AFA 2027 - Washington, D.C.
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Sessions
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AFA Panel - Journal of Finance: Insights and Perspectives
Is that a $100 bill on the sidewalk? | Most claimed statistical findings in cross-sectional return predictability are likely true | Artificial Intelligence, Productivity, and the Workforce: Evidence from Corporate Executives | Corporate Actions as Moral Issues
Behavioral Household Finance
The Impact of Financial Literacy: Evidence from a Randomized Trial Linked to Administrative Data | Targeting Higher Credit Card Payments | The Financial Psychology of Shrinking Families: How Demographic Decline Shapes Investor Behavior | Eliciting Stopping Times
Diversity, Careers, and Capital Allocation
Race, Gender, and Careers in Asset Management: Evidence from U.S. Administrative Data | Information Frictions and the Real Effects of Sustainable Investing | Board Diversity and Career Progression of Women
Information in Financial Markets
Flexible Information Acquisition in the Kyle Model | Kyle Meets Friedman: Informed Trading When Anticipating Future Information | Information Disclosure Frequency: Implications for Welfare and Cost of Capital
Investor Behavior
Limited Consideration Sets and Financial Decision-Making | Divine Catalysts: Religion and Portfolio Choices | The Rise of Retail Trading Since the Pandemic and Its Market Implications | Haven’t We Seen This Before? Return Predictions from 200 Years of News
Portfolio Choice - Skill, Scale and Constraints
The Real Cost of Benchmarking | Surprises in Modern Portfolio Theory | The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits | Dinner Table Alphas
Private Equity
Private Equity and the Organization of Firms | Insider Alpha: Evidence from Private Foundation Portfolios | When Investors Don’t Trust the NAV: Valuation Opacity, Runs, and “Retailization” of Private Equity | Democratizing Illiquid Assets: Liquidity Transformation and Performance in Interval Funds
Regulation of Financial Institutions
Credit Crunch in Housing under Regulation Q | Payout Restrictions and Bank Risk-Shifting | Mitigating the risks of deregulation: The role of supervisory attention | Bank Liquidity Regulation and the Growth of Private Credit
The Corporate Finance of Climate Change: Theory and Evidence
Who Bears the Cost of Natural Disasters? | Financially constrained carbon management | Routine and Material: The Integration of Environmental Factors in Analyst Research | Carbon in the Cloud
Bankruptcy and Distress
Expected Liquidation Values | Credit Cycles and Creditor Rights | Retailer Bankruptcy and Its Spillover to Consumer Credit | Strategic Bankruptcy and Corporate Negligence
Behavioral asset pricing AND Neurofinance - PB
The Inefficient Pricing of News Shocks | The Mechanical Disposition Effect | Valuation Models | Attention Allocation and Fund Flows: Evidence from Institutional Investors
Decentralized and Onchain Finance
Natural Centralization in Decentralized Finance | Automated Market Making with Continuity: Liquidity, Price Discovery, and Adverse Selection | When Bricks Meet Bytes: Does Tokenisation Fill Gaps in Traditional Real Estate Markets? | Meme-Driven Gamification
Information and Learning from Markets
From Tulip to Gold: Rational Bubbles in Consumable Assets | Learning from Prediction Markets: The Transmission of Information and Noise to Traditional Assets | Causal Inference in Financial Event Studies
Insurance and Pension Funds
Risk Management, Product Offerings, and Consumer Surplus: Evidence from the Insurance Industry | Buying from the Family: Private Equity-Owned Insurers and Their Affiliated Investments | Economics of Property Insurance | When Cash Flows Turn Negative: Liquidity-Driven Selling by Pension Funds
Interest Rates and the Transformation of Credit Intermediation
The Declining Role of Deposits in Credit Creation | Bank to Non-Bank Lending and the Reallocation of Credit | Interest-Rate Fee Substitution: Credit Facilitation in Segmented Markets
Market Mispricing and Limits to Arbitrage
Sparse Portfolios and Benchmarking in Corporate Bond Markets | Erasing Alpha | Price Discovery and Trading in Modern Prediction Markets | Rethinking Volume: Has the Market Become More Liquid?
Real Abatement: Markets, Disclosure, and Climate Policy Design
Valuing Local Climate Policy: Evidence from Firm Behavior and Financial Markets | Environmental Disclosures in Global Supply Chains | The Value of Compliance Carbon Offsets in Cap-and-Trade Markets | Sustainable Investing with Real-Asset Trades: Incentives to Own and Transform Pollutive Assets
Artificial Intelligence, Incentives, and Organizational Distortions
Artificial Intelligence Investments and Expertise Erosion | When Corporate AI Adoption Backfires | Artificial Intelligence in the Boardroom
Costs of Climate Finance
It’s not easy being green | Climate Policy Abroad, Emissions at Home: Pollution Reshoring by U.S. Multinationals | Biodiversity Impacts of Renewable Energy | Capital Allocation, Operational Efficiency, and Emissions: The Real Effects of ESG Divestment
Cross-section of Returns: Structure and Interpretability in High-Dimensional Models
Compute, Complexity, and the Scaling Laws of Return Predictability | Schrödinger's Sparsity in the Cross Section of Stock Returns | Factor Identity
Evolution of Market Risk
Actively Passive: The Rise of Market Volatility | A Brief History of Financial Risk | Limits To (Machine) Learning | Exogenous Stress and Runs on Perpetual Futures: A Global Games Approach
New Frontiers in Asset Pricing: Predictability, Production, and Valuation
A Market-Based Cost of Capital | Payout-Based Asset Pricing | Global Production Networks and Asset Prices | Beyond First-Order Bias in Predictive Regressions: Estimation, Inference, and Return Predictability
Real Effects of Bank Lending
Banks, Firms, and Households: Credit Shock Amplification and Real Effects | Bank Specialization within Production Networks | On the Tradeoffs between Interest Rates and Haircuts of Lending Facilities | Tracing the Trajectory of Financial Development and Consumption Dynamics: Evidence from the United States
Real Estate and Housing Finance
Household Migration and Collateral Constraint: Cash-based Housing Resettlement in China | Enforcement Risk and Screening in Rental Markets: Evidence from Eviction Moratoria | Homeownership and Entrepreneurship: Evidence from a Brazilian Housing Lottery | Property Tax Limitations, Covariance Risk, and Mortgage Distress
Asset Pricing: Climate / Sustainability ESG
Climate Risk Pricing | Catastrophe and Corporate Bonds: A Unified Approach to Pricing Natural Disaster Risks | Sustainability Risk Premium: Evidence from Sustainability-linked Bonds | Legislator Tweets About the Green Transition and the Returns of Green versus Brown Stocks
Capital Structure
Does Fund Size Affect Private Equity Performance? Evidence from Donations to Private Universities | Who Survives in Private Credit? The Role of Private Equity Experience | Strategic Capital Deployment in Private Equity | Cash or Stock? Agency Frictions in Venture Capital Distributions
Corporate Governance (Executive compensation)
The Value of Non-Value-Maximizing Managers | Trade Associations and Shared Industry Governance | Implicit versus Explicit Contracting in Executive Compensation for Environmental and Social Performance | When the Tax Break Breaks: CEO Pay and Turnover Following TCJA
Disclosure, Price Formation, and Real Effects
The Value of Silence: Voluntary Disclosure, Market Feedback, and Investment Efficiency | Disclosing Share Repurchase More Frequently? | Public Information and the Securities Lending Market
Entrepreneurial Finance/Venture Capital
Venture Capital Cycles and the Startup Labor Market | The Impact of Patient Capital | Prompted to Start: How Generative AI is Transforming Entrepreneurship | Anatomy of a VC Boom: A Theory of Skills and Bargaining Power
Firms, Government Contracts, and Politics
Is Government Spending Wasteful? Evidence from Private Equity | Kamikazes in Public Procurements: Bid-Rigging and Real Non-Market Outcomes | Firms as Electoral Monopsonies
Fixed Income
Model-Based Cross-Section Factors in Corporate Bonds | Downside Risk and the Cross-section of Corporate Bond Returns | Breaking the Tension: Almost Affine Term Structure Models with Stochastic Volatility | Understanding Corporate Bond Excess Returns
Household Finance in the Age of Private Markets and AI
Democratizing Private Markets? Private Equity Performance of Individual Investors | AI Financial Advice: Supply, Demand, and Life Cycle Implications | Facing Default?
Artificial Intelligence, Innovation, and Entry
AI and Productivity: The Role of Innovation | When AI Meets Entrepreneurship: Evidence from the Commercialization of ChatGPT | Intellectual Property Protection for AI-Generated Output | Physical AI Innovation
Behavioral Asset Pricing
Selective Recall and the Story-Statistics Gap in Stock Market Misreaction | Price Agnostic Demand | Adaptive Heuristics in Stock Selection | It’s a Small World: Social Ties, Comovements, and Predictable Returns
Cross-Border Capital Flows, Hedging, and Market Dynamics
Dollar and Carry Redux | Financial Hedging and Optimal Currency of Invoicing | When Funding Markets Move Credit Markets: Foreign Investors and U.S. CLOs | Homemade Foreign Trading
ETFs AND Hedge Funds
Underlying Valuation Uncertainty, Strategic ETF Creation and Pricing Efficiency | When Does Active Trading Pay? | The Longs and Shorts of Hedge Funds | The Impact of Active Managers on the Pricing of Underlying Assets in ETFs
Macro Finance
Risk Premia, Limited Firm Insurance, and Heterogeneous Earnings Risk | Institutional Asset Pricing with Segmentation and Household Heterogeneity | Investor Composition, Bond Liquidity, and Labor Market | Sticky Discount Rates
Market Microstructure
Competition and Privacy in Off-Market Trading | Brokerage Commissions and Trading Volume: Lessons from the 20th Century | Trading Relationships in FX Derivatives: Lessons From Credit Suisse's Collapse | Latency and the Look-Ahead Bias in Trade and Quote Data
Raising Capital (including IPOs/SEOs)
Financing via Partially Liquid Tokens | Coveting your neighbor’s worker: IPOs, talent reallocation, and innovation | Superstar Founders
Bank Competition and Funding
Destebalizing Digital Bank Walks | Banking on Inattention | How Do Banks Compete? Evidence from Advertising Videos | Staffing the Private Debt Boom: Skills, Talent, and Consequences
Behavioral Corporate Finance
Does Corporate Production of AI Innovation Create Value? | Behavioral Machine Learning? Regularization and Forecast Bias | Echoes of Inflation: CEO Early-life Inflation Experience, Inflation Attention, and Corporate Decisions
Factor Models, Machine Learning, and Asset Pricing
Culling the Factor Zoo | A Financial Brain Scan of the LLM | Nonlinear Time Series Momentum
Geopolitical Risk and Asset Prices
The Pricing of Geopolitical Tensions over a Century | Pricing the Global Trade Vulnerability | Ideological Customer Capital: Measurement and Asset Pricing Implications
Technology, Workforce Dynamics, and Productivity
Firm Data on AI | Foreign Geopolitical Risk and U.S. Firm Productivity: The Role of Immigrant Labor | Skill Mismatch over the Technology Life Cycle | Generative AI and Entrepreneurship
Treasury Markets
Treasury Supply Shocks: Propagation Through Debt Expansion and Maturity Adjustment | Government Bonds Supply Shocks | Treasury Buybacks | Quantitative Easing and Government Debt Sustainability
Bureaucrats and the Bottom Line
Lobbying Congress versus Agencies | A Dark Side to Experience? Firm Age and Uncertainty | Campaign Contributions and Pay-to-Play: Evidence from U.S. Health Insurers | Borders Bear the Brunt: State Environmental Review and Severed Agglomerations
Cryptoassets AND Digital Currencies
Productivity Enables Security: The Economics of Blockchain Settlement | Crypto ATMs: Material Effects of Virtual Currencies | Non-native tokens and price discovery | Crypto Capture of Foreign Aid
Demand, Intermediation, and Risk in Asset Pricing
Option-Implied Risk Premia with Intertemporal Hedging | Market Makers and the Dynamics of Volatility Demand | A Bound on Price Impact and Disagreement | When Can Positive Return Autocorrelation Arise in Rational Expectations Models?
Finance and Race
Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market? | Wealth Accumulation in College Savings Accounts and Educational Opportunities | Are Firms Sacrificing Flexibility for Diversity and Inclusion?
Investment, Policy, and New Technologies
From Brains to Bits: Intangible Assets in the AI Era | R&D Intensity, Uncertainty, and the Cross-Section of Investment | Everything but the Interest Rate: Measuring Central Bank Interventions | Investment, Debt, and Taxes
Machine Learning and AI - BK
Can LLMs Discover Novel Economic Theories? | Autonomous Market Intelligence: Agentic AI Nowcasting Predicts Stock Returns | What Do Large Factor Models Learn? Self-Induced Regularization, Cost of Overfitting, and Self-Adaptivity | Do LLMs Make Markets More Efficient?
Mergers and Acquisitions
Collaborate or Consolidate? A NLP Text-Mining Analysis of R&D Networks and M&A | Antitrust in the Age of Intellectual Property: Licensing, Merger Approval, and Product Prices | Regulating Profitability
Private Equity and Private Credit Markets
Liquid Claims on Illiquid Assets: The Economics of Retail Access to Private Markets | Selling to Yourself: Continuation Funds in Private Equity | The Lending Technology of Direct Lenders in Private Credit | Life Insurers Private Credit Investments and Annuity Market Share Capture
Asset Pricing: Monetary Policy and Markets
FCI-star | Beliefs About Government Debt Valuation and Sustainability | A Model of U.S. Monetary Policy and the Global Financial Cycle | Reaching for Beta
Climate Finance: Frictions and Distortions
When climate-risk disclosures reduce green investment and welfare | Objective vs. Perceived Corporate Greenness: Do Individuals Understand Corporate Sustainability Information? | Doing Good, Investing Less? Substitutability between Digital Climate Effort and Green Investment
Corporate Governance: Who monitors?
The Governance Role of Investor Communications: Evidence from a Field Experiment | Fragmentation of Shareholder Power | Control Rights or Wrongs? Active versus Index Governance | Corporate Governance by Workers
Corporate Investment and Firm Dynamics
Intangible Intensity | What Drives Corporate Savings | Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction
Financial Intermediation: Household Finance
Self-Control and Commitment in Consumer Credit Markets | Paying More, Expecting the Same: Supply Shocks, Household Consumption, and Inflation Beliefs | Economic Opportunity Costs: Banking Access and Educational (Dis)Investment | Copayments and the Value of Health Insurance: Experimental Evidence from Uganda
Future of Finance
Financial Regulation and AI: A Faustian Bargain? | Populism and Monetary Policy Transmission | Unbalanced Financial Globalization | The Security Dividend: US Military Power, Dollar Dominance and Global Stability
Mutual Funds: Performance and Flows
Same Dollar, Different Impact: Investor Flows are Not Equally Price-Moving | Who Stays, Who Switches: Tax Frictions and the Shift from Mutual Funds | Credit Where It's Not Due: Misbenchmarking by Active Bond Funds | Rethinking Mutual Fund Performance: From Traditional Alpha to Achievable Alpha
Options and Commodities
Commodity Risk Premiums Everywhere | Recovery Theory in a Nonstationary Economy | The Volatility Smile of Expected Returns | Intraday pricing and mispricing of short-maturity SPX options
Social Influence and Networks
THE EXTERNALITIES OF CORPORATE POLITICAL CONNECTIONS: EVIDENCE FROM THE SUPPLY CHAIN | Unreadable Political Trades | Earnings Calls and Echo Chambers: Evidence from the Introduction of Livestreaming on StockTwits
Events
AFA PhD Student Panel
You are warmly invited to join AFA Vice President Andrea Eisfeldt for a special PhD Student Panel at the 2027 AFA Annual Meeting in Washington, D.C. This event is open to all registered conference attendees and is designed to benefit both PhD students and early-career junior faculty. The panel will share insights, practical advice, and perspectives on navigating the early stages of an academic career in finance. Panel topics and featured panelists: TBD
AFA Welcome Reception
All registered conference attendees are invited to join us for the AFA Welcome Reception on the evening before conference sessions begin. Begin the Annual Meeting with an evening of conversation and connection with colleagues from across the finance community. Guests are invited to enjoy complimentary cocktails, beverages, and hors d’oeuvres while viewing the PhD Student Poster Session, meeting the student presenters, and connecting with emerging scholars, including PhD candidates on the academic job market.
AFA Panel - Journal of Finance: Insights and Perspectives
CHAIR: Janice Eberly, James R. and Helen D. Russell Professor of Finance, Northwestern University JFIP CO-EDITORS: Valentin Haddad, Professor of Finance and UCLA Anderson Dean’s Term Chair in Management, University of California, Los Angeles; Arvind Krishnamurthy, John S. Osterweis Professor of Finance, Stanford University; David Thesmar, Franco Modigliani Professor of Financial Economics and Professor of Finance, Massachusetts Institute of Technology PAPERS: “Is That a $100 Bill on the Sidewalk?” (Philip Bond) “Most Claimed Statistical Findings in Cross-Sectional Return Predictability Are Likely True” (Andrew Chen) “Artificial Intelligence, Productivity, and the Workforce: Evidence from Corporate Executives” (Salomé Baslandze, Zachary Edwards, John R. Graham, Ty McClure, Michael Sparks, Brent Meyer, Sonya Ravindranath Waddell, and Daniel Weitz) “Corporate Actions as Moral Issues” (Zwetelina Iliewa, Elisabeth Kempf, and Oliver Spalt)
Poster Session TOUR
Please join AFA Vice President Andrea Eisfeldt for a special TOUR of the PhD Student Poster Session at the 2027 AFA Annual Meeting. This is a great opportunity to view the posters, meet the student presenters, and talk with PhD students about their research.
AFA Panel - Emergent AI for Finance: Beyond LLMs
CHAIR: Markus Pelger, Associate Professor of Management Science and Engineering and Associate Professor of Finance, Stanford University PANELISTS: Laura Veldkamp, Leon G. Cooperman Professor of Finance and Economics, Columbia University; Stefan Nagel, Fama Family Distinguished Service Professor of Finance, University of Chicago; Anton Korinek, Commonwealth Professor of Economics, University of Virginia; Jianqing Fan, Frederick L. Moore ’18 Professor of Finance, Princeton University
AFA Panel - What Can We Learn from Demand Systems?
CHAIR: John Campbell, Morton L. and Carole S. Olshan Professor of Economics, Harvard University PANELISTS: Valentin Haddad, Professor of Finance and UCLA Anderson Dean’s Term Chair in Management, University of California, Los Angeles; Julie Zhiyu Fu, Assistant Professor of Finance, Washington University in St. Louis; Jules H. van Binsbergen, Nippon Life Professor in Finance and Professor of Finance, University of Pennsylvania; Motohiro Yogo, Hughes-Rogers Professor of Economics, Princeton University
AFA Panel: Regulation of Prediction Markets
CHAIR: Haoxiang Zhu, Gordon Y Billard Professor of Finance, Massachusetts Institute of Technology PANELISTS: Maureen O’Hara, Robert W. Purcell Professor of Finance, Cornell University; Joshua T. White, Chief Economist and Director, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission; Patrick J. Schorno, Chief Economist, U.S. Commodity Futures Trading Commission
AFA Panel - Federal Reserve Policies and Financial Markets
CHAIR: Reena Aggarwal, Robert E. McDonough Professor of Finance, Georgetown University PANELISTS: Lael Brainard, Distinguished Fellow, Georgetown Psaros Center for Financial Markets and Policy; Former Director, White House National Economic Council; Former Vice Chair, Federal Reserve Board; Randal Quarles, Executive Chairman and Co-Founder, The Cynosure Group; Former Vice Chair for Supervision, Federal Reserve Board
AFA Panel - The Future of Stablecoins
CHAIR: Michael Piwowar, Executive Director, Georgetown Psaros Center for Financial Markets and Policy PANELISTS: Adrienne A. Harris, Advisory Board Member, Georgetown Psaros Center for Financial Markets and Policy; Former Superintendent, New York State Department of Financial Services; Patrick McHenry, Distinguished Fellow, Georgetown Psaros Center for Financial Markets and Policy; Former Chair, U.S. House Committee on Financial Services; Michael Faulkender, William A. Longbrake Professor of Finance, University of Maryland; Former Deputy Secretary, U.S. Department of the Treasury
AFA Lecture
SPEAKER: Stefan Nagel, Fama Family Distinguished Service Professor of Finance, University of Chicago
AFA Business Meeting and Presidential Address
Presidential Address: Wei Jiang, Emory University
Presidential Reception
Following the AFA Business Meeting and Presidential Address by AFA President Wei Jiang, all Annual Meeting attendees are invited to the AFA Presidential Reception. Join colleagues and AFA leadership for an evening of conversation and networking, featuring complimentary food and an open bar.
AFA Panel - Measuring Data Assets: A Research Toolkit
CHAIR: Laura Veldkamp, Leon G. Cooperman Professor of Finance and Economics, Columbia University PANELISTS: Andrea Eisfeldt, Laurence D. and Lori W. Fink Endowed Chair in Finance and Professor of Finance, University of California, Los Angeles; Huan Tang, Assistant Professor of Finance, University of Pennsylvania; Erik Brynjolfsson, Jerry Yang and Akiko Yamazaki Professor, Stanford University
AFA Special Session: AI-Generated Papers
CHAIR: Wei Jiang, Charles Howard Candler Professor of Finance, Emory University PANELISTS: Itay Goldstein, Joel S. Ehrenkranz Family Professor and Professor of Finance, University of Pennsylvania; Robert Novy-Marx, Lori and Alan S. Zekelman Distinguished Professor of Business Administration, University of Rochester; William Mann, Associate Professor of Finance, Emory University
AFA Special Session: Future of Finance
CHAIR: Ulrike Malmendier, Cora Jane Flood Professor of Finance, University of California, Berkeley PAPERS: “Financial Regulation and AI: A Faustian Bargain?” (Christopher Clayton and Antonio Coppola) “Populism and Monetary Policy Transmission” (Nora Lamersdorf) “The Security Dividend: U.S. Military Power, Dollar Dominance and Global Stability” (Sun Yong Kim) “Unbalanced Financial Globalization” (Damien Capelle and Bruno Pellegrino)