The Impact of Fiscal Policy on Financial Institutions, Asset Prices, and Household Behavior

Federico Mainardi

University of Chicago Booth School of Business

The (Missing) Relation Between Acquisition Announcement Returns and Value Creation

Itzhak Ben-David^1,5, Utpal Bhattacharya², Ruidi Huang³, Stacey Jacobsen⁴

1: Fisher College of Business, The Ohio State University; 2: Hong Kong University of Science and Technology; 3: Southern Methodist University; 4: Southern Methodist University; 5: NBER

A Theory of Blockholder Ownership and Corporate Policies

Simon Mayer¹, Erwan Morellec², Sebastian Gryglewicz³

1: CMU; 2: EPFL; 3: Erasmus

Rate Cap Laws and Consumer Welfare

Anand Goel

Stevens Institute of Technology

Rent Guarantee Insurance

Boaz Abramson, Stijn Van Nieuwerburgh

Columbia Business School

Foreign Exchange Interventions and Intermediary Constraints

Alex Ferreira¹, Rory Mullen², Giovanni Ricco³, Ganesh Viswanath Natraj², Zijie Wang²

1: University of Sao Paolo; 2: University of Warwick; 3: Ecole Polytechnique, CREST

Trade-Off? What Trade-Off: Informative Prices without Illiquidity

Thierry Foucault², Kostas Koufopoulos³, Roman Kozhan¹

1: University of Warwick; 2: HEC Paris; 3: University of Sussex

Growth-Indexed Securities

Stavros Panageas

UCLA

Optimizing Return Forecasts: A Bayesian Intermediary Asset Pricing Approach

Ming Gao, Cong Zhang

University of Chicago

Entry and Acquisitions in Software Markets

Luise Eisfeld^1,2

1: University of Lausanne; 2: Swiss Finance Institute

Ownership and Competition

Alessio Piccolo¹, Jan Schneemeier²

1: Indiana University; 2: Michigan State University

Credit Card Banking

Itamar Drechsler¹, Hyeyoon Jung², Weiyu Peng¹, Dominik Supera³, Guanyu Zhou¹

1: Wharton School, University of Pennsylvania; 2: Federal Reserve Bank of New York; 3: Columbia Business School

Understanding Excess Prepayment

Jack Liebersohn, Vikram Jambulapati, Michael Fitzpatrick

University of California Irvine

Does the Dollar Lender of Last Resort Expand Dollar Dominance? Currency Mismatch, Reserves, and Global Liquidity Backstop

Ding Ding, Karen Lewis, Yao Zeng

University of Pennsylvania

Kyle Meets Friedman: Informed Trading When Anticipating Future Information

Hongjun Yan¹, Liyan Yang², Xueyong Zhang³, Deqing Zhou³

1: DePaul University; 2: University of Toronto; 3: Central University of Finance and Economics

Leverage Dynamics and Learning about Economic Crises

Harjoat Singh Bhamra¹, Lars Kuehn², Artur Anschukov¹

1: Imperial College Business School; 2: Tepper School of Business, Carnegie-Mellon

Mental Models and Financial Forecasts

Francesca Bastianello¹, Paul Decaire², Marius Guenzel³

1: Chicago Booth; 2: Arizona State University; 3: Wharton

From Fragility to Flexibility: How do Firms Respond to Upstream Technology Vulnerability?

Yuchan Lyu, Xuan Tian, Che Zhang

Tsinghua University

Decoupling Voting and Cash Flow Rights

Andre Speit³, Paul Voss², Andras Danis¹

1: Central European University; 2: HEC Paris; 3: Private Sector

Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness

Xu Lu¹, Yang Song², Yao Zeng³

1: University of Washington; 2: University of Washington, United States of America; 3: University of Pennsylvania, United States of America

How Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits?

Oliver Giesecke¹, Joshua Rauh²

1: Stanford University; 2: Stanford University

Monetary Policy Transmission through the Exchange Rate Factor Structure

Erik Loualiche², Alex Pecora³, Fabricius Somogyi¹, Colin Ward⁴

1: Northeastern University; 2: University of Minnesota; 3: Virginia Tech; 4: University of Alberta

Mixology: Order flow segmentation design

Joshua Mollner

Northwestern University

Time-Varying Risk Premia and Heterogeneous Labor Market Dynamics

Maarten Meeuwis¹, Dimitris Papanikolaou², Jonathan Rothbaum³, Lawrence Schmidt⁴

1: Washington University in St. Louis; 2: Kellogg; 3: Census Bureau; 4: MIT Sloan

Categorical Thinking about Interest Rates

Kelly Shue¹, Richard Townsend², Chen Wang³

1: Yale University; 2: UCSD; 3: University of Notre Dame

All Shareholder Votes Are Not Created Equal

Davidson Heath¹, Da Huang², Chong Shu¹

1: University of Utah; 2: Northeastern University

Dynamic Contracting with Many Agents

Bruno Biais, Jean Charles Rochet, stephane Villeneuve, Hans gersbach, elu von thadden

HEC

Revolving Credit to SMEs: The Role of Business Credit Cards

Matteo Benetton¹, Greg Buchak²

1: Berkeley Haas; 2: Stanford GSB

Diversifying the Suburbs: Rental Supply and Spatial Inequality

Konhee Chang

University of California, Berkeley

Unbalanced Financial Globalization

Damien Capelle¹, Bruno Pellegrino²

1: International Monetary Fund; 2: Columbia Business School

The Flattening Demand Curves

Alireza Aghaee Shahrbabaki

Bocconi University

Rising Income Risk at the Top and Falling Interest Rates: Evidence from 50 Years of Tax Returns

J Carter Braxton², Kyle Herkenhoff³, Michael Nattinger², Jonathan Rothbaum⁴, Lawrence Schmidt¹

1: Massachusetts Institute of Technology; 2: University of Wisconsin; 3: University of Minnesota; 4: US Census Bureau

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

Paymon Khorrami

Duke University

Entrepreneurial Spawning from Remote Work

Alan Kwan¹, Ben Matthies², Richard Townsend³, Ting Xu⁴

1: University of Hong Kong; 2: University of Notre Dame; 3: University of California San Diego; 4: University of Toronto

Can Corporate AI Adoption Backfire?

Joanne Chen¹, Brandon Han²

1: Boston University; 2: University of Maryland, United States

Bank Expertise and Structural Transformation

Gang Zhang¹, Yu Yi², Shengxing Zhang³

1: Cheung Kong Graduate School of Business; 2: Nankai University; 3: Carnegie Mellon University

Measuring and Mitigating Racial Disparities in Large Language Model Mortgage Underwriting

Donald Bowen¹, McKay Price¹, Luke Stein², Ke Yang¹

1: Lehigh University; 2: Babson College

Exchange Rate Risk in Public Firms

Patrick Adams, Adrien Verdelhan

MIT Sloan

Incentives to Lose: Disclosure of Cover Bids in OTC Markets

Andrey Ordin¹, Ruslan Sverchkov²

1: University of Texas at Austin; 2: University of Warwick

The Wealth of Stagnation: Falling Growth, Rising Valuations

James Douglas Paron

Wharton, University of Pennsylvania

An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty

Hengjie Ai¹, Ravi Bansal², Hongye Guo³, Amir Yaron⁴

1: University of Wisconsin, Madison; 2: Duke University; 3: University of Hong Kong; 4: Bank of Israel and Wharton

Directing the Labor Market: The Impact of Shared Board Members on Employee Flows

Taylor Begley¹, Peter Haslag², Daniel Weagley³

1: University of Kentucky; 2: Vanderbilt University; 3: University of Tennessee

The Making of (Modern) Banks

Kebin Ma¹, Lucy White², Zhao Li³

1: University of Warwick; 2: Boston University; 3: Capital University of Economics and Business

Shadow Banks on the Rise: Evidence Across Market Segments

Kim Cramer², Pulak Ghosh³, Nirupama Kulkarni⁴, Nishant Vats¹

1: Olin School fo Business, Washington University at St Louis; 2: London School of Economics; 3: IIM Bangalore; 4: CAFRAL

What Explains the Consumption Decisions of Low-Income Households?

Sasha Indarte¹, Raymond Kluender², Ulrike Malmendier³, Michael Stepner⁴

1: Wharton; 2: Harvard; 3: Berkeley; 4: University of Toronto

Do Funds Engage in Optimal FX Hedging?

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

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

Navigating the Murky World of Hidden Liquidity

Robert Bartlett¹, Maureen O'Hara²

1: Stanford University; 2: Cornell University

Financial and TotalWealth Inequality with Declining Interest Rates

Matteo Leombroni¹, Hanno Lustig², Dan Greenwald³, Stijn Van Nieuwerburgh⁴

1: Boston College; 2: Stanford; 3: NYU Stern; 4: Columbia University