Canary in the Coal Mine: Bank Liquidity Shortages and Local Economic Activity

Raj Iyer¹, Shohini Kundu², Nikos Paltalidis³

1: Imperial College and CERP; 2: Anderson School of Management, University of California, Los Angeles; 3: Durham University, United Kingdom

How do supply shocks to inflation generalize? Evidence from the pandemic era in Europe

Viral Acharya², Matteo Crosignani³, Tim Eisert¹, Christian Eufinger⁴

1: Nova SBE; 2: NYU Stern; 3: New York Fed; 4: IESE

LASH Risk and Interest Rates

Laura Alfaro¹, Saleem Bahaj^2,3, Robert Czech³, Jonathan Hazell⁴, Ioana Neamtu³

1: Harvard Business School; 2: University College London; 3: Bank of England; 4: London School of Economics

Large (and Deep) Factor Models

Bryan Kelly², Boris Kuznetsov¹, Semyon Malamud Malamud¹, Teng Andrea Xu¹

1: Êcole Polytechnique Fédérale de Launne (EPFL), Switzerland; 2: Yale

Forecasting and Managing Correlation Risks

Tim Bollerslev¹, Sophia Zhengzi Li², Yushan Tang³

1: Duke University, NBER and CREATES; 2: Rutgers Business School; 3: Shanghai University of Finance and Economics

Essence of the Cross Section

Sina Seyfi

Aalto University, Finland

Political risk everywhere

Vito Gala¹, Giovanni Pagliardi², Ivan Shaliastovich³, Stavros Zenios^4,5,6

1: Morningstar Investment Management, USA; 2: BI Norwegian Business School, NO; 3: University of Wisconsin, USA; 4: Durham University, United Kingdom; 5: University of Cyprus, Cyprus; 6: Bruegel, BE

Divided Government and the Stock Market

Theofanis Papamichalis¹, Dean Ryu^2,3, Mungo Wilson²

1: Faculty of Economics, University of Cambridge; 2: Said Business School, University of Oxford; 3: Harvard University

U.S. Populism and Currency Risk Premia

My T. Nguyen², Arie Gozluklu¹, Ilias Filippou², Mark P. Taylor²

1: University of Warwick, United Kingdom; 2: John M. Olin Business School, Washington University in St. Louis

Know Your Customer: Informed Trading by Banks

Rainer Haselmann¹, Christian Leuz², Sebastian Schreiber¹

1: Goethe University Frankfurt, Germany; 2: Chicago Booth

The Value of Private Meetings with Central Bankers

Rainer Haselmann¹, Maik Schmeling¹, Sebastian Schreiber¹, Michael Weber²

1: Goethe University Frankfurt, Germany; 2: Booth School of Business, University of Chicago

Did the Game Stop for Hedge Funds?

Jun Chen³, Byoung-Hyoun Hwang², Melvyn Teo¹

1: Singapore Management University, Singapore; 2: Nanyang Technological University, SIngapore; 3: Renmin University, China

Mortgage Refinancing during Tightening Monetary Policy: Evidence from the United Kingdom

Philippe Bracke², Joao Cocco¹, Elena Markoska², Purnoor Tak¹

1: London Business School, United Kingdom; 2: Bank of England

Housing and Portfolio Choice over the Wealth Distribution

Zoltan Racz

Stockholm School of Economics, Sweden

Board Connections, Firm Profitability, and Product Market Actions

Radhakrishnan Gopalan¹, Renping Li¹, Alminas Zaldokas²

1: Washington University in St. Louis, United States; 2: National University of Singapore, Singapore

Beyond Peers: Cross-Industry Competition and Strategic Financing

Boris Nikolov¹, Norman Schürhoff², Zepeng Wang³

1: University of Lausanne, Swiss Finance Institute, ECGI; 2: University of Lausanne, Swiss Finance Institute, CEPR; 3: University of Lausanne, Swiss Finance Institute

Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction

Kevin Aretz¹, Murillo Campello², Gaurav Kankanhalli³, Kevin Schneider⁴

1: University of Manchester, United Kingdom; 2: Cornell University & NBER, United States; 3: University of Pittsburgh, United States; 4: University of Cambridge, United Kingdom

Lehman’s Lemons: Do Career Disruptions Matter for the Top 5%?

Anastassia Fedyk¹, James Hodson²

1: UC Berkeley, United States of America; 2: AI for Good Foundation, United States of America

Minding Your Business or Minding Your Child? Motherhood and the Entrepreneurship Gap

Valentina Rutigliano

University of British Columbia, Canada

Careers and Wages in Family Firms: Evidence from Administrative Data

Vincenzo Pezone¹, Raffaele Saggio², Marco Pagano³, Edoardo Di Porto³

1: Tilburg University, Netherlands, The; 2: University of British Columbia, Canada; 3: University of Naples, Italy

Dynamic Contracting with Many Agents

Jean-Charles Rochet¹, Bruno Biais², Hans Gersbach³, Elu Von Thadden⁴, Stephane Villeneuve¹

1: Toulouse School of Economics, France; 2: HEC Paris, France; 3: ETH Zurich, Switzerland; 4: University Mannheim, Germany

A Theory of Fair CEO Pay

Pierre Chaigneau¹, Alex Edmans², Daniel Gottlieb³

1: Queen's University; 2: LBS; 3: LSE

Screening Using a Menu of Contracts in Imperfectly Competitive and Adversely Selected Markets

Arthur Taburet

Duke University, United States of America

Climate Polarization and Green Investment

Anders Anderson¹, David T. R²

1: Stockholm School of Economics, Sweden; 2: Fuqua School of Business, Duke University, US

Green Investing and Political Behavior

Florian Heeb^4,1, Julian F. Koelbel^2,1, Stefano Ramelli², Anna Vasileva³

1: MIT; 2: University of St.Gallen (HSG), Switzerland; 3: Univesity of Zurich, Switzerland; 4: Goethe University Frankfurt

Corporate Capture of Congress in Carbon Politics: Evidence from Roll Call Votes

Meng Gao¹, Jiekun Huang²

1: University of Connecticut; 2: University of Illinois at Urbana-Champaign

Central Bank Swap Lines: Micro-Level Evidence

Gerardo Ferrara², Philippe Mueller¹, Ganesh Viswanath Natraj¹, Junxuan Wang³

1: University of Warwick, Warwick Business School; 2: Bank of England; 3: University of Cambridge, Judge Business School

Quantitative Easing and the Supply of Safe Assets: Evidence from International Bond Safety Premia

Jens H Christensen¹, Nikola Mirkov², Xin Zhang³

1: Federal Reserve Bank of San Francisco, United States of America; 2: ITAM; 3: Sveriges RIksbank

Assortative Matching, Interbank Markets, and Monetary Policy

Rustam Jamilov¹, Christian Bittner², Farzad Saidi³

1: University of Oxford, United Kingdom; 2: Deutsche Bundesbank and Goethe University Frankfurt; 3: University of Bonn and CEPR

Passive Demand and Active Supply: Evidence from Maturity-mandated Corporate Bond Funds

Lorenzo Bretscher¹, Lukas Schmid², Tiange Ye³

1: University of Lausanne/Swiss Finance Institute; 2: USC, Marshall; 3: USC, Marshall

The Corporate Bond Factor Zoo

Phlippe Mueller², Christian Julliard¹, Alexander Dickerson³

1: LSE, United Kingdom; 2: University of Warwick, United Kingdom; 3: University of New South Wales, Australia

Interdealer Price Dispersion

Shuo Liu¹, Andrea Eisfeldt², Bernard Herskovic²

1: Tsinghua University, China, People's Republic of; 2: UCLA Anderson School, Department of Finance

In Search of the True Greenium

Marc Eskildsen¹, Markus Ibert¹, Theis Ingerslev Jensen², Lasse Heje Pedersen^1,3

1: Copenhagen Business School, Denmark; 2: Yale School of Management; 3: AQR Capital Management

How Effective are Portfolio Mandates?

Jack Favilukis¹, Lorenzo Garlappi¹, Raman Uppal²

1: UBC Sauder School of Business; 2: EDHEC Business School, France

Active Fund Management when ESG Matters

Doron Avramov¹, Si Cheng², Andrea Tarelli³

1: Arison School of Business, Reichman University (IDC Herzliya), Herzliya, Israel; 2: Whitman School of Management, Syracuse University, Syracuse, United States; 3: Catholic University, Milan, Italy

Current Expected Credit Losses and Consumer Loans

Joao Granja, Fabian Nagel

The University of Chicago Booth School of Business

Broken Relationships: De-Risking by Correspondent Banks and International Trade

Lea Borchert¹, Ralph de Haas², Karolin Kirschenmann¹, Alison Schultz³

1: ZEW Mannheim, Germany; 2: EBRD, KU Leuven and CEPR; 3: University of Mannheim and Tax Justice Network

Borrowing Beyond Bounds: How Banks Pass On Regulatory Compliance Costs

Felix Corell¹, Melina Papoutsi²

1: Vrije Universiteit Amsterdam, Netherlands, The; 2: European Central Bank

Households' Response to the Wealth Effects of Inflation

Philip Schnorpfeil¹, Michael Weber², Andreas Hackethal¹

1: Goethe University Frankfurt; 2: University of Chicago

House Price Perceptions and the Housing Wealth Effect

Louiza Bartzoka

Copenhagen Business School

Interest-rate risk and household portfolios

Sylvain Catherine², Max Miller¹, James Paron², Natasha Sarin³

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

Mega-Donors and Representation of the Wealthy in the Wake of Citizens United

Ilona Babenko¹, Viktar Fedaseyeu², Guosong Xu³

1: Arizona State University, W. P. Carey School of Business; 2: China Europe International Business School (CEIBS); 3: Erasmus University Rotterdam

How Do Firms Withstand A Global Economic Shock: Evidence From Within-Firm Responses

Xiao Cen², Vyacheslav Fos¹, Wei Jiang³

1: Boston College, United States of America; 2: Mays Business School, Texas A&M University, United States of America; 3: Goizueta Business School, Emory University, United States of America

Kamikazes in Public Procurement

Dimas Fazio, Alminas Zaldokas

National University of Singapore, Singapore

EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies

Adrien Matray², Karsten Muller¹, Chenzi Xu², Poorya Kabir¹

1: National University of Singapopre; 2: Stanford GSB

Precautionary Debt Capacity

Deniz Aydin¹, Olivia Kim²

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

Corporate policies and the term structure of risk

Matthijs Bruegem², Roberto Marfe², Francesca Zucchi¹

1: European Central Bank, Germany; 2: Collegio Carlo Alberto

Optimal Information and Security Design

Nicolas Inostroza¹, Anton Tsoy²

1: University of Toronto, Canada; 2: University of Toronto, Canada

Signaling with Debt Currency Choice

Egemen Eren¹, Semyon Malamud², Haonan Zhou³

1: Bank for International Settlements, Switzerland; 2: EPFL; 3: University of Hong Kong

Manipulable Data, Goodhart's Law, and Credit Risk Prediction

Christopher Hennessy¹, Andrea Gamba²

1: LBS, United Kingdom; 2: Warwick Business School, United Kingdom

Constrained Liquidity Provision in Currency Markets

Wenqian Huang², Angelo Ranaldo¹, Andreas Schrimpf², Fabricius Somogyi³

1: University of St. Gallen and Swiss Finance Institute; 2: Bank of International Settlements; 3: Northeastern University

Entry and Exit in Treasury Auctions

Jason Allen², Ali Hortacsu⁴, Eric Richert³, Milena Wittwer¹

1: Boston College, United States of America; 2: Bank of Canada, Canada; 3: University of Chicago, USA; 4: University of Chicago, USA

Outages in Sovereign Bond Markets

Mark Kerssenfischer, Caspar Helmus

Deutsche Bundesbank, Germany