2023 NFA Annual Conference

Sessions

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A.1 Currency Risk Premia

Technology Diffusion and Currency Risk Premia | Liquidity Risk and Currency Premia | Which Exchange Rates Matter to Global Investors? Evidence from Euro Area Sovereign Bond Holdings

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A.2 Banking and Lending

Stakeholders' Aversion to Inequality and Bank Lending to Minorities | Lending by Servicing: Monetary Policy Transmission through Shadow Banks | Geographical Expansion in US Banking: A Structural Evaluation

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A.3 Shareholder Voting & Voting Rights

The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting | Incentives for Information Acquisition and Voting by Shareholders | On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

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A.4 Options

Real Options, Skewness, and the Pricing of Equity Options | Stock Return Autocorrelations and Expected Option Returns | A Real Cost of Free Trades: Retail Option Trading Increases the Volatility of Underlying Securities

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A.5 Machine Learning in Asset Pricing

Cryptocurrency Return Predictability: A Machine-Learning Analysis | Do the Collective Trades of Market Participants Contain Information about Stocks? A Machine Learning Approach | Evaluating Hedge Funds with Machine Learning-Based Benchmarks

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B.1 ESG

Investor Reliance on ESG Ratings and Stock Price Performance | Do Employees Have Useful Information About Firms’ ESG Practices? | Who Benefits from Sustainability-Linked Loans?

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B.2 Gender & Finance

Gender and Access to Credit Cards | Credentials Matter, but Only for Men: Evidence from the S&P 500 | Does Mandating Women on Corporate Boards Backfire?

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B.3 Venture Capital & PE

The Effect of Student Loans on Entrepreneurial Firm Risk-taking, Performance, and Access to Venture Capital with Implications for the Biden Administration's Student Loan Forgiveness Program | How Venture Capitalists and Startups Bet on Each Other: Evidence From an Experimental System | Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity

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B.4 Asset Pricing Theory I

Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates | Asset Growth Effect and Q Theory of Investment | Asset Pricing Implications of Heterogeneous Investment Horizons

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B.5 Household Finance

The Economic and Financial Impact of Negative Environmental and Social Practices: Evidence from Consumers' Store Visits | Disentangling the Effects of Financial Inclusion on Household Well-Being | Salient Attributes and Household Demand for Security Designs

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C.1 Decentralized Financial Markets

Reaching for Yield in Decentralized Financial Markets | Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends? | Liquidity Fragmentation on Decentralized Exchanges

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C.2 New Perspectives on Asset Management (PhD)

Flow Hedging and Mutual Fund Performance | Face-to-face Social Interactions and Local Informational Advantage | Institutional Investors, Securities Lending and Short-Selling Constraints

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C.3 Bank Stress

Bank Stress Testing, Human Capital Investment and Risk Management | Survival of the Biggest: Large Banks and Financial Crises | The Opioid Epidemic and Mortgage Lending: Credit or Demand Shock?

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C.4 Hedge Fund Activists

Hedge Fund Activism Skill | Power Tussle: Hedge Fund Activists and Short Sellers | Do Hedge Funds Exploit Material Nonpublic Information? Evidence from Corporate Bankruptcies

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C.5 Asset Pricing Factors

Asset-Pricing Factors with Economic Targets | Timing the Factor Zoo | Idiosyncratic Financial Risk and a Reevaluation of the Market Risk-Return Tradeoff

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C.6 Behavioral

Traces of Humanity: Liquidity and Human Behavior in the Machine Age | Artificial Intelligence and Debt Collection: Evidence from a Field Experiment | Insufficient Sleep and Intra-Day Financial Decision-Making: Evidence from Online Lending

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PhD Poster Session

Household Stock Market Participation, Local Banks, and Local Economy Development | Learning About Fed Policy From Macro Announcements: A Tale of Two FOMC Days | CEO Outside Directorship: A Conduit for Corporate Social Responsibility

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D.1 Political Risk and Government Policy

Political Risk Everywhere | Follow the Pipeline | Government Policy Announcement Return

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D.2 New Perspectives on Asset Prices (PhD)

The Stock Market Valuation of Corporate Social Responsibility | Spatial Extrapolation in The Housing Market | Network Factors for Idiosyncratic Volatility Spillover

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D.3 Carbon Emissions

Foreign Institutional Ownership and Corporate Carbon Emissions | Internal Carbon Markets and Carbon Emissions | Effects of Mandatory Carbon Reporting on Unrepresentative Environmental Disclosures

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D.4 Corporate Financial Policy

A Dynamic Trade-off Theory with Corporate and Personal Taxes | Crowdfunding and Risk | Corporate Hedging, Contract Rights, and Basis Risk

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D.5 Short Sales

The Double-Edged Sword of The 2020 European Short-Selling Bans | Anomalies and Their Short-Sale Costs | Market Power in the Securities Lending Market

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D.6 ETFs & Market Efficiency

Financial Intermediaries and Contagion in Market Efficiency: The Case of ETFs | ETFs, Anomalies and Market Efficiency | Do Designated Market Makers Matter for ETFs?

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E.1 Data Sharing, Privacy and Disclosure

Tracing Out International Data Flow: The Value of Data and Privacy | The Digital Economy, Privacy, and CBDC | Production, Trade, and Cross-Border Data Flows

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E.2 New Perspectives on Funding and Banking (PhD)

Instant Payment Systems and Competition for Deposits | The Firm Balance Sheet Channel of Uncertainty Shocks | Understanding Founder-Friendliness: The Roles of Startup Accelerators and Venture Capitalist Reputation

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E.3 Mutual Funds

Investor Overconfidence Over-extrapolation Bias Mutual Fund Flow and Performance | Nationalism, Subtle Bias, and Labor Outcomes: Evidence from Global Mutual Funds | Peer Fragility, Liquidity Preferences, and the Propagation of Financial Shocks

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E.4 Strategies in Tech Investment

Excess Commitment in R&D | Firms’ Transition to Green: Innovation versus Lobbying | Pricing Technological Innovators: Patent Intensity and Life-Cycle Dynamics

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E.5 Bonds

Is the Playing Field Really Level? Evidence from Bond-loan Dualholding | Firms’ Response to Credit Supply: Evidence from Upsized Corporate Bond Offerings | “Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events

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E.6 Corporate Governance I

Equity-Based Compensation and the Timing of Share Repurchases: The Role of the Corporate Calendar | Do board connections between product market peers impede competition? | Do the Voting Rights of Federal Reserve Bank Presidents Matter?

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AGM and Keynote Speech by Prof. Lauren Cohen

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F.1 Fed and Central Banks

Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect | Tail Risk Around FOMC Announcements | Forward Guidance and its Effectiveness: A Macro-Finance Shadow-Rate Framework

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F.2 New Perspectives on Financial Markets (PhD)

Insider Trading With Options | Hedge Funds With(out) Edge | Risk-Return Expectations of Financial Intermediaries

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F.3 OTC Markets and Transactions

Trading With Expert Dealers | Composition Effects in OTC Transaction Costs | Strategic Bargaining and Portfolio Choice in Intermediated Markets

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F.4 Macro

Downward Nominal Rigidities and Bond Premia | A P Theory of Government Debt and Taxes | Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness

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F.5 Microstructure I

Would Order By Order Auctions Be Competitive? | The Retail Execution Quality Landscape | The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading Volume

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F.6 Corporate: Heuristics and Cultural Biases

The Value of Openness | Racial Prejudice in the Workplace and Firm Boycotts | Just Look: Knowing Peers with Image Representation

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G.1 Banking

The Ring-Fencing Bonus | Bank Monitoring with On-Site Inspections | Is Bond Financing Disintermediated? The Role of Bank Trading Networks

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G.2 The Wisdom of the Crowds

Externalities of Responsible Investments | Belief Polarization, Unconscious Bias, and Financial Markets | When Crowds Aren't Wise: Biased Signals From Investor Social Networks and its Price Impact

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G.3 Asset Pricing Theory II

Why Divest? The Political and Informational Roles of Institutions in Asset Stranding | Conservative Holdings, Aggressive Trades: Ambiguity, Learning, and Equilibrium Flows | Product Price Change Timing and Stock Returns

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G.4 Product Market Interactions

The Golden Revolving Door: Hedging through Hiring Government Officials | (Don’t) Feed the Mouth that Bites: Trade Credit Strategies among Rival Customers Sharing Suppliers | Stakeholders, Governance, and Output: Evidence from the Hospital Sector

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G.5 Foreclosure and Real Estate Loans

Manufactured Housing and Market Foreclosure | Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans | Property Tax Sales, Private Capital, and Gentrification in the U.S.

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H.1 Consequences of FinTech and Digitalization

The Role of FinTech in Small Business Lending | Banks, Fintech Disruptions, and Labor Consequences | Decrypting the Digital Economy: The Digital Alpha and Its Origins

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H.2 Microstructure II

Size Discovery with Discrete Trading | Closing Pressure, Predatory Trading, and the Negative Price of Oil | HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading

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H.3 Labor

Entrepreneurs’ Diversification and Labor Income Risk | Venture Labor: A Nonfinancial Signal for Start-up Success | Resurrecting Dead Capital: The Sharing Economy, Entrepreneurship, and Job Creation

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H.4 Corporate Governance II: Information and Incentives

The IPO Share Adjustment Puzzle | Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices | A Theory of Fair CEO Pay

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H.5 Credit

What Do CDO Tranche Spreads Tell Us About Credit Availability and Credit Rating Standards? | The Impact of Beliefs on Credit Markets: Evidence From Rating Agencies | Liquidity Provision and Co-insurance in Bank Syndicates

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Events

Conference Reception

(Sponsored by: Eventus, Cowan Research LC)

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Breakfast

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Lunch

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Breakfast

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Gold Sponsor(s)

Bronze Sponsor(s)

Exhibitor Sponsor(s)

Reception Sponsor(s)
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