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)

Tourre-Mortgage Prepayments and Path Dependent Effects of Monetary Policy-186.pdf

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)

Koulischer-Inspecting the Mechanism of Quantitative Easing in the Euro Area-161.pdf

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)

Mann-The Real Effects of Fed Intervention-1056.pdf
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)

Kruttli-Prime Broker Exposures, Collateral, and Resilience-1053.pdf

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)

Agarwal-Unobserved Performance of Hedge Funds-648.pdf

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)

Sachdeva-Skin or Skim Inside Investment and Hedge Fund Performance-958.pdf
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)

Berg-Handling Spillover Effects in Empirical Research-682.pdf

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

Argyle-The Capitalization of Consumer Financing into Durable Goods Prices-544.pdf

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)

Pennacchi-Why Do Banks Target ROE-224.pdf
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)

Martins Manoel-Outraged by Compensation-997.pdf

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)

Dimson-Coordinated Engagements-991.pdf

Management (Of) Proposals

Ilona Babenko2, Goeun Choi2, Rik S Sen1

1UNSW, Australia; 2Arizona State University

Discussant: Naveen Daniel (Drexel University)

Babenko-Management (Of) Proposals-655.pdf
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)

Cong-Textual Factors-1100.pdf

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)

ODonnell-Information Monopolies and Monetary Policy Pass-through-971.pdf

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)

Mihov-Operational Risk is More Systemic than You Think-201.pdf
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)

Li-Initial Coin Offerings and Platform Building-626.pdf

Digital Currency Runs

David Skeie

Texas A&M University, United States of America

Discussant: Hyunsoo Doh (Nanyang Technological University)

Skeie-Digital Currency Runs-857.pdf

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)

Ryan-FinTech Isn’t So Different from Traditional Banking-276.pdf

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)

Lee-The Wisdom of Crowds in FinTech-679.pdf
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)

Benetton-Leverage Regulation and Market Structure-425.pdf

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)

Leombroni-Central Bank Communication and the Yield Curve-711.pdf

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)

Gissler-Supply of Private Safe Assets-1018.pdf

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)

Hu-Discount Window Stigma and the Term Auction Facility-1022.pdf
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)

Agarwal-Financial Access Under the Microscope-129.pdf

The Local Effects of Foreclosure

Christos Andreas Makridis1, Michael Ohlrogge2

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

Discussant: William Benedict McCartney (Purdue University)

Makridis-The Local Effects of Foreclosure-225.pdf

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)

Stein-Financial Inclusion, Human Capital, and Wealth Accumulation-879.pdf

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)

Begley-Disaster Lending-766.pdf
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)

Chiu-Repo Collateral and Counterparty Risks-541.pdf

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)

Ioannidou-Collateral and Asymmetric Information in Lending Markets-806.pdf

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)

Donaldson-Conflicting Priorities-629.pdf

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)

Banal-Estanol-Asset Encumbrance and Bank Risk-795.pdf
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)

Denes-Do Political Boundaries affect Firm Boundaries-889.pdf

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)

Babenko-Executives in Politics-969.pdf

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)

Slutzky-Organized Crime and Firms-410.pdf

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)

Li-Who Benefits from the Decline of American Manufacturing Evidence from 142,663 Foreign and Domestic.pdf
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)

Gomes-Foreseen Risks-870.pdf

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)

Kacperczyk-Market Power and Price Informativeness-185.pdf

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)

Malkhozov-News Shocks and Asset Prices-768.pdf

The Maturity Premium

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

1WU Vienna, Austria; 2VGSF

Discussant: Lukas Schmid (Duke University)

Chaderina-The Maturity Premium-754.pdf
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)