Welcome to NFA 2024
Dear NFA Members and Guests,
Welcome to the 36th NFA Annual Meeting and Conference in the vibrant city of Montréal, Canada. We are thrilled to have you join us and hope this year's conference will be both engaging and informative.
This year, we set a record with nearly 1,400 paper submissions. In response to this great interest, we have organized a program featuring 130 papers across 42 regular sessions and 2 panel sessions. We have also dedicated four sessions to PhD work, showcasing 12 student papers. To further highlight the research of young scholars, we've added a PhD poster session with 13 additional papers from current PhD candidates. Special thanks to Simon Gervais (Duke) for his diligent efforts in organizing the PhD sessions.
Our paper review process involved a two-step assessment. First, one of our 84 Associate Program Chairs pre-screened each paper. Then, an average of five independent reviewers per paper conducted in-depth evaluations. We are immensely grateful to our program committee of 438 members for their thorough reviews and valuable feedback.
This meeting highlights our sustained growth and improvement, evidenced by more submissions, greater participation in reviews, higher attendance, and increased selectivity. We are pleased that this year's program balances a strong Canadian presence with a growing global scope.
The highlight of our conference will be the keynote speech by Professor Wei Jiang, the Asa Griggs Candler Professor of Finance at Emory University, on Saturday, September 21.
We extend our heartfelt thanks to our NFA co-presidents, Yelena Larkin and Lilian Ng, and the NFA board of directors for their guidance over the past year. We also thank our sponsors and exhibitors for their continued and invaluable support.
Lastly, we look forward to seeing you at our two evening events: the Eventus Reception on Friday, September 20, at the Centre de conférence Claude-Séguin (A.373), and the reception-dinner on Saturday, September 21, at the Ruelle des Fortifications, an iconic landmark in Vieux-Montréal.
We wish you a productive and enjoyable conference in Montréal and encourage you to contribute to future conferences as reviewers, discussants, or session chairs.
Best regards,
Daniel Andrei and Vincent Grégoire
Co-Presidents' Welcome
The NFA co-Presidents Yelena Larkin and Lilian Ng welcome you to the 2024 NFA Annual Meeting and wish you an enjoyable and fruitful conference.
2024 Associate Program Chairs
- Pat Akey, University of Toronto
- Daniel Andrei, McGill University
- Patrick Augustin, McGill University
- Ilona Babenko, Arizona State University
- Kee-Hong Bae, York University
- Snehal Banerjee, University of California-San Diego
- Jan Bena, University of British Columbia
- Sebastien Betermier, McGill University
- Matthew T Billett, Indiana University
- Oliver Boguth, Arizona State University
- Martin Boyer, HEC Montréal
- Francesca Carrieri, McGill University
- Thomas J Chemmanur, Boston College
- Ing-Haw Cheng, University of Toronto
- Tarun Chordia, Emory University
- David Cimon, Bank of Canada
- J. Anthony Cookson, University of Colorado-Boulder
- Zhi Da, University of Notre Dame
- Jesse Davis, University of North Carolina-Chapel Hill
- Christian Dorion, HEC Montréal
- Alexander Dyck, University of Toronto
- Jan Ericsson, McGill University
- Jack Favilukis, University of British Columbia
- Adlai J Fisher, University of British Columbia
- Pouyan Foroughi, York University
- Louis Gagnon, Queen's University
- Diego Garcia, University of Colorado-Boulder
- Ron Giammarino, University of British Columbia
- Vincent Glode, University of Pennsylvania
- Bing Han, University of Toronto
- Michael Hasler, University of Neuchatel
- Michael Hertzel, Arizona State University
- Kewei Hou, Ohio State University
- Mark Huson, University of Alberta
- Alexandre Jeanneret, University of New South Wales
- Hao Jiang, Michigan State University
- Mark Kamstra, York University
- Sandy Klasa, University of Arizona
- Yrjo Koskinen, University of Calgary
- Lisa Kramer, University of Toronto
- Yelena Larkin, York University
- 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
- Nadya Malenko, Boston College
- William Mann, Emory University
- Katie Moon, University of Colorado-Boulder
- Pablo Moran, University of Calgary
- Nathalie Moyen, University of Colorado-Boulder
- David Ng, Cornell University
- Lilian Ng, York University
- Christian Opp, University of Rochester
- Hernan Ortiz-Molina, University of British Columbia
- Bugra Ozel, University of Texas-Dallas
- Maria Pacurar, Dalhousie University
- Miguel Palacios, University of Calgary
- Christine Parlour, University of California-Berkeley
- Neil D Pearson, University of Illinois
- Mohammad Rahaman, Saint Mary's University
- Lukas Roth, University of Alberta
- Aleksandra Rzeznik, York University
- Sergei Sarkissian, McGill University
- Josef Schroth, Bank of Canada
- David Schumacher, McGill University
- Andriy Shkilko, Wilfrid Laurier University
- Mikhail Simutin, University of Toronto
- Zheng Sun, University of California-Irvine
- James Thompson, University of Waterloo
- Fabio Trojani, University of Geneva
- Yuri Tserlukevich, Arizona State University
- Boris Vallee, Harvard University
- Philip Valta, Universitaet Bern
- Wei Wang, Queen's University
- Akiko Watanabe, University of Alberta
- Wenjuan Xie, University of New Hampshire
- 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
2024 Program Committee
- Nicolas A A Inostroza, University of Toronto
- 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
- James Albertus, Carnegie Mellon University
- Rui Albuquerque, Boston College
- Diego Amaya, Wilfrid Laurier University
- George Aragon, Arizona State University
- David Ardia, HEC Montréal
- Christina Atanasova, Simon Fraser University
- Adem Atmaz, Purdue University
- Shiu-Yik Au, University of Manitoba
- Ramin Baghai, Stockholm School of Economics
- Hang Bai, University of Connecticut
- Jianqiu Bai, Northeastern University
- Warren B Bailey, Cornell University
- Steven D 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, HEC Paris and University of Alberta
- Brad Barber, University of California-Davis
- Amir Barnea, HEC Montréal
- Laurent Barras, University of Luxembourg
- Sohnke Bartram, University of Warwick
- Paul Beaumont, McGill University
- Frederico Belo, INSEAD
- Fred Bereskin, University of Missouri
- Asaf Bernstein, University of Colorado-Boulder
- Hank Bessembinder, Arizona State University
- Bo Bian, University of British Columbia
- Andrew Bird, Chapman University
- Emilio Bisetti, Hong Kong University of Science & Technology
- Vincent Bogousslavsky, Boston College
- Matthieu Bouvard, Toulouse School of Economics
- Bradyn Breon-Drish, University of California-San Diego
- 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
- Daniel Carvalho, Indiana University
- Claire Celerier, University of Toronto
- Murat A Celik, University of Toronto
- Ling Cen, Chinese University of Hong Kong
- Tolga Cenesizoglu, HEC Montréal
- 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
- Alexander Chinco, Baruch College
- KJ (Kyoung Jin) Choi, University of Calgary
- Stéphane Chrétien, Laval University
- Yongqiang Chu, University of North Carolina - Charlotte
- Alexandre Corhay, University of Toronto
- Benjamin Croitoru, McGill University
- Kevin Crotty, Rice University
- Jorge A Cruz Lopez, University of Western Ontario
- Peter Cziraki, Texas A&M University
- Philippe d'Astous, HEC Montréal
- Adrien d'Avernas, Stockholm School of Economics
- Ramona Dagostino, University of Rochester
- Rui Dai, University of Pennsylvania
- Mehmet Dalkir, University of New Brunswick
- Thomas Dangl, TU-Wien
- Shaun Davies, University of Colorado-Boulder
- David De Angelis, University of Houston
- Paul Decaire, Arizona State University
- Adolfo Demotta, McGill University
- Francois Derrien, HEC Paris
- Jerome B Detemple, Boston University
- Lora Dimitrova, University of Exeter
- Georges Dionnes, HEC Montréal
- 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
- Andrew Ellul, Indiana University
- Andrey Ermolov, Fordham University
- Anastassia Fedyk, University of California-Berkeley
- 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
- Murray Z Frank, University of Minnesota
- Sivan Frenkel, Tel Aviv 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
- Thomas Geelen, Copenhagen Business School
- Irina Gemmo, HEC Montréal
- Mohammad Ghaderi, University of Kansas
- Thomas Gilbert, University of Washington
- Sergey Glebkin, INSEAD
- 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
- Fotis Grigoris, University of Iowa
- Deeksha Gupta, Johns Hopkins University
- Matthew Gustafson, Pennsylvania State University
- Jakub Hajda, HEC Montréal
- Michael Halling, University of Luxembourg
- Allaudeen Hameed, National University of Singapore
- Kathleen Hanley, Lehigh University
- Ai HE, University of South Carolina
- Jie He, University of Georgia
- Camille Hebert, University of Toronto
- Ulrich Hege, Toulouse School of Economics
- Amanda Heitz, Tulane University
- Bernard Herskovic, University of California-Los Angeles
- Christian Heyerdahl-Larsen, BI Norwegian Business School
- Steffen Hitzemann, University of Houston
- Burton Hollifield, Carnegie Mellon University
- Alex Horenstein, University of Miami
- 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
- Chong Huang, University of California-Irvine
- 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
- Ryan Israelsen, Michigan State University
- Yehuda Izhakian, Baruch College
- Ranjini Jha, University of Waterloo
- Haibo Jiang, University of Quebec at Montreal
- Feng Jiao, University of Lethbridge
- Evan Jo, Queen's University
- Christopher S Jones, University of Southern California
- Chotibhak Jotikasthira, Southern Methodist University
- Madhu Kalimipalli, Wilfrid Laurier University
- Preetesh Kantak, Indiana University
- Stephen Adam Karolyi, Office of the Comptroller of the Currency
- Maziar Kazemi, Arizona State University
- Ambrus Kecskés, York University
- Saad Khan, HEC Montréal
- Mariana Khapko, University of Toronto
- Mete Kilic, University of Southern California
- Hugh Kim, University of South Carolina
- Hyunseob Kim, Federal Reserve Bank of Chicago
- Tao-Hsien Dolly King, University of North Carolina - Charlotte
- Kristoph Kleiner, Indiana University
- Sanket Korgaonkar, University of Virginia
- Holger Kraft, Goethe University Frankfurt
- Mathias Kruttli, Indiana University
- Lars Kuehn, Carnegie Mellon University
- Nisan Langberg, Tel Aviv University
- Stephannie Larocque, University of Notre Dame
- Ali Lazrak, University of British Columbia
- Dong wook Lee, Korea University Business School
- Suzanne Lee, Georgia Institute of Technology
- Nicolas Legendre, HEC Montréal
- Ugur Lel, University of Georgia
- Yaron Levi, University of Southern California
- Stefan Lewellen, Pennsylvania State University
- Dongmei Li, University of South Carolina
- Jiasun Li, George Mason University
- Si Li, Wilfrid Laurier University
- Erik Lie, University of Iowa
- Luca Lin, State University of New York-Buffalo
- Tse-Chun Lin, University of Hong Kong
- Yupeng Lin, National University of Singapore
- Claire Liu, University of Sydney
- Lei Lu, University of Manitoba
- Runjing Lu, University of Toronto
- Evgeny Lyandres, Tel Aviv University
- Liang Ma, University of South Carolina
- Song Ma, Yale University
- Andrew MacKinlay, Virginia Tech
- Katya Malinova, McMaster University
- Aytek Malkhozov, Queen Mary University of London
- Qinghao Mao, Deakin University
- Roberto Marfe, Collegio Carlo Alberto
- Charles Martineau, University of Toronto
- Massimo Massa, INSEAD
- Nadia Massoud, University of Melbourne
- Ronald W Masulis, University of New South Wales
- Thomas A Maurer, University of Hong Kong
- Iwan Meier, HEC Montréal
- Camelia Minoiu, Federal Reserve Bank of Atlanta
- Anya Mkrtchyan, University of Massachusetts-Amherst
- Fabio Moneta, University of Ottawa
- Dmitriy Muravyev, University of Illinois-Urbana-Champaign
- Andreas Neuhierl, Washington University-St. Louis
- Tu Nguyen, University of Waterloo
- Boris Nikolov, University of Lausanne
- Greg Nini, Drexel University
- Dmitry Orlov, University of Wisconsin-Madison
- Chayawat Ornthanalai, University of Toronto
- Piotr Orłowski, HEC Montréal
- Emilio Osambela, Federal Reserve Board of Governors
- Clemens Otto, Singapore Management University
- Dino Palazzo, Federal Reserve System
- Ella Patelli, University of British Columbia
- Julien Penasse, University of Luxembourg
- Dimitris Petmezas, Durham University
- Peter Pham, University of Sydney
- Alexander Philipov, George Mason University
- Elena Pikulina, University of British Columbia
- Kevin Pisciotta, University of Kansas
- 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
- 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
- Thomas Rivera, McGill University
- Alberto Rossi, Georgetown 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
- Stefano Sacchetto, IESE Business School
- Kunal Sachdeva, Rice University
- Mirela Sandulescu, University of Michigan
- Anthony Sanford, HEC Montréal
- Alessio Saretto, Federal Reserve Bank of Dallas
- Anna Scherbina, Brandeis University
- Christoph Schiller, Ohio State University
- Christian Schlag, Goethe University Frankfurt
- Daniel Schmidt, HEC Paris
- Jan Schneemeier, Michigan State University
- David Schreindorfer, Arizona State University
- Gustavo Schwenkler, Santa Clara University
- Gill Segal, University of North Carolina-Chapel Hill
- 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
- Petra Sinagl, University of Iowa
- Janis Skrastins, Washington University-St. Louis
- Pablo Slutzky, University of Maryland
- Kevin Smith, Stanford University
- Valeri Sokolovski, University of Alberta
- David Solomon, Boston College
- 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
- Jason Sturgess, Queen Mary University of London
- Paula Suh, University of Georgia
- Johan Sulaeman, National University of Singapore
- Stephen Szaura, BI Norwegian Business School
- Andrea Tamoni, Rutgers University
- 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
- Yannick Timmer, Federal Reserve Board of Governors
- Katrin Tinn, McGill University
- Cristian I Tiu, State University of New York-Buffalo
- Davide Tomio, University of Virginia
- Andréanne Tremblay, Laval University
- Giulio Trigilia, University of Rochester
- Kevin Tseng, Chinese University of Hong Kong
- Anton Tsoy, University of Toronto
- 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
- Quentin Vandeweyer, University of Chicago
- Alexander Vedrashko, Simon Fraser University
- Gyuri Venter, University of Warwick
- Aazam Virani, University of Arizona
- Guillaume Vuillemey, HEC Paris
- Hannes Wagner, Bocconi University
- Baolian Wang, University of Florida
- Junbo Wang, Louisiana State University
- Wanyi Wang, Babson College
- Wenyu Wang, Indiana University
- Xiaolu Wang, Iowa State University
- Yajun Wang, City University of New York
- Colin Ward, University of Alberta
- 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
- Gregory Weitzner, McGill University
- Joakim Westerholm, University of Sydney
- Michael Woeppel, Indiana University
- 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
- 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
- Hongjun Yan, DePaul University
- Jun Yang, Indiana University
- Constantine Yannelis, University of Chicago
- Chen Yao, Chinese University of Hong Kong
- Tong Yao, University of Iowa
- Ipek Yavuz, McGill University
- 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
- Fernando Zapatero, Boston University
- Josef Zechner, WU Vienna
- Jing Zeng, University of Bonn
- Xintong Zhan, Fudan University
- Chu Zhang, Hong Kong University of Science & Technology
- Feng Zhang, Southern Methodist University
- Jingyu Zhang, Queen's University
- Le Zhang, Australian National University
- Xingtan Zhang, University of Colorado-Boulder
- Xiaofei Zhao, Georgetown University
- Alexey Zhdanov, Pennsylvania State University
- Marius Zoican, Haskayne School of Business, University of Calgary
- Hong Zou, University of Hong Kong
- Francesca Zucchi, European Central Bank
Special Sessions & Events
Poster Presentations (Friday)
Special Session on Climate Finance
(Sponsored by: HEC Montréal)
Session sponsored by ...
Special Session on AI & Finance
(Sponsored by: McGill Desautels Faculty of Management and the Desmarais Global Finance Research Centre)
Session sponsored by the Desautels Faculty of Management at McGill University and the Desmarais Global Finance Research Centre
Eventus NFA Reception
(Sponsored by: Eventus, Cowan Research LC)
Reception sponsored by Cowan Research, LC - Publisher of Eventus.
Saturday Breakfast
Poster Presentations (Saturday)
Lunch
General Assembly and Keynote Address
Cocktail & Gala Dinner
Sunday Breakfast
Poster Presentations (Sunday)
Full Schedule
Friday, Sep 20 | 1:30 pm - 3:00 pm EDT
Session: Asset Pricing: Mutual Funds and ETFs
Location: Port Moresby (A.549)
Session Chair: Valeri Sokolovski (University of Alberta)
Will ETFs Drive Mutual Funds Extinct?
Anna Helmke (Vanderbilt University)
Discussant: Ruggero Jappelli (University of Warwick)
Indexing and the Incorporation of Exogenous Information Shocks to Stock Prices
Randall Morck (University of Alberta)
Deniz Yavuz (Purdue University)
Discussant: Toomas Laarits (New York University)
Factor and stock-specific disagreement and trading flows
Preetesh Kantak (Indiana University)
Fotis Grigoris (University of Iowa)
Christian Heyerdahl-Larsen (BI Norwegian Business School)
Discussant: Piotr Orłowski (HEC Montréal)
Session: Corporate Finance - Empirical: Corporate Governance
Location: MNP (A.536)
Session Chair: Pablo Moran (University of Calgary)
When Values Align: Corporate Philanthropy and Employee Turnover
Anthony Rice (Villanova University)
Christoph Schiller (Ohio State University)
Discussant: Bo Bian (University of British Columbia)
Directing the Labor Market:The Impact of Shared Board Members on Employee Flows
Taylor Begley (University of Kentucky)
Peter Haslag (Vanderbilt University)
Daniel Weagley (University of Tennessee)
Discussant: Anya Mkrtchyan (University of Massachusetts-Amherst)
Access to Financing and Racial Pay Gap Inside Firms
Janet Gao (Georgetown University)
Wenting Ma (University of Massachusetts-Amherst)
Qiping Xu (University of Illinois-Urbana-Champaign)
Discussant: Ari Pandes (University of Calgary)
Session: Fintech: Governance, Payments, and Investment
Location: Fonds Cogeco (A.436)
Session Chair: Jinfei Sheng (University of California-Irvine)
Inflation Expectation and Cryptocurrency Investment
Lin William Cong (Cornell University)
Pulak Ghosh (Indian Insitute of Management-Bangalore)
Jiasun Li (George Mason University)
Qihong Ruan (Cornell University)
Discussant: Tao Li (University of Florida)
Token-based Decentralized Governance, Data Economy and Platform Business Model
Jan Bena (University of British Columbia)
Shiqi Zhang (University of British Columbia)
Discussant: Jiasun Li (George Mason University)
Digital Payments and Monetary Policy Transmission
Pauline Liang (Stanford University)
Matheus Sampaio (Northwestern University)
Sergey Sarkisyan (Ohio State University)
Discussant: Xu Tian (University of Georgia)
Session: Real Estate
Location: Melbourne (A.449)
Session Chair: Steven Xiao (University of Texas-Dallas)
Nonbank Issuers and Mortgage Credit Supply
David Benson (Federal Reserve Board of Governors)
You Suk Kim (Federal Reserve Board of Governors)
Karen Pence (Federal Reserve Board of Governors)
Discussant: Seohee Kim (Indiana University)
Spatial Extrapolation in the Housing Market
Gen Li (University of British Columbia)
Discussant: Guangbin Hong (University of Chicago)
Assessing Assessors
Huaizhi Chen (University of Notre Dame)
Lauren Cohen (Harvard University)
Discussant: Dayin Zhang (University of Wisconsin-Madison)
Friday, Sep 20 | 1:30 pm - 3:15 pm EDT
Session: Special Session on Climate Finance (Sponsored by: HEC Montréal)
Location: Amphithéatre Rachelle et Alain-Paris (A.335)
Session Chair: Iwan Meier (HEC Montréal)
The ESG Divide: How Banks and Bondholders Differ in Financing Brown Firms
Irina Luneva (New York University)
Sergey Sarkisyan (Ohio State University)
Discussant: Fabio Moneta (University of Ottawa)
Fighting Climate Change with FinTech
Antonio Gargano (University of Houston)
Alberto Rossi (Georgetown University)
Discussant: Martina Jasova (Barnard College)
Panel Discussion: Climate Finance
Iwan Meier (Chair)
Manuel Morales (University of Montreal)
Youness Mankari (iA Global Asset Management)
Matthieu Cardinal (Morningstar)
Friday, Sep 20 | 3:00 pm - 3:30 pm EDT
Session: Coffee Break
Location: Claude-Séguin (A.373)
Session Chair:
Friday, Sep 20 | 3:30 pm - 5:00 pm EDT
Session: Asset Pricing: Asset Allocation and Trading
Location: Fonds Cogeco (A.436)
Session Chair: Mariana Khapko (University of Toronto)
The Low Frequency Trading Arms Race: Machines Versus Delays
Alex Dickerson (University of New South Wales)
Yoshio Nozawa (University of Toronto)
Cesare Robotti (University of Georgia)
Discussant: Ai HE (University of South Carolina)
Asset Pricing, Participation Constraints, and Inequality
Goutham Gopalakrishna (University of Toronto)
Jonathan Payne (Princeton University)
Zhouzhou Gu (Princeton University)
Discussant: Adam Zhang (University of Minnesota)
Flow-Based Arbitrage Pricing Theory
Yu An (Johns Hopkins University)
Discussant: Evan Jo (Queen's University)
Session: Corporate Finance - Empirical: Investment Policy
Location: MNP (A.536)
Session Chair: Vikram Nanda (University of Texas-Dallas)
Monetary Policy and Corporate Investment: The Equity Financing Channel
Mehdi Beyhaghi (Federal Reserve Board of Governors)
Murray Frank (University of Minnesota)
Ping Mclemore (Federal Reserve Bank of Richmond)
Ali Sanati (American University)
Discussant: Arun Upadhyay (Florida International University)
Public Seeds, Private Blooms: A Q-theoretical Exploration of Public and Private Investment
Zhiyao Chen (Chinese University of Hong Kong)
Ran Duchin (Boston College)
Daniel Kim (University of Waterloo)
Discussant: Pil-Seng Lee (Baylor University)
The Epidemiology of Financial Constraints and Corporate Investment
William Grieser (Texas Christian University)
Ioannis Spyridopoulos (American University)
Morad Zehknini (Tulane University)
Discussant: Hugh Kim (Wilfrid Laurier University)
Session: Financial Intermediation and Banking
Location: Port Moresby (A.549)
Session Chair: Claire Celerier (University of Toronto)
Variable Deposit Betas and Bank Interest Rate Risk Exposure
Christopher James (University of Florida)
Tao Li (University of Florida)
Mustafa Emin (University of Alabama)
Discussant: Sergey Sarkisyan (Ohio State University)
Size-Based Regulation and Bank Fragility: Evidence from the Wells Fargo Asset Cap
Tianyue Ruan (National University of Singapore)
Siddharth Vij (University of Georgia)
Discussant: Alison Taylor (Queen's University)
Open to All Comers: How Unsought Deposit Inflows Affect Banks
Michael Gelman (University of Delaware)
Andrew MacKinlay (Virginia Tech)
Discussant: Hélyoth Hessou (Université de Sherbrooke)
Session: International Finance - Empirical: Exchange Rates
Location: Melbourne (A.449)
Session Chair: Sergei Sarkissian (McGill University)
On the Use of Currency Forwards: Evidence from International Equity Mutual Funds
Wei Opie (Deakin University)
Steven Riddiough (University of Toronto)
Discussant: Saurin Patel (University of Western Ontario)
Presidential Cycles and Exchange Rates
Pasquale Della Corte (Imperial College London)
Hsuan Fu (Laval University)
Discussant: Lucie Lu (University of Melbourne)
Firm Foreign Activity and the Geography of Exchange Rate Risk
Amir Akbari (McMaster University)
Francesca Carrieri (McGill University)
Discussant: Valeri Sokolovski (University of Alberta)
Friday, Sep 20 | 3:30 pm - 5:15 pm EDT
Session: Special Session on AI & Finance (Sponsored by: McGill Desautels Faculty of Management and the Desmarais Global Finance Research Centre)
Location: Amphithéatre Rachelle et Alain-Paris (A.335)
Session Chair: Ruslan Goyenko (McGill University)
Social Learning and Sentiment Contagion in the Bitcoin Market
Bing Han (University of Toronto)
Haoyang Liu
Pengfei Sui
Discussant: Adlai Fisher (University of British Columbia)
Executives vs Chatbots: Unmasking Insights through Human-AI Differences in Earnings Conference Q&A
Jianqiu Bai (Northeastern University)
Nicole Boyson (Northeastern University)
Yi Cao (George Mason University)
Miao Liu (Boston College)
Chi Wang (University of Massachusetts-Boston)
Discussant: Joseph Bybee (University of Chicago)
Panel Discussion: AI in Finance
Ruslan Goyenko (Chair)
Valérie Cecchini (BOREALIS Global Asset Management)
Charles Lespérance (BDC - Deep Tech Venture Fund)
Nicolas Chapados (ServiceNow)
Friday, Sep 20 | 5:30 pm - 7:00 pm EDT
Session: Eventus NFA Reception (Sponsored by: Eventus, Cowan Research LC)
Location: Claude-Séguin (A.373)
Session Chair:
Saturday, Sep 21 | 7:30 am - 8:30 am EDT
Session: Breakfast
Location: Claude-Séguin (A.373)
Session Chair:
Saturday, Sep 21 | 8:30 am - 10:00 am EDT
Session: Asset Pricing - Theoretical: Dynamic Equilibrium Models
Location: Melbourne (A.449)
Session Chair: Lorenzo Garlappi (University of British Columbia)
Asset Pricing with the Awareness of New Priced Risks
Christian Heyerdahl-Larsen (BI Norwegian Business School)
Philipp Illeditsch (Texas A&M University)
Petra Sinagl (University of Iowa)
Discussant: Ram Yamarthy (Federal Reserve Board of Governors)
Investor Beliefs and Asset Prices Under Selective Memory
Maximilian Voigt (HEC Montréal)
Discussant: Leyla Jianyu Han (Boston University)
Volatility Disagreement and Asset Prices
Adem Atmaz (Purdue University)
Andrea Buffa (University of Colorado-Boulder)
Discussant: Alberto Teguia (University of British Columbia)
Session: Corporate Finance - Empirical: Diversity, Policy, and Corporate Performance
Location: Port Moresby (A.549)
Session Chair: John Bai (Northeastern University)
The Effect of Childcare Access on Women’s Careers and Firm Performance
Elena Simintzi (University of North Carolina-Chapel Hill)
Sheng-Jun Xu (University of Alberta)
Ting Xu (University of Toronto)
Discussant: Irem Demirci (Nova School of Business and Economics)
Mortgage Lenders’ Diversity Policies and Mortgage Lending to Minorities
Ivy Feng (University of Wisconsin-Madison)
Devin Shanthikumar (University of California-Irvine)
Dayin Zhang (University of Wisconsin-Madison)
Discussant: Linghang Zeng (Babson College)
Female Equity Analysts and Corporate Environmental and Social Performance
Chelsea Yang (University of British Columbia)
Kai Li (University of British Columbia)
Feng Mai (Stevens Institute of Technology)
Gabriel Wong (Cardiff University)
Tengfei Zhang
Discussant: Anya Mkrtchyan (University of Massachusetts-Amherst)
Session: International Finance - Empirical: Global Asset Pricing
Location: Fonds Cogeco (A.436)
Session Chair: Jan Ericsson (McGill University)
The Stock-Bond Correlation: A Tale of Two Days
Grace Xing Hu (Tsinghua University)
Zhao Jin
Jun Pan (Shanghai Jiao Tong University)
Discussant: Paul Calluzzo (Queen's University)
Economic Policy Uncertainty and Global Portfolio Allocations
Shashwat Alok (Indian School of Business)
Apoorva Javadekar (Indian School of Business)
Nitin Kumar (Indian School of Business)
Russ Wermers (University of Maryland)
Discussant: Laurent Barras (University of Luxembourg)
The Hairy Premium
Ljubica Georgievska (BI Norwegian Business School)
Pasquale Della Corte (Imperial College London)
Anthony Saunders (New York University)
Zhaneta Tancheva (BI Norwegian Business School)
Discussant: Guillaume Roussellet (McGill University)
Session: Market Frictions and Asset Pricing
Location: Papeete (A.514)
Session Chair: Steven Riddiough (University of Toronto)
Dealer Specialization and Market Segmentation
Jinming Xue (Southern Methodist University)
Chotibhak Jotikasthira (Southern Methodist University)
Christian Lundblad (University of North Carolina-Chapel Hill)
Discussant: Sebastien Plante (University of Wisconsin-Madison)
The Implications of CIP Deviations for International Capital Flows
Christian Kubitza (European Central Bank)
Jean-David Sigaux (European Central Bank)
Quentin Vandeweyer (University of Chicago)
Discussant: Pasquale Della Corte (Imperial College London)
A Previously Unknown Benefit of Dual Class Shares: Better Price Informativeness
Aaron Burt (Oklahoma State University)
Ran Duchin (Boston College)
Christopher Hrdlicka (University of Washington)
Discussant: Fei Xie (University of Delaware)
Session: Monetary Policy
Location: Adelaide (A.414)
Session Chair: Alexandre Corhay (University of Toronto)
Monetary Policy Transmission through the Exchange Rate Factor Structure
Erik Loualiche (University of Minnesota)
Alexandre Pecora (University of Minnesota)
Fabricius Somogyi (Northeastern University)
Colin Ward (University of Alberta)
Discussant: Ingomar Krohn (Bank of Canada)
Monetary Policy in the Age of Universal Banking
Michael Gelman (University of Delaware)
Itay Goldstein (University of Pennsylvania)
Andrew MacKinlay (Virginia Tech)
Discussant: Goutham Gopalakrishna (University of Toronto)
Local Monetary Policy
Vyacheslav Fos (Boston College)
Tommaso Tamburelli
Nancy Xu (Boston College)
Discussant: Alex Hsu (Georgia Institute of Technology)
Session: PhD Session: Climate and Sustainability
Location: Deloitte (A.451)
Session Chair: Lilian Ng (York University)
International ESG Equity Investing and Heterogeneous Asset Demand
Sijia Fan (Cornell University)
Discussant: Jan Schneemeier (Michigan State University)
Carbon Pricing and Green Finance in Clean Growth
Amy Min Zhang (Pennsylvania State University)
Discussant: Adelina Barbalau (HEC Paris and University of Alberta)
Using Consumer Demand to Limit Climate Risk: Evidence from the U.S. Electric Utility Sector
Yifan Fang (University of Toronto)
Discussant: Qiping Xu (University of Illinois-Urbana-Champaign)
Session: Venture Capital
Location: MNP (A.536)
Session Chair: Jan Bena (University of British Columbia)
Create Your Own Valuation
Minmo Gahng (Cornell University)
Discussant: Yifei Mao (Cornell University)
Financing The Next VC-Backed Startup: The Role of Gender
Camille Hebert (University of Toronto)
Heather Tookes (Yale University)
Emmanuel Yimfor (Rice University)
Discussant: Valentina Rutigliano (University of British Columbia)
From Competitors to Partners: Banks’ Venture Investments in Fintech
Manju Puri (Duke University)
Yiming Qian (University of Connecticut)
Xiang Zheng (University of Connecticut)
Discussant: Allen Hu (University of British Columbia)
Saturday, Sep 21 | 8:30 am - 6:30 pm EDT
Session: Poster Presentations
Location: Claude-Séguin (A.373)
Session Chair:
Does speed bump resolve the problems of mini flash crashes? Evidence from NYSE American
Bo Liu (University of Victoria)
Silencing the Noise, Amplified Effects: Causal Study on Price Efficiency
Motahhareh Moravvej Hamedani (Haskayne School of Business, University of Calgary)
ARE PASSIVE INSTITUTIONAL INVESTORS EFFECTIVE MONITORS? NEW EVIDENCE FROM THE PRIVATE AND PUBLIC DEBT MARKETS
Olaleye Morohunfolu (Wilfrid Laurier University)
Value-Destroying Activism
Dongliang Lu (University of British Columbia)
Upstream markup, operating leverage, and risk
Kane Bae (University of Toronto)
Anomalies and Cash Flows
Yi Zhou (University of Arizona)
Hiding in plain sight: preferred habitat effects in short-term rates
Edouard Mattille (University of St. Gallen)
How Carbon Is Priced in Cryptocurrencies
Mohammadhossein Lashkaripour (Haskayne School of Business, University of Calgary)
In the Money? Low-Leverage Option Betting
Edna Lopez Avila (University of Toronto)
Real Effects of Personal Liability: Evidence from Industrial Pollution
Noemie Bucourt (University of Toronto)
Aiming Low: The Selection into Alternative Forms of Entrepreneurship by Laid-Off Employees
Frank-olivier Garane (HEC Montréal)
Questioning the Wisdom of Crowds: When do social media trends help and hinder retail trading?
Yujin Yang (McGill University)
Minding Your Business or Minding Your Child? Motherhood and the Entrepreneurship Gap
Valentina Rutigliano (University of British Columbia)
Saturday, Sep 21 | 10:00 am - 10:30 am EDT
Session: Coffee Break
Location: Claude-Séguin (A.373)
Session Chair:
Saturday, Sep 21 | 10:30 am - 12:00 pm EDT
Session: Asset Pricing - Empirical: Fund Management Practices and Performance
Location: Port Moresby (A.549)
Session Chair: Adlai Fisher (University of British Columbia)
Can International Funds Navigate Changing Global Investment Environments?
Wei Jiao (Rutgers University)
David Ng (Cornell University)
George Andrew Karolyi (Cornell University)
Discussant: Ella Patelli (University of British Columbia)
Silent Swing: Do Open-End Funds Tilt Holdings Valuations in Response to Flows?
Jaewon Choi (University of Illinois-Urbana-Champaign)
Mathias Kronlund (University of Illinois-Urbana-Champaign)
Jimmy Ji Yeol Oh (Sungkyunkwan University)
Discussant: Alan Huang (University of Waterloo)
Fund Flows and Income Risk of Fund Managers
Xiao Cen (Texas A&M University)
Winston Dou (University of Pennsylvania)
Leonid Kogan (Massachusetts Institute of Technology)
Wei Wu (Texas A&M University)
Discussant: Veronika Pool (Vanderbilt University)
Session: Asset Pricing: Inflation Risk
Location: MNP (A.536)
Session Chair: Guillaume Roussellet (McGill University)
Good Inflation, Bad Inflation: Implications for Risky Asset Prices
Dino Palazzo (Federal Reserve System)
Ram Yamarthy (Federal Reserve Board of Governors)
Diego Bonelli (Norwegian School of Economics)
Discussant: Jincheng Tong (University of Toronto)
Can the Fed Control Inflation? Stock Market Implications
Michael Hasler (University of Neuchatel)
Daniel Andrei (McGill University)
Discussant: Christian Heyerdahl-Larsen (BI Norwegian Business School)
What Can Cross-Sectional Stocks Tell Us About Core Inflation Shocks?
Claire Yurong Hong (Shanghai Jiao Tong University)
Jun Liu
Jun Pan (Shanghai Jiao Tong University)
Shiwen Tian (Shanghai Jiao Tong University)
Discussant: Hao Pang (University of Texas-Dallas)
Session: Corporate Governance: Partisanship and Political Influence
Location: Fonds Cogeco (A.436)
Session Chair: Runjing Lu (University of Toronto)
Investing in influence: Investors, portfolio firms, and political giving
Marianne Bertrand (University of Chicago)
Matilde Bombardini (University of California-Berkeley)
Raymond Fisman (Boston University)
Francesco Trebbi (University of California-Berkeley)
Eyub Yegen (Hong Kong University of Science & Technology)
Discussant: Ran Duchin (Boston College)
Political Preferences and Financial Market Equilibrium
Youchang Wu (University of Oregon)
Josef Zechner (WU Vienna)
Discussant: Steven Malliaris
Media, Partisan Ideology, and Corporate Social Responsibility
Mahsa Kaviani (University of Delaware)
Lily Yuanzhi Li (Villanova University)
Hosein Maleki (Rutgers University)
Pavel Savor (DePaul University)
Discussant: Vishal Baloria (University of Connecticut)
Session: Information Costs and Market Efficiency
Location: Adelaide (A.414)
Session Chair: Ron Giammarino (University of British Columbia)
Do Investors Have Data Blind Spots? The Role of Data Vendors in Capital Markets
Sara Easterwood (Virginia Tech)
Discussant: John Bai (Northeastern University)
Causal effect of information costs on asset pricing anomalies
Yong Hyuck Kim (Michigan State University)
Zoran Ivkovich (Mississippi State University)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)
Discussant: Ai HE (University of South Carolina)
Detecting Informed Trading Risk from Undercutting Activity in Limit Order Markets
Yashar Barardehi (Chapman University)
Peter Dixon (Securities and Exchange Commission)
Qiyu Liu (Securities and Exchange Commission)
Discussant: Charles Martineau (University of Toronto)
Session: Market Microstructure: Dynamics of Trading
Location: Papeete (A.514)
Session Chair: Michael Brolley (Wilfrid Laurier University)
What Does Best Execution Look Like?
Thomas Ernst (University of Maryland)
Andrey Malenko (Boston College)
Chester Spatt (Carnegie Mellon University)
Jian Sun (Singapore Management University)
Discussant: Saad Khan (HEC Montréal)
Kyle Meets Friedman: Transforming a Trading Model into a Consumption Model
Hongjun Yan (DePaul University)
Liyan Yang (University of Toronto)
Xueyong Zhang (Central University of Finance and Economics)
Deqing Zhou (Central University of Finance and Economics)
Discussant: Michael Brolley (Wilfrid Laurier University)
Gamification of Stock Trading: Losers and Winners
Eduard Yelagin (University of Memphis)
Discussant: Mariana Khapko (University of Toronto)
Session: PhD Session: Firm Financing
Location: Deloitte (A.451)
Session Chair: Randall Morck (University of Alberta)
Financing Intangibles
Bianca He (University of Chicago)
Discussant: Dalida Kadyrzhanova (Federal Reserve Board of Governors)
Collateralization, Monitoring, and Credit Reallocation
Tong Zhao (KU Leuven and National Bank of Belgium)
Discussant: Alexandre Corhay (University of Toronto)
The Unintended Consequences of Intellectual Property Protection: Staying Private Longer
Adel Khusnulgatin (University of Toronto)
Discussant: Jan Bena (University of British Columbia)
Session: Sustainable Finance: Pollution, Greenium, and Environmental Disclosure
Location: Melbourne (A.449)
Session Chair: Yrjo Koskinen (University of Calgary)
Environmental Disclosure Incentives and Externalities
Leo Liu (University of Technology Sydney)
Elvira Sojli (University of New South Wales)
Wingwah Tham (University of New South Wales)
Cara Vansteenkiste
Discussant: Alison Taylor (Queen's University)
Pollution-Shifting vs. Downscaling: How Financial Distress Affects the Green Transition
Aymeric Bellon (University of North Carolina-Chapel Hill)
Yasser Boualam (University of Pennsylvania)
Discussant: Tuomas Tomunen (Boston College)
The Benchmark Greenium
Aaron Pancost (University of Texas-Austin)
Stefania D'Amico (Federal Reserve Bank of Chicago)
Johannes Klausmann (University of Virginia)
Discussant: Alexander David (University of Calgary)
Saturday, Sep 21 | 12:00 pm - 1:30 pm EDT
Session: Lunch
Location: Intercontinental
Session Chair:
Saturday, Sep 21 | 1:45 pm - 3:15 pm EDT
Session: Asset Pricing: Return Predictability
Location: MNP (A.536)
Session Chair: Piotr Orłowski (HEC Montréal)
Decoding Anomalies through Alpha Dynamics
Shuhao Ren (Arizona State University)
Discussant: Mihail Velikov (Pennsylvania State University)
Sources of Return Predictability
Beata Gafka (University of Western Ontario)
Pavel Savor (DePaul University)
Mungo Wilson (University of Oxford)
Discussant: Tolga Cenesizoglu (HEC Montréal)
Which (Nonlinear) Factor Models ?
Caio Almeida (Princeton University)
Gustavo Freire (Erasmus University)
Discussant: Alain-Philippe Fortin (University of Geneva)
Session: Corporate Finance and Hedging Policy
Location: Port Moresby (A.549)
Session Chair: Yelena Larkin (York University)
Supply Network Fragility, Inventory Investment, and Corporate Liquidity
Leandro Sanz (University of Notre Dame)
Discussant: Maria Marchica (University of Manchester)
EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies
Adrien Matray
Karsten Muller
Chenzi Xu (University of California-Berkeley)
Poorya Kabir (National University of Singapore)
Discussant: Isha Agarwal (University of British Columbia)
How Valuable is Corporate Adaptation to Crisis? Estimates from Covid-19 Work-from-Home Announcements
Jiri Knesl (University of Oxford)
Adlai Fisher (University of British Columbia)
Ryan Lee (Baylor University)
Discussant: Yrjo Koskinen (University of Calgary)
Session: Debt Contracts and Investment Policy
Location: Fonds Cogeco (A.436)
Session Chair: Nathalie Moyen (University of Colorado-Boulder)
Short-term debt overhang
Kostas Koufopoulos (University of York)
Giulio Trigilia (University of Rochester)
Pavel Zryumov (University of Rochester)
Discussant: Jordan Martel (Indiana University)
Anticipating Binding Constraints: An Analysis of Financial Covenants
Ken Teoh (International Monetary Fund)
Discussant: Robert Hills (Pennsylvania State University)
Session: Global Banking and Financial Intermediation
Location: Melbourne (A.449)
Session Chair: Amir Akbari (McMaster University)
Decomposing Large Banks' Trading Losses
Radoslav Raykov (Bank of Canada)
Discussant: Madhu Kalimipalli (Wilfrid Laurier University)
Geopolitical Risk and Global Banking
Friederike Niepmann
Leslie Shen (Federal Reserve Bank of Boston)
Discussant: Feng Jiao (University of Lethbridge)
Local Power, Global Reach: The Influence of Deposit Market Power on International Banking
Sergey Sarkisyan (Ohio State University)
Tasaneeya Viratyosin (University of Pennsylvania)
Discussant: Mehdi Beyhaghi (Federal Reserve Board of Governors)
Session: Government Regulation and Financial Intermediation
Location: Papeete (A.514)
Session Chair: David Cimon (Bank of Canada)
The Long-Run Impact of Government Asset Guarantees
Amanda Heitz (Tulane University)
Discussant: Corey Garriott (U.S. Department of the Treasury)
The Deposit Business at Large vs. Small Banks
Adrien d'Avernas (Stockholm School of Economics)
Andrea Eisfeldt
Can Huang
Richard Stanton (University of California-Berkeley)
Nancy Wallace (University of California-Berkeley)
Discussant: Eric Richert (University of Chicago)
What Quantity of Reserves Is Sufficient?
Yilin Yang (City University of Hong Kong)
Discussant: Jonathan Witmer (Bank of Canada)
Session: PhD Session: Information and Financial Markets
Location: Deloitte (A.451)
Session Chair: Simon Gervais (Duke University)
The Double-edged Sward of Data Mining: Implications on Asset Pricing and Information Efficiency
Shikun Ke (Yale University)
Discussant: Liyan Yang (University of Toronto)
Taking the Road Less Traveled? Market Misreaction and Firm Innovation Directions
Tianshu Lyu (Yale University)
Zunda Xu (Stanford University)
Discussant: Yiming Qian (University of Connecticut)
Talk or Walk the Talk? The Real Impact of ESG Investing
Huiyao Chen (University of Pennsylvania)
Discussant: Alessio Piccolo (Indiana University)
Session: Sustainable Finance: ESG Ratings
Location: Adelaide (A.414)
Session Chair: Mohammad Rahaman (Saint Mary's University)
The Market for ESG Ratings
Ehsan Azarmsa (University of Illinois-Chicago)
Joel Shapiro (University of Oxford)
Discussant: Chi-Yang Tsou (University of Manchester)
How Anti-ESG Pressure Affects Investment: Evidence from Retirement Savings
Jane Danyu Zhang (University of Oregon)
Discussant: Ipek Yavuz (McGill University)
Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data
Jean-Marie Meier (University of Texas-Dallas)
Henri Servaes (London Business School)
Jiaying Wei (Southwestern University of Finance and Economics)
Steven Xiao (University of Texas-Dallas)
Discussant: Sadok El Ghoul (University of Alberta)
Saturday, Sep 21 | 3:15 pm - 3:30 pm EDT
Session: Coffee Break
Location: Claude-Séguin (A.373)
Session Chair:
Saturday, Sep 21 | 3:30 pm - 5:00 pm EDT
Session: General Assembly and Keynote Address
Location: Amphithéatre Rachelle et Alain-Paris (A.335)
Session Chair: Yelena Larkin (York University)
Saturday, Sep 21 | 5:00 pm - 6:30 pm EDT
Session: Asset Management: Responsible Investment
Location: Fonds Cogeco (A.436)
Session Chair: Sebastien Betermier (McGill University)
Rich and Responsible: Is ESG a Luxury Good?
Fatima Zahra Filali Adib (Copenhagen Business School)
Dmitry Chebotarev (Indiana University)
Kasper Meisner Nielsen
Steffen Andersen (Copenhagen Business School)
Discussant: David Love (Williams College)
How Effective are Portfolio Mandates?
Jack Favilukis (University of British Columbia)
Lorenzo Garlappi (University of British Columbia)
Raman Uppal (EDHEC Business School)
Discussant: Christian Opp (University of Rochester)
Voting Choice
Andrey Malenko (Boston College)
Nadya Malenko (Boston College)
Discussant: Gregory Weitzner (McGill University)
Session: Asset Pricing - Empirical: Firm-Level Economic Risks
Location: Papeete (A.514)
Session Chair: Dino Palazzo (Federal Reserve System)
The Relative Price Premium
Fotis Grigoris (University of Iowa)
Yun Joo An (Indiana University)
Christian Heyerdahl-Larsen (BI Norwegian Business School)
Preetesh Kantak (Indiana University)
Discussant: Alessandro Melone (Ohio State University)
The Effect of Malicious Cyber Activity on the U.S. Corporate Sector
Anna Scherbina (Brandeis University)
Bernd Schlusche (Federal Reserve Board of Governors)
Discussant: Paul Calluzzo (Queen's University)
Firm-Level Labor-Shortage Exposure
Jarrad Harford (University of Washington)
Qiyang He (University of Sydney)
Buhui Qiu (University of Sydney)
Discussant: Michele Dathan (Federal Reserve System)
Session: Asset Pricing: Derivatives
Location: Port Moresby (A.549)
Session Chair: Chayawat Ornthanalai (University of Toronto)
0DTE Option Pricing
Federico Bandi
Nicola Fusari
Roberto Reno (ESSEC Business School)
Discussant: Lai Xu (Syracuse University)
An Anatomy of Retail Option Trading
Vincent Bogousslavsky (Boston College)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)
Discussant: Hitesh Doshi (University of Houston)
Weather Variance Risk Premia
Joon Woo Bae (Case Western Reserve University)
Yoontae Jeon (McMaster University)
Stephen Szaura (BI Norwegian Business School)
Virgilio Zurita (Baylor University)
Discussant: Aurelio Vasquez (Instituto Tecnológico Autónomo de México)
Session: Corporate Finance - Empirical: Small Business, Bankruptcy, and Entrepreneurial Success
Location: Melbourne (A.449)
Session Chair: Wei Wang (Queen's University)
Contract Completeness of Company Bylaws and Entrepreneurial Success
Paul Beaumont (McGill University)
Adrien Matray
Johan Hombert (HEC Paris)
Discussant: Manpreet Singh (Georgia Institute of Technology)
Entrepreneur Experience & Success: Causal Evidence from Immigration Wait Lines
Abhinav Gupta (University of North Carolina-Chapel Hill)
Franklin Qian (University of North Carolina-Chapel Hill)
Yifan Sun (University of Pennsylvania)
Discussant: Sheng-Jun Xu (University of Alberta)
Can Small Businesses Survive Chapter 11?
Edith Hotchkiss (Boston College)
Ben Iverson
Xiang Zheng (University of Connecticut)
Discussant: Ha Diep-Nguyen (Purdue University)
Session: Corporate Governance - Empirical: Proxy Voting and Shareholder Dynamics
Location: MNP (A.536)
Session Chair: Yan Wang (McMaster University)
Mutual Fund Disagreement and Firm Value: Passive vs. Active Voice
Iris Wang (McMaster University)
Jan Bena (University of British Columbia)
Discussant: Jingyu Zhang (Queen's University)
Custom Proxy Voting Advice
Edwin Hu (New York University)
Nadya Malenko (Boston College)
Jonathon Zytnick (Georgetown University)
Discussant: Tao Li (University of Florida)
See the Gap: Firm Returns and Shareholder Incentives
Eitan Goldman (Indiana University)
Jinkyu Kim (Indiana University)
Wenyu Wang (Indiana University)
Discussant: Irene Yi (University of Toronto)
Session: Financial Intermediation and Banking
Location: Adelaide (A.414)
Session Chair: Burton Hollifield (Carnegie Mellon University)
Banks in Space
Ezra Oberfield (Princeton University)
Esteban Rossi-Hansberg (University of Chicago)
Nicholas Trachter (Federal Reserve Bank of Richmond)
Derek Wenning (Indiana University)
Discussant: Emilio Bisetti (Hong Kong University of Science & Technology)
The Information Advantage of Banks: Evidence From Their Private Credit Assessments
Mehdi Beyhaghi (Federal Reserve Board of Governors)
Cooper Howes (Federal Reserve Bank of Kansas City)
Gregory Weitzner (McGill University)
Discussant: Michael Gallmeyer (University of Virginia)
Municipal Capital Structure
Ron Giammarino (University of British Columbia)
Murray Carlson (University of British Columbia)
Robert Heinkel (University of British Columbia)
Discussant: Dermot Murphy (University of Illinois-Chicago)
Session: PhD Session: Credit Markets
Location: Deloitte (A.451)
Session Chair: Richard Stanton (University of California-Berkeley)
Monetary Policy Complementarity: Bank Regulation and the Yield Curve
Stefan Walz (Columbia University)
Discussant: Nancy Xu (Boston College)
Mortgage Aggregation and Credit Supply
Keling Zheng (University of British Columbia)
Discussant: Andrew MacKinlay (Virginia Tech)
A Preferred-Habitat Model with a Corporate Sector
Filippo Cavaleri (University of Chicago)
Discussant: Colin Ward (University of Alberta)
Saturday, Sep 21 | 6:45 pm - 10:00 pm EDT
Session: Cocktail Reception & Gala Dinner
Location: Intercontinental: Ruelle des Fortifications
Session Chair:
Sunday, Sep 22 | 7:30 am - 8:30 am EDT
Session: Breakfast
Location: Claude-Séguin (A.373)
Session Chair:
Sunday, Sep 22 | 8:30 am - 10:00 am EDT
Session: Asset Pricing - Empirical: Macroeconomic Announcements and Information Processing
Location: Fonds Cogeco (A.436)
Session Chair: Mark Kamstra (York University)
Does Partisanship Affect Mutual Fund Information Processing? Evidence from Textual Analysis on Earnings Calls
Wanyi Wang (Babson College)
Discussant: Rafael Zambrana (University of Notre Dame)
Learning About Fed Policy From Macro Announcements: A Tale of Two FOMC Days
Zohair Alam (University of Toronto)
Discussant: Marketa Wolfe (Skidmore College)
Equity Premium Events
Ben Knox (Federal Reserve Board of Governors)
Juan M. Londono (Federal Reserve Board of Governors)
Mehrdad Samadi (Federal Reserve Board of Governors)
Annette Vissing-Jorgensen (Federal Reserve Board of Governors)
Discussant: Jack McCoy (Columbia University)
Session: Corporate Finance and Investment Policy
Location: Melbourne (A.449)
Session Chair: Andrey Malenko (Boston College)
Intangible Capital Around the World
Frederico Belo (INSEAD)
Yu Li (Shanghai Jiao Tong University)
Juliana Salomao (University of Minnesota)
Maria Ana Vitorino (INSEAD)
Discussant: Mark Rempel (University of Toronto)
The Costs of Hidden Workplace Harassment
Tural Karimli (Universidade Católica Portuguesa)
Discussant: Thomas Chemmanur (Boston College)
The Nature of Innovation and The Market for Corporate Control
Jon Garfinkel (University of Iowa)
Umang Khetan (University of Iowa)
Amrita Nain (University of Iowa)
Discussant: Yelena Larkin (York University)
Session: Financial Intermediation - Empirical: Liquidity Risk and Asset Management
Location: Port Moresby (A.549)
Session Chair: Stéphane Chrétien (Laval University)
Anticipatory Trading Against Distressed Mega Hedge Funds
Vikram Nanda (University of Texas-Dallas)
Kelsey Wei (University of Texas-Dallas)
Vikas Agarwal (Georgia State University)
George Aragon (Arizona State University)
Discussant: Bing Liang (University of Massachusetts-Amherst)
Risk-averse Dealers in a Risk-free Market -- The Role of Internal Risk Limits
Lubomir Petrasek (Federal Reserve Board of Governors)
Dan Li (Federal Reserve Board of Governors)
Mary Tian (Federal Reserve Board of Governors)
Discussant: Sebastien Plante (University of Wisconsin-Madison)
Pension Liquidity Risk
Kristy Jansen
Sven Klingler (BI Norwegian Business School)
Angelo Ranaldo (University of St. Gallen)
Patty Duijm (De Nederlandsche Bank)
Discussant: Pouya Behmaram (University of Quebec at Montreal)
Session: Fraud, Trust, and Financial Behavior
Location: MNP (A.536)
Session Chair: Lisa Kramer (University of Toronto)
Ethics and Trust in the Market for Financial Advisors
Simon Gervais (Duke University)
John Thanassoulis (University of Warwick)
Discussant: Scott Yonker (Cornell University)
Is Fraud Contagious? Social Connections and the Looting of COVID Relief Programs
John Griffin (University of Texas-Austin)
Samuel Kruger (University of Texas-Austin)
Prateek Mahajan (University of Texas-Austin)
Discussant: Chi Liao (University of Manitoba)
Consumer Surveillance and Financial Fraud
Bo Bian (University of British Columbia)
Michaela Pagel (Washington University-St. Louis)
Huan Tang (London School of Economics and Political Science)
Devesh Ravel
Discussant: Andréanne Tremblay (Laval University)
Session: Sustainable Finance: Green Transition
Location: Adelaide (A.414)
Session Chair: Marco Pagano (University of Naples Federico II)
Corporate Climate Lobbying
Markus Leippold (University of Zurich)
Zacharias Sautner
Tingyu Yu (University of Zurich)
Discussant: Runjing Lu (University of Toronto)
“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities
Mariassunta Giannetti (Stockholm School of Economics)
Martina Jasova (Barnard College)
Maria Loumioti (University of Texas-Dallas)
Caterina Mendicino (European Central Bank)
Discussant: Luca Lin (State University of New York-Buffalo)
Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition
Mayank Kumar (Boston University)
Discussant: Katie Moon (University of Colorado-Boulder)
Sunday, Sep 22 | 10:00 am - 10:30 am EDT
Session: Coffee Break
Location: Claude-Séguin (A.373)
Session Chair:
Sunday, Sep 22 | 10:30 am - 12:00 pm EDT
Session: Asset Pricing - Empirical: Risk Factors
Location: Port Moresby (A.549)
Session Chair: Miguel Palacios (University of Calgary)
Intangibles Investment and Asset Quality
Ravi Jagannathan (Northwestern University)
Robert Korajczyk (Northwestern University)
Kai Wang (Northwestern University)
Discussant: Sebastien Betermier (McGill University)
A Factor Framework for Cross-Sectional Price Impacts
Yu An (Johns Hopkins University)
Yinan Su (Johns Hopkins University)
Chen Wang (University of Notre Dame)
Discussant: Raymond Kan (University of Toronto)
Downside Risk and the Cross-section of Corporate Bond Returns
Patrick Augustin (McGill University)
Linxiao Cong (McGill University)
Ricardo Lopez A. (Syracuse University)
Romeo Tedongap (ESSEC Business School)
Discussant: Johnathan Loudis (University of Notre Dame)
Session: Asset Pricing: Investor Sentiment and Beliefs
Location: Fonds Cogeco (A.436)
Session Chair: Alexander David (University of Calgary)
The Subjective Risk and Return Expectations of Institutional Investors
Spencer Couts (University of Southern California)
Andrei Goncalves
Johnathan Loudis (University of Notre Dame)
Discussant: Anisha Ghosh (McGill University)
Excess Volatility and Mispricing in the Presence of Sentiment and Institutional Investors
Luis Filipe Goncalves-Pinto (University of New South Wales)
Herve Roche (University of Chile)
Juan Sotes-Paladino (Universidad de los Andes)
Discussant: Goutham Gopalakrishna (University of Toronto)
Sentiment, Productivity, and Economic Growth
George Constantinides (University of Chicago)
Maurizio Montone (Erasmus University)
Valerio Poti (University College Dublin)
Stella Spillioti (Athens University of Economics and Business)
Discussant: Burton Hollifield (Carnegie Mellon University)
Session: Corporate Finance: Corporate Careers and Relationships
Location: MNP (A.536)
Session Chair: Nadya Malenko (Boston College)
Relationship Lending in Corporate Bond Markets? Evidence from Corporate Call Policies
Paul Beaumont (McGill University)
David Schumacher (McGill University)
Gregory Weitzner (McGill University)
Discussant: Jian Li (Columbia University)
Between Boardrooms and the Beltway: The Career Paths of Senior Regulators
Ran Duchin (Boston College)
Jeffery (Yudong) Wang (Boston College)
Discussant: Ana-Maria Tenekedjieva (Federal Reserve Board of Governors)
Succession
Thomas Geelen (Copenhagen Business School)
Jakub Hajda (HEC Montréal)
Discussant: Pierre Chaigneau (Queen's University)
Session: Financial Intermediation - Theoretical: Banking and Credit Risk
Location: Adelaide (A.414)
Session Chair: Liyan Yang (University of Toronto)
Screen More, Sell Later: Screening and Dynamic Signaling in the Mortgage Market
Manuel Adelino (Duke University)
Bin Wei (Federal Reserve Bank of Atlanta)
Feng Zhao (University of Texas-Dallas)
Discussant: George Malikov (University of Western Ontario)
Manipulable Data, Goodhart's Law, and Credit Risk Prediction
Andrea Gamba (University of Warwick)
Christopher Hennessy (London Business School)
Discussant: Nicolas A Inostroza (University of Toronto)
Lending Competition and Funding Collaboration
Yunzhi Hu (University of North Carolina-Chapel Hill)
Pavel Zryumov (University of Rochester)
Discussant: Alberto Teguia (University of British Columbia)
Session: Household Finance
Location: Melbourne (A.449)
Session Chair: Philippe d'Astous (HEC Montréal)
The Mortgage Cash-Flow Channel: How Rising Interest Rates Impact Household Consumption
Itamar Caspi (Bank of Israel)
Nadav Eshel (Bank of Israel)
Nimrod Segev (Bank of Israel)
Discussant: Alessia DeStefani (International Monetary Fund)
Individual Investors’ Housing Income and Interest Rates Fluctuations
Antonio Gargano (University of Houston)
Marco Giacoletti (University of Southern California)
Discussant: Barry Scholnick (University of Alberta)
Friends with Benefits: Social Capital and Household Financial Behavior
Brad Cannon (State University of New York-Binghamton)
David Hirshleifer (University of Southern California)
Joshua Thornton (Baylor University)
Discussant: Da Ke (University of South Carolina)
From our sponsors:
NFA 2024 Best Paper Awards
Special thanks to the awards committee for their selection of the winners for the two NFA-sponsored awards.
NFA 2024 Awards Committee:
- Simon Gervais (chair), Duke University
- Jan Bena, University of British Columbia
- Burton Hollifield, Carnegie Mellon University
- Nathalie Moyen, University of Colorado Boulder
- Sergei Sarkissian, McGill University
- Best Paper Award in Asset Pricing (Sponsored by: Northern Finance Association)
- Best Paper Award in Corporate Finance (Sponsored by: Northern Finance Association)
- Best Ph.D. Student Paper Award (Sponsored by: Bank of Canada)