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: 1st May 2025, 02:35:35am CEST

 
 
Session Overview
Date: Thursday, 30/May/2024
7:30am - 8:30amBreakfast Buffet - for participants staying at the InterContinental Hotel under FIRS room block
Location: L.A. Café
7:30am - 12:30pmConference Registration
Location: Gartenlounge
8:30am - 10:15am3.1: Voting and Trading
Location: Tiergarten
Session Chair: Alon Brav, Duke University
 

Bankruptcy Law and the Market for Corporate Influence

Mike Burkart1, Lee Samuel2, Vladimirov Vladimir3

1London School of Economics and Political Science; 2University of Santa Clara; 3University of Amsterdam

Discussant: Arthur Taburet (Duke University)

Burkart-Bankruptcy Law and the Market for Corporate Influence-615.pdf


Untying the Knot: Disentangling Cash Flow and Voting Rights for Better Price Informativeness

Aaron Burt1, Ran Duchin2, Christopher Hrdlicka3

1University of Oklahoma; 2Boston College; 3University of Washington

Discussant: Matthew Ringgenberg (University of Utah)

Burt-Untying the Knot-1214.pdf


Trading and Voting on Proxy Advice

Markus Parlasca1, Paul Voss2

1Vienna University of Economics and Business; 2HEC Paris

Discussant: Shaoting Pi (Iowa State University)

Parlasca-Trading and Voting on Proxy Advice-792.pdf
 
8:30am - 10:15am3.2: Market for Executives and Talent
Location: Köpenick
Session Chair: Dirk Jenter, The London School of Economics and Political Science
 

The Talent Gap in Family Firms

Morten Bennedsen3, Margarita Tsoutsoura1, Daniel Wolfenzon2

1Washington University, United States of America; 2Columbia University; 3University of Copenhagen

Discussant: Joacim Tåg (IFN and Hanken)

Bennedsen-The Talent Gap in Family Firms-1476.pdf


Succession

Thomas Geelen1,2, Jakub Hajda3

1Copenhagen Business School, Denmark; 2Danish Finance Institute; 3HEC Montreal

Discussant: James Dow (London Business School)

Geelen-Succession-180.pdf


Why Are CEOs Rarely Succeeded by External Candidates?

Li He1, Enrique Schroth2

1Rotterdam School of Management, Erasmus University Rotterdam; 2EDHEC Business School and CEPR

Discussant: Francesco Celentano (HEC Lausanne)

He-Why Are CEOs Rarely Succeeded by External Candidates-1285.pdf
 
8:30am - 10:15am3.3: Relationship Lending and Bank Specialization
Location: Charlottenburg I
Session Chair: Allen Berger, University of South Carolina
 

Specialization in Banking

Kristian Blickle2, Cecilia Parlatore1, Anthony Saunders1

1New York University; 2Federal Reserve Bank of New York

Discussant: John Sedunov (Villanova University)

Blickle-Specialization in Banking-601.pdf


Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market

Jin Cao1,2, Emilia Garcia-Appendini1,3, Cédric Huylebroek1,4

1Norges Bank; 2CESifo; 3University of Zurich; 4KU Leuven

Discussant: Hugh Hoikwang Kim (University of South Carolina)

Cao-Banking on Deposit Relationships-484.pdf


Do Bank Branches Matter? Evidence From Mandatory Branch Closings

Sergio Vicente1, Alfredo Martin-Oliver2, Anna Toldra-Simats3, Jose-Luis Peydro4, Gabriel Jimenez5

1University of Luxembourg; 2Universitat de les Illes Balears; 3Universidad Carlos III de Madrid; 4Imperial College London; 5Banco de España

Discussant: Lars Norden (Getulio Vargas Foundation)

Vicente-Do Bank Branches Matter Evidence From Mandatory Branch Closings-919.pdf
 
8:30am - 10:15am3.4: Convenience Yields and Interest Rates
Location: Charlottenburg II
Session Chair: Paymon Khorrami, Duke University
 

Inflation and Treasury Convenience

Anna Cieslak1, Wenhao Li2, Carolin Pflueger3

1Duke University; 2University of Southern California; 3University of Chicago

Discussant: Quentin Vandeweyer (University of Chicago)

Cieslak-Inflation and Treasury Convenience-1353.pdf


The Zero-Beta Interest Rate

Sebastian Di Tella1,4, Benjamin Hebert1,2,4, Pablo Kurlat3,4, Qitong Wang3

1Stanford University, United States of America; 2UC Berkeley, United States of America; 3University of Southern California, United States of America; 4NBER

Discussant: Asaf Manela (Washington University in St. Louis and Reichman University)

Di Tella-The Zero-Beta Interest Rate-339.pdf


Monetary Policy, Segmentation, and the Term Structure

Rohan Kekre2, Moritz Lenel1, Federico Mainardi2

1Princeton; 2Chicago Booth

Discussant: Dejanir Silva (Purdue University)

Kekre-Monetary Policy, Segmentation, and the Term Structure-913.pdf
 
8:30am - 10:15am3.5: Intermediaries in Treasury and OTC Markets
Location: Charlottenburg III
Session Chair: Burton Hollifield, Carnegie Mellon University
 

Entry and Exit in Treasury Auctions

Jason Allen1, Ali Hortacscu2, Eric Richert3, Milena Wittwer4

1Bank of Canada; 2Univeristy of Chicago; 3Univeristy of Chicago; 4Boston College

Discussant: Pietro Bonaldi (Carnegie Mellon University)

Allen-Entry and Exit in Treasury Auctions-296.pdf


Dealer Capacity and U.S. Treasury Market Functionality

Darrell Duffie1, Michael Fleming2, Frank Keane2, Claire Nelson3, Or Shachar2, Peter Van Tassel4

1Stanford University; 2Federal Reserve Bank of New York; 3Princeton University; 4Independent

Discussant: Maria Chaderina (University of Oregon)

Duffie-Dealer Capacity and US Treasury Market Functionality-1239.pdf


LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility

Mathias Kruttli1, Phillip Monin2, Lubomir Petrasek2, Sumudu Watugala1

1Indiana University, United States of America; 2Federal Reserve Board of Governors, United States of America

Discussant: Matthias Fleckenstein (University of Delaware)

Kruttli-LTCM Redux Hedge Fund Treasury Trading and Funding Fragility-1559.pdf
 
8:30am - 10:15am3.6: Cyber Risk Management
Location: Schöneberg
Session Chair: Kristine Hankins, University of Kentucky
 

Cybersecurity And Financial Stability

Kartik Anand1, Chanelle Duley2, Prasanna Gai2

1Deutsche Bundesbank, Germany; 2University of Auckland, New Zealand

Discussant: Lin Shen (INSEAD)

Anand-Cybersecurity And Financial Stability-1186.pdf


Consumer Surveillance and Financial Fraud

Bo Bian1, Michaela Pagel2, Devesh Ravel3, Huan Tang4

1UBC Sauder School of Business; 2Washington University Olin Business School; 3The Federal Trade Commission; 4The Wharton School, University of Pennsylvania

Discussant: Pat Akey (INSEAD)

Bian-Consumer Surveillance and Financial Fraud-806.pdf


The Supply Of Cyber Risk Insurance

Martin Eling1, Anastasia Kartasheva1,2, Dingchen Ning1

1University of St Gallen, Switzerland; 2Swiss Finance Institute

Discussant: Jakob Ahm Sørensen (Università Bocconi)

Eling-The Supply Of Cyber Risk Insurance-1443.pdf
 
10:15am - 10:30amCoffee Break
Location: Gartenlounge
10:30am - 12:15pm4.1: Debt Structure
Location: Tiergarten
Session Chair: Elu von Thadden, Mannheim University
 

A New Theory of Credit Lines (With Evidence)

Jason R Donaldson1, Naz Koont2, Giorgia Piacentino1, Victoria Vanasco3

1University of Southern California, United States of America; 2Columbia University; 3CREI

Discussant: Barney Hartman-Glaser (UCLA)

Donaldson-A New Theory of Credit Lines-859.pdf


Creditor-on-Creditor Violence and Secured Debt Dynamics

Samuel Antill1, Zhaoli Jiang2, Neng Wang3

1Harvard Business School; 2The Hong Kong Polytechnic University; 3Columbia University

Discussant: Thomas Geelen (Copenhagen Business School)

Antill-Creditor-on-Creditor Violence and Secured Debt Dynamics-618.pdf


Explaining Debt Covenant Amendments: A Structural Approach

Irina Luneva

The Wharton School, University of Pennsylvania, United States of America

Discussant: Simon Rother (University of Mannheim)

Luneva-Explaining Debt Covenant Amendments-232.pdf
 
10:30am - 12:15pm4.2: Effects of Managerial Characteristics
Location: Köpenick
Session Chair: Christa Bouwman, Texas A&M University
 

Similarity Breeds Trust: Political Homophily and CEO-Board Communication

Sudipto Dasgupta1, Ran Guo3,4, Xiao Ren2, Tao Shu1

1The Chinese University of Hong Kong; 2The Chinese University of Hong Kong, Shenzhen; 3Erasmus University Rotterdam; 4Stockholm University

Discussant: Spyridon Lagaras (University of Pittsburgh)

Dasgupta-Similarity Breeds Trust-347.pdf


The Efficacy of Remote Work for Executives

Ran Duchin1, Denis Sosyura2

1Boston College; 2Arizona State University

Discussant: Mariassunta Giannetti (Stockholm School of Economics)

Duchin-The Efficacy of Remote Work for Executives-1515.pdf


Eclipse of Rent-Sharing: The Effects of Managers’ Business Education on Wages and the Labor Share in the US and Denmark

Alex He1, Daron Acemoglu2, Daniel le Maire3

1University of Maryland; 2Massachusetts Institute of Technologyv; 3University of Copenhagen

Discussant: Daniel Metzger (Erasmus University)

He-Eclipse of Rent-Sharing-457.pdf
 
10:30am - 12:15pm4.3: Corporate Debt and Loan Renegotiation
Location: Charlottenburg I
Session Chair: Arnoud Boot, University of Amsterdam
 

Debt Flexibility

Rhys Bidder1, Nicolas Crouzet2, Margaret Jacobson3, Michael Siemer3

1King's College London; 2Northwestern University; 3Federal Reserve Board of Governors

Discussant: Tomislav Ladika (University of Amsterdam)



Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans

Serdar Dinc1, Erkan Yonder2

1Rutgers University; 2Concordia University

Discussant: Dong Beom Choi (Seoul National University)



Corporate Debt, Boom-Bust Cycles, and Financial Crises

Victoria Ivashina1, Sebnem Kalemli-Özcan2, Luc Laeven3, Karsten Mueller4

1Harvard University; 2University of Maryland; 3European Central Bank; 4National University of Singapore

Discussant: Tanju Yorulmazer (Koc University)

 
10:30am - 12:15pm4.4: Fund Mandates and Pricing Consequences
Location: Charlottenburg II
Session Chair: Chotibhak Jotikasthira, SMU - Cox School of Business
 

Passive Demand and Active Supply: Evidence from Maturity-mandated Corporate Bond Funds

Lorenzo Bretscher1, Lukas Schmid2, Tiange Ye2

1University of Lausanne; 2University of Southern California

Discussant: Giorgio Ottonello (Nova School of Business and Economics)

Bretscher-Passive Demand and Active Supply-857.pdf


Off Target: On the Underperformance of Target-Date Funds

David Brown1, Shaun Davies2

1University of Arizona; 2University of Colorado, Boulder

Discussant: Jinming XUE (Southern Methodist University)

Brown-Off Target-250.pdf


Institutional Investors, Securities Lending, and Short-Selling Constraints

Taisiya Sikorskaya

London Business School, United Kingdom

Discussant: Mehrdad Samadi (Federal Reserve Board)

Sikorskaya-Institutional Investors, Securities Lending, and Short-Selling Constraints-1020.pdf
 
10:30am - 12:15pm4.5: Limited Liquidity of Money Markets
Location: Charlottenburg III
Session Chair: Benjamin Hebert, Stanford University
 

The Central Bank's Balance Sheet and Treasury Market Disruptions

Adrien d Avernas1, Quentin Vandeweyer2, Damon Petersen3

1Stockholm School of Economics, Sweden; 2Chicago Booth; 3MIT

Discussant: Amy Huber (The Wharton School)

d Avernas-The Central Banks Balance Sheet and Treasury Market Disruptions-1473.pdf


Financially Constrained Intermediaries and the International Pass-Through of Monetary Policy

Xiaoliang Wang

HKUST, Hong Kong S.A.R. (China)

Discussant: Xiang Fang (University of Hong Kong)

Wang-Financially Constrained Intermediaries and the International Pass-Through-967.pdf
 
10:30am - 12:15pm4.6: FinTech Apps and Household Behavior
Location: Schöneberg
Session Chair: Andreas Fuster, EPFL
 

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Bo Bian1, Xinchen Ma2, Huan Tang3

1University of British Columbia; 2London School of Economics; 3University of Pennsylvania

Discussant: Roxana Mihet (SFI & HEC Lausanne)



Mood Swings and Money: The Role of Financial Technology in Household Credit Demand

Ran Duchin1, Paul Freed2, John Hackney2

1Boston College; 2University of South Carolina

Discussant: Tobias Berg (Goethe University Frankfurt)



The Digital Banking Revolution: Effects on Competition and Stability

Naz Koont

Columbia University

Discussant: Gloria Yang Yu (Singapore Management University)

 
12:30pm - 2:00pmLunch and Keynote Address by Albert S. "Pete" Kyle
Location: Pavillon
2:00pm - 5:00pmConference Registration
Location: Gartenlounge
2:30pm - 4:15pm5.1: Finance and Political Economy
Location: Tiergarten
Session Chair: Bruno Biais, HEC
 

How Effective are Portfolio Mandates?

Jack Favilukis1, Lorenzo Garlappi1, Raman Uppal2

1University of British Columbia; 2EDHEC Business School

Discussant: Valeria Fedyk (London Business School)

Favilukis-How Effective are Portfolio Mandates-1450.pdf


All The President's Money: Market Concentration, Oligarchs and Sanctions in Hybrid Regimes

Peter Kondor1, Gergely Ujhelyi2

1London School of Economics; 2University of Houston

Discussant: Paul Voss (HEC Paris)

Kondor-All The Presidents Money-238.pdf


Political Preferences and Financial Market Equilibrium

Youchang Wu1, Josef Zechner2

1University of Oregon; 2Vienna University of Economics and Business

Discussant: Magdalena Rola-Janicka (Imperial College London)

Wu-Political Preferences and Financial Market Equilibrium-929.pdf
 
2:30pm - 4:15pm5.2: Mergers and Acquisitions
Location: Köpenick
Session Chair: Paolo Fulghieri, University of North Carolina
 

Negotiation, Auction, or Negotiauction?! Evidence from the Field

Tingting Liu1, Micah S. Officer2, Danni Tu3

1Iowa State University; 2Loyola Marymount University; 3Southern Illinois University Carbondale

Discussant: William Fuchs (University of Texas Austin / UC3M)

Liu-Negotiation, Auction, or Negotiauction! Evidence-382.pdf


Maturity Overhang: Evidence from M&A

Zhiyao Chen1, Dirk Hackbarth2, Jarrad Harford3, Yuxin Luo2

1Lingnan University; 2Boston University; 3University of Washington

Discussant: Francesca Zucchi (ECB)

Chen-Maturity Overhang-623.pdf


Tax Avoidance through Cross-Border Mergers and Acquisitions

Jean-Marie Meier1, Jake Smith2

1University of Pennsylvania and University of Texas at Dallas; 2Securities and Exchange Commission

Discussant: Merih Sevilir (ESMT-Berlin and Halle Institute for Economic Research (IWH), ECGI)

Meier-Tax Avoidance through Cross-Border Mergers and Acquisitions-1477.pdf
 
2:30pm - 4:15pm5.3: Mortgage Lending and Inequality
Location: Charlottenburg I
Session Chair: Felipe Severino, Tuck- Dartmouth College
 

Keeping Up With The Blackstones: Institutional Investors And Gentrification

Neroli Joy Austin

University of Michigan, United States of America

Discussant: Jamie Coen (Imperial College London)



Minority Specialized Lenders

Erica Jiang2, Gregor Matvos1, Amit Seru3, Lulu Wang1

1Northwestern University; 2University of Southern California; 3Stanford GSB

Discussant: Kim Fe Cramer (LSE)



Leverage Regulation and Housing Inequality

Jens Kvaerner1, Nicola Pavanini2, Yushi Peng1

1Tilburg University; 2Tilburg University and CEPR

Discussant: Clara Martínez-Toledano (Imperial College)

 
2:30pm - 4:15pm5.4: New Perspectives on Asset Pricing Theory
Location: Charlottenburg II
Session Chair: Hengjie Ai, University of Wisconsin
 

Responsible Consumption, Demand Elasticity, and the Green Premium

Xuhui Chen, Lorenzo Garlappi, Ali Lazrak

University of British Columbia

Discussant: Shaojun Zhang (Ohio State University)

Chen-Responsible Consumption, Demand Elasticity, and the Green Premium-1460.pdf


Dynamic Trading and Asset Pricing with Time-Inconsistent Agents

Lars A. Lochstoer1, Stig R. H. Lundeby2, Zhaneta K. Tancheva2

1UCLA Anderson School of Management; 2BI Norwegian Business School

Discussant: Ella Patelli (UBC)

Lochstoer-Dynamic Trading and Asset Pricing with Time-Inconsistent Agents-1294.pdf


Demand-System Asset Pricing: Theoretical Foundations

William Fuchs1, Satoshi Fukuda2, Daniel Neuhann1

1University of Texas at Austin, United States of America; 2Bocconi University

Discussant: Hengjie Ai (University of Wisconsin)

Fuchs-Demand-System Asset Pricing-1066.pdf
 
2:30pm - 4:15pm5.5: Refinancing Mortgages
Location: Charlottenburg III
Session Chair: Paul Willen, Federal Reserve Bank of Boston
 

Mortgage Lock-In, Mobility, and Labor Reallocation

Julia Fonseca1, Lu Liu2

1UIUC; 2The Wharton School, University of Pennsylvania

Discussant: Eric Hardy (Fannie Mae)

Fonseca-Mortgage Lock-In, Mobility, and Labor Reallocation-251.pdf


The Digital Divide and Refinancing Inequality

Edward T. Kim

University of Michigan

Discussant: Charlotte Haendler (Southern Methodist University)

Kim-The Digital Divide and Refinancing Inequality-900.pdf


Refinancing Frictions, Mortgage Pricing and Redistribution

Konstantin Milbradt1, Fabrice Tourre2, David Berger3, Joseph Vavra4

1Kellogg School of Management, Northwestern University, USA; 2Baruch College, CUNY, USA; 3Duke University, USA; 4Booth School of Business, University of Chicago, USA

Discussant: Nicolae Garleanu (Washington University in St. Louis)

Milbradt-Refinancing Frictions, Mortgage Pricing and Redistribution-403.pdf
 
2:30pm - 4:15pm5.6: Fragility of Payment Systems
Location: Schöneberg
Session Chair: Johan Walden, University of California, Berkeley
 

CBDCs, Payment Firms, and Geopolitics

Tobias Berg1, Jan Keil1,2, Felix Martini3, Manju Puri4,5

1Goethe University Frankfurt; 2Humboldt University Berlin; 3Frankfurt School of Finance & Management; 4Duke University; 5National Bureau of Economic Research

Discussant: Christine Parlour (UC Berkeley)

Berg-CBDCs, Payment Firms, and Geopolitics-280.pdf


Payments, Reserves, and Financial Fragility

Itay Goldstein1, Ming Yang2, Yao Zeng1

1University of Pennsylvania, United States of America; 2University College London, United Kingdom

Discussant: Vincent Maurin (HEC Paris)

Goldstein-Payments, Reserves, and Financial Fragility-909.pdf


Anatomy of a Run: The Terra Luna Crash

Jiageng Liu1, Igor Makarov2, Antoinette Schoar3

1MIT Sloan; 2LSE; 3MIT Sloan, NBER and CEPR

Discussant: Linda Schilling (Olin Business School Washington University in St Louis)

Liu-Anatomy of a Run-989.pdf
 
6:30pm - 10:30pmConference Dinner at Gendarmerie

 
Contact and Legal Notice · Contact Address:
Privacy Statement · Conference: FIRS 2024
Conference Software: ConfTool Pro 2.6.153+TC
© 2001–2025 by Dr. H. Weinreich, Hamburg, Germany