2016 Meeting Program

Preliminary Program
January 3-5, 2016
Seventy Sixth Annual Meeting
American Finance Association

San Francisco, California

Session: Government Policies and Markets
January 3, 2016 8:00 am to 10:00 am
MarriottMarquis, Yerba Buena Salons 12 & 13

Session Chair: Anna Cieslak, Duke University

Is the revolving door of Washington a back door to excess corporate returns?
Mehmet Canayaz; University of Oxford
Jose Martinez; University of Connecticut
Han Ozsoylev; University of Oxford

Discussant: Vyacheslav Fos, Boston College

Regulatory Arbitrage in Repo Markets
Ben Munyan; Vanderbilt University

Discussant: Antoine Martin, Federal Reserve Bank of New York

Student Loans and the Rise in College Tuition: Evidence from the Expansion in Federal Loan Programs
David Lucca; Federal Reserve Bank of New York
Taylor Nadauld; Brigham Young University

Discussant: Brian Melzer, Northwestern University

When transparency improves, must prices reflect fundamentals better?
Snehal Banerjee; University of California - San Diego
Jesse Davis; Northwestern University
Naveen Gondhi; Northwestern University

Discussant: Laura Veldkamp, New York University

Session: Institutional Investors and Alternative Assets
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Anna Pavlova, London Business School

How to Squander Your Endowment: Pitfalls and Remedies
Phil Dybvig; Washington University, St. Louis
Qin Zhenjiang; Southwestern University of Finance and Economics

Discussant: Thomas Gilbert, University of Washington

Riding the Bubble with Convex Incentives
Juan Sotes-Paladino; University of Melbourne
Fernando Zapatero; University of Southern California

Discussant: Andrea M. Buffa, Boston University

Where Experience Matters: Asset Allocation and Asset Pricing with Opaque and Illiquid Assets
Adrian Buss; INSEAD
Raman Uppal; Edhec Business School
Grigory Vilkov; Frankfurt School of Finance and Management

Discussant: Christian Heyerdahl-Larsen, London Business School

Does it Pay to Invest in Art? A Selection-corrected Returns Perspective
Arthur Korteweg; University of Southern California
Roman Kraussl; University of Luxembourg and Emory University
Patrick Verwijmeren; Erasmus University

Discussant: Ludovic Phalippou, University of Oxford

Session: High-Frequency Trading
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Nob Hill A & B

Session Chair: Albert Menkveld, Vrije University Amsterdam

The Welfare Impact of High Frequency Trading
Giovanni Cespa; City University London
Xavier Vives; IESE Business School

Discussant: Andreas Park, University of Toronto

High-Frequency Trading and Market Stability
Dion Bongaerts; Erasmus University
Mark Van Achter; Erasmus University

Discussant: Shmuel Baruch, University of Utah

Anticipatory Traders and Trading Speed
Raymond Fishe; University of Richmond
Richard Haynes; U.S. Commodity Futures Trading Commission
Esen Onur; U.S. Commodity Futures Trading Commission

Discussant: Joel Hasbrouck, New York University

High-frequency trading and extreme price movements
Jonathan Brogaard; University of Washington, Seattle
Al Carrion; Lehigh University
Thibaut Moyaert; Louvain School of Management
Ryan Riordan; Queen's University
Andriy Shkilko; Wilfrid Laurier University
Konstantin Sokolov; Wilfrid Laurier University

Discussant: Maureen O'Hara, Cornell University

Session: Aggregate volatility shocks: real and financial effects
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Nob Hill C & D

Session Chair: Stefano Giglio, University of Chicago

Uncertainty and International Capital Flows
Francois Gourio; Federal Reserve Bank of Chicago
Michael Siemer; Federal Reserve Board
Adrien Verdelhan; Massachusetts Institute of Technology

Discussant: Helene Rey, London Business School

Flight-to-Safety in the Nonlinear Risk-Return Tradeoff for Stocks and Bonds
Tobias Adrian; Federal Reserve Bank of New York
Richard Crump; Federal Reserve Bank of New York
Erik Vogt; Federal Reserve Bank of New York

Discussant: Eric Ghysels, University of North Carolina

Inventory Risk, Market-Maker Wealth, and the Variance Risk Premium: Theory and Evidence
Mathieu Fournier; HEC Montréal
Kris Jacobs; University of Houston

Discussant: Ian Dew-Becker, Northwestern University

Session: The Influence of Markets on Corporate Policy
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Amy Dittmar, University of Michigan

The Rise of the Equity Lending Market: Implications for Stock Repurchases and Corporate Cash
Murillo Campello; Cornell University and NBER
Pedro Saffi; Judge Business School

Discussant: Ran Duchin, University of Washington

Kicking Maturity Down the Road: Early Refinancing and Maturity Management in the Corporate Bond Market
Qiping Xu; University of Chicago

Discussant: Taylor Begley, London Business School

The Risk Anomaly Tradeoff of Leverage
Malcolm Baker; Harvard Business School
Jeffrey Wurgler; New York University

Discussant: Hui Chen, Massachusetts Institute of Technology

Session: Law and the Business and Social Environment
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Jarrad Harford, University of Washington

Law and Finance Matter: Lessons from Externally Imposed Courts
James Brown; Iowa State University
J. Anthony Cookson; University of Colorado
Rawley Heimer; Federal Reserve Bank of Cleveland

Discussant: David Robinson, Duke University

How Collateral Laws Shape Lending and Sectoral Activity
Charles Calomiris; Columbia University
Mauricio Larrain; Columbia University
Jose Liberti; DePaul University
Jason Sturgess; DePaul University

Discussant: Scott Frame, Federal Reserve Bank of Atlanta

Measuring Contract Completeness: A Text Based Analysis of Loan Agreements
Bernhard Ganglmair; University of Texas-Dallas
Malcolm Wardlaw; University of Texas-Dallas

Discussant: Greg Nini, Drexel University

Whither Delaware? Limited Commitment and the Financial Value of Corporate Law
Martijn Cremers; University of Notre Dame
Simone Sepe; University of Arizona and Toulouse School of Economics

Discussant: Jonathan Karpoff, University of Washington

Session: Innovations and Behavior in Household Finance
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Adair Morse, University of California-Berkeley

The Display of Information and Household Investment Behavior
Maya Shaton; Federal Reserve Board of Governors

Discussant: Brad Barber, University of California-Davis

Adverse Selection and Maturity Choice in Consumer Credit Markets: Evidence from an Online Lender
Andrew Hertzberg; Columbia University
Andres Liberman; New York University
Daniel Paravisini; London School of Economics

Discussant: Mitchell Petersen, Northwestern University

Do Credit Card Companies Screen for Behavioral Biases?
Hong Ru; Nanyang Technological University
Antoinette Schoar; Massachusetts Institute of Technology

Discussant: Justine Hastings, Brown University

Session: Liability Structure and Funding Risk of Banks
January 3, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Charles Calomiris, Columbia University

Bank Liability Structure
Suresh Sundaresan; Columbia University
Zhenyu Wang; Indiana University

Discussant: Deborah Lucas, Massachusetts Institute of Technology

Double Bank Runs and Liquidity Risk Management
Filippo Ippolito; Universitat Pompeu Fabra
Jose Luis Peydro; Universitat Pompeu Fabra
Andrea Polo; Universitat Pompeu Fabra and Barcelona Graduate School of Economics
Enrico Sette; Bank of Italy

Discussant: Heitor Almeida, University of Illinois at Urbana-Champaign

Banks, Taxes, and Nonbank Competition
George Pennacchi; University of Illinois

Discussant: Charles Calomiris, Columbia University

Session: Raising Capital
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: N R Prabhala, University of Maryland, College Park and CAFRAL

Why does the U.S. have so few listed firms?
Craig Doidge; University of Toronto
Andrew Karolyi; Cornell University
Rene Stulz; Ohio State University

Discussant: Jonathan Reuter, Boston College

Institutional Bidding in IPO Allocation: Evidence from China
Jerry Cao; Singapore Management University
Tiecheng Leng; Lingnan College, Sun Yat-sen University
Bo Liu; University of Electronic Science and Technology of China
William Megginson; University of Oklahoma

Discussant: N R Prabhala, University of Maryland, College Park and CAFRAL

The Real Effects of Equity Issuance Frictions
Matthew Gustafson; Pennsylvania State University
Peter Iliev; Pennsylvania State University

Discussant: Joan Farre-Mensa, Harvard Business School

Session: CEOs/CFOs/Boards
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Carola Frydman, Northwestern University

Knighthoods, Damehoods and CEO Behaviour
Konrad Raff; Norwegian School of Economics
Linus Siming; Università Bocconi and IGIER

Discussant: Geoffrey Tate, University of North Carolina

The Contract Year Phenomenon in the Corner Office: An Analysis of Firm Behavior During CEO Contract Renewals
Ping Liu; University of Illinois-Urbana-Champaign
Yuhai Xuan; University of Illinois-Urbana-Champaign

Discussant: Dirk Jenter, Stanford University

Playing it Safe? Managerial Preferences, Risk, and Agency Conflicts
Todd Gormley; University of Pennsylvania
David Matsa; Northwestern University

Discussant: Joshua Rauh, Stanford University

Session: R&D, Patents, and Innovation
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Gustavo Manso, University of California-Berkeley

Do Stock Markets Promote Innovation? Evidence from the Enforcement of Insider Trading Laws
Ross Levine; University of California-Berkeley
Chen Lin; University of Hong Kong
Lai Wei; University of Hong Kong

Discussant: Amit Seru, University of Chicago

Top Management Human Capital, Inventor Mobility, and Corporate Innovation
Thomas Chemmanur; Boston College
Lei Kong; Boston College
Karthik Krishnan; Northeastern University
Qianqian Yu; Boston College

Discussant: Michael Ewens, California Institute of Technology

Unleashing Innovation
Yifei Mao; Cornell University
Xuan Tian; Indiana University
Xiaoyun Yu; Indiana University

Discussant: Shai Bernstein, Stanford University

Competition and R&D Financing Decisions: Theory and Evidence from the Biopharmaceutical Industry
Richard Thakor; Massachusetts Institute of Technology
Andrew Lo; Massachusetts Institute of Technology

Discussant: Matthew Rhodes-Kropf, Harvard University

Session: Environmental Information and Asset Pricing
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Nob Hill A & B

Session Chair: Augustin Landier, Toulouse School of Economics

SRI Funds: Investor Demand, Exogenous Shocks and ESG Profiles
Jedrzej Bialkowski; University of Canterbury
Laura Starks; University of Texas-Austin

Discussant: Sebastien Pouget, Toulouse School of Economics

Do Analysts Curb Corporate Social Irresponsibility? Evidence from Natural Experiments
Hui Dong; Shanghai University of Finance and Economics
Chen Lin; University of Hong Kong
Xintong Zhan; Chinese University of Hong Kong

Discussant: Leonard Kostovetsky, Boston College

Climate Change and Firm Valuation: Evidence from a Quasi-Natural Experiment
Philipp Krueger; University of Geneva, Swiss Finance Institute

Discussant: Kelly Shue, University of Chicago

Session: Equity Factors
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Stefan Nagel, University of Michigan

Leverage Constraints and Asset Prices: Insights from Mutual Fund Risk Taking
Oliver Boguth; Arizona State University
Mikhail Simutin; University of Toronto

Discussant: Dong Lou, London School of Economics

The Level, Slope and Curve Model for Stocks
Charles Clarke; University of Connecticut

Discussant: Serhiy Kozak, University of Michigan

Lucky Factors
Campbell Harvey; Duke University
Yan Liu; Texas A&M University

Discussant: Bryan Kelly, University of Chicago

Session: Macroprudential Regulation and Financial Crises
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Gregory Feldberg, U.S. Office of Financial Research

Beyond Capital Regulation: An Underestimated Risk Source
Frederic Schweikhard; University of Oxford
Zoe Tsesmelidakis; University of Oxford

Discussant: Mark Flannery, Securities Exchange Commission

Decision-Making during the Crisis: Did the Treasury let Commercial Banks fail?
Ettore Croci; Università Cattolica del Sacro Cuore di Milano
Gerard Hertig; ETH Zurich
Eric Nowak; University of Lugano

Discussant: Allen Berger, University of South Carolina

Does Lack of Financial Stability Impair the Transmission of Monetary Policy?
Viral Acharya; New York University
Björn Imbierowicz; Goethe University Frankfurt
Sascha Steffen; University of Mannheim and ZEW
Daniel Teichmann; Goethe University Frankfurt

Discussant: Jamie McAndrews, Federal Reserve Bank of New York

Session: Liquidity, Frictions, and Limits to Arbitrage
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Nicolae Garleanu, University of California-Berkeley

Government Intervention and Arbitrage
Paolo Pasquariello; University of Michigan

Discussant: Dmitry Livdan, University of California-Berkeley

Financial Intermediation Chains in a Search Market
Ji Shen; London School of Economics
Bin Wei; Federal Reserve Bank of Atlanta
Hongjun Yan; Yale University

Discussant: Pierre-Olivier Weill, University of California-Los Angeles

The Shorting Premium and Asset Pricing Anomalies
Itamar Drechsler; New York University
Freda Drechsler; University of Pennsylvania

Discussant: Jianfeng Yu, University of Minnesota

Dash for Cash: Month-End Liquidity Needs and the Predictability of Stock Returns
Erkko Etula; Goldman, Sachs & Co.
Kalle Rinne; University of Luxembourg
Matti Suominen; Aalto University
Lauri Vaittinen; Mandatum Life

Discussant: David Sraer, University of California-Berkeley

Session: AFA Panel - Is the Refereeing Process Broken? Perspectives of Top-Journal Editors
January 3, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salon 8

Joint Session with the AEA

Session Chair: David Hirshleifer, University of California-Irvine

Panelists:
Liran Einav; Stanford University
Glenn Ellison; Massachusetts Institute of Technology
Pinelopi Goldberg; Yale University
David Hirshleifer; University of California-Irvine
Preston McAfee; Microsoft
Toni Whited; University of Michigan

Session: Information Processing, Transmission and Trading
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: Vyacheslav Fos, Boston College

Investor Demand for Information in Newly Issued Securities
Scott Bauguess; Securities and Exchange Commission
John Cooney; Texas Tech University
Kathleen Hanley; Lehigh University

Discussant: Heather Tookes, Yale University

Potential Pilot Problems: Treatment Spillovers in Financial Regulatory Experiments
Ekkehart Boehmer; Singapore Management University
Charles Jones; Columbia University
Xiaoyan Zhang; Purdue University

Discussant: Chester Spatt, Carnegie Mellon University

How Quickly Do Markets Learn? Private Information Dissemination in a Natural Experiment
Robert Jackson; Columbia University
Wei Jiang; Columbia University
Joshua Mitts; Columbia University

Discussant: Peter Koudijs, Stanford University

Disclosure Timing, Information Asymmetry, and Stock Returns: Evidence from 8-K Filing Texts
Itay Goldstein; University of Pennsylvania
Di (Andrew) Wu; University of Pennsylvania

Discussant: Lily Fang, Massachusetts Institute of Technology

Session: Compensation and Agency
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Nob Hill A & B

Session Chair: Claudia Custodio, Nova School of Business and Economics

Wages and Firm Performance: Evidence from the 2008 Financial Crisis
Paige Ouimet; University of North Carolina
Elena Simintzi; UBC

Discussant: Miguel Ferreira, Nova School of Business and Economics

Labor unemployment risk and CEO incentive compensation
Andrew Ellul; Indiana University
Cong Wang; Chinese University of Hong Kong
Kuo Zhang; Chinese University of Hong Kong

Discussant: Carola Frydman, Northwestern University

Executive Compensation and the Market Valuation of Managerial Attributes
Si Li; Wilfrid Laurier University
M. Fabricio Perez; Wilfrid Laurier University

Discussant: Charles Hadlock, Michigan State University

Product market peers and relative performance evaluation
Sudarshan Jayaraman; University of Rochester
Todd Milbourn; Washington University in St. Louis
Hojun Seo; Washington University in St. Louis

Discussant: Kevin Murphy, University of Southern California

Session: Corporate Disclosure and Accounting
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Nob Hill C & D

Session Chair: Michelle Hanlon, Massachusetts Institute of Technology

Competition and Bank Opacity
Liangliang Jiang; Lingnan University
Ross Levine; University of California-Berkeley
Chen Lin; University of Hong Kong

Discussant: Joao Granja, Massachusetts Institute of Technology

Financial Constraints and Corporate Disclosure
Rustom Irani; University of Illinois at Urbana-Champaign
David Oesch; University of Zurich

Discussant: Michael Minnis, University of Chicago

The Informativeness and Monitoring Effect of Analysts’ Comments on Earnings Quality
Zhongwei Huang; City University London

Discussant: Mark T. Bradshaw, Boston College

Session: Finance and the Firm's Workforce
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: David Matsa, Northwestern University

The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity
John (Jianqiu) Bai; Northeastern University
Daniel Carvalho; University of Southern California
Gordon Phillips; Dartmouth College

Discussant: John Haltiwanger, University of Maryland

Winners and Losers of Financial Crises: Evidence from Individuals and Firms
Daniela Hochfellner; University of Michigan
Joshua Montes; Congressional Budget Office
Martin Schmalz; University of Michigan
Denis Sosyura; University of Michigan

Discussant: Jonathan Parker, Massachusetts Institute of Technology

“Since you’re so rich, you must be really smart”: Talent and the finance wage premium
Michael Boehm; University of Bonn
Daniel Metzger; Stockholm School of Economics
Per Stromberg; Stockholm School of Economics

Discussant: Thomas Lemieux, University of British Columbia

Session: Private Equity
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Victoria Ivashina, Harvard Business School

How much for a haircut? Illiquidity, the secondary market, and the value of private equity
Nicolas Bollen; Vanderbilt University
Berk Sensoy; Ohio State University

Discussant: Arthur Korteweg, University of Southern California

Private Equity Portfolio Company Fees
Ludovic Phalippou; University of Oxford
Christian Rauch; Johann Wolfgang Goethe-University
Marc Umber; Frankfurt School of Finance & Management

Discussant: Andrey Malenko, Massachusetts Institute of Technology

Interim Fund Performance and Fundraising in Private Equity
Brad Barber; University of California-Davis
Ayako Yasuda; University of California-Davis

Discussant: Sabrina Howell, New York University

How persistent is private equity performance? Evidence from deal-level data
Reiner Braun; Technical University Munich
Tim Jenkinson; Oxford University
Ingo Stoff; Technical University Munich

Discussant: Jules van Binsbergen, University of Pennsylvania

Session: Pricing of Variance and Tail Risk in Derivatives Markets
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Bryan Kelly, University of Chicago

Where Do Informed Traders Trade First? Option Trading Activity, News Releases, and Stock Return Predictability
Martijn Cremers; University of Notre Dame
Andy Fodor; Ohio University
David Weinbaum; Syracuse University

Discussant: Travis Johnson, University of Texas

Pricing of Idiosyncratic Equity and Variance Risks
Elise Gourier; Queen Mary University of London

Discussant: Kris Jacobs, University of Houston

Fear Trading
Paul Schneider; University of Lugano and Swiss Finance Institute
Fabio Trojani; University of Lugano

Discussant: Stefano Giglio, University of Chicago

Session: Firms and Markets
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Gregor Matvos, University of Chicago

Detail Disagreement and Innovation Booms
Valentin Haddad; Princeton University
Paul Ho; Princeton University
Erik Loualiche; Massachusetts Institute of Technology

Discussant: Bruce Carlin, University of California-Los Angeles

Collateral-Based Asset Pricing
Roberto Steri; University of Lausanne

Discussant: Christian Opp, University of Pennsylvania

Brokers vs. Retail Investors: Conflicting Interests and Dominated Products
Mark Egan; University of Minnesota

Discussant: Robert McDonald, Northwestern University

Session: AFA Panel - Sports, Economics, and Finance
January 3, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salon 8

Session Chair: Tobias Moskowitz, University of Chicago

Panelists:
Dean Oliver, TruMedia Networks
Brian Burke, Founder of Advanced NFL Analytics and ESPN Statistical Analyst
Tobias Moskowitz, University of Chicago, NBER, and AQR
Jeff Ma, Founder and CEO of TenXer and Predictive Analytics Expert, ESPN

Event: Academic Female Finance Committee (AFFECT) Reception
January 3, 2016 6:30 pm to 8:30 pm
Marriott Marquis, View Lounge

All are welcome (children are also welcome) but space is limited. RSVP at affect@unsw.edu.au

Session: Variance and Crash Risk Pricing
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Nob Hill C & D

Session Chair: Itamar Drechsler, New York University

Do rare events explain CDX tranche spreads?
Sang Byung Seo; University of Pennsylvania
Jessica Wachter; University of Pennsylvania

Discussant: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne

Does Variance Risk Have Two Prices?
Laurent Barras; McGill University
Aytek Malkhozov; Bank for International Settlements

Discussant: Alan Moreira, Yale University

Good Jumps, Bad Jumps, and Conditional Equity Premium
Hui Guo; University of Cincinnati
Kent Wang; Xiamen University
Hao Zhou; Tsinghua University

Discussant: Mete Kilic, University of Pennsylvania

Good and Bad Variance Premium and Expected Returns
Mete Kilic; The Wharton School, University of Pennsylvania
Ivan Shaliastovich; University of Pennsylvania

Discussant: Juan M. Londono, Federal Reserve Board

Session: Security and Market Mechanism Design
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Tomasz Piskorski, Columbia University

Benchmarks in Search Markets
Darrell Duffie; Stanford University
Piotr Dworczak; Stanford University
Haoxiang Zhu; Massachusetts Institute of Technology

Discussant: Marzena Rostek, University of Wisconsin-Madison

Optimal margins and equilibrium prices
Bruno Biais; Université de Toulouse 1 Capitole
Florian Heider; European Central Bank
Marie Hoerova; European Central Bank

Discussant: William Fuchs, University of California - Berkeley

The Causal Impact of Market Fragmentation on Liquidity
Peter Haslag; Washington University-St Louis
Matthew Ringgenberg; Washington University-St. Louis

Discussant: Emiliano Pagnotta, Imperial College London

Welfare costs of informed trade
Lawrence Glosten; Columbia University
Talis Putnins; University of Technology-Sydney

Discussant: Brett Green, University of California-Berkeley

Session: Investment Policy, Risk Taking and Hedging
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Kelly Shue, University of Chicago

The Real Effects of Credit Ratings: The Sovereign Ceiling Channel
Heitor Almeida; University of Illinois at Urbana-Champaign
Igor Cunha; Nova School of Business and Economics
Miguel Ferreira; Nova School of Business and Economics
Felipe Restrepo; Ivey Business School, Western University

Discussant: Bo Becker, Stockholm School of Economics

Owners' portfolio diversification and firm investment: Evidence from public and private firms
Evgeny Lyandres; Boston University
Maria-Teresa Marchica; University of Manchester
Roni Michaely; Cornell University
Roberto Mura; University of Manchester

Discussant: Gordon Phillips, Dartmouth College

Does Hedging Affect Firm Value? Evidence from a Natural Experiment
Erik Gilje; University of Pennsylvania
Jerome Taillard; Babson College

Discussant: Hayong Yun, Michigan State University

The Source of Information in Prices and Investment-Price Sensitivity
Alex Edmans; London Business School
Sudarshan Jayaraman; University of Rochester

Discussant: Marcin Kacperczyk, Imperial College London

Session: Culture, Ethics and Finance
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Paola Sapienza, Northwestern University

Crime, Punishment and the Halo Effect of Corporate Social Responsibility
Harrison Hong; Princeton University
Inessa Liskovich; Princeton University

Discussant: Enrichetta Ravina, Columbia University

Women on Corporate Boards: Good or Bad?
Thomas Schmid; University of Hong Kong
Daniel Urban; Technische Universität München

Discussant: Margarita Tsoutsoura, University of Chicago

Swimming upstream: Struggling firms in corrupt cities
Christopher Parsons; University of California-San Diego
Johan Sulaeman; National University of Singapore
Sheridan Titman; The University of Texas-Austin

Discussant: Brian Melzer, Northwestern University

Session: Regulatory Behavior and Design
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: Amit Seru, University of Chicago

Funding and Incentives of Regulators: Evidence from Banking
Roni Kisin; Washington University in St. Louis
Asaf Manela; Washington University in St. Louis

Discussant: David Lucca, Federal Reserve Bank of New York

The Strategic under-reporting of Bank Risk
Taylor Begley; London Business School
Amiyatosh Purnanandam; University of Michigan
Kuncheng (K.C.) Zheng; Northeastern University

Discussant: Philipp Schnabl, New York University

Deregulation, Competition and the Race to the Bottom
Marco Di Maggio; Columbia University
Amir Kermani; University of California-Berkeley
Sanket Korgaonkar; University of California-Berkeley

Discussant: Sumit Agarwal, National University of Singapore

Supervisory Incentives in a Banking Union
Robert Marquez; University of California-Davis
Elena Carletti; European University Institute
Giovanni Dell'Ariccia; International Monetary Fund

Discussant: Uday Rajan, University of Michigan

Session: Limits to Arbitrage
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Dimitris Papanikolaou, Northwestern University

Days to Cover and Stock Returns
Harrison Hong; Princeton University
Weikai Li; Hong Kong University of Science and Technology
Sophie Ni; Hong Kong University of Science and Technology
Jose Scheinkman; Columbia University

Discussant: Karl Diether, Dartmouth College

Leveraged Speculators and Asset Prices
Wenxi Jiang; Yale University

Discussant: Nina Boyarchenko, Federal Reserve Bank of New York

A Theory of Operational Risk
Suleyman Basak; London Business School
Andrea M. Buffa; Boston University

Discussant: Konstantin Milbradt, Northwestern University

Session: Behavioral Finance
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Christopher Parsons, University of California-San Diego

Identity, Overconfidence, and Investment Decisions
Francesco D'Acunto; University of California-Berkeley

Discussant: Yuval Rottenstreich, University of California-San Diego

A Natural Experiment in Portfolio Management
Stephan Kranner; Vienna University of Ecoomics and Business
Neal Stoughton; Vienna University of Economics and Business
Josef Zechner; Vienna University of Economics and Business

Discussant: John Beshears, Harvard University

The Term Structure of Equity Returns: Risk or Mispricing?
Michael Weber; University of Chicago

Discussant: Malcolm Baker, Harvard Business School

The Fetal Origins Hypothesis in Finance: Prenatal Environment and Investor Behavior
Henrik Cronqvist; University of Miami
Alessandro Previtero; University of Texas-Austin
Stephan Siegel; University of Washington
Roderick White; University of Western Ontario

Discussant: Richard Townsend, Dartmouth College

Session: Advances in International Finance
January 4, 2016 8:00 am to 10:00 am
Marriott Marquis, Nob Hill A & B

Session Chair: Matteo Maggiori, Harvard University

The Carry Trade and Uncovered Interest Parity when Markets are Incomplete
Jack Favilukis; University of British Columbia
Lorenzo Garlappi; University of British Columbia

Discussant: Stavros Panageas, University of Chicago

Currency Risk Factors in a Recursive Multi-Country Economy
Riccardo Colacito; University of North Carolina
Mariano Croce; University of North Carolina
Federico Gavazzoni; INSEAD
Robert Ready; University of Rochester

Discussant: Nicolas Coeurdacier, SciencesPo

Macro Uncertainty and Currency Premia
Pasquale Della Corte; Imperial College London
Aleksejs Krecetovs; Imperial College London

Discussant: Paolo Cavallino, New York University

The Term Structure of Currency Carry Trade Risk Premia
Hanno Lustig; Stanford University
Andreas Stathopoulos; University of Washington
Adrien Verdelhan; Massachusetts Institute of Technology

Discussant: Stefano Giglio, University of Chicago

Session: Institutional Biases and Asset Prices
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Nob Hill A & B

Session Chair: Alok Kumar, University of Miami

Distracted Institutional Investors
Daniel Schmidt; HEC Paris

Discussant: Jawad Addoum, University of Miami

Risk Spillover and Large Institutional Investors
Itzhak Ben-David; Ohio State University and NBER
Francesco Franzoni; University of Lugano
Rabih Moussawi; University of Pennsylvania
John Sedunov; Villanova University

Discussant: Tarun Ramadorai, University of Oxford

Short selling activity and waiting games
Francesco Franzoni; University of Lugano
Massimo Massa; INSEAD
Carlo sommavilla; University of Lugano

Discussant: Russell Jame, University of Kentucky

Price pressure from coordinated noise trading: Evidence from pension fund reallocations
Zhi Da; University of Notre Dame
Borja Larrain; Pontificia Universidad Catolica de Chile
Clemens Sialm; University of Texas-Austin and NBER
Jose Tessada; Pontificia Universidad Catolica de Chile

Discussant: Richard Sias, University of Arizona

Session: Behavioral CEOs
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Geoffrey Tate, University of North Carolina

Do Managers Overreact to Salient Risks? Evidence from Hurricane Strikes
Olivier Dessaint; University of Toronto
Adrien Matray; Princeton University

Discussant: Ran Duchin, University of Washington

Corporate Risk Culture
Yihui Pan; University of Utah
Stephan Siegel; University of Washington
Tracy Wang; University of Minnesota

Discussant: Mara Faccio, Purdue University

Do CEO Beliefs Affect Corporate Cash Holdings?
Sanjay Deshmukh; DePaul University
Anand Goel; Navigant
Keith Howe; DePaul University

Discussant: Vikram Nanda, Rutgers University

Initial Offer Precision and M&A Outcomes
Petri Hukkanen; Aalto University
Matti Keloharju; Aalto University

Discussant: Tim Loughran, University of Notre Dame

Session: Dimensions of Governance Revisited
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Augustin Landier, Toulouse School of Economics

The Evolution of Corporate Cash
John Graham; Duke University
Mark Leary; Washinton University-St. Louis

Discussant: Murillo Campello, Cornell University and NBER

Costly External Finance, Regulatory Regime, and the Strategic Timing of Vehicle Recalls
Sudipto Dasgupta; Hong Kong University of Science and Technology
Jin Xie; Chinese University of Hong Kong

Discussant: Tom Chang, University of Southern California

Staggered Boards and Firm Value, Revisited
Martijn Cremers; University of Notre Dame
Lubomir Litov; University of Arizona
Simone Sepe; University of Arizona

Discussant: Dirk Jenter, Stanford University

Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class
Manuel Adelino; Duke University
Antoinette Schoar; Massachusetts Institute of Technology
Felipe Severino; Dartmouth College

Discussant: Nancy Wallace, University of California-Berkeley

Session: Information Frictions in Asset Markets
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Laura Veldkamp, New York University

Impediments to Financial Trade: Theory and Measurement
Nicolae Garleanu; University of California-Berkeley
Stavros Panageas; University of Chicago
Jianfeng Yu; University of Minnesota

Discussant: Ralph Koijen, London Business School

Multi-Asset Noisy Rational Expectations Equilibrium with Contingent Claims
Georgy Chabakauri; London School of Economics
Kathy Yuan; London School of Economics
Konstantinos E. Zachariadis; London School of Economics

Discussant: Bradyn Breon-Drish, Stanford University

Information Asymmetries, Volatility, Liquidity, and the Tobin Tax
Christian Julliard; London School of Economics
Albina Danilova; London School of Economics

Discussant: Pietro Veronesi, University of Chicago

Good Disclosure, Bad Disclosure
Itay Goldstein; University of Pennsylvania
Liyan Yang; University of Toronto

Discussant: Pablo Kurlat, Stanford University

Session: Financial System Stability
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Samuel Hanson, Harvard Business School

Measuring Liquidity Mismatch in the Banking Sector
Jennie Bai; Georgetown University
Arvind Krishnamurthy; Stanford University
Charles-Henry Weymuller; Treasury of France

Discussant: Samuel Hanson, Harvard Business School

Risk Management Failures
Matthieu Bouvard; McGill University
Samuel Lee; Santa Clara University

Discussant: Konstantin Milbradt, Northwestern University

The Stability of Money Market Mutual Funds: The Effect of the 2010 Amendments to Rule 2A-7
Emily Gallagher; Paris School of Economics-Sorbonne
Lawrence Schmidt; University of California-San Diego
Allan Timmermann; University of California-San Diego
Russ Wermers; University of Maryland

Discussant: Antoine Martin, Federal Reserve Bank of New York

Countercyclical Bank Equity Issuance
Matthew Baron; Cornell University

Discussant: Adi Sunderam, Harvard Business School

Session: Financial markets and government interactions
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Francisco Perez-Gonzalez, Instituto Tecnológico Autónomo de México

Corporate Governance and the Creation of the SEC
Arevik Avedian; Harvard University
Henrik Cronqvist; University of Miami
Marc Weidenmier; Claremont McKenna College

Discussant: Benjamin Hermalin, University of California-Berkeley

SHO time for innovation: The real effects of short sellers
Jie He; University of Georgia
Xuan Tian; Indiana University

Discussant: Sebastien Michenaud, DePaul University

The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration
Manuel Adelino; Duke University
Igor Cunha; Nova School of Business and Economics
Miguel Ferreira; Nova School of Business and Economics

Discussant: Gabriel Chodorow-Reich, Harvard University

Session: Fund Managers
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: Peter Kondor, Central European University

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry
Massimo Massa; INSEAD
Chengwei Wang; INSEAD
Hong Zhang; Tsinghua University
Jian Zhang; National University of Singapore

Discussant: Dong Lou, London School of Economics

Do funds make more when they trade more?
Lubos Pastor; University of Chicago
Robert Stambaugh; University of Pennsylvania 
Lucian Taylor; University of Pennsylvania

Discussant: Clemens Sialm, University of Texas-Austin and NBER

Matching Capital and Labor
Jonathan B. Berk; Stanford University
Jules van Binsbergen; University of Pennsylvania
Binying Liu; Northwestern University

Discussant: Michael Ewens, California Institute of Technology

The Unintended Consequences of the Zero Lower Bound Policy
Marco Di Maggio; Columbia University
Marcin Kacperczyk; Imperial College London

Discussant: Philip Strahan, Boston College

Session: AFA Panel - Cryptocurrencies, Blockchains and the Future of Financial Services
January 4, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salon 8

Session Chair: David Yermack, New York University

Panelists:
Michael Casey; Massachusetts Institute of Technology
Morgan McKenney; Citigroup
Tim Swanson; R3CEV

Session: The Cross-section of Expected Returns
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Ralph Koijen, London Business School

Monetary Policy Surprises, Investment Opportunities, and Asset Prices
Andrew Detzel; University of Denver

Discussant: Anna Cieslak, Duke University

Risky Value
Atif Ellahie; London Business School
Michael Katz; AQR Capital Management LLC
Scott Richardson; London Business School

Discussant: Stijn Van Nieuwerburgh, New York University

Spurious Factors in Linear Asset Pricing Models
Svetlana Bryzgalova; London School of Economics

Discussant: Motohiro Yogo, Princeton University

Session: Pricing of Macroeconomic Risk
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Lars Kuehn, Carnegie Mellon University

The Dividend Term Structure
Jac Kragt; Tilburg University
Frank de Jong; Tilburg University
Joost Driessen; Tilburg University - TiSEM

Discussant: Adlai Fisher, University of British Columbia

The Price of Variance Risk
Ian Dew-Becker; Northwestern University
Stefano Giglio; University of Chicago
Anh Le; University of North Carolina
Marius Rodriguez; Federal Reserve Board

Discussant: Jessica Wachter, University of Pennsylvania

Horizon-specific macroeconomic risks and the cross-section of expected returns
Martijn Boons; Nova School of Business and Economics
Andrea Tamoni; London School of Economics

Discussant: Hanno Lustig, Stanford University

Identifying Long-Run Risks: A Bayesian Mixed-Frequency Approach
Frank Schorfheide; University of Pennsylvania
Dongho Song; Boston College
Amir Yaron; University of Pennsylvania

Discussant: Lars Lochstoer, Columbia University

Session: Governance Threats, Consequences and Countermeasures
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Renee Adams, University of New South Wales

Do Director Elections Matter?
Vyacheslav Fos; Boston College
Kai Li; University of British Columbia
Margarita Tsoutsoura; University of Chicago

Discussant: Daniel Ferreira, London School of Economics

The Threat of Shareholder Intervention and Firm Innovation
Jin Qi; University of Minnesota

Discussant: Gustavo Manso, University of California-Berkeley

Corporate Governance and the Firm's Workforce
Inessa Liskovich; Princeton University

Discussant: Paola Sapienza, Northwestern University

Do takeover defenses deter takeovers?
Jonathan Karpoff; University of Washington
Robert Schonlau; Brigham Young University
Eric Wehrly; Seattle University

Discussant: Bernard Black, Northwestern University

Session: The Market for Corporate Control
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Nob Hill A & B

Session Chair: Kai Li, University of British Columbia

Are stock-financed takeovers opportunistic?
B. Espen Eckbo; Dartmouth College
Tanakorn Makaew; University of South Carolina
Karin Thorburn; Norwegian School of Economics

Discussant: Micah Officer, Loyola Marymount University

The Human Factor in Acquisitions
Geoffrey Tate; University of North Carolina
Liu Yang; University of Maryland

Discussant: Elena Simintzi, University of British Columbia

The Decreasing Returns of Serial Acquirers around the World
Andrew Karolyi; Cornell University
Rose Liao; Rutgers University
Gilberto Loureiro; University of Minho

Discussant: Raghavendra Rau, University of Cambridge

Extending Industry Specialization and Intangibles Through Cross-Border Acquisitions
Laurent Fresard; University of Maryland
Ulrich Hege; HEC Paris
Gordon Phillips; Dartmouth College

Discussant: Pedro Matos, University of Virginia

Session: Intermediation and Raising Capital
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Shai Bernstein, Stanford University

Bad times, good credit
Bo Becker; Stockholm School of Economics
Marieke Bos; Stockholm University
Kasper Roszbach; Sveriges Riksbank

Discussant: Richard Townsend, Dartmouth College

Who Benefits from Bond Market Modernization?
David Musto; University of Pennsylvania
Jillian Popadak; Duke University

Discussant: Victoria Ivashina, Harvard Business School

Underwriter Networks in Initial Public Offerings
Emanuele Bajo; University of Bologna
Thomas Chemmanur; Boston College
Karen Simonyan; Suffolk University
Hassan Tehranian; Boston College

Discussant: Yael Hochberg, Massachusetts Institute of Technology

Who Finances Durable Goods and Why it Matters: Captive Finance and the Coase Conjecture
Justin Murfin; Yale University
Ryan Pratt; Brigham Young University

Discussant: Jean-Noel Barrot, Massachusetts Institute of Technology

Session: Social Media and Textual Analysis in Finance
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chairs:

1. Lily Fang, Massachusetts Institute of Technology

2. Paul Tetlock, Columbia University

The Power of the Street: Evidence from Egypt's Arab Spring
Daron Acemoglu; Massachusetts Institute of Technology
Tarek Hassan; University of Chicago
Ahmed Tahoun; London Business School

Discussant: Justin Wolfers, University of Michigan

Deciphering Fedspeak: The Information Content of FOMC Meetings
Narasimhan Jegadeesh; Emory University
Di (Andrew) Wu; University of Pennsylvania

Discussant: David Lucca, Federal Reserve Bank of New York

Information Discovery by Analysts
Naveen Daniel; Drexel University
Lalitha Naveen; Temple University

Discussant: Eugene Soltes, Harvard Business School

The Value of Crowdsourcing: Evidence from Earnings Forecasts
Barbara Bliss; University of San Diego
Biljana Nikolic; University of San Diego

Discussant: Joseph Engelberg, University of California-San Diego

Session: Euro-area Bank Liquidity
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Luc Laeven, European Central Bank

Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis
Puriya Abbassi; Deutsche Bundesbank
Falk Brauning; Vrije University Amsterdam
Falko Fecht; Frankfurt School of Finance
Jose-Luis Peydro; Universitat Pompeu Fabra

Discussant: Philipp Schnabl, New York University

Central Bank Interventions, Demand for Collateral, and Sovereign Borrowing Costs
Matteo Crosignani; New York University
Miguel de Faria e Castro; New York University
Luis Fonseca; Bank of Portugal

Discussant: Jeremy Stein, Harvard University

The Euro Interbank Repo Market
Loriano Mancini; Swiss Finance Institute at EPFL
Angelo Ranaldo; University of St. Gallen
Jan Wrampelmeyer; University of St. Gallen

Discussant: Florian Heider, European Central Bank

Session: AFA Lecture - Neuroscience and Finance
January 4, 2016 2:30 pm to 4:30 pm
Marriott Marquis, Yerba Buena Salon 8

Session Chair: Colin Camerer, California Institute of Technology

Session: Uncovering Alpha: Informed Traders across the World
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Lauren Cohen, Harvard Business School

Sparse Signals in the Cross-Section of Returns
Alexander Chinco; University of Illinois-Urbana-Champaign
Adam Clark-Joseph; University of Illinois
Mao Ye; University of Illinois-Urbana-Champaign

Discussant: Bryan Kelly, University of Chicago

Home Bias Abroad: Domestic Industries and Foreign Portfolio Choice
David Schumacher; McGill University

Discussant: Huaizhi Chen, London School of Economics

Selection Bias and Investor Inattention on Friday
Roni Michaely; Cornell University
Amir Rubin; Simon Fraser University
Alexander Vedrashko; Simon Fraser University

Discussant: Stefano DellaVigna, University of California-Berkeley

Longs, Shorts, and the Cross-Section of Stock Returns
Mahdi Nezafat; Michigan State University
Tao Shen; Tsinghua University
Qinghai Wang; University of Wisconsin-Milwaukee
Juan (Julie) Wu; University Of Georgia

Discussant: Karl Diether, Dartmouth College

Session: Hedge Funds
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Nob Hill A & B

Session Chair: Bing Liang, University of Massachusetts at Amherst

The Capacity of Trading Strategies
Augustin Landier; Toulouse School of Economics
David Thesmar; HEC and CEPR

Discussant: Lasse Pedersen, Copenhagen Business School and New York University

The role of hedge funds in the security price formation process
Charles Cao; Pennsylvania State University
Yong Chen; Texas A&M University
William Goetzmann; Yale University
Bing Liang; University of Massachusetts at Amherst

Discussant: David McLean, University of Alberta

Arbitrage trading: the long and the short of it
Yong Chen; Texas A&M University
Zhi Da; University of Notre Dame
Dayong Huang; University of North Carolina-Greensboro

Discussant: Byoung-Hyoun Hwang, Cornell University

Volatility of Aggregate Volatility and Hedge Fund Returns
Vikas Agarwal; Georgia State University
Yakup ARISOY; Université Paris Dauphine
Narayan Y Naik; London Business School

Discussant: Gurdip Bakshi, University of Maryland

Session: Behavioral Finance: Investor Behavior and Asset Prices
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Cary Frydman, University of Southern California

Endowment Effects in the Field: Evidence from India's IPO Lotteries
Santosh Anagol; University of Pennsylvania
Vimal Balasubramaniam; University of Oxford
Tarun Ramadorai; University of Oxford

Discussant: Ulrike Malmendier, University of California-Berkeley

Asset Pricing with Horizon-Dependent Risk Aversion
Marianne Andries; Toulouse School of Economics
Thomas Eisenbach; Federal Reserve Bank of New York
Martin Schmalz; University of Michigan

Discussant: Nikolai Roussanov, University of Pennsylvania

Pre-Earnings Announcement Over-extrapolation
Aytekin Ertan; London Business School
Stephen Karolyi; Carnegie Mellon University
Peter Kelly; Yale University
Robert Stoumbos; Yale University

Discussant: Robin Greenwood, Harvard Business School

Session: Networks and Local Knowledge
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Nob Hill C & D

Session Chair: Johan Walden, University of California-Berkeley

Network Centrality and Pension Fund Performance
David Blake; Pensions Insitute
Alberto Rossi; University of Maryland - College Park
Allan Timmermann; University of California-San Diego
Ian Tonks; University of Bath
Russ Wermers; University of Maryland

Discussant: Ankur Pareek, Rutgers University

The Risk Sharing Benefit versus the Collateral Cost: The Formation of the Inter-Dealer Network in Over-the-Counter Trading Zhuo Zhong; University of Melbourne

Discussant: Peter Kondor, Central European University

Social Network, Herding and Competition
Henry Cao; Cheung Kong Graduate School of Business
Dongyan Ye; Cheung Kong Graduate School of Business

Discussant: Paolo Colla, Bocconi University

Local Information Advantage, Investor Attention and Stock Returns
Yuqin Huang; Central University of Finance and Economics
Tong Li; Peking University

Discussant: Mehmet Yavuz, Purdue University

Session: Bankruptcy and Distress
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Nittai Bergman, Massachusetts Institute of Technology

Debtor Protection, Credit Redistribution, and Income Inequality
Hamid Boustanifar; BI Norwegian Business School
Geraldo Cerqueiro; Universidade Católica Portuguesa
Maria Penas; Tilburg University

Discussant: Felipe Severino, Dartmouth College

Cashing out: The Rise of M&A in Bankruptcy
Stuart Gilson; Harvard Business School
Edie Hotchkiss; Boston College
Matthew Osborn; Boston College

Discussant: Yaniv Grinstein, Cornell University and IDC Hertzliya

The Disappearance of Public Firms and the Changing Nature of U.S. Industries
Gustavo Grullon; Rice University
Yelena Larkin; Pennsylvania State University
Roni Michaely; Cornell University

Discussant: Rajkamal Iyer, Massachusetts Institute of Technology

Session: Banks, Downturns, and Disasters
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Philipp Schnabl, New York University

Pledgeability, Industry Liquidity , and Financing Cycles
Douglas Diamond; University of Chicago
Yunzhi Hu; University of Chicago
Raghuram Rajan; University of Chicago and RBI

Discussant: Adriano Rampini, Duke University

Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market
Giovanni Favara; Federal Reserve Board
Mariassunta Giannetti; Stockholm School of Economics

Discussant: Amir Kermani, University of California-Berkeley

Aggregate Implications of Corporate Debt Choices
Nicolas Crouzet; Northwestern University

Discussant: Pablo Kurlat, Stanford University

Tracing Out Capital Flows: How Financially Integrated Banks Respond to Natural Disasters
Kristle Cortes; Federal Reserve Bank of Cleveland
Philip Strahan; Boston College

Discussant: Andres Liberman, New York University

Session: Corporate Control - Governance
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Alex Edmans, London Business School

Do Long-Term Investors Improve Corporate Decision Making?

By Jarrad Harford; University of Washington
Ambrus Kecskes; York University
Sattar Mansi; Virginia Tech

Discussant: David Denis, University of Pittsburgh

Wolf Pack Activism

By Alon Brav; Duke University
Amil Dasgupta; London School of Economics
Richmond Mathews; University of Maryland

Discussant: Andrew Winton, University of Minnesota

Donor Governance and Financial Management in Prominent U.S. Art Museums

By David Yermack; New York University

Discussant: Michael Weisbach, Ohio State University

Board Groupthink

By Jeffrey Coles; University of Utah
Naveen Daniel; Drexel University
Lalitha Naveen; Temple University

Discussant: Amy Dittmar, University of Michigan

Session: Competition, Contracting Frictions, and Commodity Markets: Implications for Asset Prices
January 5, 2016 8:00 am to 10:00 am
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: Frederico Belo, University of Minnesota and NBER

Import Competition and the Cost of Capital

By Jean-Noel Barrot; Massachusetts Institute of Technology
Erik Loualiche; Massachusetts Institute of Technology
Julien Sauvagnat; ENSAE-CREST

Discussant: M. Cecilia Bustamante, University of Maryland

Competition, Markups and Predictable Returns

By Alexandre Corhay; University of British Columbia
Howard Kung; London Business School
Lukas Schmid; Duke University

Discussant: Francisco Palomino, University of Michigan

Carlstrom and Fuerst meets Epstein and Zin: The Asset Pricing Implications of Contracting Frictions

By Joao Gomes; University of Pennsylvania
Ram Yamarthy; University of Pennsylvania
Amir Yaron; University of Pennsylvania

Discussant: Hengjie Ai, University of Minnesota

Oil Consumption, Economic Growth, and Oil Futures: A Fundamental Alternative to Financialization

By Robert Ready; University of Rochester

Discussant: Lars Lochstoer, Columbia University

Session: Information and Noise
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Nob Hill A & B

Session Chair: Snehal Banerjee, University of California - San Diego

Learning in Crowded Markets

By Peter Kondor; Central European University
Adam Zawadowski; Boston University

Discussant: Ming Yang, Duke University

Noise Traders Incarnate: Describing a Realistic Noise Trading Process

By Joel Peress; INSEAD
Daniel Schmidt; HEC Paris

Discussant: Timothy Johnson, University of Illinois, Urbana-Champaign

What does the PIN model identify as private information?

By Jefferson Duarte; Rice University
Edwin Hu; Rice University
Lance Young; University of Washington

Discussant: Terrence Hendershott, University of California-Berkeley

Risk and Return in Segmented Markets with Expertise

By Andrea Eisfeldt; University of California-Los Angeles

Discussant: Vincent Glode, University of Pennsylvania

Session: Dividends, Repurchases and Payout Policy
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Pacific A

Joint Session with the Association of Financial Economists

Session Chair: Kose John, New York University

Labor unions and payout policy: A regression discontinuity analysis

By Jie He; University of Georgia
Xuan Tian; Indiana University
Huan Yang; University of Georgia

Discussant: David Matsa, Northwestern University

Bank Payout Policy, Performance, and Insider Trading in the Financial Crisis of 2007-2009

By Peter Cziraki; University of Toronto
Christian Laux; Vienna University of Economics and Business
Gyongyi Loranth; University of Vienna

Discussant: Philipp Schnabl, New York University

Share Pledges and Corporate Repurchases

By Konan Chan; National Chengchi University
Hung-Kun Chen; Tamkang University
Shing-yang Hu; National Taiwan University
Yu-Jane Liu; Peking University

Discussant: Jason Wei, AIG

Commitment and Financial Flexibility in Payout Decisions: Evidence from Rule 10b5-1 Preset Repurchase Plans

By Alice Bonaime; University of Kentucky
Jarrad Harford; University of Washington
David Moore; University of Kentucky

Discussant: Lalitha Naveen, Temple University

Session: Mutual Funds and Delegated Management
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Nob Hill C & D

Session Chair: Juhani Linnainmaa, University of Chicago

WSJ Category Kings - the impact of media attention on consumer and mutual fund investment decisions

By Ron Kaniel; University of Rochester
Robert Parham; University of Rochester

Discussant: Clemens Sialm, University of Texas-Austin and NBER

Playing favorites: Conflicts of interest in mutual fund management
Diane Del Guercio; University of Oregon
Egemen Genc; Erasmus University
Hai Tran; Loyola Marymount University

Discussant: Lu Zheng, University of California, Irvine

Double Adjusted Mutual Fund Performance
Jeffrey Busse; Emory University
Lei Jiang; Tsinghua University
Yuehua Tang; Singapore Management University

Discussant: Kent Daniel, Columbia University

Is it Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund Performance
Chuan Yang Hwang; Nanyang Technological University
Sheridan Titman; The University of Texas-Austin
Yuxi Wang; Nanyang Technological University

Discussant: Lauren Cohen, Harvard Business School

Session: Credit Risk
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Hui Chen, Massachusetts Institute of Technology

Counterparty Risk and Counterparty Choice in the Credit Default Swap Market
Wenxin Du; Federal Reserve Board
Salil Gadgil; Federal Reserve Board
Michael Gordy; Federal Reserve Board
Clara Vega; Federal Reserve Board

Discussant: Francis Longstaff, University of California-Los Angeles

Safe-Haven CDS Premia
Sven Klingler; Copenhagen Business School
David Lando; Copenhagen Business School

Discussant: Nicolae Garleanu, University of California-Berkeley

Do Dollar-Denominated Emerging Market Corporate Bonds Insure Foreign Exchange Risk?
Stefanos Delikouras; University of Miami
Robert Dittmar; University of Michigan
Haitao Li; Cheung Kong Graduate School of Business

Discussant: Antje Berndt, North Carolina State University

Bank Risk Dynamics and Distance to Default
Stefan Nagel; University of Michigan
Amiyatosh Purnanandam; University of Michigan

Discussant: George Pennacchi, University of Illinois

Session: Dynamic Corporate Finance
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 5 & 6

Session Chair: Lucian Taylor, University of Pennsylvania

Natural Experiment Policy Evaluation: A Critique
Christopher Hennessy; London Business School
Ilya Strebulaev; Stanford University

Discussant: Antoinette Schoar, Massachusetts Institute of Technology

The Real Effects of Credit Default Swaps
Andras Danis; Georgia Institute of Technology
Andrea Gamba; University of Warwick

Discussant: Gregor Matvos, University of Chicago

Firm Financing over the Business Cycle
Juliane Begenau; Harvard Business School
Juliana Salomao; University of Minnesota

Discussant: Lukas Schmid, Duke University

Career Concerns and Corporate Finance
Patrick Bolton; Columbia University 
Neng Wang; Columbia University
Jinqiang Yang; Shanghai University of Finance and Economics

Discussant: Bengt Holmstrom, Massachusetts Institute of Technology

Session: Entrepreneurial Finance and Crowdfunding
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Yael Hochberg, Massachusetts Institute of Technology

Inside Rounds, Down Rounds and VC Returns
Michael Ewens; California Institute of Technology
Matthew Rhodes-Kropf; Harvard University
Ilya Strebulaev; Stanford University

Discussant: David Robinson, Duke University

The Informational Role of Crowdfunding
Ting Xu; University of British Columbia

Discussant: Shai Bernstein, Stanford University

Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Investors, Deals and Taste Based Discrimination
Dan Marom; Hebrew University
Alicia Robb; Kauffman Foundation and University of California-Berkeley
Orly Sade; Hebrew University

Discussant: Ramana Nanda, Harvard University

Session: Governments and Stock Prices
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Jules van Binsbergen, University of Pennsylvania

Stock Returns over the FOMC Cycle
Anna Cieslak; Duke University
Adair Morse; University of California-Berkeley
Annette Vissing-Jorgensen; University of California-Berkeley

Discussant: David Lucca, Federal Reserve Bank of New York

Stock Picking Skills of SEC Employees
Shivaram Rajgopal; Emory University
Roger White; Emory University

Discussant: Chester Spatt, Carnegie Mellon University

Does the Ownership Structure of Government Debt Matter? Evidence from Munis
Tania Babina; University of North Carolina
Pab Jotikasthira; University of North Carolina
Christian Lundblad; University of North Carolina
Tarun Ramadorai; University of Oxford

Discussant: Lorenz Kueng, Northwestern University

Session: Financial Advisors and Financial Advice
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: John Beshears, Harvard University

Loan Product Steering in Mortgage Markets
Sumit Agarwal; National University of Singapore
Gene Amromin; Federal Reserve Bank of Chicago
Itzhak Ben-David; Ohio State University and NBER
Douglas Evanoff; Federal Reserve Bank of Chicago

Discussant: Benjamin Keys, University of Chicago

Financial Advice and Bank Profits
Daniel Hoechle; Zurich University of Applied Sciences
Stefan Ruenzi; University of Mannheim
Nic Schaub; University of St. Gallen
Markus Schmid; University of St. Gallen

Discussant: John Chalmers, University of Oregon

Is Fraud Contagious? Career Networks and Fraud by Financial Advisors
Stephen Dimmock; Nanyang Technological University
William Gerken; University of Kentucky
Nathaniel Graham; University of Kentucky

Discussant: Tracy Wang, University of Minnesota

Information Architecture and Intertemporal Choice: A Randomized Field Experiment in the United States
Yaron Levi; University of California-Los Angeles

Discussant: Gopi Goda, Stanford University

Session: Capital Structure and Cash Holdings
January 5, 2016 10:15 am to 12:15 pm
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Konstantin Milbradt, Northwestern University

Liquidity, Innovation, and Endogenous Growth
Semyon Malamud; Ecole Polytechnique Federale de Lausanne
Francesca Zucchi; Federal Reserve Board

Discussant: Zhiguo He, University of Chicago

A dynamic model of optimal creditor dispersion
Hongda Zhong; London School of Economics

Discussant: Haoxiang Zhu, Massachusetts Institute of Technology

Non-Precautionary Cash Hoarding and Investment in Growth Firms
Arnoud Boot; University of Amsterdam
Vladimir Vladimirov; University of Amsterdam

Discussant: Boris Nikolov, University of Lausanne and Swiss Finance Institute

Session: Bond Markets
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Yerba Buena Salons 1 & 2

Session Chair: Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne

Jumps in Bond Yields at Known Times
Don Kim; Federal Reserve Board
Jonathan Wright; Johns Hopkins University

Discussant: Mikhail Chernov, University of California-Los Angeles

Advance Refundings of Municipal Bonds
Andrew Ang; Columbia University
Richard Green; Carnegie Mellon University
Yuhang Xing; Rice University

Discussant: Francis Longstaff, University of California-Los Angeles

Dealer Inventory and the Cross-Section of Corporate Bond Returns
Nils Friewald; Norwegian School of Economics
Florian Nagler; Vienna Graduate School of Finance

Discussant: Jens Dick-Nielsen, Copenhagen Business School

Transmission of Quantitative Easing: The Role of Central Bank Reserves
Jens Christensen; Federal Reserve Bank of San Francisco
Signe Krogstrup; Swiss National Bank

Discussant: Greg Duffee, Johns Hopkins University

Session: Special Topics: Real Estate
January 5, 2016 1:00 pm to 3:00 pm
Parc 55, Powell II

Joint Session with the American Real Estate & Urban Economic Association

Session Chair: Sheridan Titman, The University of Texas-Austin

Default Option Exercise over the Financial Crisis and Beyond
Stuart Gabriel; University of California-Los Angeles
Xudong An; San Diego State University
Yongheng Deng; National University of Singapore

Discussant: Timothy Riddiough, University of Wisconsin

When Real Estate is the Only Game in Town
Hyun-Soo Choi; Singapore Management University
Harrison Hong; Princeton University
Jeffrey Kubik; Syracuse University
Jeffrey Thompson; Federal Reserve Board

Discussant: Christopher Parsons, University of California-San Diego

Understanding Mortgage Spreads
Nina Boyarchenko; Federal Reserve Bank of New York
Andreas Fuster; Federal Reserve Bank of New York
David Lucca; Federal Reserve Bank of New York

Discussant: Amit Seru, University of Chicago

Understanding Housing Market Spillovers: Migration, Sentiment and Information Acquisition
Cristian Badarinza; University of Oxford

Discussant: Chester Spatt, Carnegie Mellon University

Session: Commodities
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Yerba Buena Salons 3 & 4

Session Chair: Lars Lochstoer, Columbia University

Commodity Financialization: Risk Sharing and Price Discovery in Commodity Futures Markets
Itay Goldstein; University of Pennsylvania
Liyan Yang; University of Toronto

Discussant: Anna Pavlova, London Business School

Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution
Erik Gilje; University of Pennsylvania
Robert Ready; University of Rochester
Nikolai Roussanov; University of Pennsylvania

Discussant: Ing-Haw Cheng, Dartmouth College

Heterogeneous Beliefs and the Oil State Price Density
Peter Christoffersen; University of Toronto
Xuhui (Nick) Pan; Tulane University

Discussant: Anders Trolle, Swiss Finance Institute

Commodities as Collateral
Ke Tang; Tsinghua University
Haoxiang Zhu; Massachusetts Institute of Technology

Discussant: Bryan Routledge, Carnegie Mellon University

Session: International Risk Sharing and Capital Flows
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Yerba Buena Salons 14 & 15

Session Chair: Tarun Ramadorai, University of Oxford

Risk Sharing in International Economies and Market Incompleteness
Gurdip Bakshi; University of Maryland
Mario Cerrato; University of Glasgow
John Crosby; University of Glasgow

Discussant: Ilaria Piatti, University of Oxford

Limited Risk Sharing and International Equity Returns
Shaojun Zhang; Hong Kong University

Discussant: Rui Albuquerque, Boston University

A Pure Measure of Home Bias
Ian Cooper; London Business School
Piet Sercu; KU Leuven
Rosanne Vanpée; KU Leuven

Discussant: Ingrid Werner, Ohio State University

The Coming Wave: Where Do Emerging Market Investors Put Their Money?
Andrew Karolyi; Cornell University
Eswar Prasad; Cornell University
David Ng; Cornell University

Discussant: Pab Jotikasthira, University of North Carolina

Session: Transparency, Corporate Governance, and Firm Value
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Nob Hill C & D

Session Chair: Margarita Tsoutsoura, University Of Chicago

Tax Enforcement, Corporate Governance, and Income Diversion: Evidence after Putin's election in 2000
Juan-Pedro Gomez; IE Business School
Maxim Mironov; IE Business School

Discussant: I. J. Alexander Dyck, University of Toronto

Managers in Heaven: Tax Haven Activities and Shareholder Value
Morten Bennedsen; INSEAD
Stefan Zeume; University of Michigan

Discussant: Michelle Hanlon, Massachusetts Institute of Technology

Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership
Jan Bena; University of British Columbia
Miguel Ferreira; Nova School of Business and Economics
Pedro Matos; University of Virginia
Pedro Pires; Nova School of Business and Economics

Discussant: Olga Kuzmina, New Economic School

Session: Empirical Studies of Banking
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Yerba Buena Salons 10 & 11

Session Chair: Philip Strahan, Boston College

Credit Default Swaps and Moral Hazard in Bank Lending
Indraneel Chakraborty; Southern Methodist University
Sudheer Chava; Georgia Institute of Technology
Rohan Ganduri; Georgia Institute of Technology

Discussant: Greg Nini, Drexel University

Got rejected? Real effects of not getting a loan
Tobias Berg; Bonn University

Discussant: Heitor Almeida, University of Illinois at Urbana-Champaign

Banking liberalization and diversification benefits
Reint Gropp; IWH-Halle Institute for Economic Research
Felix Noth; University of Magdeburg
Ulrich Schüwer; Goethe University Frankfurt

Discussant: Matthieu Chavaz, Bank of England

Session: Illiquidity in Financial Markets: Information, Taxes and Temperature
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Yerba Buena Salons 12 & 13

Session Chair: Brett Green, University of California-Berkeley

The Paradox of Financial Fire Sales and the Role of Arbitrage Capital
James Dow; London Business School
Jungsuk Han; Stockholm School of Economics

Discussant: Brendan Daley, Duke University

Asymmetric Information and Liquidity Provision
Alberto Teguia; Rice University

Discussant: S. Viswanathan, Duke University

Financial Transaction Taxes, Market Composition, and Liquidity
Jean-Edouard Colliard; HEC Paris
Peter Hoffmann; European Central Bank

Discussant: David Sraer, University of California-Berkeley

Liquidity and Market Returns: A Natural Experiment in Pre-1903 Manhattan Summers
Thummim Cho; Harvard University

Discussant: Peter Koudijs, Stanford University

Session: Shareholder Activism and the Market for Corporate Control
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Nob Hill A & B

Session Chair: Doron Levit, University of Pennsylvania

Can Institutional Investors Improve Corporate Governance Through Collective Action?
Craig Doidge; University of Toronto
I. J. Alexander Dyck; University of Toronto
Hamed Mahmudi; University of Oklahoma
Aazam Virani; University of Arizona

Discussant: Laura Starks, University of Texas-Austin

Influencing Control: Jawboning in Risk Arbitrage
Wei Jiang; Columbia University
Tao Li; Warwick Business School
Danqing Mei; Columbia University

Discussant: Nickolay Gantchev, University of North Carolina

Hedge Fund Activism vs. Hostile Takeover Bids
Mike Burkart; Stockholm School of Economics & Swedish
Samuel Lee; Santa Clara University

Discussant: Robert Marquez, University of California-Davis

Selling assets: When is the whole worth more than the sum of its parts?
Robert Marquez; University of California-Davis
Rajdeep Singh; University of Minnesota

Discussant: Andrey Malenko, Massachusetts Institute of Technology

Session: In honor of Rick Green
January 5, 2016 1:00 pm to 3:00 pm
Marriott Marquis, Yerba Buena Salons 5 & 6


Session Chair: Vincent Glode, University of Pennsylvania

Tax-Loss Carry Forwards, Investment and Returns

Jack Favilukis, University of British Columbia
Ron Giammarino, University of British Columbia
Jose Pizarro, University of British Columbia

Discussant: Robert McDonald, Northwestern University

Relationship Trading in OTC Markets
Terry Hendershott, University of California-Berkeley
Dan Li, Federal Reserve Board
Dmitri Livdan, University of California-Berkeley
Norman Schurhoff, University of Lausanne

Discussant: Burton Hollifield, Carnegie Mellon University

High Water Marks in Competitive Capital Markets
Susan Christoffersen, University of Toronto
David Musto, University of Pennsylvania
Bilge Yilmaz, University of Pennsylvania

Discussant: Jonathan Berk, Stanford University

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