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: Tuesday, 16/May/2017
8:45am
-
9:40am
Bonds 01: Bond, Fixed Income and Cross section
Chair: Christian Lundblad, UNC at Chapel Hill
 

Municipal Bond Ratings and Style-Related Comovement: Evidence from Moody’s Recalibration

Xinyuan Tao, Chunchi Wu

State University of New York at Buffalo, United States of America

Equity I 01: Equity Returns-Theory - I
Chair: Burton Hollifield, Carnegie Mellon University
 

Risk Preferences and The Macro Announcement Premium

Hengjie Ai1, Ravi Bansal2

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

House I 01: Household finance
Chair: Christopher Palmer, University of California Berkeley
 

The Marginal Propensity to Consume Out of Credit: Evidence from Random Assignment of 54,522 Credit Lines

Assistant Professor Finance

Washington University in St. Louis, United States of America

Inv Emp 01: Investment -Empirical
Chair: Jeffrey Pontiff, Boston College
Discussant: Caitlin Dannhauser, Villanova
 

ETF Arbitrage under Liquidity Mismatch

Kevin Pan1, Yao Zeng2

1: Harvard University, United States of America; 2: University of Washington, United States of America

M&A 01: M&A, Corporate Restructuring and Private Equity
 

Is Private Equity Good for Consumers?

Alessandro Previtero1,4, Cesare Fracassi2, Albert Sheen3

1: Indiana University, United States of America; 2: University of Texas at Austin; 3: University of Oregon; 4: NBER

MS:Trade 01: Microstructure: Trading
Chair: Mao Ye, University of Illinois
 

Core-Periphery Trading Networks

Chaojun Wang

Stanford University, United States of America

Product Mkt 01: Product Market Competition and Finance
Chair: Gordon Phillips, Dartmouth College
Discussant: Raj Aggarwal, Northwestern
 

What Explains the Product Market Component of Corporate Investment?

Maria Cecilia Bustamante1, Laurent Fresard2

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

Theory macro 01: Corporate Theory With Applications to Macroeconomics
Chair: Richard Lowery, UT
Discussant: Martin Szydlowski, University of Minnesota
 

Regulating a Model

Yaron Leitner1, Bilge Yilmaz2

1: Federal Reserve Bank of Philadelphia, United States of America; 2: The Wharton School, University of Pennsylvania

9:55am
-
10:50am
Bonds 02: Bond, Fixed Income and Cross section
Chair: Christian Lundblad, UNC at Chapel Hill
 

Institutional Rigidities and Bond Returns around Rating Changes

Matthew Spiegel1, Laura Starks2

1: Yale School of Management, United States of America; 2: McCombs School of Business, University of Texas at Austin, United States of America

Equity I 02: Equity Returns-Theory - I
Chair: Burton Hollifield, Carnegie Mellon University
 

Preventing Controversial Catastrophes

Steven D. Baker1, Burton Hollifield2, Emilio Osambela3

1: University of Virginia; 2: Carnegie Mellon University; 3: Board of Governors of the Federal Reserve System

House I 02: Household finance
Chair: Christopher Palmer, University of California Berkeley
 

Import Competition and Household Debt

Jean-Noel BARROT1, Erik LOUALICHE1, Matthew PLOSSER2, Julien SAUVAGNAT3

1: MIT, United States of America; 2: Bocconi; 3: New York Fed

Inv Emp 02: Investment -Empirical
Chair: Jeffrey Pontiff, Boston College
Discussant: Stephen Siegel, University of Washington
 

The best of both worlds: Accessing emerging economies via developed markets

Joon Bae, Redouane Elkamhi, Mikhail Simutin

University of Toronto, Canada

M&A 02: M&A, Corporate Restructuring and Private Equity
 

A BIT Goes a Long Way: Bilateral Investment Treaties and Cross-border Mergers

Brandon Julio1, Vineet Bhagwat2, Jonathan Brogaard1

1: University of Oregon, United States of America; 2: University of Washington

MS:Trade 02: Microstructure: Trading
Chair: Mao Ye, University of Illinois
 

Where do Shorts Trade? Intermarket Competition and Information Horizon

Mehrdad Samadi

Southern Methodist University: Cox School of Business

Product Mkt 02: Product Market Competition and Finance
Chair: Gordon Phillips, Dartmouth College
Discussant: Hernan Ortiz-Molina
 

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

Sudipto Dasgupta1,2,3, Alminas Zaldokas1

1: HKUST, Hong Kong S.A.R. (China); 2: Lancaster University; 3: CEPR

Theory macro 02: Corporate Theory With Applications to Macroeconomics
Chair: Richard Lowery, UT
Discussant: Tim Landvoigt, University of Texas at Austin
 

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

Tomasz Piskorski1, Alexei Tchistyi2

1: Columbia University; 2: University of Illinois

11:05am
-
12:00pm
Bonds 03: Bond, Fixed Income and Cross section
Chair: Christian Lundblad, UNC at Chapel Hill
 

Fire-Sale Spillovers in Debt Markets

antonio falato1, ali hortacsu2, dan li3, chaehee shin4

1: federal reserve board, United States of America; 2: university of chicago; 3: federal reserve board, United States of America; 4: federal reserve board, United States of America

Equity I 03: Equity Returns-Theory - I
Chair: Burton Hollifield, Carnegie Mellon University
 

The Lost Capital Asset Pricing Model

Daniel Andrei1, Julien Cujean2, Mungo Wilson3

1: UCLA, United States of America; 2: U of Maryland; 3: U of Oxford

House I 03: Household finance
Chair: Christopher Palmer, University of California Berkeley
 

Liquidity Constraints and Budgeting Mistakes: Evidence from Social Security Recipients

Jialan Wang1, Jesse Leary2

1: University of Illinois at Urbana-Champaign, United States of America; 2: Consumer Financial Protection Bureau

Inv Emp 03: Investment -Empirical
Chair: Jeffrey Pontiff, Boston College
Discussant: Debarshi Nandy, Brandeis University
 

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

Justin Murfin2, Jawad Addoum1

1: Yale, United States of America; 2: Cornell

M&A 03: M&A, Corporate Restructuring and Private Equity
 

The effects of business group affiliation: Evidence from firms being “left alone”

Borja Larrain1, Giorgo Sertsios2, Franscisco Urzua3

1: Pontificia Universidad Catolica de Chile, Chile; 2: Universidad de los Andes; 3: Rotterdam SoM

MS:Trade 03: Microstructure: Trading
Chair: Mao Ye, University of Illinois
 

High-Frequency Trading and Market Performance

Markus Baldauf1, Joshua Mollner2

1: Sauder School of Management, University of British Columbia; 2: Kellogg School of Management, Northwestern University, United States of America

Product Mkt 03: Product Market Competition and Finance
Chair: Gordon Phillips, Dartmouth College
Discussant: N.R. Prabhala, University of Maryland
 

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

Manpreet Singh

Georgia Institute of Technology, United States of America

Theory macro 03: Corporate Theory With Applications to Macroeconomics
Chair: Richard Lowery, UT
Discussant: Petro Gete, Georgetown University
 

Sustainable Housing Policy

Itay Goldstein, Deeksha Gupta

University of Pennsylvania, Wharton School of Business, United States of America

1:30pm
-
2:25pm
Bonds 04: Bond, Fixed Income and Cross section
Chair: Christian Lundblad, UNC at Chapel Hill
 

Credit Risk Hedging

Nina Boyarchenko1, Anna Costello2, Jennifer La'O3,4, Or Shachar1

1: Federal Reserve Bank of New York; 2: University of Michigan, Ross School of Business; 3: Columbia University; 4: NBER

Equity I 04: Equity Returns-Theory - I
Chair: Burton Hollifield, Carnegie Mellon University
 

The Sound of Many Funds Rebalancing

alexander chinco1, Vyacheslav Fos2

1: University of Illinois-Urbana-Champaign, United States of America; 2: Boston College

House I 04: Household finance
Chair: Christopher Palmer, University of California Berkeley
 

Low Interest Rates and Risk Taking: Evidence from Individual Investment Decisions

Yueran Ma1, Chen Lian2, Carmen Wang1

1: Harvard University; 2: Massachusetts Institute of Technology

Inv Emp 04: Investment -Empirical
Chair: Jeffrey Pontiff, Boston College
Discussant: Eric Kelley, University of Tennessee, Knoxville
 

Tracking Retail Investor Activity

EKKEHART BOEHMER3, CHARLES JONES2, XIAOYAN ZHANG1

1: Purdue University, United States of America; 2: Columbia University; 3: Singapore Management University

M&A 04: M&A, Corporate Restructuring and Private Equity
 

International Trade and the Propagation of Merger Waves

M Farooq Ahmad1, Eric de Bodt2, Jarrad Harford3

1: IÉSEG School of Management, France; 2: Université Lille 2, France; 3: University of Washington, United States

MS:Trade 04: Microstructure: Trading
Chair: Mao Ye, University of Illinois
 

Agency Trading and Principal Trading

Jiacui Li, Wenhao Li

Stanford Graduate School of Business

Product Mkt 04: Product Market Competition and Finance
Chair: Gordon Phillips, Dartmouth College
Discussant: Mitchell Peterson, Northwestern
 

Trade Credit and Supplier Competition

Jiri Chod1, Evgeny Lyandres2, S. Alex Yang3

1: Boston College; 2: Boston University; 3: London Business School

Theory macro 04: Corporate Theory With Applications to Macroeconomics
Chair: Richard Lowery, UT
Discussant: Zhiguo He, University of Chicago
 

Capital Share Dynamics When Firms Insure Managers

Barney Hartman-Glaser1, Hanno Lustig2, Mindy Zhang3

1: UCLA Anderson School; 2: Stanford GSB; 3: Univ. of Texas at Austin, United States of America

2:40pm
-
3:35pm
Bonds 05: Bond, Fixed Income and Cross section
Chair: Christian Lundblad, UNC at Chapel Hill
 

Lender Protection versus Risk Compensation: Evidence from the Bilateral Repo Market

Jun Kyung Auh1, Mattia Landoni2

1: Georgetown University, United States of America; 2: Southern Methodist University, United States of America

Equity I 05: Equity Returns-Theory - I
Chair: Burton Hollifield, Carnegie Mellon University
 

Market Integration and Global Crashes

Aytek Malkhozov1, Semyon Malamud2

1: Federal Reserve Board, United States of America; 2: EPFL

House I 05: Household finance
Chair: Christopher Palmer, University of California Berkeley
 

YOLO: Mortality Beliefs and Household Finance Puzzles

Raphael Sebastian Schoenle3, Rawley Heimer1, Kristian Myrseth2

1: Brandeis University, United States of America; 2: Cleveland Fed; 3: Trinity College Dublin

Inv Emp 05: Investment -Empirical
Chair: Jeffrey Pontiff, Boston College
Discussant: Paul Irvine, Texas Christian University
 

The Value of Hot News: Intellectual Property and the Sell-Side Research Industry

Daniel Bradley1, Jonathan Clarke2, Linghang Zeng2

1: University South Florida, United States of America; 2: Georgia Institute of Technology

M&A 05: M&A, Corporate Restructuring and Private Equity
 

Mergers and Acquisitions, Technological Change and Inequality

Wenting Ma1, Paige Ouimet2, Elena Simintzi3

1: UNC, Economics; 2: UNC, Kenan-Flagler School of Business; 3: UBC

MS:Trade 05: Microstructure: Trading
Chair: Mao Ye, University of Illinois
 

Back-Running: Seeking and Hiding Fundamental Information in Order Flows

Liyan Yang1, Haoxiang Zhu2

1: University of Toronto, Canada; 2: MIT

Product Mkt 05: Product Market Competition and Finance
Chair: Gordon Phillips, Dartmouth College
Discussant: Gerard Hoberg, University of Southern California
 

Commonality in Institutional Ownership and Competition in Product Markets

Marios Panayides, Shawn Thomas

University of Pittsburgh, United States of America

Theory macro 05: Corporate Theory With Applications to Macroeconomics
Chair: Richard Lowery, UT
Discussant: Yufeng Wu, University of Illinois at Urbana-Champaign
 

The Effect of Taxation on Corporate Financing and Investment

Murray Frank1, Hong Chen2

1: University of Minnesota, Carlson School of Management, United States of America; 2: Shanghai Advanced Institute in Finance,

Date: Wednesday, 17/May/2017
8:45am
-
9:40am
Bankruptcy01: Bankruptcy and Liquidity Management
Chair: Erik Gilje, Wharton
 

Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?

Cem Cem Demiroglu3, Julian Franks2, Ryan Lewis1

1: University of Colorado, United States of America; 2: London Business School; 3: Koc University

Boards 01: Boards and Governance
Chair: Diane Del Guercio, University of Oregon
Discussant: Stuart Gillan, University of Georgia
 

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

Mike Burkart2, Salvatore Miglietta1, Charlotte Ostergaard1

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

Debt and returns 01: Debt, product market, patents and cross section of returns
Chair: Brent Glover, Carnegie Mellon University
 

Industry competition, credit spreads, and levered equity returns

Alexandre Corhay

University of Toronto - Rotman School of Management, Canada

Equity II 01: Equity Returns-Theory II
Chair: Liyan Yang, University of Toronto
 

A model of multi-frequency trade

Charles Nathanson, Ian Dew-Becker, Nicolas Crouzet

Northwestern University, United States of America

Global games 01: Global Games and Security Design: Applications to Corporate Theory
Chair: Ming Yang, Duke University
 

The Informativeness Principle Under Limited Liability

Alexander James Edmans, Pierre Chaigneau, Daniel Gottlieb

London Business School, United Kingdom

House II 01: Household Finance/Investment
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: James Albertus, Carnegie Mellon University
 

Strategic Default on Student Loans

Constantine Nicholas Yannelias

New York University, United States of America

Innovation 01: Innovation and Small Business Finance
Chair: Elena Loutskina, University of Virginia
 

Profit Sharing: A Contracting Solution to Harness the Wisdom of the Crowd

Jiasun Li

George Mason University, United States of America

Micro: security 01: Microstructure: Securities Markets
Chair: Brian Weller, Duke University
Discussant: Markus Baldauf, University of British Columbia
 

Prices and Price Limits

Jonathan Brogaard1, Kevin Roshak2

1: University of Washington; 2: University of Houston

9:55am
-
10:50am
Bankruptcy02: Bankruptcy and Liquidity Management
Chair: Erik Gilje, Wharton
 

Bankruptcy Spillovers

Shai Bernstein2, Emanuele Colonnelli1, Xavier Giroud3, Benjamin Iverson4

1: Stanford University; 2: Stanford University, NBER; 3: MIT Sloan, NBER, and CEPR; 4: Northwestern University

Boards 02: Boards and Governance
Chair: Diane Del Guercio, University of Oregon
Discussant: Michelle Lowry, Drexel University
 

How Costly is Forced Gender-Balancing of Corporate Boards?

Bjorn Espen Eckbo1, Knut Nygaard2, Karin Thorburn3

1: Dartmouth College, United States of America; 2: Oslo Business School, Norway; 3: Norwegian School of Economics, Norway

Debt and returns 02: Debt, product market, patents and cross section of returns
Chair: Brent Glover, Carnegie Mellon University
 

Understanding the Behavior of Distressed Stocks

Colin Ward1, Joao Gomes2, Yasser Boualam3

1: University of Minnesota; 2: The Wharton School; 3: University of North Carolina, Chapel Hill

Equity II 02: Equity Returns-Theory II
Chair: Liyan Yang, University of Toronto
 

Financial markets with hierarchical information

Efstathios Avdis, Masahiro Watanabe

University of Alberta, Canada

Global games 02: Global Games and Security Design: Applications to Corporate Theory
Chair: Ming Yang, Duke University
 

Credit Rating Inflation and Firms' Investments

Itay Goldstein1, Chong Huang2

1: Wharton School, University of Pennsylvania,; 2: UC Irvine, United States of America

House II 02: Household Finance/Investment
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Anisha Ghosh, Carnegie Mellon University
 

Wealth, Portfolio Allocations, and Risk Preference

Joseph Briggs1, David Cesarini2, Erik Lindqvist3, Robert Ostling4

1: Federal Reserve Board of Governors, United States of America; 2: New York University; 3: Stockholm School of Economics; 4: Institute for International Economic Studies, Stockholm University

Innovation 02: Innovation and Small Business Finance
Chair: Elena Loutskina, University of Virginia
 

Venturing Beyond the IPO: Financing of Newly Public Firms by Pre-IPO Investors

Peter Iliev1, Michelle Lowry2

1: Penn State U, United States of America; 2: Drexel Unversity, United States of America

Micro: security 02: Microstructure: Securities Markets
Chair: Brian Weller, Duke University
Discussant: Batchimeg Sambalaibat, Indiana University
 

"Smart" Settlement

Mariana Khapko1, Marius Andrei Zoican2

1: University of Toronto; 2: Universite Paris-Dauphine, France

11:05am
-
12:00pm
Bankruptcy03: Bankruptcy and Liquidity Management
Chair: Erik Gilje, Wharton
 

Weathering Cash Flow Shocks

James R. Brown1, Matthew T. Gustafson2, Ivan T. Ivanov3

1: Iowa State University, United States of America; 2: Penn State University, United States of America; 3: Federal Reserve Board, United States of America

Boards 03: Boards and Governance
Chair: Diane Del Guercio, University of Oregon
Discussant: Katharina Lewellen, Dartmouth University
 

Changing of the Guards: Does Succession Planning Matter?

Dragana Cvijanovic, Nickolay Gantchev, Sunwoo Hwang

University of North Carolina at Chapel Hill, United States of America

Debt and returns 03: Debt, product market, patents and cross section of returns
Chair: Brent Glover, Carnegie Mellon University
 

Product Market Competition and Option Prices

Alexei Zhdanov1, Erwan Morellec2

1: Penn State University, United States of America; 2: EPFL, Swiss Finance Institute, Switzerland

Equity II 03: Equity Returns-Theory II
Chair: Liyan Yang, University of Toronto
 

Equilibrium Asset Pricing in Directed Networks with Mutually Exciting Jumps

Patrick Konermann2, Nicole Branger1, Meinerding Christoph3, Schlag Christian3

1: University of Muenster, Germany; 2: BI Norwegian Business School, Norway; 3: Goethe University Frankfurt, Germany

Global games 03: Global Games and Security Design: Applications to Corporate Theory
Chair: Ming Yang, Duke University
 

Optimal Security Design under Asymmetric Information: A Robust Approach

Andrey Malenko1, Anton Tsoy2

1: MIT, United States of America; 2: EIEF, Italy

House II 03: Household Finance/Investment
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Davide Malacrino, Stanford University
 

Savvy Parent, Savvy Child? Intergenerational Correlations in Returns to Financial Wealth

Samuli Knüpfer1, Elias Rantapuska2, Matti Sarvimäki2

1: BI Norwegian Business School; 2: Aalto University School of Business

Innovation 03: Innovation and Small Business Finance
Chair: Elena Loutskina, University of Virginia
 

Patent Trolls and Small Business Employment

Ian Appel1, Joan Farre-Mensa2, Elena Simintzi3

1: Boston College, United States of America; 2: Harvard University; 3: University of British Columbia

Micro: security 03: Microstructure: Securities Markets
Chair: Brian Weller, Duke University
Discussant: Andriy Shkilko, Wilfrid Laurier University
 

Choice of Order Size and Price Discovery: The Last Digit Puzzle

Rene Wells

University of Luxembourg, Luxembourg

1:30pm
-
2:25pm
Bankruptcy04: Bankruptcy and Liquidity Management
Chair: Erik Gilje, Wharton
 

Debt Structure as a Strategic Bargaining Tool

Yue Qiu

University of Minnesota, United States of America

Boards 04: Boards and Governance
Chair: Diane Del Guercio, University of Oregon
Discussant: Yihui Pan, University of Utah
 

Debt Contracting on Management

Brian Akins, David De Angelis, Maclean Gaulin

Rice University, United States of America

Debt and returns 04: Debt, product market, patents and cross section of returns
Chair: Brent Glover, Carnegie Mellon University
 

Falling into Traps? Patent Thickets, Patent Commercialization, and Stock Returns

Po-Hsuan Hsu, Hsiao-Hui Lee, Tong Zhou

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

Equity II 04: Equity Returns-Theory II
Chair: Liyan Yang, University of Toronto
 

Constrained Asset Prices

Jordan Martel, Edward Van Wesep

University of Colorado Boulder, United States of America

Global games 04: Global Games and Security Design: Applications to Corporate Theory
Chair: Ming Yang, Duke University
 

Conceal to Coordinate

Snehal Banerjee1, Taejin Kim2, Vishal Mangla3

1: University of California, San Diego, CA, United States; 2: The Chinese University of Hong Kong, Hong Kong S.A.R. (China); 3: Moody's Analytics, San Francisco, CA, United States

House II 04: Household Finance/Investment
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Leora Klapper, World Bank
 

Growing Up Without Finance

Rawley Heimer1, James Brown2, Anthony Cookson3

1: Federal Reserve Bank of Cleveland, United States of America; 2: Iowa State; 3: Colorado - Boulder

Innovation 04: Innovation and Small Business Finance
Chair: Elena Loutskina, University of Virginia
 

How do Investors Accumulate Network Capital? Evidence from Angel Networks

Buvaneshwaran Venugopal, Vijay Yerramilli

University of Houston, United States of America

Micro: security 04: Microstructure: Securities Markets
Chair: Brian Weller, Duke University
Discussant: Alex Chinco, Illinois
 

Rare Events and the Persistence of Uncertainty

Savitar Sundaresan

Imperial College, United States of America

2:40pm
-
3:35pm
Bankruptcy05: Bankruptcy and Liquidity Management
Chair: Erik Gilje, Wharton
 

Default, Debt Maturity and Investment Dynamics

Nicolas Crouzet

Kellogg School of Management, Northwestern University, United States of America

Boards 05: Boards and Governance
Chair: Diane Del Guercio, University of Oregon
Discussant: antonio falato, federal reserve board
 

Sorting in the U.S. Corporate Executive Labor Market

Egor Matveyev

University of Alberta, Canada

Debt and returns 05: Debt, product market, patents and cross section of returns
Chair: Brent Glover, Carnegie Mellon University
 

Government Debt and the Returns to Innovation

Thien Nguyen2, Max Croce1, Lukas Schmid4, Steve Raymond3

1: OSU, United States of America; 2: UNC; 3: Duke; 4: UNC

Equity II 05: Equity Returns-Theory II
Chair: Liyan Yang, University of Toronto
 

Speculation with Information Disclosure

Paolo Pasquariello, Yifei Wang

Ross School of Business, University of Michigan, United States of America

Global games 05: Global Games and Security Design: Applications to Corporate Theory
Chair: Ming Yang, Duke University
 

Information Acquisition and Corporate Debt Illiquidity

Ilona Babenko1, Lei Mao2

1: Arizona State University, USA; 2: Chinese University of Hong Kong, Shenzhen, China, People's Republic of

House II 05: Household Finance/Investment
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Asaf Bernstein, University of Colorado
 

House Prices, Mortgage Debt, and Labor Mobility

Radhakrishnan Gopalan, Barton Hamilton, Ankit Kalda, David Sovich

Washington University in St Louis, United States of America

Innovation 05: Innovation and Small Business Finance
Chair: Elena Loutskina, University of Virginia
 

Shareholder Litigation and Corporate Innovation

Chen Lin1, Sibo Liu1, Gustavo Manso2

1: University of Hong Kong, Hong Kong S.A.R. (China); 2: Haas School of Business, University of California at Berkeley

Micro: security 05: Microstructure: Securities Markets
Chair: Brian Weller, Duke University
Discussant: Jiasun Li, George Mason University
 

Do Countries Matter for Information Diffusion in Financial Markets? Evidence from Global Supply-Chain Networks

Ling Cen, Craig Doidge, Christoph Schiller

Rotman School of Management, University of Toronto

Date: Thursday, 18/May/2017
8:45am
-
9:40am
Behavioral Invest 01: Behavioral Investments
Chair: Jeffrey Wurgler, NYU Stern School of Business
 

Short and Long Horizon Behavioral Factors

Kent Daniel1, David Hirshleifer2, Lin Sun3

1: Columbia University; 2: University of California, Irvine; 3: Florida State University

Cash & Capital 01: Cash and Capital allocation within firms
Chair: Oguzhan Ozbas, USC Marshall School of Business
Discussant: Justin Murfin, Yale
 

Kinky Tax Policy and Abnormal Investment Behavior

Qiping Xu1, Eric Zwick2

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

Cross section 01: Investment/Cross section of returns
Chair: Nikolai Roussanov, University of Pennsylvania
 

What Drives Anomaly Returns?

Lars Lochstoer1, Paul Tetlock2

1: UCLA Anderson School of Business; 2: Columbia Business School

Derivatives 01: Derivatives
Chair: Michael Johannes, Columbia University
Discussant: Christopher Jones, USC Marshall School of Business
 

Why Do Option Returns Change Sign from Day to Night?

Dmitriy Muravyev1, Xuechuan Ni2

1: Boston College, United States of America; 2: Boston College, United States of America

Entrepren Fin 01: Entrepreneurial finance
Chair: Xinxin Wang, University of North Carolina
Discussant: Jessica Jeffers, University of Pennsylvania
 

Intellectual Property Allocation and Firm Investments in Innovation

Zack Liu

University of Texas at Austin, United States of America

Labor 01: Labor Markets and Finance
Chair: William Mullins, University of Maryland
 

Employment Protection, Investment, and Firm Growth

Douglas Fairhurst1, Matthew Serfling2

1: Washington State University; 2: University of Tennessee

Loans 01: The Loan Production Function
Chair: Sergey Chernenko, Ohio State
 

Bad times, good credit

Bo Becker1, Marieke Bos2, Kasper Roszbach3

1: Stockholm School of Economics, CEPR; 2: Swedish House of Finance; 3: Sveriges Riksbank

Macro-Finance 01: Macro-Finance
Chair: Ivan Shaliastovich
Discussant: Gill Segal, University of North Carolina
 

Level and Volatility Shocks to Fiscal Policy: Term Structure Implications

Lorenzo Bretscher2, Alex Hsu1, Andrea Tamoni2

1: Georgia Institute of Technology, United States of America; 2: London School of Economics

9:55am
-
10:50am
Behavioral Invest 02: Behavioral Investments
Chair: Jeffrey Wurgler, NYU Stern School of Business
 

Do security analysts learn from their colleagues?

Kenny Phua1, Mandy Tham2, Chishen Wei1

1: Nanyang Technological University, Singapore; 2: Wealth Management Institute, Singapore

Cash & Capital 02: Cash and Capital allocation within firms
Chair: Oguzhan Ozbas, USC Marshall School of Business
Discussant: Daniel Carvalho, USC
 

The Bright Side of Political Uncertainty: The Case of R&D

Brandon Julio1, Julian Atanassov2, Tiecheng Leng3

1: University of Oregon, United States of America; 2: University of Nebraska; 3: Sun Yat-sen University

Cross section 02: Investment/Cross section of returns
Chair: Nikolai Roussanov, University of Pennsylvania
 

Dissecting Characteristics Nonparametrically

Joachim Freyberger2, Andreas Neuhierl3, Michael Weber1

1: University of Chicago, United States of America; 2: University of Wisconsin at Madison; 3: University of Notre Dame

Derivatives 02: Derivatives
Chair: Michael Johannes, Columbia University
Discussant: Bjorn Espen Eckbo, Dartmouth College
 

Option-Implied Correlations, Factor Models, and Market Risk

Adrian Buss1, Lorenzo Schönleber2, Grigory Vilkov2

1: INSEAD; 2: Frankfurt School of Finance & Management, Germany

Entrepren Fin 02: Entrepreneurial finance
Chair: Xinxin Wang, University of North Carolina
Discussant: Michael Ewens, California Institute of Technology
 

Mutual Fund Investments in Private Firms

Sungjoung Kwon1, Michelle Lowry1, Yiming Qian2

1: Drexel University; 2: University of IOWA

Labor 02: Labor Markets and Finance
Chair: William Mullins, University of Maryland
 

Drivers of Effort: Evidence from Employee Absenteeism

Morten Bennedsen1, Margarita Tsoutsoura2, Daniel Wolfenzon3

1: INSEAD; 2: University of Chicago; 3: Columbia University

Loans 02: The Loan Production Function
Chair: Sergey Chernenko, Ohio State
 

Decision-making delegation in banks

Jennifer Dlugosz, YongKyu Gam, Radhakrishnan Gopalan, Janis Skrastins

Washington University in St. Louis, United States of America

Macro-Finance 02: Macro-Finance
Chair: Ivan Shaliastovich
Discussant: Dongho Song, Boston College
 

Monetary Policy and the Stock Market: Time-Series Evidence

Andreas Neuhierl1, Michael Weber2

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

11:05am
-
12:00pm
Behavioral Invest 03: Behavioral Investments
Chair: Jeffrey Wurgler, NYU Stern School of Business
 

Insider Investment Horizon

Ferhat Akbas1, Chao Jiang2, Paul Koch3

1: University of Kansas, United States of America; 2: University of South Carolina, United States of America; 3: University of Kansas, United States of America

Cash & Capital 03: Cash and Capital allocation within firms
Chair: Oguzhan Ozbas, USC Marshall School of Business
Discussant: antonio falato, federal reserve board
 

Firm Selection and Corporate Cash Holdings

berardino palazzo1, juliane begenau2

1: Questrom School of Business, United States of America; 2: Harvard Business School

Cross section 03: Investment/Cross section of returns
Chair: Nikolai Roussanov, University of Pennsylvania
 

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

Dmitriy Muravyev1, Neil Pearson2, Joshua Pollet2

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

Derivatives 03: Derivatives
Chair: Michael Johannes, Columbia University
Discussant: Oleg Rytchkov, Temple University
 

Margin Requirements and Equity Option Returns

Steffen Hitzemann1, Michael Hofmann2, Marliese Uhrig-Homburg2, Christian Wagner3

1: Fisher College of Business, The Ohio State University; 2: Karlsruhe Institute of Technology, Germany; 3: Copenhagen Business School, Denmark

Entrepren Fin 03: Entrepreneurial finance
Chair: Xinxin Wang, University of North Carolina
Discussant: Laura Lindsey, Arizona State University
 

Going Entrepreneurial? IPOs and New Firm Creation

Tania Babina1, Paige Ouimet2, Rebecca Zarutskie3

1: Columbia; 2: UNC; 3: Federal Reserve

Labor 03: Labor Markets and Finance
Chair: William Mullins, University of Maryland
 

FINANCE IN THE NEW US ECONOMY: DOES LOCAL FINANCE INFLUENCE POST-INDUSTRIAL JOB GROWTH?

Elizabeth Anne Berger

Cornell University, United States of America

Loans 03: The Loan Production Function
Chair: Sergey Chernenko, Ohio State
Discussant: Janet Gao, Indiana University
 

The Role of Bankers in the U.S. Syndicated Loan Market

Christoph Herpfer

SFI at EPFL, Switzerland

Macro-Finance 03: Macro-Finance
Chair: Ivan Shaliastovich
Discussant: Carolin Pflueger, UBC
 

Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market

Tomas Williams

Universitat Pompeu Fabra, Spain

1:30pm
-
2:25pm
Behavioral Invest 04: Behavioral Investments
Chair: Jeffrey Wurgler, NYU Stern School of Business
 

Salience Theory and Stock Prices: Empirical Evidence

Mathijs Cosemans1, Rik Frehen2

1: Rotterdam School of Management, Erasmus University; 2: Tilburg University

Cash & Capital 04: Cash and Capital allocation within firms
Chair: Oguzhan Ozbas, USC Marshall School of Business
Discussant: Laurent Frésard, University of Maryland
 

Persistent Operating Losses and Corporate Financial Policies

David Denis1, Stephen McKeon2

1: University of Pittsburgh,; 2: University of Oregon

Cross section 04: Investment/Cross section of returns
Chair: Nikolai Roussanov, University of Pennsylvania
 

Out-of-sample performance of mutual fund predictors

Christopher Jones1, Haitao Mo2

1: USC Marshall School of Business; 2: Louisiana State University

Derivatives 04: Derivatives
Chair: Michael Johannes, Columbia University
Discussant: Norman Seeger, VU University Amsterdam
 

Do Idiosyncratic Jumps Matter?

Nishad Kapadia, Morad Zekhnini

Tulane University, United States of America

Entrepren Fin 04: Entrepreneurial finance
Chair: Xinxin Wang, University of North Carolina
Discussant: Ting Xu, University of British Columbia
 

The Usual Suspects: Experienced Backers and Early Stage Venture Success

Emma Li1, Spencer Martin2

1: University of Melbourne, Australia & ANU, Australia; 2: Universityu of Melbourne, Australia

Labor 04: Labor Markets and Finance
Chair: William Mullins, University of Maryland
 

Skilled Labor Supply and Corporate Investment: Evidence from the H-1B Visa Program

Sheng-Jun Xu

University of British Columbia, Canada

Loans 04: The Loan Production Function
Chair: Sergey Chernenko, Ohio State
Discussant: Juliane Begenau, Harvard Business School
 

Hidden Cost of Better Bank Services: Carefree Depositors in Riskier Banks?

Dong Beom Choi, Ulysses Velasquez

Federal Reserve Bank of New York, United States of America

Macro-Finance 04: Macro-Finance
Chair: Ivan Shaliastovich
Discussant: Ricardo Colacito, UNC
 

Price of Long-Run Temperature Shifts in Capital Markets

Ravi Bansal1, Dana Kiku2, Marcelo Ochoa3

1: Duke University; 2: University of Illinois at Urbana-Champaign; 3: Federal Reserve Board

2:40pm
-
3:35pm
Behavioral Invest 05: Behavioral Investments
Chair: Jeffrey Wurgler, NYU Stern School of Business
 

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

Paige Ouimet, Geoffrey Tate

UNC,

Cash & Capital 05: Cash and Capital allocation within firms
Chair: Oguzhan Ozbas, USC Marshall School of Business
Discussant: Jean-Noel BARROT, MIT
 

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

Felipe Restrepo1, Philip E. Strahan2, Lina Cardona-Sosa3

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

Cross section 05: Investment/Cross section of returns
Chair: Nikolai Roussanov, University of Pennsylvania
 

Precautionary Savings in Stocks and Bonds

Carolin Pflueger1, Emil Siriwardane2, Adi Sunderam2

1: University of British Columbia; 2: Harvard Business School

Derivatives 05: Derivatives
Chair: Michael Johannes, Columbia University
Discussant: Dmitriy Muravyev, Boston College
 

Manipulation in the VIX?

John Griffin, Amin Shams

UT Austin, United States of America

Entrepren Fin 05: Entrepreneurial finance
Chair: Xinxin Wang, University of North Carolina
Discussant: Geraldo Cerqueiro, Catolica Lisbon School of Business and Economics
 

Creditor Rights and Entrepreneurship: Evidence from Fraudulent Transfer Law

Rustom Irani1, Nuri Ersahin1, Katherine Waldock2

1: University of Illinois at Urbana-Champaign, United States of America; 2: New York University, United States of America

Labor 05: Labor Markets and Finance
Chair: William Mullins, University of Maryland
 

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

Alex Edmans1, Lucius Li2, Chendi Zhang3

1: London Business School; 2: London School of Economics; 3: University of Warwick

Loans 05: The Loan Production Function
Chair: Sergey Chernenko, Ohio State
 

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

Mark Paddrik2, Haelim Park2, Jessie Jiaxu Wang1

1: Arizona State University, United States of America; 2: Office of Financial Research, U.S. Department of the Treasury

Macro-Finance 05: Macro-Finance
Chair: Ivan Shaliastovich
Discussant: Aytek Malkhozov, Federal Reserve Board
 

Uncertainty shocks as second-moment news shocks

David Berger1, Ian Dew-Becker1, Stefano Giglio2

1: Northwestern University, United States of America; 2: University of Chicago


 
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