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  • Western Finance Association

    2016 Program

    51st Annual Conferenceof the

    Western Finance Association

    Canyons ResortPark City, Utah

    June 20 - 23, 2016

    06/29/2016 11:05


    We are a professional society for academicians and practitioners with a scholarly interestin the development and application of research in finance.

    Our purpose is (1) to serve as a focal point for communication among members, (2) toimprove teaching and scholarship, and (3) to provide for the dissemination of informa-tion, including the holding of meetings and the support of publications.

    The Association is an international organization with membership open to individualsfrom both the academic and professional community, and to institutions. Members of theAssociation are entitled to receive a reduction in the registration fee at the annual meet-ings. You are invited to join or renew online at http://westernfinance.org.

    Correspondence regarding membership and other business aspects of the Associationshould be addressed to:

    Bryan RoutledgeSecretary-Treasurer, WFATepper School of BusinessCarnegie Mellon UniversityPittsburgh, PA, 15213-3890Email: [email protected]: (412) 268-7588

    A call for papers and participants for the 2017 Conference of the Western Finance As-sociation appears at the end of this program.



    All sessions and conference functions will be held in the Grand Summit Hotel, CanyonsResort On-site registration for the conference will be located in the Grand Ballroom Lobbyon the following schedule:

    Monday, June 20, 2016, 4:00 pm – 8:00 pm

    Tuesday, June 21, 2016, 8:00 am – 4:00 pm

    Wednesday, June 22, 2016, 8:00 am – 12:00 noon


    Registration is available at http://westernfinance.org. We encourage you to pre-registeras soon as you can. This facilitates our event planning and reduces your time at theconference registration desk. For discounted registration fees, please register prior toMay 22, 2016.


    Early Registration RegistrationWFA member $75 $125Program Committee Member No Charge $125Non-member $125 $175Student No Charge $30


    Registration for the WFA Annual Meeting Luncheon and other special events is requiredand is done at the time you register for the conference. On-site registration for specialevents is subject to space availability.


    Lunch on Tuesday and Wednesday is at the Red Pine Lodge at the top of the mountain.When your morning session ends, please make your way (promptly) to the Red PineGondola (follow the signs and hotel staff). Lunches are buffets and so you will be ableto get something to eat shortly after you arrive at the top. We have things scheduled sothat you will have enough time to take the return trip down the gondola for the afternoonsessions. To give us all a bit of slack, the afternoon sessions will begin at 3:00pm.



    Officers and Directors: 2015-2016

    President: Laura Starks, University of Texas-AustinPresident Elect: Lubos Pastor, University of ChicagoVice President: Jiang Wang, Massachusetts Institute of TechnologyVice President Elect: Ingrid Werner, Ohio State UniversitySecretary-Treasurer: Bryan Routledge, Carnegie Mellon University

    Directors: Pierre Collin-Dufresne, Swiss Finance InstituteNicolae Garleanu, University of California-BerkeleyJohn Griffin, University of Texas-AustinStefan Nagel, University of MichiganChristine Parlour, University of California-BerkeleyAdriano Rampini, Duke University

    Presidents: 1965 – 2016

    1965–66 Kenneth L. Trefftzs University of Southern California1966–67 Edward Reed University of Oregon1967–68 Robert Carr Fresno State College1968–69 Burton Kolb University of Colorado1969–70 Lester B. Strickler Oregon State University1970–71 Harold Stevenson Arizona State University1971–72 W. Scott Bauman University of Oregon1972–73 David Eiteman University of California-Los Angeles1973–74 James Wert University of Arizona1974–75 George Kaufman University of Oregon1975–76 John Herzog Simon Fraser University1976–77 A. Blaine Huntsman University of Utah1977–78 David Pyle University of California-Berkeley1978–79 Guilford Babcock University of Southern California1979–80 Donald Farrar University of Utah1980–81 Charles D’Ambrosio University of Washington1981–82 James Van Horne Stanford University1982–83 Edward Dyl University of Wyoming1983–84 Nils Hakansson University of California-Berkeley1984–85 Seha Tinic University of Texas-Austin1985–86 Alan Kraus University of British Columbia1986–87 Gerald Bierwag University of Arizona1987–88 Robert Litzenberger University of Pennsylvania1988–89 Alan Hess University of Washington


  • 1989–90 Lemma Senbet University of Maryland1990–91 Eduardo Schwartz University of California-Los Angeles1991–92 Stephen Brown New York University1992–93 Hans Stoll Vanderbilt University1993–94 Kenneth Singleton Stanford University1994–95 Milton Harris University of Chicago1995–96 Chester S. Spatt Carnegie Mellon University1996–97 Michael J. Brennan University of California-Los Angeles1997–98 Maureen O’Hara Cornell University1998–99 Franklin Allen University of Pennsylvania1999–00 Richard C. Green Carnegie Mellon University2000–01 Wayne Ferson University of Washington2001–02 Douglas W. Diamond University of Chicago2002–03 Philip H. Dybvig Washington University-St. Louis2003–04 René M. Stulz Ohio State University2004–05 Ravi Jagannathan Northwestern University2005–06 Mark Grinblatt University of California-Los Angeles2006–07 Sheridan Titman University of Texas-Austin2007–08 Campbell R. Harvey Duke University2008–09 Artur Raviv Northwestern University2009–10 William Goetzmann Yale University2010–11 Peter DeMarzo Stanford University2011–12 Francis Longstaff University of California-Los Angeles2012–13 Michael Fishman Northwestern University2013–14 John Graham Duke University2014–15 Josef Zechner Vienna University of Economics and Business2015–16 Laura Starks University of Texas-Austin


  • Distinguished Speakers

    WFA Annual Meeting Speakers 1979 – 2016

    Year Location Speaker1979 San Francisco Nils Hakansson1980 San Diego Kenneth Arrow1981 Jackson Lake Eugene Fama1982 Portland Stephen Ross1983 Long Beach Myron Scholes1984 Vancouver Richard Roll1985 Scottsdale Robert Litzenberger1986 Colorado Springs Merton Miller1987 San Diego Edward Kane1988 Napa Sanford Grossman1989 Seattle William Sharpe1990 Santa Barbara Michael Brennan1991 Jackson Lake Fischer Black1992 San Francisco Myron Scholes1993 Whistler Alan Kraus1994 Santa Fe Mark Rubinstein1995 Aspen Kenneth French1996 Sunriver Joseph Williams1997 San Diego Richard Thaler1998 Monterey Milton Harris1999 Santa Monica Andrei Shleifer2000 Sun Valley Kenneth Singleton2001 Tucson Robert Shiller2002 Park City Albert S. "Pete" Kyle2003 Los Cabos Richard Kihlstrom2004 Vancouver Michael C. Jensen2005 Portland Douglas Breeden2006 Keystone Douglas Diamond2007 Big Sky John Y. Campbell2008 Waikoloa René M. Stulz2009 San Diego Chester Spatt2010 Victoria Mark Grinblatt2011 Santa Fe Maureen O’Hara2012 Las Vegas Campbell Harvey2013 Lake Tahoe Darrell Duffie2014 Monterey Bay Stewart C. Myers2015 Seattle Francis Longstaff2016 Park City Peter DeMarzo



    RESEARCH 2016

    Asaf Bernstein, Massachusetts Institute of Technology

    Alexandre Corhay, University of British Columbia

    Rohan Ganduri, Georgia Institute of Technology

    Naveen Gondhi, Northwestern University

    Mark Jansen, University of Utah

    Elisabeth Kempf, Tilburg University

    Ryan Lewis, London Business School

    Yueran Ma, Harvard University

    Robert Richmond, University of California-Los Angeles

    David Schoenherr, London Business School

    Bianca Werner, Boston College

    Di Wu, University of Pennsylvania

    Yizhou Xiao, Stanford University

    Yao Zeng, Harvard University

    Miao Zhang, University of Texas-Austin





    A Dynamic Theory of Mutual Fund Runs and Liquidity Management

    Yao Zeng, Harvard University



    The Leverage Ratchet Effect

    Anat Admati, Stanford University

    Peter DeMarzo, Stanford University

    Martin Hellwig, Max Planck Institute for Research on Collective Goods

    Paul Pfleiderer, Stanford University



    Concentrated Capital Losses and the Pricing of Corporate Credit Risk

    Emil Siriwardane, Harvard University




    Trust Busting: The Effect of Fraud on Investor Behavior

    Umit Gurun, University of Texas-Dallas

    Noah Stoffman, Indiana University

    Scott Yonker, Cornell University



    Financial Regulation in a Quantitative Model of the Modern Banking System

    Juliane Begenau, Harvard University

    Tim Landvoigt, University of Texas-Austin



    Monday, June 20, 2016

    4:00 pm – 8:00 pmOn-site Registration – Grand Ballroom Lobby

    6:00 pm – 8:00 pmResearch Affiliates LLC Reception – Sundial Pavilion

    Tuesday, June 21, 2016

    8:00 am – 4:00 pmOn-site Registration – Grand Ballroom Lobby

    8:15 am – 10:00 amEffects of Monetary Policy on Bank Behavior – Kokopelli 1Household Finance – Kokopelli 2Financial History – Kokopelli 3Asset Management – White PineBankruptcy – ArrowheadMortgage Debt – Painted Horse

    10:00 am – 10:30 amCambridge University Press Coffee Break – Cabin Ballroom

    10:30 am – 12:15 pmEquilibrium Models of Asset Prices – Kokopelli 1High-Frequency Market Makers – Kokopelli 2Investor Activism – Kokopelli 3Runs on Banks and Mutual Funds – White PineCorporate Strategy in Product Markets – ArrowheadNetwork Effects – Painted Horse

    12:30 pm – 2:20 pmNASDAQ OMX Luncheon – Red Pine Lodge (via the Red Pine Gondola)


  • 3:00 pm – 4:45 pmCurrency Risk Premia – Kokopelli 1Behavioral Foundations of Risk Taking and Bubbles – Kokopelli 2Financial Regulation and the Role of Banks – Kokopelli 3Labor Income and Risk Premia – White PinePolitical and Regulatory Uncertainty – ArrowheadMisallocation of Resources – Painted Horse

    5:00 pm – 7:00 pmWFA Executive Committee and Board of Directors Meeting (Invitation Only) – CabinBoardroom

    6:00 pm – 8:00 pmCornerstone Research Reception – Sundial Pavilion

    Wednesday, June 22, 2016

    8:00 am – 12:00 pmOn-site Registration – Grand Ballroom Lobby

    8:15 am – 10:00 amPerspectives on Risk from Derivatives Markets – Kokopelli 1Cross Section of Stock Returns – Kokopelli 2Entrepreneurial Finance – Kokopelli 3Funds and their Holdings – White PineCorporate Investment – ArrowheadFinancial Fraud – Painted Horse

    10:00 am – 10:30 amWharton Research Data Services Coffee Break – Grand Ballroom Lobby

    10:30 am – 12:15 pmSovereign Debt: Default Risk and Safety Premium – Kokopelli 1Mutual Fund Performance – Kokopelli 2Optimal Contracting – Kokopelli 3Corporate Innovation – White PineOil Price Risk – ArrowheadMergers and Acquisitions – Painted Horse


  • 12:30 pm – 2:20 pmWFA Annual Luncheon Sponsored by Navigant Economics – Red Pine Lodge (via theRed Pine Gondola)

    3:00 pm – 4:45 pmAdvances in Corporate Finance Theory – Kokopelli 1Intermediary-Based Asset Pricing – Kokopelli 2Collateral – Kokopelli 3Corporate Social Responsibility and Reputation – White PineBond Liquidity – ArrowheadFinancial Advice – Painted Horse

    6:00 pm – 8:00 pmBlackRock Reception – Sundial Pavilion

    Thursday, June 23, 2016

    8:15 am – 10:00 amMarket Making and Liquidity – Kokopelli 1Portfolio Choice Theory – Kokopelli 2Experimenting on Households – Kokopelli 3Central Banks and Financial Markets – White PineDebt Refinancing and Interest Rate Risk – ArrowheadFraming Stocks, Framing Markets, and CEO Frames – Painted Horse

    10:00 am – 10:30 amFlex-E-Markets Coffee Break – Grand Ballroom Lobby

    10:30 am – 12:15 pmPrivate Equity – Kokopelli 1Political Connections – Kokopelli 2International Finance – Kokopelli 3Bond Risk Premia – White PineConflicts of Interests – ArrowheadTrading and Information Acquisition – Painted Horse



    Tuesday, June 21, 2016, 8:15 am – 10:00 am

    Effects of Monetary Policy on Bank Behavior – Kokopelli 1Murillo Campello, Cornell University

    Monetary Stimulus and Bank LendingIndraneel Chakraborty, University of MiamiItay Goldstein, University of PennsylvaniaAndrew MacKinlay, Virginia Tech

    The Effect of Monetary Policy on Bank Wholesale FundingDong Beom Choi, Federal Reserve Bank of New YorkHyun-Soo Choi, Singapore Management University

    Quantitative Easing and Bank Risk Taking: Evidence from LendingJohn Kandrac, Federal Reserve Board of GovernorsBernd Schlusche, Federal Reserve Board of Governors

    Discussants:Matthew Baron, Cornell UniversityGiovanni Dell’Ariccia, International Monetary FundAmiyatosh Purnanandam, University of Michigan


  • Household Finance – Kokopelli 2Bruce Carlin, University of California-Los Angeles

    The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Soft-wareMichaela Pagel, Columbia UniversityArna Vardardottir, Copenhagen Business School

    The Labor Market Effects of Credit Market InformationMarieke Bos, Stockholm UniversityEmily Breza, Columbia UniversityAndres Liberman, New York University

    Does Household Finance Matter? Small Financial Errors with Large Social CostsHarjoat Bhamra, Imperial College LondonRaman Uppal, EDHEC Business School

    Discussants:Shaun Davies, University of Colorado-BoulderJ. Anthony Cookson, University of Colorado-BoulderDaniel Andrei, University of California-Los Angeles

    Financial History – Kokopelli 3Francesco D’Acunto, University of Maryland

    The Impact of Forced Migration on Modern Cities: Evidence from 1930s CropFailuresLauren Cohen, Harvard UniversityChristopher Malloy, Harvard UniversityQuoc Nguyen, University of Illinois-Chicago

    Bankruptcy and Investment: Evidence from Changes in Marital Property Laws inthe U.S. South, 1840-1850Peter Koudijs, Stanford UniversityLaura Salisbury, York University

    Momentum in Imperial RussiaWilliam Goetzmann, Yale UniversitySimon Huang, Southern Methodist University

    Discussants:David Matsa, Northwestern UniversityCarola Frydman, Northwestern UniversitySamuel Hartzmark, University of Chicago

    Asset Management – White PineBradyn Breon-Drish, Stanford University


  • A Dynamic Equilibrium Model of ETFsSemyon Malamud, Ecole Polytechnique Fédérale de Lausanne

    Two-Sided Markets in Asset Management: Exchange-Traded Funds andSecurities LendingJesse Blocher, Vanderbilt UniversityRobert Whaley, Vanderbilt University

    Efficiently Inefficient Markets for Assets and Asset ManagementNicolae Garleanu, University of California-BerkeleyLasse Heje Pedersen, New York University

    Discussants:Georgy Chabakauri, London School of EconomicsMatthew Ringgenberg, Washington University-St. LouisLiyan Yang, University of Toronto

    Bankruptcy – ArrowheadIngrid Werner, Ohio State University

    Corporate Debt Markets and Recovery Rates with Vulture InvestorsRyan Lewis, London Business School

    Asset Allocation in BankruptcyShai Bernstein, Stanford UniversityEmanuele Colonnelli, Stanford UniversityBenjamin Iverson, Northwestern University

    Corporate Leverage and Employees’ Rights in BankruptcyAndrew Ellul, Indiana UniversityMarco Pagano, Università degli Studi di Napoli Federico II

    Discussants:Karen Wruck, Ohio State UniversityKatherine Waldock, New York UniversityHyunseob Kim, Cornell University

    Mortgage Debt – Painted HorseMarco Di Maggio, Columbia University

    Phasing out the GSEsVadim Elenev, New York UniversityTim Landvoigt, University of Texas-AustinStijn Van Nieuwerburgh, New York University

    Household Debt Overhang and Labor SupplyAsaf Bernstein, Massachusetts Institute of Technology

    Repo Regret?Rohan Ganduri, Georgia Institute of Technology


  • Discussants:Juliane Begenau, Harvard UniversityBrian Melzer, Northwestern UniversityManuel Adelino, Duke University

    Tuesday, June 21, 2016, 10:30 am – 12:15 pm

    Equilibrium Models of Asset Prices – Kokopelli 1Nicolae Garleanu, University of California-Berkeley

    Investor Protection and Asset PricesSuleyman Basak, London Business SchoolGeorgy Chabakauri, London School of EconomicsDeniz Yavuz, Purdue University

    Accuracy Verification for Numerical Solutions of Equilibrium ModelsIndrajit Mitra, University of MichiganLeonid Kogan, Massachusetts Institute of Technology

    Beliefs Aggregation and Return PredictabilityAlbert Kyle, University of MarylandAnna Obizhaeva, New Economic SchoolYajun Wang, University of Maryland

    Discussants:Emilio Osambela, Federal Reserve Board of GovernorsJack Favilukis, University of British ColumbiaDaniel Andrei, University of California-Los Angeles

    High-Frequency Market Makers – Kokopelli 2Brian Weller, Northwestern University

    Price Discovery without Trading: Evidence from Limit OrdersJonathan Brogaard, University of WashingtonRyan Riordan, Queen’s UniversityTerrence Hendershott, University of California-Berkeley

    High-Frequency Market Making to Large Institutional TradesDermot Murphy, University of Illinois-ChicagoRobert Korajczyk, Northwestern University

    High-Frequency Trading around Large Institutional OrdersVincent van Kervel, Pontificia Universidad Católica de ChileAlbert Menkveld, VU University Amsterdam

    Discussants:Clara Vega, Federal Reserve Board of GovernorsPamela Moulton, Cornell UniversityMarkus Baldauf, University of British Columbia


  • Investor Activism – Kokopelli 3Travis Johnson, University of Texas-Austin

    Activism, Strategic Trading, and LiquidityKerry Back, Rice UniversityPierre Collin-Dufresne, Swiss Finance InstituteVyacheslav Fos, Boston CollegeTao Li, City University of Hong KongAlexander Ljungqvist, New York University

    Standing on the Shoulders of Giants: The Effect of Passive Investors onActivismIan Appel, Boston CollegeTodd Gormley, University of PennsylvaniaDonald Keim, University of Pennsylvania

    Corporate Control ActivismAdrian Aycan Corum, University of PennsylvaniaDoron Levit, University of Pennsylvania

    Discussants:Bradyn Breon-Drish, Stanford UniversityNicole Boyson, Northeastern UniversityRichmond Mathews, University of Maryland

    Runs on Banks and Mutual Funds – White PineRuss Wermers, University of Maryland

    A Dynamic Theory of Mutual Fund Runs and Liquidity ManagementYao Zeng, Harvard University

    Investor Flows and Fragility in Corporate Bond FundsItay Goldstein, University of PennsylvaniaHao Jiang, Michigan State UniversityDavid Ng, Cornell University

    Wholesale Funding RunsChristophe Perignon, HEC ParisGuillaume Vuillemey, HEC ParisDavid Thesmar, Groupe HEC

    Discussants:Sergey Chernenko, Ohio State UniversityAllan Timmermann, University of California-San DiegoBenjamin Munyan, Vanderbilt University

    Corporate Strategy in Product Markets – ArrowheadGordon Phillips, Dartmouth College


  • Corporate Strategy, Conformism, and the Stock MarketLaurent Fresard, University of MarylandThierry Foucault, HEC Paris

    Flexible Prices and LeverageFrancesco D’Acunto, University of MarylandRyan Liu, University of California-BerkeleyCarolin Pflueger, University of British ColumbiaMichael Weber, University of Chicago

    The Stability of Dividends and Wages: Effects of Competitor InflexibilityDaniel Rettl, Humboldt University of BerlinAlex Stomper, Humboldt University of BerlinJosef Zechner, Vienna University of Economics and Business

    Discussants:Jan Bena, University of British ColumbiaGiorgo Sertsios, Universidad de los AndesDavid Matsa, Northwestern University

    Network Effects – Painted HorseKenneth Ahern, University of Southern California

    Shock Spillover and Financial Response in Supply Chain Networks: Evidencefrom Firm-Level DataDi Wu, University of Pennsylvania

    Geography of Firms and Propagation of Local Economic ShocksGennaro Bernile, Singapore Management UniversityStefanos Delikouras, University of MiamiGeorge Korniotis, University of MiamiAlok Kumar, University of Miami

    Teachers Teaching Teachers: The Role of Networks on Financial DecisionsGonzalo Maturana, Emory UniversityJordan Nickerson, Boston College

    Discussants:Bernard Herskovic, University of California-Los AngelesJanet Gao, Indiana UniversityKelly Shue, University of Chicago

    Tuesday, June 21, 2016, 3:00 pm – 4:45 pm


  • Currency Risk Premia – Kokopelli 1Michael Weber, University of Chicago

    Does Incomplete Spanning in International Financial Markets Help to ExplainExchange Rates?Hanno Lustig, Stanford UniversityAdrien Verdelhan, Massachusetts Institute of Technology

    Trade Network Centrality and Currency Risk PremiaRobert Richmond, University of California-Los Angeles

    Economic Momentum and Currency ReturnsMagnus Dahlquist, Stockholm School of EconomicsHenrik Hasseltoft, University of Zurich

    Discussants:Lorenzo Garlappi, University of British ColumbiaRobert Ready, University of RochesterPasquale Della Corte, Imperial College London

    Behavioral Foundations of Risk Taking and Bubbles – Kokopelli 2David Solomon, University of Southern California

    On the Origins of Risk-Taking in Financial MarketsSandra E. Black, University of Texas-AustinPaul J. Devereux, University College DublinPetter Lundborg, Lund UniversityKaveh Majlesi, Lund University

    Extrapolation and BubblesNicholas Barberis, Yale UniversityRobin Greenwood, Harvard UniversityLawrence Jin, California Institute of TechnologyAndrei Shleifer, Harvard University

    Rational and Heuristic-Driven Panics in an Experimental Asset MarketChad Kendall, University of Southern California

    Discussants:Camelia Kuhnen, University of North Carolina-Chapel HillMarianne Andries, University of ToulouseMichaela Pagel, Columbia University

    Financial Regulation and the Role of Banks – Kokopelli 3Itay Goldstein, University of Pennsylvania

    Financial Regulation in a Quantitative Model of the Modern BankingSystemJuliane Begenau, Harvard UniversityTim Landvoigt, University of Texas-Austin


  • Warehouse BankingJason Donaldson, Washington University-St. LouisGiorgia Piacentino, Washington University-St. LouisAnjan Thakor, Washington University-St. Louis

    Bank Response to Higher Capital Requirements: Evidence from a NaturalExperimentThomas Mosk, Goethe University FrankfurtReint Gropp, IWH HalleSteven Ongena, University of ZurichCarlo Wix, Goethe University Frankfurt

    Discussants:Christian Opp, University of PennsylvaniaGeorge Pennacchi, University of Illinois-Urbana-ChampaignAsaf Manela, Washington University-St. Louis

    Labor Income and Risk Premia – White PineFrederico Belo, University of Minnesota

    The Elephant in the Room: the Impact of Labor Obligations on Credit RiskJack Favilukis, University of British ColumbiaXiaoji Lin, Ohio State UniversityXiaofei Zhao, University of Texas-Dallas

    Labor Leverage and the Value PremiumAndres Donangelo, University of Texas-Austin

    Labor-Technology Substitution: Implications for Asset PricingMiao Zhang, University of Texas-Austin

    Discussants:Howard Kung, London Business SchoolSelale Tuzel, University of Southern CaliforniaJun Li, University of Texas-Dallas

    Political and Regulatory Uncertainty – ArrowheadBrandon Julio, University of Oregon

    Policy Uncertainty, Political Capital, and Firm Risk-TakingStefan Lewellen, London Business SchoolPat Akey, University of Toronto

    Uncertainty, Real Options, and Firm Inaction: Evidence from Monthly Plant-Level DataDaniel Carvalho, University of Southern California


  • Lending on Hold: Regulatory Uncertainty and Bank Lending StandardsStefan Gissler, Federal Reserve Board of GovernorsJeremy Oldfather, Federal Reserve Board of GovernorsDoriana Ruffino, Federal Reserve Board of Governors

    Discussants:Youngsuk Yook, Federal Reserve Board of GovernorsLuke Stein, Arizona State UniversityCandace Jens, Tulane University

    Misallocation of Resources – Painted HorseGustavo Manso, University of California-Berkeley

    Rational Inattention, Misallocation and Asset PricesNaveen Gondhi, Northwestern University

    The Tail that Wags the EconomyJulian Kozlowski, New York UniversityLaura Veldkamp, New York UniversityVenky Venkateswaran, New York University

    Financial Exaggeration and the Mis(Allocation) of Scarce ResourcesBruce Carlin, University of California-Los AngelesRalph Boleslavsky, University of MiamiChristopher Cotton, Queen’s University

    Discussants:Stijn Van Nieuwerburgh, New York UniversityAlan Moreira, Yale UniversityDoron Levit, University of Pennsylvania

    Wednesday, June 22, 2016, 8:15 am – 10:00 am

    Perspectives on Risk from Derivatives Markets – Kokopelli 1Pierre Collin-Dufresne, Swiss Finance Institute

    Excess Volatility: Beyond Discount RatesStefano Giglio, University of ChicagoBryan Kelly, University of Chicago

    Funding Illiquidity Implied by S&P 500 DerivativesJens Jackwerth, University of KonstanzBenjamin Golez, University of Notre DameAnna Slavutskaya, Ecole Polytechnique Fédérale de Lausanne

    Pricing Short-Term Market Risk: Evidence from Weekly OptionsTorben Andersen, Northwestern UniversityNicola Fusari, Johns Hopkins UniversityViktor Todorov, Northwestern University


  • Discussants:Lars Lochstoer, Columbia UniversityTyler Muir, Yale UniversityDmitriy Muravyev, Boston College

    Cross Section of Stock Returns – Kokopelli 2Robert Dittmar, University of Michigan

    The History of the Cross Section of Stock ReturnsJuhani Linnainmaa, University of ChicagoMichael Roberts, University of Pennsylvania

    Margin Constraints and the Security Market LinePetri Jylha, Imperial College London

    Drifting Apart: The Pricing of Assets When the Benefits of Growth are not SharedEquallyNicolae Garleanu, University of California-BerkeleyStavros Panageas, University of ChicagoDimitris Papanikolaou, Northwestern UniversityJianfeng Yu, University of Minnesota

    Discussants:Michael Cooper, University of UtahStefanos Delikouras, University of MiamiFrancisco Palomino, Federal Reserve Board of Governors

    Entrepreneurial Finance – Kokopelli 3Manuel Adelino, Duke University

    The Globalization of Angel Investments: Evidence across CountriesJosh Lerner, Harvard UniversityAntoinette Schoar, Massachusetts Institute of TechnologyStanislav Sokolinski, Harvard UniversityKaren Wilson, Organization for Economic Co-Operation and Development

    The Cost of Financing Education: Can Student Debt HinderEntrepreneurship?Karthik Krishnan, Northeastern UniversityPinshuo Wang, Northeastern University

    Cost of Experimentation and the Evolution of Venture CapitalMichael Ewens, California Institute of TechnologyRamana Nanda, Harvard UniversityMatthew Rhodes-Kropf, Harvard University

    Discussants:Yael Hochberg, Rice UniversitySabrina Howell, New York UniversityShai Bernstein, Stanford University


  • Funds and their Holdings – White PineClemens Sialm, University of Texas-Austin

    Mutual Fund Holdings of Credit Default Swaps: Liquidity Management andRisk TakingWei Jiang, Columbia UniversityZhongyan Zhu, Chinese University of Hong Kong

    ETF Trading and Informational Efficiency of Underlying SecuritiesLawrence Glosten, Columbia UniversitySuresh Nallareddy, Columbia UniversityYuan Zou, Columbia University

    Closed-End FundsDavid Lesmond, Tulane UniversityGeorge Nishiotis, University of Cyprus

    Discussants:George Aragon, Arizona State UniversityFrancesco Franzoni, Swiss Finance InstituteJacob Sagi, University of North Carolina-Chapel Hill

    Corporate Investment – ArrowheadGerard Hoberg, University of Southern California

    Intangible Capital and the Investment-q RelationRyan Peters, University of PennsylvaniaLucian Taylor, University of Pennsylvania

    Real Effects of the Sovereign Debt Crisis in Europe: Evidence from SyndicatedLoansViral Acharya, New York UniversityTim Eisert, Erasmus University RotterdamChristian Eufinger, Universidad de NavarraChristian Hirsch, Goethe University Frankfurt

    Financial Markets, Banks’ Cost of Funding, and Firms’ Decisions: Lessons fromTwo CrisesPierluigi Balduzzi, Boston CollegeEmanuele Brancati, Luiss Guido Carli UniversityFabio Schiantarelli, Boston College

    Discussants:William Mann, University of California-Los AngelesJose Liberti, DePaul UniversityAmiyatosh Purnanandam, University of Michigan

    Financial Fraud – Painted HorseAdair Morse, University of California-Berkeley


  • Chasing Private InformationMarcin Kacperczyk, Imperial College LondonEmiliano Pagnotta, Imperial College London

    Trust Busting: The Effect of Fraud on Investor BehaviorUmit Gurun, University of Texas-DallasNoah Stoffman, Indiana UniversityScott Yonker, Cornell University

    Whistleblowers on the Board? The Role of Independent Directors in CartelProsecutionsMurillo Campello, Cornell UniversityDaniel Ferrés, Universidad de MontevideoGaizka Ormazabal, Universidad de Navarra

    Discussants:Vyacheslav Fos, Boston CollegeChristopher Parsons, University of California-San DiegoRenée Adams, University of New South Wales

    Wednesday, June 22, 2016, 10:30 am – 12:15 pm

    Sovereign Debt: Default Risk and Safety Premium – Kokopelli 1Francis Longstaff, University of California-Los Angeles

    A Macrofinance View of US Sovereign CDS PremiumsMikhail Chernov, University of California-Los AngelesLukas Schmid, Duke UniversityAndres Schneider, University of California-Los Angeles

    The Invisible Hand of the Government: Moral Suasion During the EuropeanDebt CrisisAlexander Popov, European Central BankSteven Ongena, University of ZurichNeeltje van Horen, De Nederlandsche Bank

    A Model of the Reserve AssetZhiguo He, University of ChicagoArvind Krishnamurthy, Northwestern UniversityKonstantin Milbradt, Northwestern University

    Discussants:Patrick Augustin, McGill UniversityMatthias Fleckenstein, University of DelawareLinlin Ye, Chinese University of Hong Kong-Shenzhen

    Mutual Fund Performance – Kokopelli 2Jonathan Berk, Stanford University


  • Family Descent as a Signal of Managerial Quality: Evidence from Mutual FundsOleg Chuprinin, University of New South WalesDenis Sosyura, University of Michigan

    Rethinking Performance EvaluationCampbell Harvey, Duke UniversityYan Liu, Texas A&M University

    Reaching for Yield by Corporate Bond Mutual FundsJaewon Choi, University of Illinois-Urbana-ChampaignMathias Kronlund, University of Illinois-Urbana-Champaign

    Discussants:Boris Vallee, Harvard UniversityRobert Stambaugh, University of PennsylvaniaGreg Duffee, Johns Hopkins University

    Optimal Contracting – Kokopelli 3Marcus Opp, University of California-Berkeley

    Relative Pay for Non-Relative Performance: Keeping up with the Joneses withOptimal ContractsPeter DeMarzo, Stanford UniversityRon Kaniel, University of Rochester

    On Breakthroughs, Deadlines, and the Nature of Progress: Optimal Contracts forMultistage ProjectsBrett Green, University of California-Berkeley

    Contracting with FeedbackBo Sun, Federal Reserve Board of GovernorsTse-Chun Lin, University of Hong KongQi Liu, Peking University

    Discussants:William Fuchs, University of California-BerkeleyJohn Zhu, University of PennsylvaniaItay Goldstein, University of Pennsylvania

    Corporate Innovation – White PineShai Bernstein, Stanford University

    The Bright Side of PatentsJoan Farre-Mensa, Harvard UniversityDeepak Hegde, New York UniversityAlexander Ljungqvist, New York University

    In Search of Ideas: Technological Innovation and Executive Pay InequalityCarola Frydman, Northwestern UniversityDimitris Papanikolaou, Northwestern University


  • Patents as Substitutes for RelationshipsFarzad Saidi, Cambridge UniversityAlminas Zaldokas, Hong Kong University of Science & Technology

    Discussants:Michael Ewens, California Institute of TechnologyGustavo Manso, University of California-BerkeleyJosh Lerner, Harvard University

    Oil Price Risk – ArrowheadAdriano Rampini, Duke University

    Relaxing Constraints on Risk Management: A Natural ExperimentSabrina Howell, New York University

    The Price of Oil RiskSteven Baker, University of VirginiaBryan Routledge, Carnegie Mellon University

    Oil Volatility RiskLin Gao, University of LuxembourgSteffen Hitzemann, Ohio State UniversityIvan Shaliastovich, University of PennsylvaniaLai Xu, Syracuse University

    Discussants:James Vickery, Federal Reserve Bank of New YorkRobert Ready, University of RochesterLeonid Kogan, Massachusetts Institute of Technology


  • Mergers and Acquisitions – Painted HorseJan Bena, University of British Columbia

    Why Does Size Matter So Much For Bidder Announcement Returns?Christoph Schneider, University of MannheimOliver Spalt, Tilburg University

    Can serial acquirers be profiled?Antonio Macias, Baylor UniversityRaghavendra Rau, Cambridge UniversityAris Stouraitis, Hong Kong Baptist University

    Informed Trading by Advisor Banks? A Look at Options Holdings Ahead ofMergersMichelle Lowry, Drexel UniversityZhongyan Zhu, Chinese University of Hong Kong

    Discussants:Matthias Kahl, University of Texas-AustinAndrey Golubov, University of TorontoSandy Klasa, University of Arizona

    Wednesday, June 22, 2016, 3:00 pm – 4:45 pm

    Advances in Corporate Finance Theory – Kokopelli 1Andrey Malenko, Massachusetts Institute of Technology

    The Leverage Ratchet EffectAnat Admati, Stanford UniversityPeter DeMarzo, Stanford UniversityMartin Hellwig, Max Planck Institute for Research on Collective GoodsPaul Pfleiderer, Stanford University

    Dynamic Adverse Selection: Time-Varying Market Conditions and EndogenousEntryPavel Zryumov, University of Pennsylvania

    Ownership Structure, Incentives, and Asset PricesHae Won (Henny) Jung, University of MelbourneAjay Subramanian, Georgia State UniversityQi Zeng, University of Melbourne

    Discussants:Adriano Rampini, Duke UniversityGustavo Manso, University of California-BerkeleyBarney Hartman-Glaser, University of California-Los Angeles


  • Intermediary-Based Asset Pricing – Kokopelli 2Tyler Muir, Yale University

    Intermediary Asset Pricing: New Evidence from Many Asset ClassesZhiguo He, University of ChicagoBryan Kelly, University of ChicagoAsaf Manela, Washington University-St. Louis

    Concentrated Capital Losses and the Pricing of Corporate Credit RiskEmil Siriwardane, Harvard University

    Financial Sector Stress and Asset Prices: Evidence from the Weather DerivativesMarketDaniel Weagley, Georgia Institute of Technology

    Discussants:Nina Boyarchenko, Federal Reserve Bank of New YorkAlan Moreira, Yale UniversityTyler Muir, Yale University

    Collateral – Kokopelli 3S Viswanathan, Duke University

    Aggregate Effects of Collateral ConstraintsThomas Chaney, Toulouse School of EconomicsZongbo Huang, Princeton UniversityDavid Sraer, University of California-BerkeleyDavid Thesmar, Groupe HEC

    Shareholder Wealth Consequence of Insider Pledging of Company Stock asCollateral for Personal LoansYing Dou, University of New South WalesRonald Masulis, University of New South WalesJason Zein, University of New South Wales

    Access to Collateral and the Democratization of Credit: France’s Reform of theNapoleonic CodeKevin Aretz, Manchester Business SchoolMurillo Campello, Cornell UniversityMaria Marchica, Manchester Business School

    Discussants:Toni Whited, University of MichiganPaul Goldsmith-Pinkham, Federal Reserve Bank of New YorkManuel Adelino, Duke University

    Corporate Social Responsibility and Reputation – White PineKai Li, University of British Columbia


  • Impact InvestingBrad Barber, University of California-DavisAdair Morse, University of California-BerkeleyAyako Yasuda, University of California-Davis

    Shaped by Their Daughters: Executives, Female Socialization, and CorporateSocial ResponsibilityHenrik Cronqvist, University of MiamiFrank Yu, China-Europe International Business School

    The Market for Director Reputation around the World: Evidence fromInternational Shocks to ReputationUgur Lel, Virginia TechDarius Miller, Southern Methodist University

    Discussants:Elena Pikulina, University of British ColumbiaKenneth Ahern, University of Southern CaliforniaShawn Mobbs, University of Alabama

    Bond Liquidity – ArrowheadAnna Cieslak, Duke University

    The Execution Quality of Corporate BondsMaureen O’Hara, Cornell UniversityYihui Wang, Fordham UniversityXing Zhou, Federal Reserve Board of Governors

    The Value of Trading Relationships in Turbulent TimesMarco Di Maggio, Columbia UniversityAmir Kermani, University of California-BerkeleyZhaogang Song, Johns Hopkins University

    Mortgage Dollar RollZhaogang Song, Johns Hopkins UniversityHaoxiang Zhu, Massachusetts Institute of Technology

    Discussants:Artem Neklyudov, University of LausanneBurton Hollifield, Carnegie Mellon UniversityFrancis Longstaff, University of California-Los Angeles


  • Financial Advice – Painted HorseVincent Glode, University of Pennsylvania

    The Misguided Beliefs of Financial AdvisorsJuhani Linnainmaa, University of ChicagoAlessandro Previtero, University of Western OntarioBrian Melzer, Northwestern University

    401(k) Plan Consultants: Distorted Incentives from CompensationArrangementsBianca Werner, Boston College

    Pied Piper of PensionersConrado Cuevas, University of WarwickDan Bernhardt, University of Illinois-Urbana-Champaign

    Discussants:Alexander Dyck, University of TorontoShaun Davies, University of Colorado-BoulderBruce Carlin, University of California-Los Angeles

    Thursday, June 23, 2016, 8:15 am – 10:00 am

    Market Making and Liquidity – Kokopelli 1Tarun Chordia, Emory University

    Uncertain Market MakingBart Yueshen, INSEAD

    Relative Tick Size and the Trading EnvironmentMaureen O’Hara, Cornell UniversityGideon Saar, Cornell UniversityZhuo Zhong, University of Melbourne

    Designated Market Makers Still Matter: Evidence from Two NaturalExperimentsAdam Clark-Joseph, University of IllinoisMao Ye, University of Illinois-Urbana-ChampaignChao Zi, University of Illinois-Urbana-Champaign

    Discussants:Ioanid Rosu, HEC ParisJonathan Brogaard, University of WashingtonHendrik Bessembinder, Arizona State University


  • Portfolio Choice Theory – Kokopelli 2Leonid Kogan, Massachusetts Institute of Technology

    Portfolio Choice with Model Misspecification: A Foundation for Alpha and BetaPortfoliosRaman Uppal, EDHEC Business SchoolPaolo Zaffaroni, Imperial College London

    The Choice Channel of Financial InnovationFelipe Iachan, Fundação Getúlio VargasPlamen Nenov, BI Norwegian Business SchoolAlp Simsek, Massachusetts Institute of Technology

    Trading Fees and Slow-Moving CapitalAdrian Buss, INSEADBernard Dumas, INSEAD

    Discussants:Stefan Nagel, University of MichiganRon Kaniel, University of RochesterNicolae Garleanu, University of California-Berkeley

    Experimenting on Households – Kokopelli 3Elena Asparouhova, University of Utah

    Moral Incentives: Experimental Evidence from Repayments of an Islamic CreditCardMartin Kanz, World BankLeonardo Bursztyn, University of California-Los AngelesStefano Fiorin, University of California-Los AngelesDaniel Gottlieb, Washington University-St. Louis

    Socioeconomic Status and Learning from Financial InformationCamelia Kuhnen, University of North Carolina-Chapel HillAndrei Miu, Babes-Bolyai University

    Harnessing the Wisdom of CrowdsXing Huang, Michigan State UniversityZhi Da, University of Notre Dame

    Discussants:Emily Breza, Columbia UniversityPeter Bossaerts, University of MelbourneJacob Sagi, University of North Carolina-Chapel Hill

    Central Banks and Financial Markets – White PineAnnette Vissing-Jorgensen, University of California-Berkeley


  • Does Central Bank Tone Move Asset Prices?Maik Schmeling, City University LondonChristian Wagner, Copenhagen Business School

    Does Quantitative Easing Affect Market Liquidity?Jens Henrik Eggert Christensen, Federal Reserve Bank of San FranciscoJames Michael Gillan, University of California-Berkeley

    One Central Bank to Rule Them AllFrancesca Brusa, University of OxfordPavel Savor, Temple UniversityMungo Wilson, University of Oxford

    Discussants:Michael Lemmon, BlackRockJing Cynthia Wu, University of ChicagoAnna Cieslak, Duke University

    Debt Refinancing and Interest Rate Risk – ArrowheadJohn Graham, Duke University

    Derivatives and Interest Rate Risk Management by Commercial BanksGuillaume Vuillemey, HEC Paris

    Interest Rate Uncertainty, Hedging and Real ActivityLorenzo Bretscher, London School of EconomicsLukas Schmid, Duke UniversityAndrea Vedolin, London School of Economics

    Debt Refinancing and Equity ReturnsNils Friewald, Norwegian School of EconomicsFlorian Nagler, Vienna Graduate School of FinanceChristian Wagner, Copenhagen Business School

    Discussants:Bernadette Minton, Ohio State UniversityAndrey Malenko, Massachusetts Institute of TechnologyNathalie Moyen, University of Colorado-Boulder

    Framing Stocks, Framing Markets, and CEO Frames – Painted HorseJoseph Engelberg, University of California-San Diego

    Rolling Mental AccountsCary Frydman, University of Southern CaliforniaSamuel Hartzmark, University of ChicagoDavid Solomon, University of Southern California

    Non-Financial Firms as Cross-Market ArbitrageursYueran Ma, Harvard University


  • Does CEO Fitness Matter?Peter Limbach, Karlsruhe Institute of TechnologyFlorian Sonnenburg, University of Cologne

    Discussants:Justin Birru, Ohio State UniversityDirk Jenter, London School of EconomicsKelly Shue, University of Chicago

    Thursday, June 23, 2016, 10:30 am – 12:15 pm

    Private Equity – Kokopelli 1Arthur Korteweg, University of Southern California

    The Liquidity Cost of Private Equity Investments: Evidence from SecondaryMarket TransactionsTaylor Nadauld, Brigham Young UniversityBerk Sensoy, Ohio State UniversityKeith Vorkink, Brigham Young UniversityMichael Weisbach, Ohio State University

    How Does an LBO Impact the Target’s Industry?Jarrad Harford, University of WashingtonJared Stanfield, University of New South WalesFeng Zhang, University of Utah

    How Information Asymmetry Affects Contract Design: Paying for Private Firmswith IOU’sMark Jansen, University of Utah

    Discussants:Ayako Yasuda, University of California-DavisAndrey Malenko, Massachusetts Institute of TechnologyJoan Farre-Mensa, Harvard University

    Political Connections – Kokopelli 2Mara Faccio, Purdue University

    Political Connections and Allocative DistortionsDavid Schoenherr, London Business School

    The Great Wall of Debt: Corruption, Real Estate, and Chinese Local GovernmentCredit SpreadsJennie Bai, Georgetown UniversityHao Zhou, Tsinghua UniversityAndrew Ang, Columbia University


  • Political Influence, Value, and Innovation: Evidence from Contract-Level DataJonathan Brogaard, University of WashingtonMatthew Denes, University of WashingtonRan Duchin, University of Washington

    Discussants:Todd Mitton, Brigham Young UniversityHung-Chia (Scott) Hsu, University of ArkansasApril Knill, Florida State University

    International Finance – Kokopelli 3Andreas Stathopoulos, University of Washington

    Why are Exchange Rates so Smooth? A Segmented Asset MarketsExplanationYiLi Chien, Federal Reserve Bank of St. LouisHanno Lustig, Stanford UniversityKanda Naknoi, University of Connecticut

    Entangled Risks in Incomplete FX MarketsThomas Maurer, Washington University-St. LouisNgoc-Khanh Tran, Washington University-St. Louis

    Sovereign CDS Spreads with Credit RatingHaitao Li, Cheung Kong Graduate School of BusinessTao Li, City University of Hong KongXuewei Yang, Nanjing University

    Discussants:Chris Telmer, Carnegie Mellon UniversityGurdip Bakshi, University of MarylandHarjoat Bhamra, Imperial College London

    Bond Risk Premia – White PineGreg Duffee, Johns Hopkins University

    Robust Bond Risk PremiaMichael Bauer, Federal Reserve Bank of San FranciscoJames Hamilton, University of California-San Diego

    Industry competition, credit spreads and levered equity returnsAlexandre Corhay, University of British Columbia

    Risk Premia and Volatilities in a Nonlinear Term Structure ModelPeter Feldhutter, London Business SchoolChristian Heyerdahl-Larsen, London Business SchoolPhilipp Illeditsch, University of Pennsylvania


  • Discussants:Anna Cieslak, Duke UniversityHwagyun Kim, Texas A&M UniversityScott Joslin, University of Southern California

    Conflicts of Interests – ArrowheadNadya Malenko, Boston College

    Non-Rating Revenue and Conflicts of InterestRamin Baghai, Stockholm School of EconomicsBo Becker, Stockholm School of Economics

    The Job Rating Game: The Effects of Revolving Doors on AnalystIncentivesElisabeth Kempf, Tilburg University

    Outside Insiders: Does Access to Information Prior to an IPO Generate a TradingAdvantage After the IPO?Umit Ozmel, Purdue UniversityTimothy Trombley, San Diego State UniversityDeniz Yavuz, Purdue University

    Discussants:Jess Cornaggia, Georgetown UniversityCesare Fracassi, University of Texas-AustinMichael Ewens, California Institute of Technology

    Trading and Information Acquisition – Painted HorseHaoxiang Zhu, Massachusetts Institute of Technology

    Efficient Prices at Any Cost: Does Algorithmic Trading Deter InformationAcquisition?Brian Weller, Northwestern University

    Informed Trading and Intertemporal Substitution: The Limits of the No-TradeTheoremYizhou Xiao, Stanford University

    Trading in Fragmented MarketsMarkus Baldauf, University of British ColumbiaJoshua Mollner, Microsoft Research

    Discussants:Jiang Wang, Massachusetts Institute of TechnologyLiyan Yang, University of TorontoJean-Edouard Colliard, HEC Paris



    Program Chair

    Lubos Pastor, University of Chicago

    Program Committee Associate Chairpersons

    Bruce Carlin, University of California-Los AngelesWill Cong, University of ChicagoGeorge Constantinides, University of ChicagoDouglas Diamond, University of ChicagoStefano Giglio, University of ChicagoSamuel Hartzmark, University of ChicagoTarek Hassan, University of ChicagoZhiguo He, University of ChicagoBryan Kelly, University of ChicagoJuhani Linnainmaa, University of ChicagoJacopo Ponticelli, University of ChicagoAmit Seru, University of ChicagoKelly Shue, University of ChicagoAmir Sufi, University of ChicagoMargarita Tsoutsoura, University of ChicagoPietro Veronesi, University of ChicagoMichael Weber, University of ChicagoEric Zwick, University of Chicago

    Program Committee Members

    Viral Acharya, New York UniversityRenée Adams, University of New South WalesManuel Adelino, Duke UniversityVikas Agarwal, Georgia State UniversityRajesh Aggarwal, Northeastern UniversityReena Aggarwal, Georgetown UniversityAnup Agrawal, University of AlabamaAshwini Agrawal, New York UniversityHengjie Ai, University of MinnesotaRui Albuquerque, Boston CollegeAndres Almazan, University of Texas-AustinHeitor Almeida, University of Illinois-Urbana-ChampaignAydogan Alti, University of Texas-AustinPatrick Augustin, McGill UniversityDoron Avramov, Hebrew UniversityWarren Bailey, Cornell University


  • Gurdip Bakshi, University of MarylandTuran Bali, Georgetown UniversitySnehal Banerjee, University of California-San DiegoRavi Bansal, Duke UniversityJack Bao, Federal Reserve Board of GovernorsBrad Barber, University of California-DavisJean Noel Barrot, Massachusetts Institute of TechnologySohnke Bartram, University of WarwickShmuel Baruch, University of UtahSuleyman Basak, London Business SchoolDavid Bates, University of IowaThomas Bates, Arizona State UniversityBo Becker, Stockholm School of EconomicsFrederico Belo, University of MinnesotaEphraim Benmelech, Northwestern UniversityLuca Benzoni, Federal Reserve Bank of ChicagoNittai Bergman, Massachusetts Institute of TechnologyDaniel Bergstresser, Brandeis UniversityEli Berkovitch, IDC HerzliyaAntonio Bernardo, University of California-Los AngelesGennaro Bernile, Singapore Management UniversityShai Bernstein, Stanford UniversityJohn Beshears, Harvard UniversityHendrik Bessembinder, Arizona State UniversitySanjai Bhagat, University of Colorado-BoulderHarjoat Bhamra, Imperial College LondonSreedhar Bharath, Arizona State UniversityUtpal Bhattacharya, Hong Kong University of Science & TechnologyOliver Boguth, Arizona State UniversityNicolas Bollen, Vanderbilt UniversityPhilip Bond, University of WashingtonAudra Boone, Securities and Exchange CommissionArnoud Boot, University of AmsterdamJacob Boudoukh, IDC HerzliyaChrista Bouwman, Texas A&M UniversityAlon Brav, Duke UniversityJonathan Brogaard, University of WashingtonDavid Brown, University of Wisconsin - MadisonGregory Brown, University of North Carolina-Chapel HillKeith Brown, University of Texas-AustinStephen Brown, New York UniversityAndrea M. Buffa, Boston UniversityAndrea Buraschi, Imperial College LondonMike Burkart, Stockholm School of EconomicsNatasha Burns, University of Texas-San Antonio


  • Jeffrey Busse, Emory UniversityMaria Bustamante, University of MarylandMurillo Campello, Cornell UniversityBruce Carlin, University of California-Los AngelesJennifer Carpenter, New York UniversityMaria Chaderina, Vienna University of Economics and BusinessDavid Chapman, University of VirginiaGilles Chemla, Imperial College LondonThomas Chemmanur, Boston CollegeHui Chen, Massachusetts Institute of TechnologyMark Chen, Georgia State UniversitySergey Chernenko, Ohio State UniversityMikhail Chernov, University of California-Los AngelesDarwin Choi, Hong Kong University of Science & TechnologyJames Choi, Yale UniversityTarun Chordia, Emory UniversityBhagwan Chowdhry, University of California-Los AngelesPeter Christoffersen, University of TorontoSusan Christoffersen, University of TorontoAnna Cieslak, Duke UniversityGian Luca Clementi, New York UniversityJoao Cocco, London Business SchoolLauren Cohen, Harvard UniversityJonathan Cohn, University of Texas-AustinJeffrey Coles, University of UtahPierre Collin-Dufresne, Swiss Finance InstituteJennifer Conrad, University of North Carolina-Chapel HillMichael Cooper, University of UtahJess Cornaggia, Georgetown UniversityFrancesca Cornelli, London Business SchoolNicholas Crain, Vanderbilt UniversityAlan Crane, Rice UniversityK.J. Martijn Cremers, University of Notre DameMariano Croce, University of North Carolina-Chapel HillClaudia Custodio, Universidade Nova de LisboaDragana Cvijanovic, University of North Carolina-Chapel HillZhi Da, University of Notre DameMagnus Dahlquist, Stockholm School of EconomicsTri Vi Dang, Columbia UniversityAndras Danis, Georgia Institute of TechnologyAmil Dasgupta, London School of EconomicsSudipto Dasgupta, Hong Kong University of Science & TechnologyAlexander David, University of CalgaryEduardo Davila, New York UniversityAdolfo De Motta, McGill University


  • Harry DeAngelo, University of Southern CaliforniaDiane Del Guercio, University of OregonIan Dew-Becker, Northwestern UniversityMarco Di Maggio, Columbia UniversityKarl Diether, Brigham Young UniversityAmy Dittmar, University of MichiganEngelbert Dockner, Vienna University of Economics and BusinessCraig Doidge, University of TorontoAndres Donangelo, University of Texas-AustinJoost Driessen, Tilburg UniversityGreg Duffee, Johns Hopkins UniversityEspen Eckbo, Dartmouth CollegeRoger Edelen, University of California-DavisAlex Edmans, London Business SchoolThomas Eisenbach, Federal Reserve Bank of New YorkAndrea Eisfeldt, University of California-Los AngelesAndrew Ellul, Indiana UniversityJoseph Engelberg, University of California-San DiegoVihang Errunza, McGill UniversityRuediger Fahlenbrach, Ecole Polytechnique Fédérale de LausanneJoan Farre-Mensa, Harvard UniversityMichael Faulkender, University of MarylandJack Favilukis, University of British ColumbiaPeter Feldhutter, London Business SchoolSeverino Felipe, Dartmouth CollegeMiguel Ferreira, Universidade Nova de LisboaEliezer Fich, Drexel UniversityLaura Field, University of DelawareAdlai Fisher, University of British ColumbiaVyacheslav Fos, Boston CollegeThierry Foucault, HEC ParisCesare Fracassi, University of Texas-AustinXavier Freixas, Universitat Pompeu FabraNils Friewald, Norwegian School of EconomicsCarola Frydman, Northwestern UniversityPaolo Fulghieri, University of North Carolina-Chapel HillXavier Gabaix, New York UniversityVito Gala, University of PennsylvaniaPengjie Gao, University of Notre DameLorenzo Garlappi, University of British ColumbiaNicolae Garleanu, University of California-BerkeleyMark Garmaise, University of California-Los AngelesTom George, University of HoustonSimon Gervais, Duke UniversityRon Giammarino, University of British Columbia


  • Mariassunta Giannetti, Stockholm School of EconomicsStefano Giglio, University of ChicagoThomas Gilbert, University of WashingtonStuart Gillan, University of GeorgiaXavier Giroud, Massachusetts Institute of TechnologyVincent Glode, University of PennsylvaniaBrent Glover, Carnegie Mellon UniversityItay Goldstein, University of PennsylvaniaRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolJoao Gomes, University of PennsylvaniaTodd Gormley, University of PennsylvaniaGary Gorton, Yale UniversityAmit Goyal, University of LausanneJohn Graham, Duke UniversityBrett Green, University of California-BerkeleyClifton Green, Emory UniversityRobin Greenwood, Harvard UniversitySteven Grenadier, Stanford UniversityJohn Griffin, University of Texas-AustinGustavo Grullon, Rice UniversityBruce Grundy, University of MelbourneMichael Halling, Stockholm School of EconomicsAllaudeen Hameed, National University of SingaporeBing Han, University of TorontoSam Hanson, Harvard UniversityJarrad Harford, University of WashingtonJeffrey Harris, American UniversityLawrence Harris, University of Southern CaliforniaBarney Hartman-Glaser, University of California-Los AngelesJay Hartzell, University of Texas-AustinSamuel Hartzmark, University of ChicagoJoel Hasbrouck, New York UniversityHenrik Hasseltoft, University of ZurichHarald Hau, University of GenevaPing He, Tsinghua UniversityZhiguo He, University of ChicagoBenjamin Hebert, Stanford UniversityUlrich Hege, Toulouse School of EconomicsFlorian Heider, European Central BankThomas Hellmann, University of OxfordJean Helwege, University of California-RiversideTerrence Hendershott, University of California-BerkeleyMichael Hertzel, Arizona State UniversitySteven Heston, University of Maryland


  • Jens Hilscher, Brandeis UniversityNicholas Hirschey, London Business SchoolGerard Hoberg, University of Southern CaliforniaYael Hochberg, Rice UniversityCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityHarrison Hong, Princeton UniversityEdith Hotchkiss, Boston CollegeKewei Hou, Ohio State UniversityDavid Hsieh, Duke UniversityEric Hughson, Claremont McKenna CollegeChuan-Yang Hwang, Nanyang Tech UniversityPhilipp Illeditsch, University of PennsylvaniaVictoria Ivashina, Harvard UniversityBenjamin Iverson, Northwestern UniversityZoran Ivkovich, Michigan State UniversityRajkamal Iyer, Massachusetts Institute of TechnologyKris Jacobs, University of HoustonRavi Jagannathan, Northwestern UniversityRainer Jankowitsch, Vienna University of Economics and BusinessNarasimhan Jegadeesh, Emory UniversityDirk Jenter, London School of EconomicsWei Jiang, Columbia UniversityLi Jin, Peking UniversityKose John, New York UniversityTravis Johnson, University of Texas-AustinChristopher Jones, University of Southern CaliforniaPhilippe Jorion, University of California-IrvineBrandon Julio, University of OregonMarcin Kacperczyk, Imperial College LondonDalida Kadyrzhanova, Georgia State UniversitySwami Kalpathy, Texas Christian UniversityJun-Koo Kang, Nanyang Tech UniversityRon Kaniel, University of RochesterSteve Kaplan, University of ChicagoOguzhan Karakas, Boston CollegeJason Karceski, LSV Asset ManagementGeorge Andrew Karolyi, Cornell UniversityJonathan Karpoff, University of WashingtonGautam Kaul, University of MichiganSimi Kedia, Rutgers UniversityDonald Keim, University of PennsylvaniaMatti Keloharju, Aalto UniversityNaveen Khanna, Michigan State UniversityDana Kiku, University of Illinois-Urbana-Champaign


  • Dasol Kim, Case Western Reserve UniversityHyunseob Kim, Cornell UniversityDarren Kisgen, Boston CollegeMichael Kisser, Norwegian School of EconomicsSamuli Knüpfer, BI Norwegian Business SchoolAndrew Koch, University of PittsburghShimon Kogan, IDC HerzliyaRalph Koijen, London Business SchoolAdam Kolasinski, Texas A&M UniversityPeter Kondor, London School of EconomicsRobert Korajczyk, Northwestern UniversityArthur Korteweg, University of Southern CaliforniaJennifer Koski, University of WashingtonIlan Kremer, Hebrew UniversitySamuel Kruger, University of Texas-AustinTheresa Kuchler, New York UniversityLars-Alexander Kuehn, Carnegie Mellon UniversityCamelia Kuhnen, University of North Carolina-Chapel HillPraveen Kumar, University of HoustonHoward Kung, London Business SchoolPablo Kurlat, Stanford UniversityBart Lambrecht, Cambridge UniversityChristopher Lamoureux, University of ArizonaTim Landvoigt, University of Texas-AustinNisan Langberg, University of HoustonMauricio Larrain, Columbia UniversityChristian Laux, Vienna University of Economics and BusinessAli Lazrak, University of British ColumbiaJ. Chris Leach, University of Colorado-BoulderMark Leary, Washington University-St. LouisCharles Lee, Stanford UniversityInmoo Lee, Korea Advanced Institute of Science and TechnologyAlfred Lehar, University of CalgaryQin Lei, University of MichiganYaron Leitner, Federal Reserve Bank of PhiladelphiaJosh Lerner, Harvard UniversityMartin Lettau, University of California-BerkeleyDoron Levit, University of PennsylvaniaJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeStefan Lewellen, London Business SchoolKai Li, University of British ColumbiaSi Li, Wilfrid Laurier UniversityBing Liang, University of MassachusettsAndres Liberman, New York University


  • Erik Lie, University of IowaXiaoji Lin, Ohio State UniversityJames Linck, Southern Methodist UniversityLaura Lindsey, Arizona State UniversityJuhani Linnainmaa, University of ChicagoKarl V. Lins, University of UtahMarc Lipson, University of VirginiaCrocker Liu, Cornell UniversityJun Liu, University of California-San DiegoTingjun Liu, Renmin University of ChinaDmitry Livdan, University of California-BerkeleyAlexander Ljungqvist, New York UniversityAndrew Lo, Massachusetts Institute of TechnologyLars Lochstoer, Columbia UniversityClaudio Loderer, Universitaet BernFrancis Longstaff, University of California-Los AngelesErik Loualiche, Massachusetts Institute of TechnologyRichard Lowery, Carnegie Mellon UniversityMichelle Lowry, Drexel UniversityChristian Lundblad, University of North Carolina-Chapel HillEvgeny Lyandres, Boston UniversityAnthony Lynch, New York UniversityGyöngyi Lóránth, University of ViennaPeter MacKay, Hong Kong University of Science & TechnologyAnanth Madhavan, BlackRockLeonardo Madureira, Case Western Reserve UniversityIgor Makarov, London School of EconomicsSemyon Malamud, Ecole Polytechnique Fédérale de LausanneAndrey Malenko, Massachusetts Institute of TechnologyNadya Malenko, Boston CollegeChristopher Malloy, Harvard UniversityWilliam Mann, University of California-Los AngelesGustavo Manso, University of California-BerkeleyRobert Marquez, University of California-DavisIan Martin, London School of EconomicsSpencer Martin, University of MelbourneMarc Martos-Vila, London Business SchoolMassimo Massa, INSEADRonald Masulis, University of New South WalesDavid Matsa, Northwestern UniversityGregor Matvos, University of ChicagoErnst Maug, University of MannheimRobert McDonald, Northwestern UniversityDavid McLean, DePaul UniversityTimothy McQuade, Stanford University


  • Albert Menkveld, VU University AmsterdamAndrew Metrick, Yale UniversityRoni Michaely, Cornell UniversityTodd Milbourn, Washington University-St. LouisKonstantin Milbradt, Northwestern UniversityDarius Miller, Southern Methodist UniversityBernadette Minton, Ohio State UniversityErwan Morellec, Ecole Polytechnique Fédérale de LausannePamela Moulton, Cornell UniversityHolger Mueller, New York UniversityPhilippe Mueller, London School of EconomicsTyler Muir, Yale UniversityJustin Murfin, Yale UniversityDavid Musto, University of PennsylvaniaBrett Myers, Texas Tech UniversityStefan Nagel, University of MichiganCharles Nathanson, Northwestern UniversityBoris Nikolov, University of LausanneGreg Nini, Drexel UniversityThomas Noe, University of OxfordKjell Nyborg, University of ZurichMaureen O’Hara, Cornell UniversityTerrance Odean, University of California-BerkeleyMartin Oehmke, Columbia UniversitySteven Ongena, University of ZurichChristian Opp, University of PennsylvaniaMarcus Opp, University of California-BerkeleyHernan Ortiz-Molina, University of British ColumbiaPaige Ouimet, University of North Carolina-Chapel HillOguzhan Ozbas, University of Southern CaliforniaMarco Pagano, Università degli Studi di Napoli Federico IIBerardino Palazzo, Boston UniversityDarius Palia, Rutgers UniversityMarios Panayides, University of PittsburghDimitris Papanikolaou, Northwestern UniversityChristine Parlour, University of California-BerkeleyRobert Parrino, University of Texas-AustinChristopher Parsons, University of California-San DiegoLubos Pastor, University of ChicagoAnna Pavlova, London Business SchoolLoriana Pelizzon, Ca’ Foscari University of VeniceLiang Peng, Pennsylvania State UniversityGeorge Pennacchi, University of Illinois-Urbana-ChampaignFrancisco Perez-Gonzalez, Instituto Tecnológico Autónomo de MéxicoEnrico Perotti, University of Amsterdam


  • Mitchell Petersen, Northwestern UniversityCarolin Pflueger, University of British ColumbiaLudovic Phalippou, University of OxfordGordon Phillips, Dartmouth CollegeChristopher Polk, London School of EconomicsJacopo Ponticelli, University of ChicagoJeffrey Pontiff, Boston CollegeJillian Popadak, Duke UniversityUday Rajan, University of MichiganAdriano Rampini, Duke UniversityOtto Randl, Vienna University of Economics and BusinessRaghavendra Rau, Cambridge UniversityS. Abraham Ravid, Yeshiva UniversityAdam Reed, University of North Carolina-Chapel HillJonathan Reuter, Boston CollegeMatthew Rhodes-Kropf, Harvard UniversityEdward Rice, University of WashingtonBarbara Rindi, Università BocconiMichael Roberts, University of PennsylvaniaTavy Ronen, Rutgers UniversityEhud Ronn, University of Texas-AustinIoanid Rosu, HEC ParisNick Roussanov, University of PennsylvaniaBryan Routledge, Carnegie Mellon UniversityKristian Rydqvist, State University of New York-BinghamtonGideon Saar, Cornell UniversityRonnie Sadka, Boston CollegeJacob Sagi, University of North Carolina-Chapel HillPatrik Sandas, University of VirginiaLucio Sarno, City University LondonZacharias Sautner, Frankfurt School of Finance and ManagementAnna Scherbina, University of California-DavisMartin Schmalz, University of MichiganLukas Schmid, Duke UniversityNorman Schuerhoff, University of LausannePaul Schultz, University of Notre DameKrista Schwarz, University of PennsylvaniaMark Seasholes, Hong Kong University of Science & TechnologyLemma Senbet, University of MarylandBerk Sensoy, Ohio State UniversityDuane Seppi, Carnegie Mellon UniversityPiet Sercu, KU LeuvenAmit Seru, University of ChicagoHenri Servaes, London Business SchoolIvan Shaliastovich, University of Pennsylvania


  • Joel Shapiro, University of OxfordAnn Sherman, DePaul UniversityAnil Shivdasani, University of North CarolinaSophie Shive, University of Notre DameKelly Shue, University of ChicagoTyler Shumway, University of MichiganClemens Sialm, University of Texas-AustinRichard Sias, University of ArizonaStephan Siegel, University of WashingtonAndrei Simonov, Michigan State UniversityRaj Singh, University of MinnesotaErik Sirri, Babson CollegeDenis Sosyura, University of MichiganDavid Sraer, University of California-BerkeleyErik Stafford, Harvard UniversityRichard Stanton, University of California-BerkeleyLaura Starks, University of Texas-AustinAlex Stomper, Humboldt University of BerlinNeal Stoughton, Vienna University of Economics and BusinessIlya Strebulaev, Stanford UniversityGuenter Strobl, Frankfurt School of Finance and ManagementJohannes Stroebel, New York UniversityPer Strömberg, Stockholm School of EconomicsMichael Stutzer, University of Colorado-BoulderAvanidhar Subrahmanyam, University of California-Los AngelesJohan Sulaeman, National University of SingaporeAdi Sunderam, Harvard UniversityBhaskaran Swaminathan, LSV Asset ManagementGeoffrey Tate, University of North Carolina-Chapel HillLucian Taylor, University of PennsylvaniaAlexei Tchistyi, University of Illinois-Urbana-ChampaignChris Telmer, Carnegie Mellon UniversityMelvyn Teo, Singapore Management UniversityPaul Tetlock, Columbia UniversityAnjan Thakor, Washington University-St. LouisKarin Thorburn, Norwegian School of EconomicsXuan Tian, Indiana UniversitySheri Tice, Tulane UniversityStathis Tompaidis, University of Texas-AustinHeather Tookes, Yale UniversityMitch Towner, University of ArizonaRichard Townsend, Dartmouth CollegeCharles Trzcinka, Indiana UniversityYuri Tserlukevich, Arizona State UniversityMargarita Tsoutsoura, University of Chicago


  • Sergey Tsyplakov, University of South CarolinaSelale Tuzel, University of Southern CaliforniaGarry Twite, University of MelbourneRaman Uppal, EDHEC Business SchoolJules Van Binsbergen, University of PennsylvaniaVictoria Vanasco, Stanford UniversityFelipe Varas, Duke UniversityDimitri Vayanos, London School of EconomicsAndrea Vedolin, London School of EconomicsLaura Veldkamp, New York UniversityKumar Venkataraman, Southern Methodist UniversityAdrien Verdelhan, Massachusetts Institute of TechnologyPietro Veronesi, University of ChicagoAnnette Vissing-Jorgensen, University of California-BerkeleyS Viswanathan, Duke UniversityPaolo Volpin, City University LondonElu VonThadden, University of MannheimJessica Wachter, University of PennsylvaniaChristian Wagner, Copenhagen Business SchoolSunil Wahal, Arizona State UniversityJohan Walden, University of California-BerkeleyJiang Wang, Massachusetts Institute of TechnologyNeng Wang, Columbia UniversityZhenyu Wang, Indiana UniversityAkiko Watanabe, University of AlbertaMasahiro Watanabe, University of AlbertaMichael Weber, University of ChicagoChishen Wei, Nanyang Technological UniversityKelsey Wei, University of Texas-DallasPierre-Olivier Weill, University of California-Los AngelesMichael Weisbach, Ohio State UniversityScott Weisbenner, University of Illinois-Urbana-ChampaignRuss Wermers, University of MarylandIngrid Werner, Ohio State UniversityMark Westerfield, University of WashingtonJames Weston, Rice UniversityToni Whited, University of MichiganRobert Whitelaw, New York UniversityRohan Williamson, Georgetown UniversityAndrew Winton, University of MinnesotaAvi Wohl, Tel Aviv UniversityYouchang Wu, University of OregonYuhai Xuan, University of Illinois-Urbana-ChampaignPradeep Yadav, University of OklahomaHong Yan, Shanghai Jiao Tong University


  • Hongjun Yan, Rutgers UniversityJie Yang, Georgetown UniversityLiu Yang, University of MarylandMing Yang, Duke UniversityAyako Yasuda, University of California-DavisDavid Yermack, New York UniversityLance Young, University of WashingtonJianfeng Yu, University of MinnesotaFernando Zapatero, University of Southern CaliforniaRebecca Zarutskie, Federal Reserve Board of GovernorsAdam Zawadowski, Central European UniversityJosef Zechner, Vienna University of Economics and BusinessJaime Zender, University of Colorado-BoulderLu Zhang, Ohio State UniversityWeina Zhang, National University of SingaporeMengxin Zhao, University of AlbertaLu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisHaoxiang Zhu, Massachusetts Institute of TechnologyEric Zwick, University of ChicagoJeffrey Zwiebel, Stanford University


    As Program Chair I would like to thank a number of people for their generous help inconstructing the program. The profession-wide Program Committee traditionally pro-vides the main input in evaluating submitted papers. My colleagues at the Universityof Chicago—Bruce Carlin (visiting), Will Cong, George Constantinides, Doug Diamond,Stefano Giglio, Sam Hartzmark, Tarek Hassan, Zhiguo He, Bryan Kelly, Juhani Linnain-maa, Jacopo Ponticelli, Amit Seru, Kelly Shue, Amir Sufi, Margarita Tsoutsoura, PietroVeronesi, Michael Weber, and Eric Zwick—have served as Associate Program Chairs whohelped me select papers and award best-paper prizes. Special thanks go to Bryan Rout-ledge for leading and supervising the development of our new IT system, which hasdramatically improved the program construction process, and to Laura Starks for gener-ously sharing her experiences. I would also like to thank Rosemarie Lang and MaryAnnO’Brien at the Tepper School of Business at Carnegie Mellon for their excellent support,Leigh Ann Clark for her unending help in organizing the WFA meeting, and, last but notleast, our sponsors for their continued support of the WFA.


  • IndexA

    Acharya, Viral, 22, 35Adams, Renée, 23, 35Adelino, Manuel, 15, 21, 27, 35Admati, Anat, 7, 26Agarwal, Vikas, 35Aggarwal, Rajesh, 35Aggarwal, Reena, 35Agrawal, Anup, 35Agrawal, Ashwini, 35Ahern, Kenneth, 17, 28Ai, Hengjie, 35Akey, Pat, 19Albuquerque, Rui, 35Almazan, Andres, 35Almeida, Heitor, 35Alti, Aydogan, 35Andersen, Torben, 20Andrei, Daniel, 13, 15Andries, Marianne, 18Ang, Andrew, 32Appel, Ian, 16Aragon, George, 22Aretz, Kevin, 27Asparouhova, Elena, 30Augustin, Patrick, 23, 35Avramov, Doron, 35

    BBack, Kerry, 16Baghai, Ramin, 34Bai, Jennie, 32Bailey, Warren, 35Baker, Steven, 25Bakshi, Gurdip, 33, 36Baldauf, Markus, 15, 34Balduzzi, Pierluigi, 22Bali, Turan, 36Banerjee, Snehal, 36Bansal, Ravi, 36Bao, Jack, 36Barber, Brad, 28, 36

    Barberis, Nicholas, 18Baron, Matthew, 12Barrot, Jean Noel, 36Bartram, Sohnke, 36Baruch, Shmuel, 36Basak, Suleyman, 15, 36Bates, David, 36Bates, Thomas, 36Bauer, Michael, 33Becker, Bo, 34, 36Begenau, Juliane, 8, 15, 18Belo, Frederico, 19, 36Bena, Jan, 17, 26Benmelech, Ephraim, 36Benzoni, Luca, 36Bergman, Nittai, 36Bergstresser, Daniel, 36Berk, Jonathan, 23Berkovitch, Eli, 36Bernardo, Antonio, 36Bernhardt, Dan, 29Bernile, Gennaro, 17, 36Bernstein, Asaf, 6, 14Bernstein, Shai, 14, 21, 24, 36Beshears, John, 36Bessembinder, Hendrik, 29, 36Bhagat, Sanjai, 36Bhamra, Harjoat, 13, 33, 36Bharath, Sreedhar, 36Bhattacharya, Utpal, 36Birru, Justin, 32Black, Sandra E. , 18Blocher, Jesse, 14Boguth, Oliver, 36Boleslavsky, Ralph, 20Bollen, Nicolas, 36Bond, Philip, 36Boone, Audra, 36Boot, Arnoud, 36Bos, Marieke, 13Bossaerts, Peter, 30


  • Boudoukh, Jacob, 36Bouwman, Christa, 36Boyarchenko, Nina, 27Boyson, Nicole, 16Brancati, Emanuele, 22Brav, Alon, 36Breon-Drish, Bradyn, 13, 16Bretscher, Lorenzo, 31Breza, Emily, 13, 30Brogaard, Jonathan, 15, 29, 33, 36Brown, David, 36Brown, Gregory, 36Brown, Keith, 36Brown, Stephen, 36Brusa, Francesca, 31Buffa, Andrea M., 36Buraschi, Andrea, 36Burkart, Mike, 36Burns, Natasha, 36Bursztyn, Leonardo, 30Buss, Adrian, 30Busse, Jeffrey, 37Bustamante, Maria, 37

    CCampello, Murillo, 12, 23, 27, 37Carlin, Bruce, 13, 20, 29, 35, 37Carpenter, Jennifer, 37Carvalho, Daniel, 19Chabakauri, Georgy, 14, 15Chaderina, Maria, 37Chakraborty, Indraneel, 12Chaney, Thomas, 27Chapman, David, 37Chemla, Gilles, 37Chemmanur, Thomas, 37Chen, Hui, 37Chen, Mark, 37Chernenko, Sergey, 16, 37Chernov, Mikhail, 23, 37Chien, YiLi, 33Choi, Darwin, 37Choi, Dong Beom, 12Choi, Hyun-Soo, 12Choi, Jaewon, 24

    Choi, James, 37Chordia, Tarun, 29, 37Chowdhry, Bhagwan, 37Christensen, Jens Henrik Eggert, 31Christoffersen, Peter, 37Christoffersen, Susan, 37Chuprinin, Oleg, 24Cieslak, Anna, 28, 31, 34, 37Clark-Joseph, Adam, 29Clementi, Gian Luca, 37Cocco, Joao, 37Cohen, Lauren, 13, 37Cohn, Jonathan, 37Coles, Jeffrey, 37Colliard, Jean-Edouard, 34Collin-Dufresne, Pierre, 3, 16, 20, 37Colonnelli, Emanuele, 14Cong, Will, 35Conrad, Jennifer, 37Constantinides, George, 35Cookson, J. Anthony, 13Cooper, Michael, 21, 37Corhay, Alexandre, 6, 33Cornaggia, Jess, 34, 37Cornelli, Francesca, 37Corum, Adrian Aycan, 16Cotton, Christopher, 20Crain, Nicholas, 37Crane, Alan, 37Cremers, K.J. Martijn, 37Croce, Mariano, 37Cronqvist, Henrik, 28Cuevas, Conrado, 29Custodio, Claudia, 37Cvijanovic, Dragana, 37

    DD’Acunto, Francesco, 13, 17Da, Zhi, 30, 37Dahlquist, Magnus, 18, 37Dang, Tri Vi, 37Danis, Andras, 37Dasgupta, Amil, 37Dasgupta, Sudipto, 37David, Alexander, 37


  • Davies, Shaun, 13, 29Davila, Eduardo, 37De Motta, Adolfo, 37DeAngelo, Harry, 38Del Guercio, Diane, 38Delikouras, Stefanos, 17, 21Dell’Ariccia, Giovanni, 12Della Corte, Pasquale, 18DeMarzo, Peter, 7, 24, 26Denes, Matthew, 33Devereux, Paul J., 18Dew-Becker, Ian, 38Di Maggio, Marco, 14, 28, 38Diamond, Douglas, 35Diether, Karl, 38Dittmar, Amy, 38Dittmar, Robert, 21Dockner, Engelbert, 38Doidge, Craig, 38Donaldson, Jason, 19Donangelo, Andres, 19, 38Dou, Ying, 27Driessen, Joost, 38Duchin, Ran, 33Duffee, Greg, 24, 33, 38Dumas, Bernard, 30Dyck, Alexander, 29

    EEckbo, Espen, 38Edelen, Roger, 38Edmans, Alex, 38Eisenbach, Thomas, 38Eisert, Tim, 22Eisfeldt, Andrea, 38Elenev, Vadim, 14Ellul, Andrew, 14, 38Engelberg, Joseph, 31, 38Errunza, Vihang, 38Eufinger, Christian, 22Ewens, Michael, 21, 25, 34

    FFaccio, Mara, 32Fahlenbrach, Ruediger, 38

    Farre-Mensa, Joan, 24, 32, 38Faulkender, Michael, 38Favilukis, Jack, 15, 19, 38Feldhutter, Peter, 33, 38Felipe, Severino, 38Ferrés, Daniel, 23Ferreira, Miguel, 38Fich, Eliezer, 38Field, Laura, 38Fiorin, Stefano, 30Fisher, Adlai, 38Fleckenstein, Matthias, 23Fos, Vyacheslav, 16, 23, 38Foucault, Thierry, 17, 38Fracassi, Cesare, 34, 38Franzoni, Francesco, 22Freixas, Xavier , 38Fresard, Laurent, 17Friewald, Nils, 31, 38Frydman, Carola, 13, 24, 38Frydman, Cary, 31Fuchs, William, 24Fulghieri, Paolo, 38Fusari, Nicola, 20

    GGabaix, Xavier, 38Gala, Vito, 38Ganduri, Rohan, 6, 14Gao, Janet, 17Gao, Lin, 25Gao, Pengjie, 38Garlappi, Lorenzo, 18, 38Garleanu, Nicolae, 3, 14, 15, 21, 30, 38Garmaise, Mark, 38George, Tom, 38Gervais, Simon, 38Giammarino, Ron, 38Giannetti, Mariassunta, 39Giglio, Stefano, 20, 35, 39Gilbert, Thomas, 39Gillan, James Michael, 31Gillan, Stuart, 39Giroud, Xavier, 39Gissler, Stefan, 20


  • Glode, Vincent, 29, 39Glosten, Lawrence, 22Glover, Brent, 39Goetzmann, William, 13Goldsmith-Pinkham, Paul, 27Goldstein, Itay, 12, 16, 18, 24, 39Goldstein, Robert, 39Golez, Benjamin, 20Golubov, Andrey, 26Gomes, Francisco, 39Gomes, Joao, 39Gondhi, Naveen, 6, 20Gormley, Todd, 16, 39Gorton, Gary, 39Gottlieb, Daniel, 30Goyal, Amit, 39Graham, John, 31, 39Green, Brett, 24, 39Green, Clifton, 39Greenwood, Robin, 18, 39Grenadier, Steven, 39Griffin, John, 3, 39Gropp, Reint, 19Grullon, Gustavo, 39Grundy, Bruce, 39Gurun, Umit, 8, 23

    HHalling, Michael, 39Hameed, Allaudeen, 39Hamilton, James, 33Han, Bing, 39Hanson, Sam, 39Harford, Jarrad, 32, 39Harris, Jeffrey, 39Harris, Lawrence, 39Hartman-Glaser, Barney, 26, 39Hartzell, Jay, 39Hartzmark, Samuel, 13, 31, 35, 39Harvey, Campbell, 24Hasbrouck, Joel, 39Hassan, Tarek, 35Hasseltoft, Henrik, 18, 39Hau, Harald, 39He, Ping, 39

    He, Zhiguo, 23, 27, 35, 39Hebert, Benjamin, 39Hegde, Deepak, 24Hege, Ulrich, 39Heider, Florian, 39Hellmann, Thomas, 39Hellwig, Martin, 7, 26Helwege, Jean, 39Hendershott, Terrence, 15, 39Herskovic, Bernard, 17Hertzel, Michael, 39Heston, Steven, 39Heyerdahl-Larsen, Christian, 33Hilscher, Jens, 40Hirsch, Christian, 22Hirschey, Nicholas, 40Hitzemann, Steffen, 25Hoberg, Gerard, 22, 40Hochberg, Yael, 21, 40Holden, Craig, 40Hollifield, Burton, 28, 40Hong, Harrison, 40Hotchkiss, Edith, 40Hou, Kewei, 40Howell, Sabrina, 21, 25Hsieh, David, 40Hsu, Hung-Chia (Scott), 33Huang, Simon, 13Huang, Xing, 30Huang, Zongbo, 27Hughson, Eric, 40Hwang, Chuan-Yang, 40

    IIachan, Felipe, 30Illeditsch, Philipp, 33, 40Ivashina, Victoria, 40Iverson, Benjamin, 14, 40Ivkovich, Zoran, 40Iyer, Rajkamal, 40

    JJackwerth, Jens, 20Jacobs, Kris, 40Jagannathan, Ravi, 40


  • Jankowitsch, Rainer, 40Jansen, Mark, 6, 32Jegadeesh, Narasimhan, 40Jens, Candace, 20Jenter, Dirk, 32, 40Jiang, Hao, 16Jiang, Wei, 22, 40Jin, Lawrence, 18Jin, Li, 40John, Kose, 40Johnson, Travis, 16, 40Jones, Christopher, 40Jorion, Philippe, 40Joslin, Scott, 34Julio, Brandon, 19, 40Jung, Hae Won (Henny), 26Jylha, Petri, 21

    KKacperczyk, Marcin, 23, 40Kadyrzhanova, Dalida, 40Kahl, Matthias, 26Kalpathy, Swami, 40Kandrac, John, 12Kang, Jun-Koo, 40Kaniel, Ron, 24, 30, 40Kanz, Martin, 30Kaplan, Steve, 40Karakas, Oguzhan, 40Karceski, Jason, 40Karolyi, George Andrew, 40Karpoff, Jonathan, 40Kaul, Gautam, 40Kedia, Simi, 40Keim, Donald, 16, 40Kelly, Bryan, 20, 27, 35Keloharju, Matti, 40Kempf, Elisabeth, 6, 34Kendall, Chad, 18Kermani, Amir, 28Khanna, Naveen, 40Kiku, Dana, 40Kim, Dasol, 41Kim, Hwagyun, 34Kim, Hyunseob, 14, 41

    Kisgen, Darren, 41Kisser, Michael, 41Klasa, Sandy, 26Knüpfer, Samuli, 41Knill, April, 33Koch, Andrew, 41Kogan, Leonid, 15, 25, 30Kogan, Shimon, 41Koijen, Ralph, 41Kolasinski, Adam, 41Kondor, Peter, 41Korajczyk, Robert, 15, 41Korniotis, George, 17Korteweg, Arthur, 32, 41Koski, Jennifer, 41Koudijs, Peter, 13Kozlowski, Julian, 20Kremer, Ilan, 41Krishnamurthy, Arvind, 23Krishnan, Karthik, 21Kronlund, Mathias, 24Kruger, Samuel, 41Kuchler, Theresa, 41Kuehn, Lars-Alexander, 41Kuhnen, Camelia, 18, 30, 41Kumar, Alok, 17Kumar, Praveen, 41Kung, Howard, 19, 41Kurlat, Pablo, 41Kyle, Albert, 15

    LLóránth, Gyöngyi, 42Lambrecht, Bart, 41Lamoureux, Christopher, 41Landvoigt, Tim, 8, 14, 18, 41Langberg, Nisan, 41Larrain, Mauricio, 41Laux, Christian, 41Lazrak, Ali, 41Leach, J. Chris, 41Leary, Mark, 41Lee, Charles, 41Lee, Inmoo, 41Lehar, Alfred, 41


  • Lei, Qin, 41Leitner, Yaron, 41Lel, Ugur, 28Lemmon, Michael, 31Lerner, Josh, 21, 25, 41Lesmond, David, 22Lettau, Martin, 41Levit, Doron, 16, 20, 41Lewellen, Jonathan, 41Lewellen, Katharina, 41Lewellen, Stefan, 19, 41Lewis, Ryan, 6, 14Li, Haitao, 33Li, Jun, 19Li, Kai, 27, 41Li, Si, 41Li, Tao, 16, 33Liang, Bing, 41Liberman, Andres, 13, 41Liberti, Jose, 22Lie, Erik, 42Limbach, Peter, 32Lin, Tse-Chun, 24Lin, Xiaoji, 19, 42Linck, James, 42Lindsey, Laura, 42Linnainmaa, Juhani, 21, 29, 35, 42Lins, Karl V., 42Lipson, Marc, 42Liu, Crocker, 42Liu, Jun, 42Liu, Qi, 24Liu, Ryan, 17Liu, Tingjun, 42Liu, Yan, 24Livdan, Dmitry, 42Ljungqvist, Alexander, 16, 24, 42Lo, Andrew, 42Lochstoer, Lars, 21, 42Loderer, Claudio, 42Longstaff, Francis, 23, 28, 42Loualiche, Erik, 42Lowery, Richard, 42Lowry, Michelle, 26, 42Lundblad, Christian, 42

    Lundborg, Petter, 18Lustig, Hanno, 18, 33Lyandres, Evgeny, 42Lynch, Anthony, 42

    MMa, Yueran, 6, 31Macias, Antonio, 26MacKay, Peter, 42MacKinlay, Andrew, 12Madhavan, Ananth, 42Madureira, Leonardo, 42Majlesi, Kaveh, 18Makarov, Igor, 42Malamud, Semyon, 14, 42Malenko, Andrey, 26, 31, 32, 42Malenko, Nadya, 34, 42Malloy, Christopher, 13, 42Manela, Asaf, 19, 27Mann, William, 22, 42Manso, Gustavo, 20, 25, 26, 42Marchica, Maria, 27Marquez, Robert, 42Martin, Ian, 42Martin, Spencer, 42Martos-Vila, Marc, 42Massa, Massimo, 42Masulis, Ronald, 27, 42Mathews, Richmond, 16Matsa, David, 13, 17, 42Maturana, Gonzalo, 17Matvos, Gregor, 42Maug, Ernst, 42Maurer, Thomas, 33McDonald, Robert, 42McLean, David, 42McQuade, Timothy, 42Melzer, Brian, 15, 29Menkveld, Albert, 15, 43Metrick, Andrew, 43Michaely, Roni, 43Milbourn, Todd, 43Milbradt, Konstantin, 23, 43Miller, Darius, 28, 43Minton, Bernadette, 31, 43


  • Mitra, Indrajit, 15Mitton, Todd, 33Miu, Andrei, 30Mobbs, Shawn, 28Mollner, Joshua, 34Moreira, Alan, 20, 27Morellec, Erwan, 43Morse, Adair, 22, 28Mosk, Thomas, 19Moulton, Pamela, 15, 43Moyen, Nathalie, 31Mueller, Holger, 43Mueller, Philippe, 43Muir, Tyler, 21, 27, 43Munyan, Benjamin, 16Muravyev, Dmitriy, 21Murfin, Justin, 43Murphy, Dermot, 15Musto, David, 43Myers, Brett, 43

    NNadauld, Taylor, 32Nagel, Stefan, 3, 30, 43Nagler, Florian, 31Naknoi, Kanda, 33Nallareddy, Suresh, 22Nanda, Ramana, 21Nathanson, Charles, 43Neklyudov, Artem, 28Nenov, Plamen, 30Ng, David, 16Nguyen, Quoc, 13Nickerson, Jordan, 17Nikolov, Boris, 43Nini, Greg, 43Nishiotis, George, 22Noe, Thomas, 43Nyborg, Kjell, 43

    OO’Hara, Maureen, 28, 29, 43Obizhaeva, Anna, 15Odean, Terrance, 43Oehmke, Martin, 43

    Oldfather, Jeremy, 20Ongena, Steven, 19, 23, 43Opp, Christian, 19, 43Opp, Marcus, 24, 43Ormazabal, Gaizka, 23Ortiz-Molina, Hernan, 43Osambela, Emilio, 15Ouimet, Paige, 43Ozbas, Oguzhan, 43Ozmel, Umit, 34

    PPagano, Marco, 14, 43Pagel, Michaela, 13, 18Pagnotta, Emiliano, 23Palazzo, Berardino, 43Palia, Darius, 43Palomino, Francisco, 21Panageas, Stavros, 21Panayides, Marios, 43Papanikolaou, Dimitris, 21, 24, 43Parlour, Christine, 3, 43Parrino, Robert, 43Parsons, Christopher, 23, 43Pastor, Lubos, 3, 35, 43Pavlova, Anna, 43Pedersen, Lasse Heje, 14Pelizzon, Loriana, 43Peng, Liang, 43Pennacchi, George, 19, 43Perez-Gonzalez, Francisco, 43Perignon, Christophe, 16Perotti, Enrico, 43Peters, Ryan, 22Petersen, Mitchell, 44Pfleiderer, Paul, 7, 26Pflueger, Carolin, 17, 44Phalippou, Ludovic, 44Phillips, Gordon, 16, 44Piacentino, Giorgia, 19Pikulina, Elena, 28Polk, Christopher, 44Ponticelli, Jacopo, 35, 44Pontiff, Jeffrey, 44Popadak, Jillian, 44


  • Popov, Alexander, 23Previtero, Alessandro, 29Purnanandam, Amiyatosh, 12, 22

    RRajan, Uday, 44Rampini, Adriano, 3, 25, 26, 44Randl, Otto, 44Rau, Raghavendra, 26, 44Ravid, S. Abraham, 44Ready, Robert, 18, 25Reed, Adam, 44Rettl, Daniel, 17Reuter, Jonathan, 44Rhodes-Kropf, Matthew, 21, 44Rice, Edward, 44Richmond, Robert, 6, 18Rindi, Barbara, 44Ringgenberg, Matthew, 14Riordan, Ryan, 15Roberts, Michael, 21, 44Ronen, Tavy, 44Ronn, Ehud, 44Rosu, Ioanid, 29, 44Roussanov, Nick, 44Routledge, Bryan, 1, 3, 25, 44Ruffino, Doriana, 20Rydqvist, Kristian, 44

    SSaar, Gideon, 29, 44Sadka, Ronnie, 44Sagi, Jacob, 22, 30, 44Saidi, Farzad, 25Salisbury, Laura, 13Sandas, Patrik, 44Sarno, Lucio, 44Sautner, Zacharias, 44Savor, Pavel, 31Scherbina, Anna, 44Schiantarelli, Fabio, 22Schlusche, Bernd, 12Schmalz, Martin, 44Schmeling, Maik, 31Schmid, Lukas, 23, 31, 44

    Schneider, Andres, 23Schneider, Christoph, 26Schoar, Antoinette, 21Schoenherr, David, 6, 32Schuerhoff, Norman, 44Schultz, Paul, 44Schwarz, Krista, 44Seasholes, Mark, 44Senbet, Lemma, 44Sensoy, Berk, 32, 44Seppi, Duane, 44Sercu, Piet, 44Sertsios, Giorgo, 17Seru, Amit, 35, 44Servaes, Henri, 44Shaliastovich, Ivan, 25, 44Shapiro, Joel, 45Sherman, Ann, 45Shivdasani, Anil, 45Shive, Sophie, 45Shleifer, Andrei, 18Shue, Kelly, 17, 32, 35, 45Shumway, Tyler, 45Sialm, Clemens, 22, 45Sias, Richard, 45Siegel, Stephan, 45Simonov, Andrei, 45Simsek, Alp, 30Singh, Raj, 45Siriwardane, Emil, 7, 27Sirri, Erik, 45Slavutskaya, Anna, 20Sokolinski, Stanislav, 21Solomon, David, 18, 31Song, Zhaogang, 28Sonnenburg, Florian, 32Sosyura, Denis, 24, 45Spalt, Oliver, 26Sraer, David, 27, 45Stafford, Erik, 45Stambaugh, Robert, 24Stanfield, Jared, 32Stanton, Richard, 45Starks, Laura, 3, 45Stathopoulos, Andreas, 33


  • Stein, Luke, 20Stoffman, Noah, 8, 23Stomper, Alex, 17, 45Stoughton, Neal, 45Stouraitis, Aris, 26Strömberg, Per, 45Strebulaev, Ilya, 45Strobl, Guenter, 45Stroebel, Johannes, 45Stutzer, Michael, 45Subrahmanyam, Avanidhar, 45Subramanian, Ajay, 26Sufi, Amir, 35Sulaeman, Johan, 45Sun, Bo, 24Sunderam, Adi, 45Swaminathan, Bhaskaran, 45

    TTate, Geoffrey, 45Taylor, Lucian, 22, 45Tchistyi, Alexei, 45Telmer, Chris, 33, 45Teo, Melvyn, 45Tetlock, Paul, 45Thakor, Anjan, 19, 45Thesmar, David, 16, 27Thorburn, Karin, 45Tian, Xuan, 45Tice, Sheri, 45Timmermann, Allan, 16Todorov, Viktor, 20Tompaidis, Stathis, 45Tookes, Heather, 45Towner, Mitch, 45Townsend, Richard, 45Tran, Ngoc-Khanh, 33Trombley, Timothy, 34Trzcinka, Charles, 45Tserlukevich, Yuri, 45Tsoutsoura, Margarita, 35, 45Tsyplakov, Sergey, 46Tuzel, Selale, 19, 46Twite, Garry, 46


    Uppal, Raman, 13, 30, 46

    VVallee, Boris, 24Van Binsbergen, Jules, 46van Horen, Neeltje, 23van Kervel, Vincent, 15Van Nieuwerburgh, Stijn, 14, 20Vanasco, Victoria, 46Varas, Felipe, 46Vardardottir, Arna, 13Vayanos, Dimitri, 46Vedolin, Andrea, 31, 46Vega, Clara, 15Veldkamp, Laura, 20, 46Venkataraman, Kumar, 46Venkateswaran, Venky, 20Verdelhan, Adrien, 18, 46Veronesi, Pietro, 35, 46Vickery, James, 25Vissing-Jorgensen, Annette, 30, 46Viswanathan, S, 27, 46Volpin, Paolo, 46VonThadden, Elu, 46Vorkink, Keith, 32Vuillemey, Guillaume, 16, 31

    WWachter, Jessica, 46Wagner, Christian, 31, 46Wahal, Sunil, 46Walden, Johan, 46Waldock, Katherine, 14Wang, Jiang, 3, 34, 46, 60Wang, Neng, 46Wang, Pinshuo, 21Wang, Yajun, 15Wang, Yihui, 28Wang, Zhenyu, 46Watanabe, Akiko, 46Watanabe, Masahiro, 46Weagley, Daniel, 27Weber, Michael, 17, 18, 35, 46Wei, Chishen, 46Wei, Kelsey, 46


  • Weill, Pierre-Olivier, 46Weisbach, Michael, 32, 46Weisbenner, Scott, 46Weller, Brian, 15, 34Wermers, Russ, 16, 46Werner, Bianca, 6, 29Werner, Ingrid, 3, 14, 46Westerfield, Mark, 46Weston, James, 46Whaley, Robert, 14Whited, Toni, 27, 46Whitelaw, Robert, 46Williamson, Rohan, 46Wilson, Karen, 21Wilson, Mungo, 31Winton, Andrew, 46Wix, Carlo, 19Wohl, Avi, 46Wruck, Karen, 14Wu, Di, 6, 17Wu, Jing Cynthia, 31Wu, Youchang, 46

    XXiao, Yizhou, 6, 34Xu, Lai, 25Xuan, Yuhai, 46

    YYadav, Pradeep, 46Yan, Hong, 46Yan, Hongjun, 47Yang, Jie, 47Yang, Liu, 47Yang, Liyan, 14, 34Yang, Ming, 47Yang, Xuewei, 33Yasuda, Ayako, 28, 32, 47Yavuz, Deniz, 15, 34Ye, Linlin, 23Ye, Mao, 29Yermack, David, 47Yonker, Scott, 8, 23Yook, Youngsuk, 20Young, Lance, 47

    Yu, Frank, 28Yu, Jianfeng, 21, 47Yueshen, Bart, 29

    ZZaffaroni, Paolo, 30Zaldokas, Alminas, 25Zapatero, Fernando, 47Zarutskie, Rebecca, 47Zawadowski, Adam, 47Zechner, Josef, 17, 47Zein, Jason, 27Zender, Jaime, 47Zeng, Qi, 26Zeng, Yao, 6, 7, 16Zhang, Feng, 32Zhang, Lu, 47Zhang, Miao, 6, 19Zhang, Weina, 47Zhao, Mengxin, 47Zhao, Xiaofei, 19Zheng, Lu, 47Zhong, Zhuo, 29Zhou, Guofu, 47Zhou, Hao, 32Zhou, Xing, 28Zhu, Haoxiang, 28, 34, 47Zhu, John, 24Zhu, Zhongyan, 22, 26Zi, Chao, 29Zou, Yuan, 22Zryumov, Pavel, 26Zwick, Eric, 35, 47Zwiebel, Jeffrey, 47


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    Members and friends of the Western Finance Association are invited to submit papers tobe considered for presentation at the 2017 Annual Meetings. Papers on any topic relatedto finance will be considered.

    Submission of papers: Papers should be submitted electronically at the WFA web site,http://westernfinance.org, which will contain full instructions for submission, includingrequired on-line regis