The Network Structure of Data Economy

Qiushi Huang¹, Bo Bian², Ye Li³, Huan Tang⁴

¹Shanghai Jiao Tong University; ²University of British Columbia; ³University of Washington; ⁴University of Pennsylvania

Discussant: Daniel Timothy Chen (Princeton University)

The Different Networks Of Firms Implied By The News

Victor Hilt², Gustavo Schwenkler¹

¹Santa Clara University; ²Wellington Management

Discussant: Alexandr Kopytov (University of Rochester)

Greening thy Neighbor: How the US Inflation Reduction Act Drives Climate Finance Globally

Daniel Marcel te Kaat¹, Alexander Raabe², Yuanjie Tian³

¹University of Groningen; ²Asian Development Bank; ³Southwestern University of Finance and Economics

Discussant: Edward Shore (University of New South Wales)

Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction

Kevin Aretz¹, Murillo Campello², Gaurav Kankanhalli³, Kevin Schneider⁴

¹University of Manchester; ²University of Florida; ³University of Pittsburgh; ⁴University of Cambridge

Discussant: Eyub Yegen (Hong Kong University of Science and Technology)

Corporate Credit Conditions Around the World: Novel Facts Through Holistic Data

Nina Boyarchenko, Leonardo Elias

Federal Reserve Bank of New York

Discussant: Seongjin Park (Nanyang Technological University)

The Real Effects of Debt Relief: Evidence from Independent School Districts in Texas

Thomas Seunghyun Lee

University of Texas at Austin

Discussant: Varun Sharma (Indiana University)

Stealthy Shorts: Informed Liquidity Supply

Amit Goyal¹, Adam Reed², Esad Smajlbegovic³, Amar Soebhag³

¹University of Lausanne; ²University of North Carolina at Chapel Hill; ³Erasmus University Rotterdam

Discussant: Xinran Zhang (Central University of Finance and Economics)

Dual Trading, Fee Competition, and Price Discovery at the Market Close

Jingxiong {Tony} Hu¹, Jiaheng Yu²

¹University of Warwick; ²University of Hong Kong

Discussant: Dominik Roesch (University at Buffalo)

The Market for 0-Days-to-Expiration: The Role of Liquidity Providers in Volatility Attenuation

Greg Adams¹, Jean-Sebastien Fontaine¹, Chayawat Ornthanalai²

¹Bank of Canada; ²University of Toronto

Discussant: Karamfil Todorov (Bank for International Settlements)

Two Centuries of Systemic Bank Runs

Rustam Jamilov¹, Tobias König², Karsten Müller³, Farzad Saidi²

¹All Souls College; ²University of Bonn; ³National University of Singapore

Discussant: Thomas Flanagan (Ohio State University)

Investor Fragility, Bargaining Power, and Pricing Implications for Short-Term Funding Markets

Yi Li, Sean Tibay, Ashley Wang

Federal Reserve Board of Governors

Discussant: Jonathan Wallen (Harvard University)

CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks during the 1890s

Jennifer Rhee¹, Haelim Anderson², Jaewon Choi³

¹Federal Deposit Insurance Corporation; ²Bank Policy Institute; ³University of Illinois Urbana-Champaign

Discussant: Tianyue Ruan (National University of Singapore)

See the Gap: Firm Returns and Shareholder Incentives

Eitan Goldman, Jinkyu Kim, Wenyu Wang

Indiana University

Discussant: Ekaterina Volkova (University of Melbourne)

Real Effects of Personal Liability: Evidence from Industrial Pollution

Noémie Bucourt

University of Toronto

Discussant: Sichen Shen (Wuhan University)

Non-Compete Agreements and the Market for Corporate Control

Andrey Golubov, Yuanqing Zhong

University of Toronto

Discussant: Yeejin Jang (University of New South Wales)

A Cognitive Foundation for Perceiving Uncertainty

Aislinn Bohren⁴, Josh Hascher³, Alex Imas³, Michael Ungeheuer¹, Martin Weber²

¹Aalto University, Finland; ²University of Mannheim; ³University of Chicago; ⁴University of Pennsylvania

Discussant: Tse-Chun Lin (The University of Hong Kong)

Information Partitioning, Learning, and Beliefs

Pascal Kieren¹, Lukas Mertes², Martin Weber²

¹Heidelberg University; ²University of Mannheim

Discussant: Suk Lee (University of New South Wales)

An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty

Hengjie Ai¹, Ravi Bansal², Hongye Guo³, Amir Yaron⁴

¹University of Wisconsin, Madison; ²Duke University; ³University of Hong Kong; ⁴University of Pennsylvania

Discussant: Yizhou Xiao (Chinese University of Hong Kong)

Screening Using a Menu of Contracts in Imperfectly Competitive and Adversely Selected Markets

Arthur Taburet

Duke University

Discussant: Poorya Kabir (National University of Singapore)

Short-Term Lending and Usury Limits: Consumer Impact and Market Adaptation

Mark Jansen¹, Zack Liu², Ryan Voges³, Peter Won⁴

¹University of Utah; ²University of Houston; ³University of Utah; ⁴University of Utah

Discussant: Shashwat Alok (Indian School of Business)

The Impact of Credit Scores: Evidence from a Natural Experiment

Maya Shaton¹, Nimrod Segev², Tali Bank²

¹Ben-Gurion University; ²Bank of Israel

Discussant: Egle Karmaziene (Vrije Universiteit Amsterdam)

ESG Incidents and Fundraising in Private Equity

Teodor Duevski¹, Chhavi Rastogi², Tianhao Yao³

¹HEC Paris; ²International Finance Corporation; ³Singapore Management University

Discussant: Mayank Kumar (Boston University)

Funding the Fittest? Pricing of Climate Transition Risk in the Corporate Bond Market

Yasmine Van der Straten¹, Maurice Bun², Martijn Boermans²

¹University of Amsterdam; ²De Nederlandsche Bank

Discussant: Will Liu (City University of Hong Kong)

ESG Investing and Stock Return Comovements

Marcin Kacperczyk¹, Lin Peng², Jing Xie³

¹Imperial College London; ²Baruch College; ³University of Macau

Discussant: Shane Miller (University of Michigan)

Housing and Fertility

Bernardus van Doornik¹, Dimas Fazio², Tarun Ramadorai³, Janis Skrastins⁴

¹Banco Central do Brasil; ²National University of Singapore; ³Imperial College London; ⁴Washington University in St. Louis

Discussant: Jing Li (Singapore Management University)

Financial Frictions and Geographical Diversification of National Homebuilders

Seohee Kim

Indiana University

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

Green Mortgages

Joao Cocco, Bernardo Mendes, Lakshmi Naaraayanan

London Business School

Discussant: Michael Boutros (University of Toronto)

Voting on Public Goods: Citizens vs. Shareholders

Robin Döttling¹, Doron Levit², Nadya Malenko³, Magdalena Rola-Janicka⁴

¹Erasmus University Rotterdam; ²University of Washington; ³Boston College; ⁴Imperial College London

Discussant: Deeksha Gupta (Johns Hopkins University)

Leaks, Disclosures and Internal Communication

Snehal Banerjee¹, Peicong {Keri} Hu², Taejin Kim³

¹University of Michigan; ²University of Hong Kong; ³Korea University

Discussant: Keeyoung Rhee (Sungkyunkwan University)

Kamikazes in Public Procurements: Bid-Rigging and Real Non-Market Outcomes

Dimas Fazio, Alminas Zaldokas

National University of Singapore, Singapore

Discussant: Kunru Zou (Hong Kong Baptist University)

Regulating Credit: Effects on Market Structure, Lender Technologies, and Credit Access

Susan Cherry

Stanford University

Discussant: Yang (Gloria) Yu (Singapore Management University)

Tech-Driven Intermediation in the Originate-to-Distribute Model

Sheila Jiang¹, Zhiguo He², Douglas Xu¹

¹University of Florida; ²Stanford University

Discussant: Junyuan Zou (INSEAD)

Open Banking and Digital Payments: Implications for Credit Access

Shashwat Alok¹, Pulak Ghosh², Nirupama Kulkarni³, Manju Puri⁴

¹Indian School of Business; ²Indian Institute of Management; ³Centre for Advanced Financial Research and Learning; ⁴Duke University

Discussant: Mingzhu Tai (University of Hong Kong)

Exploitation Payoffs and Incentives for Exploration

Jangwoo Lee¹, William Fuchs², Martin Dumav³

¹Chinese University of Hong Kong; ²University of Texas at Austin; ³University of Carlos III

Discussant: Di Li (Peking University)

Financial Innovation, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems

Jacelly Cespedes¹, Carlos Burga², Carlos Parra², Bernardo Ricca³

¹University of Minnesota; ²Pontificia Universidad Católica de Chile; ³Insper

Discussant: Jian Zhang (University of Hong Kong)

Human Capital, Competition and Mobility in the Managerial Labor Market

John Barry¹, Noah Lyman², Lin Zhao³

¹Rice University; ²University of Warwick; ³Duke University

Discussant: Dimas Fazio (National University of Singapore)

Bank Geographic Diversification And Funding Stability

Sebastian Doerr

Bank for International Settlements

Discussant: Anastasia Kartasheva (University of St Gallen)

Do Higher Interest Rates Make The Banking System Safer? Evidence From Bank Leverage

Ali Uppal

Imperial College London

Discussant: Teodora Paligorova (Federal Reserve Board)

Managing Overreaction During a Run

Caio Machado

Pontificia Universidad Católica de Chile

Discussant: Natalya Martynova (Deutsche Bundesbank)

The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions

Murillo Campello², Gustavo Cortes², Sergio H. Rocha¹

¹Monash University; ²University of Florida

Discussant: Jaewon Choi (Seoul National University)

Firm Product Concentration and Asset Prices

Alexandre Corhay

University of Toronto

Discussant: Yu Li (Shanghai Jiao Tong University)

Adverse Selection and Endogenous Information

Joao Lucas Thereze Ferreira

Duke University

Discussant: Chao Ying (Chinese University of Hong Kong)

Causal Inference for Asset Pricing

Valentin Haddad¹, Zhiguo He², Paul Huebner³, Peter Kondor⁴, Erik Loualiche⁵

¹University of California, Los Angeles; ²Stanford University; ³Stockholm School of Economics; ⁴London School of Economics; ⁵University of Minnesota

Discussant: Sergei Glebkin (INSEAD)

AlphaManager: A Data-Driven-Robust-Control Approach to Corporate Finance

Murillo Campello¹, Lin William Cong², Luofeng Zhou³

¹University of Florida; ²Cornell University; ³New York University

Discussant: Anton Tsoy (University of Toronto)

Addressing Anticipation Effects in Finance

Tomislav Ladika¹, Elisa Pazaj¹, Zacharias Sautner²

¹University of Amsterdam; ²University of Zurich

Discussant: Arkodipta Sarkar (National University of Singapore)

The Welfare Benefits of Pay-As-You-Go Financing

Paul Gertler¹, Brett Green², Renping Li², David Sraer¹

¹University of California, Berkeley; ²Washington University in St. Louis

Discussant: Dong Beom Choi (Seoul National University)

Small Firm Investment under Uncertainty: The Role of Equity Finance

Muhammad Meki

University of Oxford

Discussant: Angela Ma (Boston College)

Financial Stimulus and Microfinance Institutions in Emerging Markets

Carlos Burga

Pontificia Universidad Católica de Chile

Discussant: Sean Higgins (Northwestern University)

Mega-Donors and Representation of the Wealthy in the Wake of Citizens United

Ilona Babenko¹, Viktar Fedaseyeu², Guosong Xu³

¹Arizona State University; ²China Europe International Business School; ³Erasmus University

Discussant: Matthew Denes (Carnegie Mellon University)

Corporate Lobbying of Bureaucrats

Michelle Lowry¹, Ekaterina Volkova²

¹Drexel University, USA; ²University of Melbourne, Australia

Discussant: Pat Akey (University of Toronto)

Government Litigation Risk and the Decline in Low-Income Mortgage Lending

Erik Mayer¹, Scott Frame², Kristopher Gerardi³, Billy Xu⁴, Lawrence Zhao⁵

¹University of Wisconsin-Madison; ²Structured Finance Association; ³Federal Reserve Bank of Atlanta; ⁴University of Rochester; ⁵Texas Tech University

Discussant: Keling Zheng (University of British Columbia)

Excess Co-movement in Default Risk

Jan Ericsson¹, Kristoffer Glover², Alexandre Jeanneret³, Lucie Lu⁴

¹McGill University; ²University of Technology Sydney; ³University of New South Wales; ⁴University of Melbourne

Discussant: Jongsub Lee (Seoul National University)

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

Umang Khetan¹, Jian Li², Ioana Neamtu³, Ishita Sen⁴

¹University of Iowa; ²Columbia University; ³Bank of England; ⁴Harvard University

Discussant: Karamfil Todorov (Bank for International Settlements)

Bond Funds and Credit Risk

Jaewon Choi¹, Amil Dasgupta², Ji Yeol Jimmy Oh³

¹Seoul National University; ²London School of Economics; ³Sungkyunkwan University

Discussant: Alex Dickerson (University of New South Wales)