Analysts' Belief Formation in Their Own Words

Shikun {Barry} Ke

Yale University

Discussant: Zhengyang Xu (City University of Hong Kong)

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)

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)

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)

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)

Stochastic Social Preferences

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)

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)

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)

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 Graduate School of Finance

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)

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)

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)

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)

Leasing as a Corporate Risk Management Mechanism

Weiwei Hu¹, Kai Li¹, Chenjie Xu²

¹Peking University; ²Shanghai University of Finance and Economics

Discussant: Vasudha Nukala (Indian School of Business)

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)

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)

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)