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

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

When Competition Backfires: Broker Learning and Commission Fees

Xindan Li², Baolian Wang³, Wei Xiong¹, Xuewei Yang², Yinhong Zhao¹

1: Princeton University; 2: Nanjing University; 3: University of Florida

Institutional Investors’ Subjective Risk Premia: Time Variation and Disagreement

Spencer Couts¹, Andrei Goncalves², Yicheng Liu³, Johnathan Loudis⁴

1: Price School of Public Policy, University of Southern California; 2: Fisher College of Business, The Ohio State University; 3: Fisher College of Business, The Ohio State University; 4: Mendoza College of Business, University of Notre Dame

Analysts' Belief Formation in Their Own Words

Shikun {Barry} Ke

Yale School of Management

The Market’s Mirror: Revealing Investor Disagreement with LLMs

Vineet Bhagwat¹, J. Anthony Cookson², Chukwuma Dim¹, Marina Niessner³

1: George Washington University; 2: Penn State University; 3: Indiana University

Bias and Predictability in Analysts' Beliefs

Federico Bastianello

London Business School

Correlation neglect in asset prices

Hongye Guo¹, Jessica Wachter²

1: University of Hong Kong; 2: The Wharton School, University of Pennsylvania, and NBER