Borrowing from a Bigtech Platform

Jian Jane Li¹, Stefano Pegoraro²

1: Columbia University; 2: University of Notre Dame, Mendoza College of Business

Financial Breakups

Alexander Butler¹, Ioannis Spyridopoulos², Yessenia Tellez³, Billy Xu⁴

1: Rice University; 2: American University; 3: Virginia Tech; 4: University of Rochester

HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading

Wenqian Huang¹, Shihao Yu³, Angelo Ranaldo², Peter O'neill⁴

1: BIS; 2: University of St. Gallen and Swiss Finance Institute,; 3: Columbia University; 4: UNSW

Monetary Policy in the Age of Universal Banking

Michael Gelman¹, Itay Goldstein², Andrew MacKinlay³

1: University of Delaware; 2: Wharton School, University of Pennsylvania; 3: Virginia Tech

Board Diversity in Private Vs. Public Firms

Johan Cassel¹, James P. Weston², Emmanuel Yimfor³

1: Vanderbilt University; 2: Jones Graduate School of Business, Rice University; 3: Columbia University

Responsible Consumption, Demand Elasticity, and the Green Premium

Xuhui Chen, Lorenzo Garlappi, Ali Lazrak

UBC

The Corporate Bond Factor Zoo

Alexander Dickerson¹, Christian Julliard², Philippe Mueller³

1: University of New South Wales; 2: London School of Economics; 3: University of Warwick

Dissecting Disagreement in Valuations: Inputs and Outcomes

Paul Decaire¹, Denis Sosyura¹, Michael Wittry²

1: Arizona State University; 2: Ohio State University

Impact of Robo-advisors on the Labor Market for Financial Advisors

Ishitha Kumar

Emory University

Bankruptcy Lawyers and Credit Recovery

Brian Jonghwan Lee

Columbia Business School

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

Ishita Sen¹, Jian Jane Li², Umang Khetan³, Ioana Neamtu⁴

1: Harvard Business School; 2: Columbia Business School, United States of America; 3: University of Iowa; 4: Bank of England

Spatially Targeted LTV Policies and Collateral Values

Chun-Che Chi¹, Cameron LaPoint², Ming-Jen Lin³

1: Academia Sinica, Institute of Economics; 2: Yale School of Management; 3: National Taiwan University

Political Connections and Public Pension Fund Investments: Evidence from Private Equity

Jaejin Lee

University of Illinois at Urbana and Champaign

A Breath of Change: Can Personal Exposures Drive Green Preferences?

Steffen Andersen¹, Dmitry Chebotarev², Fatima Zahra Filali-Adib³, Kasper Meisner Nielsen³

1: Danmarks Nationalbank; 2: Indiana University Bloomington; 3: Copenhagen Business School

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

Zhongtiam Chen¹, Nikolai Roussanov¹, Xiaoliang Wang², Dongchen Zou¹

1: University of Pennsylvania; 2: HKUST

Crash Narratives

Dasol Kim¹, Will Goetzmann², Bob Shiller²

1: Office of Financial Research; 2: Yale University

Digital Veblen Goods

Sebeom Oh¹, Samuel Rosen¹, Anthony Lee Zhang²

1: Temple University; 2: University of Chicago

Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans

Nuno Clara¹, Michael Boutros², Francisco Gomes³

1: Duke University; 2: Bank of Canada; 3: London Business School

Information Leakage from Short Sellers

Fernando Chague¹, Bruno Giovannetti¹, Bernard Herskovic²

1: Getulio Vargas Foundation - Sao Paulo School of Economics; 2: UCLA Anderson and NBER

Diverging Paths in Banks’ Business Models: New Facts and Macro Implications

Jinyuan Zhang, Shohini Kundu, Tyler Muir

UCLA

Under Pressure: The Increasing Turnover-Performance Sensitivity for Corporate Directors

Thomas Bates¹, David Becher², Jared Wilson³

1: Arizona State University; 2: Drexel University; 3: Indiana University

The Benchmark Greenium

Stefania D'Amico², Nathaniel Pancost¹, Johannes Klausmann³

1: University of Texas at Austin; 2: Federal Reserve Bank of Chicago; 3: University of Virginia

A Non-Linear Market Model

Tobias Sichert

Stockholm School of Economics

End of an era: The coming long-run slowdown in corporate profit growth and stock returns

Michael Smolyansky

Federal Reserve

Deciphering the Impact of BigTech Consumer Credit

Lei Chen¹, Wenlan Qian², Albert Di Wang³, Qi Wu⁴

1: Southwestern University of Finance and Economics; 2: National University of Singapore; 3: The University of Texas at Austin; 4: City University of Hong Kong

Explaining Racial Disparities in Personal Bankruptcy Outcomes

Bronson Argyle¹, Sasha Indarte², Ben Iverson¹, Christopher Palmer³

1: BYU; 2: Wharton; 3: MIT Sloan

(Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting

Tao Li¹, Qifei Zhu²

1: University of Florida; 2: Nanyang Technological University

Unintended Consequences of QE: Real Estate Prices and Financial Stability

Tobias Berg¹, Rainer Haselmann¹, Thomas Kick², Sebastian Schreiber¹

1: Goethe University; 2: Bundesbank

Do Board Connections between Product Market Peers Impede Competition?

Radha Gopalan¹, Renping Li¹, Alminas Zaldokas²

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

Too Levered for Pigou: Carbon Pricing, Financial Constraints, and Leverage Regulation

Robin Döttling¹, Magdalena Rola-Janicka²

1: Erasmus University Rotterdam; 2: Imperial College London

Dollar and Carry Redux

Thomas Andreas Maurer¹, Andrea Vedolin², Sining Liu³, Yaoyuan Zhang¹

1: The University of Hong Kong; 2: Boston University; 3: Soochow University

The Making of Momentum: A Demand-System Perspective

Paul Huebner

Stockholm School of Economics

AI-Powered Trading, Algorithmic Collusion, and Price Efficiency

Winston Dou¹, Itay Goldstein¹, Yan Ji²

1: The Wharton School at University of Pennsylvania; 2: HKUST

Household Debt Overhang and Human Capital Investment

Gustavo Manso², Alejandro Rivera¹, Hui Grace Wang³, Han Xia¹

1: UT-Dallas; 2: UC-Berkeley; 3: Bentley Univeristy

Passive investors in primary bond markets

Michele Dathan¹, Caitlin Dannhauser²

1: Federal Reserve Board of Governors; 2: Villanova University

How (in)effective was bank supervision during the 2022 Monetary Tightening?

Yadav Krishna Gopalan^1,2, Joao Granja³

1: Indiana University; 2: Federal Reserve Bank of St. Louis; 3: University of Chicago

Diversity, Equity, and Inclusion

Alex Edmans¹, Caroline Flammer², Simon Glossner³

1: London Business School, CEPR, and ECGI; 2: Columbia University, NBER, and ECGI; 3: Federal Reserve Board

How Anti-ESG Pressure Affects Investment: Evidence from Retirement Savings

Jane Danyu Zhang

UCLA Anderson School of Management

Political risk everywhere

Vito Gala¹, Giovanni Pagliardi², Ivan Shaliastovich³, Stavros Zenios⁴

1: Morningstar Investment Management LLC; 2: BI Norwegian Business School; 3: University of Wisconsin-Madison; 4: Durham University and University of Cyprus

Monetary Policy, Extrapolation Bias, and Misallocation

Yuchen Chen

University of Illinois Urbana-Champaign

Financial and Informational Integration Through Oracle Networks

Will Cong¹, Eswar Prasad¹, Daniel Rabetti²

1: Cornell University; 2: National University of Singapore

Credit Card Borrowing in Heterogeneous-Agent Models: Reconciling Theory and Data

Sean Chanwook Lee¹, Peter Maxted²

1: Harvard University; 2: UC Berkeley

Nonbank Market Power in Leveraged Lending

Franz Hinzen

Tuck School of Business at Dartmouth

Monetary Policy Wedges and the Long-term Liabilities of Households and Firms

Marco Grotteria¹, Jules van Binsbergen²

1: London Business School; 2: University of Pennsylvania

Decentralized Governance and Digital Asset Prices

Jillian Grennan¹, Ian Appel²

1: University of California, Berkeley; 2: University of Virginia, United States of America

How Should Climate Change Uncertainty Impact Social Valuation and Policy?

Michael Barnett¹, William Brock², Lars Peter Hansen³, Hong Zhang⁴

1: Arizona State University; 2: University of Wisconsin; 3: University of Chicago; 4: Argonne National Laboratory

A unified explanation for the decline of the value premium and the rise of the markup

Xiaoji Lin¹, Chao Ying², Terry Zhang³

1: University of Minnesota; 2: CUHK Business School; 3: Australian National University

Economic Growth through Diversity in Beliefs

Christian Heyerdahl-Larsen², Philipp Illeditsch¹, Howard Kung³

1: Texas A&M University; 2: BI Oslo; 3: LBS