Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

 
Session Overview
Date: Monday, 05/Jun/2017
1:00pm - 2:45pm1.1: Finance Theory
Session Chair: Anjan Thakor, Washington Univeristy in St. Louis
Discussant: Maryam Farboodi, Princeton University
Discussant: Andrey Malenko, Massachusetts Institute of Technology
Discussant: Indraneel Chakraborty, University of Miami
Cypress 
 

Market Power and Welfare in Asymmetric Divisible Good Auctions

Carolina Manzano1, Xavier Vives2

1Universitat Rovira i Virgili, Spain; 2IESE Business School, Spain

Discussant: Maryam Farboodi (Princeton University)

Manzano-Market Power and Welfare in Asymmetric Divisible Good Auctions-166.pdf

A Model of Safe Asset Determination

Zhiguo He1, Arvind Krishnamurthy2, Konstantin Milbradt3

1University of Chicago, United States of America; 2Stanford University, United States of America; 3Northwestern University, United States of America

Discussant: Andrey Malenko (Massachusetts Institute of Technology)

He-A Model of Safe Asset Determination-119.pdf

Financing Durable Assets

Adriano Rampini

Duke University

Discussant: Indraneel Chakraborty (University of Miami)

Rampini-Financing Durable Assets-632.pdf
 
1:00pm - 2:45pm1.2: Boards of Directors
Session Chair: David Reeb, National University of Singapore
Discussant: Vidhan Goyal, HKUST
Discussant: Qianqian Huang, City University of Hong Kong
Discussant: Peter Kien Pham, University of New South Wales
Willow 
 

Why Do Boards Exist? Governance Design in the Absence of Corporate Law

Mike Burkart2, Salvatore Miglietta1, Charlotte Ostergaard1

1BI Norwegian Business School, Norway; 2London School of Economics

Discussant: Vidhan Goyal (HKUST)

Burkart-Why Do Boards Exist Governance Design in the Absence-277.pdf

In Search of Board Independence: Former Employees, Shades of Gray and Director Classifications Revisited

Joel F. Houston, Jongsub Lee, Hongyu Shan

University of Florida, United States of America

Discussant: Qianqian Huang (City University of Hong Kong)

Houston-In Search of Board Independence-343.pdf

Conflict or Collusion? How Employees in the Boardroom affect Executive Compensation

Chen Lin1, Thomas Schmid1, Yang Sun2

1University of Hong Kong, Hong Kong S.A.R. (China); 2Brandeis International Business School

Discussant: Peter Kien Pham (University of New South Wales)

Lin-Conflict or Collusion How Employees in the Boardroom affect Executive Compensation-588.pdf
 
1:00pm - 2:45pm1.3: Labor and Finance
Session Chair: Geoffrey Tate, University of North Carolina at Chapel Hill
Discussant: Francesco D'Acunto, University of Maryland
Discussant: Pedro Matos, University of Virginia
Discussant: Xinxin Wang, University of North Carolina, Kenan-Flagler
Maple 
 

Mergers and Acquisitions, Technological Change and Inequality

Wenting Ma1, Paige Ouimet1, Elena Simintzi2

1UNC, United States of America; 2UBC

Discussant: Francesco D\'Acunto (University of Maryland)

Ma-Mergers and Acquisitions, Technological Change and Inequality-70.pdf

Skilled Labor Risk and Corporate Policies

Tracy Wang1, Yue Qiu2

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

Discussant: Pedro Matos (University of Virginia)

Wang-Skilled Labor Risk and Corporate Policies-907.pdf

Team Stability and Performance: Evidence from Private Equity

Francesca Cornelli1, Elena Simintzi2, Vikrant Vig1

1London Business School, United Kingdom; 2Sauder School of Business, University of British Columbia

Discussant: Xinxin Wang (University of North Carolina, Kenan-Flagler)

Cornelli-Team Stability and Performance-954.pdf
 
1:00pm - 2:45pm1.4: Credit Markets
Session Chair: Mariassunta Giannetti, Stockholm School of Economics
Discussant: Alminas Zaldokas, HKUST
Discussant: Yeejin Jang, Purdue University
Discussant: Xiaoyun Yu, Indiana University
Pine 
 

Marketplace Lending, Information Efficiency, and Liquidity

Oren Sussman1, Nicolas Serrano-Vallerde2, Julian Franks3

1Said Business School, University of Oxford; 2Bocconi University; 3London Business School

Discussant: Alminas Zaldokas (HKUST)

Sussman-Marketplace Lending, Information Efficiency, and Liquidity-146.pdf

Whatever it Takes: The Real Effects of Unconventional Monetary Policy

Viral V. Acharya1, Tim Eisert2, Christian Eufinger3, Christian Hirsch4

1NYU Stern, NBER, CEPR; 2Erasmus University Rotterdam; 3IESE Business School; 4Goethe University Frankfurt

Discussant: Yeejin Jang (Purdue University)

Acharya-Whatever it Takes-325.pdf

Credit Allocation under Economic Stimulus: Evidence from China

Jacopo Ponticelli, Will Cong

University of Chicago, United States of America

Discussant: Xiaoyun Yu (Indiana University)

Ponticelli-Credit Allocation under Economic Stimulus-443.pdf
 
1:00pm - 2:45pm1.5: Private Information
Session Chair: Allaudeen Hameed, National University of Singapore
Discussant: Chishen Wei, Nanyang Technological University
Discussant: Si Cheng, Chinese University of Hong Kong
Discussant: Tse-Chun Lin, University of Hong Kong
Cherry 
 

Inside Brokers

Abhiroop Mukherjee1, Rik Sen2, Weikai Li1

1HKUST, Hong Kong S.A.R. (China); 2UNSW, Sydney, Australia

Discussant: Chishen Wei (Nanyang Technological University)

Mukherjee-Inside Brokers-158.pdf

Informed Trading Volume and Asset Prices: The Role for Aggressive Investors

Christian Lundblad1, Zhishu Yang2, Qi Zhang3

1University of North Carolina at Chapel Hill; 2Tsinghua University; 3Durham University Business School, United Kingdom

Discussant: Si Cheng (Chinese University of Hong Kong)

Lundblad-Informed Trading Volume and Asset Prices-217.pdf

Chasing Private Information

Emiliano Pagnotta, Kacperczyk Marcin

Imperial College London, United Kingdom

Discussant: Tse-Chun Lin (University of Hong Kong)

Pagnotta-Chasing Private Information-810.pdf
 
1:00pm - 2:45pm1.6: Information and Asset Prices
Session Chair: Praveen Kumar, University of Houston
Discussant: Christine Parlour, UC Berkeley
Discussant: Kerry Back, Rice University
Discussant: Dongmei Li, University of South Carolina
Peach 
 

Skill Acquisition and Information Sales

Yan Xiong1, Liyan Yang1, Shiyang Huang2

1University of Toronto, Canada; 2University of Hong Kong

Discussant: Christine Parlour (UC Berkeley)

Xiong-Skill Acquisition and Information Sales-385.pdf

Dynamic Information Acquisition and Strategic Trading

Bradyn Breon-Drish, Snehal Banerjee

UC San Diego, United States of America

Discussant: Kerry Back (Rice University)

Breon-Drish-Dynamic Information Acquisition and Strategic Trading-681.pdf

Misvaluation of Investment Options

Evgeny Lyandres1, Egor Matveyev2, Alexei Zhdanov3

1Boston University; 2University of Alberta; 3Pennsylvania State University

Discussant: Dongmei Li (University of South Carolina)

Lyandres-Misvaluation of Investment Options-472.pdf
 
1:00pm - 2:45pm1.7: PhD Job-Market Candidate Session I
Session Chair: Philip Strahan

Creditor Rights, Technology Adoption, and Productivity: Plant-Level Evidence
Nuri Ersahin University of Illinois at Urbana-Champaign
Discussant: Allen Berger

Credit Supply and Corporate Bond Issuance: Evidence From Mutual Fund Flows
Qifei Zhu University of Texas, Austin
Discussant: Vijay Yerramilli
Elm 
2:45pm - 3:00pmCoffee Break
1st Floor Foyer 
3:00pm - 5:00pm2.1: Banks and the Economy
Session Chair: Xavier Vives, IESE Business School
Discussant: Christoph Bertsch, Sveriges Riksbank
Discussant: Christian Eufinger, IESE Business School
Discussant: Guillaume VUILLEMEY, HEC Paris
Cypress 
 

Intervention with Voluntary Participation in Global Games

Lin Shen1, Junyuan Zou2

1The Wharton School, University of Pennsylvania, United States of America; 2University of Pennsylvania, United States of America

Discussant: Christoph Bertsch (Sveriges Riksbank)

Shen-Intervention with Voluntary Participation in Global Games-866.pdf

Macroeconomic Effects of Secondary Market Trading

Daniel Neuhann

UT Austin McCombs, United States of America

Discussant: Christian Eufinger (IESE Business School)

Neuhann-Macroeconomic Effects of Secondary Market Trading-943.pdf

Volatility, Intermediaries and Exchange Rates

Xiang Fang, Yang Liu

University of Pennsylvania, United States of America

Discussant: Guillaume Vuillemey (HEC Paris)

Fang-Volatility, Intermediaries and Exchange Rates-946.pdf
 
3:00pm - 5:00pm2.2: Mergers and Acquisition
Session Chair: Francesca Cornelli, London Business School
Discussant: Oren Sussman, University of Oxford
Discussant: Nickolay Gantchev, University of North Carolina Chapel Hill
Discussant: Alex Gorbenko, USC Marshall School of Business
Discussant: Roberto Steri, University of Lausanne
Pine 
 

Merger Activity, Stock Prices, and Measuring Gains from M&A

Robert Dam1, Benjamin Bennett2

1University of Colorado-Boulder, United States of America; 2Ohio State University

Discussant: Oren Sussman (University of Oxford)

Dam-Merger Activity, Stock Prices, and Measuring Gains-315.pdf

International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions

Rui Albuquerque1, Luis Brandao-Marques2, Miguel Ferreira3, Pedro Matos4

1Boston College, United States of America; 2International Monetary Fund; 3Universidade Nova de Lisboa, Portugal; 4University of Virginia, United States of America

Discussant: Nickolay Gantchev (University of North Carolina Chapel Hill)

Albuquerque-International Corporate Governance Spillovers-337.pdf

Search Frictions and M&A Outcomes: Theory and Evidence

Yelena Larkin1, Evgeny Lyandres2

1York University, Canada; 2Boston University, USA

Discussant: Alex Gorbenko (USC Marshall School of Business)

Larkin-Search Frictions and M&A Outcomes-439.pdf

Inefficiencies and Externalities from Opportunistic Acquirers

Di Li1, Lucian A. Taylor2, Wenyu Wang3

1Georgia State University, United States of America; 2University of Pennsylvania, United States of America; 3Indiana University, United States of America

Discussant: Roberto Steri (University of Lausanne)

Li-Inefficiencies and Externalities from Opportunistic Acquirers-258.pdf
 
3:00pm - 5:00pm2.3: Employees as Stakeholders
Session Chair: Chen Lin, University of Hong Kong
Discussant: Yi Huang, Graduate Institute of International and Development Studies
Discussant: Thomas Schmid, University of Hong Kong
Discussant: Weikai Li, HKUST
Maple 
 

The Unintended Consequences of Employer Credit Check Bans on Labor and Credit Markets

Kristle Romero Cortes, Andrew Glover, Murat Tasci

Federal Reserve Bank of Cleveland, United States of America

Discussant: Yi Huang (Graduate Institute of International and Development Studies)

Cortes-The Unintended Consequences of Employer Credit Check Bans-392.pdf

Within-Firm Pay Inequality

Holger Mueller1, Paige Ouimet2, Elena Simintzi3

1NYU, US; 2UNC, US; 3UBC, Canada

Discussant: Thomas Schmid (University of Hong Kong)

Mueller-Within-Firm Pay Inequality-939.pdf

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

Alex Edmans1, Lucius Li2, Chendi Zhang3

1London Business School, United Kingdom; 2London School of Economics, United Kingdom; 3Warwick Business School, United Kingdom

Discussant: Weikai Li (HKUST)

Edmans-Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World-942.pdf
 
3:00pm - 5:00pm2.4: Credit Ratings
Session Chair: Vijay Yerramilli, University of Houston
Discussant: Anastasia Kartasheva, Bank for International Settlements
Discussant: Xuewen Liu, HKUST
Discussant: Marcus Opp, Harvard University
Willow 
 

Credit Rating Inflation and Firms' Investments

Chong Huang1, Itay Goldstein2

1University of California, Irvine, United States of America; 2University of Pennsylvania

Discussant: Anastasia Kartasheva (Bank for International Settlements)

Huang-Credit Rating Inflation and Firms Investments-213.pdf

Credit Ratings And Market Information

Alessio Piccolo1, Joel Shapiro2

1Department of Economics, University of Oxford, United Kingdom; 2Saïd Business School, University of Oxford, United Kingdom

Discussant: Xuewen Liu (HKUST)

Piccolo-Credit Ratings And Market Information-743.pdf

Soft Collateral, Bank Lending, and the Optimal Credit Rating System

Lixin Huang1, Andrew Winton2

1Georgia State University; 2University of Minnesota

Discussant: Marcus Opp (Harvard University)

Huang-Soft Collateral, Bank Lending, and the Optimal Credit Rating System-835.pdf
 
3:00pm - 5:00pm2.5: Market Liquidity Provision
Session Chair: Chotibhak Jotikasthira, SMU
Discussant: Giang Nguyen, Penn State
Discussant: Mehrdad Samadi, SMU Cox School of Business
Discussant: Kairong Xiao, University of British Columbia
Cherry 
 

Funding Liquidity Risk and the Cross-section of MBS Returns

Yuriy Kitsul, Marcelo Ochoa

Federal Reserve Board, United States of America

Discussant: Giang Nguyen (Penn State)

Kitsul-Funding Liquidity Risk and the Cross-section of MBS Returns-711.pdf

The Volcker Rule and Market-Making in Times of Stress

Jack Bao1, Maureen O'Hara2, Xing {Alex} Zhou1

1Federal Reserve Board, United States of America; 2Cornell University

Discussant: Mehrdad Samadi (SMU Cox School of Business)

Bao-The Volcker Rule and Market-Making in Times of Stress-877.pdf

Dealer Balance Sheets and Bond Liquidity Provision

Or Shachar, Nina Boyarchenko, Tobias Adrian

Federal Reserve Bank of New York, United States of America

Discussant: Kairong Xiao (University of British Columbia)

Shachar-Dealer Balance Sheets and Bond Liquidity Provision-906.pdf
 
3:00pm - 5:00pm2.6: Collateral and Contracts
Session Chair: Michael Koetter, Leibniz Institute for Economic Research IWH
Discussant: Artashes Karapetyan, BI
Discussant: Felix Noth, Halle Institute for Economic Research (IWH)
Discussant: Tobias Berg, Frankfurt School of Finance & Management
Discussant: Sascha Steffen, University of Mannheim
Peach 
 

Does a Larger Menu Increase Appetite? Collateral Eligibility and Bank Risk-Taking

Rustom Irani1, Sjoerd van Bekkum2, Marc Gabarro2

1University of Illinois at Urbana-Champaign, United States of America; 2Erasmus School of Economics

Discussant: Artashes Karapetyan (BI)

Irani-Does a Larger Menu Increase Appetite Collateral Eligibility and Bank Risk-Taking-170.pdf

Financial Debt Contracting and Managerial Agency – Evidence from a Natural Experiment

Bjorn Imbierowicz1, Daniel Streitz2

1Copenhagen Business School, Denmark; 2E.CA Economics

Discussant: Felix Noth (Halle Institute for Economic Research (IWH))

Imbierowicz-Financial Debt Contracting and Managerial Agency – Evidence-319.pdf

Syndicated Loan Risk: The Effects of Covenants and Collateral

George G Pennacchi1, Jianglin Dennis Ding2

1University of Illinois, United States of America; 2St. John Fisher College, United States of America

Discussant: Tobias Berg (Frankfurt School of Finance & Management)

Pennacchi-Syndicated Loan Risk-371.pdf

Non-bank Investors and Loan Renegotiations

Teodora Paligorova1, Joao Santos2

1Bank of Canada; 2New York Fed

Discussant: Sascha Steffen (University of Mannheim)

Paligorova-Non-bank Investors and Loan Renegotiations-499.pdf
 
3:00pm - 5:00pm2.7: PhD Job-Market Candidate Session II
Session Chair: Philip Strahan

Inflation, Inventory, and Credit Market Disruptions: Micro-level Evidence and Aggregate Implications
Ryan Kim Columbia University
Discussant: Philip E. Strahan

Employee mobility, wages, and firm value
Mo Shen Georgia State
Discussant: Anjan Thakor

Market Accessibility, Corporate Bond ETFs, and Liquidity
Jayoung Nam Indiana University
Discussant: S "Vish" Viswanathan
Elm 
6:15pm - 8:00pmReception
Peach and Cherry 
Date: Tuesday, 06/Jun/2017
8:30am - 10:15am3.1: Security Design
Session Chair: Sudipto Dasgupta, Lancaster University
Discussant: Andrew Winton, University of Minnesota
Discussant: Taejin Kim, The Chinese University of Hong Kong
Discussant: Jesse Davis, University of North Carolina - Chapel Hill
Pine/Elm 
 

Security Design with Status Concerns

Suleyman Basak1, Dmitry Makarov2, Alex Shapiro3, Marti Subrahmanyam3

1London Business School; 2Higher School of Economics, Russian Federation; 3New York University

Discussant: Andrew Winton (University of Minnesota)

Basak-Security Design with Status Concerns-642.pdf

Optimal Financing and Disclosure

Martin Szydlowski

University of Minnesota, United States of America

Discussant: Taejin Kim (The Chinese University of Hong Kong)

Szydlowski-Optimal Financing and Disclosure-210.pdf

Rise of Factor Investing: Asset Prices, Informational Efficiency, and Security Design

Lin William Cong, Douglas Xun Xu

University of Chicago, United States of America

Discussant: Jesse Davis (University of North Carolina - Chapel Hill)

Cong-Rise of Factor Investing-871.pdf
 
8:30am - 10:15am3.2: Networks and Connections
Session Chair: Eitan Goldman, Indiana University
Discussant: Lea Stern, University of Washington
Discussant: Pat Akey, University of Toronto
Discussant: Niklas Huether, Indiana University
Cypress 
 

Director Network and CEO Turnover

Jeffrey L. Coles1, Albert Y. Wang2, Chenqi Zhu3

1David Eccles School of Business, University of Utah; 2Harbert College of Business, Auburn University; 3Stern Business School, New York University

Discussant: Lea Stern (University of Washington)

Coles-Director Network and CEO Turnover-196.pdf

Analyst Overlap, Correlated Information and M&A Outcomes

Felipe Cortes1, Francisco Antonio Marcet Orellana2

1Northeastern University, EE.UU; 2University of Chile, Chile

Discussant: Pat Akey (University of Toronto)

Cortes-Analyst Overlap, Correlated Information and M&A Outcomes-254.pdf

Friends during Hard Times: Evidence from the Great Depression

Tetyana Babina1, Diego Garcia2, Geoffrey Tate3

1Columbia University, United States of America; 2University of Colorado at Boulder; 3University of North Carolina at Chapel Hill and NBER

Discussant: Niklas Huether (Indiana University)

Babina-Friends during Hard Times-894.pdf
 
8:30am - 10:15am3.3: Volatility
Session Chair: Bing Han, University of Toronto, Rotman School of Management
Discussant: Anh Le, Penn State
Discussant: Hengjie Ai, University of Minnesota
Discussant: Chu Zhang, HKUST
Maple 
 

Good Volatility, Bad Volatility, and the Cross-Section of Stock Returns

Tim Bollerslev1, Sophia Zhengzi Li2, Bingzhi Zhao1

1Duke University; 2Michigan State University, United States of America

Discussant: Anh Le (Penn State)

Bollerslev-Good Volatility, Bad Volatility, and the Cross-Section-918.pdf

Term Structure of Interest Rates with Short-run and Long-run Risks

Olesya Grishchenko1, Zhaogang Song2, Hao Zhou3

1Federal Reserve Board; 2John Hopkins University; 3Tsinghua University

Discussant: Hengjie Ai (University of Minnesota)

Grishchenko-Term Structure of Interest Rates with Short-run and Long-run Risks-938.pdf

Why Does Idiosyncratic Risk Increase with Market Risk?

Sohnke M Bartram1, Gregory Brown2, Rene M. Stulz3

1Warwick University, United Kingdom; 2UNC Chapel Hill; 3Ohio State University

Discussant: Chu Zhang (HKUST)

Bartram-Why Does Idiosyncratic Risk Increase with Market Risk-952.pdf
 
8:30am - 10:15am3.4: Investor Influence on Financial Policy
Session Chair: Agnes Cheng, The Hong Kong Polytechnic University
Discussant: Frank Yu, China Europe International Business School (
Discussant: Dan Li, University of Hong Kong
Discussant: Xuenan Li, Cheung Kong Graduate School of Business
Willow 
 

Investor Inattention and the Timing of Corporate Filings

Moqi Groen-Xu, Vicente Cunat

LSE, United Kingdom

Discussant: Frank Yu (China Europe International Business School ()

Groen-Xu-Investor Inattention and the Timing of Corporate Filings-164.pdf

The Rise of the Equity Lending Market: Implications for Corporate Financial Policies

Murillo Campello1, Pedro Saffi2

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

Discussant: Dan Li (University of Hong Kong)

Campello-The Rise of the Equity Lending Market-673.pdf

Index Membership and Capital Structure: International Evidence

Wenting Zhao1, Daniel Urban1, Vidhan Goyal2

1Technical University of Munich, Germany; 2Hong Kong University of Science and Technology, Hong Kong

Discussant: Xuenan Li (Cheung Kong Graduate School of Business)

Zhao-Index Membership and Capital Structure-682.pdf
 
8:30am - 10:15am3.5: Financial System Networks
Session Chair: Jean-Charles Rochet, University of Zurich
Discussant: Co-Pierre Georg, Deutsche Bundesbank
Discussant: Emiliano Pagnotta, Imperial College London
Discussant: Sumit Agarwal, Georgetown University
Cherry 
 

Bank Networks and Systemic Risk: Evidence from the National Banking Acts

Jessie Jiaxu Wang, Mark Paddrik, Haelim Park

Arizona State University, United States of America

Discussant: Co-Pierre Georg (Deutsche Bundesbank)

Wang-Bank Networks and Systemic Risk-135.pdf

The Failure of a Clearinghouse: Empirical Evidence

Guillaume Vuillemey1, Vincent Bignon2

1HEC Paris, France; 2Banque de France

Discussant: Emiliano Pagnotta (Imperial College London)

Vuillemey-The Failure of a Clearinghouse-205.pdf

Hub-and-Spoke Regulation and the Leverage of Financial Intermediaries

Yadav Gopalan, Ankit Kalda, Asaf Manela

Washington University in St. Louis

Discussant: Sumit Agarwal (Georgetown University)

Gopalan-Hub-and-Spoke Regulation and the Leverage of Financial Intermediaries-729.pdf
 
8:30am - 10:15am3.6: Microstructure
Session Chair: Günter Strobl, Frankfurt School of Finance & Management
Discussant: Bradyn Breon-Drish, UC San Diego
Discussant: Jean-Edouard Colliard, HEC Paris
Discussant: Bart Yueshen, INSEAD
Peach 
 

Trading Costs and Informational Efficiency

Cecilia Parlatore1, Eduardo Davila2

1NYU Stern, United States of America; 2NYU Stern, United States of America

Discussant: Bradyn Breon-Drish (UC San Diego)

Parlatore-Trading Costs and Informational Efficiency-98.pdf

Insider Trading When There May Not Be An Insider

Yenan Wang, Ming Yang

Duke University, United States of America

Discussant: Bart Yueshen (INSEAD)

Wang-Insider Trading When There May Not Be An Insider-910.pdf

A Tale of One Exchange and Two Order Books: Effects of Fragmentation in the Absence of Competition

Alejandro Bernales1, Italo Riarte1, Satchit Sagade2,4, Marcela Valenzuela1, Christian Westheide3,4

1University of Chile, Chile; 2Goethe University, Frankfurt, Germany; 3University of Mannheim, Germany; 4Research Center SAFE

Discussant: Jean-Edouard Colliard (HEC Paris)

Bernales-A Tale of One Exchange and Two Order Books-455.pdf
 
10:15am - 10:30amCoffee Break
Ballroom Foyer 
10:30am - 12:15pm4.1: Finance Theory 2
Session Chair: S "Vish" Viswanathan, Duke University
Discussant: Hengjie Ai, University of Minnesota
Discussant: John Nash, HKUST
Discussant: Krishnamurthy Subramanian, Indian School of Business
Pine/Elm 
 

Model Uncertainties, Ambiguity Aversion, and Market Participation

David Hirshleifer, Chong Huang, Siew Hong Teoh

UC Irvine, United States of America

Discussant: Hengjie Ai (University of Minnesota)

Hirshleifer-Model Uncertainties, Ambiguity Aversion, and Market Participation-863.pdf

The Market for Conflicted Advice

Briana Chang1, Martin Szydlowski2

1UW Madison, United States of America; 2University of Minnesota

Discussant: John Nash (HKUST)

Chang-The Market for Conflicted Advice-209.pdf

Cheap Talk and Strategic Rounding in LIBOR Submissions

Michael Troege1, Angel Hernando-Veciana2

1ESCP Europe, France; 2Univ. Carlos III

Discussant: Krishnamurthy Subramanian (Indian School of Business)

Troege-Cheap Talk and Strategic Rounding in LIBOR Submissions-57.pdf
 
10:30am - 12:15pm4.2: Corporate Innovation
Session Chair: Thomas Hellmann, University of Oxford
Discussant: Qianqian Du, Hong Kong Polytech
Discussant: Qin Li, Hong Kong Polytechnic University
Discussant: Xinxin Wang, University of North Carolina, Kenan-Flagler
Cypress 
 

The Oscar goes to…: Takeovers and Innovation Envy

I-Ju Chen1, Po-Hsuan Hsu2, Micah Officer3, Yanzhi Wang4

1Yuan Ze University, Taiwan; 2University of Hong Kong, Hong Kong; 3Loyola Marymount University, USA; 4National Taiwan University, Taiwan

Discussant: Qianqian Du (Hong Kong Polytech)

Chen-The Oscar goes to…-222.pdf

Measuring Innovation Around the World

Ping Sheng Koh1, David Reeb2, Elvira Sojli3, Wing Wah Tham3

1ESSEC; 2National University of Singapore; 3UNSW, Australia

Discussant: Qin Li (Hong Kong Polytechnic University)

Koh-Measuring Innovation Around the World-560.pdf

Shareholder Litigation and Corporate Innovation

Chen Lin1, Sibo Liu1, Gustavo Manso2

1Faculty of Business and Economics, the University of Hong Kong; 2Haas School of Business, University of California at Berkeley

Discussant: Xinxin Wang (University of North Carolina, Kenan-Flagler)

Lin-Shareholder Litigation and Corporate Innovation-643.pdf
 
10:30am - 12:15pm4.3: Trading and Frictions
Session Chair: Mehrdad Samadi, SMU Cox School of Business
Discussant: Adam Daniel Clark-Joseph, University of Illinois at Urbana-Champaign
Discussant: Yesol Huh, Federal Reserve Board
Discussant: Bart Yueshen, INSEAD
Maple 
 

Every Cloud Has A Silver Lining: Fast Trading, Microwave Connectivity and Trading Costs

Andriy Shkilko, Konstantin Sokolov

Wilfrid Laurier University, Canada

Discussant: Adam Daniel Clark-Joseph (University of Illinois at Urbana-Champaign)

Shkilko-Every Cloud Has A Silver Lining-181.pdf

Do High Frequency Traders Bring Fundamental Information into Prices?

Neil Bhattacharya, Bidisha Chakrabarty, Xu {Frank} Wang

Southern Methodist University, United States of America

Discussant: Yesol Huh (Federal Reserve Board)

Bhattacharya-Do High Frequency Traders Bring Fundamental Information into Prices-450.pdf

Impact of Securities Transactions Tax on Stock Markets and Market Participants: Evidence From India

Deepak Agrawal1, K R Subramanyam2, Prasanna Tantri1, Ramabhadran S Thirumalai1

1Indian School of Business, India; 2USC Marshall School of Business, USA

Discussant: Bart Yueshen (INSEAD)

Agrawal-Impact of Securities Transactions Tax on Stock Markets and Market Participants-599.pdf
 
10:30am - 12:15pm4.4: Geography of Finance
Session Chair: Allen Berger, University of South Carolina
Discussant: Richard Rosen, Federal Reserve Bank of Chicago
Discussant: Xinming Li, UNIVERSITY OF SOUTH CAROLINA
Discussant: Hong Yan, Shanghai Advanced Institute of Finance (SAIF)
Willow 
 

Political Borders and Bank Lending in Post-Crisis America

Matthieu Chavaz1, Andrew K. Rose2

1Bank of England, United Kingdom; 2Berkeley-Haas

Discussant: Richard Rosen (Federal Reserve Bank of Chicago)

Chavaz-Political Borders and Bank Lending in Post-Crisis America-344.pdf

The Geography of Institutional Investors, Information Production, and Initial Public Off erings

Thomas Chemmanur1, Jiekun Huang2, Yuyuan Zhu1

1Boston College; 2University of Illinois at Urbana-Champaign

Discussant: Xinming Li (UNIVERSITY OF SOUTH CAROLINA)

Chemmanur-The Geography of Institutional Investors, Information Production, and Initial Public Offerings-477.pdf

Economic Integration Breeds Foreign Investment: Evidence from Portfolio Allocation of Investment Funds Around the World

Fariborz Moshrian1, Peter Pham2, Shu Tian3, Eliza Wu4

1University of New South Wales; 2University of New South Wales; 3Fudan University; 4University of Sydney

Discussant: Hong Yan (Shanghai Advanced Institute of Finance (SAIF))

Moshrian-Economic Integration Breeds Foreign Investment-935.pdf
 
10:30am - 12:15pm4.5: CEO and Director Turnover
Session Chair: Anil Shivdasani, Kenan-Flagler Business School, The University of North Carolina at Chapel Hill
Discussant: Rustom Irani, University of Illinois at Urbana-Champaign
Discussant: Albert Wang, Auburn University
Discussant: Christa Bouwman, Texas A&M University
Cherry 
 

Pay Me Now (and Later): Pension Benefit Manipulation before Plan Freezes and Executive Retirement

Irina Stefanescu, Yupeng Wang, Kangzhen Xie, Jun Yang

Federal Reserve Board, United States of America

Discussant: Rustom Irani (University of Illinois at Urbana-Champaign)

Stefanescu-Pay Me Now (and Later)-45.pdf

Personal Cost of Executive Turnovers

Kasper Meisner Nielsen

HKUST, Hong Kong S.A.R. (China)

Discussant: Albert Wang (Auburn University)

Nielsen-Personal Cost of Executive Turnovers-326.pdf

Performance-Based Turnover on Corporate Boards

Thomas Bates1, David Becher2, Jared Wilson3

1Arizona State University, United States of America; 2Drexel University, United States of America; 3Indiana University, United States of America

Discussant: Christa Bouwman (Texas A&M University)

Bates-Performance-Based Turnover on Corporate Boards-775.pdf
 
10:30am - 12:15pm4.6: Bank Deposits and Short-term Debt
Session Chair: Fabio Castiglionesi, Tilburg University
Discussant: Thomas Mosk, Goethe University
Discussant: Larissa Schäfer, Frankfurt School of Finance & Management
Discussant: Glenn Schepens, European Central Bank
Peach 
 

Funding Liquidity Without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt

Felipe Restrepo1, Lina Marcela Cardona-Sosa2, Philip E. Strahan3

1Ivey Business School, Canada; 2Central Bank of Colombia; 3Boston College & NBER

Discussant: Thomas Mosk (Goethe University)

Restrepo-Funding Liquidity Without Banks-253.pdf

Does Deposit Insurance Promote Financial Depth? Evidence from the Postal Savings System During the 1920s

Carlos Ramirez1, Lee Davison2

1George Mason University, United States of America; 2Federal Deposit Insurance Corporation

Discussant: Larissa Schäfer (Frankfurt School of Finance & Management)

Ramirez-Does Deposit Insurance Promote Financial Depth Evidence-758.pdf

On Deposit Stability in Failing Banks

Christopher Martin1, Manju Puri2, Alexander Ufier‡1

1FDIC; 2Duke University and FDIC

Discussant: Glenn Schepens (European Central Bank)

Martin-On Deposit Stability in Failing Banks-953.pdf
 
12:15pm - 2:15pmLunch and Keynote Address
“Financial Intermediation and e-Platforms: Innovation and Regulation.”
Professor Robert Townsend
Elizabeth & James Killian Professor of Economics at the Massachusetts Institute of Technology
Ballroom 
2:15pm - 4:15pm5.1: Systemic Risk
Session Chair: Arnoud Boot, University of Amsterdam
Discussant: Sascha Steffen, University of Mannheim
Discussant: Lars Norden, Getulio Vargas Foundation
Discussant: Ji Huang, National University of Singapore
Discussant: Richard Rosen, Federal Reserve Bank of Chicago
Pine/Elm 
 

Asset Insulators

Gabriel Chodorow-Reich1, Andra Ghent2, Valentin Haddad3

1Harvard University; 2University of Wisconsin - Madison, United States of America; 3University of California - Los Angeles

Discussant: Sascha Steffen (University of Mannheim)

Chodorow-Reich-Asset Insulators-5.pdf

Do Bank Bailouts Reduce or Increase Systemic Risk? The Effects of TARP on Financial System Stability

Allen Berger3, Raluca Roman2, John Sedunov1

1Villanova University, United States of America; 2Kansas City Federal Reserve; 3University of South Carolina

Discussant: Lars Norden (Getulio Vargas Foundation)

Berger-Do Bank Bailouts Reduce or Increase Systemic Risk The Effects-309.pdf

Systemic Risk and Market Liquidity

Kebin Ma

University of Warwick, United Kingdom

Discussant: Ji Huang (National University of Singapore)

Ma-Systemic Risk and Market Liquidity-351.pdf

A Wake-Up Call Theory of Contagion

Christoph Bertsch1, Toni Ahnert2

1Sveriges Riksbank, Sweden; 2Bank of Canada

Discussant: Richard Rosen (Federal Reserve Bank of Chicago)

Bertsch-A Wake-Up Call Theory of Contagion-732.pdf
 
2:15pm - 4:15pm5.2: Ownership and Activism
Session Chair: Nickolay Gantchev, University of North Carolina Chapel Hill
Discussant: Stefan Zeume, University of Michigan
Discussant: Travis Johnson, The University of Texas at Austin
Discussant: Elisabeth Kempf, University of Chicago Booth School of Business
Discussant: Bohui Zhang, University of New South Wales
Cypress 
 

The Agency Costs of Public Ownership: Evidence from Acquisitions by Private Firms

Nan Xiong1, Andrey Golubov2

1Shanghai Jiao Tong University; 2University of Toronto

Discussant: Stefan Zeume (University of Michigan)

Xiong-The Agency Costs of Public Ownership-262.pdf

Standing on the shoulders of giants: The effect of passive investors on activism

Ian Appel1, Todd Gormley2, Don Keim3

1Boston College, United States of America; 2Washington University; 3Wharton

Discussant: Travis Johnson (The University of Texas at Austin)

Appel-Standing on the shoulders of giants-333.pdf

Monitoring the Monitor: Distracted Institutional Investors and Board Governance

Claire Yang Liu1, Angie Low2, Ron Masulis1, Le Zhang1

1University of New South Wales, Australia; 2Nanyang Technological University

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

Liu-Monitoring the Monitor-523.pdf

Dissecting the Long-term Performance of the Chinese Stock Market

Franklin Allen1, Jun Qian2, Chenyu Shan3, Lei Zhu4

1Imperial College London; 2Shanghai Advanced Institute of Finance (SAIF), China, People's Republic of; 3Shanghai Advanced Institute of Finance (SAIF), China, People's Republic of; 4Shanghai Advanced Institute of Finance (SAIF), China, People's Republic of

Discussant: Bohui Zhang (University of New South Wales)

Allen-Dissecting the Long-term Performance of the Chinese Stock Market-670.pdf
 
2:15pm - 4:15pm5.3: Banks and Entrepreneurship
Session Chair: Gregory F. Udell, Indiana University
Discussant: Vijay Yerramilli, University of Houston
Discussant: Xiaoyun Yu, Indiana University
Discussant: Hirofumi Uchida, Kobe University
Discussant: Mike Mariathasan, KU Leuven
Maple 
 

Financing of Innovation, Learning Across Peer Firms and Innovation Waves

Merih Sevilir

Indiana University, United States of America

Discussant: Vijay Yerramilli (University of Houston)

Sevilir-Financing of Innovation, Learning Across Peer Firms and Innovation Waves-388.pdf

Bank Lending in the Knowledge Economy

Giovanni Dell’Ariccia1,4, Dalida Kadyrzhanova2, Camelia Minoiu1,3, Lev Ratnovski1

1international monetary fund; 2Georgia State University; 3Wharton Financial Institutions Center; 4CEPR

Discussant: Xiaoyun Yu (Indiana University)

Dell’Ariccia-Bank Lending in the Knowledge Economy-187.pdf

WHEN FINANCE LEAVES DO ENTREPRENEURS FOLLOW?: The Lasting Impact of Bank Distress on Entrepreneurship

Elizabeth A. Berger1, Tania Babina2

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

Discussant: Hirofumi Uchida (Kobe University)

Berger-WHEN FINANCE LEAVES DO ENTREPRENEURS FOLLOW-826.pdf

Fostering Entrepreneurship: Promoting Founding or Funding?

Thomas Hellmann1, Veikko Thiele2

1University of Oxford, Saïd Business School; 2Queen’s University, Smith School of Business

Discussant: Mike Mariathasan (KU Leuven)

Hellmann-Fostering Entrepreneurship-19.pdf
 
2:15pm - 4:15pm5.4: Shocks to Banks and Lending
Session Chair: Teodora Paligorova, Bank of Canada
Discussant: Ilhyock Shim, Bank for International Settlements
Discussant: Vidhan Goyal, HKUST
Discussant: Peter Ian MacKay, HKUST
Discussant: Diana Bonfim, Banco de Portugal
Willow 
 

Bank Response To Higher Capital Requirements: Evidence From A Natural Experiment

Thomas Mosk, Steven Ongena, Reint Gropp, Carlo Wix

Goethe University, Germany

Discussant: Ilhyock Shim (Bank for International Settlements)

Mosk-Bank Response To Higher Capital Requirements-63.pdf

The Impact of Bank Shocks on Firm-level Outcomes and Bank Risk-taking

Hans Degryse1, Olivier De Jonghe2, Sanja Jakovljévic1, Klaas Mulier3, Glenn Schepens4

1KU Leuven; 2Tilburg University; 3Ghent University; 4ECB

Discussant: Vidhan Goyal (HKUST)

Degryse-The Impact of Bank Shocks on Firm-level Outcomes and Bank Risk-taking-109.pdf

Borrowers under water! Rare disasters, regional banks, and recovery lending

Oliver Rehbein1, Felix Noth1,2, Michael Koetter1,2

1Halle Institute for Economic Research (IWH) – Member of the Leibniz Association, Germany; 2Otto-von-Guericke-University Magdeburg

Discussant: Peter Ian MacKay (HKUST)

Rehbein-Borrowers under water! Rare disasters, regional banks, and recovery lending-168.pdf

”Brexit” and the Contraction of Syndicated Lending

Tobias Berg1, Anthony Saunders2, Larissa Schäfer3, Sascha Steffen4

1Frankfurt School of Finance and Management; 2New York University; 3Frankfurt School of Finance and Management; 4University of Mannheim

Discussant: Diana Bonfim (Banco de Portugal)

Berg-”Brexit” and the Contraction of Syndicated Lending-718.pdf
 
2:15pm - 4:15pm5.5: Capital Structure
Session Chair: Michael Faulkender, University of Maryland
Discussant: Russell Jame, University of Kentucky
Discussant: Francesco D'Acunto, University of Maryland
Discussant: Felipe Cortes, Northeastern University
Discussant: Rustom Irani, University of Illinois at Urbana-Champaign
Cherry 
 

Interfund lending in mutual fund families: Role in liquidity management

Vikas Agarwal1, Haibei Zhao2

1Georgia State University, United States of America; 2Lehigh University, United States of America

Discussant: Russell Jame (University of Kentucky)

Agarwal-Interfund lending in mutual fund families-607.pdf

Intangible Assets and Capital Structure

Steve Lim1, Antonio Macias2, Thomas Moeller1

1Texas Christian University, United States of America; 2Baylor University, United States of America

Discussant: Francesco D\'Acunto (University of Maryland)

Lim-Intangible Assets and Capital Structure-172.pdf

Investment Spike Financing

Hyun Joong Im1, Colin Mayer2, Oren Sussman2

1Peking University, China, People's Republic of; 2University of Oxford

Discussant: Felipe Cortes (Northeastern University)

Im-Investment Spike Financing-212.pdf

Drilling and Debt

Erik Gilje1, Elena Loutskina2, Dan Murphy3

1The Wharton School, United States of America; 2University of Virginia, Darden; 3University of Virginia, Darden

Discussant: Rustom Irani (University of Illinois at Urbana-Champaign)

Gilje-Drilling and Debt-445.pdf
 
2:15pm - 4:15pm5.6: Monetary Policy & Asset Prices
Session Chair: Anh Le, Penn State
Discussant: Paul Whelan, Copenhagen Business School
Discussant: Chotibhak Jotikasthira, SMU
Discussant: Marcel Albert Priebsch, Federal Reserve Board
Discussant: Giang Nguyen, Penn State
Peach 
 

Monetary Policy Slope and the Stock Market

Andreas Neuhierl2, Michael Weber1

1University of Chicago, United States of America; 2University of Notre Dame

Discussant: Paul Whelan (Copenhagen Business School)

Neuhierl-Monetary Policy Slope and the Stock Market-114.pdf

Fire Buys of Central Bank Collateral Assets

Calebe de Roure

Frankfurt School of Finance & Management

Discussant: Chotibhak Jotikasthira (SMU)

de Roure-Fire Buys of Central Bank Collateral Assets-173.pdf

Dynamics of the Expectation and Risk Premium in the OIS Term Structure

Suresh Sundaresan1, Zhenyu Wang2, Wei Yang3

1Columbia University, US; 2Indiana University Bloomington, US; 3Indiana University Bloomington, US

Discussant: Marcel Albert Priebsch (Federal Reserve Board)

Sundaresan-Dynamics of the Expectation and Risk Premium in the OIS Term Structure-318.pdf

One Central Bank To Rule Them All

Francesca Brusa1, Pavel Savor1, Mungo Wilson2

1Temple University, United States of America; 2University of Oxford, United Kingdom

Discussant: Giang Nguyen (Penn State)

Brusa-One Central Bank To Rule Them All-465.pdf
 
4:30pm - 5:30pmSpecial Session: "Will China Continue to be the Engine of Growth in the World?”
Professor Justin Lin
Director of Center for New Structural Economics
Honorary Dean of the National School of Development at Peking University
Pine/Elm 
6:30pm - 10:30pmHarbor Cruise and Gala Dinner
 
Date: Wednesday, 07/Jun/2017
8:30am - 10:15am6.1: Shareholder Activism
Session Chair: Denis Gromb, HEC PARIS
Discussant: Max Bruche, Cass Business School
Discussant: John C.F. Kuong, INSEAD
Discussant: Tingjun Liu, University of Hong Kong
Pine/Elm 
 

Investor Protection and Asset Prices

Suleyman Basak1, Georgy Chabakauri2, Deniz Yavuz3

1London Business School; 2London School of Economics; 3Purdue University

Discussant: Max Bruche (Cass Business School)

Basak-Investor Protection and Asset Prices-133.pdf

The Effect of Speculative Monitoring on Shareholder Activism

Günter Strobl

Frankfurt School of Finance & Management, Germany

Discussant: John C.F. Kuong (INSEAD)

Strobl-The Effect of Speculative Monitoring on Shareholder Activism-672.pdf

Does Pay Activism Pay Off for Shareholders? Shareholder Democracy and its Discontents

Sudipto Dasgupta1, Thomas Noe2

1Lancaster University, United Kingdom; 2University of Oxford, Said Business School

Discussant: Tingjun Liu (University of Hong Kong)

Dasgupta-Does Pay Activism Pay Off for Shareholders Shareholder Democracy and its Discontents-831.pdf
 
8:30am - 10:15am6.2: Competition and Financial Policy
Session Chair: Evgeny Lyandres, Boston University
Discussant: Po-Hsuan HSU, University of Hong Kong
Discussant: Pedro Matos, University of Virginia
Discussant: Ambrus Kecskes, Schulich School of Business at York University
Cypress 
 

Does Firm Investment Respond to Peers' Investment?

Maria Bustamante

University of Maryland, United States of America

Discussant: Po-Hsuan HSU (University of Hong Kong)

Bustamante-Does Firm Investment Respond to Peers Investment-145.pdf

Capital Structure Decisions along the Supply Chain: Evidence from Import Competition

Ryoonhee Kim, Qianqian Huang

City University of Hong Kon, Hong Kong S.A.R. (China)

Discussant: Pedro Matos (University of Virginia)

Kim-Capital Structure Decisions along the Supply Chain-537.pdf

Anti-Collusion Enforcement: Justice for Consumers and Equity for Firms

Sudipto Dasgupta1,2, Alminas Zaldokas1

1HKUST, Hong Kong S.A.R. (China); 2Lancaster University

Discussant: Ambrus Kecskes (Schulich School of Business at York University)

Dasgupta-Anti-Collusion Enforcement-551.pdf
 
8:30am - 10:15am6.3: Stock Market Anomalies
Session Chair: Jianfeng Yu, Tsinghua University
Discussant: Zhongzhi Song, CKGSB
Discussant: Justin Birru, The Ohio State University
Discussant: Xing Huang, Michigan State University
Maple 
 

A Global Macroeconomic Risk Explanation for Momentum and Value

Ilan Cooper2, Andreea Mitrache1, Richard Priestley2

1Toulouse Business School, France; 2BI Norwegian Business School

Discussant: Zhongzhi Song (CKGSB)

Cooper-A Global Macroeconomic Risk Explanation for Momentum and Value-716.pdf

Stock Market Anomalies and Baseball Cards

Joseph Engelberg1, Linh Le2, Jared Williams2

1University of California at San Diego, United States of America; 2University of South Florida, United States of America

Discussant: Justin Birru (The Ohio State University)

Engelberg-Stock Market Anomalies and Baseball Cards-697.pdf

Geographic Momentum

Christopher Parsons1, Sheridan Titman2, Riccardo Sabbatucci3

1UC San Diego, United States of America; 2UT Austin, United States of America; 3Stockholm School of Economics, Stockholm, Sweden

Discussant: Xing Huang (Michigan State University)

Parsons-Geographic Momentum-393.pdf
 
8:30am - 10:15am6.4: Information Sharing
Session Chair: Elena Carletti, Bocconi University
Discussant: Chong Huang, University of California, Irvine
Discussant: Silvio Petriconi, Bocconi University
Discussant: Jean-Edouard Colliard, HEC Paris
Willow 
 

Bank Information Sharing and Liquidity Risk

Fabio Castiglionesi1, Kebin Ma2, Zhao Li3

1Tilburg University, Netherlands, The; 2Warwick Business School; 3Universitat Pompeu Fabra

Discussant: Chong Huang (University of California, Irvine)

Castiglionesi-Bank Information Sharing and Liquidity Risk-305.pdf

The Effects of Creditor Rights and Bank Information sharing on Borrower Behavior: Theory and Evidence

John Boyd1, Hendrik Hakenes2, Amanda Rae Heitz3

1University of Minnesota; 2University of Bonn; 3Tulane University

Discussant: Silvio Petriconi (Bocconi University)

Boyd-The Effects of Creditor Rights and Bank Information sharing-709.pdf

Shock Propagation through Cross-Learning in Opaque Markets

Jan Schneemeier

Federal Reserve Board, United States of America

Discussant: Jean-Edouard Colliard (HEC Paris)

Schneemeier-Shock Propagation through Cross-Learning in Opaque Markets-735.pdf
 
8:30am - 10:15am6.5: Financial Distress
Session Chair: Kose John, New York University
Discussant: Di Li, Georgia State University
Discussant: Chitru Fernando, University of Oklahoma
Discussant: Deniz Okat, Hong Kong University of Science and Technology (HKUST)
Cherry 
 

Holdout Litigation and Sovereign Debt Enforcement

Kartik Anand1, Prasanna Gai2

1Deutsche Bundesbank; 2University of Auckland

Discussant: Di Li (Georgia State University)

Anand-Holdout Litigation and Sovereign Debt Enforcement-149.pdf

Market Implied Costs of Bankruptcy

Johann Reindl2, Neal Stoughton1, Josef Zechner1

1Wirtschaftsuniversität Wien, Austria; 2BI Norway

Discussant: Chitru Fernando (University of Oklahoma)

Reindl-Market Implied Costs of Bankruptcy-367.pdf

Rules versus Discretion in Bank Resolution

Ansgar Walther1, Lucy White2

1Warwick Business School, Warwick University, United Kingdom; 2Questrom School of Management, Boston University, United States of America

Discussant: Deniz Okat (Hong Kong University of Science and Technology (HKUST))

Walther-Rules versus Discretion in Bank Resolution-868.pdf
 
8:30am - 10:15am6.6: Funds
Session Chair: Jennifer Dlugosz, Washington University in St. Louis
Discussant: Frederic Malherbe, LBS - Econ
Discussant: Xing Huang, Michigan State University
Discussant: Pedro Saffi, University of Cambridge
Peach 
 

Does Crowdsourced Research Discipline Sell-Side Analysts?

Russell Jame1, Stanimir Markov2, Michael Wolfe3

1University of Kentucky, United States of America; 2Southern Methodist University; 3Virginia Tech

Discussant: Xing Huang (Michigan State University)

Jame-Does Crowdsourced Research Discipline Sell-Side Analysts-161.pdf

What are the Actual Effects of Cash Holdings? Evidence from the Mutual Fund Industry

Haibei Zhao1, Vikas Agarwal2

1Lehigh University, United States of America; 2Georgia State University

Discussant: Frederic Malherbe (LBS - Econ)

Zhao-What are the Actual Effects of Cash Holdings Evidence-373.pdf

Financial Conglomerate Affiliated Hedge Funds: Risk Taking Behavior and Liquidity Transformation

Francesco Franzoni1, Mariassunta Giannetti2

1USI Lugano - SFI, Switzerland; 2Stockholm School of Economics, CEPR, and ECGI

Discussant: Pedro Saffi (University of Cambridge)

Franzoni-Financial Conglomerate Affiliated Hedge Funds-288.pdf
 
10:15am - 10:30amCoffee Break
Ballroom Foyer 
10:30am - 12:15pm7.1: Compensation and incentives
Session Chair: Brett Green, University of California-Berkeley Haas School of Business
Discussant: Martin Szydlowski, University of Minnesota
Discussant: Will Cong, University of Chicago
Discussant: Lev Ratnovski, international monetary fund
Pine/Elm 
 

Dynamic Capital Allocation and Managerial Compensation

Shiming Fu

University of Rochester, United States of America

Discussant: Martin Szydlowski (University of Minnesota)

Fu-Dynamic Capital Allocation and Managerial Compensation-521.pdf

Growth Options, Incentives, and Pay-for-Performance: Theory and Evidence

Sebastian Gryglewicz1, Barney Hartman-Glaser2, Geoffery Zheng2

1Erasmus University Rotterdam; 2Anderson School of Management, UCLA

Discussant: Will Cong (University of Chicago)

Gryglewicz-Growth Options, Incentives, and Pay-for-Performance-601.pdf

The (Self-)Funding of Intangibles

Tomislav Ladika, Robin Doettling, Enrico Perotti

University of Amsterdam, Netherlands, The

Discussant: Lev Ratnovski (international monetary fund)

Ladika-The (Self-)Funding of Intangibles-760.pdf
 
10:30am - 12:15pm7.2: Corporate Investment
Session Chair: Elena Simintzi, UBC
Discussant: Erik Gilje, The Wharton School
Discussant: Mauricio Larrain, Columbia Business School
Discussant: Mariassunta Giannetti, Stockholm School of Economics
Cypress 
 

In the Path of the Storm: Does Financial Distress Cause Non-Financial Firms To Risk-Shift?

Kevin Aretz1, Shantanu Banerjee2, Oksana Pryshchepa3

1Manchester Business School; 2Lancaster University, United Kingdom; 3University of Birmingham, United Kingdom

Discussant: Erik Gilje (The Wharton School)

Aretz-In the Path of the Storm-341.pdf

The Speculation Channel and Crowding Out Channel: Real Estate Shocks and Corporate Investment in China

Ting Chen1, Laura Xiaolei Liu2, Wei Xiong3, Li-An Zhou4

1Princeton University and The Chinese University of Hong Kong, Hong Kong S.A.R. (China); 2Guanghua School of Management, Peking University; 3Princeton University, The Chinese University of Hong Kong and NBER; 4Guanghua School of Management, Peking University

Discussant: Mauricio Larrain (Columbia Business School)

Chen-The Speculation Channel and Crowding Out Channel-387.pdf

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis

Nittai Bergman1, Rajkamal Iyer2, Richard Todd Thakor3

1MIT Sloan School of Management; 2Imperial College, London; 3University of Minnesota

Discussant: Mariassunta Giannetti (Stockholm School of Economics)

Bergman-The Effect of Cash Injections-484.pdf
 
10:30am - 12:15pm7.3: Return Predictability
Session Chair: Rossen Valkanov, UCSD
Discussant: Alberto Rossi, University of Maryland
Discussant: Scott Cederburg, University of Arizona
Discussant: Shrihari Santosh, University of Maryland
Maple 
 

The Information Content of Sudden Insider Silence

Weikai Li, Yurong Hong

HKUST, Hong Kong S.A.R. (China)

Discussant: Alberto Rossi (University of Maryland)

Li-The Information Content of Sudden Insider Silence-3.pdf

Are Dividends and Stock Returns Predictable? New Evidence Using M&A Cash Flows

Riccardo Sabbatucci

Stockholm School of Economics, Sweden

Discussant: Scott Cederburg (University of Arizona)

Sabbatucci-Are Dividends and Stock Returns Predictable New Evidence Using M&A Cash Flows-275.pdf

Margin Credit and Stock Return Predictability

Jeramia Poland, Prachi Deuskar, Nitin Kumar

Indian School of Business, India

Discussant: Shrihari Santosh (university of Maryland)

Poland-Margin Credit and Stock Return Predictability-624.pdf
 
10:30am - 12:15pm7.4: Household Trading
Session Chair: Wenlan Qian, NUS Business School, National University of Singapore
Discussant: Wing Wah Tham, UNSW
Discussant: Abhiroop Mukherjee, HKUST
Discussant: Johan Sulaeman, National University of Singapore
Willow 
 

The Speed of Communication

Shiyang Huang1, Byoung-Hyoun Hwang2, Dong Lou3

1The University of Hong Kong, Hong Kong S.A.R. (China); 2Cornell University; 3London School of Economics

Discussant: Wing Wah Tham (UNSW)

Huang-The Speed of Communication-321.pdf

The Display of Information and Household Investment Behavior

Maya Shaton

Federal Reserve Board of Governors, United States of America

Discussant: Abhiroop Mukherjee (HKUST)

Shaton-The Display of Information and Household Investment Behavior-680.pdf

Investor Experience and Attention: The Effect of Financial Shocks on Individual Trading Decisions

Paige Ouimet2, Geoffrey Tate1

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

Discussant: Johan Sulaeman (National University of Singapore)

Ouimet-Investor Experience and Attention-895.pdf
 
10:30am - 12:15pm7.5: Capital Markets
Session Chair: George G Pennacchi, University of Illinois
Discussant: Zhaodong Zhong, Rutgers University
Discussant: Olivia Lifeng Gu, University of Hong Kong
Discussant: Mo Liang, Renmin University of China
Cherry 
 

Does the Introduction of One Derivative Affect Another Derivative? The Effect of Credit Default Swaps Trading on Equity Options

Jie Cao1, Yong Jin2, Neil Pearson3, Dragon Tang4

1The Chinese University of Hong Kong; 2Hong Kong Polytechnic University, Hong Kong S.A.R. (China); 3University of Illinois at Urbana Champaign; 4The University of Hong Kong

Discussant: Zhaodong Zhong (Rutgers University)

Cao-Does the Introduction of One Derivative Affect Another Derivative The Effect of Credit Default Swaps.pdf

Do Demand Curves for Stocks Slope Down in the Long Run?

Clark Liu1, Baolian Wang2

1PbC School of Finance, Tsinghua University, Beijing, China; 2Fordham University, United States of America

Discussant: Olivia Lifeng Gu (University of Hong Kong)

Liu-Do Demand Curves for Stocks Slope Down in the Long Run-384.pdf

Media Attention, Macroeconomic Fundamentals, and the Stock Market

Charles Martineau, Jinfei Sheng, Adlai Fisher

University of British Columbia, Canada

Discussant: Mo Liang (Renmin University of China)

Martineau-Media Attention, Macroeconomic Fundamentals, and the Stock Market-787.pdf
 
10:30am - 12:15pm7.6: Non-Bank Financing
Session Chair: Phil Strahan, Boston College
Discussant: Martin Kanz, World Bank
Discussant: Jiekun Huang, University of Illinois at Urbana-Champaign
Discussant: Dong Beom Choi, Federal Reserve Bank of New York
Peach 
 

Financial Constraints and Trade Credit as a Strategic Tool: Evidence from Small-Scale Reservation Reforms in India

Manpreet Singh

Georgia Institute of Technology, United States of America

Discussant: Martin Kanz (World Bank)

Singh-Financial Constraints and Trade Credit as a Strategic Tool-401.pdf

VC Financing and the Entrepreneurship Gender Gap

Sahil Raina

Alberta School of Business, Canada

Discussant: Jiekun Huang (University of Illinois at Urbana-Champaign)

Raina-VC Financing and the Entrepreneurship Gender Gap-688.pdf

Shadow Banks, Deposit Competition, and Monetary Policy

Kairong Xiao

University of British Columbia, Canada

Discussant: Dong Beom Choi (Federal Reserve Bank of New York)

Xiao-Shadow Banks, Deposit Competition, and Monetary Policy-867.pdf
 
12:15pm - 2:30pmLunch - FIRS Business meetings and JFI awards
Ballroom 
2:30pm - 4:30pm8.1: Bank Liquidity Provision
Session Chair: Christa Bouwman, Texas A&M University
Discussant: Jie Gan, Cheung Kong Graduate School of Business
Discussant: Tim Eisert, Erasmus University Rotterdam
Discussant: John Nash, HKUST
Discussant: Michael Lee, Federal Reserve Bank of New York
Pine/Elm 
 

Crises And Rescues: Liquidity Transmission Through International Banks

Catherine Koch1, Claudia Buch2, Michael Koetter3

1Bank for International Settlments, Switzerland; 2Deutsche Bundesbank; 3IWH Halle

Discussant: Jie Gan (Cheung Kong Graduate School of Business)

Koch-Crises And Rescues-56.pdf

Emergency Liquidity Facilities, Signalling and Funding Costs

Celine Gauthier2, Alfred Lehar1, Hector Perez-Saiz3, Moez Souissi4

1University of Calgary, Canada; 2Université du Québec.; 3Bank of Canada; 4IMF

Discussant: Tim Eisert (Erasmus University Rotterdam)

Gauthier-Emergency Liquidity Facilities, Signalling and Funding Costs-364.pdf

Illiquidity Spirals In Over-The-Counter Repo Markets

Christoph Aymanns1, Co-Pierre Georg2, Ben Golub3

1London School of Economics, United Kingdom; 2University of Cape Town, Deutsche Bundesbank; 3Harvard University

Discussant: John Nash (HKUST)

Aymanns-Illiquidity Spirals In Over-The-Counter Repo Markets-644.pdf

Making Money: Commercial Banks, Liquidity Transformation and the Payment System

Christine Parlour1, Uday Rajan2, Johan Walden1

1University of California, Berkeley; 2University of Michigan

Discussant: Michael Lee (Federal Reserve Bank of New York)

Parlour-Making Money-797.pdf
 
2:30pm - 4:30pm8.2: Banking Theory
Session Chair: Andrew Winton, University of Minnesota
Discussant: Lucy White, Questrom School of Management
Discussant: Briana Chang, UW Madison
Discussant: Andrew Winton, University of Minnesota
Discussant: Barney Hartman-Glaser, UCLA
Cypress 
 

Bank Culture

Fenghua Song1, Anjan Thakor2

1Penn State University, United States of America; 2Washington University in St. Louis, United States of America

Discussant: Lucy White (Questrom School of Management)

Song-Bank Culture-110.pdf

Interbank Trading in a Segmented OTC Market

Peter Hoffmann1, Jean-Edouard Colliard2, Thierry Foucault2

1European Central Bank; 2HEC Paris

Discussant: Briana Chang (UW Madison)

Hoffmann-Interbank Trading in a Segmented OTC Market-303.pdf

The Redistributive Effects of Bank Capital Regulation

Elena Carletti1,2, Robert Marquez3, Silvio Petriconi1,2

1Bocconi University; 2IGIER; 3Graduate School of Management, UC Davis

Discussant: Andrew Winton (University of Minnesota)

Carletti-The Redistributive Effects of Bank Capital Regulation-553.pdf

A Theory of Collateral for the LoLR

Tanju Yorulmazer1, Dong Beom Choi2, Joao Santos2

1University of Amsterdam, Netherlands, The; 2Federal Reserve Bank of New York

Discussant: Barney Hartman-Glaser (UCLA)

Yorulmazer-A Theory of Collateral for the LoLR-799.pdf
 
2:30pm - 4:30pm8.3: Politics and Corruption
Session Chair: Utpal Bhattacharya, HKUST
Discussant: Kasper Meisner Nielsen, HKUST
Discussant: Abhiroop Mukherjee, HKUST
Discussant: Darwin Choi, Chinese University of Hong Kong
Maple 
 

Political Connections and Allocative Distortions

David Schoenherr

Princeton University, United States of America

Discussant: Kasper Meisner Nielsen (HKUST)

Schoenherr-Political Connections and Allocative Distortions-138.pdf

Corruption and corporate innovation

Jesse Ellis1, Jared Smith1, Roger White2

1North Carolina State University, United States of America; 2Arizona State University, United States of America

Discussant: Abhiroop Mukherjee (HKUST)

Ellis-Corruption and corporate innovation-406.pdf

The Value of Offshore Secrets – Evidence from the Panama Papers

James O'Donovan1, Hannes Wagner2, Stefan Zeume3

1INSEAD; 2Bocconi University; 3University of Michigan

Discussant: Darwin Choi (Chinese University of Hong Kong)

ODonovan-The Value of Offshore Secrets – Evidence from the Panama Papers-751.pdf
 
2:30pm - 4:30pm8.4: Household Finance
Session Chair: Cristian Badarinza, National University of Singapore
Discussant: Luke Stein, Arizona State University
Discussant: Maria Yanotti, University of Tasmania
Discussant: Yizhou Xiao, Chinese University of Hong Kong
Discussant: Daisuke Miyakawa, Hitotsubashi University
Willow 
 

Uncertainty and Consumer Credit Decisions

Edison Yu

Federal Reserve Bank of Philadelphia, United States of America

Discussant: Luke Stein (Arizona State University)

Yu-Uncertainty and Consumer Credit Decisions-78.pdf

The Collateral Value of Housing: Evidence from Servicemember Pension Choice

Benjamin Bennett1, Radhakrishnan Gopalan2, Thomas Maurer2

1Ohio State University, United States of America; 2Olin Business School, United States of America

Discussant: Maria Yanotti (University of Tasmania)

Bennett-The Collateral Value of Housing-238.pdf

An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts

Tomasz Piskorski1, Alexei Tchistyi2

1Columbia Business School, United States of America; 2University of Illinois at Urbana-Champaign, United States of America

Discussant: Yizhou Xiao (Chinese University of Hong Kong)

Piskorski-An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts-518.pdf

Ditching the Middle Class with Consumer Protection Regulation

Francesco D'Acunto1, Alberto Rossi2

1University of Maryland, United States of America; 2University of Maryland, United States of America

Discussant: Daisuke Miyakawa (Hitotsubashi University)

DAcunto-Ditching the Middle Class with Consumer Protection Regulation-814.pdf
 
2:30pm - 4:30pm8.5: Short-Sales
Session Chair: Adam Reed, UNC
Discussant: Brian Henderson, George Washington University
Discussant: Tara Bhandari, U.S. Securities and Exchange Commission
Discussant: Darwin Choi, Chinese University of Hong Kong
Discussant: Zsuzsa Reka Huszar, NUS Singapore
Cherry 
 

Short Sales Constraints and the Diversification Puzzle

Adam Reed2, Pedro Saffi1, Edward Van Wesep3

1Judge Business School - University of Cambridge; 2Kenan-Flagler Business - School University of North Carolina; 3University of Colorado at Boulder

Discussant: Tara Bhandari (U.S. Securities and Exchange Commission)

Reed-Short Sales Constraints and the Diversification Puzzle-609.pdf

Is There a Risk Premium in the Stock Lending Market? Evidence from Equity Options

Dmitriy Muravyev1, Neil Pearson2, Joshua Pollet2

1Boston College; 2University of Illinois at Urbana-Champaign

Discussant: Zsuzsa Reka Huszar (NUS Singapore)

Muravyev-Is There a Risk Premium in the Stock Lending Market Evidence-736.pdf

Short Selling ETFs

Frank Weikai Li1, Qifei Zhu2

1Hong Kong University of Science and Technology; 2University of Texas at Austin

Discussant: Brian Henderson (George Washington University)

Li-Short Selling ETFs-28.pdf

Longs, Shorts, and the Cross-Section of Stock Returns

Tao Shen1, Mahdi Nezafat2, Qinghai Wang3, Julie Wu4

1Tsinghua University, China, People's Republic of; 2Michigan State University; 3University of Central Florida; 4University of Nebraska-Lincoln

Discussant: Darwin Choi (Chinese University of Hong Kong)

Shen-Longs, Shorts, and the Cross-Section of Stock Returns-628.pdf
 
2:30pm - 4:30pm8.6: Equity Returns
Session Chair: Christopher Malloy, Harvard Business School,
Discussant: Gustavo Schwenkler, Boston University
Discussant: Yu Xu, Hong Kong Univ. (HKU)
Discussant: Zhanhui Chen, Nanyang Technological University
Discussant: Arzu Ozoguz, Rice University
Peach 
 

The Relative Leverage Premium

Filippo Ippolito1, Roberto Steri2, Claudio Tebaldi3

1Universitat Pompeu Fabra, Spain; 2HEC Lausanne; 3Bocconi University

Discussant: Gustavo Schwenkler (Boston University)

Ippolito-The Relative Leverage Premium-372.pdf

Mind the Gap: An Empirical Foundation for Investment-Based Asset Pricing Models

Francesco Consonni2, Domenico Ferraro3, Roberto Steri1

1University of Lausanne, Switzerland; 2Bocconi University; 3Arizona State University

Discussant: Yu Xu (Hong Kong Univ. (HKU))

Consonni-Mind the Gap-420.pdf

The Cross Section of Long-Term Expected Returns

Zhongjin Lu

University of Georgia, United States of America

Discussant: Zhanhui Chen (Nanyang Technological University)

Lu-The Cross Section of Long-Term Expected Returns-446.pdf

Bank Capital and Bank Stock Performance

Christa Bouwman1,2, Hwagyun {Hagen} Kim1, Sang-Ook {Simon} Shin1

1Texas A&M University, United States of America; 2Wharton Financial Institutions Center

Discussant: Arzu Ozoguz (Rice University)

Bouwman-Bank Capital and Bank Stock Performance-916.pdf
 

 
Contact and Legal Notice · Contact Address:
Conference: FIRS 2017
Conference Software - ConfTool Pro 2.6.113
© 2001 - 2017 by H. Weinreich, Hamburg, Germany