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 - 3:15pm2.1: Monetary Policy and Credit Markets
Session Chair: Mitchell Berlin, FRB Philadelphia
Room 101 

Mortgage Prepayments and Path Dependent Effects of Monetary Policy

Fabrice Tourre1, Joseph Vavra2, Konstantin Milbradt3, David Berger3

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

Discussant: Deeksha Gupta (Carnegie Mellon University)

Inspecting the Mechanism of Quantitative Easing in the Euro Area

Francois Koulischer1, Ralph Koijen2, Motohiro Yogo3, Benoit Nguyen4

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

Discussant: Diana Bonfim (Banco de Portugal and Católica Lisbon)

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

William Mann, Bruce Carlin

UCLA Anderson School of Management, United States of America

Discussant: William Roberds (Federal Reserve Bank of Atlanta)

1:30pm - 3:15pm1.6: Hedge Funds
Session Chair: Burton Hollified, Carnegie Mellon University
Room 102 

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

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

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

Discussant: Chester Spatt (Carnegie Mellon University)

Unobserved Performance of Hedge Funds

Vikas Agarwal2, Stefan Ruenzi3, Florian Weigert1

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

Discussant: Michael Gallmeyer (University of Virginia)

Skin or Skim? Inside Investment and Hedge Fund Performance

Kunal Sachdeva1, Arpit Gupta2

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

Discussant: Maria Chaderina (WU Vienna)

1:30pm - 3:15pm1.5: Credit Supply 1
Session Chair: John Sedunov, Villanova University
Room 103 

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

Tobias Berg1, Daniel Streitz2

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

Discussant: Kilian Huber (University of Chicago)

The Capitalization of Consumer Financing into Durable Goods Prices

Bronson Argyle1, Taylor Nadauld1, Christopher Palmer2, Ryan Pratt1

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

Discussant: John Mondragon

Why Do Banks Target ROE?

George G Pennacchi1, Joao AC Santos2

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

Discussant: Bernadette Minton (The Ohio State University)

1:30pm - 3:15pm2.2: Corporate Governance 1
Session Chair: INDRANEEL CHAKRABORTY, University of Miami
Room 104 

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

Discussant: Nitish Kumar (University of Florida)

Coordinated Engagements

Elroy Dimson1, Oğuzhan Karakaş1, Xi Li2

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

Discussant: Andrew MacKinlay (Virginia Tech)

Management (Of) Proposals

Ilona Babenko2, Goeun Choi2, Rik S Sen1

1UNSW, Australia; 2Arizona State University

Discussant: Naveen Daniel (Drexel University)

1:30pm - 3:15pm2.3: Generating and Interpreting Information
Session Chair: Kristine Hankins, University of Kentucky
Room 105 

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

Discussant: J. Anthony Cookson (University of Colorado-Boulder)

Information Monopolies and Monetary Policy Pass-through

Charles O'Donnell1,3, Fergal McCann2

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

Discussant: Pat Akey (University of Toronto)

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

Atanas Mihov1, Allen Berger2, Filippo Curti1, John Sedunov3

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

Discussant: Christophe Perignon (HEC Paris)

1:30pm - 3:15pm1.7: Asset Pricing 1
Session Chair: Noah Stoffman, Indiana University
Room 106 

Limits to Arbitrage in Markets with Stochastic Settlement Latency

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

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

Discussant: Chaojun Wang (The Wharton School, University of Pennsylvania)

Funding Constraints and Informational Efficiency

Naveen Gondhi, John Kuong, Sergei Glebkin

INSEAD, France


Insider Trading Under the Microscope

Andriy Shkilko

Wilfrid Laurier University, Canada

Discussant: David Cicero (Auburn University)

1:30pm - 3:15pm8.3: PhD session 1
Session 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


Discussant: Stijn Van Nieuwerburgh (Columbia University)

Room 100 
3:15pm - 3:30pmCoffee Break
3:30pm - 5:45pm1.1: Fintech 1: Fintech, ICOs and Digital Currencies
Session Chair: Zhiguo He, University of Chicago
Room 101 

Initial Coin Offerings and Platform Building

Jiasun Li1, William Mann2

1George Mason University; 2UCLA Anderson School of Management

Discussant: Fahad Saleh (McGill University)

Digital Currency Runs

David Skeie

Texas A&M University, United States of America

Discussant: Hyunsoo Doh (Nanyang Technological University)

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

Discussant: Gregory Buchak (University of Chicago)

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

Jongsub Lee1, Tao Li2, Donghwa Shin3

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

Discussant: Xuanjuan Chen (Shanghai University of Finance and Economics)

3:30pm - 5:45pm5.5: Regulation 1: Bank Regulation and Central Banks
Session Chair: Mark Jeffrey Flannery, University of Florida
Room 102 

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

Matteo Benetton

Berkeley, United States of America

Discussant: Leming Lin (University of Pittsburgh)

Central Bank Communication and the Yield Curve

Matteo Leombroni1, Andrea Vedolin2, Gyuri Venter3, Paul Whelan3

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

Discussant: Karlye Marissa Dilts Stedman (1985)

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

Discussant: Joao Santos (Federal Reserve Bank of New York)

Discount Window Stigma and the Term Auction Facility

Yunzhi Hu1, Hanzhe Zhang2

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

Discussant: Oliver Armantier (federal reserve bank or new york)

3:30pm - 5:45pm1.3: Financial Access and Inclusion
Session Chair: Manuel Adelino, Duke University
Room 103 

Financial Access Under the Microscope

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

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

Discussant: Haelim Anderson (Federal Deposit Insurance Corporation)

The Local Effects of Foreclosure

Christos Andreas Makridis1, Michael Ohlrogge2

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

Discussant: William Benedict McCartney (Purdue University)

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

Luke Stein1, Constantine Yannelis2

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

Discussant: Michael Schwert (The Wharton School, University of Pennsylvania)

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

Taylor Begley1, Umit Gurun2, Amiyatosh Purnanandam3, Daniel Weagley4

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

Discussant: Christos Andreas Makridis (MIT Sloan)

3:30pm - 5:45pm1.2: Collateral : Theory and Evidence
Session Chair: Arnoud Boot, university of amsterdam
Room 104 

Repo Collateral and Counterparty Risks: Theory and Evidence

Li-Ting Chiu1, Sheen Liu2, Chunchi Wu1

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

Discussant: Tanju Yorulmazer (University of Amsterdam)

Collateral and Asymmetric Information in Lending Markets

Vasso Ioannidou1, Nicola Pavanini2, Yushi Peng3

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

Discussant: Florian Heider (European Central Bank)

Conflicting Priorities: A Theory of Covenants and Collateral

Jason Roderick Donaldson1, Denis Gromb2, Giorgia Piacentino3

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

Discussant: Charles M. Kahn (University of Illinois)

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

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

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

Discussant: Yuliyan Mitkov (University of Bonn)

3:30pm - 5:45pm6.1: Politics, Crime and Economics
Session Chair: alexander dyck, University of Toronto
Room 105 

Do Political Boundaries affect Firm Boundaries?

Matthew Denes1, Florian Schulz2, Vikrant Vig3

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

Discussant: Brett Myers (Texas Tech University)

Executives in Politics

Ilona Babenko1, Viktar Fedaseyeu2, Song Zhang3

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

Discussant: Nandini Gupta (Indiana University)

Organized Crime and Firms: Evidence from Italy

Pablo Slutzky1, Stefan Zeume2

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

Discussant: Julian Atanassov (University of Nebraska)

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

Minwen Li3, Tanakorn Makaew2, Vojislav Maksimovic1

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

Discussant: Jim Goldman (University of Toronto)

3:30pm - 5:45pm1.4: Asset Pricing 2
Session Chair: Lorenzo Bretscher, London Business School Finance Department
Room 106 

Foreseen Risks

Joao Gomes, Marco Grotteria, Jessica Wachter

The Wharton School, United States of America

Discussant: Vadim Elenev (John Hopkins University Carey Business School)

Market Power and Price Informativeness

Marcin Kacperczyk1, Jaromir Nosal2, Savitar Sundaresan1

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

Discussant: Matthijs Breugem (Collegio Carlo Alberto)

News Shocks and Asset Prices

Aytek Malkhozov1, Lorenzo Bretscher2, Andrea Tamoni3

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

Discussant: Nicolas Crouzet (Kellogg School of Management)

The Maturity Premium

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

1WU Vienna, Austria; 2VGSF

Discussant: Lukas Schmid (Duke University)

3:30pm - 5:45pm8.4: PhD session 2
Session 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


Discussant: Daniel Paravisini (London School of Economics)

Room 100 
6:15pm - 8:00pmReception, Harbor Ballroom and Lawn (Sponsored by the Journal of Financial Intermediation)
Date: Wednesday, 29/May/2019
7:45am - 8:15amContinental Breakfast
Conference Room Open Area 
8:30am - 10:15am5.1: Fintech 2: Fintech, Lending and Illiquidity
Session Chair: William Mann, UCLA Anderson School of Management
Room 101 

P2P Lenders versus Banks: Cream Skimming or Bottom Fishing?

Loriana Pelizzon2, Calebe DeRoure1, Anjan Thakor3

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

Discussant: Tetyana Balyuk (Emory University)

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

Roman Kräussl1, Zsofia Kräussl1, Joshua Pollet2, Kalle Rinne3

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

Discussant: Brian Andrew Wolfe (University at Buffalo)

Illiquidity, Closure Policies and the Role of LOLR

Stefano Corradin1, Suresh Sundaresan2

1European Central Bank, Germany; 2Columbia University

Discussant: Sriya Anbil (Federal Reserve Board of Governors)

8:30am - 10:15am5.3: Bank Regulation, Supervision and Risk taking
Session Chair: Stijn Van Nieuwerburgh, Columbia University Graduate School of Business
Room 102 

Supra(National) Supervision

Rainer Haselmann1, Shikhar Singla2, Vikrant Vig2

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

Discussant: Anna Kovner (New York Fed)

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

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

Discussant: Pabla D\'Erasmo (Federal Reserve Bank of Philadelphia)

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

Roberto Robatto1, Aaron Pancost2

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

Discussant: Kairong Xiao (Columbia Business School)

8:30am - 10:15am3.1: Securitization and Liquidity
Session Chair: Christa Bouwman, Texas A&M University
Room 103 

Liquidity and Securitization

Yunzhi Hu1, Douglas Diamond2, Raghuram Rajan2

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

Discussant: Jason Roderick Donaldson (Washington University)

Securitization and Screening Incentives: Evidence from Mortgage Processing Time

Dong Beom Choi1, Jung-Eun Kim2

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

Discussant: Elena Loutskina (University of Virginia)

Risk Transfer and Foreclosure Law: Evidence from the Securitization Market

Huyen Ngoc Phuong Nguyen1, Danny McGowan2

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

Discussant: Dasol Kim (Office of Financial Research)

8:30am - 10:15am2.6: Corporate Governance 2
Session Chair: Charlie Hadlock, Michigan State Unversity
Room 104 

The Limits of Limited Liability: Evidence from Industrial Pollution

Pat Akey1, Ian Appel2

1University of Toronto, Canada; 2Boston College

Discussant: Christoph Herpfer (Emory)

Investment Bank Governance And Client Relationships

William Wilhelm1, Alan Morrison2, Zhaohui Chen1, Xin Xue1

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

Discussant: Parth Venkat (Securities and Exchange Commission)

Investors' Attention to Corporate Governance

Peter Iliev1, Jonathan Kalodimos2, Michelle Lowry3

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

Discussant: Fabrizio Ferri (Miami Business School)

8:30am - 10:15am2.5: Financial and Lending Networks
Session Chair: Uday Rajan, University of Michigan
Room 105 

Financial Networks over the Business Cycle

Alexandr Kopytov

Wharton, United States of America

Discussant: Ana Babus (Washington University in St. Louis)

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

Emiliano Pagnotta

Imperial College Business School, United Kingdom

Discussant: Jiasun Li (George Mason University)

Credit Market Spillovers: Evidence from a Syndicated Loan Market Network

Abhimanyu Gupta1, Sotirios Kokas2, Alex Michaelides3

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

Discussant: Yiming Ma (Columbia Business School)

8:30am - 10:15am4.3: Markets, Information and Returns
Session Chair: Adriano Rampini, Duke University
Room 106 

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

Guillaume Vuillemey1,2

1HEC Paris, France; 2CEPR

Discussant: Asaf Bernstein (University of Colorado at Boulder)

Variation Margins, Fire Sales, and Information-Constrained Optimality

Bruno Biais2, Florian Heider1, Marie Hoerova1

1European Central Bank, Germany; 2HEC

Discussant: Eduardo Davila (Yale University)

Why Do Option Returns Change Sign from Day to Night?

Dmitriy Muravyev, Xuechuan Ni

Boston College, United States of America

Discussant: Pavel Savor (DePaul University)

10:15am - 10:30amCoffee Break
10:30am - 12:15pm4.5: Innovation 1
Session Chair: Filippo Mezzanotti, Northwestern University
Room 101 

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

Saiying Deng1, Connie X. Mao2, Cong Xia3

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

Discussant: Simone Lenzu (NYU, Stern Finance)

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

Joshua Krieger1, Xuelin Li2, Richard T. Thakor2

1Harvard Business School; 2University of Minnesota

Discussant: Nuri Ersahin (Eli Broad College of Business, Michigan State University)

Access to Finance and Technological Innovation: Evidence from Antebellum America

Yifei Mao1, Jessie Jiaxu Wang2

1Cornell University; 2Arizona State University

Discussant: Nicolas Ziebarth (Auburn University)

10:30am - 12:15pm3.6: Venture Capital 1: VCs, Rating Agencies and Investments
Session Chair: Francesca Cornelli, Northwestern, Kellogg School of Management
Room 102 

A Theory of Venture Capital Fund Size with Directed Search

Francesco Sannino

Frankfurt School of Finance & Management, Germany

Discussant: M. Deniz Yavuz (Purdue)

Venture Capital Contracts

Michael Ewens1, Alexander Gorbenko2, Arthur Korteweg3

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

Discussant: Ilona Babenko (Arizona State University)

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

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

Discussant: Jeongmin (Mina) Lee (Washington University in St. Louis)

10:30am - 12:15pm5.6: Credit Supply 2: Bank Credit Supply Shocks
Session Chair: Janis Skrastins, Washington University in St Louis
Room 103 

Business Group Spillovers: Evidence from the Golden Quadrilateral in India

Daniel Wolfenzon1, Lakshmi Naaraayanan2

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

Discussant: Indrajit Mitra (University of Michigan)

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

Claire Celerier, Andrada Bilan, Luciana Barbosa

University of Toronto, Canada

Discussant: Jean-Marie A. Meier (University of Texas at Dallas)

Rollover Risk and Bank Lending Behavior

Martina Jasova1, Caterina Mendicino2,4, Dominik Supera3

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

Discussant: Francesco D\'Acunto (Boston College)

10:30am - 12:15pm4.4: Corporate Governance 3
Session Chair: Anil Shivdasani, University of North Carolina
Room 104 

Designing M&A Selling Mechanisms: Go-Shop Negotiations

Zhe Wang

Penn State University, United States of America

Discussant: Jesse Eugene Davis (University of North Carolina - Chapel Hill)

Congruence in Governance: Evidence from Creditor Monitoring of Corporate Acquisitions

Greg Nini, David Becher, Tom Grifin

Drexel University, United States of America

Discussant: Justin Murfin (CORNELL)

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

Ying Duan1, Yawen Jiao2, Kinsun Tam3

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

Discussant: Enrichetta Ravina (Kellogg School of Management)

10:30am - 12:15pm3.5: Valuation Risk, Systemic Risk and Financial Distress
Session Chair: Yaron Leitner, Washington University
Room 105 

Do Firms Hedge During Distress?

Heitor Almeida2, Kristine Hankins3, Ryan Williams1

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

Discussant: Erik Gilje (The Wharton School, University of Pennsylvania)

Insurers as Asset Managers and Systemic Risk

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

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

Discussant: Nathan Foley-Fisher (Federal Reserve Board)

Assessing Valuation Risk: Theory and Empirical Evidence

Samuel Kruger

University of Texas at Austin, United States of America

Discussant: Thomas Maurer (Washington University in St. Louis)

10:30am - 12:15pm3.3: Financial Constraints
Session Chair: Utpal Bhattacharya, HKUST
Room 106 

Small and Large Firms over the Business Cycle

Nicolas Crouzet, Neil Mehrotra

Kellogg School of Management, United States of America

Discussant: Abhiroop Mukherjee (Hong Kong Univ. of Science and Tech.)

Building a Customer Base under Liquidity Constraints

Paul Beaumont1,2, Clémence Lenoir1

1Université Paris Dauphine, France; 2CREST

Discussant: Manpreet Singh (Georgia Tech)

A Macroeconomic Model with Financially Constrained Producers and Intermediaries

Vadim Elenev1, Tim Landvoigt2, Stijn Van Nieuwerburgh3

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

Discussant: Kai Li (Hong Kong University of Science and Technology)

12:15pm - 2:00pmLunch in the Grand Ballroom - Ross Levine Keynote Speech
2:00pm - 4:15pm2.7: Mutual Funds
Session Chair: Sugato Bhattacharyya, University of Michigan
Room 101 

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

Discussant: Sahil Raina (Alberta School of Business)

Missing in Action: Investor Reaction to Mutual Fund Misconduct

Rachel Li

Southern Methodist University, United States of America

Discussant: Kandarp Srinivasan (Northeastern University)

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

Ramin Baghai, Mariassunta Giannetti, Ivika Jäger

Stockholm School of Economics, Sweden

Discussant: Malcolm Wardlaw (University of Michigan)

Passive Investors are Passive Monitors

Davidson Heath1, Daniele Macciocchi1, Roni Michaely2, Matthew Ringgenberg1

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

Discussant: Amrita Nain (University of Iowa)

2:00pm - 4:15pm4.6: Agency Problems and Contracting
Session Chair: Bruce Carlin, UCLA
Room 102 

Bank Bonus Pay as a Risk Sharing Contract

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

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

Discussant: Brian Waters (University of Colorado, Boulder)

Optimal Agents

Jan Starmans

Stockholm School of Economics, Sweden

Discussant: Naveen Khanna (Michigan State University)

Weak Credit Covenants

Victoria Ivashina, Boris Vallée

Harvard Business School, United States of America

Discussant: Jonathan Cohn (University of Texas-Austin)

Agency in Intangibles

Colin Ward

University of Minnesota, United States of America

Discussant: Mahyar Kargar (UCLA Anderson)

2:00pm - 4:15pm7.2: Liquidity 1: Liquidity in Financial markets
Session Chair: Loriana Pelizzon, SAFE Goethe University
Room 103 

Liquidity provision: Normal times vs Crashes

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

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

Discussant: Alexander Chinco (UIUC)

Asset Heterogeneity In Over-The-Counter Markets

Konstantin Milbradt

Northwestern University, United States of America

Discussant: Jeongmin (Mina) Lee (Washington University in St. Louis)

The value of ETF liquidity

Marta Khomyn1, Talis Putnins1,2

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

Discussant: Virginia Gianinazzi (Swiss Finance Institute, Universita’ della Svizzera Italiana)

Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective

Xing {Alex} Zhou, Marco Macchiavelli

Federal Reserve Board, United States of America

Discussant: Davide Tomio (Darden School of Business - University of Virginia)

2:00pm - 4:15pm3.2: Security Design 1
Session Chair: Giorgia Piacentino, Columbia University
Room 104 

Robust Security Design

Seokwoo Lee2, Uday Rajan1

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

Discussant: Yiran Zhu (Wharton School, University of Pennsylvania)

Time Inconsistency and Financial Covenants

Haotian Xiang

The Wharton School, United States of America

Discussant: Zhiguo He (University of Chicago)

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

Vincent Glode, Christian Opp, Ruslan Sverchkov

Wharton, United States of America

Discussant: Basil Williams (New York University)

Collusion with Public and Private Ownership and Innovation

Arnoud Boot, Vladimir Vladimirov

university of amsterdam

Discussant: Doron Levit (Wharton)

2:00pm - 4:15pm4.2: Bank Deposits, Capital and Decisionmaking
Session Chair: Franco Fiordelisi, University of Rome III
Room 105 

Bank Transparency and Deposit Flows

Qi Chen1, Itay Goldstein2, Zeqiong Huang3, Rahul Vashishtha1

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

Discussant: Laura Blattner (Stanford Graduate School of Business)

Decision-making Delegation in Banks

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

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

Discussant: Kristian Blickle (Federal Reserve Bank of New York)

Bank Concentration and Product Market Competition

Farzad Saidi1, Daniel Streitz2

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

Discussant: Andrea Presbitero (International Monetary Fund)

The Interdependence of Bank Capital and Liquidity

Elena Carletti1, Itay Goldstein2, Agnese Leonello3

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

Discussant: Ye Li (The Ohio State University)

2:00pm - 4:15pm5.2: Asset Pricing 3
Session Chair: Guofu Zhou, Washington University in St. Louis
Room 106 

Product Market Competition and the Profitability Premium

Yao Deng

University of Minnesota, United States of America

Discussant: Andrew Detzel (University of Denver)

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

Lorenzo Bretscher2, Alex Hsu1, Andrea Tamoni3

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

Discussant: Jack Strauss (University of Denver)

Speculation Sentiment

Shaun Davies

CU Boulder, United States of America

Discussant: Quan Wen (Georgetown University)

Asset Pricing Implications of Strategic Trading and Activism

Felipe Varas1, Ivan Marinovc2

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

Discussant: Yufeng Han (University of North Carolina at Charlotte)

6:45pm - 10:00pmGala Dinner at the Mansion on Forsyth Park (registration required)
Date: Thursday, 30/May/2019
7:45am - 8:15amContinental Breakfast
Conference Room Open Area 
8:30am - 10:15am7.1: Innovation 2: Promoting Innovation
Session Chair: Rebecca Zarutskie, Federal Reserve Board
Room 101 

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

Gaurav Kankanhalli1, Alan Kwan2, Kenneth Merkley3

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

Discussant: Paula Suh (University of Georgia)

Selling Innovation in Bankruptcy

Song Ma1, Joy Tianjiao Tong2, Wei Wang3

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

Discussant: Richmond Mathews (University of Maryland)

Entrepreneurship and Economic Conditions: Evidence from Regional Windfall Gains

Rafael Zambrana1, Miguel Ferreira1, Vicente Bermejo2, Daniel Wolfenzon3

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

Discussant: Joan Farre-Mensa (Northeastern University)

8:30am - 10:15am8.2: Regulation 3: Competition, Supervision and Bank lending
Session Chair: Paolo Fulghieri, UNC
Room 102 

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

Diana Bonfim1, Geraldo Cerqueiro2, Hans Degryse3, Steven Ongena4

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

Discussant: Carola Schenone (University of Virginia)

The Effects of Competition in Consumer Credit Markets

Stefan Gissler2, Rodney Ramcharan3, Edison Yu1

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

Discussant: David Sovich (Wash U Olin)

Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards

Sudheer Chava1, Rohan Ganduri2, Nikhil Paradkar1, Linghang Zeng1

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

Discussant: Sean Higgins (UC Berkley)

8:30am - 10:15am6.4: Liquidity 2: Liquidity and and Intermediation
Session Chair: Allen N. Berger, University of South Carolina
Room 103 

Liquidity Support in Financial Institutions

Falko Fecht1, Egemen Genc2, Yigitcan Karabulut1,3

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

Discussant: Lamont Black (DePaul University)

The Coordination of Intermediation

Ming Yang1, Yao Zeng2

1Duke University; 2University of Washington

Discussant: Rajdeep Sengupta (Federal Reserve Bank of Kansas City)

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

Discussant: John Hackney (University of South Carolina)

8:30am - 10:15am6.6: Corporate Governance 4
Session Chair: Simon Gervais, Duke University
Room 104 

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

Vinh Nguyen1, Pouyan Foroughi2, Alan Marcus3, Hassan Tehranian4

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

Discussant: Lalitha Naveen (Temple University)

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

Mariassunta Giannetti1, Xiaoyun Yu2

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

Discussant: Vyacheslav Fos (Boston College)

Are CEOs Paid Extra For Riskier Pay Packages?

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

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

Discussant: Eitan Goldman (Indiana University)

8:30am - 10:15am7.6: Financial Advisors and Investment Consultants
Session Chair: Justin Murfin, CORNELL
Room 105 

Unlocking Clients

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

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

Discussant: Jonathan Reuter (Boston College)

Real Estate Shocks and Financial Advisor Misconduct

Stephen Dimmock2, William Gerken1, Tyson Van Alfen1

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

Discussant: Jawad Addoum (Cornell University)

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

Howard Jones1, Tim Jenkinson1, Gordon Cookson2, Jose Martinez3

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

Discussant: Ryan Pratt (Brigham Young University)

8:30am - 10:15am7.3: Bond Markets, Public Ownership and the Economy
Session Chair: S Viswanathan, Duke University
Room 106 

Underwriter Competition and Bargaining Power in the Corporate Bond Market

Alberto Manconi1, Ekaterina Neretina2, Luc Renneboog2

1Bocconi University, Italy; 2Tilburg University

Discussant: Jian Cai (Washington University in St. Louis)

When Can the Market Identify Old News?

Anastassia Fedyk1, James Hodson2

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

Discussant: Felipe Cortes (Northeastern University)

Public Ownership and the Local Economy

Jess Cornaggia1, Matthew Gustafson1, Jason Kotter2, Kevin Pisciotta3

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

Discussant: Jing Wang (University of Nebraska Lincoln)

10:15am - 10:30amCoffee Break
10:30am - 12:15pm7.5: Corporate Culture, Ethics and Social Responsibility
Session Chair: Murillo Campello, Cornell
Room 101 

Social Progress and Corporate Culture

Alexander Zentefis, Gary Gorton

Yale University, United States of America

Discussant: David L Dicks (Baylor University)

Socially Responsible Corporate Customers

Rui Dai1, Liang Hao2, Lilian Ng3

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

Discussant: Han Xia (University of Texas at Dallas)

Director Appointments – It is Who You Know

Jay Cai1, Tu Nguyen2, Ralph Walkling1

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

Discussant: Yihui Pan (University of Utah)

10:30am - 12:15pm6.3: Executive Incentives
Session Chair: Vojislav Maksimovic, University of Maryland
Room 102 
10:30am - 11:00am

Incentives and Competition in the Airline Industry

Rajesh K. Aggarwal1, Carola Schenone2

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

Discussant: Leonardo Gambacorta (Bank for International Settlements)

11:00am - 11:30am

Executive Mobility in the United States, 1920 to 2011

John Graham2, Dawoon Kim1, Hyunseob Kim1

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

Discussant: Liu Yang (University of Maryland)

11:30am - 12:00pm

Monitor Reputation and Transparency

Ivan Marinovic1, Martin Szydlowski2

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

Discussant: Thomas Chemmanur (Boston College)

10:30am - 12:15pm4.1: Liquidity 3: Liquidity in Markets and Institutions
Session Chair: Richard Rosen, Federal Reserve Bank of Chicago
Room 103 

A Theory of Liquidity in Private Equity

Vincent Maurin1, David Robinson2, Per Strömberg1

1Stockholm School of Economics; 2Duke University

Discussant: Naveen Khanna (Michigan State University)

The Wall Street Stampede: Exit As Governance With Interacting Blockholders

Dragana Cvijanovic1, Amil Dasgupta2, Konstantinos Zachariadis3

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

Discussant: Adrian Aycan Corum (Cornell University)

Who Provides Liquidity, and When?

Sida Li1, Xin Wang2, Mao Ye3

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

Discussant: Jingyuan Mo (NYU Stern)

10:30am - 12:15pm8.5: Monetary Policy
Session Chair: Merih Sevilir, Indiana University
Room 104 

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

Angela Maddaloni1, Johannes Bubeck2, José-Luis Peydró3

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

Discussant: Matteo Crosignani (University of Michigan)

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

Discussant: W. Scott Frame (Federal Reserve Bank of Atlanta)

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

Yifei Wang2, Toni Whited2, Yufeng Wu3, Kairong Xiao1

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

Discussant: Brent Glover (Carnegie Mellon University)

10:30am - 12:15pm8.6: Information and Learning
Session Chair: Olivier Darmouni, Columbia university
Room 105 

Learning by Doing: Judge Experience and Bankruptcy Outcomes

Benjamin Iverson1, Joshua Madsen2, Wei Wang3, Qiping Xu4

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

Discussant: Karsten Müller (Princeton University)

Learning by Owning in a Lemons Market

Brian Waters1, Jordan Martel2, Kenneth Mirkin3

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

Discussant: Matthew Botsch (Bowdoin College)

Weeding out Bad Loans: Externalities of the Opioid Crisis

Mark Jansen

University of Utah, United States of America

Discussant: Ankit Kalda (Indiana University)

10:30am - 12:15pm8.1: Dividends, Deposits and Banks
Session Chair: Rodney Ramcharan, marshall school of business, USC
Room 106 

Dividend Payouts And Rollover Crises

Ragnar Juelsrud1, Plamen Nenov2

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

Discussant: Toni Ahnert (Bank of Canda and CEPR)

Bank Competition for Wholesale Funding: Evidence from Corporate Deposits

Inaki Aldasoro2, Florian Balke1, Andreas Barth1, Egemen Eren2

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

Discussant: Deniz Aydin (Washington University)

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

Virginia Traweek, Malcolm Wardlaw

University of Michigan, United States of America

Discussant: Ralf Meisenzahl (Federal Reserve Board)

12:15pm - 2:00pmLunch in the Grand Ballroom - FIRS Business meeting + JFI Awards
2:00pm - 4:15pm6.2: Innovation 3: Entrepreneurship
Session Chair: Arthur Korteweg, University of Southern California
Room 101 

Entrepreneurial Wages

Tania Babina2, Wenting Ma1, Paige Ouimet1, Rebecca Zarutskie3

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

Discussant: Andres Donangelo (UT Austin)

Keeping Options Open: What Motivates Entrepreneurs?

Sylvain Catherine

The Wharton School, United States of America

Discussant: Ryan Peters (Tulane University)

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

Karthik Krishnan1, Pinshuo Wang2

1Northeastern University; 2University of South Florida

Discussant: Constantine Yannelis (University of Chicago Booth School of Business)

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

Meghana Ayyagari1, Vojislav Maksimovic2

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

Discussant: Rebecca Zarutskie (Federal Reserve Board)

2:00pm - 4:15pm3.4: Regulation 4: Bank Regulation and Financial Stability
Session Chair: Gregory F. Udell, Indiana University
Room 102 

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

Sergio Correia1, Mark Carlson1, Stephan Luck2

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

Discussant: Richard Rosen (Federal Reserve Bank of Chicago)

The Procyclicality of Expected Credit Loss Provisions

Jorge Abad, Javier Suarez

CEMFI, Spain

Discussant: Lars Norden (Getulio Vargas Foundation)

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

Thomas Mosk1, Renée Adams2

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

Discussant: Teng Wang (Board of Governors of the Federal Reserve)

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

Aytekin Ertan1, Anya Kleymenova2, Marcel Tuijn3

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

Discussant: Stephane Verani (Federal Reserve Board)

2:00pm - 4:15pm2.4: Credit Supply 3: Clogged Arteries in Credit Supply
Session Chair: Amiyatosh Purnanandam, University of Michigan
Room 103 

Clogged Intermediation: Were Home Buyers Crowded Out?

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

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

Discussant: Indraneel Chakraborty (University of Miami)

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

Barbara Bliss1, Joey Engelberg2, Mitch Warachka1

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

Discussant: Diego Garcia (University of Colorado Boulder)

Heterogeneous Sensitivities to Interest Rate Changes: Evidence from Consumer Loans

Jacelly Cespedes

University of Minnesota, United States of America

Discussant: Sugato Bhattacharyya (University of Michigan)

Do Bank Bailouts Affect The Provision Of Trade Credit?

Lars Norden1, Gregory F. Udell2, Teng Wang3

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

Discussant: Diane Pierret (University of Lausanne)

2:00pm - 4:15pm7.4: Household Leverage
Session Chair: Asaf Bernstein, University of Colorado at Boulder
Room 104 

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

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

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

Discussant: Gonzalo Maturana (Emory University)

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

Ing-Haw Cheng1, Felipe Severino1, Richard Townsend2

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

Discussant: Nathaniel Pattison (Southern Methodist University)

Macroprudential Policy and Household Leverage: Micro-Evidence

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

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

Discussant: Anthony Alden DeFusco (Northwestern University)

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

J. Anthony Cookson3, Erik Gilje2, Rawley Heimer1

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

Discussant: Matthew Plosser (Federal Reserve Bank of New York)

2:00pm - 4:15pm6.5: Market Trading and Microstructure 1
Session Chair: Giovanni Dell’Ariccia, IMF
Room 105 

Market-making with Search and Information Frictions

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

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

Discussant: Yaron Leitner (Washington University)

Trade with Ads

Vivian Fang, Joshua Madsen, Xinyuan Shao

University of Minnesota, United States of America

Discussant: Andrea Presbitero (International Monetary Fund)

Identifying Price Informativeness

Eduardo Davila2, Cecilia Parlatore1

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

Discussant: Guofu Zhou (Washington University in St. Louis)

Institutional Counterparties and Performance

Ozgur Ince1, Greg Kadlec2, Steve McKeon3

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

Discussant: Peter Haslag (Vanderbilt University)

2:00pm - 4:15pm5.4: Asset Pricing 4
Session Chair: Hengjie Ai, University of Minnesota
Room 106 

The Time Variation in Risk Appetite and Uncertainty

Geert Bekaert1, Eric Engstrom2, Nancy Xu3

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

Discussant: Gill Segal (UNIV OF NORTH CAROLINA-CHAPEL HILLUNC Chapel Hill)

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

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

1MIT Sloan; 2Tsinghua University, China, People's Republic of; 3Chicago Booth; 4University of International Business and Economics; 5CITIC Securities

Discussant: Kai Li (Hong Kong University of Science and Technology)

A Model of the Macroeconomic Announcement Premium with Production

Hengjie Ai1, Ravi Bansal2, Jay Im2, Chao Ying1

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

Discussant: Dongho Song (Johns Hopkins Carey Business School)

Asset Prices and Portfolios with Externalities

Steven Baker1, Burton Hollifield2, Emilio Osambela3

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

Discussant: Mete Kilic (USC)


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