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: Wednesday, 29/May/2019
Continental Breakfast
Location: Conference Room Open Area
5.1: Fintech 2: Fintech, Lending and Illiquidity
Location: Room 101
Chair: William Mann, UCLA Anderson School of Management

P2P Lenders versus Banks: Cream Skimming or Bottom Fishing?

Loriana Pelizzon2, Calebe DeRoure1, Anjan Thakor3

1: Royal Bank of Australia; 2: SAFE Goethe University, Germany; 3: Olin School of Business

The Performance of Marketplace Lenders: Evidence from Lending Club Payment Data

Roman Kräussl1, Zsofia Kräussl1, Joshua Pollet2, Kalle Rinne3

1: University of Luxembourg, Luxembourg; 2: University of Illinois at Urbana-Champaign, U.S.; 3: Luxembourg Institute of Science and Technology, Luxembourg

Illiquidity, Closure Policies and the Role of LOLR

Stefano Corradin1, Suresh Sundaresan2

1: European Central Bank, Germany; 2: Columbia University

5.3: Bank Regulation, Supervision and Risk taking
Location: Room 102
Chair: Stijn Van Nieuwerburgh, Columbia University Graduate School of Business

Supra(National) Supervision

Rainer Haselmann1, Shikhar Singla2, Vikrant Vig2

1: Goethe Univeristy / SAFE, Germany; 2: London Buisness School

Bank Bailouts, Bail-ins, or No Regulatory Intervention? A Dynamic Model and Empirical Tests of Optimal Regulation

Raluca Roman1, Allen N. Berger2, Charles P. Himmelberg3, Sergey Tsyplakov4

1: Federal Reserve Bank of Philadelpia, United States of America; 2: University of South Carolina; 3: Goldman Sachs; 4: University of South Carolina

The Effects of Capital Requirements on Good and Bad Risk-Taking

Roberto Robatto1, Aaron Pancost2

1: University of Wisconsin-Madison, United States of America; 2: University of Texas at Austin, McCombs School of Business.

3.1: Securitization and Liquidity
Location: Room 103
Chair: Christa Bouwman, Texas A&M University

Liquidity and Securitization

Yunzhi Hu1, Douglas Diamond2, Raghuram Rajan2

1: UNC Chapel Hill, United States of America; 2: University of Chicago, Booth School of Business

Securitization and Screening Incentives: Evidence from Mortgage Processing Time

Dong Beom Choi1, Jung-Eun Kim2

1: Federal Reserve Bank of New York, United States of America; 2: Federal Reserve Bank of Richmond

Risk Transfer and Foreclosure Law: Evidence from the Securitization Market

Huyen Ngoc Phuong Nguyen1, Danny McGowan2

1: University of Nottingham, United Kingdom; 2: University of Birmingham, United Kingdom

2.6: Corporate Governance 2
Location: Room 104
Chair: Charlie Hadlock, Michigan State Unversity

The Limits of Limited Liability: Evidence from Industrial Pollution

Pat Akey1, Ian Appel2

1: University of Toronto, Canada; 2: Boston College

Investment Bank Governance And Client Relationships

William Wilhelm1, Alan Morrison2, Zhaohui Chen1, Xin Xue1

1: University of Virginia, United States of America; 2: University of Oxford, United Kingdom

Investors' Attention to Corporate Governance

Peter Iliev1, Jonathan Kalodimos2, Michelle Lowry3

1: Penn State U, United States of America; 2: Oregon State University, United States of America; 3: Drexel University, United States of America

2.5: Financial and Lending Networks
Location: Room 105
Chair: Uday Rajan, University of Michigan

Financial Networks over the Business Cycle

Alexandr Kopytov

Wharton, United States of America

Bitcoin as Decentralized Money: Prices, Mining, and Network Security

Emiliano Pagnotta

Imperial College Business School, United Kingdom

Credit Market Spillovers: Evidence from a Syndicated Loan Market Network

Abhimanyu Gupta1, Sotirios Kokas2, Alex Michaelides3

1: University of Essex; 2: University of Glasgow; 3: Imperial, United Kingdom

4.3: Markets, Information and Returns
Location: Room 106
Chair: Adriano Rampini, Duke University

Completing Markets with Contracts: Evidence from the First Central Clearing Counterparty

Guillaume Vuillemey1,2

1: HEC Paris, France; 2: CEPR

Variation Margins, Fire Sales, and Information-Constrained Optimality

Bruno Biais2, Florian Heider1, Marie Hoerova1

1: European Central Bank, Germany; 2: HEC

Why Do Option Returns Change Sign from Day to Night?

Dmitriy Muravyev, Xuechuan Ni

Boston College, United States of America

Coffee Break
4.5: Innovation 1
Location: Room 101
Chair: Filippo Mezzanotti, Northwestern University

Bank Geographic Diversification and Corporate Innovation: Evidence from the Lending Channel

Saiying Deng1, Connie X. Mao2, Cong Xia3

1: Southern Illinois University; 2: Temple University; 3: Southern Illinois University

Find and Replace: R&D Investment Following the Erosion of Existing Products

Joshua Krieger1, Xuelin Li2, Richard T. Thakor2

1: Harvard Business School; 2: University of Minnesota

Access to Finance and Technological Innovation: Evidence from Antebellum America

Yifei Mao1, Jessie Jiaxu Wang2

1: Cornell University; 2: Arizona State University

3.6: Venture Capital 1: VCs, Rating Agencies and Investments
Location: Room 102
Chair: Francesca Cornelli, Northwestern, Kellogg School of Management

A Theory of Venture Capital Fund Size with Directed Search

Francesco Sannino

Frankfurt School of Finance & Management, Germany

Venture Capital Contracts

Michael Ewens1, Alexander Gorbenko2, Arthur Korteweg3

1: California Institute of Technology, United States of America; 2: USC Marshall School of Business; 3: USC Marshall School of Business

Credit Rating Agencies and Corporate Financing and Investment Decisions: An Unintended Consequence of the Dodd-Frank Act

Bina Sharma2, Binay K. Adhikari2, Anup Agrawal1, Bruno R. Arthur2, Monika K. Rabarison2

1: University of Alabama, United States of America; 2: University of Texas RGV, United States of America

5.6: Credit Supply 2: Bank Credit Supply Shocks
Location: Room 103
Chair: Janis Skrastins, Washington University in St Louis

Business Group Spillovers: Evidence from the Golden Quadrilateral in India

Daniel Wolfenzon1, Lakshmi Naaraayanan2

1: Columbia University, United States of America; 2: Hong Kong University of Science and Technology

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

Claire Celerier, Andrada Bilan, Luciana Barbosa

University of Toronto, Canada

Rollover Risk and Bank Lending Behavior

Martina Jasova1, Caterina Mendicino2,4, Dominik Supera3

1: Barnard College, Columbia University, United States of America; 2: European Central Bank, Germany; 3: Wharton School, University of Pennsylvania, USA; 4: Bank of Portugal, Portugal

4.4: Corporate Governance 3
Location: Room 104
Chair: Anil Shivdasani, University of North Carolina

Designing M&A Selling Mechanisms: Go-Shop Negotiations

Zhe Wang

Penn State University, United States of America

Congruence in Governance: Evidence from Creditor Monitoring of Corporate Acquisitions

Greg Nini, David Becher, Tom Grifin

Drexel University, United States of America

The Role of Public Pension Funds in Corporate Governance: Evidence from Proxy Voting

Ying Duan1, Yawen Jiao2, Kinsun Tam3

1: Simon Fraser University, Canada; 2: University of California, Riverside; 3: the State University of New York at Albany

3.5: Valuation Risk, Systemic Risk and Financial Distress
Location: Room 105
Chair: Yaron Leitner, Washington University

Do Firms Hedge During Distress?

Heitor Almeida2, Kristine Hankins3, Ryan Williams1

1: University of Arizona; 2: University of Illinois - Urbana Champaign; 3: University of Kentucky

Insurers as Asset Managers and Systemic Risk

Andrew Ellul2, Chotibhak Jotikasthira1, Anastasia Kartasheva3, Lundblad Christian4, Wagner Wolf5

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

Assessing Valuation Risk: Theory and Empirical Evidence

Samuel Kruger

University of Texas at Austin, United States of America

3.3: Financial Constraints
Location: Room 106
Chair: Utpal Bhattacharya, HKUST

Small and Large Firms over the Business Cycle

Nicolas Crouzet, Neil Mehrotra

Kellogg School of Management, United States of America

Building a Customer Base under Liquidity Constraints

Paul Beaumont1,2, Clémence Lenoir1

1: Université Paris Dauphine, France; 2: CREST

A Macroeconomic Model with Financially Constrained Producers and Intermediaries

Vadim Elenev1, Tim Landvoigt2, Stijn Van Nieuwerburgh3

1: Johns Hopkins Carey School; 2: University of Pennsylvania Wharton School; 3: Columbia University Graduate School of Business, United States of America

Lunch in the Grand Ballroom - Ross Levine Keynote Speech
2.7: Mutual Funds
Location: Room 101
Chair: Sugato Bhattacharyya, University of Michigan

Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform

Gabriele La Spada, Marco Cipriani

Federal Reserve Bank of New York, United States of America

Missing in Action: Investor Reaction to Mutual Fund Misconduct

Rachel Li

Southern Methodist University, United States of America

Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry

Ramin Baghai, Mariassunta Giannetti, Ivika Jäger

Stockholm School of Economics, Sweden

Passive Investors are Passive Monitors

Davidson Heath1, Daniele Macciocchi1, Roni Michaely2, Matthew Ringgenberg1

1: University of Utah, United States of America; 2: University of Geneva

4.6: Agency Problems and Contracting
Location: Room 102
Chair: Bruce Carlin, UCLA

Bank Bonus Pay as a Risk Sharing Contract

Matthias Efing1, Harald Hau2, Patrick Kampkoetter3, Jean-Charles Rochet2

1: HEC Paris, France; 2: Swiss Finance Institute; 3: University of Tuebingen

Optimal Agents

Jan Starmans

Stockholm School of Economics, Sweden

Weak Credit Covenants

Victoria Ivashina, Boris Vallée

Harvard Business School, United States of America

Agency in Intangibles

Colin Ward

University of Minnesota, United States of America

7.2: Liquidity 1: Liquidity in Financial markets
Location: Room 103
Chair: Loriana Pelizzon, SAFE Goethe University

Liquidity provision: Normal times vs Crashes

Ravi Jagannathan1, Loriana Pelizzon2, Ernst Schaumburg3, Mila Getmansky Sherman4, Darya Yuferova5

1: Kellogg School of Management, Northwestern University; 2: Goethe University Frankfurt - Center of Excellence SAFE and Ca' Foscari University of Venice; 3: AQR Capital Management LLC; 4: Isenberg School of Management, University of Massachusetts Amherst; 5: Norwegian School of Economics, Norway

Asset Heterogeneity In Over-The-Counter Markets

Konstantin Milbradt

Northwestern University, United States of America

The value of ETF liquidity

Marta Khomyn1, Talis Putnins1,2

1: University of Technology Sydney, Australia; 2: Stockholm School of Economics in Riga

Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective

Xing {Alex} Zhou, Marco Macchiavelli

Federal Reserve Board, United States of America

3.2: Security Design 1
Location: Room 104
Chair: Giorgia Piacentino, Columbia University

Robust Security Design

Seokwoo Lee2, Uday Rajan1

1: University of Michigan, United States of America; 2: George Mason University, USA

Time Inconsistency and Financial Covenants

Haotian Xiang

The Wharton School, United States of America

To Pool or Not to Pool: Security Design in OTC Markets

Vincent Glode, Christian Opp, Ruslan Sverchkov

Wharton, United States of America

Collusion with Public and Private Ownership and Innovation

Arnoud Boot, Vladimir Vladimirov

university of amsterdam

4.2: Bank Deposits, Capital and Decisionmaking
Location: Room 105
Chair: Franco Fiordelisi, University of Rome III

Bank Transparency and Deposit Flows

Qi Chen1, Itay Goldstein2, Zeqiong Huang3, Rahul Vashishtha1

1: Duke University; 2: University of Pennsylvania, The Wharton School; 3: Yale University

Decision-making Delegation in Banks

Jennifer Dlugosz1, Yong Kyu Gam2, Radha Gopalan1, Janis Skrastins1

1: Washington University in St. Louis; 2: Southwestern University of Finance and Economics

Bank Concentration and Product Market Competition

Farzad Saidi1, Daniel Streitz2

1: Stockholm School of Economics, CEPR; 2: Copenhagen Business School

The Interdependence of Bank Capital and Liquidity

Elena Carletti1, Itay Goldstein2, Agnese Leonello3

1: Bocconi University; 2: University of Pennsylvania; 3: European Central Bank

5.2: Asset Pricing 3
Location: Room 106
Chair: Guofu Zhou, Washington University in St. Louis

Product Market Competition and the Profitability Premium

Yao Deng

University of Minnesota, United States of America

Response of the Macroeconomy to Uncertainty Shocks: the Risk Premium Channel

Lorenzo Bretscher2, Alex Hsu1, Andrea Tamoni3

1: Georgia Institute of Technology, United States of America; 2: LBS; 3: LSE

Speculation Sentiment

Shaun Davies

CU Boulder, United States of America

Asset Pricing Implications of Strategic Trading and Activism

Felipe Varas1, Ivan Marinovc2

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

Gala Dinner at the Mansion on Forsyth Park (registration required)

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Conference: FIRS 2019
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