American Finance Association 2021 Annual Meeting

Virtual Conference

 

Summary of All Sessions

Date/TimeTypeTitlePapers
January 3, 2021
10:00-12:00
invited AFA SPECIAL SESSION - Finance and COVID-19: Corporate Finance and Banking5
January 3, 2021
10:00-12:00
invited Asset Pricing: Frictions and Market Power4
January 3, 2021
10:00-12:00
invited Corporate Finance: Policy and Regulatory Issues3
January 3, 2021
10:00-12:00
invited Corporate Finance: Risk Management3
January 3, 2021
10:00-12:00
invited Debt Structure3
January 3, 2021
10:00-12:00
invited Financial Crises and Transmission of Shocks3
January 3, 2021
10:00-12:00
invited Household Finance and Non-Bank Institutions4
January 3, 2021
10:00-12:00
invited New Methods and Portfolios for the Cross Section4
January 3, 2021
12:15-14:15
panel AFA Panel: Short-termism and Corporate Investment0
January 3, 2021
12:15-14:15
invited Artificial Intelligence in Finance: Impact and Applications4
January 3, 2021
12:15-14:15
invited Asset Pricing: Return Dynamics3
January 3, 2021
12:15-14:15
invited Bankruptcy and Distress4
January 3, 2021
12:15-14:15
invited Hedge Funds: Incentives and Infrastructure3
January 3, 2021
12:15-14:15
invited Household Finance3
January 3, 2021
12:15-14:15
invited Impact of Market Institutions on Information Content and Cost of Trading4
January 3, 2021
12:15-14:15
invited Law and Corporate Governance3
January 3, 2021
15:45-17:45
panel AFA Panel: Do the Big Issues of the 21st Century Require a Change in Shareholder Capitalism?0
January 3, 2021
15:45-17:45
invited Corporate Culture 4
January 3, 2021
15:45-17:45
invited Economic Big Data and Machine Learning: Applications and Implications4
January 3, 2021
15:45-17:45
invited Finance and Product Markets3
January 3, 2021
15:45-17:45
invited Financial Stability3
January 3, 2021
15:45-17:45
invited International Asset Pricing3
January 3, 2021
15:45-17:45
invited Macro Finance4
January 3, 2021
15:45-17:45
invited Mutual Fund Trading and Performance4
January 4, 2021
10:00-12:00
panel AEA/AFA Joint Panel: Effects of and Lessons Learned from COVID-190
January 4, 2021
10:00-12:00
panel AFA/AEA Joint Panel on Climate0
January 4, 2021
10:00-12:00
invited Asset Pricing: Frictions and Mispricing4
January 4, 2021
10:00-12:00
invited Asset Pricing: What News Matters?4
January 4, 2021
10:00-12:00
invited Finance and Development4
January 4, 2021
10:00-12:00
invited FinTech Innovations: Banks and Small Business4
January 4, 2021
10:00-12:00
invited Labor Markets for CEOs and CFOs3
January 4, 2021
10:00-12:00
invited Mutual Funds and ETFs: Current Issues4
January 4, 2021
10:00-12:00
invited Private Equity4
January 4, 2021
12:15-14:15
panel AFA Panel: Race and the Finance Profession0
January 4, 2021
12:15-14:15
invited AFA SPECIAL SESSION - Finance and COVID-19: Asset Pricing and Macro-Finance5
January 4, 2021
12:15-14:15
invited Competition and Information in Trading3
January 4, 2021
12:15-14:15
invited Credit Supply3
January 4, 2021
12:15-14:15
invited Determinants of Corporate Leverage4
January 4, 2021
12:15-14:15
invited Financing Innovation3
January 4, 2021
12:15-14:15
invited Long-term Investors, Portfolio Choice, and Asset Prices4
January 4, 2021
12:15-14:15
invited Mutual Fund Flows and Marketing4
January 4, 2021
15:45-17:45
panel AFA Lecture - The Future of the Market Economy: Automation, Privacy and Democracy0
January 4, 2021
15:45-17:45
invited AFA/AREUEA Joint Session on Real Estate Finance4
January 4, 2021
15:45-17:45
invited Bank Fragility3
January 4, 2021
15:45-17:45
invited Derivatives4
January 4, 2021
15:45-17:45
invited Determinants of Credit Spreads4
January 4, 2021
15:45-17:45
invited Gender and Finance4
January 4, 2021
15:45-17:45
invited Household Expectations in Real Estate Markets 3
January 4, 2021
15:45-17:45
invited Institutional Investors and Corporate Social Responsibility3
January 4, 2021
15:45-17:45
invited Raising Capital 4
January 5, 2021
10:00-12:00
invited Adverse Selection and Information Acquisition in Financial Markets3
January 5, 2021
10:00-12:00
invited Bank Loan Contracts and Pricing4
January 5, 2021
10:00-12:00
invited CEO Pay, Performance and Reputation4
January 5, 2021
10:00-12:00
invited Contracts and Incentives3
January 5, 2021
10:00-12:00
invited Corporate Sustainability4
January 5, 2021
10:00-12:00
invited Dividend and Payout Policy4
January 5, 2021
10:00-12:00
invited Economic Impact of Disasters and Uncertainty3
January 5, 2021
10:00-12:00
invited Market Risk Factors4
January 5, 2021
10:00-12:00
invited Social Influence and Networks4
January 5, 2021
12:15-14:15
panel AFA Panel: Research Challenges in Asset Management0
January 5, 2021
12:15-14:15
invited Banking: Risk Management3
January 5, 2021
12:15-14:15
invited Bond Yields and the Government3
January 5, 2021
12:15-14:15
invited Cross-Sectional Return Predictability3
January 5, 2021
12:15-14:15
invited Firm Financing: Banks vs. Non Banks3
January 5, 2021
12:15-14:15
invited Institutional Investors and Governance3
January 5, 2021
12:15-14:15
invited Intangibles and Human Capital in Mergers and Acquisitions4
January 5, 2021
12:15-14:15
invited Interest Rate, Inflation, and Monetary Policy4
January 5, 2021
15:45-17:45
invited Asset Pricing and Policy4
January 5, 2021
15:45-17:45
invited Corporate Finance: Behavioral3
January 5, 2021
15:45-17:45
invited Entrepreneurial Finance/Venture Capital4
January 5, 2021
15:45-17:45
invited Financing Investments3
January 5, 2021
15:45-17:45
invited Short Sale Constraints and Market Efficiency4
January 5, 2021
15:45-17:45
invited The Effects of Mandated Disclosure3
January 5, 2021
15:45-17:45
invited The Wisdom and Folly of Crowds4
 

74 sessions, 241 papers, and 18 presentations with no associated papers


 

American Finance Association 2021 Annual Meeting

Detailed List of Sessions

 
Session: AFA SPECIAL SESSION - Finance and COVID-19: Corporate Finance and Banking
January 3, 2021 10:00 to 12:00
 
Session Chair: Yueran Ma, University of Chicago
Session type: invited
 

Pandemics, Vaccines and Corporate Earnings
By Harrison Hong; Columbia University
Jeffrey Kubik; Syracuse University
Neng Wang; Columbia University
Xiao Xu; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics
   presented by: Harrison Hong, Columbia University
 

Corporate Flexibility in a Time of Crisis
By John Barry; Duke University
Murillo Campello; Cornell University and NBER
John Graham; Duke University
Yueran Ma; University of Chicago
   presented by: John Barry, Duke University
 

Public Guarantees for Small Businesses in Italy during Covid-19
By Fabrizio Core; Erasmus School of Economics
Filippo De Marco; Bocconi University
   presented by: Fabrizio Core, Erasmus School of Economics
 

Bank Liquidity Provision Across the Firm Size Distribution
By Gabriel Chodorow-Reich; Harvard University
Olivier Darmouni; Columbia University
Stephan Luck; Federal Reserve of New York
Matthew Plosser; Federal Reserve Bank of New York
   presented by: Gabriel Chodorow-Reich, Harvard University
 

How Did Depositors Respond to COVID-19?
By Ross Levine; University of California, Berkeley
Chen Lin; University of Hong Kong
Mingzhu Tai; The University of Hong Kong
Wensi Xie; The Chinese University of Hong Kong
   presented by: Ross Levine, University of California, Berkeley
 
Session: Asset Pricing: Frictions and Market Power
January 3, 2021 10:00 to 12:00
 
Session Chair: Benjamin Hebert, Stanford University
Session type: invited
 

Risk-Sharing, Investment, and Asset Prices According to Cournot and Arrow-Debreu
By Daniel Neuhann; University of Texas at Austin
Michael Sockin; University of Texas at Austin
   presented by: Daniel Neuhann, University of Texas at Austin
   Discussant:   Ana Babus, Washington University in St. Louis
 

Resolving Asset-Pricing Puzzles using Price-Impact
By Xiao Chen; Rutgers University
Jin Hyuk Choi; Ulsan National Institute of Science and Technology
Kasper Larsen; Rutgers University
Duane Seppi; Carnegie Mellon University
   presented by: Duane Seppi, Carnegie Mellon University
   Discussant:   Nicolae Garleanu, UC Berkeley
 

Arbitrage with Financial Constraints and Market Power
By Vincent Fardeau; Higher School of Economics
   presented by: Vincent Fardeau, Higher School of Economics
   Discussant:   Jonathan Wallen, Stanford University
 

Price Destabilizing Speculation: The Role of Strategic Limit Orders
By Suman Banerjee; Stevens Institute of Technology
Ravi Jagannathan; Northwestern University
Kai Wang; Stevens Institute of Technology
   presented by: Kai Wang, Stevens Institute of Technology
   Discussant:   Yajun Wang, City University of New York-Baruch Colle
 
Session: Corporate Finance: Policy and Regulatory Issues
January 3, 2021 10:00 to 12:00
 
Session Chair: Mara Faccio, Purdue University
Session type: invited
 

Are Judges Like Umpires? Political Affiliation and Corporate Prosecutions
By Todd Gormley; Washington University in St. Louis
Mahsa S. Kaviani; Temple University
Hosein Maleki; Temple University
   presented by: Todd Gormley, Washington University in St. Louis
   Discussant:   Qiping Xu, University of Illinois Urbana Champaign
 

The Real Effects of Politicians' Compensation
By Igor Cunha; University of Kentucky
Paulo Manoel; University of Kentucky
   presented by: Paulo Manoel, University of Kentucky
   Discussant:   Jacopo Ponticelli, Northwestern University
 

The Political Economy of Anti-Bribery Enforcement
By Lauren Cohen; Harvard University
Bo Li; Tsinghua University
   presented by: Bo Li, Tsinghua University
   Discussant:   David Parsley, Vanderbilt University
 
Session: Corporate Finance: Risk Management
January 3, 2021 10:00 to 12:00
 
Session Chair: Jarrad Harford, University of Washington
Session type: invited
 

Corporate Responses to Stock Price Fragility
By Richard Friberg; Stockholm School of Economics
Itay Goldstein; University of Pennsylvania
Kristine Hankins; University of Kentucky
   presented by: Kristine Hankins, University of Kentucky
   Discussant:   Ming Dong, York University
 

Corporate Climate Risk: Measurements and Responses
By Qing Li; University of Florida
Hongyu Shan; Fordham University
Yuehua Tang; University of Florida
Vincent Yao; Georgia State University
   presented by: Hongyu Shan, Fordham University
   Discussant:   Tim Loughran, University of Notre Dame
 

New Evidence on the Determinants of Corporate Hedging
By Guojun Chen; Nanyang Technological University
Zhongjin Lu; University Of Georgia
Siddharth Vij; University of Georgia
   presented by: Zhongjin Lu, University Of Georgia
   Discussant:   David Haushalter, Penn State University
 
Session: Debt Structure
January 3, 2021 10:00 to 12:00
 
Session Chair: Mark Leary, Washington University in St. Louis
Session type: invited
 

The Dynamics of Corporate Debt Structure
By Michael Halling; Stockholm School of Economics
Jin Yu; Monash University
Josef Zechner; Vienna University of Economics and Business
   presented by: Jin Yu, Monash University
   Discussant:   Kai Li, University of British Columbia
 

Secured Credit Spreads
By Efraim Benmelech; Northwestern University
Nitish Kumar; University of Florida
Raghuram Rajan; University of Chicago
   presented by: Nitish Kumar, University of Florida
   Discussant:   Michael Schwert, Wharton
 

Options Trading and Corporate Debt Structure
By Jie Cao; Chinese University of Hong Kong
Michael Hertzel; Arizona State University
Jie Xu; Chinese University of Hong Kong
Xintong Zhan; Chinese University of Hong Kong
   presented by: Jie Xu, Chinese University of Hong Kong
   Discussant:   Vassil Mihov, Texas Christian University
 
Session: Financial Crises and Transmission of Shocks
January 3, 2021 10:00 to 12:00
 
Session Chair: Cecilia Parlatore, New York University
Session type: invited
 

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
By Arvind Krishnamurthy; Stanford University
Wenhao Li; University of Southern California
   presented by: Arvind Krishnamurthy, Stanford University
   Discussant:   Eduardo Davila, Yale University
 

Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market
By Mariassunta Giannetti; Stockholm School of Economics
Yeejin Jang; University of New South Wales
   presented by: Yeejin Jang, University of New South Wales
   Discussant:   Ramona Dagostino, University of Rochester
 

The Rise of Finance Companies in U.S. Small Business Lending
By Manasa Gopal; New York University
Philipp Schnabl; New York University
   presented by: Philipp Schnabl, New York University
   Discussant:   Greg Buchak, Stanford University
 
Session: Household Finance and Non-Bank Institutions
January 3, 2021 10:00 to 12:00
 
Session Chair: Constantine Yannelis, University of Chicago
Session type: invited
 

Gig-Labor: Trading Safety Nets for Steering Wheels
By Vyacheslav Fos; Boston College
Ankit Kalda; Indiana University
Jordan Nickerson; Boston College
   presented by: Jordan Nickerson, Boston College
   Discussant:   Dmitri Koustas, University of Chicago
 

Grit and Credit Risk
By Jess Cornaggia; Pennsylvania State University
Kimberly Cornaggia; Pennsylvania State University
Han Xia; University of Texas at Dallas
   presented by: Kimberly Cornaggia, Pennsylvania State University
   Discussant:   Mahyar Kargar, University of Illinois Urbana-Champaign
 

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds
By Jonathan Parker; Massachusetts Institute of Technology
Antoinette Schoar; Massachusetts Institute of Technology
Yang Sun; Brandeis University
   presented by: Yang Sun, Brandeis University
   Discussant:   Jules van Binsbergen, University of Pennsylvania
 

Peer Effects in Product Adoption
By Michael Bailey; Facebook
Drew Johnston; Harvard University
Theresa Kuchler; New York University
Johannes Stroebel; New York University
Arlene Wong; Princeton University
   presented by: Johannes Stroebel, New York University
   Discussant:   Geoffrey Tate, University of Maryland
 
Session: New Methods and Portfolios for the Cross Section
January 3, 2021 10:00 to 12:00
 
Session Chair: Michael Weber, University of Chicago
Session type: invited
 

Does Unobservable Heterogeneity Matter for Portfolio-Based Asset Pricing Tests?
By Daniel Hoechle; University of Applied Sciences and Arts
Markus Schmid; University of St. Gallen
Heinz Zimmermann; University of Basel
   presented by: Markus Schmid, University of St. Gallen
   Discussant:   Andreas Neuhierl, University of Notre Dame
 

New and Old Sorts: Implications for Asset Pricing
By Fahiz Baba-Yara; Nova School of Business and Economics
Martijn Boons; Tilburg University
Andrea Tamoni; Rutgers University
   presented by: Martijn Boons, Tilburg University
   Discussant:   Kent Daniel, Columbia Univeristy
 

Forest through the Trees: Building Cross-Sections of Stock Returns
By Svetlana Bryzgalova; London Business School
Markus Pelger; Stanford University
Jason Zhu; Stanford University
   presented by: Svetlana Bryzgalova, London Business School
   Discussant:   Bryan Kelly, Yale University
 

Macroeconomic Content of Characteristics-Based Asset Pricing Models: A Machine Learning Analysis
By Oleg Rytchkov; Temple University
Xun Zhong; Fordham University
   presented by: Oleg Rytchkov, Temple University
   Discussant:   Juhani Linnainmaa, Dartmouth College
 
Session: AFA Panel: Short-termism and Corporate Investment
January 3, 2021 12:15 to 14:15
 
Session Chair: Toni Whited, University of Michigan
Session type: panel
 

Presented by:
   Janice Eberly, Northwestern University
 

Presented by:
   Thomas Philippon, New York University
 

Presented by:
   Alex Edmans, London Business School
 
Session: Artificial Intelligence in Finance: Impact and Applications
January 3, 2021 12:15 to 14:15
 
Session Chair: Markus Pelger, Stanford University
Session type: invited
 

Artificial Intelligence and the Future of Work: Evidence from Analysts
By Jillian Grennan; Duke University
Roni Michaely; University of Geneva
   presented by: Roni Michaely, University of Geneva
   Discussant:   Lea Stern, University of Washington
 

AI Adoption, Firm Growth, and Industry Concentration
By Tania Babina; Columbia University
Anastassia Fedyk; University of California, Berkeley
Alex Xi He; University of Maryland
James Hodson; Jozef Stefan Institute
   presented by: James Hodson, Jozef Stefan Institute
   Discussant:   Francesco D'Acunto, Boston College
 

Text-Based Mutual Fund Peer Groups
By Simona Abis; Columbia University
Anton Lines; Columbia University
   presented by: Anton Lines, Columbia University
   Discussant:   Svetlana Bryzgalova, London Business School
 

AlphaPortfolio for Investment and Economically Interpretable AI
By Will Cong; Cornell University
Ke Tang; Tsinghua University
Jingyuan Wang; Beihang University
Yang Zhang; Beihang University
   presented by: Will Cong, Cornell University
   Discussant:   Dacheng Xiu, University of Chicago
 
Session: Asset Pricing: Return Dynamics
January 3, 2021 12:15 to 14:15
 
Session Chair: Tyler Muir, University of California, Los Angeles
Session type: invited
 

Momentum Turning Points
By Ashish Garg; Research Affiliates
Christian Goulding; Research Affiliates
Campbell Harvey; Duke University
Michele Mazzoleni; Research Affiliates
   presented by: Christian Goulding, Research Affiliates
   Discussant:   Ravi Jagannathan, Northwestern University
 

Equity Duration and Predictability
By Benjamin Golez; University of Notre Dame
Peter Koudijs; Stanford University
   presented by: Benjamin Golez, University of Notre Dame
   Discussant:   Niels Gormsen, University of Chicago
 

Pre-Announcement Risk
By Toomas Laarits; New York University
   presented by: Toomas Laarits, New York University
   Discussant:   Nina Boyarchenko, Federal Reserve Bank of New York
 
Session: Bankruptcy and Distress
January 3, 2021 12:15 to 14:15
 
Session Chair: Edith Hotchkiss, Boston College
Session type: invited
 

Large Shareholders and Financial Distress
By Christian Opp; University of Rochester
   presented by: Christian Opp, University of Rochester
   Discussant:   Daniel Green, Harvard Business School
 

Dark Knights: The Rise in Firm Intervention by CDS Investors
By Andras Danis; Georgia Institute of Technology
Andrea Gamba; University of Warwick
   presented by: Andras Danis, Georgia Institute of Technology
   Discussant:   Nadya Malenko, Ross School of Business, University of M
 

How Large are Pre-Default Costs of Financial Distress? Estimates from a Dynamic Model
By Redouane Elkamhi; University of Toronto
Marco Salerno; University of Toronto
   presented by: Marco Salerno, University of Toronto
   Discussant:   Dirk Hackbarth, Boston University
 

Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales
By Julian Franks; London Business School
Gunjan Seth; London Business School
Oren Sussman; University of Oxford
Vikrant Vig; London Business School
   presented by: Gunjan Seth, London Business School
   Discussant:   Carola Schenone, University of Virginia
 
Session: Hedge Funds: Incentives and Infrastructure
January 3, 2021 12:15 to 14:15
 
Session Chair: Wei Jiang, Columbia University
Session type: invited
 

On the Other Side of Hedge Fund Equity Trades
By Xinyu Cui; University of Manchester
Olga Kolokolova; University of Manchester
George Wang; Lancaster University
   presented by: Olga Kolokolova, University of Manchester
   Discussant:   Stefano Giglio, Yale University
 

Income Taxes and Managerial Incentives: Evidence from Hedge Funds
By Vikas Agarwal; Georgia State University
Gary Chen; University of Illinois at Chicago
Zhen Shi; Georgia State University
Bin Wang; Marquette University
   presented by: Gary Chen, University of Illinois at Chicago
   Discussant:   Elisabeth Kempf, Tilburg University and CentER
 

Do Prime Brokers Matter in the Search for Informed Hedge Fund Managers?
By George Aragon; Arizona State University
Ji-Woong Chung; Korea University
Byoung Uk Kang; Hong Kong Polytechnic University
   presented by: Ji-Woong Chung, Korea University
   Discussant:   Yuehua Tang, University of Florida
 
Session: Household Finance
January 3, 2021 12:15 to 14:15
 
Session Chair: Taylor Begley, Washington University in St. Louis
Session type: invited
 

Working More to Pay the Mortgage: Interest Rates and Labor Supply
By Michal Zator; Northwestern University
   presented by: Michal Zator, Northwestern University
   Discussant:   Amir Kermani, University of California, Berkeley
 

Borrowing in Response to Windfalls
By Arna Olafsson; Copenhagen Business School
Michaela Pagel; Columbia University
   presented by: Michaela Pagel, Columbia University
   Discussant:   Deniz Aydin, Washington University in St. Louis
 

Running Up the Tab: Strategic Debt Accumulation by Bankruptcy Filers
By Bronson Argyle; Brigham Young University
Benjamin Iverson; Brigham Young University
Taylor Nadauld; Brigham Young University
Christopher Palmer; Massachusetts Institute of Technology
   presented by: Bronson Argyle, Brigham Young University
   Discussant:   Arpit Gupta, NYU Stern
 
Session: Impact of Market Institutions on Information Content and Cost of Trading
January 3, 2021 12:15 to 14:15
 
Session Chair: Torben Andersen, Kellogg School, Northwestern University
Session type: invited
 

Quantifying the High-Frequency Trading “Arms Race”: A Simple New Methodology and Estimates
By Matteo Aquilina; Financial Conduct Authority
Eric Budish; University of Chicago
Peter O'Neill; Financial Conduct Authority
   presented by: Peter O'Neill, Financial Conduct Authority
   Discussant:   Albert Kyle, University of Maryland
 

Should We Use Closing Prices? Institutional Price Pressure at the Close
By Vincent Bogousslavsky; Boston College
Dmitriy Muravyev; Michigan State University
   presented by: Vincent Bogousslavsky, Boston College
   Discussant:   Dermot Murphy, University of Illinois at Chicago
 

The Information in Trade Financing
By Yashar Barardehi; Chapman University
Zhi Da; University of Notre Dame
Mitch Warachka; Chapman University
   presented by: Yashar Barardehi, Chapman University
   Discussant:   Vyacheslav Fos, Boston College
 

Who Uses Which Order Type and Why?
By Sida Li; University of Illinois at Urbana-Champaign
Mao Ye; University of Illinois at Urbana-Champaign
Miles Zheng; University of Illinois at Urbana-Champaign
   presented by: Sida Li, University of Illinois at Urbana-Champaign
   Discussant:   Chester Spatt, Carnegie Mellon University
 
Session: Law and Corporate Governance
January 3, 2021 12:15 to 14:15
 
Session Chair: Tracy Wang, University of Minnesota
Session type: invited
 

Do Shareholders Gain from Their Right to Sue? Evidence from Federal Judge Turnover
By Stefano Cassella; Tilburg University
Antonino Rizzo; Nova School of Business and Economics
   presented by: Antonino Rizzo, Nova School of Business and Economics
   Discussant:   Jonathan Karpoff, University of Washington
 

Disloyal Managers and Shareholders’ Wealth
By Eliezer Fich; Drexel University
Jarrad Harford; University of Washington
Anh Tran; University of London
   presented by: Eliezer Fich, Drexel University
   Discussant:   Isil Erel, The Ohio State University
 

On Inference When Using State Corporate Laws
By Allen Hu; Yale University
Holger Spamann; Harvard University
   presented by: Holger Spamann, Harvard University
   Discussant:   Todd Gormley, Washington University in St. Louis
 
Session: AFA Panel: Do the Big Issues of the 21st Century Require a Change in Shareholder Capitalism?
January 3, 2021 15:45 to 17:45
 
Session Chair: Antoinette Schoar, Massachusetts Institute of Technology
Session type: panel
 

Presented by:
   Antoinette Schoar, Massachusetts Institute of Technology
 

Presented by:
   Luigi Zingales, University of Chicago
 

Presented by:
   Sanjai Bhagat, University of Colorado
 

Presented by:
   Martin Lipton, Wachtell, Lipton, Rosen & Katz
 
Session: Corporate Culture
January 3, 2021 15:45 to 17:45
 
Session Chair: Paola Sapienza, Northwestern University
Session type: invited
 

Exposing Revolving Doors in Executive Branch Agencies
By Logan Emery; Purdue University
Mara Faccio; Purdue University
   presented by: Mara Faccio, Purdue University
   Discussant:   Elisabeth Kempf, Tilburg University and CentER
 

Does Corporate Culture Add Value? Evidence from the Harvey Weinstein Scandal and the #MeToo Movement
By Karl Lins; University of Utah
Lukas Roth; University of Alberta
Henri Servaes; London Business School
Ane Tamayo; London School of Economics
   presented by: Lukas Roth, University of Alberta
   Discussant:   Renee Adams, University of Oxford
 

Shared Culture and Technological Innovation: Evidence from Corporate R&D Teams
By Tristan Fitzgerald; Texas A&M University
Xiaoding Liu; Texas A&M University
   presented by: Xiaoding Liu, Texas A&M University
   Discussant:   Danielle Li, Massachusetts Institute of Technology
 

Hidden in Plain Sight: The Role of Corporate Board of Directors in Public Charity Lobbying
By Changhyun Ahn; University of Florida
Joel Houston; University of Florida
Sehoon Kim; University of Florida
   presented by: Sehoon Kim, University of Florida
   Discussant:   Pat Akey, University of Toronto
 
Session: Economic Big Data and Machine Learning: Applications and Implications
January 3, 2021 15:45 to 17:45
 
Session Chair: Will Cong, Cornell University
Session type: invited
 

Machine Learning versus Economic Restrictions: Evidence from Stock Return Predictability
By Doron Avramov; IDC Herzliya
Si Cheng; Chinese University of Hong Kong
Lior Metzker; Hebrew University of Jerusalem
   presented by: Si Cheng, Chinese University of Hong Kong
   Discussant:   Serhiy Kozak, University of Maryland
 

Data Privacy and Temptation
By John Zhuang Liu; Chinese University of Hong Kong
Michael Sockin; University of Texas at Austin
Wei Xiong; Princeton University
   presented by: Wei Xiong, Princeton University
   Discussant:   Dirk Bergemann, Yale University
 

Human Interactions and Financial Investment: A Video-Based Approach
By Allen Hu; Yale University
Song Ma; Yale University
   presented by: Allen Hu, Yale University
   Discussant:   Bradley Hendricks, University of North Carolina
 

Who Benefits from Robo-advising? Evidence from Machine Learning
By Alberto Rossi; Georgetown University
Steve Utkus; Vanguard University
   presented by: Alberto Rossi, Georgetown University
   Discussant:   Michael Reher, University of California San Diego, Rady
 
Session: Finance and Product Markets
January 3, 2021 15:45 to 17:45
 
Session Chair: Rohan Williamson, Georgetown University
Session type: invited
 

Product Market Strategy and Corporate Policies
By Jakub Hajda; University of Lausanne
Boris Nikolov; University of Lausanne
   presented by: Jakub Hajda, University of Lausanne
   Discussant:   Gordon Phillips, Dartmouth College, NBER
 

Competition Law and Innovation
By Ross Levine; University of California, Berkeley
Chen Lin; University of Hong Kong
Lai Wei; Lingnan University
Wensi Xie; Chinese University of Hong Kong
   presented by: Wensi Xie, Chinese University of Hong Kong
   Discussant:   Xuan Tian, PBC School of Finance, Tsinghua University
 

Life Cycles of Firm Disclosures
By AJ Yuan Chen; University of Southern California
Gerard Hoberg; University of Southern California
Vojislav Maksimovic; University of Maryland
   presented by: Vojislav Maksimovic, University of Maryland
   Discussant:   Rene Stulz, Ohio State University
 
Session: Financial Stability
January 3, 2021 15:45 to 17:45
 
Session Chair: Stacey Schreft, U.S. Office of Financial Research
Session type: invited
 

Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective
By Marco Machiavelli; Federal Reserve Board
Alex Zhou; Federal Reserve Board
   presented by: Alex Zhou, Federal Reserve Board
   Discussant:   Lasse Pedersen, Copenhagen Business School,NYU,AQR,CEPR
 

A Theory of Collateral Requirements for Central Counterparties
By Jessie Jiaxu Wang; Arizona State University
Agostino Capponi; Columbia University
Hongzhong Zhang; Columbia University
   presented by: Jessie Jiaxu Wang, Arizona State University
   Discussant:   Haoxiang Zhu, Massachusetts Institute of Technology
 

Designing Stress Scenarios
By Cecilia Parlatore; New York University
Thomas Philippon; New York University
   presented by: Cecilia Parlatore, New York University
   Discussant:   Itay Goldstein, University of Pennsylvania
 
Session: International Asset Pricing
January 3, 2021 15:45 to 17:45
 
Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen
Session type: invited
 

Currency Anomalies
By Sohnke Bartram; University of Warwick
Leslie Djuranovik; University of Warwick
Anthony Garratt; University of Warwick
   presented by: Sohnke Bartram, University of Warwick and CEPR
   Discussant:   George Panayotov, HKUST
 

U.S. Political Cycles and International Stock Returns
By Pasquale Della Corte; Imperial College London
Hsuan Fu; Laval University
   presented by: Hsuan Fu, Laval University
   Discussant:   Jonathan Brogaard, University of Utah
 

Why is Dollar Debt Cheaper? Evidence from Peru
By Bryan Gutierrez; Superintendencia de Banca,Seguros, y AFPs
Victoria Ivashina; Harvard University
Juliana Salomao; University of Minnesota
   presented by: Juliana Salomao, University of Minnesota
   Discussant:   Zhiguo He, University of Chicago
 
Session: Macro Finance
January 3, 2021 15:45 to 17:45
 
Session Chair: Andrea Eisfeldt, University of California, Los Angeles
Session type: invited
 

Limited Household Risk Sharing: General Equilibrium Implications for the Term Structure of Interest Rates
By Indrajit Mitra; University of Michigan
Yu Xu; University of Hong Kong
   presented by: Yu Xu, University of Hong Kong
   Discussant:   Carolin Pflueger, University of Chicago
 

Strategic Product Diversity
By Nuno Clara; London Business School
Alexandre Corhay; University of Toronto
Howard Kung; London Business School
   presented by: Alexandre Corhay, University of Toronto
   Discussant:   Matthias Kehrig, Duke University
 

Why Does Oil Matter? Commuting and Aggregate Fluctuations
By Robert Ready; University of Oregon
Nikolai Roussanov; University of Pennsylvania
Ewelina Zurowska; University of Pennsylvania
   presented by: Nikolai Roussanov, University of Pennsylvania
   Discussant:   Bernard Herskovic, University of California, Los Angeles
 

Leasing as a Risk-Sharing Mechanism
By Kai Li; Hong Kong University of Science and Technology
Chi-Yang Tsou; Hong Kong University of Science and Technology
   presented by: Kai Li, Hong Kong University of Science and Technology
   Discussant:   Giorgia Piacentino, Columbia University
 
Session: Mutual Fund Trading and Performance
January 3, 2021 15:45 to 17:45
 
Session Chair: Jules van Binsbergen, University of Pennsylvania
Session type: invited
 

Skill, Scale, and Value Creation in the Mutual Fund Industry
By Laurent Barras; McGill University
Patrick Gagliardini; Università della Svizzera italiana
Olivier Scaillet; University of Geneva and Swiss Finance Institute
   presented by: Laurent Barras, McGill University
   Discussant:   Jonathan Berk, Stanford University
 

What Alleviates Crowding in Factor Investing?
By Victor DeMiguel; University of London
Alberto Martin-Utrera; New Jersey Institute of Technology
Raman Uppal; EDHEC Business School
   presented by: Victor DeMiguel, University of London
   Discussant:   Tobias Moskowitz, Yale University
 

How Global is Your Mutual Fund? International Diversification from Multinationals
By Irem Demirci; Nova School of Business and Economics
Miguel Ferreira; Nova School of Business and Economics
Pedro Matos; University of Virginia
Clemens Sialm; University of Texas at Austin
   presented by: Irem Demirci, Nova School of Business and Economics
   Discussant:   Jules van Binsbergen, University of Pennsylvania
 

Decomposing Tracking Error to Identify Mutual Fund Strategies
By Andrea Buffa; Boston University
Apoorva Javadekar; Indian School of Business
   presented by: Apoorva Javadekar, Indian School of Business
   Discussant:   Anton Lines, Columbia University
 
Session: AEA/AFA Joint Panel: Effects of and Lessons Learned from COVID-19
January 4, 2021 10:00 to 12:00
 
Session Chair: Markus Brunnermeier, Princeton University
Session type: panel
 

Presented by:
   Jeremy Stein, Harvard University
 

Presented by:
   Nicholas Bloom, Stanford University
 

Presented by:
   Sydney Ludvigson, New York University
 
Session: AFA/AEA Joint Panel on Climate
January 4, 2021 10:00 to 12:00
 
Session Chair: Michael Greenstone, University of Chicago
Session type: panel
 

Presented by:
   Maureen Cropper, University of Maryland
 

Presented by:
   Geoffrey Heal, Columbia University
 

Presented by:
   William Nordhaus, Yale University
 
Session: Asset Pricing: Frictions and Mispricing
January 4, 2021 10:00 to 12:00
 
Session Chair: Stefano Giglio, Yale University
Session type: invited
 

In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis
By Xavier Gabaix; Harvard University
Ralph Koijen; University of Chicago
   presented by: Xavier Gabaix, Harvard University
   Discussant:   Hanno Lustig, Stanford University
 

Bubbles and the Value of Innovation
By Valentin Haddad; University of California, Los Angeles
Paul Ho; Federal Reserve Bank of Richmond
Erik Loualiche; University of Minnesota
   presented by: Erik Loualiche, University of Minnesota
   Discussant:   Alp Simsek, Massachusetts Institute of Technology
 

Positive Feedback Trading and Stock Prices
By Cameron Peng; London School of Economics
Chen Wang; Yale University
   presented by: Cameron Peng, London School of Economics
   Discussant:   Marcin Kacperczyk, Imperial College London
 

Asset Pricing with Misspecified Models
By Pooya Molavi; University of Chicago
Alireza Tahbaz-Salehi; Northwestern University
Andrea Vedolin; Boston University
   presented by: Alireza Tahbaz-Salehi, Northwestern University
   Discussant:   Stavros Panageas, Anderson School of Management
 
Session: Asset Pricing: What News Matters?
January 4, 2021 10:00 to 12:00
 
Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley
Session type: invited
 

Temperature shocks and Industry Earnings News
By Jawad Addoum; Cornell University
David Ng; Cornell University
   presented by: David Ng, Cornell University
   Discussant:   Harrison Hong, Columbia University
 

The Perils of Crying "Fake News"
By Mancy Luo; Erasmus University
Alberto Manconi; Bocconi University
Massimo Massa; INSEAD
   presented by: Alberto Manconi, Bocconi University
   Discussant:   Christopher Parsons, University of Southern California
 

Which Corporate ESG News does the Market React to?
By George Serafeim; Harvard University
Aaron Yoon; Northwestern University
   presented by: Aaron Yoon, Northwestern University
   Discussant:   Laura Starks, University of Texas
 

The Cross-Section of Non-Professional Analyst Skill
By Michael Farrell; University of Virginia
Russell Jame; University of Kentucky
Tian Qiu; University of Kentucky
   presented by: Russell Jame, University of Kentucky
   Discussant:   Brad Barber, UC Davis
 
Session: Finance and Development
January 4, 2021 10:00 to 12:00
 
Session Chair: Shawn Cole, Harvard Business School
Session type: invited
 

Misallocation and Capital Market Integration: Evidence From India
By Natalie Bau; University of California, Los Angeles
Adrien Matray; Princeton University
   presented by: Adrien Matray, Princeton University
   Discussant:   Sam Asher, Johns Hopkins
 

Financial and Real Effects of Government Monitoring: Evidence from Commercial Bank Loans
By Rebecca De Simone
   presented by: Rebecca De Simone, London Business School
   Discussant:   Craig Brown, Purdue University
 

Direct and Indirect Effects of Financial Access on SMEs
By Jing Cai; University of Maryland
Adam Szeidl; Central European University
   presented by: Jing Cai, University of Maryland
   Discussant:   Sean Higgins, Northwestern University
 

The Impacts of Managerial Autonomy on Firm Outcomes
By Namrata Kala; Massachusetts Institute of Technology
   presented by: Namrata Kala, Massachusetts Institute of Technology
   Discussant:   Julia Fonseca, UIUC
 
Session: FinTech Innovations: Banks and Small Business
January 4, 2021 10:00 to 12:00
 
Session Chair: Adair Morse, University of California, Berkeley
Session type: invited
 

Financial Innovation in the 21st Century: Evidence from U.S. Patenting
By Josh Lerner; Harvard University
Amit Seru; Stanford University
Nick Short; Harvard University
Yuan Sun; Harvard University
   presented by: Josh Lerner, Harvard University
   Discussant:   Yael Hochberg, Rice University
 

Nationalistic Labor Policies Hinder FinTech Innovation
By Francesco D'Acunto; Boston College
Michael Weber; University of Chicago
Jin Xie; Chinese University of Hong Kong
Liu Yang; University of Maryland
   presented by: Jin Xie, Chinese University of Hong Kong
   Discussant:   Shai Bernstein, Stanford University
 

The Real Impact of FinTech: Evidence from Mobile Payment Technology
By Sumit Agarwal; National University of Singapore
Wenlan Qian; National University of Singapore
Yuan Ren; National University of Singapore
Hsin-Tien Tsai; National University of Singapore
Bernard Yeung; National University of Singapore
   presented by: Wenlan Qian, National University of Singapore
   Discussant:   Xinxin Wang, University of North Carolina
 

What is Fueling FinTech Lending? The Role of Banking Market Structure
By Tetyana Balyuk; Emory University
Allen Berger; University of South Carolina
John Hackney; University of South Carolina
   presented by: Tetyana Balyuk, Emory University
   Discussant:   Erik Gilje, University of Pennsylvania
 
Session: Labor Markets for CEOs and CFOs
January 4, 2021 10:00 to 12:00
 
Session Chair: Hyunseob Kim, Cornell University
Session type: invited
 

The Market for CEOs
By Peter Cziraki; University of Toronto
Dirk Jenter; London School of Economics
   presented by: Dirk Jenter, London School of Economics
   Discussant:   Charles Hadlock, Michigan State University
 

Winning an Award Could Set You Free: Earnings Management and the Balance of Power between CEOs and CFOs
By Qinxi Wu; Baylor University
   presented by: Qinxi Wu, Baylor University
   Discussant:   Carola Frydman, Northwestern University
 

CEO Health and Corporate Governance
By Matti Keloharju; Aalto University
Samuli Knüpfer; BI Norwegian Business School
Joacim Tåg; Research Institute of Industrial Economics
   presented by: Samuli Knüpfer, BI Norwegian Business School
   Discussant:   Alex Xi He, University of Maryland
 
Session: Mutual Funds and ETFs: Current Issues
January 4, 2021 10:00 to 12:00
 
Session Chair: Russell Wermers, University of Maryland
Session type: invited
 

Crowding: Evidence from Fund Managerial Structure
By Campbell Harvey; Duke University
Yan Liu; Purdue University
Eric Tan; University of Queensland
Min Zhu; University of Queensland
   presented by: Min Zhu, University of Queensland
   Discussant:   Lucian Taylor, University of Pennsylvania
 

Exchange Traded Funds and Market Runs
By Ayan Bhattacharya; City University of New York
Maureen O'Hara; Cornell University
   presented by: Ayan Bhattacharya, City University of New York
   Discussant:   Lawrence Schmidt, Massachusetts Institute of Technology
 

ETF Heartbeats, Tax Efficiencies, and Clientele Effects
By Rabih Moussawi; Villanova University
Ke Shen; Lehigh University
Raisa Velthuis; Villanova University
   presented by: Ke Shen, Lehigh University
   Discussant:   Jinming Xue, University of Maryland, College Park
 

Carrot and Stick: A Risk-Sharing Rationale for Fulcrum Fees in Active Fund Management
By Juan Sotes Paladino; Universidad de los Andes
Fernando Zapatero; Boston University
   presented by: Fernando Zapatero, Boston University
   Discussant:   Ron Kaniel, University of Rochester
 
Session: Private Equity
January 4, 2021 10:00 to 12:00
 
Session Chair: Ayako Yasuda, University of California, Davis
Session type: invited
 

Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers
By Carsten Bienz; Norwegian School of Economics
Karin Thorburn; Norwegian School of Economics
Uwe Walz; Goethe University Frankfurt
   presented by: Carsten Bienz, Norwegian School of Economics
   Discussant:   Bo Becker, Stockholm School of Economics, CEPR & ECGI
 

R&D or R vs. D? Firm Innovation Strategy and Equity Ownership
By James Driver; Texas A&M University
Adam Kolasinski; Texas A&M University
Jared Stanfield; University of Oklahoma
   presented by: Jared Stanfield, University of Oklahoma
   Discussant:   Sophie Shive, University of Notre Dame
 

A Theory of Liquidity in Private Equity
By Vincent Maurin; Stockholm School of Economics
David Robinson; Duke University
Per Strömberg; Stockholm School of Economics
   presented by: Vincent Maurin, Stockholm School of Economics
   Discussant:   Michael Weisbach, Ohio State University
 

Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis
By Emily Johnston-Ross; FDIC
Song Ma; Yale University
Manju Puri; Duke University and NBER
   presented by: Song Ma, Yale University
   Discussant:   Christa Bouwman, Texas A&M University
 
Session: AFA Panel: Race and the Finance Profession
January 4, 2021 12:15 to 14:15
 
Session Chair: Heather Tookes, Yale University
Session type: panel
 

Presented by:
   Rohan Williamson, Georgetown University
 

Presented by:
   Laura Field, University of Delaware
 

Presented by:
   George Karolyi, Cornell University
 
Session: AFA SPECIAL SESSION - Finance and COVID-19: Asset Pricing and Macro-Finance
January 4, 2021 12:15 to 14:15
 
Session Chair: Johannes Stroebel, New York University
Session type: invited
 

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response
By Valentin Haddad; University of California, Los Angeles
Alan Moreira; university of rochester
Tyler Muir; University of California, Los Angeles
   presented by: Valentin Haddad, University of California, Los Angeles
 

Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets
By Antonio Falato; Federal Reserve Board
Itay Goldstein; University of Pennsylvania
Ali Hortacsu; University of Chicago
   presented by: Antonio Falato, Federal Reserve Board
 

Inside the Mind of a Stock Market Crash
By Stefano Giglio; Yale University
Matteo Maggiori; Stanford University
Johannes Stroebel; New York University
Stephen Utkus; Vanguard
   presented by: Stefano Giglio, Yale University
 

Can the Covid Bailouts Save the Economy?
By Vadim Elenev; Johns Hopkins University
Tim Landvoigt; University of Pennsylvania
Stijn Van Nieuwerburgh; Columbia University
   presented by: Vadim Elenev, Johns Hopkins University
 

COVID-19: Inflation and Deflation Pressures
By Markus Brunnermeier; Princeton University
Sebastian Merkel; Princeton University
Jonathan Payne; Princeton University
Yuliy Sannikov; Stanford University
   presented by: Markus Brunnermeier, Princeton University
 
Session: Competition and Information in Trading
January 4, 2021 12:15 to 14:15
 
Session Chair: Terrence Hendershott, University of California Berkeley
Session type: invited
 

Limit Order Market under Asymmetric Information
By Ayan Bhattacharya; City University of New York
Gideon Saar; Cornell University
   presented by: Gideon Saar, Cornell University
   Discussant:   Sabrina Buti, University Paris Dauphine
 

Designated Market Makers: Competition and Incentives
By Mario Bellia; European Commission
Loriana Pelizzon; Goethe University Frankfurt
Marti Subrahmanyam; New York University
Darya Yuferova; NHH Norwegian School of Economics
   presented by: Darya Yuferova, NHH Norwegian School of Economics
   Discussant:   Mao Ye, University of Illinois at Urbana-Champaign
 

Is Equity Market Exchange Structure Anti-Competitive?
By Chester Spatt; Carnegie Mellon University
   presented by: Chester Spatt, Carnegie Mellon University
   Discussant:   Lawrence Glosten, Columbia University
 
Session: Credit Supply
January 4, 2021 12:15 to 14:15
 
Session Chair: Giorgia Piacentino, Columbia University
Session type: invited
 

Sorting Out the Real Effects of Credit Supply
By Briana Chang; UW Madison
Matthieu Gomez; Columbia University
Harrison Hong; Columbia University
   presented by: Harrison Hong, Columbia University
   Discussant:   Michael Schwert, Wharton
 

Granular Credit Risk
By Sigurd Mølster Galaasen; Norges Bank
Rustam Jamilov; London Business School
Ragnar Juelsrud; Norges Bank
Helene Rey; London Business School
   presented by: Sigurd Mølster Galaasen, Norges Bank
   Discussant:   Daniel Paravisini, London School of Economics
 

Zombie Credit and (Dis-)Inflation: Evidence from Europe
By Viral Acharya; New York University
Matteo Crosignani; University of Michigan
Tim Eisert; Erasmus University Rotterdam
Christian Eufinger; IESE
   presented by: Matteo Crosignani, University of Michigan
   Discussant:   Laura Blattner, Stanford University
 
Session: Determinants of Corporate Leverage
January 4, 2021 12:15 to 14:15
 
Session Chair: Ozde Oztekin, Florida International University
Session type: invited
 

Inflexibility and Leverage
By Lifeng Gu; University of Hong Kong
Dirk Hackbarth; Boston University
Tong Li; University of Hong Kong
   presented by: Tong Li, University of Hong Kong
   Discussant:   Aydogan Alti, University of Texas at Austin
 

Index Membership and Capital Structure: International Evidence
By Vidhan Goyal; Hong Kong University of Science and Technology
Daniel Urban; Erasmus University Rotterdam
Wenting Zhao; Technical University of Munich
   presented by: Daniel Urban, Erasmus University Rotterdam
   Discussant:   Christian Leuz, University of Chicago
 

Keeping Secrets from Creditors: Evidence from The Uniform Trade Secrets Act
By Scott Guernsey; University of Tennessee
Kose John; New York University
Lubomir Litov; University of Oklahoma
   presented by: Scott Guernsey, University of Tennessee
   Discussant:   Mitchell Petersen, Northwestern University
 

It's Not So Bad: Director Bankruptcy Experience and Corporate Risk Taking
By Radhakrishnan Gopalan; Washington University in St. Louis
Todd Gormley; Washington University in St. Louis
Ankit Kalda; Indiana University
   presented by: Radhakrishnan Gopalan, Washington University in St. Louis
   Discussant:   Gennaro Bernile, University of Miami
 
Session: Financing Innovation
January 4, 2021 12:15 to 14:15
 
Session Chair: Song Ma, Yale University
Session type: invited
 

Kill Zone
By Sai Krishna Kamepalli; University of Chicago
Raghuram Rajan; University of Chicago
Luigi Zingales; University of Chicago
   presented by: Luigi Zingales, University of Chicago
   Discussant:   Florian Ederer, Yale University
 

The ESG-Innovation Disconnect
By Lauren Cohen; Harvard University
Umit Gurun; University of Texas at Dallas
Quoc Nguyen; DePaul University
   presented by: Quoc Nguyen, DePaul University
   Discussant:   John Van Reenen, Massachusetts Institute of Technology
 

Product Innovation and Credit Market Disruptions
By Joao Granja; University of Chicago
Sara Moreira; Northwestern University
   presented by: Joao Granja, University of Chicago
   Discussant:   Michael Ewens, California Institute of Technology
 
Session: Long-term Investors, Portfolio Choice, and Asset Prices
January 4, 2021 12:15 to 14:15
 
Session Chair: Ralph Koijen, University of Chicago
Session type: invited
 

The Role of Financial Conditions in Portfolio Choices: The Case of Insurers
By Shan Ge; New York University
Michael Weisbach; Ohio State University
   presented by: Michael Weisbach, Ohio State University
   Discussant:   Ishita Sen, Harvard University
 

Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
By John Campbell; Harvard University
Roman Sigalov; Harvard University
   presented by: John Campbell, Harvard University
   Discussant:   Alexi Savov, New York University
 

Asset Pricing with Price Levels
By Thummim Cho; London School of Economics
Christopher Polk; London School of Economics
   presented by: Thummim Cho, London School of Economics
   Discussant:   Niels Gormsen, University of Chicago
 

Sustainable Investing in Equilibrium
By Lubos Pastor; University of Chicago
Robert Stambaugh; University of Pennsylvania
Lucian Taylor; University of Pennsylvania
   presented by: Lubos Pastor, University of Chicago
   Discussant:   Lasse Pedersen, Copenhagen Business School,NYU,AQR,CEPR
 
Session: Mutual Fund Flows and Marketing
January 4, 2021 12:15 to 14:15
 
Session Chair: Nikolai Roussanov, University of Pennsylvania
Session type: invited
 

Slow-Moving Capital and Flow-Driven Common Factors in Stock Returns
By Jiacui Li; University of Utah
   presented by: Jiacui Li, University of Utah
   Discussant:   Wei Wu, Texas A&M University
 

Capital Allocation and the Market for Mutual Funds: Inspecting the Mechanism
By Jules van Binsbergen; University of Pennsylvania
Jeong Ho (John) Kim; Emory University
Soohun Kim; Georgia Institute of Techonology
   presented by: Jeong Ho (John) Kim, Emory University
   Discussant:   Laurent Barras, McGill University
 

Regulating Commission-Based Financial Advice: Evidence from a Natural Experiment
By Stanislav Sokolinski; Rutgers University
   presented by: Stanislav Sokolinski, Rutgers University
   Discussant:   Yanhao Wei, Marshall School of Business, University of Southern California
 

FinTech Platform and Mutual Fund Distribution
By Claire Yurong Hong; Shanghai Jiao Tong University
Xiaomeng Lu; Shanghai Jiao Tong University
Jun Pan; Shanghai Jiao Tong University
   presented by: Xiaomeng Lu, Shanghai Jiao Tong University
   Discussant:   Hongxun Ruan, Peking University
 
Session: AFA Lecture - The Future of the Market Economy: Automation, Privacy and Democracy
January 4, 2021 15:45 to 17:45
 
Session Chair: John Graham, Duke University
Session type: panel
 

Discussant:   Daron Acemoglu, Massachusetts Institute of Technology
 
Session: AFA/AREUEA Joint Session on Real Estate Finance
January 4, 2021 15:45 to 17:45
 
Session Chair: Itzhak Ben-David, Ohio State University
Session type: invited
 

Is there a Leverage Cycle in the US Housing Market? The Role of Government and Private Actors
By Manuel Adelino; Duke University
William McCartney; Purdue University
Antoinette Schoar; Massachusetts Institute of Technology
   presented by: William McCartney, Purdue University
   Discussant:   Thomas Eisenbach, Federal Reserve Bank of New York
 

Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California
By Paulo Issler; University of California, Berkeley
Richard Stanton; University of California, Berkeley
Carles Vergara-Alert; University of Navarra
Nancy Wallace; University of California, Berkeley
   presented by: Carles Vergara-Alert, University of Navarra
   Discussant:   Sehoon Kim, University of Florida
 

Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the US Real Estate Market
By Zhimin Li; Peking University
Leslie Sheng Shen; Federal Reserve Board
Calvin Zhang; Federal Reserve Bank of Philadelphia
   presented by: Leslie Sheng Shen, Federal Reserve Board
   Discussant:   Jack Liebersohn, Ohio State University
 

No Collateral Channel: How Real Estate Shocks Do Not Affect Corporate Investments
By Ivo Welch; University of California, Los Angeles
   presented by: Ivo Welch, University of California, Los Angeles
   Discussant:   Michael Roberts, University of Pennsylvania
 
Session: Bank Fragility
January 4, 2021 15:45 to 17:45
 
Session Chair: Amiyatosh Purnanandam, University of Michigan
Session type: invited
 

Direct Lending in the U.S. Middle Market
By Tetiana Davydiuk; Carnegie Mellon University
Tatyana Marchuk; BI Norwegian Business School
Samuel Rosen; Temple University
   presented by: Tetiana Davydiuk, Carnegie Mellon University
   Discussant:   Daniel Weagley, Georgia Institute of Technology
 

Micro-evidence from a System-wide Financial Meltdown: The German Crisis of 1931
By Kristian Blickle; Federal Reserve Bank of New York
Markus Brunnermeier; Princeton University
Stephan Luck; Federal Reserve Bank of New York
   presented by: Stephan Luck, Federal Reserve Bank of New York
   Discussant:   Yiming Ma, Columbia University
 

Bank Heterogeneity and Financial Stability
By Itay Goldstein; University of Pennsylvania
Alexandr Kopytov; Princeton University
Lin Shen; INSEAD
Haotian Xiang; Peking University
   presented by: Lin Shen, INSEAD
   Discussant:   Andrey Malenko, Boston College
 
Session: Derivatives
January 4, 2021 15:45 to 17:45
 
Session Chair: Ian Dew-Becker, Northwestern University
Session type: invited
 

On the (Im)Possibility of Estimating Expected Return from Risk-Neutral Variance
By Valery Polkovnichenko; Federal Reserve Board
   presented by: Valery Polkovnichenko, Federal Reserve Board
   Discussant:   Itamar Drechsler, New York University
 

Option Momentum
By Steven Heston; University of Maryland
Shuaiqi Li; University of Maryland
   presented by: Shuaiqi Li, University of Maryland
   Discussant:   Bjorn Eraker, University of Wisconsin-Madison
 

The Calendar Effects of the Idiosyncratic-Volatility Puzzle: A Tale of Two Days?
By Jie Cao; Chinese University of Hong Kong
Tarun Chordia; Emory University
Xintong Zhan; Chinese University of Hong Kong
   presented by: Jie Cao, Chinese University of Hong Kong
   Discussant:   Turan Bali, Georgetown University
 

Expected and Realized Returns on Volatility
By Guanglian Hu; University of Sydney
Kris Jacobs; University of Houston
   presented by: Kris Jacobs, University of Houston
   Discussant:   Travis Johnson, University of Texas at Austin
 
Session: Determinants of Credit Spreads
January 4, 2021 15:45 to 17:45
 
Session Chair: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
Session type: invited
 

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
By Zhiguo He; University of Chicago
Paymon Khorrami; Imperial College London
Zhaogang Song; Johns Hopkins University
   presented by: Paymon Khorrami, Imperial College London
   Discussant:   Antje Berndt, Australian National University
 

When Are Financial Covenants Relevant?
By Sergei Davydenko; University of Toronto
Redouane Elkamhi; University of Toronto
Marco Salerno; University of Toronto
   presented by: Sergei Davydenko, University of Toronto
   Discussant:   Erwan Morellec, Ecole Polytechnique Fédérale de Lausan
 

Credit and Option Risk Premia
By Lars Kuehn; Carnegie Mellon University
David Schreindorfer; Arizona State University
Florian Schulz; University of Washington
   presented by: Lars Kuehn, Carnegie Mellon University
   Discussant:   Anders B. Trolle, HEC Paris
 

Feedback and Contagion through Distressed Competition
By Hui Chen; Massachusetts Institute of Technology
Winston Dou; University of Pennsylvania
Hongye Guo; University of Pennsylvania
Yan Ji; Hong Kong University of Science and Technology
   presented by: Hui Chen, Massachusetts Institute of Technology
   Discussant:   Francesca Zucchi, Federal Reserve Board
 
Session: Gender and Finance
January 4, 2021 15:45 to 17:45
 
Session Chair: Manju Puri, Duke University and NBER
Session type: invited
 

Female Representation in the Academic Finance Profession
By Mila Getmansky Sherman; University of Massachusetts-Amherst
Heather Tookes; Yale University
   presented by: Heather Tookes, Yale University
   Discussant:   Anusha Chari, University of North Carolina at Chapel H
 

Do Women Get Worse Financial Advice?
By Utpal Bhattacharya; Hong Kong University of Science and Technology
Amit Kumar; Hong Kong University of Science and Technology
Sujata Visaria; Hong Kong University of Science and Technology
Jing Zhao; Hong Kong Polytechnic University
   presented by: Utpal Bhattacharya, Hong Kong University of Science and Technology
   Discussant:   Mark Egan, Harvard University
 

Gender Stereotypes and Entrepreneur Financing
By Camille Hebert; University of Toronto
   presented by: Camille Hebert, University of Toronto
   Discussant:   Richard Townsend, University of California, San Diego
 

Women in Politics and Donald Trump: The Effect on Diversity on Corporate Boards
By Simi Kedia; Rutgers University
Ankur Pareek; University of Nevada, Las Vegas
   presented by: Ankur Pareek, University of Nevada, Las Vegas
   Discussant:   Renee Adams, University of Oxford
 
Session: Household Expectations in Real Estate Markets
January 4, 2021 15:45 to 17:45
 
Session Chair: Camelia Kuhnen, University of North Carolina-Chapel Hill
Session type: invited
 

Are Stated Expectations Actual Beliefs? New Evidence for the Beliefs Channel of Investment Demand
By Haoyang Liu; Federal Reserve Bank of New York
Christopher Palmer; Massachusetts Institute of Technology
   presented by: Christopher Palmer, Massachusetts Institute of Technology
   Discussant:   Johannes Stroebel, New York University
 

Cyclical Housing Transactions and Wealth Inequality
By Jung Sakong; Federal Reserve Bank of Chicago
   presented by: Jung Sakong, Federal Reserve Bank of Chicago
   Discussant:   Andra Ghent, University of North Carolina-Chapel Hill
 

Peak-Bust Rental Spreads
By Marco Giacoletti; University of Southern California
Christopher Parsons; University of Washington
   presented by: Marco Giacoletti, University of Southern California
   Discussant:   Cristian Badarinza, NUS
 
Session: Institutional Investors and Corporate Social Responsibility
January 4, 2021 15:45 to 17:45
 
Session Chair: Nadya Malenko, Ross School of Business, University of M
Session type: invited
 

A Theory of Socially Responsible Investment
By Martin Oehmke; London School of Economics
Marcus Opp; Stockholm School of Economics
   presented by: Marcus Opp, Stockholm School of Economics
   Discussant:   Shaun Davies, University of Colorado-Boulder
 

Mandatory Corporate Carbon Disclosure: Evidence from a Natural Experiment
By Valentin Jouvenot; University of Geneva
Philipp Krueger; University of Geneva
   presented by: Valentin Jouvenot, University of Geneva
   Discussant:   Pat Akey, University of Toronto
 

ES Votes that Matter
By Roni Michaely; University of Geneva
Guillem Ordonez-Calafi; University of Bristol
Silvina Rubio; University of Bristol
   presented by: Guillem Ordonez-Calafi, University of Bristol
   Discussant:   Peter Iliev, Pennsylvania State University
 
Session: Raising Capital
January 4, 2021 15:45 to 17:45
 
Session Chair: Michelle Lowry, Drexel University
Session type: invited
 

An Anatomy of Initial Coin Offerings
By Evgeny Lyandres; Boston University
Berardino Palazzo; Federal Reserve Board
Daniel Rabetti; Tel Aviv University
   presented by: Berardino Palazzo, Federal Reserve Board
   Discussant:   Tetyana Balyuk, Emory University
 

The Disappearing IPO Puzzle: New Insights from Proprietary U.S. Census Data on Private Firms
By Thomas Chemmanur; Boston College
Jie He; University of Georgia
Xiao Ren; University of Georgia
Tao Shu; Chinese University of Hong Kong, Shenzhen
   presented by: Tao Shu, Chinese University of Hong Kong, Shenzhen
   Discussant:   Joan Farre-Mensa, University of Illinois at Chicago
 

Long Goodbyes: Why do Private Equity Funds hold onto Public Equity?
By Tim Jenkinson; University of Oxford
Howard Jones; University of Oxford
Christian Rauch; Goethe University Frankfurt
Rüdiger Stucke; University of Oxford
   presented by: Tim Jenkinson, University of Oxford
   Discussant:   Ayako Yasuda, University of California, Davis
 

Local Corruption, Whistleblowing, and Debt Financing
By Qingjie Du; Hong Kong Polytechnic University
Iftekhar Hasan; Fordham University
Yang Wang; Hong Kong Polytechnic University
K. C. John Wei; Hong Kong Polytechnic University
   presented by: Yang Wang, Hong Kong Polytechnic University
   Discussant:   Alexander Butler, Rice University
 
Session: Adverse Selection and Information Acquisition in Financial Markets
January 5, 2021 10:00 to 12:00
 
Session Chair: Snehal Banerjee, University of California, San Diego
Session type: invited
 

Market Feedback: Who Learns What?
By Itay Goldstein; University of Pennsylvania
Jan Schneemeier; Indiana University
Liyan Yang; University of Toronto
   presented by: Liyan Yang, University of Toronto
   Discussant:   Savitar Sundaresan, Imperial College London
 

Who Benefits from Financial Innovation?
By Roxana Mihet; New York University
   presented by: Roxana Mihet, New York University
   Discussant:   Diego Garcia, CU Boulder
 

Contracting for Financial Execution
By Markus Baldauf; University of British Columbia
Christoph Frei; University of Alberta
Joshua Mollner; Northwestern University
   presented by: Markus Baldauf, University of British Columbia
   Discussant:   Haoxiang Zhu, Massachusetts Institute of Technology
 
Session: Bank Loan Contracts and Pricing
January 5, 2021 10:00 to 12:00
 
Session Chair: Justin Murfin, Cornell University
Session type: invited
 

Interest Rates and the Design of Financial Contracts
By Michael Roberts; University of Pennsylvania
Michael Schwert; University of Pennsylvania
   presented by: Michael Roberts, University of Pennsylvania
   Discussant:   Gabriel Chodorow-Reich, Harvard University
 

Losing Control? The 20-Year Decline in Loan Covenant Restrictions
By Thomas Griffin; Villanova University
Gregory Nini; Drexel University
David Smith; University of Virginia
   presented by: Thomas Griffin, Villanova University
   Discussant:   Yueran Ma, University of Chicago
 

Loan Spreads and Credit Cycles: The Role of Lenders' Personal Economic Experiences
By Daniel Carvalho; Kelley School of Business, Indiana University
Janet Gao; Indiana University
Pengfei Ma; Indiana University
   presented by: Daniel Carvalho, Indiana University
   Discussant:   Malcolm Wardlaw, University of Georgia
 

Bank Syndicates and Liquidity Provision
By Joao Santos; Federal Reserve Bank of New York
S. Viswanathan; Duke University
   presented by: S. Viswanathan, Duke University
   Discussant:   Murillo Campello, Cornell University and NBER
 
Session: CEO Pay, Performance and Reputation
January 5, 2021 10:00 to 12:00
 
Session Chair: Kose John, New York University
Session type: invited
 

Uncovering the Hidden Effort Problem
By Azi Ben-Rephael; Rutgers University
Bruce Carlin; Rice University
Zhi Da; University of Notre Dame
Ryan Israelsen; Michigan State University
   presented by: Bruce Carlin, Rice University
   Discussant:   David Yermack, New York University
 

Intermediated Asymmetric Information, Compensation, and Career Prospects
By Ron Kaniel; University of Rochester
Dmitry Orlov; University of Wisconsin
   presented by: Dmitry Orlov, University of Wisconsin
   Discussant:   Andrey Malenko, Boston College
 

How Executive Compensation Changes In Response to Personal Income Tax Shocks (Who Pays the CEO’s Income Taxes?)
By Benjamin Bennett; Tulane University
Jeffrey Coles; University of Utah
Zexi Wang; Lancaster University
   presented by: Zexi Wang, Lancaster University
   Discussant:   Carola Frydman, Northwestern University
 

Ownership Structure, Reputation Crises and Recovery: Theory and Experiment
By Thomas Noe; University of Oxford
Michael Rebello; University of Texas at Dallas
Thomas Rietz; University of Iowa
   presented by: Thomas Rietz, University of Iowa
   Discussant:   Vojislav Maksimovic, University of Maryland
 
Session: Contracts and Incentives
January 5, 2021 10:00 to 12:00
 
Session Chair: Simon Gervais, Duke University
Session type: invited
 

Monitoring with Career Concerns
By Ivan Marinovic; Stanford University
Martin Szydlowski; University of Minnesota
   presented by: Martin Szydlowski, University of Minnesota
   Discussant:   Mark Westerfield, University of Washington
 

Contracting and Search with Heterogeneous Principals and Agents
By Jan Starmans; Stockholm School of Economics
   presented by: Jan Starmans, Stockholm School of Economics
   Discussant:   Vincent Glode, University of Pennsylvania
 

Managerial Beliefs and the Cross-Section of Incentives and Compensation
By Boris Nikolov; University of Lausanne
Lukas Schmid; University of Southern California
Roberto Steri; University of Luxembourg
   presented by: Boris Nikolov, University of Lausanne
   Discussant:   Hengjie Ai, University of Minnesota
 
Session: Corporate Sustainability
January 5, 2021 10:00 to 12:00
 
Session Chair: Jillian Grennan, Duke University
Session type: invited
 

Role of Sustainability in Corporate Competition for Talent and Profit
By Ioannis Branikas; University of Oregon
Briana Chang; University of Wisconsin
Harrison Hong; Columbia University
Nan Li; University of Toronto
   presented by: Ioannis Branikas, University of Oregon
   Discussant:   Jessica Jeffers, U Chicago Booth
 

Do Directors Drive Corporate Sustainability?
By Peter Iliev; Pennsylvania State University
Lukas Roth; University of Alberta
   presented by: Peter Iliev, Pennsylvania State University
   Discussant:   Renee Adams, University of Oxford
 

Climate Regulatory Risks and Corporate Bonds
By Lee Seltzer; University of Texas
Laura Starks; University of Texas
Qifei Zhu; Nanyang Technological University
   presented by: Lee Seltzer, University of Texas
   Discussant:   Pedro Matos, University of Virginia
 

Aggregate Confusion: The Divergence of ESG Ratings
By Florian Berg; Massachusetts Institute of Technology
Julian Koelbel; University of Zurich
Roberto Rigobon; Massachusetts Institute of Technology
   presented by: Florian Berg, Massachusetts Institute of Technology
   Discussant:   Lubomir Litov, University of Oklahoma
 
Session: Dividend and Payout Policy
January 5, 2021 10:00 to 12:00
 
Session Chair: Gustavo Grullon, Rice University
Session type: invited
 

Are Corporate Payouts Abnormally High in the 2000s?
By Kathleen Kahle; University of Arizona
Rene Stulz; Ohio State University
   presented by: Rene Stulz, Ohio State University
   Discussant:   Joan Farre-Mensa, University of Illinois at Chicago
 

Soft Activism and Corporate Dividend Policy: Evidence from Institutional Investors Site Visits
By Xiaping Cao; Sun Yat-Sen University
Hanyang Wang; Peking University
Sili Zhou; Fudan University
   presented by: Sili Zhou, Fudan University
   Discussant:   Alan Crane, Rice University
 

Monetary Easing, Leveraged Payouts and Lack of Investment
By Viral Acharya; New York University
Guillaume Plantin; Sciences Po
   presented by: Viral Acharya, New York University
   Discussant:   Tano Santos, Columbia University
 

Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France
By Charles Boissel; HEC Paris
Adrien Matray; Princeton University
   presented by: Charles Boissel, HEC Paris
   Discussant:   Danny Yagan, University of California, Berkeley
 
Session: Economic Impact of Disasters and Uncertainty
January 5, 2021 10:00 to 12:00
 
Session Chair: Dana Kiku, University of Illinois at Urbana-Champaign
Session type: invited
 

Slowly Unfolding Disasters
By Mohammad Ghaderi; University of Houston
Mete Kilic; University of Southern California
Sang Byung Seo; University of Houston
   presented by: Mete Kilic, University of Southern California
   Discussant:   Lars Lochstoer, University of California, Los Angeles
 

Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamic
By Mathias Kruttli; Federal Reserve Board
Brigitte Roth Tran; Federal Reserve Board
Sumudu Watugala; Cornell University
   presented by: Sumudu Watugala, Cornell University
   Discussant:   Riccardo Colacito, unc at chapel hill
 

Firm Uncertainty and Household Spending
By Ivan Alfaro; BI Norwegian Business School
Hoonsuk Park; Nanyang Technological University
   presented by: Ivan Alfaro, BI Norwegian Business School
   Discussant:   Jialan Wang, University of Illinois
 
Session: Market Risk Factors
January 5, 2021 10:00 to 12:00
 
Session Chair: Asaf Manela, Washington University in St. Louis
Session type: invited
 

Style Investing, Positive Feedback Loops,and Asset Pricing Factors
By Itzhak Ben-David; Ohio State University
Jiacui Li; University of Utah
Andrea Rossi; University of Arizona
Yang Song; University of Washington
   presented by: Itzhak Ben-David, Ohio State University
   Discussant:   Motohiro Yogo, Princeton University
 

Systemic Cyber Risk
By Rustam Jamilov; London Business School
Helene Rey; London Business School
Ahmed Tahoun; London Business School
   presented by: Ahmed Tahoun, London Business School
   Discussant:   Jinfei Sheng, University of California, Irvine
 

Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models
By Svetlana Bryzgalova; London Business School
Jiantao Huang; London School of Economics
Christian Julliard; London School of Economics
   presented by: Christian Julliard, London School of Economics
   Discussant:   Stefano Giglio, Yale University
 

How the Wealth Was Won: Factor Shares as Economic Fundamentals
By Daniel Greenwald; Massachusetts Institute of Technology
Martin Lettau; University of California, Berkeley
Sydney Ludvigson; New York University
   presented by: Sydney Ludvigson, New York University
   Discussant:   Simcha Barkai, London Business School
 
Session: Social Influence and Networks
January 5, 2021 10:00 to 12:00
 
Session Chair: Theresa Kuchler, New York University
Session type: invited
 

The Value of Firm Networks: A Natural Experiment on Board Connections
By Ester Faia; Goethe University Frankfurt
Maximilian Mayer; Goethe University Frankfurt
Vincenzo Pezone; Goethe University Frankfurt
   presented by: Maximilian Mayer, Goethe University Frankfurt
   Discussant:   Cesare Fracassi, University of Texas at Austin
 

Exposure to Daily Price Changes and Inflation Expectations
By Francesco D'Acunto; Boston College
Ulrike Malmendier; University of California, Berkeley
Juan Ospina; Banco de la Republica de Colombia
Michael Weber; University of Chicago
   presented by: Michael Weber, University of Chicago
   Discussant:   Camelia Kuhnen, University of North Carolina-Chapel Hill
 

Competition for Talent: Evidence from a Network of Labor Market Peers
By Jae Hyoung Kim; Stockholm School of Economics
   presented by: Jae Hyoung Kim, Stockholm School of Economics
   Discussant:   Daniel Metzger, Erasmus University Rotterdam
 

Ownership Network and Firm Growth: What Do Five Million Companies Tell About Chinese Economy
By Franklin Allen; Imperial College London
Junhui Cai; University of Pennsylvania
Xian Gu; Central University of Finance and Economics
Jun Qian; Fudan University
Linda Zhao; University of Pennsylvania
Wu Zhu; University of Pennsylvania
   presented by: Xian Gu, Durham University
   Discussant:   Dexin Zhou, Baruch College, City University of New York
 
Session: AFA Panel: Research Challenges in Asset Management
January 5, 2021 12:15 to 14:15
 
Session Chair: Tobias Moskowitz, Yale University
Session type: panel
 

Presented by:
   Kenneth Griffin, Citadel
 

Presented by:
   Cliff Asness, AQR Capital Management, LLC
 
Session: Banking: Risk Management
January 5, 2021 12:15 to 14:15
 
Session Chair: Elena Loutskina, University of Virginia
Session type: invited
 

Bank Debt versus Mutual Fund Equity in Liquidity Provision
By Yiming Ma; Columbia University
Kairong Xiao; Columbia University
Yao Zeng; University of Washington
   presented by: Kairong Xiao, Columbia University
   Discussant:   Douglas Diamond, University of Chicago
 

Shareholder Liability and Bank Failure
By Felipe Aldunate; Pontificia Universidad Catolica de Chile
Dirk Jenter; London School of Economics
Arthur Korteweg; University of Southern California
Peter Koudijs; Stanford University
   presented by: Felipe Aldunate, Pontificia Universidad Catolica de Chile
   Discussant:   Justin Murfin, Cornell University
 

Big Broad Banks: How Does Cross-Selling Affect Lending?
By Yingjie Qi; Copenhagen Business School
   presented by: Yingjie Qi, Copenhagen Business School
   Discussant:   Philip Strahan, Boston College
 
Session: Bond Yields and the Government
January 5, 2021 12:15 to 14:15
 
Session Chair: Carolin Pflueger, University of Chicago
Session type: invited
 

Does Climate Change Impact Sovereign Bond Yields?
By Michael Barnett; Arizona State University
Constantine Yannelis; University of Chicago
   presented by: Michael Barnett, Arizona State University
   Discussant:   Stefano Giglio, Yale University
 

Opioid Crisis Effects on Municipal Finances
By Kimberly Cornaggia; Pennsylvania State University
John Hund; University of Georgia
Giang Nguyen; Pennsylvania State University
Zihan Ye; Pennsylvania State University
   presented by: John Hund, University of Georgia
   Discussant:   Manuel Adelino, Duke University
 

Agency MBS as Safe Assets
By Zhiguo He; University of Chicago
Zhaogang Song; Johns Hopkins University
   presented by: Zhaogang Song, Johns Hopkins University
   Discussant:   Adi Sunderam, Harvard Business School
 
Session: Cross-Sectional Return Predictability
January 5, 2021 12:15 to 14:15
 
Session Chair: Turan Bali, Georgetown University
Session type: invited
 

Implied Volatility Changes and Corporate Bond Returns
By Jie Cao; Chinese University of Hong Kong
Amit Goyal; University of Lausanne
Xiao Xiao; Erasmus University Rotterdam
Xintong Zhan; Chinese University of Hong Kong
   presented by: Xiao Xiao, Erasmus University Rotterdam
   Discussant:   Jaewon Choi, University of Illinois
 

Time-Series Efficient Factors
By Sina Ehsani; Northern Illinois University
Juhani Linnainmaa; Dartmouth College
   presented by: Juhani Linnainmaa, Dartmouth College
   Discussant:   Serhiy Kozak, University of Maryland
 

Decoding the Pricing of Uncertainty Shocks
By Zhanhui Chen; Hong Kong University of Science and Technology
Michael Gallmeyer; University of Virginia
Baek-Chun Kim; Nanyang Technological University
   presented by: Michael Gallmeyer, University of Virginia
   Discussant:   Bernard Herskovic, University of California, Los Angeles
 
Session: Firm Financing: Banks vs. Non Banks
January 5, 2021 12:15 to 14:15
 
Session Chair: Olivier Darmouni, Columbia University
Session type: invited
 

Credit Disintermediation and Monetary Policy
By Nicolas Crouzet; Northwestern University
   presented by: Nicolas Crouzet, Northwestern University
   Discussant:   Jose-Luis Peydro, ICREA-Universitat Pompeu Fabra, CREI and
 

Do Banks Compete on Non-Price Terms? Evidence from Loan Covenants
By Rustam Abuzov; University of Lausanne
Christoph Herpfer; Emory University
Roberto Steri; University of Luxembourg
   presented by: Roberto Steri, University of Luxembourg
   Discussant:   Boris Vallee, Harvard Business School
 

Bank Credit and Market-based Finance for Corporations: the Effects of Minibond Issuances in Italy
By Steven Ongena; University of Zurich
Sara Pinoli; Banca d'Italia
Paola Rossi; Banca d'Italia
Alessandro Scopelliti; University of Zurich
   presented by: Alessandro Scopelliti, University of Zurich
   Discussant:   Melina Papoutsi, European Central Bank
 
Session: Institutional Investors and Governance
January 5, 2021 12:15 to 14:15
 
Session Chair: Mariassunta Giannetti, Stockholm School of Economics
Session type: invited
 

Corporate Governance in the Presence of Active and Passive Delegated Investment
By Adrian Aycan Corum; Cornell University
Andrey Malenko; Boston College
Nadya Malenko; Boston College
   presented by: Adrian Aycan Corum, Cornell University
   Discussant:   Alex Edmans, London Business School
 

Trading and Shareholder Democracy
By Doron Levit; University of Pennsylvania
Nadya Malenko; Boston College
Ernst Maug; University of Mannheim
   presented by: Doron Levit, University of Pennsylvania
   Discussant:   John Matsusaka, University of Southern California
 

Active Short Selling by Hedge Funds
By Ian Appel; Boston College
Vyacheslav Fos; Boston College
   presented by: Ian Appel, Boston College
   Discussant:   Pab Jotikasthira, Southern Methodist University
 
Session: Intangibles and Human Capital in Mergers and Acquisitions
January 5, 2021 12:15 to 14:15
 
Session Chair: Audra Boone, Texas Christian University
Session type: invited
 

Buying Talent through M&A: Evidence from Skilled Foreign Labor Shortages
By Jun Chen; Renmin University of China
Shenje Hshieh; City University of Hong Kong
Feng Zhang; University of Utah
   presented by: Jun Chen, Renmin University of China
   Discussant:   Joshua White, Vanderbilt University
 

Human Capital Synergies in Mergers and Acquisitions
By Kai Li; University of British Columbia
Jin Wang; Wilfrid Laurier University
   presented by: Kai Li, University of British Columbia
   Discussant:   Elena Simintzi, UNC
 

Big Fish in Small Ponds: Human Capital Mobility and the Rise of Boutique Banks
By Janet Gao; Indiana University
Wenyu Wang; Indiana University
Xiaoyun Yu; Indiana University
   presented by: Janet Gao, Indiana University
   Discussant:   Andrey Golubov, University of Toronto
 

What Do Announcement Returns Really Tell Us About Value Creation?
By Itzhak Ben-David; Ohio State University
Utpal Bhattacharya; Hong Kong University of Science and Technology
Stacey Jacobsen; Southern Methodist University
   presented by: Stacey Jacobsen, Southern Methodist University
   Discussant:   Micah Officer, Loyola Marymount University
 
Session: Interest Rate, Inflation, and Monetary Policy
January 5, 2021 12:15 to 14:15
 
Session Chair: Hengjie Ai, University of Minnesota
Session type: invited
 

A Q Theory of Inequality
By Matthieu Gomez; Columbia University
Emilien Gouin-Bonenfant; Columbia University
   presented by: Matthieu Gomez, Columbia University
   Discussant:   Christian Opp, University of Rochester, Simon Business
 

Information Transmission from the Federal Reserve to the Stock Market: Evidence from Governors’ Calendars
By Adair Morse; University of California, Berkeley
Annette Vissing-Jorgensen; University of California, Berkeley
   presented by: Adair Morse, University of California, Berkeley
   Discussant:   Pavel Savor, DePaul University
 

The Financial Origins of the Rise and Fall of American Inflation
By Itamar Drechsler; New York University
Alexi Savov; New York University
Philipp Schnabl; New York University
   presented by: Alexi Savov, New York University
   Discussant:   Francois Gourio, Federal Reserve Bank of Chicago
 

Are Demographics Responsible for the Declining Interest Rates? Evidence From U.S. Metropolitan Areas
By Jack Favilukis; University of British Columbia
Jinfei Sheng; University of California, Irvine
   presented by: Jinfei Sheng, University of California, Irvine
   Discussant:   Gregor Matvos, Northwestern University
 
Session: Asset Pricing and Policy
January 5, 2021 15:45 to 17:45
 
Session Chair: Howard Kung, London Business School
Session type: invited
 

Don’t Take Their Word For It: The Misclassification of Bond Mutual Funds
By Huaizhi Chen; University of Notre Dame
Lauren Cohen; Harvard University
Umit Gurun; University of Texas at Dallas
   presented by: Lauren Cohen, Harvard University
   Discussant:   Jawad Addoum, Cornell University
 

The Corona Virus, the Stock Market’s Response, and Growth Expectations
By Niels Gormsen; University of Chicago
Ralph Koijen; University of Chicago
   presented by: Niels Gormsen, University of Chicago
   Discussant:   Jessica Wachter, University of Pennsylvania
 

Should the U.S. Government Issue Floating Rate Notes?
By Jonathan Hartley; Harvard University
Urban Jermann; University of Pennsylvania
   presented by: Urban Jermann, University of Pennsylvania
   Discussant:   Juliana Salomao, University of Minnesota
 

The U.S. Government Risk Premium Puzzle
By Zhengyang Jiang; Northwestern University
Hanno Lustig; Stanford University
Stijn Van Nieuwerburgh; Columbia University
Mindy Xiaolan; University of Texas at Austin
   presented by: Stijn Van Nieuwerburgh, Columbia University
   Discussant:   Lorenzo Bretscher, London Business School
 
Session: Corporate Finance: Behavioral
January 5, 2021 15:45 to 17:45
 
Session Chair: Kelly Shue, Yale University
Session type: invited
 

In Too Deep: The Effect of Sunk Costs on Corporate Investment
By Marius Guenzel; University of California, Berkeley
   presented by: Marius Guenzel, University of California, Berkeley
   Discussant:   Samuel Hanson, Harvard Business School
 

Trading on Talent: Human Capital and Firm Performance
By Anastassia Fedyk; University of California, Berkeley
James Hodson; Jozef Stefan Institute
   presented by: Anastassia Fedyk, University of California, Berkeley
   Discussant:   Efraim Benmelech, Northwestern University
 

Supervisor Training, Informal Authority, and Financial Misconduct
By Zachary Kowaleski; University of Notre Dame
Andrew Sutherland; Massachusetts Institute of Technology
Felix Vetter; London School of Economics
   presented by: Andrew Sutherland, Massachusetts Institute of Technology
   Discussant:   Mark Egan, Harvard University
 
Session: Entrepreneurial Finance/Venture Capital
January 5, 2021 15:45 to 17:45
 
Session Chair: Yael Hochberg, Rice University
Session type: invited
 

The Evolution of CEO Compensation in Venture Capital Backed Startups
By Michael Ewens; California Institute of Technology
Ramana Nanda; Harvard University
Christopher Stanton; Harvard University
   presented by: Christopher Stanton, Harvard University
   Discussant:   Steven Kaplan, University of Chicago
 

Investor Tax Credits and Entrepreneurship: Evidence from U.S. States
By Matthew Denes; Carnegie Mellon University
Sabrina Howell; New York University
Filippo Mezzanotti; Northwestern University
Xinxin Wang; University of North Carolina
Ting Xu; University of Virginia
   presented by: Ting Xu, University of Virginia
   Discussant:   Shai Bernstein, Stanford University
 

Do Venture Capitalists Stifle Competition?
By Xuelin Li; University of Minnesota
Tong Liu; University of Pennsylvania
Lucian Taylor; University of Pennsylvania
   presented by: Lucian Taylor, University of Pennsylvania
   Discussant:   Adrien Matray, Princeton University
 

A Dark Side of Corporate Venture Capital
By Xuan Tian; Tsinghua University
Kailei Ye; University of North Carolina-Chapel Hill
   presented by: Kailei Ye, University of North Carolina-Chapel Hill
   Discussant:   Song Ma, Yale University
 
Session: Financing Investments
January 5, 2021 15:45 to 17:45
 
Session Chair: Nathalie Moyen, University of Colorado
Session type: invited
 

The Great Divorce Between Investment and Profitability
By Miao Zhang; University of Southern California
Mete Kilic; University of Southern California
Louis Yang; University of Southern California
   presented by: Louis Yang, University of Southern California
   Discussant:   Alexandre Corhay, University of Toronto
 

Taxes Depress Corporate Borrowing: Evidence from Private Firms
By Ivan Ivanov; Federal Reserve Board
Toni Whited; University of Michigan
Luke Pettit; Economic Consultant
   presented by: Toni Whited, University of Michigan
   Discussant:   Robert McDonald, Kellogg School of Management, Northwestern University
 

Is the Working Capital Channel of the Monetary Policy Quantitatively Relevant? A Structural Estimation Approach
By Hamilton Galindo; Arizona State University
   presented by: Hamilton Galindo, Arizona State University
   Discussant:   Vincenzo Quadrini, USC
 
Session: Short Sale Constraints and Market Efficiency
January 5, 2021 15:45 to 17:45
 
Session Chair: Alp Simsek, Massachusetts Institute of Technology
Session type: invited
 

Dynamic Equilibrium with Costly Short-Selling and Lending Market
By Adem Atmaz; Purdue University
Suleyman Basak; London Business School
Fangcheng Ruan; Purdue University
   presented by: Suleyman Basak, London Business School
   Discussant:   Lawrence Jin, California Institute of Technology
 

Informed Lenders in the Shorting Market
By Fan Li; Virginia Polytechnic Institute and State University
Andrew MacKinlay; Virginia Polytechnic Institute and State University
Pengfei Ye; Virginia Polytechnic Institute and State University
   presented by: Pengfei Ye, Virginia Polytechnic Institute and State University
   Discussant:   Travis Johnson, University of Texas at Austin
 

Overcoming Arbitrage Limits: Option Trading and Momentum Returns
By Abhay Abhyankar; University of Exeter
Ilias Filippou; Washington University in St. Louis
Pedro Garcia Ares; Instituto Tecnológico Autónomo de México
   presented by: Pedro Garcia Ares, Instituto Tecnológico Autónomo de México
   Discussant:   Tobias Moskowitz, Yale University
 

The Efficiency Implications of Rational Attention Allocation
By Ankit Kalda; Indiana University
Xiaoying Li; Indiana University
Jan Schneemeier; Indiana University
   presented by: Ankit Kalda, Indiana University
   Discussant:   Marcin Kacperczyk, Imperial College London
 
Session: The Effects of Mandated Disclosure
January 5, 2021 15:45 to 17:45
 
Session Chair: Kathleen Hanley, Lehigh University
Session type: invited
 

Do Corporate Disclosures Constrain Strategic Analyst Behavior?
By Yen-Cheng Chang; National Taiwan University
Alexander Ljungqvist; Stockholm School of Economics
Kevin Tseng; Federal Reserve Bank of Richmond
   presented by: Yen-Cheng Chang, National Taiwan University
   Discussant:   Jiekun Huang, University of Illinois
 

Reporting Regulation and Corporate Innovation
By Matthias Breuer; Columbia University
Christian Leuz; University of Chicago
Steven Vanhaverbeke; Erasmus University Rotterdam
   presented by: Christian Leuz, University of Chicago
   Discussant:   S. Katie Moon, University of Colorado Boulder
 

How and Why Do Managers Use Public Forecasts to Guide the Market?
By Ben Charoenwong; National University of Singapore
Yosuke Kimura; Ministry of Finance, Japan
Alan Kwan; Hong Kong University
   presented by: Yosuke Kimura, Ministry of Finance, Japan
   Discussant:   Douglas Skinner, The University of Chicago
 
Session: The Wisdom and Folly of Crowds
January 5, 2021 15:45 to 17:45
 
Session Chair: Samuel Hartzmark, University of Chicago
Session type: invited
 

Choosing to Disagree in Financial Markets
By Snehal Banerjee; University of California, San Diego
Jesse Davis; University of North Carolina-Chapel Hill
Naveen Gondhi; INSEAD
   presented by: Snehal Banerjee, University of California, San Diego
   Discussant:   Alexander Chinco, University of Illinois
 

Retail Derivatives and Sentiment: A Sentiment Measure Constructed from Issuances of Retail Structured Equity Products
By Brian Henderson; George Washington University
Neil Pearson; University of Illinois
Li Wang; Case Western Reserve University
   presented by: Neil Pearson, University of Illinois
   Discussant:   David Solomon, Boston College
 

Social Proximity to Capital: Implications for Investors and Firms
By Theresa Kuchler; New York University
Yan Li; City University of New York
Lin Peng; City University of New York
Johannes Stroebel; New York University
Dexin Zhou; City University of New York
   presented by: Dexin Zhou, Baruch College, City University of New York
   Discussant:   Arpit Gupta, NYU Stern
 

Sea Level Rise and Municipal Bond Yields
By Paul Goldsmith-Pinkham; Yale University
Matthew Gustafson; Pennsylvania State University
Ryan Lewis; University of Colorado Boulder
Michael Schwert; University of Pennsylvania
   presented by: Michael Schwert, Wharton
   Discussant:   Markus Baldauf, University of British Columbia

This program was last updated on 2020-10-15 18:18:52 EDT