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

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

Information-Concealing Credit Architecture

Gary Gorton¹, Ye Li², Guillermo Ordonez³

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

Do carbon markets undermine private climate initiatives?

Ian Appel¹, Pat Akey², Johannes Klausmann³, Aymeric Bellon⁴

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

Who Benefits from Remote Work?

Abhinav Gupta¹, Arpit Gupta², Elena Simintzi¹

1: UNC Kenan Flagler; 2: NYU Stern

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

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

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

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

Expense Shocks Matter

Scott Fulford, David Low

CFPB (personal capacity)

Fragmentation of Shareholder Power

Andrey Malenko¹, Nadya Malenko¹, Anton Tsoy²

1: Boston College; 2: University of Toronto

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

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

How Markets Process Macro News: The Importance of Investor Attention

Niklas Kroner

Federal Reserve Board

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

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

Partisan Fed

Andrea Pagliuca

London Business School

Wealth Accumulation in College Savings Accounts and Educational Opportunities

Alexey Vasilenko

Vanderbilt University

Probability Pricing

Eduardo Davila¹, Cecilia Parlatore², Ansgar Walther³

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

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

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

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

Annette Vissing-Jorgensen

Federal Reserve Board

Betting on Credit Betas

Luca Mertens¹, Lira Mota², Tomas Nobrega³

1: Fidelity; 2: MIT; 3: Insper

How Good is Generative AI Personal Financial Advice?

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

1: MIT Sloan; 2: Stanford GSB

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

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

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

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

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

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

An Anatomy of Retail Option Trading

Vincent Bogousslavsky², Dmitriy Muravyev¹

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

Hidden Medical Debt and Consumer Access to Credit

Elena Loutskina, Joonsung Won

University of Virginia

Cap and Trade with Imperfect Hedging

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

1: HEC Paris; 2: UCLA

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

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

Economics of Property Insurance

Hyeyoon Jung¹, Jaehoon {Kyle} Jung²

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

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

Predicting Fiscal Armageddons

Joao Gomes, Chris Zhu

The Wharton School, University of Pennsylvania

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

Peter Feldhütter, Felix Lundén

Copenhagen Business School

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

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

Luigi Falasconi

University of Pennsylvania

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

Financing the Adoption of Clean Technology

Andrea Lanteri, Adriano Rampini

Duke University

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

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

The Global Credit Cycle

Nina Boyarchenko^1,2, Leonardo Elias¹

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

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

Why Do Firms Engage in Open-Source Software Development?

Kevin Mei

UT Austin