Session: Artificial Intelligence

Session Chair: Vincent Grégoire (HEC Montréal)

AI Masquerade: Hiding Employee Expansion in the AI Era

Dongryeol Lee (Nanyang Technological University)

Discussant: Christoph Schiller (Ohio State University)

When AI Meets Entrepreneurship: Evidence from the Commercialization of ChatGPT

Edoardo Marchesi (University of Chicago)

Discussant: Philippe d'Astous (HEC Montréal)

AI Product Displacement Risk

Renping Li (Washington University-St. Louis)

Discussant: Sheng-Jun Xu (University of Alberta)

Session: Asset Pricing, Theory 1 - Information

Session Chair: Katrin Tinn (McGill University)

Pricing News and No News with Heterogeneous Beliefs

Brandon Yueyang Han (University of Maryland)
Can Gao (Goethe University Frankfurt)

Discussant: Anthony Sanford (HEC Montréal)

When Can Positive Return Autocorrelation Arise in Rational Expectations Models?

Wen Chen (Texas Tech University)
Albert Kyle (University of Maryland)
Yajun Wang (City University of New York)

Informational Efficiency and Asset Prices in Large Markets

Georgy Chabakauri (London School of Economics and Political Science)

Discussant: Thomas Ernst (University of Maryland)

Session: Identifying Real Effects

Session Chair: Shaojun Zhang (Ohio State University)

Culling the Factor Zoo

Gurdip Bakshi (Temple University)
Tim Christensen (Yale University)
John Crosby (Old Dominion University)
Xiaohui Gao (Temple University)

Discussant: Yuhan Song (HEC Montréal)

The Cross-Sectional Intercept in Asset Pricing Tests

Alex Horenstein (University of Miami)
Paulo Maio (Hanken School of Economics)

Discussant: Borel Ahonon (Laval University)

Publication Bias and Multiple Testing in Reused Natural Experiments

Matthew Ringgenberg (University of Utah)
Mehrdad Samadi (Rutgers University)

Discussant: Sofonias Alemu Korsaye (Johns Hopkins University)

Session: PhD Session 1 - Anomalies and Retail Investors' Behavior

Session Chair: Lisa Kramer (University of Toronto)

When ChatGPT Stops Talking: GenAI-induced Retail Herding and Systematic Risk

Xiaoxue He (Lancaster University)

Discussant: Dexin Zhou (City University of New York)

Mixed Messages: Strategic Tonal Inconsistency and Recovery of the PEAD Anomaly

Elham Tabatabaei (York University)

Discussant: Charles Martineau (University of Toronto)

Fresh Data, Stale Signals: The Staleness Trap in Market Anomalies

Hanjun Kim (University of Utah)

Discussant: Tarun Chordia (Emory University)

Session: Racial Disparities

Session Chair: Emmanuel Yimfor

Artificial Intelligence and the Racial Gap in Mortgage Lending

Yongqiang Chu (University of North Carolina - Charlotte)
Jing He (Renmin University of China)
Leiju Qiu (Central University of Finance and Economics)
Daxuan Zhao (Renmin University of China)

Discussant: Donald Bowen (Lehigh University)

Partisan Loan Officers and the Racial Gap in Mortgage Lending

Yongqiang Chu (University of North Carolina - Charlotte)

Discussant: Iris Wang (McMaster University)

Denied: Racial Disparities in Insurance Claims

Pulak Ghosh (Indian Insitute of Management-Bangalore)
Ankit Kalda (Indiana University)
AVANTIKA PAL (University of Illinois-Urbana-Champaign)
Vikas Soni (University of South Florida)

Discussant: Joy Tong (University of Western Ontario)

Session: Asset Pricing - Beliefs and Sentiment

Session Chair: Lei Lu (University of Manitoba)

Index Investing and Sentiment Spillover

Adem Atmaz (Purdue University)

Discussant: Lei Lu (University of Manitoba)

Present Bias and Discount Rate Risk

Lars Lochstoer (University of California-Los Angeles)
Stig Lundeby (BI Norwegian Business School)
Zhaneta Tancheva (BI Norwegian Business School)

Discussant: Shyam Venkatesan (University of Western Ontario)

Market Dynamics of Risk-On and Risk-Off Incentives and Equilibrium Asset Prices

Idan Hodor (Monash University)
Fernando Zapatero (Boston University)

Discussant: Anisha Ghosh (McGill University)

Session: Crime, Law and Incentives

Session Chair: Jan Ericsson (McGill University)

Collateral Law and Enforcement Risk: Evidence from Native American Reservations

Leo Leitzinger (Cambridge University)

How Do Debt Collection Restrictions Affect Hospitals and Patients?

Christine Zhuowei Huang (University of Texas-Dallas)
Amit Kumar (Singapore Management University)
Lynn Linghuan Wang (Hong Kong University of Science & Technology)

Death of a Salesman's Manager: Conflicted Supervision and the Dark Side of Soft Information

Stephen Dimmock (National University of Singapore)
Jesse Ellis (North Carolina State University)
William Gerken (University of Kentucky)

Session: Empirical Asset Pricing - Anomalies

Session Chair: Mark Kamstra (York University)

Systematic Reversal and Industry Momentum

Cheng Gao (Soochow University)
Sophia Zhengzi Li (Rutgers University)
Peixuan Yuan (Renmin University of China)
Guofu Zhou (Washington University-St. Louis)

Discussant: Shaojun Zhang (Ohio State University)

Out-of-Sample Alphas Post-Publication

Andrei Goncalves
Johnathan Loudis (University of Notre Dame)
Richard Ogden (Rowan University)

Discussant: Xiaolu Wang (Iowa State University)

Presidential Cycles in PEAD

Zhi Da (University of Notre Dame)
Liyao Wang
Ming Zeng (University of Gothenburg)

Discussant: Anna Scherbina (Brandeis University)

Session: Green Premium

Session Chair: Alison Taylor (Queen's University)

The Green Transition: Evidence from Corporate Green Revenues

Pedro Matos (University of Virginia)
Johannes Klausmann (University of Virginia)
Philipp Krueger (University of Geneva)

Discussant: Daniel Kim (University of Waterloo)

In Search of the Causal Greenium

Alexander Pasler (Vienna University of Economics and Business)
Moritz Rodenkirchen (Vienna University of Economics and Business)
Patrick Weiss

Discussant: Nora Pankratz (University of Toronto)

Belief Dispersions, Climate Risks and Returns on Sustainable Investing

Mohammadhossein Lashkaripour (University of Victoria)
Yrjo Koskinen (University of Calgary)

Discussant: Sebastien Betermier (McGill University)

Session: Shareholders' Voice

Session Chair: Paul Calluzzo (Queen's University)

Information and Preferences in Shareholder Voting

John Barry (Rice University)

Discussant: Evan Dudley (Queen's University)

The Proxy Voting Choice Revolution

Tao Li (University of Florida)
Zikui Pan (University of Florida)

Discussant: Pouyan Foroughi (York University)

Do Repurchases Facilitate Shareholder Exit? Evidence from CEO Pay Ratio Disclosure

Alice Bonaime (University of Arizona)
Amedeo Decesari (University of Manchester)
Yue Feng (University of Science and Technology of China)
Konstantinos Stathopoulos (University of Manchester)

Discussant: Ali Akyol (School of Management University of Ottawa)

Session: Asset Pricing - Empirical

Session Chair: Sebastien Betermier (McGill University)

Conditional Expected Returns on Individual Stocks with and without Intertemporal Hedging

Fousseni Chabi-Yo (University of Massachusetts-Amherst)
Gang Li (Chinese University of Hong Kong)

Discussant: Steffen Hitzemann (University of Houston)

Co-searching for Alpha

Dora Horstman (North Carolina State University)
Boone Bowles (Texas A&M University)
Xiaan Zhou (Texas A&M University)

Discussant: Paul Calluzzo (Queen's University)

Cross-sectional evidence on the equity term structure

Dominik Walter (University of Konstanz)
Ruediger Weber (Vienna University of Economics and Business)

Discussant: Yoshio Nozawa (University of Toronto)

Session: Climate and Green Finance

Session Chair: Rui Dai (University of Pennsylvania)

Environmental Certainty and Homeowner Investment: Evidence from Conservation Easements

Golnaz Bahrami (Pennsylvania State University)
Matthew Gustafson (Pennsylvania State University)
Eva Steiner (Pennsylvania State University)

Discussant: Keke Song (University of Melbourne)

Green Waste

Tom Meling

Discussant: Jingyu Zhang (Queen's University)

Government-Funded Green Banks: Catalysts for the Green Transition

Claudio Rizzi (University of Miami)
Simon Xu (Harvard University)
Paul Yoo (American University)

Discussant: Rui Duan (McMaster University)

Session: Debt - Leveraged Loans and Private Credit

Session Chair: Isha Agarwal (University of British Columbia)

Relationship Nonbankers

Franz Hinzen (Dartmouth College)
Maximilian Jager (Frankfurt School of Finance and Management)

Discussant: Francesco Beraldi (Duke University)

Funding Frictions and Private Credit Prices

huasheng nie (University of California-Los Angeles)

Discussant: Tetiana Davydiuk (Johns Hopkins University)

Private Credit and the Tailoring of Loan Contracts

Francesco Beraldi (Duke University)
Ali Uppal (Imperial College London)
Melanie Wallskog (Duke University)

Discussant: Chuck Fang (Drexel University)

Session: Derivatives and Currencies

Session Chair: Tolga Cenesizoglu (HEC Montréal)

Triangular Pure Parity Deviations

Benjamin Karner (Johannes Kepler Universitaet - Linz)
Ljubica Georgievska (New York University)
Olav Syrstad (Norges Bank)

Discussant: Christian Dorion (HEC Montréal)

Option-Implied Local Currency Credit Spreads

Patrick Augustin (McGill University)
Alexandre Jeanneret (University of New South Wales)
Ella Patelli (University of British Columbia)
Jose Manuel Sanchez Martinez (McGill University)

Discussant: Mehmet Ozsoy (Concordia University)

The Cost of Leverage: Evidence from Swaps

Pekka Honkanen (University of Georgia)

Discussant: Piotr Orłowski (HEC Montréal)

Session: Household Finance 1 - Beliefs and Experiments

Session Chair: Chi Liao (University of Manitoba)

Does Paying for Data Change Investment Decisions?

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

Discussant: Tony Fan (Lehigh University)

Higher-Order Beliefs and Risky Asset Holdings

Xiao Yin (University College London)

Discussant: Irina Gemmo (HEC Montréal)

Uncertain Uncertainty

Richard Sias (University of Arizona)
Laura Starks (University of Texas-Austin)
Harry Turtle (Colorado State University)

Discussant: Oksana Smirnova (London Business School)

Session: Insiders, Incentives and Bankruptcy Law

Session Chair: Kee-Hong Bae (York University)

Misaligned Owners: A Dark Side of Insider Ownership

Hwanki Brian Kim (Baylor University)
Mathias Kronlund (University of Illinois)

Discussant: Yelena Larkin (York University)

Disclosing Share Repurchases More Frequently?

Mao Ye
Feng Zhang (Southern Methodist University)
Jason Zou (Cornell University)

Discussant: Hamdi Driss (Saint Mary's University)

GLOBAL INSOLVENCY AND CROSS-BORDER CAPITAL FLOWS

Wei Wang (Queen's University)
Yeejin Jang (University of New South Wales)
Ji Hyun Tak (University of Manchester)

Session: International Diversification

Session Chair: Colin Ward (University of Alberta)

Institutional Investment and International Risk-sharing

Lucie Lu (University of Melbourne)

Discussant: Steven Riddiough (University of Toronto)

International Investing: Diversification and Beyond

Soohun Kim (KAIST)
Robert Korajczyk (Northwestern University)
Andreas Neuhierl (University of Notre Dame)

Discussant: Aytek Malkhozov (McGill University)

Financial Integration and the Equity Term Structure: Insights from 150 Years of UK Data

Jan Sandoval (Tilburg University)
Jens Kvaerner (Tilburg University)
Ole Wilms

Discussant: Mariana Khapko (University of Toronto)

Session: Market Microstructure

Session Chair: David Cimon (Bank of Canada)

Cross-Insider Trading

Shiyang Huang (University of Hong Kong)
Pulak Ghosh (Indian Insitute of Management-Bangalore)

Discussant: Vincent Grégoire (HEC Montréal)

Market Quality of Informed Trades

Wansoo Choi (State University of New York-Buffalo)
Juha Joenväärä
Dominik Roesch (State University of New York-Buffalo)
Cristian Tiu (State University of New York-Buffalo)

Discussant: Eric Wilson (Wilfrid Laurier University)

Multimarket Contact and the Cost of Trading Corporate Bonds

Marco Grotteria (London Business School)
Ruslan Sverchkov (University of Warwick)
Ram Yamarthy (Federal Reserve Board of Governors)

Discussant: Sebastien Plante (University of Wisconsin-Madison)

Session: AI and Finance

Session Chair: Si Li (Wilfrid Laurier University)

Can LLMs Discover Novel Economic Theories?

Alejandro Lopez-Lira (University of Florida)
Sina Seyfi (Wilfrid Laurier University)
Yuehua Tang (University of Florida)

Discussant: Mohamed Al Guindy (Carleton University)

Market Feedback about Emerging Technologies

Sean Cao (University of Maryland)
Itay Goldstein (University of Pennsylvania)
Jie He (University of Georgia)
Yabo Zhao (Chinese University of Hong Kong-Shenzhen)

Discussant: Miao Liu (Boston College)

Beyond Bias: AI as a Proxy Advisor

Choonsik Lee (University of Rhode Island)
Matthew Souther (University of South Carolina)

Discussant: Ruben Fernandez-Fuertes (Bocconi University)

Session: Asset Management

Session Chair: Aleksandra Rzeznik (York University)

Hedge Fund Value Creation

David Ardia (HEC Montréal)
Laurent Barras (University of Luxembourg)

Discussant: Rüdiger Weber (Goethe University Frankfurt)

Target Allocation Funds, Strategic Complementarities, and Cross-Market Fragility”

Chuck Fang (Drexel University)
Itay Goldstein (University of Pennsylvania)

Discussant: David Schumacher (McGill University)

The Geography of Savings Opportunities in Retirement Plans

Irina Stefanescu (Federal Reserve Board of Governors)
Clemens Sialm (University of Texas-Austin)
Veronika Pool (Vanderbilt University)
Hanjiang Zhang (Washington State University)

Discussant: Nicholas Zarra (Federal Reserve Board of Governors)

Session: Debt - Lending Relationships and Contracting

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

Boards as Contracting Intermediaries: Evidence from Board-Interlocking Firms in the Credit Market

Chang Suk Bae (California State University-Northridge)

Discussant: Peter Haslag (Vanderbilt University)

Credit Lines as Commited Liquidity in Corporate Takeovers

TRANG VU (Virginia Tech)

Discussant: Paul Beaumont (McGill University)

Specialization Enables Diversification: Country Expertise and the Structure of Loan Syndicate

Jay Hyun (University of Alberta)
Luca Lin (State University of New York-Buffalo)

Discussant: Leslie Sheng Shen (Federal Reserve Bank of Boston)

Session: Empirical Asset Pricing - Inelastic Markets and Demand-Based Asset Pricing

Session Chair: Burton Hollifield (Carnegie Mellon University)

The Inelastic Investors: Passive Demand and the Reshaping of Stock Prices

Pouya Behmaram (University of Quebec at Montreal)

Discussant: David Chapman (University of Virginia)

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

Lubos Pastor (University of Chicago)
Taisiya Sikorskaya (University of Chicago)
Jinrui Wang (University of Chicago)

Discussant: Sebastien Betermier (McGill University)

Erasing Alpha

Andrea Tamoni (University of Notre Dame)
Stanislav Sokolinski (Michigan State University)
Carter Davis (Ohio State University)
Xiao Han

Discussant: Michael Gallmeyer (University of Virginia)

Session: Innovation

Session Chair: Jan Bena (University of British Columbia)

Inventor Performance Pressure and Opportunistic Innovation Management

Tao Shu (Chinese University of Hong Kong-Shenzhen)
Xiangqian Huang (Chinese University of Hong Kong-Shenzhen)
Xuan Tian (Tsinghua University)

Discussant: Jing Xue (Georgia State University)

Information and Innovation: Evidence From Railroad Expansion in the Nineteenth Century

Shuting Li

Discussant: Leo Liu (University of Technology Sydney)

Coveting your neighbor’s worker: IPOs, talent reallocation, and innovation

Cyrus Aghamolla (University of Minnesota)
Minjia Li (University of Alberta)
Richard Thakor (University of Minnesota)

Discussant: Joanna Wang

Session: Minorities

Session Chair: Wenting Ma (University of Massachusetts-Amherst)

Bachelorette’s Degree: Financial Shocks and the Gender Performance Gap

Jess Cornaggia (Pennsylvania State University)
Kimberly Cornaggia (Pennsylvania State University)
Han Xia (University of Texas-Dallas)

Discussant: Menaka Hampole (Yale University)

Biased Promotions

Daniel Ferreira (London School of Economics and Political Science)
Radoslawa Nikolowa (Queen Mary University of London)
Elena Pikulina (University of British Columbia)

Discussant: Ilona Babenko (Arizona State University)

Partisan Inequality in Property Tax Assessments: A Fiscal Burden on Political Minorities

Qianfan Wu (Indiana University)
Ankit Kalda (Indiana University)
Vikas Soni (University of South Florida)

Discussant: W Ben McCartney (University of Virginia)

Session: Options

Session Chair: Patrick Augustin (McGill University)

What is the Role of the Options Market? Evidence from Newly Public Companies

Thomas Chemmanur (Boston College)
Chayawat Ornthanalai (University of Toronto)
Xiang Zheng (University of Connecticut)

Discussant: Jefferson Duarte (Rice University)

Investment Targets as Reference Points

Aleksi Pitkäjärvi (Vrije Universiteit Amsterdam)
Matteo Vacca (Hanken School of Economics)
Petra Vokata (Ohio State University)

Discussant: Ilias Filippou (Florida State University)

Systematic Variance Risk Everywhere in Equity Option Markets

Alex Dickerson (University of New South Wales)
Mathieu Fournier (University of New South Wales)
Kris Jacobs (University of Houston)
Piotr Orłowski (HEC Montréal)

Discussant: Xuhui Nick Pan (University of Oklahoma)

Session: PhD Session 2 - Financial Institutions

Session Chair: Simon Gervais (Duke University)

Breaching the Chinese Wall: Cross-Market Information Flow Following Financial Institution Mergers

Ehsan Mahdikhani (Stockholm School of Economics)

Discussant: Isha Agarwal (University of British Columbia)

Distorted by Design: Size-Dependent Guarantees and Capital Misallocation

Dongcheng Yang (Columbia University)

Discussant: Tom Meling

Interdependence of Bank Run Risk and Interest Rate Risk

Debosmita Chatterjee (City University of London)

Discussant: Debosmita Chatterjee (City University of London)

Session: (Social) Media

Session Chair: Charles Martineau (University of Toronto)

Newspaper Closures and Trading in Local Stocks

Peter Cziraki (Texas A&M University)
Jasmin Gider (Tilburg University)

Discussant: Eitan Goldman (Indiana University)

Beyond the Fundamentals: Cross-Country Media Narrative Dispersion and Global Capital Flows

Isha Agarwal (University of British Columbia)
Wentong Chen (Santa Clara University)
Eswar Prasad (Cornell University)

Discussant: Chukwuma Dim (George Washington University)

Earnings Calls and Echo Chambers: Evidence from the Introduction of Livestreaming on StockTwits

Clifton Green (Emory University)
STANIMIR MARKOV
Jedson Pinto (University of Texas-Dallas)

Discussant: Runjing Lu (University of Toronto)

Session: Analysts and Earnings Calls

Session Chair: Anya Mkrtchyan (University of Massachusetts-Amherst)

What Makes a Star Analyst? Evidence on Industry Expertise from 1.2 Million Analyst Reports

Alejandro Lopez-Lira (University of Florida)
Yuehua Tang (University of Florida)
YUAN WANG (University of Florida)
Mingyin Zhu (University of Florida)

Discussant: Fei Xie (University of Delaware)

Forecasting in a Polarized World: The Role of Political Disagreement in Analyst Forecasts and Information Production

Ran Duchin (Boston College)
Dongryeol Lee (Nanyang Technological University)

Discussant: Tim Loughran (University of Notre Dame)

Dissecting Inconsistencies in Corporate Disclosures: Evidence from Public and Private Earnings Calls

Shangrong Jiang
Chen Lin (University of Hong Kong)
Yutong Sun
Mingzhu Tai (University of Hong Kong)

Discussant: Alan Zhang (Iowa State University)

Session: Asset Pricing - Macro-Finance

Session Chair: Miguel Palacios (University of Calgary)

Technological Innovation and Bursting Bubbles

Alexis Akira Toda (Emory University)

Discussant: Dejanir Silva (University of Illinois-Urbana-Champaign)

Inventories, Macroeconomic Risk, and the Cross-Section of Stock Returns

Kane Bae (University of Toronto)
Jincheng Tong (University of Toronto)
Alexandre Corhay (University of Toronto)

Discussant: Fotis Grigoris (University of Iowa)

Macroeconomic Announcements and the Repricing of Earnings Risk

Leyla Jianyu Han (Boston University)
Ella Patelli (University of British Columbia)

Discussant: Zohair Alam (McMaster University)

Session: Banking: Deposit Insurance and Emergency Lending

Session Chair: Issouf Soumare (Laval University)

Deposit Insurance for Wholesale Creditors: The Role of Liquidity Injection

Shen Lin
Chong Huang (University of California-Irvine)
Junyuan Zou (INSEAD)

Discussant: Nicolas A Inostroza (University of Toronto)

Bank Fragility, Lender of Last Resort, and Liquidity Regulation

Kartik Anand (Deutsche Bundesbank)
Toni Ahnert (European Central Bank)

Discussant: Adelina Barbalau (University of Alberta)

Emergency Lending and Moral Hazard

John Kandrac (Federal Reserve Board of Governors)
Bernd Schlusche (Federal Reserve Board of Governors)

Discussant: Dalida Kadyrzhanova (Federal Reserve Board of Governors)

Session: Debt - Corporate Debt and Default Risk

Session Chair: Luca Lin (State University of New York-Buffalo)

Maturity Walls

Philip Coyle (Study Center Gerzensee)

Discussant: Taeuk Seo (Laval University)

The Curse of Seniority: Debt Priority and Inefficient Liquidation

Jingxiong Hu (University of Warwick)
Chao Ying (Chinese University of Hong Kong)

Discussant: Thomas Geelen (Pennsylvania State University)

(Mis)Measurement of Long-Horizon Default Risk: Debt Dynamics in Structural Models

Dirk Hackbarth (Boston University)
Sohnke Bartram (University of Warwick)

Discussant: Jan Ericsson (McGill University)

Session: Governance

Session Chair: Yan Wang (McMaster University)

Discretionary Adjustments in Relative Performance Awards

Swaminathan Kalpathy (Texas Christian University)
John Bizjak (Texas Christian University)
Jue Ren (Texas Christian University)

Discussant: Lalitha Naveen (Temple University)

Valuation, Hiring, and Creative Selection

Thummim Cho (Korea University Business School)
Dongryeol Lee (Nanyang Technological University)

Discussant: Wenting Ma (University of Massachusetts-Amherst)

Executive Mobility in the United States, 1920-2023

John Barry (Rice University)
Hyunseob Kim (Federal Reserve Bank of Chicago)
John Graham (Duke University)

Discussant: Iris Wang (McMaster University)

Session: Investments - Portfolio Choice

Session Chair: Stéphane Chrétien (Laval University)

Portfolio Choice with Target Horizon

Poorya Mehrabinia (University of Arizona)

SDF-Based Portfolio Choice

Jaffe Greenwald (University of Arizona)
Richard Priestley (BI Norwegian Business School)
Kevin Schneider

Discussant: Timothy Simin (Pennsylvania State University)

The Two-System View of Cognition and Investor Choice

Kai Li (University of British Columbia)
Yang Song (University of Washington)
Nianhang Xu (Renmin University of China)
Chunyu Zu (Renmin University of China)

Discussant: Mark Kamstra (York University)

Session: Sustainable Finance

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

Effects of Anti-ESG Legislation: Evidence from the Mutual Fund Industry

Anna Rozhkova (University of Queensland)

Discussant: Alison Taylor (Queen's University)

The Cost of Net Zero

Jess Cornaggia (Pennsylvania State University)
Peter Iliev (Pennsylvania State University)

Discussant: Cong (Roman) Wang (Texas Tech University)

Who Labels and What’s Priced? Evidence from Third-Party ESG Assessments in the Municipal Bond Market

Daniel Garrett (University of Pennsylvania)

Discussant: Shiu-Yik Au (University of Manitoba)

Session: Banking Regulation and Housing Credit

Session Chair: Erkan Yonder (Concordia University)

Credit Crunch in Housing under Regulation Q

Pauline Liang (Georgia Institute of Technology)

Discussant: Amine Ouazad (HEC Montréal)

Bank Regulation, Construction Financing, and the Supply of New Housing

Sheridan Titman (University of Texas-Austin)
Deheng Xu (Chinese University of Hong Kong)
Yiyuan Zhang (University of Texas-Austin)

Discussant: Serdar Dinc (Rutgers University)

Under Regulatory Pressure: Bank Stress Tests and Housing Prices

Lily Yuanzhi Li (Villanova University)
Raluca Roman (Federal Reserve Bank of Philadelphia)
John Sedunov (Villanova University)

Discussant: Joseph Nichols (Federal Reserve Board of Governors)

Session: Bonds

Session Chair: Christina Atanasova (Simon Fraser University)

Same Same But Different: The Risk Profile of Corporate Bond ETFs

Marcel Müller (Karlsruhe Institute of Technology)
Johannes Dinger (Karlsruhe Institute of Technology)
Aleksandra Rzeznik (York University)
Marliese Uhrig-Homburg (Karlsruhe Institute of Technology)

Discussant: Benjamin Schneider (HEC Montréal)

Multi-Security Complexity and Selective Pass-Through in Corporate Bonds

Gi Kim (University of Warwick)
Massimo Massa (INSEAD)

Discussant: Madhu Kalimipalli (Wilfrid Laurier University)

Investor Sophistication and Municipal Underwriting

John Hund (University of Georgia)
Christian Lundblad (University of North Carolina-Chapel Hill)
Giang Nguyen (Pennsylvania State University)

Discussant: Michael Bourdeau-Brien (Laval University)

Session: Debt - Repo and Funding Markets

Session Chair: Andreas Uthemann (Bank of Canada)

A Preferred-Habitat Model of Term Structure with Dealer Market Power

Xuhui Chen (University of British Columbia)

Discussant: Andreas Uthemann (Bank of Canada)

Repo Collateral Reuse and Liquidity Windfalls

Georgios Angelis Alexiou (Goethe University Frankfurt)

Discussant: Evan Dudley (Queen's University)

Inelastic Demand and Elastic Supply: Pricing in the Repo Market

Loriana Pelizzon (Goethe University Frankfurt)
Andrea Poinelli (Deutsche Bundesbank)
Davide Tomio (Texas A&M University)
Benoit NGUYEN (Banque de France)

Discussant: Jonathan Witmer (Bank of Canada)

Session: Investments - Individual Behavior

Session Chair: Anna Scherbina (Brandeis University)

Informational Advantage of the Wealthy

Sumit Agarwal (National University of Singapore)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Poorya Kabir (National University of Singapore)

Discussant: Joseph Chen (University of California-Davis)

Uncertainty After Dark:Evidence from 19 Million Nights of Sleep

Fotis Grigoris (University of Iowa)
Gill Segal (University of North Carolina-Chapel Hill)
Chao Ying (Chinese University of Hong Kong)

Discussant: Yawen Jiao (University of California-Riverside)

Eliciting Stopping Times

Sebastian Ebert
Maximilian Voigt (HEC Montréal)

Discussant: Alexander David (University of Calgary)

Session: M&A

Session Chair: Hosein Maleki (Rutgers University)

Discerning Acquirer Value from M&A Transcripts

Charles Cao (Pennsylvania State University)
Matthew Gustafson (Pennsylvania State University)
Jewon Shin (Pennsylvania State University)
Wei Wang (Chinese University of Hong Kong)

The Outsized Role of Tax Havens in Mergers and Acquisitions

Jean-Marie Meier (University of Texas-Dallas)
Jake Smith (University of Texas-Dallas)
Christoph Schneider (University of Muenster)

Open Banking and Bank M&A Activity: Global Evidence

Hanyun Ding (University of Sydney)
ya liu (University of Sydney)
Buhui Qiu (University of Sydney)
Eliza Wu (University of Sydney)

Session: Politics

Session Chair: Runjing Lu (University of Toronto)

The Pricing of Geopolitical Tensions over a Century

Andrei Goncalves
Alessandro Melone (Ohio State University)
Andrea Ricciardi (Ohio State University)

Discussant: Diego Garcia (University of Colorado-Boulder)

Do Politicians Profit from Real Estate?

Markus Baldauf (University of British Columbia)
Jack Favilukis (University of British Columbia)
Lorenzo Garlappi (University of British Columbia)
Keling Zheng

Discussant: W Ben McCartney (University of Virginia)

Where to Hire? Political Alignment and Internal Labor Allocation

Wanyi Wang (Babson College)
Linghang Zeng (Babson College)

Discussant: Candace Jens (Syracuse University)

Session: Securities Lending

Session Chair: Eric Wilson (Wilfrid Laurier University)

I Don’t Recall: Information and the Governance Tradeoffs in Securities Lending

George Nurisso (University of Florida)

Discussant: Pekka Honkanen (University of Georgia)

ETF Loan Market: Causes and Consequences of High ETFs Lending Fees

Linda Du (Carnegie Mellon University)
Egemen Genc (University of Illinois-Chicago)
Wuyang Zhao (University of Toronto)

Discussant: Valeri Sokolovski (University of Alberta)

Securities Lending Dynamics and Primary Market Allocation in Corporate Bond Offerings

Huu Duong (Monash University)
George Baihan Wang (Monash University)

Discussant: Yoshio Nozawa (University of Toronto)

Session: Size Matters: Financing Choices and the Organization of the Firm

Session Chair: Pascal Francois (HEC Montréal)

The Optimal Size, Financing and Personal Liability of Professional Partnerships

Shiqi Chen (Lancaster University)
Bart Lambrecht (Cambridge University)

Discussant: Nicolas Legendre (HEC Montréal)

Financing small investments

Pierre Chaigneau (Queen's University)
Alex Edmans (London Business School)
Daniel Gottlieb (London School of Economics and Political Science)

Discussant: Alejandro Rivera (University of Texas-Dallas)

Private Equity and the Organization of Firms

Xiang Yin (Tsinghua University)
Stefan Weik (University of St. Gallen)
Stefan Obernberger (Erasmus University)

Discussant: Feng Jiang

Session: Venture Capital and Private Equity

Session Chair: Harshit Rajaiya (School of Management University of Ottawa)

Cash or Stock? Agency Frictions in Venture Capital Distributions

Minmo Gahng (Cornell University)

Discussant: Debarshi Nandy (Brandeis University)

Does Fund Size Affect Private Equity Performance? Evidence from Donation Inflows to Private Universities

Abhishek Bhardwaj (Tulane University)
Abhinav Gupta (University of North Carolina-Chapel Hill)
Sabrina Howell (New York University)
Kyle Zimmerschied (University of Arkansas)

Discussant: Jiajie Xu (University of Iowa)

The Impact of Monetary Policy on Venture Capital Finance

Jose Carlos Abreu (Fundação Getúlio Vargas)
EDUARDO MARINHO (Pontifícia Universidade Católica do Rio de Janeiro)
Sebastiao Oliveira (University of Illinois-Urbana-Champaign)

Discussant: Katrin Tinn (McGill University)

Session: (De)Regulation

Session Chair: Pouyan Foroughi (York University)

Contagious Deregulation

Jakub Hajda (HEC Montréal)
Joseph Kalmenovitz (University of Rochester)
Billy Xu (University of Rochester)

Discussant: Anya Mkrtchyan (University of Massachusetts-Amherst)

Fake Entry

Jin Xie

Discussant: Sahil Raina (University of Alberta)

The Option Value of Public Liquidity: Evidence from Regional Collateral Policies

Matthieu Chavaz
Jennifer Dlugosz (Federal Reserve Board of Governors)

Discussant: Ali Ahmadi (York University)

Session: Banking - Bank Failure and Deposit Funding

Session Chair: Hélyoth Hessou (Université de Sherbrooke)

When Banks Fail: Depositor Attention and the Cost of Funding for Survivors

Brian Jonghwan Lee (Emory University)
Stefan Walz (Boston College)

Discussant: Josef Schroth (Bank of Canada)

The Boundaries of the Farm and the Death of Small Banks

Asli Uyanik (Rice University)

Discussant: Keling Zheng

The Declining Role of Deposits in Credit Creation

Naz Koont (Stanford University)
Stefan Walz (Boston College)

Discussant: Silvio Petriconi (Bocconi University)

Session: Consumer Finance and Financial Inclusion

Session Chair: Tetyana Balyuk (Emory University)

Is Internet Sufficient for Financial Inclusion? Evidence from Internet Essentials

Tian Qiu (University of Alabama)

Discussant: Chi Liao (University of Manitoba)

Retailer Bankruptcy and Its Spillover to Consumer Credit

Sudheer Chava (Georgia Institute of Technology)
Rohan Ganduri (Georgia Institute of Technology)
Yafei Zhang (Georgia Institute of Technology)
Xinyue Zhao (Georgia Institute of Technology)

Discussant: Michael Varley (University of Kentucky)

Broker Incentives and the Cost of Employer Health Insurance

Joy Tong (University of Western Ontario)

Discussant: Riley League (University of Illinois-Urbana-Champaign)

Session: Entrepreneurs

Session Chair: Philippe d'Astous (HEC Montréal)

Entrepreneurship on a Safety Net: Evidence from the World’s Largest Cash Transfer Program

Murillo Campello (Cornell University)
Spyridon Lagaras (University of Illinois-Urbana-Champaign)

Discussant: Kristoph Kleiner (Indiana University)

Entrepreneurs as Households

Isaac Hacamo (Indiana University)
Valentina Rutigliano (Southern Methodist University)

Discussant: Emmanuel Yimfor

Silicon Valley Everywhere? Startup Accelerators and the Geography of Entrepreneurship

Freda Fang (University of Toronto)
Mohaddeseh Heydari Nejad (Indiana University)

Discussant: David Robinson (Duke University)

Session: Government Debt and Treasury

Session Chair: Guillaume Roussellet (McGill University)

The US Treasury's Biggest Short: Duration in the Shadows

Ljubica Georgievska (New York University)
Stefano Pegoraro (University of Notre Dame)
Anthony Saunders (New York University)

The On-the-Run Discount

Zhuolu Gao (Frankfurt School of Finance and Management)
Sven Klingler (BI Norwegian Business School)

Fiscal Insurance and the Pricing of Government Debt

Filippo Cavaleri (University of Toronto)

Session: Innovation 2

Session Chair: Yelena Larkin (York University)

Patent Disclosure and Reliance on External Financing

Donald Bowen (Lehigh University)
Kathleen Hanley (Lehigh University)
Sungjoung Kwon (Wayne State University)
William Mann (Emory University)
Qianqian Yu (Lehigh University)

Discussant: Michael Hertzel (Arizona State University)

Two Centuries of U.S. Innovation: Firms' Internal Networks and Resilience to Disasters

Mathias Kruttli (Indiana University)
Noah Stoffman (Indiana University)
Sumudu Watugala (Indiana University)

Discussant: Mark Rempel (University of Toronto)

Innovation Spillovers Along the Supply Chain

Tasaneeya Viratyosin (Dartmouth College)

Discussant: Dino Palazzo (Federal Reserve System)

Session: Theory - Learning and Coordinating

Session Chair: Vincent Glode (University of Pennsylvania)

Financial Influencers and Mispricing

Yihong Huang (Peking University)
Darcy Pu (Peking University)
Ziqing Zhao

Discussant: Jordan Martel (Indiana University)

Impact Through Catalytic Finance

Vladimir Vladimirov (University of Amsterdam)

Discussant: Alexandr Kopytov (University of Rochester)

Artificial Intelligence Investments and Expertise Erosion

Pierre Chaigneau (Queen's University)
Evan Jo (Queen's University)

Discussant: Colin Ward (University of Alberta)