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
Group Decision Making Under Real World Uncertainty: Internal Evidence from a Venture Capital 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
Salience and Short-term Momentum and Reversals | Inelastic Hedging Demand and Intraday Momentum | Endogenous Elasticities: Price Multipliers Are Smaller for Larger Demand Shocks
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 | Option-Implied Risk Premia 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? | Regulatory Costs and Vertical Integration: Evidence from Supply Chain Disclosure Regulations | Learning from failure: The role of disclosure on innovation
Regulators Oversight and Incentives
Escaping Pay-for-Performance | Watching the Watchdogs: The Information Content of SEC Interactions | 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 | Optimal Disclosure in Asset Markets with Heterogeneous Belief Formation
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 | Real Effects of Bernanke–Kuttner: The Risk Channel of Monetary Policy Announcement on Corporate Investment
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, Fragility, 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 | The Safety Shield: How Classified Boards Benefit Rank-and-File Employees
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 Beliefs
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?
Bending the Trilemma: Seigniorage and Endogenous Remittances | What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission? | Monetary Policy and 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
Events
Keynote Address
Our keynote speaker is Professor Hanno Lustig, The Mizuho Financial Group Professor of Finance at the Graduate School of Business, Stanford University.
Reception & Gala Dinner
Reception sponsored by Connor, Clark & Lunn Investment Management.
Gold Sponsor(s)
Bronze Sponsor(s)
