2022 NFA Annual Conference

Sessions

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Early Career Session: 3-Slide Presentations

Do high-frequency market makers share risks? | Economic Implications of Scaling Blockchains: Why the Consensus Protocol Matters | Presidential Cycles and Exchange Rates | Intermediary capitalization and asset demand | Financial Market Structure and the Supply of Safe Assets: An Analysis of the Leveraged Loan Market | The Role of Loan Officers in the FinTech Era: Implications for Disparities in Consumer Credit

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PhD Session: Debt and (Private) Equity

Monetary Policy, Debt Structure and Credit Reallocation | Do rights offerings reduce bargaining complexity in Chapter 11? | Private Equity Economics: Compensation and Growth Dynamics

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PhD Session: ESG

Labor Exposure to Climate Change and Capital Deepening | To treat or prevent pollution? | Gender and Ex-post Settling-up for directors

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PhD Session: Real Effects of Financing

How Reduced Labor Mobility Can Lead to Inefficient Reallocation of Human Capital | Why Do Innovative Firms Sell Patents? An Empirical Analysis of the Causes and Consequences of Patent Transactions | "It's Not You, It's Them": Industry Spillovers and Loan Portfolio Optimization

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PhD Session: Sophisticated Use of Data in Finance

Recovering Missing Firm Characteristics with Attention-based Machine Learning | Private Interaction with Management:Evidence from Textual Analysis of Analyst Reports | Undercutting the exchanges: private trading, fee competition, and price discovery at the market close

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Dynamic Corporate Finance

Financing Cycles | Technological Progress and Rent Seeking | Optimal Financial Policies for a Group

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Financial Intermediation and the Macroeconomy

Inflation and Disintermediation | Bank Information Production Over the Business Cycle | The Cost of Intermediary Market Power for Distressed Borrowers

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International

Jensen Bounds: Testable Restrictions on Asset Pricing Models | Economic Policy Uncertainty and Multinational Companies | The Coming Battle of Digital Currencies

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Investors' Beliefs 1

Earnings Extrapolation and Predictable Stock Market Returns | Biased Attention in Return Extrapolation: An Eye-Tracking Study | Why are firms slow to adopt profitable opportunities?

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Conflicts of Interest and Biased Incentives

Stock Ownership of Federal Judges and its Impact on Corporations | The Impact of Broker Geography on Retail Investor Behavior | Can Human Capital Explain Income-based Disparities in Financial Services?

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Corporate Investment and Boundaries of the Firm

Specialized Investments and Firms’ Boundaries: Evidence from Textual Analysis of Patents | Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals | Strategic Learning and Corporate Investment

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FOMC and Asset Prices

The Demand for Money, Near-Money, and Treasury Bonds | King U.S. Dollar, Global Risks, and Currency Option Premiums | Information Flow, Noise, and the Irrelevance of FOMC Announcement Returns

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The Cross-Section of Equity and Option Markets

Corporate Hedging, Investment, and Higher Moments of Stock Returns | A Multifactor Perspective on Volatility-Managed Portfolios | Retail Trading in Options and the Rise of the Big Three Wholesalers

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Banks and Risk

Haste makes waste: banking organization growth and operational risk | Bank Stress Tests and Consumer Credit Markets: Credit and Real Impacts | Bank Diversification and Lending Resiliency

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Capital Allocation and Corporate Investment

Corporate tax avoidance, firm size, and capital misallocation | Tax Incentives, Small Businesses, and Physical Capital Reallocation | Robots and Firm Investment

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Retail Investors and Asset Prices

When Brokerages Restrict Retail Investors, Does the Game Stop? | The Equity Market Implications of the Retail Investment Boom | Losing is Optional: Retail Option Trading and Earnings Announcement Volatility

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Uncertainty and Asset Prices

Learning about the Consumption Risk Exposure of Firms | Uncertainty, Risk, and Capital Growth | Earnings growth uncertainty and the cross-section of equity valuation

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FinTech Lending

Information Access and Innovation: Evidence from Open Banking | Open Banking with Depositor Monitoring | Invisible Primes: Fintech Lending with Alternative Data

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Firms, Households, and Climate Change

Outsourcing Climate Change | Trade Credit and the Stability of Supply Chains | Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies

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Investors' Beliefs 2

Do I Really Want to Hear The News? Public Information Arrival and Investor Beliefs | Who Listens to Corporate Conference Calls? The Effect of “Soft Information” on Institutional Trading | Evidence on Retrieved Context: How History Matters

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Real Issues in Real Estate

Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement | Robbing Peter to Pay Paul? The Redistribution of Wealth Caused by Rent Control | Climate Change, the Partisan Divide, and Exposure to Climate Risk

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Climate Risks and Sustainable Investing

Information on Hot Stuff: Do Lenders Pay Attention? | Asset overhang and technological change | ESG Investing: A Tale of Two Preferences

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Digital Payments and Financial Fragility

Cashless Payment and Financial Inclusion | Friends and Family Money: P2P Transfers and Financially Fragile Consumers | Bank Competition amid Digital Disruption: Implications for Financial Inclusion

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Empirical Asset Pricing

Firm Characteristics and Stock Price Levels: A Long-Term Discount Rate Perspective | Asset Pricing with Panel Tree under Global Split Criteria | Noisy Factors

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Product Markets, Profitability, and Stock Returns

Product Market Competition and the Profitability Premium | Firm Product Concentration and Asset Prices | Blaze New Trails for Others to Follow: Evidence from Scanner Data

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Entrepreneurs' Incentives and Information

Learning from Errors in Entrepreneurship | The Effect of Tax Incentives on Local Private Investments and Entrepreneurship: Evidence from the Tax Cuts and Jobs Act of 2017 | Entrepreneurship and the Platform Economy: Evidence from U.S. Tax Returns

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Governance, Compensation, and Bankruptcy

Optimal Managerial Authority | The Meeting before the Meeting: Governance Roadshows and Mutual Fund Voting | Are Judges Randomly Assigned to Chapter 11 Bankruptcies? Not According to Hedge Funds

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Hedge Funds and Institutional Trading

LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility | Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements | Correlated Demand Shocks

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Microstructure

On the Effects of Continuous Trading | Comparing Search and Intermediation Frictions Across Markets | Siphoned Apart: A Portfolio Perspective on Order Flow Fragmentation

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Events

Assistant Professor Mentoring Session

Session for early-stage researchers to discuss strategies for creating a successful research pipeline and earning tenure/promotion. Panel consists of Berkeley Professor Christine Parlour, Cornell Professor Will Cong, Imperial College London Professor Harjoat Bhamra, and UBC Professor Lorenzo Garlappi. ALL EARLY-CAREER RESEARCHERS WELCOME.

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Welcome Reception

(Sponsored by: Eventus, Cowan Research LC)

Reception sponsored by Cowan Research LC.

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Breakfast Session on Inclusion, Diversity, Equity, and Access in Finance

Panel session on pre-doctoral preparation programs providing access to diverse students to onboard into the finance profession. Featuring the programmatic work of Chicago Booth Professor Pietro Veronesi, as well as the Canadian experience discussed by UBC Sauder Professor Kai Li. Session organized by Carnegie-Mellon Tepper Professor Burton Hollifield. ALL WELCOME!

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Saturday Buffet Lunch

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NFA Annual General Meeting and Keynote Address

(Sponsored by: University of Calgary)

The keynote speaker is Professor Christine Parlour, the Sylvan C. Coleman Chair in Finance and Accounting at Berkeley Haas. ALL WELCOME.

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Saturday Reception and Buffet Food Offerings

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Sunday Breakfast

Breakfast provided by the NFA. Come mingle. ALL WELCOME!

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