Conference Agenda

Session Overview
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)