2025 NFA Annual Conference
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Sessions
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Asset Prices in Production Models
Data, Markups, and Asset Prices | Two Trees and a Gardener: Asset Pricing with Real Capital Flows | Global Production Networks and Asset Prices
Inside Venture Capital
How do Venture Capitalists (actually) make decisions? Internal evidence from a private startup accelerator | Fired Up or Burned Down: Wildfires and VC Investment | Human Capital Breadth, Portfolio Choice and Performance in Venture Capital
Structuring Trades
Retail Limit Orders | How do retail investors use order flow data? | Bundling trades in over-the-counter markets
The Evolving Landscape of Corporate Innovation
The Economics of Patent Licensing: An Empirical Analysis of the Determinants and Consequences of Patent Licensing Transactions | Creativity without walls: The case of open innovation | The Role of the Firm in Nurturing Human Capital: Evidence from 200 Years of U.S. Patents
The Predictive Power of Option Markets
The Global Volatility Surface and Common Predictability of International Equity Premia | Equity Option Return Predictability and Expiration Days | Betting Against the Crowd: Option Trading and Market Risk Premium
Competition and Information in Banking
Welfare Costs of Credit Card Oligopoly | “If You Don't Know Me by Now ...” Information Collection by Banks in Lending to Private Firms | The interoperability of financial data
Empirical Asset Pricing: New Conditioning Variables
Salience and Short-term Momentum and Reversals | Endogenous Elasticities: Price Multipliers Are Smaller for Larger Demand Shocks | Inelastic Hedging Demand and Intraday Momentum
Private Capital and Entrepreneurship Incentives
Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate | Charitable Capital Allocation: Evidence from Private Foundations | Private Capital Markets and Inequality
Restructuring and Incentives
Biased is best: Merger advisors and dialectical Bayesian persuasion | A General Theory of Holdouts | Creditor rights and lender competition
The Fed and Financial Markets
The Fed and the Wall Street Put | The Impact of Central Bank Communication Choices in a Market with Fast and Slow Traders | The Fed Information Effect and the Profitability Channel of Monetary Policy: Evidence and Theory
Corporate and Treasury Bond Prices
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section | The Debt Ceiling's Disruptive Impact: Evidence fom Many Markets | Pre-Refunding Announcement Gains in US Treasurys
Dealing with Financial Crimes
Financial Literacy and Financial Crime: A Regression Discontinuity Approach | Are Crypto Anti-Money Laundering Policies Effective? | Anatomy of a Crypto Bank Run
Issues in Asset Pricing Theory
Asset Pricing with Dynamic and Static Investors | Equity Risk Premium with Intertemporal Hedging | Non-Monotonic Pricing Kernels and Risk-Neutral Bounds for Expected Returns
Mortgage Market Frictions and Household Welfare
Human Capital and Local Credit Supply: Evidence from the Mortgage Industry | Time on your side: Labor Market Effects of Foreclosure Delays | Mortgage Lock-in, Lifecycle Migration, and the Welfare Effects of Housing Market Liquidity
Navigating Modern Financial Markets
Rewiring Repo | Synthetic Dollar Funding | Corporate Bond Issuance by Financial Institutions
PhD Session - Shaping the Firm: Policy, Disclosure, and Boundaries
Acquiring Human Capital: Do Non-Competes Help? | Learning from failure: The role of disclosure on innovation | Regulatory Costs and Vertical Integration: Evidence from Supply Chain Disclosure Regulations
Regulators Oversight and Incentives
Escaping Pay-for-Performance | Watching the Watchdogs: Tracking SEC Inquiries using Geolocation Data | SEC Oversight of Private Equity and Hedge Funds
Corporate Dynamics
Complementarity of Bank and Market Debt in Dynamic Debt Structure | Set in Stone: The Persistence and Origin of Corporate Culture | Burdening the Young: Life Cycle Effects of Mandatory Disclosure on Investment
Different Ways of Looking at the News
Market Signals from Social Media | Risk from the Inside Out: Understanding Firm Risk through Employee News Consumption | Managing Asset Return Expectation through Communication
Market Design
Don’t Stop Me Now! Identification and Prediction of Unnecessary Volatility Interruptions | Is 24/7 Trading Better? | Can preferred clearing reduce post-trade costs?
PhD Session - The Interplay of Credit, Risk, and Investment
When Debt Relief Hits Main Street: Evidence from the Indirect Channel of Consumer Credit Access | Credit Relationships and Dynamic Credit Constraints | Corporate Investment and the Risk Channel of Monetary Policy
Regulating Markets Under Uncertainty
Trading for bailouts | The Prudential Toolkit with Shadow Banking | The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement
Retail Investor Behavior and Its Impact on Asset Prices
Do Households Matter for Asset Prices? | Shifting From Active to Passive: How Retirement Plans Impact Equity Prices | Political Divide and Partisan Portfolio Disagreement
The Evolving Landscape of Local Finance
The Decline of Branch Banking | Picking Up the PACE: Loans for Residential Climate-Proofing | Low Interest Rates, Technology, and the Desertification of Banking
Aligning Incentives
Why Do Firms Often Not Have a CEO Succession Plan? | How Do Demand Shocks Affect CEO Compensation? Evidence from Government Contractors | Encouraging Employee Engagement: The Role of Equity Pay
Green Finance
Green Neighbors, Greener Neighborhoods: Peer Effects in Residential Green Investments | Green Expectations: Climate Change and Homeowner Valuation of Dwelling Sustainability | Oil-Driven Greenium
Investor Beliefs and Market Dynamics
Distorted Beliefs and Asset Prices | Learning and Subjective Beliefs About Good and Bad Inflation Ranges | Expected Return in Night and Day: Role of Trading Volume
New Financial Structures and Their Consequences
Private Equity in Public-Provider Markets: Operating Efficiency vs. Cream-Skimming | PIK Now and Pay Later - How Deferred Interest Reshapes Private Credit | Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission
Ownership Structure and its Effect on Asset Prices
Passive Ownership and Corporate Bond Lending | Benign Granularity in Asset Markets | Institutional Ownership Concentration and Informational Efficiency
Unintended Consequences of ESG Data and Reporting
The Spillover of Corporate ES on Bank Loan Cost | Mutual Fund ESG Window Dressing | Mandatory Disclosure and ESG Initiative: Evidence from the Smaller Reporting Company Rule
Who is Trading?
Detecting Informed Trade by Corporate Insiders | You can only lend what you own: Inferring daily institutional trading from security lending supply | Data-Driven Measures of High-Frequency Trading
Addressing Disparities in Financial Services
Perceptions and Credit Access | Participation Spreads in Deposit Markets | Shedding Light on Bias: Consumer Complaint Disclosure and Racial Equity in Financial Services
Issues in Sustainable Finance
Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance | Infrastructure, Water Supply, and Firm Performance | Sustainable Investing and Market Governance
Mutual Fund Dynamics
Contract Evaluation Horizon and Fund Performance | Asset Reclassification and Mutual Fund Flows | Fund Family Dynamics: A Closer Look at Monitoring by Index and Active Funds
Novel Predictors of Asset Returns
Graph Machine Learning for Asset Pricing: Traversing the Supply Chain and Factor Zoo | Why does the Term Structure of Credit Spreads Predict Equity Returns? | El Niño Cycle and FX Returns
Policy Ripple Effects
Unintended Consequences of Diversity Regulations | The Consumption Response to Protectionism | Wall and Wall Street
Shareholder Power and Corporate Governance
All Shareholder Votes Are Not Created Equal | Ownership and Competition | Protection for All? How Classified Boards Benefit Rank and File Employees Evidence from OSHA Safety Data
Technology's Impact on Firms, Labor, and Inequality
Whispering Progress: Fear of Automation and Voluntary Disclosure | Startup Employees' Career Paths: Evidence from Business Accelerators | Financial Innovation, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems
Asset Managers' Incentives and their impact on Fund Risk and Performance
Investor Attention and Mutual Fund Performance | Tilting at Windmills: Biased Benchmarks and the Risk-Taking Response of Mutual Funds | The Risk of Outsourcing: How External Advisors Influence Mutual Fund Performance
Gathering Information and Forming Beleifs
The Information in Option Strike Price Introductions | Social Interaction Intensity and Investor Behavior | Does Soft Disagreement Matter? Who, How much, When, and Its Economic Channels
How Does Monetary Policy Affect Markets?
Breaking the Trilemma: Seigniorage and Endogenous Remittances | What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission? | Monetary Policy Transmission through Housing Duration: Evidence from Reaching-for-Income Investors
Managerial Communication and Market Outcomes
Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market | Harnessing Generative AI for Economic Insights | ChatGPT and Corporate Policies
Mortgage Market Risks and Regulatory Impacts
Cost Pass-Through and Mortgage Credit: The Case of Guarantee Fees | Forbearance and the Cost of Credit | Mortgage Put-Back Risk and Lender Market Power in Refinancing
Navigating Private Capital
What Do Early Stage Investors Ask? An LLM Analysis of Expert Calls | Tyranny of the Personal Network: The Limits of Arm's Length Fundraising in Venture Capital | Spreading Sunshine in Private Equity: Financial Intermediation and Regulatory Oversight
The Evolving Landscape of Digital Markets and Entrepreneurship
Gatekeepers and Kingmakers: Do Superplatforms Distort Digital Competition? | Entrepreneurial Spawning from Remote Work | The "Great Reshuffling" and Entrepreneurship