Session: PhD Session: ESG

Location: room 201 in Kinnear Centre

Session Chair: Daniel Andrei (McGill University)

Labor Exposure to Climate Change and Capital Deepening

Zhanbing Xiao (University of British Columbia)

Discussant: Oliver Levine (University of Wisconsin-Madison)

To treat or prevent pollution?

Caroline Gentet-Raskopf (Paris Dauphine University)

Discussant: Yelena Larkin (York University)

Is trade credit insurance of equal importance to all firms?

Mostafa Aghasian (Paris Dauphine University)

Discussant: Kai Li (University of British Columbia)

Session: PhD Session: Debt and (Private) Equity

Location: room 205 in Kinnear Centre

Session Chair: Vincent Glode (University of Pennsylvania)

Monetary Policy, Debt Structure and Credit Reallocation

Yuchen Chen (University of Minnesota)

Discussant: Adlai Fisher (University of British Columbia)

Do rights offerings reduce bargaining complexity in Chapter 11?

Gunjan Seth (London Business School)

Discussant: Wei Wang (Queen's University)

Accessing Private Markets: What Does It Cost?

Wayne Lim (University of Oxford)

Discussant: Michael Gallmeyer (University of Virginia)

Session: Early Career Session

Location: room 203 in Kinnear Centre

Session Chair: Lorenzo Garlappi (University of British Columbia)

Do high-frequency market makers share risks?

Corey Garriott (TMX Group)
Vincent van Kervel (Pontificia Universidad Católica de Chile)
Marius Zoican (University of Toronto - Mississauga)

Economic Implications of Scaling Blockchains: Why the Consensus Protocol Matters

Kose John (New York University)
Thomas Rivera (McGill University)
Fahad Saleh (Wake Forest University)

Presidential Cycles and Exchange Rates

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

Government Arrears and Corporate Decisions: Lessons from a Natural Experiment

Jose Maria Abad (International Monetary Fund)
vicente bermejo (ESADE Business School)
Vicente Cunat (London School of Economics and Political Science)
Rafael Zambrana (University of Notre Dame)

Financial Market Structure and the Supply of Safe Assets: An Analysis of the Leveraged Loan Market

David Xiaoyu Xu

The Role of Loan Officers in the FinTech Era: Implications for Disparities in Consumer Credit

Erica Xuewei Jiang (University of Southern California)
Yeonjoon Lee
Will Shuo Liu

Session: PhD Session: Sophisticated Use of Data in Finance

Location: room 201 in Kinnear Centre

Session Chair: Daniel Andrei (McGill University)

Recovering Missing Firm Characteristics with Attention-based Machine Learning

Heiner Beckmeyer (University of Münster)
Timo Wiedemann (University of Münster)

Discussant: Svetlana Bryzgalova (London Business School)

Private Interaction with Management：Evidence from Textual Analysis of Analyst Reports

Yaping Zheng (McGill University)

Discussant: Kevin Smith (Stanford University)

Undercutting the exchanges: private trading, fee competition, and price discovery at the market close

Jingxiong Hu (Northwestern University)
Jiaheng Yu (Massachusetts Institute of Technology)

Discussant: Liyan Yang (University of Toronto)

Session: PhD Session: Real Effects of Financing

Location: room 205 in Kinnear Centre

Session Chair: Vincent Glode (University of Pennsylvania)

How Reduced Labor Mobility Can Lead to Inefficient Reallocation of Human Capital

Clemens Mueller (University of Mannheim)

Discussant: J. Anthony Cookson (University of Colorado-Boulder)

Why Do Innovative Firms Sell Patents? An Empirical Analysis of the Causes and Consequences of Patent Transactions

Jingxuan Zhang (Boston College)

Discussant: Jan Bena (University of British Columbia)

"It's Not You, It's Them": Industry Spillovers and Loan Portfolio Optimization

Juan Gorostiaga (IESE Business School)

Discussant: Joao Santos (Federal Reserve Bank of New York)

Session: Investors' Beliefs 1

Location: room 201 in Kinnear Centre

Session Chair: Vincent Grégoire (HEC Montréal)

Earnings Extrapolation and Predictable Stock Market Returns

Hongye Guo (University of Pennsylvania)

Discussant: Oliver Boguth (Arizona State University)

Biased Attention in Return Extrapolation: An Eye-Tracking Study

Chan Lim (Tulane University)

Discussant: Runjing Lu (University of Alberta)

Why are firms slow to adopt profitable opportunities?

Waldo Ojeda (Baruch College)
Sean Higgins (Northwestern University)
Ulrike Malmendier (University of California-Berkeley)
Paul Gertler (University of California-Berkeley)

Discussant: Saad Khan (HEC Montréal)

Session: Financial Intermediation and the Macroeconomy

Location: room 203 in Kinnear Centre

Session Chair: Alexandre Corhay (University of Toronto)

Inflation and Disintermediation

Isha Agarwal (University of British Columbia)
Matthew Baron (Cornell University)

Discussant: Amanda Heitz (Tulane University)

The Cost of Intermediary Market Power for Distressed Borrowers

Winston Dou (University of Pennsylvania)
Wei Wang (Queen's University)
Wenyu Wang (Indiana University)

Discussant: Alessandro Villa (Federal Reserve Bank of Chicago)

Bank Information Production Over the Business Cycle

Cooper Howes (Federal Reserve Bank of Kansas City)
Gregory Weitzner (University of Texas-Austin)

Discussant: Yufeng Wu (University of Illinois-Urbana-Champaign)

Session: Dynamic Corporate Finance

Location: room 205 in Kinnear Centre

Session Chair: Lorenzo Garlappi (University of British Columbia)

Financing Cycles

Thomas Geelen
Jakub Hajda (HEC Montréal)
Erwan Morellec (EPFL)
Adam Winegar (BI Norwegian Business School)

Discussant: Harjoat Bhamra (Imperial College London)

Technological Progress and Rent Seeking

Vincent Glode (University of Pennsylvania)
Guillermo Ordonez (University of Pennsylvania)

Discussant: Yao Deng (University of Connecticut)

Optimal Financial Policies for a Group

Shiqi Chen (Cambridge University)
Bart Lambrecht (Cambridge University)

Discussant: Alexander David (University of Calgary)

Session: International

Location: room 303 in Kinnear Centre

Session Chair: Jan Ericsson (McGill University)

Economic Policy Uncertainty and Multinational Companies

Leming Lin (University of Pittsburgh)
Atanas Mihov (University of Kansas)
Leandro Sanz (Ohio State University)

Discussant: Gregory Weitzner (University of Texas-Austin)

Jensen Bounds: Testable Restrictions on Asset Pricing Models

Piotr Orlowski (HEC Montréal)
Andrea Vedolin (Boston University)
Alireza Tahbaz-Salehi (Northwestern University)
Fabio Trojani (University of Geneva)

Discussant: Brent Glover (Carnegie Mellon University)

The Coming Battle of Digital Currencies

Lin William Cong (Cornell University)
Simon Mayer (Erasmus University)

Discussant: Katrin Tinn (McGill University)

Session: FOMC and Asset Prices

Location: room 201 in Kinnear Centre

Session Chair: Burton Hollifield (Carnegie Mellon University)

Arrow-Debreu Meets Kyle

Christian Keller
Michael Tseng (University of Central Florida)

Discussant: Michael Gallmeyer (University of Virginia)

King U.S. Dollar, Global Risks, and Currency Option Premiums

Gurdip Bakshi (Temple University)
Juan M. Londono (Federal Reserve Board of Governors)

Discussant: Philipp Illeditsch (Texas A&M University)

Noisy FOMC Returns

Charles Martineau (University of Toronto)
Oliver Boguth (Arizona State University)
Vincent Grégoire (HEC Montréal)

Discussant: Burton Hollifield (Carnegie Mellon University)

Session: Conflicts of Interest and Biased Incentives

Location: room 203 in Kinnear Centre

Session Chair: Elena Pikulina (University of British Columbia)

Stock Ownership of Federal Judges and its Impact on Corporations

Fred Kindelsperger (Florida State University)
April Knill (Florida State University)
Alexei Ovtchinnikov (HEC Paris)

Discussant: Ekaterina Neretina (University of Southern California)

The Impact of Broker Geography on Retail Investor Behavior

Daniel Bradley (University of South Florida)
William Gerken (University of Kentucky)
Jared Williams (University of South Florida)

Discussant: Ana-Maria Tenekedjieva (Federal Reserve Board of Governors)

Can Human Capital Explain Income-based Disparities in Financial Services?

Ruidi Huang (Southern Methodist University)
James Linck (Southern Methodist University)
Erik Mayer (Southern Methodist University)
Chris Parsons (University of Southern California)

Discussant: Dimuthu Ratnadiwakara (Louisiana State University)

Session: Corporate Investment and Boundaries of the Firm

Location: room 205 in Kinnear Centre

Session Chair: Gordon Sick (University of Calgary)

Specialized Investments and Firms’ Boundaries: Evidence from Textual Analysis of Patents

Isil Erel (Ohio State University)
Jan Bena (University of British Columbia)
Daisy Wang (Ohio State University)
Michael Weisbach (Ohio State University)

Discussant: Donald Bowen (Lehigh University)

Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals

J. Anthony Cookson (University of Colorado-Boulder)
Marina Niessner (Yale University)
Christoph Schiller (Arizona State University)

Discussant: Yaron Levi (University of Southern California)

Strategic Learning and Corporate Investment

Paul Decaire (Arizona State University)
Michael Wittry (Ohio State University)

Discussant: Paul Beaumont (Université Paris-Dauphine)

Session: The Cross-Section of Equity and Option Markets

Location: room 303 in Kinnear Centre

Session Chair: Dino Palazzo (Federal Reserve System)

Corporate Hedging, Investment, and Higher Moments of Stock Returns

Hitesh Doshi (University of Houston)
Praveen Kumar (University of Houston)
Virgilio Zurita (Baylor University)

Discussant: Miguel Palacios (University of Calgary)

A Multifactor Perspective on Volatility-Managed Portfolios

Victor DeMiguel (London Business School)
Alberto Martin-Utrera (Iowa State University)
Raman Uppal (EDHEC Business School)

Discussant: Cisil Sarisoy (Federal Reserve Board of Governors)

Retail Trading in Options and the Rise of the Big Three Wholesalers

Svetlana Bryzgalova (London Business School)
Anna Pavlova (London Business School)
Taisiya Sikorskaya (London Business School)

Discussant: Thomas Ernst (University of Maryland)

Session: Banks and Risk

Location: room 201 in Kinnear Centre

Session Chair: Harjoat Bhamra (Imperial College London)

Haste makes waste: banking organization growth and operational risk

Scott Frame (Federal Reserve Bank of Dallas)
Ping Mclemore (Federal Reserve Bank of Richmond)
Atanas Mihov (University of Kansas)

Discussant: Pablo Moran (University of Calgary)

Bank Stress Tests and Consumer Credit Markets: Credit and Real Impacts

Raluca Roman (Federal Reserve Bank of Philadelphia)

Discussant: Claire Celetier (University of Toronto)

Bank Diversification and Lending Resiliency

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

Discussant: Amina Enkhbold (Bank of Canada)

Session: Retail Investors and Asset Prices

Location: room 203 in Kinnear Centre

Session Chair: Brian Waters (University of Colorado-Boulder)

When Brokerages Restrict Retail Investors, Does the Game Stop?

Charles M. Jones (Columbia University)
Adam Reed (University of North Carolina-Chapel Hill)
William Waller (Tulane University)

Discussant: Andriy Shkilko (Wilfrid Laurier University)

The Equity Market Implications of the Retail Investment Boom

Philippe van der Beck (École Polytechnique Fédérale de Lausanne)
Coralie Jaunin (University of Lausanne)

Discussant: Yufeng Wu (University of Illinois-Urbana-Champaign)

Losing is Optional: Retail Option Trading and Earnings Announcement Volatility

Tim De Silva
Kevin Smith (Stanford University)
Eric So (Massachusetts Institute of Technology)

Discussant: Davide Tomio (University of Virginia)

Session: Uncertainty and Asset Prices

Location: room 205 in Kinnear Centre

Session Chair: Daniel Andrei (McGill University)

Learning about the Consumption Risk Exposure of Firms

Yongjin Kim (University of New Mexico)
Lars Kuehn (Carnegie Mellon University)
Kai Li (Hong Kong University of Science & Technology)

Discussant: Ali Abolghasemi (HEC Montréal)

Uncertainty, Risk, and Capital Growth

Gill Segal (University of North Carolina-Chapel Hill)
Ivan Shaliastovich (University of Wisconsin-Madison)

Discussant: Bernard Herskovic (University of California-Los Angeles)

Earnings growth uncertainty and the cross-section of equity valuation

Ella Patelli (University of British Columbia)

Discussant: Jesse Davis (University of North Carolina-Chapel Hill)

Session: Capital Allocation and Corporate Investment

Location: room 303 in Kinnear Centre

Session Chair: William Mann (Emory University)

Corporate tax avoidance, firm size, and capital misallocation

Brent Glover (Carnegie Mellon University)
Oliver Levine (University of Wisconsin-Madison)

Discussant: Yuri Tserlukevich (Arizona State University)

Tax Incentives, Small Businesses, and Physical Capital Reallocation

Manpreet Singh (Georgia Institute of Technology)
Riddha Basu (George Washington University)
Doyeon Kim (Northwestern University)

Discussant: Tatyana Sokolyk (Brock University)

Robots and Firm Investment

Michal Zator (University of Notre Dame)
Efraim Benmelech (Northwestern University)

Discussant: Diego Garcia (University of Colorado-Boulder)

Session: FinTech Lending

Location: room 201 in Kinnear Centre

Session Chair: Jan Bena (University of British Columbia)

Information Access and Innovation: Evidence from Open Banking

Tania Babina (Columbia University)
Greg Buchak (Stanford University)
Will Gornall (University of British Columbia)

Discussant: Manasa Gopal (Georgia Institute of Technology)

Open Banking under Maturity Transformation

Itay Goldstein (University of Pennsylvania)
Chong Huang (University of California-Irvine)
Liyan Yang (University of Toronto)

Discussant: Isha Agarwal (University of British Columbia)

Invisible Primes: Fintech Lending with Alternative Data

Marco Di Maggio (Harvard University)
Dimuthu Ratnadiwakara (Louisiana State University)
Don Carmichael

Discussant: Bo Bian (University of British Columbia)

Session: Investors' Beliefs 2

Location: room 203 in Kinnear Centre

Session Chair: Charles Martineau (University of Toronto)

Do I Really Want to Hear The News? Public Information Arrival and Investor Beliefs

Azi Ben-Rephael (Rutgers University)
J. Anthony Cookson (University of Colorado-Boulder)
Yehuda Izhakian (New York University)

Discussant: Alberto Teguia (University of British Columbia)

Who Listens to Corporate Conference Calls? The Effect of “Soft Information” on Institutional Trading

Alan Huang (University of Waterloo)
Russ Wermers (University of Maryland)

Discussant: Jingyu Zhang (Queen's University)

Evidence on Retrieved Context: How History Matters

William Goetzmann (Yale University)
Akiko Watanabe (University of Alberta)
Masahiro Watanabe (University of Alberta)

Discussant: Jessie Wang (Arizona State University)

Session: Firms, Households, and Climate Change

Location: room 205 in Kinnear Centre

Session Chair: Sean Cleary (Queen's University)

Outsourcing Climate Change

Rui Dai (University of Pennsylvania)
Lilian Ng (York University)
Rui Duan (Vienna University of Economics and Business)
Hao Liang (Singapore Management University)

Discussant: Lynnette Purda (Queen's University)

Trade Credit and the Stability of Supply Chains

Nuri Ersahin (Michigan State University)
Mariassunta Giannetti (Stockholm School of Economics)
Ruidi Huang (Southern Methodist University)

Discussant: Katie Moon (University of Colorado-Boulder)

Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies

Simon Oh (University of Chicago)
Ishita Sen (Harvard University)
Ana-Maria Tenekedjieva (Federal Reserve Board of Governors)

Discussant: Martin Boyer (HEC Montréal)

Session: Real Issues in Real Estate

Location: room 303 in Kinnear Centre

Session Chair: Markus Baldauf (University of British Columbia)

Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement

Seongjin Park (University of Chicago)
Arkodipta Sarkar (National University of Singapore)
Nishant Vats (University of Chicago)

Discussant: Pavel Krivenko (Baruch College)

Robbing Peter to Pay Paul? The Redistribution of Wealth Caused by Rent Control

Kenneth Ahern (University of Southern California)
Marco Giacoletti (University of Southern California)

Discussant: Matthijs Korevaar (Erasmus University)

Climate Change, the Partisan Divide, and Exposure to Climate Risk

Song Zhang (University of Delaware)

Discussant: Thomas Davidoff (University of British Columbia)

Session: Empirical Asset Pricing

Location: room 201 in Kinnear Centre

Session Chair: Michael Gallmeyer (University of Virginia)

Firm Characteristics and Stock Price Levels: A Long-Term Discount Rate Perspective

Yixin Chen (University of Rochester)
Ron Kaniel (University of Rochester)

Discussant: Thummim Cho (Pepperdine University/London School of Economics & Political Science)

Asset Pricing with Panel Tree under Global Split Criteria

Lin William Cong (Cornell University)
Guanhao Feng
Jingyu He (City University of Hong Kong)
Xin He

Discussant: Svetlana Bryzgalova (London Business School)

Noisy Factors

Pat Akey (University of Toronto)
Adriana Robertson (University of Chicago)
Mikhail Simutin (University of Toronto)

Discussant: Robert Dittmar (University of Michigan)

Session: Digital Payments and Financial Fragility

Location: room 203 in Kinnear Centre

Session Chair: J. Anthony Cookson (University of Colorado-Boulder)

Cashless Payment and Financial Inclusion

Shumiao Ouyang (Princeton University)

Discussant: James Brown (Iowa State University)

Friends and Family Money: P2P Transfers and Financially Fragile Consumers

Tetyana Balyuk (Emory University)
Emily Williams (Harvard University)

Discussant: Brian Baugh (University of Nebraska-Lincoln)

Bank Competition amid Digital Disruption: Implications for Financial Inclusion

Jinyuan Zhang (University of California-Los Angeles)
Erica Xuewei Jiang (University of Southern California)
Gloria Yu (Singapore Management University)

Discussant: Jennifer Dlugosz (Federal Reserve Board of Governors)

Session: Product Markets, Profitability, and Stock Returns

Location: room 205 in Kinnear Centre

Session Chair: Yelena Larkin (York University)

Product Market Competition and the Profitability Premium

Yao Deng (University of Connecticut)
Ding Luo (City University of Hong Kong)

Discussant: Art Durnev (University of Iowa)

Firm Product Concentration and Asset Prices

Alexandre Corhay (University of Toronto)
Howard Kung (London Business School)
Nuno Clara (Duke University)

Discussant: Dino Palazzo (Federal Reserve System)

Blaze New Trails for Others to Follow: Evidence from Scanner Data

Kuntara Pukthuanthong (University of Missouri)
Ruixiang Wang (Clark University)

Discussant: Yelena Larkin (York University)

Session: Climate Risks and Sustainable Investing

Location: room 303 in Kinnear Centre

Session Chair: Yrjo Koskinen (University of Calgary)

Information on Hot Stuff: Do Lenders Pay Attention?

Emdad Islam (Monash University)
Mandeep Singh (Imperial College London)

Discussant: Sadok El Ghoul (University of Alberta)

Asset overhang and technological change

Hans Degryse (Katholieke Universiteit Leuven)
Tarik Roukny (Katholieke Universiteit Leuven)
Joris Tielens (National Bank of Belgium)

Discussant: Alfred Lehar (University of Calgary)

ESG Investing: A Tale of Two Preferences

Paul Yoo (University of North Carolina-Chapel Hill)

Discussant: Mahamadi Ouoba (Haskayne School of Business, University of Calgary)

Session: Microstructure

Location: room 201 in Kinnear Centre

Session Chair: Alfred Lehar (University of Calgary)

On the Effects of Continuous Trading

Ivan Indriawan (Auckland University of Technology)
Roberto Pascual (University of the Balearic Islands)
Andriy Shkilko (Wilfrid Laurier University)

Discussant: Yashar Barardehi (Chapman University)

Comparing Search and Intermediation Frictions Across Markets

Gabor Pinter (Bank of England)
Semih Uslu (Johns Hopkins University)

Discussant: Joshua Mollner (Northwestern University)

Siphoned Apart: A Portfolio Perspective on Order Flow Fragmentation

Markus Baldauf (University of British Columbia)
Bart Yueshen (INSEAD)
Joshua Mollner (Northwestern University)

Discussant: Konstantin Sokolov (University of Memphis)

Session: Entrepreneurs' Incentives and Information

Location: room 203 in Kinnear Centre

Session Chair: Will Gornall (University of British Columbia)

Learning from Errors in Entrepreneurship

Camille Hebert (University of Toronto)

Discussant: Ting Xu (University of Virginia)

The Effect of Tax Incentives on Local Private Investments and Entrepreneurship: Evidence from the Tax Cuts and Jobs Act of 2017

Jiajie Xu (University of Iowa)

Discussant: Xinxin Wang (University of California-Los Angeles)

Entrepreneurship and the Platform Economy: Evidence from U.S. Tax Returns

Matthew Denes (Carnegie Mellon University)
Spyridon Lagaras (University of Pittsburgh)
Margarita Tsoutsoura (Cornell University)

Discussant: Sheng-Jun Xu (University of Alberta)

Session: Hedge Funds and Institutional Trading

Location: room 205 in Kinnear Centre

Session Chair: Wei Wang (Queen's University)

LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility

Mathias Kruttli (Federal Reserve Board of Governors)
Phillip Monin (Federal Reserve Board of Governors)
Lubomir Petrasek (Federal Reserve Board of Governors)
Sumudu Watugala (Indiana University)

Discussant: Valeri Sokolovski (HEC Montréal)

Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements

Sean Cao (University of Maryland)
Zhi Da (University of Notre Dame)
Xin Daniel Jiang (University of Waterloo)
Baozhong Yang (Georgia State University)

Discussant: Michael Hertzel (Arizona State University)

Correlated Demand Shocks and Asset Pricing

Byungwook Kim (Ohio State University)

Discussant: Philipp Illeditsch (Texas A&M University)

Session: Governance, Compensation, and Bankruptcy

Location: room 303 in Kinnear Centre

Session Chair: Oliver Levine (University of Wisconsin-Madison)

Optimal Managerial Authority

Joanne Juan Chen (London School of Economics and Political Science)

Discussant: Francesco Celentano (University of Lausanne)

On the Road to Better Governance: Private Meetings and Mutual Fund Voting

Jesse Ellis (North Carolina State University)
William Gerken (University of Kentucky)
Russell Jame (University of Kentucky)

Discussant: Rachel Li (University of Alabama)

Are Judges Randomly Assigned to Chapter 11 Bankruptcies? Not According to Hedge Funds

Kristoph Kleiner (Indiana University)
Niklas Huether (Indiana University)

Discussant: Nuri Ersahin (Michigan State University)