Movements in Yields, not the Equity Premium: Bernanke-Kuttner Redux

Stefan Nagel¹, Zhengyang Xu²

1: University of Chicago; 2: City University of Hong-Kong

Tail Risk around FOMC Announcements

Xuhui Nick Pan³, Kris Jacobs¹, Sai Ke²

1: University of Houston; 2: University of Mississippi; 3: University of Oklahoma, United States of America

Risk Premia, Subjective Beliefs, and Forward Guidance

Paymon Khorrami, Anna Cieslak

Duke University, United States of America

Identifying the Portfolio Balance Mechanism

Jefferson Duarte, Tarik Umar

Rice University, United States of America

Quantitative Tightening with Slow-Moving Capital

Jialu Sun, Zhengyang Jiang

Northwestern University, United States of America

Monetary Policy, the Yield Curve, and the Repo Market

Ruggero Jappelli¹, Loriana Pelizzon², Marti Subrahmanyam³

1: Warwick Business School; 2: SAFE Leibniz and Goethe University Frankfurt; 3: NYU Stern

The Trade Imbalance Network and Currency Returns

Ai Jun Hou¹, Lucio Sarno², Xiaoxia Ye³

1: Stockholm University, Sweden; 2: University of Cambridge, UK; 3: University of Exeter, UK

Global Bank Lending and Exchange Rates

Jonas Becker^1,4, Maik Schmeling^1,2, Andreas Schrimpf^3,2

1: Goethe University Frankfurt, Germany; 2: CEPR; 3: Bank for International Settlements; 4: Quoniam Asset Management

Monetary Policy Transmission through the Exchange Rate Factor Structure

Erik Loualiche², Alexandre Pecora³, Fabricius Somogyi¹, Colin Ward⁴

1: Northeastern University, USA; 2: University of Minnesota, USA; 3: Virginia Tech, USA; 4: University of Alberta

The Digital Revolution: Bridging the Information Gap in the Consumer Credit Market

Sumit Agarwal¹, Yonglin Wang², Jian Zhang³

1: National University of Singapore; 2: Lingnan University, Hong Kong S.A.R. (China); 3: The University of Hong Kong, S.A.R. (China)

Digital Payments and Monetary Policy Transmission

Pauline Liang¹, Matheus Sampaio², Sergey Sarkisyan³

1: Graduate School of Business, Stanford University; 2: Kellogg School of Management, Northwestern University; 3: Fisher College of Business, Ohio State University

More Data, More Credit? Information Sharing and Bank Credit to Households

Tamás Briglevics¹, Artashes Karapetyan², Steven Ongena^3,5,7,8,9, Ibolya Schindele^1,4,6

1: Central Bank of Hungary; 2: ESSEC Business School; 3: University of Zurich; 4: Central European University; 5: Swiss Finance Institute; 6: Corvinus University Budapest; 7: KU Leuven; 8: NTNU; 9: CEPR

Dealer Capacity and US Treasury Market Functionality

Darrell Duffie¹, Michael Fleming², Frank Keane², Claire Nelson³, Or Shachar², Peter Van Tassel⁴

1: Stanford, United States of America; 2: Federal Reserve Bank of New York; 3: Princeton University; 4: Unaffiliated

The Central Bank's Balance Sheet and Treasury Market Disruptions

Adrien D'Avernas¹, Damon Petersen², Quentin Vandeweyer³

1: Stockholm School of Economics; 2: MIT Sloan School of Management; 3: University of Chicago Booth School of Business

LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility

Mathias Kruttli^1,3, Phillip Monin², Lubomir Petrasek², Sumudu Watugala¹

1: Indiana University - Kelley School of Business, United States of America; 2: Federal Reserve Board of Governors, United States of America; 3: Oxford-Man Institute of Quantitative Finance, University of Oxford, United Kingdom

Diversity, Equity, and Inclusion

Alex Edmans¹, Caroline Flammer², Simon Glossner³

1: London Business School, CEPR, and ECGI; 2: Columbia University, NBER, and ECGI; 3: Federal Reserve Board

Credentials Matter, but Only for Men: Evidence from the S&P 500

Peter Cziraki¹, Adriana Robertson^2,3

1: Texas A&M University, United States of America; 2: University of Chicago, United States of America; 3: European Corporate Governance Institute

A Diverse View on Board Diversity

Vyacheslav Fos¹, Wei Jiang², Huasheng Nie³

1: Carroll School of Management, Boston College; 2: Goizueta Business School, Emory University; 3: UCLA Anderson School of Management

Technology Adoption and Career Concerns: Evidence from the Adoption of Digital Technology in Motion Pictures

S. Abraham Ravid¹, Filippo Mezzanotti², Grant Goering³

1: Yeshiva University, United States of America; 2: Northwestern University, USA; 3: Boston University, USA

The Horizon of Investors' Information and Corporate Investment

Laurent Fresard¹, Olivier Dessaint², Thierry Foucault³

1: USI Lugano, Switzerland; 2: INSEAD; 3: HEC Paris

How Financial Markets Create Superstars

Spyros Terovitis¹, Vladimir Vladimirov^1,2

1: University of Amsterdam, Netherlands, The; 2: CEPR

Financing the Global Shift to Electric Mobility

Bo Bian¹, Jan Bena¹, Huan Tang²

1: University of British Columbia, Canada; 2: The Wharton School

Do firms mitigate climate impact on employment? Evidence from US heat shocks

Viral Acharya¹, Abhishek Bhardwaj², Tuomas Tomunen³

1: NYU Stern; 2: Tulane University; 3: Boston College

Corporate Climate Lobbying

Markus Leippold^1,2, Zacharias Sautner^1,2, Tingyu Yu¹

1: University of Zurich, Switzerland; 2: Swiss Finance Institute (SFI)

Computational Reproducibility in Finance: Evidence from 1,000 Tests

Christophe Perignon¹, Olivier Akmansoy¹, Christophe Hurlin², Anna Dreber^3,4, Felix Holzmeister⁴, Jurgen Huber⁴, Magnus Johannesson³, Michael Kirchler⁴, Albert Menkveld^5,6, Michael Razen⁴, Utz Weitzel^5,6,7

1: HEC Paris, France; 2: University of Orléans, France; 3: Stockholm School of Economics, Sweden; 4: University of Innsbruck, Austria; 5: Vrije Universiteit Amsterdam, Netherlands; 6: Tinbergen Institute, Netherlands; 7: Radboud University, Netherlands

AI Powered Trading, Algorithimic Collusion and Price Efficiency

Winston Dou¹, Itay Goldstein¹, Yan Ji²

1: University of Pennsylvania; 2: HKUST, Hong Kong

Traces of Humanity: Liquidity and Human Behavior in the Machine Age

Mark Kamstra², Lisa Kramer¹, Andriy Shkilko³

1: University of Toronto, Canada; 2: York University; 3: Wilfrid Laurier University

Monetary Policy Transmission Through Online Banks

Isil Erel¹, Jack Liebersohn², Constantine Yannelis³, Samuel Earnest³

1: The Ohio State University, United States of America; 2: University of California Irvine; 3: University of Chicago Booth School of Business

Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?

Ester Faia¹, Karen K. Lewis², Haonan Zhou³

1: Goethe University Frankfurt and CEPR; 2: University of Pennsylvania, CEPR, and NBER; 3: University of Hong Kong

Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis

Benjamin Born¹, Hrishbh Dalal¹, Nora Lamersdorf², Jana-Lynn Schuster¹, Sascha Steffen¹

1: Frankfurt School of Finance & Management; 2: Goethe University and Frankfurt School of Finance & Management

Endogenous Limits to Arbitrage and Price Informativeness

Johann Reindl¹, Oyvind Norli², Di Cui³

1: Oslo Metropolitan University, Norway; 2: BI Norwegian Business School; 3: Central University of Finance and Economics Beijing

Inside and Outside Informed Trading

Zhi Da¹, Xi Dong², Ke Wu³, Dexin Zhou²

1: University of Notre Dame; 2: Baruch College, United States of America; 3: Renmin University of China

Strategic Arbitrage in Segmented Markets

Svetlana Bryzgalova, Anna Pavlova, Taisiya Sikorskaya

London Business School, United Kingdom

The Asset Durability Premium

Dun Calvin Jia¹, Kai Li¹, Chi-Yang Tsou²

1: Peking University HSBC Business School; 2: Alliance Manchester Business School, University of Manchester

The Cross-Section of Corporate Bond Returns

Guido Baltussen^1,2, Frederik Muskens^1,3, Patrick Verwijmeren^1,4

1: Erasmus University Rotterdam, Netherlands, The; 2: Northern trust Asset Management – Quantitative Strategies; 3: Robeco Quant Fixed Income; 4: University of Melbourne

Seeing is Believing: Annual Report Enhanced Visuals and Stock Returns

Wesley Deng¹, Lei Gao², Bo Hu², Guofu Zhou³

1: University of New South Wales; 2: George Mason University; 3: Washington University in St. Louis

Intermediary Frictions and the Corporate Credit Cycle: Evidence From CLOs

Quirin Fleckenstein

HEC Paris, France

Investor Flows, Monetary Policy, and Portfolio Management of Money Market Funds

Jay Im, Yi Li, Ashley Wang

Federal Reserve Board, United States of America

Monetary Policy and Fragility in Corporate Bond Mutual Funds

John Chi-Fong Kuong¹, James O'Donovan², Jinyuan Zhang³

1: CUHK Business School; 2: City University of Hong Kong; 3: UCLA Anderson School of Management

Open Banking and Customer Data Sharing: Implications for FinTech Borrowers

Rachel J. Nam^1,2

1: Goethe University Frankfurt; 2: Leibniz Institute for Financial Research SAFE

Borrowing from a Bigtech Platform

Jian Li¹, Stefano Pegoraro²

1: Columbia Business School, United States of America; 2: University of Notre Dame, United States of America

From Competitors to Partners: Banks’ Venture Investments in Fintech

Manju Puri¹, Yiming Qian², Xiang Zheng²

1: Duke University; 2: University of Connecticut, United States of America

Voting Choice

Andrey Malenko, Nadya Malenko

Boston College, United States of America

Dynamic Incentive Effects of Dual-Class Shares: Theory and Evidence

Hyunseob Kim¹, Doron Levit², Roni Michaely³

1: Federal Reserrve Bank of Chicago, United States of America; 2: University of Washington; 3: University of Hong Kong

Riding off into the Sunset: Dual-Class Structure in the Age of Unicorns Going Public

Hao Liang¹, Junho Park², Wei Zhang¹

1: Singapore Management University, Singapore; 2: Myongji University, Korea, Republic of (South Korea)

Can Small Businesses Survive Chapter 11?

Edith Hotchkiss¹, Benjamin Iverson², Xiang Zheng³

1: Boston College, United States of America; 2: Brigham Young University, United States of America; 3: University of Connecticut, United States of America

Credit Access and Market Access: Evidence From a Portuguese Credit Guarantee Scheme

Claudia Custodio¹, Christopher Hansman², Bernardo Mendes³

1: Imperial College London; 2: Emory University; 3: London Business School

The Startup Performance Disadvantage(s) in Europe: Evidence from Startups Migrating to the U.S.

Stefan Weik

Technical University of Munich (TUM), University of St. Gallen (HSG)

Business as Usual: Bank Climate Commitments, Lending, and Engagement

Parinitha Sastry¹, Emil Verner², David Marquez-Ibanes³

1: Columbia Business School, United States of America; 2: MIT Sloan; 3: European Central Bank

U.S. Banks’ Exposures to Climate Transition Risks

Hyeyoon Jung¹, Joao Santos^1,2, Lee Seltzer¹

1: Federal Reserve Bank of New York, United States of America; 2: Nova School of Business and Economics

When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets

Parinitha Sastry¹, Ishita Sen², Ana-Maria Tenekedjieva³

1: Columbia Business School; 2: Harvard Business School; 3: Federal Reserve Board

Fighting Climate Change with FinTech

Antonio Gargano¹, Alberto Rossi²

1: University of Houston, United States of America; 2: Georgetown University, United States of America

Educating Investors about Dividends

Andreas Hackethal¹, Tobin Hanspal², Samuel Hartzmark³

1: Goethe Universität; 2: WU Vienna University; 3: Boston College, United States of America

Non-fungible Cash in the Stock Market

Xindi He¹, Ning Zhu²

1: Georgia Institute of Technology, United States of America; 2: Shanghai Jiao Tong University

Pension Liquidity Risk

Kristy Jansen^2,4, Sven Klingler¹, Angelo Ranaldo³, Patty Duijm⁴

1: BI Norwegian Business School, Norway; 2: University of Southern California; 3: University of St Gallen; 4: De Nederlandsche Bank

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

Ishita Sen¹, Jane Li², Umang Khetan³, Ioana Neamtu⁴

1: Harvard Business School, United States of America; 2: Columbia Business School; 3: University of Iowa; 4: Bank of England

Variable Deposit Betas and Bank Interest Rate Risk Exposure

Mustafa Emin¹, Christopher James², Tao Li²

1: Tulane University, United States of America; 2: University of Florida, United States of America

Asset Pricing, Participation Constraints, and Inequality

Goutham Gopalakrishna¹, Jonathan Payne², Zhouzhou Gu²

1: Rotman School of Management, University of Toronto, Canada; 2: Princeton University

Do Households Matter for Asset Prices?

Jens Kvaerner¹, Samuli Knupfer², Bahar Sen-Dogan¹, Petra Vokata³

1: Tilburg University, Netherlands, The; 2: Aalto University School of Business; 3: Ohio State University

Asset Prices, Wealth Inequality, and Taxation

Suleyman Basak¹, Georgy Chabakauri²

1: London Business School, United Kingdom; 2: London School of Economics, United Kingdom

Valuation Duration of the Stock Market

Li Ye^2,3, Chen Wang¹

1: University of Notre Dame; 2: The Wharton School, University of Pennsylvania; 3: University of Washington

Volatile Earnings

Sebastian Hillenbrand¹, Odhrain McCarthy²

1: Harvard Business School, United States of America; 2: New York University

The Making of Momentum: A Demand-System Perspective

Paul Huebner

Stockholm School of Economics, Sweden

Partisanship and Portfolio Choice: Evidence from Mutual Funds

Will Cassidy¹, Blair Vorsatz²

1: Washington University, United States of America; 2: Dodge and Cox

Inferring Mutual Fund Intra-Quarter Trading: An Application to ESG Window Dressing

Li An¹, Shiyang Huang², Dong Lou^3,6, Xudong Wen⁴, Mingxin Xu⁵

1: Tsinghua PBC School of Finance; 2: University of Hong Kong; 3: London School of Economics; 4: Hong Kong University of Science and Technology; 5: CITIC Securities; 6: Centre for Economic Policy Research (CEPR)

Fund Flows and Income Risk of Fund Managers

Xiao Cen¹, Winston Wei Dou^2,4, Leonid Kogan^3,4, Wei Wu¹

1: Texas A&M University; 2: University of Pennsylvania (Wharton); 3: MIT (Sloan); 4: NBER

Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts

Dominic Cucic¹, Rajkamal Iyer², Sotirios Kokas³, Jose Luis Peydro², Stefano Pica⁴

1: Danmarks Nationalbank, Denmark; 2: Imperial College London, CEPR; 3: University of Essex; 4: Bank of Italy

The Making of an Alert Depositors: How Payment and Interest Drive Deposit Dynamics

Xu Lu¹, Yang Song¹, Yao Zeng²

1: University of Washington; 2: University of Pennsylvania

Depositors and Negative Rates: Evidence from Transaction Data

Giuseppe Floccari¹, Aggie Van Huisseling², Jeannine Van Reeken²

1: Banca d'Italia; 2: ABN Amro Group Economics

Polarizing Corporations: Does Talent Flow to "Good" Firms?

Emanuele Colonnelli¹, Timothy McQuade², Gabriel Ramos³, Thomas Rauter¹, Olivia Xiong¹

1: University of Chicago Booth School of Business; 2: University of California Berkeley Haas School of Business; 3: Imperial College London

Directing the Labor Market: The Impact of Shared Board Members on Employee Flows

Daniel Weagley¹, Taylor Begley², Peter Haslag³

1: University of Tennessee; 2: University of Kentucky; 3: Vanderbilt University

External Labor Market Punishment in Finance

Ankit Kalda

Indiana University, United States of America

A NEW THEORY OF CREDIT LINES (WITH EVIDENCE)

Jason Roderick Donaldson¹, Naz Koont³, Giorgia Piacentino¹, Victoria Vanasco²

1: USC, United States of America; 2: CREI & UPF; 3: Columbia

Corporate Hedging, Contract Rights, and Basis Risk

Yuri Tserlukevich, Ilona Babenko

ASU, United States of America

The Optimality of Debt

Pierre Chaigneau¹, Alex Edmans², Daniel Gottlieb³

1: Queen's University, Canada; 2: London Business School, United Kingdom; 3: London School of Economics, United Kingdom

Carbon-Transition Risk and Net-Zero Portfolios

Gino Cenedese¹, Shangqi Han¹, Marcin Kacperczyk^2,3

1: Fulcrum Asset Management; 2: Imperial College Business School; 3: CEPR

Why Divest? The Political and Informational Roles of Institutions in Asset Stranding

Murray Carlson, Adlai Fisher, Ali Lazrak

UBC, Canada

Carbon Home Bias

Patrick Bolton¹, Marc Eskildsen², Marcin Kacperczyk¹

1: Imperial College London, United Kingdom; 2: Copenhagen Business School

Household Debt Overhang and Human Capital Investment

Gustavo Manso¹, Alejandro Rivera², Hui Grace Wang³, Han Xia²

1: University of California, Berkeley; 2: University of Texas at Dallas, United States of America; 3: Bentley University

Intergenerational Mobility and Credit

J. Carter Braxton¹, Nisha Chikhale¹, Kyle Herkenhoff², Gordon Phillips³

1: University of Wisconsin; 2: University of Delaware; 3: Tuck School of Business, Dartmouth College

Mortgage Design, Repayment Schedules, and Household Borrowing

Claes Backman¹, Patrick Moran², Peter van Santen³

1: Aarhus University; 2: Federal Reserve Board, CEBI, and IFS; 3: University of Groningen

The Derivative Payoff Bias

Guido Baltussen^1,4, Julian Terstegge², Paul Whelan³

1: Erasmus university rotterdam, Netherlands, The; 2: Copenhagen Business School; 3: The Chinese University of Hong Kong; 4: Northern Trust Asset Management - Quantitative Strategies

An Anatomy of Retail Option Trading

Vincent Bogousslavsky², Dmitriy Muravyev¹

1: Michigan State University; 2: Boston College

Get the Option Rolling: Option Return Predictability around the Expiration Dates

Pedro Angel Garcia Ares

Instituto Tecnológico Autónomo de México (ITAM), United Kingdom

Admissible Surplus Dynamics and the Government Debt Puzzle

Pierre Collin-Dufresne, Julien Hugonnier, Elena Perazzi

EPFL and Swiss Finance Institute, Switzerland

Global Footprint of US Fiscal Policy

Sun Yong Kim

Northwestern University, United States of America

The demand for government debt

Fan Dora XIA, Egemen Eren, Andreas Schrimpf

Bank for International Settlements, Hong Kong S.A.R. (China)

The Implications of CIP Deviations for International Capital Flows

Christian Kubitza², Jean-David Sigaux², Quentin Vandeweyer¹

1: University of Chicago: Booth, United States of America; 2: European Central Bank

Which Exchange Rate Matters to Global Investors?

Kristy Jansen^1,3, Hyun Song Shin², Goetz von Peter²

1: Marshall School of Business, University of Southern California, United States of America; 2: Bank for International Settlements; 3: De Nederlandsche Bank

Inelastic Financial Markets and Foreign Exchange Interventions

Chang He¹, Paula Beltran²

1: UCLA, United States of America; 2: IMF, United States of America

Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market

Jin Cao^1,2, Emilia Garcia-Appendini^1,3, Cédric Huylebroek^1,4

1: Norges Bank; 2: CESifo; 3: University of Zurich; 4: KU Leuven

Corporate Runs and Credit Reallocation

Filippo De Marco¹, Elena Carletti¹, Vasso Ioannidou², Enrico Sette³

1: Bocconi University, Italy; 2: Bayes Business School, UK; 3: Bank of Italy, Italy

Bank Branch Density and Bank Runs

Efraim Benmelech¹, Jun Yang², Michal Zator²

1: Northwestern University; 2: University of Notre Dame, United States of America

Payments, Reserves, and Financial Fragility

Itay Goldstein¹, Ming Yang², Yao Zeng¹

1: University of Pennsylvania, United States of America; 2: University College London, United Kingdom

The Deposit Business at Large vs. Small Banks

Adrien d'Avernas¹, Andrea Eisfeld², Can Huang³, Richard Stanton⁴, Nancy Wallace⁴

1: Stockholm School of Economics, Sweden; 2: UCLA Anderson School of Management; 3: Gies College of Business; 4: Haas School of Business

Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries

Viral Acharya², Maximilian Jager¹, Manasa Gopal³, Sascha Steffen¹

1: Frankfurt School, Germany; 2: NYU Stern School of Business; 3: Georgia Institute of Technology | Scheller College of Business

Commitment in Debt Financing: The Role of Creditor Dispersion

Yongseok Kim

Indiana University Bloomington, United States of America

Data Sales and Data Dilution

Ernest Liu³, Song Ma², Laura Veldkamp¹

1: Columbia Business School, United States of America; 2: Yale; 3: Princeton

Is there information in corporate acquisition plans?

Sinan Gokkaya¹, Xi Liu², René Stulz^3,4,5

1: Ohio University, United States of America; 2: Miami University, United States of America; 3: The Ohio State University, United States of America; 4: NBER; 5: ECGI

The Impact of Political Polarization on Corporate Investment

Julian Atanassov¹, Brandon Julio², Tiecheng Leng³

1: University of Nebraska; 2: University of Oregon; 3: Harbin Institute of Technology

Polarization, Purpose and Profit

Daniel Ferreira¹, Radoslawa Nikolowa²

1: London School of Economics; 2: Queen Mary University of London, United Kingdom

Partisan Corporate Speech

Will Cassidy¹, Elisabeth Kempf²

1: Washington University, United States of America; 2: Harvard Business School

Future of Emissions

Andreas Brøgger¹, Jules van Binsbergen²

1: Rotterdam School of Management, Erasmus University; 2: Wharton, University of Pennsylvania

Timing Sustainable Engagement in Real Asset Investments

Bram van der Kroft¹, Juan Palacios², Roberto Rigobon¹, Siqi Zheng¹

1: MIT, United States of America; 2: Maastricht University, Netherlands

Auto Finance in the Electric Vehicle Transition

Elizabeth Klee¹, Adair Morse², Chaehee Shin¹

1: Federal Reserve Board, United States of America; 2: Haas School of Business, UC Berkeley

Life after Default: Dealer Intermediation and Recovery in Defaulted Corporate Bonds

Friedrich Baumann², Ali Kakhbod¹, Dmitry Livdan², Abdolresa Nazemi¹, Norman Schuerhoff³

1: UC Berkeley, United States of America; 2: Karlsruhe Institute of Technology; 3: University of Lausanne

The Rise of Factor Investing: "Passive" Security Design and Market Implications

Lin William Cong², Shiyang Huang¹, Douglas Xu³

1: The University of Hong Kong, Hong Kong S.A.R. (China); 2: Cornell University; 3: University of Florida Warrington College of Business

Savings-and-Credit Contracts: Signaling through Costly Savings

Janis Skrastins¹, Bernardus van Doornik², David Schoenherr³, Armando Gomes¹

1: Washington University, United States of America; 2: Central Bank of Brazil; 3: Princeton University