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, 02:41:11am CEST

 
 
Session Overview
Date: Friday, 31/May/2024
7:30am - 8:30amBreakfast Buffet - for participants staying at the InterContinental Hotel under FIRS room block
Location: L.A. Café
7:30am - 10:30amConference Registration
Location: Gartenlounge
8:30am - 10:15am6.1: Design of DeFi and Exchanges
Location: Tiergarten
Session Chair: Vincent Maurin, HEC Paris
 

Arms Sales in Financial Markets

Vincent Glode1, Xingtan Zhang2

1The Wharton School of University of Pennsylvania; 2University of Colorado at Boulder, United States of America

Discussant: Francesco Sangiorgi (Frankfurt School of Finance & Management)

Glode-Arms Sales in Financial Markets-1119.pdf


Battle of the Bots: Flash loans, Miner Extractable Value and Efficient Settlement

Alfred Lehar1, Christine Parlour2

1University of Calgary, Canada; 2UC Berkeley

Discussant: Michael Junho Lee (Federal Reserve Bank of New York)

Lehar-Battle of the Bots-873.pdf


Equilibrium in a DeFi Lending Market

Thomas Rivera1, Fahad Saleh2, Quentin Vandeweyer3

1McGill University; 2Wake Forest University; 3University of Chicago

Discussant: Maximilian Guennewig (University of Bonn)

Rivera-Equilibrium in a DeFi Lending Market-245.pdf
 
8:30am - 10:15am6.2: Real Effects of Private Equity
Location: Tegel
Session Chair: Ulrich Hege, Toulouse School of Economics
 

When Private Equity Comes to Town: The Local Economic Consequences of Rising Healthcare Costs

Cyrus Aghamolla2, Jash Jain1, Richard Thakor1

1University of Minnesota, Carlson School of Management, United States of America; 2Rice University, Jones School of Business

Discussant: Tong Liu (MIT)

Aghamolla-When Private Equity Comes to Town-834.pdf


More Guns Lead to More Crime: Evidence from Private Equity Deals

Niklas Hüther

Indiana University, United States of America

Discussant: Tereza Tykvova (University of St. Gallen and Swiss Finance Institute)

Hüther-More Guns Lead to More Crime-399.pdf


Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity

Vrinda Mittal

Kenan-Flagler Business School, University of North Carolina at Chapel Hill

Discussant: Marco Da Rin (Tilburg University)

Mittal-Desperate Capital Breeds Productivity Loss-1137.pdf
 
8:30am - 10:15am6.3: Lending and Intermediation in Mortgage Markets
Location: Charlottenburg I
Session Chair: Barney Hartman-Glaser, UCLA
 

Army of Mortgagors: Long-Run Evidence on Credit Externalities and the Housing Market

Tobias Herbst1, Moritz Kuhn2, Farzad Saidi1

1University of Bonn, Germany; 2University of Mannheim, Germany

Discussant: Konstantin Milbradt (Northwestern University)

Herbst-Army of Mortgagors-568.pdf


Housing Speculation, GSEs, and Credit Market Spillovers

Natee Amornsiripanitch1, Philip Strahan2, Song Zhang3, Xiang Zheng4

1Federal Reserve Bank of Philadelphia, United States of America; 2Boston College; 3University of Delaware; 4University of Connecticut

Discussant: Pierre Mabille (INSEAD)

Amornsiripanitch-Housing Speculation, GSEs, and Credit Market Spillovers-467.pdf


Spatially Targeted LTV Policies and Collateral Values

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

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

Discussant: Jin Cao (Norges Bank)

Chi-Spatially Targeted LTV Policies and Collateral Values-1461.pdf
 
8:30am - 10:15am6.4: Narratives and Investor Memory
Location: Charlottenburg II
Session Chair: Francesco D'Acunto, Georgetown University
 

Memory and Beliefs in Financial Markets: A Machine Learning Approach

Zhongtian Chen1, Jiyuan Huang2

1University of Pennsylvania; 2University of Zurich; Swiss Finance Institute

Discussant: Yong Kwon (Brown University)

Chen-Memory and Beliefs in Financial Markets-1089.pdf


Crash Narratives

William Goetzmann, Dasol Kim, Robert Shiller

Yale University, United States of America

Discussant: Constantin Charles (London School of Economics)

Goetzmann-Crash Narratives-629.pdf


Media Narratives and Price Informativeness

Chukwuma Dim2, Francesco Sangiorgi1, Grigory Vilkov1

1Frankfurt School of Finance & Management, Germany; 2George Washington University

Discussant: Katrin Goedker (Bocconi University)

Dim-Media Narratives and Price Informativeness-1379.pdf
 
8:30am - 10:15am6.5: Household Finance over the Lifecycle
Location: Charlottenburg III
Session Chair: João Cocco, London Business School
 

Interest-Rate Risk And Household Portfolio

Sylvain Catherine2, Max Miller1, James Paron2, Natasha Sarin3

1Harvard Business School, United States of America; 2Wharton; 3Yale

Discussant: Matteo Leombroni (Boston College)

Catherine-Interest-Rate Risk And Household Portfolio-882.pdf


How Do Consumers Finance Increased Retirement Savings?

Taha Choukhmane, Christopher Palmer

MIT Sloan, United States of America

Discussant: Paolina Medina (University of Houston)

Choukhmane-How Do Consumers Finance Increased Retirement Savings-1107.pdf


Borrow Now, Pay Even Later: A Quantitative Analysis of Student Debt Payment Plans

Nuno Clara1, Francisco Gomes2, Michael Boutros3

1Duke University; 2London Business School; 3Bank of Canada

Discussant: Constantine Yannelis (University of Chicago)

Clara-Borrow Now, Pay Even Later-1352.pdf
 
8:30am - 10:15am6.6: Corporate Social Responsibility
Location: Schöneberg
Session Chair: Nickolay Gantchev, University of Warwick
 

One Hundred and Thirty Years of Corporate Responsibility

Joel F. Houston, Sehoon Kim, Boyuan Li

University of Florida, United States of America

Discussant: Nora Pankratz (Board of Governors of the Federal Reserve System)

Houston-One Hundred and Thirty Years of Corporate Responsibility-914.pdf


Corporate Actions as Moral Issues

Elisabeth Kempf1, Oliver Spalt2

1Harvard University; 2University of Mannheim

Discussant: Emirhan Ilhan (National University of Singapore)

Kempf-Corporate Actions as Moral Issues-1029.pdf


Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data

Jean-Marie Meier1, Henri Servaes2, Jiaying Wei3, Steven Chong Xiao4

1University of Pennsylvania and University of Texas at Dallas; 2London Business School; 3Southwestern University of Finance and Economics (SWUFE); 4University of Texas at Dallas

Discussant: Marco Ceccarelli (VU Amsterdam)

Meier-Do Consumers Care About ESG Evidence from Barcode-Level Sales Data-341.pdf
 
10:15am - 10:30amCoffee Break
Location: Gartenlounge
10:30am - 12:15pm7.1: Implementing Optimal Trades
Location: Tiergarten
Session Chair: Jason Roderick Donaldson, USC
 

Money and Taxes implement Dynamic Optimal Mechanisms

Bruno Biais1, Jean Charles Rochet2, Stéphane Villeneuve2, Hans Gersbach3, Elu von Thadden4

1HEC, France; 2TSE; 3ETH; 4Mannheim University

Discussant: Vladimir Asriyan (CREI and BSE)

Biais-Money and Taxes implement Dynamic Optimal Mechanisms-1200.pdf


Time Trumps Quantity in the Market for Lemons

William Fuchs, Piero Gottardi, Humberto Moreira

University of Texas Austin / UC3M, United States of America

Discussant: S \"Vish\" Viswanathan (Duke University)

Fuchs-Time Trumps Quantity in the Market for Lemons-1587.pdf


Committing to Trade: A Theory of Intermediation

Francesco Sannino

Frankfurt School of Finance & Management, Germany

Discussant: Xiaobo Yu (Columbia Business School)

Sannino-Committing to Trade-594.pdf
 
10:30am - 12:15pm7.2: Determinants of Firm Investment and Labor Demand
Location: Tegel
Session Chair: Dirk Hackbarth, Boston University
 

Firm-Level Labor-Shortage Exposure

Qiyang He1, Jarrad Harford2, Buhui Qiu1

1University of Sydney Business School; 2University of Washington

Discussant: Ramin Baghai (Stockholm School of Economics)

He-Firm-Level Labor-Shortage Exposure-655.pdf


ChatGPT and Corporate Policies

Manish Jha1, Jialin Qian1, Michael Weber2, Baozhong Yang1

1Georgia State University; 2University of Chicago

Discussant: Gaurav Kankanhalli (University of Pittsburgh)

Jha-ChatGPT and Corporate Policies-653.pdf


Temperature and Local Industry Concentration

Jacopo Ponticelli1, Qiping Xu2, Stefan Zeume2

1Northwestern University; 2University of Illinois Urbana Champaign

Discussant: Ivo Welch (UCLA)

Ponticelli-Temperature and Local Industry Concentration-308.pdf
 
10:30am - 12:15pm7.3: Heterogeneity in Runs
Location: Charlottenburg I
Session Chair: Mark Flannery, University of Florida
 

Sophisticated and Unsophisticated Runs

Marco Cipriani, Gabriele La Spada

Federal Reserve Bank of New York, United States of America

Discussant: Kebin Ma (Warwick Business School)

Cipriani-Sophisticated and Unsophisticated Runs-1530.pdf


Corporate Runs and Credit Reallocation

Filippo De Marco1, Elena Carletti1, Vasso Ioannidou2, Enrico Sette3

1Bocconi University, Italy; 2Bayes Business School, UK; 3Bank of Italy, Italy

Discussant: Reint Gropp (Halle Institute for Economic Research (IWH))

De Marco-Corporate Runs and Credit Reallocation-434.pdf


The Making of an Alert Depositor: How Payment and Interest Drive Deposit Dynamics

Xu Lu1, Yang Song2, Yao Zeng3

1University of Washington, United States of America; 2University of Washington, United States of America; 3University of Pennsylvania, United States of America

Discussant: Christoph Schiller (Arizona State University)

Lu-The Making of an Alert Depositor-906.pdf
 
10:30am - 12:15pm7.4: Exports, Sovereign Debt, and Currencies
Location: Charlottenburg II
Session Chair: Daniel Neuhann, University of Texas at Austin
 

The Real Effects of Export Credit Subsidies: Evidence from the U.S. EXIM Shutdown

Poorya Kabir1, Adrien Matray2, Karsten Mueller1, Chenzi Xu2

1National University of Singapore; 2Stanford University

Discussant: Mehran Ebrahimian (Stockholm School of Economics)

Kabir-The Real Effects of Export Credit Subsidies-1071.pdf


Dollar and Carry Redux

Sining Liu3, Thomas Maurer1, Andrea Vedolin2, Yaoyuan Zhang1

1The University of Hong Kong; 2Boston University; 3Soochow University

Discussant: Federico Gavazzoni (BI - Norwegian Business School)

Liu-Dollar and Carry Redux-778.pdf


Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions

Thorsten Martin1, Florian Nagler2, Nicola Fiore2

1Frankfurt School; 2Bocconi

Discussant: Seung Joo Lee (University of Oxford)

Martin-Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions-1394.pdf
 
10:30am - 12:15pm7.5: Investor Beliefs and Biases
Location: Charlottenburg III
Session Chair: Simon Gervais, Duke University
 

Extrapolators and Contrarians: Forecast Bias and Household Stock Trading

Steffen Andersen1, Stephen G. Dimmock2, Kasper Meisner Nielsen1, Kim Peijnenburg3

1Copenhagen Business School; 2National University of Singapore; 3EDHEC Business School, France

Discussant: Cameron Peng (London School of Economics)

Andersen-Extrapolators and Contrarians-542.pdf


Financial Advisors and Investors’ Bias

Marianne Andries1, Maxime Bonelli2, David Sraer3

1University of Southern California; 2London Business School; 3university of California, Berkeley

Discussant: Alessandro Previtero (Indiana University)

Andries-Financial Advisors and Investors’ Bias-1301.pdf


Households' Response to the Wealth Effects of Inflation

Philip Schnorpfeil1, Michael Weber2, Andreas Hackethal1

1Goethe University Frankfurt; 2University of Chicago

Discussant: João Cocco (London Business School)

Schnorpfeil-Households Response to the Wealth Effects of Inflation-1165.pdf
 
10:30am - 12:15pm7.6: Real Effects of ESG
Location: Schöneberg
Session Chair: Jessica Jeffers, HEC Paris
 

“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities

Mariassunta Giannetti1, Martina Jasova2, Maria Loumioti3, Caterina Mendicino4

1Stockholm School of Economics; 2Barnard College, Columbia University, United States of America; 3UT Dallas; 4ECB

Discussant: Jess Cornaggia (Penn State University, Smeal College of Business)

Giannetti-“Glossy Green” Banks-252.pdf


Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition

Mayank Kumar

University of Michigan, United States of America

Discussant: Ulrich Hege (Toulouse School of Economics)

Kumar-Getting Dirty Before You Get Clean-627.pdf


Impact Investing and Worker Outcomes

Josh Lerner1, Markus Lithell2, Gordon Phillips2

1Harvard Business School; 2Tuck School of Business at Dartmouth

Discussant: Kelly Posenau (Cornell University Johnson Graduate School of Management)

Lerner-Impact Investing and Worker Outcomes-1351.pdf
 
12:30pm - 2:00pmLunch: FIRS Business Meeting, JFI Awards, 20th Anniversary Address, and Denis Gromb Award
Location: Pavillon
2:30pm - 4:15pm8.1: Equilibrium and Feedback from Financial Markets
Location: Tiergarten
Session Chair: Uday Rajan, University of Michigan
 

Feedback Between the Financial Market and the Product Market

Ken Deng, Joel Shapiro

University of Oxford, United Kingdom

Discussant: Alexander Guembel (Toulouse Capitole University)

Deng-Feedback Between the Financial Market and the Product Market-947.pdf


Feedback on Emerging Corporate Policies

Sean Cao1, Itay Goldstein2, Jie He3, Yabo Zhao4

1University of Maryland; 2University of Pennsylvania; 3University of Georgia; 4Chinese University of Hong Kong, Shenzhen

Discussant: Olivier Dessaint (INSEAD)

Cao-Feedback on Emerging Corporate Policies-323.pdf


Multiple Equilibria in Noisy Rational Expectations Economies

Domotor Palvolgyi1, Gyuri Venter2, Liyan Yang3

1Eotvos Lorand University; 2University of Warwick; 3University of Toronto, Rotman

Discussant: James Dow (London Business School)

Palvolgyi-Multiple Equilibria in Noisy Rational Expectations Economies-1583.pdf
 
2:30pm - 4:15pm8.2: Financial and Production Networks
Location: Tegel
Session Chair: Julien Sauvagnat, Bocconi University
 

Global Business Networks

Christian Breitung, Sebastian Müller

Technische Universität München, Germany

Discussant: Christoph Schiller (Arizona State University)

Breitung-Global Business Networks-352.pdf


The Epidemiology of Financial Constraints and Corporate Investment

William Grieser1, Ioannis Spyridopoulos2, Morad Zekhnini3

1Texas Christian University; 2American University; 3Michigan State University

Discussant: Clemens Otto (Singapore Management University)

Grieser-The Epidemiology of Financial Constraints and Corporate Investment-1506.pdf


His Pain Is Your Gain: Market Competition and Foreign Currency Exposure

Yancheng Qiu

The University of Sydney Business School, Australia

Discussant: Paul Beaumont (McGill)

Qiu-His Pain Is Your Gain-680.pdf
 
2:30pm - 4:15pm8.3: Fund Flows
Location: Charlottenburg I
Session Chair: Andrew Ellul, Indiana University
 

Fund Flows and Income Risk of Fund Managers

Xiao Cen1, Winston Wei Dou2, Leonid Kogan3, Wei Wu1

1Texas A&M University, United States of America; 2University of Pennsylvania (Wharton) and NBER; 3MIT (Sloan) and NBER

Discussant: Alberto Manconi (Bocconi University)

Cen-Fund Flows and Income Risk of Fund Managers-968.pdf


Mutual Fund Clientele and Fund Flows

Daniel Fricke, Stephan Jank, Hannes Wilke

Deutsche Bundesbank, Germany

Discussant: Christian Kubitza (European Central Bank)

Fricke-Mutual Fund Clientele and Fund Flows-540.pdf


Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond Returns

Mariassunta Giannetti2, Chotibhak Jotikasthira1, Andreas Rapp3, Martin Waibel2

1SMU - Cox School of Business; 2Stockholm School of Economics; 3Federal Reserve Board of Governors

Discussant: Karamfil Todorov (BIS (Bank for International Settlements))

Giannetti-Intermediary Balance Sheet Constraints, Bond Mutual Funds’ Strategies, and Bond-254.pdf
 
2:30pm - 4:15pm8.4: Expectations of Professional Forecasters and Investors
Location: Charlottenburg II
Session Chair: Harjoat Bhamra, Imperial College Business School
 

Excess Volatility in Professional Stock Return Forecasts

Martijn Boons1, Giorgio Ottonello2, Rossen Valkanov3

1Tilburg, Netherlands; 2Nova SBE, Portugal; 3UCSD, United States of America

Discussant: Paul Whelan (Chinese University of Hong Kong)

Boons-Excess Volatility in Professional Stock Return Forecasts-404.pdf


Over/Under-reaction and Judgment Noise in Expectations Formation

Junyi Liao

university of essex, United Kingdom

Discussant: Savitar Sundaresan (Imperial College)

Liao-OverUnder-reaction and Judgment Noise in Expectations Formation-216.pdf


The Subjective Risk and Return Expectations of Institutional Investors

Couts Spencer1, Andrei Goncalves2, Johnathan Loudis3

1University of Southern California, Lusk Center of Real Estate; 2Fisher College of Business, The Ohio State University; 3Mendoza College of Business, University of Notre Dame

Discussant: Federico Bastianello (London Business School)

Spencer-The Subjective Risk and Return Expectations of Institutional Investors-1091.pdf
 
2:30pm - 4:15pm8.5: Finance and Inequality
Location: Charlottenburg III
Session Chair: Murillo Campello, Cornell University
 

The Financial Origins Of Regional Inequality

Anne Beck1, Sebastian Dörr2

1World Bank, United States of America; 2Bank for International Settlements, Switzerland

Discussant: Yaniv Grinstein (Reichman University)

Beck-The Financial Origins Of Regional Inequality-1413.pdf


The Price Of Leverage: Learning From The Effect Of LTV Constraints On Job Search And Wages

Gazi Kabas1, Kasper Roszbach2

1Tilburg University; 2Norges Bank

Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)

Kabas-The Price Of Leverage-940.pdf


Escaping Violent Death: Access to Credit and Female Mortality

Janis Skrastins1, Bernardus van Doornik2, David Schoenherr3

1Washington University in St. Louis, United States of America; 2Central Bank of Brazil; 3Princeton University

Discussant: Maria Boutchkova (The University of Edinburgh)

Skrastins-Escaping Violent Death-845.pdf
 
2:30pm - 4:15pm8.6: Market Incentives for Clean Investment
Location: Schöneberg
Session Chair: Anjan Thakor, Washington University in St. Louis
 

Reducing Carbon using Regulatory and Financial Market Tools

Franklin Allen2, Adelina Barbalau1, Federica Zeni3

1University of Alberta; 2Imperial College London; 3World Bank

Discussant: Robin Döttling (Erasmus University Rotterdam)

Allen-Reducing Carbon using Regulatory and Financial Market Tools-1514.pdf


Externalities of Responsible Investments

Michele Bisceglia1, Alessio Piccolo2, Jan Schneemeier2

1Toulouse School of Economics; 2Indiana University

Discussant: David Pothier (University of Vienna)

Bisceglia-Externalities of Responsible Investments-464.pdf


The Market for ESG Ratings

Ehsan Azarmsa1, Joel Shapiro2

1University of Illinois Chicago, United States of America; 2University of Oxford, Said Business School

Discussant: Jan Starmans (Stockholm School of Economics)

Azarmsa-The Market for ESG Ratings-1453.pdf
 

 
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