Western Finance Association

2019 Program

54th Annual Conferenceof the

Western Finance Association

Hyatt Regency Huntington BeachHuntington Beach, CA

June 16 - 19, 2019

07/03/2019 09:23

WESTERN FINANCE ASSOCIATION

We are a professional society for academicians and practitioners with a scholarly interestin the development and application of research in finance.

Our purpose is (1) to serve as a focal point for communication among members, (2) toimprove teaching and scholarship, and (3) to provide for the dissemination ofinformation, including the holding of meetings and the support of publications.

The Association is an international organization with membership open to individualsfrom both the academic and professional community, and to institutions. Members ofthe Association are entitled to receive a reduction in the registration fee at the annualmeetings. You are invited to join or renew online at https://westernfinance.org.

Correspondence regarding membership and other business aspects of the Associationshould be addressed to:

Bryan R. RoutledgeSecretary-Treasurer, WFATepper School of BusinessCarnegie Mellon University5000 Forbes AvenuePittsburgh, PA, 15213-3890USATelephone: 412-268-7588Email: routledge@cmu.edu

A call for papers and participants for the 2020 Conference of the Western FinanceAssociation appears at the end of this program.

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WELCOME

Welcome to our 2019 conference. The WFA is committed to providing a safe, inclusiveand productive setting for scientific exchange among all participants at the AnnualConference. To affirm this commitment, the Board of the WFA has developed theattached conference code of conduct that will be communicated to all prospective andfuture WFA conference attendees. The code of conduct briefly spells out the expectationsfor all meeting participants, emphasizes that neither harassment nor discrimination willbe tolerated, and details whom to contact in the event that there are violations of thiscode. There is a link to the conference code of conduct at https://westernfinance.org,and it is printed on page 57 of the conference programs as a reminder.

Ingrid M. Werner,WFA President, 2018-2019

REGISTRATION AND HOTEL INFORMATION

All sessions and conference functions will be held in the Hyatt Regency HuntingtonBeach. On-site registration for the conference will be located in the Grand FoyerNorth on:

Sunday, June 16, 2019, 4:00 pm – 8:00 pm

Monday, June 17, 2019, 7:30 am – 4:00 pm

Tuesday, June 18, 2019, 7:30 am – 12:00 pm

PRE-REGISTRATION

Registration is available at https://westernfinance.org. We encourage you to pre-registeras soon as you can. This facilitates our event planning and reduces your time at theconference registration desk. For discounted registration fees, please register prior toMay 22, 2019.

FEE SCHEDULE

Early Registration RegistrationWFA member $175 $225Non-member $225 $275Student No Charge $50Program Committee Member No Charge $225

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SPECIAL EVENT REGISTRATION

Registration for the WFA Annual Meeting Luncheon and other special events is requiredand is done at the time you register for the conference. On-site registration for specialevents is subject to space availability.

SPONSORSHIP

The Western Finance Association gratefully acknowledges the sponsors of our2019 conference, receptions, lunches, coffee breaks, best paper awards, and PhD studentawards.

BlackRock

Cambridge University Press

Charles River Associates

Cornerstone Research

Cubist Systematic Strategies

Elsevier B.V.

Research Affiliates, LLC

The NASDAQ Stock Market

Two Sigma

USC Marshall School of Business

Wharton Research Data Services

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WESTERN FINANCE ASSOCIATION

Officers and Directors: 2018-2019

President: Ingrid M. Werner, Ohio State UniversityPresident Elect: Andrew Karolyi, Cornell UniversityVice President: Toni M. Whited, University of MichiganVice-President Elect: John M. Griffin, University of Texas-AustinSecretary-Treasurer: Bryan R. Routledge, Carnegie Mellon University

Directors: Itay Goldstein, University of PennsylvaniaBurton Hollifield, Carnegie Mellon UniversityHanno Lustig, Stanford UniversityAdrien Verdelhan, Massachusetts Institute ofTechnologyAnnette Vissing-Jorgensen, University ofCalifornia-BerkeleyAmir Yaron, University of Pennsylvania

Presidents: 1965 – 2019

1965–66 Kenneth L. Trefftzs University of Southern California1966–67 Edward Reed University of Oregon1967–68 Robert Carr Fresno State College1968–69 Burton Kolb University of Colorado1969–70 Lester B. Strickler Oregon State University1970–71 Harold Stevenson Arizona State University1971–72 W. Scott Bauman University of Oregon1972–73 David Eiteman University of California-Los Angeles1973–74 James Wert University of Arizona1974–75 George Kaufman University of Oregon1975–76 John Herzog Simon Fraser University1976–77 A. Blaine Huntsman University of Utah1977–78 David Pyle University of California-Berkeley1978–79 Guilford Babcock University of Southern California1979–80 Donald Farrar University of Utah1980–81 Charles D’Ambrosio University of Washington1981–82 James Van Horne Stanford University1982–83 Edward Dyl University of Wyoming1983–84 Nils Hakansson University of California-Berkeley1984–85 Seha Tinic University of Texas-Austin1985–86 Alan Kraus University of British Columbia

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1986–87 Gerald Bierwag University of Arizona1987–88 Robert Litzenberger University of Pennsylvania1988–89 Alan Hess University of Washington1989–90 Lemma Senbet University of Maryland1990–91 Eduardo Schwartz University of California-Los Angeles1991–92 Stephen Brown New York University1992–93 Hans Stoll Vanderbilt University1993–94 Kenneth Singleton Stanford University1994–95 Milton Harris University of Chicago1995–96 Chester S. Spatt Carnegie Mellon University1996–97 Michael J. Brennan University of California-Los Angeles1997–98 Maureen O’Hara Cornell University1998–99 Franklin Allen University of Pennsylvania1999–00 Richard C. Green Carnegie Mellon University2000–01 Wayne Ferson University of Washington2001–02 Douglas W. Diamond University of Chicago2002–03 Philip H. Dybvig Washington University-St. Louis2003–04 René M. Stulz Ohio State University2004–05 Ravi Jagannathan Northwestern University2005–06 Mark Grinblatt University of California-Los Angeles2006–07 Sheridan Titman University of Texas-Austin2007–08 Campbell R. Harvey Duke University2008–09 Artur Raviv Northwestern University2009–10 William Goetzmann Yale University2010–11 Peter DeMarzo Stanford University2011–12 Francis Longstaff University of California-Los Angeles2012–13 Michael Fishman Northwestern University2013–14 John Graham Duke University2014–15 Josef Zechner Vienna University of Economics and Business2015–16 Laura Starks University of Texas-Austin2016–17 Lubos Pastor University of Chicago2017–18 Jiang Wang Massachusetts Institute of Technology2018–19 Ingrid M. Werner Ohio State University

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Distinguished Speakers

WFA Annual Meeting Speakers 1979 – 2019Year Location Speaker1979 San Francisco Nils Hakansson1980 San Diego Kenneth Arrow1981 Jackson Lake Eugene Fama1982 Portland Stephen Ross1983 Long Beach Myron Scholes1984 Vancouver Richard Roll1985 Scottsdale Robert Litzenberger1986 Colorado Springs Merton Miller1987 San Diego Edward Kane1988 Napa Sanford Grossman1989 Seattle William Sharpe1990 Santa Barbara Michael Brennan1991 Jackson Lake Fischer Black1992 San Francisco Myron Scholes1993 Whistler Alan Kraus1994 Santa Fe Mark Rubinstein1995 Aspen Kenneth French1996 Sunriver Joseph Williams1997 San Diego Richard Thaler1998 Monterey Milton Harris1999 Santa Monica Andrei Shleifer2000 Sun Valley Kenneth Singleton2001 Tucson Robert Shiller2002 Park City Albert S. "Pete" Kyle2003 Los Cabos Richard Kihlstrom2004 Vancouver Michael C. Jensen2005 Portland Douglas Breeden2006 Keystone Douglas Diamond2007 Big Sky John Y. Campbell2008 Waikoloa René M. Stulz2009 San Diego Chester Spatt2010 Victoria Mark Grinblatt2011 Santa Fe Maureen O’Hara2012 Las Vegas Campbell Harvey2013 Lake Tahoe Darrell Duffie2014 Monterey Bay Stewart C. Myers2015 Seattle Francis Longstaff2016 Park City Peter DeMarzo2017 Whistler Robert Stambaugh2018 Coronado Robert C. Merton2019 Huntington Beach Raghuram Rajan

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BEST PAPER AWARDS

THE USC MARSHALL SCHOOL OF BUSINESS TREFFTZS AWARDFOR THE BEST STUDENT PAPER

Women’s Inheritance Rights and Entrepreneurship Gender GapS. Lakshmi Naaraayanan, Hong Kong University of Science & Technology

CHARLES RIVER ASSOCIATES AWARDFOR THE BEST PAPER ON CORPORATE FINANCE

The Contribution of High-Skilled Immigrants to Innovation in the United StatesShai Bernstein, Stanford University

Rebecca Diamond, Stanford UniversityTimothy McQuade, Stanford University

Beatriz Pousada, Stanford University

ELSEVIER SPONSORED AWARDFOR THE BEST PAPER ON FINANCIAL INSTITUTIONS

Systemic Risk and the Great DepressionSanjiv Das, Santa Clara University

Kris Mitchener, Santa Clara UniversityAngela Vossmeyer, Claremont McKenna College

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BEST PAPER AWARDS

NASDAQ AWARDFOR THE BEST PAPER ON ASSET PRICING

Trading Complex RisksFelix Fattinger, University of Melbourne

TWO SIGMA AWARDFOR THE BEST PAPER ON INVESTMENT MANAGEMENT

How do Financial Expertise and Networks Affect Investing? Evidence from theGovernance of University Endowments

Matteo Binfarè, University of North Carolina-Chapel HillGregory W. Brown, University of North Carolina-Chapel Hill

Robert S. Harris, University of VirginiaChristian T. Lundblad, University of North Carolina-Chapel Hill

WHARTON SCHOOL - WRDS AWARDFOR THE BEST EMPIRICAL FINANCE PAPER

Predictably Unequal? The Effects of Machine Learning on Credit MarketsAndreas Fuster, Swiss National Bank

Paul Goldsmith-Pinkham, Yale UniversityTarun Ramadorai, Imperial College LondonAnsgar Walther, Imperial College London

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BEST PAPER AWARDS

CUBIST SYSTEMATIC STRATEGIES PHD CANDIDATE AWARDSFOR OUTSTANDING RESEARCH

Bo Bian, London Business School

Marco Grotteria, University of Pennsylvania

Camille Hebert, Tilburg University

Paymon Khorrami, University of Chicago

Alexandr Kopytov, University of Pennsylvania

Wenhao Li, Stanford University

Jianan Liu, University of Pennsylvania

Yukun Liu, Yale University

Alejandro Lopez-Lira, University of Pennsylvania

S. Lakshmi Naaraayanan, Hong Kong University of Science & Technology

Marcel Olbert, University of Mannheim

Anton Petukhov, Massachusetts Institute of Technology

Peter Severin, University of Mannheim

Xi Wu, New York University

Haotian Xiang, University of Pennsylvania

Chenzi Xu, Harvard University

He Yang, Harvard University

Junyuan Zou, University of Pennsylvania

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PROGRAM SUMMARY

Sunday, June 16, 2019

4:00 pm – 8:00 pmOn-site Registration – Grand Foyer North

6:00 pm – 8:00 pmResearch Affiliates LLC Reception – Lighthouse Courtyard

Monday, June 17, 2019

7:30 am – 4:00 pmOn-site Registration – Grand Foyer North

8:15 am – 10:00 amOptions and Information – Grand Ballroom - Salon AMeasuring Innovation – Grand Ballroom - Salon BInequality and Financial Inclusion – Grand Ballroom - Salon CLabor and Corporate Finance – Huntington NorthMethods and Consequences of Credit Expansion – Huntington SouthCurrency Dynamics – Fountain Room

10:00 am – 10:30 amJournal of Financial and Quantitative Analysis Coffee Break – Grand Foyer East

10:30 am – 12:15 pmTrading, Liquidity and Regulation – Grand Ballroom - Salon AThe Role of Financial Advisors – Grand Ballroom - Salon BInvestor Beliefs and Expectations – Grand Ballroom - Salon CExecutive Compensation – Huntington NorthSystemically Important Financial Institutions – Huntington SouthMonetary Policy and Asset Pricing – Fountain Room

12:30 pm – 2:00 pmNASDAQ Luncheon – Grand Ballroom (D-G)

2:45 pm – 4:30 pmAmbiguity and Asset Pricing – Grand Ballroom - Salon AInstitutional Investor Relationships – Grand Ballroom - Salon B

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Bubbles and Feedback Loops – Grand Ballroom - Salon CSpurring Innovation – Huntington NorthNew Theory and Evidence on Covenant Design – Huntington SouthClimate Finance – Fountain Room

4:30 pm – 6:30 pmWFA Executive Committee and Board of Directors Meeting (Invitation Only) –Heron Boardroom

6:00 pm – 8:00 pmCornerstone Research Reception – Lighthouse Courtyard

Tuesday, June 18, 2019

7:00 am – 8:10 amTwo Sigma AFFECT Breakfast and Panel Discussion (Academic Female FinanceCommittee) – Grand Ballroom (D-G)

7:30 am – 12:00 pmOn-site Registration – Grand Foyer North

8:15 am – 10:00 amInformation and Markets – Grand Ballroom - Salon AInsights on Institutional Investing – Grand Ballroom - Salon BBusiness Groups and Managers – Grand Ballroom - Salon CThe Entrepreneur Lifecycle – Huntington NorthStressed Banks – Huntington SouthGender Issues in Finance – Fountain Room

10:00 am – 10:30 amWharton Research Data Services Coffee Break – Grand Foyer East

10:30 am – 12:15 pmRouting Orders and Market Access – Grand Ballroom - Salon AAnomalies and Mispricing – Grand Ballroom - Salon BCredit Decisions and Household Debt Behavior – Grand Ballroom - Salon CCEOs and Insiders – Huntington NorthFinTech Funding Platforms – Huntington SouthSpreading the Risk – Fountain Room

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12:30 pm – 2:00 pmWFA Annual Luncheon – Grand Ballroom (D-G)

Distinguished Speaker: Raghuram Rajan, University of Chicago

2:45 pm – 4:30 pmBusiness Cycles – Grand Ballroom - Salon AAnalysts and Investors – Grand Ballroom - Salon BMachine Learning Techniques in Finance – Grand Ballroom - Salon CLabor and Innovation – Huntington NorthMeasuring Systemic Risk – Huntington SouthAmbiguity, Learning and Corporate Financial Policy – Fountain Room

6:00 pm – 8:00 pmBlackRock Reception – Lighthouse Courtyard

Wednesday, June 19, 2019

8:15 am – 10:00 amLabor Income Risk and Portfolio Choice – Grand Ballroom - Salon AMutual Funds – Grand Ballroom - Salon BIntermediation in OTC Markets – Grand Ballroom - Salon CCorporate Financial Policies – Huntington NorthCredit Risk and Technology – Huntington SouthBorrowing, Barriers and Borders – Fountain Room

10:00 am – 10:30 amElsevier Coffee Break – Grand Foyer East

10:30 am – 12:15 pmNew Asset Pricing Theories – Grand Ballroom - Salon AFire Sales, Waterfalls, and Other Problems – Grand Ballroom - Salon BHeuristics – Grand Ballroom - Salon CPrivate Equity Markets – Huntington NorthCredit Screening and Credit Allocation – Huntington SouthManagement and Lobbying – Fountain Room

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PROGRAM DETAILS

Monday, June 17, 2019, 8:15 am – 10:00 am

Options and Information – Grand Ballroom - Salon ANeil D. Pearson, University of Illinois-Urbana-Champaign

Option Trading and Stock Price InformativenessJie Cao, Chinese University of Hong KongAmit Goyal, University of LausanneSai Ke, University of HoustonXintong Zhan, Chinese University of Hong Kong

Volatility NoiseMichael Hofmann, Karlsruhe Institute of TechnologyMarliese Uhrig-Homburg, Karlsruhe Institute of Technology

Default Risk and Option ReturnsAurelio Vasquez, Instituto Tecnológico Autónomo de MéxicoXiao Xiao, Erasmus University

Discussants:Dmitriy Muravyev, Boston CollegeNina Boyarchenko, Federal Reserve Bank of New YorkScott Murray, Georgia State University

Measuring Innovation – Grand Ballroom - Salon BShai Bernstein, Stanford University

Non-Diversifiable Risk and Endogenous InnovationAnton Petukhov, Massachusetts Institute of Technology

Technological Disruptiveness and the Evolution of IPOs and Sell-OutsDonald Bowen, Virginia TechGerard T. Hoberg, University of Southern CaliforniaLaurent Frésard, University of Lugano

Heterogeneous Innovation and the Antifragile EconomyGustavo Manso, University of California-BerkeleyBenjamin Balsmeier, University of LuxembourgLee Fleming, University of California-Berkeley

Discussants:Christian C. Opp, University of PennsylvaniaSabrina Howell, New York UniversityMichael Ewens, California Institute of Technology

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Inequality and Financial Inclusion – Grand Ballroom - Salon CMerih Sevilir, Indiana University

Inequality Aversion, Populism, and the Backlash Against GlobalizationLubos Pastor, University of ChicagoPietro Veronesi, University of Chicago

Molecular Genetics, Risk Aversion, Return Perceptions, and Stock MarketParticipationRichard Sias, University of ArizonaLaura Starks, University of Texas-AustinHarry Turtle, Colorado State University

Displacement and the Rise in Top Wealth InequalityMatthieu Gomez, Columbia University

Discussants:Eitan Goldman, Indiana UniversityJoseph Engelberg, University of California-San DiegoStavros Panageas, University of California-Los Angeles

Labor and Corporate Finance – Huntington NorthElena Simintzi, University of North Carolina-Chapel Hill

Financing Skilled LaborVladimir Vladimirov, University of Amsterdam

Trading on Talent: Human Capital and Firm PerformanceAnastassia Fedyk, University of California-BerkeleyJames Hodson, Institut Jožef Stefan

Labor Market Competitor Network and the Transmission of ShocksYukun Liu, Yale UniversityXi Wu, New York University

Discussants:Liyan Yang, University of TorontoMichael Weber, University of ChicagoKenneth Ahern, University of Southern California

Methods and Consequences of Credit Expansion – Huntington SouthJames Weston, Rice University

The Consequences of Student Loan Credit Expansions: Evidence from ThreeDecades of Default CyclesAdam Looney, Brookings InstitutionConstantine Yannelis, University of Chicago

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Learning about Competitors: Evidence from SME LendingOlivier Darmouni, Columbia UniversityAndrew Sutherland, Massachusetts Institute of Technology

Unintended Consequences of Unemployment Insurance Benefits: The Role ofBanksYavuz Arslan, Bank for International SettlementsAhmet Degerli, Duke UniversityGazi Kabas, Swiss Finance Institute

Discussants:Jean Helwege, University of California-RiversideAndrew MacKinlay, Virginia TechElizabeth Berger, Cornell University

Currency Dynamics – Fountain RoomInes Chaieb, University of Geneva

US Fiscal Cycle and the DollarZhengyang Jiang, Northwestern University

Foreign Exchange VolumeAntonio Gargano, University of MelbourneSteven J. Riddiough, University of MelbourneLucio Sarno, City University of London

Central Bank Swap LinesSaleem Bahaj, Bank of EnglandRicardo Reis, London School of Economics and Political Science

Discussants:Andrea Vedolin, Boston UniversityAngelo Ranaldo, University of St. GallenGordon Liao, Federal Reserve Board of Governors

Monday, June 17, 2019, 10:30 am – 12:15 pm

Trading, Liquidity and Regulation – Grand Ballroom - Salon ACarole Comerton-Forde, University of New South Wales

Tick Size Tolls: Can a Trading Slowdown Improve Earnings News Discovery?Charles M. C. Lee, Stanford UniversityEdward Watts, Stanford University

The Effects of the Volcker Rule on Corporate Bond Trading: Evidence from theUnderwriting ExemptionBen Munyan, Vanderbilt UniversitySumudu W. Watugala, Cornell UniversityMeraj Allahrakha, Office of Financial ResearchJill Cetina, Office of Financial Research

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Are Short Selling Restrictions Effective?Yashar Barardehi, Chapman UniversityAndrew Bird, Carnegie Mellon UniversityStephen Karolyi, Carnegie Mellon UniversityThomas Ruchti, Carnegie Mellon University

Discussants:Mao Ye, University of Illinois-Urbana-ChampaignStacey Jacobsen, Southern Methodist UniversityMatthew Ringgenberg, University of Utah

The Role of Financial Advisors – Grand Ballroom - Salon BMichaela Pagel, Columbia University

Born to Be BadChris Clifford, University of KentuckyJesse Ellis, North Carolina State UniversityWilliam Gerken, University of Kentucky

Arbitration with Uninformed ConsumersMark Egan, Harvard UniversityGregor Matvos, University of Texas-AustinAmit Seru, Stanford University

Unlocking ClientsUmit Gurun, University of Texas-DallasNoah Stoffman, Indiana UniversityScott E. Yonker, Cornell University

Discussants:Alessandro Previtero, Indiana UniversityWilliam Gerken, University of KentuckyBenjamin Loos, University of Technology Sydney

Investor Beliefs and Expectations – Grand Ballroom - Salon CLin Peng, Baruch College

Return Expectations, Sentiment, and the Stock MarketStefano Cassella, Tilburg UniversityHuseyin Gulen, Purdue University

Expectations Uncertainty and Household Economic BehaviorItzhak Ben-David, Ohio State UniversityElyas Fermand, University of North Carolina-Chapel HillCamelia Kuhnen, University of North Carolina-Chapel HillGeng Li, Federal Reserve Board of Governors

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Trading in Crowded MarketsStepan Gorban, New Economic SchoolAnna Obizhaeva, New Economic SchoolYajun Wang, Baruch College

Discussants:Yi Tang, Fordham UniversityNancy Xu, Boston CollegeBradyn Breon-Drish, University of California-San Diego

Executive Compensation – Huntington NorthIlona Babenko, Arizona State University

Does Equity Compensation Cause Firms to Manage EPS? Evidence from aRegression DiscontinuityXing Gao, University of Illinois-Urbana-ChampaignMathias Kronlund, University of Illinois-Urbana-Champaign

Subjective CEO Pay and Long-term IncentivesFangyuan Ma, Chinese University of Hong Kong

Are CEOs Paid Extra for Riskier Pay Packages?Rui Albuquerque, Boston CollegeAna Albuquerque, Boston UniversityMary Ellen Carter, Boston CollegeFlora Dong, Pennsylvania State University

Discussants:Elisabeth Kempf, University of ChicagoScott Weisbenner, University of Illinois-Urbana-ChampaignYihui Pan, University of Utah

Systemically Important Financial Institutions – Huntington SouthElena Carletti, Università Bocconi

National Banks and the Local EconomyChenzi Xu, Harvard UniversityHe Yang, Harvard University

The Decline of Too Big to FailAntje Berndt, Australian National UniversityDarrell Duffie, Stanford UniversityYichao Zhu, Australian National University

Liquidation, Bailout, and Bail-in: Insolvency Resolution Mechanisms and BankLendingBart Lambrecht, Cambridge UniversityAlex Tse, Imperial College London

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Discussants:Alberto Manconi, Università BocconiRainer Haselmann, Goethe University FrankfurtRobert Marquez, University of California-Davis

Monetary Policy and Asset Pricing – Fountain RoomAnna Cieslak, Duke University

The Cross-Section of Monetary Policy Announcement PremiumHengjie Ai, University of MinnesotaLeyla Jianyu Han, University of Hong KongXuhui (Nick) Pan, Tulane UniversityLai Xu, Syracuse University

Financial Intermediation through Financial Disintermediation: Evidence fromthe ECB Corporate Sector Purchase ProgrammeAytekin Ertan, London Business SchoolAnya Kleymenova, University of ChicagoMarcel C. Tuijn, University of Notre Dame

Judgment Day: Algorithmic Trading around the Swiss Franc Cap RemovalFrancis Breedon, Queen Mary University of LondonLouisa Chen, University of SussexAngelo Ranaldo, University of St. GallenNicholas Vause, Bank of England

Discussants:Annette Vissing-Jorgensen, University of California-BerkeleyAditya Sunderam, Harvard UniversityDermot Murphy, University of Illinois-Chicago

Monday, June 17, 2019, 2:45 pm – 4:30 pm

Ambiguity and Asset Pricing – Grand Ballroom - Salon AJessica Wachter, University of Pennsylvania

Beta Ambiguity and Security Return CharacteristicsZhe Geng, Shanghai Jiao Tong UniversityTan Wang, Shanghai Jiao Tong University

Trading Complex RisksFelix Fattinger, University of Melbourne

When is the Price of Dispersion Risk Positive?Alexander David, University of CalgaryAmel Farhat, University of Calgary

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Discussants:Jianfeng Yu, Tsinghua UniversityMichaela Pagel, Columbia UniversityChristian C. Opp, University of Pennsylvania

Institutional Investor Relationships – Grand Ballroom - Salon BReena Aggarwal, Georgetown University

How do Financial Expertise and Networks Affect Investing? Evidence from theGovernance of University EndowmentsMatteo Binfarè, University of North Carolina-Chapel HillGregory W. Brown, University of North Carolina-Chapel HillRobert S. Harris, University of VirginiaChristian T. Lundblad, University of North Carolina-Chapel Hill

Contracting for Financial ExecutionMarkus Baldauf, University of British ColumbiaChristoph Frei, University of AlbertaJoshua Mollner, Northwestern University

Networking Under the Table: Institutional Cross-industry Holdings andInformational Hold-up in Corporate LoansJie He, University of GeorgiaLantian Liang, University of SydneyHui Wang, University of Texas-DallasHan Xia, University of Texas-Dallas

Discussants:Veronika K. Pool, Indiana UniversityYang Song, University of WashingtonPei Shao, University of Lethbridge

Bubbles and Feedback Loops – Grand Ballroom - Salon CLisa Kramer, University of Toronto

Efficient Bubbles?Valentin Haddad, University of California-Los AngelesPaul Ho, Princeton UniversityErik Loualiche, University of Minnesota

Costly Information Acquisition in Decentralized Markets: ExperimentalEvidenceElena Asparouhova, University of UtahPeter Bossaerts, University of MelbourneWenhao Yang, Chinese University of Hong Kong-Shenzhen

The Madness of Crowds and the Likelihood of BubblesAlexander Chinco, University of Illinois-Urbana-Champaign

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Discussants:Alexandre Corhay, University of TorontoSophie Moinas, Toulouse School of EconomicsIvalina Kalcheva, University of California-Riverside

Spurring Innovation – Huntington NorthRaghavendra Rau, Cambridge University

The Effects of Competition and Monitoring on R&D Investment: A DynamicApproachMohammad Abbas Rezaei, University of California-BerkeleyMark Schroder, Michigan State University

Innovation Investment and Labor Mobility: Employee Entrepreneurship fromCorporate R&DTania Babina, Columbia UniversitySabrina Howell, New York University

Do Place-Based Policies Promote Local Innovation and Entrepreneurial Finance?Xuan Tian, Tsinghua UniversityJiajie Xu, Boston College

Discussants:Kerry Back, Rice UniversityGordon M. Phillips, Dartmouth CollegeVladimir Ivanov, Securities and Exchange Commission

New Theory and Evidence on Covenant Design – Huntington SouthWilliam Mann, University of California-Los Angeles

Conflicting Priorities: A Theory of Covenants and CollateralJason Roderick Donaldson, Washington University-St. LouisDenis Gromb, HEC ParisGiorgia Piacentino, Columbia University

Creditor Control of Corporate AcquisitionsDavid Becher, Drexel UniversityThomas Griffin, Villanova UniversityGreg Nini, Drexel University

Time Inconsistency and Financial CovenantsHaotian Xiang, University of Pennsylvania

Discussants:Victoria Vanasco, Centre de Recerca en Economia InternacionalRustom Irani, University of Illinois-Urbana-ChampaignNicolas Crouzet, Northwestern University

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Climate Finance – Fountain RoomSophie Shive, University of Notre Dame

Real Effects of Climate Policy: Financial Constraints and SpilloversSöhnke M. Bartram, University of WarwickKewei Hou, Ohio State UniversitySehoon Kim, University of Florida

Carbon Tail RiskEmirhan Ilhan, Frankfurt School of Finance and ManagementZacharias Sautner, Frankfurt School of Finance and ManagementGrigory Vilkov, Frankfurt School of Finance and Management

Finance and Carbon EmissionsRalph De Haas, EBRDAlexander Popov, European Central Bank

Discussants:Paige Ouimet, University of North Carolina-Chapel HillDavid Ng, Cornell UniversityMara Faccio, Purdue University

Tuesday, June 18, 2019, 8:15 am – 10:00 am

Information and Markets – Grand Ballroom - Salon ABrett Green, University of California-Berkeley

Information Cascades and Threshold ImplementationWill Cong, University of ChicagoYizhou Xiao, Chinese University of Hong Kong

Silence is Safest: Non-Disclosure When the Audience’s Preferences areUncertainPhilip Bond, University of WashingtonYao Zeng, University of Washington

Information Acquisition and Liquidity Traps in Over-the-Counter MarketsJunyuan Zou, University of Pennsylvania

Discussants:Stefano Lovo, HEC ParisAnsgar Walther, Imperial College LondonVladimir Asriyan, Centre de Recerca en Economia Internacional

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Insights on Institutional Investing – Grand Ballroom - Salon BRichard Evans, University of Virginia

The Active World of Passive InvestingDavid Easley, Cornell UniversityDavid Michayluk, University of Technology SydneyMaureen O’Hara, Cornell UniversityTalis Putnins, University of Technology Sydney

Clientele Effects Explain the Decline in Corporate Bond MaturitiesAlexander W. Butler, Rice UniversityXiang Gao, State University of New York-BinghamtonCihan Uzmanoglu, State University of New York-Binghamton

Cross-Asset Information Synergy in Mutual Fund FamiliesJun Kyung Auh, Yonsei UniversityJennie Bai, Georgetown University

Discussants:Pedro Matos, University of VirginiaChristian T. Lundblad, University of North Carolina-Chapel HillLu Zheng, University of California-Irvine

Business Groups and Managers – Grand Ballroom - Salon CRan Duchin, University of Washington

The Internal Labor Markets of Business GroupsCristóbal Huneeus, UnholsterFederico Huneeus, Princeton UniversityBorja Larrain, Pontificia Universidad Católica de ChileMauricio Larrain, Columbia UniversityMounu Prem, Universidad del Rosario

Indirect Insider TradingBrad Goldie, Miami University-OhioChao Jiang, University of South CarolinaPaul Koch, Iowa State UniversityJide Wintoki, University of Kansas

Investor Protection, Corporate Investment, and ValuationYingcong Lan, Cornerstone ResearchXiaoji Lin, University of MinnesotaNeng Wang, Columbia UniversityJinqiang Yang, Shanghai University of Finance and Economics

Discussants:Rui Silva, London Business SchoolMatthew Denes, Carnegie Mellon UniversityBarney Hartman-Glaser, University of California-Los Angeles

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The Entrepreneur Lifecycle – Huntington NorthGustavo Manso, University of California-Berkeley

Risk-Taking Over the Life Cycle: Aggregate and Distributive Implications ofEntrepreneurial RiskDejanir Silva, University of Illinois-Urbana-Champaign

The Creation and Evolution of Entrepreneurial Public MarketsShai Bernstein, Stanford UniversityAbhishek Dev, Harvard UniversityJosh Lerner, Harvard University

Do Public Firms Respond to Industry Opportunities More Than Private Firms?The Impact of Initial Firm QualityVojislav Maksimovic, University of MarylandGordon M. Phillips, Dartmouth CollegeLiu Yang, University of Maryland

Discussants:Sylvain Catherine, University of PennsylvaniaJay Ritter, University of FloridaKai Li, University of British Columbia

Stressed Banks – Huntington SouthBernadette Minton, Ohio State University

Public Liquidity and Financial CrisesWenhao Li, Stanford University

Stressed BanksDiane Pierret, University of LausanneRoberto Steri, University of Lausanne

Acquiring Failed BanksSiddharth Vij, University of Georgia

Discussants:Ye Li, Ohio State UniversityLei Li, Federal Reserve Board of GovernorsJoao Granja, University of Chicago

Gender Issues in Finance – Fountain RoomMariassunta Giannetti, Stockholm School of Economics

Do Firms Respond to Gender Pay Gap Transparency?Morten Bennedsen, INSEADElena Simintzi, University of North Carolina-Chapel HillMargarita Tsoutsoura, Cornell UniversityDaniel Wolfenzon, Columbia University

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Women’s Inheritance Rights and Entrepreneurship Gender GapS. Lakshmi Naaraayanan, Hong Kong University of Science & Technology

Mind the Gap: Gender Stereotypes and Entrepreneur FinancingCamille Hebert, Tilburg University

Discussants:David Matsa, Northwestern UniversitySabrina Howell, New York UniversityTracy Wang, University of Minnesota

Tuesday, June 18, 2019, 10:30 am – 12:15 pm

Routing Orders and Market Access – Grand Ballroom - Salon AChristine Parlour, University of California-Berkeley

Institutional Order Handling and Broker-Affiliated Trading VenuesAmber Anand, Syracuse UniversityMehrdad Samadi, Southern Methodist UniversityJonathan Sokobin, Financial Industry Regulatory AuthorityKumar Venkataraman, Southern Methodist University

Optimal Market Access PricingRoberto Riccó, Università BocconiBarbara Rindi, Università BocconiDuane Seppi, Carnegie Mellon University

The Cost of Routing Orders to High Frequency TradersRobert Battalio, University of Notre DameBrian Hatch, University of CincinnatiMehmet Saglam, University of Cincinnati

Discussants:Laurence Lescourret, ESSEC Business SchoolBart Yueshen, INSEADYashar Barardehi, Chapman University

Anomalies and Mispricing – Grand Ballroom - Salon BSvetlana Bryzgalova, London Business School

Do t-stat Hurdles Need to be Raised? Identification of Publication Bias in theCross-Section of Stock ReturnsAndrew Chen, Federal Reserve Board of Governors

Comovement in Arbitrage LimitsJianan Liu, University of Pennsylvania

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Factor Momentum and the Momentum FactorSina Ehsani, Northern Illinois UniversityJuhani Linnainmaa, University of Southern California

Discussants:Alan Moreira, University of RochesterJeffrey Pontiff, Boston CollegeHuaizhi Chen, University of Notre Dame

Credit Decisions and Household Debt Behavior – Grand Ballroom - Salon CVicki L. Bogan, Cornell University

Credit SmoothingSean Hundtofte, Federal Reserve Bank of New YorkArna Olafsson, Copenhagen Business SchoolMichaela Pagel, Columbia University

Spillover Effects of the Opioid Epidemic on Consumer FinanceMark Jansen, University of Utah

Do Neighborhoods Affect Credit Market Decisions of Low-Income Borrowers?Evidence from the Moving to Opportunity ExperimentSarah Miller, University of MichiganCindy Soo, University of Michigan

Discussants:Constantine Yannelis, University of ChicagoNeil Bhutta, Federal Reserve Board of GovernorsJawad M. Addoum, Cornell University

CEOs and Insiders – Huntington NorthMargarita Tsoutsoura, Cornell University

Do Directors Respond to Stock Mispricing? Evidence from CEO TurnoverJim Goldman, University of Toronto

Why are Firms with More Managerial Ownership Worth Less?Kornelia Fabisik, École Polytechnique Fédérale de LausanneRuediger Fahlenbrach, École Polytechnique Fédérale de LausanneRené M. Stulz, Ohio State UniversityJérôme Taillard, Babson College

Labor Market Immobility and Incentive Contract DesignChen Lin, University of Hong KongLai Wei, Lingnan UniversityNan Yang, Hong Kong Polytechnic University

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Discussants:Nickolay Gantchev, Southern Methodist UniversitySong Ma, Yale UniversityMerih Sevilir, Indiana University

FinTech Funding Platforms – Huntington SouthXiaoyan Zhang, Tsinghua University

The Real Effects of Financial Technology: Marketplace Lending and PersonalBankruptcyPiotr Danisewicz, University of BristolIlaf Elard, Shanghai University of International Business and Economics

The Power of Non-Monetary Incentive: Behavioral Evidence from P2P Lendingin ChinaFrancesca Brusa, Temple UniversityXueming Luo, Temple UniversityZheng Fang, Sichuan University

FinTech Borrowers: Lax-Screening or Cream-Skimming?Marco Di Maggio, Harvard UniversityVincent Yao, Georgia State University

Discussants:Yao Zeng, University of WashingtonJinglin Jiang, Tsinghua UniversitySudheer Chava, Georgia Institute of Technology

Spreading the Risk – Fountain RoomBurton Hollifield, Carnegie Mellon University

Is the Credit Spread Puzzle a Myth?Jennie Bai, Georgetown UniversityRobert Goldstein, University of MinnesotaFan Yang, University of Connecticut

Pooling and Tranching under Belief DisagreementJuan Ortner, Boston UniversityMartin Schmalz, University of Oxford

To Pool or Not to Pool? Security Design in OTC MarketsVincent Glode, University of PennsylvaniaChristian C. Opp, University of PennsylvaniaRuslan Sverchkov, University of Pennsylvania

Discussants:Antje Berndt, Australian National UniversityAlexander David, University of CalgaryChester Spatt, Carnegie Mellon University

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Tuesday, June 18, 2019, 2:45 pm – 4:30 pm

Business Cycles – Grand Ballroom - Salon AFrederico Belo, INSEAD

The Risk of Risk-Sharing: Diversification and Boom-Bust CyclesPaymon Khorrami, University of Chicago

Financial Networks over the Business CycleAlexandr Kopytov, University of Pennsylvania

Reflexivity in Credit MarketsRobin Greenwood, Harvard UniversitySam Hanson, Harvard UniversityLawrence Jin, California Institute of Technology

Discussants:Briana Chang, University of Wisconsin-MadisonAndres Donangelo, University of Texas-AustinWinston Dou, University of Pennsylvania

Analysts and Investors – Grand Ballroom - Salon BFerhat Akbas, University of Illinois-Chicago

The Wisdom of Crowds in FinTech: Evidence from Initial Coin OfferingsJongsub Lee, Seoul National University Business SchoolTao Li, University of FloridaDonghwa Shin, Princeton University

Analyst Days, Stock Prices, and Firm PerformanceAndrew Wu, University of MichiganAmir Yaron, University of Pennsylvania

The Democratization of Investment Research: Implications for Retail InvestorProfitability and Firm LiquidityMichael Farrell, University of KentuckyClifton Green, Emory UniversityRussell Jame, University of KentuckyStanimir Markov, University of Texas-Dallas

Discussants:Will Cong, University of ChicagoFerhat Akbas, University of Illinois-ChicagoEric Kelley, University of Tennessee-Knoxville

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Machine Learning Techniques in Finance – Grand Ballroom - Salon CAlberto Rossi, University of Maryland

Risk Factors That Matter: Textual Analysis of Risk Disclosures for theCross-Section of ReturnsAlejandro Lopez-Lira, University of Pennsylvania

Predictably Unequal? The Effects of Machine Learning on Credit MarketsAndreas Fuster, Swiss National BankPaul Goldsmith-Pinkham, Yale UniversityTarun Ramadorai, Imperial College LondonAnsgar Walther, Imperial College London

Text SelectionBryan Kelly, Yale UniversityAsaf Manela, Washington University-St. LouisAlan Moreira, University of Rochester

Discussants:Ryan Israelsen, Michigan State UniversityAdair Morse, University of California-BerkeleyAndreas Neuhierl, University of Notre Dame

Labor and Innovation – Huntington NorthMark Garmaise, University of California-Los Angeles

Give Me Your Tired, Your Poor, Your High Skilled Labor: H-1B LotteryOutcomes and Entrepreneurial SuccessStephen Dimmock, Nanyang Technological UniversityJiekun Huang, University of Illinois-Urbana-ChampaignScott Weisbenner, University of Illinois-Urbana-Champaign

The Contribution of High-Skilled Immigrants to Innovation in the United StatesShai Bernstein, Stanford UniversityRebecca Diamond, Stanford UniversityTimothy McQuade, Stanford UniversityBeatriz Pousada, Stanford University

Labor Force Demographics and Corporate InnovationFrancois Derrien, HEC ParisAmbrus Kecskes, York UniversityPhuong-Anh Nguyen, York University

Discussants:Kai Li, University of British ColumbiaNoah Stoffman, Indiana UniversitySelale Tuzel, University of Southern California

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Measuring Systemic Risk – Huntington SouthKathleen Hanley, Lehigh University

The Interbank Market PuzzleFranklin Allen, Imperial College LondonXian Gu, Central University of Finance and EconomicsOskar Kowalewski, IÉSEG School of Management

Systemic Risk and the Great DepressionSanjiv Das, Santa Clara UniversityKris Mitchener, Santa Clara UniversityAngela Vossmeyer, Claremont McKenna College

The Coordination of IntermediationMing Yang, Duke UniversityYao Zeng, University of Washington

Discussants:Yiming Ma, Columbia UniversityLoriana Pelizzon, Goethe University FrankfurtDan Li, Federal Reserve Board of Governors

Ambiguity, Learning and Corporate Financial Policy – Fountain RoomAndrey Malenko, Massachusetts Institute of Technology

Learning by Owning in a Lemons MarketJordan Martel, University of Colorado-BoulderKenneth Mirkin, University of California-Los AngelesBrian Waters, University of Colorado-Boulder

Ambiguity, Risk, and Payout PolicyJay Dahya, City University of New YorkRichard Herron, Babson CollegeYehuda Izhakian, Baruch College

Learning in Financial Markets: Implications for Debt-Equity ConflictsJesse Davis, University of North Carolina-Chapel HillNaveen Gondhi, INSEAD

Discussants:Victoria Vanasco, Centre de Recerca en Economia InternacionalUday Rajan, University of MichiganGeorgy Chabakauri, London School of Economics and Political Science

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Wednesday, June 19, 2019, 8:15 am – 10:00 am

Labor Income Risk and Portfolio Choice – Grand Ballroom - Salon APaige Ouimet, University of North Carolina-Chapel Hill

When Is It Hard to Make Ends Meet?Brian Baugh, University of Nebraska-LincolnJialan Wang, University of Illinois-Urbana-Champaign

Countercyclical Labor Income Risk and Portfolio Choices over the Life-CycleSylvain Catherine, University of Pennsylvania

Do Robots Increase Wealth Dispersion?Thomas Jansson, Sveriges RiksbankYigitcan Karabulut, Frankfurt School of Finance and Management

Discussants:Camelia Kuhnen, University of North Carolina-Chapel HillJack Favilukis, University of British ColumbiaLawrence D. W. Schmidt, Massachusetts Institute of Technology

Mutual Funds – Grand Ballroom - Salon BVeronika K. Pool, Indiana University

Liability Structure and Risk-Taking: Evidence from the Money Market FundIndustryRamin Baghai, Stockholm School of EconomicsMariassunta Giannetti, Stockholm School of EconomicsIvika Jager, Stockholm School of Economics

Returns to Specialization: Evidence from Health Mutual Fund ManagersLeonard Kostovetsky, Boston CollegeVladimir Ratushny, Massachusetts Dermatology Associates

Measuring Mutual Fund Flow Pressure as Shock to Stock ReturnsMalcolm Wardlaw, University of Michigan

Discussants:Sergey Chernenko, Purdue UniversityMindy Z. Xiaolan, University of Texas-AustinElizabeth Berger, Cornell University

Intermediation in OTC Markets – Grand Ballroom - Salon CMaureen O’Hara, Cornell University

OTC IntermediariesAndrea L. Eisfeldt, University of California-Los AngelesBernard Herskovic, University of California-Los AngelesSriram Rajan, U.S. Department of the TreasuryEmil Siriwardane, Harvard University

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Dealer Inventory, Short Interest and Price Efficiency in the Corporate BondMarketAntje Berndt, Australian National UniversityYichao Zhu, Australian National University

Dealer Funding and Market LiquidityMax Bruche, Humboldt University of BerlinJohn Chi-Fong Kuong, INSEAD

Discussants:Burton Hollifield, Carnegie Mellon UniversityEdith Hotchkiss, Boston CollegeVincent Glode, University of Pennsylvania

Corporate Financial Policies – Huntington NorthToni M. Whited, University of Michigan

Leasing as a Risk-Sharing MechanismKai Li, Hong Kong University of Science & TechnologyChi-yang Tsou, Hong Kong University of Science & Technology

Leverage Risk and Investment: The Case of Gold Clauses in the 1930sJoao Gomes, University of PennsylvaniaMete Kilic, University of Southern CaliforniaSebastien Plante, University of Wisconsin-Madison

Weak Credit CovenantsVictoria Ivashina, Harvard UniversityBoris Vallée, Harvard University

Discussants:Juliana Salomao, University of MinnesotaWilliam Mann, University of California-Los AngelesGreg Nini, Drexel University

Credit Risk and Technology – Huntington SouthFelipe Severino, Dartmouth College

Grit and Credit RiskJess Cornaggia, Pennsylvania State UniversityKimberly Cornaggia, Pennsylvania State UniversityHan Xia, University of Texas-Dallas

Busy Bankruptcy Courts and the Cost of CreditKarsten Müller, Princeton University

What’s in a Debt? Rating Agency Methodologies and Firms’ Financing andInvestment DecisionsCesare Fracassi, University of Texas-AustinGregory Weitzner, University of Texas-Austin

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Discussants:Michaela Pagel, Columbia UniversityJacopo Ponticelli, Northwestern UniversityManuel Adelino, Duke University

Borrowing, Barriers and Borders – Fountain RoomCraig Doidge, University of Toronto

Can Cross-Border Funding Frictions Explain Financial Integration Reversals?Amir Akbari, University of Ontario Institute of TechnologyFrancesca Carrieri, McGill UniversityAytek Malkhozov, Federal Reserve Board of Governors

Intermediaries and Asset Prices: Evidence from the U.S., U.K., and Japan,1870-2016Matthew Baron, Cornell UniversityTyler Muir, University of California-Los Angeles

Monetary Policy Spillovers Through Invoicing CurrenciesTony Zhang, Boston University

Discussants:Chotibhak Jotikasthira, Southern Methodist UniversityAsaf Manela, Washington University-St. LouisClara Vega, Federal Reserve Board of Governors

Wednesday, June 19, 2019, 10:30 am – 12:15 pm

New Asset Pricing Theories – Grand Ballroom - Salon AChristian T. Lundblad, University of North Carolina-Chapel Hill

Learning with Rare DisastersJessica Wachter, University of PennsylvaniaYicheng Zhu, University of Pennsylvania

Convex Incentives and Liquidity PremiaMin Dai, National University of SingaporeLuis Goncalves-Pinto, Chinese University of Hong KongJing Xu, Renmin University of ChinaCheng Yan, University of Essex

Asset Pricing Implications of Systemic Risk in Network EconomiesAndrea Buraschi, Imperial College LondonClaudio Tebaldi, Università Bocconi

Discussants:Tyler Muir, University of California-Los AngelesClemens Sialm, University of Texas-AustinAlireza Tahbaz-Salehi, Northwestern University

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Fire Sales, Waterfalls, and Other Problems – Grand Ballroom - Salon BMichela Verardo, London School of Economics and Political Science

How I Learned to Stop Worrying and Love Fire SalesPablo Kurlat, University of Southern California

The Fire-Sale Channels of Universal Banks in the European Sovereign DebtCrisisGiulio Bagattini, Frankfurt School of Finance and ManagementFalko Fecht, Frankfurt School of Finance and ManagementPatrick Weber, Frankfurt School of Finance and Management

Central Counterparty Default Waterfalls and Systemic LossMark E. Paddrik, U.S. Department of the TreasurySimpson Zhang, Office of the Comptroller of the Currency

Discussants:Alan Moreira, University of RochesterAndrea Vedolin, Boston UniversityJessie Jiaxu Wang, Arizona State University

Heuristics – Grand Ballroom - Salon CCary Frydman, University of Southern California

Reconsidering ReturnsSamuel Hartzmark, University of ChicagoDavid H. Solomon, Boston College

Selling Fast and Buying Slow: Heuristics and Trading Performance ofInstitutional InvestorsKlakow Akepanidtaworn, University of ChicagoRick Di Mascio, Inalytics LtdAlex Imas, University of ChicagoLawrence D. W. Schmidt, Massachusetts Institute of Technology

Revealed Heuristics: Evidence from Investment Consultants’ Search BehaviorSudheer Chava, Georgia Institute of TechnologySoohun Kim, Georgia Institute of TechnologyDaniel Weagley, Georgia Institute of Technology

Discussants:Terrance Odean, University of California-BerkeleyAlan Kwan, University of Hong KongAnastassia Fedyk, University of California-Berkeley

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Private Equity Markets – Huntington NorthGordon M. Phillips, Dartmouth College

Valuing Private Equity Strip by StripArpit Gupta, New York UniversityStijn Van Nieuwerburgh, New York University

Private Equity and TaxesMarcel Olbert, University of MannheimPeter Severin, University of Mannheim

When Investor Incentives and Consumer Interests Diverge: Private Equity inHigher EducationCharlie Eaton, University of CaliforniaSabrina Howell, New York UniversityConstantine Yannelis, University of Chicago

Discussants:Morten Sørensen, Copenhagen Business SchoolJonathan Cohn, University of Texas-AustinBerk Sensoy, Vanderbilt University

Credit Screening and Credit Allocation – Huntington SouthTaylor Nadauld, Brigham Young University

Globally Consistent Creditor Protection, Reallocation, and ProductivityBo Bian, London Business School

The Relationship Dilemma: Organizational Culture and the Adoption of CreditScoring Technology in Indian BankingPrachi Mishra, International Monetary FundNagpurnanand Prabhala, Johns Hopkins UniversityRaghuram Rajan, University of Chicago

Consumer Protection Laws in Auto LendingJen Brown, University of UtahMark Jansen, University of Utah

Discussants:Natalie Bachas, Princeton UniversityJohn Mondragon, Northwestern UniversityBronson Argyle, Brigham Young University

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Management and Lobbying – Fountain RoomAmil Dasgupta, London School of Economics and Political Science

Follow the MoneyMarco Grotteria, University of Pennsylvania

Advising the ManagementAli Kakhbod, Massachusetts Institute of TechnologyUliana Loginova, McKinsey & CompanyAndrey Malenko, Massachusetts Institute of TechnologyNadya Malenko, Boston College

Common Ownership, Competition, and Top Management IncentivesMiguel Antón, University of NavarraFlorian Ederer, Yale UniversityMireia Giné, University of NavarraMartin Schmalz, University of Oxford

Discussants:Maria Cecilia Bustamante, University of MarylandDaniel Ferreira, London School of Economics and Political ScienceVyacheslav Fos, Boston College

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2019 PROGRAM COMMITTEE

Program Chair

Andrew Karolyi, Cornell University

Associate Chairpersons

Jawad M. Addoum, Cornell UniversityWarren Bailey, Cornell UniversityMatthew Baron, Cornell UniversityElizabeth Berger, Cornell UniversityVicki L. Bogan, Cornell UniversityMurillo Campello, Cornell UniversityAdrian Aycan Corum, Cornell UniversityByoung-Hyoun Hwang, Cornell UniversityHyunseob Kim, Cornell UniversityCrocker Liu, Cornell UniversityFang Liu, Cornell UniversityPeng Liu, Cornell UniversityYifei Mao, Cornell UniversityPamela Moulton, Cornell UniversityJustin Murfin, Cornell UniversityDavid Ng, Cornell UniversityMaureen O’Hara, Cornell UniversityGideon Saar, Cornell UniversityMargarita Tsoutsoura, Cornell UniversitySumudu W. Watugala, Cornell UniversityScott E. Yonker, Cornell University

Program Committee Members

Renée Adams, University of OxfordJawad M. Addoum, Cornell UniversityManuel Adelino, Duke UniversityVikas Agarwal, Georgia State UniversityRajesh K. Aggarwal, Northeastern UniversityReena Aggarwal, Georgetown UniversityAnup Agrawal, University of AlabamaHengjie Ai, University of MinnesotaJames Albertus, Carnegie Mellon UniversityRui Albuquerque, Boston CollegeAndres Almazan, University of Texas-AustinHeitor Almeida, University of

Illinois-Urbana-ChampaignShashwat Alok, Indian School of BusinessGeorge Aragon, Arizona State UniversityElena Asparouhova, University of UtahPatrick Augustin, McGill UniversityDoron Avramov, Hebrew University of JerusalemIlona Babenko, Arizona State UniversityRamin Baghai, Stockholm School of EconomicsWarren Bailey, Cornell UniversityGurdip Bakshi, Temple UniversityTuran G. Bali, Georgetown UniversitySnehal Banerjee, University of California-San

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DiegoJack Bao, University of DelawareBrad M. Barber, University of California-DavisMatthew Baron, Cornell UniversityJean Noel Barrot, Massachusetts Institute ofTechnologySöhnke M. Bartram, University of WarwickShmuel Baruch, University of UtahSuleyman Basak, London Business SchoolDavid Bates, University of IowaThomas Bates, Arizona State UniversityRobert Battalio, University of Notre DameAlessandro Beber, City University of LondonBo Becker, Stockholm School of EconomicsGeert Bekaert, Columbia UniversityFrederico Belo, INSEADItzhak Ben-David, Ohio State UniversityLuca Benzoni, Federal Reserve Bank of ChicagoDaniel Bergstresser, Brandeis UniversityEli Berkovitch, IDC HerzliyaAntonio Bernardo, University of California-LosAngelesGennaro Bernile, University of MiamiShai Bernstein, Stanford UniversityHendrik Bessembinder, Arizona State UniversitySanjai Bhagat, University of Colorado-BoulderHarjoat S. Bhamra, Imperial College LondonSreedhar Bharath, Arizona State UniversityUtpal Bhattacharya, Hong Kong University ofScience & TechnologyAndrew Bird, Carnegie Mellon UniversityJustin Birru, Ohio State UniversityVicki L. Bogan, Cornell UniversityOliver Boguth, Arizona State UniversityNicolas P. Bollen, Vanderbilt UniversityDion Bongaerts, Erasmus UniversityAudra Boone, Texas Christian UniversityArnoud W. A. Boot, University of AmsterdamJacob Boudoukh, IDC HerzliyaChrista Bouwman, Texas A&M UniversityNicole Boyson, Northeastern UniversityAlon Brav, Duke UniversityJonathan Brogaard, University of UtahDavid P. Brown, University ofWisconsin-MadisonGregory Brown, University of NorthCarolina-Chapel Hill

Keith Brown, University of Texas-AustinStephen J. Brown, Monash UniversitySvetlana Bryzgalova, London Business SchoolAndrea M. Buffa, Boston UniversityAndrea Buraschi, Imperial College LondonNatasha Burns, University of Texas-San AntonioJeffrey A. Busse, Emory UniversityMaria Cecilia Bustamante, University ofMarylandAlexander W. Butler, Rice UniversityMurillo Campello, Cornell UniversityCharles Cao, Pennsylvania State UniversityBruce Carlin, University of California-Los AngelesFousseni Chabi-Yo, University ofMassachusetts-AmherstMaria Chaderina, Vienna University ofEconomics and BusinessInes Chaieb, University of GenevaDavid Chambers, Cambridge UniversityKalok Chan, Chinese University of Hong KongEric Chang, University of Hong KongDavid A. Chapman, University of VirginiaSudheer Chava, Georgia Institute of TechnologyGilles Chemla, Imperial College LondonThomas J. Chemmanur, Boston CollegeHui Chen, Massachusetts Institute of TechnologyMark Chen, Georgia State UniversitySergey Chernenko, Purdue UniversityMikhail Chernov, University of California-LosAngelesDarwin Choi, Chinese University of Hong KongJames Choi, Yale UniversityTarun Chordia, Emory UniversitySusan Christoffersen, University of TorontoAnna Cieslak, Duke UniversityGian Luca Clementi, New York UniversityJoao Cocco, London Business SchoolLauren H. Cohen, Harvard UniversityJonathan Cohn, University of Texas-AustinRiccardo Colacito, University of NorthCarolina-Chapel HillJeffrey Coles, University of UtahPierre Collin-Dufresne, Swiss Finance InstituteCarole Comerton-Forde, University of NewSouth WalesWill Cong, University of ChicagoJennifer Conrad, University of North

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Carolina-Chapel HillMichael Cooper, University of UtahJess Cornaggia, Pennsylvania State UniversityKimberly Cornaggia, Pennsylvania StateUniversityFrancesca Cornelli, London Business SchoolAdrian Aycan Corum, Cornell UniversityShane A. Corwin, University of Notre DameAlan Crane, Rice UniversityMariano Croce, Università BocconiHenrik Cronqvist, University of MiamiClaudia Custodio, Imperial College LondonDragana Cvijanovic, University of NorthCarolina-Chapel HillZhi Da, University of Notre DameMagnus Dahlquist, Stockholm School ofEconomicsTri Vi Dang, Columbia UniversityKent D. Daniel, Columbia UniversityAndras Danis, Georgia Institute of TechnologyAmil Dasgupta, London School of Economics andPolitical ScienceSudipto Dasgupta, City University of Hong KongAlexander David, University of CalgaryEduardo Davila, New York UniversityDiane Del Guercio, University of OregonMatthew Denes, Carnegie Mellon UniversityFrancois Derrien, HEC ParisJerome B. Detemple, Boston UniversityIan Dew-Becker, Northwestern UniversityMarco Di Maggio, Harvard UniversitySerdar Dinc, Rutgers UniversityAmy Dittmar, University of MichiganRobert Dittmar, University of MichiganCraig Doidge, University of TorontoAndres Donangelo, University of Texas-AustinWinston Dou, University of PennsylvaniaJames Dow, London Business SchoolSarah Draus, Erasmus UniversityJoost Driessen, Tilburg UniversityRan Duchin, University of WashingtonGreg Duffee, Johns Hopkins UniversityEspen Eckbo, Dartmouth CollegeRoger Edelen, Virginia TechThomas M. Eisenbach, Federal Reserve Bank ofNew YorkAndrea L. Eisfeldt, University of California-Los

AngelesAndrew Ellul, Indiana UniversityJoseph Engelberg, University of California-SanDiegoBjorn Eraker, University of Wisconsin-MadisonIsil Erel, Ohio State UniversityVihang Errunza, McGill UniversityRichard Evans, University of VirginiaRuediger Fahlenbrach, École PolytechniqueFédérale de LausanneJoseph Fan, Chinese University of Hong KongLily Fang, INSEADJoan Farre-Mensa, Northeastern UniversityMichael W. Faulkender, University of MarylandJack Favilukis, University of British ColumbiaPeter Feldhütter, Copenhagen Business SchoolDaniel Ferreira, London School of Economics andPolitical ScienceMiguel Ferreira, Universidade Nova de LisboaEliezer Fich, Drexel UniversityLaura Field, University of DelawareAdlai Fisher, University of British ColumbiaZsuzsanna Fluck, Michigan State UniversityVyacheslav Fos, Boston CollegeThierry Foucault, HEC ParisCesare Fracassi, University of Texas-AustinMurray Frank, University of MinnesotaNils Friewald, Norwegian School of EconomicsCarola Frydman, Northwestern UniversityPaolo A. Fulghieri, University of NorthCarolina-Chapel HillLouis Gagnon, Queen’s UniversityVito Gala, PIMCOMichael Gallmeyer, University of VirginiaNickolay Gantchev, Southern MethodistUniversityLorenzo Garlappi, University of British ColumbiaNicolae Gârleanu, University ofCalifornia-BerkeleyMark Garmaise, University of California-LosAngelesTom George, University of HoustonSimon Gervais, Duke UniversityMila Getmansky Sherman, University ofMassachusetts-AmherstRon Giammarino, University of British ColumbiaMariassunta Giannetti, Stockholm School of

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EconomicsStefano Giglio, Yale UniversityThomas Gilbert, University of WashingtonStuart Gillan, University of GeorgiaXavier Giroud, Columbia UniversityVincent Glode, University of PennsylvaniaBrent Glover, Carnegie Mellon UniversityEitan Goldman, Indiana UniversityItay Goldstein, University of PennsylvaniaMichael A. Goldstein, Babson CollegeRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolJoao Gomes, University of PennsylvaniaRadhakrishnan Gopalan, WashingtonUniversity-St. LouisTodd A. Gormley, Washington University-St.LouisGary Gorton, Yale UniversityAmit Goyal, University of LausanneVidhan K. Goyal, Hong Kong University ofScience & TechnologyBrett Green, University of California-BerkeleyClifton Green, Emory UniversityDaniel L. Greenwald, Massachusetts Institute ofTechnologySteven Grenadier, Stanford UniversityJillian Grennan, Duke UniversityJohn M. Griffin, University of Texas-AustinGustavo Grullon, Rice UniversityNandini Gupta, Indiana UniversityRoberto Gutiérrez, University of OregonDirk Hackbarth, Boston UniversityBjörn Hagströmer, Stockholm UniversityMichael Halling, Stockholm School of EconomicsAllaudeen Hameed, National University ofSingaporeBing Han, University of TorontoJungsuk Han, Stockholm School of EconomicsKathleen Hanley, Lehigh UniversitySam Hanson, Harvard UniversityJarrad Harford, University of WashingtonJeffrey H. Harris, American UniversityLawrence E. Harris, University of SouthernCaliforniaBarney Hartman-Glaser, University ofCalifornia-Los AngelesSamuel Hartzmark, University of Chicago

Joel Hasbrouck, New York UniversityHenrik Hasseltoft, Lynx Asset ManagementHarald Hau, University of GenevaPing He, Tsinghua UniversityZhiguo He, University of ChicagoBenjamin Hebert, Stanford UniversityUlrich Hege, Toulouse School of EconomicsFlorian Heider, European Central BankThomas Hellmann, University of OxfordJean Helwege, University of California-RiversideTerrence Hendershott, University ofCalifornia-BerkeleyMichael Hertzel, Arizona State UniversitySteven Heston, University of MarylandJens Hilscher, University of California-DavisNicholas Hirschey, London Business SchoolGerard T. Hoberg, University of SouthernCaliforniaYael Hochberg, Rice UniversityCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityHarrison Hong, Columbia UniversityEdith Hotchkiss, Boston CollegeKewei Hou, Ohio State UniversityDavid A. Hsieh, Duke UniversityLixin Huang, Georgia State UniversityEric Hughson, Claremont McKenna CollegeZsuzsa R. Huszár, Central European UniversityByoung-Hyoun Hwang, Cornell UniversityChuan-Yang Hwang, Nanyang TechnologicalUniversityPhilipp Illeditsch, Carnegie Mellon UniversityVictoria Ivashina, Harvard UniversityBenjamin Iverson, Brigham Young UniversityZoran Ivkovich, Michigan State UniversityKris Jacobs, University of HoustonRavi Jagannathan, Northwestern UniversityRainer Jankowitsch, Vienna University ofEconomics and BusinessDirk Jenter, London School of Economics andPolitical ScienceUrban Jermann, University of PennsylvaniaWei Jiang, Columbia UniversityWenxi Jiang, Chinese University of Hong KongLi Jin, Peking UniversityKose John, New York UniversityTravis Johnson, University of Texas-Austin

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Charles M. Jones, Columbia UniversityChristopher S. Jones, University of SouthernCaliforniaHoward Jones, University of OxfordPhilippe Jorion, University of California-IrvineScott Joslin, University of Southern CaliforniaBrandon Julio, University of OregonMarcin Kacperczyk, Imperial College LondonOhad Kadan, Washington University-St. LouisDalida Kadyrzhanova, Georgia State UniversityKathleen Kahle, University of ArizonaBige Kahraman, University of OxfordSwami Kalpathy, Texas Christian UniversityRaymond Kan, University of TorontoJun-Koo Kang, Nanyang Technological UniversityRon Kaniel, University of RochesterSteve Kaplan, University of ChicagoOguzhan Karakas, Cambridge UniversityJason Karceski, LSV Asset ManagementNina Karnaukh, Ohio State UniversityAndrew Karolyi, Cornell UniversityStephen Karolyi, Carnegie Mellon UniversityJonathan M. Karpoff, University of WashingtonGautam Kaul, University of MichiganSimi Kedia, Rutgers UniversityDonald Keim, University of PennsylvaniaMatti Keloharju, Aalto UniversityNaveen Khanna, Michigan State UniversityDana Kiku, University ofIllinois-Urbana-ChampaignDasol Kim, Office of Financial ResearchHyunseob Kim, Cornell UniversityMichael Kisser, Norwegian School of EconomicsSamuli Knüpfer, BI Norwegian Business SchoolAndrew Koch, University of PittsburghShimon Kogan, Massachusetts Institute ofTechnologyRalph Koijen, New York UniversityAdam C. Kolasinski, Texas A&M UniversityPeter Kondor, London School of Economics andPolitical ScienceRobert Korajczyk, Northwestern UniversityArthur Korteweg, University of SouthernCaliforniaJennifer L. Koski, University of WashingtonRoman Kozhan, University of WarwickPhilipp Krueger, University of Geneva

Samuel Kruger, University of Texas-AustinLars-Alexander Kuehn, Carnegie MellonUniversityCamelia Kuhnen, University of NorthCarolina-Chapel HillAlok Kumar, University of MiamiPraveen Kumar, University of HoustonHoward Kung, London Business SchoolPablo Kurlat, University of Southern CaliforniaAlan Kwan, University of Hong KongChristopher Lamoureux, University of ArizonaDavid Lando, Copenhagen Business SchoolTim Landvoigt, University of PennsylvaniaNisan Langberg, University of HoustonMauricio Larrain, Columbia UniversityChristian Laux, Vienna University of Economicsand BusinessAli Lazrak, University of British ColumbiaJ. Chris Leach, University of Colorado-BoulderMark Leary, Washington University-St. LouisCharles M. C. Lee, Stanford UniversityInmoo Lee, Korea Advanced Institute of Scienceand TechnologyAlfred Lehar, University of CalgaryQin Lei, University of MichiganYaron Leitner, Federal Reserve Bank ofPhiladelphiaJosh Lerner, Harvard UniversityMartin Lettau, University of California-BerkeleyDoron Levit, University of PennsylvaniaJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeStefan Lewellen, Pennsylvania State UniversityDongmei Li, University of South CarolinaKai Li, University of British ColumbiaSi Li, Wilfrid Laurier UniversityBing Liang, University of Massachusetts-AmherstRose Liao, Rutgers UniversityAndres Liberman, New York UniversityErik Lie, University of IowaSonya Lim, DePaul UniversityXiaoji Lin, University of MinnesotaJames S. Linck, Southern Methodist UniversityLaura Lindsey, Arizona State UniversityJuhani Linnainmaa, University of SouthernCaliforniaKarl V. Lins, University of Utah

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Marc Lipson, University of VirginiaCrocker Liu, Cornell UniversityHong Liu, Washington University-St. LouisJun Liu, University of California-San DiegoPeng Liu, Cornell UniversityTingjun Liu, University of Hong KongDmitry Livdan, University of California-BerkeleyAlexander Ljungqvist, Stockholm School ofEconomicsAndrew W. Lo, Massachusetts Institute ofTechnologyLars A. Lochstoer, University of California-LosAngelesClaudio Loderer, Universitaet BernFrancis Longstaff, University of California-LosAngelesGyöngyi Lóránth, University of ViennaDong Lou, London School of Economics andPolitical ScienceErik Loualiche, University of MinnesotaElena Loutskina, University of VirginiaRichard Lowery, University of Texas-AustinMichelle Lowry, Drexel UniversityChristian T. Lundblad, University of NorthCarolina-Chapel HillEvgeny Lyandres, Boston UniversityAnthony W. Lynch, New York UniversityMa Ma, University of ChicagoPeter MacKay, Hong Kong University of Science& TechnologyAnanth Madhavan, BlackRockLeonardo Madureira, Case Western ReserveUniversityIgor Makarov, London School of Economics andPolitical ScienceSemyon Malamud, École Polytechnique Fédéralede LausanneAndrey Malenko, Massachusetts Institute ofTechnologyNadya Malenko, Boston CollegeKatya Malinova, McMaster UniversityAsaf Manela, Washington University-St. LouisWilliam Mann, University of California-LosAngelesGustavo Manso, University of California-BerkeleyYifei Mao, Cornell UniversityRobert Marquez, University of California-Davis

Spencer Martin, University of MelbourneMassimo Massa, INSEADRonald W. Masulis, University of New SouthWalesPedro Matos, University of VirginiaDavid Matsa, Northwestern UniversityGregor Matvos, University of Texas-AustinErnst G. Maug, University of MannheimRobert McDonald, Northwestern UniversityRobert McLean, Georgetown UniversityTimothy McQuade, Stanford UniversityAlbert Menkveld, VU University AmsterdamAndrew Metrick, Yale UniversityDaniel Metzger, Stockholm School of EconomicsAlexander Michaelides, Imperial College LondonRoni Michaely, University of GenevaTodd Milbourn, Washington University-St. LouisKonstantin Milbradt, Northwestern UniversityDarius Miller, Southern Methodist UniversityBernadette Minton, Ohio State UniversityIndrajit Mitra, University of MichiganSara Moeller, University of PittsburghErwan Morellec, École Polytechnique Fédérale deLausannePamela Moulton, Cornell UniversityNathalie Moyen, University of Colorado-BoulderHolger Mueller, New York UniversityPhilippe Mueller, University of WarwickTyler Muir, University of California-Los AngelesJustin Murfin, Cornell UniversityDavid Musto, University of PennsylvaniaBrett Myers, Texas Tech UniversityCharles G. Nathanson, Northwestern UniversityEdward Nelling, Drexel UniversityDavid Ng, Cornell UniversityThien Nguyen, Ohio State UniversityBoris Nikolov, University of LausanneMahendrarajah Nimalendran, University ofFloridaGreg Nini, Drexel UniversityThomas H. Noe, University of OxfordLars Norden, Stockholm UniversityKjell Nyborg, University of ZurichMaureen O’Hara, Cornell UniversityTerrance Odean, University of California-BerkeleyMartin Oehmke, London School of Economics andPolitical Science

41

Steven Ongena, University of ZurichChristian C. Opp, University of PennsylvaniaMarcus Opp, Stockholm School of EconomicsHernan Ortiz-Molina, University of BritishColumbiaPaige Ouimet, University of NorthCarolina-Chapel HillOguzhan Ozbas, University of SouthernCaliforniaMarco Pagano, Università degli Studi di NapoliFederico IIBerardino Palazzo, Federal Reserve Board ofGovernorsDarius Palia, Rutgers UniversityMarios Panayides, University of CyprusDimitris Papanikolaou, Northwestern UniversityAndreas Park, University of TorontoChristine Parlour, University ofCalifornia-BerkeleyRobert Parrino, University of Texas-AustinChristopher Parsons, University of WashingtonPaolo Pasquariello, University of MichiganAnna Pavlova, London Business SchoolKim Peijnenburg, EDHEC Business SchoolLoriana Pelizzon, Goethe University FrankfurtLiang Peng, Pennsylvania State UniversityLin Peng, Baruch CollegeGeorge G. Pennacchi, University ofIllinois-Urbana-ChampaignJoel Peress, INSEADFrancisco Perez-Gonzalez, Instituto TecnológicoAutónomo de MéxicoEnrico Perotti, University of AmsterdamMitchell A. Petersen, Northwestern UniversityCarolin Pflueger, University of British ColumbiaLudovic Phalippou, University of OxfordGordon M. Phillips, Dartmouth CollegeChristopher Polk, London School of Economicsand Political ScienceJacopo Ponticelli, Northwestern UniversityJeffrey Pontiff, Boston CollegeVeronika K. Pool, Indiana UniversityManju Puri, Duke UniversityJun Qian, Fudan UniversityUday Rajan, University of MichiganTarun Ramadorai, Imperial College LondonAdriano Rampini, Duke University

Otto Randl, Vienna University of Economics andBusinessRaghavendra Rau, Cambridge UniversityS. Abraham Ravid, Yeshiva UniversityRobert Ready, University of OregonAdam Reed, University of North Carolina-ChapelHillJonathan Reuter, Boston CollegeMatt Rhodes-Kropf, Massachusetts Institute ofTechnologyDagfinn Rime, BI Norwegian Business SchoolBarbara Rindi, Università BocconiMatthew Ringgenberg, University of UtahMichael Roberts, University of PennsylvaniaTavy Ronen, Rutgers UniversityEhud I. Ronn, University of Texas-AustinIoanid Rosu, HEC ParisBryan R. Routledge, Carnegie Mellon UniversityThomas Ruchti, Carnegie Mellon UniversityKristian Rydqvist, State University of NewYork-BinghamtonGideon Saar, Cornell UniversityRonnie Sadka, Boston CollegePedro Saffi, Cambridge UniversityJacob Sagi, University of North Carolina-ChapelHillPatrik Sandas, University of VirginiaJoao Santos, Federal Reserve Bank of New YorkLucio Sarno, City University of LondonZacharias Sautner, Frankfurt School of Financeand ManagementJames Schallheim, University of UtahAnna Scherbina, Brandeis UniversityMichael Schill, University of VirginiaFrederik Schlingemann, University of PittsburghMartin Schmalz, University of OxfordLukas Schmid, Duke UniversityPhilipp Schnabl, New York UniversityPaul Schultz, University of Notre DameNorman Schürhoff, University of LausanneKrista Schwarz, University of PennsylvaniaMichael Schwert, University of PennsylvaniaMark S. Seasholes, Arizona State UniversityJohn Sedunov, Villanova UniversityLemma W. Senbet, University of MarylandBerk Sensoy, Vanderbilt UniversityDuane Seppi, Carnegie Mellon University

42

Amit Seru, Stanford UniversityHenri Servaes, London Business SchoolFelipe Severino, Dartmouth CollegeMerih Sevilir, Indiana UniversityIvan Shaliastovich, University ofWisconsin-MadisonJoel Shapiro, University of OxfordAnn E. Sherman, DePaul UniversityAnil Shivdasani, University of North CarolinaSophie Shive, University of Notre DameKelly Shue, Yale UniversityTyler Shumway, University of MichiganClemens Sialm, University of Texas-AustinRichard Sias, University of ArizonaStephan Siegel, University of WashingtonAndrei Simonov, Michigan State UniversityRaj Singh, University of MinnesotaErik R. Sirri, Babson CollegeDavid C. Smith, University of VirginiaMichael Sockin, University of Texas-AustinPaolo Sodini, Stockholm School of EconomicsElvira Sojli, University of New South WalesSorin Sorescu, Texas A&M UniversityDenis Sosyura, Arizona State UniversityChristophe Spaenjers, HEC ParisMatthew Spiegel, Yale UniversityErik Stafford, Harvard UniversityRichard Stanton, University of California-BerkeleyLaura Starks, University of Texas-AustinNoah Stoffman, Indiana UniversityAlex Stomper, Humboldt University of BerlinNeal Stoughton, Vienna University of Economicsand BusinessGünter Strobl, Frankfurt School of Finance andManagementPer Strömberg, Stockholm School of EconomicsMichael Stutzer, University of Colorado-BoulderAvanidhar Subrahmanyam, University ofCalifornia-Los AngelesMarti G. Subrahmanyam, New York UniversityJohan Sulaeman, National University ofSingaporeSuresh M. Sundaresan, Columbia UniversityAditya Sunderam, Harvard UniversityAlvaro G. Taboada, Mississippi State UniversityElizabeth Tashjian, University of UtahGeoffrey Tate, University of North

Carolina-Chapel HillLucian Taylor, University of PennsylvaniaAlexei Tchistyi, University ofIllinois-Urbana-ChampaignChris Telmer, Carnegie Mellon UniversityMelvyn Teo, Singapore Management UniversityPaul Tetlock, Columbia UniversityAnjan V. Thakor, Washington University-St.LouisWing Wah Tham, University of New South WalesKarin S. Thorburn, Norwegian School ofEconomicsXuan Tian, Tsinghua UniversitySheri Tice, Tulane UniversityViktor Todorov, Northwestern UniversityStathis Tompaidis, University of Texas-AustinMitch Towner, University of ArizonaRichard Townsend, University of California-SanDiegoCharles Trzcinka, Indiana UniversityYuri Tserlukevich, Arizona State UniversityMargarita Tsoutsoura, Cornell UniversitySergey Tsyplakov, University of South CarolinaSelale Tuzel, University of Southern CaliforniaGarry Twite, University of MelbourneRaman Uppal, EDHEC Business SchoolBoris Vallée, Harvard UniversityMathijs A. van Dijk, Erasmus UniversityVictoria Vanasco, Centre de Recerca en EconomiaInternacionalFelipe Varas, Duke UniversityDimitri Vayanos, London School of Economics andPolitical ScienceAndrea Vedolin, Boston UniversityKumar Venkataraman, Southern MethodistUniversityMichela Verardo, London School of Economics andPolitical ScienceAdrien Verdelhan, Massachusetts Institute ofTechnologyPietro Veronesi, University of ChicagoAnand Vijh, University of IowaAnnette Vissing-Jorgensen, University ofCalifornia-BerkeleyPaolo Volpin, City University of LondonErnst-Ludwig von Thadden, University ofMannheim

43

Jessica Wachter, University of PennsylvaniaChristian Wagner, Vienna University ofEconomics and BusinessSunil Wahal, Arizona State UniversityJohan Walden, University of California-BerkeleyNeng Wang, Columbia UniversityTan Wang, Shanghai Jiao Tong UniversityZhenyu Wang, Indiana UniversityMitch C. Warachka, University of San DiegoAkiko Watanabe, University of AlbertaMasahiro Watanabe, University of AlbertaSumudu W. Watugala, Cornell UniversityMichael Weber, University of ChicagoChishen Wei, Singapore Management UniversityKelsey D. Wei, University of Texas-DallasPierre-Olivier Weill, University of California-LosAngelesMichael Weisbach, Ohio State UniversityRuss Wermers, University of MarylandIngrid M. Werner, Ohio State UniversityMark Westerfield, University of WashingtonJames Weston, Rice UniversityToni M. Whited, University of MichiganWilliam Wilhelm, University of VirginiaRohan Williamson, Georgetown UniversityMungo Wilson, University of OxfordAvi Wohl, Tel Aviv UniversityKaren H. Wruck, Ohio State UniversityYing Wu, Stevens Institute of TechnologyYouchang Wu, University of OregonJeffrey Wurgler, New York UniversityYuhai Xuan, University ofIllinois-Urbana-ChampaignHong Yan, Shanghai Jiao Tong UniversityHongjun Yan, DePaul UniversityJie Yang, Federal Reserve Board of GovernorsJun Yang, Indiana UniversityLiu Yang, University of MarylandMing Yang, Duke UniversityAyako Yasuda, University of California-Davis

Mao Ye, University of Illinois-Urbana-ChampaignDavid L. Yermack, New York UniversityScott E. Yonker, Cornell UniversityLance Young, University of WashingtonJialin Yu, Hong Kong University of Science &TechnologyJianfeng Yu, Tsinghua UniversityXiaoyun Yu, Indiana UniversityKathy Yuan, London School of Economics andPolitical ScienceYu Yuan, Mingshi Investment ManagementFernando Zapatero, University of SouthernCaliforniaRebecca Zarutskie, Federal Reserve Board ofGovernorsAdam Zawadowski, Central EuropeanUniversityJosef Zechner, Vienna University of Economicsand BusinessJaime F. Zender, University of Colorado-BoulderYao Zeng, University of WashingtonBohui Zhang, Chinese University of HongKong-ShenzhenChu Zhang, Hong Kong University of Science &TechnologyHarold Zhang, University of Texas-DallasLu Zhang, Ohio State UniversityShaojun Zhang, Ohio State UniversityWeina Zhang, National University of SingaporeXiaoyan Zhang, Tsinghua UniversityMengxin Zhao, Securities and ExchangeCommissionLu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisHao Zhou, Tsinghua UniversityHaoxiang Zhu, Massachusetts Institute ofTechnologyEric Zwick, University of ChicagoJeffrey Zwiebel, Stanford University

44

Acknowledgements

As Program Chair, I would like to thank the members of the Program Committee fortheir dedicated service to the WFA. Their expert reviews are the main input inevaluating submitted papers and are what allow us each year to create a high qualityprogram. I would also like to express deep gratitude to my colleagues at Cornell – JawadAddoum, Warren Bailey, Matt Baron, Lizzy Berger, Vicki Bogan, Murillo Campello,Adrian Corum, Byoung Hwang, Hyunseob Kim, Crocker Liu, Fang Liu, Peter Liu, YifeiMao, Pam Moulton, Justin Murfin, David Ng, Maureen O’Hara, Gideon Saar, MargaritaTsoutsoura, Sumudu Watugala, and Scott Yonker – who have served as AssociateProgram Chairs this year. They helped me create a program from the many highly-ratedpapers and they served as the committee for the selection of best-paper awards. Ofcourse, I am very thankful to the authors for submitting their outstanding papers to theconference, to the session chairs for finding excellent discussants, and to the discussantsfor providing constructive feedback to our authors. The Association is so fortunate tohave Bryan Routledge on its leadership team – I am deeply appreciative of his wisecounsel, his expert management of the logistics and the IT system that is the backbonefor the WFA, and for his cheerful and tireless support in the program creation process. Ithank Ingrid Werner for generously sharing her experiences as Program Chair from lastyear, and to Toni Whited, Jiang Wang, and John Griffin for their advice and guidance. Itis a joy to work with Leigh Ann Clark and Robyn Scholl who expertly manage theon-site conference logistics – I thank them for their hard work and dedication. Last, butnot least, I would like to thank our sponsors for their continued support of the WFA.

Andrew Karolyi,WFA Program Chair, 2019

45

IndexA

Adams, Renée, 36Addoum, Jawad, 25, 36Adelino, Manuel, 32, 36Agarwal, Vikas, 36Aggarwal, Rajesh, 36Aggarwal, Reena, 19, 36Agrawal, Anup, 36Ahern, Kenneth, 14Ai, Hengjie, 18, 36Akbari, Amir, 32Akbas, Ferhat, 27Akepanidtaworn, Klakow, 33Albertus, James, 36Albuquerque, Ana, 17Albuquerque, Rui, 17, 36Allahrakha, Meraj, 15Allen, Franklin, 29Almazan, Andres, 36Almeida, Heitor, 36Alok, Shashwat, 36Anand, Amber, 24Antón, Miguel, 35Aragon, George, 36Argyle, Bronson, 34Arslan, Yavuz, 15Asparouhova, Elena, 19, 36Asriyan, Vladimir, 21Augustin, Patrick, 36Auh, Jun Kyung, 22Avramov, Doron, 36

BBabenko, Ilona, 17, 36Babina, Tania, 20Bachas, Natalie, 34Back, Kerry, 20Bagattini, Giulio, 33Baghai, Ramin, 30, 36Bahaj, Saleem, 15Bai, Jennie, 22, 26Bailey, Warren, 36Bakshi, Gurdip, 36Baldauf, Markus, 19Bali, Turan, 36

Balsmeier, Benjamin, 13Banerjee, Snehal, 36Bao, Jack, 37Barardehi, Yashar, 16, 24Barber, Brad, 37Baron, Matthew, 32, 36, 37Barrot, Jean Noel, 37Bartram, Söhnke, 21, 37Baruch, Shmuel, 37Basak, Suleyman, 37Bates, David, 37Bates, Thomas, 37Battalio, Robert, 24, 37Baugh, Brian, 30Beber, Alessandro, 37Becher, David, 20Becker, Bo, 37Bekaert, Geert, 37Belo, Frederico, 27, 37Ben-David, Itzhak, 16, 37Bennedsen, Morten, 23Benzoni, Luca, 37Berger, Elizabeth, 15, 30, 36Bergstresser, Daniel, 37Berkovitch, Eli, 37Bernardo, Antonio, 37Berndt, Antje, 17, 26, 31Bernile, Gennaro, 37Bernstein, Shai, 7, 13, 23, 28, 37Bessembinder, Hendrik, 37Bhagat, Sanjai, 37Bhamra, Harjoat, 37Bharath, Sreedhar, 37Bhattacharya, Utpal, 37Bhutta, Neil, 25Bian, Bo, 9, 34Binfarè, Matteo, 8, 19Bird, Andrew, 16, 37Birru, Justin, 37Bogan, Vicki, 25, 36, 37Boguth, Oliver, 37Bollen, Nicolas, 37Bond, Philip, 21Bongaerts, Dion, 37

46

Boone, Audra, 37Boot, Arnoud, 37Bossaerts, Peter, 19Boudoukh, Jacob, 37Bouwman, Christa, 37Bowen, Donald, 13Boyarchenko, Nina, 13Boyson, Nicole, 37Brav, Alon, 37Breedon, Francis, 18Breon-Drish, Bradyn, 17Brogaard, Jonathan, 37Brown, David, 37Brown, Gregory, 37Brown, Gregory W., 8, 19Brown, Jen, 34Brown, Keith, 37Brown, Stephen, 37Bruche, Max, 31Brusa, Francesca, 26Bryzgalova, Svetlana, 24, 37Buffa, Andrea, 37Buraschi, Andrea, 32, 37Burns, Natasha, 37Busse, Jeffrey, 37Bustamante, Maria Cecilia, 35, 37Butler, Alexander, 22, 37

CCampello, Murillo, 36, 37Cao, Charles, 37Cao, Jie, 13Carletti, Elena, 17Carlin, Bruce, 37Carrieri, Francesca, 32Carter, Mary Ellen, 17Cassella, Stefano, 16Catherine, Sylvain, 23, 30Cetina, Jill, 15Chabakauri, Georgy, 29Chabi-Yo, Fousseni, 37Chaderina, Maria, 37Chaieb, Ines, 15, 37Chambers, David, 37Chan, Kalok, 37Chang, Briana, 27Chang, Eric, 37Chapman, David, 37

Chava, Sudheer, 26, 33, 37Chemla, Gilles, 37Chemmanur, Thomas, 37Chen, Andrew, 24Chen, Huaizhi, 25Chen, Hui, 37Chen, Louisa, 18Chen, Mark, 37Chernenko, Sergey, 30, 37Chernov, Mikhail, 37Chinco, Alexander, 19Choi, Darwin, 37Choi, James, 37Chordia, Tarun, 37Christoffersen, Susan, 37Cieslak, Anna, 18, 37Clementi, Gian Luca, 37Clifford, Chris, 16Cocco, Joao, 37Cohen, Lauren, 37Cohn, Jonathan, 34, 37Colacito, Riccardo, 37Coles, Jeffrey, 37Collin-Dufresne, Pierre, 37Comerton-Forde, Carole, 15, 37Cong, Will, 21, 27, 37Conrad, Jennifer, 37Cooper, Michael, 38Corhay, Alexandre, 20Cornaggia, Jess, 31, 38Cornaggia, Kimberly, 31, 38Cornelli, Francesca, 38Corum, Adrian Aycan, 36, 38Corwin, Shane, 38Crane, Alan, 38Croce, Mariano, 38Cronqvist, Henrik, 38Crouzet, Nicolas, 20Custodio, Claudia, 38Cvijanovic, Dragana, 38

DDa, Zhi, 38Dahlquist, Magnus, 38Dahya, Jay, 29Dai, Min, 32Dang, Tri Vi, 38Daniel, Kent, 38

47

Danis, Andras, 38Danisewicz, Piotr, 26Darmouni, Olivier, 15Das, Sanjiv, 7, 29Dasgupta, Amil, 35, 38Dasgupta, Sudipto, 38David, Alexander, 18, 26, 38Davila, Eduardo, 38Davis, Jesse, 29De Haas, Ralph, 21Degerli, Ahmet, 15Del Guercio, Diane, 38Denes, Matthew, 22, 38Derrien, Francois, 28, 38Detemple, Jerome, 38Dev, Abhishek, 23Dew-Becker, Ian, 38Di Maggio, Marco, 26, 38Di Mascio, Rick, 33Diamond, Rebecca, 7, 28Dimmock, Stephen, 28Dinc, Serdar, 38Dittmar, Amy, 38Dittmar, Robert, 38Doidge, Craig, 32, 38Donaldson, Jason Roderick, 20Donangelo, Andres, 27, 38Dong, Flora, 17Dou, Winston, 27, 38Dow, James, 38Draus, Sarah, 38Driessen, Joost, 38Duchin, Ran, 22, 38Duffee, Greg, 38Duffie, Darrell, 17

EEasley, David, 22Eaton, Charlie, 34Eckbo, Espen, 38Edelen, Roger, 38Ederer, Florian, 35Egan, Mark, 16Ehsani, Sina, 25Eisenbach, Thomas, 38Eisfeldt, Andrea, 30, 38Elard, Ilaf, 26Ellis, Jesse, 16

Ellul, Andrew, 38Engelberg, Joseph, 14, 38Eraker, Bjorn, 38Erel, Isil, 38Errunza, Vihang, 38Ertan, Aytekin, 18Evans, Richard, 22, 38Ewens, Michael, 13

FFabisik, Kornelia, 25Faccio, Mara, 21Fahlenbrach, Ruediger, 25, 38Fan, Joseph, 38Fang, Lily, 38Fang, Zheng, 26Farhat, Amel, 18Farre-Mensa, Joan, 38Farrell, Michael, 27Fattinger, Felix, 8, 18Faulkender, Michael, 38Favilukis, Jack, 30, 38Fecht, Falko, 33Fedyk, Anastassia, 14, 33Feldhütter, Peter, 38Fermand, Elyas, 16Ferreira, Daniel, 35, 38Ferreira, Miguel, 38Fich, Eliezer, 38Field, Laura, 38Fisher, Adlai, 38Fleming, Lee, 13Fluck, Zsuzsanna, 38Fos, Vyacheslav, 35, 38Foucault, Thierry, 38Fracassi, Cesare, 31, 38Frank, Murray, 38Frei, Christoph, 19Frésard, Laurent, 13Friewald, Nils, 38Frydman, Carola, 38Frydman, Cary, 33Fulghieri, Paolo, 38Fuster, Andreas, 8, 28

GGagnon, Louis, 38Gala, Vito, 38

48

Gallmeyer, Michael, 38Gantchev, Nickolay, 26, 38Gao, Xiang, 22Gao, Xing, 17Gargano, Antonio, 15Garlappi, Lorenzo, 38Gârleanu, Nicolae, 38Garmaise, Mark, 28, 38Geng, Zhe, 18George, Tom, 38Gerken, William, 16Gervais, Simon, 38Getmansky Sherman, Mila, 38Giammarino, Ron, 38Giannetti, Mariassunta, 23, 30, 38Giglio, Stefano, 39Gilbert, Thomas, 39Gillan, Stuart, 39Giné, Mireia, 35Giroud, Xavier, 39Glode, Vincent, 26, 31, 39Glover, Brent, 39Goldie, Brad, 22Goldman, Eitan, 14, 39Goldman, Jim, 25Goldsmith-Pinkham, Paul, 8, 28Goldstein, Itay, 4, 39Goldstein, Michael, 39Goldstein, Robert, 26, 39Gomes, Francisco, 39Gomes, Joao, 31, 39Gomez, Matthieu, 14Goncalves-Pinto, Luis, 32Gondhi, Naveen, 29Gopalan, Radhakrishnan, 39Gorban, Stepan, 17Gormley, Todd, 39Gorton, Gary, 39Goyal, Amit, 13, 39Goyal, Vidhan, 39Granja, Joao, 23Green, Brett, 21, 39Green, Clifton, 27, 39Greenwald, Daniel, 39Greenwood, Robin, 27Grenadier, Steven, 39Grennan, Jillian, 39

Griffin, John, 4, 39Griffin, Thomas, 20Gromb, Denis, 20Grotteria, Marco, 9, 35Grullon, Gustavo, 39Gu, Xian, 29Gulen, Huseyin, 16Gupta, Arpit, 34Gupta, Nandini, 39Gurun, Umit, 16Gutiérrez, Roberto, 39

HHackbarth, Dirk, 39Haddad, Valentin, 19Hagströmer, Björn, 39Halling, Michael, 39Hameed, Allaudeen, 39Han, Bing, 39Han, Jungsuk, 39Han, Leyla Jianyu, 18Hanley, Kathleen, 29, 39Hanson, Sam, 27, 39Harford, Jarrad, 39Harris, Jeffrey, 39Harris, Lawrence, 39Harris, Robert S., 8, 19Hartman-Glaser, Barney, 22, 39Hartzmark, Samuel, 33, 39Hasbrouck, Joel, 39Haselmann, Rainer, 18Hasseltoft, Henrik, 39Hatch, Brian, 24Hau, Harald, 39He, Jie, 19He, Ping, 39He, Zhiguo, 39Hebert, Benjamin, 39Hebert, Camille, 9, 24Hege, Ulrich, 39Heider, Florian, 39Hellmann, Thomas, 39Helwege, Jean, 15, 39Hendershott, Terrence, 39Herron, Richard, 29Herskovic, Bernard, 30Hertzel, Michael, 39Heston, Steven, 39

49

Hilscher, Jens, 39Hirschey, Nicholas, 39Ho, Paul, 19Hoberg, Gerard, 13, 39Hochberg, Yael, 39Hodson, James, 14Hofmann, Michael, 13Holden, Craig, 39Hollifield, Burton, 4, 26, 31, 39Hong, Harrison, 39Hotchkiss, Edith, 31, 39Hou, Kewei, 21, 39Howell, Sabrina, 13, 20, 24, 34Hsieh, David, 39Huang, Jiekun, 28Huang, Lixin, 39Hughson, Eric, 39Hundtofte, Sean, 25Huneeus, Cristóbal, 22Huneeus, Federico, 22Huszár, Zsuzsa, 39Hwang, Byoung-Hyoun, 36, 39Hwang, Chuan-Yang, 39

IIlhan, Emirhan, 21Illeditsch, Philipp, 39Imas, Alex, 33Irani, Rustom, 20Israelsen, Ryan, 28Ivanov, Vladimir, 20Ivashina, Victoria, 31, 39Iverson, Benjamin, 39Ivkovich, Zoran, 39Izhakian, Yehuda, 29

JJacobs, Kris, 39Jacobsen, Stacey, 16Jagannathan, Ravi, 39Jager, Ivika, 30Jame, Russell, 27Jankowitsch, Rainer, 39Jansen, Mark, 25, 34Jansson, Thomas, 30Jenter, Dirk, 39Jermann, Urban, 39Jiang, Chao, 22

Jiang, Jinglin, 26Jiang, Wei, 39Jiang, Wenxi, 39Jiang, Zhengyang, 15Jin, Lawrence, 27Jin, Li, 39John, Kose, 39Johnson, Travis, 39Jones, Charles, 40Jones, Christopher, 40Jones, Howard, 40Jorion, Philippe, 40Joslin, Scott, 40Jotikasthira, Chotibhak, 32Julio, Brandon, 40

KKabas, Gazi, 15Kacperczyk, Marcin, 40Kadan, Ohad, 40Kadyrzhanova, Dalida, 40Kahle, Kathleen, 40Kahraman, Bige, 40Kakhbod, Ali, 35Kalcheva, Ivalina, 20Kalpathy, Swami, 40Kan, Raymond, 40Kang, Jun-Koo, 40Kaniel, Ron, 40Kaplan, Steve, 40Karabulut, Yigitcan, 30Karakas, Oguzhan, 40Karceski, Jason, 40Karnaukh, Nina, 40Karolyi, Andrew, 4, 36, 40, 45, 57Karolyi, Stephen, 16, 40Karpoff, Jonathan, 40Kaul, Gautam, 40Ke, Sai, 13Kecskes, Ambrus, 28Kedia, Simi, 40Keim, Donald, 40Kelley, Eric, 27Kelly, Bryan, 28Keloharju, Matti, 40Kempf, Elisabeth, 17Khanna, Naveen, 40Khorrami, Paymon, 9, 27

50

Kiku, Dana, 40Kilic, Mete, 31Kim, Dasol, 40Kim, Hyunseob, 36, 40Kim, Sehoon, 21Kim, Soohun, 33Kisser, Michael, 40Kleymenova, Anya, 18Knüpfer, Samuli, 40Koch, Andrew, 40Koch, Paul, 22Kogan, Shimon, 40Koijen, Ralph, 40Kolasinski, Adam, 40Kondor, Peter, 40Kopytov, Alexandr, 9, 27Korajczyk, Robert, 40Korteweg, Arthur, 40Koski, Jennifer, 40Kostovetsky, Leonard, 30Kowalewski, Oskar, 29Kozhan, Roman, 40Kramer, Lisa, 19Kronlund, Mathias, 17Krueger, Philipp, 40Kruger, Samuel, 40Kuehn, Lars-Alexander, 40Kuhnen, Camelia, 16, 30, 40Kumar, Alok, 40Kumar, Praveen, 40Kung, Howard, 40Kuong, John Chi-Fong, 31Kurlat, Pablo, 33, 40Kwan, Alan, 33, 40

LLambrecht, Bart, 17Lamoureux, Christopher, 40Lan, Yingcong, 22Lando, David, 40Landvoigt, Tim, 40Langberg, Nisan, 40Larrain, Borja, 22Larrain, Mauricio, 22, 40Laux, Christian, 40Lazrak, Ali, 40Leach, J. Chris, 40Leary, Mark, 40

Lee, Charles, 15, 40Lee, Inmoo, 40Lee, Jongsub, 27Lehar, Alfred, 40Lei, Qin, 40Leitner, Yaron, 40Lerner, Josh, 23, 40Lescourret, Laurence, 24Lettau, Martin, 40Levit, Doron, 40Lewellen, Jonathan, 40Lewellen, Katharina, 40Lewellen, Stefan, 40Li, Dan, 29Li, Dongmei, 40Li, Geng, 16Li, Kai, 23, 28, 31, 40Li, Lei, 23Li, Si, 40Li, Tao, 27Li, Wenhao, 9, 23Li, Ye, 23Liang, Bing, 40Liang, Lantian, 19Liao, Gordon, 15Liao, Rose, 40Liberman, Andres, 40Lie, Erik, 40Lim, Sonya, 40Lin, Chen, 25Lin, Xiaoji, 22, 40Linck, James, 40Lindsey, Laura, 40Linnainmaa, Juhani, 25, 40Lins, Karl V., 40Lipson, Marc, 41Liu, Crocker, 36, 41Liu, Fang, 36Liu, Hong, 41Liu, Jianan, 9, 24Liu, Jun, 41Liu, Peng, 36, 41Liu, Tingjun, 41Liu, Yukun, 9, 14Livdan, Dmitry, 41Ljungqvist, Alexander, 41Lo, Andrew, 41

51

Lochstoer, Lars, 41Loderer, Claudio, 41Loginova, Uliana, 35Longstaff, Francis, 41Looney, Adam, 14Loos, Benjamin, 16Lopez-Lira, Alejandro, 9, 28Lóránth, Gyöngyi, 41Lou, Dong, 41Loualiche, Erik, 19, 41Loutskina, Elena, 41Lovo, Stefano, 21Lowery, Richard, 41Lowry, Michelle, 41Lundblad, Christian, 8, 19, 22, 32, 41Luo, Xueming, 26Lustig, Hanno, 4Lyandres, Evgeny, 41Lynch, Anthony, 41

MMa, Fangyuan, 17Ma, Ma, 41Ma, Song, 26Ma, Yiming, 29MacKay, Peter, 41MacKinlay, Andrew, 15Madhavan, Ananth, 41Madureira, Leonardo, 41Makarov, Igor, 41Maksimovic, Vojislav, 23Malamud, Semyon, 41Malenko, Andrey, 29, 35, 41Malenko, Nadya, 35, 41Malinova, Katya, 41Malkhozov, Aytek, 32Manconi, Alberto, 18Manela, Asaf, 28, 32, 41Mann, William, 20, 31, 41Manso, Gustavo, 13, 23, 41Mao, Yifei, 36, 41Markov, Stanimir, 27Marquez, Robert, 18, 41Martel, Jordan, 29Martin, Spencer, 41Massa, Massimo, 41Masulis, Ronald, 41Matos, Pedro, 22, 41

Matsa, David, 24, 41Matvos, Gregor, 16, 41Maug, Ernst, 41McDonald, Robert, 41McLean, Robert, 41McQuade, Timothy, 7, 28, 41Menkveld, Albert, 41Metrick, Andrew, 41Metzger, Daniel, 41Michaelides, Alexander, 41Michaely, Roni, 41Michayluk, David, 22Milbourn, Todd, 41Milbradt, Konstantin, 41Miller, Darius, 41Miller, Sarah, 25Minton, Bernadette, 23, 41Mirkin, Kenneth, 29Mishra, Prachi, 34Mitchener, Kris, 7, 29Mitra, Indrajit, 41Moeller, Sara, 41Moinas, Sophie, 20Mollner, Joshua, 19Mondragon, John, 34Moreira, Alan, 25, 28, 33Morellec, Erwan, 41Morse, Adair, 28Moulton, Pamela, 36, 41Moyen, Nathalie, 41Mueller, Holger, 41Mueller, Philippe, 41Muir, Tyler, 32, 41Müller, Karsten, 31Munyan, Ben, 15Muravyev, Dmitriy, 13Murfin, Justin, 36, 41Murphy, Dermot, 18Murray, Scott, 13Musto, David, 41Myers, Brett, 41

NNaaraayanan, S. Lakshmi, 7, 9, 24Nadauld, Taylor, 34Nathanson, Charles, 41Nelling, Edward, 41Neuhierl, Andreas, 28

52

Ng, David, 21, 36, 41Nguyen, Phuong-Anh, 28Nguyen, Thien, 41Nikolov, Boris, 41Nimalendran, Mahendrarajah, 41Nini, Greg, 20, 31, 41Noe, Thomas, 41Norden, Lars, 41Nyborg, Kjell, 41

OO’Hara, Maureen, 22, 30, 36, 41Obizhaeva, Anna, 17Odean, Terrance, 33, 41Oehmke, Martin, 41Olafsson, Arna, 25Olbert, Marcel, 9, 34Ongena, Steven, 42Opp, Christian, 13, 19, 26, 42Opp, Marcus, 42Ortiz-Molina, Hernan, 42Ortner, Juan, 26Ouimet, Paige, 21, 30, 42Ozbas, Oguzhan, 42

PPaddrik, Mark, 33Pagano, Marco, 42Pagel, Michaela, 16, 19, 25, 32Palazzo, Berardino, 42Palia, Darius, 42Pan, Xuhui (Nick), 18Pan, Yihui, 17Panageas, Stavros, 14Panayides, Marios, 42Papanikolaou, Dimitris, 42Park, Andreas, 42Parlour, Christine, 24, 42Parrino, Robert, 42Parsons, Christopher, 42Pasquariello, Paolo, 42Pastor, Lubos, 14Pavlova, Anna, 42Pearson, Neil, 13Peijnenburg, Kim, 42Pelizzon, Loriana, 29, 42Peng, Liang, 42Peng, Lin, 16, 42

Pennacchi, George, 42Peress, Joel, 42Perez-Gonzalez, Francisco, 42Perotti, Enrico, 42Petersen, Mitchell, 42Petukhov, Anton, 9, 13Pflueger, Carolin, 42Phalippou, Ludovic, 42Phillips, Gordon, 20, 23, 34, 42Piacentino, Giorgia, 20Pierret, Diane, 23Plante, Sebastien, 31Polk, Christopher, 42Ponticelli, Jacopo, 32, 42Pontiff, Jeffrey, 25, 42Pool, Veronika, 19, 30, 42Popov, Alexander, 21Pousada, Beatriz, 7, 28Prabhala, Nagpurnanand, 34Prem, Mounu, 22Previtero, Alessandro, 16Puri, Manju, 42Putnins, Talis, 22

QQian, Jun, 42

RRajan, Raghuram, 12, 34Rajan, Sriram, 30Rajan, Uday, 29, 42Ramadorai, Tarun, 8, 28, 42Rampini, Adriano, 42Ranaldo, Angelo, 15, 18Randl, Otto, 42Ratushny, Vladimir, 30Rau, Raghavendra, 20, 42Ravid, S. Abraham, 42Ready, Robert, 42Reed, Adam, 42Reis, Ricardo, 15Reuter, Jonathan, 42Rezaei, Mohammad Abbas, 20Rhodes-Kropf, Matt, 42Riccó, Roberto, 24Riddiough, Steven, 15Rime, Dagfinn, 42Rindi, Barbara, 24, 42

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Ringgenberg, Matthew, 16, 42Ritter, Jay, 23Roberts, Michael, 42Ronen, Tavy, 42Ronn, Ehud, 42Rossi, Alberto, 28Rosu, Ioanid, 42Routledge, Bryan, 1, 4, 42, 57Ruchti, Thomas, 16, 42Rydqvist, Kristian, 42

SSaar, Gideon, 36, 42Sadka, Ronnie, 42Saffi, Pedro, 42Sagi, Jacob, 42Saglam, Mehmet, 24Salomao, Juliana , 31Samadi, Mehrdad, 24Sandas, Patrik, 42Santos, Joao, 42Sarno, Lucio, 15, 42Sautner, Zacharias, 21, 42Schallheim, James, 42Scherbina, Anna, 42Schill, Michael, 42Schlingemann, Frederik, 42Schmalz, Martin, 26, 35, 42Schmid, Lukas, 42Schmidt, Lawrence, 30, 33Schnabl, Philipp, 42Schroder, Mark, 20Schultz, Paul, 42Schürhoff, Norman, 42Schwarz, Krista, 42Schwert, Michael, 42Seasholes, Mark, 42Sedunov, John, 42Senbet, Lemma, 42Sensoy, Berk, 34, 42Seppi, Duane, 24, 42Seru, Amit, 16, 43Servaes, Henri, 43Severin, Peter, 9, 34Severino, Felipe, 31, 43Sevilir, Merih, 14, 26, 43Shaliastovich, Ivan, 43Shao, Pei, 19

Shapiro, Joel, 43Sherman, Ann, 43Shin, Donghwa, 27Shivdasani, Anil, 43Shive, Sophie, 21, 43Shue, Kelly, 43Shumway, Tyler, 43Sialm, Clemens, 32, 43Sias, Richard, 14, 43Siegel, Stephan, 43Silva, Dejanir, 23Silva, Rui, 22Simintzi, Elena, 14, 23Simonov, Andrei, 43Singh, Raj, 43Siriwardane, Emil, 30Sirri, Erik, 43Smith, David, 43Sockin, Michael, 43Sodini, Paolo, 43Sojli, Elvira, 43Sokobin, Jonathan, 24Solomon, David, 33Song, Yang, 19Soo, Cindy, 25Sørensen, Morten, 34Sorescu, Sorin, 43Sosyura, Denis, 43Spaenjers, Christophe, 43Spatt, Chester, 26Spiegel, Matthew, 43Stafford, Erik, 43Stanton, Richard, 43Starks, Laura, 14, 43Steri, Roberto, 23Stoffman, Noah, 16, 28, 43Stomper, Alex, 43Stoughton, Neal, 43Strobl, Günter, 43Strömberg, Per, 43Stulz, René, 25Stutzer, Michael, 43Subrahmanyam, Avanidhar, 43Subrahmanyam, Marti, 43Sulaeman, Johan, 43Sundaresan, Suresh, 43Sunderam, Aditya, 18, 43

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Sutherland, Andrew, 15Sverchkov, Ruslan, 26

TTaboada, Alvaro, 43Tahbaz-Salehi, Alireza, 32Taillard, Jérôme, 25Tang, Yi, 17Tashjian, Elizabeth, 43Tate, Geoffrey, 43Taylor, Lucian, 43Tchistyi, Alexei, 43Tebaldi, Claudio, 32Telmer, Chris, 43Teo, Melvyn, 43Tetlock, Paul, 43Thakor, Anjan, 43Tham, Wing Wah, 43Thorburn, Karin, 43Tian, Xuan, 20, 43Tice, Sheri, 43Todorov, Viktor, 43Tompaidis, Stathis, 43Towner, Mitch, 43Townsend, Richard, 43Trzcinka, Charles, 43Tse, Alex, 17Tserlukevich, Yuri, 43Tsou, Chi-yang, 31Tsoutsoura, Margarita, 23, 25, 36, 43Tsyplakov, Sergey, 43Tuijn, Marcel, 18Turtle, Harry, 14Tuzel, Selale, 28, 43Twite, Garry, 43

UUhrig-Homburg, Marliese, 13Uppal, Raman, 43Uzmanoglu, Cihan, 22

VVallée, Boris, 31, 43van Dijk, Mathijs, 43Van Nieuwerburgh, Stijn, 34Vanasco, Victoria, 20, 29, 43Varas, Felipe, 43Vasquez, Aurelio, 13

Vause, Nicholas, 18Vayanos, Dimitri, 43Vedolin, Andrea, 15, 33, 43Vega, Clara, 32Venkataraman, Kumar, 24, 43Verardo, Michela, 33, 43Verdelhan, Adrien, 4, 43Veronesi, Pietro, 14, 43Vij, Siddharth, 23Vijh, Anand, 43Vilkov, Grigory, 21Vissing-Jorgensen, Annette, 4, 18, 43Vladimirov, Vladimir, 14Volpin, Paolo, 43von Thadden, Ernst-Ludwig, 43Vossmeyer, Angela, 7, 29

WWachter, Jessica, 18, 32, 44Wagner, Christian, 44Wahal, Sunil, 44Walden, Johan, 44Walther, Ansgar, 8, 21, 28Wang, Hui, 19Wang, Jessie Jiaxu, 33Wang, Jialan, 30Wang, Neng, 22, 44Wang, Tan, 18, 44Wang, Tracy, 24Wang, Yajun, 17Wang, Zhenyu, 44Warachka, Mitch, 44Wardlaw, Malcolm, 30Watanabe, Akiko, 44Watanabe, Masahiro, 44Waters, Brian, 29Watts, Edward, 15Watugala, Sumudu, 15, 36, 44Weagley, Daniel, 33Weber, Michael, 14, 44Weber, Patrick, 33Wei, Chishen, 44Wei, Kelsey, 44Wei, Lai, 25Weill, Pierre-Olivier, 44Weisbach, Michael, 44Weisbenner, Scott, 17, 28Weitzner, Gregory, 31

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Wermers, Russ, 44Werner, Ingrid, 2, 4, 44, 57Westerfield, Mark, 44Weston, James, 14, 44Whited, Toni, 4, 31, 44, 58Wilhelm, William, 44Williamson, Rohan, 44Wilson, Mungo, 44Wintoki, Jide, 22Wohl, Avi, 44Wolfenzon, Daniel, 23Wruck, Karen, 44Wu, Andrew, 27Wu, Xi, 9, 14Wu, Ying, 44Wu, Youchang, 44Wurgler, Jeffrey, 44

XXia, Han, 19, 31Xiang, Haotian, 9, 20Xiao, Xiao, 13Xiao, Yizhou, 21Xiaolan, Mindy, 30Xu, Chenzi, 9, 17Xu, Jiajie, 20Xu, Jing, 32Xu, Lai, 18Xu, Nancy, 17Xuan, Yuhai, 44

YYan, Cheng, 32Yan, Hong, 44Yan, Hongjun, 44Yang, Fan, 26Yang, He, 9, 17Yang, Jie, 44Yang, Jinqiang, 22Yang, Jun, 44Yang, Liu, 23, 44Yang, Liyan, 14Yang, Ming, 29, 44Yang, Nan, 25Yang, Wenhao, 19Yannelis, Constantine, 14, 25, 34Yao, Vincent, 26Yaron, Amir, 4, 27

Yasuda, Ayako, 44Ye, Mao, 16, 44Yermack, David, 44Yonker, Scott, 16, 36, 44Young, Lance, 44Yu, Jialin, 44Yu, Jianfeng, 19, 44Yu, Xiaoyun, 44Yuan, Kathy, 44Yuan, Yu, 44Yueshen, Bart, 24

ZZapatero, Fernando, 44Zarutskie, Rebecca, 44Zawadowski, Adam, 44Zechner, Josef, 44Zender, Jaime, 44Zeng, Yao, 21, 26, 29, 44Zhan, Xintong, 13Zhang, Bohui, 44Zhang, Chu, 44Zhang, Harold, 44Zhang, Lu, 44Zhang, Shaojun, 44Zhang, Simpson, 33Zhang, Tony, 32Zhang, Weina, 44Zhang, Xiaoyan, 26, 44Zhao, Mengxin, 44Zheng, Lu, 22, 44Zhou, Guofu, 44Zhou, Hao, 44Zhu, Haoxiang, 44Zhu, Yichao, 17, 31Zhu, Yicheng, 32Zou, Junyuan, 9, 21Zwick, Eric, 44Zwiebel, Jeffrey, 44

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WFA CODE OF CONDUCT

The WFA seeks to provide a safe, inclusive and productive meeting environment thatfosters the exchange of scientific ideas, provides equal opportunities and treatment forall participants, and is free from discrimination and harassment.

While free and open discussion and debate are essential elements of scholarlyinteraction, paper presenters, discussants, session chairs, and other conferenceparticipants are expected to abide by norms of professional conduct and to follow venuerules. All participants are also expected to abide by standards of scientific integrity intheir work product, and to present results that are accurate to the best of theirknowledge. Any sources of funding or financial interests or other ties that might beviewed as creating conflicts of interest should be disclosed on the paper’s title page andon the presenter and discussant slides with a brief one or two sentence disclaimer.

The WFA does not tolerate discrimination, harassment, or retaliation in any of itsactivities. Discrimination is the prejudicial treatment of individuals on the basis of race,ethnicity, gender, sexual orientation, age, disability status, or any other attribute.Harassment includes speech or any behavior, such as but not limited to, remarks, bothspoken and in other media, bullying, physical contact, stalking, sexual advances orrequests for sexual favors, and unwelcome advances. Please remember that behaviorthat is acceptable to one person may not be acceptable to another, and that harassment,even if intended or conveyed in a joking manner, is unacceptable.

Anyone who experiences or witnesses a violation of standards of professional ethics andscientific integrity, or who experiences or witnesses discrimination or harassment,should report this behavior to the WFA Program Chair AndrewKarolyi (gak56@cornell.edu), WFA President Ingrid M. Werner (werner@fisher.osu.edu),or the WFA Treasurer-Secretary Bryan R. Routledge (routledge@cmu.edu).

Individuals violating this policy, or making allegations in bad faith, may be subject todisciplinary action. Reported cases and allegations will be adjudicated promptly by theWFA Board of Directors. The Board can choose to act or to delegate authority to adesignated committee or to the WFA Executive Committee. The Board reserves the rightto take actions including, but not limited to, removing an individual from a meetingwithout warning, prohibiting an individual from attending future WFA meetings,terminating an individual’s affiliation with the WFA, and notifying an individual’semployer. Retaliation against any person who files a complaint in good faith, or assistsin the investigation of such a complaint, is also a violation of this policy and may besubject to disciplinary action.

Please direct comments or concerns regarding this policy to the WFA Treasurer-SecretaryBryan R. Routledge (routledge@cmu.edu).

Adopted February, 2019

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2020 ANNUAL MEETINGS OFTHE WESTERN FINANCE ASSOCIATION

June 19 - 22, 2020Hyatt Regency San Francisco

San Francisco, CA

Members and friends of the Western Finance Association are invited to submit papers tobe considered for presentation at the 2020 Annual Meetings. Papers on any topic relatedto finance will be considered.

Submission of papers: Papers should be submitted electronically at the WFA web site,https://westernfinance.org, which will contain full instructions for submission,including required on-line registration, creation of the required cover page, thesubmission fee, and other vital instructions. We will begin taking submissions on orabout October 1, 2019. The deadline for submissions is midnight PST, November 18,2019. Papers will be reviewed anonymously by up to three members of the ProgramCommittee, and authors will be notified of the Program Committee’s decisions by theend of March, 2020.

Best Paper Awards (subject to change):

The USC Marshall School of Business Trefftzs Award of $5,000 for the best student paper.

Charles River Associates Award of $5,000 for the best paper on corporate finance.

Elsevier Sponsored Award of $5,000 for the best paper on financial institutions.

NASDAQ Award of $5,000 for the best paper on asset pricing.

Two Sigma Award of $5,000 for the best paper on Investment Management.

Wharton School – WRDS Award of $5,000 for the best empirical finance paper.

2020 Program Chair:

Toni M. WhitedUniversity of Michigan

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