Conference Agenda

Climate-triggered institutional price pressure: Does it affect firms’ cost of equity?

George Skiadopoulos^1,2, Cheng Xue¹

¹Queen Mary University of London, United Kingdom; ²University of Piraeus, Greece

Discussant: Lorenzo Bretscher (University of Lausanne)

The Impact of Climate Engagement: A Field Experiment

Florian Heeb^2,3, Julian Kölbel^1,3

¹University of St. Gallen, Switzerland; ²Goethe University, Frankfurt, Germany; ³MIT Sloan, USA

Discussant: Gazi Kabas (Tilburg University)

Rewiring Supply Chains Through Uncoordinated Climate Policy

Emanuela Benincasa¹, Olimpia Carradori¹, Miguel Ferreira², Emilia Garcia-Appendini³

¹University of Zurich and Swiss Finance Institute, Switzerland; ²Nova School of Business and Economics, CEPR, ECGI; ³Norges Bank, University of St. Gallen, and Swiss Finance Institute

Discussant: Florian Peters (University of Amsterdam)

Why is Stock-Level Demand Inelastic? A Portfolio Choice Approach

Carter Davis¹, Mahyar Kargar², Jiacui Li³

¹Indiana University, United States of America; ²University of Illinois Urbana-Champaign, United States of America; ³University of Utah, United States of America

Discussant: Mads Markvart Kjær (Aarhus University)

Dollar and Carry Redux

Sining Liu², Thomas Maurer¹, Yaoyuan Zhang¹, Andrea Vedolin³

¹The University of Hong Kong, Hong Kong S.A.R. (China); ²Soochow University; ³Boston University

Discussant: Ines Chaieb (University of Geneva)

Anomaly-driven demand

Mads Markvart Kjær, Anders Merrild Posselt

Aarhus University, Denmark

Discussant: Florian Weigert (University of Neuchâtel)

Cash me if you can: ATM explosions, payment choice, and consumption

Esad Smajlbegovic¹, Theresa Spickers², Daniel Urban¹, Michael Weber³

¹Erasmus University Rotterdam, Netherlands, The; ²University of Amsterdam; ³University of Chicago, CEPR, and NBER

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

Child Penalties in Personal Finances: Evidence from Bank Data

Arna Olafsson^1,2,3, David Westerheide⁴

¹Copenhagen Business School; ²Danish Finance Institute; ³CEPR; ⁴Lund University

Discussant: Ziwei Zhao (University of Lausanne)

Financial Advice and Retirement Savings

Daniel Hoechle¹, Stefan Ruenzi², Nic Schaub³, Markus Schmid⁴

¹University of Applied Sciences and Arts Northwestern Switzerland; ²University of Mannheim; ³WHU – Otto Beisheim School of Management; ⁴University of St. Gallen, SFI, and ECGI

Discussant: David Jia-Hui Streich (KU Eichstaett-Ingolstadt)

Beyond Peers: Cross-Industry Competition and Strategic Financing

Boris Nikolov, Norman Schürhoff, Zepeng Wang

University of Lausanne and Swiss Finance Institute

Discussant: Christoph Schneider (University of Münster)

Common Ownership, Incentives & Productivity

Amir Amel-Zadeh, Fiona Kasperk, Martin Schmalz

University of Oxford, United Kingdom

Discussant: Urs Peyer (INSEAD)

Escaping Pay-for-Performance

Joseph Kalmenovitz¹, Jakub Hajda², Jason Chen³

¹University of Rochester; ²HEC Montreal; ³Auburn University

Discussant: John Thanassoulis (University of Warwick)

How Does Bank Lending To Non-Banks Affect Credit Allocation And Systemic Risk

Abhishek Bhardwaj¹, Apoorva Javadekar²

¹Tulane University; ²Indian School of Business

Discussant: Akash Raja (Copenhagen Business School)

Lending to Hedge Funds: Does Competition Erode Bank Risk Management?

Christian Bittner^1,2, Stephan Jank¹

¹Deutsche Bundesbank; ²Goethe University Frankfurt

Discussant: Harald Hau (University of Geneva)

Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market

Jin Cao¹, Emilia Garcia-Appendini^1,2, Cedric Huylebroek³

¹Norges Bank, Norway; ²University of St. Gallen; ³KU Leuven

Discussant: Dimas Fazio (National University of Singapore)

Financial constraints and household green technology adoption

Tobias Berg¹, Ulf Nielsson², Daniel Streitz³

¹Goethe University Frankfurt; ²Copenhagen Business School; ³IWH Halle

Discussant: Zhiyao (nicholas) Chen (City Univeristy of Hong Kong)

Greenness Demand For US Corporate Bonds

Rainer Jankowitsch^1,2, Alexander Pasler¹, Patrick Weiss³, Josef Zechner^1,2

¹Vienna University of Economics and Business, Austria; ²VGSF; ³Reykjavik University

Discussant: James O\'Donovan (City University of Hong Kong)

Asset Pricing with the Awareness of New Priced Risks

Christian Heyerdahl-Larsen¹, Philipp Illeditsch², Petra Sinagl³

¹BI Norwegian Business School; ²Texas A&M; ³University of Iowa, United States of America

Discussant: Yucheng Yang (Department of Finance | University of Zurich)

Engagement in Equilibrium

Chiaki Hara², Thorsten Hens¹, Ester Trutwin¹

¹University of Zurich, Switzerland; ²Kyoto University, Japan

Discussant: Petra Sinagl (University of Iowa)

Beliefs, Reference Points, and the Disposition Effect: Evidence from Option Traders

Aleksi Pitkäjärvi^1,2, Matteo Vacca³, Petra Vokota^4,5

¹Vrije Universiteit Amsterdam; ²Tinbergen Institute; ³Hanken School of Economics; ⁴Ohio State University; ⁵CEPR

Discussant: Michael Weber (University of Chicago)

Time Out for Trading

Fatima Zahra Filali Adib¹, Steffen Andersen², Kasper Meisner Nielsen¹, Akash Raja¹

¹Copenhagen Business School; ²Danmarks Nationalbank

Discussant: Daniel Urban (Erasmus University Rotterdam)

Arbitraging Labor Markets

Minrui Gong², Ernst Maug², Christoph Schneider¹

¹University of Münster, Germany; ²University of Mannheim, Germany

Discussant: Yuna Heo (University of Basel and Swiss Finance Institute)

Employment Protection and Organizational Structure

Jiajun Tao¹, Giacinta Cestone², Francisco Urzua²

¹University of Leicester, United Kingdom; ²Bayes Business School, City, University of London

Discussant: Philip Valta (University of Bern)

The Impact of ETFs on Pricing of Underlying Assets

Charles Trzcinka¹, Ziwei Zhao²

¹Indiana University; ²HEC Lausanne and SFI, Switzerland

Discussant: Thomas Maurer (The University of Hong Kong)

Who monitors climate risk of financial institutions? Evidence from catastrophe risks in insurance

Christoph Basten², Anastasia Kartasheva^1,3

¹University of St. Gallen, Switzerland; ²European Central Bank; ³Swiss Finance Institute

Discussant: Andreas Barth (University of Wuerzburg)

How Do Employees Generate Firm Value With Generative AI? Evidence From Open-Source Software

Shiwei Ye

Erasmus University Rotterdam, Netherlands, The

Consumer Preferences and Green Transition

Florian Perusset

EPFL, Switzerland

Monetary Policy Surprises and the Term Structure of Equity Premia

Mohamed Hamoud

Swiss Finance Institute, University of Zurich, Switzerland

How Do ETFs Affect Stock Volatility?

Chen Lin

Uni Mannheim, Germany

Strategic Liability Management: Lessons from Past Inflation

Yun Joo An

Indiana University, United States of America

Swap Line Arbitrage

Peteris Kloks

University of St.Gallen, Switzerland

Scale-Dependent Returns or Dynamics of Interest Rate?

Mojtaba Hayati^1,2

¹University of Zurich, Switzerland; ²Swiss Finance Institute

Retail Investor Attention and Mutual Fund Performance: Evidence from EDGAR Log Files

Hao Ding

University of Warwick

Public Seeds, Private Blooms: A Q-theoretical Exploration of Public and Private Investment

Zhiyao Chen¹, Ran Duchin², Daniel Kim³

¹City University of Hong Kong; ²Boston College; ³University of Waterloo

Discussant: Zexi Wang (Lancaster University)

Kamikazes in Public Procurements: Bid-Rigging and Real Non-Market Outcomes

Dimas Fazio, Alminas Zaldokas

National University of Singapore, Singapore

Discussant: Ettore Croci (Università Cattolica del Sacro Cuore)

Data Breaches, Debt Costs, and Public Service Provision: Evidence from U.S. Municipalities

Sean Cao¹, Anya Nakhmurina², Tianchen {Hugo} Zhao¹

¹University of Maryland, United States of America; ²Yale University, United States of America

Discussant: Roxana Mihet (University of Lausanne)

Asset (and Data) Managers

Marco Zanotti

Swiss Finance Institute; USI Lugano, Switzerland

Discussant: Vatsala Shreeti (Bank for International Settlements)

Forecasting Mutual Fund Performance – Combining Return-Based with Portfolio Holdings-Based Predictors

Sebastian Müller², Nikolay Pugachyov¹, Florian Weigert¹

¹University of Neuchatel, Switzerland; ²Technical University of Munich, Germany

Discussant: Aleksi Pitkäjärvi (Vrije Universiteit Amsterdam)

Learning from Holdings: Drivers of Convenience Yield and Policy Implications

Felix Corell¹, Lira Mota², Melina Papoutsi³

¹VU Amsterdam; ²MIT; ³European Central Bank, Germany

Discussant: Yushi Peng (University of Tilburg)

Using large-language models for financial advice

Christian Fieberg¹, Lars Hornuf², Maximilian Meiler², David Jia-Hui Streich³

¹City University of Applied Sciences, Bremen; ²Dresden University of Technology; ³KU Eichstaett-Ingolstadt, Germany

Discussant: Rachel Nam (USI Lugano/Swiss Finance Institute)

Optimal Peers

Florian Peters

University of Amsterdam, Netherlands, The

Discussant: Boris Nikolov (University of Lausanne)

Information flow and market efficiency -- The economic impact of precise language

Andreas Barth^1,3, Sasan Mansouri^2,3, Fabian Woebbeking^3,4

¹University of Wuerzburg, Germany; ²University of Groningen; ³IWH; ⁴Martin Luther University Halle

Discussant: Emanuele Guidotti (University of Lugano)

Exchange Competition, Fragmentation, and Market Quality

Michal Dzielinski¹, Björn Hagströmer¹, Chengcheng Qu²

¹Stockholm University; ²College of International Management, Ritsumeikan Asia Pacific University

Discussant: Vera Roos Lubbersen (Vrije Universiteit (VU) Amsterdam / De Nederlandsche Bank (DNB))

Competition between payment card networks and rebates

Vera Roos Lubbersen^1,2, Wilko Bolt^1,2

¹Vrije Universiteit (VU) Amsterdam; ²De Nederlandsche Bank (DNB)

Discussant: Andrea Barbon (University of St. Gallen)

Outages in Sovereign Bond Markets

Mark Kerssenfischer, Caspar Helmus

Deutsche Bundesbank, Germany

Discussant: Per Östberg (University of Zurich)

Pay transparency, bank and non-bank employment, and loan performance

Piotr Danisewicz¹, Steven Ongena²

¹Tilburg University, Netherlands, The; ²University of Zurich, Switzerland

Discussant: Apoorva Javadekar (Indian School of Business)

The Implications of Faster Lending: Loan Processing Time and Corporate Cash Holdings

Vesa Pursiainen^1,2, Hanwen Sun³, Qiong Wang⁴, Guochao Yang⁵

¹University of St.Gallen; ²Swiss Finance Institute; ³University of Bath; ⁴Southeast University; ⁵Zhongnan University of Economics and Law

Discussant: Christian Bittner (Deutsche Bundesbank)

The Social Effects of Bank Deserts

Emanuela Benincasa

University of Zurich, Swiss Finance Institute

Discussant: Maria Loumioti (The University of Texas at Dallas)

Do advisors respond to investors’ sustainability preferences?

Thomas Kolbe Cauthorn¹, Julia Eckert³, Anne Kellers², Christian Klein¹, Bernhard Zwergel¹

¹Universitaet Kassel, Germany; ²University of Groningen, Netherlands; ³NA

Discussant: Arna Olafsson (Copenhagen Business School)

“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities

Mariassunta Giannetti¹, Martina Jasova², Maria Loumioti³, Caterina Mendicino⁴

¹Stockholm School of Economics; ²Barnard College, Columbia University; ³The University of Texas at Dallas; ⁴European Central Bank

Discussant: Emilia Garcia-Appendini (Norges Bank and University of St Gallen)

Intermediary Option Pricing

Julian Terstegge

Copenhagen Business School, Denmark

Discussant: Tim Kroencke (FHNW School of Business)

Transaction Costs and Cost Mitigation in Option Investment Strategies

James O'Donovan¹, Gloria Yu²

¹City University of Hong Kong, Hong Kong S.A.R. (China); ²Singapore Management University

Discussant: George Skiadopoulos (Queen Mary University of London and University of Piraeus)

Urban Spatial Distribution of Housing Liquidity

Francisco Amaral¹, Mark Toth², Jonas Zdrzalek³

¹Department of Finance | University of Zurich, Switzerland; ²Department of Economics | University of Bonn; ³IfW Kiel

Discussant: Lorenz Kueng (Università della Svizzera italiana)

Credit Market Spillover Effects to the Real Economy: Evidence from Rental Housing Evictions

Brent Ambrose¹, Xudong An², Nick Graetz³, Luis Lopez⁴

¹Penn State Smeal College of Business, United States of America; ²Federal Reserve Bank of Philadlphia; ³Princeton University; ⁴University of Illinois-Chicago

Discussant: Francisco Amaral (Department of Finance | University of Zurich)

Delegated shareholder activism

Shaoting Pi

Iowa State University, United States of America

Discussant: Evgeny Petrov (University of Zurich)

The Value of Trade Secrets: Evidence from Economic Espionage

Yupana Wiwattanakantang, Andreas Milidonis, Alexander Michaelides, Vitaliy Ryabinin

National University of Singapore, Singapore

Discussant: Markus Schmid (University of St.Gallen)

Regulatory stringency as a competitive tool for financial centres

Carlos Canon¹, Misa Tanaka¹, John Thanassoulis^2,3,4

¹Bank of England; ²University of Warwick, Warwick Business School, United Kingdom; ³CEPR; ⁴UK Competition and Markets Authority

Discussant: Martin Schmalz (Saïd Business School, University of Oxford)

Nonlinear Bank Capital Regulation

Karl Schulz¹, Maximilian Jager²

¹Ludwig-Maximilians-Universität München, Germany; ²Frankfurt School of Finance & Management, Germany

Discussant: Anastasia Kartasheva (University of St. Gallen)