Passive Ownership and Corporate Bond Lending

Amit Goyal¹, Yoshio Nozawa², Yancheng Qiu³

1: University of Lausanne, Switzerland; 2: University of Toronto; 3: University of Sydney

Causal Inference for Asset Pricing

Valentin Haddad^2,3, Zhiguo He^4,3, Paul Huebner¹, Peter Kondor^5,7, Erik Loualiche⁶

1: Stockholm School of Economics, Sweden; 2: UCLA Anderson School of Management; 3: NBER; 4: Stanford GSB; 5: London School of Economics and Political Science; 6: University of Minnesota Carlson School of Management; 7: CEPR

What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission?

Kairong Xiao¹, Chuck Fang²

1: Columbia University, United States of America; 2: Drexel University

Network Factors for Idiosyncratic Volatility Spillover

Belinda Chen

University of Illinois at Urbana-Champaign, United States of America

Global Production Networks and Asset Prices

Teodor Dyakov¹, Hao Jiang²

1: EDHEC Business School; 2: Broad College of Business, Michigan State University

Macro Strikes Back: Term Structure of Risk Premia

Svetlana Bryzgalova¹, Jiantao Huang², Christian Julliard³

1: Department of Finance, London Business School; 2: University of Hong Kong, Hong Kong S.A.R. (China); 3: Department of Finance, FMG, and SRC, London School of Economics, and CEPR

Mind the Gap: The Market Price of Financial (In)Flexibility

Filippo Ippolito², Roberto Steri¹, Claudio Tebaldi³, Alessandro Tenzin Villa⁴

1: University of Luxembourg, Luxembourg; 2: Universitat Pompeu Fabra; 3: Bocconi University; 4: Chicago FED

Search Intensity and Asset Prices

Ding Luo¹, Jincheng Tong²

1: City University of Hong Kong, Hong Kong S.A.R. (China); 2: University of Toronto, Canada

Payout-Based Asset Pricing

Andrei Goncalves¹, Andreas Stathopoulos²

1: Ohio State University; 2: UNC Chapel Hill

Dynamic Debt Policy with and without Commitment

Jens Dick-Nielsen¹, Kristian R. Miltersen¹, Walter N. Torous²

1: Copenhagen Business School, Denmark; 2: Massachusetts Institute of Technology, Cambridge, MA

Debt and Taxes: Revisited in Dynamics

Jingxiong {Tony} Hu

University of Warwick, United Kingdom

Persuasion in optimal financing

Shiming Fu

Shanghai University of Finance and Economics, China, People's Republic of

Startup Employees’ Career Paths: Evidence from Business Accelerators

Juanita Gonzalez-Uribe¹, Marion Restrepo², Santiago Reyes³, Xiang Yin⁴, Yufeng Wang⁴

1: London School of Economics, UK; 2: iNNpulsa; 3: IFC; 4: Tsinghua University, China, People's Republic of

Arbitraging Labor Markets

Minrui Gong¹, Ernst Maug¹, Christoph Schneider²

1: University of Mannheim, Germany; 2: University of Münster, Germany

The “Great Reshuffling” and Entrepreneurship

Matthew Denes³, Spyridon Lagaras², Margarita Tsoutsoura¹

1: Washington University, United States of America; 2: University of Illinois at Urbana-Champaign; 3: Carnegie Mellon

Privacy-Enhanced Payment Systems

Agostino Capponi¹, Michael Lee², Brian Zhu¹

1: Columbia University; 2: Federal Reserve Bank of New York

Achieving Consensus on Blockchains

Zahra Ebrahimi¹, Maxi Guennewig², Bryan Routledge¹, Ariel Zetlin-Jones¹

1: Carnegie Mellon University, United States of America; 2: University of Bonn

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin

Ye Li¹, Simon Mayer²

1: University of Washington, United States of America; 2: Carnegie Mellon University, United States of America

Strategic Claim Payment Delays: Evidence from Property and Casualty Insurance

Chotibhak Jotikasthira³, Anastasia Kartasheva^1,2, Christian Lundblad⁴, Tarun Ramadorai^5,6

1: University of St Gallen, Switzerland; 2: Swiss Finance Institute; 3: SMU Cox School of Business; 4: UNC Chapel Hill Kenan-Flagler Business School; 5: Imperial College London; 6: CEPR

Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure

Hyeyoon Jung¹, Robert Engle², Shan Ge², Xuran Zeng²

1: Federal Reserve Bank of New York, United States of America; 2: New York University, Stern School of Business

The Evolution of Insurance Product Markets: Capital Regulation and Insurance Provision

Alexandru Barbu¹, Ishita Sen²

1: INSEAD, France; 2: Harvard Business School, USA

Financing and the Green Paradox

Rui Albuquerque¹, Mathias Kruttli², Yiding Ma^3,4, Sumudu Watugala²

1: Boston College, United States of America; 2: Indiana University - Kelley School of Business, United States of America; 3: Cornell University, United States of America; 4: Technical University of Denmark (DTU), Denmark

Blended Finance

Thomas Giroux¹, Caroline Flammer^2,3,4,5, Geoffrey Heal^2,3

1: CREST-ENSAE; 2: Columbia University; 3: NBER; 4: ECGI; 5: CEPR

Climate Policy and Firm Efficiency: Lessons From the Trucking Industry

Gustav Martinsson¹, Per Strömberg², Christian Thomann³

1: Stockholm Business School; 2: Stockholm School of Economics; 3: KTH, Sweden

Data Regulation in Credit Markets

Uday Rajan¹, Yan Xiong²

1: University of Michigan, United States of America; 2: University of Hong Kong

Competition between payment card networks and rebates

Vera Lubbersen^1,2, Wilko Bolt^1,2

1: Vrije Universiteit Amsterdam, The Netherlands; 2: De Nederlandsche Bank, The Netherlands

The Impact of Collateral Value on Mortgage Originations

Brittany Almquist Lewis

Washington University - St Louis, United States of America

Anatomy of the Treasury Market: Who Moves Yields?

Manav Chaudhary¹, Zhiyu Fu², Haonan Zhou³

1: University of Chicago, Booth School of Business; 2: Washington University in St. Louis, Olin School of Business; 3: University of Hong Kong, Hong Kong S.A.R. (China)

Debt and deficits: fiscal analysis with stationary ratios

Can Gao^1,4, John Campbell^2,5, Ian Martin^3,6

1: University of St. Gallen, Switzerland; 2: Harvard University, USA; 3: London School of Economics, UK; 4: Swiss Finance Institute; 5: NBER; 6: CEPR

Reserve Asset Competition and the Global Fiscal Cycle

Zhengyang Jiang², Robert Richmond¹

1: NYU Stern School of Business, United States of America; 2: Northwestern University, Kellogg School of Management

Inflation, Default, and Corporate Bond Returns

Xiaomeng Lu¹, Yoshio Nozawa², Zhaogang Song³

1: Fudan University; 2: University of Toronto; 3: Johns Hopkins University, United States of America

Good Inflation, Bad Inflation: Implications for Risky Asset Prices

Dino Palazzo¹, Ram Yamarthy², Diego Bonelli³

1: Federal Reserve Board, United States of America; 2: Federal Reserve Board, United States of America; 3: Banco de España

The Global Credit Cycle

Nina Boyarchenko^1,2, Leonardo Elias¹

1: Federal Reserve Bank of New York, United States of America; 2: CEPR, CesIfo

A Unified Explanation for the Decline in Value Premium and Rising Markups

Xiaoji Lin², Chao Ying¹, Terry Zhang³

1: CUHK Finance, United States of America; 2: UMN; 3: ANU

Finance in a Time of Disruptive Growth

Nicolae Garleanu¹, Stavros Panageas²

1: Washington University in St. Louis, United States of America; 2: UCLA

Creative destruction, stock return volatility, and the number of listed firms

Sohnke Bartram², Gregory Brown¹, Rene Stulz³

1: UNC Chapel Hill, United States of America; 2: University of Warwick and CEPR, United Kingdom; 3: Ohio State University, NBER, and ECGI, United States of America

Data as a Networked Asset

Bo Bian¹, Qiushi Huang², Ye Li³, Huan Tang⁴

1: University of British Columbia, Sauder School of Business; 2: Shanghai Advanced Institute of Finance; 3: University of Washington, Foster School of Business; 4: The Wharton School, University of Pennsylvania, United States of America

Optimal Integration: Human, Machine, and Generative AI

Hongda Zhong

The University of Texas at Dallas and CEPR

Strategic Digitization in Money and Payment Competition

Lin William Cong¹, Simon Mayer²

1: Cornell University, United States of America; 2: Carnegie Mellon University, United States of America

AI and the Extended Workday: Productivity, Contracting Efficiency, and Distribution of Rents

Wei Jiang¹, Junyoung Park², Rachel Jiqiu Xiao³, Shen Zhang³

1: Emory University Goizueta Business School, NBER, and ECGI; 2: Auburn University Harbert College of Business; 3: Fordham University Gabelli School of Business

How Scientists on Corporate Boards Drive Innovation by Bridging Research and Development

Ronald W. Masulis, Yufeng Yao

University of New South Wales, Australia

Small-Scale Mentoring, Large-Scale Innovation: Evidence from a Superstar Firm

Colleen Chien², Jillian Grennan¹, Jason Sandvik³

1: Emory University, United States of America; 2: UC-Berkeley, United States of America; 3: University of Arizona, United States of America

Regulatory Uncertainty and FinTech Innovation

Murillo Campello^1,2,4, Lin William Cong^2,4, Diemo Dietrich³

1: University of Florida; 2: Cornell University; 3: University of Greifswald, Germany; 4: NBER

Information Span in Credit Market Competition

Zhiguo He¹, Jing Huang², Cecilia Parlatore³

1: Stanford University; 2: Texas A&M University, United States of America; 3: New York University

Bank Technology Adoption and Firm Productivity

Sheila Jiang¹, Alessandro Rebucci², Gang Zhang³

1: University of Florida, United States of America; 2: Johns Hopkins University; 3: Cheung Kong Graduate School of Business

Tax Incentives for Designated Market Makers

Vincent van Kervel¹, Mauricio Larraín¹, Jorge Sabat²

1: University of Los Andes, Chile, Chile; 2: Universidad Andrés Bello

Rethinking Transparency – Evidence from a Quasi-Natural Experiment

Jeffrey Meli¹, Zornitsa Todorova², Andrea Diaz²

1: New York University, United States of America; 2: Barclays

Stealthy Shorts: Informed Liquidity Supply

Amit Goyal¹, Adam Reed², Esad Smajlbegovic³, Amar Soebhag^3,4

1: University of Lausanne and Swiss Finance Institute; 2: Kenan-Flagler Business School, University of North Carolina,; 3: Erasmus University Rotterdam, the Netherlands; 4: Robeco Quantitative Investments, the Netherlands

Rewiring Supply Chains Through Uncoordinated Climate Policy

Emanuela Benincasa¹, Olimpia Carradori¹, Miguel A. Ferreira², Emilia Garcia-Appendini³

1: University of Zurich, Swiss Finance Institute; 2: Nova School of Business and Economics, CEPR, ECGI; 3: Norges Bank, University of St. Gallen, and Swiss Finance Institute

Effects of Anti-ESG Legislation: Evidence from the Mutual Fund Industry

Anna Rozhkova

Rotman School of Management, University of Toronto

Socially Responsible Investing in the Political Context

Marco Ceccarelli¹, Stefano Ramelli^2,4, Anna Vasileva³, Alexander F. Wagner^3,4

1: Vrije Universiteit (VU) Amsterdam, Netherlands; 2: University of St. Gallen, Switzerland; 3: University of Zurich, Switzerland; 4: Swiss Finance Institute

The Value of Mortgage Choice: Payment Structure and Contract Length

Michael Boutros¹, Nuno Clara², Katya Kartashova³

1: University of Toronto; 2: Fuqua; 3: Bank of Canada

Cash me if you can: ATM explosions, payment choice, and consumption

Esad Smajlbegovic¹, Theresa Spickers², Daniel Urban¹, Michael Weber^3,4,5

1: Erasmus University Rotterdam; 2: University of Amsterdam; 3: University of Chicago Booth School of Business; 4: CEPR; 5: NBER

How Do Income-Driven Repayment Plans Benefit Student Debt Borrowers?

Sylvain Catherine¹, Mehran Ebrahimian², Constantine Yannelis³

1: University of Pennsylvania, USA; 2: Stockholm School of Economics, Sweden; 3: University of Cambridge, UK

Nominal rigidity and the inflation risk premium: identification from the cross section of equity returns

Hengjie Ai¹, Xinxin Hu¹, Xuhui Nick Pan²

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

Corporate Bond Factors: Replication Failures and a New Framework

Jens Dick-Nielsen, Peter Feldhütter, Lasse Heje Pedersen, Christian Stolborg

Copenhagen Business School, Denmark

Insider Trading With Options

Matteo Vacca

Hanken School of Economics, Finland

Extrapolative Market Participation

Wanbin Pan¹, Zhiwei Su², Huijun Wang³, Jianfeng Yu⁴

1: University of Science and Technology of China; 2: Lingnan University; 3: Auburn University; 4: Tsinghua University, PBC School of Finance

The Term Structure of Return Expectations

Federico Bastianello¹, Cameron Peng²

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

The Effects of Monetary Policy on Macroeconomic Expectations: High-Frequency Evidence from Traded Event Contracts

Eric Swanson¹, Renxuan Wang², Yanbin Wu³

1: University of California, Irvine and NBER; 2: CEIBS; 3: University of Florida

The Commercial Real Estate Ecosystem

Ralph Koijen², Neel Shah¹, Stijn Van Nieuwerburgh¹

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

Assessing Assessors

Huaizhi Chen¹, Lauren Cohen²

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

Factor Investing with Delays

Alexander Dickerson¹, Yoshio Nozawa², Cesare Robotti³

1: UNSW; 2: University of Toronto, Canada; 3: Warwick

Public Sentiment Decomposition and Shareholder Actions

Reena Aggarwal³, Hoa Briscoe-Tran², Isil Erel¹, Laura Starks⁴

1: The Ohio State University, United States of America; 2: University of Alberta, Canada; 3: Georgetown University, United States of America; 4: University of Texas at Austin, United States of America

Poison Bonds

Shuo Xia^1,2, Rex Wang Renjie^3,4

1: Halle Institute for Economic Research; 2: Leipzig University; 3: Vrije Universiteit Amsterdam; 4: Tinbergen Institute

Production and Externalities: How Corporate Governance Shapes Social Costs

Alvin Chen¹, Michael Wittry²

1: Stockholm School of Economics; 2: Ohio State University

Corporate tax avoidance, firm size, and capital misallocation

Brent Glover¹, Oliver Levine²

1: Carnegie Mellon University, United States of America; 2: University of Wisconsin

Learning about Discount Rates

Olivier Dessaint, Naveen Gondhi, Joel Peress

INSEAD, France

Can Nonprofits Save Lives Under Financial Stress: Evidence from the Hospital Industry

Janet Gao¹, Tim Liu², Sarah Malik³, Merih Sevilir⁴

1: Georgetown University; 2: University of Utah; 3: University of Utah; 4: Halle Institute for Economic Research and ESMT Berlin

Mixology: Order flow segmentation design

Joshua Mollner

Northwestern University, Kellogg School of Management, United States of America

Manipulating Algorithmic Markets

Pedro Tremacoldi-Rossi

Columbia University, United States of America

Measuring public and private information using quote and trade races

James Brugler¹, Terrence Hendershott²

1: University of Melbourne, Australia; 2: Haas School of Business, University of California

Generative AI and Asset Management

Jinfei Sheng¹, Zheng Sun¹, Baozhong Yang², Alan Zhang³

1: UC Irvine; 2: GSU; 3: Florida International U

Information Acquisition By Mutual Fund Investors: Evidence from Stock Trading Suspensions

David Xiaoyu Xu¹, Clemens Sialm²

1: Southern Methodist University, United States of America; 2: University of Texas at Austin

The Value of Non-Alpha Services

Jules van Binsbergen¹, Alessandro Previtero², Ran Xing³

1: The Wharton School and NBER; 2: Indiana University and NBER; 3: Stockholm University and Swedish House of Finance

Government-Funded Green Banks: Catalysts for the Green Transition

Claudio Rizzi¹, Simon Xu², Paul Yoo³

1: IESE Business School, Spain; 2: Harvard Business School, Harvard University, US; 3: Kogod School of Business, American University, US

A Greenwashing Index

Elise Gourier, Hélène Mathurin

ESSEC Business School, France

Pricing Pollution: Asset-Pricing Implications of the EU Emissions Trading System

Dries Laurs¹, Philip Stork², Remco Zwinkels³

1: Vrije Universiteit Amsterdam and Robeco Institutional Asset Management; 2: Vrije Universiteit Amsterdam; 3: Vrije Universiteit Amsterdam and Tinbergen Institute

Who Pays For Your Rewards? Redistribution in the Credit Card Market

Sumit Agarwal¹, Andrea Presbitero², Carlo Wix³, André Silva³

1: National University of Singapore; 2: International Monetary Fund; 3: Federal Reserve Board, United States of America

Mortgage Rates and Rents: Evidence from Local Mortgage Lock-In Effects

Jorge De la Roca, Marco Giacoletti, Lizhong Liu

University of Southern California, United States of America

Till Debt Do Us Part? The Effects of Debt Relief on Household Stability

Alexander Butler¹, Ioannis Spyridopoulos², Yessenia Tellez³, Billy Xu⁴

1: Rice University; 2: American University; 3: Virginia Polytechnic Institute and State University, United States of America; 4: University of Rochester