Session: Asset Prices in Production Models

Session Chair: David Schreindorfer (Arizona State University)

Data, Markups, and Asset Prices

Alexandre Corhay (University of Toronto)
Kejia Hu (University of Oxford)
Jun Li (University of Warwick)
Jincheng Tong (University of Toronto)
Chi-Yang Tsou (University of Manchester)

Discussant: Maziar Kazemi (Arizona State University)

Two Trees and a Gardener: Asset Pricing with Real Capital Flows

Sebastien Betermier (McGill University)
Laurent Calvet (SKEMA Business School)
Evan Jo (Queen's University)
Johan Walden (University of California-Berkeley)

Discussant: Fotis Grigoris (University of Iowa)

Global Production Networks and Asset Prices

Teodor Dyakov (EDHEC Business School)
Hao Jiang (Michigan State University)

Discussant: Christoph Schiller (Ohio State University)

Session: Inside Venture Capital

Session Chair: Ting Xu (University of Toronto)

How do Venture Capitalists (actually) make decisions? Internal evidence from a private startup accelerator

Tristan Fitzgerald (Texas A&M University)
Korok Ray (Texas A&M University)

Discussant: Fiona Paine

Fired Up or Burned Down: Wildfires and VC Investment

Joy Tong (University of Western Ontario)
Wen Wang (Hong Kong University of Science & Technology)
Zhengchu Zhang (Singapore Management University)

Discussant: Yingxiang Li (City University of Hong Kong)

Human Capital Breadth, Portfolio Choice and Performance in Venture Capital

Teodor Duevski (HEC Paris)

Discussant: Matthew Denes (Carnegie Mellon University)

Session: Structuring Trades

Session Chair: Markus Baldauf (University of British Columbia)

Retail Limit Orders

Amber Anand (Syracuse University)
Mehrdad Samadi (Rutgers University)
Jonathan Sokobin
Kumar Venkataraman (Southern Methodist University)

Discussant: Katya Malinova (McMaster University)

How do retail investors use order flow data?

Philipp Chapkovski
Mariana Khapko (University of Toronto)
Marius Zoican (Haskayne School of Business, University of Calgary)

Discussant: Janet Jiang

Bundling trades in over-the-counter markets

Jason Allen (University of Wisconsin-Madison)
Milena Wittwer (Stanford University)

Discussant: David Cimon (Bank of Canada)

Session: The Evolving Landscape of Corporate Innovation

Session Chair: Kai Li (University of British Columbia)

The Economics of Patent Licensing: An Empirical Analysis of the Determinants and Consequences of Patent Licensing Transactions

Thomas Chemmanur (Boston College)
Xi Chen (University of Houston)
Jingxuan Zhang (University of Alberta)

Discussant: Yan Wang (McMaster University)

Creativity without walls: The case of open innovation

John Bai (Northeastern University)
Rui Dai (University of Pennsylvania)
Anya Mkrtchyan (University of Massachusetts-Amherst)
Chi Wang (University of Massachusetts-Boston)

Discussant: Yihui Pan (University of Utah)

The Role of the Firm in Nurturing Human Capital: Evidence from 200 Years of U.S. Patents

Xiaoding Liu (Texas A&M University)

Discussant: Jin Wang (Wilfrid Laurier University)

Session: The Predictive Power of Option Markets

Session Chair: Yoontae Jeon (McMaster University)

The Global Volatility Surface and Common Predictability of International Equity Premia

Adlai Fisher (University of British Columbia)
Terry Zhang (Australian National University)

Discussant: Edna Lopez Avila (University of Toronto)

Equity Option Return Predictability and Expiration Days

Pedro Angel Garcia Ares (Instituto Tecnológico Autónomo de México)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)

Discussant: Zohair Alam (McMaster University)

Betting Against the Crowd: Option Trading and Market Risk Premium

Jie Cao (Hong Kong Polytechnic University)
Gang Li (Chinese University of Hong Kong)
Xintong Zhan (Fudan University)
Guofu Zhou (Washington University-St. Louis)

Discussant: Diego Amaya (Wilfrid Laurier University)

Session: Competition and Information in Banking

Session Chair: Pavel Zryumov (University of Rochester)

Welfare Costs of Credit Card Oligopoly

Juan Morelli (Federal Reserve Bank of New York)

Discussant: Jason Allen

“If You Don't Know Me by Now ...” Information Collection by Banks in Lending to Private Firms

Teng Wang (Federal Reserve Board of Governors)
Stijn Claessens (Bank for International Settlements)
Steven Ongena (University of Zurich)

The interoperability of financial data

Elif Akoguz (KU Leuven)
Tarik Roukny (Katholieke Universiteit Leuven)
Tamas Vadasz (KU Leuven)

Discussant: Liyan Yang (University of Toronto)

Session: Empirical Asset Pricing: New Conditioning Variables

Session Chair: Sebastien Betermier (McGill University)

Salience and Short-term Momentum and Reversals

Yili Chen (Peking University)
Huaixin Wang (University of Macau)
Jianfeng Yu (Tsinghua University)

Discussant: Evan Jo (Queen's University)

Endogenous Elasticities: Price Multipliers Are Smaller for Larger Demand Shocks

Aditya Chaudhry (Ohio State University)
Jiacui Li (University of Utah)

Inelastic Hedging Demand and Intraday Momentum

Taeyoung Park (University of Texas-Dallas)
Feng Zhao (University of Texas-Dallas)

Discussant: Julian Terstegge (Copenhagen Business School)

Session: Private Capital and Entrepreneurship Incentives

Session Chair: Ari Pandes (University of Calgary)

Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate

Frank-olivier Garane (HEC Montréal)
Philippe d'Astous (HEC Montréal)
Barry Scholnick (University of Alberta)

Discussant: Walid Busaba (University of Western Ontario)

Charitable Capital Allocation: Evidence from Private Foundations

Zhongjin Lu (University of Georgia)
Steven Malliaris (University of Georgia)

Discussant: Sean Cleary (Institute for Sustainable Finance, Queen's University)

Private Capital Markets and Inequality

Clara Martinez-Toledano (Imperial College London)
Vrinda Mittal (University of North Carolina)
Ararat Gocmen (University College London)

Discussant: Jay Ritter (University of Florida)

Session: Restructuring and Incentives

Session Chair: Anton Tsoy (University of Toronto)

Biased is best: Merger advisors and dialectical Bayesian persuasion

Nina Baranchuk (University of Texas-Dallas)
Thomas Noe (Oxford University)
Michael Rebello (University of Texas-Dallas)

Discussant: Thomas Rivera (McGill University)

A General Theory of Holdouts

Xiaobo Yu (Columbia University)

Discussant: Felipe Varas

Creditor rights and lender competition

Dan Bernhardt (University of Illinois)
Kostas Koufopoulos (University of York)
Giulio Trigilia (University of Rochester)

Discussant: Stefano Pegoraro (University of Notre Dame)

Session: The Fed and Financial Markets

Session Chair: Vincent Grégoire (HEC Montréal)

The Fed and the Wall Street Put

Jan Harren (University of Münster)
Mete Kilic (University of Southern California)
Zhao Zhang (University of Southern California)

Discussant: Oliver Boguth (Arizona State University)

The Impact of Central Bank Communication Choices in a Market with Fast and Slow Traders

Alain Chaboud (Federal Reserve Board of Governors)
Clara Vega (Federal Reserve Board of Governors)
Filip Zikes (Federal Reserve Board of Governors)

Discussant: Charles Martineau (University of Toronto)

The Fed Information Effect and the Profitability Channel of Monetary Policy: Evidence and Theory

Alex Hsu (Georgia Institute of Technology)
Indrajit Mitra (Federal Reserve Bank of Atlanta)
Yu Xu (University of Delaware)
Linghang Zeng (Babson College)

Session: Corporate and Treasury Bond Prices

Session Chair: Jan Ericsson (McGill University)

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

Sebastien Plante (University of Wisconsin-Madison)
Mohammad Ghaderi (University of Kansas)
Sang Byung Seo (University of Wisconsin-Madison)
Nikolai Roussanov (University of Pennsylvania)

Discussant: Chuck Fang (Drexel University)

The Debt Ceiling's Disruptive Impact: Evidence fom Many Markets

William Cassidy (Washington University-St. Louis)
Shreye Mirani (Washington University-St. Louis)

Pre-Refunding Announcement Gains in US Treasurys

Chen Wang (University of Notre Dame)
Kevin Zhao (Office of Financial Research)

Discussant: Yoshio Nozawa (University of Toronto)

Session: Dealing with Financial Crimes

Session Chair: Alfred Lehar (University of Calgary)

Financial Literacy and Financial Crime: A Regression Discontinuity Approach

John Hackney (University of Arkansas)
Paul Freed (University of South Carolina)

Discussant: Philippe d'Astous (HEC Montréal)

Are Crypto Anti-Money Laundering Policies Effective?

John Griffin (University of Texas-Austin)
Kevin Mei (University of Texas-Austin)
Zirui Wang (University of Texas-Austin)

Discussant: Qiang Wang (Pennsylvania State University)

Anatomy of a Crypto Bank Run

Yuan Gao (University of Arizona)
Richard Sias (University of Arizona)

Discussant: Marius Zoican (Haskayne School of Business, University of Calgary)

Session: Issues in Asset Pricing Theory

Session Chair: Daniel Andrei (McGill University)

Asset Pricing with Dynamic and Static Investors

Ruggero Jappelli (University of Warwick)

Discussant: Lei Lu (University of Manitoba)

Equity Risk Premium with Intertemporal Hedging

Fousseni Chabi-Yo (University of Massachusetts-Amherst)
Elise Gourier (ESSEC Business School)
Hugues Langlois

Discussant: Piotr Orłowski (HEC Montréal)

Non-Monotonic Pricing Kernels and Risk-Neutral Bounds for Expected Returns

Stefanos Delikouras (University of Miami)

Discussant: David Schreindorfer (Arizona State University)

Session: Mortgage Market Frictions and Household Welfare

Session Chair: Peter Haslag (Vanderbilt University)

Human Capital and Local Credit Supply: Evidence from the Mortgage Industry

Ruidi Huang (Southern Methodist University)
Erik Mayer (University of Wisconsin-Madison)
Sheridan Titman (University of Texas-Austin)
David Xu (Southern Methodist University)

Discussant: Michael Varley (University of Kentucky)

Time on your side: Labor Market Effects of Foreclosure Delays

AVANTIKA PAL (University of Illinois-Urbana-Champaign)

Mortgage Lock-in, Lifecycle Migration, and the Welfare Effects of Housing Market Liquidity

Kristopher Gerardi (Federal Reserve Bank of Atlanta)
Franklin Qian (University of North Carolina-Chapel Hill)
David Zhang (Rice University)

Discussant: Tess Scharlemann

Session: Navigating Modern Financial Markets

Session Chair: David Cimon (Bank of Canada)

Rewiring Repo

Elizabeth Klee (Federal Reserve Board of Governors)
Vladimir Yankov (Federal Reserve Board of Governors)

Discussant: Corey Garriott (U.S. Department of the Treasury)

Synthetic Dollar Funding

Umang Khetan (University of Iowa)

Discussant: Antonio Diezde Los Rios (Bank of Canada)

Corporate Bond Issuance by Financial Institutions

Tetiana Davydiuk (Johns Hopkins University)
Tatyana Marchuk (Nova School of Business and Economics)
Ivan Shaliastovich (University of Wisconsin-Madison)

Discussant: Michele Dathan (Federal Reserve System)

Session: PhD Session - Shaping the Firm: Policy, Disclosure, and Boundaries

Session Chair: Hernan Ortiz-Molina (University of British Columbia)

Acquiring Human Capital: Do Non-Competes Help?

Dongryeol Lee (Nanyang Technological University)

Discussant: Sheng-Jun Xu (University of Alberta)

Learning from failure: The role of disclosure on innovation

Menghan Wang (University of Hong Kong)

Discussant: Jakub Hajda (HEC Montréal)

Regulatory Costs and Vertical Integration: Evidence from Supply Chain Disclosure Regulations

Enshuai Yu (Boston College)

Discussant: Si Li (Wilfrid Laurier University)

Session: Regulators Oversight and Incentives

Session Chair: Audra Boone (Colorado State University)

Escaping Pay-for-Performance

Joseph Kalmenovitz (University of Rochester)
Jakub Hajda (HEC Montréal)
Jason Chen (Auburn University)

Discussant: Thomas Ruchti (Office of Financial Research)

Watching the Watchdogs: Tracking SEC Inquiries using Geolocation Data

Steven Irlbeck (University of New Hampshire)
William Gerken (University of Kentucky)
Marcus Painter (Saint Louis University)
Guangli Zhang (Saint Louis University)

Discussant: Terrence Blackburne

SEC Oversight of Private Equity and Hedge Funds

Owen Davidson (Baylor University)
Paul Mason (Baylor University)
Steven Utke (University of Connecticut)
Nina Xu (University of Connecticut)

Discussant: Yingxiang Li (City University of Hong Kong)

Session: Corporate Dynamics

Session Chair: RANDALL MORCK (University of Alberta)

Complementarity of Bank and Market Debt in Dynamic Debt Structure

Jessica Li (University of Chicago)

Discussant: Ruggero Jappelli (University of Warwick)

Set in Stone: The Persistence and Origin of Corporate Culture

Kai Li (University of British Columbia)
Yu-Jane Liu (Peking University)
Ruichang Lu (Peking University)
Kaihao Qian (Peking University)
Xiaojun Zhang (Peking University)

Discussant: Francesco Celentano (University of Lausanne)

Burdening the Young: Life Cycle Effects of Mandatory Disclosure on Investment

Matthew Gustafson (Pennsylvania State University)
Jewon Shin (Pennsylvania State University)

Discussant: Ting Xu (University of Toronto)

Session: Different Ways of Looking at the News

Session Chair: Ryan Israelsen (Michigan State University)

Market Signals from Social Media

J. Anthony Cookson (University of Colorado-Boulder)
Runjing Lu (University of Toronto)
William Mullins (University of Maryland)
Marina Niessner (Indiana University)

Discussant: Allen Hu

Risk from the Inside Out: Understanding Firm Risk through Employee News Consumption

Fotis Grigoris (University of Iowa)
Preetesh Kantak (Indiana University)
Fahiz Baba Yara (Indiana University)

Discussant: Chukwuma Dim (George Washington University)

Managing Asset Return Expectation through Communication

Ehsan Azarmsa (University of Illinois-Chicago)
Johannes Beutel (Deutsche Bundesbank)

Discussant: Adelina Barbalau (University of Alberta)

Session: Market Design

Session Chair: Marius Zoican (Haskayne School of Business, University of Calgary)

Don’t Stop Me Now! Identification and Prediction of Unnecessary Volatility Interruptions

Benjamin Clapham (Goethe University Frankfurt)
Florian Ewald (Goethe University Frankfurt)
Peter Gomber (Goethe University Frankfurt)
Niklas Trimpe (Goethe University Frankfurt)

Discussant: Anne Haubo Dyhrberg (Wilfrid Laurier University)

Is 24/7 Trading Better?

Patrick Blonien (Carnegie Mellon University)
Alexander Ober (Rice University)

Discussant: Thomas Ernst (University of Maryland)

Can preferred clearing reduce post-trade costs?

Behnoud Bazrafshan (Haskayne School of Business, University of Calgary)
Marius Zoican (Haskayne School of Business, University of Calgary)

Discussant: Mariana Khapko (University of Toronto)

Session: PhD Session - The Interplay of Credit, Risk, and Investment

Session Chair:

When Debt Relief Hits Main Street: Evidence from the Indirect Channel of Consumer Credit Access

Jianzhang Lin (Emory University)

Credit Relationships and Dynamic Credit Constraints

Jingfeng Zhang (London School of Economics and Political Science)

Corporate Investment and the Risk Channel of Monetary Policy

Zhou Ren (Vienna University of Economics and Business)

Session: Regulating Markets Under Uncertainty

Session Chair: Anjan Thakor

Trading for bailouts

Toni Ahnert (European Central Bank)
Caio Machado (Pontificia Universidad Católica de Chile)
Ana Elisa Pereira (Universidad de los Andes)

The Prudential Toolkit with Shadow Banking

Kinda Hachem
Martin Kuncl (Bank of Canada)

The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement

Daniel Andrei (McGill University)
Lorenzo Garlappi (University of British Columbia)

Session: Retail Investor Behavior and Its Impact on Asset Prices

Session Chair: Jinfei Sheng (University of California-Irvine)

Do Households Matter for Asset Prices?

Carter Davis (Ohio State University)
Samuli Knüpfer (BI Norwegian Business School)
Jens Kvaerner (Tilburg University)
Bahar Sen-Dogan (Tilburg University)
Petra Vokata (Ohio State University)

Discussant: Cristian Tiu (State University of New York-Buffalo)

Shifting From Active to Passive: How Retirement Plans Impact Equity Prices

Andrea Tamoni (University of Notre Dame)
Riccardo Sabbatucci (Stockholm School of Economics)
Song Xiao

Discussant: Yang Sun (Brandeis University)

Political Divide and Partisan Portfolio Disagreement

Yihui Pan (University of Utah)
Elena Pikulina (University of British Columbia)
Stephan Siegel (University of Washington)
Tracy Yue Wang (University of Minnesota)

Discussant: Runjing Lu (University of Toronto)

Session: The Evolving Landscape of Local Finance

Session Chair: Nadia Massoud (University of Melbourne)

The Decline of Branch Banking

Rajesh Narayanan (Louisiana State University)
Dimuthu Ratnadiwakara (Federal Reserve Bank of Richmond)
Philip Strahan (Boston College)

Picking Up the PACE: Loans for Residential Climate-Proofing

Aymeric Bellon (University of North Carolina-Chapel Hill)
Cameron LaPoint (Yale University)
Francesco Mazzola (ESCP Europe)
Guosong Xu (Erasmus University)

Low Interest Rates, Technology, and the Desertification of Banking

Christopher James (University of Florida)
Nitish Kumar (Rutgers University)

Session: Aligning Incentives

Session Chair:

Why Do Firms Often Not Have a CEO Succession Plan?

Francesco Celentano (University of Lausanne)
Antonio Mello (University of Wisconsin-Madison)

How Do Demand Shocks Affect CEO Compensation? Evidence from Government Contractors

Linghua Kong (University of Sydney)
Iftekhar Hasan (Fordham University)
Stefano Manfredonia (Fordham University)
Ronald Masulis (University of New South Wales)
Eliza Wu (University of Sydney)

Encouraging Employee Engagement: The Role of Equity Pay

Alvin Chen (Stockholm School of Economics)

Session: Green Finance

Session Chair: Sadok El Ghoul (University of Alberta)

Green Neighbors, Greener Neighborhoods: Peer Effects in Residential Green Investments

Christine Zhuowei Huang (University of Texas-Dallas)

Discussant: Yang Yi

Green Expectations: Climate Change and Homeowner Valuation of Dwelling Sustainability

Milind Goel (London Business School)

Discussant: Sidharth Moktan (University of Alberta)

Oil-Driven Greenium

Shaojun Zhang (Ohio State University)
Zhan Shi (Tsinghua University)

Discussant: Robin Lee (University of Alberta)

Session: Investor Beliefs and Market Dynamics

Session Chair: Alexander David (University of Calgary)

Distorted Beliefs and Asset Prices

Aytek Malkhozov (McGill University)
Andrea Tamoni
Lorenzo Bretscher
Haoxi Yang

Learning and Subjective Beliefs About Good and Bad Inflation Ranges

Mohammad Ghaderi (University of Kansas)
Sang Byung Seo (University of Wisconsin-Madison)
Ivan Shaliastovich (University of Wisconsin-Madison)

Expected Return in Night and Day: Role of Trading Volume

Qi Fan (Singapore Management University)
Zhiheng He (Tsinghua University)
Dashan Huang (Singapore Management University)

Session: New Financial Structures and Their Consequences

Session Chair: Tetiana Davydiuk (Johns Hopkins University)

Private Equity in Public-Provider Markets: Operating Efficiency vs. Cream-Skimming

Cameron Ellis (University of Iowa)
Meghan Esson (University of Iowa)

Discussant: Abhinav Gupta (University of North Carolina-Chapel Hill)

PIK Now and Pay Later - How Deferred Interest Reshapes Private Credit

Paul Rintamäki (Aalto University)
Sascha Steffen (Frankfurt School of Finance and Management)

Discussant: James Albertus (Carnegie Mellon University)

Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission

Sharjil Haque (Federal Reserve Board of Governors)
Young Soo Jang (Pennsylvania State University)
Jessie Wang (Federal Reserve Board of Governors)

Discussant: Isha Agarwal (University of British Columbia)

Session: Ownership Structure and its Effect on Asset Prices

Session Chair: Neal Stoughton (University of Waterloo)

Passive Ownership and Corporate Bond Lending

Amit Goyal (University of Lausanne)
Yoshio Nozawa (University of Toronto)
Yancheng Qiu

Benign Granularity in Asset Markets

Alberto Teguia (University of British Columbia)
Sergey Glebkin (INSEAD)
Semyon Malamud

Institutional Ownership Concentration and Informational Efficiency

Yan Xiong (University of Hong Kong)
Liyan Yang (University of Toronto)

Session: Unintended Consequences of ESG Data and Reporting

Session Chair: Ambrus Kecskés (York University)

The Spillover of Corporate ES on Bank Loan Cost

Siti Farida (University of Birmingham)
Danmo Lin (University of Warwick)
Biao Yang (Shanghai Jiao Tong University)

Discussant: Ali Ahmadi (York University)

Mutual Fund ESG Window Dressing

Hui Chen (Massachusetts Institute of Technology)
Terrence (Tianshuo) Shi (Harvard University)
Zhen Shi (Georgia State University)
Leile Zhou (Northwestern University)

Discussant: Eric Wilson (Wilfrid Laurier University)

Mandatory Disclosure and ESG Initiative: Evidence from the Smaller Reporting Company Rule

Jewon Shin (Pennsylvania State University)

Discussant: Alison Taylor (Queen's University)

Session: Who is Trading?

Session Chair: Charles Martineau (University of Toronto)

Detecting Informed Trade by Corporate Insiders

Patrick Blonien (Carnegie Mellon University)
Alan Crane (Rice University)
Kevin Crotty (Rice University)

Discussant: Yoontae Jeon (McMaster University)

You can only lend what you own: Inferring daily institutional trading from security lending supply

Yashar Barardehi (Chapman University)
Zhi Da (University of Notre Dame)
Peter Dixon (Securities and Exchange Commission)
Junbo Wang (Louisiana State University)

Discussant: Dominik Roesch (State University of New York-Buffalo)

Data-Driven Measures of High-Frequency Trading

Gbenga Ibikunle (University of Edinburgh)
Ben Moews (University of Edinburgh)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)
Khaladdin Rzayev (University of Edinburgh)

Discussant: Saad Khan (HEC Montréal)

Session: Addressing Disparities in Financial Services

Session Chair: Isaac Hacamo (Indiana University)

Perceptions and Credit Access

Anya Kleymenova (Federal Reserve Board of Governors)
Abbie Smith (University of Chicago)
Rimmy Tomy (University of Chicago)

Discussant: Runjing Lu

Participation Spreads in Deposit Markets

Emilio Bisetti (Hong Kong University of Science & Technology)
Arkodipta Sarkar (National University of Singapore)

Discussant: Edward Kim

Shedding Light on Bias: Consumer Complaint Disclosure and Racial Equity in Financial Services

Xiang Li

Discussant: Marina Gertsberg

Session: Issues in Sustainable Finance

Session Chair: Lukas Roth (University of Alberta)

Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance

Luis Lopez (University of Illinois-Chicago)
Dermot Murphy (University of Illinois-Chicago)
Nitzan Tzur-Ilan (Federal Reserve Bank of Dallas)
Sean Wilkoff (University of Nevada-Reno)

Discussant: Sheng-Jun Xu (University of Alberta)

Infrastructure, Water Supply, and Firm Performance

Nora Pankratz (University of Toronto)

Discussant: Valeri Sokolovski (University of Alberta)

Sustainable Investing and Market Governance

Jan Starmans (Stockholm School of Economics)
Deeksha Gupta (Johns Hopkins University)
Alvin Chen (Stockholm School of Economics)

Discussant: Adelina Barbalau (University of Alberta)

Session: Mutual Fund Dynamics

Session Chair:

Contract Evaluation Horizon and Fund Performance

Jung Hoon Lee (Office of Financial Research)
Jayoung Nam (Southern Methodist University)
Veronika Pool (Vanderbilt University)
Feng Zhang (Southern Methodist University)

Asset Reclassification and Mutual Fund Flows

Veronika Pool (Vanderbilt University)
Alexey Vasilenko (Vanderbilt University)

Fund Family Dynamics: A Closer Look at Monitoring by Index and Active Funds

Abed El Karim Farroukh (Indiana University)
Jarrad Harford (University of Washington)

Session: Novel Predictors of Asset Returns

Session Chair: Andreas Stathopoulos (University of North Carolina-Chapel Hill)

Graph Machine Learning for Asset Pricing: Traversing the Supply Chain and Factor Zoo

Agostino Capponi (Columbia University)
Jose Sidaoui (Columbia University)
Jiacheng Zou (Columbia University)

Discussant: Joseph Bybee (University of Chicago)

Why does the Term Structure of Credit Spreads Predict Equity Returns?

Patrick Augustin (McGill University)
Jan Ericsson (McGill University)
Haohua Xu (McGill University)

Discussant: Yoshio Nozawa (University of Toronto)

El Niño Cycle and FX Returns

Joon Woo Bae (Case Western Reserve University)
David Ng (Cornell University)
Taehoon Lim (Hankuk University of Foreign Studies)
Lucio Sarno (Cambridge University)

Discussant: Shaojun Zhang (Ohio State University)

Session: Policy Ripple Effects

Session Chair: Yelena Larkin (York University)

Unintended Consequences of Diversity Regulations

Fan Zhang (Chinese University of Hong Kong)

Discussant: Andréanne Tremblay (Laval University)

The Consumption Response to Protectionism

Chen Lin (University of Hong Kong)
Hongyu Shan
Da Tian (Nankai University)

Discussant: Yelena Larkin (York University)

Wall and Wall Street

Tengjia Shu (University of Illinois-Chicago)
Wei Li (University of Iowa)
Erik Lie (University of Iowa)
Tong Yao (University of Iowa)

Discussant: Hernan Ortiz-Molina (University of British Columbia)

Session: Shareholder Power and Corporate Governance

Session Chair: Mohammad Rahaman (Saint Mary's University)

All Shareholder Votes Are Not Created Equal

Davidson Heath (University of Utah)
Da Huang (Northeastern University)
Chong Shu (University of Utah)

Ownership and Competition

Alessio Piccolo (Indiana University)
Jan Schneemeier (Michigan State University)

Discussant: James Thompson (University of Waterloo)

Protection for All? How Classified Boards Benefit Rank and File Employees Evidence from OSHA Safety Data

DAVID YIN (Miami University-Ohio)
Xiaoran Ni (Xiamen University)
Jin Xu

Discussant: Si Li (Wilfrid Laurier University)

Session: Technology's Impact on Firms, Labor, and Inequality

Session Chair: Nathalie Moyen (University of Colorado-Boulder)

Whispering Progress: Fear of Automation and Voluntary Disclosure

Jun Oh (Purdue University)
Guoman She (University of Hong Kong)

Discussant: Katie Moon (University of Colorado-Boulder)

Startup Employees' Career Paths: Evidence from Business Accelerators

Xiang Yin
Juanita Gonzalez-Uribe (London School of Economics and Political Science)
Santiago Reyes Ortega
Yufeng Wang (Tsinghua University)

Discussant: Eugene Tan

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

Carlos Burga (Pontificia Universidad Católica de Chile)
Jacelly Cespedes (University of Minnesota)
Carlos Parra (Pontificia Universidad Católica de Chile)
Bernardo Ricca (Insper Institute of Education and Research)

Discussant: Tamanna Singh Dubey

Session: Asset Managers' Incentives and their impact on Fund Risk and Performance

Session Chair: Veronika Pool (Vanderbilt University)

Investor Attention and Mutual Fund Performance

Yuri Tserlukevich (Arizona State University)
George Aragon (Arizona State University)
Jonthan Keen (Arizona State University)

Discussant: Stanislav Sokolinski (Michigan State University)

Tilting at Windmills: Biased Benchmarks and the Risk-Taking Response of Mutual Funds

Richard Evans (University of Virginia)
Hugh Kim (Wilfrid Laurier University)
Thomas Maurer (University of Hong Kong)

Discussant: Jayoung Nam (Southern Methodist University)

The Risk of Outsourcing: How External Advisors Influence Mutual Fund Performance

Jung Hoon Lee (Office of Financial Research)
Saurin Patel (University of Western Ontario)
Shyam Venkatesan (University of Western Ontario)

Discussant: Boone Bowles (Texas A&M University)

Session: Gathering Information and Forming Beleifs

Session Chair: Oliver Boguth (Arizona State University)

The Information in Option Strike Price Introductions

Hojoon Lee (Texas Christian University)

Discussant: Vincent Grégoire (HEC Montréal)

Social Interaction Intensity and Investor Behavior

Yaron Levi (University of Southern California)
David Hirshleifer (University of Southern California)
Michael Gelman (University of Delaware)
Liron Reiter-Gavish

Discussant: Valeria Fedyk (Arizona State University)

Does Soft Disagreement Matter? Who, How much, When, and Its Economic Channels

Hyung-Eun CHOI (NEOMA Business School)
Tuhin Harit (University of Texas-Dallas)
Pil-Seng Lee (Baylor University)

Discussant: Anna Scherbina (Brandeis University)

Session: How Does Monetary Policy Affect Markets?

Session Chair: Lorenzo Garlappi (University of British Columbia)

Breaking the Trilemma: Seigniorage and Endogenous Remittances

Xuan Wang (Vrije Universiteit Amsterdam)
Remco Zwinkels (Vrije Universiteit Amsterdam)

Discussant: Michael Gallmeyer (University of Virginia)

What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission?

Chuck Fang (Drexel University)
Kairong Xiao (Columbia University)

Discussant: Isha Agarwal (University of British Columbia)

Monetary Policy Transmission through Housing Duration: Evidence from Reaching-for-Income Investors

Gen Li (University of British Columbia)

Discussant: Marco Giacoletti (University of Southern California)

Session: Managerial Communication and Market Outcomes

Session Chair:

Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market

Jie Cao (Hong Kong Polytechnic University)
Gang Li (Chinese University of Hong Kong)
Russ Wermers (University of Maryland)
Xintong Zhan (Fudan University)
Linyu Zhou (Central University of Finance and Economics)

Harnessing Generative AI for Economic Insights

Manish Jha (Georgia State University)
Jialin Qian (Georgia State University)
Michael Weber (University of Chicago)
Baozhong Yang (Georgia State University)

ChatGPT and Corporate Policies

Manish Jha (Georgia State University)
Jialin Qian (Georgia State University)
Baozhong Yang (Georgia State University)
Michael Weber (University of Chicago)

Session: Mortgage Market Risks and Regulatory Impacts

Session Chair:

Cost Pass-Through and Mortgage Credit: The Case of Guarantee Fees

Ankit Kalda (Indiana University)
Charles Pearson (University of Florida)
David Sovich (University of Kentucky)

Forbearance and the Cost of Credit

Pedro Gete
Andrey Pavlov (Simon Fraser University)
Athena Tsouderou
Susan Wachter

Mortgage Put-Back Risk and Lender Market Power in Refinancing

Phoebe Tian (Bank of Canada)
Chen Zheng (The Brattle Group)

Session: Navigating Private Capital

Session Chair: Gabriel Power (Laval University)

What Do Early Stage Investors Ask? An LLM Analysis of Expert Calls

Victor Lyonnet (University of Michigan)
Amin Shams (Ohio State University)
Shaojun Zhang (Ohio State University)

Discussant: Katrin Tinn (McGill University)

Tyranny of the Personal Network: The Limits of Arm's Length Fundraising in Venture Capital

Sabrina Howell (New York University)
Dean Parker (New York University)
Ting Xu (University of Toronto)

Discussant: Qianqian Du

Spreading Sunshine in Private Equity: Financial Intermediation and Regulatory Oversight

Yingxiang Li (City University of Hong Kong)

Discussant: Harshit Rajaiya (School of Management University of Ottawa)

Session: The Evolving Landscape of Digital Markets and Entrepreneurship

Session Chair: Sheng-Jun Xu (University of Alberta)

Gatekeepers and Kingmakers: Do Superplatforms Distort Digital Competition?

Umit Gurun (University of Texas-Dallas)
Zheng Liu (University of Texas-Dallas)
Steven Xiao (University of Texas-Dallas)

Discussant: Jun Chen (University of Illinois-Chicago)

Entrepreneurial Spawning from Remote Work

Alan Kwan
Ben Matthies (University of Notre Dame)
Richard Townsend (University of California-San Diego)
Ting Xu (University of Toronto)

Discussant: Valentina Rutigliano (University of British Columbia)

The "Great Reshuffling" and Entrepreneurship

Matthew Denes (Carnegie Mellon University)
Spyridon Lagaras (University of Illinois-Urbana-Champaign)
Margarita Tsoutsoura (Washington University-St. Louis)

Discussant: Jiajie Xu (University of Iowa)