Welcome to NFA 2023
Dear NFA Members and Guests,
Welcome to the 35th NFA Annual Meeting and Conference in the vibrant city of Toronto, Canada. We are delighted to have you here and trust that this year's conference will be both engaging and informative.
This year is particularly significant as it marks our first gathering post-pandemic when we can finally let go the constraints imposed by COVID. It is also a record-breaking year of paper submissions, with almost 1,300 submissions received. In response to this tremendous interest, we are coming back in full swing with a program featuring 120 papers organized into 40 regular sessions.
Our paper review process has evolved, adopting a two-step assessment approach. One of our 63 Associate Program Chairs first pre-screened each paper, followed by in-depth reviews by at least three independent reviewers. We are immensely grateful to our program committee, comprising 306 members, for their diligent evaluations and valuable feedback.
In addition to our academic sessions, we have dedicated four sessions to PhD work, featuring 12 student papers. To further showcase the research of young scholars, we have introduced a PhD poster session with four additional papers from current PhD candidates. Special thanks go to Vincent Glode (Wharton) for his diligent efforts in organizing the PhD sessions.
This meeting continues the trend of growth and improvement, characterized by increased submissions, enhanced participation in the review process, greater attendance, and improved selectivity. We also believe this year’s program strikes a good balance between maintaining our Canadian character by including a broad representation of Canadian scholars, while simultaneously becoming more global in nature.
The highlight of our conference will be the keynote speech by Professor Lauren H. Cohen, the L.E. Simmons Professor of Business Administration at Harvard Business School on Saturday, September 9.
We express our heartfelt thanks to our NFA co-presidents, Nathalie Moyen and Akiko Watanabe, as well as the NFA board of directors, for their guidance over the past year. We also express our gratitude to our sponsors and exhibitors for their continued and invaluable support.
Lastly, we look forward to seeing you in person during our two evening events: the reception on Friday, September 8, at the Regatta Room at the Westin Hotel, and the reception-dinner event at the renowned CN Tower on September 9. We hope this iconic Toronto landmark will leave memorable experiences. We also hope you will enjoy the 2023 NFA meeting and encourage you to continue contributing to the success of future NFA conferences by participating as reviewers, discussants, or session chairs.
Best Regards,
Yelena Larkin and Lilian Ng
Yelena Larkin
Lilian Ng
Co-Presidents' Welcome
The NFA co-Presidents Nathalie Moyen and Akiko Watanabe welcome you to the 2023 NFA Annual Meeting and wish you an enjoyable and fruitful conference.
Nathalie Moyen
Akiko Watanabe
2023 Associate Program Chairs
- Daniel Andrei, McGill University
- Ilona Babenko, Arizona State University
- Kee-Hong Bae, York University
- Jan Bena, University of British Columbia
- Matthew T Billett, Indiana University
- Francesca Carrieri, McGill University
- Thomas Chemmanur, Boston College
- Ing-Haw Cheng, University of Toronto
- Tarun Chordia, Emory University
- J. Anthony Cookson, University of Colorado-Boulder
- Zhi Da, University of Notre Dame
- Alexander Dyck, University of Toronto
- Redouane Elkamhi, University of Toronto
- Jan Ericsson, McGill University
- Jack Favilukis, University of British Columbia
- Adlai J Fisher, University of British Columbia
- Pouyan Foroughi, York University
- Diego Garcia, University of Colorado-Boulder
- Ron Giammarino, University of British Columbia
- Vincent Glode, University of Pennsylvania
- Vincent Grégoire, HEC Montréal
- Bing Han, University of Toronto
- Campbell R Harvey, Duke University
- Michael Hertzel, Arizona State University
- Kewei Hou, Ohio State University
- Mark Huson, University of Alberta
- Hao Jiang, Michigan State University
- Mark Kamstra, York University
- Sandy Klasa, University of Arizona
- Yrjo Koskinen, University of Calgary
- Alfred Lehar, University of Calgary
- Oliver Levine, University of Wisconsin-Madison
- Doron Levit, University of Washington
- Kai Li, University of British Columbia
- Weikai Li, Singapore Management University
- Angie Low, Nanyang Technological University
- Michelle Lowry, Drexel University
- Andrey Malenko, University of Michigan
- Nadya Malenko, University of Michigan
- Katie Moon, University of Colorado-Boulder
- Nathalie Moyen, University of Colorado-Boulder
- David Ng, Cornell University
- Hernan Ortiz-Molina, University of British Columbia
- Christine Parlour, University of California-Berkeley
- Neil D Pearson, University of Illinois
- Mohammad Rahaman, Saint Mary's University
- Lukas Roth, University of Alberta
- Josef Schroth, Bank of Canada
- Andriy Shkilko, Wilfrid Laurier University
- Zheng Sun, University of California-Irvine
- James Thompson, University of Waterloo
- Fabio Trojani, University of Geneva
- Yuri Tserlukevich, Arizona State University
- Jun Tu, Singapore Management University
- Boris Vallee, Harvard University
- Philip Valta, Universitaet Bern
- Wei Wang, Queen's University
- Akiko Watanabe, University of Alberta
- Liyan Yang, University of Toronto
- Jaime F Zender, University of Colorado-Boulder
- Hong Zhang, Singapore Management University
- Guofu Zhou, Washington University-St. Louis
- Qifei Zhu, Nanyang Technological University
2023 Program Committee
- Nicolas A A Inostroza, University of Toronto
- Ali Abolghasemi, Saint Mary's University
- Jawad M. Addoum, Cornell University
- Vikas Agarwal, Georgia State University
- Senay Agca, George Washington University
- Hengjie Ai, University of Wisconsin-Madison
- Amir Akbari, McMaster University
- Pat Akey, University of Toronto
- James Albertus, Carnegie Mellon University
- Rui Albuquerque, Boston College
- Diego Amaya, Wilfrid Laurier University
- George Aragon, Arizona State University
- Hadiye Aslan, Georgia State University
- Adem Atmaz, Purdue University
- Shiu-Yik Au, University of Manitoba
- Patrick Augustin, McGill University
- Ramin Baghai, Stockholm School of Economics
- Jianqiu Bai, Northeastern University
- Warren B Bailey, Cornell University
- Steven Baker, Federal Reserve Bank of Richmond
- Tor-Erik Bakke, University of Illinois-Chicago
- Markus Baldauf, University of British Columbia
- Suman Banerjee, Stevens Institute of Technology
- Adelina Barbalau, University of Alberta
- Brad Barber, University of California-Davis
- Fred Bereskin, University of Missouri
- Asaf Bernstein, University of Colorado-Boulder
- Sebastien Betermier, McGill University
- Andrew Bird, Chapman University
- Michael Boutros, Bank of Canada
- Matthieu Bouvard, Toulouse School of Economics
- Neil Brisley, University of Waterloo
- Jonathan Brogaard, University of Utah
- Michael Brolley, Wilfrid Laurier University
- Markus Broman, Ohio University
- Andrea Buffa, University of Colorado-Boulder
- Sabrina Buti, Paris Dauphine University
- Jay Cai, Drexel University
- Jie Cao, Hong Kong Polytechnic University
- Claire Celetier, University of Toronto
- Murat A Celik, University of Toronto
- Ling Cen, Chinese University of Hong Kong
- Georgy Chabakauri, London School of Economics and Political Science
- Ines Chaieb, University of Geneva
- Pierre Chaigneau, Queen's University
- Xin Chang, Nanyang Technological University
- Yen-Cheng Chang, National Taiwan University
- David A Chapman, University of Virginia
- Yong Chen, Texas A&M University
- I-Hsuan Ethan Chiang, University of North Carolina - Charlotte
- KJ (Kyoung Jin) Choi, University of Calgary
- Stéphane Chrétien, Laval University
- Yongqiang Chu, University of North Carolina - Charlotte
- Garth Cooper, University of Pittsburgh
- Alexandre Corhay, University of Toronto
- Kevin Crotty, Rice University
- Jorge A Cruz Lopez, University of Western Ontario
- Peter Cziraki, Texas A&M University
- Francesco D'Acunto, Georgetown University
- Adrien d'Avernas, Stockholm School of Economics
- Rui Dai, University of Pennsylvania
- Mehmet Dalkir, University of New Brunswick
- Thomas Dangl, TU-Wien
- Andras Danis, Central European University
- Alexander David, University of Calgary
- Shaun Davies, University of Colorado-Boulder
- David De Angelis, University of Houston
- Paul Decaire, Arizona State University
- Francois Derrien, HEC Paris
- Jerome B Detemple, Boston University
- Lora Dimitrova, University of Exeter
- Yi Ding, Chinese University of Hong Kong-Shenzhen
- Ming Dong, York University
- Hitesh Doshi, University of Houston
- Winston Dou, University of Pennsylvania
- Alan Douglas, University of Waterloo
- Ying Duan, Simon Fraser University
- Esther Eiling, University of Amsterdam
- Sadok El Ghoul, University of Alberta
- Andrew Ellul, Indiana University
- Andrey Ermolov, Fordham University
- Joan Farre-Mensa, University of Illinois-Chicago
- David Feldman, University of New South Wales
- Jana Fidrmuc, University of Warwick
- Matthias Fleckenstein, University of Delaware
- Vyacheslav Fos, Boston College
- Scott Frame, Structured Finance Association
- Louis Gagnon, Queen's University
- Michael Gallmeyer, University of Virginia
- Rohan Ganduri, Emory University
- Xiaohui G Gao, Temple University
- Rene Garcia, University of Montreal
- Antonio Gargano, University of Houston
- Lorenzo Garlappi, University of British Columbia
- Mariassunta Giannetti, Stockholm School of Economics
- Thomas Gilbert, University of Washington
- Brent Glover, Carnegie Mellon University
- Jim Goldman, University of Warwick
- Andrey Golubov, University of Toronto
- Will Gornall, University of British Columbia
- Vidhan K. Goyal, Hong Kong University of Science & Technology
- Ruslan Goyenko, McGill University
- Thomas Griffin, Villanova University
- Omrane Guedhami, University of South Carolina
- Hui Guo, University of Cincinnati
- Matthew Gustafson, Pennsylvania State University
- Jakub Hajda, HEC Montréal
- Michael Halling, University of Luxembourg
- Allaudeen Hameed, National University of Singapore
- Kathleen Hanley, Lehigh University
- Michael Hasler, University of Texas-Dallas
- Jie He, University of Georgia
- Ulrich Hege, Toulouse School of Economics
- Rawley Heimer, Boston College
- Amanda Heitz, Tulane University
- Christoph Herpfer, Emory University
- Burton Hollifield, Carnegie Mellon University
- Christopher Hrdlicka, University of Washington
- Alex Hsu, Georgia Institute of Technology
- Po-Hsuan Hsu, National Tsing Hua University
- Scott Hsu, University of Arkansas
- Alan Huang, University of Waterloo
- Dashan Huang, Singapore Management University
- Amy Huber, University of Pennsylvania
- Eric Hughson, Claremont McKenna College
- Peter Iliev, Pennsylvania State University
- Philipp Illeditsch, Texas A&M University
- Ozgur S Ince, University of South Carolina
- Ryan Israelsen, Michigan State University
- Yehuda Izhakian, Baruch College
- Ranjini Jha, University of Waterloo
- Feng Jiao, University of Lethbridge
- Christopher S Jones, University of Southern California
- Chotibhak Jotikasthira, Southern Methodist University
- Raymond Kan, University of Toronto
- Stephen Adam Karolyi, Office of the Comptroller of the Currency
- Maziar M Kazemi, Arizona State University
- Ambrus Kecskés, York University
- Hugh Kim, University of South Carolina
- Hyunseob Kim, Federal Reserve Bank of Chicago
- Michael R King, University of Victoria
- Tao-Hsien Dolly King, University of North Carolina - Charlotte
- Kristoph Kleiner, Indiana University
- Andrew Koch, University of Pittsburgh
- Sanket Korgaonkar, University of Virginia
- Jason Kotter, Brigham Young University
- Mathias Kruttli, Indiana University
- Lars Kuehn, Carnegie Mellon University
- Alok Kumar, University of Miami
- Howard Kung, London Business School
- Nisan Langberg, Tel Aviv University
- Stephannie Larocque, University of Notre Dame
- Ali Lazrak, University of British Columbia
- Dong wook Lee, Korea University Business School
- Jongsub Lee, Seoul National University
- Suzanne Lee, Georgia Institute of Technology
- Ugur Lel, University of Georgia
- Stefan Lewellen, Pennsylvania State University
- Dan Li, Chinese University of Hong Kong-Shenzhen
- Dongmei Li, University of South Carolina
- Jiasun Li, George Mason University
- Si Li, Wilfrid Laurier University
- Hao Liang, Singapore Management University
- Erik Lie, University of Iowa
- Sonya Lim, DePaul University
- Luca Lin, HEC Montréal
- Tse-Chun Lin, University of Hong Kong
- Yupeng Lin, National University of Singapore
- Claire Liu, University of Sydney
- Roger Loh, Singapore Management University
- Lei Lu, University of Manitoba
- Runjing Lu, University of Alberta
- Evgeny Lyandres, Tel Aviv University
- Liang Ma, University of South Carolina
- Song Ma, Yale University
- Andrew MacKinlay, Virginia Tech
- Basma Majerbi, University of Victoria
- Katya Malinova, McMaster University
- Aytek Malkhozov, Queen Mary University of London
- William Mann, Emory University
- Qinghao Mao, Deakin University
- Yifei Mao, Cornell University
- Roberto Marfe, Collegio Carlo Alberto
- Massimo Massa, INSEAD
- Nadia Massoud, University of Melbourne
- Ronald W Masulis, University of New South Wales
- Pedro Matos, University of Virginia
- Thomas A Maurer, University of Hong Kong
- Camelia Minoiu, Federal Reserve Bank of Atlanta
- Anya Mkrtchyan, University of Massachusetts-Amherst
- Fabio Moneta, University of Ottawa
- Pablo Moran, University of Calgary
- Dmitriy Muravyev, Michigan State University
- Tu Nguyen, University of Waterloo
- Boris Nikolov, University of Lausanne
- Greg Nini, Drexel University
- Chayawat Ornthanalai, University of Toronto
- Piotr Orłowski, HEC Montréal
- Clemens Otto, Singapore Management University
- Maria Pacurar, Dalhousie University
- Miguel Palacios, University of Calgary
- Saurin Patel, University of Western Ontario
- Ella Patelli, University of British Columbia
- Dimitris Petmezas, Durham University
- Peter Pham, University of Sydney
- Alexander Philipov, George Mason University
- Blake Phillips, University of Waterloo
- Elena Pikulina, University of British Columbia
- Veronika Pool, Vanderbilt University
- Paul Povel, University of Houston
- Melissa Prado, Nova School of Business and Economics
- Lynnette Purda, Queen's University
- Buhui Qiu, University of Sydney
- Jiaping Qiu, McMaster University
- Sahil Raina, University of Alberta
- Uday Rajan, University of Michigan
- Otto Randl, Vienna University of Economics and Business
- Raghavendra Rau, Cambridge University
- Sugata Ray, University of Alabama
- Alessandro Rebucci, Johns Hopkins University
- Wendy Rotenberg, University of Toronto
- Guillaume Roussellet, McGill University
- Bryan Routledge, Carnegie Mellon University
- Amir Rubin, Simon Fraser University
- Thomas Ruchti, Office of Financial Research
- Oleg Rytchkov, Temple University
- Aleksandra Rzeznik, York University
- Stefano Sacchetto, IESE Business School
- Kunal Sachdeva, Rice University
- Mirela Sandulescu, University of Michigan
- Alessio Saretto, Federal Reserve Bank of Dallas
- Sergei Sarkissian, McGill University
- Anna Scherbina, Brandeis University
- Christoph Schiller, Arizona State University
- Jan Schneemeier, Indiana University
- Paul Schneider, Università della Svizzera Italiana
- David Schreindorfer, Arizona State University
- David Schumacher, McGill University
- Duane J Seppi, Carnegie Mellon University
- Ivan Shaliastovich, University of Wisconsin-Madison
- Joel Shapiro, University of Oxford
- Jinfei Sheng, University of California-Irvine
- Ran Shi, University of Colorado-Boulder
- Pauline Shum Nolan, York University
- Tobias Sichert, Stockholm School of Economics
- Stephan Siegel, University of Washington
- Elena Simintzi, University of North Carolina-Chapel Hill
- Mikhail Simutin, University of Toronto
- Janis Skrastins, Washington University-St. Louis
- Pablo Slutzky, University of Maryland
- Brian Smith, Wilfrid Laurier University
- Valeri Sokolovski, HEC Montréal
- Tatyana Sokolyk, Brock University
- Changcheng Song, Singapore Management University
- Zhongzhi Song, Shanghai Jiao Tong University
- Issouf Soumare, Laval University
- Anup Srivastava, University of Calgary
- Andreas Stathopoulos, University of North Carolina-Chapel Hill
- Neal Stoughton, University of Waterloo
- Jason Sturgess, Queen Mary University of London
- Johan Sulaeman, National University of Singapore
- Oumar Sy, Dalhousie University
- Stephen Szaura, BI Norwegian Business School
- Dragon Tang, University of Hong Kong
- Yuehua Tang, University of Florida
- Claudio Tebaldi, Bocconi University
- Alberto Teguia, University of British Columbia
- Wingwah Tham, University of New South Wales
- Xuan Tian, Tsinghua University
- Yisong Tian, York University
- Cristian I Tiu, State University of New York-Buffalo
- Giulio Trigilia, University of Rochester
- Kevin Tseng, National Taiwan University
- Harry J Turtle, Colorado State University
- Michael Ungeheuer, Aalto University
- Raman Uppal, EDHEC Business School
- Semih Uslu, Johns Hopkins University
- Edward Van Wesep, University of Colorado-Boulder
- Gyuri Venter, University of Warwick
- Aazam Virani, University of Arizona
- Guillaume Vuillemey, HEC Paris
- Hannes Wagner, Bocconi University
- Junbo Wang, Louisiana State University
- Wenyu Wang, Indiana University
- Xiaolu Wang, Iowa State University
- Yajun Wang, City University of New York
- Colin Ward, University of Minnesota
- Masahiro Watanabe, University of Alberta
- Brian Waters, University of Colorado-Boulder
- Sumudu W Watugala, Indiana University
- Michael Weber, University of Chicago
- Jason Wei, University of Toronto
- Joakim Westerholm, University of Sydney
- Eliza Wu, University of Sydney
- Wei Wu, Texas A&M University
- Youchang Wu, University of Oregon
- Han Xia, University of Texas-Dallas
- Ying Xia, Monash University
- Kairong Xiao, Columbia University
- Steven Xiao, University of Texas-Dallas
- Fei Xie, University of Delaware
- Jin Xu, Virginia Tech
- Ting Xu, University of Toronto
- Yan Xu, University of Hong Kong
- Zhaoxia Xu, University of New South Wales
- Dong Yan, Stockholm School of Economics
- Hongjun Yan, DePaul University
- Jinqiang Yang, Shanghai University of Finance and Economics
- Jun Yang, Indiana University
- Constantine Yannelis, University of Chicago
- Chen Yao, Chinese University of Hong Kong
- Tong Yao, University of Iowa
- Irene Yi, University of Toronto
- Li Yi, University of Washington
- Jing Yu, University of Sydney
- Miaomiao Yu, Louisiana State University
- Tong Yu, University of Cincinnati
- Chris Yung, University of Virginia
- Rafael Zambrana, University of Notre Dame
- Josef Zechner, WU Vienna
- Jing Zeng, University of Bonn
- Xintong Zhan, Fudan University
- Bohui Zhang, Chinese University of Hong Kong
- Chu Zhang, Hong Kong University of Science & Technology
- Feng Zhang, Southern Methodist University
- Le Zhang, Australian National University
- Xingtan Zhang, University of Colorado-Boulder
- Xiaofei Zhao, Georgetown University
- Alexei Zhdanov, Pennsylvania State University
- Marius Zoican, University of Toronto
- Hong Zou, University of Hong Kong
Special Sessions & Events
Conference Reception
(Sponsored by: Eventus, Cowan Research LC)
Breakfast
Lunch
Reception + Dinner at the CN Tower
Reception + Dinner at the CN Tower
Independent arrival to the dinner venue
Walking map from the Westin to dinner at the CN Tower (entrance is on the south side, near the aquarium)
Alternative walking route through Roundhouse Park
Breakfast
Full Schedule
Friday, Sep 08 | 1:30 pm - 3:00 pm EDT
Session: A.1 Currency Risk Premia
Location: Dockside 4
Session Chair: Francesca Carrieri (McGill University)
Technology Diffusion and Currency Risk Premia
Siming Liu (Shanghai University of Finance and Economics)
Ilias Filippou (Washington University-St. Louis)
Berg Cui
Discussant: Steven Riddiough (University of Toronto)
Liquidity Risk and Currency Premia
Fabricius Somogyi (Northeastern University)
Paul Soderlind (University of St. Gallen)
Discussant: Haonan Zhou (Princeton University)
Which Exchange Rates Matter to Global Investors? Evidence from Euro Area Sovereign Bond Holdings
Kristy Jansen (University of Southern California)
Hyun Song Shin (Bank for International Settlements)
Goetz von Peter (Bank for International Settlements)
Discussant: Amir Akbari (McMaster University)
Session: A.2 Banking and Lending
Location: Dockside 5
Session Chair: Michael Hertzel (Arizona State University)
Stakeholders' Aversion to Inequality and Bank Lending to Minorities
Matteo Crosignani (Federal Reserve Bank of New York)
Hanh Le (University of Illinois-Chicago)
Discussant: Elena Pikulina (University of British Columbia)
Lending by Servicing: Monetary Policy Transmission through Shadow Banks
Isha Agarwal (University of British Columbia)
Malin Hu (Vanderbilt University)
Raluca Roman (Federal Reserve Bank of Philadelphia)
Keling Zheng (University of British Columbia)
Discussant: Jessie Wang (Federal Reserve Board of Governors)
Geographical Expansion in US Banking: A Structural Evaluation
Matias Moretti (University of Rochester)
Juan Morelli (Federal Reserve Board of Governors)
Venky Venkateswaran (New York University)
Discussant: Andrew Bird (Chapman University)
Session: A.3 Shareholder Voting & Voting Rights
Location: Pier 7
Session Chair: Alan Crane (Rice University)
The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting
David Becher (Drexel University)
Michelle Lowry (Drexel University)
Jared Wilson (Indiana University)
Discussant: Andrew Koch (University of Pittsburgh)
Incentives for Information Acquisition and Voting by Shareholders
Shaoting Pi (Iowa State University)
Adam Meirowitz (Yale University)
Discussant: Patrick Blonien (Rice University)
On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets
Paul Decaire (Arizona State University)
Denis Sosyura (Arizona State University)
Discussant: Irene Yi (University of Toronto)
Session: A.4 Options
Location: Pier 8
Session Chair: Dmitriy Muravyev (Michigan State University)
Real Options, Skewness, and the Pricing of Equity Options
Alessio Saretto (Federal Reserve Bank of Dallas)
Andrea Gamba (University of Warwick)
Discussant: Alexei Zhdanov (Pennsylvania State University)
Stock Return Autocorrelations and Expected Option Returns
Yoontae Jeon (McMaster University)
Raymond Kan (University of Toronto)
Gang Li (Chinese University of Hong Kong)
Discussant: Xiao Xiao (City University of London)
A Real Cost of Free Trades: Retail Option Trading Increases the Volatility of Underlying Securities
Marc Lipson (University of Virginia)
Davide Tomio (University of Virginia)
Jiang Zhang (University of St. Thomas)
Discussant: Neil Pearson (University of Illinois)
Session: A.5 Machine Learning in Asset Pricing
Location: Pier 9
Session Chair: Bing Han (University of Toronto)
Cryptocurrency Return Predictability: A Machine-Learning Analysis
Ilias Filippou (Washington University-St. Louis)
David Rapach (Federal Reserve Bank of Atlanta)
Thimsen Christoffer (Aarhus University)
Discussant: Chengyu Zhang (McGill University)
Do the Collective Trades of Market Participants Contain Information about Stocks? A Machine Learning Approach
Victor Demiguel (London Business School)
Li Guo (Fudan University)
Bo Sang (University of Bristol)
Joe Zhang (Singapore Management University)
Discussant: Qian Yang (McMaster University)
Evaluating Hedge Funds with Machine Learning-Based Benchmarks
Tengjia Shu (University of Illinois-Chicago)
Ashish Tiwari (University of Iowa)
Discussant: Haibei Zhao (Lehigh University)
Friday, Sep 08 | 3:30 pm - 5:00 pm EDT
Session: B.1 ESG
Location: Dockside 4
Session Chair: Blake Phillips (University of Waterloo)
Investor Reliance on ESG Ratings and Stock Price Performance
Aleksandra Rzeznik (York University)
Loriana Pelizzon (Goethe University Frankfurt)
Kathleen Hanley (Lehigh University)
Discussant: Austin Moss (University of Colorado-Boulder)
Do Employees Have Useful Information About Firms’ ESG Practices?
Hoa Briscoe-Tran (University of Alberta)
Discussant: Kai Li (University of British Columbia)
Who Benefits from Sustainability-Linked Loans?
Kai Du (Pennsylvania State University)
Jarrad Harford (University of Washington)
David Shin (University of Oklahoma)
Discussant: Syed Walid Reza (State University of New York-Binghamton)
Session: B.2 Gender & Finance
Location: Dockside 5
Session Chair: Aazam Virani (University of Arizona)
Gender and Access to Credit Cards
Yafei Zhang (Georgia Institute of Technology)
Sudheer Chava (Georgia Institute of Technology)
Rohan Ganduri (Emory University)
Nikhil Paradkar (University of Georgia)
Linghang Zeng
Discussant: Billy Xu (University of Rochester)
Credentials Matter, but Only for Men: Evidence from the S&P 500
Peter Cziraki (Texas A&M University)
Adriana Robertson (University of Chicago)
Discussant: Hamed Mahmudi (University of Delaware)
Does Mandating Women on Corporate Boards Backfire?
Bo Bian (University of British Columbia)
Jingjing Li (University of Virginia)
Kai Li (University of British Columbia)
Discussant: Anya Mkrtchyan (University of Massachusetts-Amherst)
Session: B.3 Venture Capital & PE
Location: Pier 7
Session Chair: John Bai (Northeastern University)
The Effect of Student Loans on Entrepreneurial Firm Risk-taking, Performance, and Access to Venture Capital with Implications for the Biden Administration's Student Loan Forgiveness Program
Harshit Rajaiya (School of Management University of Ottawa)
Thomas Chemmanur (Boston College)
Karthik Krishnan (Northeastern University)
Pinshuo Wang (University of South Florida)
Discussant: Ting Xu (University of Toronto)
How Venture Capitalists and Startups Bet on Each Other: Evidence From an Experimental System
Ye Zhang (Stockholm School of Economics)
Mehran Ebrahimian (Stockholm School of Economics)
Discussant: Tiantian Gu (Northeastern University)
Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity
Vrinda Mittal (Columbia University)
Discussant: Wenting Ma (University of Massachusetts-Amherst)
Session: B.4 Asset Pricing Theory I
Location: Pier 8
Session Chair: Ali Lazrak (University of British Columbia)
Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates
Ruggero Jappelli (Goethe University Frankfurt)
Loriana Pelizzon (Goethe University Frankfurt)
Marti Subrahmanyam (New York University)
Discussant: Aaron Pancost (University of Texas-Austin)
Asset Growth Effect and Q Theory of Investment
Leonid Kogan (Massachusetts Institute of Technology)
Jun Li (University of Texas-Dallas)
Xiaotuo Qiao (Zhongnan University of Economics and Law)
Discussant: Yuchen Chen (University of Illinois-Urbana-Champaign)
Asset Pricing Implications of Heterogeneous Investment Horizons
Idan Hodor (Monash University)
Fernando Zapatero (Boston University)
Discussant: Philipp Illeditsch (Texas A&M University)
Session: B.5 Household Finance
Location: Pier 9
Session Chair: Pauline Shum Nolan (York University)
The Economic and Financial Impact of Negative Environmental and Social Practices: Evidence from Consumers' Store Visits
Zhanbing Xiao (Harvard University)
Xin Zheng (University of British Columbia)
Yuxiang Zheng (University of Akron)
Discussant: Philippe D'Astous (HEC Montréal)
Disentangling the Effects of Financial Inclusion on Household Well-Being
Nandini Gupta (Indiana University)
Ashish Sedai (University of Texas-Arlington)
Discussant: Emily Williams (Harvard University)
Salient Attributes and Household Demand for Security Designs
Petra Vokata (Ohio State University)
Discussant: Michael Boutros (Bank of Canada)
Saturday, Sep 09 | 8:00 am - 9:30 am EDT
Session: C.1 Decentralized Financial Markets
Location: Pier 9
Session Chair: Jan Bena (University of British Columbia)
Reaching for Yield in Decentralized Financial Markets
Patrick Augustin (McGill University)
Roy Chen-Zhang (University of North Carolina)
Donghwa Shin (University of North Carolina-Chapel Hill)
Discussant: KJ (Kyoung Jin) Choi (University of Calgary)
Fintech Disruption, Banks, and Credit (Dis-)Intermediation: When Do Foes Become Friends?
Yasser Boualam (University of North Carolina-Chapel Hill)
Paul Yoo (American University)
Discussant: Jinyuan Zhang (University of California-Los Angeles)
Liquidity Fragmentation on Decentralized Exchanges
Alfred Lehar (University of Calgary)
Christine Parlour (University of California-Berkeley)
Marius Zoican (University of Toronto)
Discussant: Katya Malinova (McMaster University)
Session: C.2 New Perspectives on Asset Management (PhD)
Location: Pier 8
Session Chair: Vincent Glode (University of Pennsylvania)
Flow Hedging and Mutual Fund Performance
Du Nguyen (University of Missouri)
Discussant: Leonid Kogan (Massachusetts Institute of Technology)
Face-to-face Social Interactions and Local Informational Advantage
Robin Lee (University of Southern California)
Discussant: Veronika Pool (Vanderbilt University)
Institutional Investors, Securities Lending and Short-Selling Constraints
Taisiya Sikorskaya (London Business School)
Discussant: Andrea Buffa (University of Colorado-Boulder)
Session: C.3 Bank Stress
Location: Pier 5
Session Chair: James Thompson (University of Waterloo)
Bank Stress Testing, Human Capital Investment and Risk Management
Thomas Schneider (Old Dominion University)
Philip Strahan (Boston College)
Jun Yang (University of Notre Dame)
Discussant: Teodora Paligorova (Federal Reserve Board of Governors)
Survival of the Biggest: Large Banks and Financial Crises
Matthew Baron (Cornell University)
Moritz Schularick (University of Bonn)
Kaspar Zimmermann (Goethe University Frankfurt)
Discussant: Evren Damar (Hobart and William Smith Colleges)
The Opioid Epidemic and Mortgage Lending: Credit or Demand Shock?
Kody Law (Cornell University)
Discussant: Jason Allen (Bank of Canada)
Session: C.4 Hedge Fund Activists
Location: Pier 4
Session Chair: George Aragon (Arizona State University)
Hedge Fund Activism Skill
Arjun Goel (University of Georgia)
Daniel Rettl (University of Georgia)
Discussant: Oleg Gredil (Tulane University)
Power Tussle: Hedge Fund Activists and Short Sellers
Tao Li (University of Florida)
Pedro Saffi (Cambridge University)
Daheng Yang (Columbia University)
Discussant: Cristian Tiu (State University of New York-Buffalo)
Do Hedge Funds Exploit Material Nonpublic Information? Evidence from Corporate Bankruptcies
Jingyu Zhang (Queen's University)
Wei Wang (Queen's University)
Yan Yang (Queen's University)
Discussant: Edith Hotchkiss (Boston College)
Session: C.5 Asset Pricing Factors
Location: Pier 3
Session Chair: Fabio Moneta (University of Ottawa)
Asset-Pricing Factors with Economic Targets
Svetlana Bryzgalova (London Business School)
Victor Demiguel (London Business School)
Sicong Li (London Business School)
Markus Pelger (Stanford University)
Discussant: Raymond Kan (University of Toronto)
Timing the Factor Zoo
Andreas Neuhierl (Washington University-St. Louis)
Otto Randl (Vienna University of Economics and Business)
Christoph Reschenhofer (Vienna University of Economics and Business)
Josef Zechner (WU Vienna)
Discussant: Alessandro Melone (Ohio State University)
Idiosyncratic Financial Risk and a Reevaluation of the Market Risk-Return Tradeoff
Johnathan Loudis (University of Notre Dame)
Lawrence Schmidt (Massachusetts Institute of Technology)
SungJe Byun (Federal Reserve Bank of Dallas)
Discussant: Gang Li (Chinese University of Hong Kong)
Session: C.6 Behavioral
Location: Pier 2
Session Chair: Azi Ben-Rephael (Rutgers University)
Traces of Humanity: Liquidity and Human Behavior in the Machine Age
Mark Kamstra (York University)
Lisa Kramer (University of Toronto)
Andriy Shkilko (Wilfrid Laurier University)
Discussant: Ferhat Akbas (University of Illinois-Chicago)
Artificial Intelligence and Debt Collection: Evidence from a Field Experiment
Yijun Zhou (Baruch College)
Discussant: Antonio Gargano (University of Houston)
Insufficient Sleep and Intra-Day Financial Decision-Making: Evidence from Online Lending
Paul Freed (University of South Carolina)
Discussant: Donghwa Shin (University of North Carolina-Chapel Hill)
Saturday, Sep 09 | 9:30 am - 4:30 pm EDT
Session: PhD Poster Session
Location: Harbor Foyer
Session Chair: Hosein Hamisheh Bahar (York University)
Household Stock Market Participation, Local Banks, and Local Economy Development
Chelsea Yang (University of British Columbia)
Shiqi Zhang (University of British Columbia)
Learning About Fed Policy From Macro Announcements: A Tale of Two FOMC Days
Zohair Alam (University of Toronto)
CEO Outside Directorship: A Conduit for Corporate Social Responsibility
Tae In Jun (University of Alabama)
Saturday, Sep 09 | 10:00 am - 11:30 am EDT
Session: D.1 Political Risk and Government Policy
Location: Pier 9
Session Chair: Mohammad Rahaman (Saint Mary's University)
Political Risk Everywhere
Vito Gala (PIMCO)
Giovanni Pagliardi (BI Norwegian Business School)
Ivan Shaliastovich (University of Wisconsin-Madison)
Stavros Zenios (University of Cyprus)
Discussant: Fabio Moneta (University of Ottawa)
Follow the Pipeline
Joseph Kalmenovitz (University of Rochester)
Suzanne Chang (Tulane University)
Alejandro Lopez Lira (University of Florida)
Discussant: Alison Taylor (Queen's University)
Government Policy Announcement Return
Yang Liu (University of Hong Kong)
Ivan Shaliastovich (University of Wisconsin-Madison)
Discussant: Wenyao Hu (New York Institute of Technology)
Session: D.2 New Perspectives on Asset Prices (PhD)
Location: Pier 8
Session Chair: Ali Lazrak (University of British Columbia)
The Stock Market Valuation of Corporate Social Responsibility
Jinyoung Kim (Boston College)
Discussant: Kunal Sachdeva (Rice University)
Spatial Extrapolation in The Housing Market
Gen Li (University of British Columbia)
Discussant: Marius Guenzel (University of Pennsylvania)
Network Factors for Idiosyncratic Volatility Spillover
Belinda Chen (University of Illinois-Urbana-Champaign)
Discussant: Colin Ward (University of Minnesota)
Session: D.3 Carbon Emissions
Location: Pier 5
Session Chair: Yrjo Koskinen (University of Calgary)
Foreign Institutional Ownership and Corporate Carbon Emissions
Jie Cao (Hong Kong Polytechnic University)
Xintong Zhan (Fudan University)
Weiming Zhang (IE Business School)
Yaojia Zhang (Chinese University of Hong Kong)
Discussant: Sadok El Ghoul (University of Alberta)
Internal Carbon Markets and Carbon Emissions
Santanu Kundu (University of Mannheim)
Discussant: Greg Hebb (Dalhousie University)
Effects of Mandatory Carbon Reporting on Unrepresentative Environmental Disclosures
Jingjing Wang (Haskayne School of Business, University of Calgary)
Jody Grewal (University of Toronto)
Gordon Richardson (University of Toronto)
Discussant: Elizabeth Demers (University of Waterloo)
Session: D.4 Corporate Financial Policy
Location: Pier 4
Session Chair: Nathalie Moyen (University of Colorado-Boulder)
A Dynamic Trade-off Theory with Corporate and Personal Taxes
Jingxiong Hu (University of Warwick)
Discussant: James Albertus (Carnegie Mellon University)
Crowdfunding and Risk
David Cimon (Bank of Canada)
Discussant: David Brown (University of Arizona)
Corporate Hedging, Contract Rights, and Basis Risk
Yuri Tserlukevich (Arizona State University)
Ilona Babenko (Arizona State University)
Discussant: Katie Moon (University of Colorado-Boulder)
Session: D.5 Short Sales
Location: Pier 3
Session Chair: Julie Wu (University of Nebraska-Lincoln)
The Double-Edged Sword of The 2020 European Short-Selling Bans
Dimitris Papadimitriou (King's College London)
Robert Kosowski (Imperial College London)
Pasquale Della Corte (Imperial College London)
Nikolaos Rapanos (Imperial College London)
Discussant: Konstantin Sokolov (University of Memphis)
Anomalies and Their Short-Sale Costs
Dmitriy Muravyev (Michigan State University)
Neil Pearson (University of Illinois)
Joshua Pollet (University of Illinois)
Discussant: Cong (Roman) Wang (Texas Tech University)
Market Power in the Securities Lending Market
Shuaiyu Chen (Purdue University)
Ron Kaniel (University of Rochester)
Christian Opp (University of Rochester)
Discussant: Chaojun Wang (University of Pennsylvania)
Session: D.6 ETFs & Market Efficiency
Location: Pier 2
Session Chair: Vincent Grégoire (HEC Montréal)
Financial Intermediaries and Contagion in Market Efficiency: The Case of ETFs
Weikai Li (Singapore Management University)
Claire Yurong Hong (Shanghai Jiao Tong University)
Avanidhar Subrahmanyam (University of California-Los Angeles)
Jiang Luo (Nanyang Technological University)
Discussant: Tolga Cenesizoglu (HEC Montréal)
ETFs, Anomalies and Market Efficiency
Ilias Filippou (Washington University-St. Louis)
Songrun He (Washington University-St. Louis)
Sophia Zhengzi Li (Rutgers University)
Guofu Zhou (Washington University-St. Louis)
Discussant: Vincent Bogousslavsky (Boston College)
Do Designated Market Makers Matter for ETFs?
Yizhao Huang (Northeastern University)
Xiaowen Hu (Southern Methodist University)
Hongfei Tang (Seton Hall University)
Tianyang Wang (Colorado State University)
Ying Yuan (Northeastern University)
Discussant: Michael Brolley (Wilfrid Laurier University)
Saturday, Sep 09 | 1:00 pm - 2:30 pm EDT
Session: E.1 Data Sharing, Privacy and Disclosure
Location: Pier 9
Session Chair: Liyan Yang (University of Toronto)
Tracing Out International Data Flow: The Value of Data and Privacy
Junjun Quan (Columbia University)
Discussant: Bo Bian (University of British Columbia)
The Digital Economy, Privacy, and CBDC
Toni Ahnert (European Central Bank)
Peter Hoffmann (European Central Bank)
Cyril Monnet (Universitaet Bern)
Discussant: Jing Huang (Texas A&M University)
Production, Trade, and Cross-Border Data Flows
Qing Chang (Central University of Finance and Economics)
Lin William Cong (Cornell University)
Liyong Wang (Central University of Finance and Economics)
Longtian Zhang (Central University of Finance and Economics)
Discussant: Jinyuan Zhang (University of California-Los Angeles)
Session: E.2 New Perspectives on Funding and Banking (PhD)
Location: Pier 8
Session Chair: David Becher (Drexel University)
Instant Payment Systems and Competition for Deposits
Sergey Sarkisyan (University of Pennsylvania)
Discussant: Matthew Baron (Cornell University)
The Firm Balance Sheet Channel of Uncertainty Shocks
Wentao Zhou (University of Wisconsin-Madison)
Discussant: Lorenzo Garlappi (University of British Columbia)
Understanding Founder-Friendliness: The Roles of Startup Accelerators and Venture Capitalist Reputation
Adel Khusnulgatin (University of Toronto)
Discussant: Adolfo Demotta (McGill University)
Session: E.3 Mutual Funds
Location: Pier 5
Session Chair: Veronika Pool (Vanderbilt University)
Investor Overconfidence Over-extrapolation Bias Mutual Fund Flow and Performance
Jie Gao (Bentley University)
David Hirshleifer (University of Southern California)
Discussant: Richard Evans (University of Virginia)
Nationalism, Subtle Bias, and Labor Outcomes: Evidence from Global Mutual Funds
Richard Evans (University of Virginia)
Michael Young (University of Missouri)
Discussant: Clifton Green (Emory University)
Peer Fragility, Liquidity Preferences, and the Propagation of Financial Shocks
Aleksandra Rzeznik (York University)
Ben Sand
Discussant: Joseph Chen (University of California-Davis)
Session: E.4 Strategies in Tech Investment
Location: Pier 4
Session Chair: Han Xia (University of Texas-Dallas)
Excess Commitment in R&D
Marius Guenzel (University of Pennsylvania)
Tong Liu (Massachusetts Institute of Technology)
Discussant: Joshua Krieger (Harvard University)
Firms’ Transition to Green: Innovation versus Lobbying
Sungjoung Kwon (Wayne State University)
Michelle Lowry (Drexel University)
Michela Verardo (London School of Economics and Political Science)
Discussant: Mehmet Canayaz (Pennsylvania State University)
Pricing Technological Innovators: Patent Intensity and Life-Cycle Dynamics
Jiri Knesl (University of Oxford)
Adlai Fisher (University of British Columbia)
Jan Bena (University of British Columbia)
Julian Vahl (University of British Columbia)
Discussant: Chen Xue (University of Cincinnati)
Session: E.5 Bonds
Location: Pier 3
Session Chair: Alex Zhou (Southern Methodist University)
Is the Playing Field Really Level? Evidence from Bond-loan Dualholding
Kai Li (University of British Columbia)
Luca Lin (HEC Montréal)
Xinyan Yan (University of South Florida)
Discussant: Sergei Davydeno (University of Toronto)
Firms’ Response to Credit Supply: Evidence from Upsized Corporate Bond Offerings
Edith Hotchkiss (Boston College)
Hurong Sun (University of Massachusetts-Boston)
Liying Wang (University of Nebraska-Lincoln)
Yijia (Eddie) Zhao (University of Massachusetts-Boston)
Discussant: Jaewon Choi (University of Illinois-Urbana-Champaign)
“Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events
Alan Huang (University of Waterloo)
Russ Wermers (University of Maryland)
Jinming Xue (Southern Methodist University)
Discussant: Jason Wei (University of Toronto)
Session: E.6 Corporate Governance I
Location: Pier 2
Session Chair: Yuri Tserlukevich (Arizona State University)
Equity-Based Compensation and the Timing of Share Repurchases: The Role of the Corporate Calendar
Ingolf Dittmann (Erasmus University)
Yazhu Li (Erasmus University)
Stefan Obernberger (Erasmus University)
Jiaqi Zheng (Oxford University)
Discussant: Idan Hodor (Monash University)
Do board connections between product market peers impede competition?
Radhakrishnan Gopalan (Washington University-St. Louis)
Renping Li (Washington University-St. Louis)
Alminas Zaldokas (Hong Kong University of Science & Technology)
Discussant: Paul Calluzzo (Queen's University)
Do the Voting Rights of Federal Reserve Bank Presidents Matter?
Vyacheslav Fos (Boston College)
Nancy Xu (Boston College)
Discussant: Tarik Umar (Rice University)
Saturday, Sep 09 | 2:45 pm - 4:15 pm EDT
Session: AGM and Keynote Speech by Prof. Lauren Cohen
Location: Harbour Ballroom
Session Chair: Nathalie Moyen (University of Colorado-Boulder)
Saturday, Sep 09 | 4:30 pm - 6:00 pm EDT
Session: F.1 Fed and Central Banks
Location: Pier 9
Session Chair: David Cimon (Bank of Canada)
Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect
Linyan Zhu (London School of Economics and Political Science)
Discussant: Jinfei Sheng (University of California-Irvine)
Tail Risk Around FOMC Announcements
Kris Jacobs (University of Houston)
Sai Ke (University of Mississippi)
Xuhui Nick Pan (University of Oklahoma)
Discussant: Lerby Ergun (Bank of Canada)
Forward Guidance and its Effectiveness: A Macro-Finance Shadow-Rate Framework
Junko Koeda (Waseda University)
Bin Wei (Federal Reserve Bank of Atlanta)
Discussant: Yoshio Nozawa (University of Toronto)
Session: F.2 New Perspectives on Financial Markets (PhD)
Location: Pier 8
Session Chair: Kai Li (University of British Columbia)
Insider Trading With Options
Matteo Vacca (Aalto University)
Discussant: Michelle Lowry (Drexel University)
Hedge Funds With(out) Edge
Eric Wilson (McMaster University)
Discussant: Kevin Crotty (Rice University)
Risk-Return Expectations of Financial Intermediaries
Paul Meyerhof (University of Muenster)
Discussant: Ivan Shaliastovich (University of Wisconsin-Madison)
Session: F.3 OTC Markets and Transactions
Location: Pier 5
Session Chair: Alfred Lehar (University of Calgary)
Trading With Expert Dealers
Maria Chaderina (University of Oregon)
Vincent Glode (University of Pennsylvania)
Discussant: Thomas Rivera (McGill University)
Composition Effects in OTC Transaction Costs
Mariano Palleja (University of California-Los Angeles)
Discussant: Marius Zoican (University of Toronto)
Strategic Bargaining and Portfolio Choice in Intermediated Markets
Jessica Li (University of Chicago)
Discussant: Briana Chang (University of Wisconsin-Madison)
Session: F.4 Macro
Location: Pier 4
Session Chair: Burton Hollifield (Carnegie Mellon University)
Downward Nominal Rigidities and Bond Premia
Francois Gourio (Federal Reserve Bank of Chicago)
Robert Ngo (Cleveland State University)
Discussant: Alex Hsu (Georgia Institute of Technology)
A P Theory of Government Debt and Taxes
Wei Jiang (Hong Kong University of Science & Technology)
Thomas Sargent (New York University)
Neng Wang (Columbia University)
Jinqiang Yang (Shanghai University of Finance and Economics)
Discussant: Philipp Illeditsch (Texas A&M University)
Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness
Viral Acharya (New York University)
Timothy Johnson (University of Illinois)
Suresh Sundaresan (Columbia University)
Steven Zheng (University of California-Berkeley)
Discussant: Michael Gallmeyer (University of Virginia)
Session: F.5 Microstructure I
Location: Pier 3
Session Chair: Christian Opp (University of Rochester)
Would Order By Order Auctions Be Competitive?
Thomas Ernst (University of Maryland)
Chester Spatt (Carnegie Mellon University)
Jian Sun (Singapore Management University)
Discussant: Cecilia Parlatore (New York University)
The Retail Execution Quality Landscape
Anne Haubo Dyhrberg (Wilfrid Laurier University)
Andriy Shkilko (Wilfrid Laurier University)
Ingrid Werner (Ohio State University)
Discussant: Travis Johnson (University of Texas-Austin)
The Need for Fees at a DEX: How Increases in Fees Can Increase DEX Trading Volume
Joel Hasbrouck (New York University)
Thomas Rivera (McGill University)
Fahad Saleh (Wake Forest University)
Discussant: Ruizhe Jia (Columbia University)
Session: F.6 Corporate: Heuristics and Cultural Biases
Location: Pier 2
Session Chair: Nadia Massoud (University of Melbourne)
The Value of Openness
Joshua Della Vedova (University of San Diego)
Stephan Siegel (University of Washington)
Mitch Warachka (Chapman University)
Discussant: Melina Vosse (University of San Diego)
Racial Prejudice in the Workplace and Firm Boycotts
Isaac Hacamo (Indiana University)
Discussant: Vidhi Chhaochharia (University of Miami)
Just Look: Knowing Peers with Image Representation
Tomasz Kaczmarek (Poznan University of Economics and Business)
Kuntara Pukthuanthong (University of Missouri)
Discussant: Alan Zhang (Florida International University)
Sunday, Sep 10 | 8:30 am - 10:00 am EDT
Session: G.1 Banking
Location: Pier 8
Session Chair: Paolo Fulghieri (University of North Carolina-Chapel Hill)
The Ring-Fencing Bonus
Irem Erten (University of Warwick)
John Thanassoulis (University of Warwick)
Ioana Neamtu (Bank of England)
Discussant: Jay Kahn (Federal Reserve Board of Governors)
Bank Monitoring with On-Site Inspections
Amanda Heitz (Tulane University)
Christopher Martin (Federal Deposit Insurance Corporation)
Alexander Ufier (Federal Deposit Insurance Corporation)
Discussant: Yasser Boualam (University of North Carolina-Chapel Hill)
Is Bond Financing Disintermediated? The Role of Bank Trading Networks
Giorgio Ottonello (Universidade Nova de Lisboa)
Emanuele Rizzo (Nova School of Business and Economics)
Rafael Zambrana (University of Notre Dame)
Discussant: Yingnan Zhao (University of Toronto - Mississauga)
Session: G.2 The Wisdom of the Crowds
Location: Pier 2
Session Chair: Daniel Andrei (McGill University)
Externalities of Responsible Investments
Alessio Piccolo (Indiana University)
Jan Schneemeier (Indiana University)
Michele Bisceglia (Toulouse School of Economics)
Discussant: Jakub Hajda (HEC Montréal)
Belief Polarization, Unconscious Bias, and Financial Markets
Nan Ma (McGill University)
Discussant: Charles Martineau (University of Toronto)
When Crowds Aren't Wise: Biased Signals From Investor Social Networks and its Price Impact
Edna Lopez Avila (University of Toronto)
Charles Martineau (University of Toronto)
Jordi Mondria (University of Toronto)
Discussant: Runjing Lu (University of Alberta)
Session: G.3 Asset Pricing Theory II
Location: Pier 3
Session Chair: Fernando Zapatero (Boston University)
Why Divest? The Political and Informational Roles of Institutions in Asset Stranding
Murray Carlson (University of British Columbia)
Adlai Fisher (University of British Columbia)
Ali Lazrak (University of British Columbia)
Discussant: Alexandr Kopytov (University of Rochester)
Conservative Holdings, Aggressive Trades: Ambiguity, Learning, and Equilibrium Flows
Thomas Dangl (TU-Wien)
Lorenzo Garlappi (University of British Columbia)
Alex Weissensteiner (Free University of Bolzano-Bozen)
Discussant: Yehuda Izhakian (Baruch College)
Product Price Change Timing and Stock Returns
Andrew Kane (Duke University)
Discussant: Yao Deng (University of Connecticut)
Session: G.4 Product Market Interactions
Location: Pier 4
Session Chair: Marius Guenzel (University of Pennsylvania)
The Golden Revolving Door: Hedging through Hiring Government Officials
Ling Cen (Chinese University of Hong Kong)
Lauren Cohen (Harvard University)
Jing Wu (Chinese University of Hong Kong)
Fan Zhang (Chinese University of Hong Kong)
Discussant: Ramona Dagostino (University of Rochester)
(Don’t) Feed the Mouth that Bites: Trade Credit Strategies among Rival Customers Sharing Suppliers
Kayla Freeman (University of Georgia)
Jie He (University of Georgia)
Han Xia (University of Texas-Dallas)
Liyan Yang (University of Toronto)
Discussant: Fotis Grigoris (University of Iowa)
Stakeholders, Governance, and Output: Evidence from the Hospital Sector
Christoph Herpfer (Emory University)
Gonzalo Maturana (Emory University)
Jianzhang Lin (Emory University)
Discussant: Gunjan Seth (University of Southern California)
Session: G.5 Foreclosure and Real Estate Loans
Location: Pier 5
Session Chair: Tatyana Sokolyk (Brock University)
Manufactured Housing and Market Foreclosure
Maris Jensen (University of Iowa)
Discussant: Rohan Ganduri (Emory University)
Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans
Serdar Dinc (Rutgers University)
Erkan Yonder (Concordia University)
Discussant: Brent Ambrose (Pennsylvania State University)
Property Tax Sales, Private Capital, and Gentrification in the U.S.
Cameron LaPoint (Yale University)
Discussant: David Zhang (Rice University)
Sunday, Sep 10 | 10:30 am - 12:00 pm EDT
Session: H.1 Consequences of FinTech and Digitalization
Location: Pier 8
Session Chair: Tingting Liu (Iowa State University)
The Role of FinTech in Small Business Lending
Paul Beaumont (McGill University)
Huan Tang (London School of Economics and Political Science)
Eric Vansteenberghe (Paris School of Economics)
Discussant: John Bai (Northeastern University)
Banks, Fintech Disruptions, and Labor Consequences
Hieu Tran (University of Georgia)
Discussant: James Brown (Iowa State University)
Decrypting the Digital Economy: The Digital Alpha and Its Origins
Mingyi Hua (Yale University)
Discussant: Jiasun Li (George Mason University)
Session: H.2 Microstructure II
Location: Pier 2
Session Chair: Chester Spatt (Carnegie Mellon University)
Size Discovery with Discrete Trading
Patrick Blonien (Rice University)
Discussant: Giang Nguyen (Pennsylvania State University)
Closing Pressure, Predatory Trading, and the Negative Price of Oil
Yiqing Ge (Tsinghua University)
Wenjin Kang (University of Macau)
Liyan Yang (University of Toronto)
Ke Tang (Tsinghua University)
Discussant: David Goldreich (University of Toronto)
HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading
Wenqian Huang (Bank for International Settlements)
Peter O'Neill (Financial Conduct Authority)
Angelo Ranaldo (University of St. Gallen)
Shihao Yu (Columbia University)
Discussant: Burton Hollifield (Carnegie Mellon University)
Session: H.3 Labor
Location: Pier 3
Session Chair: Tania Babina (Columbia University)
Entrepreneurs’ Diversification and Labor Income Risk
Jan Bena (University of British Columbia)
Andrew Ellul (Indiana University)
Valentina Rutigliano (University of British Columbia)
Marco Pagano (University of Naples Federico II)
Discussant: Liu Yang (University of Maryland)
Venture Labor: A Nonfinancial Signal for Start-up Success
Sean Cao (University of Maryland)
Jie He (University of Georgia)
Zhilu Lin (Clarkson University)
Xiao Ren (Chinese University of Hong Kong-Shenzhen)
Discussant: Ting Xu (University of Toronto)
Resurrecting Dead Capital: The Sharing Economy, Entrepreneurship, and Job Creation
Yifei Mao (Cornell University)
Xuan Tian (Tsinghua University)
Jiajie Xu (University of Iowa)
Kilei Ye (University of North Carolina-Chapel Hill)
Discussant: Matthew Denes (Carnegie Mellon University)
Session: H.4 Corporate Governance II: Information and Incentives
Location: Pier 4
Session Chair: Michelle Lowry (Drexel University)
The IPO Share Adjustment Puzzle
Craig Dunbar (University of Western Ontario)
Discussant: Kevin Pisciotta (University of Kansas)
Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices
Naveen Gondhi (INSEAD)
Jesse Davis (University of North Carolina-Chapel Hill)
Snehal Banerjee (University of California-San Diego)
Discussant: Daniel Andrei (McGill University)
A Theory of Fair CEO Pay
Pierre Chaigneau (Queen's University)
Alex Edmans (London Business School)
Daniel Gottlieb (London School of Economics and Political Science)
Discussant: Martin Szydlowski (University of Minnesota)
Session: H.5 Credit
Location: Pier 5
Session Chair: Jan Ericsson (McGill University)
What Do CDO Tranche Spreads Tell Us About Credit Availability and Credit Rating Standards?
Alexander David (University of Calgary)
Maksim Isakin (Cleveland State University)
Discussant: Hitesh Doshi (University of Houston)
The Impact of Beliefs on Credit Markets: Evidence From Rating Agencies
Gregory Weitzner (University of Texas-Austin)
Chen Wang (University of Notre Dame)
Discussant: Gyuri Venter (University of Warwick)
Liquidity Provision and Co-insurance in Bank Syndicates
Vladimir Yankov (Federal Reserve Board of Governors)
Filip Zikes (Federal Reserve Board of Governors)
Kevin Kiernan (Fannie Mae)
Discussant: Adolfo Demotta (McGill University)
From our sponsors:
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NFA 2023 Best Paper Awards
Special thanks to the awards committee for their selection of the winners for the two NFA-sponsored awards.
NFA 2023 Awards Committee:
- Vincent Glode (chair), University of Pennsylvania
- Jan Bena, University of British Columbia
- Simon Gervais, Duke University
- Wei Jiang, Emory University
- Stanley Zin, New York University