American Finance Association 2022 Annual Meeting

Virtual Conference (all times listed below are Eastern Time zone)

 

Summary of All Sessions

Date/TimeTypeTitlePapers
January 6, 2022
16:30-18:00
panel SPECIAL EVENT: AFA PhD Student Panel
January 6, 2022
18:00-20:00
panel SPECIAL EVENT: Data and Drinks (hosted by AFFECT)0
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 Pricing4
January 7, 2022
10:00-12:00
invited Finance and COVID-193
January 7, 2022
10:00-12:00
invited Firms, Markets, and Information Disclosure4
January 7, 2022
10:00-12:00
invited Liquidity4
January 7, 2022
10:00-12:00
invited Market Risk Factors3
January 7, 2022
10:00-12:00
invited Mergers and Acquisitions4
January 7, 2022
10:00-12:00
invited Mutual Fund Trading and Performance4
January 7, 2022
12:15-14:15
invited Behavioral Finance: Risk, Beliefs, and Factor Models4
January 7, 2022
12:15-14:15
invited Big Data/Machine Learning Applications to Financial Markets4
January 7, 2022
12:15-14:15
invited CEOs and Politics4
January 7, 2022
12:15-14:15
invited Corporate Bond Market4
January 7, 2022
12:15-14:15
invited ESG Investing4
January 7, 2022
12:15-14:15
invited Financial Certification, Competitive Strategy, and Innovation3
January 7, 2022
12:15-14:15
invited Governance: Boards, CEOs, and Equity3
January 7, 2022
12:15-14:15
invited When Banks Meet the Official Sector4
January 7, 2022
14:30-15:30
panel SPECIAL EVENT: AEA/AFA Joint Lecture0
January 7, 2022
15:45-17:45
panel AFA Panel: Divestment0
January 7, 2022
15:45-17:45
invited Climate Finance4
January 7, 2022
15:45-17:45
invited Conflicts of Interest and Insider Trading4
January 7, 2022
15:45-17:45
invited Financial Crises and Transmission of Shocks3
January 7, 2022
15:45-17:45
invited Household Finance I4
January 7, 2022
15:45-17:45
invited Over the Counter Markets4
January 7, 2022
15:45-17:45
invited Safe Assets3
January 7, 2022
15:45-17:45
invited Shareholder Monitoring and Voting4
January 8, 2022
10:00-12:00
panel AFA Panel: Climate and the Financial System0
January 8, 2022
10:00-12:00
invited Current Issues in Real Estate Finance4
January 8, 2022
10:00-12:00
invited Finance and Gender4
January 8, 2022
10:00-12:00
invited Financial Stability3
January 8, 2022
10:00-12:00
invited (Ir)responsible corporate governance 3
January 8, 2022
10:00-12:00
invited Labor Finance I3
January 8, 2022
10:00-12:00
invited Learning and Flows in Asset Management4
January 8, 2022
10:00-12:00
invited The Cross-section of Stock Returns4
January 8, 2022
10:00-12:00
invited Who is Paying Attention? Benefits of Information in Capital Markets4
January 8, 2022
12:15-14:15
panel AFA Panel: Central Bank Digital Currency0
January 8, 2022
12:15-14:15
invited Corporate Finance: Policy and Regulatory Issues4
January 8, 2022
12:15-14:15
invited Derivatives4
January 8, 2022
12:15-14:15
invited Finance and Race3
January 8, 2022
12:15-14:15
invited Investor Behavior4
January 8, 2022
12:15-14:15
invited Macro Finance I4
January 8, 2022
12:15-14:15
invited Mergers and Venture Financing4
January 8, 2022
12:15-14:15
invited Technology and Financial Services3
January 8, 2022
15:45-17:45
panel AFA Lecture0
January 8, 2022
15:45-17:45
invited Banking and Real Economy4
January 8, 2022
15:45-17:45
invited Big Data and Firm Policies4
January 8, 2022
15:45-17:45
invited Contracts and Incentives4
January 8, 2022
15:45-17:45
invited Corporate Social Responsibility4
January 8, 2022
15:45-17:45
invited ETFs 2.04
January 8, 2022
15:45-17:45
invited Identifying the Value and Novelty of Financial Market Information4
January 8, 2022
15:45-17:45
invited International Finance3
January 8, 2022
18:00-20:00
plenary SPECIAL EVENT: AFA Business Meeting and Presidential Address0
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 CBDCs3
January 9, 2022
10:00-12:00
invited ESG and Sustainable Finance 4
January 9, 2022
10:00-12:00
invited Household Finance II4
January 9, 2022
10:00-12:00
invited Innovation Frontiers in Finance4
January 9, 2022
10:00-12:00
invited Market Mispricing and Limits to Arbitrage4
January 9, 2022
10:00-12:00
invited Methodologies3
January 9, 2022
10:00-12:00
invited Return Dynamics4
January 9, 2022
12:15-14:15
invited Capital Structure3
January 9, 2022
12:15-14:15
invited Corporate Investment4
January 9, 2022
12:15-14:15
invited Labor Finance II3
January 9, 2022
12:15-14:15
invited Macro Finance II4
January 9, 2022
12:15-14:15
invited Market Microstructure: Trading on Information4
January 9, 2022
12:15-14:15
invited Oil Prices3
January 9, 2022
12:15-14:15
invited Private Equity/Venture Capital4
January 9, 2022
14:30-15:30
panel SPECIAL EVENT: AFA Committee on Racial Diversity Event0
January 9, 2022
15:45-17:45
invited Bank Lending Behavior3
January 9, 2022
15:45-17:45
invited Belief Formation and Market Efficiency3
January 9, 2022
15:45-17:45
invited Capital, Labor, and the Cross-section of Returns3
January 9, 2022
15:45-17:45
invited Corporate Finance: Behavioral3
January 9, 2022
15:45-17:45
invited Household Finance III4
January 9, 2022
15:45-17:45
invited Liquidity Management and Crises in Asset Management4
 

75 sessions, 235 papers, and 18 presentations with no associated papers


 

American Finance Association 2022 Annual Meeting

Detailed List of Sessions

 
Session: SPECIAL EVENT: AFA PhD Student Panel
January 6, 2022 16:30 to 18:00
 
Session Chair: Markus Brunnermeier, Princeton University
Session type: panel
 
Session: SPECIAL EVENT: Data and Drinks (hosted by AFFECT)
January 6, 2022 18:00 to 20:00
 
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; UC Berkeley
   presented by: Steven Zheng, UC 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: Jack Favilukis, University of British Columbia
   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: Zacharias Sautner, Frankfurt School of Finance & Management
   Discussant:   Michelle Lowry, Drexel University
 

Information Disclosure and Drug Development: 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: Kyungran Lee, University of Hong Kong
   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
 

Corporate Restructuring and 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: Marieke Bos, 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: Sergey Chernenko, 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: Bryan Kelly, Yale University
   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
 

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: Varun Sharma, London Business School
   Discussant:   Valentin Haddad, University of California, Los Angeles
 

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: Amil Dasgupta, London School of Economics
   Discussant:   Hui Chen, Massachusetts Institute of Technology
 

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: Jordan Nickerson, Massachusetts Institute of Technology
   Discussant:   Sergey Chernenko, Purdue 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, University of Zurich
   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, Swiss Finance Institute and USI Lugano
   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: Haoxiang Zhu, Massachusetts Institute of Technology
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; University of Western Ontario
Charles Kahn; University of Illinois
Gabriel Rodriguez Rondon; McGill University
   presented by: Jorge Cruz Lopez, University of Western Ontario
   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: AEA/AFA Joint Lecture
January 7, 2022 14:30 to 15:30
 
Session Chair: John Graham, Duke University
Session type: panel
 

Presented by:
   Kerwin Charles, Yale University
 
Session: AFA Panel: Divestment
January 7, 2022 15:45 to 17:45
 
Session Chair: Jonathan Berk, Stanford University
Session type: panel
 
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
 

ICO Analysts
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: Yi Li, 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: Benedikt Ballensiefen, University of St. Gallen and World Bank Group
   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 North Carolina, Chapel Hil
 

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: Kristina Minnick, Bentley University
   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: Haelim Anderson, FDIC
   Discussant:   Shengxing Zhang, London School of Economics
 

Bank Balance Sheet Constraints and Bond Liquidity
By Johannes Breckenfelder; European Central Bank
Victoria Ivashina; Harvard University
   presented by: Victoria Ivashina, Harvard University
   Discussant:   Chester Spatt, Carnegie Mellon University
 

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
 
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; Cornell University
Till von Wachter; University of California, Los Angeles
   presented by: Antonio Falato, Federal Reserve Board
   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: Margarita Tsoutsoura, Cornell University
   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: Anton Lines, 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: Russell Wermers, University of Maryland
   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: Huacheng Zhang, Southwestern University of Finance and Economics
   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: Ali Sharifkhani, Northeastern University
   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
 

Imprecise and Informative: Lessons from Market Reactions to Imprecise Disclosure
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:
   Hyun Song Shin, Bank for International Settlements
 

Presented by:
   David Yermack, New York University
 
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: Nicole Boyson, 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: Kairong Xiao, Columbia University
   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
 

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
 

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:   Haoxiang Zhu, Massachusetts Institute of Technology
 
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: Seongjin Park, University of Chicago
   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: Shengle Lin, San Francisco State University
   Discussant:   Charles Jones, Columbia University
 

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: Yael Hochberg, Rice University
   Discussant:   Francisco Queiro, Nova School of Business and Economics
 

Do Firms with Specialized M&A Staff Make Better Acquisitions?
By Rene Stulz; Ohio State University
Sinan Gokkaya; Ohio University
Xi Liu; Miami University
   presented by: Sinan Gokkaya, Ohio 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
 

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
 

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
 

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
 

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:   Luc Laeven, European Central Bank
 

Zombie Lending and Cross-Subsidization in a Lending Crisis
By Nikos Artavanis; Virginia Tech
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: Baozhong Yang, Georgia State 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:   Tania Babina, Columbia University
 

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
 

Conservative TV and Corporate Social Responsibility
By Mahsa Kaviani; University of Delaware
Yuanzhi Li; Temple University
Hosein Maleki; Florida State University
   presented by: Mahsa Kaviani, University of Delaware
   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: Philipp Krueger, University of Geneva, Swiss Finance Inst
   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
 

ETF Design and 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 Sherman; University of Massachusetts-Amherst
Abalfazl Zareei; Stockholm University
   presented by: Mila Sherman, University of Massachusetts-Amherst
   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: Enrico Spolaore, Tufts University
   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
 

On Interest-Bearing Central Bank Digital Currency with Heterogeneous Banks
By Rodney Garratt; University of California, Santa Barbara
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: Wendi Huang, 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: Hao Jiang, Michigan State University
   Discussant:   Yang Song, University of Washington
 

A Multifactor Perspective on Volatility-Managed Portfolios
By Victor DeMiguel; University of London
Alberto Martin-Utrera; New Jersey Institute of Technology
Raman Uppal; EDHEC Business School
   presented by: Victor DeMiguel, University of London
   Discussant:   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: Richard Evans, University of Virginia
   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: 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: Christoph Schneider, University of Münster
   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
   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: Danqi Hu, Northwestern 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: Otto Randl, Vienna University of Economics and Business
   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 Committee on Racial Diversity Event
January 9, 2022 14:30 to 15:30
 
Session Chair: Rohan Williamson, Georgetown University
Session type: panel
 
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:   Sergey Chernenko, Purdue University
 

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 Optimism 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
 

Financial Market Ethics
By David Easley; Cornell University
Maureen O'Hara; Cornell University
   presented by: Maureen O'Hara, Cornell University
 

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
 

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
 
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
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: Wei Li, 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: Lu Zheng, University of California, Irvine
   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 2021-10-27 15:25:15 EDT