Conference Agenda
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Session Overview |
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| 1:30pm - 3:15pm |
The Dynamics of Human Capital Accumulation Location: Adriatic Human Capital, Competition and Mobility in the Managerial Labor Market The Glass Ceiling from Day Zero: Path Dependence in Financial Advisors' Careers. When Large Employers Dominate: Inventor Marketability and Knowledge Flow |
Technology, Regulations, and Asset Prices Location: Aegean Chair: Nancy Xu Self-fulfilling illiquidity and market collapse with (seemingly irrelevant) price controls Technology Adoption, Market Power, and the Dual Dynamics of Value Premium and Markups The Empirical Virtue of Complexity in Simple Economic Models |
Fund Performance Location: Baltic Chair: Yuri Tserlukevich Relationship Nonbankers Does Fund Size Affect Private Equity Performance? Evidence from Donations to Private Universities Contract Evaluation Horizon and Fund Performance |
Factors and Fundamentals Location: Bering On the Macroeconomic Foundations of the Anomaly Zoo Mispricing and Firm Investment Macroeconomic Shocks and Cross-sectional Stock Returns |
Institutional Investors, Executives, and Corporate Governance Location: Caribbean Majority Voting Legislation and CEO Incentive Compensation Betting on the CEO Transparency in Voting: When and Why Institutional Investors Provide Voting Rationales |
Politics, Institutions, and Regulatory Performance Location: Caspian When Regulation Misses the Market: Sources of Policy Failure in Banking The Deep State and the Liberal Drift of Financial Regulators Does Systemically Important Bank Status Affect Loan Performance? |
Risky Asset Demand Location: Pacific 1 Higher-Order Beliefs and Risky Asset Holdings Revealed Preference for Green Stocks: An Asset Demand Approach How (Not) to Identify Demand Elasticities in Dynamic Asset Markets |
Market Frictions, Anomalies, and Behavioral Drivers Location: Pacific 2 Chair: Dmitriy Muravyev Robinhood’s Forced Liquidations Coherent Option Pricing In Search of Seasonality in Intraday and Overnight Option Returns |
Unconventional Determinants of Asset Prices Location: Pacific 3 Inefficient IPO Pricing? Evidence from Insiders’ Trades at Rival Firms Household Portfolio and Deposit Insurance: Implications for the Supply of Safe Assets When Growth Fuels Climate Risk and Climate Propels Decarbonization: A Model of Climate Feedback and Asset Pricing |
| 3:30pm - 5:15pm |
Distortions and Allocations in the Labor Market Location: Adriatic Stock Price Shocks and Skill Changes How Bankers’ Outside Options Affect Financial Risk Old Workers, New Capital |
Expectations and Asset Prices Location: Aegean Chair: Liyan Yang The Subjective Belief Factor Expectations and the Term Structure of Interest Rates Demand Propagation Through Traded Risk Factors |
Capital Structure and Financing Location: Baltic Chair: Pavel Zryumov Equity ATMs Demandable debt and leverage ratchet effect Debt Maturity and Commitment on Firm Policies |
Elasticities and Demand for Stocks Location: Bering Chair: John Shim A Bound on Price Impact and Disagreement Endogenous Elasticities: Price Multipliers Are Smaller for Larger Demand Shocks The Inelastic Investors: Passive Demand and the Reshaping of Stock Prices |
Public and Private Funds Location: Caribbean Chair: Chotibhak Jotikasthira Unrealized Trading Gains: An Accounting-Based Explanation of Market Inelasticity Loan-funded Loans: Asset-like Liabilities inside Bank Holding Companies The Impact of Monetary Policy on Venture Capital Finance |
Liquidity, Fragility, and Monetary Transmission Location: Caspian Chair: Andrew Winton Municipal Financing and Monetary Policy Transmission What Quantity of Reserves Is Sufficient? Bank Lending Fragility After Mergers |
Aspects of the Stochastic Discount Factor Location: Pacific 1 Chair: Seth Pruitt Transaction Costs and the Stochastic Discount Factor Cross-Sectional Learning and Inference for the Stochastic Discount Factor Did I make myself clear? The Fed and the market under the 2020 monetary policy framework |
Bond Market Microstructure: Auctions, Dealers, and Public Finance Location: Pacific 2 More investors, more problems? Bond market liberalization and innovation Treasury Auctions and Long-Term Bond Yields Dealer Quid Pro Quo in the Municipal Bond Market |
Insiders and Outsiders Location: Pacific 3 Mixed Messages by Firms’ Managers: An Exploration into the Strategic Use of Tonal Inconsistency across Managerial Financial Communications Inside Out: Who Trade Before the Start of Cyber Attacks? Detecting Informed Trade by Corporate Insiders |
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| 8:00am - 9:45am |
Doctoral Symposium - Shock Transmission Location: Adriatic Chair: Andres Almazan Monetary Transmission in Equity Markets: Evidence from Financial Intermediaries Private Fund Capital Calls, Investor Portfolios, and Spillovers Tax Revenue Sensitivity and Bond Valuation |
Policy Risk and Asset Prices Location: Aegean Canaries in the Coal Mine: Firm Response to Biodiversity Policy Risk Uncertainty, Stock Prices, and Debt Structure Dirty Business: Transition Risk of Factor Portfolios |
Funds and Corporate Governance Location: Baltic All Shareholder Votes Are Not Created Equal Fund Proliferation, Decentralization, and Shareholder Power Control Rights or Wrongs? Active versus Index Governance |
Cost of Credit: Transmission Mechanisms Location: Bering Chair: Camelia Minoiu The Transmission of Corporate Tax Cuts to Consumer Loans: Evidence from the TCJA The Response of Debtors to Rate Changes When Banks Fail: Depositor Attention and the Cost of Funding for Survivors |
Corporate Financing and Hedging Location: Caribbean Chair: Fotis Grigoris Public Debt and Private Investment: The Role of Firm Leverage Financing and the Green Paradox The Economics of Financial and Operational Hedging: Insights from U.S. Power Plants |
Networks, Knowledge, and M&A Outcomes Location: Caspian Chair: Liu Yang Try Before You Buy: Measuring Innovation Synergy Using Textual Analysis Blockholder Networks, Information Exchange, and M&A Performance When Roll-up Breaks: Serial Private Equity Acquisitions in the Hospital Industry |
Entrepreneurship and labor market shocks Location: Pacific 1 Entrepreneur Experience and Success: Causal Evidence from Immigration Wait Lines Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate The "Great Reshuffling" and Entrepreneurship |
Banks and Monetary Policy Location: Pacific 2 Chair: Jincheng Tong Ample Reserves for Whom? The Role of Foreign Banks in U.S. Monetary Policy Implementation Banks and the State-Dependent Effects of Monetary Policy Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission |
Machine Learning, Expectations, and Information in Derivative Pricing Location: Pacific 3 Subjective Expectations for Variance and Skewness: Evidence from Analyst Forecasts Attention-based Graph Neural Networks in Firm CDS Prediction Unpacking Retail Trading Costs: the Role of Options Trading and Limit Order Usage |
| 10:00am - 11:45am |
Doctoral Symposium - Finance and Institutions Location: Adriatic Chair: Andres Almazan Returns to scale in passive management: Evidence from ETFs Reaching for Yield in Target Date Funds The Forgotten Channel: Long-Term Impacts of GFC-era Foreclosures |
Beliefs Location: Aegean Chair: Hongjun Yan Expectations and Experience Effects: New Facts From an Empirical Model Belief Distortions and Unemployment Fluctuations Does Climate Change Affect Retail Investors? Your Opinion Matters |
ESG and Strategic Firm Choices Location: Baltic Chair: Zoey Zhou Do Firms Become More Socially Responsible Reacting to School Shootings? Temperature, Adaptation, and Local Industry Concentration Two Centuries of U.S. Innovation and the Capital Channel: Evidence from Natural Disasters |
Financial Inclusion I Location: Bering Chair: Isaac Hacamo Shedding Light on Bias: Consumer Complaint Disclosure and Racial Equity in Financial Services Partisan Loan Officers and the Racial Gap in Mortgage Lending Information Regimes and Financial Inclusion |
Unintended Regulation Location: Caribbean Chair: James Weston The Road to False Positives: Indirect Effects of Reg SHO Commercial Eviction Moratoria, Liquidity Relief, and Business Closure Do Debt Collection Restrictions Hurt Hospitals? |
Financing and Oversight in M&A Location: Caspian Chair: Richard Thakor The Role of Credit Lines in Funding Takeovers Why Are Acquisitions of Unlisted Firms Better Deals? Evidence from OTC Markets Watchdog or Showdog? Spotlight Chasing in Antitrust Enforcement |
Regulation, Private Capital, and Banks Location: Pacific 1 The Private Equity Experiment of U.S. Banking Industry Institutional Investor Protection: Evidence from Conflict-of-Interest Regulation in Private Equity Banks on the Block: Branch Proximity and Small Business Performance |
QJF Special Session Location: Pacific 2 Triangular Pure Parity Deviations The US Treasury’s Biggest Short: Duration in the Shadows When Buys Move Markets More than Sells: How Institutions Boost Prices without Net Buying |
Measuring Behavior with AI Location: Pacific 3 The Market's Mirror: Revealing Investor Disagreement with LLMs Awkward Silence: Is Manager Hesitation Informative? Just Look: Knowing Peers with Image Representation |
| 1:30pm - 3:15pm |
Doctoral Symposium - Corporate Finance Location: Adriatic Chair: Andres Almazan Bridging Markets: Equity Investors' Dual Roles in Corporate Debt Financing Corporate Finance in the Subscription Ecoonmy Financing Risk and Startup Growth |
Investor Behavior Location: Aegean Chair: Dexin Zhou Pass-through Mutual Funds, Flow of Funds, and Low-Risk Anomaly When Retail Meets Informed: How News Days Drive Retail Losses Shadow of Loss: Mutual Fund Tail Behavior and Investor Flows |
ESG: Incentives in the Public and Private Sectors Location: Baltic Chair: Aymeric Bellon The Unintended Consequences of Carbon Markets The Green Value of BigTech Credit Green Waste: Misallocation of Green Investment Subsidies |
Financial inclusion II Location: Bering The costs of financial fraud victimization Economic Opportunity Costs: Banking Access and Educational (Dis)Investment Immigration and Credit in America |
Information and Markets Location: Caribbean Chair: Russell Jame AI Washing Organized Crime, Public Procurement, and Firms Salient Signals of Economic Transitions in Analyst Forecasting: Evidence from the Electric Vehicle Era |
Intermediation Location: Caspian Chair: Veronika Pool The Hidden Costs of Financial Services: Consumer Complaints and Financial Restitution Securities losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone Rebalancing of Currency Hedging and the Impact on Exchange Rates Relationship Lending in Bond Markets? |
Imperfect Competition and Price Efficiency Location: Pacific 1 Chair: Michael Sockin When Silicon Valley Meets Wall Street: A Theory of Financial Overengineering Institutional Ownership Concentration and Informational Efficiency Riding or Attacking the Bubble? Equity Bubbles and Capital Structure Arbitrage |
Beliefs, and Macroeconomic Risk Transmission Location: Pacific 2 Chair: Altan Pazarbaşı Learning and subjective beliefs about good and bad inflation ranges Safe Haven Status of the U.S. Dollar, Dollar Index Options, and Quantitative Implications for Dynamic Currency Models The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts |
Forecasting with Machine Learning Location: Pacific 3 Market Risk Premium: A Single Optimal Predictive Factor in High Dimension Improving Hedge Fund Return Prediction: Dealing with Missing Data via Deep Learning Will AI Replace or Enhance Human Intelligence in Asset Management? |
| 3:30pm - 5:15pm |
Speculation, Hedging, and Rollover Risk in International Financial Markets Location: Adriatic Chair: Fabricius Somogyi Who Carries? Speculation, Forward Exchange Demand, and CIP Deviations in Emerging Economies Local Currency Debt and Sovereign Rollover Risk |
Volatility, Risk, and Returns Location: Aegean Optimal Sharpe Ratio Timing with Stop Loss A Century of Market Reversals: Resurrecting Volatility Local Estimation for Option Pricing: Improving Forecasts with Market State Information |
Attention to ESG and the Consequent Effects Location: Baltic Can US equity funds time ESG score updates? Carbon in the Cloud Climate Risk, Credit, and Food Security |
Emerging Markets Location: Bering Chair: Meghana Ayyagari Crypto Capture of Foreign Aid Behind Dollar Savings in Mutual Funds: Are Shifting Sands Threatening Financial Stability? Crowding Out and Banking Crises |
Access to Finance Location: Caribbean Chair: Paul Beaumont Firm-Level and Aggregate Effects of Cheaper Liquidity: Evidence from Factoring Group Decision Making Under Real World Uncertainty: Evidence From the Internal Investment Process of a Venture Capital (VC)-Backed Startup Accelerator Female Skin in the Game: Bridging the Gender Financing Gap |
The Real Effects of Polarization and Partisanship Location: Caspian Chair: Runjing Lu Partisan Borders: Political Ideology and Frictions in Interstate Job-to-Job Flows Fiscal Risk Perception: Evidence from Analyst Forecasts Political Polarization and Corporate Investment |
Information Acquisition and Mutual Fund Trading Location: Pacific 1 Familiarity in International Fund Allocation and Performance: Information or Bias Complementarities in Information Acquisition: Evidence from Mandatory Portfolio Disclosures The complex materiality of proprietary ESG information: Evidence from actively managed funds |
Expectations and Banking Location: Pacific 2 Chair: Dejanir Silva Granular Markups and Inflation Surge: the role of managerial incentives Global Banks’ Macroeconomic Expectations and Credit Supply Banking on Inattention |
Blockchain & GenAI Location: Pacific 3 Harnessing Generative AI for Economic Insights Irreversibility and Hysteresis in Blockchain Validation Markets Systemic Risk by Design? Causal Evidence on Endogenous Blockchain Security |
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| 8:00am - 9:45am |
Corporate Investment and Financing Location: Adriatic Board as Financial Intermediary: Evidence from Board-Interlocking Firms in the Credit Market Internal Capital Markets and Production Disruptions Impact of Risk Management on Product Offerings: Evidence from the Insurance Industry |
Market Microstructure: Recent Developments in Trading Location: Aegean Nocturnal Trading Manipulating Algorithmic Markets Dark Crypto |
Climate and pricing Location: Baltic Chair: Ai He The Hidden Effects of Climate Risk: Rising Insurance Premiums Increase Mortgage Delinquency and Drive Relocation to Safer Areas Biodiversity Protection and Housing Markets: Supply, Demand, and Speculation Understanding the Pricing of Carbon Emissions: New Evidence from the Stock Market |
Consumer Financial Behavior and Education Location: Bering Chair: Umit Gurun Banking Local: Media Slant, Erosion of Trust, and Financial Decisions The Effects of Deleting Medical Debt from Consumer Credit Reports Financial Literacy and Financial Crime: A Regression Discontinuity Approach |
Startup and Innovations Location: Caribbean Nature Dependence, Economic Value, and Extinction Risk: Evidence from Biotech Innovations How Does VC Engagement Direct Startup Experimentation? When Innovation Meets Politics: Patent Examiner Partisanship and Green Technology |
Commercial Real Estate Location: Caspian Does Mortgage Rate Lock-in Dampen Commercial Real Estate Busts? The Long-Run Effects of Remote Work on U.S. Office Markets Too-Many-to-Ignore: Regional Banks and CRE Risks |
Asset Prices Location: Pacific 1 Culling the Factor Zoo Currency Basket Co-movements Dissecting Demand in the MBS Market |
Corporate Investment: New Perspectives Location: Pacific 2 Chair: Michael Wittry (In-)Visible Risks of Blockchain-Based Financing for Capital Allocation Efficiency When Trade Dries Up: Infrastructure Constraints and Firm Performance Automation Under Constraints: Exchange Rates, Interest Rates, and Firm Investment |
Policy Design Location: Pacific 3 When Diversity Rules Privacy Regulation and the Economics of Screening versus Monitoring in Digital Credit Markets Are Crypto Anti-Money Laundering Policies Effective? Behavioral Biases and the Limits of Policy: Evidence from the NAR Settlement |
| 10:00am - 11:45am |
Information intermediaries in financial markets Location: Adriatic Shareholder Democracy and the Market for Voting Advice The Gatekeeping Expert's Dilemma Information Externalities in Opaque Credit Markets |
Secondary Markets Location: Aegean Chair: Jack Bao Mixology: Order Flow Segmentation Design The Secondary Market for Syndicated Loans Splitting and Shuffling: Institutional Trading Motives and Order Submissions Across Brokers |
Law, Information and Finance Location: Baltic Insider Trading Reforms and Corporate Transparency: Evidence from the STOCK Act Cracking Down, Pricing In: How AML Regulation Shapes Stock Price Responses When Speaking Freely Pays: Anti-SLAPP Laws and Firms' Cost of Equity |
Housing Markets and Mortgage Dynamics Location: Bering Chair: Marco Giacoletti Aging and Housing Returns Gaining Market Expertise: The Geographic Specialization of Labor in Mortgage Lenders From Rates to Riches: How Danish Homeowners Respond to Interest Rate Shocks |
Bond, Stock, and Bond Mutual Fund Performance Location: Caribbean Chair: Gergana Jostova Private Investments of Corporate Bond Mutual Funds Bond Factor Momentum and Its Predictability for Stock Returns Winning At the Starting Line: Underwriter Connections and Municipal Bond Fund Performance |
Seniority, Collateral, and Adverse Selection in Lending Markets Location: Caspian Screening in Loan Guarantee Programs: Combining Contract Menus with Information Collection Where Collateral Sleeps Competing for Loan Informal Seniority: Theory and Evidence |
Capital Structure Location: Pacific 1 Chair: Hyunseob Kim Firm Innovation Outcomes and Trade Credit Financing Echoes of Inflation: CEO Early-life Inflation Experiences, Inflation Attention, and Corporate Decisions Financing Source Granularity and Cash Holdings |
Social Finance Location: Pacific 2 Social Interaction Intensity and Investor Behavior Mimicking Finance Student Debt and the Cinderella Effect |
Trading Location: Pacific 3 Chair: Mirela Sandulescu The Rise of Derivatives and Off-Exchange Trading and Its Impact on Price Discovery and Volatility Attention on Insider Trading: EDGAR Visits, Investor Sophistication, and Informational Advantage Animal Spirits on Steroids: Evidence From Retail Options Trading in India |
| 1:30pm - 3:15pm |
Liquidity, fragility, and incentives in financial markets Location: Adriatic Fire sales and liquidity requirements The Optimal Schedules of Incentives and Cash Flows Bank fragility over the reserves cycle |
Fintech Location: Aegean Chair: Nagpurnanand Prabhala Data as Collateral: Open Banking for Small Business Lending Interoperable Payment Infrastructure and Retail Investment Fintech Access and Consumption Smoothing |
Bond Pricing and Returns Location: Baltic Breaking the Tension: Almost Affine Term Structure Models with Stochastic Volatility Opaque Markets, Visible Jobs: Real-Time Labor Demand and Municipal Finance Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section |
Market Design Across Financial Products Location: Bering Deposit Competition Beyond Rates Labor Market Polarization and Student Debt Selection through Lapsation in Life Insurance Markets |
Congressional Stock Trading and Politicized Lending Location: Caribbean Chair: Amanda Heitz When Supervision Meets Politics: Credit Misallocation and its Real Effects Should The Public Be Concerned About Congressional Stock Trading? Legislative Trades Political Shifts, Mortgage Drifts: Evidence from U.S. Special Elections |
Mortgage and Housing Supply Location: Caspian Chair: Gene Amromin Incomplete Pass-Through in Mortgage Markets The Distributional Effects of GSE Pricing on Home Purchases The Broader Effects of New Housing Supply: Movers, Prices, and Workplaces |
Modern Banking Issues Location: Pacific 1 Chair: Edward Kim Banks’ Images: Evidence from Advertising Videos Par for the Course: Did the Bank Term Funding Program (BTFP) Support Credit Intermediation? Cyber Risk in Banking: Measuring and Predicting Vulnerability |
Macroeconomic Factors and Cross-Market Asset Pricing Location: Pacific 2 The Effect of Fiscal Policy Shocks on Asset Prices Integrating Credit and Equity Markets: A Novel Benefit of Convertible Bonds Good Inflation, Bad Inflation, and the Dynamics of Credit Risk |
Politics and Finance Location: Pacific 3 Politically Polarized Supply Chains A Dark Side to Experience? Firm Age and Policy Uncertainty Customer Concentration, Systematic Risk, and Equity Returns |
| 3:30pm - 5:15pm |
The Evolving Landscape of Global Finance: Dollar Dominance, Chinese Lending, and Policy Spillovers Location: Adriatic Not All Dollar Funding Is Equal: Uncovering Economic Exposures of Global FX Funding China's Overseas Lending in Global Finance Cycle Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries |
Multinationals' investment and financing Location: Aegean Chair: Nandini Gupta Climate Policy Abroad, Emissions at Home: Pollution Reshoring by U.S. Multinationals Multinationals and Uncertainty: The Role of Internal Capital Markets Beyond the Fundamentals: How Media-Driven Narratives Influence Cross-Border Capital Flows |
Bond Market Fragility and Resilience Location: Baltic Chair: Yoshio Nozawa Lending at a Cost: Liquidity Fragility in Bond Mutual Funds Enhanced Resiliency in Corporate Bond Liquidity: A Tradeoff in OTC Markets Unintended Consequences of Rule 18f-4: Derivatives Constraints, Reaching for Yield, and Corporate Bond Market Fragility |
Insurance Markets Location: Bering Beyond the Storm: Climate Risk and Insurers of Last Resort From Long to Short: How Interest Rates Shape Life Insurance Markets The Evolution of Insurance Markets: Capital Regulation and Insurance Provision |
The Dynamics of Bank Competition Location: Caribbean When Credit Unions Cross the Aisle: Performance After Bank Acquisitions Does Local Competition Matter for Mortgages? Evidence from Fee Pass-Through The Boundaries of the Farm and the Death of Small Banks |
Green Banking Location: Caspian Chair: Shaojun Zhang Building Voice in Socially Responsible Investment Opening the Brown Box: Production Responses to Environmental Regulation Banking through an Energy Transition |
Payment Systems Location: Pacific 1 Chair: Thomas Flanagan Financial Technologies, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems Integrating Fragmented Networks: Interoperability in Money and Payments Who Pays for Payments? Consumer Sorting, Fee Heterogeneity, and Passthrough |
Household Finance Location: Pacific 2 Borrowers in the Shadows: The Promise and Pitfalls of Alternative Credit Data Fintech to the (Worker) Rescue: Earned Wage Access, Financial Health and Employee Retention Home Is Where Your FinTech Loan Is |
Trading Corporate Debt Location: Pacific 3 Bond Valuation Dispersion and ETF Arbitrage Cross Trading in the Corporate Bond Market Beyond Performance: Mutual Funds, Non-Alpha Services, and the Value of Financial Advisors |