Innovation Policy and Inventors’ Productivity: Evidence from Global AI Initiatives

Leo Liu¹, Fariborz Moshirian², Vikram Nanda³, Sheng Xu²

1: University of Technology Sydney, UTS Business School, Sydney, Australia; 2: University of New South Wales, UNSW Business School, Sydney, Australia; 3: University of Texas at Dallas, Naveen Jindal School of Business, Richardson, USA

Fiscal Redistribution Risk in Treasury Markets

Roberto Gomez Cram¹, Howard Kung¹, Hanno Lustig², David Zeke³

1: London business school; 2: Stanford University, United States; 3: Federal Reserve Board

Partisan Fed

Andrea Pagliuca

London Business School

Optimal Immigration and Long-Run Growth

Andrew Abel^1,3, Stavros Panageas^2,3

1: Wharton School, University of Pennsylvania; 2: Anderson School, UCLA; 3: NBER

Cap and Trade with Imperfect Hedging

Johan Hombert¹, Bruno Biais¹, Daniel Schmidt¹, Pierre-Olivier Weill²

1: HEC Paris; 2: UCLA

Bailout Expectations, Default Risk and the Dynamics of Bank Credit Spreads

Luigi Falasconi

University of Pennsylvania

Financial Advisors and Retirees' Risk-Taking

Allison Cole¹, Maarten Meeuwis², Alessandro Previtero³, Noah Stoffman³

1: Arizona State University; 2: Washington University in St. Louis; 3: Indiana University

Expense Shocks Matter

Scott Fulford, David Low

CFPB (personal capacity)

Wealth Accumulation in College Savings Accounts and Educational Opportunities

Alexey Vasilenko

Vanderbilt University

The Design of Retirement Plan Match Schedules

Guillermo Carranza¹, Taha Choukhmane², Fiona Greig³, Cormac O'Dea¹, Lawrence Schmidt²

1: Yale University; 2: MIT Sloan; 3: Vanguard

Bank Fees and Household Financial Well-Being

Michaela Pagel², Sharada Sridhar¹, Emily Williams³

1: Georgia Institute of Technology; 2: Washington University, St. Louis; 3: Harvard Business School

Debt and Liquid Wealth: Evidence from Pension Fund Withdrawals

Enzo Cerletti¹, Tomas Cortes¹, Borja Larrain², Patricio Toro¹

1: Central Bank of Chile; 2: PUC Chile

Information-Concealing Credit Architecture

Gary Gorton¹, Ye Li², Guillermo Ordonez³

1: Yale University; 2: University of Washington; 3: University of Pennsylvania

Fragmentation of Shareholder Power

Andrey Malenko¹, Nadya Malenko¹, Anton Tsoy²

1: Boston College; 2: University of Toronto

Probability Pricing

Eduardo Davila¹, Cecilia Parlatore², Ansgar Walther³

1: Yale University; 2: New York University; 3: Oxford University

Data versus Information Sales under Financial Constraints

Dmitry Orlov², Andrzej Skrzypacz³, Pavel Zryumov¹

1: University of Rochester; 2: University of Wisconsin-Madison; 3: Stanford Graduate School Business

Private Equity Continuation Vehicles: A Model of Strategic Asset Transfers

Simon Mayer², Ludovic Phallippou¹, Victoria Ivashina³

1: Carnegie Mellon University; 2: HBS; 3: Oxford Said

Financing the Adoption of Clean Technology

Andrea Lanteri, Adriano Rampini

Duke University

Do carbon markets undermine private climate initiatives?

Ian Appel¹, Pat Akey², Johannes Klausmann³, Aymeric Bellon⁴

1: Virginia; 2: ESSEC; 3: Houston; 4: UNC

Pricing Protection: Credit Scores, Disaster Risk, and Home Insurance Affordability

Joshua Blonz¹, Mallick Hossain², Benjamin Keys³, Philip Mulder⁴, Joakim Weill¹

1: Federal Reserve Board; 2: Federal Reserve Bank of Philadelphia; 3: Wharton School, University of Pennsylvania; 4: University of Wisconsin - Madison

Beyond the Storm: Climate Risk and Insurers of Last Resort

Ankit Kalda¹, Varun Sharma¹, Vikas Soni², Derek Wenning¹

1: Indiana University; 2: University of South Florida

El Niño and Currency Returns

Joon Woo Bae¹, Taehoon Lim², David Ng³, Lucio Sarno⁴

1: Case Western Reserve University; 2: Hankuk University of Foreign Studies; 3: Cornell University; 4: Cambridge University

Economics of Property Insurance

Hyeyoon Jung¹, Jaehoon {Kyle} Jung²

1: Federal Reserve Bank of New York; 2: New York University, Stern School of Business

Blame it on the weather: Market implied weather volatility and firm performance

Joon Woo Bae¹, Kris Jacobs², Yoontae Jeon³, Stephen Szaura⁴, Virgilio Zurita⁵

1: Weatherhead School of Management, Case Western Reserve University; 2: Bauer College of Business, University of Houston; 3: DeGroote School of Business, McMaster University; 4: BI Norwegian Business School; 5: College of Business and Analytics, Southern Illinois University

Who Benefits from Remote Work?

Abhinav Gupta¹, Arpit Gupta², Elena Simintzi¹

1: UNC Kenan Flagler; 2: NYU Stern

HUSTLING FROM HOME? WORK FROM HOME FLEXIBILITY AND ENTREPRENEURIAL ENTRY

John Barrios², Yael Hochberg³, Hanyi Livia Yi¹

1: Boston College; 2: Yale University; 3: Rice University

Sanctions Paradox: Do U.S. Export Restrictions Hurt Domestic Innovation?

Hao Gao¹, Nemit Shroff², Pengdong Zhang³

1: Tsinghua University; 2: Massachusetts Institute of Technology; 3: Sun Yat-sen University

How Big is Small? The Economic Effects of Access to Small Business Government Support

David Brown¹, Matt Denes², Ran Duchin³, John Hackney⁴

1: US Census Bureau; 2: Carnegie Mellon; 3: Boston College; 4: University of Arkansas

From Mainframes to Machine Learning: Skill Gaps over the Technology Life Cycle

Agrawal Ashwini¹, Daniel Kim², Prasanna Tambe³

1: London School of Economics; 2: University of Waterloo; 3: Wharton School of Business, University of Pennsylvania

Tradeoff between Entrepreneurship and Fertility: Evidence from China’s Nationwide Two-Child Policy

Po-Hsuan Hsu¹, Sung Kwan Lee², Seungjoon Oh³

1: National Tsing Hua University; 2: Chinese University of Hong Kong, Shenzhen; 3: Peking University HSBC Business School

Inflation Uncertainty: Measurement, Causes, and Consequences

Sebastian Hillenbrand¹, Venky Venkateswaran², Viral Acharya², Margaret Underwood³

1: Harvard Business School; 2: NYU Stern; 3: University of Michigan

How Markets Process Macro News: The Importance of Investor Attention

Niklas Kroner

Federal Reserve Board

Fluctuations in the Treasury General Account and their effect on the Fed’s balance sheet

Annette Vissing-Jorgensen

Federal Reserve Board

Under Pressure? Central Bank Independence Meets Blockchain Prediction Markets

Barry Eichengreen¹, Ganesh Viswanath Natraj², Junxuan Wang³, Zijie Wang²

1: UC Berkeley; 2: Warwick Business School; 3: HKUST Guangzhou

Predicting Fiscal Armageddons

Joao Gomes, Chris Zhu

The Wharton School, University of Pennsylvania

The Global Credit Cycle

Nina Boyarchenko^1,2, Leonardo Elias¹

1: Federal Reserve Bank of New York; 2: CEPR and CESIfo

Pricing Government Contract Risk Premia: Evidence from the 2025 Federal Lease Terminations

Soon Hyeok Choi¹, Cameron LaPoint²

1: Rochester Institute of Technology; 2: Yale School of Management

Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section

Mohammad Ghaderi², Sebastien Plante¹, Nikolai Roussanov³, Sang Byung Seo¹

1: UNIV OF WISCONSIN-MADISON; 2: Kansas University; 3: University of Pennsylvania

Betting on Credit Betas

Luca Mertens¹, Lira Mota², Tomas Nobrega³

1: Fidelity; 2: MIT; 3: Insper

An Anatomy of Retail Option Trading

Vincent Bogousslavsky², Dmitriy Muravyev¹

1: University of Illinois Urbana-Champaign; 2: Boston College

Which market leads price discovery? New conclusions from a new test

Peter Feldhütter, Felix Lundén

Copenhagen Business School

Fairness by Design: Mortgage Lending and Regulation

Sebastian Bell¹, Ali Kakhbod², Richard Stanton³, Nancy Wallace⁴

1: KIT; 2: UC Berkeley; 3: UC Berkeley; 4: UC Berkeley

Does Corporate Production of AI Innovation Create Value?

Ali Ahmadi¹, Ambrus Kecskes¹, Roni Michaely², Phuong-Anh Nguyen³

1: Schulich School of Business at York University; 2: HKU Business School and ECGI; 3: School of Administrative Studies at York University

Financial Technologies, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems

Jacelly Cespedes¹, Carlos Burga², Carlos Parra², Bernardo Ricca³

1: University of Minnesota; 2: Pontifical Catholic University of Chile, Chile; 3: Insper, Brazil

How Good is Generative AI Personal Financial Advice?

Taha Choukhmane¹, Tim de Silva², Weidong Lin¹, Matthew Akuzawa¹

1: MIT Sloan; 2: Stanford GSB

Hidden Medical Debt and Consumer Access to Credit

Elena Loutskina, Joonsung Won

University of Virginia

FinTech Brings a Bias from Psychology Labs to a Two-trillion-dollar Market

Hongjun Yan¹, Zhengwei Wang², Yulai Yuan³, Xiaole Qiu², Jia Xiang², Yaqing Xiao⁴, Erik Davidson⁵

1: DePaul University; 2: Tsinghua University; 3: Xuanyuan Insurance Agency Co., Ltd; 4: Capital University of Economics and Business; 5: Baylor University

Why Do Firms Engage in Open-Source Software Development?

Kevin Mei

UT Austin