WFA 2025
Snowbird
June 22 - 25, 2025
- Welcome to WFA 2025 in Snowbird, UT!
For hotel information and reservations, and conference registration, please see: westernfinance.org
Sessions
Filter:
Bank Runs and Failing Banks
Tracing Bank Runs in Real Time Rules versus Disclosure: Prudential Regulation and Market Discipline Two Centuries of Systemic Bank Runs
Private Asset Markets
The Commercial Real Estate Ecosystem Bank Capital and the Growth of Private Credit Who Should Manage Impact Investments? Evidence from Affordable Housing
Corporate Financing Frictions
Why Do Firms Pay More for Bank Loans? The Role of Renegotiation Data as Collateral: Open Banking for Small Business Lending The Role of Equity Financing Constraints in the Transmission of Monetary Policy
FinTech
Borrowers in the Shadows: The Promise and Pitfalls of Alternative Credit Data Lending Competition and Funding Collaboration Artificial Intelligence and Debt Collection: Evidence from a Field Experiment
Risk Premia and Options
Equity Premium Events 0DTE Asset Pricing Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux
Institutions in Household Finance
Retention or Regressivity? The Empirical Effects of 401(k) Vesting Schedules The Impact of Fiscal Policy on Financial Institutions, Asset Prices, and Household Behavior Savings-and-Credit Contracts
Bank and Nonbank Financing
Banking Relationships and Loan Pricing Disconnect Revolving Credit to SMEs: The Role of Business Credit Cards The Value of Contingent Liquidity from Banks to Nonbank Financiers
Monetary Policy
Asset Purchase Rules: How QE Transformed the Bond Market How Large Is Too Large? A Risk-Benefit Framework for Quantitative Easing Monetary Policy and the Maturity Structure of Public Debt
Cryptocurrency and DeFi
Decentralized Crypto Governance? Transparency and Concentration in Ethereum Decision-Making Fragmentation and Optimal Liquidity Supply on Decentralized Exchanges Governance and Management of Autonomous Organizations
Belief Formation
Selective Inattention Categorical Thinking about Interest Rates Motivated Extrapolative Beliefs
Machine Learning in Asset Pricing
The Uncertainty of Machine Learning Predictions in Asset Pricing High-Throughput Asset Pricing Machine Forecast Disagreement
Student Loans
Student Loan Forgiveness Saving and Consumption Responses to Student Loan Forbearance Student Loans and Labor Supply Incentives
Bank Deposits
The Economics of Reciprocal Deposit Insurance Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market Sticky Deposits, not Depositors
AI in Finance
Attention-based Graph Neural Networks in Firm CDS Prediction AI in Corporate Governance: Can Machines Recover Corporate Purpose? Out of the (Black)Box: AI as Conditional Probability
Asset Pricing
Macro Strikes Back: Term Structure of Risk Premia Shrinking the Term Structure Payout-Based Asset Pricing
Fund Flows
Soothing Investors: The Impact of Manager Communication on Mutual Fund Flows Asset (and Data) Managers Box Jumping: Portfolio Recompositions to Achieve Higher Morningstar Ratings
Asset Pricing with Subjective Beliefs
Index Investing and Sentiment Spillover Mental Models and Financial Forecasts A Model-Free Assessment of the Importance of Subjective Beliefs for Asset Pricing
Real Investment
K Wasn't Built in a Day: Investment with Endogenous Time to Build Firms’ Perceived Cost of Capital Investing in Customer Capital
Financing Frictions and the Green Transition
Financial Constraints and Household Green Technology Adoption Financing and the Green Paradox Pollution-Shifting vs. Downscaling: How Financial Distress Affects the Green Transition
Financial Stability
Does the Dollar Lender of Last Resort Expand Dollar Dominance? Currency Mismatch, Reserves, and Global Liquidity Backstop Fire Sales and Liquidity Requirements Interest Rate Risk and Cross-Sectional Effects of Micro-Prudential Regulation
Entrepreneurship
The “Great Reshuffling” and Entrepreneurship Venture Capital Cycles and the Startup Labor Market Private Capital Markets and Inequality
Corporate Debt Markets
Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns Investors as a Liquidity Backstop in Corporate Bond Markets Investor Fragility, Bargaining Power, and Pricing Implications for Short-Term Funding Markets
Law and Politics
Real Effects of Judicial Selection: The Role of Campaign Finance Constructed Regressors and Overlapping Fixed Effects Tax Breaks for Swing States? Political Bargaining, Economic Redistribution, and Firm Outcomes
Vulnerable Households
Consumption Wedges: Measuring and Diagnosing Distortions Housing and Fertility Gambling Away Stability: Sports Betting's Impact on Vulnerable Households
Valuations and Expectations
What Can Cross-Sectional Stocks Tell Us About Core Inflation Shocks? Corporate Discount Rates Which Asset Pricing Model Do Firms Use? A Revealed Preference Approach
Banking
The Making of (Modern) Banks Branching Out: The Role of Selection in Bank Branch Entry and Economic Growth Open Banking and Digital Payments: Implications for Credit Access
Macro Finance
A Macro-Finance Model of Mortgage Structure: Financial Stability & Risk Sharing Growth-Indexed Securities Data, Markups, and Asset Prices
Gender Gaps
The Cultural Origin of Gender Gaps in Pay and Mobility: Evidence from Canada Peer Effects and the Gender Gap in Corporate Leadership: Evidence from MBA Students Bachelorette’s Degree: Financial Shocks and the Gender Performance Gap Self-Reinforcing Glass Ceilings
Corporate Governance
Voting Rationales Real Effects of Personal Liability: Evidence from Industrial Pollution Voting and Trading on Public Information Collusion Through Common Leadership
Housing Markets
Climate Risk, Insurance Premiums, and the Effects on Mortgage Outcomes Mortgage Lock-in, Lifecycle Migration, and the Welfare Effects of Housing Market Liquidity Unlocking Mortgage Lock-In: Evidence From a Spatial Housing Ladder Model The Equilibrium Impacts of Broker Incentives in the Real Estate Market
Mutual Funds
The Geography of Savings Opportunities in Retirement Plans What Determines 401(k) Plan Fees? A Dynamic Model of Transaction Costs and Markups Self-Inflated Fund Returns (Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting
Innovation
The Wealth of Stagnation: Falling Growth, Rising Valuations When Trust Breaks: Academic Misconduct, Innovation Networks, and Capital Discrimination When Protectionism Kills Talent Measuring Creative Destruction
Household Debt
Credit and the Family: The Economic Consequences of Closing the Credit Gap of US Couples Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection Regulating Credit: Effects on Market Structure, Lender Technologies, and Credit Access
Retail Trading
Some Anonymous Options Trades Are More Equal than Others What Is the Value of Retail Order Flow? An Anatomy of Retail Option Trading
Corporate Debt
Corporate Debt Maturity and Output Price Dynamics Financially Sophisticated Firms Taxes and Private Firms’ Capital Structure Choices
International Finance
Reassessing Sources of Risk Premiums in Currency Markets Political Risk Everywhere Tech Dollars and Exchange Rates
Performance of Private Assets
Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective Democratizing Private Markets: Private Equity Performance of Individual Investors Risk-Adjusting the Returns to Private Debt Funds
Monetary Policy and Asset Prices
The Price of Money: The Reserves Convertibility Premium over the Term Structure Tough Talk: The Fed and the Risk Premium Risk Premia, Subjective Beliefs, and Forward Guidance
Insurance
Rent Guarantee Insurance Climate Risk and the U.S. Insurance Gap: Measurement, Drivers and Implications Risky Insurance: Life-cycle Insurance Portfolio Choice with Incomplete Markets
Demand-Based Asset Pricing
Pricing of Risk in Credit and Equity Index Options--A Role for Option Order Flow? Why is Stock-Level Demand Inelastic? A Portfolio Choice Approach Demand-Based Expected Returns
Information and Asset Prices
Celebrity Persuasion The Rise of Factor Investing: Asset Market Implications and “Passive” Security Design Public Information and the Securities Lending Market
Labor and Finance
Big Data and Bigger Firms: A Labor Market Channel Arbitraging Labor Markets How Do Health Insurance Costs Affect Low- and High-Income Workers?