Self-fulfilling Illiquidity and Market Collapse with (Seemingly Irrelevant) Price Controls

Jordan Martel, Edward Van Wesep, Brian Waters

Discussant: Haaris Mateen

Technology Adoption, Market Power, and the Dual Dynamics of Value Premium and Markups

Xiaoji Lin, Chao Ying, Terry Zhang

Discussant: Xinwei Li

The Empirical Virtue of Complexity in Simple Economic Models

Kerry Back, Alexander Ober, Seth Pruitt

Discussant: Lukas Schmid

Demand Propagation Through Traded Risk Factors

Yu An, Amy Huber

Discussant: Zhengyang Jiang

The Subjective Belief Factor

Tingyue Cui, Ricardo De la O, Sean Myers

Discussant: Daniel Andrei

Expectations and the Term Structure of Interest Rates

Pooya Molavi, Alireza Tahbaz-Salehi, Andrea Vedolin

Discussant: Hao Pang

Canaries in the Coal Mine: Firm Response to Biodiversity Transition Risk

Ricardo Pena, Shikhar Singla

Discussant: Shaojun Zhang

Uncertainty, Stock Prices, and Debt Structure

Ali Ozdagli, Jianlin Wang

Discussant: Ali Sanati

Dirty Business: Transition Risk of Factor Portfolios

Ravi Jagannathan, Iwan Meier, Valeri Sokolovski

Discussant: Tuomas Tomunen

Expectations and Experience Effects: New Facts From an Empirical Model

Heiner Beckmeyer, Ahmed Guecioueur

Discussant: Zhongtian Chen

Belief Distortions, Asset Prices, and Unemployment Fluctuations

Do Lee

Discussant: Mete Kilic

Does Climate Change Affect Retail Investors? Your Opinion Matters

Ai He, Siwen Zhang

Discussant: Lei Gao

Pass-through Mutual Funds, Flow of Funds, and Low-Risk Anomaly

Seokwoo Lee, Matthew Linn

Discussant: Xindi He

When Retail Meets Informed: How News Days Drive Retail Losses

Azi Ben-Rephael, Vincent Bogousslavsky, Dmitriy Muravyev

Discussant: Ferhat Akbas

Shadow of Loss: Mutual Fund Tail Behavior and Investor Flows

Yong Chen, Wenting Dai

Discussant: Yijun Zhou

Optimal Sharpe Ratio Timing with Stop Loss

Yufeng Han, Hong Liu, Jing Xu, Guofu Zhou

Discussant: Michael O'Doherty

A Century of Market Reversals: Resurrecting Volatility

Vincent Bogousslavsky, Blake LeBaron, Jeffrey Pontiff

Discussant: Huseyin Gulen

Local Estimation for Option Pricing: Improving Forecasts with Market State Information

Hyung Joo Kim, Dong Hwan Oh

Discussant: Junbo Wang

The Market's Mirror: Revealing Investor Disagreement with LLMs

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

Discussant: Elham Tabatabaei

Awkward Silence: Is Manager Hesitation Informative?

Umit Kurucak

Discussant: Diego García

Just Look: Knowing Peers with Image Representation

Tomasz Kaczmarek, Kuntara Pukthuanthong

Discussant: Pablo Azar

Mixology: Order Flow Segmentation Design

Joshua Mollner

Discussant: Yu An

The Secondary Market for Syndicated Loans

Jan-Peter Siedlarek, Vladimir Yankov

Discussant: Yijia (Eddie) Zhao

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

Munhee Han, Hugh Kim, Vikram Nanda

Discussant: Yanbin Wu

Data as Collateral: Open Banking for Small Business Lending

Tong Yu

Discussant: Shashwat Alok

Interoperable Payment Infrastructure and Retail Investment

Meghana Ayyagari, Pulak Ghosh, Nirupama Kulkarni

Discussant: Taisiya Sikorskaya

Fintech Access and Consumption Smoothing

Xavier Giroud, Yingju Ma, Neng Wang, Long Chen

Discussant: Yessenia Tellez

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

Jing He, Vojislav Maksimovic, Daxuan Zhao

Discussant: Jane Danyu-Zhang

Multinationals and Uncertainty: The Role of Internal Capital Markets

Jianlin Wang

Discussant: Amrita Nain

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

Isha Agarwal, Wentong Chen, Eswar Prasad

Discussant: Ryan Israelsen