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