Welcome to NFA 2021

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
Blake Phillips, University of Waterloo

James Thompson, University of Waterloo
James Thompson, University of Waterloo

Co-Presidents' Welcome

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
Alfred Lehar, University of Calgary

Yrjo Koskinen, University of Calgary
Yrjo Koskinen, University of Calgary

2021 NFA Program Committee

  • Jawad Addoum
  • VIKAS Agarwal
  • Senay Agca
  • Anup Agrawal
  • Felipe Aguerrevere
  • Toni Ahnert
  • Hengjie Ai
  • Amir Akbari
  • Pat Akey
  • James Albertus
  • Rui Albuquerque
  • Diego Amaya
  • Daniel Andrei
  • Ian Appel
  • George Aragon
  • Ebenezer Asem
  • Hadiye Aslan
  • Patrick Augustin
  • Efstathios Avdis
  • Kee-Hong Bae
  • Ramin Baghai
  • Hang Bai
  • Jianqiu Bai
  • Warren B Bailey
  • Steven Baker
  • Tor-Erik Bakke
  • Markus Baldauf
  • Suman Banerjee
  • Brad Barber
  • Katsiaryna Bardos
  • Alexander Barinov
  • Robert Battalio
  • Fred Bereskin
  • Sebastien Betermier
  • Vineet Bhagwat
  • Bo Bian
  • Matthew T Billett
  • Andrew Bird
  • Lamont Black
  • Matthieu Bouvard
  • Martin Boyer
  • Neil Brisley
  • Jonathan Brogaard
  • Michael Brolley
  • Markus Broman
  • Andrea Buffa
  • Sabrina Buti
  • Jay Cai
  • Jie Cao
  • Francesca Carrieri
  • Claire Celetier
  • Murat A Celik
  • Ling Cen
  • Maria Chaderina
  • Pierre Chaigneau
  • Claudia Champagne
  • Xin Chang
  • Yen-Cheng Chang
  • David A Chapman
  • Thomas Chemmanur
  • Chunda Derek Chen
  • Joseph Chen
  • Yong Chen
  • Ing-Haw Cheng
  • I-Hsuan Ethan Chiang
  • Thummim Cho
  • Kyoung Jin Choi
  • Stéphane Chrétien
  • Susan Christoffersen
  • Yongqiang Chu
  • Kee H Chung
  • Carole Comerton-Forde
  • J. Anthony Cookson
  • Alexandre Corhay
  • Arnold R. Cowan
  • Kevin Crotty
  • Jorge A Cruz Lopez
  • Peter Cziraki
  • Francesco D'Acunto
  • Rui Dai
  • Mehmet Dalkir
  • Thomas Dangl
  • Naveen D Daniel
  • Alexander David
  • Ryan Davies
  • Shaun Davies
  • Jesse Davis
  • Tetiana Davydiuk
  • Adolfo Demotta
  • Francois Derrien
  • Jerome Detemple
  • Lora Dimitrova
  • Ming Dong
  • Hitesh Doshi
  • Winston Dou
  • Alan Douglas
  • Wolfgang Drobetz
  • Ying Duan
  • Esther Eiling
  • Sadok El Ghoul
  • Andrey Ermolov
  • Jocelyn D. Evans
  • David Feldman
  • Jana Fidrmuc
  • Laura Field
  • Matthias Fleckenstein
  • Pouyan Foroughi
  • Vyacheslav Fos
  • Mathieu Fournier
  • Scott Frame
  • Pascal Francois
  • Xudong Fu
  • Louis Gagnon
  • Prasanna Gai
  • Michael Gallmeyer
  • Amar Gande
  • Priyank Gandhi
  • Rohan Ganduri
  • Xiaohui G Gao
  • Rene Garcia
  • Antonio Gargano
  • Mariassunta Giannetti
  • Thomas Gilbert
  • Vincent Glode
  • Brent Glover
  • Jim Goldman
  • Andrey Golubov
  • Will Gornall
  • Vidhan K. Goyal
  • Ruslan Goyenko
  • Vincent Grégoire
  • Thomas Griffin
  • Patrick Gruening
  • Omrane Guedhami
  • Hui Guo
  • Matthew Gustafson
  • Michael Halling
  • Bing Han
  • Kathleen Hanley
  • Michael Hasler
  • Robert Hauswald
  • Xuezhong( Tony) He
  • Ulrich Hege
  • Rawley Heimer
  • Robert L Heinkel
  • Amanda Heitz
  • Brian Henderson
  • Christoph Herpfer
  • Michael Hertzel
  • Jens Hilscher
  • Kihoon Hong
  • Christopher Hrdlicka
  • Jim Hsieh
  • Alex Hsu
  • Scott Hsu
  • Alan Huang
  • Minjie Huang
  • Peter Iliev
  • Philipp Illeditsch
  • Ozgur S Ince
  • Nicolas A Inostroza
  • Sergey Isaenko
  • Ryan Israelsen
  • Yehuda Izhakian
  • Ranjini Jha
  • Wei Jiang
  • Feng Jiao
  • Christopher S Jones
  • Chotibhak Jotikasthira
  • Madhu Kalimipalli
  • Mark Kamstra
  • Raymond Kan
  • Jun-Koo Kang
  • Stephen Karolyi
  • Aymen Karoui
  • Yun Ke
  • Ambrus Kecskés
  • Gi Kim
  • Hyunseob Kim
  • Michael R King
  • Tao-Hsien Dolly King
  • Einar Kjenstad
  • Peter Klein
  • Kristoph Kleiner
  • Sanket Korgaonkar
  • Yrjo Koskinen
  • Lisa Kramer
  • Mathias Kruttli
  • Lars Kuehn
  • Howard Kung
  • John Kuong
  • Van Son Lai
  • Hugues Langlois
  • Yelena Larkin
  • Dongwook Lee
  • Gemma Lee
  • Jongsub Lee
  • Suzanne Lee
  • Alfred Lehar
  • Ugur Lel
  • Oliver Levine
  • Stefan Lewellen
  • Dongmei Li
  • Jiasun Li
  • Si Li
  • Ye Li
  • Yingzhen Li
  • Hao Liang
  • Erik Lie
  • Sonya Lim
  • Tse-Chun Lin
  • Yupeng Lin
  • Claire Liu
  • Roger Loh
  • Tim Loughran
  • Angie Low
  • Michelle Lowry
  • Lei Lu
  • Evgeny Lyandres
  • Liang Ma
  • Song Ma
  • Xuyang Ma
  • Andrew MacKinlay
  • Andrey Malenko
  • Nadya Malenko
  • Katya Malinova
  • Aytek Malkhozov
  • William Mann
  • Connie Mao
  • Qinghao Mao
  • Yifei Mao
  • Maria Marchica
  • Roberto Marfe
  • Massimo Massa
  • Nadia Massoud
  • Pedro Matos
  • Gonzalo Maturana
  • Thomas A Maurer
  • Camelia Minoiu
  • Afrasiab Mirza
  • Anya Mkrtchyan
  • Shawn Mobbs
  • Pablo Moran
  • Nathalie Moyen
  • Dmitriy Muravyev
  • Debarshi Nandy
  • David Ng
  • Lilian Ng
  • Giang Nguyen
  • Tu Nguyen
  • Boris Nikolov
  • Greg Nini
  • Dmitry Orlov
  • Chayawat Ornthanalai
  • Carlton-James U Osakwe
  • Emilio Osambela
  • Carol L Osler
  • Miguel Palacios
  • Ari Pandes
  • Gurupdesh Pandher
  • Andreas Park
  • Christine Parlour
  • Saurin Patel
  • Neil D Pearson
  • M. Fabricio Perez
  • Ralitsa Petkova
  • Dimitris Petmezas
  • Alexander Philipov
  • Blake Phillips
  • Veronika Pool
  • Mark Potter
  • Paul Povel
  • Gabriel Power
  • Melissa Prado
  • Lynnette Purda
  • Yaxuan Qi
  • Xiao Qiao
  • Buhui Qiu
  • Mohammad Rahaman
  • Uday Rajan
  • Otto Randl
  • Raghavendra Rau
  • Sugata Ray
  • Alessandro Rebucci
  • Roberto Robatto
  • Kevin Roshak
  • Wendy Rotenberg
  • Lukas Roth
  • Guillaume Roussellet
  • Thomas Ruchti
  • Oleg Rytchkov
  • Aleksandra Rzeznik
  • Stefano Sacchetto
  • Kunal Sachdeva
  • Farzad Saidi
  • Mirela Sandulescu
  • Alessio Saretto
  • Sergei Sarkissian
  • Anna Scherbina
  • Frederik Schlingemann
  • Jan Schneemeier
  • David Schumacher
  • Denis Schweizer
  • Ivan Shaliastovich
  • Pei Shao
  • Joel Shapiro
  • Jinfei Sheng
  • Andriy Shkilko
  • Pauline Shum Nolan
  • Gordon A Sick
  • Stephan Siegel
  • Elena Simintzi
  • Mikhail Simutin
  • Elif Sisli Ciamarra
  • Pierre Six
  • Janis Skrastins
  • Elvira Sojli
  • Valeri Sokolovski
  • Tatyana Sokolyk
  • David Solomon
  • Keke Song
  • Zhongzhi Song
  • Anup Srivastava
  • Andreas Stathopoulos
  • Viktors Stebunovs
  • Eric Stephens
  • Martin Summer
  • Zheng Sun
  • Lorne N Switzer
  • Dragon Tang
  • Yuehua Tang
  • claudio tebaldi
  • Alberto Teguia
  • Wingwah Tham
  • James Thompson
  • Xuan Tian
  • Cristian I Tiu
  • Sami Torstila
  • Giulio Trigilia
  • Kevin Tseng
  • Yuri Tserlukevich
  • Harry J Turtle
  • Michael Ungeheuer
  • Semih Uslu
  • Boris Vallee
  • Philip Valta
  • Edward Van Wesep
  • Gyuri Venter
  • Kenneth Vetzal
  • Anand Vijh
  • Quynh-Anh Vo
  • Guillaume Vuillemey
  • Milos Vulanovic
  • Hannes Wagner
  • Junbo Wang
  • Su Wang
  • Wei Wang
  • Wenyu Wang
  • Xiaolu Wang
  • Yajun Wang
  • Ying Wang
  • Yuan Wang
  • Colin Ward
  • Akiko Watanabe
  • Masahiro Watanabe
  • Brian Waters
  • Sumudu W Watugala
  • Michael Weber
  • Jason Wei
  • Gregor Weiss
  • Ramona Westermann
  • Robert Whaley
  • Ryan Williams
  • Adam Winegar
  • Eliza Wu
  • Wei Wu
  • Youchang Wu
  • Han Xia
  • Kairong Xiao
  • Steven Xiao
  • Fei Xie
  • Jin Xu
  • Ke Xu
  • Ting Xu
  • Zhaoxia Xu
  • Dong Yan
  • Hongjun Yan
  • Xuemin Yan
  • Jun Yang
  • Liyan Yang
  • Vladimir Yankov
  • Chen Yao
  • Li Yao
  • Irene Yi
  • Scott E Yonker
  • Jing Yu
  • Miaomiao Yu
  • Chris Yung
  • Luana Zaccaria
  • Ashraf A Zaman
  • Rafael Zambrana
  • Josef Zechner
  • Jing Zeng
  • Xintong Zhan
  • Bohui Zhang
  • Chu Zhang
  • Feng Zhang
  • Le Zhang
  • Terry Zhang
  • Yue Zhang
  • Jing Zhao
  • Xiaofei Zhao
  • Alexei Zhdanov
  • Guofu Zhou
  • Jun Zhou
  • Marius Zoican
  • Hong Zou

Special Sessions & Events

Assistant Professor Session

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

Diversity and Inclusion in Finance Panel Session

(Sponsored by: University of Calgary)

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.

NFA Annual General Meeting and Keynote Speech: The U.S. Treasuries Market Needs a Reformation

The keynote speaker is Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University

Full Schedule

Thursday, Sep 16  |  12:30 pm - 2:30 pm EDT

Session: PhD Session: Sophisticated Trading (Sponsored by: Bank of Canada)
Session Chair: Vincent Glode (University of Pennsylvania)

Green or Brown: Which Overpriced Stock to Short Sell?

Weiming Zhang (Chinese University of Hong Kong)

Discussant: Lucian Taylor (University of Pennsylvania)

Old wine in new bottles: Why do relationships matter in securitized lending?

Abhishek Bhardwaj (New York University)

Discussant: Valentin Haddad (University of California-Los Angeles)

Speaking with One Voice: Shareholder Collaboration on Activism

Shaoting Pi (University of Utah)

Discussant: Nadya Malenko (University of Michigan)

Session: PhD Session: Early-Stage Financing (Sponsored by: Bank of Canada)
Session Chair: Nathalie Moyen (University of Colorado-Boulder)

Financing New Ideas: Evidence from Kickstarter Campaigns

Jonathan Serrano (University of Texas-Austin)

Discussant: Shai Bernstein (Harvard University)

Asymmetric Information, Patent Publication, and Inventor Human Capital Reallocation

Yabo Zhao (University of Texas-Dallas)

Discussant: Yifei Mao (Cornell University)

Angels and Demons: The Negative Effect of Employees' Angel Investments on Corporate Innovation

Santanu Kundu (University of Mannheim)
Clemens Mueller (University of Mannheim)

Discussant: Sabrina Howell

Thursday, Sep 16  |  3:00 pm - 5:00 pm EDT

Session: PhD Session: Personal Investing (Sponsored by: Bank of Canada)
Session Chair: Vincent Glode (University of Pennsylvania)

Ex-Post Loss Sharing In Consumer Financial Markets

Alexandru Barbu (London Business School)

Discussant: Bruce Carlin (Rice University)

The Investment Side of College Savings

Alexey Vasilenko (University of Toronto)

Discussant: Kimberly Cornaggia (Pennsylvania State University)

Real-Time Predictability of Mutual Fund Performance Predictors

Yu Xia (McGill University)

Discussant: Murray Carlson (University of British Columbia)

Session: PhD Session: Real Effects of Finance (Sponsored by: Bank of Canada)
Session Chair: Nathalie Moyen (University of Colorado-Boulder)

Payout Policy Reform and Investor Horizons

Thomas Kroen (Princeton University)

Discussant: David Musto (University of Pennsylvania)

Patient Capital, Product Markets, and Real Effects

Varun Sharma (London Business School)

Discussant: Daniel Andrei (McGill University)

Does Private Equity Ownership Make Firms Cleaner? The Role Of Environmental Liability Risks

Aymeric Bellon (University of Pennsylvania)

Discussant: Constantine Yannelis (University of Chicago)

Friday, Sep 17  |  8:30 am - 10:00 am EDT

Session: Real Estate
Session Chair: Yongqiang Chu (University of North Carolina - Charlotte)

Housing Collateral Reform and Economic Reallocation

Dimas FAZIO (National University of Singapore)
Thiago Silva (Central Bank of Brazil)

Discussant: Julia Fonseca (University of Illinois-Urbana-Champaign)

The Mortgage Piggy Bank: Building Wealth through Amortization

Asaf Bernstein (University of Colorado-Boulder)
Peter Koudijs (Erasmus University)

Discussant: Dayin Zhang (University of Wisconsin-Madison)

The Mortgage-Cash Premium Puzzle

Michael Reher (University of California-San Diego)
Rossen Valkanov (University of California-San Diego)

Discussant: Lu Han (University of Wisconsin-Madison)

Session: Behavioral Finance
Session Chair: Michael Boutros (Bank of Canada)

Asymmetries and the Market for Put Options

Adam Farago (Goteborg University - Center For Finance)
Mariana Khapko (University of Toronto)
Chayawat Ornthanalai (University of Toronto)

Discussant: Sophie Ni (Hong Kong Baptist University)

Psychological Distance and Deviations from Rational Expectations

Harjoat Bhamra (Imperial College London)
Raman Uppal (EDHEC Business School)
Johan Walden (University of California-Berkeley)

Discussant: Emilio Osambela (Federal Reserve Board of Governors)

Economic Narratives and Market Outcomes: A Semi-supervised Topic Modeling Approach

Dat Mai (University of Missouri)

Discussant: Murray Frank (University of Minnesota)

Session: Asset Pricing Theory 1
Session Chair: Thummim Cho (London School of Economics and Political Science)

A Supply and Demand Approach to Equity Pricing

Sebastien Betermier (McGill University)
Laurent Calvet (EDHEC Business School)
Evan Jo (Queen's University)

Discussant: Alex Hsu (Georgia Institute of Technology)

Investment under Up- and Downstream Uncertainty

Fotis Grigoris (Indiana University)
Gill Segal (University of North Carolina-Chapel Hill)

Discussant: Lars Kuehn (Carnegie Mellon University)

Financing Innovation with Future Equity

Idan Hodor (Monash University)

Discussant: Alfred Lehar (University of Calgary)

Session: Corporate Theory 1
Session Chair: Shumi Akhtar (University of Sydney)

Separating equilibria, under-pricing and security design

Dan Bernhardt (University of Illinois)
Kostas Koufopoulos (University of York)
Giulio Trigilia (University of Rochester)

Discussant: Anton Tsoy (University of Toronto)

Fighting Fire with Fire: Optimality of Value Destruction to Mitigate Short-Termism

Adrian Aycan Corum (Cornell University)

Discussant: Yan Xiong (Hong Kong University of Science & Technology)

Are Markups Too High? Competition, Strategic Innovation, and Industry Dynamics

Laurent Cavenaile (University of Toronto)
Murat Celik (University of Toronto)
Xu Tian (University of Georgia)

Discussant: Alex Shcherbakov (Bank of Canada)

Session: Derivatives
Session Chair: Diego Amaya (Wilfrid Laurier University)

Leveraged ETFs, Option Market Imbalances, and End-of-Day Price Dynamics

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)

Mutual Fund Stock Holdings and the Cross-Section of Option Returns

Shuaiqi Li (University of Maryland)

Discussant: Neil Pearson (University of Illinois)

Investor Attention and Option Returns

Siu Kai Choy (King's College London)
Jason Wei (University of Toronto)

Discussant: Ing-Haw Cheng (University of Toronto)

Session: Firm Financial Policy
Session Chair: Yelena Larkin (York University)

Workplace Automation and Corporate Financial Policy

Thomas Bates (Arizona State University)
Fangfang Du (California State University-Fullerton)
Jessie Wang (Arizona State University)

Discussant: Evgeny Lyandres (Tel Aviv University)

The Real Effects of Legal and Trading Frictions in Collateralization

Bo Bian (University of British Columbia)

Discussant: Hyunseob Kim (Federal Reserve Bank of Chicago)

Policy Uncertainty, Multinational Firms, and Reallocation

Arkodipta Sarkar (Hong Kong University of Science & Technology)

Discussant: Gustavo Grullon (Rice University)

Session: Lending
Session Chair: Pouyan Foroughi (York University)

Can the Federal Reserve Effectively Target Main Street? Evidence from the 1970s Recession

John Kandrac (Federal Reserve Board of Governors)

Discussant: William Mann (Emory University)

The Value of Lending Relationships

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)

Credit Fire Sales: Captive Lending as Liquidity in Distress

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)

Friday, Sep 17  |  10:30 am - 12:00 pm EDT

Session: Corporate Disclosure
Session Chair: MICHAEL TANG (Florida International University)

Shareholder Litigation Risk and Readability of Corporate Financial Disclosures: Evidence from Natural Experiments

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)

How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI

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)

Does mandatory recognition of off-balance sheet liabilities affect capital structure choice? Evidence from SFAS 158

Michael Axenrod (Norwegian School of Economics)
Michael Kisser (BI Norwegian Business School)

Discussant: Hongping Tan (McGill University)

Session: Covid-19 and Credit
Session Chair: Hanyi (Livia) Yi (Boston College)

Liquidity Insurance vs. Credit Provision: Evidence from the COVID-19 Crisis

Tumer Kapan (International Monetary Fund)
Camelia Minoiu (Federal Reserve Board of Governors)

Discussant: Kairong Xiao (Columbia University)

Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program

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)

Mutual Fund Fragility, Dealer Liquidity Provision, and the Pricing of Municipal Bonds

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)

Session: Asset Pricing Theory 2
Session Chair: Yu Wang (University of Arkansas)

A Decomposition of Conditional Risk Premia and Implications for Representative Agent Models

Fousseni Chabi-Yo (University of Massachusetts-Amherst)
Johnathan Loudis (University of Notre Dame)

Discussant: Andreas Stathopoulos (University of North Carolina-Chapel Hill)

The Slippery Slope of the Negative Correlation Condition

Gurdip Bakshi (Temple University)
John Crosby (University of Maryland)
Xiaohui Gao (Temple University)
Wei Zhou (University of Maryland)

Discussant: Hui Guo (University of Cincinnati)

Democratization, Inequality, and Risk Premia

Max Miller (University of Pennsylvania)

Discussant: Thomas Maurer (University of Hong Kong)

Session: Blockchain and Crypto
Session Chair: Louis Gagnon (Queen's University)

News-Driven Peer Co-Movement in Crypto Markets

Gustavo Schwenkler (Boston University)
Hannan Zheng (Boston University)

Discussant: Ruslan Goyenko (McGill University)

The Adoption of Blockchain-based Decentralized Exchanges

Ruizhe Jia (Columbia University)
Agostino Capponi (Columbia University)

Discussant: Katya Malinova (McMaster University)

Decentralized Exchanges

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

Discussant: Fahad Saleh (Wake Forest University)

Session: Fixed Income
Session Chair: Sandra Mortal (University of Alabama)

The SOE Premium and Government Support in China’s Credit Market

Zhe Geng (Shanghai Advanced Institute of Finance)
Jun Pan (Shanghai Jiao Tong University)

Discussant: Aytek Malkhozov (Federal Reserve Board of Governors)

Understanding the Comovement between Corporate Bonds and Stocks: The Role of Default Risk

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)

Internal Models, Make Believe Prices, and Bond Market Cornering

Ishita Sen (Harvard University)
Varun Sharma (London Business School)

Discussant: Christian Kubitza (University of Bonn)

Session: Equity Prices and Returns
Session Chair: Ruchith Dissanayake (Queensland University of Technology)

Digesting FOREXS

Joon Woo Bae (Case Western Reserve University)
Zhi Da (University of Notre Dame)
Virgilio Zurita (Baylor University)

Discussant: Quoc Nguyen (DePaul University)

Confident Risk Premia: Economics and Econometrics of Machine Learning Uncertainties

Rohit Allena (Emory University)

Discussant: Michael Halling (University of Luxembourg)

From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses

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)

Session: Law and Finance
Session Chair: Alexander Philipov (George Mason University)

Lawyer Networks and Corporate Bankruptcies

Vidhan Goyal (Hong Kong University of Science & Technology)
Joshua Madsen (University of Minnesota)
Wei Wang (Queen's University)

Discussant: Thomas Griffin (Villanova University)

Court Quality and Economic Resilience

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)

Friday, Sep 17  |  12:30 pm - 2:00 pm EDT

Session: Investment Policy - Theory
Session Chair: Baozhong Yang (Georgia State University)

Collective Activism

Craig Doidge (University of Toronto)
Alexander Dyck (University of Toronto)
Liyan Yang (University of Toronto)

Discussant: Vyacheslav Fos (Boston College)

A q theory of internal capital markets

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)

Style Over Substance? Advertising, Innovation, and Endogenous Market Structure

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)

Session: Asset Pricing Models 2
Session Chair: Hsuan Fu (Laval University)

Does the CAPM predict returns?

Charles Martineau (University of Toronto)
Michael Hasler (University of Texas-Dallas)

Discussant: Avanidhar Subrahmany (University of California-Los Angeles)

Short Selling Efficiency

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)

Consumption growth persistence and the stock/bond correlation

Christopher Jones (University of Southern California)
Sungjune Pyun (National University of Singapore)

Discussant: Miguel Palacios (University of Calgary)

Session: Gender and Behavioral Finance
Session Chair: Lisa Kramer (University of Toronto)

Gender and Managerial Job Mobility: Career Prospects for Executives Displaced by Acquisitions

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)

Corporate Leadership and Inherited Beliefs about Gender Roles

R. David McLean (Georgetown University)
Christo Pirinsky (University of Central Florida)
Mengxin Zhao (Securities and Exchange Commission)

Discussant: Kee-Hong Bae (York University)

Locked-in at Home: Limited Attention of Female Analysts during the COVID-19 Pandemic

Mengqiao Du (University of Mannheim)

Discussant: Carol Osler (Brandeis University)

Session: CEOs
Session Chair: Neil Brisley (University of Waterloo)

CEO Activism and Firm Value

Anya Mkrtchyan (Haskayne School of Business, University of Calgary)
Jason Sandvik (Tulane University)
Vivi Zhu (Tulane University)

Discussant: Pouyan Foroughi (York University)

CEO Compensation: Evidence From the Field

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)

CEO Pet Projects

Paul Decaire (Arizona State University)
denis sosyura (Arizona State University)

Discussant: Jay Cai (Drexel University)

Session: Labor and Finance
Session Chair: Asli Togan Egrican (Kadir Has University)

Financial Resilience in Labor Negotiations

Alessio Piccolo (Indiana University)
Roberto Pinto (Lancaster University)

Discussant: Camille Hebert (University of Toronto)

Workplace Inequality in Pay Growth: Evidence from US Individual-level Data

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)

Restructuring the Labor Force after Mergers

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)

Session: Market Efficiency 1
Session Chair: Brian Blank (Mississippi State University)

Finite Sample Analysis of Predictive Regressions with Long-Horizon Returns

Raymond Kan (University of Toronto)
Jening Pan (Nankai University)

Discussant: Tony Wirjanto (University of Waterloo)

The Loan Fee Anomaly: A Short Seller's Best Ideas

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)

Momentum, Reversal, and Seasonality in Option Returns

Christopher Jones (University of Southern California)
Mehdi Khorram (Louisiana State University)
Haitao Mo (Louisiana State University)

Discussant: Alexander Philipov (George Mason University)

Friday, Sep 17  |  2:15 pm - 3:45 pm EDT

Session: Financial Intermediation - Theory
Session Chair: Bo Meng (University of Richmond)

Private Renegotiations and Government Interventions in Debt Chains

Vincent Glode (University of Pennsylvania)
Christian Opp (University of Pennsylvania)

Discussant: Simon Gervais (Duke University)

Dynamic Banking and the Value of Deposits

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)

Bank Runs, Bank Competition and Opacity

Toni Ahnert (Bank of Canada)
David Martinez-Miera (University Carlos III of Madrid)

Discussant: Adolfo Demotta (McGill University)

Session: Currency and Exchange Rates
Session Chair: Feng Zhang (University of Utah)

When the penny doesn't drop — Macroeconomic tail risk and currency crises

Chanelle Duley (University of Auckland)
Prasanna Gai (University of Auckland)

Discussant: Nicolas Inostroza (University of Toronto)

The Geography of Exchange Rate Disconnect

Gurdip Bakshi (Temple University)
John Crosby (University of Maryland)
Xiaohui Gao (Temple University)

Discussant: Francesca Carrieri (McGill University)

The Hedging Channel of Exchange Rate Determination

Gordon Liao (Federal Reserve Board of Governors)
Tony Zhang (Federal Reserve Board of Governors)

Discussant: Valeri Sokolovski (HEC Montréal)

Session: Asset Pricing Models 1
Session Chair: Lei Lu (University of Manitoba)

Factor Models with Drifting Prices

Andrea Tamoni (Rutgers University)
Alessandro Melone (WU Vienna)
Carlo Favero (Bocconi University)

Discussant: Martijn Boons (Tilburg University)

A One-Factor Model of Corporate Bond Premia

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)

Geographic Links and Predictable Returns

Weikai Li (Singapore Management University)
Zuben Jin (Singapore Management University)

Discussant: Mark Kamstra (York University)

Session: Corporate Governance
Session Chair: Michael Thom (CFA Societies Canada)

The Man(ager) who Knew too much

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

Discussant: Doron Levit (University of Washington)

The Proxy Advisory Industry: Influencing and Being Influenced

Chong Shu (University of Utah)

Discussant: Hai Tran (Loyola Marymount University)

Too Many Managers: Strategic Use of Titles to Avoid Overtime Payments

Lauren Cohen (Harvard University)
Umit Gurun (University of Texas-Dallas)
Bugra Ozel (University of Texas-Dallas)

Discussant: Mark Huson (University of Alberta)

Session: Credit
Session Chair: Collins Okafor (North Carolina A&T State University)

Who mismanages student loans and why?

Kimberly Cornaggia (Pennsylvania State University)
Han Xia (University of Texas-Dallas)

Discussant: Karthik Krishnan (Northeastern University)

Fire-Sale Risk in the Leveraged Loan Market

Redouane Elkamhi (University of Toronto)
Yoshio Nozawa (Hong Kong University of Science & Technology)

Discussant: Madhu Kalimipalli (Wilfrid Laurier University)

Validity, Tightness, and Forecasting Power of Risk Premium Bounds

Kerry Back (Rice University)
Kevin Crotty (Rice University)
Seyed Mohammad Kazempour (Rice University)

Discussant: Alexander David (University of Calgary)

Session: Fintech
Session Chair: Raluca Roman (Federal Reserve Bank of Philadelphia)

FinTech Adoption and Household Risk-Taking

Claire Yurong Hong (Shanghai Jiao Tong University)
Xiaomeng Lu (Fudan University)
Jun Pan (Shanghai Jiao Tong University)

Discussant: Haikun Zhu (Erasmus University)

Dissemination, Publication, and Impact of Finance Research: When Novelty Meets Conventionality

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)

Surviving the Fintech Disruption

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)

Session: Market Efficiency 2
Session Chair: Joonki Noh (Case Western Reserve University)

More than 100% of the equity premium: How much is really earned on macroeconomic announcement days?

Rory Ernst (University of Washington)
Thomas Gilbert (University of Washington)
Christopher Hrdlicka (University of Washington)

Discussant: Hang Bai (University of Connecticut)

Market Returns and a Tale of Two Types of Attention

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)

Open Source Cross-Sectional Asset Pricing

Andrew Chen (Federal Reserve Board of Governors)
Tom Zimmermann (University of Cologne)

Discussant: Ryan Israelsen (Michigan State University)

Saturday, Sep 18  |  8:30 am - 10:00 am EDT

Session: Market Microstructure Theory
Session Chair: Michael Brolley (Wilfrid Laurier University)

Information Sharing in Financial Markets

Itay Goldstein (University of Pennsylvania)
Yan Xiong (Hong Kong University of Science & Technology)
Liyan Yang (University of Toronto)

Discussant: Jean Edouard Colliard (HEC Paris)

The Conceptual Flaws of Constant Product Automated Market Making

Andreas Park (University of Toronto)

Discussant: Katrin Tinn (McGill University)

Thinking Fast and Slow, Speculative Trading, and Skewness

Martin Boyer (HEC Montréal)
Samuel Ouzan (NEOMA Business School)

Discussant: Marius Zoican (University of Toronto)

Session: Mutual Funds 1
Session Chair: Petra Vokata (Ohio State University)

Factor Demand and Factor Returns

Cameron Peng (London School of Economics and Political Science)
Chen Wang (University of Notre Dame)

Discussant: Anna Scherbina (Brandeis University)

Two APs are Better Than One: ETF Mispricing and Primary Market Participation

Evgenii Gorbatikov (London Business School)
Taisiya Sikorskaya (London Business School)

Discussant: Caitlin Dannhauser (Villanova University)

Mutual Fund Revenue Sharing in 401(k) Plans

Clemens Sialm (University of Texas-Austin)
Veronika Pool (Vanderbilt University)
Irina Stefanescu (Federal Reserve Board of Governors)

Discussant: Irene Yi (University of Toronto)

Session: Regulation
Session Chair: Eahab Elsaid (University of Windsor)

Do Environmental Regulations Do More Harm Than Good? Evidence from Competition and Innovation

Rui Duan (York University)
Lilian Ng (York University)
Rui Dai (University of Pennsylvania)

Discussant: Yrjo Koskinen (University of Calgary)

Labor Market Effects of Deleting Delinquencies

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)

Municipal Bond Insurance and the U.S. Drinking Water Crisis

Ashwini Agrawal (London School of Economics and Political Science)
Daniel Kim (BI Norwegian Business School)

Discussant: Greg Nini (Drexel University)

Session: Household Finance 1
Session Chair: Alan Huang (University of Waterloo)

Almost Famous: The Short- and Long-Term Effects of Housing Wealth Shocks on Career Decisions

Jacelly Cespedes (University of Minnesota)
Zack Liu (University of Houston)
Carlos Parra (Pontificia Universidad Católica de Chile)

Discussant: Rohan Ganduri (Emory University)

Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities

Mark Egan (Harvard University)
Shan Ge (New York University)
Johnny Tang (Harvard University)

Discussant: Stephen Karolyi (Office of the Comptroller of the Currency)

Using High-Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers

Marco Giacoletti (University of Southern California)
Rawley Heimer (Boston College)
Edison Yu (Federal Reserve Bank of Philadelphia)

Discussant: Tetiana Davydiuk (Carnegie Mellon University)

Session: Innovation
Session Chair: Tak Siu (Macquarie University)

Paid Family Leave and Corporate Innovation

Hyuksoon Lim (University of Arizona)

Discussant: Bo Bian (University of British Columbia)

Academic Directors and Corporate Innovation

Yutong Xie (The College of New Jersey)
Jin Xu (Virginia Tech)
Ruiyao Zhu (Virginia Tech)

Discussant: Yelena Larkin (York University)

Mapping US-China Technology Decoupling, Innovation, and Firm Performance

Pengfei Han (Peking University)
Wei Jiang (Columbia University)
Danqing Mei (Cheung Kong Graduate School of Business)

Discussant: Ting Xu (University of Virginia)

Saturday, Sep 18  |  10:30 am - 12:00 pm EDT

Session: Corporate Empirical 1
Session Chair: Katie Moon (University of Colorado-Boulder)

Measuring the Quality of Mergers and Acquisitions

Feng Zhang (University of Utah)
Atif Ellahie (University of Utah)

Discussant: Xu Tian (University of Georgia)

Neglected Peers in Merger Valuations

Tingting Liu (Iowa State University)
Danni Tu (Iowa State University)
Feng Guo (Iowa State University)

Discussant: Pablo Moran (University of Calgary)

What Explains the Effect of Anti-Takeover Provisions on Corporate Innovation?

Alan Douglas (University of Waterloo)
Tu Nguyen (University of Waterloo)

Discussant: Nathalie Moyen (University of Colorado-Boulder)

Session: Financial Crises
Session Chair: Hamdi Driss (Saint Mary's University)

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

Arvind Krishnamurthy (Stanford University)
Wenhao Li (University of Southern California)

Discussant: Pedro Bordalo (University of Oxford)

Reducing Strategic Default in a Financial Crisis

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

Better Be Careful: The Replenishment of ABS backed by SME loans

Arved Fenner (University of Muenster)
Philipp Klein (University of Muenster)
Carina Moessinger (Deutsche Bundesbank)

Discussant: Teodora Paligorova (Bank of Canada)

Session: Info Transmission
Session Chair: Bing Han (University of Toronto)

Political polarization and financial news

Ryan Israelsen (Michigan State University)
Nandini Gupta (Indiana University)
Eitan Goldman (Indiana University)

Discussant: Kevin Crotty (Rice University)

Does Alternative Data Improve Financial Forecasting? The Horizon Effect

Olivier Dessaint (INSEAD)
Thierry Foucault (HEC Paris)
Laurent Fresard (University of Lugano)

Discussant: Russell Jame (University of Kentucky)

The Social Internetwork and Stock Returns

Mohamed Al Guindy (Carleton University)
Ryan Riordan (Queen's University)

Discussant: Qinghai Wang (University of Central Florida)

Session: Risk Premia
Session Chair: Farida Akhtar (Macquarie University)

Credit Risk and the Transmission of Interest Rate Shocks

Dino Palazzo (Federal Reserve System)
Ram Yamarthy (U.S. Department of the Treasury)

Discussant: Patrick Augustin (McGill University)

Smart Beta Made Smart: Synthetic Risk Factors for Institutional and Retail Investors

Riccardo Sabbatucci (Stockholm School of Economics)
Andrea Tamoni (Rutgers University)
Andreas Johansson (Lund University)

Discussant: Christopher Hrdlicka (University of Washington)

Expected Macroeconomic Conditions and Market Risk Premium: Evidence from A Term Structure of Macroeconomic Forecasts

Yizhe Deng (Hong Kong University of Science & Technology)
Ti Zhou (Southern University of Science and Technology)

Discussant: Jonas Eriksen (Aarhus University)

Session: Mutual Funds 2
Session Chair: Yrjo Koskinen (University of Calgary)

Smartphone Trading Technology, Investor Behavior, and Financial Fragility

Xiao Cen (Texas A&M University)

Discussant: Richard Evans (University of Virginia)

Hiding in Plain Sight: The Global Implications of Manager Disclosure

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)

Paying for Beta: Leverage Demand and Asset Management Fees

Steffen Hitzemann (Rutgers University)
Stanislav Sokolinski (Rutgers University)
Mingzhu Tai (University of Hong Kong)

Discussant: Javier Gil-Bazo (Universitat Pompeu Fabra)

Session: Household Finance 2
Session Chair: Akiko Watanabe (University of Alberta)

Competition and Selection in Credit Markets

Constantine Yannelis (University of Chicago)
Anthony Lee Zhang (University of Chicago)

Discussant: Jason Allen (Bank of Canada)

The Negativity Bias and Perceived Return Distributions: Evidence from a Pandemic

Richard Sias (University of Arizona)
Laura Starks (University of Texas-Austin)
Harry Turtle (Colorado State University)

Discussant: Ranjini Jha (University of Waterloo)

Should Retail Investors Listen to Social Media Analysts? Evidence from Text-Implied Beliefs

Chukwuma Dim (Frankfurt School of Finance and Management)

Discussant: Wei Wu (Texas A&M University)

Session: High Frequency Trading
Session Chair: Bhavik Parikh (St. Francis Xavier University)

Liquid speed: A micro-burst fee for low-latency exchanges

Michael Brolley (Wilfrid Laurier University)
Marius Zoican (University of Toronto - Mississauga)

Discussant: Thierry Foucault (HEC Paris)

Identifying High Frequency Trading activity without proprietary data

Bidisha Chakrabarty (Saint Louis University)
Carole Comerton-Forde (University of Melbourne)
Roberto Pascual (University of the Balearic Islands)

Discussant: Andreas Park (University of Toronto)

Zero-Commission Individual Investors, High Frequency Traders, and Stock Market Quality

Gregory Eaton (Oklahoma State University)
Clifton Green (Emory University)
Brian Roseman (Oklahoma State University)
Yanbin Wu (Emory University)

Discussant: Ryan Davies (Babson College)

Saturday, Sep 18  |  3:00 pm - 4:30 pm EDT

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

A Valuation Model of Venture Capital-Backed Companies with Multiple Financing Rounds

Will Gornall (University of British Columbia)
Ilya Strebulaev (Stanford University)

Discussant: Sofia Johan (Florida Atlantic University)

Angels and Venture Capitalists: Complementarity versus Substitution, Financing Sequence, and Relative Value Addition to Entrepreneurial Firms

Thomas Chemmanur (Boston College)
Harshit Rajaiya (School of Management University of Ottawa)
Jiajie Xu (Boston College)

Discussant: Debarshi Nandy (Brandeis University)

Trademarks and Entrepreneurial Firm Success: Theory and Evidence from Private Firm Exits and Initial Public Offerings

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)

Session: Climate (Sponsored by: Institute for Sustainable Finance, Queen's University)
Session Chair: Michael King (University of Victoria)

Household Wealth and Entrepreneurial Career Choices: Evidence from Climate Disasters

Xiao Cen (Texas A&M University)

Discussant: John Bai (Northeastern University)

Sea Level Rise and Portfolio Choice

Emirhan Ilhan (Frankfurt School of Finance and Management)

Discussant: David Ng (Cornell University)

The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing

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)

Session: Corporate Empirical 2
Session Chair: Arun Upadhyay (Florida International University)

Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry

Erik Gilje (University of Pennsylvania)
Michael Wittry (Ohio State University)

Discussant: Michael Hertzel (Arizona State University)

Does the Confidential IPO Registration Process Create Value?

Mengnan Zhu (Brandeis University)

Discussant: Chris Yung (University of Virginia)

Board dynamics over the startup life cycle

Michael Ewens (California Institute of Technology)
Nadya Malenko (University of Michigan)

Discussant: Will Gornall (University of British Columbia)

Session: Banking Policy
Session Chair: Harjoat Bhamra (Imperial College London)

The real effects of bank supervision: evidence from on-site inspections

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)

Bank Stress Test Disclosures, Private Information Production, and Price Informativeness

Amanda Heitz (Tulane University)
Barrett Wheeler (Tulane University)

Discussant: Tumer Kapan (International Monetary Fund)

Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds

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)

Session: Macro Theory
Session Chair: Josef Schroth (Bank of Canada)

Information Acquisition and the Pre-Announcement Drift

Hengjie Ai (University of Minnesota)
Ravi Bansal (Duke University)
Leyla Jianyu Han (Boston University)

Discussant: Liyan Yang (University of Toronto)

Inflation risk and the finance-growth nexus

Alexandre Corhay (University of Toronto)
Jincheng Tong (University of Toronto)

Discussant: Steven Baker (University of Virginia)

Announcements, Expectations, and Stock Returns with Asymmetric Information

Leyla Jianyu Han (Boston University)

Discussant: Adrian Buss (INSEAD)

Session: Market Microstructure Empirical
Session Chair: Isarin Durongkadej (Georgia College & State University)

Refusing the Best Price?

Sida Li (University of Illinois-Urbana-Champaign)
Miles Zheng (University of Illinois)
Mao Ye (University of Illinois)

Discussant: Andriy Shkilko (Wilfrid Laurier University)

Vestigial Tails? Floor Brokers at the Close in Modern Electronic Markets

Edwin Hu (New York University)
Dermot Murphy (University of Illinois-Chicago)

Discussant: Vincent Grégoire (HEC Montréal)

Centralizing over-the-counter markets?

Milena Wittwer (Stanford University)
Jason Allen (Bank of Canada)

Discussant: Alberto Teguia (University of British Columbia)

Session: Portfolio Choice
Session Chair: Xintong Zhan (Chinese University of Hong Kong)

More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency

Adrian Buss (INSEAD)
Savitar Sundaresan (Imperial College London)

Discussant: Michael Gallmeyer (University of Virginia)

What Do the Portfolios of Individual Investors Reveal About the Cross-Section of Equity Returns?

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)

A robust approach to optimal portfolio choice with parameter uncertainty

Nathan Lassance (Catholic University of Louvain)
Alberto Martin-Utrera (Iowa State University)
Majeed Simaan (Stevens Institute of Technology)

Discussant: Raymond Kan (University of Toronto)

From our sponsors:
Bank of CanadaHaskayne School of Business, University of CalgaryCanadian Derivatives InstituteCanadian Securities Institute Research FoundationStataCorpWharton Research Data Services

NFA 2021 Best Paper Awards

Special thanks to the awards committee for their selection of the winners for the two NFA-sponsored awards.

NFA 2021 Awards Committee:

  • - Vincent Glode (chair)
  • - Susan Christoffersen
  • - Simon Gervais
  • - Andrew Karolyi

  • Best Paper Award on Asset Pricing (Sponsored by: Northern Finance Association)
  • What Do the Portfolios of Individual Investors Reveal About the Cross-Section of Equity Returns?
    Sebastien Betermier, McGill University
    Laurent Calvet, EDHEC Business School
    Samuli Knüpfer, BI Norwegian Business School
    Jens Kvaerner, Tilburg University
  • Best Paper Award on Corporate Finance (Sponsored by: Northern Finance Association)
  • The Proxy Advisory Industry: Influencing and Being Influenced
    Chong Shu, University of Utah
  • Best PhD Student Paper Award (Sponsored by: Bank of Canada)
  • Announcements, Expectations, and Stock Returns with Asymmetric Information
    Leyla Jianyu Han, Boston University
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