AFA 2026 - Philadelphia

Sessions

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AFA PhD Student Poster Session

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Crypto in (Real) Financial Market

Blocking the Credit Chain: Cryptocurrencies, Deposits, and Bank Loan Growth | Perpetual Futures and Basis Risk: Evidence from Cryptocurrency | Perpetual Futures Contracts and Cryptocurrency Market Quality | Dark Crypto

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Effects of Corporate Board Mandates

Does Mandating Women on Corporate Boards Backfire? | Board Gender Quotas and Female Borrowing: Evidence from Loan-Level Data | The Role of Mandatory Director Retirement Policies in Corporate Governance

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Fixed Income

The Pre-FOMC Drift and the Secular Decline in Long-Term Interest Rates | Monetary Policy the Yield Curve and the Repo Market | Upgrading Credit Pricing and Risk Assessment through Embeddings | A Preferred-Habitat Model with a Corporate Sector

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Insurance Shocks

Homeowners Insurance and the Transmission of Monetary Policy | From Long to Short: How Interest Rates Shape Life Insurance Markets | Strategic Claim Payment Delays: Evidence from Property and Casualty Insurance

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Investor Beliefs and Behavior

Mental Models and Financial Forecasts | Economic Representations | The Research Behavior of Individual Investors | FOMO Economics: External Reference-Dependence in Household Portfolios

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Real Estate and Housing Finance

Coverage Neglect in Homeowners Insurance | Who Should Manage Impact Investments? Evidence from Affordable Housing | Determinants and Consequences of Return to Office Policies | Screen More, Sell Later: Screening and Dynamic Signaling in the Mortgage Market

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Behavioral Finance: Predictable Stock Returns

GIFfluence: A Visual Approach to Investor Sentiment and the Stock Market | The Inflation Gamble | Correlation Neglect in Asset Prices | Same-Weekday Momentum

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Climate Risk, Insurance and Financial Adaptation

Insuring Correlated Climate Risk: Evidence from Public Reinsurance | The Hidden Cost of Climate Risk: How Rising Insurance Premiums Affect Mortgage, Relocation, and Credit | The Biodiversity Protection Discount | Global Currency Risk and Corporate Carbon Emissions

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Equity Issuance and Markets

The Silicon Divide: High-Technology IPOs and the Widening Socioeconomic Gap | The (Going) Public Option: Equity Market Financing in the Hospital Industry | Monetary Policy and Corporate Investment: The Equity Financing Channel | Financing Small Investments

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Inflation Drivers and Dynamics in Financial Markets

Subjective Expectations and Financial Intermediation | Inflation Expectation and Cryptocurrency Investment | How do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe | Inflation, Default, and Corporate Bond Returns

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New Developments in Household Finance

The Effects of Deleting Medical Debt from Consumer Credit Reports | The Welfare Benefits of Pay-As-You-Go Financing | How Do Crypto Flows Finance Slavery? The Economics of Pig Butchering | Housing and Fertility

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Options and Derivatives

How do Global Portfolio Investors Hedge Currency Risk | Does Options Trading Matter for Risk Management? Insights from the 1936 Options Ban on U.S. Futures Markets | Attention-based Graph Neural Networks in Firm CDS Prediction

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Pricing under Heterogeneous Information and Disagreement

The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement | Competition and Collusion Among Strategic Traders Who Face Uncertainty | Probability Pricing

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Banking in the 21st Century

Credit Union Expansions: A Fork in the Road for Local Banks? | How Do Banks Attract Deposits From Households? | Systemic Risk Measures: From the Panic of 1907 to the Banking Stress of 2023

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Capital Structure

Debt and Assets | Diverging Paths: Productivity and the Financing Choices of Small Versus Large Firms | Demand-driven Corporate Leverage Choice: Implications for Intermediary Regulation

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Corporate Finance and Government Policies in the 21st Century

When Protectionism Kills Talent | Mega-Donors and Representation of the Wealthy in the Wake of Citizens United | Escaping Pay-for-Performance | Unveiling the Fog of Law: Judicial Transparency and Entrepreneurship

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Drivers of Household Portfolio Choice

The Impact of Finfluencers on Retail Investment | Smaller than We Thought? The Effect of Automatic Savings Policies | When Human Meet Algorithm: the Adoption and Impact of Retail Algorithmic Trading | Firm Shocks and Retirement Savings

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Financial Intermediaries During Times of Stress

Rewiring Repo | Risk-averse Dealers in a Risk-free Market -- The Role of Trading Desk Risk Limits | Do Intermediaries Help Mitigate the Contagious Effects of Runs?

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Return Dynamics, Volatility, Tail Risk

Creative Destruction, Stock Return Volatility, and the Number of Listed Firms | Equity Premium Events | Parameter Learning, Tail Risks, and Risk Premia Decomposition | Seeking Gamma: Lessons from the Meme Frenzy

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Social Influence and Networks

Social and Economic Networks in Corporate Culture | Market Signals from Social Media | Social Interaction Intensity and Investor Behavior | Amusing Ourselves to Death? Education and Work Under Digital Influence

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Asset Management, Portfolio Choice, and Asset Allocation

A Dynamic Model of Private Asset Allocation | The Unintended Consequences of Rebalancing | On the Use of Currency Forwards: Evidence from International Equity Mutual Funds | Tilting at Windmills: Biased Benchmarks and the Risk-Taking Response of Mutual Funds

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Decision-making of Entrepreneurs and VCs

The “Great Reshuffling” and Entrepreneurship | Due Diligence and the Allocation of Venture Capital | Venture Capital and Scientists' Selection into Entrepreneurship | How do Venture Capitalists (Actually) Make Decisions? Internal Evidence from a Private Startup Accelerator

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Finance and Gender

Minding Your Business or Minding Your Child? Motherhood and the Entrepreneurship Gap | Innovation and Motherhood | Women, Property Rights, and Banking | The Male and Female Gap in Home Appraisals

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International Finance

The Implications of CIP Deviations for International Capital Flows | Does the Dollar Lender of Last Resort Expand Dollar Dominance? Currency Mismatch, Reserves, and Global Liquidity Backstop | Demand-Driven Risk Premia in FX and Bond Markets

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New Topics in Corporate Investment

Go with the Flow: Debt Structure Changes and Monetary Policy Transmission | Data as a Networked Asset | The Real Cost of Benchmarking

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Regulation of Financial Institutions

How Do Government Guarantees Affect Deposit Supply? | The Foreign Liability Channel of Bank Capital Requirements | Regulatory Uncertainty and FinTech Innovation

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Technological Innovation, Labor Dynamics, and Firm Responses

AI and the Extended Workday: Productivity, Contracting Efficiency, and Distribution of Rents | Private Firms: Friends or Foes of Public Firms? | Monopolizing Minds: How M&As Stifle Innovation Through Labor Market Power | The Value of Corporate Patent Utilization

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Belief Formation and Market Efficiency

Analysts' Belief Formation in Their Own Words | Emotions and Subjective Crash Beliefs | Structured Beliefs and Fund Investment | Learning from the Loudest: Do the Most Active Information Providers Sway Investors’ Equity Premium Expectations?

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Cross-section of Returns

Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux | The Co-Pricing Factor Zoo | The Asset Durability Premium | Equity Valuation Without DCF

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Generative AI and Machine Learning

Chronologically Consistent Large Language Models | Out of the (Black)Box: AI as Conditional Probability | What Does ChatGPT Make of Historical Stock Returns? Extrapolation and Miscalibration in LLM Stock Return Forecasts | The Power of the Common Task Framework

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Modern International Finance: Technology, Intangibles and the Digital Economy

Production, Trade, and Cross-Border Data Flows | Intangible Capital Around the World | Tech Dollars: Technological Innovation and Exchange Rates

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Private Equity/Private Credit

Impact Investing and Worker Outcomes | Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders | Bank Capital and the Growth of Private Credit | Would I lie to you? On Private Equity Intermediary Reports

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Sustainable Capital: Investor Preferences and Firm Decisions

Sustainable Investing: Evidence From the Field | Decoding Sustainable Investment Strategies: Bridging Intentions and Actions | Financing and the Green Paradox | Is ESG a Sideshow? ESG Perceptions, Investment, and Firms' Financing Decisions

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Who is Monitoring Managers?

Majority Voting Legislation and CEO Incentive Compensation | Do Consumers Care about Pay Inequality? Evidence from Household Purchase Data | Watching the Watchdogs: The Information Content of SEC Interactions

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Active and Passive Owners: Lending, Asset Prices, and Corporate Policy

Passive Ownership and Corporate Bond Lending | ETF Loan Market: Causes and Consequences of High ETFs Lending Fees | Delegated Leverage and Asset Prices: Evidence from the Hedge Fund Industry | The ETF Tax Advantage and Firm Payout Policy

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Climate Finance

Asset Returns as Carbon Taxes | Greenness Demand For US Corporate Bonds | Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure

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Corporate Finance: Theory

A theory of social capital and trust | A Unifying Theory of Blockholder Ownership and Corporate Policies | A General Theory of Holdouts

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Corporate Risk Management

Corporate Hedging, Contract Rights, and Basis Risk | Leasing as a Corporate Risk Management Mechanism | Do Firms Hedge Human Capital?

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Errors in Financial Decisions of Humans and AI Models

Consumption Wedges: Measuring and Diagnosing Distortions | Interest Rate Misperceptions in the Credit Card Market | Behavioral Economics of AI: LLM Biases and Corrections

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Geopolitics of Banking

Putting Economics Back Into Geoeconomics | Geopolitical Risk and Global Banking | Bank Financing of Global Supply Chains

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Information Frictions: Cause and Consequence of Mispricing

Causal Effect of Information Costs on Asset Pricing Anomalies | Endogenous Limits to Arbitrage and Price Informativeness | Earnings Management and Price Informativeness

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Value Creation by Mergers and Acquisitions

Artificial Intelligence and Mergers and Acquisitions | Learning Production Process Heterogeneity: Implications of Machine Learning for Corporate M&A Decisions | Acquiring Supplier Networks: Domestic Mergers for International Supply Chain Resilience | The Supply Chain Spillovers of Private Equity Buyouts

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Bankruptcy and Distress

The Real Effects of Bankruptcy Forum Shopping | Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry | When Debt Relief Hits Main Street: Evidence from the Indirect Channel of Consumer Credit Access | The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions

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Characteristics, Risk, and Returns

Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section | Profitability Retrospective: What Have We Learned? | Macro Strikes Back: Term Structure of Risk Premia | Quantity, Risk, and Return

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Climate Risk and Asset Pricing

Carbon Burden | A Market-Based Measure of Ambiguity Aversion: Housing Prices Under Rising Seas | Two Centuries of U.S. Innovation and the Capital Channel: Evidence from Natural Disasters | Allocative Efficiency of Green Finance Instruments

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Corporate Governance: Investor Monitoring and Voting

Voting on Public Goods: Citizens vs. Shareholders | Public Sentiment Decomposition and Shareholder Actions | The Economics of Investor Engagement | Centralized Governance in Decentralized Organizations

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Household Financial Products

Credit Card Banking | Opportunistic Borrowing Before Default? A New Test Using Multiple Delinquent Credit Cards | Climate Risk and the U.S. Insurance Gap: Measurement, Drivers and Implications | The Effects of Annuities on Longevity

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Labor Finance

Thy Bust, My Boom: Micro Evidence on Small Firms' Tech Evolution after Dot Com Bubble Burst | Arbitraging Labor Markets | Task Efficiency and Signaling in the Age of GenAI: Effort Reallocation and Firm Value Effects | AI Personality Extraction from Faces: Labor Market Implications

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Preferences, Demand, and Asset Prices

Causal Inference for Asset Pricing | Disagreement, Skewness, and Asset Prices | Betting on Bond Ratings Disagreement

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Unconventional Monetary Policy

A Tale of Demand and Supply for Central Bank Reserves | Banking Under Large Excess Reserves | QE, QT, Bank Liquidity Management and Non-Bank Funding: Evidence from Administrative Data

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Corporate Disclosure

Insider Trading Reforms and Corporate Transparency: Evidence from the STOCK Act | How Do Multiple Regulators Regulate? Evidence from Fairness Opinion Providers’ Conflict of Interest Disclosures | Voluntary Disclosure, Misinformation, and AI Information Processing: Theory and Evidence

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Finance and Industrial Organization

The Impact of Cloud Computing and AI on Industry Dynamics and Concentration | Gatekeepers and Kingmakers: Do Superplatforms Distort Digital Competition? | The Changing Structure of Corporate Profits

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Finance and Race

Measuring and Mitigating Racial Disparities in LLMs: Evidence from a Mortgage Underwriting Experiment | The Market Value of Pay Gaps: Evidence from EEO-1 Disclosures | Do Investors Value DEI? Evidence from the Stop WOKE Act

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Market Structure of Blockchain and DeFi

An Economic Model of the L1-L2 Interaction | Market Power and the Bitcoin Protocol | Demand for Safety in the Crypto Ecosystem | Liquidity Mechanisms in Decentralized Finance: Design, Fragmentation, and Arbitrage in Real-World Asset Markets

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Monetary and Fiscal Shocks

The Fed and the Wall Street Put | The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts | The Effect of Fiscal Policy Shocks on Asset Prices

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Mutual Funds: Performance and Flows

Whom You Know Matters: Mutual Fund Workplace Networks and Investment Performance | Beyond Performance: Mutual Funds, Non-Alpha Services, and the Value of Financial Advisors | Machine Learning Mutual Fund Flows | Self-Inflated Fund Returns

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Recent Advances in Asset Pricing: Theory Meets Data

Benign Granularity in Asset Market | Dogs and Cats Living Together: A Defense of Cash-Flow Predictability | Dissecting the AggregateMarket Elasticity | An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty

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Bank Credit Lines

Lending to Hedge Funds: Does Competition Erode Bank Risk Management? | The Value of Contingent Liquidity from Banks to Nonbank Financiers | Competing for Loan Seniority: Theory and Evidence

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Behavioral Corporate Finance: Navigating Complexity in Theory and Practice

A Theory of Complexity Aversion | Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate | Code Washing: Evidence from Open-Source Blockchain Startups

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Corporate Decisions, Supply Chains, and Remote Work

Risk Sharing in Supply Chains of Business Groups: Evidence from Trade Credit | Strategic Adaptations to Competition: Supplier Investment Shifts Following Import Tariff Cuts | Entrepreneurial Spawning from Remote Work | AlphaManager: A Data-Driven Robust Control Approach to Corporate Finance

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Market Microstructure

You Can Only Lend What You Own: Inferring Daily Institutional Trading From Security Lending Supply | The Modern Bond Market | Nocturnal Trading | Intermediary Option Pricing

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Mortgage Lock-In (AREUEA-AFA Joint Session)

Locked In: Rate Hikes, Housing Markets, and Mobility | Unlocking Mortgage Lock-In: Evidence from a Spatial Housing Ladder Model | Rate Lock in Commercial Real Estate | Human Capital and Local Credit Supply: Evidence from the Mortgage Industry

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Nature and Biodiversity Finance

Can Municipalities Weather the Weather? | Nature-Related Risks in Syndicated Lending | From Fine to Feathers: Enforcement Stringency, Protectionism, and Biodiversity

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New Perspectives on Banking and Credit

The Long and Short of Financial Development | The Dynamics of Deposit Flightiness and its Impact on Financial Stability | Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity | Security Losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone

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Trading, Liquidity & Market Dynamics

The Growing Index Effect in the Corporate Bond Market | Retail Limit Orders | Large Funds and Corporate Bond Market Fragility

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Events

AFA Panel - Private Assets Amidst Regulation and Technology

CHAIR: Isil Erel (Ohio State University) PANELISTS: Viral Acharya (New York University), Victoria Ivashina (Harvard University), Tomasz Piskorski (Columbia University), Alberto Rossi (Georgetown University)

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AFA Panel - Productivity and Competition in the new Global Environment

CHAIR: Gordon Phillips (Dartmouth College) PANELISTS: Teresa Fort, (Dartmouth College), Laura Veldkamp (Columbia University), René Stulz (Ohio State University), Luigi Zingales (University of Chicago), Gordon Phillips (Dartmouth College)

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AEA/AFA Joint Luncheon

SPEAKER: Tarun Ramadorai

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AFA Panel - Generative AI and Finance Scholarship

CHAIR: Robert Novy-Marx (University of Rochester) PANELISTS: Xavier Gabaix (Harvard University), Itay Goldstein (University of Pennsylvania), Dacheng Xiu (University of Chicago)

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AFA Panel - Publishing in Top Finance Journals: Discussion with Editors

CHAIR: John Graham (Duke University) PANELISTS: Janice Eberly (Northwestern University), Tarun Ramadorai (Imperial College London), Nikolai Roussanov (University of Pennsylvania), Antoinette Schoar (Massachusetts Institute of Technology)

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AFA Panel - Finance Insights and Perspectives

CHAIR: Janice Eberly (Northwestern University), PANELISTS: Viral Acharya (New York University), John Campbell (Harvard University), Valentin Haddad (University of California, Los Angeles), Arvind Krishnamurthy (Stanford University), Parinitha Sastry (University of Pennsylvania), Ishita Sen (Harvard University)

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AFA Lecture - The Economics and Finance of Rising Federal Debt

SPEAKER: James Poterba (Massachusetts Institute of Technology)

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