American Finance Association 2023 Annual Meeting

New Orleans, LA

 

Summary of All Sessions

Date/TimeTypeTitlePapers
January 6, 2023
8:00-10:00
invited Asset Pricing: Market and Funding Liquidity3
January 6, 2023
8:00-10:00
invited Corporate Culture, Firm-Worker Matching and Firm Performance4
January 6, 2023
8:00-10:00
invited Financial Intermediation: Macro Finance4
January 6, 2023
8:00-10:00
invited Individual Assets and the SDF4
January 6, 2023
8:00-10:00
invited Innovations and Challenges in DeFi4
January 6, 2023
8:00-10:00
invited Learning in and from Financial Markets4
January 6, 2023
8:00-10:00
invited The Real Effects of ESG Investment4
January 6, 2023
10:15-12:15
panel AFA Panel: Inflation - What Lies Ahead0
January 6, 2023
10:15-12:15
invited Asset Pricing: International Finance 3
January 6, 2023
10:15-12:15
invited Asset Pricing: Market Microstructure4
January 6, 2023
10:15-12:15
invited Asset Pricing: Mutual Funds4
January 6, 2023
10:15-12:15
invited Corporate Finance: Mergers and Acquisitions 3
January 6, 2023
10:15-12:15
invited Financial Intermediation: Financial Crises3
January 6, 2023
10:15-12:15
invited Insurance and Pension Funds4
January 6, 2023
10:15-12:15
invited Regulation, Litigation and Politics4
January 6, 2023
10:15-12:15
invited Special Topics: Finance and Gender 4
January 6, 2023
14:30-16:30
panel AFA Panel: Data Monopolies and Retail Finance0
January 6, 2023
14:30-16:30
invited Asset Pricing: Behavioral Finance4
January 6, 2023
14:30-16:30
invited Asset Pricing: Market Mispricing and Limits to Arbitrage4
January 6, 2023
14:30-16:30
invited Asset Pricing: Real Estate and Housing Finance3
January 6, 2023
14:30-16:30
invited Corporate Finance: Bankruptcy and Distress4
January 6, 2023
14:30-16:30
invited Corporate Finance: Networks and Firm Productivity3
January 6, 2023
14:30-16:30
invited Finance During Covid4
January 6, 2023
14:30-16:30
invited Private Equity/Venture Capital4
January 6, 2023
18:30-20:00
panel SPECIAL EVENT: Data and Drinks (hosted by AFFECT)0
January 7, 2023
7:00-8:30
panel SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Event0
January 7, 2023
8:00-10:00
invited Access to Capital Markets: Firm Entry and Growth4
January 7, 2023
8:00-10:00
invited Asset Pricing: Cross-section of Returns (Conditional)3
January 7, 2023
8:00-10:00
invited Asset Pricing: Investor Behavior4
January 7, 2023
8:00-10:00
invited Climate Finance4
January 7, 2023
8:00-10:00
invited Financial Intermediation: Bank Competition and Risk3
January 7, 2023
8:00-10:00
invited Financial Intermediation: Monetary Policy Transmission3
January 7, 2023
8:00-10:00
invited Financial Technology and its Social Value3
January 7, 2023
10:15-12:15
panel AFA Lecture0
January 7, 2023
10:15-12:15
invited Asset Pricing: Portfolio Choice and Asset Allocation3
January 7, 2023
10:15-12:15
invited Corporate Finance: ESG - Theory3
January 7, 2023
10:15-12:15
invited Corporate Investment and Financial Markets4
January 7, 2023
10:15-12:15
invited Economics of Information Technology3
January 7, 2023
10:15-12:15
invited Impacts of Intermediaries in Household Finance4
January 7, 2023
10:15-12:15
invited Safe Asset and Government Debt4
January 7, 2023
10:15-12:15
invited Social Influence and Networks4
January 7, 2023
14:30-16:30
panel AFA Panel: How to come up with Great Research Ideas in Finance0
January 7, 2023
14:30-16:30
invited Corporate Finance: Labor and Finance4
January 7, 2023
14:30-16:30
invited Corporate Finance: Transparency and Regulation3
January 7, 2023
14:30-16:30
invited Factor Models, Machine Learning, and Asset Pricing4
January 7, 2023
14:30-16:30
invited Financial Intermediation3
January 7, 2023
14:30-16:30
invited Macro-Finance4
January 7, 2023
14:30-16:30
invited Mutual Fund Flows4
January 7, 2023
14:30-16:30
invited Special Topics: Finance and Race4
January 7, 2023
17:30-19:00
panel SPECIAL EVENT: AFA Business Meeting and Presidential Address0
January 8, 2023
8:00-10:00
invited Advances in Fixed Income4
January 8, 2023
8:00-10:00
invited Asset Pricing: Return Dynamics 4
January 8, 2023
8:00-10:00
invited Corporate Finance: Behavioral 4
January 8, 2023
8:00-10:00
invited Corporate Finance: Capital Structure4
January 8, 2023
8:00-10:00
invited Financial Intermediation: FinTech-Bank Competition on Small Business Loans4
January 8, 2023
8:00-10:00
invited Monetary Policy: Inflation, Bubbles and Financial Stability4
January 8, 2023
10:15-12:15
invited Asset Pricing: Belief Formation and Market Efficiency4
January 8, 2023
10:15-12:15
invited Asset Pricing: Derivatives and Commodities4
January 8, 2023
10:15-12:15
invited Corporate Governance in Public and Private Firms4
January 8, 2023
10:15-12:15
invited Financial Intermediation: Bank Funding and Risk Management3
January 8, 2023
10:15-12:15
invited Innovation, Acquisition and Firm Growth3
January 8, 2023
10:15-12:15
invited New Topics in Monetary Policy Transmission4
January 8, 2023
10:15-12:15
invited Sustainable Finance and Asset Prices4
January 8, 2023
14:30-16:30
invited Asset Pricing: Cross-section of Returns (Other)4
January 8, 2023
14:30-16:30
invited Asset Pricing: Household Finance3
January 8, 2023
14:30-16:30
invited Asset Pricing: Tail Risk4
January 8, 2023
14:30-16:30
invited ETFs3
January 8, 2023
14:30-16:30
invited Financial Intermediation: Regulation3
January 8, 2023
14:30-16:30
invited Incentives and Contracts3
January 8, 2023
14:30-16:30
invited Shareholder Monitoring and Voting4
 

70 sessions, 231 papers, and 11 presentations with no associated papers


 

American Finance Association 2023 Annual Meeting

Detailed List of Sessions

 
Session: Asset Pricing: Market and Funding Liquidity
January 6, 2023 8:00 to 10:00
 
Session Chair: Lasse Pedersen, Copenhagen Business School, NYU, AQR, CE
Session type: invited
 

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: Juanjuan Meng, Peking University
   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
 

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
 
Session: Corporate Culture, Firm-Worker Matching and Firm Performance
January 6, 2023 8:00 to 10:00
 
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: Yuan Zou, 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
 
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
 
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: Christopher Hrdlicka, University of Washington
   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
 
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
 
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
 
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
 
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
 
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
 
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: Mao Ye, University of Illinois and NBER
   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
 
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
 
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
 

Anti-Competitive Effects of Stealth Mergers
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, University of Chicago
 
Session: Financial Intermediation: Financial Crises
January 6, 2023 10:15 to 12:15
 
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; Ohio State University
   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
 
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, London Business School
   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
 
Session Chair: Kose John, New York University
Session type: invited
 

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
 

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
 

Does Litigation Risk Deter Insider Trading? Evidence from Universal Demand Laws
By Binay Adhikari; UTSA (Business Building)
Anup Agrawal; University of Alabama
Bina Sharma; Bellevue 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
 
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
 
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
 
Session Chair: Alex Imas, University of Chicago
Session type: invited
 

CEO Stress, Aging, and Death
By Mark Borgschulte; University of Illinois at Urbana-Champaign
Marius Guenzel; University of Pennsylvania
Canyao Liu; Yale University
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: Itzhak Ben-David, Ohio State University
   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
 
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
 

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
 

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: Zhiyao Nicholas Chen, Lingnan University
 

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
 
Session: Asset Pricing: Real Estate and Housing Finance
January 6, 2023 14:30 to 16:30
 
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
 
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
 
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:   Adrien Bilal, Harvard University
 
Session: Finance During Covid
January 6, 2023 14:30 to 16:30
 
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 Relationships with 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: Hua Kiefer, FDIC
   Discussant:   Erica Xuewei Jiang, University of Southern California
 
Session: Private Equity/Venture Capital
January 6, 2023 14:30 to 16:30
 
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; Harvard University
Joshua Lerner; Harvard Business School
Emmanuel Yimfor; University of Michigan
   presented by: Emmanuel Yimfor, University of Michigan
   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, Indiana University
 
Session: SPECIAL EVENT: Data and Drinks (hosted by AFFECT)
January 6, 2023 18:30 to 20:00
 
Session type: panel
 
Session: SPECIAL EVENT: AFA Committee on Racial Diversity (CORD) Event
January 7, 2023 7:00 to 8:30
 
Session type: panel
 
Session: Access to Capital Markets: Firm Entry and Growth
January 7, 2023 8:00 to 10:00
 
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: Borja Larrain, Pontificia Universidad Catolica de Chile
   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
 
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
 
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:   Nicolas Crouzet, Northwestern 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
 
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: Financial Intermediation: Bank Competition and Risk
January 7, 2023 8:00 to 10:00
 
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
   presented by: Stephan Luck, Federal Reserve Bank of New York
   Discussant:   Daniel Greenwald, Massachusetts Institute of Technology
 
Session: Financial Intermediation: Monetary Policy Transmission
January 7, 2023 8:00 to 10:00
 
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: Glenn Schepens, European Central Bank
   Discussant:   Alex (Xing) Zhou, Federal Reserve Board
 

The Effect of Tight Monetary Policy on Shadow Banks: Evidence from the Recession of 1920 - 1921
By Haelim Anderson; FDIC
Selman Erol; Carnegie Mellon University
Guillermo Ordonez; University of Pennsylvania
   presented by: Haelim Anderson, FDIC
   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
 
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
Jiang Wei; Columbia 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
January 7, 2023 10:15 to 12:15
 
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
 
Session Chair: Konstantin Milbradt, Northwestern University
Session type: invited
 

Capital Commitment
By Elise Gourier; Essec Business School
Ludovic Phalippou; Oxford University
Mark Westerfield; University of Washington
   presented by: Elise Gourier, Essec Business School
 

Optimal Allocation to Private Equity
By Nicola Giommetti; Copenhagen Business School
Morten Sorensen; Dartmouth College
   presented by: Morten Sorensen, Dartmouth College
 

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
 
Session: Corporate Finance: ESG - Theory
January 7, 2023 10:15 to 12:15
 
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: Doron Levit, University of Washington
   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
 
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, Financial Market Power, 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:   Ishita Sen, Harvard University
 

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: Ray Gao, 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
 
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: Quentin Vandeweyer, University of Chicago
   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
 
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
 
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, University of Pennsylvania
   Discussant:   Wenxin Du, University of Chicago
 
Session: Social Influence and Networks
January 7, 2023 10:15 to 12:15
 
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 University
Stephan Heller; Harvard University and University of St. Gallen
   presented by: Lauren Cohen, Harvard University
   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
Vladimir Sokolov; Higher School of Economics
   presented by: Norman Schuerhoff, University of Lausanne
   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
 
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:
   Marianne Bertrand, University of Chicago
 
Session: Corporate Finance: Labor and Finance
January 7, 2023 14:30 to 16:30
 
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
 

Implicit Discrimination, Human Capital Acquisition and the Promotion Gap
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
 
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: Jonas Heese, 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
 
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, Stock Prices, and Real Investment
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
 
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
 
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
 
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: Nitin Kumar, 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
 
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, Harvard University and 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: Xing Huang, 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
 
Session type: panel
 
Session: Advances in Fixed Income
January 8, 2023 8:00 to 10:00
 
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
 
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
 
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: Jin Xie, Peking 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
 
Session Chair: Martin Schmalz, University of Oxford
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 Compensation
By Ingolf Dittmann; Erasmus University Rotterdam
Amy Yazhu Li; Erasmus University Rotterdam
Stefan Obernberger; Erasmus University Rotterdam
Jiaqi Zheng; Oxford University
   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
 
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
 
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: Agam Shah, Georgia Institute of Technology
   Discussant:   Michael Weber, University of Chicago
 

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
 

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
 
Session: Asset Pricing: Belief Formation and Market Efficiency
January 8, 2023 10:15 to 12:15
 
Session Chair: Stefano Giglio, Yale University
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
 
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
 

Exploring Risk Premia, Pricing Kernels, and No-Arbitrage Restrictions in Option Pricing Models
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
 
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
 
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, University of Pennsylvania
 

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
 
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
 
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; University of Mainz
   presented by: Mariassunta Giannetti, Stockholm School of Economics
   Discussant:   Wenxin Du, University of Chicago
 

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:   Itay Goldstein, University of Pennsylvania
 

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
 
Session Chair: Lucian Taylor, University of Pennsylvania
Session type: invited
 

Flow-Driven ESG Returns
By Philippe van der Beck; EPFL
   presented by: Philippe van der Beck, EPFL
   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 and Massachusetts Institute of Technology
Adrien Lambillon; University of Zurich
   presented by: Julian Koelbel, University of St. Gallen and Massachusetts Institute of Technology
   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: Asset Pricing: Cross-section of Returns (Other)
January 8, 2023 14:30 to 16:30
 
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: Jules van Binsbergen, University of Pennsylvania
   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 14:30 to 16:30
 
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: Asset Pricing: Tail Risk
January 8, 2023 14:30 to 16:30
 
Session Chair: Ye Li, Ohio State University
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: Zhijiang Ye, Princeton 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
 
Session: ETFs
January 8, 2023 14:30 to 16:30
 
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: Lubos Pastor, University of Chicago
   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:   Ishita Sen, Harvard Business School
 

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: Matteo Benetton, University of California, Berkeley
   Discussant:   Yang Sun, Brandeis University
 
Session: Financial Intermediation: Regulation
January 8, 2023 14:30 to 16:30
 
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: Liyan Yang, University of Toronto
   Discussant:   Jian Li, Columbia University
 

Green Capital Requirements
By Martin Oehmke; London School of Economics
Marcus Opp; Stockholm School of Economics
   presented by: Marcus Opp, Stockholm 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: Incentives and Contracts
January 8, 2023 14:30 to 16:30
 
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: Shareholder Monitoring and Voting
January 8, 2023 14:30 to 16:30
 
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: Joshua White, Vanderbilt University
   Discussant:   Fabrizio Ferri, University of Miami
 

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

This program was last updated on 2022-09-29 11:12:40 EDT