Conference Agenda

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

 
Session Overview
Date: Monday, 15/May/2017
6:00pm
-
8:00pm
Welcome Reception
Location: L.A. Jackson in the Thompson Hotel, Rooftop of the Thompson Hotel, 401 11th Avenue S. Nashville, TN 37203
Date: Tuesday, 16/May/2017
8:45am
-
9:40am
Bonds 01: Bond, Fixed Income and Cross section
Location: Owen Building, Room 216
Chair: Christian Lundblad, UNC at Chapel Hill
Discussant: Chotibhak (Pab) Jotikasthira, Southern Methodist University
 

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
Location: Owen Building, Room 220
Chair: Burton Hollifield, Carnegie Mellon University
Discussant: Stanley Zin, New York 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
Location: Owen Building, Room 230
Chair: Christopher Palmer, University of California Berkeley
Discussant: Lorenz Kueng, Northwestern University
 

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

Deniz Aydin

Washington University in St. Louis, United States of America

Inv Emp 01: Investment - Empirical
Location: Owen Building, Room 222
Chair: Jeffrey Pontiff, Boston College
Discussant: Caitlin Dannhauser, Villanova University
 

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
Location: Law School, Room 144
Chair: Matthew Rhodes-Kropf, 3301476642
Discussant: Rebecca Zarutskie, Board of Governors of the Federal Reserve System
 

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
Location: Owen Building, Room 218
Chair: Mao Ye, University of Illinois
Discussant: Briana Chang, UW Madison
 

Core-Periphery Trading Networks

Chaojun Wang

Stanford University, United States of America

Product Mkt 01: Product Market Competition and Finance
Location: Law School, Room 149
Chair: Gordon Phillips, Dartmouth College
Discussant: Rajesh Aggarwal, Northeastern University
 

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
Location: Law School, Room 151
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
Location: Owen Building, Room 216
Chair: Christian Lundblad, UNC at Chapel Hill
Discussant: Paul Schultz, university of Notre Dame
 

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
Location: Owen Building, Room 220
Chair: Burton Hollifield, Carnegie Mellon University
Discussant: Lorenzo Garlappi, UBC
 

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
Location: Owen Building, Room 230
Chair: Christopher Palmer, University of California Berkeley
Discussant: John Krainer, Federal Reserve Bank of San Francisco
 

Import Competition and Household Debt

Jean-Noel Barrot1, Erik Loualiche1, Matthew Plosser2, Julien Sauvagnat3

1: Massachusetts Institute of Technology; 2: Bocconi University; 3: Federal Reserve Bank of New York

Inv Emp 02: Investment - Empirical
Location: Owen Building, Room 222
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
Location: Law School, Room 144
Chair: Matthew Rhodes-Kropf, 3301476642
Discussant: Marcus Opp, University of California, Berkeley
 

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
Location: Owen Building, Room 218
Chair: Mao Ye, University of Illinois
Discussant: Charles Jones, Columbia Business School
 

Where do Shorts Trade? Intermarket Competition and Information Horizon

Mehrdad Samadi1, Adam Reed2, Jonathan Sokobin3

1: Southern Methodist University: Cox School of Business; 2: Kenan-Flagler Business School at the University of North Carolina; 3: FINRA

Product Mkt 02: Product Market Competition and Finance
Location: Law School, Room 149
Chair: Gordon Phillips, Dartmouth College
Discussant: Hernan Ortiz-Molina, University of British Columbia
 

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
Location: Law School, Room 151
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
Location: Owen Building, Room 216
Chair: Christian Lundblad, UNC at Chapel Hill
Discussant: Jesse Blocher, Vanderbilt University
 

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
Location: Owen Building, Room 220
Chair: Burton Hollifield, Carnegie Mellon University
Discussant: Philipp ILLEDITSCH, University of Pennsylvania
 

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
Location: Owen Building, Room 230
Chair: Christopher Palmer, University of California Berkeley
Discussant: Yiwei Zhang, Chicago Booth School of Business
 

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
Location: Owen Building, Room 222
Chair: Jeffrey Pontiff, Boston College
Discussant: Debarshi Nandy, Brandeis University
 

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

Jawad Addoum1, Justin Murfin2

1: Cornell University; 2: Yale University

M&A 03: M&A, Corporate Restructuring and Private Equity
Location: Law School, Room 144
Chair: Matthew Rhodes-Kropf, 3301476642
 

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
Location: Owen Building, Room 218
Chair: Mao Ye, University of Illinois
Discussant: Xin Wang, University of Illinois at Urbana-Champaign
 

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
Location: Law School, Room 149
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
Location: Law School, Room 151
Chair: Richard Lowery, UT
Discussant: Pedro Gete, Georgetown University
 

Sustainable Housing Policy

Itay Goldstein, Deeksha Gupta

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

12:00pm
-
1:30pm
Keynote Speaker Luncheon
Location: Loew's Hotel Ballroom

Keynote Speaker: Matthew Spiegel, Yale University

1:30pm
-
2:25pm
Bonds 04: Bond, Fixed Income and Cross section
Location: Owen Building, Room 216
Chair: Christian Lundblad, UNC at Chapel Hill
Discussant: Emil Siriwardane, Harvard Business School
 

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
Location: Owen Building, Room 220
Chair: Burton Hollifield, Carnegie Mellon University
Discussant: Artem Neklyudov, HEC Lausanne and Swiss Finance Institute
 

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
Location: Owen Building, Room 230
Chair: Christopher Palmer, University of California Berkeley
Discussant: Claire Celerier, University of Toronto
 

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
Location: Owen Building, Room 222
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
Location: Law School, Room 144
Chair: Matthew Rhodes-Kropf, 3301476642
Discussant: Bjorn Espen Eckbo, Dartmouth College
 

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
Location: Owen Building, Room 218
Chair: Mao Ye, University of Illinois
Discussant: Batchimeg Sambalaibat, Indiana University
 

Agency Trading and Principal Trading

Jiacui Li, Wenhao Li

Stanford Graduate School of Business

Product Mkt 04: Product Market Competition and Finance
Location: Law School, Room 149
Chair: Gordon Phillips, Dartmouth College
Discussant: Mitchell Petersen, Northwestern University
 

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
Location: Law School, Room 151
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
Location: Owen Building, Room 216
Chair: Christian Lundblad, UNC at Chapel Hill
Discussant: Philip Strahan, Boston College
 

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
Location: Owen Building, Room 220
Chair: Burton Hollifield, Carnegie Mellon University
Discussant: Ariel Zetlin-Jones, 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
Location: Owen Building, Room 230
Chair: Christopher Palmer, University of California Berkeley
Discussant: Felipe Severino, Dartmouth
 

House Prices, Mortgage Debt, and Labor Mobility

Radhakrishnan Gopalan, Barton Hamilton, Ankit Kalda, David Sovich

Washington University in St Louis, United States of America

Inv Emp 05: Investment - Empirical
Location: Owen Building, Room 222
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
Location: Law School, Room 144
Chair: Matthew Rhodes-Kropf, 3301476642
Discussant: David Robinson, Duke University Fuqua School
 

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
Location: Owen Building, Room 218
Chair: Mao Ye, University of Illinois
Discussant: Kerry Back, Rice University
 

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
Location: Law School, Room 149
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
Location: Law School, Room 151
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,

3:45pm
-
4:15pm
Special SFS Journal Paper Presentation: The Review of Asset Pricing Studies Keynote Paper
Location: Averburch Auditorium, Owen Graduate School, 1st Floor

Keynote Speaker: Ivo Welch, University of California, Los Angeles

6:00pm
-
9:00pm
Reception
Location: The Bridge Building, Across the Cumberland River at 2 Victory Ave #100, Nashville, TN 37213 - Adjacent to Nissan Stadium
Date: Wednesday, 17/May/2017
8:45am
-
9:40am
Bankruptcy01: Bankruptcy and Liquidity Management
Location: Owen Building, Room 216
Chair: Erik Gilje, Wharton
Discussant: Michael Schwert, Ohio State University
 

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
Location: Owen Building, Room 222
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
Location: Law School, Room 144
Chair: Brent Glover, Carnegie Mellon University
Discussant: Dirk Hackbarth, Boston 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
Location: Law School, Room 151
Chair: Liyan Yang, University of Toronto
Discussant: alexander chinco, University of Illinois-Urbana-Champaign
 

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
Location: Owen Building, Room 230
Chair: Ming Yang, Duke University
Discussant: Barney Hartman-Glaser, UCLA
 

The Value of Performance Signals Under Contracting Constraints

Alexander James Edmans, Pierre Chaigneau, Daniel Gottlieb

London Business School, United Kingdom

House II 01: Household Finance/Investment
Location: Law School, Room 149
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
Location: Owen Building, Room 218
Chair: Elena Loutskina, University of Virginia
Discussant: David Robinson, Duke University Fuqua School
 

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
Location: Owen Building, Room 220
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
Location: Owen Building, Room 216
Chair: Erik Gilje, Wharton
Discussant: Erik von Schedvin, Sveriges Riksbank
 

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
Location: Owen Building, Room 222
Chair: Diane Del Guercio, University of Oregon
Discussant: Katharina Lewellen, Dartmouth College
 

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 02: Debt, Product Market, Patents and Cross Section of Returns
Location: Law School, Room 144
Chair: Brent Glover, Carnegie Mellon University
Discussant: Lorenzo Garlappi, UBC
 

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
Location: Law School, Room 151
Chair: Liyan Yang, University of Toronto
Discussant: Francesco Sangiorgi, Stockholm School of Economics
 

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
Location: Owen Building, Room 230
Chair: Ming Yang, Duke University
Discussant: Uday Rajan, University of Michigan
 

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
Location: Law School, Room 149
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
Location: Owen Building, Room 218
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
Location: Owen Building, Room 220
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
Location: Owen Building, Room 216
Chair: Erik Gilje, Wharton
Discussant: Kristle Romero Cortes, Federal Reserve Bank of Cleveland
 

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
Location: Owen Building, Room 222
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 03: Debt, Product Market, Patents and Cross Section of Returns
Location: Law School, Room 144
Chair: Brent Glover, Carnegie Mellon University
Discussant: berardino palazzo, Questrom School of Business
 

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
Location: Law School, Room 151
Chair: Liyan Yang, University of Toronto
Discussant: Hengjie Ai, University of Minnesota
 

Equilibrium Asset Pricing in Directed Networks

Nicole Branger1, Patrick Konermann2, Christoph Meinerding3, Christian Schlag4

1: University of Muenster; 2: BI Norwegian Business School, Norway; 3: Deutsche Bundesbank; 4: Goethe University Frankfurt, Germany

Global games 03: Global Games and Security Design: Applications to Corporate Theory
Location: Owen Building, Room 230
Chair: Ming Yang, Duke University
Discussant: Diego Garcia, University of Colorado Boulder
 

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 03: Household Finance/Investment
Location: Law School, Room 149
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
Location: Owen Building, Room 218
Chair: Elena Loutskina, University of Virginia
Discussant: Manuel Adelino, duke
 

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
Location: Owen Building, Room 220
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

12:00pm
-
1:30pm
SFS Annual Membership Luncheon
Location: Law School 1st Floor
1:30pm
-
2:25pm
Bankruptcy04: Bankruptcy and Liquidity Management
Location: Owen Building, Room 216
Chair: Erik Gilje, Wharton
Discussant: William Mann, UCLA Anderson School of Management
 

Debt Structure as a Strategic Bargaining Tool

Yue Qiu

University of Minnesota, United States of America

Boards 04: Boards and Governance
Location: Owen Building, Room 222
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
Location: Law School, Room 144
Chair: Brent Glover, Carnegie Mellon University
Discussant: Olga Itenberg, University of Rochester
 

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
Location: Law School, Room 151
Chair: Liyan Yang, University of Toronto
Discussant: Zhiguo He, University of Chicago
 

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
Location: Owen Building, Room 230
Chair: Ming Yang, Duke University
Discussant: Hengjie Ai, University of Minnesota
 

Optimal Security Design under Asymmetric Information: A Robust Approach

Andrey Malenko1, Anton Tsoy2

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

House II 04: Household Finance/Investment
Location: Law School, Room 149
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
Location: Owen Building, Room 218
Chair: Elena Loutskina, University of Virginia
Discussant: Richard Townsend, University of California, San Diego
 

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
Location: Owen Building, Room 220
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
Location: Owen Building, Room 216
Chair: Erik Gilje, Wharton
Discussant: Ram Yamarthy, University of Pennsylvania
 

Default, Debt Maturity and Investment Dynamics

Nicolas Crouzet

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

Boards 05: Boards and Governance
Location: Owen Building, Room 222
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
Location: Law School, Room 144
Chair: Brent Glover, Carnegie Mellon University
Discussant: Lars-Alexander Kuehn, 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
Location: Law School, Room 151
Chair: Liyan Yang, University of Toronto
Discussant: Diego Garcia, University of Colorado Boulder
 

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
Location: Owen Building, Room 230
Chair: Ming Yang, Duke University
Discussant: Martin Szydlowski, University of Minnesota
 

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 05: Household Finance/Investment
Location: Law School, Room 149
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Asaf Bernstein, University of Colorado
 

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

Innovation 05: Innovation and Small Business Finance
Location: Owen Building, Room 218
Chair: Elena Loutskina, University of Virginia
Discussant: Merih Sevilir, Indiana University
 

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
Location: Owen Building, Room 220
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

3:45pm
-
4:15pm
Special SFS Journal Paper Presentation: The Review of Corporate Finance Studies Keynote Paper
Location: Averburch Auditorium, Owen Graduate School, 1st Floor

Keynote speaker, Mitchell Petersen, Northwestern University
Information: Hard and Soft

6:00pm
-
8:00pm
Awards Reception
Location: Country Music Hall of Fame and Museum, 222 5th Ave S, Nashville, TN 37203

Tour the Country Music Hall of Fame and Museum, and attend the awards presentation.

Date: Thursday, 18/May/2017
8:45am
-
9:40am
Behavioral Invest 01: Behavioral Investments
Location: Owen Building, Room 220
Chair: Jeffrey Wurgler, NYU Stern School of Business, NBER
Discussant: Anthony Lynch, New York University
 

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
Location: Law School, Room 149
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
Location: Owen Building, Room 222
Chair: Nikolai Roussanov, University of Pennsylvania
Discussant: Shrihari Santosh, University of Maryland, RH Smith School of Business
 

What Drives Anomaly Returns?

Lars Lochstoer1, Paul Tetlock2

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

Derivatives 01: Derivatives
Location: Owen Building, Room 230
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
Location: Law School, Room 144
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
Location: Owen Building, Room 216
Chair: William Mullins, University of Maryland
Discussant: Andras Danis, Georgia Tech
 

Employment Protection, Investment, and Firm Growth

Douglas Fairhurst1, Matthew Serfling2

1: Washington State University; 2: University of Tennessee

Loans 01: The Loan Production Function
Location: Law School, Room 151
Chair: Sergey Chernenko, Ohio State
Discussant: Isil Erel, Ohio State University
 

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
Location: Owen Building, Room 218
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
Location: Owen Building, Room 220
Chair: Jeffrey Wurgler, NYU Stern School of Business, NBER
Discussant: Umit Gurun, University of Texas at Dallas
 

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
Location: Law School, Room 149
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
Location: Owen Building, Room 222
Chair: Nikolai Roussanov, University of Pennsylvania
Discussant: Matthew Ringgenberg, University of Utah
 

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 02: Derivatives
Location: Owen Building, Room 230
Chair: Michael Johannes, Columbia University
Discussant: Bjørn Eraker, University of Wisconsin-Madison
 

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
Location: Law School, Room 144
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
Location: Owen Building, Room 216
Chair: William Mullins, University of Maryland
Discussant: Paige Ouimet, UNC
 

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
Location: Law School, Room 151
Chair: Sergey Chernenko, Ohio State
Discussant: Elena Loutskina, University of Virginia
 

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
Location: Owen Building, Room 218
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
Location: Owen Building, Room 220
Chair: Jeffrey Wurgler, NYU Stern School of Business, NBER
Discussant: Namho Kang, University of Connecticut
 

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
Location: Law School, Room 149
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
Location: Owen Building, Room 222
Chair: Nikolai Roussanov, University of Pennsylvania
Discussant: Svetlana Bryzgalova, Stanford University
 

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 03: Derivatives
Location: Owen Building, Room 230
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
Location: Law School, Room 144
Chair: Xinxin Wang, University of North Carolina
Discussant: Laura A. 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
Location: Owen Building, Room 216
Chair: William Mullins, University of Maryland
Discussant: Hoai-Luu Nguyen, University of California, Berkeley
 

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
Location: Law School, Room 151
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
Location: Owen Building, Room 218
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
Location: Owen Building, Room 220
Chair: Jeffrey Wurgler, NYU Stern School of Business, NBER
Discussant: Baolian Wang, Fordham University
 

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
Location: Law School, Room 149
Chair: Oguzhan Ozbas, USC Marshall School of Business
Discussant: David McLean, University of Alberta
 

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
Location: Owen Building, Room 222
Chair: Nikolai Roussanov, University of Pennsylvania
Discussant: Richard Evans, University of Virginia - Darden
 

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
Location: Owen Building, Room 230
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
Location: Law School, Room 144
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
Location: Owen Building, Room 216
Chair: William Mullins, University of Maryland
Discussant: Tania Babina, Columbia University
 

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
Location: Law School, Room 151
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
Location: Owen Building, Room 218
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
Location: Owen Building, Room 220
Chair: Jeffrey Wurgler, NYU Stern School of Business, NBER
Discussant: Simon Gervais, Duke University
 

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
Location: Law School, Room 149
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
Location: Owen Building, Room 222
Chair: Nikolai Roussanov, University of Pennsylvania
Discussant: Robert Ready, University of Rochester
 

Precautionary Savings in Stocks and Bonds

Carolin Pflueger1, Emil Siriwardane2, Adi Sunderam2

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

Derivatives 05: Derivatives
Location: Owen Building, Room 230
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
Location: Law School, Room 144
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
Location: Owen Building, Room 216
Chair: William Mullins, University of Maryland
Discussant: Francesco D'Acunto, 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
Location: Law School, Room 151
Chair: Sergey Chernenko, Ohio State
Discussant: Matthew Steven Jaremski, Colgate University
 

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
Location: Owen Building, Room 218
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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