AFA 2025 - San Francisco
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Sessions
Filter by Participant:
Bank Lending
Collateralization, Monitoring, and Credit Reallocation | Debt Flexibility | Non-Fundamental Loan Renegotiations | Monetary Policy in the Age of Universal Banking
Behavioral Corporate Finance
Meaning at Work | Succession | Managers' Diversity Experiences and Workforce D&I
Credit Risk and Asymmetric Information
On the Importance of Accounting Information in Early-Stage Financing | Do Bankers matter for Main Street? The Financial Intermediary Labor Channel | Incentives to Lose: Disclosure of Cover Bids in OTC Markets
Finance, Development, and Growth
Small Firm Investment under Uncertainty: The Role of Equity Finance | Bridging the Information Gap: Sowing the Seeds of Productivity with High-Speed 4G Internet | Financial Kuznets Facts | Opening the Brown Box: Production Responses to Environmental Regulation
Household Financial Behavior
Cookies and Shopping | Rewards and Consumption in the Credit Card Market | Consumer Choice and Corporate Bankruptcy
How Firms Manage Climate Change
Roy Sorting: Climate and Status Quo Strategies | On the Importance of Assurance in Carbon Accounting | Temperature, Adaptation, and Local Industry Concentration
Mutual Fund and Hedge Fund Performance
(Not) Everybody's Working for the Weekend: A Study of Mutual Fund Manager Effort | Displaced by Big Data: Evidence from Active Fund Managers | Remeasuring Scale in Active Management | Volatility Timing Using ETF Options: Evidence from Hedge Funds
Asset Pricing: Climate Change/Climate Finance
The Benchmark Greenium | Climate Capitalists | Climate Transition Risk and Energy Prices | Systemic Climate Risk
Corporate Investment at Public and Private Firms
Asymmetric Investment Rates | How Do Firms Withstand A Global Economic Shock: Evidence From Within-Firm Responses | Precautionary Debt Capacity
Cryptoassets and DeFi
Automated Exchange Economies | Crypto Tax Evasion | Equilibrium in a DeFi Lending Market | The Tokenomics of Staking
Finance and Race
Who Benefits from an Increase in Enfranchisement? Evidence from Brazil | Board Diversity in Private vs. Public Firms | Does the Market Mis-Value Non-Executive Employee Diversity? | Gender and Racial Favoritism in Crowdfunding—Evidence from the Field
Insurance and Pension Funds
Long Rates, Life Insurers, and Credit Spreads | Pension Liquidity Risk | National Pricing and the Geography of U.S. Life Insurers | Performance Capital Flows in DC Pensions
Money, Banking and Competition (Joint AFA/AFE Session)
Smart Banks | Payments, Reserves, and Financial Fragility | Oligopolistic Competition, Fund Proliferation, and Asset Prices
Safe Asset Markets
Inflation and Treasury Convenience | The Stock-Bond Correlation: A Tale of Two Days in the Treasury Bond Market | Identifying the Effects of Demand for Safe Assets | Safe Assets in Emerging Market Economies
Social Interactions and Financial Decisions
Social Learning and Sentiment Contagion in the Bitcoin Market | Social Media and Stock Market Participation | Social Influence in Household Equity Investment: Evidence from Randomized Military Drafts | Is Fraud Contagious? Social Connections and the Looting of COVID Relief Programs
Corporate Debt
Tax Policy, Investment, and Firm Financing: Evidence from the U.S. Interest Limitation | The Secular Decline in Private Firm Leverage | Capital Structure & Firm Outcomes: Evidence from Dividend Recapitalizations in Private Equity
Financial Sector Profits and Societal Losses
Tax Heist using American Depositary Receipts | Know Your Customer: Informed Trading by Banks | MiFID II Research Unbundling: Cross-border Impact on Asset Managers | Branching Out Inequality: The Impact of Credit Equality Policies
Funds and Liquidity
Information Acquisition by Mutual Fund Investors: Evidence from Stock Trading Suspensions | Passive Investing and Market Quality | Active ETFs Cloned from Mutual Funds: Competing for Investor Flows
Managers, Shareholder Preferences, and Voting
Managing Ownership by Management | Custom Proxy Voting Advice | The Politicization of Social Responsibility | Political Preferences and Financial Market Equilibrium
Neurofinance, Cognition
On the Source and Instability of Probability Weighting | A Cognitive Foundation for Perceiving Uncertainty | Theory Is All You Need: AI, Human Cognition, and Decision Making | Cognitive Inequality and Big Data
Special Topics: Climate Finance
A Breath of Change: Can Personal Exposures Drive Green Preferences? | Investments that Make our Homes Greener: The Role of Regulation | Adaptation Using Financial Markets: Climate Risk Diversification through Securitization
Uninformed Trading and Asset Prices
Price Multipliers are Larger at More Aggregate Levels | Short Covering | Inelastic Equity Markets: New Evidence From A Reform of U.S. Trust Law | Losing is Optional: Retail Option Trading and Expected Announcement Volatility
Asset Pricing: Big Data and AI
(Almost) 200 Years of News-Based Economic Sentiment | Is Artificial Intelligence (AI) Risk-Averse? | Resolving Estimation Ambiguity | Peering into the Black Box: Trader Strategies in the Iowa Electronic Markets
Bankruptcy and Distress
Can Small Businesses Survive Chapter 11? | Non-Financial Liabilities and Effective Corporate Restructuring | The Limits of Coase: A Study of Financial Distress in the Shipping Industry
Digital Currencies
Tokenomics: Optimal Monetary and Fee Policies | A Macroeconomic Model of Central Bank Digital Currency | Token-Based Platform Governance | Optimal Data Security with Redundancies
Financial Intermediation: ESG and Sustainable Finance
Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms? | Green Tilts | Stakeholders' Aversion to Inequality and Bank Lending to Minorities | Politically Polarized Depositors
Market and Funding Liquidity/Market Risk Factors
Market Opacity and Fragility: Why Liquidity Evaporates when it is most Needed | Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relations | Rethinking Transparency - Evidence from a Quasi-Natural Experiment | Constraint-Induced Factors
Mergers and Acquisitions
Geographic Overlap, Agglomeration Externalities and Post-Merger Restructuring | When Private Equity comes to Town: The Local Economic Consequences of Rising Healthcare Costs | See the Gap: Firm Returns and Shareholder Incentives | Competition Enforcement and Accounting for Intangible Capital
New Perspectives in Forecasting the Cross Section of Returns
Mosaics of Predictability | Empirical Asset Pricing with Probability Forecasts | Narrative Attention Pricing | Moving Targets
Belief Formation and Economic Implications
Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions | Finfluencers | Law of Small Numbers in Financial Markets: Theory and Evidence
Corporate Finance: Corporate Disclosure
The Information Content of Tone Dispersion: Evidence from Earnings Conference Call Q&As | Performance Indicators of the Digital Age: Mobile Apps, Firm Disclosure, and Stock Returns | Endogenous Corporate Disclosure during the COVID-19 Lockdown | How Managers Communicate about Capital Budgeting to Investors
Finance and Gender
Productivity Changes around Childbirth: Evidence from the Mutual Fund Industry | Beyond Old Boys’ Clubs: Financial Analysts’ Utilization of Professional Connections | To Grant or Not to Grant: Inventor Gender and Patent Examination Outcomes | Financing The Next VC-Backed Startup: The Role of Gender
Firm Growth via Labor and Intangible Capital
Venture Labor: A Nonfinancial Signal for Start-up Success | Corporate Finance Through Loyalty Programs | The Politics of Corporate Investment: Evidence from Political Turnovers and IPO Proceeds | Entrepreneur Experience & Success: Causal Evidence from Immigration Wait Lines
Market Microstructure
Dynamic Market Choice | Order Book Spreads, Depth, and Market Efficiency in a General Equilibrium Model | Trading with Expert Dealers | Information Friction in OTC Interdealer Markets
Real Estate and Housing Finance (Joint AFA/AREUEA Session)
The effects of Environmental Health Risks on Housing Values and Minorities | The Winner’s Curse in Housing Markets | Racial Differences in the Total Rate of Return on Owner-Occupied Housing | Financial Technology and the 1990s Housing Boom
SOCIETY FOR EXPERIMENTAL FINANCE: Experiments in Finance
Credit Ratings and Investments | How General Equilibrium in Markets with Indivisible Goods Obtains Thanks to Complexity | ETF Indexing Strategies and Asset Prices: Experimental Evidence | Disposed to be Overconfident
The Political Economy of FinTech
Fintech to the Rescue: Navigating Climate Change | CBDCs, Payment Firms, and Geopolitics | Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem
Big Data / Machine Learning
Cyber Risk-Driven Innovation in the Modern Data Economy | Data Regulation in Credit Markets | Capital Market Consequences of Generative AI: Early Evidence from the Ban of ChatGPT in Italy
Entrepreneurial Finance/Private Equity/Venture Capital
Moral Hazard in Experiment Design: Implications for Financing Innovation | How Does Active Involvement Benefit Investors? Evidence from 85 Billion Cell Phone Signals | Venture Capital Response to Government-Funded Basic Science
ESG and Sustainable Finance
Corporate Actions as Moral Issues | Pollution-Shifting vs. Downscaling: How Financial Distress Affects the Green Transition | Willingness to Pay for Carbon Mitigation: Field Evidence from the Market for Carbon Offsets | Brown Capital (Re)Allocation
International Finance
Implications of Asset Market Data for Equilibrium Models of Exchange Rates | A Currency Premium Puzzle | Following the Fed: Limits of Arbitrage and the Dollar | Which Exchange Rate Matters to Global Investors?
Mortgage Markets: Risk, Access, and Transparency
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets | Dual Credit Markets: Income Risk, Household Debt, and Consumption | Financial Skills and Search in the Mortgage Market | Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market
Portfolio Choice and Asset Allocation
Higher-Order Beliefs and Risky Asset Holdings | Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice | How Do Consumers Finance Increased Retirement Savings?
Real Effects of Information and Regulatory Frictions
The Cost of Regulatory Compliance in the United States | Financial News Production | Government Arrears and Corporate Decisions: Lessons from a Natural Experiment | Big Data and Bigger Firms: A Labor Market Channel
Asset Pricing: Machine Learning
Asset Embeddings | The Expected Returns on Machine-Learning Strategies | What Drives Trading in Financial Markets? A Big Data Perspective
Bank Competition/Bank Funding and Risk Management
Information-Based Pricing in Specialized Lending | CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks during the 1890s | The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking
Corporate Finance: ESG and Sustainable Finance
The Green Transition: Evidence from Corporate Green Revenues | Environmental Scandals and Green Products | Environmental Regulation, Pollution, and Shareholder Wealth | Pricing the Priceless: The Financing Cost of Biodiversity Conservation
Derivatives and Commodities
A New Closed-Form Discrete-Time Option Pricing Model with Stochastic Volatility | Forecasting Option Returns with News | Decentralized and Centralized Options Trading: A Risk Premia Perspective | Relative Basis and Expected Returns in Commodity Futures Markets
Government Intervention and the Local Economy
Segmented Multipliers: Evidence from Welfare Cuts | Municipal and Economic Consequences of PFAS Contamination Discovery | The Golden Revolving Door
Investor Expectations and Trading Behavior
Daily Momentum and New Investors in an Emerging Stock Market | Crash Narratives | What Drives Very Long-Run Cash Flow Expectations? | Subjective Beliefs and Portfolio Choice: Evidence from Financial Advisors
Return Dynamics/Volatility and Tail Risk
Volatility Disagreement and Asset Prices | Demand-Based Subjective Expected Returns | Growth and Differences of Log-Normals
Climate Finance and Asset Pricing
How Effective are Portfolio Mandates? | Green Intermediary Asset Pricing | The Public Cost of Net Zero
Executive Pay and Incentives
Growth-promoting Bonuses and Mergers and Acquisitions | Executive Compensation with Social and Environmental Performance | Non-Compete Agreements and the Market for Corporate Control | Does Enhanced Disclosure Curb CEO Pay? Evidence from a Modern Information Technology Improvement
Experience Effects and Memory
Information Partitioning, Learning, and Beliefs | Memory and Beliefs in Financial Markets: A Machine Learning Approach | Risk-Taking Adaptation to Macroeconomic Experiences
Finance and Industrial Organization
Supply Chain Shortages, Large Firms’ Market Power, and Inflation | Board Connections, Firm Profitability, and Product Market Actions | Ownership and Competition
Household Finance: Borrowing and Investing
Financial Advisors and Investors’ Bias | Financial Advice and Investor Beliefs: Experimental Evidence on Active vs. Passive Strategies | To Pay or Autopay? Fintech Innovation and Credit Card Payments | Better than Human? Experiments with AI Debt Collectors
Macro Finance (incl. Financial Crises and Inflation)
Corporate Debt, Boom-Bust Cycles, and Financial Crises | The Channels of Amplification: Dissecting the Credit Boom that led to the Global Financial Crisis | The Riskiness of Credit Origins and Downside Risks to Economic Activity | Monetary Policy and the Maturity Structure of Public Debt
Quantities and Prices
The Market for Sharing Interest Rate Risk: Quantities and Asset Prices | Who Clears the Market When Passive Investors Trade? | The Derivative Payoff Bias
The Innovation Process
Unpacking the Innovator-Inventor Gap: Evidence from Engineers | Teamwork and the Homophily Trap: Evidence from Open Source Software | Patent Hunters
Corporate Finance: Corporate Governance
Investing in Influence: Investors, Portfolio Firms, and Political Giving | A Diverse View on Board Diversity | Corporate Behavior when Running the Firm for Stakeholders: Evidence from Hospitals
Fixed Income
Asset Heterogeneity, Market Fragmentation, and Quasi-Consolidated Trading | Whose Asset Sales Matter? | Hidden Duration: Interest Rate Derivatives in Fixed Income Funds | Data Uncertainty in Corporate Bonds
Household Finance
The Impact of Unconditional Cash Transfers on Consumption and Household Balance Sheets: Experimental Evidence from Two US States | Business Education and Portfolio Returns | Longterm Beliefs
Labor Finance
Careers and Wages in Family Firms: Evidence from Matched Employer-Employee Data | Equity Pay Beyond the C-Suite | Longevity and Occupational Choice | Talent Market Competition and Firm Growth
Monetary Policy and Asset Prices
The Liquidity State-Dependence of Monetary Policy Transmission | The Imperfect Intermediation of Money-Like Assets | Fed Information Effects: Evidence from the Equity Term Structure
New Perspectives on Cross-sectional Asset Pricing
Is there a Cash-flow Timing Premium? | Anomalies and Cash Flows | Model Uncertainty in the Cross Section | Which (Nonlinear) Factor Models ?
Technology and Risk in Banking and Non-Bank Financial Intermediaries
Tech-Driven Intermediation in the Originate-to-Distribute Model | The Disciplining Effect of Bank Supervision: Evidence from SupTech | Failing Banks | Where Do Banks End and NBFIs Begin?
Events
AFA PhD Student Panel
CHAIR: Wei Jiang (Emory University) PANELISTS: Sean Higgins (Northwestern University), Elisabeth Kempf (Harvard University), Song Ma (Yale University), Nadya Malenko (Boston College)
AFA Panel - Geopolitical Fragmentation
CHAIR: Yuriy Gorodnichenko (University of California, Berkeley) PANELISTS: Markus Brunnermeier (Princeton University), Philip Lane (European Central Bank), Maury Obstfeld (Peterson Institute)
AFA Panel - Polarization and Finance
CHAIR: Elisabeth Kempf (Harvard University) PANELISTS: Antoinette Schoar (Massachusetts Institute of Technology), Michael Weber (University of Chicago)
AFA Panel - Generative AI and Finance
CHAIR: Anastassia Fedyk (University of California, Berkeley) PANELISTS: Erik Brynjolfsson (Stanford University), John Horton (Massachusetts Institute of Technology), Sendhil Mullainathan (University of Chicago)
AFA Panel - Doing Research with an Impact
CHAIR: Ulrike Malmendier (University of California, Berkeley) PANELISTS: John Campbell (Harvard University), David Laibson (Harvard University), Jessica Wachter (U.S. Securities and Exchange Commission)
AFA Panel - Behavioral Finance 3.0
CHAIR: Ulrike Malmendier (University of California, Berkeley) PANELISTS: Nicholas Barberis (Yale University), Colin Camerer (California Institute of Technology)
AFA Lecture - Behavioral Finance at 40: Progress, Open Questions, and New Directions
SPEAKER: Nicholas Barberis, Yale University