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: 10th May 2025, 03:24:42am KST

 
 
Session Overview
Date: Thursday, 29/May/2025
9:30am - 6:00pmConference Registration
1:30pm - 3:15pmPhD Session #1
Location: Studio 4
Session Chair: Snehal Banerjee, University of Michigan
 

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)

 
1:30pm - 3:15pmReturns
Location: Studio 5
Session Chair: Harold Zhang, University of Texas at Dallas
 

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)

 
1:30pm - 3:15pmLending
Location: Studio 6
Session Chair: Elena Loutskina, University of Virginia
 

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)

 
1:30pm - 3:15pmCorporate Borrowing
Location: Studio 7
Session Chair: Vidhan Goyal, Hong Kong University of Science and Technology
 

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)

 
1:30pm - 3:15pmCorporate Investment
Location: Studio 8
Session Chair: Bing Han, University of Toronto
 

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)

 
1:30pm - 3:15pmBehavioral Responses
Location: Studio 9
Session Chair: Simon Gervais, Duke University
 

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)

 
1:30pm - 3:15pmAsset Pricing I
Location: Studio 10
Session Chair: Jungsuk Han, Seoul National University
 

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)

 
3:15pm - 3:30pmCoffee Break
3:30pm - 5:15pmPhD Session #2
Location: Studio 4
 

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)

 
3:30pm - 5:15pmInequality
Location: Studio 5
Session Chair: Hyunseob Kim, Federal Reserve Bank of Chicago
 

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)

 
3:30pm - 5:15pmRaising Capital
Location: Studio 6
Session Chair: Martin Szydlowski, Hong Kong University of Science and Technology
 

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)

 
3:30pm - 5:15pmModern Banking
Location: Studio 7
Session Chair: Anjan Thakor, Washington University in St. Louis
 

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)

 
3:30pm - 5:15pmBank and Corporate Profits
Location: Studio 8
Session Chair: Nagpurnanand Prabhala, Johns Hopkins University
 

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)

 
3:30pm - 5:15pmInstitutions and Governance
Location: Studio 9
Session Chair: Angie Low, 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)

 
3:30pm - 5:15pmAlgorithmic Trading
Location: Studio 10
Session Chair: Emiliano Pagnotta, Singapore Management University
 

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)

 
6:00pm - 8:00pmWelcome Reception
Location: Vvertigo, Level 9
Sponsored by Elsevier, Inc.
Date: Friday, 30/May/2025
7:30am - 12:30pmConference Registration
8:30am - 10:15amInstitutional Investors
Location: Studio 4
Session Chair: Bing Liang, University of Massachusetts Amherst
 

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)

 
8:30am - 10:15amBank Incentives
Location: Studio 5
Session Chair: Robert Marquez, University of California, Davis
 

The Making of (Modern) Banks

Kebin Ma1, Lucy White2, Zhao Li3

1University of Warwick; 2Boston University; 3Zhongnan University of Economics and Law

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)

 
8:30am - 10:15amCryptocurrency
Location: Studio 6
Session Chair: Yizhou Xiao, Chinese University of Hong Kong
 

Default Expectations During Suspension of Convertibility in DeFi

Alfred Lehar, Jaime Castillo Leon

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)

 
8:30am - 10:15amInvestors and Information
Location: Studio 7
Session Chair: Yen-Cheng Chang, National Taiwan University
 

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)

 
8:30am - 10:15amInternational
Location: Studio 8
Session Chair: Eliza Wu, University of Sydney
 

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)

 
8:30am - 10:15amRisky Climate
Location: Studio 9
Session Chair: Bart Zhou Yueshen, Singapore Management 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)

 
10:15am - 10:30amCoffee Break
10:30am - 12:15pmUsing LLM and AI
Location: Studio 4
Session Chair: Asaf Manela, Washington University in St. Louis
 

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)

 
10:30am - 12:15pmClean Economy
Location: Studio 5
Session Chair: Adriano Rampini, Duke University
 

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)

 
10:30am - 12:15pmAsset Pricing II
Location: Studio 6
Session Chair: Thummim Cho, Korea University
 

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)

 
10:30am - 12:15pmHousehold Finance
Location: Studio 7
Session Chair: Wenlan Qian, National University of Singapore
 

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)

 
10:30am - 12:15pmBank Deposits
Location: Studio 8
Session Chair: Christa Bouwman, Texas A&M 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)

 
10:30am - 12:15pmBanks and Markets
Location: Studio 9
Session Chair: Philip Strahan, Boston College
 

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)

 
12:30pm - 2:00pmLunch and Keynote Address by Charles Calomiris
Location: Grand Ballroom
Located on Level 3
2:00pm - 5:00pmConference Registration
2:30pm - 4:15pmMonetary Policy
Location: Studio 4
Session Chair: Seung Joo Lee, University of Oxford
 

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)

 
2:30pm - 4:15pmCleanest Economy
Location: Studio 5
Session Chair: Alminas Zaldokas, National University of Singapore
 

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)

 
2:30pm - 4:15pmGeopolitics
Location: Studio 6
Session Chair: Thomas Andreas Maurer, University of Hong Kong
 

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)

 
2:30pm - 4:15pmExternalities
Location: Studio 7
Session Chair: Jonathan Cohn, University of Texas at Austin
 

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 Nenov1,3, Olav Syrstad3

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

 
2:30pm - 4:15pmFactors
Location: Studio 8
Session 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

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)

 
2:30pm - 4:15pmInventors
Location: Studio 9
Session Chair: Tao Shu, Chinese University of Hong Kong
 

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)

 
Date: Saturday, 31/May/2025
7:30am - 10:30amConference Registration
8:30am - 10:15amNetworks
Location: Studio 4
Session Chair: Briana Chang, Hong Kong University of Science and Technology
 

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)

 
8:30am - 10:15amLeverage
Location: Studio 5
Session Chair: Abhiroop Mukherjee, Hong Kong University of Science and Technology
 

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)

 
8:30am - 10:15amSupplying Liquidity
Location: Studio 6
Session Chair: John Chi-Fong Kuong, Chinese University of Hong Kong
 

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)

 
8:30am - 10:15amRuns
Location: Studio 7
Session Chair: Yiming Ma, Columbia University
 

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)

 
8:30am - 10:15amCorporate Governance
Location: Studio 8
Session Chair: Ron Masulis, University of New South Wales
 

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)

 
8:30am - 10:15amBeliefs
Location: Studio 9
Session Chair: Philip Bond, University of Washington
 

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)

 
10:15am - 10:30amCoffee Break
10:30am - 12:15pmConsumer Credit
Location: Studio 4
Session Chair: Sumit Agarwal, National University of Singapore
 

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)

 
10:30am - 12:15pmCleaner Economy
Location: Studio 5
Session Chair: Uday Rajan, University of Michigan
 

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 Bun2, 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)

 
10:30am - 12:15pmHousing
Location: Studio 6
Session Chair: Leming Lin, University of Pittsburgh
 

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)

 
10:30am - 12:15pmGovernance
Location: Studio 7
Session Chair: Tingjun Liu, Hong Kong University
 

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)

 
10:30am - 12:15pmFintech Lending
Location: Studio 8
Session Chair: Yan Xiong, University of Hong Kong
 

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)

 
10:30am - 12:15pmLabour Markets
Location: Studio 9
Session Chair: Jianqiu Bai, Northeastern University
 

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)

 
12:30pm - 2:00pmLunch: FIRS Business Meeting, JFI Awards
Location: Grand Ballroom
Located on Level 3
2:30pm - 4:15pmBank Stability
Location: Studio 4
Session Chair: Anastasia Kartasheva, University of St Gallen
 

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)

 
2:30pm - 4:15pmProduct Markets
Location: Studio 5
Session Chair: Xiaoji Lin, University of Minnesota
 

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)

 
2:30pm - 4:15pmMethods
Location: Studio 6
Session Chair: Naveen Gondhi, INSEAD
 

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)

 
2:30pm - 4:15pmFinancing in Low Income Countries
Location: Studio 7
Session Chair: S. Viswanathan, Duke University
 

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 Burga

Pontificia Universidad Católica de Chile

Discussant: Sean Higgins (Northwestern University)

 
2:30pm - 4:15pmPolitics
Location: Studio 8
Session Chair: Jonathan Brogaard, University of Utah
 

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)

 
2:30pm - 4:15pmCredit and Interest Rate Risk
Location: Studio 9
Session Chair: Patrick Augustin, McGill University
 

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)

 

 
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