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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: 22nd Oct 2025, 09:37:04am KST

Only Sessions at Date / Time

Session Overview

Date: Saturday, 31/May/2025
7:30am - 10:30am	Conference Registration
8:30am - 10:15am	Networks Location: Studio 4 Session Chair: Briana Chang, Hong Kong University of Science and Technology
	The Network Structure of Data Economy Qiushi Huang¹, Bo Bian², Ye Li³, Huan Tang⁴ ¹Shanghai Jiao Tong University; ²University of British Columbia; ³University of Washington; ⁴University of Pennsylvania Discussant: Daniel Timothy Chen (Princeton University) The Different Networks Of Firms Implied By The News Victor Hilt², Gustavo Schwenkler¹ ¹Santa Clara University; ²Wellington Management Discussant: Alexandr Kopytov (University of Rochester) Greening thy Neighbor: How the US Inflation Reduction Act Drives Climate Finance Globally Daniel Marcel te Kaat¹, Alexander Raabe², Yuanjie Tian³ ¹University of Groningen; ²Asian Development Bank; ³Southwestern University of Finance and Economics Discussant: Edward Shore (University of New South Wales)
8:30am - 10:15am	Leverage Location: Studio 5 Session Chair: Abhiroop Mukherjee, Hong Kong University of Science and Technology
	Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction Kevin Aretz¹, Murillo Campello², Gaurav Kankanhalli³, Kevin Schneider⁴ ¹University of Manchester; ²University of Florida; ³University of Pittsburgh; ⁴University of Cambridge Discussant: Eyub Yegen (Hong Kong University of Science and Technology) Corporate Credit Conditions Around the World: Novel Facts Through Holistic Data Nina Boyarchenko, Leonardo Elias Federal Reserve Bank of New York Discussant: Seongjin Park (Nanyang Technological University) The Real Effects of Debt Relief: Evidence from Independent School Districts in Texas Thomas Seunghyun Lee University of Texas at Austin Discussant: Varun Sharma (Indiana University)
8:30am - 10:15am	Supplying Liquidity Location: Studio 6 Session Chair: John Chi-Fong Kuong, Chinese University of Hong Kong
	Stealthy Shorts: Informed Liquidity Supply Amit Goyal¹, Adam Reed², Esad Smajlbegovic³, Amar Soebhag³ ¹University of Lausanne; ²University of North Carolina at Chapel Hill; ³Erasmus University Rotterdam Discussant: Xinran Zhang (Central University of Finance and Economics) Dual Trading, Fee Competition, and Price Discovery at the Market Close Jingxiong {Tony} Hu¹, Jiaheng Yu² ¹University of Warwick; ²University of Hong Kong Discussant: Dominik Roesch (University at Buffalo) The Market for 0-Days-to-Expiration: The Role of Liquidity Providers in Volatility Attenuation Greg Adams¹, Jean-Sebastien Fontaine¹, Chayawat Ornthanalai² ¹Bank of Canada; ²University of Toronto Discussant: Karamfil Todorov (Bank for International Settlements)
8:30am - 10:15am	Runs Location: Studio 7 Session Chair: Yiming Ma, Columbia University
	Two Centuries of Systemic Bank Runs Rustam Jamilov¹, Tobias König², Karsten Müller³, Farzad Saidi² ¹All Souls College; ²University of Bonn; ³National University of Singapore Discussant: Thomas Flanagan (Ohio State University) Investor Fragility, Bargaining Power, and Pricing Implications for Short-Term Funding Markets Yi Li, Sean Tibay, Ashley Wang Federal Reserve Board of Governors Discussant: Jonathan Wallen (Harvard University) CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks during the 1890s Jennifer Rhee¹, Haelim Anderson², Jaewon Choi³ ¹Federal Deposit Insurance Corporation; ²Bank Policy Institute; ³University of Illinois Urbana-Champaign Discussant: Tianyue Ruan (National University of Singapore)
8:30am - 10:15am	Corporate Governance Location: Studio 8 Session Chair: Ron Masulis, University of New South Wales
	See the Gap: Firm Returns and Shareholder Incentives Eitan Goldman, Jinkyu Kim, Wenyu Wang Indiana University Discussant: Ekaterina Volkova (University of Melbourne) Real Effects of Personal Liability: Evidence from Industrial Pollution Noémie Bucourt University of Toronto Discussant: Sichen Shen (Wuhan University) Non-Compete Agreements and the Market for Corporate Control Andrey Golubov, Yuanqing Zhong University of Toronto Discussant: Yeejin Jang (University of New South Wales)
8:30am - 10:15am	Beliefs Location: Studio 9 Session Chair: Philip Bond, University of Washington
	A Cognitive Foundation for Perceiving Uncertainty Aislinn Bohren⁴, Josh Hascher³, Alex Imas³, Michael Ungeheuer¹, Martin Weber² ¹Aalto University, Finland; ²University of Mannheim; ³University of Chicago; ⁴University of Pennsylvania Discussant: Tse-Chun Lin (The University of Hong Kong) Information Partitioning, Learning, and Beliefs Pascal Kieren¹, Lukas Mertes², Martin Weber² ¹Heidelberg University; ²University of Mannheim Discussant: Suk Lee (University of New South Wales) An Arrow-Pratt Theory of Preference for Early Resolution of Uncertainty Hengjie Ai¹, Ravi Bansal², Hongye Guo³, Amir Yaron⁴ ¹University of Wisconsin, Madison; ²Duke University; ³University of Hong Kong; ⁴University of Pennsylvania Discussant: Yizhou Xiao (Chinese University of Hong Kong)
10:15am - 10:30am	Coffee Break
10:30am - 12:15pm	Consumer Credit Location: Studio 4 Session Chair: Sumit Agarwal, National University of Singapore
	Screening Using a Menu of Contracts in Imperfectly Competitive and Adversely Selected Markets Arthur Taburet Duke University Discussant: Poorya Kabir (National University of Singapore) Short-Term Lending and Usury Limits: Consumer Impact and Market Adaptation Mark Jansen¹, Zack Liu², Ryan Voges³, Peter Won⁴ ¹University of Utah; ²University of Houston; ³University of Utah; ⁴University of Utah Discussant: Shashwat Alok (Indian School of Business) The Impact of Credit Scores: Evidence from a Natural Experiment Maya Shaton¹, Nimrod Segev², Tali Bank² ¹Ben-Gurion University; ²Bank of Israel Discussant: Egle Karmaziene (Vrije Universiteit Amsterdam)
10:30am - 12:15pm	Cleaner Economy Location: Studio 5 Session Chair: Uday Rajan, University of Michigan
	ESG Incidents and Fundraising in Private Equity Teodor Duevski¹, Chhavi Rastogi², Tianhao Yao³ ¹HEC Paris; ²International Finance Corporation; ³Singapore Management University Discussant: Mayank Kumar (Boston University) Funding the Fittest? Pricing of Climate Transition Risk in the Corporate Bond Market Yasmine Van der Straten¹, Maurice Bun^1,2, Martijn Boermans² ¹University of Amsterdam; ²De Nederlandsche Bank Discussant: Will Liu (City University of Hong Kong) ESG Investing and Stock Return Comovements Marcin Kacperczyk¹, Lin Peng², Jing Xie³ ¹Imperial College London; ²Baruch College; ³University of Macau Discussant: Shane Miller (University of Michigan)
10:30am - 12:15pm	Housing Location: Studio 6 Session Chair: Leming Lin, University of Pittsburgh
	Housing and Fertility Bernardus van Doornik¹, Dimas Fazio², Tarun Ramadorai³, Janis Skrastins⁴ ¹Banco Central do Brasil; ²National University of Singapore; ³Imperial College London; ⁴Washington University in St. Louis Discussant: Jing Li (Singapore Management University) Financial Frictions and Geographical Diversification of National Homebuilders Seohee Kim Indiana University Discussant: Hyun-Soo Choi (Korea Advanced Institute of Science and Technology) Green Mortgages Joao Cocco, Bernardo Mendes, Lakshmi Naaraayanan London Business School Discussant: Michael Boutros (University of Toronto)
10:30am - 12:15pm	Governance Location: Studio 7 Session Chair: Tingjun Liu, Hong Kong University
	Voting on Public Goods: Citizens vs. Shareholders Robin Döttling¹, Doron Levit², Nadya Malenko³, Magdalena Rola-Janicka⁴ ¹Erasmus University Rotterdam; ²University of Washington; ³Boston College; ⁴Imperial College London Discussant: Deeksha Gupta (Johns Hopkins University) Leaks, Disclosures and Internal Communication Snehal Banerjee¹, Peicong {Keri} Hu², Taejin Kim³ ¹University of Michigan; ²University of Hong Kong; ³Korea University Discussant: Keeyoung Rhee (Sungkyunkwan University) Kamikazes in Public Procurements: Bid-Rigging and Real Non-Market Outcomes Dimas Fazio, Alminas Zaldokas National University of Singapore, Singapore Discussant: Kunru Zou (Hong Kong Baptist University)
10:30am - 12:15pm	Fintech Lending Location: Studio 8 Session Chair: Yan Xiong, University of Hong Kong
	Regulating Credit: Effects on Market Structure, Lender Technologies, and Credit Access Susan Cherry Stanford University Discussant: Yang (Gloria) Yu (Singapore Management University) Open Banking and Digital Payments: Implications for Credit Access Shashwat Alok¹, Pulak Ghosh², Nirupama Kulkarni³, Manju Puri⁴ ¹Indian School of Business; ²Indian Institute of Management; ³Centre for Advanced Financial Research and Learning; ⁴Duke University Discussant: Mingzhu Tai (University of Hong Kong) Policy Portfolio for Banks: Deposit Insurance and Liquidity Injection Chong Huang¹, Lin Shen², Junyuan Zou² ¹University of California, Irvine; ²INSEAD
10:30am - 12:15pm	Labour Markets Location: Studio 9 Session Chair: Jianqiu Bai, Northeastern University
	Exploitation Payoffs and Incentives for Exploration Jangwoo Lee¹, William Fuchs², Martin Dumav³ ¹Chinese University of Hong Kong; ²University of Texas at Austin; ³University of Carlos III Discussant: Di Li (Peking University) Financial Innovation, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems Jacelly Cespedes¹, Carlos Burga², Carlos Parra², Bernardo Ricca³ ¹University of Minnesota; ²Pontificia Universidad Católica de Chile; ³Insper Discussant: Jian Zhang (University of Hong Kong) Human Capital, Competition and Mobility in the Managerial Labor Market John Barry¹, Noah Lyman², Lin Zhao³ ¹Rice University; ²University of Warwick; ³Duke University Discussant: Dimas Fazio (National University of Singapore)
12:30pm - 2:00pm	Lunch: FIRS Business Meeting, JFI Awards Location: Grand Ballroom, Level 3 Located on Level 3
2:30pm - 4:15pm	Bank Stability Location: Studio 4 Session Chair: Anastasia Kartasheva, University of St Gallen
	Bank Geographic Diversification And Funding Stability Sebastian Doerr Bank for International Settlements Discussant: Anastasia Kartasheva (University of St Gallen) Do Higher Interest Rates Make The Banking System Safer? Evidence From Bank Leverage Ali Uppal Imperial College London Discussant: Teodora Paligorova (Federal Reserve Board) Managing Overreaction During a Run Caio Machado Pontificia Universidad Católica de Chile Discussant: Natalya Martynova (Deutsche Bundesbank)
2:30pm - 4:15pm	Product Markets Location: Studio 5 Session Chair: Xiaoji Lin, University of Minnesota
	The Product Market Consequences of Corporate Bankruptcy: New Evidence from 300 Million Retail Transactions Murillo Campello², Gustavo Cortes², Sergio H. Rocha¹ ¹Monash University; ²University of Florida Discussant: Jaewon Choi (Seoul National University) Firm Product Concentration and Asset Prices Alexandre Corhay University of Toronto Discussant: Yu Li (Shanghai Jiao Tong University) Adverse Selection and Endogenous Information Joao Lucas Thereze Ferreira Duke University Discussant: Chao Ying (Chinese University of Hong Kong)
2:30pm - 4:15pm	Methods Location: Studio 6 Session Chair: Naveen Gondhi, INSEAD
	Causal Inference for Asset Pricing Valentin Haddad¹, Zhiguo He², Paul Huebner³, Peter Kondor⁴, Erik Loualiche⁵ ¹University of California, Los Angeles; ²Stanford University; ³Stockholm School of Economics; ⁴London School of Economics; ⁵University of Minnesota Discussant: Sergei Glebkin (INSEAD) AlphaManager: A Data-Driven-Robust-Control Approach to Corporate Finance Murillo Campello¹, Lin William Cong², Luofeng Zhou³ ¹University of Florida; ²Cornell University; ³New York University Discussant: Anton Tsoy (University of Toronto) Addressing Anticipation Effects in Finance Tomislav Ladika¹, Elisa Pazaj¹, Zacharias Sautner² ¹University of Amsterdam; ²University of Zurich Discussant: Arkodipta Sarkar (National University of Singapore)
2:30pm - 4:15pm	Financing in Low Income Countries Location: Studio 7 Session Chair: S. Viswanathan, Duke University
	The Welfare Benefits of Pay-As-You-Go Financing Paul Gertler¹, Brett Green², Renping Li², David Sraer¹ ¹University of California, Berkeley; ²Washington University in St. Louis Discussant: Dong Beom Choi (Seoul National University) Small Firm Investment under Uncertainty: The Role of Equity Finance Muhammad Meki University of Oxford Discussant: Angela Ma (Boston College) Financial Stimulus and Microfinance Institutions in Emerging Markets Carlos Burga¹, Walter Cuba², Eduardo Díaz², Elmer Sánchez² ¹Pontificia Universidad Católica de Chile; ²Central Reserve Bank of Perú Discussant: Sean Higgins (Northwestern University)
2:30pm - 4:15pm	Politics Location: Studio 8 Session Chair: Jonathan Brogaard, University of Utah
	Mega-Donors and Representation of the Wealthy in the Wake of Citizens United Ilona Babenko¹, Viktar Fedaseyeu², Guosong Xu³ ¹Arizona State University; ²China Europe International Business School; ³Erasmus University Discussant: Matthew Denes (Carnegie Mellon University) Corporate Lobbying of Bureaucrats Michelle Lowry¹, Ekaterina Volkova² ¹Drexel University, USA; ²University of Melbourne, Australia Discussant: Pat Akey (University of Toronto) Government Litigation Risk and the Decline in Low-Income Mortgage Lending Erik Mayer¹, Scott Frame², Kristopher Gerardi³, Billy Xu⁴, Lawrence Zhao⁵ ¹University of Wisconsin-Madison; ²Structured Finance Association; ³Federal Reserve Bank of Atlanta; ⁴University of Rochester; ⁵Texas Tech University Discussant: Keling Zheng (University of British Columbia)
2:30pm - 4:15pm	Credit and Interest Rate Risk Location: Studio 9 Session Chair: Patrick Augustin, McGill University
	Excess Co-movement in Default Risk Jan Ericsson¹, Kristoffer Glover², Alexandre Jeanneret³, Lucie Lu⁴ ¹McGill University; ²University of Technology Sydney; ³University of New South Wales; ⁴University of Melbourne Discussant: Jongsub Lee (Seoul National University) The Market for Sharing Interest Rate Risk: Quantities and Asset Prices Umang Khetan¹, Jian Li², Ioana Neamtu³, Ishita Sen⁴ ¹University of Iowa; ²Columbia University; ³Bank of England; ⁴Harvard University Discussant: Karamfil Todorov (Bank for International Settlements) Bond Funds and Credit Risk Jaewon Choi¹, Amil Dasgupta², Ji Yeol Jimmy Oh³ ¹Seoul National University; ²London School of Economics; ³Sungkyunkwan University Discussant: Alex Dickerson (University of New South Wales)

Financial Intermediation Research Society
2025 Conference

May 29-31, 2025

Seoul, South Korea

Conference Agenda