2018 Annual Meeting – Preliminary Program

Philadelphia, PA

January 5-7, 2018

Session: Analysts, News, Media and Market Sentiment

January 5, 2018 8:00 to 10:00
Regency C1
Session Chair: Eric So, Massachusetts Institute of Technology

Front Page News: The Effect of News Consumption on Financial Markets

Anastassia Fedyk; Harvard Business School
presented by: Anastassia Fedyk, Harvard Business School
Discussant: Zhi Da, University of Notre Dame

Navigating Wall Street: Career Concerns and Analyst Transitions from Sell-Side to Buy-Side

Ling Cen; University of Toronto
Chayawat Ornthanalai; University of Toronto
Christoph Schiller; University of Toronto
presented by: Chayawat Ornthanalai, University of Toronto
Discussant: Elisabeth Kempf, University of Chicago

Media Reinforcement in International Financial Markets

Kenneth Froot; Harvard Business School
Xiaoxia Lou; University of Delaware
Gideon Ozik; EDHEC Business School
Ronnie Sadka; Boston College
Siyi Shen; Boston College
presented by: Ronnie Sadka, Boston College
Discussant: Kenneth Ahern, University of Southern California


Session: Asset Return Dynamics

January 5, 2018 8:00 to 10:00
Commonwealth B
Session Chair: Dana Kiku, University of Illinois

Level and Volatility Shocks to Fiscal Policy: Term Structure Implications

Alex Hsu; Georgia Institute of Technology
Andrea Tamoni; London School of Economics
Lorenzo Bretscher; London School of Economics
presented by: Andrea Tamoni, London School of Economics
Discussant: Erica Li, Cheung Kong Graduate School of Business

Habits and Leverage

Tano Santos; Columbia University
Pietro Veronesi; University of Chicago
presented by: Pietro Veronesi, University of Chicago
Discussant: Leonid Kogan, Massachusetts Institute of Technology

Fearing the Fed: How Wall Street Reads Main Street

Tzuo Hann Law; Boston College
Dongho Song; Boston College
Amir Yaron; University of Pennsylvania
presented by: Dongho Song, Boston College
Discussant: Jonathan Wright, Johns Hopkins University


Session: Banking and the Real Economy

January 5, 2018 8:00 to 10:00
Washington A (3rd Floor)
Session Chair: Juliane Begenau, Stanford University

Do Corporate Depositors Risk Everything for Nothing? The Importance of Deposit Relationships, Interest Rates and Bank Risk

Daniel Friedmann; Goethe University Frankfurt
Bjorn Imbierowicz; Copenhagen Business School
Anthony Saunders; New York University
Sascha Steffen; University of Mannheim
presented by: Bjorn Imbierowicz, Copenhagen Business School
Discussant: Sergey Chernenko, Ohio State University

A Positive Analysis of Bank Behaviour under Capital Requirements

Saleem Bahaj; Bank of England
Frederic Malherbe; London Business School
presented by: Saleem Bahaj, Bank of England
Discussant: Emily Williams, London Business School

U.S. Monetary Policy and Global Credit Cycles

Falk Brauning; Federal Reserve Bank of Boston
Victoria Ivashina; Harvard Business School
presented by: Falk Brauning, Federal Reserve Bank of Boston
Discussant: Olivier Darmouni, Columbia University


Session: Central Banks and Macro Finance

January 5, 2018 8:00 to 10:00
Regency C2
Session Chair: Samuel Hanson, Harvard Business School

The FOMC Risk Shift

Tim Kroencke; University of Basel
Maik Schmeling; City, University of London
Andreas Schrimpf; Bank for International Settlements
presented by: Maik Schmeling, City, University of London
Discussant: Eric Swanson, University of California, Irvine

Central Bank Communication and the Yield Curve

Matteo Leombroni; Stanford University
Andrea Vedolin; London School of Economics
Gyuri Venter; Copenhagen Business School
Paul Whelan; Copenhagen Business School
presented by: Gyuri Venter, Copenhagen Business School
Discussant: David Lucca, Federal Reserve Bank of New York

Monetary Policy Slope and the Stock Market

Andreas Neuhierl; University of Notre Dame
Michael Weber; University of Chicago
presented by: Michael Weber, University of Chicago
Discussant: Anna Cieslak, Duke University


Session: CEOs and Entrepreneurs

January 5, 2018 8:00 to 10:00
Commonwealth Hall A1
Session Chair: Dirk Jenter, London School of Economics

Political Connections and Allocative Distortions

David Schoenherr; Princeton University
presented by: David Schoenherr, Princeton University
Discussant: Mara Faccio, Purdue University

Entrepreneurship and Information on Past Failures: A Natural Experiment

Christophe Cahn; Banque de France
Mattia Girotti; Banque de France
Augustin Landier; Toulouse School of Economics
presented by: Mattia Girotti, Banque de France
Discussant: Will Dobbie, Princeton University

What Prevents Female Executives from Reaching the Top?

Matti Keloharju; Aalto University
Samuli Knüpfer; BI Norwegian Business School
Joacim Tåg; Research Institute of Industrial Economics
presented by: Samuli Knüpfer, BI Norwegian Business School
Discussant: Amalia Miller, University of Virginia


Session: Compensation in Mutual Fund Management

January 5, 2018 8:00 to 10:00
Commonwealth C
Session Chair: Clemens Sialm, University of Texas at Austin and NBER

Are Mutual Fund Managers Paid For Investment Skill?

Markus Ibert; Stockholm School of Economics
Ron Kaniel; University of Rochester
Stijn Van Nieuwerburgh; New York University
Roine Vestman; Stockholm University
presented by: Ron Kaniel, University of Rochester
Discussant: Harrison Hong, Columbia University

What Does Compensation of Portfolio Managers Tell Us About Mutual Fund Industry? Evidence from Israeli Tax Records

Galit Ben Naim; Ministry of Finance, Israel
Stanislav Sokolinski; Harvard University
presented by: Stanislav Sokolinski, Harvard University
Discussant: Mariassunta Giannetti, Stockholm School of Economics

Mutual Fund Risk-Shifting and Management Contracts

Junghoon Lee; Tulane University
Charles Trzcinka; Indiana University
Shyam Sunder Venkatesan; Tulane University
presented by: Junghoon Lee, Tulane University
Discussant: Susan Christoffersen, University of Toronto

On the Role of Human Capital in Investment Management

Leonard Kostovetsky; Boston College
Alberto Manconi; Bocconi University
presented by: Leonard Kostovetsky, Boston College
Discussant: Eric Zitzewitz, Dartmouth College


Session: Financial Regulation: Theory

January 5, 2018 8:00 to 10:00
Commonwealth D
Session Chair: Marcus Opp,

Redemption Fees and Information-Based Runs

Stephen Lenkey; Pennsylvania State University
Fenghua Song; Pennsylvania State University
presented by: Fenghua Song, Pennsylvania State University
Discussant: Douglas Diamond, University of Chicago

The Incentive Channel of Capital Market Interventions

Michael Lee; Federal Reserve Bank of New York
Daniel Neuhann; University of Texas at Austin
presented by: Daniel Neuhann, University of Texas at Austin
Discussant: William Fuchs, University of California, Berkeley

Optimal Supervisory Architecture and Financial Integration in a Banking Union

Jean-Edouard Colliard; HEC Paris
presented by: Jean-Edouard Colliard, HEC Paris
Discussant: Martin Oehmke, London School of Economics

The Redistributive Effects of Bank Capital Regulation

Elena Carletti; Bocconi University
Robert Marquez; University of California, Davis
Silvio Petriconi; Bocconi University
presented by: Silvio Petriconi, Bocconi University
Discussant: David Martinez-Miera, Universidad Carlos III


Session: Market Mispricing

January 5, 2018 8:00 to 10:00
Commonwealth A2
Session Chair: Jianfeng Yu, PBCSF, Tsinghua University

Hidden in Plain Sight:Equity Price Discovery with Informed Private Debt

Jawad Addoum; Cornell University
Justin Murfin; Yale University
presented by: Justin Murfin, Yale University
Discussant: Xing Huang, Michigan State University

Competition and Momentum Profits

Gerard Hoberg; University of Southern California
Nitin Kumar; Indian School of Business
Nagpurnanand Prabhala; University of Maryland
presented by: Nitin Kumar, Indian School of Business
Discussant: Kent Daniel, Columbia University and NBER

ETF Arbitrage and Return Predictability

David Brown; University of Arizona
Shaun Davies; University of Colorado at Boulder
Matthew Ringgenberg; University of Utah
presented by: David Brown, University of Arizona
Discussant: Itzhak Ben-David, Ohio State University and NBER

A Tug of War: Overnight Versus Intraday Expected Returns

Dong Lou; London School of Economics
Christopher Polk; London School of Economocs
Spyros Skouras; Athens University of Economics and Business
presented by: Dong Lou, London School of Economics
Discussant: Joseph Engelberg, University of California, San Diego


Session: AFA Panel: FinTech – How Will it Transform Financial Markets and Services?

January 5, 2018 10:15 to 12:15
Regency AB
Session Chair: Wei Jiang, Columbia University

presented by:

Susan Athey, Stanford University
Campbell Harvey, Duke University
Maureen O’Hara, Cornell University
David Yermack, New York University


Session: Compensation and Agency

January 5, 2018 10:15 to 12:15
Commonwealth A1
Session Chair: Felipe Varas, Duke University

The Value of Performance Signals Under Contracting Constraints

Pierre Chaigneau; Queen’s University
Alex Edmans; London Business School
Daniel Gottlieb; Washington University in St. Louis
presented by: Pierre Chaigneau, Queen’s University
Discussant: Ming Yang, Duke University

Compensation, Moral Hazard, and Talent Misallocation in the Market for CEOs

Liang Chen; Wuhan University
presented by: Liang Chen, Wuhan University
Discussant: Robert Miller, Carnegie Mellon University

Contract Horizon and Turnover

Vladimir Vladimirov; University of Amsterdam
presented by: Vladimir Vladimirov, University of Amsterdam
Discussant: John Zhu, University of Pennsylvania


Session: Credit Default Swaps

January 5, 2018 10:15 to 12:15
Commonwealth A2
Session Chair: Greg Duffee, Johns Hopkins University

Why Do Investors Buy Sovereign Default Insurance?

Patrick Augustin; McGill University
Valeri Sokolovski; Stockholm School of Economics
Marti G. Subrahmanyam; New York University
Davide Tomio; Copenhagen Business School
presented by: Patrick Augustin, McGill University
Discussant: Tobias Berg, Frankfurt School of Finance & Management

Market Structure and Transaction Costs of Index CDSs

Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne
Benjamin Junge; Ecole Polytechnique Federale de Lausanne
Anders Trolle; Ecole Polytechnique Federale de Lausanne
presented by: Anders Trolle, Ecole Polytechnique Federale de Lausanne
Discussant: Lawrence Glosten, Columbia University

Mitigating Counterparty Risk

Yalin Gunduz; Deutsche Bundesbank
presented by: Yalin Gunduz, Deutsche Bundesbank
Discussant: Emil Siriwardane, Harvard University

Credit Derivatives and Firm Investment

George Batta; Claremont McKenna College
Fan Yu; Claremont McKenna College
presented by: Fan Yu, Claremont McKenna College
Discussant: Bastian von Beschwitz, Federal Reserve Board


Session: Financing Frictions and Their Impact on Liquidity

January 5, 2018 10:15 to 12:15
Commonwealth C
Session Chair: Stacey Schreft, U.S. Office of Financial Research

Asset-side Bank Runs and Liquidity Rationing: A Vicious Cycle

Zongbo Huang; The Chinese University of Hong Kong, Shenzhen
presented by: Zongbo Huang, The Chinese University of Hong Kong, Shenzhen
Discussant: Phil Dybvig, Washington University in St. Louis

Financial Intermediaries, Corporate Debt Financing, and The Transmission of Systemic Risk

Christian Lundblad; University of North Carolina
Zhongyan Zhu; Monash University
presented by: Christian Lundblad, University of North Carolina
Discussant: Victoria Ivashina, Harvard Business School

The Loan Covenant Channel: How Bank Health Transmits to the Real Economy

Gabriel Chodorow-Reich; Harvard University
Antonio Falato; Federal Reserve Board
presented by: Gabriel Chodorow-Reich, Harvard University
Discussant: Sudheer Chava, Georgia Institute of Technology


Session: Frontiers of Corporate Governance

January 5, 2018 10:15 to 12:15
Commonwealth B
Session Chair: Kelly Shue, Yale University

The Value of Offshore Secrets: Evidence from the Panama Papers

James O’Donovan; INSEAD
Hannes Wagner; Boccconi University
Stefan Zeume; University of Michigan
presented by: Stefan Zeume, University of Michigan
Discussant: Mara Faccio, Purdue University

The Economic Impact of Religion: Evidence from Ramadan Loans

Cem Demiroglu; Koc University
Oguzhan Ozbas; University of Southern California
Rui Silva; London Business School
mehmet ulu; Turkish Central Bank
presented by: Rui Silva, London Business School
Discussant: Claire Celerier, University of Toronto

The Impact of Delay in Going Public: Evidence from China

Lin Cong; University of Chicago
Sabrina Howell; New York University
Ran Zhang; Peking University
presented by: Sabrina Howell, New York University
Discussant: Manju Puri, Duke University


Session: Household Finance

January 5, 2018 10:15 to 12:15
Regency C2
Session Chair: Gregor Matvos, University of Chicago

High-Cost Debt and Borrower Reputation: Evidence from the U.K.

Andres Liberman; New York University
Daniel Paravisini; London School of Economics
Vikram Pathania; University of Sussex
presented by: Daniel Paravisini, London School of Economics
Discussant: Adriano Rampini, Duke University

The Housing Crisis and the Rise in Student Loans

Gene Amromin; Federal Reserve Bank of Chicago
Janice Eberly; Northwestern University
John Mondragon; Northwestern University
presented by: Gene Amromin, Federal Reserve Bank of Chicago
Discussant: Vyacheslav Fos, Boston College

Politicizing Consumer Credit

Pat Akey; University of Toronto
Rawley Heimer; Federal Reserve Bank of Cleveland
Stefan Lewellen; London Business School
presented by: Pat Akey, University of Toronto
Discussant: Samuel Hanson, Harvard Business School

Monthly Payment Targeting and the Demand for Maturity

Bronson Argyle; Brigham Young University
Taylor Nadauld; Brigham Young University
Christopher Palmer; University of California, Berkeley
presented by: Taylor Nadauld, Brigham Young University
Discussant: Efraim Benmelech, Northwestern University


Session: Informed Trading

January 5, 2018 10:15 to 12:15
Regency C1
Session Chair: Vincent Glode, University of Pennsylvania

Trading Volume and Time Varying Betas

Christopher Hrdlicka; University of Washington
presented by: Christopher Hrdlicka, University of Washington
Discussant: Yasser Boualam, Kenan-Flagler Business School

Dynamic Information Acquisition and Strategic Trading

Snehal Banerjee; University of California, San Diego
Bradyn Breon-Drish; University of California, San Diego
presented by: Bradyn Breon-Drish, University of California, San Diego
Discussant: Itay Goldstein, University of Pennsylvania

Speculation with Information Disclosure

Paolo Pasquariello; University of Michigan
Yifei Wang; University of Michigan
presented by: Yifei Wang, University of Michigan
Discussant: Diego Garcia, University of Colorado at Boulder


Session: Production-Based Asset Pricing and the Cross-Section of Returns

January 5, 2018 10:15 to 12:15
Commonwealth D
Session Chair: Stijn Van Nieuwerburgh, New York University

Labor Hiring, Aggregate Dividends, and Return Predictability in the Time Series

Frederico Belo; University of Minnesota and NBER
Andres Donangelo; University of Texas at Austin
Xiaoji Lin; Ohio State University
Ding Luo; University of Minnesota
presented by: Frederico Belo, University of Minnesota and NBER
Discussant: Mindy Z. Xiaolan, University of Texas at Austin

What Drives Anomaly Returns?

Lars Lochstoer; University of California, Los Angeles
Paul Tetlock; Columbia University
presented by: Lars Lochstoer, University of California, Los Angeles
Discussant: Jules van Binsbergen, University of Pennsylvania

Misvaluation of Investment Options

Evgeny Lyandres; Boston University
Egor Matveyev; University of Alberta
Alexey Zhdanov; Pennsylvania State University
presented by: Egor Matveyev, University of Alberta
Discussant: Juhani Linnainmaa, University of Southern California

Asset Collateralizability and the Cross-Section of Expected Returns

Hengjie Ai; University of Minnesota
Jun Li; Goethe University Frankfurt
Kai Li; Hong Kong University of Science and Technology
christian Schlag; Goethe University Frankfurt
presented by: Kai Li, Hong Kong University of Science and Technology
Discussant: Xiaoji Lin, Ohio State University


Session: AFA Panel: Reflections About Stephen Ross

January 5, 2018 14:30 to 16:30
Regency AB
Session Chair: Chester Spatt, Carnegie Mellon University and Massachusetts Institute of Technology

presented by:

Anat Admati, Stanford University
Jonathan Berk, Stanford University
Douglas Diamond, University of Chicago
Phil Dybvig, Washington University in St. Louis
Bengt Holmstrom, Massachusetts Institute of Technology


Session: Bank and Borrower Behavior

January 5, 2018 14:30 to 16:30
Commonwealth D
Session Chair: Justin Murfin, Yale University

Drilling and Debt

Erik Gilje; University of Pennsylvania
Elena Loutskina; University of Virginia
Daniel Murphy; University of Virginia
presented by: Elena Loutskina, University of Virginia
Erik Gilje, University of Pennsylvania
Discussant: Michael Schwert, Ohio State University

Decision-Making Delegation in Banks

Jennifer Dlugosz; Washington University in St. Louis
YongKyu Gam; Washington University in St. Louis
Radhakrishnan Gopalan; Washington University in St. Louis
Janis Skrastins; Washington University in St. Louis
presented by: Jennifer Dlugosz, Washington University in St. Louis
Discussant: Mark Egan, Harvard Business School

Concentration of Control Rights in Leveraged Loan Syndicates

Mitchell Berlin; Federal Reserve Bank of Philadelphia
Greg Nini; Drexel University
Edison Yu; Federal Reserve Bank of Philadelphia
presented by: Mitchell Berlin, Federal Reserve Bank of Philadelphia
Greg Nini, Drexel University
Discussant: Gregor Matvos, University of Chicago


Session: Big Data and the Cross-Section of Stock Returns

January 5, 2018 14:30 to 16:30
Commonwealth B
Session Chair: Svetlana Bryzgalova, Stanford University

Publication Bias and the Cross-Section of Stock Returns

Andrew Chen; Federal Reserve Board
Tom Zimmermann
presented by: Andrew Chen, Federal Reserve Board
Discussant: Yan Liu, Texas A&M University

Nonparametric Dissection of the Cross Section of Expected Stock Returns

Joachim Freyberger; University of Wisconsin-Madison
Andreas Neuhierl; University of Notre Dame
Michael Weber; University of Chicago
presented by: Andreas Neuhierl, University of Notre Dame
Discussant: Domenico Giannone, Federal Reserve Bank of New York

A Portfolio Perspective on the Multitude of Firm Characteristics

Victor DeMiguel; London Business School
Alberto Martin-Utrera; Lancaster University
Francisco J. Nogales; Universidad Carlos III de Madrid
Raman Uppal; EDHEC Business School
presented by: Alberto Martin-Utrera, Lancaster University
Discussant: Michael Brandt, Duke University

The Cross-Section of Risk and Return

Kent Daniel; Columbia University and NBER
Lira Mota; Columbia University
Simon Rottke; University of Münster
Tano Santos; Columbia University
presented by: Simon Rottke, University of Münster
Discussant: Stefano Giglio, University of Chicago


Session: FinTech

January 5, 2018 14:30 to 16:30
Commonwealth A1
Session Chair: Bruce Carlin, University of California, Los Angeles

FinTechs and the Market for Financial Analysis

Jillian Grennan; Duke University
Roni Michaely; Cornell Tech
presented by: Jillian Grennan, Duke University
Discussant: Russell Jame, University of Kentucky

The Impact of Internet Postings on Individual Investors

Manuel Ammann; University of St. Gallen
Nic Schaub; University of St. Gallen
presented by: Nic Schaub, University of St. Gallen
Discussant: Zhi Da, University of Notre Dame

Long Run Growth of Financial Technology

Maryam Farboodi; Princeton University
Laura Veldkamp; New York University
presented by: Laura Veldkamp, New York University
Discussant: Daniel Andrei, University of California, Los Angeles


Session: Fund Performance

January 5, 2018 14:30 to 16:30
Commonwealth C
Session Chair: Veronika Pool, Indiana University

Holdings-Based Fund Performance Measures: Estimation and Inference

Wayne Ferson; University of Southern California
Junbo Wang; Louisiana State University
presented by: Junbo Wang, Louisiana State University
Discussant: Lucian Taylor, University of Pennsylvania

Costly Information Production, Information Intensity, and Mutual Fund Performance

George Jiang; Washington State University
Ke Shen; University of Iowa
Russ Wermers; University of Maryland
Tong Yao; University of Iowa
presented by: Tong Yao, University of Iowa
Discussant: Marcin Kacperczyk, Imperial College London

Dynamic Liquidity Management by Corporate Bond Mutual Funds

Hao Jiang; Michigan State University
Dan Li; Federal Reserve Board
Ashley Wang; Board of Governors of the Federal Reserve
presented by: Hao Jiang, Michigan State University
Discussant: Jennifer Huang, Cheung Kong Graduate School of Business

Competition and Cooperation in Mutual Fund Families

Richard Evans; University of Virginia
Melissa Prado; Nova School of Business and Economics
Rafael Zambrana; Nova School of Business and Economics
presented by: Rafael Zambrana, Nova School of Business and Economics
Discussant: Jonathan Reuter, Boston College


Session: Macro Finance

January 5, 2018 14:30 to 16:30
Regency C1
Session Chair: Timothy McQuade, Stanford University

Slow Recovery in an Economy with Uncertainty Shocks and Optimal Firm Liquidation

Indrajit Mitra; University of Michigan
presented by: Indrajit Mitra, University of Michigan
Discussant: Benjamin Hebert, Stanford University

The Finance-Uncertainty Multiplier

Ivan Alfaro; BI Norwegian Business School
Nicholas Bloom; Stanford University
Xiaoji Lin; Ohio State University
presented by: Ivan Alfaro, BI Norwegian Business School
Discussant: Simon Gilchrist, Boston University

Finance in a Time of Disruptive Growth

Nicolae Gârleanu; University of California, Berkeley
Stavros Panageas; University of California, Los Angeles
presented by: Stavros Panageas, University of California, Los Angeles
Discussant: Dimitris Papanikolaou, Northwestern University

Levered Ideas: Risk Premia along the Credit Cycle

Wenxi Liao; Duke University
Lukas Schmid; Duke University
presented by: Lukas Schmid, Duke University
Discussant: Jack Favilukis, University of British Columbia


Session: Mergers & Acquisitions I

January 5, 2018 14:30 to 16:30
Regency C2
Session Chair: Pavel Savor, Temple University

Merger Activity, Stock Prices, and Measuring Gains from M&A

Benjamin Bennett; Ohio State University
Robert Dam; University of Colorado at Boulder
presented by: Robert Dam, University of Colorado at Boulder
Discussant: B. Espen Eckbo, Dartmouth College

Political Uncertainty and Firm Investment: Project-level Evidence from M&A Activity

Zhenhua Chen; Tulane University
Mehmet Cihan; Unaffiliated
Candace Jens; Tulane University
presented by: Candace Jens, Tulane University
Discussant: Vineet Bhagwat, University of Oregon

Social Connections and Information Leakage: Evidence from Target Stock Price Run-ups in Takeovers

Iftekhar Hasan; Fordham University
Lin Tong; Fordham University
An Yan; Fordham University
presented by: An Yan, Fordham University
Discussant: Kenneth Ahern, University of Southern California

Relative Values, Announcement Timing, and Shareholder Returns in Mergers and Acquisitions

Sangwon Lee; University of Houston
Vijay Yerramilli; University of Houston
presented by: Sangwon Lee, University of Houston
Discussant: Wenyu Wang, Indiana University


Session: Why do Firms Invest in Corporate Social Responsibility and Does it Matter?

January 5, 2018 14:30 to 16:30
Commonwealth A2
Session Chair: I. J. Alexander Dyck, University of Toronto

Investor Tastes, Corporate Behavior and Stock Returns: An Analysis of Corporate Social Responsibility

Chuan Yang Hwang; Nanyang Technological University
Sheridan Titman; University of Texas at Austin
Ying Wang; Central University of Finance and Economics
presented by: Chuan Yang Hwang, Nanyang Technological University
Discussant: Adair Morse, University of California, Berkeley

ESG Shareholder Engagement and Downside Risk

Andreas Hoepner; University College Dublin
Ioannis Oikonomou; University of Reading
Zacharias Sautner; Frankfurt School of Finance and Management
Laura Starks; University of Texas
Xiaoyan Zhou; University of Oxford
presented by: Andreas Hoepner, University College Dublin
Discussant: Craig Doidge, University of Toronto

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

Alex Edmans; London Business School
Lucius Li; London School of Economics
Chendi Zhang; Warwick Business School
presented by: Alex Edmans, London Business School
Discussant: Tracy Wang, University of Minnesota

Leviathan Inc. and Corporate Environmental Engagement

Po-Hsuan Hsu; University of Hong Kong
Hao Liang; Singapore Management University
Pedro Matos; University of Virginia
presented by: Pedro Matos, University of Virginia
Discussant: Karl Lins, University of Utah


Session: Asset Pricing: New Theories and Empirical Approaches

January 6, 2018 8:00 to 10:00
Regency A
Session Chair: Stavros Panageas, University of California, Los Angeles

A Dynamic Model of Characteristic-Based Return Predictability

Aydoğan Alti; University of Texas at Austin
Sheridan Titman; University of Texas at Austin
presented by: Aydoğan Alti, University of Texas at Austin
Discussant: Nicolae Gârleanu, University of California, Berkeley

What Information Drives Asset Prices?

George Constantinides; University of Chicago
Anisha Ghosh; Carnegie Mellon University
presented by: George Constantinides, University of Chicago
Discussant: Lars Lochstoer, University of California, Los Angeles

Financial Innovation and Asset Prices

Adrian Buss; INSEAD
Raman Uppal; EDHEC Business School
Grigory Vilkov; Frankfurt School of Finance and Management
presented by: Raman Uppal, EDHEC Business School
Discussant: Valentin Haddad, University of California, Los Angeles

Predicting Relative Returns

Valentin Haddad; University of California, Los Angeles
Serhiy Kozak; University of Michigan
Shrihari Santosh; University of Maryland
presented by: Shrihari Santosh, University of Maryland
Discussant: Stefano Giglio, University of Chicago


Session: Behavioral Finance: Financial Market Anomalies and a Nobel Prize

January 6, 2018 8:00 to 10:00
Regency AB
Session Chair: Tobias Moskowitz, Yale University

Short and Long Horizon Behavioral Factors

Kent Daniel; Columbia University and NBER
David Hirshleifer; University of California, Irvine
Lin Sun; Florida State University
presented by: Kent Daniel, Columbia University and NBER
Discussant: Robert Stambaugh, University of Pennsylvania

Complexity Aversion When Seeking Alpha

Tarik Umar; Rice University
presented by: Tarik Umar, Rice University
Discussant: Marina Niessner, Yale University

Sticky Expectations and the Profitability Anomaly

Jean-Philippe Bouchaud; Capital Fund Management
Philipp Krueger; University of Geneva and SFI
Augustin Landier; Toulouse School of Economics
David Thesmar; Massachusetts Institute of Technology
presented by: Augustin Landier, Toulouse School of Economics
Discussant: Andrea Frazzini, AQR Capital Management, LLC

Discussion of the 2017 Nobel Prize in Economics and Richard Thaler’s impact on financial markets

Kent Daniel; Columbia University and NBER
Tobias Moskowitz; Yale University
presented by: Tobias Moskowitz, Yale University
Discussants:
1 Kent Daniel, Columbia University and NBER
2 Tobias Moskowitz, Yale University


Session: Contagion in Financial Networks

January 6, 2018 8:00 to 10:00
Commonwealth D
Session Chair: Cecilia Parlatore, New York University

Netting

Jason Donaldson; Washington University in St Louis
Giorgia Piacentino; Columbia University
presented by: Giorgia Piacentino, Columbia University
Jason Donaldson, Washington University in St Louis
Discussant: Uday Rajan, University of Michigan

Fire-Sale Spillovers in Debt Markets

Antonio Falato; Federal Reserve Board
Ali Hortacsu; University of Chicago
Dan Li; Federal Reserve Board
Chae Hee Shin; Federal Reserve Board
presented by: Chae Hee Shin, Federal Reserve Board
Discussant: Marco Di Maggio, Harvard Business School & NBER

Identifying Contagion in a Banking Network

Alan Morrison; University of Oxford
Michalis Vasios; Bank of England
Mungo Wilson; University of Oxford
Filip Zikes; Federal Reserve Board
presented by: Michalis Vasios, Bank of England
Discussant: Christian Julliard, London School of Economics


Session: Innovation Investment: Human Capital and Stressful Situations

January 6, 2018 8:00 to 10:00
Regency C2
Session Chair: Arpit Gupta, New York University

The Role of Human Capital: Evidence from Patent Generation

Tong Liu; University of Pennsylvania
Yifei Mao; Cornell University
Xuan Tian; Tsinghua University
presented by: Yifei Mao, Cornell University
Discussant: Tania Babina, Columbia University

Roadblock to Innovation: The Role of Patent Litigation in Corporate R&D

Filippo Mezzanotti; Northwestern University
presented by: Filippo Mezzanotti, Northwestern University
Discussant: Lauren Cohen, Harvard Business School

Bankruptcy, Team-Specific Human Capital, and Innovation: Evidence from U.S. Inventors

Ramin Baghai; Stockholm School of Economics
Rui Silva; London Business School
Luofu Ye; London Business School
presented by: Luofu Ye, London Business School
Discussant: Benjamin Iverson, Northwestern University

Does Economic Insecurity Affect Employee Innovation?

Shai Bernstein; Stanford University
Timothy McQuade; Stanford University
Richard Townsend; University of California, San Diego
presented by: Richard Townsend, University of California, San Diego
Discussant: Arpit Gupta, New York University


Session: Interest Rates

January 6, 2018 8:00 to 10:00
Commonwealth A1
Session Chair: Anna Cieslak, Duke University

Expectation and Duration at the Effective Lower Bound

Thomas King; Federal Reserve Bank of Chicago
presented by: Thomas King, Federal Reserve Bank of Chicago
Discussant: Samuel Hanson, Harvard Business School

Interest Rates under Falling Stars

Michael Bauer; Federal Reserve Bank of San Francisco
Glenn Rudebusch; Federal Reserve Bank of San Francisco
presented by: Michael Bauer, Federal Reserve Bank of San Francisco
Discussant: Greg Duffee, Johns Hopkins University

A Time Series Model of Interest Rates With the Effective Lower Bound

Benjamin Johannsen; Federal Reserve Board
Elmar Mertens; Bank of International Settlements
presented by: Benjamin Johannsen, Federal Reserve Board
Discussant: Leonardo Melosi, Federal Reserve Bank of Chicago

Time-Varying Lower Bound of Interest Rates in Europe

Jing Cynthia Wu; University of Chicago
Fan Dora Xia; Bank for International Settlements
presented by: Jing Cynthia Wu, University of Chicago
Discussant: Don Kim, Board of Governors of the Federal Reserve


Session: Market Microstructure and Design

January 6, 2018 8:00 to 10:00
Regency C1
Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology

Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs

Jaewon Choi; University of Illinois at Urbana-Champaign
Yesol Huh; Federal Reserve Board
presented by: Yesol Huh, Federal Reserve Board
Discussant: Lawrence Harris, University of Southern California

The Ambivalent Role of High-Frequency Trading in Turbulent Market Periods

Nikolaus Hautsch; University of Vienna
Michael Noé; Humboldt University of Berlin
S. Sarah Zhang; University of Manchester
presented by: S. Sarah Zhang, University of Manchester
Discussant: Joel Hasbrouck, New York University

Inverted Fee Venues and Market Quality

Carole Comerton-Forde; University of Melbourne
Vincent Gregoire; University of Melbourne
Zhuo Zhong; University of Melbourne
presented by: Vincent Gregoire, University of Melbourne
Discussant: Mao Ye, University of Illinois at Urbana-Champaign


Session: Political Connections and the Economy

January 6, 2018 8:00 to 10:00
Commonwealth C
Session Chair: David Matsa, Northwestern University

Securing Property Rights

Edward Glaeser; Harvard University
Giacomo Ponzetto; CREI, Pompeu Fabra University, IPEG, & Barcelona
Andrei Shleifer; Harvard University
presented by: Edward Glaeser, Harvard University
Discussant: Dean Lueck, Indiana University

“Trading” Political Favors: Evidence from the Impact of the STOCK Act

Ruidi Huang; University of Illinois at Urbana-Champaign
Yuhai Xuan; University of Illinois at Urbana-Champaign
presented by: Yuhai Xuan, University of Illinois at Urbana-Champaign
Discussant: Anthony DeFusco, Northwestern University

Political Determinants of Competition in the Mobile Telecommunication Industry

Mara Faccio; Purdue University
Luigi Zingales; University of Chicago
presented by: Mara Faccio, Purdue University
Discussant: Shane Greenstein, Harvard Business School


Session: Risk Management

January 6, 2018 8:00 to 10:00
Commonwealth A2
Session Chair: Gerard Hoberg, University of Southern California

Sharing R&D Risk in Healthcare via FDA Hedges

Adam Jorring; University of Chicago
Andrew Lo; Massachusetts Institute of Technology
Tomas Philipson; University of Chicago
Manita Singh; Goldman Sachs
Richard Thakor; University of Minnesota
presented by: Andrew Lo, Massachusetts Institute of Technology
Discussant: Alex Edmans, London Business School

Weathering Cash Flow Shocks

James Brown; Iowa State University
Matthew Gustafson; Pennsylvania State University
Ivan Ivanov; Federal Reserve Board
presented by: Matthew Gustafson, Pennsylvania State University
Discussant: Olivier Dessaint, University of Toronto

Credit Default Swaps Around the World: Investment and Financing Effects

Sohnke Bartram; Warwick University
Jennifer Conrad; University of North Carolina
Jongsub Lee; University of Florida
Marti G. Subrahmanyam; New York University
presented by: Jongsub Lee, University of Florida
Discussant: Martin Oehmke, London School of Economics

Is This Time Different? Do Bank CEOs Learn From Crises?

Gloria Yu; INSEAD
presented by: Gloria Yu, INSEAD
Discussant: Claudia Custodio, Imperial College Business School


Session: AFA Panel: Business and Capital Taxation

January 6, 2018 10:15 to 12:15
Regency AB
Session Chair: Joshua Rauh, Stanford University

presented by:

Alan Auerbach, University of California, Berkeley
Jason Furman, Peterson Institute of International Economics
Kevin Hassett, Council of Economic Advisers


Session: Corporate Disclosure and Accounting

January 6, 2018 10:15 to 12:15
Regency C2
Session Chair: Ivan Marinovic, Stanford University

Credit Ratings: Strategic Issuer Disclosure and Optimal Screening

Jonathan Cohn; University of Texas at Austin
Uday Rajan; University of Michigan
Günter Strobl; Frankfurt School of Finance and Management
presented by: Jonathan Cohn, University of Texas at Austin
Discussant: Edwige Cheynel, Columbia University

Optimal Financing and Disclosure

Martin Szydlowski; University of Minnesota
presented by: Martin Szydlowski, University of Minnesota
Discussant: Davide Cianciaruso, Northwestern University

Conceal to Coordinate

Snehal Banerjee; University of California, San Diego
Taejin Kim; Chinese University of Hong Kong
Vishal Mangla; Moody’s Analytics
presented by: Snehal Banerjee, University of California, San Diego
Discussant: Mirko Heinle, University of Pennsylvania


Session: Exchange Rates and International Capital Market

January 6, 2018 10:15 to 12:15
Regency C1
Session Chair: Vivian Yue, Emory University

Currency Manipulation

Tarek Hassan; University of Chicago
Thomas Mertens; Federal Reserve Bank of San Francisco
Tony Zhang; University of Chicago
presented by: Thomas Mertens, Federal Reserve Bank of San Francisco
Discussant: Matteo Maggiori, Harvard University

Business Cycles and the Cross-Section of Currency Returns

Steven Riddiough; University of Melbourne
Lucio Sarno; City University London
presented by: Steven Riddiough, University of Melbourne
Discussant: Riccardo Colacito, University of North Carolina-Chapel Hill

The Volatility of International Capital Flows and Foreign Assets

Winston Wei Dou; University of Pennsylvania
Adrien Verdelhan; Massachusetts Institute of Technology
presented by: Adrien Verdelhan, Massachusetts Institute of Technology
Discussant: Edith Liu, Federal Reserve Board of Governors

Gravity in FX R2: Understanding the Factor Structure in Exchange Rates

Robert Richmond; New York University
Hanno Lustig; Stanford University
presented by: Robert Richmond, New York University
Discussant: Nikolai Roussanov, University of Pennsylvania


Session: Liquidity: Empirical Perspectives

January 6, 2018 10:15 to 12:15
Commonwealth B
Session Chair: Nicolae Gârleanu, University of California, Berkeley

Asset Mispricing

Kurt Lewis; Federal Reserve Board
Francis Longstaff; University of California, Los Angeles
Lubomir Petrasek; Federal Reserve Board of Governors
presented by: Lubomir Petrasek, Federal Reserve Board of Governors
Discussant: Robin Greenwood, Harvard Business School

Funding Liquidity Risk and the Cross-section of MBS Returns

Yuriy Kitsul; Federal Reserve Board
Marcelo Ochoa; Federal Reserve Board of Governors
presented by: Yuriy Kitsul, Federal Reserve Board
Discussant: Adi Sunderam, Harvard University

Funding Liquidity Shocks in a Natural Experiment: Evidence from the CDS Big Bang

Xinjie Wang; Southern University of Science and Technology
Yangru Wu; Rutgers University
Hongjun Yan; DePaul University
Zhaodong (Ken) Zhong; Rutgers University
presented by: Xinjie Wang, Southern University of Science and Technology
Discussant: David Lando, Copenhagen Business School

Dimensional Analysis and Market Microstructure Invariance

Albert Kyle; University of Maryland
Anna Obizhaeva; New Economic School
presented by: Anna Obizhaeva, New Economic School
Discussant: Dmitry Livdan, University of California, Berkeley


Session: Market Risk Factors

January 6, 2018 10:15 to 12:15
Commonwealth D
Session Chair: Christian Opp, University of Pennsylvania

Empirical Tests of Asset Pricing Models with Individual Assets: Resolving the Errors-in-Variables Bias in Risk Premium Estimation

Narasimhan Jegadeesh; Emory University
Joonki Noh; Case Western Reserve University
Kuntara Pukthuanthong; University of Missouri
Richard Roll; California Institute of Technology
Junbo Wang; Louisiana State University
presented by: Kuntara Pukthuanthong, University of Missouri
Discussant: Raymond Kan, University of Toronto

Where is the Risk in Value? Evidence from a Market-to-Book Decomposition

Andrey Golubov; University of Toronto
Theodosia Konstantinidi; City University of London
presented by: Andrey Golubov, University of Toronto
Discussant: Juhani Linnainmaa, University of Southern California

What Matters to Individual Investors? Evidence from the Horse’s Mouth

James Choi; Yale University
Adriana Robertson; University of Toronto
presented by: James Choi, Yale University
Discussant: Jianfeng Yu, PBCSF, Tsinghua University


Session: Mergers & Acquisitions II

January 6, 2018 10:15 to 12:15
Commonwealth C
Session Chair: Margarita Tsoutsoura,

Mergers and Acquisitions, Technological Change and Inequality

Wenting Ma; University of North Carolina
Paige Ouimet; University of North Carolina
Elena Simintzi; University of British Columbia
presented by: Paige Ouimet, University of North Carolina
Discussant: Andrew Ellul, Indiana University, CEPR, CSEF, and ECGI

Advertising, Attention, and Acquisition Returns

Eliezer Fich; Drexel University
Laura Starks; University of Texas at Austin
Anh Tran; City University London
presented by: Laura Starks, University of Texas at Austin
Discussant: Kenneth Ahern, University of Southern California

A BIT Goes a Long Way: Bilateral Investment Treaties and Cross-Border Mergers

Vineet Bhagwat; University of Oregon
Jonathan Brogaard; University of Washington
Brandon Julio; University of Oregon
presented by: Vineet Bhagwat, University of Oregon
Discussant: Isil Erel, Ohio State University


Session: Sex, Race and Finance

January 6, 2018 10:15 to 12:15
Commonwealth A2
Session Chair: Renee Adams, University of New South Wales

When Harry Fired Sally: The Double Standard in Punishing Misconduct

Mark Egan; Harvard Business School
Gregor Matvos; University of Chicago
Amit Seru; University of Chicago
presented by: Mark Egan, Harvard Business School
Discussant: Paola Sapienza, Northwestern University

Cultural Diversity on Wall Street: Evidence from Sell-Side Analysts’ Forecasts

Kenneth Merkley; Cornell University
Roni Michaely; Cornell Tech
Joseph Pacelli; Indiana University
presented by: Joseph Pacelli, Indiana University
Discussant: Mariassunta Giannetti, Stockholm School of Economics

Color and Credit: Race, Regulation, and the Quality of Financial Services

Taylor Begley; Washington University in St. Louis
Amiyatosh Purnanandam; University of Michigan
presented by: Taylor Begley, Washington University in St. Louis
Discussant: Manju Puri, Duke University

Gender Representation in Economics Across Topics and Time: Evidence From the NBER Summer Institute

Anusha Chari; University of North Carolina at Chapel H
Paul Goldsmith-Pinkham; Federal Reserve Bank of New York
presented by: Anusha Chari, University of North Carolina at Chapel H
Discussant: Shulamit Kahn, Boston University


Session: Venture Capital

January 6, 2018 10:15 to 12:15
Commonwealth A1
Session Chair: Ilya Strebulaev, Stanford University

The Effect of Personal Financing Disruptions on Entrepreneurship

Tobin Hanspal; Goethe University Frankfurt
presented by: Tobin Hanspal, Goethe University Frankfurt
Discussant: Sabrina Howell, New York University

Private Equity and Financial Fragility during the Crisis

Shai Bernstein; Stanford University
Josh Lerner; Harvard University
Filippo Mezzanotti; Northwestern University
presented by: Filippo Mezzanotti, Northwestern University
Discussant: Steven Kaplan, University of Chicago

Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in U.S. Manufacturing

Meghana Ayyagari; George Washington University
Vojislav Maksimovic; University of Maryland
presented by: Vojislav Maksimovic, University of Maryland
Discussant: Antoinette Schoar, Massachusetts Institute of Technology

Swimming with the Sharks: Entrepreneurial Investing Decisions and First Impression

Xing Huang; Michigan State University
Zoran Ivkovich; Michigan State University
john jiang; Michigan State University
Isabel Yanyan Wang; Michigan State University
presented by: Zoran Ivkovich, Michigan State University
Discussant: Berk Sensoy, Ohio State University


Session: AFA Lecture: Income and Wealth Inequality: Evidence, Role of Finance, and Policy Implications

January 6, 2018 14:30 to 16:30
Regency AB
Session Chair: Peter DeMarzo, Stanford University

Discussant: Emmanuel Saez, University of California, Berkeley


Session: Bank Deposits

January 6, 2018 14:30 to 16:30
Commonwealth B
Session Chair: Amiyatosh Purnanandam, University of Michigan

The Cross Section of Bank Value

Mark Egan; Harvard Business School
Stefan Lewellen; London Business School
Adi Sunderam; Harvard University
presented by: Stefan Lewellen, London Business School
Discussant: Philip Strahan, Boston College

On Deposit Stability in Failing Banks

Christopher Martin; Federal Deposit Insurance Corporation
Manju Puri; Duke University
Alexander Ufier; Federal Deposit Insurance Corporation
presented by: Alexander Ufier, Federal Deposit Insurance Corporation
Discussant: Philipp Schnabl, New York University

The Effects of Tax on Bank Liability Structure

Leonardo Gambacorta; Bank for International Settlements
Giacomo Ricotti; Banca d’Italia
Suresh Sundaresan; Columbia University
Zhenyu Wang; Indiana University
presented by: Suresh Sundaresan, Columbia University
Discussant: Taylor Begley, Washington University in St. Louis

Monetary Policy Transmission and the Funding Structure of Banks

Emily Williams; London Business School
presented by: Emily Williams, London Business School
Discussant: Erik Gilje, University of Pennsylvania


Session: Corporate Finance: Investment Behavior

January 6, 2018 14:30 to 16:30
Commonwealth D
Session Chair: Andrea Eisfeldt, University of California, Los Angeles

Customer Capital, Financial Constraints and Stock Returns

Winston Wei Dou; University of Pennsylvania
Yan Ji; Hong Kong University of Science and Technology
David Reibstein; University of Pennsylvania
Wei Wu; Texas A&M University
presented by: Winston Wei Dou, University of Pennsylvania
Discussant: Leena Rudanko, Federal Reserve Bank of Philadelphia

Adapting to Radical Change: The Benefits of Short-Horizon Investors

Mariassunta Giannetti; Stockholm School of Economics and CEPR
Xiaoyun Yu; Indiana University
presented by: Mariassunta Giannetti, Stockholm School of Economics
Discussant: Todd Gormley, Washington University in St. Louis

Skilled Labor Supply and Corporate Investment: Evidence from the H-1B Visa Program

Sheng-Jun Xu; University of British Columbia
presented by: Sheng-Jun Xu, University of British Columbia
Discussant: William Mann, UCLA

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath

Antonio Falato; Federal Reserve Board
Giovanni Favara; Federal Reserve Board
David Scharfstein; Harvard University
presented by: Antonio Falato, Federal Reserve Board
Discussant: Amir Kermani, University of California, Berkeley


Session: Entrepreneurial Finance / Venture Capital

January 6, 2018 14:30 to 16:30
Regency C1
Session Chair: Arthur Korteweg, University of Southern California

The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship

Kyle Herkenhoff; University of Minnesota
Gordon Phillips; Dartmouth College
Ethan Cohen-Cole; Alvarez and Marsal
presented by: Kyle Herkenhoff, University of Minnesota
Discussant: Josh Lerner, Harvard University

Measuring Institutional Investors’ Skill from Their Investments in Private Equity

Daniel Cavagnaro; California State University, Fullerton
Berk Sensoy; Ohio State University
Yingdi Wang; California State University, Fullerton
Michael Weisbach; Ohio State University
presented by: Yingdi Wang, California State University, Fullerton
Discussant: Morten Sorensen, Copenhagen Business School

Volatility and Venture Capital

Ryan Peters; University of Pennsylvania
presented by: Ryan Peters, University of Pennsylvania
Discussant: Will Gornall, University of British Columbia

Can Access to Capital Explain the Entrepreneurship Gender Gap?

Michael Ewens; California Institute of Technology
Richard Townsend; University of California, San Diego
presented by: Michael Ewens, California Institute of Technology
Discussant: Tania Babina, Columbia University


Session: Information Frictions in Financial Markets

January 6, 2018 14:30 to 16:30
Regency C2
Session Chair: Victoria Vanasco, Stanford University

Delegated Learning in Asset Management

Michael Sockin; University of Texas at Austin
Mindy Z. Xiaolan; University of Texas at Austin
presented by: Michael Sockin, University of Texas at Austin
Discussant: Giorgia Piacentino, Columbia University

The Effect of Diversification on Price Informativeness and Governance

Alex Edmans; London Business School
Doron Levit; University of Pennsylvania
Devin Reilly; Analysis Group
presented by: Alex Edmans, London Business School
Discussant: Gilles Chemla, Imperial College Business School

When Words Speak Louder Without Actions

Doron Levit; University of Pennsylvania
presented by: Doron Levit, University of Pennsylvania
Discussant: Sergei Kovbasyuk, Einaudi Institute for Economics and Finance

Inside and Outside Information

Daniel Quigley; University of Oxford
Ansgar Walther; University of Warwick
presented by: Ansgar Walther, University of Warwick
Discussant: Nadya Malenko, Boston College


Session: Information Transmission and Trading: Empirical

January 6, 2018 14:30 to 16:30
Commonwealth C
Session Chair: Vyacheslav Fos, Boston College

IQ from IP: Simplifying Search in Portfolio Choice

Huaizhi Chen; Harvard Business School
Lauren Cohen; Harvard Business School
Umit Gurun; University of Texas-Dallas
Dong Lou; London School of Economics
Christopher Malloy; Harvard Business School
presented by: Lauren Cohen, Harvard Business School
Discussant: Kenneth Ahern, University of Southern California

When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly?

Paul Calluzzo; Queen’s University
Fabio Moneta; Queen’s University
Selim Topaloglu; Queen’s University
presented by: Selim Topaloglu, Queen’s University
Discussant: David McLean, Georgetown University

Show Us Your Shorts!

Bige Kahraman; University of Oxford
Salil Pachare; Securities and Exchange Commission
presented by: Bige Kahraman, University of Oxford
Discussant: Charles Jones, Columbia University

Inside Brokers

Weikai Li; Singapore Management University
Abhiroop Mukherjee; Hong Kong University of Science and Technology
Rik Sen; University of New South Wales
presented by: Abhiroop Mukherjee, Hong Kong University of Science and Technology
Discussant: Brad Barber, University of California, Davis


Session: Innovations in Hedge Funds

January 6, 2018 14:30 to 16:30
Commonwealth A1
Session Chair: Mila Getmansky Sherman, University of Massachusetts-Amherst

Dollars Versus Sense: Investor Demand, Managerial Skill, and Hedge Fund Startups

Charles Cao; Pennsylvania State University
Grant Farnsworth; Texas Christian University
Hong Zhang; Tsinghua University
presented by: Grant Farnsworth, Texas Christian University
Discussant: Vikas Agarwal, Georgia State University

Information Environment, Sophisticated Investors, and Market Efficiency: Evidence from a Natural Experiment

Yong Chen; Texas A&M University
Bryan Kelly; University of Chicago
Wei Wu; Texas A&M University
presented by: Wei Wu, Texas A&M University
Discussant: Andrew Lo, Massachusetts Institute of Technology

Upside Potential of Hedge Funds as a Predictor of Future Performance

Turan Bali; Georgetown University
Stephen Brown; Monash University
Mustafa Caglayan; Florida International University
presented by: Mustafa Caglayan, Florida International University
Discussant: Bing Liang, University of Massachusetts-Amherst

Properly Backing Out the Bad, Bad! Backfill Bias

Philippe Jorion; University of California, Irvine
Chris Schwarz; University of California, Irvine
presented by: Chris Schwarz, University of California, Irvine
Discussant: David Hsieh, Duke University


Session: Payout Policy

January 6, 2018 14:30 to 16:30
Commonwealth A2
Session Chair: Joan Farre-Mensa, Cornerstone Research

Do Dividends Convey Information About Future Earnings?

Charles Ham; Washington University in St. Louis
Zachary Kaplan; Washington University in St. Louis
Mark Leary; Washington University in St. Louis
presented by: Mark Leary, Washington University in St. Louis
Discussant: Gustavo Grullon, Rice University

What is Revealed When Firms Repurchase Against Short Selling?

Leonce Bargeron; University of Kentucky
Alice Bonaime; University of Arizona
presented by: Alice Bonaime, University of Arizona
Discussant: Ekkehart Boehmer, Singapore Management University

The Dark-Side of Banks’ Nonbank Business: Internal Dividends in Bank Holding Companies

Jonathan Pogach; Federal Deposit Insurance Corporation
Haluk Unal; University of Maryland
presented by: Jonathan Pogach, Federal Deposit Insurance Corporation
Discussant: Gustavo Suarez, Federal Reserve Board


Session: Bank Competition and Supply of Credit

January 7, 2018 8:00 to 10:00
Regency C1
Session Chair: Manuel Adelino, Duke University

Competing for Deal Flow in Mortgage Markets

Darren Aiello; University of California, Los Angeles
Mark Garmaise; University of California, Los Angeles
Gabriel Natividad; Universidad de Piura
presented by: Mark Garmaise, University of California, Los Angeles
Discussant: Itzhak Ben-David, Ohio State University and NBER

Credit Supply Shocks, Consumer Borrowing and Bank Competitive Response: Evidence from Credit Card Markets

Sergio Correia; Federal Reserve Board
presented by: Sergio Correia, Federal Reserve Board
Discussant: Daniel Paravisini, London School of Economics

Shock Propagation and Banking Structure

Mariassunta Giannetti; Stockholm School of Economics
Farzad Saidi; Stockholm School of Economics
presented by: Farzad Saidi, Stockholm School of Economics
Discussant: Philipp Schnabl, New York University


Session: Physics and Financial Economics: New Transfers and New Relations

January 7, 2018 8:00 to 10:00
Loews Philadelphia, Howe
Session Chair: Christophe Schinckus, RMIT University Vietnam

Where Does Econophysics fit in the Complexity Revolution?

David Colander; middlebury college
presented by: David Colander, middlebury college
Discussant: Alan Kirman, University of Aix-Marseille

Agent-based Modeling’s Open Methodology Approach: Simulation, Reflexivity, and Abduction

John Davis; Marquette University and University of Amsterdam
presented by: John Davis, Marquette University and University of Amsterdam
Discussant: Marcel Boumans, University of Utrecht

The History of Economics and the Pre-History of Econophysics: Boltzmann versus the Marginalists

Geoffrey Poitras; Simon Fraser University
presented by: Geoffrey Poitras, Simon Fraser University
Discussant: Emmanuel Haven, University of Leicester

When Financial Economics Influences Physics: The Case of Econophysics

Franck Jovanovic; TELUQ University
Rosario Mantegna; Palermo University
Christophe Schinckus; RMIT University Vietnam
presented by: Franck Jovanovic, TELUQ University
Discussant: Xavier Gabaix, Harvard University


Session: Capital Structure

January 7, 2018 8:00 to 10:00
Commonwealth D
Session Chair: Konstantin Milbradt, Northwestern University

Government Debt and Corporate Leverage: International Evidence

Irem Demirci; Nova School of Business and Economics
Jennifer Huang; Cheung Kong Graduate School of Business
Clemens Sialm; University of Texas at Austin and NBER
presented by: Clemens Sialm, University of Texas at Austin and NBER
Discussant: Adi Sunderam, Harvard University

Macroeconomic Risk and Idiosyncratic Risk-Taking

Zhiyao Chen; Chinese University of Hong Kong
Ilya Strebulaev; Stanford University
presented by: Zhiyao Chen, Chinese University of Hong Kong
Discussant: Erik Loualiche, Massachusetts Institute of Technology

A Theory of Multi-Period Debt Structure

Chong Huang; University of California, Irvine
Martin Oehmke; London School of Economics
Hongda Zhong; London School of Economics
presented by: Hongda Zhong, London School of Economics
Discussant: Jesse Davis, University of North Carolina-Chapel Hill


Session: Finance and Development

January 7, 2018 8:00 to 10:00
Commonwealth A2
Session Chair: Emily Breza, Harvard University

Rise of Bank Competition: Evidence from Banking Deregulation in China

Haoyu Gao; Central University of Finance and Economics
Hong Ru; Nanyang Technological University
Robert Townsend; Massachusetts Institute of Technology
Xiaoguang Yang; University of Chinese Academy of Sciences
presented by: Hong Ru, Nanyang Technological University
Discussant: Sumit Agarwal, Georgetown University

Creditor Rights, Threat of Liquidation, and Labor-Capital Choice of Firms

Shashwat Alok; Indian School of Business
Ritam Chaurey; Binghamton University
Vasudha Nukala; Indian School of Business
presented by: Ritam Chaurey, Binghamton University
Discussant: Martin Kanz, The World Bank

Bank Deposits and Liquidity Regulation: Evidence from Ethiopia

Nicola Limodio; Bocconi University
Francesco Strobbe; World Bank
presented by: Nicola Limodio, Bocconi University
Discussant: Janis Skrastins, Washington University in St. Louis


Session: Real Estate Finance

January 7, 2018 8:00 to 10:00
Loews Philadelphia, Washington C
Session Chair: Rodney Ramcharan, University of Southern California

Pockets of Poverty: The Long-Term Effects of Redlining

Ian Appel; Boston College
Jordan Nickerson; Boston College
presented by: Jordan Nickerson, Boston College
Discussant: Elliot Anenberg, Federal Reserve Board

Identifying the Benefits from Home Ownership: A Swedish Experiment

Paolo Sodini; Stockholm School of Economics
Stijn Van Nieuwerburgh; New York University
Roine Vestman; Stockholm University
Ulf von Lilienfeld-Toal; University of Luxembourg
presented by: Roine Vestman, Stockholm University
Discussant: Alberto Rossi, University of Maryland

An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts

Tomasz Piskorski; Columbia University
Alexei Tchistyi; University of Illinois
presented by: Alexei Tchistyi, University of Illinois
Discussant: Adriano Rampini, Duke University

Competition, Regulation and Non-Traditional Mortgages

Arthur Acolin; University of Southern California
Xudong An; Federal Reserve Bank of Philadelphia
Susan Wachter; university of pennsylvania
presented by: Arthur Acolin, University of Southern California
Discussant: John Mondragon, Northwestern University


Session: Shareholder Heterogeneity and Corporate Governance

January 7, 2018 8:00 to 10:00
Commonwealth B
Session Chair: Martin Schmalz, University of Michigan

Effects of Common Ownership on Customer-Supplier Relationships

Kayla Freeman; Indiana University
presented by: Kayla Freeman, Indiana University
Discussant: Charles Hadlock, Michigan State University

Institutional Investors and Hedge Fund Activism

Simi Kedia; Rutgers University
Laura Starks; University of Texas at Austin
Xianjue Wang; Rutgers University
presented by: Simi Kedia, Rutgers University
Discussant: Nickolay Gantchev, Southern Methodist University

Blockholder Voting

Heski Bar-Isaac; University of Toronto
Joel Shapiro; University of Oxford
presented by: Joel Shapiro, University of Oxford
Discussant: Ernst Maug, University of Mannheim

Free-riders and Underdogs: Participation in Corporate Voting

Dragana Cvijanovic; University of North Carolina-Chapel Hill
Moqi Groen-Xu; London School of Economics
Konstantinos Zachariadis; Queen Mary University of London
presented by: Moqi Groen-Xu, London School of Economics
Discussant: Nadya Malenko, Boston College


Session: Social Influence and Networks

January 7, 2018 8:00 to 10:00
Commonwealth A1
Session Chair: Marina Niessner, Yale University

Why Does Portfolio Choice Correlate across Generations?

Samuli Knüpfer; BI Norwegian Business School
Elias Rantapuska; Aalto University
Matti Sarvimäki; Aalto University
presented by: Samuli Knüpfer, BI Norwegian Business School
Discussant: Juhani Linnainmaa, University of Southern California

Keeping Up with the Ponzis

Ville Rantala; University of Miami
presented by: Ville Rantala, University of Miami
Discussant: Florian Ederer, Yale University

Tear Down This Wall Street: Anti-market Rhetoric and Investment

Francesco D’Acunto; University of Maryland
presented by: Francesco D’Acunto, University of Maryland
Discussant: Cary Frydman, University of Southern California


Session: Taming and Explaining Anomalies

January 7, 2018 8:00 to 10:00
Commonwealth C
Session Chair: Jules van Binsbergen, University of Pennsylvania

The Lost Capital Asset Pricing Model

Daniel Andrei; University of California, Los Angeles
Julien Cujean; University of Maryland
Mungo Wilson; University of Oxford
presented by: Julien Cujean, University of Maryland
Discussant: Laura Veldkamp, New York University

The Relation Between Idiosyncratic Volatility and Expected Returns: A Statistical Artifact of Temporary Changes in Idiosyncratic Volatility

Hongyan Li; Virginia Tech
Raman Kumar; Virginia Tech
presented by: Hongyan Li, Virginia Tech
Discussant: Christopher Polk, London School of Economocs

Taming the Factor Zoo

Guanhao Feng; University of Chicago
Stefano Giglio; University of Chicago
Dacheng Xiu; University of Chicago
presented by: Stefano Giglio, University of Chicago
Discussant: Victor Chernozhukov, Massachusetts Institute of Technology

Term Structure of Recession Probabilities and the Cross Section of Asset Returns

Ti Zhou; Southern University of Science and Technology
presented by: Ti Zhou, Southern University of Science and Technology
Discussant: Ralph Koijen, New York University


Session: Volatility and Tail Risk

January 7, 2018 8:00 to 10:00
Regency C2
Session Chair: Nicola Fusari, Johns Hopkins University

Crash Beliefs from Investor Surveys

William Goetzmann; Yale University
Dasol Kim; U.S. Office of Financial Research
Robert Shiller; Yale University
presented by: William Goetzmann, Yale University
Discussant: Asaf Manela, Washington University in St. Louis

A Hidden Markov Model of Leverage Dynamics, Tail Risk, and Value-Momentum Correlation

Kent Daniel; Columbia University and NBER
Ravi Jagannathan; Kellogg School of Management, Northwestern University, and NBER, ISB, SAIF
Soohun Kim; Georgia Institute of Technology
presented by: Soohun Kim, Georgia Institute of Technology
Discussant: Tyler Muir, University of California, Los Angeles

Credit-Implied Volatility

Gerardo Manzo; Two Sigma Investments
Bryan Kelly; University of Chicago
Diogo Palhares; AQR Capital Management
presented by: Gerardo Manzo, Two Sigma Investments
Discussant: Kris Jacobs, University of Houston

A Theory of Dissimilarity Between Stochastic Discount Factors

Gurdip Bakshi; University of Maryland
Xiaohui Gao Bakshi; University of Maryland
George Panayotov; Hong Kong University of Science and Technology
presented by: Xiaohui Gao Bakshi, University of Maryland
Discussant: Jaroslav Borovicka, New York University


Session: Asset Pricing: What We Can Learn From Derivatives

January 7, 2018 10:15 to 12:15
Commonwealth A1
Session Chair: Travis Johnson, University of Texas at Austin

Is There a Risk Premium in the Stock Lending Market? Evidence from Equity Options

Dmitriy Muravyev; Boston College
Neil Pearson; University of Illinois at Urbana-Champaign
Joshua Pollet; University of Illinois at Urbana-Champaign
presented by: Dmitriy Muravyev, Boston College
Discussant: Adam Reed, University of North Carolina-Chapel Hill

Does the Ross Recovery Theorem Work Empirically?

Jens Jackwerth; University of Konstanz
Marco Menner; University of Konstanz
presented by: Marco Menner, University of Konstanz
Discussant: Bjorn Eraker, University of Wisconsin – Madison

Margin Requirements and Equity Option Returns

Steffen Hitzemann; Rutgers Business School
Michael Hofmann; Karlsruhe Institute of Technology
Marliese Uhrig-Homburg; Karlsruhe Institute of Technology
Christian Wagner; Copenhagen Business School
presented by: Michael Hofmann, Karlsruhe Institute of Technology
Discussant: Robert Battalio, University of Notre Dame


Session: Behavioral Finance: Investor Behavior

January 7, 2018 10:15 to 12:15
Commonwealth B
Session Chair: Lu Zheng, University of California, Irvine

Stock Market Anomalies and Baseball Cards

Joseph Engelberg; University of California, San Diego
Linh Le; University of South Florida
Jared Williams; University of South Florida
presented by: Jared Williams, University of South Florida
Discussant: Jeffrey Wurgler, New York University

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

Jie Li; INSEAD
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
presented by: Hong Zhang, Tsinghua University
Discussant: Veronika Pool, Indiana University

Daily Winners and Losers

Alok Kumar; University of Miami
Stefan Ruenzi; University of Mannheim
Michael Ungeheuer; University of Mannheim
presented by: Michael Ungeheuer, Aalto University
Discussant: Xiaoyan Zhang, Purdue University


Session: Corporate Governance

January 7, 2018 10:15 to 12:15
Regency A
Session Chair: Doron Levit, University of Pennsylvania

CEO Power and Board Dynamics

John Graham; Duke University
Hyunseob Kim; Cornell University
Mark Leary; Washington University in St. Louis
presented by: Hyunseob Kim, Cornell University
Discussant: Dirk Jenter, London School of Economics

How are Shareholder Votes and Trades Related?

Sophia Zhengzi Li; Michigan State University and Rutgers University
Miriam Schwartz-Ziv; Michigan State University
presented by: Miriam Schwartz-Ziv, Michigan State University
Discussant: Amil Dasgupta, London School of Economics

Insider Activism

Jonathan Cohn; University of Texas at Austin
Mitch Towner; University of Arizona
Aazam Virani; University of Arizona
presented by: Mitch Towner, University of Arizona
Discussant: Nickolay Gantchev, Southern Methodist University

Blockholders Diversity: Effect of Polyphony on the Power of Monitoring

Kate Volkova; Cornell University
presented by: Ekaterina Volkova, Cornell University
Discussant: Alan Crane, Rice University


Session: Corporate Liquidity

January 7, 2018 10:15 to 12:15
Commonwealth C
Session Chair: Michael Roberts, University of Pennsylvania

The Interest Sensitivity of Corporate Cash

Xiaodan Gao; National University of Singapore
Toni Whited; University of Michigan
Na Zhang; Fudan Unviersity
presented by: Toni Whited, University of Michigan
Discussant: Joao Gomes, University of Pennsylvania

Firm Selection and Corporate Cash Holdings

Juliane Begenau; Stanford University
Berardino Palazzo; Boston University
presented by: Berardino Palazzo, Boston University
Discussant: Sheridan Titman, University of Texas at Austin

Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt

Felipe Restrepo; Western University
Philip Strahan; Boston College
Lina Cardona; Banco de la República
presented by: Felipe Restrepo, Western University
Discussant: Mitchell Petersen, Northwestern University


Session: Financial Crises and Transmission of Shocks

January 7, 2018 10:15 to 12:15
Regency C1
Session Chair: Tyler Muir, University of California, Los Angeles

Asset Price Bubbles and Systemic Risk

Markus Brunnermeier; Princeton University
Simon Rother; University of Bonn
Isabel Schnabel; University of Bonn
presented by: Simon Rother, University of Bonn
Discussant: Alan Moreira, Yale University

Whatever it takes: The Real Effects of Unconventional Monetary Policy

Viral Acharya; New York University, CEPR, and NBER
Tim Eisert; Erasmus University Rotterdam
Christian Eufinger; IESE
Christian Hirsch; Goethe University Frankfurt
presented by: Tim Eisert, Erasmus University Rotterdam
Discussant: Marco Di Maggio, Harvard Business School & NBER

Cross-Border Bank Flows and Systemic Risk

Andrew Karolyi; Cornell University
John Sedunov; Villanova University
Alvaro Taboada; Mississippi State University
presented by: John Sedunov, Villanova University
Discussant: Yao Zeng, University of Washington


Session: Financial Distress and Bankruptcy

January 7, 2018 10:15 to 12:15
Loews Philadelphia, Lescaze
Session Chair: Kose John, New York University

Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship

Tania Babina; Columbia University
presented by: Tania Babina, Columbia University
Discussant: Katherine Waldock, New York University

Selling Innovation in Bankruptcy

Song Ma; Yale University
Joy Tong; Duke University
Wei Wang; Queen’s University
presented by: Song Ma, Yale School of Management
Discussant: Gordon Phillips, Dartmouth College

When do Firms Risk Shift? Evidence from Venture Capital

Matthew Denes; Carnegie Mellon University
presented by: Matthew Denes, Carnegie Mellon University
Discussant: Erik Gilje, University of Pennsylvania

Capital Market Competition and the Resolution of Financial Distress: Evidence from Corporate Bankruptcy Filings

Mahsa S. Kaviani; Temple University
Hosein Maleki; Temple University
presented by: Mahsa S. Kaviani, Temple University
Discussant: Edith Hotchkiss, Boston College


Session: Financial Regulation: Empirics

January 7, 2018 10:15 to 12:15
Commonwealth D
Session Chair: Mark Egan, Harvard Business School

Hub-and-Spoke Regulation and Bank Leverage

Yadav Gopalan; Washington University in St. Louis
Ankit Kalda; Washington University in St. Louis
Asaf Manela; Washington University in St. Louis
presented by: Ankit Kalda, Washington University in St. Louis
Discussant: Paul Goldsmith-Pinkham, Federal Reserve Bank of New York

Costs of Rating-Contingent Regulation: Evidence from the Establishment of “Investment Grade”

Asaf Bernstein; University of Colorado at Boulder
presented by: Asaf Bernstein, University of Colorado at Boulder
Discussant: Darren Kisgen, Boston College

Who Should Regulate Investment Advisers?

Ben Charoenwong; University of Chicago
Alan Kwan; Cornell University
Tarik Umar; Rice University
presented by: Alan Kwan, Cornell University
Discussant: William Gerken, University of Kentucky

The Impact of Supervision on Bank Performance

Beverly Hirtle; Federal Reserve Bank of New York
Anna Kovner; Federal Reserve Bank of New York
Matthew Plosser; Federal Reserve Bank of New York
presented by: Matthew Plosser, Federal Reserve Bank of New York
Discussant: Stefan Lewellen, London Business School


Session: Portfolio Choice and Asset Allocation of Households and Long-Term Investors

January 7, 2018 10:15 to 12:15
Regency C2
Session Chair: Thomas Gilbert, University of Washington

Equilibrium Wealth Share Dynamics

Ravi Bansal; Duke University
Colin Ward; Carlson School of Management, University
Amir Yaron; University of Pennsylvania
presented by: Colin Ward, University of Minnesota
Discussant: Jules van Binsbergen, University of Pennsylvania

Global Portfolio Diversification for Long-Horizon Investors

Luis Viceira; Harvard Business School
Zihuan Wang; Harvard Business School
John Zhou; Harvard University
presented by: Luis Viceira, Harvard Business School
Discussant: Christian Lundblad, University of North Carolina

Agency and Portfolio Choice in Public Pension Funds

I. J. Alexander Dyck; University of Toronto
Paulo Manoel; University of California, Berkeley
Adair Morse; University of California, Berkeley
Lukasz Pomorski; AQR Capital Management, LLC
presented by: Adair Morse, University of California, Berkeley
Discussant: Joshua Rauh, Stanford University

Limited Marital Commitment and Household Portfolios

Jawad Addoum; Cornell University
Howard Kung; London Business School
Gonzalo Morales; University of Alberta
presented by: Gonzalo Morales, University of Alberta
Discussant: Clemens Sialm, University of Texas at Austin and NBER


Session: Raising Capital

January 7, 2018 10:15 to 12:15
Commonwealth A2
Session Chair: Jean-Noel Barrot, Massachusetts Institute of Technology

The Economics of PIPE Investing

Jongha Lim; California State University, Fullerton
Michael Schwert; Ohio State University
Michael Weisbach; Ohio State University
presented by: Michael Schwert, Ohio State University
Discussant: Paige Ouimet, University of North Carolina

What do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs

Peter Cziraki; University of Toronto
Evgeny Lyandres; Boston University
Roni Michaely; Cornell Tech
presented by: Peter Cziraki, University of Toronto
Discussant: Lauren Cohen, Harvard Business School

Optimal Issuance under Information Asymmetry and Accumulation of Cash Flows

Pavel Zryumov; University of Pennsylvania
Haoxiang Zhu; Massachusetts Institute of Technology
Ilya Strebulaev; Stanford University
presented by: Pavel Zryumov, University of Pennsylvania
Discussant: Philip Bond, University of Washington

Key Investors in IPOs

David Brown; University of Arizona
Sergei Kovbasyuk; Einaudi Institute for Economics and Fina
presented by: Sergei Kovbasyuk, Einaudi Institute for Economics and Finance
Discussant: Francois Derrien, HEC Paris


Session: Behavioral Corporate Finance

January 7, 2018 13:00 to 15:00
Regency C2
Session Chair: Camelia Kuhnen, University of North Carolina

Short-Term Investors, Long-Term Investments, and Firm Value

Martijn Cremers; University of Notre Dame
Ankur Pareek; Rutgers University
Zacharias Sautner; Frankfurt School of Finance and Management
presented by: Ankur Pareek, Rutgers University
Discussant: Pedro Matos, University of Virginia

Stock Market Overvaluation, Moon Shots, and Corporate Innovation

Ming Dong; York University
David Hirshleifer; University of California, Irvine
Siew Hong Teoh; University of California, Irvine
presented by: Ming Dong, York University
Discussant: Noah Stoffman, Indiana University

Optimism Propagation

Torsten Jochem; University of Amsterdam
Florian Peters; University of Amsterdam
presented by: Florian Peters, University of Amsterdam
Discussant: Itzhak Ben-David, Ohio State University and NBER


Session: Contracts and Incentives

January 7, 2018 13:00 to 15:00
Regency C1
Session Chair: Brett Green, University of California, Berkeley

Only Time Will Tell: A Theory of Deferred Compensation and its Regulation

Florian Hoffmann; University of Bonn
Roman Inderst; Goethe University Frankfurt
Marcus Opp
presented by: Marcus Opp,
Discussant: Felipe Varas, Duke University

Why do We Tenure? Analysis of a Long Standing Risk-Based Explanation

Jonathan Brogaard; University of Washington
Joseph Engelberg; University of California, San Diego
Edward Van Wesep; University of Colorado at Boulder
presented by: Edward Van Wesep, University of Colorado at Boulder
Discussant: Michael Powell, Northwestern University

The Paradox of Pledgeability

Jason Donaldson; Washington University in St Louis
Denis Gromb; HEC Paris
Giorgia Piacentino; Columbia University
presented by: Jason Donaldson, Washington University in St Louis
Discussant: Hongda Zhong, London School of Economics


Session: Finance and Product Market Competition

January 7, 2018 13:00 to 15:00
Commonwealth A1
Session Chair: Jose Azar, IESE Business School

Ownership, Governance and Investment

German Gutierrez; New York University
Thomas Philippon; New York University
presented by: German Gutierrez, New York University
Discussant: Mireia Gine, University of Navarra & Wharton WRDS

Anti-Collusion Enforcement: Justice for Consumers and Equity for Firms

Sudipto Dasgupta; Lancaster University
Alminas Zaldokas; Hong Kong University of Science and Technology
presented by: Alminas Zaldokas, Hong Kong University of Science and Technology
Discussant: Judith Chevalier, Yale University

Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment in the Airline Industry

Sehoon Kim; University of Florida
presented by: Sehoon Kim, University of Florida
Discussant: Nancy Rose, Massachusetts Institute of Technology


Session: Liquidity: Theoretical Models

January 7, 2018 13:00 to 15:00
Commonwealth B
Session Chair: Hengjie Ai, University of Minnesota

A Theory of Liquidity Spillover Between Bond and CDS Markets

Batchimeg Sambalaibat; Indiana University
presented by: Batchimeg Sambalaibat, Indiana University
Discussant: Pierre-Olivier Weill, University of California, Los Angeles

Pricing and Liquidity in Decentralized Asset Markets

Semih Üslü; Johns Hopkins University
presented by: Semih Üslü, Johns Hopkins University
Discussant: Ana Babus, Federal Reserve Bank of Chicago

Hedge Funds, Signaling, and Optimal Lockups

Juhani Linnainmaa; University of Southern California
Alan Moreira; Yale University
presented by: Alan Moreira, Yale University
Discussant: Hong Liu, Washington University in St. Louis

ETF Arbitrage under Liquidity Mismatch

Kevin Pan; Harvard University
Yao Zeng; University of Washington
presented by: Yao Zeng, University of Washington
Discussant: Haoxiang Zhu, Massachusetts Institute of Technology


Session: Market Microstructure: New Tools and New Markets

January 7, 2018 13:00 to 15:00
Commonwealth D
Session Chair: Brian Weller, Duke University

Tracking Retail Investor Activity

Ekkehart Boehmer; Singapore Management University
Charles Jones; Columbia University
Xiaoyan Zhang; Purdue University
presented by: Xiaoyan Zhang, Purdue University
Discussant: Katya Malinova, University of Toronto

High-Frequency Cross-Market Trading: Model Free Measurement and Applications

Ernst Schaumburg; AQR Capital Management, LLC
Dobrislav Dobrev; Federal Reserve Board of Governors
presented by: Ernst Schaumburg, AQR Capital Management, LLC
Discussant: Clara Vega, Federal Reserve Board

The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets

Haoming Chen; University of New South Wales
Sean Foley; University of Sydney
Michael Goldstein; Babson College
Thomas Ruf; University of New South Wales
presented by: Thomas Ruf, University of New South Wales
Discussant: Joshua Mollner, Northwestern University


Session: Politics, Policy and Asset Prices

January 7, 2018 13:00 to 15:00
Commonwealth A2
Session Chair: Russ Wermers, University of Maryland

Political Cycles and Stock Returns

Lubos Pastor; University of Chicago
Pietro Veronesi; University of Chicago
presented by: Lubos Pastor, University of Chicago
Discussant: Anna Pavlova, London Business School

Quantitative Easing in the Euro Area: The Impact on Risk Exposures and Asset Prices

Ralph Koijen; New York University
Francois Koulischer; Banque de France
Motohiro Yogo; Princeton University
presented by: Ralph Koijen, New York University
Discussant: Christian Lundblad, University of North Carolina

Following the Money: Evidence for Portfolio Balance Channel of Quantitative Easing

Itay Goldstein; University of Pennsylvania
Jonathan Witmer; Bank of Canada
Jing Yang; Bank of Canada
presented by: Jonathan Witmer, Bank of Canada
Discussant: Russ Wermers, University of Maryland

Regulating Information

Andrew Bird; Carnegie Mellon University
Stephen Karolyi; Carnegie Mellon University
Thomas Ruchti; Carnegie Mellon University
presented by: Thomas Ruchti, Carnegie Mellon University
Discussant: Laura Veldkamp, New York University


Session: The Causes and Consequences of Household Borrowing

January 7, 2018 13:00 to 15:00
Commonwealth C
Session Chair: Brian Melzer, Federal Reserve Bank of Chicago

Import Competition and Household Debt

Jean-Noel Barrot; Massachusetts Institute of Technology
Erik Loualiche; Massachusetts Institute of Technology
Matthew Plosser; Federal Reserve Bank of New York
Julien Sauvagnat; Bocconi University
presented by: Julien Sauvagnat, Bocconi University
Discussant: Benjamin Keys, University of Pennsylvania

Fiscal Stimulus and Consumer Debt

Yuliya Demyanyk; Federal Reserve Bank of Cleveland
Elena Loutskina; University of Virginia
Daniel Murphy; University of Virginia
presented by: Daniel Murphy, University of Virginia
Discussant: Eric Zwick, University of Chicago

Debt and Human Capital: Evidence from Student Loans

Vyacheslav Fos; Boston College
Andres Liberman; New York University
Constantine Yannelis; Stanford University
presented by: Andres Liberman, New York University
Discussant: Will Dobbie, Princeton University

House Prices, Mortgage Debt and Labor Mobility

Radhakrishnan Gopalan; Washington University in St. Louis
Barton Hamilton; Washington University in St. Louis
Ankit Kalda; Washington University in St. Louis
David Sovich; Washington University in St. Louis
presented by: Radhakrishnan Gopalan, Washington University in St. Louis
Discussant: Andreas Fuster, Federal Reserve Bank of New York