# Past Final Projects

Students in previous offerings of FINM 32900 completed the final projects listed below. Each entry gives the paper (or data series) that the group replicated, the group members, and a link to the group's public GitHub repository; some groups also published a project website. Browse a few of these to get a sense of the scope and polish expected of a finished project (see also the [Final Project Rubric](./final_project_rubric.md) and [Project Previews](./project_previews.md)).

Only projects with public repositories are listed. Links were last verified in July 2026.

## Winter 2026

- **Market Expectations in the Cross-Section of Present Values** (Kelly and Pruitt 2013) — Zara Nip and Dylan Wang. [GitHub repo](https://github.com/zaranip/p01_kelly_pruitt_2013) · [project site](https://zaranip.github.io/p01_kelly_pruitt_2013/)
- **Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases** (van Binsbergen, Han, and Lopez-Lira) — Dong Yan and YiLong Lin. [GitHub repo](https://github.com/PrentendYan/p02_van_binsbergen_han_lopez-lira_2022) · [project site](https://prentendyan.github.io/p02_van_binsbergen_han_lopez-lira_2022/)
- **Predictive Regressions: A Present-Value Approach** (van Binsbergen and Koijen 2010) — Yilun Cai and Moxiao Li. [GitHub repo](https://github.com/MOXIAO1998/p03_binsbergen_koijen_2010) · [project site](https://moxiao1998.github.io/p03_binsbergen_koijen_2010/)
- **Holding Period Effects in Dividend Strip Returns** (Golez and Jackwerth 2024) — Jie Lin and Zimeng Yi. [GitHub repo](https://github.com/jlin12-cpu/p04_golez_jackwerth_2024) · [project site](https://jlin12-cpu.github.io/p04_golez_jackwerth_2024/)
- **Can ChatGPT Forecast Stock Price Movements?** (Lopez-Lira and Tang 2023) — Sophie Lara and Thomas Hillenbrand. [GitHub repo](https://github.com/thomashillenbrand/p05_lopez-lira_tang_2023) · [project site](https://thomashillenbrand.github.io/p05_lopez-lira_tang_2023/)
- **Can ChatGPT Forecast Stock Price Movements?** (Lopez-Lira and Tang 2023) — Dylan Pan and Samos Zhu. [GitHub repo](https://github.com/samos722/p05_zhu-pan_2026) · [project site](https://samos722.github.io/p05_zhu-pan_2026/)
- **Intermediary Asset Pricing: New Evidence from Many Asset Classes** (He, Kelly, and Manela 2017) — Sunil Trivedi, Cole Ginter, and Alex Nikolaev. [GitHub repo](https://github.com/suniltrivedi7/p07_he_kelly_manela_2017) · [project site](https://suniltrivedi7.github.io/p07_he_kelly_manela_2017/)
- **Monetary Tightening and US Bank Fragility in 2023** (Jiang, Matvos, Piskorski, and Seru 2023) — Joe Wang and Summer Han. [GitHub repo](https://github.com/hangoeun16/p08_jiang_et_al_2024) · [project site](https://hangoeun16.github.io/p08_jiang_et_al_2024/)
- **Monetary Tightening and US Bank Fragility in 2023** (Jiang, Matvos, Piskorski, and Seru 2023) — Anoushka Gehani and Hashir Bawany. [GitHub repo](https://github.com/anoushkauoc/p08_jiang_et_al_2024) · [project site](https://anoushkauoc.github.io/p08_jiang_et_al_2024/)
- **Exchange Rates and Asset Prices in a Global Demand System** (Koijen and Yogo) — Allen Wu, Xiongfei Wang, and Nandini Krishnan. [GitHub repo](https://github.com/songting-byte/p09_koijen_yogo_2020) · [project site](https://songting-byte.github.io/p09_koijen_yogo_2020/)
- **Segmented Arbitrage: Treasury Spot-Futures** (Siriwardane, Sunderam, and Wallen) — George Lord and Max Zhalilo. [GitHub repo](https://github.com/maxz073/p10_Siriwardane_et_al_2026) · [project site](https://maxz073.github.io/p10_Siriwardane_et_al_2026/)
- **Segmented Arbitrage: Corporate CDS-Bond Basis** (Siriwardane, Sunderam, and Wallen) — Flavio Gorini Ferreira and Jacopo Michelacci. [GitHub repo](https://github.com/JacopoMichelacci/p12_siriwardane_sunderam_wallen_2023) · [project site](https://jacopomichelacci.github.io/p12_siriwardane_sunderam_wallen_2023/)
- **The CDS-Bond Basis** (Bai and Collin-Dufresne 2019) — Nicholas Kebo and Lucie Martin. [GitHub repo](https://github.com/kebo1234/p13_Bai_Collin-Dufresne_2019) · [project site](https://kebo1234.github.io/p13_Bai_Collin-Dufresne_2019/)
- **The U.S. Treasury Yield Curve: Construction and Model Comparison** (Gürkaynak, Sack, and Wright 2007) — Annie Reynolds and Phoebe Fingold. [GitHub repo](https://github.com/pfingold/p14_gurkaynak_sack_wright_2007) · [project site](https://pfingold.github.io/p14_gurkaynak_sack_wright_2007/)
- **An Anatomy of Commodity Futures Risk Premia** (Szymanowska, de Roon, Nijman, and van den Goorbergh 2014) — Daniil Garbuzov and Oliver Mitchell. [GitHub repo](https://github.com/daniilygarbuzov/Szymanowska_Premia_Replication_Garbuzov_Mitchell_2026) · [project site](https://daniilygarbuzov.github.io/Szymanowska_Premia_Replication_Garbuzov_Mitchell_2026/)
- **Expected Returns and Large Language Models** (Chen, Kelly, and Xiu 2022) — Andrew Moukabary and Reece VanDeWeghe. [GitHub repo](https://github.com/reecevdw/p17_chen_kelly_xiu_2022) · [project site](https://www.ernestvandeweghe.com/p17_chen_kelly_xiu_2022/)

## Winter 2025

- **The Cross-Section of Expected Stock Returns** (Lewellen 2015) — Eduardo Belisario Scheffer and Ben Singer. [GitHub repo](https://github.com/Scheffer888/FM-ReturnPrediction)
- **Monetary Tightening and US Bank Fragility in 2023** (Jiang, Matvos, Piskorski, and Seru 2023) — Xitaaz Rampersad and Samuel Rubidge. [GitHub repo](https://github.com/xitaram/Final_Project_P2)
- **Monetary Tightening and US Bank Fragility in 2023** (Jiang, Matvos, Piskorski, and Seru 2023) — Aadi Deshpande and Annabel Du. [GitHub repo](https://github.com/aadideshpande/svb-failure-case-study) · [project site](https://aadideshpande.github.io/svb-failure-case-study/initial_data_analysis.html)
- **Intermediary Asset Pricing: New Evidence from Many Asset Classes** (He, Kelly, and Manela 2017) — Xinye Li and Hang Yu. [GitHub repo](https://github.com/xinye-li-katarina/finm-32900-final-project)
- **Intermediary Asset Pricing: New Evidence from Many Asset Classes** (He, Kelly, and Manela 2017) — Hanlu Ge and Junyuan Liu. [GitHub repo](https://github.com/Junyuanxx/Final-Project-32900)
- **Dividend Growth Expectations from Dividend Strips** (Gormsen and Koijen 2020) — Charlotte Zhou and Amy Wang. [GitHub repo](https://github.com/amywangyx1022/final_project_group4)
- **Market Expectations in the Cross-Section of Present Values** (Kelly and Pruitt 2013) — Jared Szajkowski, Ilya Melnikov, and Zac Johnson. [GitHub repo](https://github.com/jaredszajkowski/finm32900_project_group6)
- **Corporate Bond Portfolio Returns** (He-Kelly-Manela test assets; Nozawa 2017) — Gabriel Ran and Jesse Yan. [GitHub repo](https://github.com/jyfinm/Full_Stack_Final_7) · [project site](https://jyfinm.github.io/Full_Stack_Final_7/)
- **Credit Default Swap Returns** (He-Kelly-Manela test assets; Palhares 2013) — Sania Zeb and Yangge Xu. [GitHub repo](https://github.com/ygxu01/credit-default-swap-returns-replication) · [project site](https://ygxu01.github.io/credit-default-swap-returns-replication/)
- **Commodity Futures Returns** (He-Kelly-Manela test assets; Yang 2013) — Kyle Parran and Duncan Park. [GitHub repo](https://github.com/kyleparran/final_project_group_09)
- **Segmented Arbitrage: FX Covered Interest Parity Spread** (Siriwardane, Sunderam, and Wallen) — Om Mehta and Kunj Shah. [GitHub repo](https://github.com/Kunj121/CIP)
- **Segmented Arbitrage: Equity Spot-Futures Spread** (Siriwardane, Sunderam, and Wallen) — Young Jae Jung and Mooseok Kang. [GitHub repo](https://github.com/Kevin-finance/equity_arbitrage) · [project site](https://kevin-finance.github.io/equity_arbitrage/)
- **Segmented Arbitrage: Equity Spot-Futures Spread** (Siriwardane, Sunderam, and Wallen) — Andy Andikko and Harrison Zhang. [GitHub repo](https://github.com/andyandikko/Equity_Spot_futures_arb) · [project site](https://andyandikko.github.io/Equity_Spot_futures_arb/)
- **Segmented Arbitrage: Treasury Spot-Futures Spread** (Siriwardane, Sunderam, and Wallen) — Haoshu Wang and James Chen. [GitHub repo](https://github.com/haoshuwang712123/FINM-32900-Final-Projcet-12)
- **Segmented Arbitrage: Treasury Swap Spread** (Siriwardane, Sunderam, and Wallen) — Arsh Kumar and Raiden Egbert. [GitHub repo](https://github.com/thearshkumar/treasury-swap)
- **Segmented Arbitrage: TIPS-Treasury Spread** (Siriwardane, Sunderam, and Wallen) — Bailey Meche and Raul Renteria. [GitHub repo](https://github.com/BaileyMeche/TIPS_Treasury_Arbitrage)
- **Segmented Arbitrage: Corporate CDS-Bond Basis** (Siriwardane, Sunderam, and Wallen) — Vincent Xu and Alex Wang. [GitHub repo](https://github.com/zixiaowang123/full_stack_project)

## Winter 2024

- **Factor Demand and Factor Returns** (Wang 2023) — Jonathan Cai, Keyi Chen, Jean-Sebastien Gaultier, and Adam Aldad. [GitHub repo](https://github.com/jonathan-cai-chicago/factor_demand)
- **Evaporating Liquidity** (Nagel 2012) — Ruilong Guo, Sifei Zhao, Zhiyuan Liu, and Jason Fu. [GitHub repo](https://github.com/Waylon1026/Final-Project-Evaporating-Liquidity)
- **A Demand System Approach to Asset Pricing** (Koijen and Yogo 2019) — Sarp Nalcin, Nicholas Lee, Daniel Bailey, Gio Longo, and Dylan Sunjic. [GitHub repo](https://github.com/Gio-Longo/DSFinalProject)
- **Intermediary Asset Pricing: New Evidence from Many Asset Classes** (He, Kelly, and Manela 2017) — Jacob Simeral, Young Jin Song, Jaehwa Youm, and Monica Panigrahy. [GitHub repo](https://github.com/1scarecrow1/intermediary-asset-pricing)
- **The Illiquidity of Corporate Bonds** (Bao, Pan, and Wang 2011) — Kathy Zhang, Hantao Xiao, Hunter Young, and Arthur Ji. [GitHub repo](https://github.com/zhangruoxikathywork/corporate_bond_liquidity_research)
- **Monash Time Series Forecasting Archive** (Godahewa et al. 2021) — Fernando Urbano, Aben Carrington, Shrey Jain, and Mukund Maheshwari. [GitHub repo](https://github.com/Fernando-Urbano/monash-time-series-replication)
- **Monetary Tightening and US Bank Fragility in 2023** (Jiang, Matvos, Piskorski, and Seru 2023) — Ningxin Zhang, Yiqiao Wang, Wenran Zhang, and Yuanqing Li. [GitHub repo](https://github.com/Nikkozhang/FINM32900-Final-Project)
- **Noisy Prices and Return-based Anomalies in Corporate Bonds** (Dickerson, Robotti, and Rossetti 2023) — Carol Zhang, Ryan Bai, Ashley Deng, Emily Zheng, and Yitong Wang. [GitHub repo](https://github.com/NonNewtonianFluid/FINM-32900-Final-Project)
- **Cash-Flow Maturity and Risk Premia in CDS Markets** (Palhares 2013) — Nidhi Beeravolu, Diana Castellanos, Antonio Pineda, and Kausthub Keshava. [GitHub repo](https://github.com/kausthub-keshava/P15_DANK)
- **Investment Shocks and the Commodity Basis Spread** (Yang 2013) — Raafay Uqaily, Kaleem Bukhari, Aditya Murarka, and Yasmine Ouattara. [GitHub repo](https://github.com/Raafayuqaily/DS-Commodities-Final-Project)
- **What Drives the Cross-Section of Credit Spreads?** (Nozawa 2017) — Mengdi Hao, Yu-Ting Weng, Joy Wu, and Julia Klauss. [GitHub repo](https://github.com/Mendyhao/finm32900-final-project)
- **Do Short Sellers Respond to ESG Ratings?** — Baptiste Pepin, Adriana Mata, Diego Almau, and Pranav Phatak. [GitHub repo](https://github.com/baptistepepin/FINM-32900-PROJECT)
- **Rediscover Predictability: Information from the Relative Prices of Long-term and Short-term Dividends** (Li and Wang 2023) — Zihao Liu, Alec Zhang, Yu Guo, and Coco Qu. [GitHub repo](https://github.com/aleczhaoxinzhang/DS_project)
- **The Puzzle of Index Option Returns** (Constantinides, Jackwerth, and Savov 2013) — Andy Li, Yun Hu, Zilin Song, and Minhao Li. [GitHub repo](https://github.com/MinhaoLi1125/The-Puzzle-of-Index-Option-Returns)
- **Monetary Tightening and US Bank Fragility in 2023** (Jiang, Matvos, Piskorski, and Seru 2023) — Jason Wang, Juan Ramirez, Maxwell Dender, Leon Tan, and Peizhe Huang. [GitHub repo](https://github.com/huangpz-a11y/P2_Monetary_Tightening)
- **The Puzzle of Index Option Returns** (Constantinides, Jackwerth, and Savov 2013) — Viren Desai, Ian Hammock, and Harrison Holt. [GitHub repo](https://github.com/harrypandas/finm-32900_final_project)
- **Replicating Portfolios from Ken French's Data Library** — Nick Lewis, Zakarya Mehdi, Bryce Hopkins, and Riccardo Gutgeld. [GitHub repo](https://github.com/nicklewis-16/ken_french_portfolios)