Friday, Sep 08  |  1:30 pm - 3:00 pm EDT

Session: A.1 Currency Risk Premia
Location: Dockside 4
Session Chair: Francesca Carrieri (McGill University)

Technology Diffusion and Currency Risk Premia

Siming Liu (Shanghai University of Finance and Economics)
Ilias Filippou (Washington University-St. Louis)
Berg Cui

Discussant: Steven Riddiough (University of Toronto)

Liquidity Risk and Currency Premia

Fabricius Somogyi (Northeastern University)
Paul Soderlind (University of St. Gallen)

Discussant: Haonan Zhou (Princeton University)

Which Exchange Rates Matter to Global Investors? Evidence from Euro Area Sovereign Bond Holdings

Kristy Jansen (University of Southern California)
Hyun Song Shin (Bank for International Settlements)
Goetz von Peter (Bank for International Settlements)

Discussant: Amir Akbari (McMaster University)

Session: A.2 Banking and Lending
Location: Dockside 5
Session Chair: Michael Hertzel (Arizona State University)

Stakeholders' Aversion to Inequality and Bank Lending to Minorities

Matteo Crosignani (Federal Reserve Bank of New York)
Hanh Le (University of Illinois-Chicago)

Discussant: Elena Pikulina (University of British Columbia)

Lending by Servicing: Monetary Policy Transmission through Shadow Banks

Isha Agarwal (University of British Columbia)
Malin Hu (Vanderbilt University)
Raluca Roman (Federal Reserve Bank of Philadelphia)
Keling Zheng (University of British Columbia)

Discussant: Jessie Wang (Federal Reserve Board of Governors)

Geographical Expansion in US Banking: A Structural Evaluation

Matias Moretti (University of Rochester)
Juan Morelli (Federal Reserve Board of Governors)
Venky Venkateswaran (New York University)

Discussant: Andrew Bird (Chapman University)

Session: A.3 Shareholder Voting & Voting Rights
Location: Pier 7
Session Chair: Alan Crane (Rice University)

The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting

David Becher (Drexel University)
Michelle Lowry (Drexel University)
Jared Wilson (Indiana University)

Discussant: Andrew Koch (University of Pittsburgh)

Incentives for Information Acquisition and Voting by Shareholders

Shaoting Pi (Iowa State University)
Adam Meirowitz (Yale University)

Discussant: Patrick Blonien (Rice University)

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul Decaire (Arizona State University)
Denis Sosyura (Arizona State University)

Discussant: Irene Yi (University of Toronto)

Session: A.4 Options
Location: Pier 8
Session Chair: Dmitriy Muravyev (Michigan State University)

Real Options, Skewness, and the Pricing of Equity Options

Alessio Saretto (Federal Reserve Bank of Dallas)
Andrea Gamba (University of Warwick)

Discussant: Alexei Zhdanov (Pennsylvania State University)

Stock Return Autocorrelations and Expected Option Returns

Yoontae Jeon (McMaster University)
Raymond Kan (University of Toronto)
Gang Li (Chinese University of Hong Kong)

Discussant: Xiao Xiao (City University of London)

A Real Cost of Free Trades: Retail Option Trading Increases the Volatility of Underlying Securities

Marc Lipson (University of Virginia)
Davide Tomio (University of Virginia)
Jiang Zhang (University of St. Thomas)

Discussant: Neil Pearson (University of Illinois)

Session: A.5 Machine Learning in Asset Pricing
Location: Pier 9
Session Chair: Bing Han (University of Toronto)

Cryptocurrency Return Predictability: A Machine-Learning Analysis

Ilias Filippou (Washington University-St. Louis)
David Rapach (Federal Reserve Bank of Atlanta)
Thimsen Christoffer (Aarhus University)

Discussant: Chengyu Zhang (McGill University)

Do the Collective Trades of Market Participants Contain Information about Stocks? A Machine Learning Approach

Victor Demiguel (London Business School)
Li Guo (Fudan University)
Bo Sang (University of Bristol)
Joe Zhang (Singapore Management University)

Discussant: Qian Yang (McMaster University)

Evaluating Hedge Funds with Machine Learning-Based Benchmarks

Tengjia Shu (University of Illinois-Chicago)
Ashish Tiwari (University of Iowa)

Discussant: Haibei Zhao (Lehigh University)

Friday, Sep 08  |  3:30 pm - 5:00 pm EDT

Session: B.1 ESG
Location: Dockside 4
Session Chair: Blake Phillips (University of Waterloo)

Investor Reliance on ESG Ratings and Stock Price Performance

Aleksandra Rzeznik (York University)
Loriana Pelizzon (Goethe University Frankfurt)
Kathleen Hanley (Lehigh University)

Discussant: Austin Moss (University of Colorado-Boulder)

Do Employees Have Useful Information About Firms’ ESG Practices?

Hoa Briscoe-Tran (University of Alberta)

Discussant: Kai Li (University of British Columbia)

Who Benefits from Sustainability-Linked Loans?

Kai Du (Pennsylvania State University)
Jarrad Harford (University of Washington)
David Shin (University of Oklahoma)

Discussant: Syed Walid Reza (State University of New York-Binghamton)

Session: B.2 Gender & Finance
Location: Dockside 5
Session Chair: Aazam Virani (University of Arizona)

Gender and Access to Credit Cards

Yafei Zhang (Georgia Institute of Technology)
Sudheer Chava (Georgia Institute of Technology)
Rohan Ganduri (Emory University)
Nikhil Paradkar (University of Georgia)
Linghang Zeng

Discussant: Billy Xu (University of Rochester)

Credentials Matter, but Only for Men: Evidence from the S&P 500

Peter Cziraki (Texas A&M University)
Adriana Robertson (University of Chicago)

Discussant: Hamed Mahmudi (University of Delaware)

Does Mandating Women on Corporate Boards Backfire?

Bo Bian (University of British Columbia)
Jingjing Li (University of Virginia)
Kai Li (University of British Columbia)

Discussant: Anya Mkrtchyan (University of Massachusetts-Amherst)

Session: B.3 Venture Capital & PE
Location: Pier 7
Session Chair: John Bai (Northeastern University)

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

Harshit Rajaiya (School of Management University of Ottawa)
Thomas Chemmanur (Boston College)
Karthik Krishnan (Northeastern University)
Pinshuo Wang (University of South Florida)

Discussant: Ting Xu (University of Toronto)

How Venture Capitalists and Startups Bet on Each Other: Evidence From an Experimental System

Ye Zhang (Stockholm School of Economics)
Mehran Ebrahimian (Stockholm School of Economics)

Discussant: Tiantian Gu (Northeastern University)

Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity

Vrinda Mittal (Columbia University)

Discussant: Wenting Ma (University of Massachusetts-Amherst)

Session: B.4 Asset Pricing Theory I
Location: Pier 8
Session Chair: Ali Lazrak (University of British Columbia)

Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates

Ruggero Jappelli (Goethe University Frankfurt)
Loriana Pelizzon (Goethe University Frankfurt)
Marti Subrahmanyam (New York University)

Discussant: Aaron Pancost (University of Texas-Austin)

Asset Growth Effect and Q Theory of Investment

Leonid Kogan (Massachusetts Institute of Technology)
Jun Li (University of Texas-Dallas)
Xiaotuo Qiao (Zhongnan University of Economics and Law)

Discussant: Yuchen Chen (University of Illinois-Urbana-Champaign)

Asset Pricing Implications of Heterogeneous Investment Horizons

Idan Hodor (Monash University)
Fernando Zapatero (Boston University)

Discussant: Philipp Illeditsch (Texas A&M University)

Session: B.5 Household Finance
Location: Pier 9
Session Chair: Pauline Shum Nolan (York University)

The Economic and Financial Impact of Negative Environmental and Social Practices: Evidence from Consumers' Store Visits

Zhanbing Xiao (Harvard University)
Xin Zheng (University of British Columbia)
Yuxiang Zheng (University of Akron)

Discussant: Philippe D'Astous (HEC Montréal)

Disentangling the Effects of Financial Inclusion on Household Well-Being

Nandini Gupta (Indiana University)
Ashish Sedai (University of Texas-Arlington)

Discussant: Emily Williams (Harvard University)

Salient Attributes and Household Demand for Security Designs

Petra Vokata (Ohio State University)

Discussant: Michael Boutros (Bank of Canada)

Saturday, Sep 09  |  8:00 am - 9:30 am EDT

Session: C.1 Decentralized Financial Markets
Location: Pier 9
Session Chair: Jan Bena (University of British Columbia)

Reaching for Yield in Decentralized Financial Markets

Patrick Augustin (McGill University)
Roy Chen-Zhang (University of North Carolina)
Donghwa Shin (University of North Carolina-Chapel Hill)

Discussant: KJ (Kyoung Jin) Choi (University of Calgary)

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

Yasser Boualam (University of North Carolina-Chapel Hill)
Paul Yoo (American University)

Discussant: Jinyuan Zhang (University of California-Los Angeles)

Liquidity Fragmentation on Decentralized Exchanges

Alfred Lehar (University of Calgary)
Christine Parlour (University of California-Berkeley)
Marius Zoican (University of Toronto)

Discussant: Katya Malinova (McMaster University)

Session: C.2 New Perspectives on Asset Management (PhD)
Location: Pier 8
Session Chair: Vincent Glode (University of Pennsylvania)

Flow Hedging and Mutual Fund Performance

Du Nguyen (University of Missouri)

Discussant: Leonid Kogan (Massachusetts Institute of Technology)

Face-to-face Social Interactions and Local Informational Advantage

Robin Lee (University of Southern California)

Discussant: Veronika Pool (Vanderbilt University)

Institutional Investors, Securities Lending and Short-Selling Constraints

Taisiya Sikorskaya (London Business School)

Discussant: Andrea Buffa (University of Colorado-Boulder)

Session: C.3 Bank Stress
Location: Pier 5
Session Chair: James Thompson (University of Waterloo)

Bank Stress Testing, Human Capital Investment and Risk Management

Thomas Schneider (Old Dominion University)
Philip Strahan (Boston College)
Jun Yang (University of Notre Dame)

Discussant: Teodora Paligorova (Federal Reserve Board of Governors)

Survival of the Biggest: Large Banks and Financial Crises

Matthew Baron (Cornell University)
Moritz Schularick (University of Bonn)
Kaspar Zimmermann (Goethe University Frankfurt)

Discussant: Evren Damar (Hobart and William Smith Colleges)

The Opioid Epidemic and Mortgage Lending: Credit or Demand Shock?

Kody Law (Cornell University)

Discussant: Jason Allen (Bank of Canada)

Session: C.4 Hedge Fund Activists
Location: Pier 4
Session Chair: George Aragon (Arizona State University)

Hedge Fund Activism Skill

Arjun Goel (University of Georgia)
Daniel Rettl (University of Georgia)

Discussant: Oleg Gredil (Tulane University)

Power Tussle: Hedge Fund Activists and Short Sellers

Tao Li (University of Florida)
Pedro Saffi (Cambridge University)
Daheng Yang (Columbia University)

Discussant: Cristian Tiu (State University of New York-Buffalo)

Do Hedge Funds Exploit Material Nonpublic Information? Evidence from Corporate Bankruptcies

Jingyu Zhang (Queen's University)
Wei Wang (Queen's University)
Yan Yang (Queen's University)

Discussant: Edith Hotchkiss (Boston College)

Session: C.5 Asset Pricing Factors
Location: Pier 3
Session Chair: Fabio Moneta (University of Ottawa)

Asset-Pricing Factors with Economic Targets

Svetlana Bryzgalova (London Business School)
Victor Demiguel (London Business School)
Sicong Li (London Business School)
Markus Pelger (Stanford University)

Discussant: Raymond Kan (University of Toronto)

Timing the Factor Zoo

Andreas Neuhierl (Washington University-St. Louis)
Otto Randl (Vienna University of Economics and Business)
Christoph Reschenhofer (Vienna University of Economics and Business)
Josef Zechner (WU Vienna)

Discussant: Alessandro Melone (Ohio State University)

Idiosyncratic Financial Risk and a Reevaluation of the Market Risk-Return Tradeoff

Johnathan Loudis (University of Notre Dame)
Lawrence Schmidt (Massachusetts Institute of Technology)
SungJe Byun (Federal Reserve Bank of Dallas)

Discussant: Gang Li (Chinese University of Hong Kong)

Session: C.6 Behavioral
Location: Pier 2
Session Chair: Azi Ben-Rephael (Rutgers University)

Traces of Humanity: Liquidity and Human Behavior in the Machine Age

Mark Kamstra (York University)
Lisa Kramer (University of Toronto)
Andriy Shkilko (Wilfrid Laurier University)

Discussant: Ferhat Akbas (University of Illinois-Chicago)

Artificial Intelligence and Debt Collection: Evidence from a Field Experiment

Yijun Zhou (Baruch College)

Discussant: Antonio Gargano (University of Houston)

Insufficient Sleep and Intra-Day Financial Decision-Making: Evidence from Online Lending

Paul Freed (University of South Carolina)

Discussant: Donghwa Shin (University of North Carolina-Chapel Hill)

Saturday, Sep 09  |  9:30 am - 4:30 pm EDT

Session: PhD Poster Session
Location: Harbor Foyer
Session Chair: Hosein Hamisheh Bahar (York University)

Household Stock Market Participation, Local Banks, and Local Economy Development

Chelsea Yang (University of British Columbia)
Shiqi Zhang (University of British Columbia)

Saturday, Sep 09  |  10:00 am - 11:30 am EDT

Session: D.1 Political Risk and Government Policy
Location: Pier 9
Session Chair: Mohammad Rahaman (Saint Mary's University)

Political Risk Everywhere

Vito Gala (PIMCO)
Giovanni Pagliardi (BI Norwegian Business School)
Ivan Shaliastovich (University of Wisconsin-Madison)
Stavros Zenios (University of Cyprus)

Discussant: Fabio Moneta (University of Ottawa)

Follow the Pipeline

Joseph Kalmenovitz (University of Rochester)
Suzanne Chang (Tulane University)
Alejandro Lopez Lira (University of Florida)

Discussant: Alison Taylor (Queen's University)

Government Policy Announcement Return

Yang Liu (University of Hong Kong)
Ivan Shaliastovich (University of Wisconsin-Madison)

Discussant: Wenyao Hu (New York Institute of Technology)

Session: D.2 New Perspectives on Asset Prices (PhD)
Location: Pier 8
Session Chair: Ali Lazrak (University of British Columbia)

The Stock Market Valuation of Corporate Social Responsibility

Jinyoung Kim (Boston College)

Discussant: Kunal Sachdeva (Rice University)

Spatial Extrapolation in The Housing Market

Gen Li (University of British Columbia)

Discussant: Marius Guenzel (University of Pennsylvania)

Network Factors for Idiosyncratic Volatility Spillover

Belinda Chen (University of Illinois-Urbana-Champaign)

Discussant: Colin Ward (University of Minnesota)

Session: D.3 Carbon Emissions
Location: Pier 5
Session Chair: Yrjo Koskinen (University of Calgary)

Foreign Institutional Ownership and Corporate Carbon Emissions

Jie Cao (Hong Kong Polytechnic University)
Xintong Zhan (Fudan University)
Weiming Zhang (IE Business School)
Yaojia Zhang (Chinese University of Hong Kong)

Discussant: Sadok El Ghoul (University of Alberta)

Internal Carbon Markets and Carbon Emissions

Santanu Kundu (University of Mannheim)

Discussant: Greg Hebb (Dalhousie University)

Effects of Mandatory Carbon Reporting on Unrepresentative Environmental Disclosures

Jingjing Wang (Haskayne School of Business, University of Calgary)
Jody Grewal (University of Toronto)
Gordon Richardson (University of Toronto)

Discussant: Elizabeth Demers (University of Waterloo)

Session: D.4 Corporate Financial Policy
Location: Pier 4
Session Chair: Nathalie Moyen (University of Colorado-Boulder)

A Dynamic Trade-off Theory with Corporate and Personal Taxes

Jingxiong Hu (University of Warwick)

Discussant: James Albertus (Carnegie Mellon University)

Crowdfunding and Risk

David Cimon (Bank of Canada)

Discussant: David Brown (University of Arizona)

Corporate Hedging, Contract Rights, and Basis Risk

Yuri Tserlukevich (Arizona State University)
Ilona Babenko (Arizona State University)

Discussant: Katie Moon (University of Colorado-Boulder)

Session: D.5 Short Sales
Location: Pier 3
Session Chair: Julie Wu (University of Nebraska-Lincoln)

The Double-Edged Sword of The 2020 European Short-Selling Bans

Dimitris Papadimitriou (King's College London)
Robert Kosowski (Imperial College London)
Pasquale Della Corte (Imperial College London)
Nikolaos Rapanos (Imperial College London)

Discussant: Konstantin Sokolov (University of Memphis)

Anomalies and Their Short-Sale Costs

Dmitriy Muravyev (Michigan State University)
Neil Pearson (University of Illinois)
Joshua Pollet (University of Illinois)

Discussant: Cong (Roman) Wang (Texas Tech University)

Market Power in the Securities Lending Market

Shuaiyu Chen (Purdue University)
Ron Kaniel (University of Rochester)
Christian Opp (University of Rochester)

Discussant: Chaojun Wang (University of Pennsylvania)

Session: D.6 ETFs & Market Efficiency
Location: Pier 2
Session Chair: Vincent Grégoire (HEC Montréal)

Financial Intermediaries and Contagion in Market Efficiency: The Case of ETFs

Weikai Li (Singapore Management University)
Claire Yurong Hong (Shanghai Jiao Tong University)
Avanidhar Subrahmanyam (University of California-Los Angeles)
Jiang Luo (Nanyang Technological University)

Discussant: Tolga Cenesizoglu (HEC Montréal)

ETFs, Anomalies and Market Efficiency

Ilias Filippou (Washington University-St. Louis)
Songrun He (Washington University-St. Louis)
Sophia Zhengzi Li (Rutgers University)
Guofu Zhou (Washington University-St. Louis)

Discussant: Vincent Bogousslavsky (Boston College)

Do Designated Market Makers Matter for ETFs?

Yizhao Huang (Northeastern University)
Xiaowen Hu (Southern Methodist University)
Hongfei Tang (Seton Hall University)
Tianyang Wang (Colorado State University)
Ying Yuan (Northeastern University)

Discussant: Michael Brolley (Wilfrid Laurier University)

Saturday, Sep 09  |  1:00 pm - 2:30 pm EDT

Session: E.1 Data Sharing, Privacy and Disclosure
Location: Pier 9
Session Chair: Liyan Yang (University of Toronto)

Tracing Out International Data Flow: The Value of Data and Privacy

Junjun Quan (Columbia University)

Discussant: Bo Bian (University of British Columbia)

The Digital Economy, Privacy, and CBDC

Toni Ahnert (European Central Bank)
Peter Hoffmann (European Central Bank)
Cyril Monnet (Universitaet Bern)

Discussant: Jing Huang (Texas A&M University)

Production, Trade, and Cross-Border Data Flows

Qing Chang (Central University of Finance and Economics)
Lin William Cong (Cornell University)
Liyong Wang (Central University of Finance and Economics)
Longtian Zhang (Central University of Finance and Economics)

Discussant: Jinyuan Zhang (University of California-Los Angeles)

Session: E.2 New Perspectives on Funding and Banking (PhD)
Location: Pier 8
Session Chair: David Becher (Drexel University)

Instant Payment Systems and Competition for Deposits

Sergey Sarkisyan (University of Pennsylvania)

Discussant: Matthew Baron (Cornell University)

The Firm Balance Sheet Channel of Uncertainty Shocks

Wentao Zhou (University of Wisconsin-Madison)

Discussant: Lorenzo Garlappi (University of British Columbia)

Understanding Founder-Friendliness: The Roles of Startup Accelerators and Venture Capitalist Reputation

Adel Khusnulgatin (University of Toronto)

Discussant: Adolfo Demotta (McGill University)

Session: E.3 Mutual Funds
Location: Pier 5
Session Chair: Veronika Pool (Vanderbilt University)

Investor Overconfidence Over-extrapolation Bias Mutual Fund Flow and Performance

Jie Gao (Bentley University)
David Hirshleifer (University of Southern California)

Discussant: Richard Evans (University of Virginia)

Nationalism, Subtle Bias, and Labor Outcomes: Evidence from Global Mutual Funds

Richard Evans (University of Virginia)
Michael Young (University of Missouri)

Discussant: Clifton Green (Emory University)

Peer Fragility, Liquidity Preferences, and the Propagation of Financial Shocks

Aleksandra Rzeznik (York University)
Ben Sand

Discussant: Joseph Chen (University of California-Davis)

Session: E.4 Strategies in Tech Investment
Location: Pier 4
Session Chair: Han Xia (University of Texas-Dallas)

Excess Commitment in R&D

Marius Guenzel (University of Pennsylvania)
Tong Liu (Massachusetts Institute of Technology)

Discussant: Joshua Krieger (Harvard University)

Firms’ Transition to Green: Innovation versus Lobbying

Sungjoung Kwon (Wayne State University)
Michelle Lowry (Drexel University)
Michela Verardo (London School of Economics and Political Science)

Discussant: Mehmet Canayaz (Pennsylvania State University)

Pricing Technological Innovators: Patent Intensity and Life-Cycle Dynamics

Jiri Knesl (University of Oxford)
Adlai Fisher (University of British Columbia)
Jan Bena (University of British Columbia)
Julian Vahl (University of British Columbia)

Discussant: Chen Xue (University of Cincinnati)

Session: E.5 Bonds
Location: Pier 3
Session Chair: Alex Zhou (Southern Methodist University)

Is the Playing Field Really Level? Evidence from Bond-loan Dualholding

Kai Li (University of British Columbia)
Luca Lin (HEC Montréal)
Xinyan Yan (University of South Florida)

Discussant: Sergei Davydeno (University of Toronto)

Firms’ Response to Credit Supply: Evidence from Upsized Corporate Bond Offerings

Edith Hotchkiss (Boston College)
Hurong Sun (University of Massachusetts-Boston)
Liying Wang (University of Nebraska-Lincoln)
Yijia (Eddie) Zhao (University of Massachusetts-Boston)

Discussant: Jaewon Choi (University of Illinois-Urbana-Champaign)

“Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events

Alan Huang (University of Waterloo)
Russ Wermers (University of Maryland)
Jinming Xue (Southern Methodist University)

Discussant: Jason Wei (University of Toronto)

Session: E.6 Corporate Governance I
Location: Pier 2
Session Chair: Yuri Tserlukevich (Arizona State University)

Equity-Based Compensation and the Timing of Share Repurchases: The Role of the Corporate Calendar

Ingolf Dittmann (Erasmus University)
Yazhu Li (Erasmus University)
Stefan Obernberger (Erasmus University)
Jiaqi Zheng (Oxford University)

Discussant: Idan Hodor (Monash University)

Do board connections between product market peers impede competition?

Radhakrishnan Gopalan (Washington University-St. Louis)
Renping Li (Washington University-St. Louis)
Alminas Zaldokas (Hong Kong University of Science & Technology)

Discussant: Paul Calluzzo (Queen's University)

Do the Voting Rights of Federal Reserve Bank Presidents Matter?

Vyacheslav Fos (Boston College)
Nancy Xu (Boston College)

Discussant: Tarik Umar (Rice University)

Saturday, Sep 09  |  2:45 pm - 4:15 pm EDT

Session: AGM and Keynote Speech by Prof. Lauren Cohen
Location: Harbour Ballroom
Session Chair: Nathalie Moyen (University of Colorado-Boulder)

Saturday, Sep 09  |  4:30 pm - 6:00 pm EDT

Session: F.1 Fed and Central Banks
Location: Pier 9
Session Chair: David Cimon (Bank of Canada)

Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect

Linyan Zhu (London School of Economics and Political Science)

Discussant: Jinfei Sheng (University of California-Irvine)

Tail Risk Around FOMC Announcements

Kris Jacobs (University of Houston)
Sai Ke (University of Mississippi)
Xuhui Nick Pan (University of Oklahoma)

Discussant: Lerby Ergun (Bank of Canada)

Forward Guidance and its Effectiveness: A Macro-Finance Shadow-Rate Framework

Junko Koeda (Waseda University)
Bin Wei (Federal Reserve Bank of Atlanta)

Discussant: Yoshio Nozawa (University of Toronto)

Session: F.2 New Perspectives on Financial Markets (PhD)
Location: Pier 8
Session Chair: Kai Li (University of British Columbia)

Insider Trading With Options

Matteo Vacca (Aalto University)

Discussant: Michelle Lowry (Drexel University)

Hedge Funds With(out) Edge

Eric Wilson (McMaster University)

Discussant: Kevin Crotty (Rice University)

Risk-Return Expectations of Financial Intermediaries

Paul Meyerhof (University of Muenster)

Discussant: Ivan Shaliastovich (University of Wisconsin-Madison)

Session: F.3 OTC Markets and Transactions
Location: Pier 5
Session Chair: Alfred Lehar (University of Calgary)

Trading With Expert Dealers

Maria Chaderina (University of Oregon)
Vincent Glode (University of Pennsylvania)

Discussant: Thomas Rivera (McGill University)

Composition Effects in OTC Transaction Costs

Mariano Palleja (University of California-Los Angeles)

Discussant: Marius Zoican (University of Toronto)

Strategic Bargaining and Portfolio Choice in Intermediated Markets

Jessica Li (University of Chicago)

Discussant: Briana Chang (University of Wisconsin-Madison)

Session: F.4 Macro
Location: Pier 4
Session Chair: Burton Hollifield (Carnegie Mellon University)

Downward Nominal Rigidities and Bond Premia

Francois Gourio (Federal Reserve Bank of Chicago)
Robert Ngo (Cleveland State University)

Discussant: Alex Hsu (Georgia Institute of Technology)

A P Theory of Government Debt and Taxes

Wei Jiang (Hong Kong University of Science & Technology)
Thomas Sargent (New York University)
Neng Wang (Columbia University)
Jinqiang Yang (Shanghai University of Finance and Economics)

Discussant: Philipp Illeditsch (Texas A&M University)

Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness

Viral Acharya (New York University)
Timothy Johnson (University of Illinois)
Suresh Sundaresan (Columbia University)
Steven Zheng (University of California-Berkeley)

Discussant: Michael Gallmeyer (University of Virginia)

Session: F.5 Microstructure I
Location: Pier 3
Session Chair: Christian Opp (University of Rochester)

Would Order By Order Auctions Be Competitive?

Thomas Ernst (University of Maryland)
Chester Spatt (Carnegie Mellon University)
Jian Sun (Singapore Management University)

Discussant: Cecilia Parlatore (New York University)

The Retail Execution Quality Landscape

Anne Haubo Dyhrberg (Wilfrid Laurier University)
Andriy Shkilko (Wilfrid Laurier University)
Ingrid Werner (Ohio State University)

Discussant: Travis Johnson (University of Texas-Austin)

The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading Volume

Joel Hasbrouck (New York University)
Thomas Rivera (McGill University)
Fahad Saleh (Wake Forest University)

Discussant: Ruizhe Jia (Columbia University)

Session: F.6 Corporate: Heuristics and Cultural Biases
Location: Pier 2
Session Chair: Nadia Massoud (University of Melbourne)

The Value of Openness

Joshua Della Vedova (University of San Diego)
Stephan Siegel (University of Washington)
Mitch Warachka (Chapman University)

Discussant: Melina Vosse (University of San Diego)

Racial Prejudice in the Workplace and Firm Boycotts

Isaac Hacamo (Indiana University)

Discussant: Vidhi Chhaochharia (University of Miami)

Just Look: Knowing Peers with Image Representation

Tomasz Kaczmarek (Poznan University of Economics and Business)
Kuntara Pukthuanthong (University of Missouri)

Discussant: Alan Zhang (Florida International University)

Sunday, Sep 10  |  8:30 am - 10:00 am EDT

Session: G.1 Banking
Location: Pier 8
Session Chair: Paolo Fulghieri (University of North Carolina-Chapel Hill)

The Ring-Fencing Bonus

Irem Erten (University of Warwick)
John Thanassoulis (University of Warwick)
Ioana Neamtu (Bank of England)

Discussant: Jay Kahn (Federal Reserve Board of Governors)

Bank Monitoring with On-Site Inspections

Amanda Heitz (Tulane University)
Christopher Martin (Federal Deposit Insurance Corporation)
Alexander Ufier (Federal Deposit Insurance Corporation)

Discussant: Yasser Boualam (University of North Carolina-Chapel Hill)

Is Bond Financing Disintermediated? The Role of Bank Trading Networks

Giorgio Ottonello (Universidade Nova de Lisboa)
Emanuele Rizzo (Nova School of Business and Economics)
Rafael Zambrana (University of Notre Dame)

Discussant: Yingnan Zhao (University of Toronto - Mississauga)

Session: G.2 The Wisdom of the Crowds
Location: Pier 2
Session Chair: Daniel Andrei (McGill University)

Externalities of Responsible Investments

Alessio Piccolo (Indiana University)
Jan Schneemeier (Indiana University)
Michele Bisceglia (Toulouse School of Economics)

Discussant: Jakub Hajda (HEC Montréal)

Belief Polarization, Unconscious Bias, and Financial Markets

Nan Ma (McGill University)

Discussant: Charles Martineau (University of Toronto)

When Crowds Aren't Wise: Biased Signals From Investor Social Networks and its Price Impact

Edna Lopez Avila (University of Toronto)
Charles Martineau (University of Toronto)
Jordi Mondria (University of Toronto)

Discussant: Runjing Lu (University of Alberta)

Session: G.3 Asset Pricing Theory II
Location: Pier 3
Session Chair: Fernando Zapatero (Boston University)

Why Divest? The Political and Informational Roles of Institutions in Asset Stranding

Murray Carlson (University of British Columbia)
Adlai Fisher (University of British Columbia)
Ali Lazrak (University of British Columbia)

Discussant: Alexandr Kopytov (University of Rochester)

Conservative Holdings, Aggressive Trades: Ambiguity, Learning, and Equilibrium Flows

Thomas Dangl (TU-Wien)
Lorenzo Garlappi (University of British Columbia)
Alex Weissensteiner (Free University of Bolzano-Bozen)

Discussant: Yehuda Izhakian (Baruch College)

Product Price Change Timing and Stock Returns

Andrew Kane (Duke University)

Discussant: Yao Deng (University of Connecticut)

Session: G.4 Product Market Interactions
Location: Pier 4
Session Chair: Marius Guenzel (University of Pennsylvania)

The Golden Revolving Door: Hedging through Hiring Government Officials

Ling Cen (Chinese University of Hong Kong)
Lauren Cohen (Harvard University)
Jing Wu (Chinese University of Hong Kong)
Fan Zhang (Chinese University of Hong Kong)

Discussant: Ramona Dagostino (University of Rochester)

(Don’t) Feed the Mouth that Bites: Trade Credit Strategies among Rival Customers Sharing Suppliers

Kayla Freeman (University of Georgia)
Jie He (University of Georgia)
Han Xia (University of Texas-Dallas)
Liyan Yang (University of Toronto)

Discussant: Fotis Grigoris (University of Iowa)

Stakeholders, Governance, and Output: Evidence from the Hospital Sector

Christoph Herpfer (Emory University)
Gonzalo Maturana (Emory University)
Jianzhang Lin (Emory University)

Discussant: Gunjan Seth (University of Southern California)

Session: G.5 Foreclosure and Real Estate Loans
Location: Pier 5
Session Chair: Tatyana Sokolyk (Brock University)

Manufactured Housing and Market Foreclosure

Maris Jensen (University of Iowa)

Discussant: Rohan Ganduri (Emory University)

Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans

Serdar Dinc (Rutgers University)
Erkan Yonder (Concordia University)

Discussant: Brent Ambrose (Pennsylvania State University)

Property Tax Sales, Private Capital, and Gentrification in the U.S.

Cameron LaPoint (Yale University)

Discussant: David Zhang (Rice University)

Sunday, Sep 10  |  10:30 am - 12:00 pm EDT

Session: H.1 Consequences of FinTech and Digitalization
Location: Pier 8
Session Chair: Tingting Liu (Iowa State University)

The Role of FinTech in Small Business Lending

Paul Beaumont (McGill University)
Huan Tang (London School of Economics and Political Science)
Eric Vansteenberghe (Paris School of Economics)

Discussant: John Bai (Northeastern University)

Banks, Fintech Disruptions, and Labor Consequences

Hieu Tran (University of Georgia)

Discussant: James Brown (Iowa State University)

Decrypting the Digital Economy: The Digital Alpha and Its Origins

Mingyi Hua (Yale University)

Discussant: Jiasun Li (George Mason University)

Session: H.2 Microstructure II
Location: Pier 2
Session Chair: Chester Spatt (Carnegie Mellon University)

Size Discovery with Discrete Trading

Patrick Blonien (Rice University)

Discussant: Giang Nguyen (Pennsylvania State University)

Closing Pressure, Predatory Trading, and the Negative Price of Oil

Yiqing Ge (Tsinghua University)
Wenjin Kang (University of Macau)
Liyan Yang (University of Toronto)
Ke Tang (Tsinghua University)

Discussant: David Goldreich (University of Toronto)

HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading

Wenqian Huang (Bank for International Settlements)
Peter O'Neill (Financial Conduct Authority)
Angelo Ranaldo (University of St. Gallen)
Shihao Yu (Columbia University)

Discussant: Burton Hollifield (Carnegie Mellon University)

Session: H.3 Labor
Location: Pier 3
Session Chair: Tania Babina (Columbia University)

Entrepreneurs’ Diversification and Labor Income Risk

Jan Bena (University of British Columbia)
Andrew Ellul (Indiana University)
Valentina Rutigliano (University of British Columbia)
Marco Pagano (University of Naples Federico II)

Discussant: Liu Yang (University of Maryland)

Venture Labor: A Nonfinancial Signal for Start-up Success

Sean Cao (University of Maryland)
Jie He (University of Georgia)
Zhilu Lin (Clarkson University)
Xiao Ren (Chinese University of Hong Kong-Shenzhen)

Discussant: Ting Xu (University of Toronto)

Resurrecting Dead Capital: The Sharing Economy, Entrepreneurship, and Job Creation

Yifei Mao (Cornell University)
Xuan Tian (Tsinghua University)
Jiajie Xu (University of Iowa)
Kilei Ye (University of North Carolina-Chapel Hill)

Discussant: Matthew Denes (Carnegie Mellon University)

Session: H.4 Corporate Governance II: Information and Incentives
Location: Pier 4
Session Chair: Michelle Lowry (Drexel University)

The IPO Share Adjustment Puzzle

Craig Dunbar (University of Western Ontario)

Discussant: Kevin Pisciotta (University of Kansas)

Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices

Naveen Gondhi (INSEAD)
Jesse Davis (University of North Carolina-Chapel Hill)
Snehal Banerjee (University of California-San Diego)

Discussant: Daniel Andrei (McGill University)

A Theory of Fair CEO Pay

Pierre Chaigneau (Queen's University)
Alex Edmans (London Business School)
Daniel Gottlieb (London School of Economics and Political Science)

Discussant: Martin Szydlowski (University of Minnesota)

Session: H.5 Credit
Location: Pier 5
Session Chair: Jan Ericsson (McGill University)

What Do CDO Tranche Spreads Tell Us About Credit Availability and Credit Rating Standards?

Alexander David (University of Calgary)
Maksim Isakin (Cleveland State University)

Discussant: Hitesh Doshi (University of Houston)

The Impact of Beliefs on Credit Markets: Evidence From Rating Agencies

Gregory Weitzner (University of Texas-Austin)
Chen Wang (University of Notre Dame)

Discussant: Gyuri Venter (University of Warwick)

Liquidity Provision and Co-insurance in Bank Syndicates

Vladimir Yankov (Federal Reserve Board of Governors)
Filip Zikes (Federal Reserve Board of Governors)
Kevin Kiernan (Fannie Mae)

Discussant: Adolfo Demotta (McGill University)

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