania)
Equity Premium Events
Ben Knox (Federal Reserve Board)
Mehrdad Samadi (Rutgers University)
Juan m. Londono (Federal Reserve Board)
Annette Vissing-Jorgensen (Federal Reserve Board)
Discussant: Jun Pan (Shanghai Jiao Tong University)
Parameter Learning, Tail Risks, and Risk Premia Decomposition
Mykola Babiak (Lancaster University)
Roman Kozhan (University of Warwick)
Discussant: Lars Lochstoer (University of California-Los Angeles)
Seeking Gamma: Lessons from the Meme Frenzy
Gulnara Zaynutdinova (West Virginia University)
Cuyler Strong (Wayne State University)
Ahmed Baig (Boise State University)
Discussant: Robert Battalio (University of Notre Dame)
The Impact of Finfluencers on Retail Investment
Isaiah Hull (CogniFrame)
Yingjie Qi (Copenhagen Business School)
Discussant: Anthony DeFusco (University of Wisconsin-Madison)
Smaller than We Thought? The Effect of Automatic Savings Policies
James Choi (Yale University)
David Laibson (Harvard University)
Jordan Cammarota (University of California-Berkeley)
Richard Lombardo (Harvard University)
John Beshears (Harvard University)
Discussant: Bronson Argyle (Brigham Young University)
When Human Meet Algorithm: the Adoption and Impact of Retail Algorithmic Trading
Pulak Ghosh (Indian Insitute of Management-Bangalore)
You Li (Macau University of Science and Technology)
Jian Zhang (The University of Hong Kong)
Discussant: Varun Sharma (Indiana University)
Firm Shocks and Retirement Savings
Clemens Sialm (University of Texas-Austin)
Hanjiang Zhang (Washington State University)
Discussant: Allison Cole (Arizona State University)
Sunday, Jan 04 | 8:00 am - 10:00 am EDT
The “Great Reshuffling” and Entrepreneurship
Matthew Denes (Carnegie Mellon University)
Spyridon Lagaras (University of Illinois)
Margarita Tsoutsoura (Washington University in St. Louis)
Discussant: Melanie Wallskog (Duke University)
Due Diligence and the Allocation of Venture Capital
Jack (Xiaoyong) Fu (The University of Hong Kong)
Luke Taylor (University of Pennsylvania)
Discussant: Allen Hu (University of British Columbia)
Venture Capital and Scientists' Selection into Entrepreneurship
Xuelai Li (Imperial College London)
Discussant: Filippo Mezzanotti (Northwestern University)
How do Venture Capitalists (Actually) Make Decisions? Internal Evidence from a Private Startup Accelerator
Tristan Fitzgerald (Texas A&M University)
Korok Ray (Texas A&M University)
Discussant: Will Gornall (University of British Columbia)
Session: Asset Management, Portfolio Choice, and Asset Allocation
Session Chair: Clemens Sialm (University of Texas-Austin)
A Dynamic Model of Private Asset Allocation
Hui Chen (Massachusetts Institute of Technology)
Giovanni Gambarotta (Liberty Mutual Investments)
Simon Scheidegger (HEC - Lausanne)
Yu Xu (University of Delaware)
Discussant: Mark Westerfield (University of Washington)
The Unintended Consequences of Rebalancing
Campbell Harvey (Duke University)
Michele Mazzoleni (Capital Group)
Alessandro Melone (Ohio State University)
Discussant: Jonathan Parker (Massachusetts Institute of Technology)
On the Use of Currency Forwards: Evidence from International Equity Mutual Funds
Wei Opie (Deakin University)
Steven Riddiough (University of Toronto)
Discussant: Amy Huber (University of Pennsylvania)
Tilting at Windmills: Biased Benchmarks and the Risk-Taking Response of Mutual Funds
Richard Evans (University of Virginia)
Hugh Kim (Wilfrid Laurier University)
Thomas Maurer (The University of Hong Kong)
Discussant: Taisiya Sikorskaya (University of Chicago)
Minding Your Business or Minding Your Child? Motherhood and the Entrepreneurship Gap
Valentina Rutigliano (University of British Columbia)
Discussant: Fabrizio Core (Luiss Guido Carli University)
Innovation and Motherhood
Clemens Mueller (Erasmus University Rotterdam)
Stefan Obernberger (Erasmus University Rotterdam)
Discussant: Anya Mkrtchyan (University of Massachusetts)
Women, Property Rights, and Banking
Purnoor Tak (London Business School)
Discussant: Audra Boone (Colorado State University)
The Male and Female Gap in Home Appraisals
Joshua Bosshardt (Federal Housing Finance Agency)
Simi Kedia (Rutgers University)
Tim Zhang (University of Texas-San Antonio)
Discussant: Selale Tuzel (University of Southern California)
The Implications of CIP Deviations for International Capital Flows
Christian Kubitza (European Central Bank)
Jean-David Sigaux (European Central Bank)
Quentin Vandeweyer (University of Chicago)
Discussant: Jonathan Wallen (Harvard University)
Does the Dollar Lender of Last Resort Expand Dollar Dominance? Currency Mismatch, Reserves, and Global Liquidity Backstop
Ding Ding (University of Pennsylvania)
Karen Lewis (University of Pennsylvania)
Yao Zeng (University of Pennsylvania)
Discussant: Tony Zhang (Arizona State University)
Demand-Driven Risk Premia in FX and Bond Markets
Ingomar Krohn (Bank of Canada)
Andreas Uthemann (Bank of Canada)
Rishi Vala (Bank of Canada)
Jun Yang (Bank of Canada)
Discussant: Fabricius Somogyi (Northeastern University)
How Do Government Guarantees Affect Deposit Supply?
Thomas Flanagan (Ohio State University)
Edward Kim (University of Michigan)
Shohini Kundu (University of California-Los Angeles)
Amiyatosh Purnanandam (University of Michigan)
Discussant: Itamar Drechsler (University of Pennsylvania)
The Foreign Liability Channel of Bank Capital Requirements
Luigi Falasconi (University of Pennsylvania)
Pablo Herrero (European University Institute)
Caterina Mendicino (European Central Bank)
Dominik Supera (Columbia University)
Discussant: Tim Landvoigt (University of Pennsylvania)
Regulatory Uncertainty and FinTech Innovation
Murillo Campello (University of Florida)
Will Cong (Cornell University)
Diemo Dietrich (University of Greifswald)
Discussant: Ben Charoenwong (INSEAD)
Session: New Topics in Corporate Investment
Session Chair: Nicolas Crouzet (Northwestern University)
Go with the Flow: Debt Structure Changes and Monetary Policy Transmission
Chuck Fang (Drexel University)
Greg Nini (Drexel University)
Discussant: Olivier Darmouni (Columbia University)
Data as a Networked Asset
Bo Bian (University of British Columbia)
Qiushi Huang (Shanghai Advanced Institute of Finance)
Ye Li (University of Washington)
Huan Tang (University of Pennsylvania)
Discussant: Bernard Herskovic (University of California-Los Angeles)
The Real Cost of Benchmarking
Christian Kontz (Stanford University)
Sebastian Hanson (Stanford University)
Discussant: Thummim Cho (Korea University)
Session: Technological Innovation, Labor Dynamics, and Firm Responses
Session Chair: Jie He (University of Georgia)
AI and the Extended Workday: Productivity, Contracting Efficiency, and Distribution of Rents
Wei Jiang (Emory University)
Junyoung Park (Auburn University)
Rachel (Jiqiu) Xiao (Fordham University)
Shen Zhang (Seton Hall University)
Discussant: Gregor Schubert (University of California-Los Angeles)
Private Firms: Friends or Foes of Public Firms?
Gerard Hoberg (University of Southern California)
Gordon Phillips (Dartmouth College)
Discussant: Jan Bena (University of British Columbia)
Monopolizing Minds: How M&As Stifle Innovation Through Labor Market Power
Alex He (University of Maryland)
Jing Xue (Georgia State University)
Discussant: Kai Li (University of British Columbia)
The Value of Corporate Patent Utilization
Jarrad Harford (University of Washington)
Qiyang He (Deakin University)
Buhui Qiu (University of Sydney)
Discussant: Thomas Chemmanur (Boston College)
Sunday, Jan 04 | 10:15 am - 12:15 pm EDT
Chronologically Consistent Large Language Models
Songrun He (Washington University in St. Louis)
Linying Lyu (Washington University in St. Louis)
Asaf Manela (Washington University in St. Louis)
Chun Ming Jimmy Wu (Washington University in St. Louis)
Discussant: Alejandro Lopez-Lira (University of Florida)
Out of the (Black)Box: AI as Conditional Probability
Hui Chen (Massachusetts Institute of Technology)
Antoine Didisheim (University of Melbourne)
Luciano Somoza (ESSEC Business School)
Discussant: Rohit Allena (University of Houston)
What Does ChatGPT Make of Historical Stock Returns? Extrapolation and Miscalibration in LLM Stock Return Forecasts
Shuaiyu Chen (Purdue University)
Clifton Green (Emory University)
Huseyin Gulen (Purdue University)
Dexin Zhou (CUNY-Baruch College)
Discussant: Shumiao Ouyang (University of Oxford)
The Power of the Common Task Framework
Oliver Hellum (Copenhagen Business School)
Theis Jensen (Yale University)
Bryan Kelly (Yale University)
Lasse Pedersen (Copenhagen Business School)
Discussant: Winston Dou (University of Pennsylvania)
Impact Investing and Worker Outcomes
Joshua Lerner (Harvard University)
Markus Lithell (Virginia Polytechnic Institute and State University)
Gordon Phillips (Dartmouth College)
Discussant: Jessica Jeffers (HEC - Paris)
Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders
Tetiana Davydiuk (Johns Hopkins University)
Isil Erel (Ohio State University)
Wei Jiang (Emory University)
Tatyana Marchuk (NOVA University Lisbon)
Discussant: Samuel Antill (Harvard University)
Bank Capital and the Growth of Private Credit
Sergey Chernenko (Purdue University)
Robert Ialenti (Analysis Group)
David Scharfstein (Harvard University)
Discussant: Mariassunta Giannetti (Stockholm School of Economics)
Would I lie to you? On Private Equity Intermediary Reports
Borja Fernandez Tamayo (SKEMA Business School)
Reiner Braun (Technical University of Munich)
Florencio Lopez De Silanes (SKEMA Business School)
Ludovic Phalippou (University of Oxford)
Natalia SIgrist (Unigestion)
Discussant: Tim Loughran (University of Notre Dame)
Session: Modern International Finance: Technology, Intangibles and the Digital Economy
Session Chair: Laura Veldkamp (Columbia University)
Production, Trade, and Cross-Border Data Flows
Qing Chang (Tsinghua University)
Will Cong (Cornell University)
Liyong Wang (Central University of Finance and Economics)
Longtian Zhang (Central University of Finance and Economics)
Discussant: Itay Goldstein (University of Pennsylvania)
Intangible Capital Around the World
Frederico Belo (INSEAD)
Yu Li (Shanghai Jiao Tong University)
Juliana Salomao (University of Minnesota)
Maria Ana Vitorino (INSEAD)
Discussant: Nicolas Crouzet (Northwestern University)
Tech Dollars: Technological Innovation and Exchange Rates
Qiushi Huang (Shanghai Jiao Tong University)
Leonid Kogan (Massachusetts Institute of Technology)
Dimitris Papanikolaou (Northwestern University)
Discussant: Urban Jermann (University of Pennsylvania)
Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux
Zhongtian Chen (University of Wisconsin-Madison)
Nikolai Roussanov (University of Pennsylvania)
Xiaoliang Wang (Hong Kong University of Science and Technology)
Dongchen Zou (University of Pennsylvania)
Discussant: Turan Bali (Georgetown University)
The Co-Pricing Factor Zoo
Philippe Mueller (University of Warwick)
Christian Julliard (London School of Economics and Political Science)
Alexander Dickerson (University of New South Wales)
Discussant: Jaewon Choi (Seoul National University)
The Asset Durability Premium
Dun Calvin Jia (Peking University)
Kai Li (Peking University)
Chi-Yang Tsou (University of Manchester)
Discussant: Gill Segal (University of North Carolina-Chapel Hill)
Equity Valuation Without DCF
Thummim Cho (Korea University)
Christopher Polk (London School of Economics and Political Science)
Robert Rogers (London School of Economics and Political Science)
Discussant: Andrei Goncalves (Ohio State University)
Session: Who is Monitoring Managers?
Session Chair: Todd Gormley (Washington University in St. Louis)
Majority Voting Legislation and CEO Incentive Compensation
Zhengzhuo Li (University of Tennessee-Knoxville)
Discussant: Ian Appel (University of Virginia)
Do Consumers Care about Pay Inequality? Evidence from Household Purchase Data
Konstantinos Bozos (University of Leeds)
Jie Chen (University of Leeds)
Yang Gao (University of Exeter)
Xuan Tian (Tsinghua University)
Jiayi Yuan (University of Leeds)
Discussant: Paige Ouimet (University of North Carolina-Chapel Hill)
Watching the Watchdogs: The Information Content of SEC Interactions
Steve Irlbeck (University of New Hampshire)
William Gerken (University of Kentucky)
Marcus Painter (Saint Louis University)
Guangli Zhang (Saint Louis University)
Discussant: Daniel Taylor (University of Pennsylvania)
Session: Belief Formation and Market Efficiency
Session Chair: Itzhak Ben-David (Ohio State University)
Analysts' Belief Formation in Their Own Words
Shikun Ke (Yale University)
Discussant: Alexander Chinco (CUNY-Baruch College)
Emotions and Subjective Crash Beliefs
William Goetzmann (Yale University)
Dasol Kim (Office of Financial Research)
Robert Shiller (Yale University)
Discussant: Diego Garcia (University of Colorado-Boulder)
Structured Beliefs and Fund Investment
Zhenyu Gao (Chinese University of Hong Kong)
Wei Xiong (Princeton University)
Jian Yuan (Chinese University of Hong Kong)
Discussant: Jiacui Li (University of Utah)
Learning from the Loudest: Do the Most Active Information Providers Sway Investors’ Equity Premium Expectations?
Anna Fitzgerald (National Association of Insurance Commissioners)
Discussant: Baolian Wang (University of Florida)
Session: Sustainable Capital: Investor Preferences and Firm Decisions
Session Chair: Nickolay Gantchev (University of Virginia)
Sustainable Investing: Evidence From the Field
Alex Edmans (London Business School)
Tom Gosling (London School of Economics and Political Science)
Dirk Jenter (London School of Economics and Political Science)
Discussant: Jules Van Binsbergen (University of Pennsylvania)
Decoding Sustainable Investment Strategies: Bridging Intentions and Actions
Keer Yang (University of California-Davis)
Ayako Yasuda (University of California-Davis)
Discussant: Pedro Matos (University of Virginia)
Financing and the Green Paradox
Rui Albuquerque (Boston College)
Mathias Kruttli (Indiana University)
Sumudu Watugala (Indiana University)
Yiding Ma (Cornell University)
Discussant: Deeksha Gupta (Johns Hopkins University)
Is ESG a Sideshow? ESG Perceptions, Investment, and Firms' Financing Decisions
Roman Kraussl (University of London)
Joshua Rauh (Stanford University)
Denitsa Stefanova (University of Luxembourg)
Discussant: Christoph Schiller (Ohio State University)
Sunday, Jan 04 | 2:30 pm - 4:30 pm EDT
Artificial Intelligence and Mergers and Acquisitions
Yue Fang (Zhejiang University)
Yingxuan He (Zhejiang University)
Vidhan Goyal (Hong Kong University of Science and Technology)
Zilong Zhang (Zhejiang University)
Discussant: Tania Babina (Columbia University)
Learning Production Process Heterogeneity: Implications of Machine Learning for Corporate M&A Decisions
Jongsub Lee (Seoul National University)
Hayong Yun (Michigan State University)
Discussant: Feng Zhang (Southern Methodist University)
Acquiring Supplier Networks: Domestic Mergers for International Supply Chain Resilience
Ling Cen (Chinese University of Hong Kong)
Sudipto Dasgupta (Chinese University of Hong Kong)
Isil Erel (Ohio State University)
Yanru Han (Stevens Institute of Technology)
Discussant: Mariassunta Giannetti (Stockholm School of Economics)
The Supply Chain Spillovers of Private Equity Buyouts
Cedric Huylebroek (KU Leuven)
Olivier De Jonghe (National Bank of Belgium)
Discussant: Jonathan Cohn (University of Texas-Austin)
Session: Active and Passive Owners: Lending, Asset Prices, and Corporate Policy
Session Chair: Vikas Agarwal (Georgia State University)
Passive Ownership and Corporate Bond Lending
Amit Goyal (University of Lausanne)
Yoshio Nozawa (University of Toronto)
Yancheng Qiu (University of Sydney)
Discussant: Lukas Schmid (University of Southern California)
ETF Loan Market: Causes and Consequences of High ETFs Lending Fees
Sanjeev Bhojraj (Cornell University)
Linda Du (Carnegie Mellon University)
Egemen Genc (University of Illinois-Chicago)
Wuyang Zhao (University of Texas-Austin)
Discussant: Rabih Moussawi (Villanova University)
Delegated Leverage and Asset Prices: Evidence from the Hedge Fund Industry
Charles Cao (Pennsylvania State University)
Grant Farnsworth (Texas Christian University)
Hong Zhang (Singapore Management University)
Yijun Zhou (Florida State University)
Discussant: Stanislav Sokolinski (Michigan State University)
The ETF Tax Advantage and Firm Payout Policy
Ki-Soon Choi (Boston College)
Xintong Li (Boston College)
Benjamin Yost (Boston College)
Yuan Zou (Harvard University)
Discussant: Ian Appel (University of Virginia)
Session: Errors in Financial Decisions of Humans and AI Models
Session Chair: Camelia Kuhnen (University of North Carolina-Chapel Hill)
Consumption Wedges: Measuring and Diagnosing Distortions
Sasha Indarte (University of Pennsylvania)
Raymond Kluender (Harvard University)
Ulrike Malmendier (University of California-Berkeley)
Michael Stepner (University of Toronto)
Discussant: Jonathan Parker (Massachusetts Institute of Technology)
Interest Rate Misperceptions in the Credit Card Market
Tianyu Han (Hong Kong University of Science and Technology)
Xiao Yin (University College London)
Discussant: Sean Higgins (Northwestern University)
Behavioral Economics of AI: LLM Biases and Corrections
Pietro Bini (Cornell University)
Will Cong (Cornell University)
Xing Huang (Washington University in St. Louis)
Lawrence Jin (Cornell University)
Discussant: Kelly Shue (Yale University)
A theory of social capital and trust
Quentin Dupont (Georgetown University)
Jonathan Karpoff (University of Washington)
Discussant: Luigi Zingales (University of Chicago)
A Unifying Theory of Blockholder Ownership and Corporate Policies
Simon Mayer (Carnegie Mellon University)
Erwan Morellec (Swiss Federal Institute of Technology Lausanne)
Sebastian Gryglewicz (Erasmus University Rotterdam)
Discussant: Brett Green (Washington University in St. Louis)
A General Theory of Holdouts
Xiaobo Yu (University of Colorado-Boulder)
Discussant: Barney Hartman-glaser (University of California-Los Angeles)
Putting Economics Back Into Geoeconomics
Christopher Clayton (Yale University)
Matteo Maggiori (Stanford University)
Jesse Schreger (Columbia University)
Discussant: Olivier Darmouni (Columbia University)
Geopolitical Risk and Global Banking
Friederike Niepmann (Federal Reserve Board)
Leslie Sheng Shen (Federal Reserve Bank of Boston)
Discussant: Nicola Cetorelli (Federal Reserve Bank of New York)
Bank Financing of Global Supply Chains
Laura Alfaro (Harvard University)
Mariya Brussevich (International Monetary Fund)
Camelia Minoiu (Federal Reserve Bank of Atlanta)
Andrea Presbitero (International Monetary Fund)
Discussant: Matteo Crosignani (Federal Reserve Board)
Session: Information Frictions: Cause and Consequence of Mispricing
Session Chair: Joel Peress (INSEAD)
Causal Effect of Information Costs on Asset Pricing Anomalies
Zoran Ivkovich (Michigan State University)
Yong-Hyuck Kim (Michigan State University)
Dmitriy Muravyev (University of Illinois)
Discussant: Xi Dong (CUNY-Baruch College)
Endogenous Limits to Arbitrage and Price Informativeness
Johann Reindl (Oslo Metropolitan University)
Oyvind Norli (BI Norwegian Business School)
Di Cui (Central University of Finance and Economics)
Discussant: Itay Goldstein (University of Pennsylvania)
Earnings Management and Price Informativeness
Zhiguo He (Stanford University)
Wenxi Jiang (Chinese University of Hong Kong)
Wei Xiong (Princeton University)
Discussant: Savitar Sundaresan (Imperial College London)
Corporate Hedging, Contract Rights, and Basis Risk
Yuri Tserlukevich (Arizona State University)
Ilona Babenko (Arizona State University)
Discussant: Kristine Hankins (University of Kentucky)
Leasing as a Corporate Risk Management Mechanism
Weiwei Hu (Peking University)
Kai Li (Peking University)
Chenjie Xu (Shanghai University of Finance and Economics)
Discussant: Adriano Rampini (Duke University)
Do Firms Hedge Human Capital?
Christina Brinkmann (Boston University)
Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)
Asset Returns as Carbon Taxes
Lautaro Chittaro (Stanford University)
Monika Piazzesi (Stanford University)
Marcelo Sena (Stanford University)
Martin Schneider (Stanford University)
Discussant: Luke Taylor (University of Pennsylvania)
Greenness Demand For US Corporate Bonds
Rainer Jankowitsch (Vienna University of Economics and Business)
Alexander Pasler (Vienna University of Economics and Business)
Patrick Weiss (Reykjavik University)
Josef Zechner (Vienna University of Economics and Business)
Discussant: Sangmin Oh (University of Chicago)
Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure
Hyeyoon Jung (Federal Reserve Bank of New York)
Robert Engle (New York University)
Shan Ge (New York University)
Xuran Zeng (New York University)
Discussant: Ben Knox (Federal Reserve Board)
Monday, Jan 05 | 8:00 am - 10:00 am EDT
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Sebastien Plante (University of Wisconsin-Madison)
Nikolai Roussanov (University of Pennsylvania)
Sang Byung Seo (University of Wisconsin-Madison)
Mohammad Ghaderi (University of Kansas)
Discussant: Cesare Robotti (University of Warwick)
Profitability Retrospective: What Have We Learned?
Mamdouh Medhat (Dimensional Fund Advisors)
Robert Novy-Marx (University of Rochester)
Discussant: Amit Goyal (University of Lausanne)
Macro Strikes Back: Term Structure of Risk Premia
Svetlana Bryzgalova (London Business School)
Jiantao Huang (The University of Hong Kong)
Christian Julliard (London School of Economics and Political Science)
Discussant: Dongho Song (Johns Hopkins University)
Quantity, Risk, and Return
Yu An (Johns Hopkins University)
Yinan Su (Johns Hopkins University)
Chen Wang (University of Notre Dame)
Discussant: Wei Wu (Texas A&M University)
Thy Bust, My Boom: Micro Evidence on Small Firms' Tech Evolution after Dot Com Bubble Burst
John Jianqiu Bai (Northeastern University)
Chen Li (University of Massachusetts)
Wenting Ma (University of Massachusetts)
Discussant: Spyridon Lagaras (University of Illinois)
Arbitraging Labor Markets
Minrui Gong (University of Mannheim)
Ernst Maug (University of Mannheim)
Christoph Schneider (University of Münster)
Discussant: Vojislav Maksimovic (University of Maryland)
Task Efficiency and Signaling in the Age of GenAI: Effort Reallocation and Firm Value Effects
Shiwei Ye (Erasmus University Rotterdam)
Discussant: Miao Zhang (University of Southern California)
AI Personality Extraction from Faces: Labor Market Implications
Marius Guenzel (University of Pennsylvania)
Shimon Kogan (Massachusetts Institute of Technology)
Marina Niessner (Indiana University)
Kelly Shue (Yale University)
Discussant: Matthew Denes (Carnegie Mellon University)
Session: Corporate Governance: Investor Monitoring and Voting
Session Chair: Tao Li (University of Florida)
Voting on Public Goods: Citizens vs. Shareholders
Robin Dottling (Erasmus University Rotterdam)
Magdalena Rola-Janicka (Imperial College London)
Nadya Malenko (Boston College)
Doron Levit (University of Washington)
Discussant: Jan Starmans (Stockholm School of Economics)
Public Sentiment Decomposition and Shareholder Actions
Reena Aggarwal (Georgetown University)
Hoa Briscoe-Tran (Monash University)
Isil Erel (Ohio State University)
Laura Starks (University of Texas-Austin)
Discussant: Jiekun Huang (University of Illinois)
The Economics of Investor Engagement
Daniele Macciocchi (University of Miami)
Davidson Heath (University of Utah)
Matthew Ringgenberg (University of Utah)
Discussant: Katharina Lewellen (Dartmouth College)
Centralized Governance in Decentralized Organizations
Will Cong (Cornell University)
Daniel Rabetti (National University of Singapore)
Charles Wang (Harvard University)
Yu Yan (National University of Singapore)
Discussant: Fei Xie (University of Delaware)
Session: Preferences, Demand, and Asset Prices
Session Chair: Scott Murray (Georgia State University)
Causal Inference for Asset Pricing
Valentin Haddad (University of California-Los Angeles)
Zhiguo He (Stanford University)
Paul Huebner (Stockholm School of Economics)
Peter Kondor (London School of Economics and Political Science)
Erik Loualiche (University of Minnesota)
Discussant: Daniel Neuhann (University of Texas)
Disagreement, Skewness, and Asset Prices
Christian Goulding (Auburn University)
Shrihari Santosh (University of Maryland)
Xingtan Zhang (Cheung Kong Graduate School of Business)
Discussant: Bruce Carlin (Rice University)
Betting on Bond Ratings Disagreement
Hwagyun Kim (Texas A&M University)
Ju hyun Kim (Ajou University)
Nan Yang (Hong Kong Polytechnic University)
Discussant: Chotibhak Jotikasthira (Southern Methodist University)
Credit Card Banking
Itamar Drechsler (University of Pennsylvania)
Hyeyoon Jung (Federal Reserve Bank of New York)
Weiyu Peng (University of Pennsylvania)
Dominik Supera (Columbia University)
Guanyu Zhou (University of Pennsylvania)
Discussant: Andre F. Silva (Federal Reserve Board)
Opportunistic Borrowing Before Default? A New Test Using Multiple Delinquent Credit Cards
Constantinos Antoniou (University of Warwick)
Noah Lyman (University of Warwick)
Michaela Pagel (Washington University in St. Louis)
Neil Stewart (University of Warwick)
Discussant: Sasha Indarte (University of Pennsylvania)
Climate Risk and the U.S. Insurance Gap: Measurement, Drivers and Implications
Parinitha Sastry (University of Pennsylvania)
Ishita Sen (Harvard University)
Therese Scharlemann (Federal Reserve Board)
Ana-maria Tenekedjieva (Federal Reserve Board)
Discussant: Neil Bhutta (Federal Reserve Bank of Philadelphia)
The Effects of Annuities on Longevity
Borja Larrain (Pontifical Catholic University of Chile)
Alessandro Previtero (Indiana University)
Felipe Severino (Dartmouth College)
Discussant: Sebastien Betermier (McGill University)
Session: Bankruptcy and Distress
Session Chair: Stavros Panageas (University of California-Los Angeles)
The Real Effects of Bankruptcy Forum Shopping
Samuel Antill (Harvard University)
Aymeric Bellon (University of North Carolina-Chapel Hill)
Discussant: Simcha Barkai (Boston College)
Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry
Janet Gao (Georgetown University)
Tim Liu (University of Utah)
Sara Malik (University of Utah)
Merih Sevilir (Halle Institute for Economic Research)
Discussant: Tong Liu (Massachusetts Institute of Technology)
When Debt Relief Hits Main Street: Evidence from the Indirect Channel of Consumer Credit Access
Jianzhang Lin (University of Pennsylvania)
Discussant: Brittany Lewis (Washington University in St. Louis)
The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions
Murillo Campello (University of Florida)
Gustavo Cortes (University of Florida)
Sergio Rocha (Monash University)
Discussant: Shohini Kundu (University of California-Los Angeles)
Session: Climate Risk and Asset Pricing
Session Chair: Riccardo Colacito (University of North Carolina-Chapel Hill)
Carbon Burden
Lubos Pastor (University of Chicago)
Robert Stambaugh (University of Pennsylvania)
Luke Taylor (University of Pennsylvania)
Discussant: Tuomas Tomunen (Massachusetts Institute of Technology)
A Market-Based Measure of Ambiguity Aversion: Housing Prices Under Rising Seas
Michael Barnett (Arizona State University)
Jacob Dice (Federal Reserve Bank of Kansas City)
Toan Phan (Federal Reserve Bank of Richmond)
David Rodziewicz (Federal Reserve Bank of Kansas City)
Constantine Yannelis (University of Cambridge)
Discussant: Jarda Borovicka (New York University)
Two Centuries of U.S. Innovation and the Capital Channel: Evidence from Natural Disasters
Mathias Kruttli (Indiana University)
Noah Stoffman (Indiana University)
Sumudu Watugala (Indiana University)
Discussant: Pedro Matos (University of Virginia)
Allocative Efficiency of Green Finance Instruments
Kai Li (Peking University)
Yicheng Wang (Peking University)
Chenjie Xu (Shanghai University of Finance and Economics)
Discussant: Lorenzo Garlappi (University of British Columbia)
A Tale of Demand and Supply for Central Bank Reserves
Sriya Anbil (Federal Reserve Board)
Sebastian Infante (Federal Reserve Board)
Zeynep Senyuz (Federal Reserve System)
Discussant: Kathy Yuan (London School of Economics and Political Science)
Banking Under Large Excess Reserves
Basile Dubois (McGill University)
Paul Rintamäki (Frankfurt School of Finance and Management)
Discussant: William Diamond (University of Pennsylvania)
QE, QT, Bank Liquidity Management and Non-Bank Funding: Evidence from Administrative Data
Matt Darst (Federal Reserve Board)
Sotirios Kokas (University of Essex)
Alexandros Kontonikas (University of Essex)
Jose-Luis Peydro (Imperial College London)
Alexandros Vardoulakis (Federal Reserve Board)
Discussant: Viral Acharya (New York University)
Monday, Jan 05 | 10:15 am - 12:15 pm EDT
The Impact of Cloud Computing and AI on Industry Dynamics and Concentration
Yao Lu (Tsinghua University)
Gordon Phillips (Dartmouth College)
Jia Yang (Tsinghua University)
Discussant: Michael Ewens (Columbia University)
Gatekeepers and Kingmakers: Do Superplatforms Distort Digital Competition?
Umit Gurun (University of Texas-Dallas)
Zheng Liu (University of Texas-Dallas)
Steven Xiao (University of Texas-Dallas)
Discussant: Anastassia Fedyk (University of California-Berkeley)
The Changing Structure of Corporate Profits
Murray Frank (University of Minnesota)
Jing Gao (University of Minnesota)
Discussant: Gustavo Grullon (Rice University)
Whom You Know Matters: Mutual Fund Workplace Networks and Investment Performance
Charles Cao (Pennsylvania State University)
Yuan Gao (University of Arizona)
Suiheng Guo (University of Arkansas)
Discussant: Richard Evans (University of Virginia)
Beyond Performance: Mutual Funds, Non-Alpha Services, and the Value of Financial Advisors
Alessandro Previtero (Indiana University)
Ran Xing (Stockholm University)
Discussant: Jonathan Reuter (Boston College)
Machine Learning Mutual Fund Flows
Juerg Fausch (Lucerne University of Applied Sciences and Arts)
Moreno Frigg (Lucerne University of Applied Sciences and Arts)
Stefan Ruenzi (University of Mannheim)
Florian Weigert (University of Neuchâtel)
Discussant: Alberto Rossi (Georgetown University)
Self-Inflated Fund Returns
Philippe van der Beck (Harvard University)
Jean-philippe Bouchaud (Capital Fund Management)
Dario Villamaina (Capital Fund Management)
Discussant: Yiming Ma (Columbia University)
Session: Recent Advances in Asset Pricing: Theory Meets Data
Session Chair: Winston Dou (University of Pennsylvania)
Benign Granularity in Asset Market
Sergei Glebkin (INSEAD)
Semyon Malamud (Swiss Federal Institute of Technology Lausanne)
Alberto Teguia (University of British Columbia)
Discussant: Laura Veldkamp (Columbia University)
Dogs and Cats Living Together: A Defense of Cash-Flow Predictability
Seth Pruitt (Arizona State University)
Discussant: Ivan Shaliastovich (University of Wisconsin-Madison)
Dissecting the AggregateMarket Elasticity
Victor Duarte (University of Illinois)
Mahyar Kargar (University of Illinois)
Jiacui Li (University of Utah)
Dejanir Silva (Purdue University)
Discussant: Yinan Su (Johns Hopkins University)
An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty
Hengjie Ai (University of Wisconsin-Madison)
Ravi Bansal (Duke University)
Hongye Guo (The University of Hong Kong)
Amir Yaron (University of Pennsylvania)
Discussant: Jarda Borovicka (New York University)
Insider Trading Reforms and Corporate Transparency: Evidence from the STOCK Act
Amanda Heitz (Tulane University)
Youan Wang (Xiamen University)
Yu Zhige (Xiamen University)
Discussant: Mayur Choudhary (London Business School)
How Do Multiple Regulators Regulate? Evidence from Fairness Opinion Providers’ Conflict of Interest Disclosures
Philip Berger (University of Chicago)
Rachel Geoffroy (Ohio State University)
Claudia Imperatore (Bocconi University)
Lisa Liu (Columbia University)
Discussant: Joseph Kalmenovitz (University of Rochester)
Voluntary Disclosure, Misinformation, and AI Information Processing: Theory and Evidence
Jeremy Bertomeu (Washington University in St. Louis)
Yupeng Lin (National University of Singapore)
Yibin Liu (National University of Singapore)
Zhenghui Ni (National University of Singapore)
Discussant: Jan Schneemeier (Michigan State University)
Measuring and Mitigating Racial Disparities in LLMs: Evidence from a Mortgage Underwriting Experiment
Donald Bowen (Lehigh University)
S McKay Price (Lehigh University)
Luke Stein (Babson College)
Ke Yang (Lehigh University)
Discussant: Xiaofei Zhao (Georgetown University)
The Market Value of Pay Gaps: Evidence from EEO-1 Disclosures
Ferdinand Bratek (New York University)
April Klein (New York University)
Crystal Shi (HEC - Paris)
Discussant: Michael Wittry (Ohio State University)
Do Investors Value DEI? Evidence from the Stop WOKE Act
Hoa Briscoe-Tran (Monash University)
Stephan Siegel (University of Washington)
Discussant: Jess Cornaggia (Pennsylvania State University)
An Economic Model of the L1-L2 Interaction
Campbell Harvey (Duke University)
Fahad Saleh (Wake Forest University)
Ruslan Sverchkov (University of Warwick)
Discussant: Brett Falk (University of Pennsylvania)
Market Power and the Bitcoin Protocol
Alfred Lehar (University of Calgary)
Christine Parlour (University of California-Berkeley)
Discussant: Leifu Zhang (Hong Kong University of Science and Technology)
Demand for Safety in the Crypto Ecosystem
Murillo Campello (University of Florida)
Angela Gallo (City University of London)
Lira Mota (Massachusetts Institute of Technology)
Tammaro Terracciano (IESE Business School)
Discussant: Quentin Vandeweyer (University of Chicago)
Liquidity Mechanisms in Decentralized Finance: Design, Fragmentation, and Arbitrage in Real-World Asset Markets
Ralf Laschinger (Ludwig Maximilian University of Munich)
Heiko Leonhard (University of Regensburg)
Gregor Dorfleinter (University of Regensburg)
Wolfgang Schäfers (University of Regensburg)
Discussant: Tao Li (University of Florida)
The Fed and the Wall Street Put
Jan Harren (University of Münster)
Mete Kilic (University of Southern California)
Zhao Zhang (International Monetary Fund)
Discussant: Alan Moreira (University of Rochester)
The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts
Renxuan Wang (China Europe International Business School)
Yanbin Wu (University of Florida)
Eric Swanson (University of California-Irvine)
Discussant: Valentin Haddad (University of California-Los Angeles)
The Effect of Fiscal Policy Shocks on Asset Prices
Courtney Wiegand (New York University)
Discussant: Dominik Supera (Columbia University)
Monday, Jan 05 | 1:00 pm - 3:00 pm EDT
Session: Corporate Decisions, Supply Chains, and Remote Work
Session Chair: Gordon Phillips (Dartmouth College)
Risk Sharing in Supply Chains of Business Groups: Evidence from Trade Credit
Jinzhao Du (University of New South Wales)
Ronald Masulis (University of New South Wales)
Peter Pham (University of Sydney)
Ji Hyun Tak (University of New South Wales)
Discussant: Erasmo Giambona (Syracuse University)
Strategic Adaptations to Competition: Supplier Investment Shifts Following Import Tariff Cuts
Shweta Srinivasan (Rutgers University, Camden)
Alok Nemani (University of Arizona)
Discussant: Janet Gao (Georgetown University)
Entrepreneurial Spawning from Remote Work
Alan Kwan (The University of Hong Kong)
Ben Matthies (University of Notre Dame)
Richard Townsend (University of California-San Diego)
Ting Xu (University of Toronto)
Discussant: Markus Lithell (Virginia Polytechnic Institute and State University)
AlphaManager: A Data-Driven Robust Control Approach to Corporate Finance
Murillo Campello (University of Florida)
Will Cong (Cornell University)
Luofeng Zhou (New York University)
Discussant: Gerard Hoberg (University of Southern California)
Session: Behavioral Corporate Finance: Navigating Complexity in Theory and Practice
Session Chair: Olivier Dessaint (INSEAD)
A Theory of Complexity Aversion
Xavier Gabaix (Harvard University)
Discussant: Indira Puri (New York University)
Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate
Frank Garane (HEC - Montréal)
Philippe d'Astous (HEC - Montréal)
Barry Scholnick (University of Alberta)
Discussant: Kristoph Kleiner (Indiana University)
Code Washing: Evidence from Open-Source Blockchain Startups
Daniel Rabetti (National University of Singapore)
Ofir Gefen (National University of Singapore)
Yannan Sun (The University of Hong Kong)
Che Zhang (Tsinghua University)
Discussant: Huan Tang (University of Pennsylvania)
Lending to Hedge Funds: Does Competition Erode Bank Risk Management?
Christian Bittner (Deutsche Bundesbank)
Stephan Jank (Deutsche Bundesbank)
Discussant: R. Jay Kahn (Federal Reserve Board)
The Value of Contingent Liquidity from Banks to Nonbank Financiers
Chi Xu (University of Pennsylvania)
Discussant: Daniel Greenwald (New York University)
Competing for Loan Seniority: Theory and Evidence
Arthur Taburet (Duke University)
Bernardo Ricca (Insper)
Theo Martin (Getúlio Vargas Foundation)
Discussant: Sheisha Kulkarni (University of Virginia)
You Can Only Lend What You Own: Inferring Daily Institutional Trading From Security Lending Supply
Yashar Barardehi (Chapman University)
Zhi Da (University of Notre Dame)
Peter Dixon (U.S. Securities and Exchange Commission)
Junbo Wang (Louisiana State University)
Discussant: Matthew Ringgenberg (University of Utah)
The Modern Bond Market
Tomy Lee (Central European University)
Chaojun Wang (University of Pennsylvania)
Adam Zawadowski (Central European University)
Discussant: Edie Hotchkiss (Boston College)
Nocturnal Trading
Gregory Eaton (University of Georgia)
Andriy Shkilko (University of Georgia)
Ingrid Werner (Ohio State University)
Discussant: Thomas Ernst (University of Maryland)
Intermediary Option Pricing
Julian Terstegge (University of Michigan)
Discussant: Dmitriy Muravyev (University of Illinois)
The Growing Index Effect in the Corporate Bond Market
Sean Shin (Korea Advanced Institute of Science and Technology)
Alex Zhou (Southern Methodist University)
Qifei Zhu (National University of Singapore)
Discussant: Naz Koont (Stanford University)
Retail Limit Orders
Amber Anand (Syracuse University)
Mehrdad Samadi (Rutgers University)
Jonathan Sokobin (Financial Industry Regulatory Authority)
Kumar Venkataraman (Southern Methodist University)
Discussant: Christopher Schwarz (University of California-Irvine)
Large Funds and Corporate Bond Market Fragility
Yong Chen (Texas A&M University)
Mengqiao Du (National University of Singapore)
Zheng Sun (University of California-Irvine)
Discussant: Kerry Siani (Massachusetts Institute of Technology)
Can Municipalities Weather the Weather?
Michael Dambra (University of Buffalo)
Matt Gustafson (Pennsylvania State University)
Discussant: Parinitha Sastry (University of Pennsylvania)
Nature-Related Risks in Syndicated Lending
Aras Canipek (Columbia University)
Santanu Kundu (Aarhus University)
Jiri Tresl (University of Mannheim)
Lukas Zimmermann (University of Mannheim)
Discussant: Zoey Zhou (Columbia University)
From Fine to Feathers: Enforcement Stringency, Protectionism, and Biodiversity
Panyu Li (Peking University)
Yuchen Xu (University of New South Wales)
Luping Yu (University of Macau)
Discussant: Eva Steiner (Pennsylvania State University)
The Long and Short of Financial Development
Douglas Diamond (University of Chicago)
Yunzhi Hu (University of North Carolina-Chapel Hill)
Raghuram Rajan (University of Chicago)
Discussant: Adriano Rampini (Duke University)
The Dynamics of Deposit Flightiness and its Impact on Financial Stability
Kristian Blickle (Federal Reserve Bank of New York)
Jian Li (Columbia University)
Xu Lu (University of Washington)
Yiming Ma (Columbia University)
Discussant: Itay Goldstein (University of Pennsylvania)
Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity
Viral Acharya (New York University)
Manasa Gopal (Georgia Institute of Technology)
Sascha Steffen (Frankfurt School of Finance and Management)
Discussant: Olivier Darmouni (Columbia University)
Security Losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone
Mariassunta Giannetti (Stockholm School of Economics)
Martina Jasova (Barnard College)
Caterina Mendicino (European Central Bank)
Dominik Supera (Columbia University)
Discussant: Matteo Crosignani (Federal Reserve Board)
Session: Mortgage Lock-In (AREUEA-AFA Joint Session)
Session Chair: Tarun Ramadorai (Imperial College London)
Locked In: Rate Hikes, Housing Markets, and Mobility
Aditya Aladangady (Federal Reserve Board)
Jacob Krimmel (Federal Reserve Board)
Therese Scharlemann (Federal Reserve Board)
Discussant: Cristian Badarinza (National University of Singapore)
Unlocking Mortgage Lock-In: Evidence from a Spatial Housing Ladder Model
Pierre Mabille (INSEAD)
Julia Fonseca (University of Illinois)
Lu Liu (University of Pennsylvania)
Discussant: Marco Giacoletti
Rate Lock in Commercial Real Estate
Sean Flynn (Cornell University)
Robert Kurtzman (Federal Reserve Board)
Alexei Tchistyi (Cornell University)
Discussant: Caitlin Gorback (University of Texas-Austin)
Human Capital and Local Credit Supply: Evidence from the Mortgage Industry
Ruidi Huang (Southern Methodist University)
Erik Mayer (University of Wisconsin-Madison)
Sheridan Titman (University of Texas-Austin)
David Xiaoyu Xu (Southern Methodist University)
Discussant: Brian Higgins (Stockholm University)