Volatility Disagreement and Asset Prices

Adem Atmaz¹, Andrea Buffa²

1: Purdue University; 2: University of Colorado Boulder

Future of Emissions

Andreas Brogger¹, Jules van Binsbergen²

1: Rotterdam School of Management, Erasmus University; 2: Wharton School, University of Pennsylvania

Tracing Out International Data Flow: The Value of Data and Privacy

Junjun Quan

Columbia University

Product Market Decisions and Subprime Lending by Captive Finance Companies

Jiadi Xu

University of Wisconsin-Milwaukee

The Dynamics of Deposit Flightiness and its Impact on Financial Stability

Kristian Blickle¹, Xu Lu², Jane Li³, Yiming Ma⁴

1: New York Fed; 2: University of Washington Seattle; 3: Columbia Business School; 4: Columbia Business School

Capital Regulation and Asset Allocation Amidst Agency Conflicts: Evidence From Mortgage Servicing

Naser Hamdi¹, Erica Jiang², Brittany Almquist Lewis³, Manisha Padi⁴, Avantika Pal⁵

1: Equifax; 2: USC; 3: WUSTL; 4: Berkeley; 5: UIUC

Partisan Friendshoring

Meghana Ayyagari¹, Janet Gao², Pengfei Ma³

1: George Washington University; 2: Georgetown University; 3: Singapore Management University

How do Venture Capitalists become Influential?

Marta Zava

Bocconi University & Goethe University

Beliefs Heterogeneity and the Equity Term Structure

Hamilton Galindo Gil¹, Yucheng Zhou²

1: Cleveland State University; 2: University of Illinois at Urbana-Champaign

Brown Capital (Re)Allocation

Olivier Darmouni, Yuqi Zhang

Columbia University

Big Data and Bigger Firms: A Labor Market Channel

Abhinav Gupta¹, Naman Nishesh², Elena Simintzi³

1: University of North Carolina, Chapel Hill; 2: University of North Carolina, Chapel Hill; 3: University of North Carolina, Chapel Hill

The Pass-through of Corporate Tax Cuts to Consumer Loans: Evidence from the TCJA

Joao Granja¹, Fabian Nagel², Arndt Weinrich³

1: University of Chicago; 2: Kellogg School of Management; 3: Erasmus University

Sticky Deposits, not Depositors

Bronson Argyle¹, Benjamin Iverson¹, Jason Kotter¹, Taylor Nadauld¹, Christopher Palmer²

1: Brigham Young University; 2: Massachusetts Institute of Technology

Monetary Policy and the Mortgage Market

Itamar Drechsler¹, Philipp Schnabl², Alexi Savov², Dominik Supera³

1: University of Pennsylvania and NBER; 2: New York University and NBER; 3: Columbia Business School

Consuming Values

Jacob Conway¹, Levi Boxell²

1: University of Chicago; 2: Unaffiliated

Tyranny of the Personal Network: The Limits of Arm’s Length Fundraising in Venture Capital

Sabrina Howell¹, Dean Parker², Ting Xu³

1: NYU Stern; 2: NYU Stern; 3: Toronto Rotman

How Beliefs Respond to News: Implications for Asset Prices

Ian Dew-Becker¹, Stefano Giglio^2,3, Pooya Molavi⁴

1: Federal Reserve Bank of Chicago; 2: Yale University; 3: NBER; 4: Northwestern University

A Tale of Commodities and Climate-driven Disasters

Filippo Pellegrino

Imperial College London

Search and Negotiation with Biased Beliefs in Consumer Credit Markets

Erik Berwart¹, Sean Higgins², Sheisha Kulkarni³, Santiago Truffa⁴

1: CMF; 2: Kellogg School of Management, Northwestern University; 3: University of Virginia; 4: ESE School of Business, Universidad de Los Andes

Shadow Banks and the Dynamic Effects of Monetary Policy on Small Business Lending

Manasa Gopal¹, Andres Sarto², Dominik Supera³, Olivier Wang⁴

1: Georgia Tech; 2: University of Chicago; 3: Columbia University; 4: New York University

Mortgage Structure, Financial Stability, and Risk Sharing

Vadim Elenev¹, Lu Liu²

1: Johns Hopkins University, Carey Business School; 2: The Wharton School, University of Pennsylvania

Carbon Offsets: Decarbonization or Transition-Washing?

Sehoon Kim, Tao Li, Yanbin Wu

University of Florida

Financial Intermediary Relationships and Public Market Access

Alexander Blaine Eli Tuft¹, Emmanuel Yimfor²

1: University of Wyoming; 2: Columbia Business School, Columbia University

Machine Forecast Disagreement

Turan G. Bali¹, Bryan Kelly², Mathis Moerke³, Jamil Rahman²

1: Georgetown University; 2: Yale School of Management; 3: School of Finance, St.Gallen

Picking Up the PACE: Loans for Residential Climate-Proofing

Aymeric Bellon¹, Cameron LaPoint², Francesco Mazzola³, Guosong Xu⁴

1: UNC-Chapel Hill, Kenan-Flagler Business School; 2: Yale School of Management; 3: ESCP Business School; 4: Erasmus University, Rotterdam School of Management

Crafting an AI Compass: The Influence of Global AI Standards on Firms

Mehmet Canayaz, Zhe Wang

Penn State University

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

Sylvain Catherine¹, Mehran Ebrahimian², Constantine Yannelis³

1: The Wharton School; 2: Stockholm School of Economics; 3: University of Cambridge

Monetary Policy Complementarity: Bank Regulation and Interest Rates

Stefan Walz

Columbia Business School

Too-Many-to-Ignore: Regional Banks and CRE Risks

Franz J Hinzen¹, Felipe Severino¹, Stijn Van Nieuwerburgh^2,3

1: Tuck School of Business at Dartmouth; 2: Columbia Business School; 3: NBER

Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions

Tianshu Lyu¹, Zunda Winston Xu²

1: Yale University; 2: Stanford University

From Competitors to Partners: Banks’ Venture Investments in Fintech

Manju Puri¹, Yiming Qian², Xiang Zheng²

1: Duke University; 2: University of Connecticut

Higher-Order Beliefs and Risky Asset Holdings

Yuriy Gorodnichenko¹, Xiao Yin²

1: UC Berkeley; 2: UCL

Climate Risk and the US Insurance Gap: Measurement, Drivers and Implications

Parinitha Sastry¹, Tess Scharlemann², Ana-Maria Tenekedjieva², Ishita Sen³

1: Columbia Business School; 2: Federal Reserve Board; 3: Harvard Business School

How Good is AI at Twisting Arms? Experiments in Debt Collection

James Choi¹, Dong Huang¹, Zhishu Yang², Qi Zhang³

1: Yale University; 2: Tsinghua University; 3: Shanghai Jiao Tong University

Student Loan Forgiveness

Michael Fread Dinerstein¹, Samuel Earnest², Dmitri Koustas³, Constantine Yannelis⁴

1: Duke University; 2: Massachusetts Institute of Technology; 3: University of Chicago; 4: Cambridge University

Securities Losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone

Mariassunta Giannetti¹, Martina Jasova², Caterina Mendicino³, Dominik Supera⁴

1: Stockholm School of Economics; 2: Barnard College, Columbia University; 3: ECB; 4: Columbia Business School

Extend-and-Pretend in the U.S. CRE Market

Matteo Crosignani¹, Saketh Prazad²

1: New York Fed, CEPR; 2: Harvard University

Corporate Behavior When Running the Firm for Stakeholders: Evidence from Hospitals

Christoph Herpfer¹, Jianzhang Lin², Gonzalo Maturana²

1: UVA Darden; 2: Emory

Innovation, Industry Equilibrium, and Discount Rates

Maria Cecilia Bustamante¹, Francesca Zucchi²

1: University of Maryland; 2: ECB

Institutions' Return Expectations across Assets and Time

Magnus Dahlquist², Markus Felix Ibert¹

1: Copenhagen Business School; 2: Stockholm School of Economics, Sweden

Climate Capitalists

Niels Gormsen¹, Kilian Huber¹, Sangmin Oh²

1: Chicago Booth; 2: Columbia Business School

Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation

Chuxuan Fan¹, Tao Shu^2,3, Fei Xie^4,5

1: Chinese University of Hong Kong, Shenzhen; 2: Chinese University of Hong Kong; 3: ABFER; 4: University of Delaware; 5: ECGI

Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection

Naser Hamdi¹, Ankit Kalda², Qianfan Wu²

1: Equifax Inc; 2: Indiana University

Interest Rate Risk and Cross-Sectional Effects of Micro-Prudential Regulation

Juliane Begenau¹, Vadim Elenev², Tim Landvoigt³

1: Stanford Graduate School of Business; 2: Johns Hopkins University Carey Business School; 3: The Wharton School, University of Pennsylvania

Housing Returns and The Emergence of The Safe Asset, 1465-2024

Paul Schmelzing

BC and Hoover Institution, Stanford

Political Polarization and Investor Disagreement

Yi Hao, Amrita Nain, Haocheng Xu

University of Iowa

AI and Operational Losses: Evidence from U.S. Bank Holding Companies

Atanas Mihov¹, Ping McLemore²

1: University of Kansas; 2: Federal Reserve Bank of Richmond

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

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

Intermediated Dollar Lending of Last Resort: from Dollar Safety to Treasury Fragility

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

Consumption Wedges: Measuring and Diagnosing Distortions

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