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