Conference Agenda


Program and access to virtual conference

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Session Overview
Date: Thursday, 26/Aug/2021
From 13.00Technical Room
 
1:30pm - 3:00pmAPE 01: Asset Pricing with Artificial Intelligence
Location: Stream 01
Session Chair: Markus Pelger, Stanford
Stream 01 
 
ID: 1722

Test Assets and Weak Factors

Stefano Giglio1, Dacheng Xiu2, Dake Zhang2

1Yale University, United States of America; 2Chicago Booth

Discussant: Andrea Tamoni (Rutgers Business School)

1722-APE-EFA2021-Test Assets and Weak Factors.pdf


ID: 1185

Forest through the Trees: Building Cross-Sections of Stock Returns

Svetlana Bryzgalova1, Markus Pelger2, Jason Zhu2

1London Business School, UK; 2Stanford, United States of America

Discussant: Andrew Patton (Duke University)

1185-APE-EFA2021-Forest through the Trees.pdf


ID: 656

(Re-)Imag(in)ing Price Trends

Jingwen Jiang1, Bryan Kelly2, Dacheng Xiu3

1University of Chicago; 2Yale University; 3University of Chicago

Discussant: Scott Murray (Georgia State University)

656-APE-EFA2021-(Re-)Imag(in)ing Price Trends.pdf
 
1:30pm - 3:00pmAPE 02: Derivatives
Location: Stream 02
Session Chair: Christian Wagner, WU Vienna University of Economics and Business
Stream 02 
 
ID: 1489

Generalized Bounds on the Conditional Expected Excess Return on Individual Stocks

Fousseni Chabi-Yo1, Chukwuma Dim2, Grigory Vilkov2

1Isenberg School of Management, University of Massachusetts-Amherst; 2Frankfurt School of Finance & Management

Discussant: Johnathan Loudis (University of Notre Dame)

1489-APE-EFA2021-Generalized Bounds on the Conditional Expected Excess Return on Individual Stocks.pdf


ID: 952

Structural Stochastic Volatility

Federico Bandi1, Nicola Fusari1, Roberto Reno2

1Johns Hopkins University, United States of America; 2University of Verona

Discussant: Maria T Gonzalez-Perez (Banco de Espana)

952-APE-EFA2021-Structural Stochastic Volatility.pdf


ID: 821

Testing for Asset Price Bubbles using Options Data

Nicola Fusari1, Robert Jarrow2, Sujan Lamichhane3

1Johns Hopkins University; 2Cornell University; 3Johns Hopkins University

Discussant: Dimitris Papadimitriou (University of Bristol)

821-APE-EFA2021-Testing for Asset Price Bubbles using Options Data.pdf
 
1:30pm - 3:00pmMM 01: Market Microstructure: Closing Auctions and Floor Trading
Location: Stream 03
Session Chair: Stefano Lovo, HEC Paris
Stream 03 
 
ID: 1658

Trading @ the Close

Carole Comerton-Forde1, Barbara Rindi2

1UNSW Business School; 2Bocconi University, IGIER and Baffi-Carefin

Discussant: Fany Declerck (Toulouse School of Economics)

1658-MM-EFA2021-Trading @ the Close.pdf


ID: 2149

Vestigial Tails? Floor Brokers at the Close in Modern Electronic Markets

Edwin Hu1, Dermot Murphy2

1NYU School of Law, United States of America; 2University of Illinois at Chicago

Discussant: Sophie Moinas (Toulouse School of Economics)

2149-MM-EFA2021-Vestigial Tails Floor Brokers at the Close in Modern Electronic Markets.pdf


ID: 489

Does Floor Trading Matter?

Jonathan Brogaard2, Matthew Ringgenberg2, Dominik Roesch1

1University at Buffalo, United States of America; 2University of Utah

Discussant: Laurence Daures-Lescourret (ESSEC Business School)

489-MM-EFA2021-Does Floor Trading Matter.pdf
 
1:30pm - 3:00pmAPT 01: International Risks
Location: Stream 04
Session Chair: Fulvio Ortu, Bocconi University
Stream 04 
 
ID: 296

Concealed Carry

Spencer Andrews1, Riccardo Colacito1, Mariano Massimiliano Croce2, Federico Gavazzoni3

1UNC; 2Bocconi; 3INSEAD

Discussant: Robert Richmond (NYU Stern School of Business)

296-APT-EFA2021-Concealed Carry.pdf


ID: 1772

The Hedging Channel of Exchange Rate Determination

Gordon Liao, Tony Zhang

Federal Reserve Board, United States of America

Discussant: Walker Ray (London School of Economics)

1772-APE-EFA2021-The Hedging Channel of Exchange Rate Determination.pdf


ID: 483

Pricing currency risks

Mikhail Chernov2, Magnus Dahlquist1, Lars Lochstoer2

1Stockholm School of Economics, Sweden; 2UCLA

Discussant: Craig Burnside (Duke University)

483-APE-EFA2021-Pricing currency risks.pdf
 
1:30pm - 3:00pmCFE 01: Corporate Political Influence
Location: Stream 05
Session Chair: Ilona Babenko, Arizona State University
Stream 05 
 
ID: 1661

Selling Indulgences: The Political Economy of Tariff Exemption Grants

Veljko Fotak2, Hye Seung Lee3, William Megginson4, Jesus Salas1

1Lehigh University, United States of America; 2SUNY Buffalo; 3Fordham University; 4University of Oklahoma

Discussant: Alberto Manconi (Bocconi University)

1661-CFE-EFA2021-Selling Indulgences.pdf


ID: 1049

Investing in influence: Investors, portfolio firms, and political giving

Marianne Bertrand1, Matilde Bombardini2, Ray Fisman3, Francesco Trebbi2, Eyub Yegen4

1University of Chicago, Booth School of Business; 2UC Berkeley, Haas School of Business; 3Boston University; 4University of Toronto, Rotman School of Management

Discussant: Viktar Fedaseyeu (China Europe International Business School)

1049-CFE-EFA2021-Investing in influence.pdf


ID: 1084

The Political Economy of Anti-Bribery Enforcement

Bo Li1, Lauren Cohen2

1Tsinghua University, China, People's Republic of; 2Harvard University

Discussant: Elisabeth Kempf (University of Chicago Booth School of Business)

1084-CFE-EFA2021-The Political Economy of Anti-Bribery Enforcement.pdf
 
1:30pm - 3:00pmCFE 02: Human capital and employee career choices
Location: Stream 06
Session Chair: Paige Ouimet, University of North Carolina
Stream 06 
 
ID: 640

Artificial Intelligence and High-Skilled Work: Evidence from Analysts

Jillian Grennan1, Roni Micahely2

1Duke University, United States of America; 2University of Geneva and SFI

Discussant: Isaac Hacamo (Indiana University)

640-CFE-EFA2021-Artificial Intelligence and High-Skilled Work.pdf


ID: 427

Human Capital Portability and Worker Career Choices: Evidence from M&A Bankers

Janet Gao1, Wenyu Wang1, Yufeng Wu2

1Indiana University, United States of America; 2University of Illinois Urbana-Champaign

Discussant: Miguel Palacios (University of Calgary)

427-CFT-EFA2021-Human Capital Portability and Worker Career Choices.pdf


ID: 2213

Careers in Finance

Andrew Ellul1, Marco Pagano2, Annalisa Scognamiglio2

1Indiana University, United States of America; 2University of Naples, Federico II, Italy

Discussant: Claire Celerier (University of Toronto)

2213-CFE-EFA2021-Careers in Finance.pdf
 
1:30pm - 3:00pmCL 01: Real effects of climate change
Location: Stream 07
Session Chair: Marcin Kacperczyk, Imperial College London
Stream 07 
 
ID: 365

Corporate Finance and Green Growth

Ralph De Haas1,2,3, Alexander Popov4

1European Bank for Reconstruction and Development, United Kingdom; 2Tilburg University; 3CEPR; 4European Central Bank

Discussant: Philipp Krueger (University of Geneva & Swiss Finance Institute)

365-CL-EFA2021-Corporate Finance and Green Growth.pdf


ID: 424

The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing

Ricardo Correa1, Ai He2, Christoph Herpfer3, Ugur Lel4

1Federal Reserve Board, Division of International Finance; 2University of South Carolina, Darla Moore School of Business; 3Emory University, Goizueta Business School; 4University of Georgia, Terry College of Business

Discussant: Steven Ongena (University of Zurich)

424-CL-EFA2021-The rising tide lifts some interest rates.pdf


ID: 801

Do banks fuel climate change?

Yener Altunbas2, David Marques-Ibanez1, Alessio Reghezza2, Costanza Rodriguez d’Acri1, Martina Spaggiari1

1European Central Bank, Germany; 2Bangor Business School, UK

Discussant: Jose-Luis Peydro (Imperial College London)

801-CL-EFA2021-Do banks fuel climate change.pdf
 
1:30pm - 3:00pmHF 01: FinTech and Personal Finance
Location: Stream 08
Session Chair: Laura Bottazzi, Bocconi University
Stream 08 
 
ID: 1438

FinTech Adoption and Household Risk-Taking

Claire Yurong Hong1, Xiaomeng Lu1, Jun Pan1,2

1SAIF, Shanghai Jiao Tong University; 2CAFR

Discussant: Sabine Bernard (Leibniz Institute for Financial Research SAFE)

1438-HF-EFA2021-FinTech Adoption and Household Risk-Taking.pdf


ID: 1683

Smart(Phone) Investing? A within investor-time analysis of new technologies and trading behavior

Ankit Kalda1, Benjamin Loos2, Alessandro Previtero1, Andreas Hackethal3

1Indiana University, United States of America; 2Technical University of Munich; 3Goethe University

Discussant: Olga Balakina (Aarhus University, School of Business and Social Sciences)

1683-HF-EFA2021-Smart(Phone) Investing A within investor-time analysis.pdf


ID: 1260

Correcting Present Bias in Saving Decisions with FinTech

Antonio Gargano1, Alberto Rossi2

1University of Houston, United States of America; 2Georgetown University

Discussant: Cameron Peng (London School of Economics)

1260-HF-EFA2021-Correcting Present Bias in Saving Decisions with FinTech.pdf
 
1:30pm - 3:00pmCFT 01: Financial Distress
Location: Stream 09
Session Chair: Lucy White, Boston University
Stream 09 
 
ID: 824

Renegotiation in Debt Chains

Vincent Glode2, Christian Opp1

1Simon Business School, University of Rochester; 2Wharton School, University of Pennsylvania

Discussant: Charles Kahn (University of Illinois at Champaign Urbana)

824-CFT-EFA2021-Renegotiation in Debt Chains.pdf


ID: 2187

Buying a Seat at the Table: Bankruptcy Law and Distress Investing

Mike Burkart1,4, Samuel Lee2, Vladimir Vladimirov3

1London School of Economics, United Kingdom; 2Santa Clara University, United States of America; 3University of Amsterdam, The Netherlands; 4Swedish House of Finance, Sweden

Discussant: Adrian Aycan Corum (Cornell University)

2187-CFT-EFA2021-Buying a Seat at the Table.pdf


ID: 1243

Persuasion in Global Games with Application to Stress Testing

Nicolas Inostroza1, Alessandro Pavan2

1University of Toronto, Rotman School of Management, Canada; 2Northwestern University

Discussant: Ansgar Walther (Imperial College London)

1243-CFT-EFA2021-Persuasion in Global Games with Application to Stress Testing.pdf
 
1:30pm - 3:00pmFIE 01: Information, Monitoring and Misreporting
Location: Stream 10
Session Chair: Gyongyi Loranth, University of Vienna
Stream 10 
 
ID: 1022

Is Hard and Soft Information Substitutable? Evidence from the Lockdowns

Jennie Bai1, Massimo Massa2

1Georgetown University, United States of America; 2INSEAD

Discussant: Antonino Emanuele Rizzo (Nova School of Business and Economics)

1022-FIE-EFA2021-Is Hard and Soft Information Substitutable Evidence.pdf


ID: 2022

Internal Models, Make Believe Prices, and Bond Market Cornering

Ishita Sen1, Varun Sharma2

1Harvard Business School, United States of America; 2London Business School, United Kingdom

Discussant: Jean-Edouard Colliard (HEC Paris)

2022-FIE-EFA2021-Internal Models, Make Believe Prices, and Bond Market Cornering.pdf


ID: 2228

Conscientious Loan Officers and Loan Outcomes

Yessenia Tellez

Virginia Tech.

Discussant: Larissa Schaefer (Frankfurt School of Finance and Management)

2228-FIE-EFA2021-Conscientious Loan Officers and Loan Outcomes.pdf
 
3:00pm - 3:30pmBreakout Rooms - post sessions discussion

This virtual room lists the breakout rooms for each paper presented in the last time period (10 sessions = 30 breakout rooms total). If you cannot find the breakout room, our staff will be happy to assist you. 

 
3:30pm - 5:00pmAPE 03: International flows
Location: Stream 01
Session Chair: Linda S. Goldberg, Federal Reserve Bank of New York
Stream 01 
 
ID: 209

Arbitraging Covered Interest Rate Parity Deviations: Testing a New Channel of Bank Lending

Lorena Keller

Wharton School, University of Pennsylvania, United States of America

Discussant: Xiang Li (Halle Institute for Economic Research)

209-APE-EFA2021-Arbitraging Covered Interest Rate Parity Deviations.pdf


ID: 917

Currency Hedging: Managing Cash Flow Exposure

Laura Alfaro1, Mauricio Calani2, Liliana Varela3

1Harvard Business School and NBER; 2Central Bank of Chile; 3London School of Economics and CEPR

Discussant: Saskia Ter Ellen (Norges Bank)

917-APE-EFA2021-Currency Hedging.pdf


ID: 1041

Foreign Sentiment

Azi Ben-Rephael1, Xi Dong2, Massimo Massa3, Changyun Zhou2

1Rutgers Business School, United States of America; 2Zicklin School of Business, Baruch College; 3INSEAD

Discussant: Leslie Shen (Federal Reserve Board)

1041-APE-EFA2021-Foreign Sentiment.pdf
 
3:30pm - 5:00pmAPE 04: Financial Innovation and Asset Prices
Location: Stream 02
Session Chair: Alberto Rossi, Georgetown University
Stream 02 
 
ID: 780

Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases

Jules H. van Binsbergen1, Xiao Han2, Alejandro Lopez-Lira3

1The Wharton School, University of Pennsylvania; 2Bayes Business School, City, University of London; 3Warrington College of Business, University of Florida

Discussant: Jillian Grennan (Duke University)

780-APE-EFA2021-Man vs Machine Learning.pdf


ID: 791

The use and usefulness of big data in finance: Evidence from financial analysts

Feng Chi1, Byoung-Hyoun Hwang1, Yaping Zheng2

1Cornell University, United States of America; 2McGill University, Canada

Discussant: Marcus Painter (Saint Louis University)

791-APE-EFA2021-The use and usefulness of big data in finance.pdf


ID: 1420

Attention-Induced Trading and Returns:Evidence from Robinhood Users

Brad Barber1, Xing Huang2, Terrance Odean3, Christopher Schwarz4

1UC Davis, United States of America; 2Washington University in St Louis; 3UC Berkeley, United States of America; 4UC Irvine, United States of America

Discussant: Antonio Gargano (University of Houston)

1420-APE-EFA2021-Attention-Induced Trading and Returns.pdf
 
3:30pm - 5:00pmNBIM: Understanding the long-run drivers of asset prices
Location: Stream 03
Session Chair: Dagfinn Rime, BI Norwegian Business School
Stream 03 
 
ID: 1850

Disaster Resilience and Asset Prices

Marco Pagano1, Christian Wagner2, Josef Zechner2

1University of Naples Federico II, Italy; 2WU Vienna University of Economics and Business, Austria

Discussant: Laura Veldkamp (Columbia Business School)

1850-APE-EFA2021-Disaster Resilience and Asset Prices.pdf


ID: 570

Bond, Currencies and Expectational Errors

Eleonora Granziera1, Markus Sihvonen2

1Norges Bank, Norway; 2Bank of Finland

Discussant: Hanno Lustig (Stanford University)

570-APT-EFA2021-Bond, Currencies and Expectational Errors.pdf


ID: 1526

Risks and Risk Premia in the US Treasury Market

Gabriele Zinna1, Lucio Sarno2,3, Junye Li4

1Bank of Italy, Italy; 2Cambridge Judge Business School, University of Cambridge, United Kingdom; 3Centre for Economic Policy Research, United Kingdom; 4Fudan University, School of Management, China

Discussant: Zhiguo He (University of Chicago)

1526-APE-EFA2021-Risks and Risk Premia in the US Treasury Market.pdf
 
3:30pm - 5:00pmMM 02: Market Microstructure: Order Informativeness and Exchange Data Fees
Location: Stream 04
Session Chair: Barbara Rindi, Bocconi University
Stream 04 
 
ID: 2026

Competition and Exchange Data Fees

Jonathan Brogaard1, James Brugler2, Dominik Roesch3

1University of Utah; 2University of Melbourne; 3University of Buffalo

Discussant: Sunil Wahal (Arizona State University)

2026-MM-EFA2021-Competition and Exchange Data Fees.pdf


ID: 1028

Refusing the Best Price?

Sida Li1, Mao Ye1,2, Miles Zheng1

1University of Illinois at Urbana-Champaign, United States of America; 2National Bureau of Economic Research

Discussant: Kumar Venkataraman (Southern Methodist University)

1028-MM-EFA2021-Refusing the Best Price.pdf


ID: 792

The Conduits of Price Discovery: A Machine Learning Approach

Amy Kwan1, Richard Philip1, Andriy Shkilko2

1University of Sydney, Australia; 2Wilfrid Laurier University, Canada

Discussant: Rama Cont (University of Oxford)

792-MM-EFA2021-The Conduits of Price Discovery.pdf
 
3:30pm - 5:00pmCFE 03: Boards
Location: Stream 05
Session Chair: Lalitha Naveen, Temple University
Stream 05 
 
ID: 2094

The Effect of Board Overlap on Firm Behavior

Heng Geng1, Harald Hau2, Roni Michaely3, Binh Nguyen1

1Victoria University of Wellington, New Zealand; 2University of Geneva and SFI; 3University of Hong Kong and ECGI

Discussant: Hannes Wagner (Bocconi University)

2094-CFE-EFA2021-The Effect of Board Overlap on Firm Behavior.pdf


ID: 433

Board Dynamics Over the Startup Life Cycle

Michael Ewens1, Nadya Malenko2

1California Institute of Technology, United States of America; 2University of Michigan, United States of America

Discussant: Camille Hebert (University of Toronto)

433-CFE-EFA2021-Board Dynamics Over the Startup Life Cycle.pdf


ID: 498

Gender Quotas and Support for Women in Board Elections

Marina Gertsberg1, Johanna Mollestrom2, Michaela Pagel3

1Monash University; 2George Mason University; 3Columbia GSB

Discussant: Felix von Meyerinck (Universität St. Gallen)

498-CFE-EFA2021-Gender Quotas and Support for Women in Board Elections.pdf
 
3:30pm - 5:00pmCFE 07: Finance and Product Markets
Location: Stream 06
Session Chair: Laurent Fresard, USI Lugano
Stream 06 
 
ID: 169

Corporate Taxes and Retail Prices

Scott Baker1, Stephen Teng Sun2, Constantine Yannelis3

1Northwestern University, United States of America; 2City University of Hong Kong; 3University of Chicago, Booth

Discussant: Jakub Hajda (HEC Montreal)

169-CFE-EFA2021-Corporate Taxes and Retail Prices.pdf


ID: 2123

Does Antitrust Enforcement Affect Industry Dynamics? Evidence from 40 Years of U.S. Department of Justice Lawsuits

Tania Babina1, Simcha Barkai2, Jessica Jeffers3, Ezra Karger4, Ekaterina Volkova5

1Columbia Business School; 2Boston College; 3Booth School of Business; 4Federal Reserve Bank of Chicago; 5University of Melbourne

Discussant: Alminas Zaldokas (Hong Kong University of Science and Technology)

2123-CFE-EFA2021-Does Antitrust Enforcement Affect Industry Dynamics Evidence.pdf


ID: 359

Financial Shocks, Productivity, and Prices

Simone Lenzu1, David Rivers2, Joris Tielens3

1NYU Stern School of Business, United States of America; 2University of Western Ontario; 3KU Leuven and National Bank of Belgium

Discussant: Enrique Schroth (EDHEC Business School)

359-CFE-EFA2021-Financial Shocks, Productivity, and Prices.pdf
 
3:30pm - 5:00pmCFT 02: External Financial Transactions
Location: Stream 07
Session Chair: Uday Rajan, University of Michigan
Stream 07 
 
ID: 1144

Security Design in Non-Exclusive Markets with Asymmetric Information

Victoria Vanasco, Vladimir Asriyan

CREI, UPF and Barcelona GSE, Spain

Discussant: Andrea Attar (Toulouse School of Economics)

1144-CFT-EFA2021-Security Design in Non-Exclusive Markets with Asymmetric Information.pdf


ID: 366

Pivots and Prestige: Venture Capital Contracts with Experimentation

Martin Szydlowski1, Xuelin Li2

1University of Minnesota, United States of America; 2University of South Carolina

Discussant: Rich Mathews (University of Maryland)

366-CFT-EFA2021-Pivots and Prestige.pdf


ID: 348

Due Diligence

Brendan Daley3, Thomas Geelen1,2, Brett Green4

1Copenhagen Business School, Denmark; 2Danish Finance Institute; 3Johns Hopkins University; 4Olin Business School, Washington University in St. Louis

Discussant: Simon Mayer (Erasmus University Rotterdam)

348-CFT-EFA2021-Due Diligence.pdf
 
3:30pm - 5:00pmHF 02: HF 02: Determinants of household investing
Location: Stream 08
Session Chair: Laurent Calvet, Edhec Business School
Stream 08 
 
ID: 284

Gender Differences in Financial Advice

Tabea Bucher-Koenen3, Andreas Hackethal2, Johannes Koenen4, Christine Laudenbach1

1University of Bonn, Germany; 2Goethe University; 3ZEW - Leibniz Centre for European Economic Research; 4ARC Econ

Discussant: Luana Zaccaria (EIEF)

284-HF-EFA2021-Gender Differences in Financial Advice.pdf


ID: 687

How Costly Are Cultural Biases? Evidence from FinTech

Francesco D'Acunto1, Pulak Ghosh2, Alberto Rossi3

1Boston College; 2IIM Bangalore; 3Georgetown University

Discussant: Anastasia Girshina (Stockholm School of Economics)

687-HF-EFA2021-How Costly Are Cultural Biases Evidence from FinTech.pdf


ID: 1382

Countercyclical Income Risk and Portfolio Choices: Evidence from Sweden

Sylvain Catherine1, Paolo Sodini2, Yapei Zhang3

1Wharton; 2Stockholm School of Economics; 3ShanghaiTech University

Discussant: Julio Galvez (Bank of Spain)

1382-HF-EFA2021-Countercyclical Income Risk and Portfolio Choices.pdf
 
3:30pm - 5:00pmECB: Non-bank financial intermediation
Location: Stream 09
Session Chair: Angela Maddaloni, European Central Bank
Stream 09 
 
ID: 1048

Do Responsible Investors Invest Responsibly?

Rajna Gibson Brandon2, Simon Glossner1, Philipp Krueger2, Pedro Matos1, Tom Steffen3

1UVA Darden School of Business; 2University of Geneva; 3Osmosis Investment Management

Discussant: Ishita Sen (Harvard Business School)

1048-FIE-EFA2021-Do Responsible Investors Invest Responsibly.pdf


ID: 1964

Insurance Companies and the Propagation of Liquidity Shocks to the Real Economy

Stefano Rossi1, Hayong Yun2, Yubo Liu3

1Bocconi University, Italy; 2Michigan State University, USA; 3Xiamen University, China

Discussant: Stanislava Nikolova (University of Nebraska Lincoln)

1964-FIE-EFA2021-Insurance Companies and the Propagation of Liquidity Shocks.pdf


ID: 2046

Do non-banks need access to the lender of last resort? Evidence from mutual fund runs

Johannes Breckenfelder1, Niklas Grimm1, Marie Hoerova1,2

1European Central Bank, Germany; 2Centre for Economic Policy Research, United Kingdom

Discussant: Falko Fecht (Frankfurt School of Finance and Management)

2046-FIE-EFA2021-Do non-banks need access to the lender of last resort Evidence.pdf
 
3:30pm - 5:00pmFIE 02: Relationship vs Transactional Lending to Firms
Location: Stream 10
Session Chair: Vasso Ioannidou, Cass Business School
Stream 10 
 
ID: 1019

The Value of Lending Relationships

Michael Hertzel1, Andrew Bird2, Stephen Karolyi3, Thomas Ruchti4

1Arizona State University, United States of America; 2Chapman University; 3Office of the Comptroller of the Currency; 4Carnegie Mellon University

Discussant: Nicola Pavanini (Tilburg University)

1019-FIE-EFA2021-The Value of Lending Relationships.pdf


ID: 1848

The Rise of Finance Companies and FinTech Lenders in Small Business Lending

Manasa Gopal1, Philipp Schnabl2

1Georgia Institute of Technology, United States of America; 2NYU Stern

Discussant: Tobias Berg (Frankfurt School of Finance and Management gGmbH)

1848-FIE-EFA2021-The Rise of Finance Companies and FinTech Lenders.pdf


ID: 2055

Separating Retail and Investment Banking: Evidence from the UK

Matthieu Chavaz1, David Elliott1,2

1Bank of England; 2Imperial College London

Discussant: Claudia Robles-Garcia (Stanford University)

2055-FIE-EFA2021-Separating Retail and Investment Banking.pdf
 
5:00pm - 5:30pmBreakout Rooms - post sessions discussion

This virtual room lists the breakout rooms for each paper presented in the last time period (10 sessions = 30 breakout rooms total). If you cannot find the breakout room, our staff will be happy to assist you. 

 
5:30pm - 7:00pmAPE 05: International Finance
Location: Stream 01
Session Chair: Andrea Vedolin, Boston University
Stream 01 
 
ID: 1217

A portfolio approach to global imbalances

Zhengyang Jiang1, Robert Richmond2, Tony Zhang3

1Northwestern University; 2New York University; 3Federal Reserve Board

Discussant: Riccardo Colacito (University of North Carolina at Chapel Hill)

1217-APE-EFA2021-A portfolio approach to global imbalances.pdf


ID: 1166

Risk, Monetary Policy and Asset Prices in a Global World

Geert Bekaert1, Marie Hoerova2, Nancy Xu3

1Columbia Business School; 2European Central Bank; 3Boston College, United States of America

Discussant: Matteo Crosignani (New York Fed)

1166-APE-EFA2021-Risk, Monetary Policy and Asset Prices in a Global World.pdf


ID: 991

Democratization, Inequality, and Risk Premia

Max Miller

The Wharton School, United States of America

Discussant: Irina Zviadadze (HEC Paris)

991-APE-EFA2021-Democratization, Inequality, and Risk Premia.pdf
 
5:30pm - 7:00pmAPE 06: The cross-section of corporate bond returns
Location: Stream 02
Session Chair: Nils Friewald, NHH Norwegian School of Economics
Stream 02 
 
ID: 1879

Book-to-Market, Mispricing, and the Cross-Section of Corporate Bond Returns

Sohnke Bartram1, Mark Grinblatt2, Yoshio Nozawa3

1University of Warwick and CEPR, United Kingdom; 2UCLA Anderson and NBER; 3Hong Kong University of Science and Technology

Discussant: Jaewon Choi (University of Illinois Urbana-Champaign)

1879-APE-EFA2021-Book-to-Market, Mispricing, and the Cross-Section.pdf


ID: 156

Switching Perspective: How Does Firm-Level Distress Risk Price the Cross-Section of Corporate Bond Returns?

Shuwen Yang1, Kevin Aretz2

1PBC School of Finance, Tsinghua University; 2Alliance Manchester Business School, University of Manchester

Discussant: Giorgio Ottonello (Nova School of Business and Economics)

156-APE-EFA2021-Switching Perspective.pdf


ID: 2242

The Core, the Periphery, and the Disaster: Corporate-Sovereign Nexus in COVID-19 Times

Ruggero Jappelli1, Loriana Pelizzon1,2,3, Alberto Plazzi4,5

1Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt; 2Ca' Foscari University of Venice; 3CEPR; 4Università della Svizzera Italiana; 5Swiss Finance Institute

Discussant: Patrick Augustin (McGill University)

2242-APE-EFA2021-The Core, the Periphery, and the Disaster.pdf
 
5:30pm - 7:00pmAPE 07: Sentiments, Biases and Stock Returns
Location: Stream 03
Session Chair: Lawrence Jin, California Institute of Technology
Stream 03 
 
ID: 442

Investor Sentiment and the Pricing of Characteristics-Based Factors

Zhuo Chen1, Bibo Liu1, Huijun Wang2, Zhengwei Wang1, Jianfeng Yu1

1Tsinghua University; 2University of Melbourne

Discussant: Thummim Cho (London School of Economics)

442-APE-EFA2021-Investor Sentiment and the Pricing of Characteristics-Based Factors.pdf


ID: 1847

Horizon Bias and the Term Structure of Equity Returns

Peter Kelly2, Stefano Cassella1, Benjamin Golez2, Huseyin Gulen3

1Tilburg University; 2University of Notre Dame; 3Purdue University

Discussant: Katrin Godker (Maastricht University)

1847-APE-EFA2021-Horizon Bias and the Term Structure of Equity Returns.pdf


ID: 928

Music Sentiment and Stock Returns Around the World

Alex Edmans2, Adrian Fernandez-Perez3, Alexandre Garel1, Ivan Indriawan3

1Audencia Business School, France; 2London Business School, United Kingdom; 3Auckland University of Technology, New Zealand

Discussant: Nancy Xu (Boston College)

928-APE-EFA2021-Music Sentiment and Stock Returns Around the World.pdf
 
5:30pm - 7:00pmAPT 02: Asset Pricing and Capital Market Frictions
Location: Stream 04
Session Chair: Stavros Panageas, UCLA Anderson School of Management
Stream 04 
 
ID: 236

Barriers to Global Capital Allocation

Bruno Pellegrino1, Enrico Spolaore2, Romain Wacziarg3

1University of Maryland; 2Tufts University; 3UCLA

Discussant: Moritz Lenel (Princeton University)

236-APT-EFA2021-Barriers to Global Capital Allocation.pdf


ID: 584

Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing

Bruno Biais

HEC Paris

Discussant: Alexander Zentefis (Yale School of Management)

584-APT-EFA2021-Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing.pdf


ID: 1893

Capital Commitment

Elise Gourier1, Ludovic Phalippou2, Mark Westerfield3

1ESSEC; 2Saïd Business School, United Kingdom; 3University of Washington

Discussant: Michael Ewens (California Institute of Technology)

1893-APT-EFA2021-Capital Commitment.pdf
 
5:30pm - 7:00pmCFE 05: Gender and Corporate Finance
Location: Stream 05
Session Chair: Isil Erel, The Ohio State University
Stream 05 
 
ID: 1640

Women in the Financial Sector

Spyridon Lagaras1, Maria-Teresa Marchica2, Elena Simintzi3, Margarita Tsoutsoura4

1Katz Graduate School of Business, University of Pittsburgh; 2Alliance Manchester Business School, United Kingdom; 3Cornell University; 4Kenan-Flagler School of Business, University of North Carolina

Discussant: S. Abraham Ravid (Yeshiva University)

1640-CFE-EFA2021-Women in the Financial Sector.pdf


ID: 287

Gender diversity in corporate boards: Evidence from quota-implied discontinuities

Olga Kuzmina1,2, Valentina Melentyeva3,4

1New Economic School, Russian Federation; 2CEPR; 3ZEW - Leibniz Centre for European Economic Research; 4University of Mannheim

Discussant: Miriam Schwartz-Ziv (Hebrew University of Jerusalem)

287-CFE-EFA2021-Gender diversity in corporate boards.pdf


ID: 1760

Board gender-balancing and insider trading performance

Espen Eckbo2, Bernt Arne Odegaard1

1University of Stavanger, Norway; 2Tuck School of Business, Darthmouth College, USA

Discussant: Tristan Fitzgerald (Texas A&M University)

1760-CFE-EFA2021-Board gender-balancing and insider trading performance.pdf
 
5:30pm - 7:00pmCFE 06: Corporate policies and human capital allocation
Location: Stream 06
Session Chair: Paolo Volpin, City University London
Stream 06 
 
ID: 840

Inter-firm Inventor Collaboration and Path-breaking Innovation: Evidence from Inventor Teams Post-merger

Kai Li1, Jin Wang2

1University of British Columbia, Canada; 2Wilfrid Laurier University, Canada

Discussant: Ramin P Baghai (Stockholm School of Economics)

840-CFE-EFA2021-Inter-firm Inventor Collaboration and Path-breaking Innovation.pdf


ID: 107

Misconduct Synergies

Emmanuel Yimfor1, Heather Tookes2

1University of Michigan, United States of America; 2Yale University

Discussant: Johan Hombert (HEC Paris)

107-CFE-EFA2021-Misconduct Synergies.pdf


ID: 1304

Corporate Reorganization as Labor Insurance in Bankruptcy

Diana Bonfim2, Gil Nogueira1

1New York University; 2Banco de Portugal

Discussant: Tania Babina (Columbia University)

1304-CFE-EFA2021-Corporate Reorganization as Labor Insurance in Bankruptcy.pdf
 
5:30pm - 7:00pmCL 02: The Effects of Climate Disclosure
Location: Stream 07
Session Chair: Caroline Flammer, Boston University
Stream 07 
 
ID: 744

Showing off cleaner hands: mandatory climate-related disclosure by financial institutions and the financing of fossil energy

Jean-Stéphane Mésonnier, Benoit Nguyen

Banque de France, France

Discussant: Olivier David Zerbib (Boston University (per Sep. 2021), ISFA, CREST)

744-CL-EFA2021-Showing off cleaner hands.pdf


ID: 1478

Signaling through Carbon Disclosure

Patrick Bolton1,2, Marcin Kacperczyk1

1Imperial College London, United Kingdom; 2Columbia University, United States

Discussant: Thomas Lyon (University of Michigan)

1478-CL-EFA2021-Signaling through Carbon Disclosure.pdf


ID: 1615

Climate Risk Disclosure and Institutional Investors

Emirhan Ilhan1, Philipp Krueger2, Zacharias Sautner1, Laura Starks3

1Frankfurt School of Finance and Management, Germany; 2University of Geneva; 3UT Austin

Discussant: Alexander Dyck (University of Toronto)

1615-CL-EFA2021-Climate Risk Disclosure and Institutional Investors.pdf
 
5:30pm - 7:00pmHF 03: Household Finance
Location: Stream 08
Session Chair: Stefano Rossi, Bocconi University
Stream 08 
 
ID: 1329

The Mortgage-Cash Premium Puzzle

Rossen Valkanov, Michael Reher

UCSD, United States of America

Discussant: Alessandro Previtero (Indiana University)

1329-HF-EFA2021-The Mortgage-Cash Premium Puzzle.pdf


ID: 550

Perceived Precautionary Savings Motives: Evidence from Digital Banking

Francesco D'Acunto1, Thomas Rauter2, Christoph Scheuch3, Michael Weber2

1Boston College Carroll School of Management; 2University of Chicago Booth School of Business; 3WU (Vienna University of Economics and Business)

Discussant: Marco Di Maggio (Harvard Business School)

550-HF-EFA2021-Perceived Precautionary Savings Motives.pdf


ID: 2237

Rural Banks Can Reduce Poverty: Evidence from 870 Indian Villages

Giorgia Barboni, Erica Field, Rohini Pande

Warwick University, United Kingdom

Discussant: Manuela Angelucci (University of Texas)

2237-HF-EFA2021-Rural Banks Can Reduce Poverty.pdf
 
5:30pm - 7:00pmFIT 01: Bank Competition and Financial Innovation
Location: Stream 09
Session Chair: Nadya Malenko, University of Michigan
Stream 09 
 
ID: 111

Open Banking: Credit Market Competition When Borrowers Own the Data

Zhiguo He1, Jing Huang1, Jidong Zhou2

1University of Chicago, Booth School of Business; 2Yale School of Management

Discussant: Cecilia Parlatore (New York University)

111-FIT-EFA2021-Open Banking.pdf


ID: 797

Information Technology and Bank Competition

Xavier Vives, Zhiqiang Ye

IESE Business School, Spain

Discussant: Lin Shen (INSEAD)

797-FIT-EFA2021-Information Technology and Bank Competition.pdf


ID: 1954

Financial Innovation with Endogenous Experimentation

Zhaohui Chen1, Alan Morrison2, Bill Wilhelm1

1University of Virginia, United States of America; 2University of Oxford

Discussant: Yunzhi Hu (UNC Chapel Hill)

1954-FIT-EFA2021-Financial Innovation with Endogenous Experimentation.pdf
 
5:30pm - 7:00pmFIE 03: Banks and Taxes, Crime, and Law
Location: Stream 10
Session Chair: Tobias Berg, Frankfurt School of Finance and Management gGmbH
Stream 10 
 
ID: 828

Sovereign-Bank Diabolic Loop: The Government Procurement Channel

Diana Bonfim1,2, Miguel Ferreira3,4, Francisco Queiró3, Sujiao {Emma} Zhao1,5

1Banco de Portugal; 2Católica Lisbon; 3Nova School of Business and Economics; 4CEPR; 5Universidade Porto

Discussant: Tim Eisert (Erasmus University Rotterdam)

828-FIE-EFA2021-Sovereign-Bank Diabolic Loop.pdf


ID: 419

Dirty Money: How Banks Influence Financial Crime

Janet Gao1, Joseph Pacelli1, Jan Schneemeier1, Yufeng Wu2

1Indiana University Bloomington, United States of America; 2University of Illinois

Discussant: Matthias Efing (HEC Paris)

419-FIE-EFA2021-Dirty Money.pdf


ID: 574

Bank Power and Creditor Protection

Marco Ghitti, Florencio Lopez de Silanes, Rafael Matta

SKEMA Business School, France

Discussant: Bo Bian (University of British Columbia)

574-FIE-EFA2021-Bank Power and Creditor Protection.pdf
 
7:00pm - 7:30pmBreakout Rooms - post sessions discussion

This virtual room lists the breakout rooms for each paper presented in the last time period (10 sessions = 30 breakout rooms total). If you cannot find the breakout room, our staff will be happy to assist you. 

 
Informal sessions
 
7:30pm - 9:00pmDigital Technology and Finance
Location: Stream 01

Chair: Xavier Vives, IESE Business School and EFA 2022 Program Chair

Stream 01 
7:30pm - 9:00pmRF: Review of Finance
Location: Stream 02

Chairs: 
Alex Edmans, London Business School and RF Managing Editor
Marcin Kacperczyk, Imperial College London and RF Managing Editor-Elect

Stream 02 
7:30pm - 9:00pmInternational Job Market
Location: Stream 03

This session is organized by the four EFA Doctoral Event Co-Chairs: Esther Eiling (University of Amsterdam), Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), and Kristian R. Miltersen (CBS)

Stream 03 

 
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