2026 NFA Annual Conference
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Sessions
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Artificial Intelligence
AI Masquerade: Hiding Employee Expansion in the AI Era | When AI Meets Entrepreneurship: Evidence from the Commercialization of ChatGPT | Generative AI Product Displacement Risk
Asset Pricing, Theory 1 - Information
Pricing News and No News with Heterogeneous Beliefs | When Can Positive Return Autocorrelation Arise in Rational Expectations Models? | Informational Efficiency and Asset Prices in Large Markets
Fact, Fiction, and Flaws in Empirical Asset Pricing
Culling the Factor Zoo | The Cross-Sectional Intercept in Asset Pricing Tests | Publication Bias and Multiple Testing in Reused Natural Experiments
PhD Session 1 - Anomalies and Retail Investors' Behavior
When ChatGPT Stops Talking: GenAI-induced Retail Herding and Systematic Risk | Mixed Messages: Strategic Tonal Inconsistency and Recovery of the PEAD Anomaly | Fresh Data, Stale Signals: The Staleness Trap in Market Anomalies
Racial Disparities
Artificial Intelligence and the Racial Gap in Mortgage Lending | Partisan Loan Officers and the Racial Gap in Mortgage Lending | Denied: Racial Disparities in Insurance Claims
Asset Pricing - Beliefs and Sentiment
Index Investing and Sentiment Spillover | Present Bias and Discount Rate Risk | Market Dynamics of Risk-On and Risk-Off Incentives and Equilibrium Asset Prices
Crime, Law and Incentives
Collateral Law and Enforcement Risk: Evidence from Native American Reservations | How Do Debt Collection Restrictions Affect Hospitals and Patients? | Death of a Salesman's Manager: Conflicted Supervision and the Dark Side of Soft Information
Empirical Asset Pricing - Anomalies
Systematic Reversal and Industry Momentum | Out-of-Sample Alphas Post-Publication | Presidential Cycles in PEAD
Green Premium
The Green Transition: Evidence from Corporate Green Revenues | In Search of the Causal Greenium | Belief Dispersions, Climate Risks and Returns on Sustainable Investing
Shareholders' Voice
Information and Preferences in Shareholder Voting | The Proxy Voting Choice Revolution | Do Repurchases Facilitate Shareholder Exit? Evidence from CEO Pay Ratio Disclosure
Asset Pricing - Empirical
Conditional Expected Returns on Individual Stocks with and without Intertemporal Hedging | Co-searching for Alpha | Cross-sectional evidence on the equity term structure
Climate and Green Finance
Environmental Certainty and Homeowner Investment: Evidence from Conservation Easements | Green Waste | Government-Funded Green Banks: Catalysts for the Green Transition
Debt - Leveraged Loans and Private Credit
Relationship Nonbankers | Funding Frictions and Private Credit Prices | Private Credit and the Tailoring of Loan Contracts
Derivatives and Currencies
Triangular Pure Parity Deviations | Option-Implied Local Currency Credit Spreads | The Cost of Leverage: Evidence from Swaps
Household Finance 1 - Beliefs and Experiments
Does Paying for Data Change Investment Decisions? | Higher-Order Beliefs and Risky Asset Holdings | Uncertain Uncertainty
Insiders, Incentives and Bankruptcy Law
Misaligned Owners: A Dark Side of Insider Ownership | Disclosing Share Repurchases More Frequently? | GLOBAL INSOLVENCY AND CROSS-BORDER CAPITAL FLOWS
International Diversification
Institutional Investment and International Risk-sharing | International Investing: Diversification and Beyond | Financial Integration and the Equity Term Structure: Insights from 150 Years of UK Data
Market Microstructure
Cross-Insider Trading | Market Quality of Informed Trades | Multimarket Contact and the Cost of Trading Corporate Bonds
AI and Finance
Can LLMs Discover Novel Economic Theories? | Market Feedback about Emerging Technologies | Beyond Bias: AI as a Proxy Advisor
Asset Management
Hedge Fund Value Creation | Target Allocation Funds, Strategic Complementarities, and Cross-Market Fragility” | The Geography of Savings Opportunities in Retirement Plans
Debt - Lending Relationships and Contracting
Boards as Contracting Intermediaries: Evidence from Board-Interlocking Firms in the Credit Market | Credit Lines as Commited Liquidity in Corporate Takeovers | Specialization Enables Diversification: Country Expertise and the Structure of Loan Syndicate
Empirical Asset Pricing - Inelastic Markets and Demand-Based Asset Pricing
The Inelastic Investors: Passive Demand and the Reshaping of Stock Prices | The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits | Erasing Alpha
Innovation
Inventor Performance Pressure and Opportunistic Innovation Management | Information and Innovation: Evidence From Railroad Expansion in the Nineteenth Century | Coveting your neighbor’s worker: IPOs, talent reallocation, and innovation
Minorities
Bachelorette’s Degree: Financial Shocks and the Gender Performance Gap | Biased Promotions | Partisan Inequality in Property Tax Assessments: A Fiscal Burden on Political Minorities
Options
What is the Role of the Options Market? Evidence from Newly Public Companies | Investment Targets as Reference Points | Systematic Variance Risk Everywhere in Equity Option Markets
PhD Session 2 - Financial Institutions
Breaching the Chinese Wall: Cross-Market Information Flow Following Financial Institution Mergers | Distorted by Design: Size-Dependent Guarantees and Capital Misallocation | Interdependence of Bank Run Risk and Interest Rate Risk
(Social) Media
Newspaper Closures and Trading in Local Stocks | Beyond the Fundamentals: Cross-Country Media Narrative Dispersion and Global Capital Flows | Earnings Calls and Echo Chambers: Evidence from the Introduction of Livestreaming on StockTwits
Analysts and Earnings Calls
What Makes a Star Analyst? Evidence on Industry Expertise from 1.2 Million Analyst Reports | Forecasting in a Polarized World: The Role of Political Disagreement in Analyst Forecasts and Information Production | Dissecting Inconsistencies in Corporate Disclosures: Evidence from Public and Private Earnings Calls
Asset Pricing - Macro-Finance
Technological Innovation and Bursting Bubbles | Inventories, Macroeconomic Risk, and the Cross-Section of Stock Returns | Macroeconomic Announcements and the Repricing of Earnings Risk
Banking: Deposit Insurance and Emergency Lending
Deposit Insurance for Wholesale Creditors: The Role of Liquidity Injection | Bank Fragility, Lender of Last Resort, and Liquidity Regulation | Emergency Lending and Moral Hazard
Debt - Corporate Debt and Default Risk
Maturity Walls | The Curse of Seniority: Debt Priority and Inefficient Liquidation | (Mis)Measurement of Long-Horizon Default Risk: Debt Dynamics in Structural Models
Governance
Discretionary Adjustments in Relative Performance Awards | Valuation, Hiring, and Creative Selection | Executive Mobility in the United States, 1920-2023
Investments - Portfolio Choice
Portfolio Choice with Target Horizon | SDF-Based Portfolio Choice | The Two-System View of Cognition and Investor Choice
Sustainable Finance
Effects of Anti-ESG Legislation: Evidence from the Mutual Fund Industry | The Cost of Net Zero | Who Labels and What’s Priced? Evidence from Third-Party ESG Assessments in the Municipal Bond Market
Banking Regulation and Housing Credit
Credit Crunch in Housing under Regulation Q | Bank Regulation, Construction Financing, and the Supply of New Housing | Under Regulatory Pressure: Bank Stress Tests and Housing Prices
Bonds
Same Same But Different: The Risk Profile of Corporate Bond ETFs | Multi-Security Complexity and Selective Pass-Through in Corporate Bonds | Investor Sophistication and Municipal Underwriting
Debt - Repo and Funding Markets
A Preferred-Habitat Model of Term Structure with Dealer Market Power | Repo Collateral Reuse and Liquidity Windfalls | Inelastic Demand and Elastic Supply: Pricing in the Repo Market
Investments - Individual Behavior
Informational Advantage of the Wealthy | Uncertainty After Dark:Evidence from 19 Million Nights of Sleep | Eliciting Stopping Times
M&A
Discerning Acquirer Value from M&A Transcripts | The Outsized Role of Tax Havens in Mergers and Acquisitions | Open Banking and Bank M&A Activity: Global Evidence
Politics
The Pricing of Geopolitical Tensions over a Century | Do Politicians Profit from Real Estate? | Where to Hire? Political Alignment and Internal Labor Allocation
Securities Lending
I Don’t Recall: Information and the Governance Tradeoffs in Securities Lending | ETF Loan Market: Causes and Consequences of High ETFs Lending Fees | Securities Lending Dynamics and Primary Market Allocation in Corporate Bond Offerings
Size Matters: Financing Choices and the Organization of the Firm
The Optimal Size, Financing and Personal Liability of Professional Partnerships | Financing small investments | Private Equity and the Organization of Firms
Venture Capital and Private Equity
Cash or Stock? Agency Frictions in Venture Capital Distributions | Does Fund Size Affect Private Equity Performance? Evidence from Donation Inflows to Private Universities | The Impact of Monetary Policy on Venture Capital Finance
(De)Regulation
Contagious Deregulation | Fake Entry | The Option Value of Public Liquidity: Evidence from Regional Collateral Policies
Banking - Bank Failure and Deposit Funding
When Banks Fail: Depositor Attention and the Cost of Funding for Survivors | The Boundaries of the Farm and the Death of Small Banks | The Declining Role of Deposits in Credit Creation
Consumer Finance and Financial Inclusion
Is Internet Sufficient for Financial Inclusion? Evidence from Internet Essentials | Retailer Bankruptcy and Its Spillover to Consumer Credit | Broker Incentives and the Cost of Employer Health Insurance
Entrepreneurs
Entrepreneurship on a Safety Net: Evidence from the World’s Largest Cash Transfer Program | Entrepreneurs as Households | Silicon Valley Everywhere? Startup Accelerators and the Geography of Entrepreneurship
Government Debt and Treasury
The US Treasury's Biggest Short: Duration in the Shadows | The On-the-Run Discount | Fiscal Insurance and the Pricing of Government Debt
Innovation 2
Patent Disclosure and Reliance on External Financing | Two Centuries of U.S. Innovation: Firms' Internal Networks and Resilience to Disasters | Innovation Spillovers Along the Supply Chain
Theory - Learning and Coordinating
Financial Influencers and Mispricing | Impact Through Catalytic Finance | Artificial Intelligence Investments and Expertise Erosion
Events
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