Private Investments of Corporate Bond Mutual Funds

Jaewon Choi¹, Nan Qin², Qifei Zhu³

¹Seoul National University; ²Northern Illinois University; ³National University of Singapore

Discussant: Xiao Zhao (Shanghai Advanced Institute of Finance)

Inventory in Liquidity Transformation: Evidence from Corporate Bond ETF Creations

Yingfan Du

Carnegie Mellon University

Discussant: Jian Sun (Singapore Management University)

Remeasuring Scale in Active Management

Shiyang Huang¹, Yang Song², Xu Lu², Hong Xiang³

¹University of Hong Kong; ²University of Washington; ³Hong Kong Polytechnic University

Discussant: Ji-Woong Chung (Korea University)

The Making of (Modern) Banks

Kebin Ma¹, Lucy White², Zhao Li³

¹University of Warwick; ²Boston University; ³Zhongnan University of Economics and Law

Discussant: John Chi-Fong Kuong (Chinese University of Hong Kong)

The Evolution and Economic impact of African American banks The USA from 1900 to present

Mintra Dwarkasing¹, Narly Dwarkasing², Yashvir Gangaram Panday³, Lucia Gomez Llactahuamani⁴

¹University of Bonn; ²Forum on Economic and Fiscal Policy; ³Erasmus University Rotterdam; ⁴Harvard University

Discussant: Hugh Hoikwang Kim (University of South Carolina)

Bank Stress Testing, Human Capital Investment and Risk Management

Thomas Schneider¹, Philip Strahan², Jun Yang³

¹University of Oklahoma; ²Boston College; ³University of Notre Dame

Discussant: Oliver Rehbein (Vienna University of Economics and Business)

Default Expectations During Suspension of Convertibility in DeFi

Alfred Lehar, Jaime Castillo Leon

University of Calgary

Discussant: Jongsub Lee (Seoul National University)

Tokenomics: Optimal Monetary and Fee Policies

Urban Jermann¹, Haotian Xiang²

¹University of Pennsylvania; ²Peking University

Discussant: Deeksha Gupta (Johns Hopkins University)

The Effects of Hype and Social Preferences on Crypto Investing

Hans Degryse¹, Alberta Di Giuli², Naciye Sekerci³, Francesco Stradi⁴

¹Katholieke Universiteit Leuven; ²École Supérieure de Commerce de Paris, Turn; ³Katholieke Universiteit Leuven; ⁴Katholieke Universiteit Leuven

Discussant: Jiaen Li (Washington University in St. Louis)

Fund Investor Attention: Uncovering Fund Links through Revealed Preferences

Thanh Huynh

Monash University

Discussant: Shujing Wang (Tongji University)

Institutional Ownership Concentration and Informational Efficiency

Yan Xiong¹, Liyan Yang², Zexin Zheng³

¹University of Hong Kong; ²University of Toronto; ³Hong Kong University of Science and Technology

Discussant: Jungsuk Han (Seoul National University)

Debt Dictionaries

Jawad M. Addoum¹, Vitaly Meursault², Justin Murfin¹

¹Cornell University; ²Federal Reserve Bank of Philadelphia

Discussant: Hae Lee (Korea University Business School)

Following the Fed: Limits of Arbitrage and the Dollar

Nikolai Roussanov¹, Xiaoliang Wang²

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

Discussant: Thomas Andreas Maurer (University of Hong Kong)

Global Insolvency and Cross-border Capital Flows

Yeejin Jang¹, Jenny Tak¹, Wei Wang²

¹University of New South Wales; ²Queen's University

Discussant: Yuanqing(Lorna) Zhong (University of Toronto)

Dollar Asset Holdings and Hedging Around the Globe

Amy W. Huber¹, Wenxin Du²

¹University of Pennsylvania; ²Harvard University

Discussant: Wei Opie (Deakin University)

Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure

Hyeyoon Jung¹, Robert Engle², Shan Ge², Xuran Zeng²

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

Discussant: Sangmin Simon Oh (Columbia University)

Business as Usual: Bank Climate Commitments, Lending, and Engagement

David Marques Ibanez³, Emil Verner², Pari Sastry¹

¹European Central Bank; ²Columbia University; ³Massachusetts Institute of Technology

Discussant: Tim Eisert (Nova School of Business and Economics)

Bank Competition and Strategic Adaptation to Climate Change

Dasol Kim¹, Luke Olson¹, Toan Phan²

¹Office of Financial Research; ²Federal Reserve Bank of Richmond

Discussant: Mayank Kumar (Boston University)

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

Alejandro Lopez Lira, Yuehua Tang

University of Florida

Discussant: Yinan Su (Johns Hopkins University)

Harnessing Generative AI for Economic Insights

Manish Jha¹, Jialin Qian¹, Michael Weber², Baozhong Yang¹

¹Georgia State University; ²University of Chicago

Discussant: Sophia Kazinnik (Stanford University)

Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation

Chuxuan Fan¹, Tao Shu², Fei Xie³

¹Chinese University of Hong Kong, Shenzhen; ²Chinese University of Hong Kong; ³University of Delaware

Discussant: Irene Yi (University of Toronto)

Sustainable Investing and Market Governance

Alvin Chen¹, Deeksha Gupta², Jan Starmans¹

¹Stockholm School of Economics; ²Johns Hopkins University

Discussant: Magdalena Rola-Janicka (Imperial College London)

Carbon Offsets: Decarbonization or Transition-Washing?

Sehoon Kim, Tao Li, Yanbin Wu

University of Florida

Discussant: Kunal Sachdeva (University of Michigan)

Green Products

Wan-Chien Chiu¹, Po-Hsuan Hsu², Kai Li³, Joy Tianjiao Tong⁴

¹National Tsing Hua University; ²National Tsing Hua University; ³University of British Columbia; ⁴University of Western Ontario

Discussant: Nora Pankratz (University of Toronto)

Search Intensity and Asset Prices

Ding Luo¹, Jincheng Tong²

¹City University of Hong Kong; ²University of Toronto, Canada

Discussant: Fotis Grigoris (University of Iowa)

Innovation-Driven Contractions: A Key to Unravel Asset Pricing Puzzles

Gill Segal¹, Chao Ying²

¹University of North Carolina at Chapel Hill; ²Chinese University of Hong Kong

Discussant: Qiushi Huang (Shanghai Jiao Tong University)

The Cross-Section of Dividend Discount Rates

Xinwei Li

INSEAD

Discussant: Dongryeol Lee (University of California, Los Angeles)

How Do Income-Driven Repayment Plans Benefit Student Debt Borrowers?

Sylvain Catherine¹, Mehran Ebrahimian², Constantine Yannelis³

¹University of Pennsylvania; ²Stockholm School of Economics; ³University of Cambridge

Discussant: Tianyue Ruan (National University of Singapore)

Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry

Janet Gao¹, Tim Liu², Sara Malik³, Merih Sevilir⁴

¹Georgetown University; ²University of Utah; ³University of Utah; ⁴Halle Institute for Economic Research

Discussant: Jash Jain (Indian School of Business)

The Impact of Finfluencers on Retail Investment

Isaiah Hull¹, Yingjie Qi²

¹BI Norwegian Business School; ²Copenhagen Business School

Discussant: Hyun-Soo Choi (Korea Advanced Institute of Science and Technology)

Specialized Banks And The Transmission Of Monetary Policy: Evidence From The U.S. Syndicated Loan Market

Gianmarco Ruzzier

Banco de España

Discussant: Simon Shin (Ulsan National Institute of Science & Technology)

The Deposit Business at Large vs. Small Banks

Adrien d'Avernas¹, Andrea Eisfeld², Can Huang³, Richard Stanton⁴, Nancy Wallace⁴

¹Stockholm School of Economics; ²University of California, Los Angeles; ³University of Illinois Urbana-Champaign; ⁴University of California, Berkeley

Discussant: Stefan Lewellen (Pennsylvania State University)

Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts

Dominic Cucic¹, Rajkamal Iyer², Sotirios Kokas³, Jose Luis Peydro², Stefano Pica⁴

¹Danmarks Nationalbank; ²Imperial College London; ³University of Essex; ⁴Bank of Italy

Discussant: Kristle Romero Cortes (University of New South Wales)

The Debt Ceiling’s Disruptive Impact: Evidence from Many Markets

William Cassidy, Shreye Mirani

Washington University in St. Louis

Discussant: Jonathan Wallen (Harvard University)

Pre-Refunding Announcement Gains in US Treasurys

Chen Wang¹, Kevin Zhao²

¹University of Notre Dame; ²Office of Financial Research

Discussant: Byoung-Hyoun Hwang (Nanyang Technological University)

The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts

Eric Swanson¹, Renxuan Wang², Yanbin Wu³

¹University of California, Irvine; ²China Europe International Business School; ³University of Florida

Discussant: Nancy Xu (Boston College)

Monetary Policy Wedges and the Long-term Liabilities of Households and Firms

Marco Grotteria¹, Jules van Binsbergen²

¹London Business School; ²University of Pennsylvania

Discussant: Marc Dordal Carreras (Hong Kong University of Science and Technology)

Indebted Supply and Monetary Policy: A Theory of Financial Dominance

Viral Acharya¹, Guillaume Plantin², Olivier Wang¹

¹New York University; ²Sciences Po Paris, France

Discussant: Seung Joo Lee (University of Oxford)

The Insurance Channel of Monetary Policy

Jakob Ahm Sørensen¹, Christian Kubitza², Dominik Damast³

¹Bocconi University; ²European Central Bank; ³LUISS Guido Carli University

Discussant: Sangmin Simon Oh (Columbia University)

Financing the Adoption of Clean Technology

Andrea Lanteri, Adriano Rampini

Duke University

Discussant: Deeksha Gupta (Johns Hopkins University)

Do Carbon Markets Undermine Private Climate Initiatives?

Pat Akey¹, Ian Appel², Aymeric Bellon³, Johannes Klausmann²

¹INSEAD; ²University of Virginia; ³University of North Carolina at Chapel Hill

Discussant: Amanda Heitz (Tulane University)

Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks

Ulrich Hege¹, Kai Li², Yifei Zhang²

¹Peking University; ²Toulouse School of Economics

Discussant: Chhavi Rastogi (International Finance Corporation)

Global Political Ties and the Global Financial Cycle

Gene Ambrocio¹, Iftekhar Hasan², Xiang Li³

¹Bank of Finland; ²Fordham University; ³Halle Institute for Economic Research

Discussant: Pasquale Della Corte (Imperial College London)

Partisan Friendshoring

Meghana Ayyagari¹, Janet Gao², Pengfei Ma³

¹George Washington University; ²Georgetown University; ³Singapore Management University

Discussant: Hugh Kim (Wilfrid Laurier University)

How do US Firms Respond to Labor Market Regulation Shocks around the World? Evidence from the Global Supply Chain

Xiaoxue Hu¹, Dongxu Li¹, Rose Liao², Angie Low³, Carrie Pan⁴

¹Xiamen University; ²Rutgers University; ³Nanyang Technological University; ⁴Santa Clara University

Discussant: Munhee Han (Texas Tech University)

Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance

Luis Lopez¹, Dermot Murphy¹, Nitzan Tzur-Ilan², Sean Wilkoff³

¹University of Illinois Chicago; ²Federal Reserve Bank of Dallas; ³University of Nevada, Reno

Discussant: Qifei Zhu (National University of Singapore)

The Color of Finance: Can Bank Capital Requirements Influence Transition to a Green Economy?

Fenghua Song¹, Anjan Thakor²

¹Pennsylvania State University; ²Washington University in St. Louis

Discussant: Angela Ma (Boston College)

Transaction Costs, the Price of Convenience, and the Cross-Section of Safe Asset Returns

Ragnar Juelsrud¹, Fabienne Schneider², Plamen Nenov^1,3, Olav Syrstad³

¹Norges Bank; ²Bank of Canada; ³BI Norwegian Business School

The Idiosyncratic Financial Factor: An Explanation for the Role of Size Factors and the Weak Intertemporal Risk-Return Relation

SungJe Byun¹, Johnathan Loudis², Lawrence Schmidt³

¹Federal Reserve Bank of Dallas; ²University of Notre Dame; ³Massachusetts Institute of Technology

Discussant: Jun Kyung Auh (Yonsei University)

Factor Investing with Delays

Alex Dickerson¹, Yoshio Nozawa², Cesare Robotti³

¹University of New South Wales; ²University of Toronto; ³Warwick University

Discussant: Xintong Zhan (Fudan University)

Macro Strikes Back: Term Structure of Risk Premia

Svetlana Bryzgalova¹, Jiantao Huang², Christian Julliard³

¹London Business School; ²University of Hong Kong; ³London School of Economics

Discussant: Heebum Lee (Korea University)

Regulating Inventors

Torin McFarland

Drexel University

Discussant: Xiangqian Huang (Chinese University of Hong Kong)

How Scientists on Corporate Boards Drive Innovation by Bridging Research and Development

Ronald W. Masulis, Yufeng Yao

University of New South Wales

Discussant: Xing Liu (Tsinghua University)

Are Patents with Female Inventors Under-Cited? Evidence from Text Estimation

Yael Hochberg¹, Ali Kakhbod², Peiyao Li², Kunal Sachdeva³

¹Rice University; ²University of California, Berkeley; ³University of Michigan

Discussant: Alan Kwan (University of Hong Kong)