Machine Learning as Arbitrage: Can Economics Help Explain AI?

Huahao Lu¹, Matthew Spiegel², Hong Zhang³

1: PBC School of Finance, Tsinghua University; 2: School of Management, Yale University; 3: Lee Kong Chian School of Business, Singapore Management University

The Pre-Announcement Drift in China: Government Meetings and Macro Announcements

Qing Peng¹, Jun Pan²

1: Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University; 2: Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University

Do Trade Associations Matter to Corporate Strategies?

Gerard Hoberg¹, Ekaterina Neretina²

1: University of Southern California - Marshall School of Business, USA; 2: Bocconi University, Italy

Pricing the Priceless: The Financing Cost of Biodiversity Conservation

Fukang Chen¹, Minhao Chen¹, Lin William Cong^2,4, Haoyu Gao¹, Jacopo Ponticelli^3,4,5

1: Renmin University of China, China, People's Republic of; 2: Cornell SC Johnson College of Business (Johnson); 3: Kellogg School of Management, Northwestern University; 4: NBER; 5: CEPR

Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models

Alejandro Lopez-Lira, Yuehua Tang

University of Florida, United States of America

Learning, Price Discovery, and Macroeconomic Announcements

Haozhe Han¹, Grace Xing Hu², Calvin Dun Jia³

1: Tianjin University; 2: Tsinghua University; 3: Peking University

Bridging Research(R) and Development(D): The Strategic Role of Scientists on the Board

Ronald W. Masulis, Elvira Sojli, Wing Wah Tham, Yufeng Yao

University of New South Wales, Australia

The Co-Pricing Factor Zoo

Alexander Dickerson³, Christian Julliard², Philippe Mueller¹

1: Warwick Business School, United Kingdom; 2: London School of Economics; 3: UNSW Sydney

Optimal Integration: Human, Machine, and Generative AI

Hongda Zhong

University of Texas at Dallas and CEPR

Political Announcement Return

Yang Liu¹, Ivan Shaliastovich²

1: University of Hong Kong, Hong Kong S.A.R. (China); 2: University of Wisconsin-Madison

Failure To Jettison: The Cost of Labor on the Path to Recovery

Guanmin Liao¹, Xiaoyun Yu², Yaya Yu³, Zihan Zhang¹

1: School of Business, Renmin University of China; 2: Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University; 3: Ant Financial

The Value of Bankruptcy Enforcement in Financial Distress

Bo Li¹, Mai Li¹, Songnan Li², Laura Xiaolei Liu¹

1: Peking University; 2: University of International Business and Economics

Extrapolators and Contrarians: Forecast Bias and Individual Investor Stock Trading

Steffen Andersen¹, Stephen G. Dimmock², Kasper Meisner Nielsen³, Kim Peijnenburg⁴

1: Danmarks Nationalbank, Copenhagen Business School, and CEPR; 2: National University of Singapore; 3: Copenhagen Business School; 4: Tilburg University and CEPR

Currency Risk under Capital Controls

Xiang FANG¹, Yang Liu¹, Sining Liu²

1: University of Hong Kong, Hong Kong S.A.R. (China); 2: Soochow University, China

Consumption out of Investment Proceeds under Limited Attention

Yiqing Lü¹, Xiaomeng Lu², Guodong Chen¹, Michaela Pagel³

1: NYU Shanghai, China, People's Republic of; 2: Fudan University; 3: Washington University in St. Louis

Contract Evaluation Horizon and Fund Performance

Jung Hoon Lee¹, Jayoung Nam³, Veronika Pool², Feng Zhang³

1: U.S. Treasury, United States of America; 2: Vanderbilt University; 3: Southern Methodist University

Mortgage Prepayment in China and Counter-Productive Monetary Policy

Zhenyu Gao¹, Wenxi Jiang¹, Haohan Ren², Kemin Wang², Yuezhi Wu²

1: The Chinese University of Hong Kong; 2: Fudan University

An Intermediation-Based Model of Exchange Rates

Semyon Malamud¹, Andreas Schrimpf², Yuan Zhang³

1: Swiss Finance Institute, EPF Lausanne, and CEPR; 2: Bank of International Settlements (BIS) and CEPR; 3: Shanghai University of Finance and Economics, China, People's Republic of

The Economics of “Buy Now, Pay Later”: A Merchant’s Perspective

Jan Keil¹, Tobias Berg², Valentin Burg³, Manju Puri⁴

1: Now: Humboldt University at Berline; From October onwards: Indian School of Business at Hyderabad, Germany; 2: Goethe Uni Frankfurt; 3: Industry Professional; 4: Duke University and NBER

Exit or Voice? Divestment, Activism, and Corporate Social Responsibility

Victor Antoine Saint-Jean

Sciences Po, France

Dynamic Trading and Asset Pricing with Time-Inconsistent Agents

Lars A. Lochstoer¹, Stig Roar Haukoe Lundeby², Zhaneta Krasimirova Tancheva²

1: UCLA Anderson School of Management; 2: BI Norwegian Business School, Norway

Tech Dollars

Qiushi Huang¹, Dimitris Papanikolaou^2,4, Leonid Kogan^3,4

1: SAIF, Shanghai Jiao Tong University; 2: Northwestern University; 3: MIT; 4: NBER

The Surprising Performance of Green Retail Investors: A New (Behavioral) Channel

Sumit Agarwal¹, Yanlin Bao², Pulak Ghosh³, Hong Zhang², Jian Zhang⁴

1: National University of Singapore, Business School; 2: Singapore Management University, Lee Kong Chian School of Business; 3: Indian Institute of Management Bangalore, Department of Decision Sciences and Centre of Public Policy; 4: The University of Hong Kong, Faculty of Business and Economics

Environmental regulatory risks, firm pollution, and mutual funds’ portfolio choices

Seungho Choi¹, Raphael Jonghyeon Park², Simon Xu³

1: Hanyang University; Queensland University of Technology; 2: University of Technology Sydney; 3: Harvard University