SFScavalcadenorth america 2018

program overview

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monday may 21, 2018

6:00 PM - 8:00 PM Peabody Museum Welcome Reception

tuesday may 22, 20187:30 AM - 8:30 AM Beinecke Terrace AFFECT Breakfast

7:30 AM - 5:00 PM 1st Floor Registration

8:45 AM - 9:40 AM 2200 Finance and Politics2210 Real Effects of Corporate Financial Decisions2230 Venture Capital and the Financing of Innovation2400 Corporate Governance2410 Trading, Prices, and Household Finance4200 Credit4210 Returns-Empirics4220 Corporate Bonds, Municipal Bonds, CDS and Equity valuation4230 Investment Theory

9:55 AM - 10:50 AM 2200 Finance and Politics2210 Real Effects of Corporate Financial Decisions2230 Venture Capital and the Financing of Innovation2400 Corporate Governance2410 Trading, Prices, and Household Finance4200 Credit4210 Returns-Empirics4220 Corporate Bonds, Municipal Bonds, CDS and Equity valuation4230 Investment Theory

11:05 AM - 12:00 PM 2200 Finance and Politics2210 Real Effects of Corporate Financial Decisions2230 Venture Capital and the Financing of Innovation2400 Corporate Governance2410 Trading, Prices, and Household Finance4200 Credit4210 Returns-Empirics4220 Corporate Bonds, Municipal Bonds, CDS and Equity valuation224230 Investment Theory

12:00 PM - 1:20 PM New Haven Lawn Club Keynote Speaker Luncheon Speaker: Heitor Almeida, University of Illinois at Urbana-Champaign, 2017 Chair of SFS Cavalade North America

1:30 PM - 2:25 PM 2200 Finance and Politics2210 Real Effects of Corporate Financial Decisions2230 Venture Capital and the Financing of Innovation400 Corporate Governance2410 Trading, Prices, and Household Finance4200 Credit4210 Returns-Empirics4220 Corporate Bonds, Municipal Bonds, CDS and Equity valuation4230 Investment Theory 2:40 PM - 3:35 PM 2200 Finance and Politics2210 Real Effects of Corporate Financial Decisions2230 Venture Capital and the Financing of Innovation2400 Corporate Governance2410 Trading, Prices, and Household Finance4200 Credit4210 Returns-Empirics4220 Corporate Bonds, Municipal Bonds, CDS and Equity valuation4230 Investment Theory

3:45 PM - 4:15 PM Zhang Auditorium “Special SFS Journal Paper Presentation: The Review of Corporate Finance Studies Keynote Paper “”Within-Bank Spillovers and Real Estate Shocks”” by Kathy Yuan, Dragana Cvijanovic, and Vicente Cunat Presenter: Vicente Cunat, London School of Economics 6:00 - 8:00 PM Pauli Murray College Reception

wednesday may 23, 2018 7:30 AM - 8:30 AM 1st floor Breakfast

7:30 AM - 5:00 PM 1st Floor Registration

8:45 AM - 9:40 AM 2200 Labor and Finance210 Ownership, Information, and Decision-Making 2230 Designing Bank Regulation2400 Capital Structure, Mergers, and Labor Compensation 2410 Contracts4200 Behavioral4210 Asset Pricing & Production4220 Macro-Finance4230 Mutual Funds

9:55 AM - 10:50 AM 2200 Labor and Finance2210 Ownership, Information, and Decision-Making 2230 Designing Bank Regulation2400 Capital Structure, Mergers, and Labor Compensation 2410 Contracts4200 Behavioral24210 Asset Pricing & Production4220 Macro-Finance4230 Mutual Funds

11:05 AM - 12:00 PM 2200 Labor and Finance2210 Ownership, Information, and Decision-Making 230 Designing Bank Regulation2400 Capital Structure, Mergers, and Labor Compensation 2410 Contracts4200 Behavioral4210 Asset Pricing & Production4220 Macro-Finance4230 Mutual Funds

12:00 PM - 1:20 PM New Haven Lawn Club SFS Annual Membership Luncheon

1:30 PM - 2:25 PM 2200 Labor and Finance2210 Ownership, Information, and Decision-Making 2230 Designing Bank Regulation2400 Capital Structure, Mergers, and Labor Compensation 2410 Contracts4200 Behavioral4210 Asset Pricing & Production4220 Macro-Finance4230 Mutual Funds

2:40 PM - 3:35 PM 2200 Labor and Finance2210 Ownership, Information, and Decision-Making 2230 Designing Bank Regulation400 Capital Structure, Mergers, and Labor Compensation 2410 Contracts4200 Behavioral4210 Asset Pricing & Production4220 Macro-Finance4230 Mutual Funds

3:45 PM - 4:15 PM Zhang Auditorium “Special SFS Journal Paper Presentation: The Review of Asset Pricing Studies Keynote Paper Kenneth French, Dartmouth University “6:00 - 9:00 PM Anthony’s Ocean View Awards Reception

thursday may 24, 2018 7:30 AM - 8:30 AM 1st Floor Breakfast

7:30 AM - 12:00 PM 1st Floor Registration

8:45 AM - 9:40 AM 2200 Bank Risk Taking2210 Transmission Mechanisms in the Banking Market2230 Do Managers Still Matter?2400 Financial Advice and Fund Managers2410 Household Investment Decisions4200 Microstructure and Information4210 Options and Stocks Market4220 International Finance4230 Returns-Cross-Section

9:55 AM - 10:50 AM 2200 Bank Risk Taking2210 Transmission Mechanisms in the Banking Market2230 Do Managers Still Matter?2400 Financial Advice and Fund Managers2410 Household Investment Decisions244200 Microstructure and Information4210 Options and Stocks Market4220 International Finance4230 Returns-Cross-Section

11:05 AM - 12:00 PM 2200 Bank Risk Taking2210 Transmission Mechanisms in the Banking Market2230 Do Managers Still Matter?2400 Financial Advice and Fund Managers2410 Household Investment Decisions4200 Microstructure and Information4210 Options and Stocks Market4220 International Finance4230 Returns-Cross-Section

12:00 PM - 1:20 PM New Haven Lawn Club Lunch RFS 80th Anniversary Presentation

1:30 PM - 2:25 PM 2200 Bank Risk Taking2210 Transmission Mechanisms in the Banking Market2230 Do Managers Still Matter?2400 Financial Advice and Fund Managers2410 Household Investment Decisions4200 Microstructure and Information4210 Options and Stocks Market4220 International Finance4230 Returns-Cross-Section

2:40 PM - 3:35 PM 2200 Bank Risk Taking2210 Transmission Mechanisms in the Banking Market2230 Do Managers Still Matter?2400 Financial Advice and Fund Managers2410 Household Investment Decisions4200 Microstructure and Information4210 Options and Stocks Market4220 International Finance4230 Returns-Cross-Section

tuesday morning sessions tuesday may 22, 2018

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12:00 - 1:20 pm Keynote Luncheon - New Haven Lawn Club Speaker: Heitor Almeida, University of Illinois at Urbana-Champaign

Finance and PoliticsChair: Paola SaPienza Northwestern University Room 2200

Real Effects of Corporate Financial DecisionsChair: John Graham Duke University Room 2210

Venture Capital and the Financing of InnovationChair: ramana nanda Harvard University Room 2230

Corporate GovernanceChair: alon Brav Duke University Room 2400

Trading, Prices, and Household FinanceChair: eduardo davila New York University Room 2410

CreditChair: olivier darmouni Columbia University Room 4200

Returns-EmpiricsChair: Kent daniel Columbia University Room 4210

Corporate Bonds, Municipal Bonds, CDS and Equity valuationChair: Stefano GiGlio Yale University Room 4220

Investment TheoryChair: viSh viSwanathan Duke University Room 4230

Subnational Debt of China: The Politics-Finance Nexus

hong ru Nanyag Technological Universitydragon yongjun tang University of Hong Konghaoyu gao Central University of Finance and Economics

Discussantdavid schoenherr Princeton University

Cheap Trade Credit and Competition in Downstream Markets

mariassunta giannetti Stockholm School of Economicsnicolas serrano-velarde Bocconi Universityemanuele tarantino University of Mannheim Discussantsong ma, Yale University

When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education

charlie eaton University of California Mercedsabrina howell New York Universityconstantine yannelis New York University Discussantalbert sheen University of Oregon

Board Quotas and Director-Firm Matching

daniel Ferreira London School of Economcisedith ginglinger Université Paris–Dauphinemarie-aude laguna Université Paris–Dauphineyasmine skalli Université Paris–Dauphine

Discussantslava Fos Boston College

What Drives the Trend and Behavior in Aggregate (Idiosyncratic) Variance? Follow the Bid-Ask Bounce

david lesmond Tulane UniversityXuhui {nick} Pan Tulane University,yihua Zhao Tulane Universityroberto stein University of Nebraska–Lincoln

Discussantjoel hasbrouck New York University

The Marginal Propensity to Consume Over the Business Cycle

tal gross Columbia Universitymatthew j. notowidigdo Northwestern Universityjialan wang University of Illinois at Urbana-Champaign

Discussantdaniel green Massachussetts Institute of Technology

Leverage and Cash Based Tests of Risk and Reward with Improved Identification

ivo welch University of California, Los Angeles

Discussantowen lamont Wellington Capital

Term Structures of Credit Spreads with Dynamic Debt Issuance and Incomplete Information

luca benZoni Federal Reserve Bank, ChicagolorenZo garlaPPi University of British Columbiarobert goldstein University of Minnesota DiscussantFabrice tourre University of Chicago

Institutional Investors, Heterogeneous Benchmarks and the Comovement of Asset Prices

andrea m. buFFa Boston Universityidan hodor Hebrew University

Discussantbrian weller Duke University

Corporate Cash and Political Uncertainty

candace jens Tulane Universitybeau Page Tulane University

Discussantscott baker Northwestern University

The Impact of Obamacare on Firm Employment and Performance

heitor almeida University of Illinois at Urbana-Champaignruidi huang University of Illinois at Urbana-ChampaignPing liu University of Illinois at Urbana-Champaignyuhai Xuan University of Illinois at Urbana-ChampaignDiscussanterik gilje University of Pennsylvania

Squaring Venture Capital Valuations with Reality

will gornall University of British Columbiailya strebulaev Stanford University

Discussantarthur korteweg University of Southern California

Does Board Size Matter?

dirk jenter Technical University of Munichthomas schmid London School of Economicsdaniel urban University of Hong Kong

Discussanttodd gormley Washington University in St. Louis

Investment in Human Capital and Labor Mobility: Evidence From a Shock to Property Rights

christoPher cliFFord University of Kentuckywilliam gerken University of Kentucky

Discussantmark egan Harvard University

Do Financial Constraints Coll a Housing Boom?

lu han University of Torontochandler lutZ Cophenhagen Business Schoolben sand York Universityderek stacey Ryerson University

Discussantsonia gilbukh New York University

Are Cross-Sectional Predictors Good Market-Level Predictors?

josePh engelberg University of California San Diegor. david mclean Georgetown UniversityjeFFrey PontiFF Boston Collegematthew ringgenberg University of Utah Discussantbryan kelly Yale University

Structural Changes in Corporate Bond Underpricing

Florian nagler Bocconi Universitygiorgio ottonello Vienna Graduate School of Finance

Discussantliying wang University of Nebraska

Commodity Financialization and Information Transmission

itay goldstein University of Torontoliyan yang University of Pennsylvania

Discussantyajun wang University of Maryland at College Park

The Value and Real Effects of Implicit Guarantees

shuang jin HKUSTwei wang Queen’s UniversityZilong Zhang City University of Hong Kong DiscussantjacoPo Ponticelli Northwestern University

The Limits of Limited Liability: Evidence from Industrial Pollution

ian aPPel Boston CollegePat akey University of Toronto

Discussantroberta romano Yale University

Venture Capital Investments and Merger and Acquisition Activity around the World

gordon PhilliPs Dartmouth CollegealeXei Zhdanov Penn State University

Discussantjulian atanassov University of Nebraska

Shadow Pills and Long-Term Firm Value

martijn cremers University of Notre Damelubomir litov University of Oklahomasimone sePe University of Notre Dame, University of Arizonascott guernsey University of Oklahoma Discussantemiliano catan New York University

FinTech Credit and Service Quality

yi huang Graduate Institute Genevachen lin University of Hong KongZiXia sheng Ant Financial Services Grouplai wei Lingnan University

Discussantmatteo crosignani Federal Reserve Board of Governors

Information Disclosure and Payday Lending in Texas

kathleen burke Princeton Universityjesse b. leary Consumer Financial Protection Bureaujialan wang University of Illinois at Urbana-Champaign

Discussantsean hundtoFte Federal Reserve Board of Governors

Factor Momentum

mark william clements Research Affiliatesvitali kalesnik Research Affiliatesjuhani linnainmaa University of Southern Californiarob arnott Research Affiliates

Discussanttoby moskowitZ Yale University

Credit and Option Risk Premia

lars kuehn Carnegie Mellon Universitydavid schreindorger Arizona State UniversityFlorian schulZ University of Washington Discussantyoshio noZawa Federal Reserve Board of Governors

Why is Capitol Slow Moving? Liquidity Hysteresis and the Dynamics of Limited Arbitrage

james dow London School of Businessjungsuk han Stockholm School of EconomicsFrancesco sangiorgi Frankfurt School of Finance and Management

Discussantwill diamond University of Pennsylvania

tuesday afternooon sessions tuesday may 22, 2018

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3:45 - 4:15 pm Special SFS Journal Paper Presentation 6:00 - 8:00PM

The Review of Corporate Finance Studies Keynote Paper“Within-Bank Spillovers and Real Estate Shocks” by Kathy Yuan, Dragana Cvijanovic, and Vicente CunatPresenter: Vicente Cunat, London School of EconomicsLocaton: Zhang Auditorium

ReceptionLocation: Pauli Murray College 130 Prospect Street, New Haven

Finance and PoliticsChair: Paola SaPienza Northwestern University Room 2200

Real Effects of Corporate Financial DecisionsChair: John Graham Duke University Room 2210

Venture Capital and the Financing of InnovationChair: ramana nanda Harvard University Room 2230

Corporate GovernanceChair: alon Brav Duke University Room 2400

Trading, Prices, and Household FinanceChair: eduardo davila New York University Room 2410

CreditChair: olivier darmouni Columbia University Room 4200

Returns-EmpiricsChair: Kent daniel Columbia University Room 4210

Corporate Bonds, Municipal Bonds, CDS and Equity valuationChair: Stefano GiGlio Yale University Room 4220

Investment TheoryChair: viSh viSwanathan Duke University Room 4230

Executives in Politics

ilona babenko Arizona State Universityviktar Fedaseyeu Bocconi Universitysong Zhang Boston College

DiscussantFlorian schulZ University of Washington

Asymmetric Cash Flow Distributions and Corporate Policies

john easterwood Virginia Techbradley Paye Virginia Techyutong Xie Virginia Tech

Discussantarthur korteweg University of Southern California

Angels, Entrepreneurship, and Employment Dynamics: Evidence from Investor Accreditation Rules

laura a. lindsey Arizona State Universityluke stein Arizona State University Discussanttania babina Columbia University

SEC Enforcement and Corporate Relocations

Paul calluZZo Queen’s Universitywei wang Queen’s Universityserena shuo wu Queen’s University

Discussantmargarita tsoutsoura Cornell University

Who Wears the Pants? Gender Identity Norms and Intra-Household Financial Decision Making

da ke University of South Carolina

DiscussantPaul goldsmith-Pinkham Federal Reserve Bank of New York

Pushing Boundaries: Political Redistricting and Consumer Credit

christine dobridge Federal Reserve Board of GovernorsPat akey University of Torontorawley heimer : Boston CollegesteFan lewellen Carnegie Mellon University Discussantmatthieu chavaZ Bank of England

Vacancy Posting, Employee Value, and Asset Pricing

yukun liu Yale University

Discussantjun li University of Texas at Dallas

Low Inflation: High Default Risk AND High Equity Valuations

aleXandre jeanneret HEC Montréalharjoat bhamra Imperial Collegechristian dorion HEC Montréalmichael weber University of Chicago

Discussantcarolin PFlueger University of British Columbia

Securities Lending: Wholesale Funding and the Supply of Safe Assets

nathan Foley-Fisher Federal Reserve Boardborghan narajabad Federal Reserve BoardstePhane verani Federal Reserve Board Discussantemily williams Harvard University

Lending without creditor rights, collateral, or reputation—The “trusted-assistant” loan in 19th century China

meng miao Renmin University of Chinaguanjie niu Renmin University of Chinathomas noe The University of Oxford DiscussantyongXiang wang University of Southern California

Exchange Rate Exposure and Firm Dynamics

juliana salomao University of Minnesotaliliana varela University of Warwick

Discussantjames weston Rice University

More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value

heitor almeida University of Illinois at Urbana-ChampaignPo-hsuan hsu University of Hong Kongdongmei li University of South Carolina, Columbiakevin tseng University of Kansas Discussantsudheer chava Georgia Tech

Does Diversity Pay in the Boardroom?

laura Field University of Delawarematthew souther University of Missouriadam yore University of Missouri Discussantnadya malenko Boston College

Discriminatory Pricing of Over-the-Counter FX Derivatives

Peter hoFFmann European Central Bankyannick timmer Trinity College Dublinsam langField European Systemic Risk Boardharald hau University of Geneva DiscussantZhaogang song Johns Hopkins University

Predictably Unequal? The Effects of Machine Learning on Credit Markets

andreas Fuster Federal Reserve Bank of New YorkPaul goldsmith-Pinkham Federal Reserve Bank of New Yorktarun ramadorai Imperial Collegeansgar walther University of Warwick Discussantandres liberman New York University

The Economics of the Fed Put

anna cieslak Duke Universityannette vissing-jorgensen University of California Berkeley Discussantstijn van nieuwerburgh New York University

Financing Dies in Darkness? The Impact of Newspaper Closures on Public Finance

Pengjie gao University of Notre Damechang lee University of Illinois at Chicagodermot murPhy University of Illinois at Chicago

Discussantumit gurun University of Texas at Dallas

Schumpeterian Competition and Financial Markets

daniel andrei University of California, Los Angelesbruce carlin University of California, Los Angeles

Discussantcolin ward University of Minnesota

wednesday morning sessions wednesday may 23, 2018

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12:00 - 1:20 pm Keynote Luncheon - New Haven Lawn Club SFS Annual Membership Luncheon

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Labor and FinanceChair: marGarita tSoutSoura Cornell University Room 2200

Ownership, Information, and Decision-MakingChair: cecilia Parlatore New York University Room 2210

Ownership, Information, and Decision-MakingChair: cecilia Parlatore New York University Room 2210

Capital Structure, Mergers, and Labor CompensationChair: heather tooKeS Yale University Room 2400

ContractsChair: GiorGia Piacentino Columbia University Room 2410

BehavioralChair: JameS choi Yale University Room 4200

Asset Pricing & ProductionChair: luKaS Schmid Duke University Room 4210

Macro-FinanceChair: Stanley zin New York University Room 4220

Mutual FundsChair: alexi Savov New York University

Room 4230

Is Cash Still King: Why Firms Offer Non-Wage Compensation and the Implications for Shareholder Value

tim liu University of North CarolinaPaige ouimet University of North Carolinachristos makridis Stanford Universityelena simintZi University of British ColumbiaDiscussantilona babenko Arizona State University

Adverse Selection, Capital Supply, and Venture Capital Allocation

adam winegar BI Norwegian Business School

Discussantwill gornall University of British Columbia

Design of Macro-prudential Stress Tests

Pavel Zryumov University of Rochesterdmitry orlov University of RochesterandrZej skrZyPacZ Stanford University

Discussantjean-edouard colliard HEC Paris

A Model of Capital Structure Under Labor Market Search

Ping liu University at Buffalo, SUNY

Discussantsessie jiaXu wang Arizona State University

Robust Security Design

seokwoo lee George Mason Universityuday rajan The University of Michigan

Discussantandrey malenko Massachusetts Institute of Technology

Risk Exposure to Investment Shocks: A New Approach Based on Investment Data

lorenZo garlaPPi University of British ColumbiaZhongZhi song Cheung Kong Graduate School of Business

Discussanterik loualiche University of Minnesota

Term structure of risk in expected returns

irina ZviadadZe Stockholm School of Economics

Discussantmichael gallmeyer University of Virginia

What do fund flows reveal about asset pricing models and investor sophistication?

narasimhan jegadeesh Emory Universitychandra sekhar mangiPudi Emory University

Discussantkent daniel Columbia University

Finance, Talent Allocation, and Growth

laurent Fresard University of LuganoFrancesco d’acunto University of Maryland

Discussantrui silva London Business School

Leaks, disclosures and internal communication

snehal banerjee University of California, San Diegotaejin kim The Chinese University of Hong Kong

Discussantandrey malenko Massachusetts Institute of Technology

Lender of Last Resort versus Buyer of Last Resort — Evidence from the European Sovereign Debt Crisis

viral acharya Reserve Bank of Indiadiane Pierret University of Lausannesascha steFFen Frankfurt School of Finance and Management Discussantyiming ma Stanford University

Capital Structure and Hedging Demand with Incomplete Markets

alberto bisin New York Universitygian luca clementi New York UniversityPiero gottardi European University Institute

Discussantdaniel carvalho Indiana University

Monitor Reputation and Transparency

ivan marinovic Stanford Universitymartin sZydlowski University of Minnesota

Discussantitay goldstein University of Pennsylvania

Monetary Policy and Reaching for Income

kent daniel Columbia UniversitylorenZo garlaPPi University of British Columbiakairong Xiao Columbia University

Discussantbo becker Stockholm School of Economics

Production Networks and Stock Returns: The Role of Creative Destruction

michael goFman University of Rochestergill segal University of North Carolina at Chapel Hillyouchang wu University of Oregon

DiscussantaleXandre corhay University of Toronto

News-Driven Uncertainty Fluctuations

dongho song Boston Collegejenny tang Federal Reserve Bank of Boston

Discussantnicholas koZeniauskas New York University

Who Benefits from the Demise of American Manufacturing? Evidence from 142,663 Foreign and Domestic Entries in China

minwen li Tsinghua Universitytanakorn makaew SECvojislav maksimovic University of Maryland Discussanthyunseob kim Cornell University

The Rise of Common Ownership

erik gilje University of Pennsylvaniatodd gormley Washington University in St. Louisdoron levit University of Pennsylvania

Discussantmoqi Xu London School of Economics

Dynamic Bank Capital Requirements

tetiana davydiuk Carnegie Mellon University

DiscussantPablo d’erasmo Federal Reserve Bankn of Philidelphia

The Private and Social Value of Capital Structure Commitment

tim johnson University of Illinois, Urbana-ChampaignPing liu University at Buffalochelsea yu University of Illinois, Urbana-Champaign Discussantthomas geelen École Polytechnique Fédéralé DeLausanne

Agency Conflicts over the Short- and the Long-Run

sebastian gryglewicZ Erasmus Universitysimon mayer Erasmus Universityerwan morellec École Polytechnique Fédéralé DeLausanne

Discussantjohn Zhu University of Pennsylvania

Decision Fatigue and Heuristic Analyst Forecasts

yaron levi University of Southern Californiadavid hirshleiFer University of California, Irvinesiew hong teoh University of California, Irvineben lourie University of California, Irvine Discussantlisa kramer University of Toronto

Aggregate Expected Investment Growth and Stock Market Returns

jun li University of Texas at Dallashuijun wang University of DelawarejianFeng yu PBCSF, Tsinghua University Discussantberardino PalaZZo Boston University

Macroeconomic Tail Risks and Asset Prices

david schreindorFer Arizona State University

Discussantitamar drechsler New York University

Marketing Mutual Funds

nikolai roussanov University of PennsylvaniahongXun ruan University of Pennsylvaniayanhao wei University of Southern California

Discussantmark egan Harvard University

Wisdom of the Employee Crowd: Employer Reviews and Stock Returns

cliFton green Emory Universityruoyan huang Moody’s Analyticsquan wen Georgetown UniversitydeXin Zhou Baruch College

Discussantjillian grennan Duke University

The Economic Consequences of Mutual Fund Advisory Misconduct

kai wu Cornell University

Discussantbing liang University of Massachusetts, Amherst

wednesday afternooon sessions wednesday may 23, 2018

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3:45 - 4:15 pm Special SFS Journal Paper Presentation 6:00 - 9:00 PM

The Review of Asset Pricing Studies Keynote PaperKenneth French, Dartmouth UniversityLocaton: Zhang Auditorium

Awards ReceptionLocation: Anthony’s Ocean View 450 Lighthouse Road, New Haven

1:30

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Labor and FinanceChair: marGarita tSoutSoura Cornell University Room 2200

Ownership, Information, and Decision-MakingChair: cecilia Parlatore New York University Room 2210

Ownership, Information, and Decision-MakingChair: cecilia Parlatore New York University Room 2210

Capital Structure, Mergers, and Labor CompensationChair: heather tooKeS Yale University Room 2400

ContractsChair: GiorGia Piacentino Columbia University Room 2410

BehavioralChair: JameS choi Yale University Room 4200

Asset Pricing & ProductionChair: luKaS Schmid Duke University Room 4210

Macro-FinanceChair: Stanley zin New York University Room 4220

Mutual FundsChair: alexi Savov New York University

Room 4230

Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America

yiFei mao Cornell Universityjessie jiaXu wang Arizona State University

Discussantjordan nickerson Boston College

Collusion with Public and Private Ownership and Innovation

arnoud boot University of Amsterdamvladimir vladimirov University of Amsterdam

Discussantrichard lowery University of Texas at Austin

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath

antonio Falato Fed Boardgiovanni Favara Fed Boarddavid scharFstein Harvard University

Discussantdaniel greenwald Massachusetts Institute of Technology

Human Capital Integration in Mergers and Acquisitions

Paolo Fulghieri University of North Carolinamerih sevilir Indiana University

Discussantdirk hackbarth Boston University

Ambiguity in Dynamic Contracts

martin sZydlowski University of Minnesota

DiscussantPaolo Fulghieri University of North Carolina

Doing Less With More

rawley heimer Boston CollegealeX imas Univeristy of Chicago

Discussantheather tookes Yale University

What Drives Q and Investment Fluctuations?

ilan cooPer BI Norwegian Business SchoolPaulo maio Hanken School of Economicsandreea mitrache Toulouse Business School

Discussantthien nguyen Ohio State University

Asset Pricing with Return Extrapolation

lawrence jin California Institute of TechnologyPengFei sui California Institute of Technology

Discussantdana kiku University of of Illinois Urbana-Champaign

Competing for Talent: Firms, Managers, and Social Networks

kristoPh kleiner Indiana Universityisaac hacamo Indiana University

Discussantwilliam gerken University of Kentuckey

Deadlock on the Board

jason roderick donaldson Washington University in St. Louisnadya malenko Boston Collegegiorgia Piacentino Columbia University DiscussantlorenZo garlaPPi University of British Columbia

Dynamic Bank Capital Regulation in Equilibrium

douglas gale New York Universityandrea gamba Uiversity of Warwickmarcella lucchetta University of Venice Ca’ Foscari

Discussantgregory Phelan Williams College

Bankers and their bonuses: A theory of periodic labor markets and optimal compensation

edward van weseP University of Colorado, Boulderbrian waters University of Colorado, Boulder

Discussantdavid dicks Baylor University

Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability

benjamin bernard University of California, Los Angelesagostino caPPoni Columbia UniversityjosePh stiglitZ Columbia University

Discussantyiming ma Stanford University

A Unified Economic Explanation for Profitability Premium and Value Premium

leonid kogan Massachusetts Institute of Technologyjun li University of Texas at Dallasharold Zhang University of Texas at Dallas Discussantmiao Zhang University of Southern California

Macro Risks and the Term Structure of Interest Rates

geert bekaert Columbia Universityeric engstrom Federal Reserve Board of Governorsandrey ermolov Fordham University

DiscussantPhiliPP illeditsch Carnegie Mellon University

Mutual Fund Flows and Fluctuations in Credit and Business Cycles

aZi ben-rePhael Indiana Universityjaewon choi University of Illinois at Urbana-Champaignitay goldstein University of Pennsylvania Discussantalan moreira University of Rochester

Anomalies Abroad: Beyond Data Mining

Xiaomeng lu SAIF, Shanghai Jiao Tong Universityrobert F. stambaugh University of Pennsylvaniayu yuan SAIF, Shanghai Jiao Tong University

Discussantyan liu Texas A&M University

Does Stock Mispricing Drive Firm Policies? Mutual Fund Fire Sales and Selection Bias

eliZabeth berger Cornell University

DiscussantarPit guPta New York University

thursday morning sessions

12:00 - 1:20 pm Lunch - New Haven Lawn Club

thursday may 24, 2018

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RFS 30th Anniversary Celebration Luncheon

Transmission Mechanisms in the Banking MarketChair: manuel adelino Duke University Room 2210

Do Managers Still Matter?Chair: daniel ferreira London School of Economcis Room 2230

Financial Advice and Fund ManagersChair: JuleS van BinSBerGen University of Pennsylvania Room 2400

Household Investment DecisionsChair: anthony lynch New York University Room 2410

Options and Stocks MarketChair: Burton hollifield Carnegie Mellon University Room 4210

International FinanceChair: ric colacito University of North Carolina, Chapel Hill Room 4220

Returns-Cross-SectionChair: Jeffrey Pontiff Boston College Room 4230

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Bank Risk TakingChair: JuStin murfin Yale University Room 2200

Transmission Mechanisms in the Banking MarketChair: manuel adelino Duke University Room 2210

Do Managers Still Matter?Chair: daniel ferreira London School of Economcis Room 2230

Financial Advice and Fund ManagersChair: JuleS van BinSBerGen University of Pennsylvania Room 2400

Household Investment DecisionsChair: anthony lynch New York University Room 2410

Microstructure and InformationChair: haoxianG zhu Massachusetts Institute of Technology Room 4200

Options and Stocks MarketChair: Burton hollifield Carnegie Mellon University Room 4210

International FinanceChair: ric colacito University of North Carolina, Chapel Hill Room 4220

Returns-Cross-SectionChair: Jeffrey Pontiff Boston College Room 4230

For Richer, For Poorer: Banker’s Skin-in-the-game and Risk Taking in New England, 1867-1880

Peter koudijs Stanford Universitylauar salisbury York University

Discussantjustin murFin Yale University

Understanding the Credit Multiplier: The Working Capital Channel

heitor almeida University of Illinois at Urbana-Champaigndaniel carvalho Indiana Universitytaehyun kim University of Notre Dame

Discussantryan Pratt Brigham Young University

The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years

ran duchin University of Washingtondenis sosyura Arizona State Universitymikhail simutin University of Toronto

Discussantsamuli knuPFer BI Norwegian Business School

The Market for Conflicted Advice

briana chang University of Wisconsin - Madisonmartin sZydlowski University of Minnesota

Discussantmark egan Harvard University

Stock Market Returns and Consumption

amir kermani University of California, Berkeleykaveh majlesi Lund Universitymarco di maggio Harvard University

Discussantmichaela Pagel Columbia University

A Tale of One Exchange and Two Order Books: Effects of Fragmentation in the Absence of Competitionalejandro bernales University of Chile italo riarte University of Chile satchit sagade Goethe University, Research Center SAFE marcela valenZuela University of Chile christian westheide University of Mannheim

Discussantclara vega Federal Reserve Board

Does private information from options markets forecast aggregate stock returns?

christoPher jones University of Southern Californiahaitao mo Lousiana State Universitytong wang Virginia Tech University DiscussantsoPhie ni Hong Kong Baptist University

International Currencies and Capital Allocation

matteo maggiori Harvard Universitybrent neiman University of Chicagojesse schreger Columbia University

Discussantrobert ready University of Oregon

Long-term discount rates do not vary across firms

matti keloharju Aalto Universityjuhani linnainmaa University of Southern CaliforniaPeter nyberg Aalto University Discussantyan liu Texas A&M University

The Value of Regulators as Monitors: Evidence from Banking

emilio bisetti Carnegie Mellon University Discussantanna kovner Federal Reserve Board of New York

Intermediation Variety

jason roderick donaldson Washington University in St Louisgiorgia Piacentino Columbia Universityanjan thakor Washington University in St Louis

Discussantbasil williams New York University

Credit and Punishment: The Career Incentives of Wall Street Bankers

janet gao Indiana UniversitykristoPh kleiner Indiana UniversityjosePh Pacelli Indiana University

Discussantantonio Falato Federal Reserve Board

Pessimistic Fund Managers

yongqiang chu University of South Carolinahugh kim University of South Carolina

Discussantlawrence jin California Institute of Technology

Local Agglomeration and Stock Market Participation

jawad m. addoum Cornell UniversitysteFanos delikouras University of Miamida ke University of South Carolinageorge korniotis University of Miami

Discussantcasey dougal Drexel University

Information and Competition with Speculation and Hedging

mina lee Washington University in St LouisPete kyle University of Maryland Discussantkatya malinova University of Toronto

Implied Volatility Duration and the Early Resolution Premium

christian schlag Goethe Universityjulian thimme Goethe Universityruediger weber Goethe University

Discussantbryan routledge Carnegie Mellon University

Financial Contagion in International Supply-Chain Networks

christoPh schiller University of Toronto Discussantrobert richmond New York University

The Earnings Announcement Return Cycle

juhani linnainmaa University of Southern Californiaconson Zhang University of Southern California Discussantdavid solomon Boston College

Banks as Patient Lenders: Evidence from a Tax Reform

elena carletti Bocconi UniversityFiliPo de marco Bocconi Universityvasso ioannidou Lancaster Universityenrico sette Banca di Italia

DiscussantstePhen adam karolyi Carnegie Mellon University

Banking on Deposits: Maturity Transformation without Interest Rate Risk

itamar drechsler New York UniversityaleXi savov New York UniversityPhiliPP schnabl New York University

Discussantguillaume vuillemey HEC Paris

Timing stock trades for personal gain: Private information and sales of shares by CEOs

anh tran City, University of LondonelieZer Fich Drexel Universityrobert Parrino University of Texas at Austin DiscussantsteFan lewellen London Business School

Going Mobile, Investor Behavior, and Financial Fragility

Xiao cen Columbia University

DiscussanthongXun ruan University of Pennsylvania

Fully Closed: Individual Responses to Realized Capital Gains and Losses

michaela Pagel Columbia UniversitysteFFen meyer Leibniz University Hannover

DiscussantarPit guPta New York University

Speed Acquisition

shiyang huang The University of Hong Kongbart yueshen INSEAD

Discussanteduardo davila New York University

Option Prices and Costly Short-Selling

adem atmaZ Purdue Universitysuleyman basak London Business School

Discussantmichael gallmeyer University of Virginia

Sovereign credit risk and exchange rates: Evidence from CDS quanto spreads

Patrick augustin McGill Universitymikhail chernov University of California Los Angelesdongho song Boston College Discussantandrea vedolin Boston University

Flow-Driven Common Factors in Stock Returns

jiacui li Stanford University

Discussantmatthew ringgenberg University of Utah

thursday may 24, 2018

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Bank Risk TakingChair: JuStin murfin Yale University Room 2200

Transmission Mechanisms in the Banking MarketChair: manuel adelino Duke University Room 2210

Do Managers Still Matter?Chair: daniel ferreira London School of Economcis Room 2230

Financial Advice and Fund ManagersChair: JuleS van BinSBerGen University of Pennsylvania Room 2400

Household Investment DecisionsChair: anthony lynch New York University Room 2410

Microstructure and InformationChair: haoxianG zhu Massachusetts Institute of Technology Room 4200

Options and Stocks MarketChair: Burton hollifield Carnegie Mellon University Room 4210

International FinanceChair: ric colacito University of North Carolina, Chapel Hill Room 4220

Returns-Cross-SectionChair: Jeffrey Pontiff Boston College Room 4230

Reciprocal Lending Relationships in Shadow Banking

yi li Federal Reserve Board

Discussantsergey chernenko Purdue University

Unconventional Monetary Policy and Bank Lending Relationships

william mullins University of California San Diegoanne duquerroy Banque de FrancechristoPhe cahn Banque de France

DiscussantstePhen adam karolyi Carnegie Mellon University

Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting

tomislav ladika University of AmsterdamZacharias sautner Frankfurt School of Finance and Management Discussantmaria marchica The Univresity of Manchester

Financial Advisors and Risk-Taking

alessandro Previtero Indiana UniversitystePhen Foerster Western Universitybrian melZer Chicago Federal Reserve Boardjuhani linnainmaa University of Southern California Discussantjules van binsbergen University of Pennsylvania

Probability Weighting and Household Portfolio Choice: Empirical Evidence

stePhen dimmock Nanyang Technological Universityroy kouwenberg Mahidol University and Erasmus Universityolivia mitchell University of Pennsylvaniakim Peijnenburg HEC Paris Discussantnishad kaPadia Tulane University

Informing the Market: The Effect of Modern Information Technologies on Information Production

meng gao University of Illinois - Urbana Champaignjiekun huang University of Illinois - Urbana Champaign DiscussantbaoZhong yang Georgia State University

Stock Options, Stock Loans, and the Law of One Price

jesse blocher Vanderbilt Universitymatt ringgenberg University of Utah

Discussantadam reed University of North Carolina, Chapel Hill

Government Policy Approval and Exchange Rates

yang liu University of Hong Kongivan shaliastovich University of Wisconsin-Madison

DiscussantFederico gavaZZoni INSEAD

Break Risk

simon c smith University of Southern Californiaallan timmermann University of California, San Diego

Discussantnancy Xu Columbia University

Who bears interest rate risk?

Peter hoFFmann European Central BankFederico Pierobon European Central Banksam langField European Central Bankguillaume vuillemey HEC Paris

Discussantamiyatosh Purnanandam University of Michigan

The Impact of Bank Financing on Municipalities’ Bond Issuance and the Real Economy

ramona dagostino London Business School

Discussantigor cunha University of Kentucky

Do CEO Compensation Policies Respond to Debt Contracting?

brian akins Rice Universityjonathan bitting Rice Universitydavid de angelis Rice Universitymaclean gaulin University of Utah

Discussanterik gilje University of Pennsylvania

The Promises and Pitfalls of Robo-advising

Francesco d’acunto University of MarylandnagPurnanand Prabhala University of Marylandalberto g rossi University of Maryland

Discussantjuhani linnainmaa University of Southern California

Rationality and Subjective Bond Risk Premia

andrea buraschi Imperial College Londonilaria Piatti OxfordPaul whelan Copenhagen Business School

Discussantsteven baker University of Virginia

To Pool or Not to Pool? Security Design in OTC Markets

vincent glode University of Pennsylvaniachristian oPP University of Pennsylvaniaruslan sverchkov University of Pennsylvania Discussantbarney hartman-glaser University of California Los Angeles

Extracting Dynamic Latent Factors from Large Option Panels

yuguo liu University of Houstonkris jacobs University of Houston

Discussantdavid schreindorFer Arizona State University

International Medium of Exchange: Privilege and Duty

ryan chahrour Boston Collegerosen valchev Boston College

Discussantandreas stathoPoulos University of Washington

Dissecting Announcement Returns

mamdouh medhat City, University of Londonmaik schmeling City, University of London

DiscussantPavel savor Temple+Depaul

Manuel Adelino (Duke University)Kenneth Ahern (University of Southern California)Hengjie Ai (University of Minnesota)Andres Almazan (University of Texas, Austin)Fernando Anjos Universidade Nova de Lisboa)Kee-Hong Bae (York University)Snehal Banerjee (University of California, San Diego)Brad Barber (University of California, Davis)Jean Noel Barrot (Massachusetts Institute of Technology)Suleyman Basak (London Business School)Juliane Begenau (Stanford University)Frederico Belo (University of Minnesota)Jan Bena (University of British Columbia)Nittai Bergman (Tel Aviv University)Shai Bernstein (Stanford University)Harjoat Bhamra (Imperial College London)Anmol Bhandari (University of Minnesota)Jesse Blocher (Vanderbilt University)Oliver Boguth (Arizona State University)Nina Boyarchenko (Federal Reserve Bank of New York)Valentina Bruno (American University)Mike Burkart (London School of Economics)Jeffrey Busse (Emory University)Alex Butler (Rice University)Daniel Carvalho (Indiana University)Thomas Chemmanur (Boston College)Joseph Chen (University of California, Davis)Yingmei Cheng (Florida State University)Sergey Chernenko (Purdue University)Chernov Chernov (University of California, Los Angeles)Alexander Chinco (University of Illinois, Urbana-Champaign)Peter Christoffersen (University of Toronto)Joao Cocco (London Business School)Lauren Cohen (Harvard University)Ric Colacito (University of North Carolina, Chapel Hill)Pierre Colin-Dufresne (Ecole Polytechnique Fédérale de Lausanne )Lin William Cong (University of Chicago)Francesca Cornelli (London Business School)Mariano (Max) Massimiliano Croce (University of North Carolina, Chapel Hill)Zhi Da (University of Notre Dame)Magnus Dalquist (Stockholm School of Economics)Kent Daniel (Columbia University)David Denis (University of Pittsburgh)Ian Dew-Becker (Northwestern University)Robert Dittmar (University of Michigan)Amy Dittmar (University of Michigan)Craig Doidge (University of Toronto)Andres Donangelo (University of Texas, Austin)Itamar Drechsler (New York University)Greg Duffee (John Hopkins University )Darrell Duffie (Stanford University)Roger Edelen (University of California, Davis)Alex Edmans (London Business School)Ruediger Fahlenbrach (Ecole Polytechnique Fédérale de Lausanne )Joan Farre-Mensa (Cornerstone Research)Michael Faulkender (University of Maryland)Jack Favilukis (University of British Columbia)

Adlai Fisher (University of British Columbia)Slava Fos (Boston College)Thierry Foucault (HEC Paris)Murray Frank (University of Minnesota)Carola Frydman (Northwestern University)William Fuchs (University of Texas, Austin)Priyank Gandhi (University of Notre Dame)Pengjie Gao (University of Notre Dame)Rene Garcia (Universite de Montreal)Lorenzo Garlappi (University of British Columbia)Simon Gervais (Duke University)Mariassunta Giannetti (Stockholm School of Economics)Stefano Giglio (Yale University)Erik Gilje (University of Pennsylvania)Stuart Gillan (University of Georgia)Vincent Glode (University of Pennsylvania)Brent Glover (Carnegie Mellon University)Eitan Goldman (Indiana University)Francisco Gomes (London Business School)Joao Gomes (University of Pennsylvania)Radhakrishnan Gopalan (Washington University, St. Louis)Todd Gormley (Washington University, St. Louis)Clifton Green (Emory University)Denis Gromb (HEC Paris)Adam Guren (Boston University)Ro Gutierrez (University of Oregon)Dirk Hackbarth (Boston University)Valentin Haddad (University of California, Los Angeles)Michael Halling (Stockholm School of Economics)Lu Han (University of Toronto)Kristine Hankins (University of Kentucky)Jarrad Harford (University of Washington)Barney Hartman-Glaser (University of California, Los Angeles)Samuel Hartzmark (University of Chicago)Burton Hollifield (Carnegie Mellon University)Harrison Hong (Columbia University)Kewei Hou (Ohio State University)Jennifer Huang (Cheung Kong Graduate School of Business)Jiekun Huang (University of Illinois, Urbana-Champaign)Mark Huson (University of Alberta)Filippo Ippolito (Pompeu Fabra University)Rustom Irani (University of Illinois, Urbana-Champaign)Victoria Ivashina (Harvard University)Raj Iyer (Imperial College London)Dirk Jenter (London School of Economics)Shane Johnson (Texas A&M University)Christopher Jones (University of Southern California)Scott Joslin (University of Southern California)Gergana Jostova (George Washington University)Christian Julliard (London School of Economics)Marcin Kacperczyk (Imperial College London)Ohad Kadan (Washington University, St. Louis)Nishad Kapadia (Tulane University)Steven Kaplan (Chicago University)Simi Kedia (Rutgers University)Patrick Joseph Kelly (University of Melbourne)Dana Kiku (University of Illinois, Urbana-Champaign)

PROGRAM COMMITTEE

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CONFERENCE CHAIRS

CHAIRAmir Yaron, University of Pennsylvania

VICE CHAIRAntoinette Schoar, Massachusetts Institute of Technology

ASSOCIATE CHAIRMonika Piazzesi, Stanford University

SFS ADVISORY CHAIRJosef Zechner, Vienna University of Economics and Business

THE SOCIETY FOR FINANCIAL STUDIESThe Review of Asset Pricing StudiesExecutive Editor, Jeffrey Pontiff, Boston College

The Review of Corporate Finance StudiesExecutive Editor, Paolo Fulghieri, University of North Carolina at Chapel Hill

The Review of Financial StudiesExecutive Editor, Andrew Karolyi, Cornell University

CONFERENCE ORGANIZERSJaclyn Einstein, Society for Financial Studies Leigh Ann Clark, Yale UniversityMatthew Spiegel, Yale University

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Peter Koudijs (Stanford University)Anna Kovner (Federal Reserve Bank of New York)Mathias Kronlund (University of Illinois, Urbana-Champaign)Theresa Kuchler (New York University)Lars Kuehn (Carnegie Mellon University)Alok Kumar (University of Miami)Tim Landvoigt (University of Pennsylvania)Mark Leary (Washington University, St. Louis)Moritz Lenel (Princeton University)Josh Lerner (Harvard University)Martin Lettau (University of California, Berkeley)Doron Levit (University of Pennsylvania)Jonathan Lewellen (Dartmouth College)Karen K. Lewis (University of Pennsylvania)Xiaoji Lin (Ohio State University)Juhani Linnainmaa (University of Southern California)Karl Lins (University of Utah)Marc Lipson (University of Virginia)Laura Xiaolei Liu (Peking University)Dmitry Livdan (University of California, Berkeley)Lars Lochstoer (University of California, Los Angeles)Francis Longstaff (University of California, Los Angeles)Dong Lou (London School of Economics)Richard Lowery (University of Texas, Austin)Christian Lundblad (University of North Carolina, Chapel Hill)Matteo Maggiori (Harvard University)Igor Makarov (London School of Economics)Andrey Malenko (Massachusetts Institute of Technology)Massimo Massa (INSEAD)Pedro Matos (University of Virginia)Gregor Matvos (University of Texas, Austin)David McLean (Georgetown University)Timothy McQuade (Stanford University)Nour Meddahi (Toulouse School of Economics)Alan Moreira (University of Rochester)Erwan Morellec (Ecole Polytechnique Fédérale de Lausanne )Adair Morse (University of California, Berkeley)Philippe Mueller (University of Warwick)William Mullins (University of California, San Diego)David Musto (University of Pennsylvania)Federico Nardari (University of Melbourne)Charles Nathanson (Northwestern University)Thomas Noe (University of Oxford)Martin Oehmke (London School of Economics)Christian Opp (University of Pennsylvania)Paige Ouimet (University of North Carolina, Chapel Hill)Oguzhan Ozbas (University of Southern California)Stavros Panageas (University of California, Los Angeles)Dimitris Papanikolaou (Northwestern University)Daniel Paravisini (London School of Economics)Cecilia Parlatore (New York University)Paolo Pasquariello (University of Michigan)Anna Pavlova (London Business School)Carolin Pflueger (University of British Columbia)Gordon Phillips (Dartmouth College)Christopher Polk (London School of Economics)Joshua Pollet (University of Illinois, Urbana-Champaign)Manju Puri (Duke University)Amiyatosh Purnanandam (University of Michigan)

Uday Rajan (University of Michigan)Tarun Ramadorai (Imperial College London)Adriano Rampini (Duke University)Adam Reed (University of North Carolina, Chapel Hill)Jonathan Reuter (Boston College)Cesare Robotti (University of Georgia)Bryan Routledge (Carnegie Mellon University)Gideon Saar (Cornell University)Ronnie Sadka (Boston College)Jacob Sagi (University of North Carolina, Chapel Hill)Juliana Salomao (University of Minnesota)Alessio Saretto (University of Texas, Dallas)Alexi Savov (New York University)Christian Schlag (Goethe University)Lukas Schmid (Duke University)Lawrence Schmidt (University of Chicago)Philipp Schnabl (New York University)Jesse Schreger (Columbia University)Mark Seasholes (Arizona State University)Felipe Severino (Dartmouth College)Ivan Shaliastovich (University of Wisconsin, Madison)Sophie Shive (University of Notre Dame)Tyler Shumway (University of Michigan)Clemens Sialm (University of Texas, Austin)Paolo Sodini (Stockholm School of Economics)Chester Spatt (Carnegie Mellon University)David Sraer (University of California, Berkeley)Adi Sunderam (Harvard University)Geoff Tate (University of North Carolina, Chapel Hill)Lucian Taylor (University of Pennsylvania)Alexei Tchistyi (University of Illinois, Urbana-Champaign)Christopher Telmer (Carnegie Mellon University)David Thesmar (Massachusetts Institute of Technology)Margarita Tsoutsoura (Cornell University)Raman Uppal (Ecole De Hautes Etudes Commerciales du Nord)Rosen Valkanov (University of California, San Diego)Mathijs van Dijk (Erasmus University)Kumar Venkataraman (Southern Methodist University)Adrien Verdelhan (Massachusetts Institute of Technology)Pietro Veronesi (University of Chicago)Luis M Viceira (Harvard University)Annette Vissing-Jorgensen (University of California, Berkeley)Jessica Wachter (University of Pennsylvania)Neng Wang (Columbia University)Michael Weber (University of Chicago)Ivo Welch (University of California, Los Angeles)Ingrid M Werner (Ohio State University)James Weston (Rice University)Rohan Williamson (Georgetown University)Jeffrey Wurgler (New York University)Mao Ye (University of Illinois)Kathy Yuan (London School of Economics)Harold Zhang (University of Texas, Dallas)Lu Zhang (Ohio State University)Xiaoyan Zhang (Purdue University)Haoxiang Zhu (Massachusetts Institute of Technology)Irina Zviadadze (Stockholm School of Economics

HELPFUL INFORMATIONINTERNET WIFI ACCESS To access WiFi at Yale School of Management, Evans Hall, select YALEGUEST. Accept the terms and conditions for access.

AFFECT BREAKFAST Breakfast and Panel discussion will be in the Beinecke Terrace located on the 2nd floor .BREAKFAST Breakfast will be located on the 1st floor.

COFFEE BREAKS Coffee breaks will be located on the 1st, 2nd and 4th floors.

LUNCH Lunch will be at the New Haven Lawn Club, located next door to Evans Hall.

CONFERENCE SHUTTLESMay 22, 2018• Shuttles will depart the Omni and New Haven Hotel starting at 7:45 am and will run every 20 minutes until 9:30 am• Shuttles will depart Yale School of Management for Omni and New Haven hotels at 4:30 pm and 5:00 pm• Shuttles will depart Omni and New Haven Hotel for Murray College at 5:45, 6:15 and 6:45 pm• Shuttles will depart Murray College for Omni and New Haven Hotels at 8:00 pmMay 23, 2018• Shuttles will depart the Omni and New Haven Hotel starting at 7:45 am and will run every 20 minutes until 9:30 am• Shuttles will depart Omni and New Haven Hotel for Anthony’s Ocean View at 5:30, and 6:30 pm• Shuttles will depart Anthony’s Oceanview for Omni and New Haven Hotels at 8:00, and 9:00 pmMay 24, 2018• Shuttles will depart the Omni and New Haven Hotel starting at 7:45 am and will run every 20 minutes until 9:30 am

TAXI SERVICES• Metro Taxi (203) 777-7777• Heritage Taxi (203) 466-6666• Quick Taxi (203) 777-7778• UBER/LYFT

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