Welcome to the 2025 Northern Finance Association Conference in Calgary!
Dear NFA Members and Guests,
We're pleased to welcome you to Calgary, Alberta, for the annual Northern Finance Association (NFA) Conference. We've designed this event to be a valuable forum for connecting leading academics and researchers in finance.
This year's program features 135 academic papers organized into 45 sessions across three days. This includes two dedicated PhD sessions. Our keynote speaker this year will be Professor Hanno Lustig, the Mizuho Financial Group Professor of Finance at the Graduate School of Business, Stanford University. It is an honor for us to host him on this occasion and look forward to his keynote speech after our luncheon on Saturday, September 20.
The quality of this year's program is a direct result of a rigorous review process. We received over 1,100 submissions, reflecting the depth of research in our field. The review proceeded in two steps: 90 Associate Program Chairs initially pre-screened each paper, followed by comprehensive reviews and scoring by 400 Program Committee Members. This review was then complemented by the session chairs, who picked the discussant for each paper in their session. Together, over 650 researchers from across the globe participated in making this program a success. We extend our sincere gratitude to all these individuals for their dedication and expertise; their contributions have been instrumental in shaping the high-quality program we have today. A complete list of all contributors is available on the conference website.
We encourage you to take advantage of the opportunities for insightful discussions and professional connections throughout the conference. The conference venue is in the heart of Calgary’s downtown, adjacent to Steven Avenue, a bustling street with many options for dining and entertainment. Just a few blocks away you can stroll or jog along the riverbank; or, if inclined, rent a bike and follow paths that stretch for miles along the river. You will also get a chance to taste Calgary’s history as our conference dinner will take place at Fort Calgary, the site where Calgary was founded.
Thank you for joining us. We anticipate a productive and engaging conference for everyone.
Sincerely,
Pablo Moran and Miguel Palacios
Co-Presidents' Welcome
The NFA co-Presidents Daniel Andrei and Vincent Grégoire welcome you to the 2025 NFA Annual Meeting and wish you an enjoyable and fruitful conference.
2025 Associate Program Chairs
- Daniel Andrei, McGill University
- Patrick Augustin, McGill University
- Ilona Babenko, Arizona State University
- Kee-Hong Bae, York University
- Jan Bena, University of British Columbia
- Sebastien Betermier, McGill University
- Matthew T Billett, Indiana University
- Oliver Boguth, Arizona State University
- Nick Bollen, Vanderbilt University
- Martin Boyer, HEC Montréal
- Francesca Carrieri, McGill University
- Pierre Chaigneau, Queen's University
- Thomas J Chemmanur, Boston College
- Ing-Haw Cheng, University of Toronto
- Tarun Chordia, Emory University
- David Cimon, Bank of Canada
- Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne
- J. Anthony Cookson, University of Colorado-Boulder
- Zhi Da, University of Notre Dame
- Alexander David, University of Calgary
- Craig Doidge, University of Toronto
- Jan Ericsson, McGill University
- Jack Favilukis, University of British Columbia
- Adlai J Fisher, University of British Columbia
- Louis Gagnon, Queen's University
- Diego Garcia, University of Colorado-Boulder
- Lorenzo Garlappi, University of British Columbia
- Simon Gervais, Duke University
- Ron Giammarino, University of British Columbia
- Vincent Glode, University of Pennsylvania
- Andrey Golubov, University of Toronto
- Vincent Grégoire, HEC Montréal
- Bing Han, University of Toronto
- 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
- 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
- Dmitry Livdan, University of California-Berkeley
- Lars Lochstoer, University of California-Los Angeles
- Michelle Lowry, Drexel University
- Deborah Lucas, Massachusetts Institute of Technology
- Andrey Malenko, Boston College
- Nadya Malenko, Boston College
- Nadia Massoud, University of Melbourne
- Gonzalo Maturana, Emory University
- Anya Mkrtchyan, University of Massachusetts-Amherst
- Pablo Moran, University of Calgary
- Randall Morck, University of Alberta
- Nathalie Moyen, University of Colorado-Boulder
- David Ng, Cornell University
- Lilian Ng, York University
- Hernan Ortiz-Molina, University of British Columbia
- Marco Pagano, University of Naples Federico II
- Miguel Palacios, University of Calgary
- Christine Parlour, University of California-Berkeley
- Neil D Pearson, University of Illinois
- Veronika Pool, Vanderbilt University
- Gabriel Power, Laval University
- Mohammad Rahaman, Saint Mary's University
- Adriano Rampini, Duke University
- Lukas Roth, University of Alberta
- Jacob Sagi, University of North Carolina-Chapel Hill
- Josef Schroth, Bank of Canada
- Giorgo Sertsios, University of Wisconsin-Milwaukee
- Andriy Shkilko, Wilfrid Laurier University
- Stephan Siegel, University of Washington
- Mikhail Simutin, University of Toronto
- Zheng Sun, University of California-Irvine
- James Thompson, University of Waterloo
- Andréanne Tremblay, Laval University
- Yuri Tserlukevich, Arizona State University
- Boris Vallee, Harvard University
- Edward Van Wesep, University of Colorado-Boulder
- Adrien Verdelhan,
- Wei Wang, Queen's University
- Akiko Watanabe, University of Alberta
- Liyan Yang, University of Toronto
- Constantine Yannelis, Cambridge University
- Jaime F Zender, University of Colorado-Boulder
- Guofu Zhou, Washington University-St. Louis
2025 Program Committee
- Nicolas A A Inostroza, University of Toronto
- Ali Abolghasemi, Saint Mary's University
- Jawad M. Addoum, Cornell University
- Isha Agarwal, University of British Columbia
- Vikas Agarwal, Georgia State University
- Felipe Aguerrevere, University of Alberta
- Hengjie Ai, University of Wisconsin-Madison
- Amir Akbari, McMaster University
- Pat Akey, ESSEC Business School
- James Albertus, Carnegie Mellon University
- Rui Albuquerque, Boston College
- Diego Amaya, Wilfrid Laurier University
- Dumitru Daniel Andrei,
- George Aragon, Arizona State University
- David Ardia, HEC Montréal
- Hadiye Aslan, Georgia State University
- Christina Atanasova, Simon Fraser University
- Adem Atmaz, Purdue University
- 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, University of Alberta
- Brad Barber, University of California-Davis
- 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
- Tony Berrada, University of Geneva
- Hendrik Bessembinder, Arizona State University
- Harjoat Bhamra, Imperial College London
- Bo Bian, University of British Columbia
- Daniel Bias, Vanderbilt University
- Andrew Bird, Chapman University
- Justin Birru, Ohio State University
- Emilio Bisetti, Hong Kong University of Science & Technology
- Vincent Bogousslavsky, Boston College
- Michael Boutros, University of Toronto
- Matthieu Bouvard, Toulouse School of Economics
- Bradyn Breon-Drish, University of California-San Diego
- Jonathan Brogaard, University of Utah
- Michael Brolley, Wilfrid Laurier University
- Svetlana Bryzgalova, London Business School
- Andrea Buffa, University of Colorado-Boulder
- Walid Busaba, University of Western Ontario
- Cecilia Bustamante, University of Maryland
- Sabrina Buti, Paris Dauphine University
- Jay Cai, Drexel University
- Jie Cao, Hong Kong Polytechnic University
- Daniel Carvalho, Indiana University
- Johan Cassel, Vanderbilt 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
- 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
- Gian Luca Clementi, New York University
- Alexandre Corhay, University of Toronto
- Benjamin Croitoru, McGill University
- Kevin Crotty, Rice University
- Jorge A Cruz Lopez, Global Risk Institute
- Peter Cziraki, Texas A&M University
- Francesco D'Acunto, Georgetown University
- Philippe d'Astous, HEC Montréal
- Adrien d'Avernas, Stockholm School of Economics
- Ramona Dagostino, University of Virginia
- Rui Dai, University of Pennsylvania
- Mehmet Dalkir, University of New Brunswick
- Thomas Dangl, TU-Wien
- Shaun Davies, University of Colorado-Boulder
- Tetiana Davydiuk, Johns Hopkins University
- David De Angelis, University of Houston
- Tim de Silva,
- Paul Decaire, Arizona State University
- Adolfo Demotta, McGill University
- Francois Derrien, HEC Paris
- Jerome B Detemple, Boston University
- Lora Dimitrova, University of Exeter
- Hitesh Doshi, University of Houston
- Winston Dou, University of Pennsylvania
- Ying Duan, Simon Fraser University
- Ran Duchin, Boston College
- Espen Eckbo, Dartmouth College
- Esther Eiling, University of Amsterdam
- Sadok El Ghoul, University of Alberta
- Vadim Elenev,
- Andrew Ellul, Indiana University
- Andrey Ermolov, Fordham University
- Joan Farre-Mensa, University of Illinois-Chicago
- Anastassia Fedyk, University of California-Berkeley
- David Feldman, University of New South Wales
- Jana Fidrmuc, University of Warwick
- Matthias Fleckenstein, University of Delaware
- Jean-Sebastien Fontaine, Bank of Canada
- Vyacheslav Fos, Boston College
- Mathieu Fournier, University of New South Wales
- Scott Frame, Bank Policy Institute
- Murray Z Frank, University of Minnesota
- Sivan Frenkel, Tel Aviv University
- Michael Gallmeyer, University of Virginia
- Rohan Ganduri, Georgia Institute of Technology
- Janet Gao, Georgetown University
- Xiaohui G Gao, Temple University
- Antonio Gargano, University of Houston
- Thomas Geelen, Pennsylvania State University
- Irina Gemmo, HEC Montréal
- Simon Gervais, Duke University
- Mohammad Ghaderi, University of Kansas
- Sergey Glebkin, INSEAD
- Brent Glover, Carnegie Mellon University
- Jim Goldman, McGill University
- Naveen Gondhi, INSEAD
- Will Gornall, University of British Columbia
- Thomas Griffin, Villanova University
- Fotis Grigoris, University of Iowa
- Omrane Guedhami, University of South Carolina
- Hui Guo, University of Cincinnati
- Deeksha Gupta, Johns Hopkins University
- Matthew Gustafson, Pennsylvania State University
- Isaac Hacamo, Indiana University
- Valentin Haddad, University of California-Los Angeles
- Jakub Hajda, HEC Montréal
- Michael Halling, University of Luxembourg
- Allaudeen Hameed, National University of Singapore
- Kathleen Hanley, Lehigh University
- Peter Haslag, Vanderbilt University
- Ai HE, University of South Carolina
- Jie He, University of Georgia
- Ulrich Hege, Toulouse School of Economics
- Amanda Heitz, Tulane University
- Anna Helmke, Vanderbilt University
- Christian Heyerdahl-Larsen, BI Norwegian Business School
- Steffen Hitzemann, University of Houston
- 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
- Chong Huang, University of California-Irvine
- Dashan Huang, Singapore Management University
- 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
- Kris Jacobs, University of Houston
- 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
- Dalida Kadyrzhanova, Federal Reserve Board of Governors
- Madhu Kalimipalli, Wilfrid Laurier University
- Preetesh Kantak, Indiana University
- Stephen Adam Karolyi, Office of the Comptroller of the Currency
- Jonathan Karpoff, University of Washington
- 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
- Michael R King, University of Victoria
- Tao-Hsien Dolly King, University of North Carolina - Charlotte
- Kristoph Kleiner, Indiana University
- Shimon Kogan,
- Sanket Korgaonkar, University of Virginia
- Jason Kotter, Brigham Young University
- Holger Kraft, Goethe University Frankfurt
- Mathias Kruttli, Indiana University
- Lars Kuehn, Carnegie Mellon University
- Howard Kung, London Business School
- Nisan Langberg, Tel Aviv University
- Ali Lazrak, University of British Columbia
- Dong wook Lee, Korea University Business School
- Jongsub Lee, Seoul National University
- 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
- Ryan Lewis, University of Colorado-Boulder
- Dongmei Li, University of South Carolina
- Jiasun Li, George Mason University
- Kai Li, Peking University
- Si Li, Wilfrid Laurier University
- Erik Lie, University of Iowa
- Sonya Lim, DePaul University
- 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
- Roger Loh, Nanyang Technological University
- Johnathan Loudis, University of Notre Dame
- 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
- Hamed Mahmudi, University of Delaware
- Katya Malinova, McMaster University
- Aytek Malkhozov, McGill University
- Qinghao Mao, Deakin University
- Yifei Mao, Cornell University
- Roberto Marfe, Collegio Carlo Alberto
- Charles Martineau, University of Toronto
- Massimo Massa, INSEAD
- Ronald W Masulis, University of New South Wales
- Pedro Matos, University of Virginia
- Egor Matveyev, Massachusetts Institute of Technology
- Thomas A Maurer, University of Hong Kong
- Iwan Meier, HEC Montréal
- Camelia Minoiu, Federal Reserve Bank of Atlanta
- Joshua Mollner, Northwestern University
- Fabio Moneta, University of Ottawa
- Pablo_Test Moran,
- Dmitriy Muravyev, University of Illinois-Urbana-Champaign
- Andreas Neuhierl, Washington University-St. Louis
- Tu Nguyen, University of Waterloo
- Marina Niessner, Indiana University
- 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
- Giovanni Pagliardi, BI Norwegian Business School
- Dino Palazzo, Federal Reserve System
- Andreas Park, University of Toronto
- Saurin Patel, University of Western Ontario
- Andrey Pavlov, Simon Fraser University
- Julien Penasse, University of Luxembourg
- M. Fabricio Perez, Wilfrid Laurier University
- Dimitris Petmezas, Durham University
- Peter Pham, University of Sydney
- Alexander Philipov, George Mason University
- Elena S. Pikulina, University of British Columbia
- Kevin Pisciotta, University of Kansas
- Paul Povel, University of Houston
- Melissa Prado, Nova School of Business and Economics
- Alessandro Previtero, Indiana University
- Buhui Qiu, University of Sydney
- Jiaping Qiu, Shanghai University of Finance and Economics
- Sahil Raina, University of Alberta
- Uday Rajan, University of Michigan
- Carlos A Ramírez, Federal Reserve Board of Governors
- 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, Virginia Tech
- Oleg Rytchkov, Temple University
- Kunal Sachdeva, University of Michigan
- Anthony Sanford, HEC Montréal
- Shrihari Santosh, University of Maryland
- 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
- Paul Schneider, Università della Svizzera Italiana
- David Schumacher, McGill University
- Gustavo Schwenkler, Santa Clara University
- Gill Segal, University of North Carolina-Chapel Hill
- 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
- Elena Simintzi, University of North Carolina-Chapel Hill
- Petra Sinagl, University of Iowa
- Georgios Skoulakis, University of Piraeus
- Janis Skrastins, Washington University-St. Louis
- Pablo Slutzky, University of Maryland
- Michael Sockin, University of Texas-Austin
- Valeri Sokolovski, University of Alberta
- Tatyana Sokolyk, Brock University
- David Solomon, Boston College
- Changcheng Song, University of Florida
- Zhongzhi Song, Shanghai Jiao Tong University
- denis sosyura, Arizona State University
- Issouf Soumare, Laval University
- Anup Srivastava, University of Calgary
- Andreas Stathopoulos, University of North Carolina-Chapel Hill
- Noah Stoffman, Indiana University
- Neal Stoughton, University of Waterloo
- Guenter Strobl, University of Vienna
- Jason Sturgess, Queen Mary University of London
- Paula Suh, University of Georgia
- Johan Sulaeman, National University of Singapore
- Savitar Sundaresan, Imperial College London
- Stephen Szaura, BI Norwegian Business School
- Andrea Tamoni, University of Notre Dame
- Dragon Tang, University of Hong Kong
- Yuehua Tang, University of Florida
- Claudio Tebaldi, Bocconi University
- Roméo Tédongap, ESSEC Business School
- Alberto Teguia, University of British Columbia
- Wingwah Tham, University of New South Wales
- Xuan Tian, Tsinghua University
- Yisong Tian, York University
- Katrin Tinn, McGill University
- Cristian I Tiu, State University of New York-Buffalo
- Davide Tomio, University of Virginia
- Giulio Trigilia, University of Rochester
- Kevin Tseng, Chinese University of Hong Kong
- Anton Tsoy, University of Toronto
- Harry J Turtle, Colorado State University
- Tarik Umar, Rice University
- Michael Ungeheuer, Aalto University
- Raman Uppal, EDHEC Business School
- Semih Uslu, Johns Hopkins University
- Pascale Valery, HEC Montréal
- Quentin Vandeweyer, University of Chicago
- Alexander Vedrashko, Simon Fraser University
- Gyuri Venter, Aarhus University
- Aazam Virani,
- 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
- Joshua T White, Vanderbilt University
- Michael Wittry, Ohio State University
- 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
- Mindy Xiaolan, University of Texas-Austin
- Fei Xie, University of Delaware
- Jin Xu, Virginia Tech
- Qiping Xu, University of Illinois-Urbana-Champaign
- Ting Xu, University of Toronto
- Yan Xu, University of Hong Kong
- Zhaoxia Xu, University of New South Wales
- Dong Yan, Rotterdam School of Management
- Hongjun Yan, DePaul University
- 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, University of North Carolina - Charlotte
- 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
- 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, Cheung Kong Graduate School of Business
- Xiaofei Zhao, Georgetown University
- Alexey Zhdanov, Pennsylvania State University
- Marius Zoican, Haskayne School of Business, University of Calgary
- Hong Zou, University of Hong Kong
- Pavel Zryumov, University of Rochester
- Francesca Zucchi, European Central Bank
Special Sessions & Events
PhD Poster Presentations (Friday)
Coffee Break (Friday)
Coffee Break sponsored by CFA Societies Canada
Welcome Reception
Reception sponsored by the Canadian Derivatives Institute.
Saturday Breakfast
PhD Poster Presentations (Saturday)
Coffee Break 1 (Saturday)
Luncheon
Annual General Meeting
Keynote Address
Our keynote speaker is Professor Hanno Lustig, The Mizuho Financial Group Professor of Finance at the Graduate School of Business, Stanford University.
Coffee Break 2 (Saturday)
Reception & Gala Dinner
Reception sponsored by Connor, Clark & Lunn Investment Management.
Sunday Breakfast
(Sponsored by: CFA Societies Canada)
Coffee Break (Sunday)
Full Schedule
Friday, Sep 19 | 1:30 pm - 3:00 pm MDT
Session: Asset Prices in Production Models
Location: Imperial 2
Session Chair: David Schreindorfer (Michigan State University)
Data, Markups, and Asset Prices
Alexandre Corhay (University of Toronto)
Kejia Hu (University of Oxford)
Jun Li (University of Warwick)
Jincheng Tong (University of Toronto)
Chi-Yang Tsou (University of Manchester)
Discussant: Maziar Kazemi (Arizona State University)
Two Trees and a Gardener: Asset Pricing with Real Capital Flows
Sebastien Betermier (McGill University)
Laurent Calvet (SKEMA Business School)
Evan Jo (Queen's University)
Johan Walden (University of California-Berkeley)
Discussant: Fotis Grigoris (University of Iowa)
Global Production Networks and Asset Prices
Teodor Dyakov (EDHEC Business School)
Hao Jiang (Michigan State University)
Discussant: Christoph Schiller (Ohio State University)
Session: Inside Venture Capital
Location: Imperial 1
Session Chair: Ting Xu (University of Toronto)
Group Decision Making Under Real World Uncertainty: Internal Evidence from a Venture Capital Accelerator
Tristan Fitzgerald (Texas A&M University)
Korok Ray (Texas A&M University)
Discussant: Fiona Paine (Texas A&M University)
Fired Up or Burned Down: Wildfires and VC Investment
Joy Tong (University of Western Ontario)
Wen Wang (Hong Kong University of Science & Technology)
Zhengchu Zhang (Singapore Management University)
Discussant: Yingxiang Li (City University of Hong Kong)
Human Capital Breadth, Portfolio Choice and Performance in Venture Capital
Teodor Duevski (HEC Paris)
Discussant: Matthew Denes (Carnegie Mellon University)
Session: Structuring Trades
Location: Herald
Session Chair: Markus Baldauf (University of British Columbia)
Retail Limit Orders
Amber Anand (Syracuse University)
Mehrdad Samadi (Rutgers University)
Jonathan Sokobin
Kumar Venkataraman (Southern Methodist University)
Discussant: Katya Malinova (McMaster University)
How do retail investors use order flow data?
Philipp Chapkovski
Mariana Khapko (University of Toronto)
Marius Zoican (Haskayne School of Business, University of Calgary)
Discussant: Janet Jiang (Bank of Canada)
Bundling trades in over-the-counter markets
Jason Allen (University of Wisconsin-Madison)
Milena Wittwer (Stanford University)
Discussant: David Cimon (Bank of Canada)
Session: The Evolving Landscape of Corporate Innovation
Location: Imperial 3
Session Chair: Kai Li (University of British Columbia)
The Economics of Patent Licensing: An Empirical Analysis of the Determinants and Consequences of Patent Licensing Transactions
Thomas Chemmanur (Boston College)
Xi Chen (University of Houston)
Jingxuan Zhang (University of Alberta)
Discussant: Yan Wang (McMaster University)
Creativity without walls: The case of open innovation
John Bai (Northeastern University)
Rui Dai (University of Pennsylvania)
Anya Mkrtchyan (University of Massachusetts-Amherst)
Chi Wang (University of Massachusetts-Boston)
Discussant: Yihui Pan (University of Utah)
The Role of the Firm in Nurturing Human Capital: Evidence from 200 Years of U.S. Patents
Xiaoding Liu (Texas A&M University)
Discussant: Jin Wang (Wilfrid Laurier University)
Session: The Predictive Power of Option Markets
Location: Doll
Session Chair: Yoontae Jeon (McMaster University)
The Global Volatility Surface and Common Predictability of International Equity Premia
Adlai Fisher (University of British Columbia)
Terry Zhang (Australian National University)
Discussant: Edna Lopez Avila (Western University)
Equity Option Return Predictability and Expiration Days
Pedro Angel Garcia Ares (Instituto Tecnológico Autónomo de México)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)
Discussant: Zohair Alam (McMaster University)
Betting Against the Crowd: Option Trading and Market Risk Premium
Jie Cao (Hong Kong Polytechnic University)
Gang Li (Chinese University of Hong Kong)
Xintong Zhan (Fudan University)
Guofu Zhou (Washington University-St. Louis)
Discussant: Diego Amaya (Wilfrid Laurier University)
Friday, Sep 19 | 3:30 pm - 5:00 pm MDT
Session: Competition and Information in Banking
Location: Doll
Session Chair: Pavel Zryumov (University of Rochester)
Welfare Costs of Credit Card Oligopoly
Juan Morelli (Federal Reserve Bank of New York)
Discussant: Jason Allen (University of Wisconsin-Madison)
“If You Don't Know Me by Now ...” Information Collection by Banks in Lending to Private Firms
Teng Wang (University of Texas-Arlington)
Stijn Claessens (Bank for International Settlements)
Steven Ongena (University of Zurich)
Discussant: Vera Chau (Cornell University)
The interoperability of financial data
Elif Akoguz (KU Leuven)
Tarik Roukny (Katholieke Universiteit Leuven)
Tamas Vadasz (KU Leuven)
Discussant: Liyan Yang (University of Toronto)
Session: Empirical Asset Pricing
Location: Imperial 2
Session Chair: Sebastien Betermier (McGill University)
Salience and Short-term Momentum and Reversals
Yili Chen (Peking University)
Huaixin Wang (University of Macau)
Jianfeng Yu (Tsinghua University)
Discussant: Evan Jo (Queen's University)
Inelastic Hedging Demand and Intraday Momentum
Taeyoung Park (University of Texas-Dallas)
Feng Zhao (University of Texas-Dallas)
Discussant: Julian Terstegge (University of Michigan)
Endogenous Elasticities: Price Multipliers Are Smaller for Larger Demand Shocks
Aditya Chaudhry (Ohio State University)
Jiacui Li (University of Utah)
Discussant: Song Xiao (Chinese University of Hong Kong)
Session: Private Capital and Entrepreneurship Incentives
Location: Imperial 3
Session Chair: Ari Pandes (University of Calgary)
Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate
Frank-olivier Garane (HEC Montréal)
Philippe d'Astous (HEC Montréal)
Barry Scholnick (University of Alberta)
Discussant: Walid Busaba (University of Western Ontario)
Charitable Capital Allocation: Evidence from Private Foundations
Zhongjin Lu (University of Georgia)
Steven Malliaris (University of Georgia)
Discussant: Sean Cleary (Institute for Sustainable Finance, Queen's University)
Private Capital Markets and Inequality
Clara Martinez-Toledano (Imperial College London)
Vrinda Mittal (University of North Carolina)
Ararat Gocmen (University College London)
Discussant: Jay Ritter (University of Florida)
Session: Restructuring and Incentives
Location: Herald
Session Chair: Anton Tsoy (University of Toronto)
Biased is best: Merger advisors and dialectical Bayesian persuasion
Nina Baranchuk (University of Texas-Dallas)
Thomas Noe (Oxford University)
Michael Rebello (University of Texas-Dallas)
Discussant: Thomas Rivera (McGill University)
A General Theory of Holdouts
Xiaobo Yu (University of Colorado-Boulder)
Discussant: Felipe Varas (University of Texas-Dallas)
Creditor rights and lender competition
Dan Bernhardt (University of Illinois)
Kostas Koufopoulos (University of York)
Giulio Trigilia (University of Rochester)
Discussant: Stefano Pegoraro (University of Notre Dame)
Session: The Fed and Financial Markets
Location: Imperial 1
Session Chair: Vincent Grégoire (HEC Montréal)
The Fed and the Wall Street Put
Jan Harren (University of Münster)
Mete Kilic (University of Southern California)
Zhao Zhang (University of Southern California)
Discussant: Oliver Boguth (Arizona State University)
The Impact of Central Bank Communication Choices in a Market with Fast and Slow Traders
Alain Chaboud (Federal Reserve Board of Governors)
Clara Vega (Federal Reserve Board of Governors)
Filip Zikes (Federal Reserve Board of Governors)
Discussant: Charles Martineau (University of Toronto)
The Fed Information Effect and the Profitability Channel of Monetary Policy: Evidence and Theory
Alex Hsu (Georgia Institute of Technology)
Indrajit Mitra (Federal Reserve Bank of Atlanta)
Yu Xu (University of Delaware)
Linghang Zeng (Babson College)
Discussant: Adlai Fisher (University of British Columbia)
Saturday, Sep 20 | 8:30 am - 10:00 am MDT
Session: Corporate and Treasury Bond Prices
Location: Imperial 2
Session Chair: Jan Ericsson (McGill University)
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Sebastien Plante (University of Wisconsin-Madison)
Mohammad Ghaderi (University of Kansas)
Sang Byung Seo (University of Wisconsin-Madison)
Nikolai Roussanov (University of Pennsylvania)
Discussant: Chuck Fang (Drexel University)
The Debt Ceiling's Disruptive Impact: Evidence fom Many Markets
William Cassidy (Washington University-St. Louis)
Shreye Mirani (Washington University-St. Louis)
Discussant: Basile Dubois (McGill Desautels Faculty of Management)
Pre-Refunding Announcement Gains in US Treasurys
Chen Wang (University of Notre Dame)
Kevin Zhao (Office of Financial Research)
Discussant: Yoshio Nozawa (University of Toronto)
Session: Dealing with Financial Crimes
Location: Bannerman
Session Chair: Alfred Lehar (University of Calgary)
Financial Literacy and Financial Crime: A Regression Discontinuity Approach
John Hackney (University of Arkansas)
Paul Freed (University of South Carolina)
Discussant: Philippe d'Astous (HEC Montréal)
Are Crypto Anti-Money Laundering Policies Effective?
John Griffin (University of Texas-Austin)
Kevin Mei (University of Texas-Austin)
Zirui Wang (University of Texas-Austin)
Discussant: Qiang Wang (Haskayne School of Business, University of Calgary)
Anatomy of a Crypto Bank Run
Yuan Gao (University of Arizona)
Richard Sias (University of Arizona)
Discussant: Marius Zoican (Haskayne School of Business, University of Calgary)
Session: Issues in Asset Pricing Theory
Location: Doll
Session Chair: Daniel Andrei (McGill University)
Asset Pricing with Dynamic and Static Investors
Ruggero Jappelli (University of Warwick)
Discussant: Lei Lu (University of Manitoba)
Option-Implied Risk Premia with Intertemporal Hedging
Fousseni Chabi-Yo (University of Massachusetts-Amherst)
Elise Gourier (ESSEC Business School)
Hugues Langlois
Discussant: Piotr Orłowski (HEC Montréal)
Non-Monotonic Pricing Kernels and Risk-Neutral Bounds for Expected Returns
Stefanos Delikouras (University of Miami)
Discussant: David Schreindorfer (Michigan State University)
Session: Mortgage Market Frictions and Household Welfare
Location: Herald
Session Chair: Peter Haslag (Vanderbilt University)
Human Capital and Local Credit Supply: Evidence from the Mortgage Industry
Ruidi Huang (Southern Methodist University)
Erik Mayer (University of Wisconsin-Madison)
Sheridan Titman (University of Texas-Austin)
David Xu (Southern Methodist University)
Discussant: Michael Varley (University of Kentucky)
Time on your side: Labor Market Effects of Foreclosure Delays
AVANTIKA PAL (University of Illinois-Urbana-Champaign)
Discussant: Michal Zator (University of Notre Dame)
Mortgage Lock-in, Lifecycle Migration, and the Welfare Effects of Housing Market Liquidity
Kristopher Gerardi (Federal Reserve Bank of Atlanta)
Franklin Qian (University of North Carolina-Chapel Hill)
David Zhang (Rice University)
Discussant: Tess Scharlemann (Federal Reserve Board of Governors)
Session: Navigating Modern Financial Markets
Location: Walker
Session Chair: David Cimon (Bank of Canada)
Rewiring Repo
Jin-Wook Chang (Federal Reserve Board of Governors)
Elizabeth Klee (Federal Reserve Board of Governors)
Vladimir Yankov (Federal Reserve Board of Governors)
Discussant: Corey Garriott (U.S. Department of the Treasury)
Synthetic Dollar Funding
Umang Khetan (University of Iowa)
Discussant: Antonio Diez de los Rios (Bank of Canada)
Corporate Bond Issuance by Financial Institutions
Tetiana Davydiuk (Johns Hopkins University)
Tatyana Marchuk (Nova School of Business and Economics)
Ivan Shaliastovich (University of Wisconsin-Madison)
Discussant: Michele Dathan (Federal Reserve System)
Session: PhD Session - Shaping the Firm: Policy, Disclosure, and Boundaries
Location: Imperial 1
Session Chair: Hernan Ortiz-Molina (University of British Columbia)
Acquiring Human Capital: Do Non-Competes Help?
Dongryeol Lee (Nanyang Technological University)
Discussant: Sheng-Jun Xu (University of Alberta)
Regulatory Costs and Vertical Integration: Evidence from Supply Chain Disclosure Regulations
Enshuai Yu (Boston College)
Discussant: Si Li (Wilfrid Laurier University)
Learning from failure: The role of disclosure on innovation
Menghan Wang (University of Hong Kong)
Discussant: Jakub Hajda (HEC Montréal)
Session: Regulators Oversight and Incentives
Location: Imperial 3
Session Chair: Audra Boone (Colorado State University)
Escaping Pay-for-Performance
Joseph Kalmenovitz (University of Rochester)
Jakub Hajda (HEC Montréal)
Jason Chen (Auburn University)
Discussant: Thomas Ruchti (Virginia Tech)
Watching the Watchdogs: The Information Content of SEC Interactions
Steven Irlbeck (University of New Hampshire)
William Gerken (University of Kentucky)
Marcus Painter (Saint Louis University)
Guangli Zhang (Saint Louis University)
Discussant: Terrence Blackburne (Oregon State University)
SEC Oversight of Private Equity and Hedge Funds
Owen Davidson (Baylor University)
Paul Mason (Baylor University)
Steven Utke (University of Connecticut)
Nina Xu (University of Connecticut)
Discussant: Yingxiang Li (City University of Hong Kong)
Saturday, Sep 20 | 10:30 am - 12:00 pm MDT
Session: Corporate Dynamics
Location: Imperial 3
Session Chair: RANDALL MORCK (University of Alberta)
Complementarity of Bank and Market Debt in Dynamic Debt Structure
Jessica Li (University of Chicago)
Discussant: Ruggero Jappelli (University of Warwick)
Set in Stone: The Persistence and Origin of Corporate Culture
Kai Li (University of British Columbia)
Yu-Jane Liu (Peking University)
Ruichang Lu (Peking University)
Kaihao Qian (Peking University)
Xiaojun Zhang (Peking University)
Discussant: Francesco Celentano (University of Lausanne)
Burdening the Young: Life Cycle Effects of Mandatory Disclosure on Investment
Matthew Gustafson (Pennsylvania State University)
Jewon Shin (Pennsylvania State University)
Discussant: Ting Xu (University of Toronto)
Session: Different Ways of Looking at the News
Location: Imperial 2
Session Chair: Ryan Israelsen (Michigan State University)
Market Signals from Social Media
J. Anthony Cookson (University of Colorado-Boulder)
Runjing Lu (University of Toronto)
William Mullins (University of Maryland)
Marina Niessner (Indiana University)
Discussant: Allen Hu (University of British Columbia)
Risk from the Inside Out: Understanding Firm Risk through Employee News Consumption
Fotis Grigoris (University of Iowa)
Preetesh Kantak (Indiana University)
Fahiz Baba Yara (Indiana University)
Discussant: Chukwuma Dim (George Washington University)
Optimal Disclosure in Asset Markets with Heterogeneous Belief Formation
Ehsan Azarmsa (University of Illinois-Chicago)
Johannes Beutel (Deutsche Bundesbank)
Discussant: Adelina Barbalau (University of Alberta)
Session: Market Design
Location: Walker
Session Chair: Marius Zoican (Haskayne School of Business, University of Calgary)
Don’t Stop Me Now! Identification and Prediction of Unnecessary Volatility Interruptions
Benjamin Clapham (Goethe University Frankfurt)
Florian Ewald (Goethe University Frankfurt)
Peter Gomber (Goethe University Frankfurt)
Niklas Trimpe (Goethe University Frankfurt)
Discussant: Anne Haubo Dyhrberg (University of Delaware)
Is 24/7 Trading Better?
Patrick Blonien (Carnegie Mellon University)
Alexander Ober (Rice University)
Discussant: Thomas Ernst (University of Maryland)
Can preferred clearing reduce post-trade costs?
Behnoud Alizadeh Bazrafshan (Haskayne School of Business, University of Calgary)
Marius Zoican (Haskayne School of Business, University of Calgary)
Discussant: Mariana Khapko (University of Toronto)
Session: PhD Session - The Interplay of Credit, Risk, and Investment
Location: Imperial 1
Session Chair: Colin Ward (University of Alberta)
When Debt Relief Hits Main Street: Evidence from the Indirect Channel of Consumer Credit Access
Jianzhang Lin (Emory University)
Credit Relationships and Dynamic Credit Constraints
Jingfeng Zhang (London School of Economics and Political Science)
Real Effects of Bernanke–Kuttner: The Risk Channel of Monetary Policy Announcement on Corporate Investment
Zhou Ren (Vienna University of Economics and Business)
Session: Regulating Markets Under Uncertainty
Location: Herald
Session Chair: Anjan Thakor (Washington University-St. Louis)
Trading for bailouts
Toni Ahnert (European Central Bank)
Caio Machado (Pontificia Universidad Católica de Chile)
Ana Elisa Pereira (Universidad de los Andes)
Discussant: Fenghua Song (Pennsylvania State University)
The Prudential Toolkit with Shadow Banking
Kinda Hachem
Martin Kuncl (Bank of Canada)
Discussant: Yakshup Chopra (University of Miami)
The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement
Daniel Andrei (McGill University)
Lorenzo Garlappi (University of British Columbia)
Discussant: Renping Li (Washington University-St. Louis)
Session: Retail Investor Behavior and Its Impact on Asset Prices
Location: Doll
Session Chair: Jinfei Sheng (University of California-Irvine)
Do Households Matter for Asset Prices?
Carter Davis (Ohio State University)
Samuli Knüpfer (BI Norwegian Business School)
Jens Kvaerner (Tilburg University)
Bahar Sen-Dogan (Tilburg University)
Petra Vokata (Ohio State University)
Discussant: Cristian Tiu (State University of New York-Buffalo)
Shifting From Active to Passive: How Retirement Plans Impact Equity Prices
Andrea Tamoni (University of Notre Dame)
Riccardo Sabbatucci (Stockholm School of Economics)
Song Xiao (Chinese University of Hong Kong)
Discussant: Yang Sun (Brandeis University)
Political Divide and Partisan Portfolio Disagreement
Yihui Pan (University of Utah)
Elena Pikulina (University of British Columbia)
Stephan Siegel (University of Washington)
Tracy Yue Wang (University of Minnesota)
Discussant: Runjing Lu (University of Toronto)
Session: The Evolving Landscape of Local Finance
Location: Bannerman
Session Chair: Nadia Massoud (University of Melbourne)
The Decline of Branch Banking
Rajesh Narayanan (Louisiana State University)
Dimuthu Ratnadiwakara (Federal Reserve Bank of Richmond)
Philip Strahan (Boston College)
Discussant: Giulio Trigilia (University of Rochester)
Picking Up the PACE: Loans for Residential Climate-Proofing
Aymeric Bellon (University of North Carolina-Chapel Hill)
Cameron LaPoint (Yale University)
Francesco Mazzola (ESCP Europe)
Guosong Xu (Erasmus University)
Discussant: Carlos Ramirez (Federal Reserve Board of Governors)
Low Interest Rates, Fragility, and the Desertification of Banking
Christopher James (University of Florida)
Nitish Kumar (Rutgers University)
Discussant: Phoebe Tian (Bank of Canada)
Saturday, Sep 20 | 3:30 pm - 5:00 pm MDT
Session: Aligning Incentives
Location: Herald
Session Chair: Gordon Sick (University of Calgary)
Why Do Firms Often Not Have a CEO Succession Plan?
Francesco Celentano (University of Lausanne)
Antonio Mello (University of Wisconsin-Madison)
Discussant: Tu Nguyen (University of Waterloo)
How Do Demand Shocks Affect CEO Compensation? Evidence from Government Contractors
Linghua Kong (University of Sydney)
Iftekhar Hasan (Fordham University)
Stefano Manfredonia (Fordham University)
Ronald Masulis (University of New South Wales)
Eliza Wu (University of Sydney)
Discussant: Alan Douglas (University of Waterloo)
Encouraging Employee Engagement: The Role of Equity Pay
Alvin Chen (Stockholm School of Economics)
Discussant: KJ (Kyoung Jin) Choi (University of Calgary)
Session: Green Finance
Location: Imperial 1
Session Chair: Gabriel Power (Laval University)
Green Neighbors, Greener Neighborhoods: Peer Effects in Residential Green Investments
Christine Zhuowei Huang (University of Texas-Dallas)
Discussant: Yang Yi (University of Alberta)
Green Expectations: Climate Change and Homeowner Valuation of Dwelling Sustainability
Milind Goel (London Business School)
Discussant: Sidharth Moktan (University of Alberta)
Oil-Driven Greenium
Shaojun Zhang (Ohio State University)
Zhan Shi (Tsinghua University)
Discussant: Robin Lee (University of Alberta)
Session: Investor Beliefs and Market Dynamics
Location: Doll
Session Chair: Alexander David (University of Calgary)
Distorted Beliefs and Asset Prices
Aytek Malkhozov (McGill University)
Andrea Tamoni
Lorenzo Bretscher
Haoxi Yang
Discussant: Alexander David (University of Calgary)
Learning and Subjective Beliefs About Good and Bad Inflation Ranges
Mohammad Ghaderi (University of Kansas)
Sang Byung Seo (University of Wisconsin-Madison)
Ivan Shaliastovich (University of Wisconsin-Madison)
Discussant: Burton Hollifield (Carnegie Mellon University)
Expected Return in Night and Day: Role of Trading Volume
Qi Fan (Singapore Management University)
Zhiheng He (Tsinghua University)
Dashan Huang (Singapore Management University)
Discussant: Zohair Alam (McMaster University)
Session: New Financial Structures and Their Consequences
Location: Imperial 3
Session Chair: Tetiana Davydiuk (Johns Hopkins University)
Private Equity in Public-Provider Markets: Operating Efficiency vs. Cream-Skimming
Cameron Ellis (University of Iowa)
Meghan Esson (University of Iowa)
Discussant: Abhinav Gupta (University of North Carolina-Chapel Hill)
PIK Now and Pay Later - How Deferred Interest Reshapes Private Credit
Paul Rintamäki (Frankfurt School of Finance and Management)
Sascha Steffen (Frankfurt School of Finance and Management)
Discussant: James Albertus (Carnegie Mellon University)
Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission
Sharjil Haque (Federal Reserve Board of Governors)
Young Soo Jang (Pennsylvania State University)
Jessie Wang (Federal Reserve Board of Governors)
Discussant: Isha Agarwal (University of British Columbia)
Session: Ownership Structure and its Effect on Asset Prices
Location: Walker
Session Chair: Neal Stoughton (University of Waterloo)
Passive Ownership and Corporate Bond Lending
Amit Goyal (University of Lausanne)
Yoshio Nozawa (University of Toronto)
Yancheng Qiu
Discussant: Sara Easterwood (University of Arizona)
Benign Granularity in Asset Markets
Alberto Teguia (University of British Columbia)
Sergey Glebkin (INSEAD)
Semyon Malamud
Discussant: Valeria Fedyk (Arizona State University)
Institutional Ownership Concentration and Informational Efficiency
Yan Xiong (University of Hong Kong)
Liyan Yang (University of Toronto)
Zexin Zheng
Discussant: Maria Chaderina (University of Oregon)
Session: Unintended Consequences of ESG Data and Reporting
Location: Bannerman
Session Chair: Ambrus Kecskés (York University)
The Spillover of Corporate ES on Bank Loan Cost
Siti Farida (University of Birmingham)
Danmo Lin (James Madison University)
Biao Yang (Shanghai Jiao Tong University)
Discussant: Ali Ahmadi (York University)
Mutual Fund ESG Window Dressing
Hui Chen (Massachusetts Institute of Technology)
Terrence (Tianshuo) Shi (Harvard University)
Zhen Shi (Georgia State University)
Leile Zhou (Northwestern University)
Discussant: Eric Wilson (Wilfrid Laurier University)
Mandatory Disclosure and ESG Initiative: Evidence from the Smaller Reporting Company Rule
Jewon Shin (Pennsylvania State University)
Discussant: Alison Taylor (Queen's University)
Session: Who is Trading?
Location: Imperial 2
Session Chair: Charles Martineau (University of Toronto)
Detecting Informed Trade by Corporate Insiders
Patrick Blonien (Carnegie Mellon University)
Alan Crane (Rice University)
Kevin Crotty (Rice University)
Discussant: Yoontae Jeon (McMaster University)
You can only lend what you own: Inferring daily institutional trading from security lending supply
Yashar Barardehi (Chapman University)
Zhi Da (University of Notre Dame)
Peter Dixon (Securities and Exchange Commission)
Junbo Wang (Louisiana State University)
Discussant: Dominik Roesch (State University of New York-Buffalo)
Data-Driven Measures of High-Frequency Trading
Gbenga Ibikunle (University of Edinburgh)
Ben Moews (University of Edinburgh)
Dmitriy Muravyev (University of Illinois-Urbana-Champaign)
Khaladdin Rzayev (University of Edinburgh)
Discussant: Saad Khan (HEC Montréal)
Sunday, Sep 21 | 8:30 am - 10:00 am MDT
Session: Addressing Disparities in Financial Services
Location: Bannerman
Session Chair: Isaac Hacamo (Indiana University)
Perceptions and Credit Access
Anya Kleymenova (Federal Reserve Board of Governors)
Abbie Smith (University of Chicago)
Rimmy Tomy (University of Chicago)
Discussant: Runjing Lu (University of Toronto)
Participation Spreads in Deposit Markets
Emilio Bisetti (Hong Kong University of Science & Technology)
Arkodipta Sarkar (National University of Singapore)
Discussant: Edward Kim (University of Michigan)
Shedding Light on Bias: Consumer Complaint Disclosure and Racial Equity in Financial Services
Xiang Li (Fordham University)
Discussant: Marina Gertsberg (University of Melbourne)
Session: Issues in Sustainable Finance
Location: Imperial 1
Session Chair: Lukas Roth (University of Alberta)
Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance
Luis Lopez (University of Illinois-Chicago)
Dermot Murphy (University of Illinois-Chicago)
Nitzan Tzur-Ilan (Federal Reserve Bank of Dallas)
Sean Wilkoff (University of Nevada-Reno)
Discussant: Sheng-Jun Xu (University of Alberta)
Infrastructure, Water Supply, and Firm Performance
Nora Pankratz (University of Toronto)
Discussant: Valeri Sokolovski (University of Alberta)
Sustainable Investing and Market Governance
Jan Starmans (Stockholm School of Economics)
Deeksha Gupta (Johns Hopkins University)
Alvin Chen (Stockholm School of Economics)
Discussant: Adelina Barbalau (University of Alberta)
Session: Mutual Fund Dynamics
Location: Imperial 2
Session Chair: Preetesh Kantak (Indiana University)
Contract Evaluation Horizon and Fund Performance
Jung Hoon Lee (Office of Financial Research)
Jayoung Nam (Southern Methodist University)
Veronika Pool (Vanderbilt University)
Feng Zhang (Southern Methodist University)
Discussant: Feng Jiao (University of Lethbridge)
Asset Reclassification and Mutual Fund Flows
Nick Bollen (Vanderbilt University)
Veronika Pool (Vanderbilt University)
Alexey Vasilenko (Vanderbilt University)
Discussant: Huaizhi Chen (University of Notre Dame)
Fund Family Dynamics: A Closer Look at Monitoring by Index and Active Funds
Abed El Karim Farroukh (Indiana University)
Jarrad Harford (University of Washington)
Discussant: George Aragon (Arizona State University)
Session: Novel Predictors of Asset Returns
Location: Doll
Session Chair: Andreas Stathopoulos (University of North Carolina-Chapel Hill)
Graph Machine Learning for Asset Pricing: Traversing the Supply Chain and Factor Zoo
Agostino Capponi (Columbia University)
Jose Sidaoui (Columbia University)
Jiacheng Zou (Columbia University)
Discussant: Joseph Bybee (University of Chicago)
Why does the Term Structure of Credit Spreads Predict Equity Returns?
Patrick Augustin (McGill University)
Jan Ericsson (McGill University)
Haohua Xu (McGill University)
Discussant: Yoshio Nozawa (University of Toronto)
El Niño Cycle and FX Returns
Joon Woo Bae (Case Western Reserve University)
David Ng (Cornell University)
Taehoon Lim (Hankuk University of Foreign Studies)
Lucio Sarno (Cambridge University)
Discussant: Shaojun Zhang (Ohio State University)
Session: Policy Ripple Effects
Location: Walker
Session Chair: Yelena Larkin (York University)
Unintended Consequences of Diversity Regulations
Fan Zhang (Chinese University of Hong Kong)
Discussant: Andréanne Tremblay (Laval University)
The Consumption Response to Protectionism
Chen Lin (University of Hong Kong)
Hongyu Shan (China Europe International Business School)
Da Tian (Nankai University)
Discussant: Yelena Larkin (York University)
Wall and Wall Street
Tengjia Shu (University of Illinois-Chicago)
Wei Li (University of Iowa)
Erik Lie (University of Iowa)
Tong Yao (University of Iowa)
Discussant: Hernan Ortiz-Molina (University of British Columbia)
Session: Shareholder Power and Corporate Governance
Location: Herald
Session Chair: Mohammad Rahaman (Saint Mary's University)
All Shareholder Votes Are Not Created Equal
Davidson Heath (University of Utah)
Da Huang (Northeastern University)
Chong Shu (University of Utah)
Discussant: Reza Chowdhury (Mount Royal University)
Ownership and Competition
Alessio Piccolo (Indiana University)
Jan Schneemeier (Michigan State University)
Discussant: James Thompson (University of Waterloo)
The Safety Shield: How Classified Boards Benefit Rank-and-File Employees
DAVID YIN (Miami University-Ohio)
Xiaoran Ni (Xiamen University)
Jin Xu (Hong Kong Polytechnic University)
Discussant: Si Li (Wilfrid Laurier University)
Session: Technology's Impact on Firms, Labor, and Inequality
Location: Imperial 3
Session Chair: Nathalie Moyen (University of Colorado-Boulder)
Whispering Progress: Fear of Automation and Voluntary Disclosure
Jun Oh (Purdue University)
Guoman She (University of Hong Kong)
Discussant: Katie Moon (University of Colorado-Boulder)
Startup Employees' Career Paths: Evidence from Business Accelerators
Xiang Yin (Tsinghua University)
Juanita Gonzalez-Uribe (London School of Economics and Political Science)
Santiago Reyes Ortega
Yufeng Wang (Tsinghua University)
Discussant: Eugene Tan (University of Toronto)
Financial Innovation, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems
Carlos Burga (Pontificia Universidad Católica de Chile)
Jacelly Cespedes (University of Minnesota)
Carlos Parra (Pontificia Universidad Católica de Chile)
Bernardo Ricca (Insper Institute of Education and Research)
Discussant: Tamanna Singh Dubey (Indian School of Business)
Sunday, Sep 21 | 10:30 am - 12:00 pm MDT
Session: Asset Managers' Incentives and their impact on Fund Risk and Performance
Location: Imperial 2
Session Chair: Veronika Pool (Vanderbilt University)
Investor Attention and Mutual Fund Performance
Yuri Tserlukevich (Arizona State University)
George Aragon (Arizona State University)
Jonthan Keen (Arizona State University)
Discussant: Stanislav Sokolinski (Michigan State University)
Tilting at Windmills: Biased Benchmarks and the Risk-Taking Response of Mutual Funds
Richard Evans (University of Virginia)
Hugh Kim (Wilfrid Laurier University)
Thomas Maurer (University of Hong Kong)
Discussant: Jayoung Nam (Southern Methodist University)
The Risk of Outsourcing: How External Advisors Influence Mutual Fund Performance
Jung Hoon Lee (Office of Financial Research)
Saurin Patel (University of Western Ontario)
Shyam Venkatesan (University of Western Ontario)
Discussant: Boone Bowles (Texas A&M University)
Session: Gathering Information and Forming Beliefs
Location: Doll
Session Chair: Oliver Boguth (Arizona State University)
The Information in Option Strike Price Introductions
Hojoon Lee (Texas Christian University)
Discussant: Vincent Grégoire (HEC Montréal)
Social Interaction Intensity and Investor Behavior
Yaron Levi (University of Southern California)
David Hirshleifer (University of Southern California)
Michael Gelman (University of Delaware)
Liron Reiter-Gavish
Discussant: Valeria Fedyk (Arizona State University)
Does Soft Disagreement Matter? Who, How much, When, and Its Economic Channels
Hyung-Eun CHOI (NEOMA Business School)
Tuhin Harit (University of Texas-Dallas)
Pil-Seng Lee (Baylor University)
Discussant: Anna Scherbina (Brandeis University)
Session: How Does Monetary Policy Affect Markets?
Location: Imperial 1
Session Chair: Lorenzo Garlappi (University of British Columbia)
Bending the Trilemma: Seigniorage and Endogenous Remittances
Xuan Wang (Vrije Universiteit Amsterdam)
Remco Zwinkels (Vrije Universiteit Amsterdam)
Discussant: Michael Gallmeyer (University of Virginia)
What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission?
Chuck Fang (Drexel University)
Kairong Xiao (Columbia University)
Discussant: Isha Agarwal (University of British Columbia)
Monetary Policy and Housing Duration: Evidence from Reaching-for-Income Investors
Gen Li (University of British Columbia)
Discussant: Marco Giacoletti (University of Notre Dame)
Session: Managerial Communication and Market Outcomes
Location: Imperial 3
Session Chair: Felipe Aguerrevere (University of Alberta)
Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market
Jie Cao (Hong Kong Polytechnic University)
Gang Li (Chinese University of Hong Kong)
Russ Wermers (University of Maryland)
Xintong Zhan (Fudan University)
Linyu Zhou (Central University of Finance and Economics)
Discussant: Michele Dathan (Federal Reserve System)
Harnessing Generative AI for Economic Insights
Manish Jha (Georgia State University)
Jialin Qian (Georgia State University)
Michael Weber (University of Chicago)
Baozhong Yang (Georgia State University)
ChatGPT and Corporate Policies
Manish Jha (Georgia State University)
Jialin Qian (Georgia State University)
Baozhong Yang (Georgia State University)
Michael Weber (University of Chicago)
Discussant: Haibo Jiang (University of Quebec at Montreal)
Session: Mortgage Market Risks and Regulatory Impacts
Location: Walker
Session Chair: Chi Liao (University of Manitoba)
Cost Pass-Through and Mortgage Credit: The Case of Guarantee Fees
Ankit Kalda (Indiana University)
Charles Pearson (University of Florida)
David Sovich (University of Kentucky)
Discussant: Taha Ahsin (University of Pittsburgh)
Forbearance and the Cost of Credit
Pedro Gete
Andrey Pavlov (Simon Fraser University)
Athena Tsouderou
Susan Wachter
Discussant: Omeed Maghzian (Massachusetts Institute of Technology)
Mortgage Put-Back Risk and Lender Market Power in Refinancing
Phoebe Tian (Bank of Canada)
Chen Zheng (The Brattle Group)
Discussant: Christina Atanasova (Simon Fraser University)
Session: Navigating Private Capital
Location: Herald
Session Chair: Gabriel Power (Laval University)
What Do Early Stage Investors Ask? An LLM Analysis of Expert Calls
Victor Lyonnet (University of Michigan)
Amin Shams (Ohio State University)
Shaojun Zhang (Ohio State University)
Discussant: Katrin Tinn (McGill University)
Tyranny of the Personal Network: The Limits of Arm's Length Fundraising in Venture Capital
Sabrina Howell (New York University)
Dean Parker (New York University)
Ting Xu (University of Toronto)
Discussant: Qianqian Du (University of Victoria)
Spreading Sunshine in Private Equity: Financial Intermediation and Regulatory Oversight
Yingxiang Li (City University of Hong Kong)
Discussant: Harshit Rajaiya (School of Management University of Ottawa)
Session: The Evolving Landscape of Digital Markets and Entrepreneurship
Location: Bannerman
Session Chair: Sheng-Jun Xu (University of Alberta)
Gatekeepers and Kingmakers: Do Superplatforms Distort Digital Competition?
Umit Gurun (University of Texas-Dallas)
Zheng Liu (University of Texas-Dallas)
Steven Xiao (University of Texas-Dallas)
Discussant: Jun Chen (University of Illinois-Chicago)
Entrepreneurial Spawning from Remote Work
Alan Kwan
Ben Matthies (University of Notre Dame)
Richard Townsend (University of California-San Diego)
Ting Xu (University of Toronto)
Discussant: Valentina Rutigliano (University of British Columbia)
The "Great Reshuffling" and Entrepreneurship
Matthew Denes (Carnegie Mellon University)
Spyridon Lagaras (University of Illinois-Urbana-Champaign)
Margarita Tsoutsoura (Washington University-St. Louis)
Discussant: Jiajie Xu (University of Iowa)
From our sponsors:
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NFA 2025 Best Paper Awards
Special thanks to the awards committee for their selection of the winners for the two NFA-sponsored awards.
NFA 2025 Best Paper Awards Committee:
- Simon Gervais (chair) - Fuqua School of Business, Duke University
- Andrew Karolyi - Cornell SC Johnson College of Business, Cornell University
- Campbell Harvey - Fuqua School of Business, Duke University
NFA 2025 Best PhD Student Paper Awards Committee:
Special thanks to the awards committee for their selection of the winner for the award sponsored by the Bank of Canada.
- Andreas Uthemann - Bank of Canada
- David Cimon - Bank of Canada
- Fabienne Schneider - Bank of Canada
- Lerby Ergun - Bank of Canada
- Miguel Molico - Bank of Canada
- Sermin Gungor - Bank of Canada
- 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)