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)

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)

The Fed Information Effect and Firm Investment

Alex Hsu¹, Indrajit Mitra², Yu Xu³, Linghang Zeng⁴

¹Georgia Institute of Technology; ²Federal Reserve Bank of Atlanta; ³University of Delaware; ⁴Babson College

Discussant: Nishant Vats (Washington University in St Louis)

Learning about Discount Rates

Olivier Dessaint, Naveen Gondhi, Joel Peress

INSEAD, France

Discussant: Malcolm Wardlaw (University of Georgia)

Do Share Repurchases Increase the Value of Non-repurchasing Firms?

Byungwook Kim

UC Irvine, United States of America

Discussant: Angela Ma (Boston College)

Dealers, Information, and Liquidity Crises in Safe Assets

Win Monroe¹, Robert Czech²

¹Copenhagen Business School, Denmark; ²Bank of England

Discussant: Andrea Barbon (University of St. Gallen)

Interest Rate Risk and Bank Hedging

Zhiguo He^1,3, Arvind Krishnamurthy^1,3, Konstantin Milbradt^2,3

¹Stanford University, United States of America; ²Northwestern University, United States of America; ³NBER

Discussant: Vadim Elenev (Johns Hopkins University)

Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity

Viral Acharya^1,4,5,6, Manasa Gopal², Sascha Steffen^3,4

¹NYU Stern; ²Georgia Institute of Technology,; ³Frankfurt School of Finance; ⁴CEPR; ⁵NBER; ⁶ECGI

Discussant: Tetiana Davydiuk (Johns Hopkins University)

Dinner Table Alphas

Huaizhi Chen¹, Sean Cao², Lauren Cohen³, Hugo Zhao²

¹University of Texas at Dallas, United States of America; ²University of Maryland; ³Harvard Business School

Discussant: Denis Sosyura (Arizona State University)

Price Agnostic Demand

Samuel Hartzmark¹, Abigail Sussman²

¹Boston College, United States of America; ²University of Chicago

Discussant: Christoph Huber (Aalto University)

Haven’t We Seen This Before? Return Predictions from 200 Years of News

AJ Chen¹, Gerard Hoberg², Miao {Ben} Zhang²

¹University of British Columbia, Canada; ²University of Southern California, USA

The Design of Central Bank Digital Currencies and Consumer Demand

Antonio Gargano¹, Alberto Rossi², Andrew Buckley³, Markos Zachariadis³

¹University of Houston, United States of America; ²Georgetown University, United States of America; ³Alliance Manchester Business School

Discussant: Jiaqi Li (Bank of Canada)

Optimal Policy for Financial Market Tokenization

Itai Agur, Alexander Copestake

International Monetary Fund, United States of America

Discussant: Jiasun Li (GMU)

Are Crypto Anti-Money Laundering Policies Effective?

John M. Griffin, Kevin Mei, Zirui Wang

McCombs School of Business, University of Texas at Austin, United States of America

Discussant: Daniel Rabetti (National University of Singapore)

Behavioral Economics of AI: LLM Biases and Corrections

Pietro Bini¹, Lin William Cong^2,3, Xing Huang², Lawrence J. Jin^2,3

¹Boston University, United States of America; ²Cornell University, United States of America; ³NBER

Writing Matters: Generative AI as an Academic Impact Equalizer

Ron Kaniel¹, Huaxia Rui¹, Shujing Sun², Pingle Wang²

¹University of Rochester, United States of America; ²University of Texas at Dallas, United States of America

How Good is Generative AI Personal Financial Advice?

Tim de Silva¹, Taha Choukhmane², Weidong Lin², Matthew Akuzawa²

¹Stanford University, United States of America; ²Massachusetts Institute of Technology, United States of America

China Walls

Daniel Nathan¹, Chaojun Wang², Tomy Lee³

¹Hong Kong Polytechnic University, Hong Kong S.A.R. (China); ²The Wharton School; ³Central European University

Discussant: Richard Thakor (University of Minnesota, Carlson School of Management)

Conflicts of Interest in Universal Banks

Rainer Haselmann¹, Christian Leuz², Sebastian Schreiber¹

¹Goethe University, Germany; ²Chicago Booth

Discussant: Yakshup Chopra (University of Miami)

Beyond Creation and Redemption: Principal Trading by Bond ETFs

Alan Huang², Maureen O'Hara³, Jinming Xue¹, Alex Zhou¹

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

Discussant: Sriram Villupuram (University of Texas at Arlington)

Supply Constraints Do Not Explain House Price and Quantity Growth Across U.S. Cities

John Mondragon¹, Schuyler Louie², Johannes Wieland¹

¹Federal Reserve Bank of San Francisco, United States of America; ²University of California, Irvine

The Long-Run Effects of Remote Work on U.S. Office Markets

Xinle Pang¹, Franklin Qian², Max Yang³

¹SUNY Buffalo, United States of America; ²University of North Carolina, Chapel Hill; ³University of California San Diego, Rady School of Management

The Commercial Real Estate Ecosystem

Ralph Koijen¹, Neel Shah², Stijn Van Nieuwerburgh²

¹Booth School of Business, University of Chicago; ²Columbia Business School

The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking

Ding Ding¹, Rodrigo Gonzalez², Yiming Ma³, Yao Zeng⁴

¹Massachusetts Institute of Technology, United States of America; ²Central Bank of Brazil, Brazil; ³Columbia University, United States of America; ⁴University of Pennsylvania, United States of America

Discussant: Quentin Vandeweyer (University of Chicago)

Integrating Fragmented Networks: Interoperability in Money and Payments

Alexander Copestake¹, Divya Kirti¹, Maria Soledad Martinez Peria¹, Yao Zeng^2,3

¹International Monetary Fund, United States of America; ²Wharton School, University of Pennsylvania; ³NBER

Discussant: Christine Parlour (UC Berkeley)

Payment Timing

Erin Ferris, Amy Rose, Manjola Tase

Federal Reserve Board, United States of America

Discussant: Mina Lee (Federal Reserve Board)

Size Distortions in Robust Estimators: Implications for Asset Pricing

Vincent Grégoire¹, Nicolas Harvie², Anthony Sanford¹

¹HEC Montreal, Canada; ²University of Toronto, Canada

Discussant: Aaron Mora (University of South Carolina)

Macroeconomic reports and the cross-section of industry returns

Christian Breitung, Garvin Kruthof, Sebastian Müller

Technical University of Munich, Germany

Discussant: Shuaiyu Chen (UVA Darden)

The Relative Price Premium

Fotis Grigoris¹, Christian Heyerdahl-Larsen², Preetesh Kantak³, Yun Joo An³

¹University of Iowa, United States of America; ²BI Oslo; ³Indiana University

Discussant: Francesco D\'Acunto (Georgetown University)

The Channels of Amplification: Dissecting the Credit Boom that led to the Global Financial Crisis

Andres Sarto

UIUC Gies, United States of America

Discussant: Nishant Vats (Washington University in St Louis)

From Cayman to Main Street: Offshore Tax Transparency and Small Business Lending

Ben Charoenwong¹, Hansol Jang², Yupeng Lin²

¹INSEAD, France; ²National University of Singapore Business School

Discussant: Ramona Dagostino (University of Virginia)

Investigating Instruments with Meta-Regressions

Aaron Pancost¹, Garrett Schaller²

¹University of Texas at Austin McCombs School of Business, United States of America; ²Colorado State University

Negative Treasury Haircuts

Jeremy Bejarano¹, Lina Lu², Jonathan Wallen³

¹Office of Financial Research; ²Federal Reserve Bank of Boston; ³Harvard Business School, United States of America

Discussant: Julian Terstegge (University of Michigan)

Short-Circuiting Short-Term Funding

Mark Paddrik¹, Neth Karunamuni¹, R. Jay Kahn²

¹Office of Financial Research, United States of America; ²Federal Reserve Board of Governors

Discussant: Thomas Mosk (Queen Mary University of London)

Treasury Tri-party Repo Pricing

Carlos Ramirez¹, Mark Paddrik²

¹Federal Reserve Board, United States of America; ²Office of Financial Research, U.S. Department of the Treasury

Discussant: Andreas Schrimpf (Bank for International Settlements)

Human Capital Metrics and CEO Pay

Zhexu Ai², M. Diane Burton³, Lingling Wang¹, Karen Wruck⁴

¹University of Connecticut, United States of America; ²Wagner College; ³Cornell University; ⁴Ohio State University

Discussant: Ethan Rouen (Harvard Business School)

Employee Forgivable Loans

Alexandru Barbu¹, Yiran Wang²

¹INSEAD and Wharton, France; ²INSEAD

Discussant: Chris Clifford (University of Kentucky)

When the Tax Break Breaks: CEO Pay and Turnover Following TCJA

Ilona Babenko¹, Ben Bennett², Dragana Cvijanovic³

¹ASU, United States of America; ²Texas Christian University; ³Cornell University

Discussant: Kevin Murphy (University of Southern California)

The Real Effects of Bankruptcy Forum Shopping

Aymeric Bellon¹, Samuel Antill²

¹UNC, United States of America; ²Harvard Business School

Discussant: Dimas Fazio (National University of Singapore)

Judicial Enforcement, Credit Frictions, and the Transmission of Bankruptcy through Firm Networks

Geraldo Cerqueiro¹, Gil Nogueira^1,2

¹UCP, Portugal; ²Banco de Portugal

Discussant: Kristoph Kleiner (Indiana University)

A Theory of Shareholder Class Action

Hongda Zhong

UT Dallas, United States of America

Discussant: Jordan Martel (Indiana University Bloomington)

Lending to Hedge Funds: Does Competition Erode Bank Risk Management?

Christian Bittner, Stephan Jank

Deutsche Bundesbank, Germany

Discussant: Nitish Kumar (Rutgers Business School)

Banks and non-banks: competitors in loans originations, partners in regulatory arbitrage

Chiara Lattanzio

University College London, United Kingdom

Discussant: Yakshup Chopra (University of Miami)

How Does Bank Lending To Non-Banks Affect Credit Allocation And Systemic Risk

Abhishek Bhardwaj¹, Apoorva Javadekar²

¹Tulane University; ²Muthoot FinCorp Ltd.

Discussant: Andrew MacKinlay (Louisiana State University)

Intermediary Option Pricing

Julian Terstegge

University of Michigan, United States of America

Discussant: Scott Joslin (USC)

On the No-Arbitrage Relation between Securities\\ Lending Fees and Option Prices

James O’Donovan¹, Matthew Ringgenberg²

¹City University of Hong Kong; ²University of Utah, United States of America

Discussant: Neil Pearson (University of Illinois at Urbana-Champaign)

Exchange-Traded Liquidity

Lars C. Larsen¹, Gyuri Venter², Paul Whelan³

¹Copenhagen Business School; ²Aarhus University; ³Chinese University of Hong Kong

Discussant: Vincent Bogousslavsky (Boston College)

Luck as a Mixed Blessing

Janet Gao¹, Xu Tian², Wenyu Wang³, Yufeng Wu⁴

¹McDonough School of Business, Georgetown University; ²Terry College of Business, University of Georgia; ³Owen Graduate School of Management, Vanderbilt University; and Kelley School of Business, Indiana University; ⁴Fisher College of Business, Ohio State University

Discussant: Michael Blank (Stanford University)

Economic Opportunity Costs: Banking Access and Educational (Dis)Investment

Sumit Agarwal¹, Yuqi Chang¹, Pulak Ghosh², Arkodipta Sarkar¹

¹National University of Singapore, Singapore; ²IIM Bangalore

Discussant: Kim Cramer (LSE)

Investing in Human Capital Incubation

Seung Hyeong Lee¹, Bryan Seegmiller¹, Miao Ben Zhang², Yufeng Wu³

¹Northwestern University; ²University of Southern California; ³Ohio State University

Discussant: Ali Sanati (American University)

Intangible Intensity

Andrea L. Eisfeldt¹, Barney Hartman-Glaser¹, Edward T. Kim², Ki Beom Lee¹

¹University of California, Los Angeles; ²University of Michigan

Discussant: Indrajit Mitra (Federal Reserve Bank of Atlanta)

Corporate Horizons

Ian Appel, Christoph Herpfer

UVA Darden, United States of America

Discussant: William Cassidy (Washington University in St. Louis)

The Equity Constraint Channel of Monetary Policy

Heitor Almeida, Timothy Johnson, Sebastiao Oliveira, Yucheng Zhou

University of Illinois at Urbana-Champaign, United States of America

Discussant: Xiaowen Hu (Southern Methodist University)

The Real Effects of Valuation Mistakes:\\ Estimates from Mergers and Acquisitions

François Derrien¹, Johan Hombert¹, Alexei Ovchinnikov¹, Philip Valta²

¹HEC Paris, France; ²University of Bern

Discussant: Wenyu Wang (Indiana University)

Acquiring Supplier Networks: Domestic Mergers for International Supply Chain Resilience

Ling Cen¹, Sudipto Dasgupta¹, Isil Erel², Yanru Han³

¹Chinese University of Hong Kong, Hong Kong S.A.R. (China); ²Ohio State University; ³Stevens Institute of Technology

Discussant: Nuri Ersahin (Southern Methodist University)

The Effect of Takeovers on Knowledge Worker Productivity

Andras Danis¹, Evgeny Gushchin¹, Beate Thies²

¹Central European University; ²University of Vienna, Austria

Discussant: Abhinav Gupta (The University of North Carolina at Chapel Hill)