Summary of All Sessions |
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| Date/Time | Type | Title | Papers |
|---|---|---|---|
| January 6, 2022 18:00-19:30 | panel | SPECIAL EVENT: Data and Drinks (hosted by AFFECT) | |
| January 7, 2022 10:00-12:00 | panel | AFA Panel: Government Debt - How Much Is Sustainable? | 0 |
| January 7, 2022 10:00-12:00 | invited | Behavioral Finance and Asset Pricing | 4 |
| January 7, 2022 10:00-12:00 | invited | Finance and COVID-19 | 3 |
| January 7, 2022 10:00-12:00 | invited | Firms, Markets, and Information Disclosure | 4 |
| January 7, 2022 10:00-12:00 | invited | Liquidity | 4 |
| January 7, 2022 10:00-12:00 | invited | Market Risk Factors | 3 |
| January 7, 2022 10:00-12:00 | invited | Mergers and Acquisitions | 4 |
| January 7, 2022 10:00-12:00 | invited | Mutual Fund Trading and Performance | 4 |
| January 7, 2022 12:15-14:15 | invited | Behavioral Finance: Risk, Beliefs, and Factor Models | 4 |
| January 7, 2022 12:15-14:15 | invited | Big Data/Machine Learning Applications to Financial Markets | 4 |
| January 7, 2022 12:15-14:15 | invited | CEOs and Politics | 4 |
| January 7, 2022 12:15-14:15 | invited | Corporate Bond Market | 4 |
| January 7, 2022 12:15-14:15 | invited | ESG Investing | 4 |
| January 7, 2022 12:15-14:15 | invited | Financial Certification, Competitive Strategy, and Innovation | 3 |
| January 7, 2022 12:15-14:15 | invited | Governance: Boards, CEOs, and Equity | 3 |
| January 7, 2022 12:15-14:15 | invited | When Banks Meet the Official Sector | 4 |
| January 7, 2022 14:30-15:30 | panel | SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Event | 0 |
| January 7, 2022 15:45-17:45 | panel | AFA Panel: Finance and Social Responsibility | 0 |
| January 7, 2022 15:45-17:45 | invited | Climate Finance | 4 |
| January 7, 2022 15:45-17:45 | invited | Conflicts of Interest and Insider Trading | 4 |
| January 7, 2022 15:45-17:45 | invited | Financial Crises and Transmission of Shocks | 3 |
| January 7, 2022 15:45-17:45 | invited | Household Finance I | 4 |
| January 7, 2022 15:45-17:45 | invited | Over the Counter Markets | 4 |
| January 7, 2022 15:45-17:45 | invited | Safe Assets | 3 |
| January 7, 2022 15:45-17:45 | invited | Shareholder Monitoring and Voting | 4 |
| January 8, 2022 10:00-12:00 | panel | AFA Panel: Climate and the Financial System | 0 |
| January 8, 2022 10:00-12:00 | invited | Current Issues in Real Estate Finance | 4 |
| January 8, 2022 10:00-12:00 | invited | Finance and Gender | 4 |
| January 8, 2022 10:00-12:00 | invited | Financial Stability | 3 |
| January 8, 2022 10:00-12:00 | invited | (Ir)responsible Corporate Governance | 3 |
| January 8, 2022 10:00-12:00 | invited | Labor Finance I | 3 |
| January 8, 2022 10:00-12:00 | invited | Learning and Flows in Asset Management | 4 |
| January 8, 2022 10:00-12:00 | invited | The Cross-section of Stock Returns | 4 |
| January 8, 2022 10:00-12:00 | invited | Who is Paying Attention? Benefits of Information in Capital Markets | 4 |
| January 8, 2022 12:15-14:15 | panel | AFA Panel: Central Bank Digital Currency | 0 |
| January 8, 2022 12:15-14:15 | invited | Corporate Finance: Policy and Regulatory Issues | 4 |
| January 8, 2022 12:15-14:15 | invited | Derivatives | 4 |
| January 8, 2022 12:15-14:15 | invited | Finance and Race | 3 |
| January 8, 2022 12:15-14:15 | invited | Investor Behavior | 4 |
| January 8, 2022 12:15-14:15 | invited | Macro Finance I | 4 |
| January 8, 2022 12:15-14:15 | invited | Mergers and Venture Financing | 4 |
| January 8, 2022 12:15-14:15 | invited | Technology and Financial Services | 3 |
| January 8, 2022 15:45-17:45 | panel | AFA Lecture | 0 |
| January 8, 2022 15:45-17:45 | invited | Banking and Real Economy | 4 |
| January 8, 2022 15:45-17:45 | invited | Big Data and Firm Policies | 4 |
| January 8, 2022 15:45-17:45 | invited | Contracts and Incentives | 4 |
| January 8, 2022 15:45-17:45 | invited | Corporate Social Responsibility | 4 |
| January 8, 2022 15:45-17:45 | invited | ETFs 2.0 | 4 |
| January 8, 2022 15:45-17:45 | invited | Identifying the Value and Novelty of Financial Market Information | 4 |
| January 8, 2022 15:45-17:45 | invited | International Finance | 3 |
| January 8, 2022 18:00-20:00 | plenary | SPECIAL EVENT: AFA Business Meeting and Presidential Address | 0 |
| January 9, 2022 10:00-12:00 | panel | AFA Panel: How can Academic Research Inform Policy on ESG and Short-Termism? | 0 |
| January 9, 2022 10:00-12:00 | invited | DeFi and CBDCs | 3 |
| January 9, 2022 10:00-12:00 | invited | ESG and Sustainable Finance | 4 |
| January 9, 2022 10:00-12:00 | invited | Household Finance II | 4 |
| January 9, 2022 10:00-12:00 | invited | Innovation Frontiers in Finance | 4 |
| January 9, 2022 10:00-12:00 | invited | Market Mispricing and Limits to Arbitrage | 4 |
| January 9, 2022 10:00-12:00 | invited | Methodologies | 3 |
| January 9, 2022 10:00-12:00 | invited | Return Dynamics | 4 |
| January 9, 2022 12:15-14:15 | panel | AFA Panel: Current Issues in Financial Market Regulation | 0 |
| January 9, 2022 12:15-14:15 | invited | Capital Structure | 3 |
| January 9, 2022 12:15-14:15 | invited | Corporate Investment | 4 |
| January 9, 2022 12:15-14:15 | invited | Labor Finance II | 3 |
| January 9, 2022 12:15-14:15 | invited | Macro Finance II | 4 |
| January 9, 2022 12:15-14:15 | invited | Market Microstructure: Trading on Information | 4 |
| January 9, 2022 12:15-14:15 | invited | Oil Prices | 3 |
| January 9, 2022 12:15-14:15 | invited | Private Equity/Venture Capital | 4 |
| January 9, 2022 14:30-15:30 | panel | SPECIAL EVENT: AFA PhD Student Panel | 0 |
| January 9, 2022 15:45-17:45 | invited | SPECIAL SESSION: On ESG: Theory and Empirics | 5 |
| January 9, 2022 15:45-17:45 | invited | SPECIAL SESSION: Persistence or Disruption of the American Caste | 5 |
| January 9, 2022 15:45-17:45 | invited | Bank Lending Behavior | 3 |
| January 9, 2022 15:45-17:45 | invited | Belief Formation and Market Efficiency | 3 |
| January 9, 2022 15:45-17:45 | invited | Capital, Labor, and the Cross-section of Returns | 3 |
| January 9, 2022 15:45-17:45 | invited | Corporate Finance: Behavioral | 3 |
| January 9, 2022 15:45-17:45 | invited | Household Finance III | 4 |
| January 9, 2022 15:45-17:45 | invited | Liquidity Management and Crises in Asset Management | 4 |
77 sessions, 245 papers, and 24 presentations with no associated papers |
|---|
American Finance Association 2022 Annual Meeting |
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Detailed List of Sessions |
| Session: SPECIAL EVENT: Data and Drinks (hosted by AFFECT) January 6, 2022 18:00 to 19:30 |
|---|
| Session Chair: Manju Puri, Duke University and NBER |
| Session type: panel |
| Session: AFA Panel: Government Debt - How Much Is Sustainable? January 7, 2022 10:00 to 12:00 |
| Session Chair: Annette Vissing-Jorgensen, University of California, Berkeley |
| Session type: panel |
| Presented by: Nellie Liang, US Department of the Treasury |
| Presented by: Amir Sufi, University of Chicago |
| Presented by: Stijn Van Nieuwerburgh, Columbia University |
| Presented by: Markus Brunnermeier, Princeton University |
| Presented by: Ricardo Reis, Columbia University |
| Session: Behavioral Finance and Asset Pricing January 7, 2022 10:00 to 12:00 |
| Session Chair: Samuel Hartzmark, University of Chicago |
| Session type: invited |
| Model-free and Model-based Learning as Joint Drivers of Investor Behavior |
| By Nicholas Barberis; Yale University Lawrence Jin; California Institute of Technology |
| presented by: Lawrence Jin, California Institute of Technology |
| Discussant: Joshua Schwartzstein, Harvard University |
| Currency Anomalies |
| By Sohnke Bartram; University of Warwick and CEPR Leslie Djuranovik; University of Warwick Anthony Garratt; University of Warwick |
| presented by: Sohnke Bartram, University of Warwick and CEPR |
| Discussant: Wenxin Du, University of Chicago |
| Risk Aversion Propagation: Evidence from Financial Markets and Controlled Experiments |
| By Xing Huang; Washington University in St. Louis Nancy Xu; Boston College |
| presented by: Nancy Xu, Boston College |
| Discussant: Yueran Ma, University of Chicago |
| Can Agents Add and Subtract When Forming Beliefs? Evidence from the Lab and Field |
| By Pascal Kieren; University of Mannheim Jan Müller-Dethard; University of Mannheim Martin Weber; University of Mannheim |
| presented by: Pascal Kieren, University of Mannheim |
| Discussant: Anastassia Fedyk, University of California, Berkeley |
| Session: Finance and COVID-19 January 7, 2022 10:00 to 12:00 |
| Session Chair: Wenlan Qian, National University of Singapore |
| Session type: invited |
| The Value of a Cure: An Asset Pricing Perspective |
| By Viral Acharya; New York University, CEPR, and NBER Timothy Johnson; University of Illinois Suresh Sundaresan; Columbia University Steven Zheng; University of California, Berkeley |
| presented by: Steven Zheng, University of California, Berkeley |
| Discussant: Lars Lochstoer, University of California, Los Angeles |
| Labor Force Telework Flexibility and Asset Prices: Evidence from COVID-19 Pandemic |
| By Jack Favilukis; University of British Columbia Xiaoji Lin; University of Minnesota Ali Sharifkhani; Northeastern University Xiaofei Zhao; Georgetown University |
| presented by: Ali Sharifkhani, Northeastern University |
| Discussant: Miao Ben Zhang, University of Southern California |
| The Value of Big Data in a Pandemic |
| By Kairong Xiao; Columbia University |
| presented by: Kairong Xiao, Columbia University |
| Discussant: Tianyue Ruan, National University of Singapore |
| Session: Firms, Markets, and Information Disclosure January 7, 2022 10:00 to 12:00 |
| Session Chair: Itay Goldstein, University of Pennsylvania |
| Session type: invited |
| Information Externalities Among Listed Firms |
| By Alexander Ljungqvist; Stockholm School of Economics Jae Hyoung Kim; Stockholm School of Economics |
| presented by: Alexander Ljungqvist, Stockholm School of Economics |
| Discussant: Jiekun Huang, University of Illinois |
| Disclosing to Informed Traders |
| By Snehal Banerjee; University of California, San Diego Ivan Marinovic; Stanford University Kevin Smith; Stanford University |
| presented by: Snehal Banerjee, University of California, San Diego |
| Discussant: Cecilia Parlatore, New York University |
| Climate Risk Disclosure and Institutional Investors |
| By Emirhan Ilhan; Frankfurt School of Finance & Management Philipp Krueger; University of Geneva Zacharias Sautner; Frankfurt School of Finance & Management Laura Starks; University of Texas at Austin |
| presented by: Emirhan Ilhan, Frankfurt School of Finance & Management |
| Discussant: Michelle Lowry, Drexel University |
| Information Disclosure and Peer Innovation: Evidence from Mandatory Reporting of Clinical Trials |
| By Po-Hsuan Hsu; National Tsing Hua University Kyungran Lee; University of Hong Kong S. Katie Moon; University of Colorado Boulder Seungjoon Oh; Peking University |
| presented by: S. Katie Moon, University of Colorado Boulder |
| Discussant: Song Ma, Yale University |
| Session: Liquidity January 7, 2022 10:00 to 12:00 |
| Session Chair: Burton Hollifield, Carnegie Mellon University |
| Session type: invited |
| Financial Intermediaries Market Power and Asset Prices in Treasury Securities |
| By Sudip Gupta; Johns Hopkins University |
| presented by: Sudip Gupta, Johns Hopkins University |
| Discussant: Pietro Bonaldi, Carnegie Mellon University |
| Defragmenting Markets: Evidence from Agency MBS |
| By Haoyang Liu; Federal Reserve Bank of New York Zhaogang Song; Johns Hopkins University James Vickery; Federal Reserve Bank of Philadelphia |
| presented by: James Vickery, Federal Reserve Bank of Philadelphia |
| Discussant: Nils Friewald, Norwegian School of Economics |
| Customer Liquidity Provision in Corporate Bond Markets: Electronic Trading versus Dealer Intermediation |
| By Brian Mattmann; University of Basel |
| presented by: Brian Mattmann, University of Basel |
| Discussant: Norman Schuerhoff, University of Lausanne |
| Asset Prices and Liquidity with Market Power and Non-Gaussian Payoffs |
| By Sergei Glebkin; INSEAD Semyon Malamud; Ecole Polytechnique Federale de Lausanne Alberto Teguia; University of British Columbia |
| presented by: Alberto Teguia, University of British Columbia |
| Discussant: Michael Gallmeyer, University of Virginia |
| Session: Market Risk Factors January 7, 2022 10:00 to 12:00 |
| Session Chair: Hanno Lustig, Stanford University |
| Session type: invited |
| The Causal Impact of Macroeconomic Uncertainty on Expected Returns |
| By Aditya Chaudhry; University of Chicago |
| presented by: Aditya Chaudhry, University of Chicago |
| Discussant: Francois Gourio, Federal Reserve Bank of Chicago |
| Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility |
| By Jules van Binsbergen; University of Pennsylvania |
| presented by: Jules van Binsbergen, University of Pennsylvania |
| Discussant: Niels Gormsen, University of Chicago |
| More than 100% of the Equity Premium: How Much is Really Earned on Macroeconomic Announcement Days? |
| By Rory Ernst; University of Washington Thomas Gilbert; University of Washington Christopher Hrdlicka; University of Washington |
| presented by: Christopher Hrdlicka, University of Washington |
| Discussant: Valentin Haddad, University of California, Los Angeles |
| Session: Mergers and Acquisitions January 7, 2022 10:00 to 12:00 |
| Session Chair: Isil Erel, Ohio State University |
| Session type: invited |
| Due Diligence |
| By Brendan Daley; Johns Hopkins University Thomas Geelen; Copenhagen Business School Brett Green; Washington University in St. Louis |
| presented by: Thomas Geelen, Copenhagen Business School |
| Discussant: Victor Lyonnet, Ohio State University |
| Misconduct Synergies |
| By Heather Tookes; Yale University Emmanuel Yimfor; University of Michigan |
| presented by: Heather Tookes, Yale University |
| Discussant: Shan Ge, New York University |
| How Do Acquisitions Affect the Mental Health of Employees? |
| By Laurent Bach; ESSEC Business School Ramin Baghai; Stockholm School of Economics Marieke Bos; Stockholm School of Economics Rui Silva; Nova School of Business and Economics |
| presented by: Ramin Baghai, Stockholm School of Economics |
| Discussant: Elena Simintzi, University of North Carolina at Chapel Hill |
| Private Equity in the Hospital Industry |
| By Janet Gao; Indiana University Yongseok Kim; Indiana University Merih Sevilir; Indiana University |
| presented by: Yongseok Kim, Indiana University |
| Discussant: Katharina Lewellen, Dartmouth College |
| Session: Mutual Fund Trading and Performance January 7, 2022 10:00 to 12:00 |
| Session Chair: Veronika Pool, Vanderbilt University |
| Session type: invited |
| Forced Sales and Dealer Choice in OTC Markets |
| By Sergey Chernenko; Purdue University Viet-Dung Doan; Purdue University |
| presented by: Viet-Dung Doan, Purdue University |
| Discussant: Jennie Bai, Georgetown University & NBER |
| Quantitative Investing and Market Instability |
| By William Beggs; University of San Diego Jonathan Brogaard; University of Utah Austin Hill-Kleespie; University of North Texas |
| presented by: Austin Hill-Kleespie, University of North Texas |
| Discussant: Mikhail Simutin, University of Toronto |
| Unmasking Mutual Fund Derivative Use |
| By Ron Kaniel; University of Rochester Pingle Wang; University of Texas at Dallas |
| presented by: Pingle Wang, University of Texas at Dallas |
| Discussant: Dong Lou, London School of Economics |
| Hiding in Plain Sight: The Global Implications of Manager Disclosure |
| By Richard Evans; University of Virginia Miguel Ferreira; Nova School of Business and Economics Pedro Matos; University of Virginia Michael Young; University of Missouri |
| presented by: Michael Young, University of Missouri |
| Discussant: Elisabeth Kempf, University of Chicago |
| Session: Behavioral Finance: Risk, Beliefs, and Factor Models January 7, 2022 12:15 to 14:15 |
| Session Chair: Stephan Siegel, University of Washington |
| Session type: invited |
| Who Owns What? A Factor Model for Direct Stockholding |
| By Vimal Balasubramaniam; Queen Mary University of London John Campbell; Harvard University Tarun Ramadorai; Imperial College London Benjamin Ranish; Federal Reserve Board |
| presented by: Vimal Balasubramaniam, Queen Mary University of London |
| Discussant: Ralph Koijen, University of Chicago |
| Psychological Distance and Deviations from Rational Expectations |
| By Harjoat Bhamra; Imperial College London Raman Uppal; EDHEC Business School Johan Walden; University of California, Berkeley |
| presented by: Raman Uppal, EDHEC Business School |
| Discussant: Zwetelina Iliewa, University of Bonn |
| Risk, Return, and Sentiment in a Virtual Asset Market |
| By Maurizio Montone; Utrecht University Remco Zwinkels; VU Amsterdam |
| presented by: Remco Zwinkels, VU Amsterdam |
| Discussant: Zhi Da, University of Notre Dame |
| Investor Sentiment and the Pricing of Characteristics-Based Factors |
| By Zhuo Chen; PBC School of Finance, Tsinghua University Bibo Liu; Tsinghua University Huijun Wang; University of Melbourne Zhengwei Wang; Tsinghua University Jianfeng Yu; Tsinghua University |
| presented by: Zhuo Chen, PBC School of Finance, Tsinghua University |
| Discussant: Andrew Detzel, University of Denver |
| Session: Big Data/Machine Learning Applications to Financial Markets January 7, 2022 12:15 to 14:15 |
| Session Chair: Mao Ye, University of Illinois |
| Session type: invited |
| Test Assets and Weak Factors |
| By Stefano Giglio; Yale University Dacheng Xiu; University of Chicago Dake Zhang; University of Chicago |
| presented by: Dacheng Xiu, University of Chicago |
| Discussant: Markus Pelger, Stanford University |
| Belief Distortions and Macroeconomic Fluctuations |
| By Francesco Bianchi; Duke University Sydney Ludvigson; New York University Sai Ma; Federal Reserve Board |
| presented by: Sai Ma, Federal Reserve Board |
| Discussant: Yueran Ma, University of Chicago |
| Technological Progress and Rent Seeking |
| By Vincent Glode; University of Pennsylvania Guillermo Ordonez; University of Pennsylvania |
| presented by: Vincent Glode, University of Pennsylvania |
| Discussant: Laura Veldkamp, Columbia University |
| Is There a Replication Crisis in Finance? |
| By Theis Jensen; Copenhagen Business School Bryan Kelly; Yale University Lasse Pedersen; Copenhagen Business School, AQR, CEPR |
| presented by: Lasse Pedersen, Copenhagen Business School, AQR, CEPR |
| Discussant: Campbell Harvey, Duke University |
| Session: CEOs and Politics January 7, 2022 12:15 to 14:15 |
| Session Chair: Kose John, New York University |
| Session type: invited |
| Did Western CEO Incentives Contribute to China's Technological Rise? |
| By Bo Bian; University of British Columbia Jean-Marie Meier; University of Texas at Dallas |
| presented by: Jean-Marie Meier, University of Texas at Dallas |
| Discussant: Xiaoyun Yu, Indiana University |
| The Political Polarization of U.S. Firms |
| By Vyacheslav Fos; Boston College Elisabeth Kempf; University of Chicago Margarita Tsoutsoura; Cornell University |
| presented by: Elisabeth Kempf, University of Chicago |
| Discussant: Daniel Ferreira, London School of Economics |
| What is Left to say: CEO Social Activism as Corporate Strategy |
| By Shubhashis Gangopadhyay; India Development Foundation Swarnodeep Homroy; University of Groningen |
| presented by: Swarnodeep Homroy, University of Groningen |
| Discussant: Jongsub Lee, Seoul National University |
| CEO Political Ideology and Voluntary Forward-looking Disclosure |
| By Ahmed Elnahas; University of Texas Rio Grande Valley Lei Gao; Iowa State University Md Noman Hossain; University of Texas Rio Grande Valley Jeong Bon Kim; City University of Hong Kong |
| presented by: Md Noman Hossain, University of Texas Rio Grande Valley |
| Discussant: Mahsa Kaviani, University of Delaware |
| Session: Corporate Bond Market January 7, 2022 12:15 to 14:15 |
| Session Chair: Anna Cieslak, Duke University |
| Session type: invited |
| Bond Funds and Credit Risk |
| By Jaewon Choi; University of Illinois Amil Dasgupta; London School of Economics Ji Yeol Jimmy Oh; Hanyang University |
| presented by: Jaewon Choi, University of Illinois Urbana-Champaign |
| Discussant: Hui Chen, Massachusetts Institute of Technology |
| Institutional Corporate Bond Demand |
| By Lorenzo Bretscher; London Business School Lukas Schmid; University of Southern California Ishita Sen; Harvard University Varun Sharma; London Business School |
| presented by: Lukas Schmid, University of Southern California |
| Discussant: Valentin Haddad, University of California, Los Angeles |
| A One-Factor Model of Corporate Bond Premia |
| By Redouane Elkamhi; University of Toronto Chanik Jo; University of Toronto Yoshio Nozawa; Hong Kong University of Science and Technology |
| presented by: Yoshio Nozawa, University of Toronto |
| Discussant: Ivan Shaliastovich, University of Wisconsin-Madison |
| Crowded Ratings: Clientele Effects in the Corporate Bond Market |
| By Francisco Gomes; London Business School Ryan Lewis; University of Colorado Boulder Jordan Nickerson; Massachusetts Institute of Technology |
| presented by: Ryan Lewis, University of Colorado Boulder |
| Discussant: Pab Jotikasthira, Southern Methodist University |
| Session: ESG Investing January 7, 2022 12:15 to 14:15 |
| Session Chair: Zacharias Sautner, Frankfurt School of Finance & Management |
| Session type: invited |
| Do Investors Care About Impact? |
| By Florian Heeb; University of Zurich Julian Koelbel; University of Zurich Falko Paetzold; EBS University Stefan Zeisberger; Radboud University and University of Zurich |
| presented by: Julian Koelbel, Massachusetts Institute of Technology |
| Discussant: Samuel Hartzmark, University of Chicago |
| Unlocking ESG Premium from Options |
| By Jie Cao; Chinese University of Hong Kong Amit Goyal; University of Lausanne Xintong Zhan; Chinese University of Hong Kong Weiming Zhang; Chinese University of Hong Kong |
| presented by: Amit Goyal, University of Lausanne |
| Discussant: Kornelia Fabisik, Frankfurt School of Finance & Management |
| On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices |
| By Itay Goldstein; University of Pennsylvania Alexandr Kopytov; University of Hong Kong Lin Shen; INSEAD Haotian Xiang; Peking University |
| presented by: Lin Shen, INSEAD |
| Discussant: Martin Oehmke, London School of Economics |
| Does Socially Responsible Investing Change Firm Behavior? |
| By Davidson Heath; University of Utah Daniele Macciocchi; Miami University Roni Michaely; University of Hong Kong Matthew Ringgenberg; University of Utah |
| presented by: Matthew Ringgenberg, University of Utah |
| Discussant: Oguzhan Karakas, University of Cambridge |
| Session: Financial Certification, Competitive Strategy, and Innovation January 7, 2022 12:15 to 14:15 |
| Session Chair: Eliezer Fich, Drexel University |
| Session type: invited |
| Third Party Quality Certification in the Market for Financial Advice |
| By William Gerken; University of Kentucky Morteza Momeni; University of Kentucky |
| presented by: William Gerken, University of Kentucky |
| Discussant: Andrey Golubov, University of Toronto |
| Strategic Similarity in Mergers and Acquisitions |
| By Tina Oreski; Swiss Finance Institute and USI Lugano |
| presented by: Tina Oreski, USI Lugano and Swiss Finance Institute |
| Discussant: Paolo Volpin, City, University of London |
| Crisis Innovation |
| By Tania Babina; Columbia University Asaf Bernstein; University of Colorado Boulder Filippo Mezzanotti; Northwestern University |
| presented by: Filippo Mezzanotti, Northwestern University |
| Discussant: Jonathan Karpoff, University of Washington |
| Session: Governance: Boards, CEOs, and Equity January 7, 2022 12:15 to 14:15 |
| Session Chair: Laura Field, University of Delaware |
| Session type: invited |
| Board Dynamics Over the Startup Life Cycle |
| By Michael Ewens; California Institute of Technology Nadya Malenko; University of Michigan |
| presented by: Nadya Malenko, University of Michigan |
| Discussant: Fei Xie, University of Delaware |
| Remotely Productive: The Economics of Long-Distance CEOs |
| By Ran Duchin; Boston College Denis Sosyura; Arizona State University |
| presented by: Ran Duchin, Boston College |
| Discussant: Manuel Adelino, Duke University |
| Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry |
| By Erik Gilje; University of Pennsylvania Michael Wittry; Ohio State University |
| presented by: Michael Wittry, Ohio State University |
| Discussant: Anahit Mkrtchyan, Northeastern University |
| Session: When Banks Meet the Official Sector January 7, 2022 12:15 to 14:15 |
| Session Chair: Uday Rajan, University of Michigan |
| Session type: invited |
| The Life Cycle of a Bank Enforcement Action and Its Impact on Minority Lending |
| By Robert Bushman; University of North Carolina at Chapel Hill Anya Kleymenova; Federal Reserve Board Rimmy Tomy; University of Chicago |
| presented by: Rimmy Tomy, University of Chicago |
| Discussant: Matthew Plosser, Federal Reserve Bank of New York |
| Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort |
| By Martina Jasova; Barnard College, Columbia University Luc Laeven; European Central Bank Caterina Mendicino; European Central Bank Jose-Luis Peydro; Pompeu Fabra University, CREI, Imperial College London Dominik Supera; University of Pennsylvania |
| presented by: Martina Jasova, Barnard College, Columbia University |
| Discussant: Angelo Ranaldo, University of St. Gallen |
| Joint Determination of Counterparty and Liquidity Risk in Payment Systems |
| By Jorge Cruz Lopez; Financial Network Analytics, Ltd. Charles Kahn; University of Illinois Gabriel Rodriguez Rondon; McGill University |
| presented by: Jorge Cruz Lopez, Financial Network Analytics, Ltd. |
| Discussant: Rodney Garratt, University of California, Santa Barbara |
| Time Inconsistency in Stress Test Design |
| By Markus Parlasca; Vienna University of Economics and Business and Vienna Graduate School of Finance |
| presented by: Markus Parlasca, Vienna University of Economics and Business and Vienna Graduate School of Finance |
| Discussant: Nicolas Inostroza, University of Toronto |
| Session: SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Event January 7, 2022 14:30 to 15:30 |
| Session Chair: Rohan Williamson, Georgetown University |
| Session type: panel |
| Session: AFA Panel: Finance and Social Responsibility January 7, 2022 15:45 to 17:45 |
| Session Chair: Jonathan Berk, Stanford University |
| Session type: panel |
| Presented by: Alex Edmans, London Business School |
| Presented by: Christina Skinner, University of Pennsylvania |
| Presented by: Sarah Breeden, Bank of England |
| Presented by: Steven Koonin, New York University |
| Session: Climate Finance January 7, 2022 15:45 to 17:45 |
| Session Chair: Marcin Kacperczyk, Imperial College London |
| Session type: invited |
| Mitigating Disaster Risks in the Age of Climate Change |
| By Harrison Hong; Columbia University Neng Wang; Columbia University Jinqiang Yang; Shanghai University of Finance and Economics |
| presented by: Jinqiang Yang, Shanghai University of Finance and Economics |
| Discussant: Stefano Giglio, Yale University |
| Firm-level Climate Change Exposure |
| By Zacharias Sautner; Frankfurt School of Finance & Management Laurence van Lent; Frankfurt School of Finance & Management Grigory Vilkov; Frankfurt School of Finance & Management Ruishen Zhang; Shanghai University of Finance and Economics |
| presented by: Ruishen Zhang, Shanghai University of Finance and Economics |
| Discussant: Bryan Kelly, Yale University |
| Socially Responsible Finance: How to Optimize Impact? |
| By Augustin Landier; HEC Paris Stefano Lovo; HEC Paris |
| presented by: Augustin Landier, HEC Paris |
| Discussant: Lubos Pastor, University of Chicago |
| Municipal Bond Insurance and the U.S. Drinking Water Crisis |
| By Ashwini Agrawal; London School of Economics Daniel Kim; BI Norwegian Business School |
| presented by: Ashwini Agrawal, London School of Economics |
| Discussant: Jess Cornaggia, Pennsylvania State University |
| Session: Conflicts of Interest and Insider Trading January 7, 2022 15:45 to 17:45 |
| Session Chair: Pedro Matos, University of Virginia |
| Session type: invited |
| How Harmful is Insider Trading for Outsiders? Evidence from the Eighteenth Century |
| By Mathijs Cosemans; Erasmus University Rik Frehen; Tilburg University |
| presented by: Rik Frehen, Tilburg University |
| Discussant: Robert Bruner, University of Virginia |
| Insider Trading Restrictions and Informed Trading in Peer Stocks |
| By Prachi Deuskar; Indian School of Business Aditi Khatri; University of Arizona Jayanthi Sunder; University of Arizona |
| presented by: Prachi Deuskar, Indian School of Business |
| Discussant: Qifei Zhu, Nanyang Technological University |
| Conflicts of Interest in Municipal Bond Advising and Underwriting |
| By Daniel Garrett; University of Pennsylvania |
| presented by: Daniel Garrett, University of Pennsylvania |
| Discussant: Hanyi Livia Yi, Boston College |
| The Role of Analysts in Unregulated Financial Markets: Evidence from Initial Coin Offerings |
| By Andreas Barth; Goethe University Frankfurt Valerie Laturnus; Goethe University Frankfurt Sasan Mansouri; Goethe University Frankfurt Alexander Wagner; University of Zurich, Swiss Finance Inst |
| presented by: Alexander Wagner, University of Zurich, Swiss Finance Inst |
| Discussant: Evgeny Lyandres, Tel Aviv University |
| Session: Financial Crises and Transmission of Shocks January 7, 2022 15:45 to 17:45 |
| Session Chair: Samuel Hanson, Harvard University |
| Session type: invited |
| Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds |
| By Lei Li; Federal Reserve Board Yi Li; Federal Reserve Board Marco Macchiavelli; Federal Reserve Board Xing Zhou; Federal Reserve Board |
| presented by: Marco Macchiavelli, Federal Reserve Board |
| Discussant: Lawrence Schmidt, Massachusetts Institute of Technology |
| Why did Banks Stock Crash During COVID-19? |
| By Viral Acharya; New York University, CEPR, and NBER Robert Engle; New York University Sascha Steffen; Frankfurt School of Finance & Management |
| presented by: Sascha Steffen, Frankfurt School of Finance & Management |
| Discussant: Olivier Darmouni, Columbia University |
| Investing in Crises |
| By Matthew Baron; Cornell University Luc Laeven; European Central Bank Julien Penasse; University of Luxembourg Yevhenii Usenko; Massachusetts Institute of Technology |
| presented by: Matthew Baron, Cornell University |
| Discussant: Karsten Mueller, NUS Business School |
| Session: Household Finance I January 7, 2022 15:45 to 17:45 |
| Session Chair: Amit Seru, Stanford University |
| Session type: invited |
| Information or Persuasion in the Mortgage Market: The Role of Brand Name |
| By Agnese Carella; London School of Economics and Bank of Italy Valentina Michelangeli; Bank of Italy |
| presented by: Agnese Carella, London School of Economics and Bank of Italy |
| Discussant: Claudia Robles Garcia, Stanford University |
| The Mortgage Piggy Bank: Building Wealth through Amortization |
| By Asaf Bernstein; University of Colorado Boulder Peter Koudijs; Erasmus University |
| presented by: Asaf Bernstein, University of Colorado Boulder |
| Discussant: Tomasz Piskorski, Columbia University |
| Aversion to Student Debt? Evidence from Low-Wage Workers |
| By Radhakrishnan Gopalan; Washington University in St. Louis Barton Hamilton; Washington University in St. Louis Jorge Sabat; Diego Portales University David Sovich; University of Kentucky |
| presented by: David Sovich, University of Kentucky |
| Discussant: Janice Eberly, Northwestern University |
| When Is It Hard to Make Ends Meet? |
| By Jialan Wang; University of Illinois Brian Baugh; University of Nebraska-Lincoln |
| presented by: Jialan Wang, University of Illinois |
| Discussant: Manuel Adelino, Duke University |
| Session: Over the Counter Markets January 7, 2022 15:45 to 17:45 |
| Session Chair: Thierry Foucault, HEC Paris |
| Session type: invited |
| Centralizing Over-the-Counter Markets? |
| By Jason Allen; Bank of Canada Milena Wittwer; Stanford University |
| presented by: Milena Wittwer, Stanford University |
| Discussant: Vincent Maurin, Stockholm School of Economics |
| Risk Concentration and Interconnectedness in OTC Markets |
| By Briana Chang; University of Wisconsin Shengxing Zhang; London School of Economics |
| presented by: Briana Chang, University of Wisconsin |
| Discussant: Cecilia Parlatore, New York University |
| Size Discount or Size Penalty? Execution Costs in Bond Markets |
| By Gabor Pinter; Bank of England Chaojun Wang; University of Pennsylvania Junyuan Zou; INSEAD |
| presented by: Gabor Pinter, Bank of England |
| Discussant: Edith Hotchkiss, Boston College |
| Dealer Networks and the Cost of Immediacy |
| By Jens Dick-Nielsen; Copenhagen Business School Thomas Poulsen; BI Norwegian Business School Obaidur Rehman; BI Norwegian Business School |
| presented by: Thomas Poulsen, BI Norwegian Business School |
| Discussant: Jean-Edouard Colliard, HEC Paris |
| Session: Safe Assets January 7, 2022 15:45 to 17:45 |
| Session Chair: Christine Parlour, University of California, Berkeley |
| Session type: invited |
| Safe Asset Carry Trade |
| By Benedikt Ballensiefen; University of St. Gallen and World Bank Group Angelo Ranaldo; University of St. Gallen |
| presented by: Angelo Ranaldo, University of St. Gallen |
| Discussant: Jack Bao, University of Delaware |
| The Price of Money: How Collateral Policy Affects the Yield Curve |
| By Kjell Nyborg; University of Zurich, Swiss Finance Institute Jiri Woschitz; University of Zurich |
| presented by: Kjell Nyborg, University of Zurich, Swiss Finance Institute |
| Discussant: Carolin Pflueger, University of Chicago |
| The Safety Premium of Safe Assets |
| By Jens Christensen; Federal Reserve Bank of San Francisco Nikola Mirkov; Swiss National Bank |
| presented by: Jens Christensen, Federal Reserve Bank of San Francisco |
| Discussant: Chase Ross, Yale University |
| Session: Shareholder Monitoring and Voting January 7, 2022 15:45 to 17:45 |
| Session Chair: Todd Gormley, Washington University in St. Louis |
| Session type: invited |
| The Distribution of Voting Rights to Shareholders |
| By Vyacheslav Fos; Boston College Clifford Holderness; Boston College |
| presented by: Vyacheslav Fos, Boston College |
| Discussant: David Musto, University of Pennsylvania |
| The Proxy Advisory Industry: Influencing and Being Influenced |
| By Chong Shu; University of Utah |
| presented by: Chong Shu, University of Utah |
| Discussant: Nadya Malenko, University of Michigan |
| CEO Turnover and Director Reputation |
| By Felix von Meyerinck; University of St. Gallen Jonas Romer; University of St. Gallen Markus Schmid; University of St. Gallen |
| presented by: Markus Schmid, University of St. Gallen |
| Discussant: Reena Aggarwal, Georgetown University |
| Errors in Shareholder Voting |
| By Patrick Blonien; Rice University Alan Crane; Rice University Kevin Crotty; Rice University David De Angelis; Rice University |
| presented by: Alan Crane, Rice University |
| Discussant: Michelle Lowry, Drexel University |
| Session: AFA Panel: Climate and the Financial System January 8, 2022 10:00 to 12:00 |
| Session Chair: Anil Kashyap, University of Chicago |
| Session type: panel |
| Presented by: Robert Litterman, Kepos Capital |
| Presented by: Isabel Schnabel, European Central Bank |
| Presented by: Carolyn Wilkins, Bank of England |
| Session: Current Issues in Real Estate Finance January 8, 2022 10:00 to 12:00 |
| Session Chair: Johannes Stroebel, New York University |
| Session type: invited |
| How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic |
| By Andreas Fuster; Swiss National Bank Aurel Hizmo; Federal Reserve Board Lauren Lambie-Hanson; Federal Reserve Bank of Philadelphia James Vickery; Federal Reserve Bank of Philadelphia Paul Willen; Federal Reserve Bank of Boston |
| presented by: Andreas Fuster, Swiss National Bank |
| Discussant: Greg Buchak, Stanford University |
| Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate |
| By Arpit Gupta; New York University Vrinda Mittal; Columbia University Jonas Peeters; New York University Stijn Van Nieuwerburgh; Columbia University |
| presented by: Vrinda Mittal, Columbia University |
| Discussant: Andra Ghent, University of Utah |
| The Economic Burden of Pension Shortfalls: Evidence from House Prices |
| By Darren Aiello; Brigham Young University Asaf Bernstein; University of Colorado Boulder Mahyar Kargar; University of Illinois Ryan Lewis; University of Colorado Boulder Michael Schwert; University of Pennsylvania |
| presented by: Mahyar Kargar, University of Illinois |
| Discussant: Rebecca Diamond, Stanford University |
| Valuation of Long-Term Property Rights under Political Uncertainty |
| By Zhiguo He; University of Chicago Maggie Hu; Chinese University of Hong Kong Zhenping Wang; University of Chicago Vincent Yao; Georgia State University |
| presented by: Zhiguo He, University of Chicago |
| Discussant: Scott Baker, Northwestern University |
| Session: Finance and Gender January 8, 2022 10:00 to 12:00 |
| Session Chair: Manju Puri, Duke University and NBER |
| Session type: invited |
| Gender Pay Gap across Cultures |
| By Natasha Burns; University of Texas at San Antonio Kristina Minnick; Bentley University Jeff Netter; University of Georgia Laura Starks; University of Texas at Austin |
| presented by: Laura Starks, University of Texas at Austin |
| Discussant: Paola Sapienza, Northwestern University |
| Inequality, Discrimination, and the Financial System: How Gender and Law Shape Banker Mobility, Bank-Firm Relationships and Bank Activity |
| By Marco Ceccarelli; University of Zurich, Swiss Finance Institute Christoph Herpfer; Emory University Steven Ongena; University of Zurich |
| presented by: Marco Ceccarelli, University of Zurich, Swiss Finance Institute |
| Discussant: Janet Gao, Indiana University |
| Discriminatory Lending: Evidence from Bankers in the Lab |
| By J Michelle Brock; European Bank for Reconstruction and Development Ralph De Haas; European Bank for Reconstruction and Development |
| presented by: Ralph De Haas, European Bank for Reconstruction and Development |
| Discussant: Martin Kanz, World Bank |
| Locked-in at Home: Limited Attention of Female Analysts during the COVID-19 Pandemic |
| By Mengqiao Du; University of Mannheim |
| presented by: Mengqiao Du, University of Mannheim |
| Discussant: Elisabeth Kempf, University of Chicago |
| Session: Financial Stability January 8, 2022 10:00 to 12:00 |
| Session Chair: Dasol Kim, Office of Financial Research |
| Session type: invited |
| Interbank Networks in the Shadows of the Federal Reserve Act |
| By Haelim Anderson; FDIC Selman Erol; Carnegie Mellon University Guillermo Ordonez; University of Pennsylvania |
| presented by: Guillermo Ordonez, University of Pennsylvania |
| Discussant: Shengxing Zhang, London School of Economics |
| Bankruptcy Exemption of Repo Markets: Too Much Today for Too Little Tomorrow? |
| By Viral Acharya; New York University, CEPR, and NBER V. Ravi Anshuman; Indian Institute of Management S. Viswanathan; Duke University |
| presented by: Viral Acharya, New York University, CEPR, and NBER |
| Discussant: Andrew Metrick, Yale University |
| Bank Balance Sheet Constraints and Bond Liquidity |
| By Johannes Breckenfelder; European Central Bank Victoria Ivashina; Harvard University |
| presented by: Johannes Breckenfelder, European Central Bank |
| Discussant: Chester Spatt, Carnegie Mellon University |
| Session: (Ir)responsible Corporate Governance January 8, 2022 10:00 to 12:00 |
| Session Chair: Doron Levit, University of Washington |
| Session type: invited |
| Environmental Externalities of Hedge Fund Activism |
| By Pat Akey; University of Toronto Ian Appel; Boston College |
| presented by: Ian Appel, Boston College |
| Discussant: Nicole Boyson, Northeastern University |
| Stakeholder Value: A Convenient Excuse for Underperforming Managers? |
| By Ryan Flugum; University of Northern Iowa Matthew Souther; University of South Carolina |
| presented by: Matthew Souther, University of South Carolina |
| Discussant: Mariassunta Giannetti, Stockholm School of Economics |
| What Purpose Do Corporations Purport? Evidence from Letters to Shareholders |
| By Raghuram Rajan; University of Chicago Pietro Ramella; University of Chicago Luigi Zingales; University of Chicago |
| presented by: Luigi Zingales, University of Chicago |
| Discussant: Jonathan Karpoff, University of Washington |
| Session: Labor Finance I January 8, 2022 10:00 to 12:00 |
| Session Chair: Paige Ouimet, University of North Carolina at Chapel Hill |
| Session type: invited |
| Shareholder Power and the Decline of Labor |
| By Antonio Falato; Federal Reserve Board Hyunseob Kim; Federal Reserve Bank of Chicago Till von Wachter; University of California, Los Angeles |
| presented by: Hyunseob Kim, Federal Reserve Bank of Chicago |
| Discussant: Simcha Barkai, Boston College |
| The Labor Effects of Pro-Labor Bias in Bankruptcy |
| By Aloisio Araujo; Getulio Vargas Foundation Rafael Ferreira; University of São Paulo Spyridon Lagaras; University of Pittsburgh Flavio Moraes; Getulio Vargas Foundation Jacopo Ponticelli; Northwestern University Margarita Tsoutsoura; Cornell University |
| presented by: Spyridon Lagaras, University of Pittsburgh |
| Discussant: Geoffrey Tate, University of Maryland |
| Performance Pay and Risk Sharing between Firms and Workers |
| By Jason Sockin; University of Pennsylvania Michael Sockin; University of Texas at Austin |
| presented by: Jason Sockin, University of Pennsylvania |
| Discussant: Alex Edmans, London Business School |
| Session: Learning and Flows in Asset Management January 8, 2022 10:00 to 12:00 |
| Session Chair: Clemens Sialm, University of Texas at Austin |
| Session type: invited |
| Common Fund Flows: Flow Hedging and Factor Pricing |
| By Winston Dou; University of Pennsylvania Leonid Kogan; Massachusetts Institute of Technology Wei Wu; Texas A&M University |
| presented by: Wei Wu, Texas A&M University |
| Discussant: Wei Jiang, Columbia University |
| An Equilibrium Model of Career Concerns, Investment Horizons, and Mutual Fund Value Added |
| By Jungsuk Han; Stockholm School of Economics Hongxun Ruan; Peking University Jules van Binsbergen; University of Pennsylvania Ran Xing; Aarhus University |
| presented by: Jungsuk Han, Stockholm School of Economics |
| Discussant: Anna Pavlova, London Business School |
| Learning From Prospectuses |
| By Simona Abis; Columbia University Andrea Buffa; University of Colorado Boulder Apoorva Javadekar; Indian School of Business Anton Lines; Columbia University |
| presented by: Simona Abis, Columbia University |
| Discussant: Ron Kaniel, University of Rochester |
| Who Listens to Corporate Conference Calls? The Effect of “Soft Information” on Institutional Trading |
| By Alan Huang; University of Waterloo Russell Wermers; University of Maryland |
| presented by: Alan Huang, University of Waterloo |
| Discussant: Richard Evans, University of Virginia |
| Session: The Cross-section of Stock Returns January 8, 2022 10:00 to 12:00 |
| Session Chair: Richard Sias, University of Arizona |
| Session type: invited |
| Open Source Cross-Sectional Asset Pricing |
| By Andrew Chen; Federal Reserve Board Tom Zimmermann; University of Cologne |
| presented by: Andrew Chen, Federal Reserve Board |
| Discussant: Jeffrey Pontiff, Boston College |
| Ambiguity, Investor Disagreement, and Expected Stock Returns |
| By Lawrence Hsiao; Northwestern University |
| presented by: Lawrence Hsiao, Northwestern University |
| Discussant: Jon Garfinkel, University of Iowa |
| Fundamental Extrapolation and Stock Returns |
| By Dashan Huang; Singapore Management University Huacheng Zhang; Southwestern University of Finance and Economics Guofu Zhou; Washington University in St. Louis Yingzi Zhu; Tsinghua University |
| presented by: Guofu Zhou, Washington University in St. Louis |
| Discussant: Huseyin Gulen, Purdue University |
| Sectoral Labor Reallocation and Return Predictability |
| By Esther Eiling; University of Amsterdam Raymond Kan; University of Toronto Ali Sharifkhani; Northeastern University |
| presented by: Esther Eiling, University of Amsterdam |
| Discussant: Harry Turtle, Colorado State University |
| Session: Who is Paying Attention? Benefits of Information in Capital Markets January 8, 2022 10:00 to 12:00 |
| Session Chair: Sabrina Howell, New York University |
| Session type: invited |
| Market Feedback: Evidence from the Horse’s Mouth |
| By Itay Goldstein; University of Pennsylvania Bibo Liu; Tsinghua University Liyan Yang; University of Toronto |
| presented by: Bibo Liu, Tsinghua University |
| Discussant: Laurent Fresard, USI Lugano and Swiss Finance Institute |
| Speculative and Informative: Lessons from Market Reactions to Speculation Cues |
| By J. Anthony Cookson; University of Colorado Boulder S. Katie Moon; University of Colorado Boulder Joonki Noh; Case Western Reserve University |
| presented by: Joonki Noh, Case Western Reserve University |
| Discussant: Michael Weisbach, Ohio State University |
| On the Origin of IPO Profits |
| By David Brown; University of Arizona Sergey Kovbasyuk; New Economic School Tamara Nefedova; Paris Dauphine University |
| presented by: Tamara Nefedova, Paris Dauphine University |
| Discussant: Tim Jenkinson, University of Oxford |
| The Role of "Expert Reviewers" in Private Capital Markets |
| By Reena Aggarwal; Georgetown University Kathleen Hanley; Lehigh University Xiaofei Zhao; Georgetown University |
| presented by: Xiaofei Zhao, Georgetown University |
| Discussant: Marina Niessner, Yale University |
| Session: AFA Panel: Central Bank Digital Currency January 8, 2022 12:15 to 14:15 |
| Session Chair: Markus Brunnermeier, Princeton University |
| Session type: panel |
| Presented by: Darrell Duffie, Stanford University |
| Presented by: David Yermack, New York University |
| Presented by: Hyun Song Shin, Bank for International Settlements |
| Session: Corporate Finance: Policy and Regulatory Issues January 8, 2022 12:15 to 14:15 |
| Session Chair: Antoinette Schoar, Massachusetts Institute of Technology |
| Session type: invited |
| Selling Indulgencies: The Political Economy of Tariff Exemption Grants |
| By Veljko Fotak; University at Buffalo Hye Seung (Grace) Lee; Fordham University William Megginson; University of Oklahoma Jesus Salas; Lehigh University |
| presented by: William Megginson, University of Oklahoma |
| Discussant: Hong Ru, Nanyang Technological University |
| The Hidden Costs of Funding Infrastructure Improvements in Education |
| By Nicole Boyson; Northeastern University Weiling Liu; Northeastern University |
| presented by: Weiling Liu, Northeastern University |
| Discussant: Hanyi Livia Yi, Boston College |
| Regulatory Costs of Being Public: Evidence from Bunching Estimation |
| By Michael Ewens; California Institute of Technology Kairong Xiao; Columbia University Ting Xu; University of Virginia |
| presented by: Michael Ewens, California Institute of Technology |
| Discussant: Reena Aggarwal, Georgetown University |
| Sovereign Bond Restructuring: Commitment vs. Flexibility |
| By Jason Donaldson; Washington University in St. Louis Lukas Kremens; University of Washington Giorgia Piacentino; Columbia University |
| presented by: Giorgia Piacentino, Columbia University |
| Discussant: Benjamin Hebert, Stanford University |
| Session: Derivatives January 8, 2022 12:15 to 14:15 |
| Session Chair: Jun Pan, Shanghai Jiao Tong University |
| Session type: invited |
| How Integrated are Credit and Equity Markets? Evidence from Index Options |
| By Pierre Collin-Dufresne; Ecole Polytechnique Federale de Lausanne Benjamin Junge; Ecole Polytechnique Federale de Lausanne Anders Trolle; Copenhagen Business School |
| presented by: Anders Trolle, Copenhagen Business School |
| Discussant: Jack Bao, University of Delaware |
| Testing for Asset Price Bubbles using Options Data |
| By Nicola Fusari; Johns Hopkins University Robert Jarrow; Cornell University Sujan Lamichhane; Johns Hopkins University |
| presented by: Sujan Lamichhane, Johns Hopkins University |
| Discussant: Igor Makarov, London School of Economics |
| Recovering the FOMC Risk Premium |
| By Hong Liu; Washington University in St. Louis Xiaoxiao Tang; University of Texas at Dallas Guofu Zhou; Washington University in St. Louis |
| presented by: Xiaoxiao Tang, University of Texas at Dallas |
| Discussant: Grace Xing Hu, Tsinghua University |
| Counterparty Choice, Bank Interconnectedness, and Systemic Risk |
| By Andrew Ellul; Indiana University Dasol Kim; Office of Financial Research |
| presented by: Dasol Kim, Office of Financial Research |
| Discussant: Ana Babus, Washington University in St. Louis |
| Session: Finance and Race January 8, 2022 12:15 to 14:15 |
| Session Chair: Rohan Williamson, Georgetown University |
| Session type: invited |
| Diverse Hedge Funds |
| By Yan Lu; University of Central Florida Narayan Y Naik; London Business School Melvyn Teo; Singapore Management University |
| presented by: Melvyn Teo, Singapore Management University |
| Discussant: Turan Bali, Georgetown University |
| Societal Trust and Financial Market Participation: Evidence from the Freedman's Savings Bank |
| By Virginia Traweek; University of Michigan Malcolm Wardlaw; University of Georgia |
| presented by: Malcolm Wardlaw, University of Georgia |
| Discussant: Scott Yonker, Cornell University |
| Financial Implications of Disenfranchisement: Evidence from the Repeal of Voting Rights Act |
| By Seongjin Park; University of Chicago Arkodipta Sarkar; Hong Kong University of Science and Technology Nishant Vats; University of Chicago |
| presented by: Arkodipta Sarkar, Hong Kong University of Science and Technology |
| Discussant: Aurel Hizmo, Federal Reserve Board |
| Session: Investor Behavior January 8, 2022 12:15 to 14:15 |
| Session Chair: Martin Schmalz, University of Oxford |
| Session type: invited |
| Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field |
| By Rawley Heimer; Boston College Zwetelina Iliewa; University of Bonn Alex Imas; University of Chicago Martin Weber; University of Mannheim |
| presented by: Zwetelina Iliewa, University of Bonn |
| Discussant: Michaela Pagel, Columbia University |
| Investor Protections and Stock Market Participation: An Evaluation of Financial Advisor Oversight |
| By Juhani Linnainmaa; Dartmouth College Brian Melzer; Dartmouth College Alessandro Previtero; Indiana University Stephen Foerster; University of Western Ontario |
| presented by: Alessandro Previtero, Indiana University |
| Discussant: Ben Charoenwong, National University of Singapore |
| Resolving a Paradox: Retail Trades Positively Predict Returns but are Not Profitable |
| By Brad Barber; University of California, Davis Shengle Lin; San Francisco State University Terrance Odean; University of California, Berkeley |
| presented by: Terrance Odean, University of California, Berkeley |
| Discussant: Sheridan Titman, University of Texas at Austin |
| Which Factor Model Do Firms Use? A Test Using Market Data |
| By Thummim Cho; London School of Economics Amirabas Salarkia; London School of Economics |
| presented by: Thummim Cho, London School of Economics |
| Discussant: Jules van Binsbergen, University of Pennsylvania |
| Session: Macro Finance I January 8, 2022 12:15 to 14:15 |
| Session Chair: Andrea Eisfeldt, University of California, Los Angeles |
| Session type: invited |
| Risky Business Cycles |
| By Susanto Basu; Boston College Giacomo Candian; HEC Montreal Ryan Chahrour; Boston College Rosen Valchev; Boston College |
| presented by: Rosen Valchev, Boston College |
| Discussant: Carolin Pflueger, University of Chicago |
| Uncertainty, Risk, and Capital Growth |
| By Gill Segal; University of North Carolina at Chapel Hill Ivan Shaliastovich; University of Wisconsin-Madison |
| presented by: Ivan Shaliastovich, University of Wisconsin-Madison |
| Discussant: Adrien d'Avernas, Stockholm School of Economics |
| Asset Pricing with Misallocation |
| By Winston Dou; University of Pennsylvania Yan Ji; Hong Kong University of Science and Technology Di Tian; University of Pennsylvania Pengfei Wang; Peking University |
| presented by: Winston Dou, University of Pennsylvania |
| Discussant: Lukas Schmid, University of Southern California |
| Do Bankers Matter for Main Street? The Financial Intermediary Labor Channel |
| By Yuchen Chen; University of Minnesota Jack Favilukis; University of British Columbia Xiaoji Lin; University of Minnesota Xiaofei Zhao; Georgetown University |
| presented by: Xiaoji Lin, University of Minnesota |
| Discussant: Mindy Xiaolan, University of Texas at Austin |
| Session: Mergers and Venture Financing January 8, 2022 12:15 to 14:15 |
| Session Chair: Miguel Ferreira, Nova School of Business and Economics |
| Session type: invited |
| Brokered Startup Financing |
| By Emmanuel Yimfor; University of Michigan |
| presented by: Emmanuel Yimfor, University of Michigan |
| Discussant: Sabrina Howell, New York University |
| The Virtuous Cycle of Innovation and Capital Flows |
| By Daniel Fehder; University of Southern California Naomi Hausman; Hebrew University of Jerusalem Yael Hochberg; Rice University |
| presented by: Naomi Hausman, Hebrew University of Jerusalem |
| Discussant: Francisco Queiro, Nova School of Business and Economics |
| Do firms with corporate development staff make better acquisitions? |
| By Rene Stulz; Ohio State University Sinan Gokkaya; Ohio University Xi Liu; Miami University |
| presented by: Rene Stulz, Ohio State University |
| Discussant: Karin Thorburn, Norwegian School of Economics |
| Mergers under the Microscope: Analyzing Conference Call Transcripts |
| By Sudipto Dasgupta; Chinese University of Hong Kong Jarrad Harford; University of Washington Fangyuan Ma; Peking University Daisy Wang; Ohio State University Haojun Xie; Chinese University of Hong Kong |
| presented by: Fangyuan Ma, Peking University |
| Discussant: Serdar Dinc, Rutgers University |
| Session: Technology and Financial Services January 8, 2022 12:15 to 14:15 |
| Session Chair: Wei Jiang, Columbia University |
| Session type: invited |
| Cutting Operational Costs by Integrating Fintech into Traditional Banking Firms |
| By Linda Allen; Baruch College, The City University of New York Yu Shan; Concordia University Yi Tang; Fordham University Alev Yildirim; Southern Connecticut State University |
| presented by: Linda Allen, Baruch College, The City University of New York |
| Discussant: Greg Buchak, Stanford University |
| FinTech Lending and Cashless Payments |
| By Pulak Ghosh; Indian Institute of Management Bangalore Boris Vallee; Harvard University Yao Zeng; University of Pennsylvania |
| presented by: Boris Vallee, Harvard University |
| Discussant: Uday Rajan, University of Michigan |
| The Data Privacy Paradox and Digital Demands |
| By Long Chen; Ant Financial / Luohan Academy Yadong Huang; Ant Financial / Luohan Academy Shumiao Ouyang; Princeton University Wei Xiong; Princeton University |
| presented by: Shumiao Ouyang, Princeton University |
| Discussant: Huan Tang, London School of Economics |
| Session: AFA Lecture January 8, 2022 15:45 to 17:45 |
| Session type: panel |
| Micro and Macro Evidence on Inflation and Monetary Policy |
| Presented by: Emi Nakamura, University of California, Berkeley |
| Session: Banking and Real Economy January 8, 2022 15:45 to 17:45 |
| Session Chair: Zhiguo He, University of Chicago |
| Session type: invited |
| The Effect of Bank Monitoring on Loan Repayment |
| By Nicola Branzoli; Bank of Italy Fulvia Fringuellotti; Federal Reserve Bank of New York |
| presented by: Fulvia Fringuellotti, Federal Reserve Bank of New York |
| Discussant: Elena Carletti, Bocconi University |
| Do Mortgage Lenders Compete Locally? Implications for Credit Access |
| By Greg Buchak; Stanford University Adam Jorring; Boston College |
| presented by: Adam Jorring, Boston College |
| Discussant: Anthony Lee Zhang, University of Chicago |
| Bank Diversification and Lending Resiliency |
| By Michael Gelman; University of Delaware Itay Goldstein; University of Pennsylvania Andrew MacKinlay; Virginia Polytechnic Institute and State University |
| presented by: Michael Gelman, University of Delaware |
| Discussant: Philip Strahan, Boston College |
| Zombie Lending and Cross-Subsidization in a Lending Crisis |
| By Nikolaos Artavanis; Tulane University Brian Jonghwan Lee; Columbia University Stavros Panageas; Anderson School of Management Margarita Tsoutsoura; Cornell University |
| presented by: Stavros Panageas, Anderson School of Management |
| Discussant: Sascha Steffen, Frankfurt School of Finance & Management |
| Session: Big Data and Firm Policies January 8, 2022 15:45 to 17:45 |
| Session Chair: Wei Xiong, Princeton University |
| Session type: invited |
| How to Talk When a Machine is Listening? Corporate Disclosure in the Age of AI |
| By Sean Cao; Georgia State University Jiang Wei; Columbia University Baozhong Yang; Georgia State University Alan Zhang; Florida International University |
| presented by: Alan Zhang, Florida International University |
| Discussant: Will Cong, Cornell University |
| Dividend Policy in the Era of Big Data |
| By Yancheng Qiu; Hong Kong University of Science and Technology Tao Shu; Chinese University of Hong Kong, Shenzhen Shujing Wang; Tongji University |
| presented by: Tao Shu, Chinese University of Hong Kong, Shenzhen |
| Discussant: Song Ma, Yale University |
| Firm-Level Cybersecurity Risk |
| By Chris Florackis; University of Liverpool Christodoulos Louca; University of Cyprus Roni Michaely; University of Geneva Michael Weber; University of Chicago |
| presented by: Chris Florackis, University of Liverpool |
| Discussant: Kenneth Ahern, University of Southern California |
| Does Alternative Data Improve Financial Forecasting? The Horizon Effect |
| By Olivier Dessaint; INSEAD Thierry Foucault; HEC Paris Laurent Fresard; USI Lugano and Swiss Finance Institute |
| presented by: Olivier Dessaint, INSEAD |
| Discussant: Thomas Philippon, New York University |
| Session: Contracts and Incentives January 8, 2022 15:45 to 17:45 |
| Session Chair: Alex Edmans, London Business School |
| Session type: invited |
| The Performance of Hedge Fund Performance Fees |
| By Itzhak Ben-David; Ohio State University Justin Birru; Ohio State University Andrea Rossi; University of Arizona |
| presented by: Andrea Rossi, University of Arizona |
| Discussant: William Goetzmann, Yale University |
| Rare Disaster Information Paradox |
| By Peter DeMarzo; Stanford University Ping Liu; Purdue University Alexei Tchistyi; Cornell University |
| presented by: Alexei Tchistyi, Cornell University |
| Discussant: Edward Van Wesep, University of Colorado Boulder |
| Do Short-Term Incentives Affect Long-Term Productivity? |
| By Heitor Almeida; University of Illinois Nuri Ersahin; Michigan State University Vyacheslav Fos; Boston College Rustom Irani; University of Illinois at Urbana-Champaign Mathias Kronlund; Tulane University |
| presented by: Heitor Almeida, University of Illinois |
| Discussant: Elena Simintzi, University of North Carolina at Chapel Hill |
| Why Have CEO Pay Levels Become Less Diverse? |
| By Torsten Jochem; University of Amsterdam Gaizka Ormazabal; IESE Business School Anjana Rajamani; Erasmus University |
| presented by: Torsten Jochem, University of Amsterdam |
| Discussant: Lalitha Naveen, Temple University |
| Session: Corporate Social Responsibility January 8, 2022 15:45 to 17:45 |
| Session Chair: Lucian Taylor, University of Pennsylvania |
| Session type: invited |
| Media, Partisan Ideology, and Corporate Social Responsibility |
| By Mahsa Kaviani; University of Delaware Yuanzhi Li; Temple University Hosein Maleki; Florida State University |
| presented by: Hosein Maleki, Florida State University |
| Discussant: Alexander Dyck, University of Toronto |
| Do Investors Care About Corporate Externalities? Experimental Evidence |
| By Jean-Francois Bonnefon; Toulouse School of Economics Augustin Landier; HEC Paris Parinitha Sastry; Massachusetts Institute of Technology David Thesmar; Massachusetts Institute of Technology |
| presented by: David Thesmar, Massachusetts Institute of Technology |
| Discussant: Samuel Hartzmark, University of Chicago |
| The Sustainability Wage Gap |
| By Philipp Krueger; University of Geneva, Swiss Finance Inst Daniel Metzger; Erasmus University Jiaxin Wu; Stockholm School of Economics |
| presented by: Daniel Metzger, Erasmus University |
| Discussant: Paige Ouimet, University of North Carolina at Chapel Hill |
| The Real Effects of Environmental Activist Investing |
| By S. Lakshmi Naaraayanan; London Business School Kunal Sachdeva; Rice University Varun Sharma; London Business School |
| presented by: Kunal Sachdeva, Rice University |
| Discussant: Ian Appel, Boston College |
| Session: ETFs 2.0 January 8, 2022 15:45 to 17:45 |
| Session Chair: Maureen O'Hara, Cornell University |
| Session type: invited |
| Fixed Income ETFs, Bond Liquidity, and Stressed Markets |
| By Thomas Marta; Paris Dauphine University and Wilfrid Laurier University |
| presented by: Thomas Marta, Paris Dauphine University and Wilfrid Laurier University |
| Discussant: Caitlin Dannhauser, Villanova University |
| Two APs are Better Than One: ETF Mispricing and Primary Market Participation |
| By Evgenii Gorbatikov; London Business School Taisiya Sikorskaya; London Business School |
| presented by: Evgenii Gorbatikov, London Business School |
| Discussant: Yao Zeng, University of Pennsylvania |
| ETF Arbitrage and International Diversification |
| By Ilias Filippou; Washington University in St. Louis Arie Gozluklu; University of Warwick Hari Rozental; University of Warwick |
| presented by: Arie Gozluklu, University of Warwick |
| Discussant: Shaun Davies, University of Colorado Boulder |
| The Heterogeneous Effects of Passive Investing on Asset Markets |
| By Jonathan Brogaard; University of Utah Davidson Heath; University of Utah Da Huang; University of Utah |
| presented by: Davidson Heath, University of Utah |
| Discussant: Lawrence Glosten, Columbia University |
| Session: Identifying the Value and Novelty of Financial Market Information January 8, 2022 15:45 to 17:45 |
| Session Chair: Philip Bond, University of Washington |
| Session type: invited |
| Liquidity and the Strategic Value of Information |
| By Ohad Kadan; Washington University in St. Louis Asaf Manela; Washington University in St. Louis |
| presented by: Asaf Manela, Washington University in St. Louis |
| Discussant: Maryam Farboodi, Massachusetts Institute of Technology |
| Information Chasing versus Adverse Selection |
| By Gabor Pinter; Bank of England Chaojun Wang; University of Pennsylvania Junyuan Zou; INSEAD |
| presented by: Chaojun Wang, University of Pennsylvania |
| Discussant: Jian Li, University of Chicago |
| Herding Behavior between Rating Agencies |
| By Alexander Rieber; Ulm University Steffen Schechinger; Ulm University |
| presented by: Alexander Rieber, Ulm University |
| Discussant: Jordan Nickerson, Massachusetts Institute of Technology |
| Uncertainty About What's in the Price |
| By Joel Peress; INSEAD Daniel Schmidt; HEC Paris |
| presented by: Daniel Schmidt, HEC Paris |
| Discussant: Brandon Yueyang Han, University of Maryland |
| Session: International Finance January 8, 2022 15:45 to 17:45 |
| Session Chair: Wenxin Du, University of Chicago |
| Session type: invited |
| Global Realignment in Financial Market Dynamics: Evidence from ETF Networks |
| By Monica Billio; Ca' Foscari University of Venice Andrew Lo; Massachusetts Institute of Technology Loriana Pelizzon; Leibniz Institute for Financial Research Mila Getmansky Sherman; University of Massachusetts Amherst Abalfazl Zareei; Stockholm University |
| presented by: Abalfazl Zareei, Stockholm University |
| Discussant: Andrea Vedolin, Boston University |
| Dollar Dominance in FX Trading |
| By Fabricius Somogyi; University of St. Gallen |
| presented by: Fabricius Somogyi, University of St. Gallen |
| Discussant: Adrien Verdelhan, Massachusetts Institute of Technology |
| Barriers to Global Capital Allocation |
| By Bruno Pellegrino; University of Maryland Enrico Spolaore; Tufts University Romain Wacziarg; University of California, Los Angeles |
| presented by: Bruno Pellegrino, University of Maryland |
| Discussant: Robert Richmond, New York University |
| Session: SPECIAL EVENT: AFA Business Meeting and Presidential Address January 8, 2022 18:00 to 20:00 |
| Session type: plenary |
| Session: AFA Panel: How can Academic Research Inform Policy on ESG and Short-Termism? January 9, 2022 10:00 to 12:00 |
| Session Chair: Scott Bauguess, University of Texas at Austin |
| Session type: panel |
| Presented by: Alex Edmans, London Business School |
| Presented by: Christian Leuz, University of Chicago |
| Presented by: Mark Roe, Harvard Law School |
| Session: DeFi and CBDCs January 9, 2022 10:00 to 12:00 |
| Session Chair: Cesare Fracassi, University of Texas at Austin |
| Session type: invited |
| Central Bank Digital Currency Design: Implications for Market Composition and Monetary Policy |
| By Rodney Garratt; University of California, Santa Barbara Jiaheng Yu; Massachusetts Institute of Technology Haoxiang Zhu; Massachusetts Institute of Technology |
| presented by: Haoxiang Zhu, Massachusetts Institute of Technology |
| Discussant: Michael Kumhof, Bank of England |
| Decentralized Exchanges |
| By Alfred Lehar; University of Calgary Christine Parlour; University of California, Berkeley |
| presented by: Alfred Lehar, University of Calgary |
| Discussant: Andreas Park, University of Toronto Mississauga |
| Money Creation in Decentralized Finance: A Dynamic Model of Stablecoins and Crypto Shadow Banking |
| By Ye Li; Ohio State University Simon Mayer; Erasmus University |
| presented by: Ye Li, Ohio State University |
| Discussant: Matthieu Bouvard, Toulouse School of Economics |
| Session: ESG and Sustainable Finance January 9, 2022 10:00 to 12:00 |
| Session Chair: Reena Aggarwal, Georgetown University |
| Session type: invited |
| Does Money Talk? Market Discipline through Selloffs and Boycotts |
| By Nickolay Gantchev; University of Warwick Mariassunta Giannetti; Stockholm School of Economics Rachel Li; University of Alabama |
| presented by: Nickolay Gantchev, University of Warwick |
| Discussant: Kai Li, University of British Columbia |
| The Effects of Mandatory ESG Disclosure around the World |
| By Philipp Krueger; University of Geneva Zacharias Sautner; Frankfurt School of Finance & Management Dragon Yongjun Tang; University of Hong Kong Rui Zhong; University of Western Australia |
| presented by: Rui Zhong, University of Western Australia |
| Discussant: Pedro Matos, University of Virginia |
| Paying Attention to ESG Matters: Evidence from Big Data Analytics |
| By Wendi Huang; University of Hong Kong George Andrew Karolyi; Cornell University Alan Kwan; University of Hong Kong |
| presented by: Alan Kwan, University of Hong Kong |
| Discussant: Elroy Dimson, University of Cambridge |
| Welfare Consequences of Sustainable Finance |
| By Harrison Hong; Columbia University Neng Wang; Columbia University Jinqiang Yang; Shanghai Institute of International Finance and Economics |
| presented by: Harrison Hong, Columbia University |
| Discussant: Lucian Taylor, University of Pennsylvania |
| Session: Household Finance II January 9, 2022 10:00 to 12:00 |
| Session Chair: Tarun Ramadorai, Imperial College London |
| Session type: invited |
| Stock Market Participation and Portfolio Shares over the Life-cycle |
| By Francisco Gomes; London Business School Oksana Smirnova; London Business School |
| presented by: Francisco Gomes, London Business School |
| Discussant: Luis Viceira, Harvard University |
| Employee Output Response to Stock Market Wealth Shocks |
| By Teng Li; Sun Yat-sen University Wenlan Qian; National University of Singapore Wei A Xiong; Shenzhen Stock Exchange Xin Zou; Hong Kong Baptist University |
| presented by: Xin Zou, Hong Kong Baptist University |
| Discussant: Sasha Indarte, University of Pennsylvania |
| What Do the Portfolios of Individual Investors Reveal About the Cross-Section of Equity Returns? |
| By Sebastien Betermier; McGill University Laurent Calvet; EDHEC Business School Samuli Knüpfer; BI Norwegian Business School Jens Kvaerner; Tilburg University |
| presented by: Jens Kvaerner, Tilburg University |
| Discussant: Lars Lochstoer, University of California, Los Angeles |
| How do Taxes affect the Trading Behavior of Private Investors? Evidence from Individual Portfolio Data |
| By Florian Buhlmann; ZEW Mannheim Philipp Doerrenberg; University of Mannheim Benjamin Loos; Technical University of Munich Johannes Voget; University of Mannheim |
| presented by: Florian Buhlmann, ZEW Mannheim |
| Discussant: Allan Davids, University of Cape Town |
| Session: Innovation Frontiers in Finance January 9, 2022 10:00 to 12:00 |
| Session Chair: Lauren Cohen, Harvard University |
| Session type: invited |
| Does Trading Spur Specialization? Evidence from Patenting |
| By Pengfei Han; Peking University Chunrui Liu; Tsinghua University Xuan Tian; Tsinghua University |
| presented by: Pengfei Han, Guanghua School of Management, Peking University |
| Discussant: Bo Bian, University of British Columbia |
| Blaze New Trails for Others to Follow: Evidence from Scanner Data |
| By Kuntara Pukthuanthong; University of Missouri Ruixiang Wang; Northeastern University |
| presented by: Ruixiang Wang, Northeastern University |
| Discussant: Xinxin Wang, University of California, Los Angeles |
| Obsolete Firms |
| By Song Ma; Yale University |
| presented by: Song Ma, Yale University |
| Discussant: Shai Bernstein, Harvard University |
| Technology Transfer and Early Industrial Development: Evidence from the Sino-Soviet Alliance |
| By Michela Giorcelli; University of California, Los Angeles Bo Li; Tsinghua University |
| presented by: Bo Li, Tsinghua University |
| Discussant: Ting Xu, University of Virginia |
| Session: Market Mispricing and Limits to Arbitrage January 9, 2022 10:00 to 12:00 |
| Session Chair: Mikhail Simutin, University of Toronto |
| Session type: invited |
| Tracking Biased Weights: Asset Pricing Implications of Value-Weighted Indexing |
| By Hao Jiang; Michigan State University Dimitri Vayanos; London School of Economics Lu Zheng; University of California, Irvine |
| presented by: Dimitri Vayanos, London School of Economics |
| Discussant: Yang Song, University of Washington |
| A Multifactor Perspective on Volatility-Managed Portfolios |
| By Victor DeMiguel; University of London Alberto Martin-Utrera; Iowa State University Raman Uppal; EDHEC Business School |
| presented by: Alberto Martin-Utrera, Iowa State University |
| Discussant: Oliver Boguth, Arizona State University |
| Benchmarking Intensity |
| By Anna Pavlova; London Business School Taisiya Sikorskaya; London Business School |
| presented by: Anna Pavlova, London Business School |
| Discussant: Jonathan Berk, Stanford University |
| The Loan Fee Anomaly: A Short Seller’s Best Ideas |
| By Joseph Engelberg; University of California, San Diego Richard Evans; University of Virginia Greg Leonard; University of North Carolina at Chapel Hill Adam Reed; University of North Carolina at Chapel Hill Matthew Ringgenberg; University of Utah |
| presented by: Greg Leonard, University of North Carolina at Chapel Hill |
| Discussant: Juhani Linnainmaa, Dartmouth College |
| Session: Methodologies January 9, 2022 10:00 to 12:00 |
| Session Chair: Xavier Giroud, Columbia University |
| Session type: invited |
| Measuring Measurement Error |
| By Aaron Pancost; University of Texas at Austin Garrett Schaller; Colorado State University |
| presented by: Aaron Pancost, University of Texas at Austin |
| Discussant: Tobias Berg, Frankfurt School of Finance & Management |
| The Heterogeneous Effects of Default on Investment: An Application of Causal Forest in Corporate Finance |
| By Huseyin Gulen; Purdue University Candace Jens; Tulane University Beau Page; Tulane University |
| presented by: Candace Jens, Tulane University |
| Discussant: Gregory Nini, Drexel University |
| Do Common Factors Really Explain the Cross-Section of Stock Returns? |
| By Alejandro Lopez-Lira; Warrington College of Business, University of Florida Nikolai Roussanov; University of Pennsylvania |
| presented by: Alejandro Lopez-Lira, Warrington College of Business, University of Florida |
| Discussant: Simona Abis, Columbia University |
| Session: Return Dynamics January 9, 2022 10:00 to 12:00 |
| Session Chair: Bryan Kelly, Yale University |
| Session type: invited |
| A Decomposition of Conditional Risk Premia and Implications for Representative Agent Models |
| By Fousseni Chabi-Yo; Isenberg School of Management Johnathan Loudis; University of Notre Dame |
| presented by: Johnathan Loudis, University of Notre Dame |
| Discussant: David Schreindorfer, Arizona State University |
| The Temporal Structure of Risk and the Cross- Section of Equity Returns |
| By Shane Miller; University of Michigan |
| presented by: Shane Miller, Ross School of Business, University of Michigan |
| Discussant: Yinan Su, Johns Hopkins University |
| The International Commonality of Idiosyncratic Variances |
| By Geert Bekaert; Columbia University Xue Wang; Nankai University Xiaoyan Zhang; Tsinghua University |
| presented by: Xue Wang, Nankai University |
| Discussant: Bernard Herskovic, University of California, Los Angeles |
| Consumption |
| By Svetlana Bryzgalova; London Business School Christian Julliard; London School of Economics |
| presented by: Christian Julliard, London School of Economics |
| Discussant: Andrei Goncalves, University of North Carolina at Chapel Hill |
| Session: AFA Panel: Current Issues in Financial Market Regulation January 9, 2022 12:15 to 14:15 |
| Session Chair: Kathleen Hanley, Lehigh University |
| Session type: panel |
| Presented by: John Coates, Harvard Law School, John F. Cogan, Jr. Professor of Law and Economics |
| Presented by: S.P. Kothari, Massachusetts Institute of Technology, Gordon Y Billard Professor of Accounting and Finance |
| Presented by: Jonathan Sokobin, FINRA, Chief Economist |
| Session: Capital Structure January 9, 2022 12:15 to 14:15 |
| Session Chair: Yufeng Wu, University of Illinois |
| Session type: invited |
| Collateral and Secured Debt |
| By Adriano Rampini; Duke University S. Viswanathan; Duke University |
| presented by: Adriano Rampini, Duke University |
| Discussant: Giorgia Piacentino, Columbia University |
| Monetary Surprises, Debt Structure and Credit Misallocation |
| By Yuchen Chen; University of Minnesota |
| presented by: Yuchen Chen, University of Minnesota |
| Discussant: Thomas Winberry, University of Pennsylvania |
| Renegotiation in Debt Chains |
| By Vincent Glode; University of Pennsylvania Christian Opp; University of Rochester |
| presented by: Christian Opp, University of Rochester |
| Discussant: Kinda Hachem, University of Virginia |
| Session: Corporate Investment January 9, 2022 12:15 to 14:15 |
| Session Chair: Miao Ben Zhang, University of Southern California |
| Session type: invited |
| A q Theory of Internal Capital Markets |
| By Min Dai; National University of Singapore Xavier Giroud; Columbia University Wei Jiang; Hong Kong University of Science and Technology Neng Wang; Columbia University |
| presented by: Wei Jiang, Hong Kong University of Science and Technology |
| Discussant: Lukas Schmid, University of Southern California |
| Policy Uncertainty, Multinational Firms, and Reallocation |
| By Arkodipta Sarkar; Hong Kong University of Science and Technology |
| presented by: Arkodipta Sarkar, Hong Kong University of Science and Technology |
| Discussant: Jan Bena, University of British Columbia |
| The Real Effects of Legal and Trading Frictions in Collateralization |
| By Bo Bian; University of British Columbia |
| presented by: Bo Bian, University of British Columbia |
| Discussant: Murillo Campello, Cornell University and NBER |
| The Bright Side of Financial Fragility |
| By Massimo Massa; INSEAD David Schumacher; McGill University Yan Wang; McMaster University |
| presented by: David Schumacher, McGill University |
| Discussant: Kristine Hankins, University of Kentucky |
| Session: Labor Finance II January 9, 2022 12:15 to 14:15 |
| Session Chair: Jonathan Cohn, University of Texas at Austin |
| Session type: invited |
| What Is the Cost of Privatization for Workers? |
| By Martin Olsson; Research Institute of Industrial Economics Joacim Tåg; Research Institute of Industrial Economics |
| presented by: Joacim Tåg, Research Institute of Industrial Economics |
| Discussant: David Robinson, Duke University |
| Restructuring the Labor Force after Mergers |
| By Britta Gehrke; University of Rostock Ernst Maug; University of Mannheim Stefan Obernberger; Erasmus University Christoph Schneider; University of Münster |
| presented by: Ernst Maug, University of Mannheim |
| Discussant: Liu Yang, University of Maryland |
| Robots and Firm Investment |
| By Efraim Benmelech; Northwestern University Michal Zator; University of Notre Dame |
| presented by: Michal Zator, University of Notre Dame, Mendoza College of Business |
| Discussant: Ashwini Agrawal, London School of Economics |
| Session: Macro Finance II January 9, 2022 12:15 to 14:15 |
| Session Chair: Janice Eberly, Northwestern University |
| Session type: invited |
| Financial and Total Wealth Inequality with Declining Interest Rates |
| By Daniel Greenwald; Massachusetts Institute of Technology Matteo Leombroni; Stanford University Hanno Lustig; Stanford University Stijn Van Nieuwerburgh; Columbia University |
| presented by: Stijn Van Nieuwerburgh, Columbia University |
| Discussant: Ludwig Straub, Harvard University |
| Exorbitant Privilege? The Bond Market Subsidy of Prospective Fallen Angels |
| By Viral Acharya; New York University, CEPR, and NBER Ryan Banerjee; Bank for International Settlements Matteo Crosignani; Federal Reserve Bank of New York Tim Eisert; Erasmus University, CEPR Renee Spigt; Erasmus University |
| presented by: Tim Eisert, Erasmus University, CEPR |
| Discussant: Tyler Muir, University of California, Los Angeles |
| The Rise of Bond Financing in Europe |
| By Olivier Darmouni; Columbia University Melina Papoutsi; European Central Bank |
| presented by: Melina Papoutsi, European Central Bank |
| Discussant: Victoria Ivashina, Harvard University |
| Corporate Loan Spreads and Economic Activity |
| By Anthony Saunders; New York University Alessandro Spina; Copenhagen Business School Sascha Steffen; Frankfurt School of Finance & Management Daniel Streitz; Copenhagen Business School |
| presented by: Alessandro Spina, Copenhagen Business School |
| Discussant: Egon Zakrajzek, Bank for International Settlements |
| Session: Market Microstructure: Trading on Information January 9, 2022 12:15 to 14:15 |
| Session Chair: Ingrid Werner, Ohio State University |
| Session type: invited |
| Information Sharing in Financial Markets |
| By Itay Goldstein; University of Pennsylvania Yan Xiong; Hong Kong University of Science and Technology Liyan Yang; University of Toronto |
| presented by: Yan Xiong, Hong Kong University of Science and Technology |
| Discussant: Laura Veldkamp, Columbia University |
| How Much Insider Trading Happens in Stock Markets? |
| By Vinay Patel; University of Technology Sydney Talis Putnins; University of Technology Sydney |
| presented by: Vinay Patel, University of Technology Sydney |
| Discussant: Emiliano Pagnotta, Imperial College London |
| When Do Informed Short Sellers Trade? Evidence from Intraday Data and Implications for Informed Trading Models |
| By Danqi Hu; Northwestern University Charles Jones; Columbia University Xiaoyan Zhang; Tsinghua University |
| presented by: Charles Jones, Columbia University |
| Discussant: Matthew Ringgenberg, University of Utah |
| The Conduits of Price Discovery: A Machine Learning Approach |
| By Amy Kwan; University of Sydney Richard Philip; University of Sydney Andriy Shkilko; Wilfrid Laurier University |
| presented by: Andriy Shkilko, Wilfrid Laurier University |
| Discussant: Barbara Rindi, Bocconi University |
| Session: Oil Prices January 9, 2022 12:15 to 14:15 |
| Session Chair: Alan Crane, Rice University |
| Session type: invited |
| The Day that WTI Died: Asset Prices and Firm Production Decisions |
| By Erik Gilje; University of Pennsylvania Robert Ready; University of Oregon Nikolai Roussanov; University of Pennsylvania Jerome Taillard; Babson College |
| presented by: Erik Gilje, University of Pennsylvania |
| Discussant: Praveen Kumar, University of Houston |
| Mining for Oil Forecasts |
| By Charles Calomiris; Columbia University Nida Cakir Melek; Federal Reserve Bank of Kansas City Harry Mamaysky; Columbia University |
| presented by: Harry Mamaysky, Columbia University |
| Discussant: Bradley Paye, Virginia Tech |
| Stock-Oil Comovement: Fundamentals or Financialization? |
| By Alessandro Melone; Vienna Graduate School of Finance Otto Randl; Vienna University of Economics and Business Leopold Sögner; Institute for Advanced Studies Josef Zechner; Vienna University of Economics and Business |
| presented by: Alessandro Melone, Vienna Graduate School of Finance |
| Discussant: David Sovich, University of Kentucky |
| Session: Private Equity/Venture Capital January 9, 2022 12:15 to 14:15 |
| Session Chair: Margarita Tsoutsoura, Cornell University |
| Session type: invited |
| Private Equity and Pay Gaps Inside the Firm |
| By Lily Fang; INSEAD Jim Goldman; University of Toronto Alexandra Roulet; INSEAD |
| presented by: Jim Goldman, University of Toronto |
| Discussant: Zoe Cullen, Harvard University |
| Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes |
| By Abhinav Gupta; New York University Atul Gupta; University of Pennsylvania Sabrina Howell; New York University Constantine Yannelis; University of Chicago |
| presented by: Constantine Yannelis, University of Chicago |
| Discussant: Richard Thakor, University of Minnesota |
| Corporate Venture Capital and Firm Scope |
| By Yifei Zhang; Toulouse School of Economics |
| presented by: Yifei Zhang, Toulouse School of Economics |
| Discussant: Merih Sevilir, Indiana University |
| Are Private Equity Funds Superior Real Estate Investors? Evidence from the Hotel Industry |
| By Christophe Spaenjers; HEC Paris Eva Steiner; Pennsylvania State University |
| presented by: Christophe Spaenjers, HEC Paris |
| Discussant: Cesare Fracassi, University of Texas at Austin |
| Session: SPECIAL EVENT: AFA PhD Student Panel January 9, 2022 14:30 to 15:30 |
| Session Chair: Markus Brunnermeier, Princeton University |
| Session type: panel |
| Session: SPECIAL SESSION: On ESG: Theory and Empirics January 9, 2022 15:45 to 17:45 |
| Session Chair: Stuart Gillan, University of North Texas |
| Session type: invited |
| ESG Confusion and Stock Returns: Tackling the Problem of Noise |
| By Florian Berg; Massachusetts Institute of Technology Julian Koelbel; Massachusetts Institute of Technology Anna Pavlova; London Business School Roberto Rigobon; Massachusetts Institute of Technology |
| presented by: Florian Berg, Massachusetts Institute of Technology |
| The Cost of ESG Investing |
| By Laura Lindsey; Arizona State University Seth Pruitt; Arizona State University Christoph Schiller; Arizona State University |
| presented by: Laura Lindsey, Arizona State University |
| Quantifying the Impact of Impact Investing |
| By Andrew Lo; Massachusetts Institute of Technology Ruixun Zhang; Peking University |
| presented by: Ruixun Zhang, Peking University |
| Dissecting Green Returns |
| By Lubos Pastor; University of Chicago Robert Stambaugh; University of Pennsylvania Lucian Taylor; University of Pennsylvania |
| presented by: Lucian Taylor, University of Pennsylvania |
| Sustainable Systematic Credit |
| By Peter Diep; AQR Capital Management Lukasz Pomorski; AQR Capital Management Scott Richardson; AQR Capital Management |
| presented by: Peter Diep, AQR Capital Management |
| Session: SPECIAL SESSION: Persistence or Disruption of the American Caste January 9, 2022 15:45 to 17:45 |
| Session Chair: Natasha Burns, University of Texas at San Antonio |
| Session type: invited |
| Wealth Inequality and Return Heterogeneity during the COVID-19 Pandemic |
| By Katya Kartashova; Bank of Canada Xiaoqing Zhou; Federal Reserve Bank of Dallas |
| presented by: Xiaoqing Zhou, Federal Reserve Bank of Dallas |
| Financial Constraints and the Racial Housing Gap |
| By Arpit Gupta; New York University Christopher Hansman; Imperial College London Pierre Mabille; INSEAD |
| presented by: Arpit Gupta, New York University |
| How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions |
| By Neil Bhutta; Federal Reserve Board Aurel Hizmo; Federal Reserve Board Daniel Ringo; Federal Reserve Board |
| presented by: Daniel Ringo, Federal Reserve Board |
| Racial Disparities in Access to Small Business Credit: Evidence from the Paycheck Protection Program |
| By Sabrina Howell; New York University Theresa Kuchler; New York University David Snitkof; Ocrolus Johannes Stroebel; New York University Jun Wong; University of Chicago |
| presented by: Sabrina Howell, New York University |
| Racial Disparities in the Paycheck Protection Program |
| By Sergey Chernenko; Purdue University David Scharfstein; Harvard University |
| presented by: Sergey Chernenko, Purdue University |
| Session: Bank Lending Behavior January 9, 2022 15:45 to 17:45 |
| Session Chair: Adi Sunderam, Harvard University |
| Session type: invited |
| The Allocative Effects of Banks' Funding Costs |
| By Anne Duquerroy; Bank of France Adrien Matray; Princeton University Farzad Saidi; University of Bonn |
| presented by: Farzad Saidi, University of Bonn |
| Discussant: Emily Williams, Harvard University |
| The Credit Line Channel |
| By Daniel Greenwald; Massachusetts Institute of Technology John Krainer; Federal Reserve Board Pascal Paul; Federal Reserve Bank of San Francisco |
| presented by: Daniel Greenwald, Massachusetts Institute of Technology |
| Discussant: Stephan Luck, Federal Reserve of New York |
| Many Markets Make Good Neighbors: Multimarket Contact and Deposit Banking |
| By John Hatfield; University of Texas at Austin Jonathan Wallen; Harvard Business School |
| presented by: John Hatfield, University of Texas at Austin |
| Discussant: Joao Granja, University of Chicago |
| Session: Belief Formation and Market Efficiency January 9, 2022 15:45 to 17:45 |
| Session Chair: Bruce Carlin, Rice University |
| Session type: invited |
| Cognitive Errors As Canary Traps |
| By Alexander Chinco; University of Chicago |
| presented by: Alexander Chinco, University of Chicago |
| Discussant: Peter Maxted, University of California, Berkeley |
| Information Flow, Noise, and the Irrelevance of FOMC Announcement Returns |
| By Oliver Boguth; Arizona State University Vincent Gregoire; HEC Montreal Charles Martineau; University of Toronto |
| presented by: Vincent Gregoire, HEC Montreal |
| Discussant: Pavel Savor, DePaul University |
| Market Efficiency in the Age of Machine Learning |
| By Leonidas Barbopoulos; University of Edinburgh Rui Dai; WRDS, The Wharton School Talis Putnins; University of Technology Sydney Anthony Saunders; New York University |
| presented by: Leonidas Barbopoulos, University of Edinburgh |
| Discussant: Ryan Israelsen, Michigan State University |
| Session: Capital, Labor, and the Cross-section of Returns January 9, 2022 15:45 to 17:45 |
| Session Chair: Ron Kaniel, University of Rochester |
| Session type: invited |
| A Supply and Demand Approach to Equity Pricing |
| By Sebastien Betermier; McGill University Laurent Calvet; EDHEC Business School Evan Jo; McGill University |
| presented by: Laurent Calvet, EDHEC Business School |
| Discussant: Motohiro Yogo, Princeton University |
| Labor Market Networks and Asset Returns |
| By Joon Woo Bae; Case Western Reserve University Turan Bali; Georgetown University Ali Sharifkhani; Northeastern University Xiaofei Zhao; Georgetown University |
| presented by: Joon Woo Bae, Case Western Reserve University |
| Discussant: Yukun Liu, University of Rochester |
| Risk Sharing Within and Outside the Firm: The Disparate Effects of Employment Protection on Expected Stock Returns |
| By Robert Mahlstedt; University of Copenhagen Rüdiger Weber; Vienna University of Economics and Business |
| presented by: Rüdiger Weber, Vienna University of Economics and Business |
| Discussant: Juhani Linnainmaa, Dartmouth College |
| Session: Corporate Finance: Behavioral January 9, 2022 15:45 to 17:45 |
| Session Chair: Geoffrey Tate, University of Maryland |
| Session type: invited |
| Partisanship in Loan Pricing |
| By Ramona Dagostino; University of Rochester Janet Gao; Indiana University Pengfei Ma; Indiana University |
| presented by: Janet Gao, Indiana University |
| Discussant: William Mullins, University of California, San Diego |
| Corporate Overconfidence and Bank Lending |
| By Filippo De Marco; Bocconi University Julien Sauvagnat; Bocconi University Enrico Sette; Bank of Italy |
| presented by: Filippo De Marco, Bocconi University |
| Discussant: Christa Bouwman, Texas A&M University |
| “Pump and Dump” through Media Tone: The Role of Cross-Blockholders in Corporate Litigation |
| By Jie He; University of Georgia Han Xia; University of Texas at Dallas Yabo Zhao; University of Texas at Dallas |
| presented by: Han Xia, University of Texas at Dallas |
| Discussant: Joshua White, Vanderbilt University |
| Session: Household Finance III January 9, 2022 15:45 to 17:45 |
| Session Chair: Gregor Matvos, Northwestern University |
| Session type: invited |
| Using High Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers |
| By Marco Giacoletti; University of Southern California Rawley Heimer; Boston College Edison Yu; Federal Reserve Bank of Philadelphia |
| presented by: Marco Giacoletti, University of Southern California |
| Discussant: Sophia Gilbukh, Baruch College, CUNY |
| Financial Market Ethics |
| By David Easley; Cornell University Maureen O'Hara; Cornell University |
| presented by: Maureen O'Hara, Cornell University |
| Discussant: Briana Chang, University of Wisconsin |
| Competition and Selection in Credit Markets |
| By Constantine Yannelis; Chicago Booth Anthony Lee Zhang; University of Chicago |
| presented by: Anthony Lee Zhang, University of Chicago |
| Discussant: Matteo Benetton, University of California, Berkeley |
| Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities |
| By Mark Egan; Harvard University Shan Ge; New York University Johnny Tang; Harvard University |
| presented by: Shan Ge, New York University |
| Discussant: Manisha Padi, University of California, Berkeley |
| Session: Liquidity Management and Crises in Asset Management January 9, 2022 15:45 to 17:45 |
| Session Chair: Susan Christoffersen, University of Toronto |
| Session type: invited |
| Redemption in Kind and Mutual Fund Liquidity Management |
| By Vikas Agarwal; Georgia State University Honglin Ren; Renmin University of China Ke Shen; Lehigh University Haibei Zhao; Lehigh University |
| presented by: Haibei Zhao, Lehigh University |
| Discussant: Bige Kahraman, University of Oxford |
| Prime Time for Prime Funds: Floating NAV, Intraday Redemptions and Liquidity Risk During Crises |
| By Lorenzo Casavecchia; University of Technology Sydney Chanyuan Ge; Macquarie University Wei Li; University of Iowa Ashish Tiwari; University of Iowa |
| presented by: Ashish Tiwari, University of Iowa |
| Discussant: Marcin Kacperczyk, Imperial College London |
| Beware of Chasing Yield: Bond Fund Yield, Flows and Performance |
| By Hao Jiang; Michigan State University Yuanzhi Li; Temple University Lu Zheng; University of California, Irvine |
| presented by: Hao Jiang, Michigan State University |
| Discussant: Bo Becker, Stockholm School of Economics, CEPR & ECGI |
| Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Mutual Fund Runs |
| By Johannes Breckenfelder; European Central Bank Niklas Grimm; European Central Bank Marie Hoerova; European Central Bank |
| presented by: Marie Hoerova, European Central Bank |
| Discussant: Annette Vissing-Jorgensen, University of California, Berkeley |
This program was last updated on 2022-01-06 15:32:00 EDT