2025 Annual Carey Finance Conference

2 – 2:30 p.m.
Welcome and Coffee

2:30 – 2:45 p.m.
Opening Remarks: Goker Aydin, Johns Hopkins University

2:45 – 4:15 p.m.
Session 1: Risk
Session Chair: Chris Faulkner-MacDonagh, T. Rowe Price

Navigating Geopolitical Risk: Evidence from U.S. Mutual Funds
Authors:
Matteo Crosignani, Federal Reserve Bank of New York
Lina Han, University of Massachusetts Amherst
Marco Macchiavelli, University of Massachusetts Amherst
Discussant: Jennie Bai, Georgetown University

Limited Risk Transfer Between Investors: A New Benchmark for Macro-Finance Models
Authors: 
Xavier Gabaix, Harvard University
Ralph S. J. Koijen, University of Chicago
Federico Mainardi, University of Chicago
Sangmin Simon Oh, Columbia University
Motohiro Yogo, Princeton University
Discussant: Tim Landvoigt, University of Pennsylvania

4:15 – 4:45 p.m.     
Coffee Break

4:45 – 5:45 p.m.     
Ph.D. Student Session
Session Chair: Tetiana Davydiuk, Johns Hopkins University

The Real Cost of Benchmarking
Author: Christian Kontz, Stanford University

Large Language Models as Traders in Experimental Asset Markets
Author: Valerie Baldinger, New York University

Convenience Yields in Euros: Investments Mandates and Conditional QE
Author: Giovanni Bonfanti, Columbia University

Corporate Debt Moratorium in Times of Crisis
Author: Giuditta Perinelli, Massachusetts Institute of Technology

5:45 – 6 p.m.            
Walk to Reception and Dinner

6 – 7 p.m.                
Pre-Dinner Reception (Black Olive)

7 – 9 p.m.                 
Dinner (Black Olive)

8 – 8:30 a.m. 
Breakfast

8:30 – 10 a.m. 
Session 2: Beliefs
Session Chair: Pierre Noual, Campbell & Company

How Beliefs Respond to News: Implications for Asset Prices
Authors: 
Ian Dew-Becker, Federal Reserve Bank of Chicago
Stefano Giglio, Yale University
Pooya Molavi, Northwestern University
Discussant: Jesse Davis, University of North Carolina at Chapel Hill

Institutional Investors‚ Subjective Risk Premia: Time Variation and Disagreement
Authors: 
Spencer Couts, University of Southern California
Andrei S. Goncalves, Ohio State University
Yicheng Liu, Ohio State University
Andrei Loudis, University of Notre Dame
Discussant: Sofonias Korsaye, Johns Hopkins University

10 – 10:30 a.m. 
Coffee Break

10:30 a.m. – Noon 
Session 3: Platforms
Session Chair: Deeksha Gupta, Johns Hopkins University

Data as a Networked Asset
Authors:
Bo Bian, University of British Columbia
Qiushi Huang, Shanghai Advanced Institute of Finance
Ye Li, University of Washington
Huan Tang, University of Pennsylvania
Discussant: Giorgia Piacentino, University of Southern California

Will that be Cash or Credit: The Economics of Interchange Fees and Redistribution
Authors: 
Mark Egan, Harvard University
Gregor Matvos, Northwestern University
Amit Seru, Stanford University
Lulu Wang, Northwestern University
Vincent Yao, Georgia State University
Discussant: Matteo Benetton, University of California, Berkeley

Noon – 1 p.m. 
Lunch

1 – 2 p.m.     
Keynote Speech: Stefan Nagel, University of Chicago
Session Chair: Federico Bandi, Johns Hopkins University

2 – 2:30 p.m. 
Coffee Break

2:30 – 4 p.m.  
Session 4: Institutions  
Session Chair: Vadim Elenev, Johns Hopkins University

Housing and Fertility
Authors: 
Dimas Fazio, National University of Singapore
Tarun Ramadorai, Imperial College London
Janis Skrastins, University of Utah
Bernardus Ferdinandus Nazar Van Doornik, Central Bank of Brazil
Discussant: Dragana Cvijanovic, Cornell University

Voting on Public Goods: Citizens vs. Shareholders
Authors: 
Robin Döttling, Erasmus University Rotterdam
Doron Levit, University of Washington
Nadya Malenko, Boston College
Magdalena Rola-Janicka, Imperial College London
Discussant: Daniel Andrei, McGill University

4 – 5 p.m. 
Awards Ceremony and Closing Reception