Northern Finance Association

Lin William Cong (Cornell University)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Jiasun Li (George Mason University)
Qihong Ruan (Cornell University)

Discussant: Tao Li (University of Florida)

Token-based Decentralized Governance, Data Economy and Platform Business Model

Jan Bena (University of British Columbia)
Shiqi Zhang (University of British Columbia)

Discussant: Jiasun Li (George Mason University)

Digital Payments and Monetary Policy Transmission

Pauline Liang (Stanford University)
Matheus Sampaio (Northwestern University)
Sergey Sarkisyan (Ohio State University)

Discussant: Xu Tian (University of Georgia)

Session: Real Estate

Location: Melbourne (A.449)

Session Chair: Steven Xiao (University of Texas-Dallas)

Nonbank Issuers and Mortgage Credit Supply

David Benson (Federal Reserve Board of Governors)
You Suk Kim (Federal Reserve Board of Governors)
Karen Pence (Federal Reserve Board of Governors)

Discussant: Seohee Kim (Indiana University)

Spatial Extrapolation in the Housing Market

Gen Li (University of British Columbia)

Discussant: Guangbin Hong (University of Chicago)

Assessing Assessors

Huaizhi Chen (University of Notre Dame)
Lauren Cohen (Harvard University)

Discussant: Dayin Zhang (University of Wisconsin-Madison)

Friday, Sep 20 | 1:30 pm - 3:15 pm EDT

Session: Special Session on Climate Finance (Sponsored by: HEC Montréal)

Location: Amphithéatre Rachelle et Alain-Paris (A.335)

Session Chair: Iwan Meier (HEC Montréal)

The ESG Divide: How Banks and Bondholders Differ in Financing Brown Firms

Irina Luneva (New York University)
Sergey Sarkisyan (Ohio State University)

Discussant: Fabio Moneta (University of Ottawa)

Fighting Climate Change with FinTech

Antonio Gargano (University of Houston)
Alberto Rossi (Georgetown University)

Discussant: Martina Jasova (Barnard College)

Panel Discussion: Climate Finance

Iwan Meier (Chair)
Manuel Morales (University of Montreal)
Youness Mankari (iA Global Asset Management)
Matthieu Cardinal (Morningstar)

Friday, Sep 20 | 3:00 pm - 3:30 pm EDT

Friday, Sep 20 | 3:30 pm - 5:00 pm EDT

Session: Asset Pricing: Asset Allocation and Trading

Location: Fonds Cogeco (A.436)

Session Chair: Mariana Khapko (University of Toronto)

The Low Frequency Trading Arms Race: Machines Versus Delays

Alex Dickerson (University of New South Wales)
Yoshio Nozawa (University of Toronto)
Cesare Robotti (University of Georgia)

Discussant: Ai HE (University of South Carolina)

Asset Pricing, Participation Constraints, and Inequality

Goutham Gopalakrishna (University of Toronto)
Jonathan Payne (Princeton University)
Zhouzhou Gu (Princeton University)

Discussant: Adam Zhang (University of Minnesota)

Flow-Based Arbitrage Pricing Theory

Yu An (Johns Hopkins University)

Discussant: Evan Jo (Queen's University)

Session: Corporate Finance - Empirical: Investment Policy

Location: MNP (A.536)

Session Chair: Vikram Nanda (University of Texas-Dallas)

Monetary Policy and Corporate Investment: The Equity Financing Channel

Mehdi Beyhaghi (Federal Reserve Board of Governors)
Murray Frank (University of Minnesota)
Ping Mclemore (Federal Reserve Bank of Richmond)
Ali Sanati (American University)

Discussant: Arun Upadhyay (Florida International University)

Public Seeds, Private Blooms: A Q-theoretical Exploration of Public and Private Investment

Zhiyao Chen (Chinese University of Hong Kong)
Ran Duchin (Boston College)
Daniel Kim (University of Waterloo)

Discussant: Pil-Seng Lee (Baylor University)

The Epidemiology of Financial Constraints and Corporate Investment

William Grieser (Texas Christian University)
Ioannis Spyridopoulos (American University)
Morad Zehknini (Tulane University)

Discussant: Hugh Kim (Wilfrid Laurier University)

Session: Financial Intermediation and Banking

Location: Port Moresby (A.549)

Session Chair: Claire Celerier (University of Toronto)

Variable Deposit Betas and Bank Interest Rate Risk Exposure

Christopher James (University of Florida)
Tao Li (University of Florida)
Mustafa Emin (University of Alabama)

Discussant: Sergey Sarkisyan (Ohio State University)

Size-Based Regulation and Bank Fragility: Evidence from the Wells Fargo Asset Cap

Tianyue Ruan (National University of Singapore)
Siddharth Vij (University of Georgia)

Discussant: Alison Taylor (Queen's University)

Open to All Comers: How Unsought Deposit Inflows Affect Banks

Michael Gelman (University of Delaware)
Andrew MacKinlay (Virginia Tech)

Discussant: Hélyoth Hessou (Université de Sherbrooke)

Session: International Finance - Empirical: Exchange Rates

Location: Melbourne (A.449)

Session Chair: Sergei Sarkissian (McGill University)

On the Use of Currency Forwards: Evidence from International Equity Mutual Funds

Wei Opie (Deakin University)
Steven Riddiough (University of Toronto)

Discussant: Saurin Patel (University of Western Ontario)

Presidential Cycles and Exchange Rates

Pasquale Della Corte (Imperial College London)
Hsuan Fu (Laval University)

Discussant: Lucie Lu (University of Melbourne)

Firm Foreign Activity and the Geography of Exchange Rate Risk

Amir Akbari (McMaster University)
Francesca Carrieri (McGill University)

Discussant: Valeri Sokolovski (University of Alberta)

Friday, Sep 20 | 3:30 pm - 5:15 pm EDT

Session: Special Session on AI & Finance (Sponsored by: McGill Desautels Faculty of Management and the Desmarais Global Finance Research Centre)

Location: Amphithéatre Rachelle et Alain-Paris (A.335)

Session Chair: Ruslan Goyenko (McGill University)

Social Learning and Sentiment Contagion in the Bitcoin Market

Bing Han (University of Toronto)
Haoyang Liu
Pengfei Sui

Discussant: Adlai Fisher (University of British Columbia)

Executives vs Chatbots: Unmasking Insights through Human-AI Differences in Earnings Conference Q&A

Jianqiu Bai (Northeastern University)
Nicole Boyson (Northeastern University)
Yi Cao (George Mason University)
Miao Liu (Boston College)
Chi Wang (University of Massachusetts-Boston)

Discussant: Joseph Bybee (University of Chicago)

Panel Discussion: AI in Finance

Ruslan Goyenko (Chair)
Valérie Cecchini (BOREALIS Global Asset Management)
Charles Lespérance (BDC - Deep Tech Venture Fund)
Nicolas Chapados (ServiceNow)

Friday, Sep 20 | 5:30 pm - 7:00 pm EDT

Session: Eventus NFA Reception (Sponsored by: Eventus, Cowan Research LC)

Location: Claude-Séguin (A.373)

Session Chair:

Saturday, Sep 21 | 7:30 am - 8:30 am EDT

Saturday, Sep 21 | 8:30 am - 10:00 am EDT

Session: Asset Pricing - Theoretical: Dynamic Equilibrium Models

Location: Melbourne (A.449)

Session Chair: Lorenzo Garlappi (University of British Columbia)

Asset Pricing with the Awareness of New Priced Risks

Christian Heyerdahl-Larsen (BI Norwegian Business School)
Philipp Illeditsch (Texas A&M University)
Petra Sinagl (University of Iowa)

Discussant: Ram Yamarthy (Federal Reserve Board of Governors)

Investor Beliefs and Asset Prices Under Selective Memory

Maximilian Voigt (HEC Montréal)

Discussant: Leyla Jianyu Han (Boston University)

Volatility Disagreement and Asset Prices

Adem Atmaz (Purdue University)
Andrea Buffa (University of Colorado-Boulder)

Discussant: Alberto Teguia (University of British Columbia)

Session: Corporate Finance - Empirical: Diversity, Policy, and Corporate Performance

Location: Port Moresby (A.549)

Session Chair: John Bai (Northeastern University)

The Effect of Childcare Access on Women’s Careers and Firm Performance

Elena Simintzi (University of North Carolina-Chapel Hill)
Sheng-Jun Xu (University of Alberta)
Ting Xu (University of Toronto)

Discussant: Irem Demirci (Nova School of Business and Economics)

Mortgage Lenders’ Diversity Policies and Mortgage Lending to Minorities

Ivy Feng (University of Wisconsin-Madison)
Devin Shanthikumar (University of California-Irvine)
Dayin Zhang (University of Wisconsin-Madison)

Discussant: Linghang Zeng (Babson College)

Female Equity Analysts and Corporate Environmental and Social Performance

Chelsea Yang (University of British Columbia)
Kai Li (University of British Columbia)
Feng Mai (Stevens Institute of Technology)
Gabriel Wong (Cardiff University)
Tengfei Zhang

Discussant: Anya Mkrtchyan (University of Massachusetts-Amherst)

Session: International Finance - Empirical: Global Asset Pricing

Location: Fonds Cogeco (A.436)

Session Chair: Jan Ericsson (McGill University)

The Stock-Bond Correlation: A Tale of Two Days

Grace Xing Hu (Tsinghua University)
Zhao Jin
Jun Pan (Shanghai Jiao Tong University)

Discussant: Paul Calluzzo (Queen's University)

Economic Policy Uncertainty and Global Portfolio Allocations

Shashwat Alok (Indian School of Business)
Apoorva Javadekar (Indian School of Business)
Nitin Kumar (Indian School of Business)
Russ Wermers (University of Maryland)

Discussant: Laurent Barras (University of Luxembourg)

The Hairy Premium

Ljubica Georgievska (BI Norwegian Business School)
Pasquale Della Corte (Imperial College London)
Anthony Saunders (New York University)
Zhaneta Tancheva (BI Norwegian Business School)

Discussant: Guillaume Roussellet (McGill University)

Session: Market Frictions and Asset Pricing

Location: Papeete (A.514)

Session Chair: Steven Riddiough (University of Toronto)

Dealer Specialization and Market Segmentation

Jinming Xue (Southern Methodist University)
Chotibhak Jotikasthira (Southern Methodist University)
Christian Lundblad (University of North Carolina-Chapel Hill)

Discussant: Sebastien Plante (University of Wisconsin-Madison)

The Implications of CIP Deviations for International Capital Flows

Christian Kubitza (European Central Bank)
Jean-David Sigaux (European Central Bank)
Quentin Vandeweyer (University of Chicago)

Discussant: Pasquale Della Corte (Imperial College London)

A Previously Unknown Benefit of Dual Class Shares: Better Price Informativeness

Aaron Burt (Oklahoma State University)
Ran Duchin (Boston College)
Christopher Hrdlicka (University of Washington)

Discussant: Fei Xie (University of Delaware)

Session: Monetary Policy

Location: Adelaide (A.414)

Session Chair: Alexandre Corhay (University of Toronto)

Monetary Policy Transmission through the Exchange Rate Factor Structure

Erik Loualiche (University of Minnesota)
Alexandre Pecora (University of Minnesota)
Fabricius Somogyi (Northeastern University)
Colin Ward (University of Alberta)

Discussant: Ingomar Krohn (Bank of Canada)

Monetary Policy in the Age of Universal Banking

Michael Gelman (University of Delaware)
Itay Goldstein (University of Pennsylvania)
Andrew MacKinlay (Virginia Tech)

Discussant: Goutham Gopalakrishna (University of Toronto)

Local Monetary Policy

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

Discussant: Alex Hsu (Georgia Institute of Technology)

Session: PhD Session: Climate and Sustainability

Location: Deloitte (A.451)

Session Chair: Lilian Ng (York University)

International ESG Equity Investing and Heterogeneous Asset Demand

Sijia Fan (Cornell University)

Discussant: Jan Schneemeier (Michigan State University)

Carbon Pricing and Green Finance in Clean Growth

Amy Min Zhang (Pennsylvania State University)

Discussant: Adelina Barbalau (HEC Paris and University of Alberta)

Using Consumer Demand to Limit Climate Risk: Evidence from the U.S. Electric Utility Sector

Yifan Fang (University of Toronto)

Discussant: Qiping Xu (University of Illinois-Urbana-Champaign)

Session: Venture Capital

Location: MNP (A.536)

Session Chair: Jan Bena (University of British Columbia)

Create Your Own Valuation

Minmo Gahng (Cornell University)

Discussant: Yifei Mao (Cornell University)

Financing The Next VC-Backed Startup: The Role of Gender

Camille Hebert (University of Toronto)
Heather Tookes (Yale University)
Emmanuel Yimfor (Rice University)

Discussant: Valentina Rutigliano (University of British Columbia)

From Competitors to Partners: Banks’ Venture Investments in Fintech

Manju Puri (Duke University)
Yiming Qian (University of Connecticut)
Xiang Zheng (University of Connecticut)

Discussant: Allen Hu (University of British Columbia)

Saturday, Sep 21 | 8:30 am - 6:30 pm EDT

Session: Poster Presentations

Location: Claude-Séguin (A.373)

Session Chair:

Does speed bump resolve the problems of mini flash crashes? Evidence from NYSE American

Bo Liu (University of Victoria)

Silencing the Noise, Amplified Effects: Causal Study on Price Efficiency

Motahhareh Moravvej Hamedani (Haskayne School of Business, University of Calgary)

ARE PASSIVE INSTITUTIONAL INVESTORS EFFECTIVE MONITORS? NEW EVIDENCE FROM THE PRIVATE AND PUBLIC DEBT MARKETS

Olaleye Morohunfolu (Wilfrid Laurier University)

Value-Destroying Activism

Dongliang Lu (University of British Columbia)

Upstream markup, operating leverage, and risk

Kane Bae (University of Toronto)

Hiding in plain sight: preferred habitat effects in short-term rates

Edouard Mattille (University of St. Gallen)

How Carbon Is Priced in Cryptocurrencies

Mohammadhossein Lashkaripour (Haskayne School of Business, University of Calgary)

In the Money? Low-Leverage Option Betting

Edna Lopez Avila (University of Toronto)

Real Effects of Personal Liability: Evidence from Industrial Pollution

Noemie Bucourt (University of Toronto)

Aiming Low: The Selection into Alternative Forms of Entrepreneurship by Laid-Off Employees

Frank-olivier Garane (HEC Montréal)

Questioning the Wisdom of Crowds: When do social media trends help and hinder retail trading?

Yujin Yang (McGill University)

Minding Your Business or Minding Your Child? Motherhood and the Entrepreneurship Gap

Valentina Rutigliano (University of British Columbia)

Saturday, Sep 21 | 10:00 am - 10:30 am EDT

Saturday, Sep 21 | 10:30 am - 12:00 pm EDT

Session: Asset Pricing - Empirical: Fund Management Practices and Performance

Location: Port Moresby (A.549)

Session Chair: Adlai Fisher (University of British Columbia)

Can International Funds Navigate Changing Global Investment Environments?

Wei Jiao (Rutgers University)
David Ng (Cornell University)
George Andrew Karolyi (Cornell University)

Discussant: Ella Patelli (University of British Columbia)

Silent Swing: Do Open-End Funds Tilt Holdings Valuations in Response to Flows?

Jaewon Choi (University of Illinois-Urbana-Champaign)
Mathias Kronlund (University of Illinois-Urbana-Champaign)
Jimmy Ji Yeol Oh (Sungkyunkwan University)

Discussant: Alan Huang (University of Waterloo)

Fund Flows and Income Risk of Fund Managers

Xiao Cen (Texas A&M University)
Winston Dou (University of Pennsylvania)
Leonid Kogan (Massachusetts Institute of Technology)
Wei Wu (Texas A&M University)

Discussant: Veronika Pool (Vanderbilt University)

Session: Asset Pricing: Inflation Risk

Location: MNP (A.536)

Session Chair: Guillaume Roussellet (McGill University)

Good Inflation, Bad Inflation: Implications for Risky Asset Prices

Dino Palazzo (Federal Reserve System)
Ram Yamarthy (Federal Reserve Board of Governors)
Diego Bonelli (Norwegian School of Economics)

Discussant: Jincheng Tong (University of Toronto)

Can the Fed Control Inflation? Stock Market Implications

Michael Hasler (University of Neuchatel)
Daniel Andrei (McGill University)

Discussant: Christian Heyerdahl-Larsen (BI Norwegian Business School)

What Can Cross-Sectional Stocks Tell Us About Core Inflation Shocks?

Claire Yurong Hong (Shanghai Jiao Tong University)
Jun Liu
Jun Pan (Shanghai Jiao Tong University)
Shiwen Tian (Shanghai Jiao Tong University)

Discussant: Hao Pang (University of Texas-Dallas)

Session: Corporate Governance: Partisanship and Political Influence

Location: Fonds Cogeco (A.436)

Session Chair: Runjing Lu (University of Toronto)

Investing in influence: Investors, portfolio firms, and political giving

Marianne Bertrand (University of Chicago)
Matilde Bombardini (University of California-Berkeley)
Raymond Fisman (Boston University)
Francesco Trebbi (University of California-Berkeley)
Eyub Yegen (Hong Kong University of Science & Technology)

Discussant: Ran Duchin (Boston College)

Political Preferences and Financial Market Equilibrium

Youchang Wu (University of Oregon)
Josef Zechner (WU Vienna)

Discussant: Steven Malliaris

Media, Partisan Ideology, and Corporate Social Responsibility

Mahsa Kaviani (University of Delaware)
Lily Yuanzhi Li (Villanova University)
Hosein Maleki (Rutgers University)
Pavel Savor (DePaul University)

Discussant: Vishal Baloria (University of Connecticut)

Session: Information Costs and Market Efficiency

Location: Adelaide (A.414)

Session Chair: Ron Giammarino (University of British Columbia)

Do Investors Have Data Blind Spots? The Role of Data Vendors in Capital Markets

Sara Easterwood (Virginia Tech)

Discussant: John Bai (Northeastern University)

Causal effect of information costs on asset pricing anomalies

Yong Hyuck Kim (Michigan State University)
Zoran Ivkovich (Mississippi State University)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)

Discussant: Ai HE (University of South Carolina)

Detecting Informed Trading Risk from Undercutting Activity in Limit Order Markets

Yashar Barardehi (Chapman University)
Peter Dixon (Securities and Exchange Commission)
Qiyu Liu (Securities and Exchange Commission)

Discussant: Charles Martineau (University of Toronto)

Session: Market Microstructure: Dynamics of Trading

Location: Papeete (A.514)

Session Chair: Michael Brolley (Wilfrid Laurier University)

What Does Best Execution Look Like?

Thomas Ernst (University of Maryland)
Andrey Malenko (Boston College)
Chester Spatt (Carnegie Mellon University)
Jian Sun (Singapore Management University)

Discussant: Saad Khan (HEC Montréal)

Kyle Meets Friedman: Transforming a Trading Model into a Consumption Model

Hongjun Yan (DePaul University)
Liyan Yang (University of Toronto)
Xueyong Zhang (Central University of Finance and Economics)
Deqing Zhou (Central University of Finance and Economics)

Discussant: Michael Brolley (Wilfrid Laurier University)

Gamification of Stock Trading: Losers and Winners

Eduard Yelagin (University of Memphis)

Discussant: Mariana Khapko (University of Toronto)

Session: PhD Session: Firm Financing

Location: Deloitte (A.451)

Session Chair: Randall Morck (University of Alberta)

Financing Intangibles

Bianca He (University of Chicago)

Discussant: Dalida Kadyrzhanova (Federal Reserve Board of Governors)

Collateralization, Monitoring, and Credit Reallocation

Tong Zhao (KU Leuven and National Bank of Belgium)

Discussant: Alexandre Corhay (University of Toronto)

The Unintended Consequences of Intellectual Property Protection: Staying Private Longer

Adel Khusnulgatin (University of Toronto)

Discussant: Jan Bena (University of British Columbia)

Session: Sustainable Finance: Pollution, Greenium, and Environmental Disclosure

Location: Melbourne (A.449)

Session Chair: Yrjo Koskinen (University of Calgary)

Environmental Disclosure Incentives and Externalities

Leo Liu (University of Technology Sydney)
Elvira Sojli (University of New South Wales)
Wingwah Tham (University of New South Wales)
Cara Vansteenkiste

Discussant: Alison Taylor (Queen's University)

Pollution-Shifting vs. Downscaling: How Financial Distress Affects the Green Transition

Aymeric Bellon (University of North Carolina-Chapel Hill)
Yasser Boualam (University of Pennsylvania)

Discussant: Tuomas Tomunen (Boston College)

The Benchmark Greenium

Aaron Pancost (University of Texas-Austin)
Stefania D'Amico (Federal Reserve Bank of Chicago)
Johannes Klausmann (University of Virginia)

Discussant: Alexander David (University of Calgary)

Saturday, Sep 21 | 12:00 pm - 1:30 pm EDT

Session: Lunch

Location: Intercontinental

Session Chair:

Saturday, Sep 21 | 1:45 pm - 3:15 pm EDT

Session: Asset Pricing: Return Predictability

Location: MNP (A.536)

Session Chair: Piotr Orłowski (HEC Montréal)

Decoding Anomalies through Alpha Dynamics

Shuhao Ren (Arizona State University)

Discussant: Mihail Velikov (Pennsylvania State University)

Sources of Return Predictability

Beata Gafka (University of Western Ontario)
Pavel Savor (DePaul University)
Mungo Wilson (University of Oxford)

Discussant: Tolga Cenesizoglu (HEC Montréal)

Which (Nonlinear) Factor Models ?

Caio Almeida (Princeton University)
Gustavo Freire (Erasmus University)

Discussant: Alain-Philippe Fortin (University of Geneva)

Session: Corporate Finance and Hedging Policy

Location: Port Moresby (A.549)

Session Chair: Yelena Larkin (York University)

Supply Network Fragility, Inventory Investment, and Corporate Liquidity

Leandro Sanz (University of Notre Dame)

Discussant: Maria Marchica (University of Manchester)

EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies

Adrien Matray
Karsten Muller
Chenzi Xu (University of California-Berkeley)
Poorya Kabir (National University of Singapore)

Discussant: Isha Agarwal (University of British Columbia)

How Valuable is Corporate Adaptation to Crisis? Estimates from Covid-19 Work-from-Home Announcements

Jiri Knesl (University of Oxford)
Adlai Fisher (University of British Columbia)
Ryan Lee (Baylor University)

Discussant: Yrjo Koskinen (University of Calgary)

Session: Debt Contracts and Investment Policy

Location: Fonds Cogeco (A.436)

Session Chair: Nathalie Moyen (University of Colorado-Boulder)

Short-term debt overhang

Kostas Koufopoulos (University of York)
Giulio Trigilia (University of Rochester)
Pavel Zryumov (University of Rochester)

Discussant: Jordan Martel (Indiana University)

Anticipating Binding Constraints: An Analysis of Financial Covenants

Ken Teoh (International Monetary Fund)

Discussant: Robert Hills (Pennsylvania State University)

Session: Global Banking and Financial Intermediation

Location: Melbourne (A.449)

Session Chair: Amir Akbari (McMaster University)

Decomposing Large Banks' Trading Losses

Radoslav Raykov (Bank of Canada)

Discussant: Madhu Kalimipalli (Wilfrid Laurier University)

Geopolitical Risk and Global Banking

Friederike Niepmann
Leslie Shen (Federal Reserve Bank of Boston)

Discussant: Feng Jiao (University of Lethbridge)

Local Power, Global Reach: The Influence of Deposit Market Power on International Banking

Sergey Sarkisyan (Ohio State University)
Tasaneeya Viratyosin (University of Pennsylvania)

Discussant: Mehdi Beyhaghi (Federal Reserve Board of Governors)

Session: Government Regulation and Financial Intermediation

Location: Papeete (A.514)

Session Chair: David Cimon (Bank of Canada)

The Long-Run Impact of Government Asset Guarantees

Amanda Heitz (Tulane University)

Discussant: Corey Garriott (U.S. Department of the Treasury)

The Deposit Business at Large vs. Small Banks

Adrien d'Avernas (Stockholm School of Economics)
Andrea Eisfeldt
Can Huang
Richard Stanton (University of California-Berkeley)
Nancy Wallace (University of California-Berkeley)

Discussant: Eric Richert (University of Chicago)

What Quantity of Reserves Is Sufficient?

Yilin Yang (City University of Hong Kong)

Discussant: Jonathan Witmer (Bank of Canada)

Session: PhD Session: Information and Financial Markets

Location: Deloitte (A.451)

Session Chair: Simon Gervais (Duke University)

The Double-edged Sward of Data Mining: Implications on Asset Pricing and Information Efficiency

Shikun Ke (Yale University)

Discussant: Liyan Yang (University of Toronto)

Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions

Tianshu Lyu (Yale University)
Zunda Xu (Stanford University)

Discussant: Yiming Qian (University of Connecticut)

Talk or Walk the Talk? The Real Impact of ESG Investing

Huiyao Chen (University of Pennsylvania)

Discussant: Alessio Piccolo (Indiana University)

Session: Sustainable Finance: ESG Ratings

Location: Adelaide (A.414)

Session Chair: Mohammad Rahaman (Saint Mary's University)

The Market for ESG Ratings

Ehsan Azarmsa (University of Illinois-Chicago)
Joel Shapiro (University of Oxford)

Discussant: Chi-Yang Tsou (University of Manchester)

How Anti-ESG Pressure Affects Investment: Evidence from Retirement Savings

Jane Danyu Zhang (University of Oregon)

Discussant: Ipek Yavuz (McGill University)

Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data

Jean-Marie Meier (University of Texas-Dallas)
Henri Servaes (London Business School)
Jiaying Wei (Southwestern University of Finance and Economics)
Steven Xiao (University of Texas-Dallas)

Discussant: Sadok El Ghoul (University of Alberta)

Saturday, Sep 21 | 3:15 pm - 3:30 pm EDT

Session: Coffee Break

Location: Claude-Séguin (A.373)

Session Chair:

Saturday, Sep 21 | 3:30 pm - 5:00 pm EDT

Session: General Assembly and Keynote Address

Location: Amphithéatre Rachelle et Alain-Paris (A.335)

Session Chair: Yelena Larkin (York University)

Saturday, Sep 21 | 5:00 pm - 6:30 pm EDT

Session: Asset Management: Responsible Investment

Location: Fonds Cogeco (A.436)

Session Chair: Sebastien Betermier (McGill University)

Rich and Responsible: Is ESG a Luxury Good?

Fatima Zahra Filali Adib (Copenhagen Business School)
Dmitry Chebotarev (Indiana University)
Kasper Meisner Nielsen
Steffen Andersen (Copenhagen Business School)

Discussant: David Love (Williams College)

How Effective are Portfolio Mandates?

Jack Favilukis (University of British Columbia)
Lorenzo Garlappi (University of British Columbia)
Raman Uppal (EDHEC Business School)

Discussant: Christian Opp (University of Rochester)

Voting Choice

Andrey Malenko (Boston College)
Nadya Malenko (Boston College)

Discussant: Gregory Weitzner (McGill University)

Session: Asset Pricing - Empirical: Firm-Level Economic Risks

Location: Papeete (A.514)

Session Chair: Dino Palazzo (Federal Reserve System)

The Relative Price Premium

Fotis Grigoris (University of Iowa)
Yun Joo An (Indiana University)
Christian Heyerdahl-Larsen (BI Norwegian Business School)
Preetesh Kantak (Indiana University)

Discussant: Alessandro Melone (Ohio State University)

The Effect of Malicious Cyber Activity on the U.S. Corporate Sector

Anna Scherbina (Brandeis University)
Bernd Schlusche (Federal Reserve Board of Governors)

Discussant: Paul Calluzzo (Queen's University)

Firm-Level Labor-Shortage Exposure

Jarrad Harford (University of Washington)
Qiyang He (University of Sydney)
Buhui Qiu (University of Sydney)

Discussant: Michele Dathan (Federal Reserve System)

Session: Asset Pricing: Derivatives

Location: Port Moresby (A.549)

Session Chair: Chayawat Ornthanalai (University of Toronto)

0DTE Option Pricing

Federico Bandi
Nicola Fusari
Roberto Reno (ESSEC Business School)

Discussant: Lai Xu (Syracuse University)

An Anatomy of Retail Option Trading

Vincent Bogousslavsky (Boston College)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)

Discussant: Hitesh Doshi (University of Houston)

Weather Variance Risk Premia

Joon Woo Bae (Case Western Reserve University)
Yoontae Jeon (McMaster University)
Stephen Szaura (BI Norwegian Business School)
Virgilio Zurita (Baylor University)

Discussant: Aurelio Vasquez (Instituto Tecnológico Autónomo de México)

Session: Corporate Finance - Empirical: Small Business, Bankruptcy, and Entrepreneurial Success

Location: Melbourne (A.449)

Session Chair: Wei Wang (Queen's University)

Contract Completeness of Company Bylaws and Entrepreneurial Success

Paul Beaumont (McGill University)
Adrien Matray
Johan Hombert (HEC Paris)

Discussant: Manpreet Singh (Georgia Institute of Technology)

Entrepreneur Experience & Success: Causal Evidence from Immigration Wait Lines

Abhinav Gupta (University of North Carolina-Chapel Hill)
Franklin Qian (University of North Carolina-Chapel Hill)
Yifan Sun (University of Pennsylvania)

Discussant: Sheng-Jun Xu (University of Alberta)

Can Small Businesses Survive Chapter 11?

Edith Hotchkiss (Boston College)
Ben Iverson
Xiang Zheng (University of Connecticut)

Discussant: Ha Diep-Nguyen (Purdue University)

Session: Corporate Governance - Empirical: Proxy Voting and Shareholder Dynamics

Location: MNP (A.536)

Session Chair: Yan Wang (McMaster University)

Mutual Fund Disagreement and Firm Value: Passive vs. Active Voice

Iris Wang (McMaster University)
Jan Bena (University of British Columbia)

Discussant: Jingyu Zhang (Queen's University)

Custom Proxy Voting Advice

Edwin Hu (New York University)
Nadya Malenko (Boston College)
Jonathon Zytnick (Georgetown University)

Discussant: Tao Li (University of Florida)

See the Gap: Firm Returns and Shareholder Incentives

Eitan Goldman (Indiana University)
Jinkyu Kim (Indiana University)
Wenyu Wang (Indiana University)

Discussant: Irene Yi (University of Toronto)

Session: Financial Intermediation and Banking

Location: Adelaide (A.414)

Session Chair: Burton Hollifield (Carnegie Mellon University)

Banks in Space

Ezra Oberfield (Princeton University)
Esteban Rossi-Hansberg (University of Chicago)
Nicholas Trachter (Federal Reserve Bank of Richmond)
Derek Wenning (Indiana University)

Discussant: Emilio Bisetti (Hong Kong University of Science & Technology)

The Information Advantage of Banks: Evidence From Their Private Credit Assessments

Mehdi Beyhaghi (Federal Reserve Board of Governors)
Cooper Howes (Federal Reserve Bank of Kansas City)
Gregory Weitzner (McGill University)

Discussant: Michael Gallmeyer (University of Virginia)

Municipal Capital Structure

Ron Giammarino (University of British Columbia)
Murray Carlson (University of British Columbia)
Robert Heinkel (University of British Columbia)

Discussant: Dermot Murphy (University of Illinois-Chicago)

Session: PhD Session: Credit Markets

Location: Deloitte (A.451)

Session Chair: Richard Stanton (University of California-Berkeley)

Monetary Policy Complementarity: Bank Regulation and the Yield Curve

Stefan Walz (Columbia University)

Discussant: Nancy Xu (Boston College)

Mortgage Aggregation and Credit Supply

Keling Zheng (University of British Columbia)

Discussant: Andrew MacKinlay (Virginia Tech)

A Preferred-Habitat Model with a Corporate Sector

Filippo Cavaleri (University of Chicago)

Discussant: Colin Ward (University of Alberta)

Saturday, Sep 21 | 6:45 pm - 10:00 pm EDT

Session: Cocktail Reception & Gala Dinner

Location: Intercontinental: Ruelle des Fortifications

Session Chair:

Sunday, Sep 22 | 7:30 am - 8:30 am EDT

Session: Breakfast

Location: Claude-Séguin (A.373)

Session Chair:

Sunday, Sep 22 | 8:30 am - 10:00 am EDT

Session: Asset Pricing - Empirical: Macroeconomic Announcements and Information Processing

Location: Fonds Cogeco (A.436)

Session Chair: Mark Kamstra (York University)

Does Partisanship Affect Mutual Fund Information Processing? Evidence from Textual Analysis on Earnings Calls

Wanyi Wang (Babson College)

Discussant: Rafael Zambrana (University of Notre Dame)

Learning About Fed Policy From Macro Announcements: A Tale of Two FOMC Days

Zohair Alam (University of Toronto)

Discussant: Marketa Wolfe (Skidmore College)

Equity Premium Events

Ben Knox (Federal Reserve Board of Governors)
Juan M. Londono (Federal Reserve Board of Governors)
Mehrdad Samadi (Federal Reserve Board of Governors)
Annette Vissing-Jorgensen (Federal Reserve Board of Governors)

Discussant: Jack McCoy (Columbia University)

Session: Corporate Finance and Investment Policy

Location: Melbourne (A.449)

Session Chair: Andrey Malenko (Boston College)

Intangible Capital Around the World

Frederico Belo (INSEAD)
Yu Li (Shanghai Jiao Tong University)
Juliana Salomao (University of Minnesota)
Maria Ana Vitorino (INSEAD)

Discussant: Mark Rempel (University of Toronto)

The Costs of Hidden Workplace Harassment

Tural Karimli (Universidade Católica Portuguesa)

Discussant: Thomas Chemmanur (Boston College)

The Nature of Innovation and The Market for Corporate Control

Jon Garfinkel (University of Iowa)
Umang Khetan (University of Iowa)
Amrita Nain (University of Iowa)

Discussant: Yelena Larkin (York University)

Session: Financial Intermediation - Empirical: Liquidity Risk and Asset Management

Location: Port Moresby (A.549)

Session Chair: Stéphane Chrétien (Laval University)

Anticipatory Trading Against Distressed Mega Hedge Funds

Vikram Nanda (University of Texas-Dallas)
Kelsey Wei (University of Texas-Dallas)
Vikas Agarwal (Georgia State University)
George Aragon (Arizona State University)

Discussant: Bing Liang (University of Massachusetts-Amherst)

Risk-averse Dealers in a Risk-free Market -- The Role of Internal Risk Limits

Lubomir Petrasek (Federal Reserve Board of Governors)
Dan Li (Federal Reserve Board of Governors)
Mary Tian (Federal Reserve Board of Governors)

Discussant: Sebastien Plante (University of Wisconsin-Madison)

Pension Liquidity Risk

Kristy Jansen
Sven Klingler (BI Norwegian Business School)
Angelo Ranaldo (University of St. Gallen)
Patty Duijm (De Nederlandsche Bank)

Discussant: Pouya Behmaram (University of Quebec at Montreal)

Session: Fraud, Trust, and Financial Behavior

Location: MNP (A.536)

Session Chair: Lisa Kramer (University of Toronto)

Ethics and Trust in the Market for Financial Advisors

Simon Gervais (Duke University)
John Thanassoulis (University of Warwick)

Discussant: Scott Yonker (Cornell University)

Is Fraud Contagious? Social Connections and the Looting of COVID Relief Programs

John Griffin (University of Texas-Austin)
Samuel Kruger (University of Texas-Austin)
Prateek Mahajan (University of Texas-Austin)

Discussant: Chi Liao (University of Manitoba)

Consumer Surveillance and Financial Fraud

Bo Bian (University of British Columbia)
Michaela Pagel (Washington University-St. Louis)
Huan Tang (London School of Economics and Political Science)
Devesh Ravel

Discussant: Andréanne Tremblay (Laval University)

Session: Sustainable Finance: Green Transition

Location: Adelaide (A.414)

Session Chair: Marco Pagano (University of Naples Federico II)

Corporate Climate Lobbying

Markus Leippold (University of Zurich)
Zacharias Sautner
Tingyu Yu (University of Zurich)

Discussant: Runjing Lu (University of Toronto)

“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities

Mariassunta Giannetti (Stockholm School of Economics)
Martina Jasova (Barnard College)
Maria Loumioti (University of Texas-Dallas)
Caterina Mendicino (European Central Bank)

Discussant: Luca Lin (State University of New York-Buffalo)

Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition

Mayank Kumar (Boston University)

Discussant: Katie Moon (University of Colorado-Boulder)

Sunday, Sep 22 | 10:00 am - 10:30 am EDT

Session: Coffee Break

Location: Claude-Séguin (A.373)

Session Chair:

Sunday, Sep 22 | 10:30 am - 12:00 pm EDT

Session: Asset Pricing - Empirical: Risk Factors

Location: Port Moresby (A.549)

Session Chair: Miguel Palacios (University of Calgary)

Intangibles Investment and Asset Quality

Ravi Jagannathan (Northwestern University)
Robert Korajczyk (Northwestern University)
Kai Wang (Northwestern University)

Discussant: Sebastien Betermier (McGill University)

A Factor Framework for Cross-Sectional Price Impacts

Yu An (Johns Hopkins University)
Yinan Su (Johns Hopkins University)
Chen Wang (University of Notre Dame)

Discussant: Raymond Kan (University of Toronto)

Downside Risk and the Cross-section of Corporate Bond Returns

Patrick Augustin (McGill University)
Linxiao Cong (McGill University)
Ricardo Lopez A. (Syracuse University)
Romeo Tedongap (ESSEC Business School)

Discussant: Johnathan Loudis (University of Notre Dame)

Session: Asset Pricing: Investor Sentiment and Beliefs

Location: Fonds Cogeco (A.436)

Session Chair: Alexander David (University of Calgary)

The Subjective Risk and Return Expectations of Institutional Investors

Spencer Couts (University of Southern California)
Andrei Goncalves
Johnathan Loudis (University of Notre Dame)

Discussant: Anisha Ghosh (McGill University)

Excess Volatility and Mispricing in the Presence of Sentiment and Institutional Investors

Luis Filipe Goncalves-Pinto (University of New South Wales)
Herve Roche (University of Chile)
Juan Sotes-Paladino (Universidad de los Andes)

Discussant: Goutham Gopalakrishna (University of Toronto)

Sentiment, Productivity, and Economic Growth

George Constantinides (University of Chicago)
Maurizio Montone (Erasmus University)
Valerio Poti (University College Dublin)
Stella Spillioti (Athens University of Economics and Business)

Discussant: Burton Hollifield (Carnegie Mellon University)