Leverage Dynamics and Learning about Economic Crises

Artur Anschukov², Harjoat Bhamra², Lars-Alexander Kuehn¹

1: Carnegie Mellon University, United States of America; 2: Imperial College Business School

Misallocation and Asset Prices

Winston Dou¹, Yan Ji², Di Tian², Pengfei Wang³

1: University of Pennsylvania; 2: Hong Kong University of Science and Technology; 3: Peking University

Asset Pricing with the Awareness of New Priced Risks

Christian Heyerdahl-Larsen¹, Philipp Illeditsch², Petra Sinagl³

1: BI Norwegian Business School; 2: Texas A&M; 3: University of Iowa, United States of America

The Long-term Effects of Inflation on Inflation Expectations

Fabio Braggion¹, Felix von Meyerinck², Nic Schaub³, Michael Weber⁴

1: University of Tillburg, the Netherlands; 2: University of Zurich, Switzerland; 3: WHU -- Otto Beisheim School of Management, Germany; 4: University of Chicago Booth, U.S.A.

TELL ME SOMETHING I DON’T ALREADY KNOW: LEARNING IN LOW AND HIGH-INFLATION SETTINGS

Michael Weber

University of Chicago, United States of America

Inflation Forecasting From Cross-Sectional Stocks

Claire Yurong Hong¹, Jun Liu², Jun PAN³, Shiwen Tian⁴

1: SAIF, Shanghai Jiao Tong University; 2: UC San Diego; 3: SAIF, Shanghai Jiao Tong University CAFR; 4: Central University of Finance and Economics

Crash Narratives

Dasol Kim¹, William Goetzmann², Robert Shiller²

1: Office of Financial Research, United States of America; 2: Yale University

Eliciting Expectations

Samuel Hartzmark¹, Abigail Sussman²

1: Boston College; 2: University of Chicago Booth School of Business, United States of America

Earnings Extrapolation and Predictable Stock Market Returns

Hongye Guo

University of Hong Kong, Hong Kong S.A.R. (China)

Understanding Rationality and Disagreement in House Price Expectations

Zigang Li¹, Stijn Van Nieuwerburgh², Renxuan Wang³

1: University of Toronto Rotman School of Business, Canada; 2: Columbia University Graduate School of Business, United States of America; 3: CEIBS Shanghai, China

In Search of the Matching Function in the Housing Market

Cristian Badarinza¹, Vimal Balasubramaniam², Tarun Ramadorai³

1: National University of Singapore; 2: Queen Mary University of London, United Kingdom; 3: Imperial College London

Unintended Consequences of QE: Real Estate Prices and Financial Stability

Tobias Berg¹, Rainer Haselmann¹, Thomas Kick², Sebastian Schreiber¹

1: Goethe University, Germany; 2: Deutsche Bundesbank, Germany

Blended Finance and Female Entrepreneurship

Halil Aydin⁵, Cagatay Bircan^1,3, Ralph De Haas^1,2,4

1: European Bank for Reconstruction and Development, United Kingdom; 2: KU Leuven; 3: University College London; 4: CEPR; 5: Central Bank of the Republic of Turkey

The Effect of Minority Bank Ownership on Minority Credit

Agustin Hurtado¹, Jung Sakong²

1: University of Maryland Smith School of Business; 2: Federal Reserve Bank of Chicago, United States of America

The Role of Family Networks in First-Credit Access

Lorena Keller¹, Miguel Angel Carpio², Alessandro Tomarchio³

1: Wharton School, University of Pennsylvania, United States of America; 2: Universidad de Piura; 3: Central Bank of Peru

Irreplaceable Venture Capitalists

Michael Ewens², Denis Sosyura¹

1: Arizona State University, United States of America; 2: Columbia University

Implicit Discrimination in the Financial Market: Experimental Evidence From the Venture Capital Industry

Ye Zhang

Stockholm School of Economics, Sweden

Contract Completeness of Company Bylaws and Entrepreneurial Success

Paul Beaumont¹, Johan Hombert², Adrien Matray³

1: McGill University, Canada; 2: HEC Paris, France; 3: Stanford GSB, USA

CEO Experience and Value Creation: Evidence from Green Lab Locations

Leo Liu², Elvira Sojli¹, Wing Wah Tham¹

1: University of New South Wales, Australia; 2: University of Technology Sydney

Technology Sectoral Disruptions

Tolga Caskurlu¹, Gerard Hoberg², Gordon M. Phillips³

1: Amsterdam Business School; 2: University of Southern California Marshall School of Business; 3: Tuck School of Business at Dartmouth College

Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs

Jing Xue

Georgia State University, United States of America

ESG Skill of Mutual Fund Managers

Marco Ceccarelli¹, Richard Evans², Simon Glossner³, Mikael Homanen⁴, Ellie Luu⁵

1: VU Amsterdam, School of Business and Economics; 2: University of Virginia, Darden School of Business; 3: Federal Reserve Board; 4: PRI Organisation; 5: University of Strathclyde, United Kingdom

The Sustainability Preferences of Individual and Institutional Investors

Moqi Groen-Xu¹, Malgorzata Ryduchowska²

1: Queen Mary University of London, United Kingdom; 2: BI, Oslo

Regulating ESG Disclosure

Marina Emiris¹, Joanna Harris², Francois Koulischer³

1: National Bank of Belgium; 2: University of Chicago; 3: University of Luxembourg, Luxembourg

Retail Trading Mechanisms and Execution Quality

Fatemeh Aramian, Carole Comerton-Forde

University of Melbourne, Australia

What is the value of retail order flow?

Peter Hoffmann¹, Stephan Jank²

1: European Central Bank, Germany; 2: Deutsche Bundesbank, Germany

What Does Best Execution Look Like?

Thomas Ernst¹, Andrey Malenko², Chester Spatt³, Jian Sun⁴

1: University of Maryland; 2: Boston College; 3: Carnegie Mellon University; 4: Singapore Management University

Expected Returns and Large Language Models

Dacheng Xiu³, Yifei Chen¹, Bryan Kelly²

1: University of Chicago, United States of America; 2: Yale University, United States of America; 3: University of Chicago, United States of America

The Ghost in the Machine: Generating Beliefs with Large Language Models

Leland Bybee

Yale, United States of America

From Transcripts to Insights: Uncovering Corporate Risks Using Generative AI

Alex Kim, Maximilian Muhn, Valeri Nikolaev

Chicago Booth, United States of America

A New Option Momentum: Compensation for Risk

Heiner Beckmeyer¹, Ilias Filippou², Guofu Zhou³

1: University of Münster; 2: Olin Business School, Washington University in St. Louis; 3: Olin Business School, Washington University in St. Louis

The Hairy Premium

Pasquale Della Corte¹, Ljubica Georgievska², Anthony Saunders³, Zhaneta Krasimirova Tancheva²

1: Imperial College Business School; 2: BI Norwegian Business School; 3: NYU Stern School of Business

The Monthly Cycle of Option Prices

Chao Gao¹, Jia He², Grace Xing Hu³

1: College of Business and Economics, Australian National University; 2: School of Public Finance and Taxation, Central University of Finance and Economics; 3: PBC School of Finance, Tsinghua University

Corporate Bond Multipliers: Substitutes Matter

Jian Li¹, Manav Chaudhary², Zhiyu Fu²

1: Columbia University, United States of America; 2: University of Chicago, Booth School of Business

The Market for Inflation Risk

Saleem Bahaj^1,2, Robert Czech², Sitong Ding³, Ricardo Reis³

1: University College London; 2: Bank of England; 3: London School of Economics and Political Science

On the Estimation of Demand-Based Asset Pricing Models

Philippe van der Beck

Harvard Business School, United States of America

Banking Without Branches

Niklas Amberg², Bo Becker^1,3,4,5

1: Stockholm School of Economics, Sweden; 2: Sveriges Riksbank; 3: CEPR; 4: ECGI; 5: Swedish House of Finance

Internal and External Capital Markets of Large Banks

Lina Lu¹, Marco Macchiavelli², Jonathan Wallen³

1: Federal Reserve Bank of Boston; 2: University of Massachusetts, Amherst, United States of America; 3: Harvard Business School

The Making of (Modern) Banks

Zhao Li¹, Kebin Ma², Lucy White³

1: Zhongnan University of Economics and Law, China; 2: University of Warwick, United Kingdom; 3: Boston University, USA

Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns

Mariassunta Giannetti¹, Chotibhak Jotikasthira², Andreas Rapp³, Martin Waibel¹

1: Stockholm School of Economics, Sweden; 2: Southern Methodist University; 3: Federal Reserve Board

ETFs, Illiquid Assets, and Fire Sales

Karamfil Todorov¹, John Shim²

1: BIS (Bank for International Settlements); 2: University of Notre Dame Mendoza College of Business

Risk-Adjusting the Returns to Private Debt Funds

Michael Weisbach, Thomas Flanagan, Isil Erel

Ohio State University, United States of America

Research and/or Development? Financial Frictions and Innovation Investment

Filippo Mezzanotti¹, Tim Simcoe²

1: Kellogg School of Management, United States of America; 2: Boston University

Nationalistic Labor Policies Hinder Innovation

Francesco D’Acunto¹, Hengyi Huang², Michael Weber³, Jin Xie⁴, Liu Yang⁵

1: McDonough School of Business Georgetown University; 2: Department of Finance Tilburg University; 3: University of Chicago Booth School of Business, NBER; 4: Peking University HSBC Business School; 5: R.H.Smith School of Business University of Maryland

Producing AI Innovation and Its Value Implications

Ali Ahmadi¹, Ambrus Kecskes¹, Roni Michaely², Phuong-Anh Nguyen³

1: Schulich School of Business at York University; 2: HKU Business School; 3: School of Administrative Studies at York University

Growth-promoting Bonuses and Mergers and Acquisitions

Tor-Erik Bakke¹, Mathias Kronlund², Hamed Mahmudi³, Aazam Virani⁴

1: University of Illinois - Chicago; 2: Tulane University; 3: University of Delaware; 4: University of Arizona

The Political Polarization of Corporate America

Vyacheslav Fos¹, Elisabeth Kempf², Margarita Tsoutsoura³

1: Boston College, United States of America; 2: Harvard Business School, United States of America; 3: Washington University in St. Louis, United States of America

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul Decaire, Denis Sosyura

Arizona State University, United States of America

The Benchmark Greenium

Stefania D'Amico¹, Johannes Klausmann², N. Aaron Pancost³

1: Federal Reserve Bank of Chicago; 2: University of Virginia at Darden School of Business; 3: University of Texas at Austin McCombs School of Business

Carbon Offsets: Decarbonization or Transition-Washing?

Sehoon Kim, Tao Li, Yanbin Wu

University of Florida, United States of America

Climate Transition Risks of Banks

Felix Martini¹, Zacharias Sautner², Sascha Steffen¹, Theunisz Carola¹

1: Frankfurt School of Finance & Management, Germany; 2: University of Zurich

Information Design in Consumer Credit Markets

Laura Blattner², Jacob Hartwig¹, Scott Nelson¹

1: University of Chicago, United States of America; 2: Stanford University, United States of America

Searching with Inaccurate Priors in Consumer Credit Markets

Erik Berwart³, Sean Higgins¹, Sheisha Kulkarni², Santiago Truffa⁴

1: Kellogg School of Management, Northwestern University; 2: University of Virginia, United States of America; 3: Comisión para el Mercado Financiero.; 4: ESE Business School, Universidad de los Andes

Relationship Banking and Credit Scores: Evidence from a Natural Experiment

Maya Shaton¹, Nimrod Segev², Tali Bank²

1: Ben-Gurion Unversity; 2: Bank of Israel

Stagflationary Stock Returns

Benjamin Knox, Yannick Timmer

Federal Reserve Board, United States of America

Innovation-Driven Contractions: A Key to Unravel Asset Pricing Puzzles

Gill Segal¹, Chao Ying²

1: University of North Carolina at Chapel Hill, United States of America; 2: Chinese University of Hong Kong

More factors matter and factors matter more than you might think: The role of time variation in factor premia

Hendrik Bessembinder¹, Aaron Burt², Christopher Hrdlicka³

1: Arizona State University; 2: Oklahoma State University; 3: University of Washington

The Subjective Risk and Return Expectations of Institutional Investors

Spencer Couts¹, Andrei Goncalves², Johnathan Loudis³

1: Price School of Public Policy, University of Southern California; 2: Fisher College of Business, The Ohio State University; 3: Mendoza College of Business, University of Notre Dame

The Cross-section of Subjective Expectations: Understanding Prices and Anomalies

Ricardo De la O¹, Xiao Han², Sean Myers³

1: USC Marshall Business School; 2: Bayes Business School, United Kingdom; 3: Wharton School, University of Pennsylvania

Subjective Risk and Return

Theis Jensen

Yale University, United States of America

Disagreement of Disagreement

Christian Goulding¹, Campbell Harvey^2,3, Hrvoje Kurtović⁴

1: Auburn University; 2: Duke University; 3: NBER; 4: HEC Lausanne

Intangibles Investment and Asset Quality

Ravi Jagannathan, Robert A. Korajczyk, Kai Wang

Northwestern University, United States of America

Analysts Are Good at Ranking Stocks

Adam Farago, Erik Hjalmarsson, Ming Zeng

University of Gothenburg, Sweden

Bank Monitoring with On-Site Inspections

Amanda Rae Heitz^1,2, Christopher Martin¹, Alexander Ufier¹

1: Federal Deposit Insurance Corporation, United States of America; 2: Tulane University

The Information Advantage of Banks: Evidence From Their Private Credit Assessments

Mehdi Beyhaghi¹, Cooper Howes¹, Gregory Weitzner²

1: Federal Reserve Board, United States of America; 2: McGill University, Canada

Screen More, Sell Later: Screening and Dynamic Signaling in the Mortgage Market

Manuel Adelino¹, Bin Wei², Feng Zhao³

1: Fuqua School of Business, Duke University; NBER; CEPR; 2: Research Department, Federal Reserve Bank of Atlanta; 3: University of Texas at Dallas, United States of America

Displaced by Big Data: Evidence from Active Fund Managers

Maxime Bonelli¹, Thierry Foucault²

1: London Business School (LBS); 2: HEC, Paris

(Not) Everybody's Working for the Weekend: A Study of Mutual Fund Manager Effort

Boone Bowles¹, Rich Evans²

1: Texas A&M University, United States of America; 2: University of Virginia, Darden Business School

Nationalism, Subtle Bias, and Labor Outcomes: Evidence from Global Mutual Funds

Richard Evans¹, Michael Young²

1: University of Virginia; 2: University of Missouri

Non-Financial Liabilities and Effective Corporate Restructuring

Jens Josephson^1,2, Bo Becker^3,4,5,6

1: Stockholm University, Sweden; 2: IFN; 3: Stockholm School of Economics; 4: CEPR; 5: ECGI; 6: Swedish House of Finance

Creditor Coalitions in Bankruptcy

Jing-Zhi Huang, Stefan Lewellen, Zhe Wang

Penn State University, United States of America

Geographic Overlap, Agglomeration Externalities and Post-Merger Restructuring

Jarrad Harford¹, Samuel Piotrowski², Yiming Qian³

1: University of Washington; 2: NHH Norwegian School of Economics; 3: University of Connecticut

Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data

Jean-Marie Meier¹, Henri Servaes², Jiaying Wei³, Steven Xiao⁴

1: The Wharton School, University of Pennsylvania; 2: London Business School; 3: Southwestern University of Finance and Economics; 4: University of Texas at Dallas, United States of America

Social Preferences and Corporate Investment

Thomas Dangl², Michael Halling¹, Jin Yu³, Josef Zechner⁴

1: University of Luxembourg, Luxembourg; 2: Vienna University of Technology; 3: Monash University; 4: Vienna University of Business and Economics

Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks

Ulrich Hege¹, Kai Li², Yifei Zhang²

1: Toulouse School of Economics; 2: Peking University, HSBC Business School

Market Feedback: Who Learns What?

Itay Goldstein¹, Jan Schneemeier², Liyan Yang³

1: University of Pennsylvania; 2: Michigan State University; 3: University of Toronto

Speculation and Liquidity in Stock and Corporate Bond Markets

Paolo Pasquariello, Mirela Sandulescu

University of Michigan, United States of America

Information Chasing or Adverse Selection: Evidence from Bank CDS Trades

Andrada Bilan¹, Steven Ongena², Cosimo Pancaro³

1: Swiss National Bank; 2: University of Zurich; 3: European Central Bank

Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes

Darren Aiello¹, Scott Baker², Tetyana Balyuk³, Marco Di Maggio⁴, Mark Johnson¹, Jason Kotter¹

1: Brigham Young University, United States of America; 2: Northwestern University; 3: Emory University; 4: Havard Business School

Robo-Advice for Household Debt Repayment

Francesco D'Acunto¹, Jonathan Reuter², Alberto Rossi¹

1: Georgetown University, United States of America; 2: Boston College

Trading in your Golden Years: The Effects of Early Pension Withdrawal on Individual Investments

Sumit Agarwal, Allaudeen Hameed, Yuanyuan Pan, Chek Ann Tan

National University of Singapore, Singapore