Conference Agenda


Program and access to virtual conference

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Session Overview
Date: Friday, 27/Aug/2021
1:00pm - 7:00pmTechnical Room
 
1:30pm - 3:00pmAPE 08: Man vs. Machine in Financial Markets
Location: Stream 01
Session Chair: Kelly Shue, Yale University
Stream 01 
 
ID: 475

Market Efficiency in the Age of Machine Learning

Leonidas Barbopoulos1, Rui Dai2, Talis Putnins3, Anthony Saunders4

1University of Edinburgh, UK; 2University of Pennsylvania, USA; 3University of Technology Sydney, Australia; 4New York University, USA

Discussant: Simona Abis (Columbia Business School)

475-APE-EFA2021-Market Efficiency in the Age of Machine Learning.pdf


ID: 518

Automation and the Displacement of Labor by Capital: Asset Pricing Theory and Empirical Evidence

Jiri Knesl

University of Oxford, Said Business School, United Kingdom

Discussant: Anastassia Fedyk (University of California at Berkeley)

518-APE-EFA2021-Automation and the Displacement of Labor by Capital.pdf


ID: 922

Diverging roads: Theory-based vs. machine learning-implied stock risk premia

Joachim Grammig1,4, Constantin Hanenberg1, Christian Schlag2,3, Jantje Sönksen1

1Eberhard Karls University Tübingen, Germany; 2Center for Financial Studies, Frankfurt, Germany; 3University of Frankfurt and Leibniz Institute for Financial Research SAFE, Germany; 4Centre for Financial Research, Cologne, Germany

Discussant: Svetlana Bryzgalova (London Business School)

922-APE-EFA2021-Diverging roads.pdf
 
1:30pm - 3:00pmAPE 09: Advances in Macro-Finance: Theory and Evidence
Location: Stream 02
Session Chair: Mariano Max Croce, Bocconi University
Stream 02 
 
ID: 1632

Uncertainty, Risk, and Capital Growth

Gill Segal2, Ivan Shaliastovich1

1University of Wisconsin Madison, United States of America; 2University of North Carolina

Discussant: Lukas Schmid (University of Southern California)

1632-APE-EFA2021-Uncertainty, Risk, and Capital Growth.pdf


ID: 1444

Interest Rate Skewness and Biased Beliefs

Michael Bauer1, Mikhail Chernov2

1Universität Hamburg; 2UCLA Anderson School of Management

Discussant: Ricardo Reis (London School of Economics)

1444-APE-EFA2021-Interest Rate Skewness and Biased Beliefs.pdf


ID: 2211

Macro-Finance Decoupling: Robust Evaluations of Macro Asset Pricing Models

Xu Cheng1, Winston Dou2, Zhipeng Liao3

1University of Pennsylvania; 2The Wharton School, University of Pennsylvania; 3UCLA

Discussant: Christian Schlag (Goethe University Frankfurt and Leibniz Institute SAFE)

2211-APE-EFA2021-Macro-Finance Decoupling.pdf
 
1:30pm - 3:00pmAPE 10: Understanding stock returns
Location: Stream 03
Session Chair: Massimo Guidolin, Bocconi University
Stream 03 
 
ID: 660

A Stock Return Decomposition Using Observables

Benjamin Knox1, Annette Vissing-Jorgensen2

1Copenhagen Business School; 2University of California Berkeley

Discussant: Tolga Cenesizoglu (HEC Montreal)

660-APE-EFA2021-A Stock Return Decomposition Using Observables.pdf


ID: 144

Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility

Jules H. van Binsbergen

The University of Pennsylvania, United States of America

Discussant: Andrei Goncalves (University of North Carolina at Chapel Hill)

144-APE-EFA2021-Duration-Based Stock Valuation.pdf


ID: 1376

Market Return Around the Clock: A Puzzle

Oleg Bondarenko2, Dmitriy Muravyev1

1Michigan State University, United States of America; 2University of Illinois at Chicago

Discussant: Yixin Chen (University of Rochester Simon Business School)

1376-APE-EFA2021-Market Return Around the Clock.pdf
 
1:30pm - 3:00pmAPT 03: Beliefs, disagreement and equilibrium fluctuations
Location: Stream 04
Session Chair: Johan Walden, University of California, Berkeley
Stream 04 
 
ID: 1798

Demand Disagreement

Christian Heyerdahl-Larsen1, Philipp Illeditsch2

1Indiana University, United States of America; 2Texas A&M University, United States of America

Discussant: Harjoat Bhamra (Imperial College Business School)

1798-APT-EFA2021-Demand Disagreement.pdf


ID: 612

Dynamic Equilibrium with Costly Short-Selling and Lending Market

Adem Atmaz1, Suleyman Basak2, Fangcheng Ruan1

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

Discussant: Nathan Foley-Fisher (Federal Reserve Board)

612-APT-EFA2021-Dynamic Equilibrium with Costly Short-Selling and Lending Market.pdf


ID: 1331

Where there is amplification, there are sunspots

Paymon Khorrami1, Fernando Mendo2

1Imperial College London, United Kingdom; 2Central Bank of Chile

Discussant: Jungsuk Han (Stockholm School of Economics)

1331-APT-EFA2021-Where there is amplification, there are sunspots.pdf
 
1:30pm - 3:00pmCFE 04: Labor and Finance
Location: Stream 05
Session Chair: Marco Pagano, Università degli Studi di Napoli Federico II
Stream 05 
 
ID: 1626

What Is the Cost of Privatization for Workers?

Martin Olsson, Joacim Tåg

IFN, Sweden

Discussant: Elena Simintzi (University of North Carolina Chapel Hill)

1626-CFE-EFA2021-What Is the Cost of Privatization for Workers.pdf


ID: 1890

The Labor Cost of Pro-Labor Bias in Bankruptcy

Jacopo Ponticelli1, Aloisio Araujo2, Rafael Ferreira3, Spyridon Lagaras4, Flavio Moraes2, Margarita Tsoutsoura5

1Northwestern University, United States of America; 2FGV EPGE, Brazilian School of Economics and Finance; 3Department of Economics, University of Sao Paulo (FEA-USP); 4Katz Graduate School of Business, University of Pittsburgh; 5Cornell University

Discussant: Samuel B. Antill (Harvard Business School)

1890-CFE-EFA2021-The Labor Cost of Pro-Labor Bias in Bankruptcy.pdf


ID: 857

The Sustainability Wage Gap

Daniel Metzger1, Philipp Krueger2, Jiaxin Wu3

1Rotterdam School of Management; 2University of Geneva; 3Stockholm School of Economics

Discussant: Thorsten Martin (Bocconi University)

857-CFE-EFA2021-The Sustainability Wage Gap.pdf
 
1:30pm - 3:00pmCFE 10: Corporate events and wage differentials
Location: Stream 06
Session Chair: Andrew Ellul, Indiana University
Stream 06 
 
ID: 837

Employment Effects of Alleviating Financing Frictions: Worker-level Evidence from a Loan Guarantee Program

Jean-Noel Barrot1, Thorsten Martin2, Julien Sauvagnat2, Boris Vallee3

1HEC Paris; 2Bocconi University; 3Harvard Business School, United States of America

Discussant: Jessica Jeffers (University of Chicago)

837-CFE-EFA2021-Employment Effects of Alleviating Financing Frictions.pdf


ID: 794

Private equity and pay gaps inside the firm

Lily Fang1, Jim Goldman2, Alexandra Roulet1

1INSEAD, France; 2University of Toronto

Discussant: Edith Hotchkiss (Boston College)

794-CFE-EFA2021-Private equity and pay gaps inside the firm.pdf


ID: 1419

Decomposing Within-Firm Wage Inequality

Daniel Bias1, Chen Lin2, Benjamin Lochner3, Thomas Schmid2

1Swedish House of Finance at the Stockholm School of Economics; 2University of Hong Kong, Hong Kong S.A.R. (China); 3FAU Erlangen-Nuremberg and Institute for Employment Research (IAB)

Discussant: Rui Silva (Nova School of Business and Economics)

1419-CFE-EFA2021-Decomposing Within-Firm Wage Inequality.pdf
 
1:30pm - 3:00pmBIS: Green Finance
Location: Stream 07
Session Chair: Boris Hofmann, Bank for International Settlements
Stream 07 
 
ID: 945

On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices

Itay Goldstein1, Alexandr Kopytov2, Lin Shen3, Haotian Xiang4

1University of Pennsylvania and NBER; 2University of Hong Kong; 3INSEAD; 4Peking University

Discussant: Cyril Monnet (University of Bern)

945-CL-EFA2021-On ESG Investing.pdf


ID: 1490

The Determinants of ESG Ratings: Rater Ownership Matters

Dragon Tang1, Jiali Yan2, Chelsea Yao3

1The University of Hong Kong, Hong Kong S.A.R. (China); 2The University of Liverpool; 3Lancaster University Management School

Discussant: Julian Kölbel (University of Zurich)

1490-CL-EFA2021-The Determinants of ESG Ratings.pdf


ID: 1941

Green Asset Pricing

Ghassane Benmir1, Ivan Jaccard2, Gauthier Vermandel3

1London School of Economics; 2European Central Bank; 3Paris-Dauphine, PSL

Discussant: Flora Budianto (Bank for International Settlements)

1941-CL-EFA2021-Green Asset Pricing.pdf
 
1:30pm - 3:00pmHF 04: Housing and Financial Decision-Making
Location: Stream 08
Session Chair: Annamaria Lusardi, The George Washington University School of Business
Stream 08 
 
ID: 213

Financial Media as a Money Doctor: Evidence from Refinancing Decisions

Lin Hu1, Kun Li1, Phong Ngo1, Denis Sosyura2

1Australian National University, Australia; 2Arizona State University

Discussant: Alessia Sconti (Università di Verona)

213-HF-EFA2021-Financial Media as a Money Doctor.pdf


ID: 2040

The Mortgage Piggy Bank: Building Wealth through Amortization

Asaf Bernstein1, Peter Koudijs2

1University of Colorado at Boulder & NBER; 2Erasmus University Rotterdam

Discussant: Jasmira Wiersma (University of Groningen)

2040-HF-EFA2021-The Mortgage Piggy Bank.pdf


ID: 2127

Perception of House Price Risk and Homeownership

Manuel Adelino1, Antoinette Schoar2, Felipe Severino3

1Duke University; 2MIT; 3Dartmouth College

Discussant: Anita Mukherjee (University of Wisconsin-Madison)

2127-HF-EFA2021-Perception of House Price Risk and Homeownership.pdf
 
1:30pm - 3:00pmFIE 04: Lending, Inflation and Monetary Policy
Location: Stream 09
Session Chair: Steven Ongena, University of Zurich
Stream 09 
 
ID: 2198

Monetary Transmission through Bank Balance Sheet Synergies

William Diamond1, Zhengyang Jiang2, Yiming Ma3

1Wharton School, University of Pennsylvania; 2Kellogg School, Northwestern University; 3Columbia Business School

Discussant: Francois Koulischer (University of Luxembourg)

2198-FIE-EFA2021-Monetary Transmission through Bank Balance Sheet Synergies.pdf


ID: 132

Inflation and Disintermediation

Isha Agarwal1, Matthew Baron2

1University of British Columbia, Canada; 2Cornell University

Discussant: Martina Jasova (Barnard College, Columbia University)

132-FIE-EFA2021-Inflation and Disintermediation.pdf


ID: 1257

Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort

Martina Jasova1, Luc Laeven2,7, Caterina Mendicino2,3, Jose-Luis Peydro4,5,7, Dominik Supera6

1Barnard College, Columbia University, United States of America; 2European Central Bank; 3Tillburg University; 4Imperial College London; 5ICREA-UPF-CREI-BarcelonaGSE; 6Wharton School, University of Pennsylvania; 7CEPR

Discussant: Filippo De Marco (Bocconi University)

1257-FIE-EFA2021-Systemic Risk and Monetary Policy.pdf
 
1:30pm - 3:00pmFIE 05: Credit Markets
Location: Stream 10
Session Chair: Mariassunta Giannetti, Stockholm School of Economics
Stream 10 
 
ID: 1222

Credit Fire Sales: Captive Lending as Liquidity in Distress

Matteo Benetton1, Sergio Mayordomo2, Daniel Paravisini3

1Haas School of Business, University of California, Berkeley; 2Banco de España; 3London School of Economics

Discussant: Anna Costello (University of Chicago)

1222-FIE-EFA2021-Credit Fire Sales.pdf


ID: 795

Do Mortgage Lenders Compete Locally? Implications for Credit Access

Greg Buchak1, Adam Jørring2

1Stanford University; 2Boston College

Discussant: Joao Granja (University of Chicago)

795-FIE-EFA2021-Do Mortgage Lenders Compete Locally Implications.pdf


ID: 831

CLO Performance

Larry Cordell1, Michael Roberts2, Michael Schwert2

1Federal Reserve Bank of Philadelphia; 2The Wharton School, University of Pennsylvania

Discussant: Ralf Meisenzahl (Federal Reserve Bank of Chicago)

831-FIE-EFA2021-CLO Performance.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 11: Corporate Policies and Asset Prices
Location: Stream 01
Session Chair: Jules H. van Binsbergen, The University of Pennsylvania
Stream 01 
 
ID: 576

Marking to Market Corporate Debt

Lorenzo Bretscher1, Lukas Schmid2, Peter Feldhutter3, Andrew Kane4

1London Business School, United Kingdom; 2USC Marshall; 3Copenhagen Business School; 4Duke University

Discussant: Florian Nagler (Bocconi University)

576-APE-EFA2021-Marking to Market Corporate Debt.pdf


ID: 1654

Equity Factors and Firms’ Perceived Cost of Capital

Niels Gormsen

University of Chicago Booth School of Business, United States of America

Discussant: Thummim Cho (London School of Economics)

1654-APE-EFA2021-Equity Factors and Firms’ Perceived Cost of Capital.pdf


ID: 2218

Competition Network, Distress Propagation, and Stock Returns

Mingming Ao1, Winston Wei Dou2, Shane Johnson3, Wei Wu3

1San Diego State University; 2The Wharton School at University of Pennsylvania; 3Texas A&M University

Discussant: Timothy McQuade (Berkeley Haas)

2218-APE-EFA2021-Competition Network, Distress Propagation, and Stock Returns.pdf
 
3:30pm - 5:00pmAPE 12: Monetary Policy and Asset Prices
Location: Stream 02
Session Chair: Annette Vissing-Jorgensen, Board of Governors of the Federal Reserve
Stream 02 
 
ID: 1254

Unbundling Quantitative Easing: Taking a Cue from Treasury Auctions

Walker Ray1, Yuiry Gorodnichenko2, Michael Droste3

1London School of Economics; 2UC Berkeley; 3Harvard University

Discussant: Milena Wittwer (Boston College)

1254-APE-EFA2021-Unbundling Quantitative Easing.pdf


ID: 975

Monetary Policy Expectation Errors

Sigurd Steffensen1, Andreas Schrimpf2,4, Maik Schmeling3,4

1Danmarks Nationalbank, Denmark; 2Bank for International Settlements; 3Goethe University Frankfurt; 4CEPR

Discussant: Eric Swanson (University of California, Irvine)

975-APE-EFA2021-Monetary Policy Expectation Errors.pdf


ID: 1090

Quantitative Easing and the Safe Asset Illusion

Alexander Bechtel1, Jens Eisenschmidt2, Angelo Ranaldo1, Alexia Ventula Veghazy2

1University of St.Gallen, Switzerland; 2European Central Bank

Discussant: Lira Mota (Princeton University)

1090-APE-EFA2021-Quantitative Easing and the Safe Asset Illusion.pdf
 
3:30pm - 5:00pmMM 03: Over the counter intermediation
Location: Stream 03
Session Chair: Ailsa Roell, Imperial College Business School
Stream 03 
 
ID: 1026

Liquidity in the Cross Section of OTC Assets

Semih Uslu1, Guner Velioglu2

1Johns Hopkins University, United States of America; 2Loyola University Chicago, United States of America

Discussant: Norman Schuerhoff (SFI at University of Lausanne)

1026-MM-EFA2021-Liquidity in the Cross Section of OTC Assets.pdf


ID: 2086

Information Chasing versus Adverse Selection

Junyuan ZOU1, Gabor Pinter2, Chaojun Wang3

1INSEAD; 2Bank of England; 3The Wharton School

Discussant: Vincent Fardeau (NRU Higher School of Economics)

2086-MM-EFA2021-Information Chasing versus Adverse Selection.pdf


ID: 2256

Size Discount and Size Penalty: Trading Costs in Bond Markets

Gabor Pinter1, Chaojun Wang2, Junyuan Zou3

1Bank of England; 2University of Pennsylvania; 3INSEAD

Discussant: Weiling Liu (Northeastern University)

2256-MM-EFA2021-Size Discount and Size Penalty.pdf
 
3:30pm - 5:00pmAPT 04: Capital Markets: New Facts & Theories
Location: Stream 04
Session Chair: Anna Pavlova, London Business School
Stream 04 
 
ID: 1188

Learning about the Stock market from Interest Rates: Implications for Informational and Real Efficiency

Matthijs Breugem1, Adrian Buss2, Joel Peress2

1Collegio Carlo Alberto and Università degli Studi di Torino, Italy; 2INSEAD

Discussant: Harjoat Bhamra (Imperial College Business School)

1188-APT-EFA2021-Learning about the Stock market from Interest Rates.pdf


ID: 1155

Unsecured credit supply risk and bond prices

Pierre Mabille

INSEAD

Discussant: Lorenzo Bretscher (London Business School)

1155-APT-EFA2021-Unsecured credit supply risk and bond prices.pdf


ID: 1784

State Ownership Structure, Monetary Supply Shocks and Asset Prices in China

Frederico Belo1, Dapeng Hao2, Xiaoji Lin3, Zhigang Qiu2, Jincheng Tong4

1Insead; 2Renmin University; 3University of Minnesota; 4University of Toronto

Discussant: Kai Li (Peking University)

1784-APT-EFA2021-State Ownership Structure, Monetary Supply Shocks and Asset Prices.pdf
 
3:30pm - 5:00pmCFE 09: CEOs
Location: Stream 05
Session Chair: Dirk Jenter, London School of Economics
Stream 05 
 
ID: 275

CEO Pet Projects

Paul Decaire, Denis Sosyura

W.P. Carey School of Business, Arizona State University, United States of America

Discussant: David Yermack (NYU Stern School of Business)

275-CFE-EFA2021-CEO Pet Projects.pdf


ID: 901

CEO Compensation: Evidence From the Field

Alex Edmans1, Tom Gosling1, Dirk Jenter2

1London Business School, United Kingdom; 2London School of Economics, United Kingdom

Discussant: Steve Kaplan (University of Chicago)

901-CFE-EFA2021-CEO Compensation.pdf


ID: 1434

Remotely Productive: The Economics of Long-Distance CEOs

Ran Duchin1, Denis Sosyura2

1Boston College; 2Arizona State University, United States of America

Discussant: Xavier Giroud (Columbia University)

1434-CFE-EFA2021-Remotely Productive.pdf
 
3:30pm - 5:00pmCFE 08: Institutional Investors and Corporate Governance
Location: Stream 06
Session Chair: Laura Starks, The University of Texas at Austin
Stream 06 
 
ID: 1663

Value Creation in Shareholder Activism: A Structural Approach

Rui Albuquerque1, Vyacheslav fos1, Enrique Schroth2

1Boston College, United States of America; 2EDHEC Business School

Discussant: Moqi Groen-Xu (Queen Mary University of London)

1663-CFE-EFA2021-Value Creation in Shareholder Activism.pdf


ID: 1336

Informed Voting

Meng Gao1, Jiekun Huang2

1University of Connecticut; 2University of Illinois, United States of America

Discussant: Irene Yi (University of Toronto)

1336-CFE-EFA2021-Informed Voting.pdf


ID: 1943

What Is the Impact of Mutual Funds' ESG Preferences on Portfolio Firms?

Maxime Couvert

Swiss Finance Institute @ EPFL

Discussant: Qifei Zhu (Nanyang Technological University)

1943-CFE-EFA2021-What Is the Impact of Mutual Funds ESG Preferences.pdf
 
3:30pm - 5:00pmCFT 03: Organizing Groups
Location: Stream 07
Session Chair: William Fuchs, University of Texas at Austin
Stream 07 
 
ID: 2078

Private Compensation and Organizational Design

Andrea Buffa1, Qing Liu2, Lucy White3

1University of Colorado Boulder; 2City University of Hong Kong; 3Boston University

Discussant: Jangwoo Lee (Chinese University of Hong Kong)

2078-CFT-EFA2021-Private Compensation and Organizational Design.pdf


ID: 114

Uncertainty and Contracting in Organizations

David Dicks2, Paolo Fulghieri1

1University of North Carolina Chapel Hill, United States of America; 2Baylor University

Discussant: Felipe Varas (Duke University)

114-CFT-EFA2021-Uncertainty and Contracting in Organizations.pdf


ID: 444

Corporate governance in the presence of active and passive delegated investment

Adrian Aycan Corum2, Andrey Malenko1, Nadya Malenko1

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

Discussant: Aydogan Alti (University of Texas at Austin)

444-CFT-EFA2021-Corporate governance in the presence of active and passive delegated investment.pdf
 
3:30pm - 5:00pmBdI: Macro-financial feedbacks and their policy implications after the Covid-19 crisis
Location: Stream 08
Session Chair: Alessio Devincenzo, Banca d'Italia
Stream 08 
 
ID: 1344

Estimating Credit Multipliers

Andrés Sarto1, Amir Sufi2,4, Atif Mian3,4

1NYU Stern School of Business, United States of America; 2The University of Chicago Booth School of Business; 3Princeton University; 4NBER

Discussant: Òscar Jordà (University of California, Davis)

1344-FIE-EFA2021-Estimating Credit Multipliers.pdf


ID: 1532

What explains the crash of bank stock prices during COVID-19?

Viral Acharya2, Robert Engle2, Sascha Steffen1

1Frankfurt School, Germany; 2NYU Stern School of Business

Discussant: Angela Maddaloni (European Central Bank)

1532-FIE-EFA2021-What explains the crash of bank stock prices during COVID-19.pdf


ID: 620

Bank Liquidity Provision Across the Firm Size Distribution

Gabriel Chodorow Reich1, Olivier Darmouni2, Stephan Luck3, Matt Plosser3

1Harvard University; 2Columbia University; 3Federal Reserve Bank of New York, United States of America

Discussant: Neeltje van Horen (Bank of England/University of Amsterdam)

620-FIE-EFA2021-Bank Liquidity Provision Across the Firm Size Distribution.pdf
 
3:30pm - 5:00pmFIE 06: Financial Crises and Policies
Location: Stream 09
Session Chair: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE
Stream 09 
 
ID: 178

Investing in Crises

Matthew Baron1, Luc Laeven2, Julien Penasse3, Yevhenii Usenko4

1Cornell University; 2European Central Bank; 3University of Luxembourg; 4MIT Sloan

Discussant: Aleksandra Rzeznik (York University)

178-FIE-EFA2021-Investing in Crises.pdf


ID: 914

Fifty Shades of QE: Comparing Findings of Central Bankers and Academics

Brian Fabo2, Martina Jancokova3, Elisabeth Kempf1, Lubos Pastor1

1University of Chicago, United States of America; 2National Bank of Slovakia; 3European Central Bank

Discussant: Stefano Pegoraro (University of Notre Dame)

914-FIE-EFA2021-Fifty Shades of QE.pdf


ID: 1808

Are Repo Markets Fragile? Evidence from September 2019

Alyssa Anderson, Sriya Anbil, Zeynep Senyuz

Federal Reserve Board of Governors, United States of America

Discussant: Zorka Simon (Leibniz Institute for Financial Research SAFE)

1808-FIE-EFA2021-Are Repo Markets Fragile Evidence from September 2019.pdf
 
3:30pm - 5:00pmFIT 02: Theories of Banking Dynamics
Location: Stream 10
Session Chair: Giorgia Piacentino, Columbia University
Stream 10 
 
ID: 1179

Dynamic Banking and the Value of Deposits

Patrick Bolton1, Ye Li2, Neng Wang1, Jinqiang Yang3

1Columbia Business School; 2Ohio State University; 3Shanghai University of Finance and Economics

Discussant: Zhiguo He (University of Chicago)

1179-FIT-EFA2021-Dynamic Banking and the Value of Deposits.pdf


ID: 898

Dynamic Banking with Non-Maturing Deposits

Urban Jermann1, Haotian Xiang2

1University of Pennsylvania and NBER; 2Peking University

Discussant: Fabrice Tourre (Copenhagen Business School)

898-FIT-EFA2021-Dynamic Banking with Non-Maturing Deposits.pdf


ID: 547

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

Arvind Krishnamurthy1, Wenhao Li2

1Stanford Graduate School of Business; 2USC Marshall School of Business

Discussant: Daniel Greenwald (MIT)

547-FIT-EFA2021-Dissecting Mechanisms of Financial Crises.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 13: Bond convenience yield
Location: Stream 01
Session Chair: Kathy Yuan, London School of Economics and Political Science
Stream 01 
 
ID: 681

Bond Convenience Yields in the Eurozone Currency Union

Zhengyang Jiang4, Hanno Lustig2, Stijn Van Nieuwerburgh1, Mindy Xiaolan3

1Columbia University Graduate School of Business, United States of America; 2Stanford University Graduate School of Business; 3University of Texas at Austin McCombs School; 4Northwestern University Kellogg School of Management

Discussant: Quentin Vandeweyer (University of Chicago: Booth)

681-APE-EFA2021-Bond Convenience Yields in the Eurozone Currency Union.pdf


ID: 334

Safe Asset Carry Trade

Benedikt Ballensiefen1,3, Angelo Ranaldo1,2

1University of St.Gallen; 2Swiss Finance Institute; 3World Bank Group

Discussant: Karamfil Todorov (Bank for International Settlements)

334-APE-EFA2021-Safe Asset Carry Trade.pdf


ID: 1088

The term structure of CIP violations

Patrick Augustin1, Mikhail Chernov2, Lukas Schmid3, Dongho Song4

1Desautels Faculty of Management, McGill University, Canada; 2Anderson School of Management, UCLA; NBER; CEPR, USA; 3Marshall School of Business, USC; CEPR, USA; 4Carey Business School, Johns Hopkins University, USA

Discussant: Ran Shi (London School of Economics)

1088-APE-EFA2021-The term structure of CIP violations.pdf
 
5:30pm - 7:00pmAPE 14: Mutual funds: ratings and benchmarks
Location: Stream 02
Session Chair: Veronika K. Pool, Vanderbilt University
Stream 02 
 
ID: 1292

Mutual Fund Risk Shifting and Risk Anomalies

Xiao Han1, Nikolai Roussanov2, Hongxun Ruan3

1Bayes Business School, City, University of London; 2Wharton School, U. of Penn, United States of America; 3Peking University

Discussant: Clemens Sialm (University of Texas)

1292-APE-EFA2021-Mutual Fund Risk Shifting and Risk Anomalies.pdf


ID: 899

Discontinued Positive Feedback Trading and the Decline of Momentum Profitability

Andrea Rossi1, Itzhak Ben-David2, Jiacui Li3, Yang Song4

1University of Arizona; 2The Ohio State University; 3University of Utah; 4University of Washington

Discussant: Huaizhi Chen (University of Notre Dame)

899-APE-EFA2021-Discontinued Positive Feedback Trading and the Decline.pdf


ID: 1608

Benchmarking Intensity

Anna Pavlova, Taisiya Sikorskaya

London Business School, United Kingdom

Discussant: Simona Abis (Columbia Business School)

1608-APE-EFA2021-Benchmarking Intensity.pdf
 
5:30pm - 7:00pmMM 04: Exchange market design
Location: Stream 03
Session Chair: Albert Menkveld, Vrije Universiteit Amsterdam
Stream 03 
 
ID: 456

Banning Dark Pools: Venue Selection and Investor Trading Costs

Christian Neumeier1, Arie Gozluklu2, Peter Hoffmann3, Peter O'Neill4, Felix Suntheim5

1Justus Liebig University Giessen, Macquarie University, Rozetta Institute, Fincancial Conduct Authority; 2Warwick Business School; 3European Central Bank (DG-Research); 4Financial Conduct Authority; 5International Monetary Fund

Discussant: Thomas Ernst (University of Maryland)

456-MM-EFA2021-Banning Dark Pools.pdf


ID: 143

High-Frequency Traders and Single-Dealer Platforms

Fatemeh Aramian, Lars L. Nordén

Stockholm Business School, Stockholm University, Sweden

Discussant: Markus Baldauf (UBC)

143-MM-EFA2021-High-Frequency Traders and Single-Dealer Platforms.pdf


ID: 2041

The Tradeoff between Discrete Pricing and Discrete Quantities: Evidence from U.S.-listed Firms

Sida Li1, Mao Ye1,2

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

Discussant: Hendrik Bessembinder (Arizona State University)

2041-MM-EFA2021-The Tradeoff between Discrete Pricing and Discrete Quantities.pdf
 
5:30pm - 7:00pmAPT 05: FOMC Meetings and the Pre-Announcement Drift
Location: Stream 04
Session Chair: Anna Cieslak, Duke University
Stream 04 
 
ID: 174

Information Acquisition and the Pre-Announcement Drift

Hengjie Ai2, Ravi Bansal3, Leyla Jianyu Han1

1Boston University; 2University of Minnesota; 3Duke University and NBER

Discussant: Mariana Khapko (University of Toronto)

174-APT-EFA2021-Information Acquisition and the Pre-Announcement Drift.pdf


ID: 138

The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance

Chao Ying

University of Minnesota, United States of America

Discussant: S. \"Vish\" Viswanathan (Duke University)

138-APT-EFA2021-The Pre-FOMC Announcement Drift and Private Information.pdf


ID: 1609

The Voice of Monetary Policy

Yuriy Gorodnichenko1, Tho Pham2, Oleksandr Talavera3

1University of California, Berkeley; 2University of Reading; 3University of Birmingham

Discussant: Roberto Gomez Cram (London Business School)

1609-APE-EFA2021-The Voice of Monetary Policy.pdf
 
5:30pm - 7:00pmCFE 11: Small businesses
Location: Stream 05
Session Chair: Victoria Ivashina, Harvard Business School
Stream 05 
 
ID: 2214

Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program

Tetyana Balyuk1, Nagpurnanand Prabhala2, Manju Puri3

1Goizueta Business School, Emory University; 2The Johns Hopkins University Carey Business School; 3Fuqua School of Business, Duke University and NBER

Discussant: James Vickery (Federal Reserve Bank of Philadelphia)

2214-CFE-EFA2021-Small Bank Financing and Funding Hesitancy in a Crisis.pdf


ID: 2121

Dissecting the Effect of Financial Constraints on Small Firms

Su Wang1, Juanita González-Uribe2

1University of Amsterdam, Netherlands, The; 2London School of Economics and Political Science

Discussant: Christina Wang (Federal Reserve Bank of Boston)

2121-CFE-EFA2021-Dissecting the Effect of Financial Constraints on Small Firms.pdf


ID: 1268

Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes

Atul Gupta1, Sabrina Howell2, Constantine Yannelis3, Abhinav Gupta2

1University of Pennsylvania The Wharton School; 2New York University Stern School of Business; 3University of Chicago Booth School of Business

Discussant: Albert Sheen (University of Oregon)

1268-CFE-EFA2021-Does Private Equity Investment in Healthcare Benefit Patients Evidence.pdf
 
5:30pm - 7:00pmCFE 12: Regulatory Changes and Regulatory Uncertainty
Location: Stream 06
Session Chair: Michelle Lowry, Drexel University
Stream 06 
 
ID: 753

Regulatory Sandboxes and Fintech Funding: Evidence from the UK

Giulio Cornelli1, Sebastian Doerr1, Leonardo Gambacorta1, Ouarda Merrouche2

1Bank for International Settlements; 2University Paris Nanterre

Discussant: Juanita Gonzalez-Uribe (London School of Economics)

753-CFE-EFA2021-Regulatory Sandboxes and Fintech Funding.pdf


ID: 1681

Skilled Labor Rationing, Hiring Uncertainty, and Corporate Investment: Evidence from H-1B Visa Application Deadlines

Sheng-Jun Xu

University of Alberta, Canada

Discussant: Ekaterina Volkova (University of Melbourne)

1681-CFE-EFA2021-Skilled Labor Rationing, Hiring Uncertainty, and Corporate Investment.pdf


ID: 327

Information Disclosure and Drug Development: Evidence from Mandatory Reporting of Clinical Trials

Po-Hsuan Hsu1, Kyungran Lee2, Katie Moon3, Seungjoon Oh4

1College of Technology Management, National Tsing Hua University; 2University of Hong Kong, Hong Kong S.A.R. (China); 3University of Colorado; 4HSBC Business School, Peking University

Discussant: (Joy) Tianjiao Tong (University of Western Ontario)

327-CFE-EFA2021-Information Disclosure and Drug Development.pdf
 
5:30pm - 7:00pmCFT 04: Market Power
Location: Stream 07
Session Chair: Martin Schmalz, Oxford University
Stream 07 
 
ID: 1237

Ownership and Competition

Alessio Piccolo, Jan Schneemeier

Indiana University, Kelley School of Business

Discussant: Bruno Pellegrino (University of Maryland)

1237-CFT-EFA2021-Ownership and Competition.pdf


ID: 1994

Rents and Intangibles: a Q+ framework

Nicolas Crouzet, Janice Eberly

Northwestern University, United States of America

Discussant: David Baqaee (UCLA)

1994-CFT-EFA2021-Rents and Intangibles.pdf


ID: 1207

Shelving or developing? The acquisition of potential competitors under financial constraints

Chiara Fumagalli1, Massimo Motta2, Emanuele Tarantino3

1Bocconi University, Italy; 2Universitat Pompeu Fabra, Barcelona (Spain); 3LUISS, Italy

Discussant: Paul Eliason (BYU)

1207-CFT-EFA2021-Shelving or developing The acquisition of potential competitors under financial constraints.pdf
 
5:30pm - 7:00pmHF 05: Household Portfolio Choice
Location: Stream 08
Session Chair: Jian Zhang, University of Hong Kong
Stream 08 
 
ID: 541

The Gender Gap in Household Bargaining Power: A Portfolio-Choice Approach

Ran Gu1, Cameron Peng2, Weilong Zhang3

1University of Essex and the IFS; 2London School of Economics and Political Science; 3University of Cambridge

Discussant: Xin Zou (Hong Kong Baptist University)

541-HF-EFA2021-The Gender Gap in Household Bargaining Power.pdf


ID: 906

Financial Literacy in the Age of Green Investment

Anders Anderson1, David T. Robinson2

1Swedish House of Finance, Sweden; 2Fuqua School of Business, Duke University, USA

Discussant: Yang Yang (Chinese University of Hong Kong)

906-HF-EFA2021-Financial Literacy in the Age of Green Investment.pdf


ID: 482

Human Capital Risk and Portfolio Choices: Evidence from University Admission Discontinuities

Philippe d'Astous1, Stephen Shore2

1HEC Montréal, Canada; 2Georgia State University, USA

Discussant: Raluca Roman (Federal Reserve Bank of Philadelphia)

482-HF-EFA2021-Human Capital Risk and Portfolio Choices.pdf
 
5:30pm - 7:00pmFIE 07: FinTech and Bank Lending
Location: Stream 09
Session Chair: Hans Degryse, KU Leuven
Stream 09 
 
ID: 1996

FinTech Lending and Cashless Payments

Pulak Ghosh1, Boris Vallee2, Yao Zeng3

1Indian Institute of Management Bangalore, India; 2Harvard Business School, United States of America; 3University of Pennsylvania, United States of America

Discussant: Aluna Wang (Carnegie Mellon University)

1996-FIE-EFA2021-FinTech Lending and Cashless Payments.pdf


ID: 393

The Value of “New” and “Old” Intermediation in Online Debt Crowdfunding

Alberto Manconi1, Fabio Braggion2, Nicola Pavanini2, Haikun Zhu3

1Bocconi University, Italy; 2Tilburg University, Netherlands; 3Erasmus School of Economics - Erasmus University Rotterdam

Discussant: Roberto Steri (University of Luxembourg)

393-FIE-EFA2021-The Value of “New” and “Old” Intermediation.pdf


ID: 280

Data vs collateral

Leonardo Gambacorta1, Yiping Huang2, Zhenhua Li3, Han Qiu2, Shu Chen3

1BIS, Switzerland; 2Institute of Digital Finance and National School of Development, Peking University; 3Ant Group

Discussant: Artashes Karapetyan (ESSEC Business School)

280-FIE-EFA2021-Data vs collateral.pdf
 
5:30pm - 7:00pmFIT 03: Financial Regulation: New Fields
Location: Stream 10
Session Chair: Jean-Edouard Colliard, HEC Paris
Stream 10 
 
ID: 1466

Financing and Resolving Banking Groups

Albert Banal-Estanol1, Julian Kolm2, Gyöngyi Lóránth2

1UPF and Barcelona GSE; 2University of Vienna and VGSF

Discussant: Alfred Lehar (University of Calgary)

1466-FIT-EFA2021-Financing and Resolving Banking Groups.pdf


ID: 1898

Green Capital Requirements

Martin Oehmke1, Marcus Opp2

1London School of Economics, United Kingdom; 2Stockholm School of Economics, Sweden

Discussant: Silvio Petriconi (Bocconi University)

1898-FIT-EFA2021-Green Capital Requirements.pdf


ID: 2074

Intraday Liquidity and Money Market Dislocations

Adrien d'Avernas1, Quentin Vandeweyer2

1Stockholm School of Economics; 2Booth School of Business

Discussant: Yiming Ma (Columbia Business School)

2074-FIT-EFA2021-Intraday Liquidity and Money Market Dislocations.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. 

 

 
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