The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement

Daniel Andrei¹, Lorenzo Garlappi²

1: McGill; 2: UBC

The Unintended Consequences of Rebalancing

Campbell Harvey^1,2, Michele Mazzoleni³, Alessandro Melone⁴

1: Duke University; 2: NBER; 3: Capital Group; 4: The Ohio State University

Equity Premium Events

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

Federal Reserve Board

Asymmetric Investment Rates

Hang Bai², Erica X. N. Li³, Chen Xue⁴, Lu Zhang¹

1: The Ohio State University; 2: University of Connecticut; 3: Cheung Kong Graduate School of Business; 4: University of Cincinnati

The Secular Decline in Private Firm Leverage

Aymeric Bellon¹, Christine L. Dobridge², Erik Gilje⁴, Andrew Whitten³

1: UNC Chapel Hill; 2: Board of Governors of the Federal Reserve System; 3: U.S. Department of the Treasury - Office of Tax Analysis (OTA); 4: Unaffiliated

Housing Is the Financial Cycle: Evidence from 100 Years of Local Building Permits

Gustavo Cortes¹, Cameron LaPoint²

1: University of Florida; 2: Yale School of Management

Reversal Patterns in Risk-Adjusted Returns: Evidence of Excess Volatility in Anomalies

Carlo Favero^1,2, Alessandro Melone³, Andrea Tamoni⁴

1: Bocconi University; 2: CEPR; 3: The Ohio State University; 4: University of Notre Dame

Venture Capital Cycles and the Startup Labor Market

Jessica Bai

Harvard University

The Network Structure of Data Economy

Qiushi Huang¹, Bo Bian², Ye Li³, Huan Tang⁴

1: SAIF; 2: University of British Columbia; 3: University of Washington; 4: University of Pennsylvania

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

Lorenzo Bretscher², Lukas Schmid¹, Tiange Ye¹

1: USC Marshall School of Business; 2: University of Lausanne, Swiss Finance Institute

How Large is Too Large? A Risk-Benefit Framework for Quantitative Easing

Adrien d'Avernas², Antoine Hubert de Fraisse³, Liming Ning¹, Quentin Vandeweyer¹

1: University of Chicago; 2: HEC Paris; 3: SSE

The Real Cost of Benchmarking

Christian Kontz, Sebastian Hanson

Stanford GSB

Private Debt versus Bank Debt in Corporate Borrowing

Sharjil Muktafi Haque¹, Irina Stefanescu¹, Simon Mayer²

1: Federal Reserve Board of Governors; 2: Carnegie Mellon University

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; 2: New York University, Stern School of Business

Good Variance, Bad Variance: Cash-Flows, Discount Rates, and the Risk-Return Relationship

Brandon Bates¹, Brian Boyer¹, Carter Davis², Tyler Shumway¹

1: Brigham Young University; 2: Indiana University

Do Development Financial Institutions Create Impact through Venture Capital Investments?

Aleksandar Andonov^1,2, Andy Li¹, Paul Smeets¹

1: University of Amsterdam; 2: CEPR

Information Span in Credit Market Competition

Zhiguo He¹, Jing Huang², Cecilia Parlatore³

1: Stanford University; 2: Texas A&M University; 3: New York University

Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs?

Marco Sammon¹, John Shim²

1: Harvard Business School; 2: University of Notre Dame

Asset Purchase Rules: How QE Transformed the Bond Market

Alan Moreira¹, Tyler Muir², Valentin Haddad²

1: university of rochester; 2: UCLA

Which Asset Pricing Model Do Firms Use? A Revealed Preference Approach

Amirabas Salarkia¹, Thummim Cho²

1: Tilburg University; 2: Korea University

Financially Sophisticated Firms

Kerry Siani, Lira Mota

MIT Sloan

Green Expectations: Climate Change and Homeowner Valuation of Dwelling Sustainability

Milind Goel

London Business School

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; 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

Financing The Next VC-Backed Startup: The Role of Gender

Emmanuel Azange Yimfor¹, Heather Tookes², Camille Hebert³

1: Columbia University; 2: Yale University; 3: University of Toronto

Informational Efficiency and Asset Prices in Large Markets

Georgy Chabakauri

London School of Economics

Do Trades and Holdings of Market Participants Contain Information About Stocks? A Machine-Learning Approach

Victor DeMiguel¹, Li Guo², Bo Sang³, Zhe Zhang⁴

1: London Business School; 2: School of Economics, Fudan University; Shanghai Institute of International Finance and Economics; 3: School of Business, University of Bristol; 4: Lee Kong Chian School of Business, Singapore Management University

The Debt Ceiling's Disruptive Impact: Evidence from Many Markets

William Morgan Cassidy, Shreye Mirani

Washington University in St. Louis

Supply Network Fragility, Inventory Investment, and Corporate Liquidity

Leandro Rafael Sanz

The University of Notre Dame

Loan-funded Loans: Asset-like Liabilities inside Bank Holding Companies

Jennie Bai¹, Murillo Campello², Pradeep Muthukrishnan³

1: Georgetown University and NBER; 2: University of Florida and NBER; 3: Tulane University

Impact of Institutional Owners on Housing Markets

Caitlin S Gorback¹, Franklin Qian², Zipei Zhu²

1: University of Texas at Austin, McCombs School of Business; 2: University of North Carolina at Chapel Hill, Kenan-Flagler Business School

Equity Valuation Without DCF

Thummim Cho¹, Christopher Polk², Robert Rogers²

1: Korea University Business School; 2: LSE

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

Colleen Chien¹, Jillian Grennan², Jason James Sandvik³

1: University of California Berkeley School of Law; 2: Emory University; 3: University of Arizona

Stealthy Shorts: Informed Liquidity Supply

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

1: University of Lausanne and Swiss Finance Institute; 2: University of North Carolina - Chapel Hill; 3: Erasmus University Rotterdam; 4: Robeco Quantitative Investing

Monetary Policy without Moving Interest Rates: The Fed Non-Yield Shock

Christoph E Boehm¹, T Niklas Kroner²

1: UT Austin and NBER; 2: Federal Reserve Board

Feedback on Emerging Corporate Policies

Sean Cao¹, Itay Goldstein², Jie {Jack} He³, Yabo Zhao⁴

1: University of Maryland; 2: University of Pennsylvania; 3: University of Georgia; 4: Chinese University of Hong Kong-Shenzhen

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

Tetiana Davydiuk¹, Isil Erel², Wei Jiang³, Tatyana Marchuk⁴

1: Carey Business School; 2: Fisher College of Business; 3: Goizueta Business School; 4: Nova School of Business and Economics

Unlocking Mortgage Lock-In: Evidence From a Spatial Housing Ladder Model

Pierre Mabille¹, Julia Fonseca², Lu Liu³

1: INSEAD; 2: UIUC Gies; 3: Wharton

A Stock Return Decomposition Using Observables

Benjamin Knox, Annette Vissing-Jorgensen

Federal Reserve Board

Female Representation and Talent Allocation in Entrepreneurship: The Role of Early Exposure to Entrepreneurs

Mikkel Mertz¹, Maddalena Ronchi², Viola Salvestrini³

1: The ROCKWOOL Foundation; 2: Northwestern University; 3: Bocconi University

Newspaper Closures and Trading in Local Stocks

Peter Cziraki¹, Jasmin Gider²

1: Texas A&M University; 2: Tilburg University

Demand Propagation Through Traded Risk Factors

Yu An¹, Amy Wang Huber²

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

The Fed and the Wall Street Put

Jan Harren¹, Mete Kilic², Zhao Zhang³

1: University of Muenster; 2: University of Southern California; 3: International Monetary Fund (IMF)

The Collateral Channel Within and Between Countries

Jerome Hericourt^1,2,3, Jean Imbs^4,5, Lise Patureau⁶

1: Universite Paris Saclay - Universite d'Evry; 2: CEPII; 3: CEPREMAP; 4: New York University, Abu Dhabi; 5: CEPR; 6: Universite Paris Dauphine - PSL

Risk-Adjusting the Returns to Private Debt Funds

Michael Weisbach, Isil Erel, Thomas Flanagan

Ohio State University

Coverage Neglect in Homeowners Insurance

Tony Cookson¹, Emily Gallagher¹, Philip Mulder²

1: University of Colorado Boulder; 2: University of Wisconsin - Madison

Quantity, Risk, and Return

Yu An¹, Yinan Su¹, Chen Wang²

1: Johns Hopkins University; 2: University of Notre Dame

Venture Capital Response to Government-Funded Basic Science

Roham Rezaei, Yufeng Yao

UNSW