Session: AFA PhD Student Poster Session

Location: 3rd Floor Lobby

Session Chair:

Arbitrageur Factors

Jiaqi Zhang (Boston College)

Bailouts, Bail-ins, and Banking Industry Dynamics

April Meehl (University of Wisconsin-Madison)

Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market

Xiang Li (Boston College)

Belief Polarization, Unconscious Bias, and Financial Markets

Nan Ma (McGill University)

Beta X Forecast Dispersion

Hwagyun Kim (Texas A&M University)
John Leonardy (Texas A&M University)

The Better Angels of our Nature?

Johan Karlsen (Norwegian School of Economics)
Katja Kisseleva (Frankfurt School of Finance and Management gGmbH)
Aksel Mjos (Norwegian School of Economics)
David Robinson (Duke University)

Beyond Peers: Cross-Industry Competition Communities and Strategic Financing

Zepeng Wang (University of Lausanne and Swiss Finance Institute)
Norman Schuerhoff (University of Lausanne)
Boris Nikolov (University of Lausanne and Swiss Finance Institute)

Learning from machines: can CEO vocal cues help to predict future firm performance?

Zihao Liu (Tilburg University)

Cash flow duration, financial constraints, and the stock market sensitivity to monetary policy

Eric Offner (University of Hamburg)

CLOs' trading of brown loans when climate change draws attention

Kathrin Hackenberg (Catholic University of Eichstaett)
Viktoria Klaus (Karlsruhe Institute of Technology)
Sven Klingler (BI Norwegian Business School)
Talina Sondershaus (Lund University)

The Collateral Value of Real Estate and Global Production Networks

Xiao Zhao (Hong Kong University of Science and Technology)

Commitment in Debt Financing: The Role of Coordination Problem

Yongseok Kim (Indiana University)

Connections over Competence: The Impact of Political Ties on Sell-Side Research Quality

Kaizhao Guo (University of Glasgow)
Yanghua Shi (University of Mannheim)
Jingshu Wen (University of Oxford)

The Consequences of Index Investing on Managerial Incentives

George Nurisso (University of Washington-Seattle)

Corporate ESG Profiles and Consumption

Sumit Agarwal (National University of Singapore)
Quanlin Gu (Central University of Finance and Economics)
Jia He (Nankai University)
Qi Zhang (Nankai University)

The Cost of Capital and the Innovative Efficiency of Public Firms

Oleg Gredil (Tulane University)
Ryan Peters (Tulane University)
Sheri Tice (Tulane University)
Vinh Tran (Tulane University)

Market Concentration, Labor Quality, and Efficiency: Evidence from Barriers in the Real Estate Industry

Jeanna Kenney (University of Pennsylvania)

COVID-19 Pandemic, Hate Crimes, and Analyst Forecast Quality

Qinzheng Xu (Tulane University)
Yankuo Qiao (Hood College)
Tengfei Zhang (Rutgers University, Camden)

Ahead of the Breach: Anticipatory Approaches to Mitigating Ex-post Costs of Cyber Breaches

Ndackyssa Oyima-Antseleve (University of Texas-Dallas)

Decoding Anomalies through Alpha Dynamics

Shuhao Ren (Arizona State University)

Decoding Corporate Green Bonds: What Issuers Do With the Money and Their Real Impact

Yufeng Mao (University of Washington)

Delay Your Rivals: Vertical Integration in Securitization and Lending Competition

Brandon Zborowski (Northwestern University)
Jose Diego Salas (Northwestern University)

Derivative-Market Leverage and Risk Premia Implications

Ke Tang (Tsinghua University)
Jing Zhao (Tsinghua University)
Hao Zhou (Tsinghua University)

Pricing Disaster Risk in Corporate Bonds

Mingye Yin (Ohio State University)

The Interplay of “E” and “G” in ESG

Jiahang Zhang (University of Hong Kong)

Do acquirers pay less for unlisted targets? Evidence from OTC markets

Markus Lithell (Dartmouth College)

Do Hedge Funds Exploit Material Nonpublic Information? Evidence from Corporate Bankruptcies

Yan Yang (Queen's University)
Wei Wang (Queens University)
Jingyu Zhang (Queen's University)

Do Local Branches Shape Bank Mortgage Lending Decisions?

Janet Gao (Georgetown University)
Yufeng Wu (Ohio State University)
Wang Zhang (University of Illinois)

Does Partisanship Affect Mutual Fund Firm-level Information Processing? Evidence from Textual Analysis on Earnings Calls

Wanyi Wang (University of California-Irvine)

Does Short-term Non-fundamental Mispricing Affect the Economy?

Jixing Li (University of Utah)

Does the Market Mis-Value Non-Executive Employee Diversity?

Shiyi Zhang (University of Miami)

Does Trading Volume Mitigate or Amplify Mispricing?

Xinrui Duan (Singapore Management University)
Li Guo (Fudan University)
Jun Tu (Singapore Management University)
Luying Wang (Singapore Management University)

Earnings Announcements: Ex-ante Risk Premia

Hong Liu (Washington University in St. Louis)
Yingdong Mao (University of Texas-Dallas)
Xiaoxiao Tang (University of Texas-Dallas)
Guofu Zhou (Washington University in St. Louis)

The Edge of Banks is Still Sharp: Evidence from Market Segmentation in the Conforming Loan Market

Weitong Han (University of Illinois)

The Effect of CEO Climate Awareness On Corporate Emissions

Yuyang Zhang (University of Melbourne)

The Effect of Regulation on Inventor Mobility and Productivity

Torin McFarland (Drexel University)

Social Interactions and Managerial Attention to Climate Change Exposure

Woong Bae Kim (Purdue University)

Entrepreneurs of circumstance: labour market distress and entrepreneurship

Himal Gautam (BI Norwegian Business School)

An ETF-based measure of stock price fragility

Renato Alfredo Lazo Paz (University of Ottawa)

Firm-level political risk and intellectual capital investment: Does managerial ability matter?

Nhan Huynh (Macquarie University)
Nga Le (Monash University)

Flow Hedging and Mutual Fund Performance

Du Nguyen (University of Missouri)

Foreign Institutional Ownership and Corporate Carbon Emissions

Jie Cao (Hong Kong Polytechnic University)
Xintong Zhan (Fudan University)
Weiming Zhang (IE Business School)
Yaojia Zhang (Chinese University of Hong Kong)

Fractional homeownership and its impact on life cycle portfolio choice

Marlene Koch (University of Konstanz)

Friend or Foe? Disentangling a Network of Unregulated and Non-Intermediated Informal Lending

Filipe Correia (University of Georgia)
Antonio Martins (Católica Lisbon School of Business & Economics)
Anthony Waikel (University of Georgia)

Global Business Networks

Christian Breitung (Technical University of Munich)
Sebastian Mueller (Technical University of Munich)

The Green Innovation Premium

Markus Leippold (University of Zurich)
Tingyu Yu (University of Zurich)

House Price Expectations and Consumer Spending

Benjamin Appianin (City University of Hong Kong)

Household Wealth and Local Labor Markets: Which Asset Classes Matter?

Paul Rintamäki (Aalto University)

How Dark Trading Harms Financial Markets?

Edward Halim (Nanyang Technological University)
Yohanes Riyanto (Nanyang Technological University)
Nilanjan Roy (City University of Hong Kong)
Yan Wang (Nanyang Technological University)

How Do Corporate Liquidity and Repurchase Policies Respond to Unionization at Major Customer Firms?

Ngoc Le (University of Alabama)
Anup Agrawal (University of Alabama)

How does PE Buyout Affect Firms’ Pension Plan

Wensong Zhong (University of Oregon)

Inflation and the Relative Price Premium

Yun Joo An (Indiana University)
Fotis Grigoris (Indiana University)
Christian Heyerdahl-Larsen (Indiana University)
Preetesh Kantak (Indiana University)

The Value of Corporate Social Responsibility: Evidence from an Inflation-Driven Crisis of Trust

Ana Alexandra Velez Mão de Ferro (University of Zurich)
Stefano Ramelli (University of St. Gallen)

Internal Carbon Markets and Carbon Emissions

Santanu Kundu (University of Mannheim)

Internalizing Environmental Externalities: The Role of Geographic Common Ownership

Qiaozhi Ye (National University of Singapore)

Interpretable Characteristics-based Factors: A Machine Learning Approach

Yuxiao Jiao (Tsinghua University)
Guofu Zhou (Washington University in St. Louis)
Yingzi Zhu (Tsinghua University)

Is intangibles talk informative about future returns? Evidence from 10-K filings

Amir Hosseini (University of Calgary)
Alexander David (University of Calgary)
Anup Srivastava (University of Calgary)

Is Sustainable Finance a Dangerous Placebo?

Florian Heeb (Massachusetts Institute of Technology)
Julian Koelbel (University of St. Gallen)
Stefano Ramelli (University of St. Gallen)
Anna Vasileva (University of Zurich)

Comovement and the Joint Cross-section of Stock and Corporate Bond Returns

Yueting Wang (King's College London)

Kinship Tightness and Financial Development

Mao Li (University of Edinburgh)
Wenxuan Hou (University of Edinburgh)
Woon Sau Leung (University of Edinburgh)

Limit orders and price discovery: Evidence from agricultural futures markets

Ruchuan Ma (University of Illinois)
Teresa Serra (University of Illinois)

Litigation Risk and Corporate ES Misconduct

Yue Li (University of California-Irvine)

Bank Credit and Firm Default Risk: an implicit contract perspective

Francesco Beraldi (Yale University)

Long Rates, Life Insurers, and Credit Spreads

Ziang Li (Princeton University)

Managing Regulatory Pressure: Bank Regulation and its Impact on Corporate Bond Intermediation

Martin Waibel (Stockholm School of Economics / Swedish House of Finance)
Andreas Rapp (Federal Reserve Board)

The Market for Sharing Interest Rate Risk

Umang Khetan (University of Iowa)
Jian Li (Columbia University)
Ioana Neamtu (Bank of England)
Ishita Sen (Harvard University)

Soothing Investors: The Impact of Manager Communication on Mutual Fund Flows

Ahmed Guecioueur (INSEAD)

Motivated Extrapolative Beliefs

Siyuan Yang (Tsinghua University)

Negative Sentiment and Aggregate Retail Trading: Evidence from Mass Shootings

Tianchen Zhao (University of Maryland)

Neighbouring Assets

Sina Seyfi (Aalto-Yliopiston (Aalto University))

Now You See It, Now You Don’t: Financial Constraints, Minimum Wage Policies, and Employment

Alona Bilokha (Fordham University)
Iftekhar Hasan (Fordham University)
Stefano Manfredonia (Fordham University)
Ronald Masulis (University of New South Wales)

Outside employment opportunities and tournament incentives

Yue Feng (University of Manchester)
Amedeo De Cesari (University of Manchester)
Konstantinos Stathopoulos (University of Manchester)

Personal Experience Effects across Markets: Evidence from NFT and Cryptocurrency Investing

Chuyi Sun (University of North Carolina-Chapel Hill)

The Political Origin of Credit Cycle

Zhou Ren (Vienna Graduate School of Finance)
Lixing Wang (University of Bonn)

The Power of Reserve Tiering: Financial Institution Heterogeneity and Monetary Policy Pass-through

Wentong Chen (Cornell University)

A Preferred-Habitat Model with a Corporate Sector

Filippo Cavaleri (University of Chicago)

Private Activity Bonds as Investment Subsidy: Evidence from the 1986 Cap on Bond Volumes

Lisa Knauer (Technical University of Munich)

Property Rights, Labor Supply, and Firm Capital Structure

Yi Chen (Macquarie University)
Qing (Clara) Zhou (Macquarie University)
Di Bu (Macquarie University)

Role of underwriters in the green bond market

Natalia Boreyko (University of Michigan)

Small Banks and the Recovery Advantage in Commercial Real Estate

Jose Ernesto Aldana Vizcaino (University of North Carolina-Chapel Hill)

Reference Price Updating in the Housing Market

Shengwei Guo (University of Wisconsin-Madison)

Regulatory Model Secrecy and Bank Reporting Discretion

Shuo Zhao (Tilburg University (CentER))

Reinvesting Dividends

Jan Müller-Dethard (University of Mannheim)
Niklas Reinhardt (Kiel University)
Martin Weber (University of Mannheim)

Some Bonuses are Bigger than Others? Benchmark-beating Pressure and The Gender Pay Gap

Lucas Lee (Yale University)

Spatial Extrapolation in The Housing Market

Gen Li (University of British Columbia)

Spouses in The Same Boat: Labor Income Risk and Intra-household Risk Sharing

Singsen Lam (Chinese University of Hong Kong)

Startup Catering to Venture Capitalists

Xiyue Li (University of British Columbia)

Strategic Bargaining and Portfolio Choice in Intermediated Markets

Jessica Li (University of Chicago)

Talk or Walk the Talk? The Real Impact of ESG Investing

Huiyao Chen (University of Pennsylvania)

Textual Changes in 10-Ks and Stock Price Crash Risk: Evidence from Neural Network Embeddings

Yahya Yilmaz (WWU Münster)
Doron Reichmann (Ruhr-Universität Bochum)
Milan Reichmann (DWS)

To the Moon or Bust: Do Retail Investors Profit From Social Media-Induced Trading?

Botir Kobilov (Harvard University)
Liran Eliner (Harvard University)

Session: Financial Intermediation: Bank Funding and Risk Management

Location: Grand Ballroom Salon D

Session Chair: Juliane Begenau (Stanford University)

Local Recessions: Evidence from Bank Liquidity Squeezes

Rajkamal Iyer (Imperial College London)
Shohini Kundu (University of California-Los Angeles)
Nikos Paltalidis (Durham University)

Discussant: Dominik Supera (Columbia University)

Intermediary Market Power and Capital Constraints

Jason Allen (Bank of Canada)
Milena Wittwer (Boston College)

Discussant: Rustam Jamilov (University of Oxford)

Similar Investors

Co-Pierre Georg (EDHEC Business School)
Diane Pierret (University of Luxembourg)
Sascha Steffen (Frankfurt School of Finance and Management gGmbH)

Discussant: Yao Zeng (University of Pennsylvania)

Session: Household Finance

Location: Grand Ballroom Salon G

Session Chair: Francisco Gomes (London Business School)

Salient Attributes and Household Demand for Security Designs

Petra Vokata (Ohio State University)

Discussant: Mark Egan (Harvard University)

Mortgage Lock-In, Mobility, and Labor Reallocation

Julia Fonseca (University of Illinois)
Lu Liu (University of Pennsylvania)

Discussant: Julie Marx (Copenhagen Business School)

Choosing Pension Fund Investment Consultants

Aleksandar Andonov (University of Amsterdam)
Matteo Bonetti (De Nederlandsche Bank)
Irina Stefanescu (Federal Reserve Board)

Discussant: Alessandro Previtero (Indiana University)

Session: Asset Pricing: Derivatives

Location: Grand Ballroom Salon B

Session Chair: Jefferson Duarte

Derivative Spreads: Evidence from SPX Options

Jie Cao (Hong Kong Polytechnic University)
Kris Jacobs (University of Houston)
Sai Ke (University of Mississippi)

Discussant: Dmitriy Muravyev (Michigan State University)

Market Risk Premium Expectation: Combining Option Theory with Traditional Predictors

Hong Liu (Washington University in St. Louis)
Yueliang Lu (Clemson University)
Weike Xu (Clemson University)
Guofu Zhou (Washington University in St. Louis)

Discussant: Kerry Back (Rice University)

The Risk and Return of Equity and Credit Index Options

Hitesh Doshi (University of Houston)
Jan Ericsson (McGill University)
Mathieu Fournier (University of New South Wales)
Sang Byung Seo (University of Wisconsin-Madison)

Discussant: Anders Trolle (Copenhagen Business School)

Exploring the Variance Risk Premium Across Assets

Steven Heston (University of Maryland)
Karamfil Todorov (Bank for International Settlements)

Discussant: Kris Jacobs (University of Houston)

Session: Asset Pricing: Market Mispricing and Limits to Arbitrage

Location: Grand Ballroom Salon A

Session Chair: Christian Opp (University of Rochester)

Risk and Segmentation in Covered-Interest Parity Arbitrage

Tobias Moskowitz (Yale University)
Chase Ross (Federal Reserve Board)
Sharon Ross (Office of Financial Research (OFR))
Kaushik Vasudevan (Purdue University)

Discussant: William Diamond (University of Pennsylvania)

Pension Fund Flows, Exchange Rates, and Covered Interest Rate Parity

Felipe Aldunate (Pontificia Universidad Catolica de Chile)
Zhi Da (University of Notre Dame)
Borja Larrain (Pontificia Universidad Catolica de Chile)
Clemens Sialm (University of Texas-Austin)

Discussant: Amy Huber (University of Pennsylvania)

Why is Asset Demand Inelastic?

Carter Davis (Indiana University)
Mahyar Kargar (University of Illinois)
Jiacui Li (University of Utah)

Discussant: Daniel Neuhann (University of Texas)

Session: Special Topics: Digital Currencies

Location: Grand Ballroom Salon I

Session Chair: Andreea Minca (Cornell University)

The Digital Economy, Privacy, and CBDC

Peter Hoffmann (European Central Bank)
Toni Ahnert (European Central Bank)
Cyril Monnet (University of Bern)

Discussant: Andreea Minca (Cornell University)

The Demand for Programmable Payments

Charles Kahn (University of Illinois)
Maarten van Oordt (Vrije Universiteit Amsterdam)

Discussant: Paolo Guasoni (Dublin City University)

CBDC and Banks: Threat or Opportunity?

Martina Fraschini (University of Luxembourg)
Luciano Somoza (ESSEC Business School)
Tammaro Terracciano (IESE Business School)

Discussant: Philip Dybvig (Washington University in St. Louis)

Session: Corporate Finance: Compensation and Agency

Location: Grand Ballroom Salon C

Session Chair: Gustavo Manso (University of California-Berkeley)

Process Intangibles and Agency Frictions

Hui Chen (Massachusetts Institute of Technology)
Ali Kakhbod (University of California-Berkeley)
Maziar Kazemi (Arizona State University)
Hao Xing (Boston University)

Discussant: Nicolas Crouzet (Northwestern University)

Competition and Executive Compensation: Evidence from Pharmaceutical Breakthrough Designations

Jon Garfinkel (University of Iowa)
Mosab Hammoudeh (University of New Orleans)
Steve Irlbeck (University of New Hampshire)
Erik Lie (University of Iowa)

Discussant: Moqi Groen-Xu (London School of Economics)

Firms with Benefits? Nonwage Compensation and Implications for Firms and Labor Markets

Paige Ouimet (University of North Carolina-Chapel Hill)
Geoffrey Tate (University of Maryland)

Discussant: Jessica Jeffers (HEC - Paris)

ESG-linked Pay Around the World —Trends, Determinants, and Outcomes

Sonali Hazarika (CUNY-Baruch College)
Aditya Kashikar (University of Massachusetts-Boston)
Lin Peng (CUNY-Baruch College)
Ailsa Roell (Columbia University)
Yao Shen (CUNY-Baruch College)

Discussant: Alex Edmans (London Business School)

Session: Sustainability and Finance

Location: Grand Ballroom Salon K & L

Session Chair: Malcolm P Baker (Harvard University)

Carbon Emissions and Shareholder Value: Causal Evidence from the U.S. Power Utilities

Mayank Kumar (University of Michigan)
Amiyatosh Purnanandam (University of Michigan)

Discussant: Samuel Hartzmark (Boston College)

Are All ESG Funds Created Equal? Only Some Funds Are Committed

Michelle Lowry (Drexel University)
Pingle Wang (University of Texas-Dallas)
Kelsey Wei (University of Texas-Dallas)

Discussant: Jules Van Binsbergen (University of Pennsylvania)

Green Mandates in Two Sided Markets

Briana Chang (University of Wisconsin-Madison)
Harrison Hong (Columbia University)

Discussant: Deeksha Gupta (Johns Hopkins University)

Session: Asset Pricing: ETFs

Location: Grand Ballroom Salon B

Session Chair: Yiming Ma (Columbia University)

Portfolio Trading in Corporate Bond Markets

Jeff Meli (Barclays)
Zornitsa Todorova (Barclays)

Discussant: Ananth Madhaven (BlackRock)

Limits to Diversification: Passive Investing and Market Risk

Lily Fang (INSEAD)
Hao Jiang (Michigan State University)
Zheng Sun (University of California-Irvine)
Lu Zheng (University of California-Irvine)
Ximing Yin (Hunan University)

Discussant: Itzhak Ben-David (Ohio State University)

Passive Investors in Primary Bond Markets

Caitlin Dannhauser (Villanova University)
Michele Dathan (Federal Reserve Board)

Discussant: Jens Dick-nielsen (Copenhagen Business School)

Passive Investing and the Rise of Mega-Firms

Hao Jiang (Michigan State University)
Dimitrios Vayanos (London School of Economics)
Lu Zheng (University of California-Irvine)

Discussant: Jian Li (Columbia University)

Session: Risk Management

Location: Grand Ballroom Salon K & L

Session Chair: Kairong Xiao (Columbia University)

Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening?

Erica Xuewei Jiang (University of Southern California)
Gregor Matvos (Northwestern University)
Tomasz Piskorski (Columbia University)
Amit Seru (Stanford University)

Discussant: Andres Sarto (New York University)

Banking on Uninsured Deposits

Itamar Drechsler (University of Pennsylvania)
Alexi Savov (New York University)
Philipp Schnabl (New York University)
Olivier Wang (New York University)

Discussant: Yufeng Wu (Ohio State University)

Hedging, Contract Enforceability and Competition

Erasmo Giambona (Syracuse University)
Anil Kumar (Aarhus University)
Gordon Phillips (Dartmouth College)

Discussant: Chotibhak Jotikasthira (Southern Methodist University)

What's Wrong with Annuity Markets?

Stephane Verani (Federal Reserve Board)
Pei-Cheng Yu (University of New South Wales)

Discussant: Ishita Sen (Harvard University)

Session: Market Frictions and Market Power

Location: Grand Ballroom Salon I

Session Chair: Carole Comerton-Forde (University of Melbourne)

The Retail Execution Quality Landscape

Anne Dyhrberg (Wilfrid Laurier University)
Andriy Shkilko (Wilfrid Laurier University)
Ingrid Werner (Ohio State University)

Discussant: Thomas Ernst (University of Maryland)

Competing for Dark Trades

Paul Irvine (Texas Christian University)
Egle Karmaziene (Vrije Universiteit Amsterdam)

Discussant: Sabrina Buti (Paris Dauphine University)

Market Power in the Securities Lending Market

Shuaiyu Chen (Purdue University)
Ron Kaniel (University of Rochester)
Christian Opp (University of Rochester)

Discussant: Matthew Ringgenberg (University of Utah)

When A Market Is Not Legally Defined As A Market: Evidence From Two Types of Dark Trading

Yunus Topbas (Peking University)
Mao Ye (Cornell University)

Discussant: Amber Anand (Syracuse University)

Session: Homophily and Finance

Location: Grand Ballroom Salon D

Session Chair: Tracy Wang (University of Minnesota)

Group Identity and Agency Frictions: Evidence Using Big Data

Jitendra Aswani (Harvard University)

Discussant: Yihui Pan (University of Utah)

Similarity Breeds Trust: Political Homophily and CEO-Board Communication

Sudipto Dasgupta (Chinese University of Hong Kong)
Ran Guo (Stockholm University)
Xiao Ren (Chinese University of Hong Kong-Shenzhen)
Tao Shu (Chinese University of Hong Kong-Shenzhen)

Discussant: Elena Pikulina (University of British Columbia)

Decomposing Partisan Bias: Evidence from Entrepreneur-Politicians

Deniz Okat (Hong Kong University of Science and Technology)
Mikael Paaso (Erasmus University Rotterdam)

Discussant: Jiajie Xu (University of Iowa)

Session: Taxes, Regulation, and Politics

Location: Conference Room 8

Session Chair: Kose John (New York University)

Connections over Competence: The Impact of Political Ties on Sell-Side Research Quality

Kaizhao Guo (University of Glasgow)
Yanghua Shi (University of Mannheim)
Jingshu Wen (University of Oxford)

Discussant: Tianyue Ruan (National University of Singapore)

Closing the Revolving Door

Joseph Kalmenovitz (University of Rochester)
Siddharth Vij (University of Georgia)
Kairong Xiao (Columbia University)

Discussant: Florian Heider (Research Center SAFE - Goethe University Frankfurt)

Corporate Taxes and Retail Prices

Scott Baker (Northwestern University)
Stephen (Teng) Sun (City University of Hong Kong)
Constantine Yannelis (University of Chicago)

Discussant: S Ravid (Yeshiva University)

Regulatory Policy Enforcement and Corporate Performance

Jon Garfinkel (University of Iowa)
Dain Donelson (University of Iowa)
Sepehr Roudini (University of Iowa)

Discussant: Michelle Lowry (Drexel University)

Session: Financial Intermediation: General

Location: Grand Ballroom Salon C

Session Chair: Valentin Haddad (University of California-Los Angeles)

Is Asset Demand Elasticity Set at the Household or Intermediary Level?

Ehsan Azarmsa (University of Chicago)
Carter Davis (Indiana University)

Discussant: Paul Huebner (University of California-Los Angeles)

Fragility in Bond Mutual Funds: The Role of Investor Base

Nolwenn Allaire (European Central Bank)
Johannes Breckenfelder (European Central Bank)
Marie Hoerova (European Central Bank)

Discussant: Yao Zeng (University of Pennsylvania)

“Glossy Green ” Banks: The Disconnect Between Environmental Disclosures and Lending Activities

Mariassunta Giannetti (Stockholm School of Economics)
Martina Jasova (Barnard College)
Maria Loumioti (University of Texas)
Caterina Mendicino (European Central Bank)

Discussant: Shohini Kundu (University of California-Los Angeles)

Session: Macro Finance

Location: Grand Ballroom Salon G

Session Chair: Andrea Eisfeldt (University of California-Los Angeles)

Time-Varying Risk Premia, Labor Market Dynamics, and Income Risk

Maarten Meeuwis (Washington University in St. Louis)
Dimitris Papanikolaou (Northwestern University)
Lawrence Schmidt (Massachusetts Institute of Technology)
Jonathan Rothbaum (U.S. Census Bureau)

Discussant: Daniel Greenwald (New York University)

Monetary Policy and Financial Stability

Joao Gomes (University of Pennsylvania)
Sergey Sarkisyan (University of Pennsylvania)

Discussant: Tyler Muir (University of California-Los Angeles)

Long-Term Bond Supply, Term Premium, and the Duration of Corporate Investment

Antoine Hubert de Fraisse (HEC - Paris)

Discussant: Lukas Schmid

Asset Pricing with Optimal Under-Diversification

Vadim Elenev (Johns Hopkins University)
Tim Landvoigt (University of Pennsylvania)

Discussant: Mindy Zhang (University of Texas-Austin)

Session: Asset Pricing: Behavioral

Location: Grand Ballroom Salon A

Session Chair: Marianne Andries (University of Southern California)

Investor Memory and Biased Beliefs: Evidence from the Field

Zhengyang Jiang (Northwestern University)
Hongqi Liu (Chinese University of Hong Kong-Shenzhen)
Cameron Peng (London School of Economics and Political Science)
Hongjun Yan (DePaul University)

Discussant: Peter Maxted (University of California-Berkeley)

The Cryptocurrency Participation Puzzle

Ran Duchin (Boston College)
David Solomon (Boston College)
Jun Tu (Singapore Management University)
Xi Wang (Peking University)

Discussant: Amin Shams (Ohio State University)

Consumption out of Fictitious Capital Gains and Selective Inattention

Benjamin Loos (University of New South Wales)
Steffen Meyer (University of Southern Denmark, Danish Finance Institute)
Michaela Pagel (Washington University in St. Louis)

Discussant: Alberto Rossi (Georgetown University)

The Cross-section of Subjective Expectations: Understanding Prices and Anomalies

Ricardo De la O (University of Southern California)
Xiao Han (City University of London)
Sean Myers (University of Pennsylvania)

Discussant: Cameron Peng (London School of Economics and Political Science)

Session: FinTech and the Industrial Organization of the Financial Sector

Location: Grand Ballroom Salon I

Session Chair: Nadya Malenko (Boston College)

Customer Data Access and Fintech Entry: Early Evidence from Open Banking

Tania Babina (Columbia University)
Gregory Buchak (Stanford University)
Will Gornall (University of British Columbia)

Discussant: Paul Beaumont (McGill University)

Market Concentration in Fintech

Kuan Liu (University of Arkansas)
Dean Corbae (University of Wisconsin-Madison)
Pablo D'Erasmo (Federal Reserve Bank of Philadelphia)

Discussant: Erica Xuewei Jiang (University of Southern California)

Borrowing from a Bigtech Platform

Stefano Pegoraro (University of Notre Dame)
Jian Li (Columbia University)

Discussant: Deeksha Gupta (Johns Hopkins University)

Cashless Payment and Financial Inclusion

Shumiao Ouyang (Princeton University)

Discussant: Emily Williams (Harvard University)

Session: Finance and Climate Transition

Location: Grand Ballroom Salon G

Session Chair: Marcin Kacperczyk (Imperial College London)

Large Firms, Common Ownership, and Incentives to Decarbonize and Innovate

Viral Acharya (New York University)
Robert Engle (New York University)
Olivier Wang (New York University)

Discussant: Mariano Croce (Bocconi University and IGIER and BaffiCarefin)

Does Climate Change Adaptation Matter? Evidence from the City on the Water

Matteo Benetton (University of California-Berkeley)
Simone Emiliozzi (Bank of Italy)
Elisa Guglielminetti (Bank of Italy)
Michele Loberto (Bank of Italy)
Alessandro Mistretta (Bank of Italy)

Discussant: Jawad Addoum (Cornell University)

Decarbonizing Institutional Investor Portfolios: Helping to Green the Planet or Just Greening Your Portfolio?

Vaska Atta-Darkua (University of Virginia)
Simon Glossner (Federal Reserve Board)
Philipp Krueger (Swiss Finance Institute - University of Geneva)
Pedro Matos (University of Virginia)

Discussant: Jules Van Binsbergen (University of Pennsylvania)

Financing the Adoption of Clean Technology

Andrea Lanteri (Duke University)
Adriano Rampini (Duke University)

Discussant: Ulrich Hege (Toulouse School of Economics)

Session: Asset Pricing: Preferences and Expectations

Location: Grand Ballroom Salon A

Session Chair: Hengjie Ai (University of Wisconsin-Madison)

Production-based Stochastic Discount Factors

Frederico Belo (INSEAD)
Xinwei Li (INSEAD)

Discussant: Lukas Schmid

Asset Pricing and Risk Sharing Implications of Alternative Pension Plan Systems

Nuno Coimbra (Bank of France)
Francisco Gomes (London Business School)
Alex Michaelides (Imperial College London)
Jialu Shen (University of Missouri)

Discussant: Daniel Greenwald (New York University)

Identifying Preference for Early Resolution from Asset Prices

Hengjie Ai (University of Wisconsin-Madison)
Ravi Bansal (Duke University)
Hongye Guo (University of Hong Kong)
Amir Yaron (University of Pennsylvania)

Discussant: Nina Boyarchenko (Federal Reserve Bank of New York)

Are Subjective Expectations Formed as in Rational Expectations Models of Active Management?

Magnus Dahlquist (Stockholm School of Economics)
Markus Ibert (Copenhagen Business School)
Felix Wilke (NOVA University Lisbon)

Discussant: Andrea Rossi (University of Arizona)

Session: Corporate Finance: Labor Finance

Location: Grand Ballroom Salon D

Session Chair: Elena Simintzi (University of North Carolina-Chapel Hill)

What Drives Finance Professors' Wages?

Claire Celerier (University of Toronto)
Boris Vallee (Harvard University)
Alexey Vasilenko (University of Toronto)

Discussant: Vincent Glode (University of Pennsylvania)

Pay, Productivity and Management

Melanie Wallskog (Duke University)
Nicholas Bloom (Stanford University)
Scott Ohlmacher (Federal Reserve Board)
Cristina Tello-Trillo

Discussant: Alex Edmans (London Business School)

Too Many Managers: The Strategic Use of Titles to Avoid Overtime Payments

Lauren Cohen (Harvard University)
Umit Gurun (University of Texas-Dallas)
N. Bugra Ozel (University of Texas-Dallas)

Discussant: Bryan Seegmiller (Northwestern University)

How Do Health Insurance Costs Affect Firm Labor Composition and Technology Investment?

Janet Gao (Georgetown University)
Shan Ge (New York University)
Lawrence Schmidt (Massachusetts Institute of Technology)
Cristina Tello-Trillo

Discussant: Selale Tuzel (University of Southern California)

Session: Corporate Finance: Corporate Disclosure

Location: Grand Ballroom Salon B

Session Chair: Anne Beyer (Stanford University)

Moral Hazard and the Corporate Information Environment

Dan Luo (University of Chicago)

Discussant: Stefan Huber (Rice University)

The Impact of Securities Regulation on New Keynesian Firms

Erica X. N. Li (Cheung Kong Graduate School of Business)
Pengfei Wang (Peking University)
Jin Xie (Peking University)
Ji Zhang (PBC School of Finance, Tsinghua University)

Discussant: John Kepler (Stanford University)

Competition Management in Corporate Filings

Assaf Eisdorfer (University of Connecticut)
Gideon Ozik (EDHEC Business School)
Ronnie Sadka (Boston College)

Discussant: Felipe Cabezon (Virginia Tech)

Session: Corporate Finance: Innovation and Adaptation

Location: Grand Ballroom Salon C

Session Chair: Emmanuel Yimfor (Columbia University)

Great Recession Babies: How Are Startups Shaped by Macro Conditions at Birth?

Daniel Bias (Vanderbilt University)
Alexander Ljungqvist (Stockholm School of Economics)

Discussant: Isaac Hacamo (Indiana University)

Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs

Jing Xue (Georgia State University)

Discussant: Sabrina Howell (New York University)

Labor Mobility, Human Capital Investment, and Technological Change

Song Ma (Yale University)
Wenyu Wang (Indiana University)
Yufeng Wu (Ohio State University)

Discussant: Xuelin Li (Columbia University)

Excess Commitment in R&D

Marius Guenzel (University of Pennsylvania)
Tong Liu (Massachusetts Institute of Technology)

Discussant: Alice Bonaime (University of Arizona)

Session: Information in Credit Markets

Location: Grand Ballroom Salon K & L

Session Chair: Boaz Abramson (Columbia University)

Relationship Banking and Credit Scores: Evidence from a Natural Experiment

Maya Shaton (Ben-Gurion University)
Tali Bank (Bank of Israel)
Nimrod Segev (Bank of Israel)

Discussant: Jillian Grennan (University of California-Berkeley)

Data and Welfare in Credit Markets

Mark Jansen (University of Utah)
Fabian Nagel (University of Chicago)
Constantine Yannelis (University of Chicago)
Anthony lee Zhang (University of Chicago)

Discussant: Lulu Wang (Northwestern University)

FinTech Lending with LowTech Pricing

Mark Johnson (Brigham Young University)
Itzhak Ben-David (Ohio State University)
Jason Lee
Vincent Yao (Georgia State University)

Discussant: Tianyue Ruan (National University of Singapore)

Session: Special Topics: Finance, Development, and Growth

Location: Grand Ballroom Salon J

Session Chair: Dimitris Papanikolaou (Northwestern University)

The Real Costs of Washing Away Corruption: Evidence from Brazil’s Lava Jato Investigation

Claudio Ferraz (University of British Columbia)
Luiz Moura (Brazilian School of Public and Business Administration (EBAPE), Getúlio Vargas Foundation)
Lars Norden (Fundacao Getulio Vargas (FGV))
Ricardo Schechtman (Banco Central do Brazil)

Discussant: Jacopo Ponticelli (Northwestern University)

Unleashing Mass Entrepreneurship: Firm-Level Evidence on the Impact of China’s Registered Capital Reform

Wei Cui (University of British Columbia)
Mengying Wei (University of International Business and Economics)

Discussant: Kim Cramer (London School of Economics)

Can Cashless Payments Spur Economic Growth

Amiyatosh Purnanandam (University of Michigan)
Tamanna singh Dubey (University of Michigan)

Discussant: Apoorv Gupta (Dartmouth College)

Financial Remittances and Gender Inequality

Dimitrios Minos (King's College London)
Evgenia Passari (Paris Dauphine University)

Discussant: Janis Skrastins (Washington University in St. Louis)

Session: Predictability in a Characteristic-Rich World

Location: Grand Ballroom Salon I

Session Chair: Michael Weber (University of Chicago)

Timing the Factor Zoo

Andreas Neuhierl (Washington University in St. Louis)
Otto Randl (Vienna University of Economics and Business Administration)
Christoph Reschenhofer (Vienna University of Economics and Business Administration)
Josef Zechner (Wirtschaftsuniversitat Wien)

Discussant: Fahiz Baba Yara (Indiana University)

Anomaly Predictability with the Mean-Variance Portfolio

Alessandro Melone (Ohio State University)
Carlo Ambrogio Favero (Bocconi University)
Andrea G Tamoni (Rutgers University)

Discussant: Valentin Haddad (University of California-Los Angeles)

Sources of Return Predictability

Beata Gafka (University of Western Ontario)
Pavel Savor (DePaul University)
Mungo Wilson (University of Oxford)

Discussant: Andreas Neuhierl (Washington University in St. Louis)

The Performance of Characteristic-Sorted Portfolios: Evaluating the Past and Predicting the Future

Aydogan Alti (University of Texas-Austin)
Travis Johnson (University of Texas-Austin)
Sheridan Titman (University of Texas-Austin)

Discussant: Shrihari Santosh (University of Maryland)

Session: Asset Pricing: Safe Asset and Government Debt

Location: Grand Ballroom Salon A

Session Chair: William Diamond (University of Pennsylvania)

When do Treasuries Earn the Convenience Yield? --- A Hedging Perspective

Viral Acharya (New York University)
Toomas Laarits (New York University)

Discussant: Aditya Sunderam (Harvard University)

Central Bank’s Balance Sheet and Treasury Markets Disruptions

Adrien d'Avernas (Stockholm School of Economics)
Quentin Vandeweyer (University of Chicago)
Damon Petersen (University of Chicago)

Discussant: Yiming Ma (Columbia University)

The Imperfect Intermediation of Money-Like Assets

Jeremy Stein (Harvard University)
Jonathan Wallen (Harvard University)

Discussant: Viral Acharya (New York University)

The Zero-Beta Rate

Sebastian Di Tella (Stanford University)
Benjamin Hebert (Stanford University)
Pablo Kurlat (University of Southern California)
Qitong Wang (University of Southern California)

Discussant: Tyler Muir (Yale University)

Session: Financial Intermediation: Bank Competition

Location: Grand Ballroom Salon D

Session Chair: Isil Erel (Ohio State University)

Instant Payment Systems and Competition for Deposits

Sergey Sarkisyan (University of Pennsylvania)

Discussant: Juliane Begenau (Stanford University)

Will Central Bank Digital Currency Disintermediate Banks?

Toni Whited (University of Michigan)
Yufeng Wu (Ohio State University)
Kairong Xiao (Columbia University)

Discussant: Erica Xuewei Jiang (University of Southern California)

Nonbank Market Power in Leveraged Lending

Franz Hinzen (Dartmouth College)

Discussant: Sergey Chernenko (Purdue University)

The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints

Ahmet Degerli (Federal Reserve Board)
Jing Wang (University of Missouri)

Discussant: Manasa Gopal (Georgia Institute of Technology)

Session: Corporate Finance: Contracts and Incentives

Location: Grand Ballroom Salon C

Session Chair: Adriano Rampini (Duke University)

The Optimality of Debt

Pierre Chaigneau (Queen's University)
Alex Edmans (London Business School)
Daniel Gottlieb

Discussant: Ernst Von thadden (University of Mannheim)

Household Debt Overhang and Human Capital Investment

Gustavo Manso (University of California-Berkeley)
Alejandro Rivera (University of Texas-Dallas)
Hui Wang (Bentley University)
Han Xia (University of Texas-Dallas)

Discussant: Constantine Yannelis (University of Chicago)

Monitoring with Small Stakes: Evidence from Leveraged Loans

Sheila Jiang (University of Florida)
Shohini Kundu (University of California-Los Angeles)
Douglas Xu (University of Florida)

Discussant: Bo Becker (Stockholm School of Economics)

Session: Asset Pricing: ESG and Sustainable Finance

Location: Grand Ballroom Salon K & L

Session Chair: Anna Pavlova (London Business School)

Understanding the Global Equity Greenium

Andrew Karolyi (Cornell University)
Ying Wu (Stevens Institute of Technology)
William Xiong (Cornell University)

Discussant: Laura Starks (University of Texas-Austin)

Unpacking the Demand for Sustainable Equity Investing

Sangmin Oh (University of Chicago)
Don Noh (Princeton University)
Jihong Song (Princeton University)

Discussant: Philippe van der Beck (Swiss Federal Institute of Technology Lausanne)

Future of Emissions

Jules Van Binsbergen (University of Pennsylvania)
Andreas Brøgger (RSM, Erasmus University)

Discussant: Jian Li (Columbia University)

Do Investors Care About Biodiversity?

Alexandre Garel (Audencia Business School)
Arthur Romec (Toulouse Business School)
Zacharias Sautner (University of Zurich)
Alexander Wagner (University of Zurich)

Discussant: Julian Koelbel (University of St. Gallen)

Session: Corporate Finance: New Valuation Factors

Location: Grand Ballroom Salon B

Session Chair: Wei Jiang (Emory University)

Tracing Out International Data Flow: the Value of Data and Privacy

Junjun Quan (Columbia University)

Discussant: Anastassia Fedyk (University of California-Berkeley)

How Financial Markets Create Superstars

Spyros Terovitis (University of Amsterdam)
Vladimir Vladimirov (University of Amsterdam)

Discussant: Doron Levit (University of Washington)

Politicization of the Supreme Court and Firm Value: Evidence from Ruth Bader Ginsburg’s Death

Tor-erik Bakke (University of Illinois-Chicago)
Hamed Mahmudi (University of Delaware)
Aazam Virani (University of Arizona)
Song Zhang (University of Delaware)

Discussant: Elisabeth Kempf (Harvard University)

Session: Financial Intermediation: Banking - General

Location: Grand Ballroom Salon M

Session Chair: Filippo De Marco (Bocconi University)

Bank Private Information in CDS Markets

Andrada Bilan (Swiss National Bank)
Steven Ongena (University of Zurich)
Cosimo Pancaro (European Central Bank)

Discussant: Sascha Steffen (Frankfurt School of Finance and Management gGmbH)

Why Does the Yield Curve Predict GDP Growth? The Role of Banks

Camelia Minoiu
Andres Schneider (Federal Reserve Board)
Min Wei (Federal Reserve Board)

Discussant: Diane Pierret (University of Luxembourg)

The Network Structure of Money Multiplier

Ye Li (University of Washington)
Yi Li (Federal Reserve Board)
Huijun Sun (Columbia University)

Discussant: Ana Babus (Washington University in St. Louis)

Leverage Regulations and Treasury Market Participation: Evidence from Credit Line Drawdowns

Giovanni Favara (Federal Reserve Board)
Sebastian Infante (Federal Reserve Board)
Marcelo Rezende (Federal Reserve Board)

Discussant: Filippo De Marco (Bocconi University)

Session: Origins of Risk Factors and Anomalies

Location: Grand Ballroom Salon K & L

Session Chair: Svetlana Bryzgalova (London Business School)

Anomalies Never Disappeared: The Case of Stubborn Retail Trading

Xi Dong (CUNY-Baruch College)
Cathy Yuqing Yang (CUNY-Baruch College)

Discussant: Michaela Pagel (Washington University in St. Louis)

Wisdom of the Institutional Crowd: Implications for Anomaly Returns

AJ Yuan Chen (University of Southern California)
Gerard Hoberg (University of Southern California)
Miao Zhang (University of Southern California)

Discussant: Marina Niessner (University of Pennsylvania)

Fundamental Anomalies

Erica X.N, Li (Cheung Kong Graduate School of Business)
Guoliang Ma (Iowa State University)
Shujing Wang (Tongji University)
Cindy Yu (Iowa State University)

Discussant: Yao Deng (University of Connecticut)

Peer-Reviewed Theory does not help Predict the Cross-Section of Stock Returns

Andrew Chen (Federal Reserve Board)
Alejandro Lopez-Lira (University of Florida)
Tom Zimmermann (University of Cologne)

Discussant: Theis Jensen (Yale University)

Session: Financial Intermediation: Monetary Policy Transmission

Location: Grand Ballroom Salon D

Session Chair: Moritz Lenel (Princeton University)

Heterogeneous Intermediaries and Bond Characteristics in the Transmission of Monetary Policy

Federic Holm-Hadulla (European Central Bank)
Matteo Leombroni (Stanford University)

Discussant: Lira Mota (Massachusetts Institute of Technology)

Stop Believing in Reserves

Sriya Anbil (Federal Reserve Board)
Alyssa Anderson (Federal Reserve Board)
Ethan Cohen (Federal Reserve Board)
Romina Ruprecht (Federal Reserve Board)

Discussant: Yiming Ma (Columbia University)

Lending by Servicing: Monetary Policy Transmission through Shadow Banks

Isha Agarwal (University of British Columbia)
Malin Hu (Vanderbilt University)
Raluca Roman (Federal Reserve Bank of Philadelphia)
Keling Zheng (University of British Columbia)

Discussant: Michael Reher (University of California-San Diego)

Session: Is Sustainable Investing Sustainable?

Location: Grand Ballroom Salon M

Session Chair: Samuel Hartzmark (Boston College)

The CO2 Question: Technical Progress and the Climate Crisis

Patrick Bolton (Columbia University)
Marcin Kacperczyk (Imperial College London)
Moritz Wiedemann (Imperial College London)

Discussant: Lauren Cohen (Harvard University)

Sustainability or Greenwashing: Evidence from the Asset Market for Industrial Pollution

Ran Duchin (Boston College)
Janet Gao (Georgetown University)
Qiping Xu (University of Illinois)

Discussant: Elisabeth Kempf (Harvard University)

Why Do Investors Pay Higher Fees for Sustainable Investments? An Experiment in Five European Countries

Daniel Engler (University of Kassel)
Gunnar Gutsche (University of Kassel)
Paul Smeets (University of Amsterdam)

Discussant: Parinitha Sastry (Columbia University)

Four Facts about ESG Beliefs and Investor Portfolios

Stefano Giglio (Yale University)
Matteo Maggiori (Harvard University)
Johannes Stroebel (New York University)
Zhenhao Tan (Yale University)
Stephen Utkus (Vanguard Center for Investor Research)
Xiao Xu (Vanguard Group)

Discussant: Luke Taylor (University of Pennsylvania)

Session: Mutual Fund Flows

Location: Grand Ballroom Salon I

Session Chair: Clemens Sialm (University of Texas-Austin)

Financial Product Incentives to Differentiate: Evidence from Mutual Funds

Maxime Bonelli (London Business School)
Anastasia Buyalskaya (HEC - Paris)
Tianhao Yao (HEC - Paris)

Discussant: Simona Abis (Columbia University)

Institutional Synergies and the Fragility of Loan Funds

Mustafa Emin (Tulane University)
Christopher James (University of Florida)
Tao Li (University of Florida)
Jing Lu (University of Florida)

Discussant: Victoria Ivashina (Harvard University)

“Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events

Alan Huang (University of Waterloo)
Russell Wermers (University of Maryland)
Jinming Xue (Southern Methodist University)

Discussant: Jennie Bai (Georgetown University)

Stock Demand and Price Impact of 401(k) Plans

Riccardo Sabbatucci (Stockholm School of Economics)
Andrea G Tamoni (Rutgers University)
Song Xiao (London School of Economics and Political Science)

Discussant: Lukas Schmid

Session: Corporate Finance: Capital Structure and Payout Policy

Location: Grand Ballroom Salon B

Session Chair: Efraim Benmelech (Northwestern University)

Modeling Managers As EPS Maximizers

Itzhak Ben-David (Ohio State University)
Alexander Chinco (CUNY-Baruch College)

Discussant: Yaron Levi (University of Southern California)

Before the Storm: Firm Policies and Varying Recession Risk

Ali Kakhbod (University of California-Berkeley)
Tarik Umar (Rice University)
Dmitry Livdan (University of California-Berkeley)
Max Reppen (Boston University)

Discussant: Juliana Salomao (University of Minnesota)

Debt Maturity and Commitment

Andrea Gamba (University of Warwick)
Alessio Saretto (Federal Reserve Bank of Dallas)

Discussant: Yunzhi Hu (University of North Carolina-Chapel Hill)

Session: Asset Pricing: Household Finance

Location: Grand Ballroom Salon A

Session Chair: Laurent Calvet (SKEMA Business School)

A Simple Mapping from MPCs to MPXs

David Laibson (Harvard University)
Peter Maxted (University of California-Berkeley)
Benjamin Moll (London School of Economics)

Discussant: Stijn Van nieuwerburgh (Columbia University)

Hedging Permanent Income Shocks

Raffaele Corvino (University of Torino)
Fabio-cesare Bagliano (University of Turin)
Carolina Fugazza (University of Turin)
Giovanna Nicodano (University of Turin and Collegio Carlo Alberto)

Discussant: Luis Viceira (Harvard University)

House Price Expectations and Consumer Spending.

Benjamin Appianin (City University of Hong Kong)

Discussant: Tobin Hanspal (Vienna University of Economics and Business Administration)

Individual Investors’ Housing Income and Interest Rates Fluctuations

Antonio Gargano (University of Houston)
Marco Giacoletti (University of Southern California)

Discussant: Laurent Bach (ESSEC Business School, Paris)

Session: Corporate Finance: Mergers and Acquisitions

Location: Grand Ballroom Salon C

Session Chair: Zhe Wang (Pennsylvania State University)

The Incentives of SPAC Sponsors

Felix Feng (University of Washington)
Thomas Nohel (Loyola University Chicago)
Xuan Tian (Tsinghua University)
Wenyu Wang (Indiana University)
Yufeng Wu (Ohio State University)

Discussant: Barney Hartman-glaser (University of California-Los Angeles)

Negotiation, auction, or negotiauction?! Evidence from the field

Tingting Liu (Iowa State University)
Micah Officer (Loyola Marymount University)
Danni Tu (Southern Illinois University Carbondale)

Discussant: Leonce Bargeron

Specialized Investments and Firms’ Boundaries: Evidence from Textual Analysis of Patents

Jan Bena (University of British Columbia)
Isil Erel (Ohio State University)
Daisy Wang (Ohio State University)
Michael Weisbach (Ohio State University)

Discussant: Stefan Lewellen (Pennsylvania State University)

Identifying the Real Effects of the M&A Market on Target Firms

Elizabeth Berger (University of Houston)
David De Angelis (University of Houston)
Gustavo Grullon (Rice University)

Discussant: Kai Li (University of British Columbia)

Session: Asset Pricing: Machine Learning

Location: Grand Ballroom Salon A

Session Chair: Serhiy Kozak (University of Maryland)

Asset-Pricing Factors with Economic Targets

Svetlana Bryzgalova (London Business School)
Victor Demiguel (London Business School)
Sicong Li (London Business School)
Markus Pelger (Stanford University)

Discussant: Andreas Neuhierl (Washington University in St. Louis)

Forecasting and Managing Correlation Risks

Tim Bollerslev (Duke University)
Sophia Zhengzi Li (Rutgers University)
Yushan Tang (Rutgers University)

Discussant: Nicola Fusari (Johns Hopkins University)

Machine Learning and the Implementable Efficient Frontier

Theis Jensen (Yale University)
Bryan Kelly (Yale University)
Lasse Pedersen (Copenhagen Business School)
Semyon Malamud (Swiss Federal Institute of Technology Lausanne)

Discussant: Andrew Chen (Federal Reserve Board)

Maximizing the Sharpe Ratio: A Genetic Programming Approach

Yang Liu (Hunan University)
Guofu Zhou (Washington University in St. Louis)
Yingzi Zhu (Tsinghua University)

Discussant: Serhiy Kozak (University of Maryland)

Session: Corporate Finance: Bankruptcy and Distress

Location: Grand Ballroom Salon C

Session Chair: Dalida Kadyrzhanova (Federal Reserve Board)

The Cost of Intermediary Market Power for Distressed Borrowers

Winston Dou (University of Pennsylvania)
Wei Wang (Queens University)
Wenyu Wang (Indiana University)

Discussant: Arthur Taburet (Duke University)

Resolving Financial Distress Where Property Rights are not Clearly Defined: The Case of China

Julian Franks (London Business School)
Meng Miao (Renmin University of China)
Oren Sussman (University of Oxford)

Discussant: Jacopo Ponticelli (Northwestern University)

After the Storm: Direct and Spillover Benefits from Disaster Loans to Small Businesses

Sabrina Howell (New York University)
Benjamin Collier (Temple University)
Lea Rendell (University of Maryland)

Discussant: Raymond Kluender (Harvard University)

Session: Asset Pricing: Portfolio Choice and Asset Allocation

Location: Grand Ballroom Salon B

Session Chair: Nikolai Roussanov (University of Pennsylvania)

Model Ambiguity versus Model Misspecification in Dynamic Portfolio Choice and Asset Pricing

Anne Balter (Tilburg University)
Pascal Maenhout (INSEAD)
Hao Xing (Boston University)

Discussant: Philipp Illeditsch (Texas A&M University)

Asset Demand of U.S. Households

Xavier Gabaix (Harvard University)
Ralph Koijen (University of Chicago)
Federico Mainardi (University of Chicago)
Sangmin Oh (University of Chicago)
Motohiro Yogo (Princeton University)

Discussant: Valentin Haddad (University of California-Los Angeles)

Financial Windfalls, Portfolio Allocations, and Risk Preferences

Joseph Briggs (Federal Reserve Board)
David Cesarini (New York University)
Sean Lee (Harvard University)
Erik Lindqvist (Stockholm University)
Robert Ostling (Stockholm School of Economics)

Discussant: Sylvain Catherine (University of Pennsylvania)

Wealth Dynamics and Financial Market Power

Michael Sockin (University of Texas-Austin)
Daniel Neuhann (University of Texas)

Discussant: Matthieu Gomez (Columbia University)

Session: Corporate Finance: Behavioral

Location: Grand Ballroom Salon D

Session Chair: Lin Peng (CUNY-Baruch College)

A Theory of Fair CEO Pay

Pierre Chaigneau (Queen's University)
Alex Edmans (London Business School)
Daniel Gottlieb

Discussant: Ron Kaniel (University of Rochester)

Does Greater Public Scrutiny Hurt a Firm’s Performance?

Benjamin Bennett (Tulane University)
Rene Stulz (Ohio State University)
Zexi Wang (Lancaster University)

Discussant: Zhi Da (University of Notre Dame)

The Real Effects of Sentiment and Uncertainty

Justin Birru (Ohio State University)
Trevor Young (Tulane University)

Discussant: R. david Mclean (Georgetown University)

The Impact of Beliefs on Credit Markets: Evidence from Rating Agencies

Chen Wang (University of Notre Dame)
Gregory Weitzner (McGill University)

Discussant: Marco Giacoletti

Session: Financial Intermediation and Crises

Location: Grand Ballroom Salon M

Session Chair: Carola Frydman (Northwestern University)

Going for Broke: Underwriter Reputation and the Performance of Mortgage-Backed Securities

Abe De Jong (Monash University)
Tim Kooijmans (RMIT University)
Peter Koudijs (Erasmus University)

Discussant: Chenzi Xu (Stanford University)

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System

Olivier Darmouni (Columbia University)
Kerry Siani (Massachusetts Institute of Technology)
Kairong Xiao (Columbia University)

Discussant: Tyler Muir (University of California-Los Angeles)

Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?

Erica Xuewei Jiang (University of Southern California)
Gregor Matvos (Northwestern University)
Tomasz Piskorski (Columbia University)
Amit Seru (Stanford University)

Discussant: Itay Goldstein (University of Pennsylvania)

Session: Special Topics: Finance and Race

Location: Grand Ballroom Salon K & L

Session Chair: Rohan Williamson (Georgetown University)

Explaining Racial Disparities in Personal Bankruptcy Outcomes

Bronson Argyle (Brigham Young University)
Sasha Indarte (University of Pennsylvania)
Benjamin Iverson (Brigham Young University)
Christopher Palmer (Massachusetts Institute of Technology)

Discussant: Erik Mayer (University of Wisconsin-Madison)

Racial Integration and Active Investing

Victor chen (University of Manitoba)
Gady Jacoby
Hao Jiang (Michigan State University)
Chi Liao (University of Manitoba)
Lei Lu (University of Manitoba)

Discussant: Leonard Kostovetsky (CUNY-Baruch College)

Who Do You Vote For? Same-Race Voting Preferences in Director Elections

Johan Sulaeman (National University of Singapore)
Qiaozhi Ye (National University of Singapore)

Discussant: Laura Field (University of Delaware)

Racial Segmentation in the US Housing Market

Brian Higgins (Harvard University)

Discussant: Troup Howard (University of Utah)

Session: Raising Funds for Private Firms

Location: Grand Ballroom Salon I

Session Chair: Carola Schenone (University of Virginia)

Irreplaceable Venture Capitalists

Michael Ewens (Columbia University)
Denis Sosyura (Arizona State University)

Discussant: Sabrina Howell (New York University)

Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations

Sharjil Haque (Federal Reserve Board)
Anya Kleymenova (Federal Reserve Board)

Discussant: Ivan Ivanov (Federal Reserve Bank of Chicago)

A Model of Informed Intermediation in the Market for Going Public

Aydogan Alti (University of Texas-Austin)
Jonathan Cohn (University of Texas-Austin)

Discussant: Christopher Yung

Session: Asset Pricing: International Finance

Location: Grand Ballroom Salon B

Session Chair: Juliana Salomao (University of Minnesota)

Dollar Asset Holding and Hedging Around the Globe

Amy Huber (University of Pennsylvania)
Wenxin Du (University of Chicago)

Discussant: Tony Zhang (Federal Reserve Board)

Can Time Varying Currency Risk Hedging Explain Exchange Rates?

Leonie Braeuer (Swiss Finance Institute - University of Geneva)
Harald Hau (Geneva Finance Research Institute)

Discussant: Falk Braeuning (Federal Reserve Bank of Boston)

Understanding the Strength of the Dollar

Zhengyang Jiang (Northwestern University)
Robert Richmond (New York University)
Tony Zhang (Federal Reserve Board)

Discussant: Antonio Coppola (Stanford University)

What do Financial Markets say About the Exchange Rate?

Mikhail Chernov (University of California-Los Angeles)
Valentin Haddad (University of California-Los Angeles)
Oleg Itskhoki (University of California-Los Angeles)

Discussant: Moritz Lenel (Princeton University)

Session: Corporate Bond Markets

Location: Grand Ballroom Salon D

Session Chair: Carolin Pflueger (University of Chicago)

Passive Demand and Active Supply: Evidence from Maturity-mandated Corporate Bond Funds

Lorenzo Bretscher (University of Lausanne and Swiss Finance Institute)
Lukas Schmid
Tiange Ye (University of Southern California)

Discussant: Yoshio Nozawa (University of Toronto)

Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market

Jie Cao (Hong Kong Polytechnic University)
Gang Li (Chinese University of Hong Kong)
Russell Wermers (University of Maryland)
Xintong Zhan (Fudan University)
Zhou Linyu (Hong Kong Polytechnic University)

Discussant: Aditya Chaudhry (University of Chicago)

Corporate Bond Elasticities: Substitutes Matter

Manav Chaudhary (University of Chicago)
Zhiyu Fu (University of Chicago)
Jian Li (Columbia University)

Discussant: Vivian Yue (Emory University)

Session: Investment with Changing and Uncertain Incentives

Location: Grand Ballroom Salon K & L

Session Chair: Janice Eberly (Northwestern University)

Investment when New Capital is Hard to Find

Olivier Darmouni (Columbia University)
Andrew Sutherland (Massachusetts Institute of Technology)

Discussant: Andrea Eisfeldt (University of California-Los Angeles)

Business Expectations and Uncertainty in Developing and Emerging Economies

Edgar Avalos (World Bank)
Jose Maria Barrero (Instituto Tecnológico Autónomo de México (ITAM))
Elwyn Davies (World Bank)
Leonardo Iacovone (World Bank)
Jesica Torres (World Bank)

Discussant: Ruediger Bachmann (University of Notre Dame)

What Gets Measured Gets Managed: Investment and the Cost of Capital

Zhiguo He (Stanford University)
Guanmin Liao (Renmin University of China)
Baolian Wang (University of Florida)

Discussant: Xian Jiang (University of California-Davis)

Strategic Investment under Uncertainty with First- and Second-mover Advantages

Min Dai (Hong Kong Polytechnic University)
Zhaoli Jiang (Hong Kong Polytechnic University)
Neng Wang (Columbia University)

Discussant: Barney Hartman-glaser (University of California-Los Angeles)

Session: Asset Pricing: Belief Formation and Market Efficiency

Location: Grand Ballroom Salon A

Session Chair: Lars Lochstoer (University of California-Los Angeles)

Which Expectation?

Juhani Linnainmaa (Dartmouth College)
Yingguang Zhang (Peking University)
Guofu Zhou (Washington University in St. Louis)

Discussant: Ricardo De la O (University of Southern California)

Extrapolating Long-Term Cash Flow Expectations from Returns

Lawrence Jin (Cornell University)
Jiacui Li (University of Utah)

Discussant: Christopher Polk (London School of Economics)

The Subjective Risk and Return Expectations of Institutional Investors

Spencer Couts (University of Southern California)
Andrei Goncalves (Ohio State University)
Johnathan Loudis (University of Notre Dame)

Discussant: Markus Ibert (Copenhagen Business School)

Conservative Holdings, Aggressive Trades: Ambiguity, Learning, and Equilibrium Flows

Thomas Dangl (Technische Universitaet Wien)
Lorenzo Garlappi (University of British Columbia)
Alex Weissensteiner (Free University of Bolzano-Bozen)

Discussant: Hengjie Ai (University of Wisconsin-Madison)

Session: Financial Regulation

Location: Grand Ballroom Salon I

Session Chair: Vikrant Vig (London Business School)

Regulatory Leakage Among Financial Advisors: Evidence From FINRA Regulation of "Bad" Brokers

Colleen Honigsberg (Stanford University)
Edwin Hu (New York University)
Robert Jackson (New York University)

Discussant: Stefan Lewellen (Pennsylvania State University)

Measuring Regulatory Complexity

Jean-edouard Colliard (HEC - Paris)
Co-Pierre Georg (EDHEC Business School)

Discussant: Shikhar Singla (London Business School)

Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies

Ishita Sen (Harvard University)
Sangmin Oh (University of Chicago)
Ana-maria Tenekedjieva (Federal Reserve Board)

Discussant: Janis Skrastins (Washington University in St. Louis)

Session: Asset Pricing: Volatility, Tail Risk

Location: Grand Ballroom Salon C

Session Chair: Nina Boyarchenko (Federal Reserve Bank of New York)

Realized Illiquidity

Demetrio Lacava (Luiss Guido Carli University)
Angelo Ranaldo (University of St. Gallen)
Paolo Santucci de Magistris (Luiss Guido Carli University)

Discussant: Or Shachar (Federal Reserve Bank of New York)

Tail Risk and Asset Prices in the Short-Term

Caio Almeida (Princeton University)
Gustavo Freire (Erasmus School of Economics)
Rene Garcia (University of Montreal)
Rodrigo Hizmeri (University of Liverpool)

Discussant: Nicola Fusari (Johns Hopkins University)

The "Hairy" Premium

Ljubica Georgievska (University of California-Los Angeles)
Anthony Saunders (New York University)
Zhaneta Tancheva (BI Norwegian Business School)
Pasquale Della corte (London University)

Discussant: Leonardo Elias (Federal Reserve Bank of New York)

Session: ESG, Regulation, and Markets

Location: Grand Ballroom Salon G

Session Chair: Doron Levit (University of Washington)

Sustainable Finance Under Regulation

Alexandr Kopytov (University of Hong Kong)
Shiyang Huang

Discussant: Ansgar Walther (University of Warwick)

Why Divest? The Political and Informational Roles of Institutions in Asset Stranding

Murray Carlson (University of British Columbia)
Adlai Fisher (University of British Columbia)
Ali Lazrak (University of British Columbia)

Discussant: Paul Voss (HEC - Paris)

Reducing Carbon Using Regulatory and Financial Market Tools

Federica Zeni (World Bank)
Adelina Barbalau (University of Alberta)
Franklin Allen (University of Pennsylvania)

Discussant: Lin Shen (INSEAD)

Session: Special Topics: Finance and Gender

Location: Grand Ballroom Salon K & L

Session Chair: Victoria Ivashina (Harvard University)

Diversity, Equity, and Inclusion

Alex Edmans (London Business School)
Caroline Flammer (Columbia University)
Simon Glossner (Federal Reserve Board)

Discussant: Steven Kaplan (University of Chicago)

Gender, Competition, and Performance: International Evidence

Kai Li (University of British Columbia)
Rachel Peng (University of Dayton)
Rui Shen (Chinese University of Hong Kong-Shenzhen)
Gabriel Wong (Cardiff University)

Discussant: Paola Sapienza (Northwestern University)

The Importance of Signaling for Women's Careers

Alexandra Niessen-ruenzi (University of Mannheim)
Leah Zimmerer (University of Mannheim)

Discussant: Lucy White (Boston University)

Inventor Gender and Patent Undercitation: Evidence from Causal Text Estimation

Yael Hochberg (Rice University)
Ali Kakhbod (University of California-Berkeley)
Peiyao Li (University of California-Berkeley)
Kunal Sachdeva (Rice University)

Discussant: Victor Lyonnet (Ohio State University)

Session: Corporate Finance: CEOs

Location: Grand Ballroom Salon C

Session Chair: Katharina Lewellen (Dartmouth College)

CEO Relative Age and Corporate Risk-Taking

Junru Guo (Nankai University)
Jia He (Nankai University)
Sibo Liu
Yonglin Wang

Discussant: Marius Guenzel (University of Pennsylvania)

Do CEOs Benefit from Employee Pay Raises? Evidence from a Federal Minimum Wage Law

Ekaterina Potemkina (Indiana University)

Discussant: Ilona Babenko (Arizona State University)

Is ESG a Managerial Style?

Tianyu Cai (Shanghai International Studies University)
Leo Liu (University of Technology Sydney)
Jason Zein (University of New South Wales)
Hao Zhang (University of New South Wales)

Discussant: Michelle Lowry (Drexel University)

Session: Housing Finance

Location: Conference Room 20

Session Chair: Christopher Palmer (Massachusetts Institute of Technology)

The Opioid Epidemic and Consumer Finance: Quo Vadis?

Sumit Agarwal (National University of Singapore)
Nonna Sorokina (Federal Reserve Bank of Philadelphia)
Raluca Roman (Federal Reserve Bank of Philadelphia)
Wenli Li (Federal Reserve Bank of Philadelphia)

Discussant: John Hund (University of Georgia)

Mortgages, Monetary Policy, and the Great Inflation of 2021–?

Aaron Hedlund (Purdue University)
Kieran Larkin (Institute for International Economic Studies)
Kurt Mitman (Journal of European Economic Association)
Serdar Ozkan (Federal Reserve Bank of St. Louis)

Discussant: Leming Lin (University of Pittsburgh)

The Cross-Section of Housing Returns

Jonathan Halket (Texas A&M University)
Lara Loewenstein (Federal Reserve Bank of Cleveland)
Paul Willen (Federal Reserve Bank of Boston)

Discussant: Daniel Greenwald (New York University)

Housing Wealth and Overpayment: When Money Moves In

Darren Aiello (Brigham Young University)
Jason Kotter (Brigham Young University)
Gregor Schubert (University of California-Los Angeles)

Discussant: Lu Liu (University of Pennsylvania)

Session: Regulation, Private Equity, and Entrepreneurship

Location: Grand Ballroom Salon I

Session Chair: Ayako Yasuda (University of California-Davis)

Limited Partners versus Unlimited Machines

Reiner Braun (Technical University of Munich)
Borja Fernandez Tamayo (SKEMA Business School)
Florencio Lopez De silanes (SKEMA Business School)
Ludovic Phalippou (University of Oxford)
Natalia Sigrist

Discussant: Lea Stern (University of Washington)

Keeping Up with the Blackstones: Institutional Investors and Gentrification

Neroli Austin (University of Michigan)

Discussant: Cameron LaPoint (Yale University)

Return-based Crowdfunding and Entrepreneurship

Hedieh Rashidi Ranjbar (University of Melbourne)

Discussant: Jacelly Cespedes (University of Minnesota)

Secondary Stock Exchanges and Growth of High-Tech Entrepreneurs

Huasheng Gao (Fudan University)
Po-Hsuan Hsu (National Tsing Hua University)
Yuxi Wang (Shanghai Jiao Tong University)

Discussant: Joan Farre-Mensa (University of Illinois-Chicago)

Session: Industrial Organization and Finance

Location: Grand Ballroom Salon D

Session Chair: Mark Egan (Harvard University)

Bank Competition Amid Digital Disruption: Implications for Financial Inclusion

Erica Xuewei Jiang (University of Southern California)
Yang Yu (Singapore Management University)
Jinyuan Zhang (University of California-Los Angeles)

Discussant: Kairong Xiao (Columbia University)

Financial Shocks, Productivity, and Prices

Simone Lenzu (New York University)

Discussant: Ryan Kim (Johns Hopkins University)

A Tale of Two Networks: Common Ownership and Product Market Rivalry

Florian Ederer (Yale University)
Bruno Pellegrino (University of Maryland)

Discussant: Alexander MacKay (Harvard University)

The Role of Intermediaries in Selection Markets: Evidence from Mortgage Lending

Jason Allen (Bank of Canada)
Robert Clark (Queen's University)
Jean-Francois Houde (University of Wisconsin-Madison)
Shaoteng Li (Jinan University)
Anna Trubnikova (Cornerstone Research)

Discussant: Matteo Benetton (University of California-Berkeley)

Session: Asset Pricing: Credit Risk

Location: Grand Ballroom Salon A

Session Chair: Jennie Bai (Georgetown University)

Interdealer Price Dispersion

Andrea Eisfeldt (University of California-Los Angeles)
Bernard Herskovic (University of California-Los Angeles)
Shuo Liu (Tsinghua University)

Discussant: Jian Li (Columbia University)

The Financial Premium

Jens Dick-nielsen (Copenhagen Business School)
Peter Feldhutter (Copenhagen Business School)
David Lando (Copenhagen Business School)

Discussant: Alex Zhou (Southern Methodist University)

Voter-induced Municipal Credit Risk

Brent Ambrose (Pennsylvania State University)
Matt Gustafson (Pennsylvania State University)
Maxence Valentin (Cornell University)
Zihan Ye (University of Tennessee-Knoxville)

Discussant: Sudheer Chava (Georgia Institute of Technology)

Session: Special Topics: Social Influence and Networks

Location: Grand Ballroom Salon E

Session Chair: Harrison Hong (Columbia University)

Social Connections and Bank Deposit Funding

Sean Flynn (Cornell University)
Jing Wang (University of Missouri)

Discussant: Jeffrey Kubik (Syracuse University)

Tweeting in the Dark: Corporate Communication and Information Diffusion

Isabella Wolfskeil (Federal Reserve Board)

Discussant: Lin Peng (CUNY-Baruch College)

The Role of Employees as Information Intermediaries: Evidence from Their Professional Connections

DuckKi Cho (The University of Sydney)
Lyungmae Choi (City University of Hong Kong)
Stephen Hillegeist (Arizona State University)

Discussant: Edward Shore (Columbia University)

Information Processing: The Role of Expertise within Peer Effects

Lukas Mertes (University of Mannheim)
Martin Weber (University of Mannheim)

Discussant: Anders Anderson (Swedish House of Finance)

Session: Asset Pricing: Cross-section of Returns (Conditional)

Location: Grand Ballroom Salon B

Session Chair: Markus Pelger (Stanford University)

Complexity in Factor Pricing Models

Antoine Didisheim (University of Lausanne and Swiss Finance Institute)
Shikun Ke (Yale University)
Bryan Kelly (Yale University)
Semyon Malamud (Swiss Federal Institute of Technology Lausanne)

Discussant: Andreas Neuhierl (Washington University in St. Louis)

The Factor Multiverse: The Role of Interest Rates in Factor Return Measurement and Discovery

Jules Van Binsbergen (University of Pennsylvania)
Liang Ma (San Diego State University)
Michael Schwert (AQR Capital Management)

Discussant: Dino Palazzo (Federal Reserve Board)

Dissecting Anomalies in Conditional Asset Pricing

Valentina Raponi (IESE Business School)
Paolo Zaffaroni (Imperial College London)

Discussant: Nikolay Gospodinov (Federal Reserve Bank of Atlanta)

Equity Factors and Firms' Perceived Cost of Capital

Niels Gormsen (University of Chicago)
Kilian Huber (University of Chicago)

Discussant: Chen Xue (University of Cincinnati)

Session: Mutual Funds and Hedge Funds

Location: Grand Ballroom Salon G

Session Chair: Ralph Koijen (University of Chicago)

Revealed Beliefs about Responsible Investing: Evidence from Mutual Fund Managers

Vitaly Orlov (University of St. Gallen)
Stefano Ramelli (University of St. Gallen)
Alexander Wagner (University of Zurich)

Discussant: Henri Servaes (London Business School)

Race, Discrimination, and Hedge Funds

Yan Lu (University of Central Florida)
Narayan Naik (London Business School)
Melvyn Teo (Singapore Management University)

Discussant: Emmanuel Yimfor

The Unintended Consequences of Investing for the Long Run: Evidence from Target Date Funds

Massimo Massa (INSEAD)
Rabih Moussawi (Villanova University)
Andrei Simonov (Michigan State University)

Discussant: Clemens Sialm (University of Texas-Austin)

Passive bond fund is an oxymoron: On the outperformance of active bond funds

Jaewon Choi (University of Illinois)
Martijn Cremers (University of Notre Dame)
Timothy Riley (University of Arkansas)

Discussant: Dong Lou (London School of Economics)

Session: Corporate Finance: Corporate Governance (Shareholder Monitoring/Voting)

Location: Grand Ballroom Salon D

Session Chair: Elisabeth Kempf (Harvard University)

Voting Choice

Andrey Malenko (Boston College)
Nadya Malenko (Boston College)

Discussant: Magdalena Rola-Janicka (Imperial College London)

Propagation of Climate Disasters through Ownership Networks

Matt Gustafson (Pennsylvania State University)
Ai He (University of South Carolina-Columbia)
Ugur Lel (University of Georgia)
Zhongling Qin (Auburn University)

Discussant: Oliver Spalt (University of Mannheim)

The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting

David Becher (Drexel University)
Michelle Lowry (Drexel University)
Jared Wilson (Indiana University)

Discussant: Samuel Hartzmark (Boston College)

Session: Asset Pricing: Market Risk Factors

Location: Grand Ballroom Salon C

Session Chair: Jules Van Binsbergen (University of Pennsylvania)

Idiosyncratic Financial Risk and a Reevaluation of the Market Risk-Return Tradeoff

Sungje Byun (Federal Reserve Bank of Dallas)
Johnathan Loudis (University of Notre Dame)
Lawrence Schmidt (Massachusetts Institute of Technology)

Discussant: Nancy Xu (Boston College)

Volatility and the Pricing Kernel

David Schreindorfer (Arizona State University)
Tobias Sichert (Stockholm School of Economics / Swedish House of Finance)

Discussant: Sean Myers (University of Pennsylvania)

Asset Pricing with Daily Shopper Spending

Kuntara Pukthuanthong (University of Missouri)
Jialu Shen (University of Missouri)
Ruixiang Wang (Clark University)

Discussant: Ravi Jagannathan (Northwestern University)

What Drives Anomaly Decay?

Jonathan Brogaard (University of Utah)
Huong Nguyen (University of Danang)
Talis Putnins (University of Technology Sydney)
Yuchen Zhang (University of Utah)

Discussant: Julien Penasse (University of Luxembourg)

Session: Financing Cycles and Financial Flexibility

Location: Grand Ballroom Salon I

Session Chair: Kai Li (University of British Columbia)

Asset Life, Leverage, and Debt Maturity Matching

Thomas Geelen (Copenhagen Business School)
Jakub Hajda (HEC - Montréal)
Erwan Morellec (Swiss Federal Institute of Technology Lausanne)
Adam Winegar (BI Norwegian Business School)

Discussant: Harjoat Bhamra (Imperial College London)

Cash Holding, Rollover Risk and M&A

Zhiyao Chen (Lingnan University)
Dirk Hackbarth (Boston University)
Jarrad Harford (University of Washington)
Yuxin Luo (Boston University)

Discussant: Zhiguo He (Stanford University)

Balance Sheet Financial Flexibility

Sudipto Dasgupta (Chinese University of Hong Kong)
Erica X.N, Li (Cheung Kong Graduate School of Business)
Siyuan Wu (Chinese University of Hong Kong)

Discussant: Ran Duchin

Supply Network Fragility, Inventory Investment, and Corporate Liquidity

Leandro R. Sanz (Ohio State University)

Discussant: Janet Gao (Georgetown University)

Session: Asset Pricing: Cryptoassets

Location: Grand Ballroom Salon A

Session Chair: Catherine Casamatta (Toulouse School of Economics)

The End of the Crypto-Diversification Myth

Antoine Didisheim (University of Lausanne and Swiss Finance Institute)
Luciano Somoza (ESSEC Business School)
Martina Fraschini (University of Luxembourg)

Discussant: Julia Reynolds (Securities and Exchange Commission)

The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading Volume

Joel Hasbrouck (New York University)
Thomas Rivera (McGill University)
Fahad Saleh (Wake Forest University)

Discussant: Marius Zoican (University of Toronto)

Trust in DeFi: An Empirical Study of the Decentralized Exchange

Jianlei Han (Macquarie University)
Shiyang Huang
Zhuo Zhong (University of Melbourne)

Discussant: Olga Klein (University of Warwick)

Price Discovery on Decentralized Exchanges

Agostino Capponi (Columbia University)
Ruizhe Jia (Columbia University)
Shihao Yu (Columbia University)

Discussant: Chen Yao (Chinese University of Hong Kong)

Session: Financial Intermediation: Bank Lending

Location: Grand Ballroom Salon G

Session Chair: Shan Ge (New York University)

The Secular Decline in Interest Rates and the Rise of Shadow Banks

Andres Sarto (New York University)
Olivier Wang (New York University)

Discussant: Erica Xuewei Jiang (University of Southern California)

The Financial Transmission of a Climate Shock: El Nino and US Banks

Filippo De Marco (Bocconi University)
Nicola Limodio (Bocconi University)

Discussant: Shan Ge (New York University)

Trade Shocks Through Banking Lending Channel

Hengguo Da (Southwestern University of Finance and Economics)

Discussant: Abhishek Bhardwaj (Tulane University)

Session: Asset Pricing: Inflation and Monetary Policy

Location: Grand Ballroom Salon B

Session Chair: Emil Verner (Massachusetts Institute of Technology)

Monetary Policy without Moving Interest Rates: The Fed Non-Yield Shock

Christoph Boehm (University of Texas-Austin)
Niklas Kroner (Federal Reserve Board)

Discussant: Moritz Lenel (Princeton University)

Stagflationary Stock Returns and the Role of Market Power

Ben Knox (Federal Reserve Board)
Yannick Timmer (Federal Reserve Board)

Discussant: Francesco D'Acunto (Georgetown University)

Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect

Linyan Zhu (London School of Economics and Political Science)

Discussant: Samuel Hanson

Session: Trading in Financial Markets

Location: Grand Ballroom Salon E

Session Chair: Eduardo Davila (Yale University)

Disclosing and Cooling-Off: An Analysis of Insider Trading Rules

Jun Deng (University of International Business and Economics)
Huifeng Pan (University of International Business and Economics)
Hongjun Yan (DePaul University)
Liyan Yang (University of Toronto)

Discussant: Yao Zeng (University of Pennsylvania)

Sequential Search for Corporate Bonds

Sebastien Plante (University of Wisconsin-Madison)
Mahyar Kargar (University of Illinois)
Pierre-olivier Weill (University of California-Los Angeles)
Benjamin Lester (Federal Reserve Bank of Philadelphia)

Discussant: Dmitry Livdan (University of California-Berkeley)

Strategic Arbitrage in Segmented Markets

Svetlana Bryzgalova (London Business School)
Anna Pavlova (London Business School)
Taisiya Sikorskaya (London Business School)

Discussant: Thomas Ernst (University of Maryland)

C.H.I.L.E.

Efstathios Avdis (University of Alberta)
Sergey Glebkin (INSEAD)

Discussant: Michael Sockin (University of Texas-Austin)