AFA 2024 - San Antonio
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Arbitrageur Factors | Bailouts, Bail-ins, and Banking Industry Dynamics | Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market | Belief Polarization, Unconscious Bias, and Financial Markets | Beta X Forecast Dispersion | The Better Angels of our Nature? | Beyond Peers: Cross-Industry Competition Communities and Strategic Financing | Learning from machines: can CEO vocal cues help to predict future firm performance? | Cash flow duration, financial constraints, and the stock market sensitivity to monetary policy | CLOs' trading of brown loans when climate change draws attention | The Collateral Value of Real Estate and Global Production Networks | Commitment in Debt Financing: The Role of Coordination Problem | Connections over Competence: The Impact of Political Ties on Sell-Side Research Quality | The Consequences of Index Investing on Managerial Incentives | Corporate ESG Profiles and Consumption | The Cost of Capital and the Innovative Efficiency of Public Firms | Market Concentration, Labor Quality, and Efficiency: Evidence from Barriers in the Real Estate Industry | COVID-19 Pandemic, Hate Crimes, and Analyst Forecast Quality | Cybersecurity Risk and Corporate Liquidity: The role of firms’ ex-ante cyber risk expectations in cash holdings | Decoding Anomalies through Alpha Dynamics | Decoding Corporate Green Bonds: What Issuers Do With the Money and Their Real Impact | Delay Your Rivals: Vertical Integration in Securitization and Lending Competition | Derivative-Market Leverage and Risk Premia Implications | Disaster risk, Real Investment, and Corporate Credit Spread | The Discordance Between “E” and “G” in ESG | Do acquirers pay less for unlisted targets? Evidence from OTC markets | Do Hedge Funds Exploit Material Nonpublic Information? Evidence from Corporate Bankruptcies | Do Local Branches Shape Bank Mortgage Lending Decisions? | Does Partisanship Affect Mutual Fund Firm-level Information Processing? Evidence from Textual Analysis on Earnings Calls | Does Short-term Non-fundamental Mispricing Affect the Economy? | Does the Market Mis-Value Non-Executive Employee Diversity? | Does Trading Volume Mitigate or Amplify Mispricing? | Earnings Announcements: Ex-ante Risk Premia | The Edge of Banks is Still Sharp: Evidence from Market Segmentation in the Conforming Loan Market | The Effect of CEO Climate Awareness On Corporate Emissions | The Effect of Regulation on Inventor Mobility and Productivity | The Effect of Social Pressure on Firm-level Attention to Climate Change Exposure | Entrepreneurs of circumstance: labour market distress and entrepreneurship | An ETF-based measure of stock price fragility | Execution quality, conflicts of interest, and brokers’ routing decisions in fragmented markets | Firm-level political risk and intellectual capital investment: Does managerial ability matter? | Flow Hedging and Mutual Fund Performance | Foreign Institutional Ownership and Corporate Carbon Emissions | Fractional homeownership and its impact on life cycle portfolio choice | Friend or Foe? Disentangling a Network of Unregulated and Non-Intermediated Informal Lending | Global Business Networks | The Green Innovation Premium | House Price Expectations and Consumer Spending | Household Wealth and Local Labor Markets: Which Asset Classes Matter? | How Dark Trading Harms Financial Markets? | How Do Corporate Liquidity and Repurchase Policies Respond to Unionization at Major Customer Firms? | How does PE Buyout Affect Firms’ Pension Plan | Inflation and the Relative Price Premium | Inflation, the Corporate Greed Narrative, and the Value of Corporate Social Responsibility | Internal Carbon Markets and Carbon Emissions | Internalizing Environmental Externalities: The Role of Geographic Common Ownership | Interpretable Characteristics-based Factors: A Machine Learning Approach | Is intangibles talk informative about future returns? Evidence from 10-K filings | Is Sustainable Finance a Dangerous Placebo? | The Joint Cross-Section of Stock and Corporate Bond Returns | Kinship Tightness and Financial Development | Limit orders and price discovery: Evidence from agricultural futures markets | Litigation Risk and Corporate ES Misconduct | Long-Term Banking Relationships and the dampening of Firm Risk Pass-Through | Long Rates, Life Insurers, and Credit Spreads | Managing Regulatory Pressure: Bank Regulation and its Impact on Corporate Bond Intermediation | The Market for Sharing Interest Rate Risk | Soothing Investors: The Impact of Manager Communication on Mutual Fund Flows | Motivated Extrapolative Beliefs | Negative Sentiment and Aggregate Retail Trading: Evidence from Mass Shootings | Neighbouring Assets | Now You See It, Now You Don’t: Financial Constraints, Minimum Wage Policies, and Employment | Outside employment opportunities and tournament incentives | Personal Experience Effects across Markets: Evidence from NFT and Cryptocurrency Investing | The Political Origin of Credit Cycle | The Power of Reserve Tiering: Financial Institution Heterogeneity and Monetary Policy Pass-through | A Preferred-Habitat Model with a Corporate Sector | Private Activity Bonds as Investment Subsidy: Evidence from the 1986 Cap on Bond Volumes | Property Rights, Labor Supply, and Firm Capital Structure | The Real Effects of Green Bonds | The recovery advantage in commercial real estate lending by banks | Reference Price Updating in the Housing Market | Regulatory Model Secrecy and Bank Reporting Discretion | Reinvesting Dividends | Some Bonuses are Bigger than Others? Benchmark-beating Pressure and The Gender Pay Gap | Spatial Extrapolation in The Housing Market | Spouses in The Same Boat: Labor Income Risk and Intra-household Risk Sharing | Startup Catering to Venture Capitalists | Strategic Bargaining and Portfolio Choice in Intermediated Markets | Talk or Walk the Talk? The Real Impact of ESG Investing | Textual Changes in 10-Ks and Stock Price Crash Risk: Evidence from Neural Network Embeddings | To the Moon or Bust: Do Retail Investors Profit From Social Media-Induced Trading?
Decomposing Deviations from Covered-Interest Parity | Non-Fundamental Flows and Foreign Exchange Rates | Why is Asset Demand Inelastic?
Firms with Benefits? Nonwage Compensation and Implications for Firms and Labor Markets | Competition and Executive Compensation: Evidence from Pharmaceutical Breakthrough Designations | Process Intangibles and Agency Frictions | ESG-linked Pay Around the World —Trends, Determinants, and Outcomes
Is Asset Demand Elasticity Set at the Household or Intermediary Level? | Fragility in Bond Mutual Funds: The Role of Investor Base | Arbitraging Covered Interest Rate Parity Deviations and Bank Lending | “ Glossy Green ” Banks: The Disconnect Between Environmental Disclosures and Lending Activities
Production-based Stochastic Discount Factors | Asset Pricing and Risk Sharing Implications of Alternative Pension Plan Systems | Identifying Preference for Early Resolution from Asset Prices | Are Subjective Expectations Formed as in Rational Expectations Models of Active Management?
Great Recession Babies: How Are Startups Shaped by Macro Conditions at Birth? | Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs | Labor Mobility, Human Capital Investment, and Technological Change | Excess Commitment in R&D
Incentives to Decarbonize and Innovate: The Role of Net Zero Commitments | Does Climate Change Adaptation Matter? Evidence from the City on the Water | Decarbonizing Institutional Investor Portfolios: Helping to Green the Planet or Just Greening Your Portfolio? | Financing the Adoption of Clean Technology
Customer Data Access and Fintech Entry: Early Evidence from Open Banking | Market Concentration in Fintech | Borrowing from a Bigtech Platform | Cashless Payment and Financial Inclusion
Instant Payment Systems and Competition for Deposits | Will Central Bank Digital Currency Disintermediate Banks? | Nonbank Market Power in Leveraged Lending | The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints
The Real Costs of Washing Away Corruption: Evidence from Brazil’s Lava Jato Investigation | Unleashing Mass Entrepreneurship: Firm-Level Evidence on the Impact of China’s Registered Capital Reform | Can Cashless Payments Spur Economic Growth | Financial Remittances and Gender Inequality
The Incentives of SPAC Sponsors | Negotiation, auction, or negotiauction?! Evidence from the field | Specialized Investments and Firms’ Boundaries: Evidence from Textual Analysis of Patents | Identifying the Real Effects of the M&A Market on Target Firms
Heterogeneous Intermediaries and Bond Characteristics in the Transmission of Monetary Policy | Stop Believing in Reserves | Lending by Servicing: Monetary Policy Transmission through Shadow Banks
Sustainability or Greenwashing: Evidence from the Asset Market for Industrial Pollution | Why Do Investors Pay Higher Fees for Sustainable Investments? An Experiment in Five European Countries | The CO2 Question: Technical Progress and the Climate Crisis | Four Facts about ESG Beliefs and Investor Portfolios
Quality and Product Differentiation: Theory and Evidence from the Mutual Fund Industry | Institutional Synergies and the Fragility of Loan Funds | “Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events | Stock Demand and Price Impact of 401(k) Plans
Model Ambiguity versus Model Misspecification in Dynamic Portfolio Choice and Asset Pricing | Asset Demand of U.S. Households | Financial Windfalls, Portfolio Allocations, and Risk Preferences | Illiquidity and Inequality
The Cost of Intermediary Market Power for Distressed Borrowers | Resolving Financial Distress Where Property Rights are not Clearly Defined: The Case of China | After the Storm: Direct and Spillover Benefits from Disaster Loans to Small Businesses
Going for Broke: Underwriter Reputation and the Performance of Mortgage-Backed Securities | Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System | Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?
Which Expectation? | Extrapolating Long-Term Cash Flow Expectations from Returns | The Subjective Risk and Risk Premia of Institutional Investors | Conservative Holdings, Aggressive Trades: Ambiguity, Learning, and Equilibrium Flows
Investment when New Capital is Hard to Find | Business Expectations and Uncertainty in Developing and Emerging Economies | What Gets Measured Gets Managed: Investment and the Cost of Capital | Strategic Investment under Uncertainty with First- and Second-mover Advantages
Complexity in Factor Pricing Models | The Factor Multiverse: The Role of Interest Rates in Factor Return Measurement and Discovery | Dissecting Anomalies in Conditional Asset Pricing | Equity Factors and Firms' Perceived Cost of Capital
Bank Competition Amid Digital Disruption: Implications for Financial Inclusion | Financial Shocks, Productivity, and Prices | A Tale of Two Networks: Common Ownership and Product Market Rivalry | The Role of Intermediaries in Selection Markets: Evidence from Mortgage Lending
Revealed Beliefs about Responsible Investing: Evidence from Mutual Fund Managers | Race, Discrimination, and Hedge Funds | The Unintended Consequences of Investing for the Long Run: Evidence from Target Date Funds | Why Have Actively Managed Bond Funds Remained Popular?
Social Connections and Bank Deposit Funding | Tweeting in the Dark: Corporate Communication and Information Diffusion | The Role of Employees as Information Intermediaries: Evidence from Their Professional Connections | Information Processing: The Role of Expertise within Peer Effects
Voting Choice | Propagation of Climate Disasters through Ownership Networks and its Impact on Corporate ESG Policies | The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting
CHAIR: Nikolai Roussanov (University of Pennsylvania) PANELISTS: Emi Nakamura (University of California-Berkeley); Janice Eberly (Northwestern University); Samuel Hanson (Harvard University); Simon Gilchrist (New York University)