2023 Annual Meeting – Preliminary Program

New Orleans, LA

January 6-8, 2023

Session: AFFECT Mentoring Event (by invitation only)

January 5, 2023 8:00 to 17:00
Location: Sheraton: Oak Alley (4th Floor)

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Session: Common Ownership, Indexing, and Welfare

January 6, 2023 8:00 to 10:00
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Alessio Piccolo, Indiana University

Diversification vs. Monopolization

Jonas Frey; WWU Münster
Axel Ockenfels; University of Cologne
Martin Schmalz; University of Oxford
presented by: Jonas Frey, WWU Münster
Discussant: Jan Schneemeier, Indiana University

Common Ownership in Labor Markets

José Azar; University of Navarra and CEPR
Yue Qiu; Fox School of Business, Temple University
Aaron Sojourner; W.E. Upjohn Institute for Employment Research
presented by: Yue Qiu, Fox School of Business, Temple University
Discussant: Jason Furman, Harvard University

Index Funds, Asset Prices, and the Welfare of Investors

Martin Schmalz; University of Oxford
William Zame; University of California, Los Angeles
presented by: William Zame, University of California, Los Angeles
Discussant: Philip Bond, University of Washington

A Tale of Two Networks: Common Ownership and Product Market Rivalry

Florian Ederer; Yale University
Bruno Pellegrino; University of Maryland
presented by: Bruno Pellegrino, University of Maryland
Discussant: Matteo Benetton, University of California, Berkeley

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Session: Asset Pricing: Market and Funding Liquidity

January 6, 2023 8:00 to 10:00
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Lasse Pedersen, Copenhagen Business School, NYU, AQR, CE

Comparing Search and Intermediation Frictions Across Markets

Gabor Pinter; Bank of England
Semih Uslu; Johns Hopkins University
presented by: Semih Uslu, Johns Hopkins University
Discussant: Peter Feldhutter, Copenhagen Business School

Effects of Credit Expansions on Stock Market Booms and Busts

Christopher Hansman; Imperial College London
Harrison Hong; Columbia University
Wenxi Jiang; Chinese University of Hong Kong
Yu-Jane Liu; Peking University
Juanjuan Meng; Peking University
presented by: Christopher Hansman, Imperial College London
Discussant: Petri Jylha, Aalto University

Does Secondary Market Liquidity affect the Economy?

Jixing Li; University of Utah
Matthew Ringgenberg; University of Utah
presented by: Matthew Ringgenberg, University of Utah
Discussant: Benjamin Knox, Federal Reserve Board

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Session: Corporate Culture, Firm-Worker Matching and Firm Performance

January 6, 2023 8:00 to 10:00
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Elena Simintzi, University of North Carolina-Chapel Hill

Communicating Corporate Culture in Labor Markets: Evidence from Job Postings

Joseph Pacelli; Harvard Business School
Tianshuo Shi; Harvard Business School
Yuan Zou; Harvard Business School
presented by: Joseph Pacelli, Harvard Business School
Discussant: Kai Li, University of British Columbia

Disclosing Labor Demand

Gurpal Sran; New York University
presented by: Gurpal Sran, New York University
Discussant: Gregor Schubert, University of California, Los Angeles

JAQ of All Trades: Job Mismatch and Firm Productivity

Luca Coraggio; University of Naples Federico II
Marco Pagano; University of Naples Federico II
Annalisa Scognamiglio; University of Naples Federico II
Joacim Tag; Research Institute of Industrial Economics
presented by: Joacim Tag, Research Institute of Industrial Economics
Discussant: Isil Erel, Ohio State University

Show Me the Amenity: Are Higher-Paying Firms Better All Around?

Jason Sockin; University of Pennsylvania
presented by: Jason Sockin, University of Pennsylvania
Discussant: Geoffrey Tate, University of Maryland

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Session: Financial Intermediation: Macro Finance

January 6, 2023 8:00 to 10:00
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Philipp Schnabl, New York University

The Geography of Bank Deposits and the Origins of Aggregate Fluctuations

Shohini Kundu; University of California, Los Angeles
Seongjin Park; University of Chicago
Nishant Vats; University of Chicago
presented by: Shohini Kundu, University of California, Los Angeles
Discussant: Kairong Xiao, Columbia University

Intermediation via Credit Chains

Zhiguo He; University of Chicago
Jian Li; Columbia University
presented by: Jian Li, Columbia University
Discussant: Jason Donaldson, Washington University in St. Louis

A Macro-Finance Model with Sentiment

Peter Maxted; University of California, Berkeley
presented by: Peter Maxted, University of California, Berkeley
Discussant: Wenhao Li, University of Southern California

Depositing Corporate Payout

Leming Lin; University of Pittsburgh
presented by: Leming Lin, University of Pittsburgh
Discussant: Dominik Supera, University of Pennsylvania

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Session: Individual Assets and the SDF

January 6, 2023 8:00 to 10:00
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Seth Pruitt, Arizona State University

Time Series Variation in the Factor Zoo

Hendrik Bessembinder; Arizona State University
Aaron Burt; University of Oklahoma
Christopher Hrdlicka; University of Washington
presented by: Aaron Burt, University of Oklahoma
Discussant: Shrihari Santosh, University of Colorado Boulder

Three Common Factors

Elena Andreou; University of Cyprus
Patrick Gagliardini; Università della Svizzera italiana
Eric Ghysels; University of North Carolina-Chapel Hill
Mirco Rubin; EDHEC Business School
presented by: Eric Ghysels, University of North Carolina-Chapel Hill
Discussant: Dacheng Xiu, University of Chicago

Testing Asset Pricing Models on Individual Stocks

Charles Clarke; University of Kentucky
Morteza Momeni; University of Kentucky
presented by: Charles Clarke, University of Kentucky
Discussant: Russell Wermers, University of Maryland

When do Cross-sectional Asset Pricing Factors Span the Stochastic Discount Factor?

Serhiy Kozak; University of Maryland
Stefan Nagel; University of Chicago
presented by: Serhiy Kozak, University of Maryland
Discussant: Mikhail Chernov, University of California, Los Angeles

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Session: Innovations and Challenges in DeFi

January 6, 2023 8:00 to 10:00
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Lin William Cong, Cornell University

The Economics of Non-Fungible Tokens

Nicola Borri; LUISS University
Yukun Liu; University of Rochester
Aleh Tsyvinski; Yale University
presented by: Nicola Borri, LUISS University
Discussant: Matteo Benetton, University of California, Berkeley

Don’t Trust, Verify: The Economics of Scams in Initial Coin Offerings

Kenny Phua; University of Technology Sydney
Bo Sang; Singapore Management University
Chishen Wei; Singapore Management University
Gloria (Yang) Yu; Singapore Management University
presented by: Gloria (Yang) Yu, Singapore Management University
Discussant: Daniel Rabetti, Tel Aviv University

Equilibrium Staking Levels in a Proof-of-Stake Blockchain

Kose John; New York University
Thomas Rivera; McGill University
Fahad Saleh; Wake Forest University
presented by: Thomas Rivera, McGill University
Discussant: Agostino Capponi, Columbia University

Fundamental Value Pricing and Bubbles for Nontraditional Assets: The Case of Cryptocurrencies

Rustam Ibragimov; Imperial College London
Christine Parlour; University of California, Berkeley
Johan Walden; University of California, Berkeley
presented by: Rustam Ibragimov, Imperial College London
Discussant: Antonio Mele, USI Lugano, Swiss Finance Institute, CEPR

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Session: Learning in and from Financial Markets

January 6, 2023 8:00 to 10:00
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Michael Sockin, University of Texas at Austin

Trading Ahead of Barbarians’ Arrival at the Gate: Insider Trading on Non-Inside Information

Georgy Chabakauri; London School of Economics
Vyacheslav Fos; Boston College
Wei Jiang; Emory University
presented by: Wei Jiang, Emory University
Discussant: Nadya Malenko, University of Michigan

 

Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices
Snehal Banerjee; University of California, San Diego
Jesse Davis; University of North Carolina-Chapel Hill
Naveen Gondhi; INSEAD
presented by: Jesse Davis, University of North Carolina-Chapel Hill
Discussant: Ilona Babenko, Arizona State University

Valuing Financial Data

Maryam Farboodi; Massachusetts Institute of Technology
Dhruv Singal; Columbia University
Laura Veldkamp; Columbia University
Vaidyanathan Venkateswaran; New York University
presented by: Laura Veldkamp, Columbia University
Discussant: Daniel Andrei, McGill University

News Selection and its Implications to Financial Markets

Charles Martineau; University of Toronto
Jordi Mondria; University of Toronto
presented by: Jordi Mondria, University of Toronto
Discussant: Diego Garcia, University of Colorado Boulder

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Session: The Real Effects of ESG Investment

January 6, 2023 8:00 to 10:00
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Marcin Kacperczyk, Imperial College

Labor Exposure to Climate Change and Capital Deepening

Zhanbing Xiao; University of British Columbia
presented by: Zhanbing Xiao, University of British Columbia
Discussant: David Ng, Cornell University

ESG News, Future Cash Flows, and Firm Value

Francois Derrien; HEC Paris
Philipp Krueger; University of Geneva, Swiss Finance Institute
Augustin Landier; HEC Paris
Tianhao Yao; HEC Paris
presented by: Philipp Krueger, University of Geneva, Swiss Finance Institute
Discussant: Henri Servaes, London Business School

Proxy Voting and the Rise of ESG

Patrick Bolton; Columbia University
Enrichetta Ravina; Federal Reserve Bank of Chicago
Howard Rosenthal; New York University
Chris Tausanovitch; University of California, Los Angeles
presented by: Enrichetta Ravina, Federal Reserve Bank of Chicago
Discussant: Michelle Lowry, Drexel University

Communities as Stakeholders: Impact of Corporate Bankruptcies on Local Governments

Sudheer Chava; Georgia Institute of Technology
Baridhi Malakar; Georgia Institute of Technology
Manpreet Singh; Georgia Institute of Technology
presented by: Baridhi Malakar, Georgia Institute of Technology
Discussant: Emanuele Colonnelli, University of Chicago

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Session: AFA Panel: Inflation – What Lies Ahead

January 6, 2023 10:15 to 12:15
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Ricardo Reis, London School of Economics

presented by:

presented by:
Carolin Pflueger, University of Chicago
David Romer, University of California
Philipp Schnabl, New York University
Lisa D Cook, Board of Governors of the Federal Reserve System

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Session: Asset Pricing: International Finance

January 6, 2023 10:15 to 12:15
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Ian Martin, London School of Economics

FX Option Volume

Robert Czech; Bank of England
Pasquale Della Corte; Imperial College London
Shiyang Huang; University of Hong Kong
Tianyu Wang; Tsinghua University
presented by: Pasquale Della Corte, Imperial College London
Discussant: Travis Johnson, University of Texas-Austin

Subjective Risk Premia on Foreign Bonds

Daniel Pesch; University of Oxford
Ilaria Piatti; Queen Mary University of London
Paul Whelan; Copenhagen Business School
presented by: Ilaria Piatti, Queen Mary University of London
Discussant: Mikhail Chernov, University of California, Los Angeles

Global Sales, International Currencies, and the Currency Denomination of Debt

Riccardo Colacito; University of North Carolina-Chapel Hill
Yan Qian; University of North Carolina-Chapel Hill
Andreas Stathopoulos; University of North Carolina-Chapel Hill
presented by: Riccardo Colacito, University of North Carolina-Chapel Hill
Discussant: Antonio Coppola, Harvard University

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Session: Asset Pricing: Market Microstructure

January 6, 2023 10:15 to 12:15
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Viktor Todorov, Northwestern University

A Portfolio Perspective of Payment for Order Flow

Markus Baldauf; University of Chicago
Joshua Mollner; Northwestern University
Bart Yueshen; INSEAD
presented by: Bart Yueshen, INSEAD
Discussant: Christine Parlour, University of California, Berkeley

Option Auctions

Terrence Hendershott; University of California, Berkeley
Saad Khan; HEC Montréal
Ryan Riordan; Queen’s University
presented by: Saad Khan, HEC Montréal
Discussant: Neil Pearson, University of Illinois at Urbana-Champaign

The Optimal Nominal Price of a Stock: A Tale of Two Discretenesses

Sida Li; University of Illinois at Urbana-Champaign
Mao Ye; University of Illinois and NBER
presented by: Sida Li, University of Illinois at Urbana-Champaign
Discussant: Torben Andersen, Northwestern University

Market Microstructure Invariance: A Meta-Model Approach

Albert Kyle; University of Maryland
Anna Obizhaeva; New Economic School
presented by: Albert Kyle, University of Maryland
Discussant: Ciamac Moallemi, Columbia University

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Session: Asset Pricing: Mutual Funds

January 6, 2023 10:15 to 12:15
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Veronika Pool, Vanderbilt University

Bond Price Fragility and the Structure of the Mutual Fund Industry

Mariassunta Giannetti; Stockholm School of Economics
Pab Jotikasthira; Southern Methodist University
presented by: Pab Jotikasthira, Southern Methodist University
Discussant: Nina Boyarchenko, Federal Reserve Bank of New York

Mutual Fund Liquidity Creation

Sergey Chernenko; Purdue University
Viet-Dung Doan; Purdue University
presented by: Sergey Chernenko, Purdue University
Discussant: Caitlin Dannhauser, Villanova University

Money Management and Real Investment

Simon Gervais; Duke University
Günter Strobl; University of Vienna
presented by: Simon Gervais, Duke University
Discussant: Eitan Goldman, Indiana University

The Economics of Mutual Fund Marketing

Jingxuan Chen; London School of Economics
Wenxi Jiang; Chinese University of Hong Kong
Mindy Xiaolan; University of Texas at Austin
presented by: Mindy Xiaolan, University of Texas at Austin
Discussant: Yanhao Wei, University of Southern California

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Session: Corporate Finance: Mergers and Acquisitions

January 6, 2023 10:15 to 12:15
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Katharina Lewellen, Dartmouth College

Credit Market Driven Acquisitions

Huseyin Gulen; Purdue University
Candace Jens; Tulane University
Stefano Rossi; Bocconi University
presented by: Candace Jens, Tulane University
Discussant: Robin Greenwood, Harvard Business School

Stealth Mergers and Investment Outcomes

Rajesh Aggarwal; Northeastern University
Mufaddal Baxamusa; University of St Thomas, Minnesota
presented by: Rajesh Aggarwal, Northeastern University
Discussant: German Gutierrez, New York University

Political Attitudes, Partisanship, and Merger Activity

Ran Duchin; Boston College
Abed El Karim Farroukh; University of Washington
Jarrad Harford; University of Washington
Tarun Patel; Southern Methodist University
presented by: Tarun Patel, Southern Methodist University
Discussant: Elisabeth Kempf, Harvard University

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Session: Financial Intermediation: Financial Crises

January 6, 2023 10:15 to 12:15
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Tyler Muir, University of California, Los Angeles

Large Banks and the Credit Cycle

Matthew Baron; Cornell University
Moritz Schularick; University of Bonn
Kaspar Zimmermann; Leibniz Institute for Financial Research SAFE
presented by: Matthew Baron, Cornell University
Discussant: Karsten Muller, NUS Business School

Bad News Bankers: Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets

Sasha Indarte; University of Pennsylvania
presented by: Sasha Indarte, University of Pennsylvania
Discussant: Emil Verner, Massachusetts Institute of Technology

Firm Quality Dynamics and the Slippery Slope of Credit Intervention

Wenhao Li; University of Southern California
Ye Li; University of Washington
presented by: Wenhao Li, University of Southern California
Discussant: Matteo Crosignani, Federal Reserve Bank of New York

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Session: Insurance and Pension Funds

January 6, 2023 10:15 to 12:15
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Ishita Sen, Harvard Business School

The Economics of Lapsation

Ralph Koijen; University of Chicago
Hae Kang Lee; University of South Carolina
Stijn Van Nieuwerburgh; Columbia University
presented by: Ralph Koijen, University of Chicago
Discussant: Kent Smetters, University of Pennsylvania

Ex-Post Loss Sharing in Consumer Financial Markets

Alexandru Barbu; London Business School
presented by: Alexandru Barbu, INSEAD
Discussant: Shan Ge, New York University

Corporate Pension Risk Transfers

Sven Klingler; BI Norwegian Business School
Michael Moran; Goldman Sachs Asset Management
Suresh Sundaresan; Columbia University
presented by: Sven Klingler, BI Norwegian Business School
Discussant: George Pennacchi, University of Illinois

Insurance Companies and the Growth of Corporate Loans’ Securitization

Fulvia Fringuellotti; Federal Reserve Bank of New York
Joao Santos; Federal Reserve Bank of New York
presented by: Fulvia Fringuellotti, Federal Reserve Bank of New York
Discussant: Victoria Ivashina, Harvard University

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Session: Regulation, Litigation and Politics

January 6, 2023 10:15 to 12:15
Location: Sheraton: Grand Couteau (5th Floor)
Session Chair: Kose John, New York University

How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 US Tax Reform

Ali Sanati; American University
presented by: Ali Sanati, American University
Discussant: John Graham, Duke University

Impact of Money in Politics on Labor and Capital: Evidence from Citizens United v. FEC

Pat Akey; University of Toronto
Tania Babina; Columbia University
Greg Buchak; Stanford University
Ana-Maria Tenekedjieva; Federal Reserve Board of Governors
presented by: Pat Akey, University of Toronto
Discussant: Vincent Pons, Harvard Business School

Does Litigation Risk Deter Insider Trading? Evidence from Universal Demand Laws

Binay Adhikari; UTSA (Business Building)
Anup Agrawal; University of Alabama
Bina Sharma; Southern Utah University
presented by: Binay Adhikari, UTSA (Business Building)
Discussant: Jonathan Karpoff, University of Washington

Regulation and Politics of Share Repurchases: Theory and Evidence

Subramanian Iyer; University of New Mexico
Ramesh Rao; Oklahoma State University
Emma Xu; University of New Mexico
presented by: Subramanian Iyer, University of New Mexico
Discussant: S. Abraham Ravid, Yeshiva University

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Session: Special Topics: Finance and Gender

January 6, 2023 10:15 to 12:15
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Heather Tookes, Yale University

Gender and Access to Credit Cards

Sudheer Chava; Georgia Institute of Technology
Rohan Ganduri; Emory University
Nikhil Paradkar; University of Georgia
Linghang Zeng; Babson College
Yafei Zhang; Georgia Institute of Technology
presented by: Yafei Zhang, Georgia Institute of Technology
Discussant: Scott Nelson, University of Chicago

Gender Bias in Promotions: Evidence from Financial Institutions

Ruidi Huang; Southern Methodist University
Erik Mayer; Southern Methodist University
Darius Miller; Southern Methodist University
presented by: Darius Miller, Southern Methodist University
Discussant: Marlene Koffi, University of Toronto

Gender Quotas and Support for Women in Board Elections

Marina Gertsberg; University of Melbourne
Johanna Mollerstrom; George Mason University
Michaela Pagel; Columbia University
presented by: Marina Gertsberg, University of Melbourne
Discussant: Simi Kedia, Rutgers University

Women in the Financial Sector

Spyridon Lagaras; University of Pittsburgh
Maria-Teresa Marchica; Alliance Manchester Business School
Elena Simintzi; University of North Carolina-Chapel Hill
Margarita Tsoutsoura; Cornell University
presented by: Maria-Teresa Marchica, Alliance Manchester Business School
Discussant: Janet Gao, Indiana University

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Session: AFA Panel: Data Monopolies and Retail Finance

January 6, 2023 14:30 to 16:30
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Laura Veldkamp, Columbia University

presented by:

Wei Jiang, Emory University
Zhiguo He, University of Chicago
Thomas Philippon, New York University

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Session: Asset Pricing: Behavioral Finance

January 6, 2023 14:30 to 16:30
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Alex Imas, University of Chicago

CEO Social Preferences and Layoffs

Marius Guenzel; University of Pennsylvania
Clint Hamilton; University of California, Berkeley
Ulrike Malmendier; University of California, Berkeley
presented by: Ulrike Malmendier, University of California, Berkeley
Discussant: Paul Decaire, Arizona State University

Discontinued Positive Feedback Trading and the Decline of Return Predictability

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: Yang Sun, Brandeis University

Retail Trading in Options and the Rise of the Big Three Wholesalers

Svetlana Bryzgalova; London Business School
Anna Pavlova; London Business School
Taisiya Sikorskaya; London Business School
presented by: Anna Pavlova, London Business School
Discussant: Rawley Heimer, Boston College

Memory Moves Markets

Constantin Charles; University of Southern California
presented by: Constantin Charles, University of Southern California
Discussant: Nancy Xu, Boston College

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Session: Asset Pricing: Market Mispricing and Limits to Arbitrage

January 6, 2023 14:30 to 16:30
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Samuel Hanson, Harvard University

The Value of Arbitrage

Eduardo Davila; Yale University
Daniel Graves; Yale University
Cecilia Parlatore; New York University
presented by: Cecilia Parlatore, New York University
Discussant: Adriano Rampini, Duke University

The Statistical Limit of Arbitrage

Rui Da; University of Chicago
Stefan Nagel; University of Chicago
Dacheng Xiu; University of Chicago
presented by: Dacheng Xiu, University of Chicago
Discussant: Markus Pelger, Stanford University

The Debt-Equity Spread

Hui Chen; Massachusetts Institute of Technology
Zhiyao Nicholas Chen; Lingnan University
Jun Li; University of Texas at Dallas
presented by: Hui Chen, Massachusetts Institute of Technology
Discussant: Stefano Pegoraro, University of Notre Dame

Mutual Fund Risk Shifting and Risk Anomalies

Xiao Han; City, University of London
Nikolai Roussanov; University of Pennsylvania
Hongxun Ruan; Peking University
presented by: Nikolai Roussanov, University of Pennsylvania
Discussants:
1 Andrea Buffa, University of Colorado Boulder
2 Anna Pavlova, London Business School

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Session: Asset Pricing: Real Estate and Housing Finance

January 6, 2023 14:30 to 16:30
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Rodney Ramcharan, University of Southern California

Baby Booms and Asset Booms: Demographic Change and the Housing Market

Marc Francke; University of Amsterdam
Matthijs Korevaar; Erasmus University Rotterdam
presented by: Matthijs Korevaar, Erasmus University Rotterdam
Discussant: Richard Green, University of Southern California

Confederate Memorials and the Housing Market

Clifton Green; Emory University
Russell Jame; University of Kentucky
Jaemin Lee; Goizueta Business School, Emory University
Jaeyeon Lee; University of California, Berkeley
presented by: Clifton Green, Emory University
Discussant: W. Ben McCartney, University of Virginia

Flip or Flop? Tobin Taxes in the Real Estate Market

Chun-Che Chi; Academia Sinica
Cameron LaPoint; Yale University
Ming-Jen Lin; National Taiwan University
presented by: Chun-Che Chi, Academia Sinica
Cameron LaPoint, Yale University
Discussant: Andra Ghent, University of Utah

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Session: Corporate Finance: Bankruptcy and Distress

January 6, 2023 14:30 to 16:30
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Kristoph Kleiner, Indiana University

Are Judges Randomly Assigned to Chapter 11 Bankruptcies? Not According to Hedge Funds

Niklas Hüther; Indiana University
Kristoph Kleiner; Indiana University
presented by: Kristoph Kleiner, Indiana University
Discussant: Tom Chang, University of Southern California

Virtual Competition and Cost of Capital: Evidence from Telehealth

Kimberly Cornaggia; Pennsylvania State University
Xuelin Li; University of South Carolina
Zihan Ye; University of Nevada, Las Vegas
presented by: Zihan Ye, University of Nevada, Las Vegas
Discussant: Katharina Lewellen, Dartmouth College

Crisis Interventions in Corporate Insolvency

Samuel Antill; Harvard Business School
Christopher Clayton; Yale University
presented by: Samuel Antill, Harvard Business School
Discussant: Dean Corbae, University of Wisconsin

Efficiency or Resiliency? Corporate Choice between Financial and Operational Hedging

Viral Acharya; New York University, CEPR, and NBER
Heitor Almeida; University of Illinois
Yakov Amihud; New York University
Ping Liu; Purdue University
presented by: Ping Liu, Purdue University
Discussant: Winston Dou, University of Pennsylvania

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Session: Corporate Finance: Networks and Firm Productivity

January 6, 2023 14:30 to 16:30
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Claudia Robles-Garcia, Stanford University

Product Differentiation and Oligopoly: a Network Approach

Bruno Pellegrino; University of Maryland
presented by: Bruno Pellegrino, University of Maryland
Discussant: German Gutierrez, New York University

Style Over Substance? Advertising, Innovation, and Endogenous Market Structure

Laurent Cavenaile; University of Toronto
Murat Celik; University of Toronto
Pau Roldan-Blanco; Bank of Spain
Xu Tian; University of Georgia
presented by: Laurent Cavenaile, University of Toronto
Discussant: Yueyuan Ma, University of Pennsylvania

Propagation and Amplification of Local Productivity Spillovers

Xavier Giroud; Columbia University
Simone Lenzu; New York University
Quinn Maingi; New York University
Holger Mueller; New York University
presented by: Xavier Giroud, Columbia University
Discussant: Federico Huneeus, Central Bank of Chile

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Session: Finance During Covid

January 6, 2023 14:30 to 16:30
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Niels Gormsen, University of Chicago

The Resilience of the U.S. Corporate Bond Market During Financial Crises

Bo Becker; Stockholm School of Economics
Efraim Benmelech; Northwestern University
presented by: Bo Becker, Stockholm School of Economics
Discussant: Valentin Haddad, University of California, Los Angeles

Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?

Sergey Chernenko; Purdue University
Nathan Kaplan; Federal Reserve Bank of New York
Asani Sarkar; Federal Reserve Bank of New York
David Scharfstein; Harvard University
presented by: David Scharfstein, Harvard University
Discussant: Luke Stein, Babson College

The Value of Value Investors

Maureen O’Hara; Cornell University
Andreas Rapp; Federal Reserve Board
Alex (Xing) Zhou; Federal Reserve Board
presented by: Alex (Xing) Zhou, Federal Reserve Board
Discussant: Kerry Siani, Massachusetts Institute of Technology

Refinancing Inequality During the COVID-19 Pandemic

Sumit Agarwal; National University of Singapore
Souphala Chomsisengphet; Comptroller of the Currency
Hua Kiefer; FDIC
Leonard Kiefer; Freddie Mac
Paolina Medina; Texas A&M University
presented by: Paolina Medina, Texas A&M University
Discussant: Erica Xuewei Jiang, University of Southern California

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Session: Private Equity/Venture Capital

January 6, 2023 14:30 to 16:30
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Ayako Yasuda, University of California, Davis

Conflicting Fiduciary Duties and Fire Sales of VC-backed Start-ups

Bo Bian; University of British Columbia
Yingxiang Li; University of British Columbia
Casimiro Nigro; Goethe Universitaet Frankfurt am Main
presented by: Yingxiang Li, University of British Columbia
Discussant: Hyeik Kim, Ohio State University

Portfolio Management in Private Equity

Gregory Brown; University of North Carolina-Chapel Hill
Celine (Yue) Fei; University of North Carolina-Chapel Hill
David Robinson; Duke University
presented by: Celine (Yue) Fei, University of North Carolina-Chapel Hill
Discussant: Mark Westerfield, University of Washington

Racial Diversity in Private Capital Fundraising

Johan Cassel Pegelow; Vanderbilt University
Joshua Lerner; Harvard Business School
Emmanuel Yimfor; University of Michigan
presented by: Johan Cassel Pegelow, Vanderbilt University
Discussant: Michael Ewens, California Institute of Technology

Bargaining with Private Equity: Implications for Hospital Prices and Patient Welfare

Tong Liu; University of Pennsylvania
presented by: Tong Liu, MIT Sloan School of Management
Discussant: Merih Sevilir, Halle Institute for Economic Research and ESMT-Berlin

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

January 6, 2023 18:30 to 20:00
Location: Sheraton: Rhythms II (2nd Floor)

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

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Session: Access to Capital Markets: Firm Entry and Growth

January 7, 2023 8:00 to 10:00
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Michelle Lowry, Drexel University

SPAC IPOs and Sponsor Network Centrality

Chen Lin; University of Hong Kong
Fangzhou Lu; University of Hong Kong
Roni Michaely; University of Hong Kong
Shihua Qin; University of Hong Kong
presented by: Shihua Qin, University of Hong Kong
Discussant: Tim Jenkinson, University of Oxford

The Effects of Going Public on Firm Performance and Commercialization Strategy: Evidence from International IPOs

Borja Larrain; Pontificia Universidad Catolica de Chile
Gordon Phillips; Dartmouth College, NBER
Giorgo Sertsios; University of Wisconsin Milwaukee
Francisco Urzua; Cass Business School
presented by: Giorgo Sertsios, University of Wisconsin Milwaukee
Discussant: Tania Babina, Columbia University

Access to Debt and the Provision of Trade Credit

Matthew Billett; Indiana University
Kayla Freeman; University of Georgia
Janet Gao; Indiana University
presented by: Kayla Freeman, University of Georgia
Discussant: Jean-Noel Barrot, HEC Paris

Entry Along the Supply Chain: Removing Growth Restrictions on Firms in India

Chhavi Rastogi; HEC Paris
presented by: Chhavi Rastogi, HEC Paris
Discussant: Hadiye Aslan, Georgia State University

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Session: Asset Pricing: Cross-section of Returns (Conditional)

January 7, 2023 8:00 to 10:00
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Serhiy Kozak, University of Maryland

Option Characteristics as Cross-Sectional Predictors

Andreas Neuhierl; Washington University in St. Louis
Xiaoxiao Tang; University of Texas at Dallas
Rasmus Varneskov; Copenhagen Business School
Guofu Zhou; Washington University in St. Louis
presented by: Andreas Neuhierl, Washington University in St. Louis
Discussant: Steven Heston, University of Maryland

Missing Data in Asset Pricing Panels

Joachim Freyberger; University of Bonn
Bjoern Hoeppner; University of Bonn
Andreas Neuhierl; Washington University in St. Louis
Michael Weber; University of Chicago
presented by: Michael Weber, University of Chicago
Discussant: Markus Pelger, Stanford University

Missing Financial Data

Svetlana Bryzgalova; London Business School
Sven Lerner; Stanford University
Martin Lettau; University of California, Berkeley
Markus Pelger; Stanford University
presented by: Markus Pelger, Stanford University
Discussant: Michael Weber, University of Chicago

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Session: Asset Pricing: Investor Behavior

January 7, 2023 8:00 to 10:00
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Andrea Eisfeldt, University of California, Los Angeles

Growth through Diversity

Christian Heyerdahl-Larsen; BI Oslo
Philipp Illeditsch; Texas A&M University
Howard Kung; London Business School
presented by: Howard Kung, London Business School
Discussant: Matthieu Gomez, Columbia University

How Competitive is the Stock Market? Theory, Evidence from Portfolios, and Implications for the Rise of Passive Investing

Valentin Haddad; University of California, Los Angeles
Paul Huebner; University of California, Los Angeles
Erik Loualiche; University of Minnesota
presented by: Erik Loualiche, University of Minnesota
Discussant: Ralph Koijen, University of Chicago

Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns

Marco Di Maggio; Harvard Business School and NBER
Francesco Franzoni; University of Lugano (USI)
Shimon Kogan; University of Pennsylvania
Ran Xing; Stockholm University
presented by: Ran Xing, Stockholm University
Discussant: Samuel Hartzmark, University of Chicago

Market Returns and a Tale of Two Types of Attention

Zhi Da; University of Notre Dame
Jian Hua; Baruch College, The City University of New York
Chih-Ching Hung; National Taiwan University
Lin Peng; Baruch College, The City University of N
presented by: Chih-Ching Hung, National Taiwan University
Discussant: Cameron Peng, London School of Economics

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Session: Climate Finance

January 7, 2023 8:00 to 10:00
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Neng Wang, Columbia University

Sustainability in a Risky World

John Campbell; Harvard University
Ian Martin; London School of Economics
presented by: John Campbell, Harvard University
Discussant: Deborah Lucas, Massachusetts Institute of Technology

Carbon Emissions and the Bank Lending Channel

Marcin Kacperczyk; Imperial College
Jose-Luis Peydro; Imperial College
presented by: Marcin Kacperczyk, Imperial College
Discussant: Lucian Taylor, University of Pennsylvania

Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress

Viral Acharya; New York University, CEPR, and NBER
Timothy Johnson; University of Illinois at Urbana-Champaign
Suresh Sundaresan; Columbia University
Tuomas Tomunen; Boston College
presented by: Tuomas Tomunen, Boston College
Discussant: Lorenzo Garlappi, University of British Columbia

Do Investors Care about Carbon Risk? A Global Perspective

Shaojun Zhang; The Ohio State University
presented by: Shaojun Zhang, The Ohio State University
Discussant: Harrison Hong, Columbia University

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Session: Corporate Investment and Capital Budgeting

January 7, 2023 8:00 to 10:00
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Rohan Williamson, Georgetown University

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul Decaire; Arizona State University
Denis Sosyura; Arizona State University
presented by: Paul Decaire, Arizona State University
Discussant: Elisabeth Kempf, Harvard University

The Horizon of Investors’ Information and Corporate Investment

Olivier Dessaint; INSEAD
Thierry Foucault; HEC Paris
Laurent Fresard; USI Lugano and Swiss Finance Institute
presented by: Olivier Dessaint, INSEAD
Discussant: Philipp Krueger, University of Geneva, Swiss Finance Institute

Do Buffers Destroy Firm Value? The Role of the Hurdle Rate in Project Development

John Barry; Duke University
Bruce Carlin; Rice University
Alan Crane; Rice University
John Graham; Duke University
presented by: John Barry, Duke University
Discussant: Wei Jiang, Emory University

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Session: Financial Intermediation: Bank Competition and Risk

January 7, 2023 8:00 to 10:00
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Olivier Darmouni, Columbia University

Bank Loan Markups and Adverse Selection

Mehdi Beyhaghi; Federal Reserve Bank of Richmond
Cesare Fracassi; University of Texas at Austin
Gregory Weitzner; McGill University
presented by: Cesare Fracassi, University of Texas at Austin
Discussant: Yufeng Wu, University of Illinois at Urbana-Champaign

Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends?

Yasser Boualam; University of North Carolina-Chapel Hill
Paul Yoo; University of North Carolina-Chapel Hill
presented by: Yasser Boualam, University of North Carolina-Chapel Hill
Discussant: Yao Zeng, University of Pennsylvania

Bank Funding Risk, Reference Rates, and Credit Supply

Harry Cooperman; Federal Reserve Bank of New York
Darrell Duffie; Stanford University
Stephan Luck; Federal Reserve Bank of New York
Zachry Wang; Stanford University
Yilin (David) Yang; City University of Hong Kong
presented by: Yilin (David) Yang, City University of Hong Kong
Discussant: Daniel Greenwald, Massachusetts Institute of Technology

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Session: Financial Intermediation: Monetary Policy Transmission

January 7, 2023 8:00 to 10:00
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Moritz Lenel, Princeton University

Non-bank Liquidity Provision to Firms: Fund Runs and Central Bank Interventions

Johannes Breckenfelder; European Central Bank
Glenn Schepens; European Central Bank
presented by: Johannes Breckenfelder, European Central Bank
Discussant: Alex (Xing) Zhou, Federal Reserve Board

Stability Pass-through: Evidence from Shadow Banks during the 1920-1921 Recession.

Haelim Anderson; FDIC
Selman Erol; Carnegie Mellon University
Guillermo Ordonez; University of Pennsylvania
presented by: Selman Erol, Carnegie Mellon University
Discussant: Kilian Rieder, Oesterreichische Nationalbank (Eurosystem) & CEPR

The Augmented Bank Balance-Sheet Channel of Monetary Policy

Christian Bittner; Deutsche Bundesbank
Diana Bonfim; Banco de Portugal and Católica Lisbon
Florian Heider; European Central Bank
Farzad Saidi; University of Bonn
Glenn Schepens; European Central Bank
Carla Soares; Banco de Portugal
presented by: Diana Bonfim, Banco de Portugal and Católica Lisbon
Discussant: Cynthia Balloch, London School of Economics

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Session: Financial Technology and its Social Value

January 7, 2023 8:00 to 10:00
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Laura Veldkamp, Columbia University

From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses

Sean Cao; Georgia State University
Wei Jiang; Emory University
Junbo Wang; Louisiana State University
Baozhong Yang; Georgia State University
presented by: Baozhong Yang, Georgia State University
Discussant: Jules van Binsbergen, University of Pennsylvania

Does Finance Benefit Society? A Language Embedding Approach

Manish Jha; Georgia State University
Hongyi Liu; Washington University in St. Louis
Asaf Manela; Washington University in St. Louis
presented by: Asaf Manela, Washington University in St. Louis
Discussant: Paola Sapienza, Northwestern University

The Coming Battle of Digital Currencies

Lin William Cong; Cornell University
Simon Mayer; University of Chicago
presented by: Simon Mayer, University of Chicago
Discussant: Zhiguo He, University of Chicago

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Session: AFA Lecture: Exchange Rate Puzzles and Policies

January 7, 2023 10:15 to 12:15
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Markus Brunnermeier, Princeton University

presented by:
Oleg Itskhoki, University of California, Los Angeles

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Session: Asset Pricing: Portfolio Choice and Asset Allocation

January 7, 2023 10:15 to 12:15
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Konstantin Milbradt, Northwestern University

What Drives Investors’ Portfolio Choices? Separating Risk Preferences from Frictions

Taha Choukhmane; Massachusetts Institute of Technology
Tim de Silva; Massachusetts Institute of Technology
presented by: Taha Choukhmane, Massachusetts Institute of Technology
Discussant: Geoffery Zheng, NYU Shanghai

Optimal Allocation to Private Equity

Nicola Giommetti; Copenhagen Business School
Morten Sorensen; Dartmouth College
presented by: Morten Sorensen, Dartmouth College
Discussant: Dan Luo, University of Chicago

Capital Commitment

Elise Gourier; Essec Business School
Ludovic Phalippou; Oxford University
Mark Westerfield; University of Washington
presented by: Elise Gourier, Essec Business School
Discussant: Simon Mayer, University of Chicago

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Session: Corporate Finance: ESG – Theory

January 7, 2023 10:15 to 12:15
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Martin Oehmke, London School of Economics

Emission Caps and Investment in Green Technologies

Bruno Biais; HEC Paris
Augustin Landier; HEC Paris
presented by: Augustin Landier, HEC Paris
Discussant: Marcus Opp, Stockholm School of Economics

Socially Responsible Divestment

Alex Edmans; London Business School
Doron Levit; University of Washington
Jan Schneemeier; Indiana University
presented by: Jan Schneemeier, Indiana University
Discussant: Edward Van Wesep, University of Colorado Boulder

The Pace of Change: Socially Responsible Investing in Private Markets

Deeksha Gupta; Carnegie Mellon University
Alexandr Kopytov; University of Hong Kong
Jan Starmans; Stockholm School of Economics
presented by: Jan Starmans, Stockholm School of Economics
Discussant: Hongda Zhong, London School of Economics

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Session: Corporate Investment and Financial Markets

January 7, 2023 10:15 to 12:15
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Itay Goldstein, University of Pennsylvania

Technological Progress, Managerial Learning, and the Investment-to-Stock Price Sensitivity

Kevin Aretz; Alliance Manchester Business School
Hassan Ilyas; Cornell University
Gaurav Kankanhalli; University of Pittsburgh
presented by: Kevin Aretz, Alliance Manchester Business School
Discussant: Jesse Davis, University of North Carolina-Chapel Hill

Investor Demand, Firm Investment, and Capital Misallocation

Jaewon Choi; University of Illinois at Urbana-Champaign
Mahyar Kargar; University of Illinois at Urbana-Champaign
Xu Tian; University of Georgia
Yufeng Wu; University of Illinois at Urbana-Champaign
presented by: Xu Tian, University of Georgia
Discussant: Yao Zeng, University of Pennsylvania

News from afar: The Information Role of Nonlocal Investors in Guiding Investment Decisions

Ray Gao; University of Rochester
Xixi Xiao; University of Rochester
presented by: Xixi Xiao, University of Rochester
Discussant: Sebastien Michenaud, DePaul University

Discount Rates: Measurement and Implications for Investment

Niels Gormsen; University of Chicago
Kilian Huber; University of Chicago
presented by: Kilian Huber, University of Chicago
Discussant: Olivier Dessaint, INSEAD

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Session: Economics of Information Technology

January 7, 2023 10:15 to 12:15
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Maryam Farboodi, Massachusetts Institute of Technology

The Changing Economics of Knowledge Production

Simona Abis; Columbia University
Laura Veldkamp; Columbia University
presented by: Simona Abis, Columbia University
Discussant: Song Ma, Yale University

Can Stablecoins be Stable?

Adrien d’Avernas; Stockholm School of Economics
Vincent Maurin; Stockholm School of Economics
Quentin Vandeweyer; University of Chicago
presented by: Vincent Maurin, Stockholm School of Economics
Discussant: Linda Schilling, Washington University in St. Louis

Investing in Lending Technology: IT Spending in Banking

Zhiguo He; University of Chicago
Sheila Jiang; University of Florida
Douglas Xu; University of Florida
Xiao Yin; UC Berkeley
presented by: Sheila Jiang, University of Florida
Discussant: Francesco D’Acunto, Georgetown University

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Session: Impacts of Intermediaries in Household Finance

January 7, 2023 10:15 to 12:15
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Brian Melzer, Dartmouth College

Disparities in Consumer Credit: The Role of Loan Officers in the FinTech Era

Erica Jiang; University of Southern California
Yeonjoon Lee; Federal Reserve Bank of Richmond
Will Liu; City University of Hong Kong
presented by: Erica Xuewei Jiang, University of Southern California
Discussant: John Mondragon, Federal Reserve Bank of San Francisco

What Problem Do Intermediaries Solve? Evidence From Real Estate Markets

Darren Aiello; Brigham Young University
Mark Garmaise; University of California, Los Angeles
Taylor Nadauld; Brigham Young University
presented by: Darren Aiello, Brigham Young University
Discussant: Maisy Wong, University of Pennsylvania

Can Human Capital Explain Income-based Disparities in Financial Services?

Ruidi Huang; Southern Methodist University
James Linck; Southern Methodist University
Erik Mayer; Southern Methodist University
Christopher Parsons; University of Southern California
presented by: Ruidi Huang, Southern Methodist University
Discussant: Claudia Robles-Garcia, Stanford University

Dealer Financing in the Subprime Auto Market: Markups and Implicit Subsidies

Mark Jansen; University of Utah
Samuel Kruger; University of Texas
Gonzalo Maturana; Emory University
presented by: Samuel Kruger, University of Texas
Discussant: Ryan Pratt, Brigham Young University

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Session: Safe Asset and Government Debt

January 7, 2023 10:15 to 12:15
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Valentin Haddad, University of California, Los Angeles

Credit Crunches and the Great Stagflation

Itamar Drechsler; University of Pennsylvania
Alexi Savov; New York University
Philipp Schnabl; New York University
presented by: Philipp Schnabl, New York University
Discussant: Samuel Hanson, Harvard University

A p Theory of Government Debt and Taxes

Wei Jiang; Hong Kong University of Science and Technology
Thomas Sargent; New York University
Neng Wang; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics
presented by: Wei Jiang, Hong Kong University of Science and Technology
Discussant: Yuliy Sannikov, Stanford University

Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis

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: Stavros Panageas, Anderson School of Management

Risk-Free Rates and Convenience Yields Around the World

William Diamond; University of Pennsylvania
Peter Van Tassel; Federal Reserve Bank of New York
presented by: William Diamond, Wharton School
Discussant: Wenxin Du, University of Chicago

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Session: Social Influence and Networks

January 7, 2023 10:15 to 12:15
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Lin Peng, Baruch College, City University of New York

Hidden Alpha

Manuel Ammann; University of St. Gallen
Alexander Cochardt; Harvard University and University of St. Gallen
Lauren Cohen; Harvard Business School
Stephan Heller; Harvard Business School and University of St. Gallen
presented by: Stephan Heller, Harvard Business School and University of St. Gallen
Discussant: Dexin Zhou, Baruch College, City University of New York

It’s Not Who You Know – It’s Who Knows You: Employee Social Capital and Firm Performance

Duckki Cho; Peking University
Lyungmae Choi; City University of Hong Kong
Michael Hertzel; Arizona State University
Jessie Jiaxu Wang; Arizona State University, Board of Governors of the Federal Reserve System
presented by: Jessie Jiaxu Wang, Arizona State University, Board of Governors of the Federal Reserve System
Discussant: Alberto Rossi, Georgetown University

The Economic Impact of Liquidity Crises: Evidence from the Russian Payment System

Dmitry Livdan; University of California, Berkeley
Norman Schuerhoff; University of Lausanne and Swiss Finance Institute
Vladimir Sokolov; Higher School of Economics
presented by: Norman Schuerhoff, University of Lausanne and Swiss Finance Institute
Discussant: Ernst Liu, Princeton University

Do Teams Alleviate or Exacerbate Behavioral Biases? Evidence from Extrapolation Bias in Mutual Funds

Ricardo Barahona; Banco de Espana
Stefano Cassella; Tilburg University
Kristy Jansen; Tilburg University
presented by: Stefano Cassella, Tilburg University
Discussant: Jun Yang, Indiana University

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Session: AFA Panel: How to come up with Great Research Ideas in Finance

January 7, 2023 14:30 to 16:30
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Markus Brunnermeier, Princeton University

presented by:

Ulrike Malmendier, University of California, Berkeley
Ralph Koijen, University of Chicago
Johannes Stroebel, New York University

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Session: Corporate Finance: Labor and Finance

January 7, 2023 14:30 to 16:30
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Andrew Ellul, Indiana University

Eclipse of Rent-Sharing: The Effects of Managers’ Business Education on Wages and the Labor Share in the US and Denmark

Daron Acemoglu; Massachusetts Institute of Technology
Alex He; University of Maryland
Daniel le Maire; University of Copenhagen
presented by: Alex He, University of Maryland
Discussant: Gordon Phillips, Dartmouth College, NBER

Subtle Discrimination

Daniel Ferreira; London School of Economics
Elena Pikulina; University of British Columbia
presented by: Elena Pikulina, University of British Columbia
Discussant: Alessio Piccolo, Indiana University

Owner Culture and Pay Inequality within Firms

Jan Bena; University of British Columbia
Guangli Lu; Chinese University of Hong Kong, Shenzhen
Iris Wang; University of British Columbia
presented by: Iris Wang, University of British Columbia
Discussant: Liu Yang, University of Maryland

For Better or Worse? The Economic Implications of Paid Sick Leave Mandates

Turk Al-Sabah; University of North Carolina-Chapel Hill
Paige Ouimet; University of North Carolina-Chapel Hill
presented by: Turk Al-Sabah, University of North Carolina-Chapel Hill
Discussant: Camille Hebert, University of Toronto

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Session: Corporate Finance: Transparency and Regulation

January 7, 2023 14:30 to 16:30
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Christian Leuz, University of Chicago

Regulatory Fragmentation

Joseph Kalmenovitz; Drexel University
Michelle Lowry; Drexel University
Kate Volkova; University of Melbourne
presented by: Kate Volkova, University of Melbourne
Discussant: Constantine Yannelis, University of Chicago

Do Private Firms (Mis)Learn from the Stock Market?

Dong Yan; Stockholm School of Economics & CEPR
presented by: Dong Yan, Stockholm School of Economics & CEPR
Discussant: Matthias Breuer, Columbia University

Does Social Media Reduce Corporate Misconduct?

Jonas Heese; Harvard Business School
Joseph Pacelli; Harvard Business School
presented by: Joseph Pacelli, Harvard Business School
Discussant: Alexander Dyck, University of Toronto

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Session: Factor Models, Machine Learning, and Asset Pricing

January 7, 2023 14:30 to 16:30
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Dacheng Xiu, University of Chicago

Structural Deep Learning in Conditional Asset Pricing

Jianqing Fan; Princeton University
Tracy Ke; Harvard University
Yuan Liao; Rutgers University
Andreas Neuhierl; Washington University in St. Louis
presented by: Yuan Liao, Rutgers University
Discussant: Seth Pruitt, Arizona State University

Textual Analysis of Short-seller Research Reports

Jules van Binsbergen; University of Pennsylvania
Xiao Han; City, University of London
Alejandro Lopez-Lira; University of Florida
presented by: Alejandro Lopez-Lira, University of Florida
Discussant: Asaf Manela, Washington University in St. Louis

High Dimensional Factor Models with an Application to Mutual Fund Characteristics

Martin Lettau; University of California, Berkeley
presented by: Martin Lettau, University of California, Berkeley
Discussant: Alberto Rossi, Georgetown University

Semiparametric Conditional Factor Models: Estimation and Inference

Qihui Chen; Chinese University of Hong Kong, Shenzhen
Nikolai Roussanov; University of Pennsylvania
Xiaoliang Wang; University of Pennsylvania
presented by: Qihui Chen, Chinese University of Hong Kong, Shenzhen
Discussant: Robert Korajczyk, Northwestern University

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Session: Financial Intermediation

January 7, 2023 14:30 to 16:30
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Stephan Luck, Federal Reserve Bank of New York

Bond Market Stimulus: Firm-Level Evidence

Olivier Darmouni; Columbia University
Kerry Siani; Massachusetts Institute of Technology
presented by: Olivier Darmouni, Columbia University
Discussant: Efraim Benmelech, Northwestern University

Collateral Value Uncertainty and Mortgage Credit Provision

Erica Xuewei Jiang; University of Southern California
Anthony Lee Zhang; University of Chicago
presented by: Anthony Lee Zhang, University of Chicago
Discussant: Benjamin Keys, University of Pennsylvania

Intermediary-Based Loan Pricing

Pierre Mabille; INSEAD
Olivier Wang; New York University
presented by: Pierre Mabille, INSEAD
Discussant: Jason Donaldson, Washington University in St. Louis

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Session: Macro-Finance

January 7, 2023 14:30 to 16:30
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Quentin Vandeweyer, University of Chicago

Markup Shocks and Asset Prices

Alexandre Corhay; University of Toronto
Jun Li; Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
Jincheng Tong; University of Toronto
presented by: Jincheng Tong, University of Toronto
Discussant: Mariano Croce, Bocconi University

Idiosyncratic Income Risk, Precautionary Saving, and Asset Prices

Maarten Meeuwis; Washington University St Louis
presented by: Maarten Meeuwis, Washington University in St. Louis
Discussant: Ali Ozdagli, Federal Reserve Bank of Dallas

Pre-FOMC Information Asymmetry

Farshid Abdi; University of Massachusetts, Amherst
Botao Wu; New York University
presented by: Farshid Abdi, University of Massachusetts, Amherst
Discussant: Leyla Jianyu Han, Boston University

The Fed and the Secular Decline in Interest Rates

Sebastian Hillenbrand; New York University
presented by: Sebastian Hillenbrand, New York University
Discussant: Anna Cieslak, Duke University

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Session: Mutual Fund Flows

January 7, 2023 14:30 to 16:30
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Clemens Sialm, University of Texas at Austin

Mutual Fund Flows and Capital Supply in Municipal Financing

Manuel Adelino; Duke University
Sophia Chiyoung Cheong; City University of Hong Kong
Jaewon Choi; University of Illinois at Urbana-Champaign
Ji Yeol Jimmy Oh; Hanyang University
presented by: Sophia Chiyoung Cheong, City University of Hong Kong
Discussant: Daniel Bergstresser, Brandeis University

Economic Policy Uncertainty and Global Portfolio Allocations

Shashwat Alok; ISB
Apoorva Javadekar; Indian School of Business
Nitin Kumar; Indian School of Business
Russ Wermers; University of Maryland
presented by: Apoorva Javadekar, Indian School of Business
Discussant: Zheng Sun, University of California, Irvine

Flow Diversification

Albert Wang; Auburn University
Sunil Wahal; Arizona State University
presented by: Albert Wang, Auburn University
Discussant: Sergey Chernenko, Purdue University

Who Creates and who Bears Flow Externalities in Mutual Funds?

Daniel Fricke; Deutsche Bundesbank
Stephan Jank; Deutsche Bundesbank
Hannes Wilke; Deutsche Bundesbank
presented by: Daniel Fricke, Deutsche Bundesbank
Discussant: Mariassunta Giannetti, Stockholm School of Economics

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Session: Special Topics: Finance and Race

January 7, 2023 14:30 to 16:30
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Rohan Williamson, Georgetown University

Who Benefits from Retirement Saving Incentives in the U.S.? Evidence on Racial Gaps in Retirement Wealth Accumulation

Taha Choukhmane; Massachusetts Institute of Technology
Jorge Colmenares; Massachusetts Institute of Technology
Cormac O’Dea; Yale University
Jonathan Rothbaum; US Census Bureau
Lawrence Schmidt; Massachusetts Institute of Technology
presented by: Cormac O’Dea, Yale University
Discussant: Luigi Guiso, Einaudi Institute for Economics and Fina

Back to the Roots: Ancestral Origin and Mutual Fund Manager Portfolio Choice

Manuel Ammann; University of St. Gallen
Alexander Cochardt; Harvard University and University of St. Gallen
Simon Straumann; WHU – Otto Beisheim School of Management
Florian Weigert; Universite de Neuchatel
presented by: Alexander Cochardt, University of St. Gallen
Discussant: Noah Stoffman, Indiana University

The Impact of Minority Representation at Mortgage Lenders

Scott Frame; Federal Reserve Bank of Dallas
Ruidi Huang; Southern Methodist University
Erik Mayer; Southern Methodist University
Adi Sunderam; Harvard University
presented by: Erik Mayer, Southern Methodist University
Discussant: Francesco D’Acunto, Boston College

The True Colors of Money: Racial Diversity and Asset Management

Lina Han; Washington University in St. Louis
Xing Huang; Washington University in St. Louis
Ohad Kadan; Washington University in St. Louis
Jimmy Wu; Washington University in St. Louis
presented by: Lina Han, Washington University in St. Louis
Discussant: Alok Kumar, University of Miami

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Session: SPECIAL EVENT: AFA Business Meeting and Presidential Address

January 7, 2023 17:30 to 19:00
Location: Sheraton: Napoleon B/C (3rd Floor)

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Session: Demand System Asset Pricing

January 8, 2023 8:00 to 10:00
Location: Sheraton: Napoleon B/C (3rd Floor)
Session Chair: Ralph Koijen, University of Chicago

Do Subjective Growth Expectations Matter for Asset Prices?

Aditya Chaudhry; University of Chicago
presented by: Aditya Chaudhry, University of Chicago
The Making of Momentum: A Demand-System Perspective
Paul Huebner; University of California, Los Angeles
presented by: Paul Huebner, University of California, Los Angeles
On the Estimation of Demand-Based Asset Pricing Models
Philippe van der Beck; Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute
presented by: Philippe van der Beck, Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute
What Drives Stock Prices in a Bubble?
Weihua Chen; Shanghai Stock Exchange
Shushu Liang; Harvard University
Donghui Shi; Shanghai Stock Exchange
presented by: Shushu Liang, Harvard University

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Session: Advances in Fixed Income

January 8, 2023 8:00 to 10:00
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Anna Cieslak, Duke University

Frictional Intermediation, Inventory Hedging, and the Rise of Portfolio Trading in the Corporate Bond Market

Jessica Li; University of Chicago
presented by: Jessica Li, University of Chicago
Discussant: Zhaogang Song, Johns Hopkins University

Demand-Supply Imbalance Risk and Long-Term Swap Spreads

Samuel Hanson; Harvard University
Aytek Malkhozov; Federal Reserve Board
Gyuri Venter; University of Warwick
presented by: Aytek Malkhozov, Federal Reserve Board
Discussant: Urban Jermann, University of Pennsylvania

Duration-Based Valuation of Corporate Bonds

Michael Schwert; University of Pennsylvania
Jules van Binsbergen; University of Pennsylvania
presented by: Michael Schwert, University of Pennsylvania
Discussant: Yoshio Nozawa, University of Toronto

Measuring Corporate Bond Market Dislocations

Nina Boyarchenko; Federal Reserve Bank of New York
Richard Crump; Federal Reserve Bank of New York
Anna Kovner; Federal Reserve Bank of New York
Or Shachar; Federal Reserve Bank of New York
presented by: Or Shachar, Federal Reserve Bank of New York
Discussant: Jennie Bai, Georgetown University

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Session: Asset Pricing: Return Dynamics

January 8, 2023 8:00 to 10:00
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Svetlana Bryzgalova, London Business School

A Stock Return Decomposition Using Observables

Benjamin Knox; Federal Reserve Board
Annette Vissing-Jorgensen; Federal Reserve Board
presented by: Benjamin Knox, Federal Reserve Board
Discussant: Ian Martin, London School of Economics

What Moves Equity Markets? A Term Structure Decomposition for Stock Returns

Andrei Goncalves; Ohio State University
presented by: Andrei Goncalves, Ohio State University
Discussant: Niels Gormsen, University of Chicago

Famous Firms, Earnings Clusters, and the Stock Market

Yixin Chen; University of Rochester
Randolph Cohen; Massachusetts Institute of Technology
Zixuan Wang; HAP Capital
presented by: Zixuan Wang, HAP Capital
Discussant: Christopher Hrdlicka, University of Washington

Main Street’s Pain, Wall Street’s Gain

Nancy Xu; Boston College
Yang You; University of Hong Kong
presented by: Nancy Xu, Boston College
Discussant: Gill Segal, University of North Carolina-Chapel Hill

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Session: Corporate Finance: Behavioral

January 8, 2023 8:00 to 10:00
Location: Sheraton: Borgne (3rd Floor)
Session Chair: David Sraer, University of California, Berkeley

Contracting with a Present-Biased Agent: Sannikov meets Laibson

Alejandro Rivera; University of Texas at Dallas
presented by: Alejandro Rivera, University of Texas at Dallas
Discussant: Peter Maxted, University of California, Berkeley

Managing Mental Accounts: Payment Cards and Consumption Expenditures

Michael Gelman; University of Delaware
Nikolai Roussanov; University of Pennsylvania
presented by: Michael Gelman, University of Delaware
Discussant: Chen Lian, University of California, Berkeley

Trust and Contracts: Empirical Evidence

Francesco D’Acunto; Georgetown University
Jin Xie; Peking University
Jiaquan Yao; Jinan University
presented by: Francesco D’Acunto, Georgetown University
Discussant: Emanuele Colonnelli, University of Chicago

Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals

J. Anthony Cookson; University of Colorado Boulder
Marina Niessner; University of Pennsylvania
Christoph Schiller; Arizona State University
presented by: Marina Niessner, University of Pennsylvania
Discussant: Anastassia Fedyk, University of California, Berkeley

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Session: Corporate Finance: Capital Structure

January 8, 2023 8:00 to 10:00
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Diego Garcia, University of Colorado Boulder

Optimal Time-Consistent Debt Policies

Andrey Malenko; University of Michigan
Anton Tsoy; University of Toronto
presented by: Anton Tsoy, University of Toronto
Discussant: Chao Ying, Chinese University of Hong Kong

The Corporate Calendar and the Timing of Share Repurchases and Equity-Based Compensation

Ingolf Dittmann; Erasmus University Rotterdam
Amy Yazhu Li; Erasmus University Rotterdam
Stefan Obernberger; Erasmus University Rotterdam
Jiaqi Zheng; University of Oxford
presented by: Stefan Obernberger, Erasmus University Rotterdam
Discussant: Alice Bonaime, University of Arizona

Leverage Dynamics under Costly Equity Issuance

Patrick Bolton; Columbia University
Neng Wang; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics
presented by: Neng Wang, Columbia University
Discussant: Thomas Geelen, Copenhagen Business School

Share Issues versus Share Repurchases

Philip Bond; University of Washington
Yue Yuan; Tsinghua University
Hongda Zhong; London School of Economics
presented by: Yue Yuan, Tsinghua University
Discussant: Anjan Thakor, Washington University in St. Louis

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Session: Financial Intermediation: FinTech-Bank Competition on Small Business Loans

January 8, 2023 8:00 to 10:00
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Zhiguo He, University of Chicago

The Impact of Fintech Lending on Credit Access for U.S. Small Businesses

Giulio Cornelli; Bank for International Settlements
Jon Frost; Bank for International Settlements
Leonardo Gambacorta; Bank for International Settlements
Julapa Jagtiani; Federal Reserve Bank of Philadelphia
presented by: Julapa Jagtiani, Federal Reserve Bank of Philadelphia
Discussant: Yao Zeng, University of Pennsylvania

Can Open Banking Substitute Credit Bureaus?

Kumar Rishabh; University of Basel
presented by: Kumar Rishabh, University of Basel
Discussant: Jing Huang, University of Chicago

The Big Tech Lending Model

Wei Xiong; Princeton University
Guangli Lu; Chinese University of Hong Kong, Shenzhen
Lei Liu; Chinese Academy of Social Sciences
presented by: Guangli Lu, Chinese University of Hong Kong, Shenzhen
Discussant: Greg Buchak, Stanford University

The Role of FinTechs in Small Business Lending

Paul Beaumont; McGill University
Huan Tang; London School of Economics
Eric Vansteenberghe; Paris School of Economics
presented by: Paul Beaumont, McGill University
Discussant: Yueran Ma, University of Chicago

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Session: Monetary Policy: Inflation, Bubbles and Financial Stability

January 8, 2023 8:00 to 10:00
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Viral Acharya, New York University, CEPR, and NBER

Monetary Policy Uncertainty and Asset Price Bubbles

Ulas Alkan; ASU
Sreedhar Bharath; Arizona State University
presented by: Ulas Alkan, Arizona State University
Discussant: Carolin Pflueger, University of Chicago

Measuring Firm-Level Inflation Exposure: A Deep Learning Approach

Sudheer Chava; Georgia Institute of Technology
Wendi Du; Georgia Institute of Technology
Agam Shah; Georgia Institute of Technology
Linghang Zeng; Babson College
presented by: Wendi Du, Georgia Institute of Technology
Discussant: Michael Weber, University of Chicago

Financial Vulnerability and Monetary Policy

Tobias Adrian; International Monetary Fund
Fernando Duarte; Brown University
presented by: Tobias Adrian, International Monetary Fund
Discussant: Olivier Wang, New York University

Whatever It Takes? The Impact of Conditional Policy Promises

Valentin Haddad; University of California, Los Angeles
Alan Moreira; University of Rochester
Tyler Muir; University of California, Los Angeles
presented by: Alan Moreira, University of Rochester
Discussant: Kerry Siani, Massachusetts Institute of Technology

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Session: Asset Pricing: Belief Formation and Market Efficiency

January 8, 2023 10:15 to 12:15
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Michael Weber, University of Chicago

Beliefs and Portfolios: Causal Evidence

Johannes Beutel; Deutsche Bundesbank
Michael Weber; University of Chicago
presented by: Johannes Beutel, Deutsche Bundesbank
Discussant: James Choi, Yale University

Does the Market Understand Time Variation in the Equity Risk Premium?

Mihir Gandhi; University of Chicago
Niels Gormsen; University of Chicago
Eben Lazarus; Massachusetts Institute of Technology
presented by: Niels Gormsen, University of Chicago
Discussant: Chen Wang, University of Notre Dame

Short-sale Constraints and Real Investments

Gyuri Venter; University of Warwick
presented by: Gyuri Venter, University of Warwick
Discussant: Stavros Panageas, Anderson School of Management

The Inference-Forecast Gap in Belief Updating

Tony Fan; Stanford University
Yucheng Liang; Carnegie Mellon University
Cameron Peng; London School of Economics
presented by: Cameron Peng, London School of Economics
Discussant: Yueran Ma, University of Chicago

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Session: Asset Pricing: Derivatives and Commodities

January 8, 2023 10:15 to 12:15
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Ing-Haw Cheng, University of Toronto

Variance Discount Rates: What Drives Preferences over Variance Risk?

Joren Koeter; Erasmus University
presented by: Joren Koeter, Erasmus University
Discussant: Peter Van Tassel, Federal Reserve Bank of New York

Why Does Options Market Information Predict Stock Returns?

Dmitriy Muravyev; Michigan State University
Neil Pearson; University of Illinois at Urbana-Champaign
Joshua Pollet; University of Illinois at Urbana-Champaign
presented by: Neil Pearson, University of Illinois at Urbana-Champaign
Discussant: Patrick Augustin, McGill University

Closing Pressure, Predatory Trading, and the Negative Oil Price

Yiqing Ge; Tsinghua University
Wenjin Kang; Shanghai University of Finance and Economics
Ke Tang; Tsinghua University
Liyan Yang; University of Toronto
presented by: Yiqing Ge, Tsinghua University
Discussant: Steven Baker, University of Virginia

The Pricing Kernel in Options

Steven Heston; University of Maryland
Kris Jacobs; University of Houston
Hyung Joo Kim; Federal Reserve Board
presented by: Hyung Joo Kim, Federal Reserve Board
Discussant: Gurdip Bakshi, Temple University

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Session: Corporate Governance in Public and Private Firms

January 8, 2023 10:15 to 12:15
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Wei Jiang, Emory University

The Voting Premium

Doron Levit; University of Washington
Nadya Malenko; University of Michigan
Ernst Maug; Universität Mannheim
presented by: Ernst Maug, Universität Mannheim
Discussant: Amil Dasgupta, London School of Economics

The Market For CEOs: Evidence From Private Equity

Paul Gompers; Harvard Business School
Steven Kaplan; University of Chicago
Vladimir Mukharlyamov; Georgetown University
presented by: Steven Kaplan, University of Chicago
Discussant: Dirk Jenter, London School of Economics

Conflicts in Private Family Firms

Janis Berzins; BI Norwegian Business School
Alminas Zaldokas; HKUST
presented by: Alminas Zaldokas, Hong Kong University of Science and Technology
Discussant: Andrew Ellul, Indiana University

Directors Networks and Innovation Herding

Felipe Cabezon; Virginia Tech
Gerard Hoberg; University of Southern California
presented by: Felipe Cabezon, Virginia Tech
Discussant: Michelle Lowry, Drexel University

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Session: Financial Intermediation: Bank Funding and Risk Management

January 8, 2023 10:15 to 12:15
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Juliane Begenau, Stanford University

Waiting for Capital: Dynamic Intermediation in Illiquid Markets

Barney Hartman-Glaser; University of California, Los Angeles
Simon Mayer; University of Chicago
Konstantin Milbradt; Northwestern University
presented by: Konstantin Milbradt, Northwestern University
Discussant: William Diamond, Wharton School

Intermediary Financing without Commitment

Yunzhi Hu; University of North Carolina
Felipe Varas; Duke University
presented by: Yunzhi Hu, University of North Carolina
Discussant: Jason Donaldson, Washington University in St. Louis

High-Yield Debt Covenants and their Real Effects

Falk Brauning; Federal Reserve Bank of Boston
Victoria Ivashina; Harvard University
Ali Ozdagli; Federal Reserve Bank of Dallas
presented by: Falk Brauning, Federal Reserve Bank of Boston
Discussant: Shohini Kundu, University of California, Los Angeles

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Session: Innovation, Acquisition and Firm Growth

January 8, 2023 10:15 to 12:15
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Adrien Matray, Princeton University

Do Startup Patent Acquisitions Affect Inventor Productivity?

Joan Farre-Mensa; University of Illinois at Chicago
Zack Liu; University of Houston
Jordan Nickerson; University of Washington
presented by: Joan Farre-Mensa, University of Illinois at Chicago
Discussant: Song Ma, Yale University

Buy, Invent, or Both?

Felipe Cortes; Northeastern University
Tiantian Gu; Northeastern University
Toni Whited; University of Michigan
presented by: Felipe Cortes, Northeastern University
Discussant: Thomas Geelen, Copenhagen Business School

The Value of Trademarks

Rui Silva; Nova School of Business and Economics
Ekaterina Gavrilova; Nova School of Business and Economics
Pranav Desai; Nova School of Business and Economics
Margarida Soares; Nova School of Business and Economics
presented by: Rui Silva, Nova School of Business
Discussant: Paul Beaumont, McGill University

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Session: New Topics in Monetary Policy Transmission

January 8, 2023 10:15 to 12:15
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Yiming Ma, Columbia University

Liquidity, Liquidity Everywhere, Not a Drop to Use – Why Flooding Banks with Central Bank Reserves may not Expand Liquidity

Viral Acharya; New York University, CEPR, and NBER
Raghuram Rajan; University of Chicago
presented by: Viral Acharya, New York University, CEPR, and NBER
Discussant: Antoine Martin, Federal Reserve Bank of New York

Money Markets and Bank Lending: Evidence from the Adoption of Tiering

Carlo Altavilla; European Central Bank
Miguel Boucinha; European Central Bank
Lorenzo Burlon; European Central Bank
Mariassunta Giannetti; Stockholm School of Economics
Julian Schumacher; European Central Bank
presented by: Mariassunta Giannetti, Stockholm School of Economics
Discussant: Amy Huber, University of Pennsylvania

Monetary Policy and Fragility in Corporate Bond Funds

John Chi-Fong Kuong; INSEAD
Jinyuan Zhang; INSEAD
presented by: John Chi-Fong Kuong, INSEAD
Discussant: William Diamond, Wharton School

Monetary Policy and Corporate Debt Maturity

Andrea Fabiani; Bank of Italy
Luigi Falasconi; University of Pennsylvania
Janko Heineken; University of Bonn
presented by: Janko Heineken, University of Bonn
Discussant: Olivier Darmouni, Columbia University

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Session: Sustainable Finance and Asset Prices

January 8, 2023 10:15 to 12:15
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Lucian Taylor, University of Pennsylvania

Flow-Driven ESG Returns

Philippe van der Beck; Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute
presented by: Philippe van der Beck, Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute
Discussant: Ralph Koijen, University of Chicago

Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?

Tinghua Duan; IESEG School of Management
Frank Weikai Li; Singapore Management University
Quan Wen; Georgetown University
presented by: Quan Wen, Georgetown University
Discussant: Yoshio Nozawa, University of Toronto

Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds

Julian Koelbel; University of St. Gallen, Massachusetts Institute of Technology, and Swiss Finance Institute
Adrien Lambillon; University of Zurich
presented by: Julian Koelbel, University of St. Gallen, Massachusetts Institute of Technology, and Swiss Finance Institute
Discussant: Daniel Garrett, University of Pennsylvania

Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings

Florian Berg; Massachusetts Institute of Technology
Kornelia Fabisik; University of Bern
Zacharias Sautner; Frankfurt School of Finance & Management
presented by: Kornelia Fabisik, University of Bern
Discussant: Alexander Ljungqvist, Stockholm School of Economics

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Session: Financial Intermediation: Regulation

January 8, 2023 13:00 to 15:00
Location: Sheraton: Napoleon A (3rd Floor)
Session Chair: Cecilia Parlatore, New York University

Open Banking with Depositor Monitoring

Itay Goldstein; University of Pennsylvania
Chong Huang; University of California, Irvine
Liyan Yang; University of Toronto
presented by: Chong Huang, University of California, Irvine
Discussant: Jian Li, Columbia University

Green Capital Requirements

Martin Oehmke; London School of Economics
Marcus Opp; Stockholm School of Economics
presented by: Martin Oehmke, London School of Economics
Discussant: Eduardo Davila, Yale University

Opitmal Forbearance of Bank Resolution

Linda Schilling; Washington University in St. Louis
presented by: Linda Schilling, Washington University in St. Louis
Discussant: Toni Ahnert, Bank of Canada, European Central Bank, CEPR

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Session: Asset Pricing: Cross-section of Returns (Other)

January 8, 2023 13:00 to 15:00
Location: Sheraton: Napoleon D (3rd Floor)
Session Chair: Bryan Kelly, Yale University

Dynamic Asset (Mis)Pricing: Build-up versus Resolution Anomalies

Martijn Boons; Tilburg University
Christian Opp; University of Rochester
Andrea Tamoni; Rutgers University
Jules van Binsbergen; University of Pennsylvania
presented by: Christian Opp, University of Rochester
Discussant: Johnathan Loudis, University of Notre Dame

Characteristics and the Cross Section of Covariances

Charles Clarke; University of Kentucky
Matthew Linn; University of Massachusetts
presented by: Matthew Linn, University of Massachusetts
Discussant: Seth Pruitt, Arizona State University

Competition and Expected Returns

Ilona Babenko; Arizona State University
Oliver Boguth; Arizona State University
Yuri Tserlukevich; Arizona State University
presented by: Yuri Tserlukevich, Arizona State University
Discussant: Yinan Su, Johns Hopkins University

What Does Residual Momentum Tell Us About Firm-Specific Momentum?

Sina Ehsani; Northern Illinois University
Juhani Linnainmaa; Dartmouth College
presented by: Sina Ehsani, Northern Illinois University
Discussant: Kuntara Pukthuanthong, University of Missouri

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Session: Asset Pricing: Household Finance

January 8, 2023 13:00 to 15:00
Location: Sheraton: Maurepas (3rd Floor)
Session Chair: Tarun Ramadorai, Imperial College London

Stakes and Mistakes

Steffen Andersen; Copenhagen Business School
Abhiroop Mukherjee; Hong Kong University of Science and Tech
Kasper Meisner Nielsen; Copenhagen Business School
presented by: Abhiroop Mukherjee, Hong Kong University of Science and Technology
Discussant: James Choi, Yale University

Beliefs About the Stock Market and Investment Choices: Evidence from a Field Experiment

Christine Laudenbach; SAFE, Goethe University
Annika Weber; Goethe University
Ruediger Weber; WU Vienna
Johannes Wohlfart; University of Copenhagen
presented by: Ruediger Weber, WU Vienna
Discussant: Andreas Fuster, EPFL, Swiss Finance Institute, and CEPR

Five Facts about the Dynamics of Stock Market Participation

Akash Raja; London School of Economics
Sigurd Mølster Galaasen; Norges Bank
presented by: Akash Raja, London School of Economics
Discussant: Lu Liu, University of Pennsylvania

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Session: Shareholder Monitoring and Voting

January 8, 2023 13:00 to 15:00
Location: Sheraton: Borgne (3rd Floor)
Session Chair: Nadya Malenko, University of Michigan

The Ownership Structure of U.S. Corporations

Jonathan Lewellen; Dartmouth College
Katharina Lewellen; Dartmouth College
presented by: Katharina Lewellen, Dartmouth College
Discussant: Ernst Maug, Universität Mannheim

Proxy Advisory Firms and Corporate Shareholder Engagement

Aiyesha Dey; Harvard Business School
Austin Starkweather; University of South Carolina
Joshua White; Vanderbilt University
presented by: Austin Starkweather, University of South Carolina
Discussant: Felipe Cabezon, Virginia Tech

What Is the Impact of Mutual Funds’ ESG Preferences on Portfolio Firms?

Maxime Couvert; University of Hong Kong
presented by: Maxime Couvert, University of Hong Kong
Discussant: Davidson Heath, University of Utah

Do Mutual Funds Represent Individual Investors?

Jonathon Zytnick; New York University School of Law
presented by: Jonathon Zytnick, New York University School of Law
Discussant: Enrichetta Ravina, Federal Reserve Bank of Chicago

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Session: ETFs

January 8, 2023 13:00 to 15:00
Location: Sheraton: Rhythms I (2nd Floor)
Session Chair: Anna Pavlova, London Business School

Steering a Ship in Illiquid Waters: Active Management of Passive Funds

Naz Koont; Columbia University
Yiming Ma; Columbia University
Lubos Pastor; University of Chicago
Yao Zeng; University of Pennsylvania
presented by: Yao Zeng, University of Pennsylvania
Discussant: John Shim, University of Notre Dame

The Hidden Cost of Corporate Bond ETFs

Christopher Reilly; University of Texas at Dallas
presented by: Christopher Reilly, University of Texas at Dallas
Discussant: Yiming Ma, Columbia University

Index Providers: Whales Behind the Scenes of ETFs

Yu An; Johns Hopkins University
Matteo Benetton; University of California, Berkeley
Yang Song; University of Washington
presented by: Yu An, Johns Hopkins University
Discussant: Yang Sun, Brandeis University

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Session: Incentives and Contracts

January 8, 2023 13:00 to 15:00
Location: Sheraton: Rhythms II (2nd Floor)
Session Chair: Carola Frydman, Northwestern University

Put Credit Rating Agency’s Money Where Its Mouth Is

Ping Liu; Purdue University
Alexei Tchistyi; Cornell University
presented by: Alexei Tchistyi, Cornell University
Discussant: Asaf Bernstein, University of Colorado Boulder

Debt and Water: Effects of Bondholder Protections on Public Goods

Kelly Posenau; University of Chicago
presented by: Kelly Posenau, University of Chicago
Discussant: Daniel Green, Harvard Business School

Providing Incentives with Private Contracts

Andrea Buffa; University of Colorado Boulder
Qing Liu; City University of Hong Kong
Lucy White; Boston University
presented by: Andrea Buffa, University of Colorado Boulder
Discussant: George Georgiadis, Northwestern University

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Session: Asset Pricing: Tail Risk

January 8, 2023 13:00 to 15:00
Location: Sheraton: Rhythms III (2nd Floor)
Session Chair: Ye Li, University of Washington

Sovereign Defaults and Currency Crashes: Insurance, Carry Trade, and Quanto

Ljubica Georgievska; University of California, Los Angeles
presented by: Ljubica Georgievska, University of California, Los Angeles
Discussant: Lukas Kremens, University of Washington

The Case of the Disappearing Skewness

Matthieu Gomez; Columbia University
Valentin Haddad; University of California, Los Angeles
Erik Loualiche; University of Minnesota
presented by: Matthieu Gomez, Columbia University
Discussant: Chen Wang, University of Notre Dame

Measuring Time-Varying Disaster Risk: An Empirical Analysis of ‘Dark Matter’ in Asset Prices

Matthew Baron; Cornell University
Wei Xiong; Princeton University
Zhijiang Ye; Princeton University
presented by: Matthew Baron, Cornell University
Discussant: Mete Kilic, University of Southern California

Cumulant Risk Premium

Albert Kyle; University of Maryland
Karamfil Todorov; Bank for International Settlements
presented by: Karamfil Todorov, Bank for International Settlements
Discussant: Nancy Xu, Boston College