Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 11th May 2025, 06:58:40pm KST

 
 
Session Overview
Date: Thursday, 29/May/2025
9:30am - 6:00pmConference Registration
1:30pm - 3:15pmPhD Session #1
Location: Studio 4
Session Chair: Snehal Banerjee, University of Michigan
 

Disagreement, Subjective Uncertainty, and the Stock Market

Jingoo Kwon1, Seung Hyeong Lee2, Younggeun Yoo1

1University of Chicago; 2Northwestern University

Discussant: Paula Cocoma (Frankfurt School of Finance)



Barriers to Reentry: Initial Borrowing Frictions, Refinancing, and Wealth Redistribution

Heejin Yoon

University of Wisconsin-Madison

Discussant: Poorya Kabir (National University of Singapore)



Analysts' Belief Formation in Their Own Words

Shikun {Barry} Ke

Yale University

Discussant: Zhengyang Xu (City University of Hong Kong)

 
1:30pm - 3:15pmReturns
Location: Studio 5
Session Chair: Harold Zhang, University of Texas at Dallas
 

Expectation-Driven Term Structure of Equity and Bond Yields

Guihai Zhao1, Ming Zeng2

1Bank of Canada; 2University of Gothenburg

Discussant: Kai Li (Peking Uniersity)



The Dependence of Belief Dynamics on Beliefs: Implications for Stock Returns

Ian Dew-Becker1, Stefano Giglio2, Pooya Molavi3

1Federal Reserve Bank of Chicago; 2Yale University; 3Northwestern University

Discussant: Jiantao Huang (University of Hong Kong)



Loan Spreads and Interest Rates: The Role of The Deposit Channel and Lending Market Power

Pierre Alexandre Dubuis1, Antoine Hubert de Fraisse2

1Bank of England; 2HEC Paris

Discussant: Sebastian Doerr (Bank for International Settlements)

 
1:30pm - 3:15pmLending
Location: Studio 6
Session Chair: Elena Loutskina, University of Virginia
 

Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries

Viral V Acharya3, Manasa Gopal2, Maximilian Jager1, Sascha Steffen1

1Frankfurt School of Finance & Management; 2Georgia Tech; 3New York University

Discussant: Sanket Korgaonkar (University of Virginia)



Non-Fundamental Loan Renegotiations

AJ Chen1, Matt Phillips2, Regina Wittenberg-Moerman3, Tiange Ye4

1University of British Columbia; 2Massachusetts Institute of Technology; 3Northwestern University; 4University of Southern California

Discussant: Jun Yang (University of Notre Dame)



Bank Specialization in Lending to New Firms

Ralph De Haas1, Diana Bonfim2, Alexandra Matyunina3, Steven Ongena4

1European Bank for Reconstruction and Development; 2Bank of Portugal; 3Banco d'Espana; 4University of Zurich

Discussant: Sangeun Ha (Copenhagen Business School)

 
1:30pm - 3:15pmCorporate Borrowing
Location: Studio 7
Session Chair: Vidhan Goyal, Hong Kong University of Science and Technology
 

Private Debt versus Bank Debt in Corporate Borrowing

Sharjil Haque2, Simon Mayer1, Irina Stefanescu2

1Carnegie Mellon University; 2Federal Reserve Board of Governors

Discussant: Tatyana Marchuk (Nova School of Business and Economics)



Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section

Mohammad Ghaderi2, Sebastien Plante1, Nikolai Roussanov3, Sang Byung Seo1

1University of Wisconsin-Madison; 2University or Kansas; 3University of Pennsylvania

Discussant: Yoshio Nozawa (University of Toronto)



Collateral Demand in Wholesale Funding Markets

Patrick Coen1, Jamie Coen2, Anne-Caroline Huser3

1Toulouse School of Economics; 2Imperial College London; 3Bank of England

Discussant: Karamfil Todorov (Bank for International Settlements)

 
1:30pm - 3:15pmCorporate Investment
Location: Studio 8
Session Chair: Bing Han, University of Toronto
 

Stochastic Social Preferences and Corporate Investment Decisions

Thomas Dangl1, Michael Halling2, Jin Yu3, Josef Zechner4

1Vienna University of Technology; 2University of Luxembourg; 3Monash University; 4Vienna University of Economics and Business

Discussant: Darwin Choi (Hong Kong University of Science and Technology)



Mispricing and Firm Investment

Dora Horstman1, Yong Chen2

1North Carolina State University; 2Texas A&M University

Discussant: Chanik Jo (Chinese University of Hong Kong)



Monetary Policy and Corporate Investment: The Equity Financing Channel

Mehdi Beyhaghi1, Murray Frank2, Ping McLemore3, Ali Sanati4

1Federal Reserve Board of Governors; 2University of Minnesota; 3Federal Reserve Bank of Richmond; 4American University

Discussant: Jincheng Tong (University of Toronto)

 
1:30pm - 3:15pmBehavioral Responses
Location: Studio 9
Session Chair: Simon Gervais, Duke University
 

Credit Card Borrowing in Heterogeneous-Agent Models: Reconciling Theory and Data

Sean Chanwook Lee1, Peter Maxted2

1Harvard University; 2University of California, Berkeley

Discussant: Arthur Taburet (Duke University)



Beliefs-driven Entry and Exit

Paul Ehling, Christian Heyerdahl-Larsen, Zeshu Xu

BI Norweigian Business School

Discussant: Hongye Guo (University of Hong Kong)



Risk Revisited

Xindi He1, Yucheng Liang2

1Georgia Institute of Technology; 2Carnegie Mellon University

Discussant: Zhengyang Xu (City University of Hong Kong)

 
1:30pm - 3:15pmAsset Pricing I
Location: Studio 10
Session Chair: Jungsuk Han, Seoul National University
 

A Stock Return Decomposition Using Observables

Benjamin Knox, Annette Vissing-Jorgensen

Federal Reserve Board of Governors

Discussant: Thummim Cho (Korea University)



The Real Cost of Benchmarking

Christian Kontz, Sebastian Hanson

Stanford University

Discussant: David Schoenherr (Seoul National University)



Artificial Intelligence and Firms' Systematic Risk

Tania Babina2, Anastassia Fedyk1, Alex He3, James Hodson4

1University of California, Berkeley; 2Columbia University; 3University of Maryland; 4AI for Good Foundation

Discussant: Sean Seunghun Shin (Korea Advanced Institute of Science & Technology)

 
3:15pm - 3:30pmCoffee Break
3:30pm - 5:15pmPhD Session #2
Location: Studio 4
 

Dilutive Financing

Hanjoon Ryu

Duke University

Discussant: Christine Parlour (University of California, Berkeley)



Anything but Equity - On Banks’ Preference for Hybrid Debt

Tanja Brieden

Vienna University of Economics and Business

Discussant: Edward T. Kim (University of Michigan)



The Value of Contingent Liquidity from Banks to Nonbank Financiers

Chi {"Clara"} Xu

University of Pennsylvania

Discussant: Angela Ma (Boston College)

 
3:30pm - 5:15pmInequality
Location: Studio 5
Session Chair: Hyunseob Kim, Federal Reserve Bank of Chicago
 

Financial and Total Wealth Inequality with Declining Interest Rates

Matteo Leombroni1, Dan Greenwald2, Hanno Lustig3, Stijn Van Nieuwerburgh4

1Boston College; 2New York University; 3Stanford University; 4Columbia University

Discussant: Andrej Mijakovic (European University Institute)



High Net Worth Individuals, Private Capital Markets and Inequality

Ararat Gocmen1, Clara Martinez-Toledano2, Vrinda Mittal3

1University College London; 2Imperial College London; 3University of North Carolina at Chapel Hill

Discussant: Magnus Dje Bi Anges Hjortfors Irie (Princeton University)



Poverty Spreads in Deposit Markets

Emilio Bisetti1, Arkodipta Sarkar2

1Hong Kong University of Science and Technology; 2National University of Singapore

Discussant: Richard Stanton (University of California, Berkeley)

 
3:30pm - 5:15pmRaising Capital
Location: Studio 6
Session Chair: Martin Szydlowski, Hong Kong University of Science and Technology
 

Equity ATMs

Nicolas Inostroza1, Anton Tsoy2

1University of Toronto; 2University of Toronto

Discussant: Zhen Zhou (Tsinghua University)



Capitalizing on Crowd Capital

Spyros Terovitis

University of Amsterdam

Discussant: Jian Sun (Singapore Management University)



Corporate Finance Through Loyalty Programs

Dan Luo

Chinese University of Hong Kong

Discussant: Jungsuk Han (Seoul National University)

 
3:30pm - 5:15pmModern Banking
Location: Studio 7
Session Chair: Anjan Thakor, Washington University in St. Louis
 

Credit Card Banking

Hyeyoon Jung1, Itamar Drechsler2, Weiyu Peng2, Dominik Supera3, Guanyu Zhou2

1Federal Reserve Bank of New York; 2University of Pennsylvania; 3Columbia University

Discussant: Sheng Huang (China Europe International Business School)



Banks' Risk Exposures and the Zero Lower Bound

Andres Schneider

Federal Reserve Board of Governors

Discussant: Jacelly Cespedes (University of Minnesota)



Keeping Up in the Digital Era: How Mobile Technology Is Reshaping the Banking Sector

Charlotte Haendler

Southern Methodist University

Discussant: Richard Thakor (University of Minnesota)

 
3:30pm - 5:15pmBank and Corporate Profits
Location: Studio 8
Session Chair: Nagpurnanand Prabhala, Johns Hopkins University
 

Leasing as a Corporate Risk Management Mechanism

Weiwei Hu1, Kai Li1, Chenjie Xu2

1Peking University; 2Shanghai University of Finance and Economics

Discussant: Nirupama Kulkarni (Centre for Advanced Financial Research and Learning)



The Changing Structure of Corporate Profits

Jing Gao, Murray Frank

University of Minnesota

Discussant: Fotis Grigoris (University of Iowa)



What Do Bank Trading Desks Do?

Lina Lu1, Jonathan Wallen2

1Federal Reserve Bank of Boston; 2Harvard University

Discussant: Nitin Kumar (Nanyang Technological University)

 
3:30pm - 5:15pmInstitutions and Governance
Location: Studio 9
Session Chair: Angie Low, Nanyang Technological University
 

The Economics of Investor Engagement

Davidson Heath1, Daniele Macciocchi2, Matthew Ringgenberg1

1University of Utah; 2University of Miami

Discussant: Sean Seunghun Shin (Korea Advanced Institute of Science & Technology)



(Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting

Tao Li1, Qifei Zhu2

1University of Florida; 2National University of Singapore

Discussant: Maxime Couvert (University of Hong Kong)



Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders

Tetiana Davydiuk1, Isil Erel2, Wei Jiang3, Tatyana Marchuk4

1Johns Hopkins University; 2Ohio State University; 3Emory University; 4Nova School of Business and Economics

Discussant: Katie Moon (University of Colorado)

 
3:30pm - 5:15pmAlgorithmic Trading
Location: Studio 10
Session Chair: Emiliano Pagnotta, Singapore Management University
 

AI Powered Trading, Algorithimic Collusion and Price Efficiency

Winston Dou1, Itay Goldstein1, Yan Ji2

1University of Pennsylvania; 2Hong Kong University of Science and Technology

Discussant: Xian Wu (University of Wisconsin-Madison)



Employing Artificial Intelligence to Create Smart Limit Orders

Seongkyu {Gilbert} Park1, Patrik Sandas2

1Willamette University; 2University of Virginia

Discussant: Chen Yao (Chinese University of Hong Kong)



Machine Traders, Human Behavior, and Model (Mis)Specification

Ahmed Guecioueur

University of Washington

Discussant: Don Noh (Hong Kong University of Science and Technology)

 
6:00pm - 8:00pmWelcome Reception
Location: Vvertigo, Level 9
Sponsored by Elsevier, Inc.

 
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