American Finance Association 2019 Annual Meeting

Atlanta, Georgia

 

Summary of All Sessions

Date/TimeLocationTypeTitlePapers
January 4, 2019
8:00-10:00
Hilton Atlanta, Room 205-206-207 invited Asset Pricing Anomalies3
January 4, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom A invited Asset Pricing: Implications of Financial Constraints4
January 4, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom B invited Behavioral Corporate Finance4
January 4, 2019
8:00-10:00
Hilton Atlanta, Room 212-213-214 invited Capital Structure (Leverage)3
January 4, 2019
8:00-10:00
Hilton Atlanta, Room 209-210-211 invited Insiders and Incentives3
January 4, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom C invited Mergers and Acquisitions4
January 4, 2019
8:00-10:00
Hilton Atlanta, Salon West invited Risk and Return in Financial Intermediation3
January 4, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom D invited The Role of Media in Finance4
January 4, 2019
10:15-12:15
Hilton Atlanta, Salon West panel AFA Panel: Blockchain: Myth and Reality0
January 4, 2019
10:15-12:15
Hilton Atlanta, Room 205-206-207 invited Contracts and Incentives4
January 4, 2019
10:15-12:15
Hilton Atlanta, Room 212-213-214 invited Households and Portfolio Choice4
January 4, 2019
10:15-12:15
Hilton Atlanta, Room 209-210-211 invited Macroprudential Policy and Financial Stability3
January 4, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom A invited Market Mispricing: Extrapolation, Speculation, and Disclosure4
January 4, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom B invited Mortgages3
January 4, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom C invited Non-Bank Lending Behavior4
January 4, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom D invited Selecting Mutual Funds4
January 4, 2019
14:30-16:30
Hilton Atlanta, Salon West panel AFA Panel: New Datasets and Methods in Finance Research0
January 4, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom C invited Bank Lending and Firm Financing3
January 4, 2019
14:30-16:30
Hilton Atlanta, Room 205-206-207 invited Finance and Development3
January 4, 2019
14:30-16:30
Hilton Atlanta, Room 209-210-211 invited Financial Institutions3
January 4, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom D invited Fixed Income and Credit Risk4
January 4, 2019
14:30-16:30
Hilton Atlanta, Room 212-213-214 invited Information and Competition in Banking4
January 4, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom A invited Information and Disclosure4
January 4, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom B invited The Relation Between Expected Returns and Betas3
January 5, 2019
8:00-10:00
Hilton Atlanta, Salon West panel AFA Panel: Making the World a Better Place: Innovations in Financial Inclusion, Literacy, and Development0
January 5, 2019
8:00-10:00
Hilton Atlanta, Room 209-210-211 invited Analysts, News, Media and Market Sentiment4
January 5, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom D invited Barriers to Boardrooms3
January 5, 2019
8:00-10:00
Hilton Atlanta, Room 205-206-207 invited Corporate Borrowing3
January 5, 2019
8:00-10:00
Hilton Atlanta, Room 212-213-214 invited How Networks Impact Stock Returns3
January 5, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom A invited Macro Finance4
January 5, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom B invited New Perspectives on Risk4
January 5, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom C invited Payout3
January 5, 2019
10:15-12:15
Hilton Atlanta, Salon West panel AFA Panel: FinTech and Money in the Digital Age0
January 5, 2019
10:15-12:15
Hilton Atlanta, Room 205-206-207 invited Expectations in Household Finance4
January 5, 2019
10:15-12:15
Hilton Atlanta, Room 209-210-211 invited Investors and Firm Market Power: Does the Source of Capital Matter? 3
January 5, 2019
10:15-12:15
Hilton Atlanta, Room 212-213-214 invited Mutual Fund Flows3
January 5, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom C invited Policy and Regulatory Issues4
January 5, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom A invited R&D, Patents, and the Future of Innovation3
January 5, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom B invited Subtle Influences on the Cost of Debt3
January 5, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom D invited Topics in Return Dynamics4
January 5, 2019
14:30-16:30
Hilton Atlanta, Salon West panel AFA Lecture: What Makes Financial Networks Special? Understanding and Evaluating Systemic Risk0
January 5, 2019
14:30-16:30
Hilton Atlanta, Room 205-206-207 invited Financial Crises and Transmission of Shocks4
January 5, 2019
14:30-16:30
Hilton Atlanta, Room 209-210-211 invited FinTech Applications in Credit and Asset Markets4
January 5, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom A invited Investor Psychology3
January 5, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom B invited Monitoring by Shareholders and Directors4
January 5, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom C invited Mutual Funds and Beyond4
January 5, 2019
14:30-16:30
Hilton Atlanta, Grand Ballroom D invited Social Corporate Finance4
January 5, 2019
14:30-16:30
Hilton Atlanta, Room 212-213-214 invited Trading in Modern Markets4
January 6, 2019
8:00-10:00
Hilton Atlanta, Room 205-206-207 invited Contracts and Complexity3
January 6, 2019
8:00-10:00
Hilton Atlanta, Room 209-210-211 invited Corporate Governance: Creditor and Shareholder Monitoring4
January 6, 2019
8:00-10:00
Hilton Atlanta, Room 212-213-214 invited Disclosure, Regulation, and Banking4
January 6, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom A invited Finance and Resource Allocation over Space and Time4
January 6, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom B invited Hedge Funds3
January 6, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom C invited International Finance 3
January 6, 2019
8:00-10:00
Hilton Atlanta, Grand Ballroom D invited Labor and Investment4
January 6, 2019
8:00-10:00
Hilton Atlanta, Salon West invited Market Risk Factors4
January 6, 2019
10:15-12:15
Hilton Atlanta, Salon West invited Blockchain and Cryptocurrencies3
January 6, 2019
10:15-12:15
Hilton Atlanta, Room 205-206-207 invited Corporate Culture4
January 6, 2019
10:15-12:15
Hilton Atlanta, Room 209-210-211 invited Derivatives4
January 6, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom A invited Entrepreneurial Finance/Venture Capital4
January 6, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom B invited Exchange Rates3
January 6, 2019
10:15-12:15
Hilton Atlanta, Room 203 invited Financial Distress and Resolution4
January 6, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom C invited Information Frictions and Asset Prices4
January 6, 2019
10:15-12:15
Hilton Atlanta, Grand Ballroom D invited New Methods for the Cross Section of Expected Returns4
January 6, 2019
10:15-12:15
Hilton Atlanta, Room 212-213-214 invited Role of Regulators and Supervisors in Regulation3
January 6, 2019
13:00-15:00
Hilton Atlanta, Room 212-213-214 invited Active and Passive Investors4
January 6, 2019
13:00-15:00
Hilton Atlanta, Grand Ballroom B invited Asset Pricing: Stock Markets3
January 6, 2019
13:00-15:00
Hilton Atlanta, Room 205-206-207 invited Corporate Bonds and Derivatives3
January 6, 2019
13:00-15:00
Hilton Atlanta, Room 209-210-211 invited Empirical Compensation and Incentives4
January 6, 2019
13:00-15:00
Hilton Atlanta, Grand Ballroom A invited Financial Advisors and Financial Advice3
January 6, 2019
13:00-15:00
Hilton Atlanta, Grand Ballroom C invited Information and Trading in Financial Markets4
January 6, 2019
13:00-15:00
Hilton Atlanta, Grand Ballroom D invited Mispricing4
 

72 sessions, 240 papers, and 15 presentations with no associated papers


 

American Finance Association 2019 Annual Meeting

Detailed List of Sessions

  
 
Session: Asset Pricing Anomalies
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Room 205-206-207
 
Session Chair: Joseph Engelberg, University of California, San Diego
Session type: invited
 

Mispricing Premia
By Todd Hazelkorn; AQR Capital Management
Tobias Moskowitz; Yale University
Kaushik Vasudevan; Yale University
   presented by: Kaushik Vasudevan, Yale University
   Discussant:   Christopher Polk, London School of Economics
 

What You See is Not What You Get:The Costs of Trading Market Anomalies
By Andrew Patton; Duke University
Brian Weller; Duke University
   presented by: Brian Weller, Duke University
   Discussant:   Andrea Frazzini, AQR Capital Management, LLC
 

Turning Alphas into Betas: Arbitrage and Endogenous Risk
By Thummim Cho; London School of Economics
   presented by: Thummim Cho, London School of Economics
   Discussant:   Kent Daniel, Columbia Univeristy
 
Session: Asset Pricing: Implications of Financial Constraints
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Benjamin Hebert, Stanford University
Session type: invited
 

Do Intermediaries Matter for Aggregate Asset Prices?
By Valentin Haddad; University of California, Los Angeles
Tyler Muir; University of California, Los Angeles
   presented by: Valentin Haddad, University of California, Los Angeles
   Discussant:   Dimitri Vayanos, London School of Economics
 

Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing
By Bruno Biais; Toulouse School of Economics
Johan Hombert; HEC Paris
Pierre-Olivier Weill; University of California, Los Angeles
   presented by: Pierre-Olivier Weill, University of California, Los Angeles
   Discussant:   Zhiguo He, University of Chicago
 

Model-Free International Stochastic Discount Factors
By Paula Mirela Sandulescu; University of Lugano & Swiss Finance Institute
Fabio Trojani; University of Geneva and Swiss Finance Institute
Andrea Vedolin; Boston University
   presented by: Andrea Vedolin, Boston University
   Discussant:   Adrien Verdelhan, Massachusetts Institute of Technology
 

Self-Fulfilling Asset Prices
By Alexander Zentefis; Yale University
   presented by: Alexander Zentefis, Yale University
   Discussant:   Eduardo Davila, New York University
 
Session: Behavioral Corporate Finance
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Geoffrey Tate, University of North Carolina
Session type: invited
 

Limited Attention to Detail in Financial Markets
By Henrik Cronqvist; University of Miami
Tomislav Ladika; University of Amsterdam
Zacharias Sautner; Frankfurt School of Finance and Management
   presented by: Zacharias Sautner, Frankfurt School of Finance and Management
   Discussant:   Jonathan Cohn, University of Texas at Austin
 

What Causes Passive Hedge Funds to Become Activists?
By Marco Elia; Queensland University of Technology
   presented by: Marco Elia, Queensland University of Technology
   Discussant:   Vyacheslav (Slava) Fos, Boston College
 

CAPM-Based Company (Mis)valuations
By Olivier Dessaint; University of Toronto
Jacques Olivier; HEC Paris
Clemens Otto; Singapore Management University
David Thesmar; Massachusetts Institute of Technology
   presented by: Olivier Dessaint, University of Toronto
   Discussant:   Ryan Pratt, Brigham Young University
 

The Effect of Superstar Firms on College Major Choice
By Darwin Choi; The Chinese University of Hong Kong
Dong Lou; London School of Economics
Abhiroop Mukherjee; Hong Kong University of Science and Technology
   presented by: Dong Lou, London School of Economics
   Discussant:   Paige Ouimet, University of North Carolina
 
Session: Capital Structure (Leverage)
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Room 212-213-214
 
Session Chair: Michael Roberts, University of Pennsylvania
Session type: invited
 

Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation
By Samuel Antill; Stanford University
Steven Grenadier; Stanford University
   presented by: Samuel Antill, Stanford University
   Discussant:   Neng Wang, Columbia University
 

Capital Structure and Hedging Demand with Incomplete Markets
By Alberto Bisin; New York University
Gian Luca Clementi; New York University
Piero Gottardi; European University Institute
   presented by: Gian Luca Clementi, New York University
   Discussant:   Joao Gomes, University of Pennsylvania
 

Maturity Premium
By Maria Chaderina; Vienna University of Economics and Business
Patrick Weiss; Vienna University of Economics and Business
Josef Zechner; Vienna University of Economics and Business
   presented by: Patrick Weiss, Vienna University of Economics and Business
   Discussant:   Hui Chen, Massachusetts Institute of Technology
 
Session: Insiders and Incentives
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Room 209-210-211
 
Session Chair: Camelia Kuhnen, University of North Carolina
Session type: invited
 

The Dollar Profits to Insider Trading
By Peter Cziraki; University of Toronto
Jasmin Gider; Tilburg University
   presented by: Peter Cziraki, University of Toronto
   Discussant:   Heather Tookes, Yale University
 

The Long-Term Consequences of Short-Term Incentives
By Alex Edmans; London Business School
Vivian Fang; University of Minnesota
Allen Huang; Hong Kong University of Science and Technology
   presented by: Alex Edmans, London Business School
   Discussant:   Mathias Kronlund, University of Illinois
 

The Real Costs of CEO Compensation: the Effect of Behindness Aversion of Employees
By Ingolf Dittmann; Erasmus University Rotterdam
Christoph Schneider; Tilburg University
Yuhao Zhu; Erasmus University Rotterdam
   presented by: Christoph Schneider, Tilburg University
   Discussant:   Dirk Jenter, London School of Economics
 
Session: Mergers and Acquisitions
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Jun-Koo Kang, Nanyang Business School
Session type: invited
 

M&As and the Value of Control
By Gur Aminadav; London Business School
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
Weikang Zhu; Tsinghua University
   presented by: Weikang Zhu, Tsinghua University
   Discussant:   Mara Faccio, Purdue University
 

Merger Waves and Innovation Cycles: Evidence from Patent Expirations
By Matthew Denes; Carnegie Mellon University
Ran Duchin; University of Washington
Jarrad Harford; University of Washington
   presented by: Matthew Denes, Carnegie Mellon University
   Discussant:   Isil Erel, Ohio State University
 

Product Market Dynamics and Mergers and Acquisitions: Insights from the USPTO Trademark Data
By Po-Hsuan Hsu; The University of Hong Kong
Kai Li; University of British Columbia
Yunan Liu; University of Hong Kong
Hong Wu; Hong Kong Polytechnic University
   presented by: Yunan Liu, University of Hong Kong
   Discussant:   Gordon Phillips, Dartmouth College
 

M&A(dvertising)
By Alexander Hillert; Goethe University Frankfurt
Anja Kunzmann; University of Mannheim
Stefan Ruenzi; University of Mannheim
   presented by: Stefan Ruenzi, University of Mannheim
   Discussant:   Charles Hadlock, Michigan State University
 
Session: Risk and Return in Financial Intermediation
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Salon West
 
Session Chair: Stephen Dimmock, Nanyang Technological University
Session type: invited
 

Judging Banks’ Risk by the Profits They Report
By Ben Meiselman; Johns Hopkins University
Stefan Nagel; University of Chicago
Amiyatosh Purnanandam; University of Michigan
   presented by: Stefan Nagel, University of Chicago
   Discussant:   Vikrant Vig, London Business School
 

The Private Production of Safe Assets
By Marcin Kacperczyk; Imperial College London
Christophe Perignon; HEC Paris
Guillaume Vuillemey; HEC Paris
   presented by: Christophe Perignon, HEC Paris
   Discussant:   Alan Moreira, University of Rochester
 

Do Banks have an Edge?
By Juliane Begenau; Stanford University
   presented by: Juliane Begenau, Stanford University
   Discussant:   George Pennacchi, University of Illinois
 
Session: The Role of Media in Finance
January 4, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Paul Tetlock, Columbia University
Session type: invited
 

News-Driven Trading: Who Reads the News and When?
By Anastassia Fedyk; University of California, Berkeley
   presented by: Anastassia Fedyk, University of California, Berkeley
   Discussant:   Christopher Parsons, University of Southern California
 

Beyond Words: The Causal Effects of News on Information
By Yuan Li; Univ. of Southern California
   presented by: Bruce Li, University of Southern California
   Discussant:   Lily Fang, INSEAD
 

Home-Country Media Slant and Equity Prices
By Benjamin Golez; University of Notre Dame
Rasa Karapandza; EBS Business School
   presented by: Benjamin Golez, University of Notre Dame
   Discussant:   Luigi Zingales, University of Chicago
 

Guru Dreams and Competition: An Anatomy of the Economics of Blogs
By Yi Dong; Shanghai University of Finance and Economics
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
   presented by: Hong Zhang, Tsinghua University
   Discussant:   Marina Niessner, AQR Capital Management
 
Session: AFA Panel: Blockchain: Myth and Reality
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Salon West
 
Session Chair: Luigi Zingales, University of Chicago
Session type: panel
 

Presented by:
   Adair Morse, University of California, Berkeley
 

Presented by:
   Eric Budish, University of Chicago
 

Presented by:
   David Yermack, New York University
 
Session: Contracts and Incentives
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Room 205-206-207
 
Session Chair: Alex Edmans, London Business School
Session type: invited
 

Regulating Charlatans in High-Skill Professions
By Jonathan Berk; Stanford University
Jules van Binsbergen; University of Pennsylvania
   presented by: Jules van Binsbergen, University of Pennsylvania
   Discussant:   Philip Bond, University of Washington
 

Is Cash Still King: Why Firms Offer Non-Wage Compensation and the Implications for Shareholder Value
By Tim Liu; University of North Carolina
Christos Makridis; Stanford University
Paige Ouimet; University of North Carolina
Elena Simintzi; University of British Columbia
   presented by: Paige Ouimet, University of North Carolina
   Discussant:   Steven Kaplan, University of Chicago
 

Career Risk and Market Discipline in Asset Management
By Andrew Ellul; Indiana University, CEPR, CSEF, and ECGI
Marco Pagano; University of Naples Federico II
Annalisa Scognamiglio; University of Naples Federico II
   presented by: Annalisa Scognamigl, University of Naples Federico II
   Discussant:   Paul Oyer, Stanford University
 

CEO Incentives for Risk-Taking and Compensation Duration
By Thomas Kubick; University of Kansas
John Robinson; Texas A&M University
Laura Starks; University of Texas
   presented by: Thomas Kubick, University of Kansas
   Discussant:   Kevin Murphy, University of Southern California
 
Session: Households and Portfolio Choice
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Room 212-213-214
 
Session Chair: Stephan Siegel, University of Washington
Session type: invited
 

The Portfolio-Driven Disposition Effect
By Joseph Engelberg; University of California, San Diego
Matthew Henriksson; University of South Florida
Jared Williams; University of South Florida
   presented by: Jared Williams, University of South Florida
   Discussant:   David Solomon, Boston College
 

A Life-Cycle Model with Unemployment Traps
By Fabio C. Bagliano; Università di Torino
Carolina Fugazza; University of Torino
Giovanna Nicodano; University of Torino and Netspar
   presented by: Giovanna Nicodano, University of Torino and Netspar
   Discussant:   Claus Munk, Copenhagen Business School
 

Advertising Exposure and Portfolio Choice: Estimates Based on Sports Sponsorships
[slides]
By Ioannis Branikas; Princeton University
   presented by: Ioannis Branikas, Princeton University
   Discussant:   Aaron Burt, University of Oklahoma
 

Political Uncertainty and Household Stock Market Participation
By Vikas Agarwal; Georgia State University
Hadiye Aslan; Georgia State University
Lixin Huang; Georgia State University
Honglin Ren; Georgia State University
   presented by: Honglin Ren, Georgia State University
   Discussant:   Brandon Julio, University of Oregon
 
Session: Macroprudential Policy and Financial Stability
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Room 209-210-211
 
Session Chair: Stacey Schreft, U.S. Office of Financial Research
Session type: invited
 

Monetary Policy, Interest Rates, and Reaching for Yield: Evidence from Life Insurance Companies
By Ali Ozdagli; Federal Reserve Bank of Boston
Zixuan Kevin Wang; Harvard University
   presented by: Zixuan Kevin Wang, Harvard University
   Discussant:   Bo Becker, Stockholm School of Economics
 

The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment
By John Kandrac; Federal Reserve Board
Bernd Schlusche; Federal Reserve Board
   presented by: Bernd Schlusche, Federal Reserve Board
   Discussant:   Christa Bouwman, Texas A&M University
 

Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability
By Benjamin Bernard; University of California, Los Angeles
Agostino Capponi; Columbia University
Joseph Stiglitz; Columbia University
   presented by: Benjamin Bernard, University of California, Los Angeles
   Discussant:   Alireza Tahbaz-Salehi, Northwestern University
 
Session: Market Mispricing: Extrapolation, Speculation, and Disclosure
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Samuel Hartzmark, University of Chicago
Session type: invited
 

Asset Pricing with Return Extrapolation
By Lawrence Jin; California Institute of Technology
Pengfei Sui; California Institute of Technology
   presented by: Lawrence Jin, California Institute of Technology
   Discussant:   Alexander Chinco, University of Illinois
 

Can Disclosure Decrease Price Efficiency? Evidence from Mutual Fund Disclosures
By Todd Gormley; Washington University in St. Louis
Zachary Kaplan; Washington University in St. Louis
Aadhaar Verma; Washington University in St. Louis
   presented by: Todd Gormley, Washington University in St. Louis
   Discussant:   Eric So, Massachusetts Institute of Technology
 

Speculation Sentiment
By Shaun Davies; University of Colorado
   presented by: Shaun Davies, University of Colorado
   Discussant:   Clemens Sialm, University of Texas at Austin and NBER
 

Learning Fast or Slow
By Brad Barber; University of California, Davis
Yi-Tsung Lee; Peking University
Yu-Jane Liu; Peking University
Terrance Odean; University of California, Berkeley
Ke Zhang; Nanjing University
   presented by: Terrance Odean, University of California, Berkeley
   Discussant:   Markku Kaustia, Aalto University
 
Session: Mortgages
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Wenlan Qian, National University of Singapore
Session type: invited
 

Structuring Mortgages for Macroeconomic Stability
By John Campbell; Harvard University
Nuno Clara; London Business School
Joao Cocco; London Business School
   presented by: John Campbell, Harvard University
   Discussant:   Alexei Tchistyi, University of Illinois
 

Financial Fragility with SAM?
By Daniel Greenwald; Massachusetts Institute of Technology
Tim Landvoigt; University of Pennsylvania
Stijn Van Nieuwerburgh; Columbia University
   presented by: Tim Landvoigt, University of Pennsylvania
   Discussant:   Barney Hartman-Glaser, University of California, Los Angeles
 

Collateral Misreporting in the RMBS Market
By Samuel Kruger; University of Texas at Austin
Gonzalo Maturana; Emory University
   presented by: Gonzalo Maturana, Emory University
   Discussant:   Changcheng Song, National University of Singapore
 
Session: Non-Bank Lending Behavior
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom C
 
Session Chair: John Griffin, University of Texas
Session type: invited
 

Lender Forbearance
By Andrew Bird; Carnegie Mellon University
Aytekin Ertan; London Business School
Stephen Karolyi; Carnegie Mellon University
Thomas Ruchti; Carnegie Mellon University
   presented by: Stephen Karolyi, Carnegie Mellon University
   Discussant:   Taylor Nadauld, Brigham Young University
 

Nonbank Lending
By Sergey Chernenko; Purdue University
Isil Erel; Ohio State University
Robert Prilmeier; Tulane University
   presented by: Robert Prilmeier, Tulane University
   Discussant:   Rustom Irani, University of Illinois
 

Loan Syndication Structures and Price Collusion
By Jian Cai; Washington University in St. Louis
Frederik Eidam; Centre for European Economic Research (ZEW)
Anthony Saunders; New York University
Sascha Steffen; Frankfurt School of Finance and Management
   presented by: Frederik Eidam, Centre for European Economic Research (ZEW)
   Discussant:   Jordan Nickerson, Boston College
 

Trust in Lending
By Robert Merton; Massachusetts Institute of Technology
Richard Thakor; University of Minnesota
   presented by: Richard Thakor, University of Minnesota
   Discussant:   Richard Lowery, University of Texas at Austin
 
Session: Selecting Mutual Funds
January 4, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Russ Wermers, University of Maryland
Session type: invited
 

Selection and Timing Skill in Bond Mutual Fund Returns: Evidence from Bootstrap Simulations
By Lifa Huang; University of Arkansas
Wayne Lee; University of Arkansas
Craig Rennie; University of Arkansas
   presented by: Craig Rennie, University of Arkansas
   Discussant:   Gjergji Cici, University of Kansas
 

Is There a Home Field Advantage in Global Markets?
By Murali Jagannathan; Binghamton University - SUNY
Wei Jiao; Binghamton University-SUNY
Andrew Karolyi; Cornell University
   presented by: Andrew Karolyi, Cornell University
   Discussant:   Veronika Pool, Indiana University
 

Distortions Caused by Asset Managers Retaining Securities Lending Income
By Travis Johnson; University of Texas at Austin
Gregory Weitzner; University of Texas
   presented by: Travis Johnson, University of Texas at Austin
   Discussant:   Adam Reed, University of North Carolina-Chapel Hill
 

Cross-Sectional Alpha Dispersion and Performance Evaluation
By Campbell Harvey; Duke University
Yan Liu; Texas A&M University
   presented by: Campbell Harvey, Duke University
   Discussant:   Wayne Ferson, University of Southern California
 
Session: AFA Panel: New Datasets and Methods in Finance Research
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Salon West
 
Session Chair: Michael Bailey, Facebook
Session type: panel
 

Presented by:
   Stefano Giglio, Yale University
 

Presented by:
   Camelia Kuhnen, University of North Carolina
 

Presented by:
   Scott Baker, Northwestern University
 

Presented by:
   Rebecca Diamond, Stanford University
 
Session: Bank Lending and Firm Financing
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Denis Sosyura, Arizona State University
Session type: invited
 

Banks as Patient Lenders: Evidence from a Tax Reform
By Elena Carletti; Bocconi University
Filippo De Marco; Bocconi University
Vasso Ioannidou; Lancaster University
Enrico Sette; Bank of Italy
   presented by: Filippo De Marco, Bocconi University
   Discussant:   Manuel Adelino, Duke University
 

Government Ownership of Banks and Corporate Innovation
By Bo Bian; London Business School
Rainer Haselmann; Goethe University
Vikrant Vig; London Business School
Beatrice Weder; University of Mainz
   presented by: Bo Bian, London Business School
   Discussant:   Mark Leary, Washington University in St. Louis
 

The Rise of Shadow Banking: Evidence from Capital Regulation
By Rustom Irani; University of Illinois
Rajkamal Iyer; Imperial College London
Ralf Meisenzahl; Federal Reserve Board
Jose Luis Peydro; ICREA, Universitat Pompeu Fabra, CREI, and BGSE
   presented by: Rustom Irani, University of Illinois
   Discussant:   Gregor Matvos, University of Texas at Austin
 
Session: Finance and Development
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Room 205-206-207
 
Session Chair: Emily Breza, Harvard University
Session type: invited
 

Capital Destruction and Economic Growth: The Effects of Sherman's March, 1850–1920
By James Feigenbaum; Boston University
James Lee; Cornerstone Research
Filippo Mezzanotti; Northwestern University
   presented by: Filippo Mezzanotti, Northwestern University
   Discussant:   Michela Giorcelli, University of California, Los Angeles
 

The Externalities of Corruption: Evidence from Entrepreneurial Activity in China
By Mariassunta Giannetti; Stockholm School of Economics and CEPR
Guanmin Liao; Central University of Finance and Economics
Jiaxing You; Xiamen University
Xiaoyun Yu; Indiana University
   presented by: Xiaoyun Yu, Indiana University
   Discussant:   David Schoenherr, Princeton University
 

Who Benefits from the Decline of American Manufacturing? Evidence from 142,663 Foreign and Domestic Entries in China
By Minwen Li; Tsinghua University
Tanakorn Makaew; Securities and Exchange Commission
Vojislav Maksimovic; University of Maryland
   presented by: Vojislav Maksimovic, University of Maryland
   Discussant:   Erik Loualiche, University of Minnesota
 
Session: Financial Institutions
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Room 209-210-211
 
Session Chair: Zhiguo He, University of Chicago
Session type: invited
 

The Sound of Many Funds Rebalancing
By Alexander Chinco; University of Illinois
Vyacheslav (Slava) Fos; Boston College
   presented by: Alexander Chinco, University of Illinois
   Discussant:   Maryam Farboodi, Princeton University
 

The Dark Side of Liquid Bonds in Fire Sales
By Maria Chaderina; Vienna University of Economics and Business
Alexander Muermann; Vienna University of Economics and Business
Christoph Scheuch; Vienna Graduate School of Finance
   presented by: Alexander Muermann, Vienna University of Economics and Business
   Discussant:   Valentin Haddad, University of California, Los Angeles
 

Alpha Decay
By Rick Di Mascio; Inalytics Ltd.
Anton Lines; Columbia University
Narayan Y Naik; London Business School
   presented by: Narayan Y Naik, London Business School
   Discussant:   Ron Kaniel, University of Rochester
 
Session: Fixed Income and Credit Risk
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Monika Piazzesi, Stanford University
Session type: invited
 

Default Risk and the Pricing of U.S. Sovereign Bonds
By Robert Dittmar; University of Michigan
Alex Hsu; Georgia Institute of Technology
Guillaume Roussellet; McGill University
Peter Simasek; Georgia Institute of Technology
   presented by: Alex Hsu, Georgia Institute of Technology
   Discussant:   Luis Viceira, Harvard Business School
 

A New Normal for Interest Rates? Evidence from Inflation-Indexed Debt
By Jens Christensen; Federal Reserve Bank of San Francisco
Glenn Rudebusch; Federal Reserve Bank of San Francisco
   presented by: Jens Christensen, Federal Reserve Bank of San Francisco
   Discussant:   Jing Cynthia Wu, University of Chicago
 

Low Inflation: High Default Risk AND High Equity Valuations
By Harjoat Bhamra; Imperial College London
Christian Dorion; HEC Montreal
Alexandre Jeanneret; HEC Montreal
Michael Weber; University of Chicago
   presented by: Alexandre Jeanneret, HEC Montreal
   Discussant:   Hui Chen, Massachusetts Institute of Technology
 

The Term Structure of Credit Spreads with Dynamic Debt Issuance and Incomplete Information
By Luca Benzoni; Federal Reserve Bank of Chicago
Lorenzo Garlappi; University of British Columbia
Robert Goldstein; University of Minnesota
   presented by: Luca Benzoni, Federal Reserve Bank of Chicago
   Discussant:   Nina Boyarchenko, Federal Reserve Bank of New York
 
Session: Information and Competition in Banking
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Room 212-213-214
 
Session Chair: David Thesmar, Massachusetts Institute of Technology
Session type: invited
 

Economics of Voluntary Information Sharing
By Jose Liberti; Northwestern University and DePaul University
Jason Sturgess; Queen Mary University of London
Andrew Sutherland; Massachusetts Institute of Technology
   presented by: Andrew Sutherland, Massachusetts Institute of Technology
   Discussant:   Marco Pagano, University of Naples Federico II
 

Leverage Regulation and Market Structure: An Empirical Model of the UK Mortgage Market
By Matteo Benetton; London School of Economics
   presented by: Matteo Benetton, London School of Economics
   Discussant:   Jean-Edouard Colliard, HEC Paris
 

Bank Transparency and Deposit Flows
By Qi Chen; Duke University
Itay Goldstein; University of Pennsylvania
Zeqiong Huang; Yale University
Rahul Vashishtha; Duke University
   presented by: Zeqiong Huang, Yale University
   Discussant:   Luc Laeven, European Central Bank
 

How Does Competition Affect Bank Lending? Quasi-Experimental Evidence from Bank Mergers
By Carl Liebersohn; Massachusetts Institute of Technology
   presented by: Carl Liebersohn, Massachusetts Institute of Technology
   Discussant:   Philip Strahan, Boston College
 
Session: Information and Disclosure
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Philip Bond, University of Washington
Session type: invited
 

Redact When Competitors Act
By Xiaoli Tian; Georgetown University
Miaomiao Yu; Louisiana State University
   presented by: Miaomiao Yu, Louisiana State University
   Discussant:   Carola Schenone, University of Virginia
 

Optimal Disclosure and Fight for Attention
By Jan Schneemeier; Indiana University
   presented by: Jan Schneemeier, Indiana University
   Discussant:   Jesse Davis, University of North Carolina-Chapel Hill
 

Externalities of Accounting Disclosures: Evidence from the Federal Reserve
By Edward Li; Baruch College - CUNY
Gary Lind; Rice University
K. Ramesh; Rice University
Min Shen; Baruch College - CUNY
   presented by: K. Ramesh, Rice University
   Discussant:   Alan Moreira, University of Rochester
 

Monitor Reputation and Transparency
By Ivan Marinovic; Stanford University
Martin Szydlowski; University of Minnesota
   presented by: Martin Szydlowski, University of Minnesota
   Discussant:   Giulio Trigilia, University of Rochester
 
Session: The Relation Between Expected Returns and Betas
January 4, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Daniel Andrei, University of California, Los Angeles
Session type: invited
 

Asset Pricing Anomalies and the Low-risk Puzzle
By Ruomeng Liu; Rice University
   presented by: Ruomeng Liu, Rice University
   Discussant:   Scott Cederburg, University of Arizona
 

The Macroeconomic Announcement Premium
By Jessica Wachter; University of Pennsylvania
Yicheng Zhu; University of Pennsylvania
   presented by: Yicheng Zhu, University of Pennsylvania
   Discussant:   Hengjie Ai, University of Minnesota
 

Asset Pricing: A Tale of Night and Day
By Terrence Hendershott; University of California Berkeley
Dmitry Livdan; University of California, Berkeley
Dominik Roesch; University at Buffalo
   presented by: Dominik Roesch, University at Buffalo
   Discussant:   Pavel Savor, Temple University
 
Session: AFA Panel: Making the World a Better Place: Innovations in Financial Inclusion, Literacy, and Development
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Salon West
 
Session Chair: Asli Demirguc-Kunt, The World Bank
Session type: panel
 

Presented by:
   Jonathan Morduch, New York University
 

Presented by:
   Annamaria Lusardi, George Washington University
 

Presented by:
   Leora Klapper, The World Bank
 

Presented by:
   Xavier Gine, The World Bank
 
Session: Analysts, News, Media and Market Sentiment
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Room 209-210-211
 
Session Chair: David Solomon, Boston College
Session type: invited
 

The Earnings Announcement Return Cycle
By Juhani Linnainmaa; University of Southern California
Yingguang Zhang; University of Southern California
   presented by: Yingguang Zhang, University of Southern California
   Discussant:   Pavel Savor, Temple University
 

Fully Closed: Individual Responses to Realized Capital Gains and Losses
By Michaela Pagel; Columbia University
   presented by: Michaela Pagel, Columbia University
   Discussant:   Yaron Levi, University of Southern California
 

When Paper Losses Get Physical: Domestic Violence and Stock Returns
By Tse-Chun Lin; University of Hong Kong
Vesa Pursiainen; The University of Hong Kong
   presented by: Tse-Chun Lin, University of Hong Kong
   Discussant:   Lisa Kramer, University of Toronto
 

Detecting Opportunistic Behavior in Public Short Campaigns
By Danqi Hu; Northwestern University
   presented by: Danqi Hu, Northwestern University
   Discussant:   Matthew Ringgenberg, University of Utah
 
Session: Barriers to Boardrooms
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Renee Adams, University of Oxford
Session type: invited
 

The Impact of Role Models on Women's Self-Selection in Competitive Environments
By Kristina Meier; University of Mannheim
Alexandra Niessen-Ruenzi; University of Mannheim
Stefan Ruenzi; University of Mannheim
   presented by: Kristina Meier, University of Mannheim
   Discussant:   Lise Vesterlund, University of Pittsburgh
 

The Origins and Real Effects of the Gender Gap: Evidence from CEOs' Formative Years
By Ran Duchin; University of Washington
Mikhail Simutin; University of Toronto
Denis Sosyura; Arizona State University
   presented by: Denis Sosyura, Arizona State University
   Discussant:   Paola Sapienza, Northwestern University
 

Board Quotas and Director-Firm Matching
By Daniel Ferreira; London School of Economics
Edith Ginglinger; Université Paris-Dauphine
Marie-Aude Laguna; Université Paris–Dauphine
Yasmine Skalli; Université Paris–Dauphine
   presented by: Daniel Ferreira, London School of Economics
   Discussant:   Adriana Lleras-Muney, University of California, Los Angeles
 
Session: Corporate Borrowing
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Room 205-206-207
 
Session Chair: Mark Leary, Washington University in St. Louis
Session type: invited
 

Credit Lines and the Liquidity Insurance Channel
By Viral Acharya; New York University, CEPR, and NBER
Heitor Almeida; University of Illinois
Filippo Ippolito; Universitat Pompeu Fabra
Ander Perez-Orive; Federal Reserve Board
   presented by: Ander Perez-Orive, Federal Reserve Board
   Discussant:   Joao Santos, Federal Reserve Bank of New York
 

Short-Term Debt and Incentives for Risk-Taking
By Marco Della Seta; APG Asset Management
Erwan Morellec; Ecole Polytechnique Fédérale de Lausan
Francesca Zucchi; Federal Reserve Board
   presented by: Francesca Zucchi, Federal Reserve Board
   Discussant:   Konstantin Milbradt, Northwestern University
 

Security Lending and Corporate Financing: The Case of the Debt Market
By Jennie Bai; Georgetown University
Massimo Massa; INSEAD
Hong Zhang; Tsinghua University
   presented by: Massimo Massa, INSEAD
   Discussant:   Heather Tookes, Yale University
 
Session: How Networks Impact Stock Returns
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Room 212-213-214
 
Session Chair: Ron Kaniel, University of Rochester
Session type: invited
 

Trade Networks and Asset Prices: Evidence from the Sovereign CDS Market
By Huancheng Du; International Monetary Fund
Dong Lou; London School of Economics
Christopher Polk; London School of Economics
Jinfan Zhang; Chinese University of Hong Kong (Shenzhen)
   presented by: Christopher Polk, London School of Economics
   Discussant:   Robert Ready, University of Oregon
 

Production Networks and Stock Returns: The Role of Vertical Creative Destruction
By Michael Gofman; University of Rochester
Gill Segal; University of North Carolina
Youchang Wu; University of Oregon
   presented by: Gill Segal, University of North Carolina
   Discussant:   Stefano Giglio, Yale University
 

Ownership Links and Return Predictability
By Angelica Gonzalez; University of Edinburgh
Jun Tu; Singapore Management University
Ran Zhang; University of Edinburgh
   presented by: Ran Zhang, University of Edinburgh
   Discussant:   Lauren Cohen, Harvard Business School
 
Session: Macro Finance
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Stijn Van Nieuwerburgh, Columbia University
Session type: invited
 

The Economics of the Fed Put
By Anna Cieslak; Duke University
Annette Vissing-Jorgensen; University of California, Berkeley
   presented by: Anna Cieslak, Duke University
   Discussant:   Alexi Savov, New York University
 

Risk-Adjusted Capital Allocation and Misallocation
By Joel David; University of Southern California
Lukas Schmid; Duke University
David Zeke; University of Southern California
   presented by: Lukas Schmid, Duke University
   Discussant:   Dimitris Papanikolaou, Northwestern University
 

Term Structure of Risk in Expected Returns
By Irina Zviadadze; Stockholm School of Economics
   presented by: Irina Zviadadze, Stockholm School of Economics
   Discussant:   Ralph Koijen, University of Chicago
 

Mortgage Design and Slow Recoveries. The Role of Recourse and Default.
By Pedro Gete; IE Business School
Franco Zecchetto; Instituto Tecnológico Autónomo de México (ITAM)
   presented by: Franco Zecchetto, Instituto Tecnológico Autónomo de México (ITAM)
   Discussant:   Tomasz Piskorski, Columbia University
 
Session: New Perspectives on Risk
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Bryan Kelly, Yale University
Session type: invited
 

Firm-Level Political Risk: Measurement and Effects
By Tarek Hassan; Boston University
Stephan Hollander; Tilburg University
Ahmed Tahoun; London Business School
Laurence van Lent; Frankfurt School of Finance and Management
   presented by: Tarek Hassan, Boston University
   Discussant:   Asaf Manela, Washington University in St. Louis
 

Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets
By Kelly Shue; Yale University
Richard Townsend; University of California, San Diego
   presented by: Kelly Shue, Yale University
   Discussant:   Alexander Chinco, University of Illinois
 

Conditional Risk
By Niels Gormsen; Copenhagen Business School
Christian Skov Jensen; Copenhagen Business School
   presented by: Niels Gormsen, Univeristy of Chicago Booth School of Bu
   Discussant:   Drew Creal, University of Chicago
 

Foreseen Risks
By Joao Gomes; University of Pennsylvania
Marco Grotteria; University of Pennsylvania
Jessica Wachter; University of Pennsylvania
   presented by: Joao Gomes, University of Pennsylvania
   Discussant:   Aditya Sunderam, Harvard Business School
 
Session: Payout
January 5, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Toni Whited, University of Michigan
Session type: invited
 

The Information Content of Dividends: Safer Profits, Not Higher Profits
By Roni Michaely; Cornell University, Cornell Tech
Stefano Rossi; Bocconi University
Michael Weber; University of Chicago
   presented by: Stefano Rossi, Bocconi University
   Discussant:   Yufeng Wu, University of Illinois
 

Payout Taxation and Corporate Investment: The Agency Channel
By Song Ma; Yale University
   presented by: Song Ma, Yale University
   Discussant:   Constantine Yannelis, New York University
 

Investment Returns and Distribution Policies of Non-Profit Endowment Funds
By Sandeep Dahiya; Georgetown University
David Yermack; New York University
   presented by: Sandeep Dahiya, Georgetown University
   Discussant:   Jialan Wang, University of Illinois
 
Session: AFA Panel: FinTech and Money in the Digital Age
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Salon West
 
Session Chair: Markus Brunnermeier, Princeton University
Session type: panel
 

Presented by:
   Arvind Narayanan, Princeton University
 

Presented by:
   David Andolfatto, Federal Reserve Bank of St. Louis
 

Presented by:
   Long Chen, Ant Financial / Luohan Academy
 

Presented by:
   Jean-Pierre Landau, Sciences Po Paris
 
Session: Expectations in Household Finance
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Room 205-206-207
 
Session Chair: Francesco D'Acunto, Boston College
Session type: invited
 

New Experimental Evidence on Expectations Formation
By Augustin Landier; HEC Paris
Yueran Ma; Harvard University
David Thesmar; Massachusetts Institute of Technology
   presented by: Augustin Landier, HEC Paris
   Discussant:   Nicola Gennaioli, Bocconi University
 

Perception of House Price Risk and Homeownership
By Manuel Adelino; Duke University
Antoinette Schoar; Massachusetts Institute of Technology
Felipe Severino; Dartmouth College
   presented by: Felipe Severino, Dartmouth College
   Discussant:   Edward Glaeser, Harvard University
 

The Long-lasting Effects of Propaganda on Financial Risk-Taking
By Christine Laudenbach; Goethe University Frankfrut
Ulrike Malmendier; University of California, Berkeley
Alexandra Niessen-Ruenzi; University of Mannheim
   presented by: Alexandra Niessen-Ruenzi, University of Mannheim
   Discussant:   Luigi Guiso, European University Institute
 

Thy Neighbor’s Misfortune: Peer Effect on Consumption
By Sumit Agarwal; National University of Singapore
Wenlan Qian; National University of Singapore
Xin Zou; Hong Kong Baptist University
   presented by: Xin Zou, Hong Kong Baptist University
   Discussant:   Michael Weber, University of Chicago
 
Session: Investors and Firm Market Power: Does the Source of Capital Matter?
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Room 209-210-211
 
Session Chair: Heather Tookes, Yale University
Session type: invited
 

Bank Concentration and Product Market Competition
By Farzad Saidi; Stockholm School of Economics
Daniel Streitz; Copenhagen Business School
   presented by: Daniel Streitz, Copenhagen Business School
   Discussant:   Gregor Matvos, University of Texas at Austin
 

The Effects of Private Equity on Operational Efficiency and Market Power
By Markus Biesinger; European Bank for Reconstruction and Development
Cagatay Bircan; European Bank for Reconstruction and Development
Alexander Ljungqvist; Stockholm School of Economics
   presented by: Cagatay Bircan, European Bank for Reconstruction and Development
   Discussant:   Steven Kaplan, University of Chicago
 

Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry
By Patrick Dennis; University of Virginia
Kristopher Gerardi; Federal Reserve Bank of Atlanta
Carola Schenone; University of Virginia
   presented by: Carola Schenone, University of Virginia
   Discussant:   Todd Gormley, Washington University in St. Louis
 
Session: Mutual Fund Flows
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Room 212-213-214
 
Session Chair: Marcin Kacperczyk, Imperial College London
Session type: invited
 

What do Fund Flows Reveal about Asset Pricing Models and Investor Sophistication?
By Narasimhan Jegadeesh; Emory University
Chandra Sekhar Mangipudi; Emory University
   presented by: Narasimhan Jegadeesh, Emory University
   Discussant:   Jonathan Berk, Stanford University
 

How Fast Do Investors Learn? Asset Management Investors and Bayesian Learning
By Chris Schwarz; University of California, Irvine
Zheng Sun; University of California, Irvine
   presented by: Chris Schwarz, University of California, Irvine
   Discussant:   Savitar Sundaresan, Imperial College London
 

Marketing Mutual Funds
By Nikolai Roussanov; University of Pennsylvania
Hongxun Ruan; Peking University
Yanhao Wei; University of Southern California
   presented by: Nikolai Roussanov, University of Pennsylvania
   Discussant:   Ali Hortacsu, University of Chicago
 
Session: Policy and Regulatory Issues
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Deborah Lucas, Massachusetts Institute of Technology
Session type: invited
 

Government Investment in Publicly Traded Firms
By Kateryna Holland; Purdue University
   presented by: Kateryna Holland, Purdue University
   Discussant:   Bent Sorensen, University of Houston
 

The Hidden Costs of Being Public - Evidence from Multinational Firms operating in Emerging Markets
By Pablo Slutzky; University of Maryland
   presented by: Pablo Slutzky, University of Maryland
   Discussant:   Andrew Karolyi, Cornell University
 

Regulatory Integration of International Capital Markets
By Jean-Marie Meier; University of Texas at Dallas
   presented by: Jean-Marie Meier, University of Texas at Dallas
   Discussant:   Sebnem Kalemli-Ozcan, University of Maryland
 

How America Lost Its Competitive Edge: A Study of Institutional Drift
By German Gutierrez; New York University
Thomas Philippon; New York University
   presented by: German Gutierrez, New York University
   Discussant:   Janice Eberly, Northwestern University
 
Session: R&D, Patents, and the Future of Innovation
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Lauren Cohen, Harvard Business School
Session type: invited
 

Speech is Silver, But Silence is Golden: Information Suppression and the Promotion of Innovation
By Gaurav Kankanhalli; Cornell University
Alan Kwan; University of Hong Kong
Kenneth Merkley; Cornell University
   presented by: Alan Kwan, University of Hong Kong
   Discussant:   Tania Babina, Columbia University
 

Property Rights and Debt Financing
By Paula Suh; University of Georgia
   presented by: Paula Suh, University of Georgia
   Discussant:   William Mann, University of California, Los Angeles
 

The Long-Term Consequences of the Tech Bubble on Skilled Workers' Earnings
By Johan Hombert; HEC Paris
Adrien Matray; Princeton University
   presented by: Adrien Matray, Princeton University
   Discussant:   Stefan Lewellen, Pennsylvania State University
 
Session: Subtle Influences on the Cost of Debt
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Jeffrey Wurgler, New York University
Session type: invited
 

Debt Issuance in the Era of Passive Investment
By Michele Dathan; University of Toronto
Sergei Davydenko; University of Toronto
   presented by: Michele Dathan, University of Toronto
   Discussant:   Ian Appel, Boston College
 

Capital Supply and Corporate Bond Issuances: Evidence From Mutual Fund Flows
By Qifei Zhu; University of Texas at Austin
   presented by: Qifei Zhu, Nanyang Technological University
   Discussant:   Aditya Sunderam, Harvard Business School
 

Tricks of the Trade? Pre-Issuance Price Maneuvers by Underwriter-Dealers
By Jun Kyung Auh; Georgetown University
You Suk Kim; Federal Reserve Board
Mattia Landoni; Southern Methodist University
   presented by: You Suk Kim, Federal Reserve Board
   Discussant:   Michael Goldstein, Babson College
 
Session: Topics in Return Dynamics
January 5, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Svetlana Bryzgalova, London Business School
Session type: invited
 

A Model of the Macroeconomic Announcement Premium
By Hengjie Ai; University of Minnesota
Ravi Bansal; Duke University
Jay Im; Duke University
Chao Ying; University of Minnesota
   presented by: Chao Ying, University of Minnesota
   Discussant:   Jessica Wachter, University of Pennsylvania
 

Leverage-Induced Fire Sales and Stock Market Crashes
By Jiagnze Bian; University of International Business and Economics
Zhiguo He; University of Chicago
Kelly Shue; Yale University
Hao Zhou; Tsinghua University
   presented by: Jiangze Bian, University of International Business and Economics
   Discussant:   Emil Siriwardane, Harvard Business School
 

Valuing Private Equity Investments Strip by Strip
By Arpit Gupta; New York University
Stijn Van Nieuwerburgh; Columbia University
   presented by: Arpit Gupta, New York University
   Discussant:   Arthur Korteweg, University of Southern California
 

The Time Variation in Risk Appetite and Uncertainty
[slides]
By Geert Bekaert; Columbia University
Eric Engstrom; Federal Reserve Board of Governors
Nancy Xu; Boston College
   presented by: Nancy Xu, Boston College
   Discussant:   Gurdip Bakshi, Temple University
 
Session: AFA Lecture: What Makes Financial Networks Special? Understanding and Evaluating Systemic Risk
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Salon West
 
Session Chair: Matthew Jackson, Stanford University
Session type: panel
 
Session: Financial Crises and Transmission of Shocks
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Room 205-206-207
 
Session Chair: Alan Moreira, University of Rochester
Session type: invited
 

The Financial Intermediation Premium in the Cross Section of Stock Returns
By Tatyana Marchuk; BI Norwegian Business School
   presented by: Tatyana Marchuk, BI Norwegian Business School
   Discussant:   Tyler Muir, University of California, Los Angeles
 

Identifying Banking Crises
By Matthew Baron; Cornell University
Emil Verner; Princeton University
Wei Xiong; Princeton University
   presented by: Wei Xiong, Princeton University
   Discussant:   Arvind Krishnamurthy, Stanford University
 

Bank Balance Sheets and Liquidation Values: Evidence from Real Estate Collateral
By Rodney Ramcharan; University of Southern California
   presented by: Rodney Ramcharan, University of Southern California
   Discussant:   Justin Murfin, Yale University
 

Dynamic Interpretation of Emerging Risks in the Financial Sector
By Kathleen Hanley; Lehigh University
Gerard Hoberg; University of Southern California
   presented by: Kathleen Hanley, Lehigh University
   Discussant:   Asaf Manela, Washington University in St. Louis
 
Session: FinTech Applications in Credit and Asset Markets
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Room 209-210-211
 
Session Chairs:
1. Michaela Pagel, Columbia University
2. Andreas Fuster, Swiss National Bank
Session type: invited
 

On the Rise of FinTechs – Credit Scoring using Digital Footprints
By Tobias Berg; Frankfurt School of Finance and Management
Valentin Burg; Humboldt University Berlin
Ana Gombovic; Frankfurt School of Finance and Management
Manju Puri; Duke University and NBER
   presented by: Ana Gombovic, Frankfurt School of Finance and Management
   Discussant:   Keith Chen, University of California, Los Angeles
 

Fintech and Firm Selection: Evidence from E-commerce Platform Lending
By Yi Huang; Graduate Institute, Geneva
Ye Li; Ohio State University
Hongzhe Shan; University of Geneva and Swiss Finance Institute
   presented by: Yi Huang, Graduate Institute, Geneva
   Discussant:   Sabrina Howell, New York University
 

Does Crowdsourced Research Discipline Sell-Side Analysts?
By Russell Jame; University of Kentucky
Stanimir Markov; Southern Methodist University
Michael Wolfe; Virginia Tech
   presented by: Russell Jame, University of Kentucky
   Discussant:   Jillian Grennan, Duke University
 

Winners and Losers of Marketplace Lending: Evidence from Borrower Credit Dynamics
By Sudheer Chava; Georgia Institute of Technology
Nikhil Paradkar; Georgia Institute of Technology
   presented by: Nikhil Paradkar, Georgia Institute of Technology
   Discussant:   Boris Vallee, Harvard Business School
 
Session: Investor Psychology
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Cary Frydman, University of Southern California
Session type: invited
 

Doing Less With More
By Rawley Heimer; Boston College
Alex Imas; Carnegie Mellon
   presented by: Alex Imas, Carnegie Mellon
   Discussant:   Justin Birru, Ohio State University
 

"Outlier Blindness": Efficient Coding Generates an Inability to Represent Extreme Values
By Elise Payzan-LeNestour; University of New South Wales
Michael Woodford; Columbia University
   presented by: Elise Payzan-LeNestour, University of New South Wales
   Discussant:   Andrew Lo, Massachusetts Institute of Technology
 

Monetary Policy and Reaching for Income
By Kent Daniel; Columbia University
Lorenzo Garlappi; University of British Columbia
Kairong Xiao; Columbia University
   presented by: Kairong Xiao, Columbia University
   Discussant:   Yueran Ma, Harvard University
 
Session: Monitoring by Shareholders and Directors
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Nadya Malenko, Boston College
Session type: invited
 

Investors' Attention to Corporate Governance
By Peter Iliev; Pennsylvania State University
Jonathan Kalodimos; Oregon State University
Michelle Lowry; Drexel University
   presented by: Peter Iliev, Pennsylvania State University
   Discussant:   Gregor Matvos, University of Texas at Austin
 

Does Board Size Matter?
By Dirk Jenter; London School of Economics
Thomas Schmid; University of Hong Kong
Daniel Urban; Technische Universität München
   presented by: Daniel Urban, Technische Universität München
   Discussant:   William Mullins, University of California, San Diego
 

Investor Ideology
By Patrick Bolton; Columbia University
Tao Li; University of Florida
Enrichetta Ravina; Northwestern University
Howard Rosenthal; New York University
   presented by: Enrichetta Ravina, Kellogg School of Management
   Discussant:   Yonca Ertimur, University of Colorado
 

Selecting Directors Using Machine Learning
By Lea Stern; University of Washington
Isil Erel; Ohio State University
Chenhao Tan; University of Colorado
Michael Weisbach; Ohio State University
   presented by: Michael Weisbach, Ohio State University
   Discussant:   Jordan Nickerson, Boston College
 
Session: Mutual Funds and Beyond
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Lu Zheng, University of California, Irvine
Session type: invited
 

Efficient Market Managers
By Vladimir Atanasov; College of William and Mary
Christo Pirinsky; University of Central Florida
Qinghai Wang; University of Central Florida
   presented by: Christo Pirinsky, University of Central Florida
   Discussant:   Marcin Kacperczyk, Imperial College London
 

Capital Redeployment in the Equity Market
By Huaizhi Chen; Harvard Business School
   presented by: Huaizhi Chen, Harvard Business School
   Discussant:   Susan Christoffersen, University of Toronto
 

The Impact of Labor Mobility Restrictions on Managerial Actions: Evidence from the Mutual Fund Industry
By Gjergji Cici; College of William and Mary
Mario Hendriock; University of Cologne
Alexander Kempf; University of Cologne
   presented by: Alexander Kempf, University of Cologne
   Discussant:   Eric Zitzewitz, Dartmouth College
 

Unsuccessful Teams
By Renee Adams; University of Oxford
Min Kim; University of Texas at Austin
   presented by: Min Kim, University of Texas at Austin
   Discussant:   Lily Fang, INSEAD
 
Session: Social Corporate Finance
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Henrik Cronqvist, University of Miami
Session type: invited
 

Does Analyst Coverage Affect Workplace Safety
By Daniel Bradley; University of South Florida
Connie Mao; Temple University
Chi Zhang; University of Massachusetts, Lowell
   presented by: Connie Mao, Temple University
   Discussant:   Irena Hutton, Florida State University
 

The Impact of Obamacare on Firm Employment and Performance
By Heitor Almeida; University of Illinois
Ruidi Huang; University of Illinois at Urbana-Champaign
Ping Liu; University at Buffalo, the State University of New York
Yuhai Xuan; University of Illinois at Urbana-Champaign
   presented by: Heitor Almeida, University of Illinois
   Discussant:   Sara Holland, University of Georgia
 

Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished
By Francesco D'Acunto; Boston College
Michael Weber; University of Chicago
Jin Xie; The Chinese University of Hong Kong
   presented by: Michael Weber, University of Chicago
   Discussant:   Da Ke, University of South Carolina
 

Pay Inequality and Public Sector Performance: Evidence from the SEC’s Enforcement Activity
By Joseph Kalmenovitz; New York University
   presented by: Joseph Kalmenovitz, New York University
   Discussant:   Tara Bhandari, Securities and Exchange Commission
 
Session: Trading in Modern Markets
January 5, 2019 14:30 to 16:30
Hilton Atlanta, Room 212-213-214
 
Session Chair: Sunil Wahal, Arizona State University
Session type: invited
 

Brokers and Order Flow Leakage: Evidence from Fire Sales
By Andrea Barbon; Swiss Finance Institute
Marco Di Maggio; Harvard Business School & NBER
Francesco Franzoni; University of Lugano (USI), Swiss Finance Institute
Augustin Landier; HEC Paris
   presented by: Francesco Franzoni, University of Lugano (USI), Swiss Finance Institute
   Discussant:   Charles Jones, Columbia University
 

Information, Liquidity, and Dynamic Limit Order Markets
By Roberto Ricco; Bocconi University
Barbara Rindi; Bocconi University
Duane Seppi; Carnegie Mellon University
   presented by: Barbara Rindi, Bocconi University
   Discussant:   Uday Rajan, University of Michigan
 

Speed Acquisition
By Shiyang Huang; The University of Hong Kong
Bart Yueshen; INSEAD
   presented by: Bart Yueshen, INSEAD
   Discussant:   Haoxiang Zhu, Massachusetts Institute of Technology
 

Exchange Competition, Entry, and Welfare
By Giovanni Cespa; City University London
Xavier Vives; IESE Business School
   presented by: Giovanni Cespa, City University London
   Discussant:   Jiasun Li, George Mason University
 
Session: Contracts and Complexity
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Room 205-206-207
 
Session Chair: Augustin Landier, HEC Paris
Session type: invited
 

Strategic Complexity
By Vladimir Asriyan; CREi, UPF, and Barcelona GSE
Dana Foarta; Stanford University
Victoria Vanasco; Stanford University
   presented by: Victoria Vanasco, Stanford University
   Discussant:   Bruce Carlin, University of California, Los Angeles
 

I Can See Clearly Now: Salience and the Impact of Disclosure Requirements
By Dominique Badoer; University of Missouri
Charlie Costello; University of Florida
Christopher James; University of Florida
   presented by: Dominique Badoer, University of Missouri
   Discussant:   Abhiroop Mukherjee, Hong Kong University of Science and Technology
 

Learning about the Details in CEO Compensation
By Shuting (Sophia) Hu; Baylor University
   presented by: Shuting (Sophia) Hu, Baylor University
   Discussant:   Katharina Lewellen, Dartmouth College
 
Session: Corporate Governance: Creditor and Shareholder Monitoring
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Room 209-210-211
 
Session Chair: Victoria Ivashina, Harvard Business School
Session type: invited
 

Management (of) Proposals
By Ilona Babenko; Arizona State University
Goeun Choi; Arizona State University
Rik Sen; University of New South Wales
   presented by: Rik Sen, University of New South Wales
   Discussant:   Nadya Malenko, Boston College
 

Directors’ Duties Laws and Long-Term Firm Value
By Martijn Cremers; University of Notre Dame
Scott Guernsey; University of Oklahoma
Simone Sepe; University of Arizona
   presented by: Martijn Cremers, University of Notre Dame
   Discussant:   Rui Albuquerque, Boston College
 

Coordinated Engagements
By Elroy Dimson; Cambridge Judge Business School and London Business School
Oguzhan Karakas; Cambridge Judge Business School
Xi Li; London School of Economics
   presented by: Oguzhan Karakas, Cambridge Judge Business School
   Discussant:   Giorgia Piacentino, Columbia University
 

Litigating Innovation: Evidence from Securities Class Action Lawsuits
By Elisabeth Kempf; University of Chicago
Oliver Spalt; Tilburg University
   presented by: Elisabeth Kempf, University of Chicago
   Discussant:   Scott Kominers, Harvard University
 
Session: Disclosure, Regulation, and Banking
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Room 212-213-214
 
Session Chair: Marcus Opp, Stockholm School of Economics
Session type: invited
 

Disclosure, Competition, and Learning from Asset Prices
By Liyan Yang; University of Toronto
   presented by: Liyan Yang, University of Toronto
   Discussant:   Snehal Banerjee, University of California, San Diego
 

(Why) Do Central Banks Care About Their Profits?
By Igor Goncharov; Lancaster Univeristy
Vasso Ioannidou; Lancaster University
Martin Schmalz; University of Michigan
   presented by: Vasso Ioannidou, Lancaster University
   Discussant:   David Lucca, Federal Reserve Bank of New York
 

The Interdependence of Bank Capital and Liquidity
By Elena Carletti; Bocconi University
Itay Goldstein; University of Pennsylvania
Agnese Leonello; European Central Bank
   presented by: Itay Goldstein, University of Pennsylvania
   Discussant:   Xavier Vives, IESE Business School
 

The Effect of Mandatory Information Disclosure on Financial Constraints
By Felipe Cabezon; University of Southern California
   presented by: Felipe Cabezon, University of Southern California
   Discussant:   Toni Whited, University of Michigan
 
Session: Finance and Resource Allocation over Space and Time
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom A
 
Session Chair: James Weston, Rice University
Session type: invited
 

Real Effects of Price Transparency: Evidence from Steel Futures
By Thorsten Martin; HEC Paris
   presented by: Thorsten Martin, HEC Paris
   Discussant:   Kumar Venkataraman, Southern Methodist University
 

The Retirement-Consumption Puzzle: New Evidence from Personal Finances
By Arna Olafsson; Copenhagen Business School
Michaela Pagel; Columbia University
   presented by: Arna Olafsson, Copenhagen Business School
   Discussant:   Jawad Addoum, Cornell University
 

Firm Networks in the Great Depression
By Erik Loualiche; University of Minnesota
Chris Vickers; Auburn University
Nicolas Ziebarth; Auburn University
   presented by: Chris Vickers, Auburn University
   Discussant:   Holger Mueller, New York University
 

Real Option Exercise: Empirical Evidence
By Paul Decaire; University of Pennsylvania
Erik Gilje; University of Pennsylvania
Jerome Taillard; Babson College
   presented by: Jerome Taillard, Babson College
   Discussant:   Evgeny Lyandres, Boston University
 
Session: Hedge Funds
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Chris Schwarz, University of California, Irvine
Session type: invited
 

Do Alpha Males Deliver Alpha? Testosterone and Hedge Funds
By Yan Lu; University of Central Florida
Melvyn Teo; Singapore Management University
   presented by: Melvyn Teo, Singapore Management University
   Discussant:   Chris Clifford, University of Kentucky
 

Prime (Information) Brokerage
By Nitish Kumar; University of Florida
Kevin Mullally; University of Alabama
Sugata Ray; University of Alabama
Yuehua Tang; University of Florida
   presented by: Nitish Kumar, University of Florida
   Discussant:   Zheng Sun, University of California, Irvine
 

Do Hedge Funds Profit from Public Information?
By Alan Crane; Rice University
Kevin Crotty; Rice University
Tarik Umar; Rice University
   presented by: Tarik Umar, Rice University
   Discussant:   Vikas Agarwal, Georgia State University
 
Session: International Finance
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Allaudeen Hameed, National University of Singapore
Session type: invited
 

Is Liquidity Risk Priced in Partially Segmented Markets?
By Ines Chaieb; University of Geneva and Swiss Finance Institute
Vihang Errunza; McGill University
Hugues Langlois; HEC Paris
   presented by: Hugues Langlois, HEC Paris
   Discussant:   Christian Lundblad, University of North Carolina
 

The Real Value of China's Stock Market
By Jennifer Carpenter; New York University
Fangzhou Lu; Massachusetts Institute of Technology
Robert Whitelaw; New York University
   presented by: Jennifer Carpenter, New York University
   Discussant:   Zhiguo He, University of Chicago
 

Nowhere to Run, Nowhere to Hide: Asset Diversification in a Flat World
By John Cotter; University College Dublin
Stuart Gabriel; University of California, Los Angeles
Richard Roll; California Institute of Technology
   presented by: John Cotter, University College Dublin
   Discussant:   Jeffrey Wurgler, New York University
 
Session: Labor and Investment
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Kenneth Ahern, University of Southern California
Session type: invited
 

Minimum Wage and Corporate Policy
By Matthew Gustafson; Pennsylvania State University
Jason Kotter; Pennsylvania State University
   presented by: Jason Kotter, Pennsylvania State University
   Discussant:   Daniel Aaronson, Federal Reserve Bank of Chicago
 

Economic Stimulus at the Expense of Routine-Task Jobs
[slides]
By Selale Tuzel; University of Southern California
Miao Zhang; University of Southern California
   presented by: Miao Zhang, University of Southern California
   Discussant:   Robert Chirinko, University of Illinois
 

Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America
By Yifei Mao; Cornell University
Jessie Jiaxu Wang; Arizona State University
   presented by: Jessie Jiaxu Wang, Arizona State University
   Discussant:   Peter Koudijs, Stanford University
 

Manpower Constraints and Corporate Policies
By Francesco D'Acunto; Boston College
Michael Weber; University of Chicago
Shuyao Yang; Ifo Institute for Economic Research
   presented by: Francesco D'Acunto, Boston College
   Discussant:   Giovanni Peri, University of California, Davis
 
Session: Market Risk Factors
January 6, 2019 8:00 to 10:00
Hilton Atlanta, Salon West
 
Session Chair: Jianfeng Yu, Tsinghua University
Session type: invited
 

Granularity and (Downside) Risk in Equity Markets
By Eric Ghysels; University of North Carolina
   presented by: Eric Ghysels, University of North Carolina
   Discussant:   Ralph Koijen, University of Chicago
 

Hedging Factor Risk
By Bernard Herskovic; University of California, Los Angeles
Alan Moreira; University of Rochester
Tyler Muir; University of California, Los Angeles
   presented by: Bernard Herskovic, University of California, Los Angeles
   Discussant:   Kent Daniel, Columbia University
 

Are Cross-Sectional Predictors Good Market-Level Predictors?
By Joseph Engelberg; University of California, San Diego
David McLean; Georgetown University
Jeffrey Pontiff; Boston College
Matthew Ringgenberg; University of Utah
   presented by: Jeffrey Pontiff, Boston College
   Discussant:   Amit Goyal, University of Lausanne
 

Size and Value in China
By Jianan Liu; University of Pennsylvania
Robert Stambaugh; University of Pennsylvania
Yu Yuan; Mingshi Investment Management Co., Ltd.
   presented by: Robert Stambaugh, University of Pennsylvania
   Discussant:   Jun Qian, Fudan University
 
Session: Blockchain and Cryptocurrencies
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Salon West
 
Session Chairs:
1. Andreas Fuster, Swiss National Bank
2. Michaela Pagel, Columbia University
Session type: invited
 

Blockchain Economics
[slides]
By Joseph Abadi; Princeton University
Markus Brunnermeier; Princeton University
   presented by: Markus Brunnermeier, Princeton University
   Discussant:   Will Cong, University of Chicago
 

Initial Coin Offerings and Platform Building
By Jiasun Li; George Mason University
William Mann; University of California, Los Angeles
   presented by: William Mann, University of California, Los Angeles
   Discussant:   Joshua Gans, University of Toronto
 

An Equilibrium Valuation of Bitcoin and Decentralized Network Assets
By Andrea Buraschi; Imperial College London
Emiliano Pagnotta; Imperial College London
   presented by: Emiliano Pagnotta, Imperial College London
   Discussant:   Maryam Farboodi, Princeton University
 
Session: Corporate Culture
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 205-206-207
 
Session Chair: Jillian Grennan, Duke University
Session type: invited
 

Measuring Corporate Culture Using Machine Learning
By Kai Li; University of British Columbia
Feng Mai; Stevens Institute of Technology
Rui Shen; Nanyang Technological University
Xinyan Yan; University of Dayton
   presented by: Kai Li, University of British Columbia
   Discussant:   Gordon Phillips, Dartmouth College
 

The Price of Hate
By Barbara Bliss; University of San Diego
Joseph Engelberg; University of California, San Diego
Mitch Warachka; University of San Diego
   presented by: Barbara Bliss, University of San Diego
   Discussant:   Samuel Hartzmark, University of Chicago
 

Entrenched Insiders and Corporate Sustainability (ESG): How Much Does the “G” Matter for “E” and “S” Performance Around the World?
By Alexander Dyck; University of Toronto
Karl Lins; University of Utah
Lukas Roth; University of Alberta
Mitch Towner; University of Arizona
Hannes Wagner; Bocconi University
   presented by: Mitch Towner, University of Arizona
   Discussant:   Laura Starks, University of Texas
 

Hacking Corporate Reputations
By Pat Akey; University of Toronto
Stefan Lewellen; Pennsylvania State University
Inessa Liskovich; University of Texas at Austin
   presented by: Inessa Liskovich, University of Texas at Austin
   Discussant:   Tracy Wang, University of Minnesota
 
Session: Derivatives
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 209-210-211
 
Session Chair: Neil Pearson, University of Illinois
Session type: invited
 

Decomposing Long Bond Returns: A Decentralized Modeling Approach
By Peter Carr; New York University
   presented by: Peter Carr, New York University
   Discussant:   Scott Joslin, University of Southern California
 

The Pricing Kernel is U-shaped
By Tobias Sichert; Goethe University Frankfurt
   presented by: Tobias Sichert, Goethe University Frankfurt
   Discussant:   Mathieu Fournier, HEC Montréal
 

Is there Smart Money? How Information in the Futures Market is Priced into the Cross-Section of Stock Returns with Delay
By Steven Ho; Columbia University
Alexandre Lauwers; The Graduate Institute, Geneva
   presented by: Steven Wei Ho, Columbia University
   Discussant:   Brian Henderson, George Washington University
 

Option Implied Spreads
By Christopher Culp; Johns Hopkins Institute for Applied Economics
Yoshio Nozawa; Federal Reserve Board
Pietro Veronesi; University of Chicago
   presented by: Yoshio Nozawa, Federal Reserve Board of Governors
   Discussant:   Dmitriy Muravyev, Boston College
 
Session: Entrepreneurial Finance/Venture Capital
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom A
 
Session Chair: Shai Bernstein, Stanford University
Session type: invited
 

Private Company Valuations by Mutual Funds
By Vikas Agarwal; Georgia State University
Brad Barber; University of California, Davis
Si Cheng; The Chinese University of Hong Kong
Allaudeen Hameed; National University of Singapore
Ayako Yasuda; University of California, Davis
   presented by: Vikas Agarwal, Georgia State University
   Discussant:   Manuel Adelino, Duke University
 

Entrepreneurial Wages
By Tania Babina; Columbia University
Wenting Ma; University of North Carolina
Paige Ouimet; University of North Carolina
Rebecca Zarutskie; Federal Reserve Board
   presented by: Paige Ouimet, University of North Carolina
   Discussant:   Song Ma, Yale University
 

Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital
By Josh Lerner; Harvard University
Jason Mao; State Street
Antoinette Schoar; Massachusetts Institute of Technology
Nan Zhang; State Street
   presented by: Josh Lerner, Harvard University
   Discussant:   Adair Morse, University of California, Berkeley
 

Venture Capital Contracts
By Michael Ewens; California Institute of Technology
Alexander Gorbenko; University of Southern California
Arthur Korteweg; University of Southern California
   presented by: Alexander Gorbenko, University of Southern California
   Discussant:   Will Gornall, University of British Columbia
 
Session: Exchange Rates
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Laura Veldkamp, New York University
Session type: invited
 

The Two-Pillar Policy for the RMB
By Urban Jermann; University of Pennsylvania
Bin Wei; Federal Reserve Bank of Atlanta
Vivian Yue; Emory University
   presented by: Vivian Yue, Emory University
   Discussant:   Wenxin Du, Federal Reserve Board
 

International Currencies and Capital Allocation
By Matteo Maggiori; Harvard University
Brent Neiman; University of Chicago
Jesse Schreger; Columbia Univeristy
   presented by: Matteo Maggiori, Harvard University
   Discussant:   Riccardo Colacito, unc at chapel hill
 

Dollar Safety and the Global Financial Cycle
By Zhengyang Jiang; Kellogg School of Management, Northwestern University
Arvind Krishnamurthy; Stanford University
Hanno Lustig; Stanford University
   presented by: Arvind Krishnamurthy, Stanford University
   Discussant:   Jesse Schreger, Columbia Univeristy
 
Session: Financial Distress and Resolution
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 203
 
Session Chair: Kose John, New York University
Session type: invited
 

Payday before Mayday: CEO Compensation Contracting for Distressed Firms
By Mary Ellen Carter; Boston College
Edie Hotchkiss; Boston College
Mahdi Mohseni; Texas A&M University
   presented by: Edie Hotchkiss, Boston College
   Discussant:   Stacey Jacobsen, Southern Methodist University
 

Do Minimum Wage Increases Cause Financial Stress to Small Businesses? Evidence from 15 Million Establishments
By Sudheer Chava; Georgia Institute of Technology
Alexander Oettl; Georgia Institute of Technology
Manpreet Singh; Georgia Institute of Technology
   presented by: Manpreet Singh, Georgia Institute of Technology
   Discussant:   Ashwini Agrawal, London School of Economics
 

Debt-Equity Simultaneous Holdings and Distress Resolution
By Yongqiang Chu; University of South Carolina
Ha Nguyen; Indiana University
Jun Wang; University of Western Ontario
Wei Wang; Queen's University
Wenyu Wang; Indiana University
   presented by: Wei Wang, Queen's University
   Discussant:   Katherine Waldock, Georgetown University
 

Practice Makes Perfect: Judge Experience and Bankruptcy Outcomes
By Benjamin Iverson; Brigham Young University
Joshua Madsen; University of Minnesota
Wei Wang; Queen's University
Qiping Xu; University of Notre Dame
   presented by: Benjamin Iverson, Brigham Young University
   Discussant:   Tom Chang, University of Southern California
 
Session: Information Frictions and Asset Prices
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Liyan Yang, University of Toronto
Session type: invited
 

Volatility and Informativeness
By Eduardo Davila; New York University
Cecilia Parlatore; New York University
   presented by: Cecilia Parlatore, New York University
   Discussant:   Bradyn Breon-Drish, University of California, San Diego
 

Trading Ahead of Treasury Auctions
By Jean-David Sigaux; European Central Bank
   presented by: Jean-David Sigaux, European Central Bank
   Discussant:   Hongjun Yan, DePaul University
 

Pricing Implications of Clearing a Skewed Asset from the Market
By Christian Goulding; Michigan State University
   presented by: Christian Goulding, Michigan State University
   Discussant:   Diego Garcia, University of Colorado
 

Market Power and Price Informativeness
[slides]
By Marcin Kacperczyk; Imperial College London
Jaromir Nosal; Boston College
Savitar Sundaresan; Imperial College London
   presented by: Jaromir Nosal, Boston College
   Discussant:   Snehal Banerjee, University of California, San Diego
 
Session: New Methods for the Cross Section of Expected Returns
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Michael Weber, University of Chicago
Session type: invited
 

Large Sample Estimators of the Stochastic Discount Factor
By Soohun Kim; Georgia Institute of Technology
Robert Korajczyk; Northwestern University
   presented by: Soohun Kim, Georgia Institute of Technology
   Discussant:   Svetlana Bryzgalova, London Business School
 

Empirical Asset Pricing via Machine Learning
By Shihao Gu; University of Chicago
Bryan Kelly; Yale University
Dacheng Xiu; University of Chicago
   presented by: Dacheng Xiu, University of Chicago
   Discussant:   Alberto Rossi, University of Maryland
 

What Firm Characteristics Drive US Stock Returns?
By Yufeng Han; University of North Carolina at Charlotte
Ai He; Emory University
David Rapach; Saint Louis University
Guofu Zhou; Washington University in St. Louis
   presented by: Guofu Zhou, Washington University in St. Louis
   Discussant:   Jonathan Lewellen, Dartmouth College
 

Break Risk
By Simon Smith; University of Southern California
Allan Timmermann; University of California, San Diego
   presented by: Simon Smith, University of Southern California
   Discussant:   Andreas Neuhierl, University of Notre Dame
 
Session: Role of Regulators and Supervisors in Regulation
January 6, 2019 10:15 to 12:15
Hilton Atlanta, Room 212-213-214
 
Session Chair: Amit Seru, Stanford University
Session type: invited
 

The Death of a Regulator: Strict Supervision, Bank Lending and Business Activity
By Joao Granja; University of Chicago
Christian Leuz; University of Chicago
   presented by: Joao Granja, University of Chicago
   Discussant:   David Lucca, Federal Reserve Bank of New York
 

Seeking My Supervisor: Evidence from the Centralization of Banking Supervision in Europe
By Itzhak Ben-David; Ohio State University and NBER
Giovanni Cerulli; CNR-IRCrES
Franco Fiordelisi; University of Rome III
David Marques Ibanez; European Central Bank
   presented by: David Marques Ibanez, European Central Bank
   Discussant:   Laura Blattner, Harvard University
 

The Value of Regulators as Monitors: Evidence from Banking
By Emilio Bisetti; Carnegie Mellon University
   presented by: Emilio Bisetti, Hong Kong University of Science and Technology
   Discussant:   Mark Egan, Harvard University
 
Session: Active and Passive Investors
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Room 212-213-214
 
Session Chair: Francesca Cornelli, London Business School
Session type: invited
 

Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests
By Alon Brav; Duke University
Wei Jiang; Columbia University
Tao Li; University of Florida
   presented by: Alon Brav, Duke University
   Discussant:   Vicente Cunat, London School of Economics
 

Passive Investors are Passive Monitors
By Davidson Heath; University of Utah
Daniele Macciocchi; University of Utah
Roni Michaely; Cornell University, Cornell Tech
Matthew Ringgenberg; University of Utah
   presented by: Davidson Heath, University of Utah
   Discussant:   Miriam Schwartz-Ziv, Michigan State University
 

The Threat of Intervention
By Vyacheslav Fos; Boston College
Charles Kahn; University of Illinois
   presented by: Vyacheslav (Slava) Fos, Boston College
   Discussant:   Ernst Maug, University of Mannheim
 

Institutional Investors and Corporate Governance: The Incentive to Increase Value
By Jonathan Lewellen; Dartmouth College
Katharina Lewellen; Dartmouth College
   presented by: Katharina Lewellen, Dartmouth College
   Discussant:   Nadya Malenko, Boston College
 
Session: Asset Pricing: Stock Markets
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom B
 
Session Chair: Johan Walden, University of California, Berkeley
Session type: invited
 

Asset Prices and No-Dividend Stocks
By Adem Atmaz; Purdue University
Suleyman Basak; London Business School
   presented by: Adem Atmaz, Purdue University
   Discussant:   Daniel Andrei, University of California, Los Angeles
 

That is not my Dog: Why Doesn't the Log Dividend-Price Ratio seem to Predict Future Log Returns or Log Dividend Growths?
By Phil Dybvig; Washington University in St. Louis
Huacheng Zhang; Southwestern University of Finance and Economics
   presented by: Huacheng Zhang, Southwestern University of Finance and Economics
   Discussant:   Nicolae Gârleanu, University of California, Berkeley
 

Expected Stock Returns and the Correlation Risk Premium
By Adrian Buss; INSEAD
Lorenzo Schoenleber; Frankfurt School of Finance and Management
Grigory Vilkov; Frankfurt School of Finance and Management
   presented by: Lorenzo Schoenleber, Frankfurt School of Finance and Management
   Discussant:   Christian Heyerdahl-Larsen, London Business School
 
Session: Corporate Bonds and Derivatives
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Room 205-206-207
 
Session Chair: Robin Greenwood, Harvard Business School
Session type: invited
 

ETFs and Price Volatility of Underlying Bonds
By Anna Agapova; Florida Atlantic University
Nikanor Volkov; Mercer University
   presented by: Anna Agapova, Florida Atlantic University
   Discussant:   Huaizhi Chen, Harvard Business School
 

Global Perspective or Local Knowledge: The Macro-information in the Sovereign CDS Market
By Yaqing Xiao; Rutgers University
Hongjun Yan; DePaul University
Jinfan Zhang; Chinese University of Hong Kong (Shenzhen)
   presented by: Yaqing Xiao, Rutgers University
   Discussant:   Emil Siriwardane, Harvard Business School
 

Corporate Bond Liquidity: A Revealed Preference Approach
By Sergey Chernenko; Purdue University
Aditya Sunderam; Harvard Business School
   presented by: Sergey Chernenko, Purdue University
   Discussant:   Jack Bao, University of Delaware
 
Session: Empirical Compensation and Incentives
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Room 209-210-211
 
Session Chair: Efraim Benmelech, Northwestern University
Session type: invited
 

Restricting CEO Pay Backfires: Evidence from China
By Kee-Hong Bae; York University
Zhaoran Gong; Hong Kong Polytechnic University
Wilson Tong; Hong Kong Polytechnic University
   presented by: Kee-Hong Bae, York University
   Discussant:   Richard Townsend, University of California, San Diego
 

Incentives and Competition in the Airline Industry
By Rajesh Aggarwal; Northeastern University
Carola Schenone; University of Virginia
   presented by: Rajesh Aggarwal, Northeastern University
   Discussant:   David Matsa, Northwestern University
 

The Limits of Limited Liability: Evidence from Industrial Pollution
By Pat Akey; University of Toronto
Ian Appel; Boston College
   presented by: Pat Akey, University of Toronto
   Discussant:   Filippo Mezzanotti, Northwestern University
 

Import Penetration and Executive Compensation
By Erik Lie; University of Iowa
Keyang Yang; University of Iowa
   presented by: Erik Lie, University of Iowa
   Discussant:   Shai Bernstein, Stanford University
 
Session: Financial Advisors and Financial Advice
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom A
 
Session Chair: John Beshears, Harvard University
Session type: invited
 

Trust and Delegated Investing: A Money Doctors Experiment
By Maximilian Germann; University of Mannheim
Benjamin Loos; University of Technology Sydney
Martin Weber; University of Mannheim
   presented by: Maximilian Germann, University of Mannheim
   Discussant:   Alessandro Previtero, Indiana University
 

Learning from Coworkers: Peer Effects on Individual Investment Decisions
By Paige Ouimet; University of North Carolina
Geoffrey Tate; University of North Carolina
   presented by: Geoffrey Tate, University of North Carolina
   Discussant:   Rawley Heimer, Boston College
 

Who Feels the Nudge? Financial Literacy, Self Awareness and Retirement Savings Decisions
By Anders Anderson; Stockholm School of Economics
David Robinson; Duke University
   presented by: David Robinson, Duke University
   Discussant:   Yaron Levi, University of Southern California
 
Session: Information and Trading in Financial Markets
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom C
 
Session Chair: Itay Goldstein, University of Pennsylvania
Session type: invited
 

Where Has All the Big Data Gone?
[slides]
By Maryam Farboodi; Princeton University
Adrien Matray; Princeton University
Laura Veldkamp; New York University
   presented by: Laura Veldkamp, New York University
   Discussant:   Brian Weller, Duke University
 

Innovation and Informed Trading: Evidence from Industry ETFs
By Shiyang Huang; The University of Hong Kong
Maureen O'Hara; Cornell University
Zhuo Zhong; University of Melbourne
   presented by: Zhuo Zhong, University of Melbourne
   Discussant:   Francesco Franzoni, University of Lugano (USI), Swiss Finance Institute
 

Informing the Market: The Effect of Modern Information Technologies on Information Production
By Meng Gao; University of Illinois at Urbana-Champaign
Jiekun Huang; University of Illinois
   presented by: Jiekun Huang, University of Illinois
   Discussant:   Liyan Yang, University of Toronto
 

Transparency and Dealer Networks: Evidence from the Initiation of Post-Trade Reporting in the Mortgage Backed Security Market
By Paul Schultz; University of Notre Dame
Zhaogang Song; Johns Hopkins University
   presented by: Zhaogang Song, Johns Hopkins University
   Discussant:   Hendrik Bessembinder, Arizona State University
 
Session: Mispricing
January 6, 2019 13:00 to 15:00
Hilton Atlanta, Grand Ballroom D
 
Session Chair: Justin Birru, Ohio State University
Session type: invited
 

Time-Varying Demand for Lottery: Speculation Ahead of Earnings Announcements
By Bibo Liu; Tsinghua University
Huijun Wang; University of Delaware
Jianfeng Yu; Tsinghua University
Shen Zhao; The Chinese University of Hong Kong, Shenzhen
   presented by: Bibo Liu, Tsinghua University
   Discussant:   Peter Kelly, University of Notre Dame
 

Be Fearful When Households Are Greedy: The Household Equity Share and Expected Market Returns
By David Yang; University of California, Irvine
Fan Zhang; PrepScholar Education
   presented by: David Yang, University of California, Irvine
   Discussant:   Dong Lou, London School of Economics
 

Climate Change and Efficiency of Sales Forecasts
By Harrison Hong; Columbia University
Frank Weikai Li; Singapore Management University
David Sraer; University of California, Berkeley
Jiangmin Xu; Peking University
   presented by: Jiangmin Xu, Peking University
   Discussant:   David Solomon, Boston College
 

Extrapolative Beliefs in the Cross-section: What Can We Learn from the Crowds?
By Zhi Da; University of Notre Dame
Xing Huang; Washington University in St. Louis
Lawrence Jin; California Institute of Technology
   presented by: Lawrence Jin, California Institute of Technology
   Discussant:   Abhiroop Mukherjee, Hong Kong University of Science and Technology

This program was last updated on 2018-12-12 22:43:22 EDT