A Model of Procyclical Exchange Rate by Qiushi HUANG, Leonid KOGAN and Dimitris PAPANIKOLAOU abfer.org/working-papers…

Prospect Theory in the Field-Revealed Preferences from Mutual Fund Flows by Bing HAN, Pengfei SUI and Wenhao YANG abfer.org/working-papers…

Peers Affect Personality Development by Xiaoyue SHAN and Ulf ZOLITZ abfer.org/working-papers…

Does Access to Equity Promote Trade? Evidence from IPO Approvals in China by Robin Kaiji GONG, Yao Amber LI and Stephen TENG Sun abfer.org/working-papers…

Barriers to Labor Migration for the Rural Poor by Abu S. SHONCHOY, Tomoki FUJII and Selim RAIHAN abfer.org/working-papers…

The Long and Short-Run Spatial Impacts of Trade by Lin MA, Yunlong SONG and Yang TANG abfer.org/working-papers…

Feedback on Emerging Corporate Policies by Sean CAO, Itay GOLDSTEIN, Jie HE and Yabo ZHAO abfer.org/working-papers…

Socially Responsible Investors and Stock Price Informativeness by Yong George YANG, Xintong ZHAN, Weiming ZHANG and Yaojia (Zoe) ZHANG abfer.org/working-papers…

Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds by Vikas AGARWAL, Brad BARBER, Si CHENG, Allaudeen HAMEED, Harshini SHANKER and Ayako YASUDA abfer.org/working-papers…

Differential Fertility and Economic Opportunity: Evidence from China’s One-Child Policy by Yewen YU, Yi FAN and Junjian YI abfer.org/working-papers…

Do Sustainability Ratings Induce ESG Window-Dressing by Mutual Funds? by Kevin C. W. CHEN, Wilbur Xinyuan CHEN and Haifeng YOU abfer.org/working-papers…

Revisiting the Cross-Section of Expected Stock Returns: Evidence from a Textual Analysis of Buy Recommendations by Hailiang CHEN, Byoung-Hyoun HWANG and Zhuozhen PENG abfer.org/working-papers…

Equity Lender Base and Limits to Arbitrage by Xi DONG and Qifei ZHU abfer.org/working-papers…

The Low Frequency Trading Arms Race: Machines Versus Delays by Alexander DICKERSON, Yoshio NOZAWA and Cesare ROBOTTI abfer.org/working-papers…

The ABFER 12th Annual Conference was held from 19 to 22 May. To access the conference documents, please visit the ABFER conference webpage:lnkd.in/gMg7QM35. We thank all participants for their support and hope to see you at the ABFER 13th Annual Conference in May 2026.

The ABFER Welcome Dinner was held on 19 May 2025. Professor Stijn Van Nieuwerburgh (Columbia University) was invited to discuss the topic on "The Valuation of Private Assets: New Methods". To access the presentation materials, please visit: lnkd.in/gR-hRGqX.

The Joint Dinner for ABFER and AMPF was held on 22 May 2025. Professor Raghuram Rajan was invited to deliver a keynote speech on "Monetary Policy and Financial Stability" at the dinner. To access the presentation materials, please visit: lnkd.in/gdeUs24h.

The 12th Asian Monetary Policy Forum was held on 23 May 2025. This year’s AMPF once again served as a vital platform for generating policy-relevant perspectives amidst unprecedented shifts in the global political and financial landscapes. abfer.org/events/abfer-e…

The anatomy of a peg: lessons from China's parallel currencies by Saleem BAHAJ and Ricardo REIS abfer.org/working-papers…

Crafting an AI Compass - The Influence of Global AI Standards on Firms by Mehmet CANAYAZ and Zhe WANG abfer.org/working-papers…