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Session Overview |
Date: Friday, 18/Aug/2023 | |||
8:30am - 10:00am |
AP 10: Real Investment and Asset Prices Location: KC-07 (ground floor) Chair: Juliana Salomao, University of Minnesota A Real Investment-based Model of Asset Pricing 1: INSEAD, France; 2: CEPR Asset Growth Effect and Q Theory of Investment 1: MIT Sloan; 2: University of Texas at Dallas, United States of America; 3: Zhongnan University of Economics and Law Leasing as a Mitigation Channel of Capital Misallocation 1: Peking University; 2: Cambridge University |
BIS: Digital Assets and The Future of Finance Location: Auditorium (floor 1) Chair: Andreas Schrimpf, Bank for International Settlements Can Stablecoins be Stable? 1: Stockholm School of Economics, Sweden; 2: Chicago Booth Stablecoin Runs 1: Columbia Business School, United States of America; 2: Wharton; 3: Chicago Booth Keeping Up in the Digital Era: How Mobile Technology Is Reshaping the Banking Sector Southern Methodist University, United States of America |
AP 11: Advances in Factor Analysis Location: 1A-33 (floor 1) Chair: Esther Eiling, University of Amsterdam Anomaly or Possible Risk Factor? Simple-To-Use Tests 1: University of Luxembourg, Luxembourg; 2: EDHEC Business School; 3: Booth School of Business, University of Chicago, CEPR, and NBER Asset-Pricing Factors with Economic Targets 1: London Business School; 2: Stanford University Inflation Surprises in the Cross-section of Equity Returns Board of Governors of the Federal Reserve System, United States of America |
FI 05: Private Equity and Venture Capital Location: 2A-00 (floor 2) Chair: Aleksandar Andonov, University of Amsterdam Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity Columbia Business School, Columbia University in the City of New York, United States of America Private Equity and Corporate Borrowing Constraints: Evidence from Loan Level Data 1: Board of Governors of the Federal Reserve System; 2: University of Chicago Booth School of Business; 3: HEC Paris Conflicting Fiduciary Duties and Fire Sales of VC-backed Start-ups 1: University of British Columbia, Sauder School of Business; 2: Goethe Universitaet Frankfurt am Main, Germany |
MM 04: Market Microstructure: Design Location: 2A-24 (floor 2) Chair: Sophie Moinas, Toulouse School of Economics Principal Trading Arrangements: Optimality under Temporary and Permanent Price Impact 1: UBC, Canada; 2: University of Alberta; 3: Northwestern, Kellogg Optimal Fee Pricing 1: Norwegian School of Economics, Norway; 2: Bocconi University, IGIER, Baffi-Carefin; 3: Tepper School of Business, Carnegie Mellon University Imperfect Competition and the Financialization of Commodities Markets Banque de France, France |
FI 06: FinTech and Lending Techniques Location: 2A-33 (floor 2) Chair: Thomas Chemmanur, Boston College Does Relationship Lending Discipline Disclosure? Evidence from Bailout Firms Tel Aviv University, Israel Old Program, New Banks: Online Banks in Small Business Lending Virginia Polytechnic Institute and State University, United States of America The Entrepreneurial Finance of Fintech Firms and the Effect of Fintech Investments on the Performance of Corporate Investors 1: Boston College, United States of America; 2: University of California Irvine, United States of America; 3: University of Ottawa, Canada; 4: Lehigh University, United States of America |
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CF 08: Shareholder Voting: Empirical Studies Location: 4A-00 (floor 4) Chair: Tao Li, University of Florida Shareholders’ Voice at Virtual-Only Shareholder Meetings Hebrew University of Jerusalem, Israel Who Do You Vote for? Same-Race Preferences in Shareholder Voting National University of Singapore, Singapore The Voting Behavior of Women-Led Mutual Funds 1: ESCP, France; 2: Audencia Business School; 3: Toulouse Business School |
CF 09: Entrepreneurship and Growth Location: 4A-33 (floor 4) Chair: Isil Erel, The Ohio State University Venture Labor: A Nonfinancial Signal for Start-up Success 1: University of Maryland; 2: University of Georgia; 3: Clarkson University, United States of America; 4: Chinese University of Hong Kong, Shenzhen Venture Capital (Mis)Allocation in the Age of AI 1: Ohio State University, United States of America; 2: University of Washington How do firms choose between growth and efficiency? 1: Institute of Finance, USI Lugano; 2: EDHEC Business School |
CL 03: ESG and Firm Behavior Location: 6A-00 (floor 6) Chair: Paul Smeets, University of Amsterdam ESG Shocks in Global Supply Chains 1: HKUST, Hong Kong S.A.R. (China); 2: The University of Hong Kong Decarbonizing Institutional Investor Portfolios: Helping to Green the Planet or Just Greening Your Portfolio? 1: University of Virginia, United States of America; 2: Board of Governors of the Federal Reserve System; 3: University of Geneva Going Green: The Effect of Environmental Regulations on Firm Innovation and Value 1: Singapore Management University; 2: University of California-Berkeley, United States of America |
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10:00am - 10:30am |
Coffee Break |
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10:30am - 12:00pm |
AP 12: Macro Finance Location: KC-07 (ground floor) Chair: Yang LIU, University of Hong Kong Asset Pricing with Optimal Under-Diversification 1: Johns Hopkins; 2: Wharton Value Without Employment 1: Boston College, United States of America; 2: UCLA Anderson School of Management Who Bears the Cost of Aggregate Fluctuations and Why? 1: Washington University in St. Louis; 2: Kellogg School of Management and NBER; 3: U.S. Census Bureau; 4: MIT Sloan School of Management |
ECB: The Risks of Soaring Inflation and Policy Rate Hikes Location: Auditorium (floor 1) Chair: Angela Maddaloni, European Central Bank (In)dependent Central Banks 1: Bayes Business School and CEPR; 2: University of Essex; 3: Rotterdam School of Management, Erasmus University, Netherlands, The; 4: Imperial College London and CEPR Liquidity Dependence: Why Shrinking Central Bank Balance Sheets is an Uphill Task 1: NYU Stern School of Business; 2: University of Chicago Booth School of Business; 3: Frankfurt School of Finance & Management Money Markets and Bank Lending: Evidence from the Tiering Adoption 1: Stockholm School of Economics, Sweden; 2: European Central Bank |
FI 09: Innovation in Banking and Payments Location: 1A-33 (floor 1) Chair: Xavier Vives, IESE Business School The Demand for Programmable Payments 1: University of Illinois, United States; 2: Tinbergen Institute, the Netherlands; 3: VU Amsterdam, the Netherlands Stablecoins and short-term funding markets Banque de France, France Lending and monitoring: Big Tech vs Banks. 1: Toulouse School of Economics, France; 2: Toulouse School of Management, France |
FI 07: Policy Issues of the Modern Financial System Location: 2A-00 (floor 2) Chair: Yiming Ma, Columbia Business School Open Banking under Maturity Transformation 1: Wharton, University of Pennsylvania; 2: University of California, Irvine; 3: University of Toronto Stop believing in reserves Federal Reserve Board, United States of America Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System 1: MIT Sloan; 2: Columbia Business School |
MM 05: Crypto Markets Location: 2A-24 (floor 2) Chair: Alfred Lehar, University of Calgary On The Quality Of Cryptocurrency Markets: Centralized Versus Decentralized Exchanges University of St.Gallen, Switzerland Price Discovery on Decentralized Exchanges Columbia University, United States of America Competition in the Market for Cryptocurrency Exchanges 1: Fudan University; 2: University of Chicago Booth School of Business |
FI 08: Lenders and Borrowers Location: 2A-33 (floor 2) Chair: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE The price of leverage: what LTV constraints tell about job search and wages? 1: Tilburg University; 2: Norges Bank Asset-side Bank Runs and Liquidity Rationing: A Vicious Cycle The Chinese University of Hong Kong, Shenzhen, China, People's Republic of Concentrating on Bailouts: Government Guarantees and Bank Asset Composition 1: IESE Business School, Spain; 2: UPF & BSE |
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CF 10: Shareholder Voting: New Theories Location: 4A-00 (floor 4) Chair: Rui Silva, Nova School of Business and Economics Incentives for Information Acquisition and Voting by Shareholders 1: Yale University; 2: Iowa State University, United States of America Decoupling Voting and Cash Flow Rights 1: Central European University; 2: Independent Researcher The Voting Premium 1: Boston College; 2: University of Washington; 3: University of Mannheim |
CF 11: Firm Assets and Capital Location: 4A-33 (floor 4) Chair: Jan Bena, University of British Columbia The Supply and Demand for Data Privacy: Evidence from Mobile Apps 1: University of British Columbia; 2: London School of Economics; 3: London School of Economics, CEPR Excess Commitment in R&D 1: Wharton School, University of Pennsylvania, United States of America; 2: MIT Sloan Financing Cycles and Maturity Matching 1: Copenhagen Business School, Denmark; 2: HEC Montreal, Canada; 3: BI Oslo, Norway; 4: EPFL, Switzerland; 5: Swiss Finance Institute, Switzerland; 6: Danish Finance Institute, Denmark |
CL 04: Climate Finance: Firms Location: 6A-00 (floor 6) Chair: Emilia Garcia-Appendini, Norges Bank and University of Zurich Reducing Carbon using Regulatory and Financial Market Tools 1: Imperial College London; 2: University of Alberta; 3: World Bank Fresh Start or Fresh Water: The Impact of Environmental Lender Liability UNC Chapel Hill, United States of America Beyond Climate: The impact of biodiversity, water, and pollution on the CDS term structure 1: University College Dublin; 2: ESSEC Business School; 3: University of Zurich and Swiss Finance Institute (SFI); 4: University of Zurich and Swiss Finance Institute (SFI) |
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10:30am - 7:30pm |
Finance+Humor2.: Explain It To a Comedian | Application needed | Fully booked |
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12:00pm - 1:30pm |
Lunch & Poster Session “Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events 1: Southern Methodist University, United States of America; 2: University of Waterloo; 3: University of Maryland The Trickle-Down Effect of Government Debt and Social Unrest National University of Singapore, Singapore Optimal Tick Size 1: Bocconi University; 2: Bocconi University, IGIER, Baffi-Carefin Skewness Preferences: Evidence from Online Poker 1: Leibniz Institute for Financial Research SAFE, Germany; 2: University of Münster; 3: Heinrich Heine University Düsseldorf Active Mutual Fund Common Owners' Returns and Proxy Voting Behavior NUS Business School, National University of Singapore In victory or defeat: Consumption responses to wealth shocks 1: Booth School of Business, University of Chicago; 2: HKU Business School, The University of Hong Kong; 3: School of Management, Fudan University; 4: Shanghai National Accounting Institute, China Bank Monopsony Power and Deposit Demand Luiss University, Italy Risk-taking by asset managers and bank regulation Bank for International Settlements, Switzerland Spreading Pressure and the Commodity Futures Risk Premium 1: University of Warwick, United Kingdom; 2: London School of Economic The Economics of Mutual Fund Marketing 1: CUHK Business School, The Chinese University of Hong Kong; 2: UT Austin; 3: LSE Do board connections between product market peers impede competition? 1: Olin Business School, Washington University in St. Louis; 2: Hong Kong University of Science and Technology, Hong Kong S.A.R. (China) Does Democracy Shape International Merger Activity 1: SKEMA Business School; 2: Rotterdam School of Management; 3: CUNEF Universidad; 4: Toulouse Business School Biases in Private Equity Returns City, University of London, United Kingdom Slow Belief Updating and the Disposition Effect Aalto University, Finland How Does Benchmarking Affect Market Efficiency? — The Role of Learning Technology 1: The Chinese University of Hong Kong, Shenzhen; 2: George Mason University; 3: Baruch College, City University of New York Resurrecting the Value Factor from its Redundancy 1: University of St. Gallen, Switzerland; 2: WHU - Otto Beisheim School of Management, Germany Borrower Technology Similarity and Bank Loan Contracting 1: University of Sydney, Australia; 2: University of Zurich, Switzerland Household Debt Overhang and Human Capital Investment 1: University of California, Berkeley; 2: University of Texas at Dallas, United States of America; 3: Bentley University Machine learning and the cross-section of emerging market stock returns Technical University of Munich, Germany BETTING ON THE CEO 1: Hong Kong University of Science and Technology; 2: Copenhagen Business School Memory and Analyst Forecasts: A Machine Learning Approach 1: Department of Finance, The Wharton School, University of Pennsylvania; 2: University of Zurich, Switzerland; 3: Swiss Finance Institute Somebody Stop Me: The Asset Pricing Implications of Principal-Agent Conflicts BI Norwegian Business School, Norway Equity-based microfinance and risk preferences University of Oxford, United Kingdom Is Flood Risk Priced in Bank Returns? Stockholm School of Economics, Sweden Satisfied Employees, Satisfied Investors: How Employee Well-being Impacts Mutual Fund Returns University of Cambridge - Judge Business School Option Trade Classification 1: Karlsruhe Institute of Technology, Germany; 2: University of Stuttgart, Germany Earnings Announcements: Ex-ante Risk Premia 1: University of Texas at Dallas, United States of America; 2: Washington University in St. Louis, United States of America The Dealer Warehouse – Corporate bond ETFs 1: Villanova University, United States of America; 2: Vrije Universiteit Amsterdam, Swedish House of Finance and Tinbergen Institute Smokestacks and the Swamp 1: Hong Kong University of Science and Technology, Hong Kong S.A.R. (China); 2: Pennsylvania State University; 3: National University of Singapore Kamikazes in Public Procurement 1: National University of Singapore - NUS; 2: Hong Kong University of Science and Technology - HKUST Salience Bias in Belief Formation University of Mannheim, Germany Anonymous Loan Applications and Racial Disparities NUS Business School, Singapore Issuer Certification in Money Markets 1: Central Bank of Norway, Norway; 2: BI; 3: Schulich School of Business CBDC, Monetary Policy Implementation, and The Interbank Market 1: Frankfurt School of Finance & Management; 2: European Central Bank; 3: University of Bern and Study Center Gerzensee Imputing Mutual Fund Trades 1: Erasmus University Rotterdam, Netherlands, The; 2: Robeco Institutional Asset Management Concentrating on Bailouts: Government Guarantees and Bank Asset Composition 1: IESE Business School, Spain; 2: UPF & BSE Entry along the supply chain: removing growth restrictions on firms in India University of Bonn, Germaany Technology and Cryptocurrency Valuation 1: University of California, Irvine; 2: University of Rochester The Value of Employee Morale in Mergers and Acquisitions: Evidence from Glassdoor University of Connecticut, United States of America Prepayment Penalties, Adverse Selection, and Mortgage Default University of Birmingham, United Kingdom Regulatory Model Secrecy and Bank Reporting Discretion Tilburg University, Netherlands, The Dealer-customer Relationships in OTC Markets HEC Paris, France Investment, Uncertainty, and U-Shaped Return Volatilities Cambridge Judge Business School, United Kingdom Tail risk and asset prices in the short-term 1: Princeton University, United States; 2: Erasmus University Rotterdam, Netherlands; 3: Universite de Montreal, Canada; 4: University of Liverpool, United Kingdom |
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1:30pm - 3:00pm |
AP 13: Asset Pricing Theory Location: KC-07 (ground floor) Chair: Stijn Van Nieuwerburgh, Columbia University Graduate School of Business A Financial Contracting-Based Capital Asset Pricing Model University of Luxembourg, Luxembourg Dr Jekyll and Mr Hyde: Feedback and welfare when hedgers can acquire information HEC Paris, France Disclosing and Cooling-Off: An Analysis of Insider Trading Rules 1: University of International Business and Economics, China; 2: DePaul University; 3: University of Toronto |
NBIM: Understanding the Long-Run Drivers of Asset Prices Location: Auditorium (floor 1) Chair: Christian Heyerdahl-Larsen, BI Norwegian Business School Market Power in the Securities Lending Market 1: University of Rochester & NBER; 2: University of Rochester; 3: Purdue University The Financial Premium Copenhagen Business School, Denmark Asset Demand of U.S. Households 1: Chicago Booth, United States of America; 2: Harvard University; 3: Princeton University |
AP 14: Data, Attention, and Liquidity Location: 1A-33 (floor 1) Chair: Lubos Pastor, University of Chicago Valuing Financial Data 1: MIT; 2: Columbia Business School; 3: NYU, Stern Wealth Dynamics and Financial Market Power University of Texas - Austin, United States of America Media Narratives and Price Informativeness 1: Frankfurt School of Finance and Management gGmbH, Germany; 2: George Washington University |
FI 10: Liquidity Provision Location: 2A-00 (floor 2) Chair: Angela Maddaloni, European Central Bank Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms? 1: Rice University; 2: Federal Reserve Board; 3: University of Maryland; 4: University of Rochester Non-bank liquidity provision to firms: Fund runs and central bank interventions European Central Bank, Germany Liquidity Provision and Co-insurance in Bank Syndicates 1: Federal Reserve Board, United States of America; 2: Fannie Mae |
HF 03: Financial Literacy and Financial Decisions Location: 2A-24 (floor 2) Chair: Laurent Calvet, SKEMA Business School Disparities in Financial Literacy, Pension Planning, and Saving Behavior 1: ZEW-Leibniz Center for European Ecnomic Research, Germany; 2: Goethe University Frankfurt Business Education and Portfolio Returns 1: Frankfurt School of Finance and Management, Germany; 2: SOFI, Stockholm University and Stockholm School of Economics; 3: Sveriges Riksbank; 4: CEPR The Banker in Your Social Network 1: Aalto University School of Business, BI Norwegian Business School, and IFN; 2: Aalto University School of Business; 3: University of Amsterdam |
FI 11: Green Banks? Location: 2A-33 (floor 2) Chair: Diana Bonfim, Banco de Portugal “Glossy Green” Banks: The Disconnect Between European Banks’ Sustainability Reporting and Lending Activities 1: Stockholm School of Economics; 2: Barnard College, Columbia University; 3: The University of Texas at Dallas; 4: European Central Bank Credit supply and green investments 1: Norges Bank, Norway; 2: Bank of Italy; 3: Warwick Business School; 4: University of Trento Value-Driven Bankers and the Granting of Credit to Green Firms 1: University of Zurich, Switzerland; 2: Macquarie University, Australia; 3: Aalto University School of Business, Finland; 4: CEPR, UK; 5: IFN, Finland; 6: Swiss Finance Institute, Switzerland; 7: KU Leuven, Belgium; 8: NTNU Business School, Norway |
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CF 12: Entrepreneurship Location: 4A-00 (floor 4) Chair: Camille Hebert, University of Toronto Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation Boston College, United States of America Rationalizing Entrepreneurs’ Forecasts Stanford University, United States of America How Venture Capitalists and Startups Bet on Each Other: Evidence From an Experimental System Stockholm School of Economics, Sweden |
CF 13: Corporate Finance Theory: ESG Location: 4A-33 (floor 4) Chair: Deeksha Gupta, Johns Hopkins University Externalities of Responsible Investments 1: Indiana University, Kelley School of Business, United States of America; 2: Toulouse School of Economics Making sure your vote does not count: ESG activism and insincere proxy voting 1: University of Hong Kong, Hong Kong S.A.R. (China); 2: University of Oxford, Said Business School Socially Responsible Divestment 1: London Business School; 2: University of Washington; 3: Indiana University |
CL 05: Environmental Risk and Sustainability Location: 6A-00 (floor 6) Chair: Alminas Zaldokas, Hong Kong University of Science and Technology Corporate Taxation and Carbon Emissions Bocconi University, Italy Does Climate Change Adaptation Matter? Evidence from the City on the Water 1: University of California at Berkeley, United States of America; 2: Bank of Italy Dirty Air and Clean Investments: The impact of pollution information on ESG investment 1: Boston University; 2: Indian Institute of Management, Bangalore; 3: National University of Singapore; 4: University of Hong Kong, Hong Kong S.A.R. (China) |
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3:00pm - 3:30pm |
Coffee Break |
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3:30pm - 5:15pm |
GA: General Assembly - Prize Ceremony - Keynote Address Location: Aula (floor 1) |
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7:00pm - 11:59pm |
Conference Dinner Location: Muziekgebouw |