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, 02:18:31am CEST

 
 
Session Overview
Date: Wednesday, 29/May/2024
9:30am
-
6:00pm
Conference Registration
Location: Gartenlounge
1:30pm
-
3:15pm
1.1: Consequences of Market Intervention
Location: Tiergarten
Chair: Viral Acharya, New York University Stern School of Business
 

Voters, Bailouts, and the Size of the Firm

Linda Schilling

Olin Business School Washington University in St Louis, United States of America

Discussant: Wenhao Li (University of Southern California, Marshall School of Business)



When Should Governments Buy Assets?

Michael Sockin1, Daniel Neuhann2

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

Discussant: Victoria Vanasco (CREI, UPF, Barcelona GSE)



Bailout Addiction: Does Bailout Anticipation Induce Adverse Selection?

Fenghua Song1, Anjan Thakor2

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

Discussant: Martin Oehmke (London School of Economics)

1.2: Corporate Investment and Financial Frictions
Location: Köpenick
Chair: Lukas Schmid, USC Marshall School of Business
 

Precautionary Debt Capacity

Deniz Aydın1, Olivia Kim2

1: Washington University in St. Louis, Olin Business School; 2: Harvard Business School

Discussant: Egemen Eren (Bank for International Settlements)



Identifying Firm-Level Financial Frictions using Theory-Informed Restrictions

Andrea Caggese, Geert Mesters

UPF, Spain

Discussant: Roberto Steri (University of Luxembourg)



Investing in Misallocation

Mete Kilic, Selale Tuzel

USC Marshall School of Business, United States of America

Discussant: Lars Kuehn (Carnegie Mellon University)

1.3: Incentives of Central Bankers and Regulators
Location: Charlottenburg I
Chair: Enrico Perotti, University of Amsterdam
 

The Reverse Revolving Door in the Supervision of European Banks

Stefano Colonnello1,2, Michael Koetter2,3, Alex Sclip4, Konstantin Wagner2

1: Ca' Foscari University of Venice, Italy; 2: Halle Institute for Economic Research, Germany; 3: Otto-von-Guericke University Magdeburg; 4: University of Verona

Discussant: Mikhail Mamonov (Toulouse Business School)



The Political Economy of Financial Regulation

Rainer Haselmann1, Arkodipta Sarkar2, Shikhar Singla3, Vikrant Vig3

1: Goethe University Frankfurt; 2: National University of Singapore; 3: Stanford University

Discussant: Orkun Saka (City, University of London)



The Value of Private Meetings with Central Bankers

Rainer Haselmann1, Maik Schmeling1, Sebastian Schreiber1, Michael Weber2

1: Goethe University Frankfurt, Germany; 2: Chicago Booth

Discussant: Franco Fiordelisi (University of Essex)

1.4: Asset Pricing with Heterogeneity and Subjective Beliefs
Location: Charlottenburg II
Chair: Raman Uppal, EDHEC Business School
 

Asset Prices, Wealth Inequality, and Taxation

Suleyman Basak1, Georgy Chabakauri2

1: London Business School; 2: London School of Economics, United Kingdom

Discussant: Ali Lazrak (UBC)



Economic Growth Through Diversity in Beliefs

Christian Heyerdahl-Larsen3, Philipp Illeditsch1, Howard Kung2

1: Texas A&M University, United States of America; 2: London Business School; 3: BI Oslo

Discussant: Burton Hollifield (Carnegie Mellon University)



Risk Premia, Subjective Beliefs, and Bundled Monetary Shocks

Paymon Khorrami, Anna Cieslak

Duke University, United States of America

Discussant: Harjoat Bhamra (Imperial College Business School)

1.5: Financial Decisions of Households
Location: Charlottenburg III
Chair: Margarita Tsoutsoura, Washington University
 

Stock Market Wealth and Entrepreneurship

Gabriel Chodorow-Reich1, Plamen Nenov2,3, Vitor Santos3, Alp Simsek4

1: Harvard University; 2: Norges Bank; 3: BI Norwegian Business School; 4: Yale University

Discussant: Daniel Wolfenzon (Columbia University)



The Banker in Your Social Network

Samuli Knüpfer1, Elias Rantapuska1, Theresa Spickers2

1: Aalto University; 2: University of Amsterdam

Discussant: Noah Stoffman (Indiana University)



(Not) Anticipating Predictable Inheritances

Erkki Johannes Vihriälä1, Tuomo Virkola2

1: Aalto University School of Business; 2: VATT Institute for Economic Research

Discussant: Akash Raja (Copenhagen Business School)

1.6: Financing Clean Vehicles
Location: Schöneberg
Chair: Effi Benmelech, Northwestern University
 

Financing the Global Shift to Electric Mobility

Jan Bena1, Bo Bian1, Huan Tang2

1: University of British Columbia, Canada; 2: The Wharton School

Discussant: Joao Monteiro (Einaudi Institute for Economics and Finance (EIEF))



Auto Finance in the Electric Vehicle Transition

Elizabeth Klee1, Adair Morse2, Chaehee Shin1

1: Federal Reserve Board; 2: UC-Berkeley

Discussant: Miriam Schwartz (Hebrew University of Jerusalem)



Do ESG Investors Care About Carbon Emissions? Evidence From Securitized Auto Loans

Christian Kontz

Stanford GSB, United States of America

Discussant: Lior Shabtai (Northwestern University)

1.7: PhD Session 1: Intermediaries and Pricing
Location: Tegel
Chair: Elena Loutskina, UVA
 

The Flattening Demand Curves

Alireza Aghaee Shahrbabaki

Bocconi University, Italy

Discussant: Chotibhak Jotikasthira (SMU - Cox School of Business)



Disentangling the Loan Premium: The Value of Bank Lending

Zhuolu Gao

Copenhagen Business School, Denmark

Discussant: Christopher James (University of Florida)



Monetary Policy Complementarity: Bank Regulation and the Term Premium

Stefan Walz

Columbia Business School, United States of America

Discussant: Johan Walden (University of California, Berkeley)

 
3:15pm
-
3:30pm
Coffee Break
Location: Gartenlounge
3:30pm
-
5:15pm
2.1: Data Use by Banks and FinTechs
Location: Tiergarten
Chair: S "Vish" Viswanathan, Duke University
 

Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends?

Yasser Boualam1, Paul Yoo2

1: UNC Kenan-Flagler Business School; 2: American University - Kogod School of Business

Discussant: Yue Yuan (University College London)



Information Span in Credit Market Competition

Zhiguo He2, Jing Huang1, Cecilia Parlatore3

1: Texas A&M University; 2: Stanford University; 3: New York University

Discussant: Basil Williams (Imperial College)



The Limits of Big Data in Credit Markets

Uday Rajan2, Yan Xiong1

1: Hong Kong University of Science and Technology, Hong Kong S.A.R. (China); 2: University of Michigan

Discussant: Stefano Pegoraro (University of Notre Dame)

2.2: Pricing of Corporate Bond and ABS Characteristics
Location: Köpenick
Chair: Andrew Winton, University of Minnesota
 

Textual Disclosure in Prospectuses and Investors’ Security Pricing

Jörn Debener1, Arved Fenner1, Philipp Klein1,2,3, Steven Ongena3,4,5,6,7

1: University of Münster, Germany; 2: University of Paderborn, Germany; 3: University of Zurich, Switzerland; 4: SFI; 5: KU Leuven; 6: NTNU Business School; 7: CEPR

Discussant: Melina Papoutsi (ECB)



Heterogeneous Intermediaries and Bond Characteristics in the Transmission of Monetary Policy

Matteo Leombroni1, Federic Holm-Hadulla2

1: Boston College, United States of America; 2: ECB

Discussant: Veronica De Falco (Harvard University)



Financially Sophisticated Firms

Lira Mota, Kerry Siani

MIT SLOAN SCHOOL OF MANAGEMENT, United States of America

Discussant: Stefano Lugo (Utrecht University)

2.3: Bank Assets
Location: Charlottenburg I
Chair: Jan P. Krahnen, SAFE, Goethe University Frankfurt
 

Failing Banks

Sergio Correia1, Stephan Luck2, Emil Verner3

1: Board of Governors of the Federal Reserve System; 2: Federal Reserve Bank of New York; 3: MIT

Discussant: Kasper Zimmermann (Frankfurt School of Finance & Management)



Monetary Transmission through Bank Securities Portfolios

Daniel Greenwald1, John Krainer2, Pascal Paul3

1: New York University; 2: Board of Governors of the Federal Reserve; 3: Federal Reserve Bank of San Francisco

Discussant: Filippo De Marco (Bocconi University)



The Secular Decline in Interest Rates and the Rise of Shadow Banks

Andres Pablo Sarto, Olivier Wang

New York University

Discussant: Dmitry Kuvshinov (Universitat Pompeu Fabra)

2.4: Factors in Bond and Equity Returns
Location: Charlottenburg II
Chair: Svetlana Bryzgalova, London Business School
 

Does Peer-Reviewed Research Help Predict Stock Returns?

Andrew Chen1, Alejandro Lopez Lira2, Tom Zimmermann3

1: Federal Reserve Board; 2: University of Florida; 3: University of Cologne

Discussant: Shri Santosh (University of Maryland)



The Corporate Bond Factor Zoo

Alexander Dickerson1, Christian Julliard2, Philippe Mueller3

1: University of New South Waes, Australia; 2: London School of Economics, United Kingdom; 3: Universisty of Warwick, United Kingdom

Discussant: Lukas Schmid (USC Marshall School of Business)



Corporate Bond Factors: Replication Failures and a New Framework

Jens Dick-Nielsen, Peter Feldhütter, Lasse Heje Pedersen, Christian Stolborg

Copenhagen Business School, Denmark

Discussant: Chuck Fang (Drexel University)

2.5: Student Loans and Entrepreneurship
Location: Charlottenburg III
Chair: Merih Sevilir, ESMT-Berlin and Halle Institute for Economic Research (IWH), ECGI
 

The Effects of the QSBS Exemption on Entrepreneurship and Innovation

Jun Chen1, Joan Farre-Mensa2

1: Renmin University of China; 2: University of Illinois Chicago

Discussant: Alexander Reifschneider (Halle Institute for Economic Research (IWH))



Labor Market Polarization and Student Debt

Sanket Korgaonkar1, Elena Loutskina1, Constantine Yannelis2

1: University of Virginia; 2: University of Chicago

Discussant: Tim Liu (University of Utah)



The Effect of Student Loans on Entrepreneurial Firm Risk-taking, Performance, and Access to Venture Capital with Implications for the Biden Administration's Student Loan Forgiveness Program

Harshit Rajaiya1, Tom Chemmanur2, Karthik Krishnan3, Pinshuo Wang4

1: University of Ottawa, Canada; 2: Boston college; 3: Northeastern University; 4: University of South Florida

Discussant: Ekaterina Gavrilova (Nova School of Business and Economics)

2.6: Climate Concerns of Households and Analysts
Location: Schöneberg
Chair: Mariassunta Giannetti, Stockholm School of Economics
 

Household Climate Finance: Theory and Survey Data on Safe and Risky Green Assets

Shifrah Aron-Dine2, Johannes Beutel1, Monika Piazzesi2, Martin Schneider2

1: Deutsche Bundesbank; 2: Stanford University

Discussant: Ye Zhang (Stockholm School of Economics)



Fighting Climate Change with FinTech

Antonio Gargano1, Alberto Rossi2

1: University of Houston; 2: Georgetown University

Discussant: Ruidi Huang (Southern Methodist University)



Climate Value and Values Discovery in Earnings Calls

Zacharias Sautner1, Grigory Vilkov2, Laurence van Lent3, Ruishen Zhang4

1: University of Zurich and Swiss Finance Institute; 2: Frankfurt School of Finance & Management; 3: Frankfurt School of Finance & Management; 4: Shanghai University of Finance and Economics

Discussant: Maria Loumioti (The University of Texas at Dallas)

2.7: PhD Session 2: Climate Risks and Effects of IPOs
Location: Tegel
Chair: Martin Oehmke, London School of Economics
 

What Drives Beliefs about Climate Risks? Evidence from Financial Analysts

Matilde Faralli

Imperial College London, United Kingdom

Discussant: Raghavendra Rau (University of Cambridge)



Climate Risk and Contract Completeness: Evidence from Corporate Real Estate Leases

Masashi Takahashi

Pennsylvania State University, United States of America

Discussant: Francesco D\'Acunto (Georgetown University)



The Silicon Divide: High-Technology IPOs and the Widening Socioeconomic Gap

Wenchuan Zhao

University of Oxford, United Kingdom

Discussant: Ting Xu (University of Toronto)

 
6:00pm
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8:00pm
Elsevier-Sponsored Welcome Reception
Location: Hugos 360°
Date: Thursday, 30/May/2024
7:30am
-
8:30am
Breakfast Buffet - for participants staying at the InterContinental Hotel under FIRS room block
Location: L.A. Café
7:30am
-
12:30pm
Conference Registration
Location: Gartenlounge
8:30am
-
10:15am
3.1: Voting and Trading
Location: Tiergarten
Chair: Alon Brav, Duke University
 

Bankruptcy Law and the Market for Corporate Influence

Mike Burkart1, Lee Samuel2, Vladimirov Vladimir3

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

Discussant: Arthur Taburet (Duke University)



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

Aaron Burt1, Ran Duchin2, Christopher Hrdlicka3

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

Discussant: Matthew Ringgenberg (University of Utah)



Trading and Voting on Proxy Advice

Markus Parlasca1, Paul Voss2

1: Vienna University of Economics and Business; 2: HEC Paris

Discussant: Shaoting Pi (Iowa State University)

3.2: Market for Executives and Talent
Location: Köpenick
Chair: Dirk Jenter, The London School of Economics and Political Science
 

The Talent Gap in Family Firms

Morten Bennedsen3, Margarita Tsoutsoura1, Daniel Wolfenzon2

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

Discussant: Joacim Tåg (IFN and Hanken)



Succession

Thomas Geelen1,2, Jakub Hajda3

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

Discussant: James Dow (London Business School)



Why Are CEOs Rarely Succeeded by External Candidates?

Li He1, Enrique Schroth2

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

Discussant: Francesco Celentano (HEC Lausanne)

3.3: Relationship Lending and Bank Specialization
Location: Charlottenburg I
Chair: Allen Berger, University of South Carolina
 

Specialization in Banking

Kristian Blickle2, Cecilia Parlatore1, Anthony Saunders1

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

Discussant: John Sedunov (Villanova University)



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

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

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

Discussant: Hugh Hoikwang Kim (University of South Carolina)



Do Bank Branches Matter? Evidence From Mandatory Branch Closings

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

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

Discussant: Lars Norden (Getulio Vargas Foundation)

3.4: Convenience Yields and Interest Rates
Location: Charlottenburg II
Chair: Paymon Khorrami, Duke University
 

Inflation and Treasury Convenience

Anna Cieslak1, Wenhao Li2, Carolin Pflueger3

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

Discussant: Quentin Vandeweyer (University of Chicago)



The Zero-Beta Interest Rate

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

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

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



Monetary Policy, Segmentation, and the Term Structure

Rohan Kekre2, Moritz Lenel1, Federico Mainardi2

1: Princeton; 2: Chicago Booth

Discussant: Dejanir Silva (Purdue University)

3.5: Intermediaries in Treasury and OTC Markets
Location: Charlottenburg III
Chair: Burton Hollifield, Carnegie Mellon University
 

Entry and Exit in Treasury Auctions

Jason Allen1, Ali Hortacscu2, Eric Richert3, Milena Wittwer4

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

Discussant: Pietro Bonaldi (Carnegie Mellon University)



Dealer Capacity and U.S. Treasury Market Functionality

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

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

Discussant: Maria Chaderina (University of Oregon)



LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility

Mathias Kruttli1, Phillip Monin2, Lubomir Petrasek2, Sumudu Watugala1

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

Discussant: Matthias Fleckenstein (University of Delaware)

3.6: Cyber Risk Management
Location: Schöneberg
Chair: Kristine Hankins, University of Kentucky
 

Cybersecurity And Financial Stability

Kartik Anand1, Chanelle Duley2, Prasanna Gai2

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

Discussant: Lin Shen (INSEAD)



Consumer Surveillance and Financial Fraud

Bo Bian1, Michaela Pagel2, Devesh Ravel3, Huan Tang4

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

Discussant: Pat Akey (INSEAD)



The Supply Of Cyber Risk Insurance

Martin Eling1, Anastasia Kartasheva1,2, Dingchen Ning1

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

Discussant: Jakob Ahm Sørensen (Università Bocconi)

10:15am
-
10:30am
Coffee Break
Location: Gartenlounge
10:30am
-
12:15pm
4.1: Debt Structure
Location: Tiergarten
Chair: Elu von Thadden, Mannheim University
 

A New Theory of Credit Lines (With Evidence)

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

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

Discussant: Barney Hartman-Glaser (UCLA)



Creditor-on-Creditor Violence and Secured Debt Dynamics

Samuel Antill1, Zhaoli Jiang2, Neng Wang3

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

Discussant: Thomas Geelen (Copenhagen Business School)



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)

4.2: Effects of Managerial Characteristics
Location: Köpenick
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

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

Discussant: Spyridon Lagaras (University of Pittsburgh)



The Efficacy of Remote Work for Executives

Ran Duchin1, Denis Sosyura2

1: Boston College; 2: Arizona State University

Discussant: Mariassunta Giannetti (Stockholm School of Economics)



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

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

Discussant: Daniel Metzger (Erasmus University)

4.3: Corporate Debt and Loan Renegotiation
Location: Charlottenburg I
Chair: Arnoud Boot, University of Amsterdam
 

Debt Flexibility

Rhys Bidder1, Nicolas Crouzet2, Margaret Jacobson3, Michael Siemer3

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

Discussant: Tomislav Ladika (University of Amsterdam)



Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans

Serdar Dinc1, Erkan Yonder2

1: Rutgers University; 2: Concordia 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

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

Discussant: Tanju Yorulmazer (Koc University)

4.4: Fund Mandates and Pricing Consequences
Location: Charlottenburg II
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

1: University of Lausanne; 2: University of Southern California

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



Off Target: On the Underperformance of Target-Date Funds

David Brown1, Shaun Davies2

1: University of Arizona; 2: University of Colorado, Boulder

Discussant: Jinming XUE (Southern Methodist University)



Institutional Investors, Securities Lending, and Short-Selling Constraints

Taisiya Sikorskaya

London Business School, United Kingdom

Discussant: Mehrdad Samadi (Federal Reserve Board)

4.5: Limited Liquidity of Money Markets
Location: Charlottenburg III
Chair: Benjamin Hebert, Stanford University
 

The Central Bank's Balance Sheet and Treasury Market Disruptions

Adrien d Avernas1, Quentin Vandeweyer2, Damon Petersen3

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

Discussant: Amy Huber (The Wharton School)



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)

4.6: FinTech Apps and Household Behavior
Location: Schöneberg
Chair: Andreas Fuster, EPFL
 

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

Bo Bian1, Xinchen Ma2, Huan Tang3

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

1: Boston College; 2: University 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
-
2:00pm
Lunch and Keynote Address by Albert S. "Pete" Kyle
Location: Pavillon
2:00pm
-
5:00pm
Conference Registration
Location: Gartenlounge
2:30pm
-
4:15pm
5.1: Finance and Political Economy
Location: Tiergarten
Chair: Bruno Biais, HEC
 

How Effective are Portfolio Mandates?

Jack Favilukis1, Lorenzo Garlappi1, Raman Uppal2

1: University of British Columbia; 2: EDHEC Business School

Discussant: Valeria Fedyk (London Business School)



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

Peter Kondor1, Gergely Ujhelyi2

1: London School of Economics; 2: University of Houston

Discussant: Paul Voss (HEC Paris)



Political Preferences and Financial Market Equilibrium

Youchang Wu1, Josef Zechner2

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

Discussant: Magdalena Rola-Janicka (Imperial College London)

5.2: Mergers and Acquisitions
Location: Köpenick
Chair: Paolo Fulghieri, University of North Carolina
 

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

Tingting Liu1, Micah S. Officer2, Danni Tu3

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

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



Maturity Overhang: Evidence from M&A

Zhiyao Chen1, Dirk Hackbarth2, Jarrad Harford3, Yuxin Luo2

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

Discussant: Francesca Zucchi (ECB)



Tax Avoidance through Cross-Border Mergers and Acquisitions

Jean-Marie Meier1, Jake Smith2

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

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

5.3: Mortgage Lending and Inequality
Location: Charlottenburg I
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

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

Discussant: Kim Fe Cramer (LSE)



Leverage Regulation and Housing Inequality

Jens Kvaerner1, Nicola Pavanini2, Yushi Peng1

1: Tilburg University; 2: Tilburg University and CEPR

Discussant: Clara Martínez-Toledano (Imperial College)

5.4: New Perspectives on Asset Pricing Theory
Location: Charlottenburg II
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)



Dynamic Trading and Asset Pricing with Time-Inconsistent Agents

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

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

Discussant: Ella Patelli (UBC)



Demand-System Asset Pricing: Theoretical Foundations

William Fuchs1, Satoshi Fukuda2, Daniel Neuhann1

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

Discussant: Hengjie Ai (University of Wisconsin)

5.5: Refinancing Mortgages
Location: Charlottenburg III
Chair: Paul Willen, Federal Reserve Bank of Boston
 

Mortgage Lock-In, Mobility, and Labor Reallocation

Julia Fonseca1, Lu Liu2

1: UIUC; 2: The Wharton School, University of Pennsylvania

Discussant: Eric Hardy (Fannie Mae)



The Digital Divide and Refinancing Inequality

Edward T. Kim

University of Michigan

Discussant: Charlotte Haendler (Southern Methodist University)



Refinancing Frictions, Mortgage Pricing and Redistribution

Konstantin Milbradt1, Fabrice Tourre2, David Berger3, Joseph Vavra4

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

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

5.6: Fragility of Payment Systems
Location: Schöneberg
Chair: Johan Walden, University of California, Berkeley
 

CBDCs, Payment Firms, and Geopolitics

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

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

Discussant: Christine Parlour (UC Berkeley)



Payments, Reserves, and Financial Fragility

Itay Goldstein1, Ming Yang2, Yao Zeng1

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

Discussant: Vincent Maurin (HEC Paris)



Anatomy of a Run: The Terra Luna Crash

Jiageng Liu1, Igor Makarov2, Antoinette Schoar3

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

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

6:30pm
-
10:30pm
Conference Dinner at Gendarmerie
Date: Friday, 31/May/2024
7:30am
-
8:30am
Breakfast Buffet - for participants staying at the InterContinental Hotel under FIRS room block
Location: L.A. Café
7:30am
-
10:30am
Conference Registration
Location: Gartenlounge
8:30am
-
10:15am
6.1: Design of DeFi and Exchanges
Location: Tiergarten
Chair: Vincent Maurin, HEC Paris
 

Arms Sales in Financial Markets

Vincent Glode1, Xingtan Zhang2

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

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



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

Alfred Lehar1, Christine Parlour2

1: University of Calgary, Canada; 2: UC Berkeley

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



Equilibrium in a DeFi Lending Market

Thomas Rivera1, Fahad Saleh2, Quentin Vandeweyer3

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

Discussant: Maximilian Guennewig (University of Bonn)

6.2: Real Effects of Private Equity
Location: Tegel
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

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

Discussant: Tong Liu (MIT)



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)



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)

6.3: Lending and Intermediation in Mortgage Markets
Location: Charlottenburg I
Chair: Barney Hartman-Glaser, UCLA
 

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

Tobias Herbst1, Moritz Kuhn2, Farzad Saidi1

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

Discussant: Konstantin Milbradt (Northwestern University)



Housing Speculation, GSEs, and Credit Market Spillovers

Natee Amornsiripanitch1, Philip Strahan2, Song Zhang3, Xiang Zheng4

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

Discussant: Pierre Mabille (INSEAD)



Spatially Targeted LTV Policies and Collateral Values

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

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

Discussant: Jin Cao (Norges Bank)

6.4: Narratives and Investor Memory
Location: Charlottenburg II
Chair: Francesco D'Acunto, Georgetown University
 

Memory and Beliefs in Financial Markets: A Machine Learning Approach

Zhongtian Chen1, Jiyuan Huang2

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

Discussant: Yong Kwon (Brown University)



Crash Narratives

William Goetzmann, Dasol Kim, Robert Shiller

Yale University, United States of America

Discussant: Constantin Charles (London School of Economics)



Media Narratives and Price Informativeness

Chukwuma Dim2, Francesco Sangiorgi1, Grigory Vilkov1

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

Discussant: Katrin Goedker (Bocconi University)

6.5: Household Finance over the Lifecycle
Location: Charlottenburg III
Chair: João Cocco, London Business School
 

Interest-Rate Risk And Household Portfolio

Sylvain Catherine2, Max Miller1, James Paron2, Natasha Sarin3

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

Discussant: Matteo Leombroni (Boston College)



How Do Consumers Finance Increased Retirement Savings?

Taha Choukhmane, Christopher Palmer

MIT Sloan, United States of America

Discussant: Paolina Medina (University of Houston)



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

Nuno Clara1, Francisco Gomes2, Michael Boutros3

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

Discussant: Constantine Yannelis (University of Chicago)

6.6: Corporate Social Responsibility
Location: Schöneberg
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)



Corporate Actions as Moral Issues

Elisabeth Kempf1, Oliver Spalt2

1: Harvard University; 2: University of Mannheim

Discussant: Emirhan Ilhan (National University of Singapore)



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

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

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

Discussant: Marco Ceccarelli (VU Amsterdam)

10:15am
-
10:30am
Coffee Break
Location: Gartenlounge
10:30am
-
12:15pm
7.1: Implementing Optimal Trades
Location: Tiergarten
Chair: Jason Roderick Donaldson, USC
 

Money and Taxes implement Dynamic Optimal Mechanisms

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

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

Discussant: Vladimir Asriyan (CREI and BSE)



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)



Committing to Trade: A Theory of Intermediation

Francesco Sannino

Frankfurt School of Finance & Management, Germany

Discussant: Xiaobo Yu (Columbia Business School)

7.2: Determinants of Firm Investment and Labor Demand
Location: Tegel
Chair: Dirk Hackbarth, Boston University
 

Firm-Level Labor-Shortage Exposure

Qiyang He1, Jarrad Harford2, Buhui Qiu1

1: University of Sydney Business School; 2: University of Washington

Discussant: Ramin Baghai (Stockholm School of Economics)



ChatGPT and Corporate Policies

Manish Jha1, Jialin Qian1, Michael Weber2, Baozhong Yang1

1: Georgia State University; 2: University of Chicago

Discussant: Gaurav Kankanhalli (University of Pittsburgh)



Temperature and Local Industry Concentration

Jacopo Ponticelli1, Qiping Xu2, Stefan Zeume2

1: Northwestern University; 2: University of Illinois Urbana Champaign

Discussant: Ivo Welch (UCLA)

7.3: Heterogeneity in Runs
Location: Charlottenburg I
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)



Corporate Runs and Credit Reallocation

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

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

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



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

Xu Lu1, Yang Song2, Yao Zeng3

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

Discussant: Christoph Schiller (Arizona State University)

7.4: Exports, Sovereign Debt, and Currencies
Location: Charlottenburg II
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

1: National University of Singapore; 2: Stanford University

Discussant: Mehran Ebrahimian (Stockholm School of Economics)



Dollar and Carry Redux

Sining Liu3, Thomas Maurer1, Andrea Vedolin2, Yaoyuan Zhang1

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

Discussant: Federico Gavazzoni (BI - Norwegian Business School)



Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions

Thorsten Martin1, Florian Nagler2, Nicola Fiore2

1: Frankfurt School; 2: Bocconi

Discussant: Seung Joo Lee (University of Oxford)

7.5: Investor Beliefs and Biases
Location: Charlottenburg III
Chair: Simon Gervais, Duke University
 

Extrapolators and Contrarians: Forecast Bias and Household Stock Trading

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

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

Discussant: Cameron Peng (London School of Economics)



Financial Advisors and Investors’ Bias

Marianne Andries1, Maxime Bonelli2, David Sraer3

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

Discussant: Alessandro Previtero (Indiana University)



Households' Response to the Wealth Effects of Inflation

Philip Schnorpfeil1, Michael Weber2, Andreas Hackethal1

1: Goethe University Frankfurt; 2: University of Chicago

Discussant: João Cocco (London Business School)

7.6: Real Effects of ESG
Location: Schöneberg
Chair: Jessica Jeffers, HEC Paris
 

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

Mariassunta Giannetti1, Martina Jasova2, Maria Loumioti3, Caterina Mendicino4

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

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



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)



Impact Investing and Worker Outcomes

Josh Lerner1, Markus Lithell2, Gordon Phillips2

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

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

12:30pm
-
2:00pm
Lunch: FIRS Business Meeting, JFI Awards, 20th Anniversary Address, and Denis Gromb Award
Location: Pavillon
2:30pm
-
4:15pm
8.1: Equilibrium and Feedback from Financial Markets
Location: Tiergarten
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)



Feedback on Emerging Corporate Policies

Sean Cao1, Itay Goldstein2, Jie He3, Yabo Zhao4

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

Discussant: Olivier Dessaint (INSEAD)



Multiple Equilibria in Noisy Rational Expectations Economies

Domotor Palvolgyi1, Gyuri Venter2, Liyan Yang3

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

Discussant: James Dow (London Business School)

8.2: Financial and Production Networks
Location: Tegel
Chair: Julien Sauvagnat, Bocconi University
 

Global Business Networks

Christian Breitung, Sebastian Müller

Technische Universität München, Germany

Discussant: Christoph Schiller (Arizona State University)



The Epidemiology of Financial Constraints and Corporate Investment

William Grieser1, Ioannis Spyridopoulos2, Morad Zekhnini3

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

Discussant: Clemens Otto (Singapore Management University)



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

Yancheng Qiu

The University of Sydney Business School, Australia

Discussant: Paul Beaumont (McGill)

8.3: Fund Flows
Location: Charlottenburg I
Chair: Andrew Ellul, Indiana University
 

Fund Flows and Income Risk of Fund Managers

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

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

Discussant: Alberto Manconi (Bocconi University)



Mutual Fund Clientele and Fund Flows

Daniel Fricke, Stephan Jank, Hannes Wilke

Deutsche Bundesbank, Germany

Discussant: Christian Kubitza (European Central Bank)



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

Mariassunta Giannetti2, Chotibhak Jotikasthira1, Andreas Rapp3, Martin Waibel2

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

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

8.4: Expectations of Professional Forecasters and Investors
Location: Charlottenburg II
Chair: Harjoat Bhamra, Imperial College Business School
 

Excess Volatility in Professional Stock Return Forecasts

Martijn Boons1, Giorgio Ottonello2, Rossen Valkanov3

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

Discussant: Paul Whelan (Chinese University of Hong Kong)



Over/Under-reaction and Judgment Noise in Expectations Formation

Junyi Liao

university of essex, United Kingdom

Discussant: Savitar Sundaresan (Imperial College)



The Subjective Risk and Return Expectations of Institutional Investors

Couts Spencer1, Andrei Goncalves2, Johnathan Loudis3

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

Discussant: Federico Bastianello (London Business School)

8.5: Finance and Inequality
Location: Charlottenburg III
Chair: Murillo Campello, Cornell University
 

The Financial Origins Of Regional Inequality

Anne Beck1, Sebastian Dörr2

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

Discussant: Yaniv Grinstein (Reichman University)



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

Gazi Kabas1, Kasper Roszbach2

1: Tilburg University; 2: Norges Bank

Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)



Escaping Violent Death: Access to Credit and Female Mortality

Janis Skrastins1, Bernardus van Doornik2, David Schoenherr3

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

Discussant: Maria Boutchkova (The University of Edinburgh)

8.6: Market Incentives for Clean Investment
Location: Schöneberg
Chair: Anjan Thakor, Washington University in St. Louis
 

Reducing Carbon using Regulatory and Financial Market Tools

Franklin Allen2, Adelina Barbalau1, Federica Zeni3

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

Discussant: Robin Döttling (Erasmus University Rotterdam)



Externalities of Responsible Investments

Michele Bisceglia1, Alessio Piccolo2, Jan Schneemeier2

1: Toulouse School of Economics; 2: Indiana University

Discussant: David Pothier (University of Vienna)



The Market for ESG Ratings

Ehsan Azarmsa1, Joel Shapiro2

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

Discussant: Jan Starmans (Stockholm School of Economics)


 
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