May 28-30, 2019
Savannah, GA, USA
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).
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Session Overview |
| Date: Tuesday, 28/May/2019 | |||||
| 1:30pm - 3:15pm | 2.1: Monetary Policy and Credit Markets Session Chair: Mitchell Berlin, FRB Philadelphia | ||||
| Room 101 | |||||
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Mortgage Prepayments and Path Dependent Effects of Monetary Policy 1Copenhagen Business School; 2University of Chicago; 3Northwestern University
Inspecting the Mechanism of Quantitative Easing in the Euro Area 1Université du Luxembourg, Luxembourg School of Finance; 2Chicago Booth Business School; 3Princeton University; 4Banque de France
The Real Effects of Fed Intervention: Revisiting the 1920-1921 Depression UCLA Anderson School of Management, United States of America
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| 1:30pm - 3:15pm | 1.6: Hedge Funds Session Chair: Burton Hollified, Carnegie Mellon University | ||||
| Room 102 | |||||
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Prime Broker Exposures, Collateral, and Resilience in Hedge Fund Credit Networks 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
Unobserved Performance of Hedge Funds 1University of St. Gallen, Switzerland; 2Georgia State University; 3University of Mannheim
Skin or Skim? Inside Investment and Hedge Fund Performance 1Rice University, United States of America; 2New York University, United States of America
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| 1:30pm - 3:15pm | 1.5: Credit Supply 1 Session Chair: John Sedunov, Villanova University | ||||
| Room 103 | |||||
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Handling Spillover Effects in Empirical Research: An Application using Credit Supply Shocks 1Frankfurt School of Finance and Management, Germany; 2Copenhagen Business School
The Capitalization of Consumer Financing into Durable Goods Prices 1Brigham Young University, United States of America; 2MIT Sloan
Why Do Banks Target ROE? 1University of Illinois, United States of America; 2Federal Reserve Bank of New York and Nova School of Business and Economics
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| 1:30pm - 3:15pm | 2.2: Corporate Governance 1 Session Chair: INDRANEEL CHAKRABORTY, University of Miami | ||||
| Room 104 | |||||
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Outraged by Compensation: Implications for Public Pension Performance Haas School of Business, University of California Berkeley, United States of America
Coordinated Engagements 1Cambridge Judge Business School, United Kingdom; 2London School of Economics and Political Science
Management (Of) Proposals 1UNSW, Australia; 2Arizona State University
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| 1:30pm - 3:15pm | 2.3: Generating and Interpreting Information Session Chair: Kristine Hankins, University of Kentucky | ||||
| Room 105 | |||||
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Textual Factors: A Scalable, Interpretable, and Data-driven Approach to Analyzing Unstructured Information The University of Chicago, United States of America
Information Monopolies and Monetary Policy Pass-through 1European Central Bank, Germany; 2Central Bank of Ireland; 3Aix-Marseille School of Economics
Operational Risk is More Systemic than You Think: Evidence from U.S. Bank Holding Companies 1Federal Reserve Bank of Richmond, United States of America; 2University of South Carolina, United States of America; 3Villanova University, United States of America
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| 1:30pm - 3:15pm | 1.7: Asset Pricing 1 Session Chair: Noah Stoffman, Indiana University | ||||
| Room 106 | |||||
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Limits to Arbitrage in Markets with Stochastic Settlement Latency 1Vienna Graduate School of Finance; 2Vienna University of Economics and Business; 3University of Vienna Funding Constraints and Informational Efficiency INSEAD, France Insider Trading Under the Microscope Wilfrid Laurier University, Canada | ||||
| 1:30pm - 3:15pm | 8.3: 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 Université de Lausanne The Race of Unicorns: A Signaling Story of Private Acquisitions University of Minnesota Breaking the Feedback Loop: Macroprudential Regulation of Banks' Sovereign Exposures CEMFI | ||||
| Room 100 | |||||
| 3:15pm - 3:30pm | Coffee Break | ||||
| 3:30pm - 5:45pm | 1.1: Fintech 1: Fintech, ICOs and Digital Currencies Session Chair: Zhiguo He, University of Chicago | ||||
| Room 101 | |||||
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Initial Coin Offerings and Platform Building 1George Mason University; 2UCLA Anderson School of Management
Digital Currency Runs 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 New York University, United States of America
The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings 1Seoul National University, Korea, Republic of (South Korea); 2University of Florida; 3Princeton University
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| 3:30pm - 5:45pm | 5.5: Regulation 1: Bank Regulation and Central Banks Session Chair: Mark Jeffrey Flannery, University of Florida | ||||
| Room 102 | |||||
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Leverage Regulation and Market Structure: An Empirical Model Of The UK Mortgage Market Berkeley, United States of America
Central Bank Communication and the Yield Curve 1Stanford University; 2Boston University; 3Copenhagen Business School, Denmark
Supply of Private Safe Assets: Interplay of Shadow and Traditional Banks Federal Reserve Board of Governors, United States of America
Discount Window Stigma and the Term Auction Facility 1UNC Chapel Hill, United States of America; 2Michigan State University
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| 3:30pm - 5:45pm | 1.3: Financial Access and Inclusion Session Chair: Manuel Adelino, Duke University | ||||
| Room 103 | |||||
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Financial Access Under the Microscope 1National University of Singapore, Singapore; 2National Bank of Rwanda, Rwanda; 3Federal Reserve Board, USA; 4International Monetary Fund, USA
The Local Effects of Foreclosure 1MIT Sloan, United States of America; 2Stanford University
Financial Inclusion, Human Capital, and Wealth Accumulation: Evidence from the Freedman's Savings Bank 1Arizona State University, United States of America; 2University of Chicago, United States of America
Disaster Lending: “Fair” Prices, but “Unfair” Access 1Washington University, St. Louis; 2UT Dallas; 3University of Michigan; 4Georgia Institute of Technology, United States of America
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| 3:30pm - 5:45pm | 1.2: Collateral : Theory and Evidence Session Chair: Arnoud Boot, university of amsterdam | ||||
| Room 104 | |||||
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Repo Collateral and Counterparty Risks: Theory and Evidence 1SUNY-BUFFALO, United States of America; 2Washington State University
Collateral and Asymmetric Information in Lending Markets 1Lancaster University, United Kingdom; 2Tilburg University, The Netherlands; 3University of Zürich, Switzerland
Conflicting Priorities: A Theory of Covenants and Collateral 1Washington University in St Louis; 2HEC Paris; 3Columbia University, United States of America
Asset Encumbrance and Bank Risk: Theory and First Evidence from Public Disclosures in Europe 1Universitat Pompeu Fabra, Spain; 2City University of London, UK; 3Banco de España, Spain; 4University of International Business and Economics
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| 3:30pm - 5:45pm | 6.1: Politics, Crime and Economics Session Chair: alexander dyck, University of Toronto | ||||
| Room 105 | |||||
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Do Political Boundaries affect Firm Boundaries? 1Carnegie Mellon University; 2University of Washington; 3London Business School
Executives in Politics 1Arizona State University, United States of America; 2Bocconi University; 3Boston College
Organized Crime and Firms: Evidence from Italy 1University of Maryland, United States of America; 2University of Michigan, United States of America
Who Benefits from the Decline of American Manufacturing? Evidence from 142,663 Foreign and Domestic Entries in China 1University of Maryland; 2SEC, United States of America; 3Tsinghua University
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| 3:30pm - 5:45pm | 1.4: Asset Pricing 2 Session Chair: Lorenzo Bretscher, London Business School Finance Department | ||||
| Room 106 | |||||
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Foreseen Risks The Wharton School, United States of America
Market Power and Price Informativeness 1Imperial College London; 2Boston College, United States of America
News Shocks and Asset Prices 1Federal Reserve Board, United States of America; 2LBS; 3LSE
The Maturity Premium 1WU Vienna, Austria; 2VGSF
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| 3:30pm - 5:45pm | 8.4: 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 University of Pittsburgh The Value of Privacy: Evidence from Online Borrowers HEC Paris Women's Inheritance Rights and Entrepreneurship Gender Gap HKUST | ||||
| Room 100 | |||||
| 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 | ||||
| Conference Room Open Area | |||||
| 8:30am - 10:15am | 5.1: Fintech 2: Fintech, Lending and Illiquidity Session Chair: William Mann, UCLA Anderson School of Management | ||||
| Room 101 | |||||
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P2P Lenders versus Banks: Cream Skimming or Bottom Fishing? 1Royal Bank of Australia; 2SAFE Goethe University, Germany; 3Olin School of Business
The Performance of Marketplace Lenders: Evidence from Lending Club Payment Data 1University of Luxembourg, Luxembourg; 2University of Illinois at Urbana-Champaign, U.S.; 3Luxembourg Institute of Science and Technology, Luxembourg
Illiquidity, Closure Policies and the Role of LOLR 1European Central Bank, Germany; 2Columbia University
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| 8:30am - 10:15am | 5.3: Bank Regulation, Supervision and Risk taking Session Chair: Stijn Van Nieuwerburgh, Columbia University Graduate School of Business | ||||
| Room 102 | |||||
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Supra(National) Supervision 1Goethe Univeristy / SAFE, Germany; 2London Buisness School
Bank Bailouts, Bail-ins, or No Regulatory Intervention? A Dynamic Model and Empirical Tests of Optimal Regulation 1Federal Reserve Bank of Philadelpia, United States of America; 2University of South Carolina; 3Goldman Sachs; 4University of South Carolina
The Effects of Capital Requirements on Good and Bad Risk-Taking 1University of Wisconsin-Madison, United States of America; 2University of Texas at Austin, McCombs School of Business.
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| 8:30am - 10:15am | 3.1: Securitization and Liquidity Session Chair: Christa Bouwman, Texas A&M University | ||||
| Room 103 | |||||
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Liquidity and Securitization 1UNC Chapel Hill, United States of America; 2University of Chicago, Booth School of Business
Securitization and Screening Incentives: Evidence from Mortgage Processing Time 1Federal Reserve Bank of New York, United States of America; 2Federal Reserve Bank of Richmond
Risk Transfer and Foreclosure Law: Evidence from the Securitization Market 1University of Nottingham, United Kingdom; 2University of Birmingham, United Kingdom
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| 8:30am - 10:15am | 2.6: Corporate Governance 2 Session Chair: Charlie Hadlock, Michigan State Unversity | ||||
| Room 104 | |||||
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The Limits of Limited Liability: Evidence from Industrial Pollution 1University of Toronto, Canada; 2Boston College
Investment Bank Governance And Client Relationships 1University of Virginia, United States of America; 2University of Oxford, United Kingdom
Investors' Attention to Corporate Governance 1Penn State U, United States of America; 2Oregon State University, United States of America; 3Drexel University, United States of America
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| 8:30am - 10:15am | 2.5: Financial and Lending Networks Session Chair: Uday Rajan, University of Michigan | ||||
| Room 105 | |||||
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Financial Networks over the Business Cycle Wharton, United States of America
Bitcoin as Decentralized Money: Prices, Mining, and Network Security Imperial College Business School, United Kingdom
Credit Market Spillovers: Evidence from a Syndicated Loan Market Network 1University of Essex; 2University of Glasgow; 3Imperial, United Kingdom
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| 8:30am - 10:15am | 4.3: Markets, Information and Returns Session Chair: Adriano Rampini, Duke University | ||||
| Room 106 | |||||
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Completing Markets with Contracts: Evidence from the First Central Clearing Counterparty 1HEC Paris, France; 2CEPR
Variation Margins, Fire Sales, and Information-Constrained Optimality 1European Central Bank, Germany; 2HEC
Why Do Option Returns Change Sign from Day to Night? Boston College, United States of America
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| 10:15am - 10:30am | Coffee Break | ||||
| 10:30am - 12:15pm | 4.5: Innovation 1 Session Chair: Filippo Mezzanotti, Northwestern University | ||||
| Room 101 | |||||
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Bank Geographic Diversification and Corporate Innovation: Evidence from the Lending Channel 1Southern Illinois University; 2Temple University; 3Southern Illinois University
Find and Replace: R&D Investment Following the Erosion of Existing Products 1Harvard Business School; 2University of Minnesota
Access to Finance and Technological Innovation: Evidence from Antebellum America 1Cornell University; 2Arizona State University
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| 10:30am - 12:15pm | 3.6: Venture Capital 1: VCs, Rating Agencies and Investments Session Chair: Francesca Cornelli, Northwestern, Kellogg School of Management | ||||
| Room 102 | |||||
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A Theory of Venture Capital Fund Size with Directed Search Frankfurt School of Finance & Management, Germany
Venture Capital Contracts 1California Institute of Technology, United States of America; 2USC Marshall School of Business; 3USC Marshall School of Business
Credit Rating Agencies and Corporate Financing and Investment Decisions: An Unintended Consequence of the Dodd-Frank Act 1University of Alabama, United States of America; 2University of Texas RGV, United States of America
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| 10:30am - 12:15pm | 5.6: Credit Supply 2: Bank Credit Supply Shocks Session Chair: Janis Skrastins, Washington University in St Louis | ||||
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Business Group Spillovers: Evidence from the Golden Quadrilateral in India 1Columbia University, United States of America; 2Hong Kong University of Science and Technology
Credit Supply Shocks and Human Capital: Evidence from a Change in Accounting Norms University of Toronto, Canada
Rollover Risk and Bank Lending Behavior 1Barnard College, Columbia University, United States of America; 2European Central Bank, Germany; 3Wharton School, University of Pennsylvania, USA; 4Bank of Portugal, Portugal
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| 10:30am - 12:15pm | 4.4: Corporate Governance 3 Session Chair: Anil Shivdasani, University of North Carolina | ||||
| Room 104 | |||||
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Designing M&A Selling Mechanisms: Go-Shop Negotiations Penn State University, United States of America
Congruence in Governance: Evidence from Creditor Monitoring of Corporate Acquisitions Drexel University, United States of America
The Role of Public Pension Funds in Corporate Governance: Evidence from Proxy Voting 1Simon Fraser University, Canada; 2University of California, Riverside; 3the State University of New York at Albany
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| 10:30am - 12:15pm | 3.5: Valuation Risk, Systemic Risk and Financial Distress Session Chair: Yaron Leitner, Washington University | ||||
| Room 105 | |||||
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Do Firms Hedge During Distress? 1University of Arizona; 2University of Illinois - Urbana Champaign; 3University of Kentucky
Insurers as Asset Managers and Systemic Risk 1SMU - Cox School of Business; 2Indiana University; 3Bank for International Settlements; 4University of North Carolina at Chapel Hill; 5Rotterdam School of Management
Assessing Valuation Risk: Theory and Empirical Evidence University of Texas at Austin, United States of America
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| 10:30am - 12:15pm | 3.3: Financial Constraints Session Chair: Utpal Bhattacharya, HKUST | ||||
| Room 106 | |||||
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Small and Large Firms over the Business Cycle Kellogg School of Management, United States of America
Building a Customer Base under Liquidity Constraints 1Université Paris Dauphine, France; 2CREST
A Macroeconomic Model with Financially Constrained Producers and Intermediaries 1Johns Hopkins Carey School; 2University of Pennsylvania Wharton School; 3Columbia University Graduate School of Business, United States of America
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| 12:15pm - 2:00pm | Lunch in the Grand Ballroom - Ross Levine Keynote Speech | ||||
| 2:00pm - 4:15pm | 2.7: Mutual Funds Session Chair: Sugato Bhattacharyya, University of Michigan | ||||
| Room 101 | |||||
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Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform Federal Reserve Bank of New York, United States of America Missing in Action: Investor Reaction to Mutual Fund Misconduct Southern Methodist University, United States of America Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry Stockholm School of Economics, Sweden Passive Investors are Passive Monitors 1University of Utah, United States of America; 2University of Geneva | ||||
| 2:00pm - 4:15pm | 4.6: Agency Problems and Contracting Session Chair: Bruce Carlin, UCLA | ||||
| Room 102 | |||||
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Bank Bonus Pay as a Risk Sharing Contract 1HEC Paris, France; 2Swiss Finance Institute; 3University of Tuebingen
Optimal Agents Stockholm School of Economics, Sweden
Weak Credit Covenants Harvard Business School, United States of America
Agency in Intangibles University of Minnesota, United States of America
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| 2:00pm - 4:15pm | 7.2: Liquidity 1: Liquidity in Financial markets Session Chair: Loriana Pelizzon, SAFE Goethe University | ||||
| Room 103 | |||||
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Liquidity provision: Normal times vs Crashes 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
Asset Heterogeneity In Over-The-Counter Markets Northwestern University, United States of America
The value of ETF liquidity 1University of Technology Sydney, Australia; 2Stockholm School of Economics in Riga
Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective Federal Reserve Board, United States of America
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| 2:00pm - 4:15pm | 3.2: Security Design 1 Session Chair: Giorgia Piacentino, Columbia University | ||||
| Room 104 | |||||
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Robust Security Design 1University of Michigan, United States of America; 2George Mason University, USA
Time Inconsistency and Financial Covenants The Wharton School, United States of America
To Pool or Not to Pool: Security Design in OTC Markets Wharton, United States of America
Collusion with Public and Private Ownership and Innovation university of amsterdam
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| 2:00pm - 4:15pm | 4.2: Bank Deposits, Capital and Decisionmaking Session Chair: Franco Fiordelisi, University of Rome III | ||||
| Room 105 | |||||
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Bank Transparency and Deposit Flows 1Duke University; 2University of Pennsylvania, The Wharton School; 3Yale University
Decision-making Delegation in Banks 1Washington University in St. Louis; 2Southwestern University of Finance and Economics
Bank Concentration and Product Market Competition 1Stockholm School of Economics, CEPR; 2Copenhagen Business School
The Interdependence of Bank Capital and Liquidity 1Bocconi University; 2University of Pennsylvania; 3European Central Bank
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| 2:00pm - 4:15pm | 5.2: Asset Pricing 3 Session Chair: Guofu Zhou, Washington University in St. Louis | ||||
| Room 106 | |||||
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Product Market Competition and the Profitability Premium University of Minnesota, United States of America
Response of the Macroeconomy to Uncertainty Shocks: the Risk Premium Channel 1Georgia Institute of Technology, United States of America; 2LBS; 3LSE
Speculation Sentiment CU Boulder, United States of America
Asset Pricing Implications of Strategic Trading and Activism 1Duke University, United States of America; 2Stanford University, United States of America
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| 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 | ||||
| Conference Room Open Area | |||||
| 8:30am - 10:15am | 7.1: Innovation 2: Promoting Innovation Session Chair: Rebecca Zarutskie, Federal Reserve Board | ||||
| Room 101 | |||||
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Speech Is Silver, But Silence Is Golden: Information Suppression And The Promotion Of Innovation 1Cornell University; 2University of Hong Kong; 3Indiana University
Selling Innovation in Bankruptcy 1Yale University; 2Duke University; 3Queen's University
Entrepreneurship and Economic Conditions: Evidence from Regional Windfall Gains 1Universidade Nova de Lisboa, Portugal; 2Esade Business School; 3Columbia Business School
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| 8:30am - 10:15am | 8.2: Regulation 3: Competition, Supervision and Bank lending Session Chair: Paolo Fulghieri, UNC | ||||
| Room 102 | |||||
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“Inspect What You Expect To Get Respect?” Can Bank Supervision Kill Zombie Lending? 1Banco de Portugal, Portugal; 2Católica Lisbon SBE, Portugal; 3KU Leuven; 4University of Zurich
The Effects of Competition in Consumer Credit Markets 1Federal Reserve Bank of Philadelphia, United States of America; 2Federal Reserve Board of Governors; 3University Southern California
Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards 1Georgia Institute of Technology, United States of America; 2Emory University, United States of America
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| 8:30am - 10:15am | 6.4: Liquidity 2: Liquidity and and Intermediation Session Chair: Allen N. Berger, University of South Carolina | ||||
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Liquidity Support in Financial Institutions 1Frankfurt School of Finance and Management, Germany; 2Rotterdam School of Management, Erasmus Univerity; 3CEPR
The Coordination of Intermediation 1Duke University; 2University of Washington
Eliminating the Tax Shield through Allowance for Corporate Equity: Cross-border Credit Supply Effects University of Bristol, United Kingdom
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| 8:30am - 10:15am | 6.6: Corporate Governance 4 Session Chair: Simon Gervais, Duke University | ||||
| Room 104 | |||||
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Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws 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
Adapting to Radical Change: The Benefits of Short-Horizon Investors 1Stockholm School of Economics; 2Indiana University, United States of America
Are CEOs Paid Extra For Riskier Pay Packages? 1Boston University; 2Boston College, United States of America; 3Boston College, United States of America; 4Penn State University
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| 8:30am - 10:15am | 7.6: Financial Advisors and Investment Consultants Session Chair: Justin Murfin, CORNELL | ||||
| Room 105 | |||||
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Unlocking Clients 1University of Texas at Dallas; 2Cornell University; 3Indiana University
Real Estate Shocks and Financial Advisor Misconduct 1University of Kentucky, United States of America; 2Nanyang Technological University
Investment Consultants’ Claims About Their Own Performance: What Lies Beneath? 1University of Oxford, United Kingdom; 2Financial Conduct Authority, United Kingdom; 3University of Connecticut, United States
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| 8:30am - 10:15am | 7.3: Bond Markets, Public Ownership and the Economy Session Chair: S Viswanathan, Duke University | ||||
| Room 106 | |||||
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Underwriter Competition and Bargaining Power in the Corporate Bond Market 1Bocconi University, Italy; 2Tilburg University
When Can the Market Identify Old News? 1Haas School of Business, UC Berkeley, United States of America; 2Jozef Stefan International Postgraduate School
Public Ownership and the Local Economy 1Pennsylvania State University; 2Brigham Young University; 3University of Kansas
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| 10:15am - 10:30am | Coffee Break | ||||
| 10:30am - 12:15pm | 7.5: Corporate Culture, Ethics and Social Responsibility Session Chair: Murillo Campello, Cornell | ||||
| Room 101 | |||||
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Social Progress and Corporate Culture Yale University, United States of America
Socially Responsible Corporate Customers 1University of Pennsylvania, United States of America; 2Singapore Management University, Singapore; 3York University, CanadaSocially Responsible Corporate Customers
Director Appointments – It is Who You Know 1Drexel University, United States of America; 2University of Waterloo, Canada
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| 10:30am - 12:15pm | 6.3: Executive Incentives Session Chair: Vojislav Maksimovic, University of Maryland | ||||
| Room 102 | |||||
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10:30am - 11:00am
Incentives and Competition in the Airline Industry 1Northeastern University, United States of America; 2University of Virginia, United States of America
11:00am - 11:30am
Executive Mobility in the United States, 1920 to 2011 1Cornell Univesity, United States of America; 2Duke Univesity, United States of America
11:30am - 12:00pm
Monitor Reputation and Transparency 1Stanford GSB; 2University of Minnesota, United States of America
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| 10:30am - 12:15pm | 4.1: Liquidity 3: Liquidity in Markets and Institutions Session Chair: Richard Rosen, Federal Reserve Bank of Chicago | ||||
| Room 103 | |||||
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A Theory of Liquidity in Private Equity 1Stockholm School of Economics; 2Duke University
The Wall Street Stampede: Exit As Governance With Interacting Blockholders 1University of North Carolina, Chapel Hill; 2London School of Economics, United Kingdom; 3Queen Mary, University of London
Who Provides Liquidity, and When? 1University of Illinois at Urbana-Champaign; 2Nanyang Technological University; 3University of Illinois at Urbana-Champaign and NBER
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| 10:30am - 12:15pm | 8.5: Monetary Policy Session Chair: Merih Sevilir, Indiana University | ||||
| Room 104 | |||||
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Negative Monetary Policy Rates and Systemic Banks' Risk-Taking: Evidence from the Euro Area Administrative Securities Register 1European Central Bank; 2University of Mannheim; 3ICREA-Universitat Pompeu Fabra, Imperial College, CREI, Barcelona GSE, CEPR
The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool Federal Reserve Board, United States of America
Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation 1Columbia Business School, United States of America; 2University of Michigan; 3University of Illinois
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| 10:30am - 12:15pm | 8.6: Information and Learning Session Chair: Olivier Darmouni, Columbia university | ||||
| Room 105 | |||||
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Learning by Doing: Judge Experience and Bankruptcy Outcomes 1Brigham Young University; 2jmmadsen@umn.edu; 3Queen's University; 4University of Notre Dame, United States of America
Learning by Owning in a Lemons Market 1University of Colorado, Boulder; 2Indiana University, Bloomington; 3The University of Edinburgh
Weeding out Bad Loans: Externalities of the Opioid Crisis University of Utah, United States of America
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| 10:30am - 12:15pm | 8.1: Dividends, Deposits and Banks Session Chair: Rodney Ramcharan, marshall school of business, USC | ||||
| Room 106 | |||||
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Dividend Payouts And Rollover Crises 1Norges Bank, Norway; 2BI Norwegian Business School, Norway
Bank Competition for Wholesale Funding: Evidence from Corporate Deposits 1Goethe University/ SAFE, Germany; 2Bank for International Settlements
Depositor Behavior and Institutional Trust: Evidence from the Freedman’s Savings Bank University of Michigan, United States of America
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| 12:15pm - 2:00pm | Lunch in the Grand Ballroom - FIRS Business meeting + JFI Awards | ||||
| 2:00pm - 4:15pm | 6.2: Innovation 3: Entrepreneurship Session Chair: Arthur Korteweg, University of Southern California | ||||
| Room 101 | |||||
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Entrepreneurial Wages 1UNC, United States of America; 2Columbia University; 3Federal Reserve Board
Keeping Options Open: What Motivates Entrepreneurs? 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 1Northeastern University; 2University of South Florida
Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing 1GWU, United States of America; 2University of Maryland, College Park
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| 2:00pm - 4:15pm | 3.4: Regulation 4: Bank Regulation and Financial Stability Session Chair: Gregory F. Udell, Indiana University | ||||
| Room 102 | |||||
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The Effects of Banking Competition on Growth and Financial Stability: Evidence from the National Banking Era 1Federal Reserve Board, United States of America; 2Federal Reserve Bank of New York
The Procyclicality of Expected Credit Loss Provisions CEMFI, Spain
Financial Regulation: What the Finance Industry Wants and How it Gets it 1Goethe University, Germany; 2University of Oxford, UK
Financial Intermediation through Financial Disintermediation: Evidence from the ECB Corporate Sector Purchase Programme 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
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| 2:00pm - 4:15pm | 2.4: Credit Supply 3: Clogged Arteries in Credit Supply Session Chair: Amiyatosh Purnanandam, University of Michigan | ||||
| Room 103 | |||||
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Clogged Intermediation: Were Home Buyers Crowded Out? 1Federal Reserve Bank of New York, United States of America; 2Singapore Management University; 3Federal Reserve Bank of Richmond
The Price of Hate: Household Finance and Non-Pecuniary Preferences 1University of San Diego, United States of America; 2University of California San Diego
Heterogeneous Sensitivities to Interest Rate Changes: Evidence from Consumer Loans University of Minnesota, United States of America
Do Bank Bailouts Affect The Provision Of Trade Credit? 1Getulio Vargas Foundation, Brazil; 2Indiana University, USA; 3Board of Governors of the Federal Reserve System, USA
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| 2:00pm - 4:15pm | 7.4: Household Leverage Session Chair: Asaf Bernstein, University of Colorado at Boulder | ||||
| Room 104 | |||||
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Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom 1University of Georgia; 2Federal Reserve Bank of Atlanta, United States of America; 3Federal Reserve Bank of New York, United States of America
How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settlements 1Dartmouth College, United States of America; 2University of California San Diego
Macroprudential Policy and Household Leverage: Micro-Evidence 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
Shale Shocked: The Long Run Effect of Income on Household Debt 1Boston College; 2Wharton; 3University of Colorado at Boulder
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| 2:00pm - 4:15pm | 6.5: Market Trading and Microstructure 1 Session Chair: Giovanni DellAriccia, IMF | ||||
| Room 105 | |||||
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Market-making with Search and Information Frictions 1NYU Stern School of Business, Feseral Reserve Bank of Minneapolis; 2Feseral Reserve Bank of Philadelphia; 3Carnegie Mellon University
Trade with Ads University of Minnesota, United States of America
Identifying Price Informativeness 1NYU Stern, United States of America; 2Yale University/New York University, Stern School of Business, and NBER
Institutional Counterparties and Performance 1University of South Carolina, United States of America; 2Virginia Tech; 3University of Oregon
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| 2:00pm - 4:15pm | 5.4: Asset Pricing 4 Session Chair: Hengjie Ai, University of Minnesota | ||||
| Room 106 | |||||
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The Time Variation in Risk Appetite and Uncertainty 1Columbia University, Graduate School of Business; 2Federal Reserve Board; 3Boston College, Carroll School of Management
Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets 1MIT Sloan; 2Tsinghua University, China, People's Republic of; 3Chicago Booth; 4University of International Business and Economics; 5CITIC Securities
A Model of the Macroeconomic Announcement Premium with Production 1Carlson School of Management, University of Minnesota; 2Fuqua School of Business, Duke University
Asset Prices and Portfolios with Externalities 1University of Virginia; 2Carnegie Mellon University; 3Federal Reserve Board
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