Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Mar 2025, 01:14:10pm EDT
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Session Overview |
| Date: Monday, 19/May/2025 | |
| 4:00pm - 6:00pm |
Welcome Reception |
| Date: Tuesday, 20/May/2025 | ||||
| 8:00am - 3:00pm |
Registration |
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| 8:30am - 9:15am |
Track T1-1: Beliefs, Disagreement, and Asset Prices Chair: Daniel Andrei, McGill Discussant: Sang Byung Seo, University of Wisconsin-Madison Volatility Disagreement and Asset Prices 1: Purdue University; 2: University of Colorado Boulder |
Track T2-1: Climate Finance Chair: Lorenzo Garlappi, UBC Discussant: Shaojun Zhang, Ohio State University Future of Emissions 1: Rotterdam School of Management, Erasmus University; 2: Wharton School, University of Pennsylvania |
Track T3-1: Data, AI, and Digital Governance: Markets and Policy Chair: Tania Babina, University of Maryland Discussant: Shumiao Ouyang, University of Oxford Tracing Out International Data Flow: The Value of Data and Privacy Columbia University |
Track T4-1: Consumer Credit, Subprime Lending, and Debt Relief Chair: Felipe Severino, Dartmouth College Discussant: Ryan Pratt, Brigham Young University Product Market Decisions and Subprime Lending by Captive Finance Companies University of Wisconsin-Milwaukee |
| Track T5-1: Monetary Policy Chair: Alexi Savov, NYU Discussant: Naz Koont, Stanford University The Dynamics of Deposit Flightiness and its Impact on Financial Stability 1: New York Fed; 2: University of Washington Seattle; 3: Columbia Business School; 4: Columbia Business School |
Track T6-1: Mortgages and Real Estate Chair: Manuel Adelino, Duke Discussant: Darren Aiello, BYU Marriott Capital Regulation and Asset Allocation Amidst Agency Conflicts: Evidence From Mortgage Servicing 1: Equifax; 2: USC; 3: WUSTL; 4: Berkeley; 5: UIUC |
Track T7-1: Stakeholders, Politics, and Firm Behavior Chair: Paola Sapienza, Stanford University Discussant: Vyacheslav Fos, Boston College Following the Flag: CEO Partisanship, Geopolitical Tensions and Global Supply Chain Choices 1: George Washington University; 2: Georgetown University; 3: Singapore Management University |
Track T8-1: Venture Capital and Innovation Chair: William Gornall, University of British Columbia Discussant: Laura Lindsey, ASU How do Venture Capitalists become Influential? Bocconi University & Goethe University |
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| 9:15am - 9:30am |
Break |
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| 9:30am - 10:15am |
Track T1-2: Beliefs, Disagreement, and Asset Prices Chair: Daniel Andrei, McGill Discussant: Philipp Illeditsch, Texas A&M U Beliefs Heterogeneity and the Equity Term Structure 1: Cleveland State University; 2: University of Illinois at Urbana-Champaign |
Track T2-2: Climate Finance Chair: Lorenzo Garlappi, UBC Discussant: Michael Sockin, UT Austin McCombs Brown Capital (Re)Allocation Columbia University |
Track T3-2: Data, AI, and Digital Governance: Markets and Policy Chair: Tania Babina, University of Maryland Discussant: Anastassia Fedyk, UC Berkeley Big Data and Bigger Firms: A Labor Market Channel 1: University of North Carolina, Chapel Hill; 2: University of North Carolina, Chapel Hill; 3: University of North Carolina, Chapel Hill |
Track T4-2: Consumer Credit, Subprime Lending, and Debt Relief Chair: Felipe Severino, Dartmouth College Discussant: Emily Williams, Harvard Business School The Pass-through of Corporate Tax Cuts to Consumer Loans: Evidence from the TCJA 1: University of Chicago; 2: Kellogg School of Management; 3: Erasmus University |
| Track T5-2: Monetary Policy Chair: Alexi Savov, NYU Discussant: Matteo Benetton, Berkeley Haas Sticky Deposits, not Depositors 1: Brigham Young University; 2: Massachusetts Institute of Technology |
Track T6-2: Mortgages and Real Estate Chair: Manuel Adelino, Duke Discussant: Rodney Ramcharan, USC Monetary Policy and the Mortgage Market 1: University of Pennsylvania and NBER; 2: New York University and NBER; 3: Columbia Business School |
Track T7-2: Stakeholders, Politics, and Firm Behavior Chair: Paola Sapienza, Stanford University Discussant: Timothy McQuade, Haas School of Business Consuming Values 1: University of Chicago; 2: Unaffiliated |
Track T8-2: Venture Capital and Innovation Chair: William Gornall, University of British Columbia Discussant: Jiajie Xu, University of Iowa Tyranny of the Personal Network: The Limits of Arm’s Length Fundraising in Venture Capital 1: NYU Stern; 2: NYU Stern; 3: Toronto Rotman |
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| 10:15am - 10:30am |
Break |
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| 10:30am - 11:15am |
Track T1-3: Beliefs, Disagreement, and Asset Prices Chair: Daniel Andrei, McGill Discussant: Guillaume Roussellet, NY Fed How Beliefs Respond to News: Implications for Asset Prices 1: Federal Reserve Bank of Chicago; 2: Yale University; 3: NBER; 4: Northwestern University |
Track T2-3: Climate Finance Chair: Lorenzo Garlappi, UBC Discussant: Sumudu W Watugala, Indiana University A Tale of Commodities and Climate-driven Disasters Imperial College London |
Track T3-3: Data, AI, and Digital Governance: Markets and Policy Chair: Tania Babina, University of Maryland Artificial Intelligence and Firms' Systematic Risk
Tania Babina1, Anastassia Fedyk2, Alex Xi He1, James Hodson3
1. University of Maryland - Robert H. Smith School of Business; 2. University of California, Berkeley - Haas School of Business; 3. AI for Good; Cognism; Jožef Stefan Institute |
Track T4-3: Consumer Credit, Subprime Lending, and Debt Relief Chair: Felipe Severino, Dartmouth College Discussant: Clement Mazet-Spilohac, Bocconi Search and Negotiation with Biased Beliefs in Consumer Credit Markets 1: CMF; 2: Kellogg School of Management, Northwestern University; 3: University of Virginia; 4: ESE School of Business, Universidad de Los Andes |
| Track T5-3: Monetary Policy Chair: Alexi Savov, NYU Discussant: Jinyuan Zhang, UCLA Shadow Banks and the Dynamic Effects of Monetary Policy on Small Business Lending 1: Georgia Tech; 2: University of Chicago; 3: Columbia University; 4: New York University |
Track T6-3: Mortgages and Real Estate Chair: Manuel Adelino, Duke Discussant: Daniel Greenwald, NYU Stern School of Business A Macro-Finance Model of Mortgage Structure: Financial Stability & Risk Sharing 1: Johns Hopkins University, Carey Business School; 2: The Wharton School, University of Pennsylvania |
Track T7-3: Stakeholders, Politics, and Firm Behavior Chair: Paola Sapienza, Stanford University Discussant: Samuel Hartzmark, Boston College Carbon Offsets: Decarbonization or Transition-Washing? University of Florida |
Track T8-3: Venture Capital and Innovation Chair: William Gornall, University of British Columbia Discussant: Jingxuan Zhang, University of Alberta Financial Intermediary Relationships and Public Market Access 1: University of Wyoming; 2: Columbia Business School, Columbia University |
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| 11:15am - 11:30am |
Break |
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| 11:30am - 12:15pm |
Track T1-4: Beliefs, Disagreement, and Asset Prices Chair: Daniel Andrei, McGill Discussant: Christian L. Goulding, Auburn University Machine Forecast Disagreement 1: Georgetown University; 2: Yale School of Management; 3: School of Finance, St.Gallen |
Track T2-4: Climate Finance Chair: Lorenzo Garlappi, UBC Discussant: Marco Giacoletti, USC Marshall Picking Up the PACE: Loans for Residential Climate-Proofing 1: UNC-Chapel Hill, Kenan-Flagler Business School; 2: Yale School of Management; 3: ESCP Business School; 4: Erasmus University, Rotterdam School of Management |
Track T3-4: Data, AI, and Digital Governance: Markets and Policy Chair: Tania Babina, University of Maryland Discussant: Junjun Quan, Columbia University Crafting an AI Compass: The Influence of Global AI Standards on Firms Penn State University |
Track T4-4: Consumer Credit, Subprime Lending, and Debt Relief Chair: Felipe Severino, Dartmouth College Discussant: Menaka Hampole, Yale University How Do Income-Driven Repayment Plans Benefit Student Debt Borrowers? 1: The Wharton School; 2: Stockholm School of Economics; 3: University of Cambridge |
| Track T5-4: Monetary Policy Chair: Alexi Savov, NYU Discussant: Matteo Crosignani, New York Fed Monetary Policy Complementarity: Bank Regulation and Interest Rates Columbia Business School |
Track T6-4: Mortgages and Real Estate Chair: Manuel Adelino, Duke Discussant: Elliot Anenberg, Federal Reserve Board Too-Many-to-Ignore: Regional Banks and CRE Risks 1: Tuck School of Business at Dartmouth; 2: Columbia Business School; 3: NBER |
Track T7-4: Stakeholders, Politics, and Firm Behavior Chair: Paola Sapienza, Stanford University Discussant: Tong Liu, MIT Sloan Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions 1: Yale University; 2: Stanford University |
Track T8-4: Venture Capital and Innovation Chair: William Gornall, University of British Columbia Discussant: Daisy Wang, The Ohio State University From Competitors to Partners: Banks’ Venture Investments in Fintech 1: Duke University; 2: University of Connecticut |
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| 12:15pm - 1:45pm |
Lunch with SFS Annual Meeting & Presentation of Journal Awards |
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| 1:45pm - 2:30pm |
Track T1-5: Beliefs, Disagreement, and Asset Prices Chair: Daniel Andrei, McGill Discussant: Alexander Chinco, Baruch Higher-Order Beliefs and Risky Asset Holdings 1: UC Berkeley; 2: UCL |
Track T2-5: Climate Finance Chair: Lorenzo Garlappi, UBC Discussant: Emily Gallagher, University of Colorado, Boulder Climate Risk and the US Insurance Gap: Measurement, Drivers and Implications 1: Columbia Business School; 2: Federal Reserve Board; 3: Harvard Business School |
Track T3-5: Data, AI, and Digital Governance: Markets and Policy Chair: Tania Babina, University of Maryland Discussant: Taylor Nadauld, Brigham Young University Better than Human? Experiments with AI Debt Collectors 1: Yale University; 2: Tsinghua University; 3: Shanghai Jiao Tong University |
Track T4-5: Consumer Credit, Subprime Lending, and Debt Relief Chair: Felipe Severino, Dartmouth College Discussant: Nuno Clara, Duke University Student Loan Forgiveness 1: Duke University; 2: Massachusetts Institute of Technology; 3: University of Chicago; 4: Cambridge University |
| Track T5-5: Monetary Policy Chair: Alexi Savov, NYU Discussant: Daniel Greenwald, NYU Stern School of Business Securities Losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone 1: Stockholm School of Economics; 2: Barnard College, Columbia University; 3: ECB; 4: Columbia Business School |
Track T6-5: Mortgages and Real Estate Chair: Manuel Adelino, Duke Discussant: Christophe Spaenjers, University of Colorado Boulder Extend-and-Pretend in the U.S. CRE Market 1: New York Fed, CEPR; 2: Harvard University |
Track T7-5: Stakeholders, Politics, and Firm Behavior Chair: Paola Sapienza, Stanford University Discussant: Xuelin Li, Columbia University Corporate Behavior When Running the Firm for Stakeholders: Evidence from Hospitals 1: UVA Darden; 2: Emory |
Track T8-5: Venture Capital and Innovation Chair: William Gornall, University of British Columbia Discussant: Wei Winston Dou, The Wharton School at University of Pennsylvania Innovation, Industry Equilibrium, and Discount Rates 1: University of Maryland; 2: ECB |
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| 2:30pm - 2:45pm |
Break |
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| 2:45pm - 3:30pm |
Track T1-6: Beliefs, Disagreement, and Asset Prices Chair: Daniel Andrei, McGill Discussant: Aytek Malkhozov, McGill University Institutions' Return Expectations across Assets and Time 1: Copenhagen Business School; 2: Stockholm School of Economics, Sweden |
Track T2-6: Climate Finance Chair: Lorenzo Garlappi, UBC Discussant: Michael Wittry, Ohio State University Climate Capitalists 1: Chicago Booth; 2: Columbia Business School |
Track T3-6: Data, AI, and Digital Governance: Markets and Policy Chair: Tania Babina, University of Maryland Discussant: Jillian Grennan, Emory University Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation 1: Chinese University of Hong Kong, Shenzhen; 2: Chinese University of Hong Kong; 3: ABFER; 4: University of Delaware; 5: ECGI |
Track T4-6: Consumer Credit, Subprime Lending, and Debt Relief Chair: Felipe Severino, Dartmouth College Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection 1: Equifax Inc; 2: Indiana University |
| Track T5-6: Monetary Policy Chair: Alexi Savov, NYU Discussant: Olivier Wang, New York University Interest Rate Risk and Cross-Sectional Effects of Micro-Prudential Regulation 1: Stanford Graduate School of Business; 2: Johns Hopkins University Carey Business School; 3: The Wharton School, University of Pennsylvania |
Track T6-6: Mortgages and Real Estate Chair: Manuel Adelino, Duke Discussant: Paul Goldsmith-Pinkham, Yale University Housing Returns and The Emergence of The Safe Asset, 1465-2024 BC and Hoover Institution, Stanford |
Track T7-6: Stakeholders, Politics, and Firm Behavior Chair: Paola Sapienza, Stanford University Discussant: Margarita Tsoutsoura, Washington University Political Polarization and Investor Disagreement University of Iowa |
Track T8-6: Venture Capital and Innovation Chair: William Gornall, University of British Columbia Discussant: Yabo Zhao, Chinese University of Hong Kong-Shenzhen AI and Operational Losses: Evidence from U.S. Bank Holding Companies 1: University of Kansas; 2: Federal Reserve Bank of Richmond |
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| 3:30pm - 3:45pm |
Break |
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| 3:45pm - 4:30pm |
RAPS & RCFS Keynote |
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| 4:30pm - 6:00pm |
Reception |
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| Date: Wednesday, 21/May/2025 | ||||
| 8:00am - 3:00pm |
Registration |
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| 8:30am - 9:15am |
Track W1-1: Information and the Data Economy The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement 1: McGill; 2: UBC |
Track W2-1: Institutional Investors and Financial Intermediation Chair: Alberto Rossi, Georgetown University Discussant: ZHI DA, University of Notre Dame The Unintended Consequences of Rebalancing 1: Duke University; 2: NBER; 3: Capital Group; 4: The Ohio State University |
Track W3-1: Monetary Policy, Fiscal Policy, and Asset Prices Chair: Anna Cieslak, Duke Discussant: Paymon Khorrami, Duke University Equity Premium Events Federal Reserve Board |
Track W4-1: New Frontiers in Corporate Investment Chair: Daniel Carvalho, Indiana University, Kelley School of Business Discussant: John Bai, Northeastern University Asymmetric Investment Rates 1: The Ohio State University; 2: University of Connecticut; 3: Cheung Kong Graduate School of Business; 4: University of Cincinnati |
| Track W5-1: Private Credit and Corporate Debt Chair: Victoria Ivashina, Harvard Business School Discussant: Oleg Gredil, Tulane The Secular Decline in Private Firm Leverage 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 |
Track W6-1: Real Estate Chair: Timothy McQuade, Haas School of Business Housing Is the Financial Cycle: Evidence from 100 Years of Local Building Permits 1: University of Florida; 2: Yale School of Management |
Track W7-1: Risk, Return, and Asset Pricing Chair: Svetlana Bryzgalova, London Business School Discussant: Alan Moreira, university of rochester Reversal Patterns in Risk-Adjusted Returns: Evidence of Excess Volatility in Anomalies 1: Bocconi University; 2: CEPR; 3: The Ohio State University; 4: University of Notre Dame |
Track W8-1: Venture Capital and Entrepreneurship Chair: Arthur Korteweg, University of Southern California Discussant: Fabrizio Core, LUISS Venture Capital Cycles and the Startup Labor Market Harvard University |
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| 9:15am - 9:30am |
Break |
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| 9:30am - 10:15am |
Track W1-2: Information and the Data Economy Chair: Maryam Farboodi, MIT Sloan The Network Structure of Data Economy 1: SAIF; 2: University of British Columbia; 3: University of Washington; 4: University of Pennsylvania |
Track W2-2: Institutional Investors and Financial Intermediation Chair: Alberto Rossi, Georgetown University Discussant: Jian Li, Columbia University Passive Demand and Active Supply: Evidence from Maturity-mandated Corporate Bond Funds 1: USC Marshall School of Business; 2: University of Lausanne, Swiss Finance Institute |
Track W3-2: Monetary Policy, Fiscal Policy, and Asset Prices Chair: Anna Cieslak, Duke Discussant: William Diamond, University of Pennsylvania How Large is Too Large? A Risk-Benefit Framework for Quantitative Easing 1: University of Chicago; 2: HEC Paris; 3: SSE |
Track W4-2: New Frontiers in Corporate Investment Chair: Daniel Carvalho, Indiana University, Kelley School of Business Discussant: Sangmin Oh, Columbia Business School The Real Cost of Benchmarking Stanford GSB |
| Track W5-2: Private Credit and Corporate Debt Chair: Victoria Ivashina, Harvard Business School Discussant: Young Soo Jang, Penn State University Smeal College of Business Private Debt versus Bank Debt in Corporate Borrowing 1: Federal Reserve Board of Governors; 2: Carnegie Mellon University |
Track W6-2: Real Estate Chair: Timothy McQuade, Haas School of Business Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure 1: Federal Reserve Bank of New York; 2: New York University, Stern School of Business |
Track W7-2: Risk, Return, and Asset Pricing Chair: Svetlana Bryzgalova, London Business School Discussant: Ivan Shaliastovich, University of Wisconsin Madison Good Variance, Bad Variance: Cash-Flows, Discount Rates, and the Risk-Return Relationship 1: Brigham Young University; 2: Indiana University |
Track W8-2: Venture Capital and Entrepreneurship Chair: Arthur Korteweg, University of Southern California Discussant: Vrinda Mittal, Kenan-Flagler Business School, UNC Chapel Hill Do Development Financial Institutions Create Impact through Venture Capital Investments? 1: University of Amsterdam; 2: CEPR |
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| 10:15am - 10:30am |
Break |
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| 10:30am - 11:15am |
Track W1-3: Information and the Data Economy Chair: Maryam Farboodi, MIT Sloan Information Span in Credit Market Competition 1: Stanford University; 2: Texas A&M University; 3: New York University |
Track W2-3: Institutional Investors and Financial Intermediation Chair: Alberto Rossi, Georgetown University Discussant: Anna Helmke, Vanderbilt Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs? 1: Harvard Business School; 2: University of Notre Dame |
Track W3-3: Monetary Policy, Fiscal Policy, and Asset Prices Chair: Anna Cieslak, Duke Discussant: Julia Selgrad, University of Chicago Booth School of Business Asset Purchase Rules: How QE Transformed the Bond Market 1: university of rochester; 2: UCLA |
Track W4-3: New Frontiers in Corporate Investment Chair: Daniel Carvalho, Indiana University, Kelley School of Business Discussant: Alexander Chinco, Baruch Which Asset Pricing Model Do Firms Use? A Revealed Preference Approach 1: Tilburg University; 2: Korea University |
| Track W5-3: Private Credit and Corporate Debt Chair: Victoria Ivashina, Harvard Business School Discussant: William Diamond, University of Pennsylvania Financially Sophisticated Firms MIT Sloan |
Track W6-3: Real Estate Chair: Timothy McQuade, Haas School of Business Green Expectations: Climate Change and Homeowner Valuation of Dwelling Sustainability London Business School |
Track W7-3: Risk, Return, and Asset Pricing Chair: Svetlana Bryzgalova, London Business School Discussant: Paul Goldsmith-Pinkham, Yale University Causal Inference for Asset Pricing 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 |
Track W8-3: Venture Capital and Entrepreneurship Chair: Arthur Korteweg, University of Southern California Discussant: Kelly Posenau, Cornell Johnson Venture Capital Response to Government-Funded Basic Science UNSW |
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| 11:15am - 11:30am |
Break |
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| 11:30am - 12:15pm |
Track W1-4: Information and the Data Economy Chair: Maryam Farboodi, MIT Sloan Informational Efficiency and Asset Prices in Large Markets London School of Economics |
Track W2-4: Institutional Investors and Financial Intermediation Chair: Alberto Rossi, Georgetown University Discussant: Si Cheng, Syracuse Do Trades and Holdings of Market Participants Contain Information About Stocks? A Machine-Learning Approach 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 |
Track W3-4: Monetary Policy, Fiscal Policy, and Asset Prices Chair: Anna Cieslak, Duke Discussant: Michelle Andreoli, Boston College The Debt Ceiling's Disruptive Impact: Evidence from Many Markets Washington University in St. Louis |
Track W4-4: New Frontiers in Corporate Investment Chair: Daniel Carvalho, Indiana University, Kelley School of Business Discussant: Nuri Ersahin, Southern Methodist University Supply Network Fragility, Inventory Investment, and Corporate Liquidity The University of Notre Dame |
| Track W5-4: Private Credit and Corporate Debt Chair: Victoria Ivashina, Harvard Business School Discussant: Philip Strahan, Boston College Loan-funded Loans: Asset-like Liabilities inside Bank Holding Companies 1: Georgetown University and NBER; 2: University of Florida and NBER; 3: Tulane University |
Track W6-4: Real Estate Chair: Timothy McQuade, Haas School of Business Impact of Institutional Owners on Housing Markets 1: University of Texas at Austin, McCombs School of Business; 2: University of North Carolina at Chapel Hill, Kenan-Flagler Business School |
Track W7-4: Risk, Return, and Asset Pricing Chair: Svetlana Bryzgalova, London Business School Discussant: Kent Daniel, Columbia Business School Equity Valuation Without DCF 1: Korea University Business School; 2: LSE |
Track W8-4: Venture Capital and Entrepreneurship Chair: Arthur Korteweg, University of Southern California Discussant: Daniel Bias, Vanderbilt University Small-Scale Mentoring, Large-Scale Innovation: Evidence from a Superstar Firm 1: University of California Berkeley School of Law; 2: Emory University; 3: University of Arizona |
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| 12:15pm - 1:45pm |
Lunch with Keynote by Cavalcade Chair & Presentation of Cavalcade Awards |
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| 1:45pm - 2:30pm |
Track W1-5: Information and the Data Economy Chair: Maryam Farboodi, MIT Sloan Complex Rational Expectations Equilibria (CREE) 1: Yale University; 2: EPFL; 3: Copenhagen Buissness School |
Track W2-5: Institutional Investors and Financial Intermediation Chair: Alberto Rossi, Georgetown University Discussant: Arseny Gorbenko, Monash University Stealthy Shorts: Informed Liquidity Supply 1: University of Lausanne and Swiss Finance Institute; 2: University of North Carolina - Chapel Hill; 3: Erasmus University Rotterdam; 4: Robeco Quantitative Investing |
Track W3-5: Monetary Policy, Fiscal Policy, and Asset Prices Chair: Anna Cieslak, Duke Discussant: Rohan Kekre, Chicago Booth Monetary Policy without Moving Interest Rates: The Fed Non-Yield Shock 1: UT Austin and NBER; 2: Federal Reserve Board |
Track W4-5: New Frontiers in Corporate Investment Chair: Daniel Carvalho, Indiana University, Kelley School of Business Feedback on Emerging Corporate Policies 1: University of Maryland; 2: University of Pennsylvania; 3: University of Georgia; 4: Chinese University of Hong Kong-Shenzhen |
| Track W5-5: Private Credit and Corporate Debt Chair: Victoria Ivashina, Harvard Business School Discussant: Divya Kirti, IMF Common Investors Across the Capital Structure: Private Debt Funds as Dual Holders 1: Carey Business School; 2: Fisher College of Business; 3: Goizueta Business School; 4: Nova School of Business and Economics |
Track W6-5: Real Estate Chair: Timothy McQuade, Haas School of Business Unlocking Mortgage Lock-In: Evidence From a Spatial Housing Ladder Model 1: INSEAD; 2: UIUC Gies; 3: Wharton |
Track W7-5: Risk, Return, and Asset Pricing Chair: Svetlana Bryzgalova, London Business School Discussant: John Campbell, Harvard A Stock Return Decomposition Using Observables Federal Reserve Board |
Track W8-5: Venture Capital and Entrepreneurship Chair: Arthur Korteweg, University of Southern California Discussant: Jesse Davis, University of North Carolina - Chapel Hill Female Representation and Talent Allocation in Entrepreneurship: The Role of Early Exposure to Entrepreneurs 1: The ROCKWOOL Foundation; 2: Northwestern University; 3: Bocconi University |
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| 2:30pm - 2:45pm |
Break |
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| 2:45pm - 3:30pm |
Track W1-6: Information and the Data Economy Chair: Maryam Farboodi, MIT Sloan Newspaper Closures and Trading in Local Stocks 1: Texas A&M University; 2: Tilburg University |
Track W2-6: Institutional Investors and Financial Intermediation Chair: Alberto Rossi, Georgetown University Discussant: Omar Barbiero, Federal Reserve Bank of Boston Intermediary Elasticity and Limited Risk-Bearing Capacity 1: Johns Hopkins University; 2: The Wharton School of the University of Pennsylvania |
Track W3-6: Monetary Policy, Fiscal Policy, and Asset Prices Chair: Anna Cieslak, Duke Discussant: Mike Johannes, Columbia The Fed and the Wall Street Put 1: University of Muenster; 2: University of Southern California; 3: International Monetary Fund (IMF) |
Track W4-6: New Frontiers in Corporate Investment Chair: Daniel Carvalho, Indiana University, Kelley School of Business The Collateral Channel Within and Between Countries 1: Universite Paris Saclay - Universite d'Evry; 2: CEPII; 3: CEPREMAP; 4: New York University, Abu Dhabi; 5: CEPR; 6: Universite Paris Dauphine - PSL |
| Track W5-6: Private Credit and Corporate Debt Chair: Victoria Ivashina, Harvard Business School Discussant: Emil Siriwardane, Harvard Business School Risk-Adjusting the Returns to Private Debt Funds Ohio State University |
Track W6-6: Real Estate Chair: Timothy McQuade, Haas School of Business Coverage Neglect in Homeowners Insurance 1: University of Colorado Boulder; 2: University of Wisconsin - Madison |
Track W7-6: Risk, Return, and Asset Pricing Chair: Svetlana Bryzgalova, London Business School Discussant: Wei Winston Dou, The Wharton School at University of Pennsylvania Quantity, Risk, and Return 1: Johns Hopkins University; 2: University of Notre Dame |
Track W8-6: Venture Capital and Entrepreneurship Chair: Arthur Korteweg, University of Southern California Discussant: Ting Xu, University of Toronto Financing The Next VC-Backed Startup: The Role of Gender 1: Columbia University; 2: Yale University; 3: University of Toronto |
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| Date: Thursday, 22/May/2025 | ||||
| 8:00am - 3:00pm |
Registration |
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| 8:30am - 9:15am |
Track TH1-1: Asset Pricing Chair: Toomas Laarits, NYU Stern School of Business The Impact of Fiscal Policy on Financial Institutions, Asset Prices, and Household Behavior University of Chicago Booth School of Business |
Track TH2-1: Governance, Organization, and Ownership Chair: Daniel Ferreira, LSE Discussant: Andrey Golubov, University of Toronto The (Missing) Relation Between Acquisition Announcement Returns and Value Creation 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 |
Track TH3-1: Corporate Finance and Contracts Chair: Stefano Bonini, Stevens Institute of Technology Discussant: Natalija Kostic, Vienna University of Economics and Business A Theory of Blockholder Ownership and Corporate Policies 1: CMU; 2: EPFL; 3: Erasmus |
Track TH4-1: Credit and Banking Chair: Olivier Wang, New York University Discussant: Susan Cherry, Stanford University Rate Cap Laws and Consumer Welfare Stevens Institute of Technology |
| Track TH5-1: Housing and Household Consumption Chair: Stephen Zeldes, Columbia University Chair: Adair Morse, Berkeley Haas Discussant: Lu Liu, University of Pennsylvania Rent Guarantee Insurance Columbia Business School |
Track TH6-1: International Finance Chair: Tony Zhang, Federal Reserve Board Discussant: Pierre de Leo, University of Maryland Foreign Exchange Interventions and Intermediary Constraints 1: University of Sao Paolo; 2: University of Warwick; 3: Ecole Polytechnique, CREST |
Track TH7-1: Liquidity and Price Informativeness Chair: Vincent Glode, Wharton Discussant: Stephen Lenkey, Penn State Trade-Off? What Trade-Off: Informative Prices without Illiquidity 1: University of Warwick; 2: HEC Paris; 3: University of Sussex |
Track TH8-1: Macro-finance Chair: Thomas Mertens, Federal Reserve Bank of San Francisco Discussant: Dejanir Silva, Purdue University Growth-Indexed Securities UCLA |
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| 9:15am - 9:30am |
Break |
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| 9:30am - 10:15am |
Track TH1-2: Asset Pricing Chair: Toomas Laarits, NYU Stern School of Business Discussant: Bryan Seegmiller, Northwestern University Optimizing Return Forecasts: A Bayesian Intermediary Asset Pricing Approach University of Chicago |
Track TH2-2: Governance, Organization, and Ownership Chair: Daniel Ferreira, LSE Discussant: Richard Thakor, University of Minnesota Entry and Acquisitions in Software Markets 1: University of Lausanne; 2: Swiss Finance Institute |
Track TH3-2: Corporate Finance and Contracts Chair: Stefano Bonini, Stevens Institute of Technology Discussant: Jesse Davis, University of North Carolina - Chapel Hill Ownership and Competition 1: Indiana University; 2: Michigan State University |
Track TH4-2: Credit and Banking Chair: Olivier Wang, New York University Discussant: Kyle Dempsey, The Ohio State University Credit Card Banking 1: Wharton School, University of Pennsylvania; 2: Federal Reserve Bank of New York; 3: Columbia Business School |
| Track TH5-2: Housing and Household Consumption Chair: Stephen Zeldes, Columbia University Chair: Adair Morse, Berkeley Haas Discussant: David Zhang, Rice University Understanding Excess Prepayment University of California Irvine |
Track TH6-2: International Finance Chair: Tony Zhang, Federal Reserve Board Discussant: Zhiyu Fu, Washington University St. Louis Does the Dollar Lender of Last Resort Expand Dollar Dominance? Currency Mismatch, Reserves, and Global Liquidity Backstop University of Pennsylvania |
Track TH7-2: Liquidity and Price Informativeness Chair: Vincent Glode, Wharton Discussant: Mina Lee, Federal Reserve Board Kyle Meets Friedman: Informed Trading When Anticipating Future Information 1: DePaul University; 2: University of Toronto; 3: Central University of Finance and Economics |
Track TH8-2: Macro-finance Chair: Thomas Mertens, Federal Reserve Bank of San Francisco Discussant: Jaroslav Borovicka, New York University Leverage Dynamics and Learning about Economic Crises 1: Imperial College Business School; 2: Tepper School of Business, Carnegie-Mellon |
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| 10:15am - 10:30am |
Break |
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| 10:30am - 11:15am |
Track TH1-3: Asset Pricing Chair: Toomas Laarits, NYU Stern School of Business Discussant: Sean Wu, Harvard University Mental Models and Financial Forecasts 1: Chicago Booth; 2: Arizona State University; 3: Wharton |
Track TH2-3: Governance, Organization, and Ownership Chair: Daniel Ferreira, LSE Discussant: Michael Woeppel, Indiana University From Fragility to Flexibility: How do Firms Respond to Upstream Technology Vulnerability? Tsinghua University |
Track TH3-3: Corporate Finance and Contracts Chair: Stefano Bonini, Stevens Institute of Technology Discussant: Laurent Bouton, Georgetown Decoupling Voting and Cash Flow Rights 1: Central European University; 2: HEC Paris; 3: Private Sector |
Track TH4-3: Credit and Banking Chair: Olivier Wang, New York University Discussant: Fernando Cirelli, Columbia University Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness 1: University of Washington; 2: University of Washington, United States of America; 3: University of Pennsylvania, United States of America |
| Track TH5-3: Housing and Household Consumption Chair: Stephen Zeldes, Columbia University Chair: Adair Morse, Berkeley Haas Discussant: Jonathan Reuter, Boston College How Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits? 1: Stanford University; 2: Stanford University |
Track TH6-3: International Finance Chair: Tony Zhang, Federal Reserve Board Discussant: Santiago Camara, McGill University Monetary Policy Transmission through the Exchange Rate Factor Structure 1: Northeastern University; 2: University of Minnesota; 3: Virginia Tech; 4: University of Alberta |
Track TH7-3: Liquidity and Price Informativeness Chair: Vincent Glode, Wharton Discussant: Chaojun Wang, The Wharton School, University of Pennsylvania Mixology: Order flow segmentation design Northwestern University |
Track TH8-3: Macro-finance Chair: Thomas Mertens, Federal Reserve Bank of San Francisco Discussant: Nina Boyarchenko, Federal Reserve Bank of New York Time-Varying Risk Premia and Heterogeneous Labor Market Dynamics 1: Washington University in St. Louis; 2: Kellogg; 3: Census Bureau; 4: MIT Sloan |
|
| 11:15am - 11:30am |
Break |
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| 11:30am - 12:15pm |
Track TH1-4: Asset Pricing Chair: Toomas Laarits, NYU Stern School of Business Categorical Thinking about Interest Rates 1: Yale University; 2: UCSD; 3: University of Notre Dame |
Track TH2-4: Governance, Organization, and Ownership Chair: Daniel Ferreira, LSE Discussant: Jiekun Huang, University of Illinois All Shareholder Votes Are Not Created Equal 1: University of Utah; 2: Northeastern University |
Track TH3-4: Corporate Finance and Contracts Chair: Stefano Bonini, Stevens Institute of Technology Discussant: Anand Goel, Stevens Institute of Technology Dynamic Contracting with Many Agents HEC |
Track TH4-4: Credit and Banking Chair: Olivier Wang, New York University Discussant: William Matcham, Royal Holloway University of London Revolving Credit to SMEs: The Role of Business Credit Cards 1: Berkeley Haas; 2: Stanford GSB |
| Track TH5-4: Housing and Household Consumption Chair: Stephen Zeldes, Columbia University Chair: Adair Morse, Berkeley Haas Discussant: Franklin Qian, UNC Kenan-Flagler Business School Diversifying the Suburbs: Rental Supply and Spatial Inequality University of California, Berkeley |
Track TH6-4: International Finance Chair: Tony Zhang, Federal Reserve Board Discussant: Aleksei Oskolkov, Yale University Unbalanced Financial Globalization 1: International Monetary Fund; 2: Columbia Business School |
Track TH7-4: Liquidity and Price Informativeness Chair: Vincent Glode, Wharton Discussant: Alexander Chinco, Baruch The Flattening Demand Curves Bocconi University |
Track TH8-4: Macro-finance Chair: Thomas Mertens, Federal Reserve Bank of San Francisco Discussant: Michael Blank, Stanford University Rising Income Risk at the Top and Falling Interest Rates: Evidence from 50 Years of Tax Returns 1: Massachusetts Institute of Technology; 2: University of Wisconsin; 3: University of Minnesota; 4: US Census Bureau |
|
| 12:15pm - 1:45pm |
Lunch |
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| 1:45pm - 2:30pm |
Track TH1-5: Asset Pricing Chair: Toomas Laarits, NYU Stern School of Business Discussant: Sean Myers, The Wharton School, University of Pennsylvania A Model-Free Assessment of the Importance of Subjective Beliefs for Asset Pricing Duke University |
Track TH2-5: Governance, Organization, and Ownership Chair: Daniel Ferreira, LSE Discussant: Sean Flynn, Cornell University Entrepreneurial Spawning from Remote Work 1: University of Hong Kong; 2: University of Notre Dame; 3: University of California San Diego; 4: University of Toronto |
Track TH3-5: Corporate Finance and Contracts Chair: Stefano Bonini, Stevens Institute of Technology Discussant: Berardino Palazzo, Federal Reserve Board of Governors Can Corporate AI Adoption Backfire? 1: Boston University; 2: University of Maryland, United States |
Track TH4-5: Credit and Banking Chair: Olivier Wang, New York University Discussant: Kinda Hachem, FRBNY and UVA Darden Bank Expertise and Structural Transformation 1: Cheung Kong Graduate School of Business; 2: Nankai University; 3: Carnegie Mellon University |
| Track TH5-5: Housing and Household Consumption Chair: Stephen Zeldes, Columbia University Chair: Adair Morse, Berkeley Haas Discussant: Neil Bhutta, Federal Reserve Bank of Philadelphia Measuring and Mitigating Racial Disparities in Large Language Model Mortgage Underwriting 1: Lehigh University; 2: Babson College |
Track TH6-5: International Finance Chair: Tony Zhang, Federal Reserve Board Discussant: Hillary Stein, Federal Reserve Bank of Boston Exchange Rate Risk in Public Firms MIT Sloan |
Track TH7-5: Liquidity and Price Informativeness Chair: Vincent Glode, Wharton Discussant: Piotr Dworczak, Northwestern University Incentives to Lose: Disclosure of Cover Bids in OTC Markets 1: University of Texas at Austin; 2: University of Warwick |
Track TH8-5: Macro-finance Chair: Thomas Mertens, Federal Reserve Bank of San Francisco Discussant: Colin Ward, University of Alberta The Wealth of Stagnation: Falling Growth, Rising Valuations Wharton, University of Pennsylvania |
|
| 2:30pm - 2:45pm |
Break |
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| 2:45pm - 3:30pm |
Track TH1-6: Asset Pricing Chair: Toomas Laarits, NYU Stern School of Business An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty 1: University of Wisconsin, Madison; 2: Duke University; 3: University of Hong Kong; 4: Bank of Israel and Wharton |
Track TH2-6: Governance, Organization, and Ownership Chair: Daniel Ferreira, LSE Discussant: Michael Wittry, Ohio State University Directing the Labor Market: The Impact of Shared Board Members on Employee Flows 1: University of Kentucky; 2: Vanderbilt University; 3: University of Tennessee |
Track TH3-6: Corporate Finance and Contracts Chair: Stefano Bonini, Stevens Institute of Technology Discussant: Kose John, NYU Stern School of Business The Making of (Modern) Banks 1: University of Warwick; 2: Boston University; 3: Capital University of Economics and Business |
Track TH4-6: Credit and Banking Chair: Olivier Wang, New York University Discussant: Abhishek Bhardwaj, Tulane University Shadow Banks on the Rise: Evidence Across Market Segments 1: Olin School fo Business, Washington University at St Louis; 2: London School of Economics; 3: IIM Bangalore; 4: CAFRAL |
| Track TH5-6: Housing and Household Consumption Chair: Stephen Zeldes, Columbia University Chair: Adair Morse, Berkeley Haas Discussant: Pierre Mabille, INSEAD What Explains the Consumption Decisions of Low-Income Households? 1: Wharton; 2: Harvard; 3: Berkeley; 4: University of Toronto |
Track TH6-6: International Finance Chair: Tony Zhang, Federal Reserve Board Discussant: Hyeyoon Jung, Federal Reserve Bank of New York Fund-Level FX Hedging Redux 1: University of Geneva; 2: Swiss Finance Institute; 3: CEPR |
Track TH7-6: Liquidity and Price Informativeness Chair: Vincent Glode, Wharton Discussant: Dmitriy Muravyev, University of Illinois Navigating the Murky World of Hidden Liquidity 1: Stanford University; 2: Cornell University |
Track TH8-6: Macro-finance Chair: Thomas Mertens, Federal Reserve Bank of San Francisco Discussant: Keshav Dogra, Federal Reserve Bank of New York Financial and TotalWealth Inequality with Declining Interest Rates 1: Boston College; 2: Stanford; 3: NYU Stern; 4: Columbia University |
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