Dear members and guests of the NFA,
Welcome to the 33rd NFA annual meeting. The conference was booked to take place in downtown Toronto with our reception at the Hockey Hall of Fame; however, due to the Covid-19 pandemic, we are online again this year. Zoom sessions have become all too familiar to most of us, but we believe that you will still enjoy this year's conference sessions, as well as the special events that accompany the conference.
It has been our great pleasure to serve as the conference co-chairs and to put together this year's program. The main academic sessions feature 138 papers that we organized into 46 sessions. The conference papers were selected from 1256 submissions by the Program Committee consisting of 418 reviewers. Each submission was evaluated independently by three reviewers. We then considered the numerical review scores, as well as utilized verbal comments and assessments provided by the reviewers when choosing the papers to be included in the programme. We truly appreciate the evaluations and feedback from the members of the program committee. Our task wouldn't have been possible without your help. Thank you so much!
The number of papers submitted this year was the highest in NFA history, up from 741 last year. More importantly, the quality of submitted papers was extremely high, and we were unable to include many deserving papers. Given this quality, we believe the NFA has emerged as a top international conference, while still maintaining our Canadian roots. Much of the credit for this belongs to all our previous program chairs, dating back to our very first meeting in 1989. Their hard work is now bearing fruit.
In addition to the main academic sessions, four sessions have been dedicated solely to PhD student papers. We would like to extend a special thanks to Vincent Glode from the Wharton School, University of Pennsylvania and Natalie Moyen from the Leeds School of Business, University of Colorado Boulder for organizing and chairing this event. In addition, a special session has been earmarked for assistant professors (tenured faculty are naturally more than welcome to attend as well!). We are grateful to Burton Hollifield, PNC Professor of Finance at Carnegie Mellon University for conducting this session.
This year's keynote speaker is Darrel Duffie, Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University. The keynote follows immediately our Annual General Meeting, so you can't miss it.
Finally, Susan Christoffersen, the newly appointed Dean of the Rotman School, University of Toronto will lead a discussion on "Diversity and Inclusion in Finance". The NFA has in the past run a session on “Women in Finance”, and this topic will no doubt be addressed in this session, however this year we will also focus on other marginalized groups. Diversity and inclusion is crucial for the future of our profession and importantly, this session is for everyone, whether you are a member of a marginalized group or not.
Once again, welcome to the NFA 2021 conference!
Blake Phillips and James Thompson
Blake Phillips, University of Waterloo
James Thompson, University of Waterloo
Dear Members and Guests of the NFA,
Welcome to the 33rd NFA annual meeting and conference!
Like in 2020 we are connecting again for an online conference with the hope and expectation for an in-person gathering in 2022.
The 2020 NFA conference co-chairs, Blake Phillips and James Thompson, have put together an excellent program and invested a lot of time and effort to make the conference happen. Thank you, Blake and James! Our other NFA board members have enthusiastically contributed their time to move the association forward and helped bringing the conference together. We would like to especially thank Jason Wei, our treasurer, who keeps our finances in order, and Nathalie Moyen for her excellent and diligent service as secretary of the association. Akiko Watanabe, together with Nathalie, has already started planning for the conference next year. We are also lucky to have Vincent Glode and Lilian Ng as our newest board members. All board members are volunteers and donate their personal time to the association. Thanks to the dedication and commitment of the board, the association is on the upward trajectory in increasing the quality of the annual conference and supporting dissemination of high-quality research. We are confident that the association will continue to be in good hands also going forward.
We would like to thank all scholars who submitted their work to be considered for this year’s conference program, those who served on the program committee, as well as those who agreed to serve as discussants and session chairs. Joint work from all of us make the NFA conferences rewarding events for the participants. Last, but not least, we are also grateful for all our sponsors.
We encourage you to continue supporting the NFA and our conference so that we can continue to hold annual meetings with high-quality academic content.
It has been a pleasure and a privilege to serve as the co-presidents of the association for 2020-21.
Yrjo Koskinen and Alfred Lehar
NFA Co-Presidents
Alfred Lehar, University of Calgary
Yrjo Koskinen, University of Calgary
Session for early-stage researchers to discuss strategies for creating a successful research pipeline and earning tenure/promotion. Chaired by Burton Hollifield, PNC Professor of Finance, Carnegie Mellon University
Panel session which explores removing barriers to diversity and inclusion in finance, within both academia and the profession. Chaired by Susan Christoffersen, Dean of Rotman School of Management.
The keynote speaker is Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University
Weiming Zhang (Chinese University of Hong Kong)
Discussant: Lucian Taylor (University of Pennsylvania)
Abhishek Bhardwaj (New York University)
Discussant: Valentin Haddad (University of California-Los Angeles)
Shaoting Pi (University of Utah)
Discussant: Nadya Malenko (University of Michigan)
Jonathan Serrano (University of Texas-Austin)
Discussant: Shai Bernstein (Harvard University)
Yabo Zhao (University of Texas-Dallas)
Discussant: Yifei Mao (Cornell University)
Santanu Kundu (University of Mannheim)
Clemens Mueller (University of Mannheim)
Discussant: Sabrina Howell
Alexandru Barbu (London Business School)
Discussant: Bruce Carlin (Rice University)
Alexey Vasilenko (University of Toronto)
Discussant: Kimberly Cornaggia (Pennsylvania State University)
Yu Xia (McGill University)
Discussant: Murray Carlson (University of British Columbia)
Thomas Kroen (Princeton University)
Discussant: David Musto (University of Pennsylvania)
Varun Sharma (London Business School)
Discussant: Daniel Andrei (McGill University)
Aymeric Bellon (University of Pennsylvania)
Discussant: Constantine Yannelis (University of Chicago)
Dimas FAZIO (National University of Singapore)
Thiago Silva (Central Bank of Brazil)
Discussant: Julia Fonseca (University of Illinois-Urbana-Champaign)
Asaf Bernstein (University of Colorado-Boulder)
Peter Koudijs (Erasmus University)
Discussant: Dayin Zhang (University of Wisconsin-Madison)
Michael Reher (University of California-San Diego)
Rossen Valkanov (University of California-San Diego)
Discussant: Lu Han (University of Wisconsin-Madison)
Adam Farago (Goteborg University - Center For Finance)
Mariana Khapko (University of Toronto)
Chayawat Ornthanalai (University of Toronto)
Discussant: Sophie Ni (Hong Kong Baptist University)
Harjoat Bhamra (Imperial College London)
Raman Uppal (EDHEC Business School)
Johan Walden (University of California-Berkeley)
Discussant: Emilio Osambela (Federal Reserve Board of Governors)
Dat Mai (University of Missouri)
Discussant: Murray Frank (University of Minnesota)
Sebastien Betermier (McGill University)
Laurent Calvet (EDHEC Business School)
Evan Jo (Queen's University)
Discussant: Alex Hsu (Georgia Institute of Technology)
Fotis Grigoris (Indiana University)
Gill Segal (University of North Carolina-Chapel Hill)
Discussant: Lars Kuehn (Carnegie Mellon University)
Idan Hodor (Monash University)
Discussant: Alfred Lehar (University of Calgary)
Dan Bernhardt (University of Illinois)
Kostas Koufopoulos (University of York)
Giulio Trigilia (University of Rochester)
Discussant: Anton Tsoy (University of Toronto)
Adrian Aycan Corum (Cornell University)
Discussant: Yan Xiong (Hong Kong University of Science & Technology)
Laurent Cavenaile (University of Toronto)
Murat Celik (University of Toronto)
Xu Tian (University of Georgia)
Discussant: Alex Shcherbakov (Bank of Canada)
Andrea Barbon (University of St. Gallen)
Heiner Beckmeyer (University of Münster)
Andrea Buraschi (Imperial College London)
Mathis Moerke (University of St. Gallen)
Discussant: Jason Wei (University of Toronto)
Shuaiqi Li (University of Maryland)
Discussant: Neil Pearson (University of Illinois)
Siu Kai Choy (King's College London)
Jason Wei (University of Toronto)
Discussant: Ing-Haw Cheng (University of Toronto)
Thomas Bates (Arizona State University)
Fangfang Du (California State University-Fullerton)
Jessie Wang (Arizona State University)
Discussant: Evgeny Lyandres (Tel Aviv University)
Bo Bian (University of British Columbia)
Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)
Arkodipta Sarkar (Hong Kong University of Science & Technology)
Discussant: Gustavo Grullon (Rice University)
John Kandrac (Federal Reserve Board of Governors)
Discussant: William Mann (Emory University)
Andrew Bird (Carnegie Mellon University)
Michael Hertzel (Arizona State University)
Stephen Karolyi (Office of the Comptroller of the Currency)
Thomas Ruchti (Carnegie Mellon University)
Discussant: Isha Agarwal (University of British Columbia)
Matteo Benetton (University of California-Berkeley)
Sergio Mayordomo (Bank of Spain)
Daniel Paravisini (London School of Economics and Political Science)
Discussant: Stefan Lewellen (Pennsylvania State University)
Abhishek Ganguly (University of Oklahoma)
Arup Ganguly (University of Mississippi)
Lin Ge (University of Mississippi)
Chad Zutter (University of Pittsburgh)
Discussant: Rui Dai (University of Pennsylvania)
Sean Cao (Georgia State University)
Wei Jiang (Columbia University)
Baozhong Yang (Georgia State University)
Alan Zhang (Florida International University)
Discussant: Alan Huang (University of Waterloo)
Michael Axenrod (Norwegian School of Economics)
Michael Kisser (BI Norwegian Business School)
Discussant: Hongping Tan (McGill University)
Tumer Kapan (International Monetary Fund)
Camelia Minoiu (Federal Reserve Board of Governors)
Discussant: Kairong Xiao (Columbia University)
Camelia Minoiu (Federal Reserve Board of Governors)
Rebecca Zarutskie (Federal Reserve Board of Governors)
Andrei Zlate (Federal Reserve Board of Governors)
Discussant: Sumudu Watugala (Cornell University)
Yi Li (Federal Reserve Board of Governors)
Maureen O'Hara (Cornell University)
Xing (Alex) Zhou (Federal Reserve Board of Governors)
Discussant: David Cimon (Bank of Canada)
Fousseni Chabi-Yo (University of Massachusetts-Amherst)
Johnathan Loudis (University of Notre Dame)
Discussant: Andreas Stathopoulos (University of North Carolina-Chapel Hill)
Gurdip Bakshi (Temple University)
John Crosby (University of Maryland)
Xiaohui Gao (Temple University)
Wei Zhou (University of Maryland)
Discussant: Hui Guo (University of Cincinnati)
Max Miller (University of Pennsylvania)
Discussant: Thomas Maurer (University of Hong Kong)
Gustavo Schwenkler (Boston University)
Hannan Zheng (Boston University)
Discussant: Ruslan Goyenko (McGill University)
Ruizhe Jia (Columbia University)
Agostino Capponi (Columbia University)
Discussant: Katya Malinova (McMaster University)
Alfred Lehar (University of Calgary)
Christine Parlour (University of California-Berkeley)
Discussant: Fahad Saleh (Wake Forest University)
Zhe Geng (Shanghai Advanced Institute of Finance)
Jun Pan (Shanghai Jiao Tong University)
Discussant: Aytek Malkhozov (Federal Reserve Board of Governors)
Alexander Dickerson (University of Warwick)
Mathieu Fournier (HEC Montréal)
Alexandre Jeanneret (HEC Montréal)
Philippe Mueller (London School of Economics and Political Science)
Discussant: Hitesh Doshi (University of Houston)
Ishita Sen (Harvard University)
Varun Sharma (London Business School)
Discussant: Christian Kubitza (University of Bonn)
Joon Woo Bae (Case Western Reserve University)
Zhi Da (University of Notre Dame)
Virgilio Zurita (Baylor University)
Discussant: Quoc Nguyen (DePaul University)
Rohit Allena (Emory University)
Discussant: Michael Halling (University of Luxembourg)
Junbo Wang (Louisiana State University)
Sean Cao (Georgia State University)
Wei Jiang (Columbia University)
Baozhong Yang (Georgia State University)
Discussant: Christina Zhu (University of Pennsylvania)
Vidhan Goyal (Hong Kong University of Science & Technology)
Joshua Madsen (University of Minnesota)
Wei Wang (Queen's University)
Discussant: Thomas Griffin (Villanova University)
Dimas FAZIO (National University of Singapore)
Thiago Silva (Central Bank of Brazil)
Janis Skrastins (Washington University-St. Louis)
Discussant: Ryan Williams (University of Arizona)
Bruce Carlin (Rice University)
Hanyi (Livia) Yi (Boston College)
Tarik Umar (Rice University)
Discussant: Kathleen Hanley (Lehigh University)
Craig Doidge (University of Toronto)
Alexander Dyck (University of Toronto)
Liyan Yang (University of Toronto)
Discussant: Vyacheslav Fos (Boston College)
Min Dai (National University of Singapore)
Xavier Giroud (Columbia University)
Wei JIANG (Hong Kong University of Science & Technology)
Neng Wang (Columbia University)
Discussant: Francesca Zucchi (Federal Reserve Board of Governors)
Laurent Cavenaile (University of Toronto)
Murat Celik (University of Toronto)
Pau Roldan-Blanco (Bank of Spain)
Xu Tian (University of Georgia)
Discussant: Nicolas Sahuguet (HEC Montréal)
Charles Martineau (University of Toronto)
Michael Hasler (University of Texas-Dallas)
Discussant: Avanidhar Subrahmany (University of California-Los Angeles)
Yong Chen (Texas A&M University)
Zhi Da (University of Notre Dame)
Dayong Huang (University of North Carolina - Greensboro)
Discussant: David Gempesaw (Miami University-Ohio)
Christopher Jones (University of Southern California)
Sungjune Pyun (National University of Singapore)
Discussant: Miguel Palacios (University of Calgary)
Xiaohu Guo (University of Alabama)
Vishal Gupta (University of Alabama)
Sandra Mortal (University of Alabama)
Vikram Nanda (University of Texas-Dallas)
Discussant: Vineet Bhagwat (George Washington University)
R. David McLean (Georgetown University)
Christo Pirinsky (University of Central Florida)
Mengxin Zhao (Securities and Exchange Commission)
Discussant: Kee-Hong Bae (York University)
Mengqiao Du (University of Mannheim)
Discussant: Carol Osler (Brandeis University)
Anya Mkrtchyan (Haskayne School of Business, University of Calgary)
Jason Sandvik (Tulane University)
Vivi Zhu (Tulane University)
Discussant: Pouyan Foroughi (York University)
Alex Edmans (London Business School)
Tom Gosling (London Business School)
Dirk Jenter (London School of Economics and Political Science)
Discussant: Peter Cziraki (University of Toronto)
Paul Decaire (Arizona State University)
denis sosyura (Arizona State University)
Discussant: Jay Cai (Drexel University)
Alessio Piccolo (Indiana University)
Roberto Pinto (Lancaster University)
Discussant: Camille Hebert (University of Toronto)
Jie He (University of Georgia)
Lei Li (Federal Reserve Board of Governors)
Tao Shu (Chinese University of Hong Kong-Shenzhen)
Discussant: Pierre Chaigneau (Queen's University)
Britta Gehrke (University of Rostock)
Ernst Maug (University of Mannheim)
Stefan Obernberger (Erasmus University)
Christoph Schneider (University of Muenster)
Discussant: Wei Wang (Queen's University)
Raymond Kan (University of Toronto)
Jening Pan (Nankai University)
Discussant: Tony Wirjanto (University of Waterloo)
Joseph Engelberg (University of California-San Diego)
Richard Evans (University of Virginia)
Greg Leonard (University of North Carolina-Chapel Hill)
Adam Reed (University of North Carolina-Chapel Hill)
Matthew Ringgenberg (University of Utah)
Discussant: Selim Topaloglu (Queen's University)
Christopher Jones (University of Southern California)
Mehdi Khorram (Louisiana State University)
Haitao Mo (Louisiana State University)
Discussant: Alexander Philipov (George Mason University)
Vincent Glode (University of Pennsylvania)
Christian Opp (University of Pennsylvania)
Discussant: Simon Gervais (Duke University)
Patrick Bolton (Columbia University)
Ye Li (Ohio State University)
Neng Wang (Columbia University)
Jinqiang Yang (Shanghai University of Finance and Economics)
Discussant: Christian Opp (University of Pennsylvania)
Toni Ahnert (Bank of Canada)
David Martinez-Miera (University Carlos III of Madrid)
Discussant: Adolfo Demotta (McGill University)
Chanelle Duley (University of Auckland)
Prasanna Gai (University of Auckland)
Discussant: Nicolas Inostroza (University of Toronto)
Gurdip Bakshi (Temple University)
John Crosby (University of Maryland)
Xiaohui Gao (Temple University)
Discussant: Francesca Carrieri (McGill University)
Gordon Liao (Federal Reserve Board of Governors)
Tony Zhang (Federal Reserve Board of Governors)
Discussant: Valeri Sokolovski (HEC Montréal)
Andrea Tamoni (Rutgers University)
Alessandro Melone (WU Vienna)
Carlo Favero (Bocconi University)
Discussant: Martijn Boons (Tilburg University)
Redouane Elkamhi (University of Toronto)
Chanik Jo (Chinese University of Hong Kong)
Yoshio Nozawa (Hong Kong University of Science & Technology)
Discussant: Masahiro Watanabe (University of Alberta)
Weikai Li (Singapore Management University)
Zuben Jin (Singapore Management University)
Discussant: Mark Kamstra (York University)
Naveen Gondhi (INSEAD)
Snehal Banerjee (University of California-San Diego)
Jesse Davis (University of North Carolina-Chapel Hill)
Discussant: Doron Levit (University of Washington)
Chong Shu (University of Utah)
Discussant: Hai Tran (Loyola Marymount University)
Lauren Cohen (Harvard University)
Umit Gurun (University of Texas-Dallas)
Bugra Ozel (University of Texas-Dallas)
Discussant: Mark Huson (University of Alberta)
Kimberly Cornaggia (Pennsylvania State University)
Han Xia (University of Texas-Dallas)
Discussant: Karthik Krishnan (Northeastern University)
Redouane Elkamhi (University of Toronto)
Yoshio Nozawa (Hong Kong University of Science & Technology)
Discussant: Madhu Kalimipalli (Wilfrid Laurier University)
Kerry Back (Rice University)
Kevin Crotty (Rice University)
Seyed Mohammad Kazempour (Rice University)
Discussant: Alexander David (University of Calgary)
Claire Yurong Hong (Shanghai Jiao Tong University)
Xiaomeng Lu (Fudan University)
Jun Pan (Shanghai Jiao Tong University)
Discussant: Haikun Zhu (Erasmus University)
Rui Dai (University of Pennsylvania)
Wei Jiang (Columbia University)
Freda Drechsler (Wharton Research Data Services)
Lawrence Donohue (Wharton Research Data Services)
Discussant: Alejandro Lopez-Lira (BI Norwegian Business School)
Wei Jiang (Columbia University)
Yuehua Tang (University of Florida)
Rachel Xiao (Georgia State University)
Vincent Yao (Georgia State University)
Discussant: Jessie Wang (Arizona State University)
Rory Ernst (University of Washington)
Thomas Gilbert (University of Washington)
Christopher Hrdlicka (University of Washington)
Discussant: Hang Bai (University of Connecticut)
Zhi Da (University of Notre Dame)
Jian Hua (Baruch College)
Chih-Ching Hung (National Taiwan University)
Lin Peng (City University of New York)
Discussant: Yixin Chen (University of Rochester)
Andrew Chen (Federal Reserve Board of Governors)
Tom Zimmermann (University of Cologne)
Discussant: Ryan Israelsen (Michigan State University)
Itay Goldstein (University of Pennsylvania)
Yan Xiong (Hong Kong University of Science & Technology)
Liyan Yang (University of Toronto)
Discussant: Jean Edouard Colliard (HEC Paris)
Andreas Park (University of Toronto)
Discussant: Katrin Tinn (McGill University)
Martin Boyer (HEC Montréal)
Samuel Ouzan (NEOMA Business School)
Discussant: Marius Zoican (University of Toronto)
Cameron Peng (London School of Economics and Political Science)
Chen Wang (University of Notre Dame)
Discussant: Anna Scherbina (Brandeis University)
Evgenii Gorbatikov (London Business School)
Taisiya Sikorskaya (London Business School)
Discussant: Caitlin Dannhauser (Villanova University)
Clemens Sialm (University of Texas-Austin)
Veronika Pool (Vanderbilt University)
Irina Stefanescu (Federal Reserve Board of Governors)
Discussant: Irene Yi (University of Toronto)
Rui Duan (York University)
Lilian Ng (York University)
Rui Dai (University of Pennsylvania)
Discussant: Yrjo Koskinen (University of Calgary)
Gonzalo Maturana (Emory University)
Jordan Nickerson (Massachusetts Institute of Technology)
Santiago Truffa (Universidad de los Andes)
Discussant: Marieke Bos (Swedish House of Finance at the Stockholm School of Economics)
Ashwini Agrawal (London School of Economics and Political Science)
Daniel Kim (BI Norwegian Business School)
Discussant: Greg Nini (Drexel University)
Jacelly Cespedes (University of Minnesota)
Zack Liu (University of Houston)
Carlos Parra (Pontificia Universidad Católica de Chile)
Discussant: Rohan Ganduri (Emory University)
Mark Egan (Harvard University)
Shan Ge (New York University)
Johnny Tang (Harvard University)
Discussant: Stephen Karolyi (Office of the Comptroller of the Currency)
Marco Giacoletti (University of Southern California)
Rawley Heimer (Boston College)
Edison Yu (Federal Reserve Bank of Philadelphia)
Discussant: Tetiana Davydiuk (Carnegie Mellon University)
Hyuksoon Lim (University of Arizona)
Discussant: Bo Bian (University of British Columbia)
Yutong Xie (The College of New Jersey)
Jin Xu (Virginia Tech)
Ruiyao Zhu (Virginia Tech)
Discussant: Yelena Larkin (York University)
Pengfei Han (Peking University)
Wei Jiang (Columbia University)
Danqing Mei (Cheung Kong Graduate School of Business)
Discussant: Ting Xu (University of Virginia)
Feng Zhang (University of Utah)
Atif Ellahie (University of Utah)
Discussant: Xu Tian (University of Georgia)
Tingting Liu (Iowa State University)
Danni Tu (Iowa State University)
Feng Guo (Iowa State University)
Discussant: Pablo Moran (University of Calgary)
Alan Douglas (University of Waterloo)
Tu Nguyen (University of Waterloo)
Discussant: Nathalie Moyen (University of Colorado-Boulder)
Arvind Krishnamurthy (Stanford University)
Wenhao Li (University of Southern California)
Discussant: Pedro Bordalo (University of Oxford)
Sumit Agarwal (National University of Singapore)
Vyacheslav Mikhed (Federal Reserve Bank of Philadelphia)
Barry Scholnick (University of Alberta)
Man Zhang (University of Sydney)
Discussant: Sheisha Kulkarni
Arved Fenner (University of Muenster)
Philipp Klein (University of Muenster)
Carina Moessinger (Deutsche Bundesbank)
Discussant: Teodora Paligorova (Bank of Canada)
Ryan Israelsen (Michigan State University)
Nandini Gupta (Indiana University)
Eitan Goldman (Indiana University)
Discussant: Kevin Crotty (Rice University)
Olivier Dessaint (INSEAD)
Thierry Foucault (HEC Paris)
Laurent Fresard (University of Lugano)
Discussant: Russell Jame (University of Kentucky)
Mohamed Al Guindy (Carleton University)
Ryan Riordan (Queen's University)
Discussant: Qinghai Wang (University of Central Florida)
Dino Palazzo (Federal Reserve System)
Ram Yamarthy (U.S. Department of the Treasury)
Discussant: Patrick Augustin (McGill University)
Riccardo Sabbatucci (Stockholm School of Economics)
Andrea Tamoni (Rutgers University)
Andreas Johansson (Lund University)
Discussant: Christopher Hrdlicka (University of Washington)
Yizhe Deng (Hong Kong University of Science & Technology)
Ti Zhou (Southern University of Science and Technology)
Discussant: Jonas Eriksen (Aarhus University)
Xiao Cen (Texas A&M University)
Discussant: Richard Evans (University of Virginia)
Richard Evans (University of Virginia)
Miguel Ferreira (Nova School of Business and Economics)
Pedro Matos (University of Virginia)
Michael Young (University of Missouri)
Discussant: Saurin Patel (University of Western Ontario)
Steffen Hitzemann (Rutgers University)
Stanislav Sokolinski (Rutgers University)
Mingzhu Tai (University of Hong Kong)
Discussant: Javier Gil-Bazo (Universitat Pompeu Fabra)
Constantine Yannelis (University of Chicago)
Anthony Lee Zhang (University of Chicago)
Discussant: Jason Allen (Bank of Canada)
Richard Sias (University of Arizona)
Laura Starks (University of Texas-Austin)
Harry Turtle (Colorado State University)
Discussant: Ranjini Jha (University of Waterloo)
Chukwuma Dim (Frankfurt School of Finance and Management)
Discussant: Wei Wu (Texas A&M University)
Michael Brolley (Wilfrid Laurier University)
Marius Zoican (University of Toronto - Mississauga)
Discussant: Thierry Foucault (HEC Paris)
Bidisha Chakrabarty (Saint Louis University)
Carole Comerton-Forde (University of Melbourne)
Roberto Pascual (University of the Balearic Islands)
Discussant: Andreas Park (University of Toronto)
Gregory Eaton (Oklahoma State University)
Clifton Green (Emory University)
Brian Roseman (Oklahoma State University)
Yanbin Wu (Emory University)
Discussant: Ryan Davies (Babson College)
Will Gornall (University of British Columbia)
Ilya Strebulaev (Stanford University)
Discussant: Sofia Johan (Florida Atlantic University)
Thomas Chemmanur (Boston College)
Harshit Rajaiya (School of Management University of Ottawa)
Jiajie Xu (Boston College)
Discussant: Debarshi Nandy (Brandeis University)
Onur Bayar (University of Texas-San Antonio)
Thomas Chemmanur (Boston College)
Harshit Rajaiya (School of Management University of Ottawa)
Xuan Tian (Tsinghua University)
Qianqian Yu (Lehigh University)
Discussant: Ann Sherman (DePaul University)
Xiao Cen (Texas A&M University)
Discussant: John Bai (Northeastern University)
Emirhan Ilhan (Frankfurt School of Finance and Management)
Discussant: David Ng (Cornell University)
Ricardo Correa (Federal Reserve Board of Governors)
Ai HE (University of South Carolina)
Christoph Herpfer (Emory University)
Ugur Lel (University of Georgia)
Discussant: Lilian Ng (York University)
Erik Gilje (University of Pennsylvania)
Michael Wittry (Ohio State University)
Discussant: Michael Hertzel (Arizona State University)
Mengnan Zhu (Brandeis University)
Discussant: Chris Yung (University of Virginia)
Michael Ewens (California Institute of Technology)
Nadya Malenko (University of Michigan)
Discussant: Will Gornall (University of British Columbia)
Andrea Passalacqua (Federal Reserve Board of Governors)
Paolo Angelini (Banca d'Italia)
Francesca Lotti (Banca d'Italia)
Giovanni Soggia (Banca d'Italia)
Discussant: Scott Frame (Federal Reserve Bank of Dallas)
Amanda Heitz (Tulane University)
Barrett Wheeler (Tulane University)
Discussant: Tumer Kapan (International Monetary Fund)
Lei Li (Federal Reserve Board of Governors)
Yi Li (Federal Reserve Board of Governors)
Marco Macchiavelli (Federal Reserve Board of Governors)
Xing (Alex) Zhou (Federal Reserve Board of Governors)
Discussant: Priyank Gandhi (Rutgers University)
Hengjie Ai (University of Minnesota)
Ravi Bansal (Duke University)
Leyla Jianyu Han (Boston University)
Discussant: Liyan Yang (University of Toronto)
Alexandre Corhay (University of Toronto)
Jincheng Tong (University of Toronto)
Discussant: Steven Baker (University of Virginia)
Leyla Jianyu Han (Boston University)
Discussant: Adrian Buss (INSEAD)
Sida Li (University of Illinois-Urbana-Champaign)
Miles Zheng (University of Illinois)
Mao Ye (University of Illinois)
Discussant: Andriy Shkilko (Wilfrid Laurier University)
Edwin Hu (New York University)
Dermot Murphy (University of Illinois-Chicago)
Discussant: Vincent Grégoire (HEC Montréal)
Milena Wittwer (Stanford University)
Jason Allen (Bank of Canada)
Discussant: Alberto Teguia (University of British Columbia)
Adrian Buss (INSEAD)
Savitar Sundaresan (Imperial College London)
Discussant: Michael Gallmeyer (University of Virginia)
Sebastien Betermier (McGill University)
Laurent Calvet (EDHEC Business School)
Samuli Knüpfer (BI Norwegian Business School)
Jens Kvaerner (Tilburg University)
Discussant: David Chapman (University of Virginia)
Nathan Lassance (Catholic University of Louvain)
Alberto Martin-Utrera (Iowa State University)
Majeed Simaan (Stevens Institute of Technology)
Discussant: Raymond Kan (University of Toronto)
Special thanks to the awards committee for their selection of the winners for the two NFA-sponsored awards.
NFA 2021 Awards Committee: