AFA 2026 - Philadelphia
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Sessions
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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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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?
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
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
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
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
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
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
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
Regulation of Financial Institutions
How Do Government Guarantees Affect Deposit Supply? | The Foreign Liability Channel of Bank Capital Requirements | Regulatory Uncertainty and FinTech Innovation
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
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?
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
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
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
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
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
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
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
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
Corporate Finance: Theory
A theory of social capital and trust | A Unifying Theory of Blockholder Ownership and Corporate Policies | A General Theory of Holdouts
Corporate Risk Management
Corporate Hedging, Contract Rights, and Basis Risk | Leasing as a Corporate Risk Management Mechanism | Do Firms Hedge Human Capital?
Errors in Financial Decisions of Humans and AI Models
Consumption Wedges: Measuring and Diagnosing Distortions | Cost Misperception: The Impact of Misunderstanding Credit Card Debt Expenses | Behavioral Economics of AI: LLM Biases and Corrections
Geopolitics of Banking
Putting Economics Back Into Geoeconomics | Geopolitical Risk and Global Banking | Bank Financing of Global Supply Chains
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
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
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 Consumer Credit Channel | The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions
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
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
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
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
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
Preferences, Demand, and Asset Prices
Causal Inference for Asset Pricing | Disagreement, Skewness, and Asset Prices | Betting on Bond Ratings Disagreement
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
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
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
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
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
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
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
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
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
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
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
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
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
Nature and Biodiversity Finance
Can Municipalities Weather the Weather? | Nature-Related Risks in Syndicated Lending | From Fine to Feathers: Enforcement Stringency, Protectionism, and Biodiversity
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
Trading, Liquidity & Market Dynamics
The Growing Index Effect in the Corporate Bond Market | Retail Limit Orders | Large Funds and Corporate Bond Market Fragility
Events
AFA PhD Student Panel
You are warmly invited to join SYDNEY LUDVIGSON, AFA Vice President and Julius Silver, Roslyn S. Silver, and Enid Silver Winslow Professor of Economics and Professor of Finance at New York University, for a special PhD Student Panel at the 2026 AFA Annual Meeting in Philadelphia, Pennsylvania. THIS EVENT IS OPEN TO ALL REGISTERED CONFERENCE ATTENDEES and is designed to benefit both PhD students and early-career junior faculty. *** PANEL TOPICS AND FEATURED PANELISTS: 1. Now What? Navigating Research Setbacks. Featured Panelist: Antonio Coppola (Stanford GSB) 2. When to Stay and When to Fold: Knowing When to Stick with a Research Agenda. Featured Panelist: Max Miller (Harvard Business School) 3. How to Take Rejections Well: Navigating Feedback and Criticism. Featured Panelist: Sasha Indarte (Wharton) 4. Are They Awake? Connecting with Your Audience Through Clear and Stimulating Writing and Presentations. Featured Panelist: Indira Puri (NYU Stern School of Business)
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)
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)
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)
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)
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)
AFA Lecture - The Economics and Finance of Rising Federal Debt
SPEAKER: James Poterba (Massachusetts Institute of Technology)