Voters, Bailouts, and the Size of the Firm

Linda Schilling

Olin Business School Washington University in St Louis, United States of America

Discussant: Wenhao Li (University of Southern California, Marshall School of Business)

When Should Governments Buy Assets?

Michael Sockin¹, Daniel Neuhann²

¹University of Texas at Austin, United States of America; ²University of Texas at Austin, United States of America

Discussant: Victoria Vanasco (CREI, UPF, Barcelona GSE)

Bailout Addiction: Does Bailout Anticipation Induce Adverse Selection?

Fenghua Song¹, Anjan Thakor²

¹Pennsylvania State University, United States of America; ²Washington University in St. Louis, United States of America

Discussant: Martin Oehmke (London School of Economics)

Precautionary Debt Capacity

Deniz Aydın¹, Olivia Kim²

¹Washington University in St. Louis, Olin Business School; ²Harvard Business School

Discussant: Egemen Eren (Bank for International Settlements)

Identifying Firm-Level Financial Frictions using Theory-Informed Restrictions

Andrea Caggese, Geert Mesters

UPF, Spain

Discussant: Roberto Steri (University of Luxembourg)

Investing in Misallocation

Mete Kilic, Selale Tuzel

USC Marshall School of Business, United States of America

Discussant: Lars Kuehn (Carnegie Mellon University)

The Reverse Revolving Door in the Supervision of European Banks

Stefano Colonnello^1,2, Michael Koetter^2,3, Alex Sclip⁴, Konstantin Wagner²

¹Ca' Foscari University of Venice, Italy; ²Halle Institute for Economic Research, Germany; ³Otto-von-Guericke University Magdeburg; ⁴University of Verona

Discussant: Mikhail Mamonov (Toulouse Business School)

The Political Economy of Financial Regulation

Rainer Haselmann¹, Arkodipta Sarkar², Shikhar Singla³, Vikrant Vig³

¹Goethe University Frankfurt; ²National University of Singapore; ³Stanford University

Discussant: Orkun Saka (City, University of London)

The Value of Private Meetings with Central Bankers

Rainer Haselmann¹, Maik Schmeling¹, Sebastian Schreiber¹, Michael Weber²

¹Goethe University Frankfurt, Germany; ²Chicago Booth

Discussant: Franco Fiordelisi (University of Essex)

Asset Prices, Wealth Inequality, and Taxation

Suleyman Basak¹, Georgy Chabakauri²

¹London Business School; ²London School of Economics, United Kingdom

Discussant: Ali Lazrak (UBC)

Economic Growth Through Diversity in Beliefs

Christian Heyerdahl-Larsen³, Philipp Illeditsch¹, Howard Kung²

¹Texas A&M University, United States of America; ²London Business School; ³BI Oslo

Discussant: Burton Hollifield (Carnegie Mellon University)

Risk Premia, Subjective Beliefs, and Bundled Monetary Shocks

Paymon Khorrami, Anna Cieslak

Duke University, United States of America

Discussant: Harjoat Bhamra (Imperial College Business School)

Stock Market Wealth and Entrepreneurship

Gabriel Chodorow-Reich¹, Plamen Nenov^2,3, Vitor Santos³, Alp Simsek⁴

¹Harvard University; ²Norges Bank; ³BI Norwegian Business School; ⁴Yale University

Discussant: Daniel Wolfenzon (Columbia University)

The Banker in Your Social Network

Samuli Knüpfer¹, Elias Rantapuska¹, Theresa Spickers²

¹Aalto University; ²University of Amsterdam

Discussant: Noah Stoffman (Indiana University)

(Not) Anticipating Predictable Inheritances

Erkki Johannes Vihriälä¹, Tuomo Virkola²

¹Aalto University School of Business; ²VATT Institute for Economic Research

Discussant: Akash Raja (Copenhagen Business School)

Financing the Global Shift to Electric Mobility

Jan Bena¹, Bo Bian¹, Huan Tang²

¹University of British Columbia, Canada; ²The Wharton School

Discussant: Joao Monteiro (Einaudi Institute for Economics and Finance (EIEF))

Auto Finance in the Electric Vehicle Transition

Elizabeth Klee¹, Adair Morse², Chaehee Shin¹

¹Federal Reserve Board; ²UC-Berkeley

Discussant: Miriam Schwartz (Hebrew University of Jerusalem)

Do ESG Investors Care About Carbon Emissions? Evidence From Securitized Auto Loans

Christian Kontz

Stanford GSB, United States of America

Discussant: Lior Shabtai (Northwestern University)

The Flattening Demand Curves

Alireza Aghaee Shahrbabaki

Bocconi University, Italy

Discussant: Chotibhak Jotikasthira (SMU - Cox School of Business)

Disentangling the Loan Premium: The Value of Bank Lending

Zhuolu Gao

Copenhagen Business School, Denmark

Discussant: Christopher James (University of Florida)

Monetary Policy Complementarity: Bank Regulation and the Term Premium

Stefan Walz

Columbia Business School, United States of America

Discussant: Johan Walden (University of California, Berkeley)

Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends?

Yasser Boualam¹, Paul Yoo²

¹UNC Kenan-Flagler Business School; ²American University - Kogod School of Business

Discussant: Yue Yuan (University College London)

Information Span in Credit Market Competition

Zhiguo He², Jing Huang¹, Cecilia Parlatore³

¹Texas A&M University; ²Stanford University; ³New York University

Discussant: Basil Williams (Imperial College)

The Limits of Big Data in Credit Markets

Uday Rajan², Yan Xiong¹

¹Hong Kong University of Science and Technology, Hong Kong S.A.R. (China); ²University of Michigan

Discussant: Stefano Pegoraro (University of Notre Dame)

Textual Disclosure in Prospectuses and Investors’ Security Pricing

Jörn Debener¹, Arved Fenner¹, Philipp Klein^1,2,3, Steven Ongena^3,4,5,6,7

¹University of Münster, Germany; ²University of Paderborn, Germany; ³University of Zurich, Switzerland; ⁴SFI; ⁵KU Leuven; ⁶NTNU Business School; ⁷CEPR

Discussant: Melina Papoutsi (ECB)

Heterogeneous Intermediaries and Bond Characteristics in the Transmission of Monetary Policy

Matteo Leombroni¹, Federic Holm-Hadulla²

¹Boston College, United States of America; ²ECB

Discussant: Veronica De Falco (Harvard University)

Financially Sophisticated Firms

Lira Mota, Kerry Siani

MIT SLOAN SCHOOL OF MANAGEMENT, United States of America

Discussant: Stefano Lugo (Utrecht University)

Failing Banks

Sergio Correia¹, Stephan Luck², Emil Verner³

¹Board of Governors of the Federal Reserve System; ²Federal Reserve Bank of New York; ³MIT

Discussant: Kasper Zimmermann (Frankfurt School of Finance & Management)

Monetary Transmission through Bank Securities Portfolios

Daniel Greenwald¹, John Krainer², Pascal Paul³

¹New York University; ²Board of Governors of the Federal Reserve; ³Federal Reserve Bank of San Francisco

Discussant: Filippo De Marco (Bocconi University)

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

Andres Pablo Sarto, Olivier Wang

New York University

Discussant: Dmitry Kuvshinov (Universitat Pompeu Fabra)

Does Peer-Reviewed Research Help Predict Stock Returns?

Andrew Chen¹, Alejandro Lopez Lira², Tom Zimmermann³

¹Federal Reserve Board; ²University of Florida; ³University of Cologne

Discussant: Shri Santosh (University of Maryland)

The Corporate Bond Factor Zoo

Alexander Dickerson¹, Christian Julliard², Philippe Mueller³

¹University of New South Waes, Australia; ²London School of Economics, United Kingdom; ³Universisty of Warwick, United Kingdom

Discussant: Lukas Schmid (USC Marshall School of Business)

Corporate Bond Factors: Replication Failures and a New Framework

Jens Dick-Nielsen, Peter Feldhütter, Lasse Heje Pedersen, Christian Stolborg

Copenhagen Business School, Denmark

Discussant: Chuck Fang (Drexel University)

The Effects of the QSBS Exemption on Entrepreneurship and Innovation

Jun Chen¹, Joan Farre-Mensa²

¹Renmin University of China; ²University of Illinois Chicago

Discussant: Alexander Reifschneider (Halle Institute for Economic Research (IWH))

Labor Market Polarization and Student Debt

Sanket Korgaonkar¹, Elena Loutskina¹, Constantine Yannelis²

¹University of Virginia; ²University of Chicago

Discussant: Tim Liu (University of Utah)

The Effect of Student Loans on Entrepreneurial Firm Risk-taking, Performance, and Access to Venture Capital with Implications for the Biden Administration's Student Loan Forgiveness Program

Harshit Rajaiya¹, Tom Chemmanur², Karthik Krishnan³, Pinshuo Wang⁴

¹University of Ottawa, Canada; ²Boston college; ³Northeastern University; ⁴University of South Florida

Discussant: Ekaterina Gavrilova (Nova School of Business and Economics)

Household Climate Finance: Theory and Survey Data on Safe and Risky Green Assets

Shifrah Aron-Dine², Johannes Beutel¹, Monika Piazzesi², Martin Schneider²

¹Deutsche Bundesbank; ²Stanford University

Discussant: Ye Zhang (Stockholm School of Economics)

Fighting Climate Change with FinTech

Antonio Gargano¹, Alberto Rossi²

¹University of Houston; ²Georgetown University

Discussant: Ruidi Huang (Southern Methodist University)

Climate Value and Values Discovery in Earnings Calls

Zacharias Sautner¹, Grigory Vilkov², Laurence van Lent³, Ruishen Zhang⁴

¹University of Zurich and Swiss Finance Institute; ²Frankfurt School of Finance & Management; ³Frankfurt School of Finance & Management; ⁴Shanghai University of Finance and Economics

Discussant: Maria Loumioti (The University of Texas at Dallas)

What Drives Beliefs about Climate Risks? Evidence from Financial Analysts

Matilde Faralli

Imperial College London, United Kingdom

Discussant: Raghavendra Rau (University of Cambridge)

Climate Risk and Contract Completeness: Evidence from Corporate Real Estate Leases

Masashi Takahashi

Pennsylvania State University, United States of America

Discussant: Francesco D\'Acunto (Georgetown University)

The Silicon Divide: High-Technology IPOs and the Widening Socioeconomic Gap

Wenchuan Zhao

University of Oxford, United Kingdom

Discussant: Ting Xu (University of Toronto)

Bankruptcy Law and the Market for Corporate Influence

Mike Burkart¹, Lee Samuel², Vladimirov Vladimir³

¹London School of Economics and Political Science; ²University of Santa Clara; ³University of Amsterdam

Discussant: Arthur Taburet (Duke University)

Untying the Knot: Disentangling Cash Flow and Voting Rights for Better Price Informativeness

Aaron Burt¹, Ran Duchin², Christopher Hrdlicka³

¹University of Oklahoma; ²Boston College; ³University of Washington

Discussant: Matthew Ringgenberg (University of Utah)

Trading and Voting on Proxy Advice

Markus Parlasca¹, Paul Voss²

¹Vienna University of Economics and Business; ²HEC Paris

Discussant: Shaoting Pi (Iowa State University)

The Talent Gap in Family Firms

Morten Bennedsen³, Margarita Tsoutsoura¹, Daniel Wolfenzon²

¹Washington University, United States of America; ²Columbia University; ³University of Copenhagen

Discussant: Joacim Tåg (IFN and Hanken)

Succession

Thomas Geelen^1,2, Jakub Hajda³

¹Copenhagen Business School, Denmark; ²Danish Finance Institute; ³HEC Montreal

Discussant: James Dow (London Business School)

Why Are CEOs Rarely Succeeded by External Candidates?

Li He¹, Enrique Schroth²

¹Rotterdam School of Management, Erasmus University Rotterdam; ²EDHEC Business School and CEPR

Discussant: Francesco Celentano (HEC Lausanne)

Specialization in Banking

Kristian Blickle², Cecilia Parlatore¹, Anthony Saunders¹

¹New York University; ²Federal Reserve Bank of New York

Discussant: John Sedunov (Villanova University)

Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market

Jin Cao^1,2, Emilia Garcia-Appendini^1,3, Cédric Huylebroek^1,4

¹Norges Bank; ²CESifo; ³University of Zurich; ⁴KU Leuven

Discussant: Hugh Hoikwang Kim (University of South Carolina)

Do Bank Branches Matter? Evidence From Mandatory Branch Closings

Sergio Vicente¹, Alfredo Martin-Oliver², Anna Toldra-Simats³, Jose-Luis Peydro⁴, Gabriel Jimenez⁵

¹University of Luxembourg; ²Universitat de les Illes Balears; ³Universidad Carlos III de Madrid; ⁴Imperial College London; ⁵Banco de España

Discussant: Lars Norden (Getulio Vargas Foundation)

Inflation and Treasury Convenience

Anna Cieslak¹, Wenhao Li², Carolin Pflueger³

¹Duke University; ²University of Southern California; ³University of Chicago

Discussant: Quentin Vandeweyer (University of Chicago)

The Zero-Beta Interest Rate

Sebastian Di Tella^1,4, Benjamin Hebert^1,2,4, Pablo Kurlat^3,4, Qitong Wang³

¹Stanford University, United States of America; ²UC Berkeley, United States of America; ³University of Southern California, United States of America; ⁴NBER

Discussant: Asaf Manela (Washington University in St. Louis and Reichman University)

Monetary Policy, Segmentation, and the Term Structure

Rohan Kekre², Moritz Lenel¹, Federico Mainardi²

¹Princeton; ²Chicago Booth

Discussant: Dejanir Silva (Purdue University)

Entry and Exit in Treasury Auctions

Jason Allen¹, Ali Hortacscu², Eric Richert³, Milena Wittwer⁴

¹Bank of Canada; ²Univeristy of Chicago; ³Univeristy of Chicago; ⁴Boston College

Discussant: Pietro Bonaldi (Carnegie Mellon University)

Dealer Capacity and U.S. Treasury Market Functionality

Darrell Duffie¹, Michael Fleming², Frank Keane², Claire Nelson³, Or Shachar², Peter Van Tassel⁴

¹Stanford University; ²Federal Reserve Bank of New York; ³Princeton University; ⁴Independent

Discussant: Maria Chaderina (University of Oregon)

LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility

Mathias Kruttli¹, Phillip Monin², Lubomir Petrasek², Sumudu Watugala¹

¹Indiana University, United States of America; ²Federal Reserve Board of Governors, United States of America

Discussant: Matthias Fleckenstein (University of Delaware)

Cybersecurity And Financial Stability

Kartik Anand¹, Chanelle Duley², Prasanna Gai²

¹Deutsche Bundesbank, Germany; ²University of Auckland, New Zealand

Discussant: Lin Shen (INSEAD)

Consumer Surveillance and Financial Fraud

Bo Bian¹, Michaela Pagel², Devesh Ravel³, Huan Tang⁴

¹UBC Sauder School of Business; ²Washington University Olin Business School; ³The Federal Trade Commission; ⁴The Wharton School, University of Pennsylvania

Discussant: Pat Akey (INSEAD)

The Supply Of Cyber Risk Insurance

Martin Eling¹, Anastasia Kartasheva^1,2, Dingchen Ning¹

¹University of St Gallen, Switzerland; ²Swiss Finance Institute

Discussant: Jakob Ahm Sørensen (Università Bocconi)

A New Theory of Credit Lines (With Evidence)

Jason R Donaldson¹, Naz Koont², Giorgia Piacentino¹, Victoria Vanasco³

¹University of Southern California, United States of America; ²Columbia University; ³CREI

Discussant: Barney Hartman-Glaser (UCLA)

Creditor-on-Creditor Violence and Secured Debt Dynamics

Samuel Antill¹, Zhaoli Jiang², Neng Wang³

¹Harvard Business School; ²The Hong Kong Polytechnic University; ³Columbia University

Discussant: Thomas Geelen (Copenhagen Business School)

Explaining Debt Covenant Amendments: A Structural Approach

Irina Luneva

The Wharton School, University of Pennsylvania, United States of America

Discussant: Simon Rother (University of Mannheim)

Similarity Breeds Trust: Political Homophily and CEO-Board Communication

Sudipto Dasgupta¹, Ran Guo^3,4, Xiao Ren², Tao Shu¹

¹The Chinese University of Hong Kong; ²The Chinese University of Hong Kong, Shenzhen; ³Erasmus University Rotterdam; ⁴Stockholm University

Discussant: Spyridon Lagaras (University of Pittsburgh)

The Efficacy of Remote Work for Executives

Ran Duchin¹, Denis Sosyura²

¹Boston College; ²Arizona State University

Discussant: Mariassunta Giannetti (Stockholm School of Economics)

Eclipse of Rent-Sharing: The Effects of Managers’ Business Education on Wages and the Labor Share in the US and Denmark

Alex He¹, Daron Acemoglu², Daniel le Maire³

¹University of Maryland; ²Massachusetts Institute of Technologyv; ³University of Copenhagen

Discussant: Daniel Metzger (Erasmus University)

Debt Flexibility

Rhys Bidder¹, Nicolas Crouzet², Margaret Jacobson³, Michael Siemer³

¹King's College London; ²Northwestern University; ³Federal Reserve Board of Governors

Discussant: Tomislav Ladika (University of Amsterdam)

Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans

Serdar Dinc¹, Erkan Yonder²

¹Rutgers University; ²Concordia University

Discussant: Dong Beom Choi (Seoul National University)

Corporate Debt, Boom-Bust Cycles, and Financial Crises

Victoria Ivashina¹, Sebnem Kalemli-Özcan², Luc Laeven³, Karsten Mueller⁴

¹Harvard University; ²University of Maryland; ³European Central Bank; ⁴National University of Singapore

Discussant: Tanju Yorulmazer (Koc University)

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

Lorenzo Bretscher¹, Lukas Schmid², Tiange Ye²

¹University of Lausanne; ²University of Southern California

Discussant: Giorgio Ottonello (Nova School of Business and Economics)

Off Target: On the Underperformance of Target-Date Funds

David Brown¹, Shaun Davies²

¹University of Arizona; ²University of Colorado, Boulder

Discussant: Jinming XUE (Southern Methodist University)

Institutional Investors, Securities Lending, and Short-Selling Constraints

Taisiya Sikorskaya

London Business School, United Kingdom

Discussant: Mehrdad Samadi (Federal Reserve Board)

The Central Bank's Balance Sheet and Treasury Market Disruptions

Adrien d Avernas¹, Quentin Vandeweyer², Damon Petersen³

¹Stockholm School of Economics, Sweden; ²Chicago Booth; ³MIT

Discussant: Amy Huber (The Wharton School)

Financially Constrained Intermediaries and the International Pass-Through of Monetary Policy

Xiaoliang Wang

HKUST, Hong Kong S.A.R. (China)

Discussant: Xiang Fang (University of Hong Kong)

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Bo Bian¹, Xinchen Ma², Huan Tang³

¹University of British Columbia; ²London School of Economics; ³University of Pennsylvania

Discussant: Roxana Mihet (SFI & HEC Lausanne)

Mood Swings and Money: The Role of Financial Technology in Household Credit Demand

Ran Duchin¹, Paul Freed², John Hackney²

¹Boston College; ²University of South Carolina

Discussant: Tobias Berg (Goethe University Frankfurt)

The Digital Banking Revolution: Effects on Competition and Stability

Naz Koont

Columbia University

Discussant: Gloria Yang Yu (Singapore Management University)

How Effective are Portfolio Mandates?

Jack Favilukis¹, Lorenzo Garlappi¹, Raman Uppal²

¹University of British Columbia; ²EDHEC Business School

Discussant: Valeria Fedyk (London Business School)

All The President's Money: Market Concentration, Oligarchs and Sanctions in Hybrid Regimes

Peter Kondor¹, Gergely Ujhelyi²

¹London School of Economics; ²University of Houston

Discussant: Paul Voss (HEC Paris)

Political Preferences and Financial Market Equilibrium

Youchang Wu¹, Josef Zechner²

¹University of Oregon; ²Vienna University of Economics and Business

Discussant: Magdalena Rola-Janicka (Imperial College London)

Negotiation, Auction, or Negotiauction?! Evidence from the Field

Tingting Liu¹, Micah S. Officer², Danni Tu³

¹Iowa State University; ²Loyola Marymount University; ³Southern Illinois University Carbondale

Discussant: William Fuchs (University of Texas Austin / UC3M)

Maturity Overhang: Evidence from M&A

Zhiyao Chen¹, Dirk Hackbarth², Jarrad Harford³, Yuxin Luo²

¹Lingnan University; ²Boston University; ³University of Washington

Discussant: Francesca Zucchi (ECB)

Tax Avoidance through Cross-Border Mergers and Acquisitions

Jean-Marie Meier¹, Jake Smith²

¹University of Pennsylvania and University of Texas at Dallas; ²Securities and Exchange Commission

Discussant: Merih Sevilir (ESMT-Berlin and Halle Institute for Economic Research (IWH), ECGI)

Keeping Up With The Blackstones: Institutional Investors And Gentrification

Neroli Joy Austin

University of Michigan, United States of America

Discussant: Jamie Coen (Imperial College London)

Minority Specialized Lenders

Erica Jiang², Gregor Matvos¹, Amit Seru³, Lulu Wang¹

¹Northwestern University; ²University of Southern California; ³Stanford GSB

Discussant: Kim Fe Cramer (LSE)

Leverage Regulation and Housing Inequality

Jens Kvaerner¹, Nicola Pavanini², Yushi Peng¹

¹Tilburg University; ²Tilburg University and CEPR

Discussant: Clara Martínez-Toledano (Imperial College)

Responsible Consumption, Demand Elasticity, and the Green Premium

Xuhui Chen, Lorenzo Garlappi, Ali Lazrak

University of British Columbia

Discussant: Shaojun Zhang (Ohio State University)

Dynamic Trading and Asset Pricing with Time-Inconsistent Agents

Lars A. Lochstoer¹, Stig R. H. Lundeby², Zhaneta K. Tancheva²

¹UCLA Anderson School of Management; ²BI Norwegian Business School

Discussant: Ella Patelli (UBC)

Demand-System Asset Pricing: Theoretical Foundations

William Fuchs¹, Satoshi Fukuda², Daniel Neuhann¹

¹University of Texas at Austin, United States of America; ²Bocconi University

Discussant: Hengjie Ai (University of Wisconsin)

Mortgage Lock-In, Mobility, and Labor Reallocation

Julia Fonseca¹, Lu Liu²

¹UIUC; ²The Wharton School, University of Pennsylvania

Discussant: Eric Hardy (Fannie Mae)

The Digital Divide and Refinancing Inequality

Edward T. Kim

University of Michigan

Discussant: Charlotte Haendler (Southern Methodist University)

Refinancing Frictions, Mortgage Pricing and Redistribution

Konstantin Milbradt¹, Fabrice Tourre², David Berger³, Joseph Vavra⁴

¹Kellogg School of Management, Northwestern University, USA; ²Baruch College, CUNY, USA; ³Duke University, USA; ⁴Booth School of Business, University of Chicago, USA

Discussant: Nicolae Garleanu (Washington University in St. Louis)

CBDCs, Payment Firms, and Geopolitics

Tobias Berg¹, Jan Keil^1,2, Felix Martini³, Manju Puri^4,5

¹Goethe University Frankfurt; ²Humboldt University Berlin; ³Frankfurt School of Finance & Management; ⁴Duke University; ⁵National Bureau of Economic Research

Discussant: Christine Parlour (UC Berkeley)

Payments, Reserves, and Financial Fragility

Itay Goldstein¹, Ming Yang², Yao Zeng¹

¹University of Pennsylvania, United States of America; ²University College London, United Kingdom

Discussant: Vincent Maurin (HEC Paris)

Anatomy of a Run: The Terra Luna Crash

Jiageng Liu¹, Igor Makarov², Antoinette Schoar³

¹MIT Sloan; ²LSE; ³MIT Sloan, NBER and CEPR

Discussant: Linda Schilling (Olin Business School Washington University in St Louis)

Arms Sales in Financial Markets

Vincent Glode¹, Xingtan Zhang²

¹The Wharton School of University of Pennsylvania; ²University of Colorado at Boulder, United States of America

Discussant: Francesco Sangiorgi (Frankfurt School of Finance & Management)

Battle of the Bots: Flash loans, Miner Extractable Value and Efficient Settlement

Alfred Lehar¹, Christine Parlour²

¹University of Calgary, Canada; ²UC Berkeley

Discussant: Michael Junho Lee (Federal Reserve Bank of New York)

Equilibrium in a DeFi Lending Market

Thomas Rivera¹, Fahad Saleh², Quentin Vandeweyer³

¹McGill University; ²Wake Forest University; ³University of Chicago

Discussant: Maximilian Guennewig (University of Bonn)

When Private Equity Comes to Town: The Local Economic Consequences of Rising Healthcare Costs

Cyrus Aghamolla², Jash Jain¹, Richard Thakor¹

¹University of Minnesota, Carlson School of Management, United States of America; ²Rice University, Jones School of Business

Discussant: Tong Liu (MIT)

More Guns Lead to More Crime: Evidence from Private Equity Deals

Niklas Hüther

Indiana University, United States of America

Discussant: Tereza Tykvova (University of St. Gallen and Swiss Finance Institute)

Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity

Vrinda Mittal

Kenan-Flagler Business School, University of North Carolina at Chapel Hill

Discussant: Marco Da Rin (Tilburg University)

Army of Mortgagors: Long-Run Evidence on Credit Externalities and the Housing Market

Tobias Herbst¹, Moritz Kuhn², Farzad Saidi¹

¹University of Bonn, Germany; ²University of Mannheim, Germany

Discussant: Konstantin Milbradt (Northwestern University)

Housing Speculation, GSEs, and Credit Market Spillovers

Natee Amornsiripanitch¹, Philip Strahan², Song Zhang³, Xiang Zheng⁴

¹Federal Reserve Bank of Philadelphia, United States of America; ²Boston College; ³University of Delaware; ⁴University of Connecticut

Discussant: Pierre Mabille (INSEAD)

Spatially Targeted LTV Policies and Collateral Values

Chun-Che Chi¹, Cameron LaPoint², Ming-Jen Lin³

¹Academia Sinica, Department of Economics; ²Yale School of Management; ³National Taiwan University, Department of Economics

Discussant: Jin Cao (Norges Bank)

Memory and Beliefs in Financial Markets: A Machine Learning Approach

Zhongtian Chen¹, Jiyuan Huang²

¹University of Pennsylvania; ²University of Zurich; Swiss Finance Institute

Discussant: Yong Kwon (Brown University)

Crash Narratives

William Goetzmann, Dasol Kim, Robert Shiller

Yale University, United States of America

Discussant: Constantin Charles (London School of Economics)

Media Narratives and Price Informativeness

Chukwuma Dim², Francesco Sangiorgi¹, Grigory Vilkov¹

¹Frankfurt School of Finance & Management, Germany; ²George Washington University

Discussant: Katrin Goedker (Bocconi University)

Interest-Rate Risk And Household Portfolio

Sylvain Catherine², Max Miller¹, James Paron², Natasha Sarin³

¹Harvard Business School, United States of America; ²Wharton; ³Yale

Discussant: Matteo Leombroni (Boston College)

How Do Consumers Finance Increased Retirement Savings?

Taha Choukhmane, Christopher Palmer

MIT Sloan, United States of America

Discussant: Paolina Medina (University of Houston)

Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans

Nuno Clara¹, Francisco Gomes², Michael Boutros³

¹Duke University; ²London Business School; ³Bank of Canada

Discussant: Constantine Yannelis (University of Chicago)

One Hundred and Thirty Years of Corporate Responsibility

Joel F. Houston, Sehoon Kim, Boyuan Li

University of Florida, United States of America

Discussant: Nora Pankratz (Board of Governors of the Federal Reserve System)

Corporate Actions as Moral Issues

Elisabeth Kempf¹, Oliver Spalt²

¹Harvard University; ²University of Mannheim

Discussant: Emirhan Ilhan (National University of Singapore)

Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data

Jean-Marie Meier¹, Henri Servaes², Jiaying Wei³, Steven Chong Xiao⁴

¹University of Pennsylvania and University of Texas at Dallas; ²London Business School; ³Southwestern University of Finance and Economics (SWUFE); ⁴University of Texas at Dallas

Discussant: Marco Ceccarelli (VU Amsterdam)

Money and Taxes implement Dynamic Optimal Mechanisms

Bruno Biais¹, Jean Charles Rochet², Stéphane Villeneuve², Hans Gersbach³, Elu von Thadden⁴

¹HEC, France; ²TSE; ³ETH; ⁴Mannheim University

Discussant: Vladimir Asriyan (CREI and BSE)

Time Trumps Quantity in the Market for Lemons

William Fuchs, Piero Gottardi, Humberto Moreira

University of Texas Austin / UC3M, United States of America

Discussant: S \"Vish\" Viswanathan (Duke University)

Committing to Trade: A Theory of Intermediation

Francesco Sannino

Frankfurt School of Finance & Management, Germany

Discussant: Xiaobo Yu (Columbia Business School)

Firm-Level Labor-Shortage Exposure

Qiyang He¹, Jarrad Harford², Buhui Qiu¹

¹University of Sydney Business School; ²University of Washington

Discussant: Ramin Baghai (Stockholm School of Economics)

ChatGPT and Corporate Policies

Manish Jha¹, Jialin Qian¹, Michael Weber², Baozhong Yang¹

¹Georgia State University; ²University of Chicago

Discussant: Gaurav Kankanhalli (University of Pittsburgh)

Temperature and Local Industry Concentration

Jacopo Ponticelli¹, Qiping Xu², Stefan Zeume²

¹Northwestern University; ²University of Illinois Urbana Champaign

Discussant: Ivo Welch (UCLA)

Sophisticated and Unsophisticated Runs

Marco Cipriani, Gabriele La Spada

Federal Reserve Bank of New York, United States of America

Discussant: Kebin Ma (Warwick Business School)

Corporate Runs and Credit Reallocation

Filippo De Marco¹, Elena Carletti¹, Vasso Ioannidou², Enrico Sette³

¹Bocconi University, Italy; ²Bayes Business School, UK; ³Bank of Italy, Italy

Discussant: Reint Gropp (Halle Institute for Economic Research (IWH))

The Making of an Alert Depositor: How Payment and Interest Drive Deposit Dynamics

Xu Lu¹, Yang Song², Yao Zeng³

¹University of Washington, United States of America; ²University of Washington, United States of America; ³University of Pennsylvania, United States of America

Discussant: Christoph Schiller (Arizona State University)

The Real Effects of Export Credit Subsidies: Evidence from the U.S. EXIM Shutdown

Poorya Kabir¹, Adrien Matray², Karsten Mueller¹, Chenzi Xu²

¹National University of Singapore; ²Stanford University

Discussant: Mehran Ebrahimian (Stockholm School of Economics)

Dollar and Carry Redux

Sining Liu³, Thomas Maurer¹, Andrea Vedolin², Yaoyuan Zhang¹

¹The University of Hong Kong; ²Boston University; ³Soochow University

Discussant: Federico Gavazzoni (BI - Norwegian Business School)

Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions

Thorsten Martin¹, Florian Nagler², Nicola Fiore²

¹Frankfurt School; ²Bocconi

Discussant: Seung Joo Lee (University of Oxford)

Extrapolators and Contrarians: Forecast Bias and Household Stock Trading

Steffen Andersen¹, Stephen G. Dimmock², Kasper Meisner Nielsen¹, Kim Peijnenburg³

¹Copenhagen Business School; ²National University of Singapore; ³EDHEC Business School, France

Discussant: Cameron Peng (London School of Economics)

Financial Advisors and Investors’ Bias

Marianne Andries¹, Maxime Bonelli², David Sraer³

¹University of Southern California; ²London Business School; ³university of California, Berkeley

Discussant: Alessandro Previtero (Indiana University)

Households' Response to the Wealth Effects of Inflation

Philip Schnorpfeil¹, Michael Weber², Andreas Hackethal¹

¹Goethe University Frankfurt; ²University of Chicago

Discussant: João Cocco (London Business School)

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

Mariassunta Giannetti¹, Martina Jasova², Maria Loumioti³, Caterina Mendicino⁴

¹Stockholm School of Economics; ²Barnard College, Columbia University, United States of America; ³UT Dallas; ⁴ECB

Discussant: Jess Cornaggia (Penn State University, Smeal College of Business)

Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition

Mayank Kumar

University of Michigan, United States of America

Discussant: Ulrich Hege (Toulouse School of Economics)

Impact Investing and Worker Outcomes

Josh Lerner¹, Markus Lithell², Gordon Phillips²

¹Harvard Business School; ²Tuck School of Business at Dartmouth

Discussant: Kelly Posenau (Cornell University Johnson Graduate School of Management)

Feedback Between the Financial Market and the Product Market

Ken Deng, Joel Shapiro

University of Oxford, United Kingdom

Discussant: Alexander Guembel (Toulouse Capitole University)

Feedback on Emerging Corporate Policies

Sean Cao¹, Itay Goldstein², Jie He³, Yabo Zhao⁴

¹University of Maryland; ²University of Pennsylvania; ³University of Georgia; ⁴Chinese University of Hong Kong, Shenzhen

Discussant: Olivier Dessaint (INSEAD)

Multiple Equilibria in Noisy Rational Expectations Economies

Domotor Palvolgyi¹, Gyuri Venter², Liyan Yang³

¹Eotvos Lorand University; ²University of Warwick; ³University of Toronto, Rotman

Discussant: James Dow (London Business School)

Global Business Networks

Christian Breitung, Sebastian Müller

Technische Universität München, Germany

Discussant: Christoph Schiller (Arizona State University)

The Epidemiology of Financial Constraints and Corporate Investment

William Grieser¹, Ioannis Spyridopoulos², Morad Zekhnini³

¹Texas Christian University; ²American University; ³Michigan State University

Discussant: Clemens Otto (Singapore Management University)

His Pain Is Your Gain: Market Competition and Foreign Currency Exposure

Yancheng Qiu

The University of Sydney Business School, Australia

Discussant: Paul Beaumont (McGill)

Fund Flows and Income Risk of Fund Managers

Xiao Cen¹, Winston Wei Dou², Leonid Kogan³, Wei Wu¹

¹Texas A&M University, United States of America; ²University of Pennsylvania (Wharton) and NBER; ³MIT (Sloan) and NBER

Discussant: Alberto Manconi (Bocconi University)

Mutual Fund Clientele and Fund Flows

Daniel Fricke, Stephan Jank, Hannes Wilke

Deutsche Bundesbank, Germany

Discussant: Christian Kubitza (European Central Bank)

Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns

Mariassunta Giannetti², Chotibhak Jotikasthira¹, Andreas Rapp³, Martin Waibel²

¹SMU - Cox School of Business; ²Stockholm School of Economics; ³Federal Reserve Board of Governors

Discussant: Karamfil Todorov (BIS (Bank for International Settlements))

Excess Volatility in Professional Stock Return Forecasts

Martijn Boons¹, Giorgio Ottonello², Rossen Valkanov³

¹Tilburg, Netherlands; ²Nova SBE, Portugal; ³UCSD, United States of America

Discussant: Paul Whelan (Chinese University of Hong Kong)

Over/Under-reaction and Judgment Noise in Expectations Formation

Junyi Liao

university of essex, United Kingdom

Discussant: Savitar Sundaresan (Imperial College)

The Subjective Risk and Return Expectations of Institutional Investors

Couts Spencer¹, Andrei Goncalves², Johnathan Loudis³

¹University of Southern California, Lusk Center of Real Estate; ²Fisher College of Business, The Ohio State University; ³Mendoza College of Business, University of Notre Dame

Discussant: Federico Bastianello (London Business School)

The Financial Origins Of Regional Inequality

Anne Beck¹, Sebastian Dörr²

¹World Bank, United States of America; ²Bank for International Settlements, Switzerland

Discussant: Yaniv Grinstein (Reichman University)

The Price Of Leverage: Learning From The Effect Of LTV Constraints On Job Search And Wages

Gazi Kabas¹, Kasper Roszbach²

¹Tilburg University; ²Norges Bank

Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)

Escaping Violent Death: Access to Credit and Female Mortality

Janis Skrastins¹, Bernardus van Doornik², David Schoenherr³

¹Washington University in St. Louis, United States of America; ²Central Bank of Brazil; ³Princeton University

Discussant: Maria Boutchkova (The University of Edinburgh)

Reducing Carbon using Regulatory and Financial Market Tools

Franklin Allen², Adelina Barbalau¹, Federica Zeni³

¹University of Alberta; ²Imperial College London; ³World Bank

Discussant: Robin Döttling (Erasmus University Rotterdam)

Externalities of Responsible Investments

Michele Bisceglia¹, Alessio Piccolo², Jan Schneemeier²

¹Toulouse School of Economics; ²Indiana University

Discussant: David Pothier (University of Vienna)

The Market for ESG Ratings

Ehsan Azarmsa¹, Joel Shapiro²

¹University of Illinois Chicago, United States of America; ²University of Oxford, Said Business School

Discussant: Jan Starmans (Stockholm School of Economics)