2022 Annual Meeting – Preliminary Program

Online Meeting

January 6-9, 2022

Session: SPECIAL EVENT: Data and Drinks (hosted by AFFECT)

January 6, 2022 18:00 to 19:30
Session Chair: Manju Puri, Duke University and NBER

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Session: AFA Panel: Government Debt – How Much Is Sustainable?

January 7, 2022 10:00 to 12:00
Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley

presented by:

Nellie Liang, US Department of the Treasury
Amir Sufi, University of Chicago
Stijn Van Nieuwerburgh, Columbia University
Markus Brunnermeier, Princeton University
Ricardo Reis, Columbia University

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Session: Behavioral Finance and Asset Pricing

January 7, 2022 10:00 to 12:00
Session Chair: Samuel Hartzmark, University of Chicago

Model-free and Model-based Learning as Joint Drivers of Investor Behavior

Nicholas Barberis; Yale University
Lawrence Jin; California Institute of Technology
presented by: Lawrence Jin, California Institute of Technology
Discussant: Joshua Schwartzstein, Harvard University

Currency Anomalies

Sohnke Bartram; University of Warwick and CEPR
Leslie Djuranovik; University of Warwick
Anthony Garratt; University of Warwick
presented by: Sohnke Bartram, University of Warwick and CEPR
Discussant: Wenxin Du, University of Chicago

Risk Aversion Propagation: Evidence from Financial Markets and Controlled Experiments

Xing Huang; Washington University in St. Louis
Nancy Xu; Boston College
presented by: Nancy Xu, Boston College
Discussant: Yueran Ma, University of Chicago

Can Agents Add and Subtract When Forming Beliefs? Evidence from the Lab and Field

Pascal Kieren; University of Mannheim
Jan Müller-Dethard; University of Mannheim
Martin Weber; University of Mannheim
presented by: Pascal Kieren, University of Mannheim
Discussant: Anastassia Fedyk, University of California, Berkeley

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Session: Finance and COVID-19

January 7, 2022 10:00 to 12:00
Session Chair: Wenlan Qian, National University of Singapore

The Value of a Cure: An Asset Pricing Perspective

Viral Acharya; New York University, CEPR, and NBER
Timothy Johnson; University of Illinois
Suresh Sundaresan; Columbia University
Steven Zheng; University of California, Berkeley
presented by: Steven Zheng, University of California, Berkeley
Discussant: Lars Lochstoer, University of California, Los Angeles

Labor Force Telework Flexibility and Asset Prices: Evidence from COVID-19 Pandemic

Jack Favilukis; University of British Columbia
Xiaoji Lin; University of Minnesota
Ali Sharifkhani; Northeastern University
Xiaofei Zhao; Georgetown University
presented by: Ali Sharifkhani, Northeastern University
Discussant: Miao Ben Zhang, University of Southern California

The Value of Big Data in a Pandemic

Kairong Xiao; Columbia University
presented by: Kairong Xiao, Columbia University
Discussant: Tianyue Ruan, National University of Singapore

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Session: Firms, Markets, and Information Disclosure

January 7, 2022 10:00 to 12:00
Session Chair: Itay Goldstein, University of Pennsylvania

Information Externalities Among Listed Firms

Alexander Ljungqvist; Stockholm School of Economics
Jae Hyoung Kim; Stockholm School of Economics
presented by: Alexander Ljungqvist, Stockholm School of Economics
Discussant: Jiekun Huang, University of Illinois

Disclosing to Informed Traders

Snehal Banerjee; University of California, San Diego
Ivan Marinovic; Stanford University
Kevin Smith; Stanford University
presented by: Snehal Banerjee, University of California, San Diego
Discussant: Cecilia Parlatore, New York University

Climate Risk Disclosure and Institutional Investors

Emirhan Ilhan; Frankfurt School of Finance & Management
Philipp Krueger; University of Geneva
Zacharias Sautner; Frankfurt School of Finance & Management
Laura Starks; University of Texas at Austin
presented by: Emirhan Ilhan, Frankfurt School of Finance & Management
Discussant: Michelle Lowry, Drexel University

Information Disclosure and Peer Innovation: Evidence from Mandatory Reporting of Clinical Trials

Po-Hsuan Hsu; National Tsing Hua University
Kyungran Lee; University of Hong Kong
S. Katie Moon; University of Colorado Boulder
Seungjoon Oh; Peking University
presented by: S. Katie Moon, University of Colorado Boulder
Discussant: Song Ma, Yale University

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Session: Liquidity

January 7, 2022 10:00 to 12:00
Session Chair: Burton Hollifield, Carnegie Mellon University

Financial Intermediaries Market Power and Asset Prices in Treasury Securities

Sudip Gupta; Johns Hopkins University
presented by: Sudip Gupta, Johns Hopkins University
Discussant: Pietro Bonaldi, Carnegie Mellon University

Defragmenting Markets: Evidence from Agency MBS

Haoyang Liu; Federal Reserve Bank of New York
Zhaogang Song; Johns Hopkins University
James Vickery; Federal Reserve Bank of Philadelphia
presented by: James Vickery, Federal Reserve Bank of Philadelphia
Discussant: Nils Friewald, Norwegian School of Economics

Customer Liquidity Provision in Corporate Bond Markets: Electronic Trading versus Dealer Intermediation

Brian Mattmann; University of Basel
presented by: Brian Mattmann, University of Basel
Discussant: Norman Schuerhoff, University of Lausanne

Asset Prices and Liquidity with Market Power and Non-Gaussian Payoffs

Sergei Glebkin; INSEAD
Semyon Malamud; Ecole Polytechnique Federale de Lausanne
Alberto Teguia; University of British Columbia
presented by: Alberto Teguia, University of British Columbia
Discussant: Michael Gallmeyer, University of Virginia

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Session: Market Risk Factors

January 7, 2022 10:00 to 12:00
Session Chair: Hanno Lustig, Stanford University

The Causal Impact of Macroeconomic Uncertainty on Expected Returns

Aditya Chaudhry; University of Chicago
presented by: Aditya Chaudhry, University of Chicago
Discussant: Francois Gourio, Federal Reserve Bank of Chicago

Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility

Jules van Binsbergen; University of Pennsylvania
presented by: Jules van Binsbergen, University of Pennsylvania
Discussant: Niels Gormsen, University of Chicago

More than 100% of the Equity Premium: How Much is Really Earned on Macroeconomic Announcement Days?

Rory Ernst; University of Washington
Thomas Gilbert; University of Washington
Christopher Hrdlicka; University of Washington
presented by: Christopher Hrdlicka, University of Washington
Discussant: Valentin Haddad, University of California, Los Angeles

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Session: Mergers and Acquisitions

January 7, 2022 10:00 to 12:00
Session Chair: Isil Erel, Ohio State University

Due Diligence

Brendan Daley; Johns Hopkins University
Thomas Geelen; Copenhagen Business School
Brett Green; Washington University in St. Louis
presented by: Thomas Geelen, Copenhagen Business School
Discussant: Victor Lyonnet, Ohio State University

Misconduct Synergies

Heather Tookes; Yale University
Emmanuel Yimfor; University of Michigan
presented by: Heather Tookes, Yale University
Discussant: Shan Ge, New York University

How Do Acquisitions Affect the Mental Health of Employees?

Laurent Bach; ESSEC Business School
Ramin Baghai; Stockholm School of Economics
Marieke Bos; Stockholm School of Economics
Rui Silva; Nova School of Business and Economics
presented by: Ramin Baghai, Stockholm School of Economics
Discussant: Elena Simintzi, University of North Carolina at Chapel Hill

Private Equity in the Hospital Industry

Janet Gao; Indiana University
Yongseok Kim; Indiana University
Merih Sevilir; Indiana University
presented by: Yongseok Kim, Indiana University
Discussant: Katharina Lewellen, Dartmouth College

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Session: Mutual Fund Trading and Performance

January 7, 2022 10:00 to 12:00
Session Chair: Veronika Pool, Vanderbilt University

Forced Sales and Dealer Choice in OTC Markets

Sergey Chernenko; Purdue University
Viet-Dung Doan; Purdue University
presented by: Viet-Dung Doan, Purdue University
Discussant: Jennie Bai, Georgetown University & NBER

Quantitative Investing and Market Instability

William Beggs; University of San Diego
Jonathan Brogaard; University of Utah
Austin Hill-Kleespie; University of North Texas
presented by: Austin Hill-Kleespie, University of North Texas
Discussant: Mikhail Simutin, University of Toronto

Unmasking Mutual Fund Derivative Use

Ron Kaniel; University of Rochester
Pingle Wang; University of Texas at Dallas
presented by: Pingle Wang, University of Texas at Dallas
Discussant: Dong Lou, London School of Economics

Hiding in Plain Sight: The Global Implications of Manager Disclosure

Richard Evans; University of Virginia
Miguel Ferreira; Nova School of Business and Economics
Pedro Matos; University of Virginia
Michael Young; University of Missouri
presented by: Michael Young, University of Missouri
Discussant: Elisabeth Kempf, University of Chicago

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Session: Behavioral Finance: Risk, Beliefs, and Factor Models

January 7, 2022 12:15 to 14:15
Session Chair: Stephan Siegel, University of Washington

Who Owns What? A Factor Model for Direct Stockholding

Vimal Balasubramaniam; Queen Mary University of London
John Campbell; Harvard University
Tarun Ramadorai; Imperial College London
Benjamin Ranish; Federal Reserve Board
presented by: Vimal Balasubramaniam, Queen Mary University of London
Discussant: Ralph Koijen, University of Chicago

Psychological Distance and Deviations from Rational Expectations

Harjoat Bhamra; Imperial College London
Raman Uppal; EDHEC Business School
Johan Walden; University of California, Berkeley
presented by: Raman Uppal, EDHEC Business School
Discussant: Zwetelina Iliewa, University of Bonn

Risk, Return, and Sentiment in a Virtual Asset Market

Maurizio Montone; Utrecht University
Remco Zwinkels; VU Amsterdam
presented by: Remco Zwinkels, VU Amsterdam
Discussant: Zhi Da, University of Notre Dame

Investor Sentiment and the Pricing of Characteristics-Based Factors

Zhuo Chen; PBC School of Finance, Tsinghua University
Bibo Liu; Tsinghua University
Huijun Wang; University of Melbourne
Zhengwei Wang; Tsinghua University
Jianfeng Yu; Tsinghua University
presented by: Zhuo Chen, PBC School of Finance, Tsinghua University
Discussant: Andrew Detzel, University of Denver

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Session: Big Data/Machine Learning Applications to Financial Markets

January 7, 2022 12:15 to 14:15
Session Chair: Mao Ye, University of Illinois

Test Assets and Weak Factors

Stefano Giglio; Yale University
Dacheng Xiu; University of Chicago
Dake Zhang; University of Chicago
presented by: Dacheng Xiu, University of Chicago
Discussant: Markus Pelger, Stanford University

Belief Distortions and Macroeconomic Fluctuations

Francesco Bianchi; Duke University
Sydney Ludvigson; New York University
Sai Ma; Federal Reserve Board
presented by: Sai Ma, Federal Reserve Board
Discussant: Yueran Ma, University of Chicago

Technological Progress and Rent Seeking

Vincent Glode; University of Pennsylvania
Guillermo Ordonez; University of Pennsylvania
presented by: Vincent Glode, University of Pennsylvania
Discussant: Laura Veldkamp, Columbia University

Is There a Replication Crisis in Finance?

Theis Jensen; Copenhagen Business School
Bryan Kelly; Yale University
Lasse Pedersen; Copenhagen Business School, AQR, CEPR
presented by: Lasse Pedersen, Copenhagen Business School, AQR, CEPR
Discussant: Campbell Harvey, Duke University

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Session: CEOs and Politics

January 7, 2022 12:15 to 14:15
Session Chair: Kose John, New York University

Did Western CEO Incentives Contribute to China’s Technological Rise?

Bo Bian; University of British Columbia
Jean-Marie Meier; University of Texas at Dallas
presented by: Jean-Marie Meier, University of Texas at Dallas
Discussant: Xiaoyun Yu, Indiana University

The Political Polarization of U.S. Firms

Vyacheslav Fos; Boston College
Elisabeth Kempf; University of Chicago
Margarita Tsoutsoura; Cornell University
presented by: Elisabeth Kempf, University of Chicago
Discussant: Daniel Ferreira, London School of Economics

What is Left to say: CEO Social Activism as Corporate Strategy

Shubhashis Gangopadhyay; India Development Foundation
Swarnodeep Homroy; University of Groningen
presented by: Swarnodeep Homroy, University of Groningen
Discussant: Jongsub Lee, Seoul National University

CEO Political Ideology and Voluntary Forward-looking Disclosure

Ahmed Elnahas; University of Texas Rio Grande Valley
Lei Gao; Iowa State University
Md Noman Hossain; University of Texas Rio Grande Valley
Jeong Bon Kim; City University of Hong Kong
presented by: Md Noman Hossain, University of Texas Rio Grande Valley
Discussant: Mahsa Kaviani, University of Delaware

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Session: Corporate Bond Market

January 7, 2022 12:15 to 14:15
Session Chair: Anna Cieslak, Duke University

Bond Funds and Credit Risk

Jaewon Choi; University of Illinois
Amil Dasgupta; London School of Economics
Ji Yeol Jimmy Oh; Hanyang University
presented by: Jaewon Choi, University of Illinois Urbana-Champaign
Discussant: Hui Chen, Massachusetts Institute of Technology

Institutional Corporate Bond Demand

Lorenzo Bretscher; London Business School
Lukas Schmid; University of Southern California
Ishita Sen; Harvard University
Varun Sharma; London Business School
presented by: Lukas Schmid, University of Southern California
Discussant: Valentin Haddad, University of California, Los Angeles

A One-Factor Model of Corporate Bond Premia

Redouane Elkamhi; University of Toronto
Chanik Jo; University of Toronto
Yoshio Nozawa; Hong Kong University of Science and Technology
presented by: Yoshio Nozawa, University of Toronto
Discussant: Ivan Shaliastovich, University of Wisconsin-Madison

Crowded Ratings: Clientele Effects in the Corporate Bond Market

Francisco Gomes; London Business School
Ryan Lewis; University of Colorado Boulder
Jordan Nickerson; Massachusetts Institute of Technology
presented by: Ryan Lewis, University of Colorado Boulder
Discussant: Pab Jotikasthira, Southern Methodist University

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Session: ESG Investing

January 7, 2022 12:15 to 14:15
Session Chair: Zacharias Sautner, Frankfurt School of Finance & Management

Do Investors Care About Impact?

Florian Heeb; University of Zurich
Julian Koelbel; University of Zurich
Falko Paetzold; EBS University
Stefan Zeisberger; Radboud University and University of Zurich
presented by: Julian Koelbel, Massachusetts Institute of Technology
Discussant: Samuel Hartzmark, University of Chicago

Unlocking ESG Premium from Options

Jie Cao; Chinese University of Hong Kong
Amit Goyal; University of Lausanne
Xintong Zhan; Chinese University of Hong Kong
Weiming Zhang; Chinese University of Hong Kong
presented by: Amit Goyal, University of Lausanne
Discussant: Kornelia Fabisik, Frankfurt School of Finance & Management

On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices

Itay Goldstein; University of Pennsylvania
Alexandr Kopytov; University of Hong Kong
Lin Shen; INSEAD
Haotian Xiang; Peking University
presented by: Lin Shen, INSEAD
Discussant: Martin Oehmke, London School of Economics

Does Socially Responsible Investing Change Firm Behavior?

Davidson Heath; University of Utah
Daniele Macciocchi; Miami University
Roni Michaely; University of Hong Kong
Matthew Ringgenberg; University of Utah
presented by: Matthew Ringgenberg, University of Utah
Discussant: Oguzhan Karakas, University of Cambridge

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Session: Financial Certification, Competitive Strategy, and Innovation

January 7, 2022 12:15 to 14:15
Session Chair: Eliezer Fich, Drexel University

Third Party Quality Certification in the Market for Financial Advice

William Gerken; University of Kentucky
Morteza Momeni; University of Kentucky
presented by: William Gerken, University of Kentucky
Discussant: Andrey Golubov, University of Toronto

Strategic Similarity in Mergers and Acquisitions

Tina Oreski; Swiss Finance Institute and USI Lugano
presented by: Tina Oreski, USI Lugano and Swiss Finance Institute
Discussant: Paolo Volpin, City, University of London

Crisis Innovation

Tania Babina; Columbia University
Asaf Bernstein; University of Colorado Boulder
Filippo Mezzanotti; Northwestern University
presented by: Filippo Mezzanotti, Northwestern University
Discussant: Jonathan Karpoff, University of Washington

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Session: Governance: Boards, CEOs, and Equity

January 7, 2022 12:15 to 14:15
Session Chair: Laura Field, University of Delaware

Board Dynamics Over the Startup Life Cycle

Michael Ewens; California Institute of Technology
Nadya Malenko; University of Michigan
presented by: Nadya Malenko, University of Michigan
Discussant: Fei Xie, University of Delaware

Remotely Productive: The Economics of Long-Distance CEOs

Ran Duchin; Boston College
Denis Sosyura; Arizona State University
presented by: Ran Duchin, Boston College
Discussant: Manuel Adelino, Duke University

Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry

Erik Gilje; University of Pennsylvania
Michael Wittry; Ohio State University
presented by: Michael Wittry, Ohio State University
Discussant: Anahit Mkrtchyan, Northeastern University

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Session: When Banks Meet the Official Sector

January 7, 2022 12:15 to 14:15
Session Chair: Uday Rajan, University of Michigan

The Life Cycle of a Bank Enforcement Action and Its Impact on Minority Lending

Robert Bushman; University of North Carolina at Chapel Hill
Anya Kleymenova; Federal Reserve Board
Rimmy Tomy; University of Chicago
presented by: Rimmy Tomy, University of Chicago
Discussant: Matthew Plosser, Federal Reserve Bank of New York

Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort

Martina Jasova; Barnard College, Columbia University
Luc Laeven; European Central Bank
Caterina Mendicino; European Central Bank
Jose-Luis Peydro; Pompeu Fabra University, CREI, Imperial College London
Dominik Supera; University of Pennsylvania
presented by: Martina Jasova, Barnard College, Columbia University
Discussant: Angelo Ranaldo, University of St. Gallen

Joint Determination of Counterparty and Liquidity Risk in Payment Systems

Jorge Cruz Lopez; Financial Network Analytics, Ltd.
Charles Kahn; University of Illinois
Gabriel Rodriguez Rondon; McGill University
presented by: Jorge Cruz Lopez, Financial Network Analytics, Ltd.
Discussant: Rodney Garratt, University of California, Santa Barbara

Time Inconsistency in Stress Test Design

Markus Parlasca; Vienna University of Economics and Business and Vienna Graduate School of Finance
presented by: Markus Parlasca, Vienna University of Economics and Business and Vienna Graduate School of Finance
Discussant: Nicolas Inostroza, University of Toronto

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Session: SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Event

January 7, 2022 14:30 to 15:30
Session Chair: Rohan Williamson, Georgetown University

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Session: AFA Panel: Finance and Social Responsibility

January 7, 2022 15:45 to 17:45
Session Chair: Jonathan Berk, Stanford University

presented by:

Alex Edmans, London Business School
Christina Skinner, University of Pennsylvania
Sarah Breeden, Bank of England
Steven Koonin, New York University

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Session: Climate Finance

January 7, 2022 15:45 to 17:45
Session Chair: Marcin Kacperczyk, Imperial College London

Mitigating Disaster Risks in the Age of Climate Change

Harrison Hong; Columbia University
Neng Wang; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics
presented by: Jinqiang Yang, Shanghai University of Finance and Economics
Discussant: Stefano Giglio, Yale University

Firm-level Climate Change Exposure

Zacharias Sautner; Frankfurt School of Finance & Management
Laurence van Lent; Frankfurt School of Finance & Management
Grigory Vilkov; Frankfurt School of Finance & Management
Ruishen Zhang; Shanghai University of Finance and Economics
presented by: Ruishen Zhang, Shanghai University of Finance and Economics
Discussant: Bryan Kelly, Yale University

Socially Responsible Finance: How to Optimize Impact?

Augustin Landier; HEC Paris
Stefano Lovo; HEC Paris
presented by: Augustin Landier, HEC Paris
Discussant: Lubos Pastor, University of Chicago

Municipal Bond Insurance and the U.S. Drinking Water Crisis

Ashwini Agrawal; London School of Economics
Daniel Kim; BI Norwegian Business School
presented by: Ashwini Agrawal, London School of Economics
Discussant: Jess Cornaggia, Pennsylvania State University

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Session: Conflicts of Interest and Insider Trading

January 7, 2022 15:45 to 17:45
Session Chair: Pedro Matos, University of Virginia

How Harmful is Insider Trading for Outsiders? Evidence from the Eighteenth Century

Mathijs Cosemans; Erasmus University
Rik Frehen; Tilburg University
presented by: Rik Frehen, Tilburg University
Discussant: Robert Bruner, University of Virginia

Insider Trading Restrictions and Informed Trading in Peer Stocks

Prachi Deuskar; Indian School of Business
Aditi Khatri; University of Arizona
Jayanthi Sunder; University of Arizona
presented by: Prachi Deuskar, Indian School of Business
Discussant: Qifei Zhu, Nanyang Technological University

Conflicts of Interest in Municipal Bond Advising and Underwriting

Daniel Garrett; University of Pennsylvania
presented by: Daniel Garrett, University of Pennsylvania
Discussant: Hanyi Livia Yi, Boston College

The Role of Analysts in Unregulated Financial Markets: Evidence from Initial Coin Offerings

Andreas Barth; Goethe University Frankfurt
Valerie Laturnus; Goethe University Frankfurt
Sasan Mansouri; Goethe University Frankfurt
Alexander Wagner; University of Zurich, Swiss Finance Inst
presented by: Alexander Wagner, University of Zurich, Swiss Finance Inst
Discussant: Evgeny Lyandres, Tel Aviv University

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Session: Financial Crises and Transmission of Shocks

January 7, 2022 15:45 to 17:45
Session Chair: Samuel Hanson, Harvard University

Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds

Lei Li; Federal Reserve Board
Yi Li; Federal Reserve Board
Marco Macchiavelli; Federal Reserve Board
Xing Zhou; Federal Reserve Board
presented by: Marco Macchiavelli, Federal Reserve Board
Discussant: Lawrence Schmidt, Massachusetts Institute of Technology

Why did Banks Stock Crash During COVID-19?

Viral Acharya; New York University, CEPR, and NBER
Robert Engle; New York University
Sascha Steffen; Frankfurt School of Finance & Management
presented by: Sascha Steffen, Frankfurt School of Finance & Management
Discussant: Olivier Darmouni, Columbia University

Investing in Crises

Matthew Baron; Cornell University
Luc Laeven; European Central Bank
Julien Penasse; University of Luxembourg
Yevhenii Usenko; Massachusetts Institute of Technology
presented by: Matthew Baron, Cornell University
Discussant: Karsten Mueller, NUS Business School

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Session: Household Finance I

January 7, 2022 15:45 to 17:45
Session Chair: Amit Seru, Stanford University

Information or Persuasion in the Mortgage Market: The Role of Brand Name

Agnese Carella; London School of Economics and Bank of Italy
Valentina Michelangeli; Bank of Italy
presented by: Agnese Carella, London School of Economics and Bank of Italy
Discussant: Claudia Robles Garcia, Stanford University

The Mortgage Piggy Bank: Building Wealth through Amortization

Asaf Bernstein; University of Colorado Boulder
Peter Koudijs; Erasmus University
presented by: Asaf Bernstein, University of Colorado Boulder
Discussant: Tomasz Piskorski, Columbia University

Aversion to Student Debt? Evidence from Low-Wage Workers

Radhakrishnan Gopalan; Washington University in St. Louis
Barton Hamilton; Washington University in St. Louis
Jorge Sabat; Diego Portales University
David Sovich; University of Kentucky
presented by: David Sovich, University of Kentucky
Discussant: Janice Eberly, Northwestern University

When Is It Hard to Make Ends Meet?

Jialan Wang; University of Illinois
Brian Baugh; University of Nebraska-Lincoln
presented by: Jialan Wang, University of Illinois
Discussant: Manuel Adelino, Duke University

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Session: Over the Counter Markets

January 7, 2022 15:45 to 17:45
Session Chair: Thierry Foucault, HEC Paris

Centralizing Over-the-Counter Markets?

Jason Allen; Bank of Canada
Milena Wittwer; Stanford University
presented by: Milena Wittwer, Stanford University
Discussant: Vincent Maurin, Stockholm School of Economics

Risk Concentration and Interconnectedness in OTC Markets

Briana Chang; University of Wisconsin
Shengxing Zhang; London School of Economics
presented by: Briana Chang, University of Wisconsin
Discussant: Cecilia Parlatore, New York University

Size Discount or Size Penalty? Execution Costs in Bond Markets

Gabor Pinter; Bank of England
Chaojun Wang; University of Pennsylvania
Junyuan Zou; INSEAD
presented by: Gabor Pinter, Bank of England
Discussant: Edith Hotchkiss, Boston College

Dealer Networks and the Cost of Immediacy

Jens Dick-Nielsen; Copenhagen Business School
Thomas Poulsen; BI Norwegian Business School
Obaidur Rehman; BI Norwegian Business School
presented by: Thomas Poulsen, BI Norwegian Business School
Discussant: Jean-Edouard Colliard, HEC Paris

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Session: Safe Assets

January 7, 2022 15:45 to 17:45
Session Chair: Christine Parlour, University of California, Berkeley

Safe Asset Carry Trade

Benedikt Ballensiefen; University of St. Gallen and World Bank Group
Angelo Ranaldo; University of St. Gallen
presented by: Angelo Ranaldo, University of St. Gallen
Discussant: Jack Bao, University of Delaware

The Price of Money: How Collateral Policy Affects the Yield Curve

Kjell Nyborg; University of Zurich, Swiss Finance Institute
Jiri Woschitz; University of Zurich
presented by: Kjell Nyborg, University of Zurich, Swiss Finance Institute
Discussant: Carolin Pflueger, University of Chicago

The Safety Premium of Safe Assets

Jens Christensen; Federal Reserve Bank of San Francisco
Nikola Mirkov; Swiss National Bank
presented by: Jens Christensen, Federal Reserve Bank of San Francisco
Discussant: Chase Ross, Yale University

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Session: Shareholder Monitoring and Voting

January 7, 2022 15:45 to 17:45
Session Chair: Todd Gormley, Washington University in St. Louis

The Distribution of Voting Rights to Shareholders

Vyacheslav Fos; Boston College
Clifford Holderness; Boston College
presented by: Vyacheslav Fos, Boston College
Discussant: David Musto, University of Pennsylvania

The Proxy Advisory Industry: Influencing and Being Influenced

Chong Shu; University of Utah
presented by: Chong Shu, University of Utah
Discussant: Nadya Malenko, University of Michigan

CEO Turnover and Director Reputation

Felix von Meyerinck; University of St. Gallen
Jonas Romer; University of St. Gallen
Markus Schmid; University of St. Gallen
presented by: Markus Schmid, University of St. Gallen
Discussant: Reena Aggarwal, Georgetown University

Errors in Shareholder Voting

Patrick Blonien; Rice University
Alan Crane; Rice University
Kevin Crotty; Rice University
David De Angelis; Rice University
presented by: Alan Crane, Rice University
Discussant: Michelle Lowry, Drexel University

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Session: AFA Panel: Climate and the Financial System

January 8, 2022 10:00 to 12:00
Session Chair: Anil Kashyap, University of Chicago

presented by:

Robert Litterman, Kepos Capital
Isabel Schnabel, European Central Bank
Carolyn Wilkins, Bank of England

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Session: Current Issues in Real Estate Finance

January 8, 2022 10:00 to 12:00
Session Chair: Johannes Stroebel, New York University

How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

Andreas Fuster; Swiss National Bank
Aurel Hizmo; Federal Reserve Board
Lauren Lambie-Hanson; Federal Reserve Bank of Philadelphia
James Vickery; Federal Reserve Bank of Philadelphia
Paul Willen; Federal Reserve Bank of Boston
presented by: Andreas Fuster, Swiss National Bank
Discussant: Greg Buchak, Stanford University

Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate

Arpit Gupta; New York University
Vrinda Mittal; Columbia University
Jonas Peeters; New York University
Stijn Van Nieuwerburgh; Columbia University
presented by: Vrinda Mittal, Columbia University
Discussant: Andra Ghent, University of Utah

The Economic Burden of Pension Shortfalls: Evidence from House Prices

Darren Aiello; Brigham Young University
Asaf Bernstein; University of Colorado Boulder
Mahyar Kargar; University of Illinois
Ryan Lewis; University of Colorado Boulder
Michael Schwert; University of Pennsylvania
presented by: Mahyar Kargar, University of Illinois
Discussant: Rebecca Diamond, Stanford University

Valuation of Long-Term Property Rights under Political Uncertainty

Zhiguo He; University of Chicago
Maggie Hu; Chinese University of Hong Kong
Zhenping Wang; University of Chicago
Vincent Yao; Georgia State University
presented by: Zhiguo He, University of Chicago
Discussant: Scott Baker, Northwestern University

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Session: Finance and Gender

January 8, 2022 10:00 to 12:00
Session Chair: Manju Puri, Duke University and NBER

Gender Pay Gap across Cultures

Natasha Burns; University of Texas at San Antonio
Kristina Minnick; Bentley University
Jeff Netter; University of Georgia
Laura Starks; University of Texas at Austin
presented by: Laura Starks, University of Texas at Austin
Discussant: Paola Sapienza, Northwestern University

Inequality, Discrimination, and the Financial System: How Gender and Law Shape Banker Mobility, Bank-Firm Relationships and Bank Activity

Marco Ceccarelli; University of Zurich, Swiss Finance Institute
Christoph Herpfer; Emory University
Steven Ongena; University of Zurich
presented by: Marco Ceccarelli, University of Zurich, Swiss Finance Institute
Discussant: Janet Gao, Indiana University

Discriminatory Lending: Evidence from Bankers in the Lab

J Michelle Brock; European Bank for Reconstruction and Development
Ralph De Haas; European Bank for Reconstruction and Development
presented by: Ralph De Haas, European Bank for Reconstruction and Development
Discussant: Martin Kanz, World Bank

Locked-in at Home: Limited Attention of Female Analysts during the COVID-19 Pandemic

Mengqiao Du; University of Mannheim
presented by: Mengqiao Du, University of Mannheim
Discussant: Elisabeth Kempf, University of Chicago

---

Session: Financial Stability

January 8, 2022 10:00 to 12:00
Session Chair: Dasol Kim, Office of Financial Research

Interbank Networks in the Shadows of the Federal Reserve Act

Haelim Anderson; FDIC
Selman Erol; Carnegie Mellon University
Guillermo Ordonez; University of Pennsylvania
presented by: Guillermo Ordonez, University of Pennsylvania
Discussant: Shengxing Zhang, London School of Economics

Bankruptcy Exemption of Repo Markets: Too Much Today for Too Little Tomorrow?

Viral Acharya; New York University, CEPR, and NBER
V. Ravi Anshuman; Indian Institute of Management
S. Viswanathan; Duke University
presented by: Viral Acharya, New York University, CEPR, and NBER
Discussant: Andrew Metrick, Yale University

Bank Balance Sheet Constraints and Bond Liquidity

Johannes Breckenfelder; European Central Bank
Victoria Ivashina; Harvard University
presented by: Johannes Breckenfelder, European Central Bank
Discussant: Chester Spatt, Carnegie Mellon University

---

Session: (Ir)responsible Corporate Governance

January 8, 2022 10:00 to 12:00
Session Chair: Doron Levit, University of Washington

Environmental Externalities of Hedge Fund Activism

Pat Akey; University of Toronto
Ian Appel; Boston College
presented by: Ian Appel, Boston College
Discussant: Nicole Boyson, Northeastern University

Stakeholder Value: A Convenient Excuse for Underperforming Managers?

Ryan Flugum; University of Northern Iowa
Matthew Souther; University of South Carolina
presented by: Matthew Souther, University of South Carolina
Discussant: Mariassunta Giannetti, Stockholm School of Economics

What Purpose Do Corporations Purport? Evidence from Letters to Shareholders

Raghuram Rajan; University of Chicago
Pietro Ramella; University of Chicago
Luigi Zingales; University of Chicago
presented by: Luigi Zingales, University of Chicago
Discussant: Jonathan Karpoff, University of Washington

---

Session: Labor Finance I

January 8, 2022 10:00 to 12:00
Session Chair: Paige Ouimet, University of North Carolina at Chapel Hill

Shareholder Power and the Decline of Labor

Antonio Falato; Federal Reserve Board
Hyunseob Kim; Federal Reserve Bank of Chicago
Till von Wachter; University of California, Los Angeles
presented by: Hyunseob Kim, Federal Reserve Bank of Chicago
Discussant: Simcha Barkai, Boston College

The Labor Effects of Pro-Labor Bias in Bankruptcy

Aloisio Araujo; Getulio Vargas Foundation
Rafael Ferreira; University of São Paulo
Spyridon Lagaras; University of Pittsburgh
Flavio Moraes; Getulio Vargas Foundation
Jacopo Ponticelli; Northwestern University
Margarita Tsoutsoura; Cornell University
presented by: Spyridon Lagaras, University of Pittsburgh
Discussant: Geoffrey Tate, University of Maryland

Performance Pay and Risk Sharing between Firms and Workers

Jason Sockin; University of Pennsylvania
Michael Sockin; University of Texas at Austin
presented by: Jason Sockin, University of Pennsylvania
Discussant: Alex Edmans, London Business School

---

Session: Learning and Flows in Asset Management

January 8, 2022 10:00 to 12:00
Session Chair: Clemens Sialm, University of Texas at Austin

Common Fund Flows: Flow Hedging and Factor Pricing

Winston Dou; University of Pennsylvania
Leonid Kogan; Massachusetts Institute of Technology
Wei Wu; Texas A&M University
presented by: Wei Wu, Texas A&M University
Discussant: Wei Jiang, Columbia University

An Equilibrium Model of Career Concerns, Investment Horizons, and Mutual Fund Value Added

Jungsuk Han; Stockholm School of Economics
Hongxun Ruan; Peking University
Jules van Binsbergen; University of Pennsylvania
Ran Xing; Aarhus University
presented by: Jungsuk Han, Stockholm School of Economics
Discussant: Anna Pavlova, London Business School

Learning From Prospectuses

Simona Abis; Columbia University
Andrea Buffa; University of Colorado Boulder
Apoorva Javadekar; Indian School of Business
Anton Lines; Columbia University
presented by: Simona Abis, Columbia University
Discussant: Ron Kaniel, University of Rochester

Who Listens to Corporate Conference Calls? The Effect of “Soft Information” on Institutional Trading

Alan Huang; University of Waterloo
Russell Wermers; University of Maryland
presented by: Alan Huang, University of Waterloo
Discussant: Richard Evans, University of Virginia

---

Session: The Cross-section of Stock Returns

January 8, 2022 10:00 to 12:00
Session Chair: Richard Sias, University of Arizona

Open Source Cross-Sectional Asset Pricing

Andrew Chen; Federal Reserve Board
Tom Zimmermann; University of Cologne
presented by: Andrew Chen, Federal Reserve Board
Discussant: Jeffrey Pontiff, Boston College

Ambiguity, Investor Disagreement, and Expected Stock Returns

Lawrence Hsiao; Northwestern University
presented by: Lawrence Hsiao, Northwestern University
Discussant: Jon Garfinkel, University of Iowa

Fundamental Extrapolation and Stock Returns

Dashan Huang; Singapore Management University
Huacheng Zhang; Southwestern University of Finance and Economics
Guofu Zhou; Washington University in St. Louis
Yingzi Zhu; Tsinghua University
presented by: Guofu Zhou, Washington University in St. Louis
Discussant: Huseyin Gulen, Purdue University

Sectoral Labor Reallocation and Return Predictability

Esther Eiling; University of Amsterdam
Raymond Kan; University of Toronto
Ali Sharifkhani; Northeastern University
presented by: Esther Eiling, University of Amsterdam
Discussant: Harry Turtle, Colorado State University

---

Session: Who is Paying Attention? Benefits of Information in Capital Markets

January 8, 2022 10:00 to 12:00
Session Chair: Sabrina Howell, New York University

Market Feedback: Evidence from the Horse’s Mouth

Itay Goldstein; University of Pennsylvania
Bibo Liu; Tsinghua University
Liyan Yang; University of Toronto
presented by: Bibo Liu, Tsinghua University
Discussant: Laurent Fresard, USI Lugano and Swiss Finance Institute

Speculative and Informative: Lessons from Market Reactions to Speculation Cues

J. Anthony Cookson; University of Colorado Boulder
S. Katie Moon; University of Colorado Boulder
Joonki Noh; Case Western Reserve University
presented by: Joonki Noh, Case Western Reserve University
Discussant: Michael Weisbach, Ohio State University

On the Origin of IPO Profits

David Brown; University of Arizona
Sergey Kovbasyuk; New Economic School
Tamara Nefedova; Paris Dauphine University
presented by: Tamara Nefedova, Paris Dauphine University
Discussant: Tim Jenkinson, University of Oxford

The Role of “Expert Reviewers” in Private Capital Markets

Reena Aggarwal; Georgetown University
Kathleen Hanley; Lehigh University
Xiaofei Zhao; Georgetown University
presented by: Xiaofei Zhao, Georgetown University
Discussant: Marina Niessner, Yale University

---

Session: AFA Panel: Central Bank Digital Currency

January 8, 2022 12:15 to 14:15
Session Chair: Markus Brunnermeier, Princeton University

presented by:

Darrell Duffie, Stanford University
David Yermack, New York University
Hyun Song Shin, Bank for International Settlements

---

Session: Corporate Finance: Policy and Regulatory Issues

January 8, 2022 12:15 to 14:15
Session Chair: Antoinette Schoar, Massachusetts Institute of Technology

Selling Indulgencies: The Political Economy of Tariff Exemption Grants

Veljko Fotak; University at Buffalo
Hye Seung (Grace) Lee; Fordham University
William Megginson; University of Oklahoma
Jesus Salas; Lehigh University
presented by: William Megginson, University of Oklahoma
Discussant: Hong Ru, Nanyang Technological University

The Hidden Costs of Funding Infrastructure Improvements in Education

Nicole Boyson; Northeastern University
Weiling Liu; Northeastern University
presented by: Weiling Liu, Northeastern University
Discussant: Hanyi Livia Yi, Boston College

Regulatory Costs of Being Public: Evidence from Bunching Estimation

Michael Ewens; California Institute of Technology
Kairong Xiao; Columbia University
Ting Xu; University of Virginia
presented by: Michael Ewens, California Institute of Technology
Discussant: Reena Aggarwal, Georgetown University

Sovereign Bond Restructuring: Commitment vs. Flexibility

Jason Donaldson; Washington University in St. Louis
Lukas Kremens; University of Washington
Giorgia Piacentino; Columbia University
presented by: Giorgia Piacentino, Columbia University
Discussant: Benjamin Hebert, Stanford University

---

Session: Derivatives

January 8, 2022 12:15 to 14:15
Session Chair: Jun Pan, Shanghai Jiao Tong University

How Integrated are Credit and Equity Markets? Evidence from Index Options

Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne
Benjamin Junge; Ecole Polytechnique Federale de Lausanne
Anders Trolle; Copenhagen Business School
presented by: Anders Trolle, Copenhagen Business School
Discussant: Jack Bao, University of Delaware

Testing for Asset Price Bubbles using Options Data

Nicola Fusari; Johns Hopkins University
Robert Jarrow; Cornell University
Sujan Lamichhane; Johns Hopkins University
presented by: Sujan Lamichhane, Johns Hopkins University
Discussant: Igor Makarov, London School of Economics

Recovering the FOMC Risk Premium

Hong Liu; Washington University in St. Louis
Xiaoxiao Tang; University of Texas at Dallas
Guofu Zhou; Washington University in St. Louis
presented by: Xiaoxiao Tang, University of Texas at Dallas
Discussant: Grace Xing Hu, Tsinghua University

Counterparty Choice, Bank Interconnectedness, and Systemic Risk

Andrew Ellul; Indiana University
Dasol Kim; Office of Financial Research
presented by: Dasol Kim, Office of Financial Research
Discussant: Ana Babus, Washington University in St. Louis

---

Session: Finance and Race

January 8, 2022 12:15 to 14:15
Session Chair: Rohan Williamson, Georgetown University

Diverse Hedge Funds

Yan Lu; University of Central Florida
Narayan Y Naik; London Business School
Melvyn Teo; Singapore Management University
presented by: Melvyn Teo, Singapore Management University
Discussant: Turan Bali, Georgetown University

Societal Trust and Financial Market Participation: Evidence from the Freedman’s Savings Bank

Virginia Traweek; University of Michigan
Malcolm Wardlaw; University of Georgia
presented by: Malcolm Wardlaw, University of Georgia
Discussant: Scott Yonker, Cornell University

Financial Implications of Disenfranchisement: Evidence from the Repeal of Voting Rights Act

Seongjin Park; University of Chicago
Arkodipta Sarkar; Hong Kong University of Science and Technology
Nishant Vats; University of Chicago
presented by: Arkodipta Sarkar, Hong Kong University of Science and Technology
Discussant: Aurel Hizmo, Federal Reserve Board

---

Session: Investor Behavior

January 8, 2022 12:15 to 14:15
Session Chair: Martin Schmalz, University of Oxford

Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field

Rawley Heimer; Boston College
Zwetelina Iliewa; University of Bonn
Alex Imas; University of Chicago
Martin Weber; University of Mannheim
presented by: Zwetelina Iliewa, University of Bonn
Discussant: Michaela Pagel, Columbia University

Investor Protections and Stock Market Participation: An Evaluation of Financial Advisor Oversight

Juhani Linnainmaa; Dartmouth College
Brian Melzer; Dartmouth College
Alessandro Previtero; Indiana University
Stephen Foerster; University of Western Ontario
presented by: Alessandro Previtero, Indiana University
Discussant: Ben Charoenwong, National University of Singapore

Resolving a Paradox: Retail Trades Positively Predict Returns but are Not Profitable

Brad Barber; University of California, Davis
Shengle Lin; San Francisco State University
Terrance Odean; University of California, Berkeley
presented by: Terrance Odean, University of California, Berkeley
Discussant: Sheridan Titman, University of Texas at Austin

Which Factor Model Do Firms Use? A Test Using Market Data

Thummim Cho; London School of Economics
Amirabas Salarkia; London School of Economics
presented by: Thummim Cho, London School of Economics
Discussant: Jules van Binsbergen, University of Pennsylvania

---

Session: Macro Finance I

January 8, 2022 12:15 to 14:15
Session Chair: Andrea Eisfeldt, University of California, Los Angeles

Risky Business Cycles

Susanto Basu; Boston College
Giacomo Candian; HEC Montreal
Ryan Chahrour; Boston College
Rosen Valchev; Boston College
presented by: Rosen Valchev, Boston College
Discussant: Carolin Pflueger, University of Chicago

Uncertainty, Risk, and Capital Growth

Gill Segal; University of North Carolina at Chapel Hill
Ivan Shaliastovich; University of Wisconsin-Madison
presented by: Ivan Shaliastovich, University of Wisconsin-Madison
Discussant: Adrien d’Avernas, Stockholm School of Economics

Asset Pricing with Misallocation

Winston Dou; University of Pennsylvania
Yan Ji; Hong Kong University of Science and Technology
Di Tian; University of Pennsylvania
Pengfei Wang; Peking University
presented by: Winston Dou, University of Pennsylvania
Discussant: Lukas Schmid, University of Southern California

Do Bankers Matter for Main Street? The Financial Intermediary Labor Channel

Yuchen Chen; University of Minnesota
Jack Favilukis; University of British Columbia
Xiaoji Lin; University of Minnesota
Xiaofei Zhao; Georgetown University
presented by: Xiaoji Lin, University of Minnesota
Discussant: Mindy Xiaolan, University of Texas at Austin

---

Session: Mergers and Venture Financing

January 8, 2022 12:15 to 14:15
Session Chair: Miguel Ferreira, Nova School of Business and Economics

Brokered Startup Financing

Emmanuel Yimfor; University of Michigan
presented by: Emmanuel Yimfor, University of Michigan
Discussant: Sabrina Howell, New York University

The Virtuous Cycle of Innovation and Capital Flows

Daniel Fehder; University of Southern California
Naomi Hausman; Hebrew University of Jerusalem
Yael Hochberg; Rice University
presented by: Naomi Hausman, Hebrew University of Jerusalem
Discussant: Francisco Queiro, Nova School of Business and Economics

Do firms with corporate development staff make better acquisitions?

Rene Stulz; Ohio State University
Sinan Gokkaya; Ohio University
Xi Liu; Miami University
presented by: Rene Stulz, Ohio State University
Discussant: Karin Thorburn, Norwegian School of Economics

Mergers under the Microscope: Analyzing Conference Call Transcripts

Sudipto Dasgupta; Chinese University of Hong Kong
Jarrad Harford; University of Washington
Fangyuan Ma; Peking University
Daisy Wang; Ohio State University
Haojun Xie; Chinese University of Hong Kong
presented by: Fangyuan Ma, Peking University
Discussant: Serdar Dinc, Rutgers University

---

Session: Technology and Financial Services

January 8, 2022 12:15 to 14:15
Session Chair: Wei Jiang, Columbia University

Cutting Operational Costs by Integrating Fintech into Traditional Banking Firms

Linda Allen; Baruch College, The City University of New York
Yu Shan; Concordia University
Yi Tang; Fordham University
Alev Yildirim; Southern Connecticut State University
presented by: Linda Allen, Baruch College, The City University of New York
Discussant: Greg Buchak, Stanford University

FinTech Lending and Cashless Payments

Pulak Ghosh; Indian Institute of Management Bangalore
Boris Vallee; Harvard University
Yao Zeng; University of Pennsylvania
presented by: Boris Vallee, Harvard University
Discussant: Uday Rajan, University of Michigan

The Data Privacy Paradox and Digital Demands

Long Chen; Ant Financial / Luohan Academy
Yadong Huang; Ant Financial / Luohan Academy
Shumiao Ouyang; Princeton University
Wei Xiong; Princeton University
presented by: Shumiao Ouyang, Princeton University
Discussant: Huan Tang, London School of Economics

---

Session: AFA Lecture – Micro and Macro Evidence on Inflation and Monetary Policy

January 8, 2022 15:45 to 17:45

presented by: Emi Nakamura, University of California, Berkeley

---

Session: Banking and Real Economy

January 8, 2022 15:45 to 17:45
Session Chair: Zhiguo He, University of Chicago

The Effect of Bank Monitoring on Loan Repayment

Nicola Branzoli; Bank of Italy
Fulvia Fringuellotti; Federal Reserve Bank of New York
presented by: Fulvia Fringuellotti, Federal Reserve Bank of New York
Discussant: Elena Carletti, Bocconi University

Do Mortgage Lenders Compete Locally? Implications for Credit Access

Greg Buchak; Stanford University
Adam Jorring; Boston College
presented by: Adam Jorring, Boston College
Discussant: Anthony Lee Zhang, University of Chicago

Bank Diversification and Lending Resiliency

Michael Gelman; University of Delaware
Itay Goldstein; University of Pennsylvania
Andrew MacKinlay; Virginia Polytechnic Institute and State University
presented by: Michael Gelman, University of Delaware
Discussant: Philip Strahan, Boston College

Zombie Lending and Cross-Subsidization in a Lending Crisis

Nikolaos Artavanis; Tulane University
Brian Jonghwan Lee; Columbia University
Stavros Panageas; Anderson School of Management
Margarita Tsoutsoura; Cornell University
presented by: Stavros Panageas, Anderson School of Management
Discussant: Sascha Steffen, Frankfurt School of Finance & Management

---

Session: Big Data and Firm Policies

January 8, 2022 15:45 to 17:45
Session Chair: Wei Xiong, Princeton University

How to Talk When a Machine is Listening? Corporate Disclosure in the Age of AI

Sean Cao; Georgia State University
Jiang Wei; Columbia University
Baozhong Yang; Georgia State University
Alan Zhang; Florida International University
presented by: Alan Zhang, Florida International University
Discussant: Will Cong, Cornell University

Dividend Policy in the Era of Big Data

Yancheng Qiu; Hong Kong University of Science and Technology
Tao Shu; Chinese University of Hong Kong, Shenzhen
Shujing Wang; Tongji University
presented by: Tao Shu, Chinese University of Hong Kong, Shenzhen
Discussant: Song Ma, Yale University

Firm-Level Cybersecurity Risk

Chris Florackis; University of Liverpool
Christodoulos Louca; University of Cyprus
Roni Michaely; University of Geneva
Michael Weber; University of Chicago
presented by: Chris Florackis, University of Liverpool
Discussant: Kenneth Ahern, University of Southern California

Does Alternative Data Improve Financial Forecasting? The Horizon Effect

Olivier Dessaint; INSEAD
Thierry Foucault; HEC Paris
Laurent Fresard; USI Lugano and Swiss Finance Institute
presented by: Olivier Dessaint, INSEAD
Discussant: Thomas Philippon, New York University

---

Session: Contracts and Incentives

January 8, 2022 15:45 to 17:45
Session Chair: Alex Edmans, London Business School

The Performance of Hedge Fund Performance Fees

Itzhak Ben-David; Ohio State University
Justin Birru; Ohio State University
Andrea Rossi; University of Arizona
presented by: Andrea Rossi, University of Arizona
Discussant: William Goetzmann, Yale University

Rare Disaster Information Paradox

Peter DeMarzo; Stanford University
Ping Liu; Purdue University
Alexei Tchistyi; Cornell University
presented by: Alexei Tchistyi, Cornell University
Discussant: Edward Van Wesep, University of Colorado Boulder

Do Short-Term Incentives Affect Long-Term Productivity?

Heitor Almeida; University of Illinois
Nuri Ersahin; Michigan State University
Vyacheslav Fos; Boston College
Rustom Irani; University of Illinois at Urbana-Champaign
Mathias Kronlund; Tulane University
presented by: Heitor Almeida, University of Illinois
Discussant: Elena Simintzi, University of North Carolina at Chapel Hill

Why Have CEO Pay Levels Become Less Diverse?

Torsten Jochem; University of Amsterdam
Gaizka Ormazabal; IESE Business School
Anjana Rajamani; Erasmus University
presented by: Torsten Jochem, University of Amsterdam
Discussant: Lalitha Naveen, Temple University

---

Session: Corporate Social Responsibility

January 8, 2022 15:45 to 17:45
Session Chair: Lucian Taylor, University of Pennsylvania

Media, Partisan Ideology, and Corporate Social Responsibility

Mahsa Kaviani; University of Delaware
Yuanzhi Li; Temple University
Hosein Maleki; Florida State University
presented by: Hosein Maleki, Florida State University
Discussant: Alexander Dyck, University of Toronto

Do Investors Care About Corporate Externalities? Experimental Evidence

Jean-Francois Bonnefon; Toulouse School of Economics
Augustin Landier; HEC Paris
Parinitha Sastry; Massachusetts Institute of Technology
David Thesmar; Massachusetts Institute of Technology
presented by: David Thesmar, Massachusetts Institute of Technology
Discussant: Samuel Hartzmark, University of Chicago

The Sustainability Wage Gap

Philipp Krueger; University of Geneva, Swiss Finance Inst
Daniel Metzger; Erasmus University
Jiaxin Wu; Stockholm School of Economics
presented by: Daniel Metzger, Erasmus University
Discussant: Paige Ouimet, University of North Carolina at Chapel Hill

The Real Effects of Environmental Activist Investing

S. Lakshmi Naaraayanan; London Business School
Kunal Sachdeva; Rice University
Varun Sharma; London Business School
presented by: Kunal Sachdeva, Rice University
Discussant: Ian Appel, Boston College

---

Session: ETFs 2.0

January 8, 2022 15:45 to 17:45
Session Chair: Maureen O’Hara, Cornell University

Fixed Income ETFs, Bond Liquidity, and Stressed Markets

Thomas Marta; Paris Dauphine University and Wilfrid Laurier University
presented by: Thomas Marta, Paris Dauphine University and Wilfrid Laurier University
Discussant: Caitlin Dannhauser, Villanova University

Two APs are Better Than One: ETF Mispricing and Primary Market Participation

Evgenii Gorbatikov; London Business School
Taisiya Sikorskaya; London Business School
presented by: Evgenii Gorbatikov, London Business School
Discussant: Yao Zeng, University of Pennsylvania

ETF Arbitrage and International Diversification

Ilias Filippou; Washington University in St. Louis
Arie Gozluklu; University of Warwick
Hari Rozental; University of Warwick
presented by: Arie Gozluklu, University of Warwick
Discussant: Shaun Davies, University of Colorado Boulder

The Heterogeneous Effects of Passive Investing on Asset Markets

Jonathan Brogaard; University of Utah
Davidson Heath; University of Utah
Da Huang; University of Utah
presented by: Davidson Heath, University of Utah
Discussant: Lawrence Glosten, Columbia University

---

Session: Identifying the Value and Novelty of Financial Market Information

January 8, 2022 15:45 to 17:45
Session Chair: Philip Bond, University of Washington

Liquidity and the Strategic Value of Information

Ohad Kadan; Washington University in St. Louis
Asaf Manela; Washington University in St. Louis
presented by: Asaf Manela, Washington University in St. Louis
Discussant: Maryam Farboodi, Massachusetts Institute of Technology

Information Chasing versus Adverse Selection

Gabor Pinter; Bank of England
Chaojun Wang; University of Pennsylvania
Junyuan Zou; INSEAD
presented by: Chaojun Wang, University of Pennsylvania
Discussant: Jian Li, University of Chicago

Herding Behavior between Rating Agencies

Alexander Rieber; Ulm University
Steffen Schechinger; Ulm University
presented by: Alexander Rieber, Ulm University
Discussant: Jordan Nickerson, Massachusetts Institute of Technology

Uncertainty About What’s in the Price

Joel Peress; INSEAD
Daniel Schmidt; HEC Paris
presented by: Daniel Schmidt, HEC Paris
Discussant: Brandon Yueyang Han, University of Maryland

---

Session: International Finance

January 8, 2022 15:45 to 17:45
Session Chair: Wenxin Du, University of Chicago

Global Realignment in Financial Market Dynamics: Evidence from ETF Networks

Monica Billio; Ca’ Foscari University of Venice
Andrew Lo; Massachusetts Institute of Technology
Loriana Pelizzon; Leibniz Institute for Financial Research
Mila Getmansky Sherman; University of Massachusetts Amherst
Abalfazl Zareei; Stockholm University
presented by: Abalfazl Zareei, Stockholm University
Discussant: Andrea Vedolin, Boston University

Dollar Dominance in FX Trading

Fabricius Somogyi; University of St. Gallen
presented by: Fabricius Somogyi, University of St. Gallen
Discussant: Adrien Verdelhan, Massachusetts Institute of Technology

Barriers to Global Capital Allocation

Bruno Pellegrino; University of Maryland
Enrico Spolaore; Tufts University
Romain Wacziarg; University of California, Los Angeles
presented by: Bruno Pellegrino, University of Maryland
Discussant: Robert Richmond, New York University

---

Session: SPECIAL EVENT: AFA Business Meeting and Presidential Address

January 8, 2022 18:00 to 20:00

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Session: AFA Panel: How can Academic Research Inform Policy on ESG and Short-Termism?

January 9, 2022 10:00 to 12:00
Session Chair: Scott Bauguess, University of Texas at Austin

presented by:

Alex Edmans, London Business School
Christian Leuz, University of Chicago
Mark Roe, Harvard Law School

---

Session: DeFi and CBDCs

January 9, 2022 10:00 to 12:00
Session Chair: Cesare Fracassi, University of Texas at Austin

Central Bank Digital Currency Design: Implications for Market Composition and Monetary Policy

Rodney Garratt; University of California, Santa Barbara
Jiaheng Yu; Massachusetts Institute of Technology
Haoxiang Zhu; Massachusetts Institute of Technology
presented by: Haoxiang Zhu, Massachusetts Institute of Technology
Discussant: Michael Kumhof, Bank of England

Decentralized Exchanges

Alfred Lehar; University of Calgary
Christine Parlour; University of California, Berkeley
presented by: Alfred Lehar, University of Calgary
Discussant: Andreas Park, University of Toronto Mississauga

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoins and Crypto Shadow Banking

Ye Li; Ohio State University
Simon Mayer; Erasmus University
presented by: Ye Li, Ohio State University
Discussant: Matthieu Bouvard, Toulouse School of Economics

---

Session: ESG and Sustainable Finance

January 9, 2022 10:00 to 12:00
Session Chair: Reena Aggarwal, Georgetown University

Does Money Talk? Market Discipline through Selloffs and Boycotts

Nickolay Gantchev; University of Warwick
Mariassunta Giannetti; Stockholm School of Economics
Rachel Li; University of Alabama
presented by: Nickolay Gantchev, University of Warwick
Discussant: Kai Li, University of British Columbia

The Effects of Mandatory ESG Disclosure around the World

Philipp Krueger; University of Geneva
Zacharias Sautner; Frankfurt School of Finance & Management
Dragon Yongjun Tang; University of Hong Kong
Rui Zhong; University of Western Australia
presented by: Rui Zhong, University of Western Australia
Discussant: Pedro Matos, University of Virginia

Paying Attention to ESG Matters: Evidence from Big Data Analytics

Wendi Huang; University of Hong Kong
George Andrew Karolyi; Cornell University
Alan Kwan; University of Hong Kong
presented by: Alan Kwan, University of Hong Kong
Discussant: Elroy Dimson, University of Cambridge

Welfare Consequences of Sustainable Finance

Harrison Hong; Columbia University
Neng Wang; Columbia University
Jinqiang Yang; Shanghai Institute of International Finance and Economics
presented by: Harrison Hong, Columbia University
Discussant: Lucian Taylor, University of Pennsylvania

---

Session: Household Finance II

January 9, 2022 10:00 to 12:00
Session Chair: Tarun Ramadorai, Imperial College London

Stock Market Participation and Portfolio Shares over the Life-cycle

Francisco Gomes; London Business School
Oksana Smirnova; London Business School
presented by: Francisco Gomes, London Business School
Discussant: Luis Viceira, Harvard University

Employee Output Response to Stock Market Wealth Shocks

Teng Li; Sun Yat-sen University
Wenlan Qian; National University of Singapore
Wei A Xiong; Shenzhen Stock Exchange
Xin Zou; Hong Kong Baptist University
presented by: Xin Zou, Hong Kong Baptist University
Discussant: Sasha Indarte, University of Pennsylvania

What Do the Portfolios of Individual Investors Reveal About the Cross-Section of Equity Returns?

Sebastien Betermier; McGill University
Laurent Calvet; EDHEC Business School
Samuli Knüpfer; BI Norwegian Business School
Jens Kvaerner; Tilburg University
presented by: Jens Kvaerner, Tilburg University
Discussant: Lars Lochstoer, University of California, Los Angeles

How do Taxes affect the Trading Behavior of Private Investors? Evidence from Individual Portfolio Data

Florian Buhlmann; ZEW Mannheim
Philipp Doerrenberg; University of Mannheim
Benjamin Loos; Technical University of Munich
Johannes Voget; University of Mannheim
presented by: Florian Buhlmann, ZEW Mannheim
Discussant: Allan Davids, University of Cape Town

---

Session: Innovation Frontiers in Finance

January 9, 2022 10:00 to 12:00
Session Chair: Lauren Cohen, Harvard University

Does Trading Spur Specialization? Evidence from Patenting

Pengfei Han; Peking University
Chunrui Liu; Tsinghua University
Xuan Tian; Tsinghua University
presented by: Pengfei Han, Guanghua School of Management, Peking University
Discussant: Bo Bian, University of British Columbia

Blaze New Trails for Others to Follow: Evidence from Scanner Data

Kuntara Pukthuanthong; University of Missouri
Ruixiang Wang; Northeastern University
presented by: Ruixiang Wang, Northeastern University
Discussant: Xinxin Wang, University of California, Los Angeles

Obsolete Firms

Song Ma; Yale University
presented by: Song Ma, Yale University
Discussant: Shai Bernstein, Harvard University

Technology Transfer and Early Industrial Development: Evidence from the Sino-Soviet Alliance

Michela Giorcelli; University of California, Los Angeles
Bo Li; Tsinghua University
presented by: Bo Li, Tsinghua University
Discussant: Ting Xu, University of Virginia

---

Session: Market Mispricing and Limits to Arbitrage

January 9, 2022 10:00 to 12:00
Session Chair: Mikhail Simutin, University of Toronto

Tracking Biased Weights: Asset Pricing Implications of Value-Weighted Indexing

Hao Jiang; Michigan State University
Dimitri Vayanos; London School of Economics
Lu Zheng; University of California, Irvine
presented by: Dimitri Vayanos, London School of Economics
Discussant: Yang Song, University of Washington

A Multifactor Perspective on Volatility-Managed Portfolios

Victor DeMiguel; University of London
Alberto Martin-Utrera; Iowa State University
Raman Uppal; EDHEC Business School
presented by: Alberto Martin-Utrera, Iowa State University
Discussant: Oliver Boguth, Arizona State University

Benchmarking Intensity

Anna Pavlova; London Business School
Taisiya Sikorskaya; London Business School
presented by: Anna Pavlova, London Business School
Discussant: Jonathan Berk, Stanford University

The Loan Fee Anomaly: A Short Seller’s Best Ideas

Joseph Engelberg; University of California, San Diego
Richard Evans; University of Virginia
Greg Leonard; University of North Carolina at Chapel Hill
Adam Reed; University of North Carolina at Chapel Hill
Matthew Ringgenberg; University of Utah
presented by: Greg Leonard, University of North Carolina at Chapel Hill
Discussant: Juhani Linnainmaa, Dartmouth College

---

Session: Methodologies

January 9, 2022 10:00 to 12:00
Session Chair: Xavier Giroud, Columbia University

Measuring Measurement Error

Aaron Pancost; University of Texas at Austin
Garrett Schaller; Colorado State University
presented by: Aaron Pancost, University of Texas at Austin
Discussant: Tobias Berg, Frankfurt School of Finance & Management

The Heterogeneous Effects of Default on Investment: An Application of Causal Forest in Corporate Finance

Huseyin Gulen; Purdue University
Candace Jens; Tulane University
Beau Page; Tulane University
presented by: Candace Jens, Tulane University
Discussant: Gregory Nini, Drexel University

Do Common Factors Really Explain the Cross-Section of Stock Returns?

Alejandro Lopez-Lira; Warrington College of Business, University of Florida
Nikolai Roussanov; University of Pennsylvania
presented by: Alejandro Lopez-Lira, Warrington College of Business, University of Florida
Discussant: Simona Abis, Columbia University

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Session: Return Dynamics

January 9, 2022 10:00 to 12:00
Session Chair: Bryan Kelly, Yale University

A Decomposition of Conditional Risk Premia and Implications for Representative Agent Models

Fousseni Chabi-Yo; Isenberg School of Management
Johnathan Loudis; University of Notre Dame
presented by: Johnathan Loudis, University of Notre Dame
Discussant: David Schreindorfer, Arizona State University

The Temporal Structure of Risk and the Cross- Section of Equity Returns

Shane Miller; University of Michigan
presented by: Shane Miller, Ross School of Business, University of Michigan
Discussant: Yinan Su, Johns Hopkins University

The International Commonality of Idiosyncratic Variances

Geert Bekaert; Columbia University
Xue Wang; Nankai University
Xiaoyan Zhang; Tsinghua University
presented by: Xue Wang, Nankai University
Discussant: Bernard Herskovic, University of California, Los Angeles

Consumption

Svetlana Bryzgalova; London Business School
Christian Julliard; London School of Economics
presented by: Christian Julliard, London School of Economics
Discussant: Andrei Goncalves, University of North Carolina at Chapel Hill

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Session: AFA Panel: Current Issues in Financial Market Regulation

January 9, 2022 12:15 to 14:15
Session Chair: Kathleen Hanley, Lehigh University

presented by:

John Coates, Harvard Law School, John F. Cogan, Jr. Professor of Law and Economics
S.P. Kothari, Massachusetts Institute of Technology, Gordon Y Billard Professor of Accounting and Finance
Jonathan Sokobin, FINRA, Chief Economist

---

Session: Capital Structure

January 9, 2022 12:15 to 14:15
Session Chair: Yufeng Wu, University of Illinois

Collateral and Secured Debt

Adriano Rampini; Duke University
S. Viswanathan; Duke University
presented by: Adriano Rampini, Duke University
Discussant: Giorgia Piacentino, Columbia University

Monetary Surprises, Debt Structure and Credit Misallocation

Yuchen Chen; University of Minnesota
presented by: Yuchen Chen, University of Minnesota
Discussant: Thomas Winberry, University of Pennsylvania

Renegotiation in Debt Chains

Vincent Glode; University of Pennsylvania
Christian Opp; University of Rochester
presented by: Christian Opp, University of Rochester
Discussant: Kinda Hachem, University of Virginia

---

Session: Corporate Investment

January 9, 2022 12:15 to 14:15
Session Chair: Miao Ben Zhang, University of Southern California

A q Theory of Internal Capital Markets

Min Dai; National University of Singapore
Xavier Giroud; Columbia University
Wei Jiang; Hong Kong University of Science and Technology
Neng Wang; Columbia University
presented by: Wei Jiang, Hong Kong University of Science and Technology
Discussant: Lukas Schmid, University of Southern California

Policy Uncertainty, Multinational Firms, and Reallocation

Arkodipta Sarkar; Hong Kong University of Science and Technology
presented by: Arkodipta Sarkar, Hong Kong University of Science and Technology
Discussant: Jan Bena, University of British Columbia

The Real Effects of Legal and Trading Frictions in Collateralization

Bo Bian; University of British Columbia
presented by: Bo Bian, University of British Columbia
Discussant: Murillo Campello, Cornell University and NBER

The Bright Side of Financial Fragility

Massimo Massa; INSEAD
David Schumacher; McGill University
Yan Wang; McMaster University
presented by: David Schumacher, McGill University
Discussant: Kristine Hankins, University of Kentucky

---

Session: Labor Finance II

January 9, 2022 12:15 to 14:15
Session Chair: Jonathan Cohn, University of Texas at Austin

What Is the Cost of Privatization for Workers?

Martin Olsson; Research Institute of Industrial Economics
Joacim Tåg; Research Institute of Industrial Economics
presented by: Joacim Tåg, Research Institute of Industrial Economics
Discussant: David Robinson, Duke University

Restructuring the Labor Force after Mergers

Britta Gehrke; University of Rostock
Ernst Maug; University of Mannheim
Stefan Obernberger; Erasmus University
Christoph Schneider; University of Münster
presented by: Ernst Maug, University of Mannheim
Discussant: Liu Yang, University of Maryland

Robots and Firm Investment

Efraim Benmelech; Northwestern University
Michal Zator; University of Notre Dame
presented by: Michal Zator, University of Notre Dame, Mendoza College of Business
Discussant: Ashwini Agrawal, London School of Economics

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Session: Macro Finance II

January 9, 2022 12:15 to 14:15
Session Chair: Janice Eberly, Northwestern University

Financial and Total Wealth Inequality with Declining Interest Rates

Daniel Greenwald; Massachusetts Institute of Technology
Matteo Leombroni; Stanford University
Hanno Lustig; Stanford University
Stijn Van Nieuwerburgh; Columbia University
presented by: Stijn Van Nieuwerburgh, Columbia University
Discussant: Ludwig Straub, Harvard University

Exorbitant Privilege? The Bond Market Subsidy of Prospective Fallen Angels

Viral Acharya; New York University, CEPR, and NBER
Ryan Banerjee; Bank for International Settlements
Matteo Crosignani; Federal Reserve Bank of New York
Tim Eisert; Erasmus University, CEPR
Renee Spigt; Erasmus University
presented by: Tim Eisert, Erasmus University, CEPR
Discussant: Tyler Muir, University of California, Los Angeles

The Rise of Bond Financing in Europe

Olivier Darmouni; Columbia University
Melina Papoutsi; European Central Bank
presented by: Melina Papoutsi, European Central Bank
Discussant: Victoria Ivashina, Harvard University

Corporate Loan Spreads and Economic Activity

Anthony Saunders; New York University
Alessandro Spina; Copenhagen Business School
Sascha Steffen; Frankfurt School of Finance & Management
Daniel Streitz; Copenhagen Business School
presented by: Alessandro Spina, Copenhagen Business School
Discussant: Egon Zakrajzek, Bank for International Settlements

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Session: Market Microstructure: Trading on Information

January 9, 2022 12:15 to 14:15
Session Chair: Ingrid Werner, Ohio State University

Information Sharing in Financial Markets

Itay Goldstein; University of Pennsylvania
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: Laura Veldkamp, Columbia University

How Much Insider Trading Happens in Stock Markets?

Vinay Patel; University of Technology Sydney
Talis Putnins; University of Technology Sydney
presented by: Vinay Patel, University of Technology Sydney
Discussant: Emiliano Pagnotta, Imperial College London

When Do Informed Short Sellers Trade? Evidence from Intraday Data and Implications for Informed Trading Models

Danqi Hu; Northwestern University
Charles Jones; Columbia University
Xiaoyan Zhang; Tsinghua University
presented by: Charles Jones, Columbia University
Discussant: Matthew Ringgenberg, University of Utah

The Conduits of Price Discovery: A Machine Learning Approach

Amy Kwan; University of Sydney
Richard Philip; University of Sydney
Andriy Shkilko; Wilfrid Laurier University
presented by: Andriy Shkilko, Wilfrid Laurier University
Discussant: Barbara Rindi, Bocconi University

---

Session: Oil Prices

January 9, 2022 12:15 to 14:15
Session Chair: Alan Crane, Rice University

The Day that WTI Died: Asset Prices and Firm Production Decisions

Erik Gilje; University of Pennsylvania
Robert Ready; University of Oregon
Nikolai Roussanov; University of Pennsylvania
Jerome Taillard; Babson College
presented by: Erik Gilje, University of Pennsylvania
Discussant: Praveen Kumar, University of Houston

Mining for Oil Forecasts

Charles Calomiris; Columbia University
Nida Cakir Melek; Federal Reserve Bank of Kansas City
Harry Mamaysky; Columbia University
presented by: Harry Mamaysky, Columbia University
Discussant: Bradley Paye, Virginia Tech

Stock-Oil Comovement: Fundamentals or Financialization?

Alessandro Melone; Vienna Graduate School of Finance
Otto Randl; Vienna University of Economics and Business
Leopold Sögner; Institute for Advanced Studies
Josef Zechner; Vienna University of Economics and Business
presented by: Alessandro Melone, Vienna Graduate School of Finance
Discussant: David Sovich, University of Kentucky

---

Session: Private Equity/Venture Capital

January 9, 2022 12:15 to 14:15
Session Chair: Margarita Tsoutsoura, Cornell University

Private Equity and Pay Gaps Inside the Firm

Lily Fang; INSEAD
Jim Goldman; University of Toronto
Alexandra Roulet; INSEAD
presented by: Jim Goldman, University of Toronto
Discussant: Zoe Cullen, Harvard University

Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes

Abhinav Gupta; New York University
Atul Gupta; University of Pennsylvania
Sabrina Howell; New York University
Constantine Yannelis; University of Chicago
presented by: Constantine Yannelis, University of Chicago
Discussant: Richard Thakor, University of Minnesota

Corporate Venture Capital and Firm Scope

Yifei Zhang; Toulouse School of Economics
presented by: Yifei Zhang, Toulouse School of Economics
Discussant: Merih Sevilir, Indiana University

Are Private Equity Funds Superior Real Estate Investors? Evidence from the Hotel Industry

Christophe Spaenjers; HEC Paris
Eva Steiner; Pennsylvania State University
presented by: Christophe Spaenjers, HEC Paris
Discussant: Cesare Fracassi, University of Texas at Austin

---

Session: SPECIAL EVENT: AFA PhD Student Panel

January 9, 2022 14:30 to 15:30
Session Chair: Markus Brunnermeier, Princeton University

---

Special Session: On ESG: Theory and Empirics

January 9, 2022 15:45 to 17:45
Session Chair: Stuart Gillan, University of North Texas

ESG Confusion and Stock Returns: Tackling the Problem of Noise

Florian Berg; Massachusetts Institute of Technology
Julian Koelbel; Massachusetts Institute of Technology
Anna Pavlova; London Business School
Roberto Rigobon; Massachusetts Institute of Technology
presented by: Florian Berg, Massachusetts Institute of Technology

The Cost of ESG Investing

Laura Lindsey; Arizona State University
Seth Pruitt; Arizona State University
Christoph Schiller; Arizona State University
presented by: Laura Lindsey, Arizona State University

Quantifying the Impact of Impact Investing

Andrew Lo; Massachusetts Institute of Technology
Ruixun Zhang; Peking University
presented by: Ruixun Zhang, Peking University

Dissecting Green Returns

Lubos Pastor; University of Chicago
Robert Stambaugh; University of Pennsylvania
Lucian Taylor; University of Pennsylvania
presented by: Lucian Taylor, University of Pennsylvania

Sustainable Systematic Credit

Peter Diep; AQR Capital Management
Lukasz Pomorski; AQR Capital Management
Scott Richardson; AQR Capital Management
presented by: Peter Diep, AQR Capital Management

---

Special Session: Persistence or Disruption of the American Caste

January 9, 2022 15:45 to 17:45
Session Chair: Natasha Burns, University of Texas at San Antonio

Wealth Inequality and Return Heterogeneity during the COVID-19 Pandemic

Katya Kartashova; Bank of Canada
Xiaoqing Zhou; Federal Reserve Bank of Dallas
presented by: Xiaoqing Zhou, Federal Reserve Bank of Dallas

Financial Constraints and the Racial Housing Gap

Arpit Gupta; New York University
Christopher Hansman; Imperial College London
Pierre Mabille; INSEAD
presented by: Arpit Gupta, New York University

How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and

Algorithmic Credit Decisions
Neil Bhutta; Federal Reserve Board
Aurel Hizmo; Federal Reserve Board
Daniel Ringo; Federal Reserve Board
presented by: Daniel Ringo, Federal Reserve Board

Racial Disparities in Access to Small Business Credit: Evidence from the Paycheck Protection Program

Sabrina Howell; New York University
Theresa Kuchler; New York University
David Snitkof; Ocrolus
Johannes Stroebel; New York University
Jun Wong; University of Chicago
presented by: Sabrina Howell, New York University

Racial Disparities in the Paycheck Protection Program

Sergey Chernenko; Purdue University
David Scharfstein; Harvard University
presented by: Sergey Chernenko, Purdue University

---

Session: Bank Lending Behavior

January 9, 2022 15:45 to 17:45
Session Chair: Adi Sunderam, Harvard University

The Allocative Effects of Banks’ Funding Costs

Anne Duquerroy; Bank of France
Adrien Matray; Princeton University
Farzad Saidi; University of Bonn
presented by: Farzad Saidi, University of Bonn
Discussant: Emily Williams, Harvard University

The Credit Line Channel

Daniel Greenwald; Massachusetts Institute of Technology
John Krainer; Federal Reserve Board
Pascal Paul; Federal Reserve Bank of San Francisco
presented by: Daniel Greenwald, Massachusetts Institute of Technology
Discussant: Stephan Luck, Federal Reserve of New York

Many Markets Make Good Neighbors: Multimarket Contact and Deposit Banking

John Hatfield; University of Texas at Austin
Jonathan Wallen; Harvard Business School
presented by: John Hatfield, University of Texas at Austin
Discussant: Joao Granja, University of Chicago

---

Session: Belief Formation and Market Efficiency

January 9, 2022 15:45 to 17:45
Session Chair: Bruce Carlin, Rice University

Cognitive Errors As Canary Traps

Alexander Chinco; University of Chicago
presented by: Alexander Chinco, University of Chicago
Discussant: Peter Maxted, University of California, Berkeley

Information Flow, Noise, and the Irrelevance of FOMC Announcement Returns

Oliver Boguth; Arizona State University
Vincent Gregoire; HEC Montreal
Charles Martineau; University of Toronto
presented by: Vincent Gregoire, HEC Montreal
Discussant: Pavel Savor, DePaul University

Market Efficiency in the Age of Machine Learning

Leonidas Barbopoulos; University of Edinburgh
Rui Dai; WRDS, The Wharton School
Talis Putnins; University of Technology Sydney
Anthony Saunders; New York University
presented by: Leonidas Barbopoulos, University of Edinburgh
Discussant: Ryan Israelsen, Michigan State University

---

Session: Capital, Labor, and the Cross-section of Returns

January 9, 2022 15:45 to 17:45
Session Chair: Ron Kaniel, University of Rochester

A Supply and Demand Approach to Equity Pricing

Sebastien Betermier; McGill University
Laurent Calvet; EDHEC Business School
Evan Jo; McGill University
presented by: Laurent Calvet, EDHEC Business School
Discussant: Motohiro Yogo, Princeton University

Labor Market Networks and Asset Returns

Joon Woo Bae; Case Western Reserve University
Turan Bali; Georgetown University
Ali Sharifkhani; Northeastern University
Xiaofei Zhao; Georgetown University
presented by: Joon Woo Bae, Case Western Reserve University
Discussant: Yukun Liu, University of Rochester

Risk Sharing Within and Outside the Firm: The Disparate Effects of Employment Protection on Expected Stock Returns

Robert Mahlstedt; University of Copenhagen
Rüdiger Weber; Vienna University of Economics and Business
presented by: Rüdiger Weber, Vienna University of Economics and Business
Discussant: Juhani Linnainmaa, Dartmouth College

---

Session: Corporate Finance: Behavioral

January 9, 2022 15:45 to 17:45
Session Chair: Geoffrey Tate, University of Maryland

Partisanship in Loan Pricing

Ramona Dagostino; University of Rochester
Janet Gao; Indiana University
Pengfei Ma; Indiana University
presented by: Janet Gao, Indiana University
Discussant: William Mullins, University of California, San Diego

Corporate Overconfidence and Bank Lending

Filippo De Marco; Bocconi University
Julien Sauvagnat; Bocconi University
Enrico Sette; Bank of Italy
presented by: Filippo De Marco, Bocconi University
Discussant: Christa Bouwman, Texas A&M University

“Pump and Dump” through Media Tone: The Role of Cross-Blockholders in Corporate Litigation

Jie He; University of Georgia
Han Xia; University of Texas at Dallas
Yabo Zhao; University of Texas at Dallas
presented by: Han Xia, University of Texas at Dallas
Discussant: Joshua White, Vanderbilt University

---

Session: Household Finance III

January 9, 2022 15:45 to 17:45
Session Chair: Gregor Matvos, Northwestern University

Using High Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers

Marco Giacoletti; University of Southern California
Rawley Heimer; Boston College
Edison Yu; Federal Reserve Bank of Philadelphia
presented by: Marco Giacoletti, University of Southern California
Discussant: Sophia Gilbukh, Baruch College, CUNY

Financial Market Ethics

David Easley; Cornell University
Maureen O’Hara; Cornell University
presented by: Maureen O’Hara, Cornell University
Discussant: Briana Chang, University of Wisconsin

Competition and Selection in Credit Markets

Constantine Yannelis; Chicago Booth
Anthony Lee Zhang; University of Chicago
presented by: Anthony Lee Zhang, University of Chicago
Discussant: Matteo Benetton, University of California, Berkeley

Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities

Mark Egan; Harvard University
Shan Ge; New York University
Johnny Tang; Harvard University
presented by: Shan Ge, New York University
Discussant: Manisha Padi, University of California, Berkeley

---

Session: Liquidity Management and Crises in Asset Management

January 9, 2022 15:45 to 17:45
Session Chair: Susan Christoffersen, University of Toronto

Redemption in Kind and Mutual Fund Liquidity Management

Vikas Agarwal; Georgia State University
Honglin Ren; Renmin University of China
Ke Shen; Lehigh University
Haibei Zhao; Lehigh University
presented by: Haibei Zhao, Lehigh University
Discussant: Bige Kahraman, University of Oxford

Prime Time for Prime Funds: Floating NAV, Intraday Redemptions and Liquidity Risk During Crises

Lorenzo Casavecchia; University of Technology Sydney
Chanyuan Ge; Macquarie University
Wei Li; University of Iowa
Ashish Tiwari; University of Iowa
presented by: Ashish Tiwari, University of Iowa
Discussant: Marcin Kacperczyk, Imperial College London

Beware of Chasing Yield: Bond Fund Yield, Flows and Performance

Hao Jiang; Michigan State University
Yuanzhi Li; Temple University
Lu Zheng; University of California, Irvine
presented by: Hao Jiang, Michigan State University
Discussant: Bo Becker, Stockholm School of Economics, CEPR & ECGI

Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Mutual Fund Runs

Johannes Breckenfelder; European Central Bank
Niklas Grimm; European Central Bank
Marie Hoerova; European Central Bank
presented by: Marie Hoerova, European Central Bank
Discussant: Annette Vissing-Jorgensen, University of California, Berkeley