2019 Annual Meeting – Preliminary Program

Atlanta, GA

January 4-6, 2019

Session: Asset Pricing Anomalies

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Room 205-206-207
Session Chair: Joseph Engelberg, University of California, San Diego

Mispricing Premia

Todd Hazelkorn; AQR Capital Management
Tobias Moskowitz; Yale University
Kaushik Vasudevan; Yale University
presented by: Kaushik Vasudevan, Yale University
Discussant: Christopher Polk, London School of Economics

What You See is Not What You Get:The Costs of Trading Market Anomalies

Andrew Patton; Duke University
Brian Weller; Duke University
presented by: Brian Weller, Duke University
Discussant: Andrea Frazzini, AQR Capital Management, LLC

Turning Alphas into Betas: Arbitrage and Endogenous Risk

Thummim Cho; London School of Economics
presented by: Thummim Cho, London School of Economics
Discussant: Kent Daniel, Columbia Univeristy


Session: Asset Pricing: Implications of Financial Constraints

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom A
Session Chair: Eduardo Davila, New York University

Do Intermediaries Matter for Aggregate Asset Prices?

Valentin Haddad; University of California, Los Angeles
Tyler Muir; University of California, Los Angeles
presented by: Valentin Haddad, University of California, Los Angeles
Discussant: Dimitri Vayanos, London School of Economics

Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing

Bruno Biais; Toulouse School of Economics
Johan Hombert; HEC Paris
Pierre-Olivier Weill; University of California, Los Angeles
presented by: Johan Hombert, HEC Paris
Discussant: Zhiguo He, University of Chicago

Model-Free International Stochastic Discount Factors

Paula Mirela Sandulescu; University of Lugano & Swiss Finance Institute
Fabio Trojani; University of Geneva and Swiss Finance Institute
Andrea Vedolin; Boston University
presented by: Andrea Vedolin, Boston University
Discussant: Adrien Verdelhan, Massachusetts Institute of Technology

Self-Fulfilling Asset Prices

Alexander Zentefis; Yale University
presented by: Alexander Zentefis, Yale University
Discussant: Eduardo Davila, New York University


Session: Behavioral Corporate Finance

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom B
Session Chair: Geoffrey Tate, University of North Carolina

Limited Attention to Detail in Financial Markets

Henrik Cronqvist; University of Miami
Tomislav Ladika; University of Amsterdam
Zacharias Sautner; Frankfurt School of Finance and Management
presented by: Zacharias Sautner, Frankfurt School of Finance and Management
Discussant: Jonathan Cohn, University of Texas at Austin

What Causes Passive Hedge Funds to Become Activists?

Marco Elia; Queensland University of Technology
presented by: Marco Elia, Queensland University of Technology
Discussant: Vyacheslav (Slava) Fos, Boston College

CAPM-Based Company (Mis)valuations

Olivier Dessaint; University of Toronto
Jacques Olivier; HEC Paris
Clemens Otto; Singapore Management University
David Thesmar; Massachusetts Institute of Technology
presented by: Olivier Dessaint, University of Toronto
Discussant: Ryan Pratt, Brigham Young University

The Effect of Superstar Firms on College Major Choice

Darwin Choi; The Chinese University of Hong Kong
Dong Lou; London School of Economics
Abhiroop Mukherjee; Hong Kong University of Science and Technology
presented by: Dong Lou, London School of Economics
Discussant: Paige Ouimet, University of North Carolina


Session: Capital Structure (Leverage)

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Room 212-213-214
Session Chair: Michael Roberts, University of Pennsylvania

Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation

Samuel Antill; Stanford University
Steven Grenadier; Stanford University
presented by: Samuel Antill, Stanford University
Discussant: Neng Wang, Columbia University

Capital Structure and Hedging Demand with Incomplete Markets

Alberto Bisin; New York University
Gian Luca Clementi; New York University
Piero Gottardi; European University Institute
presented by: Gian Luca Clementi, New York University
Discussant: Joao Gomes, University of Pennsylvania

Maturity Premium

Maria Chaderina; Vienna University of Economics and Business
Patrick Weiss; Vienna University of Economics and Business
Josef Zechner; Vienna University of Economics and Business
presented by: Patrick Weiss, Vienna University of Economics and Business
Discussant: Hui Chen, Massachusetts Institute of Technology


Session: Insiders and Incentives

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Room 209-210-211
Session Chair: Camelia Kuhnen, University of North Carolina

The Dollar Profits to Insider Trading

Peter Cziraki; University of Toronto
Jasmin Gider; Tilburg University
presented by: Peter Cziraki, University of Toronto
Discussant: Heather Tookes, Yale University

The Long-Term Consequences of Short-Term Incentives

Alex Edmans; London Business School
Vivian Fang; University of Minnesota
Allen Huang; Hong Kong University of Science and Technology
presented by: Alex Edmans, London Business School
Discussant: Mathias Kronlund, University of Illinois

The Real Costs of CEO Compensation: the Effect of Behindness Aversion of Employees

Ingolf Dittmann; Erasmus University Rotterdam
Christoph Schneider; Tilburg University
Yuhao Zhu; Erasmus University Rotterdam
presented by: Christoph Schneider, Tilburg University
Discussant: Dirk Jenter, London School of Economics


Session: Mergers and Acquisitions

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom C
Session Chair: Jun-Koo Kang, Nanyang Business School

M&As and the Value of Control

Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
Weikang Zhu; Tsinghua University
presented by: Hong Zhang, Tsinghua University
Discussant: Mara Faccio, Purdue University

Merger Waves and Innovation Cycles: Evidence from Patent Expirations

Matthew Denes; Carnegie Mellon University
Ran Duchin; University of Washington
Jarrad Harford; University of Washington
presented by: Matthew Denes, Carnegie Mellon University
Discussant: Isil Erel, Ohio State University

Product Market Dynamics and Mergers and Acquisitions: Insights from the USPTO Trademark Data

Po-Hsuan Hsu; The University of Hong Kong
Kai Li; University of British Columbia
Xing Liu; University of British Columbia
Yunan Liu; University of Hong Kong
Hong Wu; Hong Kong Polytechnic University
presented by: Hong Wu, Hong Kong Polytechnic University
Discussant: Gordon Phillips, Dartmouth College

M&A(dvertising)

Alexander Hillert; Goethe University Frankfurt
Anja Kunzmann; University of Mannheim
Stefan Ruenzi; University of Mannheim
presented by: Stefan Ruenzi, University of Mannheim
Discussant: Charles Hadlock, Michigan State University


Session: Risk and Return in Financial Intermediation

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Salon West
Session Chair: Stephen Dimmock, Nanyang Technological University

Judging Banks’ Risk by the Profits They Report

Ben Meiselman; Johns Hopkins University
Stefan Nagel; University of Chicago
Amiyatosh Purnanandam; University of Michigan
presented by: Stefan Nagel, University of Chicago
Discussant: Vikrant Vig, London Business School

The Private Production of Safe Assets

Marcin Kacperczyk; Imperial College London
Christophe Perignon; HEC Paris
Guillaume Vuillemey; HEC Paris
presented by: Christophe Perignon, HEC Paris
Discussant: Alan Moreira, University of Rochester

Do Banks have an Edge?

Juliane Begenau; Stanford University
presented by: Juliane Begenau, Stanford University
Discussant: George Pennacchi, University of Illinois


Session: The Role of Media in Finance

January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom D
Session Chair: Paul Tetlock, Columbia University

News-Driven Trading: Who Reads the News and When?

Anastassia Fedyk; University of California, Berkeley
presented by: Anastassia Fedyk, University of California, Berkeley
Discussant: Christopher Parsons, University of Southern California

Beyond Words: The Causal Effects of News on Information

Yuan Li; Univ. of Southern California
presented by: Bruce Li, University of Southern California
Discussant: Lily Fang, INSEAD

Home-Country Media Slant and Equity Prices

Benjamin Golez; University of Notre Dame
Rasa Karapandza; EBS Business School
presented by: Benjamin Golez, University of Notre Dame
Discussant: Luigi Zingales, University of Chicago

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

Yi Dong; Shanghai University of Finance and Economics
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
presented by: Hong Zhang, Tsinghua University
Discussant: Marina Niessner, AQR Capital Management


Session: AFA Panel: Blockchain: Myth and Reality

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Salon West
Session Chair: Luigi Zingales, University of Chicago

presented by:

Adair Morse, University of California, Berkeley
Eric Budish, University of Chicago
David Yermack, New York University


Session: Contracts and Incentives

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Room 205-206-207
Session Chair: Alex Edmans, London Business School

Regulating Charlatans in High-Skill Professions

Jonathan Berk; Stanford University
Jules van Binsbergen; University of Pennsylvania
presented by: Jules van Binsbergen, University of Pennsylvania
Discussant: Philip Bond, University of Washington

Is Cash Still King: Why Firms Offer Non-Wage Compensation and the Implications for Shareholder Value

Tim Liu; University of North Carolina
Christos Makridis; Stanford University
Paige Ouimet; University of North Carolina
Elena Simintzi; University of British Columbia
presented by: Paige Ouimet, University of North Carolina
Discussant: Steven Kaplan, University of Chicago

Career Risk and Market Discipline in Asset Management

Andrew Ellul; Indiana University, CEPR, CSEF, and ECGI
Marco Pagano; University of Naples Federico II
Annalisa Scognamiglio; University of Naples Federico II
presented by: Annalisa Scognamigl, University of Naples Federico II
Discussant: Paul Oyer, Stanford University

CEO Incentives for Risk-Taking and Compensation Duration

Thomas Kubick; University of Kansas
John Robinson; Texas A&M University
Laura Starks; University of Texas
presented by: Thomas Kubick, University of Kansas
Discussant: Kevin Murphy, University of Southern California


Session: Households and Portfolio Choice

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Room 212-213-214
Session Chair: Stephan Siegel, University of Washington

The Portfolio-Driven Disposition Effect

Joseph Engelberg; University of California, San Diego
Matthew Henriksson; University of South Florida
Jared Williams; University of South Florida
presented by: Jared Williams, University of South Florida
Discussant: David Solomon, Boston College

A Life-Cycle Model with Unemployment Traps

Fabio C. Bagliano; Università di Torino
Carolina Fugazza; University of Torino
Giovanna Nicodano; University of Torino and Netspar
presented by: Giovanna Nicodano, University of Torino and Netspar
Discussant: Claus Munk, Copenhagen Business School

Advertising Exposure and Portfolio Choice: Estimates Based on Sports Sponsorships
[slides]
Ioannis Branikas; Princeton University
presented by: Ioannis Branikas, Princeton University
Discussant: Aaron Burt, University of Oklahoma

Political Uncertainty and Household Stock Market Participation

Vikas Agarwal; Georgia State University
Hadiye Aslan; Georgia State University
Lixin Huang; Georgia State University
Honglin Ren; Georgia State University
presented by: Honglin Ren, Georgia State University
Discussant: Brandon Julio, University of Oregon


Session: Macroprudential Policy and Financial Stability

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Room 209-210-211
Session Chair: Stacey Schreft, U.S. Office of Financial Research

Monetary Policy, Interest Rates, and Reaching for Yield: Evidence from Life Insurance Companies

Ali Ozdagli; Federal Reserve Bank of Boston
Zixuan Kevin Wang; Harvard University
presented by: Zixuan Kevin Wang, Harvard University
Discussant: Bo Becker, Stockholm School of Economics

The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment

John Kandrac; Federal Reserve Board
Bernd Schlusche; Federal Reserve Board
presented by: Bernd Schlusche, Federal Reserve Board
Discussant: Christa Bouwman, Texas A&M University

Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability

Benjamin Bernard; University of California, Los Angeles
Agostino Capponi; Columbia University
Joseph Stiglitz; Columbia University
presented by: Benjamin Bernard, University of California, Los Angeles
Discussant: Alireza Tahbaz-Salehi, Northwestern University


Session: Market Mispricing: Extrapolation, Speculation, and Disclosure

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom A
Session Chair: Samuel Hartzmark, University of Chicago

Asset Pricing with Return Extrapolation

Lawrence Jin; California Institute of Technology
Pengfei Sui; California Institute of Technology
presented by: Lawrence Jin, California Institute of Technology
Discussant: Alexander Chinco, University of Illinois

Can Disclosure Decrease Price Efficiency? Evidence from Mutual Fund Disclosures

Todd Gormley; Washington University in St. Louis
Zachary Kaplan; Washington University in St. Louis
Aadhaar Verma; Washington University in St. Louis
presented by: Todd Gormley, Washington University in St. Louis
Discussant: Eric So, Massachusetts Institute of Technology

Speculation Sentiment

Shaun Davies; University of Colorado
presented by: Shaun Davies, University of Colorado-Boulder
Discussant: Clemens Sialm, University of Texas at Austin and NBER

Learning Fast or Slow

Brad Barber; University of California, Davis
Yi-Tsung Lee; Peking University
Yu-Jane Liu; Peking University
Terrance Odean; University of California, Berkeley
Ke Zhang; Nanjing University
presented by: Terrance Odean, University of California, Berkeley
Discussant: Markku Kaustia, Aalto University


Session: Mortgages

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom B
Session Chair: Wenlan Qian, National University of Singapore

Structuring Mortgages for Macroeconomic Stability

John Campbell; Harvard University
Nuno Clara; London Business School
Joao Cocco; London Business School
presented by: John Campbell, Harvard University
Discussant: Alexei Tchistyi, University of Illinois

Financial Fragility with SAM?

Daniel Greenwald; Massachusetts Institute of Technology
Tim Landvoigt; University of Pennsylvania
Stijn Van Nieuwerburgh; Columbia University
presented by: Tim Landvoigt, University of Pennsylvania
Discussant: Barney Hartman-Glaser, University of California, Los Angeles

Collateral Misreporting in the RMBS Market

Samuel Kruger; University of Texas at Austin
Gonzalo Maturana; Emory University
presented by: Gonzalo Maturana, Emory University
Discussant: Changcheng Song, National University of Singapore


Session: Non-Bank Lending Behavior

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom C
Session Chair: John Griffin, University of Texas

Lender Forbearance

Andrew Bird; Carnegie Mellon University
Aytekin Ertan; London Business School
Stephen Karolyi; Carnegie Mellon University
Thomas Ruchti; Carnegie Mellon University
presented by: Stephen Karolyi, Carnegie Mellon University
Discussant: Taylor Nadauld, Brigham Young University

Nonbank Lending

Sergey Chernenko; Purdue University
Isil Erel; Ohio State University
Robert Prilmeier; Tulane University
presented by: Robert Prilmeier, Tulane University
Discussant: Rustom Irani, University of Illinois

Loan Syndication Structures and Price Collusion

Jian Cai; Washington University in St. Louis
Frederik Eidam; Centre for European Economic Research (ZEW)
Anthony Saunders; New York University
Sascha Steffen; Frankfurt School of Finance and Management
presented by: Sascha Steffen, Frankfurt School of Finance and Management
Discussant: Jordan Nickerson, Boston College

Trust in Lending

Robert Merton; Massachusetts Institute of Technology
Richard Thakor; University of Minnesota
presented by: Richard Thakor, University of Minnesota
Discussant: Richard Lowery, University of Texas at Austin


Session: Selecting Mutual Funds

January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom D
Session Chair: Russ Wermers, University of Maryland

Selection and Timing Skill in Bond Mutual Fund Returns: Evidence from Bootstrap Simulations

Lifa Huang; University of Arkansas
Wayne Lee; University of Arkansas
Craig Rennie; University of Arkansas
presented by: Craig Rennie, University of Arkansas
Discussant: Gjergji Cici, University of Kansas

Is There a Home Field Advantage in Global Markets?

Murali Jagannathan; Binghamton University – SUNY
Wei Jiao; Binghamton University-SUNY
Andrew Karolyi; Cornell University
presented by: Andrew Karolyi, Cornell University
Discussant: Veronika Pool, Indiana University

Distortions Caused by Asset Managers Retaining Securities Lending Income

Travis Johnson; University of Texas at Austin
Gregory Weitzner; University of Texas
presented by: Travis Johnson, University of Texas at Austin
Discussant: Adam Reed, University of North Carolina-Chapel Hill

Cross-Sectional Alpha Dispersion and Performance Evaluation

Campbell Harvey; Duke University
Yan Liu; Texas A&M University
presented by: Campbell Harvey, Duke University
Discussant: Wayne Ferson, University of Southern California


Session: AFA Panel: New Datasets and Methods in Finance Research

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Salon West
Session Chair: Michael Bailey, Facebook

presented by:

Stefano Giglio, Yale University
Camelia Kuhnen, University of North Carolina
Scott Baker, Northwestern University
Rebecca Diamond, Stanford University


Session: Bank Lending and Firm Financing

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom C
Session Chair: Denis Sosyura, Arizona State University

Banks as Patient Lenders: Evidence from a Tax Reform

Elena Carletti; Bocconi University
Filippo De Marco; Bocconi University
Vasso Ioannidou; Lancaster University
Enrico Sette; Bank of Italy
presented by: Filippo De Marco, Bocconi University
Discussant: Manuel Adelino, Duke University

Government Ownership of Banks and Corporate Innovation

Bo Bian; London Business School
Rainer Haselmann; Goethe University
Vikrant Vig; London Business School
Beatrice Weder; University of Mainz
presented by: Bo Bian, London Business School
Discussant: Mark Leary, Washington University in St. Louis

The Rise of Shadow Banking: Evidence from Capital Regulation

Rustom Irani; University of Illinois
Rajkamal Iyer; Imperial College London
Ralf Meisenzahl; Federal Reserve Board
Jose Luis Peydro; ICREA, Universitat Pompeu Fabra, CREI, and BGSE
presented by: Rustom Irani, University of Illinois
Discussant: Gregor Matvos, University of Texas at Austin


Session: Finance and Development

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Room 205-206-207
Session Chair: Emily Breza, Harvard University

Capital Destruction and Economic Growth: The Effects of Sherman’s March, 1850–1920

James Feigenbaum; Boston University
James Lee; Cornerstone Research
Filippo Mezzanotti; Northwestern University
presented by: Filippo Mezzanotti, Northwestern University
Discussant: Michela Giorcelli, University of California, Los Angeles

The Externalities of Corruption: Evidence from Entrepreneurial Activity in China

Mariassunta Giannetti; Stockholm School of Economics and CEPR
Guanmin Liao; Central University of Finance and Economics
Jiaxing You; Xiamen University
Xiaoyun Yu; Indiana University
presented by: Xiaoyun Yu, Indiana University
Discussant: David Schoenherr, Princeton University

Who Benefits from the Decline of American Manufacturing? Evidence from 142,663 Foreign and Domestic Entries in China

Minwen Li; Tsinghua University
Tanakorn Makaew; Securities and Exchange Commission
Vojislav Maksimovic; University of Maryland
presented by: Vojislav Maksimovic, University of Maryland
Discussant: Erik Loualiche, University of Minnesota


Session: Financial Institutions

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Room 209-210-211
Session Chair: Zhiguo He, University of Chicago

The Sound of Many Funds Rebalancing

Alexander Chinco; University of Illinois
Vyacheslav (Slava) Fos; Boston College
presented by: Alexander Chinco, University of Illinois
Discussant: Maryam Farboodi, Princeton University

The Dark Side of Liquid Bonds in Fire Sales

Maria Chaderina; Vienna University of Economics and Business
Alexander Muermann; Vienna University of Economics and Business
Christoph Scheuch; Vienna Graduate School of Finance
presented by: Alexander Muermann, Vienna University of Economics and Business
Discussant: Valentin Haddad, University of California, Los Angeles

Alpha Decay

Rick Di Mascio; Inalytics Ltd.
Anton Lines; Columbia University
Narayan Y Naik; London Business School
presented by: Narayan Y Naik, London Business School
Discussant: Ron Kaniel, University of Rochester


Session: Fixed Income and Credit Risk

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom D
Session Chair: Monika Piazzesi, Stanford University

Default Risk and the Pricing of U.S. Sovereign Bonds

Robert Dittmar; University of Michigan
Alex Hsu; Georgia Institute of Technology
Guillaume Roussellet; McGill University
Peter Simasek; Georgia Institute of Technology
presented by: Alex Hsu, Georgia Institute of Technology
Discussant: Luis Viceira, Harvard Business School

A New Normal for Interest Rates? Evidence from Inflation-Indexed Debt

Jens Christensen; Federal Reserve Bank of San Francisco
Glenn Rudebusch; Federal Reserve Bank of San Francisco
presented by: Jens Christensen, Federal Reserve Bank of San Francisco
Discussant: Jing Cynthia Wu, University of Chicago

Low Inflation: High Default Risk AND High Equity Valuations

Harjoat Bhamra; Imperial College London
Christian Dorion; HEC Montreal
Alexandre Jeanneret; HEC Montreal
Michael Weber; University of Chicago
presented by: Alexandre Jeanneret, HEC Montreal
Discussant: Hui Chen, Massachusetts Institute of Technology

The Term Structure of Credit Spreads with Dynamic Debt Issuance and Incomplete Information

Luca Benzoni; Federal Reserve Bank of Chicago
Lorenzo Garlappi; University of British Columbia
Robert Goldstein; University of Minnesota
presented by: Luca Benzoni, Federal Reserve Bank of Chicago
Discussant: Nina Boyarchenko, Federal Reserve Bank of New York


Session: Information and Competition in Banking

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Room 212-213-214
Session Chair: David Thesmar, Massachusetts Institute of Technology

Economics of Voluntary Information Sharing

Jose Liberti; Northwestern University and DePaul University
Jason Sturgess; Queen Mary University of London
Andrew Sutherland; Massachusetts Institute of Technology
presented by: Andrew Sutherland, Massachusetts Institute of Technology
Discussant: Marco Pagano, University of Naples Federico II

Leverage Regulation and Market Structure: An Empirical Model of the UK Mortgage Market

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

Bank Transparency and Deposit Flows

Qi Chen; Duke University
Itay Goldstein; University of Pennsylvania
Zeqiong Huang; Yale University
Rahul Vashishtha; Duke University
presented by: Zeqiong Huang, Yale University
Discussant: Luc Laeven, European Central Bank

How Does Competition Affect Bank Lending? Quasi-Experimental Evidence from Bank Mergers

Carl Liebersohn; Massachusetts Institute of Technology
presented by: Carl Liebersohn, Massachusetts Institute of Technology
Discussant: Philip Strahan, Boston College


Session: Information and Disclosure

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom A
Session Chair: Philip Bond, University of Washington

Redact When Competitors Act

Xiaoli Tian; Georgetown University
Miaomiao Yu; Louisiana State University
presented by: Miaomiao Yu, Louisiana State University
Discussant: Carola Schenone, University of Virginia

Optimal Disclosure and Fight for Attention

Jan Schneemeier; Indiana University
presented by: Jan Schneemeier, Indiana University
Discussant: Jesse Davis, University of North Carolina-Chapel Hill

Externalities of Accounting Disclosures: Evidence from the Federal Reserve

Edward Li; Baruch College – CUNY
Gary Lind; Rice University
K. Ramesh; Rice University
Min Shen; Baruch College – CUNY
presented by: Gary Lind, Rice University
Discussant: Alan Moreira, University of Rochester

Monitor Reputation and Transparency

Ivan Marinovic; Stanford University
Martin Szydlowski; University of Minnesota
presented by: Martin Szydlowski, University of Minnesota
Discussant: Giulio Trigilia, University of Rochester


Session: The Relation Between Expected Returns and Betas

January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom B
Session Chair: Daniel Andrei, University of California, Los Angeles

Asset Pricing Anomalies and the Low-risk Puzzle

Ruomeng Liu; Rice University
presented by: Ruomeng Liu, Rice University
Discussant: Scott Cederburg, University of Arizona

The Macroeconomic Announcement Premium

Jessica Wachter; University of Pennsylvania
Yicheng Zhu; University of Pennsylvania
presented by: Yicheng Zhu, University of Pennsylvania
Discussant: Hengjie Ai, University of Minnesota

Asset Pricing: A Tale of Night and Day

Terrence Hendershott; University of California Berkeley
Dmitry Livdan; University of California, Berkeley
Dominik Roesch; University at Buffalo
presented by: Dominik Roesch, University at Buffalo
Discussant: Pavel Savor, Temple University


Session: AFA Panel: Making the World a Better Place: Innovations in Financial Inclusion, Literacy, and Development

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Salon West
Session Chair: Asli Demirguc-Kunt, The World Bank

presented by:

Jonathan Morduch, New York University
Annamaria Lusardi, George Washington University
Leora Klapper, The World Bank
Xavier Gine, The World Bank


Session: Analysts, News, Media and Market Sentiment

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Room 209-210-211
Session Chair: David Solomon, Boston College

The Earnings Announcement Return Cycle

Juhani Linnainmaa; University of Southern California
Yingguang Zhang; University of Southern California
presented by: Yingguang Zhang, University of Southern California
Discussant: Pavel Savor, Temple University

Fully Closed: Individual Responses to Realized Capital Gains and Losses

Michaela Pagel; Columbia University
presented by: Michaela Pagel, Columbia University
Discussant: Yaron Levi, University of Southern California

When Paper Losses Get Physical: Domestic Violence and Stock Returns

Tse-Chun Lin; University of Hong Kong
Vesa Pursiainen; The University of Hong Kong
presented by: Vesa Pursiainen, The University of Hong Kong
Discussant: Lisa Kramer, University of Toronto

Detecting Opportunistic Behavior in Public Short Campaigns

Danqi Hu; Northwestern University
presented by: Danqi Hu, Northwestern University
Discussant: Matthew Ringgenberg, University of Utah


Session: Barriers to Boardrooms

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom D
Session Chair: Renee Adams, University of Oxford

The Impact of Role Models on Women’s Self-Selection in Competitive Environments

Kristina Meier; University of Mannheim
Alexandra Niessen-Ruenzi; University of Mannheim
Stefan Ruenzi; University of Mannheim
presented by: Kristina Meier, University of Mannheim
Discussant: Lise Vesterlund, University of Pittsburgh

The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years

Ran Duchin; University of Washington
Mikhail Simutin; University of Toronto
Denis Sosyura; Arizona State University
presented by: Denis Sosyura, Arizona State University
Discussant: Paola Sapienza, Northwestern University

Board Quotas and Director-Firm Matching

Daniel Ferreira; London School of Economics
Edith Ginglinger; Université Paris-Dauphine
Marie-Aude Laguna; Université Paris–Dauphine
Yasmine Skalli; Université Paris–Dauphine
presented by: Daniel Ferreira, London School of Economics
Discussant: Adriana Lleras-Muney, University of California, Los Angeles


Session: Corporate Borrowing

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Room 205-206-207
Session Chair: Mark Leary, Washington University in St. Louis

Credit Lines and the Liquidity Insurance Channel

Viral Acharya; New York University, CEPR, and NBER
Heitor Almeida; University of Illinois
Filippo Ippolito; Universitat Pompeu Fabra
Ander Perez-Orive; Federal Reserve Board
presented by: Ander Perez-Orive, Federal Reserve Board
Discussant: Joao Santos, Federal Reserve Bank of New York

Short-Term Debt and Incentives for Risk-Taking

Marco Della Seta; APG Asset Management
Erwan Morellec; Ecole Polytechnique Fédérale de Lausan
Francesca Zucchi; Federal Reserve Board
presented by: Francesca Zucchi, Federal Reserve Board
Discussant: Konstantin Milbradt, Northwestern University

Security Lending and Corporate Financing: The Case of the Debt Market

Jennie Bai; Georgetown University
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
presented by: Massimo Massa, INSEAD
Discussant: Heather Tookes, Yale University


Session: How Networks Impact Stock Returns

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Room 212-213-214
Session Chair: Ron Kaniel, University of Rochester

Trade Networks and Asset Prices: Evidence from the Sovereign CDS Market

Huancheng Du; International Monetary Fund
Dong Lou; London School of Economics
Christopher Polk; London School of Economics
Jinfan Zhang; Chinese University of Hong Kong (Shenzhen)
presented by: Christopher Polk, London School of Economics
Discussant: Robert Ready, University of Oregon

Production Networks and Stock Returns: The Role of Vertical Creative Destruction

Michael Gofman; University of Rochester
Gill Segal; University of North Carolina
Youchang Wu; University of Oregon
presented by: Gill Segal, University of North Carolina
Discussant: Stefano Giglio, Yale University

Return Predictability in Firms with Complex Ownership Network

Angelica Gonzalez; University of Edinburgh
Sergei Sarkissian; McGill University
Jun Tu; Singapore Management University
Ran Zhang; University of Edinburgh
presented by: Ran Zhang, University of Edinburgh
Discussant: Lauren Cohen, Harvard Business School


Session: Macro Finance

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom A
Session Chair: Stijn Van Nieuwerburgh, Columbia University

The Economics of the Fed Put

Anna Cieslak; Duke University
Annette Vissing-Jorgensen; University of California, Berkeley
presented by: Anna Cieslak, Duke University
Discussant: Alexi Savov, New York University

Risk-Adjusted Capital Allocation and Misallocation

Joel David; University of Southern California
Lukas Schmid; Duke University
David Zeke; University of Southern California
presented by: Lukas Schmid, Duke University
Discussant: Dimitris Papanikolaou, Northwestern University

Term Structure of Risk in Expected Returns

Irina Zviadadze; Stockholm School of Economics
presented by: Irina Zviadadze, Stockholm School of Economics
Discussant: Ralph Koijen, University of Chicago

Mortgage Design and Slow Recoveries. The Role of Recourse and Default.

Pedro Gete; IE Business School
Franco Zecchetto; Instituto Tecnológico Autónomo de México (ITAM)
presented by: Franco Zecchetto, Instituto Tecnológico Autónomo de México (ITAM)
Discussant: Tomasz Piskorski, Columbia University


Session: New Perspectives on Risk

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom B
Session Chair: Bryan Kelly, Yale University

Firm-Level Political Risk: Measurement and Effects

Tarek Hassan; Boston University
Stephan Hollander; Tilburg University
Ahmed Tahoun; London Business School
Laurence van Lent; Frankfurt School of Finance and Management
presented by: Tarek Hassan, Boston University
Discussant: Asaf Manela, Washington University in St. Louis

Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets

Kelly Shue; Yale University
Richard Townsend; University of California, San Diego
presented by: Kelly Shue, Yale University
Discussant: Alexander Chinco, University of Illinois

Conditional Risk

Niels Gormsen; Copenhagen Business School
Christian Skov Jensen; Copenhagen Business School
presented by: Niels Gormsen, Univeristy of Chicago Booth School of Bu
Discussant: Drew Creal, University of Chicago

Foreseen Risks

Joao Gomes; University of Pennsylvania
Marco Grotteria; University of Pennsylvania
Jessica Wachter; University of Pennsylvania
presented by: Joao Gomes, University of Pennsylvania
Discussant: Aditya Sunderam, Harvard Business School


Session: Payout

January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom C
Session Chair: Toni Whited, University of Michigan

The Information Content of Dividends: Safer Profits, Not Higher Profits

Roni Michaely; Cornell University, Cornell Tech
Stefano Rossi; Bocconi University
Michael Weber; University of Chicago
presented by: Stefano Rossi, Bocconi University
Discussant: Yufeng Wu, University of Illinois

Payout Taxation and Corporate Investment: The Agency Channel

Song Ma; Yale University
presented by: Song Ma, Yale University
Discussant: Constantine Yannelis, New York University

Investment Returns and Distribution Policies of Non-Profit Endowment Funds

Sandeep Dahiya; Georgetown University
David Yermack; New York University
presented by: Sandeep Dahiya, Georgetown University
Discussant: Jialan Wang, University of Illinois


Session: AFA Panel: FinTech and Money in the Digital Age

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Salon West
Session Chair: Markus Brunnermeier, Princeton University

presented by:

Arvind Narayanan, Princeton University
David Andolfatto, Federal Reserve Bank of St. Louis
Long Chen, Ant Financial / Luohan Academy
Jean-Pierre Landau, Sciences Po Paris


Session: Expectations in Household Finance

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Room 205-206-207
Session Chair: Francesco D’Acunto, Boston College

New Experimental Evidence on Expectations Formation

Augustin Landier; HEC Paris
Yueran Ma; Harvard University
David Thesmar; Massachusetts Institute of Technology
presented by: Augustin Landier, HEC Paris
Discussant: Nicola Gennaioli, Bocconi University

Perception of House Price Risk and Homeownership

Manuel Adelino; Duke University
Antoinette Schoar; Massachusetts Institute of Technology
Felipe Severino; Dartmouth College
presented by: Felipe Severino, Dartmouth College
Discussant: Edward Glaeser, Harvard University

The Long-lasting Effects of Propaganda on Financial Risk-Taking

Christine Laudenbach; Goethe University Frankfrut
Ulrike Malmendier; University of California, Berkeley
Alexandra Niessen-Ruenzi; University of Mannheim
presented by: Christine Laudenbach, Goethe University Frankfrut
Discussant: Luigi Guiso, European University Institute

Thy Neighbor’s Misfortune: Peer Effect on Consumption

Sumit Agarwal; National University of Singapore
Wenlan Qian; National University of Singapore
Xin Zou; Hong Kong Baptist University
presented by: Xin Zou, Hong Kong Baptist University
Discussant: Michael Weber, University of Chicago


Session: Investors and Firm Market Power: Does the Source of Capital Matter?

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Room 209-210-211
Session Chair: Heather Tookes, Yale University

Bank Concentration and Product Market Competition

Farzad Saidi; Stockholm School of Economics
Daniel Streitz; Copenhagen Business School
presented by: Daniel Streitz, Copenhagen Business School
Discussant: Gregor Matvos, University of Texas at Austin

The Effects of Private Equity on Operational Efficiency and Market Power

Markus Biesinger; European Bank for Reconstruction and Development
Cagatay Bircan; European Bank for Reconstruction and Development
Alexander Ljungqvist; Stockholm School of Economics
presented by: Cagatay Bircan, European Bank for Reconstruction and Development
Discussant: Steven Kaplan, University of Chicago

Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry

Patrick Dennis; University of Virginia
Kristopher Gerardi; Federal Reserve Bank of Atlanta
Carola Schenone; University of Virginia
presented by: Carola Schenone, University of Virginia
Discussant: Todd Gormley, Washington University in St. Louis


Session: Mutual Fund Flows

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Room 212-213-214
Session Chair: Marcin Kacperczyk, Imperial College London

What do Fund Flows Reveal about Asset Pricing Models and Investor Sophistication?

Narasimhan Jegadeesh; Emory University
Chandra Sekhar Mangipudi; Emory University
presented by: Narasimhan Jegadeesh, Emory University
Discussant: Jonathan Berk, Stanford University

How Fast Do Investors Learn? Asset Management Investors and Bayesian Learning

Chris Schwarz; University of California, Irvine
Zheng Sun; University of California, Irvine
presented by: Chris Schwarz, University of California, Irvine
Discussant: Savitar Sundaresan, Imperial College London

Marketing Mutual Funds

Nikolai Roussanov; University of Pennsylvania
Hongxun Ruan; Peking University
Yanhao Wei; University of Southern California
presented by: Nikolai Roussanov, University of Pennsylvania
Discussant: Ali Hortacsu, University of Chicago


Session: Policy and Regulatory Issues

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom C
Session Chair: Deborah Lucas, Massachusetts Institute of Technology

Government Investment in Publicly Traded Firms

Kateryna Holland; Purdue University
presented by: Kateryna Holland, Purdue University
Discussant: Bent Sorensen, University of Houston

The Hidden Costs of Being Public – Evidence from Multinational Firms operating in Emerging Markets

Pablo Slutzky; University of Maryland
presented by: Pablo Slutzky, University of Maryland
Discussant: Andrew Karolyi, Cornell University

Regulatory Integration of International Capital Markets

Jean-Marie Meier; University of Texas at Dallas
presented by: Jean-Marie Meier, University of Texas at Dallas
Discussant: Sebnem Kalemli-Ozcan, University of Maryland

How America Lost Its Competitive Edge: A Study of Institutional Drift

German Gutierrez; New York University
Thomas Philippon; New York University
presented by: German Gutierrez, New York University
Discussant: Janice Eberly, Northwestern University


Session: R&D, Patents, and the Future of Innovation

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom A
Session Chair: Lauren Cohen, Harvard Business School

Speech is Silver, But Silence is Golden: Information Suppression and the Promotion of Innovation

Gaurav Kankanhalli; Cornell University
Alan Kwan; University of Hong Kong
Kenneth Merkley; Cornell University
presented by: Alan Kwan, University of Hong Kong
Discussant: Tania Babina, Columbia University

Property Rights and Debt Financing

Paula Suh; University of Georgia
presented by: Paula Suh, University of Georgia
Discussant: William Mann, University of California, Los Angeles

The Long-Term Consequences of the Tech Bubble on Skilled Workers’ Earnings

Johan Hombert; HEC Paris
Adrien Matray; Princeton University
presented by: Adrien Matray, Princeton University
Discussant: Stefan Lewellen, Pennsylvania State University


Session: Subtle Influences on the Cost of Debt

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom B
Session Chair: Jeffrey Wurgler, New York University

Debt Issuance in the Era of Passive Investment

Michele Dathan; University of Toronto
Sergei Davydenko; University of Toronto
presented by: Michele Dathan, University of Toronto
Discussant: Ian Appel, Boston College

Capital Supply and Corporate Bond Issuances: Evidence From Mutual Fund Flows

Qifei Zhu; University of Texas at Austin
presented by: Qifei Zhu, Nanyang Technological University
Discussant: Aditya Sunderam, Harvard Business School

Tricks of the Trade? Pre-Issuance Price Maneuvers by Underwriter-Dealers

Jun Kyung Auh; Georgetown University
You Suk Kim; Federal Reserve Board
Mattia Landoni; Southern Methodist University
presented by: You Suk Kim, Federal Reserve Board
Discussant: Michael Goldstein, Babson College


Session: Topics in Return Dynamics

January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom D
Session Chair: Svetlana Bryzgalova, London Business School

A Model of the Macroeconomic Announcement Premium

Hengjie Ai; University of Minnesota
Ravi Bansal; Duke University
Jay Im; Duke University
Chao Ying; University of Minnesota
presented by: Chao Ying, University of Minnesota
Discussant: Jessica Wachter, University of Pennsylvania

Leverage-Induced Fire Sales and Stock Market Crashes

Jiagnze Bian; University of International Business and Economics
Zhiguo He; University of Chicago
Kelly Shue; Yale University
Hao Zhou; Tsinghua University
presented by: Jiangze Bian, University of International Business and Economics
Discussant: Emil Siriwardane, Harvard Business School

Valuing Private Equity Investments Strip by Strip

Arpit Gupta; New York University
Stijn Van Nieuwerburgh; Columbia University
presented by: Arpit Gupta, New York University
Discussant: Arthur Korteweg, University of Southern California

The Time Variation in Risk Appetite and Uncertainty
[slides]
Geert Bekaert; Columbia University
Eric Engstrom; Federal Reserve Board of Governors
Nancy Xu; Boston College
presented by: Nancy Xu, Boston College
Discussant: Gurdip Bakshi, Temple University


Session: AFA Lecture: What Makes Financial Networks Special? Understanding and Evaluating Systemic Risk

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Salon West
Session Chair: Matthew Jackson, Stanford University


Session: Financial Crises and Transmission of Shocks

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Room 205-206-207
Session Chair: Alan Moreira, University of Rochester

The Financial Intermediation Premium in the Cross Section of Stock Returns

Tatyana Marchuk; BI Norwegian Business School
presented by: Tatyana Marchuk, BI Norwegian Business School
Discussant: Tyler Muir, UCLA

Identifying Banking Crises

Matthew Baron; Cornell University
Emil Verner; Princeton University
Wei Xiong; Princeton University
presented by: Wei Xiong, Princeton University
Discussant: Arvind Krishnamurthy, Stanford University

Bank Balance Sheets and Liquidation Values: Evidence from Real Estate Collateral

Rodney Ramcharan; University of Southern California
presented by: Rodney Ramcharan, University of Southern California
Discussant: Justin Murfin, Cornell University

Dynamic Interpretation of Emerging Risks in the Financial Sector

Kathleen Hanley; Lehigh University
Gerard Hoberg; University of Southern California
presented by: Kathleen Hanley, Lehigh University
Discussant: Asaf Manela, Washington University in St. Louis


Session: FinTech Applications in Credit and Asset Markets

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Room 209-210-211
Session Chairs:
1. Michaela Pagel, Columbia University
2. Andreas Fuster, Swiss National Bank
On the Rise of FinTechs – Credit Scoring using Digital Footprints
Tobias Berg; Frankfurt School of Finance and Management
Valentin Burg; Humboldt University Berlin
Ana Gombovic; Frankfurt School of Finance and Management
Manju Puri; Duke University and NBER
presented by: Ana Gombovic, Frankfurt School of Finance and Management
Discussant: Keith Chen, University of California, Los Angeles

Platform Credit and E-Commerce Market Structure

Yi Huang; Graduate Institute, Geneva
Ye Li; Ohio State University
Hongzhe Shan; University of Geneva and Swiss Finance Institute
presented by: Ye Li, Ohio State University
Discussant: Sabrina Howell, NYU Stern

Does Crowdsourced Research Discipline Sell-Side Analysts?

Russell Jame; University of Kentucky
Stanimir Markov; Southern Methodist University
Michael Wolfe; Virginia Tech
presented by: Russell Jame, University of Kentucky
Discussant: Jillian Grennan, Duke University

Winners and Losers of Marketplace Lending: Evidence from Borrower Credit Dynamics

Sudheer Chava; Georgia Institute of Technology
Nikhil Paradkar; Georgia Institute of Technology
presented by: Nikhil Paradkar, Georgia Institute of Technology
Discussant: Boris Vallee, Harvard Business School


Session: Investor Psychology

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom A
Session Chair: Cary Frydman, University of Southern California

Doing Less With More

Rawley Heimer; Boston College
Alex Imas; Carnegie Mellon
presented by: Alex Imas, Carnegie Mellon
Discussant: Justin Birru, Ohio State University

“Outlier Blindness”: Efficient Coding Generates an Inability to Represent Extreme Values

Elise Payzan-LeNestour; University of New South Wales
Michael Woodford; Columbia University
presented by: Elise Payzan-LeNestour, University of New South Wales
Discussant: Andrew Lo, Massachusetts Institute of Technology

Monetary Policy and Reaching for Income

Kent Daniel; Columbia University
Lorenzo Garlappi; University of British Columbia
Kairong Xiao; Columbia University
presented by: Kairong Xiao, Columbia University
Discussant: Yueran Ma, Harvard University


Session: Monitoring by Shareholders and Directors

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom B
Session Chair: Nadya Malenko, Boston College

Investors’ Attention to Corporate Governance

Peter Iliev; Pennsylvania State University
Jonathan Kalodimos; Oregon State University
Michelle Lowry; Drexel University
presented by: Jonathan Kalodimos, Oregon State University
Discussant: Gregor Matvos, University of Texas at Austin

Does Board Size Matter?

Dirk Jenter; London School of Economics
Thomas Schmid; University of Hong Kong
Daniel Urban; Erasmus University Rotterdam
presented by: Daniel Urban, Erasmus University Rotterdam
Discussant: William Mullins, University of California, San Diego

Investor Ideology

Patrick Bolton; Columbia University
Tao Li; University of Florida
Enrichetta Ravina; Northwestern University
Howard Rosenthal; New York University
presented by: Enrichetta Ravina, Kellogg School of Management
Discussant: Yonca Ertimur, University of Colorado

Selecting Directors Using Machine Learning

Lea Stern; University of Washington
Isil Erel; Ohio State University
Chenhao Tan; University of Colorado
Michael Weisbach; Ohio State University
presented by: Michael Weisbach, Ohio State University
Discussant: Jordan Nickerson, Boston College


Session: Mutual Funds and Beyond

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom C
Session Chair: Lu Zheng, University of California, Irvine

Efficient Market Managers

Vladimir Atanasov; College of William and Mary
Christo Pirinsky; University of Central Florida
Qinghai Wang; University of Central Florida
presented by: Christo Pirinsky, University of Central Florida
Discussant: Marcin Kacperczyk, Imperial College London

Capital Redeployment in the Equity Market

Huaizhi Chen; Harvard Business School
presented by: Huaizhi Chen, Harvard Business School
Discussant: Susan Christoffersen, University of Toronto

The Impact of Labor Mobility Restrictions on Managerial Actions: Evidence from the Mutual Fund Industry

Gjergji Cici; College of William and Mary
Mario Hendriock; University of Cologne
Alexander Kempf; University of Cologne
presented by: Gjergji Cici, University of Kansas
Discussant: Eric Zitzewitz, Dartmouth College

Unsuccessful Teams

Renee Adams; University of Oxford
Min Kim; University of Texas at Austin
presented by: Min Kim, University of Texas at Austin
Discussant: Lily Fang, INSEAD


Session: Social Corporate Finance

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom D
Session Chair: Henrik Cronqvist, University of Miami

Does Analyst Coverage Affect Workplace Safety

Daniel Bradley; University of South Florida
Connie Mao; Temple University
Chi Zhang; University of Massachusetts, Lowell
presented by: Connie Mao, Temple University
Discussant: Irena Hutton, Florida State University

The Impact of Obamacare on Firm Employment and Performance

Heitor Almeida; University of Illinois
Ruidi Huang; University of Illinois at Urbana-Champaign
Ping Liu; University at Buffalo, the State University of New York
Yuhai Xuan; University of Illinois at Urbana-Champaign
presented by: Heitor Almeida, University of Illinois
Discussant: Sara Holland, University of Georgia

Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished

Francesco D’Acunto; Boston College
Michael Weber; University of Chicago
Jin Xie; The Chinese University of Hong Kong
presented by: Michael Weber, University of Chicago
Discussant: Da Ke, University of South Carolina

Pay Inequality and Public Sector Performance: Evidence from the SEC’s Enforcement Activity

Joseph Kalmenovitz; New York University
presented by: Joseph Kalmenovitz, New York University
Discussant: Tara Bhandari, Securities and Exchange Commission


Session: Trading in Modern Markets

January 5, 2019 14:30 to 16:30
Hilton Atlanta, Room 212-213-214
Session Chair: Sunil Wahal, Arizona State University

Brokers and Order Flow Leakage: Evidence from Fire Sales

Andrea Barbon; Swiss Finance Institute
Marco Di Maggio; Harvard Business School & NBER
Francesco Franzoni; University of Lugano (USI), Swiss Finance Institute
Augustin Landier; HEC Paris
presented by: Francesco Franzoni, University of Lugano (USI), Swiss Finance Institute
Discussant: Sunil Wahal, Arizona State University

Information, Liquidity, and Dynamic Limit Order Markets

Roberto Ricco; Bocconi University
Barbara Rindi; Bocconi University
Duane Seppi; Carnegie Mellon University
presented by: Barbara Rindi, Bocconi University
Discussant: Uday Rajan, University of Michigan

Speed Acquisition

Shiyang Huang; The University of Hong Kong
Bart Yueshen; INSEAD
presented by: Bart Yueshen, INSEAD
Discussant: Haoxiang Zhu, Massachusetts Institute of Technology

Exchange Competition, Entry, and Welfare

Giovanni Cespa; City University London
Xavier Vives; IESE Business School
presented by: Giovanni Cespa, City University London
Discussant: Jiasun Li, George Mason University


Session: Contracts and Complexity

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Room 205-206-207
Session Chair: Augustin Landier, HEC Paris

Strategic Complexity

Vladimir Asriyan; CREi, UPF, and Barcelona GSE
Dana Foarta; Stanford University
Victoria Vanasco; Stanford University
presented by: Victoria Vanasco, Stanford University
Discussant: Bruce Carlin, University of California, Los Angeles

I Can See Clearly Now: Salience and the Impact of Disclosure Requirements

Dominique Badoer; University of Missouri
Charlie Costello; University of Florida
Christopher James; University of Florida
presented by: Dominique Badoer, University of Missouri
Discussant: Abhiroop Mukherjee, Hong Kong University of Science and Technology

Learning about the Details in CEO Compensation

Shuting (Sophia) Hu; Baylor University
presented by: Shuting (Sophia) Hu, Baylor University
Discussant: Katharina Lewellen, Dartmouth College


Session: Corporate Governance: Creditor and Shareholder Monitoring

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Room 209-210-211
Session Chair: Victoria Ivashina, Harvard Business School

Management (of) Proposals

Ilona Babenko; Arizona State University
Goeun Choi; Arizona State University
Rik Sen; University of New South Wales
presented by: Rik Sen, University of New South Wales
Discussant: Nadya Malenko, Boston College

Directors’ Duties Laws and Long-Term Firm Value

Martijn Cremers; University of Notre Dame
Scott Guernsey; University of Oklahoma
Simone Sepe; University of Arizona
presented by: Martijn Cremers, University of Notre Dame
Discussant: Rui Albuquerque, Boston College

Coordinated Engagements

Elroy Dimson; Cambridge Judge Business School and London Business School
Oguzhan Karakas; Cambridge Judge Business School
Xi Li; London School of Economics
presented by: Oguzhan Karakas, Cambridge Judge Business School
Discussant: Giorgia Piacentino, Columbia University

Litigating Innovation: Evidence from Securities Class Action Lawsuits

Elisabeth Kempf; University of Chicago
Oliver Spalt; Tilburg University
presented by: Elisabeth Kempf, University of Chicago
Discussant: Scott Kominers, Harvard University


Session: Disclosure, Regulation, and Banking

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Room 212-213-214
Session Chair: Marcus Opp, Stockholm School of Economics

Disclosure, Competition, and Learning from Asset Prices

Liyan Yang; University of Toronto
presented by: Liyan Yang, University of Toronto
Discussant: Snehal Banerjee, University of California, San Diego

(Why) Do Central Banks Care About Their Profits?

Igor Goncharov; Lancaster Univeristy
Vasso Ioannidou; Lancaster University
Martin Schmalz; University of Michigan
presented by: Vasso Ioannidou, Lancaster University
Discussant: David Lucca, Federal Reserve Bank of New York

The Interdependence of Bank Capital and Liquidity

Elena Carletti; Bocconi University
Itay Goldstein; University of Pennsylvania
Agnese Leonello; European Central Bank
presented by: Itay Goldstein, University of Pennsylvania
Discussant: Xavier Vives, IESE Business School

The Effect of Mandatory Information Disclosure on Financial Constraints

Felipe Cabezon; University of Southern California
presented by: Felipe Cabezon, University of Southern California
Discussant: Toni Whited, University of Michigan


Session: Finance and Resource Allocation over Space and Time

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom A
Session Chair: James Weston, Rice University

Real Effects of Price Transparency: Evidence from Steel Futures

Thorsten Martin; HEC Paris
presented by: Thorsten Martin, HEC Paris
Discussant: Kumar Venkataraman, Southern Methodist University

The Retirement-Consumption Puzzle: New Evidence from Personal Finances

Arna Olafsson; Copenhagen Business School
Michaela Pagel; Columbia University
presented by: Arna Olafsson, Copenhagen Business School
Discussant: Jawad Addoum, Cornell University

Firm Networks in the Great Depression

Erik Loualiche; University of Minnesota
Chris Vickers; Auburn University
Nicolas Ziebarth; Auburn University
presented by: Chris Vickers, Auburn University
Discussant: Holger Mueller, New York University

Real Option Exercise: Empirical Evidence

Paul Decaire; University of Pennsylvania
Erik Gilje; University of Pennsylvania
Jerome Taillard; Babson College
presented by: Paul Decaire, University of Pennsylvania
Discussant: Evgeny Lyandres, Boston University


Session: Hedge Funds

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom B
Session Chair: Chris Schwarz, University of California, Irvine

Do Alpha Males Deliver Alpha? Testosterone and Hedge Funds

Yan Lu; University of Central Florida
Melvyn Teo; Singapore Management University
presented by: Melvyn Teo, Singapore Management University
Discussant: Chris Clifford, University of Kentucky

Prime (Information) Brokerage

Nitish Kumar; University of Florida
Kevin Mullally; University of Alabama
Sugata Ray; University of Alabama
Yuehua Tang; University of Florida
presented by: Nitish Kumar, University of Florida
Discussant: Zheng Sun, University of California, Irvine

Do Hedge Funds Profit from Public Information?

Alan Crane; Rice University
Kevin Crotty; Rice University
Tarik Umar; Rice University
presented by: Tarik Umar, Rice University
Discussant: Vikas Agarwal, Georgia State University


Session: International Finance

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom C
Session Chair: Allaudeen Hameed, National University of Singapore

Is Liquidity Risk Priced in Partially Segmented Markets?

Ines Chaieb; University of Geneva and Swiss Finance Institute
Vihang Errunza; McGill University
Hugues Langlois; HEC Paris
presented by: Hugues Langlois, HEC Paris
Discussant: Christian Lundblad, University of North Carolina

The Real Value of China’s Stock Market

Jennifer Carpenter; New York University
Fangzhou Lu; Massachusetts Institute of Technology
Robert Whitelaw; New York University
presented by: Robert Whitelaw, New York University
Discussant: Zhiguo He, University of Chicago

Nowhere to Run, Nowhere to Hide: Asset Diversification in a Flat World

John Cotter; University College Dublin
Stuart Gabriel; University of California, Los Angeles
Richard Roll; California Institute of Technology
presented by: John Cotter, University College Dublin
Discussant: Jeffrey Wurgler, New York University


Session: Labor and Investment

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom D
Session Chair: Paige Ouimet, University of North Carolina

Minimum Wage and Corporate Policy

Matthew Gustafson; Pennsylvania State University
Jason Kotter; Pennsylvania State University
presented by: Jason Kotter, Pennsylvania State University
Discussant: Daniel Aaronson, Federal Reserve Bank of Chicago

Economic Stimulus at the Expense of Routine-Task Jobs
[slides]
Selale Tuzel; University of Southern California
Miao Zhang; University of Southern California
presented by: Miao Zhang, University of Southern California
Discussant: Robert Chirinko, University of Illinois

Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America

Yifei Mao; Cornell University
Jessie Jiaxu Wang; Arizona State University
presented by: Jessie Jiaxu Wang, Arizona State University
Discussant: Peter Koudijs, Stanford University

Manpower Constraints and Corporate Policies

Francesco D’Acunto; Boston College
Michael Weber; University of Chicago
Shuyao Yang; Ifo Institute for Economic Research
presented by: Francesco D’Acunto, Boston College
Discussant: Irene Yi, University of Toronto


Session: Market Risk Factors

January 6, 2019 8:00 to 10:00
Hilton Atlanta, Salon West
Session Chair: Jianfeng Yu, Tsinghua University

Granularity and (Downside) Risk in Equity Markets

Eric Ghysels; University of North Carolina
presented by: Eric Ghysels, University of North Carolina
Discussant: Ralph Koijen, University of Chicago

Hedging Factor Risk

Bernard Herskovic; University of California, Los Angeles
Alan Moreira; University of Rochester
Tyler Muir; University of California, Los Angeles
presented by: Bernard Herskovic, University of California, Los Angeles
Discussant: Kent Daniel, Columbia University

Are Cross-Sectional Predictors Good Market-Level Predictors?

Joseph Engelberg; University of California, San Diego
David McLean; Georgetown University
Jeffrey Pontiff; Boston College
Matthew Ringgenberg; University of Utah
presented by: Jeffrey Pontiff, Boston College
Discussant: Amit Goyal, University of Lausanne

Size and Value in China

Jianan Liu; University of Pennsylvania
Robert Stambaugh; University of Pennsylvania
Yu Yuan; Mingshi Investment Management Co., Ltd.
presented by: Robert Stambaugh, University of Pennsylvania
Discussant: Jun Qian, Fudan University


Session: Blockchain and Cryptocurrencies

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Salon West
Session Chairs:
1. Andreas Fuster, Swiss National Bank
2. Michaela Pagel, Columbia University
Blockchain Economics
[slides]
Joseph Abadi; Princeton University
Markus Brunnermeier; Princeton University
presented by: Markus Brunnermeier, Princeton University
Discussant: Will Cong, University of Chicago

Initial Coin Offerings and Platform Building

Jiasun Li; George Mason University
William Mann; University of California, Los Angeles
presented by: William Mann, University of California, Los Angeles
Discussant: Joshua Gans, University of Toronto

An Equilibrium Valuation of Bitcoin and Decentralized Network Assets

Andrea Buraschi; Imperial College London
Emiliano Pagnotta; Imperial College London
presented by: Emiliano Pagnotta, Imperial College London
Discussant: Maryam Farboodi, Princeton University


Session: Corporate Culture

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 205-206-207
Session Chair: Jillian Grennan, Duke University

Measuring Corporate Culture Using Machine Learning

Kai Li; University of British Columbia
Feng Mai; Stevens Institute of Technology
Rui Shen; Nanyang Technological University
Xinyan Yan; University of Dayton
presented by: Kai Li, University of British Columbia
Discussant: Gordon Phillips, Dartmouth College

The Price of Hate

Barbara Bliss; University of San Diego
Joseph Engelberg; University of California, San Diego
Mitch Warachka; University of San Diego
presented by: Barbara Bliss, University of San Diego
Discussant: Samuel Hartzmark, University of Chicago

Entrenched Insiders and Corporate Sustainability (ESG): How Much Does the “G” Matter for “E” and “S” Performance Around the World?

Alexander Dyck; University of Toronto
Karl Lins; University of Utah
Lukas Roth; University of Alberta
Mitch Towner; University of Arizona
Hannes Wagner; Bocconi University
presented by: Mitch Towner, University of Arizona
Discussant: Laura Starks, University of Texas

Hacking Corporate Reputations

Pat Akey; University of Toronto
Stefan Lewellen; Pennsylvania State University
Inessa Liskovich; University of Texas at Austin
presented by: Inessa Liskovich, University of Texas at Austin
Discussant: Tracy Wang, University of Minnesota


Session: Derivatives

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 209-210-211
Session Chair: Neil Pearson, University of Illinois

Decomposing Long Bond Returns: A Decentralized Modeling Approach

Peter Carr; New York University
presented by: Peter Carr, New York University
Discussant: Scott Joslin, University of Southern California

The Pricing Kernel is U-shaped

Tobias Sichert; Goethe University Frankfurt
presented by: Tobias Sichert, Goethe University Frankfurt
Discussant: Mathieu Fournier, HEC Montréal

Is there Smart Money? How Information in the Futures Market is Priced into the Cross-Section of Stock Returns with Delay

Steven Ho; Columbia University
Alexandre Lauwers; The Graduate Institute, Geneva
presented by: Steven Wei Ho, Columbia University
Discussant: Brian Henderson, George Washington University

Option Implied Spreads

Christopher Culp; Johns Hopkins Institute for Applied Economics
Yoshio Nozawa; Federal Reserve Board
Pietro Veronesi; University of Chicago
presented by: Yoshio Nozawa, Federal Reserve Board of Governors
Discussant: Dmitriy Muravyev, Boston College


Session: Entrepreneurial Finance/Venture Capital

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom A
Session Chair: Shai Bernstein, Stanford University

Private Company Valuations by Mutual Funds

Vikas Agarwal; Georgia State University
Brad Barber; University of California, Davis
Si Cheng; The Chinese University of Hong Kong
Allaudeen Hameed; National University of Singapore
Ayako Yasuda; University of California, Davis
presented by: Si Cheng, The Chinese University of Hong Kong
Discussant: Manuel Adelino, Duke University

Entrepreneurial Wages

Tania Babina; Columbia University
Wenting Ma; University of North Carolina
Paige Ouimet; University of North Carolina
Rebecca Zarutskie; Federal Reserve Board
presented by: Paige Ouimet, University of North Carolina
Discussant: Song Ma, Yale University

Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital

Josh Lerner; Harvard University
Jason Mao; State Street
Antoinette Schoar; Massachusetts Institute of Technology
Nan Zhang; State Street
presented by: Josh Lerner, Harvard University
Discussant: Adair Morse, University of California, Berkeley

Venture Capital Contracts

Michael Ewens; California Institute of Technology
Alexander Gorbenko; University of Southern California
Arthur Korteweg; University of Southern California
presented by: Alexander Gorbenko, University of Southern California
Discussant: Will Gornall, University of British Columbia


Session: Exchange Rates

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom B
Session Chair: Laura Veldkamp, Columbia University

The Two-Pillar Policy for the RMB

Urban Jermann; University of Pennsylvania
Bin Wei; Federal Reserve Bank of Atlanta
Vivian Yue; Emory University
presented by: Vivian Yue, Emory University
Discussant: Wenxin Du, Federal Reserve Board

International Currencies and Capital Allocation

Matteo Maggiori; Harvard University
Brent Neiman; University of Chicago
Jesse Schreger; Columbia Univeristy
presented by: Matteo Maggiori, Harvard University
Discussant: Riccardo Colacito, unc at chapel hill

Dollar Safety and the Global Financial Cycle

Zhengyang Jiang; Kellogg School of Management, Northwestern University
Arvind Krishnamurthy; Stanford University
Hanno Lustig; Stanford University
presented by: Arvind Krishnamurthy, Stanford University
Discussant: Jesse Schreger, Columbia Univeristy


Session: Financial Distress and Resolution

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 203
Session Chair: Kose John, New York University

Payday before Mayday: CEO Compensation Contracting for Distressed Firms

Mary Ellen Carter; Boston College
Edie Hotchkiss; Boston College
Mahdi Mohseni; Texas A&M University
presented by: Edie Hotchkiss, Boston College
Discussant: Stacey Jacobsen, Southern Methodist University

Do Minimum Wage Increases Cause Financial Stress to Small Businesses? Evidence from 15 Million Establishments

Sudheer Chava; Georgia Institute of Technology
Alexander Oettl; Georgia Institute of Technology
Manpreet Singh; Georgia Institute of Technology
presented by: Manpreet Singh, Georgia Institute of Technology
Discussant: Ashwini Agrawal, London School of Economics

Debt-Equity Simultaneous Holdings and Distress Resolution

Yongqiang Chu; University of South Carolina
Ha Nguyen; Indiana University
Jun Wang; University of Western Ontario
Wei Wang; Queen’s University
Wenyu Wang; Indiana University
presented by: Wei Wang, Queen’s University
Discussant: Katherine Waldock, Georgetown University

Practice Makes Perfect: Judge Experience and Bankruptcy Outcomes

Benjamin Iverson; Brigham Young University
Joshua Madsen; University of Minnesota
Wei Wang; Queen’s University
Qiping Xu; University of Notre Dame
presented by: Benjamin Iverson, Brigham Young University
Discussant: Tom Chang, University of Southern California


Session: Information Frictions and Asset Prices

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom C
Session Chair: Liyan Yang, University of Toronto

Volatility and Informativeness

Eduardo Davila; New York University
Cecilia Parlatore; New York University
presented by: Cecilia Parlatore, New York University
Discussant: Bradyn Breon-Drish, University of California, San Diego

Trading Ahead of Treasury Auctions

Jean-David Sigaux; European Central Bank
presented by: Jean-David Sigaux, European Central Bank
Discussant: Hongjun Yan, DePaul University

Pricing Implications of Clearing a Skewed Asset from the Market

Christian Goulding; Michigan State University
presented by: Christian Goulding, Michigan State University
Discussant: Diego Garcia, University of Colorado

Market Power and Price Informativeness
[slides]
Marcin Kacperczyk; Imperial College London
Jaromir Nosal; Boston College
Savitar Sundaresan; Imperial College London
presented by: Jaromir Nosal, Boston College
Discussant: Snehal Banerjee, University of California, San Diego


Session: New Methods for the Cross Section of Expected Returns

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom D
Session Chair: Michael Weber, University of Chicago

Large Sample Estimators of the Stochastic Discount Factor

Soohun Kim; Georgia Institute of Technology
Robert Korajczyk; Northwestern University
presented by: Soohun Kim, Georgia Institute of Technology
Discussant: Svetlana Bryzgalova, London Business School

Empirical Asset Pricing via Machine Learning

Shihao Gu; University of Chicago
Bryan Kelly; Yale University
Dacheng Xiu; University of Chicago
presented by: Dacheng Xiu, University of Chicago
Discussant: Alberto Rossi, University of Maryland

What Firm Characteristics Drive US Stock Returns?

Yufeng Han; University of North Carolina at Charlotte
Ai He; Emory University
David Rapach; Saint Louis University
Guofu Zhou; Washington University in St. Louis
presented by: Guofu Zhou, Washington University in St. Louis
Discussant: Jonathan Lewellen, Dartmouth College

Break Risk

Simon Smith; University of Southern California
Allan Timmermann; University of California, San Diego
presented by: Simon Smith, University of Southern California
Discussant: Andreas Neuhierl, University of Notre Dame


Session: Role of Regulators and Supervisors in Regulation

January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 212-213-214
Session Chair: Amit Seru, Stanford University

The Death of a Regulator: Strict Supervision, Bank Lending and Business Activity

Joao Granja; University of Chicago
Christian Leuz; University of Chicago
presented by: Joao Granja, University of Chicago
Discussant: David Lucca, Federal Reserve Bank of New York

Seeking My Supervisor: Evidence from the Centralization of Banking Supervision in Europe

Itzhak Ben-David; Ohio State University and NBER
Giovanni Cerulli; CNR-IRCrES
Franco Fiordelisi; University of Rome III
David Marques Ibanez; European Central Bank
presented by: David Marques Ibanez, European Central Bank
Discussant: Laura Blattner, Harvard University

The Value of Regulators as Monitors: Evidence from Banking

Emilio Bisetti; Carnegie Mellon University
presented by: Emilio Bisetti, Hong Kong University of Science and Technology
Discussant: Mark Egan, Harvard University


Session: Active and Passive Investors

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Room 212-213-214
Session Chair: Francesca Cornelli, London Business School

Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests

Alon Brav; Duke University
Wei Jiang; Columbia University
Tao Li; University of Florida
James Pinnington; Duke University
presented by: Alon Brav, Duke University
Discussant: Vicente Cunat, London School of Economics

Passive Investors are Passive Monitors

Davidson Heath; University of Utah
Daniele Macciocchi; University of Utah
Roni Michaely; Cornell University, Cornell Tech
Matthew Ringgenberg; University of Utah
presented by: Davidson Heath, University of Utah
Discussant: Miriam Schwartz-Ziv, Michigan State University

The Threat of Intervention

Vyacheslav Fos; Boston College
Charles Kahn; University of Illinois
presented by: Vyacheslav (Slava) Fos, Boston College
Discussant: Ernst Maug, University of Mannheim

Institutional Investors and Corporate Governance: The Incentive to Increase Value

Jonathan Lewellen; Dartmouth College
Katharina Lewellen; Dartmouth College
presented by: Katharina Lewellen, Dartmouth College
Discussant: Nadya Malenko, Boston College


Session: Asset Pricing: Stock Markets

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom B
Session Chair: Johan Walden, University of California, Berkeley

Asset Prices and No-Dividend Stocks

Adem Atmaz; Purdue University
Suleyman Basak; London Business School
presented by: Adem Atmaz, Purdue University
Discussant: Daniel Andrei, University of California, Los Angeles

That is not my Dog: Why Doesn’t the Log Dividend-Price Ratio seem to Predict Future Log Returns or Log Dividend Growths?

Phil Dybvig; Washington University in St. Louis
Huacheng Zhang; Southwestern University of Finance and Economics
presented by: Huacheng Zhang, Southwestern University of Finance and Economics
Discussant: Nicolae Gârleanu, University of California, Berkeley

Expected Stock Returns and the Correlation Risk Premium

Adrian Buss; INSEAD
Lorenzo Schoenleber; Frankfurt School of Finance and Management
Grigory Vilkov; Frankfurt School of Finance and Management
presented by: Lorenzo Schoenleber, Frankfurt School of Finance and Management
Discussant: Christian Heyerdahl-Larsen, London Business School


Session: Corporate Bonds and Derivatives

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Room 205-206-207
Session Chair: Robin Greenwood, Harvard Business School

ETFs and Price Volatility of Underlying Bonds

Anna Agapova; Florida Atlantic University
Nikanor Volkov; Mercer University
presented by: Anna Agapova, Florida Atlantic University
Discussant: Huaizhi Chen, Harvard Business School

Global Perspective or Local Knowledge: The Macro-information in the Sovereign CDS Market

Yaqing Xiao; Rutgers University
Hongjun Yan; DePaul University
Jinfan Zhang; Chinese University of Hong Kong (Shenzhen)
presented by: Yaqing Xiao, Rutgers University
Discussant: Emil Siriwardane, Harvard Business School

Corporate Bond Liquidity: A Revealed Preference Approach

Sergey Chernenko; Purdue University
Aditya Sunderam; Harvard Business School
presented by: Sergey Chernenko, Purdue University
Discussant: Jack Bao, University of Delaware


Session: Empirical Compensation and Incentives

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Room 209-210-211
Session Chair: Efraim Benmelech, Northwestern University

Restricting CEO Pay Backfires: Evidence from China

Kee-Hong Bae; York University
Zhaoran Gong; Hong Kong Polytechnic University
Wilson Tong; Hong Kong Polytechnic University
presented by: Kee-Hong Bae, York University
Discussant: Richard Townsend, University of California, San Diego

Incentives and Competition in the Airline Industry

Rajesh Aggarwal; Northeastern University
Carola Schenone; University of Virginia
presented by: Rajesh Aggarwal, Northeastern University
Discussant: David Matsa, Northwestern University

The Limits of Limited Liability: Evidence from Industrial Pollution

Pat Akey; University of Toronto
Ian Appel; Boston College
presented by: Pat Akey, University of Toronto
Discussant: Filippo Mezzanotti, Northwestern University

Import Penetration and Executive Compensation

Erik Lie; University of Iowa
Keyang Yang; University of Iowa
presented by: Erik Lie, University of Iowa
Discussant: Shai Bernstein, Stanford University


Session: Financial Advisors and Financial Advice

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom A
Session Chair: John Beshears, Harvard University

Trust and Delegated Investing: A Money Doctors Experiment

Maximilian Germann; University of Mannheim
Benjamin Loos; University of Technology Sydney
Martin Weber; University of Mannheim
presented by: Maximilian Germann, University of Mannheim
Discussant: Alessandro Previtero, Indiana University

Learning from Coworkers: Peer Effects on Individual Investment Decisions

Paige Ouimet; University of North Carolina
Geoffrey Tate; University of North Carolina
presented by: Geoffrey Tate, University of North Carolina
Discussant: Rawley Heimer, Boston College

Who Feels the Nudge? Financial Literacy, Self Awareness and Retirement Savings Decisions

Anders Anderson; Stockholm School of Economics
David Robinson; Duke University
presented by: David Robinson, Duke University
Discussant: Yaron Levi, University of Southern California


Session: Information and Trading in Financial Markets

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom C
Session Chair: Itay Goldstein, University of Pennsylvania

Where Has All the Big Data Gone?
[slides]
Maryam Farboodi; Princeton University
Adrien Matray; Princeton University
Laura Veldkamp; New York University
presented by: Laura Veldkamp, Columbia University
Discussant: Brian Weller, Duke University

Innovation and Informed Trading: Evidence from Industry ETFs

Shiyang Huang; The University of Hong Kong
Maureen O’Hara; Cornell University
Zhuo Zhong; University of Melbourne
presented by: Zhuo Zhong, University of Melbourne
Discussant: Francesco Franzoni, University of Lugano (USI), Swiss Finance Institute

Informing the Market: The Effect of Modern Information Technologies on Information Production

Meng Gao; University of Illinois at Urbana-Champaign
Jiekun Huang; University of Illinois
presented by: Jiekun Huang, University of Illinois
Discussant: Liyan Yang, Rotman

Transparency and Dealer Networks: Evidence from the Initiation of Post-Trade Reporting in the Mortgage Backed Security Market

Paul Schultz; University of Notre Dame
Zhaogang Song; Johns Hopkins University
presented by: Zhaogang Song, Johns Hopkins University
Discussant: Hendrik Bessembinder, Arizona State University


Session: Mispricing

January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom D
Session Chair: Justin Birru, Ohio State University

Time-Varying Demand for Lottery: Speculation Ahead of Earnings Announcements

Bibo Liu; Tsinghua University
Huijun Wang; University of Delaware
Jianfeng Yu; Tsinghua University
Shen Zhao; The Chinese University of Hong Kong, Shenzhen
presented by: Huijun Wang, University of Delaware
Discussant: Peter Kelly, University of Notre Dame

Be Fearful When Households Are Greedy: The Household Equity Share and Expected Market Returns

David Yang; University of California, Irvine
presented by: David Yang, University of California, Irvine
Discussant: Dong Lou, London School of Economics

Climate Change and Efficiency of Sales Forecasts

Harrison Hong; Columbia University
Frank Weikai Li; Singapore Management University
David Sraer; University of California, Berkeley
Jiangmin Xu; Peking University
presented by: Harrison Hong, Columbia University
Discussant: David Solomon, Boston College

Extrapolative Beliefs in the Cross-section: What Can We Learn from the Crowds?

Zhi Da; University of Notre Dame
Xing Huang; Washington University in St. Louis
Lawrence Jin; California Institute of Technology
presented by: Lawrence Jin, California Institute of Technology
Discussant: Abhiroop Mukherjee, Hong Kong University of Science and Technology