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).

Please note that all times are shown in the time zone of the conference. The current conference time is: 18th June 2021, 06:18:33pm EDT

 
 
Session Overview
Date: Friday, 04/June/2021
1:00pm - 1:15pmConference Welcome
 
1:30pm - 3:15pm1.1: Bank Distress and Zombie Lending
Session Chair: Geraldo Cerqueiro, Catolica Lisbon School of Business & Economics
Discussant: Sebastian Doerr, Bank for International Settlements
Discussant: Tim Eisert, Erasmus University Rotterdam
Discussant: Joerg Stahl, Catolica Lisbon School of Business & Economics
 
 

The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms

Anusha Chari1, Lakshita Jain1, Nirupama Kulkarni2

1UNC-Chapel Hill, United States of America; 2CAFRAL, Reserve Bank of India

Chari-The Unholy Trinity-821.pdf


Bank Specialization and Zombie Lending: Evidence from Belgium

Olivier De Jonghe1, Klaas Mulier2, Ilia Samarin1

1National Bank of Belgium, Belgium; 2Ghent University

De Jonghe-Bank Specialization and Zombie Lending-825.pdf


Micro-evidence from a System-wide Financial Meltdown: The German Crisis of 1931

Kristian Blickle1, Markus Brunnermeier2, Stephan Luck1

1Federal Reserve Bank of New York, United States of America; 2Princeton University

Blickle-Micro-evidence from a System-wide Financial Meltdown-636.pdf
 
1:30pm - 3:15pm1.2: Mutual Funds
Session Chair: Magnus Dahlquist, Stockholm School of Economics
Discussant: Bige Kahraman, Said Business School, University of Oxford
Discussant: Markus Ibert, Federal Reserve Board of Governors
Discussant: Svetlana Bryzgalova, London Business School
 
 

Do Mutual Funds Manipulate Star Ratings? Evidence from Portfolio Pumping

Sanghyun {Hugh} Kim

University of Texas at Dallas, United States of America

Kim-Do Mutual Funds Manipulate Star Ratings Evidence-556.pdf


A Horizon-Based Decomposition of Mutual Fund Value Added using Transactions

Jules van Binsbergen3, Jungsuk Han4, Hongxun Ruan2, Ran Xing1

1Aarhus University, Denmark; 2Peking University; 3The Wharton School; 4Stockholm School of Economics

van Binsbergen-A Horizon-Based Decomposition of Mutual Fund Value Added using Transactions-491.pdf


Which Firms Require More Governance? Evidence from Mutual Funds' Revealed Preferences

Irene Yi

University of Toronto, Canada

Yi-Which Firms Require More Governance Evidence from Mutual Funds Revealed Preferences-926.pdf
 
1:30pm - 3:15pm1.3: Crisis and Effects of Distress
Session Chair: Nittai Bergman, Tel Aviv University
Discussant: Shai Bernstein, Harvard Business School
Discussant: Rodney Ramcharan, University of Southern California
Discussant: Brent Glover, Carnegie Mellon University
 
 

Crisis Innovation

Filippo Mezzanotti1, Asaf Bernstein2, Tania Babina3

1Kellogg School of Management, Northwestern University, United States of America; 2University of Colorado Boulder; 3Columbia University



Credit Fire Sales: Captive Lending As Liquidity In Distress

Matteo Benetton1, Sergio Mayordomo2, Daniel Paravisini3

1Berkeley Haas; 2Bank of Spain; 3London School of Economics



Do Sovereign Creditors Benefit from the Ability to Restructure Debt?

Jason Roderick Donaldson1, Lukas Kremens2, Giorgia Piacentino3

1Washington University in St Louis; 2University of Washington; 3Columbia University

 
1:30pm - 3:15pm1.4: Market Structure and Strategic Trading
Session Chair: Michael Fishman, Northwestern University, Kellogg School of Management
Discussant: Christine Parlour, UC Berkeley
Discussant: Wei Jiang, Columbia Business School
Discussant: Haoxiang Zhu, MIT
 
 

Spoofing in Equilibrium

Basil Williams1, Andrzej Skrzypacz2

1New York University, United States of America; 2Stanford Graduate School of Business

Williams-Spoofing in Equilibrium-989.pdf


Becker Meets Kyle: Insider Trading and Legal Risk

Marcin Kacperczyk, Emiliano Pagnotta

Imperial College Business School, United Kingdom

Kacperczyk-Becker Meets Kyle-239.pdf


Regulation and Security Design in Concentrated Markets

Ana Babus1, Kinda Hachem2

1Washington University in St. Louis, United States of America; 2University of Virginia

Babus-Regulation and Security Design in Concentrated Markets-455.pdf
 
1:30pm - 3:15pm1.5: Mortgage Markets
Session Chair: Johannes Stroebel, NEW YORK UNIV
Discussant: Aurel Hizmo, Federal Reserve Board
Discussant: Alexander Chinco, University of Chicago, Booth School of Business
Discussant: Jialan Wang, University of Illinois at Urbana-Champaign
 
 

Do Lenders Still Discriminate? A Robust Approach for Assessing Differences in Menus

David Zhang1, Paul Willen2

1Harvard Business School, United States of America; 2Federal Reserve Bank of Boston

Zhang-Do Lenders Still Discriminate A Robust Approach for Assessing Differences-528.pdf


How Costly is Noise? Data and Disparities in the US Mortgage Market

Laura Blattner1, Scott Nelson2

1Stanford University, United States of America; 2Chicago University, United States of America

Blattner-How Costly is Noise Data and Disparities in the US Mortgage Market-670.pdf


Financial Media as a Money Doctor: Evidence from Refinancing Decisions

Lin Hu1, Kun Li1, Phong Ngo1, Denis Sosyura2

1Australian National University, Australia; 2Arizona State University, USA

Hu-Financial Media as a Money Doctor-182.pdf
 
1:30pm - 3:15pm1.6: Safe Assets
Session Chair: Enrico Perotti, U Amsterdam
Discussant: William Diamond, University of Pennsylvania Wharton School
Discussant: Adi Sunderam, Harvard Business School
Discussant: Quentin Vanderweyer, University of Chicago, Booth School of Business
 
 

Safe Assets as Collateral Multipliers

Shengxing Zhang3, Emre Ozdenoren1, Kathy Yuan2

1London School of Economics; 2London Business School; 3London School of Economics

Zhang-Safe Assets as Collateral Multipliers-703.pdf


Manufacturing Risk-Free Government Debt

Zhengyang Jiang1, Hanno Lustig2, Stijn Van Nieuwerburgh3, Mindy Xiaolan4

1Northwestern University, United States of America; 2Stanford University, United States of America; 3Columbia University, United States of America; 4UT Austin, United States of America

Jiang-Manufacturing Risk-Free Government Debt-637.pdf


What Drives U.S. Treasury Re-use?

Sebastian Infante, Zack Saravay

Federal Reserve Board of Governors, United States of America

Infante-What Drives US Treasury Re-use-404.pdf
 
1:30pm - 3:15pm1.7: Featured Ph.D. Student Session 1
Session Chair: Nadya Malenko, University of Michigan
Discussant: Theresa Kuchler, NYU Stern School of Business
Discussant: Radhakrishnan Gopalan, Washington University
Discussant: Effi Benmelech, Northwestern University
 
 

Sea Level Rise and Portfolio Choice

Emirhan Ilhan

Frankfurt School of Finance and Management gGmbH, Germany

Ilhan-Sea Level Rise and Portfolio Choice-1059.pdf


Payday Lending and the Opioid Epidemic

Xiaonan {Flora} Ma

University of South Carolina, United States of America

Ma-Payday Lending and the Opioid Epidemic-1063_a.pdf


How Do Firms Use Finance When Interest Rates Are Low for Long?

Lakshita Jain

University of North Carolina, Chapel Hill, United States of America

Jain-How Do Firms Use Finance When Interest Rates Are Low-1085_a.pdf
 
3:15pm - 3:30pmCoffee Break
 
3:30pm - 5:15pm2.1: Determinants of Bank Lending
Session Chair: Tobias Berg, Frankfurt School of Finance and Management
Discussant: Wei Cui, University College London
Discussant: Olivier Darmouni, Columbia University
Discussant: Olivier Darmouni, Columbia University
 
 

Who Lends Before Banking Crises? Evidence from the International Syndicated Loan Market

Mariassunta Giannetti1, Yeejin Jang2

1Stockholm School of Economics; 2University of New South Wales

Giannetti-Who Lends Before Banking Crises Evidence from the International Syndicated Loan Market-240.pdf


The Effects of Treasury Debt on Bank Lending and The Economy

Roberto Robatto1, Jason Choi2

1University of Wisconsin-Madison, United States of America; 2University of Wisconsin-Madison

Robatto-The Effects of Treasury Debt on Bank Lending and The Economy-499.pdf


Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships and the COVID Crisis

Lei Li1, Philip Strahan2

1Federal Reserve Board, United States of America; 2Boston College

Li-Who Supplies PPP Loans-186.pdf
 
3:30pm - 5:15pm2.2: Corporate Bond Markets
Session Chair: Victoria Ivashina, Harvard Business School
Discussant: Daniel Green, Harvard Business School
Discussant: Umit Gurun, Naveen Jindal School of Management, University of Texas as Dallas
Discussant: Marcus Opp, Stockholm School of Economics
 
 

Syndicate Structure, Primary Allocation and Secondary Market Outcomes in Corporate Bond Offerings

Hank Bessembinder2, Stacey Jacobsen1, William Maxwell1, Kumar Venkataraman1

1Southern Methodist University, United States of America; 2Arizona State University, United States of America

Bessembinder-Syndicate Structure, Primary Allocation and Secondary Market Outcomes-279.pdf


Primary Corporate Bond Markets and Social Responsibility

Michael Halling2, Jin yu1, Josef Zechner3

1Monash University, Australia; 2Stockholm School of Economics and Swedish House of Finance, Sweden; 3Vienna University of Economics and Business, Austria

Halling-Primary Corporate Bond Markets and Social Responsibility-296.pdf


Crowded Ratings: Clientele Effects in the Corporate Bond Market

Francisco Gomes1, Ryan Lewis2, Jordan Nickerson3

1LBS, United Kingdom; 2University of Colorado Boulder; 3MIT

Gomes-Crowded Ratings-824.pdf
 
3:30pm - 5:15pm2.3: Dynamics of Corporate Boards
Session Chair: Pedro Matos, University of Virginia
Discussant: Ruediger Fahlenbrach, EPFL
Discussant: Rustam Abuzov, Swiss Finance Institute and HEC Lausanne
Discussant: Simon Glossner, UVA Darden
 
 

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

Todd Gormley1, Vishal Gupta2, David Matsa3, Sandra Mortal2, Lukai Yang2

1Washington University In St. Louis, United States of America; 2University of Alabama; 3Northwestern University

Gormley-The Big Three and Board Gender Diversity-503.pdf


Board Dynamics Over the Startup Life Cycle

Michael Ewens2, Nadya Malenko1

1University of Michigan, United States of America; 2California Institute of Technology

Ewens-Board Dynamics Over the Startup Life Cycle-362.pdf


Do Directors Drive Corporate Sustainability?

Lukas Roth1, Peter Iliev2

1University of Alberta, Canada; 2Penn State University, USA

Roth-Do Directors Drive Corporate Sustainability-222.pdf
 
3:30pm - 5:15pm2.4: Trends in Human Capital
Session Chair: Paige Ouimet, Kenan-Flager School of Business, University of North Carolina
Discussant: Michael Lee, Federal Reserve Bank of New York
Discussant: Isaac Hacamo, Kelley School of Business, Indiana University
Discussant: Will Gerken, University of Kentucky
 
 

It’s Not Who You Know—It’s Who Knows You: Employee Social Capital and Firm Performance

DuckKi Cho2, Lyungmae Choi3, Michael Hertzel1, Jessie Jiaxu Wang1

1Arizona State University; 2Peking University; 3City University of Hong Kong

Cho-It’s Not Who You Know—It’s Who Knows You-801.pdf


Trading on Talent: Human Capital and Firm Performance

Anastassia Fedyk1, James Hodson2

1UC Berkeley Haas; 2Jozef Stefan Institute, AI Lab

Fedyk-Trading on Talent-1026.pdf


The Death Of Trust Across The U.S. Finance Industry

Peter Limbach1, P. Raghavendra Rau2, Henrik Schürmann3

1University of Cologne and Centre for Financial Research, Germany; 2University of Cambridge, UK; 3University of Wuppertal, Germany

Limbach-The Death Of Trust Across The US Finance Industry-617.pdf
 
3:30pm - 5:15pm2.5: Real Estate Finance
Session Chair: Martin Schneider, Stanford University
Discussant: Andreas Mense, University Erlangen-Nuremberg
Discussant: Zheng Liu, Federal Reserve Bank of San Francisco
Discussant: Elliot Anenberg, Federal Reserve Board
 
 

Real Estate Transaction Taxes and Credit Supply

Michael Koetter1, Philipp Marek2, Antonios Mavropoulos1

1Leibniz Institute for Economic Research and Otto-von-Guericke University, Germany; 2Deutsche Bundesbank

Koetter-Real Estate Transaction Taxes and Credit Supply-494.pdf


Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms

Peter Bednarek1, Daniel Marcel te Kaat2, Chang Ma3, Alessandro Rebucci4

1Deutsche Bundesbank; 2University of Groningen, Netherlands, The; 3Fudan University; 4Johns Hopkins Carey Business School

Bednarek-Capital Flows, Real Estate, and Local Cycles-266.pdf


Local Experiences, Attention and Spillovers in the Housing Market

Antonio Gargano1, Marco Giacoletti2, Elvis Jarnecic3

1University of Melbourne, Australia; 2USC Marshall; 3University of Sydney

Gargano-Local Experiences, Attention and Spillovers in the Housing Market-302.pdf
 
3:30pm - 5:15pm2.6: Repo Markets and Securitization
Session Chair: Nina Boyarchenko, Federal Reserve Bank of New York
Discussant: Gabriele La Spada, Federal Reserve Bank of New York
Discussant: John Mondragon, Federal Reserve Bank of San Francisco
Discussant: Haoyang Liu, FEDERAL RESERVE BANK OF NEW YORK
 
 

Are Repo Markets Fragile? Evidence from September 2019

Sriya Anbil, Alyssa Anderson, Zeynep Senyuz

Board of Governors of the Federal Reserve, United States of America

Anbil-Are Repo Markets Fragile Evidence from September 2019-143.pdf


Cash-Forward Arbitrage and Dealer Capital in MBS Markets: COVID-19 and Beyond

Asani Sarkar1, Jiakai Chen2, Haoyang Liu1, Zhaogang Song3

1Federal Reserve Bank of New York, United States of America; 2University of Hawaii; 3Johns Hopkins Carey School of Business

Sarkar-Cash-Forward Arbitrage and Dealer Capital in MBS Markets-928.pdf


Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality.

Yesol Huh, You Suk Kim

Federal Reserve Board, United States of America

Huh-Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality-458.pdf
 
3:30pm - 5:15pm2.7: Featured Ph.D. Student Session 2
Session Chair: Philipp Schnabl, NYU Stern
Discussant: Itzhak Ben-David, Fisher College of Business, The Ohio State University
Discussant: Kelly Shue, Yale School of Management
Discussant: Andrew Ellul, Indiana University
 
 

ETF Primary Market Structure And Its Efficiency

Ewelina Zurowska

University of Pennsylvania, United States of America

Zurowska-ETF Primary Market Structure And Its Efficiency-512.pdf


Should Retail Investors Listen to Social Media Analysts? Evidence from Text-Implied Beliefs

Chukwuma Dim

Frankfurt School of Finance & Management

Dim-Should Retail Investors Listen to Social Media Analysts Evidence-1048.pdf


Long-term Investors, Demand Shifts, and Yields

Kristy Anneke Elisabeth Jansen

Tilburg University, Netherlands, The

Jansen-Long-term Investors, Demand Shifts, and Yields-1075.pdf
 
6:15pm - 7:30pmReception
 
Date: Saturday, 05/June/2021
8:30am - 10:15am3.1: Bank Supervision and Regulation
Session Chair: Rodney Ramcharan, University of Southern California
Discussant: Stefan Gissler, Federal Reserve Board
Discussant: Indraneel Chakraborty, University of Miami
Discussant: Roberto Robatto, University of Wisconsin-Madison
 
 

The Real Effects Of Bank Supervision: Evidence From On-site Inspections

Andrea Passalacqua1, Paolo Angelini2, Francesca Lotti2, Giovanni Soggia2

1Federal Reserve Board, United States of America; 2Bank of Italy

Passalacqua-The Real Effects Of Bank Supervision-667.pdf


Separating Deposit-Taking from Investment Banking: Evidence from the UK

Matthieu Chavaz1, David Elliott1,2

1Bank of England; 2Imperial College London

Chavaz-Separating Deposit-Taking from Investment Banking-313.pdf


Government Guarantees and Bank Liquidity Creation Around the World

Allen N. Berger2, Xinming Li1, Herman Saheruddin3, Daxuan Zhao4

1Nankai University, School of Finance, China, People's Republic of; 2Darla Moore School of Business, University of South Carolina, 1014 Greene Street, Columbia, SC, USA 29208; 3Indonesia Deposit Insurance Corporation, Lot 9, Jl. Jenderal Sudirman Kav. 52-53, Jakarta, Indonesia 12190; 4School of Business, Renmin University of China, 59 Zhongguancun Road, Haidian District, Beijing, China

Berger-Government Guarantees and Bank Liquidity Creation Around the World-737.pdf
 
8:30am - 10:15am3.2: Equity Trading
Session Chair: Luis M. Viceira, Harvard Business School
Discussant: Jawad M. Addoum, Cornell University
Discussant: Maryam Farboodi, MIT
Discussant: Mila Getmansky Sherman, UMASS Amherst
 
 

Cross-Asset Information Synergy in Mutual Fund Families

Jennie Bai1, JunKyung Auh2

1Georgetown University, United States of America; 2Yonsei University, Korea

Bai-Cross-Asset Information Synergy in Mutual Fund Families-321.pdf


Equilibrium Data Mining

Jérôme Dugast, Thierry Foucault

HEC, Paris

Dugast-Equilibrium Data Mining-195.pdf


The Performance of Hedge Fund Performance Fees

Itzhak Ben-David1,2, Justin Birru1, Andrea Rossi3

1Fisher College of Business, The Ohio State University, United States of America; 2National Bureau of Economic Research; 3University of Arizona

Ben-David-The Performance of Hedge Fund Performance Fees-656.pdf
 
8:30am - 10:15am3.3: Financial and Economic Effects of the Legal System
Session Chair: Ross Levine, University of California, Berkeley
Discussant: Catherine Koch, Bank for International Settlements
Discussant: Katya Neretina, University of Southern California
Discussant: James R. Brown, Iowa State University Ivy College of Business
 
 

Court Quality and Economic Resilience

Dimas Mateus Fazio1, Janis Skrastins2, Thiago Silva3

1National University of Singapore, Singapore; 2Washington University in St. Louis; 3Banco Central do Brasil

Fazio-Court Quality and Economic Resilience-379.pdf


Lawyer Networks and Corporate Bankruptcies

Vidhan Goyal1, Joshua Madsen2, Wei Wang3

1HKUST; 2University of Minnesota; 3Queen's Universty, Canada

Goyal-Lawyer Networks and Corporate Bankruptcies-157.pdf


Do Court Delays Distort Capital Formation?

Pantelis Koutroumpis, Farshad Ravasan

University of oxford, United Kingdom

Koutroumpis-Do Court Delays Distort Capital Formation-178.pdf
 
8:30am - 10:15am3.4: Technology and Intangible Capital
Session Chair: Dimitris Papanikolaou, Kellogg School of Management, Northwestern University
Discussant: Anastassia Fedyk, UC Berkeley Haas
Discussant: Lawrence Schmidt, MIT Sloan School of Management
Discussant: Heath Davidson, Eccles School of Business, University of Utah
 
 

State Minimum Wage Increases and Corporate IT Investment: Establishment-Level Evidence

Yue Qiu1, Xin Dai2

1Temple University, United States of America; 2Drexel University

Qiu-State Minimum Wage Increases and Corporate IT Investment-683.pdf


Technology Boom, Labor Reallocation, and Human Capital Depreciation

Johan Hombert1, Adrien Matray2

1HEC Paris; 2Princeton University, United States of America

Hombert-Technology Boom, Labor Reallocation, and Human Capital Depreciation-212.pdf


Collateral Constraints, Trademarks, and Corporate Activities

Zhaoxia Xu

UNSW Business School, Australia

Xu-Collateral Constraints, Trademarks, and Corporate Activities-995.pdf
 
8:30am - 10:15am3.5: Financial Analysts
Session Chair: Joseph Engelberg, UCSD
Discussant: Yaron Levi, USC
Discussant: William Grieser, Texas Christian University, Neeley School of Business
Discussant: Runjing Lu, University of Alberta
 
 

Rating on a Behavioral Curve

Utpal Bhattacharya, Janghoon Shon, Ariel Yu Zhang

HONG KONG UNIV OF SCIENCE & TECHNOLOGY, Hong Kong S.A.R. (China)

Bhattacharya-Rating on a Behavioral Curve-805.pdf


The Value of Differing Points of View: Evidence from Financial Analysts' Geographic Diversity

Will Gerken1, Marcus Painter2

1University of Kentucky, United States of America; 2Saint Louis University, United States of America

Gerken-The Value of Differing Points of View-433.pdf


Do Analysts Change Their Behavior After Winning an All-star Award? Evidence from a Regression Discontinuity Design

Yiqing Lu1, Michael Jung2, Hong Wu3, Yuhai Xuan4

1NYU Shanghai, China, People's Republic of; 2University of Delaware; 3Fudan University; 4University of California, Irvine

Lu-Do Analysts Change Their Behavior After Winning an All-star Award Evidence-420.pdf
 
8:30am - 10:15am3.6: Equity Market Returns
Session Chair: Lars Lochstoer, University of California, Los Angeles, Anderson School of Management
Discussant: Xiaoji Lin, University of Minnesota, Carlson School of Management
Discussant: Christopher Polk, LSE
Discussant: Nuno Clara, Fuqua School of Business, Duke University
 
 

The Asset Durability Premium

Kai Li, Chi-Yang Tsou

Hong Kong University of Science and Technology, Hong Kong S.A.R. (China)

Li-The Asset Durability Premium-933.pdf


Gamma Fragility

Andrea Barbon1, Andrea Buraschi2

1University of St.Gallen, Switzerland; 2Imperial College, London

Barbon-Gamma Fragility-862.pdf


Getting to the Core: Inflation Risks Within and Across Asset Classes

Xiang Fang1, Yang Liu1, Nikolai Roussanov2

1University of Hong Kong, Hong Kong S.A.R. (China); 2University of Pennsylvania and NBER

Fang-Getting to the Core-172.pdf
 
10:15am - 10:30amCoffee Break
 
10:30am - 12:15pm4.1: Shadow Banking
Session Chair: Elena Loutskina, UVA
Discussant: Manuel Adelino, Duke's Fuqua School of Business
Discussant: Jessie Jiaxu Wang, Arizona State University
Discussant: Tobias Berg, Frankfurt School of Finance and Management
 
 

Banking without Deposits: Evidence from Shadow Bank Call Reports

Erica Xuewei Jiang1, Gregor Matvos2, Tomasz Piskorski3, Amit Seru4

1University of Southern California; 2Northwestern University; 3Columbia University; 4Stanford University

Jiang-Banking without Deposits-486.pdf


Interbank Networks in the Shadows of the Federal Reserve Act

Haelim Anderson1, Selman Erol2, Guillermo Ordonez3

1Federal Deposit Insurance Corporation; 2Carnegie-Mellon University Tepper School of Business; 3University of Pennsylvania and NBER

Anderson-Interbank Networks in the Shadows of the Federal Reserve Act-1014.pdf


Small Bank Lending in the era of Fintech and Shadow Banks: a Sideshow?

Taylor Begley1, Kandarp Srinivasan2

1Washington University in St. Louis; 2Northeastern University

Begley-Small Bank Lending in the era of Fintech and Shadow Banks-448.pdf
 
10:30am - 12:15pm4.2: Mutual Funds and Asset Prices
Session Chair: Jonathan Berk, Stanford Graduate School of Business
Discussant: Dimitri Vayanos, London School of Economics
Discussant: Lubos Pastor, University of Chicago
Discussant: Jeffrey Pontiff, Carroll School of Management, Boston College
 
 

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds

Jonathan A Parker1, Antoinette Schoar1, Yang Sun2

1MIT; 2Brandeis

Parker-Retail Financial Innovation and Stock Market Dynamics-760.pdf


Common Fund Flows: Flow Hedging and Factor Pricing

Winston Dou1, Leonid Kogan2, Wei Wu3

1The Wharton School, University of Pennsylvania, United States of America; 2MIT; 3Texas A&M University

Dou-Common Fund Flows-990.pdf


How Does the Speed of Capital Flows Affect Factor Momentum, Reversal and Volatility?

Xi Dong1, Namho Kang2, Joel Peress3

1Baruch College, CUNY, United States of America; 2Bentley University; 3INSEAD

Dong-How Does the Speed of Capital Flows Affect Factor Momentum, Reversal and Volatility-662.pdf
 
10:30am - 12:15pm4.3: Venture Capital
Session Chair: Yael Hochberg, Rice University
Discussant: Mark Westerfield, University of Washington
Discussant: David Robinson, Fuqua School of Business, Duke University
Discussant: Dirk Jenter, LSE
 
 

A Valuation Model of Venture Capital-Backed Companies with Multiple Financing Rounds

Will Gornall1, Ilya Strebulaev2

1University of British Columbia, Canada; 2Graduate School of Business, Stanford University

Gornall-A Valuation Model of Venture Capital-Backed Companies with Multiple Financing Rounds-839.pdf


Venture Capitalists and COVID-19

Paul N. Gompers3, Will Gornall2, Steven Kaplan4, Ilya A. Strebulaev1

1Stanford University; 2University of British Columbia; 3Harvard Business School; 4University of Chicago

Gompers-Venture Capitalists and COVID-19-863.pdf


The Evolution of CEO Compensation in Venture Capital Backed Startups

Michael Ewens1, Ramana Nanda2, Christopher Stanton3

1Caltech; 2Imperial College; 3Harvard Business School

Ewens-The Evolution of CEO Compensation in Venture Capital Backed Startups-493.pdf
 
10:30am - 12:15pm4.4: Economics of Information
Session Chair: Uday Rajan, University of Michigan
Discussant: Yajun Wang, Baruch College
Discussant: Vincent Glode, Wharton School
Discussant: Sivan Frenkel, Tel Aviv University
 
 

Information Chasing versus Adverse Selection in Over-the-Counter Markets

Gabor Pinter1, Chaojun Wang2, Junyuan Zou3

1Bank of England; 2The Wharton School, University of Pennsylvania; 3INSEAD, Finance

Pinter-Information Chasing versus Adverse Selection in Over-the-Counter Markets-813.pdf


Intermediated Asymmetric Information, Compensation, and Career Prospects

Ron Kaniel1, Dmitry Orlov2

1Simon School of Business, United States of America; 2University of Wisconsin-Madison Business School, United States of America

Kaniel-Intermediated Asymmetric Information, Compensation, and Career Prospects-799.pdf


A Theory of Financial Media

Jordan Martel1, Jan Schneemeier2, Eitan Goldman3

1Indiana University Bloomington, United States of America; 2Indiana University Bloomington, United States of America; 3Indiana University Bloomington, United States of America

Martel-A Theory of Financial Media-1033.pdf
 
10:30am - 12:15pm4.5: Household Distress and Bankruptcy
Session Chair: Denis Gromb, HEC Paris
Discussant: Patrick Akey, University of Toronto
Discussant: Alberta Di Giuli, ESCP
Discussant: Winston Dou, The Wharton School, University of Pennsylvania
 
 

Running Up the Tab: Personal Bankruptcy, Moral Hazard, and Shadow Debt

Bronson Argyle1, Benjamin Iverson1, Taylor Nadauld1, Christopher Palmer2

1Brigham Young University, United States of America; 2MIT and NBER

Argyle-Running Up the Tab-1021.pdf


Strategic Default and Moral Hazard in a Financial Crisis

Barry Scholnick

University of Alberta, Canada

Scholnick-Strategic Default and Moral Hazard in a Financial Crisis-818.pdf


The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown

Jacelly Cespedes1, Carlos Parra2, Clemens Sialm3

1University of Minnesota, United States of America; 2PUC, Chile; 3University of Minnesota, United States of America

Cespedes-The Effect of Principal Reduction on Household Distress-625.pdf
 
10:30am - 12:15pm4.6: Information and Prices
Session Chair: Dongmei Li, University of South Carolina, Columbia
Discussant: LIN PENG, Baruch College
Discussant: Hongjun Yan, DePaul University
Discussant: Pavel Savor, DePaul University
 
 

Attention Spillover in Asset Pricing

Xin Chen1, Li An2, Jianfeng Yu2

1Southwestern University of Finance and Economics, China; 2PBC School of Finance, Tsinghua University, China

Chen-Attention Spillover in Asset Pricing-254.pdf


Arbitrage and Beliefs

Paymon Khorrami1, Alexander Zentefis2

1Imperial College; 2Yale School of Management

Khorrami-Arbitrage and Beliefs-136.pdf


The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance

Chao Ying

University of Minnesota, United States of America

Ying-The Pre-FOMC Announcement Drift and Private Information-180.pdf
 
12:30pm - 2:00pmLunch: FIRS Business Meeting & JFI Awards
 
2:30pm - 4:15pm5.1: Bank Mergers and Competition
Session Chair: Arnoud Boot, university of amsterdam
Discussant: Dong Beom Choi, Seoul National University
Discussant: Tanju Yorulmazer, Koc University
Discussant: Fulvia Fringuellotti, Federal Reserve Bank of New York
 
 

Common Lender, Ex-Banker Director, and Corporate Investment

Kentaro Asai, Takeshi Yamada, Thao Hoang

Australian National University, Australia



The Many Facets of Bank Competition: Evidence from an Extraordinary Dataset

Allen N. Berger1, Troy A. Kravitz2, Lynn Shibut2

1University of South Carolina, Wharton Financial Institutions Center, European Banking Center; 2Center for Financial Research FDIC



Corporate Acquisitions and Bank Relationships

Steven Poelhekke1, Razvan Vlahu2, Vadym Volosovych3

1University of Auckland; 2Dutch Central Bank, Netherlands, The; 3Erasmus University Rotterdam

 
2:30pm - 4:15pm5.2: Corporate Bonds and Loans
Session Chair: Viral Acharya, Stern School of Business, New York University
Discussant: Roberto Steri, University of Luxembourg
Discussant: Or Shachar, Federal Reserve Bank of New York
Discussant: Rustom Irani, University of Illinois of Urbana-Champaign
 
 

Marking to Market Corporate Debt

Lorenzo Bretscher1, Peter Feldhuetter2, Andrew Kane3, Lukas Schmid4

1London Business School Finance Department, United Kingdom; 2Copenhagen Business School; 3Duke University; 4USC Marshall

Bretscher-Marking to Market Corporate Debt-401.pdf


Corporate Loan Spreads and Economic Activity

Anthony Saunders2, Alessandro Spina1, Sascha Steffen3, Daniel Streitz1

1Copenhagen Business School; 2Stern School of Business, New York University; 3Frankfurt School of Finance & Management

Saunders-Corporate Loan Spreads and Economic Activity-377.pdf


Crowding Out Bank Loans: Liquidity-Driven Bond Issuance

Olivier Darmouni, Kerry Siani

Columbia University, United States of America

Darmouni-Crowding Out Bank Loans-480.pdf
 
2:30pm - 4:15pm5.3: Politics and Finance
Session Chair: Adrien Matray, Princeton University
Discussant: Noemie Pinardon-Touati, HEC Paris
Discussant: Larissa Schaefer, Frankfurt School of Finance & Management
Discussant: Stefan Zeume, UIUC
 
 

Political Connections and Allocation of Government Contracts: International Evidence

Masim Suleymanov, Douglas Cumming, David Javakhadze

Florida Atlantic University, United States of America

Suleymanov-Political Connections and Allocation of Government Contracts-1041.pdf


Partisanship in Loan Pricing

Ramona Dagostino1, Janet Gao2, Pengfei Ma3

1University of Rochester; 2Indiana University; 3Indiana University

Dagostino-Partisanship in Loan Pricing-774.pdf


Valuation of Long-Term Property Rights under Political Uncertainty

Zhiguo He1, Maggie Hu2, Zhenping Wang1, Vincent Yao3

1University of Chicago; 2The Chinese University of Hong Kong, Hong Kong S.A.R. (China); 3Georgia State University

He-Valuation of Long-Term Property Rights under Political Uncertainty-1030.pdf
 
2:30pm - 4:15pm5.4: Corporate Incentives
Session Chair: Kelly Shue, Yale School of Management
Discussant: peter koudijs, Erasmus University Rotterdam
Discussant: Peter Cziraki, University of Toronto
Discussant: Henri Servaes, London Business School
 
 

Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

Yrjo Koskinen, Nga Nguyen, J. Ari Pandes

University of Calgary, Canada

Koskinen-Does Limited Liability Matter Evidence from a Quasi-Natural Experiment-330.pdf


Do Short-term Incentives Hurt Innovation?

Heitor Almeida1, Slava Fos2, Po-Hsuan Hsu3, Mathias Kronlund4, Kevin Tseng5

1UIUC; 2Boston College; 3National Tsing Hua; 4Tulane; 5National Taiwan

Almeida-Do Short-term Incentives Hurt Innovation-711.pdf


Stakeholder Value: A Convenient Excuse for Underperforming Managers?

Ryan Flugum, Matthew Souther

University of South Carolina, United States of America

Flugum-Stakeholder Value-835.pdf
 
2:30pm - 4:15pm5.5: Insurance and Pension Plans
Session Chair: Motohiro Yogo, Princeton University
Discussant: Valentin Haddad, UCLA
Discussant: Shan Ge, New York University
Discussant: Mark Egan, Harvard Business School
 
 

Internal Models, Make Believe Prices, and Bond Market Cornering

Ishita Sen1, Varun Sharma2

1Harvard Business School, United States of America; 2London Business School, United Kingdom

Sen-Internal Models, Make Believe Prices, and Bond Market Cornering-817.pdf


Insurance Companies and the Propagation of Natural Disaster Shocks to the Real Economy

Yubo Liu2, Stefano Rossi3, Hayong Yun1

1Michigan StateUniversity, United States of America; 2Xiamen University; 3Bocconi University

Liu-Insurance Companies and the Propagation of Natural Disaster Shocks-607.pdf


Revenue sharing in 401(k) Plans

Veronika Pool2, Clemens Sialm3, Irina Stefanescu1

1Federal Reserve Board, United States of America; 2Vanderbilt University; 3University of Texas at Austin

Pool-Revenue sharing in 401-743.pdf
 
2:30pm - 4:15pm5.6: Collateral Theory
Session Chair: Adriano Rampini, Duke University
Discussant: Kenneth Ayotte, University of California, Berkeley, School of Law
Discussant: Hanno Lustig, Stanford Graduate School of Business
Discussant: Jerome Taillard, Babson College
 
 

Collateral and Secured Debt

Adriano Rampini, S. Viswanathan

Duke University

Rampini-Collateral and Secured Debt-294.pdf


The Collateral Link Between Volatility and Risk Sharing

Sebastian Infante1, Guillermo Ordonez2

1Federal Reserve Board, United States of America; 2University of Pennsylvania and NBER

Infante-The Collateral Link Between Volatility and Risk Sharing-322.pdf


Hedging, Liquidity, and Productivity

Guojun Chen1, Zhongjin Lu2, Siddharth Vij2

1Nanyang Technological University, Singapore; 2University of Georgia, Terry College of Business

Chen-Hedging, Liquidity, and Productivity-916.pdf
 
6:15pm - 7:30pmReception
 
Date: Sunday, 06/June/2021
8:30am - 10:15am6.1: Shadow Banking versus Commercial Banking
Session Chair: George G. Pennacchi, University of Illinois
Discussant: Rustom Irani, University of Illinois of Urbana-Champaign
Discussant: Cecilia Parlatore, NYU Stern
Discussant: James Vickery, Federal Reserve Philadelphia
 
 

Nonbank Lending and Credit Cyclicality

Quirin Fleckenstein1, Manasa Gopal2, German Gutierrez1, Sebastian Hillenbrand1

1NYU Stern; 2Georgia Tech, Scheller College of Business

Fleckenstein-Nonbank Lending and Credit Cyclicality-781.pdf


Information Technology and Bank Competition

Xavier Vives Torrents, Zhiqiang Ye

IESE Business School, Spain

Vives Torrents-Information Technology and Bank Competition-431.pdf


Financing Competitors: Shadow Banks' Funding and Mortgage Market Competition

Erica Xuewei Jiang

University of Southern California, United States of America

Jiang-Financing Competitors-489.pdf
 
8:30am - 10:15am6.2: Information and Data in Financial Intermediation
Session Chair: Dimitri Vayanos, London School of Economics
Discussant: Angie Andrikogiannopoulou, King's College, London
Discussant: Jonathan Goldberg, Federal Reserve Bank of New York
Discussant: Bradyn Breon-Drish, Rady School of Management, University of California San Diego
 
 

Resolving the Excessive Trading Puzzle: An Integrated Approach Based on Surveys and Transactions

Hongqi Liu1, Cameron Peng2, Wei Xiong3, Wei Xiong4

1CUHK Shenzhen; 2London School of Economics, United Kingdom; 3Shenzhen Stock Exchange; 4Princeton University

Liu-Resolving the Excessive Trading Puzzle-727.pdf


Contagious Margin Calls: How COVID-19 threatened global stock market liquidity

Sean Foley3, Amy Kwan2, Richard Phillip2, Bernt Arne Ødegaard1

1University of Stavanger, Norway; 2University of Sydney, Australia; 3Macquarie University, Australia

Foley-Contagious Margin Calls-205.pdf


Announcements, Expectations, and Stock Returns with Asymmetric Information

Leyla Jianyu Han

The University of Hong Kong, Hong Kong S.A.R. (China)

Han-Announcements, Expectations, and Stock Returns with Asymmetric Information-161.pdf
 
8:30am - 10:15am6.3: Consequences of Mergers and Acquisitions
Session Chair: Claudia Custodio, Imperial College London
Discussant: Rui Silva, Nova School of Business and Economics
Discussant: Stefano Rossi, Bocconi University - P.IVA 03628350153
Discussant: Diogo Mendes, Stockholm School of Economics
 
 

Build or Buy? Human Capital and Corporate Diversification

Victor Lyonnet1, Paul Beaumont2, Camille Hebert3

1Ohio State University, United States of America; 2MgGill Desautels; 3University of Toronto

Lyonnet-Build or Buy Human Capital and Corporate Diversification-961.pdf


Beyond the Target: M&A Decisions and Rival Ownership

Miguel Anton, Jose Azar, Mireia Gine, Luca Lin

IESE Business School, Spain

Anton-Beyond the Target-272.pdf


Hiring High-Skilled Labor through Mergers and Acquisitions

Feng Zhang1, Shenje Hshieh2, Jun Chen3

1University of Utah; 2City University of Hong Kong, Hong Kong S.A.R. (China); 3Renmin University of China

Zhang-Hiring High-Skilled Labor through Mergers and Acquisitions-510.pdf
 
8:30am - 10:15am6.4: Searching and Monitoring
Session Chair: Jean-Edouard Colliard, HEC Paris
Discussant: Briana Chang, UW Madison
Discussant: Jesse Davis, University of North Carolina - Chapel Hill
Discussant: Seokwoo Lee, University of Michigan
 
 

Contracting and Search with Heterogeneous Principals and Agents

Jan Starmans

Stockholm School of Economics, Sweden

Starmans-Contracting and Search with Heterogeneous Principals and Agents-739.pdf


Monitoring with Career Concerns

Ivan Marinovic2, Martin Szydlowski1

1University of Minnesota, United States of America; 2Stanford GSB

Marinovic-Monitoring with Career Concerns-116.pdf


Uncertainty and Contracting in Organizations

David Dicks1, Paolo Fulghieri2

1Baylor University; 2University of North Carolina, United States of America

Dicks-Uncertainty and Contracting in Organizations-241.pdf
 
8:30am - 10:15am6.5: FinTech
Session Chair: Gregor Matvos, Northwestern University
Discussant: Sergey Chernenko, Purdue University, Krannert School of Management
Discussant: Gerard Hoberg, Marshall School of Business, University of Southern California
Discussant: Gregory Buchak, Stanford University Graduate School of Business
 
 

The Rise of Finance Companies and FinTech Lenders in Small Business Lending

Manasa Gopal1, Philipp Schnabl2

1Georgia Institute of Technology; 2NYU Stern

Gopal-The Rise of Finance Companies and FinTech Lenders-779.pdf


How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI

Sean Cao1, Wei Jiang2, Baozhong Yang1, Alan Zhang1

1Georgia State University, United States of America; 2Columbia Business School, United States of America

Cao-How to Talk When a Machine is Listening-960.pdf


FinTech Adoption and Household Risk-Taking

Claire Yurong Hong1, Xiaomeng Lu1, Jun Pan1,2

1Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University; 2CAFR and NBER

Hong-FinTech Adoption and Household Risk-Taking-524.pdf
 
8:30am - 10:15am6.6: Monetary Policy
Session Chair: Michael Weber, Chicago
Discussant: Maik Schmeling, Goethe University Frankfurt
Discussant: Ali Ozdagli, Federal Reserve Bank of Dallas
Discussant: Andreas Neuhierl, Olin School of Business, Washington University in St Louis
 
 

Risk, Uncertainty and Monetary Policy in a Global World

Geert Bekaert1, Marie Hoerova2, Nancy Xu3

1Columbia GSB, United States; 2European Central Bank, Germany; 3Boston College, United States

Bekaert-Risk, Uncertainty and Monetary Policy in a Global World-1032.pdf


Trade Credit and the Transmission of Unconventional Monetary Policy

Manuel Adelino1, Miguel Ferreira2, Mariassunta Giannetti3, Pedro Pires2

1Duke University, US; 2Nova School of Business and Economics; 3Stockholm School of Economics, Sweden

Adelino-Trade Credit and the Transmission of Unconventional Monetary Policy-320.pdf


Monetary Policy and Intangible Investment

Robin Doettling, Lev Ratnovski

ECB, Germany

Doettling-Monetary Policy and Intangible Investment-435.pdf
 
10:15am - 10:30amCoffee Break
 
10:30am - 12:15pm7.1: Monetary Policy, Bank Capital, and Liquidity
Session Chair: Christa Bouwman, Texas A&M University
Discussant: Jess Cornaggia, Penn State University, Smeal College of Business
Discussant: Yao Zeng, University of Pennsylvania
Discussant: Diana Bonfim, Banco de Portugal and Católica Lisbon
 
 

The Bank Entry Channel of Monetary Policy Transmission

Emilio Bisetti1, Stephen Adam Karolyi2, Stefan Lewellen3

1HKUST; 2Carnegie Mellon University, United States of America; 3Pennsylvania State University

Bisetti-The Bank Entry Channel of Monetary Policy Transmission-364.pdf


Market Freeze and Bank Capital Structure Heterogeneity

Fenghua Song1, Anjan Thakor2

1Pennsylvania State University, United States of America; 2Washington University in St. Louis

Song-Market Freeze and Bank Capital Structure Heterogeneity-231.pdf


Bank Syndicates and Liquidity Provision

S Viswanathan1, Joao A C Santos2

1Duke; 2Federal Reserve Bank of New York, Nova School of Business and Economics

Viswanathan-Bank Syndicates and Liquidity Provision-287.pdf
 
10:30am - 12:15pm7.2: Technology, Inflation, and Lending
Session Chair: Philipp Schnabl, NYU Stern
Discussant: Stephan Luck, Federal Reserve Bank of New York
Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago
Discussant: Andreas Fuster, Swiss National Bank
 
 

Inflation and Disintermediation

Isha Agarwal1, Matthew Baron2

1University of British Columbia, Canada; 2Cornell University

Agarwal-Inflation and Disintermediation-165.pdf


Does IT help? Information Technology in Banking and Entrepreneurship

Sebastian Doerr2, Nicola Pierri3, Yannick Timmer4, Toni Ahnert1

1International Monetary Fund, United States of America; 2Bank for International Settlements; 3International Monetary Fund; 4Bank of Canada

Doerr-Does IT help Information Technology in Banking and Entrepreneurship-581.pdf


Does FinTech Substitute for Banks? Evidence from the Paycheck Protection Program

Isil Erel1, Jack Liebersohn2

1Ohio State University, United States of America; 2University of California Irvine, United States of America

Erel-Does FinTech Substitute for Banks Evidence from the Paycheck Protection Program-293.pdf
 
10:30am - 12:15pm7.3: Taxation
Session Chair: Florian Heider, European Central Bank
Discussant: Dragana Cvijanovic, Cornell University, S.C. Johnson College of Business
Discussant: Qiping Xu, Gies School of Business, University of Illinois Urbana Champaign
Discussant: Mark J. Flannery, University of Florida
 
 

Flip or Flop? Tobin Taxes in the Real Estate Market

Chun-Che Chi1, Cameron LaPoint2, Ming-Jen Lin3

1Academia Sinica; 2Yale School of Management; 3National Taiwan University

Chi-Flip or Flop Tobin Taxes in the Real Estate Market-196.pdf


Corporate Taxes and Retail Prices

Scott Baker1, Stephenn Sun2, Constantine Yannelis3

1Northwestern University; 2City University of Hong Kong; 3University of Chicago

Baker-Corporate Taxes and Retail Prices-685.pdf


Taxes Depress Corporate Borrowing: Evidence from Private Firms

Ivan Ivanov1, Luke Pettit2, Toni Whited3

1Federal Reserve Board, United States of America; 2Affiliation Not Provided, United States of America; 3University of Michigan, United States of America

Ivanov-Taxes Depress Corporate Borrowing-130.pdf
 
10:30am - 12:15pm7.4: Corporate Governance Theory
Session Chair: Amil Dasgupta, London School of Economics
Discussant: Kasper Meisner Nielsen, Copenhagen Business School
Discussant: Konstantinos Zachariadis, Queen Mary
Discussant: Shaun Davies, University of Colorado
 
 

Conflicts in Private Family Firms

Janis Berzins1, Alminas Zaldokas2

1BI Norwegian Business School, Norway; 2The Hong Kong University of Science and Technology

Berzins-Conflicts in Private Family Firms-834.pdf


The Voting Premium

Doron Levit1, Nadya Malenko2, Ernst Maug3

1University of Washington; 2University of Michigan; 3University of Mannheim

Levit-The Voting Premium-472.pdf


Corporate Governance in the Presence of Active and Passive Delegated Investment

Adrian Aycan Corum2, Andrey Malenko1, Nadya Malenko1

1University of Michigan, United States of America; 2Cornell University, United States of America

Corum-Corporate Governance in the Presence of Active and Passive Delegated Investment-645.pdf
 
10:30am - 12:15pm7.5: Household Consumption and Borrowing
Session Chair: Samuli Knüpfer, BI Norwegian Business School
Discussant: Erkki Vihriälä, Aalto University
Discussant: Alberto Rossi, Georgetown University
Discussant: Cristian Badarinza, National University of Singapore
 
 

Does Saving Cause Borrowing?

Paolina Medina1, Michaela Pagel2

1Texas A&M University, United States of America; 2Columbia

Medina-Does Saving Cause Borrowing-640.pdf


Inaccurate Information in Marketplace Loans

Vesa Pursiainen

University of St. Gallen, Switzerland

Pursiainen-Inaccurate Information in Marketplace Loans-629.pdf


Learning to Navigate a New Financial Technology: Evidence from Payroll Accounts

Emily Breza1, Martin Kanz2, Leora Klapper2

1Harvard University; 2World Bank

Breza-Learning to Navigate a New Financial Technology-283.pdf
 
10:30am - 12:15pm7.6: Activist Investors
Session Chair: Simi Kedia, Rutgers Business School
Discussant: Nicole Boyson, Northeastern University
Discussant: Nickolay Gantchev, University of Warwick
Discussant: Ilona Babenka, ASU
 
 

Shining a Light in a Dark Corner: EDGAR Search Activity Reveals the Strategically Leaked Plans of Activist Investors

Ryan Flugum1, Choonsik Lee2, Matthew Souther3

1University of Northern Iowa, United States of America; 2University of Rhode Island, United States of America; 3University of South Carolina, United States of America

Flugum-Shining a Light in a Dark Corner-892.pdf


Value Creation in Shareholder Activism: A Structural Approach

Rui Albuquerque1, Vyacheslav Fos1, Enrique Schroth2

1Boston College, United States of America; 2EDHEC Business School

Albuquerque-Value Creation in Shareholder Activism-211.pdf


Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes

Yiqing Lu1, Vicente Cuñat2, Hong Wu3

1NYU Shanghai, China, People's Republic of; 2London School of Economics; 3Fudan University

Lu-Managerial Response to Shareholder Empowerment-416.pdf
 
12:30pm - 2:00pmLunch: Keynote Address, Anjan V. Thakor, Olin School, Washington University in Saint Louis
 
2:30pm - 4:15pm8.1: Bank Risk
Session Chair: Hans Degryse, KU Leuven
Discussant: Falko Fecht, Frankfurt School of Finance and Management gGmbH
Discussant: Diana Bonfim, Banco de Portugal and Católica Lisbon
Discussant: Artashes Karapetyan, ESSEC Business School
 
 

The (Re)Allocation of Bank Risk

Johannes Breckenfelder1, Geert Bekaert2

1European Central Bank, Germany; 2Columbia GSB

Breckenfelder-The (Re)Allocation of Bank Risk-1031.pdf


Unexpected Effects of Bank Bailouts: Depositors Need Not Apply and Need Not Run

Allen N. Berger1,2,3, Martien Lamers4, Raluca A. Roman5, Koen Schoors4

1Darla Moore School of Business, University of South Carolina; 2Wharton Financial Institutions Center; 3European Banking Center; 4Ghent University, Belgium; 5Federal Reserve Bank of Philadelphia

Berger-Unexpected Effects of Bank Bailouts-453.pdf


Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital?

Thomas Mosk1, Steven Ongena1, Carlo Wix2, Reint Gropp3, Ines Simac4

1University of Zurich, Germany; 2Federal Reserve Board; 3IWH Halle; 4KU Leuven

Mosk-Supranational Rules, National Discretion-456.pdf
 
2:30pm - 4:15pm8.2: Health and Environment
Session Chair: Manuel Adelino, Duke's Fuqua School of Business
Discussant: Constantine Yannelis, University of Chicago
Discussant: Katharina Lewellen, Dartmouth College
Discussant: Ian Appel, Boston College
 
 

Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes

Taylor Begley1, Daniel Weagley2

1Washington University in St. Louis, United States of America; 2Georgia Tech

Begley-Firm Finances and the Spread of COVID-19-197.pdf


Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes

Cyrus Aghamolla1, Pinar Karaca-Mandic1,2, Xuelin Li3, Richard Thakor1,4

1University of Minnesota, Carlson School of Management; 2NBER; 3University of South Carolina, Moore School of Business; 4MIT LFE

Aghamolla-Merchants of Death-877.pdf


Banking on Carbon: Corporate Lending and Cap-and-Trade Policy

Mathias Kruttli2,3, Ivan Ivanov2, Sumudu W Watugala1,3

1Cornell University, United States of America; 2Federal Reserve Board of Governors, United States of America; 3Oxford-Man Institute of Quantitative Finance, University of Oxford, United Kingdom

Kruttli-Banking on Carbon-771.pdf
 
2:30pm - 4:15pm8.3: Bankruptcy Costs and Alternatives
Session Chair: Edith Hotchkiss, Boston College
Discussant: Ashwini Agrawal, LSE
Discussant: Dirk Hackbarth, Boston University
Discussant: Wenyu Wang, INDIANA UNIV
 
 

The Labor Costs of Pro-Labor Bias in Bankruptcy: Evidence from Brazil

Aloisio Araujo2, Rafael Ferreira3, Spyridon Lagaras4, Flavio Moraes3, Jacopo Ponticelli1, Margarita Tsoutsoura5

1Northwestern University; 2IMPA; 3FGV; 4Katz Graduate School of Business, University of Pittsburgh; 5Cornell University

Araujo-The Labor Costs of Pro-Labor Bias in Bankruptcy-745.pdf


Are Bankruptcy Professional Fees Excessively High?

Samuel Antill

Harvard Business School, United States of America

Antill-Are Bankruptcy Professional Fees Excessively High-193.pdf


Restructuring vs. Bankruptcy

Jason R Donaldson1, Edward R Morrison2, Giorgia Piacentino3, Xiaobo Yu4

1Washington University in St Louis; 2Columbia University; 3Columbia University; 4Columbia University

Donaldson-Restructuring vs Bankruptcy-1010.pdf
 
2:30pm - 4:15pm8.4: Private Equity
Session Chair: Ayako Yasuda, University of California, Davis
Discussant: Matthew Plosser, Federal Reserve Bank of New York
Discussant: Sean Shenghsiu Huang, Georgetown University
Discussant: Erik Loualiche, University of Minnesota
 
 

Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis

Emily Johnston-Ross1, Song Ma2, Manju Puri3

1FDIC; 2Yale School of Management, United States of America; 3Duke University, FDIC, and NBER

Johnston-Ross-Private Equity and Financial Stability-953.pdf


Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes

Atul Gupta1, Sabrina T Howell2, Constantine Yannelis3, Abhinav Gupta2

1UPenn Wharton; 2NYU Stern; 3Chicago Booth

Gupta-Does Private Equity Investment in Healthcare Benefit Patients Evidence-948.pdf


Credit Market Equivalents and the Valuation of Private Firms

Niklas Hüther1, Lukas Schmid2, Roberto Steri3

1Indiana University; 2University of Southern California; 3University of Luxembourg

Hüther-Credit Market Equivalents and the Valuation of Private Firms-1022.pdf
 
2:30pm - 4:15pm8.5: Household Savings and Wealth
Session Chair: Francisco Gomes, LBS
Discussant: Felicia Ionescu, FRB
Discussant: Søren Leth-Petersen, university of copenhagen
Discussant: Jialu Shen, University of Misssoui
 
 

Wealth, Savings, and Returns over the Life Cycle: the Role of Education

Anastasia Girshina

Stockholm School of Economics, Sweden

Girshina-Wealth, Savings, and Returns over the Life Cycle-381.pdf


Optimal Consumption and Investment with Cointegrated Stock and Housing Markets

Yingshan Chen1, Min Dai2, Shan Huang3, Hong Liu4

1South China University of Technology; 2National University of Singapore; 3Georgia Institute of Technology; 4Washington University in St. Louis

Chen-Optimal Consumption and Investment with Cointegrated Stock and Housing Markets-911.pdf


Countercyclical Income Risk and Portfolio Choices: Evidence from Sweden

Sylvain Catherine1, Paolo Sodini2, Yapei Zhang3

1Wharton, United States of America; 2Stockholm School of Economics; 3ShanghaiTech

Catherine-Countercyclical Income Risk and Portfolio Choices-792.pdf
 
2:30pm - 4:15pm8.6: Effects of the COVID Pandemic
Session Chair: Ben Iverson, Brigham Young University
Discussant: Benjamin Pugsley, University of Notre Dame
Discussant: Nicolas Crouzet, Kellogg School of Management, Northwestern University
Discussant: Jaewon Choi, University of Illinois
 
 

Reshaping the Local Marketplace: Brands, Local Stores and COVID

Vojislav Maksimovic1, Liu Yang2

1University of Maryland, United States of America; 2University of Maryland, United States of America

Maksimovic-Reshaping the Local Marketplace-872.pdf


Firm-Bank Linkages and Optimal Policies in a Lockdown

Alonso Villacorta1, Anatoli Segura2

1UC Santa Cruz, United States of America; 2Bank of Italy

Villacorta-Firm-Bank Linkages and Optimal Policies in a Lockdown-286.pdf


Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds

Shiyang Huang1, Wenxi Jiang2, Xiaoxi Liu3, Xin Liu4

1The University of Hong Kong; 2The Chinese University of Hong Kong; 3Bank for International Settlements; 4Renmin University of China

Huang-Does Liquidity Management Induce Fragility in Treasury Prices Evidence-371.pdf
 

 
Contact and Legal Notice · Contact Address:
Privacy Statement · Conference: FIRS 2021
Conference Software - ConfTool Pro 2.6.138
© 2001 - 2021 by Dr. H. Weinreich, Hamburg, Germany