Do Covenants Bite Softly? Theory and Structural Estimates of Creditor Control Rights

Mian Liu

HEC Paris, France

Discussant: Jason Roderick Donaldson (University of Southern California)

Lender Specialization in Small Business Lending

Jun Yoo

The Graduate Center, CUNY, United States of America

Discussant: Arnoud Boot (University of Amsterdam)

The Intersection of Expected Returns

Austin Sobotka

The University of Arizona, United States of America

Discussant: Andrew Chen (Federal Reserve Board)

Going for Broker? Intermediation in Health Insurance Markets

Anran Li¹, Tong Liu², Anthony LoSasso³, Nicholas Tilipman⁴

¹Department of Economics, University of Minnesota - Twin Cities; ²Sloan School of Management, MIT; ³Department of Economics, DePaul University; ⁴Carey School of Business, Johns Hopkins University

Discussant: Adam Jorring (University of Massachusetts Amherst)

Hidden Medical Debt and Consumer Access to Credit

Elena Loutskina, Joonsung Won

University of Virginia, United States of America

Discussant: Avantika Pal (University of Illinois Urbana-Champaign)

What Constrains Medicare Fraud? The Role of Firm Culture in Nursing Homes

John Griffin¹, Alex Priest²

¹University of Texas, McCombs School of Business; ²University of Rochester, Simon Business School, United States of America

Discussant: Jillian Grennan (Emory University)

Estimating the Impact of Loan Supply Shocks

Nittai Bergman¹, Alejandro Casado², Rajkamal Iyer^3,4,5, Itay Saporta-Eksten^1,4,6,7

¹Tel Aviv University; ²Banco de España; ³Imperial College London; ⁴CEPR; ⁵ABFER; ⁶University of Manchester; ⁷IZA

A Public-Private Partnership? Central Bank Funding and Credit Supply

Matthieu Chavaz¹, David Elliott², Win Monroe³

¹Bank for International Settlements, Switzerland; ²Bank of England; ³Copenhagen Business School

Discussant: Indraneel Chakraborty (University of Miami)

Banks' Inflation Expectations and Credit Allocation: the Fisher Effect

Filippo De Marco¹, Diego Friedheim²

¹Bocconi University, Italy; ²Di Tella University, Argentina

Discussant: Francesco D\'Acunto (Georgetown University)

How (Not) to Identify Demand Elasticities in Dynamic Asset Markets

Jules van Binsbergen², Benjamin David², Christian Opp¹

¹University of Rochester, Simon Business School, United States of America; ²University of Pennsylvania

Discussant: Julie Fu (Washington University in St. Louis)

Risk and Return in Asset Demand Systems

Ozan E. Akbas¹, Ao Wang²

¹Warwick Business School, University of Warwick, United Kingdom; ²Department of Economics, University of Warwick, United Kingdom

Discussant: Leo Stanek (Vanderbilt University)

A Trilemma for Asset Demand Estimation

William Fuchs¹, Satoshi Fukuda², Daniel Neuhann¹

¹University of Texas at Austin, United States of America; ²Santa Clara University, United States of America

Discussant: Aditya Chaudhry (Ohio State University)

Collateral, Monitoring, and Bank Information Production

Tong Zhao

KU Leuven

Discussant: Tong Yu (Tsinghua University)

Monetary Policy Exposure of Banks and Loan Contracting

Ahmet Degerli¹, Jing Wang²

¹Federal Reserve Board; ²University of Missouri, United States of America

Discussant: Thomas Flanagan (The Ohio State University)

Do Institutional Investors Trade on Covenant Violations?

Anthony Saunders¹, Sascha Steffen², Paulina Verhoff²

¹NYU Stern School of Business; ²Frankfurt School of Finance & Management, Germany

Discussant: Sharjil Haque (Federal Reserve Board of Governors)

Beyond the Storm: Climate Risk and Insurers of Last Resort

Ankit Kalda¹, Varun Sharma¹, Vikas Soni², Derek Wenning¹

¹Kelley School of Business, Indiana University, United States of America; ²USF

Discussant: Christoph Herpfer (UVA Darden)

Flooded House or Underwater Mortgage? The Macrofinancial Implications of Climate Change and Adaptation

Yasmine Van der Straten

Nova SBE, Portugal

Discussant: Deeksha Gupta (Johns Hopkins)

The Economics of Insurance Guaranty Funds

Boaz Abramson⁴, Parinitha Sastry¹, Ishita Sen², Ana-Maria Tenekedjieva³

¹University of Pennsylvania; ²Harvard Business School; ³Arizona State University; ⁴Columbia University

Discussant: Brian Jonghwan Lee (Emory University)

Firms as Electoral Monopsonies

Carlos F Avenancio-Leon³, Adelina Barbalau², Cyndi {Xinyu} Hou¹, Alessio Piccolo¹

¹Indiana University, Kelley School of Business, United States of America; ²University of Alberta; ³University of California -- San Diego, Rady School of Management

Discussant: Doron Levit (University of Washington)

Big Data and Bigger Firms: A Labor Market Channel

Abhinav Gupta, Elena Siminitzi, Naman Nishesh

The University of North Carolina at Chapel Hill, United States of America

Discussant: Gaurav Kankanhalli (University of Pittsburgh)

Task Efficiency and Signaling in the Age of GenAI: Effort Reallocation and Firm Value Effects

Shiwei Ye

Erasmus University, Netherlands, The

Discussant: Wenting Ma (University of Massachusetts Amherst)

"Giving Up": The Impact of Decreasing Housing Affordability on Consumption, Work Effort, and Investment

Younggeun Yoo¹, Seung Hyeong Lee²

¹University of Chicago, United States of America; ²Northwestern University

Unintended Risks of Bank Capital Regulations

Dongkeun Choi

University of California, San Diego, United States of America

Discussant: Juliane Begenau (Stanford University)

The Rise in Insurance Costs for Commercial Properties: Causes, Effects on Rents, and the Role of Owners

Minjoo Kim, Prateek Mahajan, Zirui Wang

University of Texas at Austin

Discussant: Parinitha Sastry (University of Pennsylvania)

The Role of Social Value in Contracting

Shu Zhang¹, Nickolay Gantchev², Jim Goldman³

¹University of Exeter, United Kingdom; ²University of Virginia’s McIntire School of Commerce; ³McGill University

Discussant: Kunal Sachdeva (University of Michigan)

(Ir)responsible Takeovers

Philip Bond, Doron Levit

University of Washington, United States of America

Discussant: Paul Voss (HEC Paris)

Beyond ESG: Executive Pay Metrics and Shareholder Support

Nickolay Gantchev¹, Mariassunta Giannetti², Marcus Hober³

¹University of Virginia, CEPR, ECGI; ²Stockholm School of Economics, CEPR, ECGI; ³Stockholm School of Economics

Discussant: Alexandr Kopytov (University of Rochester)

Open Banking and Competition in Banks and Fintech: Evidence from Mobile Apps

Xinchen Ma

London School of Economics and Political Science, United Kingdom

Discussant: Giulio Cornelli (Bank for International Settlements)

Data as Collateral: Open Banking for Small Business Lending

Tong Yu

Tsinghua University

Discussant: Seung Jung Lee (Board of Governors of the Federal Reserve System)

Borrowers in the Shadows: The Promise and Pitfalls of Alternative Credit Data

Mark Jansen¹, Sam Kruger², Gonzalo Maturana³, Amin Shams⁴

¹University of Utah, Eccles School of Business; ²University of Texas at Austin, Mc{C}ombs School of Business; ³Emory University, Goizueta Business School; ⁴Ohio State University, Fisher College of Business

Discussant: Christina Wang (Federal Reserve Bank of Boston)

Asset Pricing with Supply Shocks

Shidong Shao¹, Chen Yao², Mao Ye³, Jason Zou⁴

¹The Chinese University of Hong Kong, Hong Kong S.A.R. (China); ²The Chinese University of Hong Kong, Hong Kong S.A.R. (China); ³Cornell University; ⁴Cornell University

Discussant: Paul Huebner (Stockholm School of Economics)

Erasing Alpha

Carter Davis², Xiao Han³, Stanislav Sokolinski¹, Andrea Tamoni⁴

¹Michigan State University, United States of America; ²Ohio State University; ³City St George's, University of London; ⁴University of Notre Dame

Discussant: Julie Fu (Washington University in St Louis)

Equity Valuation Without DCF

Thummim Cho², Christopher Polk¹, Robert Rogers¹

¹London School of Economics, United Kingdom; ²Korea University

Discussant: Christian Opp (University of Rochester, Simon Business School)

Selling to Yourself: Continuation Funds in Private Equity

Rustam Abuzov¹, Will Gornall², Sophie Shive³, Ilya Strebulaev⁴, Michael Weisbach⁵

¹University of Virginia, United States of America; ²University of British Columbia; ³University of Notre Dame; ⁴Stanford University; ⁵The Ohio State University

Discussant: Morten Sorensen (Tuck School of Business)

FX Neglect in Private Equity Buyouts

Vesa Pursiainen^1,2, Wang Tang^1,2

¹University of St. Gallen; ²Swiss Finance Institute

Discussant: Juliana Salomao (University of Minnesota)

How do Barbarians Get to the Gates? Private Equity Careers, Styles, and Returns

Blake Jackson

University of Florida, United States of America

Asset Reclassification and Mutual Fund Flows

Nick Bollen, Veronika Pool, Alexey Vasilenko

Vanderbilt University, United States of America

Discussant: Jonathan Reuter (Boston College)

The Longs and Shorts of Hedge Funds

Alan Kwan¹, Po-Yu Liu², Yukun Liu³

¹University of Hong Kong; ²National Taiwan University; ³University of Rochester, United States of America

Discussant: Mehrdad Samadi (Rutgers University)

The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits

Lubos Pastor, Taisiya Sikorskaya, Jinrui Wang

University of Chicago Booth School of Business, United States

Discussant: Yao Zeng (University of Pennsylvania)

Bot-induced social media manipulation and stock market distortion

Daniel Bradley¹, Jan Hanousek Jr.², Jan Hanousek³, Dominic Svoboda²

¹University South Florida, United States of America; ²University of Memphis; ³Mendel University in Brno

Discussant: Zoran Ivkovich (Michigan State University)

Dissecting Retail Investor Trading Tendencies

Hee-Seo Han¹, Xindi He², Daniel Weagley³

¹University of California at Irvine; ²Georgia Institute of Technology; ³University of Tennessee

Discussant: Clifton Green (Emory University)

Risk-Taking Over Very Long Horizons: Investors’ Lifetime Returns and Exit from the Stock Market

Sina Ghavamabadi², Neil Pearson¹, Zhishu Yang³, Qi Zhang⁴

¹University of Illinois at Urbana-Champaign, United States of America; ²Aalto University; ³Tsinghua University; ⁴Shanghai Jiaotong University

Discussant: Chukwuma Dim (The George Washington University)