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
Discussant: Andres Liberman, New York University
Discussant: Daniel Paravisini, London School of Economics
Discussant: Andrew Hertzberg, Federal Reserve Bank of Philadelphia

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 Vanjak1

1Frankfurt School of Finance & Management; 2Home24; 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
Discussant: David Marques-Ibanez, European Central Bank
Discussant: Farzad Saidi, Stockholm School of Economics
Discussant: Matthew Plosser, New York Fed

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 (UPenn); 4Universitat Pompeu Fabra, ICREA, CREI, Barcelona GSE, 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
Discussant: David Dicks, Baylor University
Discussant: Francesco Sangiorgi, Frankfurt School of Finance and Management
Discussant: Andrew Winton, University of Minnesota

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
Discussant: Francois Derrien, HEC Paris

Institutional Investors and Corporate Governance: The Incentive to Increase Value

Jonathan Lewellen, Katharina Lewellen

Dartmouth College

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

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
Discussant: Chotibhak Jotikasthira, Southern Methodist University
Discussant: Wenxin Du, Federal Reserve Board
Discussant: Francisco Barillas, Emory University

Do Intermediaries Matter for Aggregate Asset Prices?

Valentin Haddad, Tyler Muir


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
Discussant: Cecilia Parlatore, New York University
Discussant: Christine Parlour, UC Berkeley
Discussant: Jérôme Dugast, University of Luxembourg

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
3:15pm - 3:30pmCOFFEE BREAK
3:30pm - 5:45pm2.1: Real Effects of Bank Financing (Empirics)
Session Chair: Emily Williams, Harvard Business School
Discussant: Julien Sauvagnat, Bocconi University
Discussant: Matteo Crosignani, Federal Reserve Board
Discussant: Victor Lyonnet, HEC Paris / Ohio State University
Discussant: Carl Liebersohn, Ohio State University

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
Discussant: Marco Di Maggio, Harvard Business School
Discussant: Jose Luis Peydro, UPF
Discussant: Florian Heider, European Central Bank
Discussant: Vania Stavrakeva, London Business School

(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 Polo4

1Banco Central Do Brasil; 2Universitat Pompeu Fabra; 3ICREA-UPF, Imperial College, CREI, Barcelona GSE and CEPR; 4Universitat Pompeu Fabra, Barcelona GSE and CEPR

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
Discussant: Juliane Begenau, Stanford University
Discussant: Thien Nguyen, Ohio State University
Discussant: Tim Landvoigt, Wharton School, University of Pennsylvania
Discussant: Peter Kondor, London School of Economics

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
Discussant: Luke Taylor, Wharton
Discussant: Xi Li, London School of Economics
Discussant: Nickolay Gantchev, Southern Methodist University
Discussant: Martin Schmalz, University of Michigan

Product Life Cycles in Corporate Finance

Gerard Hoberg1, Vojislav Maksimovic2

1University of Southern California; 2University of Maryland

Discussant: Luke Taylor (Wharton)

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

Naughty Firms, Noisy Disclosure

Thomas Bourveau, Guoman She, Alminas Zaldokas

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

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
Discussant: Daniel Schmidt, HEC Paris
Discussant: Anastasia Girshina, Swedish House of Finance
Discussant: Sebastien Betermier, McGill University
Discussant: Alexander Klos, Kiel University

Reconsidering Returns

Samuel Hartzmark1, David Solomon2

1University of Chicago; 2Boston College

Discussant: Daniel Schmidt (HEC Paris)

Hartzmark-Reconsidering Returns-529.pdf

The Impact Of Salience On Investor Behavior: Evidence From A Natural Experiment

Cary Frydman1, Baolian Wang2

1University of Southern California; 2Fordham University

Discussant: Anastasia Girshina (Swedish House of Finance)

Frydman-The Impact Of Salience On Investor Behavior-591.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
Discussant: Björn Hagströmer, Stockholm University
Discussant: Xin Wang, University of Illinois at Urbana-Champaign
Discussant: Ailsa Röell, Columbia SIPA
Discussant: Norman Schürhoff, SFI, Université de Lausanne

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: Ailsa Röell (Columbia SIPA)

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
6:15pm - 8:00pmRECEPTION
Date: Saturday, 02/Jun/2018
8:30am - 10:15am3.1: Bank Information (Empirics)
Session Chair: Andres Almazan, University of Texas at Austin
Discussant: Pablo Ruiz-Verdu, Universidad Carlos III
Discussant: David Martinez-Miera, UC3M
Discussant: W. Scott Frame, Federal Reserve Bank of Atlanta

Economics of Voluntary Information Sharing

Jose Liberti1, Jason Sturgess2, Andrew Sutherland3

1DePaul University and Northwestern University; 2Queen Mary University of London; 3MIT Sloan

Discussant: Pablo Ruiz-Verdu (Universidad Carlos III)

Liberti-Economics of Voluntary Information Sharing-420.pdf

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
8:30am - 10:15am3.2: Monetary Policy and Interest Rate Risk (Empirics)
Session Chair: Elena Carletti, Bocconi University
Discussant: Tobias Berg, Frankfurt School of Finance and Management
Discussant: Filippo De Marco, Bocconi University
Discussant: Murillo Campello, Cornell University

Monetary Policy Interventions and the Yield Curve

Antoinette Schoar


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

Schoar-Monetary Policy Interventions and the Yield Curve-1037.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
Discussant: Jens Josephson, Stockholm University
Discussant: Sergei Glebkin, INSEAD
Discussant: Dmitry Orlov, University of Rochester

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
Discussant: Christoph Schneider, Tilburg University
Discussant: Marc Gabarro, University of Mannheim
Discussant: Anup Agrawal, University of Alabama

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, United States of America; 2Texas A & M University-College Station, United States of America

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
Discussant: Anton Lines, Columbia Business School
Discussant: Francesco Franzoni, USI Lugano and SFI
Discussant: Dong Lou, London School of Economics

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, United States of America

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

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
Discussant: Erfan Danesh, Federal Reserve Board
Discussant: Christian Julliard, London School of Economics
Discussant: Georgy Chabakauri, London School of Economics

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
10:30am - 12:15pm4.1: Corporate Debt Issuance (Empirics)
Session Chair: Jose Luis Peydro, UPF
Discussant: Mark Jeffrey Flannery, University of Florida
Discussant: Matthias Efing, HEC Paris
Discussant: Victoria Vanasco, Stanford University

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

The Underwriting 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-The Underwriting 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
Discussant: Hans Degryse, KU Leuven
Discussant: Lamont Black, DePaul University
Discussant: James Vickery, Federal Reserve Bank of New York

Stress Tests and Small Business Lending

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

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

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, Germany; 2Frankfurt School of Finance and Management, Germany

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

1Department of Finance, Moore School of Business, University of South Carolina.; 2Department of Finance, School of Business, Renmin University of China

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
Discussant: John Kuong, INSEAD
Discussant: Sergio Vicente, Universidad Carlos III de Madrid
Discussant: Hugo Rodríguez Mendizábal, Consejo Superior de Investigaciones Cientificas

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
Discussant: Luana Zaccaria, Einaudi Institute for Economics and Finance
Discussant: Per Östberg, Universtiy of Zurich
Discussant: Augustin Landier, HEC Paris

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: 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
Discussant: Nelson Camanho, Universidade Catolica Portuguesa
Discussant: Richard Payne, Cass Business School
Discussant: Fabio Trojani, University of Geneva

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
Discussant: Simona Abis, Columbia Business School
Discussant: Matthew Baron, Cornell University
Discussant: Sophie Moinas, Toulouse School of Economics

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, Finland

Discussant: Sophie Moinas (Toulouse School of Economics)

Jylhä-Does Funding Liquidity Cause Market Liquidity Evidence-698.pdf
2:00pm - 4:15pm5.1: Household Leverage and Consumption (Empirics)
Session Chair: Pat Akey, University of Toronto
Discussant: Anya Kleymenova, University of Chicago Booth School of Business
Discussant: Ian Appel, Boston College
Discussant: John Mondragon, Kellogg, Northwestern University
Discussant: Joseph Briggs, Federal Reserve Board

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

Ankit Kalda

Washington University in St Louis, United States of America

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 (Kellogg, 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
Discussant: Kinda Hachem, Chicago Booth
Discussant: Laura Blattner, Harvard University
Discussant: Valentin Haddad, UCLA
Discussant: Svetlana Bryzgalova, Stanford GSB

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

Franco Fiordelisi1, George G Pennacchi2, Ornella Ricci1

1University of Rome III, Italy; 2University of Illinois, United States of America

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

Equity is Cheap for Large Financial Institutions

Priyank Gandhi1, Hanno Lustig2, Alberto Plazzi3

1University of Notre Dame; 2Stanford University; 3USI Lugano and SFI

Discussant: Valentin Haddad (UCLA)

Gandhi-Equity is Cheap for Large Financial Institutions-719.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, United States of America; 2University of Alberta, Canada; 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
Discussant: Daniel Quigley, University of Oxford
Discussant: Joel Shapiro, Unversity of Oxford
Discussant: Martin Oehmke, London School of Economics

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, Pavel Zryumov1, Andrzej Skrzypacz2

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: Giacinta Cestone, Cass Business School
Discussant: Sebastian Gryglewicz, Erasmus University Rotterdam
Discussant: Daniel Ferreira, London School of Economics
Discussant: Shaun Davies, CU Boulder
Discussant: Lucy White, Boston University

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
Discussant: Christophe Spaenjers, HEC Paris
Discussant: Tim Loughran, University of Notre Dame
Discussant: Lisa Kramer, University of Toronto
Discussant: Hugues Langlois, HEC Paris

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
Discussant: Shiyang Huang, The University of Hong Kong
Discussant: Markus Baldauf, UBC Sauder
Discussant: Sabrina Buti, Paris Dauphine University
Discussant: Giovanni Cespa, Cass Business School

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, United States of America; 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, United States of America; 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

1The University of Hong Kong, Hong Kong S.A.R. (China); 2Rotman School of Management, University of Toronto

Discussant: Giovanni Cespa (Cass Business School)

Huang-Clientele, Information Sales, and Asset Prices-429.pdf
6:30pm - 10:30pmGALA DINNER
Date: Sunday, 03/Jun/2018
8:30am - 10:15am6.1: Banking, Relationships and Reputations (Empirics)
Session Chair: Patrick Bolton, Columbia Business School
Discussant: Luisa Lambertini, EPFL
Discussant: David Skeie, Texas A&M University
Discussant: Frederic Boissay, Bank for International Settlements

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
Session Chair: Francesca Cornelli, London Business School
Discussant: Sylvain Catherine, HEC Paris / Wharton
Discussant: Michael Ewens, California Institute of Technology
Discussant: Jean-Noel Barrot, HEC Paris

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
Discussant: Tano Santos, Columbia University
Discussant: Julian Kolm, University of Vienna
Discussant: David Webb, LSE

Bank Net Worth and Frustrated Monetary Policy

Alexander Zentefis

Yale University

Discussant: Tano Santos (Columbia University)

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


Jason Roderick Donaldson1, Giorgia Piacentino2

1Washington University in St Louis; 2Columbia University

Discussant: David Webb (LSE)

8:30am - 10:15am6.4: Innovation (Empirics)
Session Chair: Dalida Kadyrzhanova, Georgia State University
Discussant: Song Ma, Yale University
Discussant: Merih Sevilir, Indiana University Bloomington
Discussant: Vojislav Maksimovic, University of Maryland

Demographics and Innovation

Francois Derrien1, Ambrus Kecskes2, Phuong-Anh Nguyen2

1HEC Paris; 2York University

Discussant: Song Ma (Yale University)

Derrien-Demographics and 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 Innovation: Evidence from U.S. Inventors

Rui Silva1, Ramin Baghai2, Luofu Ye1

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

Discussant: Vojislav Maksimovic (University of Maryland)

Silva-Bankruptcy, Team-specific Human Capital, and Innovation-340.pdf
8:30am - 10:15am6.5: Short Sales and Collateral (Empirics)
Session Chair: Pedro Saffi, Judge Business School, University of Cambridge
Discussant: Matthew Ringgenberg, University of Utah
Discussant: Adam Reed, UNC-Chapel Hill
Discussant: Zorka Simon, Goethe University Frankfurt

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
Discussant: Thummim Cho, London School of Economics
Discussant: Giorgia Piacentino, Columbia University
Discussant: Jungsuk Han, Stockholm School of Economics

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
10:30am - 12:15pm7.1: Politics, Banks and Firms (Empirics)
Session Chair: Alexei Ovtchinnikov, HEC Paris
Discussant: Philip Valta, University of Bern
Discussant: Felix Meschke, University of Kansas
Discussant: Ramona Dagostino, London Business School / Rochester

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
Discussant: Ting Xu, University of Virginia, Darden School of Business
Discussant: Jessica Jeffers, University of Chicago, Booth
Discussant: Daniel Fehder, University of Southern California

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

Homophily, Information Asymmetry and Performance in the Angels Market

Buvaneshwaran Venugopal

University of Houston, United States of America

Discussant: Daniel Fehder (University of Southern California)

Venugopal-Homophily, Information Asymmetry and Performance in the Angels Market-267.pdf
10:30am - 12:15pm7.3: Bail-ins and Bail-outs (Theory)
Session Chair: Tanju Yorulmazer, University of Amsterdam
Discussant: Robert Marquez, UC Davis
Discussant: Max Bruche, City, University of London
Discussant: Dong Beom Choi, Federal Reserve Bank of New York

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
Discussant: Gonzalo Maturana, Emory University
Discussant: Breno Schmidt, UNSW
Discussant: Denis Sosyura, Arizona State University

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: Breno Schmidt (UNSW)

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

Competing for Talent: Firms, Managers and Social Networks

Isaac Hacamo, Kristoph Kleiner

Indiana University

Discussant: Denis Sosyura (Arizona State University)

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
Discussant: Or Shachar, Federal Reserve Bank of New York
Discussant: Jack Bao, Federal Reserve Board
Discussant: Alberto Manconi, Bocconi University

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
Discussant: Abhiroop Mukherjee, HKUST Business School
Discussant: Aleksandar Andonov, Erasmus University Rotterdam
Discussant: Arzu Ozoguz, Southern Methodist University

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
2:00pm - 3:45pm8.1: Banking (Empirics)
Session Chair: Vittoria Cerasi, Bicocca University
Discussant: Andrea Presbitero, International Monetary Fund
Discussant: Tommaso Oliviero, University of Naples Federico II and CSEF
Discussant: Jos van Bommel, University of Luxembourg

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 Auh2, Hayong Yun1

1Michigan State University; 2Georgetown 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
Discussant: Marieke Bos, Stockholm School of Economics, Swedish House of Finance
Discussant: J. Anthony Cookson, University of Colorado-Boulder
Discussant: Deniz Aydin, Washington University in St. Louis

Banking the Unbanked: What do 255 Million New Bank Accounts Reveal about Financial Access?

Sumit Agarwal1, Shashwat Alok2, Pulak Ghosh3, Tomasz Piskorski4, Amit Seru5

1Georgetown University; 2Indian School of Business; 3Indian Institute of Management; 4Columbia University; 5Stanford University

Discussant: Marieke Bos (Stockholm School of Economics, Swedish House of Finance)

Agarwal-Banking the Unbanked-1128.pdf

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 in St. Louis)

Kanz-Status Goods-258.pdf
2:00pm - 3:45pm8.3: Shadow Banks and Fintech (Theory)
Session Chair: Gilles Chemla, Imperial College
Discussant: Barney Hartman-Glaser, UCLA
Discussant: Katrin Tinn, Imperial College Business School
Discussant: Savitar Vadul Sundaresan, Imperial College

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, United States of America; 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
Discussant: Emilia Garcia-Appendini, University of Zurich
Discussant: Andrew Ellul, Indiana University
Discussant: Rui Silva, London Business School

Understanding the Credit Multiplier: The Working Capital Channel

Heitor Almeida, Daniel Carvalho, Taehyun Kim


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
Discussant: Nicholas Hirschey, London Business School
Discussant: Dexin Zhou, Baruch College
Discussant: Eric Kelley, University of Tennessee

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
Discussant: Luigi Iovino, Bocconi University
Discussant: Jaume Ventura, CREI
Discussant: Alexandre Kohlhas, Stockholm University

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


Discussant: Alexandre Kohlhas (Stockholm University)

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

Contact and Legal Notice · Contact Address:
Conference: FIRS 2018
Conference Software - ConfTool Pro 2.6.115
© 2001 - 2018 by H. Weinreich, Hamburg, Germany