Does Sustainable Investing Make Stocks Less Sensitive to Information about Cash Flows?

Steffen Hitzemann³, An Qin², Stanislav Sokolinski¹, Andrea Tamoni²

¹Michigan State University; ²Rutgers University; ³University of Houston

Discussant: Martin Nerlinger (University of St.Gallen)

Unpacking the Demand for Sustainable Equity Investing

Sangmin Oh¹, Don Noh², Jihong Song³

¹University of Chicago; ²Hong Kong University of Science and Technology; ³Cubist Systematic Strategies

Discussant: Sebastian Utz (Universität Augsburg)

Evaluating the Impact of Portfolio Mandates

Raman Uppal¹, Jack Favilukis², Lorenzo Garlappi²

¹EDHEC Business School, United Kingdom; ²UBC Sauder School of Business

Discussant: Vitaly Orlov (University of St.Gallen)

Asset Pricing with Disagreement about Climate Risks

Ole Wilms¹, Karl Schmedders², Thomas Lontzek³, Marco Thalhammer³, Walter Pohl⁴

¹Universität Hamburg; ²IMD Lausanne; ³RWTH Aachen; ⁴NHH Bergen

Discussant: Can Gao (University of St.Gallen)

Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates

Ruggero Jappelli¹, Loriana Pelizzon^1,2, Marti G. Subrahmanyam^3,4

¹Goethe University Frankfurt and Leibniz Institute for Financial Research SAFE; ²Ca' Foscari University and CEPR; ³NYU Stern; ⁴NYU Shanghai

Discussant: Raman Uppal (EDHEC Business School)

Voting Rationales

Silvina Rubio¹, Roni Michaely², Irene Yi³

¹University of Bristol; ²University of Hong Kong; ³University of Toronto

Discussant: Fatima Zahra Filali Adib (Copenhagen Business School)

Poison Bonds

Rex Wang Renjie^1,2, Shuo Xia^3,4

¹Vrije Universiteit (VU) Amsterdam,; ²Tinbergen Institute; ³Halle Institute for Economic Research; ⁴Leipzig University

Discussant: Giorgio Ottonello (Nova School of Business and Economics)

Monetary Policy and Corporate Debt Maturity

Janko Heineken¹, Andrea Fabiani², Luigi Falasconi³

¹University of Bonn; ²Bank of Italy; ³University of Pennsylvania

Discussant: Rex Wang Renjie (Vrije Universiteit (VU) Amsterdam)

Information Transmission between Banks and the Market for Corporate Control

Christian Bittner^1,2, Falko Fecht^1,3, Melissa Pala⁴, Farzad Saidi^5,6

¹Deutsche Bundesbank; ²Goethe University Frankfurt; ³Frankfurt School of Finance & Management; ⁴Baden-Württemberg Cooperative State University; ⁵University of Bonn; ⁶CEPR

Discussant: Xingchen Zhu (Vrije Universiteit Amsterdam)

Payment Firms, Cryptocurrencies, and CBDCs

Felix Martini¹, Tobias Berg⁴, Jan Keil³, Manju Puri²

¹Duke University and NBER; ²Humboldt University Berlin; ³Frankfurt School of Finance & Management; ⁴Goethe University Frankfurt am Main, Germany

Discussant: Jan Toczynski (EPFL)

The Long-term Effects of Inflation on Inflation Expectations

Felix von Meyerinck¹, Fabio Braggion², Nic Schaub³, Michael Weber⁴

¹University of Zurich; ²Tilburg University; ³WHU - Otto Beisheim School of Management; ⁴Booth School of Business, University of Chicago

Discussant: Tobin Hanspal (WU Vienna University of Economics and Business)

Local Returns and Beliefs about the Stock Market

Tobin Hanspal, Clemens Wagner

WU Vienna University of Economics and Business, Vienna Graduate School of Finance (VGSF)

Discussant: Philip Schnorpfeil (Goethe University Frankfurt)

Optimism Shifting

Stefano Cassella², Chukwuma Dim¹, Tural Karimli³

¹George Washington University; ²Tilburg University; ³Frankfurt School of Finance & Management

Discussant: Chih-Ching Hung (National Taiwan University)

A Non-Linear Market Model

Tobias Sichert

Stockholm School of Economics

Discussant: Martijn Boons (Nova University Lisbon)

A Joint Factor Model for Bonds, Stocks, and Options

Heiner Beckmeyer¹, Turan G. Bali², Amit Goyal³

¹University of Muenster; ²Georgetown University; ³University of Lausanne and Swiss Finance Institute

Discussant: Marcel Müller (Karlsruhe Institute of Technology)

The Trade Imbalance Network and Currency Returns

Ai Jun Hou¹, Xiaoxia Ye², Lucio Sarno³

¹Stockholm University; ²Exeter University; ³Cambridge University

Discussant: Ilaria Piatti (Queen Mary University of London)

Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations

Anya Kleymenova, Sharjil Haque

Federal Reserve Board

Discussant: Reiner Braun (Technische Universität München, TUM)

Index Inclusion and Corporate Social Performance: Evidence from the MSCI Empowering Women Index

Yupana Wiwattanakantang¹, Vikas Mehrotra², Lukas Roth², Yusuke Tsujimoto³

¹National University of Singapore; ²University of Alberta; ³Waseda University, Japan

Discussant: Robin Döttling (Erasmus University Rotterdam)

Careers and Wages in Family Firms: Evidence from Administrative Data

Vincenzo Pezone¹, Edoardo Di Porto², Marco Pagano², Raffaele Saggio⁴, Fabiano Schivardi³

¹Tilburg University; ²University of Naples; ³Luiss University; ⁴University of British Columbia

Discussant: Daniel Urban (Erasmus University Rotterdam)

Payments, Reserves, and Financial Fragility

Ming Yang¹, Itay Goldstein², Yao Zeng²

¹University College London; ²University of Pennsylvania

Discussant: Thomas Nellen (SNB)

Modeling Managers As EPS Maximizers

Itzhak Ben-David¹, Alex Chinco²

¹The Ohio State University, Fisher School of Business; ²Baruch College, United States of America

Banks, Financial Integration and House Prices

Dominik Meyland¹, Falko Fecht², Roland Füss¹

¹University of St.Gallen; ²Deutsche Bundesbank

Consumers' Payment Preferences and Banking Digitalisation in the Euro Area

Justus Meyer¹, Federica Teppa²

¹University of Glasgow and European Central Bank; ²De Nederlandsche Bank and Netspar

Interest rates and money demand: Evidence from household-level portfolio data

Lizet Alejandra Perez Cortes¹, Martin Brown^2,1, Daniel Hoechle³, Markus Schmid¹

¹University of St.Gallen; ²Study Center Gerzensee; ³University of Applied Sciences and Arts Northwestern Switzerland

Twitter-Based Attention and the Cross-Section of Cryptocurrency Returns

Arnaud Thierry Maître, Nikolay Pugachyov, Florian Weigert

Université de Neuchâtel

Why Do People (Not) Invest? The Role of Return and Risk Expectations

Markus Strucks¹, Stefan Zeisberger^1,2

¹Radboud University, The Netherlands; ²University of Zurich

Fed Transparency and Policy Expectations Errors: A Text Analysis Approach

Eric Fischer, Rebecca McCaughrin, Saketh Prazad, Mark Vandergon

Federal Reserve Bank of New York

Discussant: Sonya Zhu (Bank for International Settlements)

Financial Intermediaries and Demand for Duration

Marco Zanotti¹, Alberto Plazzi¹, Andrea Tamoni²

¹Swiss Finance Institute, USI Lugano; ²Rutgers Business School

Discussant: Ion Lucas Saru (VU Amsterdam)

Money Market Funds and the Pricing of Near-Money Assets

Egemen Eren¹, Sebastian Doerr¹, Semyon Malamud²

¹BIS (Bank for International Settlements); ²Ecole Polytechnique Fédérale de Lausanne

Discussant: Julian Terstegge (Copenhagen Business School)

The Response of Equity Yields to a Long-Run Shock

Martijn Boons¹, Andrea Tamoni², Petra Sinagl³

¹Nova University Lisbon; ²Rutgers Business School; ³University of Iowa

Discussant: Tobias Sichert (Stockholm School of Economcs)

Subjective Risk Premia in Bond and FX Markets

Ilaria Piatti¹, Daniel Pesch², Paul Whelan³

¹Queen Mary University of London; ²Said Business School, University of Oxford; ³CUHK Business School

Discussant: Karamfil Todorov (BIS (Bank for International Settlements))

Expected Bond Liquidity

Marcel Müller¹, Michael Reichenbacher¹, Philipp Schuster², Marliese Uhrig-Homburg¹

¹Karlsruhe Institute of Technology; ²University of Stuttgart

Discussant: Heiner Beckmeyer (University of Muenster)

Does Monetary Policy Shape the Path to Carbon Neutrality?

Robin Döttling¹, Adrian Lam²

¹Erasmus University Rotterdam; ²University of Pittsburgh

Discussant: Janko Heineken (University of Bonn)

Passive Ownership and the Environment

Daniel Urban¹, Vidhan Goyal², Daniel Schmidt³, Theresa Spickers⁴

¹Erasmus University Rotterdam; ²Hong Kong University of Science and Technology; ³Technical University of Munich; ⁴University of Amsterdam

Discussant: Yupana Wiwattanakantang (National University of Singapore)

The Costs of Hidden Workplace Harassment

Tural Karimli

Frankfurt School of Finance and Management, Germany

Discussant: Vincenzo Pezone (Tilburg University)

The Response of Mortgage Supply to Expected Flood Insurance Lapses

Zhongchen Hu

Chinese University of Hong Kong, Shenzhen

Discussant: Rebecca Ellen De Simone (London Business School)

Displaced by Big Data: Evidence from Active Fund Managers

Maxime Bonelli¹, Thierry Foucault²

¹London Business School; ²HEC Paris

Discussant: Simon Straumann (WHU- Otto Beisheim School Of Management)

Dynamic Deposits: The Role of Inflows on Future Outflows

Andrew MacKinlay¹, Michael Gelman²

¹Virginia Tech, United States of America; ²University of Delaware, United States of America

Discussant: Jin Cao (Norges Bank)

Rich and Responsible? The Rise of Responsible Investors

Kasper Meisner Nielsen¹, Steffen Andersen², Dmitry Chebotarev³, Fatima Zahra Filali Adib¹

¹Copenhagen Business School; ²Danmarks Nationalbank; ³Indiana University

Discussant: Julian Kölbel (University of St.Gallen)

(Not) Anticipating Predictable Inheritances

Tuomo Virkola¹, Erkki Johannes Vihriälä²

¹VATT Institute for Economic Research; ²Aalto University School of Business

Discussant: Kasper Meisner Nielsen (Copenhagen Business School)

Sustainable Investing and Political Behavior

Julian Kölbel¹, Florian Heeb², Stefano Ramelli¹, Anna Vasileva³

¹University of St.Gallen; ²MIT Sloan; ³University of Zurich

Discussant: Julia Annette Meyer (ZHAW)

Collateral Cycles

Angelo Ranaldo¹, Evangelos Benos³, Gerardo Ferrara²

¹University of St.Gallen and Swiss Finance Institute; ²Bank of England; ³Nottingham University Business School

Who Knows? Information Differences Between Trader Types

Ion Lucas Saru, Albert J. Menkveld

VU Amsterdam, Tinbergen Institute

Discussant: Franziska Peter (Zeppelin University)

The Equity Derivative Payoff Bias

Julian Terstegge¹, Guido Baltussen², Paul Whelan³

¹Copenhagen Business School; ²Erasmus University Rotterdam; ³Chinese University of Hong Kong

Discussant: Mathis Moerke (University of St.Gallen)

The Cumulant Risk Premium

Karamfil Todorov¹, Albert Kyle²

¹BIS (Bank for International Settlements); ²University of Maryland, Robert H. Smith School of Business

Discussant: Ole Wilms (Universität Hamburg)

The Network Origins of Cybersecurity Risk

Giorgio Ottonello¹, Antonino Emanuele Rizzo²

¹Nova SBE; ²University of NotreDame, Mendoza College of Business

Discussant: Silvina Rubio (University of Bristol)

Becoming virtuous? Mutual Funds’ Reactions to ESG Scandals

Fatima Zahra Filali Adib¹, Bastian von Beschwitz², Daniel Schmidt³

¹Copenhagen Business School, Denmark; ²Federal Reserve Board; ³HEC Paris

Discussant: Stefano Ramelli (University of St.Gallen)

Choosing Pension Fund Investment Consultants

Matteo Bonetti¹, Aleksandar Andonov², Irina Stefanescu³

¹De Nederlandsche Bank; ²University of Amsterdam and CEPR; ³Board of Governors of the Federal Reserve System

Discussant: Marco Ceccarelli (VU Amsterdam)

Peer Dismissal and Contagious Career Concerns

Jaemin Lee

Goizueta Business School, Emory University

Discussant: Trang Nguyen (University of Bristol)

Social Influence in Household Equity Investment: Evidence from Randomized Military Drafts

Chih-Ching Hung¹, Chun-Che Chi², Ming-Jen Lin¹, Kevin Tseng^1,3

¹National Taiwan University; ²Academia Sinica, Taiwan; ³Chinese University of Hong Kong

Discussant: Elias Rantapuska (Aalto University School of Business)

Households' Response to the Wealth Effects of Inflation

Philip Schnorpfeil¹, Michael Weber², Andreas Hackethal¹

¹Goethe University Frankfurt; ²University of Chicago

Discussant: Felix von Meyerinck (University of Zurich)