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)

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)

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)

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)

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)

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)

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)

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)