Western Finance Association

WFA 2024

Honolulu

June 27 - 30, 2024

Sessions

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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

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Law and Finance

The Economics of Legal Uncertainty The Efficiency of Patent Litigation Contract Completeness of Company Bylaws and Entrepreneurial Success

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Carbon Emissions and Firm Activity

Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks Climate-linked Pay and Supply Chain Management Dynamic Carbon Emission Management

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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

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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

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Bank Runs and Failing Banks

The Full Story of Runs Failing Banks Bank Branch Density and Bank Runs

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Bankruptcy

Bankruptcy Law and the Market for Corporate Influence Bankruptcy Lawyers and Credit Recovery Do Rights Offerings Reduce Bargaining Complexity in Chapter 11?

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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

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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?

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Decision Making in Mutual Funds

Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds Income Risk and Flow Hedging by Mutual Funds

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Currency Risk Premia

The Trade Imbalance Network and Currency Returns A Currency Premium Puzzle International Arbitrage Premia

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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

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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

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Financing Constraints and Investment

Testing the q-Theory Under Endogenous Truncation The Welfare Benefits of Pay-As-You-Go Financing Precautionary Debt Capacity

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Holdouts, Trust and Morality

A General Theory of Holdouts Corporate Actions as Moral Issues Ethics and Trust in the Market for Financial Advisors

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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

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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?

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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

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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

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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

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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

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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

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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

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ESG Investing

Green Tilts ESG Window Dressing Responsible Consumption, Demand Elasticity, and the Green Premium

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Talent, Preferences and Firms

Stochastic Social Preferences and Corporate Investment Decisions Have CEOs Changed? Polarizing Corporations: Does Talent Flow to "Good" Firms?

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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

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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

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Climate Risk

Systemic Climate Risk A Deep Learning Analysis of Climate Change, Innovation, and Uncertainty Weather Variance Risk Premia

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Unconventional Monetary Policy

Quantitative Tightening with Slow-Moving Capital Testing the Portfolio Rebalancing Channel of Quantitative Easing The Risk Channel of Unconventional Monetary Policy

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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

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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

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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

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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

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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

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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

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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

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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

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Debt Securities

A New Theory of Credit Lines (With Evidence) Short-Term Debt Overhang Poison Bonds

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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

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Disagreement, Short Sellers and Order Flows

Competition and Payment for Order Flow in Options Factor and Stock-Specific Disagreement and Trading Flows Short Covering

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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

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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

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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

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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

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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

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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

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Asset Pricing with Options

0DTE Option Pricing A Non-Linear Market Model 0DTEs: Trading, Gamma Risk and Volatility Propagation

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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

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Events

WFA/PhD Project Panel Session [Invitation Only]

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On-site Registration sponsored by the JFQA

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WFA Reception

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On-site Registration sponsored by the JFQA

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Center for Research in Security Prices Coffee Break

CRSP

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Elsevier Luncheon

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Cornerstone Research Reception

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On-site Registration sponsored by the JFQA

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Wharton Research Data Services Coffee Break

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WFA Annual Luncheon Sponsored by NASDAQ

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BlackRock Reception

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On-site Registration sponsored by the JFQA

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Elsevier Coffee Break

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