Special Sessions & Events
PhD Poster Session
Friday, Jan 03 | 7:00 am - 6:00 pm PST
How Do ETFs Affect Stock Volatility?
Chen Lin (University of Mannheim)
Trading on Hearsay: The Role of Rumors and Influencers’ Investment Horizon in Shaping Asset Prices
Edward Halim (Nanyang Technological University)
Yohanes Riyanto (Nanyang Technological University)
Nilanjan Roy (City University of Hong Kong)
Yan Wang (Nanyang Technological University)
Bank Funding to Nonbank Financiers: Risk-sharing or Regulatory Arbitrage?
Chi Xu (University of Pennsylvania)
When Political Connections Backfire: Social Protests, Asset Damage, and Firms' Response
Navid Neshatomidvaran (Indiana University)
The Impact of Climate Policies on Financial Markets: Evidence from the EU Carbon Border Adjustment Mechanism
Mengjie Shi (Goethe-Universität Frankfurt)
Yupu Zhang (University of Hong Kong)
Christoph Meinerding (Deutsche Bundesbank)
Value versus Values: Can Stock Liquidity Save the Planet?
Zhenkai Ran (University of Cambridge)
Mao Ye (Cornell University)
Inequality and the Rise of Finance
Dario Laudati (Columbia University)
Betting Against Others' Beta
Xi Dong (CUNY-Baruch College)
Massimo Massa (INSEAD)
Zilong Niu (Southwestern University of Finance and Economics)
Cathy Yuqing Yang (CUNY-Baruch College)
Corporate Agility and Monetary Policy Transmission
Sinh Thoi Mai (University of Lisbon)
Gonul Colak (Hanken School of Economics)
Endogenous Matching in the Private Debt Market
Paul Rintamäki (Aalto University)
Do ESG Investors care about carbon emissions? Evidence from securitized auto loans
Christian Kontz (Stanford University)
Convenience Yields in Euros: Investment Mandates and Conditional QE
Giovanni Bonfanti (Columbia University)
Passive Investing and Market Quality
Philipp Höfler (Goethe-Universität Frankfurt)
Christian Schlag (Goethe-Universität Frankfurt)
Maik Schmeling (Goethe-Universität Frankfurt)
Unpackaging ESG: Evidence from 401(k) Investment
Jiaxing Tian (Chinese University of Hong Kong-Shenzhen)
Jiahong Shi (London School of Economics and Political Science)
Impact of Institutional Owners on Housing Markets
Zipei Zhu (University of North Carolina-Chapel Hill)
Franklin Qian (University of North Carolina-Chapel Hill)
Caitlin Gorback (University of Texas-Austin)
Expansion of Deposit Insurance: Adverse Selection Following 2023 Banking Crises
David Huberdeau-Reid (University of Memphis)
George Pennacchi (University of Illinois)
The Impact of Air Pollution on the Cost of Issuance of Municipal Bonds
Mansoor Shekarian (Texas A&M University)
Spatial Extrapolation in The Housing Market
Gen Li (University of British Columbia)
Firm-Level Labor-Shortage Exposure
Jarrad Harford (University of Washington)
Qiyang He (University of Sydney)
Buhui Qiu (University of Sydney)
Dynamic Market Choice
Xian Wu (University of Wisconsin-Madison)
Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection
Naser Hamdi
Ankit Kalda (Indiana University)
Qianfan Wu (Indiana University)
Price Discovery in High-Frequency Equity Markets: Evidence from Retail and Institutional Trades
Jan Harren (University of Münster)
Information Partitioning, Learning, and Beliefs
Pascal Kieren (Heidelberg University)
Lukas Mertes (University of Mannheim)
Martin Weber (University of Mannheim)
From Availability to Affordability: The Role of Small Dollar Mortgage in Cash vs. Mortgage Property Price Disparities
Liu Ee Chia (Pennsylvania State University)
Brent Ambrose (Pennsylvania State University)
Market vs Social norms: Evidence from ESG fund flows
Soohun Kim
Katie Moon (University of Colorado-Boulder)
Jiyeon Seo (Korea Advanced Institute of Science and Technology)
Market Concentration, Capital Misallocation, and Asset Pricing
Ngoc Minh Thu Nguyen (University of Amsterdam)
The Role of Equity Financing Constraints in the Transmission of Monetary Policy
Heitor Almeida (University of Illinois)
Timothy Johnson (University of Illinois)
Sebastiao Oliveira (University of Illinois)
Yucheng Zhou (University of Illinois)
Financial Markets with Externalities
Yang Guo (London School of Economics and Political Science)
Tax Incidence in Consumer Financial Markets: Evidence from Auto Leases
Sarah Najafzadeh khoei (University of Kentucky)
Morteza Momeni (Dartmouth College)
David Sovich (University of Kentucky)
Intellectual Property Protection and Staying Private Longer
Adel Khusnulgatin (University of Toronto)
Homeowners Responses to the New Price of Flood Insurance
Jiyoung Lee (Temple University)
Vertical Integration, Supply Chain Disruptions, and Corporate Yield Spreads
Anni Wang (University of Nevada-Reno)
Yifei Li (University of Nevada-Reno)
Qun Wu
One Hundred and Thirty Years of Corporate Responsibility
Joel Houston (University of Florida)
Sehoon Kim (University of Florida)
Boyuan Li (University of Florida)
The Rise and Fall of Investment: Rethinking Q theory in Equilibrium
Xinwei Li (INSEAD)
Xinyu Liu (INSEAD)
Save more or less? The impact of government health insurance change on saving behavior
Ye Lyren Lu (Imperial College London)
Drivers and Effects of Radical vs. Incremental Innovation Purchases
Daria Davydova (EPFL & Swiss Finance Institute)
Opioid Crisis and Firm Downside Tail Risks: Evidence from the Options Market
Jie Cao (Hong Kong Polytechnic University)
Amit Goyal (University of Lausanne)
Yajing Wang (Hong Kong Polytechnic University)
Xintong Zhan (Fudan University)
Weiming Zhang (IE Business School)
Demand-Based Expected Returns
Alessandro Crescini (Swiss Finance Institute - University of Geneva)
Fabio Trojani (University of Geneva)
Andrea Vedolin (Boston University)
The Noise Share of the 52-Week Price-Peak Effect on Mergers and Acquisitions
Ke Bi (University of Edinburgh)
Leonidas Barbopoulos (University of Edinburgh)
Yue Liu (University of Edinburgh)
Interpreting Cross-Section Returns of Machine Learning Models: Firm Characteristics and Moderation Effect through LIME
Zequn Li (Stevens Institute of Technology)
Xiaoxia Lou (University of Delaware)
Ying Wu (Stevens Institute of Technology)
Steve Yang (Stevens Institute of Technology)
Behind Dollar Savings in Mutual Funds: Are Shifting Sands Threatening Financial Stability?
Bryan Richard Gutierrez Cortez (University of Minnesota)
The Invisible Handshake: State Pensions and Corporate Political Contributions
Jun Tu (Singapore Management University)
Jingshu Wen (University of Oxford)
Fan Zhang (Bentley University)
Haofei Zhang (Nankai University)
Dilutive Financing
Hanjoon Ryu (Duke University)
Market Fragmentation and Price Informativeness
Filipp Prokopev (University of Michigan)
Judicial Selection and Production Efficiency: The Role of Campaign Finance
Mayur Choudhary (London Business School)
The Zero-Beta Rate Revisited
Rong Wang (Duke University)
Auditor Screening in the Presence of Social Polarization
Neil Hwang (Stevens Institute of Technology)
The Real Cost of Benchmarking
Sebastian Hanson (Stanford University)
Christian Kontz (Stanford University)
Muddy Waters Research and U.S. Stock Market Reaction
Shawn Simpson (Morgan State University)
Alex Tang (Morgan State University)
Mohammed Alsurayhi (Morgan State University)
Disruptive Innovation and IPO Outcomes: Evidence from Machine Learning
Hoang Nguyen (University of Alabama)
Anup Agrawal (University of Alabama)
Demonetized Q: Tobin Meets Jorgenson
Xinwei Li (INSEAD)
Synthetic Dollar Funding
Umang Khetan (University of Iowa)
Are Stablecoins the Money Market Mutual Funds of the Future?
Nico Oefele (University of Western Australia)
Dirk G. Baur (University of Western Australia)
Lee A. Smales (University of Western Australia)
The Impact of Social Media Influencers on the Financial Market Performance of Firms
Zhengfa Zhang (University of Leeds)
Kevin Keasey (University of Leeds)
Danilo V. Mascia (University of Leeds)
Costas Lambrinoudakis (University of Leeds)
Media Coverage and Corporate Bond Momentum
Grace Liu (City University of Hong Kong)
Junbo Wang (City University of Hong Kong)
Chunchi Wu (State University of New York-Buffalo)
Political Ideology Alignment on Supply Chain
Zhihong Chen (Hong Kong University of Science and Technology)
Ting Dai (Hong Kong University of Science and Technology)
Yonghao Zhai (Singapore Management University)
Learning from failure: The role of disclosure on innovation
Menghan Wang (University of Hong Kong)
Big Data and Bigger Firms: A Labor Market Channel
Abhinav Gupta (University of North Carolina-Chapel Hill)
Naman Nishesh (University of North Carolina-Chapel Hill)
Elena Simintzi (University of North Carolina-Chapel Hill)
Where does gamma hedge drive the intraday market move?
Taeyoung Park (University of Texas-Dallas)
Tick size and price discovery: Futures-options evidence
Richie Ma (University of Illinois)
Teresa Serra (University of Illinois)
The Value of Information from Sell-side Analysts
Linying Lyu (Zhejiang University)
Empirical Asset Pricing with Probability Forecasts
Songrun He (Washington University in St. Louis)
Linying Lyu (Zhejiang University)
Guofu Zhou (Washington University in St. Louis)
External Governance Responses to Major Environmental and Social Incidents
Suxin Deng (University of New South Wales)
Ronald Masulis (University of New South Wales)
Kingsley Fong (University of New South Wales)
The Real Effects of China’s Carbon Dioxide Emissions Trading Program
Xiangzhen Li (Tsinghua University)
Hao Wang (Tsinghua University)
Involuntary Disclosures through Climate Litigations: Impact on Investors and Corporate Policies
Alice Eliet-Doillet (EPFL & Swiss Finance Institute)
Local, Regional, and Global Asset Pricing?
Joshua Traut (University of St. Gallen)
Inflation Hedging and Pricing Power
Amra Hrustanovic (University of Zurich)
Alexander Wagner (University of Zurich)
Rewiring supply chains through climate policy
Emanuela Benincasa (University of Zurich)
Olimpia Carradori (Swiss Finance Institute)
Miguel Ferreira (NOVA University Lisbon)
Emilia Garcia-Appendini (Norges Bank)
Mosaics of Predictability
Will Cong (Cornell University)
Guanhao Feng (City University of Hong Kong)
Jingyu He (City University of Hong Kong)
Yuanzhi Wang (City University of Hong Kong)
CEO’s Political Contribution and Rewards - Lei Chen - University of Melbourne
Lei Chen (University of Melbourne)
Intergenerational Effects of Financial Crises. Evidence from the Panic of 1873
Harsha Dutta (Hong Kong University of Science and Technology)
Political Connections and Carbon Emission Disclosures: A Cross-Country Examination
John McKenzie (Florida State University)
April Knill (University of South Carolina)
Omrane Guedhami (University of South Carolina-Columbia)
Sadok El ghoul (University of Alberta - Saint-Jean)
Does Options Trading Matter for Market Volatility and Hedging Effectiveness? Evidence from the 1936 Options Trading Ban on Futures Markets in the US
Elissa Iorgulescu (University of Hohenheim)
Fiona Höllmann (University of Münster)
The Ripple Effects of China’s Global Ownership
Hong Ru (Nanyang Technological University)
Yaojun Ke (Nanyang Technological University)
Jennie Bai (Georgetown University)
Luc Laeven (European Central Bank)
Economic Linkages from the Wisdom of Crowds
Huaixin Wang (Tsinghua University)
Weichen Zhang (Tsinghua University)
When the Thin Bench Gets Thinner: Investment Bank Consolidation and Municipal Finance
Renping Li (Washington University in St. Louis)
Increased Creditor Protection and Trade Credit: Evidence from India
Khushboo Rajendra Thakkar (University of North Carolina-Chapel Hill)
Negative Capital Shock, Overseas Buyers, and Housing Market
Qian Wang (Purdue University)
Branching Out: The Role of Selection in Bank Branch Entry and Economic Growth
Anthony Zdrojewski (Rice University)
Predictability of Firm-Level Stock Crash Risk
Gregory Gillis (University of Hawaii at Manoa)
Who Wins and Who Loses when Firms Stay Private Longer?
Leo Stanek (University of Minnesota)
Limit Order Clustering and Stock Price Movements
Xiao Zhang (University of Maryland)
Venture Capital Response to Government-Funded Basic Science
Roham Rezaei (University of New South Wales)
Yufeng Yao (University of New South Wales)
Impact of Culture in Peer to Peer Lending
hongju ren (Stevens Institute of Technology)
Anand Goel (Stevens Institute of Technology)
Statistical Validation of Contagion Centrality in Financial Networks
Agathe Sd (Stevens Institute of Technology)
zachary feinstein (Stevens Institute of Technology)
Balance Sheet Constraints of Prime Brokers on Hedge Fund Performance: Evidence from GSIB Surcharge
Yueting Jiang (Chinese University of Hong Kong)
Yiwen Shen (Hong Kong University of Science and Technology)
Returns to scale in passive management: Evidence from ETFs
Bong Ko (University of California-Irvine)
Stock Mispricing and Dual Holders' Loan Pricing
Yun-Soo Kim (Korea Advanced Institute of Science and Technology)
Yeonggyu Yun (University of Wisconsin-Madison)
Funding Frictions and Credit Supply: Evidence from Savings and Loan Associations
Pauline (Yonglin) Liang (Stanford University)
Navigating Bequests: The Strategic Role of Financial Advisors in Bequest Motives
Michelle Chang (Nanyang Technological University)
Campaign Rallies, Perceived Uncertainty, and Household Borrowing
Shiwei Ye (Erasmus University)
Time Series Reversal: A Payment Cycle Friction
Giuliano Graziani (Bocconi University)
The Economics of Patent Licensing: An Empirical Analysis of the Determinants and Consequences of Patent Licensing Transactions
Thomas Chemmanur (Boston College)
Xi Chen (University of Houston)
Jingxuan Zhang (University of Alberta)
Breaking Network Barriers in the Era of Data-Driven Venture Capitalists
MELISSA E CRUMLING (Drexel University)
Political Connection, Corruption, and Demand-Driven Stock Returns
Chunxiao Lu (University of Melbourne)
The Effect of U.S. Monetary Policy on Foreign Firms: Does Debt Maturity Matter?
Sebastiao Oliveira (University of Illinois)
Jay Rafi (University of Illinois)
Pedro Simon (University of Illinois)
Trust and Credit Divergence
Zhiheng He (Tsinghua University)
Yang You (University of Hong Kong)
Data Breach Information, Hospital Financing, and Patient Outcomes
Banks Osborne (University of Tennessee-Knoxville)
Production Technology, Information Acquisition and Disclosure, and Asset Prices
Minxing Zhu (University of Macau)
Financial Health Scoring and Personal Finances
Moritz Nardini (Ludwig Maximilian University of Munich (LMU))
Emanuel Renkl (Technical University of Munich)
Philipp Winder (University of St. Gallen)
Christian Hildebrand (University of St. Gallen)
Benjamin Loos (University of New South Wales)
Insurance Companies, Asset Managers and Economies of scale
Pietro Bini (Cornell University)
Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions
Tianshu Lyu (Yale University)
Zunda Winston Xu (Stanford University)
Memory and Beliefs in Financial Markets: A Machine Learning Approach
Zhongtian Chen (University of Pennsylvania)
Jiyuan Huang (University of Zurich)
Disentangling the loan premium: The value of bank lending
Zhuolu Gao (Copenhagen Business School)
Transaction-cost-aware Factors
Federico Baldi Lanfranchi (EPFL & Swiss Finance Institute)
Short-Termism and Carbon Emissions: Evidence from a Structural Estimation
Kai Maeckle (University of Mannheim)
Push to Read and Trade
Minxia Chen (INSEAD)
Measuring the Economic Impact of AI through Forward-Looking Firm Communications
Jiacheng Liu (Purdue University)
Scientific Talents and Firm Growth: Evidence from Scientific Breakthroughs
Jialin Qian (Georgia State University)
Does Sustainable Investing Dull Stock Reactions to Cash Flow News?
Steffen Hitzemann (University of Houston)
An Qin (Rutgers University)
Andrea G Tamoni (Rutgers University)
Stanislav Sokolinski (Michigan State University)
How Climate Physical Risks and Transition Risks Affect Bank Lending
Jinhong Wu (Copenhagen Business School)
Anomalies and Links to Market: Supranational Evidence Abroad from New Market Efficiency Measures
Yanran Li (CUNY-Baruch College)
Xi Dong (CUNY-Baruch College)
Yan Li (Southwestern University of Finance and Economics)
David Rapach (Federal Reserve Bank of Atlanta)
Guofu Zhou (Washington University in St. Louis)
Corporate Finance with Asset Demand
Hulai Zhang (ESCP Business School)
Corporate Debt Maturity and Output Price Dynamics
Minseog Kim (University of Texas-Austin)
Geunyong Park (National University of Singapore)
Mortgage Credit Regulation based on Data Quality: Evidence from Automated Underwriting
Sakif Rahman (University of Rochester)
Is the gig up? The impact of worker-status reclassification regulation on shareholder value
Amedeo De Cesari (University of Manchester)
Marie Dutordoir (University of Manchester)
Lingxiao Liu (University of Manchester)
João Quariguasi Frota Neto (Alliance Manchester Business School)
Inattention to the Coming Storm? Rising Seas and Sovereign Credit Risk
Atreya Dey (University of Edinburgh)
Homemade Unleverage, or: Do Households Care About the Employer’s Capital Structure?
Miguel Oliveira (NOVA University Lisbon)
A New Keynesian Preferred Habitat Model with Repo
Qian Wu (Indiana University)
The Numbers Game: Effects of Listing and Counteroffer Pricing Format in Housing Bargaining
Haaris Mateen (University of Houston)
Franklin Qian (University of North Carolina-Chapel Hill)
Ye Zhang (Stockholm School of Economics)
Tianxiang Zheng (University College London)
How Does VC Specialization Backfire in Startup Experimentation?
Xuelin Li (Columbia University)
Sijie Wang (Chinese University of Hong Kong-Shenzhen)
Jiajie Xu (University of Iowa)
Xiang Zheng (University of Connecticut)
Equity Flows Induced by Monetary Policy: The Roles of Financial Intermediation and Investor Performance Sensitivity
Pranav Garg (Yale University)
Matthew Famiglietti (Yale University)
Why and How Do Analysts Make Multiple Forecasts in a Day?
Chuyi Zhang (University of Hong Kong)
Tse-chun Lin (University of Hong Kong)
What Drives Bank Credit Lines? Wholesale Funding and Bank Liquidity Creation
Mohit Desai (University of North Carolina-Chapel Hill)
Paid Sick Leave Mandates and Household Portfolio Choice
Yibing Wang (King's College London)
Decentralized and Centralized Options Trading: A Risk Premia Perspective
Andrea Andolfatto (Bocconi University)
Lorenzo Schoenleber (Collegio Carlo Alberto)
Siddharth Naik (Independent Researcher)
Entrepreneur Experience and Success: Causal Evidence from Immigration Wait Lines
Abhinav Gupta (University of North Carolina-Chapel Hill)
Franklin Qian (University of North Carolina-Chapel Hill)
Yifan Sun (University of Pennsylvania)
Paper Sessions
Friday, Jan 03 | 8:00 am - 10:00 am PST
Collateralization, Monitoring, and Credit Reallocation
Tong Zhao (KU Leuven)
Discussant: Stefano Rossi (Bocconi University)
Debt Flexibility
Nicolas Crouzet (Northwestern University)
Rhys Bidder (King's College London)
Margaret M Jacobson (Federal Reserve Board)
Michael Siemer (Federal Reserve Board)
Discussant: David Smith (University of Virginia)
Non-Fundamental Loan Renegotiations
AJ Yuan Chen (University of British Columbia)
Matthew Phillips (Massachusetts Institute of Technology)
Regina Wittenberg-Moerman (Northwestern University)
Tiange Ye (University of Southern California)
Discussant: Shohini Kundu (University of California-Los Angeles)
Monetary Policy in the Age of Universal Banking
Michael Gelman (University of Delaware)
Itay Goldstein (University of Pennsylvania)
Andrew Mackinlay (Virginia Tech)
Discussant: Raghuram Rajan (University of Chicago)
Small Firm Investment under Uncertainty: The Role of Equity Finance
Muhammad Meki (University of Oxford)
Discussant: Gautam Rao (University of California-Berkeley)
Bridging the Information Gap: Sowing the Seeds of Productivity with High-Speed 4G Internet
Sumit Agarwal (National University of Singapore)
Mohit Desai (University of North Carolina-Chapel Hill)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Nishant Vats (Washington University in St. Louis)
Discussant: Raissa Fabregas (University of Texas-Austin)
Financial Kuznets Facts
Emil Verner (Massachusetts Institute of Technology)
Paul Dai (Massachusetts Institute of Technology)
Karsten Müller (National University of Singapore)
Discussant: Kristina Manysheva (Columbia University)
Opening the Brown Box: Production Responses to Environmental Regulation
Rebecca De Simone (London Business School)
S. lakshmi Naaraayanan (London Business School)
Kunal Sachdeva (University of Michigan)
Discussant: Sumudu Watugala (Indiana University)
Climate Postures
Thomas Cauthorn (University of Kassel)
Samuel Drempetic (University of Kassel)
Andreas Hoepner (University College Dublin)
Christian Klein (University of Kassel)
Adair Morse (University of California-Berkeley)
Discussant: Lauren Cohen (Harvard University)
On the Importance of Assurance in Carbon Accounting
Florian Berg (Massachusetts Institute of Technology)
Roberto Rigobon (Massachusetts Institute of Technology)
Jaime Oliver (Clarity AI)
Discussant: Laura Starks (University of Texas-Austin)
Temperature, Adaptation, and Local Industry Concentration
Jacopo Ponticelli (Northwestern University)
Qiping Xu (University of Illinois)
Stefan Zeume (University of Illinois)
Discussant: Shan Ge (New York University)
(Not) Everybody's Working for the Weekend: A Study of Mutual Fund Manager Effort
Boone Bowles (Texas A&M University)
Richard Evans (University of Virginia)
Discussant: Ryan Israelsen (Michigan State University)
Displaced by Big Data: Evidence from Active Fund Managers
Thierry Foucault (HEC - Paris)
Maxime Bonelli (London Business School)
Discussant: Clifton Green (Emory University)
Remeasuring Scale in Active Management
Shiyang Huang (University of Hong Kong)
Lu Xu (University of Washington)
Yang Song (University of Washington)
Hong Xiang (Hong Kong Polytechnic University)
Discussant: Alexander Chinco (CUNY-Baruch College)
Volatility Timing Using ETF Options: Evidence from Hedge Funds
George Aragon (Arizona State University)
Shuaiyu Chen
Zhen Shi (Georgia State University)
Discussant: Sophia Zhengzi Li (Rutgers University)
Meaning at Work
Luigi Zingales (University of Chicago)
Nava Ashraf (London School of Economics and Political Science)
Oriana Bandiera (London School of Economics and Political Science)
Virginia Minni (University of Chicago)
Discussant: Jessica Jeffers (HEC - Paris)
Succession
Thomas Geelen (Pennsylvania State University)
Jakub Hajda (HEC - Montréal)
Discussant: Peter Cziraki (Texas A&M University)
Managers' Diversity Experiences and Workforce D&I
Turk Al-Sabah (San Diego State University)
Discussant: Vineet Bhagwat (George Washington University)
On the Importance of Accounting Information in Early-Stage Financing
Katja Kisseleva (Frankfurt School of Finance and Management gGmbH)
Aksel Mjos (Norwegian School of Economics)
David Robinson (Duke University)
Discussant: Hashim Zaman (Harvard University)
Do Bankers matter for Main Street? The Financial Intermediary Labor Channel
Yuchen Chen (University of Illinois)
Xiaoji Lin (University of Minnesota)
Jack Favilukis (University of British Columbia)
Xiaofei Zhao (Georgetown University)
Discussant: Maxi Guennewig (University of Bonn)
Incentives to Lose: Disclosure of Cover Bids in OTC Markets
Andrey Ordin (University of Texas-Austin)
Ruslan Sverchkov (University of Warwick)
Discussant: Scott Condie (Brigham Young University)
Cookies and Shopping
Bo Bian (University of British Columbia)
Michaela Pagel (Washington University in St. Louis)
Huan Tang (London School of Economics and Political Science)
Emily Williams (Harvard University)
Discussant: Sheisha Kulkarni (University of Virginia)
Rewards and Consumption in the Credit Card Market
Tianyu Han (University of California-Berkeley)
Discussant: Benedict Guttman-Kenney (Rice University)
Consumer Choice and Corporate Bankruptcy
Samuel Antill (Harvard University)
Megan Hunter (Boston College)
Discussant: Jacelly Cespedes (University of Minnesota)
Friday, Jan 03 | 10:15 am - 12:15 pm PST
Inflation and Treasury Convenience
Anna Cieslak (Duke University)
Wenhao Li (University of Southern California)
Carolin Pflueger (University of Chicago)
Discussant: Anh Le (Pennsylvania State University)
The Stock-Bond Correlation: A Tale of Two Days in the Treasury Bond Market
Grace Xing Hu (Tsinghua University)
Zhao Jin (Central University of Finance and Economics)
Jun Pan (Shanghai Jiao Tong University)
Discussant: Min Wei (Federal Reserve Board)
Identifying the Effects of Demand for Safe Assets
Jefferson Duarte (Rice University)
Tarik Umar (Rice University)
Discussant: Zhaogang Song (Johns Hopkins University)
Safe Assets in Emerging Market Economies
Cristian Cuevas (Universidad de los Andes)
Discussant: Yoshio Nozawa (University of Toronto)
Smart Banks
Alkis Georgiadis-Harris (University of Warwick)
Maxi Guennewig (University of Bonn)
Yuliyan Mitkov (University of Bonn)
Discussant: Philip Dybvig (Washington University in St. Louis)
Payments, Reserves, and Financial Fragility
Itay Goldstein (University of Pennsylvania)
Ming Yang (University College London)
Yao Zeng (University of Pennsylvania)
Discussant: Wei Xiong (Princeton University)
Oligopolistic Competition, Fund Proliferation, and Asset Prices
Marco Loseto (University of Chicago)
Federico Mainardi (University of Chicago)
Discussant: Anna Pavlova (London Business School)
Session: Corporate Investment at Public and Private Firms
Session Chair: Denis Sosyura (Arizona State University)
Asymmetric Investment Rates
Hang Bai (University of Connecticut)
Erica X. N. Li (Cheung Kong Graduate School of Business)
Chen Xue (University of Cincinnati)
Lu Zhang (Ohio State University)
Discussant: Brandon Julio (University of Oregon)
How Do Firms Withstand A Global Economic Shock: Evidence From Within-Firm Responses
Xiao Cen (Texas A&M University)
Vyacheslav Fos (Boston College)
Wei Jiang (Emory University)
Discussant: Gordon Phillips (Dartmouth College)
Precautionary Debt Capacity
Olivia Kim (Harvard University)
Deniz Aydin (Washington University in St. Louis)
Discussant: David Robinson (Duke University)
Session: Asset Pricing: Climate Change/Climate Finance
Session Chair: Ayako Yasuda (University of California-Davis)
The Benchmark Greenium
Stefania Damico (Federal Reserve Bank of Chicago)
Johannes Klausmann (University of Virginia)
Aaron Pancost (University of Texas-Austin)
Discussant: Peter Feldhütter (Copenhagen Business School)
Climate Capitalists
Kilian Huber (University of Chicago)
Niels Gormsen (University of Chicago)
Sangmin Oh (University of Chicago)
Discussant: Aymeric Bellon (University of North Carolina-Chapel Hill)
Climate Transition Risk and Energy Prices
Viral Acharya (New York University)
Stefano Giglio (Yale University)
Stefano Pastore (New York University)
Johannes Stroebel (New York University)
Zhenhao Tan (Yale University)
Discussant: Deeksha Gupta (Johns Hopkins University)
Systemic Climate Risk
Tristan Jourde (Bank of France)
Quentin Moreau (Hong Kong University of Science and Technology)
Discussant: Hyeyoon Jung (Federal Reserve Bank of New York)
Who Benefits from an Increase in Enfranchisement? Evidence from Brazil
Spyridon Lagaras (University of Illinois)
Rodrigo Schneider (Skidmore College)
Margarita Tsoutsoura (Washington University in St. Louis)
Discussant: Will Gornall (University of British Columbia)
Board Diversity in Private vs. Public Firms
Johan Cassel (Vanderbilt University)
James Weston (Rice University)
Emmanuel Yimfor (Columbia University)
Discussant: Laura Field (University of Delaware)
Does the Market Mis-Value Non-Executive Employee Diversity?
Shiyi Zhang (University of Technology Sydney)
Discussant: Justin Birru (Ohio State University)
Gender and Racial Favoritism in Crowdfunding—Evidence from the Field
Ha Diep-Nguyen (Purdue University)
Michael Price (University of Alabama)
Jun Yang (Nanyang Technological University)
Discussant: Alberto Rossi (Georgetown University)
Automated Exchange Economies
Bryan Routledge (Carnegie Mellon University)
Yikang Shen (Carnegie Mellon University)
Ariel Zetlin-Jones (Carnegie Mellon University)
Discussant: Chuck Fang (Drexel University)
Crypto Tax Evasion
Tom Meling (Ohio State University)
Magne Mogstad (University of Chicago)
Arnstein Vestre (University of Chicago)
Discussant: Vivian Fang (Indiana University)
Equilibrium in a DeFi Lending Market
Thomas Rivera (McGill University)
Fahad Saleh (Wake Forest University)
Quentin Vandeweyer (University of Chicago)
Discussant: Joseph Abadi (Federal Reserve Bank of Philadelphia)
The Tokenomics of Staking
Will Cong (Cornell University)
Zhiheng He (Tsinghua University)
Ke Tang (Tsinghua University)
Discussant: Jonathan Payne (Princeton University)
Session: Social Interactions and Financial Decisions
Session Chair: David Hirshleifer (University of Southern California)
Social Learning and Sentiment Contagion in the Bitcoin Market
Bing Han (University of Toronto)
Haoyang Liu (Federal Reserve Bank of Dallas)
Pengfei Sui (Chinese University of Hong Kong-Shenzhen)
Discussant: William Mullins (University of California-San Diego)
Social Media and Stock Market Participation
Karsten Müller (National University of Singapore)
Yuanyan Pan (National University of Singapore)
Carlo Schwarz (Bocconi University)
Discussant: J Cookson (University of Colorado-Boulder)
Social Influence in Household Equity Investment: Evidence from Randomized Military Drafts
Chun-Che Chi (Academia Sinica)
Tim Hung (National Taiwan University)
Ming-Jen Lin (National Taiwan University)
Kevin Tseng (National Taiwan University)
Discussant: Byoung-Hyoun Hwang (Nanyang Technological University)
Is Fraud Contagious? Social Connections and the Looting of COVID Relief Programs
John Griffin (University of Texas-Austin)
Samuel Kruger (University of Texas-Austin)
Prateek Mahajan (University of Texas-Austin)
Discussant: Karsten Müller (National University of Singapore)
Long Rates, Life Insurers, and Credit Spreads
Ziang Li (Imperial College London)
Discussant: Kerry Siani (Massachusetts Institute of Technology)
Pension Liquidity Risk
Kristy Jansen (University of Southern California)
Sven Klingler (BI Norwegian Business School)
Angelo Ranaldo (University of Basel)
Patty Duijm (De Nederlandsche Bank)
Discussant: Juliane Begenau (Stanford University)
Equal Prices, Unequal Access: The Effects of National Pricing in the US Life Insurance Industry
Derek Wenning (Princeton University)
Discussant: Johnny Tang (Cornell University)
Performance Capital Flows in DC Pensions
Bryan Richard Gutierrez Cortez (University of Minnesota)
Victoria Ivashina (Harvard University)
Juliana Salomao (University of Minnesota)
Discussant: Clemens Sialm (University of Texas-Austin)
Friday, Jan 03 | 2:30 pm - 4:30 pm PST
Session: Special Topics: Climate Finance
Session Chair: Sumit Agarwal (National University of Singapore)
A Breath of Change: Can Personal Exposures Drive Green Preferences?
Steffen Andersen (Copenhagen Business School)
Dmitry Chebotarev (Indiana University)
Fatima Filali (Copenhagen Business School)
Kasper meisner Nielsen (Copenhagen Business School)
Discussant: Jian Zhang (University of Hong Kong)
Investments that Make our Homes Greener: The Role of Regulation
Nuno Clara (Duke University)
Joao Cocco (London Business School)
S. lakshmi Naaraayanan (London Business School)
Varun Sharma (Indiana University)
Discussant: Qifei Zhu (National University of Singapore)
Adaptation Using Financial Markets: Climate Risk Diversification through Securitization
Matthew Kahn (University of Southern California)
Amine Ouazad (HEC - Montréal)
Erkan Yonder (Concordia University)
Discussant: Shashwat Alok (Indian School of Business)
Tax Policy, Investment, and Firm Financing: Evidence from the U.S. Interest Limitation
Lucas Goodman (U.S. Department of the Treasury)
Adam Isen (Johns Hopkins University)
Jordan Richmond (University of Maryland)
Matthew Smith (U.S. Department of the Treasury)
Discussant: Mara Faccio (Purdue University)
The Secular Decline in Private Firm Leverage
Christine Dobridge (Federal Reserve Board)
Aymeric Bellon (University of North Carolina-Chapel Hill)
Erik Gilje (University of Pennsylvania)
Andrew Whitten (U.S. Department of the Treasury)
Discussant: Benjamin Iverson (Brigham Young University)
Capital Structure & Firm Outcomes: Evidence from Dividend Recapitalizations in Private Equity
Abhishek Bhardwaj (Tulane University)
Abhinav Gupta (University of North Carolina-Chapel Hill)
Sabrina Howell (New York University)
Discussant: Shai Bernstein (Harvard University)
Session: Managers, Shareholder Preferences, and Voting
Session Chair: Jonathan Karpoff (University of Washington)
Managing Ownership by Management
Julian Franks (London Business School)
Colin Mayer (University of Oxford)
Hideaki Miyajima (Waseda University)
Ryo Ogawa (Cambridge Universal College)
Discussant: Randall Morck (University of Alberta)
Custom Proxy Voting Advice
Edwin Hu (New York University)
Nadya Malenko (Boston College)
Jonathon Zytnick (Georgetown University)
Discussant: Elisabeth Kempf (Harvard University)
The Politicization of Social Responsibility
Todd Gormley (Washington University in St. Louis)
Manish Jha (Washington University in St. Louis)
Meng Wang (University of South Florida)
Discussant: Simi Kedia (Rutgers University)
Political Preferences and Financial Market Equilibrium
Youchang Wu (University of Oregon)
Josef Zechner (Vienna University of Economics and Business)
Discussant: Luke Taylor (University of Pennsylvania)
Session: Neurofinance, Cognition
Session Chair: Andrea Eisfeldt (University of California-Los Angeles)
On the Source and Instability of Probability Weighting
Cary Frydman (University of Southern California)
Lawrence Jin (Cornell University)
Discussant: Lars Lochstoer (University of California-Los Angeles)
A Cognitive Foundation for Perceiving Uncertainty
J. Aislinn Bohren (University of Pennsylvania)
Josh Hascher (University of Chicago)
Alex Imas (University of Chicago)
Michael Ungeheuer (Aalto University)
Martin Weber (University of Mannheim)
Discussant: Ryan Oprea (University of California-Santa Barbara)
Theory Is All You Need: AI, Human Cognition, and Decision Making
Teppo Felin (University of Oxford)
Matthias Holweg (University of Oxford)
Discussant: Barney Hartman-glaser (University of California-Los Angeles)
Cognitive Inequality and Big Data
Laura Veldkamp (Columbia University)
Indira Puri (New York University)
Discussant: Michael Sockin (University of Texas-Austin)
Session: Financial Sector Profits and Societal Losses
Session Chair: Anat Admati (Stanford University)
Tax Heist using American Depositary Receipts
Jonathan Brogaard (University of Utah)
Dominik Roesch (State University of New York-Buffalo)
Discussant: Shane Heitzman (University of Southern California)
Know Your Customer: Informed Trading by Banks
Rainer Haselmann (Goethe-Universität Frankfurt)
Christian Leuz (University of Chicago)
Sebastian Schreiber (Goethe-Universität Frankfurt)
Discussant: John Griffin (University of Texas-Austin)
MiFID II Research Unbundling: Cross-border Impact on Asset Managers
Richard Evans (University of Virginia)
Juan-pedro Gomez (IE Business School)
Rafael Zambrana (University of Notre Dame)
Discussant: Mark Egan (Harvard University)
Branching Out Inequality: The Impact of Credit Equality Policies
Jacelly Cespedes (University of Minnesota)
Erica Xuewei Jiang (University of Southern California)
Carlos Parra (Pontifical Catholic University of Chile)
Jinyuan Zhang (University of California-Los Angeles)
Discussant: Julia Fonseca (University of Illinois)
Price Multipliers are Larger at More Aggregate Levels
Jiacui Li (University of Utah)
Zihan Lin (Stanford University)
Discussant: Philippe van der Beck (Harvard University)
Short Covering
Jesse Blocher (Vanderbilt University)
Xi Dong (CUNY-Baruch College)
Matthew Ringgenberg (University of Utah)
Pavel Savor (DePaul University)
Discussant: Owen Lamont (Acadian Asset Management)
Inelastic Equity Markets: New Evidence From A Reform of U.S. Trust Law
Oliver Spalt (University of Mannheim)
Stefano Cassella (Tilburg University)
Antonino emanuele Rizzo (University of Notre Dame)
Leah Zimmerer (University of Mannheim)
Discussant: David Solomon (Boston College)
Losing is Optional: Retail Option Trading and Expected Announcement Volatility
Tim de Silva (Massachusetts Institute of Technology)
Kevin Smith (Stanford University)
Eric So (Massachusetts Institute of Technology)
Discussant: Taisiya Sikorskaya (London Business School)
Information Acquisition by Mutual Fund Investors: Evidence from Stock Trading Suspensions
Clemens Sialm (University of Texas-Austin)
David Xiaoyu Xu (Southern Methodist University)
Discussant: Yao Zeng (University of Pennsylvania)
Passive Investing and Market Quality
Philipp Höfler (Goethe-Universität Frankfurt)
Christian Schlag (Goethe-Universität Frankfurt)
Maik Schmeling (Goethe-Universität Frankfurt)
Discussant: Naz Koont (Columbia University)
Active ETFs Cloned from Mutual Funds: Competing for Investor Flows
Linda Du (Carnegie Mellon University)
Laura Starks (University of Texas-Austin)
Mindy Xiaolan (University of Texas-Austin)
Discussant: Karamfil Todorov (Bank for International Settlements)
Saturday, Jan 04 | 8:00 am - 10:00 am PST
Session: Financial Intermediation: ESG and Sustainable Finance
Session Chair: Sumudu Watugala (Indiana University)
Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?
Kunal Sachdeva (University of Michigan)
Andre F. Silva (Federal Reserve Board)
Pablo Slutzky (University of Maryland)
Billy Xu (University of Rochester)
Discussant: Mariassunta Giannetti (Stockholm School of Economics)
Green Tilts
Lubos Pastor (University of Chicago)
Luke Taylor (University of Pennsylvania)
Robert Stambaugh (University of Pennsylvania)
Discussant: Marcin Kacperczyk (Imperial College London)
Stakeholders' Aversion to Inequality and Bank Lending to Minorities
Hanh Le (Federal Reserve Bank of Richmond)
Matteo Crosignani (Federal Reserve Bank of New York)
Discussant: Harrison Hong (Columbia University)
Politically Polarized Depositors
Jinoug Jeung (Chinese University of Hong Kong)
Discussant: J Cookson (University of Colorado-Boulder)
Geographic Overlap, Agglomeration Externalities and Post-Merger Restructuring
Jarrad Harford (University of Washington)
Samuel Piotrowski (Norwegian School of Economics)
Yiming Qian (University of Connecticut)
Discussant: Gerard Hoberg (University of Southern California)
When Private Equity comes to Town: The Local Economic Consequences of Rising Healthcare Costs
Cyrus Aghamolla (University of Minnesota)
Jash Jain (Indian School of Business)
Richard Thakor (University of Minnesota)
Discussant: Constantine Yannelis (University of Chicago)
See the Gap: Firm Returns and Shareholder Incentives
Eitan Goldman (Indiana University)
Jinkyu Kim (Indiana University)
Wenyu Wang (Indiana University)
Discussant: David Robinson (Duke University)
Competition Enforcement and Accounting for Intangible Capital
John Kepler (Stanford University)
Charles McClure (University of Chicago)
Christopher Stewart (University of Chicago)
Discussant: David De Angelis (University of Houston)
Session: New Perspectives in Forecasting the Cross Section of Returns
Session Chair: Danling Jiang (Stony Brook University)
Mosaics of Predictability
Will Cong (Cornell University)
Guanhao Feng (City University of Hong Kong)
Jingyu He (City University of Hong Kong)
Yuanzhi Wang (City University of Hong Kong)
Discussant: David Rapach (Federal Reserve Bank of Atlanta)
Empirical Asset Pricing with Probability Forecasts
Songrun He (Washington University in St. Louis)
Linying Lyu (Zhejiang University)
Guofu Zhou (Washington University in St. Louis)
Discussant: Allaudeen Hameed (National University of Singapore)
Narrative Attention Pricing
Hojoon Lee (Boston College)
Xiaoxia Lou (University of Delaware)
Gideon Ozik (EDHEC Business School)
Ronnie Sadka (Boston College)
Discussant: Kuntara Pukthuanthong (University of Missouri)
Moving Targets
Lauren Cohen (Harvard University)
Quoc Nguyen (DePaul University)
Discussant: Lin Peng (CUNY-Baruch College)
Tokenomics: Optimal Monetary and Fee Policies
Urban Jermann (University of Pennsylvania)
Haotian Xiang (Peking University)
Discussant: Dino Palazzo (Federal Reserve Board)
A Macroeconomic Model of Central Bank Digital Currency
Pascal Paul (Federal Reserve Bank of San Francisco)
Mauricio Ulate (Federal Reserve Bank of San Francisco)
Cynthia Wu (University of Notre Dame)
Discussant: Michael Kumhof (Bank of England)
Token-Based Platform Governance
Joseph Abadi (Federal Reserve Bank of Philadelphia)
Markus Brunnermeier (Princeton University)
Discussant: Ming Yang (University College London)
Optimal Data Security with Redundancies
Rod Garratt (Bank for International Settlements)
Linda Schilling (Washington University in St. Louis)
Discussant: Jacob Leshno (University of Chicago)
Session: Asset Pricing: Behavioral
Session Chair: Michaela Pagel (Washington University in St. Louis)
(Almost) 200 Years of News-Based Economic Sentiment
Jules Van Binsbergen (University of Pennsylvania)
Svetlana Bryzgalova (London Business School)
Mayukh Mukhopadhyay (London Business School)
Varun Sharma (Indiana University)
Discussant: Bryan Kelly (Yale University)
Is Artificial Intelligence (AI) Risk-Averse?
Yuree Lim (Texas Woman's University)
Discussant: Leland Bybee (University of Chicago)
Resolving Estimation Ambiguity
Paul Decaire (Arizona State University)
Denis Sosyura (Arizona State University)
Michael Wittry (Ohio State University)
Discussant: Steffen Meyer (University of Southern Denmark, Danish Finance Institute)
Peering into the Black Box: Trader Strategies in the Iowa Electronic Markets
Thomas Gruca (University of Iowa)
Thomas Rietz (University of Iowa)
Discussant: Will Cassidy (Washington University in St. Louis)
Can Small Businesses Survive Chapter 11?
Edie Hotchkiss (Boston College)
Benjamin Iverson (Brigham Young University)
Xiang Zheng (University of Connecticut)
Discussant: Jean-Marie Meier (University of Pennsylvania)
Non-Financial Liabilities and Effective Corporate Restructuring
Bo Becker (Stockholm School of Economics)
Jens Josephson (Stockholm University)
Discussant: Samuel Antill (Harvard University)
The Limits of Coase: A Study of Financial Distress in the Shipping Industry
Julian Franks (London Business School)
Gunjan Seth (University of Southern California)
Oren Sussman (University of Oxford)
Vikrant Vig (London Business School)
Discussant: Dong Beom Choi (Seoul National University)
Session: Market and Funding Liquidity/Market Risk Factors
Session Chair: Bige Kahraman (University of Oxford)
Market Opacity and Fragility: Why Liquidity Evaporates when it is most Needed
Giovanni Cespa (City University of London)
Xavier Vives (University of Navarra)
Discussant: Michael Sockin (University of Texas-Austin)
Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relations
Mathias Kruttli (Indiana University)
Marco Macchiavelli (University of Massachusetts)
Phillip Monin (Federal Reserve Board)
Alex Zhou (Southern Methodist University)
Discussant: George Aragon (Arizona State University)
Rethinking Transparency - Evidence from a Quasi-Natural Experiment
Jeff Meli (Barclays)
Zornitsa Todorova (Barclays)
Andrea Diaz (Barclays)
Discussant: Kumar Venkataraman (Southern Methodist University)
Constraint-Induced Factors
Samuel Slocum (Yale University)
Kaushik Vasudevan (Purdue University)
Discussant: Carter Davis (Indiana University)
Saturday, Jan 04 | 10:15 am - 12:15 pm PST
Fintech to the Rescue: Navigating Climate Change
Kim Cramer (London School of Economics and Political Science)
Nishant Vats (Washington University in St. Louis)
Nirupama Kulkarni (Centre for Advanced Financial Research and Learning (CAFRAL))
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Discussant: Rebecca De Simone (London Business School)
CBDCs, Payment Firms, and Geopolitics
Tobias Berg (Goethe-Universität Frankfurt)
Jan Keil (Humboldt University of Berlin)
Felix Martini (Frankfurt School of Finance and Management gGmbH)
Manju Puri (Duke University)
Discussant: Sergey Sarkisyan (Ohio State University)
Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem
Will Cong (Cornell University)
Ke Tang (Tsinghua University)
Yanxin Wang (Xi'an Jiaotong University)
Xi Zhao (Xi'an Jiaotong University)
Discussant: Anastassia Fedyk (University of California-Berkeley)
Productivity Changes around Childbirth: Evidence from the Mutual Fund Industry
Larissa Ginzinger (University of Mannheim)
Kun Li (Australian National University)
Alexandra Niessen-ruenzi (University of Mannheim)
Gang Wang (Shanghai University of Finance and Economics)
Discussant: Xing Huang (Washington University in St. Louis)
Beyond Old Boys’ Clubs: Financial Analysts’ Utilization of Professional Connections
Rachel Zhang (National University of Singapore)
Mengqiao Du (National University of Singapore)
Discussant: Lin Peng (CUNY-Baruch College)
To Grant or Not to Grant: Inventor Gender and Patent Examination Outcomes
Yuqi Gu (Willamette University)
Connie (Xiangdong) Mao (Temple University)
Yueru Qin (Temple University)
Discussant: Bo Bian (University of British Columbia)
Financing The Next VC-Backed Startup: The Role of Gender
Camille Hebert (University of Toronto)
Heather Tookes (Yale University)
Emmanuel Yimfor (Columbia University)
Discussant: Ayako Yasuda (University of California-Davis)
Session: Belief Formation and Economic Implications
Session Chair: Yueran Ma (University of Chicago)
Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions
Tianshu Lyu (Yale University)
Zunda Winston Xu (Stanford University)
Discussant: Aakash Kalyani (Federal Reserve Bank of St. Louis)
Finfluencers
Ali Kakhbod (University of California-Berkeley)
Seyed Mohammad Kazempour (Rice University)
Dmitry Livdan (University of California-Berkeley)
Norman Schuerhoff (University of Lausanne)
Discussant: Runjing Lu (University of Toronto)
Law of Small Numbers in Financial Markets: Theory and Evidence
Lawrence Jin (Cornell University)
Cameron Peng (London School of Economics and Political Science)
Discussant: Eben Lazarus (University of California-Berkeley)
Dynamic Market Choice
Xian Wu (University of Wisconsin-Madison)
Discussant: Chaojun Wang (University of Pennsylvania)
Order Book Spreads, Depth, and Market Efficiency in a General Equilibrium Model
Scott Condie (Brigham Young University)
Brennan Platt (Brigham Young University)
Discussant: Maria Chaderina (University of Oregon)
Trading with Expert Dealers
Maria Chaderina (University of Oregon)
Vincent Glode (University of Pennsylvania)
Discussant: Batchimeg Sambalaibat (Princeton University)
Information Friction in OTC Interdealer Markets
Benjamin Gardner (Yale University)
Yesol Huh (Federal Reserve Board)
Discussant: Xingtan Zhang (Cheung Kong Graduate School of Business)
Session: Real Estate and Housing Finance
Session Chair: Nancy Wallace (University of California-Berkeley)
The effects of Environmental Health Risks on Housing Values and Minorities
Marco Grotteria (London Business School)
Jules Van Binsbergen (University of Pennsylvania)
Joao Cocco (London Business School)
S. lakshmi Naaraayanan (London Business School)
Discussant: Lucas Davis (University of California-Berkeley)
The Winner’s Curse in Housing Markets
Soon Hyeok Choi (Rochester Institute of Technology)
Adam Nowak (West Virginia University)
Patrick Smith (University of North Carolina-Charlotte)
Alexei Tchistyi (Cornell University)
Discussant: Alina Arefeva (University of Wisconsin-Madison)
Racial Differences in the Total Rate of Return on Owner-Occupied Housing
Rebecca Diamond (Stanford University)
William Diamond (University of Pennsylvania)
Discussant: Bronson Argyle (Brigham Young University)
Financial Technology and the 1990s Housing Boom
Stephanie Johnson (Rice University)
Nitzan Tzur-Ilan (Federal Reserve Bank of Dallas)
Discussant: Daniel Greenwald (New York University)
Session: Firm Growth via Labor and Intangible Capital
Session Chair: Matt Gustafson (Pennsylvania State University)
Venture Labor: A Nonfinancial Signal for Start-up Success
Sean Cao (University of Maryland)
Jie He (University of Georgia)
Zhilu Lin (University of Tampa)
Xiao Ren (Chinese University of Hong Kong-Shenzhen)
Discussant: Paige Ouimet (University of North Carolina-Chapel Hill)
Corporate Finance Through Loyalty Programs
Dan Luo (Chinese University of Hong Kong)
Discussant: William Mann (Emory University)
The Politics of Corporate Investment: Evidence from Political Turnovers and IPO Proceeds
Matthew Denes (Carnegie Mellon University)
Ran Duchin (Boston College)
Hongbo Pan (Wuhan University)
Wei Shi (Deakin University)
Discussant: David Schoenherr (Princeton University)
Entrepreneur Experience & Success: Causal Evidence from Immigration Wait Lines
Abhinav Gupta (University of North Carolina-Chapel Hill)
Franklin Qian (University of North Carolina-Chapel Hill)
Yifan Sun (University of Pennsylvania)
Discussant: Michael Ewens (Columbia University)
Session: Corporate Finance: Corporate Disclosure
Session Chair: Michael Weisbach (Ohio State University)
The Information Content of Tone Dispersion: Evidence from Earnings Conference Call Q&As
Jyun-Ying Fu (National Taiwan University)
Alan Huang (University of Waterloo)
Russell Wermers (University of Maryland)
Jingyu Zhang (Queen's University)
Yuxin Zhang (University of Nottingham, Ningbo)
Discussant: Daisy Wang (Ohio State University)
Performance Indicators of the Digital Age: Mobile Apps, Firm Disclosure, and Stock Returns
Shuping Chen (University of Texas-Austin)
Xi Wu (University of California-Berkeley)
Yukun Liu (University of Rochester)
Discussant: Amin Shams (Ohio State University)
Endogenous Corporate Disclosure during the COVID-19 Lockdown
Yeejin Jang (University of New South Wales)
Taehyun Kim (Chung-Ang University)
Jongsub Lee (Seoul National University)
Discussant: Vivian Fang (Indiana University)
How Managers Communicate about Capital Budgeting to Investors
Robert Battalio (University of Notre Dame)
Tim Loughran (University of Notre Dame)
Bill Mcdonald (University of Notre Dame)
Discussant: John Barry (Duke University)
Session: SOCIETY FOR EXPERIMENTAL FINANCE: Experiments in Finance
Session Chair: Sascha Füllbrunn (Radboud University Nijmegen)
Credit Ratings and Investments
Anna Bayona (ESADE Business School)
Oana Peia (University College Dublin)
Razvan Vlahu (Bank of The Netherlands)
Discussant: John Duffy (University of California-Irvine)
How General Equilibrium in Markets with Indivisible Goods Obtains Thanks to Complexity
Peter Bossaerts (University of Cambridge)
Konstantinos Ionnidis (University of Cambridge)
Robert Woods (University of Cambridge)
Nitin Yadav (University of Melbourne)
Discussant: Alec Smith (Virginia Tech)
ETF Indexing Strategies and Asset Prices: Experimental Evidence
Peter Bossaerts (University of Cambridge)
John Duffy (University of California-Irvine)
Jean Paul Rabanal (University of Stavanger)
Olga Rud (University of Stavanger)
Nitin Yadav (University of Melbourne)
Discussant: Steve Heinke (University of Basel)
Disposed to be Overconfident
Katrin Gödker (Bocconi University)
Terrance Odean (University of California)
Paul Smeets (University of Amsterdam)
Discussant: Peiran Jiao (Maastricht University)
Saturday, Jan 04 | 2:30 pm - 4:30 pm PST
Session: Big Data / Machine Learning
Session Chair: Anastassia Fedyk (University of California-Berkeley)
Cyber Risk-Driven Innovation in the Modern Data Economy
Orlando Gomes (ISCAL)
Roxana Mihet (University of Lausanne and Swiss Finance Institute)
Kumar Rishabh (University of Lausanne)
Discussant: Alex He (University of Maryland)
Data Regulation in Credit Markets
Uday Rajan (University of Michigan)
Yan Xiong (Hong Kong University of Science and Technology)
Discussant: Jian Li (Columbia University)
Capital Market Consequences of Generative AI: Early Evidence from the Ban of ChatGPT in Italy
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: Gregor Schubert (University of California-Los Angeles)
Session: Portfolio Choice and Asset Allocation
Session Chair: Xing Huang (Washington University in St. Louis)
Higher-Order Beliefs and Risky Asset Holdings
Yuriy Gorodnichenko (University of California-Berkeley)
Xiao Yin (University College London)
Discussant: Cameron Peng (London School of Economics and Political Science)
Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice
Aizhan Anarkulova (Emory University)
Scott Cederburg (University of Arizona)
Michael O'Doherty (University of Missouri)
Discussant: Kunal Sachdeva (University of Michigan)
How Do Consumers Finance Increased Retirement Savings?
Taha Choukhmane (Massachusetts Institute of Technology)
Christopher Palmer (Massachusetts Institute of Technology)
Discussant: Jialan Wang (University of Illinois)
Corporate Actions as Moral Issues
Zwetelina Iliewa (University of Bonn)
Elisabeth Kempf (Harvard University)
Oliver Spalt (University of Mannheim)
Discussant: Sascha Füllbrunn (Radboud University Nijmegen)
Pollution-Shifting vs. Downscaling: How Financial Distress Affects the Green Transition
Aymeric Bellon (University of North Carolina-Chapel Hill)
Yasser Boualam (University of Pennsylvania)
Discussant: Daniel Green (Harvard University)
Willingness to Pay for Carbon Mitigation: Field Evidence from the Market for Carbon Offsets
Matthias Rodemeier (Bocconi University)
Discussant: Florian Heeb (Massachusetts Institute of Technology)
Brown Capital (Re)Allocation
Olivier Darmouni (Columbia University)
Yuqi Zhang (Columbia University)
Discussant: Ran Duchin (Boston College)
Session: Real Effects of Information and Regulatory Frictions
Session Chair: Geoffrey Tate (University of Maryland)
The Cost of Regulatory Compliance in the United States
Francesco Trebbi (University of California-Berkeley)
Miao Zhang (University of Southern California)
Michael Simkovic (University of Southern California)
Discussant: Ting Xu (University of Toronto)
Financial News Production
Allen Hu (University of British Columbia)
Discussant: Diego Garcia (University of Colorado-Boulder)
Government Arrears and Corporate Decisions: Lessons from a Natural Experiment
Vicente Cunat (London School of Economics and Political Science)
Rafael Zambrana (University of Notre Dame)
Vicente Bermejo (ESADE Business School)
Jose Maria Abad (World Bank)
Discussant: Mariassunta Giannetti (Stockholm School of Economics)
Big Data and Bigger Firms: A Labor Market Channel
Abhinav Gupta (University of North Carolina-Chapel Hill)
Naman Nishesh (University of North Carolina-Chapel Hill)
Elena Simintzi (University of North Carolina-Chapel Hill)
Discussant: Francesco D'Acunto (Georgetown University)
Session: Mortgage Markets: Risk, Access, and Transparency
Session Chair: Vicki Bogan (Duke University)
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets
Parinitha Sastry (Columbia University)
Ishita Sen (Harvard University)
Ana-maria Tenekedjieva (Federal Reserve Board)
Discussant: Jawad Addoum (Cornell University)
Dual Credit Markets: Income Risk, Household Debt, and Consumption
David Matsa (Northwestern University)
Brian Melzer (Dartmouth College)
Michal Zator (University of Notre Dame)
Discussant: Michaela Pagel (Washington University in St. Louis)
Financial Skills and Search in the Mortgage Market
Marta Cota (CERGE-EI)
Ante Sterc (CERGE-EI)
Discussant: Sheisha Kulkarni (University of Virginia)
Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market
Xiang Li (Fordham University)
Discussant: Feng Liu (Consumer Financial Protection Bureau)
Implications of Asset Market Data for Equilibrium Models of Exchange Rates
Zhengyang Jiang (Northwestern University)
Arvind Krishnamurthy (Stanford University)
Hanno Lustig (Stanford University)
Discussant: Oleg Itskhoki (University of California-Los Angeles)
A Currency Premium Puzzle
Jingye Wang (Renmin University of China)
Tarek Hassan (Boston University)
Thomas Mertens (Federal Reserve Bank of San Francisco)
Discussant: Valentin Haddad (University of California-Los Angeles)
Following the Fed: Limits of Arbitrage and the Dollar
Nikolai Roussanov (University of Pennsylvania)
Xiaoliang Wang (Hong Kong University of Science and Technology)
Discussant: Antonio Coppola (Stanford University)
Which Exchange Rate Matters to Global Investors?
Kristy Jansen (University of Southern California)
Hyun Shin (Bank for International Settlements)
Goetz von Peter (Bank for International Settlements)
Discussant: Fabricius Somogyi (Northeastern University)
Session: Entrepreneurial Finance/Private Equity/Venture Capital
Session Chair: Joshua Lerner (Harvard University)
With special guest, Lara Druyan, Managing Director of Silicon Valley Data Capital
Moral Hazard in Experiment Design: Implications for Financing Innovation
Patrick Bolton (Columbia University)
Ramana Nanda (Imperial College London)
Savitar Sundaresan (Imperial College London)
Shannon Liu (University of Toronto)
Discussant: Yao Zeng (University of Pennsylvania)
How Does Active Involvement Benefit Investors? Evidence from 85 Billion Cell Phone Signals
Jack (Xiaoyong) Fu (University of Pennsylvania)
Discussant: Shai Bernstein (Stanford University)
Venture Capital Response to Government-Funded Basic Science
Roham Rezaei (University of New South Wales)
Yufeng Yao (University of New South Wales)
Discussant: Tania Babina (Columbia University)
Sunday, Jan 05 | 8:00 am - 10:00 am PST
Session: Corporate Finance: ESG and Sustainable Finance I
Session Chair: Adair Morse (University of California-Berkeley)
The Green Transition: Evidence from Corporate Green Revenues
Johannes Klausmann (University of Virginia)
Philipp Krueger (Swiss Finance Institute - University of Geneva)
Pedro Matos (University of Virginia)
Discussant: Andreas Hoepner (University College Dublin)
Environmental Scandals and Green Products
Wan-chien Chiu (National Tsing Hua University)
Po-hsuan Hsu (National Tsing Hua University)
Kai Li (University of British Columbia)
Joy Tianjiao Tong (University of Western Ontario)
Discussant: Umit Gurun (University of Texas-Dallas)
Environmental Regulation, Pollution, and Shareholder Wealth
Seungho Choi (Hanyang University)
Ross Levine (Stanford University)
Raphael Park (University of Technology Sydney)
Simon Xu (Harvard University)
Discussant: Ian Appel (University of Virginia)
Pricing the Priceless: The Financial Cost of Biodiversity Conservation
Fukang Chen (Renmin University of China)
Minhao Chen (Renmin University of China)
Will Cong (Cornell University)
Haoyu Gao (Renmin University of China)
Jacopo Ponticelli (Northwestern University)
Discussant: Laura Starks (University of Texas-Austin)
Session: Government Intervention and the Local Economy
Session Chair: Mara Faccio (Purdue University)
Segmented Multipliers: Evidence from Welfare Cuts
Manuel Adelino (Duke University)
Jim Goldman (University of Warwick)
Discussant: Maria-teresa Marchica (Manchester Business School)
Municipal and Economic Consequences of PFAS Contamination Discovery
Daisy Huang (Southwestern University of Finance and Economics)
Amit Kumar (Singapore Management University)
Discussant: Jess Cornaggia (Pennsylvania State University)
The Golden Revolving Door
Ling Cen (Chinese University of Hong Kong)
Lauren Cohen (Harvard University)
Jing Wu (Chinese University of Hong Kong)
Fan Zhang (Chinese University of Hong Kong)
Discussant: Denis Sosyura (Arizona State University)
Asset Embeddings
Xavier Gabaix (Harvard University)
Ralph Koijen (University of Chicago)
Robert Richmond (New York University)
Motohiro Yogo (Princeton University)
Discussant: Markus Pelger (Stanford University)
The Expected Returns on Machine-Learning Strategies
Vitor Azevedo (RPTU Kaiserslautern-Landau)
Christopher Hoegner (Technical University of Munich)
Mihail Velikov (Pennsylvania State University)
Discussant: Andrew Chen (Federal Reserve Board)
What Drives Trading in Financial Markets? A Big Data Perspective
Anton Lines (Copenhagen Business School)
Shikun Ke (Yale University)
Discussant: Yinan Su (Johns Hopkins University)
A New Closed-Form Discrete-Time Option Pricing Model with Stochastic Volatility
Steven Heston (University of Maryland)
Kris Jacobs (University of Houston)
Hyung Joo Kim (Federal Reserve Board)
Discussant: Bjorn Eraker (University of Wisconsin-Madison)
Forecasting Option Returns with News
Jie Cao (Hong Kong Polytechnic University)
Bing Han (University of Toronto)
Gang Li (Chinese University of Hong Kong)
Ruijing Yang (Chinese University of Hong Kong)
Xintong Zhan (Fudan University)
Discussant: Christopher Jones (University of Southern California)
Decentralized and Centralized Options Trading: A Risk Premia Perspective
Lorenzo Schoenleber (Collegio Carlo Alberto)
Andrea Andolfatto (Bocconi University)
Siddharth Naik (Independent Researcher)
Discussant: Hui Chen (Massachusetts Institute of Technology)
Relative Basis and Expected Returns in Commodity Futures Markets
Ming Gu (Xiamen University)
Wenjin Kang (University of Macau)
Dong Lou (London School of Economics and Political Science)
Ke Tang (Tsinghua University)
Discussant: William Diamond (University of Pennsylvania)
Daily Momentum and New Investors in an Emerging Stock Market
Zhenyu Gao (Chinese University of Hong Kong)
Wenxi Jiang (Chinese University of Hong Kong)
Wei Xiong (Shenzhen Stock Exchange)
Wei Xiong (Princeton University)
Discussant: Cameron Peng (London School of Economics and Political Science)
Crash Narratives
William Goetzmann (Yale University)
Dasol Kim (Office of Financial Research)
Robert Shiller (Yale University)
Discussant: Aditya Chaudhry (Ohio State University)
What Drives Very Long-Run Cash Flow Expectations?
Paul Decaire (Arizona State University)
Marius Guenzel (University of Pennsylvania)
Discussant: Kaushik Vasudevan (Purdue University)
Subjective Beliefs and Portfolio Choice: Evidence from Financial Advisors
Cynthia Balloch (London School of Economics and Political Science)
Cameron Peng (London School of Economics and Political Science)
Discussant: Johnny Tang (Cornell University)
Session: Return Dynamics/Volatility and Tail Risk
Session Chair: Johan Walden (University of California-Berkeley)
Volatility Disagreement and Asset Prices
Adem Atmaz (Purdue University)
Andrea Buffa (University of Colorado-Boulder)
Discussant: Christian Heyerdahl-Larsen (BI Norwegian Business School)
Demand-Based Subjective Expected Returns
Alessandro Crescini (Swiss Finance Institute - University of Geneva)
Fabio Trojani (University of Geneva)
Andrea Vedolin (Boston University)
Discussant: Eben Lazarus (University of California-Berkeley)
Growth and Differences of Log-Normals
Robert Parham (University of Virginia)
Discussant: Rustam Ibragimov (Imperial College London)
Session: Bank Competition/Bank Funding and Risk Management
Session Chair: Toni Ahnert (European Central Bank)
Information-Based Pricing in Specialized Lending
Kristian Blickle (Federal Reserve Bank of New York)
Zhiguo He (Stanford University)
Jing Huang (Texas A&M University)
Cecilia Parlatore (New York University)
Discussant: Robert Marquez (University of California-Davis)
CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks during the 1890s
Haelim Anderson (Federal Deposit Insurance Corporation)
Jaewon Choi (Seoul National University)
Jennifer Rhee (Federal Deposit Insurance Corporation)
Discussant: Rodney Ramcharan (University of Southern California)
The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking
Rodrigo Gonzalez (Central Bank of Brazil)
Yiming Ma (Columbia University)
Yao Zeng (University of Pennsylvania)
Discussant: Thomas Eisenbach (Federal Reserve Bank of New York)
Sunday, Jan 05 | 10:15 am - 12:15 pm PST
Session: Finance and Industrial Organization
Session Chair: Maria Cecilia Bustamante (University of Maryland)
Supply Chain Shortages, Large Firms’ Market Power, and Inflation
Francesco Franzoni (University of Lugano)
Mariassunta Giannetti (Stockholm School of Economics)
Roberto Tubaldi (BI Norwegian Business School)
Discussant: Ina Simonovska (University of California-Davis)
Board Connections, Firm Profitability, and Product Market Actions
Radhakrishnan Gopalan (Washington University in St. Louis)
Renping Li (Washington University in St. Louis)
Alminas Zaldokas (National University of Singapore)
Discussant: Felipe Cabezon (Virginia Tech)
Ownership and Competition
Alessio Piccolo (Indiana University)
Jan Schneemeier (Michigan State University)
Discussant: Mina Lee (Federal Reserve Board)
Unpacking the Innovator-Inventor Gap: Evidence from Engineers
Colleen Chien (University of California-Berkeley)
Jillian Grennan (Emory University)
Discussant: Jiajie Xu (University of Iowa)
Teamwork and the Homophily Trap: Evidence from Open Source Software
Davidson Heath (University of Utah)
Nathan Seegert (University of Utah)
Jeffrey Yang (University of Utah)
Discussant: Geoffrey Tate (University of Maryland)
Patent Hunters
Lauren Cohen (Harvard University)
Umit Gurun (University of Texas-Dallas)
Katie Moon (University of Colorado-Boulder)
Paula Suh (University of Georgia)
Discussant: Joan Farre-Mensa (University of Illinois-Chicago)
Session: Experience Effects and Memory
Session Chair: Alexandra Wellsjo (University of California-San Diego)
Information Partitioning, Learning, and Beliefs
Pascal Kieren (Heidelberg University)
Lukas Mertes (University of Mannheim)
Martin Weber (University of Mannheim)
Discussant: Michael Thaler (University College London)
Memory and Beliefs in Financial Markets: A Machine Learning Approach
Zhongtian Chen (University of Pennsylvania)
Jiyuan Huang (University of Zurich)
Discussant: Zhengyang Jiang (Northwestern University)
Risk-Taking Adaptation to Macroeconomic Experiences
Remy Levin (University of Connecticut)
Daniela Vidart (University of Connecticut)
Discussant: Michael Weber (University of Chicago)
Session: Executive Pay and Incentives
Session Chair: Dirk Jenter (London School of Economics and Political Science)
Growth-promoting Bonuses and Mergers and Acquisitions
Tor-erik Bakke (University of Illinois-Chicago)
Mathias Kronlund (University of Illinois)
Hamed Mahmudi (University of Delaware)
Aazam Virani (University of Arizona)
Discussant: Jarrad Harford (University of Washington)
Executive Compensation with Social and Environmental Performance
Pierre Chaigneau (Queen's University)
Nicolas Sahuguet (HEC - Montréal)
Discussant: Doron Levit (University of Washington)
Non-Compete Agreements and the Market for Corporate Control
Andrey Golubov (University of Toronto)
Yuanqing (Lorna) Zhong (University of Toronto)
Discussant: Jessica Jeffers (HEC - Paris)
Does Enhanced Disclosure Curb CEO Pay? Evidence from a Modern Information Technology Improvement
Ilona Babenko (Arizona State University)
Ben Bennett (Ohio State University)
Zexi Wang (Lancaster University)
Discussant: Michelle Lowry (Drexel University)
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices
Umang Khetan (University of Iowa)
Jian Li (Columbia University)
Ioana Neamtu (Bank of England)
Ishita Sen (Harvard University)
Discussant: Kristy Jansen (University of Southern California)
Who Clears the Market When Passive Investors Trade?
Marco Sammon (Harvard University)
John Shim (University of Notre Dame)
Discussant: Matthew Ringgenberg (University of Utah)
The Derivative Payoff Bias
Guido Baltussen (Erasmus University)
Paul Whelan (Chinese University of Hong Kong)
Julian Terstegge (Copenhagen Business School)
Discussant: Vincent Bogousslavsky (Boston College)
Session: Macro Finance (incl. Financial Crises and Inflation)
Session Chair: Robin Greenwood (Harvard University)
Corporate Debt, Boom-Bust Cycles, and Financial Crises
Victoria Ivashina (Harvard University)
Sebnem Kalemli-Ozcan (University of Maryland)
Luc Laeven (European Central Bank)
Karsten Müller (National University of Singapore)
The Channels of Amplification: Dissecting the Credit Boom that led to the Global Financial Crisis
Andres Sarto (New York University)
The Riskiness of Credit Origins and Downside Risks to Economic Activity
Claudio Raddatz (University of Chile)
Jerome Vandenbussche (International Monetary Fund)
Yizhi Xu (International Monetary Fund)
Peichu Xie (Citadel LLC)
Dulani Seneviratne (International Monetary Fund)
Monetary Policy and the Maturity Structure of Public Debt
Michele Andreolli (Boston College)
Session: Climate Finance and Asset Pricing
Session Chair: Marcin Kacperczyk (Imperial College London)
How Effective are Portfolio Mandates?
Jack Favilukis (University of British Columbia)
Lorenzo Garlappi (University of British Columbia)
Raman Uppal (EDHEC Business School)
Discussant: Jaromir Nosal (Boston College)
Green Intermediary Asset Pricing
Maxime Sauzet (Boston University)
Discussant: Lubos Pastor (University of Chicago)
The Public Cost of Net Zero
Jess Cornaggia (Pennsylvania State University)
Peter Iliev (Pennsylvania State University)
Discussant: Harrison Hong (Columbia University)
Session: Household Finance: Borrowing and Investing
Session Chair: Pascal Noel (University of Chicago)
Financial Advisors and Investors’ Bias
Marianne Andries (University of Southern California)
Maxime Bonelli (London Business School)
David Sraer (University of California-Berkeley)
Discussant: Samuel Hartzmark (Boston College)
Financial Advice and Investor Beliefs: Experimental Evidence on Active vs. Passive Strategies
Antoinette Schoar (Massachusetts Institute of Technology)
Yang Sun (Brandeis University)
Discussant: Olivia Mitchell (University of Pennsylvania)
To Pay or Autopay? Fintech Innovation and Credit Card Payments
Jialan Wang (University of Illinois)
Discussant: Taha Choukhmane (Massachusetts Institute of Technology)
Better than Human? Experiments with AI Debt Collectors
James Choi (Yale University)
Dong Huang (Yale University)
Zhishu Yang (Tsinghua University)
Qi Zhang (Shanghai Jiao Tong University)
Discussant: Anthony DeFusco (University of Wisconsin-Madison)
Sunday, Jan 05 | 1:00 pm - 3:00 pm PST
Session: Technology and Risk in Banking and Non-Bank Financial Intermediaries
Session Chair: Christa Bouwman (Texas A&M University)
Tech-Driven Intermediation in the Originate-to-Distribute Model
Zhiguo He (Stanford University)
Sheila Jiang (University of Florida)
Douglas Xu (University of Florida)
Discussant: Christine Parlour (University of California-Berkeley)
The Disciplining Effect of Bank Supervision: Evidence from SupTech
Hans Degryse (KU Leuven)
Cedric Huylebroek (KU Leuven)
Bernardus Doornik (Bank for International Settlements)
Discussant: Philip Strahan (Boston College)
Failing Banks
Sergio Correia (Federal Reserve Board)
Stephan Luck (Federal Reserve Bank of New York)
Emil Verner (Massachusetts Institute of Technology)
Discussant: Aditya Sunderam (Harvard University)
Where Do Banks End and NBFIs Begin?
Viral Acharya (New York University)
Nicola Cetorelli (Federal Reserve Bank of New York)
Bruce Tuckman (New York University)
Discussant: Juliane Begenau (Stanford University)
The Liquidity State-Dependence of Monetary Policy Transmission
Oliver Ashtari Tafti (London School of Economics and Political Science)
Rodrigo Guimaraes (Bank of England)
Gabor Pinter (Bank for International Settlements)
Jean-Charles Wijnandts (Bank of England)
Discussant: Jiacui Li (University of Utah)
The Imperfect Intermediation of Money-Like Assets
Jeremy Stein (Harvard University)
Jonathan Wallen (Harvard University)
Discussant: Quentin Vandeweyer (University of Chicago)
Fed Information Effects: Evidence from the Equity Term Structure
Benjamin Golez (University of Notre Dame)
Ben Matthies (University of Notre Dame)
Discussant: Michael Bauer (Federal Reserve Bank of San Francisco)
Careers and Wages in Family Firms: Evidence from Matched Employer-Employee Data
Edoardo Di Porto (University of Naples Federico II)
Marco Pagano (University of Naples Federico II)
Vincenzo Pezone (Tilburg University)
Raffaele Saggio (University of British Columbia)
Fabiano Schivardi (LUISS and EIEF)
Discussant: Spyridon Lagaras (University of Illinois)
Equity Pay Beyond the C-Suite
Andrea Eisfeldt (University of California-Los Angeles)
Antonio Falato (Federal Reserve Board)
Dongryeol Lee (University of California-Los Angeles)
Mindy Xiaolan (University of Texas-Austin)
Discussant: Tania Babina (Columbia University)
Longevity and Occupational Choice
Marius Guenzel (University of Pennsylvania)
Ulrike Malmendier (University of California-Berkeley)
Denis Sosyura (Arizona State University)
Discussant: Malcolm Wardlaw (University of Georgia)
Talent Market Competition and Firm Growth
AJ Yuan Chen (University of British Columbia)
Miao Zhang (University of Southern California)
Zhao Zhang (International Monetary Fund)
Discussant: Jan Bena (University of British Columbia)
Session: Corporate Finance: Corporate Governance
Session Chair: Daniel Wolfenzon (Columbia University)
Investing in Influence: Investors, Portfolio Firms, and Political Giving
Marianne Bertrand (University of Chicago)
Matilde Bombardini (University of California-Berkeley)
Raymond Fisman (Boston University)
Francesco Trebbi (University of California-Berkeley)
Eyub Yegen (Hong Kong University of Science and Technology)
Discussant: Ekaterina Neretina (Bocconi University)
A Diverse View on Board Diversity
Vyacheslav Fos (Boston College)
Wei Jiang (Emory University)
Huasheng Nie (University of California-Los Angeles)
Discussant: Daehyun Kim (University of Toronto)
Corporate Behavior when Running the Firm for Stakeholders: Evidence from Hospitals
Christoph Herpfer (University of Virginia)
Gonzalo Maturana (Emory University)
Jianzhang Lin (Emory University)
Discussant: Tong Liu (Massachusetts Institute of Technology)
Session: New Perspectives on Cross-sectional Asset Pricing
Session Chair: Ricardo De la O (University of Southern California)
Is there a Cash-flow Timing Premium?
Dominik Walter (University of Konstanz)
Rudiger Weber
Discussant: Andrea G Tamoni (Rutgers University)
Anomalies and Cash Flows
Yi Zhou (University of Arizona)
Discussant: Christian Opp (University of Rochester)
Model Uncertainty in the Cross Section
Ran Shi (University of Colorado-Boulder)
Jiantao Huang (University of Hong Kong)
Discussant: Alexander Chinco (CUNY-Baruch College)
Which (Nonlinear) Factor Models ?
Caio Almeida (Princeton University)
Gustavo Freire (Erasmus School of Economics)
Discussant: Mirela Sandulescu (University of Michigan)
The Impact of Unconditional Cash Transfers on Consumption and Household Balance Sheets: Experimental Evidence from Two US States
Alexander Bartik (University of Illinois)
Elizabeth Rhodes
David Broockman (University of California-Berkeley)
Patrick Krause
Sarah Miller (University of Michigan)
Eva Vivalt (University of Toronto)
Discussant: David Cesarini (New York University)
Business Education and Portfolio Returns
Adam Altmejd (Stockholm University)
Thomas Jansson (Sveriges Riksbank)
Yigitcan Karabulut (Frankfurt School of Finance and Management gGmbH)
Discussant: Philippe D'astous (HEC - Montréal)
Longterm Beliefs
Laura Starks (University of Texas-Austin)
Richard Sias (University of Arizona)
Harry Turtle (Colorado State University)
Discussant: Michael Weber (University of Chicago)
Asset Heterogeneity, Market Fragmentation, and Quasi-Consolidated Trading
Wei Li (CUNY-Baruch College)
Zhaogang Song (Johns Hopkins University)
Discussant: Patrick Blonien (Carnegie Mellon University)
Whose Asset Sales Matter?
Rhys Bidder (King's College London)
Jamie Coen (Imperial College London)
Caterina Lepore (International Monetary Fund)
Laura Silvestri (Bank of England)
Discussant: Jian Li (Columbia University)
Hidden Duration: Interest Rate Derivatives in Fixed Income Funds
Jaewon Choi (Seoul National University)
Minsoo Kim (University of Melbourne)
Oliver Randall (University of Melbourne)
Discussant: Ishita Sen (Harvard University)
Data Uncertainty in Corporate Bonds
Gergana Jostova (George Washington University)
Stanislava Nikolova (University of Nebraska-Lincoln)
Alexander Philipov (George Mason University)
Discussant: Peter Feldhütter (Copenhagen Business School)