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: 25th Aug 2026, 10:08:43pm PDT

 
Sat14Mar
Adriatic
Aegean
Baltic
Bering
Caribbean
Caspian
Pacific 1
Pacific 2
Pacific 3
Pacific Foyer - 2nd Floor
Atlantic E - 1st Floor
2nd Floor
7:00am
8:00am
9:00am
10:00am
11:00am
12:00pm
1:00pm
2:00pm
3:00pm
4:00pm
5:00pm
6:00pm
Corporate Investment and Financing
8:00am - 9:45am
Adriatic
Vijay Yerramilli
Location: Adriatic
Session Chair: Vijay Yerramilli, University of Houston

Boards as Contracting Intermediaries: Evidence from Board-Interlocking Firms in the Credit Market

Chang Suk Bae

Discussant: Felipe Cabezón

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bae-1030-Boards as Contracting Intermediaries.pdf


Internal Capital Markets and Production Disruptions

Majid Darvishan, Charles Hadlock, Manoj Kulchania, Shawn Thomas

Discussant: Eshwar Venugopal

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Darvishan-770-Internal Capital Markets and Production Disruptions.pdf


Impact of Risk Management on Product Offerings: Evidence from the Insurance Industry

Cameron Ellis, Andrew Ellul, Chotibhak Jotikasthira, Jianren Xu

Discussant: Sharjil Haque

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ellis-844-Impact of Risk Management on Product Offerings.pdf
Information Intermediaries in Financial Markets
10:00am - 11:45am
Adriatic
Alessio Piccolo
Location: Adriatic
Session Chair: Alessio Piccolo, Indiana University

Shareholder Democracy and the Market for Voting Advice

Odilon Camara, John Matsusaka, Chong Shu

Discussant: Markus Parlasca

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Camara-153-Shareholder Democracy and the Market for Voting Advice.pdf


The Gatekeeping Expert's Dilemma

Shunsuke Matsuno

Discussant: Nicolas Inostroza

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Matsuno-917-The Gatekeeping Expert_s Dilemma.pdf


Information Externalities in Opaque Credit Markets

Mayar Sefidgaran, Gregory Weitzner

Discussant: Pavel Zryumov

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Sefidgaran-111-Information Externalities in Opaque Credit Markets.pdf
Liquidity, Fragility, and Incentives in Financial Markets
1:30pm - 3:15pm
Adriatic
Stefano Pegoraro
Location: Adriatic
Session Chair: Stefano Pegoraro, University of Notre Dame

Fire Sales and Liquidity Requirements

Yuteng Cheng, Roberto Robatto

Discussant: Francesco Beraldi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Cheng-233-Fire Sales and Liquidity Requirements.pdf


The Optimal Schedules of Incentives and Cash Flows

Felix Feng, Robin Luo, Mark Westerfield

Discussant: Xuyuanda Qi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Feng-496-The Optimal Schedules of Incentives and Cash Flows.pdf


Do ‘MEASURES’ of Bank Diversification Measure Up?

Priyank Gandhi, Darius Palia, Jasper Pan

Discussant: Gregory Weitzner

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Gandhi-1219-Do ‘MEASURES’ of Bank Diversification Measure Up_.pdf
Dollar Dominance, Spillovers, and the Structure of Global Financial Risk
3:30pm - 5:15pm
Adriatic
Craig Brown
Location: Adriatic
Session Chair: Craig Brown, Purdue University

China's Overseas Lending in Global Finance Cycle

Zhengyang Jiang

Discussant: Wentong Chen

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Jiang-710-China_s Overseas Lending in Global Finance Cycle.pdf


Geoeconomic Competition and Capital Reallocation in Global FX Funding

Yu An, Amy Huber

Discussant: Kaushik Vasudevan

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"An-473-Geoeconomic Competition and Capital Reallocation in Global FX Funding.pdf


Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries

Karlye Dilts Stedman, Andrew Hanson

Discussant: Ljubica Georgievska

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Dilts Stedman-784-Unconventional Monetary Policy Spillovers and the.pdf
Measuring Behavior with AI
8:00am - 9:45am
Aegean
Pablo Azar
Location: Aegean
Session Chair: Pablo Azar, Federal Reserve Bank of New York

The Market's Mirror: Revealing Investor Disagreement with LLMs

Vineet Bhagwat, J. Anthony Cookson, Chukwuma Dim, Marina Niessner

Discussant: Elham Tabatabaei

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bhagwat-459-The Market_s Mirror.pdf


Awkward Silence: Is Manager Hesitation Informative?

Umit Kurucak

Discussant: Diego García

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Kurucak-1123-Awkward Silence.pdf


Just Look: Knowing Peers with Image Representation

Tomasz Kaczmarek, Kuntara Pukthuanthong

Discussant: Pablo Azar

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Kaczmarek-1093-Just Look.pdf
Secondary Markets
10:00am - 11:45am
Aegean
Jack Bao
Location: Aegean
Session Chair: Jack Bao, University of Delaware

Mixology: Order Flow Segmentation Design

Joshua Mollner

Discussant: Yu An

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Mollner-128-Mixology.pdf


The Secondary Market for Syndicated Loans

Jan-Peter Siedlarek, Vladimir Yankov

Discussant: Yijia (Eddie) Zhao

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Siedlarek-325-The Secondary Market for Syndicated Loans.pdf


Splitting and Shuffling: Institutional Trading Motives and Order Submissions Across Brokers

Munhee Han, Hugh Kim, Vikram Nanda

Discussant: Yanbin Wu

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Han-1116-Splitting and Shuffling.pdf
FinTech in Household and Small Business Finance
1:30pm - 3:15pm
Aegean
Nagpurnanand Prabhala
Location: Aegean
Session Chair: Nagpurnanand Prabhala, Johns Hopkins University

Data as Collateral: Open Banking for Small Business Lending

Tong Yu

Discussant: Shashwat Alok

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Yu-313-Data as Collateral.pdf


Interoperable Payment Infrastructure and Retail Investment

Meghana Ayyagari, Pulak Ghosh, Nirupama Kulkarni

Discussant: Taisiya Sikorskaya

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ayyagari-433-Interoperable Payment Infrastructure and Retail Investment.pdf


Fintech Access and Consumption Smoothing

Xavier Giroud, Yingju Ma, Neng Wang, Long Chen

Discussant: Yessenia Tellez

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Giroud-981-Fintech Access and Consumption Smoothing.pdf
Multinationals' investment and financing
3:30pm - 5:15pm
Aegean
Nandini Gupta
Location: Aegean
Session Chair: Nandini Gupta, Indiana University

Climate Policy Abroad, Emissions at Home: Pollution Reshoring by U.S. Multinationals

Jing He, Vojislav Maksimovic, Daxuan Zhao

Discussant: Jane Danyu-Zhang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"He-167-Climate Policy Abroad, Emissions at Home.pdf


Multinationals and Uncertainty: The Role of Internal Capital Markets

Jianlin Wang

Discussant: Amrita Nain

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Wang-338-Multinationals and Uncertainty.pdf


Beyond the Fundamentals: Cross-Country Media Narrative Dispersion and Global Capital Flows

Isha Agarwal, Wentong Chen, Eswar Prasad

Discussant: Ryan Israelsen

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Agarwal-952-Beyond the Fundamentals.pdf
Climate and Pricing
8:00am - 9:45am
Baltic
Ai He
Location: Baltic
Session Chair: Ai He, University of South Carolina

The Effect of Rising Insurance Premiums on Mortgage Delinquency and Household Relocation

Shan Ge, Stephanie Johnson, Nitzan Tzur-Ilan

Discussant: Noémie Bucourt

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ge-591-The Effect of Rising Insurance Premiums on Mortgage Delinquency and Household.pdf


Biodiversity Protection and Housing Markets: Supply, Demand, and Speculation

Maxwell Sacher, Shikhar Singla

Discussant: Keer Yang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Sacher-968-Biodiversity Protection and Housing Markets.pdf


Understanding the Pricing of Carbon Emissions: New Evidence from the Stock Market

Matteo Crosignani, Emilio Osambela, Matthew Pritsker

Discussant: Tingyu Yu

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Crosignani-1071-Understanding the Pricing of Carbon Emissions.pdf
Law, Information and Finance
10:00am - 11:45am
Baltic
Stefan Zeume
Location: Baltic
Session Chair: Stefan Zeume, University of Illinois Urbana-Champaign

Insider Trading Reforms and Corporate Transparency: Evidence from the STOCK Act

Amanda Heitz, Youan Wang, Zhige Yu

Discussant: Ruidi Huang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Heitz-154-Insider Trading Reforms and Corporate Transparency.pdf


Cracking Down, Pricing In: How AML Regulation Shapes Stock Price Responses

Johanna Barbara Stauder, Andrea Schertler

Discussant: Elizabeth Berger

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Stauder-774-Cracking Down, Pricing In.pdf


When Speaking Freely Pays: Anti-SLAPP Laws and Firms' Cost of Equity

Scott Guernsey, Matthew Serfling, Cheng Yan

Discussant: Dominique Badoer

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Guernsey-939-When Speaking Freely Pays.pdf
Bond Pricing and Returns
1:30pm - 3:15pm
Baltic
Brian Henderson
Location: Baltic
Session Chair: Brian Henderson, George Washington University

Breaking the Tension: Almost Affine Term Structure Models with Stochastic Volatility

Anh Le, Scott Joslin

Discussant: Hitesh Doshi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Le-203-Breaking the Tension.pdf


Opaque Markets, Visible Jobs: Real-Time Labor Demand and Municipal Finance

Stephanie Cheng, Shushu Jiang, Xinjie Ma

Discussant: Matt Fleckenstein

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Cheng-541-Opaque Markets, Visible Jobs.pdf


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

Mohammad Ghaderi, Nikolai Roussanov, Sebastien Plante, Sang Byung Seo

Discussant: Nan Qin

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ghaderi-672-Pricing of Corporate Bonds.pdf
Bond Market Fragility and Resilience
3:30pm - 5:15pm
Baltic
Yoshio Nozawa
Location: Baltic
Session Chair: Yoshio Nozawa, University of Toronto

Enhanced Resiliency in Corporate Bond Liquidity: A Tradeoff in OTC Markets

Botao Wu

Discussant: Sebastien Plante

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Wu-656-Enhanced Resiliency in Corporate Bond Liquidity.pdf


Lending at a Cost: Liquidity Fragility in Bond Mutual Funds

Shuaiyu Chen, Anh Tran, Pingle Wang

Discussant: Nathan Foley-Fisher

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Chen-534-Lending at a Cost.pdf


Unintended Consequences of Rule 18f-4: Derivatives Constraints, Reaching for Yield, and Corporate Bond Market Fragility

Jing-Zhi Huang, Quan Qi, Ying Wang

Discussant: Farshid Abdi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Huang-1114-Unintended Consequences of Rule 18f-4.pdf
Consumer Financial Behavior and Education
8:00am - 9:45am
Bering
Umit Gurun
Location: Bering
Session Chair: Umit Gurun, University of Texas at Dallas

Banking Local: Media Slant, Erosion of Trust, and Financial Decisions

Elizabeth Berger, Haaris Mateen, Dario Romero

Discussant: Sonya Lim

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Berger-404-Banking Local.pdf


The Effects of Deleting Medical Debt from Consumer Credit Reports

Victor Duarte, Julia Fonseca, Divij Kohli, Julian Reif

Discussant: Erik Mayer

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Duarte-578-The Effects of Deleting Medical Debt from Consumer Credit Reports.pdf


Financial Literacy and Financial Crime: A Regression Discontinuity Approach

Paul Freed, John Hackney

Discussant: Steven Xiao

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Freed-213-Financial Literacy and Financial Crime.pdf
Housing Markets and Mortgage Dynamics
10:00am - 11:45am
Bering
Marco Giacoletti
Location: Bering
Session Chair: Marco Giacoletti, University of Notre Dame

Aging and Housing Returns

Natee Amornsiripanitch, Philip Strahan, Song Zhang

Discussant: Isaac Hacamo

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Amornsiripanitch-211-Aging and Housing Returns.pdf


Gaining Market Expertise: The Geographic Specialization of Labor in Mortgage Lenders

Erica Xuewei Jiang, Yeonjoon Lee, Will Shuo Liu

Discussant: David Zhang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Jiang-272-Gaining Market Expertise.pdf


A Danish Fix for U.S. Mortgage Lock-in?

Fabrice Tourre, David Berger, Jaehun Jeong, Julie Marx, Maria Olesen

Discussant: Aditya Aladangady

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Tourre-616-A Danish Fix for US Mortgage Lock-in_.pdf
Market Design Across Financial Products
1:30pm - 3:15pm
Bering
Lulu Wang
Location: Bering
Session Chair: Lulu Wang, Northwestern University

Deposit Competition Beyond Rates

Matteo Benetton, Benjamin Hebert, Timothy McQuade

Discussant: Quinn Maingi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Benetton-597-Deposit Competition Beyond Rates.pdf


Labor Market Polarization and Student Debt

Sanket Korgaonkar, Elena Loutskina, Constantine Yannelis

Discussant: Michael Blank

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Korgaonkar-662-Labor Market Polarization and Student Debt.pdf


Selection through Lapsation in Life Insurance Markets

Cameron Ellis, Johannes Jaspersen

Discussant: Ralf Meisenzahl

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ellis-840-Selection through Lapsation in Life Insurance Markets.pdf
Social Finance
3:30pm - 5:15pm
Bering
Yessenia Tellez
Location: Bering
Session Chair: Yessenia Tellez, Virginia Tech

Social Interaction Intensity and Investor Behavior

David Hirshleifer, Yaron Levi, Michael Gelman, Liron Reiter-Gavish

Discussant: Seyed Mohammad Kazempour

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Hirshleifer-293-Social Interaction Intensity and Investor Behavior.pdf


Mimicking Finance

Lauren Cohen, Yiwen Lu, Quoc Nguyen

Discussant: Tyler Beason

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Cohen-354-Mimicking Finance.pdf


Student Debt and the Cinderella Effect

Jess Cornaggia, Kimberly Cornaggia, Qiang Wang, Han Xia

Discussant: Billy Xu

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Cornaggia-694-Student Debt and the Cinderella Effect.pdf
Startup and Innovations
8:00am - 9:45am
Caribbean
Daniel Bias
Location: Caribbean
Session Chair: Daniel Bias, Vanderbilt University

Nature Dependence, Economic Value, and Extinction Risk: Evidence from Biotech Innovations

Adrian Lam, David Licher, Moritz Wiedemann

Discussant: William Xiong

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Lam-502-Nature Dependence, Economic Value, and Extinction Risk.pdf


How Does VC Engagement Direct Startup Experimentation?

Xuelin Li, Sijie Wang, Jiajie Xu, Xiang Zheng

Discussant: Fiona Paine

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Li-1038-How Does VC Engagement Direct Startup Experimentation_.pdf


When Innovation Meets Politics: Patent Examiner Partisanship and Green Technology

Tao Shu, Fei Xie, Song Zhang, Wenrui Zhang

Discussant: Runjing Lu

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Shu-371-When Innovation Meets Politics.pdf
Bond, Stock, and Bond Mutual Fund Performance
10:00am - 11:45am
Caribbean
Brian Henderson
Location: Caribbean
Session Chair: Brian Henderson, George Washington University

Private Investments of Corporate Bond Mutual Funds

Jaewon Choi, Nan Qin, Qifei Zhu

Discussant: Liying Wang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Choi-849-Private Investments of Corporate Bond Mutual Funds.pdf


Bond Factor Momentum and Its Predictability for Stock Returns

Javad Keshavarz, Stace Sirmans

Discussant: Dongchen Zou

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Keshavarz-920-Bond Factor Momentum and Its Predictability for Stock Returns.pdf


Winning At the Starting Line: Underwriter Connections and Municipal Bond Fund Performance

Bingkuan Cao, Russ Wermers, Zihan Ye

Discussant: Brian Henderson

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Cao-1064-Winning At the Starting Line.pdf
Congressional Stock Trading and Politicized Lending
1:30pm - 3:15pm
Caribbean
Amanda Heitz
Location: Caribbean
Session Chair: Amanda Heitz, Tulane University

When Supervision Meets Politics: Bailouts, Lending and Investment

Pranav Garg

Discussant: Pradeep Muthukrishnan

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Garg-158-When Supervision Meets Politics.pdf


Should The Public Be Concerned About Congressional Stock Trading?

Patrick Blonien, Alan Crane, Kevin Crotty

Discussant: Mehmet Canayaz

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Blonien-606-Should The Public Be Concerned About Congressional Stock Trading_.pdf


Legislative Trades

Ziming Dong, Nancy Xu

Discussant: Chang Suk Bae

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Dong-700-Legislative Trades.pdf


Political Shifts, Mortgage Drifts: Evidence from U.S. Special Elections

Ioannis Moustakis

Discussant: Virginia Traweek

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Moustakis-747-Political Shifts, Mortgage Drifts.pdf
The Dynamics of Bank Competition
3:30pm - 5:15pm
Caribbean
Priyank Gandhi
Location: Caribbean
Session Chair: Priyank Gandhi, Rutgers University

When Financial Ratios Mislead Evidence from Credit Unions Purchasing Banks

Anna-Leigh Stone

Discussant: Quinn Maingi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Stone-256-When Financial Ratios Mislead Evidence from Credit Unions Purchasing Banks.pdf


Does Local Competition Matter for Mortgages? Evidence from Fee Pass-Through

Manuel Adelino, Taha Ahsin

Discussant: Adam Jorring

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Adelino-900-Does Local Competition Matter for Mortgages_ Evidence.pdf


The Boundaries of the Farm and the Death of Small Banks

Asli Uyanik

Discussant: Claire Brennecke

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Uyanik-937-The Boundaries of the Farm and the Death of Small Banks.pdf
Commercial Real Estate
8:00am - 9:45am
Caspian
Yuliya Demyanyk
Location: Caspian
Session Chair: Yuliya Demyanyk, University of Illinois Chicago

Does Mortgage Rate Lock-in Dampen Commercial Real Estate Busts?

Sean Flynn, Robert Kurtzman, Alexei Tchistyi

Discussant: Marco Giacoletti

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Flynn-232-Does Mortgage Rate Lock-in Dampen Commercial Real Estate Busts_.pdf


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

Xinle Pang, Franklin Qian, Max Yang

Discussant: Matthias Hoelzlein

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Pang-1185-The Long-Run Effects of Remote Work on US Office Markets.pdf


Too-Many-to-Ignore: Regional Banks and CRE Risks

Franz Hinzen, Felipe Severino, Stijn Van Nieuwerburgh

Discussant: Alex Nikolsko-Rzhevskyy

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Hinzen-1120-Too-Many-to-Ignore.pdf
Seniority, Collateral, and Adverse Selection in Lending Markets
10:00am - 11:45am
Caspian
Gunjan Seth
Location: Caspian
Session Chair: Gunjan Seth, University of Southern California

Screening in Loan Guarantee Programs: Combining Contract Menus with Information Collection

Yusik Kim

Discussant: Thomas Flanagan

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Kim-640-Screening in Loan Guarantee Programs.pdf


Where Collateral Sleeps

Gary Gorton, Chase Ross, Sharon Ross

Discussant: Brian Jonghwan Lee

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Gorton-802-Where Collateral Sleeps.pdf


Competing for Loan Informal Seniority: Theory and Evidence

Theo Martins, Bernardo Ricca, Arthur Taburet

Discussant: Dimas Mateus Fazio

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Martins-979-Competing for Loan Informal Seniority.pdf
Mortgage and Housing Supply
1:30pm - 3:15pm
Caspian
Gene Amromin
Location: Caspian
Session Chair: Gene Amromin, Federal Reserve Bank of Chicago

Incomplete Pass-Through in Mortgage Markets

Natee Amornsiripanitch, Judith Ricks

Discussant: Daniel Ringo

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Amornsiripanitch-212-Incomplete Pass-Through in Mortgage Markets.pdf


The Distributional Effects of GSE Pricing on Home Purchases

You Suk Kim, Feng Liu, David Zhang

Discussant: Dayin Zhang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Kim-1110-The Distributional Effects of GSE Pricing on Home Purchases.pdf


How Housing Supply Expansions Reshape Cities

Marco Giacoletti, Matthijs Korevaar, Franklin Qian

Discussant: Isaac Hacamo

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Giacoletti-1085-How Housing Supply Expansions Reshape Cities.pdf
Green Banking
3:30pm - 5:15pm
Caspian
Shaojun Zhang
Location: Caspian
Session Chair: Shaojun Zhang, Ohio State University

Building Voice in Socially Responsible Investing

Michael Sockin, Richard Lowery

Discussant: Jan Schneemeier

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Sockin-108-Building Voice in Socially Responsible Investing.pdf


Opening the Brown Box: Production Responses to Environmental Regulation

Rebecca De Simone, Lakshmi Naaraayanan, Kunal Sachdeva

Discussant: Johannes Klausmann

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"De Simone-361-Opening the Brown Box.pdf


Banking through an Energy Transition

Ding Du, Stephen Karolyi

Discussant: Ai He

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Du-798-Banking through an Energy Transition.pdf
Asset Prices
8:00am - 9:45am
Pacific 1
Ram Yamarthy
Location: Pacific 1
Session Chair: Ram Yamarthy, Federal Reserve Board of Governors

Culling the Factor Zoo

Gurdip Bakshi, Tim Christensen, John Crosby, Xiaohui Gao

Discussant: Fotis Grigoris

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bakshi-592-Culling the Factor Zoo.pdf


Currency Basket Co-movements

Geert Bekaert, Andrey Ermolov

Discussant: John Crosby

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bekaert-1112-Currency Basket Co-movements.pdf


Dissecting Demand in the MBS Market

Andrea Vedolin, Jinyuan Zhang

Discussant: Yu An

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Vedolin-1043-Dissecting Demand in the MBS Market.pdf
Capital Structure
10:00am - 11:45am
Pacific 1
Hyunseob Kim
Location: Pacific 1
Session Chair: Hyunseob Kim, Federal Reserve Bank of Chicago

Firm Innovation Outcomes and Trade Credit Financing

Chang Suk Bae, Jen Choi, Jeong Ho {John} Kim

Discussant: William Mann

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bae-1197-Firm Innovation Outcomes and Trade Credit Financing.pdf


Echoes of Inflation: CEO Early-life Inflation Experiences, Inflation Attention, and Corporate Decisions

Diego Garcia, Chanik Jo, Michael Shin, Siyuan Wu

Discussant: YoungJun Song

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Garcia-463-Echoes of Inflation.pdf


Financing Source Granularity and Cash Holdings

Onur Bayar, Ivalina Kalcheva, Heritage Oyelade

Discussant: Gaurav Kankanhalli

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bayar-954-Financing Source Granularity and Cash Holdings.pdf
Modern Banking Issues
1:30pm - 3:15pm
Pacific 1
Edward Kim
Location: Pacific 1
Session Chair: Edward Kim, University of Michigan

Banks’ Images: Evidence from Advertising Videos

Xugan Chen, Allen Hu, Song Ma

Discussant: Naz Koont

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Chen-417-Banks’ Images.pdf


Par for the Course: Did the Bank Term Funding Program (BTFP) Support Credit Intermediation?

Allen Berger, Stephen Karolyi, Raluca Roman

Discussant: Camelia Minoiu

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Berger-622-Par for the Course.pdf


Cyber Risk in Banking: Measuring and Predicting Vulnerability

Steven Baker, Dimuthu Ratnadiwakara

Discussant: Yi Li

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Baker-912-Cyber Risk in Banking.pdf
Payment Systems
3:30pm - 5:15pm
Pacific 1
Thomas Flanagan
Location: Pacific 1
Session Chair: Thomas Flanagan, Ohio State University

Financial Technologies, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems

Jacelly Cespedes, Carlos Burga, Carlos Parra, Bernardo Ricca

Discussant: Susan Cherry

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Cespedes-261-Financial Technologies, Labor Markets, and Wage Inequality.pdf


Integrating Fragmented Networks: Interoperability in Money and Payments

Alexander Copestake, Divya Kirti, Maria Soledad Martinez Peria, Yao Zeng

Discussant: Nishant Vats

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Copestake-666-Integrating Fragmented Networks.pdf


Who Pays for Payments? Consumer Sorting, Fee Heterogeneity, and Passthrough

Mark Egan, Gregor Matvos, Amit Seru, Lulu Wang, Vincent Yao

Discussant: Carlo Wix

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Egan-1122-Who Pays for Payments_ Consumer Sorting, Fee Heterogeneity, and Passthrough.pdf
Corporate Investment: New Perspectives
8:00am - 9:45am
Pacific 2
Michael Wittry
Location: Pacific 2
Session Chair: Michael Wittry, Ohio State University

(In-)Visible Risks of Blockchain-Based Financing for Capital Allocation Efficiency

Dongkyu Chang, KJ {Kyoung Jin} Choi, Keeyoung Rhee

Discussant: Peiyi Jin

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Chang-440-(In-)Visible Risks of Blockchain-Based Financing for Capital Allocation.pdf


When Trade Dries Up: Infrastructure Constraints and Firm Performance

Nora Pankratz

Discussant: Leandro Sanz

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Pankratz-196-When Trade Dries Up.pdf


Automation Under Constraints: Exchange Rates, Interest Rates, and Firm Investment

Meghana Ayyagari, Vojislav Maksimovic, Rodimiro Rodrigo, Ariel Weinberger

Discussant: Daniel Carvalho

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ayyagari-1034-Automation Under Constraints.pdf
Household Finance
10:00am - 11:45am
Pacific 2
Shashwat Alok
Location: Pacific 2
Session Chair: Shashwat Alok, Indian School of Business

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

Mark Jansen, Samuel Kruger, Gonzalo Maturana, Amin Shams

Discussant: Vasudha Nukala

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Jansen-135-Borrowers in the Shadows.pdf


Fintech to the (Worker) Rescue: Earned Wage Access, Financial Health and Employee Retention

Jose Murillo, Boris Vallee, Dolly Yu

Discussant: Ankit Kalda

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Murillo-441-Fintech to the (Worker) Rescue.pdf


Home Is Where Your FinTech Loan Is

Tamanna Singh Dubey

Discussant: Jun Yang

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Dubey-722-Home Is Where Your FinTech Loan Is.pdf
Insurance Markets
1:30pm - 3:15pm
Pacific 2
Irina Stefanescu
Location: Pacific 2
Session Chair: Irina Stefanescu, Federal Reserve Board of Governors

Beyond the Storm: Climate Risk and Insurers of Last Resort

Ankit Kalda, Varun Sharma, Vikas Soni, Derek Wenning

Discussant: Emily Gallagher

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Kalda-1162-Beyond the Storm.pdf


From Long to Short: How Interest Rates Shape Life Insurance Markets

Derek Wenning, Ziang Li

Discussant: Jakob Ahm Sørensen

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Wenning-780-From Long to Short.pdf


The Evolution of Insurance Markets: Capital Regulation and Insurance Provision

Alexandru Barbu, Ishita Sen, David Humphry

Discussant: Chotibhak Jotikasthira

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Barbu-1029-The Evolution of Insurance Markets.pdf
Macroeconomic Factors and Cross-Market Asset Pricing
3:30pm - 5:15pm
Pacific 2
Sang Byung Seo
Location: Pacific 2
Session Chair: Sang Byung Seo, University of Wisconsin-Madison

The Effect of Fiscal Policy Shocks on Asset Prices

Courtney Wiegand

Discussant: Wenhao Li

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Wiegand-265-The Effect of Fiscal Policy Shocks on Asset Prices.pdf


Good Inflation, Bad Inflation, and the Dynamics of Credit Risk

Diego Bonelli, Berardino Palazzo, Ram Yamarthy

Discussant: Mohammad Ghaderi

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Bonelli-460-Good Inflation, Bad Inflation, and the Dynamics of Credit Risk.pdf


Integrating Credit and Equity Markets: A Novel Benefit of Convertible Bonds

Alexey Ivashchenko, Rex Wang

Discussant: Sebastien Plante

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Ivashchenko-384-Integrating Credit and Equity Markets.pdf
Policy Design
8:00am - 9:45am
Pacific 3
Amrita Nain
Location: Pacific 3
Session Chair: Amrita Nain, University of Iowa

When Diversity Rules

Joseph Kalmenovitz, Abhinav Gupta, Ravi Ranjan, Kairong Xiao

Discussant: Renping Li

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Kalmenovitz-320-When Diversity Rules.pdf


When Privacy Protects but Excludes: The Costs and Benefits of Banning Alternative Data in Digital Lending

Sumit Agarwal, Pulak Ghosh, Peiyi Jin, Shohini Kundu, Nishant Vats, Xinbo Wang, Yingze Xu

Discussant: Paul Yoo

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Agarwal-560-When Privacy Protects but Excludes.pdf


Are Crypto Anti-Money Laundering Policies Effective?

John Griffin, Kevin Mei, Zirui Wang

Discussant: Stefan Zeume

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Griffin-713-Are Crypto Anti-Money Laundering Policies Effective_.pdf


Barriers to Consumer Negotiation and the Limits of Policy: Evidence from the NAR Settlement

Jefferson Duarte, David Zhang

Discussant: Nitzan Tzur-Ilan

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Duarte-1010-Barriers to Consumer Negotiation and the Limits of Policy.pdf
Trading
10:00am - 11:45am
Pacific 3
Mirela Sandulescu
Location: Pacific 3
Session Chair: Mirela Sandulescu, University of North Carolina at Chapel Hill

The Rise of Derivatives and Off-Exchange Trading and Its Impact on Price Discovery and Volatility

Pankaj Jain, Lai Xu, Zhaoque {Chosen} Zhou

Discussant: Thomas Ernst

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Jain-353-The Rise of Derivatives and Off-Exchange Trading and Its Impact.pdf


Attention on Insider Trading: EDGAR Visits, Investor Sophistication, and Informational Advantage

Mingzhi Du

Discussant: Boone Bowles

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Du-437-Attention on Insider Trading.pdf


Animal Spirits on Steroids: Evidence From Retail Options Trading in India

Vikas Agarwal, Pulak Ghosh, Nagpurnanand Prabhala, Haibei Zhao

Discussant: Pedro García-Ares

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Agarwal-789-Animal Spirits on Steroids.pdf
Politics and Finance
1:30pm - 3:15pm
Pacific 3
Kunal Sachdeva
Location: Pacific 3
Session Chair: Kunal Sachdeva, University of Michigan

Politically Polarized Supply Chains

Nandini Gupta, Swarnodeep Homroy

Discussant: Julian Atanassov

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Gupta-248-Politically Polarized Supply Chains.pdf


A Dark Side to Experience? Firm Age and Policy Uncertainty

Jim Goldman, Pablo Slutzky, Stefan Zeume

Discussant: Katie Moon

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Goldman-301-A Dark Side to Experience_ Firm Age and Policy Uncertainty.pdf


Customer Concentration, Systematic Risk, and Equity Returns

Yu-Hsuan {Cathy} Chan, Praveen Kumar, Vijay Yerramilli

Discussant: Yelena Larkin

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Chan-821-Customer Concentration, Systematic Risk, and Equity Returns.pdf
Trading Corporate Debt
3:30pm - 5:15pm
Pacific 3
Pankaj Jain
Location: Pacific 3
Session Chair: Pankaj Jain, University of Memphis

Bond Valuation Dispersion and ETF Arbitrage

Alan Guoming Huang, Russ Wermers, Jinming Xue, Alex Zhou

Discussant: Vijay Yerramilli

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Huang-147-Bond Valuation Dispersion and ETF Arbitrage.pdf


Cross Trading in the Corporate Bond Market

Lina Han, Stacey Jacobsen, Jayoung Nam, Veronika Pool

Discussant: Anh Le

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Han-472-Cross Trading in the Corporate Bond Market.pdf


Beyond Performance: Mutual Funds, Non-Alpha Services, and the Value of Financial Advisors

Alessandro Previtero, Ran Xing

Discussant: Pulak Ghosh

<strong>pdf</strong>: Adobe Acrobat "Portable Document Format"Previtero-846-Beyond Performance.pdf
Registration
7:30am - 5:00pm
Pacific Foyer - 2nd Floor
Location: Pacific Foyer - 2nd Floor
Coffee Break
3:15pm - 3:30pm
Pacific Foyer - 2nd Floor
Location: Pacific Foyer - 2nd Floor
Luncheon
12:00pm - 1:15pm
Atlantic E - 1st Floor
Location: Atlantic E - 1st Floor
Meals are by advance ticket purchase only and must be purchased online during conference registration.
Exhibitors
7:45am - 5:00pm
2nd Floor
Location: 2nd Floor
Coffee Break
9:45am - 10:00am
2nd Floor
Location: 2nd Floor