Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

 
Session Overview
Date: Wednesday, 29/May/2019
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)

Pelizzon-P2P Lenders versus Banks-804.pdf


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)

Kräussl-The Performance of Marketplace Lenders-985.pdf


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)

Corradin-Illiquidity, Closure Policies and the Role of LOLR-676.pdf
 
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)

Haselmann-Supra(National) Supervision-705.pdf


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)

Roman-Bank Bailouts, Bail-ins, or No Regulatory Intervention A Dynamic Model and Empirical Tests-1110.pdf


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)

Robatto-The Effects of Capital Requirements on Good and Bad Risk-Taking-826.pdf
 
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)

Hu-Liquidity and Securitization-1016.pdf


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)

Choi-Securitization and Screening Incentives-320.pdf


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)

Nguyen-Risk Transfer and Foreclosure Law-229.pdf
 
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)

Akey-The Limits of Limited Liability-282.pdf


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)

Wilhelm-Investment Bank Governance And Client Relationships-920.pdf


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)

Iliev-Investors Attention to Corporate Governance-369.pdf
 
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)

Kopytov-Financial Networks over the Business Cycle-463.pdf


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

Emiliano Pagnotta

Imperial College Business School, United Kingdom

Discussant: Jiasun Li (George Mason University)

Pagnotta-Bitcoin as Decentralized Money-918.pdf


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)

Gupta-Credit Market Spillovers-293.pdf
 
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)

Vuillemey-Completing Markets with Contracts-105.pdf


Variation Margins, Fire Sales, and Information-Constrained Optimality

Bruno Biais2, Florian Heider1, Marie Hoerova1

1European Central Bank, Germany; 2HEC

Discussant: Eduardo Davila (Yale University)

Biais-Variation Margins, Fire Sales, and Information-Constrained Optimality-353.pdf


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)

Muravyev-Why Do Option Returns Change Sign from Day to Night-126.pdf
 
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)

Deng-Bank Geographic Diversification and Corporate Innovation-246.pdf


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)

Krieger-Find and Replace-1076.pdf


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)

Mao-Access to Finance and Technological Innovation-816.pdf
 
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)

Sannino-A Theory of Venture Capital Fund Size with Directed Search-696.pdf


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)

Ewens-Venture Capital Contracts-1067.pdf


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)

Sharma-Credit Rating Agencies and Corporate Financing and Investment Decisions-324.pdf
 
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)

Wolfenzon-Business Group Spillovers-538.pdf


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)

Celerier-Credit Supply Shocks and Human Capital-424.pdf


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)

Jasova-Rollover Risk and Bank Lending Behavior-625.pdf
 
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)

Wang-Designing M&A Selling Mechanisms-137.pdf


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)

Nini-Congruence in Governance-888.pdf


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)

Duan-The Role of Public Pension Funds in Corporate Governance-247.pdf
 
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)

Almeida-Do Firms Hedge During Distress-976.pdf


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)

Ellul-Insurers as Asset Managers and Systemic Risk-848.pdf


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)

Kruger-Assessing Valuation Risk-1038.pdf
 
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.)

Crouzet-Small and Large Firms over the Business Cycle-942.pdf


Building a Customer Base under Liquidity Constraints

Paul Beaumont1,2, Clémence Lenoir1

1Université Paris Dauphine, France; 2CREST

Discussant: Manpreet Singh (Georgia Tech)

Beaumont-Building a Customer Base under Liquidity Constraints-373.pdf


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)

Elenev-A Macroeconomic Model with Financially Constrained Producers and Intermediaries-123.pdf
 
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)

Efing-Bank Bonus Pay as a Risk Sharing Contract-230.pdf


Optimal Agents

Jan Starmans

Stockholm School of Economics, Sweden

Discussant: Naveen Khanna (Michigan State University)

Starmans-Optimal Agents-753.pdf


Weak Credit Covenants

Victoria Ivashina, Boris Vallée

Harvard Business School, United States of America

Discussant: Jonathan Cohn (University of Texas-Austin)

Ivashina-Weak Credit Covenants-115.pdf


Agency in Intangibles

Colin Ward

University of Minnesota, United States of America

Discussant: Mahyar Kargar (UCLA Anderson)

Ward-Agency in Intangibles-317.pdf
 
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)

Jagannathan-Liquidity provision-708.pdf


Asset Heterogeneity In Over-The-Counter Markets

Konstantin Milbradt

Northwestern University, United States of America

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

Milbradt-Asset Heterogeneity In Over-The-Counter Markets-774.pdf


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)

Khomyn-The value of ETF liquidity-645.pdf


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)

Zhou-Funding Liquidity and Market Liquidity-1043.pdf
 
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)

Lee-Robust Security Design-852.pdf


Time Inconsistency and Financial Covenants

Haotian Xiang

The Wharton School, United States of America

Discussant: Zhiguo He (University of Chicago)

Xiang-Time Inconsistency and Financial Covenants-498.pdf


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)

Glode-To Pool or Not to Pool-274.pdf


Collusion with Public and Private Ownership and Innovation

Arnoud Boot, Vladimir Vladimirov

university of amsterdam

Discussant: Doron Levit (Wharton)

Boot-Collusion with Public and Private Ownership and Innovation-1121.pdf
 
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)

Chen-Bank Transparency and Deposit Flows-932.pdf


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)

Dlugosz-Decision-making Delegation in Banks-1112.pdf


Bank Concentration and Product Market Competition

Farzad Saidi1, Daniel Streitz2

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

Discussant: Andrea Presbitero (International Monetary Fund)

Saidi-Bank Concentration and Product Market Competition-465.pdf


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)

Carletti-The Interdependence of Bank Capital and Liquidity-905.pdf
 
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)

Deng-Product Market Competition and the Profitability Premium-998.pdf


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)

Bretscher-Response of the Macroeconomy to Uncertainty Shocks-823.pdf


Speculation Sentiment

Shaun Davies

CU Boulder, United States of America

Discussant: Quan Wen (Georgetown University)

Davies-Speculation Sentiment-543.pdf


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)

Varas-Asset Pricing Implications of Strategic Trading and Activism-546.pdf
 
6:45pm - 10:00pmGala Dinner at the Mansion on Forsyth Park (registration required)
 

 
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