Analysts' Belief Formation in Their Own Words

Shikun {Barry} Ke

Yale University

Discussant: Zhengyang Xu (City University of Hong Kong)

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)

Expectation-Driven Term Structure of Equity and Bond Yields

Guihai Zhao¹, Ming Zeng²

¹Bank of Canada; ²University of Gothenburg

Discussant: Kai Li (Peking Uniersity)

The Dependence of Belief Dynamics on Beliefs: Implications for Stock Returns

Ian Dew-Becker¹, Stefano Giglio², Pooya Molavi³

¹Federal Reserve Bank of Chicago; ²Yale University; ³Northwestern University

Discussant: Jiantao Huang (University of Hong Kong)

Loan Spreads and Interest Rates: The Role of The Deposit Channel and Lending Market Power

Pierre Alexandre Dubuis¹, Antoine Hubert de Fraisse²

¹Bank of England; ²HEC Paris

Discussant: Sebastian Doerr (Bank for International Settlements)

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)

Private Debt versus Bank Debt in Corporate Borrowing

Sharjil Haque², Simon Mayer¹, Irina Stefanescu²

¹Carnegie Mellon University; ²Federal Reserve Board of Governors

Discussant: Tatyana Marchuk (Nova School of Business and Economics)

Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section

Mohammad Ghaderi², Sebastien Plante¹, Nikolai Roussanov³, Sang Byung Seo¹

¹University of Wisconsin-Madison; ²University or Kansas; ³University of Pennsylvania

Discussant: Yoshio Nozawa (University of Toronto)

Collateral Demand in Wholesale Funding Markets

Patrick Coen¹, Jamie Coen², Anne-Caroline Huser³

¹Toulouse School of Economics; ²Imperial College London; ³Bank of England

Discussant: Karamfil Todorov (Bank for International Settlements)

Stochastic Social Preferences

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)

Credit Card Borrowing in Heterogeneous-Agent Models: Reconciling Theory and Data

Sean Chanwook Lee¹, Peter Maxted²

¹Harvard University; ²University of California, Berkeley

Discussant: Arthur Taburet (Duke University)

Beliefs-driven Entry and Exit

Paul Ehling, Christian Heyerdahl-Larsen, Zeshu Xu

BI Norweigian Business School

Discussant: Hongye Guo (University of Hong Kong)

Risk Revisited

Xindi He¹, Yucheng Liang²

¹Georgia Institute of Technology; ²Carnegie Mellon University

Discussant: Zhengyang Xu (City University of Hong Kong)

A Stock Return Decomposition Using Observables

Benjamin Knox, Annette Vissing-Jorgensen

Federal Reserve Board of Governors

Discussant: Thummim Cho (Korea University)

The Real Cost of Benchmarking

Christian Kontz, Sebastian Hanson

Stanford University

Discussant: David Schoenherr (Seoul National University)

Artificial Intelligence and Firms' Systematic Risk

Tania Babina², Anastassia Fedyk¹, Alex He³, James Hodson⁴

¹University of California, Berkeley; ²Columbia University; ³University of Maryland; ⁴AI for Good Foundation

Discussant: Sean Seunghun Shin (Korea Advanced Institute of Science & Technology)

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 Graduate School of Finance

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)

Financial and Total Wealth Inequality with Declining Interest Rates

Matteo Leombroni¹, Dan Greenwald², Hanno Lustig³, Stijn Van Nieuwerburgh⁴

¹Boston College; ²New York University; ³Stanford University; ⁴Columbia University

Discussant: Andrej Mijakovic (European University Institute)

High Net Worth Individuals, Private Capital Markets and Inequality

Ararat Gocmen¹, Clara Martinez-Toledano², Vrinda Mittal³

¹University College London; ²Imperial College London; ³University of North Carolina at Chapel Hill

Discussant: Magnus Dje Bi Anges Hjortfors Irie (Princeton University)

Poverty Spreads in Deposit Markets

Emilio Bisetti¹, Arkodipta Sarkar²

¹Hong Kong University of Science and Technology; ²National University of Singapore

Discussant: Richard Stanton (University of California, Berkeley)

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)

Credit Card Banking

Hyeyoon Jung¹, Itamar Drechsler², Weiyu Peng², Dominik Supera³, Guanyu Zhou²

¹Federal Reserve Bank of New York; ²University of Pennsylvania; ³Columbia University

Discussant: Sheng Huang (China Europe International Business School)

Banks' Risk Exposures and the Zero Lower Bound

Andres Schneider

Federal Reserve Board of Governors

Discussant: Jacelly Cespedes (University of Minnesota)

Keeping Up in the Digital Era: How Mobile Technology Is Reshaping the Banking Sector

Charlotte Haendler

Southern Methodist University

Discussant: Richard Thakor (University of Minnesota)

Leasing as a Corporate Risk Management Mechanism

Weiwei Hu¹, Kai Li¹, Chenjie Xu²

¹Peking University; ²Shanghai University of Finance and Economics

Discussant: Vasudha Nukala (Indian School of Business)

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)

The Economics of Investor Engagement

Davidson Heath¹, Daniele Macciocchi², Matthew Ringgenberg¹

¹University of Utah; ²University of Miami

Discussant: Sean Seunghun Shin (Korea Advanced Institute of Science & Technology)

(Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting

Tao Li¹, Qifei Zhu²

¹University of Florida; ²National University of Singapore

Discussant: Maxime Couvert (University of Hong Kong)

Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders

Tetiana Davydiuk¹, Isil Erel², Wei Jiang³, Tatyana Marchuk⁴

¹Johns Hopkins University; ²Ohio State University; ³Emory University; ⁴Nova School of Business and Economics

Discussant: Katie Moon (University of Colorado)

AI Powered Trading, Algorithimic Collusion and Price Efficiency

Winston Dou¹, Itay Goldstein¹, Yan Ji²

¹University of Pennsylvania; ²Hong Kong University of Science and Technology

Discussant: Xian Wu (University of Wisconsin-Madison)

Employing Artificial Intelligence to Create Smart Limit Orders

Seongkyu {Gilbert} Park¹, Patrik Sandas²

¹Willamette University; ²University of Virginia

Discussant: Chen Yao (Chinese University of Hong Kong)

Machine Traders, Human Behavior, and Model (Mis)Specification

Ahmed Guecioueur

University of Washington

Discussant: Don Noh (Hong Kong University of Science and Technology)

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)

The Making of (Modern) Banks

Zhao Li³, Kebin Ma¹, Lucy White²

¹University of Warwick; ²Boston University; ³Capital University of Economics and Business

Discussant: John Chi-Fong Kuong (Chinese University of Hong Kong)

The Evolution and Economic impact of African American banks The USA from 1900 to present

Mintra Dwarkasing¹, Narly Dwarkasing², Yashvir Gangaram Panday³, Lucia Gomez Llactahuamani⁴

¹University of Bonn; ²Forum on Economic and Fiscal Policy; ³Erasmus University Rotterdam; ⁴Harvard University

Discussant: Hugh Hoikwang Kim (University of South Carolina)

Bank Stress Testing, Human Capital Investment and Risk Management

Thomas Schneider¹, Philip Strahan², Jun Yang³

¹University of Oklahoma; ²Boston College; ³University of Notre Dame

Discussant: Oliver Rehbein (Vienna University of Economics and Business)

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)

Fund Investor Attention: Uncovering Fund Links through Revealed Preferences

Thanh Huynh

Monash University

Discussant: Shujing Wang (Tongji University)

Institutional Ownership Concentration and Informational Efficiency

Yan Xiong¹, Liyan Yang², Zexin Zheng³

¹University of Hong Kong; ²University of Toronto; ³Hong Kong University of Science and Technology

Discussant: Jungsuk Han (Seoul National University)

Debt Dictionaries

Jawad M. Addoum¹, Vitaly Meursault², Justin Murfin¹

¹Cornell University; ²Federal Reserve Bank of Philadelphia

Discussant: Hae Lee (Korea University Business School)

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)

Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure

Hyeyoon Jung¹, Robert Engle², Shan Ge², Xuran Zeng²

¹Federal Reserve Bank of New York; ²New York University

Discussant: Sangmin Simon Oh (Columbia University)

Business as Usual: Bank Climate Commitments, Lending, and Engagement

David Marques Ibanez³, Emil Verner², Pari Sastry¹

¹European Central Bank; ²Columbia University; ³Massachusetts Institute of Technology

Discussant: Tim Eisert (Nova School of Business and Economics)

Bank Competition and Strategic Adaptation to Climate Change

Dasol Kim¹, Luke Olson¹, Toan Phan²

¹Office of Financial Research; ²Federal Reserve Bank of Richmond

Discussant: Mayank Kumar (Boston 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)

Trading Volume Alpha

Ruslan Goyenko², Bryan Kelly³, Tobias Moskowitz³, Yinan Su¹, Chao Zhang⁴

¹Johns Hopkins University; ²McGill University; ³Yale University; ⁴Hong Kong University of Science and Technology

Sustainable Investing and Market Governance

Alvin Chen¹, Deeksha Gupta², Jan Starmans¹

¹Stockholm School of Economics; ²Johns Hopkins University

Discussant: Magdalena Rola-Janicka (Imperial College London)

Carbon Offsets: Decarbonization or Transition-Washing?

Sehoon Kim, Tao Li, Yanbin Wu

University of Florida

Discussant: Kunal Sachdeva (University of Michigan)

Green Products

Wan-Chien Chiu¹, Po-Hsuan Hsu², Kai Li³, Joy Tianjiao Tong⁴

¹National Tsing Hua University; ²National Tsing Hua University; ³University of British Columbia; ⁴University of Western Ontario

Discussant: Nora Pankratz (University of Toronto)

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)

How Do Income-Driven Repayment Plans Benefit Student Debt Borrowers?

Sylvain Catherine¹, Mehran Ebrahimian², Constantine Yannelis³

¹University of Pennsylvania; ²Stockholm School of Economics; ³University of Cambridge

Discussant: Tianyue Ruan (National University of Singapore)

Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry

Janet Gao¹, Tim Liu², Sara Malik³, Merih Sevilir⁴

¹Georgetown University; ²University of Utah; ³University of Utah; ⁴Halle Institute for Economic Research

Discussant: Jash Jain (Indian School of Business)

The Impact of Finfluencers on Retail Investment

Isaiah Hull¹, Yingjie Qi²

¹BI Norwegian Business School; ²Copenhagen Business School

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

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 Debt Ceiling’s Disruptive Impact: Evidence from Many Markets

William Cassidy, Shreye Mirani

Washington University in St. Louis

Discussant: Jonathan Wallen (Harvard University)

Pre-Refunding Announcement Gains in US Treasurys

Chen Wang¹, Kevin Zhao²

¹University of Notre Dame; ²Office of Financial Research

Discussant: Byoung-Hyoun Hwang (Nanyang Technological University)

The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts

Eric Swanson¹, Renxuan Wang², Yanbin Wu³

¹University of California, Irvine; ²China Europe International Business School; ³University of Florida

Discussant: Nancy Xu (Boston College)

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)

Financing the Adoption of Clean Technology

Andrea Lanteri, Adriano Rampini

Duke University

Discussant: Deeksha Gupta (Johns Hopkins University)

Do Carbon Markets Undermine Private Climate Initiatives?

Pat Akey¹, Ian Appel², Aymeric Bellon³, Johannes Klausmann²

¹INSEAD; ²University of Virginia; ³University of North Carolina at Chapel Hill

Discussant: Amanda Heitz (Tulane University)

Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks

Ulrich Hege¹, Kai Li², Yifei Zhang²

¹Peking University; ²Toulouse School of Economics

Discussant: Chhavi Rastogi (International Finance Corporation)

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)

Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance

Luis Lopez¹, Dermot Murphy¹, Nitzan Tzur-Ilan², Sean Wilkoff³

¹University of Illinois Chicago; ²Federal Reserve Bank of Dallas; ³University of Nevada, Reno

Discussant: Qifei Zhu (National University of Singapore)

The Color of Finance: Can Bank Capital Requirements Influence Transition to a Green Economy?

Fenghua Song¹, Anjan Thakor²

¹Pennsylvania State University; ²Washington University in St. Louis

Discussant: Angela Ma (Boston College)

Transaction Costs, the Price of Convenience, and the Cross-Section of Safe Asset Returns

Ragnar Juelsrud¹, Fabienne Schneider², Plamen Nenov^1,3, Olav Syrstad³

¹Norges Bank; ²Bank of Canada; ³BI Norwegian Business School

Discussant: Jonathan Cohn (University of Texas at Austin)

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)

Regulating Inventors

Torin McFarland

Drexel University

Discussant: Xiangqian Huang (Chinese University of Hong Kong)

How Scientists on Corporate Boards Drive Innovation by Bridging Research and Development

Ronald W. Masulis, Yufeng Yao

University of New South Wales

Discussant: Xing Liu (Tsinghua University)

Are Patents with Female Inventors Under-Cited? Evidence from Text Estimation

Yael Hochberg¹, Ali Kakhbod², Peiyao Li², Kunal Sachdeva³

¹Rice University; ²University of California, Berkeley; ³University of Michigan

Discussant: Alan Kwan (University of Hong Kong)

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 Bun^1,2, 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)

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)

Policy Portfolio for Banks: Deposit Insurance and Liquidity Injection

Chong Huang¹, Lin Shen², Junyuan Zou²

¹University of California, Irvine; ²INSEAD

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 Burga¹, Walter Cuba², Eduardo Díaz², Elmer Sánchez²

¹Pontificia Universidad Católica de Chile; ²Central Reserve Bank of Perú

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)