Carbon Pricing and Investment

Gustav Martinsson¹, James Brown², Per Strömberg³, Christian Thomann⁴

1: Stockholm University, Sweden; 2: Texas A&M University; 3: Stockholm School of Economics; 4: Royal Institute of Technology

Discussant: Stefano Ramelli (University of St. Gallen)

Cap and Trade with Imperfect Hedging

Johan Hombert¹, Bruno Biais¹, Daniel Schmidt¹, Pierre-Olivier Weill²

1: HEC Paris; 2: UCLA

Discussant: Thorsten Hens (University of Zurich)

Insurers' Carbon Underwriting Policies

Olimpia Carradori¹, Felix von Meyerinck², Zacharias Sautner³

1: Swiss Finance Institute and University of Zurich; 2: Lake Lucerne Institute and University of Zurich; 3: Swiss Finance Institute and University of Zurich

Discussant: Gustav Martinsson (Stockholm University)

Infrastructure Capacity, Risk, and Firm Value: Evidence from U.S. Electricity Tightness

Marcin Kacperczyk, David Licher

Imperial College London

Discussant: Johan Hombert (HEC Paris)

Is AI Trained on Public Money? Evidence from U.S. Data Centers

Adam Feher¹, Emilia Garcia-Appendini², Roxana Mihet¹

1: University of Lausanne; 2: University of St. Gallen

Discussant: Denis Sosyura (Arizona State University)

The Impact of IPOs on Workers

Ramin Baghai¹, Rui Silva², Margarida Soares²

1: Stockholm School of Economics; 2: Nova School of Business and Economics

Discussant: Harald Hau (University of Geneva)

When the Tax Break Breaks: CEO Pay and Turnover Following TCJA

Ilona Babenko², Ben Bennett³, Dragana Cvijanovic¹

1: Cornell University; 2: Arizona State University; 3: TCU

Discussant: Florian Peters (University of Amsterdam)

The Real Effects of Valuation Mistakes: Estimates from Mergers and Acquisitions

Derrien François¹, Hombert Johan^1,3, Ovtchinnikov Alexei¹, Philip Valta²

1: HEC Paris; 2: University of Bern; 3: CEPR

Discussant: Stefano Cassella (Tilburg School of Economics and Management)

Do Public Equities Span Private Equity Returns?

Eric Ghysels², Oleg Gredil¹, Mirco Rubin³

1: Tulane University Freeman School of Business; 2: University of North Carolina; 3: EDHEC Business School

Discussant: Axel Buchner (ESCP Business School)

Industrial Policy via Venture Capital

Martin Aragoneses¹, Sagar Saxena²

1: INSEAD; 2: University of Pennsylvania

Discussant: Tereza Tykvová (University of St.Gallen)

Financial Market Effects of FOMC Communication: Evidence from a New Event-Study Database

Miguel Acosta², Andrea Ajello³, Michael Bauer¹, Francesca Loria³, Silvia Miranda-Agrippino⁴

1: Federal Reserve Bank of San Francisco; 2: University of Wisconsin-Madison; 3: Federal Reserve Board of Governors; 4: Oxford University

Discussant: Xiyuan Ma (Singapore Management University)

Monetary Transmission in Equity Markets: Evidence from Financial Intermediaries

Pranav Garg¹, Matthew Famiglietti²

1: Yale University; 2: Yale University

Discussant: Andreas Schrimpf (BIS)

Under Pressure? Central Bank Independence Meets Blockchain Prediction Markets

Barry Eichengreen³, Ganesh Viswanath-Natraj¹, Junxuan Wang², Zijie Wang¹

1: Warwick Business School; 2: HKUST Guangzhou; 3: UC Berkeley

Discussant: Michael Bauer (Federal Reserve Bank of San Francisco)

Risk on the Run: Public Pensions, Migration Risk and Pivot to Alternatives

Rahul Singh Chauhan

University of Chicago

Discussant: Aleksandar Andonov (University of Amsterdam)

Distant Investments: Decoding Mutual Fund Skills with Large Language Models

Xiyuan Ma¹, Spiegel Matthew², Zhang Hong¹, Zhou Yijun³

1: Singapore Management University; 2: Yale University; 3: Florida State University

Discussant: Laurent Barras (University of Luxembourg)

Gambling with Dividends

Alexander Klos¹, Jan Müller-Dethard², Niklas Reinhardt¹, Martin Weber²

1: Kiel University; 2: University of Mannheim

Discussant: Samuli Knüpfer (Aalto University)

Investing When Fewer Expect to Parent: Fertility Expectations and Financial Risk-Taking

Judith Bohnenkamp¹, Ville Rantala¹, Melina Vosse²

1: Univeristy of Miami; 2: University of San Diego

Discussant: Arna Olafsson (Copenhagen Business School)

Monetary Policy Wealth Effects: Evidence from the 2015 Swiss Franc Shock

Martin Brown^1,3, Daniel Hoechle², Alejandra Perez³, Markus Schmid³

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

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

Fintech to the (Worker) Rescue: Earned Wage Access, Financial Health and Employee Retention

Jose Murillo³, Boris Vallee¹, Dolly Yu²

1: INSEAD; 2: Yale School of Management; 3: Centrito

Discussant: Andreas Fuster (EPFL)

The Participation Puzzle

Roxana Mihet¹, Federico Mainardi², Laura Veldkamp²

1: University of Lausanne, Swiss Finance Institute, CEPR; 2: Columbia Business School

Discussant: Yucheng Yang (University of Zurich)

Perils of Cross-Selling: How Lack of Diversification between Deposit and Loan Clients Can Engender Bank Fragility

Karolis Liaudinskas¹, Christoph Basten², Ragnar Juelsrud¹, Viral Acharya³

1: Norges bank; 2: European Central Bank; 3: NYU Stern

Discussant: Ahmet Degerli (Federal Reserve Board)

Banking on Bundles: Identifying Cross-Selling in Retail Banking

Fatima Zahra Filali Adib¹, Steffen Andersen², Kasper Meisner Nielsen¹, Yingjie Qi¹

1: Copenhagen Business School; 2: Danmarks Nationalbank

Discussant: Gazi Kabas (Tilburg University)

Bank Specialization within Production Networks

Olivier De Jonghe^1,4, Yushi Peng², Tong Zhao^1,3

1: National Bank of Belgium; 2: Tilburg University; 3: KU Leuven; 4: European Central Bank

Discussant: Ramin Baghai (Stockholm School of Economics)

How do lenders manage collateral illiquidity?

Francisco Amaral¹, Gianmarco Ruzzier²

1: University of Zurich and Swiss Finance Institute; 2: Banco de España

Discussant: Pedro Gete (IE University)

Monetary Policy Exposure of Banks and Loan Covenant Strictness

Ahmet Degerli¹, Jing Wang²

1: Federal Reserve Board; 2: University of Missouri

Discussant: Alberto Manconi (Bocconi University)

Collateral Law and Enforcement Risk: Evidence from Native American Reservations

Leo Leitzinger

Goethe University Frankfurt

Discussant: Stefano Colonnello (Ca Foscari University of Venice)

Loan Spreads and Interest Rates: The Role of The Deposit Channel and Lending Market Power

Antoine Hubert de Fraisse¹, Pierre Dubuis²

1: London School of Economics and NBER; 2: Bank of England

Discussant: Rainer Haselmann (Goethe University)

Does Your Neighbor’s Debt Crowd Out Yours?

Irem Demirci², Alberto Manconi¹, Sameh Marei³

1: Bocconi University; 2: Nova SBE; 3: ESADE Business School

Discussant: Alberto Plazzi (Università della Svizzera Italiana)

AI in Corporate Governance: Can Machines Recover Corporate Purpose?

Boris Nikolov^1,2,3, Norman Schürhoff^1,2,4, Sam Wagner^1,2

1: University of Lausanne; 2: Swiss Finance Institute; 3: ECGI; 4: CEPR

Discussant: Urs Peyer (Insead)

Corporate policies and the term structure of risk

Matthijs Bruegem¹, Roberto Marfe¹, Francesca Zucchi²

1: Collegio Carlo Alberto; 2: European Central Bank

Discussant: Ilona Babenko (ASU)

The Global Credit Cycle

Nina Boyarchenko^1,2, Leonardo Elias¹

1: Federal Reserve Bank of New York, United States of America; 2: CEPR

Discussant: Pasquale Della Corte (Imperial College London)

Macro Strikes Back:Term Structure of Risk Premia

Svetlana Bryzgalova¹, Jiantao Huang², Christian Julliard³

1: London Business School; 2: The University of Hong Kong; 3: London School of Economics

Discussant: Can Gao (University of St.Gallen and Swiss Finance Institute)

Price-to-Trend Ratios: Return Predictability and Stock-Price Decompositions

Sebastian Hillenbrand¹, Odhrain McCarthy²

1: Harvard Business School; 2: NYU Stern

Discussant: Oleg Gredil (Tulane University)

Tax Incentives and Venture Capital Risk-Taking

Murillo Campello¹, Guilherme Junqueira²

1: University of Florida & NBER; 2: University of Florida

Discussant: Ettore Croci (Università Cattolica del Sacro Cuore)

FX Neglect in Private Equity Buyouts

Vesa Pursiainen, Wang Tang

University of St. Gallen and Swiss Finance Institute

Discussant: Daniel Urban (Erasmus University Rotterdam)

Text Is All You Need: Asset Pricing Without Returns

Christian Breitung

Technical University of Munich

Discussant: Thomas Dangl (Vienna University of Technology)

Beyond Carr–Madan: A Projection Approach to Risk-Neutral Moment Estimation

Tjeerd de Vries

HEC Paris

Discussant: Olivier Scaillet (University of Geneva and Swiss Finance Institute)

When Complexity Outpaces Factor Models: A Unified Theory for High-Dimensional Asset-Pricing Puzzles

Carter Davis¹, Alejandro Lopez Lira²

1: Ohio State University; 2: University of Florida

Discussant: Patrick Gagliardini (Università della Svizzera italiana)

Partisan Inequality in Property Tax Assessments: The Hidden Fiscal Burden on Political Minorities

Ankit Kalda¹, Vikas Soni², Qianfan Wu¹

1: Indiana University; 2: University of South Florida

Discussant: Francisco Amaral (University of Zurich)

Giving up on the Home? How Downpayment Requirements Shape Consumption and Saving

Yann Cerasi¹, Gazi Kabas², Steven Ongena¹, Kasper Roszbach³

1: University of Zurich and Swiss Finance Institute; 2: Tilburg University; 3: Norges Bank

Discussant: Martin Brown (Study Center Gerzensee)

The Response of Debtors to Rate Changes

Andreas Fuster¹, Virginia Gianinazzi², Andreas Hackethal³, Philip Schnorpfeil³, Michael Weber⁴

1: EPFL and Swiss Finance Institute; 2: Nova SBE; 3: Goethe University Frankfurt; 4: Purdue University

Discussant: Ankit Kalda (Indiana University)

Buy, Correct, or Agree? The Drivers of Retail Investor Belief Updating and Investment within Financial Advice

Monika Burckhardt¹, Jan Müller-Dethard¹, Martin Weber^1,2

1: University of Mannheim; 2: CEPR

Discussant: Jane Chen (Chinese University of Hong Kong)

PIK Now and Pay Later - How Deferred Interest Reshapes Private Credit

Paul Rintamäki, Sascha Steffen

Frankfurt School of Finance & Management

Discussant: Vesa Pursiainen (University of St.Gallen)

Market Fragmentation: A Cushion Against Exchange Outages?

Hans Degryse¹, Bjorn Hagstromer², Niklas Landsberg¹

1: KU Leuven; 2: Stockholm Business School

Discussant: Brandon Yueyang Han (University of Maryland)

Equilibrium VIX in Inelastic Markets

Albert Menkveld

Vrije Universiteit Amsterdam

Discussant: Fabricius Somogyi (Northeastern University)

Survey Expectations Meet Option Prices: New Insights from the FX Market

Pasquale Della Corte¹, Alexander Jeanneret², Can Gao³

1: Imperial College London; 2: UNSW; 3: University of St. Gallen

Discussant: Svetlana Bryzgalova (LBS)

Demand-Based Expected Returns

Alessandro Crescini¹, Fabio Trojani², Andrea Vedolin³

1: University of Geneva and Swiss Finance Institute; 2: University of Geneva, University of Turin, Swiss Finance Institute; 3: Boston University, NBER, CEPR

Discussant: Sebastian Hillenbrand (Harvard Business School)

Pricing News and No News with Heterogeneous Beliefs

Can Gao¹, Brandon Yueyang Han²

1: University of St. Gallen and Swiss Finance Institute; 2: University of Maryland

Discussant: Albert Menkveld (Vrije Universiteit Amsterdam)

Disclosure and Liquidity: The Ownership Channel

Adrian Finke¹, Julia Meyer², Martin Nerlinger³, Ryan Riordan⁴, Sebastian Utz⁵

1: University of Augsburg,; 2: ZHAW and University of Zurich; 3: University of St. Gallen and Swiss Finance Institute; 4: Ludwig-Maximilians-University Munich; 5: University of Augsburg

Discussant: Francois Derrien (HEC Paris)

Green Silence: Double machine learning carbon emissions under sample selection bias

Cathy Yi-Hsuan Chen¹, Abraham Lioui², Olivier Scaillet³

1: AUniversity of Glasgow; 2: EDHEC Business Schoo; 3: University of Geneva and Swiss Finance Institute

Discussant: Marco Ceccarelli (Vrije Universiteit Amsterdam)