Stochastic Social Preferences and Corporate Investment Decisions

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)

Leasing as a Corporate Risk Management Mechanism

Weiwei Hu¹, Kai Li¹, Chenjie Xu²

¹Peking University; ²Shanghai University of Finance and Economics

Discussant: Nirupama Kulkarni (Centre for Advanced Financial Research and Learning)

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)

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)

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 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)

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)

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)

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)