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)

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)

When the Bridge Breaks: Market-Implied Default Risk

Jaime Castillo Leon, Alfred Lehar

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)

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)

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)

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)

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)

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)