Summary of All Sessions |
|---|
| Date/Time | Location | Type | Title | Papers |
|---|---|---|---|---|
| January 3, 2020 8:00-10:00 | Seaport A, Manchester Grand Hyatt San Diego | invited | Asset Pricing: Portfolio Choice and Asset Allocation | 4 |
| January 3, 2020 8:00-10:00 | Seaport B, Manchester Grand Hyatt San Diego | invited | Contracts and Incentives | 4 |
| January 3, 2020 8:00-10:00 | Seaport DE, Manchester Grand Hyatt San Diego | invited | Factors, Risk and the Economy | 4 |
| January 3, 2020 8:00-10:00 | Seaport F, Manchester Grand Hyatt San Diego | invited | Firms and Politics | 3 |
| January 3, 2020 8:00-10:00 | Seaport G, Manchester Grand Hyatt San Diego | invited | M&A and Competition | 3 |
| January 3, 2020 8:00-10:00 | Seaport H, Manchester Grand Hyatt San Diego | invited | Mutual Fund Flows and Marketing | 4 |
| January 3, 2020 8:00-10:00 | Harbor A, Manchester Grand Hyatt San Diego | invited | New Advances in International Finance | 4 |
| January 3, 2020 8:00-10:00 | Seaport C, Manchester Grand Hyatt San Diego | invited | Regulation & Finance | 4 |
| January 3, 2020 10:15-12:15 | Seaport DE, Manchester Grand Hyatt San Diego | panel | AFA Panel: Shadow Banking: Understanding Private Debt | 0 |
| January 3, 2020 10:15-12:15 | Seaport A, Manchester Grand Hyatt San Diego | invited | Common Ownership, Competition, and Innovation | 4 |
| January 3, 2020 10:15-12:15 | Seaport B, Manchester Grand Hyatt San Diego | invited | FinTech: Adoption and Consequences | 4 |
| January 3, 2020 10:15-12:15 | Seaport C, Manchester Grand Hyatt San Diego | invited | Learning in Asset Markets | 4 |
| January 3, 2020 10:15-12:15 | Seaport F, Manchester Grand Hyatt San Diego | invited | Mutual Funds: New Perspectives | 3 |
| January 3, 2020 10:15-12:15 | Seaport G, Manchester Grand Hyatt San Diego | invited | New Methods in Asset Pricing | 4 |
| January 3, 2020 10:15-12:15 | Seaport H, Manchester Grand Hyatt San Diego | invited | New Perspectives on Raising and Measuring Capital | 4 |
| January 3, 2020 10:15-12:15 | Harbor A, Manchester Grand Hyatt San Diego | invited | Shareholder Voting | 3 |
| January 3, 2020 12:30-14:30 | Coronado A, Manchester Grand Hyatt San Diego | invited | AFA/AREUEA Joint Session: Real Estate and Housing Finance | 4 |
| January 3, 2020 14:30-16:30 | Seaport DE, Manchester Grand Hyatt San Diego | panel | AFA Panel: Fintech, Financial Stability and Regulation | 0 |
| January 3, 2020 14:30-16:30 | Seaport A, Manchester Grand Hyatt San Diego | invited | Asset Return Dynamics | 4 |
| January 3, 2020 14:30-16:30 | Seaport B, Manchester Grand Hyatt San Diego | invited | Debt Financing and Growth | 4 |
| January 3, 2020 14:30-16:30 | Seaport C, Manchester Grand Hyatt San Diego | invited | Equity Options and Volatility Derivatives | 4 |
| January 3, 2020 14:30-16:30 | Seaport F, Manchester Grand Hyatt San Diego | invited | Financial Intermediation and Liquidity | 4 |
| January 3, 2020 14:30-16:30 | Seaport G, Manchester Grand Hyatt San Diego | invited | Gender: Policy, Perception and Firm Value | 4 |
| January 3, 2020 14:30-16:30 | Seaport H, Manchester Grand Hyatt San Diego | invited | Hedge Funds | 4 |
| January 3, 2020 14:30-16:30 | Harbor A, Manchester Grand Hyatt San Diego | invited | Intermediaries and Asset Returns | 3 |
| January 4, 2020 8:00-10:00 | Seaport DE, Manchester Grand Hyatt San Diego | invited | Asset Pricing: Volatility, Tail Risk | 3 |
| January 4, 2020 8:00-10:00 | Seaport B, Manchester Grand Hyatt San Diego | invited | Asset Valuation in Economies with Production | 4 |
| January 4, 2020 8:00-10:00 | Seaport C, Manchester Grand Hyatt San Diego | invited | Bank and SBA Lending Behavior | 3 |
| January 4, 2020 8:00-10:00 | Seaport F, Manchester Grand Hyatt San Diego | invited | Bank Cost of Capital | 3 |
| January 4, 2020 8:00-10:00 | Seaport G, Manchester Grand Hyatt San Diego | invited | Frontiers of Corporate Governance | 4 |
| January 4, 2020 8:00-10:00 | Seaport H, Manchester Grand Hyatt San Diego | invited | Information Diffusion | 3 |
| January 4, 2020 8:00-10:00 | Harbor A, Manchester Grand Hyatt San Diego | invited | Networks, Connections, and Firms | 3 |
| January 4, 2020 8:00-10:00 | Seaport A, Manchester Grand Hyatt San Diego | invited | Political Uncertainty and Asset Prices | 3 |
| January 4, 2020 8:00-10:00 | Coronado E, Manchester Grand Hyatt San Diego | panel | Women in Economics - Perspectives and New Initiatives from Five Professional Associations | 0 |
| January 4, 2020 10:15-12:15 | Seaport DE, Manchester Grand Hyatt San Diego | panel | AFA Panel: Innovating for Financial Health: Are FinTechs, Banks and Policymakers Addressing the Challenges? | 0 |
| January 4, 2020 10:15-12:15 | Seaport A, Manchester Grand Hyatt San Diego | invited | Asset Specificity and Prices | 3 |
| January 4, 2020 10:15-12:15 | Seaport B, Manchester Grand Hyatt San Diego | invited | Blockchain and Cryptocurrencies | 3 |
| January 4, 2020 10:15-12:15 | Seaport C, Manchester Grand Hyatt San Diego | invited | CEO Effects | 3 |
| January 4, 2020 10:15-12:15 | Seaport F, Manchester Grand Hyatt San Diego | invited | Financial Stability | 3 |
| January 4, 2020 10:15-12:15 | Seaport G, Manchester Grand Hyatt San Diego | invited | Psychology and Asset Prices | 3 |
| January 4, 2020 10:15-12:15 | Seaport H, Manchester Grand Hyatt San Diego | invited | R&D, Patents, and Innovation | 4 |
| January 4, 2020 10:15-12:15 | Harbor A, Manchester Grand Hyatt San Diego | invited | Skill in Mutual Funds | 3 |
| January 4, 2020 14:30-16:30 | Seaport DE, Manchester Grand Hyatt San Diego | panel | AFA Lecture - Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems | 0 |
| January 4, 2020 14:30-16:30 | Seaport A, Manchester Grand Hyatt San Diego | invited | Bank Lending | 3 |
| January 4, 2020 14:30-16:30 | Torrey Hills AB, Manchester Grand Hyatt San Diego | invited | AFA/AFE Joint Session: Bankruptcy and Efficiency | 4 |
| January 4, 2020 14:30-16:30 | Seaport B, Manchester Grand Hyatt San Diego | invited | Corporate Debt and Liquidity | 3 |
| January 4, 2020 14:30-16:30 | Seaport C, Manchester Grand Hyatt San Diego | invited | Corporate Investment in the Modern Economy | 4 |
| January 4, 2020 14:30-16:30 | Seaport F, Manchester Grand Hyatt San Diego | invited | Foreign Exchange Risk Premium | 4 |
| January 4, 2020 14:30-16:30 | Seaport G, Manchester Grand Hyatt San Diego | invited | Intermediary Trading, Trading Venues, and Market Liquidity | 3 |
| January 4, 2020 14:30-16:30 | Harbor A, Manchester Grand Hyatt San Diego | invited | Structural Models of Credit Risk | 4 |
| January 4, 2020 14:30-16:30 | Seaport H, Manchester Grand Hyatt San Diego | invited | The Use (and Misuse) of Private Information in Financial Markets | 3 |
| January 5, 2020 8:00-10:00 | Seaport A, Manchester Grand Hyatt San Diego | invited | Asset Prices and the Trading Process | 3 |
| January 5, 2020 8:00-10:00 | Seaport DE, Manchester Grand Hyatt San Diego | invited | Asset Pricing: Cross-section of Returns | 4 |
| January 5, 2020 8:00-10:00 | Seaport C, Manchester Grand Hyatt San Diego | invited | Banks and Monetary Policy Transmission | 3 |
| January 5, 2020 8:00-10:00 | Seaport F, Manchester Grand Hyatt San Diego | invited | Finance and Development | 4 |
| January 5, 2020 8:00-10:00 | Seaport G, Manchester Grand Hyatt San Diego | invited | Measuring Bond Liquidity | 3 |
| January 5, 2020 8:00-10:00 | Seaport H, Manchester Grand Hyatt San Diego | invited | Memory, Perception, and Asset Prices | 3 |
| January 5, 2020 8:00-10:00 | Harbor A, Manchester Grand Hyatt San Diego | invited | Mergers and Acquisitions | 4 |
| January 5, 2020 8:00-10:00 | Seaport B, Manchester Grand Hyatt San Diego | invited | Shareholder Activism | 3 |
| January 5, 2020 10:15-12:15 | Seaport A, Manchester Grand Hyatt San Diego | invited | Analysts, News, and Intermediaries | 3 |
| January 5, 2020 10:15-12:15 | Seaport DE, Manchester Grand Hyatt San Diego | invited | Asset Pricing: Frictions and Market Efficiency | 3 |
| January 5, 2020 10:15-12:15 | Seaport C, Manchester Grand Hyatt San Diego | invited | Corporate Culture and Socially Responsible Investing | 3 |
| January 5, 2020 10:15-12:15 | Seaport F, Manchester Grand Hyatt San Diego | invited | Entrepreneurial Finance: Risk and Return | 4 |
| January 5, 2020 10:15-12:15 | Seaport G, Manchester Grand Hyatt San Diego | invited | Executive Compensation | 3 |
| January 5, 2020 10:15-12:15 | Seaport H, Manchester Grand Hyatt San Diego | invited | Household Finance: Regulation and Intermediation | 4 |
| January 5, 2020 10:15-12:15 | Harbor A, Manchester Grand Hyatt San Diego | invited | Intermediation and Asset Prices | 3 |
| January 5, 2020 10:15-12:15 | Seaport B, Manchester Grand Hyatt San Diego | invited | Liquidity Risk | 4 |
| January 5, 2020 13:00-15:00 | Seaport A, Manchester Grand Hyatt San Diego | invited | Asset Pricing: Cross-section of Returns and Investors | 3 |
| January 5, 2020 13:00-15:00 | Seaport B, Manchester Grand Hyatt San Diego | invited | Corporate Disclosure and Incentives | 3 |
| January 5, 2020 13:00-15:00 | Seaport C, Manchester Grand Hyatt San Diego | invited | Financial Crises and Transmission of Shocks | 3 |
| January 5, 2020 13:00-15:00 | Seaport F, Manchester Grand Hyatt San Diego | invited | Household Debt and Savings | 3 |
| January 5, 2020 13:00-15:00 | Seaport G, Manchester Grand Hyatt San Diego | invited | Information Trading in Networks | 4 |
| January 5, 2020 13:00-15:00 | Seaport H, Manchester Grand Hyatt San Diego | invited | Labor Markets and Firm Performance | 3 |
| January 5, 2020 13:00-15:00 | Harbor A, Manchester Grand Hyatt San Diego | invited | Risk Premia Dynamics in Treasury Bond Markets | 4 |
74 sessions, 240 papers, and 18 presentations with no associated papers |
|---|
American Finance Association 2020 Annual Meeting |
|---|
Detailed List of Sessions |
| Session: Asset Pricing: Portfolio Choice and Asset Allocation January 3, 2020 8:00 to 10:00 Seaport A, Manchester Grand Hyatt San Diego |
|---|
| Session Chair: Russell Wermers, University of Maryland |
| Session type: invited |
| Trading Opportunities and the Portfolio Choices of Institutional Investors |
| By Terry Zhang; Australian National University |
| presented by: Terry Zhang, Australian National University |
| Discussant: Chunhua Lan, University of New Brunswick |
| Tactical Target Date Funds |
| By Francisco Gomes; London Business School Alex Michaelides; Imperial College London Yuxin Zhang; Renmin University of China |
| presented by: Yuxin Zhang, Renmin University of China |
| Discussant: Lubos Pastor, University of Chicago |
| Reach for Yield by U.S. Public Pension Funds |
| By Lina Lu; Federal Reserve Bank of Boston Matthew Pritsker; Federal Reserve Bank of Boston Andrei Zlate; Federal Reserve Board of Governors Kenechukwu Anadu; Federal Reserve Bank of Boston Jim Bohn; Federal Reserve Bank of Boston |
| presented by: Matthew Pritsker, Federal Reserve Bank of Boston |
| Discussant: Daniel Barth, University of Southern California and CESR |
| When Can the Market Identify Old News? |
| By Anastassia Fedyk; University of California, Berkeley James Hodson; Jozef Stefan Institute |
| presented by: Anastassia Fedyk, University of California, Berkeley |
| Discussant: Alan Huang, University of Waterloo |
| Session: Contracts and Incentives January 3, 2020 8:00 to 10:00 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Alex Edmans, London Business School |
| Session type: invited |
| CEO Stress and Life Expectancy: The Role of Corporate Governance and Financial Distress |
| By Mark Borgschulte; University of Illinois Marius Guenzel; University of California, Berkeley Canyao Liu; Unversity of California, Berkeley Ulrike Malmendier; University of California, Berkeley |
| presented by: Ulrike Malmendier, University of California, Berkeley |
| Discussant: Christopher Parsons, University of Southern California |
| Uncertainty and Contracting: A Theory of Consensus and Envy in Organizations |
| By David Dicks; Baylor University Paolo Fulghieri; University of North Carolina |
| presented by: David Dicks, Baylor University |
| Discussant: Laura Veldkamp, Columbia University |
| Executive Mobility in the United States, 1920 to 2011 |
| By John Graham; Duke University Dawoon Kim; Cornell University Hyunseob Kim; Cornell University |
| presented by: Hyunseob Kim, Cornell University |
| Discussant: Claudia Custodio, Imperial College London |
| Choose Your Battles Wisely: The Consequences of Protesting Government Procurement Contracts |
| By Mehmet Canayaz; Pennsylvania State University Jess Cornaggia; Pennsylvania State University Kimberly Cornaggia; Pennsylvania State University |
| presented by: Mehmet Canayaz, Pennsylvania State University |
| Discussant: Ran Duchin, University of Washington |
| Session: Factors, Risk and the Economy January 3, 2020 8:00 to 10:00 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Jules van Binsbergen, University of Pennsylvania |
| Session type: invited |
| Priceless Consumption |
| By Frederico Belo; INSEAD, University of Minnesota and NBER Andres Donangelo; University of Texas at Austin |
| presented by: Andres Donangelo, University of Texas at Austin |
| Discussant: Toomas Laarits, Yale University |
| The Cross-Section of Stock Returns and the Timing of Cash Flows |
| By Niels Gormsen; University of Chicago Eben Lazarus; Massachusetts Institute of Technology |
| presented by: Niels Gormsen, University of Chicago |
| Discussant: Andrei Goncalves, University of North Carolina-Chapel Hill |
| Macroeconomic Tail Risks and Asset Prices |
| By David Schreindorfer; Arizona State University |
| presented by: David Schreindorfer, Arizona State University |
| Discussant: Andrea Tamoni, Rutgers University |
| Factor Momentum and the Momentum Factor |
| By Sina Ehsani; Northern Illinois University Juhani Linnainmaa; University of Southern California |
| presented by: Sina Ehsani, Northern Illinois University |
| Discussant: Dong Lou, London School of Economics |
| Session: Firms and Politics January 3, 2020 8:00 to 10:00 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Jonathan Karpoff, University of Washington |
| Session type: invited |
| Media Partisanship and Fundamental Corporate Decisions |
| By April Knill; Florida State University Baixiao Liu; Florida State University John McConnell; Purdue University |
| presented by: April Knill, Florida State University |
| Discussant: John Lott, Crime Prevention Research Center |
| Do Political Boundaries affect Firm Boundaries? |
| By Matthew Denes; Carnegie Mellon University Raymond Fisman; Boston University Florian Schulz; University of Washington Vikrant Vig; London Business School |
| presented by: Matthew Denes, Carnegie Mellon University |
| Discussant: Pat Akey, University of Toronto |
| Who Pays a Visit to Brussels? Cross-Border Firm Value Effects of Meetings with European Commissioners |
| By Kizkitza Biguri; BI Norwegian Business School Jörg Stahl; Universidade Católica Portuguesa |
| presented by: Jörg Stahl, Universidade Católica Portuguesa |
| Discussant: Tracy Wang, University of Minnesota |
| Session: M&A and Competition January 3, 2020 8:00 to 10:00 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Pavel Savor, DePaul University |
| Session type: invited |
| Corporate Rivalry and Return Comovement |
| By Eric de Bodt; NHH - Caltech B. Espen Eckbo; Dartmouth College Richard Roll; California Institute of Technology |
| presented by: B. Espen Eckbo, Dartmouth College |
| Discussant: Gerard Hoberg, University of Southern California |
| Beyond the Target: M&A Decisions and Rival Ownership |
| By Miguel Anton; IESE Business School Jose Azar; IESE Business School Mireia Gine; University of Navarra & Wharton WRDS Luca X. Lin; IESE Business School, University of Navarra |
| presented by: Mireia Gine, University of Navarra & Wharton WRDS |
| Discussant: Andrew Koch, University of Pittsburgh |
| Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry |
| By Alice Bonaime; University of Arizona Ye Wang; University of Arizona |
| presented by: Alice Bonaime, University of Arizona |
| Discussant: Albert Sheen, University of Oregon |
| Session: Mutual Fund Flows and Marketing January 3, 2020 8:00 to 10:00 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Nikolai Roussanov, University of Pennsylvania |
| Session type: invited |
| How Important is the Distribution Channel for Mutual Fund Flows? |
| By Bjarne Florentsen; Copenhagen Business School Ulf Nielsson; Copenhagen Business School Peter Raahauge; Copenhagen Business School Jesper Rangvid; Copenhagen Business School |
| presented by: Jesper Rangvid, Copenhagen Business School |
| Discussant: Jonathan Reuter, Boston College |
| Swing Pricing and Fragility in Open-end Mutual Funds |
| By Dunhong Jin; Oxford University Marcin Kacperczyk; Imperial College London Bige Kahraman; Oxford University Felix Suntheim; International Monetary Fund |
| presented by: Bige Kahraman, Oxford University |
| Discussant: Itay Goldstein, University of Pennsylvania |
| Do Internet Finance Platforms Mitigate Conflicts of Interest? The Case of Mutual Fund Investment |
| By Shang-Jin Wei; Columbia University Chloe Chunliu Yang; FISF, Fudan University |
| presented by: Chloe Chunliu Yang, FISF, Fudan University |
| Discussant: Hongxun Ruan, Peking University |
| What Do Mutual Fund Investors Really Care About? |
| By Itzhak Ben-David; Ohio State University and NBER Jiacui Li; Stanford University Andrea Rossi; University of Arizona Yang Song; University of Washington |
| presented by: Itzhak Ben-David, Ohio State University and NBER |
| Discussant: Richard Evans, University of Virginia & LTI@unito |
| Session: New Advances in International Finance January 3, 2020 8:00 to 10:00 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Pasquale Della Corte, Imperial College London |
| Session type: invited |
| Importance of Transaction Costs for Asset Allocations in FX Markets |
| By Thomas Maurer; University of Hong Kong Luca Pezzo; University of New Orleans Mark Taylor; Washington University in St. Louis |
| presented by: Luca Pezzo, University of New Orleans |
| Discussant: Bernard Dumas, INSEAD |
| Origins of International Factor Structures |
| By Zhengyang Jiang; Northwestern University Robert Richmond; New York University |
| presented by: Robert Richmond, New York University |
| Discussant: Rosen Valchev, Boston College |
| Government Policy Approval and Exchange Rates |
| By Yang Liu; University of Hong Kong Ivan Shaliastovich; University of Wisconsin-Madison |
| presented by: Yang Liu, University of Hong Kong |
| Discussant: Adrien Verdelhan, Massachusetts Institute of Technology |
| U.S. Equity Tail Risk and Currency Risk Premia |
| By Zhenzhen Fan; Nankai University Juan M. Londono; Federal Reserve Board Xiao Xiao; Erasmus University Rotterdam |
| presented by: Xiao Xiao, Erasmus University Rotterdam |
| Discussant: Mikhail Chernov, University of California, Los Angeles |
| Session: Regulation & Finance January 3, 2020 8:00 to 10:00 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Philipp Schnabl, New York University |
| Session type: invited |
| Are Bigger Banks Better? Firm-Level Evidence from Germany |
| By Kilian Huber; University of Chicago |
| presented by: Kilian Huber, University of Chicago |
| Discussant: Victoria Ivashina, Harvard Business School |
| Money Market Fund Reform and Arbitrage Capital |
| By Alyssa Anderson; Federal Reserve Board Wenxin Du; University of Chicago Bernd Schlusche; Federal Reserve Board |
| presented by: Wenxin Du, University of Chicago |
| Discussant: Hanno Lustig, Stanford University |
| Price Regulation in Two-Sided Markets: Empirical Evidence from Debit Cards |
| By Vladimir Mukharlyamov; Georgetown University Natasha Sarin; University of Pennsylvania |
| presented by: Vladimir Mukharlyamov, Georgetown University |
| Discussant: Philip Strahan, Boston College |
| Price Regulation in Credit Markets: A Trade-off between Consumer Protection and Credit Access |
| By Jose Ignacio Cuesta; University of Chicago Alberto Sepulveda; Superintendency of Banks and Financial Institutions (SBIF) |
| presented by: Jose Ignacio Cuesta, University of Chicago |
| Discussant: Alessandro Gavazza, London School of Economics |
| Session: AFA Panel: Shadow Banking: Understanding Private Debt January 3, 2020 10:15 to 12:15 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Victoria Ivashina, Harvard Business School |
| Session type: panel |
| Presented by: Steven Kaplan, University of Chicago |
| Presented by: Edgar Lee, Oaktree Capital |
| Presented by: Jeremy Stein, Harvard University |
| Presented by: Todd Pulvino, CNH Partners |
| Session: Common Ownership, Competition, and Innovation January 3, 2020 10:15 to 12:15 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Jose Azar, IESE Business School |
| Session type: invited |
| When Does Common Ownership Matter? |
| By Shradha Bindal; Texas A&M |
| presented by: Shradha Bindal, Texas A&M |
| Discussant: Gordon Phillips, Dartmouth College |
| Institutional Horizontal Shareholdings and Generic Entry in the Pharmaceutical Industry |
| By Joseph Gerakos; Dartmouth College Jin Xie; Chinese University of Hong Kong |
| presented by: Jin Xie, Chinese University of Hong Kong |
| Discussant: Sara Ellison, Massachusetts Institute of Technology |
| Common Ownership, Creative Destruction, and Inequality: Evidence from U.S. Consumers |
| By Hadiye Aslan; Georgia State University |
| presented by: Hadiye Aslan, Georgia State University |
| Discussant: Matthew Weinberg, Ohio State University |
| Common Ownership and Market Entry: Evidence from the Pharmaceutical Industry |
| By Melissa Newham; KU Leuven University & DIW Berlin Jo Seldeslachts; KU Leuven & DIW Berlin Albert Banal-Estanol; Universitat Pompeu Fabra |
| presented by: Jo Seldeslachts, KU Leuven & DIW Berlin |
| Discussant: Fiona Scott Morton, Yale University |
| Session: FinTech: Adoption and Consequences January 3, 2020 10:15 to 12:15 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Stephan Siegel, University of Washington |
| Session type: invited |
| Shocks and Technology Adoption: Evidence from Electronic Payment Systems |
| By Nicolas Crouzet; Northwestern University Apoorv Gupta; Northwestern University Filippo Mezzanotti; Northwestern University |
| presented by: Filippo Mezzanotti, Northwestern University |
| Discussant: Abhiroop Mukherjee, Hong Kong University of Science and Technology |
| Fintech and Credit Scoring for the Millennial Generation |
| By Sudip Gupta; Fordham University |
| presented by: Sudip Gupta, Fordham University |
| Discussant: Tobias Berg, Frankfurt School of Finance & Management |
| Crowdsourcing Financial Information to Change Spending Behavior |
| By Francesco D'Acunto; Boston College Alberto Rossi; University of Maryland Michael Weber; University of Chicago |
| presented by: Francesco D'Acunto, Boston College |
| Discussant: Samuli Knüpfer, BI Norwegian Business School |
| Consumers’ Financial Constraints, Lawsuit Decisions, and the Civil Justice System |
| By Mengming Dong; Rice University |
| presented by: Mengming Dong, Rice University |
| Discussant: Kelly Shue, Yale University |
| Session: Learning in Asset Markets January 3, 2020 10:15 to 12:15 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Lars Lochstoer, University of California, Los Angeles |
| Session type: invited |
| Evidence on Expectations of Household Finances |
| By Joao Cocco; London Business School Francisco Gomes; London Business School Paula Lopes; London School of Economics |
| presented by: Francisco Gomes, London Business School |
| Discussant: Michaela Pagel, Columbia University |
| Learning and the Capital Age Premium |
| By Kai Li; Hong Kong University of Science and Technology Chi-Yang Tsou; Hong Kong University of Science and Technology Chenjie Xu; Hong Kong University of Science and Technology |
| presented by: Kai Li, Hong Kong University of Science and Technology |
| Discussant: Jack Favilukis, University of British Columbia |
| Learning from Interest Rates: Implications for Stock Market Efficiency |
| By Matthijs Breugem; Collegio Carlo Alberto Adrian Buss; INSEAD Joel Peress; INSEAD |
| presented by: Adrian Buss, INSEAD |
| Discussant: Jaromir Nosal, Boston College |
| Reflexivity in Credit Markets |
| By Robin Greenwood; Harvard Business School Samuel Hanson; Harvard Business School Lawrence Jin; California Institute of Technology |
| presented by: Samuel Hanson, Harvard Business School |
| Discussant: Richard Stanton, University of California, Berkeley |
| Session: Mutual Funds: New Perspectives January 3, 2020 10:15 to 12:15 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Marcin Kacperczyk, Imperial College London |
| Session type: invited |
| Managerial Structure and Performance Induced Trading |
| By Anastassia Fedyk; University of California, Berkeley Saurin Patel; Ivey Business School, Western University Sergei Sarkissian; McGill University |
| presented by: Saurin Patel, Western University |
| Discussant: Lu Zheng, University of California, Irvine |
| Thousands of Alpha Tests |
| By Stefano Giglio; Yale University Yuan Liao; Rutgers University Dacheng Xiu; University of Chicago |
| presented by: Yuan Liao, Rutgers University |
| Discussant: Rossen Valkanov, University of California, San Diego |
| The Allocation of Talent Across Mutual Fund Strategies |
| By Andrea Buffa; Boston University Apoorva Javadekar; Indian School of Business |
| presented by: Andrea Buffa, Boston University |
| Discussant: Stijn Van Nieuwerburgh, Columbia University |
| Session: New Methods in Asset Pricing January 3, 2020 10:15 to 12:15 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Svetlana Bryzgalova, London Business School |
| Session type: invited |
| Correcting Misspecified Stochastic Discount Factors |
| By Raman Uppal; EDHEC Business School Paolo Zaffaroni; Imperial College London Irina Zviadadze; Stockholm School of Economics |
| presented by: Raman Uppal, EDHEC Business School |
| Discussant: Cesare Robotti, University of Warwick |
| More Factors Are Needed: Evidence from a Simple Test |
| By Ai He; Emory University Dashan Huang; Singapore Management University Guofu Zhou; Washington University in St. Louis |
| presented by: Dashan Huang, Singapore Management University |
| Discussant: Mikhail Chernov, University of California, Los Angeles |
| Nowcasting Net Asset Values: The Case of Private Equity |
| By Gregory Brown; University of North Carolina-Chapel Hill Eric Ghysels; University of North Carolina at Chapel Hill Oleg Gredil; Tulane University |
| presented by: Gregory Brown, University of North Carolina-Chapel Hill |
| Discussant: Sophie Shive, University of Notre Dame |
| Distance-Based Metrics: A Bayesian Solution to the Power and Extreme-Error Problems in Asset-Pricing Tests |
| By Amit Goyal; University of Lausanne Zhongzhi (Lawrence) He; Brock University Sahn-Wook Huh; The State University of New York at Buffalo |
| presented by: Amit Goyal, University of Lausanne |
| Discussant: Alexander Chinco, University of Illinois |
| Session: New Perspectives on Raising and Measuring Capital January 3, 2020 10:15 to 12:15 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Sabrina Howell, New York University |
| Session type: invited |
| The Impact of Going Public on the Firm’s Human Capital |
| By Ramin Baghai; Stockholm School of Economics Rui Silva; London Business School |
| presented by: Rui Silva, London Business School |
| Discussant: Tania Babina, Columbia University |
| Initial Public Offerings and the Local Economy |
| By Jess Cornaggia; Pennsylvania State University Matthew Gustafson; Pennsylvania State University Jason Kotter; Brigham Young University Kevin Pisciotta; University of Kansas |
| presented by: Matthew Gustafson, Pennsylvania State University |
| Discussant: Emanuele Colonnelli, University of Chicago |
| Acquisition Prices and the Measurement of Intangible Capital |
| By Michael Ewens; California Institute of Technology Ryan Peters; Tulane University Sean Wang; Southern Methodist University |
| presented by: Ryan Peters, Tulane University |
| Discussant: Dimitris Papanikolaou, Northwestern University |
| Corporate Cash Shortfalls and Financing Decisions |
| By Rongbing Huang; Kennesaw State University Jay Ritter; University of Florida |
| presented by: Jay Ritter, University of Florida |
| Discussant: Rene Stulz, Ohio State University |
| Session: Shareholder Voting January 3, 2020 10:15 to 12:15 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Doron Levit, University of Pennsylvania |
| Session type: invited |
| The Costs and Benefits of Shareholder Democracy |
| By Nickolay Gantchev; Southern Methodist University Mariassunta Giannetti; Stockholm School of Economics |
| presented by: Mariassunta Giannetti, Stockholm School of Economics |
| Discussant: John Matsusaka, University of Southern California |
| Managerial Response Under Shareholder Empowerment: Evidence from Majority Voting Legislation Changes |
| By Vicente Cunat; London School of Economics Yiqing Lu; New York University Hong Wu; Hong Kong Polytechnic University |
| presented by: Vicente Cunat, London School of Economics |
| Discussant: Michelle Lowry, Drexel University |
| Phantom of the Opera: ETFs and Shareholder Voting |
| By Richard Evans; University of Virginia Oğuzhan Karakaş; Cambridge Judge Business School Rabih Moussawi; Villanova University Michael Young; University of Virginia |
| presented by: Richard Evans, University of Virginia & LTI@unito |
| Discussant: Adam Reed, University of North Carolina-Chapel Hill |
| Session: AFA/AREUEA Joint Session: Real Estate and Housing Finance January 3, 2020 12:30 to 14:30 Coronado A, Manchester Grand Hyatt San Diego |
| Session Chair: Timothy McQuade, Stanford University |
| Session type: invited |
| Small Bank Lending Amidst the Ascent of Fintech and Shadow Banking: A Sideshow? |
| By Taylor Begley; Washington University in St. Louis Kandarp Srinivasan; Northeastern University |
| presented by: Taylor Begley, Washington University in St. Louis |
| Discussant: Greg Buchak, University of Chicago |
| Concentration and Lending in Mortgage Markets |
| By Ronel Elul; Federal Reserve Bank of Philadelphia Deeksha Gupta; Carnegie Mellon University David Musto; University of Pennsylvania |
| presented by: Deeksha Gupta, Carnegie Mellon University |
| Discussant: Anthony DeFusco, Northwestern University |
| Paying Too Much? Price Dispersion in the US Mortgage Market |
| By Neil Bhutta; Federal Reserve Board Andreas Fuster; Swiss National Bank Aurel Hizmo; Federal Reserve Board |
| presented by: Aurel Hizmo, Federal Reserve Board |
| Discussant: Christopher Palmer, Massachusetts Institute of Technology |
| Villains or Scapegoats? The Role of Subprime Borrowers in Driving the Housing Boom |
| By James Conklin; University of Georgia Scott Frame; Federal Reserve Bank of Atlanta Kristopher Gerardi; Federal Reserve Bank of Atlanta Haoyang Liu; Federal Reserve Bank of New York |
| presented by: James Conklin, University of Georgia |
| Discussant: Adam Guren, Boston University |
| Session: AFA Panel: Fintech, Financial Stability and Regulation January 3, 2020 14:30 to 16:30 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Hyun Song Shin, Bank for International Settlements |
| Session type: panel |
| Presented by: Susan Athey, Stanford University |
| Presented by: Thomas Philippon, New York University |
| Presented by: Antoinette Schoar, Massachusetts Institute of Technology |
| Presented by: Hyun Song Shin, Bank for International Settlements |
| Session: Asset Return Dynamics January 3, 2020 14:30 to 16:30 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Doron Avramov, IDC Herzliya |
| Session type: invited |
| Geographic Lead-Lag Effects |
| By Christopher Parsons; University of Washington Riccardo Sabbatucci; Stockholm School of Economics Sheridan Titman; University of Texas at Austin |
| presented by: Riccardo Sabbatucci, Stockholm School of Economics |
| Discussant: Tobias Moskowitz, Yale University |
| A Model-Free Term Structure of U.S. Dividend Premiums |
| By Stephan Florig; Karlsruhe Institute of Technology Maxim Ulrich; Karlsruhe Institute of Technology Christian Wuchte; Karlsruhe Institute of Technology |
| presented by: Stephan Florig, Karlsruhe Institute of Technology |
| Discussant: Jules van Binsbergen, University of Pennsylvania |
| Global Capital and the Cross-Section of International Equity Return Comovement |
| By Thummim Cho; London School of Economics Argyris Tsiaras; Harvard University |
| presented by: Thummim Cho, London School of Economics |
| Discussant: Nancy Xu, Boston College |
| Frequency Dependent Risk |
| By Andreas Neuhierl; University of Notre Dame Rasmus Varneskov; Copenhagen Business School |
| presented by: Andreas Neuhierl, University of Notre Dame |
| Discussant: Markus Pelger, Stanford University |
| Session: Debt Financing and Growth January 3, 2020 14:30 to 16:30 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Hui Chen, Massachusetts Institute of Technology |
| Session type: invited |
| Creating Intangible Capital |
| By Robin Döttling; Erasmus University Tomislav Ladika; University of Amsterdam Enrico Perotti; University of Amsterdam |
| presented by: Robin Döttling, Erasmus University |
| Discussant: Adriano Rampini, Duke University |
| Debt, Innovation, and Growth |
| By Thomas Geelen; Copenhagen Business School and Danish Finance Institute Jakub Hajda; University of Lausanne Erwan Morellec; Ecole Polytechnique Federale de Lausanne |
| presented by: Thomas Geelen, Copenhagen Business School and Danish Finance Institute |
| Discussant: Christian Opp, University of Rochester |
| The Collateral Framework of the ECB and the Structure of Corporate Debt in the Eurozone |
| By Loriana Pelizzon; Goethe University Frankfurt Max Riedel; Goethe University Frankfurt Zorka Simon; Goethe University Frankfurt Marti Subrahmanyam; New York University |
| presented by: Zorka Simon, Goethe University Frankfurt |
| Discussant: Zhiguo He, University of Chicago |
| (Debt) Overhang: Evidence from Resource Extraction |
| By Michael Wittry; Ohio State University |
| presented by: Michael Wittry, Ohio State University |
| Discussant: Michael Schwert, University of Pennsylvania |
| Session: Equity Options and Volatility Derivatives January 3, 2020 14:30 to 16:30 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Ing-Haw Cheng, Dartmouth College |
| Session type: invited |
| The Law of One Price in Equity Volatility Markets |
| By Peter Van Tassel; Federal Reserve Bank of New York |
| presented by: Peter Van Tassel, Federal Reserve Bank of New York |
| Discussant: Travis Johnson, University of Texas at Austin |
| The Price of Higher Order Catastrophe Insurance: The Case of VIX Options |
| By Bjorn Eraker; University of Wisconsin-Madison |
| presented by: Bjorn Eraker, University of Wisconsin-Madison |
| Discussant: Jessica Wachter, University of Pennsylvania |
| Older and Wiser: Informed Traders and the Choice of Option Maturity |
| By Mark Clements; Research Affiliates Vitali Kalesnik; Research Affiliates Juhani Linnainmaa; University of Southern California |
| presented by: Vitali Kalesnik, Research Affiliates |
| Discussant: Turan Bali, Georgetown University |
| Default Risk and Option Returns |
| By Aurelio Vasquez; ITAM Xiao Xiao; Erasmus University Rotterdam |
| presented by: Aurelio Vasquez, ITAM |
| Discussant: Alessio Saretto, The University of Texas at Dallas |
| Session: Financial Intermediation and Liquidity January 3, 2020 14:30 to 16:30 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Arvind Krishnamurthy, Stanford University |
| Session type: invited |
| The Bond Pricing Implications of Rating-Based Capital Requirements |
| By Scott Murray; Georgia State University Stanislava Nikolova; University of Nebraska |
| presented by: Scott Murray, Georgia State University |
| Discussant: Farzad Saidi, Boston University |
| Heterogeneous Intermediary Asset Pricing |
| By Mahyar Kargar; University of Illinois |
| presented by: Mahyar Kargar, University of Illinois |
| Discussant: Wenhao Li, University of Southern California |
| The Passthrough of Treasury Supply to Bank Deposit Funding |
| By Wenhao Li; University of Southern California Yiming Ma; Columbia University Yang Zhao; Stanford Graduate School of Business |
| presented by: Yiming Ma, Columbia University |
| Discussant: Mark Egan, Harvard University |
| Collateral Runs |
| By Sebastian Infante; Federal Reserve Board Alexandros Vardoulakis; Federal Reserve Board |
| presented by: Alexandros Vardoulakis, Federal Reserve Board |
| Discussant: William Diamond, University of Pennsylvania |
| Session: Gender: Policy, Perception and Firm Value January 3, 2020 14:30 to 16:30 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Heather Tookes, Yale University |
| Session type: invited |
| Public Attention to Gender Equality and the Demand for Female Directors |
| By Mariassunta Giannetti; Stockholm School of Economics Tracy Wang; University of Minnesota |
| presented by: Tracy Wang, University of Minnesota |
| Discussant: Geoffrey Tate, University of Maryland |
| As California Goes, so Goes the Nation? Board Gender Quotas and the Legislation of Non-Economic Values |
| By Felix von Meyerinck; University of St. Gallen Alexandra Niessen-Ruenzi; University of Mannheim Markus Schmid; University of St. Gallen Steven Solomon; University of California, Berkeley |
| presented by: Alexandra Niessen-Ruenzi, University of Mannheim |
| Discussant: Daniel Ferreira, London School of Economics |
| Feminist Firms |
| By Benjamin Bennett; Tulane University Isil Erel; Ohio State University Lea Stern; University of Washington Zexi Wang; Lancaster University |
| presented by: Lea Stern, University of Washington |
| Discussant: Liu Yang, University of Maryland |
| On the Glass Ceiling: Small Biases, Large Disparities, and Important Decisions |
| By Shaun Davies; University of Colorado Edward Van Wesep; University of Colorado, Boulder Brian Waters; University of Colorado, Boulder |
| presented by: Brian Waters, University of Colorado, Boulder |
| Discussant: Laura Veldkamp, Columbia University |
| Session: Hedge Funds January 3, 2020 14:30 to 16:30 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Chris Schwarz, University of California, Irvine |
| Session type: invited |
| Finding Fortune: How Do Institutional Investors Pick Asset Managers? |
| By Gregory Brown; University of North Carolina-Chapel Hill Oleg Gredil; Tulane University Preetesh Kantak; Indiana University |
| presented by: Preetesh Kantak, Indiana University |
| Discussant: Nicole Boyson, Northeastern University |
| Unobserved Performance of Hedge Funds |
| By Vikas Agarwal; Georgia State University Stefan Ruenzi; University of Mannheim Florian Weigert; University of St.Gallen |
| presented by: Vikas Agarwal, Georgia State University |
| Discussant: Nicolas Bollen, Vanderbilt University |
| Prime Broker Exposures, Collateral, and Resilience in Hedge Fund Credit Networks |
| By Mathias Kruttli; Federal Reserve Board Phillip Monin; Office of Financial Research Sumudu Watugala; Cornell University |
| presented by: Sumudu Watugala, Cornell University |
| Discussant: George Aragon, Arizona State University |
| Investor Protection and Capital Fragility: Evidence from Hedge Funds Around the World |
| By Vikram Nanda; University of Texas at Dallas George Aragon; Arizona State University Haibei Zhao; Lehigh University |
| presented by: Vikram Nanda, University of Texas at Dallas |
| Discussant: William Gerken, University of Kentucky |
| Session: Intermediaries and Asset Returns January 3, 2020 14:30 to 16:30 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Dimitris Papanikolaou, Northwestern University |
| Session type: invited |
| Dominant Currency Debt |
| By Egemen Eren; Bank for International Settlements Semyon Malamud; Ecole Polytechnique Federale de Lausanne |
| presented by: Egemen Eren, Bank for International Settlements |
| Discussant: Zhengyang Jiang, Northwestern University |
| Are Intermediary Constraints Priced? |
| By Wenxin Du; University of Chicago Benjamin Hebert; Stanford University Amy Wang Huber; Stanford University |
| presented by: Benjamin Hebert, Stanford University |
| Discussant: Valentin Haddad, University of California, Los Angeles |
| Interest Arbitrage under Capital Controls: Evidence from Reported Entrepôt Trades |
| By Jiafei Hu; University of Queensland Haishan Yuan; University of Queensland |
| presented by: Jiafei Hu, University of Queensland |
| Discussant: Lorena Keller, Northwestern University |
| Session: Asset Pricing: Volatility, Tail Risk January 4, 2020 8:00 to 10:00 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Bryan Kelly, Yale University |
| Session type: invited |
| Premium for Heightened Uncertainty: Solving the FOMC Puzzle |
| By Grace Xing Hu; University of Hong Kong Jun Pan; Massachusetts Institute of Technology Jiang Wang; Massachusetts Institute of Technology Haoxiang Zhu; Massachusetts Institute of Technology |
| presented by: Jun Pan, Massachusetts Institute of Technology |
| Discussant: Toomas Laarits, Yale University |
| Volatility Uncertainty and the Cross-Section of Option Returns |
| By Jie Cao; Chinese University of Hong Kong Aurelio Vasquez; ITAM Xiao Xiao; Erasmus University Rotterdam Xintong Zhan; The Chinese University of Hong Kong |
| presented by: Jie Cao, Chinese University of Hong Kong |
| Discussant: Dmitriy Muravyev, Boston College |
| Higher-Moment Risk |
| By Niels Gormsen; University of Chicago Christian Skov Jensen; Bocconi University |
| presented by: Christian Skov Jensen, Bocconi University |
| Discussant: Mathieu Fournier, HEC Montréal |
| Session: Asset Valuation in Economies with Production January 4, 2020 8:00 to 10:00 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Martin Schneider, Stanford University |
| Session type: invited |
| Human Capitalists |
| By Andrea Eisfeldt; University of California, Los Angeles Antonio Falato; Federal Reserve Board Mindy Xiaolan; University of Texas at Austin |
| presented by: Mindy Xiaolan, University of Texas at Austin |
| Discussant: Anmol Bhandari, University of Minnesota |
| Q: Risk, Rents, or Growth? |
| By Alexandre Corhay; University of Toronto Howard Kung; London Business School Lukas Schmid; Duke University |
| presented by: Alexandre Corhay, University of Toronto |
| Discussant: Gauti Eggertsson, Brown University |
| Supply Chain Bargaining and Asset Prices |
| By M. Cecilia Bustamante; University of Maryland |
| presented by: M. Cecilia Bustamante, University of Maryland |
| Discussant: Gill Segal, University of North Carolina |
| Granular Economies |
| By Jules van Binsbergen; University of Pennsylvania Christian Opp; University of Rochester |
| presented by: Christian Opp, University of Rochester |
| Discussant: Stephen Terry, Boston University |
| Session: Bank and SBA Lending Behavior January 4, 2020 8:00 to 10:00 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Manju Puri, Duke University and NBER |
| Session type: invited |
| Competition Between Arm's Length and Relational Lenders: Who Wins the Contest? |
| By Alejandro Drexler; Federal Reserve Bank of Chicago Andre Guettler; Ulm University Daniel Paravisini; London School of Economics Ahmet Ali Taskin; Ulm University |
| presented by: Ahmet Ali Taskin, Ulm University |
| Discussant: Sasha Indarte, Northwestern University |
| Going the Extra Mile: Distant Lending and Credit Cycles |
| By Joao Granja; University of Chicago Christian Leuz; University of Chicago Raghuram Rajan; University of Chicago |
| presented by: Christian Leuz, University of Chicago |
| Discussant: Steven Ongena, University of Zurich |
| Market Power in Small Business Lending |
| By Natalie Bachas; Princeton University Ernest Liu; Princeton University Constantine Yannelis; University of Chicago |
| presented by: Ernest Liu, Princeton University |
| Discussant: Mark Egan, Harvard University |
| Session: Bank Cost of Capital January 4, 2020 8:00 to 10:00 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Juliane Begenau, Stanford University |
| Session type: invited |
| The Cost of Capital for Banks |
| By Jens Dick-Nielsen; Copenhagen Business School Jacob Gyntelberg; Nordea Group Christoffer Thimsen; Aarhus University |
| presented by: Jens Dick-Nielsen, Copenhagen Business School |
| Discussant: Malcolm Baker, Harvard Business School |
| Do Distressed Banks Really Gamble for Resurrection? |
| By Itzhak Ben-David; Ohio State University and NBER Ajay Palvia; Office of the Comptroller of the Currency Rene Stulz; Ohio State University |
| presented by: Ajay Palvia, Office of the Comptroller of the Currency |
| Discussant: Laura Blattner, Stanford University |
| Can Risk be Shared Across Investor Cohorts? Evidence from a Popular Savings Product |
| By Victor Lyonnet; Ohio State University Johan Hombert; HEC Paris |
| presented by: Victor Lyonnet, Ohio State University |
| Discussant: Motohiro Yogo, Princeton University |
| Session: Frontiers of Corporate Governance January 4, 2020 8:00 to 10:00 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Kelly Shue, Yale University |
| Session type: invited |
| Reputation and Investor Activism: A Structural Approach |
| By Travis Johnson; University of Texas at Austin Nathan Swem; Federal Reserve Board |
| presented by: Travis Johnson, University of Texas at Austin |
| Discussant: Arthur Korteweg, University of Southern California |
| The Party Structure of Mutual Funds |
| By Ryan Bubb; New York University Emiliano Catan; New York University |
| presented by: Emiliano Catan, New York University |
| Discussant: Michael Weisbach, Ohio State University |
| Corporate Capture of Blockchain Governance |
| By Daniel Ferreira; London School of Economics Jin Li; University of Hong Kong Radoslawa Nikolowa; Queen Mary University of London |
| presented by: Daniel Ferreira, London School of Economics |
| Discussant: Barry Nalebuff, Yale University |
| How Do Individual Politicians Affect Privatization? Evidence from China |
| By Hong Ru; Nanyang Technological University |
| presented by: Hong Ru, Nanyang Technological University |
| Discussant: Dirk Jenter, London School of Economics |
| Session: Information Diffusion January 4, 2020 8:00 to 10:00 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Laura Veldkamp, Columbia University |
| Session type: invited |
| Information, Participation, and Passive Investing |
| By George Malikov; University of Michigan |
| presented by: George Malikov, University of Michigan |
| Discussant: Bradyn Breon-Drish, University of California, San Diego |
| Information Cascade and Threshold Implementation |
| By Will Cong; University of Chicago Yizhou Xiao; Chinese University of Hong Kong |
| presented by: Yizhou Xiao, Chinese University of Hong Kong |
| Discussant: Valentin Haddad, University of California, Los Angeles |
| Clients’ Connections: Measuring the Role of Private Information in Decentralised Markets |
| By Peter Kondor; London School of Economics Gabor Pinter; Bank of England |
| presented by: Gabor Pinter, Bank of England |
| Discussant: Amir Kermani, University of California, Berkeley |
| Session: Networks, Connections, and Firms January 4, 2020 8:00 to 10:00 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Mark Seasholes, Arizona State University |
| Session type: invited |
| The Network of Firms Implied by the News |
| By Hannan Zheng; Boston University Gustavo Schwenkler; Boston University |
| presented by: Gustavo Schwenkler, Boston University |
| Discussant: Anna Scherbina, Brandeis University |
| Political Connections and Selective EPA Enforcement |
| By Amanda Heitz; Tulane University Youan Wang; University of Hong Kong Zigan Wang; University of Hong Kong |
| presented by: Amanda Heitz, Tulane University |
| Discussant: Cesare Fracassi, University of Texas at Austin |
| Political Connections and Firm Value: Evidence from Close Gubernatorial Elections |
| By Quoc-Anh Do; Sciences Po Yen-Teik Lee; Curtin University Bang Nguyen; University of Cambridge |
| presented by: Bang Nguyen, University of Cambridge |
| Discussant: Ilona Babenko, Arizona State University |
| Session: Political Uncertainty and Asset Prices January 4, 2020 8:00 to 10:00 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Stefano Giglio, Yale University |
| Session type: invited |
| Inequality Aversion, Populism, and the Backlash Against Globalization |
| By Lubos Pastor; University of Chicago Pietro Veronesi; University of Chicago |
| presented by: Lubos Pastor, University of Chicago |
| Discussant: Hanno Lustig, Stanford University |
| Tax Policy Uncertainty and Asset Prices: Evidence from Dual-class Corporate Bonds in Early 20th Century |
| By Matthias Fleckenstein; University of Delaware Priyank Gandhi; Rutgers University Pengjie Gao; University of Notre Dame |
| presented by: Priyank Gandhi, Rutgers University |
| Discussant: Clemens Sialm, University of Texas at Austin and NBER |
| Political Uncertainty and Commodity Markets |
| By Kewei Hou; Ohio State University Ke Tang; Tsinghua University Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Ke Tang, Tsinghua University |
| Discussant: Jonathan Brogaard, University of Utah |
| Session: Women in Economics - Perspectives and New Initiatives from Five Professional Associations January 4, 2020 8:00 to 10:00 Coronado E, Manchester Grand Hyatt San Diego |
| Session Chair: Justin Wolfers, University of Michigan |
| Session type: panel |
| Presented by: Karen Pence, Federal Reserve Board |
| Presented by: Renee Adams, University of Oxford |
| Presented by: Simanti Banerjee, University of Nebraska |
| Presented by: Vicki Bogan, Cornell University |
| Presented by: Judith Chevalier, Yale University |
| Presented by: Guido Friebel, Goethe-Universität |
| Session: AFA Panel: Innovating for Financial Health: Are FinTechs, Banks and Policymakers Addressing the Challenges? January 4, 2020 10:15 to 12:15 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Amit Seru, Stanford University |
| Session type: panel |
| Presented by: Kenneth Singleton, Stanford University |
| Presented by: Adrienne Harris, Financial Health Network |
| Presented by: Shlomo Benartzi, University of California, Los Angeles |
| Presented by: Ryan Falvey, FinVentureStudio |
| Session: Asset Specificity and Prices January 4, 2020 10:15 to 12:15 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Liyan Yang, University of Toronto |
| Session type: invited |
| Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets |
| By Hui Chen; Massachusetts Institute of Technology Zhuo Chen; Tsinghua University Zhiguo He; University of Chicago Jinyu Liu; University of International Business and Economics Rengming Xie; CITIC Securities |
| presented by: Zhiguo He, University of Chicago |
| Discussant: Jaewon Choi, University of Illinois |
| Attention, Social Interaction, and Investor Attraction to Lottery Stocks |
| By Turan Bali; Georgetown University David Hirshleifer; University of California, Irvine Lin Peng; City University of New York-Baruch College Yi Tang; Fordham University |
| presented by: Lin Peng, City University of New York-Baruch College |
| Discussant: Joseph Engelberg, University of California, San Diego |
| Do Municipal Bond Dealers Give their Customers Best Execution or Opportunistic Pricing? |
| By John Griffin; University of Texas at Austin Nicholas Hirschey; London Business School Samuel Kruger; University of Texas at Austin |
| presented by: Nicholas Hirschey, London Business School |
| Discussant: Zhaogang Song, Johns Hopkins University |
| Session: Blockchain and Cryptocurrencies January 4, 2020 10:15 to 12:15 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Gerry Tsoukalas, University of Pennsylvania |
| Session type: invited |
| Bitcoin's Fatal Flaw: The Limited Adoption Problem |
| By Franz Hinzen; New York University Kose John; New York University Fahad Saleh; McGill University |
| presented by: Fahad Saleh, McGill University |
| Discussant: David Musto, University of Pennsylvania |
| Tokenomics and Platform Finance |
| By Will Cong; University of Chicago Ye Li; Ohio State University Neng Wang; Columbia University |
| presented by: Ye Li, Ohio State University |
| Discussant: Emiliano Pagnotta, Imperial College London |
| Equilibrium Bitcoin Pricing |
| By Bruno Biais; HEC Paris Christophe Bisiere; Toulouse School of Economics Matthieu Bouvard; McGill University Catherine Casamatta; Toulouse School of Economics Albert Menkveld; VU University Amsterdam |
| presented by: Matthieu Bouvard, McGill University |
| Discussant: Zhiguo He, University of Chicago |
| Session: CEO Effects January 4, 2020 10:15 to 12:15 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Dirk Jenter, London School of Economics |
| Session type: invited |
| The Effects of Managers on Systematic Risk |
| By Antoinette Schoar; Massachusetts Institute of Technology Kelvin Yeung; Cornell University Luo Zuo; Cornell University |
| presented by: Kelvin Yeung, Cornell University |
| Discussant: Pavel Savor, DePaul University |
| Life is Too Short? Bereaved Managers and Investment Decisions |
| By Clark Liu; Tsinghua University Tao Shu; University of Georgia Johan Sulaeman; National University of Singapore Eric Yeung; Cornell University |
| presented by: Tao Shu, University of Georgia |
| Discussant: Francisco Perez, ITAM |
| The Impact of Financial Literacy on Medium and Large Enterprises – Evidence from a Randomized Controlled Trial in Mozambique |
| By Claudia Custodio; Imperial College London Diogo Mendes; Nova Business School Daniel Metzger; Rotterdam School of Management |
| presented by: Claudia Custodio, Imperial College London |
| Discussant: Bilal Zia, World Bank |
| Session: Financial Stability January 4, 2020 10:15 to 12:15 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Stacey Schreft, U.S. Office of Financial Research |
| Session type: invited |
| The Anatomy of the Transmission of Macroprudential Policies |
| By Viral Acharya; Reserve Bank of India, CEPR, and NBER Katharina Bergant; Trinity College Dublin Matteo Crosignani; University of Michigan Tim Eisert; Erasmus University Rotterdam Fergal McCann; Central Bank of Ireland |
| presented by: Tim Eisert, Erasmus University Rotterdam |
| Discussant: Tomasz Piskorski, Columbia University |
| Banks as Regulated Traders |
| By Antonio Falato; Federal Reserve Board Diana Iercosan; Federal Reserve Board Filip Zikes; Federal Reserve Board |
| presented by: Antonio Falato, Federal Reserve Board |
| Discussant: Mark Flannery, University of Florida |
| Systemic Portfolio Diversification |
| By Agostino Capponi; Columbia University Marko Weber; Columbia University |
| presented by: Agostino Capponi, Columbia University |
| Discussant: Selman Erol, Carnegie Mellon University |
| Session: Psychology and Asset Prices January 4, 2020 10:15 to 12:15 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Camelia Kuhnen, University of North Carolina-Chapel Hill |
| Session type: invited |
| "Superstitious" Investors |
| By Hongye Guo; University of Pennsylvania Jessica Wachter; University of Pennsylvania |
| presented by: Hongye Guo, University of Pennsylvania |
| Discussant: Ian Dew-Becker, Northwestern University |
| Prospect Theory and Stock Market Anomalies |
| By Nicholas Barberis; Yale University Lawrence Jin; California Institute of Technology Baolian Wang; University of Florida |
| presented by: Lawrence Jin, California Institute of Technology |
| Discussant: Ian Martin, London School of Economics |
| Price and Volume Dynamics in Bubbles |
| By Jingchi Liao; Shenzhen Stock Exchange Cameron Peng; London School of Economics |
| presented by: Cameron Peng, London School of Economics |
| Discussant: Cary Frydman, University of Southern California |
| Session: R&D, Patents, and Innovation January 4, 2020 10:15 to 12:15 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Shai Bernstein, Stanford University |
| Session type: invited |
| Benchmarking U.S. University Technology Commercialization Efforts: A New Approach |
| By David Hsu; University of Pennsylvania Po-Hsuan Hsu; University of Hong Kong Tong Zhou; Sun Yat-Sen University Arvids Ziedonis; Boston University |
| presented by: Tong Zhou, Sun Yat-Sen University |
| Discussant: Danielle Li, Massachusetts Institute of Technology |
| Shielding Firm Value: Employment Protection and Process Innovation |
| By Jan Bena; University of British Columbia Hernan Ortiz-Molina; University of British Columbia Elena Simintzi; University of North Carolina-Chapel Hill |
| presented by: Hernan Ortiz-Molina, University of British Columbia |
| Discussant: Gustavo Manso, University of California, Berkeley |
| U.S. Innovation and Chinese Competition for Innovation Production |
| By Gerard Hoberg; University of Southern California Bruce Li; University of Southern California Gordon Phillips; Dartmouth College |
| presented by: Bruce Li, University of Southern California |
| Discussant: Adrien Matray, Princeton University |
| Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits |
| By Sabrina Howell; New York University Filippo Mezzanotti; Northwestern University |
| presented by: Filippo Mezzanotti, Northwestern University |
| Discussant: Daniel Paravisini, London School of Economics |
| Session: Skill in Mutual Funds January 4, 2020 10:15 to 12:15 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Lucian Taylor, University of Pennsylvania |
| Session type: invited |
| What Do Mutual Fund Managers' Private Portfolios Tell Us About Their Skills? |
| By Markus Ibert; Federal Reserve Board |
| presented by: Markus Ibert, Federal Reserve Board |
| Discussant: Juhani Linnainmaa, University of Southern California |
| Mutual Fund Flows and Performance in (Imperfectly) Rational Markets? |
| By Nikolai Roussanov; University of Pennsylvania Hongxun Ruan; Peking University Yanhao (Max) Wei; USC Marshall |
| presented by: Hongxun Ruan, Peking University |
| Nikolai Roussanov, University of Pennsylvania |
| Discussant: Jonathan Berk, Stanford University |
| Cross-Asset Information Synergy in Mutual Fund Families |
| By Jun Kyung Auh; Georgetown University Jennie Bai; Georgetown University |
| presented by: Jun Kyung Auh, Georgetown University |
| Jennie Bai, Georgetown University |
| Discussant: Clemens Sialm, University of Texas at Austin and NBER |
| Session: AFA Lecture - Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems January 4, 2020 14:30 to 16:30 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Robert Townsend, Massachusetts Institute of Technology |
| Session type: panel |
| Session: Bank Lending January 4, 2020 14:30 to 16:30 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Justin Murfin, Cornell University |
| Session type: invited |
| Securities Laws and the Choice Between Loans and Bonds for Highly Levered Firms |
| By Robert Prilmeier; Tulane University Rene Stulz; Ohio State University |
| presented by: Robert Prilmeier, Tulane University |
| Discussant: Gregory Nini, Drexel University |
| Disaster Lending: “Fair” Prices, but “Unfair” Access |
| By Taylor Begley; Washington University in St. Louis Umit Gurun; University of Texas at Dallas Amiyatosh Purnanandam; University of Michigan Daniel Weagley; Georgia Institute of Technology |
| presented by: Daniel Weagley, Georgia Institute of Technology |
| Discussant: Sahil Raina, University of Alberta |
| Why Are Commercial Loan Rates So Sticky? |
| By Cem Demiroglu; Koc University Christopher James; University of Florida Guner Velioglu; Loyola University Chicago |
| presented by: Guner Velioglu, Loyola University Chicago |
| Discussant: Ryan Pratt, Brigham Young University |
| Session: AFA/AFE Joint Session: Bankruptcy and Efficiency January 4, 2020 14:30 to 16:30 Torrey Hills AB, Manchester Grand Hyatt San Diego |
| Session Chair: Kose John, New York University |
| Session type: invited |
| Four Facts about Corporate Bankruptcy in the U.S. |
| By Katherine Waldock; Georgetown University |
| presented by: Katherine Waldock, Georgetown University |
| Discussant: David Smith, University of Virginia |
| Dissecting Bankruptcy Frictions |
| By Winston Wei Dou; University of Pennsylvania Lucian Taylor; University of Pennsylvania Wei Wang; Queen's University Wenyu Wang; Indiana University |
| presented by: Lucian Taylor, University of Pennsylvania |
| Discussant: Sergei Davydenko, University of Toronto |
| Rent Extraction by Super-Priority Lenders |
| By B. Espen Eckbo; Dartmouth College Kai Li; University of British Columbia Wei Wang; Queen's University |
| presented by: B. Espen Eckbo, Dartmouth College |
| Discussant: Sandeep Dahiya, Georgetown University |
| Going Bankrupt in China |
| By Bo Li; Tsinghua University Jacopo Ponticelli; Northwestern University |
| presented by: Bo Li, Tsinghua University |
| Discussant: Haitian Lu, Hong Kong Polytechnic University |
| Session: Corporate Debt and Liquidity January 4, 2020 14:30 to 16:30 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Michael Roberts, University of Pennsylvania |
| Session type: invited |
| Corporate Cash and Political Uncertainty |
| By Candace Jens; Tulane University Beau Page; A.B. Freeman School of Business |
| presented by: Beau Page, A.B. Freeman School of Business |
| Discussant: Heitor Almeida, University of Illinois |
| Rollover Risk and the Dynamics of Debt |
| By Maria Chaderina; Carnegie Mellon University |
| presented by: Maria Chaderina, Carnegie Mellon University |
| Discussant: Zhiguo He, University of Chicago |
| The Impact of Labor Market Frictions on Corporate Liquidity Management |
| By Jack Favilukis; University of British Columbia Xiaoji Lin; University of Minnesota Neng Wang; Columbia University Xiaofei Zhao; Georgetown University |
| presented by: Xiaofei Zhao, Georgetown University |
| Discussant: Toni Whited, University of Michigan |
| Session: Corporate Investment in the Modern Economy January 4, 2020 14:30 to 16:30 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Andrea Eisfeldt, University of California, Los Angeles |
| Session type: invited |
| The Benchmark Inclusion Subsidy |
| By Anil K Kashyap; University of Chicago Natalia Kovrijnykh; Arizona State University Jian Li; University of Chicago Anna Pavlova; London Business School |
| presented by: Anna Pavlova, London Business School |
| Discussant: Jules van Binsbergen, University of Pennsylvania |
| Product Life Cycles in Corporate Finance |
| By Gerard Hoberg; University of Southern California Vojislav Maksimovic; University of Maryland |
| presented by: Gerard Hoberg, University of Southern California |
| Discussant: Mindy Xiaolan, University of Texas at Austin |
| The Rise of Star Firms: Intangible Capital and Competition |
| By Meghana Ayyagari; George Washington University Asli Demirguc-Kunt; World Bank Vojislav Maksimovic; University of Maryland |
| presented by: Meghana Ayyagari, George Washington University |
| Discussant: Nicolas Crouzet, Northwestern University |
| The Impact of the Opioid Crisis on Firm Value and Investment |
| By Paige Ouimet; University of North Carolina-Chapel Hill Elena Simintzi; University of North Carolina-Chapel Hill Kailei Ye; University of North Carolina |
| presented by: Elena Simintzi, University of North Carolina-Chapel Hill |
| Discussant: William Mann, University of California, Los Angeles |
| Session: Foreign Exchange Risk Premium January 4, 2020 14:30 to 16:30 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Wenxin Du, University of Chicago |
| Session type: invited |
| FX Premia Around the Clock |
| By Ingomar Krohn; Copenhagen Business School Philippe Mueller; University of Warwick Paul Whelan; Copenhagen Business School |
| presented by: Paul Whelan, Copenhagen Business School |
| Discussant: Alain Chaboud, Federal Reserve Board of Governors |
| Intermediary Leverage and Currency Risk Premium |
| By Xiang Fang; University of Pennsylvania |
| presented by: Xiang Fang, University of Pennsylvania |
| Discussant: Carolin Pflueger, University of British Columbia |
| A Credit-Based Theory of the Currency Risk Premium |
| By Pasquale Della Corte; Imperial College London Alexandre Jeanneret; HEC Montreal Ella Patelli; HEC Montreal |
| presented by: Pasquale Della Corte, Imperial College London |
| Discussant: Lukas Kremens, London School of Economics |
| Housing Cycles and Exchange Rates |
| By Sai Ma; Federal Reserve Board Shaojun Zhang; The Ohio State University |
| presented by: Shaojun Zhang, The Ohio State University |
| Discussant: Nancy Xu, Boston College |
| Session: Intermediary Trading, Trading Venues, and Market Liquidity January 4, 2020 14:30 to 16:30 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Yajun Wang, City University of New York-Baruch College |
| Session type: invited |
| Large Orders in Small Markets: On Optimal Execution with Endogenous Liquidity Supply |
| By Agostino Capponi; Columbia University Albert Menkveld; VU University Amsterdam Hongzhong Zhang; Columbia University |
| presented by: Agostino Capponi, Columbia University |
| Discussant: Kerry Back, Rice University |
| From Market Making to Matchmaking: Does Banking Regulation Harm Market Liquidity? |
| By Gideon Saar; Cornell University Haoxiang Zhu; Massachusetts Institute of Technology |
| presented by: Gideon Saar, Cornell University |
| Discussant: Albert Kyle, University of Maryland |
| Why Trade Over-the-Counter? When Investors Want Price Discrimination |
| By Chaojun Wang; University of Pennsylvania Tomy Lee; University of Toronto |
| presented by: Chaojun Wang, University of Pennsylvania |
| Discussant: Cecilia Parlatore, New York University |
| Session: Structural Models of Credit Risk January 4, 2020 14:30 to 16:30 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne |
| Session type: invited |
| The Global Credit Spread Puzzle |
| By Jingzhi Huang; Pennsylvania State University Yoshio Nozawa; Hong Kong University of Science and Tech Zhan Shi; Tsinghua University |
| presented by: Yoshio Nozawa, Hong Kong University of Science and Technology |
| Discussant: Peter Feldhütter, Copenhagen Business School |
| A Unified Model of Distress Risk Puzzles |
| By Zhiyao Chen; Chinese University of Hong Kong Dirk Hackbarth; Boston University Ilya Strebulaev; Stanford University |
| presented by: Zhiyao Chen, Chinese University of Hong Kong |
| Discussant: Kent Daniel, Columbia Univeristy |
| Same Firm, Different Betas |
| By Ryan Lewis; University of Colorado, Boulder |
| presented by: Ryan Lewis, University of Colorado Boulder |
| Discussant: Antje Berndt, Australian National University |
| The Risks of Safe Assets |
| By Yang Liu; University of Hong Kong Lukas Schmid; Duke University Amir Yaron; University of Pennsylvania |
| presented by: Yang Liu, University of Hong Kong |
| Discussant: Lars Lochstoer, University of California, Los Angeles |
| Session: The Use (and Misuse) of Private Information in Financial Markets January 4, 2020 14:30 to 16:30 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Snehal Banerjee, University of California, San Diego |
| Session type: invited |
| Skill Acquisition and Information Sales |
| By Shiyang Huang; University of Hong Kong Yan Xiong; Hong Kong University of Science and Technology Liyan Yang; University of Toronto |
| presented by: Yan Xiong, Hong Kong University of Science and Technology |
| Discussant: Nadya Malenko, Boston College |
| Dynamic Coordination with Flexible Security Design |
| By Emre Ozdenoren; London Business School Kathy Yuan; London School of Economics Shengxing Zhang; London School of Economics |
| presented by: Kathy Yuan, LSE |
| Discussant: Jesse Davis, University of North Carolina-Chapel Hill |
| Becker Meets Kyle: Inside Insider Trading |
| By Marcin Kacperczyk; Imperial College London Emiliano Pagnotta; Imperial College London |
| presented by: Marcin Kacperczyk, Imperial College London |
| Discussant: Kenneth Ahern, University of Southern California |
| Session: Asset Prices and the Trading Process January 5, 2020 8:00 to 10:00 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology |
| Session type: invited |
| The Price Eff ects of Liquidity Shocks: A Study of SEC's Tick-Size Experiment |
| By Rui Albuquerque; Boston College Shiyun Song; Warwick Business School Chen Yao; Chinese University of Hong Kong |
| presented by: Chen Yao, Chinese University of Hong Kong |
| Discussant: Ingrid Werner, Ohio State University |
| What Moves Stock Prices? The Role of News, Noise, and Information |
| By Jonathan Brogaard; University of Utah Huong Nguyen; University of Technology Sydney Talis Putnins; University of Technology Sydney Eliza Wu; University of Sydney |
| presented by: Jonathan Brogaard, University of Utah |
| Discussant: Joel Hasbrouck, New York University |
| Identifying Price Informativeness |
| By Eduardo Davila; Yale University Cecilia Parlatore; New York University |
| presented by: Cecilia Parlatore, New York University |
| Discussant: Harry Mamaysky, Columbia University |
| Session: Asset Pricing: Cross-section of Returns January 5, 2020 8:00 to 10:00 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Serhiy Kozak, University of Maryland |
| Session type: invited |
| Long-Term Discount Rates do not Vary across Firms |
| By Matti Keloharju; Aalto University School of Business Juhani Linnainmaa; University of Southern California Peter Nyberg; Aalto University School of Business |
| presented by: Matti Keloharju, Aalto University School of Business |
| Discussant: Shrihari Santosh, University of Maryland |
| Estimating the Anomaly Baserate |
| By Alexander Chinco; University of Illinois Andreas Neuhierl; University of Notre Dame Michael Weber; University of Chicago |
| presented by: Michael Weber, University of Chicago |
| Discussant: Francisco Barillas, University of New South Wales |
| A Production-based Economic Explanation for the Gross Profitability Premium |
| By Leonid Kogan; Massachusetts Institute of Technology Jun Li; University of Texas at Dallas Harold Zhang; University of Texas at Dallas |
| presented by: Jun Li, University of Texas at Dallas |
| Discussant: Erik Loualiche, University of Minnesota |
| The Short Duration Premium |
| By Andrei Goncalves; University of North Carolina-Chapel Hill |
| presented by: Andrei Goncalves, University of North Carolina-Chapel Hill |
| Discussant: Michael Weber, University of Chicago |
| Session: Banks and Monetary Policy Transmission January 5, 2020 8:00 to 10:00 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: David Thesmar, Massachusetts Institute of Technology |
| Session type: invited |
| Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation |
| By Yifei Wang; University of Michigan Toni Whited; University of Michigan Yufeng Wu; University of Illinois Kairong Xiao; Columbia University |
| presented by: Yufeng Wu, University of Illinois |
| Discussant: Itamar Drechsler, University of Pennsylvania |
| Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms |
| By Carlo Altavilla; European Central Bank Lorenzo Burlon; European Central Bank Mariassunta Giannetti; Stockholm School of Economics Sarah Holton; European Central Bank |
| presented by: Lorenzo Burlon, European Central Bank |
| Discussant: Florian Heider, European Central Bank |
| Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s |
| By David Elliott; Bank of England Ralf Meisenzahl; Federal Reserve Board Jose Luis Peydro; ICREA, Universitat Pompeu Fabra, CREI, and BGSE Bryce Turner; Federal Reserve Board |
| presented by: Ralf Meisenzahl, Federal Reserve Board |
| Discussant: Greg Buchak, University of Chicago |
| Session: Finance and Development January 5, 2020 8:00 to 10:00 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Emily Breza, Harvard University |
| Session type: invited |
| Financial Development, Labor Markets, and Aggregate Productivity: Evidence from Brazil |
| By Julia Fonseca; Princeton University |
| presented by: Julia Fonseca, Princeton University |
| Discussant: Cynthia Kinnan, Tufts University |
| Investor Protection, Corporate Investment, and Valuation |
| By Yingcong Lan; Cornerstone Research Xiaoji Lin; University of Minnesota Neng Wang; Columbia University Jinqiang Yang; Shanghai University of Finance and Economics |
| presented by: Xiaoji Lin, University of Minnesota |
| Discussant: Emily Breza, Harvard University |
| Corporate Political Connections and the Finance-Growth Nexus: Evidence from China |
| By Shuo Yan; Southern University of Science & Technology |
| presented by: Shuo Yan, Southern University of Science & Technology |
| Discussant: Xiao Yu Wang, Duke University |
| Cash is King: The Costs of Digitization |
| By Bhavya Aggarwal; CAFRAL (Reserve Bank of India) Nirupama Kulkarni; Reserve Bank of India, CAFRAL Subatra Ritadhi; Reserve Bank of India |
| presented by: Nirupama Kulkarni, Reserve Bank of India, CAFRAL |
| Discussant: Sean Higgins, University of California, Berkeley |
| Session: Measuring Bond Liquidity January 5, 2020 8:00 to 10:00 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Peter Feldhütter, Copenhagen Business School |
| Session type: invited |
| Corporate Bond Illiquidity: Evidence from Government Guarantees |
| By Kurt Lewis; Federal Reserve Board Lubomir Petrasek; Federal Reserve Board |
| presented by: Lubomir Petrasek, Federal Reserve Board |
| Discussant: Jack Bao, University of Delaware |
| Size-Adapted Bond Liquidity Measures and Their Asset Pricing Implications |
| By Michael Reichenbacher; Karlsruhe Institute of Technology Philipp Schuster; Karlsruhe Institute of Technology |
| presented by: Philipp Schuster, Karlsruhe Institute of Technology |
| Discussant: Jaewon Choi, University of Illinois |
| Risk Free Interest Rates |
| By Jules van Binsbergen; University of Pennsylvania William Diamond; University of Pennsylvania Marco Grotteria; University of Pennsylvania |
| presented by: Marco Grotteria, University of Pennsylvania |
| Discussant: Pietro Veronesi, University of Chicago |
| Session: Memory, Perception, and Asset Prices January 5, 2020 8:00 to 10:00 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Cary Frydman, University of Southern California |
| Session type: invited |
| A Retrieved-Context Theory of Financial Decisions |
| By Jessica Wachter; University of Pennsylvania Michael Kahana; University of Pennsylvania |
| presented by: Jessica Wachter, University of Pennsylvania |
| Discussant: Alp Simsek, Massachusetts Institute of Technology |
| Investor Memory |
| By Katrin Gödker; Maastricht University Peiran Jiao; Maastricht University Paul Smeets; Maastricht University |
| presented by: Katrin Gödker, Maastricht University |
| Discussant: Colin Camerer, California Institute of Technology |
| Biased Assessment of Comovement |
| By Ben Matthies; Yale University |
| presented by: Ben Matthies, University of Notre Dame |
| Discussant: Valentin Haddad, University of California, Los Angeles |
| Session: Mergers and Acquisitions January 5, 2020 8:00 to 10:00 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Isil Erel, Ohio State University |
| Session type: invited |
| Inside the “Black Box” of Private Merger Negotiations |
| By Tingting Liu; Iowa State University Micah Officer; Loyola Marymount University |
| presented by: Tingting Liu, Iowa State University |
| Discussant: David Becher, Drexel University |
| Build or Buy? Human Capital and Corporate Diversification |
| By Paul Beaumont; Université Paris Dauphine Camille Hebert; University of Toronto Victor Lyonnet; Ohio State University |
| presented by: Camille Hebert, University of Toronto |
| Discussant: Paige Ouimet, University of North Carolina-Chapel Hill |
| Activism Pressure and the Market for Corporate Assets |
| By Ulrich Hege; Toulouse School of Economics Yifei Zhang; Toulouse School of Economics and Yale University |
| presented by: Ulrich Hege, Toulouse School of Economics |
| Discussant: Alex Edmans, London Business School |
| Are Acquisitions of Intangibles Less Subject to Agency Problems? |
| By William Mann; University of California, Los Angeles Syed Walid Reza; Binghamton University Rong Guo; SUNY Binghamton |
| presented by: William Mann, University of California, Los Angeles |
| Discussant: Kai Li, University of British Columbia |
| Session: Shareholder Activism January 5, 2020 8:00 to 10:00 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Nadya Malenko, Boston College |
| Session type: invited |
| Corporate Governance Through Voice and Exit |
| By Marco Becht; Universite libre de Bruxelles Julian Franks; London Business School Hannes Wagner; Bocconi University |
| presented by: Hannes Wagner, Bocconi University |
| Discussant: Michelle Lowry, Drexel University |
| The Wall Street Stampede: Exit as Governance with Interacting Blockholders |
| By Dragana Cvijanovic; University of North Carolina-Chapel Hill Amil Dasgupta; London School of Economics Konstantinos Zachariadis; Queen Mary University of London |
| presented by: Amil Dasgupta, London School of Economics |
| Discussant: Doron Levit, University of Pennsylvania |
| Activist Settlements |
| By Adrian Aycan Corum; Cornell University |
| presented by: Adrian Aycan Corum, Cornell University |
| Discussant: Jonathan Cohn, University of Texas at Austin |
| Session: Analysts, News, and Intermediaries January 5, 2020 10:15 to 12:15 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Eric So, Massachusetts Institute of Technology |
| Session type: invited |
| Partisan Professionals: Evidence from Credit Rating Analysts |
| By Elisabeth Kempf; University of Chicago Margarita Tsoutsoura; Cornell University |
| presented by: Margarita Tsoutsoura, Cornell University |
| Discussant: Ville Rantala, University of Miami |
| Fake News: Evidence from Financial Markets |
| By Shimon Kogan; Massachusetts Institute of Technology Tobias Moskowitz; Yale University Marina Niessner; AQR Capital Management |
| presented by: Marina Niessner, AQR Capital Management |
| Discussant: Anastassia Fedyk, University of California, Berkeley |
| Non-Deal Roadshows, Informed Trading, and Analyst Bias |
| By Daniel Bradley; University of South Florida Russell Jame; University of Kentucky Jared Williams; University of South Florida |
| presented by: Daniel Bradley, University of South Florida |
| Discussant: Jay Ritter, University of Florida |
| Session: Asset Pricing: Frictions and Market Efficiency January 5, 2020 10:15 to 12:15 Seaport DE, Manchester Grand Hyatt San Diego |
| Session Chair: Joseph Engelberg, University of California, San Diego |
| Session type: invited |
| Fast and Slow Arbitrage: Smart Money, Dumb Money and Mispricing in the Frequency Domain |
| By Xi Dong; City University of New York-Baruch College Namho Kang; Bentley University Joel Peress; INSEAD |
| presented by: Xi Dong, City University of New York-Baruch College |
| Discussant: Dong Lou, London School of Economics |
| Labor Market Competitor Network and the Transmission of Shocks |
| By Yukun Liu; University of Rochester Xi Wu; New York University |
| presented by: Xi Wu, New York University |
| Discussant: Isaac Hacamo, Indiana University |
| Ubiquitous Comovement |
| By William Grieser; Texas Christian University Junghoon Lee; Tulane University Morad Zekhnini; Tulane Unviersity |
| presented by: Junghoon Lee, Tulane University |
| Discussant: Charles Clarke, University of Kentucky |
| Session: Corporate Culture and Socially Responsible Investing January 5, 2020 10:15 to 12:15 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Christopher Parsons, University of Washington |
| Session type: invited |
| Social Progress and Corporate Culture |
| By Gary Gorton; Yale University Alexander Zentefis; Yale University |
| presented by: Alexander Zentefis, Yale University |
| Discussant: Luigi Zingales, University of Chicago |
| Responsible Institutional Investing Around the World |
| By Rajna Gibson Brandon; University of Geneva Simon Glossner; University of Virginia - Darden School of Business Philipp Krueger; University of Geneva and SFI Pedro Matos; University of Virginia Tom Steffen; University of Geneva |
| presented by: Pedro Matos, University of Virginia |
| Discussant: Paul Smeets, Maastricht University |
| Real Effects of Climate Policy: Financial Constraints and Spillovers |
| By Sohnke Bartram; University of Warwick Kewei Hou; Ohio State University Sehoon Kim; University of Florida |
| presented by: Sehoon Kim, University of Florida |
| Discussant: William Mullins, University of California, San Diego |
| Session: Entrepreneurial Finance: Risk and Return January 5, 2020 10:15 to 12:15 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Arthur Korteweg, University of Southern California |
| Session type: invited |
| The Returns to Early-Stage Investment |
| By Katja Kisseleva; European School of Management and Technology Aksel Mjøs; Norwegian School of Economics David Robinson; Duke University |
| presented by: Katja Kisseleva, European School of Management and Technology |
| Discussant: Ayako Yasuda, University of California, Davis |
| Evaluating Private Equity performance using Stochastic Discount Factors |
| By Oleg Gredil; Tulane University Morten Sorensen; Copenhagen Business School William Waller; Tulane University |
| presented by: Oleg Gredil, Tulane University |
| Discussant: Anisha Ghosh, McGill University |
| Entrepreneurial Experimentation and Duration |
| By Guojun Chen; Nanyang Technological University Jianjun Miao; Boston University Neng Wang; Columbia University |
| presented by: Guojun Chen, Nanyang Technological University |
| Discussant: Christian Opp, University of Rochester |
| Life Cycle Cash Flows of Ventures |
| By Ravi Jagannatha; Northwestern University Shumiao Ouyang; Princeton University Jiaheng Yu; Massachusetts Institute of Technology |
| presented by: Shumiao Ouyang, Princeton University |
| Discussant: Morten Sorensen, Copenhagen Business School |
| Session: Executive Compensation January 5, 2020 10:15 to 12:15 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Efraim Benmelech, Northwestern University |
| Session type: invited |
| The Role of Stock Price Informativeness in Compensation Complexity |
| By Benjamin Bennett; Tulane University Gerald Garvey; BlackRock Todd Milbourn; Washington University in St. Louis Zexi Wang; Lancaster University |
| presented by: Zexi Wang, Lancaster University |
| Discussant: Filippo Mezzanotti, Northwestern University |
| CEO Marketability, Employment Opportunities, and Compensation: Evidence from Compensation Peer Citations |
| By Daewoung Choi; Louisiana State University in Shreveport David Cicero; Auburn University Shawn Mobbs; University of Alabama |
| presented by: Daewoung Choi, Louisiana State University in Shreveport |
| Discussant: Kai Li, University of British Columbia |
| Why Are CEOs of Public Firms Paid More Than CEOs of Private Firms? Evidence from the Effect of Board Reforms on CEO Compensation |
| By Kee-Hong Bae; York University Sadok El Ghoul; University of Alberta Jisok Kang; John Carroll University Albert Tsang; York University |
| presented by: Sadok El Ghoul, University of Alberta |
| Discussant: Carola Frydman, Northwestern University |
| Session: Household Finance: Regulation and Intermediation January 5, 2020 10:15 to 12:15 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Motohiro Yogo, Princeton University |
| Session type: invited |
| The Effect of Political Frictions on Long Term Care Insurance |
| By Weiling Liu; Harvard Business School Jessica Liu; Harvard University |
| presented by: Weiling Liu, Harvard Business School |
| Discussant: Christopher Tonetti, Stanford University |
| Internal Deadlines, Drug Approvals, and Safety Problems |
| By Lauren Cohen; Harvard Business School Umit Gurun; University of Texas at Dallas Danielle Li; Massachusetts Institute of Technology |
| presented by: Lauren Cohen, Harvard Business School |
| Discussant: Sabrina Howell, New York University |
| Decomposing Present Value Effects on Defaults |
| By Deniz Aydin; Washington University in St. Louis |
| presented by: Deniz Aydin, Washington University in St. Louis |
| Discussant: Pascal Noel, University of Chicago |
| Can Partial Commitment Increase Pension Contribution? A Field Experiment in Sri Lanka |
| By Changcheng Song; Singapore Management University |
| presented by: Changcheng Song, Singapore Management University |
| Discussant: James Choi, Yale University |
| Session: Intermediation and Asset Prices January 5, 2020 10:15 to 12:15 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Kathy Yuan, LSE |
| Session type: invited |
| The Coordination of Intermediation |
| By Ming Yang; Duke University Yao Zeng; University of Washington |
| presented by: Yao Zeng, University of Washington |
| Discussant: Chong Huang, University of California, Irvine |
| Financially constrained strategic arbitrage |
| By Aytek Malkhozov; Federal Reserve Board Gyuri Venter; Copenhagen Business School |
| presented by: Aytek Malkhozov, Federal Reserve Board |
| Discussant: Jungsuk Han, Stockholm School of Economics |
| Pitfalls of Central Clearing in the Presence of Systematic Risk |
| By Christian Kubitza; University of Bonn Loriana Pelizzon; Goethe University Frankfurt Mila Getmansky Sherman; University of Massachusetts-Amherst |
| presented by: Christian Kubitza, University of Bonn |
| Discussant: Jessie Jiaxu Wang, Arizona State University |
| Session: Liquidity Risk January 5, 2020 10:15 to 12:15 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Rui Albuquerque, Boston College |
| Session type: invited |
| The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium |
| By Yakov Amihud; New York University Joonki Noh; Case Western Reserve University |
| presented by: Joonki Noh, Case Western Reserve University |
| Discussant: Jeffrey Pontiff, Boston College |
| Liquidity, Volume, and Volatility |
| By Vincent Bogousslavsky; Boston College Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne |
| presented by: Vincent Bogousslavsky, Boston College |
| Discussant: Haoxiang Zhu, Massachusetts Institute of Technology |
| Liquidity Creation as Volatility Risk |
| By Itamar Drechsler; University of Pennsylvania Alan Moreira; University of Rochester Alexi Savov; New York University |
| presented by: Alan Moreira, University of Rochester |
| Discussant: Mark Westerfield, University of Washington |
| Trading Volume, Illiquidity and Commonalities in FX Markets |
| By Angelo Ranaldo; University of St. Gallen Paolo Santucci de Magistris; LUISS University |
| presented by: Angelo Ranaldo, University of St. Gallen |
| Discussant: Pasquale Della Corte, Imperial College London |
| Session: Asset Pricing: Cross-section of Returns and Investors January 5, 2020 13:00 to 15:00 Seaport A, Manchester Grand Hyatt San Diego |
| Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley |
| Session type: invited |
| Understanding the Cross-section of Global Equity Valuations and Expected Returns |
| By Ralph Koijen; University of Chicago Robert Richmond; New York University Motohiro Yogo; Princeton University |
| presented by: Robert Richmond, New York University |
| Discussant: John Campbell, Harvard University |
| The Low-Minus-High Portfolio |
| By Daniel Andrei; McGill University Julien Cujean; University of Bern Mathieu Fournier; HEC Montréal |
| presented by: Daniel Andrei, McGill University |
| Discussant: Serhiy Kozak, University of Maryland |
| Competition Links and Stock Returns |
| By Assaf Eisdorfer; University of Connecticut Kenneth Froot; Harvard Business School Gideon Ozik; EDHEC Business School Ronnie Sadka; Boston College |
| presented by: Assaf Eisdorfer, University of Connecticut |
| Discussant: Christopher Polk, London School of Economics |
| Session: Corporate Disclosure and Incentives January 5, 2020 13:00 to 15:00 Seaport B, Manchester Grand Hyatt San Diego |
| Session Chair: Ivan Marinovic, Stanford University |
| Session type: invited |
| Lying to Speak the Truth: Selective Manipulation and Improved Information Transmission |
| By Paul Povel; University of Houston Günter Strobl; Frankfurt School of Finance & Management |
| presented by: Paul Povel, University of Houston |
| Discussant: Martin Szydlowski, University of Minnesota |
| Corporate Disclosure as a Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations |
| By Thomas Bourveau; Columbia University Guoman She; Hong Kong University of Science and Technology Alminas Zaldokas; Hong Kong University of Science and Technology |
| presented by: Alminas Zaldokas, Hong Kong University of Science and Technology |
| Discussant: John Kepler, Stanford University |
| Voluntary Disclosure, Moral Hazard and Default Risk |
| By Shiming Fu; Shanghai University of Finance and Economics Giulio Trigilia; University of Rochester |
| presented by: Shiming Fu, Shanghai University of Finance and Econo |
| Discussant: Felipe Varas, Duke University |
| Session: Financial Crises and Transmission of Shocks January 5, 2020 13:00 to 15:00 Seaport C, Manchester Grand Hyatt San Diego |
| Session Chair: Tyler Muir, University of California, Los Angeles |
| Session type: invited |
| The Collateral Rule: An Empirical Analysis of the CDS Market |
| By Agostino Capponi; Columbia University Allen Cheng; Columbia University Stefano Giglio; Yale University Richard Haynes; Commodity Futures Trading Commission |
| presented by: Stefano Giglio, Yale University |
| Discussant: Georgy Chabakauri, London School of Economics |
| Public Liquidity and Financial Crises |
| By Wenhao Li; University of Southern California |
| presented by: Wenhao Li, University of Southern California |
| Discussant: Moritz Lenel, Princeton University |
| Dollar Exchange Rate as a Credit Supply Channel: Evidence from Firm-Level Exports |
| By Valentina Bruno; American University Hyun Song Shin; Bank for International Settlements |
| presented by: Hyun Song Shin, Bank for International Settlements |
| Discussant: Zhengyang Jiang, Northwestern University |
| Session: Household Debt and Savings January 5, 2020 13:00 to 15:00 Seaport F, Manchester Grand Hyatt San Diego |
| Session Chair: Gregor Matvos, Northwestern University |
| Session type: invited |
| Perceived Precautionary Savings Motives: Evidence from FinTech |
| By Francesco D'Acunto; Boston College Thomas Rauter; University of Chicago Christoph Scheuch; Vienna University of Economics and Business Michael Weber; University of Chicago |
| presented by: Christoph Scheuch, Vienna University of Economics and Business |
| Discussant: Greg Buchak, University of Chicago |
| Medicaid and Household Savings Behavior: New Evidence from Tax Refunds |
| By Emily Gallagher; University of Colorado, Boulder Radhakrishnan Gopalan; Washington University in St. Louis Michal Grinstein-Weiss; Washington University in St. Louis Jorge Sabat; Washington University in St Louis |
| presented by: Emily Gallagher, University of Colorado, Boulder |
| Discussant: Timothy McQuade, Stanford University |
| Reducing Barriers to Enrollment in Federal Student Loan Repayment Plans: Evidence from the Navient Field Experiment |
| By Holger Mueller; New York University Constantine Yannelis; University of Chicago |
| presented by: Constantine Yannelis, University of Chicago |
| Discussant: Tim Landvoigt, University of Pennsylvania |
| Session: Information Trading in Networks January 5, 2020 13:00 to 15:00 Seaport G, Manchester Grand Hyatt San Diego |
| Session Chair: Zhiguo He, University of Chicago |
| Session type: invited |
| Insider Networks |
| By Selman Erol; Carnegie Mellon University Michael Lee; Federal Reserve Bank of New York |
| presented by: Michael Lee, Federal Reserve Bank of New York |
| Discussant: Ana Babus, Washington University in St. Louis |
| Social Interaction and Market Reaction to Earnings News |
| By David Hirshleifer; University of California, Irvine Lin Peng; City University of New York-Baruch College Qiguang Wang; Hong Kong Baptist University |
| presented by: Qiguang Wang, Hong Kong Baptist University |
| Discussant: Asaf Manela, Washington University in St. Louis |
| Price Revelation from Insider Trading: Evidence from Hacked Earnings News |
| By Pat Akey; University of Toronto Vincent Gregoire; HEC Montreal Charles Martineau; University of Toronto |
| presented by: Pat Akey, University of Toronto |
| Discussant: Emiliano Pagnotta, Imperial College London |
| Liquidity versus Information Efficiency |
| By Sergei Glebkin; INSEAD |
| presented by: Sergei Glebkin, INSEAD |
| Discussant: Eduardo Davila, Yale University |
| Session: Labor Markets and Firm Performance January 5, 2020 13:00 to 15:00 Seaport H, Manchester Grand Hyatt San Diego |
| Session Chair: Margarita Tsoutsoura, Cornell University |
| Session type: invited |
| Personal Income Taxes and Labor Downskilling: Evidence from 27 Million Job Postings |
| By Murillo Campello; Cornell University and NBER Janet Gao; Indiana University Qiping Xu; University of Notre Dame |
| presented by: Janet Gao, Indiana University |
| Discussant: Xavier Giroud, Columbia University |
| Wage Rigidity and Debt Financing: Evidence From Labor Contract Renewal During the Financial Crisis |
| By Jiaping Qiu; McMaster University Yue Zhang; Université catholique de Louvain |
| presented by: Yue Zhang, Université catholique de Louvain |
| Discussant: Elena Simintzi, University of North Carolina-Chapel Hill |
| Local Employment Opportunities and Corporate Retention Policies |
| By Kyeong H. Lee; Norwegian School of Economics Karin Thorburn; Norwegian School of Economics Emma Qianying Xu; University of Texas at El Passo |
| presented by: Kyeong H. Lee, Norwegian School of Economics |
| Discussant: Hyunseob Kim, Cornell University |
| Session: Risk Premia Dynamics in Treasury Bond Markets January 5, 2020 13:00 to 15:00 Harbor A, Manchester Grand Hyatt San Diego |
| Session Chair: Anh Le, Pennsylvania State University |
| Session type: invited |
| Unspanned Risks, Negative Local Time Risk Premiums, and Empirical Consistency of Models of Interest-Rate Claims |
| By Gurdip Bakshi; Temple University John Crosby; University of Maryland Xiaohui Gao Bakshi; Temple University |
| presented by: John Crosby, University of Maryland |
| Discussant: Scott Joslin, University of Southern California |
| Predicting Interest Rates |
| By Robert Czech; Bank of England Shiyang Huang; University of Hong Kong Dong Lou; London School of Economics Tianyu Wang; Tsinghua University |
| presented by: Dong Lou, London School of Economics |
| Discussant: Giang Nguyen, Pennsylvania State University |
| Bond Risk Premia with Machine Learning |
| By Daniele Bianchi; University of Warwick Matthias Buchner; Warwick Business School Andrea Tamoni; Rutgers University |
| presented by: Andrea Tamoni, Rutgers University |
| Discussant: Jingzhi Huang, Pennsylvania State University |
| Macro Risks and the Term Structure of Interest Rates |
| By Geert Bekaert; Columbia University Eric Engstrom; Federal Reserve Board Andrey Ermolov; Fordham University |
| presented by: Geert Bekaert, Columbia University |
| Discussant: Greg Duffee, Johns Hopkins University |
This program was last updated on 2020-01-03 00:42:48 EDT