Annual Conference

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Corporate Finance

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May 2025

Voting on Public Goods: Citizens vs. Shareholders

Robin DOTTLING, Doron LEVIT, Nadya MALENKO, Magdalena ROLA-JANICKA
We study the interplay between a “one person-one vote” political system and a “one share-one vote” corporate governance regime. If shareholders push firms for more pro-social policies, political backlash may arise, undoing ESG initiatives. In a frictionless economy, shareholder democracy bec...
Keywords: shareholder democracy, political democracy, public good, carbon tax, socially responsible investing, ESG, political backlash, wealth inequality, pass-through voting, universal owners
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Venture Capital Response to Government-Funded Basic Science

Roham REZAEI, Yufeng YAO
Science-based R&D can deter venture capitalists due to high technical uncertainty. We study whether mission-oriented public funding—supplying basic science as a public good—fosters VC investment. Our quasi-natural experiment is the BRAIN Initiative (BI), a large-scale government program aime...
Keywords: Venture Capital, innovation, academic entrepreneurship, government policy, machine learning
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2022

Value Premium, Network Adoption, and Factor Pricing of Crypto Assets

Andrew KAROLYI, Ke TANG, Lin William CONG, Weiyi ZHAO
We document characteristics-based return anomalies in a large cross-section (>4,000) of crypto assets. Cryptocurrency returns exhibit momentum in the largest-cap group, reversals in other size groups, and strong crypto value and network adoption premia, from which we derive two novel factors to a...
Keywords: Blockchain, Cryptocurrency, DeFi, Factor Models, Network Effect, Market Segmentation
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Annual Conference

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Corporate Finance

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May 2026

Unreadable Political Trades

Ziming DONG, Nancy R. XU, Xiaoyun YU
Legislators can disclose their stock trading transactions through either typed electronic filings (machine-readable) or handwritten/hand-delivered and subsequently scanned filings (largely “unreadable”), in the latter of which the disclosed information is more difficult to identify, extract, and...
Keywords: political networks, congressional trading record, strategic reporting, insider trading
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Annual Conference

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Investment Finance

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May 2023

Unlocking ESG Premium from Options

Jie CAO, Amit GOYAL, Xintong ZHAN, Weiming ZHANG
We find that option expensiveness, as measured by delta-hedged option returns, is higher for low-ESG stocks, indicating that investors pay a premium in the option market to hedge ESG-related uncertainty. We estimate this ESG premium to be about 0.3% per month. All three components of ESG contribute ...
Keywords: ESG, risk premium, delta-hedged option return
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