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

Steffen Hitzemann³, An Qin², Stanislav Sokolinski¹, Andrea Tamoni²

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

Discussant: Martin Nerlinger (University of St.Gallen)

Unpacking the Demand for Sustainable Equity Investing

Sangmin Oh¹, Don Noh², Jihong Song³

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

Discussant: Sebastian Utz (Universität Augsburg)

Evaluating the Impact of Portfolio Mandates

Raman Uppal¹, Jack Favilukis², Lorenzo Garlappi²

1: EDHEC Business School, United Kingdom; 2: UBC 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

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

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

Discussant: Raman Uppal (EDHEC Business School)

Voting Rationales

Silvina Rubio¹, Roni Michaely², Irene Yi³

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

Discussant: Fatima Zahra Filali Adib (Copenhagen Business School)

Poison Bonds

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

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

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

Monetary Policy and Corporate Debt Maturity

Janko Heineken¹, Andrea Fabiani², Luigi Falasconi³

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

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

Discussant: Xingchen Zhu (Vrije Universiteit Amsterdam)

Payment Firms, Cryptocurrencies, and CBDCs

Felix Martini¹, Tobias Berg⁴, Jan Keil³, Manju Puri²

1: Duke University and NBER; 2: Humboldt University Berlin; 3: Frankfurt School of Finance & Management; 4: Goethe 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

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

1: George Washington University; 2: Tilburg University; 3: Frankfurt 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

1: University of Muenster; 2: Georgetown University; 3: University 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

1: Stockholm University; 2: Exeter University; 3: Cambridge 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

1: National University of Singapore; 2: University of Alberta; 3: Waseda 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

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

Discussant: Daniel Urban (Erasmus University Rotterdam)

Payments, Reserves, and Financial Fragility

Ming Yang¹, Itay Goldstein², Yao Zeng²

1: University College London; 2: University of Pennsylvania

Discussant: Thomas Nellen (SNB)

Modeling Managers As EPS Maximizers

Itzhak Ben-David¹, Alex Chinco²

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

Banks, Financial Integration and House Prices

Dominik Meyland¹, Falko Fecht², Roland Füss¹

1: University of St.Gallen; 2: Deutsche Bundesbank

Consumers' Payment Preferences and Banking Digitalisation in the Euro Area

Justus Meyer¹, Federica Teppa²

1: University of Glasgow and European Central Bank; 2: De 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

1: University of St.Gallen; 2: Study Center Gerzensee; 3: University 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

1: Radboud University, The Netherlands; 2: University 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

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

Discussant: Ion Lucas Saru (VU Amsterdam)

Money Market Funds and the Pricing of Near-Money Assets

Egemen Eren¹, Sebastian Doerr¹, Semyon Malamud²

1: BIS (Bank for International Settlements); 2: Ecole 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

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

Discussant: Tobias Sichert (Stockholm School of Economcs)

Subjective Risk Premia in Bond and FX Markets

Ilaria Piatti¹, Daniel Pesch², Paul Whelan³

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

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

Expected Bond Liquidity

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

1: Karlsruhe Institute of Technology; 2: University of Stuttgart

Discussant: Heiner Beckmeyer (University of Muenster)

Does Monetary Policy Shape the Path to Carbon Neutrality?

Robin Döttling¹, Adrian Lam²

1: Erasmus University Rotterdam; 2: University of Pittsburgh

Discussant: Janko Heineken (University of Bonn)

Passive Ownership and the Environment

Daniel Urban¹, Vidhan Goyal², Daniel Schmidt³, Theresa Spickers⁴

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

1: London Business School; 2: HEC Paris

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

Dynamic Deposits: The Role of Inflows on Future Outflows

Andrew MacKinlay¹, Michael Gelman²

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

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

Discussant: Julian Kölbel (University of St.Gallen)

(Not) Anticipating Predictable Inheritances

Tuomo Virkola¹, Erkki Johannes Vihriälä²

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

Discussant: Kasper Meisner Nielsen (Copenhagen Business School)

Sustainable Investing and Political Behavior

Julian Kölbel¹, Florian Heeb², Stefano Ramelli¹, Anna Vasileva³

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

Discussant: Julia Annette Meyer (ZHAW)

Collateral Cycles

Angelo Ranaldo¹, Evangelos Benos³, Gerardo Ferrara²

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

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

Discussant: Mathis Moerke (University of St.Gallen)

The Cumulant Risk Premium

Karamfil Todorov¹, Albert Kyle²

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

Discussant: Ole Wilms (Universität Hamburg)

The Network Origins of Cybersecurity Risk

Giorgio Ottonello¹, Antonino Emanuele Rizzo²

1: Nova SBE; 2: University 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

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

Discussant: Stefano Ramelli (University of St.Gallen)

Choosing Pension Fund Investment Consultants

Matteo Bonetti¹, Aleksandar Andonov², Irina Stefanescu³

1: De Nederlandsche Bank; 2: University of Amsterdam and CEPR; 3: Board 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

1: National Taiwan University; 2: Academia Sinica, Taiwan; 3: Chinese 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

1: Goethe University Frankfurt; 2: University of Chicago

Discussant: Felix von Meyerinck (University of Zurich)