Summary of All Sessions |
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74 sessions, 241 papers, and 20 presentations with no associated papers |
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American Finance Association 2021 Annual Meeting |
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Detailed List of Sessions |
| Session: AFA SPECIAL SESSION - Finance and COVID-19: Corporate Finance and Banking January 3, 2021 10:00 to 12:00 |
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| 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 |
| Asset-Pricing Puzzles and 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, Harvard 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: Suman Banerjee, 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; University of Delaware Hosein Maleki; Florida State University |
| presented by: Mahsa S. Kaviani, University of Delaware |
| 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: Vincent Yao, Georgia State 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: Guojun Chen, Nanyang Technological University |
| 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: Michael Halling, Stockholm School of Economics |
| 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: Xintong Zhan, 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: Wenhao Li, University of Southern California |
| 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: Mariassunta Giannetti, Stockholm School of Economics |
| 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: Ankit Kalda, Indiana University |
| 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: Andrea Tamoni, Rutgers 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: Jillian Grennan, Duke University |
| 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: Anastassia Fedyk, University of California, Berkeley |
| Discussant: Francesco D'Acunto, Boston College |
| Text-Based Mutual Fund Peer Groups |
| By Simona Abis; Columbia University Anton Lines; Columbia University |
| presented by: Simona Abis, Columbia University |
| Discussant: Svetlana Bryzgalova, London Business School |
| AlphaPortfolio: Direct Construction through Reinforcement Learning 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 |
| Campbell Harvey, Duke University |
| 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: Jason Donaldson, Washington University in St Louis |
| 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, University of Chicago |
| 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: Byoung Uk Kang, Hong Kong Polytechnic 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 |
| Personal Bankruptcy, Moral Hazard, and Shadow Debt |
| 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: Eric Budish, University of Chicago |
| Discussant: Albert Kyle, University of Maryland |
| Who Trades at the Close? Implications for Price Discovery, Liquidity, and Disagreement |
| 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 Industry-Neutral Self-Financed Trades |
| 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: Mao Ye, 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: Logan Emery, Purdue University |
| Discussant: Elisabeth Kempf, University of Chicago |
| Sexism, Culture, and Firm 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: Henri Servaes, London Business School |
| 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: Tristan Fitzgerald, 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: Michael Sockin, University of Texas at Austin |
| Discussant: Dirk Bergemann, Yale University |
| Persuading Investors: A Video-Based Study |
| 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: Evgeny Lyandres, Tel Aviv University |
| 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: Ross Levine, University of California, Berkeley |
| Discussant: Yifei Mao, Cornell 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: Gerard Hoberg, University of Southern California |
| Discussant: Rene Stulz, Ohio State University |
| Session: Financial Stability January 3, 2021 15:45 to 17:45 |
| Session Chair: Dasol Kim, 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 |
| Factor Demand and Factor Returns |
| 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: Jawad Addoum, 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 California, Los Angeles |
| 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: Peter Cziraki, University of Toronto |
| 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: Campbell Harvey, Duke University |
| 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 Heartbeat Trades, Tax Efficiencies, and Clienteles |
| By Rabih Moussawi; Villanova University Ke Shen; Lehigh University Raisa Velthuis; Villanova University |
| presented by: Rabih Moussawi, Villanova 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 |
| Presented by: Peter Henry, New York University |
| Presented by: Pietro Veronesi, University of Chicago |
| 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 Markets under Asymmetric Information |
| By Ayan Bhattacharya; City University of New York Gideon Saar; Cornell University |
| presented by: Ayan Bhattacharya, City University of New York |
| 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: Briana Chang, University of Wisconsin |
| 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 Olivia Lifeng Gu; University of Hong Kong Dirk Hackbarth; Boston University Tong Li; University of Hong Kong |
| presented by: Olivia Lifeng Gu, University of Hong Kong |
| Discussant: Aydogan Alti, University of Texas at Austin |
| Index Creation, Information, and External Finance |
| 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: Ankit Kalda, Indiana University |
| 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: Will Gornall, University of British Columbia |
| 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: Lucian Taylor, University of Pennsylvania |
| 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 |
| 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 |
| What Drives the Size and Value Factors? |
| By Jiacui Li; University of Utah |
| presented by: Jiacui Li, David Eccles School of Business, Univers |
| 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 |
| Session: AFA Lecture - The Effects of Automation on Wages, Inequality and the Future of Work. January 4, 2021 15:45 to 17:45 |
| Session Chair: John Graham, Duke University |
| Session type: panel |
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| 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, The Ohio State University |
| Session type: invited |
| The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market |
| 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 |
| Ratios Of Change: How Real Estate Shocks Did Not Affect Corporate Investment |
| 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 Lenders in the U.S. Middle Market |
| By Tetiana Davydiuk; Carnegie Mellon University Tatyana Marchuk; BI Norwegian Business School Samuel Rosen; Temple University |
| presented by: Tatyana Marchuk, BI Norwegian Business School |
| 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, University of Michigan |
| Session: Derivatives January 4, 2021 15:45 to 17:45 |
| Session Chair: Stefano Giglio, Yale 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: Xintong Zhan, 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 |
| Persistent Crises and Levered Asset Prices |
| By Lars Kuehn; Carnegie Mellon University David Schreindorfer; Arizona State University Florian Schulz; University of Washington |
| presented by: David Schreindorfer, Arizona State 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 |
| 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: Simi Kedia, Rutgers University |
| Discussant: Renee Adams, University of Oxford |
| 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 |
| 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 |
| 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, University of Michigan |
| 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: Silvina Rubio, 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 |
| ICO Success and Post-ICO Performance |
| By Evgeny Lyandres; Tel Aviv University Berardino Palazzo; Federal Reserve Board Daniel Rabetti; Tel Aviv University |
| presented by: Evgeny Lyandres, Tel Aviv University |
| 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: Thomas Chemmanur, Boston College |
| 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 |
| 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: Jan Schneemeier, Indiana University |
| Discussant: Savitar Sundaresan, Imperial College London |
| Financial Technology and the Inequality Gap |
| By Roxana Mihet; New York University |
| presented by: Roxana Mihet, New York University |
| Discussant: Diego Garcia, CU Boulder |
| Principal Trading Arrangements: When Are Common Contracts Optimal? |
| By Markus Baldauf; University of British Columbia Christoph Frei; University of Alberta Joshua Mollner; Northwestern University |
| presented by: Joshua Mollner, Northwestern University |
| 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: Yueran Ma, University of Chicago |
| 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: Gabriel Chodorow-Reich, Harvard University |
| 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, University of Michigan |
| 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: Jeffrey Coles, University of Utah |
| Discussant: Carola Frydman, Northwestern University |
| Governance, 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 |
| Sustainability, Talent, and Profits |
| 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 Wisconsin Madison |
| presented by: Sang Byung Seo, University of Wisconsin Madison |
| 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: Mathias Kruttli, Federal Reserve Board |
| 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 |
| Advice-Driven Demand and Systematic Price Fluctuations |
| By Itzhak Ben-David; Ohio State University Jiacui Li; University of Utah Andrea Rossi; University of Arizona Yang Song; University of Washington |
| presented by: Andrea Rossi, University of Arizona |
| Discussant: Motohiro Yogo, Princeton University |
| The Anatomy of Cyber Risk |
| By Rustam Jamilov; London Business School Helene Rey; London Business School Ahmed Tahoun; London Business School |
| presented by: Helene Rey, 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: Vincenzo Pezone, 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: Ryan Lewis, University of Colorado Boulder |
| 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; University of Amsterdam Xintong Zhan; Chinese University of Hong Kong |
| presented by: Amit Goyal, University of Lausanne |
| 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; Xiamen 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: Christoph Herpfer, Emory University |
| Discussant: Boris Vallee, Harvard Business School |
| Bank Credit and Market-based Finance for Corporations: the Effects of Minibond Issuances |
| By Steven Ongena; University of Zurich Sara Pinoli; Banca d'Italia Paola Rossi; Banca d'Italia Alessandro Scopelliti; European Central Bank and University of Zurich |
| presented by: Alessandro Scopelliti, European Central Bank and 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; University of Michigan Nadya Malenko; University of Michigan |
| 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; University of Michigan 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 |
| Hiring High-Skilled Labor through Mergers and Acquisitions |
| By Jun Chen; Renmin University of China Shenje Hshieh; City University of Hong Kong Feng Zhang; University of Utah |
| presented by: Feng Zhang, University of Utah |
| 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: Jin Wang, Wilfrid Laurier University |
| 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 |
| Do Announcement Returns Reflect Value Creation? (Not Really) |
| By Itzhak Ben-David; Ohio State University Utpal Bhattacharya; Hong Kong University of Science and Technology Stacey Jacobsen; Southern Methodist University |
| presented by: Itzhak Ben-David, The Ohio State 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. Public Debt Valuation 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, The Wharton School, University of Pennsylvania |
| 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 Informal Authority and Employee 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 California, Los Angeles 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: Miao Zhang, 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: Naveen Gondhi, INSEAD |
| 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: Lin Peng, 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 2021-03-18 20:13:56 EDT