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

Discussant: Jayoung NAM (SOUTHERN METHODIST UNIV)



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

CEMFI

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

HKUST

Discussant: Daniel Paravisini (London School of Economics)

Room 100 
6:15pm - 8:00pmReception, Harbor Ballroom and Lawn (Sponsored by the Journal of Financial Intermediation)