Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

Who are the Sentiment Traders? Evidence from the Cross-section of Stock Returns and Demand

Laura STARKS, Luke DEVAULT, Richard SIAS
Recent work suggests that sentiment traders shift from safer to more speculative stocks when sentiment increases. Given that the market clearing condition requires a buyer for every seller, we exploit these cross-sectional patterns and changes in share ownership to test whether investor sentiment me...
Keywords: Stock Returns, sentiment, demand shocks, mispricing
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Annual Conference

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Sustainable and Green Finance

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May 2026

When Trade Burns the Air: The Welfare Consequences of Agricultural Trade Liberalization

Fangyuan PENG, Guojun HE, Yuhang PAN
Trade liberalization generates economic gains, but production can impose environmental costs both domestically and across borders—raising the question of whether pollution costs discount trade benefits and how costs are distributed internationally. This paper develops a framework to quantify these...
Keywords: Agricultural Trade, Environmental Externalities, Transboundary Pollution
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2014

When Real Estate is the Only Game in Town

Harrison HONG, Jeffrey P. THOMPSON, Hyun-Soo CHOI, Jeffrey D. KUBIK
Using data on household portfolios and mortgage originations, we find that households residing in a city with few publicly traded firms headquartered there are more likely to own an investment home nearby. Households in these areas are also less likely to own stocks. This only-game-in-town effect is...
Keywords: Real estate, homeownership, household portfolios, mortgage originations
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Annual Conference

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Corporate Finance

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May 2025

When Protectionism Kills Talent

Mehmet CANAYAZ, Isil EREL, Umit G. GURUN, Yufeng WU
Protectionist policies intended to revitalize US chip manufacturing backfired, ultimately weakening the domestic workforce they aimed to rebuild. Instead of fostering talent growth, these measures diminished hiring for critical science and engineering roles, particularly in entry-level positions and...
Keywords: Chip, Semiconductor, Economic Nationalism, Tariff, H1-B, Labor, Career
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Annual Conference

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Accounting

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May 2023

When Machine Comes to Town: Fund Analysts' Performance with Artificial Intelligence

Grace Haoqing FAN, Xi KANG
How does the introduction of artificial intelligence (AI) technology affect the performance of mutual fund analysts? Using a unique setting in which AI was introduced to generate ratings for previously uncovered mutual funds in a large financial research company, we find that the analyst ratings’ ...
Keywords: artificial intelligence, machine learning, mutual fund, analyst performance, social connection, benchmark information
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