WFA 2024
Honolulu
June 27 - 30, 2024
- See you soon in Hawaii.
For hotel information and reservations, and conference registration, please see: westernfinance.org
Sessions
Filter:
Monetary-Based Asset Pricing
Movements in Yields, not the Equity Premium: Bernanke-Kuttner Redux What do Bond Investors Learn from Macroeconomic News? Learning About Fed Policy From Macro Announcements: A Tale of Two FOMC Days
Law and Finance
The Economics of Legal Uncertainty The Efficiency of Patent Litigation Contract Completeness of Company Bylaws and Entrepreneurial Success
Corporate Debt
The Art of Timing: Managing Sudden Stop Risk in Corporate Credit Markets A Preferred-Habitat Model with a Corporate Sector Leverage Dynamics and Learning about Economic Crises
Incentives in Asset Management
Are Mutual Fund Managers Paid for Performance? Evidence from U.S. Administrative Earnings Data Partisanship and Portfolio Choice: Evidence from Mutual Funds Fund Flows and Income Risk of Fund Managers
Bankruptcy
Bankruptcy Law and the Market for Corporate Influence Bankruptcy Lawyers and Credit Recovery Do Rights Offerings Reduce Bargaining Complexity in Chapter 11?
Behavioral Finance: Retail Investors
The Law of Small Numbers in Financial Markets: Theory and Evidence Bulls and Binaries Decoding Expectation Formation from Realized Stock Prices: An Eye-Tracking Study
Bank Funding and Geography
Bank Branch Access: Evidence from Geolocation Data Internal and External Capital Markets of Large Banks Do Local Bank Branches Shape Mortgage Origination?
Currency Risk Premia
The Trade Imbalance Network and Currency Returns A Currency Premium Puzzle International Arbitrage Premia
Costs of the Climate Crisis
Does Wildfire Smoke Choke Local Business? When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets Natural Disasters and Municipal Bonds
Financial Intermediation
The Deposit Business at Large vs. Small Banks Specialization in Banking Aggregate Lending and Modern Financial Intermediation: Why Bank Balance Sheet Models are Miscalibrated
Financing Constraints and Investment
Testing the q-Theory Under Endogenous Truncation The Welfare Benefits of Pay-As-You-Go Financing Precautionary Debt Capacity
Holdouts, Trust and Morality
A General Theory of Holdouts Corporate Actions as Moral Issues Ethics and Trust in the Market for Financial Advisors
Measuring Beliefs
Do the Voting Rights of Federal Reserve Bank Presidents Matter? The Ghost in the Machine: Generating Beliefs with Large Language Models (Almost) 200 Years of News-Based Economic Sentiment
Traders and Algorithms
Whence LASSO? A Rational Interpretation AI-Powered Trading, Algorithmic Collusion, and Price Efficiency Learning from DeFi: Would Automated Market Makers Improve Equity Trading?
Valuations and Growth Expectations
The Return of Return Dominance: Decomposing the Cross-Section of Prices Valuation Fundamentals Understanding Rationality and Disagreement in House Price Expectations
Disparities in Pay, Funding and Well-Being
Equity Pay Beyond C-Suite Disentangling the Impact of Financial Inclusion on Household Well-Being: The Business Finance Channel Money to Burn: Wildfire Insurance via Social Networks
Household and Student Debt
Insurance versus Moral Hazard in Income-Contingent Student Loan Repayment The Impact of Social Insurance on Household Debt How do Borrowers Respond to a Debt Moratorium? Experimental Evidence from Consumer Loans in India
Big Data
How Can Monitoring Benefit Investors? Evidence from 85 Billion Cell Phone Signals Measuring the Impact of Remote Work Using Big Data Displaced by Big Data: Evidence from Active Fund Managers
Information, Attention and Outcomes
Investor Beliefs and Asset Prices Under Selective Memory Tell Me Something I Don’t Already Know: Learning in Low and High-Inflation Settings In Victory or Defeat: Consumption Responses to Wealth Shocks
Money Markets and Liquidity Dynamics
Money Markets, Collateral and Monetary Policy Money Market Funds and the Pricing of Near-Money Assets Scarce, Abundant, or Ample? A Time-varying model of the Reserve Demand Curve
ESG Investing
Green Tilts ESG Window Dressing Responsible Consumption, Demand Elasticity, and the Green Premium
Talent, Preferences and Firms
Stochastic Social Preferences and Corporate Investment Decisions Have CEOs Changed? Polarizing Corporations: Does Talent Flow to "Good" Firms?
FinTech and Tech-Driven Intermediation
Open Banking and Customer Data Sharing: Implications for FinTech Borrowers Tech-Driven Intermediation When Banks Originate to Distribute Surviving the Fintech Disruption
Privatization and Regulation
Committing to Grow: Privatizations and Firm Dynamics in East Germany All Clear for Takeoff: Evidence from Airports on the Effects of Infrastructure Privatization Follow the Pipeline: Anticipatory Effects of Proposed Regulations
Unconventional Monetary Policy
Quantitative Tightening with Slow-Moving Capital Testing the Portfolio Rebalancing Channel of Quantitative Easing The Risk Channel of Unconventional Monetary Policy
Demand Shocks and Asset Prices
Demand-System Asset Pricing: Theoretical Foundations Correlated Demand Shocks and Asset Pricing Spillover Effects of Payouts on Asset Prices and Real Investment
Intermediaries and Coordination Over the Cycle
Coordinated vs Efficient Prices: The Impact of Algorithmic Pricing on Multifamily Rental Markets Intermediary Frictions and the Corporate Credit Cycle: Evidence From CLOs Household Liquidity and Macroeconomic Stabilization: Evidence from Mortgage Forbearance Monetary Transmission through Bank Securities Portfolios
Entrepreneurial and PE Dynamics
New Technology and Business Dynamics Female Representation and Talent Allocation in Entrepreneurship: The Role of Early Exposure to Entrepreneurs The Effects of the QSBS Exemption on Entrepreneurship and Innovation Selling Private Equity Fees
Replication in Finance
The Corporate Bond Factor Zoo Corporate Bond Factors: Replication Failures and a New Framework Too Good to Be True: Look-ahead Bias in Empirical Option Research Most Claimed Statistical Findings in Cross-Sectional Return Predictability are Likely True
Cryptocurrency Bubbles and Crashes
Stablecoin Runs and the Centralization of Arbitrage Anatomy of a Run: The Terra Luna Crash Fundamental Value and Bubbles: Stocks, Scams and Cryptocurrencies An Anatomy of Cryptocurrency Sentiment
Dealers and Market Functioning
Dealer Capacity and US Treasury Market Functionality Entry and Exit in Treasury Auctions Price and Liquidity in Frictional Markets with Strategic Bargaining Dealer Specialization and Market Segmentation
Credit Spreads and Ratings
Long Rates, Life Insurers, and Credit Spreads Can Information Imprecision be Valuable? The Case of Credit Ratings Bond Ownership and Credit Default Swap Coverage
Bank Balance Sheets
Capital Regulation with Non-Maturing Deposits United They Fall: Bank Risk After the Financial Crisis Business as Usual: Bank Climate Commitments, Lending, and Engagement
Debt Securities
A New Theory of Credit Lines (With Evidence) Short-Term Debt Overhang Poison Bonds
Global Economy: Investment and Risks
Original Sin Redux: Role of Duration Risk Tax Policy and Investment in a Global Economy Foreign Exchange Risk Management across the Production Network
Disagreement, Short Sellers and Order Flows
Competition and Payment for Order Flow in Options Factor and Stock-Specific Disagreement and Trading Flows Short Covering
Investment, Market Power and Aggregate Outcomes
Intangible Investment, Displacement Risk, and the Value Discount The Present Value of Future Market Power How Do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe
Inequality and Redistribution
Before and After Target Date Investing: The General Equilibrium Implications of Retirement Saving Dynamics Asset-Price Redistribution Interest-rate risk and household portfolios
Politics, Bid-Rigging and Regulation
The Effects of Mandatory Profit-Sharing on Workers and Firms: Evidence from France Foreign Influence in US Politics Kamikazes in Public Procurements
Regulation, Stakeholders and Finance
The Cost of Regulatory Compliance in the United States Regulatory Model Secrecy and Bank Reporting Discretion Corporate Behavior When Running the Firm for Stakeholders: Evidence from Hospitals
Costs of the Green Transition
Out of Sight, Out of Mind: Divestments and the Global Reallocation of Pollutive Assets Auto Finance in the Electric Vehicle Transition Financing the Global Shift to Electric Mobility
Banks, Nonbanks, and the Economy
Diverging Paths in Banks’ Business Models: New Facts and Macro Implications Nonbank Issuers and Mortgage Credit Supply Amplifying a Fiscal Stimulus: The Role of Banks
Asset Pricing with Options
0DTE Option Pricing A Non-Linear Market Model 0DTEs: Trading, Gamma Risk and Volatility Propagation
International Finance
The Geography of Capital Allocation in the Euro Area Following the Fed: Limits of Arbitrage and the Dollar The Anatomy of a Peg: Lessons from China's Parallel Currencies