Summary of All Sessions |
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| Date/Time | Location | Title | Papers |
|---|---|---|---|
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom V | AFA Panel: Capital Constraints, Public Policy and Minority Entrepreneurship | |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom IX | Affiliation and Delegated Portfolios | 3 |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom III | Analysts | 3 |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom II | Credit Risk | 4 |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom X | Debt and Crises | 3 |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom VIII | Executive Compensation | 4 |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom VI | Liquidity and Trading in Bond and Derivatives Markets I | 3 |
| January 6, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom IV | Media and Finance | 4 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom V | AFA Panel: Public Pension Funds | 0 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom VI | Bank Supervision, Support and Resolution Policies | 3 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom II | Biases | 3 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom III | Credit Ratings | 3 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom X | Dividend and Payout Policy | 4 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom IX | Financial Institution Risk Management | 3 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom IV | Information and Trading: New Approaches to Classical Problems | 3 |
| January 6, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom VIII | International Finance and Exchange Rates | 4 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom V | AFA Panel: The New Financial Regulatory Environment and its Implications for Financial Markets | 0 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom IV | Behavioral Corporate Finance | 4 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom IX | CEOs | 3 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom X | Derivatives | 3 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom VI | High Frequency Trading | 4 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom II | Macroeconomic Models of the Equity Premium | 4 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom VIII | Private Equity | 4 |
| January 6, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom III | R&D, Patents and Innovation | 4 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom V | AFA Panel: How Much Finance Does the Economy Need? | 0 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom III | Corporate Culture | 4 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom IX | Financial Crises and the Transmission of Shocks | 3 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom IV | High Sharpe Ratios | 3 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom X | Household Finance | 4 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom II | Housing Returns and Speculation | 4 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom VIII | Information Disclosure and Stock Returns | 4 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom VI | Sustainable Investments | 4 |
| January 7, 2017 8:00-10:00 | Sheraton Grand Chicago, Mayfair (Level 2) | Tax Shelters and Corporate Inversions | 4 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom V | AFA Panel: Low Interest Rates and Financial Markets | 0 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom IX | Behavioral Finance I | 4 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom III | Debt Structure | 3 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom II | Government and Regulatory Issues | 4 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom X | Insurance | 4 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom VI | Investment Behavior | 4 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom IV | Market Mispricing | 4 |
| January 7, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom VIII | Securities Markets and Macroeconomic Outcomes | 3 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom V | AFA Lecture: Machine Learning and Prediction in Economics and Finance | 0 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom III | Bankruptcy and Financial Distress | 4 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom II | Entrepreneurial Finance | 3 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom VI | Information Transmission and Trading | 3 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom IX | Labor and Finance | 3 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Sheraton Ballroom IV | Market Risk Factors | 4 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom X | Real Estate Finance | 4 |
| January 7, 2017 14:30-16:30 | Sheraton Grand Chicago, Chicago Ballroom VIII | Regulation and Trust in Financial Stability | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom II | Banks and Central Banks | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom VI | Boards | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom VIII | Finance and the Product Market | 3 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom X | Financial Intermediaries and Asset Prices | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom III | Liquidity and Trading in Bond and Derivatives Markets II | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Chicago Ballroom IX | Mergers and Acquisitions | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom IV | Mutual Fund Management | 4 |
| January 8, 2017 8:00-10:00 | Sheraton Grand Chicago, Sheraton Ballroom V | Stock Returns: Characteristics and Factors | 3 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom IX | Bank Lending Behavior | 4 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom IV | Behavioral Finance II | 4 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom III | Capital Structure | 4 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom II | Corporate Governance | 3 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom X | Dynamic and Quantitative Models of Banking | 3 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom VIII | Monetary Policy and Asset Prices | 3 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Chicago Ballroom VI | New Methodology for Mutual Fund Performance | 3 |
| January 8, 2017 10:15-12:15 | Sheraton Grand Chicago, Sheraton Ballroom V | Volatility | 4 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Missouri (Level 2) | Asset Allocation | 3 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Sheraton Ballroom III | Bond Risk Premia | 3 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Chicago Ballroom IX | Finance and Development | 3 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Colorado (Level 2) | Financing Frictions and the Real Economy | 3 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Chicago Ballroom X | Liquidity, Frictions and Limits to Arbitrage | 4 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Chicago Ballroom VIII | Market Structure and Market Design | 4 |
| January 8, 2017 13:00-15:00 | Sheraton Grand Chicago, Sheraton Ballroom II | Shareholders and Governance | 3 |
72 sessions, 235 papers, and 19 presentations with no associated papers |
|---|
American Finance Association Annual Meeting |
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Detailed List of Sessions |
| Session: AFA Panel: Capital Constraints, Public Policy and Minority Entrepreneurship January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom V |
|---|
| Session Chair: Josh Lerner, Harvard University |
| Presented by: Stuart A. Taylor II, CEO, The Taylor Group |
| Presented by: Karen Mills, Harvard University and former Administrator of the U.S. Small Business Administration |
| Presented by: Robert Fairlie, University of California, Santa Cruz |
| Presented by: Euler Bropleh, Founder and Managing Director, VestedWorld |
| Session: Affiliation and Delegated Portfolios January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Veronika Pool, Indiana University |
| Asset Management Within Commercial Banking Groups: International Evidence |
| By Miguel Ferreira; Nova School of Business and Economics Pedro Matos; University of Virginia Pedro Pires; Nova School of Business and Economics |
| presented by: Pedro Matos, University of Virginia |
| Discussant: Lauren Cohen, Harvard Business School |
| Financial Conglomerate Affiliation and Hedge Funds’ Countercyclical Risk Taking |
| By Francesco Franzoni; University of Lugano (USI), Swiss Finance Institute Mariassunta Giannetti; Stockholm School of Economics |
| presented by: Francesco Franzoni, University of Lugano (USI), Swiss Finance Institute |
| Discussant: Wei Jiang, Columbia University |
| Interfund Lending in Mutual Fund Families: Role of Internal Capital Markets |
| By Vikas Agarwal; Georgia State University Haibei Zhao; Lehigh University |
| presented by: Vikas Agarwal, Georgia State University |
| Discussant: Scott Yonker, Cornell University |
| Session: Analysts January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Ing-Haw Cheng, Dartmouth College |
| Career Concerns and Strategic Effort Allocation by Analysts |
| By Jarrad Harford; University of Washington Feng Jiang; University at Buffalo (SUNY) Rong Wang; Singapore Management University Fei Xie; University of Delaware |
| presented by: Rong Wang, Singapore Management University |
| Discussant: Devin Shanthikumar, University of California, Irvine |
| The Job Rating Game: The E ffects of Revolving Doors on Analyst Incentives |
| By Elisabeth Kempf; Tilburg University |
| presented by: Elisabeth Kempf, Tilburg University |
| Discussant: Joel Shapiro, University of Oxford |
| Speed and Expertise in Stock Picking: Older, Slower, and Wiser? |
| By Romain Boulland; ESSEC Business School Chayawat Ornthanalai; University of Toronto Kent Womack; University of Toronto |
| presented by: Romain Boulland, ESSEC Business School |
| Discussant: Lily Fang, INSEAD |
| Session: Credit Risk January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Ilya Strebulaev, Stanford University |
| Unemployment and Credit Risk |
| By Hang Bai; University of Connecticut |
| presented by: Hang Bai, University of Connecticut |
| Discussant: Lukas Schmid, Duke University |
| Economic Uncertainty, Aggregate Debt, and the Real Effects of Corporate Finance |
| By Timothy Johnson; University of Illinois at Urbana-Champaign |
| presented by: Timothy Johnson, University of Illinois at Urbana-Champai |
| Discussant: Adriano Rampini, Duke University |
| Sovereign CDS Spreads with Credit Rating |
| By Haitao Li; Cheung Kong Graduate School of Business Tao Li; City University of Hong Kong Xuewei Yang; Nanjing University |
| presented by: Tao Li, City University of Hong Kong |
| Discussant: David Lando, Copenhagen Business School |
| The Impact of Sovereign Shocks |
| By Gerardo Manzo; University of Chicago Antonio Picca; University of Chicago |
| presented by: Gerardo Manzo, Two Sigma Investments |
| Discussant: Timothy McQuade, Stanford University |
| Session: Debt and Crises January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Efraim Benmelech, Northwestern University |
| Credit Spreads and the Severity of Financial Crises |
| By Arvind Krishnamurthy; Stanford University Tyler Muir; University of California, Los Angeles |
| presented by: Arvind Krishnamurthy, Stanford University |
| Discussant: Egon Zakrajsek, Federal Reserve Board |
| Why Does Fast Loan Growth Predict Poor Performance for Banks? |
| By Rudiger Fahlenbrach; Ecole Polytechnique Federale de Lausanne Robert Prilmeier; Tulane University Rene Stulz; Ohio State University |
| presented by: Rudiger Fahlenbrach, Ecole Polytechnique Federale de Lausanne |
| Discussant: Samuel Hanson, Harvard Business School |
| The Private Costs of Highly Levered Banks |
| By Juliane Begenau; Harvard Business School Erik Stafford; Harvard University |
| presented by: Juliane Begenau, Harvard Business School |
| Discussant: Efraim Benmelech, Northwestern University |
| Session: Executive Compensation January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Kelly Shue, University of Chicago |
| Relative Pay for Non-Relative Performance: Keeping up with the Joneses with Optimal Contracts |
| By Peter DeMarzo; Stanford University Ron Kaniel; University of Rochester |
| presented by: Ron Kaniel, University of Rochester |
| Discussant: Florian Ederer, Yale University |
| Insider Purchases after Short Interest Spikes: a False Signaling Device? |
| By Chattrin Laksanabunsong; Zacks Investment Management Wei Wu; Texas A&M University |
| presented by: Wei Wu, Texas A&M University |
| Discussant: Karl Diether, Brigham Young University |
| Performance-Vesting Provisions in Executive Compensation |
| By Carr Bettis; Arizona State University John Bizjak; Texas Christian University Jeffrey Coles; University of Utah Swaminathan Kalpathy; Texas Christian University |
| presented by: Swaminathan Kalpathy, Texas Christian University |
| Discussant: Katharina Lewellen, Dartmouth College |
| The Value of Information for Contracting |
| By Pierre Chaigneau; Queen's University Smith School of Business Alex Edmans; London Business School Daniel Gottlieb; Washington University in St Louis |
| presented by: Alex Edmans, London Business School |
| Discussant: Dmitry Orlov, University of Rochester |
| Session: Liquidity and Trading in Bond and Derivatives Markets I January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Francis Longstaff, University of California, Los Angeles |
| Taking Orders and Taking Notes: Dealer Information Sharing in Financial Markets |
| By Nina Boyarchenko; Federal Reserve Bank of New York David Lucca; Federal Reserve Bank of New York Laura Veldkamp; New York University |
| presented by: David Lucca, Federal Reserve Bank of New York |
| Discussant: Kjell Nyborg, University of Zurich, Swiss Finance Institute |
| Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market |
| By Fang Cai; Federal Reserve Board Song Han; Federal Reserve Board Dan Li; Federal Reserve Board Yi Li; Federal Reserve Board |
| presented by: Yi Li, Federal Reserve Board |
| Discussant: Kelsey Wei, University of Texas-Dallas |
| The Value of Trading Relationships in Turbulent Times |
| By Marco Di Maggio; Harvard Business School & NBER Amir Kermani; University of California, Berkeley Zhaogang Song; Johns Hopkins University |
| presented by: Marco Di Maggio, Harvard Business School & NBER |
| Discussant: Ana Babus, Federal Reserve Bank of Chicago |
| Session: Media and Finance January 6, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Kenneth Ahern, University of Southern California |
| Anomalies and News |
| By Joseph Engelberg; University of California, San Diego David McLean; Driehaus College of Business Jeffrey Pontiff; Boston College |
| presented by: David McLean, Driehaus College of Business |
| Discussant: David Solomon, University of Southern California |
| Stock Market Coverage |
| By Briana Chang; University of Wisconsin-Madison Harrison Hong; Princeton University |
| presented by: Harrison Hong, Princeton University |
| Discussant: Diego Garcia, University of Colorado |
| The Momentum of News |
| By Ying Wang; Nanyang Technological University Bohui Zhang; University of New South Wales Xiaoneng Zhu; Shanghai University of Finance and Economics |
| presented by: Xiaoneng Zhu, Shanghai University of Finance and Economics |
| Discussant: Paul Tetlock, Columbia University |
| It Depends on Where You Search: A Comparison of Institutional and Retail Attention |
| By Azi Ben-Rephael; Indiana University Zhi Da; University of Notre Dame Ryan Israelsen; Indiana University |
| presented by: Ryan Israelsen, Indiana University |
| Discussant: Denis Sosyura, University of Michigan |
| Session: AFA Panel: Public Pension Funds January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Luis Viceira, Harvard Business School |
| Presented by: Edwin Cass, Canada Pension Plan (CPP) Investment Board |
| Presented by: James Poterba, Massachusetts Institute of Technology |
| Presented by: Joshua Rauh, Stanford University |
| Presented by: Theresa Whitmarsh, Washington State Investment Board |
| Session: Bank Supervision, Support and Resolution Policies January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Randall Kroszner, University of Chicago |
| Parsing the Content of Bank Supervision |
| By Paul Goldsmith-Pinkham; Federal Reserve Bank of New York Beverly Hirtle; Federal Reserve Bank of New York David Lucca; Federal Reserve Bank of New York |
| presented by: Paul Goldsmith-Pinkham, Federal Reserve Bank of New York |
| Discussant: Amit Seru, University of Chicago |
| Does a Larger Menu Increase Appetite? Collateral Eligibility and Bank Risk-Taking |
| By Sjoerd van Bekkum; Erasmus University Rotterdam Marc Gabarro; Erasmus University Rotterdam Rustom Irani; University of Illinois at Urbana-Champaign |
| presented by: Sjoerd van Bekkum, Erasmus University Rotterdam |
| Discussant: Philipp Schnabl, New York University |
| Bank Resolution and the Structure of Global Banks |
| By Patrick Bolton; Columbia University Martin Oehmke; Columbia University |
| presented by: Martin Oehmke, Columbia University |
| Discussant: Randall Kroszner, University of Chicago |
| Session: Biases January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Renee Adams, University of New South Wales |
| In-Group Bias in Financial Markets |
| By Sima Jannati; University of Miami Alok Kumar; University of Miami Alexandra Niessen-Ruenzi; University of Mannheim Justin Wolfers; University of Michigan |
| presented by: Alexandra Niessen-Ruenzi, University of Mannheim |
| Discussant: Harrison Hong, Princeton University |
| Are CEOs Different? Characteristics of Top Managers |
| By Steven Kaplan; University of Chicago Morten Sorensen; Columbia University |
| presented by: Steven Kaplan, University of Chicago |
| Discussant: Laura Starks, University of Texas at Austin |
| Experimenting with Entrepreneurship: The Effect of Job-Protected Leave |
| By Joshua Gottlieb; University of British Columbia Richard Townsend; Dartmouth College Ting Xu; University of British Columbia |
| presented by: Ting Xu, University of British Columbia |
| Discussant: Antoinette Schoar, Massachusetts Institute of Technology |
| Session: Credit Ratings January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: John Griffin, University of Texas at Austin |
| Where the Heart Is: Information Production and the Home Bias |
| By Jess Cornaggia; Georgetown University Kimberly Cornaggia; Pennsylvania State University Ryan Israelsen; Indiana University |
| presented by: Kimberly Cornaggia, Pennsylvania State University |
| Discussant: Miguel Ferreira, Nova School of Business and Economics |
| Non-rating Revenue and Conflicts of Interest |
| By Ramin Baghai; Stockholm School of Economics Bo Becker; Stockholm School of Economics |
| presented by: Bo Becker, Stockholm School of Economics |
| Discussant: Jonathan Cohn, University of Texas at Austin |
| The Disciplining Effect of Credit Ratings: Evidence from Corporate Asset Sales |
| By Dion Bongaerts; Erasmus University Rotterdam Frederik-Paul Schlingemann; University of Pittsburgh |
| presented by: Frederik-Paul Schlingemann, University of Pittsburgh |
| Discussant: Mariassunta Giannetti, Stockholm School of Economics |
| Session: Dividend and Payout Policy January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Gustavo Grullon, Rice University |
| The Effect of Option-based Compensation on Payout Policy: Evidence from FAS 123R |
| By Fabrizio Ferri; Columbia University Nan Li; Columbia University |
| presented by: Fabrizio Ferri, Columbia University |
| Discussant: David De Angelis, Rice University |
| What's Behind the Smooth Dividends? Evidence from Structural Estimation |
| By Yufeng Wu; University of Illinois at Urbana-Champaign |
| presented by: Yufeng Wu, University of Illinois at Urbana-Champaign |
| Discussant: Oliver Levine, University of Wisconsin-Madison |
| Shareholder-Creditor Conflict and Payout Policy: Evidence from Mergers between Lenders and Shareholders |
| By Yongqiang Chu; University of South Carolina |
| presented by: Yongqiang Chu, University of South Carolina |
| Discussant: Alan Crane, Rice University |
| Financing Payouts |
| By Joan Farre-Mensa; Harvard Business School Roni Michaely; Cornell Tech Martin Schmalz; University of Michigan |
| presented by: Joan Farre-Mensa, Harvard Business School |
| Discussant: Gerard Hoberg, University of Southern California |
| Session: Financial Institution Risk Management January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Michael Faulkender, University of Maryland |
| Bank Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies |
| By Anna Chernobai; Syracuse University Ali Ozdagli; Federal Reserve Bank of Boston Jianlin Wang; Federal Reserve Bank of Boston |
| presented by: Anna Chernobai, Syracuse University |
| Discussant: Elena Loutskina, University of Virginia |
| Risk Management in Financial Institutions |
| By Adriano Rampini; Duke University S. Viswanathan; Duke University Guillaume Vuillemey; HEC Paris |
| presented by: Guillaume Vuillemey, HEC Paris |
| Discussant: Mark Flannery, Securities and Exchange Commission |
| Do Bank Boards Focus Adequately On Risk? |
| By Samanvaya Agarwal; Indian School of Business Saipriya Kamath; Indian School of Business Krishnamurthy Subramanian; Indian School of Business and Northwestern University Prasanna Tantri; Indian School of Business |
| presented by: Saipriya Kamath, Indian School of Business |
| Discussant: Miriam Schwartz-Ziv, Michigan State University |
| Session: Information and Trading: New Approaches to Classical Problems January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology |
| Multiple Equilibria in Noisy Rational Expectations Economies |
| By Domotor Palvolgyi; University of Cambridge Gyuri Venter; Copenhagen Business School |
| presented by: Gyuri Venter, Copenhagen Business School |
| Discussant: Liyan Yang, University of Toronto |
| Estimating Information Asymmetry in Securities Markets |
| By Kerry Back; Rice University Kevin Crotty; Rice University Tao Li; City University of Hong Kong |
| presented by: Kevin Crotty, Rice University |
| Discussant: Vyacheslav Fos, Boston College |
| Intraday Trading Invariance in the E-mini S&P 500 Futures Market |
| By Torben Andersen; Northwestern University Oleg Bondarenko; University of Illinois at Chicago Albert Kyle; University of Maryland Anna Obizhaeva; New Economic School |
| presented by: Torben Andersen, Northwestern University |
| Discussant: Bryan Kelly, University of Chicago |
| Session: International Finance and Exchange Rates January 6, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Hanno Lustig, Stanford University |
| The Term Structure of Implied Volatility and Volatility Risk Premia in the FX Market |
| By Pasquale Della Corte; Imperial College London Roman Kozhan; University of Warwick Anthony Neuberger; Cass Business School |
| presented by: Roman Kozhan, University of Warwick |
| Discussant: Stefano Giglio, University of Chicago |
| Real Exchange Rates and Currency Risk Premia |
| By Pierluigi Balduzzi; Boston College I-Hsuan Ethan Chiang; University of North Carolina at Charlotte |
| presented by: Pierluigi Balduzzi, Boston College |
| Discussant: Carolin Pfleuger, University of British Columbia |
| Uncertainty, the Exchange Rate and International Capital Flows |
| By Robert Kollmann; ECARES, Université Libre de Bruxelles & CEPR |
| presented by: Robert Kollmann, ECARES, Université Libre de Bruxelles & CEPR |
| Discussant: Riccardo Colacito, University of North Carolina-Chapel Hill |
| Entangled Risks in Incomplete FX Markets |
| By Thomas Maurer; Washington University in St. Louis Ngoc-Khanh Tran; Washington University in St. Louis |
| presented by: Thomas Maurer, Washington University in St. Louis |
| Discussant: Matteo Maggiori, Harvard University |
| Session: AFA Panel: The New Financial Regulatory Environment and its Implications for Financial Markets January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Deborah Lucas, Massachusetts Institute of Technology |
| Presented by: Tobias Adrian, International Monetary Fund |
| Presented by: Stephen Berger, Citadel |
| Presented by: Darrell Duffie, Stanford University |
| Presented by: Deborah Lucas, Massachusetts Institute of Technology |
| Session: Behavioral Corporate Finance January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Ulrike Malmendier, University of California, Berkeley |
| Do Personal Ethics Influence Corporate Ethics? |
| By John Griffin; University of Texas at Austin Samuel Kruger; University of Texas at Austin Gonzalo Maturana; Emory University |
| presented by: Samuel Kruger, University of Texas at Austin |
| Discussant: Ivo Welch, University of California, Los Angeles |
| Afraid of your Workers - CEOs, strikes and financing decisions |
| By Daniel Bias; Technische Universität München Thomas Schmid; University of Hong Kong |
| presented by: Daniel Bias, Technische Universität München |
| Discussant: Efraim Benmelech, Northwestern University |
| The Face of Risk: CEO Testosterone and Risk Taking Behavior |
| By Shinichi Kamiya; Nanyang Technological University Y.Han (Andy) Kim; Sungkyunkwan University Jungwon Suh; Sungkyunkwan University |
| presented by: Y.Han (Andy) Kim, Sungkyunkwan University |
| Discussant: Burkhard Schipper, University of California, Davis |
| Anchoring and Acquisitions |
| By Qingzhong Ma; California State University, Chico David Whidbee; Washington State University Wei Zhang; California State University, Chico |
| presented by: David Whidbee, Washington State University |
| Discussant: Malcolm Baker, Harvard Business School |
| Session: CEOs January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Charles Hadlock, Michigan State University |
| Good and Bad CEOs |
| By Dirk Jenter; London School of Economics Egor Matveyev; University of Alberta Lukas Roth; University of Alberta |
| presented by: Egor Matveyev, University of Alberta |
| Discussant: Heitor Almeida, University of Illinois at Urbana-Champaign |
| Compensation Goals and Firm Performance |
| By Ben Bennett; Air Force Institute of Technology Carr Bettis; Arizona State University Radhakrishnan Gopalan; Washington University in St. Louis Todd Milbourn; Washington University in St. Louis |
| presented by: Carr Bettis, Arizona State University |
| Discussant: Daniel Bergstresser, Brandeis University |
| Executive Job Matching: Estimates from a Dynamic Model |
| By Ruoyan Huang; University of Hong Kong |
| presented by: Ruoyan Huang, University of Hong Kong |
| Discussant: Jordan Nickerson, Boston College |
| Session: Derivatives January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Jun Pan, Massachusetts Institute of Technology |
| Generalized Recovery |
| By Christian Skov Jensen; Copenhagen Business School David Lando; Copenhagen Business School Lasse Pedersen; Copenhagen Business School, New York University, and AQR |
| presented by: Christian Skov Jensen, Copenhagen Business School |
| Discussant: Stephen Ross, Massachusetts Institute of Technology |
| Informed Trading and Option Prices: Evidence from Activist Trading |
| By Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne Vyacheslav Fos; Boston College Dmitriy Muravyev; Boston College |
| presented by: Dmitriy Muravyev, Boston College |
| Discussant: Marcin Kacperczyk, Imperial College London |
| Option-Based Credit Spreads |
| By Christopher Culp; Johns Hopkins Institute for Applied Economics Yoshio Nozawa; Federal Reserve Board Pietro Veronesi; University of Chicago |
| presented by: Pietro Veronesi, University of Chicago |
| Discussant: Hui Chen, Massachusetts Institute of Technology |
| Session: High Frequency Trading January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Mao Ye, University of Illinois at Urbana-Champaign |
| Do High Frequency Traders Need to be Regulated? Evidence from Trading on Macroeconomic Announcements |
| By Tarun Chordia; Emory University Clifton Green; Emory University Badrinath Kottimukkalur; Emory University |
| presented by: Badrinath Kottimukkalur, Emory University |
| Discussant: Jonathan Brogaard, University of Washington |
| Data Abundance and Asset Price Informativeness |
| By Jérôme Dugast; Banque de France Thierry Foucault; HEC Paris |
| presented by: Thierry Foucault, HEC Paris |
| Discussant: Laura Veldkamp, New York University |
| Correlated High-Frequency Trading |
| By Ekkehart Boehmer; Singapore Management University Dan Li; Hong Kong University Gideon Saar; Cornell University |
| presented by: Gideon Saar, Cornell University |
| Discussant: Dacheng Xiu, University of Chicago |
| Fast Traders Make a Quick Buck: The Role of Speed in Liquidity Provision |
| By Markus Baldauf; University of British Columbia Joshua Mollner; Microsoft Research |
| presented by: Markus Baldauf, University of British Columbia |
| Discussant: Ioanid Rosu, HEC Paris |
| Session: Macroeconomic Models of the Equity Premium January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Sydney Ludvigson, New York University |
| Macro Announcement Premium and Risk Preferences |
| By Hengjie Ai; University of Minnesota Ravi Bansal; Duke University |
| presented by: Hengjie Ai, University of Minnesota |
| Discussant: Anisha Ghosh, Carnegie Mellon University |
| Dividend Dynamics, Learning, and Expected Stock Index Returns |
| By Ravi Jagannathan; Northwestern University Binying Liu; Northwestern University |
| presented by: Ravi Jagannathan, Northwestern University |
| Discussant: Lars Lochstoer, Columbia University |
| The Equity Premium and the One Percent |
| By Alexis Akira Toda; University of California, San Diego Kieran Walsh; University of Virginia |
| presented by: Alexis Akira Toda, University of California, San Diego |
| Discussant: Daniel Greenwald, Massachusetts Institute of Technology |
| Maximum Likelihood Estimation of the Equity Premium |
| By Efstathios Avdis; University of Alberta Jessica Wachter; University of Pennsylvania |
| presented by: Jessica Wachter, University of Pennsylvania |
| Discussant: Ralph Koijen, New York University |
| Session: Private Equity January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Ayako Yasuda, University of California, Davis |
| Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings |
| By Alexander Ljungqvist; New York University Lars Persson; Research Institute of Industrial Economics Joacim Tåg; Research Institute of Industrial Economics |
| presented by: Joacim Tåg, Research Institute of Industrial Economics |
| Discussant: Ulf Axelson, London School of Economics |
| Financial Intermediation in Private Equity: How Well do Funds of Funds Perform? |
| By Robert Harris; University of Virginia Tim Jenkinson; Oxford University Steven Kaplan; University of Chicago Rüdiger Stucke; University of Oxford |
| presented by: Tim Jenkinson, Oxford University |
| Discussant: Arthur Korteweg, University of Southern California |
| Pay Now or Pay Later?: The Economics within the Private Equity Partnership |
| By Victoria Ivashina; Harvard Business School Josh Lerner; Harvard University |
| presented by: Victoria Ivashina, Harvard Business School |
| Discussant: Elena Simintzi, University of British Columbia |
| Pension Fund Board Composition and Investment Performance: Evidence from Private Equity |
| By Aleksandar Andonov; Erasmus University Rotterdam Yael Hochberg; Rice University Joshua Rauh; Stanford University |
| presented by: Yael Hochberg, Rice University |
| Discussant: Denis Sosyura, University of Michigan |
| Session: R&D, Patents and Innovation January 6, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: David Robinson, Duke University |
| Innovation Waves, Investor Sentiment, and Mergers |
| By David Dicks; University of North Carolina Paolo Fulghieri; University of North Carolina |
| presented by: David Dicks, University of North Carolina |
| Discussant: Ramana Nanda, Harvard University |
| Patents as Substitutes for Relationships |
| By Farzad Saidi; Stockholm School of Economics Alminas Zaldokas; Hong Kong University of Science and Technology |
| presented by: Farzad Saidi, Stockholm School of Economics |
| Discussant: Xuan Tian, Indiana University |
| Optimal Financing for R&D-intensive Firms |
| By Richard Thakor; University of Minnesota Andrew Lo; Massachusetts Institute of Technology |
| presented by: Richard Thakor, University of Minnesota |
| Discussant: Dirk Hackbarth, Boston University |
| Learning across Peer Firms and Innovation Waves |
| By Merih Sevilir; Indiana University |
| presented by: Merih Sevilir, Indiana University |
| Discussant: Richmond Mathews, University of Maryland |
| Session: AFA Panel: How Much Finance Does the Economy Need? January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Guy Rolnik, University of Chicago |
| Presented by: Anat Admati, Stanford University |
| Presented by: Catherine Mann, Organisation for Economic Co-operation and Development |
| Presented by: Ceyla Pazarbasioglu, IMF and World Bank |
| Presented by: Antoinette Schoar, Massachusetts Institute of Technology |
| Session: Corporate Culture January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Christopher Parsons, University of California, San Diego |
| Bank Culture |
| By Fenghua Song; Pennsylvania State University Anjan Thakor; Washington University in St. Louis |
| presented by: Fenghua Song, Pennsylvania State University |
| Discussant: Adi Sunderam, Harvard Business School |
| Integrity Culture and Analyst Forecast Quality |
| By Joseph Pacelli; Indiana University |
| presented by: Joseph Pacelli, Indiana University |
| Discussant: William Mayew, Duke University |
| A Clash of Cultures: The Governance and Valuation Effects of Multiple Corporate Cultures |
| By Stephen Ferris; University of Missouri Narayanan Jayaraman; Georgia Institute of Technology Teng Zhang; Georgia Institute of Technology |
| presented by: Narayanan Jayaraman, Georgia Institute of Technology |
| Discussant: Paul Smeets, Maastricht University |
| Corporate Culture: Evidence from the Field |
| By John Graham; Duke University Campbell Harvey; Duke University Jillian Popadak; Duke University Shivaram Rajgopal; Columbia University |
| presented by: Jillian Popadak, Duke University |
| Discussant: Kelly Shue, University of Chicago |
| Session: Financial Crises and the Transmission of Shocks January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Stacey Schreft, U.S. Office of Financial Research |
| Wholesale Funding Runs |
| By Christophe Perignon; HEC Paris David Thesmar; Massachusetts Institute of Technology and CEPR Guillaume Vuillemey; HEC Paris |
| presented by: Guillaume Vuillemey, HEC Paris |
| Discussant: Adam Copeland, Federal Reserve Bank of New York |
| Competition, Reach for Yield, and Money Market Funds |
| By Gabriele La Spada; Federal Reserve Bank of New York |
| presented by: Gabriele La Spada, Federal Reserve Bank of New York |
| Discussant: Benjamin Munyan, Vanderbilt University |
| Asset Encumbrance, Bank Funding, and Financial Fragility |
| By Toni Ahnert; Bank of Canada Kartik Anand; Deutsche Bundesbank Prasanna Gai; University of Auckland James Chapman; Bank of Canada |
| presented by: Toni Ahnert, Bank of Canada |
| Discussant: Itay Goldstein, University of Pennsylvania |
| Session: High Sharpe Ratios January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Alexi Savov, New York University |
| How should investors respond to increases in volatility? |
| By Alan Moreira; Yale University Tyler Muir; University of California, Los Angeles |
| presented by: Alan Moreira, Yale University |
| Discussant: John Campbell, Harvard University |
| Cross-Currency Basis |
| By Wenxin Du; Federal Reserve Board Alexander Tepper; Columbia University Adrien Verdelhan; Massachusetts Institute of Technology |
| presented by: Wenxin Du, Federal Reserve Board |
| Discussant: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne |
| A First Glimpse into the Short Side of Hedge Funds |
| By Jaewon Choi; University of Illinois at Urbana-Champaign Neil Pearson; University of Illinois at Urbana-Champaign Shastri Sandy; Brattle Group |
| presented by: Jaewon Choi, University of Illinois at Urbana-Champaign |
| Discussant: Itamar Drechsler, New York University |
| Session: Household Finance January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Johannes Stroebel, New York University |
| Minimum Payments and Debt Paydown in Consumer Credit Cards |
| By Benjamin Keys; University of Chicago Jialan Wang; University of Illinois at Urbana-Champaign |
| presented by: Benjamin Keys, University of Chicago |
| Discussant: Andres Liberman, New York University |
| Access to Credit and Stock Market Participation |
| By Serhiy Kozak; University of Michigan Denis Sosyura; University of Michigan |
| presented by: Denis Sosyura, University of Michigan |
| Discussant: Andrew Hertzberg, Columbia University |
| The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software |
| By Arna Olafsson; Copenhagen Business School Michaela Pagel; Columbia University |
| presented by: Michaela Pagel, Columbia University |
| Discussant: Scott Baker, Northwestern University |
| The Misguided Beliefs of Financial Advisors |
| By Juhani Linnainmaa; University of Chicago Brian Melzer; Northwestern University Alessandro Previtero; University of Texas at Austin |
| presented by: Brian Melzer, Northwestern University |
| Discussant: Gregor Matvos, University of Chicago |
| Session: Housing Returns and Speculation January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Chester Spatt, Carnegie Mellon University |
| Residential Real Estate Traders: Returns, Risk and Strategies |
| By Marco Giacoletti; Stanford University Victor Westrupp; Stanford University |
| presented by: Marco Giacoletti, Stanford University |
| Discussant: Richard Stanton, University of California, Berkeley |
| Economic Consequences of Housing Speculation |
| By Zhenyu Gao; Chinese University of Hong Kong Michael Sockin; University of Texas at Austin Wei Xiong; Princeton University |
| presented by: Zhenyu Gao, Chinese University of Hong Kong |
| Discussant: Barney Hartman-Glaser, University of California, Los Angeles |
| Excessive Credit Supply and the Housing Boom in the US |
| By Vahid Saadi; University of Frankfurt |
| presented by: Vahid Saadi, University of Frankfurt |
| Discussant: Manuel Adelino, Duke University |
| Recourse Mortgage Law and Housing Speculation |
| By Tong-yob Nam; Office of the Comptroller of the Currency Seungjoon Oh; Peking University |
| presented by: Seungjoon Oh, Peking University |
| Discussant: Asaf Bernstein, University of Colorado at Boulder |
| Session: Information Disclosure and Stock Returns January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Dong Lou, London School of Economics |
| Good News in Numbers |
| By Dexin Zhou; Baruch College |
| presented by: Dexin Zhou, Baruch College |
| Discussant: Huaizhi Chen, London School of Economics |
| In No (Un-)Certain Terms: Managerial Style in Communicating Earnings News |
| By Michał Dzieliński; Stockholm University Alexander Wagner; University of Zurich, Swiss Finance Institute Richard Zeckhauser; Harvard University |
| presented by: Michał Dzieliński, Stockholm University |
| Discussant: David Solomon, University of Southern California |
| Complexity and Information Content of Financial Disclosures: Evidence from Evolution of Uncertainty Following 10-K Filings |
| By Frederico Belo; University of Minnesota and NBER Jun Li; University of Texas-Dallas Xiaoji Lin; Ohio State University Xiaofei Zhao; University of Texas-Dallas |
| presented by: Xiaofei Zhao, University of Texas-Dallas |
| Discussant: Shiyang Huang, University of Hong Kong |
| What do Measures of Real-time Corporate Sales Tell us about Earnings Surprises and Post-announcement Returns? |
| By Kenneth Froot; Harvard Business School Namho Kang; University of Connecticut Gideon Ozik; EDHEC Business School Ronnie Sadka; Boston College |
| presented by: Namho Kang, University of Connecticut |
| Discussant: Marina Niessner, Yale University |
| Session: Sustainable Investments January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Harrison Hong, Princeton University |
| Socially Responsible Investing: Good is Good, Bad is Bad |
| By Ravi Bansal; Duke University Di (Andrew) Wu; University of Michigan Amir Yaron; University of Pennsylvania |
| presented by: Amir Yaron, University of Pennsylvania |
| Discussant: Rossen Valkanov, University of California, San Diego |
| Impact Investing |
| By Brad Barber; University of California, Davis Adair Morse; University of California, Berkeley Ayako Yasuda; University of California, Davis |
| presented by: Ayako Yasuda, University of California, Davis |
| Discussant: Laura Starks, University of Texas at Austin |
| Do Institutional Investors Transplant Social Norms? International Evidence on Corporate Social Responsibility |
| By I. J. Alexander Dyck; University of Toronto Karl Lins; University of Utah Lukas Roth; University of Alberta Hannes Wagner; Bocconi University |
| presented by: Lukas Roth, University of Alberta |
| Discussant: Inessa Liskovich, University of Texas at Austin |
| Peer Effects of Corporate Social Responsibility |
| By Jie Cao; Chinese University of Hong Kong Hao Liang; Singapore Management University Xintong Zhan; Chinese University of Hong Kong |
| presented by: Xintong Zhan, Chinese University of Hong Kong |
| Discussant: Ing-Haw Cheng, Dartmouth College |
| Session: Tax Shelters and Corporate Inversions January 7, 2017 8:00 to 10:00 Sheraton Grand Chicago, Mayfair (Level 2) |
| Session Chair: Kose John, New York University and Temple University |
| Corporate Inversions: A Case of Having the Cake and Eating it Too? |
| By Felipe Cortes; Northeastern University Armando Gomes; Washington University in St. Louis Radhakrishnan Gopalan; Washington University in St. Louis |
| presented by: Radhakrishnan Gopalan, Washington University in St. Louis |
| Discussant: Dalida Kadyrzhanova, Georgia State University |
| What Drives Corporate Inversions? International Evidence |
| By Burcin Col; Pace University Rose Liao; Rutgers University Stefan Zeume; University of Michigan |
| presented by: Rose Liao, Rutgers University |
| Discussant: Kimberly Cornaggia, Pennsylvania State University |
| Debt, Bankruptcy Risk, and Corporate Tax Sheltering |
| By Akanksha Jalan; Indian Institute of Management Jayant Kale; Northeastern University Costanza Meneghetti; West Virginia University |
| presented by: Costanza Meneghetti, West Virginia University |
| Discussant: S. Abraham Ravid, Yeshiva University |
| Are Corporate Inversions Good for Shareholders? |
| By Anton Babkin; University of Wisconsin Brent Glover; Carnegie Mellon University Oliver Levine; University of Wisconsin-Madison |
| presented by: Brent Glover, Carnegie Mellon University |
| Discussant: Michael Faulkender, University of Maryland |
| Session: AFA Panel: Low Interest Rates and Financial Markets January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Anil Kashyap, University of Chicago |
| Presented by: Kenneth Griffin, CEO and Founder, Citadel |
| Presented by: Jerome Powell, Governor, Federal Reserve System |
| Presented by: Raghuram Rajan, University of Chicago |
| Session: Behavioral Finance I January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Martin Schmalz, University of Michigan |
| Information Asymmetry, Market Participation, and Asset Prices |
| By David Hirshleifer; University of California, Irvine Chong Huang; University of California, Irvine Siew Hong Teoh; University of California, Irvine |
| presented by: Chong Huang, University of California, Irvine |
| Discussant: David Easley, Cornell University |
| A Tough Act to Follow: Contrast Effects in Financial Markets |
| By Samuel Hartzmark; University of Chicago Kelly Shue; University of Chicago |
| presented by: Kelly Shue, University of Chicago |
| Discussant: John Beshears, Harvard University |
| Financial Loss Aversion Illusion |
| By Christoph Merkle; University of Mannheim |
| presented by: Christoph Merkle, University of Mannheim |
| Discussant: Cary Frydman, University of Southern California |
| Thinking About Prices Versus Thinking About Returns in Financial Markets |
| By Markus Glaser; Ludwig-Maximilians-University (LMU) Munich Zwetelina Iliewa; Centre for European Economic Research Martin Weber; University of Mannheim |
| presented by: Martin Weber, University of Mannheim |
| Discussant: Markku Kaustia, Aalto University |
| Session: Debt Structure January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Justin Murfin, Yale University |
| The Role of Hard Information in Debt Contracting: Evidence from Fair Value Adoption |
| By Aytekin Ertan; London Business School Stephen Karolyi; Carnegie Mellon University |
| presented by: Stephen Karolyi, Carnegie Mellon University |
| Discussant: Jose Liberti, Northwestern University and DePaul University |
| Still Learning After All These Years: Dynamic Information Acquisition in Banking |
| By Matthew Botsch; Bowdoin College Victoria Vanasco; Stanford University |
| presented by: Matthew Botsch, Bowdoin College |
| Discussant: Mitchell Petersen, Northwestern University |
| Bank Monitoring: Evidence from Syndicated Loans |
| By Matthew Gustafson; Pennsylvania State University Ivan Ivanov; Federal Reserve Board Ralf Meisenzahl; Federal Reserve Board |
| presented by: Ivan Ivanov, Federal Reserve Board |
| Discussant: Taylor Begley, London Business School |
| Session: Government and Regulatory Issues January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Mara Faccio, Purdue University |
| The Political Economy of Financial Innovation: Evidence from Local Governments |
| By Christophe Perignon; HEC Paris Boris Vallee; Harvard Business School |
| presented by: Christophe Perignon, HEC Paris |
| Discussant: Larry Fauver, University of Tennessee |
| Political Information, Firm Value and Information Networks: Evidence from the Chinese National Social Security Fund |
| By Yong Li; University of Queensland Karen Benson; University of Queensland Robert Faff; University of Queensland |
| presented by: Yong Li, University of Queensland |
| Discussant: Martijn Cremers, University of Notre Dame |
| Political Influence and Government Investment: Evidence from Contract-Level Data |
| By Jonathan Brogaard; University of Washington Matthew Denes; University of Washington Ran Duchin; University of Washington |
| presented by: Jonathan Brogaard, University of Washington |
| Discussant: Stefano Rossi, Purdue University |
| Policy Uncertainty, Political Capital, and Firm Risk-Taking |
| By Pat Akey; University of Toronto Stefan Lewellen; London Business School |
| presented by: Stefan Lewellen, London Business School |
| Discussant: Alexei Ovtchinnikov, HEC Paris |
| Session: Insurance January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Motohiro Yogo, Princeton University |
| Asset Insulators |
| By Gabriel Chodorow-Reich; Harvard University Andra Ghent; University of Wisconsin Valentin Haddad; Princeton University |
| presented by: Valentin Haddad, Princeton University |
| Discussant: Andrew Ellul, Indiana University, CEPR, CSEF, and ECGI |
| Portfolio Similarity and Asset Liquidation in the Insurance Industry |
| By Mila Getmansky Sherman; University of Massachusetts-Amherst Giulio Girardi; Securities and Exchange Commission Kathleen Hanley; Lehigh University Stanislava Nikolova; University of Nebraska-Lincoln Loriana Pelizzon; SAFE - Goethe University |
| presented by: Giulio Girardi, Securities and Exchange Commission |
| Discussant: Ralph Koijen, New York University |
| Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry |
| By Nathan Foley-Fisher; Federal Reserve Board Borghan Narajabad; Federal Reserve Board Stephane Verani; Federal Reserve Board |
| presented by: Stephane Verani, Federal Reserve Board |
| Discussant: Robert McDonald, Northwestern University |
| Capital Regulation and Product Market Outcomes |
| By Ishita Sen; London Business School David Humphry; Bank of England |
| presented by: Ishita Sen, London Business School |
| Discussant: Gregor Matvos, University of Chicago |
| Session: Investment Behavior January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: David Sraer, UC Berkeley |
| Intangible Capital and the Investment-q Relation |
| By Ryan Peters; University of Pennsylvania Lucian Taylor; University of Pennsylvania |
| presented by: Ryan Peters, University of Pennsylvania |
| Discussant: Lukas Schmid, Duke University |
| Financing Durable Assets |
| By Adriano Rampini; Duke University |
| presented by: Adriano Rampini, Duke University |
| Discussant: Cecilia Parlatore, New York University |
| The Speculation Channel and Crowding Out Channel: Real Estate Shocks and Corporate Investment in China |
| By Ting Chen; Hong Kong University of Science and Technology Laura Xiaolei Liu; Peking University Wei Xiong; Princeton University Li-an Zhou; Peking University |
| presented by: Laura Xiaolei Liu, Peking University |
| Discussant: Charles Nathanson, Northwestern University |
| Ripple Effects of Noise on Corporate Investment |
| By Olivier Dessaint; University of Toronto Thierry Foucault; HEC Paris Laurent Fresard; University of Maryland Adrien Matray; Princeton University |
| presented by: Laurent Fresard, University of Maryland |
| Discussant: Adi Sunderam, Harvard Business School |
| Session: Market Mispricing January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Christopher Polk, London School of Economocs |
| Lazy Prices |
| By Lauren Cohen; Harvard Business School Christopher Malloy; Harvard Business School Quoc Nguyen; University of Illinois at Chicago |
| presented by: Lauren Cohen, Harvard Business School |
| Discussant: Gerard Hoberg, University of Southern California |
| Real Anomalies: Are Financial Markets a Sideshow? |
| By Jules van Binsbergen; University of Pennsylvania Christian Opp; University of Pennsylvania |
| presented by: Jules van Binsbergen, University of Pennsylvania |
| Discussant: Malcolm Baker, Harvard Business School |
| Betting Against Winners |
| By Kent Daniel; Columbia University Alexander Klos; Universität Kiel Simon Rottke; University of Münster |
| presented by: Kent Daniel, Columbia University |
| Discussant: Dong Lou, London School of Economics |
| Are Stocks Real Assets? Sticky Discount Rates in Stock Markets |
| By Michael Katz; AQR Capital Management, LLC Hanno Lustig; Stanford University Lars Nielsen; AQR Capital Management, LLC |
| presented by: Hanno Lustig, Stanford University |
| Discussant: Luis Viceira, Harvard Business School |
| Session: Securities Markets and Macroeconomic Outcomes January 7, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Philipp Schnabl, New York University |
| The Securities Lending Market and the Collateral Channel of Monetary Policy Transmission |
| By Reena Aggarwal; Georgetown University Jennie Bai; Georgetown University Luc Laeven; European Central Bank |
| presented by: Jennie Bai, Georgetown University |
| Discussant: Rustom Irani, University of Illinois at Urbana-Champaign |
| Macroeconomic Effects of Secondary Market Trading |
| By Daniel Neuhann; University of Texas at Austin |
| presented by: Daniel Neuhann, University of Texas at Austin |
| Discussant: Guillaume Plantin, Carnegie Mellon University |
| Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan Market |
| By Sirio Aramonte; Federal Reserve Board Seung Jung Lee; Board of Governors of the Federal Reserve System Viktors Stebunovs; Board of Governors of the Federal Reserve System |
| presented by: Sirio Aramonte, Federal Reserve Board |
| Discussant: Steven Ongena, University of Zurich |
| Session: AFA Lecture: Machine Learning and Prediction in Economics and Finance January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Sendhil Mullainathan, Harvard University |
| Session: Bankruptcy and Financial Distress January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Edith Hotchkiss, Boston Colleage |
| Bankruptcy and the Cost of Organized Labor |
| By Murillo Campello; Cornell University and NBER Janet Gao; Indiana University Jiaping Qiu; McMaster University Yue Zhang; UC Louvain and McMaster University |
| presented by: Murillo Campello, Cornell University and NBER |
| Discussant: David Matsa, Northwestern University |
| The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry |
| By Julian Franks; London Business School Oren Sussman; University of Oxford Vikrant Vig; London Business School |
| presented by: Oren Sussman, University of Oxford |
| Discussant: Sreedhar Bharath, Arizona State University |
| Bankruptcy Law, Private Benefits, and Risk-Taking |
| By David Schoenherr; London Business School |
| presented by: David Schoenherr, London Business School |
| Discussant: Sergei Davydenko, University of Toronto |
| Corporate Leverage and Employees’ Rights in Bankruptcy |
| By Andrew Ellul; Indiana University, CEPR, CSEF, and ECGI Marco Pagano; University of Naples Federico II |
| presented by: Andrew Ellul, Indiana University, CEPR, CSEF, and ECGI |
| Discussant: Nittai Bergman, Massachusetts Institute of Technology |
| Session: Entrepreneurial Finance January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Yael Hochberg, Rice University |
| How Do Venture Capitalists Make Decisions? |
| By Paul Gompers; Harvard University Will Gornall; University of British Columbia Steven Kaplan; University of Chicago Ilya Strebulaev; Stanford University |
| presented by: Ilya Strebulaev, Stanford University |
| Discussant: David Robinson, Duke University |
| Going Entrepreneurial? IPOs and New Firm Creation |
| By Tania Babina; Columbia University Paige Ouimet; University of North Carolina Rebecca Zarutskie; Federal Reserve Board |
| presented by: Tania Babina, Columbia University |
| Discussant: Shai Bernstein, Stanford University |
| The Life Cycle of Corporate Venture Capital |
| By Song Ma; Duke University, Fuqua School of Business |
| presented by: Song Ma, Yale University |
| Discussant: Josh Lerner, Harvard University |
| Session: Information Transmission and Trading January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Gideon Saar, Cornell University |
| Trading Costs and Informational Efficiency |
| By Eduardo Davila; New York University Cecilia Parlatore; New York University |
| presented by: Cecilia Parlatore, New York University |
| Discussant: Kerry Back, Rice University |
| Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades |
| By Giovanni Cespa; City University London Paolo Colla; Bocconi University |
| presented by: Giovanni Cespa, City University London |
| Discussant: Lawrence Glosten, Columbia University |
| Rational Quantitative Trading in Efficient Markets |
| By Stefano Rossi; Purdue University Katrin Tinn; Imperial College London |
| presented by: Katrin Tinn, Imperial College London |
| Discussant: Bilge Yilmaz, University of Pennsylvania |
| Session: Labor and Finance January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Ashwini Agrawal, London School of Economics |
| Collateral Values and Corporate Employment |
| By Nuri Ersahin; University of Illinois Rustom Irani; University of Illinois at Urbana-Champaign |
| presented by: Nuri Ersahin, University of Illinois |
| Discussant: Felipe Severino, Dartmouth College |
| Will I Get Paid? Employee Stock Options and Mergers and Acquisitions |
| By Ilona Babenko; Arizona State University Fangfang Du; Arizona State University Yuri Tserlukevich; Arizona State University |
| presented by: Yuri Tserlukevich, Arizona State University |
| Discussant: Kenneth Ahern, University of Southern California |
| Firing the Wrong Workers: Financing Constraints and Labor Misallocation |
| By Andrea Caggese; Pompeu Fabra University Vicente Cunat; London School of Economics Daniel Metzger; Stockholm School of Economics |
| presented by: Andrea Caggese, Pompeu Fabra University |
| Discussant: Xavier Giroud, Massachusetts Institute of Technology |
| Session: Market Risk Factors January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Ralph Koijen, New York University |
| Size Matters, If You Control Your Junk |
| By Cliff Asness; AQR Capital Management, LLC Andrea Frazzini; AQR Capital Management, LLC Ronen Israel; AQR Capital Management, LLC Tobias Moskowitz; Yale University Lasse Pedersen; Copenhagen Business School, New York University, and AQR |
| presented by: Tobias Moskowitz, Yale University |
| Discussant: Kent Daniel, Columbia University |
| Dividend Risk Premia |
| By Georg Cejnek; WU Vienna University of Economics and Business Otto Randl; WU Vienna University of Economics and Business |
| presented by: Otto Randl, WU Vienna University of Economics and Business |
| Discussant: Jules van Binsbergen, University of Pennsylvania |
| Low Risk Anomalies? |
| By Paul Schneider; University of Lugano (USI), Swiss Finance Institute Christian Wagner; Copenhagen Business School Josef Zechner; WU Vienna University of Economics and Business |
| presented by: Paul Schneider, University of Lugano (USI), Swiss Finance Institute |
| Discussant: Yoshio Nozawa, Federal Reserve Board |
| Gone Factors: Assessment of Asset Pricing Models Using a Myriad of Factors |
| By Guanhao Feng; University of Chicago Stefano Giglio; University of Chicago Dacheng Xiu; University of Chicago |
| presented by: Guanhao Feng, University of Chicago |
| Discussant: Svetlana Bryzgalova, Stanford University |
| Session: Real Estate Finance January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Itzhak Ben-David, Ohio State University and NBER |
| Are Lemons Sold First? Dynamic Signaling in the Mortgage Market |
| By Manuel Adelino; Duke University Kristopher Gerardi; Federal Reserve Bank of Atlanta Barney Hartman-Glaser; University of California, Los Angeles |
| presented by: Manuel Adelino, Duke University |
| Discussant: Christopher Palmer, University of California, Berkeley |
| Sustainable Housing Policy |
| By Itay Goldstein; University of Pennsylvania Deeksha Gupta; University of Pennsylvania |
| presented by: Deeksha Gupta, University of Pennsylvania |
| Discussant: Tomasz Piskorski, Columbia University |
| The Impact of Positive Payment Shocks on Mortgage Credit Risk – a Natural Experiment from Home Equity Lines of Credit at End of Draw |
| By Min Qi; Office of the Comptroller of the Currency Harald Scheule; University of Technology, Sydney |
| presented by: Min Qi, Office of the Comptroller of the Currency |
| Discussant: Taylor Nadauld, Brigham Young University |
| Real Estate Holdings of Public Firms and Collateral Discount |
| By Irem Demirci; University of Mannheim Umit Gurun; University of Texas-Dallas Erkan Yonder; Ozyegin University |
| presented by: Irem Demirci, University of Mannheim |
| Discussant: Maisy Wong, University of Pennsylvania |
| Session: Regulation and Trust in Financial Stability January 7, 2017 14:30 to 16:30 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: David Thesmar, MIT Sloan |
| Information Sharing and Rating Manipulation |
| By Mariassunta Giannetti; Stockholm School of Economics Jose Liberti; Northwestern University and DePaul University Jason Sturgess; Kellstadt Graduate School of Business |
| presented by: Mariassunta Giannetti, Stockholm School of Economics |
| Discussant: Daniel Paravisini, London School of Economics |
| Which Swiss Gnomes Attract Money? Efficiency and Reputation as Performance Drivers of Wealth Management Banks |
| By Urs Birchler; University of Zurich Rene Hegglin; University of Zurich Michael Reichenecker; UBS Switzerland AG Alexander Wagner; University of Zurich, Swiss Finance Institute |
| presented by: Alexander Wagner, University of Zurich, Swiss Finance Institute |
| Discussant: Paola Sapienza, Northwestern University |
| The Invisible Hand of the Government: ”Moral Suasion” during the European Sovereign Debt Crisis |
| By Steven Ongena; University of Zurich Alex Popov; European Central Bank Neeltje van Horen; Bank of England |
| presented by: Neeltje van Horen, Bank of England |
| Discussant: Stijn Claessens, Federal Reserve Board |
| Equity is Cheap for Large Financial Institutions: The International Evidence |
| By Priyank Gandhi; University of Notre Dame Hanno Lustig; Stanford University Alberto Plazzi; University of Lugano (USI), Swiss Finance Institute |
| presented by: Priyank Gandhi, University of Notre Dame |
| Discussant: Jeffrey Wurgler, New York University |
| Session: Banks and Central Banks January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Arvind Krishnamurthy, Stanford University |
| The Effect of Monetary Policy on Bank Wholesale Funding |
| By Dong Beom Choi; Federal Reserve Bank of New York Hyun-Soo Choi; Singapore Management University |
| presented by: Dong Beom Choi, Federal Reserve Bank of New York |
| Discussant: Alexi Savov, New York University |
| The Effect of Central Bank Liquidity Injections on Bank Credit Supply |
| By Luisa Carpinelli; Bank of Italy Matteo Crosignani; Federal Reserve Board |
| presented by: Matteo Crosignani, Federal Reserve Board |
| Discussant: Marco Di Maggio, Harvard Business School & NBER |
| Lender of Last Resort versus Buyer of Last Resort – Evidence from the European Sovereign Debt Crisis |
| By Viral Acharya; New York University, CEPR, and NBER Diane Pierret; University of Lausanne Sascha Steffen; University of Mannheim |
| presented by: Diane Pierret, HEC Lausanne |
| Discussant: Jennie Bai, Georgetown University |
| Monetary Policy and Global Banking |
| By Falk Brauning; Federal Reserve Bank of Boston Victoria Ivashina; Harvard Business School |
| presented by: Falk Brauning, Federal Reserve Bank of Boston |
| Discussant: Nicola Cetorelli, Federal Reserve Bank of New York |
| Session: Boards January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Cesare Fracassi, University of Texas at Austin |
| Independent Directors and Corporate Litigation |
| By James Malm; College of Charleston Shawn Mobbs; University of Alabama |
| presented by: James Malm, College of Charleston |
| Discussant: John Core, Massachusetts Institute of Technology |
| Performance-Based Turnover on Corporate Boards |
| By Thomas Bates; Arizona State University David Becher; Drexel University Jared Wilson; Indiana University |
| presented by: Jared Wilson, Indiana University |
| Discussant: David Yermack, New York University |
| Death by Committee? An Analysis of Delegation in Corporate Boards |
| By Renee Adams; University of New South Wales Vanitha Ragunathan; University of Queensland Robert Tumarkin; University of New South Wales |
| presented by: Vanitha Ragunathan, University of Queensland |
| Discussant: Martijn Cremers, University of Notre Dame |
| Board Diversity and Director Dissent in Corporate Boards |
| By Seil Kim; Baruch College Seungjoon Oh; Peking University |
| presented by: Seil Kim, Baruch College |
| Discussant: Seoyoung Kim, Santa Clara University |
| Session: Finance and the Product Market January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Gregor Matvos, University of Chicago |
| Risk Management with Supply Contracts |
| By Heitor Almeida; University of Illinois at Urbana-Champaign Kristine Hankins; University of Kentucky Ryan Williams; University of Arizona |
| presented by: Ryan Williams, University of Arizona |
| Discussant: Michael Faulkender, University of Maryland |
| Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings |
| By Jie He; University of Georgia Jiekun Huang; University of Illinois at Urbana-Champaign |
| presented by: Jie He, University of Georgia |
| Discussant: Martin Schmalz, University of Michigan |
| Financial Condition and Product Quality: The Case of Nonprofit Hospitals |
| By Manuel Adelino; Duke University Katharina Lewellen; Dartmouth College William McCartney; Duke University |
| presented by: Katharina Lewellen, Dartmouth College |
| Discussant: David Matsa, Northwestern University |
| Session: Financial Intermediaries and Asset Prices January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Tyler Muir, UCLA |
| A Macroeconomic Model with Financially Constrained Producers and Intermediaries |
| By Vadim Elenev; New York University Tim Landvoigt; University of Texas at Austin Stijn Van Nieuwerburgh; New York University |
| presented by: Stijn Van Nieuwerburgh, New York University |
| Discussant: Frederico Belo, University of Minnesota |
| An Equilibrium Model of Institutional Demand and Asset Prices |
| By Ralph Koijen; New York University Motohiro Yogo; Princeton University |
| presented by: Motohiro Yogo, Princeton University |
| Discussant: Stefano Giglio, University of Chicago |
| Intermediary Asset Pricing: New Evidence from Many Asset Classes |
| By Zhiguo He; University of Chicago Bryan Kelly; University of Chicago Asaf Manela; Washington University in St. Louis |
| presented by: Asaf Manela, Washington University in St. Louis |
| Discussant: Robert Richmond, New York University |
| The Banking View of Bond Risk Premia |
| By Valentin Haddad; Princeton University David Sraer; University of California, Berkeley |
| presented by: Valentin Haddad, Princeton University |
| Discussant: Anna Cieslak, Duke University |
| Session: Liquidity and Trading in Bond and Derivatives Markets II January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Samuel Hanson, Harvard Business School |
| Funding Value Adjustments |
| By Leif Andersen; Bank of America Merrill Lynch Darrell Duffie; Stanford University Yang Song; Stanford University |
| presented by: Darrell Duffie, Stanford University |
| Discussant: Martin Oehmke, Columbia University |
| Trading Frictions in the Interbank Market, and the Central Bank |
| By Jean-Edouard Colliard; HEC Paris Thierry Foucault; HEC Paris Peter Hoffmann; European Central Bank |
| presented by: Peter Hoffmann, European Central Bank |
| Discussant: Ana Babus, Federal Reserve Bank of Chicago |
| Liquidity and Price Pressure in the Corporate Bond Market: Evidence from Mega-bonds |
| By Jean Helwege; University of California, Riverside Liying Wang; University of Nebraska-Lincoln |
| presented by: Liying Wang, University of Nebraska-Lincoln |
| Discussant: Christian Lundblad, University of North Carolina |
| The Cost of Immediacy for Corporate Bonds |
| By Jens Dick-Nielsen; Copenhagen Business School Marco Rossi; Texas A&M University |
| presented by: Jens Dick-Nielsen, Copenhagen Business School |
| Discussant: Jack Bao, Federal Reserve Board |
| Session: Mergers and Acquisitions January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Isil Erel, Ohio State University |
| Vote Avoidance and Shareholder Voting in Mergers & Acquisitions |
| By Kai Li; University of British Columbia Tingting Liu; Creighton University Julie Wu; University of Nebraska-Lincoln |
| presented by: Julie Wu, University of Nebraska-Lincoln |
| Discussant: Andrey Malenko, Massachusetts Institute of Technology |
| Predicting Merger Targets and Acquirers from Text |
| By Bryan Routledge; Carnegie Mellon University Stefano Sacchetto; University of Navarra Noah Smith; University of Washington |
| presented by: Bryan Routledge, Carnegie Mellon University |
| Discussant: Di (Andrew) Wu, University of Michigan |
| Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions |
| By Vicente Cunat; London School of Economics Mireia Gine; University of Navarra & Wharton WRDS Maria Guadalupe; INSEAD |
| presented by: Vicente Cunat, London School of Economics |
| Discussant: Rob Schonlau, Brigham Young University |
| Product Integration and Merger Success |
| By Gerard Hoberg; University of Southern California Gordon Phillips; Dartmouth College |
| presented by: Gordon Phillips, Dartmouth College |
| Discussant: Sergey Chernenko, Ohio State University |
| Session: Mutual Fund Management January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: Marcin Kacperczyk, Imperial College London |
| Using Managerial Attributes to Identify Market Feedback Effects: The Case of Mutual Fund Fire Sales |
| By Suman Banerjee; Stevens Institute of Technology Vikram Nanda; University of Texas-Dallas Steven Chong Xiao; University of Texas-Dallas |
| presented by: Suman Banerjee, Stevens Institute of Technology |
| Discussant: Alex Edmans, London Business School |
| Mutual Fund Flight-to-Liquidity |
| By Aleksandra Rzeznik; Copenhagen Business School |
| presented by: Aleksandra Rzeznik, Copenhagen Business School |
| Discussant: Lubos Pastor, University of Chicago |
| Why Do Institutions Delay Reporting Their Shareholdings? Evidence from Form 13F |
| By Susan Christoffersen; University of Toronto Erfan Danesh; Federal Reserve Board of Governors David Musto; University of Pennsylvania |
| presented by: Erfan Danesh, Federal Reserve Board of Governors |
| Discussant: Lauren Cohen, Harvard Business School |
| A Dynamic Theory of Mutual Fund Runs and Liquidity Management |
| By Yao Zeng; University of Washington |
| presented by: Yao Zeng, University of Washington |
| Discussant: Wei Jiang, Columbia University |
| Session: Stock Returns: Characteristics and Factors January 8, 2017 8:00 to 10:00 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Jonathan Lewellen, Dartmouth College |
| Linking Cross-Sectional and Aggregate Expected Returns |
| By Serhiy Kozak; University of Michigan Shrihari Santosh; University of Maryland |
| presented by: Serhiy Kozak, University of Michigan |
| Discussant: Christopher Polk, London School of Economocs |
| Mispricing Factors |
| By Robert Stambaugh; University of Pennsylvania Yu Yuan; Shanghai Advanced Institute of Finance |
| presented by: Yu Yuan, Shanghai Advanced Institute of Finance |
| Discussant: Tobias Moskowitz, Yale University |
| The History of the Cross Section of Stock Returns |
| By Juhani Linnainmaa; University of Chicago Michael Roberts; University of Pennsylvania |
| presented by: Juhani Linnainmaa, University of Southern California |
| Discussant: Christopher Hrdlicka, University of Washington |
| Session: Bank Lending Behavior January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Elena Loutskina, University of Virginia |
| Sequential Credit Markets |
| By Ulf Axelson; London School of Economics Igor Makarov; London School of Economics |
| presented by: Igor Makarov, London School of Economics |
| Discussant: Anjan Thakor, Washington University in St. Louis |
| The Economic Consequences of Borrower Information Sharing: Relationship Dynamics and Investment |
| By Andrew Sutherland; Massachusetts Institute of Technology |
| presented by: Andrew Sutherland, Massachusetts Institute of Technology |
| Discussant: Justin Murfin, Yale University |
| Loan Terms and Collateral: Evidence from the Bilateral Repo Market |
| By Jun Kyung Auh; Georgetown University Mattia Landoni; Southern Methodist University |
| presented by: Mattia Landoni, Southern Methodist University |
| Discussant: Erik Gilje, University of Pennsylvania |
| CDS and Credit: Testing the Small Bang Theory of the Financial Universe with Micro Data |
| By Yalin Gunduz; Deutsche Bundesbank Steven Ongena; University of Zurich Gunseli Tumer-Alkan; VU University Amsterdam Yuejuan Yu; Shandong University |
| presented by: Gunseli Tumer-Alkan, VU University Amsterdam |
| Discussant: Martin Oehmke, Columbia University |
| Session: Behavioral Finance II January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom IV |
| Session Chair: David Solomon, University of Southern California |
| Differences of Opinion and Stock Prices: Evidence from Spin-Offs and Mergers |
| By Tara Bhandari; Securities and Exchange Commission |
| presented by: Tara Bhandari, Securities and Exchange Commission |
| Discussant: Karl Diether, Brigham Young University |
| Do Individual Behavioral Biases Affect Financial Markets and the Macroeconomy? |
| By Harjoat Bhamra; Imperial College London Raman Uppal; EDHEC Business School |
| presented by: Harjoat Bhamra, Imperial College London |
| Discussant: Aydoğan Alti, University of Texas at Austin |
| Why Don't We Agree? Evidence from a Social Network of Investors |
| By J. Anthony Cookson; University of Colorado Marina Niessner; Yale University |
| presented by: J. Anthony Cookson, University of Colorado |
| Discussant: Joseph Engelberg, University of California, San Diego |
| The Speed of Communication |
| By Shiyang Huang; University of Hong Kong Byoung-Hwoun Hwang; Cornell University Dong Lou; London School of Economics |
| presented by: Dong Lou, London School of Economics |
| Discussant: Matti Keloharju, Aalto University |
| Session: Capital Structure January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Mark Leary, Washington University in St. Louis |
| The Misallocation of Finance |
| By Toni Whited; University of Michigan Jake Zhao; Stony Brook University |
| presented by: Toni Whited, University of Michigan |
| Discussant: Arthur Korteweg, University of Southern California |
| Corporate Capital Structure Actions |
| By Murray Frank; University of Minnesota and SAIF Tao Shen; Tsinghua University |
| presented by: Tao Shen, Tsinghua University |
| Discussant: Armen Hovakimian, Baruch College |
| Financing Intangible Capital |
| By Qi Sun; Shanghai University of Finance and Economics Mindy X. Zhang; University of Texas at Austin |
| presented by: Mindy X. Zhang, University of Texas at Austin |
| Discussant: Ilona Babenko, Arizona State University |
| Understanding Precautionary Cash at Home and Abroad |
| By Michael Faulkender; University of Maryland Kristine Hankins; University of Kentucky Mitchell Petersen; Northwestern University |
| presented by: Mitchell Petersen, Northwestern University |
| Discussant: Rohan Williamson, Georgetown University |
| Session: Corporate Governance January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Todd Gormley, University of Pennsylvania |
| Older and Wiser, or Too Old to Govern? |
| By Ronald Masulis; University of New South Wales Cong Wang; Chinese University of Hong Kong Fei Xie; University of Delaware Shuran Zhang; Chinese University of Hong Kong |
| presented by: Shuran Zhang, Chinese University of Hong Kong |
| Discussant: Dirk Jenter, London School of Economics |
| Is Skin in the Game a Game Changer? Evidence from Mandatory Changes of D&O Insurance Policies |
| By Chen Lin; University of Hong Kong Micah Officer; Loyola Marymount University Thomas Schmid; University of Hong Kong Hong Zou; University of Hong Kong |
| presented by: Micah Officer, Loyola Marymount University |
| Discussant: Ian Appel, Boston College |
| Contrasts in Governance: Newly Public Firms Versus Mature Firms |
| By Laura Field; University of Delaware Michelle Lowry; Drexel University |
| presented by: Laura Field, University of Delaware |
| Discussant: Jeffrey Coles, University of Utah |
| Session: Dynamic and Quantitative Models of Banking January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Adriano Rampini, Duke University |
| Intervention Policy in a Dynamic Environment: Coordination and Learning |
| By Lin Cong; University of Chicago Steven Grenadier; Stanford University Yunzhi Hu; University of Chicago |
| presented by: Lin Cong, University of Chicago |
| Discussant: Xavier Vives, IESE |
| Optimal Deposit Insurance |
| By Eduardo Davila; New York University Itay Goldstein; University of Pennsylvania |
| presented by: Eduardo Davila, New York University |
| Discussant: Sebastian Di Tella, Stanford |
| Financial Regulation in a Quantitative Model of the Modern Banking System |
| By Juliane Begenau; Harvard Business School Tim Landvoigt; University of Texas at Austin |
| presented by: Tim Landvoigt, University of Texas at Austin |
| Discussant: Dean Corbae, University of Wisconsin |
| Session: Monetary Policy and Asset Prices January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley |
| Does Central Bank Tone Move Asset Prices? |
| By Maik Schmeling; City University London Christian Wagner; Copenhagen Business School |
| presented by: Maik Schmeling, City University London |
| Discussant: Marco Di Maggio, Harvard Business School & NBER |
| Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy |
| By Wenxin Du; Federal Reserve Board Carolin Pflueger; University of British Columbia Jesse Schreger; Princeton University |
| presented by: Carolin Pfleuger, University of British Columbia |
| Discussant: Adrien Auclert, Stanford University |
| Monetary Policy through Production Networks: Evidence from the Stock Market |
| By Michael Weber; University of Chicago Ali Ozdagli; Federal Reserve Bank of Boston |
| presented by: Michael Weber, University of Chicago |
| Discussant: Bernard Herskovic, University of California, Los Angeles |
| Session: New Methodology for Mutual Fund Performance January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Chicago Ballroom VI |
| Session Chair: Martijn Cremers, University of Notre Dame |
| Rethinking Performance Evaluation |
| By Campbell Harvey; Duke University Yan Liu; Texas A&M University |
| presented by: Yan Liu, Texas A&M University |
| Discussant: Laurant Barras, McGill University |
| Skewness Consequences of Seeking Alpha |
| By Kerry Back; Rice University Alan Crane; Rice University Kevin Crotty; Rice University |
| presented by: Alan Crane, Rice University |
| Discussant: Marcin Kacperczyk, Imperial College London |
| Cashflow Timing vs. Discount-rate Timing: A Decomposition of Mutual Fund Market-timing Skills |
| By Chunhua Lan; University of New South Wales Russ Wermers; University of Maryland |
| presented by: Chunhua Lan, University of New South Wales |
| Discussant: Stijn Van Nieuwerburgh, New York University |
| Session: Volatility January 8, 2017 10:15 to 12:15 Sheraton Grand Chicago, Sheraton Ballroom V |
| Session Chair: Ian Dew-Becker, Northwestern University |
| Time-Varying Crash Risk: The Role of Stock Market Liquidity |
| By Peter Christoffersen; University of Toronto Bruno Feunou; Bank of Canada Yoontae Jeon; University of Toronto Chayawat Ornthanalai; University of Toronto |
| presented by: Yoontae Jeon, University of Toronto |
| Discussant: Torben Andersen, Northwestern University |
| Oil Volatility Risk |
| By Lin Gao; University of Luxembourg Steffen Hitzemann; Ohio State University Ivan Shaliastovich; University of Pennsylvania Lai Xu; Syracuse University |
| presented by: Lin Gao, University of Luxembourg |
| Discussant: Kyle Jurado, Duke University |
| Weighted Least Squares Estimates of Return Predictability Regressions |
| By Travis Johnson; University of Texas at Austin |
| presented by: Travis Johnson, University of Texas at Austin |
| Discussant: Rasmus Tangsgaard Varneskov, Northwestern University |
| Variance Risk Premia on Stocks and Bonds |
| By Philippe Mueller; London School of Economics Petar Sabtchevsky; London School of Economics Andrea Vedolin; London School of Economics Paul Whelan; Copenhagen Business School |
| presented by: Petar Sabtchevsky, London School of Economics |
| Discussant: Anh Le, Pennsylvania State University |
| Session: Asset Allocation January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Missouri (Level 2) |
| Session Chair: Francisco Gomes, London Business School |
| Portfolio Choice with Model Misspecification: A Foundation for Alpha and Beta Portfolios |
| By Paolo Zaffaroni; Imperial College London Raman Uppal; EDHEC Business School |
| presented by: Paolo Zaffaroni, Imperial College London |
| Discussant: Svetlana Bryzgalova, Stanford University |
| On the Asset Allocation of a Default Pension Fund |
| By Magnus Dahlquist; Stockholm School of Economics and CEPR Ofer Setty; Tel Aviv University Roine Vestman; Stockholm University |
| presented by: Roine Vestman, Stockholm University |
| Discussant: Clemens Sialm, University of Texas at Austin and NBER |
| Information Aggregation and Asset Prices in Large Markets with Institutional Investors |
| By Matthijs Breugem; Frankfurt School of Finance and Management Adrian Buss; INSEAD |
| presented by: Matthijs Breugem, Frankfurt School of Finance and Management |
| Discussant: Andrea Buffa, Boston University |
| Session: Bond Risk Premia January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Sheraton Ballroom III |
| Session Chair: Carolin Pfleuger, University of British Columbia |
| Robust Bond Risk Premia |
| By Michael Bauer; Federal Reserve Bank of San Francisco James Hamilton; University of California, San Diego |
| presented by: Michael Bauer, Federal Reserve Bank of San Francisco |
| Discussant: Jing Cynthia Wu, University of Chicago |
| Term Structure of Interest Rates with Short-run and Long-run Risks |
| By Olesya Grishchenko; Board of Governors of the Federal Reserve System Zhaogang Song; Johns Hopkins University Hao Zhou; Tsinghua University |
| presented by: Olesya Grishchenko, Board of Governors of the Federal Reserve System |
| Discussant: Philippe Mueller, London School of Economics |
| The Cross-Section of Subjective Bond Risk Premia |
| By Andrea Buraschi; Imperial College London Ilaria Piatti; University of Oxford Paul Whelan; Copenhagen Business School |
| presented by: Paul Whelan, Copenhagen Business School |
| Discussant: Christian Heyerdahl-Larsen, London Business School |
| Session: Finance and Development January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Chicago Ballroom IX |
| Session Chair: Paola Sapienza, Northwestern University |
| When Do Laws and Institutions Affect Recovery Rates on Collateral? |
| By Hans Degryse; KU Leuven Vasso Ioannidou; Lancaster University Jose Liberti; Northwestern University and DePaul University Jason Sturgess; DePaul University |
| presented by: Jose Liberti, Northwestern University and DePaul University |
| Discussant: Stefano Rossi, Purdue University |
| Do Criminal Politicians affect Firm Investment and Value? Evidence from a Regression Discontinuity Approach |
| By Vikram Nanda; University of Texas-Dallas Ankur Pareek; Rutgers University |
| presented by: Ankur Pareek, Rutgers University |
| Discussant: Mara Faccio, Purdue University |
| Creditor Rights and Relationship Banking: Evidence from a Policy Experiment |
| By Nagpurnanand Prabhala; University of Maryland Prasanna Tantri; Indian School of Business Gursharan Bhue; University of Chicago |
| presented by: Prasanna Tantri, Indian School of Business |
| Discussant: Carola Schenone, University of Virginia |
| Session: Financing Frictions and the Real Economy January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Colorado (Level 2) |
| Session Chair: David Matsa, Northwestern University |
| Competition and Innovation in the Presence of Financial Constraints |
| By William Grieser; Tulane University Zack Liu; University of Texas at Austin |
| presented by: William Grieser, Tulane University |
| Discussant: Filippo Mezzanotti, Northwestern University |
| Can Paying Firms Quicker Affect Aggregate Employment? |
| By Jean-Noel Barrot; Massachusetts Institute of Technology Ramana Nanda; Harvard University |
| presented by: Ramana Nanda, Harvard University |
| Discussant: Eric Zwick, University of Chicago |
| Aggregate Effects of Collateral Constraints |
| By Sylvain Catherine; HEC Thomas Chaney; Toulouse School of Economics Zongbo Huang; Princeton University David Sraer; UC Berkeley David Thesmar; MIT Sloan |
| presented by: David Sraer, UC Berkeley |
| Discussant: Anthony DeFusco, Northwestern University |
| Session: Liquidity, Frictions and Limits to Arbitrage January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Chicago Ballroom X |
| Session Chair: Dimitri Vayanos, London School of Economics |
| Flying Under the Radar: The Effects of Short-Sale Disclosure Rules on Investor Behavior and Stock Prices |
| By Stephan Jank; Deutsche Bundesbank Christoph Roling; Deutsche Bundesbank Esad Smajlbegovic; Erasmus University Rotterdam |
| presented by: Esad Smajlbegovic, Erasmus University Rotterdam |
| Discussant: Adam Reed, University of North Carolina-Chapel Hill |
| The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies |
| By Yongqiang Chu; University of South Carolina David Hirshleifer; University of California, Irvine Liang Ma; University of South Carolina |
| presented by: Liang Ma, University of South Carolina |
| Discussant: Jeffrey Pontiff, Boston College |
| Slow Trading and Stock Return Predictability |
| By Allaudeen Hameed; National University of Singapore Matthijs Lof; Aalto University Matti Suominen; Aalto University School of Economics |
| presented by: Matthijs Lof, Aalto University |
| Discussant: Tobias Moskowitz, Yale University |
| What Drives Liquidity? Identifying Shocks to Market Makers' Supply of Liquidity and Their Role in Economic Fluctuations |
| By Jonathan Goldberg; Federal Reserve Board |
| presented by: Jonathan Goldberg, Federal Reserve Board |
| Discussant: Tyler Muir, UCLA |
| Session: Market Structure and Market Design January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Chicago Ballroom VIII |
| Session Chair: Pierre-Olivier Weill, University of California, Los Angeles |
| Can Decentralized Markets Be More Efficient? |
| By Vincent Glode; University of Pennsylvania Christian Opp; University of Pennsylvania |
| presented by: Christian Opp, University of Pennsylvania |
| Discussant: Briana Chang, University of Wisconsin-Madison |
| Size Discovery |
| By Darrell Duffie; Stanford University Haoxiang Zhu; Massachusetts Institute of Technology |
| presented by: Haoxiang Zhu, Massachusetts Institute of Technology |
| Discussant: Marzena Rostek, University of Wisconsin-Madison |
| Endogenous Specialization and Dealer Networks |
| By Artem Neklyudov; University of Lausanne and Swiss Finance Institute Batchimeg Sambalaibat; Indiana University |
| presented by: Batchimeg Sambalaibat, Indiana University |
| Discussant: Benjamin Lester, Federal Reserve Bank of Philadelphia |
| Centralized Trading, Transparency and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd-Frank Act |
| By Evangelos Benos; Bank of England Richard Payne; City University London Michalis Vasios; Bank of England |
| presented by: Michalis Vasios, Bank of England |
| Discussant: Emil Siriwardane, Harvard Business School |
| Session: Shareholders and Governance January 8, 2017 13:00 to 15:00 Sheraton Grand Chicago, Sheraton Ballroom II |
| Session Chair: Xavier Giroud, Massachusetts Institute of Technology |
| Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism |
| By Ian Appel; Boston College Todd Gormley; University of Pennsylvania Donald Keim; University of Pennsylvania |
| presented by: Ian Appel, Boston College |
| Discussant: Maria Guadalupe, INSEAD |
| Opportunistic Proposals by Union Shareholders |
| By John Matsusaka; University of Southern California Oguzhan Ozbas; University of Southern California Irene Yi; University of Southern California |
| presented by: Oguzhan Ozbas, University of Southern California |
| Discussant: Ashwini Agrawal, London School of Economics |
| Analyst Coverage Network and Corporate Financial Policies |
| By Armando Gomes; Washington University in St. Louis Radhakrishnan Gopalan; Washington University in St. Louis Mark Leary; Washington University in St. Louis Francisco Marcet; University of Chile |
| presented by: Mark Leary, Washington University in St. Louis |
| Discussant: Ambrus Kecskes, York University |
This program was last updated on 2017-01-03 14:49:38 EDT