American Finance Association 2018 Annual Meeting

Philadelphia, PA

 

Summary of All Sessions

Date/TimeLocationTypeTitlePapers
January 5, 2018
8:00-10:00
Regency C1 invited Analysts, News, Media and Market Sentiment3
January 5, 2018
8:00-10:00
Commonwealth B invited Asset Return Dynamics3
January 5, 2018
8:00-10:00
Regency A invited Banking and the Real Economy3
January 5, 2018
8:00-10:00
Regency C2 invited Central Banks and Macro Finance3
January 5, 2018
8:00-10:00
Commonwealth Hall A1 invited CEOs and Entrepreneurs3
January 5, 2018
8:00-10:00
Commonwealth C invited Compensation in Mutual Fund Management4
January 5, 2018
8:00-10:00
Commonwealth D invited Financial Regulation: Theory4
January 5, 2018
8:00-10:00
Commonwealth A2 invited Market Mispricing4
January 5, 2018
10:15-12:15
Regency AB panel AFA Panel: FinTech - How Will it Transform Financial Markets and Services?0
January 5, 2018
10:15-12:15
Commonwealth A1 invited Compensation and Agency3
January 5, 2018
10:15-12:15
Commonwealth A2 invited Credit Default Swaps4
January 5, 2018
10:15-12:15
Commonwealth C invited Financing Frictions and Their Impact on Liquidity3
January 5, 2018
10:15-12:15
Commonwealth B invited Frontiers of Corporate Governance4
January 5, 2018
10:15-12:15
Regency C2 invited Household Finance4
January 5, 2018
10:15-12:15
Regency C1 invited Informed Trading3
January 5, 2018
10:15-12:15
Commonwealth D invited Production-Based Asset Pricing and the Cross-Section of Returns4
January 5, 2018
14:30-16:30
Regency AB panel AFA Panel: Reflections About Stephen Ross0
January 5, 2018
14:30-16:30
Commonwealth D invited Bank and Borrower Behavior3
January 5, 2018
14:30-16:30
Commonwealth B invited Big Data and the Cross-Section of Stock Returns4
January 5, 2018
14:30-16:30
Commonwealth A1 invited FinTech3
January 5, 2018
14:30-16:30
Commonwealth C invited Fund Performance4
January 5, 2018
14:30-16:30
Regency C1 invited Macro Finance4
January 5, 2018
14:30-16:30
Regency C2 invited Mergers & Acquisitions I4
January 5, 2018
14:30-16:30
Commonwealth A2 invited Why do Firms Invest in Corporate Social Responsibility and Does it Matter?4
January 6, 2018
8:00-10:00
Regency A invited Asset Pricing: New Theories and Empirical Approaches4
January 6, 2018
8:00-10:00
Regency AB invited Behavioral Finance: Financial Market Anomalies and a Nobel Prize4
January 6, 2018
8:00-10:00
Commonwealth D invited Contagion in Financial Networks3
January 6, 2018
8:00-10:00
Regency C2 invited Innovation Investment: Human Capital and Stressful Situations4
January 6, 2018
8:00-10:00
Commonwealth A1 invited Interest Rates4
January 6, 2018
8:00-10:00
Regency C1 invited Market Microstructure and Design3
January 6, 2018
8:00-10:00
Commonwealth C invited Political Connections and the Economy3
January 6, 2018
8:00-10:00
Commonwealth A2 invited Risk Management4
January 6, 2018
10:15-12:15
Regency AB panel AFA Panel: Business and Capital Taxation0
January 6, 2018
10:15-12:15
Regency C2 invited Corporate Disclosure and Accounting3
January 6, 2018
10:15-12:15
Regency C1 invited Exchange Rates and International Capital Market4
January 6, 2018
10:15-12:15
Commonwealth B invited Liquidity: Empirical Perspectives4
January 6, 2018
10:15-12:15
Commonwealth D invited Market Risk Factors3
January 6, 2018
10:15-12:15
Commonwealth C invited Mergers & Acquisitions II3
January 6, 2018
10:15-12:15
Commonwealth A2 invited Sex, Race and Finance4
January 6, 2018
10:15-12:15
Commonwealth A1 invited Venture Capital4
January 6, 2018
14:30-16:30
Regency AB tutorial AFA Lecture: Income and Wealth Inequality: Evidence, Role of Finance, and Policy Implications0
January 6, 2018
14:30-16:30
Commonwealth B invited Bank Deposits4
January 6, 2018
14:30-16:30
Commonwealth D invited Corporate Finance: Investment Behavior4
January 6, 2018
14:30-16:30
Regency C1 invited Entrepreneurial Finance / Venture Capital4
January 6, 2018
14:30-16:30
Regency C2 invited Information Frictions in Financial Markets4
January 6, 2018
14:30-16:30
Commonwealth C invited Information Transmission and Trading: Empirical4
January 6, 2018
14:30-16:30
Commonwealth A1 invited Innovations in Hedge Funds4
January 6, 2018
14:30-16:30
Commonwealth A2 invited Payout Policy3
January 7, 2018
8:00-10:00
Regency C1 invited Bank Competition and Supply of Credit3
January 7, 2018
8:00-10:00
Howe invited Physics and Financial Economics: New Transfers and New Relations4
January 7, 2018
8:00-10:00
Commonwealth D invited Capital Structure3
January 7, 2018
8:00-10:00
Commonwealth A2 invited Finance and Development3
January 7, 2018
8:00-10:00
Loews Philadelphia, Washington C invited Real Estate Finance4
January 7, 2018
8:00-10:00
Commonwealth B invited Shareholder Heterogeneity and Corporate Governance4
January 7, 2018
8:00-10:00
Commonwealth A1 invited Social Influence and Networks3
January 7, 2018
8:00-10:00
Commonwealth C invited Taming and Explaining Anomalies4
January 7, 2018
8:00-10:00
Regency C2 invited Volatility and Tail Risk4
January 7, 2018
10:15-12:15
Commonwealth A1 invited Asset Pricing: What We Can Learn From Derivatives3
January 7, 2018
10:15-12:15
Commonwealth B invited Behavioral Finance: Investor Behavior3
January 7, 2018
10:15-12:15
Regency A invited Corporate Governance 4
January 7, 2018
10:15-12:15
Commonwealth C invited Corporate Liquidity3
January 7, 2018
10:15-12:15
Regency C1 invited Financial Crises and Transmission of Shocks3
January 7, 2018
10:15-12:15
Loews Philadelphia, Lescaze invited Financial Distress and Bankruptcy4
January 7, 2018
10:15-12:15
Commonwealth D invited Financial Regulation: Empirics4
January 7, 2018
10:15-12:15
Regency C2 invited Portfolio Choice and Asset Allocation of Households and Long-Term Investors4
January 7, 2018
10:15-12:15
Commonwealth A2 invited Raising Capital4
January 7, 2018
13:00-15:00
Regency C2 invited Behavioral Corporate Finance3
January 7, 2018
13:00-15:00
Regency C1 invited Contracts and Incentives3
January 7, 2018
13:00-15:00
Commonwealth A1 invited Finance and Product Market Competition3
January 7, 2018
13:00-15:00
Commonwealth B invited Liquidity: Theoretical Models4
January 7, 2018
13:00-15:00
Commonwealth D invited Market Microstructure: New Tools and New Markets3
January 7, 2018
13:00-15:00
Commonwealth A2 invited Politics, Policy and Asset Prices4
January 7, 2018
13:00-15:00
Commonwealth C invited The Causes and Consequences of Household Borrowing4
 

73 sessions, 247 papers, and 12 presentations with no associated papers


 

American Finance Association 2018 Annual Meeting

Detailed List of Sessions

 
Session: Analysts, News, Media and Market Sentiment
January 5, 2018 8:00 to 10:00
Regency C1
 
Session Chair: Eric So, Massachusetts Institute of Technology
Session type: invited
 

Navigating Wall Street: Career Concerns and Analyst Transitions from Sell-Side to Buy-Side
By Ling Cen; University of Toronto
Chayawat Ornthanalai; University of Toronto
Christoph Schiller; University of Toronto
   presented by: Chayawat Ornthanalai, University of Toronto
   Discussant:   Elisabeth Kempf, University of Chicago
 

Front Page News: The Effect of News Consumption on Financial Markets
By Anastassia Fedyk; Harvard Business School
   presented by: Anastassia Fedyk, Harvard Business School
   Discussant:   Zhi Da, University of Notre Dame
 

Media Reinforcement in International Financial Markets
By Kenneth Froot; Harvard Business School
Xiaoxia Lou; University of Delaware
Gideon Ozik; EDHEC Business School
Ronnie Sadka; Boston College
Siyi Shen; Boston College
   presented by: Siyi Shen, Boston College
   Discussant:   Kenneth Ahern, University of Southern California
 
Session: Asset Return Dynamics
January 5, 2018 8:00 to 10:00
Commonwealth B
 
Session Chair: Dana Kiku, University of Illinois
Session type: invited
 

Level and Volatility Shocks to Fiscal Policy: Term Structure Implications
By Alex Hsu; Georgia Institute of Technology
Andrea Tamoni; London School of Economics
Lorenzo Bretscher; London School of Economics
   presented by: Andrea Tamoni, London School of Economics
   Discussant:   Erica Li, Cheung Kong Graduate School of Business
 

Habits and Leverage
By Tano Santos; Columbia University
Pietro Veronesi; University of Chicago
   presented by: Pietro Veronesi, University of Chicago
   Discussant:   Leonid Kogan, Massachusetts Institute of Technology
 

Fearing the Fed: How Wall Street Reads Main Street
By Tzuo Hann Law; Boston College
Dongho Song; Boston College
Amir Yaron; University of Pennsylvania
   presented by: Dongho Song, Boston College
   Discussant:   Jonathan Wright, Johns Hopkins University
 
Session: Banking and the Real Economy
January 5, 2018 8:00 to 10:00
Regency A
 
Session Chair: Juliane Begenau, Harvard Business School
Session type: invited
 

Do Corporate Depositors Risk Everything for Nothing? The Importance of Deposit Relationships, Interest Rates and Bank Risk
By Daniel Friedmann; Goethe University Frankfurt
Bjorn Imbierowicz; Copenhagen Business School
Anthony Saunders; New York University
Sascha Steffen; University of Mannheim
   presented by: Bjorn Imbierowicz, Copenhagen Business School
   Discussant:   Sergey Chernenko, Ohio State University
 

A Positive Analysis of Bank Behaviour under Capital Requirements
By Saleem Bahaj; Bank of England
Frederic Malherbe; London Business School
   presented by: Saleem Bahaj, Bank of England
   Discussant:   Emily Williams, London Business School
 

U.S. Monetary Policy and Global Credit Cycles
By Falk Brauning; Federal Reserve Bank of Boston
Victoria Ivashina; Harvard Business School
   presented by: Falk Brauning, Federal Reserve Bank of Boston
   Discussant:   Olivier Darmouni, Columbia University
 
Session: Central Banks and Macro Finance
January 5, 2018 8:00 to 10:00
Regency C2
 
Session Chair: Samuel Hanson, Harvard Business School
Session type: invited
 

The FOMC Risk Shift
By Tim Kroencke; University of Basel
Maik Schmeling; City, University of London
Andreas Schrimpf; Bank for International Settlements
   presented by: Maik Schmeling, City, University of London
   Discussant:   Eric Swanson, University of California, Irvine
 

Central Bank Communication and the Yield Curve
By Matteo Leombroni; Stanford University
Andrea Vedolin; London School of Economics
Gyuri Venter; Copenhagen Business School
Paul Whelan; Copenhagen Business School
   presented by: Gyuri Venter, Copenhagen Business School
   Discussant:   David Lucca, Federal Reserve Bank of New York
 

Monetary Policy Slope and the Stock Market
By Andreas Neuhierl; University of Notre Dame
Michael Weber; University of Chicago
   presented by: Michael Weber, University of Chicago
   Discussant:   Anna Cieslak, Duke University
 
Session: CEOs and Entrepreneurs
January 5, 2018 8:00 to 10:00
Commonwealth Hall A1
 
Session Chair: Dirk Jenter, London School of Economics
Session type: invited
 

Political Connections and Allocative Distortions
By David Schoenherr; Princeton University
   presented by: David Schoenherr, Princeton University
   Discussant:   Mara Faccio, Purdue University
 

Entrepreneurship and Information on Past Failures: A Natural Experiment
By Christophe Cahn; Banque de France
Mattia Girotti; Banque de France
Augustin Landier; Toulouse School of Economics
   presented by: Mattia Girotti, Banque de France
   Discussant:   Will Dobbie, Princeton University
 

What Prevents Female Executives from Reaching the Top?
By Matti Keloharju; Aalto University
Samuli Knüpfer; BI Norwegian Business School
Joacim Tåg; Research Institute of Industrial Economics
   presented by: Samuli Knüpfer, BI Norwegian Business School
   Discussant:   Amalia Miller, University of Virginia
 
Session: Compensation in Mutual Fund Management
January 5, 2018 8:00 to 10:00
Commonwealth C
 
Session Chair: Clemens Sialm, University of Texas at Austin and NBER
Session type: invited
 

Are Mutual Fund Managers Paid For Investment Skill?
By Markus Ibert; Stockholm School of Economics
Ron Kaniel; University of Rochester
Stijn Van Nieuwerburgh; New York University
Roine Vestman; Stockholm University
   presented by: Ron Kaniel, University of Rochester
   Discussant:   Harrison Hong, Columbia University
 

What Does Compensation of Portfolio Managers Tell Us About Mutual Fund Industry? Evidence from Israeli Tax Records
By Galit Ben Naim; Ministry of Finance, Israel
Stanislav Sokolinski; Harvard University
   presented by: Stanislav Sokolinski, Harvard University
   Discussant:   Mariassunta Giannetti, Stockholm School of Economics
 

Mutual Fund Risk-Shifting and Management Contracts
By Junghoon Lee; Tulane University
Charles Trzcinka; Indiana University
Shyam Sunder Venkatesan; Tulane University
   presented by: Junghoon Lee, Tulane University
   Discussant:   Susan Christoffersen, University of Toronto
 

On the Role of Human Capital in Investment Management
By Leonard Kostovetsky; Boston College
Alberto Manconi; Bocconi University
   presented by: Leonard Kostovetsky, Boston College
   Discussant:   Eric Zitzewitz, Dartmouth College
 
Session: Financial Regulation: Theory
January 5, 2018 8:00 to 10:00
Commonwealth D
 
Session Chair: Marcus Opp, University of California, Berkeley
Session type: invited
 

Redemption Fees and Information-Based Runs
By Stephen Lenkey; Pennsylvania State University
Fenghua Song; Pennsylvania State University
   presented by: Fenghua Song, Pennsylvania State University
   Discussant:   Douglas Diamond, University of Chicago
 

The Incentive Channel of Capital Market Interventions
By Michael Lee; Federal Reserve Bank of New York
Daniel Neuhann; University of Texas at Austin
   presented by: Daniel Neuhann, University of Texas at Austin
   Discussant:   William Fuchs, University of California, Berkeley
 

Optimal Supervisory Architecture and Financial Integration in a Banking Union
By Jean-Edouard Colliard; HEC Paris
   presented by: Jean-Edouard Colliard, HEC Paris
   Discussant:   Martin Oehmke, London School of Economics
 

The Redistributive Effects of Bank Capital Regulation
By Elena Carletti; Bocconi University
Robert Marquez; University of California, Davis
Silvio Petriconi; Bocconi University
   presented by: Silvio Petriconi, Bocconi University
   Discussant:   David Martinez-Miera, Universidad Carlos III
 
Session: Market Mispricing
January 5, 2018 8:00 to 10:00
Commonwealth A2
 
Session Chair: Jianfeng Yu, PBCSF, Tsinghua University
Session type: invited
 

Hidden in Plain Sight:Equity Price Discovery with Informed Private Debt
By Jawad Addoum; Cornell University
Justin Murfin; Yale University
   presented by: Justin Murfin, Yale University
   Discussant:   Xing Huang, Michigan State University
 

Competition and Momentum Profits
By Gerard Hoberg; University of Southern California
Nitin Kumar; Indian School of Business
Nagpurnanand Prabhala; University of Maryland
   presented by: Nitin Kumar, Indian School of Business
   Discussant:   Kent Daniel, Columbia University and NBER
 

ETF Arbitrage and Return Predictability
By David Brown; University of Arizona
Shaun Davies; University of Colorado at Boulder
Matthew Ringgenberg; University of Utah
   presented by: David Brown, University of Arizona
   Discussant:   Itzhak Ben-David, Ohio State University and NBER
 

A Tug of War: Overnight Versus Intraday Expected Returns
By Dong Lou; London School of Economics
Christopher Polk; London School of Economocs
Spyros Skouras; Athens University of Economics and Business
   presented by: Dong Lou, London School of Economics
   Discussant:   Joseph Engelberg, University of California, San Diego
 
Session: AFA Panel: FinTech - How Will it Transform Financial Markets and Services?
January 5, 2018 10:15 to 12:15
Regency AB
 
Session Chair: Wei Jiang, Columbia University
Session type: panel
 

Presented by:
   Susan Athey, Stanford University
 

Presented by:
   Campbell Harvey, Duke University
 

Presented by:
   Maureen O'Hara, Cornell University
 

Presented by:
   David Yermack, New York University
 
Session: Compensation and Agency
January 5, 2018 10:15 to 12:15
Commonwealth A1
 
Session Chair: Felipe Varas, Duke University
Session type: invited
 

The Value of Performance Signals Under Contracting Constraints
By Pierre Chaigneau; Queen's University
Alex Edmans; London Business School
Daniel Gottlieb; Washington University in St. Louis
   presented by: Pierre Chaigneau, Queen's University
   Discussant:   Ming Yang, Duke University
 

Compensation, Moral Hazard, and Talent Misallocation in the Market for CEOs
By Liang Chen; Wuhan University
   presented by: Liang Chen, Wuhan University
   Discussant:   Robert Miller, Carnegie Mellon University
 

Contract Horizon and Turnover
By Vladimir Vladimirov; University of Amsterdam
   presented by: Vladimir Vladimirov, University of Amsterdam
   Discussant:   John Zhu, University of Pennsylvania
 
Session: Credit Default Swaps
January 5, 2018 10:15 to 12:15
Commonwealth A2
 
Session Chair: Greg Duffee, Johns Hopkins University
Session type: invited
 

Why Do Investors Buy Sovereign Default Insurance?
By Patrick Augustin; McGill University
Valeri Sokolovski; Stockholm School of Economics
Marti G. Subrahmanyam; New York University
Davide Tomio; Copenhagen Business School
   presented by: Marti G. Subrahmanyam, New York University
   Discussant:   Tobias Berg, Frankfurt School of Finance & Management
 

Market Structure and Transaction Costs of Index CDSs
By Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne
Benjamin Junge; Ecole Polytechnique Federale de Lausanne
Anders Trolle; Ecole Polytechnique Federale de Lausanne
   presented by: Anders Trolle, Ecole Polytechnique Federale de Lausanne
   Discussant:   Lawrence Glosten, Columbia University
 

Mitigating Counterparty Risk
By Yalin Gunduz; Deutsche Bundesbank
   presented by: Yalin Gunduz, Deutsche Bundesbank
   Discussant:   Emil Siriwardane, Harvard University
 

Credit Derivatives and Firm Investment
By George Batta; Claremont McKenna College
Fan Yu; Claremont McKenna College
   presented by: Fan Yu, Claremont McKenna College
   Discussant:   Bastian von Beschwitz, Federal Reserve Board
 
Session: Financing Frictions and Their Impact on Liquidity
January 5, 2018 10:15 to 12:15
Commonwealth C
 
Session Chair: Stacey Schreft, U.S. Office of Financial Research
Session type: invited
 

Managing Bank Run Risk: The Perils of Discretion
By Zongbo Huang; The Chinese University of Hong Kong, Shenzhen
   presented by: Zongbo Huang, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Phil Dybvig, Washington University in St. Louis
 

Liquidity Provision and the Transmission of Systemic Risk
By Christian Lundblad; University of North Carolina
Zhongyan Zhu; Monash University
   presented by: Christian Lundblad, University of North Carolina
   Discussant:   Victoria Ivashina, Harvard Business School
 

The Loan Covenant Channel: How Bank Health Transmits to the Real Economy
By Gabriel Chodorow-Reich; Harvard University
Antonio Falato; Federal Reserve Board
   presented by: Gabriel Chodorow-Reich, Harvard University
   Discussant:   Sudheer Chava, Georgia Institute of Technology
 
Session: Frontiers of Corporate Governance
January 5, 2018 10:15 to 12:15
Commonwealth B
 
Session Chair: Kelly Shue, University of Chicago
Session type: invited
 

The Value of Offshore Secrets: Evidence from the Panama Papers
By James O'Donovan; INSEAD
Hannes Wagner; Boccconi University
Stefan Zeume; University of Michigan
   presented by: Stefan Zeume, University of Michigan
   Discussant:   Mara Faccio, Purdue University
 

The Economic Impact of Religion: Evidence from Ramadan Loans
By Cem Demiroglu; Koc University
Oguzhan Ozbas; University of Southern California
Rui Silva; London Business School
mehmet ulu; Turkish Central Bank
   presented by: Rui Silva, London Business School
   Discussant:   Paola Sapienza, Northwestern University
 

How Public Markets Force Firm Standardization: Evidence from Chinese IPOs
By Lin Cong; University of Chicago
Sabrina Howell; New York University
Ran Zhang; Peking University
   presented by: Sabrina Howell, New York University
   Discussant:   Manju Puri, Duke University
 

Board Declassification Activism: The Financial Value of the Shareholder Rights Project
By Martijn Cremers; University of Notre Dame
Simone Sepe; Toulouse School of Economics
   presented by: Simone Sepe, Toulouse School of Economics
   Discussant:   Luigi Zingales, University of Chicago
 
Session: Household Finance
January 5, 2018 10:15 to 12:15
Regency C2
 
Session Chair: Gregor Matvos, University of Chicago
Session type: invited
 

High-Cost Debt and Borrower Reputation: Evidence from the U.K.
By Andres Liberman; New York University
Daniel Paravisini; London School of Economics
Vikram Pathania; University of Sussex
   presented by: Daniel Paravisini, London School of Economics
   Discussant:   Adriano Rampini, Duke University
 

The Housing Crisis and the Rise in Student Loans
By Gene Amromin; Federal Reserve Bank of Chicago
Janice Eberly; Northwestern University
John Mondragon; Northwestern University
   presented by: Gene Amromin, Federal Reserve Bank of Chicago
   Discussant:   Johannes Stroebel, New York University
 

Politicizing Consumer Credit
By Pat Akey; University of Toronto
Rawley Heimer; Federal Reserve Bank of Cleveland
Stefan Lewellen; London Business School
   presented by: Pat Akey, University of Toronto
   Discussant:   Samuel Hanson, Harvard Business School
 

Monthly Payment Targeting and the Demand for Maturity
By Bronson Argyle; Brigham Young University
Taylor Nadauld; Brigham Young University
Christopher Palmer; University of California, Berkeley
   presented by: Taylor Nadauld, Brigham Young University
   Discussant:   Efraim Benmelech, Northwestern University
 
Session: Informed Trading
January 5, 2018 10:15 to 12:15
Regency C1
 
Session Chair: Vincent Glode, University of Pennsylvania
Session type: invited
 

Trading Volume and Time Varying Betas
By Christopher Hrdlicka; University of Washington
   presented by: Christopher Hrdlicka, University of Washington
   Discussant:   Yasser Boualam, Kenan-Flagler Business School
 

Dynamic Information Acquisition and Strategic Trading
By Snehal Banerjee; University of California, San Diego
Bradyn Breon-Drish; University of California, San Diego
   presented by: Bradyn Breon-Drish, University of California, San Diego
   Discussant:   Itay Goldstein, University of Pennsylvania
 

Speculation with Information Disclosure
By Paolo Pasquariello; University of Michigan
Yifei Wang; University of Michigan
   presented by: Yifei Wang, University of Michigan
   Discussant:   Diego Garcia, University of Colorado at Boulder
 
Session: Production-Based Asset Pricing and the Cross-Section of Returns
January 5, 2018 10:15 to 12:15
Commonwealth D
 
Session Chair: Stijn Van Nieuwerburgh, New York University
Session type: invited
 

Labor Hiring, Aggregate Dividends, and Return Predictability in the Time Series
By Frederico Belo; University of Minnesota and NBER
Andres Donangelo; University of Texas at Austin
Xiaoji Lin; Ohio State University
Ding Luo; University of Minnesota
   presented by: Frederico Belo, University of Minnesota and NBER
   Discussant:   Mindy Z. Xiaolan, University of Texas at Austin
 

What Drives Anomaly Returns?
By Lars Lochstoer; University of California, Los Angeles
Paul Tetlock; Columbia University
   presented by: Lars Lochstoer, University of California, Los Angeles
   Discussant:   Jules van Binsbergen, University of Pennsylvania
 

Misvaluation of Investment Options
By Evgeny Lyandres; Boston University
Egor Matveyev; University of Alberta
Alexey Zhdanov; Pennsylvania State University
   presented by: Alexey Zhdanov, Pennsylvania State University
   Discussant:   Juhani Linnainmaa, University of Southern California
 

Asset Collateralizability and the Cross-Section of Expected Returns
By Hengjie Ai; University of Minnesota
Jun Li; Goethe University Frankfurt
Kai Li; Hong Kong University of Science and Technology
christian Schlag; Goethe University Frankfurt
   presented by: Kai Li, Hong Kong University of Science and Technology
   Discussant:   Xiaoji Lin, Ohio State University
 
Session: AFA Panel: Reflections About Stephen Ross
January 5, 2018 14:30 to 16:30
Regency AB
 
Session Chair: Chester Spatt, Carnegie Mellon University and Massachusetts Institute of Technology
Session type: panel
 

Presented by:
   Anat Admati, Stanford University
 

Presented by:
   Jonathan Berk, Stanford University
 

Presented by:
   Douglas Diamond, University of Chicago
 

Presented by:
   Phil Dybvig, Washington University in St. Louis
 

Presented by:
   Bengt Holmstrom, Massachusetts Institute of Technology
 
Session: Bank and Borrower Behavior
January 5, 2018 14:30 to 16:30
Commonwealth D
 
Session Chair: Justin Murfin, Yale University
Session type: invited
 

Drilling and Debt
By Erik Gilje; University of Pennsylvania
Elena Loutskina; University of Virginia
Daniel Murphy; University of Virginia
   presented by: Elena Loutskina, University of Virginia
                         Erik Gilje, University of Pennsylvania
   Discussant:   Michael Schwert, Ohio State University
 

Decision-Making Delegation in Banks
By Jennifer Dlugosz; Washington University in St. Louis
YongKyu Gam; Washington University in St. Louis
Radhakrishnan Gopalan; Washington University in St. Louis
Janis Skrastins; Washington University in St. Louis
   presented by: Jennifer Dlugosz, Washington University in St. Louis
   Discussant:   Mark Egan, University of Minnesota
 

Concentration of Control Rights in Leveraged Loan Syndicates
By Mitchell Berlin; Federal Reserve Bank of Philadelphia
Greg Nini; Drexel University
Edison Yu; Federal Reserve Bank of Philadelphia
   presented by: Mitchell Berlin, Federal Reserve Bank of Philadelphia
                         Greg Nini, Drexel University
   Discussant:   Gregor Matvos, University of Chicago
 
Session: Big Data and the Cross-Section of Stock Returns
January 5, 2018 14:30 to 16:30
Commonwealth B
 
Session Chair: Svetlana Bryzgalova, Stanford University
Session type: invited
 

Publication Bias and the Cross-Section of Stock Returns
By Andrew Chen; Federal Reserve Board
Tom Zimmermann
   presented by: Andrew Chen, Federal Reserve Board
   Discussant:   Yan Liu, Texas A&M University
 

Nonparametric Dissection of the Cross Section of Expected Stock Returns
By Joachim Freyberger; University of Wisconsin-Madison
Andreas Neuhierl; University of Notre Dame
Michael Weber; University of Chicago
   presented by: Andreas Neuhierl, University of Notre Dame
   Discussant:   Domenico Giannone, Federal Reserve Bank of New York
 

A Portfolio Perspective on the Multitude of Firm Characteristics
By Victor DeMiguel; London Business School
Alberto Martin-Utrera; Lancaster University
Francisco J. Nogales; Universidad Carlos III de Madrid
Raman Uppal; EDHEC Business School
   presented by: Alberto Martin-Utrera, Lancaster University
   Discussant:   Michael Brandt, Duke University
 

The Cross-Section of Risk and Return
By Kent Daniel; Columbia University and NBER
Lira Mota; Columbia University
Simon Rottke; University of Münster
Tano Santos; Columbia University
   presented by: Simon Rottke, University of Münster
   Discussant:   Stefano Giglio, University of Chicago
 
Session: FinTech
January 5, 2018 14:30 to 16:30
Commonwealth A1
 
Session Chair: Bruce Carlin, University of California, Los Angeles
Session type: invited
 

FinTech and the Market for Financial Analysis
By Roni Michaely; Cornell Tech
Marina Niessner; Yale University
Jillian Popadak; Duke University
   presented by: Jillian Popadak, Duke University
   Discussant:   Russell Jame, University of Kentucky
 

The Impact of Internet Postings on Individual Investors
By Manuel Ammann; University of St. Gallen
Nic Schaub; University of St. Gallen
   presented by: Nic Schaub, University of St. Gallen
   Discussant:   Zhi Da, University of Notre Dame
 

Long Run Growth of Financial Technology
By Maryam Farboodi; Princeton University
Laura Veldkamp; New York University
   presented by: Laura Veldkamp, New York University
   Discussant:   Daniel Andrei, University of California, Los Angeles
 
Session: Fund Performance
January 5, 2018 14:30 to 16:30
Commonwealth C
 
Session Chair: Veronika Pool, Indiana University
Session type: invited
 

Holdings-Based Fund Performance Measures: Estimation and Inference
By Wayne Ferson; University of Southern California
Junbo Wang; Louisiana State University
   presented by: Junbo Wang, Louisiana State University
   Discussant:   Lucian Taylor, University of Pennsylvania
 

Costly Information Production, Information Intensity, and Mutual Fund Performance
By George Jiang; Washington State University
Ke Shen; University of Iowa
Russ Wermers; University of Maryland
Tong Yao; University of Iowa
   presented by: Tong Yao, University of Iowa
   Discussant:   Marcin Kacperczyk, Imperial College London
 

Dynamic Liquidity Management by Corporate Bond Mutual Funds
By Hao Jiang; Michigan State University
Dan Li; Federal Reserve Board
Ashley Wang; Board of Governors of the Federal Reserve
   presented by: Hao Jiang, Michigan State University
   Discussant:   Jennifer Huang, Cheung Kong Graduate School of Business
 

Competition and Cooperation in Mutual Fund Families
By Richard Evans; University of Virginia
Melissa Prado; Nova School of Business and Economics
Rafael Zambrana; Nova School of Business and Economics
   presented by: Richard Evans, University of Virginia
   Discussant:   Jonathan Reuter, Boston College
 
Session: Macro Finance
January 5, 2018 14:30 to 16:30
Regency C1
 
Session Chair: Timothy McQuade, Stanford University
Session type: invited
 

Slow Recovery in an Economy with Uncertainty Shocks and Optimal Firm Liquidation
By Indrajit Mitra; University of Michigan
   presented by: Indrajit Mitra, University of Michigan
   Discussant:   Benjamin Hebert, Stanford University
 

The Finance-Uncertainty Multiplier
By Ivan Alfaro; BI Norwegian Business School
Nicholas Bloom; Stanford University
Xiaoji Lin; Ohio State University
   presented by: Ivan Alfaro, BI Norwegian Business School
   Discussant:   Simon Gilchrist, Boston University
 

Finance in a Time of Disruptive Growth
By Nicolae Gârleanu; University of California, Berkeley
Stavros Panageas; University of California, Los Angeles
   presented by: Stavros Panageas, University of California, Los Angeles
   Discussant:   Dimitris Papanikolaou, Northwestern University
 

Levered Ideas: Risk Premia along the Credit Cycle
By Wenxi Liao; Duke University
Lukas Schmid; Duke University
   presented by: Lukas Schmid, Duke University
   Discussant:   Jack Favilukis, University of British Columbia
 
Session: Mergers & Acquisitions I
January 5, 2018 14:30 to 16:30
Regency C2
 
Session Chair: Pavel Savor, Temple University
Session type: invited
 

Merger Activity, Stock Prices, and Measuring Gains from M&A
By Benjamin Bennett; Ohio State University
Robert Dam; University of Colorado at Boulder
   presented by: Robert Dam, University of Colorado at Boulder
   Discussant:   B. Espen Eckbo, Dartmouth College
 

Political Uncertainty and Firm Investment: Project-level Evidence from M&A Activity
By Zhenhua Chen; Tulane University
Mehmet Cihan; Unaffiliated
Candace Jens; Tulane University
   presented by: Candace Jens, Tulane University
   Discussant:   Vineet Bhagwat, University of Oregon
 

Social Connections and Information Leakage: Evidence from Target Stock Price Run-ups in Takeovers
By Iftekhar Hasan; Fordham University
Lin Tong; Fordham University
An Yan; Fordham University
   presented by: An Yan, Fordham University
   Discussant:   Kenneth Ahern, University of Southern California
 

Relative Values, Announcement Timing, and Shareholder Returns in Mergers and Acquisitions
By Sangwon Lee; University of Houston
Vijay Yerramilli; University of Houston
   presented by: Sangwon Lee, University of Houston
   Discussant:   Wenyu Wang, Indiana University
 
Session: Why do Firms Invest in Corporate Social Responsibility and Does it Matter?
January 5, 2018 14:30 to 16:30
Commonwealth A2
 
Session Chair: I. J. Alexander Dyck, University of Toronto
Session type: invited
 

Investor Tastes, Corporate Behavior and Stock Returns: An Analysis of Corporate Social Responsibility
By Chuan Yang Hwang; Nanyang Technological University
Sheridan Titman; University of Texas at Austin
Ying Wang; Central University of Finance and Economics
   presented by: Chuan Yang Hwang, Nanyang Technological University
   Discussant:   Adair Morse, University of California, Berkeley
 

ESG Shareholder Engagement and Downside Risk
By Andreas Hoepner; University College Dublin
Ioannis Oikonomou; University of Reading
Zacharias Sautner; Frankfurt School of Finance and Management
Laura Starks; University of Texas
Xiaoyan Zhou; University of Oxford
   presented by: Andreas Hoepner, University College Dublin
   Discussant:   Craig Doidge, University of Toronto
 

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World
By Alex Edmans; London Business School
Lucius Li; London School of Economics
Chendi Zhang; Warwick Business School
   presented by: Alex Edmans, London Business School
   Discussant:   Tracy Wang, University of Minnesota
 

Leviathan Inc. and Corporate Environmental Engagement
By Po-Hsuan Hsu; University of Hong Kong
Hao Liang; Singapore Management University
Pedro Matos; University of Virginia
   presented by: Pedro Matos, University of Virginia
   Discussant:   Karl Lins, University of Utah
 
Session: Asset Pricing: New Theories and Empirical Approaches
January 6, 2018 8:00 to 10:00
Regency A
 
Session Chair: Stavros Panageas, University of California, Los Angeles
Session type: invited
 

A Dynamic Model of Characteristic-Based Return Predictability
By Aydoğan Alti; University of Texas at Austin
Sheridan Titman; University of Texas at Austin
   presented by: Aydoğan Alti, University of Texas at Austin
   Discussant:   Nicolae Gârleanu, University of California, Berkeley
 

What Information Drives Asset Prices?
By George Constantinides; University of Chicago
Anisha Ghosh; Carnegie Mellon University
   presented by: George Constantinides, University of Chicago
   Discussant:   Lars Lochstoer, University of California, Los Angeles
 

Financial Innovation and Asset Prices
By Adrian Buss; INSEAD
Raman Uppal; EDHEC Business School
Grigory Vilkov; Frankfurt School of Finance and Management
   presented by: Raman Uppal, EDHEC Business School
   Discussant:   Valentin Haddad, University of California, Los Angeles
 

Predicting Relative Returns
By Valentin Haddad; University of California, Los Angeles
Serhiy Kozak; University of Michigan
Shrihari Santosh; University of Maryland
   presented by: Shrihari Santosh, University of Maryland
   Discussant:   Stefano Giglio, University of Chicago
 
Session: Behavioral Finance: Financial Market Anomalies and a Nobel Prize
January 6, 2018 8:00 to 10:00
Regency AB
 
Session Chair: Tobias Moskowitz, Yale University
Session type: invited
 

Short and Long Horizon Behavioral Factors
By Kent Daniel; Columbia University and NBER
David Hirshleifer; University of California, Irvine
Lin Sun; Florida State University
   presented by: Kent Daniel, Columbia University and NBER
   Discussant:   Robert Stambaugh, University of Pennsylvania
 

Complexity Aversion When Seeking Alpha
By Tarik Umar; Rice University
   presented by: Tarik Umar, Rice University
   Discussant:   Marina Niessner, Yale University
 

Sticky Expectations and the Profitability Anomaly
By Jean-Philippe Bouchaud; Capital Fund Management
Philipp Krueger; University of Geneva and SFI
Augustin Landier; Toulouse School of Economics
David Thesmar; Massachusetts Institute of Technology
   presented by: Augustin Landier, Toulouse School of Economics
   Discussant:   Andrea Frazzini, AQR Capital Management, LLC
 

Discussion of the 2017 Nobel Prize in Economics and Richard Thaler’s impact on financial markets
By Kent Daniel; Columbia University and NBER
Tobias Moskowitz; Yale University
   presented by: Tobias Moskowitz, Yale University
 

 Discussants:
     1 Kent Daniel, Columbia University and NBER
     2 Tobias Moskowitz, Yale University
 
Session: Contagion in Financial Networks
January 6, 2018 8:00 to 10:00
Commonwealth D
 
Session Chair: Cecilia Parlatore, New York University
Session type: invited
 

Netting
By Jason Donaldson; Washington University in St Louis
Giorgia Piacentino; Washington University in St. Louis
   presented by: Giorgia Piacentino, Washington University in St. Louis
                         Jason Donaldson, Washington University in St Louis
   Discussant:   Uday Rajan, University of Michigan
 

Fire-Sale Spillovers in Debt Markets
By Antonio Falato; Federal Reserve Board
Ali Hortacsu; University of Chicago
Dan Li; Federal Reserve Board
Chae Hee Shin; Federal Reserve Board
   presented by: Chae Hee Shin, Federal Reserve Board
   Discussant:   Marco Di Maggio, Harvard Business School & NBER
 

Identifying Contagion in a Banking Network
By Alan Morrison; University of Oxford
Michalis Vasios; Bank of England
Mungo Wilson; University of Oxford
Filip Zikes; Federal Reserve Board
   presented by: Michalis Vasios, Bank of England
   Discussant:   Christian Julliard, London School of Economics
 
Session: Innovation Investment: Human Capital and Stressful Situations
January 6, 2018 8:00 to 10:00
Regency C2
 
Session Chair: Sabrina Howell, New York University
Session type: invited
 

The Role of Human Capital: Evidence from Patent Generation
By Tong Liu; University of Pennsylvania
Yifei Mao; Cornell University
Xuan Tian; Tsinghua University
   presented by: Yifei Mao, Cornell University
   Discussant:   Tania Babina, Columbia University
 

Roadblock to Innovation: The Role of Patent Litigation in Corporate R&D
By Filippo Mezzanotti; Northwestern University
   presented by: Filippo Mezzanotti, Northwestern University
   Discussant:   Lauren Cohen, Harvard Business School
 

Bankruptcy, Team-Specific Human Capital, and Innovation: Evidence from U.S. Inventors
By Ramin Baghai; Stockholm School of Economics
Rui Silva; London Business School
Luofu Ye; London Business School
   presented by: Luofu Ye, London Business School
   Discussant:   Benjamin Iverson, Northwestern University
 

Does Economic Insecurity Affect Employee Innovation?
By Shai Bernstein; Stanford University
Timothy McQuade; Stanford University
Richard Townsend; University of California, San Diego
   presented by: Richard Townsend, University of California, San Diego
   Discussant:   Arpit Gupta, New York University
 
Session: Interest Rates
January 6, 2018 8:00 to 10:00
Commonwealth A1
 
Session Chair: Anna Cieslak, Duke University
Session type: invited
 

Expectation and Duration at the Effective Lower Bound
By Thomas King; Federal Reserve Bank of Chicago
   presented by: Thomas King, Federal Reserve Bank of Chicago
   Discussant:   Samuel Hanson, Harvard Business School
 

Interest Rates under Falling Stars
By Michael Bauer; Federal Reserve Bank of San Francisco
Glenn Rudebusch; Federal Reserve Bank of San Francisco
   presented by: Michael Bauer, Federal Reserve Bank of San Francisco
   Discussant:   Greg Duffee, Johns Hopkins University
 

A Time Series Model of Interest Rates With the Effective Lower Bound
By Benjamin Johannsen; Federal Reserve Board
Elmar Mertens; Bank of International Settlements
   presented by: Benjamin Johannsen, Federal Reserve Board
   Discussant:   Leonardo Melosi, Federal Reserve Bank of Chicago
 

Time-Varying Lower Bound of Interest Rates in Europe
By Jing Cynthia Wu; University of Chicago
Fan Dora Xia; Bank for International Settlements
   presented by: Jing Cynthia Wu, University of Chicago
   Discussant:   Don Kim, Board of Governors of the Federal Reserve
 
Session: Market Microstructure and Design
January 6, 2018 8:00 to 10:00
Regency C1
 
Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology
Session type: invited
 

Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs
By Jaewon Choi; University of Illinois at Urbana-Champaign
Yesol Huh; Federal Reserve Board
   presented by: Yesol Huh, Federal Reserve Board
   Discussant:   Lawrence Harris, University of Southern California
 

The Ambivalent Role of High-Frequency Trading in Turbulent Market Periods
By Nikolaus Hautsch; University of Vienna
Michael Noé; Humboldt University of Berlin
S. Sarah Zhang; University of Manchester
   presented by: S. Sarah Zhang, University of Manchester
   Discussant:   Joel Hasbrouck, New York University
 

Inverted Fee Venues and Market Quality
By Carole Comerton-Forde; University of Melbourne
Vincent Gregoire; University of Melbourne
Zhuo Zhong; University of Melbourne
   presented by: Vincent Gregoire, University of Melbourne
   Discussant:   Mao Ye, University of Illinois at Urbana-Champaign
 
Session: Political Connections and the Economy
January 6, 2018 8:00 to 10:00
Commonwealth C
 
Session Chair: David Matsa, Northwestern University
Session type: invited
 

Political Determinants of Competition in the Mobile Telecommunication Industry
By Mara Faccio; Purdue University
Luigi Zingales; University of Chicago
   presented by: Mara Faccio, Purdue University
   Discussant:   Shane Greenstein, Harvard Business School
 

"Trading" Political Favors: Evidence from the Impact of the STOCK Act
By Ruidi Huang; University of Illinois at Urbana-Champaign
Yuhai Xuan; University of Illinois at Urbana-Champaign
   presented by: Yuhai Xuan, University of Illinois at Urbana-Champaign
   Discussant:   Anthony DeFusco, Northwestern University
 

Securing Property Rights
By Edward Glaeser; Harvard University
Giacomo Ponzetto; CREI, Pompeu Fabra University, IPEG, & Barcelona
Andrei Shleifer; Harvard University
   presented by: Andrei Shleifer, Harvard University
   Discussant:   Dean Lueck, Indiana University
 
Session: Risk Management
January 6, 2018 8:00 to 10:00
Commonwealth A2
 
Session Chair: Gerard Hoberg, University of Southern California
Session type: invited
 

Sharing R&D Risk in Healthcare via FDA Hedges
By Adam Jorring; University of Chicago
Andrew Lo; Massachusetts Institute of Technology
Tomas Philipson; University of Chicago
Manita Singh; Goldman Sachs
Richard Thakor; University of Minnesota
   presented by: Andrew Lo, Massachusetts Institute of Technology
   Discussant:   Alex Edmans, London Business School
 

Weathering Cash Flow Shocks
By James Brown; Iowa State University
Matthew Gustafson; Pennsylvania State University
Ivan Ivanov; Federal Reserve Board
   presented by: Matthew Gustafson, Pennsylvania State University
   Discussant:   Olivier Dessaint, University of Toronto
 

Credit Default Swaps Around the World: Investment and Financing Effects
By Sohnke Bartram; Warwick University
Jennifer Conrad; University of North Carolina
Jongsub Lee; University of Florida
Marti G. Subrahmanyam; New York University
   presented by: Jennifer Conrad, University of North Carolina
   Discussant:   Martin Oehmke, London School of Economics
 

Is This Time Different? Do Bank CEOs Learn From Crises?
By Gloria Yu; INSEAD
   presented by: Gloria Yu, INSEAD
   Discussant:   Claudia Custodio, Imperial College Business School
 
Session: AFA Panel: Business and Capital Taxation
January 6, 2018 10:15 to 12:15
Regency AB
 
Session Chair: Joshua Rauh, Stanford University
Session type: panel
 

Presented by:
   Alan Auerbach, University of California, Berkeley
 

Presented by:
   Jason Furman, Peterson Institute of International Economics
 

Presented by:
   Kevin Hassett, Council of Economic Advisers
 
Session: Corporate Disclosure and Accounting
January 6, 2018 10:15 to 12:15
Regency C2
 
Session Chair: Ivan Marinovic, Stanford University
Session type: invited
 

Credit Ratings: Strategic Issuer Disclosure and Optimal Screening
By Jonathan Cohn; University of Texas at Austin
Uday Rajan; University of Michigan
Günter Strobl; Frankfurt School of Finance and Management
   presented by: Jonathan Cohn, University of Texas at Austin
   Discussant:   Edwige Cheynel, Columbia University
 

Optimal Financing and Disclosure
By Martin Szydlowski; University of Minnesota
   presented by: Martin Szydlowski, University of Minnesota
   Discussant:   Davide Cianciaruso, Northwestern University
 

Conceal to Coordinate
By Snehal Banerjee; University of California, San Diego
Taejin Kim; Chinese University of Hong Kong
Vishal Mangla; Moody's Analytics
   presented by: Snehal Banerjee, University of California, San Diego
   Discussant:   Mirko Heinle, University of Pennsylvania
 
Session: Exchange Rates and International Capital Market
January 6, 2018 10:15 to 12:15
Regency C1
 
Session Chair: Vivian Yue, Emory University
Session type: invited
 

Currency Manipulation
By Tarek Hassan; University of Chicago
Thomas Mertens; Federal Reserve Bank of San Francisco
Tony Zhang; University of Chicago
   presented by: Thomas Mertens, Federal Reserve Bank of San Francisco
   Discussant:   Matteo Maggiori, Harvard University
 

Business Cycles and the Cross-Section of Currency Returns
By Steven Riddiough; University of Melbourne
Lucio Sarno; City University London
   presented by: Steven Riddiough, University of Melbourne
   Discussant:   Riccardo Colacito, University of North Carolina-Chapel Hill
 

The Volatility of International Capital Flows and Foreign Assets
By Winston Wei Dou; University of Pennsylvania
Adrien Verdelhan; Massachusetts Institute of Technology
   presented by: Adrien Verdelhan, Massachusetts Institute of Technology
   Discussant:   Edith Liu, Federal Reserve Board of Governors
 

Gravity in FX R2: Understanding the Factor Structure in Exchange Rates
By Robert Richmond; New York University
Hanno Lustig; Stanford University
   presented by: Robert Richmond, New York University
   Discussant:   Nikolai Roussanov, University of Pennsylvania
 
Session: Liquidity: Empirical Perspectives
January 6, 2018 10:15 to 12:15
Commonwealth B
 
Session Chair: Nicolae Gârleanu, University of California, Berkeley
Session type: invited
 

Asset Mispricing
By Kurt Lewis; Federal Reserve Board
Francis Longstaff; University of California, Los Angeles
Lubomir Petrasek; Federal Reserve Board of Governors
   presented by: Lubomir Petrasek, Federal Reserve Board of Governors
   Discussant:   Robin Greenwood, Harvard Business School
 

Funding Liquidity Risk and the Cross-section of MBS Returns
By Yuriy Kitsul; Federal Reserve Board
Marcelo Ochoa; Federal Reserve Board of Governors
   presented by: Yuriy Kitsul, Federal Reserve Board
   Discussant:   Adi Sunderam, Harvard University
 

Funding Liquidity Shocks in a Natural Experiment: Evidence from the CDS Big Bang
By Xinjie Wang; Southern University of Science and Technology
Yangru Wu; Rutgers University
Hongjun Yan; DePaul University
Zhaodong (Ken) Zhong; Rutgers University
   presented by: Xinjie Wang, Southern University of Science and Technology
   Discussant:   David Lando, Copenhagen Business School
 

Dimensional Analysis and Market Microstructure Invariance
By Albert Kyle; University of Maryland
Anna Obizhaeva; New Economic School
   presented by: Anna Obizhaeva, New Economic School
   Discussant:   Dmitry Livdan, University of California, Berkeley
 
Session: Market Risk Factors
January 6, 2018 10:15 to 12:15
Commonwealth D
 
Session Chair: Christian Opp, University of Pennsylvania
Session type: invited
 

Empirical Tests of Asset Pricing Models with Individual Assets: Resolving the Errors-in-Variables Bias in Risk Premium Estimation
By Narasimhan Jegadeesh; Emory University
Joonki Noh; Case Western Reserve University
Kuntara Pukthuanthong; University of Missouri
Richard Roll; California Institute of Technology
Junbo Wang; Louisiana State University
   presented by: Kuntara Pukthuanthong, University of Missouri
   Discussant:   Raymond Kan, University of Toronto
 

Where is the Risk in Value? Evidence from a Market-to-Book Decomposition
By Andrey Golubov; University of Toronto
Theodosia Konstantinidi; City University of London
   presented by: Andrey Golubov, University of Toronto
   Discussant:   Juhani Linnainmaa, University of Southern California
 

What Matters to Individual Investors? Evidence from the Horse's Mouth
By James Choi; Yale University
Adriana Robertson; University of Toronto
   presented by: James Choi, Yale University
   Discussant:   Jianfeng Yu, PBCSF, Tsinghua University
 
Session: Mergers & Acquisitions II
January 6, 2018 10:15 to 12:15
Commonwealth C
 
Session Chair: Margarita Tsoutsoura, University Of Chicago
Session type: invited
 

Mergers and Acquisitions, Technological Change and Inequality
By Wenting Ma; University of North Carolina
Paige Ouimet; University of North Carolina
Elena Simintzi; University of British Columbia
   presented by: Paige Ouimet, University of North Carolina
   Discussant:   Andrew Ellul, Indiana University, CEPR, CSEF, and ECGI
 

Advertising, Attention, and Acquisition Returns
By Eliezer Fich; Drexel University
Laura Starks; University of Texas at Austin
Anh Tran; City University London
   presented by: Laura Starks, University of Texas at Austin
   Discussant:   Kenneth Ahern, University of Southern California
 

A BIT Goes a Long Way: Bilateral Investment Treaties and Cross-Border Mergers
By Vineet Bhagwat; University of Oregon
Jonathan Brogaard; University of Washington
Brandon Julio; University of Oregon
   presented by: Vineet Bhagwat, University of Oregon
   Discussant:   Isil Erel, Ohio State University
 
Session: Sex, Race and Finance
January 6, 2018 10:15 to 12:15
Commonwealth A2
 
Session Chair: Renee Adams, University of New South Wales
Session type: invited
 

When Harry Fired Sally: The Double Standard in Punishing Misconduct
By Mark Egan; University of Minnesota
Gregor Matvos; University of Chicago
Amit Seru; University of Chicago
   presented by: Mark Egan, University of Minnesota
   Discussant:   Paola Sapienza, Northwestern University
 

Cultural Diversity on Wall Street: Evidence from Sell-Side Analysts’ Forecasts
By Kenneth Merkley; Cornell University
Roni Michaely; Cornell Tech
Joseph Pacelli; Indiana University
   presented by: Joseph Pacelli, Indiana University
   Discussant:   Mariassunta Giannetti, Stockholm School of Economics
 

Color and Credit: Race, Regulation, and the Quality of Financial Services
By Taylor Begley; Washington University in St. Louis
Amiyatosh Purnanandam; University of Michigan
   presented by: Taylor Begley, Washington University in St. Louis
   Discussant:   Manju Puri, Duke University
 

Gender Representation in Economics Across Topics and Time: Evidence From the NBER Summer Institute
By Anusha Chari; University of North Carolina at Chapel H
Paul Goldsmith-Pinkham; Federal Reserve Bank of New York
   presented by: Anusha Chari, University of North Carolina at Chapel H
   Discussant:   Shulamit Kahn, Boston University
 
Session: Venture Capital
January 6, 2018 10:15 to 12:15
Commonwealth A1
 
Session Chair: Ilya Strebulaev, Stanford University
Session type: invited
 

The Effect of Personal Financing Disruptions on Entrepreneurship
By Tobin Hanspal; Goethe University Frankfurt
   presented by: Tobin Hanspal, Goethe University Frankfurt
   Discussant:   Sabrina Howell, New York University
 

Private Equity and Financial Fragility during the Crisis
By Shai Bernstein; Stanford University
Josh Lerner; Harvard University
Filippo Mezzanotti; Northwestern University
   presented by: Shai Bernstein, Stanford University
   Discussant:   Steven Kaplan, University of Chicago
 

Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in U.S. Manufacturing
By Meghana Ayyagari; George Washington University
Vojislav Maksimovic; University of Maryland
   presented by: Vojislav Maksimovic, University of Maryland
   Discussant:   Antoinette Schoar, Massachusetts Institute of Technology
 

Swimming with the Sharks: Entrepreneurial Investing Decisions and First Impression
By Xing Huang; Michigan State University
Zoran Ivkovich; Michigan State University
john jiang; Michigan State University
Isabel Yanyan Wang; Michigan State University
   presented by: Zoran Ivkovich, Michigan State University
   Discussant:   Berk Sensoy, Ohio State University
 
Session: AFA Lecture: Income and Wealth Inequality: Evidence, Role of Finance, and Policy Implications
January 6, 2018 14:30 to 16:30
Regency AB
 
Session Chair: Peter DeMarzo, Stanford University
Session type: tutorial
 

Discussant:   Emmanuel Saez, University of California, Berkeley
 
Session: Bank Deposits
January 6, 2018 14:30 to 16:30
Commonwealth B
 
Session Chair: Amiyatosh Purnanandam, University of Michigan
Session type: invited
 

The Cross Section of Bank Value
By Mark Egan; University of Minnesota
Stefan Lewellen; London Business School
Adi Sunderam; Harvard University
   presented by: Stefan Lewellen, London Business School
   Discussant:   Philip Strahan, Boston College
 

On Deposit Stability in Failing Banks
By Christopher Martin; Federal Deposit Insurance Corporation
Manju Puri; Duke University
Alexander Ufier; Federal Deposit Insurance Corporation
   presented by: Alexander Ufier, Federal Deposit Insurance Corporation
   Discussant:   Philipp Schnabl, New York University
 

The Effects of Tax on Bank Liability Structure
By Leonardo Gambacorta; Bank for International Settlements
Giacomo Ricotti; Banca d'Italia
Suresh Sundaresan; Columbia University
Zhenyu Wang; Indiana University
   presented by: Suresh Sundaresan, Columbia University
   Discussant:   Taylor Begley, Washington University in St. Louis
 

Monetary Policy Transmission and the Funding Structure of Banks
By Emily Williams; London Business School
   presented by: Emily Williams, London Business School
   Discussant:   Erik Gilje, University of Pennsylvania
 
Session: Corporate Finance: Investment Behavior
January 6, 2018 14:30 to 16:30
Commonwealth D
 
Session Chair: Andrea Eisfeldt, University of California, Los Angeles
Session type: invited
 

Dissecting Customer Capital
By Winston Wei Dou; University of Pennsylvania
Yan Ji; Hong Kong University of Science and Technology
David Reibstein; University of Pennsylvania
Wei Wu; Texas A&M University
   presented by: Winston Wei Dou, University of Pennsylvania
   Discussant:   Leena Rudanko, Federal Reserve Bank of Philadelphia
 

Adapting to Radical Change: The Benefits of Short-Horizon Investors
By Mariassunta Giannetti; Stockholm School of Economics and CEPR
Xiaoyun Yu; Indiana University
   presented by: Mariassunta Giannetti, Stockholm School of Economics
   Discussant:   Todd Gormley, Washington University in St. Louis
 

Skilled Labor Supply and Corporate Investment: Evidence from the H-1B Visa Program
By Sheng-Jun Xu; University of British Columbia
   presented by: Sheng-Jun Xu, University of British Columbia
   Discussant:   William Mann, UCLA
 

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath
By Antonio Falato; Federal Reserve Board
Giovanni Favara; Federal Reserve Board
David Scharfstein; Harvard University
   presented by: Antonio Falato, Federal Reserve Board
   Discussant:   Amir Kermani, University of California, Berkeley
 
Session: Entrepreneurial Finance / Venture Capital
January 6, 2018 14:30 to 16:30
Regency C1
 
Session Chair: Arthur Korteweg, University of Southern California
Session type: invited
 

The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship
By Kyle Herkenhoff; University of Minnesota
Gordon Phillips; Dartmouth College
Ethan Cohen-Cole; Alvarez and Marsal
   presented by: Kyle Herkenhoff, University of Minnesota
   Discussant:   Josh Lerner, Harvard University
 

Measuring Institutional Investors’ Skill from Their Investments in Private Equity
By Daniel Cavagnaro; California State University, Fullerton
Berk Sensoy; Ohio State University
Yingdi Wang; California State University, Fullerton
Michael Weisbach; Ohio State University
   presented by: Yingdi Wang, California State University, Fullerton
   Discussant:   Morten Sorensen, Copenhagen Business School
 

Volatility and Venture Capital
By Ryan Peters; University of Pennsylvania
   presented by: Ryan Peters, University of Pennsylvania
   Discussant:   Will Gornall, University of British Columbia
 

Can Access to Capital Explain the Entrepreneurship Gender Gap?
By Michael Ewens; California Institute of Technology
Richard Townsend; University of California, San Diego
   presented by: Michael Ewens, California Institute of Technology
   Discussant:   Tania Babina, Columbia University
 
Session: Information Frictions in Financial Markets
January 6, 2018 14:30 to 16:30
Regency C2
 
Session Chair: Victoria Vanasco, Stanford University
Session type: invited
 

Delegated Learning in Asset Management
By Michael Sockin; University of Texas at Austin
Mindy Z. Xiaolan; University of Texas at Austin
   presented by: Michael Sockin, University of Texas at Austin
   Discussant:   Giorgia Piacentino, Washington University in St. Louis
 

The Effect of Diversification on Price Informativeness and Governance
By Alex Edmans; London Business School
Doron Levit; University of Pennsylvania
Devin Reilly; Analysis Group
   presented by: Alex Edmans, London Business School
   Discussant:   Gilles Chemla, Imperial College Business School
 

When Words Speak Louder Without Actions
By Doron Levit; University of Pennsylvania
   presented by: Doron Levit, University of Pennsylvania
   Discussant:   Sergei Kovbasyuk, Einaudi Institute for Economics and Finance
 

Inside and Outside Information
By Daniel Quigley; University of Oxford
Ansgar Walther; University of Warwick
   presented by: Daniel Quigley, University of Oxford
   Discussant:   Nadya Malenko, Boston College
 
Session: Information Transmission and Trading: Empirical
January 6, 2018 14:30 to 16:30
Commonwealth C
 
Session Chair: Vyacheslav Fos, Boston College
Session type: invited
 

IQ from IP: Simplifying Search in Portfolio Choice
By Huaizhi Chen; Harvard Business School
Lauren Cohen; Harvard Business School
Umit Gurun; University of Texas-Dallas
Dong Lou; London School of Economics
Christopher Malloy; Harvard Business School
   presented by: Lauren Cohen, Harvard Business School
   Discussant:   Kenneth Ahern, University of Southern California
 

When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly?
By Paul Calluzzo; Queen's University
Fabio Moneta; Queen's University
Selim Topaloglu; Queen's University
   presented by: Selim Topaloglu, Queen's University
   Discussant:   David McLean, Georgetown University
 

Show Us Your Shorts!
By Bige Kahraman; University of Oxford
Salil Pachare; Securities and Exchange Commission
   presented by: Bige Kahraman, University of Oxford
   Discussant:   Charles Jones, Columbia University
 

Inside Brokers
By Weikai Li; Singapore Management University
Abhiroop Mukherjee; Hong Kong University of Science and Technology
Rik Sen; University of New South Wales
   presented by: Weikai Li, Singapore Management University
   Discussant:   Brad Barber, University of California, Davis
 
Session: Innovations in Hedge Funds
January 6, 2018 14:30 to 16:30
Commonwealth A1
 
Session Chair: Mila Getmansky Sherman, University of Massachusetts-Amherst
Session type: invited
 

Dollars Versus Sense: Investor Demand, Managerial Skill, and Hedge Fund Startups
By Charles Cao; Pennsylvania State University
Grant Farnsworth; Texas Christian University
Hong Zhang; Tsinghua University
   presented by: Grant Farnsworth, Texas Christian University
   Discussant:   Vikas Agarwal, Georgia State University
 

Information Environment, Sophisticated Investors, and Market Efficiency: Evidence from a Natural Experiment
By Yong Chen; Texas A&M University
Bryan Kelly; University of Chicago
Wei Wu; Texas A&M University
   presented by: Yong Chen, Texas A&M University
   Discussant:   Andrew Lo, Massachusetts Institute of Technology
 

Upside Potential of Hedge Funds as a Predictor of Future Performance
By Turan Bali; Georgetown University
Stephen Brown; Monash University
Mustafa Caglayan; Florida International University
   presented by: Mustafa Caglayan, Florida International University
   Discussant:   Bing Liang, University of Massachusetts-Amherst
 

Properly Backing Out the Bad, Bad! Backfill Bias
By Philippe Jorion; University of California, Irvine
Chris Schwarz; University of California, Irvine
   presented by: Chris Schwarz, University of California, Irvine
   Discussant:   David Hsieh, Duke University
 
Session: Payout Policy
January 6, 2018 14:30 to 16:30
Commonwealth A2
 
Session Chair: Joan Farre-Mensa, Cornerstone Research
Session type: invited
 

Do Dividends Convey Information About Future Earnings?
By Charles Ham; Washington University in St. Louis
Zachary Kaplan; Washington University in St. Louis
Mark Leary; Washington University in St. Louis
   presented by: Mark Leary, Washington University in St. Louis
   Discussant:   Gustavo Grullon, Rice University
 

What is Revealed When Firms Repurchase Against Short Selling?
By Leonce Bargeron; University of Kentucky
Alice Bonaime; University of Arizona
   presented by: Alice Bonaime, University of Arizona
   Discussant:   Ekkehart Boehmer, Singapore Management University
 

The Dark-Side of Banks' Nonbank Business: Internal Dividends in Bank Holding Companies
By Jonathan Pogach; Federal Deposit Insurance Corporation
Haluk Unal; University of Maryland
   presented by: Jonathan Pogach, Federal Deposit Insurance Corporation
   Discussant:   Gustavo Suarez, Federal Reserve Board
 
Session: Bank Competition and Supply of Credit
January 7, 2018 8:00 to 10:00
Regency C1
 
Session Chair: Manuel Adelino, Duke University
Session type: invited
 

Competing for Deal Flow in Mortgage Markets
By Darren Aiello; University of California, Los Angeles
Mark Garmaise; University of California, Los Angeles
Gabriel Natividad; Universidad de Piura
   presented by: Mark Garmaise, University of California, Los Angeles
   Discussant:   Itzhak Ben-David, Ohio State University and NBER
 

Credit Supply Shocks, Consumer Borrowing and Bank Competitive Response: Evidence from Credit Card Markets
By Sergio Correia; Federal Reserve Board
   presented by: Sergio Correia, Federal Reserve Board
   Discussant:   Daniel Paravisini, London School of Economics
 

Shock Propagation and Banking Structure
By Mariassunta Giannetti; Stockholm School of Economics
Farzad Saidi; Stockholm School of Economics
   presented by: Farzad Saidi, Stockholm School of Economics
   Discussant:   Philipp Schnabl, New York University
 
Session: Physics and Financial Economics: New Transfers and New Relations
January 7, 2018 8:00 to 10:00
Howe
 
Session Chair: Christophe Schinckus, RMIT University Vietnam
Session type: invited
 

Where Does Econophysics fit in the Complexity Revolution?
By David Colander; middlebury college
   presented by: David Colander, middlebury college
   Discussant:   Alan Kirman, University of Aix-Marseille
 

Agent-based Modeling’s Open Methodology Approach: Simulation, Reflexivity, and Abduction
By John Davis; Marquette University and University of Amsterdam
   presented by: John Davis, Marquette University and University of Amsterdam
   Discussant:   Marcel Boumans, University of Utrecht
 

Econophysics, Ergodicity, and the History of Economic Theory
By Geoffrey Poitras; Simon Fraser University
   presented by: Geoffrey Poitras, Simon Fraser University
   Discussant:   Emmanuel Haven, University of Leicester
 

When Financial Economics Influences Physics: The Case of Econophysics
By Franck Jovanovic; TELUQ University
Rosario Mantegna; Palermo University
Christophe Schinckus; RMIT University Vietnam
   presented by: Franck Jovanovic, TELUQ University
   Discussant:   Xavier Gabaix, Harvard University
 
Session: Capital Structure
January 7, 2018 8:00 to 10:00
Commonwealth D
 
Session Chair: Konstantin Milbradt, Northwestern University
Session type: invited
 

Government Debt and Corporate Leverage: International Evidence
By Irem Demirci; Nova School of Business and Economics
Jennifer Huang; Cheung Kong Graduate School of Business
Clemens Sialm; University of Texas at Austin and NBER
   presented by: Clemens Sialm, University of Texas at Austin and NBER
   Discussant:   Adi Sunderam, Harvard University
 

Macroeconomic Risk and Idiosyncratic Risk-Taking
By Zhiyao Chen; Chinese University of Hong Kong
Ilya Strebulaev; Stanford University
   presented by: Zhiyao Chen, Chinese University of Hong Kong
   Discussant:   Erik Loualiche, Massachusetts Institute of Technology
 

A Theory of Multi-Period Debt Structure
By Chong Huang; University of California, Irvine
Martin Oehmke; London School of Economics
Hongda Zhong; London School of Economics
   presented by: Hongda Zhong, London School of Economics
   Discussant:   Jesse Davis, University of North Carolina-Chapel Hill
 
Session: Finance and Development
January 7, 2018 8:00 to 10:00
Commonwealth A2
 
Session Chair: Emily Breza, Harvard University
Session type: invited
 

Rise of Bank Competition: Evidence from Banking Deregulation in China
By Haoyu Gao; Central University of Finance and Economics
Hong Ru; Nanyang Technological University
Robert Townsend; Massachusetts Institute of Technology
Xiaoguang Yang; University of Chinese Academy of Sciences
   presented by: Hong Ru, Nanyang Technological University
   Discussant:   Sumit Agarwal, Georgetown University
 

Creditor Rights, Threat of Liquidation, and Labor-Capital Choice of Firms
By Shashwat Alok; Indian School of Business
Ritam Chaurey; Binghamton University
Vasudha Nukala; Indian School of Business
   presented by: Ritam Chaurey, Binghamton University
   Discussant:   Martin Kanz, The World Bank
 

Bank Deposits and Liquidity Regulation: Evidence from Ethiopia
By Nicola Limodio; Bocconi University
Francesco Strobbe; World Bank
   presented by: Nicola Limodio, Bocconi University
   Discussant:   Janis Skrastins, Washington University in St. Louis
 
Session: Real Estate Finance
January 7, 2018 8:00 to 10:00
Loews Philadelphia, Washington C
 
Session Chair: Rodney Ramcharan, University of Southern California
Session type: invited
 

Pockets of Poverty: The Long-Term Effects of Redlining
By Ian Appel; Boston College
Jordan Nickerson; Boston College
   presented by: Ian Appel, Boston College
   Discussant:   Elliot Anenberg, Federal Reserve Board
 

Identifying the Benefits from Home Ownership: A Swedish Experiment
By Paolo Sodini; Stockholm School of Economics
Stijn Van Nieuwerburgh; New York University
Roine Vestman; Stockholm University
Ulf von Lilienfeld-Toal; University of Luxembourg
   presented by: Roine Vestman, Stockholm University
   Discussant:   Alberto Rossi, University of Maryland
 

An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts
By Tomasz Piskorski; Columbia University
Alexei Tchistyi; University of Illinois
   presented by: Alexei Tchistyi, University of Illinois
   Discussant:   Adriano Rampini, Duke University
 

Competition, Regulation and Non-Traditional Mortgages
By Arthur Acolin; University of Southern California
Xudong An; Federal Reserve Bank of Philadelphia
Susan Wachter; university of pennsylvania
   presented by: Arthur Acolin, University of Southern California
   Discussant:   John Mondragon, Northwestern University
 
Session: Shareholder Heterogeneity and Corporate Governance
January 7, 2018 8:00 to 10:00
Commonwealth B
 
Session Chair: Martin Schmalz, University of Michigan
Session type: invited
 

Effects of Common Ownership on Customer-Supplier Relationships
By Kayla Freeman; Indiana University
   presented by: Kayla Freeman, Indiana University
   Discussant:   Charles Hadlock, Michigan State University
 

Institutional Investors and Hedge Fund Activism
By Simi Kedia; Rutgers University
Laura Starks; University of Texas at Austin
Xianjue Wang; Rutgers University
   presented by: Simi Kedia, Rutgers University
   Discussant:   Nickolay Gantchev, University of North Carolina-Chapel Hill
 

Blockholder Voting
By Heski Bar-Isaac; University of Toronto
Joel Shapiro; University of Oxford
   presented by: Joel Shapiro, University of Oxford
   Discussant:   Ernst Maug, University of Mannheim
 

Free-riders and Underdogs: Participation in Corporate Voting
By Dragana Cvijanovic; University of North Carolina-Chapel Hill
Moqi Groen-Xu; London School of Economics
Konstantinos Zachariadis; Queen Mary University of London
   presented by: Konstantinos Zachariadis, Queen Mary University of London
   Discussant:   Nadya Malenko, Boston College
 
Session: Social Influence and Networks
January 7, 2018 8:00 to 10:00
Commonwealth A1
 
Session Chair: Marina Niessner, Yale University
Session type: invited
 

Why Does Portfolio Choice Correlate across Generations?
By Samuli Knüpfer; BI Norwegian Business School
Elias Rantapuska; Aalto University
Matti Sarvimäki; Aalto University
   presented by: Samuli Knüpfer, BI Norwegian Business School
   Discussant:   Juhani Linnainmaa, University of Southern California
 

Keeping Up with the Ponzis
By Ville Rantala; University of Miami
   presented by: Ville Rantala, University of Miami
   Discussant:   Florian Ederer, Yale University
 

Tear Down This Wall Street: Anti-market Rhetoric and Investment
By Francesco D'Acunto; University of Maryland
   presented by: Francesco D'Acunto, University of Maryland
   Discussant:   Cary Frydman, University of Southern California
 
Session: Taming and Explaining Anomalies
January 7, 2018 8:00 to 10:00
Commonwealth C
 
Session Chair: Jules van Binsbergen, University of Pennsylvania
Session type: invited
 

The Lost Capital Asset Pricing Model
By Daniel Andrei; University of California, Los Angeles
Julien Cujean; University of Maryland
Mungo Wilson; University of Oxford
   presented by: Julien Cujean, University of Maryland
   Discussant:   Laura Veldkamp, New York University
 

The Relation Between Idiosyncratic Volatility and Expected Returns: A Statistical Artifact of Temporary Changes in Idiosyncratic Volatility
By Hongyan Li; Virginia Tech
Raman Kumar; Virginia Tech
   presented by: Hongyan Li, Virginia Tech
   Discussant:   Christopher Polk, London School of Economocs
 

Taming the Factor Zoo
By Guanhao Feng; University of Chicago
Stefano Giglio; University of Chicago
Dacheng Xiu; University of Chicago
   presented by: Stefano Giglio, University of Chicago
   Discussant:   Victor Chernozhukov, Massachusetts Institute of Technology
 

Term Structure of Recession Probabilities and the Cross Section of Asset Returns
By Ti Zhou; Southern University of Science and Technology
   presented by: Ti Zhou, Southern University of Science and Technology
   Discussant:   Ralph Koijen, New York University
 
Session: Volatility and Tail Risk
January 7, 2018 8:00 to 10:00
Regency C2
 
Session Chair: Nicola Fusari, Johns Hopkins University
Session type: invited
 

Crash Beliefs from Investor Surveys
By William Goetzmann; Yale University
Dasol Kim; U.S. Office of Financial Research
Robert Shiller; Yale University
   presented by: Dasol Kim, U.S. Office of Financial Research
   Discussant:   Asaf Manela, Washington University in St. Louis
 

A Hidden Markov Model of Leverage Dynamics, Tail Risk, and Value-Momentum Correlation
By Kent Daniel; Columbia University and NBER
Ravi Jagannathan; Kellogg School of Management, Northwestern University, and NBER, ISB, SAIF
Soohun Kim; Georgia Institute of Technology
   presented by: Kent Daniel, Columbia University and NBER
   Discussant:   Tyler Muir, University of California, Los Angeles
 

Credit-Implied Volatility
By Gerardo Manzo; Two Sigma Investments
Bryan Kelly; University of Chicago
Diogo Palhares; AQR Capital Management
   presented by: Gerardo Manzo, Two Sigma Investments
   Discussant:   Kris Jacobs, University of Houston
 

A Theory of Dissimilarity Between Stochastic Discount Factors
By Gurdip Bakshi; University of Maryland
Xiaohui Gao Bakshi; University of Maryland
George Panayotov; Hong Kong University of Science and Technology
   presented by: Gurdip Bakshi, University of Maryland
   Discussant:   Jaroslav Borovicka, New York University
 
Session: Asset Pricing: What We Can Learn From Derivatives
January 7, 2018 10:15 to 12:15
Commonwealth A1
 
Session Chair: Travis Johnson, University of Texas at Austin
Session type: invited
 

Is There a Risk Premium in the Stock Lending Market? Evidence from Equity Options
By Dmitriy Muravyev; Boston College
Neil Pearson; University of Illinois at Urbana-Champaign
Joshua Pollet; University of Illinois at Urbana-Champaign
   presented by: Dmitriy Muravyev, Boston College
   Discussant:   Adam Reed, University of North Carolina-Chapel Hill
 

Does the Ross Recovery Theorem Work Empirically?
By Jens Jackwerth; University of Konstanz
Marco Menner; University of Konstanz
   presented by: Marco Menner, University of Konstanz
   Discussant:   Bjorn Eraker, University of Wisconsin - Madison
 

Margin Requirements and Equity Option Returns
By Steffen Hitzemann; Rutgers Business School
Michael Hofmann; Karlsruhe Institute of Technology
Marliese Uhrig-Homburg; Karlsruhe Institute of Technology
Christian Wagner; Copenhagen Business School
   presented by: Michael Hofmann, Karlsruhe Institute of Technology
   Discussant:   Robert Battalio, University of Notre Dame
 
Session: Behavioral Finance: Investor Behavior
January 7, 2018 10:15 to 12:15
Commonwealth B
 
Session Chair: Lu Zheng, University of California, Irvine
Session type: invited
 

Stock Market Anomalies and Baseball Cards
By Joseph Engelberg; University of California, San Diego
Linh Le; University of South Florida
Jared Williams; University of South Florida
   presented by: Jared Williams, University of South Florida
   Discussant:   Jeffrey Wurgler, New York University
 

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?
By Jie Li; INSEAD
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
   presented by: Jie Li, INSEAD
   Discussant:   Veronika Pool, Indiana University
 

Daily Winners and Losers
By Alok Kumar; University of Miami
Stefan Ruenzi; University of Mannheim
Michael Ungeheuer; University of Mannheim
   presented by: Michael Ungeheuer, Aalto University
   Discussant:   Xiaoyan Zhang, Purdue University
 
Session: Corporate Governance
January 7, 2018 10:15 to 12:15
Regency A
 
Session Chair: Doron Levit, University of Pennsylvania
Session type: invited
 

CEO Power and Board Dynamics
By John Graham; Duke University
Hyunseob Kim; Cornell University
Mark Leary; Washington University in St. Louis
   presented by: Hyunseob Kim, Cornell University
   Discussant:   Dirk Jenter, London School of Economics
 

How are Shareholder Votes and Trades Related?
By Sophia Zhengzi Li; Michigan State University and Rutgers University
Nadya Malenko; Boston College
Miriam Schwartz-Ziv; Michigan State University
   presented by: Miriam Schwartz-Ziv, Michigan State University
   Discussant:   Amil Dasgupta, London School of Economics
 

Insider Activism
By Jonathan Cohn; University of Texas at Austin
Mitch Towner; University of Arizona
Aazam Virani; University of Arizona
   presented by: Mitch Towner, University of Arizona
   Discussant:   Nickolay Gantchev, University of North Carolina-Chapel Hill
 

Blockholders Diversity: Effect of Polyphony on the Power of Monitoring
By Kate Volkova; Cornell University
   presented by: Ekaterina Volkova, Cornell University
   Discussant:   Alan Crane, Rice University
 
Session: Corporate Liquidity
January 7, 2018 10:15 to 12:15
Commonwealth C
 
Session Chair: Michael Roberts, University of Pennsylvania
Session type: invited
 

The Interest Sensitivity of Corporate Cash
By Xiaodan Gao; National University of Singapore
Toni Whited; University of Michigan
Na Zhang; Fudan Unviersity
   presented by: Toni Whited, University of Michigan
   Discussant:   Joao Gomes, University of Pennsylvania
 

Firm Selection and Corporate Cash Holdings
By Juliane Begenau; Harvard Business School
Berardino Palazzo; Boston University
   presented by: Berardino Palazzo, Boston University
   Discussant:   Sheridan Titman, University of Texas at Austin
 

Funding Liquidity without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt
By Felipe Restrepo; Western University
Philip Strahan; Boston College
Lina Cardona; Banco de la República
   presented by: Felipe Restrepo, Western University
   Discussant:   Mitchell Petersen, Northwestern University
 
Session: Financial Crises and Transmission of Shocks
January 7, 2018 10:15 to 12:15
Regency C1
 
Session Chair: Tyler Muir, University of California, Los Angeles
Session type: invited
 

Asset Price Bubbles and Systemic Risk
By Markus Brunnermeier; Princeton University
Simon Rother; University of Bonn
Isabel Schnabel; University of Bonn
   presented by: Simon Rother, University of Bonn
   Discussant:   Alan Moreira, Yale University
 

Whatever it takes: The Real Effects of Unconventional Monetary Policy
By Viral Acharya; New York University, CEPR, and NBER
Tim Eisert; Erasmus University Rotterdam
Christian Eufinger; IESE
Christian Hirsch; Goethe University Frankfurt
   presented by: Tim Eisert, Erasmus University Rotterdam
   Discussant:   Marco Di Maggio, Harvard Business School & NBER
 

Cross-Border Bank Flows and Systemic Risk
By Andrew Karolyi; Cornell University
John Sedunov; Villanova University
Alvaro Taboada; Mississippi State University
   presented by: John Sedunov, Villanova University
   Discussant:   Yao Zeng, University of Washington
 
Session: Financial Distress and Bankruptcy
January 7, 2018 10:15 to 12:15
Loews Philadelphia, Lescaze
 
Session Chair: Kose John, New York University
Session type: invited
 

Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship
By Tania Babina; Columbia University
   presented by: Tania Babina, Columbia University
   Discussant:   Katherine Waldock, New York University
 

Selling Innovation in Bankruptcy
By Song Ma; Yale University
Joy Tong; Duke University
Wei Wang; Queen's University
   presented by: Song Ma, Yale School of Management
   Discussant:   Gordon Phillips, Dartmouth College
 

When do Firms Risk Shift? Evidence from Venture Capital
By Matthew Denes; Carnegie Mellon University
   presented by: Matthew Denes, Carnegie Mellon University
   Discussant:   Erik Gilje, University of Pennsylvania
 

Bank Competition and Corporate Bankruptcy
By Mahsa S. Kaviani; Temple University
Hosein Maleki; Temple University
   presented by: Mahsa S. Kaviani, Temple University
   Discussant:   Edith Hotchkiss, Boston College
 
Session: Financial Regulation: Empirics
January 7, 2018 10:15 to 12:15
Commonwealth D
 
Session Chair: Mark Egan, University of Minnesota
Session type: invited
 

Hub-and-Spoke Regulation and Bank Leverage
By Yadav Gopalan; Washington University in St. Louis
Ankit Kalda; Washington University in St. Louis
Asaf Manela; Washington University in St. Louis
   presented by: Ankit Kalda, Washington University in St. Louis
   Discussant:   Paul Goldsmith-Pinkham, Federal Reserve Bank of New York
 

Costs of Rating-Contingent Regulation: Evidence from the Establishment of “Investment Grade”
By Asaf Bernstein; University of Colorado at Boulder
   presented by: Asaf Bernstein, University of Colorado at Boulder
   Discussant:   Darren Kisgen, Boston College
 

Who Should Regulate Investment Advisers?
By Ben Charoenwong; University of Chicago
Alan Kwan; Cornell University
Tarik Umar; Rice University
   presented by: Alan Kwan, Cornell University
   Discussant:   William Gerken, University of Kentucky
 

The Impact of Supervision on Bank Performance
By Beverly Hirtle; Federal Reserve Bank of New York
Anna Kovner; Federal Reserve Bank of New York
Matthew Plosser; Federal Reserve Bank of New York
   presented by: Matthew Plosser, Federal Reserve Bank of New York
   Discussant:   Stefan Lewellen, London Business School
 
Session: Portfolio Choice and Asset Allocation of Households and Long-Term Investors
January 7, 2018 10:15 to 12:15
Regency C2
 
Session Chair: Thomas Gilbert, University of Washington
Session type: invited
 

Equilibrium Wealth Share Dynamics
By Ravi Bansal; Duke University
Colin Ward; Carlson School of Management, University
Amir Yaron; University of Pennsylvania
   presented by: Colin Ward, University of Minnesota
   Discussant:   Jules van Binsbergen, University of Pennsylvania
 

Global Portfolio Diversification for Long-Horizon Investors
By Luis Viceira; Harvard Business School
Zihuan Wang; Harvard Business School
John Zhou; Harvard University
   presented by: Luis Viceira, Harvard Business School
   Discussant:   Christian Lundblad, University of North Carolina
 

Agency and Portfolio Choice in Public Pension Funds
By I. J. Alexander Dyck; University of Toronto
Paulo Manoel; University of California, Berkeley
Adair Morse; University of California, Berkeley
Lukasz Pomorski; AQR Capital Management, LLC
   presented by: Adair Morse, University of California, Berkeley
   Discussant:   Joshua Rauh, Stanford University
 

Limited Marital Commitment and Household Portfolios
By Jawad Addoum; Cornell University
Howard Kung; London Business School
Gonzalo Morales; University of Alberta
   presented by: Gonzalo Morales, University of Alberta
   Discussant:   Clemens Sialm, University of Texas at Austin and NBER
 
Session: Raising Capital
January 7, 2018 10:15 to 12:15
Commonwealth A2
 
Session Chair: Jean-Noel Barrot, Massachusetts Institute of Technology
Session type: invited
 

The Economics of PIPE Investing
By Jongha Lim; California State University, Fullerton
Michael Schwert; Ohio State University
Michael Weisbach; Ohio State University
   presented by: Michael Schwert, Ohio State University
   Discussant:   Paige Ouimet, University of North Carolina
 

What do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs
By Peter Cziraki; University of Toronto
Evgeny Lyandres; Boston University
Roni Michaely; Cornell Tech
   presented by: Peter Cziraki, University of Toronto
   Discussant:   Lauren Cohen, Harvard Business School
 

Optimal Issuance under Information Asymmetry and Accumulation of Cash Flows
By Pavel Zryumov; University of Pennsylvania
Haoxiang Zhu; Massachusetts Institute of Technology
Ilya Strebulaev; Stanford University
   presented by: Pavel Zryumov, University of Pennsylvania
   Discussant:   Philip Bond, University of Washington
 

Key Investors in IPOs
By David Brown; University of Arizona
Sergei Kovbasyuk; Einaudi Institute for Economics and Fina
   presented by: Sergei Kovbasyuk, Einaudi Institute for Economics and Finance
   Discussant:   Francois Derrien, HEC Paris
 
Session: Behavioral Corporate Finance
January 7, 2018 13:00 to 15:00
Regency C2
 
Session Chair: Camelia Kuhnen, University of North Carolina
Session type: invited
 

Short-Term Investors, Long-Term Investments, and Firm Value
By Martijn Cremers; University of Notre Dame
Ankur Pareek; Rutgers University
Zacharias Sautner; Frankfurt School of Finance and Management
   presented by: Ankur Pareek, Rutgers University
   Discussant:   Pedro Matos, University of Virginia
 

Stock Market Overvaluation, Moon Shots, and Corporate Innovation
By Ming Dong; York University
David Hirshleifer; University of California, Irvine
Siew Hong Teoh; University of California, Irvine
   presented by: Ming Dong, York University
   Discussant:   Noah Stoffman, Indiana University
 

Optimism Propagation
By Torsten Jochem; University of Amsterdam
Florian Peters; University of Amsterdam
   presented by: Florian Peters, University of Amsterdam
   Discussant:   Itzhak Ben-David, Ohio State University and NBER
 
Session: Contracts and Incentives
January 7, 2018 13:00 to 15:00
Regency C1
 
Session Chair: Brett Green, University of California, Berkeley
Session type: invited
 

Only Time Will Tell: A Theory of Deferred Compensation and its Regulation
By Florian Hoffmann; University of Bonn
Roman Inderst; Goethe University Frankfurt
Marcus Opp; University of California, Berkeley
   presented by: Marcus Opp, University of California, Berkeley
   Discussant:   Felipe Varas, Duke University
 

Why do We Tenure? Analysis of a Long Standing Risk-Based Explanation
By Jonathan Brogaard; University of Washington
Joseph Engelberg; University of California, San Diego
Edward Van Wesep; University of Colorado at Boulder
   presented by: Edward Van Wesep, University of Colorado at Boulder
   Discussant:   Michael Powell, Northwestern University
 

The Paradox of Pledgeability
By Jason Donaldson; Washington University in St Louis
Denis Gromb; HEC Paris
Giorgia Piacentino; Washington University in St. Louis
   presented by: Denis Gromb, HEC Paris
   Discussant:   Hongda Zhong, London School of Economics
 
Session: Finance and Product Market Competition
January 7, 2018 13:00 to 15:00
Commonwealth A1
 
Session Chair: Jose Azar, IESE Business School
Session type: invited
 

Anti-Collusion Enforcement: Justice for Consumers and Equity for Firms
By Sudipto Dasgupta; Lancaster University
Alminas Zaldokas; Hong Kong University of Science and Technology
   presented by: Alminas Zaldokas, Hong Kong University of Science and Technology
   Discussant:   Judith Chevalier, Yale University
 

Ownership, Governance and Investment
By German Gutierrez; New York University
Thomas Philippon; New York University
   presented by: German Gutierrez, New York University
   Discussant:   Mireia Gine, University of Navarra & Wharton WRDS
 

Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment in the Airline Industry
By Sehoon Kim; University of Florida
   presented by: Sehoon Kim, University of Florida
   Discussant:   Nancy Rose, Massachusetts Institute of Technology
 
Session: Liquidity: Theoretical Models
January 7, 2018 13:00 to 15:00
Commonwealth B
 
Session Chair: Hengjie Ai, University of Minnesota
Session type: invited
 

A Theory of Liquidity Spillover Between Bond and CDS Markets
By Batchimeg Sambalaibat; Indiana University
   presented by: Batchimeg Sambalaibat, Indiana University
   Discussant:   Pierre-Olivier Weill, University of California, Los Angeles
 

Pricing and Liquidity in Decentralized Asset Markets
By Semih Üslü; Johns Hopkins University
   presented by: Semih Üslü, Johns Hopkins University
   Discussant:   Ana Babus, Federal Reserve Bank of Chicago
 

Hedge Funds, Signaling, and Optimal Lockups
By Juhani Linnainmaa; University of Southern California
Alan Moreira; Yale University
   presented by: Alan Moreira, Yale University
   Discussant:   Hong Liu, Washington University in St. Louis
 

ETF Arbitrage under Liquidity Mismatch
By Kevin Pan; Harvard University
Yao Zeng; University of Washington
   presented by: Yao Zeng, University of Washington
   Discussant:   Haoxiang Zhu, Massachusetts Institute of Technology
 
Session: Market Microstructure: New Tools and New Markets
January 7, 2018 13:00 to 15:00
Commonwealth D
 
Session Chair: Brian Weller, Duke University
Session type: invited
 

Tracking Retail Investor Activity
By Ekkehart Boehmer; Singapore Management University
Charles Jones; Columbia University
Xiaoyan Zhang; Purdue University
   presented by: Xiaoyan Zhang, Purdue University
   Discussant:   Katya Malinova, University of Toronto
 

High-Frequency Cross-Market Trading: Model Free Measurement and Applications
By Ernst Schaumburg; AQR Capital Management, LLC
Dobrislav Dobrev; Federal Reserve Board of Governors
   presented by: Ernst Schaumburg, AQR Capital Management, LLC
   Discussant:   Clara Vega, Federal Reserve Board
 

The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets
By Haoming Chen; University of New South Wales
Sean Foley; University of Sydney
Michael Goldstein; Babson College
Thomas Ruf; University of New South Wales
   presented by: Thomas Ruf, University of New South Wales
   Discussant:   Joshua Mollner, Northwestern University
 
Session: Politics, Policy and Asset Prices
January 7, 2018 13:00 to 15:00
Commonwealth A2
 
Session Chair: Sophie Shive, University of Notre Dame
Session type: invited
 

Political Cycles and Stock Returns
By Lubos Pastor; University of Chicago
Pietro Veronesi; University of Chicago
   presented by: Lubos Pastor, University of Chicago
   Discussant:   Anna Pavlova, London Business School
 

Quantitative Easing in the Euro Area: The Impact on Risk Exposures and Asset Prices
By Ralph Koijen; New York University
Francois Koulischer; Banque de France
Motohiro Yogo; Princeton University
   presented by: Ralph Koijen, New York University
   Discussant:   Christian Lundblad, University of North Carolina
 

Following the Money: Evidence for Portfolio Balance Channel of Quantitative Easing
By Itay Goldstein; University of Pennsylvania
Jonathan Witmer; Bank of Canada
Jing Yang; Bank of Canada
   presented by: Jing Yang, Bank of Canada
   Discussant:   Russ Wermers, University of Maryland
 

Regulating Information
By Andrew Bird; Carnegie Mellon University
Stephen Karolyi; Carnegie Mellon University
Thomas Ruchti; Carnegie Mellon University
   presented by: Andrew Bird, Carnegie Mellon University
   Discussant:   Laura Veldkamp, New York University
 
Session: The Causes and Consequences of Household Borrowing
January 7, 2018 13:00 to 15:00
Commonwealth C
 
Session Chair: Brian Melzer, Northwestern University
Session type: invited
 

Import Competition and Household Debt
By Jean-Noel Barrot; Massachusetts Institute of Technology
Erik Loualiche; Massachusetts Institute of Technology
Matthew Plosser; Federal Reserve Bank of New York
Julien Sauvagnat; Bocconi University
   presented by: Julien Sauvagnat, Bocconi University
   Discussant:   Benjamin Keys, University of Pennsylvania
 

Fiscal Stimulus and Consumer Debt
By Yuliya Demyanyk; Federal Reserve Bank of Cleveland
Elena Loutskina; University of Virginia
Daniel Murphy; University of Virginia
   presented by: Yuliya Demyanyk, Federal Reserve Bank of Cleveland
   Discussant:   Eric Zwick, University of Chicago
 

Debt and Human Capital: Evidence from Student Loans
By Vyacheslav Fos; Boston College
Andres Liberman; New York University
Constantine Yannelis; Stanford University
   presented by: Andres Liberman, New York University
   Discussant:   Will Dobbie, Princeton University
 

House Prices, Mortgage Debt and Labor Mobility
By Radhakrishnan Gopalan; Washington University in St. Louis
Barton Hamilton; Washington University in St. Louis
Ankit Kalda; Washington University in St. Louis
David Sovich; Washington University in St. Louis
   presented by: Radhakrishnan Gopalan, Washington University in St. Louis
   Discussant:   Andreas Fuster, Federal Reserve Bank of New York

This program was last updated on 2017-11-17 11:09:51 EDT