Self-Inflated Fund Returns

Philippe van der Beck, Jean-Philippe Bouchaud, Dario Villamaina

Harvard Business School, United States of America

Inelastic U.S. Equity Markets: New Evidence From A Reform of Fiduciary Duties

Stefano Cassella¹, Antonino Emanuele Rizzo², Oliver Spalt³, Leah Zimmerer³

1: Tilburg University; 2: Esade Business School, Spain; 3: University of Mannheim

Learning About Convenience Yields from Holdings

Felix Corell¹, Lira Mota², Melina Papoutsi³

1: VU Amsterdam; 2: MIT; 3: European Central Bank, Germany

Artificial Intelligence and Firms' Systematic Risk

Tania Babina², Anastassia Fedyk¹, Alex He², James Hodson³

1: University of California at Berkeley, United States of America; 2: University of Maryland; 3: AI for Good Foundation

ChatGPT and Perception Biases in Investments: An Experimental Study

Anastassia Fedyk¹, Ali Kakhbod², Peiyao Li³, Ulrike Malmendier⁴

1: UC Berkeley, United States of America; 2: UC Berkeley, United States of America; 3: UC Berkeley, United States of America; 4: UC Berkeley, United States of America

AI-Powered (Finance) Scholarship

Robert Novy-Marx², Mihail Velikov¹

1: Penn State University, United States of America; 2: University of Rochester, United States of America

Beliefs-driven Stock Market Entry and Exit

Paul Ehling, Christian Heyerdahl-Larsen, Zeshu Xu

BI Norwegian Business School, Norway

How beliefs respond to news: implications for asset prices

Ian Dew-Becker¹, Stefano Giglio², Pooya Molavi³

1: Federal Reserve Bank of Chicago; 2: Yale University; 3: Northwestern University, United States of America

Learning and Subjective Beliefs About Good and Bad Inflation Ranges

Mohammad Ghaderi¹, Sang Byung Seo², Ivan Shaliastovich²

1: University of Kansas, United States of America; 2: University of Wisconsin-Madison, United States of America

Investor Activism and the Green Transition

Sebastian Gryglewicz¹, Simon Mayer², Erwan Morellec³

1: Erasmus University Rotterdam, Netherlands, The; 2: Carnegie Mellon University; 3: EPF Lausanne, Swiss Finance Institute, and CEPR

Shareholder Empowerment and Ownership Structure in a Free-Contracting Environment

Mike Burkart¹, Salvatore Miglietta², Charlotte Ostergaard³

1: London School of Economics, UK; 2: BI Norwegian Business School, Norway; 3: Copenhagen Business School, Denmark

The Role of Mandatory Director Retirement Policies in Corporate Governance

Feng Guo¹, Tingting Liu², Mohammad Ali Nari Abyaneh¹

1: Iowa State Univesity; 2: University of Tennessee

Securing Technological Leadership? The Cost of Export Controls on Firms

Matteo Crosignani¹, Lina Han², Marco Macchiavelli², Andre F. Silva³

1: New York Fed and CEPR; 2: UMass Amherst; 3: Federal Reserve Board

When Protectionism Kills Talent

Mehmet Canayaz¹, Isil Erel², Umit Gurun³, Yufeng Wu²

1: Pennsylvania State University; 2: Ohio State University; 3: University of Texas at Dallas

How Do Financing Frictions Shape Export Activity? The Firm Balance-Sheet Channel

Heitor Almeida¹, Daniel Carvalho², Yongseok Kim³

1: University of Illinois Urbana-Champaign; 2: Indiana University, United States of America; 3: Tulane University, United States of America

Borrowers in the Shadows: The Promise and Pitfalls of Alternative Credit Data

Mark Jansen¹, Sam Kruger², Gonzalo Maturana³, Amin Shams⁴

1: University of Utah, United States of America; 2: University of Texas, Austin; 3: Emory University; 4: Ohio State University

What Do Lead Banks Learn from Leveraged Loan Investors?

Max Bruche¹, Ralf R. Meisenzahl², David X. Xu³

1: Humboldt University of Berlin, Germany; 2: Federal Reserve Bank of Chicago; 3: Southern Methodist University

Bank Specialization in Lending to New Firms

Diana Bonfim^2,3,4, Ralph De Haas^1,4,7, Alexandra Matyunina⁵, Steven Ongena^4,6,7,8

1: European Bank for Reconstruction and Development, United Kingdom; 2: Banco de Portugal; 3: Catolica Lisbon; 4: CEPR; 5: Banco de Espana; 6: University of Zurich Finance Institute; 7: KU Leuven; 8: NTNU Business School

Monetary Policy and the Mortgage Market

Itamar Drechsler¹, Alexi Savov², Philipp Schnabl², Dominik Supera³

1: University of Pennsylvania and NBER; 2: New York University and NBER; 3: Columbia Business School

Go with the Flow: Debt Structure Changes and Monetary Policy Transmission

Chuck Fang, Greg Nini

Drexel University, United States of America

Do GSEs Subsidize Mortgage Lending?

Thomas Flanagan

Ohio State University, United States of America

Who should pay for ESG ratings?

Stefano Lovo, Jacques Olivier

HEC Paris, France

Sustainable Investing in Practice: Objectives, Constraints, and Limits to Impact

Alex Edmans¹, Tom Gosling², Dirk Jenter²

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

Opening the Brown Box: Production Responses to Environmental Regulation

Rebecca De Simone¹, Lakshmi Naaraayanan¹, Kunal Sachdeva²

1: London Business School; 2: University of Michigan, United States of America

Homeowners Insurance and the Transmission of Monetary Policy

Dominik Damast¹, Christian Kubitza², Jakob Sorensen³

1: LUISS; 2: European Central Bank; 3: Bocconi University

Local bank supervision

Di Gong², Thomas Lambert¹, Wolf Wagner¹

1: Erasmus University, Netherlands, The; 2: University of International Business and Economics

Household Preferences, Security Design, and Volatility Prices

Claire Celerier¹, Laurent Calvet², Boris Vallee³

1: University of Toronto, Canada; 2: Skema Business School; 3: Harvard Business School

The Impact of Active Managers on the Pricing of Underlying Assets in ETFs

Charles Trzcinka¹, Ziwei Zhao²

1: Indiana University; 2: HEC Lausanne and Swiss Finance Institute, Switzerland

Bond Valuation Dispersion and ETF Creation

Alan Huang¹, Russ Wermers², Jinming Xue³, Xing {Alex} Zhou³

1: University of Waterloo, Canada; 2: University of Maryland; 3: Southern Methodist University

Shifts in Trading: From Stocks to ETFs

Egle Karmaziene, Christopher Rigsby

Vrije Universiteit Amsterdam, Netherlands, The

Demand-Based Expected Returns

Alessandro Crescini^1,2, Fabio Trojani^1,2, Andrea Vedolin³

1: University of Geneva, Switzerland; 2: Swiss Finance Institute; 3: Boston University

The Market for 0DTE: The Role of Liquidity Providers in Volatility Attenuation

Greg Adams², Jean-Sebastien Fontaine², Chay Ornthanalai¹

1: Rotman School of Management, Canada; 2: Bank of Canada

Do Funds Engage in Optimal FX Hedging?

Leonie Braeuer^1,2, Harald Hau^1,2,3

1: University of Geneva, Switzerland; 2: Swiss Finance Institute; 3: CEPR

The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement

Daniel Andrei¹, Lorenzo Garlappi²

1: McGill University, Canada; 2: UBC, Canada

A Model-Free Assessment of the Importance of Subjective Beliefs for Asset Pricing

Paymon Khorrami

Duke University, United States of America

Measuring Inflation Uncertainty

Sebastian Hillenbrand¹, Viral Acharya², Venky Venkateswaran², Margaret Underwood¹

1: Harvard Business School, United States of America; 2: NYU Stern School of Business

Custom Proxy Voting Advice

Edwin Hu¹, Nadya Malenko², Jonathon Zytnick³

1: University of Virginia; 2: Boston College; 3: Georgetown University

The Shared Cost of Pursuing Shareholder Value

Michele Fioretti¹, Victor Saint-Jean², Simon Smith³

1: Bocconi University, Italy; 2: ESSEC Business School, France; 3: Federal Reserve Board, USA

Corporate Actions as Moral Issues

Zwetelina Iliewa¹, Elisabeth Kempf², Oliver Spalt³

1: University of Bonn, Germany; 2: Harvard Business School; 3: University of Mannheim

Firm dynamics and growth with soft budget constraints

Philippe Aghion^1,2,5, Antonin Bergeaud³, Mathias Dewatripont⁴, Johannes Matt²

1: Collège de France; 2: London School of Economics; 3: HEC Paris; 4: Université Libre de Bruxelles; 5: INSEAD

Financially Constrained Procurement

Emilio Bisetti¹, Yuqi Chang², Dimas Fazio², Arkodipta Sarkar²

1: Hong Kong University of Science and Technology; 2: National University of Singapore

Shifts in Control Rights and Loan Pricing: Evidence from Creditor Counterparties to Covenant Violations

Marc Arnold¹, Nicola Kollmann¹, Angel Tengulov²

1: University of St.Gallen, Switzerland; 2: University of Kansas School of Business

Bank Capital and the Growth of Private Credit

Sergey Chernenko¹, Robert Ialenti², David Scharfstein²

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

Private Debt versus Bank Debt in Corporate Borrowing

Sharjil Haque¹, Irina Stefanescu¹, Simon Mayer²

1: Federal Reserve Board, United States of America; 2: Carnegie Mellon University

Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders

Tetiana Davydiuk¹, Isil Erel^2,5,6, Wei Jiang^3,5,6, Tatyana Marchuk^4,7

1: Carey Business School, Johns Hopkins University; 2: Fisher College of Business, Ohio State University; 3: Goizueta Business School, Emory University; 4: Nova School of Business and Economics, Portugal; 5: NBER; 6: ECGI; 7: CEPR

Monetary Policy and Corporate Investment: The Equity Financing Channel

Mehdi Beyhaghi¹, Murray Frank², Ping McLemore³, Ali Sanati⁴

1: Federal Reserve Board, United States of America; 2: University of Minnesota; 3: Federal Reserve Bank of Richmond; 4: American Univesity

Municipal Financing and Monetary Policy Transmission

Michael Varley, Igor Cunha

University of Kentucky, United States of America

The Reverse Bank Lending Channel of QE and QT and its Heterogeneous Effects Across the Euro Area

Daniel Stempel¹, Maximilian Horst¹, Ulrike Neyer¹, Philipp Roderweis²

1: Heinrich Heine University Duesseldorf, Germany; 2: University Sorbonne Paris Nord

The Biodiversity Protection Discount

Golnaz Bahrami, Matthew Gustafson, Eva Steiner

Penn State Smeal College of Business, United States of America

Pricing the Priceless: The Financing Cost of Biodiversity Conservation

Fukang Chen¹, Minhao Chen¹, Haoyu Gao¹, Lin William Cong^2,4,5, Jacopo Ponticelli^3,4,6

1: School of Finance, Renmin University of China; 2: SC Johnson College of Business, Cornell University; 3: Kellogg School of Management, Northwestern University; 4: NBER; 5: IC3; 6: CEPR

Biodiversity Co-Benefits in Carbon Markets? Evidence from Voluntary Offset Projects

Zoey Zhou¹, Douglas Almond²

1: HKUST, Hong Kong S.A.R. (China); 2: Columbia University & NBER, US

Housing and Fertility

Bernardus van Doornik¹, Dimas Fazio², Tarun Ramadorai³, Janis Skrastins⁴

1: Central Bank of Brazil; 2: National University of Singapore, Singapore; 3: Imperial College London; 4: Washington University in St. Louis

More than Money: The Role of Preferences on Wealth Mobility

Mehran Ebrahimian, Paolo Sodini

Stockholm School of Economics, Sweden

Returns Heterogeneity and Consumption Inequality Over the Life Cycle

Claudio Daminato¹, Luigi Pistaferri²

1: Lund Universtiy, Sweden; 2: Stanford University

Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relationships

Mathias Kruttli¹, Marco Macchiavelli², Phillip Monin³, Xing Alex Zhou⁴

1: Kelley School of Business, Indiana University, United States of America; 2: Isenberg School of Management, UMass Amherst, United States of America; 3: Federal Reserve Board, United States of America; 4: Cox School of Business, Southern Methodist University

Hidden Duration: Interest Rate Derivatives in Fixed Income Funds

Jaewon Choi¹, Minsoo Kim², Oliver Randall²

1: Seoul National University; 2: University of Melbourne, Australia

Informed Trading under the Microscope: Evidence from 30 Years of Daily Hedge Fund Trades

JinGi Ha¹, Jianfeng Hu², Yuehua Tang³

1: Soongsil University, Korea; 2: Singapore Management University, Singapore; 3: University of Florida

The Limited Virtue of Complexity in a Noisy World

Yuantao Shi^1,2, Qi Jin^1,2, Álvaro Cartea^1,2

1: University of Oxford, United Kingdom; 2: Oxford-Man Institute

A Theory of Complexity Aversion

Xavier Gabaix

Harvard, United States of America

Why Complexity Makes Factor Models Fail

Carter Davis¹, Alejandro Lopez-Lira²

1: Indiana University; 2: University of Florida

Analysts' Belief Formation in Their Own Words

Barry Ke

Yale University, United States of America

Mind the Gap: The Non-Fundamental Role of Earnings Days

Azi Ben-Rephael¹, Steffen Hitzemann², Yuanyuan Xiao³

1: Rutgers Business School, United States of America; 2: University of Houston; 3: Shanghai University of Finance and Economics

Memory and Beliefs in Financial Markets: A Machine Learning Approach

Zhongtian Chen¹, Jiyuan Huang²

1: The Wharton School, University of Pennsylvania; 2: Institute of Finance, Corvinus University of Budapest

Does Social Media Help Level the Playing Field in Labor Markets? Evidence from Corporate Directors on Twitter

Lixiong Guo¹, Houston Shawn Mobbs²

1: University of Mississippi, United States of America; 2: University of Alabama, United States of America

Green Moral Hazard: Estimating the Financial and Non-financial Impacts of CEO Incentives

Kyle Jung

NYU Stern School of Business, United States of America

Beyond ESG: Executive Pay Metrics and Shareholder Support

Nickolay Gantchev¹, Mariassunta Giannetti², Marcus Hober³

1: University of Virginia - McIntire, CEPR, ECGI; 2: Stockholm School of Economics, CEPR, ECGI; 3: Stockholm School of Economics

International Portfolio Frictions

Alessandro Fontana¹, Wenxin Du², Ralph S.J. Koijen³, Hyun Song Shin⁴, Petr Jakubik⁵

1: Eiopa, Germany; 2: Harvard Business School, US; 3: University of Chicago Booth School of Business; 4: Bank for International Settlements; 5: International Monetary Fund.

The anatomy of a peg: Lessons from China's parallel currencies

Saleem Bahaj¹, Ricardo Reis²

1: University College London, United Kingdom; 2: London School of Economics, United Kingdon

QT vs QE: Who is In When the Central Bank is Out?

Alex Kontoghiorghes¹, Walker Ray², Iryna Kaminska¹

1: Bank of England, United Kingdom; 2: Federal Reserve Bank of Chicago

Shadow Banks on the Rise: Evidence Across Market Segments

Kim Fe Cramer², Pulak Ghosh³, Nirupama Kulkarni⁴, Nishant Vats¹

1: Washington University in St Louis, United States of America; 2: London School of Economics; 3: Indian Institute of Management Bangalore; 4: CAFRAL

Data as Collateral: Open Banking for Small Business Lending

Tong Yu

Imperial College London

Do banks help small businesses? Evidence from independent retail pharmacies

Vojislav Maksimovic, Elliot Oh, Liu Yang

University of Maryland

Mortgage Structure, Financial Stability, and Risk Sharing

Vadim Elenev¹, Lu Liu²

1: Johns Hopkins University; 2: The Wharton School, University of Pennsylvania

Long Rates, Life Insurers, and Credit Spreads

Ziang Li

Imperial College Business School, United Kingdom

Inflation and Floating-rate loans: Evidence from the Euro-area

Fabrizio Core², Filippo De Marco^3,5, Tim Eisert^1,5, Glenn Schepens⁴

1: Nova SBE; 2: LUISS; 3: Bocconi; 4: European Central Bank; 5: CEPR

Investors as Liquidity Backstop in Corporate Bond Markets

Carole Comerton-Forde⁴, Billy Ford², Thierry Foucault¹, Simon Jurkatis³

1: HEC, Paris, France; 2: Bank of England; 3: Bank of England; 4: Melbourne University

Rewiring Repo

Jin-Wook Chang, Elizabeth Klee, Vladimir Yankov

Federal Reserve Board, United States of America

Enhanced Resiliency in Corporate Bond Liquidity: A Tradeoff in OTC Markets

Botao Wu

CUHK, Hong Kong S.A.R. (China)

What Makes Depositors Tick? Bank Data Insights into Households' Liquid Asset Allocation

Arna Olafsson^1,2,3, Fernando Cirelli⁴

1: Copenhagen Business School, Denmark; 2: Danish Finance Institute; 3: CEPR; 4: Columbia University

Financial Advice and Retirement Savings

Daniel Hoechle¹, Stefan Ruenzi², Nic Schaub³, Markus Schmid⁴

1: University of Applied Sciences and Arts Northwestern Switzerland; 2: University of Mannheim; 3: WHU – Otto Beisheim School of Management; 4: University of St. Gallen, SFI, and ECGI

Invest Like for Your Kids: Performance and Implications of Children’s Investment Accounts on Portfolios in Adulthood

Denis Davydov¹, Jarkko Peltomäki²

1: Hanken School of Economics; 2: Stockholm University