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).

Please note that all times are shown in the time zone of the conference. The current conference time is: 27th Feb 2024, 04:34:42pm EST

 
 
Session Overview
Date: Sunday, 19/May/2024
4:00pm
-
6:00pm
Welcome Reception
Location: Grand Hyatt Atlanta Inn Buckhead
Date: Monday, 20/May/2024
8:00am
-
3:00pm
Registration
8:30am
-
9:15am
Track M1-1: FinTech
Chair: Jillian Grennan, UC-Berkeley
Discussant: Mina Lee, Federal Reserve Board
 

Borrowing from a Bigtech Platform

Jian Jane Li1, Stefano Pegoraro2

1: Columbia University; 2: University of Notre Dame, Mendoza College of Business

Track M2-1: Household Debt
Chair: Constantine Yannelis, University of Chicago
Discussant: Jordan Nickerson, University of Washington
 

Financial Breakups

Alexander Butler1, Ioannis Spyridopoulos2, Yessenia Tellez3, Billy Xu4

1: Rice University; 2: American University; 3: Virginia Tech; 4: University of Rochester

Track M3-1: Risk and Information in Institutional Investing
Chair: Christian Opp, University of Rochester
 

HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading

Wenqian Huang1, Shihao Yu3, Angelo Ranaldo2, Peter O'neill4

1: BIS; 2: University of St. Gallen and Swiss Finance Institute,; 3: Columbia University; 4: UNSW

Track M4-1: Monetary Policy and Banking Supervision
Chair: Lu Liu, University of Pennsylvania
 

Monetary Policy in the Age of Universal Banking

Michael Gelman1, Itay Goldstein2, Andrew MacKinlay3

1: University of Delaware; 2: Wharton School, University of Pennsylvania; 3: Virginia Tech

Track M5-1: Boards, Governance, and Institutional Investors
Chair: Tracy Yue Wang, University of Minnesota
Discussant: Yihui Pan, University of Utah
 

Board Diversity in Private Vs. Public Firms

Johan Cassel1, James P. Weston2, Emmanuel Yimfor3

1: Vanderbilt University; 2: Jones Graduate School of Business, Rice University; 3: Columbia University

Track M6-1: ESG: Preferences and Policies
 

Responsible Consumption, Demand Elasticity, and the Green Premium

Xuhui Chen, Lorenzo Garlappi, Ali Lazrak

UBC

Track M7-1: The Cross-Section of Stock, Bond and Currency Returns
Chair: Lars Lochstoer, UCLA
 

The Corporate Bond Factor Zoo

Alexander Dickerson1, Christian Julliard2, Philippe Mueller3

1: University of New South Wales; 2: London School of Economics; 3: University of Warwick

Track M8-1: Disagreement, beliefs and asset prices
Chair: Sean Myers, The Wharton School
 

Dissecting Disagreement in Valuations: Inputs and Outcomes

Paul Decaire1, Denis Sosyura1, Michael Wittry2

1: Arizona State University; 2: Ohio State University

9:15am
-
9:30am
Break
9:30am
-
10:15am
Track M1-2: FinTech
Chair: Jillian Grennan, UC-Berkeley
Discussant: Ian Appel, University of Virginia
 

Impact of Robo-advisors on the Labor Market for Financial Advisors

Ishitha Kumar

Emory University

Track M2-2: Household Debt
Chair: Constantine Yannelis, University of Chicago
Discussant: Christoph Herpfer, uva darden
 

Bankruptcy Lawyers and Credit Recovery

Brian Jonghwan Lee

Columbia Business School

Track M3-2: Risk and Information in Institutional Investing
Chair: Christian Opp, University of Rochester
 

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

Ishita Sen1, Jian Jane Li2, Umang Khetan3, Ioana Neamtu4

1: Harvard Business School; 2: Columbia Business School, United States of America; 3: University of Iowa; 4: Bank of England

Track M4-2: Monetary Policy and Banking Supervision
Chair: Lu Liu, University of Pennsylvania
 

Spatially Targeted LTV Policies and Collateral Values

Chun-Che Chi1, Cameron LaPoint2, Ming-Jen Lin3

1: Academia Sinica, Institute of Economics; 2: Yale School of Management; 3: National Taiwan University

Track M5-2: Boards, Governance, and Institutional Investors
Chair: Tracy Yue Wang, University of Minnesota
Discussant: Vikas Agarwal, Georgia State University
 

Political Connections and Public Pension Fund Investments: Evidence from Private Equity

Jaejin Lee

University of Illinois at Urbana and Champaign

Track M6-2: ESG: Preferences and Policies
 

A Breath of Change: Can Personal Exposures Drive Green Preferences?

Steffen Andersen1, Dmitry Chebotarev2, Fatima Zahra Filali-Adib3, Kasper Meisner Nielsen3

1: Danmarks Nationalbank; 2: Indiana University Bloomington; 3: Copenhagen Business School

Track M7-2: The Cross-Section of Stock, Bond and Currency Returns
Chair: Lars Lochstoer, UCLA
 

Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux

Zhongtiam Chen1, Nikolai Roussanov1, Xiaoliang Wang2, Dongchen Zou1

1: University of Pennsylvania; 2: HKUST

Track M8-2: Disagreement, beliefs and asset prices
Chair: Sean Myers, The Wharton School
 

Crash Narratives

Dasol Kim1, Will Goetzmann2, Bob Shiller2

1: Office of Financial Research; 2: Yale University

10:15am
-
10:30am
Break
10:30am
-
11:15am
Track M1-3: FinTech
Chair: Jillian Grennan, UC-Berkeley
Discussant: Joshua White, Vanderbilt University
 

Digital Veblen Goods

Sebeom Oh1, Samuel Rosen1, Anthony Lee Zhang2

1: Temple University; 2: University of Chicago

Track M2-3: Household Debt
Chair: Constantine Yannelis, University of Chicago
Discussant: Menaka Hampole, Yale SOM
 

Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans

Nuno Clara1, Michael Boutros2, Francisco Gomes3

1: Duke University; 2: Bank of Canada; 3: London Business School

Track M3-3: Risk and Information in Institutional Investing
Chair: Christian Opp, University of Rochester
 

Information Leakage from Short Sellers

Fernando Chague1, Bruno Giovannetti1, Bernard Herskovic2

1: Getulio Vargas Foundation - Sao Paulo School of Economics; 2: UCLA Anderson and NBER

Track M4-3: Monetary Policy and Banking Supervision
Chair: Lu Liu, University of Pennsylvania
 

Diverging Paths in Banks’ Business Models: New Facts and Macro Implications

Jinyuan Zhang, Shohini Kundu, Tyler Muir

UCLA

Track M5-3: Boards, Governance, and Institutional Investors
Chair: Tracy Yue Wang, University of Minnesota
Discussant: Tingting Liu, Iowa State University
 

Under Pressure: The Increasing Turnover-Performance Sensitivity for Corporate Directors

Thomas Bates1, David Becher2, Jared Wilson3

1: Arizona State University; 2: Drexel University; 3: Indiana University

Track M6-3: ESG: Preferences and Policies
 

The Benchmark Greenium

Stefania D'Amico2, Nathaniel Pancost1, Johannes Klausmann3

1: University of Texas at Austin; 2: Federal Reserve Bank of Chicago; 3: University of Virginia

Track M7-3: The Cross-Section of Stock, Bond and Currency Returns
Chair: Lars Lochstoer, UCLA
 

A Non-Linear Market Model

Tobias Sichert

Stockholm School of Economics

Track M8-3: Disagreement, beliefs and asset prices
Chair: Sean Myers, The Wharton School
 

End of an era: The coming long-run slowdown in corporate profit growth and stock returns

Michael Smolyansky

Federal Reserve

11:15am
-
11:30am
Break
11:30am
-
12:15pm
Track M1-4: FinTech
Chair: Jillian Grennan, UC-Berkeley
Discussant: Neroli Austin, University of Michigan
 

Deciphering the Impact of BigTech Consumer Credit

Lei Chen1, Wenlan Qian2, Albert Di Wang3, Qi Wu4

1: School of Accounting, Southwestern University of Finance and Economics; 2: NUS Business School, National University of Singapore; 3: McCombs School of Business, The University of Texas at Austin; 4: School of Data Science, City University of Hong Kong

Track M2-4: Household Debt
Chair: Constantine Yannelis, University of Chicago
Discussant: Emmanuel Yimfor, Columbia University
 

Explaining Racial Disparities in Personal Bankruptcy Outcomes

Bronson Argyle1, Sasha Indarte2, Ben Iverson1, Christopher Palmer3

1: BYU; 2: Wharton; 3: MIT Sloan

Track M3-4: Risk and Information in Institutional Investing
Chair: Christian Opp, University of Rochester
 

(Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting

Tao Li1, Qifei Zhu2

1: University of Florida; 2: Nanyang Technological University

Track M4-4: Monetary Policy and Banking Supervision
Chair: Lu Liu, University of Pennsylvania
 

Unintended Consequences of QE: Real Estate Prices and Financial Stability

Tobias Berg1, Rainer Haselmann1, Thomas Kick2, Sebastian Schreiber1

1: Goethe University; 2: Bundesbank

Track M5-4: Boards, Governance, and Institutional Investors
Chair: Tracy Yue Wang, University of Minnesota
 

Do board connections between product market peers impede competition?

Radha Gopalan1, Renping Li1, Alminas Zaldokas2

1: Washington University in St. Louis; 2: HKUST

Track M6-4: ESG: Preferences and Policies
 

Too Levered for Pigou: Carbon Pricing, Financial Constraints, and Leverage Regulation

Robin Döttling1, Magdalena Rola-Janicka2

1: Erasmus University Rotterdam; 2: Imperial College London

Track M7-4: The Cross-Section of Stock, Bond and Currency Returns
Chair: Lars Lochstoer, UCLA
 

Dollar and Carry Redux

Thomas Andreas Maurer1, Andrea Vedolin2, Sining Liu3, Yaoyuan Zhang1

1: The University of Hong Kong; 2: Boston University; 3: Soochow University

Track M8-4: Disagreement, beliefs and asset prices
Chair: Sean Myers, The Wharton School
 

The Making of Momentum: A Demand-System Perspective

Paul Huebner

Stockholm School of Economics

12:15pm
-
1:45pm
Lunch with SFS Annual Meeting & Presentation of Journal Awards
1:45pm
-
2:30pm
Track M1-5: FinTech
Chair: Jillian Grennan, UC-Berkeley
Discussant: Jean-Edouard Colliard, HEC Paris
 

AI-Powered Trading, Algorithmic Collusion, and Price Efficiency

Winston Dou1, Itay Goldstein1, Yan Ji2

1: The Wharton School at University of Pennsylvania; 2: HKUST

Track M2-5: Household Debt
Chair: Constantine Yannelis, University of Chicago
Discussant: Tim de Silva, MIT Sloan School of Management
 

Household Debt Overhang and Human Capital Investment

Gustavo Manso2, Alejandro Rivera1, Hui Grace Wang3, Han Xia1

1: UT-Dallas; 2: UC-Berkeley; 3: Bentley Univeristy

Track M3-5: Risk and Information in Institutional Investing
Chair: Christian Opp, University of Rochester
 

Passive investors in primary bond markets

Michele Dathan1, Caitlin Dannhauser2

1: Federal Reserve Board of Governors; 2: Villanova University

Track M4-5: Monetary Policy and Banking Supervision
Chair: Lu Liu, University of Pennsylvania
 

How (in)effective was bank supervision during the 2022 Monetary Tightening?

Yadav Krishna Gopalan1,2, Joao Granja3

1: Indiana University; 2: Federal Reserve Bank of St. Louis; 3: University of Chicago

Track M5-5: Boards, Governance, and Institutional Investors
Chair: Tracy Yue Wang, University of Minnesota
Discussant: Jonathan M. Karpoff, University of Washington
 

Diversity, Equity, and Inclusion

Alex Edmans1, Caroline Flammer2, Simon Glossner3

1: London Business School, CEPR, and ECGI; 2: Columbia University, NBER, and ECGI; 3: Federal Reserve Board

Track M6-5: ESG: Preferences and Policies
 

How Anti-ESG Pressure Affects Investment: Evidence from Retirement Savings

Jane Danyu Zhang

UCLA Anderson School of Management

Track M7-5: The Cross-Section of Stock, Bond and Currency Returns
Chair: Lars Lochstoer, UCLA
 

Political risk everywhere

Vito Gala1, Giovanni Pagliardi2, Ivan Shaliastovich3, Stavros Zenios4

1: Morningstar Investment Management LLC; 2: BI Norwegian Business School; 3: University of Wisconsin-Madison; 4: Durham University and University of Cyprus

Track M8-5: Disagreement, beliefs and asset prices
Chair: Sean Myers, The Wharton School
 

Monetary Policy, Extrapolation Bias, and Misallocation

Yuchen Chen

University of Illinois Urbana-Champaign

2:30pm
-
2:45pm
Break
2:45pm
-
3:30pm
Track M1-6: FinTech
Chair: Jillian Grennan, UC-Berkeley
Discussant: Katrin Tinn, McGill University
 

Financial and Informational Integration Through Oracle Networks

Will Cong1, Eswar Prasad1, Daniel Rabetti2

1: Cornell University; 2: National University of Singapore

Track M2-6: Household Debt
Chair: Constantine Yannelis, University of Chicago
Discussant: Deniz Aydın, Washington University in St. Louis
 

Credit Card Borrowing in Heterogeneous-Agent Models: Reconciling Theory and Data

Sean Chanwook Lee1, Peter Maxted2

1: Harvard University; 2: UC Berkeley

Track M3-6: Risk and Information in Institutional Investing
Chair: Christian Opp, University of Rochester
 

Nonbank Market Power in Leveraged Lending

Franz Hinzen

Tuck School of Business at Dartmouth

Track M4-6: Monetary Policy and Banking Supervision
Chair: Lu Liu, University of Pennsylvania
 

Monetary Policy Wedges and the Long-term Liabilities of Households and Firms

Marco Grotteria1, Jules van Binsbergen2

1: London Business School; 2: University of Pennsylvania

Track M5-6: Boards, Governance, and Institutional Investors
Chair: Tracy Yue Wang, University of Minnesota
Discussant: Keer Yang, University of California at Davis
 

Decentralized Governance and Digital Asset Prices

Jillian Grennan1, Ian Appel2

1: University of California, Berkeley; 2: University of Virginia, United States of America

Track M6-6: ESG: Preferences and Policies
 

How Should Climate Change Uncertainty Impact Social Valuation and Policy?

Michael Barnett1, William Brock2, Lars Peter Hansen3, Hong Zhang4

1: Arizona State University; 2: University of Wisconsin; 3: University of Chicago; 4: Argonne National Laboratory

Track M7-6: The Cross-Section of Stock, Bond and Currency Returns
Chair: Lars Lochstoer, UCLA
 

A unified explanation for the decline of the value premium and the rise of the markup

Xiaoji Lin1, Chao Ying2, Terry Zhang3

1: University of Minnesota; 2: CUHK Business School; 3: Australian National University

Track M8-6: Disagreement, beliefs and asset prices
Chair: Sean Myers, The Wharton School
 

Economic Growth through Diversity in Beliefs

Christian Heyerdahl-Larsen2, Philipp Illeditsch1, Howard Kung3

1: Texas A&M University; 2: BI Oslo; 3: LBS

3:30pm
-
3:45pm
Break
3:45pm
-
4:30pm
RAPS & RCFS Keynote

Keynote Speaker: Viral Acharya (NYU Stern)

4:30pm
-
6:00pm
Reception
Location: Grand Hyatt Atlanta Inn Buckhead
Date: Tuesday, 21/May/2024
8:00am
-
3:00pm
Registration
8:30am
-
9:15am
Track T1-1: Entrepreneurship and VC
Chair: Tong Liu, MIT Sloan
Discussant: David Robinson, Duke University
 

Stock Market Wealth and Entrepreneurship

Gabriel Chodorow-Reich3, Plamen Nenov1,2, Vitor Santos2, Alp Simsek4

1: Norges Bank; 2: BI Norwegian Business School; 3: Harvard University; 4: Yale School of Management

Track T2-1: Microstructure
Chair: Briana Chang, UW Madison
 

Anticompetitive Price Referencing

Vincent van Kervel1, Bart Zhou Yueshen2

1: Pontificia universidad católica de Chile; 2: Singapore Management University

Track T3-1: Corporate Theory
Chair: Giorgia Piacentino, USC
 

Voting Choice

Andrey Malenko, Nadya Malenko

Boston College

Track T4-1: Climate Finance: Risk and Regulation
Chair: Matthew Gustafson, Pennsylvania State University
Discussant: James Brown, Iowa State University
 

CEO compensation and cash-flow shocks: Evidence from changes in environmental regulations

Seungho Choi1, Ross Levine2, Raphael Jonghyeon Park3, Simon Xu4

1: Hanyang University; Queensland University of Technology; 2: Stanford University; 3: University of Technology Sydney; 4: Harvard University

Track T5-1: Labor and the Finance of Human Capital
Chair: Elena Simintzi, UNC
Discussant: Max Miller, Harvard Business School
 

Firms with Benefits? Nonwage Compensation and Implications for Firms and Labor Markets

Paige Ouimet1, Geoff Tate2

1: UNC; 2: University of Maryland

Track T6-1: Treasury Markets, Inflation and Taxes
Chair: Marco Grotteria, London Business School
Discussant: Philippe Mueller, Warwick Business School
 

Shrinking the Term Structure

Damir Filipovic1, Markus Pelger2, Ye Ye2

1: EPFL and Swiss Finance Institute; 2: Stanford University

Track T7-1: Market power, markups and asset prices
Chair: Erik Loualiche, University of Minnesota
 

A Tale of Two Networks: Common Ownership and Product Market Rivalry

Florian Ederer2, Bruno Pellegrino1

1: Columbia University; 2: Boston University

Track T8-1: Return Expectations of Households and Professionals
Chair: Alessandro Previtero, Indiana University
 

Microfounding Household Debt Cycles with Extrapolative Expectations

Francesco D’Acunto1, Michael Weber2, Xiao Yin3

1: Georgetown University; 2: University of Chicago; 3: UCL

9:15am
-
9:30am
Break
9:30am
-
10:15am
Track T1-2: Entrepreneurship and VC
Chair: Tong Liu, MIT Sloan
Discussant: Olivia Kim, Harvard Business School
 

Minding Your Business or Minding Your Child? Motherhood and the Entrepreneurship Gap

Valentina Rutigliano

University of British Columbia

Track T2-2: Microstructure
Chair: Briana Chang, UW Madison
 

Dealer Capacity and US Treasury Market Functionality

Darrell Duffie1, Michael Fleming2, Frank Keane2, Claire Nelson3, Or Shachar2, Peter Van Tassel4

1: Stanford University; 2: Federal Reserve Bank of New York; 3: Princeton University; 4: Independent

Track T3-2: Corporate Theory
Chair: Giorgia Piacentino, USC
 

Optimal Information and Security Design

Nicolas Inostroza1, Anton Tsoy2

1: University of Toronto; 2: University of Toronto

Track T4-2: Climate Finance: Risk and Regulation
Chair: Matthew Gustafson, Pennsylvania State University
Discussant: Thomas Geelen, Copenhagen Business School
 

Financial Distress and the Green Transition

Yasser Boualam, Aymeric Bellon

UNC - Chapel Hill

Track T5-2: Labor and the Finance of Human Capital
Chair: Elena Simintzi, UNC
Discussant: Victor Lyonnet, Ohio State University
 

Create Your Own Valuation

Minmo Gahng

Cornell University

Track T6-2: Treasury Markets, Inflation and Taxes
Chair: Marco Grotteria, London Business School
Discussant: Spencer Kwon, Brown University
 

The Long-Term Effects of Inflation on Inflation Expectations

Fabio Braggion1, Felix von Meyerinck2, Nic Schaub3, Michael Weber4

1: University of Tilburg; 2: University of Zurich; 3: WHU -- Otto Beisheim School of Management; 4: University of Chicago Booth

Track T7-2: Market power, markups and asset prices
Chair: Erik Loualiche, University of Minnesota
 

Stagflationary Stock Returns and the Role of Market Power

Yannick Timmer, Ben Knox

Federal Reserve Board

Track T8-2: Return Expectations of Households and Professionals
Chair: Alessandro Previtero, Indiana University
 

Return Heterogeneity in Retirement Accounts

Andrea Tamoni1, Lorenzo Bretscher2, Riccardo Sabbatucci3

1: Rutgers Business School; 2: University of Lausanne; 3: Stockholm School of Economics

10:15am
-
10:30am
Break
10:30am
-
11:15am
Track T1-3: Entrepreneurship and VC
Chair: Tong Liu, MIT Sloan
Discussant: Ramin Baghai, Stockholm School of Economics
 

Venture Labor: A Nonfinancial Signal for Start-up Success

Sean Cao1, Jie He2, Zhilu Lin3, Xiao Ren4

1: University of Maryland; 2: University of Georgia; 3: Clarkson University; 4: Chinese University of Hong Kong, Shenzhen

Track T2-3: Microstructure
Chair: Briana Chang, UW Madison
 

What Does Best Execution Look Like?

Thomas Ernst1, Andrey Malenko2, Chester Spatt3, Jian Sun4

1: University of Maryland; 2: Boston College; 3: Carnegie Mellon University; 4: Singapore Management University

Track T3-3: Corporate Theory
Chair: Giorgia Piacentino, USC
 

The Efficiency of Patent Litigation

Samuel Antill1, Murat Alp Celik2, Xu Tian3, Toni M. Whited4

1: Harvard Business School; 2: University of Toronto; 3: Terry College of Business, University of Georgia; 4: University of Michigan and NBER

Track T4-3: Climate Finance: Risk and Regulation
Chair: Matthew Gustafson, Pennsylvania State University
Discussant: Stefan Lewellen, Pennsylvania State University
 

Opening the Brown Box: Production Responses to Environmental Regulation

Rebecca De Simone1, S. Lakshmi Naaraayanan1, Kunal Sachdeva2

1: London Business School; 2: Jesse H. Jones Graduate School of Business, Rice University

Track T5-3: Labor and the Finance of Human Capital
Chair: Elena Simintzi, UNC
Discussant: Constantine Yannelis, University of Chicago
 

Financial Access and Human Capital Development

Suzanne Chang1, Saravana Ravindran2

1: Tulane University; 2: National University of Singapore

Track T6-3: Treasury Markets, Inflation and Taxes
Chair: Marco Grotteria, London Business School
Discussant: Paymon Khorrami, Duke University
 

Fragility of Safe Asset Markets

Thomas M Eisenbach1, Gregory Phelan2

1: New York Fed; 2: Williams College

Track T7-3: Market power, markups and asset prices
Chair: Erik Loualiche, University of Minnesota
 

Markup Shocks and Asset Prices

Alexandre Corhay1, Jun Li2, Jincheng Tong1

1: University of Toronto; 2: Warick Business School

Track T8-3: Return Expectations of Households and Professionals
Chair: Alessandro Previtero, Indiana University
 

Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice

Aizhan Anarkulova1, Scott Cederburg2, Michael O'Doherty3

1: Emory University; 2: University of Arizona; 3: University of MIssouri

11:15am
-
11:30am
Break
11:30am
-
12:15pm
Track T1-4: Entrepreneurship and VC
Chair: Tong Liu, MIT Sloan
Discussant: Lin Shen, INSEAD
 

How Financial Markets Create Superstars

Spyros Terovitis1, Vladimir Vladimirov1,2

1: University of Amsterdam; 2: CEPR

Track T2-4: Microstructure
Chair: Briana Chang, UW Madison
 

Who Is Minding the Store? Order Routing and Competition in Retail Trade Execution

Xing Huang1, Philippe Jorion2, Mina Lee3, Christopher Schwarz2

1: Washington University in St. Louis; 2: UC Irvine; 3: Federal Reserve Board

Track T3-4: Corporate Theory
Chair: Giorgia Piacentino, USC
 

Executive Compensation with Social and Environmental Performance

Pierre Chaigneau1, Nicolas Sahuguet2

1: Queen's University; 2: HEC Montreal

Track T4-4: Climate Finance: Risk and Regulation
Chair: Matthew Gustafson, Pennsylvania State University
Discussant: Matthew Serfling, University of Tennessee
 

Labor Exposure to Climate Risk, Productivity Loss, and Capital Deepening

Zhanbing Xiao

Harvard University

Track T5-4: Labor and the Finance of Human Capital
Chair: Elena Simintzi, UNC
Discussant: Allison Cole, NBER and ASU
 

What Do Unions Do? Incentives and Investments

Vojisav Maksimovic, Liu Yang

University of Maryland

Track T6-4: Treasury Markets, Inflation and Taxes
Chair: Marco Grotteria, London Business School
Discussant: Wenhao Li, University of Southern California
 

Can U.S. Treasury Markets Add and Subtract?

Roberto Gomez Cram1, Howard Kung2, Hanno Lustig3

1: NYU; 2: London Business School; 3: Stanford

Track T7-4: Market power, markups and asset prices
Chair: Erik Loualiche, University of Minnesota
 

Investing in Misallocation

Mete Kilic, Selale Tuzel

University of Southern California

Track T8-4: Return Expectations of Households and Professionals
Chair: Alessandro Previtero, Indiana University
 

Partial Homeownership: A Quantitative Analysis

Eirik Eylands Brandsaas1, Jens Soerli Kvaerner2

1: Federal Reserve Board; 2: Tilburg University

12:15pm
-
1:45pm
Lunch with Keynote by Cavalcade Chair & Presentation of Cavalcade Awards

Keynote Speaker: Jules van Binsbergen (The Wharton School)

1:45pm
-
2:30pm
Track T1-5: Entrepreneurship and VC
Chair: Tong Liu, MIT Sloan
Discussant: Bo Bian, University of British Columbia
 

Mobile Apps, Firm Risk, and Growth

Xi Sissi Wu

University of California-Berkeley

Track T2-5: Microstructure
Chair: Briana Chang, UW Madison
 

Automated Exchange Economies

Bryan Routledge1, Yikang Shen2, Ariel Zetlin-Jones3

1: Carnegie Mellon University; 2: Carnegie Mellon University; 3: Carnegie Mellon University

Track T3-5: Corporate Theory
Chair: Giorgia Piacentino, USC
 

The Rise and Fall of Investment: Rethinking Q theory in Equilibrium

Xinwei LI

INSEAD

Track T4-5: Climate Finance: Risk and Regulation
Chair: Matthew Gustafson, Pennsylvania State University
Discussant: Ivan Ivanov, Federal Reserve Bank of Chicago
 

When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets

Parinitha {Pari} Sastry1, Ishita Sen2, Ana-Maria Tenekedjieva3

1: Columbia Business School; 2: Harvard Business School; 3: Federal Reserve Board

Track T5-5: Labor and the Finance of Human Capital
Chair: Elena Simintzi, UNC
Discussant: Daniel Bias, Vanderbilt University
 

The Talent Gap in Family Firms

Morten Bennedsen1, Margarita Tsoutsoura2, Daniel Wolfenzon3

1: Copenhagen University; 2: Washington University in St. Louis; 3: Columbia University

Track T6-5: Treasury Markets, Inflation and Taxes
Chair: Marco Grotteria, London Business School
Discussant: Jian Jane Li, Columbia University
 

What about Japan?

YiLi Chien1, Harold Cole2, Hanno Lustig3

1: Federal Reserve Bank of Saint Louis; 2: University of Pennsylvania; 3: Stanford GSB

Track T7-5: Market power, markups and asset prices
Chair: Erik Loualiche, University of Minnesota
 

Inflation Surprises and Equity Returns

Antonio Gil de Rubio Cruz, Emilio Osambela, Berardino Palazzo, Francisco Palomino, Gustavo Suarez

Board of Governors of the Federal Reserve System

Track T8-5: Return Expectations of Households and Professionals
Chair: Alessandro Previtero, Indiana University
 

The Cross-section of Subjective Expectations: Understanding Prices and Anomalies

Sean Myers1, Ricardo De la O2, Xiao Han3

1: The Wharton School; 2: USC Marshall School of Business; 3: Bayes Business School

2:30pm
-
2:45pm
Break
2:45pm
-
3:30pm
Track T1-6: Entrepreneurship and VC
Chair: Tong Liu, MIT Sloan
Discussant: Tetyana Balyuk, Emory University
 

Revenue-Based Financing

Dominic Russel, Claire Shi, Rowan Clarke

Harvard University

Track T2-6: Microstructure
Chair: Briana Chang, UW Madison
 

Information Intermediaries and the Distorting Effect of Incomplete Data

Sara Easterwood

Virginia Tech

Track T3-6: Corporate Theory
Chair: Giorgia Piacentino, USC
 

Modeling Managers As EPS Maximizers

Itzhak Ben-David1, Alex Chinco2

1: The Ohio State University, Fisher School of Business; 2: Baruch College

Track T4-6: Climate Finance: Risk and Regulation
Chair: Matthew Gustafson, Pennsylvania State University
Discussant: Ian Appel, University of Virginia
 

Divestment and Engagement: The Effect of Green Investors on Corporate Carbon Emissions

John G. Matsusaka1, Matthew Kahn2, Chong Shu3

1: University of Southern California; 2: University of Southern California; 3: University of Utah

Track T5-6: Labor and the Finance of Human Capital
Chair: Elena Simintzi, UNC
Discussant: Carlos Fernando Avenancio-León, UCSD
 

Intergenerational Conflict in Education Financing: Evidence from A Decade of Bond Referenda

Livia Yi

Boston College

Track T6-6: Treasury Markets, Inflation and Taxes
Chair: Marco Grotteria, London Business School
Discussant: Patrick Augustin, McGill University
 

Do Municipal Bond Investors Pay a Convenience Premium to Avoid Taxes?

Matthias Fleckenstein1, Francis A. Longstaff2

1: University of Delaware; 2: UCLA Anderson School of Management and NBER

Track T7-6: Market power, markups and asset prices
Chair: Erik Loualiche, University of Minnesota
 

The Present Value of Future Market Power

Thummim Cho1, Marco Grotteria2, Lukas Kremens3, Howard Kung2

1: Korea University Business School, Korea; 2: London Business School, UK; 3: University of Washington, US

Track T8-6: Return Expectations of Households and Professionals
Chair: Alessandro Previtero, Indiana University
 

Insurance versus Moral Hazard in Income-Contingent Student Loan Repayment

Tim de Silva

MIT Sloan School of Management

Date: Wednesday, 22/May/2024
8:00am
-
3:00pm
Registration
8:30am
-
9:15am
Track W1-1: Real Estate
Chair: Charles Nathanson, Northwestern University
Discussant: Matthijs Korevaar, Erasmus University Rotterdam
 

Racial Differences in the Total Rate of Return on Owner-Occupied Housing

Rebecca Diamond2, William Diamond1

1: Wharton School, University of Pennsylvania; 2: Stanford GSB and NBER

Track W2-1: Banking and Monetary Transmission
Chair: Moritz Lenel, Princeton University
 

Payments, Reserves, and Financial Fragility

Itay Goldstein1, Ming Yang2, Yao Zeng1

1: University of Pennsylvania; 2: University College London

Track W3-1: ESG in Financial Intermediation
Chair: Jawad M. Addoum, Cornell University
Discussant: Shaun Davies, CU Boulder
 

Ethics and Trust in the Market for Financial Advisors

Simon Gervais1, John Thanassoulis2,3,4

1: Fuqua School of Business, Duke University; 2: Warwick Business School, The University of Warwick; 3: CEPR; 4: UK Competition and Markets Authority

Track W4-1: The Financing of Innovation
Chair: Emmanuel Yimfor, Columbia University
 

"Research and/or Development? Financial Frictions and Innovation Investment"

Filippo Mezzanotti1, Tim Simcoe2

1: Northwestern University; 2: Boston University

Track W5-1: Corporate Investment
Chair: Dirk Hackbarth, Boston University Questrom School of Business
Discussant: William Mann, Emory University
 

Testing the q-theory under endogenous truncation

Ilan Cooper1,3, Daniel Kim2, Moshe Kim1

1: University of Haifa; 2: University of Waterloo; 3: BI Norwegian Business School

Track W6-1: Loan Markets: Market Failures and Government Intervention
Chair: Olivia Kim, Harvard Business School
 

Loan Guarantees and Incentives for Information Acquisition

David Stillerman

American University

Track W7-1: Return Predictability
Chair: Benjamin Golez, University of Notre Dame
Discussant: Andreas Neuhierl, Washington University in St. Louis
 

The Return of Return Dominance: Decomposing the Cross-Section of Prices

Sean Myers1, Ricardo De la O2, Xiao Han3

1: The Wharton School; 2: USC Marshall School of Business; 3: Bayes Business School

Track W8-1: Allocative and Value Effects of ESG
Chair: Pedro Matos, University of Virginia Darden School of Business
 

A Deep Learning Analysis of Climate Change, Innovation, and Uncertainty

Michael Barnett1, William Brock2, Lars Peter Hansen3, Ruimeng Hu4, Joseph Huang5

1: Arizona State University; 2: University of Wisconsin; 3: University of Chicago; 4: University of California Santa Barbara; 5: University of Pennsylvania

9:15am
-
9:30am
Break
9:30am
-
10:15am
Track W1-2: Real Estate
Chair: Charles Nathanson, Northwestern University
Discussant: Edward Kim, University of Michigan
 

Price Discrimination and Mortgage Choice

Jamie Coen1, Anil Kashyap2, May Rostom3

1: Imperial College London; 2: University of Chicago Booth School of Business; 3: Bank of England

Track W2-2: Banking and Monetary Transmission
Chair: Moritz Lenel, Princeton University
 

The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts

Joshua Bosshardt1, Marco Di Maggio2, Ali Kakhbod3, Amir Kermani3

1: Federal Housing Finance Agency; 2: Harvard University; 3: University of California, Berkeley

Track W3-2: ESG in Financial Intermediation
Chair: Jawad M. Addoum, Cornell University
Discussant: Shane Miller, University of Michigan
 

How Effective are Portfolio Mandates?

Jack Favilukis1, Lorenzo Garlappi1, Raman Uppal2

1: UBC Sauder School of Business; 2: EDHEC Business School

Track W4-2: The Financing of Innovation
Chair: Emmanuel Yimfor, Columbia University
 

Follow the Pipeline: Anticipatory Effects of Proposed Regulations

Joseph Kalmenovitz1, Alejandro Lopez-Lira2, Suzanne Chang3

1: University of Rochester; 2: University of Florida; 3: Tulane University

Track W5-2: Corporate Investment
Chair: Dirk Hackbarth, Boston University Questrom School of Business
 

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul Decaire, denis sosyura

W.P. Carey School of Business, Arizona State University

Track W6-2: Loan Markets: Market Failures and Government Intervention
Chair: Olivia Kim, Harvard Business School
 

Did Pandemic Relief Fraud Inflate House Prices?

John M. Griffin, Samuel Kruger, Prateek Mahajan

University of Texas at Austin

Track W7-2: Return Predictability
Chair: Benjamin Golez, University of Notre Dame
Discussant: Andrea Tamoni, Rutgers Business School
 

Sources of Return Predictability

Beata Gafka1, Pavel Savor2, Mungo Wilson3

1: Ivey Business School; 2: Kellstadt Graduate School of Business at DePaul University; 3: Said Business School at Oxford University

Track W8-2: Allocative and Value Effects of ESG
Chair: Pedro Matos, University of Virginia Darden School of Business
 

The Value of Climate Hedge Assets: Evidence from Australian Water Markets

Ryan Lewis

University of Colorado, Boulder

10:15am
-
10:30am
Break
10:30am
-
11:15am
Track W1-3: Real Estate
Chair: Charles Nathanson, Northwestern University
 

Mortgage Lock-In, Mobility, and Labor Reallocation

Julia Fonseca1, Lu Liu2

1: UIUC; 2: The Wharton School, University of Pennsylvania

Track W2-3: Banking and Monetary Transmission
Chair: Moritz Lenel, Princeton University
 

Monetary Policy Transmission Through Online Banks

Isil Erel1, Jack Liebersohn2, Constantine Yannelis3, Samuel Earnest3

1: Ohio State University; 2: University of California Irvine; 3: University of Chicago Booth School of Business

Track W3-3: ESG in Financial Intermediation
Chair: Jawad M. Addoum, Cornell University
Discussant: Daniel Weagley, Georgia Tech
 

Money to Burn: Wildfire Insurance via Social Networks

Anthony Cookson2, Emily Gallagher2, Philip Mulder1

1: University of Wisconsin - Madison; 2: University of Colorado - Boulder

Track W4-3: The Financing of Innovation
Chair: Emmanuel Yimfor, Columbia University
 

Innovation Booms, Easy Financing, and Human Capital Accumulation

Johan Hombert1, Adrien Matray2

1: HEC Paris; 2: Stanford University

Track W5-3: Corporate Investment
Chair: Dirk Hackbarth, Boston University Questrom School of Business
Discussant: Roberto Steri, University of Luxembourg
 

Uncertainty Creates Zombie Firms: Implications for Competition Dynamics and Creative Destruction

Kevin Aretz1, Murillo Campello2, Gaurav Kankanhalli3, Kevin Schneider4

1: University of Manchester; 2: Cornell University; 3: University of Pittsburgh; 4: University of Cambridge

Track W6-3: Loan Markets: Market Failures and Government Intervention
Chair: Olivia Kim, Harvard Business School
 

Borrower Technology Similarity and Bank Loan Contracting

Mingze Gao1, Yunying Huang1, Steven Ongena2, Eliza Wu1

1: The University of Sydney; 2: University of Zurich, Switzerland

Track W7-3: Return Predictability
Chair: Benjamin Golez, University of Notre Dame
Discussant: Johnathan Loudis, Notre Dame
 

Dogs and cats living together: A defense of cash-flow predictability

Seth Pruitt

ASU

Track W8-3: Allocative and Value Effects of ESG
Chair: Pedro Matos, University of Virginia Darden School of Business
 

Discretionary Information in ESG Investing: A Text Analysis of Mutual Fund Prospectuses

Angie Andrikogiannopoulou1, Philipp Krueger2, Shema Frédéric Mitali3, Filippos Papakonstantinou1

1: King's College London; 2: University of Geneva; 3: SKEMA Business School

11:15am
-
11:30am
Break
11:30am
-
12:15pm
Track W1-4: Real Estate
Chair: Charles Nathanson, Northwestern University
 

Frictional and Speculative Vacancies: The Effects of an Empty Homes Tax

Lu Han1, Derek Stacey2

1: University of Wisconsin at Madison; 2: University of Waterloo

Track W2-4: Banking and Monetary Transmission
Chair: Moritz Lenel, Princeton University
 

Monetary Transmission through Bank Securities Portfolios

Daniel Greenwald1, John Krainer2, Pascal Paul3

1: NYU Stern; 2: Federal Reserve Board of Governors; 3: Federal Reserve Bank of San Francisco

Track W3-4: ESG in Financial Intermediation
Chair: Jawad M. Addoum, Cornell University
Discussant: Huaizhi Chen, University of Notre Dame
 

“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities

Mariassunta Giannetti1, Martina Jasova2, Maria Loumioti3, Caterina Mendicino4

1: Stockholm School of Economics; 2: Barnard College, Columbia University; 3: UT Dallas; 4: ECB

Track W4-4: The Financing of Innovation
Chair: Emmanuel Yimfor, Columbia University
 

Shared Culture and Technological Innovation: Evidence from Corporate R&D Teams

Tristan James Fitzgerald1, Xiaoding Liu2

1: Texas A&M University; 2: Texas A&M University

Track W5-4: Corporate Investment
Chair: Dirk Hackbarth, Boston University Questrom School of Business
Discussant: Filippo Mezzanotti, Northwestern University
 

Information Waves and Firm Investment

Feng Chi

Cornell University

Track W6-4: Loan Markets: Market Failures and Government Intervention
Chair: Olivia Kim, Harvard Business School
 

Internal Loan Ratings, Supervision, and Procyclical Leverage

Pinar Uysal1, Lewis Gaul2, Jonathan Jones2, Stephen Karolyi2

1: Federal Reserve Board; 2: Office of the Comptroller of The Currency, United States of America

Track W7-4: Return Predictability
Chair: Benjamin Golez, University of Notre Dame
Discussant: John Shim, University of Notre Dame
 

Passive Investing and Market Quality

Philipp Höfler1, Christian Schlag1,2, Maik Schmeling1,3

1: Goethe University Frankfurt; 2: Leibniz Institute for Financial Research SAFE; 3: Centre for Economic Policy Research (CEPR)

Track W8-4: Allocative and Value Effects of ESG
Chair: Pedro Matos, University of Virginia Darden School of Business
 

Does Foreign Institutional Capital Promote Green Growth for Emerging Market Firms?

Sophia Chiyoung Cheong1, Jaewon Choi2, Sangeun Ha3, Ji Yeol Jimmy Oh4

1: ESSCA School of Management; 2: University of Illinois Urbana-Champaign; 3: Copenhagen Business School; 4: Sungkyunkwan University

12:15pm
-
1:45pm
Lunch
1:45pm
-
2:30pm
Track W1-5: Real Estate
Chair: Charles Nathanson, Northwestern University
 

Language Frictions in Consumer Credit

Chao Liu

Northwestern University

Track W2-5: Banking and Monetary Transmission
Chair: Moritz Lenel, Princeton University
 

Digital Payments and Monetary Policy Transmission

Pauline Liang1, Matheus Sampaio2, Sergey Sarkisyan3

1: Stanford Graduate School of Business; 2: Kellogg School of Management, Northwestern University; 3: Wharton School, University of Pennsylvania

Track W3-5: ESG in Financial Intermediation
Chair: Jawad M. Addoum, Cornell University
Discussant: Sehoon Kim, University of Florida
 

Business as Usual: Bank Climate Commitments, Lending, and Engagement

Parinitha {Pari} Sastry1, Emil Vernet2

1: Columbia Business School; 2: MIT Sloan

Track W4-5: The Financing of Innovation
Chair: Emmanuel Yimfor, Columbia University
 

Patent Hunters

Lauren Cohen1, Umit Gurun2, Katie Moon3, Paula Suh4

1: Harvard University; 2: University of Texas at Dallas; 3: University of Colorado at Boulder; 4: University of Georgia

Track W5-5: Corporate Investment
Chair: Dirk Hackbarth, Boston University Questrom School of Business
Discussant: Joshua Pierce, University of Alabama
 

The Epidemiology of Financial Constraints and Corporate Investment

William Grieser1, Ioannis Spyridopoulos2, Morad Zekhnini3

1: Texas Christian University; 2: American University; 3: Michigan State university

Track W6-5: Loan Markets: Market Failures and Government Intervention
Chair: Olivia Kim, Harvard Business School
 

(Unobserved) Heterogeneity in the bank lending channel: Accounting for bank-firm interactions and specialization

Alonso Villacorta1, Lucciano Villacorta2, Bryan Gutierrez3

1: University of California-Santa Cruz; 2: Central Bank of Chile; 3: University of Minnesota

Track W7-5: Return Predictability
Chair: Benjamin Golez, University of Notre Dame
Discussant: Alberto Martin-Utrera, Iowa State University
 

Economic Forecasts Using Many Noises

Yuan Liao1, Xinjie Ma2, Andreas Neuhierl3, Zhentao Shi4

1: Rutgers University; 2: National University of Singapore; 3: Washington University at St Louis; 4: Chinese Universith of Hong Kong

Track W8-5: Allocative and Value Effects of ESG
Chair: Pedro Matos, University of Virginia Darden School of Business
 

Polarizing Corporations: Does Talent Flow to "Good" Firms?

Emanuele Colonnelli1, Tim McQuade2, Gabriel Ramos3, Thomas Rauter1, Olivia Xiong1

1: University of Chicago Booth School of Business; 2: University of California Berkeley; 3: Imperial College London

2:30pm
-
2:45pm
Break
2:45pm
-
3:30pm
Track W1-6: Real Estate
Chair: Charles Nathanson, Northwestern University
Discussant: Jacelly Cespedes, University of Minnesota
 

After the Storm: How Emergency Liquidity Helps Small Businesses Following Natural Disasters

Benjamin Lee Collier1, Sabrina Howell2, Lea Rendell3

1: Fox School of Business, Temple University; 2: Stern School of Business, New York University; 3: University of Maryland

Track W2-6: Banking and Monetary Transmission
Chair: Moritz Lenel, Princeton University
 

Instant Payment Systems and Competition for Deposits

Sergey Sarkisyan

University of Pennsylvania

Track W3-6: ESG in Financial Intermediation
Chair: Jawad M. Addoum, Cornell University
Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago
 

Bank Competition and Strategic Adaptation to Climate Change

Dasol Kim, Toan Phan, Luke Olson

Office of Financial Research

Track W4-6: The Financing of Innovation
Chair: Emmanuel Yimfor, Columbia University
 

Excess Commitment in R&D

Marius Guenzel1, Tong Liu2

1: Wharton School, University of Pennsylvania; 2: MIT Sloan

Track W5-6: Corporate Investment
Chair: Dirk Hackbarth, Boston University Questrom School of Business
Discussant: Mark Leary, Washington University in St. Louis
 

Long-Term Bond Supply, Term Premium, and the Duration of Corporate Investment

Antoine Hubert de Fraisse

HEC PARIS

Track W6-6: Loan Markets: Market Failures and Government Intervention
Chair: Olivia Kim, Harvard Business School
 

Integrated Intermediation and Fintech Market Power

Greg Buchak1, Vera Chau2, Adam Jorring3

1: Stanford University; 2: Swiss Finance Institute & Geneva Finance Research Institute; 3: Boston College

Track W7-6: Return Predictability
Chair: Benjamin Golez, University of Notre Dame
Discussant: Dmitriy Muravyev, Michigan State University
 

Too Good to Be True: Look-ahead Bias in Empirical Options Research

Jefferson Duarte1, Christopher Jones2, Mehdi Khorram3, Haitao Mo4, Junbo Wang5

1: Rice University; 2: University of Southern California; 3: Rochester Institute of Technology; 4: University of Kansas; 5: Louisiana State University

Track W8-6: Allocative and Value Effects of ESG
Chair: Pedro Matos, University of Virginia Darden School of Business
 

Peer Effects and the Gender Gap in Corporate Leadership: Evidence from MBA Students

Menaka Hampole1, Francesca Truffa2, Ashley Wong3

1: Yale; 2: Stanford; 3: Tilburg


 
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