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, 20/May/2019
6:00pm
-
8:00pm
MONRECEPTION: Welcome Reception
Location: Simmons Auditorium, Carnegie Mellon Tepper School of Business
Date: Tuesday, 21/May/2019
8:00am
-
8:45am
TUESREG: Registration & Breakfast
Location: PNC Foundation Rooms 2001/2002/2003
8:45am
-
9:40am
TUES01-1: Securitization and Secondary Loan Markets
Location: 2110
Chair: Isil Erel, Ohio State University
Discussant: Daniel Bergstresser, Brandeis University
 

The Price of Safety: The Evolution of Insurance Value in Municipal Markets

John Hund1, Giang Nguyen2, Kimberly Cornaggia3

1: University of Georgia; 2: Pennsylvania State University; 3: Pennsyvania State University

TUES02-1: Entrepreneurship And Innovation
Location: 2111
Chair: Paige Ouimet, UNC
Discussant: Camille Hebert, Tilburg University
 

Women's Inheritance Rights and Entrepreneurship Gender Gap

S.Lakshmi Naaraayanan

Hong Kong University of Science & Technology

TUES03-1: Household Finance Savings and Consumption
Location: 2112
Chair: Jonathan Reuter, Boston College
Discussant: Boris Vallee, Harvard Business School
 

Can Risk be Shared Across Investor Cohorts? Evidence from a Popular Savings Product

Victor Lyonnet1, Johan Hombert2

1: Ohio State University; 2: HEC Paris

TUES04-1: Equilibrium Models of Asset Prices
Location: 2118
Chair: Joao Gomes, Wharton
Discussant: Matthieu Gomez, Columbia University
 

Shifts in Sectoral Wealth Shares and Risk Premia: What Explains Them?

Colin Ward1, Ravi Bansal2, Amir Yaron3

1: University of Minnesota; 2: Duke University; 3: The Wharton School

TUES05-1: Factor Models for Stock Returns
Location: 2119
Chair: Svetlana Bryzgalova, London Business School
Discussant: Yinan Su, Johns Hopkins University
 

Factors that Fit the Time Series and Cross-Section of Stock Returns

Martin Lettau, Markus Pelger

Stanford University

TUES06-1: Market Microstructure I
Location: 2202
Chair: Duane Seppi, Carnegie Mellon University
Discussant: Jerome Dugast, Université Paris-Dauphine
 

Information Acquisition and Liquidity Traps in Over-the-Counter Markets

Junyuan Zou

University of Pennsylvania

TUES07-1: Uninformed Shareholders, Informed Managers
Location: 2610
Chair: Brent Glover, Carnegie Mellon University
Discussant: Matthew Denes, Carnegie Mellon University
 

The Costs and Benefits of Shareholder Democracy

Nickolay Gantchev1, Mariassunta Giannetti2

1: Southern Methodist University, ECGI; 2: Stockholm School of Economics, CEPR, ECGI

TUES08-1: The Influence of Rating, Standards, and Indices on Investment and Financing
Location: 2611
Chair: James Weston, Rice University
Discussant: Kevin Crotty, Rice University
 

Models or Stars: The Role of Asset Pricing Models and Heuristics in Investor Risk Adjustment

Richard Evans1, Yang Sun2

1: University of Virginia; 2: Brandeis University

TUES09-1: Capital Structure Decisions and Asset Price Implications
Location: 2612
Chair: Lukas Schmid, Duke University
Discussant: Mark Leary, Olin Business School
 

Proactive Capital Structure Adjustments: Evidence from Corporate Filings

Arthur Korteweg1, Michael Schwert2, Ilya Strebulaev3

1: Marshall School of Business, University of Southern California; 2: The Wharton School, University of Pennsylvania; 3: Graduate School of Business, Stanford University

9:55am
-
10:50am
TUES01-2: Securitization and Secondary Loan Markets
Location: 2110
Chair: Isil Erel, Ohio State University
Discussant: Ye Li, Ohio State University
 

Liquidity and the Structure of Intermediation

Yunzhi Hu1, Douglas Diamond2, Raghuram Rajan2

1: UNC; 2: Chicago Booth

TUES02-2: Entrepreneurship And Innovation
Location: 2111
Chair: Paige Ouimet, UNC
Discussant: Constantine Yannelis, University of Chicago
 

Shocks and Technology Adoption: Evidence from Electronic Payment Systems

Nicolas Crouzet, Apoorv Gupta, Filippo Mezzanotti

Kellogg School of Management, Northwestern University

TUES03-2: Household Finance Savings and Consumption
Location: 2112
Chair: Jonathan Reuter, Boston College
Discussant: Leming Lin, University of Pittsburgh
 

Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks

Yavuz Arslan1, Ahmet Degerli2, Gazi Kabas3

1: Bank for International Settlements, Switzerland; 2: Duke University, United States of America; 3: University of Zurich, Switzerland

TUES04-2: Equilibrium Models of Asset Prices
Location: 2118
Chair: Joao Gomes, Wharton
Discussant: Erik Loualiche, University of Minnesota
 

The Leading Premium

Mariano Massimiliano Croce1, Tatyana Marchuk2, Christian Schlag3

1: Bocconi University; 2: BI Oslo; 3: Goethe University Frankfurt and Research Center SAFE

TUES05-2: Factor Models for Stock Returns
Location: 2119
Chair: Svetlana Bryzgalova, London Business School
Discussant: Amit Goyal, University of Lausanne
 

Thousands of Alpha Tests

Stefano Giglio1, Yuan Liao2, Dacheng Xiu3

1: Yale University; 2: Rutgers University; 3: University of Chicago

TUES06-2: Market Microstructure I
Location: 2202
Chair: Duane Seppi, Carnegie Mellon University
Discussant: Deeksha Gupta, Carnegie Mellon University
 

Information Cascades and Threshold Implementation

Will Cong1, Yizhou Xiao2

1: University of Chicago Booth School of Business; 2: Chinese University of Hong Kong

TUES07-2: Uninformed Shareholders, Informed Managers
Location: 2610
Chair: Brent Glover, Carnegie Mellon University
Discussant: Jordan Nickerson, Boston College
 

Executive Mobility in the United States, 1920 to 2011

John Graham2, Dawoon Kim1, Hyunseob Kim1

1: Cornell University; 2: Duke University

TUES08-2: The Influence of Rating, Standards, and Indices on Investment and Financing
Location: 2611
Chair: James Weston, Rice University
Discussant: Chen Wang, Yale University
 

Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion

David Hirshleifer, Chong Huang, Siew Hong Teoh

University of California, Irvine

TUES09-2: Capital Structure Decisions and Asset Price Implications
Location: 2612
Chair: Lukas Schmid, Duke University
Discussant: Andrey Malenko, Massachusetts Institute of Technology
 

Equity Issuance Methods and Dilution

Mike Burkart, Hongda Zhong

LSE

11:05am
-
12:00pm
TUES01-3: Securitization and Secondary Loan Markets
Location: 2110
Chair: Isil Erel, Ohio State University
Discussant: Dan Li, Federal Reserve Board
 

Illiquidity Spirals in Coupled Over-the-Counter Markets

Christoph Aymanns2, Co-Pierre Georg1, Benjamin Golub3

1: Deutsche Bundesbank; 2: University of St. Gallen; 3: Harvard University

TUES02-3: Entrepreneurship And Innovation
Location: 2111
Chair: Paige Ouimet, UNC
Discussant: Song Ma, Yale University
 

Exploration or Exploitation? Hedge Funds in Venture Capital

George Aragon1, Emma Li2, Laura Lindsey3

1: Arizona State Univesity; 2: Deakin University; 3: Arizona Sate University

TUES03-3: Household Finance Savings and Consumption
Location: 2112
Chair: Jonathan Reuter, Boston College
Discussant: Jialan Wang, University of Illinois at Urbana-Champaign
 

The Consumption Response to Realized Capital Gains: Evidence from Mutual Fund Liquidations

Steffen Meyer1, Michaela Pagel2, Alessandro Previtero3

1: University of Southern Denmark; 2: Columbia Business School; 3: Kelley School of Business Indiana University

TUES04-3: Equilibrium Models of Asset Prices
Location: 2118
Chair: Joao Gomes, Wharton
Discussant: Dana Kiku, University of of Illinois Urbana-Champaign
 

Consumption in Asset Returns

Svetlana Bryzgalova2, Christian Julliard1

1: London School of Economics; 2: London Business School

TUES05-3: Factor Models for Stock Returns
Location: 2119
Chair: Svetlana Bryzgalova, London Business School
Discussant: Shrihari Santosh, University of Maryland
 

Risk Price Variation: The Missing Half of the Cross-Section of Expected Returns

Andrew Patton, Brian Weller

Duke University

TUES06-3: Market Microstructure I
Location: 2202
Chair: Duane Seppi, Carnegie Mellon University
Discussant: Gideon Saar, Cornell University
 

The Price Effects of Liquidity Shocks: A Study of SEC’s Tick-Size Experiment

Rui Albuquerque1, Shiyun Song2, Chen Yao3

1: Boston College; 2: University of Warwick; 3: The Chinese University of Hong Kong

TUES07-3: Uninformed Shareholders, Informed Managers
Location: 2610
Chair: Brent Glover, Carnegie Mellon University
Discussant: Slava Fos, Boston College
 

Backer Meets Kyle: Inside Insider Trading

Marcin Kacperczyk, Emiliano S Pagnotta

Imperial College Business School, CEPR

TUES08-3: The Influence of Rating, Standards, and Indices on Investment and Financing
Location: 2611
Chair: James Weston, Rice University
Discussant: John Hund, University of Georgia
 

What's in a Debt? Rating Agency Methodologies and Firms' Financing and Investment Decisions

Cesare Fracassi, Gregory Weitzner

UT Austin

TUES09-3: Capital Structure Decisions and Asset Price Implications
Location: 2612
Chair: Lukas Schmid, Duke University
Discussant: Toni Whited, University of Michigan
 

The Tortoise and the Snail: Reconciling the Evidence on Capital Structure Stability

Filippo Ippolito1, Roberto Steri2, Stefano Sacchetto3

1: Pompeu Fabra; 2: HEC lausanne; 3: IESE

12:00pm
-
1:20pm
Tuesday Lunch: Lunch & SFS Annual Meeting
Location: Simmons Auditorium, Carnegie Mellon Tepper School of Business
1:30pm
-
2:25pm
TUES01-4: Securitization and Secondary Loan Markets
Location: 2110
Chair: Isil Erel, Ohio State University
Discussant: Ryan Israelson, Michigan State University
 

Do rating agencies deserve some credit? Evidence from transitory shocks to credit risk

Jung Lee, Oleg Gredil, Nishad Kapadia

Tulane University

TUES02-4: Entrepreneurship And Innovation
Location: 2111
Chair: Paige Ouimet, UNC
Discussant: Xinxin Wang, UNC Kenan-Flagler
 

Impact of Venture Capital Flows on Incumbent Firms: Evidence from 70 Million Workers

Linghang Zeng

Georgia Institute of Technology

TUES03-4: Household Finance Savings and Consumption
Location: 2112
Chair: Jonathan Reuter, Boston College
Discussant: Yang Sun, Brandeis University
 

Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations

Mathias Kronlund1, Veronika Pool2, Clemens Sialm3, Irina Stefanescu4

1: University of Illinois at Urbana-Champaign; 2: Indiana University; 3: University of Texas at Austin; 4: Board of Governors of the Federal Reserve System

TUES04-4: Equilibrium Models of Asset Prices
Location: 2118
Chair: Joao Gomes, Wharton
Discussant: Emilio Osambela, Board of Governors of the Federal Reserve System
 

Demand Disagreement

Christian Heyerdahl-Larsen1, Philipp Illeditsch2

1: Indiana University; 2: Tepper School of Business, Carnegie Mellon University

TUES05-4: Factor Models for Stock Returns
Location: 2119
Chair: Svetlana Bryzgalova, London Business School
Discussant: Stanley Zin, New York University
 

Conditional Dynamics and the Multi-Horizon Risk-Return Trade-Off

Mikhail Chernov1, Lars Lochstoer2, Stig Lundeby3

1: UCLA Anderson; 2: UCLA Anderson; 3: NHH

TUES06-4: Market Microstructure I
Location: 2202
Chair: Duane Seppi, Carnegie Mellon University
Discussant: Joel Hasbrouck, New York University
 

Is Equity Market Exchange Structure Anti-Competitive?

Chester Spatt

Carnegie Mellon University

TUES07-4: Uninformed Shareholders, Informed Managers
Location: 2610
Chair: Brent Glover, Carnegie Mellon University
Discussant: Todd Gormley, Washington University in St. Louis
 

Does common ownership really increase firm coordination?

Katharina Lewellen1, Michelle Lowry2

1: Dartmouth University; 2: Drexel University

TUES08-4: The Influence of Rating, Standards, and Indices on Investment and Financing
Location: 2611
Chair: James Weston, Rice University
Discussant: Juan (Julie) Wu, University of Nebraska-Lincoln
 

Global Supply-Chain Networks and Corporate Social Responsibility

Christoph Schiller

University of Toronto, Rotman School of Management

TUES09-4: Capital Structure Decisions and Asset Price Implications
Location: 2612
Chair: Lukas Schmid, Duke University
Discussant: Jaewon Choi, University of Illinois Urbana-Champaign
 

The Maturity Premium

Maria Chaderina1,2, Patrick Weiss2, Josef Zechner1,2

1: WU Vienna University of Economics and Business; 2: Vienna Graduate School of Finance

2:40pm
-
3:35pm
TUES01-5: Securitization and Secondary Loan Markets
Location: 2110
Chair: Isil Erel, Ohio State University
Discussant: Jennifer Dlugosz, Washington University in St. Louis
 

Loan Syndication Structures and Price Collusion

Jian Cai1, Frederik Eidam2, Anthony Saunders3, Yannik Schneider4, Sascha Steffen5

1: Washington University; 2: Centre for European Economic Research; 3: Stern School of Business; 4: University of Mannheim; 5: Frankfurt School of Finance and Management

TUES02-5: Entrepreneurship And Innovation
Location: 2111
Chair: Paige Ouimet, UNC
Discussant: Berk Sensoy, Vanderbilt
 

How Alternative Are Private Markets?

Will Goetzmann1, Elise Gourier2, Ludovic Phalippou3

1: Yale; 2: ESSEC; 3: Oxford

TUES03-5: Household Finance Savings and Consumption
Location: 2112
Chair: Jonathan Reuter, Boston College
Discussant: Anthony Lynch, New York University
 

Tactical Target Date Funds

Francisco Gomes1, Alex Michaelides2, Yuxin Zhang3

1: London Business School; 2: Imperial College Business School; 3: RenMin University of China

TUES04-5: Equilibrium Models of Asset Prices
Location: 2118
Chair: Joao Gomes, Wharton
Discussant: Stavros Panageas, UCLA
 

Time-varying Risk Premium and Unemployment Risk Across Age Groups

Indrajit Mitra1, Yu Xu2

1: University of Michigan; 2: University of Hong Kong

TUES05-5: Factor Models for Stock Returns
Location: 2119
Chair: Svetlana Bryzgalova, London Business School
Discussant: Shrihari Santosh, University of Maryland
 

q^5

Kewei Hou1, Haitao Mo2, Chen Xue3, Lu Zhang1

1: Ohio State University; 2: Louisiana State University; 3: University of Cincinnati

TUES06-5: Market Microstructure I
Location: 2202
Chair: Duane Seppi, Carnegie Mellon University
Discussant: Giang Nguyen, Penn State University
 

The Effects of Transparency on Trading Profits and Price Informativeness: Evidence from Corporate Bonds

Michael Schwert1, Ryan Lewis2

1: The Wharton School, University of Pennsylvania; 2: Leeds School of Business, University of Colorado at Boulder

TUES07-5: Uninformed Shareholders, Informed Managers
Location: 2610
Chair: Brent Glover, Carnegie Mellon University
Discussant: Mindy Xiaolan, University of Texas at Austin
 

Agency in Intangibles

Colin Ward

University of Minnesota

TUES08-5: The Influence of Rating, Standards, and Indices on Investment and Financing
Location: 2611
Chair: James Weston, Rice University
Discussant: Karin S. Thorburn, Norwegian School of Economics
 

The Dual Impact of Institutional Ownership as Corporate Governance and Shareholder Advantage on Strategic Default

Shumi Akhtar1, Kose John2, Ye Ye1

1: The University of Sydney, Australia; 2: New York University, USA

TUES09-5: Capital Structure Decisions and Asset Price Implications
Location: 2612
Chair: Lukas Schmid, Duke University
Discussant: Andrea Gamba, University of Warwick
 

The Importance of Sovereign Reference Rates for Corporate Debt Issuance: Mind the Gap

Sjoerd Van bekkum1, Bruce Grundy2, Patrick Verwijmeren1

1: Erasmus University; 2: University of Melbourne, Australia

3:45pm
-
4:30pm
RAPS Keynote: Maureen O'Hara, Cornell University
Location: Simmons Auditorium, Carnegie Mellon Tepper School of Business
6:00pm
-
8:00pm
TUESRECEPTION: Awards Reception
Location: Carnegie Museums of Pittsburgh, 4400 Forbes Ave (glass entrance diagonal from Starbucks)
Date: Wednesday, 22/May/2019
8:00am
-
8:45am
WEDREG: Registration & Breakfast
Location: PNC Foundation Rooms 2001/2002/2003
8:45am
-
9:40am
WED01-1: Bank Regulation
Location: 2110
Chair: James Vickery, Federal Reserve Bank of New York
Discussant: Friederike Niepmann, Federal Reserve Board
 

Freeze! Financial Sanctions and Bank Responses

Matthias Efing1, Stefan Goldbach2, Volker Nitsch3

1: HEC Paris; 2: Deutsche Bundesbank; 3: TU Darmstadt

WED02-1: Household Credit
Location: 2111
Chair: TARUN RAMADORAI, Imperial College London
Discussant: Emil Verner, MIT
 

The Consequences of Student Loan Credit Expansions: Evidence from Three Decades of Default Cycles

Adam Looney1, Constantine Yannelis2

1: Brookings Institution; 2: University of Chicago

WED03-1: Investment Skill and Profits
Location: 2112
Chair: Michela Verardo, London School of Economics
Discussant: Kevin Mullally, University of Alabama
 

What Do Mutual Fund Managers' Private Portfolios Tell Us About Their Skills?

Markus Felix Ibert

Federal Reserve Board of Governors

WED04-1: Financial Distress and Default Risk
Location: 2118
Chair: Aydogan Alti, University of Texas at Austin
Discussant: Yasser Boualam, UNC - Chapel Hill
 

A Unified Model of Distress Risk Puzzles

Ilya Strebulaev1, Zhiyao Chen2, Dirk Hackbarth3

1: Stanford University; 2: CUHK Business School; 3: Boston University

WED05-1: Security Issues, Shareholder Votes, and Price Movements
Location: 2119
Chair: Thomas Chemmanur, Boston College
Discussant: Fahad Saleh, McGill University
 

Financial Reporting and Blockchains: Audit Pricing, Misstatements, and Regulation

Sean Cao1, Lin William Cong2, Baozhong Yang1

1: Georgia State University; 2: University of Chicago, Booth School of Business

WED06-1: Non-standard Belief Formation and Investment
Location: 2202
Chair: Marianne Andries, Toulouse School of Economics
Discussant: Stephen Karolyi, Carnegie Mellon University
 

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

Zhi Da1, Xing Huang2, Lawrence Jin3

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

WED07-1: International Macro-Finance
Location: 2610
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Simone Lenzu, New York University
 

Dollar exchange rate as a credit supply channel: evidence from firm-level exports

Valentina Bruno1, Hyun Song Shin2

1: American University; 2: Bank for International Settlements

WED08-1: Market Microstructure II
Location: 2611
Chair: Chester Spatt, Carnegie Mellon University
Discussant: Lawrence Harris, University of Southern California
 

Contracting for Financial Execution

Markus Baldauf1, Christoph Frei2, Joshua Mollner3

1: UBC Sauder; 2: University of Alberta; 3: Kellogg

WED09-1: Firm investment and Asset Pricing
Location: 2612
Chair: Lars Kuehn, Carnegie Mellon University
Discussant: David Schreindorfer, ASU
 

Size Premium Waves

Bernard Herskovic1, Thilo Kind2, Howard Kung2

1: UCLA; 2: London Business School

9:55am
-
10:50am
WED01-2: Bank Regulation
Location: 2110
Chair: James Vickery, Federal Reserve Bank of New York
Discussant: Daniel Green, Harvard Business School
 

Nonbank lending

Sergey Chernenko1, Isil Erel2, Robert Prilmeier3

1: Purdue University; 2: Ohio State University; 3: Tulane University

WED02-2: Household Credit
Location: 2111
Chair: TARUN RAMADORAI, Imperial College London
Discussant: Paul Goldsmith-Pinkham, Yale University
 

Friends with Bankruptcy Protection Benefits

Kristoph Kleiner, Noah Stoffman, Scott Yonker

Cornell University

WED03-2: Investment Skill and Profits
Location: 2112
Chair: Michela Verardo, London School of Economics
Discussant: Deniz Yavuz, Purdue University
 

What Do Mutual Fund Investors Really Care About?

Itzhak Ben-David1,5, Jiacui Li2, Andrea Rossi3, Yang Song4

1: Fisher College of Business, The Ohio State University; 2: Stanford University; 3: University of Arizona; 4: University of Washington; 5: National Bureau of Economic Research

WED04-2: Financial Distress and Default Risk
Location: 2118
Chair: Aydogan Alti, University of Texas at Austin
Discussant: Ben Iverson, Brigham Young University
 

Simultaneous Debt-Equity Holdings and the Resolution of Financial Distress

Yongqiang Chu1, Ha Diep Nguyen2, Jun Wang3, Wei Wang4, Wenyu Wang1

1: University of North Carolina at Charlotte; 2: Indiana Univesity; 3: University of Western Ontario; 4: Queen's University

WED05-2: Security Issues, Shareholder Votes, and Price Movements
Location: 2119
Chair: Thomas Chemmanur, Boston College
Discussant: Onur Bayar, UT San Antonio
 

CONSUMERS AS FINANCIERS: CONSUMER SURPLUS, CROWDFUNDING, AND INITIAL COIN OFFERINGS

Mina Lee1, Christine Parlour2

1: Washington University in St Louis; 2: U. C. Berkeley

WED06-2: Non-standard Belief Formation and Investment
Location: 2202
Chair: Marianne Andries, Toulouse School of Economics
Discussant: Steffen Meyer, Hannover Center of Finance
 

Investing with Fast Thinking

Li Liao1, Zhengwei Wang1, Jia Xiang1, Hongjun Yan2, Jun Yang3

1: Tsinghua Univeisity; 2: DePaul University; 3: Indiana University

WED07-2: International Macro-Finance
Location: 2610
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Federico Gavazzoni, INSEAD
 

International yield curves and currency puzzles

Mikhail Chernov1, Drew Creal2

1: University of California-Los Angeles; 2: University of Notre Dame

WED08-2: Market Microstructure II
Location: 2611
Chair: Chester Spatt, Carnegie Mellon University
Discussant: Lawrence Glosten, Columbia University
 

Who Provides Liquidity, and When?

Sida Li1, Xin Wang2, Mao Ye1,3

1: University of Illinois at Urbana-Champaign; 2: Nanyang Technological University; 3: NBER

WED09-2: Firm investment and Asset Pricing
Location: 2612
Chair: Lars Kuehn, Carnegie Mellon University
Discussant: Gian Luca Clementi, New York University
 

Risk-Adjusted Capital Allocation and Misallocation

Joel David1, Lukas Schmid2, David Zeke1

1: University of Southern California; 2: Duke University

11:05am
-
12:00pm
WED01-3: Bank Regulation
Location: 2110
Chair: James Vickery, Federal Reserve Bank of New York
Discussant: Adrien d'Avernas, Stockholm School of Economics
 

The Decline of Too Big to Fail

Antje Berndt1, Darrell Duffie2, Yichao Zhu1

1: Australian National University; 2: Stanford University

WED02-3: Household Credit
Location: 2111
Chair: TARUN RAMADORAI, Imperial College London
Discussant: Christopher Hansman, Imperial College London
 

The Capitalization of Consumer Financing into Durable Goods Prices

Bronson Argyle1, Taylor Nadauld1, Christopher Palmer2, Ryan Pratt1

1: Brigham Young University; 2: MIT Sloan

WED03-3: Investment Skill and Profits
Location: 2112
Chair: Michela Verardo, London School of Economics
Discussant: Shrihari Santosh, University of Maryland
 

Learning from Noise? Price and Liquidity Spillovers around Mutual Fund Fire Sales

Daniel Schmidt, Pekka Honkanen

HEC Paris

WED04-3: Financial Distress and Default Risk
Location: 2118
Chair: Aydogan Alti, University of Texas at Austin
Discussant: Christian Opp, The Wharton School
 

Reflexivity in Credit Markets

Robin Greenwood1, Samuel Hanson1, Lawrence Jin2

1: Harvard Business School; 2: California Institute of Technology

WED05-3: Security Issues, Shareholder Votes, and Price Movements
Location: 2119
Chair: Thomas Chemmanur, Boston College
Discussant: Thomas Chemmanur, Boston College
 

Liquidity Value and IPO Underpricing

Wei Gao1, Yuanzhi Li1, Hongda Zhong2

1: Temple University; 2: London School of Economics

WED06-3: Non-standard Belief Formation and Investment
Location: 2202
Chair: Marianne Andries, Toulouse School of Economics
Discussant: Savitar Sundaresan, Imperial College
 

Belief Polarization and Investment

Lorenzo Garlappi, Ron Giammarino, Ali Lazrak

UBC Sauder

WED07-3: International Macro-Finance
Location: 2610
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Robert Richmond, New York University
 

SONOMA: a Small Open ecoNOmy for MAcrofinance

Mariano Croce1, Mohammad Jahan-Parvar2, Samuel Rosen3

1: Bocconi University; 2: Federal Reserve Board of Governors; 3: Fox Business School, Temple University

WED08-3: Market Microstructure II
Location: 2611
Chair: Chester Spatt, Carnegie Mellon University
Discussant: Batchimeg Sambalaibat, Indiana University
 

The Coordination of Intermediation

Ming Yang1, Yao Zeng2

1: Duke University; 2: University of Washington

WED09-3: Firm investment and Asset Pricing
Location: 2612
Chair: Lars Kuehn, Carnegie Mellon University
Discussant: Jessie Jiaxu Wang, Arizona State University
 

Leverage Risk and Investment: The Case of Gold Clauses in the 1930s

Joao Gomes1, Mete Kilic2, Sebastien Plante3

1: University of Pennsylvania; 2: University of Southern California; 3: University of Wisconsin-Madison

12:00pm
-
1:20pm
Wednesday Lunch: Cavalcade Keynote: Monika Piazzesi, Stanford University
Location: Simmons Auditorium, Carnegie Mellon Tepper School of Business
1:30pm
-
2:25pm
WED01-4: Bank Regulation
Location: 2110
Chair: James Vickery, Federal Reserve Bank of New York
Discussant: Stefania D'Amico, Federal Reserve Bank of Chicago
 

Central Bank–Driven Mispricing

Loriana Pelizzon1, Marti Subrahmanyam2, Davide Tomio3, Jun Uno4

1: Goethe University Frankfurt; 2: Stern School of Business - New York University; 3: Darden School of Business - University of Virginia; 4: Waseda University

WED02-4: Household Credit
Location: 2111
Chair: TARUN RAMADORAI, Imperial College London
Discussant: Julia Fonseca, Princeton University
 

Do consumers strike bad deals with debt collectors? Evidence from out-of-court settlements

Ing-Haw Cheng1, Felipe Severino1, Richard Townsend2

1: Dartmouth College; 2: University of California San Diego

WED03-4: Investment Skill and Profits
Location: 2112
Chair: Michela Verardo, London School of Economics
Discussant: Sumudu Watugala, Cornell University
 

Skin or Skim? Inside Investment and Hedge Fund Performance

Arpit Gupta1, Kunal Sachdeva2

1: NYU Stern; 2: Rice University

WED04-4: Financial Distress and Default Risk
Location: 2118
Chair: Aydogan Alti, University of Texas at Austin
Discussant: Elena Simintzi, University of North Carolina – Chapel Hill
 

Do Minimum Wage Increases Cause Financial Stress to Small Businesses? Evidence from 15 Million Establishments

Manpreet Singh1, Sudheer Chava2, Alex Oettl3

1: Georgia Tech; 2: Georgia Tech; 3: Georgia Tech

WED05-4: Security Issues, Shareholder Votes, and Price Movements
Location: 2119
Chair: Thomas Chemmanur, Boston College
Discussant: Slava Fos, Boston College
 

When Shareholders Disagree: Trading after Shareholder Meetings

Sophia Li1, Ernst Maug3, Miriam Schwartz-Ziv2

1: Rutgers University; 2: Michigan State University; 3: University of Mannheim

WED06-4: Non-standard Belief Formation and Investment
Location: 2202
Chair: Marianne Andries, Toulouse School of Economics
Discussant: Eben Lazarus, Massachusetts Institute of Technology
 

Rational Inattention and Price Underreaction

Jiacui Li

Stanford Graduate School of Business

WED07-4: International Macro-Finance
Location: 2610
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Stephen Karolyi, Carnegie Mellon University
 

The Geography of Information Acquisition

Honghui Chen1, Yuanyu Qu2, Tao Shen3, Qinghai Wang1

1: University of Central Florida; 2: University of International Business and Economics; 3: Tsinghua University

WED08-4: Market Microstructure II
Location: 2611
Chair: Chester Spatt, Carnegie Mellon University
Discussant: Burton Hollifield, Carnegie Mellon University
 

Inventory Management, Dealers' Connections, and Prices in OTC Markets

Jean Edouard Colliard1, Thierry Foucault1, Peter Hoffmann2

1: HEC, Paris; 2: ECB

WED09-4: Firm investment and Asset Pricing
Location: 2612
Chair: Lars Kuehn, Carnegie Mellon University
Discussant: Harjoat Bhamra, Imperial College Business School
 

How Risky is the U.S. Corporate Sector?

Tetiana Davydiuk1, Scott Richard2, Ivan Shaliastovich3, Amir Yaron2

1: Carnegie Mellon University; 2: University of Pennsylvania; 3: University of Wisconsin-Madison

2:40pm
-
3:35pm
WED01-5: Bank Regulation
Location: 2110
Chair: James Vickery, Federal Reserve Bank of New York
Discussant: Rustom Irani, University of Illinois at Urbana-Champaign
 

Regulatory Scrutiny and Bank Credit Supply

Ivan Ivanov1, James Wang2

1: Federal Reserve Board; 2: Federal Reserve Board

WED02-5: Household Credit
Location: 2111
Chair: TARUN RAMADORAI, Imperial College London
Discussant: Jialan Wang, University of Illinois at Urbana-Champaign
 

Second Chance: Life without Student Debt

Marco Di Maggio1, Ankit Kalda2, Vincent Yao3

1: Harvard Business School; 2: Indiana University; 3: Georgia State University

WED03-5: Investment Skill and Profits
Location: 2112
Chair: Michela Verardo, London School of Economics
Discussant: Alexander Chinco, University of Illinois at Urbana-Champaign
 

The Democratization of Investment Research: Implications for Retail Investor Profitability and Firm Liquidity

Michael Farrell1, T. Clifton Green2, Russell Jame1, Stanimir Markov3

1: University of Kentucky; 2: Emory University; 3: UT Dallas

WED04-5: Financial Distress and Default Risk
Location: 2118
Chair: Aydogan Alti, University of Texas at Austin
Discussant: Martin Szydlowski, University of Minnesota
 

Voluntary disclosure, moral hazard, and default risk

Shiming Fu1, Guilio Trigilia2

1: Shanghai University of Finance and Economics; 2: University of Rochester

WED05-5: Security Issues, Shareholder Votes, and Price Movements
Location: 2119
Chair: Thomas Chemmanur, Boston College
Discussant: Andreas Park, University of Toronto Mississauga
 

Initial Coin Offerings and Platform Building

Jiasun Li2, William Mann1

1: UCLA Anderson; 2: George Mason University

WED06-5: Non-standard Belief Formation and Investment
Location: 2202
Chair: Marianne Andries, Toulouse School of Economics
Discussant: Cameron Peng, London School of Economics
 

Revealed Heuristics: Evidence from Investment Consultants’ Search Behavior

Sudheer Chava, Soohun Kim, Daniel Weagley

Georgia Institute of Technology

WED07-5: International Macro-Finance
Location: 2610
Chair: Christopher Telmer, Carnegie Mellon University
Discussant: Nikolai Roussanov, Wharton School, University of Pennsylvania
 

US Fiscal Cycle and the Dollar

Zhengyang Jiang

Kellogg School of Management, Northwestern University

WED08-5: Market Microstructure II
Location: 2611
Chair: Chester Spatt, Carnegie Mellon University
Discussant: Amy edwards, Securities and Exchange Commission
 

Financial Intermediation, Securities Lending, and Information

Alberto Manconi1, Massimo Massa2

1: Bocconi University; 2: INSEAD

WED09-5: Firm investment and Asset Pricing
Location: 2612
Chair: Lars Kuehn, Carnegie Mellon University
Discussant: Ian Dew-Becker, Northwestern University
 

The Origins and Effects of Macroeconomic Uncertainty

Francesco Bianchi1,3,4, Howard Kung2,4, Mikhail Tirskikh2

1: Duke University, United States; 2: London Business School, United Kingdom; 3: NBER, United States; 4: CEPR, United Kingdom

3:45pm
-
4:30pm
RCFS Keynote: Antoinette Schoar, Massachusetts Institute of Technology
Location: Simmons Auditorium, Carnegie Mellon Tepper School of Business
Date: Thursday, 23/May/2019
8:00am
-
8:45am
THURSREG: Registration & Breakfast
Location: PNC Foundation Rooms 2001/2002/2003
8:45am
-
9:40am
THURS01-1: Policy Transmission in Credit Markets
Location: 2110
Chair: William Mullins, UC San Diego
Discussant: Paul Goldsmith-Pinkham, Yale University
 

Handling Spillover Effects in Empirical Research: An Application using Credit Supply Shocks

Tobias Berg1, Daniel Streitz2

1: Frankfurt School of Finance & Management; 2: Copenhagen Business School, Danish Finance Institute

THURS02-1: Mortgages
Location: 2111
Chair: Manuel Adelino, Duke University
Discussant: David Rappoport, Federal Reserve Bank
 

Mortgage Design and Slow Recoveries. The Role of Recourse and Default.

Pedro Gete1, Franco Zecchetto2

1: IE Business School; 2: ITAM Instituto Tecnológico Autónomo de México

THURS03-1: Global Credit Flows
Location: 2112
Chair: Matt Plosser, Federal Reserve Bank of New York
Discussant: Rustom Irani, University of Illinois at Urbana-Champaign
 

Global Investors, the Dollar, and U.S. Credit Conditions

Friederike Niepmann, Tim Schmidt-Eisenlohr

Federal Reserve Board

THURS04-1: Fixed Income
Location: 2118
Chair: Hui Chen, MIT
Discussant: Scott Joslin, USC Marshall
 

Floating Rate Money? The Price-Stability Premium in Treasury Floating Rate Notes

Matthias Fleckenstein1, Francis A. Longstaff2,3

1: University of Delaware - Lerner College of Business and Economics; 2: UCLA Anderson School of Management; 3: NBER

THURS05-1: Interest Rates and Defaults
Location: 2119
Chair: Mikhail Chernov, University of California-Los Angeles
Discussant: Jennie Bai, Georgetown University
 

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

Hui Chen1, Zhuo Chen2, Zhiguo He3, Jinyu Liu4, Rengming Xie5

1: MIT Sloan; 2: Tsinghua University; 3: Chicago Booth; 4: University of International Business and Economics; 5: CITIC Securities

THURS06-1: Microeconomics of Bank Lending
Location: 2202
Chair: Anna Kovner, Federal Reserve Bank of New York
Discussant: Mitchell Berlin, Federal Reserve Bank of Philadelphia
 

A Dynamic Theory of Learning and Relationship Lending

Yunzhi Hu1, Felipe Varas2

1: UNC; 2: Duke

THURS07-1: Politics, Media, and the Stock Market
Location: 2610
Chair: Francesco D'Acunto, Boston College
Discussant: Pat Akey, University of Toronto
 

Left Behind: Partisan Identity and Wealth Inequality

Da Ke

University of South Carolina

THURS08-1: Mergers and Acquisitions: The Role of Management, Bargaining Position, and Regulation
Location: 2611
Chair: Jarrad Harford, University of Washington
Discussant: Audra Boone, Texas Christian University
 

Inside the “Black Box” of Private Merger Negotiations

Tingting Liu1, Micah Officer2

1: Iowa State University; 2: Loyola Marymount University

THURS09-1: Financial Constraints and Financial Flexibility
Location: 2612
Chair: Sergey Chernenko, Purdue University
Discussant: Pablo Slutzky, University of Maryland
 

Terrorism Financing, Recruitment and Attacks: Evidence from a Natural Experiment

Nicola Limodio

Bocconi University

9:55am
-
10:50am
THURS01-2: Policy Transmission in Credit Markets
Location: 2110
Chair: William Mullins, UC San Diego
Discussant: Julia Fonseca, Princeton University
 

Credit Supply Shocks and Human Capital: Evidence from a Change in Accounting Norms

Claire Celerier1, Andrada Bilan2

1: University of Toronto; 2: University of Zurich - SFI

THURS02-2: Mortgages
Location: 2111
Chair: Manuel Adelino, Duke University
Discussant: Felipe Severino, Dartmouth College
 

“We’ll Always Have Paris”: Out-of-Country Buyers in the Housing Market

Dragana Cvijanovic1, Christophe Spaenjers2

1: UNC Kenan-Flagler; 2: HEC Paris

THURS03-2: Global Credit Flows
Location: 2112
Chair: Matt Plosser, Federal Reserve Bank of New York
Discussant: Julien Sauvagnat, Bocconi
 

Government Credit and Trade War

Hong Ru1, Ning Cai2, Jinlu Feng3, Yong Liu4, Endong Yang5

1: Nanyang Technological University; 2: China Development Bank; 3: China Development Bank; 4: China Development Bank; 5: Nanyang Technological University

THURS04-2: Fixed Income
Location: 2118
Chair: Hui Chen, MIT
Discussant: Jens Dick-Nielsen, Copenhagen Business School
 

Corporate Bond Illiquidity: Evidence from Government Guarantees

LUBOMIR PETRASEK1, KURT LEWIS2

1: Federal Reserve Board; 2: Federal Reserve Board

THURS05-2: Interest Rates and Defaults
Location: 2119
Chair: Mikhail Chernov, University of California-Los Angeles
Discussant: Lars Kuehn, Carnegie Mellon University
 

Disastrous Defaults

Christian Gourieroux1,2, Alain Monfort3,4, Sarah Mouabbi4, Jean-Paul Renne5

1: University of Toronto; 2: Toulouse School of Economics; 3: CREST; 4: Banque de France; 5: HEC Lausanne

THURS06-2: Microeconomics of Bank Lending
Location: 2202
Chair: Anna Kovner, Federal Reserve Bank of New York
Discussant: Michael Sockin, The University of Texas at Austin
 

Family Knows Best: Fund Advisors as Talent-Rating Agencies

Ron Kaniel, Dmitry Orlov

University of Rochester

THURS07-2: Politics, Media, and the Stock Market
Location: 2610
Chair: Francesco D'Acunto, Boston College
Discussant: Anastassia Fedyk, University of California at Berkeley
 

The Perils of Crying 'Fake News'

Alberto Manconi1, Mancy Luo2, Massimo Massa3

1: Bocconi University; 2: Erasmus RSM; 3: Insead

THURS08-2: Mergers and Acquisitions: The Role of Management, Bargaining Position, and Regulation
Location: 2611
Chair: Jarrad Harford, University of Washington
Discussant: Matthew Cain, Berkeley Center for Law and Business
 

FINANCIAL PROTECTIONISM, M&A ACTIVITY, AND SHAREHOLDER WEALTH

DAVID GODSELL1, UGUR LEL2, DARIUS MILLER3

1: University of Illinois; 2: University of Georgia Athens; 3: SMU

THURS09-2: Financial Constraints and Financial Flexibility
Location: 2612
Chair: Sergey Chernenko, Purdue University
Discussant: Ben Iverson, Brigham Young University
 

Globally Consistent Creditor Protection, Reallocation and Productivity

Bo Bian

London Business School

11:05am
-
12:00pm
THURS01-3: Policy Transmission in Credit Markets
Location: 2110
Chair: William Mullins, UC San Diego
Discussant: Jessie Jiaxu Wang, Arizona State University
 

Firm Networks in the Great Depression

Erik Loualiche1, Chris Vickers2, Nicolas Ziebarth2

1: University of Minnesota; 2: Auburn University

THURS02-3: Mortgages
Location: 2111
Chair: Manuel Adelino, Duke University
Discussant: Mariassunta Giannetti, Stockholm School of Economics
 

Concentration and Lending in Mortgage Markets

Deeksha Gupta1, Ronel Elul2, David Musto3

1: Carnegie Mellon University; 2: Federal Reserve Bank of Philadelphia; 3: The Wharton School, University of Pennsylvania

THURS03-3: Global Credit Flows
Location: 2112
Chair: Matt Plosser, Federal Reserve Bank of New York
Discussant: Richard Rosen, Federal Reserve Bank of Chicago
 

Insurers as Asset Managers and Systemic Risk

Andrew Ellul1, Chotibhak Jotikasthira2, Anastasia Kartasheva3, Christian Lundblad4, Wolf Wagner5

1: Indiana University; 2: SMU; 3: Bank for International Settlements; 4: University of North Carolina at Chapel Hill; 5: Rotterdam School of Management

THURS04-3: Fixed Income
Location: 2118
Chair: Hui Chen, MIT
Discussant: Eben Lazarus, Massachusetts Institute of Technology
 

Risk Free Interest Rates

Jules van Binsbergen, William Diamond, Marco Grotteria

Wharton School

THURS05-3: Interest Rates and Defaults
Location: 2119
Chair: Mikhail Chernov, University of California-Los Angeles
Discussant: Lukas Schmid, Duke University
 

Default Risk and the Pricing of U.S. Sovereign Bonds

Robert Dittmar1, Alex Hsu2, Guillaume Roussellet3, Peter Simasek2

1: University of Michigan; 2: Georgia Institute of Technology; 3: McGill University

THURS06-3: Microeconomics of Bank Lending
Location: 2202
Chair: Anna Kovner, Federal Reserve Bank of New York
Discussant: Gregory Buchak, University of Chicago
 

P2P Lenders versus Banks: Cream Skimming or Bottom Fishing?

Calebe de Roure1, Loriana Pelizzon2, Anjan Thakor3

1: Reserve Bank of Australia; 2: SAFE-Goethe University Frankfurt and Ca' Foscari University of Venice; 3: Olin Business School, Washington University

THURS07-3: Politics, Media, and the Stock Market
Location: 2610
Chair: Francesco D'Acunto, Boston College
Discussant: Xing Huang, Washington University in St. Louis
 

Home-country media slant and equity prices

Benjamin Golez1, Rasa Karapandza2

1: University of Notre Dame; 2: European Business School

THURS08-3: Mergers and Acquisitions: The Role of Management, Bargaining Position, and Regulation
Location: 2611
Chair: Jarrad Harford, University of Washington
Discussant: Liu Yang, University of Maryland
 

Buyer Power and Horizontal Mergers: Evidence from Plant-Level Input Prices and Supply Contracts

Mo Shen

Auburn University

THURS09-3: Financial Constraints and Financial Flexibility
Location: 2612
Chair: Sergey Chernenko, Purdue University
Discussant: William Mann, UCLA Anderson
 

Benchmarking U.S. University Patent Value and Commercialization Efforts: A New Approach

David Hsu1, Po-Hsuan Hsu2, Tong Zhou3, Arvids Ziedonis4

1: University of Pennsylvania; 2: University of Hong Kong; 3: Sun Yat-Sen University; 4: Boston University

12:00pm
-
1:20pm
THURS Lunch: Thursday Lunch
Location: Simmons Auditorium, Carnegie Mellon Tepper School of Business
1:30pm
-
2:25pm
THURS01-4: Policy Transmission in Credit Markets
Location: 2110
Chair: William Mullins, UC San Diego
Discussant: Sriya Anbil, Federal Reserve Board
 

The Real Effects of Fed Intervention: Revisiting the 1920-1921 Depression

William Mann, Bruce Carlin

UCLA Anderson

THURS02-4: Mortgages
Location: 2111
Chair: Manuel Adelino, Duke University
Discussant: Jack Bao, University of Delaware
 

No Job, No Money, No Refi: Frictions to Refinancing in a Recession

Anthony DeFusco, John Mondragon

Northwestern University

THURS03-4: Global Credit Flows
Location: 2112
Chair: Matt Plosser, Federal Reserve Bank of New York
Discussant: Matteo Crosignani, University of Michigan
 

Competition and the Pass-through of Unconventional Monetary Policy: Evidence from TLTROs

Matteo Benetton1, Davide Fantino2

1: Berkeley; 2: Banca d'Italia

THURS04-4: Fixed Income
Location: 2118
Chair: Hui Chen, MIT
Discussant: Or Shachar, Federal Reserve Bank of New York
 

Special Repo Rates and the Cross-Section of Bond Prices: the Role of the Special Collateral Risk Premium

Stefania D'Amico2, Aaron Pancost1

1: University of Texas at Austin McCombs School of Business; 2: Federal Reserve Bank of Chicago

THURS05-4: Interest Rates and Defaults
Location: 2119
Chair: Mikhail Chernov, University of California-Los Angeles
Discussant: Andres Schneider, Federal Reserve Board
 

Stochastic Interest rates, Heterogeneous Valuations, and the Volatility-Volume Relation with Search Frictions

Sheen Liu1, Junbo Wang2, Chunchi Wu3

1: Washington State University - Pullman; 2: City University of Hong Kong; 3: State University of New York at Buffalo

THURS06-4: Microeconomics of Bank Lending
Location: 2202
Chair: Anna Kovner, Federal Reserve Bank of New York
Discussant: Robert Hauswald, Kogod School of Business
 

Competition between arm's length and relational lenders: Who wins the contest?

Alejandro Drexler1, Andre Guettler2, Daniel Paravisini3, Ahmet Taskin2

1: The Federal Reserve Bank of Chicago; 2: Ulm University; 3: London School of Economics

THURS07-4: Politics, Media, and the Stock Market
Location: 2610
Chair: Francesco D'Acunto, Boston College
Discussant: Anna Scherbina, Brandeis University
 

Noise from Other Industries: Overgeneralization and Analyst Beliefs

Rex Wang Renjie

Erasmus University Rotterdam

THURS08-4: Mergers and Acquisitions: The Role of Management, Bargaining Position, and Regulation
Location: 2611
Chair: Jarrad Harford, University of Washington
Discussant: Albert Sheen, University of Oregon
 

Management Practices and Mergers and Acquisitions

John {Jianqiu} Bai1, Wang Jin2, Matthew Serfling3

1: Northeastern University; 2: MIT; 3: University of Tennessee

THURS09-4: Financial Constraints and Financial Flexibility
Location: 2612
Chair: Sergey Chernenko, Purdue University
Discussant: Yufeng Wu, University of Illinois at Urbana-Champaign
 

The Sources of Financing Constraints

Boris Nikolov1, Lukas Schmid2, Roberto Steri1

1: University of Lausanne and Swiss Finance Institute; 2: Duke University

2:40pm
-
3:35pm
THURS01-5: Policy Transmission in Credit Markets
Location: 2110
Chair: William Mullins, UC San Diego
Discussant: Olivier Wang, Massachusetts Institute of Technology
 

Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation

Yifei Wang1, Toni Whited1, Yufeng Wu2, Kairong Xiao3

1: the University of Michigan; 2: the University of Illinois; 3: Columbia Business School

THURS02-5: Mortgages
Location: 2111
Chair: Manuel Adelino, Duke University
Discussant: Brent William Ambrose, Penn State
 

Do Sunk Costs Affect Prices in the Housing Market?

Dimuthu Ratnadiwakara, Vijay Yerramilli

C.T. Bauer College of Business, University of Houston

THURS03-5: Global Credit Flows
Location: 2112
Chair: Matt Plosser, Federal Reserve Bank of New York
Discussant: Cristian Badarinza, National University of Singapore
 

Anonymous Capital Flows and U.S. Housing Markets

Sean Hundtofte1, Ville Rantala2

1: Better Mortgage and NYU Stern; 2: University of Miami

THURS04-5: Fixed Income
Location: 2118
Chair: Hui Chen, MIT
Discussant: Winston Wei Dou, The Wharton School, University of Pennsylvania
 

Bond Risk Premia with Machine Learning

Daniele Bianchi1, Andrea Tamoni2, Matthias Buechner1

1: University of Warwick, Warwick Business School; 2: London School of Economics, Department of Finance

THURS05-5: Interest Rates and Defaults
Location: 2119
Chair: Mikhail Chernov, University of California-Los Angeles
Discussant: Nina Boyarchenko, Federal Reserve Bank of New York
 

The Real Effects of Secondary Market Trading Structure: Evidence from the Mortgage Market

Yesol Huh, You Suk Kim

Federal Reserve Board

THURS06-5: Microeconomics of Bank Lending
Location: 2202
Chair: Anna Kovner, Federal Reserve Bank of New York
Discussant: Paul Goldsmith-Pinkham, Yale University
 

Busy Bankruptcy Courts and the Cost of Credit

Karsten Müller

Princeton University

THURS07-5: Politics, Media, and the Stock Market
Location: 2610
Chair: Francesco D'Acunto, Boston College
Discussant: Yajun Wang, Baruch College
 

The Madness Of Crowds And The Likelihood Of Bubbles

Alexander Chinco

University of Illinois at Urbana-Champaign

THURS08-5: Mergers and Acquisitions: The Role of Management, Bargaining Position, and Regulation
Location: 2611
Chair: Jarrad Harford, University of Washington
Discussant: Julian Atanassov, University of Nebraska
 

Stakeholder Orientation and Firm Value

K.J. Martijn Cremers1, Scott B. Guernsey2, Simone M. Sepe3,4

1: University of Notre Dame; 2: University of Cambridge; 3: University of Arizona; 4: Toulouse School of Economics

THURS09-5: Financial Constraints and Financial Flexibility
Location: 2612
Chair: Sergey Chernenko, Purdue University
Discussant: Maria Chaderina, Carnegie Mellon University
 

Measuring the Effect of Financial Flexibility on Investment Using Data on Insurers’ Portfolios

Shan Ge1, Michael Weisbach2

1: New York University; 2: Ohio State University, NBER, and ECGI


 
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