Dinner Table Alphas

Sean Cao¹, Huaizhi Chen², Lauren Cohen³, Tianchen {Hugo} Zhao¹

1: University of Maryland; 2: University of Texas at Dallas; 3: Harvard Business School

Risky for Me, Safe for Thee: How Parents Invest for Themselves vs. Their Children

Fatima Zahra Filali Adib¹, Dmitry Chebotarev², Akash Raja¹

1: Copenhagen Business School; 2: Indiana University Kelley School of Business

Navigating through fear and greed: The Experience-driven disposition effect

Tai Lo Yeung², Rong Liu³, Jessica Wachter¹, Michael Kahana¹, Yongjie Zhang³

1: University of Pennsylvania; 2: USI Lugano; 3: Tianjin University

A Bound on Price Impact and Disagreement

Philippe van der Beck¹, Lorenzo Bretscher², Julie Zhiyu Fu³

1: Harvard Business School; 2: University of Lausanne, Swiss Finance Institute; 3: University of Washington in St. Louis

Attention Allocation and Fund Flows: Evidence from Institutional Investors

Zhi Da¹, Thanh Huynh²

1: University of Notre Dame; 2: Monash University, Australia

Partisan Corporate Speech

William Cassidy¹, Elisabeth Kempf²

1: Washington University in St. Louis; 2: Harvard Business School

The Economics of Insurance Guaranty Funds

Ishita Sen¹, Parinitha Sastry², Ana-Maria Tenekedjieva³, Boaz Abramson⁴

1: Harvard Business School; 2: Wharton; 3: ASU; 4: Columbia Business School

Subsidizing the Cloud: U.S. State Incentives to Data Centers

Antonio Gargano¹, Marco Giacoletti²

1: University of Houston; 2: University of Notre Dame

The Commercial Real Estate Ecosystem

Ralph Koijen¹, Neel Shah², Stijn Stijn Van Nieuwerburgh²

1: Booth School of Business, University of Chicago; 2: Graduate school of Business, Columbia University

Retention Costs or Human Capital Investments: A Dual Perspective on Employer-Sponsored Health Benefits

Xuelin Li¹, Joy Tianjiao Tong²

1: Columbia Business School, Columbia University; 2: University of Western Ontario

Intangible Intensity

Andrea Eisfeldt¹, Barney Hartman-Glaser¹, Edward Kim², Ki Beom Lee¹

1: University of California, Los Angeles; 2: University of Michigan

Going for Broker? Intermediation in Health Insurance Markets

Anran Li¹, Tong Liu², Anthony LoSasso³, Nicholas Tilipman⁴

1: Department of Economics, University of Minnesota - Twin Cities; 2: Sloan School of Management, MIT; 3: Department of Economics, DePaul University; 4: Carey School of Business, Johns Hopkins University

CDX Markets, Time-Varying Fear,and Corporate Leverage

Artur Anschukov¹, Harjoat Bhamra¹, Lars-Alexander Kuehn²

1: Imperial College Business School; 2: Carnegie-Mellon University

Buy High, Cry Later: Beliefs-driven Cycles of Stock Market Participation

Paul Ehling, Christian Heyerdahl-Larsen, Zeshu Xu

BI Norwegian Business School

A Theory of Speculation on Token-Based Platform

Kevin Mei, Michael Sockin

UT Austin

The rise of shareholder capitalism: macroeconomic implications

Alessandro Villa, François Gourio

Federal Reserve Bank of Chicago

Financial Market Fragility in the Era of AI Planning

Winston Dou¹, Itay Goldstein¹, Yan Ji²

1: The Wharton School at University of Pennsylvania; 2: Hong Kong University of Science and Technology

Heterogeneous Beliefs, Asset Prices, and Business Cycles

Matthew Bigio¹, Dejanir Silva², Eduardo Zilberman³

1: UCLA; 2: Purdue; 3: PUC

Money and Power

Joshua Blonz, Cooper Howes, Joakim Weill

Federal Reserve Board of Governors

Green Waste

Tom Meling¹, Morten Grindaker², Magne Mogstad², Ingvil Gaarder²

1: Fisher College of Business, The Ohio State University; 2: University of Chicago, United States of America

The Cost of Net Zero

Jess Cornaggia¹, Peter Iliev²

1: Penn State U; 2: Penn State U

Financing Investment in Electricity

Olivier Darmouni¹, Clemens Lehner², Pari Sastry³

1: HEC Paris; 2: Columbia; 3: Wharton

Borders Bear the Brunt: State Environmental Review and Severed Agglomerations

Bharat Raj Parajuli¹, Matthew Gustafson², Lubomir Litov³

1: Monash University; 2: Penn State University; 3: University of Oklahoma

Uncoordinated Climate Policy and Carbon Leakage: Evidence from Supply Chains

Emanuela Benincasa¹, Olimpia Carradori², Miguel Ferreira³, Emilia Garcia-Appendini⁴

1: University of Sydney; 2: Swiss Finance Institute and University of Zurich; 3: Nova School of Business and Economics, CEPR, ECGI; 4: Swiss Finance Institute and University of St. Gallen, Norges Bank

How do Barbarians Get to the Gates? Private Equity Careers, Styles, and Returns

Blake Jackson

University of Florida

Educating Entrepreneurs on VC contracts

Fangzhou Lu, Sixuan Li, Yingyan Shi

University of Hong Kong

Transferable Skills? Founders as Venture Capitalists

Paul Gompers^1,2, Vladimir Mukharlyamov³

1: Harvard Business School; 2: NBER; 3: Georgetown University

Overallocated Investors and Secondary Transactions

Rustam Abuzov¹, Aleksandar Andonov², Josh Lerner³

1: University of Virginia; 2: University of Amsterdam; 3: Harvard Business School

Retail Capital as a Stepping Stone in Venture Capital: Theory and Empirics

Ran Xing¹, Emmanuel Yimfor²

1: Stockholm University; 2: Columbia Business School

Cash or Stock? Agency Frictions in Venture Capital Distributions

Minmo Gahng

Cornell University

Monetary Policy and Investment Plans

Julia Selgrad¹, Kerry Siani²

1: University of Chicago Booth School of Business; 2: MIT Sloan School of Management

Credit Crunch in Housing under Regulation Q

Pauline Liang

Stanford GSB

A Model of U.S. Monetary Policy and the Global Financial Cycle

Rohan Kekre¹, Moritz Lenel²

1: Chicago Booth; 2: Princeton University

The Equity Constraint Channel of Monetary Policy

Heitor Almeida, Tim Johnson, Sebastiao Oliveira, Yucheng Zhou

UIUC

What Does It Take? Quantifying Cross-Country Transfers in the Eurozone

YiLi Chien¹, Zhengyang Jiang², Matteo Leombroni³, Hanno Lustig⁴

1: Federal Reserve Bank of Saint Louis; 2: Northwestern Kellogg; 3: Boston College; 4: Stanford GSB

A Model of Fed Information Effect

Hengjie Ai, Xinxin Hu

University of Wisconsin-Madison

Interest-Rate Fee Substitution: Credit Facilitation in Segmented Markets

Joao Cocco¹, S. Lakshmi Naaraayanan¹, Jagdish Tripathy²

1: London Business School and CEPR; 2: Bank of England

The Response of Debtors to Rate Changes

Virginia Gianinazzi¹, Andreas Fuster², Andreas Hackethal³, Philip Schnorpfeil³, Michael Weber⁴

1: Nova School of Business & Economics; 2: Ecole Polytechnique Federale de Lausanne (EPFL); 3: Goethe University Frankfurt; 4: Purdue University

Banks as Stewards

Kristian Blickle¹, Adair Morse², Parinitha Sastry³

1: Federal Reserve Bank of New York; 2: UC Berkeley; 3: Wharton - Univeristy of Pennsylvania

Earnings Information Spillovers and Depositor Contagion

Qi Chen¹, Itay Goldstein², Rahul Vashishtha¹, Benda Yin³

1: Duke University; 2: University of Pennsylvania; 3: Hong Kong University of Science and Technology

Pricing Power in the Mortgage Market: Evidence from GSE Fee Waivers

Neil Bhutta¹, Benjamin Keys², Adithya Raajkumar²

1: Federal Reserve Bank of Philadelphia; 2: Wharton School, University of Pennsylvania

Credit Pricing, Rate Shocks, and Intermediary Discretion: An Auto Finance Field Study

Mark Garmaise¹, Mark Jansen²

1: UCLA Anderson; 2: University of Utah

Asset Reclassification and Mutual Fund Flows

Nicolas Bollen, Veronika Pool, Alexey Vasilenko

Owen Graduate School of Management, Vanderbilt University

The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits

Lubos Pastor, Taisiya Sikorskaya, Jinrui Wang

University of Chicago

Does Sustainable Investing Weaken Stock Reactions to Cash Flow News?

Steffen Hitzemann¹, Alaia An Qin², Stanislav Sokolinski³, Andrea Tamoni⁴, Yuanyuan Xiao⁵

1: University of Houston; 2: Rutgers Business School; 3: Michigan State University; 4: University of Notre Dame; 5: Shanghai University of Finance and Economics

Persistence in Alphas without Persistence in Skill

Sina Ehsani¹, Juhani Linnainmaa²

1: Northern Illinois University; 2: Dartmouth College, NBER, Kepos Capital

How (Not) to Identify Demand Elasticities in Dynamic Asset Markets

Jules van Binsbergen², Benjamin David², Christian Opp¹

1: University of Rochester; 2: University of Pennsylvania

On the Recovery and Usage of Demand Elasticities in Dynamic Settings

Carter Davis¹, Mahyar Kargar², Jiacui Li³, Dejanir Silva⁴

1: The Ohio State University; 2: University of Illinois Urbana-Champaign; 3: University of Utah; 4: Purdue University