Conference Agenda

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

George Skiadopoulos^1,2, Cheng Xue¹

1: Queen Mary University of London, United Kingdom; 2: University 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

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

Discussant: Gazi Kabas (Tilburg University)

Rewiring Supply Chains Through Uncoordinated Climate Policy

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

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

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

Discussant: Mads Markvart Kjær (Aarhus University)

Dollar and Carry Redux

Sining Liu², Thomas Maurer¹, Yaoyuan Zhang¹, Andrea Vedolin³

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

1: Erasmus University Rotterdam, Netherlands, The; 2: University of Amsterdam; 3: University 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

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

Discussant: Ziwei Zhao (University of Lausanne)

Financial Advice and Retirement Savings

Daniel Hoechle¹, Stefan Ruenzi², Nic Schaub³, Markus Schmid⁴

1: University of Applied Sciences and Arts Northwestern Switzerland; 2: University of Mannheim; 3: WHU – Otto Beisheim School of Management; 4: University 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

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

Discussant: John Thanassoulis (University of Warwick)

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

Abhishek Bhardwaj¹, Apoorva Javadekar²

1: Tulane University; 2: Indian 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

1: Deutsche Bundesbank; 2: Goethe 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

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

Discussant: Dimas Fazio (National University of Singapore)

Financial constraints and household green technology adoption

Tobias Berg¹, Ulf Nielsson², Daniel Streitz³

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

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

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

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

Engagement in Equilibrium

Chiaki Hara², Thorsten Hens¹, Ester Trutwin¹

1: University of Zurich, Switzerland; 2: Kyoto 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

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

Discussant: Michael Weber (University of Chicago)

Time Out for Trading

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

1: Copenhagen Business School; 2: Danmarks Nationalbank

Discussant: Daniel Urban (Erasmus University Rotterdam)

Arbitraging Labor Markets

Minrui Gong², Ernst Maug², Christoph Schneider¹

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

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

Employment Protection and Organizational Structure

Jiajun Tao¹, Giacinta Cestone², Francisco Urzua²

1: University of Leicester, United Kingdom; 2: Bayes 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

1: Indiana University; 2: HEC 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

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

1: University of Zurich, Switzerland; 2: Swiss 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

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

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

1: University of Neuchatel, Switzerland; 2: Technical 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

1: VU Amsterdam; 2: MIT; 3: European 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

1: City University of Applied Sciences, Bremen; 2: Dresden University of Technology; 3: KU 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

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

Discussant: Emanuele Guidotti (University of Lugano)

Exchange Competition, Fragmentation, and Market Quality

Michal Dzielinski¹, Björn Hagströmer¹, Chengcheng Qu²

1: Stockholm University; 2: College 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

1: Vrije Universiteit (VU) Amsterdam; 2: De 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

1: Tilburg University, Netherlands, The; 2: University 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

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

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

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

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

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

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

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

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

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

Nonlinear Bank Capital Regulation

Karl Schulz¹, Maximilian Jager²

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

Discussant: Anastasia Kartasheva (University of St. Gallen)