AFA 2014 Philadelphia Meetings
Seventy Fourth Annual Meeting
American Finance Assoication
Philadelphia, PA
President: Robert Stambaugh
President-Elect and Program Chair: Luigi Zingales
01/03/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Millenium Hall
Asset Management and Market Efficiency (G2) Christopher Malloy, Harvard Business School
The Industrial Organization of Money Management
Simon Gervais, Duke University
Günter Strobl, Frankfurt School of Finance & Management
The People in Your Neighborhood: Social Interactions and Mutual Fund Portfolio Choice
Veronika Pool, Indiana University
Noah Stoffman, Indiana University
Scott Yonker, Indiana University
The Externalities of Crowded Trades
Jesse Blocher, Vanderbilt University
Predation versus Cooperation in Mutual Fund Families
Alexander Eisele, University of Lugano
Tamara Nefedova, Swiss Finance Institute
Gianpaolo Parise, Swiss Finance Institute
Discussants:
Bruce Carlin, University of California, Los Angeles (UCLA)
Kelly Shue, University of Chicago Booth School of Business
Antti Petajisto, New York University (NYU) – Stern
Utpal Bhattacharya, Indiana University
01/03/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Regency Ballroom B
Behavioral Asset Pricing (G1)
Nicholas C. Barberis, Yale University
No News is News: Do Markets Underreact to Nothing
Stefano Giglio, University of Chicago Booth School of Business
Kelly Shue, University of Chicago Booth School of Business
First Impressions: “System 1” Thinking and the Cross-section of Stock Returns
Nicolas Barberis, Yale University
Abhiroop Mukherjee, Hong Kong University of Science and Technology
Baolian Wang, Hong Kong University of Science and Technology
Waves in Ship Prices and Investment
Robin Greenwood, Harvard Business School
Samuel Hanson, Harvard Business School
Discussants:
Dong Lou, London School of Economics & Political Science (LSE)
Byoung Hwang, Purdue University
Kent Daniel, Columbia Business School
01/03/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Credit Risk I (G1)
Ilya Strebulaev, Stanford Graduate School of Business
CDS Auctions and Informative Biases in CDS Recovery Rates
Sudip Gupta, New York University (NYU) – Stern
Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets
Martin Oehmke, Columbia Business School
Adam Zawadowski, Boston University
Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk
Marti Subrahmanyam, New York University (NYU) – Stern
Dragon Tang, University of Hong Kong
Sarah Qian Wang, Warwick Business School
Discussants:
Alexander Gorbenko, London Business School
Haoxiang Zhu, Massachusetts Institute of Technology (MIT)
Jean Helwege, University of South Carolina
01/03/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Institutional Investors’ Portfolio Choices (G1)
Luis M. Viceira, Harvard Business School
Why Do University Endowments Invest So Much In Risky Assets?
Thomas Gilbert, University of Washington
Christopher Hrdlicka, University of Washington
Informed Trading and Expected Returns
James Choi, Yale School of Management
Li Jin, Oxford University
Hongjun Yan, Yale School of Management
Dynamic Portfolio Choice with Frictions
Nicolae Garleanu, University of California, Berkeley – Haas
Lasse Pedersen, New York University (NYU) – Stern
Deleveraging Risk
Scott Richardson, London Business School
Pedro Saffi, University of Cambridge
Kari Sigurdsson, Reykjavik University
Discussants:
Jakub W. Jurek, Princeton University
Stephen G. Dimmock, Nanyang Technological University (NTU)
Bryan T. Kelly, University of Chicago Booth School of Business
Lauren H. Cohen, Harvard Business School
01/03/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Macro Finance (G1)
Ralph Koijen, London Business School
Nominal Bonds, Real Bonds, and Equity
Andrew Ang, Columbia Business School
Maxim Ulrich, Columbia Business School
Forecasting through the Rear-view Mirror: Data Revisions and Bond Return Predictability
Eric Ghysels, University of North Carolina at Chapel Hill
Casidhe Horan, University of Michigan
Emanuel Moench, Federal Reserve Bank of New York
Rare booms and disasters in a multi-sector endowment economy
Jerry Tsai, University of Pennsylvania
Jessica Wachter, University of Pennsylvania – Wharton
Discussants:
Jules van Binsbergen, Stanford Graduate School of Business
Lars A. Lochstoer, Columbia Business School
Leonid Kogan, Massachusetts Institute of Technology (MIT)
01/03/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Macroeconomics, Deflation and Liquidity (G1)
Markus Brunnermeier, Princeton University
Deflation Risk
Matthias Fleckenstein, University of California, Los Angeles (UCLA)
Francis Longstaff, University of California, Los Angeles (UCLA)
Hanno Lustig, University of California, Los Angeles (UCLA)
Banks Exposure to Interest Rate Risk and the Transmission of Monetary Policy
Augustin Landier, Toulouse School of Economics (TSE)
David Sraer, Princeton University
David Thesmar, HEC Paris
Corporate Cash Hoarding: The Role of Just-in-Time Adoption
Xiaodan Gao, National University of Singapore
Funding Liquidity Risk and the Cross-Section of Stock Returns
Jean-Sebastien Fontaine, Bank of Canada
Rene Garcia, EDHEC Business School
Sermin Gungor, Bank of Canada
Discussants:
Cesaire Meh, Bank of Canada
Tyler Muir, Yale University
Anil Kashyap, University of Chicago Booth School of Business
Thomas Eisenbach, Federal Reserve Bank of New York
01/03/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Chasing Alpha (G1)
Andrew Metrick, Yale School of Management
Excess Autocorrelation and Mutual Fund Performance
Xi Dong, INSEAD
Massimo Massa, INSEAD
How Skilled are Hedge Funds? Evidence from Their Daily Trades
Russell Jame, University of Kentucky
Law of Large Numbers in Mutual Funds: A Simple but Effective Way to Identify Persistent Performances Among Actively-managed Mutual Funds
Y. Peter Chung, University of California, Riverside
Suk-Won Kim, University of California, Riverside
Seasonal Asset Allocation: Evidence from Mutual Fund Flows
Mark Kamstra, York University
Lisa Kramer, University of Toronto
Maurice Levi, University of British Columbia (UBC)
Russ Wermers, University of Maryland
Discussants:
Randolph Cohen, Massachusetts Institute of Technology (MIT)
Sugata Ray, University of Florida
Pengjie Gao, University of Notre Dame
Dong Liu, London School of Economics & Political Science (LSE)
01/03/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Credit Rating Agencies (G2)
Paolo Fulghieri, University of North Carolina at Chapel Hill
Are Credit Ratings Subjective? The Role of Credit Analysts in Determining Ratings
Cesare Fracassi, University of Texas at Austin
Stefan Petry, University of Melbourne
Geoffrey Tate, University of North Carolina (UNC) at Chapel Hill
Did Going Public Impair Moody’s Credit Ratings?
Simi Kedia, Rutgers Business School
Shivaram Rajgopal, Emory University
Xing Zhou, Rutgers Business School
Does the Market Understand Rating Shopping? Predicting MBS Losses with Initial Yields
Jie He, University of Georgia
Jun Qian, Boston College
Philip Strahan, Boston College
Discussants:
Han Xia, University of Texas at Dallas
Bo Becker, Harvard Business School
Gunter Strobl, Frankfurt School of Management
01/03/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
The Currency Carry Trade: New Evidence and Theory (G1)
Christopher Telmer, Carnegie Mellon University
Currency Carry Trades and Funding Risk
Sara Ferreira Filipe, University of Luxembourg
Matti Suominen, Aalto University School of Economics
Volatility Risk Premia and Exchange Rate Predictability
Pasquale Della Corte, Imperial College Business School
Tarun Ramadorai, University of Oxford
Lucio Sarno, City University London
Growth Risk of Nontraded Industries and Asset Pricing
Ngoc-Khanh Tran, Washington University in Saint Louis
Commodity Trade and the Carry Trade: A Tale of Two Countries
Robert Ready, University of Rochester
Nikolai Roussanov, University of Pennsylvania – Wharton
Colin Ward, University of Pennsylvania – Wharton
Discussants:
Matteo Maggiori, New York University (NYU) – Stern
Adrien Verdelhan, Massachusetts Institute of Technology (MIT)
Tarek Hassan, University of Chicago Booth School of Business
Michael Michaux, University of Southern California (USC)
01/03/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Regency Ballroom B
New Evidence on Fixed Income Liquidity (G1)
Ingrid M. Werner, Ohio State University (OSU)
Liquidity, Transparency and Disclosure in the Securitized Product Market
Nils Friewald, WU – Vienna University of Economics and Business
Rainer Jankowitsch, WU – Vienna University of Economics and Business
Marti Subrahmanyam, New York University (NYU) – Stern
Government Intervention and Strategic Trading in the U.S. Treasury Market
Paolo Pasquariello, University of Michigan
Jennifer Roush, Federal Reserve Board
Clara Vega, Federal Reserve Board
Liquidity and Price Impacts of Financial Distress: Evidence from the Market for Defaulted Bonds
Song Han, Federal Reserve Board
Ke Wang, Federal Reserve Board
The Microstructure of the European Sovereign Bond Market: A Study of the Euro-zone Crisis
Loriana Pelizzon, Università Ca’ Foscari Venezia
Marti Subrahmanyam, New York University (NYU) – Stern
Davide Tomio, Copenhagen Business School
Jun Uno, Waseda University
Discussants:
Michael Fleming, Federal Reserve Bank of New York
Ben Iverson, Northwestern University – Kellogg
Jack Bao, Ohio State University (OSU)
Antje Berndt, Carnegie Mellon University
01/03/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Millenium Hall
Optimal Institutions for Behavioral Investors (AFA Lecture) (G0)
Presiding: Luigi Zingales, University of Chicago
David Laibson, Harvard University – Optimal Institutions for Behavioral Investors
01/03/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Risk Management and Corporate Options (G3)
Jennifer Carpenter, New York University (NYU) – Stern
The Determinants of Recovery Rates in the US Corporate Bond Market
Rainer Jankowitsch, WU – Vienna University of Economics and Business
Florian Nagler, VGSF – Vienna Graduate School of Finance
Marti Subrahmanyam, New York University (NYU) – Stern
Real Investment with Financial Hedging
Ilona Babenko, Arizona State University
Yuri Tserlukevich, Arizona State University
Liquidity Hoarding and Investment Under Uncertainty
Patrick Bolton, Columbia Business School
Neng Wang, Columbia Business School
Jinqiang Yang, Columbia Business School
Discussants:
Yuanzhi Li, Temple University
Vijay Yerramilli, University of Houston
Vicky Henderson, University of Oxford
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Capital Structure Theory (G3)
Mark Garmaise, University of California, Los Angeles (UCLA)
Preserving “Debt Capacity” or “Equity Capacity”: An Optimal Security Design Approach
Vladimir Vladimirov, University of Amsterdam
Roman Inderst, University of Frankfurt
Deleveraging Via Asset Sales: Agency Costs, Taxes, and Government Policies
Johann Reindl, WU – Vienna University of Economics and Business
Dynamic Corporate Liquidity
Boris Nikolov, University of Rochester
Lukas Schmid, Duke University
Roberto Steri, Duke University
Discussants:
Mark M. Westerfied, University of Washington
Tyler Muir, Yale School of Management
Adriano Rampini, Duke University
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Congress B
Credit Ratings, Creditor Protection and Compliance
Kose John, New York University (NYU) – Stern
The Value of Uninformative Credit Ratings
Kimberly Cornaggia, American University
Jess Cornaggia, Indiana University
Timothy Simin, The Pennsylvania State University
Credit Access and Credit Performance after Consumer Bankruptcy Filing: New Evidence
Julapa Jagtiani, Federal Reserve Bank of Philadelphia
Wenli Li, Federal Reserve Bank of Philadelphia
Improved Creditor Protection and Verifability in the U.S.
Erasmo Giambona, University of Amsterdam
Florencio Lopez-de-Silanes, EDHEC Business School
Rafael Matta, University of Amsterdam
Economic effects of SOX Section 404 Compliance: A Corporate Insider Perspective
Gennaro Bernile, Singapore Management University
Cindy Alexander, US Securities and Exchange Commission
Scott Bauguess, US Securities and Exchange Commission
Alex Lee, University of Southern California (USC)
Jennifer Marietta-Westberg, US Securities and Exchange Commission
Discussants:
Victoria Ivashina
Edie Hotchkiss
Stefano Rossi
Dalida Kadyrzhanova
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Regency Ballroom B
Cultural Roots of Finance (G0)
Luigi Guiso, Einaudi Institute for Economics and Finance
The Historical Roots of Firm Access to Finance: Evidence from the African Slave Trade
Lamar Pierce, Washington University in Saint Louis
Jason Snyder, University of California, Los Angeles (UCLA)
Banks and Development: Jewish Communities in the Italian Renaissance and Current Economic Performance
Luigi Pascali, Universitat Pompeu Fabra
Finance and the Preservation of Wealth
Nicola Gennaioli, Universitat Pompeu Fabra
Andrei Shleifer, Harvard University
Robert Vishny, University of Chicago Booth School of Business
Discussants:
Eric D. Hilt, Wellesley College
Tarek Hassan, University of Chicago Booth School of Business
Thomas Philippon, New York University (NYU) – Stern
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Economics of Commodity Markets (G1)
Wei Xiong, Princeton University
New Evidence on the Financialization of Commodity Markets
Brian Henderson, The George Washington University
Neil Pearson, University of Illinois at Urbana-Champaign
Li Wang, University of Illinois at Urbana-Champaign
A Model of Financialization of Commodities
Suleyman Basak, London Business School
Anna Pavlova, London Business School
Risk Premia in Gold Leasing Markets
Anh Le, University of North Carolina at Chapel Hill
Haoxiang Zhu, Massachusetts Institute of Technology (MIT)
Commodity-based Consumption Tracking Portfolio and the Cross-section of Average Stock Returns
Kewei Hou, Ohio State University (OSU)
Marta Szymanowska, Erasmus University Rotterdam (EUR)
Discussants:
Alexei Savov, New York University (NYU) – Stern
Ing-Haw Cheng, Dartmouth College
Steven D. Baker, Carnegie Mellon University
Motohiro Yogo, Federal Reserve Bank of Minneapolis
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Hedge Funds (G2)
Stefan Nagel, Stanford Graduate School of Business
Tail Risk and Hedge Fund Returns
Hao Jiang, Erasmus University Rotterdam (EUR)
Bryan Kelly, University of Chicago Booth School of Business
Do Hedge Funds Provide Liquidity? Evidence from their Trades
Francesco Franzoni, University of Lugano
Alberto Plazzi, University of Lugano
Indirect Incentives of Hedge Fund Managers
Jongha Lim, University of Missouri
Berk Sensoy, Ohio State University (OSU)
Michael Weisbach, Ohio State University (OSU)
Hedge Fund Innovation
Arjen Siegmann, VU University Amsterdam
Denitsa Stefanova, VU University Amsterdam
Marcin Zamojski, VU University Amsterdam
Discussants:
Jakub Jurek, Princeton University
Jonathan B. Berk, Stanford Graduate School of Business
Lasse Pedersen, Copenhagen Business School
Itzhak Ben-David, Ohio State University (OSU)
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Millenium Hall
Market Microstructure Theory (G1)
Dimitrios Vayanos, London School of Economics & Political Science (LSE)
Financial Disclosure and Market Transparency with Costly Information Processing
Marco Di Maggio, Columbia Business School
Marco Pagano, Università di Napoli Federico II
Asset Pricing Frictions in Fragmented Markets
Emiliano Pagnotta, New York University (NYU) – Stern
News Trading and Speed
Thierry Foucault, HEC Paris
Johan Hombert, HEC Paris
Ioanid Rosu, HEC Paris
Smooth Trading with Overconfidence and Market Power
Albert Kyle, University of Maryland
Anna Obizhaeva, University of Maryland
Yajun Wang, University of Maryland
Discussants:
Albert Kyle, University of Maryland
Kathleen Hagerty, Northwestern University – Kellogg
Jennifer Huang, University of Texas at Austin
Marzena Joanna Rostek, University of Wisconsin-Madison
01/03/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
New Approaches to Finance (G1)
Kent Daniel, Columbia Business School
Sparse Dynamic Programming and Aggregate Fluctuations
Xavier Gabaix, New York University (NYU) – Stern
Trading, Profits, and Volatility in a Dynamic Information Network Model
Johan Walden, University of California, Berkeley – Haas
Notes on Bonds: Liquidity at all Costs in the Great Recession
David Musto, University of Pennsylvania – Wharton
Greg Nini, University of Pennsylvania – Wharton
Krista Schwarz, University of Pennsylvania – Wharton
Discussants:
Nicholas Barberis, Yale School of Management
Peter Kondor, Central European University
Pierre Collin-Dufresne, Columbia Business School
01/04/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Credit Risk II (G2)
Monika Piazzesi, Stanford University
Dynamic Debt Runs and the Market for Variable Rate Demand Obligations
Bin Wei, Federal Reserve Board
Vivian Yue, Federal Reserve Board
Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
Hui Chen, Massachusetts Institute of Technology (MIT)
Zhiguo He, University of Chicago Booth School of Business
Konstantin Milbradt, Massachusetts Institute of Technology (MIT)
Liquidity Premium in the Eye of the Beholder: An Analysis of the Clientele Effect in the Corporate Bond Market
Jingzhi Huang, Pennsylvania State University
Zhenzhen Sun, Siena College
Tong Yao, University of Iowa
Tong Yu, University of Rhode Island
On Bounding Credit Event Risk Premia
Jennie Bai, Federal Reserve Bank of New York
Pierre Collin-Dufresne, Columbia Business School
Robert Goldstein, University of Minnesota, Twin Cities
Jean Helwege, University of South Carolina
Discussants:
David Lando, Copenhagen Business School
Tim McQuade, Harvard University
Wei Xiong, Princeton University
Pierre Collin-Dufresne, Columbia Business School
01/04/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Interactions between Firms and Politicians (G3)
William L. Megginson, University of Oklahoma
Politically-Connected Analysts
Michael McDonald, University of Tennessee
Bribes and Firm Value – Evidence from Anti-Bribery Regulation
Stefan Zeume, INSEAD
Politics, State Ownership, and Corporate Investments
Shashwat Alok, Indian School of Business
Meghana Ayyagari, George Washington University – School of Business
Corruption Attitudes, Incentive Contracts, and Corporate Governance
Xiaoding Liu, University of Oregon
Discussants:
Jiekun Huang, University of Illinois at Urbana-Champaign
David Parsley, Vanderbilt University
Kateryna Holland, University of Oklahoma
Jin Xu, Purdue University
01/04/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall A
Media & Disclosure (G1)
Joseph Engelberg, University of California, San Diego (UCSD)
News Implied Volatility and Disaster Concerns
Asaf Manela, Washington University in Saint Louis
Alan Moreira, Yale School of Management
Playing Favorites: How Firms Prevent the Revelation of Bad News
Lauren Cohen, Harvard Business School
Dong Lou, London School of Economics & Political Science (LSE)
Christopher Malloy, Harvard Business School
Aggregate News Tone, Stock Returns, and Volatility
Michal Dzielinski, University of Zurich
Henrik Hasseltoft, University of Zurich
Discussants:
Eric Zitzewitz, Dartmouth College
Diego Garcia, University of North Carolina at Chapel Hill
Tim Loughran, University of Notre Dame
01/04/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Motivations and Value Creation in Mergers (G3)
Robert Parrino, University of Texas at Austin
The Incentives for Vertical Mergers and Vertical Integration
Laurent Fresard, University of Maryland
Gerard Hoberg, University of Maryland
Gordon Phillips, University of Southern California (USC)
Asset Complementarities, Mergers and Synergies
Paolo Fulghieri, University of North Carolina at Chapel Hill
Merih Sevilir, Indiana University
Are Conglomerates Under-Diversified?
Fernando Anjos, University of Texas at Austin
Cesare Fracassi, University of Texas at Austin
Merger Negotiations with Stock Market Feedback
Sandra Betton, Concordia University
B. Espen Eckbo, Dartmouth College
Rex Thompson, Southern Methodist University (SMU)
Karin Thorburn, Norwegian School of Economics (NHH)
Discussants:
Thomas W. Bates, Arizona State University
Andres Almazan, University of Texas at Austin
Matthew Rhodes-Kropf, Harvard Business School
Alex Edmans, University of Pennsylvania – Wharton
01/04/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Multi-country Empirical Banking Studies (G3)
Kathryn Dewenter, University of Washington
Why Do Governments Lend? Evidence from the Corporate Loan Market
Veljko Fotak, University of Oklahoma
Dollar Funding and the Lending Behavior of Global Banks
Victoria Ivashina, Harvard Business School
David Scharfstein, Harvard Business School
Jeremy Stein, Harvard University
Bank Internationalization and Risk Taking
Allen Berger, University of South Carolina
Sadok El Ghoul, University of Alberta
Omrane Guedhami, University of South Carolina
Raluca Roman, University of South Carolina
Discussants:
Robert Cull, World Bank
Alan Hess, University of Washington
Luc Laeven, International Monetary Fund (IMF)
01/04/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Millenium Hall
Real Estate and Mortgages (G2)
Karen M. Pence, Federal Reserve Board
Concentration in Mortgage Lending, Refinancing Activity, and Mortgage Rates
David Scharfstein, Harvard Business School
Adi Sunderam, Harvard Business School
The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis
Sumit Agarwal, National University of Singapore
Yongheng Deng, National University of Singapore
Chenxi Luo, National University of Singapore
Wenlan Qian, National University of Singapore
Housing Collateral and Entrepreneurship
Martin Schmalz, University of Michigan
David Sraer, Princeton University
David Thesmar, HEC Paris
Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages
Philip Bond, University of Washington
Ronel Elul, Federal Reserve Bank of Philadelphia
David Musto, University of Pennsylvania – Wharton
Discussants:
Ben Keys, University of Chicago
Karen Pence, Federal Reserve Board
Margarita Tsoutsoura, University of Chicago Booth School of Business
Sumit Agarwal, National University of Singapore
01/04/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Cross-sectional Variation in Average Returns and Volatilities (G1)
Chris Polk, London School of Economics & Political Science (LSE)
Asset Pricing in the Dark: the Cross Section of OTC Stocks
Andrew Ang, Columbia University
Assaf Shtauber, Columbia Business School
Paul Tetlock, Columbia Business School
Firm Characteristics and Empirical Factor Models: a Data-Mining Experiment
Leonid Kogan, Massachusetts Institute of Technology (MIT)
Mary Tian, Federal Reserve Board
Confounded Factors
Joseph Gerakos, University of Chicago Booth School of Business
Juhani Linnainmaa, University of Chicago Booth School of Business
The Volatility Factor Structure
Bryan Kelly, University of Chicago Booth School of Business
Discussants:
Dong Lou, London School of Economics & Political Science (LSE)
Jonathan Lewellen, Dartmouth College
Kent Daniel, Columbia Business School
John Campbell, Harvard University
01/04/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall A
Determinants and Consequences of Corporate Cash Holdings (G3)
Heitor Almeida, University of Illinois at Urbana-Champaign
Labor Market Frictions and Corporate Financing Decisions: Evidence from Wrongful Discharge Laws
Matthew Serfling, University of Arizona
Is There a U.S High Cash Holdings Puzzle After the Financial Crisis?
Lee Pinkowitz, Georgetown University
Rene Stulz, Ohio State University (OSU)
Rohan Williamson, Georgetown University
Easy Come, Easy Go: Cheap Cash and Bad Corporate Decisions
Igor Cunha, University of Illinois at Urbana-Champaign
Discussants:
Fritz Foley, Harvard Business School
Hyunseob Kim, Cornell University
Jarrad Harford, University of Washington
01/04/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Managerial Incentives I (G3)
Gustavo Manso, University of California, Berkeley – Haas
Large Shareholders and CEO Performance-Based Pay: New Evidence from Privately-Held Firms
Huasheng Gao, Nanyang Technological University (NTU)
Kai Li, University of British Columbia (UBC)
Idiosyncratic Risk and the Manager
Brent Glover, Carnegie Mellon University
Oliver Levine, University of Wisconsin-Madison
Risk-Sharing within Firms: Worldwide Evidence
Andrew Ellul, Indiana University
Marco Pagano, Università di Napoli Federico II
Fabiano Schivardi, LUISS University of Rome
Discussants:
Jay Hartzell, University of Texas at Austin
Dmitry Livdan, University of California, Berkeley – Haas
David Sraer, Princeton University
01/04/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Mutual Funds and Investment Choice (G1)
William Goetzmann, Yale School of Management
Mutual Funds and Trading on Information Tangibility
Oleg Chuprinin, University of New South Wales
Sergio Gaspar, INSEAD
Massimo Massa, INSEAD
Investment Decisions under Ambiguity: Evidence from Mutual Fund Investor Behavior
C. Wei Li, University of Iowa
Ashish Tiwari, University of Iowa
Lin Tong, University of Iowa
Asset Allocation and Monetary Policy: Evidence from the Eurozone
Harald Hau, University of Geneva
Sandy Lai, University of Hong Kong
Performance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers
Darwin Choi, Hong Kong University of Science & Technology
Bige Kahraman, Stockholm School of Economics
Abhiroop Mukherjee, Hong Kong University of Science & Technology
Discussants:
Roy Zuckerman, Rutgers Business School
Philipp Illeditsch, University of Pennsylvania – Wharton
Masahiro Watanabe, University of Alberta
Hong Zhang, INSEAD
01/04/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Millenium Hall
Panel Discussion: What Should Macroeconomists Learn from Finance? (G1)
Amir Sufi, University of Chicago Booth School of Business
Panelists:
Markus Brunnermeier, Princeton University
Atif Mian, Princeton University
Arvind Krishnamurthy, Northwestern University – Kellogg
01/04/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Private Equity (G2)
David T. Robinson, Duke University
The Operational Consequences of Private Equity Buyouts
Shai Bernstein, Stanford Graduate School of Business
Albert Sheen, Harvard Business School
The Disintermediation of Financial Markets: Direct Investing in Private Equity
Lily Fang, INSEAD
Victoria Ivashina, Harvard Business School
Josh Lerner, Harvard Business School
Do Private Equity Funds Game Returns?
Gregory Brown, University of North Carolina at Chapel Hill
Oleg Gredil, University of North Carolina at Chapel Hill
Steven Kaplan, University of Chicago Booth School of Business
Limited Partner Performance and the Maturing of the Private Equity Industry
Berk Sensoy, Ohio State University (OSU)
Yingdi Wang, California State University, Fullerton
Michael Weisbach, Ohio State University (OSU)
Discussants:
Yael V. Hochberg, Northwestern University – Kellogg
Laura Lindsey, Arizona State University
Morten Sorensen, Columbia Business School
Tim Jenkinson, Oxford University
01/04/2014 – 02:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Capital Structure, Production, and Labor (G3)
David A. Matsa, Northwestern University – Kellogg
Production Characteristics, Financial Flexibility, and Capital Structure Decisions
Sebastian Reinartz, Technische Universität München
Thomas Schmid, Technische Universität München
Operating Flexibility and Capital Structure: Evidence from a Natural Experiment
Olga Kuzmina, New Economic School
The Effect of Financial Leverage on Workplace Safety
Jonathan Cohn, University of Texas at Austin
Malcolm Wardlaw, University of Texas at Dallas
Human Capital Loss in Corporate Bankruptcy
John Graham, Duke University
Hyunseob Kim, Cornell University
Si Li, Wilfrid Laurier University
Jiaping Qiu, McMaster University
Discussants:
Mitchell Peterson, Northwestern University – Kellogg
Nancy Rose, Massachusetts Institute of Technology (MIT)
Francisco Perez-Gonzalez, Stanford Graduate School of Business
Ashwini Agrawal, New York University (NYU) – Stern
01/04/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Millenium Hall
The Consequences of Imperfect Financial Markets (G1)
Zhiguo He, University of Chicago Booth School of Business
House Prices, Collateral and Self-Employment
Manuel Adelino, Duke University
Antoinette Schoar, Massachusetts Institute of Technology (MIT)
Felipe Severino, Massachusetts Institute of Technology (MIT)
Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
Nicolae Garleanu, University of California, Berkeley – Haas
Stavros Panageas, University of Chicago Booth School of Business
Jianfeng Yu, University of Minnesota
Intangible Capital and Corporate Cash Holdings
Antonio Falato, Federal Reserve Board
Dalida Kadyrzhanova, University of Maryland
Jae Sim, Federal Reserve Board
Discussants:
David Sraer, Princeton University
Arvind Krishnamurthy, Northwestern University – Kellogg
Neng Wang, Columbia University
01/04/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Corporate Governance (G3)
Bo Becker, Harvard Business School
Soft Shareholder Activism
Doron Levit, University of Pennsylvania – Wharton
When Shareholder Approval Matters: 20 Percent Rule for Privately Issued Equity
James Park, Korea University Business School
Mutual Fund Portfolio Holding Performance and Voting Decisions
Stephen Dimmock, Nanyang Technological University (NTU)
William Gerken, University of Kentucky
Zoran Ivkovich, Michigan State University
Scott Weisbenner, University of Illinois at Urbana-Champaign
Comparing the Investment Behavior of Public and Private Firms
John Asker, New York University (NYU) – Stern
Joan Farre-Mensa, Harvard Business School
Alexander Ljungqvist, New York University (NYU) – Stern
Discussants:
Xavier Giroud, Massachusetts Institute of Technology (MIT)
Denis Gromb, INSEAD
Francisco Perez-Gonzalez, Stanford Graduate School of Business
Gustavo Manso, University of California, Berkeley – Haas
01/04/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Financial Distress and Corporate Bankruptcy (G3)
Vikrant Vig, London Business School
When the Congress Says “PIP Your KERP”: Performance Incentive Plans, Key Employee Retention Plans and, Chapter 11 Bankruptcy Resolution
Evren Ors, HEC Paris
Vedran Capkun, HEC Paris
Creditor Governance with Loan-to-Loan and Loan-to-Own
Kai Li, University of British Columbia (UBC)
Wei Wang, Queen’s School of Business
Indirect Bankruptcy Costs and Bankruptcy Law
Zacharias Sautner, University of Amsterdam
Vladimir Vladimirov, University of Amsterdam
How Costly is Corporate Bankruptcy for Top Executives?
B. Espen Eckbo, Dartmouth College
Karin Thorburn, Norwegian School of Economics
Wei Wang, Queen’s School of Business
Discussants:
Ben Iverson, Harvard Business School
Rainer Haselmann, Bonn Graduate School of Economics
Nicolas Serrano-Velarde, Bocconi University
Jacopo Ponticelli, Universitat Pompeu Fabra
01/04/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Household Finance: Retirement-Labor Choices (G1)
Adair Morse, University of California, Berkeley – Haas
Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice
Ralph Koijen, London Business School
Stijn Van Nieuwerburgh, New York University (NYU) – Stern
Motohiro Yogo, Federal Reserve Bank of Minneapolis
Made Poorer Choice: Worker Outcomes in Social Security v. Private Retirement Accounts
Javed Ahmed, Federal Reserve Board
Brad Barber, University of California, Davis
Terrance Odean, University of California, Berkeley – Haas
What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?
John Chalmers, University of Oregon
Jonathan Reuter, Boston College and NBER
Microfinance, Poverty, and Education
Britta Augsburg, Institute for Fiscal Studies (IFS)
Ralph De Haas, European Bank for Reconstruction and Development (EBRD)
Heike Harmgart, European Bank for Reconstruction and Development (EBRD)
Costas Meghir, Yale University
Discussants:
Deborah Lucas, Massachusetts Institute of Technology (MIT)
Jonathan Parker, Northwestern University – Kellogg
Jonathan Morduch, New York University (NYU)
Olivia Mitchell, University of Pennsylvania – Wharton
01/04/2014 – 2:30 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall A
Networks, International Finance (G1)
Tarek Hassan, University of Chicago Booth School of Business
Resident Networks and Firm Trade
Lauren Cohen, Harvard Business School
Umit Gurun, University of Texas at Dallas
Christopher Malloy, Harvard Business School
Sovereign Debt Crises and Financial Contagion: Estimating Effects in an Endogenous Network
Brent Glover, Carnegie Mellon University
Seth Richards-Shubik, Carnegie Mellon University
Capital Controls and International Financial Stability
Adrian Buss, INSEAD
Discussants:
Thomas Chaney, University of Chicago
Bruce Sacerdote, Dartmouth College
Anna Pavlova, London Business School
01/05/2014 – 08:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Agency and Investment (G3)
Nittai Bergman, Massachusetts Institute of Technology (MIT)
Urban Vibrancy and Corporate Growth
Casey Dougal, University of North Carolina at Chapel Hill
Christopher Parsons, University of California, San Diego (UCSD)
Sheridan Titman, University of Texas at Austin
Optimal Long-term Contracting with Learning
Zhiguo He, University of Chicago Booth School of Business
Bin Wei, Federal Reserve Board
Jianfeng Yu, University of Minnesota
Agency and Corporate Purchase of Insurance
Paul Ehling, BI, Norwegian Business School
Avner Kalay, University of Utah
Shagun Pant, University of Iowa
Central Bank Liquidity Provision and Collateral Quality
Francois Koulischer, Universite Libre de Bruxelles
Daan Struyven, Massachusetts Institute of Technology (MIT)
Discussants:
Andrey Malenko, Massachusetts Institute of Technology (MIT)
David Matsa, Northwestern University – Kellogg
Geoffrey Tate, University of North Carolina at Chapel Hill
David Sraer, Princeton University
01/05/2014 – 08:00 AM
Location: Loews Philadelphia Hotel, Millenium Hall
Banking and Financial Crises (G2)
Nicola Gennaioli, Bocconi University
A Crisis of Banks as Liquidity Providers
Viral Acharya, New York University (NYU) – Stern
Nada Mora, Federal Reserve Bank of Kansas City
Who Borrows from the Lender of Last Resort?
Philipp Schnabl, New York University (NYU) – Stern
Banking Competition and Stability: The Role of Leverage
Xavier Freixas, Universitat Pompeu Fabra
Kebin Ma, Tilburg University
Discussants:
Anil Kashyap, University of Chicago Booth School of Business
Efraim Benmelech, Northwestern University – Kellogg
Anjan Thakor, Washington University in Saint Louis
01/05/2014 – 8:00 AM
Location: Loews Philadelphia Hotel, Regency Ballroom B
Capital Constraints in the Crisis: Empirical Evidence (G2)
Arvind Krishnamurthy, Northwestern University – Kellogg
The Cost of Financial Frictions for Life Insurers
Ralph Koijen, London Business School
Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading
Andrew Ellul, Indiana University
Why did Financial Institutions Sell RMBS at Fire Sale Prices During the Financial Crisis?
Craig Merrill, Brigham Young University
Taylor Nadauld, Brigham Young University
Discussants:
Arvind Krishnamurthy, Northwestern University
Richard Rosen, Federal Reserve Bank of Chicago
Manuel Adelino, Duke University
01/05/2014 – 08:00 AM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Topics in Behavioral Finance (G3)
Jeffrey Wurgler, New York University (NYU) – Stern
Wall Street and the Housing Bubble
Ing-Haw Cheng, Dartmouth College
Sahil Raina, University of Michigan
Wei Xiong, Princeton University
Nominal Price Illusion
Justin Birru, Ohio State University (OSU)
Baolian Wang, Hong Kong University of Science & Technology
Offsetting Disagreement and Security Prices
Byoung-Hyoun Hwang, Purdue University
Dong Lou, London School of Economics & Political Science (LSE)
Chengxi Yin, Purdue University
Discussants:
Brian Boyer, University of California, Los Angeles (UCLA)
Chris Foote, Federal Reserve Bank of Boston
Chris Malloy, Harvard Business School
01/05/2014 – 08:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Trading (G1)
Jeffrey Pontiff, Boston College
Overreacting to a History of Underreaction?
Jonathan Milian, Florida International University
Worrying about the stock market: Evidence from hospital admissions
Joseph Engelberg, University of California, San Diego (UCSD)
Christopher Parsons, University of California, San Diego (UCSD)
When the bellwether dances to noise: Evidence from exchange-traded funds
Zhi Da, University of Notre Dame
Sophie Shive, University of Notre Dame
Why Do Investors Trade?
Eric Kelley, University of Arizona
Paul Tetlock, Columbia Business School
Discussants:
David McLean, University of Alberta
Lisa Kramer, University of Toronto
Robin Greenwood, Harvard Business School
David Chapman, Boston College
01/05/2014 – 08:00 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Winning and Losing in Asset Allocation (G1)
Burton Hollifield, Carnegie Mellon University
Ownership Structure, Limits to Arbitrage and Stock Returns: Evidence from Equity Lending Markets
Melissa Prado, Nova School of Business and Economics
Pedro Saffi, University of Cambridge
Jason Sturgess, DePaul University
What a Difference a Ph.D. Makes: More than Three Little Letters.
Ranadeb Chaudhuri, Oakland University
Zoran Ivkovich, Michigan State University
Joshua Pollet, University of Illinois at Urbana-Champaign
Charles Trzcinka, Indiana University
Momentum Crashes
Kent Daniel, Columbia Business School
Tobias Moskowitz, University of Chicago Booth School of Business
Short-sale Constraints, Information Acquisition, and Asset Prices
Mahdi Nezafat, Georgia Institute of Technology
Qinghai Wang, Georgia Institute of Technology
Discussants:
Berk A. Sensoy, Ohio State University (OSU)
Spencer Martin, University of Melbourne
Marcin Kacperczyk, New York University (NYU) – Stern
Bryan Routledge, Carnegie Mellon University
01/05/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Regency Ballroom A
A Woman’s Touch: Women in Senior Leadership Positions (G3)
Paola Sapienza, Northwestern University – Kellogg
Breaking the Glass Ceiling: The Effect of Board Quotas on Female Labor Market Outcomes in Norway
Marianne Bertrand, University of Chicago Booth School of Business
Sandra Black, University of Texas at Austin
Sissel Jensen, Norwegian School of Economics
Adriana Llera-Muney, University of California, Los Angeles (UCLA)
Gender Interactions in Firm Hierarchies: Evidence from Linked Employer-Employee Data
Stefano Gagliarducci, University of Rome – Tor Vergata
M. Daniele Paserman, Boston University
Lehman Sisters
Renne Adams, University of New South Wales
Vanitha Raguratham, University of Queensland
What Drives Women Out of Entrepreneurship? The Joint Role of Testosterone and Culture
Luigi Guiso, Einaudi Institute for Economics and Finance
Aldo Rustichini, University of Minnesota
Discussants:
Lori Beaman, Northwestern University
Geoffrey Tate, University of North Carolina at Chapel Hill
David Matsa, Northwestern University – Kellogg
David Cesarini, New York University (NYU)
01/05/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Financial Analysts (G1)
Harrison Hong, Princeton University
Does the Size of Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy and Information Content of Analyst Reports
Kenneth Merkley, Cornell University
Roni Michaely, Cornell University
Joseph Pacelli, Cornell University
On the Performance of Financial Analysts
Byoung-Hyoun Hwang, Purdue University
Jose Liberti, DePaul University
Jason Sturgess, DePaul University
Is Sell-Side Research More Valuable in Bad Times?
Roger Loh, Singapore Management University
Rene Stulz, Ohio State University (OSU)
Common Analyst -Based Method for Defining Peer Firms
Markku Kaustia, Aalto University
Ville Rantala, Aalto University
01/05/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
High Frequency Trading (G1)
Barbra Rindi, Bocconi University
High Frequency Quoting: Short-Term Volatility in Bids and Offers
Joel Hasbrouck, New York University (NYU) – Stern
The Externalities of High-Frequency Trading
Jiading Gai, University of Illinois at Urbana-Champaign
Chen Yao, University of Illinois at Urbana-Champaign
Mao Ye, University of Illinois at Urbana-Champaign
High Frequency Trading in the US Treasury Market – Evidence Around Macroeconomic News Announcements
George Jiang, Washington State University
Ingrid Lo, Bank of Canada
Giorgio Valente, Essex Business School
Risk and Return in High Frequency Trading
Matthew Baron, Princeton University
Jonathan Brogaard, University of Washington
Andrei Kirilenko, Massachusetts Institute of Technology (MIT)
Discussants:
Jeffrey Russell, University of Chicago Booth School of Business
Gideon Saar, Cornell University
Charles Jones, Columbia Business School
Ingrid M. Werner, Ohio State University (OSU)
01/05/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Regency Ballroom B
Managerial Agency Costs (G3)
Bruce Carlin, University of California, Los Angeles (UCLA)
Does Family Control Matter? International Evidence from the 2008-2009 Financial Crisis
Karl V. Lins, University of Utah
Paolo Volpin, London Business School
Hannes Wagner, Bocconi University
Performance Share Plans: Valuation and Optimal Design
Craig Holden, Indiana University
Daniel Kim, Peking University
The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value
Brandon Cline, Mississippi State University
Ralph Walkling, Drexel University
Adam Yore, Northern Illinois University
Discussants:
Margarita Tsoutsoura, University of Chicago Booth School of Business
Barney Hartmand-Glaeser, University of California, Los Angeles (UCLA)
Amit Seru, University of Chicago Booth School of Business
01/05/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
Managerial Incentives II (G3)
Bilge Yilmaz, University of Pennsylvania – Wharton
Swinging for the Fences: Executive Reactions to Quasi-Random Option Grants
Kelly Shue, University of Chicago Booth School of Business
Richard Townsend, Dartmouth College
Management Influence on Investors: Evidence from Shareholder Votes on the Frequency of Say on Pay
Fabrizio Ferri, Columbia Business School
Information Acquisition, Resource Allocation and Managerial Incentives
Oguzhan Ozbas, University of Southern California (USC)
Heikki Rantakari, University of Southern California (USC)
Discussants:
Robert Marquez, University of California, Davis
Mark Jenkins, University of Pennsylvania – Wharton
Nadya Malenko, Boston College
01/05/2014 – 10:15 AM
Location: Loews Philadelphia Hotel, Millenium Hall
Payout Policy (G3)
Roni Michaely, Cornell University – Samuel Curtis Johnson Graduate School of Management
Following in their Footsteps? Why Peer-influenced, Managerial Decisions Matter to Investors
Jillian Popadak, University of Pennsylvania – Wharton
The Dynamics of Investment, Payout and Debt
Bart Lambrecht, University of Cambridge
Stewart Myers, Massachusetts Institute of Technology (MIT)
Corporate Payout, Cash Retention, and the Supply of Credit: Evidence from the 2008-09 Credit Crisis
Barbara Bliss, Florida State University
Yingmei Cheng, Florida State University
David Denis, University of Pittsburgh
Payout Policy under Heterogeneous Beliefs: A Theory of Dividends versus Stock Repurchases, Price Impact, and Long-Run Stock Returns
Onur Bayar, University of Texas at San Antonio
Thomas Chemmanur, Boston College
Mark Liu, University of Kentucky
Discussants:
Jean-Charles Rochet, University of Zurich
Mark Leary, Washington University in Saint Louis
Michael Roberts, University of Pennsylvania – Wharton
Anjan Thakor, Washington University in Saint Louis
01/05/2014 – 01:00 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall D
Asset Pricing Theory (G1)
Leonid Kogan, Massachusetts Institute of Technology (MIT)
Market Turmoil and Destabilizing Speculation
Marco Di Maggio, Columbia Business School
A Labor Capital Asset Pricing Model
Lars Kuehn, Carnegie Mellon University
Mikhail Simutin, University of Toronto
Jessie Jiaxu Wang, Carnegie Mellon University
Asset Pricing with Entry and Imperfect Competition
Erik Loualiche, Massachusetts Institute of Technology (MIT)
Discussants:
Dimitri Vayanos, London School of Economics & Political Science (LSE)
Frederico Belo, University of Minnesota, Twin Cities
Nicolae Garleanu, University of California, Berkeley – Haas
01/05/2014 – 01:00 PM
Location: Loews Philadelphia Hotel, Regency Ballroom B
Board Composition and Firm Performance (G3)
Daniel Ferreira, London School of Economics & Political Science (LSE)
Does the Gender of Directors Matter?
Miriam Schwartz-Ziv, Michigan State University, Harvard University
The Labor Market for Directors and Externalities in Corporate Governance
Doron Levit, University of Pennsylvania – Wharton
Nadya Malenko, Boston College
Labor Representation in Governance as an Insurance Mechanism
E. Han Kim, University of Michigan
Ernst Maug, University of Mannheim
Christoph Schneider, University of Mannheim
Reputation Concerns of Independent Directors: Evidence from Individual Director Voting
Wei Jiang, Columbia Business School
Hualin Wan, Shanghai Lixin University of Commerce
Shan Zhao, Grenoble Ecole de Management
Discussants:
Andrew Ellul, Indiana University
Nicolas Serrano Velardo, Bocconi University
Daniel Ferreira, London School of Economics & Political Science (LSE)
Holger Mueller, New York University (NYU) – Stern
01/05/2014 – 01:00 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall C
The Challenge of Banking Regulation (G2)
Anat Admati, Stanford Graduate School of Business
The Value of Implicit Guarantees
Zoe Tsesmelidakis, University of Oxford
Robert Merton, Massachusetts Institute of Technology (MIT)
Mortgage Companies and Regulatory Arbitrage
Yuliya Demyanyk, Federal Reserve Bank of Cleveland
Elena Loutskina, University of Virginia
The End of Market Discipline? Investor Expectations of Implicit State Guarantees
Viral Acharya, New York University (NYU) – Stern
Deniz Anginer, Virginia Tech
A. Joseph Warburton, Syracuse University
Depositors’ Perception of “Too-Big-to-Fail”
Raquel Oliveira, Central Bank of Brazil
Rafael Schiozer, Fundação Getulio Vargas
Lucas Barros, University of São Paulo
Discussants:
Daniel Paravasini, London School of Economics & Political Science (LSE)
Hanno Lustig, University of California, Los Angeles (UCLA)
Atif Mian, Princeton University
Stefan Nagel, Stanford Graduate School of Business
01/05/2014 – 01:00 PM
Location: Loews Philadelphia Hotel, Regency Ballroom A
Structural Estimation in Finance (G3)
Christopher Hennessy, London Business School
The Marginal Value of Cash and Corporate Savings
Patrick Bolton, Columbia Business School
Huntley Schaller, Carleton University
Neng Wang, Columbia Business School
Contingent-Claim-Based Expected Stock Returns
Zhiyao Chen, University of Reading
Ilya Strebulaev, Stanford Graduate School of Business
Firm Policies and the Cross-Section of CDS Spreads
Andrea Gamba, University of Warwick
Alessio Saretto, University of Texas at Austin
Estimating the Effects of Contracting Frictions
Shaojin Li, Shanghai University of Finance and Economics
Toni Whited, University of Rochester
Discussants:
Michael Roberts, University of Pennsylvania – Wharton
Joao Gomes, University of Pennsylvania – Wharton
Sergey Tsyplakov, University of South Carolina
Erwan Morellec, École Polytechnique Fédérale de Lausanne
01/05/2014 – 01:00 PM
Location: Loews Philadelphia Hotel, Millenium Hall
Takeovers (G3)
Henrik Cronqvist, Claremont McKenna College
Do Acquisitions Relieve Target Firms’ Financial Constraints?
Isil Erel, Ohio State University (OSU)
Yeejin Jang, Purdue University
Michael Weisbach, Ohio State University (OSU)
How do Acquirers Choose between Mergers and Tender Offers?
David Offenberg, Loyola Marymount University
Christo Pirinsky, George Washington University
Motivated Monitors: The Importance of Institutional Investors’ Portfolio Weights
Eliezer Fich, Drexel University
Jarrad Harford, University of Washington
Anh Tran, City University London
Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions
Valeriy Sibilkov, University of Wisconsin, Milwaukee
John McConnell, Purdue University
Discussants:
Micah Officer, Loyola Marymount University
Mattias Nilsson, University of Colorado – Boulder
Felix Meschke, University of Kansas
Carrie Pan, Santa Clara University
01/05/2014 – 01:00 PM
Location: Loews Philadelphia Hotel, Commonwealth Hall B
Volatility and Returns (G1)
Tyler Shumway, University of Michigan
Learning Whether Other Traders Are Informed
Snehal Banerjee, Northwestern University – Kellogg
Brett Green, University of California, Berkeley – Haas
The Term Structure of Variance Swaps, Risk Premia and the Expectation Hypothesis
Yacine Ait-Sahalia, Princeton University
Loriano Mancini, Swiss Finance Institute at EPFL
Mustafa Karaman, University of Zurich
The Long-run Risks Model: What Differences Can an Extra Volatility Factor Make?
Guofu Zhou, Washington University in Saint Louis
Yingzi Zhu, Tsinghua University