Summary of All Sessions |
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| Date/Time | Type | Title/Location | Papers |
|---|---|---|---|
| January 5, 2023 8:00-17:00 | invited | AFFECT Mentoring Event (by invitation only) Location: Sheraton: Oak Alley (4th Floor) | 0 |
| January 6, 2023 8:00-10:00 | invited | Common Ownership, Indexing, and Welfare Location: Sheraton: Napoleon B/C (3rd Floor) | 4 |
| January 6, 2023 8:00-10:00 | invited | Asset Pricing: Market and Funding Liquidity Location: Sheraton: Borgne (3rd Floor) | 3 |
| January 6, 2023 8:00-10:00 | invited | Corporate Culture, Firm-Worker Matching and Firm Performance Location: Sheraton: Rhythms III (2nd Floor) | 4 |
| January 6, 2023 8:00-10:00 | invited | Financial Intermediation: Macro Finance Location: Sheraton: Rhythms I (2nd Floor) | 4 |
| January 6, 2023 8:00-10:00 | invited | Individual Assets and the SDF Location: Sheraton: Napoleon D (3rd Floor) | 4 |
| January 6, 2023 8:00-10:00 | invited | Innovations and Challenges in DeFi Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 6, 2023 8:00-10:00 | invited | Learning in and from Financial Markets Location: Sheraton: Rhythms II (2nd Floor) | 4 |
| January 6, 2023 8:00-10:00 | invited | The Real Effects of ESG Investment Location: Sheraton: Napoleon A (3rd Floor) | 4 |
| January 6, 2023 10:15-12:15 | panel | AFA Panel: Inflation - What Lies Ahead Location: Sheraton: Napoleon B/C (3rd Floor) | 0 |
| January 6, 2023 10:15-12:15 | invited | Asset Pricing: International Finance Location: Sheraton: Rhythms III (2nd Floor) | 3 |
| January 6, 2023 10:15-12:15 | invited | Asset Pricing: Market Microstructure Location: Sheraton: Napoleon A (3rd Floor) | 4 |
| January 6, 2023 10:15-12:15 | invited | Asset Pricing: Mutual Funds Location: Sheraton: Napoleon D (3rd Floor) | 4 |
| January 6, 2023 10:15-12:15 | invited | Corporate Finance: Mergers and Acquisitions Location: Sheraton: Maurepas (3rd Floor) | 3 |
| January 6, 2023 10:15-12:15 | invited | Financial Intermediation: Financial Crises Location: Sheraton: Rhythms II (2nd Floor) | 3 |
| January 6, 2023 10:15-12:15 | invited | Insurance and Pension Funds Location: Sheraton: Rhythms I (2nd Floor) | 4 |
| January 6, 2023 10:15-12:15 | invited | Regulation, Litigation and Politics Location: Sheraton: Grand Couteau (5th Floor) | 4 |
| January 6, 2023 10:15-12:15 | invited | Special Topics: Finance and Gender Location: Sheraton: Borgne (3rd Floor) | 4 |
| January 6, 2023 14:30-16:30 | panel | AFA Panel: Data Monopolies and Retail Finance Location: Sheraton: Napoleon B/C (3rd Floor) | 0 |
| January 6, 2023 14:30-16:30 | invited | Asset Pricing: Behavioral Finance Location: Sheraton: Rhythms III (2nd Floor) | 4 |
| January 6, 2023 14:30-16:30 | invited | Asset Pricing: Market Mispricing and Limits to Arbitrage Location: Sheraton: Rhythms II (2nd Floor) | 4 |
| January 6, 2023 14:30-16:30 | invited | Asset Pricing: Real Estate and Housing Finance Location: Sheraton: Borgne (3rd Floor) | 3 |
| January 6, 2023 14:30-16:30 | invited | Corporate Finance: Bankruptcy and Distress Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 6, 2023 14:30-16:30 | invited | Corporate Finance: Networks and Firm Productivity Location: Sheraton: Napoleon D (3rd Floor) | 3 |
| January 6, 2023 14:30-16:30 | invited | Finance During Covid Location: Sheraton: Napoleon A (3rd Floor) | 4 |
| January 6, 2023 14:30-16:30 | invited | Private Equity/Venture Capital Location: Sheraton: Rhythms I (2nd Floor) | 4 |
| January 6, 2023 18:30-20:00 | panel | SPECIAL EVENT: Data and Drinks (hosted by AFFECT) Location: Sheraton: Rhythms II (2nd Floor) | 0 |
| January 7, 2023 7:00-8:30 | panel | SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Breakfast Location: Sheraton: Oak Alley (4th Floor) | 0 |
| January 7, 2023 8:00-10:00 | invited | Access to Capital Markets: Firm Entry and Growth Location: Sheraton: Rhythms III (2nd Floor) | 4 |
| January 7, 2023 8:00-10:00 | invited | Asset Pricing: Cross-section of Returns (Conditional) Location: Sheraton: Napoleon D (3rd Floor) | 3 |
| January 7, 2023 8:00-10:00 | invited | Asset Pricing: Investor Behavior Location: Sheraton: Napoleon A (3rd Floor) | 4 |
| January 7, 2023 8:00-10:00 | invited | Climate Finance Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 7, 2023 8:00-10:00 | invited | Corporate Investment and Capital Budgeting Location: Sheraton: Napoleon B/C (3rd Floor) | 3 |
| January 7, 2023 8:00-10:00 | invited | Financial Intermediation: Bank Competition and Risk Location: Sheraton: Rhythms I (2nd Floor) | 3 |
| January 7, 2023 8:00-10:00 | invited | Financial Intermediation: Monetary Policy Transmission Location: Sheraton: Rhythms II (2nd Floor) | 3 |
| January 7, 2023 8:00-10:00 | invited | Financial Technology and its Social Value Location: Sheraton: Borgne (3rd Floor) | 3 |
| January 7, 2023 10:15-12:15 | panel | AFA Lecture: Exchange Rate Puzzles and Policies Location: Sheraton: Napoleon B/C (3rd Floor) | 0 |
| January 7, 2023 10:15-12:15 | invited | Asset Pricing: Portfolio Choice and Asset Allocation Location: Sheraton: Borgne (3rd Floor) | 3 |
| January 7, 2023 10:15-12:15 | invited | Corporate Finance: ESG - Theory Location: Sheraton: Napoleon A (3rd Floor) | 3 |
| January 7, 2023 10:15-12:15 | invited | Corporate Investment and Financial Markets Location: Sheraton: Rhythms III (2nd Floor) | 4 |
| January 7, 2023 10:15-12:15 | invited | Economics of Information Technology Location: Sheraton: Rhythms I (2nd Floor) | 3 |
| January 7, 2023 10:15-12:15 | invited | Impacts of Intermediaries in Household Finance Location: Sheraton: Napoleon D (3rd Floor) | 4 |
| January 7, 2023 10:15-12:15 | invited | Safe Asset and Government Debt Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 7, 2023 10:15-12:15 | invited | Social Influence and Networks Location: Sheraton: Rhythms II (2nd Floor) | 4 |
| January 7, 2023 14:30-16:30 | panel | AFA Panel: How to come up with Great Research Ideas in Finance Location: Sheraton: Napoleon B/C (3rd Floor) | 0 |
| January 7, 2023 14:30-16:30 | invited | Corporate Finance: Labor and Finance Location: Sheraton: Napoleon D (3rd Floor) | 4 |
| January 7, 2023 14:30-16:30 | invited | Corporate Finance: Transparency and Regulation Location: Sheraton: Rhythms II (2nd Floor) | 3 |
| January 7, 2023 14:30-16:30 | invited | Factor Models, Machine Learning, and Asset Pricing Location: Sheraton: Borgne (3rd Floor) | 4 |
| January 7, 2023 14:30-16:30 | invited | Financial Intermediation Location: Sheraton: Napoleon A (3rd Floor) | 3 |
| January 7, 2023 14:30-16:30 | invited | Macro-Finance Location: Sheraton: Rhythms III (2nd Floor) | 4 |
| January 7, 2023 14:30-16:30 | invited | Mutual Fund Flows Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 7, 2023 14:30-16:30 | invited | Special Topics: Finance and Race Location: Sheraton: Rhythms I (2nd Floor) | 4 |
| January 7, 2023 17:30-19:00 | panel | SPECIAL EVENT: AFA Business Meeting and Presidential Address Location: Sheraton: Napoleon B/C (3rd Floor) | 0 |
| January 8, 2023 8:00-10:00 | invited | Demand System Asset Pricing Location: Sheraton: Napoleon B/C (3rd Floor) | 4 |
| January 8, 2023 8:00-10:00 | invited | Advances in Fixed Income Location: Sheraton: Napoleon A (3rd Floor) | 4 |
| January 8, 2023 8:00-10:00 | invited | Asset Pricing: Return Dynamics Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 8, 2023 8:00-10:00 | invited | Corporate Finance: Behavioral Location: Sheraton: Borgne (3rd Floor) | 4 |
| January 8, 2023 8:00-10:00 | invited | Corporate Finance: Capital Structure Location: Sheraton: Rhythms II (2nd Floor) | 4 |
| January 8, 2023 8:00-10:00 | invited | Financial Intermediation: FinTech-Bank Competition on Small Business Loans Location: Sheraton: Rhythms I (2nd Floor) | 4 |
| January 8, 2023 8:00-10:00 | invited | Monetary Policy: Inflation, Bubbles and Financial Stability Location: Sheraton: Napoleon D (3rd Floor) | 4 |
| January 8, 2023 10:15-12:15 | invited | Asset Pricing: Belief Formation and Market Efficiency Location: Sheraton: Rhythms I (2nd Floor) | 4 |
| January 8, 2023 10:15-12:15 | invited | Asset Pricing: Derivatives and Commodities Location: Sheraton: Napoleon A (3rd Floor) | 4 |
| January 8, 2023 10:15-12:15 | invited | Corporate Governance in Public and Private Firms Location: Sheraton: Maurepas (3rd Floor) | 4 |
| January 8, 2023 10:15-12:15 | invited | Financial Intermediation: Bank Funding and Risk Management Location: Sheraton: Rhythms II (2nd Floor) | 3 |
| January 8, 2023 10:15-12:15 | invited | Innovation, Acquisition and Firm Growth Location: Sheraton: Napoleon D (3rd Floor) | 3 |
| January 8, 2023 10:15-12:15 | invited | New Topics in Monetary Policy Transmission Location: Sheraton: Borgne (3rd Floor) | 4 |
| January 8, 2023 10:15-12:15 | invited | Sustainable Finance and Asset Prices Location: Sheraton: Rhythms III (2nd Floor) | 4 |
| January 8, 2023 13:00-15:00 | invited | Financial Intermediation: Regulation Location: Sheraton: Napoleon A (3rd Floor) | 3 |
| January 8, 2023 13:00-15:00 | invited | Asset Pricing: Cross-section of Returns (Other) Location: Sheraton: Napoleon D (3rd Floor) | 4 |
| January 8, 2023 13:00-15:00 | invited | Asset Pricing: Household Finance Location: Sheraton: Maurepas (3rd Floor) | 3 |
| January 8, 2023 13:00-15:00 | invited | Shareholder Monitoring and Voting Location: Sheraton: Borgne (3rd Floor) | 4 |
| January 8, 2023 13:00-15:00 | invited | ETFs Location: Sheraton: Rhythms I (2nd Floor) | 3 |
| January 8, 2023 13:00-15:00 | invited | Incentives and Contracts Location: Sheraton: Rhythms II (2nd Floor) | 3 |
| January 8, 2023 13:00-15:00 | invited | Asset Pricing: Tail Risk Location: Sheraton: Rhythms III (2nd Floor) | 4 |
74 sessions, 242 papers, and 11 presentations with no associated papers |
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American Finance Association 2023 Annual Meeting |
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Detailed List of Sessions |
| Session: AFFECT Mentoring Event (by invitation only) January 5, 2023 8:00 to 17:00 Location: Sheraton: Oak Alley (4th Floor) |
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| Session type: invited |
| Session: Common Ownership, Indexing, and Welfare January 6, 2023 8:00 to 10:00 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Alessio Piccolo, Indiana University |
| Session type: invited |
| Diversification vs. Monopolization |
| By Jonas Frey; WWU Münster Axel Ockenfels; University of Cologne Martin Schmalz; University of Oxford |
| presented by: Jonas Frey, WWU Münster |
| Discussant: Jan Schneemeier, Indiana University |
| Common Ownership in Labor Markets |
| By José Azar; University of Navarra and CEPR Yue Qiu; Fox School of Business, Temple University Aaron Sojourner; W.E. Upjohn Institute for Employment Research |
| presented by: Yue Qiu, Fox School of Business, Temple University |
| Discussant: Jason Furman, Harvard University |
| Index Funds, Asset Prices, and the Welfare of Investors |
| By Martin Schmalz; University of Oxford William Zame; University of California, Los Angeles |
| presented by: William Zame, University of California, Los Angeles |
| Discussant: Philip Bond, University of Washington |
| A Tale of Two Networks: Common Ownership and Product Market Rivalry |
| By Florian Ederer; Yale University Bruno Pellegrino; University of Maryland |
| presented by: Bruno Pellegrino, University of Maryland |
| Discussant: Matteo Benetton, University of California, Berkeley |
| Session: Asset Pricing: Market and Funding Liquidity January 6, 2023 8:00 to 10:00 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Lasse Pedersen, Copenhagen Business School, NYU, AQR, CE |
| Session type: invited |
| Comparing Search and Intermediation Frictions Across Markets |
| By Gabor Pinter; Bank of England Semih Uslu; Johns Hopkins University |
| presented by: Semih Uslu, Johns Hopkins University |
| Discussant: Peter Feldhutter, Copenhagen Business School |
| Effects of Credit Expansions on Stock Market Booms and Busts |
| By Christopher Hansman; Imperial College London Harrison Hong; Columbia University Wenxi Jiang; Chinese University of Hong Kong Yu-Jane Liu; Peking University Juanjuan Meng; Peking University |
| presented by: Christopher Hansman, Imperial College London |
| Discussant: Petri Jylha, Aalto University |
| Does Secondary Market Liquidity affect the Economy? |
| By Jixing Li; University of Utah Matthew Ringgenberg; University of Utah |
| presented by: Matthew Ringgenberg, University of Utah |
| Discussant: Benjamin Knox, Federal Reserve Board |
| Session: Corporate Culture, Firm-Worker Matching and Firm Performance January 6, 2023 8:00 to 10:00 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Elena Simintzi, University of North Carolina-Chapel Hill |
| Session type: invited |
| Communicating Corporate Culture in Labor Markets: Evidence from Job Postings |
| By Joseph Pacelli; Harvard Business School Tianshuo Shi; Harvard Business School Yuan Zou; Harvard Business School |
| presented by: Joseph Pacelli, Harvard Business School |
| Discussant: Kai Li, University of British Columbia |
| Disclosing Labor Demand |
| By Gurpal Sran; New York University |
| presented by: Gurpal Sran, New York University |
| Discussant: Gregor Schubert, University of California, Los Angeles |
| JAQ of All Trades: Job Mismatch and Firm Productivity |
| By Luca Coraggio; University of Naples Federico II Marco Pagano; University of Naples Federico II Annalisa Scognamiglio; University of Naples Federico II Joacim Tag; Research Institute of Industrial Economics |
| presented by: Joacim Tag, Research Institute of Industrial Economics |
| Discussant: Isil Erel, Ohio State University |
| Show Me the Amenity: Are Higher-Paying Firms Better All Around? |
| By Jason Sockin; University of Pennsylvania |
| presented by: Jason Sockin, University of Pennsylvania |
| Discussant: Geoffrey Tate, University of Maryland |
| Session: Financial Intermediation: Macro Finance January 6, 2023 8:00 to 10:00 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Philipp Schnabl, New York University |
| Session type: invited |
| The Geography of Bank Deposits and the Origins of Aggregate Fluctuations |
| By Shohini Kundu; University of California, Los Angeles Seongjin Park; University of Chicago Nishant Vats; University of Chicago |
| presented by: Shohini Kundu, University of California, Los Angeles |
| Discussant: Kairong Xiao, Columbia University |
| Intermediation via Credit Chains |
| By Zhiguo He; University of Chicago Jian Li; Columbia University |
| presented by: Jian Li, Columbia University |
| Discussant: Jason Donaldson, Washington University in St. Louis |
| A Macro-Finance Model with Sentiment |
| By Peter Maxted; University of California, Berkeley |
| presented by: Peter Maxted, University of California, Berkeley |
| Discussant: Wenhao Li, University of Southern California |
| Depositing Corporate Payout |
| By Leming Lin; University of Pittsburgh |
| presented by: Leming Lin, University of Pittsburgh |
| Discussant: Dominik Supera, University of Pennsylvania |
| Session: Individual Assets and the SDF January 6, 2023 8:00 to 10:00 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Seth Pruitt, Arizona State University |
| Session type: invited |
| Time Series Variation in the Factor Zoo |
| By Hendrik Bessembinder; Arizona State University Aaron Burt; University of Oklahoma Christopher Hrdlicka; University of Washington |
| presented by: Aaron Burt, University of Oklahoma |
| Discussant: Shrihari Santosh, University of Colorado Boulder |
| Three Common Factors |
| By Elena Andreou; University of Cyprus Patrick Gagliardini; Università della Svizzera italiana Eric Ghysels; University of North Carolina-Chapel Hill Mirco Rubin; EDHEC Business School |
| presented by: Eric Ghysels, University of North Carolina-Chapel Hill |
| Discussant: Dacheng Xiu, University of Chicago |
| Testing Asset Pricing Models on Individual Stocks |
| By Charles Clarke; University of Kentucky Morteza Momeni; University of Kentucky |
| presented by: Charles Clarke, University of Kentucky |
| Discussant: Russell Wermers, University of Maryland |
| When do Cross-sectional Asset Pricing Factors Span the Stochastic Discount Factor? |
| By Serhiy Kozak; University of Maryland Stefan Nagel; University of Chicago |
| presented by: Serhiy Kozak, University of Maryland |
| Discussant: Mikhail Chernov, University of California, Los Angeles |
| Session: Innovations and Challenges in DeFi January 6, 2023 8:00 to 10:00 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Lin William Cong, Cornell University |
| Session type: invited |
| The Economics of Non-Fungible Tokens |
| By Nicola Borri; LUISS University Yukun Liu; University of Rochester Aleh Tsyvinski; Yale University |
| presented by: Nicola Borri, LUISS University |
| Discussant: Matteo Benetton, University of California, Berkeley |
| Don't Trust, Verify: The Economics of Scams in Initial Coin Offerings |
| By Kenny Phua; University of Technology Sydney Bo Sang; Singapore Management University Chishen Wei; Singapore Management University Gloria (Yang) Yu; Singapore Management University |
| presented by: Gloria (Yang) Yu, Singapore Management University |
| Discussant: Daniel Rabetti, Tel Aviv University |
| Equilibrium Staking Levels in a Proof-of-Stake Blockchain |
| By Kose John; New York University Thomas Rivera; McGill University Fahad Saleh; Wake Forest University |
| presented by: Thomas Rivera, McGill University |
| Discussant: Agostino Capponi, Columbia University |
| Fundamental Value Pricing and Bubbles for Nontraditional Assets: The Case of Cryptocurrencies |
| By Rustam Ibragimov; Imperial College London Christine Parlour; University of California, Berkeley Johan Walden; University of California, Berkeley |
| presented by: Rustam Ibragimov, Imperial College London |
| Discussant: Antonio Mele, USI Lugano, Swiss Finance Institute, CEPR |
| Session: Learning in and from Financial Markets January 6, 2023 8:00 to 10:00 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Michael Sockin, University of Texas at Austin |
| Session type: invited |
| Trading Ahead of Barbarians' Arrival at the Gate: Insider Trading on Non-Inside Information |
| By Georgy Chabakauri; London School of Economics Vyacheslav Fos; Boston College Wei Jiang; Emory University |
| presented by: Wei Jiang, Emory University |
| Discussant: Nadya Malenko, University of Michigan |
| Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices |
| By Snehal Banerjee; University of California, San Diego Jesse Davis; University of North Carolina-Chapel Hill Naveen Gondhi; INSEAD |
| presented by: Jesse Davis, University of North Carolina-Chapel Hill |
| Discussant: Ilona Babenko, Arizona State University |
| Valuing Financial Data |
| By Maryam Farboodi; Massachusetts Institute of Technology Dhruv Singal; Columbia University Laura Veldkamp; Columbia University Vaidyanathan Venkateswaran; New York University |
| presented by: Laura Veldkamp, Columbia University |
| Discussant: Daniel Andrei, McGill University |
| News Selection and its Implications to Financial Markets |
| By Charles Martineau; University of Toronto Jordi Mondria; University of Toronto |
| presented by: Jordi Mondria, University of Toronto |
| Discussant: Diego Garcia, University of Colorado Boulder |
| Session: The Real Effects of ESG Investment January 6, 2023 8:00 to 10:00 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Marcin Kacperczyk, Imperial College |
| Session type: invited |
| Labor Exposure to Climate Change and Capital Deepening |
| By Zhanbing Xiao; University of British Columbia |
| presented by: Zhanbing Xiao, University of British Columbia |
| Discussant: David Ng, Cornell University |
| ESG News, Future Cash Flows, and Firm Value |
| By Francois Derrien; HEC Paris Philipp Krueger; University of Geneva, Swiss Finance Institute Augustin Landier; HEC Paris Tianhao Yao; HEC Paris |
| presented by: Philipp Krueger, University of Geneva, Swiss Finance Institute |
| Discussant: Henri Servaes, London Business School |
| Proxy Voting and the Rise of ESG |
| By Patrick Bolton; Columbia University Enrichetta Ravina; Federal Reserve Bank of Chicago Howard Rosenthal; New York University Chris Tausanovitch; University of California, Los Angeles |
| presented by: Enrichetta Ravina, Federal Reserve Bank of Chicago |
| Discussant: Michelle Lowry, Drexel University |
| Communities as Stakeholders: Impact of Corporate Bankruptcies on Local Governments |
| By Sudheer Chava; Georgia Institute of Technology Baridhi Malakar; Georgia Institute of Technology Manpreet Singh; Georgia Institute of Technology |
| presented by: Baridhi Malakar, Georgia Institute of Technology |
| Discussant: Emanuele Colonnelli, University of Chicago |
| Session: AFA Panel: Inflation - What Lies Ahead January 6, 2023 10:15 to 12:15 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Ricardo Reis, London School of Economics |
| Session type: panel |
| Presented by: Carolin Pflueger, University of Chicago |
| Presented by: David Romer, University of California |
| Presented by: Philipp Schnabl, New York University |
| Presented by: Lisa D Cook, Board of Governors of the Federal Reserve System |
| Session: Asset Pricing: International Finance January 6, 2023 10:15 to 12:15 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Ian Martin, London School of Economics |
| Session type: invited |
| FX Option Volume |
| By Robert Czech; Bank of England Pasquale Della Corte; Imperial College London Shiyang Huang; University of Hong Kong Tianyu Wang; Tsinghua University |
| presented by: Pasquale Della Corte, Imperial College London |
| Discussant: Travis Johnson, University of Texas-Austin |
| Subjective Risk Premia on Foreign Bonds |
| By Daniel Pesch; University of Oxford Ilaria Piatti; Queen Mary University of London Paul Whelan; Copenhagen Business School |
| presented by: Ilaria Piatti, Queen Mary University of London |
| Discussant: Mikhail Chernov, University of California, Los Angeles |
| Global Sales, International Currencies, and the Currency Denomination of Debt |
| By Riccardo Colacito; University of North Carolina-Chapel Hill Yan Qian; University of North Carolina-Chapel Hill Andreas Stathopoulos; University of North Carolina-Chapel Hill |
| presented by: Riccardo Colacito, University of North Carolina-Chapel Hill |
| Discussant: Antonio Coppola, Harvard University |
| Session: Asset Pricing: Market Microstructure January 6, 2023 10:15 to 12:15 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Viktor Todorov, Northwestern University |
| Session type: invited |
| A Portfolio Perspective of Payment for Order Flow |
| By Markus Baldauf; University of Chicago Joshua Mollner; Northwestern University Bart Yueshen; INSEAD |
| presented by: Bart Yueshen, INSEAD |
| Discussant: Christine Parlour, University of California, Berkeley |
| Option Auctions |
| By Terrence Hendershott; University of California, Berkeley Saad Khan; HEC Montréal Ryan Riordan; Queen's University |
| presented by: Saad Khan, HEC Montréal |
| Discussant: Neil Pearson, University of Illinois at Urbana-Champaign |
| The Optimal Nominal Price of a Stock: A Tale of Two Discretenesses |
| By Sida Li; University of Illinois at Urbana-Champaign Mao Ye; University of Illinois and NBER |
| presented by: Sida Li, University of Illinois at Urbana-Champaign |
| Discussant: Torben Andersen, Northwestern University |
| Market Microstructure Invariance: A Meta-Model Approach |
| By Albert Kyle; University of Maryland Anna Obizhaeva; New Economic School |
| presented by: Albert Kyle, University of Maryland |
| Discussant: Ciamac Moallemi, Columbia University |
| Session: Asset Pricing: Mutual Funds January 6, 2023 10:15 to 12:15 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Veronika Pool, Vanderbilt University |
| Session type: invited |
| Bond Price Fragility and the Structure of the Mutual Fund Industry |
| By Mariassunta Giannetti; Stockholm School of Economics Pab Jotikasthira; Southern Methodist University |
| presented by: Pab Jotikasthira, Southern Methodist University |
| Discussant: Nina Boyarchenko, Federal Reserve Bank of New York |
| Mutual Fund Liquidity Creation |
| By Sergey Chernenko; Purdue University Viet-Dung Doan; Purdue University |
| presented by: Sergey Chernenko, Purdue University |
| Discussant: Caitlin Dannhauser, Villanova University |
| Money Management and Real Investment |
| By Simon Gervais; Duke University Günter Strobl; University of Vienna |
| presented by: Simon Gervais, Duke University |
| Discussant: Eitan Goldman, Indiana University |
| The Economics of Mutual Fund Marketing |
| By Jingxuan Chen; London School of Economics Wenxi Jiang; Chinese University of Hong Kong Mindy Xiaolan; University of Texas at Austin |
| presented by: Mindy Xiaolan, University of Texas at Austin |
| Discussant: Yanhao Wei, University of Southern California |
| Session: Corporate Finance: Mergers and Acquisitions January 6, 2023 10:15 to 12:15 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Katharina Lewellen, Dartmouth College |
| Session type: invited |
| Credit Market Driven Acquisitions |
| By Huseyin Gulen; Purdue University Candace Jens; Tulane University Stefano Rossi; Bocconi University |
| presented by: Candace Jens, Tulane University |
| Discussant: Robin Greenwood, Harvard Business School |
| Stealth Mergers and Investment Outcomes |
| By Rajesh Aggarwal; Northeastern University Mufaddal Baxamusa; University of St Thomas, Minnesota |
| presented by: Rajesh Aggarwal, Northeastern University |
| Discussant: German Gutierrez, New York University |
| Political Attitudes, Partisanship, and Merger Activity |
| By Ran Duchin; Boston College Abed El Karim Farroukh; University of Washington Jarrad Harford; University of Washington Tarun Patel; Southern Methodist University |
| presented by: Tarun Patel, Southern Methodist University |
| Discussant: Elisabeth Kempf, Harvard University |
| Session: Financial Intermediation: Financial Crises January 6, 2023 10:15 to 12:15 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Tyler Muir, University of California, Los Angeles |
| Session type: invited |
| Large Banks and the Credit Cycle |
| By Matthew Baron; Cornell University Moritz Schularick; University of Bonn Kaspar Zimmermann; Leibniz Institute for Financial Research SAFE |
| presented by: Matthew Baron, Cornell University |
| Discussant: Karsten Muller, NUS Business School |
| Bad News Bankers: Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets |
| By Sasha Indarte; University of Pennsylvania |
| presented by: Sasha Indarte, University of Pennsylvania |
| Discussant: Emil Verner, Massachusetts Institute of Technology |
| Firm Quality Dynamics and the Slippery Slope of Credit Intervention |
| By Wenhao Li; University of Southern California Ye Li; University of Washington |
| presented by: Wenhao Li, University of Southern California |
| Discussant: Matteo Crosignani, Federal Reserve Bank of New York |
| Session: Insurance and Pension Funds January 6, 2023 10:15 to 12:15 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Ishita Sen, Harvard Business School |
| Session type: invited |
| The Economics of Lapsation |
| By Ralph Koijen; University of Chicago Hae Kang Lee; University of South Carolina Stijn Van Nieuwerburgh; Columbia University |
| presented by: Ralph Koijen, University of Chicago |
| Discussant: Kent Smetters, University of Pennsylvania |
| Ex-Post Loss Sharing in Consumer Financial Markets |
| By Alexandru Barbu; London Business School |
| presented by: Alexandru Barbu, INSEAD |
| Discussant: Shan Ge, New York University |
| Corporate Pension Risk Transfers |
| By Sven Klingler; BI Norwegian Business School Michael Moran; Goldman Sachs Asset Management Suresh Sundaresan; Columbia University |
| presented by: Sven Klingler, BI Norwegian Business School |
| Discussant: George Pennacchi, University of Illinois |
| Insurance Companies and the Growth of Corporate Loans' Securitization |
| By Fulvia Fringuellotti; Federal Reserve Bank of New York Joao Santos; Federal Reserve Bank of New York |
| presented by: Fulvia Fringuellotti, Federal Reserve Bank of New York |
| Discussant: Victoria Ivashina, Harvard University |
| Session: Regulation, Litigation and Politics January 6, 2023 10:15 to 12:15 Location: Sheraton: Grand Couteau (5th Floor) |
| Session Chair: Kose John, New York University |
| Session type: invited |
| How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 US Tax Reform |
| By Ali Sanati; American University |
| presented by: Ali Sanati, American University |
| Discussant: John Graham, Duke University |
| Impact of Money in Politics on Labor and Capital: Evidence from Citizens United v. FEC |
| By Pat Akey; University of Toronto Tania Babina; Columbia University Greg Buchak; Stanford University Ana-Maria Tenekedjieva; Federal Reserve Board of Governors |
| presented by: Pat Akey, University of Toronto |
| Discussant: Vincent Pons, Harvard Business School |
| Does Litigation Risk Deter Insider Trading? Evidence from Universal Demand Laws |
| By Binay Adhikari; UTSA (Business Building) Anup Agrawal; University of Alabama Bina Sharma; Southern Utah University |
| presented by: Binay Adhikari, UTSA (Business Building) |
| Discussant: Jonathan Karpoff, University of Washington |
| Regulation and Politics of Share Repurchases: Theory and Evidence |
| By Subramanian Iyer; University of New Mexico Ramesh Rao; Oklahoma State University Emma Xu; University of New Mexico |
| presented by: Subramanian Iyer, University of New Mexico |
| Discussant: S. Abraham Ravid, Yeshiva University |
| Session: Special Topics: Finance and Gender January 6, 2023 10:15 to 12:15 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Heather Tookes, Yale University |
| Session type: invited |
| Gender and Access to Credit Cards |
| By Sudheer Chava; Georgia Institute of Technology Rohan Ganduri; Emory University Nikhil Paradkar; University of Georgia Linghang Zeng; Babson College Yafei Zhang; Georgia Institute of Technology |
| presented by: Yafei Zhang, Georgia Institute of Technology |
| Discussant: Scott Nelson, University of Chicago |
| Gender Bias in Promotions: Evidence from Financial Institutions |
| By Ruidi Huang; Southern Methodist University Erik Mayer; Southern Methodist University Darius Miller; Southern Methodist University |
| presented by: Darius Miller, Southern Methodist University |
| Discussant: Marlene Koffi, University of Toronto |
| Gender Quotas and Support for Women in Board Elections |
| By Marina Gertsberg; University of Melbourne Johanna Mollerstrom; George Mason University Michaela Pagel; Columbia University |
| presented by: Marina Gertsberg, University of Melbourne |
| Discussant: Simi Kedia, Rutgers University |
| Women in the Financial Sector |
| By Spyridon Lagaras; University of Pittsburgh Maria-Teresa Marchica; Alliance Manchester Business School Elena Simintzi; University of North Carolina-Chapel Hill Margarita Tsoutsoura; Cornell University |
| presented by: Maria-Teresa Marchica, Alliance Manchester Business School |
| Discussant: Janet Gao, Indiana University |
| Session: AFA Panel: Data Monopolies and Retail Finance January 6, 2023 14:30 to 16:30 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Laura Veldkamp, Columbia University |
| Session type: panel |
| Presented by: Wei Jiang, Emory University |
| Presented by: Zhiguo He, University of Chicago |
| Presented by: Thomas Philippon, New York University |
| Session: Asset Pricing: Behavioral Finance January 6, 2023 14:30 to 16:30 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Alex Imas, University of Chicago |
| Session type: invited |
| CEO Social Preferences and Layoffs |
| By Marius Guenzel; University of Pennsylvania Clint Hamilton; University of California, Berkeley Ulrike Malmendier; University of California, Berkeley |
| presented by: Ulrike Malmendier, University of California, Berkeley |
| Discussant: Paul Decaire, Arizona State University |
| Discontinued Positive Feedback Trading and the Decline of Return Predictability |
| By Itzhak Ben-David; Ohio State University Jiacui Li; University of Utah Andrea Rossi; University of Arizona Yang Song; University of Washington |
| presented by: Andrea Rossi, University of Arizona |
| Discussant: Yang Sun, Brandeis University |
| Retail Trading in Options and the Rise of the Big Three Wholesalers |
| By Svetlana Bryzgalova; London Business School Anna Pavlova; London Business School Taisiya Sikorskaya; London Business School |
| presented by: Anna Pavlova, London Business School |
| Discussant: Rawley Heimer, Boston College |
| Memory Moves Markets |
| By Constantin Charles; University of Southern California |
| presented by: Constantin Charles, University of Southern California |
| Discussant: Nancy Xu, Boston College |
| Session: Asset Pricing: Market Mispricing and Limits to Arbitrage January 6, 2023 14:30 to 16:30 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Samuel Hanson, Harvard University |
| Session type: invited |
| The Value of Arbitrage |
| By Eduardo Davila; Yale University Daniel Graves; Yale University Cecilia Parlatore; New York University |
| presented by: Cecilia Parlatore, New York University |
| Discussant: Adriano Rampini, Duke University |
| The Statistical Limit of Arbitrage |
| By Rui Da; University of Chicago Stefan Nagel; University of Chicago Dacheng Xiu; University of Chicago |
| presented by: Dacheng Xiu, University of Chicago |
| Discussant: Markus Pelger, Stanford University |
| The Debt-Equity Spread |
| By Hui Chen; Massachusetts Institute of Technology Zhiyao Nicholas Chen; Lingnan University Jun Li; University of Texas at Dallas |
| presented by: Hui Chen, Massachusetts Institute of Technology |
| Discussant: Stefano Pegoraro, University of Notre Dame |
| Mutual Fund Risk Shifting and Risk Anomalies |
| By Xiao Han; City, University of London Nikolai Roussanov; University of Pennsylvania Hongxun Ruan; Peking University |
| presented by: Nikolai Roussanov, University of Pennsylvania |
| Discussants: 1 Andrea Buffa, University of Colorado Boulder 2 Anna Pavlova, London Business School |
| Session: Asset Pricing: Real Estate and Housing Finance January 6, 2023 14:30 to 16:30 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Rodney Ramcharan, University of Southern California |
| Session type: invited |
| Baby Booms and Asset Booms: Demographic Change and the Housing Market |
| By Marc Francke; University of Amsterdam Matthijs Korevaar; Erasmus University Rotterdam |
| presented by: Matthijs Korevaar, Erasmus University Rotterdam |
| Discussant: Richard Green, University of Southern California |
| Confederate Memorials and the Housing Market |
| By Clifton Green; Emory University Russell Jame; University of Kentucky Jaemin Lee; Goizueta Business School, Emory University Jaeyeon Lee; University of California, Berkeley |
| presented by: Clifton Green, Emory University |
| Discussant: W. Ben McCartney, University of Virginia |
| Flip or Flop? Tobin Taxes in the Real Estate Market |
| By Chun-Che Chi; Academia Sinica Cameron LaPoint; Yale University Ming-Jen Lin; National Taiwan University |
| presented by: Chun-Che Chi, Academia Sinica |
| Cameron LaPoint, Yale University |
| Discussant: Andra Ghent, University of Utah |
| Session: Corporate Finance: Bankruptcy and Distress January 6, 2023 14:30 to 16:30 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Kristoph Kleiner, Indiana University |
| Session type: invited |
| Are Judges Randomly Assigned to Chapter 11 Bankruptcies? Not According to Hedge Funds |
| By Niklas Hüther; Indiana University Kristoph Kleiner; Indiana University |
| presented by: Kristoph Kleiner, Indiana University |
| Discussant: Tom Chang, University of Southern California |
| Virtual Competition and Cost of Capital: Evidence from Telehealth |
| By Kimberly Cornaggia; Pennsylvania State University Xuelin Li; University of South Carolina Zihan Ye; University of Nevada, Las Vegas |
| presented by: Zihan Ye, University of Nevada, Las Vegas |
| Discussant: Katharina Lewellen, Dartmouth College |
| Crisis Interventions in Corporate Insolvency |
| By Samuel Antill; Harvard Business School Christopher Clayton; Yale University |
| presented by: Samuel Antill, Harvard Business School |
| Discussant: Dean Corbae, University of Wisconsin |
| Efficiency or Resiliency? Corporate Choice between Financial and Operational Hedging |
| By Viral Acharya; New York University, CEPR, and NBER Heitor Almeida; University of Illinois Yakov Amihud; New York University Ping Liu; Purdue University |
| presented by: Ping Liu, Purdue University |
| Discussant: Winston Dou, University of Pennsylvania |
| Session: Corporate Finance: Networks and Firm Productivity January 6, 2023 14:30 to 16:30 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Claudia Robles-Garcia, Stanford University |
| Session type: invited |
| Product Differentiation and Oligopoly: a Network Approach |
| By Bruno Pellegrino; University of Maryland |
| presented by: Bruno Pellegrino, University of Maryland |
| Discussant: German Gutierrez, New York University |
| Style Over Substance? Advertising, Innovation, and Endogenous Market Structure |
| By Laurent Cavenaile; University of Toronto Murat Celik; University of Toronto Pau Roldan-Blanco; Bank of Spain Xu Tian; University of Georgia |
| presented by: Laurent Cavenaile, University of Toronto |
| Discussant: Yueyuan Ma, University of Pennsylvania |
| Propagation and Amplification of Local Productivity Spillovers |
| By Xavier Giroud; Columbia University Simone Lenzu; New York University Quinn Maingi; New York University Holger Mueller; New York University |
| presented by: Xavier Giroud, Columbia University |
| Discussant: Federico Huneeus, Central Bank of Chile |
| Session: Finance During Covid January 6, 2023 14:30 to 16:30 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Niels Gormsen, University of Chicago |
| Session type: invited |
| The Resilience of the U.S. Corporate Bond Market During Financial Crises |
| By Bo Becker; Stockholm School of Economics Efraim Benmelech; Northwestern University |
| presented by: Bo Becker, Stockholm School of Economics |
| Discussant: Valentin Haddad, University of California, Los Angeles |
| Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program? |
| By Sergey Chernenko; Purdue University Nathan Kaplan; Federal Reserve Bank of New York Asani Sarkar; Federal Reserve Bank of New York David Scharfstein; Harvard University |
| presented by: David Scharfstein, Harvard University |
| Discussant: Luke Stein, Babson College |
| The Value of Value Investors |
| By Maureen O'Hara; Cornell University Andreas Rapp; Federal Reserve Board Alex (Xing) Zhou; Federal Reserve Board |
| presented by: Alex (Xing) Zhou, Federal Reserve Board |
| Discussant: Kerry Siani, Massachusetts Institute of Technology |
| Refinancing Inequality During the COVID-19 Pandemic |
| By Sumit Agarwal; National University of Singapore Souphala Chomsisengphet; Comptroller of the Currency Hua Kiefer; FDIC Leonard Kiefer; Freddie Mac Paolina Medina; Texas A&M University |
| presented by: Paolina Medina, Texas A&M University |
| Discussant: Erica Xuewei Jiang, University of Southern California |
| Session: Private Equity/Venture Capital January 6, 2023 14:30 to 16:30 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Ayako Yasuda, University of California, Davis |
| Session type: invited |
| Conflicting Fiduciary Duties and Fire Sales of VC-backed Start-ups |
| By Bo Bian; University of British Columbia Yingxiang Li; University of British Columbia Casimiro Nigro; Goethe Universitaet Frankfurt am Main |
| presented by: Yingxiang Li, University of British Columbia |
| Discussant: Hyeik Kim, Ohio State University |
| Portfolio Management in Private Equity |
| By Gregory Brown; University of North Carolina-Chapel Hill Celine (Yue) Fei; University of North Carolina-Chapel Hill David Robinson; Duke University |
| presented by: Celine (Yue) Fei, University of North Carolina-Chapel Hill |
| Discussant: Mark Westerfield, University of Washington |
| Racial Diversity in Private Capital Fundraising |
| By Johan Cassel Pegelow; Vanderbilt University Joshua Lerner; Harvard Business School Emmanuel Yimfor; University of Michigan |
| presented by: Johan Cassel Pegelow, Vanderbilt University |
| Discussant: Michael Ewens, California Institute of Technology |
| Bargaining with Private Equity: Implications for Hospital Prices and Patient Welfare |
| By Tong Liu; University of Pennsylvania |
| presented by: Tong Liu, MIT Sloan School of Management |
| Discussant: Merih Sevilir, Halle Institute for Economic Research and ESMT-Berlin |
| Session: SPECIAL EVENT: Data and Drinks (hosted by AFFECT) January 6, 2023 18:30 to 20:00 Location: Sheraton: Rhythms II (2nd Floor) |
| Session type: panel |
| Session: SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Breakfast January 7, 2023 7:00 to 8:30 Location: Sheraton: Oak Alley (4th Floor) |
| Session type: panel |
| Session: Access to Capital Markets: Firm Entry and Growth January 7, 2023 8:00 to 10:00 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Michelle Lowry, Drexel University |
| Session type: invited |
| SPAC IPOs and Sponsor Network Centrality |
| By Chen Lin; University of Hong Kong Fangzhou Lu; University of Hong Kong Roni Michaely; University of Hong Kong Shihua Qin; University of Hong Kong |
| presented by: Shihua Qin, University of Hong Kong |
| Discussant: Tim Jenkinson, University of Oxford |
| The Effects of Going Public on Firm Performance and Commercialization Strategy: Evidence from International IPOs |
| By Borja Larrain; Pontificia Universidad Catolica de Chile Gordon Phillips; Dartmouth College, NBER Giorgo Sertsios; University of Wisconsin Milwaukee Francisco Urzua; Cass Business School |
| presented by: Giorgo Sertsios, University of Wisconsin Milwaukee |
| Discussant: Tania Babina, Columbia University |
| Access to Debt and the Provision of Trade Credit |
| By Matthew Billett; Indiana University Kayla Freeman; University of Georgia Janet Gao; Indiana University |
| presented by: Kayla Freeman, University of Georgia |
| Discussant: Jean-Noel Barrot, HEC Paris |
| Entry Along the Supply Chain: Removing Growth Restrictions on Firms in India |
| By Chhavi Rastogi; HEC Paris |
| presented by: Chhavi Rastogi, HEC Paris |
| Discussant: Hadiye Aslan, Georgia State University |
| Session: Asset Pricing: Cross-section of Returns (Conditional) January 7, 2023 8:00 to 10:00 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Serhiy Kozak, University of Maryland |
| Session type: invited |
| Option Characteristics as Cross-Sectional Predictors |
| By Andreas Neuhierl; Washington University in St. Louis Xiaoxiao Tang; University of Texas at Dallas Rasmus Varneskov; Copenhagen Business School Guofu Zhou; Washington University in St. Louis |
| presented by: Andreas Neuhierl, Washington University in St. Louis |
| Discussant: Steven Heston, University of Maryland |
| Missing Data in Asset Pricing Panels |
| By Joachim Freyberger; University of Bonn Bjoern Hoeppner; University of Bonn Andreas Neuhierl; Washington University in St. Louis Michael Weber; University of Chicago |
| presented by: Michael Weber, University of Chicago |
| Discussant: Markus Pelger, Stanford University |
| Missing Financial Data |
| By Svetlana Bryzgalova; London Business School Sven Lerner; Stanford University Martin Lettau; University of California, Berkeley Markus Pelger; Stanford University |
| presented by: Markus Pelger, Stanford University |
| Discussant: Michael Weber, University of Chicago |
| Session: Asset Pricing: Investor Behavior January 7, 2023 8:00 to 10:00 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Andrea Eisfeldt, University of California, Los Angeles |
| Session type: invited |
| Growth through Diversity |
| By Christian Heyerdahl-Larsen; BI Oslo Philipp Illeditsch; Texas A&M University Howard Kung; London Business School |
| presented by: Howard Kung, London Business School |
| Discussant: Matthieu Gomez, Columbia University |
| How Competitive is the Stock Market? Theory, Evidence from Portfolios, and Implications for the Rise of Passive Investing |
| By Valentin Haddad; University of California, Los Angeles Paul Huebner; University of California, Los Angeles Erik Loualiche; University of Minnesota |
| presented by: Erik Loualiche, University of Minnesota |
| Discussant: Ralph Koijen, University of Chicago |
| Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns |
| By Marco Di Maggio; Harvard Business School and NBER Francesco Franzoni; University of Lugano (USI) Shimon Kogan; University of Pennsylvania Ran Xing; Stockholm University |
| presented by: Ran Xing, Stockholm University |
| Discussant: Samuel Hartzmark, University of Chicago |
| Market Returns and a Tale of Two Types of Attention |
| By Zhi Da; University of Notre Dame Jian Hua; Baruch College, The City University of New York Chih-Ching Hung; National Taiwan University Lin Peng; Baruch College, The City University of N |
| presented by: Chih-Ching Hung, National Taiwan University |
| Discussant: Cameron Peng, London School of Economics |
| Session: Climate Finance January 7, 2023 8:00 to 10:00 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Neng Wang, Columbia University |
| Session type: invited |
| Sustainability in a Risky World |
| By John Campbell; Harvard University Ian Martin; London School of Economics |
| presented by: John Campbell, Harvard University |
| Discussant: Deborah Lucas, Massachusetts Institute of Technology |
| Carbon Emissions and the Bank Lending Channel |
| By Marcin Kacperczyk; Imperial College Jose-Luis Peydro; Imperial College |
| presented by: Marcin Kacperczyk, Imperial College |
| Discussant: Lucian Taylor, University of Pennsylvania |
| Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress |
| By Viral Acharya; New York University, CEPR, and NBER Timothy Johnson; University of Illinois at Urbana-Champaign Suresh Sundaresan; Columbia University Tuomas Tomunen; Boston College |
| presented by: Tuomas Tomunen, Boston College |
| Discussant: Lorenzo Garlappi, University of British Columbia |
| Do Investors Care about Carbon Risk? A Global Perspective |
| By Shaojun Zhang; The Ohio State University |
| presented by: Shaojun Zhang, The Ohio State University |
| Discussant: Harrison Hong, Columbia University |
| Session: Corporate Investment and Capital Budgeting January 7, 2023 8:00 to 10:00 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Rohan Williamson, Georgetown University |
| Session type: invited |
| On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets |
| By Paul Decaire; Arizona State University Denis Sosyura; Arizona State University |
| presented by: Paul Decaire, Arizona State University |
| Discussant: Elisabeth Kempf, Harvard University |
| The Horizon of Investors' Information and Corporate Investment |
| By Olivier Dessaint; INSEAD Thierry Foucault; HEC Paris Laurent Fresard; USI Lugano and Swiss Finance Institute |
| presented by: Olivier Dessaint, INSEAD |
| Discussant: Philipp Krueger, University of Geneva, Swiss Finance Institute |
| Do Buffers Destroy Firm Value? The Role of the Hurdle Rate in Project Development |
| By John Barry; Duke University Bruce Carlin; Rice University Alan Crane; Rice University John Graham; Duke University |
| presented by: John Barry, Duke University |
| Discussant: Wei Jiang, Emory University |
| Session: Financial Intermediation: Bank Competition and Risk January 7, 2023 8:00 to 10:00 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Olivier Darmouni, Columbia University |
| Session type: invited |
| Bank Loan Markups and Adverse Selection |
| By Mehdi Beyhaghi; Federal Reserve Bank of Richmond Cesare Fracassi; University of Texas at Austin Gregory Weitzner; McGill University |
| presented by: Cesare Fracassi, University of Texas at Austin |
| Discussant: Yufeng Wu, University of Illinois at Urbana-Champaign |
| Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends? |
| By Yasser Boualam; University of North Carolina-Chapel Hill Paul Yoo; University of North Carolina-Chapel Hill |
| presented by: Yasser Boualam, University of North Carolina-Chapel Hill |
| Discussant: Yao Zeng, University of Pennsylvania |
| Bank Funding Risk, Reference Rates, and Credit Supply |
| By Harry Cooperman; Federal Reserve Bank of New York Darrell Duffie; Stanford University Stephan Luck; Federal Reserve Bank of New York Zachry Wang; Stanford University Yilin (David) Yang; City University of Hong Kong |
| presented by: Yilin (David) Yang, City University of Hong Kong |
| Discussant: Daniel Greenwald, Massachusetts Institute of Technology |
| Session: Financial Intermediation: Monetary Policy Transmission January 7, 2023 8:00 to 10:00 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Moritz Lenel, Princeton University |
| Session type: invited |
| Non-bank Liquidity Provision to Firms: Fund Runs and Central Bank Interventions |
| By Johannes Breckenfelder; European Central Bank Glenn Schepens; European Central Bank |
| presented by: Johannes Breckenfelder, European Central Bank |
| Discussant: Alex (Xing) Zhou, Federal Reserve Board |
| Stability Pass-through: Evidence from Shadow Banks during the 1920-1921 Recession. |
| By Haelim Anderson; FDIC Selman Erol; Carnegie Mellon University Guillermo Ordonez; University of Pennsylvania |
| presented by: Selman Erol, Carnegie Mellon University |
| Discussant: Kilian Rieder, Oesterreichische Nationalbank (Eurosystem) & CEPR |
| The Augmented Bank Balance-Sheet Channel of Monetary Policy |
| By Christian Bittner; Deutsche Bundesbank Diana Bonfim; Banco de Portugal and Católica Lisbon Florian Heider; European Central Bank Farzad Saidi; University of Bonn Glenn Schepens; European Central Bank Carla Soares; Banco de Portugal |
| presented by: Diana Bonfim, Banco de Portugal and Católica Lisbon |
| Discussant: Cynthia Balloch, London School of Economics |
| Session: Financial Technology and its Social Value January 7, 2023 8:00 to 10:00 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Laura Veldkamp, Columbia University |
| Session type: invited |
| From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses |
| By Sean Cao; Georgia State University Wei Jiang; Emory University Junbo Wang; Louisiana State University Baozhong Yang; Georgia State University |
| presented by: Baozhong Yang, Georgia State University |
| Discussant: Jules van Binsbergen, University of Pennsylvania |
| Does Finance Benefit Society? A Language Embedding Approach |
| By Manish Jha; Georgia State University Hongyi Liu; Washington University in St. Louis Asaf Manela; Washington University in St. Louis |
| presented by: Asaf Manela, Washington University in St. Louis |
| Discussant: Paola Sapienza, Northwestern University |
| The Coming Battle of Digital Currencies |
| By Lin William Cong; Cornell University Simon Mayer; University of Chicago |
| presented by: Simon Mayer, University of Chicago |
| Discussant: Zhiguo He, University of Chicago |
| Session: AFA Lecture: Exchange Rate Puzzles and Policies January 7, 2023 10:15 to 12:15 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Markus Brunnermeier, Princeton University |
| Session type: panel |
| Presented by: Oleg Itskhoki, University of California, Los Angeles |
| Session: Asset Pricing: Portfolio Choice and Asset Allocation January 7, 2023 10:15 to 12:15 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Konstantin Milbradt, Northwestern University |
| Session type: invited |
| What Drives Investors’ Portfolio Choices? Separating Risk Preferences from Frictions |
| By Taha Choukhmane; Massachusetts Institute of Technology Tim de Silva; Massachusetts Institute of Technology |
| presented by: Taha Choukhmane, Massachusetts Institute of Technology |
| Discussant: Geoffery Zheng, NYU Shanghai |
| Optimal Allocation to Private Equity |
| By Nicola Giommetti; Copenhagen Business School Morten Sorensen; Dartmouth College |
| presented by: Morten Sorensen, Dartmouth College |
| Discussant: Dan Luo, University of Chicago |
| Capital Commitment |
| By Elise Gourier; Essec Business School Ludovic Phalippou; Oxford University Mark Westerfield; University of Washington |
| presented by: Elise Gourier, Essec Business School |
| Discussant: Simon Mayer, University of Chicago |
| Session: Corporate Finance: ESG - Theory January 7, 2023 10:15 to 12:15 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Martin Oehmke, London School of Economics |
| Session type: invited |
| Emission Caps and Investment in Green Technologies |
| By Bruno Biais; HEC Paris Augustin Landier; HEC Paris |
| presented by: Augustin Landier, HEC Paris |
| Discussant: Marcus Opp, Stockholm School of Economics |
| Socially Responsible Divestment |
| By Alex Edmans; London Business School Doron Levit; University of Washington Jan Schneemeier; Indiana University |
| presented by: Jan Schneemeier, Indiana University |
| Discussant: Edward Van Wesep, University of Colorado Boulder |
| The Pace of Change: Socially Responsible Investing in Private Markets |
| By Deeksha Gupta; Carnegie Mellon University Alexandr Kopytov; University of Hong Kong Jan Starmans; Stockholm School of Economics |
| presented by: Jan Starmans, Stockholm School of Economics |
| Discussant: Hongda Zhong, London School of Economics |
| Session: Corporate Investment and Financial Markets January 7, 2023 10:15 to 12:15 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Itay Goldstein, University of Pennsylvania |
| Session type: invited |
| Technological Progress, Managerial Learning, and the Investment-to-Stock Price Sensitivity |
| By Kevin Aretz; Alliance Manchester Business School Hassan Ilyas; Cornell University Gaurav Kankanhalli; University of Pittsburgh |
| presented by: Kevin Aretz, Alliance Manchester Business School |
| Discussant: Jesse Davis, University of North Carolina-Chapel Hill |
| Investor Demand, Firm Investment, and Capital Misallocation |
| By Jaewon Choi; University of Illinois at Urbana-Champaign Mahyar Kargar; University of Illinois at Urbana-Champaign Xu Tian; University of Georgia Yufeng Wu; University of Illinois at Urbana-Champaign |
| presented by: Xu Tian, University of Georgia |
| Discussant: Yao Zeng, University of Pennsylvania |
| News from afar: The Information Role of Nonlocal Investors in Guiding Investment Decisions |
| By Ray Gao; University of Rochester Xixi Xiao; University of Rochester |
| presented by: Xixi Xiao, University of Rochester |
| Discussant: Sebastien Michenaud, DePaul University |
| Discount Rates: Measurement and Implications for Investment |
| By Niels Gormsen; University of Chicago Kilian Huber; University of Chicago |
| presented by: Kilian Huber, University of Chicago |
| Discussant: Olivier Dessaint, INSEAD |
| Session: Economics of Information Technology January 7, 2023 10:15 to 12:15 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Maryam Farboodi, Massachusetts Institute of Technology |
| Session type: invited |
| The Changing Economics of Knowledge Production |
| By Simona Abis; Columbia University Laura Veldkamp; Columbia University |
| presented by: Simona Abis, Columbia University |
| Discussant: Song Ma, Yale University |
| Can Stablecoins be Stable? |
| By Adrien d'Avernas; Stockholm School of Economics Vincent Maurin; Stockholm School of Economics Quentin Vandeweyer; University of Chicago |
| presented by: Vincent Maurin, Stockholm School of Economics |
| Discussant: Linda Schilling, Washington University in St. Louis |
| Investing in Lending Technology: IT Spending in Banking |
| By Zhiguo He; University of Chicago Sheila Jiang; University of Florida Douglas Xu; University of Florida Xiao Yin; UC Berkeley |
| presented by: Sheila Jiang, University of Florida |
| Discussant: Francesco D’Acunto, Georgetown University |
| Session: Impacts of Intermediaries in Household Finance January 7, 2023 10:15 to 12:15 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Brian Melzer, Dartmouth College |
| Session type: invited |
| Disparities in Consumer Credit: The Role of Loan Officers in the FinTech Era |
| By Erica Jiang; University of Southern California Yeonjoon Lee; Federal Reserve Bank of Richmond Will Liu; City University of Hong Kong |
| presented by: Erica Xuewei Jiang, University of Southern California |
| Discussant: John Mondragon, Federal Reserve Bank of San Francisco |
| What Problem Do Intermediaries Solve? Evidence From Real Estate Markets |
| By Darren Aiello; Brigham Young University Mark Garmaise; University of California, Los Angeles Taylor Nadauld; Brigham Young University |
| presented by: Darren Aiello, Brigham Young University |
| Discussant: Maisy Wong, University of Pennsylvania |
| Can Human Capital Explain Income-based Disparities in Financial Services? |
| By Ruidi Huang; Southern Methodist University James Linck; Southern Methodist University Erik Mayer; Southern Methodist University Christopher Parsons; University of Southern California |
| presented by: Ruidi Huang, Southern Methodist University |
| Discussant: Claudia Robles-Garcia, Stanford University |
| Dealer Financing in the Subprime Auto Market: Markups and Implicit Subsidies |
| By Mark Jansen; University of Utah Samuel Kruger; University of Texas Gonzalo Maturana; Emory University |
| presented by: Samuel Kruger, University of Texas |
| Discussant: Ryan Pratt, Brigham Young University |
| Session: Safe Asset and Government Debt January 7, 2023 10:15 to 12:15 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Valentin Haddad, University of California, Los Angeles |
| Session type: invited |
| Credit Crunches and the Great Stagflation |
| By Itamar Drechsler; University of Pennsylvania Alexi Savov; New York University Philipp Schnabl; New York University |
| presented by: Philipp Schnabl, New York University |
| Discussant: Samuel Hanson, Harvard University |
| A p Theory of Government Debt and Taxes |
| By Wei Jiang; Hong Kong University of Science and Technology Thomas Sargent; New York University Neng Wang; Columbia University Jinqiang Yang; Shanghai University of Finance and Economics |
| presented by: Wei Jiang, Hong Kong University of Science and Technology |
| Discussant: Yuliy Sannikov, Stanford University |
| Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis |
| By Zhengyang Jiang; Northwestern University Hanno Lustig; Stanford University Stijn Van Nieuwerburgh; Columbia University Mindy Xiaolan; University of Texas at Austin |
| presented by: Stijn Van Nieuwerburgh, Columbia University |
| Discussant: Stavros Panageas, Anderson School of Management |
| Risk-Free Rates and Convenience Yields Around the World |
| By William Diamond; University of Pennsylvania Peter Van Tassel; Federal Reserve Bank of New York |
| presented by: William Diamond, Wharton School |
| Discussant: Wenxin Du, University of Chicago |
| Session: Social Influence and Networks January 7, 2023 10:15 to 12:15 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Lin Peng, Baruch College, City University of New York |
| Session type: invited |
| Hidden Alpha |
| By Manuel Ammann; University of St. Gallen Alexander Cochardt; Harvard University and University of St. Gallen Lauren Cohen; Harvard Business School Stephan Heller; Harvard Business School and University of St. Gallen |
| presented by: Stephan Heller, Harvard Business School and University of St. Gallen |
| Discussant: Dexin Zhou, Baruch College, City University of New York |
| It's Not Who You Know - It's Who Knows You: Employee Social Capital and Firm Performance |
| By Duckki Cho; Peking University Lyungmae Choi; City University of Hong Kong Michael Hertzel; Arizona State University Jessie Jiaxu Wang; Arizona State University, Board of Governors of the Federal Reserve System |
| presented by: Jessie Jiaxu Wang, Arizona State University, Board of Governors of the Federal Reserve System |
| Discussant: Alberto Rossi, Georgetown University |
| The Economic Impact of Liquidity Crises: Evidence from the Russian Payment System |
| By Dmitry Livdan; University of California, Berkeley Norman Schuerhoff; University of Lausanne and Swiss Finance Institute Vladimir Sokolov; Higher School of Economics |
| presented by: Norman Schuerhoff, University of Lausanne and Swiss Finance Institute |
| Discussant: Ernst Liu, Princeton University |
| Do Teams Alleviate or Exacerbate Behavioral Biases? Evidence from Extrapolation Bias in Mutual Funds |
| By Ricardo Barahona; Banco de Espana Stefano Cassella; Tilburg University Kristy Jansen; Tilburg University |
| presented by: Stefano Cassella, Tilburg University |
| Discussant: Jun Yang, Indiana University |
| Session: AFA Panel: How to come up with Great Research Ideas in Finance January 7, 2023 14:30 to 16:30 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Markus Brunnermeier, Princeton University |
| Session type: panel |
| Presented by: Ulrike Malmendier, University of California, Berkeley |
| Presented by: Ralph Koijen, University of Chicago |
| Presented by: Johannes Stroebel, New York University |
| Session: Corporate Finance: Labor and Finance January 7, 2023 14:30 to 16:30 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Andrew Ellul, Indiana University |
| Session type: invited |
| Eclipse of Rent-Sharing: The Effects of Managers’ Business Education on Wages and the Labor Share in the US and Denmark |
| By Daron Acemoglu; Massachusetts Institute of Technology Alex He; University of Maryland Daniel le Maire; University of Copenhagen |
| presented by: Alex He, University of Maryland |
| Discussant: Gordon Phillips, Dartmouth College, NBER |
| Subtle Discrimination |
| By Daniel Ferreira; London School of Economics Elena Pikulina; University of British Columbia |
| presented by: Elena Pikulina, University of British Columbia |
| Discussant: Alessio Piccolo, Indiana University |
| Owner Culture and Pay Inequality within Firms |
| By Jan Bena; University of British Columbia Guangli Lu; Chinese University of Hong Kong, Shenzhen Iris Wang; University of British Columbia |
| presented by: Iris Wang, University of British Columbia |
| Discussant: Liu Yang, University of Maryland |
| For Better or Worse? The Economic Implications of Paid Sick Leave Mandates |
| By Turk Al-Sabah; University of North Carolina-Chapel Hill Paige Ouimet; University of North Carolina-Chapel Hill |
| presented by: Turk Al-Sabah, University of North Carolina-Chapel Hill |
| Discussant: Camille Hebert, University of Toronto |
| Session: Corporate Finance: Transparency and Regulation January 7, 2023 14:30 to 16:30 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Christian Leuz, University of Chicago |
| Session type: invited |
| Regulatory Fragmentation |
| By Joseph Kalmenovitz; Drexel University Michelle Lowry; Drexel University Kate Volkova; University of Melbourne |
| presented by: Kate Volkova, University of Melbourne |
| Discussant: Constantine Yannelis, University of Chicago |
| Do Private Firms (Mis)Learn from the Stock Market? |
| By Dong Yan; Stockholm School of Economics & CEPR |
| presented by: Dong Yan, Stockholm School of Economics & CEPR |
| Discussant: Matthias Breuer, Columbia University |
| Does Social Media Reduce Corporate Misconduct? |
| By Jonas Heese; Harvard Business School Joseph Pacelli; Harvard Business School |
| presented by: Joseph Pacelli, Harvard Business School |
| Discussant: Alexander Dyck, University of Toronto |
| Session: Factor Models, Machine Learning, and Asset Pricing January 7, 2023 14:30 to 16:30 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Dacheng Xiu, University of Chicago |
| Session type: invited |
| Structural Deep Learning in Conditional Asset Pricing |
| By Jianqing Fan; Princeton University Tracy Ke; Harvard University Yuan Liao; Rutgers University Andreas Neuhierl; Washington University in St. Louis |
| presented by: Yuan Liao, Rutgers University |
| Discussant: Seth Pruitt, Arizona State University |
| Textual Analysis of Short-seller Research Reports |
| By Jules van Binsbergen; University of Pennsylvania Xiao Han; City, University of London Alejandro Lopez-Lira; University of Florida |
| presented by: Alejandro Lopez-Lira, University of Florida |
| Discussant: Asaf Manela, Washington University in St. Louis |
| High Dimensional Factor Models with an Application to Mutual Fund Characteristics |
| By Martin Lettau; University of California, Berkeley |
| presented by: Martin Lettau, University of California, Berkeley |
| Discussant: Alberto Rossi, Georgetown University |
| Semiparametric Conditional Factor Models: Estimation and Inference |
| By Qihui Chen; Chinese University of Hong Kong, Shenzhen Nikolai Roussanov; University of Pennsylvania Xiaoliang Wang; University of Pennsylvania |
| presented by: Qihui Chen, Chinese University of Hong Kong, Shenzhen |
| Discussant: Robert Korajczyk, Northwestern University |
| Session: Financial Intermediation January 7, 2023 14:30 to 16:30 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Stephan Luck, Federal Reserve Bank of New York |
| Session type: invited |
| Bond Market Stimulus: Firm-Level Evidence |
| By Olivier Darmouni; Columbia University Kerry Siani; Massachusetts Institute of Technology |
| presented by: Olivier Darmouni, Columbia University |
| Discussant: Efraim Benmelech, Northwestern University |
| Collateral Value Uncertainty and Mortgage Credit Provision |
| By Erica Xuewei Jiang; University of Southern California Anthony Lee Zhang; University of Chicago |
| presented by: Anthony Lee Zhang, University of Chicago |
| Discussant: Benjamin Keys, University of Pennsylvania |
| Intermediary-Based Loan Pricing |
| By Pierre Mabille; INSEAD Olivier Wang; New York University |
| presented by: Pierre Mabille, INSEAD |
| Discussant: Jason Donaldson, Washington University in St. Louis |
| Session: Macro-Finance January 7, 2023 14:30 to 16:30 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Quentin Vandeweyer, University of Chicago |
| Session type: invited |
| Markup Shocks and Asset Prices |
| By Alexandre Corhay; University of Toronto Jun Li; Shanghai Advanced Institute of Finance, Shanghai Jiaotong University Jincheng Tong; University of Toronto |
| presented by: Jincheng Tong, University of Toronto |
| Discussant: Mariano Croce, Bocconi University |
| Idiosyncratic Income Risk, Precautionary Saving, and Asset Prices |
| By Maarten Meeuwis; Washington University St Louis |
| presented by: Maarten Meeuwis, Washington University in St. Louis |
| Discussant: Ali Ozdagli, Federal Reserve Bank of Dallas |
| Pre-FOMC Information Asymmetry |
| By Farshid Abdi; University of Massachusetts, Amherst Botao Wu; New York University |
| presented by: Farshid Abdi, University of Massachusetts, Amherst |
| Discussant: Leyla Jianyu Han, Boston University |
| The Fed and the Secular Decline in Interest Rates |
| By Sebastian Hillenbrand; New York University |
| presented by: Sebastian Hillenbrand, New York University |
| Discussant: Anna Cieslak, Duke University |
| Session: Mutual Fund Flows January 7, 2023 14:30 to 16:30 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Clemens Sialm, University of Texas at Austin |
| Session type: invited |
| Mutual Fund Flows and Capital Supply in Municipal Financing |
| By Manuel Adelino; Duke University Sophia Chiyoung Cheong; City University of Hong Kong Jaewon Choi; University of Illinois at Urbana-Champaign Ji Yeol Jimmy Oh; Hanyang University |
| presented by: Sophia Chiyoung Cheong, City University of Hong Kong |
| Discussant: Daniel Bergstresser, Brandeis University |
| Economic Policy Uncertainty and Global Portfolio Allocations |
| By Shashwat Alok; ISB Apoorva Javadekar; Indian School of Business Nitin Kumar; Indian School of Business Russ Wermers; University of Maryland |
| presented by: Apoorva Javadekar, Indian School of Business |
| Discussant: Zheng Sun, University of California, Irvine |
| Flow Diversification |
| By Albert Wang; Auburn University Sunil Wahal; Arizona State University |
| presented by: Albert Wang, Auburn University |
| Discussant: Sergey Chernenko, Purdue University |
| Who Creates and who Bears Flow Externalities in Mutual Funds? |
| By Daniel Fricke; Deutsche Bundesbank Stephan Jank; Deutsche Bundesbank Hannes Wilke; Deutsche Bundesbank |
| presented by: Daniel Fricke, Deutsche Bundesbank |
| Discussant: Mariassunta Giannetti, Stockholm School of Economics |
| Session: Special Topics: Finance and Race January 7, 2023 14:30 to 16:30 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Rohan Williamson, Georgetown University |
| Session type: invited |
| Who Benefits from Retirement Saving Incentives in the U.S.? Evidence on Racial Gaps in Retirement Wealth Accumulation |
| By Taha Choukhmane; Massachusetts Institute of Technology Jorge Colmenares; Massachusetts Institute of Technology Cormac O'Dea; Yale University Jonathan Rothbaum; US Census Bureau Lawrence Schmidt; Massachusetts Institute of Technology |
| presented by: Cormac O'Dea, Yale University |
| Discussant: Luigi Guiso, Einaudi Institute for Economics and Fina |
| Back to the Roots: Ancestral Origin and Mutual Fund Manager Portfolio Choice |
| By Manuel Ammann; University of St. Gallen Alexander Cochardt; Harvard University and University of St. Gallen Simon Straumann; WHU - Otto Beisheim School of Management Florian Weigert; Universite de Neuchatel |
| presented by: Alexander Cochardt, University of St. Gallen |
| Discussant: Noah Stoffman, Indiana University |
| The Impact of Minority Representation at Mortgage Lenders |
| By Scott Frame; Federal Reserve Bank of Dallas Ruidi Huang; Southern Methodist University Erik Mayer; Southern Methodist University Adi Sunderam; Harvard University |
| presented by: Erik Mayer, Southern Methodist University |
| Discussant: Francesco D'Acunto, Boston College |
| The True Colors of Money: Racial Diversity and Asset Management |
| By Lina Han; Washington University in St. Louis Xing Huang; Washington University in St. Louis Ohad Kadan; Washington University in St. Louis Jimmy Wu; Washington University in St. Louis |
| presented by: Lina Han, Washington University in St. Louis |
| Discussant: Alok Kumar, University of Miami |
| Session: SPECIAL EVENT: AFA Business Meeting and Presidential Address January 7, 2023 17:30 to 19:00 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session type: panel |
| Session: Demand System Asset Pricing January 8, 2023 8:00 to 10:00 Location: Sheraton: Napoleon B/C (3rd Floor) |
| Session Chair: Ralph Koijen, University of Chicago |
| Session type: invited |
| Do Subjective Growth Expectations Matter for Asset Prices? |
| By Aditya Chaudhry; University of Chicago |
| presented by: Aditya Chaudhry, University of Chicago |
| The Making of Momentum: A Demand-System Perspective |
| By Paul Huebner; University of California, Los Angeles |
| presented by: Paul Huebner, University of California, Los Angeles |
| On the Estimation of Demand-Based Asset Pricing Models |
| By Philippe van der Beck; Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute |
| presented by: Philippe van der Beck, Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute |
| What Drives Stock Prices in a Bubble? |
| By Weihua Chen; Shanghai Stock Exchange Shushu Liang; Harvard University Donghui Shi; Shanghai Stock Exchange |
| presented by: Shushu Liang, Harvard University |
| Session: Advances in Fixed Income January 8, 2023 8:00 to 10:00 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Anna Cieslak, Duke University |
| Session type: invited |
| Frictional Intermediation, Inventory Hedging, and the Rise of Portfolio Trading in the Corporate Bond Market |
| By Jessica Li; University of Chicago |
| presented by: Jessica Li, University of Chicago |
| Discussant: Zhaogang Song, Johns Hopkins University |
| Demand-Supply Imbalance Risk and Long-Term Swap Spreads |
| By Samuel Hanson; Harvard University Aytek Malkhozov; Federal Reserve Board Gyuri Venter; University of Warwick |
| presented by: Aytek Malkhozov, Federal Reserve Board |
| Discussant: Urban Jermann, University of Pennsylvania |
| Duration-Based Valuation of Corporate Bonds |
| By Michael Schwert; University of Pennsylvania Jules van Binsbergen; University of Pennsylvania |
| presented by: Michael Schwert, University of Pennsylvania |
| Discussant: Yoshio Nozawa, University of Toronto |
| Measuring Corporate Bond Market Dislocations |
| By Nina Boyarchenko; Federal Reserve Bank of New York Richard Crump; Federal Reserve Bank of New York Anna Kovner; Federal Reserve Bank of New York Or Shachar; Federal Reserve Bank of New York |
| presented by: Or Shachar, Federal Reserve Bank of New York |
| Discussant: Jennie Bai, Georgetown University |
| Session: Asset Pricing: Return Dynamics January 8, 2023 8:00 to 10:00 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Svetlana Bryzgalova, London Business School |
| Session type: invited |
| A Stock Return Decomposition Using Observables |
| By Benjamin Knox; Federal Reserve Board Annette Vissing-Jorgensen; Federal Reserve Board |
| presented by: Benjamin Knox, Federal Reserve Board |
| Discussant: Ian Martin, London School of Economics |
| What Moves Equity Markets? A Term Structure Decomposition for Stock Returns |
| By Andrei Goncalves; Ohio State University |
| presented by: Andrei Goncalves, Ohio State University |
| Discussant: Niels Gormsen, University of Chicago |
| Famous Firms, Earnings Clusters, and the Stock Market |
| By Yixin Chen; University of Rochester Randolph Cohen; Massachusetts Institute of Technology Zixuan Wang; HAP Capital |
| presented by: Zixuan Wang, HAP Capital |
| Discussant: Christopher Hrdlicka, University of Washington |
| Main Street's Pain, Wall Street's Gain |
| By Nancy Xu; Boston College Yang You; University of Hong Kong |
| presented by: Nancy Xu, Boston College |
| Discussant: Gill Segal, University of North Carolina-Chapel Hill |
| Session: Corporate Finance: Behavioral January 8, 2023 8:00 to 10:00 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: David Sraer, University of California, Berkeley |
| Session type: invited |
| Contracting with a Present-Biased Agent: Sannikov meets Laibson |
| By Alejandro Rivera; University of Texas at Dallas |
| presented by: Alejandro Rivera, University of Texas at Dallas |
| Discussant: Peter Maxted, University of California, Berkeley |
| Managing Mental Accounts: Payment Cards and Consumption Expenditures |
| By Michael Gelman; University of Delaware Nikolai Roussanov; University of Pennsylvania |
| presented by: Michael Gelman, University of Delaware |
| Discussant: Chen Lian, University of California, Berkeley |
| Trust and Contracts: Empirical Evidence |
| By Francesco D’Acunto; Georgetown University Jin Xie; Peking University Jiaquan Yao; Jinan University |
| presented by: Francesco D’Acunto, Georgetown University |
| Discussant: Emanuele Colonnelli, University of Chicago |
| Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals |
| By J. Anthony Cookson; University of Colorado Boulder Marina Niessner; University of Pennsylvania Christoph Schiller; Arizona State University |
| presented by: Marina Niessner, University of Pennsylvania |
| Discussant: Anastassia Fedyk, University of California, Berkeley |
| Session: Corporate Finance: Capital Structure January 8, 2023 8:00 to 10:00 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Diego Garcia, University of Colorado Boulder |
| Session type: invited |
| Optimal Time-Consistent Debt Policies |
| By Andrey Malenko; University of Michigan Anton Tsoy; University of Toronto |
| presented by: Anton Tsoy, University of Toronto |
| Discussant: Chao Ying, Chinese University of Hong Kong |
| The Corporate Calendar and the Timing of Share Repurchases and Equity-Based Compensation |
| By Ingolf Dittmann; Erasmus University Rotterdam Amy Yazhu Li; Erasmus University Rotterdam Stefan Obernberger; Erasmus University Rotterdam Jiaqi Zheng; University of Oxford |
| presented by: Stefan Obernberger, Erasmus University Rotterdam |
| Discussant: Alice Bonaime, University of Arizona |
| Leverage Dynamics under Costly Equity Issuance |
| By Patrick Bolton; Columbia University Neng Wang; Columbia University Jinqiang Yang; Shanghai University of Finance and Economics |
| presented by: Neng Wang, Columbia University |
| Discussant: Thomas Geelen, Copenhagen Business School |
| Share Issues versus Share Repurchases |
| By Philip Bond; University of Washington Yue Yuan; Tsinghua University Hongda Zhong; London School of Economics |
| presented by: Yue Yuan, Tsinghua University |
| Discussant: Anjan Thakor, Washington University in St. Louis |
| Session: Financial Intermediation: FinTech-Bank Competition on Small Business Loans January 8, 2023 8:00 to 10:00 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Zhiguo He, University of Chicago |
| Session type: invited |
| The Impact of Fintech Lending on Credit Access for U.S. Small Businesses |
| By Giulio Cornelli; Bank for International Settlements Jon Frost; Bank for International Settlements Leonardo Gambacorta; Bank for International Settlements Julapa Jagtiani; Federal Reserve Bank of Philadelphia |
| presented by: Julapa Jagtiani, Federal Reserve Bank of Philadelphia |
| Discussant: Yao Zeng, University of Pennsylvania |
| Can Open Banking Substitute Credit Bureaus? |
| By Kumar Rishabh; University of Basel |
| presented by: Kumar Rishabh, University of Basel |
| Discussant: Jing Huang, University of Chicago |
| The Big Tech Lending Model |
| By Wei Xiong; Princeton University Guangli Lu; Chinese University of Hong Kong, Shenzhen Lei Liu; Chinese Academy of Social Sciences |
| presented by: Guangli Lu, Chinese University of Hong Kong, Shenzhen |
| Discussant: Greg Buchak, Stanford University |
| The Role of FinTechs in Small Business Lending |
| By Paul Beaumont; McGill University Huan Tang; London School of Economics Eric Vansteenberghe; Paris School of Economics |
| presented by: Paul Beaumont, McGill University |
| Discussant: Yueran Ma, University of Chicago |
| Session: Monetary Policy: Inflation, Bubbles and Financial Stability January 8, 2023 8:00 to 10:00 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Viral Acharya, New York University, CEPR, and NBER |
| Session type: invited |
| Monetary Policy Uncertainty and Asset Price Bubbles |
| By Ulas Alkan; ASU Sreedhar Bharath; Arizona State University |
| presented by: Ulas Alkan, Arizona State University |
| Discussant: Carolin Pflueger, University of Chicago |
| Measuring Firm-Level Inflation Exposure: A Deep Learning Approach |
| By Sudheer Chava; Georgia Institute of Technology Wendi Du; Georgia Institute of Technology Agam Shah; Georgia Institute of Technology Linghang Zeng; Babson College |
| presented by: Wendi Du, Georgia Institute of Technology |
| Discussant: Michael Weber, University of Chicago |
| Financial Vulnerability and Monetary Policy |
| By Tobias Adrian; International Monetary Fund Fernando Duarte; Brown University |
| presented by: Tobias Adrian, International Monetary Fund |
| Discussant: Olivier Wang, New York University |
| Whatever It Takes? The Impact of Conditional Policy Promises |
| By Valentin Haddad; University of California, Los Angeles Alan Moreira; University of Rochester Tyler Muir; University of California, Los Angeles |
| presented by: Alan Moreira, University of Rochester |
| Discussant: Kerry Siani, Massachusetts Institute of Technology |
| Session: Asset Pricing: Belief Formation and Market Efficiency January 8, 2023 10:15 to 12:15 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Michael Weber, University of Chicago |
| Session type: invited |
| Beliefs and Portfolios: Causal Evidence |
| By Johannes Beutel; Deutsche Bundesbank Michael Weber; University of Chicago |
| presented by: Johannes Beutel, Deutsche Bundesbank |
| Discussant: James Choi, Yale University |
| Does the Market Understand Time Variation in the Equity Risk Premium? |
| By Mihir Gandhi; University of Chicago Niels Gormsen; University of Chicago Eben Lazarus; Massachusetts Institute of Technology |
| presented by: Niels Gormsen, University of Chicago |
| Discussant: Chen Wang, University of Notre Dame |
| Short-sale Constraints and Real Investments |
| By Gyuri Venter; University of Warwick |
| presented by: Gyuri Venter, University of Warwick |
| Discussant: Stavros Panageas, Anderson School of Management |
| The Inference-Forecast Gap in Belief Updating |
| By Tony Fan; Stanford University Yucheng Liang; Carnegie Mellon University Cameron Peng; London School of Economics |
| presented by: Cameron Peng, London School of Economics |
| Discussant: Yueran Ma, University of Chicago |
| Session: Asset Pricing: Derivatives and Commodities January 8, 2023 10:15 to 12:15 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Ing-Haw Cheng, University of Toronto |
| Session type: invited |
| Variance Discount Rates: What Drives Preferences over Variance Risk? |
| By Joren Koeter; Erasmus University |
| presented by: Joren Koeter, Erasmus University |
| Discussant: Peter Van Tassel, Federal Reserve Bank of New York |
| Why Does Options Market Information Predict Stock Returns? |
| By Dmitriy Muravyev; Michigan State University Neil Pearson; University of Illinois at Urbana-Champaign Joshua Pollet; University of Illinois at Urbana-Champaign |
| presented by: Neil Pearson, University of Illinois at Urbana-Champaign |
| Discussant: Patrick Augustin, McGill University |
| Closing Pressure, Predatory Trading, and the Negative Oil Price |
| By Yiqing Ge; Tsinghua University Wenjin Kang; Shanghai University of Finance and Economics Ke Tang; Tsinghua University Liyan Yang; University of Toronto |
| presented by: Yiqing Ge, Tsinghua University |
| Discussant: Steven Baker, University of Virginia |
| The Pricing Kernel in Options |
| By Steven Heston; University of Maryland Kris Jacobs; University of Houston Hyung Joo Kim; Federal Reserve Board |
| presented by: Hyung Joo Kim, Federal Reserve Board |
| Discussant: Gurdip Bakshi, Temple University |
| Session: Corporate Governance in Public and Private Firms January 8, 2023 10:15 to 12:15 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Wei Jiang, Emory University |
| Session type: invited |
| The Voting Premium |
| By Doron Levit; University of Washington Nadya Malenko; University of Michigan Ernst Maug; Universität Mannheim |
| presented by: Ernst Maug, Universität Mannheim |
| Discussant: Amil Dasgupta, London School of Economics |
| The Market For CEOs: Evidence From Private Equity |
| By Paul Gompers; Harvard Business School Steven Kaplan; University of Chicago Vladimir Mukharlyamov; Georgetown University |
| presented by: Steven Kaplan, University of Chicago |
| Discussant: Dirk Jenter, London School of Economics |
| Conflicts in Private Family Firms |
| By Janis Berzins; BI Norwegian Business School Alminas Zaldokas; HKUST |
| presented by: Alminas Zaldokas, Hong Kong University of Science and Technology |
| Discussant: Andrew Ellul, Indiana University |
| Directors Networks and Innovation Herding |
| By Felipe Cabezon; Virginia Tech Gerard Hoberg; University of Southern California |
| presented by: Felipe Cabezon, Virginia Tech |
| Discussant: Michelle Lowry, Drexel University |
| Session: Financial Intermediation: Bank Funding and Risk Management January 8, 2023 10:15 to 12:15 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Juliane Begenau, Stanford University |
| Session type: invited |
| Waiting for Capital: Dynamic Intermediation in Illiquid Markets |
| By Barney Hartman-Glaser; University of California, Los Angeles Simon Mayer; University of Chicago Konstantin Milbradt; Northwestern University |
| presented by: Konstantin Milbradt, Northwestern University |
| Discussant: William Diamond, Wharton School |
| Intermediary Financing without Commitment |
| By Yunzhi Hu; University of North Carolina Felipe Varas; Duke University |
| presented by: Yunzhi Hu, University of North Carolina |
| Discussant: Jason Donaldson, Washington University in St. Louis |
| High-Yield Debt Covenants and their Real Effects |
| By Falk Brauning; Federal Reserve Bank of Boston Victoria Ivashina; Harvard University Ali Ozdagli; Federal Reserve Bank of Dallas |
| presented by: Falk Brauning, Federal Reserve Bank of Boston |
| Discussant: Shohini Kundu, University of California, Los Angeles |
| Session: Innovation, Acquisition and Firm Growth January 8, 2023 10:15 to 12:15 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Adrien Matray, Princeton University |
| Session type: invited |
| Do Startup Patent Acquisitions Affect Inventor Productivity? |
| By Joan Farre-Mensa; University of Illinois at Chicago Zack Liu; University of Houston Jordan Nickerson; University of Washington |
| presented by: Joan Farre-Mensa, University of Illinois at Chicago |
| Discussant: Song Ma, Yale University |
| Buy, Invent, or Both? |
| By Felipe Cortes; Northeastern University Tiantian Gu; Northeastern University Toni Whited; University of Michigan |
| presented by: Felipe Cortes, Northeastern University |
| Discussant: Thomas Geelen, Copenhagen Business School |
| The Value of Trademarks |
| By Rui Silva; Nova School of Business and Economics Ekaterina Gavrilova; Nova School of Business and Economics Pranav Desai; Nova School of Business and Economics Margarida Soares; Nova School of Business and Economics |
| presented by: Rui Silva, Nova School of Business |
| Discussant: Paul Beaumont, McGill University |
| Session: New Topics in Monetary Policy Transmission January 8, 2023 10:15 to 12:15 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Yiming Ma, Columbia University |
| Session type: invited |
| Liquidity, Liquidity Everywhere, Not a Drop to Use - Why Flooding Banks with Central Bank Reserves may not Expand Liquidity |
| By Viral Acharya; New York University, CEPR, and NBER Raghuram Rajan; University of Chicago |
| presented by: Viral Acharya, New York University, CEPR, and NBER |
| Discussant: Antoine Martin, Federal Reserve Bank of New York |
| Money Markets and Bank Lending: Evidence from the Adoption of Tiering |
| By Carlo Altavilla; European Central Bank Miguel Boucinha; European Central Bank Lorenzo Burlon; European Central Bank Mariassunta Giannetti; Stockholm School of Economics Julian Schumacher; European Central Bank |
| presented by: Mariassunta Giannetti, Stockholm School of Economics |
| Discussant: Amy Huber, University of Pennsylvania |
| Monetary Policy and Fragility in Corporate Bond Funds |
| By John Chi-Fong Kuong; INSEAD Jinyuan Zhang; INSEAD |
| presented by: John Chi-Fong Kuong, INSEAD |
| Discussant: William Diamond, Wharton School |
| Monetary Policy and Corporate Debt Maturity |
| By Andrea Fabiani; Bank of Italy Luigi Falasconi; University of Pennsylvania Janko Heineken; University of Bonn |
| presented by: Janko Heineken, University of Bonn |
| Discussant: Olivier Darmouni, Columbia University |
| Session: Sustainable Finance and Asset Prices January 8, 2023 10:15 to 12:15 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Lucian Taylor, University of Pennsylvania |
| Session type: invited |
| Flow-Driven ESG Returns |
| By Philippe van der Beck; Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute |
| presented by: Philippe van der Beck, Swiss Federal Institute of Technology Lausanne (EPFL) and Swiss Finance Institute |
| Discussant: Ralph Koijen, University of Chicago |
| Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns? |
| By Tinghua Duan; IESEG School of Management Frank Weikai Li; Singapore Management University Quan Wen; Georgetown University |
| presented by: Quan Wen, Georgetown University |
| Discussant: Yoshio Nozawa, University of Toronto |
| Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds |
| By Julian Koelbel; University of St. Gallen, Massachusetts Institute of Technology, and Swiss Finance Institute Adrien Lambillon; University of Zurich |
| presented by: Julian Koelbel, University of St. Gallen, Massachusetts Institute of Technology, and Swiss Finance Institute |
| Discussant: Daniel Garrett, University of Pennsylvania |
| Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings |
| By Florian Berg; Massachusetts Institute of Technology Kornelia Fabisik; University of Bern Zacharias Sautner; Frankfurt School of Finance & Management |
| presented by: Kornelia Fabisik, University of Bern |
| Discussant: Alexander Ljungqvist, Stockholm School of Economics |
| Session: Financial Intermediation: Regulation January 8, 2023 13:00 to 15:00 Location: Sheraton: Napoleon A (3rd Floor) |
| Session Chair: Cecilia Parlatore, New York University |
| Session type: invited |
| Open Banking with Depositor Monitoring |
| By Itay Goldstein; University of Pennsylvania Chong Huang; University of California, Irvine Liyan Yang; University of Toronto |
| presented by: Chong Huang, University of California, Irvine |
| Discussant: Jian Li, Columbia University |
| Green Capital Requirements |
| By Martin Oehmke; London School of Economics Marcus Opp; Stockholm School of Economics |
| presented by: Martin Oehmke, London School of Economics |
| Discussant: Eduardo Davila, Yale University |
| Opitmal Forbearance of Bank Resolution |
| By Linda Schilling; Washington University in St. Louis |
| presented by: Linda Schilling, Washington University in St. Louis |
| Discussant: Toni Ahnert, Bank of Canada, European Central Bank, CEPR |
| Session: Asset Pricing: Cross-section of Returns (Other) January 8, 2023 13:00 to 15:00 Location: Sheraton: Napoleon D (3rd Floor) |
| Session Chair: Bryan Kelly, Yale University |
| Session type: invited |
| Dynamic Asset (Mis)Pricing: Build-up versus Resolution Anomalies |
| By Martijn Boons; Tilburg University Christian Opp; University of Rochester Andrea Tamoni; Rutgers University Jules van Binsbergen; University of Pennsylvania |
| presented by: Christian Opp, University of Rochester |
| Discussant: Johnathan Loudis, University of Notre Dame |
| Characteristics and the Cross Section of Covariances |
| By Charles Clarke; University of Kentucky Matthew Linn; University of Massachusetts |
| presented by: Matthew Linn, University of Massachusetts |
| Discussant: Seth Pruitt, Arizona State University |
| Competition and Expected Returns |
| By Ilona Babenko; Arizona State University Oliver Boguth; Arizona State University Yuri Tserlukevich; Arizona State University |
| presented by: Yuri Tserlukevich, Arizona State University |
| Discussant: Yinan Su, Johns Hopkins University |
| What Does Residual Momentum Tell Us About Firm-Specific Momentum? |
| By Sina Ehsani; Northern Illinois University Juhani Linnainmaa; Dartmouth College |
| presented by: Sina Ehsani, Northern Illinois University |
| Discussant: Kuntara Pukthuanthong, University of Missouri |
| Session: Asset Pricing: Household Finance January 8, 2023 13:00 to 15:00 Location: Sheraton: Maurepas (3rd Floor) |
| Session Chair: Tarun Ramadorai, Imperial College London |
| Session type: invited |
| Stakes and Mistakes |
| By Steffen Andersen; Copenhagen Business School Abhiroop Mukherjee; Hong Kong University of Science and Tech Kasper Meisner Nielsen; Copenhagen Business School |
| presented by: Abhiroop Mukherjee, Hong Kong University of Science and Technology |
| Discussant: James Choi, Yale University |
| Beliefs About the Stock Market and Investment Choices: Evidence from a Field Experiment |
| By Christine Laudenbach; SAFE, Goethe University Annika Weber; Goethe University Ruediger Weber; WU Vienna Johannes Wohlfart; University of Copenhagen |
| presented by: Ruediger Weber, WU Vienna |
| Discussant: Andreas Fuster, EPFL, Swiss Finance Institute, and CEPR |
| Five Facts about the Dynamics of Stock Market Participation |
| By Akash Raja; London School of Economics Sigurd Mølster Galaasen; Norges Bank |
| presented by: Akash Raja, London School of Economics |
| Discussant: Lu Liu, University of Pennsylvania |
| Session: Shareholder Monitoring and Voting January 8, 2023 13:00 to 15:00 Location: Sheraton: Borgne (3rd Floor) |
| Session Chair: Nadya Malenko, University of Michigan |
| Session type: invited |
| The Ownership Structure of U.S. Corporations |
| By Jonathan Lewellen; Dartmouth College Katharina Lewellen; Dartmouth College |
| presented by: Katharina Lewellen, Dartmouth College |
| Discussant: Ernst Maug, Universität Mannheim |
| Proxy Advisory Firms and Corporate Shareholder Engagement |
| By Aiyesha Dey; Harvard Business School Austin Starkweather; University of South Carolina Joshua White; Vanderbilt University |
| presented by: Austin Starkweather, University of South Carolina |
| Discussant: Felipe Cabezon, Virginia Tech |
| What Is the Impact of Mutual Funds' ESG Preferences on Portfolio Firms? |
| By Maxime Couvert; University of Hong Kong |
| presented by: Maxime Couvert, University of Hong Kong |
| Discussant: Davidson Heath, University of Utah |
| Do Mutual Funds Represent Individual Investors? |
| By Jonathon Zytnick; New York University School of Law |
| presented by: Jonathon Zytnick, New York University School of Law |
| Discussant: Enrichetta Ravina, Federal Reserve Bank of Chicago |
| Session: ETFs January 8, 2023 13:00 to 15:00 Location: Sheraton: Rhythms I (2nd Floor) |
| Session Chair: Anna Pavlova, London Business School |
| Session type: invited |
| Steering a Ship in Illiquid Waters: Active Management of Passive Funds |
| By Naz Koont; Columbia University Yiming Ma; Columbia University Lubos Pastor; University of Chicago Yao Zeng; University of Pennsylvania |
| presented by: Yao Zeng, University of Pennsylvania |
| Discussant: John Shim, University of Notre Dame |
| The Hidden Cost of Corporate Bond ETFs |
| By Christopher Reilly; University of Texas at Dallas |
| presented by: Christopher Reilly, University of Texas at Dallas |
| Discussant: Yiming Ma, Columbia University |
| Index Providers: Whales Behind the Scenes of ETFs |
| By Yu An; Johns Hopkins University Matteo Benetton; University of California, Berkeley Yang Song; University of Washington |
| presented by: Yu An, Johns Hopkins University |
| Discussant: Yang Sun, Brandeis University |
| Session: Incentives and Contracts January 8, 2023 13:00 to 15:00 Location: Sheraton: Rhythms II (2nd Floor) |
| Session Chair: Carola Frydman, Northwestern University |
| Session type: invited |
| Put Credit Rating Agency’s Money Where Its Mouth Is |
| By Ping Liu; Purdue University Alexei Tchistyi; Cornell University |
| presented by: Alexei Tchistyi, Cornell University |
| Discussant: Asaf Bernstein, University of Colorado Boulder |
| Debt and Water: Effects of Bondholder Protections on Public Goods |
| By Kelly Posenau; University of Chicago |
| presented by: Kelly Posenau, University of Chicago |
| Discussant: Daniel Green, Harvard Business School |
| Providing Incentives with Private Contracts |
| By Andrea Buffa; University of Colorado Boulder Qing Liu; City University of Hong Kong Lucy White; Boston University |
| presented by: Andrea Buffa, University of Colorado Boulder |
| Discussant: George Georgiadis, Northwestern University |
| Session: Asset Pricing: Tail Risk January 8, 2023 13:00 to 15:00 Location: Sheraton: Rhythms III (2nd Floor) |
| Session Chair: Ye Li, University of Washington |
| Session type: invited |
| Sovereign Defaults and Currency Crashes: Insurance, Carry Trade, and Quanto |
| By Ljubica Georgievska; University of California, Los Angeles |
| presented by: Ljubica Georgievska, University of California, Los Angeles |
| Discussant: Lukas Kremens, University of Washington |
| The Case of the Disappearing Skewness |
| By Matthieu Gomez; Columbia University Valentin Haddad; University of California, Los Angeles Erik Loualiche; University of Minnesota |
| presented by: Matthieu Gomez, Columbia University |
| Discussant: Chen Wang, University of Notre Dame |
| Measuring Time-Varying Disaster Risk: An Empirical Analysis of 'Dark Matter' in Asset Prices |
| By Matthew Baron; Cornell University Wei Xiong; Princeton University Zhijiang Ye; Princeton University |
| presented by: Matthew Baron, Cornell University |
| Discussant: Mete Kilic, University of Southern California |
| Cumulant Risk Premium |
| By Albert Kyle; University of Maryland Karamfil Todorov; Bank for International Settlements |
| presented by: Karamfil Todorov, Bank for International Settlements |
| Discussant: Nancy Xu, Boston College |
This program was last updated on 2023-06-16 10:44:59 EDT