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: Thursday, 30/May/2019
Continental Breakfast
Location: Conference Room Open Area
7.1: Innovation 2: Promoting Innovation
Location: Room 101
Chair: Rebecca Zarutskie, Federal Reserve Board

Speech Is Silver, But Silence Is Golden: Information Suppression And The Promotion Of Innovation

Gaurav Kankanhalli1, Alan Kwan2, Kenneth Merkley3

1: Cornell University; 2: University of Hong Kong; 3: Indiana University

Selling Innovation in Bankruptcy

Song Ma1, Joy Tianjiao Tong2, Wei Wang3

1: Yale University; 2: Duke University; 3: Queen's University

Entrepreneurship and Economic Conditions: Evidence from Regional Windfall Gains

Rafael Zambrana1, Miguel Ferreira1, Vicente Bermejo2, Daniel Wolfenzon3

1: Universidade Nova de Lisboa, Portugal; 2: Esade Business School; 3: Columbia Business School

8.2: Regulation 3: Competition, Supervision and Bank lending
Location: Room 102
Chair: Paolo Fulghieri, UNC

“Inspect What You Expect To Get Respect?” Can Bank Supervision Kill Zombie Lending?

Diana Bonfim1, Geraldo Cerqueiro2, Hans Degryse3, Steven Ongena4

1: Banco de Portugal, Portugal; 2: Católica Lisbon SBE, Portugal; 3: KU Leuven; 4: University of Zurich

The Effects of Competition in Consumer Credit Markets

Stefan Gissler2, Rodney Ramcharan3, Edison Yu1

1: Federal Reserve Bank of Philadelphia, United States of America; 2: Federal Reserve Board of Governors; 3: University Southern California

Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards

Sudheer Chava1, Rohan Ganduri2, Nikhil Paradkar1, Linghang Zeng1

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

6.4: Liquidity 2: Liquidity and and Intermediation
Location: Room 103
Chair: Allen N. Berger, University of South Carolina

Liquidity Support in Financial Institutions

Falko Fecht1, Egemen Genc2, Yigitcan Karabulut1,3

1: Frankfurt School of Finance and Management, Germany; 2: Rotterdam School of Management, Erasmus Univerity; 3: CEPR

The Coordination of Intermediation

Ming Yang1, Yao Zeng2

1: Duke University; 2: University of Washington

Eliminating the Tax Shield through Allowance for Corporate Equity: Cross-border Credit Supply Effects

Sonny Biswas, Balint Horvath, Wei Zhai

University of Bristol, United Kingdom

6.6: Corporate Governance 4
Location: Room 104
Chair: Simon Gervais, Duke University

Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws

Vinh Nguyen1, Pouyan Foroughi2, Alan Marcus3, Hassan Tehranian4

1: The University of Hong Kong, Faculty of Business & Economics; 2: The University of New South Wales, School of Banking and Finance; 3: Boston College, Carroll School of Management, Boston College; 4: Boston College, Carroll School of Management, Boston College

Adapting to Radical Change: The Benefits of Short-Horizon Investors

Mariassunta Giannetti1, Xiaoyun Yu2

1: Stockholm School of Economics; 2: Indiana University, United States of America

Are CEOs Paid Extra For Riskier Pay Packages?

Ana Albuquerque1, Rui Albuquerque2, Mary Ellen Carter3, Flora Dong4

1: Boston University; 2: Boston College, United States of America; 3: Boston College, United States of America; 4: Penn State University

7.6: Financial Advisors and Investment Consultants
Location: Room 105
Chair: Justin Murfin, CORNELL

Unlocking Clients

Umit G. Gurun1, Noah Stoffman3, Scott E. Yonker2

1: University of Texas at Dallas; 2: Cornell University; 3: Indiana University

Real Estate Shocks and Financial Advisor Misconduct

Stephen Dimmock2, William Gerken1, Tyson Van Alfen1

1: University of Kentucky, United States of America; 2: Nanyang Technological University

Investment Consultants’ Claims About Their Own Performance: What Lies Beneath?

Howard Jones1, Tim Jenkinson1, Gordon Cookson2, Jose Martinez3

1: University of Oxford, United Kingdom; 2: Financial Conduct Authority, United Kingdom; 3: University of Connecticut, United States

7.3: Bond Markets, Public Ownership and the Economy
Location: Room 106
Chair: S Viswanathan, Duke University

Underwriter Competition and Bargaining Power in the Corporate Bond Market

Alberto Manconi1, Ekaterina Neretina2, Luc Renneboog2

1: Bocconi University, Italy; 2: Tilburg University

When Can the Market Identify Old News?

Anastassia Fedyk1, James Hodson2

1: Haas School of Business, UC Berkeley, United States of America; 2: Jozef Stefan International Postgraduate School

Public Ownership and the Local Economy

Jess Cornaggia1, Matthew Gustafson1, Jason Kotter2, Kevin Pisciotta3

1: Pennsylvania State University; 2: Brigham Young University; 3: University of Kansas

Coffee Break
7.5: Corporate Culture, Ethics and Social Responsibility
Location: Room 101
Chair: Murillo Campello, Cornell

Social Progress and Corporate Culture

Alexander Zentefis, Gary Gorton

Yale University, United States of America

Socially Responsible Corporate Customers

Rui Dai1, Liang Hao2, Lilian Ng3

1: University of Pennsylvania, United States of America; 2: Singapore Management University, Singapore; 3: York University, CanadaSocially Responsible Corporate Customers

Director Appointments – It is Who You Know

Jay Cai1, Tu Nguyen2, Ralph Walkling1

1: Drexel University, United States of America; 2: University of Waterloo, Canada

6.3: Executive Incentives
Location: Room 102
Chair: Vojislav Maksimovic, University of Maryland
10:30am - 11:00am

Incentives and Competition in the Airline Industry

Rajesh K. Aggarwal1, Carola Schenone2

1: Northeastern University, United States of America; 2: University of Virginia, United States of America

11:00am - 11:30am

Executive Mobility in the United States, 1920 to 2011

John Graham2, Dawoon Kim1, Hyunseob Kim1

1: Cornell Univesity, United States of America; 2: Duke Univesity, United States of America

11:30am - 12:00pm

Monitor Reputation and Transparency

Ivan Marinovic1, Martin Szydlowski2

1: Stanford GSB; 2: University of Minnesota, United States of America

4.1: Liquidity 3: Liquidity in Markets and Institutions
Location: Room 103
Chair: Richard Rosen, Federal Reserve Bank of Chicago

A Theory of Liquidity in Private Equity

Vincent Maurin1, David Robinson2, Per Strömberg1

1: Stockholm School of Economics; 2: Duke University

The Wall Street Stampede: Exit As Governance With Interacting Blockholders

Dragana Cvijanovic1, Amil Dasgupta2, Konstantinos Zachariadis3

1: University of North Carolina, Chapel Hill; 2: London School of Economics, United Kingdom; 3: Queen Mary, University of London

Who Provides Liquidity, and When?

Sida Li1, Xin Wang2, Mao Ye3

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

8.5: Monetary Policy
Location: Room 104
Chair: Merih Sevilir, Indiana University

Negative Monetary Policy Rates and Systemic Banks' Risk-Taking: Evidence from the Euro Area Administrative Securities Register

Angela Maddaloni1, Johannes Bubeck2, José-Luis Peydró3

1: European Central Bank; 2: University of Mannheim; 3: ICREA-Universitat Pompeu Fabra, Imperial College, CREI, Barcelona GSE, CEPR

The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool

John Kandrac, Christopher Curfman

Federal Reserve Board, United States of America

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

Yifei Wang2, Toni Whited2, Yufeng Wu3, Kairong Xiao1

1: Columbia Business School, United States of America; 2: University of Michigan; 3: University of Illinois

8.6: Information and Learning
Location: Room 105
Chair: Olivier Darmouni, Columbia university

Learning by Doing: Judge Experience and Bankruptcy Outcomes

Benjamin Iverson1, Joshua Madsen2, Wei Wang3, Qiping Xu4

1: Brigham Young University; 2:; 3: Queen's University; 4: University of Notre Dame, United States of America

Learning by Owning in a Lemons Market

Brian Waters1, Jordan Martel2, Kenneth Mirkin3

1: University of Colorado, Boulder; 2: Indiana University, Bloomington; 3: The University of Edinburgh

Weeding out Bad Loans: Externalities of the Opioid Crisis

Mark Jansen

University of Utah, United States of America

8.1: Dividends, Deposits and Banks
Location: Room 106
Chair: Rodney Ramcharan, marshall school of business, USC

Dividend Payouts And Rollover Crises

Ragnar Juelsrud1, Plamen Nenov2

1: Norges Bank, Norway; 2: BI Norwegian Business School, Norway

Bank Competition for Wholesale Funding: Evidence from Corporate Deposits

Inaki Aldasoro2, Florian Balke1, Andreas Barth1, Egemen Eren2

1: Goethe University/ SAFE, Germany; 2: Bank for International Settlements

Depositor Behavior and Institutional Trust: Evidence from the Freedman’s Savings Bank

Virginia Traweek, Malcolm Wardlaw

University of Michigan, United States of America

Lunch in the Grand Ballroom - FIRS Business meeting + JFI Awards
6.2: Innovation 3: Entrepreneurship
Location: Room 101
Chair: Arthur Korteweg, University of Southern California

Entrepreneurial Wages

Tania Babina2, Wenting Ma1, Paige Ouimet1, Rebecca Zarutskie3

1: UNC, United States of America; 2: Columbia University; 3: Federal Reserve Board

Keeping Options Open: What Motivates Entrepreneurs?

Sylvain Catherine

The Wharton School, United States of America

The Impact of Student Debt on High Value Entrepreneurship and Venture Success: Evidence from No-Loans Financial Aid Policies

Karthik Krishnan1, Pinshuo Wang2

1: Northeastern University; 2: University of South Florida

Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing

Meghana Ayyagari1, Vojislav Maksimovic2

1: GWU, United States of America; 2: University of Maryland, College Park

3.4: Regulation 4: Bank Regulation and Financial Stability
Location: Room 102
Chair: Gregory F. Udell, Indiana University

The Effects of Banking Competition on Growth and Financial Stability: Evidence from the National Banking Era

Sergio Correia1, Mark Carlson1, Stephan Luck2

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

The Procyclicality of Expected Credit Loss Provisions

Jorge Abad, Javier Suarez

CEMFI, Spain

Financial Regulation: What the Finance Industry Wants and How it Gets it

Thomas Mosk1, Renée Adams2

1: Goethe University, Germany; 2: University of Oxford, UK

Financial Intermediation through Financial Disintermediation: Evidence from the ECB Corporate Sector Purchase Programme

Aytekin Ertan1, Anya Kleymenova2, Marcel Tuijn3

1: London Business School; 2: University of Chicago Booth School of Business, United States of America; 3: University of Notre Dame and Rotterdam School of Management, Erasmus University

2.4: Credit Supply 3: Clogged Arteries in Credit Supply
Location: Room 103
Chair: Amiyatosh Purnanandam, University of Michigan

Clogged Intermediation: Were Home Buyers Crowded Out?

Dong Beom Choi1, Hyun-Soo Choi2, Jung-Eun Kim3

1: Federal Reserve Bank of New York, United States of America; 2: Singapore Management University; 3: Federal Reserve Bank of Richmond

The Price of Hate: Household Finance and Non-Pecuniary Preferences

Barbara Bliss1, Joey Engelberg2, Mitch Warachka1

1: University of San Diego, United States of America; 2: University of California San Diego

Heterogeneous Sensitivities to Interest Rate Changes: Evidence from Consumer Loans

Jacelly Cespedes

University of Minnesota, United States of America

Do Bank Bailouts Affect The Provision Of Trade Credit?

Lars Norden1, Gregory F. Udell2, Teng Wang3

1: Getulio Vargas Foundation, Brazil; 2: Indiana University, USA; 3: Board of Governors of the Federal Reserve System, USA

7.4: Household Leverage
Location: Room 104
Chair: Asaf Bernstein, University of Colorado at Boulder

Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom

James Conklin1, W. Scott Frame2, Kristopher Gerardi2, Haoyang Liu3

1: University of Georgia; 2: Federal Reserve Bank of Atlanta, United States of America; 3: Federal Reserve Bank of New York, United States of America

How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settlements

Ing-Haw Cheng1, Felipe Severino1, Richard Townsend2

1: Dartmouth College, United States of America; 2: University of California San Diego

Macroprudential Policy and Household Leverage: Micro-Evidence

Rustom Irani1, Sjoerd van Bekkum2, Marc Gabarro3, Jose-Luis Peydro4

1: University of Illinois at Urbana-Champaign, United States of America; CEPR; 2: Erasmus School of Economics; 3: University of Mannheim; 4: ICREA-Universitat Pompeu Fabra; CREI; Barcelona GSE; Imperial College London; CEPR

Shale Shocked: The Long Run Effect of Income on Household Debt

J. Anthony Cookson3, Erik Gilje2, Rawley Heimer1

1: Boston College; 2: Wharton; 3: University of Colorado at Boulder

6.5: Market Trading and Microstructure 1
Location: Room 105
Chair: Giovanni Dell’Ariccia, IMF

Market-making with Search and Information Frictions

Venky Venkateswaran1, Benjamin Lester2, Ali Shourideh3, Ariel Zetlin-Jones3

1: NYU Stern School of Business, Feseral Reserve Bank of Minneapolis; 2: Feseral Reserve Bank of Philadelphia; 3: Carnegie Mellon University

Trade with Ads

Vivian Fang, Joshua Madsen, Xinyuan Shao

University of Minnesota, United States of America

Identifying Price Informativeness

Eduardo Davila2, Cecilia Parlatore1

1: NYU Stern, United States of America; 2: Yale University/New York University, Stern School of Business, and NBER

Institutional Counterparties and Performance

Ozgur Ince1, Greg Kadlec2, Steve McKeon3

1: University of South Carolina, United States of America; 2: Virginia Tech; 3: University of Oregon

5.4: Asset Pricing 4
Location: Room 106
Chair: Hengjie Ai, University of Minnesota

The Time Variation in Risk Appetite and Uncertainty

Geert Bekaert1, Eric Engstrom2, Nancy Xu3

1: Columbia University, Graduate School of Business; 2: Federal Reserve Board; 3: Boston College, Carroll School of Management

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, China, People's Republic of; 3: Chicago Booth; 4: University of International Business and Economics; 5: CITIC Securities

A Model of the Macroeconomic Announcement Premium with Production

Hengjie Ai1, Ravi Bansal2, Jay Im2, Chao Ying1

1: Carlson School of Management, University of Minnesota; 2: Fuqua School of Business, Duke University

Asset Prices and Portfolios with Externalities

Steven Baker1, Burton Hollifield2, Emilio Osambela3

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


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