From Numbers to Words: Breaking Down Institutional Beliefs

Andrea Andolfatto¹, Federico Bastianello²

¹Bocconi University; ²London Business School, United Kingdom

Discussant: Spencer Kwon (Brown University)

Fading-Memory Expectations in Equity Markets

Naveen Gondhi, Xinran zHAO, Anil Gaba

INSEAD, Singapore

Discussant: Huseyin Gulen (Purdue University)

Experience-Driven Mental Models

Yukun Liu¹, Zhile Liu², Pengfei Sui²

¹University of Rochester, United States of America; ²Chinese University of Hong Kong, Shenzhen

Discussant: Shikun (Barry) Ke (Yale School of Management)

Sticky Deposits, not Depositors

Bronson Argyle¹, Benjamin Iverson¹, Jason Kotter¹, Taylor Nadauld¹, Christopher Palmer²

¹BYU; ²MIT and NBER

Discussant: Isabella Wolfskeil (Federal Reserve Board)

Deposit Competition Beyond Rates

Matteo Benetton¹, Ben Hebert², Tim McQuade³

¹Berkeley Haas, United States of America; ²Stanford GSB, United States of America; ³Berkeley Haas, United States of America

Discussant: Xu Lu (University of Washington)

How Do Government Guarantees Affect Deposit Supply?

Thomas Flanagan¹, Edward Kim², Shohini Kundu³, Amiyatosh Purnanandam⁴

¹Ohio Fisher, United States of America; ²Michigan Ross, United States of America; ³UCLA Anderson, United States of America; ⁴Texas McCombs, United States of America

Discussant: Chiara Lattanzio (University College London)

The Original Sin Revisited: Investor Composition and Sovereign Risk

Sage Belz¹, Johannes Breckenfelder²

¹Harvard University, United States of America; ²European Central Bank

Discussant: Ella Patelli (University of British Columbia)

The Costs of Financial Crises in the United States

Joseph Hoon¹, Chang Liu¹, Karsten Müller¹, Jonathan Payne², Zhongxi Zheng¹

¹National University of Singapore; ²Princeton University

Discussant: Yevhenii Usenko (Massachusetts Institute of Technology)

The Austerity Threshold

Vadim Elenev¹, Tim Landvoigt², Stijn Van Nieuwerburgh³

¹Johns Hopkins University, United States of America; ²The Wharton School, University of Pennsylvania; ³Columbia Business School

Discussant: Fotis Grigoris (University of Iowa)

Elite Capture: Government Loan Guarantees for Startups

Andy Li

University of Amsterdam, Netherlands, The

Discussant: Roham Rezaei (University of New South Wales)

Multilateral Contracting in Stage Financing

Yunzhi Hu¹, Paolo Fulghieri¹, Felipe Varas²

¹UNC, United States of America; ²UT Dallas, United States of America

Discussant: Magnus Irie (Princeton University)

Venture Fraud

Alexander Dyck, Freda Fang, Camille Hebert, Ting Xu

University of Toronto, Canada

Discussant: Jessica Bai (Georgetown University)

Household Portfolio and Deposit Insurance: Implications for the Supply of Safe Assets

Pulak Ghosh², Nicola Limodio³, Nishant Vats¹

¹Washington University in St Louis, United States of America; ²IIM Bangalore; ³Bocconi University

Discussant: Daniel Carvalho (Kelley School of Business)

Financial Advisors and Retirees’ Risk-Taking

Allison Cole², Maarten Meeuwis³, Alessandro Previtero¹, Noah Stoffman¹

¹Indiana University, United States of America; ²Arizona State University; ³Washington University in St. Louis

Discussant: Scott Cederburg (University of Arizona)

Rising Risk Among the Rich: Implications for Wealth Inequality and Interest Rates

J Carter Braxton¹, Kyle Herkenhoff², Chengdai Huang³, Michael Nattinger¹, Jonathan Rothbaum⁴, Lawrence Schmidt⁵

¹University of Wisconsin; ²University of Minnesota; ³New York University; ⁴US Census Bureau; ⁵Massachusetts Institute of Technology

Discussant: Alexander Chinco (Michigan State University)

Impact Trickles Down: Exit, Engagement and Firm-Stakeholder Relationships

Briana Chang¹, Harrison Hong²

¹HKUST, Hong Kong S.A.R. (China); ²Columbia University

Discussant: Joao Thereze (Duke University)

Hedge Fund Activism and the Retreat from Corporate Science

Elia Ferracuti¹, Kevin Standridge², Rahul Vashishtha¹

¹Duke University; ²University of Utah

Discussant: Nickolay Gantchev (University of Virginia)

Blockholder Representation on the Board: Theory and Evidence

Samed Krueger¹, Peter Limbach², Paul Voss³

¹University of Wuppertal; ²University of Bielefeld; ³HEC Paris, France

Discussant: Adrian Corum (Cornell University)

Why Don't Old Firms Do New Things?

Crouzet Nicolas¹, Zhiguo He², Victor Lyonnet³, Yueran Ma⁴

¹Northwestern University; ²Stanford University; ³University of Michigan; ⁴University of Chicao

Discussant: Onur Bayar (University of Texas at San Antonio)

Demographics and Technology Adoption

Zeshu Xu

BI Norwegian business school, Norway

Discussant: Yu Wang (University of Arkansas)

Patent Intensity, Firm Life Cycle, and the Long-Run Return and Risk Dynamics of Technological Innovators

Jiri Knesl¹, Jan Bena², Adlai Fisher², Julian Vahl³

¹Said Business School, University of Oxford, United Kingdom; ²Sauder School of Business, University of British Columbia; ³Theory and Practice

Discussant: Karthik Krishnan (Northeastern University)

Rules versus Disclosure: Prudential Regulation and Market Discipline

William Fuchs¹, Satoshi Fukuda², Daniel Neuhann³

¹UT Austin, United States of America; ²University of Santa Clara; ³UT Austin, United States of America

Discussant: Olivier Wang (New York University)

Mitigating the risks of deregulation: The role of supervisory attention

Elena Carletti¹, Filippo De Marco¹, Alberto Manconi¹, Isabella Wolfskeil²

¹Bocconi University, Italy; ²Federal Reserve Board of Governors

Discussant: Susan Cherry (UT Austin)

When Banks Fail: Depositor Attention and the Cost of Funding for Survivors

Brian Jonghwan Lee¹, Stefan Walz²

¹Emory University Goizueta Business School; ²Boston College

Discussant: Priyank Gandhi (Rutgers Business School)

Underlying Valuation Uncertainty, Strategic ETF Creation and Pricing Efficiency

Jinming Xue¹, Alan Guoming Huang³, Russ Wermers², Xing {Alex} Zhou¹

¹Southern Methodist University, United States of America; ²University of Maryland; ³University of Waterloo

Index Disruption: The Promise and Pitfalls of Self-Indexed ETFs

BIGE KAHRAMAN¹, Sida Li², Anthony Limburg¹

¹UNIV OF OXFORD, United Kingdom; ²Brandies University

ETFs as a disciplinary device

Karamfil Todorov¹, Yuet Chau², Eyub Yegen²

¹BIS (Bank for International Settlements), Switzerland; ²Hong Kong University of Science and Technology

Certain vs Uncertain Timing: Financial Markets and Pricing Implications

Indira Puri

NYU Stern, United States of America

Discussant: Hongjun Yan (DePaul University)

The Magic of Markets: Information Acquisition and Aggregation with Strategic Traders

Paymon Khorrami, Joao Thereze

Duke University, United States of America

Discussant: Efstathios Avdis (University of Alberta)

Data versus Information Sales under Financial Constraints

Dmitry Orlov², Andrzej Skrzypacz³, Pavel Zryumov¹

¹University of Rochester, United States of America; ²University of Wisconsin-Madison; ³University of Rochester Simon Business School,

Discussant: Itay Goldstein (UNIV OF PENNSYLVANIA)

Government-Funded Green Banks: Catalysts for the Green Transition

Claudio Rizzi¹, Simon Xu², Paul Yoo³

¹IESE Business School, University of Navarra; ²Harvard Business School, Harvard University; ³American University, United States of America

Discussant: Sehoon Kim (University of Florida)

Cap and Trade with Imperfect Hedging

Bruno Biais¹, Johan Hombert¹, Daniel Schmidt¹, Pierre-Olivier Weill²

¹HEC Paris, France; ²UCLA, USA

Discussant: Alexandr Kopytov (University of Rochester)

The Labor Market Effects of Carbon Pricing

Andreas Fuster¹, Gazi Kabas², Vincenzo Pezone³, Kasper Roszbach⁴

¹EPFL & Swiss Finance Institute; ²Tilburg University; ³Luiss; ⁴Norges Bank

Discussant: Pat Akey (ESSEC Business School)

Fragmentation of Shareholder Power

Andrey Malenko¹, Nadya Malenko¹, Anton Tsoy²

¹Boston College, United States of America; ²University of Toronto, Canada

Discussant: Katharina Lewellen (Dartmouth University)

Information and Preferences in Shareholder Voting

John Barry¹, James Pinnington², Lin Zhao³

¹Duke University; ²Rice University; ³Individual

Discussant: Oguzhan Ozbas (Bilkent University)

Freeriders and Underdogs: Participation in Corporate Voting

Konstantinos Zachariadis¹, Dragana Cvijanovic², Moqi Groen-Xu¹

¹Queen Mary University of London, United Kingdom; ²Cornell University

Discussant: Peter Iliev (Penn State University)

Cross-border knowledge flow, international supply chains, and the innovation ecosystem: a cautionary reminder for aggressive trade policy

Sudipto Dasgupta¹, Huang Huang¹, Rui Shi²

¹Chinese University of Hong Kong, Hong Kong S.A.R. (China); ²University of Liverpool

Discussant: Nuri Ersahin (Southern Methodist University)

The Ripple Effect: Supply Chain Reconfigurations and Cross-border Credit Dynamics

Ricardo Correa¹, Andrea Fabiani², Matias Ossandon Busch³, Miguel Sarmiento⁴

¹Federal Reserve Board, United States of America; ²Bank of Italy; ³Bank of Spain; ⁴Banco de la Republica

Discussant: Ruidi Huang (Southern Methodist University)

Corporate Liquidity Supply from Non-Bank Intermediaries and the Real Effects of Factoring

Henry Zhang¹, Victor Orestes², Thiago Silva³

¹CUHK Business School; ²Wharton School; ³Central Bank of Brazil

Discussant: Manasa Gopal (Scheller College of Business, Georgia Institute of Technology)

How Costly is It for Firms to Find a New Bank?

mary amiti¹, anil kashyap², anna kovner³, david weinstein⁴

¹federal reserve bank of new york; ²university of chicago; ³federal reserve bank of richmond; ⁴columbia university

Discussant: Dalida Kadyrzhanova (Federal Reserve Board)

Bank Financing of Global Supply Chains

Laura Alfaro^2,3, Mariya Brussevich^4,5, Camelia Minoiu¹, Andrea Presbitero⁴

¹Federal Reserve Bank of Atlanta, United States of America; ²Harvard University; ³Inter-American Development Bank; ⁴International Monetary Fund; ⁵Ibmec-RJ

Discussant: Paul Freed (University of Virginia, Darden School of Business)

Bank Sentiment, Loan Loss Provisioning, and Lending

Junsung Bae², Allen Berger¹, Hyun-Soo Choi², Hugh H. Kim¹

¹University of South Carolina, Darla Moore School of Business, United States of America; ²KAIST, Korea

Discussant: Amanda Heitz (Tulane University)

Geopolitical Risk and Stock Returns

Jinfei Sheng¹, Zheng Sun¹, Qiguang Wang²

¹UC Irvine, United States of America; ²Hong Kong Baptist University

Discussant: Xinwei Li (UT Dallas)

Political risk everywhere

Vito Gala¹, Giovanni Pagliardi², Ivan Shaliastovich³, Stavros Zenios⁴

¹Morningstar Investment Management LLC; ²BI Norwegian Business School, Norway; ³Wisconsin School of Business; ⁴Durham University

Discussant: Matteo Crosignani (New York Fed)

Military Hegemony as Enforcement Capital: A Fiscal Theory of the Global Financial Cycle

Sun Yong Kim

University of Arizona, United States of America

Discussant: Bernard Dumas (INSEAD)

(Deep) Learning to Trade: An Experimental Analysis of AI Trading and Market Outcomes

Ivan Gufler², Francesco Sangiorgi¹, Emanuele Tarantino²

¹Frankfurt School of Finance & Management, Germany; ²Luiss University

Discussant: Liyan Yang (University of Toronto)

Financial Market Fragility in the Era of AI Planning

Winston Dou¹, Itay Goldstein¹, Yan Ji²

¹University of Pennsylvania and NBER; ²HKUST

Discussant: S. Viswanathan (Duke University)

Trading against Algorithms: Price Dynamics and Risk-sharing in a Market with Q-learners

Snehal Banerjee¹, Martin Szydlowski²

¹University of Michigan, United States of America; ²Hong Kong University of Science and Technology

Discussant: Winston (Wei) Dou (The Wharton School at University of Pennsylvania)

Investment, Debt and Taxes

John Graham¹, Hyunseob Kim², Mark Leary³, YoungJun Song⁴

¹Duke University, United States of America; ²Chicago Fed; ³Wash U in St Louis; ⁴San Diego State University

Discussant: Robert Parhan (Unviersity of Virginia)

Strategic Bankruptcy and Corporate Negligence

Samuel Antill¹, Xu Tian², Toni Whited³

¹Harvard Business School; ²University of Georgia; ³University of Michigan

The Optimal Schedules of Incentives and Cash Flows

Felix Feng¹, Robin Luo², Mark Westerfield²

¹University of Georgia, United States of America; ²University of Washington, United States of America

Discussant: George Nurisso (University of Florida)

Tax Incentives and Venture Capital Risk-Taking

Murillo Campello^1,2, Guilherme Junqueira¹

¹University of Florida; ²NBER

Discussant: Tong Liu (MIT)

Group vs. Individual Decision Making Under Real World Uncertainty: Internal Evidence from a Venture Capital Accelerator

Tristan Fitzgerald¹, Korok Ray²

¹Texas A&M University; ²Texas A&M University

Discussant: Jessica Bai (Georgetown University)

Retail Capital as a Stepping Stone in Venture Capital: Theory and Empirics

Ran Xing¹, Emmanuel Yimfor²

¹Stockholm University; ²Columbia Business School

Discussant: Thomas Chemmanur (Boston College)