Online Meeting
January 3-5, 2021
Session: AFA SPECIAL SESSION – Finance and COVID-19: Corporate Finance and Banking
January 3, 2021 10:00 to 12:00
Session Chair: Yueran Ma, University of Chicago
Pandemics, Vaccines and Corporate Earnings
Harrison Hong; Columbia University
Jeffrey Kubik; Syracuse University
Neng Wang; Columbia University
Xiao Xu; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics
presented by: Harrison Hong, Columbia University
Corporate Flexibility in a Time of Crisis
John Barry; Duke University
Murillo Campello; Cornell University and NBER
John Graham; Duke University
Yueran Ma; University of Chicago
presented by: John Barry, Duke University
Public Guarantees for Small Businesses in Italy during Covid-19
Fabrizio Core; Erasmus School of Economics
Filippo De Marco; Bocconi University
presented by: Fabrizio Core, Erasmus School of Economics
Bank Liquidity Provision Across the Firm Size Distribution
Gabriel Chodorow-Reich; Harvard University
Olivier Darmouni; Columbia University
Stephan Luck; Federal Reserve of New York
Matthew Plosser; Federal Reserve Bank of New York
presented by: Gabriel Chodorow-Reich, Harvard University
How Did Depositors Respond to COVID-19?
Ross Levine; University of California, Berkeley
Chen Lin; University of Hong Kong
Mingzhu Tai; The University of Hong Kong
Wensi Xie; The Chinese University of Hong Kong
presented by: Ross Levine, University of California, Berkeley
Session: Asset Pricing: Frictions and Market Power
January 3, 2021 10:00 to 12:00
Session Chair: Benjamin Hebert, Stanford University
Risk-Sharing, Investment, and Asset Prices According to Cournot and Arrow-Debreu
Daniel Neuhann; University of Texas at Austin
Michael Sockin; University of Texas at Austin
presented by: Daniel Neuhann, University of Texas at Austin
Discussant: Ana Babus, Washington University in St. Louis
Asset-Pricing Puzzles and Price-Impact
Xiao Chen; Rutgers University
Jin Hyuk Choi; Ulsan National Institute of Science and Technology
Kasper Larsen; Rutgers University
Duane Seppi; Carnegie Mellon University
presented by: Duane Seppi, Carnegie Mellon University
Discussant: Nicolae Garleanu, UC Berkeley
Arbitrage with Financial Constraints and Market Power
Vincent Fardeau; Higher School of Economics
presented by: Vincent Fardeau, Higher School of Economics
Discussant: Jonathan Wallen, Harvard University
Price Destabilizing Speculation: The Role of Strategic Limit Orders
Suman Banerjee; Stevens Institute of Technology
Ravi Jagannathan; Northwestern University
Kai Wang; Stevens Institute of Technology
presented by: Suman Banerjee, Stevens Institute of Technology
Discussant: Yajun Wang, City University of New York-Baruch Colle
Session: Corporate Finance: Policy and Regulatory Issues
January 3, 2021 10:00 to 12:00
Session Chair: Mara Faccio, Purdue University
Are Judges Like Umpires? Political Affiliation and Corporate Prosecutions
Todd Gormley; Washington University in St. Louis
Mahsa S. Kaviani; University of Delaware
Hosein Maleki; Florida State University
presented by: Mahsa S. Kaviani, University of Delaware
Discussant: Qiping Xu, University of Illinois Urbana Champaign
The Real Effects of Politicians’ Compensation
Igor Cunha; University of Kentucky
Paulo Manoel; University of Kentucky
presented by: Paulo Manoel, University of Kentucky
Discussant: Jacopo Ponticelli, Northwestern University
The Political Economy of Anti-Bribery Enforcement
Lauren Cohen; Harvard University
Bo Li; Tsinghua University
presented by: Bo Li, Tsinghua University
Discussant: David Parsley, Vanderbilt University
Session: Corporate Finance: Risk Management
January 3, 2021 10:00 to 12:00
Session Chair: Jarrad Harford, University of Washington
Corporate Responses to Stock Price Fragility
Richard Friberg; Stockholm School of Economics
Itay Goldstein; University of Pennsylvania
Kristine Hankins; University of Kentucky
presented by: Kristine Hankins, University of Kentucky
Discussant: Ming Dong, York University
Corporate Climate Risk: Measurements and Responses
Qing Li; University of Florida
Hongyu Shan; Fordham University
Yuehua Tang; University of Florida
Vincent Yao; Georgia State University
presented by: Vincent Yao, Georgia State University
Discussant: Tim Loughran, University of Notre Dame
New Evidence on the Determinants of Corporate Hedging
Guojun Chen; Nanyang Technological University
Zhongjin Lu; University Of Georgia
Siddharth Vij; University of Georgia
presented by: Guojun Chen, Nanyang Technological University
Discussant: David Haushalter, Penn State University
Session: Debt Structure
January 3, 2021 10:00 to 12:00
Session Chair: Mark Leary, Washington University in St. Louis
The Dynamics of Corporate Debt Structure
Michael Halling; Stockholm School of Economics
Jin Yu; Monash University
Josef Zechner; Vienna University of Economics and Business
presented by: Michael Halling, Stockholm School of Economics
Discussant: Kai Li, University of British Columbia
Secured Credit Spreads
Efraim Benmelech; Northwestern University
Nitish Kumar; University of Florida
Raghuram Rajan; University of Chicago
presented by: Nitish Kumar, University of Florida
Discussant: Michael Schwert, Wharton
Options Trading and Corporate Debt Structure
Jie Cao; Chinese University of Hong Kong
Michael Hertzel; Arizona State University
Jie Xu; Chinese University of Hong Kong
Xintong Zhan; Chinese University of Hong Kong
presented by: Xintong Zhan, Chinese University of Hong Kong
Discussant: Vassil Mihov, Texas Christian University
Session: Financial Crises and Transmission of Shocks
January 3, 2021 10:00 to 12:00
Session Chair: Cecilia Parlatore, New York University
Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
Arvind Krishnamurthy; Stanford University
Wenhao Li; University of Southern California
presented by: Wenhao Li, University of Southern California
Discussant: Eduardo Davila, Yale University
Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market
Mariassunta Giannetti; Stockholm School of Economics
Yeejin Jang; University of New South Wales
presented by: Mariassunta Giannetti, Stockholm School of Economics
Discussant: Ramona Dagostino, University of Rochester
The Rise of Finance Companies in U.S. Small Business Lending
Manasa Gopal; New York University
Philipp Schnabl; New York University
presented by: Philipp Schnabl, New York University
Discussant: Greg Buchak, Stanford University
Session: Household Finance and Non-Bank Institutions
January 3, 2021 10:00 to 12:00
Session Chair: Constantine Yannelis, University of Chicago
Gig-Labor: Trading Safety Nets for Steering Wheels
Vyacheslav Fos; Boston College
Ankit Kalda; Indiana University
Jordan Nickerson; Boston College
presented by: Ankit Kalda, Indiana University
Discussant: Dmitri Koustas, University of Chicago
Grit and Credit Risk
Jess Cornaggia; Pennsylvania State University
Kimberly Cornaggia; Pennsylvania State University
Han Xia; University of Texas at Dallas
presented by: Kimberly Cornaggia, Pennsylvania State University
Discussant: Mahyar Kargar, University of Illinois Urbana-Champaign
Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds
Jonathan Parker; Massachusetts Institute of Technology
Antoinette Schoar; Massachusetts Institute of Technology
Yang Sun; Brandeis University
presented by: Yang Sun, Brandeis University
Discussant: Jules van Binsbergen, University of Pennsylvania
Peer Effects in Product Adoption
Michael Bailey; Facebook
Drew Johnston; Harvard University
Theresa Kuchler; New York University
Johannes Stroebel; New York University
Arlene Wong; Princeton University
presented by: Johannes Stroebel, New York University
Discussant: Geoffrey Tate, University of Maryland
Session: New Methods and Portfolios for the Cross Section
January 3, 2021 10:00 to 12:00
Session Chair: Michael Weber, University of Chicago
Does Unobservable Heterogeneity Matter for Portfolio-Based Asset Pricing Tests?
Daniel Hoechle; University of Applied Sciences and Arts
Markus Schmid; University of St. Gallen
Heinz Zimmermann; University of Basel
presented by: Markus Schmid, University of St. Gallen
Discussant: Andreas Neuhierl, University of Notre Dame
New and Old Sorts: Implications for Asset Pricing
Fahiz Baba-Yara; Nova School of Business and Economics
Martijn Boons; Tilburg University
Andrea Tamoni; Rutgers University
presented by: Andrea Tamoni, Rutgers University
Discussant: Kent Daniel, Columbia Univeristy
Forest through the Trees: Building Cross-Sections of Stock Returns
Svetlana Bryzgalova; London Business School
Markus Pelger; Stanford University
Jason Zhu; Stanford University
presented by: Svetlana Bryzgalova, London Business School
Discussant: Bryan Kelly, Yale University
Macroeconomic Content of Characteristics-Based Asset Pricing Models: A Machine Learning Analysis
Oleg Rytchkov; Temple University
Xun Zhong; Fordham University
presented by: Oleg Rytchkov, Temple University
Discussant: Juhani Linnainmaa, Dartmouth College
Session: AFA Panel: Short-termism and Corporate Investment
January 3, 2021 12:15 to 14:15
Session Chair: Toni Whited, University of Michigan
presented by:
Janice Eberly, Northwestern University
Thomas Philippon, New York University
Alex Edmans, London Business School
Session: Artificial Intelligence in Finance: Impact and Applications
January 3, 2021 12:15 to 14:15
Session Chair: Markus Pelger, Stanford University
Artificial Intelligence and the Future of Work: Evidence from Analysts
Jillian Grennan; Duke University
Roni Michaely; University of Geneva
presented by: Jillian Grennan, Duke University
Discussant: Lea Stern, University of Washington
AI Adoption, Firm Growth, and Industry Concentration
Tania Babina; Columbia University
Anastassia Fedyk; University of California, Berkeley
Alex Xi He; University of Maryland
James Hodson; Jozef Stefan Institute
presented by: Anastassia Fedyk, University of California, Berkeley
Discussant: Francesco D’Acunto, Boston College
Text-Based Mutual Fund Peer Groups
Simona Abis; Columbia University
Anton Lines; Columbia University
presented by: Simona Abis, Columbia University
Discussant: Svetlana Bryzgalova, London Business School
AlphaPortfolio: Direct Construction through Reinforcement Learning and Economically Interpretable AI
Will Cong; Cornell University
Ke Tang; Tsinghua University
Jingyuan Wang; Beihang University
Yang Zhang; Beihang University
presented by: Will Cong, Cornell University
Discussant: Dacheng Xiu, University of Chicago
Session: Asset Pricing: Return Dynamics
January 3, 2021 12:15 to 14:15
Session Chair: Tyler Muir, University of California, Los Angeles
Momentum Turning Points
Ashish Garg; Research Affiliates
Christian Goulding; Research Affiliates
Campbell Harvey; Duke University
Michele Mazzoleni; Research Affiliates
presented by: Christian Goulding, Research Affiliates
Discussant: Ravi Jagannathan, Northwestern University
Equity Duration and Predictability
Benjamin Golez; University of Notre Dame
Peter Koudijs; Stanford University
presented by: Benjamin Golez, University of Notre Dame
Campbell Harvey, Duke University
Discussant: Niels Gormsen, University of Chicago
Pre-Announcement Risk
Toomas Laarits; New York University
presented by: Toomas Laarits, New York University
Discussant: Nina Boyarchenko, Federal Reserve Bank of New York
Session: Bankruptcy and Distress
January 3, 2021 12:15 to 14:15
Session Chair: Edith Hotchkiss, Boston College
Large Shareholders and Financial Distress
Christian Opp; University of Rochester
presented by: Christian Opp, University of Rochester
Discussant: Daniel Green, Harvard Business School
Dark Knights: The Rise in Firm Intervention by CDS Investors
Andras Danis; Georgia Institute of Technology
Andrea Gamba; University of Warwick
presented by: Andras Danis, Georgia Institute of Technology
Discussant: Jason Donaldson, Washington University in St Louis
How Large are Pre-Default Costs of Financial Distress? Estimates from a Dynamic Model
Redouane Elkamhi; University of Toronto
Marco Salerno; University of Toronto
presented by: Marco Salerno, University of Toronto
Discussant: Dirk Hackbarth, Boston University
Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales
Julian Franks; London Business School
Gunjan Seth; London Business School
Oren Sussman; University of Oxford
Vikrant Vig; London Business School
presented by: Gunjan Seth, London Business School
Discussant: Carola Schenone, University of Virginia
Session: Hedge Funds: Incentives and Infrastructure
January 3, 2021 12:15 to 14:15
Session Chair: Wei Jiang, Columbia University
On the Other Side of Hedge Fund Equity Trades
Xinyu Cui; University of Manchester
Olga Kolokolova; University of Manchester
George Wang; Lancaster University
presented by: Olga Kolokolova, University of Manchester
Discussant: Stefano Giglio, Yale University
Income Taxes and Managerial Incentives: Evidence from Hedge Funds
Vikas Agarwal; Georgia State University
Gary Chen; University of Illinois at Chicago
Zhen Shi; Georgia State University
Bin Wang; Marquette University
presented by: Gary Chen, University of Illinois at Chicago
Discussant: Elisabeth Kempf, University of Chicago
Do Prime Brokers Matter in the Search for Informed Hedge Fund Managers?
George Aragon; Arizona State University
Ji-Woong Chung; Korea University
Byoung Uk Kang; Hong Kong Polytechnic University
presented by: Byoung Uk Kang, Hong Kong Polytechnic University
Discussant: Yuehua Tang, University of Florida
Session: Household Finance
January 3, 2021 12:15 to 14:15
Session Chair: Taylor Begley, Washington University in St. Louis
Working More to Pay the Mortgage: Interest Rates and Labor Supply
Michal Zator; Northwestern University
presented by: Michal Zator, Northwestern University
Discussant: Amir Kermani, University of California, Berkeley
Borrowing in Response to Windfalls
Arna Olafsson; Copenhagen Business School
Michaela Pagel; Columbia University
presented by: Michaela Pagel, Columbia University
Discussant: Deniz Aydin, Washington University in St. Louis
Personal Bankruptcy, Moral Hazard, and Shadow Debt
Bronson Argyle; Brigham Young University
Benjamin Iverson; Brigham Young University
Taylor Nadauld; Brigham Young University
Christopher Palmer; Massachusetts Institute of Technology
presented by: Bronson Argyle, Brigham Young University
Discussant: Arpit Gupta, NYU Stern
Session: Impact of Market Institutions on Information Content and Cost of Trading
January 3, 2021 12:15 to 14:15
Session Chair: Torben Andersen, Kellogg School, Northwestern University
Quantifying the High-Frequency Trading “Arms Race”: A Simple New Methodology and Estimates
Matteo Aquilina; Financial Conduct Authority
Eric Budish; University of Chicago
Peter O’Neill; Financial Conduct Authority
presented by: Eric Budish, University of Chicago
Discussant: Albert Kyle, University of Maryland
Who Trades at the Close? Implications for Price Discovery, Liquidity, and Disagreement
Vincent Bogousslavsky; Boston College
Dmitriy Muravyev; Michigan State University
presented by: Vincent Bogousslavsky, Boston College
Discussant: Dermot Murphy, University of Illinois at Chicago
The Information in Industry-Neutral Self-Financed Trades
Yashar Barardehi; Chapman University
Zhi Da; University of Notre Dame
Mitch Warachka; Chapman University
presented by: Yashar Barardehi, Chapman University
Discussant: Vyacheslav Fos, Boston College
Who Uses Which Order Type and Why?
Sida Li; University of Illinois at Urbana-Champaign
Mao Ye; University of Illinois at Urbana-Champaign
Miles Zheng; University of Illinois at Urbana-Champaign
presented by: Mao Ye, University of Illinois at Urbana-Champaign
Discussant: Chester Spatt, Carnegie Mellon University
Session: Law and Corporate Governance
January 3, 2021 12:15 to 14:15
Session Chair: Tracy Wang, University of Minnesota
Do Shareholders Gain from Their Right to Sue? Evidence from Federal Judge Turnover
Stefano Cassella; Tilburg University
Antonino Rizzo; Nova School of Business and Economics
presented by: Antonino Rizzo, Nova School of Business and Economics
Discussant: Jonathan Karpoff, University of Washington
Disloyal Managers and Shareholders’ Wealth
Eliezer Fich; Drexel University
Jarrad Harford; University of Washington
Anh Tran; University of London
presented by: Eliezer Fich, Drexel University
Discussant: Isil Erel, The Ohio State University
On Inference When Using State Corporate Laws
Allen Hu; Yale University
Holger Spamann; Harvard University
presented by: Holger Spamann, Harvard University
Discussant: Todd Gormley, Washington University in St. Louis
Session: AFA Panel: Do the Big Issues of the 21st Century Require a Change in Shareholder Capitalism?
January 3, 2021 15:45 to 17:45
Session Chair: Antoinette Schoar, Massachusetts Institute of Technology
presented by:
Antoinette Schoar, Massachusetts Institute of Technology
Luigi Zingales, University of Chicago
Sanjai Bhagat, University of Colorado
Martin Lipton, Wachtell, Lipton, Rosen & Katz
Session: Corporate Culture
January 3, 2021 15:45 to 17:45
Session Chair: Paola Sapienza, Northwestern University
Exposing Revolving Doors in Executive Branch Agencies
Logan Emery; Purdue University
Mara Faccio; Purdue University
presented by: Logan Emery, Purdue University
Discussant: Elisabeth Kempf, University of Chicago
Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement
Karl Lins; University of Utah
Lukas Roth; University of Alberta
Henri Servaes; London Business School
Ane Tamayo; London School of Economics
presented by: Henri Servaes, London Business School
Discussant: Renee Adams, University of Oxford
Shared Culture and Technological Innovation: Evidence from Corporate R&D Teams
Tristan Fitzgerald; Texas A&M University
Xiaoding Liu; Texas A&M University
presented by: Tristan Fitzgerald, Texas A&M University
Discussant: Danielle Li, Massachusetts Institute of Technology
Hidden in Plain Sight: The Role of Corporate Board of Directors in Public Charity Lobbying
Changhyun Ahn; University of Florida
Joel Houston; University of Florida
Sehoon Kim; University of Florida
presented by: Sehoon Kim, University of Florida
Discussant: Pat Akey, University of Toronto
Session: Economic Big Data and Machine Learning: Applications and Implications
January 3, 2021 15:45 to 17:45
Session Chair: Will Cong, Cornell University
Machine Learning versus Economic Restrictions: Evidence from Stock Return Predictability
Doron Avramov; IDC Herzliya
Si Cheng; Chinese University of Hong Kong
Lior Metzker; Hebrew University of Jerusalem
presented by: Si Cheng, Chinese University of Hong Kong
Discussant: Serhiy Kozak, University of Maryland
Data Privacy and Temptation
John Zhuang Liu; Chinese University of Hong Kong
Michael Sockin; University of Texas at Austin
Wei Xiong; Princeton University
presented by: Michael Sockin, University of Texas at Austin
Discussant: Dirk Bergemann, Yale University
Persuading Investors: A Video-Based Study
Allen Hu; Yale University
Song Ma; Yale University
presented by: Allen Hu, Yale University
Discussant: Bradley Hendricks, University of North Carolina
Who Benefits from Robo-advising? Evidence from Machine Learning
Alberto Rossi; Georgetown University
Steve Utkus; Vanguard University
presented by: Alberto Rossi, Georgetown University
Discussant: Michael Reher, University of California San Diego, Rady
Session: Finance and Product Markets
January 3, 2021 15:45 to 17:45
Session Chair: Rohan Williamson, Georgetown University
Product Market Strategy and Corporate Policies
Jakub Hajda; University of Lausanne
Boris Nikolov; University of Lausanne
presented by: Jakub Hajda, University of Lausanne
Discussant: Evgeny Lyandres, Tel Aviv University
Competition Law and Innovation
Ross Levine; University of California, Berkeley
Chen Lin; University of Hong Kong
Lai Wei; Lingnan University
Wensi Xie; Chinese University of Hong Kong
presented by: Ross Levine, University of California, Berkeley
Discussant: Yifei Mao, Cornell University
Life Cycles of Firm Disclosures
AJ Yuan Chen; University of Southern California
Gerard Hoberg; University of Southern California
Vojislav Maksimovic; University of Maryland
presented by: Gerard Hoberg, University of Southern California
Discussant: Rene Stulz, Ohio State University
Session: Financial Stability
January 3, 2021 15:45 to 17:45
Session Chair: Dasol Kim, Office of Financial Research
Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective
Marco Machiavelli; Federal Reserve Board
Alex Zhou; Federal Reserve Board
presented by: Alex Zhou, Federal Reserve Board
Discussant: Lasse Pedersen, Copenhagen Business School,NYU,AQR,CEPR
A Theory of Collateral Requirements for Central Counterparties
Jessie Jiaxu Wang; Arizona State University
Agostino Capponi; Columbia University
Hongzhong Zhang; Columbia University
presented by: Jessie Jiaxu Wang, Arizona State University
Discussant: Haoxiang Zhu, Massachusetts Institute of Technology
Designing Stress Scenarios
Cecilia Parlatore; New York University
Thomas Philippon; New York University
presented by: Cecilia Parlatore, New York University
Discussant: Itay Goldstein, University of Pennsylvania
Session: International Asset Pricing
January 3, 2021 15:45 to 17:45
Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen
Currency Anomalies
Sohnke Bartram; University of Warwick
Leslie Djuranovik; University of Warwick
Anthony Garratt; University of Warwick
presented by: Sohnke Bartram, University of Warwick and CEPR
Discussant: George Panayotov, HKUST
U.S. Political Cycles and International Stock Returns
Pasquale Della Corte; Imperial College London
Hsuan Fu; Laval University
presented by: Hsuan Fu, Laval University
Discussant: Jonathan Brogaard, University of Utah
Why is Dollar Debt Cheaper? Evidence from Peru
Bryan Gutierrez; Superintendencia de Banca,Seguros, y AFPs
Victoria Ivashina; Harvard University
Juliana Salomao; University of Minnesota
presented by: Juliana Salomao, University of Minnesota
Discussant: Zhiguo He, University of Chicago
Session: Macro Finance
January 3, 2021 15:45 to 17:45
Session Chair: Andrea Eisfeldt, University of California, Los Angeles
Limited Household Risk Sharing: General Equilibrium Implications for the Term Structure of Interest Rates
Indrajit Mitra; University of Michigan
Yu Xu; University of Hong Kong
presented by: Yu Xu, University of Hong Kong
Discussant: Carolin Pflueger, University of Chicago
Strategic Product Diversity
Nuno Clara; London Business School
Alexandre Corhay; University of Toronto
Howard Kung; London Business School
presented by: Alexandre Corhay, University of Toronto
Discussant: Matthias Kehrig, Duke University
Why Does Oil Matter? Commuting and Aggregate Fluctuations
Robert Ready; University of Oregon
Nikolai Roussanov; University of Pennsylvania
Ewelina Zurowska; University of Pennsylvania
presented by: Nikolai Roussanov, University of Pennsylvania
Discussant: Bernard Herskovic, University of California, Los Angeles
Leasing as a Risk-Sharing Mechanism
Kai Li; Hong Kong University of Science and Technology
Chi-Yang Tsou; Hong Kong University of Science and Technology
presented by: Kai Li, Hong Kong University of Science and Technology
Discussant: Giorgia Piacentino, Columbia University
Session: Mutual Fund Trading and Performance
January 3, 2021 15:45 to 17:45
Session Chair: Jules van Binsbergen, University of Pennsylvania
Skill, Scale, and Value Creation in the Mutual Fund Industry
Laurent Barras; McGill University
Patrick Gagliardini; Università della Svizzera italiana
Olivier Scaillet; University of Geneva and Swiss Finance Institute
presented by: Laurent Barras, McGill University
Discussant: Jonathan Berk, Stanford University
What Alleviates Crowding in Factor Investing?
Victor DeMiguel; University of London
Alberto Martin-Utrera; New Jersey Institute of Technology
Raman Uppal; EDHEC Business School
presented by: Victor DeMiguel, University of London
Discussant: Tobias Moskowitz, Yale University
How Global is Your Mutual Fund? International Diversification from Multinationals
Irem Demirci; Nova School of Business and Economics
Miguel Ferreira; Nova School of Business and Economics
Pedro Matos; University of Virginia
Clemens Sialm; University of Texas at Austin
presented by: Irem Demirci, Nova School of Business and Economics
Discussant: Jules van Binsbergen, University of Pennsylvania
Decomposing Tracking Error to Identify Mutual Fund Strategies
Andrea Buffa; Boston University
Apoorva Javadekar; Indian School of Business
presented by: Apoorva Javadekar, Indian School of Business
Discussant: Anton Lines, Columbia University
Session: AEA/AFA Joint Panel: Effects of and Lessons Learned from COVID-19
January 4, 2021 10:00 to 12:00
Session Chair: Markus Brunnermeier, Princeton University
presented by:
Jeremy Stein, Harvard University
Nicholas Bloom, Stanford University
Sydney Ludvigson, New York University
Session: AFA/AEA Joint Panel on Climate
January 4, 2021 10:00 to 12:00
Session Chair: Michael Greenstone, University of Chicago
presented by:
Maureen Cropper, University of Maryland
Geoffrey Heal, Columbia University
William Nordhaus, Yale University
Session: Asset Pricing: Frictions and Mispricing
January 4, 2021 10:00 to 12:00
Session Chair: Stefano Giglio, Yale University
In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis
Xavier Gabaix; Harvard University
Ralph Koijen; University of Chicago
presented by: Xavier Gabaix, Harvard University
Discussant: Hanno Lustig, Stanford University
Bubbles and the Value of Innovation
Valentin Haddad; University of California, Los Angeles
Paul Ho; Federal Reserve Bank of Richmond
Erik Loualiche; University of Minnesota
presented by: Erik Loualiche, University of Minnesota
Discussant: Alp Simsek, Massachusetts Institute of Technology
Factor Demand and Factor Returns
Cameron Peng; London School of Economics
Chen Wang; Yale University
presented by: Cameron Peng, London School of Economics
Discussant: Marcin Kacperczyk, Imperial College London
Asset Pricing with Misspecified Models
Pooya Molavi; University of Chicago
Alireza Tahbaz-Salehi; Northwestern University
Andrea Vedolin; Boston University
presented by: Alireza Tahbaz-Salehi, Northwestern University
Discussant: Stavros Panageas, Anderson School of Management
Session: Asset Pricing: What News Matters?
January 4, 2021 10:00 to 12:00
Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley
Temperature shocks and Industry Earnings News
Jawad Addoum; Cornell University
David Ng; Cornell University
presented by: Jawad Addoum, Cornell University
Discussant: Harrison Hong, Columbia University
The Perils of Crying “Fake News”
Mancy Luo; Erasmus University
Alberto Manconi; Bocconi University
Massimo Massa; INSEAD
presented by: Alberto Manconi, Bocconi University
Discussant: Christopher Parsons, University of Southern California
Which Corporate ESG News does the Market React to?
George Serafeim; Harvard University
Aaron Yoon; Northwestern University
presented by: Aaron Yoon, Northwestern University
Discussant: Laura Starks, University of Texas
The Cross-Section of Non-Professional Analyst Skill
Michael Farrell; University of Virginia
Russell Jame; University of Kentucky
Tian Qiu; University of Kentucky
presented by: Russell Jame, University of Kentucky
Discussant: Brad Barber, UC Davis
Session: Finance and Development
January 4, 2021 10:00 to 12:00
Session Chair: Shawn Cole, Harvard Business School
Misallocation and Capital Market Integration: Evidence From India
Natalie Bau; University of California, Los Angeles
Adrien Matray; Princeton University
presented by: Adrien Matray, Princeton University
Discussant: Sam Asher, Johns Hopkins
Financial and Real Effects of Government Monitoring: Evidence from Commercial Bank Loans
Rebecca De Simone
presented by: Rebecca De Simone, London Business School
Discussant: Craig Brown, Purdue University
Direct and Indirect Effects of Financial Access on SMEs
Jing Cai; University of Maryland
Adam Szeidl; Central European University
presented by: Jing Cai, University of Maryland
Discussant: Sean Higgins, Northwestern University
The Impacts of Managerial Autonomy on Firm Outcomes
Namrata Kala; Massachusetts Institute of Technology
presented by: Namrata Kala, Massachusetts Institute of Technology
Discussant: Julia Fonseca, UIUC
Session: FinTech Innovations: Banks and Small Business
January 4, 2021 10:00 to 12:00
Session Chair: Adair Morse, University of California, Berkeley
Financial Innovation in the 21st Century: Evidence from U.S. Patenting
Josh Lerner; Harvard University
Amit Seru; Stanford University
Nick Short; Harvard University
Yuan Sun; Harvard University
presented by: Josh Lerner, Harvard University
Discussant: Yael Hochberg, Rice University
Nationalistic Labor Policies Hinder FinTech Innovation
Francesco D’Acunto; Boston College
Michael Weber; University of Chicago
Jin Xie; Chinese University of Hong Kong
Liu Yang; University of Maryland
presented by: Jin Xie, Chinese University of Hong Kong
Discussant: Shai Bernstein, Stanford University
The Real Impact of FinTech: Evidence from Mobile Payment Technology
Sumit Agarwal; National University of Singapore
Wenlan Qian; National University of Singapore
Yuan Ren; National University of Singapore
Hsin-Tien Tsai; National University of Singapore
Bernard Yeung; National University of Singapore
presented by: Wenlan Qian, National University of Singapore
Discussant: Xinxin Wang, University of California, Los Angeles
What is Fueling FinTech Lending? The Role of Banking Market Structure
Tetyana Balyuk; Emory University
Allen Berger; University of South Carolina
John Hackney; University of South Carolina
presented by: Tetyana Balyuk, Emory University
Discussant: Erik Gilje, University of Pennsylvania
Session: Labor Markets for CEOs and CFOs
January 4, 2021 10:00 to 12:00
Session Chair: Hyunseob Kim, Cornell University
The Market for CEOs
Peter Cziraki; University of Toronto
Dirk Jenter; London School of Economics
presented by: Peter Cziraki, University of Toronto
Discussant: Charles Hadlock, Michigan State University
Winning an Award Could Set You Free: Earnings Management and the Balance of Power between CEOs and CFOs
Qinxi Wu; Baylor University
presented by: Qinxi Wu, Baylor University
Discussant: Carola Frydman, Northwestern University
CEO Health and Corporate Governance
Matti Keloharju; Aalto University
Samuli Knüpfer; BI Norwegian Business School
Joacim Tåg; Research Institute of Industrial Economics
presented by: Samuli Knüpfer, BI Norwegian Business School
Discussant: Alex Xi He, University of Maryland
Session: Mutual Funds and ETFs: Current Issues
January 4, 2021 10:00 to 12:00
Session Chair: Russell Wermers, University of Maryland
Crowding: Evidence from Fund Managerial Structure
Campbell Harvey; Duke University
Yan Liu; Purdue University
Eric Tan; University of Queensland
Min Zhu; University of Queensland
presented by: Campbell Harvey, Duke University
Discussant: Lucian Taylor, University of Pennsylvania
Exchange Traded Funds and Market Runs
Ayan Bhattacharya; City University of New York
Maureen O’Hara; Cornell University
presented by: Ayan Bhattacharya, City University of New York
Discussant: Lawrence Schmidt, Massachusetts Institute of Technology
ETF Heartbeat Trades, Tax Efficiencies, and Clienteles
Rabih Moussawi; Villanova University
Ke Shen; Lehigh University
Raisa Velthuis; Villanova University
presented by: Rabih Moussawi, Villanova University
Discussant: Jinming Xue, University of Maryland, College Park
Carrot and Stick: A Risk-Sharing Rationale for Fulcrum Fees in Active Fund Management
Juan Sotes Paladino; Universidad de los Andes
Fernando Zapatero; Boston University
presented by: Fernando Zapatero, Boston University
Discussant: Ron Kaniel, University of Rochester
Session: Private Equity
January 4, 2021 10:00 to 12:00
Session Chair: Ayako Yasuda, University of California, Davis
Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers
Carsten Bienz; Norwegian School of Economics
Karin Thorburn; Norwegian School of Economics
Uwe Walz; Goethe University Frankfurt
presented by: Carsten Bienz, Norwegian School of Economics
Discussant: Bo Becker, Stockholm School of Economics, CEPR & ECGI
R&D or R vs. D? Firm Innovation Strategy and Equity Ownership
James Driver; Texas A&M University
Adam Kolasinski; Texas A&M University
Jared Stanfield; University of Oklahoma
presented by: Jared Stanfield, University of Oklahoma
Discussant: Sophie Shive, University of Notre Dame
A Theory of Liquidity in Private Equity
Vincent Maurin; Stockholm School of Economics
David Robinson; Duke University
Per Strömberg; Stockholm School of Economics
presented by: Vincent Maurin, Stockholm School of Economics
Discussant: Michael Weisbach, Ohio State University
Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis
Emily Johnston-Ross; FDIC
Song Ma; Yale University
Manju Puri; Duke University and NBER
presented by: Song Ma, Yale University
Discussant: Christa Bouwman, Texas A&M University
Session: AFA Panel: Race and the Finance Profession
January 4, 2021 12:15 to 14:15
Session Chair: Heather Tookes, Yale University
presented by:
Rohan Williamson, Georgetown University
Laura Field, University of Delaware
George Karolyi, Cornell University
Peter Henry, New York University
Pietro Veronesi, University of Chicago
Session: AFA SPECIAL SESSION – Finance and COVID-19: Asset Pricing and Macro-Finance
January 4, 2021 12:15 to 14:15
Session Chair: Johannes Stroebel, New York University
When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response
Valentin Haddad; University of California, Los Angeles
Alan Moreira; university of rochester
Tyler Muir; University of California, Los Angeles
presented by: Valentin Haddad, University of California, Los Angeles
Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets
Antonio Falato; Federal Reserve Board
Itay Goldstein; University of Pennsylvania
Ali Hortacsu; University of Chicago
presented by: Antonio Falato, Federal Reserve Board
Inside the Mind of a Stock Market Crash
Stefano Giglio; Yale University
Matteo Maggiori; Stanford University
Johannes Stroebel; New York University
Stephen Utkus; Vanguard
presented by: Stefano Giglio, Yale University
Can the Covid Bailouts Save the Economy?
Vadim Elenev; Johns Hopkins University
Tim Landvoigt; University of Pennsylvania
Stijn Van Nieuwerburgh; Columbia University
presented by: Vadim Elenev, Johns Hopkins University
COVID-19: Inflation and Deflation Pressures
Markus Brunnermeier; Princeton University
Sebastian Merkel; Princeton University
Jonathan Payne; Princeton University
Yuliy Sannikov; Stanford University
presented by: Markus Brunnermeier, Princeton University
Session: Competition and Information in Trading
January 4, 2021 12:15 to 14:15
Session Chair: Terrence Hendershott, University of California Berkeley
Limit Order Markets under Asymmetric Information
Ayan Bhattacharya; City University of New York
Gideon Saar; Cornell University
presented by: Ayan Bhattacharya, City University of New York
Discussant: Sabrina Buti, University Paris Dauphine
Designated Market Makers: Competition and Incentives
Mario Bellia; European Commission
Loriana Pelizzon; Goethe University Frankfurt
Marti Subrahmanyam; New York University
Darya Yuferova; NHH Norwegian School of Economics
presented by: Darya Yuferova, NHH Norwegian School of Economics
Discussant: Mao Ye, University of Illinois at Urbana-Champaign
Is Equity Market Exchange Structure Anti-Competitive?
Chester Spatt; Carnegie Mellon University
presented by: Chester Spatt, Carnegie Mellon University
Discussant: Lawrence Glosten, Columbia University
Session: Credit Supply
January 4, 2021 12:15 to 14:15
Session Chair: Giorgia Piacentino, Columbia University
Sorting Out the Real Effects of Credit Supply
Briana Chang; UW Madison
Matthieu Gomez; Columbia University
Harrison Hong; Columbia University
presented by: Briana Chang, University of Wisconsin
Discussant: Michael Schwert, Wharton
Granular Credit Risk
Sigurd Mølster Galaasen; Norges Bank
Rustam Jamilov; London Business School
Ragnar Juelsrud; Norges Bank
Helene Rey; London Business School
presented by: Sigurd Mølster Galaasen, Norges Bank
Discussant: Daniel Paravisini, London School of Economics
Zombie Credit and (Dis-)Inflation: Evidence from Europe
Viral Acharya; New York University
Matteo Crosignani; University of Michigan
Tim Eisert; Erasmus University Rotterdam
Christian Eufinger; IESE
presented by: Matteo Crosignani, University of Michigan
Discussant: Laura Blattner, Stanford University
Session: Determinants of Corporate Leverage
January 4, 2021 12:15 to 14:15
Session Chair: Ozde Oztekin, Florida International University
Inflexibility and Leverage
Olivia Lifeng Gu; University of Hong Kong
Dirk Hackbarth; Boston University
Tong Li; University of Hong Kong
presented by: Olivia Lifeng Gu, University of Hong Kong
Discussant: Aydogan Alti, University of Texas at Austin
Index Creation, Information, and External Finance
Vidhan Goyal; Hong Kong University of Science and Technology
Daniel Urban; Erasmus University Rotterdam
Wenting Zhao; Technical University of Munich
presented by: Daniel Urban, Erasmus University Rotterdam
Discussant: Christian Leuz, University of Chicago
Keeping Secrets from Creditors: Evidence from The Uniform Trade Secrets Act
Scott Guernsey; University of Tennessee
Kose John; New York University
Lubomir Litov; University of Oklahoma
presented by: Scott Guernsey, University of Tennessee
Discussant: Mitchell Petersen, Northwestern University
It’s Not So Bad: Director Bankruptcy Experience and Corporate Risk Taking
Radhakrishnan Gopalan; Washington University in St. Louis
Todd Gormley; Washington University in St. Louis
Ankit Kalda; Indiana University
presented by: Ankit Kalda, Indiana University
Discussant: Gennaro Bernile, University of Miami
Session: Financing Innovation
January 4, 2021 12:15 to 14:15
Session Chair: Song Ma, Yale University
Kill Zone
Sai Krishna Kamepalli; University of Chicago
Raghuram Rajan; University of Chicago
Luigi Zingales; University of Chicago
presented by: Luigi Zingales, University of Chicago
Discussant: Will Gornall, University of British Columbia
The ESG-Innovation Disconnect
Lauren Cohen; Harvard University
Umit Gurun; University of Texas at Dallas
Quoc Nguyen; DePaul University
presented by: Quoc Nguyen, DePaul University
Discussant: John Van Reenen, Massachusetts Institute of Technology
Product Innovation and Credit Market Disruptions
Joao Granja; University of Chicago
Sara Moreira; Northwestern University
presented by: Joao Granja, University of Chicago
Discussant: Michael Ewens, California Institute of Technology
Session: Long-term Investors, Portfolio Choice, and Asset Prices
January 4, 2021 12:15 to 14:15
Session Chair: Ralph Koijen, University of Chicago
The Role of Financial Conditions in Portfolio Choices: The Case of Insurers
Shan Ge; New York University
Michael Weisbach; Ohio State University
presented by: Michael Weisbach, Ohio State University
Discussant: Ishita Sen, Harvard University
Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
John Campbell; Harvard University
Roman Sigalov; Harvard University
presented by: John Campbell, Harvard University
Discussant: Alexi Savov, New York University
Asset Pricing with Price Levels
Thummim Cho; London School of Economics
Christopher Polk; London School of Economics
presented by: Thummim Cho, London School of Economics
Discussant: Niels Gormsen, University of Chicago
Sustainable Investing in Equilibrium
Lubos Pastor; University of Chicago
Robert Stambaugh; University of Pennsylvania
Lucian Taylor; University of Pennsylvania
presented by: Lucian Taylor, University of Pennsylvania
Discussant: Lasse Pedersen, Copenhagen Business School,NYU,AQR,CEPR
Session: Mutual Fund Flows and Marketing
January 4, 2021 12:15 to 14:15
Session Chair: Nikolai Roussanov, University of Pennsylvania
Regulating Commission-Based Financial Advice: Evidence from a Natural Experiment
Stanislav Sokolinski; Rutgers University
presented by: Stanislav Sokolinski, Rutgers University
Discussant: Yanhao Wei, Marshall School of Business, University of Southern California
FinTech Platform and Mutual Fund Distribution
Claire Yurong Hong; Shanghai Jiao Tong University
Xiaomeng Lu; Shanghai Jiao Tong University
Jun Pan; Shanghai Jiao Tong University
presented by: Xiaomeng Lu, Shanghai Jiao Tong University
Discussant: Hongxun Ruan, Peking University
What Drives the Size and Value Factors?
Jiacui Li; University of Utah
presented by: Jiacui Li, David Eccles School of Business, Univers
Discussant: Wei Wu, Texas A&M University
Capital Allocation and the Market for Mutual Funds: Inspecting the Mechanism
Jules van Binsbergen; University of Pennsylvania
Jeong Ho (John) Kim; Emory University
Soohun Kim; Georgia Institute of Techonology
presented by: Jeong Ho (John) Kim, Emory University
Discussant: Laurent Barras, McGill University
Session: AFA Lecture – The Effects of Automation on Wages, Inequality and the Future of Work.
January 4, 2021 15:45 to 17:45
Session Chair: John Graham, Duke University
Discussant: Daron Acemoglu, Massachusetts Institute of Technology
Session: AFA/AREUEA Joint Session on Real Estate Finance
January 4, 2021 15:45 to 17:45
Session Chair: Itzhak Ben-David, The Ohio State University
The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market
Manuel Adelino; Duke University
William McCartney; Purdue University
Antoinette Schoar; Massachusetts Institute of Technology
presented by: William McCartney, Purdue University
Discussant: Thomas Eisenbach, Federal Reserve Bank of New York
Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California
Paulo Issler; University of California, Berkeley
Richard Stanton; University of California, Berkeley
Carles Vergara-Alert; University of Navarra
Nancy Wallace; University of California, Berkeley
presented by: Carles Vergara-Alert, University of Navarra
Discussant: Sehoon Kim, University of Florida
Capital Flows, Asset Prices, and the Real Economy: A “China Shock” in the US Real Estate Market
Zhimin Li; Peking University
Leslie Sheng Shen; Federal Reserve Board
Calvin Zhang; Federal Reserve Bank of Philadelphia
presented by: Leslie Sheng Shen, Federal Reserve Board
Discussant: Jack Liebersohn, Ohio State University
Ratios Of Change: How Real Estate Shocks Did Not Affect Corporate Investment
Ivo Welch; University of California, Los Angeles
presented by: Ivo Welch, University of California, Los Angeles
Discussant: Michael Roberts, University of Pennsylvania
Session: Bank Fragility
January 4, 2021 15:45 to 17:45
Session Chair: Amiyatosh Purnanandam, University of Michigan
Direct Lenders in the U.S. Middle Market
Tetiana Davydiuk; Carnegie Mellon University
Tatyana Marchuk; BI Norwegian Business School
Samuel Rosen; Temple University
presented by: Tatyana Marchuk, BI Norwegian Business School
Discussant: Daniel Weagley, Georgia Institute of Technology
Micro-evidence from a System-wide Financial Meltdown: The German Crisis of 1931
Kristian Blickle; Federal Reserve Bank of New York
Markus Brunnermeier; Princeton University
Stephan Luck; Federal Reserve Bank of New York
presented by: Stephan Luck, Federal Reserve Bank of New York
Discussant: Yiming Ma, Columbia University
Bank Heterogeneity and Financial Stability
Itay Goldstein; University of Pennsylvania
Alexandr Kopytov; Princeton University
Lin Shen; INSEAD
Haotian Xiang; Peking University
presented by: Lin Shen, INSEAD
Discussant: Andrey Malenko, University of Michigan
Session: Derivatives
January 4, 2021 15:45 to 17:45
Session Chair: Stefano Giglio, Yale University
On the (Im)Possibility of Estimating Expected Return from Risk-Neutral Variance
Valery Polkovnichenko; Federal Reserve Board
presented by: Valery Polkovnichenko, Federal Reserve Board
Discussant: Itamar Drechsler, New York University
Option Momentum
Steven Heston; University of Maryland
Shuaiqi Li; University of Maryland
presented by: Shuaiqi Li, University of Maryland
Discussant: Bjorn Eraker, University of Wisconsin-Madison
The Calendar Effects of the Idiosyncratic-Volatility Puzzle: A Tale of Two Days?
Jie Cao; Chinese University of Hong Kong
Tarun Chordia; Emory University
Xintong Zhan; Chinese University of Hong Kong
presented by: Xintong Zhan, Chinese University of Hong Kong
Discussant: Turan Bali, Georgetown University
Expected and Realized Returns on Volatility
Guanglian Hu; University of Sydney
Kris Jacobs; University of Houston
presented by: Kris Jacobs, University of Houston
Discussant: Travis Johnson, University of Texas at Austin
Session: Determinants of Credit Spreads
January 4, 2021 15:45 to 17:45
Session Chair: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
Zhiguo He; University of Chicago
Paymon Khorrami; Imperial College London
Zhaogang Song; Johns Hopkins University
presented by: Paymon Khorrami, Imperial College London
Discussant: Antje Berndt, Australian National University
When Are Financial Covenants Relevant?
Sergei Davydenko; University of Toronto
Redouane Elkamhi; University of Toronto
Marco Salerno; University of Toronto
presented by: Sergei Davydenko, University of Toronto
Discussant: Erwan Morellec, Ecole Polytechnique Fédérale de Lausan
Persistent Crises and Levered Asset Prices
Lars Kuehn; Carnegie Mellon University
David Schreindorfer; Arizona State University
Florian Schulz; University of Washington
presented by: David Schreindorfer, Arizona State University
Discussant: Anders B. Trolle, HEC Paris
Feedback and Contagion through Distressed Competition
Hui Chen; Massachusetts Institute of Technology
Winston Dou; University of Pennsylvania
Hongye Guo; University of Pennsylvania
Yan Ji; Hong Kong University of Science and Technology
presented by: Hui Chen, Massachusetts Institute of Technology
Discussant: Francesca Zucchi, Federal Reserve Board
Session: Gender and Finance
January 4, 2021 15:45 to 17:45
Session Chair: Manju Puri, Duke University and NBER
Women in Politics and Donald Trump: The Effect on Diversity on Corporate Boards
Simi Kedia; Rutgers University
Ankur Pareek; University of Nevada, Las Vegas
presented by: Simi Kedia, Rutgers University
Discussant: Renee Adams, University of Oxford
Do Women Get Worse Financial Advice?
Utpal Bhattacharya; Hong Kong University of Science and Technology
Amit Kumar; Hong Kong University of Science and Technology
Sujata Visaria; Hong Kong University of Science and Technology
Jing Zhao; Hong Kong Polytechnic University
presented by: Utpal Bhattacharya, Hong Kong University of Science and Technology
Discussant: Mark Egan, Harvard University
Gender Stereotypes and Entrepreneur Financing
Camille Hebert; University of Toronto
presented by: Camille Hebert, University of Toronto
Discussant: Richard Townsend, University of California, San Diego
Female Representation in the Academic Finance Profession
Mila Getmansky Sherman; University of Massachusetts-Amherst
Heather Tookes; Yale University
presented by: Heather Tookes, Yale University
Discussant: Anusha Chari, University of North Carolina at Chapel H
Session: Household Expectations in Real Estate Markets
January 4, 2021 15:45 to 17:45
Session Chair: Camelia Kuhnen, University of North Carolina-Chapel Hill
Are Stated Expectations Actual Beliefs? New Evidence for the Beliefs Channel of Investment Demand
Haoyang Liu; Federal Reserve Bank of New York
Christopher Palmer; Massachusetts Institute of Technology
presented by: Christopher Palmer, Massachusetts Institute of Technology
Discussant: Johannes Stroebel, New York University
Cyclical Housing Transactions and Wealth Inequality
Jung Sakong; Federal Reserve Bank of Chicago
presented by: Jung Sakong, Federal Reserve Bank of Chicago
Discussant: Andra Ghent, University of North Carolina-Chapel Hill
Peak-Bust Rental Spreads
Marco Giacoletti; University of Southern California
Christopher Parsons; University of Washington
presented by: Marco Giacoletti, University of Southern California
Discussant: Cristian Badarinza, NUS
Session: Institutional Investors and Corporate Social Responsibility
January 4, 2021 15:45 to 17:45
Session Chair: Nadya Malenko, University of Michigan
A Theory of Socially Responsible Investment
Martin Oehmke; London School of Economics
Marcus Opp; Stockholm School of Economics
presented by: Marcus Opp, Stockholm School of Economics
Discussant: Shaun Davies, University of Colorado-Boulder
Mandatory Corporate Carbon Disclosure: Evidence from a Natural Experiment
Valentin Jouvenot; University of Geneva
Philipp Krueger; University of Geneva
presented by: Valentin Jouvenot, University of Geneva
Discussant: Pat Akey, University of Toronto
ES Votes that Matter
Roni Michaely; University of Geneva
Guillem Ordonez-Calafi; University of Bristol
Silvina Rubio; University of Bristol
presented by: Silvina Rubio, University of Bristol
Discussant: Peter Iliev, Pennsylvania State University
Session: Raising Capital
January 4, 2021 15:45 to 17:45
Session Chair: Michelle Lowry, Drexel University
ICO Success and Post-ICO Performance
Evgeny Lyandres; Tel Aviv University
Berardino Palazzo; Federal Reserve Board
Daniel Rabetti; Tel Aviv University
presented by: Evgeny Lyandres, Tel Aviv University
Discussant: Tetyana Balyuk, Emory University
The Disappearing IPO Puzzle: New Insights from Proprietary U.S. Census Data on Private Firms
Thomas Chemmanur; Boston College
Jie He; University of Georgia
Xiao Ren; University of Georgia
Tao Shu; Chinese University of Hong Kong, Shenzhen
presented by: Thomas Chemmanur, Boston College
Discussant: Joan Farre-Mensa, University of Illinois at Chicago
Long Goodbyes: Why do Private Equity Funds hold onto Public Equity?
Tim Jenkinson; University of Oxford
Howard Jones; University of Oxford
Christian Rauch; Goethe University Frankfurt
presented by: Tim Jenkinson, University of Oxford
Discussant: Ayako Yasuda, University of California, Davis
Local Corruption, Whistleblowing, and Debt Financing
Qingjie Du; Hong Kong Polytechnic University
Iftekhar Hasan; Fordham University
Yang Wang; Hong Kong Polytechnic University
K. C. John Wei; Hong Kong Polytechnic University
presented by: Yang Wang, Hong Kong Polytechnic University
Discussant: Alexander Butler, Rice University
Session: Adverse Selection and Information Acquisition in Financial Markets
January 5, 2021 10:00 to 12:00
Session Chair: Snehal Banerjee, University of California, San Diego
Market Feedback: Who Learns What?
Itay Goldstein; University of Pennsylvania
Jan Schneemeier; Indiana University
Liyan Yang; University of Toronto
presented by: Jan Schneemeier, Indiana University
Discussant: Savitar Sundaresan, Imperial College London
Financial Technology and the Inequality Gap
Roxana Mihet; New York University
presented by: Roxana Mihet, New York University
Discussant: Diego Garcia, CU Boulder
Principal Trading Arrangements: When Are Common Contracts Optimal?
Markus Baldauf; University of British Columbia
Christoph Frei; University of Alberta
Joshua Mollner; Northwestern University
presented by: Joshua Mollner, Northwestern University
Discussant: Haoxiang Zhu, Massachusetts Institute of Technology
Session: Bank Loan Contracts and Pricing
January 5, 2021 10:00 to 12:00
Session Chair: Justin Murfin, Cornell University
Interest Rates and the Design of Financial Contracts
Michael Roberts; University of Pennsylvania
Michael Schwert; University of Pennsylvania
presented by: Michael Roberts, University of Pennsylvania
Discussant: Yueran Ma, University of Chicago
Losing Control? The 20-Year Decline in Loan Covenant Restrictions
Thomas Griffin; Villanova University
Gregory Nini; Drexel University
David Smith; University of Virginia
presented by: Thomas Griffin, Villanova University
Discussant: Gabriel Chodorow-Reich, Harvard University
Loan Spreads and Credit Cycles: The Role of Lenders’ Personal Economic Experiences
Daniel Carvalho; Kelley School of Business, Indiana University
Janet Gao; Indiana University
Pengfei Ma; Indiana University
presented by: Daniel Carvalho, Indiana University
Discussant: Malcolm Wardlaw, University of Georgia
Bank Syndicates and Liquidity Provision
Joao Santos; Federal Reserve Bank of New York
S. Viswanathan; Duke University
presented by: S. Viswanathan, Duke University
Discussant: Murillo Campello, Cornell University and NBER
Session: CEO Pay, Performance and Reputation
January 5, 2021 10:00 to 12:00
Session Chair: Kose John, New York University
Uncovering the Hidden Effort Problem
Azi Ben-Rephael; Rutgers University
Bruce Carlin; Rice University
Zhi Da; University of Notre Dame
Ryan Israelsen; Michigan State University
presented by: Bruce Carlin, Rice University
Discussant: David Yermack, New York University
Intermediated Asymmetric Information, Compensation, and Career Prospects
Ron Kaniel; University of Rochester
Dmitry Orlov; University of Wisconsin
presented by: Dmitry Orlov, University of Wisconsin
Discussant: Andrey Malenko, University of Michigan
How Executive Compensation Changes In Response to Personal Income Tax Shocks (Who Pays the CEO’s Income Taxes?)
Benjamin Bennett; Tulane University
Jeffrey Coles; University of Utah
Zexi Wang; Lancaster University
presented by: Jeffrey Coles, University of Utah
Discussant: Carola Frydman, Northwestern University
Governance, Reputation, Crises and Recovery: Theory and Experiment
Thomas Noe; University of Oxford
Michael Rebello; University of Texas at Dallas
Thomas Rietz; University of Iowa
presented by: Thomas Rietz, University of Iowa
Discussant: Vojislav Maksimovic, University of Maryland
Session: Contracts and Incentives
January 5, 2021 10:00 to 12:00
Session Chair: Simon Gervais, Duke University
Monitoring with Career Concerns
Ivan Marinovic; Stanford University
Martin Szydlowski; University of Minnesota
presented by: Martin Szydlowski, University of Minnesota
Discussant: Mark Westerfield, University of Washington
Contracting and Search with Heterogeneous Principals and Agents
Jan Starmans; Stockholm School of Economics
presented by: Jan Starmans, Stockholm School of Economics
Discussant: Vincent Glode, University of Pennsylvania
Managerial Beliefs and the Cross-Section of Incentives and Compensation
Boris Nikolov; University of Lausanne
Lukas Schmid; University of Southern California
Roberto Steri; University of Luxembourg
presented by: Boris Nikolov, University of Lausanne
Discussant: Hengjie Ai, University of Minnesota
Session: Corporate Sustainability
January 5, 2021 10:00 to 12:00
Session Chair: Jillian Grennan, Duke University
Sustainability, Talent, and Profits
Ioannis Branikas; University of Oregon
Briana Chang; University of Wisconsin
Harrison Hong; Columbia University
Nan Li; University of Toronto
presented by: Ioannis Branikas, University of Oregon
Discussant: Jessica Jeffers, U Chicago Booth
Do Directors Drive Corporate Sustainability?
Peter Iliev; Pennsylvania State University
Lukas Roth; University of Alberta
presented by: Peter Iliev, Pennsylvania State University
Discussant: Renee Adams, University of Oxford
Climate Regulatory Risks and Corporate Bonds
Lee Seltzer; University of Texas
Laura Starks; University of Texas
Qifei Zhu; Nanyang Technological University
presented by: Lee Seltzer, University of Texas
Discussant: Pedro Matos, University of Virginia
Aggregate Confusion: The Divergence of ESG Ratings
Florian Berg; Massachusetts Institute of Technology
Julian Koelbel; University of Zurich
Roberto Rigobon; Massachusetts Institute of Technology
presented by: Florian Berg, Massachusetts Institute of Technology
Discussant: Lubomir Litov, University of Oklahoma
Session: Dividend and Payout Policy
January 5, 2021 10:00 to 12:00
Session Chair: Gustavo Grullon, Rice University
Are Corporate Payouts Abnormally High in the 2000s?
Kathleen Kahle; University of Arizona
Rene Stulz; Ohio State University
presented by: Rene Stulz, Ohio State University
Discussant: Joan Farre-Mensa, University of Illinois at Chicago
Soft Activism and Corporate Dividend Policy: Evidence from Institutional Investors Site Visits
Xiaping Cao; Sun Yat-Sen University
Hanyang Wang; Peking University
Sili Zhou; Fudan University
presented by: Sili Zhou, Fudan University
Discussant: Alan Crane, Rice University
Monetary Easing, Leveraged Payouts and Lack of Investment
Viral Acharya; New York University
Guillaume Plantin; Sciences Po
presented by: Viral Acharya, New York University
Discussant: Tano Santos, Columbia University
Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France
Charles Boissel; HEC Paris
Adrien Matray; Princeton University
presented by: Charles Boissel, HEC Paris
Discussant: Danny Yagan, University of California, Berkeley
Session: Economic Impact of Disasters and Uncertainty
January 5, 2021 10:00 to 12:00
Session Chair: Dana Kiku, University of Illinois at Urbana-Champaign
Slowly Unfolding Disasters
Mohammad Ghaderi; University of Houston
Mete Kilic; University of Southern California
Sang Byung Seo; University of Wisconsin Madison
presented by: Sang Byung Seo, University of Wisconsin Madison
Discussant: Lars Lochstoer, University of California, Los Angeles
Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamic
Mathias Kruttli; Federal Reserve Board
Brigitte Roth Tran; Federal Reserve Board
Sumudu Watugala; Cornell University
presented by: Mathias Kruttli, Federal Reserve Board
Discussant: Riccardo Colacito, unc at chapel hill
Firm Uncertainty and Household Spending
Ivan Alfaro; BI Norwegian Business School
Hoonsuk Park; Nanyang Technological University
presented by: Ivan Alfaro, BI Norwegian Business School
Discussant: Jialan Wang, University of Illinois
Session: Market Risk Factors
January 5, 2021 10:00 to 12:00
Session Chair: Asaf Manela, Washington University in St. Louis
Advice-Driven Demand and Systematic Price Fluctuations
Itzhak Ben-David; Ohio State University
Jiacui Li; University of Utah
Andrea Rossi; University of Arizona
Yang Song; University of Washington
presented by: Andrea Rossi, University of Arizona
Discussant: Motohiro Yogo, Princeton University
The Anatomy of Cyber Risk
Rustam Jamilov; London Business School
Helene Rey; London Business School
Ahmed Tahoun; London Business School
presented by: Helene Rey, London Business School
Discussant: Jinfei Sheng, University of California, Irvine
Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models
Svetlana Bryzgalova; London Business School
Jiantao Huang; London School of Economics
Christian Julliard; London School of Economics
presented by: Christian Julliard, London School of Economics
Discussant: Stefano Giglio, Yale University
How the Wealth Was Won: Factor Shares as Economic Fundamentals
Daniel Greenwald; Massachusetts Institute of Technology
Martin Lettau; University of California, Berkeley
Sydney Ludvigson; New York University
presented by: Sydney Ludvigson, New York University
Discussant: Simcha Barkai, London Business School
Session: Social Influence and Networks
January 5, 2021 10:00 to 12:00
Session Chair: Theresa Kuchler, New York University
The Value of Firm Networks: A Natural Experiment on Board Connections
Ester Faia; Goethe University Frankfurt
Maximilian Mayer; Goethe University Frankfurt
Vincenzo Pezone; Goethe University Frankfurt
presented by: Vincenzo Pezone, Goethe University Frankfurt
Discussant: Cesare Fracassi, University of Texas at Austin
Exposure to Daily Price Changes and Inflation Expectations
Francesco D’Acunto; Boston College
Ulrike Malmendier; University of California, Berkeley
Juan Ospina; Banco de la Republica de Colombia
Michael Weber; University of Chicago
presented by: Michael Weber, University of Chicago
Discussant: Camelia Kuhnen, University of North Carolina-Chapel Hill
Competition for Talent: Evidence from a Network of Labor Market Peers
Jae Hyoung Kim; Stockholm School of Economics
presented by: Jae Hyoung Kim, Stockholm School of Economics
Discussant: Daniel Metzger, Erasmus University Rotterdam
Ownership Network and Firm Growth: What Do Five Million Companies Tell About Chinese Economy
Franklin Allen; Imperial College London
Junhui Cai; University of Pennsylvania
Xian Gu; Central University of Finance and Economics
Jun Qian; Fudan University
Linda Zhao; University of Pennsylvania
Wu Zhu; University of Pennsylvania
presented by: Xian Gu, Durham University
Discussant: Dexin Zhou, Baruch College, City University of New York
Session: AFA Panel: Research Challenges in Asset Management
January 5, 2021 12:15 to 14:15
Session Chair: Tobias Moskowitz, Yale University
presented by:
Kenneth Griffin, Citadel
Cliff Asness, AQR Capital Management, LLC
Session: Banking: Risk Management
January 5, 2021 12:15 to 14:15
Session Chair: Elena Loutskina, University of Virginia
Bank Debt versus Mutual Fund Equity in Liquidity Provision
Yiming Ma; Columbia University
Kairong Xiao; Columbia University
Yao Zeng; University of Washington
presented by: Kairong Xiao, Columbia University
Discussant: Douglas Diamond, University of Chicago
Shareholder Liability and Bank Failure
Felipe Aldunate; Pontificia Universidad Catolica de Chile
Dirk Jenter; London School of Economics
Arthur Korteweg; University of Southern California
Peter Koudijs; Stanford University
presented by: Felipe Aldunate, Pontificia Universidad Catolica de Chile
Discussant: Justin Murfin, Cornell University
Big Broad Banks: How Does Cross-Selling Affect Lending?
Yingjie Qi; Copenhagen Business School
presented by: Yingjie Qi, Copenhagen Business School
Discussant: Philip Strahan, Boston College
Session: Bond Yields and the Government
January 5, 2021 12:15 to 14:15
Session Chair: Carolin Pflueger, University of Chicago
Does Climate Change Impact Sovereign Bond Yields?
Michael Barnett; Arizona State University
Constantine Yannelis; University of Chicago
presented by: Michael Barnett, Arizona State University
Discussant: Ryan Lewis, University of Colorado Boulder
Opioid Crisis Effects on Municipal Finances
Kimberly Cornaggia; Pennsylvania State University
John Hund; University of Georgia
Giang Nguyen; Pennsylvania State University
Zihan Ye; Pennsylvania State University
presented by: John Hund, University of Georgia
Discussant: Manuel Adelino, Duke University
Agency MBS as Safe Assets
Zhiguo He; University of Chicago
Zhaogang Song; Johns Hopkins University
presented by: Zhaogang Song, Johns Hopkins University
Discussant: Adi Sunderam, Harvard Business School
Session: Cross-Sectional Return Predictability
January 5, 2021 12:15 to 14:15
Session Chair: Turan Bali, Georgetown University
Implied Volatility Changes and Corporate Bond Returns
Jie Cao; Chinese University of Hong Kong
Amit Goyal; University of Lausanne
Xiao Xiao; University of Amsterdam
Xintong Zhan; Chinese University of Hong Kong
presented by: Amit Goyal, University of Lausanne
Discussant: Jaewon Choi, University of Illinois
Time-Series Efficient Factors
Sina Ehsani; Northern Illinois University
Juhani Linnainmaa; Dartmouth College
presented by: Juhani Linnainmaa, Dartmouth College
Discussant: Serhiy Kozak, University of Maryland
Decoding the Pricing of Uncertainty Shocks
Zhanhui Chen; Hong Kong University of Science and Technology
Michael Gallmeyer; University of Virginia
Baek-Chun Kim; Xiamen University
presented by: Michael Gallmeyer, University of Virginia
Discussant: Bernard Herskovic, University of California, Los Angeles
Session: Firm Financing: Banks vs. Non Banks
January 5, 2021 12:15 to 14:15
Session Chair: Olivier Darmouni, Columbia University
Credit Disintermediation and Monetary Policy
Nicolas Crouzet; Northwestern University
presented by: Nicolas Crouzet, Northwestern University
Discussant: Jose-Luis Peydro, ICREA-Universitat Pompeu Fabra, CREI and
Do Banks Compete on Non-Price Terms? Evidence from Loan Covenants
Rustam Abuzov; University of Lausanne
Christoph Herpfer; Emory University
Roberto Steri; University of Luxembourg
presented by: Christoph Herpfer, Emory University
Discussant: Boris Vallee, Harvard Business School
Bank Credit and Market-based Finance for Corporations: the Effects of Minibond Issuances
Steven Ongena; University of Zurich
Sara Pinoli; Banca d’Italia
Paola Rossi; Banca d’Italia
Alessandro Scopelliti; European Central Bank and University of Zurich
presented by: Alessandro Scopelliti, European Central Bank and University of Zurich
Discussant: Melina Papoutsi, European Central Bank
Session: Institutional Investors and Governance
January 5, 2021 12:15 to 14:15
Session Chair: Mariassunta Giannetti, Stockholm School of Economics
Corporate Governance in the Presence of Active and Passive Delegated Investment
Adrian Aycan Corum; Cornell University
Andrey Malenko; University of Michigan
Nadya Malenko; University of Michigan
presented by: Adrian Aycan Corum, Cornell University
Discussant: Alex Edmans, London Business School
Trading and Shareholder Democracy
Doron Levit; University of Pennsylvania
Nadya Malenko; University of Michigan
Ernst Maug; University of Mannheim
presented by: Doron Levit, University of Pennsylvania
Discussant: John Matsusaka, University of Southern California
Active Short Selling by Hedge Funds
Ian Appel; Boston College
Vyacheslav Fos; Boston College
presented by: Ian Appel, Boston College
Discussant: Pab Jotikasthira, Southern Methodist University
Session: Intangibles and Human Capital in Mergers and Acquisitions
January 5, 2021 12:15 to 14:15
Session Chair: Audra Boone, Texas Christian University
Hiring High-Skilled Labor through Mergers and Acquisitions
Jun Chen; Renmin University of China
Shenje Hshieh; City University of Hong Kong
Feng Zhang; University of Utah
presented by: Feng Zhang, University of Utah
Discussant: Joshua White, Vanderbilt University
Human Capital Synergies in Mergers and Acquisitions
Kai Li; University of British Columbia
Jin Wang; Wilfrid Laurier University
presented by: Jin Wang, Wilfrid Laurier University
Discussant: Elena Simintzi, UNC
Big Fish in Small Ponds: Human Capital Mobility and the Rise of Boutique Banks
Janet Gao; Indiana University
Wenyu Wang; Indiana University
Xiaoyun Yu; Indiana University
presented by: Janet Gao, Indiana University
Discussant: Andrey Golubov, University of Toronto
Do Announcement Returns Reflect Value Creation? (Not Really)
Itzhak Ben-David; Ohio State University
Utpal Bhattacharya; Hong Kong University of Science and Technology
Stacey Jacobsen; Southern Methodist University
presented by: Itzhak Ben-David, The Ohio State University
Discussant: Micah Officer, Loyola Marymount University
Session: Interest Rate, Inflation, and Monetary Policy
January 5, 2021 12:15 to 14:15
Session Chair: Hengjie Ai, University of Minnesota
A Q Theory of Inequality
Matthieu Gomez; Columbia University
Emilien Gouin-Bonenfant; Columbia University
presented by: Matthieu Gomez, Columbia University
Discussant: Christian Opp, University of Rochester, Simon Business
Information Transmission from the Federal Reserve to the Stock Market: Evidence from Governors’ Calendars
Adair Morse; University of California, Berkeley
Annette Vissing-Jorgensen; University of California, Berkeley
presented by: Adair Morse, University of California, Berkeley
Discussant: Pavel Savor, DePaul University
The Financial Origins of the Rise and Fall of American Inflation
Itamar Drechsler; New York University
Alexi Savov; New York University
Philipp Schnabl; New York University
presented by: Alexi Savov, New York University
Discussant: Francois Gourio, Federal Reserve Bank of Chicago
Are Demographics Responsible for the Declining Interest Rates? Evidence From U.S. Metropolitan Areas
Jack Favilukis; University of British Columbia
Jinfei Sheng; University of California, Irvine
presented by: Jinfei Sheng, University of California, Irvine
Discussant: Gregor Matvos, Northwestern University
Session: Asset Pricing and Policy
January 5, 2021 15:45 to 17:45
Session Chair: Howard Kung, London Business School
Don’t Take Their Word For It: The Misclassification of Bond Mutual Funds
Huaizhi Chen; University of Notre Dame
Lauren Cohen; Harvard University
Umit Gurun; University of Texas at Dallas
presented by: Lauren Cohen, Harvard University
Discussant: Jawad Addoum, Cornell University
The Corona Virus, the Stock Market’s Response, and Growth Expectations
Niels Gormsen; University of Chicago
Ralph Koijen; University of Chicago
presented by: Niels Gormsen, University of Chicago
Discussant: Jessica Wachter, University of Pennsylvania
Should the U.S. Government Issue Floating Rate Notes?
Jonathan Hartley; Harvard University
Urban Jermann; University of Pennsylvania
presented by: Urban Jermann, University of Pennsylvania
Discussant: Juliana Salomao, University of Minnesota
The U.S. Public Debt Valuation Puzzle
Zhengyang Jiang; Northwestern University
Hanno Lustig; Stanford University
Stijn Van Nieuwerburgh; Columbia University
Mindy Xiaolan; University of Texas at Austin
presented by: Stijn Van Nieuwerburgh, Columbia University
Discussant: Lorenzo Bretscher, London Business School
Session: Corporate Finance: Behavioral
January 5, 2021 15:45 to 17:45
Session Chair: Kelly Shue, Yale University
In Too Deep: The Effect of Sunk Costs on Corporate Investment
Marius Guenzel; University of California, Berkeley
presented by: Marius Guenzel, The Wharton School, University of Pennsylvania
Discussant: Samuel Hanson, Harvard Business School
Trading on Talent: Human Capital and Firm Performance
Anastassia Fedyk; University of California, Berkeley
James Hodson; Jozef Stefan Institute
presented by: Anastassia Fedyk, University of California, Berkeley
Discussant: Efraim Benmelech, Northwestern University
Supervisor Informal Authority and Employee Financial Misconduct
Zachary Kowaleski; University of Notre Dame
Andrew Sutherland; Massachusetts Institute of Technology
Felix Vetter; London School of Economics
presented by: Andrew Sutherland, Massachusetts Institute of Technology
Discussant: Mark Egan, Harvard University
Session: Entrepreneurial Finance/Venture Capital
January 5, 2021 15:45 to 17:45
Session Chair: Yael Hochberg, Rice University
The Evolution of CEO Compensation in Venture Capital Backed Startups
Michael Ewens; California Institute of Technology
Ramana Nanda; Harvard University
Christopher Stanton; Harvard University
presented by: Christopher Stanton, Harvard University
Discussant: Steven Kaplan, University of Chicago
Investor Tax Credits and Entrepreneurship: Evidence from U.S. States
Matthew Denes; Carnegie Mellon University
Sabrina Howell; New York University
Filippo Mezzanotti; Northwestern University
Xinxin Wang; University of California, Los Angeles
Ting Xu; University of Virginia
presented by: Ting Xu, University of Virginia
Discussant: Shai Bernstein, Stanford University
Do Venture Capitalists Stifle Competition?
Xuelin Li; University of Minnesota
Tong Liu; University of Pennsylvania
Lucian Taylor; University of Pennsylvania
presented by: Lucian Taylor, University of Pennsylvania
Discussant: Adrien Matray, Princeton University
A Dark Side of Corporate Venture Capital
Xuan Tian; Tsinghua University
Kailei Ye; University of North Carolina-Chapel Hill
presented by: Kailei Ye, University of North Carolina-Chapel Hill
Discussant: Song Ma, Yale University
Session: Financing Investments
January 5, 2021 15:45 to 17:45
Session Chair: Nathalie Moyen, University of Colorado
The Great Divorce Between Investment and Profitability
Miao Zhang; University of Southern California
Mete Kilic; University of Southern California
Louis Yang; University of Southern California
presented by: Miao Zhang, University of Southern California
Discussant: Alexandre Corhay, University of Toronto
Taxes Depress Corporate Borrowing: Evidence from Private Firms
Ivan Ivanov; Federal Reserve Board
Toni Whited; University of Michigan
Luke Pettit; Economic Consultant
presented by: Toni Whited, University of Michigan
Discussant: Robert McDonald, Kellogg School of Management, Northwestern University
Is the Working Capital Channel of the Monetary Policy Quantitatively Relevant? A Structural Estimation Approach
Hamilton Galindo; Arizona State University
presented by: Hamilton Galindo, Arizona State University
Discussant: Vincenzo Quadrini, USC
Session: Short Sale Constraints and Market Efficiency
January 5, 2021 15:45 to 17:45
Session Chair: Alp Simsek, Massachusetts Institute of Technology
Dynamic Equilibrium with Costly Short-Selling and Lending Market
Adem Atmaz; Purdue University
Suleyman Basak; London Business School
Fangcheng Ruan; Purdue University
presented by: Suleyman Basak, London Business School
Discussant: Lawrence Jin, California Institute of Technology
Informed Lenders in the Shorting Market
Fan Li; Virginia Polytechnic Institute and State University
Andrew MacKinlay; Virginia Polytechnic Institute and State University
Pengfei Ye; Virginia Polytechnic Institute and State University
presented by: Pengfei Ye, Virginia Polytechnic Institute and State University
Discussant: Travis Johnson, University of Texas at Austin
Overcoming Arbitrage Limits: Option Trading and Momentum Returns
Abhay Abhyankar; University of Exeter
Ilias Filippou; Washington University in St. Louis
Pedro Garcia Ares; Instituto Tecnológico Autónomo de México
presented by: Pedro Garcia Ares, Instituto Tecnológico Autónomo de México
Discussant: Tobias Moskowitz, Yale University
The Efficiency Implications of Rational Attention Allocation
Ankit Kalda; Indiana University
Xiaoying Li; Indiana University
Jan Schneemeier; Indiana University
presented by: Ankit Kalda, Indiana University
Discussant: Marcin Kacperczyk, Imperial College London
Session: The Effects of Mandated Disclosure
January 5, 2021 15:45 to 17:45
Session Chair: Kathleen Hanley, Lehigh University
Do Corporate Disclosures Constrain Strategic Analyst Behavior?
Yen-Cheng Chang; National Taiwan University
Alexander Ljungqvist; Stockholm School of Economics
Kevin Tseng; Federal Reserve Bank of Richmond
presented by: Yen-Cheng Chang, National Taiwan University
Discussant: Jiekun Huang, University of Illinois
Reporting Regulation and Corporate Innovation
Matthias Breuer; Columbia University
Christian Leuz; University of Chicago
Steven Vanhaverbeke; Erasmus University Rotterdam
presented by: Christian Leuz, University of Chicago
Discussant: S. Katie Moon, University of Colorado Boulder
How and Why Do Managers Use Public Forecasts to Guide the Market?
Ben Charoenwong; National University of Singapore
Yosuke Kimura; Ministry of Finance, Japan
Alan Kwan; Hong Kong University
presented by: Yosuke Kimura, Ministry of Finance, Japan
Discussant: Douglas Skinner, The University of Chicago
Session: The Wisdom and Folly of Crowds
January 5, 2021 15:45 to 17:45
Session Chair: Samuel Hartzmark, University of Chicago
Choosing to Disagree in Financial Markets
Snehal Banerjee; University of California, San Diego
Jesse Davis; University of North Carolina-Chapel Hill
Naveen Gondhi; INSEAD
presented by: Naveen Gondhi, INSEAD
Discussant: Alexander Chinco, University of Illinois
Retail Derivatives and Sentiment: A Sentiment Measure Constructed from Issuances of Retail Structured Equity Products
Brian Henderson; George Washington University
Neil Pearson; University of Illinois
Li Wang; Case Western Reserve University
presented by: Neil Pearson, University of Illinois
Discussant: David Solomon, Boston College
Social Proximity to Capital: Implications for Investors and Firms
Theresa Kuchler; New York University
Yan Li; City University of New York
Lin Peng; City University of New York
Johannes Stroebel; New York University
Dexin Zhou; City University of New York
presented by: Lin Peng, City University of New York
Discussant: Arpit Gupta, NYU Stern
Sea Level Rise and Municipal Bond Yields
Paul Goldsmith-Pinkham; Yale University
Matthew Gustafson; Pennsylvania State University
Ryan Lewis; University of Colorado Boulder
Michael Schwert; University of Pennsylvania
presented by: Michael Schwert, Wharton
Discussant: Markus Baldauf, University of British Columbia