What Determines 401(k) Plan Fees? A Dynamic Model of Transaction Costs and Markups

Hanbin Yang

London Business School, United Kingdom

Learning About the Stock Market: Asset Allocation Spillovers from Defined Contribution Pension Plan Access

Oksana Smirnova

London Business School, United Kingdom

Corporate Pension Risk-Taking in a Low Interest Rate Environment

Vasso Ioannidou¹, Roberto Pinto², Zexi Wang²

1: Bayes Business School, University of London & CEPR; 2: Lancaster University Management School, United Kingdom

Sources of Return Predictability

Beata Gafka¹, Pavel Savor², Mungo Wilson³

1: Ivey Business School at University of Western Ontario, Canada; 2: DePaul University - Kellstadt Graduate School of Business; 3: Said Business School at Oxford University

How Global is Predictability? The Power of Financial Transfer Learning

Oliver Hellum¹, Lasse Heje Pedersen², Anders Rønn-Nielsen¹

1: Copenhagen Business School; 2: AQR, Copenhagen Business School, CEPR

International Sentiment Networks and Equity Return Predictability

Gustavo Freire¹, Ali Moin¹, Alberto Quaini¹, Amar Soebhag^1,2

1: Erasmus University Rotterdam; 2: Robeco Quantitative Investing

Credit Card Banking

Itamar Drechsler¹, Hyeyoon Jung², Weiyu Peng³, Dominik Supera⁴, Guanyu Zhou³

1: University of Pennsylvania and NBER; 2: Federal Reserve Bank of New York; 3: University of Pennsylvania; 4: Columbia Business School

Equity Premium Events

Ben Knox, Juan Londono, Mehrdad Samadi, Annette Vissing-Jorgensen

Federal Reserve Board of Governors, United States of America

The Implied Equity Term Structure

Tomas Jankauskas¹, Lieven Baele², Joost Driessen²

1: Federal Reserve Bank of New York, United States of America; 2: Tilburg University

AI in Corporate Governance: Can Machines Recover Corporate Purpose?

Boris Nikolov, Norman Schürhoff, Sam Wagner

University of Lausanne, Swiss Finance Institute, Switzerland

The Politicization of Social Responsibility

Todd Gormley¹, Manish Jha², Meng Wang³

1: Washington University in St Louis; 2: Georgia State University, United States of America; 3: University of South Florida

AI Washing

Boyuan Li

University of Florida, United States of America

Comparing Capital Allocation Efficiency in Public and Private Equity Markets

Ali Sanati, Ioannis Spyridopoulos

American University, United States of America

The Private Value of Open-Source Innovation

Logan Emery¹, Chan Lim², Shiwei Ye¹

1: Rotterdam School of Management, Erasmus University; 2: School of Management, University at Buffalo

The Value of Corporate Patent Utilization

Jarrad Harford¹, Qiyang He², Buhui Qiu²

1: Foster School of Business, University of Washington. USA; 2: University of Sydney Business School, Australia

Violent Conflict and Cross-Border Lending

Alexander Popov¹, Ralph De Haas², Mikhail Mamonov³, Iliriana Shala⁴

1: European Central Bank, Germany; 2: European Bank for Reconstruction and Development, UK; 3: TBS Business School, France; 4: Deutsche Bundesbank, Germany

Two Centuries of Systemic Bank Runs

Rustam Jamilov¹, Tobias König², Karsten Müller³, Farzad Saidi²

1: All Souls College, University of Oxford; 2: University of Bonn, Germany; 3: National University of Singapore

The Long and Short of U.S. Bank Regulations: From the Great Depression to the 2023 Bank Failures

Sami Mahmood

National University of Singapore, Singapore

Optimal Banking Arrangements: Liquidity Creation without Financial Fragility

Maximilian Guennewig, Yuliyan Mitkov

University of Bonn, Germany

Central Bank Bond Purchases, Informativeness, and Rollover Crises

Paul Fontanier

Yale University, United States of America

Bank fragility and risk management

Toni Ahnert¹, Christoph Bertsch², Agnese Leonello¹, Robert Marquez³

1: European Central Bank, Germany and CEPR; 2: Sveriges Riksbank; 3: UC Davis

International Climate News

María José Arteaga Garavito¹, Riccardo Colacito², Mariano Massimiliano Croce¹, Biao Yang³

1: Bocconi University; 2: UNC Chapel Hill; 3: Shanghai Jiao Tong University

Understanding the Pricing of Carbon Emissions: New Evidence from the Stock Market

Matteo Crosignani¹, Emilio Osambela², Matt Pritsker³

1: Federal Reserve Bank of New York; 2: Federal Reserve Board; 3: Federal Reserve Bank of Boston

Beyond the Storm: Climate Risk and Homeowners' Insurance

Ankit Kalda¹, Varun Sharma¹, Vikas Soni², Derek Wenning¹

1: Indiana University; 2: University of South Florida

The Online Payday Loan Premium

Filipe Correia¹, Peter Han², Jialan Wang²

1: University of Georgia, United States of America; 2: University of Illinois at Urbana-Champaign, United States of America

Picking Up the PACE: Loans for Residential Climate-Proofing

Aymeric Bellon¹, Cameron LaPoint², Francesco Mazzola³, Guosong Xu⁴

1: University of North Carolina Chapel Hill; 2: Yale School of Management; 3: ESCP Business School, Italy; 4: Erasmus University Rotterdam

The Impact of a Ban on Kickbacks on Individual Investors

Nic Schaub, Simon Straumann

WHU - Otto Beisheim School of Management, Germany

Measuring and Mitigating Racial Disparities in Large Language Model Mortgage Underwriting

Donald Bowen¹, McKay Price¹, Luke Stein², Ke Yang¹

1: Lehigh University, United States of America; 2: Babson College

Poverty Spreads in Deposit Markets

Emilio Bisetti¹, Arkodipta Sarkar²

1: HKUST; 2: National University of Singapore, Singapore

Heterogeneous Monetary Policy Pass-Through to Consumer Credit Along the Income Distribution

Sean Lavender¹, Leonardo Soriano de Alencar², Antonia Tsang¹

1: University of Cambridge, United Kingdom; 2: Banco Central do Brasil

Why Does Volatility Demand Fall During Market Turmoil? A Market Maker Perspective

Kris Jacobs, Anh Thu Mai, Paola Pederzoli

University of Houston, United States of America

The Stock-Bond Correlation: A Tale of Two Days in the U.S. Treasury Market

Grace Xing Hu¹, Zhao Jin², Jun Pan³

1: PBC School of Finance, Tsinghua University; 2: School of Finance, Central University of Finance and Economics; 3: Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

What Drives the Aggregate Net Payout Yield? A Structural Investment Approach

Ilan Cooper^1,4, Xuenan {Erica} Li², Paulo Maio³, Chunyu Yang⁴

1: University of Haifa, Israel; 2: Hanken School of Economics, Finland; 3: CKGSB, China; 4: BI Norwegian Business School, Norway

TRADABLE FACTOR RISK PREMIA AND ORACLE TESTS OF ASSET PRICING MODELS

Svetlana Bryzgalova², Alberto Quaini¹, Fabio Trojani³, Ming Yuan⁴

1: Erasmus School of Economics, Netherlands, The; 2: London Business School; 3: University of Geneva; 4: Columbia University

Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux

Zhongtian Chen¹, Nikolai Roussanov¹, Xiaoliang Wang², Dongchen Zou¹

1: University of Pennsylvania; 2: HKUST Business School

Which (Nonlinear) Factor Models?

Caio Almeida¹, Gustavo Freire²

1: Princeton University, United States of America; 2: Erasmus School of Economics, Erasmus University Rotterdam, Netherlands

Contagious Deregulation

Jakub Hajda¹, Joseph Kalmenovitz², Billy Xu²

1: HEC Montreal; 2: University of Rochester

Real Effects of Personal Liability: Evidence from Industrial Pollution

Noemie Bucourt

University of Toronto, Canada

Changing the Board Game: Horizontal Spillovers of Gender Quotas

Luigi Guiso¹, Fabiano Schivardi^1,2, Luana Zaccaria^1,2

1: EIEF; 2: LUISS

Do Trade Associations Matter to Corporate Strategies?

Gerard Hoberg¹, Katya Neretina²

1: USC Marshall School of Business; 2: Bocconi University

Driving a Bargain: Negotiation Skill and Price Dispersion

Kristine Hankins¹, Tong Liu², Denis Sosyura³

1: University of Kentucky; 2: MIT Sloan; 3: Arizona State University

The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions

Murillo Campello², Gustavo Cortes², Sergio Rocha¹

1: Monash University, Australia; 2: University of Florida

How Private Equity Fuels Non-Bank Lending

Sharjil Haque², Simon Mayer¹, Teng Wang²

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

Hunting for Dollars

Peteris Kloks¹, Edouard Mattille¹, Angelo Ranaldo²

1: University of St.Gallen; 2: University of Basel

The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking

Rodrigo Gonzalez¹, Yiming Ma², Yao Zeng³

1: Central Bank of Brazil; 2: Columbia University, United States of America; 3: University of Pennsylvania, United States of America

Collateralized Loan Obligations as Fire-Sale Insulation

William Diamond², Luigi Falasconi¹, Chi Xu²

1: University of Pennsylvania, United States of America; 2: Wharton School, University of Pennsylvania, United States of America

Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios

Andreas Fuster¹, Teodora Paligorova², James Vickery³

1: EPFL and Swiss Finance Institute; 2: Federal Reserve Board; 3: Federal Reserve Bank of Philadelphia

Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity

Viral Acharya¹, Manasa Gopal², Sascha Steffen³

1: NYU Stern School of Business; 2: Scheller College of Business; 3: Frankfurt School of Finance & Management

Environmental Disclosures in Global Supply Chains

Christian Opp¹, Xingtan Zhang²

1: Simon Business School, United States of America; 2: Cheung Kong Graduate School of Business

Sustainable Investing and Public Goods Provision

Ilaria Piatti², Joel Shapiro¹, Xuan Wang³

1: University of Oxford, United Kingdom; 2: Queen Mary University of London; 3: VU Amsterdam

Addressing Anticipation Effects in Finance

Tomislav Ladika¹, Elisa Pazaj¹, Zacharias Sautner²

1: Unviersity of Amsterdam, Netherlands, The; 2: University of Zurich

High-Net-Worth Individuals, Private Capital Markets, and Inequality

Clara Martinez-Toledano, Ararat Gocmen, Vrinda Mittal

Imperial College London, United Kingdom

Student Loan Forgiveness

Michael Dinerstein¹, Samuel Earnest², Dmitri Koustas³, Constantine Yannelis⁴

1: Duke University; 2: MIT, Sloan School of Management; 3: University of Chicago; 4: University of Cambridge

The Consumption Response to Protectionism

Chen Lin¹, Hongyu Shan², Da Tian³

1: University of Hong Kong; 2: China Europe International Business School; 3: Nankai University