Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 11th May 2025, 05:35:11pm KST
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Session Overview |
| Date: Thursday, 29/May/2025 | ||||
| 9:30am - 6:00pm |
Conference Registration |
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| 1:30pm - 3:15pm |
PhD Session #1 Location: Studio 4 Chair: Snehal Banerjee, University of Michigan Disagreement, Subjective Uncertainty, and the Stock Market 1: University of Chicago; 2: Northwestern University Barriers to Reentry: Initial Borrowing Frictions, Refinancing, and Wealth Redistribution University of Wisconsin-Madison Analysts' Belief Formation in Their Own Words Yale University |
Returns Location: Studio 5 Chair: Harold Zhang, University of Texas at Dallas Expectation-Driven Term Structure of Equity and Bond Yields 1: Bank of Canada; 2: University of Gothenburg The Dependence of Belief Dynamics on Beliefs: Implications for Stock Returns 1: Federal Reserve Bank of Chicago; 2: Yale University; 3: Northwestern University Loan Spreads and Interest Rates: The Role of The Deposit Channel and Lending Market Power 1: Bank of England; 2: HEC Paris |
Lending Location: Studio 6 Chair: Elena Loutskina, University of Virginia Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries 1: Frankfurt School of Finance & Management; 2: Georgia Tech; 3: New York University Non-Fundamental Loan Renegotiations 1: University of British Columbia; 2: Massachusetts Institute of Technology; 3: Northwestern University; 4: University of Southern California Bank Specialization in Lending to New Firms 1: European Bank for Reconstruction and Development; 2: Bank of Portugal; 3: Banco d'Espana; 4: University of Zurich |
Corporate Borrowing Location: Studio 7 Chair: Vidhan Goyal, Hong Kong University of Science and Technology Private Debt versus Bank Debt in Corporate Borrowing 1: Carnegie Mellon University; 2: Federal Reserve Board of Governors Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section 1: University of Wisconsin-Madison; 2: University or Kansas; 3: University of Pennsylvania Collateral Demand in Wholesale Funding Markets 1: Toulouse School of Economics; 2: Imperial College London; 3: Bank of England |
| Corporate Investment Location: Studio 8 Chair: Bing Han, University of Toronto Stochastic Social Preferences and Corporate Investment Decisions 1: Vienna University of Technology; 2: University of Luxembourg; 3: Monash University; 4: Vienna University of Economics and Business Mispricing and Firm Investment 1: North Carolina State University; 2: Texas A&M University Monetary Policy and Corporate Investment: The Equity Financing Channel 1: Federal Reserve Board of Governors; 2: University of Minnesota; 3: Federal Reserve Bank of Richmond; 4: American University |
Behavioral Responses Location: Studio 9 Chair: Simon Gervais, Duke University Credit Card Borrowing in Heterogeneous-Agent Models: Reconciling Theory and Data 1: Harvard University; 2: University of California, Berkeley Beliefs-driven Entry and Exit BI Norweigian Business School Risk Revisited 1: Georgia Institute of Technology; 2: Carnegie Mellon University |
Asset Pricing I Location: Studio 10 Chair: Jungsuk Han, Seoul National University A Stock Return Decomposition Using Observables Federal Reserve Board of Governors The Real Cost of Benchmarking Stanford University Artificial Intelligence and Firms' Systematic Risk 1: University of California, Berkeley; 2: Columbia University; 3: University of Maryland; 4: AI for Good Foundation |
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| 3:15pm - 3:30pm |
Coffee Break |
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| 3:30pm - 5:15pm |
PhD Session #2 Location: Studio 4 Dilutive Financing Duke University Anything but Equity - On Banks’ Preference for Hybrid Debt Vienna University of Economics and Business The Value of Contingent Liquidity from Banks to Nonbank Financiers University of Pennsylvania |
Inequality Location: Studio 5 Chair: Hyunseob Kim, Federal Reserve Bank of Chicago Financial and Total Wealth Inequality with Declining Interest Rates 1: Boston College; 2: New York University; 3: Stanford University; 4: Columbia University High Net Worth Individuals, Private Capital Markets and Inequality 1: University College London; 2: Imperial College London; 3: University of North Carolina at Chapel Hill Poverty Spreads in Deposit Markets 1: Hong Kong University of Science and Technology; 2: National University of Singapore |
Raising Capital Location: Studio 6 Chair: Martin Szydlowski, Hong Kong University of Science and Technology Equity ATMs 1: University of Toronto; 2: University of Toronto Capitalizing on Crowd Capital University of Amsterdam Corporate Finance Through Loyalty Programs Chinese University of Hong Kong |
Modern Banking Location: Studio 7 Chair: Anjan Thakor, Washington University in St. Louis Credit Card Banking 1: Federal Reserve Bank of New York; 2: University of Pennsylvania; 3: Columbia University Banks' Risk Exposures and the Zero Lower Bound Federal Reserve Board of Governors Keeping Up in the Digital Era: How Mobile Technology Is Reshaping the Banking Sector Southern Methodist University |
| Bank and Corporate Profits Location: Studio 8 Chair: Nagpurnanand Prabhala, Johns Hopkins University Leasing as a Corporate Risk Management Mechanism 1: Peking University; 2: Shanghai University of Finance and Economics The Changing Structure of Corporate Profits University of Minnesota What Do Bank Trading Desks Do? 1: Federal Reserve Bank of Boston; 2: Harvard University |
Institutions and Governance Location: Studio 9 Chair: Angie Low, Nanyang Technological University The Economics of Investor Engagement 1: University of Utah; 2: University of Miami (Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting 1: University of Florida; 2: National University of Singapore Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders 1: Johns Hopkins University; 2: Ohio State University; 3: Emory University; 4: Nova School of Business and Economics |
Algorithmic Trading Location: Studio 10 Chair: Emiliano Pagnotta, Singapore Management University AI Powered Trading, Algorithimic Collusion and Price Efficiency 1: University of Pennsylvania; 2: Hong Kong University of Science and Technology Employing Artificial Intelligence to Create Smart Limit Orders 1: Willamette University; 2: University of Virginia Machine Traders, Human Behavior, and Model (Mis)Specification University of Washington |
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| 6:00pm - 8:00pm |
Welcome Reception Location: Vvertigo, Level 9 Sponsored by Elsevier, Inc. |
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| Date: Friday, 30/May/2025 | |||
| 7:30am - 12:30pm |
Conference Registration |
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| 8:30am - 10:15am |
Institutional Investors Location: Studio 4 Chair: Bing Liang, University of Massachusetts Amherst Private Investments of Corporate Bond Mutual Funds 1: Seoul National University; 2: Northern Illinois University; 3: National University of Singapore Inventory in Liquidity Transformation: Evidence from Corporate Bond ETF Creations Carnegie Mellon University Remeasuring Scale in Active Management 1: University of Hong Kong; 2: University of Washington; 3: Hong Kong Polytechnic University |
Bank Incentives Location: Studio 5 Chair: Robert Marquez, University of California, Davis The Making of (Modern) Banks 1: University of Warwick; 2: Boston University; 3: Zhongnan University of Economics and Law The Evolution and Economic impact of African American banks The USA from 1900 to present 1: University of Bonn; 2: Forum on Economic and Fiscal Policy; 3: Erasmus University Rotterdam; 4: Harvard University Bank Stress Testing, Human Capital Investment and Risk Management 1: University of Oklahoma; 2: Boston College; 3: University of Notre Dame |
Cryptocurrency Location: Studio 6 Chair: Yizhou Xiao, Chinese University of Hong Kong Default Expectations During Suspension of Convertibility in DeFi University of Calgary Tokenomics: Optimal Monetary and Fee Policies 1: University of Pennsylvania; 2: Peking University The Effects of Hype and Social Preferences on Crypto Investing 1: Katholieke Universiteit Leuven; 2: École Supérieure de Commerce de Paris, Turn; 3: Katholieke Universiteit Leuven; 4: Katholieke Universiteit Leuven |
| Investors and Information Location: Studio 7 Chair: Yen-Cheng Chang, National Taiwan University Fund Investor Attention: Uncovering Fund Links through Revealed Preferences Monash University Institutional Ownership Concentration and Informational Efficiency 1: University of Hong Kong; 2: University of Toronto; 3: Hong Kong University of Science and Technology Debt Dictionaries 1: Cornell University; 2: Federal Reserve Bank of Philadelphia |
International Location: Studio 8 Chair: Eliza Wu, University of Sydney Following the Fed: Limits of Arbitrage and the Dollar 1: University of Pennsylvania; 2: Hong Kong University of Science and Technology Global Insolvency and Cross-border Capital Flows 1: University of New South Wales; 2: Queen's University Dollar Asset Holdings and Hedging Around the Globe 1: University of Pennsylvania; 2: Harvard University |
Risky Climate Location: Studio 9 Chair: Bart Zhou Yueshen, Singapore Management University Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure 1: Federal Reserve Bank of New York; 2: New York University Business as Usual: Bank Climate Commitments, Lending, and Engagement 1: European Central Bank; 2: Columbia University; 3: Massachusetts Institute of Technology Bank Competition and Strategic Adaptation to Climate Change 1: Office of Financial Research; 2: Federal Reserve Bank of Richmond |
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| 10:15am - 10:30am |
Coffee Break |
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| 10:30am - 12:15pm |
Using LLM and AI Location: Studio 4 Chair: Asaf Manela, Washington University in St. Louis Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models University of Florida Harnessing Generative AI for Economic Insights 1: Georgia State University; 2: University of Chicago Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation 1: Chinese University of Hong Kong, Shenzhen; 2: Chinese University of Hong Kong; 3: University of Delaware |
Clean Economy Location: Studio 5 Chair: Adriano Rampini, Duke University Sustainable Investing and Market Governance 1: Stockholm School of Economics; 2: Johns Hopkins University Carbon Offsets: Decarbonization or Transition-Washing? University of Florida Green Products 1: National Tsing Hua University; 2: National Tsing Hua University; 3: University of British Columbia; 4: University of Western Ontario |
Asset Pricing II Location: Studio 6 Chair: Thummim Cho, Korea University Search Intensity and Asset Prices 1: City University of Hong Kong; 2: University of Toronto, Canada Innovation-Driven Contractions: A Key to Unravel Asset Pricing Puzzles 1: University of North Carolina at Chapel Hill; 2: Chinese University of Hong Kong The Cross-Section of Dividend Discount Rates INSEAD |
| Household Finance Location: Studio 7 Chair: Wenlan Qian, National University of Singapore How Do Income-Driven Repayment Plans Benefit Student Debt Borrowers? 1: University of Pennsylvania; 2: Stockholm School of Economics; 3: University of Cambridge Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry 1: Georgetown University; 2: University of Utah; 3: University of Utah; 4: Halle Institute for Economic Research The Impact of Finfluencers on Retail Investment 1: BI Norwegian Business School; 2: Copenhagen Business School |
Bank Deposits Location: Studio 8 Chair: Christa Bouwman, Texas A&M University Specialized Banks And The Transmission Of Monetary Policy: Evidence From The U.S. Syndicated Loan Market Banco de España The Deposit Business at Large vs. Small Banks 1: Stockholm School of Economics; 2: University of California, Los Angeles; 3: University of Illinois Urbana-Champaign; 4: University of California, Berkeley Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts 1: Danmarks Nationalbank; 2: Imperial College London; 3: University of Essex; 4: Bank of Italy |
Banks and Markets Location: Studio 9 Chair: Philip Strahan, Boston College The Debt Ceiling’s Disruptive Impact: Evidence from Many Markets Washington University in St. Louis Pre-Refunding Announcement Gains in US Treasurys 1: University of Notre Dame; 2: Office of Financial Research The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts 1: University of California, Irvine; 2: China Europe International Business School; 3: University of Florida |
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| 12:30pm - 2:00pm |
Lunch and Keynote Address by Charles Calomiris Location: Grand Ballroom Located on Level 3 |
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| 2:00pm - 5:00pm |
Conference Registration |
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| 2:30pm - 4:15pm |
Monetary Policy Location: Studio 4 Chair: Seung Joo Lee, University of Oxford Monetary Policy Wedges and the Long-term Liabilities of Households and Firms 1: London Business School; 2: University of Pennsylvania Indebted Supply and Monetary Policy: A Theory of Financial Dominance 1: New York University; 2: Sciences Po Paris, France The Insurance Channel of Monetary Policy 1: Bocconi University; 2: European Central Bank; 3: LUISS Guido Carli University |
Cleanest Economy Location: Studio 5 Chair: Alminas Zaldokas, National University of Singapore Financing the Adoption of Clean Technology Duke University Do Carbon Markets Undermine Private Climate Initiatives? 1: INSEAD; 2: University of Virginia; 3: University of North Carolina at Chapel Hill Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks 1: Peking University; 2: Toulouse School of Economics |
Geopolitics Location: Studio 6 Chair: Thomas Andreas Maurer, University of Hong Kong Global Political Ties and the Global Financial Cycle 1: Bank of Finland; 2: Fordham University; 3: Halle Institute for Economic Research Partisan Friendshoring 1: George Washington University; 2: Georgetown University; 3: Singapore Management University How do US Firms Respond to Labor Market Regulation Shocks around the World? Evidence from the Global Supply Chain 1: Xiamen University; 2: Rutgers University; 3: Nanyang Technological University; 4: Santa Clara University |
| Externalities Location: Studio 7 Chair: Jonathan Cohn, University of Texas at Austin Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance 1: University of Illinois Chicago; 2: Federal Reserve Bank of Dallas; 3: University of Nevada, Reno The Color of Finance: Can Bank Capital Requirements Influence Transition to a Green Economy? 1: Pennsylvania State University; 2: Washington University in St. Louis Transaction Costs, the Price of Convenience, and the Cross-Section of Safe Asset Returns 1: Norges Bank; 2: Bank of Canada; 3: BI Norwegian Business School |
Factors Location: Studio 8 Chair: Jie Cao, Hong Kong Polytechnic University The Idiosyncratic Financial Factor: An Explanation for the Role of Size Factors and the Weak Intertemporal Risk-Return Relation 1: Federal Reserve Bank of Dallas; 2: University of Notre Dame; 3: Massachusetts Institute of Technology Factor Investing with Delays 1: University of New South Wales; 2: University of Toronto; 3: Warwick University Macro Strikes Back: Term Structure of Risk Premia 1: London Business School; 2: University of Hong Kong; 3: London School of Economics |
Inventors Location: Studio 9 Chair: Tao Shu, Chinese University of Hong Kong Regulating Inventors Drexel University How Scientists on Corporate Boards Drive Innovation by Bridging Research and Development University of New South Wales Are Patents with Female Inventors Under-Cited? Evidence from Text Estimation 1: Rice University; 2: University of California, Berkeley; 3: University of Michigan |
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| Date: Saturday, 31/May/2025 | |||
| 7:30am - 10:30am |
Conference Registration |
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| 8:30am - 10:15am |
Networks Location: Studio 4 Chair: Briana Chang, Hong Kong University of Science and Technology The Network Structure of Data Economy 1: Shanghai Jiao Tong University; 2: University of British Columbia; 3: University of Washington; 4: University of Pennsylvania The Different Networks Of Firms Implied By The News 1: Santa Clara University; 2: Wellington Management Greening thy Neighbor: How the US Inflation Reduction Act Drives Climate Finance Globally 1: University of Groningen; 2: Asian Development Bank; 3: Southwestern University of Finance and Economics |
Leverage Location: Studio 5 Chair: Abhiroop Mukherjee, Hong Kong University of Science and Technology Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction 1: University of Manchester; 2: University of Florida; 3: University of Pittsburgh; 4: University of Cambridge Corporate Credit Conditions Around the World: Novel Facts Through Holistic Data Federal Reserve Bank of New York The Real Effects of Debt Relief: Evidence from Independent School Districts in Texas University of Texas at Austin |
Supplying Liquidity Location: Studio 6 Chair: John Chi-Fong Kuong, Chinese University of Hong Kong Stealthy Shorts: Informed Liquidity Supply 1: University of Lausanne; 2: University of North Carolina at Chapel Hill; 3: Erasmus University Rotterdam Dual Trading, Fee Competition, and Price Discovery at the Market Close 1: University of Warwick; 2: University of Hong Kong The Market for 0-Days-to-Expiration: The Role of Liquidity Providers in Volatility Attenuation 1: Bank of Canada; 2: University of Toronto |
| Runs Location: Studio 7 Chair: Yiming Ma, Columbia University Two Centuries of Systemic Bank Runs 1: All Souls College; 2: University of Bonn; 3: National University of Singapore Investor Fragility, Bargaining Power, and Pricing Implications for Short-Term Funding Markets Federal Reserve Board of Governors CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks during the 1890s 1: Federal Deposit Insurance Corporation; 2: Bank Policy Institute; 3: University of Illinois Urbana-Champaign |
Corporate Governance Location: Studio 8 Chair: Ron Masulis, University of New South Wales See the Gap: Firm Returns and Shareholder Incentives Indiana University Real Effects of Personal Liability: Evidence from Industrial Pollution University of Toronto Non-Compete Agreements and the Market for Corporate Control University of Toronto |
Beliefs Location: Studio 9 Chair: Philip Bond, University of Washington A Cognitive Foundation for Perceiving Uncertainty 1: Aalto University, Finland; 2: University of Mannheim; 3: University of Chicago; 4: University of Pennsylvania Information Partitioning, Learning, and Beliefs 1: Heidelberg University; 2: University of Mannheim An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty 1: University of Wisconsin, Madison; 2: Duke University; 3: University of Hong Kong; 4: University of Pennsylvania |
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| 10:15am - 10:30am |
Coffee Break |
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| 10:30am - 12:15pm |
Consumer Credit Location: Studio 4 Chair: Sumit Agarwal, National University of Singapore Screening Using a Menu of Contracts in Imperfectly Competitive and Adversely Selected Markets Duke University Short-Term Lending and Usury Limits: Consumer Impact and Market Adaptation 1: University of Utah; 2: University of Houston; 3: University of Utah; 4: University of Utah The Impact of Credit Scores: Evidence from a Natural Experiment 1: Ben-Gurion University; 2: Bank of Israel |
Cleaner Economy Location: Studio 5 Chair: Uday Rajan, University of Michigan ESG Incidents and Fundraising in Private Equity 1: HEC Paris; 2: International Finance Corporation; 3: Singapore Management University Funding the Fittest? Pricing of Climate Transition Risk in the Corporate Bond Market 1: University of Amsterdam; 2: De Nederlandsche Bank ESG Investing and Stock Return Comovements 1: Imperial College London; 2: Baruch College; 3: University of Macau |
Housing Location: Studio 6 Chair: Leming Lin, University of Pittsburgh Housing and Fertility 1: Banco Central do Brasil; 2: National University of Singapore; 3: Imperial College London; 4: Washington University in St. Louis Financial Frictions and Geographical Diversification of National Homebuilders Indiana University Green Mortgages London Business School |
| Governance Location: Studio 7 Chair: Tingjun Liu, Hong Kong University Voting on Public Goods: Citizens vs. Shareholders 1: Erasmus University Rotterdam; 2: University of Washington; 3: Boston College; 4: Imperial College London Leaks, Disclosures and Internal Communication 1: University of Michigan; 2: University of Hong Kong; 3: Korea University Kamikazes in Public Procurements: Bid-Rigging and Real Non-Market Outcomes National University of Singapore, Singapore |
Fintech Lending Location: Studio 8 Chair: Yan Xiong, University of Hong Kong Regulating Credit: Effects on Market Structure, Lender Technologies, and Credit Access Stanford University Tech-Driven Intermediation in the Originate-to-Distribute Model 1: University of Florida; 2: Stanford University Open Banking and Digital Payments: Implications for Credit Access 1: Indian School of Business; 2: Indian Institute of Management; 3: Centre for Advanced Financial Research and Learning; 4: Duke University |
Labour Markets Location: Studio 9 Chair: Jianqiu Bai, Northeastern University Exploitation Payoffs and Incentives for Exploration 1: Chinese University of Hong Kong; 2: University of Texas at Austin; 3: University of Carlos III Financial Innovation, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems 1: University of Minnesota; 2: Pontificia Universidad Católica de Chile; 3: Insper Human Capital, Competition and Mobility in the Managerial Labor Market 1: Rice University; 2: University of Warwick; 3: Duke University |
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| 12:30pm - 2:00pm |
Lunch: FIRS Business Meeting, JFI Awards Location: Grand Ballroom Located on Level 3 |
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| 2:30pm - 4:15pm |
Bank Stability Location: Studio 4 Chair: Anastasia Kartasheva, University of St Gallen Bank Geographic Diversification And Funding Stability Bank for International Settlements Do Higher Interest Rates Make The Banking System Safer? Evidence From Bank Leverage Imperial College London Managing Overreaction During a Run Pontificia Universidad Católica de Chile |
Product Markets Location: Studio 5 Chair: Xiaoji Lin, University of Minnesota The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions 1: Monash University; 2: University of Florida Firm Product Concentration and Asset Prices University of Toronto Adverse Selection and Endogenous Information Duke University |
Methods Location: Studio 6 Chair: Naveen Gondhi, INSEAD Causal Inference for Asset Pricing 1: University of California, Los Angeles; 2: Stanford University; 3: Stockholm School of Economics; 4: London School of Economics; 5: University of Minnesota AlphaManager: A Data-Driven-Robust-Control Approach to Corporate Finance 1: University of Florida; 2: Cornell University; 3: New York University Addressing Anticipation Effects in Finance 1: University of Amsterdam; 2: University of Zurich |
| Financing in Low Income Countries Location: Studio 7 Chair: S. Viswanathan, Duke University The Welfare Benefits of Pay-As-You-Go Financing 1: University of California, Berkeley; 2: Washington University in St. Louis Small Firm Investment under Uncertainty: The Role of Equity Finance University of Oxford Financial Stimulus and Microfinance Institutions in Emerging Markets Pontificia Universidad Católica de Chile |
Politics Location: Studio 8 Chair: Jonathan Brogaard, University of Utah Mega-Donors and Representation of the Wealthy in the Wake of Citizens United 1: Arizona State University; 2: China Europe International Business School; 3: Erasmus University Corporate Lobbying of Bureaucrats 1: Drexel University, USA; 2: University of Melbourne, Australia Government Litigation Risk and the Decline in Low-Income Mortgage Lending 1: University of Wisconsin-Madison; 2: Structured Finance Association; 3: Federal Reserve Bank of Atlanta; 4: University of Rochester; 5: Texas Tech University |
Credit and Interest Rate Risk Location: Studio 9 Chair: Patrick Augustin, McGill University Excess Co-movement in Default Risk 1: McGill University; 2: University of Technology Sydney; 3: University of New South Wales; 4: University of Melbourne The Market for Sharing Interest Rate Risk: Quantities and Asset Prices 1: University of Iowa; 2: Columbia University; 3: Bank of England; 4: Harvard University Bond Funds and Credit Risk 1: Seoul National University; 2: London School of Economics; 3: Sungkyunkwan University |
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