Big Data, Artificial Intelligence, and Financial Economics
Organized by Itay Goldstein, Chester S. Spatt, Mao Ye, and Tarun Ramadorai
Supported by the Office of Financial Research through an interagency agreement with the National Science Foundation
December 5, 2025
Hyatt Regency, 575 Memorial Drive, Cambridge, MA
Format: 20 minutes for presentation, 15 minutes for discussants and 10 minutes for general discussions

Thursday, December 4

6:30 pm

Dinner, Hyatt Regency, Harvard Square Room

Friday, December 5

8:00 am

Continental Breakfast

Decisions and Complexity

8:30 am

Policy by Committee

Toomas Laarits, New York University
Ben Matthies, University of Notre Dame
Kaushik Vasudevan, Purdue University
Will Yang, Yale University

Discussant:
Anna Cieslak, Duke University and NBER

9:15 am

The Limited Virtue of Complexity in a Noisy World

Álvaro Cartea, University of Oxford
Qi Jin, University of Oxford
Yuantao Shi, University of Oxford

Discussant:
Winston Wei Dou, University of Pennsylvania and NBER

10:00 am

Break

The Use of AI in Investment

10:15 am

The Growth and Performance of Artificial Intelligence in Asset Management

Shuang Chen, University of Melbourne
Clemens Sialm, University of Texas at Austin and NBER
David X. Xu, Southern Methodist University

Discussant:
Robert F. Stambaugh, University of Pennsylvania and NBER

11:00 am

Social Finance in the Age of AI: A Tale of Two Platforms

David Hirshleifer, University of Southern California and NBER
Lin Peng, Baruch College of the City University of New York
Qiguang Wang, Hong Kong Baptist University (HKBU)
Weichen Zhang, Singapore Management University
Xiaoyan Zhang, Tsinghua University

Discussant:
J. Anthony Cookson, University of Colorado Boulder

11:45 am

Mimicking Finance

Lauren Cohen, Harvard University and NBER
Yiwen Lu, University of Pennsylvania, The Wharton School
Quoc H. Nguyen, DePaul University

Discussant:
Jonathan Reuter, Boston College and NBER

12:30pm

Lunch

Labor Market and AI

1:30 pm

Artificial Intelligence in Team Dynamics: Who Gets Replaced and Why?

Xienan Cheng, Peking University
Mustafa Dogan, University of East Anglia
Pinar Yildirim, University of Pennsylvania and NBER

Discussant:
Liyan Yang, University of Toronto

2:15 pm

Artificial Intelligence and the Labor Market

Menaka Hampole, Yale School of Management
Dimitris Papanikolaou, Northwestern University and NBER
Lawrence D.W. Schmidt, Massachusetts Institute of Technology
Bryan Seegmiller, Northwestern University

Discussant:
Lukas Kremens, University of Washington

3:00 pm

Break

AI and Bond Market

3:15 pm

Do Markets Believe in Transformative AI?

Isaiah Andrews, Massachusetts Institute of Technology and NBER
Maryam Farboodi, Massachusetts Institute of Technology and NBER

Discussant:
Nikolai Roussanov, University of Pennsylvania and NBER

4:00 pm

Illiquidity Meets Intelligence: AI-Driven Price Discovery in Corporate Bonds

Stacey E. Jacobsen, Southern Methodist University
Kumar Venkataraman, Southern Methodist University
David X. Xu, Southern Methodist University

Discussant:
Burton Hollifield, Carnegie Mellon University

4:45pm

Adjourn