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: Tuesday, 28/May/2019
1:30pm
-
3:15pm
2.1: Monetary Policy and Credit Markets
Location: Room 101
Chair: Mitchell Berlin, FRB Philadelphia
 

Mortgage Prepayments and Path Dependent Effects of Monetary Policy

Fabrice Tourre1, Joseph Vavra2, Konstantin Milbradt3, David Berger3

1: Copenhagen Business School; 2: University of Chicago; 3: Northwestern University



Inspecting the Mechanism of Quantitative Easing in the Euro Area

Francois Koulischer1, Ralph Koijen2, Motohiro Yogo3, Benoit Nguyen4

1: Université du Luxembourg, Luxembourg School of Finance; 2: Chicago Booth Business School; 3: Princeton University; 4: Banque de France



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

William Mann, Bruce Carlin

UCLA Anderson School of Management, United States of America

1.6: Hedge Funds
Location: Room 102
Chair: Burton Hollified, Carnegie Mellon University
 

Prime Broker Exposures, Collateral, and Resilience in Hedge Fund Credit Networks

Mathias S Kruttli2,4, Phillip J Monin3, Sumudu W Watugala1,4

1: Cornell University, United States of America; 2: Federal Reserve Board of Governors; 3: Office of Financial Research, US Department of the Treasury; 4: Oxford-Man Institute of Quantitative Finance, University of Oxford



Unobserved Performance of Hedge Funds

Vikas Agarwal2, Stefan Ruenzi3, Florian Weigert1

1: University of St. Gallen, Switzerland; 2: Georgia State University; 3: University of Mannheim



Skin or Skim? Inside Investment and Hedge Fund Performance

Kunal Sachdeva1, Arpit Gupta2

1: Rice University, United States of America; 2: New York University, United States of America

1.5: Credit Supply 1
Location: Room 103
Chair: John Sedunov, Villanova University
 

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

Tobias Berg1, Daniel Streitz2

1: Frankfurt School of Finance and Management, Germany; 2: Copenhagen Business School



The Capitalization of Consumer Financing into Durable Goods Prices

Bronson Argyle1, Taylor Nadauld1, Christopher Palmer2, Ryan Pratt1

1: Brigham Young University, United States of America; 2: MIT Sloan



Why Do Banks Target ROE?

George G Pennacchi1, Joao AC Santos2

1: University of Illinois, United States of America; 2: Federal Reserve Bank of New York and Nova School of Business and Economics

2.2: Corporate Governance 1
Location: Room 104
Chair: INDRANEEL CHAKRABORTY, University of Miami
 

Outraged by Compensation: Implications for Public Pension Performance

Paulo Martins Manoel, Adair Morse, Alexander Dyck

Haas School of Business, University of California Berkeley, United States of America



Coordinated Engagements

Elroy Dimson1, Oğuzhan Karakaş1, Xi Li2

1: Cambridge Judge Business School, United Kingdom; 2: London School of Economics and Political Science



Management (Of) Proposals

Ilona Babenko2, Goeun Choi2, Rik S Sen1

1: UNSW, Australia; 2: Arizona State University

2.3: Generating and Interpreting Information
Location: Room 105
Chair: Kristine Hankins, University of Kentucky
 

Textual Factors: A Scalable, Interpretable, and Data-driven Approach to Analyzing Unstructured Information

Lin Cong, Tengyuan Liang, Xiao Zhang

The University of Chicago, United States of America



Information Monopolies and Monetary Policy Pass-through

Charles O'Donnell1,3, Fergal McCann2

1: European Central Bank, Germany; 2: Central Bank of Ireland; 3: Aix-Marseille School of Economics



Operational Risk is More Systemic than You Think: Evidence from U.S. Bank Holding Companies

Atanas Mihov1, Allen Berger2, Filippo Curti1, John Sedunov3

1: Federal Reserve Bank of Richmond, United States of America; 2: University of South Carolina, United States of America; 3: Villanova University, United States of America

1.7: Asset Pricing 1
Location: Room 106
Chair: Noah Stoffman, Indiana University
 

Limits to Arbitrage in Markets with Stochastic Settlement Latency

Nikolaus Hautsch1,3, Christoph Scheuch1,2, Stefan Voigt1,2

1: Vienna Graduate School of Finance; 2: Vienna University of Economics and Business; 3: University of Vienna



Funding Constraints and Informational Efficiency

Naveen Gondhi, John Kuong, Sergei Glebkin

INSEAD, France



Insider Trading Under the Microscope

Andriy Shkilko

Wilfrid Laurier University, Canada

8.3: PhD session 1
Location: Room 100
Chair: Simon Gervais, Duke University
Discussant: Yufeng Wu, University of Illinois, Urbana-Champaign
Discussant: Merih Sevilir, Indiana University
Discussant: Stijn Van Nieuwerburgh, Columbia University Graduate School of Business

Product Market Strategy and Corporate Policies

Jakub Hajda

Université de Lausanne

Discussant: Yufeng Wu (University of Illinois)

The Race of Unicorns: A Signaling Story of Private Acquisitions

Xuelin Li

University of Minnesota

Discussant: Merih Sevilir (Indiana University)

Breaking the Feedback Loop: Macroprudential Regulation of Banks' Sovereign Exposures

Jorge Abad

CEMFI

Discussant: Stijn Van Nieuwerburgh (Columbia University)

         
3:15pm
-
3:30pm
Coffee Break
3:30pm
-
5:45pm
1.1: Fintech 1: Fintech, ICOs and Digital Currencies
Location: Room 101
Chair: Zhiguo He, University of Chicago
 

Initial Coin Offerings and Platform Building

Jiasun Li1, William Mann2

1: George Mason University; 2: UCLA Anderson School of Management



Digital Currency Runs

David Skeie

Texas A&M University, United States of America



FinTech Isn’t So Different from Traditional Banking: Trading off Aggregation of Soft Information for Transaction Processing Efficiency

Stephen G. Ryan, Chenqi Zhu

New York University, United States of America



The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings

Jongsub Lee1, Tao Li2, Donghwa Shin3

1: Seoul National University, Korea, Republic of (South Korea); 2: University of Florida; 3: Princeton University

5.5: Regulation 1: Bank Regulation and Central Banks
Location: Room 102
Chair: Mark Jeffrey Flannery, University of Florida
 

Leverage Regulation and Market Structure: An Empirical Model Of The UK Mortgage Market

Matteo Benetton

Berkeley, United States of America



Central Bank Communication and the Yield Curve

Matteo Leombroni1, Andrea Vedolin2, Gyuri Venter3, Paul Whelan3

1: Stanford University; 2: Boston University; 3: Copenhagen Business School, Denmark



Supply of Private Safe Assets: Interplay of Shadow and Traditional Banks

Stefan Gissler, Borghan Nezami Narajabad

Federal Reserve Board of Governors, United States of America



Discount Window Stigma and the Term Auction Facility

Yunzhi Hu1, Hanzhe Zhang2

1: UNC Chapel Hill, United States of America; 2: Michigan State University

1.3: Financial Access and Inclusion
Location: Room 103
Chair: Manuel Adelino, Duke University
 

Financial Access Under the Microscope

Sumit Agarwal1, Thomas Kigabo2, Camelia Minoiu3, Andrea Presbitero4, Andre Silva3

1: National University of Singapore, Singapore; 2: National Bank of Rwanda, Rwanda; 3: Federal Reserve Board, USA; 4: International Monetary Fund, USA



The Local Effects of Foreclosure

Christos Andreas Makridis1, Michael Ohlrogge2

1: MIT Sloan, United States of America; 2: Stanford University



Financial Inclusion, Human Capital, and Wealth Accumulation: Evidence from the Freedman's Savings Bank

Luke Stein1, Constantine Yannelis2

1: Arizona State University, United States of America; 2: University of Chicago, United States of America



Disaster Lending: “Fair” Prices, but “Unfair” Access

Taylor Begley1, Umit Gurun2, Amiyatosh Purnanandam3, Daniel Weagley4

1: Washington University, St. Louis; 2: UT Dallas; 3: University of Michigan; 4: Georgia Institute of Technology, United States of America

1.2: Collateral : Theory and Evidence
Location: Room 104
Chair: Arnoud Boot, university of amsterdam
 

Repo Collateral and Counterparty Risks: Theory and Evidence

Li-Ting Chiu1, Sheen Liu2, Chunchi Wu1

1: SUNY-BUFFALO, United States of America; 2: Washington State University



Collateral and Asymmetric Information in Lending Markets

Vasso Ioannidou1, Nicola Pavanini2, Yushi Peng3

1: Lancaster University, United Kingdom; 2: Tilburg University, The Netherlands; 3: University of Zürich, Switzerland



Conflicting Priorities: A Theory of Covenants and Collateral

Jason Roderick Donaldson1, Denis Gromb2, Giorgia Piacentino3

1: Washington University in St Louis; 2: HEC Paris; 3: Columbia University, United States of America



Asset Encumbrance and Bank Risk: Theory and First Evidence from Public Disclosures in Europe

Albert Banal-Estanol1, Enrique Benito2, Dmitry Khametshin3, Jianxing Wei4

1: Universitat Pompeu Fabra, Spain; 2: City University of London, UK; 3: Banco de España, Spain; 4: University of International Business and Economics

6.1: Politics, Crime and Economics
Location: Room 105
Chair: alexander dyck, University of Toronto
 

Do Political Boundaries affect Firm Boundaries?

Matthew Denes1, Florian Schulz2, Vikrant Vig3

1: Carnegie Mellon University; 2: University of Washington; 3: London Business School



Executives in Politics

Ilona Babenko1, Viktar Fedaseyeu2, Song Zhang3

1: Arizona State University, United States of America; 2: Bocconi University; 3: Boston College



Organized Crime and Firms: Evidence from Italy

Pablo Slutzky1, Stefan Zeume2

1: University of Maryland, United States of America; 2: University of Michigan, United States of America



Who Benefits from the Decline of American Manufacturing? Evidence from 142,663 Foreign and Domestic Entries in China

Minwen Li3, Tanakorn Makaew2, Vojislav Maksimovic1

1: University of Maryland; 2: SEC, United States of America; 3: Tsinghua University

1.4: Asset Pricing 2
Location: Room 106
Chair: Lorenzo Bretscher, London Business School Finance Department
 

Foreseen Risks

Joao Gomes, Marco Grotteria, Jessica Wachter

The Wharton School, United States of America



Market Power and Price Informativeness

Marcin Kacperczyk1, Jaromir Nosal2, Savitar Sundaresan1

1: Imperial College London; 2: Boston College, United States of America



News Shocks and Asset Prices

Aytek Malkhozov1, Lorenzo Bretscher2, Andrea Tamoni3

1: Federal Reserve Board, United States of America; 2: LBS; 3: LSE



The Maturity Premium

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

1: WU Vienna, Austria; 2: VGSF

8.4: PhD session 2
Location: Room 100
Chair: Mariassunta Giannetti, Stockholm School of Economics
Discussant: Chotibhak Jotikasthira, SMU - Cox School of Business
Discussant: Lin Cong, The University of Chicago
Discussant: Daniel Paravisini, London School of Economics

Why Do Institutional Investors Oppose Shareholder Activism? Evidence from Voting in Proxy Contests

Yanran Liu

University of Pittsburgh

Discussant: Chotibhak Jotikasthira (SMU - Cox School of Business)

The Value of Privacy: Evidence from Online Borrowers

Huan Tang

HEC Paris

Discussant: Lin William Cong (University of Chicago)

Women's Inheritance Rights and Entrepreneurship Gender Gap

Lakshmi Naaraayanan

HKUST

Discussant: Daniel Paravisini (London School of Economics)

         
6:15pm
-
8:00pm
Reception, Harbor Ballroom and Lawn (Sponsored by the Journal of Financial Intermediation)
Date: Wednesday, 29/May/2019
7:45am
-
8:15am
Continental Breakfast
Location: Conference Room Open Area
8:30am
-
10:15am
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

10:15am
-
10:30am
Coffee Break
10:30am
-
12:15pm
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

12:15pm
-
2:00pm
Lunch in the Grand Ballroom - Ross Levine Keynote Speech
2:00pm
-
4:15pm
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

6:45pm
-
10:00pm
Gala Dinner at the Mansion on Forsyth Park (registration required)
Date: Thursday, 30/May/2019
7:45am
-
8:15am
Continental Breakfast
Location: Conference Room Open Area
8:30am
-
10:15am
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

10:15am
-
10:30am
Coffee Break
10:30am
-
12:15pm
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: jmmadsen@umn.edu; 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

12:15pm
-
2:00pm
Lunch in the Grand Ballroom - FIRS Business meeting + JFI Awards
2:00pm
-
4:15pm
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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