2022 NFA Annual Conference
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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
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
PhD Session: ESG
Labor Exposure to Climate Change and Capital Deepening | To treat or prevent pollution? | Gender and Ex-post Settling-up for directors
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
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
Dynamic Corporate Finance
Financing Cycles | Technological Progress and Rent Seeking | Optimal Financial Policies for a Group
Financial Intermediation and the Macroeconomy
Inflation and Disintermediation | Bank Information Production Over the Business Cycle | The Cost of Intermediary Market Power for Distressed Borrowers
International
Jensen Bounds: Testable Restrictions on Asset Pricing Models | Economic Policy Uncertainty and Multinational Companies | The Coming Battle of Digital Currencies
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?
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?
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
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
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
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
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
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
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
FinTech Lending
Information Access and Innovation: Evidence from Open Banking | Open Banking with Depositor Monitoring | Invisible Primes: Fintech Lending with Alternative Data
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
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
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
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
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
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
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
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
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
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
Microstructure
On the Effects of Continuous Trading | Comparing Search and Intermediation Frictions Across Markets | Siphoned Apart: A Portfolio Perspective on Order Flow Fragmentation
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.
Welcome Reception
(Sponsored by: Eventus, Cowan Research LC)
Reception sponsored by Cowan Research LC.
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!
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.