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: Friday, 01/Jun/2018
1:30pm - 3:15pm1.1: Banks and Fintech (Empirics)
Session Chair: Rustom Irani, University of Illinois at Urbana-Champaign
Gran Via B (level -1) 
 

Consumer Lending Discrimination in the FinTech Era

Nancy Wallace, Adair Morse, Robert Bartlett, Richard Stanton

UC Berkeley

Discussant: Andres Liberman (New York University)

Wallace-Consumer Lending Discrimination in the FinTech Era-855.pdf

Predictably Unequal? The Effects of Machine Learning on Credit Markets

Tarun Ramadorai1, Andreas Fuster2, Paul Goldsmith-Pinkham2, Ansgar Walther3

1Imperial College; 2Federal Reserve Bank of New York; 3Warwick Business School

Discussant: Daniel Paravisini (London School of Economics)

Ramadorai-Predictably Unequal The Effects of Machine Learning-1168.pdf

On the Rise of FinTechs – Credit Scoring Using Digital Footprints

Tobias Berg1, Valentin Burg2, Manju Puri3, Ana Gombovic1

1Frankfurt School of Finance & Management; 2Humboldt University Berlin; 3Duke University

Discussant: Andrew Hertzberg (Federal Reserve Bank of Philadelphia)

Berg-On the Rise of FinTechs – Credit Scoring Using Digital Footprints-764.pdf
 
1:30pm - 3:15pm1.2: Macroprudential Policies (Empirics)
Session Chair: Florian Heider, European Central Bank
Gran Via A (level -1) 
 

The Anatomy Of The Transmission Of Macroprudential Policies: Evidence From Ireland

Viral V. Acharya1, Katharina Bergant2, Matteo Crosignani3, Tim Eisert4, Fergal McCann2

1NYU Stern, Reserve Bank of India; 2Central Bank of Ireland; 3Federal Reserve Board; 4Erasmus University Rotterdam

Discussant: David Marques-Ibanez (European Central Bank)

Acharya-The Anatomy Of The Transmission Of Macroprudential Policies-365.pdf

Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country

Mircea Epure1, Irina Mihai2, Camelia Minoiu3, Jose-Luis Peydro4

1Universitat Pompeu Fabra; 2National Bank of Romania; 3IMF and Wharton School; 4Universitat Pompeu Fabra and Imperial College

Discussant: Farzad Saidi (Stockholm School of Economics)

Epure-Household Credit, Global Financial Cycle, and Macroprudential Policies-285.pdf

Credit Supply Responses to Macroprudential Policy

Cristian Badarinza1, Sumit Agarwal2, Wenlan Qian1

1National University of Singapore; 2Georgetown University

Discussant: Matthew Plosser (New York Fed)

Badarinza-Credit Supply Responses to Macroprudential Policy-310.pdf
 
1:30pm - 3:15pm1.3: Securitization and Security Design (Theory)
Session Chair: Günter Strobl, Frankfurt School of Finance & Management
Les Corts (level -2) 
 

Asymmetric Information and Security Design under Knightian Uncertainty

Andrey Malenko1, Anton Tsoy2

1MIT Sloan; 2Einaudi Institute for Economics and Finance

Discussant: David Dicks (Baylor University)

Malenko-Asymmetric Information and Security Design under Knightian Uncertainty-755.pdf

Securitization, Ratings, and Credit Supply

Brendan Daley1, Brett Green2, Victoria Vanasco3

1Colorado University at Boulder; 2UC Berkeley; 3Stanford University

Discussant: Francesco Sangiorgi (Frankfurt School of Finance and Management)

Daley-Securitization, Ratings, and Credit Supply-169.pdf

Security Design, Informed Intermediation, and the Resolution of Borrowers' Financial Distress

John Kuong1, Jing Zeng2

1INSEAD; 2Frankfurt School of Finance and Management

Discussant: Andrew Winton (University of Minnesota)

Kuong-Security Design, Informed Intermediation, and the Resolution-795.pdf
 
1:30pm - 3:15pm1.4: Corporate Governance (Empirics)
Session Chair: Alexander Dyck, University of Toronto
Gran Via C (level -1) 
 

Institutional Investors and Corporate Governance: The Incentive to Increase Value

Jonathan Lewellen, Katharina Lewellen

Dartmouth College

Discussant: Andrey Golubov (University of Toronto)

Lewellen-Institutional Investors and Corporate Governance-590.pdf

Older and Wiser, or Too Old to Govern?

Ronald Masulis1, Cong Wang2, Fei Xie3, Shuran Zhang4

1University of New South Wales; 2China Europe International Business School; 3University of Delaware; 4Chinese University of Hong Kong

Discussant: Francois Derrien (HEC Paris)

Masulis-Older and Wiser, or Too Old to Govern-1105.pdf

Can Short Sellers Constrain Aggressive Non-GAAP Reporting?

Neil Bhattacharya1, Ted Christensen2, Qunfeng Liao3, Bo Ouyang4

1Southern Methodist University; 2University of Georgia; 3Oakland University; 4Penn State University Grand Valley

Discussant: Stefan Zeume (University of Michigan)

Bhattacharya-Can Short Sellers Constrain Aggressive Non-GAAP Reporting-861.pdf
 
1:30pm - 3:15pm1.5: Asset Pricing (Empirics)
Session Chair: Christian Lundblad, University of North Carolina
Diagonal B (level -1) 
 

Do Intermediaries Matter for Aggregate Asset Prices?

Valentin Haddad, Tyler Muir

UCLA

Discussant: Chotibhak Jotikasthira (Southern Methodist University)

Haddad-Do Intermediaries Matter for Aggregate Asset Prices-1019.pdf

Trade Networks and Asset Prices

Huancheng Du1, Dong Lou2, Christopher Polk2, Jinfan Zhang3

1American University; 2London School of Economics; 3Chinese University of Hong Kong

Discussant: Wenxin Du (Federal Reserve Board)

Du-Trade Networks and Asset Prices-801.pdf

Shrinking the Cross Section

Serhiy Kozak1, Stefan Nagel2, Shrihari Santosh3

1University of Michigan; 2University of Chicago; 3University of Maryland

Discussant: Francisco Barillas (Emory University)

Kozak-Shrinking the Cross Section-633.pdf
 
1:30pm - 3:15pm1.6: High Frequency Trading (Theory)
Session Chair: Paolo Pasquariello, Ross School of Business
Diagonal A (level -1) 
 

Does Restricting High-Frequency Investment Affect Price Informativeness?

Nicolas Crouzet, Ian Dew-Becker, Charles Nathanson

Northwestern University

Discussant: Cecilia Parlatore (New York University)

Crouzet-Does Restricting High-Frequency Investment Affect Price Informativeness-1134.pdf

Speed Acquisition

Shiyang Huang1, Bart Yueshen2

1The University of Hong Kong; 2INSEAD

Discussant: Christine Parlour (UC Berkeley)

Huang-Speed Acquisition-673.pdf

High-Frequency Trading And Market Performance

Markus Baldauf1, Joshua Mollner2

1University of British Columbia; 2Northwestern University

Discussant: Jérôme Dugast (University of Luxembourg)

Baldauf-High-Frequency Trading And Market Performance-118.pdf
 
1:30pm - 3:15pm1.7: PhD Job-Market Candidate Session I
Session Chair: Lucy White, Boston University
Paralelo A (level -2) 
 

Mind the Gap: Gender Stereotypes and Entrepreneurs’ Financing

Camille Hebert

Tilburg University

Discussant: Jessica Jeffers (University of Chicago, Booth)


Global Supply-Chain Networks and Corporate Social Responsibility

Christoph Schiller

University of Toronto

Discussant: Andres Almazan (University of Texas at Austin)


It’s Always Sunny in Finland: Investment and Extrapolation from Cash Flow Growth

Mikael Paaso

Aalto University

Discussant: Mark Kamstra (York University)

 
3:15pm - 3:30pmCOFFEE BREAK
Foyer (level -2) 
3:30pm - 5:45pm2.1: Real Effects of Bank Financing (Empirics)
Session Chair: Maria-Teresa Marchica, Alliance Manchester Business School
Gran Via A (level -1) 
 

Foreign Banks and Trade

Stijn Claessens1, Neeltje van Horen2

1Bank of International Settlements; 2Bank of England

Discussant: Julien Sauvagnat (Bocconi University)

Claessens-Foreign Banks and Trade-373.pdf

Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins

Thorsten Beck1, Samuel Da-Rocha-Lopes2,4, Andre F. Silva1,3

1Cass Business School; 2European Banking Authority; 3International Monetary Fund; 4Nova SBE

Discussant: Matteo Crosignani (Federal Reserve Board)

Beck-Sharing the Pain Credit Supply and Real Effects of Bank Bail-ins-930.pdf

The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment

John Kandrac, Bernd Schlusche

Federal Reserve

Discussant: Victor Lyonnet (HEC Paris / Ohio State University)

Kandrac-The Effect of Bank Supervision on Risk Taking-775.pdf

Credit, Labor, and Political Unrest: Evidence from 1930s China

Alberto Manconi1, Fabio Braggion2, Haikun Zhu2

1Bocconi University; 2Tilburg University

Discussant: Carl Liebersohn (Ohio State University)

Manconi-Credit, Labor, and Political Unrest-216.pdf
 
3:30pm - 5:45pm2.2: Monetary Policy and Bank Lending (Empirics)
Session Chair: Victoria Ivashina, Harvard University
Gran Via B (level -1) 
 

(Why) Do Central Banks Care about Their Profits?

Igor Goncharov1, Vasso Ioannidou1, Martin Schmalz2

1Lancaster University; 2University of Michigan

Discussant: Marco Di Maggio (Harvard Business School)

Goncharov-(Why) Do Central Banks Care about Their Profits-513.pdf

Monetary Policy and Bank Lending Terms: Evidence from a Survey of US Loans

Giovanni Dell'Ariccia1, Luc Laeven2, Gustavo Suarez3

1IMF; 2European Central Bank; 3Federal Reserve Board

Discussant: Jose Luis Peydro (UPF)

DellAriccia-Monetary Policy and Bank Lending Terms-167.pdf

Unconventional Monetary Policy and Bank Lending Relationships

William Mullins1, Anne Duquerroy2, Christophe Cahn2

1UC San Diego; 2Banque de France

Discussant: Florian Heider (European Central Bank)

Mullins-Unconventional Monetary Policy and Bank Lending Relationships-421.pdf

Hedger of Last Resort: Evidence from Brazil on FX Interventions, Local Credit and Global Financial Cycles

Rodrigo Barbone Gonzalez1, Dmitry KhametshinŽ2, Jose Luis Peydro3, Andrea Polo2

1Banco Central Do Brasil; 2Universitat Pompeu Fabra; 3Universitat Pompeu Fabra and Imperial College

Discussant: Vania Stavrakeva (London Business School)

Gonzalez-Hedger of Last Resort-468.pdf
 
3:30pm - 5:45pm2.3: Banking Regulation (Theory)
Session Chair: Adriano Rampini, Duke University
Les Corts (level -2) 
 

Dynamic Bank Capital Requirements

Tetiana Davydiuk

Tepper School of Business

Discussant: Juliane Begenau (Stanford University)

Davydiuk-Dynamic Bank Capital Requirements-949.pdf

The Welfare Effects of Bank Liquidity and Capital Requirements

Skander Van den Heuvel

Federal Reserve Board

Discussant: Thien Nguyen (Ohio State University)

Van den Heuvel-The Welfare Effects of Bank Liquidity and Capital Requirements-606.pdf

Markets, Banks and Shadow Banks

David Martinez-Miera1, Rafael Repullo2

1Universidad Carlos III de Madrid; 2CEMFI

Discussant: Tim Landvoigt (Wharton School, University of Pennsylvania)

Martinez-Miera-Markets, Banks and Shadow Banks-282.pdf

Externalities as Arbitrage

Benjamin Hébert

Stanford GSB

Discussant: Peter Kondor (London School of Economics)

Hébert-Externalities as Arbitrage-766.pdf
 
3:30pm - 5:45pm2.4: Corporate Finance and Strategy (Empirics)
Session Chair: Stefan Zeume, University of Michigan
Gran Via C (level -1) 
 

Product Life Cycles in Corporate Finance

Gerard Hoberg1, Vojislav Maksimovic2

1University of Southern California; 2University of Maryland

Discussant: Luke Taylor (University of Pennsylvania)

Hoberg-Product Life Cycles in Corporate Finance-1153.pdf

Naughty Firms, Noisy Disclosure

Thomas Bourveau, Guoman She, Alminas Zaldokas

HKUST

Discussant: Xi Li (London School of Economics)

Bourveau-Naughty Firms, Noisy Disclosure-563.pdf

Killer Acquisitions

Colleen Cunningham1, Florian Ederer2, Song Ma3

1London Business School; 2Yale University and Cowles Foundation; 3Yale University

Discussant: Nickolay Gantchev (Southern Methodist University)

Cunningham-Killer Acquisitions-551.pdf

Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry

Kristopher Gerardi1, Carola Schenone2, Patrick Dennis2

1Federal Reserve Bank of Atlanta, United States of America; 2University of Virginia, McIntire School of Commerce

Discussant: Martin Schmalz (University of Michigan)

Gerardi-Common Ownership Does Not Have Anti-Competitive Effects-852.pdf
 
3:30pm - 5:45pm2.5: Investor Behavior (Empirics)
Session Chair: Paolo Sodini, Stockholm School of Economics
Diagonal B (level -1) 
 

Reconsidering Returns

Samuel Hartzmark1, David Solomon2

1University of Chicago; 2Boston College

Discussant: Daniel Schmidt (HEC Paris)

Hartzmark-Reconsidering Returns-529.pdf

Why Does Portfolio Choice Correlate across Generations?

Samuli Knüpfer1, Elias Rantapuska2, Matti Sarvimäki2

1BI Norwegian Business School; 2Aalto University

Discussant: Anastasia Girshina (Swedish House of Finance)

Knüpfer-Why Does Portfolio Choice Correlate across Generations-1170.pdf

What Matters to Individual Investors? Evidence from the Horse’s Mouth

James Choi1, Adriana Robertson2

1Yale University; 2University of Toronto

Discussant: Sebastien Betermier (McGill University)

Choi-What Matters to Individual Investors Evidence from the Horse’s Mouth-595.pdf

Probability Weighting and Household Portfolio Choice: Empirical Evidence

Stephen Dimmock1, Roy Kouwenberg2, Olivia Mitchell3, Kim Peijnenburg4

1Nanyang Technological University; 2Mahidol University, Erasmus University Rotterdam; 3The Wharton School; 4HEC Paris

Discussant: Alexander Klos (Kiel University)

Dimmock-Probability Weighting and Household Portfolio Choice-388.pdf
 
3:30pm - 5:45pm2.6: Microstructure (Empirics)
Session Chair: Enrique Schroth, Cass Business School
Diagonal A (level -1) 
 

Man vs. Machine: Liquidity Provision and Market Fragility

Vikas Raman1, Michel Andre Robe2, Pradeep Yadav3

1University of Warwick; 2University of Illinois at Urbana Champaign; 3University of Oklahoma

Discussant: Björn Hagströmer (Stockholm University)

Raman-Man vs Machine-1084.pdf

The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets

Haoming Chen1, Sean Foley2, Michael Goldstein3, Thomas Ruf1

1UNSW; 2University of Sydney; 3Babson College

Discussant: Xin Wang (University of Illinois at Urbana-Champaign)

Chen-The Value of a Millisecond-610.pdf

Why Maker-Taker Fees Improve Exchange Quality: Theory and Natural Experimental Evidence

Yiping Lin1, Peter Lawrence Swan1, Frederick Harris2

1UNSW; 2Wake Forest University

Discussant: Ioanid Rosu (HEC Paris)

Lin-Why Maker-Taker Fees Improve Exchange Quality-439.pdf

Do Buyside Institutions supply Liquidity in Bond Markets? Evidence from Mutual Funds

Amber Anand1, Chotibhak Jotikasthira2, Kumar Venkataraman2

1Syracuse University; 2Southern Methodist University

Discussant: Norman Schürhoff (SFI, Université de Lausanne)

Anand-Do Buyside Institutions supply Liquidity in Bond Markets Evidence-268.pdf
 
3:30pm - 5:45pm2.7: PhD Job-Market Candidate Session II
Session Chair: Christine Parlour, UC Berkeley
Paralelo A (level -2) 
 

Credit Ratings and Competition

Alessio Piccolo

University of Oxford

Discussant: Francesco Sangiorgi (Frankfurt School of Finance and Management)


Why Can't CEOs Foresee a Crisis?

Kaushalendra Kishore

University of Minnesota

Discussant: Andrey Malenko (MIT Sloan School of Management)

 
6:15pm - 8:00pmRECEPTION
Foyer (level -2) 
Date: Saturday, 02/Jun/2018
8:30am - 10:15am3.1: Bank Information (Empirics)
Session Chair: Andres Almazan, University of Texas at Austin
Gran Via A (level -1) 
 

Not All That Glitters is Gold: On the Value and Utilization of Banks' Private Information

Lisa Cycon

Frankfurt School of Finance & Management

Discussant: David Martinez-Miera (UC3M)

Cycon-Not All That Glitters is Gold-842.pdf

Economies of Scope in Consumer Credit

Martin Thomas Hibbeln1, Lars Norden2, Piet Usselmann3, Marc Guertler3

1University of Duisburg-Essen; 2Getulio Vargas Foundation; 3Braunschweig Institute of Technology

Discussant: W. Scott Frame (Federal Reserve Bank of Atlanta)

Hibbeln-Economies of Scope in Consumer Credit-484.pdf

Entrepreneurship and Information on Past Failures: A Natural Experiment

Christophe Cahn1, Mattia Girotti1, Jean-Augustin Landier2

1Banque de France; 2HEC Paris

Cahn-Entrepreneurship and Information on Past Failures-1179.pdf
 
8:30am - 10:15am3.2: Monetary Policy and Interest Rate Risk (Empirics)
Session Chair: Elena Carletti, Bocconi University
Gran Via B (level -1) 
 

Banks as Patient Lenders: Evidence from a Tax Reform

Elena Carletti1, Filippo De Marco1, Vasso Ioannidou2, Enrico Sette3

1Bocconi University; 2Lancaster University; 3Bank of Italy

Discussant: Co-Pierre Georg (Deutsche Bundesbank)

Carletti-Banks as Patient Lenders-1178.pdf

Who Bears Interest Rate Risk?

Peter Hoffmann1, Federico Pierobon1, Sam Langfield2, Guillaume Vuillemey3

1European Central Bank; 2European Systemic Risk Board; 3HEC Paris

Discussant: Filippo De Marco (Bocconi University)

Hoffmann-Who Bears Interest Rate Risk-463.pdf

How Do Banks and Households Manage Interest Rate Risk? Evidence from the Swiss Mortgage Market

Benjamin Guin1, Christoph Basten2, Catherine Koch3

1Bank of England; 2University of Zurich; 3BIS

Discussant: Murillo Campello (Cornell University)

Guin-How Do Banks and Households Manage Interest Rate Risk Evidence-873.pdf
 
8:30am - 10:15am3.3: Financing and Information (Theory)
Session Chair: Nadya Malenko, Boston College
Les Corts (level -2) 
 

Optimal Issuance Across Markets And Over Time

Jesse Eugene Davis

UNC - Chapel Hill

Discussant: Jens Josephson (Stockholm University)

Davis-Optimal Issuance Across Markets And Over Time-1081.pdf

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

Harold L. Cole1, Guillermo Ordonez1, Daniel Neuhann2

1University of Pennsylvania; 2University of Texas at Austin

Discussant: Sergei Glebkin (INSEAD)

Cole-A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information-896.pdf

Clarifying by Discretizing

Jordan Martel1, Edward Van Wesep1, Robert Van Wesep2

1University of Colorado Boulder; 2Unaffiliated

Discussant: Dmitry Orlov (University of Rochester)

Martel-Clarifying by Discretizing-232.pdf
 
8:30am - 10:15am3.4: CEO Incentives (Empirics)
Session Chair: Clemens Otto, Singapore Management University
Gran Via C (level -1) 
 

The Long-Term Consequences of Short-Term Incentives

Alex Edmans1, Vivian Fang2, Allen Huang3

1London Business School; 2University of Minnesota; 3Hong Kong University of Science and Technology

Discussant: Christoph Schneider (Tilburg University)

Edmans-The Long-Term Consequences of Short-Term Incentives-582.pdf

Payday before Mayday: CEO Compensation Contracting for Poorly Performing Firms

Mary Ellen Carter1, Edie Hotchkiss1, Mahdi Mohseni2

1Boston College; 2Texas A & M University

Discussant: Marc Gabarro (University of Mannheim)

Carter-Payday before Mayday-1050.pdf

Do Executive Compensation Contracts Maximize Firm Value? Evidence from a Quasi-Natural Experiment

Menachem Abudy1, Dan Amiram2,5, Oded Rozenbaum3, Efrat Shust4

1Bar-Ilan University; 2Columbia University; 3George Washington University; 4Bar-Ilan University; 5Tel-Aviv University

Discussant: Anup Agrawal (University of Alabama)

Abudy-Do Executive Compensation Contracts Maximize Firm Value Evidence-316.pdf
 
8:30am - 10:15am3.5: Institutions and Market Efficiency (Empirics)
Session Chair: Jonathan Lewellen, Tuck School of Business at Dartmouth
Diagonal B (level -1) 
 

Do Foreign Investors Improve Market Efficiency?

Marcin Kacperczyk, Tianyu Wang, Savitar Sundaresan

Imperial College London, United Kingdom

Discussant: Anton Lines (Columbia Business School)

Kacperczyk-Do Foreign Investors Improve Market Efficiency-273.pdf

On Index Investing

Jeffrey Coles, Davidson Heath, Matthew Ringgenberg

University of Utah

Discussant: Francesco Franzoni (USI Lugano and SFI)

Coles-On Index Investing-712.pdf

Hidden in Plain Sight: Equity Price Discovery with Informed Private Debt

Jawad M. Addoum1, Justin R. Murfin2

1Cornell University; 2Yale University

Discussant: Dong Lou (London School of Economics)

Addoum-Hidden in Plain Sight-892.pdf
 
8:30am - 10:15am3.6: Asset Pricing (Theory)
Session Chair: Valery Polkovnichenko, UT Dallas and Federal Reserve Board of Governors
Diagonal A (level -1) 
 

Sentiment, Liquidity, and Asset Prices

William Fuchs1, Brett Green2, Vladimir Asriyan3

1UT Austin; 2UC Berkeley; 3CREI

Discussant: Erfan Danesh (Federal Reserve Board)

Fuchs-Sentiment, Liquidity, and Asset Prices-174.pdf

The Lost Capital Asset Pricing Model

Daniel Andrei1, Julien Cujean2, Mungo Wilson3

1UCLA; 2University of Maryland; 3University of Oxford

Discussant: Christian Julliard (London School of Economics)

Andrei-The Lost Capital Asset Pricing Model-304.pdf

Costly Interpretation of Asset Prices

Xavier Vives1, Liyan Yang2

1IESE; 2University of Toronto

Discussant: Georgy Chabakauri (London School of Economics)

Vives-Costly Interpretation of Asset Prices-1167.pdf
 
10:15am - 10:30amCOFFEE BREAK
Foyer (level -2) 
10:30am - 12:15pm4.1: Corporate Debt Issuance (Empirics)
Session Chair: Jose Luis Peydro, UPF
Gran Via A (level -1) 
 

The Underwriter Relationship and Corporate Debt Maturity

Indraneel Chakraborty1, Andrew MacKinlay2

1University of Miami; 2Virginia Tech

Discussant: Mark Jeffrey Flannery (University of Florida)

Chakraborty-The Underwriter Relationship and Corporate Debt Maturity-904.pdf

Primary Market Price Discovery of Syndicated Loans: Theory and Evidence

Donghang Zhang1, Yafei Zhang1, Yijia Zhao2

1University of South Carolina; 2University of Massachusetts Boston

Discussant: Victoria Vanasco (Stanford University)

Zhang-Primary Market Price Discovery of Syndicated Loans-1080.pdf

Syndicated Loans and CDS Positioning

Andreas Barth1, Inaki Aldasoro2

1Goethe University; 2BIS

Discussant: Matthias Efing (HEC Paris)

Barth-Syndicated Loans and CDS Positioning-220.pdf
 
10:30am - 12:15pm4.2: Real Effects of Banks' Financing (Empirics)
Session Chair: Christa Bouwman, Texas A&M University
Gran Via B (level -1) 
 

Stress Tests and Small Business Lending

Kristle Romero Cortes1, Yuliya Demyanyk2, Lei Li3, Elena Loutskina4, Philip E. Strahan5

1University of New South Wales; 2Federal Reserve Bank of Cleveland; 3University of Kansas; 4University of Virginia; 5Boston College

Discussant: Hans Degryse (KU Leuven)

Cortes-Stress Tests and Small Business Lending-437.pdf

The Real Effects of Financial Networks

Christian Bittner1, Falko Fecht2, Co-Pierre Georg1

1Deutsche Bundesbank; 2Frankfurt School of Finance and Management

Discussant: Lamont Black (DePaul University)

Bittner-The Real Effects of Financial Networks-718.pdf

Financial Constraints and Bank Lending: The Effect of the Cost of Accessing the Public Equity Market

Yongqiang Chu1, Daxuan Zhao2

1University of South Carolina.; 2Renmin University

Discussant: James Vickery (Federal Reserve Bank of New York)

Chu-Financial Constraints and Bank Lending-423.pdf
 
10:30am - 12:15pm4.3: Runs (Theory)
Session Chair: Xavier Freixas, Universitat Pompeu Fabra
Les Corts (level -2) 
 

Flight to Liquidity and Systemic Bank Runs

Roberto Robatto

University of Wisconsin-Madison

Discussant: John Kuong (INSEAD)

Robatto-Flight to Liquidity and Systemic Bank Runs-816.pdf

Optimal Bank Regulation in the Presence of Credit and Run Risk

Anil Kashyap1, Dimitrios Tsomocos2, Alexandros Vardoulakis3

1Chicago Booth School of Business; 2University of Oxford, Said Business School; 3Federal Reserve Board

Discussant: Sergio Vicente (Universidad Carlos III de Madrid)

Kashyap-Optimal Bank Regulation in the Presence of Credit and Run Risk-1034.pdf

Money Runs

Jason Roderick Donaldson1, Giorgia Piacentino2

1Washington University in St Louis; 2Columbia University

Discussant: Hugo Rodríguez Mendizábal (Consejo Superior de Investigaciones Cientificas)

Donaldson-Money Runs-646.pdf
 
10:30am - 12:15pm4.4: Corporate Valuation (Empirics)
Session Chair: Yuri Tserlukevich, ASU
Gran Via C (level -1) 
 

CAPM-Based Company (Mis)valuations

Olivier Dessaint1, Jacques Olivier2, Clemens Otto3, David Thesmar4

1University of Toronto; 2HEC Paris; 3Singapore Management University; 4MIT Sloan

Discussant: Luana Zaccaria (Einaudi Institute for Economics and Finance)

Dessaint-CAPM-Based Company (Mis)valuations-130.pdf

Liquidity Provision on the Secondary Market for Private Equity Stakes

Enrique Schroth1, Rui Albuquerque2, Johan Cassel3, Ludovic Phalippou3

1Cass Business School; City, University of London; 2Boston College; 3University of Oxford

Discussant: Per Östberg (Universtiy of Zurich)

Schroth-Liquidity Provision on the Secondary Market for Private Equity Stakes-581.pdf

Private Company Valuations by Mutual Funds

Vikas Agarwal1, Brad Barber2, Si Cheng3, Allaudeen Hameed4, Ayako Yasuda2

1Georgia State University; 2University of California at Davis; 3Chinese University of Hong Kong; 4National University of Singapore

Discussant: Jean-Augustin Landier (HEC Paris)

Agarwal-Private Company Valuations by Mutual Funds-411.pdf
 
10:30am - 12:15pm4.5: FX Markets (Empirics)
Session Chair: Harald Hau, University of Geneva
Diagonal A (level -1) 
 

Sovereign Credit Risk and Exchange Rates: Evidence from CDS Quanto Spreads

Patrick Augustin1, Mikhail Chernov2, Dongho Song3

1McGill University; 2UCLA; 3Boston College

Discussant: Nelson Camanho (Universidade Catolica Portuguesa)

Augustin-Sovereign Credit Risk and Exchange Rates-876.pdf

Discriminatory Pricing of Over-the-Counter FX Derivatives

Harald Hau1, Peter Hoffmann2, Sam Langfield3, Yannick Timmer4

1University of Geneva; 2European Central Bank; 3European Systemic Risk Board; 4Trinity College Dublin

Discussant: Richard Payne (Cass Business School)

Hau-Discriminatory Pricing of Over-the-Counter FX Derivatives-458.pdf

Optimal Factor Strategy in FX Markets

Thomas Andreas Maurer1, Thuy-Duong To2, Ngoc-Khanh Tran1

1Washington University in St. Louis; 2UNSW

Discussant: Fabio Trojani (University of Geneva)

Maurer-Optimal Factor Strategy in FX Markets-631.pdf
 
10:30am - 12:15pm4.6: Investor Behavior and Leverage (Empirics)
Session Chair: Lily Fang, INSEAD
Diagonal B (level -1) 
 

Robo-advisers and Investor Behavior

Benjamin Loos1, Alessandro Previtero2, Sebastian Scheurle3, Andreas Hackethal3

1University of Mannheim, Germany; 2Indiana University; 3Goethe University

Discussant: Simona Abis (Columbia Business School)

Loos-Robo-advisers and Investor Behavior-1144.pdf

Leverage Network and Market Contagion

Jiangze Bian1, Zhi Da2, Dong Lou3, Hao Zhou4

1University of International Business and Economics; 2University of Notre Dame; 3London School of Economics; 4PBC School of Finance, Tsinghua University

Discussant: Matthew Baron (Cornell University)

Bian-Leverage Network and Market Contagion-503.pdf

Does Funding Liquidity Cause Market Liquidity? Evidence from a Quasi-Experiment

Petri Jylhä

Aalto University School of Business

Discussant: Sophie Moinas (Toulouse School of Economics)

Jylhä-Does Funding Liquidity Cause Market Liquidity Evidence-698.pdf
 
12:15pm - 2:00pmLUNCH - FIRS BUSINESS MEETING + JFI AWARDS
Ramblas (level -2) 
2:00pm - 4:15pm5.1: Household Leverage and Consumption (Empirics)
Session Chair: Pat Akey, University of Toronto
Gran Via A (level -1) 
 

Peer Financial Distress and Individual Leverage: Evidence from 30 Million Individuals

Ankit Kalda

Washington University in St Louis

Discussant: Anya Kleymenova (University of Chicago Booth School of Business)

Kalda-Peer Financial Distress and Individual Leverage-1090.pdf

Thy Neighbor’s Misfortune: Peer Effect on Consumption

Sumit Agarwal1, Wenlan Qian2, Xin Zou3

1Georgetown University; 2National University of Singapore; 3Hong Kong Baptist University

Discussant: Ian Appel (Boston College)

Agarwal-Thy Neighbor’s Misfortune-318.pdf

Consumption Response to Temporary Price Shock: Evidence from Singapore’s Annual Sale Event

Sumit Agarwal1, Kang Mo Koo2, Wenlan Qian3

1Georgetown University; 2Deakin University; 3National University of Singapore

Discussant: John Mondragon (Northwestern University)

Agarwal-Consumption Response to Temporary Price Shock-436.pdf

Intergenerational Risk Sharing in Life Insurance: Evidence from France

Johan Hombert, Victor Lyonnet

HEC Paris, France

Discussant: Joseph Briggs (Federal Reserve Board)

Hombert-Intergenerational Risk Sharing in Life Insurance-707.pdf
 
2:00pm - 4:15pm5.2: Bank Cost of Capital (Empirics)
Session Chair: Juliane Begenau, Stanford University
Gran Via B (level -1) 
 

Are Contingent Convertibles Going-Concern Capital? Evidence from Bank Stock Returns

Franco Fiordelisi1, George G Pennacchi2, Ornella Ricci1

1University of Rome III; 2University of Illinois

Discussant: Kinda Hachem (Chicago Booth)

Fiordelisi-Are Contingent Convertibles Going-Concern Capital Evidence-1097.pdf

Changes in the Cost of Bank Equity and the Supply of Bank Credit

Claire Célérier1, Thomas Kick2, Steven Ongena3

1Rotman School of Management; 2Deutsche Bundesbank; 3University of Zurich

Discussant: Laura Blattner (Harvard University)

Célérier-Changes in the Cost of Bank Equity and the Supply of Bank Credit-376.pdf

Competition and Banks’ Cost of Capital: Evidence from a Natural Experiment

Allen Berger1, Sadok El Ghoul2, Omrane Guedhami1, Raluca Roman3

1University of South Carolina; 2University of Alberta; 3Federal Reserve Bank of Kansas City

Discussant: Svetlana Bryzgalova (Stanford GSB)

Berger-Competition and Banks’ Cost of Capital-414.pdf
 
2:00pm - 4:15pm5.3: Bank Supervision and Stress Tests (Theory)
Session Chair: Frederic Malherbe, London Business School
Les Corts (level -2) 
 

Model Secrecy and Stress Tests

Basil Williams1, Yaron Leitner2

1New York University; 2Federal Reserve Bank of Philadelphia

Discussant: Daniel Quigley (University of Oxford)

Williams-Model Secrecy and Stress Tests-1059.pdf

Design of Macro-prudential Stress Tests

Dmitry Orlov1, Andrzej Skrzypacz2, Pavel Zryumov1

1University of Rochester; 2Stanford University

Discussant: Joel Shapiro (Unversity of Oxford)

Orlov-Design of Macro-prudential Stress Tests-1142.pdf

Multinational Banks and Supranational Supervision

Giacomo Calzolari1, Jean-Edouard Colliard2, Gyongyi Loranth3

1University of Bologna; 2HEC Paris; 3University of VIenna

Discussant: Martin Oehmke (London School of Economics)

Calzolari-Multinational Banks and Supranational Supervision-638.pdf
 
2:00pm - 4:15pm5.4: Corporate Finance (Theory)
Session Chair: Lucy White, Boston University
Gran Via C (level -1) 
 

Only Time Will Tell: A Theory of Deferred Compensation

Florian Hoffmann1, Roman Inderst2, Marcus Opp3

1University of Bonn; 2University of Frankfurt; 3Stockholm School of Economics

Discussant: Sebastian Gryglewicz (Erasmus University Rotterdam)

Hoffmann-Only Time Will Tell-154.pdf

The Equilibrium Value of Employee Ethics

Brendan Daley1, Simon Gervais2

1University of Colorado at Boulder; 2Duke University

Discussant: Daniel Ferreira (London School of Economics)

Daley-The Equilibrium Value of Employee Ethics-572.pdf

Human Capital Integration in Mergers and Acquisitions

Paolo Fulghieri1, Merih Sevilir2

1University of North Carolina; 2Indiana University

Discussant: Shaun Davies (CU Boulder)

Fulghieri-Human Capital Integration in Mergers and Acquisitions-546.pdf

A Theory of Multi-Period Debt Structure

Chong Huang1, Martin Oehmke2, Hongda Zhong2

1UC Irvine; 2LSE

Discussant: Lucy White (Boston University)

Huang-A Theory of Multi-Period Debt Structure-295.pdf
 
2:00pm - 4:15pm5.5: Expectations and Returns (Empirics)
Session Chair: Hugues Langlois, HEC Paris
Diagonal A (level -1) 
 

Socioeconomic Status and Macroeconomic Expectations

Camelia Kuhnen1, Sreyoshi Das2, Stefan Nagel3

1University of North Carolina-Chapel Hill; 2Cornell University; 3University of Chicago

Discussant: Christophe Spaenjers (HEC Paris)

Kuhnen-Socioeconomic Status and Macroeconomic Expectations-558.pdf

Asset Pricing in the Information Age: Employee Expectations and Stock Returns

Jinfei Sheng

University of British Columbia

Discussant: Tim Loughran (University of Notre Dame)

Sheng-Asset Pricing in the Information Age-1115.pdf

Extrapolative Beliefs in the Cross-section: What Can We Learn from the Crowds?

Zhi Da1, Xing Huang2, Lawrence Jin3

1University of Notre Dame; 2Washington University in St. Louis; 3California Institute of Technology

Discussant: Lisa Kramer (University of Toronto)

Da-Extrapolative Beliefs in the Cross-section-1117.pdf

Predicting Relative Returns

Valentin Haddad1, Serhiy Kozak2, Shrihari Santosh3

1UCLA; 2University of Michigan; 3University of Maryland

Discussant: Hugues Langlois (HEC Paris)

Haddad-Predicting Relative Returns-990.pdf
 
2:00pm - 4:15pm5.6: Microstructure (Theory)
Session Chair: Ioanid Rosu, HEC Paris
Diagonal B (level -1) 
 

Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades

Giovanni Cespa1, Paolo Colla2

1Cass Business School, City University London; 2Bocconi University

Discussant: Shiyang Huang (The University of Hong Kong)

Cespa-Market Fragmentation, Dissimulation, and the Disclosure-828.pdf

Strategic Fragmented Markets

Ana Babus1, Cecilia Parlatore2

1Washington University in St Louis; 2New York University

Discussant: Markus Baldauf (UBC Sauder)

Babus-Strategic Fragmented Markets-1147.pdf

Information and Competition with Speculation and Hedging

Mina Lee1, Pete Kyle2

1Washington University in St Louis; 2University of Maryland

Discussant: Sabrina Buti (Paris Dauphine University)

Lee-Information and Competition with Speculation and Hedging-237.pdf

Clientele, Information Sales, and Asset Prices

Shiyang Huang1, Yan Xiong2, Liyan Yang2

1University of Hong Kong; 2University of Toronto

Discussant: Paolo Colla (Bocconi University)

Huang-Clientele, Information Sales, and Asset Prices-429.pdf
 
6:45pm - 10:00pmGALA DINNER at the HOTEL W BARCELONA, "SALT" RESTAURANT (specific registration required)
- Only participants who registered specifically for the Gala Dinner can attend - Location: Hotel W Barcelona, Restaurant “Salt” - Pre-dinner drinks 7.30pm + dinner: 8pm-10pm - Transport: - Buses at the Hilton Barcelona at 6.45pm (you can also go by your own means) - Buses leave the W Barcelona after dinner to go to the Hilton Barcelona with one stop “in town” on the way (stop location TBD)
 
Date: Sunday, 03/Jun/2018
8:30am - 10:15am6.1: Banking, Relationships and Reputations (Empirics)
Session Chair: Philip Strahan, Boston College
Gran Via B (level -1) 
 

Fishing with Pearls: The Value of Lending Relationships with Prestigious Firms

Alexander Muermann1,2, Thomas Rauter2, Christoph Scheuch1,2

1Vienna Graduate School of Finance; 2WU

Discussant: Luisa Lambertini (EPFL)

Muermann-Fishing with Pearls-222.pdf

The Financial Consequences of Customer Satisfaction: Evidence from Yelp Ratings and SBA Loans

Ruidi Huang

University of Illinois at Urbana-Champaign, United States of America

Discussant: David Skeie (Texas A&M University)

Huang-The Financial Consequences of Customer Satisfaction-412.pdf

Sorry, We're Closed: Loan Conditions When Bank Branches Close and Firms Transfer to Another Bank

Diana Bonfim1, Gil Nogueira2, Steven Ongena3

1Banco de Portugal, Católica Lisbon; 2NYU Stern; 3University of Zurich, SFI, KU Leuven

Discussant: Frederic Boissay (Bank for International Settlements)

Bonfim-Sorry, Were Closed-328.pdf
 
8:30am - 10:15am6.2: VCs and Entrepreneurs (Empirics)
Session Chair: Francesca Cornelli, London Business School
Gran Via A (level -1) 
 

Squaring Venture Capital Valuations with Reality

Will Gornall1, Ilya Strebulaev2

1University of British Columbia; 2Stanford GSB

Discussant: Sylvain Catherine (HEC Paris / Wharton)

Gornall-Squaring Venture Capital Valuations with Reality-117.pdf

Venture Capital Investments and Merger and Acquisition Activity around the World

Alexei Zhdanov1, Gordon Phillips2

1Penn State University; 2Dartmouth College

Discussant: Michael Ewens (California Institute of Technology)

Zhdanov-Venture Capital Investments and Merger and Acquisition Activity around the World-667.pdf

Volatility and Venture Capital

Ryan Heath Peters

Freeman School, Tulane University

Discussant: Jean-Noel Barrot (HEC Paris)

Peters-Volatility and Venture Capital-224.pdf
 
8:30am - 10:15am6.3: Banking (Theory)
Session Chair: Rafael Repullo, CEMFI
Les Corts (level -2) 
 

Bank Net Worth and Frustrated Monetary Policy

Alexander Zentefis

Yale University

Discussant: David Pothier (University of Vienna)

Zentefis-Bank Net Worth and Frustrated Monetary Policy-1140.pdf

A New Perspective on Bank-Dependency: The Liquidity Insurance Channel

Ander Perez-Orive1, Filippo Ippolito2, Viral Acharya3, Heitor Almeida4

1Federal Reserve Board; 2Universitat Pompeu Fabra; 3NYU Stern; 4University of Ilinois

Discussant: Julian Kolm (University of Vienna)

Perez-Orive-A New Perspective on Bank-Dependency-611.pdf

Netting

Jason Roderick Donaldson1, Giorgia Piacentino2

1Washington University in St Louis; 2Columbia University

Discussant: David Webb (LSE)

Donaldson-Netting-645.pdf
 
8:30am - 10:15am6.4: Innovation (Empirics)
Session Chair: Dalida Kadyrzhanova, Georgia State University
Gran Via C (level -1) 
 

Labor Force Demographics and Corporate Innovation

Francois Derrien1, Ambrus Kecskes2, Phuong-Anh Nguyen2

1HEC Paris; 2York University

Discussant: Song Ma (Yale University)

Derrien-Labor Force Demographics and Corporate Innovation-142.pdf

Human Capital, Skilled Immigrants, and Innovation

Rasha Ashraf1, Rina Ray2

1Georgia State University; 2University of Colorado at Denver

Discussant: Merih Sevilir (Indiana University Bloomington)

Ashraf-Human Capital, Skilled Immigrants, and Innovation-428.pdf

Bankruptcy, Team-specific Human Capital, and Productivity: Evidence from U.S. Inventors

Rui Silva1, Ramin Baghai2, Luofu Ye1

1London Business School; 2Stockholm School of Economics

Discussant: Vojislav Maksimovic (University of Maryland)

Silva-Bankruptcy, Team-specific Human Capital, and Productivity-340.pdf
 
8:30am - 10:15am6.5: Short Sales and Collateral (Empirics)
Session Chair: Pedro Saffi, Judge Business School, University of Cambridge
Diagonal B (level -1) 
 

The Term Structure of Securities Lending Fees

Francois Cocquemas

Vanderbilt University

Discussant: Matthew Ringgenberg (University of Utah)

Cocquemas-The Term Structure of Securities Lending Fees-654.pdf

The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements

Adam Copeland1, Viktoria Baklanova2, Cecilia Caglio3, Marco Cipriani1

1New York Fed; 2Office of Financial Research, US Treasury; 3Federal Reserve Board

Discussant: Adam Reed (UNC-Chapel Hill)

Copeland-The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements-589.pdf

The Collateral Rule: An Empirical Analysis the CDS Market

Agostino Capponi1, Allen Cheng1, Stefano Giglio2

1Columbia University; 2Yale University

Discussant: Zorka Simon (Goethe University Frankfurt)

Capponi-The Collateral Rule-1023.pdf
 
8:30am - 10:15am6.6: More Asset Pricing (Theory)
Session Chair: Kathy Yuan, London School of Economics
Diagonal A (level -1) 
 

An Equilibrium Model of Individual and Institutional Trading

Lixin Huang1, Uday Rajan2

1Georgia State Unniversity; 2University of Michigan

Discussant: Thummim Cho (London School of Economics)

Huang-An Equilibrium Model of Individual and Institutional Trading-843.pdf

Safety Transformation and the Structure of the Financial System

William Frederick Diamond

U. Pennsylvania, Wharton School

Discussant: Giorgia Piacentino (Columbia University)

Diamond-Safety Transformation and the Structure of the Financial System-276.pdf

Memory and Markets

Sergei Kovbasyuk1, Giancarlo Spagnolo2

1EIEF; 2SITE-Stockholm School of Economics, EIEF, Tor Vergata

Discussant: Jungsuk Han (Stockholm School of Economics)

Kovbasyuk-Memory and Markets-1125.pdf
 
10:15am - 10:30amCOFFEE BREAK
Foyer (level -2) 
10:30am - 12:15pm7.1: Politics, Banks and Firms (Empirics)
Session Chair: Alexei Ovtchinnikov, HEC Paris
Gran Via B (level -1) 
 

Involuntary Political Connections and Firm Outcomes

Ran Duchin1, Zhenyu Gao2, Haibing Shu3

1University of Washington; 2Chinese University of Hong Kong; 3Shanghai Jiao Tong University

Discussant: Philip Valta (University of Bern)

Duchin-Involuntary Political Connections and Firm Outcomes-663.pdf

Pushing Boundaries: Political Redistricting and Consumer Credit

Pat Akey1, Christine Dobridge2, Rawley Heimer3, Stefan Lewellen4

1University of Toronto, Canada; 2Federal Reserve Board; 3Boston College; 4Carnegie Mellon

Discussant: Felix Meschke (University of Kansas)

Akey-Pushing Boundaries-271.pdf

Political Influence on Bank Credit Allocation: Bank Capital Responses, Consumption and Systemic Risk

Sheng Huang1, Anjan Thakor2

1China Europe International Business School; 2Washington University in St. Louis

Discussant: Ramona Dagostino (London Business School / Rochester)

Huang-Political Influence on Bank Credit Allocation-711.pdf
 
10:30am - 12:15pm7.2: Angels and Entrepreneurs (Empirics)
Session Chair: Yael Hochberg, Rice University
Gran Via A (level -1) 
 

Angels, Entrepreneurship, and Employment Dynamics: Evidence from Investor Accreditation Rules

Laura A. Lindsey, Luke Stein

Arizona State University, United States of America

Discussant: Ting Xu (University of Virginia, Darden School of Business)

Lindsey-Angels, Entrepreneurship, and Employment Dynamics-872.pdf

The Externalities of Corruption: Evidence from Entrepreneurial Activity in China

Mariassunta Giannetti1, Guanmin Liao2, Jiaxing You3, Xiaoyun Yu4

1Stockholm School of Economics; 2Central University of Finance and Economics; 3Xiamen University; 4Indiana University

Discussant: Jessica Jeffers (University of Chicago, Booth)

Giannetti-The Externalities of Corruption-238.pdf

Are Early Stage Investors Biased Against Women?

Michael Ewens1, Richard Townsend2

1California Institute of Technology; 2University of California, San Diego, Rady School of Business

Discussant: Daniel Fehder (University of Southern California)

Ewens-Are Early Stage Investors Biased Against Women-140.pdf
 
10:30am - 12:15pm7.3: Bail-ins and Bail-outs (Theory)
Session Chair: Tanju Yorulmazer, University of Amsterdam
Les Corts (level -2) 
 

Bank Restructuring without Government Intervention

Marcella Lucchetta1, Bruno Maria Parigi2, Jean-Charles Rochet3

1University Ca' Foscari of Venice; 2University of Padova and CESifo; 3SFI@University of Geneva and University of Zürich

Discussant: Robert Marquez (UC Davis)

Lucchetta-Bank Restructuring without Government Intervention-244.pdf

Financial Restructuring and Resolution of Banks

Jean-Edouard Colliard, Denis Gromb

HEC Paris

Discussant: Max Bruche (City, University of London)

Colliard-Financial Restructuring and Resolution of Banks-622.pdf

Financial Safety Nets

Julien Bengui1, Javier Bianchi2,3, Louphou Coulibaly1

1Université de Montréal; 2Federal Reserve Bank of Minneapolis; 3NBER

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

Bengui-Financial Safety Nets-356.pdf
 
10:30am - 12:15pm7.4: Labor Market for Managers and Bankers (Empirics)
Session Chair: Jordan Nickerson, Boston College
Gran Via C (level -1) 
 

Credit and Punishment: The Career Incentives of Wall Street Bankers

Kristoph Kleiner, Janet Gao, Joseph Pacelli

Indiana University

Discussant: Gonzalo Maturana (Emory University)

Kleiner-Credit and Punishment-284.pdf

Family First? Nepotism and Corporate Investment

Gianpaolo Parise1, Fabrizio Leone2, Carlo Sommavilla3

1Bank for International Settlements; 2UBS, University of Torino; 3Università della Svizzera Italiana, SFI

Discussant: Denis Sosyura (Arizona State University)

Parise-Family First Nepotism and Corporate Investment-272.pdf

Competing for Talent: Firms, Managers and Social Networks

Isaac Hacamo, Kristoph Kleiner

Indiana University

Discussant: Breno Schmidt (UNSW)

Hacamo-Competing for Talent-1046.pdf
 
10:30am - 12:15pm7.5: Corporate Bond Markets (Empirics)
Session Chair: Nina Boyarchenko, Federal Reserve Bank of New York
Diagonal B (level -1) 
 

Market Dominance in Bond and CDS Interdealer Networks

Benjamin Munyan1, Sumudu Watugala2

1Vanderbilt University; 2Cornell University

Discussant: Or Shachar (Federal Reserve Bank of New York)

Munyan-Market Dominance in Bond and CDS Interdealer Networks-1108.pdf

Liquidity-Sensitive Trading and Corporate Bond Fund Fire Sales

Jaewon Choi1, Sean Seunghun Shin2

1University of Illinois at Urbana-Champaign; 2Aalto University

Discussant: Jack Bao (Federal Reserve Board)

Choi-Liquidity-Sensitive Trading and Corporate Bond Fund Fire Sales-443.pdf

The Dark Side of Liquid Bonds in Fire Sales

Maria Chaderina1,2, Alexander Muermann1,2, Christoph Scheuch2

1WU Vienna; 2Vienna Graduate School of Finance

Discussant: Alberto Manconi (Bocconi University)

Chaderina-The Dark Side of Liquid Bonds in Fire Sales-520.pdf
 
10:30am - 12:15pm7.6: Funds and Fund Managers (Empirics)
Session Chair: Sergey Chernenko, Purdue University
Diagonal A (level -1) 
 

Brokers and Order Flow Leakage: Evidence from Fire Sales

Andrea Barbon1, Marco Di Maggio2, Francesco Franzoni1, Augustin Landier3

1USI Lugano, SFI; 2HBS; 3HEC Paris

Discussant: Abhiroop Mukherjee (HKUST Business School)

Barbon-Brokers and Order Flow Leakage-726.pdf

Finding Fortune: How Do Institutional Investors Pick Asset Managers?

Gregory W. Brown1, Oleg Gredil2, Preetesh Kantak3

1University of North Carolina at Chapel Hill; 2Tulane University; 3Indiana University

Discussant: Aleksandar Andonov (Erasmus University Rotterdam)

Brown-Finding Fortune-1012.pdf

Knowing Me, Knowing You? Similarity to the CEO and Fund Managers’ Investment Decisions

Stefan Jaspersen1,2, Peter Limbach1,2

1University of Cologne, Germany; 2Centre for Financial Research

Discussant: Arzu Ozoguz (Southern Methodist University)

Jaspersen-Knowing Me, Knowing You Similarity to the CEO and Fund Managers’ Investment Decisions-177.pdf
 
12:15pm - 2:00pmLUNCH + KEYNOTE ADDRESS: PROF. JEAN-CHARLES ROCHET "MODELING SOVEREIGN DEBT"
Ramblas (level -2) 
2:00pm - 3:45pm8.1: Banking (Empirics)
Session Chair: Vittoria Cerasi, Bicocca University
Gran Via A (level -1) 
 

Shock Propagation and Banking Structure

Mariassunta Giannetti, Farzad Saidi

Stockholm School of Economics

Discussant: Andrea Presbitero (International Monetary Fund)

Giannetti-Shock Propagation and Banking Structure-230.pdf

Bank Balance Sheets and Liquidation Values: Evidence from Real Estate Collateral

Rodney Ramcharan

University of Southern California

Discussant: Tommaso Oliviero (University of Naples Federico II and CSEF)

Ramcharan-Bank Balance Sheets and Liquidation Values-787.pdf

The Full Story of Runs

Jun Kyung Auh1, Hayong Yun2

1Georgetown University; 2Michigan State University

Discussant: Jos van Bommel (University of Luxembourg)

Auh-The Full Story of Runs-106.pdf
 
2:00pm - 3:45pm8.2: Retail Banking (Empirics)
Session Chair: Jennifer Dlugosz, Washington University in St. Louis
Gran Via B (level -1) 
 

The Cost of Distorted Financial Advice: Evidence from the Mortgage Market

Anton Tsoy1, Luigi Guiso1, Andrea Pozzi1, Leonardo Gambacorta2, Paolo Mistrulli3

1EIEF; 2Bank of International Settlements; 3Bank of Italy

Discussant: J. Anthony Cookson (University of Colorado-Boulder)

Tsoy-The Cost of Distorted Financial Advice-323.pdf

Status Goods: Experimental Evidence from Platinum Credit Cards

Martin Kanz1, Leonardo Bursztyn2, Bruno Ferman3, Stefano Fiorin4, Gautam Rao5

1World Bank; 2University of Chicago; 3Sao Paulo School of Economics; 4UCSD; 5Harvard University

Discussant: deniz aydin (Washington University)

Kanz-Status Goods-258.pdf

Impulsive Consumption and Financial Wellbeing: Evidence from an Increase in the Availability of Alcohol

Marieke Bos1, Itzhak Ben-David2

1Stockholm School of Economics; 2The Ohio State University

Discussant: Rawley Heimer (Boston College)

Bos-Impulsive Consumption and Financial Wellbeing-1177.pdf
 
2:00pm - 3:45pm8.3: Shadow Banks and Fintech (Theory)
Session Chair: Gilles Chemla, Imperial College Business School, CNRS, and CEPR
Les Corts (level -2) 
 

Trust in Lending

Robert C Merton1, Richard T Thakor2

1MIT; 2University of Minnesota

Discussant: Barney Hartman-Glaser (UCLA)

Merton-Trust in Lending-250.pdf

Up-Cascaded Wisdom of the Crowd

Lin William Cong1, Yizhou Xiao2

1University of Chicago; 2The Chinese University of Hong Kong

Discussant: Katrin Tinn (Imperial College Business School)

Cong-Up-Cascaded Wisdom of the Crowd-999.pdf

Inefficient Liquidity Creation

Paul Schempp1, Luck Stephan2

1University of Cologne; 2Federal Reserve Board

Discussant: Savitar Vadul Sundaresan (Imperial College)

Schempp-Inefficient Liquidity Creation-929.pdf
 
2:00pm - 3:45pm8.4: Corporate Finance (Empirics)
Session Chair: Adrien Matray, Princeton University
Gran Via C (level -1) 
 

Understanding the Credit Multiplier: The Working Capital Channel

Heitor Almeida, Daniel Carvalho, Taehyun Kim

UIUC

Discussant: Emilia Garcia-Appendini (University of Zurich)

Almeida-Understanding the Credit Multiplier-1021.pdf

Corporate Hedging During the Financial Crisis

Paul Calluzzo, Evan Dudley

Queen's University

Discussant: Andrew Ellul (Indiana University)

Calluzzo-Corporate Hedging During the Financial Crisis-831.pdf

Knowledge Constraints and Firm Growth

Robert Parham

University of Virginia - McIntire,

Discussant: Rui Silva (London Business School)

Parham-Knowledge Constraints and Firm Growth-774.pdf
 
2:00pm - 3:45pm8.5: Information Production and Market Efficiency (Empirics)
Session Chair: T. Green, Goizueta Business School
Diagonal A (level -1) 
 

Man vs. Machine: Quantitative and Discretionary Equity Management

Simona Abis

Columbia Business School

Discussant: Nicholas Hirschey (London Business School)

Abis-Man vs Machine-1169.pdf

Lured by the Consensus: The Implications of Treating All Analysts as Equal

Roni Michaely1, Amir Rubin2,3, Dan Segal3, Alexander Vedrashko2

1Cornell University; 2Simon Fraser University and IDC; 3IDC

Discussant: Dexin Zhou (Baruch College)

Michaely-Lured by the Consensus-500.pdf

Informing the Market: The Effect of Modern Information Technologies on Information Production

Meng Gao, Jiekun Huang

University of Illinois - Urbana Champaign

Discussant: Eric Kelley (University of Tennessee)

Gao-Informing the Market-651.pdf
 
2:00pm - 3:45pm8.6: Finance and Growth (Theory)
Session Chair: Vladimir Asriyan, CREi, UPF and Barcelona GSE
Diagonal B (level -1) 
 

Finance in a Time of Disruptive Growth

Nicolae Garleanu1, Stavros Panageas2

1UC Berkeley; 2UCLA

Discussant: Luigi Iovino (Bocconi University)

Garleanu-Finance in a Time of Disruptive Growth-939.pdf

Optimal Firm Creation with Speculation

Valentin Haddad1, Paul Ho2, Erik Loualiche3

1UCLA; 2Princeton University; 3University of Minnesota

Discussant: Jaume Ventura (CREI)

Haddad-Optimal Firm Creation with Speculation-1073.pdf

Financial Markets, the Real Economy, and Self-fulfilling Uncertainties

Pengfei Wang1, Xuewen Liu1, Jess Benhabib2

1HKUST; 2NYU

Discussant: Alexandre Kohlhas (Stockholm University)

Wang-Financial Markets, the Real Economy, and Self-fulfilling Uncertainties-853.pdf
 

 
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