*Program

Cheap Options are Expensive
Alexei Boulatov (HSE), Assaf Eisdorfer (Connecticut), Amit Goyal (SFI Lausanne), and Alexei Zhdanov (Penn State)
Discussant:

Most claimed statistical findings in cross-sectional return predictability are likely true
Andrew Y. Chen (Federal Reserve Board)
Discussant: Amit Goyal (SFI Lausanne)

Green Captial Requirements
Martin Oehmke (London School of Economics), Marcus Opp (Stockholm School of Economics)
Discussant: Giorgia Piacentino (Columbia)

Municipal Capital Structure
Murray Carlson (British Columbia), Ron Giammarino (British Columbia), and Rob Heinkel (British Columbia)
Discussant: Sean Myers (Wharton)

Making Money
Gary B. Gorton (Yale), Chase P. Ross (Federal Reserve Board), and Sharon Y. Ross (U.S. Treasury)
Discussant: Simon Mayer (Chicago)

What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn’t Bark
Zhengyang Jiang (Northwestern), Hanno Lustig (Stanford), Stijn Van Nieuwerburgh (Columbia), and Mindy Z. Xiaolan (UT Austin)
Discussant: Wenyi Shen (Oklahoma State)

ESG Confusion and Stock Returns: Tackling the Problem of Noise
Florian Berg (MIT), Julian F. Koelbel (Zurich and MIT), Anna Pavlova (London Business School), and Roberto Rigobon (MIT)
Discussant: Aaron Pancost (UT Austin)

Cross-Border M&A Flows, Economic Growth, and Foreign Exchange Rates
Steven J. Riddiough (Toronto), and Huizhong Zhang (Queensland University of Tech)
Discussant: Ivan Kandilov (North Carolina)

Impact of Money in Politics on Labor and Capital: Evidence from Citizens United vs. FEC
Pat Akey (Toronto), Tania Babina (Columbia), Greg Buchak (Stanford), and Ana-Maria Tenekedjieva (Federal Reserve Board)
Discussant: David Sovich (Kentucky)

Did FinTech Lenders Facilitate PPP Fraud?
John M. Griffin (UT Austin), Samuel Kruger (UT Austin), and Prateek Mahajan (UT Austin)
Discussant: Mark Johnson (BYU)

A Theory of Corporate Policies with EPS-Fixated Managers
Itzhak Ben-David (Ohio State), Stacey Jacobsen (Southern Methodist), Jack Liebersohn (UC Irvine), and Tzachi Zach (Ohio State)
Discussant: Heitor Almeida (Illinois)

Customer Churn and Intangible Capital
Scott R. Baker (Northwestern), Brian Baugh (Nebraska), and Marco Sammon (Harvard)
Discussant: Ye Li (Ohio State)