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

The Economics of Insurance Guaranty Funds

Ishita Sen¹, Parinitha Sastry², Ana-Maria Tenekedjieva³

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

CDX Markets, Time-Varying Fear,and Corporate Leverage

Artur Anschukov¹, Harjoat Bhamra¹, Lars-Alexander Kuehn²

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

Money and Power

Joshua Blonz, Cooper Howes, Joakim Weill

Federal Reserve Board of Governors

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

Blake Jackson

University of Florida

Monetary Policy and Investment Plans

Julia Selgrad¹, Kerry Siani²

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

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

Asset Reclassification and Mutual Fund Flows

Nicolas Bollen, Veronika Pool, Alexey Vasilenko

Owen Graduate School of Management, Vanderbilt University

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

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

Antonio Gargano¹, Marco Giacoletti²

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

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

Paul Ehling, Christian Heyerdahl-Larsen, Zeshu Xu

BI Norwegian Business School

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

Educating Entrepreneurs on VC contracts

Fangzhou Lu, Sixuan Li, Yingyan Shi

University of Hong Kong

Credit Crunch in Housing under Regulation Q

Pauline Liang

Stanford GSB

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

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

Lubos Pastor, Taisiya Sikorskaya, Jinrui Wang

University of Chicago

Attention Allocation and Fund Flows: Evidence from Institutional Investors

Zhi Da¹, Thanh Huynh²

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

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

A Theory of Speculation on Token-Based Platform

Kevin Mei, Michael Sockin

UT Austin

The Cost of Net Zero

Jess Cornaggia¹, Peter Iliev²

1: Penn State U; 2: Penn State U

Transferable Skills? Founders as Venture Capitalists

Paul Gompers^1,2, Vladimir Mukharlyamov³

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

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

Rohan Kekre¹, Moritz Lenel²

1: Chicago Booth; 2: Princeton 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

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

A Bound on Price Impact and Disagreement

Philippe van der Beck¹, Lorenzo Bretscher², Fu Julie Zhyiu³

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

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

The rise of shareholder capitalism: macroeconomic implications

Alessandro Villa, François Gourio

Federal Reserve Bank of Chicago

Financing Investment in Electricity

Olivier Darmouni¹, Clemens Lehner², Pari Sastry³

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

Overallocated Investors and Secondary Transactions

Rustam Abuzov¹, Aleksandar Andonov², Josh Lerner³

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

The Equity Constraint Channel of Monetary Policy

Heitor Almeida, Tim Johnson, Sebastiao Oliveira, Yucheng Zhou

UIUC

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

Persistence in Alphas without Persistence in Skill

Sina Ehsani¹, Juhani Linnainmaa²

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

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

Intangible Intensity

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

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

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

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

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

Ran Xing¹, Emmanuel Yimfor²

1: Stockholm University; 2: Columbia Business School

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

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

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

Partisan Corporate Speech

William Cassidy¹, Elisabeth Kempf²

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

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

Heterogeneous Beliefs, Asset Prices, and Business Cycles

Matthew Bigio¹, Dejanir Silva², Eduardo Zilberman³

1: UCLA; 2: Purdue; 3: PUC

Rewiring Supply Chains Through Uncoordinated Climate Policy

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

Cash or Stock? Agency Frictions in Venture Capital Distributions

Minmo Gahng

Cornell University

A Model of Fed Information Effect

Hengjie Ai, Xinxin Hu

University of Wisconsin-Madison

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

Mark Garmaise¹, Mark Jansen²

1: UCLA Anderson; 2: University of Utah

On the Recovery and Usage of Demand Elasticities in Dynamic Settings

Carter Davis¹, Mahyar Kargar², Jiacui Li³, Dejanir Silve⁴

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

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)

Fund Proliferation, Decentralization, and 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

Skill Mismatch Over The Technology Lifecycle

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

Resolving the Zero-Beta Rate Puzzle

Rong Wang

Duke University

Investment, Debt and Taxes

Mark Leary¹, John Graham², Hyunseob Kim³, YoungJun Song⁴

1: Washington University in St. Louis; 2: Duke University; 3: Federal Reserve Bank of Chicago; 4: San Diego State University

Scale Economies in Liquidity Provision: Evidence from Designated Market Makers

Mauricio Larrain¹, Vincent Van Kervel², Jorge Sabat³

1: Universidad de los Andes, Chile; 2: Universidad de los Andes, Chile; 3: Universidad Andres Bello, Chile

Facing Default?

Pranav Gang¹, Marius Guenzel², Shimon Kogan³, Marina Niessner⁴, Kelly Shue¹

1: Yale; 2: Wharton; 3: Reichman University; 4: Indiana

Do GSEs Subsidize Mortgage Lending?

Thomas Flanagan

The Ohio State University

Sovereign Credit Risk, U.S. Monetary Policy, and the Role of Financial Intermediaries

Johannes Poeschl¹, Ivan Shaliastovich², Ram Yamarthy³

1: European Central Bank; 2: University of Wisconsin-Madison; 3: Federal Reserve Board of Governors

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

Productivity Enables Security: The Economics of Blockchain Settlement

Campbell Harvey¹, Kose John², Fahad Saleh³

1: Duke University; 2: NYU Stern School of Business; 3: University of Florida

Fiscal Imbalances and Asset Returns: Cross-Sector Economic Fluctuations under the Aggregate Budget Constraint

Junxiong Gao², Alberto Plazzi¹, Rossen Valkanov³, Yan Xu⁴

1: Universita' della Svizzera italiana and SFI; 2: Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University; 3: Rady School of Management, University of California San Diego; 4: Hong Kong University

EPS-Maximizing Capital Structure

Itzhak Ben-David¹, Alexander Chinco²

1: The Ohio State University; 2: Michigan State University

Sparse Portfolios and Benchmarking in Corporate Bond Markets

Zheng Li¹, Anna Pavlova¹, Taisiya Sikorskaya²

1: London Business School; 2: University of Chicago

Prime Broker Credit Supply and the Stock Market: Evidence on Hedge Fund Transmission

Nicholas Zarra, Daniel Barth

Federal Reserve Board

Taxes and Default Risk: Evidence From Establishment-Level Data

Mara Faccio¹, Stefano Manfredonia²

1: Fordham University; 2: Purdue University

Exchange Rate Expectations and Currency Demand

Leonie Bräuer

University of Geneva and Swiss Finance Institute

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

The Value of Contingent Liquidity from Banks to Nonbank Financiers

Chi {Clara} Xu

The Wharton School of the University of Pennsylvania

The Implied Equity Term Structure

Tomas Jankauskas², Lieven Baele¹, Joost Driessen¹

1: Tilburg University; 2: Federal Reserve New York

The Real Effects of Valuation Mistakes:\\ Estimates from Mergers and Acquisitions

Johan Hombert¹, Alexei Ovchinnikov¹, François Derrien¹, Philip Valta²

1: HEC Paris; 2: University of Bern

Latency and the Look-Ahead Bias in Trade and Quote Data

Robert Battalio¹, Craig Holden², Matthew Pierson³, John Shim¹, Jun Wu³

1: University of Notre Dame; 2: Indiana University; 3: WRDS, University of Pennsylvania

Liquidity Flows to Bank-Affiliated Broker Dealers: Insights from Volumes and Prices

Jennie Bai¹, Erik Bostrom², Sebastian Infante², Victoria Ivashina³

1: Georgetown University; 2: Federal Reserve Board; 3: HBS

The “Chilling” Effect of Climate Laws on Cross-Border Mergers and Acquisitions

Tong Li¹, Dragon Yongjun Tang², Fei Xie³

1: Xiamen University; 2: The University of Hong Kong; 3: University of Delaware

Hunting for Dollars

Peteris Kloks¹, Edouard Mattille¹, Angelo Ranaldo^1,2

1: University of Basel; 2: Swiss Finance Institute

Analysts' Belief Formation in Their Own Words

Shikun {Barry} Ke

Yale School of Management

Deposit Competition Beyond Rates

Matteo Benetton¹, Ben Hebert², Tim McQuade³

1: Berkeley Haas; 2: Stanford GSB; 3: Berkeley Haas

Fundamental Volatility

Xiaoyan Zhang¹, Tong Yao², Hsianghung Tien²

1: PBC School of Finance, Tsinghua University; 2: University of Iowa, United States of America

Why Bank Net Interest Margins Are Stable - Insights from the Asset Side

Tanja Brieden

Vienna Graduate School of Finance and University of Vienna

The European Best Bid and Offer (EBBO): From Fragmented Feeds to a Consolidated Tape

Lisa Kaminski, Ralf Laschinger, Ryan Riordan

LMU Munich

Do Institutional Investors Trade on Covenant Violations?

Anthony Saunders¹, Sascha Steffen², Paulina Verhoff²

1: NYU Stern School of Business; 2: Frankfurt School of Finance & Management

Tax Incentives and Venture Capital Risk-Taking

Murillo Campello^1,2, Guilherme Junqueira¹

1: University of Florida; 2: NBER

Monetary Policy Predicts Currency Movements

Sohnke Bartram¹, Mark Grinblatt², Yan Xu³

1: University of Warwick; 2: UCLA; 3: HKU

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

Bank Opacity and Deposit Rates

Ana Babus¹, Maryam Farboodi², Gabriela Stockler³

1: Washington University in St. Louis & CEPR; 2: MIT Sloan, NBER & CEPR; 3: Universitat Pompeu Fabra & BSE

Limits To (Machine) Learning

Zhimin Chen¹, Bryan Kelly², Semyon Malamud³

1: Nanyang Technological University; 2: AQR Capital Management, Yale School of Management, and NBER; 3: Swiss Finance Institute, EPFL, and CEPR

Corporate Debt Structure Around the World

Alireza Aghaee¹, Lorenzo Bretscher², Stefano Rossi³

1: Imperial College Business School; 2: University of Lausanne; 3: Bocconi University

Smart Contracting in Network Markets

Darrell Duffie¹, Chaojun Wang²

1: Stanford Graduate School of Business; 2: The Wharton School, University of Pennsylvania

Getting Called: The Risks of Investor Liquidity Provision to Private Funds

Tiange Ye

USC Marshall

The Labor Market Effects of Carbon Pricing

Andreas Fuster¹, Gazi Kabas², Vincenzo Pezone³, Kasper Roszbach⁴

1: EPFL & SFI; 2: Tilburg University; 3: Luiss; 4: Norges Bank

Segmented Financial Integration

Liliana Varela

London School of Economics

Bias and Predictability in Analysts' Beliefs

Federico Bastianello

London Business School

Strategic Bankruptcy and Corporate Negligence

Samuel Antill¹, Xu Tian², Toni Whited³

1: Harvard Business School; 2: University of Georgia; 3: University of Michigan

On the Moments of the Stochastic Discount Factor

Ian Martin¹, Ran Shi²

1: London School of Economics; 2: University of Colorado Boulder

Valuation Models

Francesca Bastianello¹, Paul Décaire², Marius Guenzel³

1: Chicago Booth; 2: Arizona State University; 3: Wharton

Unpacking Retail Trading Costs: the Role of Options Trading and Limit Order Usage

Yashar Barardehi², Vincent Bogousslavsky³, Dmitriy Muravyev¹

1: University of Illinois Urbana-Champaign; 2: Chapman University; 3: Boston College

Catastrophic Climate Risk and The Limits of Private Markets.

Adam Solomon

New York University

Credit Cycles and Creditor Rights

Martin Kornejew¹, Shohini Kundu², Karsten Müller³

1: Bocconi University; 2: UCLA Anderson; 3: NUS Business School

Managing Emerging Market Currency Risk

Nanyu Chen¹, Haonan Zhou²

1: Columbia Business School; 2: University of Hong Kong

Correlation neglect in asset prices

Hongye Guo¹, Jessica Wachter²

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

How Do Government Guarantees Affect Deposit Supply?

Thomas Flanagan¹, Edward Kim², Shohini Kundu³, Amiyatosh Purnanandam⁴

1: The Ohio State University; 2: University of Michigan; 3: UCLA; 4: University of Texas at Austin