2026 Annual Carey Finance Conference
The 9th annual Carey Finance Conference will be held on Thursday, October 29, and Saturday, October 30, 2026, in Baltimore.
The conference is by invitation only.
Program Chairs: Nicola Fusari, Johns Hopkins Carey Business School, and Pierre Noual, Campbell & Company
Organizers: Yu An and Deeksha Gupta, Johns Hopkins Carey Business School
Sponsors: Campbell & Company and T. Rowe Price
Program
Presenting authors’ names are shown in bold.
THURSDAY, OCTOBER 29
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: Infrastructure and Energy
Session chair: Justin Thomson, T. Rowe Price
- Capital Without Labor: Data Centers and the Local Economy
Authors: Liu Ee Chia, National University of Singapore; Jess Cornaggia, Pennsylvania State University; David Haushalter, Pennsylvania State University; Qiang Wang, University of Calgary
Discussant: Tania Babina, University of Maryland - Financing Investment in Electricity
Authors: Olivier Darmouni, HEC Paris; Clemens Lehner, Columbia University; Pari Sastry, University of Pennsylvania
Discussant: Adriano Rampini, Duke University
4:15 – 4:45 p.m. Coffee break
4:45 – 5:45 p.m. Ph.D. Lightning round
Session chair: Sofonias Korsaye, Johns Hopkins University
- Ample Reserves for Whom? The Role of Foreign Banks in U.S. Monetary Policy Implementation
Authors: Junko Oguri, Northwestern University; Cristoforo Pizzimenti, Northwestern University - Housing Market Segmentation and Monetary Policy
Author: Pablo De Llanos, Columbia University - Selective Recall and the Story-Statistics Gap in Stock Market Misreaction
Author: Weiting Hong, Yale University - The Boundaries of the Farm and the Death of Small Banks
Author: Asli Uyanik, Rice University
5:45 – 6 p.m. Walk to reception and dinner
6 – 7 p.m. Pre-dinner reception at Black Olive (by invitation)
7 – 9 p.m. Dinner at Black Olive (by invitation)
FRIDAY, OCTOBER 30
8 – 8:30 a.m. Breakfast
8:30 – 10 a.m. Session 2: Credit Markets
Session chair: Pierre Noual, Campbell & Company
- When Funding Markets Move Credit Markets: Foreign Investors and U.S. CLOs
Authors: Amy W. Huber, University of Pennsylvania; Shohini Kundu, University of California, Los Angeles
Discussant: Umang Khetan, University of Chicago - The Fed Put and Bank Risk-Taking: Evidence from the Loan Book
Authors: Xudong An, Federal Reserve Bank of Philadelphia; Jan Harren, University of Münster; Saket Hegde, Federal Reserve Bank of Philadelphia; Mete Kilic, University of Southern California; Rodney Ramcharan, University of Southern California
Discussant: Vadim Elenev, University of Utah
10 – 10:30 a.m. Coffee break
10:30 a.m. – Noon Session 3: Asset Demand and Investment
Session chair: Yu An, Johns Hopkins University
- How (Not) to Identify Demand Elasticities in Dynamic Asset Markets
Authors: Jules H. van Binsbergen, University of Pennsylvania; Benjamin David, University of Pennsylvania; Christian C. Opp, University of Rochester
Discussant: Nicolae Gârleanu, Washington University in St. Louis - Dynamic Investment and Product Market Rivalry: The Network Q Model
Authors: Maria Cecilia Bustamante, University of Maryland; Bruno Pellegrino, Columbia University
Discussant: Alexey Zhdanov, Pennsylvania State University
Noon – 1 p.m. Lunch
1 – 2 p.m. Keynote speech
Session chair: Nicola Fusari, Johns Hopkins University
- Asset Quantities and Monetary Policy
Keynote speaker: Arvind Krishnamurthy, Stanford University
2 – 2:30 p.m. Coffee break
2:30 – 4 p.m. Session 4: Insurance and Regulation
Session chair: Yinan Su, Johns Hopkins University
- Capital Costs, Reinsurance, and the Price of Climate Risk
Authors: Benjamin L. Collier, University of Wisconsin-Madison; Cameron M. Ellis, University of Iowa; Anran Li, University of Minnesota; Adam Solomon, New York University
Discussant: Shifrah Aron-Dine, University of California, Berkeley - Rating Without Market Discipline
Authors: Xuelin Li, Columbia University; Sangmin S. Oh, Columbia University; Giacomo Ricciardi, Columbia University
Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago
4 – 5 p.m. Awards ceremony and closing reception