Summary of All Sessions |
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| Date/Time | Location | Type | Title | Papers |
|---|---|---|---|---|
| January 4, 2019 8:00-10:00 | Hilton Atlanta, Room 205-206-207 | invited | Asset Pricing Anomalies | 3 |
| January 4, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom A | invited | Asset Pricing: Implications of Financial Constraints | 4 |
| January 4, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom B | invited | Behavioral Corporate Finance | 4 |
| 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 Incentives | 3 |
| January 4, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom C | invited | Mergers and Acquisitions | 4 |
| January 4, 2019 8:00-10:00 | Hilton Atlanta, Salon West | invited | Risk and Return in Financial Intermediation | 3 |
| January 4, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom D | invited | The Role of Media in Finance | 4 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Salon West | panel | AFA Panel: Blockchain: Myth and Reality | 0 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Room 205-206-207 | invited | Contracts and Incentives | 4 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Room 212-213-214 | invited | Households and Portfolio Choice | 4 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Room 209-210-211 | invited | Macroprudential Policy and Financial Stability | 3 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom A | invited | Market Mispricing: Extrapolation, Speculation, and Disclosure | 4 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom B | invited | Mortgages | 3 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom C | invited | Non-Bank Lending Behavior | 4 |
| January 4, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom D | invited | Selecting Mutual Funds | 4 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Salon West | panel | AFA Panel: New Datasets and Methods in Finance Research | 0 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom C | invited | Bank Lending and Firm Financing | 3 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Room 205-206-207 | invited | Finance and Development | 3 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Room 209-210-211 | invited | Financial Institutions | 3 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom D | invited | Fixed Income and Credit Risk | 4 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Room 212-213-214 | invited | Information and Competition in Banking | 4 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom A | invited | Information and Disclosure | 4 |
| January 4, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom B | invited | The Relation Between Expected Returns and Betas | 3 |
| 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 Development | 0 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Room 209-210-211 | invited | Analysts, News, Media and Market Sentiment | 4 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom D | invited | Barriers to Boardrooms | 3 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Room 205-206-207 | invited | Corporate Borrowing | 3 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Room 212-213-214 | invited | How Networks Impact Stock Returns | 3 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom A | invited | Macro Finance | 4 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom B | invited | New Perspectives on Risk | 4 |
| January 5, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom C | invited | Payout | 3 |
| January 5, 2019 10:15-12:15 | Hilton Atlanta, Salon West | panel | AFA Panel: FinTech and Money in the Digital Age | 0 |
| January 5, 2019 10:15-12:15 | Hilton Atlanta, Room 205-206-207 | invited | Expectations in Household Finance | 4 |
| 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 Flows | 3 |
| January 5, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom C | invited | Policy and Regulatory Issues | 4 |
| January 5, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom A | invited | R&D, Patents, and the Future of Innovation | 3 |
| January 5, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom B | invited | Subtle Influences on the Cost of Debt | 3 |
| January 5, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom D | invited | Topics in Return Dynamics | 4 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Salon West | panel | AFA Lecture: What Makes Financial Networks Special? Understanding and Evaluating Systemic Risk | 0 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Room 205-206-207 | invited | Financial Crises and Transmission of Shocks | 4 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Room 209-210-211 | invited | FinTech Applications in Credit and Asset Markets | 4 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom A | invited | Investor Psychology | 3 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom B | invited | Monitoring by Shareholders and Directors | 4 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom C | invited | Mutual Funds and Beyond | 4 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Grand Ballroom D | invited | Social Corporate Finance | 4 |
| January 5, 2019 14:30-16:30 | Hilton Atlanta, Room 212-213-214 | invited | Trading in Modern Markets | 4 |
| January 6, 2019 8:00-10:00 | Hilton Atlanta, Room 205-206-207 | invited | Contracts and Complexity | 3 |
| January 6, 2019 8:00-10:00 | Hilton Atlanta, Room 209-210-211 | invited | Corporate Governance: Creditor and Shareholder Monitoring | 4 |
| January 6, 2019 8:00-10:00 | Hilton Atlanta, Room 212-213-214 | invited | Disclosure, Regulation, and Banking | 4 |
| January 6, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom A | invited | Finance and Resource Allocation over Space and Time | 4 |
| January 6, 2019 8:00-10:00 | Hilton Atlanta, Grand Ballroom B | invited | Hedge Funds | 3 |
| 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 Investment | 4 |
| January 6, 2019 8:00-10:00 | Hilton Atlanta, Salon West | invited | Market Risk Factors | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Salon West | invited | Blockchain and Cryptocurrencies | 3 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Room 205-206-207 | invited | Corporate Culture | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Room 209-210-211 | invited | Derivatives | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom A | invited | Entrepreneurial Finance/Venture Capital | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom B | invited | Exchange Rates | 3 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Room 203 | invited | Financial Distress and Resolution | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom C | invited | Information Frictions and Asset Prices | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Grand Ballroom D | invited | New Methods for the Cross Section of Expected Returns | 4 |
| January 6, 2019 10:15-12:15 | Hilton Atlanta, Room 212-213-214 | invited | Role of Regulators and Supervisors in Regulation | 3 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Room 212-213-214 | invited | Active and Passive Investors | 4 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Grand Ballroom B | invited | Asset Pricing: Stock Markets | 3 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Room 205-206-207 | invited | Corporate Bonds and Derivatives | 3 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Room 209-210-211 | invited | Empirical Compensation and Incentives | 4 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Grand Ballroom A | invited | Financial Advisors and Financial Advice | 3 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Grand Ballroom C | invited | Information and Trading in Financial Markets | 4 |
| January 6, 2019 13:00-15:00 | Hilton Atlanta, Grand Ballroom D | invited | Mispricing | 4 |
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; Drexel University |
| presented by: Marco Elia, Drexel University |
| 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: Steven Grenadier, 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: Ingolf Dittmann, Erasmus University Rotterdam |
| 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: Anja Kunzmann, 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; Harvard University |
| presented by: Anastassia Fedyk, Harvard University |
| 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 |
| 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: Tim Liu, 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 Scognamiglio, 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 |
| Policy Uncertainty and Household Stock Market Participation |
| By Vikas Agarwal; Georgia State University Hadiye Aslan; 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 Jin Lawrence; California Institute of Technology Pengfei Sui; California Institute of Technology |
| presented by: Jin Lawrence, 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 Institutional Securities Lending |
| 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: Robert Dittmar, University of Michigan |
| 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: Rahul Vashishtha, Duke 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: Huancheng Du, International Monetary Fund |
| 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: Markus Biesinger, 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: Patrick Dennis, 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; University of Pennsylvania 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: Erik Stafford, Harvard University |
| 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 |
| presented by: Rawley Heimer, Boston College |
| 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 Tao Li; University of Florida |
| presented by: Tao Li, University of Florida |
| 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 |
| How did the Efficient Market Hypothesis Affect Investor Behavior? |
| By Vladimir Atanasov; College of William and Mary Christo Pirinsky; U.S. Securities and Exchange Commission Qinghai Wang; University of Central Florida |
| presented by: Vladimir Atanasov, College of William and Mary |
| Discussant: Harrison Hong, Columbia University |
| 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 New South Wales |
| presented by: Renee Adams, University of Oxford |
| 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: Ana Babus, Washington University in St. Louis |
| 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: Agnese Leonello, European Central Bank |
| 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: Kevin Mullally, University of Alabama |
| 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 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: Lin 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: Andrea Buraschi, 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: Pietro Veronesi, University of Chicago |
| 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: Robert Korajczyk, Northwestern University |
| 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 |
| Behaving strategically? Evidence from the centralization of banking supervision |
| By 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 |
| What Can We Learn from Sovereign CDS Spreads? |
| 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 Jin Lawrence; California Institute of Technology |
| presented by: Xing Huang, Washington University in St. Louis |
| Discussant: Abhiroop Mukherjee, Hong Kong University of Science and Technology |
This program was last updated on 2018-10-10 12:48:41 EDT