Annual Conference

|

Investment Finance

|

May 2026

FinTech Brings a Bias from Psychology Labs to a Two-trillion-dollar Market

Hongjun YAN, Zhengwei WANG, Yulai YUAN, Xiaole QIU, Jia XIANG, Yaqing XIAO, Erik DAVIDSON
Robo-advisors typically make investment recommendations based on surveys of clients’ preferences. Consequently, biases induced by the surveys would be embedded in those recommendations and hence may influence investors’ financial decisions. We examine this hypothesis through two studies. First, ...
Keywords: FinTech, Robo-advisor, Order effect, RCT, Nudge, Survey, Interface
  • View
  • Download
  •    |   

Annual Conference

|

Investment Finance

|

May 2026

Open Data and Financial Market Quality

Lin William CONG, Siguang LI, Mingzhe ZHENG
Global financial regulators increasingly promote open-data mandates to dismantle information monopolies and improve market transparency. This paper identifies a fundamental equilibrium tension—the open data paradox—arising from the endogenous composition of disseminated information. We develop a...
Keywords: Open Data Paradox, Non-fundamental Information, Data Antitrust, Interbank Bond Market, Financial Market Quality, Adverse Selection
  • View
  • Download
  •    |   

Annual Conference

|

Investment Finance

|

May 2026

Limited Consideration Sets and Financial Decision-Making

Alex IMAS, Wendy JIN, Yiqing LU
Economic models of financial decision-making typically assume that investors evaluate all available assets when forming their portfolios. Yet a growing body of work in psychology and behavioral economics suggests that attention is a scarce cognitive resource and that individuals rarely consider the ...
Keywords: Investor attention, consideration sets, portfolio choice, limited attention, retail investors
  • View
  • Download
  •    |   

Annual Conference

|

Investment Finance

|

May 2026

Ideological Customer Capital: Measurement and Asset Pricing Implications

Winston Wei DOU, Yan JI, David REIBSTEIN, Di TIAN
Ideological customer capital—the customer base loyal to a firm’s brand due to shared ideology—acts as a critical intangible asset that directly drives the firm’s cash flows. We use federal procurement to measure a firm’s ideological customer capital attributed to the government and study i...
Keywords: Ideological customer capital, Government procurement, Asset prices, Mechanism design, Structural estimation
  • View
  • Download
  •    |   

Annual Conference

|

Investment Finance

|

May 2026

Pricing the Global Trade Vulnerability

Jiatao LIU, Jun PAN
We document the emergence of a priced global trade risk factor amid heightened trade uncertainty. Using granular bill-of-landing data, we measure trade vulnerability by firm-level country exposure – firms with concentrated exposure to a small number of countries are more vulnerable to disruptions ...
Keywords: Asset Pricing, Trade Vulnerability, Supply Chain Fragility, Country Concentration, Global value chains
  • View
  • Download
  •    |