Conference Agenda

AI-Generated Fundraising Campaigns: Enhancing Donations or Eroding Trust?

Prof. Sasan Mansouri¹, Prof. Alexandra Niessen-Ruenzi², Prof. Amir Sepehri³

1: University of Groningen, Netherlands, The; 2: University of Mannheim; 3: ESSEC Business School

Who Pays for Payment Fraud? Detection and Liability Rules under Strategic Fraudster Adaptation

Dr. Thomas Mosk, Dr. Vimal Balasubramaniam, Dr. Antoine Uettwiller

QMUL

From Peg to Panic: Arbitrage Overlap Contagion in Stablecoins

Tian Lan

Ghent University, Belgium

Do Institutional Investors Trade on Covenant Violations?

Prof. Anthony Saunders¹, Prof. Sascha Steffen², PhD Student Paulina Verhoff²

1: NYU Stern School of Business; 2: Frankfurt School of Finance & Management gGmbH, Germany

Market Efficiency in Prediction Markets - A Comparison with Derivatives

Prof. Michele Fabi¹, Prof. Roberto Marfe², PhD Student Vittorio Ruffo³, Prof. Lorenzo Schoenleber²

1: Telecom Paris; 2: Collegio Carlo Alberto, University of Turin, Italy; 3: Frankfurt School of Finance and Management

Do ECB Presidents’ Small Talks Predict Financial Market Performance?

Shasha Li¹, Zihao Liu²

1: Halle Institute for Economic Research (IWH) and OVGU, Germany; 2: Southwestern University of Finance and Economics and Tilburg University

Subsidizing the Cloud: U.S. State Incentives to Data Centers

Prof. Antonio Gargano¹, Prof. Marco Giaocoletti²

1: University of Houston, USA; 2: University of Notredame, USA

Discussant: Lisa Knauer (Erasmus University Rotterdam)

Is AI Trained on Public Money? Evidence from Data Centers

Dr. Adam Feher², Prof. Emilia Maria Garcia-Appendini^1,4,5, Prof. Roxana Mihet^1,2,3

1: Swiss Finance Institute, Switzerland; 2: University of Lausanne, Switzerland; 3: CEPR, UK; 4: Norges Bank, Norway; 5: University of St Gallen, Switzerland

Discussant: Tania Babina (UMD)

Text Is All You Need: Asset Pricing Without Returns

Dr. Christian Breitung

Technical University of Munich, Germany

Discussant: Mathis Moerke (ESCP Business School)

New Products

Abhiroop Mukherjee¹, Bruno Pellegrino², Alminas Zaldokas³

1: HKUST; 2: Columbia University; 3: NUS, Singapore

Discussant: Dominik Walter (University of Konstanz)

What drives the performance of machine learning factor strategies?

Mikheil Esakia^1,2, Felix Goltz¹

1: Scientific Beta; 2: EDHEC Business School

Discussant: Sebastian Mueller (TU Munich)

Limits To (Machine) Learning

Zhimin Chen¹, Bryan Kelly², Semyon Malamud³

1: Nanyang Technological University, Singapore; 2: AQR Capital Management, Yale School of Management, and NBER; 3: Swiss Finance Institute, EPFL, and CEPR

Discussant: Abraham Lioui (EDHEC Business School)

China Walls

Dr. Tomy Lee¹, Dr. Daniel Nathan², Dr. Chaojun Wang³

1: Central European University; 2: Hong Kong Polytechnic University; 3: Wharton School, University of Pennsylvania

Discussant: Andriy Shkilko (University of Georgia)

What Treasury Auctions Reveal About Investor Demand

Prof. Fabricius Somogyi¹, Prof. Jonathan Wallen², Dr. Lingdi Xu³

1: Northeastern University, United States of America; 2: Harvard Business School, USA; 3: Harvard University, USA

Discussant: Utso Pal Mustafi (Frankfurt School of Finance & Management)

Can Large Language Models Trade? Testing Financial Theories with LLM Agents in Market Simulations

Prof. Alejandro Lopez-Lira

University of Florida

The Market’s Mirror: Revealing Investor Disagreement with LLMs

Vineet Bhagwat¹, J. Anthony Cookson², Chukwuma Dim¹, Marina Niessner³

1: George Washington University, United States of America; 2: University of Colorado Boulder; 3: Indiana University

Newspaper Closures and Trading in Local Stocks

Peter Cziraki^1,2, Jasmin Gider³

1: Texas A&M University; 2: European Corporate Governance Institute; 3: Tilburg University

Discussant: Tina Oreski (ESCP Business School)

When Public Information Goes Private: Analyst Careers and Market Efficiency

Ling Cen¹, Jiang Chen², Chay Ornthanalai³, Christoph Schiller⁴

1: Chinese University of Hong Kong; 2: Peking University; 3: Rotman School of Management; 4: Ohio State University

Discussant: Christoph Sextroh (Carl von Ossietzky University of Oldenburg)

Data Ownership, Data Production, and Lending Market Competition

Chong Huang, Shiyan Wei

University of California-Irvine, United States of America

Discussant: Markus Parlasca (Leibniz Institute for Financial Research SAFE, WU Vienna)

Invoice Digitization and Credit Availability: Hard-Information Effects in Small Business Lending

Yunyue Chen^1,2

1: Ghent University, Belgium; 2: New York University Stern School of Business, USA

Discussant: Fabrizio Core (LUISS University)

The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement

Daniel Andrei¹, Lorenzo Garlappi²

1: McGill, Canada; 2: UBC, Canada

Discussant: Jan Schneemeier (Michigan State University)

Demystifying Cheap Sustainability Talks: Theory and Evidence

Tianhao Yao¹, Junli Zhao²

1: Singapore Management University; 2: City University of London

Discussant: Stefano Lovo (HEC Paris)

The Two-System View of Cognition and Investor Choice

Yang Song¹, Kai Li², Nianhang Xu³, Chunyu Zu⁴

1: University of Washington, United States of America; 2: University of British Columbia; 3: Renmin University of China; 4: Communication University of China

Facing Default?

Pranav Gang², Marius Guenzel³, Shimon Kogan¹, Marina Niessner⁴, Kelly Shue²

1: Reichman University, Israel; 2: Yale, US; 3: Wharton, US; 4: Indiana, US

Discussant: Simon Rother (University of Mannheim)

Are New Technologies Replacing the Information Produced by Financial Markets?

Laurent Frésard, Marco Zanotti

Swiss Finance Institute, USI Lugano, Switzerland

Breaking the Data Chain: The Ripple Effect of Data Sharing Restrictions on Financial Markets

Bo Bian¹, Simona Abis², Huan Tang³

1: University of British Columbia, Canada; 2: University of Colorado Boulder; 3: University of Pennsylvania, the Wharton School

Discussant: Rachel Nam (USI Lugano/Swiss Finance Institute)