American Finance Association 2020 Annual Meeting

San Diego, CA

 

Summary of All Sessions

Date/TimeLocationTypeTitlePapers
January 3, 2020
8:00-10:00
Seaport A, Manchester Grand Hyatt San Diego invited Asset Pricing: Portfolio Choice and Asset Allocation4
January 3, 2020
8:00-10:00
Seaport B, Manchester Grand Hyatt San Diego invited Contracts and Incentives4
January 3, 2020
8:00-10:00
Seaport DE, Manchester Grand Hyatt San Diego invited Factors, Risk and the Economy4
January 3, 2020
8:00-10:00
Seaport F, Manchester Grand Hyatt San Diego invited Firms and Politics3
January 3, 2020
8:00-10:00
Seaport G, Manchester Grand Hyatt San Diego invited M&A and Competition3
January 3, 2020
8:00-10:00
Seaport H, Manchester Grand Hyatt San Diego invited Mutual Fund Flows and Marketing4
January 3, 2020
8:00-10:00
Harbor A, Manchester Grand Hyatt San Diego invited New Advances in International Finance4
January 3, 2020
8:00-10:00
Seaport C, Manchester Grand Hyatt San Diego invited Regulation & Finance4
January 3, 2020
10:15-12:15
Seaport DE, Manchester Grand Hyatt San Diego panel AFA Panel: Shadow Banking: Understanding Private Debt0
January 3, 2020
10:15-12:15
Seaport A, Manchester Grand Hyatt San Diego invited Common Ownership, Competition, and Innovation4
January 3, 2020
10:15-12:15
Seaport B, Manchester Grand Hyatt San Diego invited FinTech: Adoption and Consequences4
January 3, 2020
10:15-12:15
Seaport C, Manchester Grand Hyatt San Diego invited Learning in Asset Markets4
January 3, 2020
10:15-12:15
Seaport F, Manchester Grand Hyatt San Diego invited Mutual Funds: New Perspectives3
January 3, 2020
10:15-12:15
Seaport G, Manchester Grand Hyatt San Diego invited New Methods in Asset Pricing4
January 3, 2020
10:15-12:15
Seaport H, Manchester Grand Hyatt San Diego invited New Perspectives on Raising and Measuring Capital4
January 3, 2020
10:15-12:15
Harbor A, Manchester Grand Hyatt San Diego invited Shareholder Voting3
January 3, 2020
12:30-14:30
Coronado A, Manchester Grand Hyatt San Diego invited AFA/AREUEA Joint Session: Real Estate and Housing Finance4
January 3, 2020
14:30-16:30
Seaport DE, Manchester Grand Hyatt San Diego panel AFA Panel: Fintech, Financial Stability and Regulation0
January 3, 2020
14:30-16:30
Seaport A, Manchester Grand Hyatt San Diego invited Asset Return Dynamics4
January 3, 2020
14:30-16:30
Seaport B, Manchester Grand Hyatt San Diego invited Debt Financing and Growth4
January 3, 2020
14:30-16:30
Seaport C, Manchester Grand Hyatt San Diego invited Equity Options and Volatility Derivatives4
January 3, 2020
14:30-16:30
Seaport F, Manchester Grand Hyatt San Diego invited Financial Intermediation and Liquidity4
January 3, 2020
14:30-16:30
Seaport G, Manchester Grand Hyatt San Diego invited Gender: Policy, Perception and Firm Value4
January 3, 2020
14:30-16:30
Seaport H, Manchester Grand Hyatt San Diego invited Hedge Funds4
January 3, 2020
14:30-16:30
Harbor A, Manchester Grand Hyatt San Diego invited Intermediaries and Asset Returns3
January 4, 2020
8:00-10:00
Seaport DE, Manchester Grand Hyatt San Diego invited Asset Pricing: Volatility, Tail Risk3
January 4, 2020
8:00-10:00
Seaport B, Manchester Grand Hyatt San Diego invited Asset Valuation in Economies with Production4
January 4, 2020
8:00-10:00
Seaport C, Manchester Grand Hyatt San Diego invited Bank and SBA Lending Behavior3
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 Governance4
January 4, 2020
8:00-10:00
Seaport H, Manchester Grand Hyatt San Diego invited Information Diffusion3
January 4, 2020
8:00-10:00
Harbor A, Manchester Grand Hyatt San Diego invited Networks, Connections, and Firms3
January 4, 2020
8:00-10:00
Seaport A, Manchester Grand Hyatt San Diego invited Political Uncertainty and Asset Prices3
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 Associations0
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 Cryptocurrencies3
January 4, 2020
10:15-12:15
Seaport C, Manchester Grand Hyatt San Diego invited CEO Effects3
January 4, 2020
10:15-12:15
Seaport F, Manchester Grand Hyatt San Diego invited Financial Stability3
January 4, 2020
10:15-12:15
Seaport G, Manchester Grand Hyatt San Diego invited Psychology and Asset Prices3
January 4, 2020
10:15-12:15
Seaport H, Manchester Grand Hyatt San Diego invited R&D, Patents, and Innovation4
January 4, 2020
10:15-12:15
Harbor A, Manchester Grand Hyatt San Diego invited Skill in Mutual Funds3
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 Systems0
January 4, 2020
14:30-16:30
Seaport A, Manchester Grand Hyatt San Diego invited Bank Lending3
January 4, 2020
14:30-16:30
Torrey Hills AB, Manchester Grand Hyatt San Diego invited AFA/AFE Joint Session: Bankruptcy and Efficiency4
January 4, 2020
14:30-16:30
Seaport B, Manchester Grand Hyatt San Diego invited Corporate Debt and Liquidity3
January 4, 2020
14:30-16:30
Seaport C, Manchester Grand Hyatt San Diego invited Corporate Investment in the Modern Economy4
January 4, 2020
14:30-16:30
Seaport F, Manchester Grand Hyatt San Diego invited Foreign Exchange Risk Premium4
January 4, 2020
14:30-16:30
Seaport G, Manchester Grand Hyatt San Diego invited Intermediary Trading, Trading Venues, and Market Liquidity3
January 4, 2020
14:30-16:30
Harbor A, Manchester Grand Hyatt San Diego invited Structural Models of Credit Risk4
January 4, 2020
14:30-16:30
Seaport H, Manchester Grand Hyatt San Diego invited The Use (and Misuse) of Private Information in Financial Markets3
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 Returns4
January 5, 2020
8:00-10:00
Seaport C, Manchester Grand Hyatt San Diego invited Banks and Monetary Policy Transmission3
January 5, 2020
8:00-10:00
Seaport F, Manchester Grand Hyatt San Diego invited Finance and Development4
January 5, 2020
8:00-10:00
Seaport G, Manchester Grand Hyatt San Diego invited Measuring Bond Liquidity3
January 5, 2020
8:00-10:00
Seaport H, Manchester Grand Hyatt San Diego invited Memory, Perception, and Asset Prices3
January 5, 2020
8:00-10:00
Harbor A, Manchester Grand Hyatt San Diego invited Mergers and Acquisitions4
January 5, 2020
8:00-10:00
Seaport B, Manchester Grand Hyatt San Diego invited Shareholder Activism3
January 5, 2020
10:15-12:15
Seaport A, Manchester Grand Hyatt San Diego invited Analysts, News, and Intermediaries3
January 5, 2020
10:15-12:15
Seaport DE, Manchester Grand Hyatt San Diego invited Asset Pricing: Frictions and Market Efficiency3
January 5, 2020
10:15-12:15
Seaport C, Manchester Grand Hyatt San Diego invited Corporate Culture and Socially Responsible Investing3
January 5, 2020
10:15-12:15
Seaport F, Manchester Grand Hyatt San Diego invited Entrepreneurial Finance: Risk and Return4
January 5, 2020
10:15-12:15
Seaport G, Manchester Grand Hyatt San Diego invited Executive Compensation3
January 5, 2020
10:15-12:15
Seaport H, Manchester Grand Hyatt San Diego invited Household Finance: Regulation and Intermediation4
January 5, 2020
10:15-12:15
Harbor A, Manchester Grand Hyatt San Diego invited Intermediation and Asset Prices3
January 5, 2020
10:15-12:15
Seaport B, Manchester Grand Hyatt San Diego invited Liquidity Risk4
January 5, 2020
13:00-15:00
Seaport A, Manchester Grand Hyatt San Diego invited Asset Pricing: Cross-section of Returns and Investors3
January 5, 2020
13:00-15:00
Seaport B, Manchester Grand Hyatt San Diego invited Corporate Disclosure and Incentives3
January 5, 2020
13:00-15:00
Seaport C, Manchester Grand Hyatt San Diego invited Financial Crises and Transmission of Shocks4
January 5, 2020
13:00-15:00
Seaport F, Manchester Grand Hyatt San Diego invited Household Debt and Savings3
January 5, 2020
13:00-15:00
Seaport G, Manchester Grand Hyatt San Diego invited Information Trading in Networks4
January 5, 2020
13:00-15:00
Seaport H, Manchester Grand Hyatt San Diego invited Labor Markets and Firm Performance3
January 5, 2020
13:00-15:00
Harbor A, Manchester Grand Hyatt San Diego invited Risk Premia Dynamics in Treasury Bond Markets4
 

74 sessions, 241 papers, and 19 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: Jess Cornaggia, 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: Jose Azar, IESE Business School
   Discussant:   Andrew Koch, University of Pittsburgh
 

Do Mergers Save Lives?
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: Ulf Nielsson, 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: Zhengyang Jiang, Northwestern 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: Ivan Shaliastovich, University of Wisconsin-Madison
   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:
   Todd Pulvino, CNH Partners
 

Presented by:
   Jeremy Stein, Harvard University
 
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, Columbia University
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: Lawrence Jin, California Institute of Technology
   Discussant:   Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
 
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: Michael Ewens, California Institute of Technology
   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: Yiqing Lu, New York University
   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: Rabih Moussawi, Villanova University
   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: Andreas Fuster, Swiss National Bank
   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 Chairs:
1. Hyun Song Shin, Bank for International Settlements
2. Tobias Adrian, International Monetary Fund
Session type: panel
 

Presented by:
   Tobias Adrian, International Monetary Fund
 

Presented by:
   Hyun Song Shin, Bank for International Settlements
 

Presented by:
   Thomas Philippon, New York University
 

Presented by:
   Fiona Scott Morton, Yale University
 

Presented by:
   Susan Athey, Stanford University
 
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 Pennsylvania
 

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:   Bo Becker, Stockholm School of Economics, CEPR & ECGI
 

Heterogeneous Intermediary Asset Pricing
By Mahyar Kargar; University of Illinois
   presented by: Mahyar Kargar, University of Illinois
   Discussant:   Wenhao Li, Stanford University
 

Passthrough of Treasury Supply to Bank Deposit Funding
By Yiming Ma; Columbia University
   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: Are They Worth More?
By Benjamin Bennett; Tulane University
Isil Erel; Ohio State University
Lea Stern; University of Washington
Zexi Wang; Lancaster University
   presented by: Benjamin Bennett, Tulane University
   Discussant:   Margarita Tsoutsoura, Cornell University
 

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 Semyon Malamud; Ecole Polytechnique Federale de Lausanne
   presented by: Semyon Malamud, Ecole Polytechnique Federale de Lausanne
   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
 

Exactly Solved Economies with Heterogeneity
By Jules van Binsbergen; University of Pennsylvania
Christian Opp; University of Pennsylvania
   presented by: Jules van Binsbergen, University of Pennsylvania
   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: Zhuo Chen, Tsinghua University
   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: Yi Tang, Fordham University
   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
 

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: Albert Menkveld, VU University Amsterdam
   Discussant:   Zhiguo He, University of Chicago
 

Proof-of-Work's Limited Adoption Problem
By Franz Hinzen; New York University
Kose John; New York University
Fahad Saleh; McGill University
   presented by: Kose John, New York University
   Discussant:   David Musto, University of Pennsylvania
 
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: Luo Zuo, 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: Clark Liu, Tsinghua University
   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: Daniel Metzger, Rotterdam School of Management
   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:   Elizabeth Berger, Cornell University
 

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: Paige Ouimet, 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; Ohio State University
   presented by: Shaojun Zhang, 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: Hongzhong Zhang, 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, Columbia University
 
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: Liyan Yang, University of Toronto
   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
 

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
 

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
 

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
 

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
 

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
 

Cash Supply Shock, Formalization and Economic Development -- Evidence from India's Demonetization Episode
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: Michael Reichenbacher, 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:   Pedro Bordalo, University of Oxford
 

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
 

Biases in the Perception of Covariance
By Ben Matthies; Yale University
   presented by: Ben Matthies, Yale University
   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; Tilburg University / Université Paris-Dauphine
Victor Lyonnet; Ohio State University
   presented by: Paul Beaumont, Université Paris Dauphine
   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:   Alok Kumar, 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
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 Pennsylvania
 

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 Economics
   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: Allen Cheng, Columbia University
   Discussant:   Georgy Chabakauri, London School of Economics
 

Public Liquidity and Financial Crises
By Wenhao Li; Stanford University
   presented by: Wenhao Li, Stanford University
   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
 

Monetary Policy Shocks and the Health of Banks
By Alexander Jung; European Central Bank
Harald Uhlig; University of Chicago
   presented by: Alexander Jung, European Central Bank
   Discussant:   Matthew Plosser, Federal Reserve Bank of New York
 
Session: Household Debt and Savings
January 5, 2020 13:00 to 15:00
Seaport F, Manchester Grand Hyatt San Diego
 
Session Chair: Gregor Matvos, University of Texas at Austin
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:   Peter Kondor, London School of Economics
 

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
 

Local Taxes and the Demand for Skilled Labor: Evidence from 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 2019-10-17 01:34:10 EDT