San Diego, California
January 3-5, 2020
Session: Asset Pricing: Portfolio Choice and Asset Allocation
January 3, 2020 8:00 to 10:00
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Russell Wermers, University of Maryland
Trading Opportunities and the Portfolio Choices of Institutional Investors
Terry Zhang; Australian National University
presented by: Terry Zhang, Australian National University
Discussant: Chunhua Lan, University of New Brunswick
Tactical Target Date Funds
Francisco Gomes; London Business School
Alex Michaelides; Imperial College London
Yuxin Zhang; Renmin University of China
presented by: Yuxin Zhang, Renmin University of China
Discussant: Lubos Pastor, University of Chicago
Reach for Yield by U.S. Public Pension Funds
Lina Lu; Federal Reserve Bank of Boston
Matthew Pritsker; Federal Reserve Bank of Boston
Andrei Zlate; Federal Reserve Board of Governors
Kenechukwu Anadu; Federal Reserve Bank of Boston
Jim Bohn; Federal Reserve Bank of Boston
presented by: Matthew Pritsker, Federal Reserve Bank of Boston
Discussant: Daniel Barth, University of Southern California and CESR
When Can the Market Identify Old News?
Anastassia Fedyk; University of California, Berkeley
James Hodson; Jozef Stefan Institute
presented by: Anastassia Fedyk, University of California, Berkeley
Discussant: Alan Huang, University of Waterloo
Session: Contracts and Incentives
January 3, 2020 8:00 to 10:00
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Alex Edmans, London Business School
CEO Stress and Life Expectancy: The Role of Corporate Governance and Financial Distress
Mark Borgschulte; University of Illinois
Marius Guenzel; University of California, Berkeley
Canyao Liu; Unversity of California, Berkeley
Ulrike Malmendier; University of California, Berkeley
presented by: Ulrike Malmendier, University of California, Berkeley
Discussant: Christopher Parsons, University of Southern California
Uncertainty and Contracting: A Theory of Consensus and Envy in Organizations
David Dicks; Baylor University
Paolo Fulghieri; University of North Carolina
presented by: David Dicks, Baylor University
Discussant: Laura Veldkamp, Columbia University
Executive Mobility in the United States, 1920 to 2011
John Graham; Duke University
Dawoon Kim; Cornell University
Hyunseob Kim; Cornell University
presented by: Hyunseob Kim, Cornell University
Discussant: Claudia Custodio, Imperial College London
Choose Your Battles Wisely: The Consequences of Protesting Government Procurement Contracts
Mehmet Canayaz; Pennsylvania State University
Jess Cornaggia; Pennsylvania State University
Kimberly Cornaggia; Pennsylvania State University
presented by: Mehmet Canayaz, Pennsylvania State University
Discussant: Ran Duchin, University of Washington
Session: Factors, Risk and the Economy
January 3, 2020 8:00 to 10:00
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Jules van Binsbergen, University of Pennsylvania
Priceless Consumption
Frederico Belo; INSEAD, University of Minnesota and NBER
Andres Donangelo; University of Texas at Austin
presented by: Andres Donangelo, University of Texas at Austin
Discussant: Toomas Laarits, Yale University
The Cross-Section of Stock Returns and the Timing of Cash Flows
Niels Gormsen; University of Chicago
Eben Lazarus; Massachusetts Institute of Technology
presented by: Niels Gormsen, University of Chicago
Discussant: Andrei Goncalves, University of North Carolina-Chapel Hill
Macroeconomic Tail Risks and Asset Prices
David Schreindorfer; Arizona State University
presented by: David Schreindorfer, Arizona State University
Discussant: Andrea Tamoni, Rutgers University
Factor Momentum and the Momentum Factor
Sina Ehsani; Northern Illinois University
Juhani Linnainmaa; University of Southern California
presented by: Sina Ehsani, Northern Illinois University
Discussant: Dong Lou, London School of Economics
Session: Firms and Politics
January 3, 2020 8:00 to 10:00
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Jonathan Karpoff, University of Washington
Media Partisanship and Fundamental Corporate Decisions
April Knill; Florida State University
Baixiao Liu; Florida State University
John McConnell; Purdue University
presented by: April Knill, Florida State University
Discussant: John Lott, Crime Prevention Research Center
Do Political Boundaries affect Firm Boundaries?
Matthew Denes; Carnegie Mellon University
Raymond Fisman; Boston University
Florian Schulz; University of Washington
Vikrant Vig; London Business School
presented by: Matthew Denes, Carnegie Mellon University
Discussant: Pat Akey, University of Toronto
Who Pays a Visit to Brussels? Cross-Border Firm Value Effects of Meetings with European Commissioners
Kizkitza Biguri; BI Norwegian Business School
Jörg Stahl; Universidade Católica Portuguesa
presented by: Jörg Stahl, Universidade Católica Portuguesa
Discussant: Tracy Wang, University of Minnesota
Session: M&A and Competition
January 3, 2020 8:00 to 10:00
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Pavel Savor, DePaul University
Corporate Rivalry and Return Comovement
Eric de Bodt; NHH – Caltech
B. Espen Eckbo; Dartmouth College
Richard Roll; California Institute of Technology
presented by: B. Espen Eckbo, Dartmouth College
Discussant: Gerard Hoberg, University of Southern California
Beyond the Target: M&A Decisions and Rival Ownership
Miguel Anton; IESE Business School
Jose Azar; IESE Business School
Mireia Gine; University of Navarra & Wharton WRDS
Luca X. Lin; IESE Business School, University of Navarra
presented by: Mireia Gine, University of Navarra & Wharton WRDS
Discussant: Andrew Koch, University of Pittsburgh
Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry
Alice Bonaime; University of Arizona
Ye Wang; University of Arizona
presented by: Alice Bonaime, University of Arizona
Discussant: Albert Sheen, University of Oregon
Session: Mutual Fund Flows and Marketing
January 3, 2020 8:00 to 10:00
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Nikolai Roussanov, University of Pennsylvania
How Important is the Distribution Channel for Mutual Fund Flows?
Bjarne Florentsen; Copenhagen Business School
Ulf Nielsson; Copenhagen Business School
Peter Raahauge; Copenhagen Business School
Jesper Rangvid; Copenhagen Business School
presented by: Jesper Rangvid, Copenhagen Business School
Discussant: Jonathan Reuter, Boston College
Swing Pricing and Fragility in Open-end Mutual Funds
Dunhong Jin; Oxford University
Marcin Kacperczyk; Imperial College London
Bige Kahraman; Oxford University
Felix Suntheim; International Monetary Fund
presented by: Bige Kahraman, Oxford University
Discussant: Itay Goldstein, University of Pennsylvania
Do Internet Finance Platforms Mitigate Conflicts of Interest? The Case of Mutual Fund Investment
Shang-Jin Wei; Columbia University
Chloe Chunliu Yang; FISF, Fudan University
presented by: Chloe Chunliu Yang, FISF, Fudan University
Discussant: Hongxun Ruan, Peking University
What Do Mutual Fund Investors Really Care About?
Itzhak Ben-David; Ohio State University and NBER
Jiacui Li; Stanford University
Andrea Rossi; University of Arizona
Yang Song; University of Washington
presented by: Itzhak Ben-David, Ohio State University and NBER
Discussant: Richard Evans, University of Virginia & LTI@unito
Session: New Advances in International Finance
January 3, 2020 8:00 to 10:00
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Pasquale Della Corte, Imperial College London
Importance of Transaction Costs for Asset Allocations in FX Markets
Thomas Maurer; University of Hong Kong
Luca Pezzo; University of New Orleans
Mark Taylor; Washington University in St. Louis
presented by: Luca Pezzo, University of New Orleans
Discussant: Bernard Dumas, INSEAD
Origins of International Factor Structures
Zhengyang Jiang; Northwestern University
Robert Richmond; New York University
presented by: Robert Richmond, New York University
Discussant: Rosen Valchev, Boston College
Government Policy Approval and Exchange Rates
Yang Liu; University of Hong Kong
Ivan Shaliastovich; University of Wisconsin-Madison
presented by: Yang Liu, University of Hong Kong
Discussant: Adrien Verdelhan, Massachusetts Institute of Technology
U.S. Equity Tail Risk and Currency Risk Premia
Zhenzhen Fan; Nankai University
Juan M. Londono; Federal Reserve Board
Xiao Xiao; Erasmus University Rotterdam
presented by: Xiao Xiao, Erasmus University Rotterdam
Discussant: Mikhail Chernov, University of California, Los Angeles
Session: Regulation & Finance
January 3, 2020 8:00 to 10:00
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Philipp Schnabl, New York University
Are Bigger Banks Better? Firm-Level Evidence from Germany
Kilian Huber; University of Chicago
presented by: Kilian Huber, University of Chicago
Discussant: Victoria Ivashina, Harvard Business School
Money Market Fund Reform and Arbitrage Capital
Alyssa Anderson; Federal Reserve Board
Wenxin Du; University of Chicago
Bernd Schlusche; Federal Reserve Board
presented by: Wenxin Du, University of Chicago
Discussant: Hanno Lustig, Stanford University
Price Regulation in Two-Sided Markets: Empirical Evidence from Debit Cards
Vladimir Mukharlyamov; Georgetown University
Natasha Sarin; University of Pennsylvania
presented by: Vladimir Mukharlyamov, Georgetown University
Discussant: Philip Strahan, Boston College
Price Regulation in Credit Markets: A Trade-off between Consumer Protection and Credit Access
Jose Ignacio Cuesta; University of Chicago
Alberto Sepulveda; Superintendency of Banks and Financial Institutions (SBIF)
presented by: Jose Ignacio Cuesta, University of Chicago
Discussant: Alessandro Gavazza, London School of Economics
Session: AFA Panel: Shadow Banking: Understanding Private Debt
January 3, 2020 10:15 to 12:15
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Victoria Ivashina, Harvard Business School
presented by:
Steven Kaplan, University of Chicago
Edgar Lee, Oaktree Capital
Jeremy Stein, Harvard University
Todd Pulvino, CNH Partners
Session: Common Ownership, Competition, and Innovation
January 3, 2020 10:15 to 12:15
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Jose Azar, IESE Business School
When Does Common Ownership Matter?
Shradha Bindal; Texas A&M
presented by: Shradha Bindal, Texas A&M
Discussant: Gordon Phillips, Dartmouth College
Institutional Horizontal Shareholdings and Generic Entry in the Pharmaceutical Industry
Joseph Gerakos; Dartmouth College
Jin Xie; Chinese University of Hong Kong
presented by: Jin Xie, Chinese University of Hong Kong
Discussant: Sara Ellison, Massachusetts Institute of Technology
Common Ownership, Creative Destruction, and Inequality: Evidence from U.S. Consumers
Hadiye Aslan; Georgia State University
presented by: Hadiye Aslan, Georgia State University
Discussant: Matthew Weinberg, Ohio State University
Common Ownership and Market Entry: Evidence from the Pharmaceutical Industry
Melissa Newham; KU Leuven University & DIW Berlin
Jo Seldeslachts; KU Leuven & DIW Berlin
Albert Banal-Estanol; Universitat Pompeu Fabra
presented by: Jo Seldeslachts, KU Leuven & DIW Berlin
Discussant: Fiona Scott Morton, Yale University
Session: FinTech: Adoption and Consequences
January 3, 2020 10:15 to 12:15
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Stephan Siegel, University of Washington
Shocks and Technology Adoption: Evidence from Electronic Payment Systems
Nicolas Crouzet; Northwestern University
Apoorv Gupta; Northwestern University
Filippo Mezzanotti; Northwestern University
presented by: Filippo Mezzanotti, Northwestern University
Discussant: Abhiroop Mukherjee, Hong Kong University of Science and Technology
Fintech and Credit Scoring for the Millennial Generation
Sudip Gupta; Fordham University
presented by: Sudip Gupta, Fordham University
Discussant: Tobias Berg, Frankfurt School of Finance & Management
Crowdsourcing Financial Information to Change Spending Behavior
Francesco D’Acunto; Boston College
Alberto Rossi; University of Maryland
Michael Weber; University of Chicago
presented by: Francesco D’Acunto, Boston College
Discussant: Samuli Knüpfer, BI Norwegian Business School
Consumers’ Financial Constraints, Lawsuit Decisions, and the Civil Justice System
Mengming Dong; Rice University
presented by: Mengming Dong, Rice University
Discussant: Kelly Shue, Yale University
Session: Learning in Asset Markets
January 3, 2020 10:15 to 12:15
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Lars Lochstoer, University of California, Los Angeles
Evidence on Expectations of Household Finances
Joao Cocco; London Business School
Francisco Gomes; London Business School
Paula Lopes; London School of Economics
presented by: Francisco Gomes, London Business School
Discussant: Michaela Pagel, Columbia University
Learning and the Capital Age Premium
Kai Li; Hong Kong University of Science and Technology
Chi-Yang Tsou; Hong Kong University of Science and Technology
Chenjie Xu; Hong Kong University of Science and Technology
presented by: Kai Li, Hong Kong University of Science and Technology
Discussant: Jack Favilukis, University of British Columbia
Learning from Interest Rates: Implications for Stock Market Efficiency
Matthijs Breugem; Collegio Carlo Alberto
Adrian Buss; INSEAD
Joel Peress; INSEAD
presented by: Adrian Buss, INSEAD
Discussant: Jaromir Nosal, Boston College
Reflexivity in Credit Markets
Robin Greenwood; Harvard Business School
Samuel Hanson; Harvard Business School
Lawrence Jin; California Institute of Technology
presented by: Samuel Hanson, Harvard Business School
Discussant: Richard Stanton, University of California, Berkeley
Session: Mutual Funds: New Perspectives
January 3, 2020 10:15 to 12:15
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Marcin Kacperczyk, Imperial College London
Managerial Structure and Performance Induced Trading
Anastassia Fedyk; University of California, Berkeley
Saurin Patel; Ivey Business School, Western University
Sergei Sarkissian; McGill University
presented by: Saurin Patel, Western University
Discussant: Lu Zheng, University of California, Irvine
Thousands of Alpha Tests
Stefano Giglio; Yale University
Yuan Liao; Rutgers University
Dacheng Xiu; University of Chicago
presented by: Yuan Liao, Rutgers University
Discussant: Rossen Valkanov, University of California, San Diego
The Allocation of Talent Across Mutual Fund Strategies
Andrea Buffa; Boston University
Apoorva Javadekar; Indian School of Business
presented by: Andrea Buffa, Boston University
Discussant: Stijn Van Nieuwerburgh, Columbia University
Session: New Methods in Asset Pricing
January 3, 2020 10:15 to 12:15
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Svetlana Bryzgalova, London Business School
Correcting Misspecified Stochastic Discount Factors
Raman Uppal; EDHEC Business School
Paolo Zaffaroni; Imperial College London
Irina Zviadadze; Stockholm School of Economics
presented by: Raman Uppal, EDHEC Business School
Discussant: Cesare Robotti, University of Warwick
More Factors Are Needed: Evidence from a Simple Test
Ai He; Emory University
Dashan Huang; Singapore Management University
Guofu Zhou; Washington University in St. Louis
presented by: Dashan Huang, Singapore Management University
Discussant: Mikhail Chernov, University of California, Los Angeles
Nowcasting Net Asset Values: The Case of Private Equity
Gregory Brown; University of North Carolina-Chapel Hill
Eric Ghysels; University of North Carolina at Chapel Hill
Oleg Gredil; Tulane University
presented by: Gregory Brown, University of North Carolina-Chapel Hill
Discussant: Sophie Shive, University of Notre Dame
Distance-Based Metrics: A Bayesian Solution to the Power and Extreme-Error Problems in Asset-Pricing Tests
Amit Goyal; University of Lausanne
Zhongzhi (Lawrence) He; Brock University
Sahn-Wook Huh; The State University of New York at Buffalo
presented by: Amit Goyal, University of Lausanne
Discussant: Alexander Chinco, University of Illinois
Session: New Perspectives on Raising and Measuring Capital
January 3, 2020 10:15 to 12:15
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Sabrina Howell, New York University
The Impact of Going Public on the Firm’s Human Capital
Ramin Baghai; Stockholm School of Economics
Rui Silva; London Business School
presented by: Rui Silva, London Business School
Discussant: Tania Babina, Columbia University
Initial Public Offerings and the Local Economy
Jess Cornaggia; Pennsylvania State University
Matthew Gustafson; Pennsylvania State University
Jason Kotter; Brigham Young University
Kevin Pisciotta; University of Kansas
presented by: Matthew Gustafson, Pennsylvania State University
Discussant: Emanuele Colonnelli, University of Chicago
Acquisition Prices and the Measurement of Intangible Capital
Michael Ewens; California Institute of Technology
Ryan Peters; Tulane University
Sean Wang; Southern Methodist University
presented by: Ryan Peters, Tulane University
Discussant: Dimitris Papanikolaou, Northwestern University
Corporate Cash Shortfalls and Financing Decisions
Rongbing Huang; Kennesaw State University
Jay Ritter; University of Florida
presented by: Jay Ritter, University of Florida
Discussant: Rene Stulz, Ohio State University
Session: Shareholder Voting
January 3, 2020 10:15 to 12:15
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Doron Levit, University of Pennsylvania
The Costs and Benefits of Shareholder Democracy
Nickolay Gantchev; Southern Methodist University
Mariassunta Giannetti; Stockholm School of Economics
presented by: Mariassunta Giannetti, Stockholm School of Economics
Discussant: John Matsusaka, University of Southern California
Managerial Response Under Shareholder Empowerment: Evidence from Majority Voting Legislation Changes
Vicente Cunat; London School of Economics
Yiqing Lu; New York University
Hong Wu; Hong Kong Polytechnic University
presented by: Vicente Cunat, London School of Economics
Discussant: Michelle Lowry, Drexel University
Phantom of the Opera: ETFs and Shareholder Voting
Richard Evans; University of Virginia
Oğuzhan Karakaş; Cambridge Judge Business School
Rabih Moussawi; Villanova University
Michael Young; University of Virginia
presented by: Richard Evans, University of Virginia & LTI@unito
Discussant: Adam Reed, University of North Carolina-Chapel Hill
Session: AFA/AREUEA Joint
Session: Real Estate and Housing Finance
January 3, 2020 12:30 to 14:30
Coronado A, Manchester Grand Hyatt San Diego
Session Chair: Timothy McQuade, Stanford University
Small Bank Lending Amidst the Ascent of Fintech and Shadow Banking: A Sideshow?
Taylor Begley; Washington University in St. Louis
Kandarp Srinivasan; Northeastern University
presented by: Taylor Begley, Washington University in St. Louis
Discussant: Greg Buchak, University of Chicago
Concentration and Lending in Mortgage Markets
Ronel Elul; Federal Reserve Bank of Philadelphia
Deeksha Gupta; Carnegie Mellon University
David Musto; University of Pennsylvania
presented by: Deeksha Gupta, Carnegie Mellon University
Discussant: Anthony DeFusco, Northwestern University
Paying Too Much? Price Dispersion in the US Mortgage Market
Neil Bhutta; Federal Reserve Board
Andreas Fuster; Swiss National Bank
Aurel Hizmo; Federal Reserve Board
presented by: Aurel Hizmo, Federal Reserve Board
Discussant: Christopher Palmer, Massachusetts Institute of Technology
Villains or Scapegoats? The Role of Subprime Borrowers in Driving the Housing Boom
James Conklin; University of Georgia
Scott Frame; Federal Reserve Bank of Atlanta
Kristopher Gerardi; Federal Reserve Bank of Atlanta
Haoyang Liu; Federal Reserve Bank of New York
presented by: James Conklin, University of Georgia
Discussant: Adam Guren, Boston University
Session: AFA Panel: Fintech, Financial Stability and Regulation
January 3, 2020 14:30 to 16:30
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Hyun Song Shin, Bank for International Settlements
presented by:
Susan Athey, Stanford University
Thomas Philippon, New York University
Antoinette Schoar, Massachusetts Institute of Technology
Hyun Song Shin, Bank for International Settlements
Session: Asset Return Dynamics
January 3, 2020 14:30 to 16:30
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Doron Avramov, IDC Herzliya
Geographic Lead-Lag Effects
Christopher Parsons; University of Washington
Riccardo Sabbatucci; Stockholm School of Economics
Sheridan Titman; University of Texas at Austin
presented by: Riccardo Sabbatucci, Stockholm School of Economics
Discussant: Tobias Moskowitz, Yale University
A Model-Free Term Structure of U.S. Dividend Premiums
Stephan Florig; Karlsruhe Institute of Technology
Maxim Ulrich; Karlsruhe Institute of Technology
Christian Wuchte; Karlsruhe Institute of Technology
presented by: Stephan Florig, Karlsruhe Institute of Technology
Discussant: Jules van Binsbergen, University of Pennsylvania
Global Capital and the Cross-Section of International Equity Return Comovement
Thummim Cho; London School of Economics
Argyris Tsiaras; Harvard University
presented by: Thummim Cho, London School of Economics
Discussant: Nancy Xu, Boston College
Frequency Dependent Risk
Andreas Neuhierl; University of Notre Dame
Rasmus Varneskov; Copenhagen Business School
presented by: Andreas Neuhierl, University of Notre Dame
Discussant: Markus Pelger, Stanford University
Session: Debt Financing and Growth
January 3, 2020 14:30 to 16:30
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Hui Chen, Massachusetts Institute of Technology
Creating Intangible Capital
Robin Döttling; Erasmus University
Tomislav Ladika; University of Amsterdam
Enrico Perotti; University of Amsterdam
presented by: Robin Döttling, Erasmus University
Discussant: Adriano Rampini, Duke University
Debt, Innovation, and Growth
Thomas Geelen; Copenhagen Business School and Danish Finance Institute
Jakub Hajda; University of Lausanne
Erwan Morellec; Ecole Polytechnique Federale de Lausanne
presented by: Thomas Geelen, Copenhagen Business School and Danish Finance Institute
Discussant: Christian Opp, University of Rochester
The Collateral Framework of the ECB and the Structure of Corporate Debt in the Eurozone
Loriana Pelizzon; Goethe University Frankfurt
Max Riedel; Goethe University Frankfurt
Zorka Simon; Goethe University Frankfurt
Marti Subrahmanyam; New York University
presented by: Zorka Simon, Goethe University Frankfurt
Discussant: Zhiguo He, University of Chicago
(Debt) Overhang: Evidence from Resource Extraction
Michael Wittry; Ohio State University
presented by: Michael Wittry, Ohio State University
Discussant: Michael Schwert, University of Pennsylvania
Session: Equity Options and Volatility Derivatives
January 3, 2020 14:30 to 16:30
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Ing-Haw Cheng, Dartmouth College
The Law of One Price in Equity Volatility Markets
Peter Van Tassel; Federal Reserve Bank of New York
presented by: Peter Van Tassel, Federal Reserve Bank of New York
Discussant: Travis Johnson, University of Texas at Austin
The Price of Higher Order Catastrophe Insurance: The Case of VIX Options
Bjorn Eraker; University of Wisconsin-Madison
presented by: Bjorn Eraker, University of Wisconsin-Madison
Discussant: Jessica Wachter, University of Pennsylvania
Older and Wiser: Informed Traders and the Choice of Option Maturity
Mark Clements; Research Affiliates
Vitali Kalesnik; Research Affiliates
Juhani Linnainmaa; University of Southern California
presented by: Vitali Kalesnik, Research Affiliates
Discussant: Turan Bali, Georgetown University
Default Risk and Option Returns
Aurelio Vasquez; ITAM
Xiao Xiao; Erasmus University Rotterdam
presented by: Aurelio Vasquez, ITAM
Discussant: Alessio Saretto, The University of Texas at Dallas
Session: Financial Intermediation and Liquidity
January 3, 2020 14:30 to 16:30
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Arvind Krishnamurthy, Stanford University
The Bond Pricing Implications of Rating-Based Capital Requirements
Scott Murray; Georgia State University
Stanislava Nikolova; University of Nebraska
presented by: Scott Murray, Georgia State University
Discussant: Farzad Saidi, Boston University
Heterogeneous Intermediary Asset Pricing
Mahyar Kargar; University of Illinois
presented by: Mahyar Kargar, University of Illinois
Discussant: Wenhao Li, University of Southern California
The Passthrough of Treasury Supply to Bank Deposit Funding
Wenhao Li; University of Southern California
Yiming Ma; Columbia University
Yang Zhao; Stanford Graduate School of Business
presented by: Yiming Ma, Columbia University
Discussant: Mark Egan, Harvard University
Collateral Runs
Sebastian Infante; Federal Reserve Board
Alexandros Vardoulakis; Federal Reserve Board
presented by: Alexandros Vardoulakis, Federal Reserve Board
Discussant: William Diamond, University of Pennsylvania
Session: Gender: Policy, Perception and Firm Value
January 3, 2020 14:30 to 16:30
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Heather Tookes, Yale University
Public Attention to Gender Equality and the Demand for Female Directors
Mariassunta Giannetti; Stockholm School of Economics
Tracy Wang; University of Minnesota
presented by: Tracy Wang, University of Minnesota
Discussant: Geoffrey Tate, University of Maryland
As California Goes, so Goes the Nation? Board Gender Quotas and the Legislation of Non-Economic Values
Felix von Meyerinck; University of St. Gallen
Alexandra Niessen-Ruenzi; University of Mannheim
Markus Schmid; University of St. Gallen
Steven Solomon; University of California, Berkeley
presented by: Alexandra Niessen-Ruenzi, University of Mannheim
Discussant: Daniel Ferreira, London School of Economics
Feminist Firms
Benjamin Bennett; Tulane University
Isil Erel; Ohio State University
Lea Stern; University of Washington
Zexi Wang; Lancaster University
presented by: Lea Stern, University of Washington
Discussant: Liu Yang, University of Maryland
On the Glass Ceiling: Small Biases, Large Disparities, and Important Decisions
Shaun Davies; University of Colorado
Edward Van Wesep; University of Colorado, Boulder
Brian Waters; University of Colorado, Boulder
presented by: Brian Waters, University of Colorado, Boulder
Discussant: Laura Veldkamp, Columbia University
Session: Hedge Funds
January 3, 2020 14:30 to 16:30
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Chris Schwarz, University of California, Irvine
Finding Fortune: How Do Institutional Investors Pick Asset Managers?
Gregory Brown; University of North Carolina-Chapel Hill
Oleg Gredil; Tulane University
Preetesh Kantak; Indiana University
presented by: Preetesh Kantak, Indiana University
Discussant: Nicole Boyson, Northeastern University
Unobserved Performance of Hedge Funds
Vikas Agarwal; Georgia State University
Stefan Ruenzi; University of Mannheim
Florian Weigert; University of St.Gallen
presented by: Vikas Agarwal, Georgia State University
Discussant: Nicolas Bollen, Vanderbilt University
Prime Broker Exposures, Collateral, and Resilience in Hedge Fund Credit Networks
Mathias Kruttli; Federal Reserve Board
Phillip Monin; Office of Financial Research
Sumudu Watugala; Cornell University
presented by: Sumudu Watugala, Cornell University
Discussant: George Aragon, Arizona State University
Investor Protection and Capital Fragility: Evidence from Hedge Funds Around the World
Vikram Nanda; University of Texas at Dallas
George Aragon; Arizona State University
Haibei Zhao; Lehigh University
presented by: Vikram Nanda, University of Texas at Dallas
Discussant: William Gerken, University of Kentucky
Session: Intermediaries and Asset Returns
January 3, 2020 14:30 to 16:30
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Dimitris Papanikolaou, Northwestern University
Dominant Currency Debt
Egemen Eren; Bank for International Settlements
Semyon Malamud; Ecole Polytechnique Federale de Lausanne
presented by: Egemen Eren, Bank for International Settlements
Discussant: Zhengyang Jiang, Northwestern University
Are Intermediary Constraints Priced?
Wenxin Du; University of Chicago
Benjamin Hebert; Stanford University
Amy Wang Huber; Stanford University
presented by: Benjamin Hebert, Stanford University
Discussant: Valentin Haddad, University of California, Los Angeles
Interest Arbitrage under Capital Controls: Evidence from Reported Entrepôt Trades
Jiafei Hu; University of Queensland
Haishan Yuan; University of Queensland
presented by: Jiafei Hu, University of Queensland
Discussant: Lorena Keller, Northwestern University
Session: Asset Pricing: Volatility, Tail Risk
January 4, 2020 8:00 to 10:00
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Bryan Kelly, Yale University
Premium for Heightened Uncertainty: Solving the FOMC Puzzle
Grace Xing Hu; University of Hong Kong
Jun Pan; Massachusetts Institute of Technology
Jiang Wang; Massachusetts Institute of Technology
Haoxiang Zhu; Massachusetts Institute of Technology
presented by: Jun Pan, Massachusetts Institute of Technology
Discussant: Toomas Laarits, Yale University
Volatility Uncertainty and the Cross-Section of Option Returns
Jie Cao; Chinese University of Hong Kong
Aurelio Vasquez; ITAM
Xiao Xiao; Erasmus University Rotterdam
Xintong Zhan; The Chinese University of Hong Kong
presented by: Jie Cao, Chinese University of Hong Kong
Discussant: Dmitriy Muravyev, Boston College
Higher-Moment Risk
Niels Gormsen; University of Chicago
Christian Skov Jensen; Bocconi University
presented by: Christian Skov Jensen, Bocconi University
Discussant: Mathieu Fournier, HEC Montréal
Session: Asset Valuation in Economies with Production
January 4, 2020 8:00 to 10:00
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Martin Schneider, Stanford University
Human Capitalists
Andrea Eisfeldt; University of California, Los Angeles
Antonio Falato; Federal Reserve Board
Mindy Xiaolan; University of Texas at Austin
presented by: Mindy Xiaolan, University of Texas at Austin
Discussant: Anmol Bhandari, University of Minnesota
Q: Risk, Rents, or Growth?
Alexandre Corhay; University of Toronto
Howard Kung; London Business School
Lukas Schmid; Duke University
presented by: Alexandre Corhay, University of Toronto
Discussant: Gauti Eggertsson, Brown University
Supply Chain Bargaining and Asset Prices
M. Cecilia Bustamante; University of Maryland
presented by: M. Cecilia Bustamante, University of Maryland
Discussant: Gill Segal, University of North Carolina
Granular Economies
Jules van Binsbergen; University of Pennsylvania
Christian Opp; University of Rochester
presented by: Christian Opp, University of Rochester
Discussant: Stephen Terry, Boston University
Session: Bank and SBA Lending Behavior
January 4, 2020 8:00 to 10:00
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Manju Puri, Duke University and NBER
Competition Between Arm’s Length and Relational Lenders: Who Wins the Contest?
Alejandro Drexler; Federal Reserve Bank of Chicago
Andre Guettler; Ulm University
Daniel Paravisini; London School of Economics
Ahmet Ali Taskin; Ulm University
presented by: Ahmet Ali Taskin, Ulm University
Discussant: Sasha Indarte, Northwestern University
Going the Extra Mile: Distant Lending and Credit Cycles
Joao Granja; University of Chicago
Christian Leuz; University of Chicago
Raghuram Rajan; University of Chicago
presented by: Christian Leuz, University of Chicago
Discussant: Steven Ongena, University of Zurich
Market Power in Small Business Lending
Natalie Bachas; Princeton University
Ernest Liu; Princeton University
Constantine Yannelis; University of Chicago
presented by: Ernest Liu, Princeton University
Discussant: Mark Egan, Harvard University
Session: Bank Cost of Capital
January 4, 2020 8:00 to 10:00
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Juliane Begenau, Stanford University
The Cost of Capital for Banks
Jens Dick-Nielsen; Copenhagen Business School
Jacob Gyntelberg; Nordea Group
Christoffer Thimsen; Aarhus University
presented by: Jens Dick-Nielsen, Copenhagen Business School
Discussant: Malcolm Baker, Harvard Business School
Do Distressed Banks Really Gamble for Resurrection?
Itzhak Ben-David; Ohio State University and NBER
Ajay Palvia; Office of the Comptroller of the Currency
Rene Stulz; Ohio State University
presented by: Ajay Palvia, Office of the Comptroller of the Currency
Discussant: Laura Blattner, Stanford University
Can Risk be Shared Across Investor Cohorts? Evidence from a Popular Savings Product
Victor Lyonnet; Ohio State University
Johan Hombert; HEC Paris
presented by: Victor Lyonnet, Ohio State University
Discussant: Motohiro Yogo, Princeton University
Session: Frontiers of Corporate Governance
January 4, 2020 8:00 to 10:00
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Kelly Shue, Yale University
Reputation and Investor Activism: A Structural Approach
Travis Johnson; University of Texas at Austin
Nathan Swem; Federal Reserve Board
presented by: Travis Johnson, University of Texas at Austin
Discussant: Arthur Korteweg, University of Southern California
The Party Structure of Mutual Funds
Ryan Bubb; New York University
Emiliano Catan; New York University
presented by: Emiliano Catan, New York University
Discussant: Michael Weisbach, Ohio State University
Corporate Capture of Blockchain Governance
Daniel Ferreira; London School of Economics
Jin Li; University of Hong Kong
Radoslawa Nikolowa; Queen Mary University of London
presented by: Daniel Ferreira, London School of Economics
Discussant: Barry Nalebuff, Yale University
How Do Individual Politicians Affect Privatization? Evidence from China
Hong Ru; Nanyang Technological University
presented by: Hong Ru, Nanyang Technological University
Discussant: Dirk Jenter, London School of Economics
Session: Information Diffusion
January 4, 2020 8:00 to 10:00
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Laura Veldkamp, Columbia University
Information, Participation, and Passive Investing
George Malikov; University of Michigan
presented by: George Malikov, University of Michigan
Discussant: Bradyn Breon-Drish, University of California, San Diego
Information Cascade and Threshold Implementation
Will Cong; University of Chicago
Yizhou Xiao; Chinese University of Hong Kong
presented by: Yizhou Xiao, Chinese University of Hong Kong
Discussant: Valentin Haddad, University of California, Los Angeles
Clients’ Connections: Measuring the Role of Private Information in Decentralised Markets
Peter Kondor; London School of Economics
Gabor Pinter; Bank of England
presented by: Gabor Pinter, Bank of England
Discussant: Amir Kermani, University of California, Berkeley
Session: Networks, Connections, and Firms
January 4, 2020 8:00 to 10:00
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Mark Seasholes, Arizona State University
The Network of Firms Implied by the News
Hannan Zheng; Boston University
Gustavo Schwenkler; Boston University
presented by: Gustavo Schwenkler, Boston University
Discussant: Anna Scherbina, Brandeis University
Political Connections and Selective EPA Enforcement
Amanda Heitz; Tulane University
Youan Wang; University of Hong Kong
Zigan Wang; University of Hong Kong
presented by: Amanda Heitz, Tulane University
Discussant: Cesare Fracassi, University of Texas at Austin
Political Connections and Firm Value: Evidence from Close Gubernatorial Elections
Quoc-Anh Do; Sciences Po
Yen-Teik Lee; Curtin University
Bang Nguyen; University of Cambridge
presented by: Bang Nguyen, University of Cambridge
Discussant: Ilona Babenko, Arizona State University
Session: Political Uncertainty and Asset Prices
January 4, 2020 8:00 to 10:00
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Stefano Giglio, Yale University
Inequality Aversion, Populism, and the Backlash Against Globalization
Lubos Pastor; University of Chicago
Pietro Veronesi; University of Chicago
presented by: Lubos Pastor, University of Chicago
Discussant: Hanno Lustig, Stanford University
Tax Policy Uncertainty and Asset Prices: Evidence from Dual-class Corporate Bonds in Early 20th Century
Matthias Fleckenstein; University of Delaware
Priyank Gandhi; Rutgers University
Pengjie Gao; University of Notre Dame
presented by: Priyank Gandhi, Rutgers University
Discussant: Clemens Sialm, University of Texas at Austin and NBER
Political Uncertainty and Commodity Markets
Kewei Hou; Ohio State University
Ke Tang; Tsinghua University
Bohui Zhang; The Chinese University of Hong Kong, Shenzhen
presented by: Ke Tang, Tsinghua University
Discussant: Jonathan Brogaard, University of Utah
Session: Women in Economics – Perspectives and New Initiatives from Five Professional Associations
January 4, 2020 8:00 to 10:00
Coronado E, Manchester Grand Hyatt San Diego
Session Chair: Justin Wolfers, University of Michigan
presented by:
Karen Pence, Federal Reserve Board
Renee Adams, University of Oxford
Simanti Banerjee, University of Nebraska
Vicki Bogan, Cornell University
Judith Chevalier, Yale University
Guido Friebel, Goethe-Universität
Session: AFA Panel: Innovating for Financial Health: Are FinTechs, Banks and Policymakers Addressing the Challenges?
January 4, 2020 10:15 to 12:15
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Amit Seru, Stanford University
presented by:
Kenneth Singleton, Stanford University
Adrienne Harris, Financial Health Network
Shlomo Benartzi, University of California, Los Angeles
Ryan Falvey, FinVentureStudio
Session: Asset Specificity and Prices
January 4, 2020 10:15 to 12:15
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Liyan Yang, University of Toronto
Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
Hui Chen; Massachusetts Institute of Technology
Zhuo Chen; Tsinghua University
Zhiguo He; University of Chicago
Jinyu Liu; University of International Business and Economics
Rengming Xie; CITIC Securities
presented by: Zhiguo He, University of Chicago
Discussant: Jaewon Choi, University of Illinois
Attention, Social Interaction, and Investor Attraction to Lottery Stocks
Turan Bali; Georgetown University
David Hirshleifer; University of California, Irvine
Lin Peng; City University of New York-Baruch College
Yi Tang; Fordham University
presented by: Lin Peng, City University of New York-Baruch College
Discussant: Joseph Engelberg, University of California, San Diego
Do Municipal Bond Dealers Give their Customers Best Execution or Opportunistic Pricing?
John Griffin; University of Texas at Austin
Nicholas Hirschey; London Business School
Samuel Kruger; University of Texas at Austin
presented by: Nicholas Hirschey, London Business School
Discussant: Zhaogang Song, Johns Hopkins University
Session: Blockchain and Cryptocurrencies
January 4, 2020 10:15 to 12:15
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Gerry Tsoukalas, University of Pennsylvania
Bitcoin’s Fatal Flaw: The Limited Adoption Problem
Franz Hinzen; New York University
Kose John; New York University
Fahad Saleh; McGill University
presented by: Fahad Saleh, McGill University
Discussant: David Musto, University of Pennsylvania
Tokenomics and Platform Finance
Will Cong; University of Chicago
Ye Li; Ohio State University
Neng Wang; Columbia University
presented by: Ye Li, Ohio State University
Discussant: Emiliano Pagnotta, Imperial College London
Equilibrium Bitcoin Pricing
Bruno Biais; HEC Paris
Christophe Bisiere; Toulouse School of Economics
Matthieu Bouvard; McGill University
Catherine Casamatta; Toulouse School of Economics
Albert Menkveld; VU University Amsterdam
presented by: Matthieu Bouvard, McGill University
Discussant: Zhiguo He, University of Chicago
Session: CEO Effects
January 4, 2020 10:15 to 12:15
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Dirk Jenter, London School of Economics
The Effects of Managers on Systematic Risk
Antoinette Schoar; Massachusetts Institute of Technology
Kelvin Yeung; Cornell University
Luo Zuo; Cornell University
presented by: Kelvin Yeung, Cornell University
Discussant: Pavel Savor, DePaul University
Life is Too Short? Bereaved Managers and Investment Decisions
Clark Liu; Tsinghua University
Tao Shu; University of Georgia
Johan Sulaeman; National University of Singapore
Eric Yeung; Cornell University
presented by: Tao Shu, University of Georgia
Discussant: Francisco Perez, ITAM
The Impact of Financial Literacy on Medium and Large Enterprises – Evidence from a Randomized Controlled Trial in Mozambique
Claudia Custodio; Imperial College London
Diogo Mendes; Nova Business School
Daniel Metzger; Rotterdam School of Management
presented by: Claudia Custodio, Imperial College London
Discussant: Bilal Zia, World Bank
Session: Financial Stability
January 4, 2020 10:15 to 12:15
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Stacey Schreft, U.S. Office of Financial Research
The Anatomy of the Transmission of Macroprudential Policies
Viral Acharya; Reserve Bank of India, CEPR, and NBER
Katharina Bergant; Trinity College Dublin
Matteo Crosignani; University of Michigan
Tim Eisert; Erasmus University Rotterdam
Fergal McCann; Central Bank of Ireland
presented by: Tim Eisert, Erasmus University Rotterdam
Discussant: Tomasz Piskorski, Columbia University
Banks as Regulated Traders
Antonio Falato; Federal Reserve Board
Diana Iercosan; Federal Reserve Board
Filip Zikes; Federal Reserve Board
presented by: Antonio Falato, Federal Reserve Board
Discussant: Mark Flannery, University of Florida
Systemic Portfolio Diversification
Agostino Capponi; Columbia University
Marko Weber; Columbia University
presented by: Agostino Capponi, Columbia University
Discussant: Selman Erol, Carnegie Mellon University
Session: Psychology and Asset Prices
January 4, 2020 10:15 to 12:15
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Camelia Kuhnen, University of North Carolina-Chapel Hill
“Superstitious” Investors
Hongye Guo; University of Pennsylvania
Jessica Wachter; University of Pennsylvania
presented by: Hongye Guo, University of Pennsylvania
Discussant: Ian Dew-Becker, Northwestern University
Prospect Theory and Stock Market Anomalies
Nicholas Barberis; Yale University
Lawrence Jin; California Institute of Technology
Baolian Wang; University of Florida
presented by: Lawrence Jin, California Institute of Technology
Discussant: Ian Martin, London School of Economics
Price and Volume Dynamics in Bubbles
Jingchi Liao; Shenzhen Stock Exchange
Cameron Peng; London School of Economics
presented by: Cameron Peng, London School of Economics
Discussant: Cary Frydman, University of Southern California
Session: R&D, Patents, and Innovation
January 4, 2020 10:15 to 12:15
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Shai Bernstein, Stanford University
Benchmarking U.S. University Technology Commercialization Efforts: A New Approach
David Hsu; University of Pennsylvania
Po-Hsuan Hsu; University of Hong Kong
Tong Zhou; Sun Yat-Sen University
Arvids Ziedonis; Boston University
presented by: Tong Zhou, Sun Yat-Sen University
Discussant: Danielle Li, Massachusetts Institute of Technology
Shielding Firm Value: Employment Protection and Process Innovation
Jan Bena; University of British Columbia
Hernan Ortiz-Molina; University of British Columbia
Elena Simintzi; University of North Carolina-Chapel Hill
presented by: Hernan Ortiz-Molina, University of British Columbia
Discussant: Gustavo Manso, University of California, Berkeley
U.S. Innovation and Chinese Competition for Innovation Production
Gerard Hoberg; University of Southern California
Bruce Li; University of Southern California
Gordon Phillips; Dartmouth College
presented by: Bruce Li, University of Southern California
Discussant: Adrien Matray, Princeton University
Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits
Sabrina Howell; New York University
Filippo Mezzanotti; Northwestern University
presented by: Filippo Mezzanotti, Northwestern University
Discussant: Daniel Paravisini, London School of Economics
Session: Skill in Mutual Funds
January 4, 2020 10:15 to 12:15
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Lucian Taylor, University of Pennsylvania
What Do Mutual Fund Managers’ Private Portfolios Tell Us About Their Skills?
Markus Ibert; Federal Reserve Board
presented by: Markus Ibert, Federal Reserve Board
Discussant: Juhani Linnainmaa, University of Southern California
Mutual Fund Flows and Performance in (Imperfectly) Rational Markets?
Nikolai Roussanov; University of Pennsylvania
Hongxun Ruan; Peking University
Yanhao (Max) Wei; USC Marshall
presented by: Hongxun Ruan, Peking University
Nikolai Roussanov, University of Pennsylvania
Discussant: Jonathan Berk, Stanford University
Cross-Asset Information Synergy in Mutual Fund Families
Jun Kyung Auh; Georgetown University
Jennie Bai; Georgetown University
presented by: Jun Kyung Auh, Georgetown University
Jennie Bai, Georgetown University
Discussant: Clemens Sialm, University of Texas at Austin and NBER
Session: AFA Lecture – Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems
January 4, 2020 14:30 to 16:30
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Robert Townsend, Massachusetts Institute of Technology
Session: Bank Lending
January 4, 2020 14:30 to 16:30
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Justin Murfin, Cornell University
Securities Laws and the Choice Between Loans and Bonds for Highly Levered Firms
Robert Prilmeier; Tulane University
Rene Stulz; Ohio State University
presented by: Robert Prilmeier, Tulane University
Discussant: Gregory Nini, Drexel University
Disaster Lending: “Fair” Prices, but “Unfair” Access
Taylor Begley; Washington University in St. Louis
Umit Gurun; University of Texas at Dallas
Amiyatosh Purnanandam; University of Michigan
Daniel Weagley; Georgia Institute of Technology
presented by: Daniel Weagley, Georgia Institute of Technology
Discussant: Sahil Raina, University of Alberta
Why Are Commercial Loan Rates So Sticky?
Cem Demiroglu; Koc University
Christopher James; University of Florida
Guner Velioglu; Loyola University Chicago
presented by: Guner Velioglu, Loyola University Chicago
Discussant: Ryan Pratt, Brigham Young University
Session: AFA/AFE Joint
Session: Bankruptcy and Efficiency
January 4, 2020 14:30 to 16:30
Torrey Hills AB, Manchester Grand Hyatt San Diego
Session Chair: Kose John, New York University
Four Facts about Corporate Bankruptcy in the U.S.
Katherine Waldock; Georgetown University
presented by: Katherine Waldock, Georgetown University
Discussant: David Smith, University of Virginia
Dissecting Bankruptcy Frictions
Winston Wei Dou; University of Pennsylvania
Lucian Taylor; University of Pennsylvania
Wei Wang; Queen’s University
Wenyu Wang; Indiana University
presented by: Lucian Taylor, University of Pennsylvania
Discussant: Sergei Davydenko, University of Toronto
Rent Extraction by Super-Priority Lenders
B. Espen Eckbo; Dartmouth College
Kai Li; University of British Columbia
Wei Wang; Queen’s University
presented by: B. Espen Eckbo, Dartmouth College
Discussant: Sandeep Dahiya, Georgetown University
Going Bankrupt in China
Bo Li; Tsinghua University
Jacopo Ponticelli; Northwestern University
presented by: Bo Li, Tsinghua University
Discussant: Haitian Lu, Hong Kong Polytechnic University
Session: Corporate Debt and Liquidity
January 4, 2020 14:30 to 16:30
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Michael Roberts, University of Pennsylvania
Corporate Cash and Political Uncertainty
Candace Jens; Tulane University
Beau Page; A.B. Freeman School of Business
presented by: Beau Page, A.B. Freeman School of Business
Discussant: Heitor Almeida, University of Illinois
Rollover Risk and the Dynamics of Debt
Maria Chaderina; Carnegie Mellon University
presented by: Maria Chaderina, Carnegie Mellon University
Discussant: Zhiguo He, University of Chicago
The Impact of Labor Market Frictions on Corporate Liquidity Management
Jack Favilukis; University of British Columbia
Xiaoji Lin; University of Minnesota
Neng Wang; Columbia University
Xiaofei Zhao; Georgetown University
presented by: Xiaofei Zhao, Georgetown University
Discussant: Toni Whited, University of Michigan
Session: Corporate Investment in the Modern Economy
January 4, 2020 14:30 to 16:30
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Andrea Eisfeldt, University of California, Los Angeles
The Benchmark Inclusion Subsidy
Anil K Kashyap; University of Chicago
Natalia Kovrijnykh; Arizona State University
Jian Li; University of Chicago
Anna Pavlova; London Business School
presented by: Anna Pavlova, London Business School
Discussant: Jules van Binsbergen, University of Pennsylvania
Product Life Cycles in Corporate Finance
Gerard Hoberg; University of Southern California
Vojislav Maksimovic; University of Maryland
presented by: Gerard Hoberg, University of Southern California
Discussant: Mindy Xiaolan, University of Texas at Austin
The Rise of Star Firms: Intangible Capital and Competition
Meghana Ayyagari; George Washington University
Asli Demirguc-Kunt; World Bank
Vojislav Maksimovic; University of Maryland
presented by: Meghana Ayyagari, George Washington University
Discussant: Nicolas Crouzet, Northwestern University
The Impact of the Opioid Crisis on Firm Value and Investment
Paige Ouimet; University of North Carolina-Chapel Hill
Elena Simintzi; University of North Carolina-Chapel Hill
Kailei Ye; University of North Carolina
presented by: Elena Simintzi, University of North Carolina-Chapel Hill
Discussant: William Mann, University of California, Los Angeles
Session: Foreign Exchange Risk Premium
January 4, 2020 14:30 to 16:30
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Wenxin Du, University of Chicago
FX Premia Around the Clock
Ingomar Krohn; Copenhagen Business School
Philippe Mueller; University of Warwick
Paul Whelan; Copenhagen Business School
presented by: Paul Whelan, Copenhagen Business School
Discussant: Alain Chaboud, Federal Reserve Board of Governors
Intermediary Leverage and Currency Risk Premium
Xiang Fang; University of Pennsylvania
presented by: Xiang Fang, University of Pennsylvania
Discussant: Carolin Pflueger, University of British Columbia
A Credit-Based Theory of the Currency Risk Premium
Pasquale Della Corte; Imperial College London
Alexandre Jeanneret; HEC Montreal
Ella Patelli; HEC Montreal
presented by: Pasquale Della Corte, Imperial College London
Discussant: Lukas Kremens, London School of Economics
Housing Cycles and Exchange Rates
Sai Ma; Federal Reserve Board
Shaojun Zhang; The Ohio State University
presented by: Shaojun Zhang, The Ohio State University
Discussant: Nancy Xu, Boston College
Session: Intermediary Trading, Trading Venues, and Market Liquidity
January 4, 2020 14:30 to 16:30
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Yajun Wang, City University of New York-Baruch College
Large Orders in Small Markets: On Optimal Execution with Endogenous Liquidity Supply
Agostino Capponi; Columbia University
Albert Menkveld; VU University Amsterdam
Hongzhong Zhang; Columbia University
presented by: Agostino Capponi, Columbia University
Discussant: Kerry Back, Rice University
From Market Making to Matchmaking: Does Banking Regulation Harm Market Liquidity?
Gideon Saar; Cornell University
Haoxiang Zhu; Massachusetts Institute of Technology
presented by: Gideon Saar, Cornell University
Discussant: Albert Kyle, University of Maryland
Why Trade Over-the-Counter? When Investors Want Price Discrimination
Chaojun Wang; University of Pennsylvania
Tomy Lee; University of Toronto
presented by: Chaojun Wang, University of Pennsylvania
Discussant: Cecilia Parlatore, New York University
Session: Structural Models of Credit Risk
January 4, 2020 14:30 to 16:30
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
The Global Credit Spread Puzzle
Jingzhi Huang; Pennsylvania State University
Yoshio Nozawa; Hong Kong University of Science and Tech
Zhan Shi; Tsinghua University
presented by: Yoshio Nozawa, Hong Kong University of Science and Technology
Discussant: Peter Feldhütter, Copenhagen Business School
A Unified Model of Distress Risk Puzzles
Zhiyao Chen; Chinese University of Hong Kong
Dirk Hackbarth; Boston University
Ilya Strebulaev; Stanford University
presented by: Zhiyao Chen, Chinese University of Hong Kong
Discussant: Kent Daniel, Columbia Univeristy
Same Firm, Different Betas
Ryan Lewis; University of Colorado, Boulder
presented by: Ryan Lewis, University of Colorado Boulder
Discussant: Antje Berndt, Australian National University
The Risks of Safe Assets
Yang Liu; University of Hong Kong
Lukas Schmid; Duke University
Amir Yaron; University of Pennsylvania
presented by: Yang Liu, University of Hong Kong
Discussant: Lars Lochstoer, University of California, Los Angeles
Session: The Use (and Misuse) of Private Information in Financial Markets
January 4, 2020 14:30 to 16:30
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Snehal Banerjee, University of California, San Diego
Skill Acquisition and Information Sales
Shiyang Huang; University of Hong Kong
Yan Xiong; Hong Kong University of Science and Technology
Liyan Yang; University of Toronto
presented by: Yan Xiong, Hong Kong University of Science and Technology
Discussant: Nadya Malenko, Boston College
Dynamic Coordination with Flexible Security Design
Emre Ozdenoren; London Business School
Kathy Yuan; London School of Economics
Shengxing Zhang; London School of Economics
presented by: Kathy Yuan, LSE
Discussant: Jesse Davis, University of North Carolina-Chapel Hill
Becker Meets Kyle: Inside Insider Trading
Marcin Kacperczyk; Imperial College London
Emiliano Pagnotta; Imperial College London
presented by: Marcin Kacperczyk, Imperial College London
Discussant: Kenneth Ahern, University of Southern California
Session: Asset Prices and the Trading Process
January 5, 2020 8:00 to 10:00
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology
The Price Eff ects of Liquidity Shocks: A Study of SEC’s Tick-Size Experiment
Rui Albuquerque; Boston College
Shiyun Song; Warwick Business School
Chen Yao; Chinese University of Hong Kong
presented by: Chen Yao, Chinese University of Hong Kong
Discussant: Ingrid Werner, Ohio State University
What Moves Stock Prices? The Role of News, Noise, and Information
Jonathan Brogaard; University of Utah
Huong Nguyen; University of Technology Sydney
Talis Putnins; University of Technology Sydney
Eliza Wu; University of Sydney
presented by: Jonathan Brogaard, University of Utah
Discussant: Joel Hasbrouck, New York University
Identifying Price Informativeness
Eduardo Davila; Yale University
Cecilia Parlatore; New York University
presented by: Cecilia Parlatore, New York University
Discussant: Harry Mamaysky, Columbia University
Session: Asset Pricing: Cross-section of Returns
January 5, 2020 8:00 to 10:00
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Serhiy Kozak, University of Maryland
Long-Term Discount Rates do not Vary across Firms
Matti Keloharju; Aalto University School of Business
Juhani Linnainmaa; University of Southern California
Peter Nyberg; Aalto University School of Business
presented by: Matti Keloharju, Aalto University School of Business
Discussant: Shrihari Santosh, University of Maryland
Estimating the Anomaly Baserate
Alexander Chinco; University of Illinois
Andreas Neuhierl; University of Notre Dame
Michael Weber; University of Chicago
presented by: Michael Weber, University of Chicago
Discussant: Francisco Barillas, University of New South Wales
A Production-based Economic Explanation for the Gross Profitability Premium
Leonid Kogan; Massachusetts Institute of Technology
Jun Li; University of Texas at Dallas
Harold Zhang; University of Texas at Dallas
presented by: Jun Li, University of Texas at Dallas
Discussant: Erik Loualiche, University of Minnesota
The Short Duration Premium
Andrei Goncalves; University of North Carolina-Chapel Hill
presented by: Andrei Goncalves, University of North Carolina-Chapel Hill
Discussant: Michael Weber, University of Chicago
Session: Banks and Monetary Policy Transmission
January 5, 2020 8:00 to 10:00
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: David Thesmar, Massachusetts Institute of Technology
Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
Yifei Wang; University of Michigan
Toni Whited; University of Michigan
Yufeng Wu; University of Illinois
Kairong Xiao; Columbia University
presented by: Yufeng Wu, University of Illinois
Discussant: Itamar Drechsler, University of Pennsylvania
Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms
Carlo Altavilla; European Central Bank
Lorenzo Burlon; European Central Bank
Mariassunta Giannetti; Stockholm School of Economics
Sarah Holton; European Central Bank
presented by: Lorenzo Burlon, European Central Bank
Discussant: Florian Heider, European Central Bank
Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s
David Elliott; Bank of England
Ralf Meisenzahl; Federal Reserve Board
Jose Luis Peydro; ICREA, Universitat Pompeu Fabra, CREI, and BGSE
Bryce Turner; Federal Reserve Board
presented by: Ralf Meisenzahl, Federal Reserve Board
Discussant: Greg Buchak, University of Chicago
Session: Finance and Development
January 5, 2020 8:00 to 10:00
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Emily Breza, Harvard University
Financial Development, Labor Markets, and Aggregate Productivity: Evidence from Brazil
Julia Fonseca; Princeton University
presented by: Julia Fonseca, Princeton University
Discussant: Cynthia Kinnan, Tufts University
Investor Protection, Corporate Investment, and Valuation
Yingcong Lan; Cornerstone Research
Xiaoji Lin; University of Minnesota
Neng Wang; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics
presented by: Xiaoji Lin, University of Minnesota
Discussant: Emily Breza, Harvard University
Corporate Political Connections and the Finance-Growth Nexus: Evidence from China
Shuo Yan; Southern University of Science & Technology
presented by: Shuo Yan, Southern University of Science & Technology
Discussant: Xiao Yu Wang, Duke University
Cash is King: The Costs of Digitization
Bhavya Aggarwal; CAFRAL (Reserve Bank of India)
Nirupama Kulkarni; Reserve Bank of India, CAFRAL
Subatra Ritadhi; Reserve Bank of India
presented by: Nirupama Kulkarni, Reserve Bank of India, CAFRAL
Discussant: Sean Higgins, University of California, Berkeley
Session: Measuring Bond Liquidity
January 5, 2020 8:00 to 10:00
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Peter Feldhütter, Copenhagen Business School
Corporate Bond Illiquidity: Evidence from Government Guarantees
Kurt Lewis; Federal Reserve Board
Lubomir Petrasek; Federal Reserve Board
presented by: Lubomir Petrasek, Federal Reserve Board
Discussant: Jack Bao, University of Delaware
Size-Adapted Bond Liquidity Measures and Their Asset Pricing Implications
Michael Reichenbacher; Karlsruhe Institute of Technology
Philipp Schuster; Karlsruhe Institute of Technology
presented by: Philipp Schuster, Karlsruhe Institute of Technology
Discussant: Jaewon Choi, University of Illinois
Risk Free Interest Rates
Jules van Binsbergen; University of Pennsylvania
William Diamond; University of Pennsylvania
Marco Grotteria; University of Pennsylvania
presented by: Marco Grotteria, University of Pennsylvania
Discussant: Pietro Veronesi, University of Chicago
Session: Memory, Perception, and Asset Prices
January 5, 2020 8:00 to 10:00
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Cary Frydman, University of Southern California
A Retrieved-Context Theory of Financial Decisions
Jessica Wachter; University of Pennsylvania
Michael Kahana; University of Pennsylvania
presented by: Jessica Wachter, University of Pennsylvania
Discussant: Alp Simsek, Massachusetts Institute of Technology
Investor Memory
Katrin Gödker; Maastricht University
Peiran Jiao; Maastricht University
Paul Smeets; Maastricht University
presented by: Katrin Gödker, Maastricht University
Discussant: Colin Camerer, California Institute of Technology
Biased Assessment of Comovement
Ben Matthies; Yale University
presented by: Ben Matthies, University of Notre Dame
Discussant: Valentin Haddad, University of California, Los Angeles
Session: Mergers and Acquisitions
January 5, 2020 8:00 to 10:00
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Isil Erel, Ohio State University
Inside the “Black Box” of Private Merger Negotiations
Tingting Liu; Iowa State University
Micah Officer; Loyola Marymount University
presented by: Tingting Liu, Iowa State University
Discussant: David Becher, Drexel University
Build or Buy? Human Capital and Corporate Diversification
Paul Beaumont; Université Paris Dauphine
Camille Hebert; University of Toronto
Victor Lyonnet; Ohio State University
presented by: Camille Hebert, University of Toronto
Discussant: Paige Ouimet, University of North Carolina-Chapel Hill
Activism Pressure and the Market for Corporate Assets
Ulrich Hege; Toulouse School of Economics
Yifei Zhang; Toulouse School of Economics and Yale University
presented by: Ulrich Hege, Toulouse School of Economics
Discussant: Alex Edmans, London Business School
Are Acquisitions of Intangibles Less Subject to Agency Problems?
William Mann; University of California, Los Angeles
Syed Walid Reza; Binghamton University
Rong Guo; SUNY Binghamton
presented by: William Mann, University of California, Los Angeles
Discussant: Kai Li, University of British Columbia
Session: Shareholder Activism
January 5, 2020 8:00 to 10:00
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Nadya Malenko, Boston College
Corporate Governance Through Voice and Exit
Marco Becht; Universite libre de Bruxelles
Julian Franks; London Business School
Hannes Wagner; Bocconi University
presented by: Hannes Wagner, Bocconi University
Discussant: Michelle Lowry, Drexel University
The Wall Street Stampede: Exit as Governance with Interacting Blockholders
Dragana Cvijanovic; University of North Carolina-Chapel Hill
Amil Dasgupta; London School of Economics
Konstantinos Zachariadis; Queen Mary University of London
presented by: Amil Dasgupta, London School of Economics
Discussant: Doron Levit, University of Pennsylvania
Activist Settlements
Adrian Aycan Corum; Cornell University
presented by: Adrian Aycan Corum, Cornell University
Discussant: Jonathan Cohn, University of Texas at Austin
Session: Analysts, News, and Intermediaries
January 5, 2020 10:15 to 12:15
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Eric So, Massachusetts Institute of Technology
Partisan Professionals: Evidence from Credit Rating Analysts
Elisabeth Kempf; University of Chicago
Margarita Tsoutsoura; Cornell University
presented by: Margarita Tsoutsoura, Cornell University
Discussant: Ville Rantala, University of Miami
Fake News: Evidence from Financial Markets
Shimon Kogan; Massachusetts Institute of Technology
Tobias Moskowitz; Yale University
Marina Niessner; AQR Capital Management
presented by: Marina Niessner, AQR Capital Management
Discussant: Anastassia Fedyk, University of California, Berkeley
Non-Deal Roadshows, Informed Trading, and Analyst Bias
Daniel Bradley; University of South Florida
Russell Jame; University of Kentucky
Jared Williams; University of South Florida
presented by: Daniel Bradley, University of South Florida
Discussant: Jay Ritter, University of Florida
Session: Asset Pricing: Frictions and Market Efficiency
January 5, 2020 10:15 to 12:15
Seaport DE, Manchester Grand Hyatt San Diego
Session Chair: Joseph Engelberg, University of California, San Diego
Fast and Slow Arbitrage: Smart Money, Dumb Money and Mispricing in the Frequency Domain
Xi Dong; City University of New York-Baruch College
Namho Kang; Bentley University
Joel Peress; INSEAD
presented by: Xi Dong, City University of New York-Baruch College
Discussant: Dong Lou, London School of Economics
Labor Market Competitor Network and the Transmission of Shocks
Yukun Liu; University of Rochester
Xi Wu; New York University
presented by: Xi Wu, New York University
Discussant: Isaac Hacamo, Indiana University
Ubiquitous Comovement
William Grieser; Texas Christian University
Junghoon Lee; Tulane University
Morad Zekhnini; Tulane Unviersity
presented by: Junghoon Lee, Tulane University
Discussant: Charles Clarke, University of Kentucky
Session: Corporate Culture and Socially Responsible Investing
January 5, 2020 10:15 to 12:15
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Christopher Parsons, University of Washington
Social Progress and Corporate Culture
Gary Gorton; Yale University
Alexander Zentefis; Yale University
presented by: Alexander Zentefis, Yale University
Discussant: Luigi Zingales, University of Chicago
Responsible Institutional Investing Around the World
Rajna Gibson Brandon; University of Geneva
Simon Glossner; University of Virginia – Darden School of Business
Philipp Krueger; University of Geneva and SFI
Pedro Matos; University of Virginia
Tom Steffen; University of Geneva
presented by: Pedro Matos, University of Virginia
Discussant: Paul Smeets, Maastricht University
Real Effects of Climate Policy: Financial Constraints and Spillovers
Sohnke Bartram; University of Warwick
Kewei Hou; Ohio State University
Sehoon Kim; University of Florida
presented by: Sehoon Kim, University of Florida
Discussant: William Mullins, University of California, San Diego
Session: Entrepreneurial Finance: Risk and Return
January 5, 2020 10:15 to 12:15
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Arthur Korteweg, University of Southern California
The Returns to Early-Stage Investment
Katja Kisseleva; European School of Management and Technology
Aksel Mjøs; Norwegian School of Economics
David Robinson; Duke University
presented by: Katja Kisseleva, European School of Management and Technology
Discussant: Ayako Yasuda, University of California, Davis
Evaluating Private Equity performance using Stochastic Discount Factors
Oleg Gredil; Tulane University
Morten Sorensen; Copenhagen Business School
William Waller; Tulane University
presented by: Oleg Gredil, Tulane University
Discussant: Anisha Ghosh, McGill University
Entrepreneurial Experimentation and Duration
Guojun Chen; Nanyang Technological University
Jianjun Miao; Boston University
Neng Wang; Columbia University
presented by: Guojun Chen, Nanyang Technological University
Discussant: Christian Opp, University of Rochester
Life Cycle Cash Flows of Ventures
Ravi Jagannatha; Northwestern University
Shumiao Ouyang; Princeton University
Jiaheng Yu; Massachusetts Institute of Technology
presented by: Shumiao Ouyang, Princeton University
Discussant: Morten Sorensen, Copenhagen Business School
Session: Executive Compensation
January 5, 2020 10:15 to 12:15
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Efraim Benmelech, Northwestern University
The Role of Stock Price Informativeness in Compensation Complexity
Benjamin Bennett; Tulane University
Gerald Garvey; BlackRock
Todd Milbourn; Washington University in St. Louis
Zexi Wang; Lancaster University
presented by: Zexi Wang, Lancaster University
Discussant: Filippo Mezzanotti, Northwestern University
CEO Marketability, Employment Opportunities, and Compensation: Evidence from Compensation Peer Citations
Daewoung Choi; Louisiana State University in Shreveport
David Cicero; Auburn University
Shawn Mobbs; University of Alabama
presented by: Daewoung Choi, Louisiana State University in Shreveport
Discussant: Kai Li, University of British Columbia
Why Are CEOs of Public Firms Paid More Than CEOs of Private Firms? Evidence from the Effect of Board Reforms on CEO Compensation
Kee-Hong Bae; York University
Sadok El Ghoul; University of Alberta
Jisok Kang; John Carroll University
Albert Tsang; York University
presented by: Sadok El Ghoul, University of Alberta
Discussant: Carola Frydman, Northwestern University
Session: Household Finance: Regulation and Intermediation
January 5, 2020 10:15 to 12:15
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Motohiro Yogo, Princeton University
The Effect of Political Frictions on Long Term Care Insurance
Weiling Liu; Harvard Business School
Jessica Liu; Harvard University
presented by: Weiling Liu, Harvard Business School
Discussant: Christopher Tonetti, Stanford University
Internal Deadlines, Drug Approvals, and Safety Problems
Lauren Cohen; Harvard Business School
Umit Gurun; University of Texas at Dallas
Danielle Li; Massachusetts Institute of Technology
presented by: Lauren Cohen, Harvard Business School
Discussant: Sabrina Howell, New York University
Decomposing Present Value Effects on Defaults
Deniz Aydin; Washington University in St. Louis
presented by: Deniz Aydin, Washington University in St. Louis
Discussant: Pascal Noel, University of Chicago
Can Partial Commitment Increase Pension Contribution? A Field Experiment in Sri Lanka
Changcheng Song; Singapore Management University
presented by: Changcheng Song, Singapore Management University
Discussant: James Choi, Yale University
Session: Intermediation and Asset Prices
January 5, 2020 10:15 to 12:15
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Kathy Yuan, LSE
The Coordination of Intermediation
Ming Yang; Duke University
Yao Zeng; University of Washington
presented by: Yao Zeng, University of Washington
Discussant: Chong Huang, University of California, Irvine
Financially constrained strategic arbitrage
Aytek Malkhozov; Federal Reserve Board
Gyuri Venter; Copenhagen Business School
presented by: Aytek Malkhozov, Federal Reserve Board
Discussant: Jungsuk Han, Stockholm School of Economics
Pitfalls of Central Clearing in the Presence of Systematic Risk
Christian Kubitza; University of Bonn
Loriana Pelizzon; Goethe University Frankfurt
Mila Getmansky Sherman; University of Massachusetts-Amherst
presented by: Christian Kubitza, University of Bonn
Discussant: Jessie Jiaxu Wang, Arizona State University
Session: Liquidity Risk
January 5, 2020 10:15 to 12:15
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Rui Albuquerque, Boston College
The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium
Yakov Amihud; New York University
Joonki Noh; Case Western Reserve University
presented by: Joonki Noh, Case Western Reserve University
Discussant: Jeffrey Pontiff, Boston College
Liquidity, Volume, and Volatility
Vincent Bogousslavsky; Boston College
Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne
presented by: Vincent Bogousslavsky, Boston College
Discussant: Haoxiang Zhu, Massachusetts Institute of Technology
Liquidity Creation as Volatility Risk
Itamar Drechsler; University of Pennsylvania
Alan Moreira; University of Rochester
Alexi Savov; New York University
presented by: Alan Moreira, University of Rochester
Discussant: Mark Westerfield, University of Washington
Trading Volume, Illiquidity and Commonalities in FX Markets
Angelo Ranaldo; University of St. Gallen
Paolo Santucci de Magistris; LUISS University
presented by: Angelo Ranaldo, University of St. Gallen
Discussant: Pasquale Della Corte, Imperial College London
Session: Asset Pricing: Cross-section of Returns and Investors
January 5, 2020 13:00 to 15:00
Seaport A, Manchester Grand Hyatt San Diego
Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley
Understanding the Cross-section of Global Equity Valuations and Expected Returns
Ralph Koijen; University of Chicago
Robert Richmond; New York University
Motohiro Yogo; Princeton University
presented by: Robert Richmond, New York University
Discussant: John Campbell, Harvard University
The Low-Minus-High Portfolio
Daniel Andrei; McGill University
Julien Cujean; University of Bern
Mathieu Fournier; HEC Montréal
presented by: Daniel Andrei, McGill University
Discussant: Serhiy Kozak, University of Maryland
Competition Links and Stock Returns
Assaf Eisdorfer; University of Connecticut
Kenneth Froot; Harvard Business School
Gideon Ozik; EDHEC Business School
Ronnie Sadka; Boston College
presented by: Assaf Eisdorfer, University of Connecticut
Discussant: Christopher Polk, London School of Economics
Session: Corporate Disclosure and Incentives
January 5, 2020 13:00 to 15:00
Seaport B, Manchester Grand Hyatt San Diego
Session Chair: Ivan Marinovic, Stanford University
Lying to Speak the Truth: Selective Manipulation and Improved Information Transmission
Paul Povel; University of Houston
Günter Strobl; Frankfurt School of Finance & Management
presented by: Paul Povel, University of Houston
Discussant: Martin Szydlowski, University of Minnesota
Corporate Disclosure as a Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations
Thomas Bourveau; Columbia University
Guoman She; Hong Kong University of Science and Technology
Alminas Zaldokas; Hong Kong University of Science and Technology
presented by: Alminas Zaldokas, Hong Kong University of Science and Technology
Discussant: John Kepler, Stanford University
Voluntary Disclosure, Moral Hazard and Default Risk
Shiming Fu; Shanghai University of Finance and Economics
Giulio Trigilia; University of Rochester
presented by: Shiming Fu, Shanghai University of Finance and Econo
Discussant: Felipe Varas, Duke University
Session: Financial Crises and Transmission of Shocks
January 5, 2020 13:00 to 15:00
Seaport C, Manchester Grand Hyatt San Diego
Session Chair: Tyler Muir, University of California, Los Angeles
The Collateral Rule: An Empirical Analysis of the CDS Market
Agostino Capponi; Columbia University
Allen Cheng; Columbia University
Stefano Giglio; Yale University
Richard Haynes; Commodity Futures Trading Commission
presented by: Stefano Giglio, Yale University
Discussant: Georgy Chabakauri, London School of Economics
Public Liquidity and Financial Crises
Wenhao Li; University of Southern California
presented by: Wenhao Li, University of Southern California
Discussant: Moritz Lenel, Princeton University
Dollar Exchange Rate as a Credit Supply Channel: Evidence from Firm-Level Exports
Valentina Bruno; American University
Hyun Song Shin; Bank for International Settlements
presented by: Hyun Song Shin, Bank for International Settlements
Discussant: Zhengyang Jiang, Northwestern University
Session: Household Debt and Savings
January 5, 2020 13:00 to 15:00
Seaport F, Manchester Grand Hyatt San Diego
Session Chair: Gregor Matvos, Northwestern University
Perceived Precautionary Savings Motives: Evidence from FinTech
Francesco D’Acunto; Boston College
Thomas Rauter; University of Chicago
Christoph Scheuch; Vienna University of Economics and Business
Michael Weber; University of Chicago
presented by: Christoph Scheuch, Vienna University of Economics and Business
Discussant: Greg Buchak, University of Chicago
Medicaid and Household Savings Behavior: New Evidence from Tax Refunds
Emily Gallagher; University of Colorado, Boulder
Radhakrishnan Gopalan; Washington University in St. Louis
Michal Grinstein-Weiss; Washington University in St. Louis
Jorge Sabat; Washington University in St Louis
presented by: Emily Gallagher, University of Colorado, Boulder
Discussant: Timothy McQuade, Stanford University
Reducing Barriers to Enrollment in Federal Student Loan Repayment Plans: Evidence from the Navient Field Experiment
Holger Mueller; New York University
Constantine Yannelis; University of Chicago
presented by: Constantine Yannelis, University of Chicago
Discussant: Tim Landvoigt, University of Pennsylvania
Session: Information Trading in Networks
January 5, 2020 13:00 to 15:00
Seaport G, Manchester Grand Hyatt San Diego
Session Chair: Zhiguo He, University of Chicago
Insider Networks
Selman Erol; Carnegie Mellon University
Michael Lee; Federal Reserve Bank of New York
presented by: Michael Lee, Federal Reserve Bank of New York
Discussant: Ana Babus, Washington University in St. Louis
Social Interaction and Market Reaction to Earnings News
David Hirshleifer; University of California, Irvine
Lin Peng; City University of New York-Baruch College
Qiguang Wang; Hong Kong Baptist University
presented by: Qiguang Wang, Hong Kong Baptist University
Discussant: Asaf Manela, Washington University in St. Louis
Price Revelation from Insider Trading: Evidence from Hacked Earnings News
Pat Akey; University of Toronto
Vincent Gregoire; HEC Montreal
Charles Martineau; University of Toronto
presented by: Pat Akey, University of Toronto
Discussant: Emiliano Pagnotta, Imperial College London
Liquidity versus Information Efficiency
Sergei Glebkin; INSEAD
presented by: Sergei Glebkin, INSEAD
Discussant: Eduardo Davila, Yale University
Session: Labor Markets and Firm Performance
January 5, 2020 13:00 to 15:00
Seaport H, Manchester Grand Hyatt San Diego
Session Chair: Margarita Tsoutsoura, Cornell University
Personal Income Taxes and Labor Downskilling: Evidence from 27 Million Job Postings
Murillo Campello; Cornell University and NBER
Janet Gao; Indiana University
Qiping Xu; University of Notre Dame
presented by: Janet Gao, Indiana University
Discussant: Xavier Giroud, Columbia University
Wage Rigidity and Debt Financing: Evidence From Labor Contract Renewal During the Financial Crisis
Jiaping Qiu; McMaster University
Yue Zhang; Université catholique de Louvain
presented by: Yue Zhang, Université catholique de Louvain
Discussant: Elena Simintzi, University of North Carolina-Chapel Hill
Local Employment Opportunities and Corporate Retention Policies
Kyeong H. Lee; Norwegian School of Economics
Karin Thorburn; Norwegian School of Economics
Emma Qianying Xu; University of Texas at El Passo
presented by: Kyeong H. Lee, Norwegian School of Economics
Discussant: Hyunseob Kim, Cornell University
Session: Risk Premia Dynamics in Treasury Bond Markets
January 5, 2020 13:00 to 15:00
Harbor A, Manchester Grand Hyatt San Diego
Session Chair: Anh Le, Pennsylvania State University
Unspanned Risks, Negative Local Time Risk Premiums, and Empirical Consistency of Models of Interest-Rate Claims
Gurdip Bakshi; Temple University
John Crosby; University of Maryland
Xiaohui Gao Bakshi; Temple University
presented by: John Crosby, University of Maryland
Discussant: Scott Joslin, University of Southern California
Predicting Interest Rates
Robert Czech; Bank of England
Shiyang Huang; University of Hong Kong
Dong Lou; London School of Economics
Tianyu Wang; Tsinghua University
presented by: Dong Lou, London School of Economics
Discussant: Giang Nguyen, Pennsylvania State University
Bond Risk Premia with Machine Learning
Daniele Bianchi; University of Warwick
Matthias Buchner; Warwick Business School
Andrea Tamoni; Rutgers University
presented by: Andrea Tamoni, Rutgers University
Discussant: Jingzhi Huang, Pennsylvania State University
Macro Risks and the Term Structure of Interest Rates
Geert Bekaert; Columbia University
Eric Engstrom; Federal Reserve Board
Andrey Ermolov; Fordham University
presented by: Geert Bekaert, Columbia University
Discussant: Greg Duffee, Johns Hopkins University