western finance association 2018 program · western finance association ofﬁcers and directors:...

Western Finance Association

2018 Program

53rd Annual Conferenceof the

Western Finance Association

Hotel Del CoronadoCoronado, CA

June 17 - 20, 2018

06/27/2018 12:25

WESTERN FINANCE ASSOCIATION

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 ofinformation, 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 ofthe Association are entitled to receive a reduction in the registration fee at the annualmeetings. You are invited to join or renew online at https://westernfinance.org.

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

Bryan R. RoutledgeSecretary-Treasurer, WFATepper School of BusinessCarnegie Mellon University5000 Forbes AvenuePittsburgh, PA, 15213-3890USATelephone: 412-268-7588Email: [email protected]

A call for papers and participants for the 2019 Conference of the Western FinanceAssociation appears at the end of this program.

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REGISTRATION AND HOTEL INFORMATION

All sessions and conference functions will be held in the Hotel Del Coronado. On-siteregistration for the conference will be located in the Garden Patio on:

Sunday, June 17, 2018, 4:00 pm – 8:00 pm

Monday, June 18, 2018, 7:30 am – 4:00 pm

Tuesday, June 19, 2018, 7:30 am – 12:00 pm

PRE-REGISTRATION

Registration is available at https://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, 2018.

FEE SCHEDULE

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

SPECIAL EVENT REGISTRATION

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.

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SPONSORSHIP

The Western Finance Association gratefully acknowledges the sponsors of our2018 conference, receptions, lunches, coffee breaks, best paper awards, and Phd studentawards.

BlackRock

Cambridge University Press

Charles River Associates

Cornerstone Research

Cubist Systematic Strategies

Elsevier B.V.

Navigant Economics

QMA

Research Affiliates, LLC

The NASDAQ Stock Market

USC Marshall School of Business

Wharton Research Data Services

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WESTERN FINANCE ASSOCIATION

Officers and Directors: 2017-2018

President: Jiang Wang, Massachusetts Institute of TechnologyPresident Elect: Ingrid M. Werner, Ohio State UniversityVice President: Andrew Karolyi, Cornell UniversityVice-President Elect: Toni M. Whited, University of MichiganSecretary-Treasurer: Bryan R. Routledge, Carnegie Mellon University

Directors: Nicolae Garleanu, University of California-BerkeleyItay Goldstein, University of PennsylvaniaJohn M. Griffin, University of Texas-AustinBurton Hollifield, Carnegie Mellon UniversityHanno Lustig, Stanford UniversityAnnette Vissing-Jorgensen, University ofCalifornia-Berkeley

Presidents: 1965 – 2018

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 Arizona

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1987–88 Robert Litzenberger University of Pennsylvania1988–89 Alan Hess University of Washington1989–90 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-Austin2016–17 Lubos Pastor University of Chicago2017–18 Jiang Wang Massachusetts Institute of Technology

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Distinguished Speakers

WFA Annual Meeting Speakers 1979 – 2018

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 DeMarzo2017 Whistler Robert Stambaugh2018 Coronado Robert C. Merton

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BEST PAPER AWARDS

THE USC MARSHALL SCHOOL OF BUSINESS TREFFTZ AWARDFOR THE BEST STUDENT PAPER

The Impact of Bank Financing on Municipalities’ Bond Issuance and the RealEconomy

Ramona Dagostino, London Business School

CHARLES RIVER ASSOCIATES AWARDFOR THE BEST PAPER ON CORPORATE FINANCE

Killer AcquisitionsColleen Cunningham, London Business School

Florian Ederer, Yale UniversitySong Ma, Yale University

ELSEVIER SPONSORED AWARDFOR THE BEST PAPER ON FINANCIAL INSTITUTIONS

Banking on Deposits: Maturity Transformation Without Interest Rate RiskItamar Drechsler, New York University

Alexi Savov, New York UniversityPhilipp Schnabl, New York University

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BEST PAPER AWARDS

NASDAQ AWARDFOR THE BEST PAPER ON ASSET PRICING

Risk-Adjusted Capital Allocation and MisallocationJoel David, University of Southern California

Lukas Schmid, Duke UniversityDavid Zeke, University of Southern California

QMA AWARDFOR THE BEST PAPER ON INVESTMENT MANAGEMENT

Fund TradeoffsLubos Pastor, University of Chicago

Robert F. Stambaugh, University of PennsylvaniaLucian Taylor, University of Pennsylvania

WHARTON SCHOOL - WRDS AWARDFOR THE BEST EMPIRICAL FINANCE PAPER

All the President’s Friends: Political Access and Firm ValueJeffrey Brown, University of Illinois-Urbana-ChampaignJiekun Huang, University of Illinois-Urbana-Champaign

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BEST PAPER AWARDS

CUBIST SYSTEMATIC STRATEGIES PHD CANDIDATE AWARDSFOR OUTSTANDING RESEARCH

Darren Aiello, Brigham Young University

Ramona Dagostino, London Business School

Nuri Ersahin, University of Illinois-Urbana-Champaign

Thomas Geelen, Swiss Finance Institute

Simon Glossner, Catholic University of Eichstätt-Ingolstadt

Daniel Green, Harvard University

Deeksha Gupta, University of Pennsylvania

Markus Ibert, Stockholm School of Economics

Zhengyang Jiang, Stanford University

Lorena Keller, Northwestern University

Jiacui Li, Stanford University

Fahad Saleh, New York University

Christoph M. Schiller, University of Toronto

Mo Shen, Georgia State University

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PROGRAM SUMMARY

Sunday, June 17, 2018

4:00 pm – 8:00 pmOn-site Registration – Garden Patio

6:00 pm – 8:00 pmResearch Affiliates LLC Reception – Sun Deck

Monday, June 18, 2018

7:30 am – 4:00 pmOn-site Registration – Garden Patio

8:15 am – 10:00 amFIEMP PE&VC – Crown RoomAPTHR PORTFOLIOS – Coronet RoomCFEMP TALENT – Garden RoomBFEMP BEHAVIOR – Crystal-Continental RoomCFEMP M&A – Windsor ComplexAPEMP SHORTING – Carousel Room

10:00 am – 10:30 amJournal of Financial and Quantitative Analysis Coffee Break – Garden Patio

10:30 am – 12:15 pmFIEMP FINTECH – Crown RoomAPEMP LIQUIDITY – Coronet RoomCFEMP POLICIES – Garden RoomAPTHR PREMIA – Crystal-Continental RoomCFEMP POLITICS – Windsor ComplexAPEMP ANOMALIES – Carousel Room

12:30 pm – 2:00 pmNASDAQ Luncheon – Ballroom

2:45 pm – 4:30 pmMMTHR BLOCKCHAIN – Crown RoomAPTHR FUNDING – Coronet Room

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FITHR FRAGILITY – Garden RoomBFEMP EXPERIMENTS – Crystal-Continental RoomCFEMP INVESTMENT – Windsor ComplexAPEMP HOUSEHOLDS – Carousel Room

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

6:00 pm – 8:00 pmCornerstone Research Reception – North Beach

Tuesday, June 19, 2018

7:30 am – 12:00 pmOn-site Registration – Garden Patio

8:15 am – 10:00 amFIEMP DEPOSITS – Crown RoomAPTHR CYCLES – Coronet RoomMMEMP OTC – Garden RoomCFEMP CSR – Crystal-Continental RoomCFTHR DESIGN – Windsor ComplexAPEMP INVESTORS – Carousel Room

10:00 am – 10:30 amWharton Research Data Services Coffee Break – Garden Patio

10:30 am – 12:15 pmFIEMP MORTGAGES – Crown RoomAPTHR DISASTERS – Coronet RoomMMTHR MARKETS – Garden RoomCFEMP BANKRUPTCY – Crystal-Continental RoomCFEMP INNOVATION – Windsor ComplexAPEMP TESTING – Carousel Room

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12:30 pm – 2:00 pmWFA Annual Luncheon Sponsored by Navigant Economics – Ballroom

Distinguished Speaker: Robert C. Merton, Massachusetts Institute of TechnologyObservations on Solving Global Challenges Using Finance Science: Past and Future

2:45 pm – 4:30 pmFIEMP HFUNDS – Crown RoomBFEMP GENDER – Coronet RoomMMEMP BONDS – Garden RoomCFEMP LEVERAGE – Crystal-Continental RoomCFTHR ASSETS – Windsor ComplexAPEMP FLUCTUATIONS – Carousel Room

6:00 pm – 8:00 pmBlackRock Reception – Windsor Lawn

Wednesday, June 20, 2018

8:15 am – 10:00 amFIEMP MFUNDS – Crown RoomBFEMP PARTICIPATION – Coronet RoomIFEMP CURRENCIES – Garden RoomCFEMP ISSUANCE – Crystal-Continental RoomCFEMP CHINA – Windsor ComplexAPEMP ESG – Carousel Room

10:00 am – 10:30 amElsevier Coffee Break – Garden Patio

10:30 am – 12:15 pmFIEMP LENDING – Crown RoomBFEMP CREDIT – Coronet RoomIFEMP INTERNATIONAL – Garden RoomCFEMP GOVERNANCE – Crystal-Continental RoomCFTHR D/E – Windsor ComplexAPEMP FACTORS – Carousel Room

Track LegendAP=Asset Pricing CF=Corporate Finance IF=International FinanceBF=Behavioral Finance FI=Financial Institutions MM=Market MicrostructureEMP=Empirical THR=Theoretical

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PROGRAM DETAILS

Monday, June 18, 2018, 8:15 am – 10:00 am

FIEMP : PE&VC – Crown RoomBerk Sensoy, Vanderbilt University

The Deregulation of the Private Equity Markets and the Decline in IPOsMichael Ewens, California Institute of TechnologyJoan Farre-Mensa, Cornerstone Research

Mutual Funds as Venture Capitalists? Evidence from UnicornsSergey Chernenko, Purdue UniversityJosh Lerner, Harvard UniversityYao Zeng, University of Washington

Squaring Venture Capital Valuations with RealityWill Gornall, University of British ColumbiaIlya Strebulaev, Stanford University

Discussants:Michelle Lowry, Drexel UniversityClemens Sialm, University of Texas-AustinLaura Lindsey, Arizona State University

APTHR: PORTFOLIOS – Coronet RoomTyler Muir, University of California-Los Angeles

Institutional Investors and Information Acquisition: Implications for AssetPrices and Informational EfficiencyMatthijs Breugem, Collegio Carlo AlbertoAdrian Buss, INSEAD

Optimal Dynamic Momentum StrategiesKai Li, University of Technology SydneyJun Liu, University of California-San Diego

A Theory of Model Sophistication and Operational RiskSuleyman Basak, London Business SchoolAndrea M. Buffa, Boston University

Discussants:Lawrence Jin, California Institute of TechnologyDaniel Andrei, University of California-Los AngelesValentin Haddad, University of California-Los Angeles

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CFEMP : TALENT – Garden RoomElena Simintzi, University of British Columbia

Investment in Human Capital and Labor Mobility: Evidence From a Shock toProperty RightsChris Clifford, University of KentuckyWilliam Gerken, University of Kentucky

Skilled Labor Mobility and Firm Value: Evidence from a Natural ExperimentMo Shen, Georgia State University

Labor Scarcity, Finance, and Innovation: Evidence from Antebellum AmericaYifei Mao, Cornell UniversityJessie Jiaxu Wang, Arizona State University

Discussants:Brian Melzer, Federal Reserve Bank of ChicagoIsaac Hacamo, Indiana UniversityMiao Ben Zhang, University of Southern California

BFEMP : BEHAVIOR – Crystal-Continental RoomSiew Hong Teoh, University of California-Irvine

Attention for the Inattentive: Positive Effects of Negative Financial ShocksPaige Ouimet, University of North Carolina-Chapel HillGeoffrey Tate, University of North Carolina-Chapel Hill

Household Portfolio Underdiversification and Probability Weighting: Evidencefrom the FieldStephen Dimmock, Nanyang Technological UniversityRoy Kouwenberg, Mahidol UniversityOlivia Mitchell, University of PennsylvaniaKim Peijnenburg, HEC Paris

Maturity Driven Mispricing of OptionsAssaf Eisdorfer, University of ConnecticutRonnie Sadka, Boston CollegeAlexei Zhdanov, Pennsylvania State University

Discussants:Kelly Shue, Yale UniversitySonya Lim, DePaul UniversitySophie Ni, Hong Kong University of Science & Technology

CFEMP : M&A – Windsor ComplexRaghavendra Rau, Cambridge University

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Killer AcquisitionsColleen Cunningham, London Business SchoolFlorian Ederer, Yale UniversitySong Ma, Yale University

Dissecting ConglomeratesOliver Boguth, Arizona State UniversityRan Duchin, University of WashingtonMikhail Simutin, University of Toronto

International Trade and the Propagation of Merger WavesM. Farooq Ahmad, IÉSEGEric de Bodt, University of LilleJarrad Harford, University of Washington

Discussants:Audra Boone, Texas Christian UniversityDalida Kadyrzhanova, Georgia State UniversityMerih Sevilir, Indiana University

APEMP : SHORTING – Carousel RoomCharles M. Jones, Columbia University

The Use of Collateral in Bilateral Repurchase and Securities LendingAgreementsViktoria Baklanova, U.S. Department of the TreasuryCecilia Caglio, Federal Reserve Board of GovernorsMarco Cipriani, Federal Reserve Bank of New YorkAdam Copeland, Federal Reserve Bank of New York

Short Selling ETFsWeikai Li, Singapore Management UniversityQifei Zhu, University of Texas-Austin

Stock Options, Stock Loans, and the Law of One PriceJesse Blocher, Vanderbilt UniversityMatthew Ringgenberg, University of Utah

Discussants:Zhenyu Wang, Indiana UniversityBige Kahraman, University of OxfordRichard Evans, University of Virginia

Monday, June 18, 2018, 10:30 am – 12:15 pm

FIEMP : FINTECH – Crown RoomJillian Grennan, Duke University

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FinTech Credit and Service QualityYi Hunag, Graduate Institute of International and Development StudiesChen Lin, University of Hong KongZixia Sheng, Ant Financial Services GroupLai Wei, Lingnan University

Fund What You Trust? Social Capital and Moral Hazard in CrowdfundingTse-Chun Lin, University of Hong KongVesa Pursiainen, University of Hong Kong

Financial Innovation and Borrowers: Evidence from Peer-to-Peer LendingTetyana Balyuk, Emory University

Discussants:Elena Loutskina, University of VirginiaMichael Ewens, California Institute of TechnologyAndres Liberman, New York University

APEMP : LIQUIDITY – Coronet RoomLoriana Pelizzon, Goethe University Frankfurt

Bonds, Stocks, and Sources of MispricingDoron Avramov, Chinese University of Hong Kong and Hebrew University of JerusalemTarun Chordia, Emory UniversityGergana Jostova, George Washington UniversityAlexander Philipov, George Mason University

Brokers and Order Flow Leakage: Evidence from Fire SalesAndrea Barbon, University of LuganoMarco Di Maggio, Harvard UniversityFrancesco Franzoni, Swiss Finance InstituteAugustin Landier, Toulouse School of Economics

Slow-Moving Liquidity Provision and Flow-Driven Common Factors in StockReturnsJiacui Li, Stanford University

Discussants:Peter Feldhutter, Copenhagen Business SchoolTerrence Hendershott, University of California-BerkeleyDarya Yuferova, Norwegian School of Economics

CFEMP : POLICIES – Garden RoomMichelle Lowry, Drexel University

Does Stock Mispricing Drive Firm Policies? Mutual Fund Fire Sales andSelection BiasElizabeth Berger, Cornell University

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Dynamic Financial Constraints: Which Frictions Matter for Corporate Policies?Boris Nikolov, University of LausanneLukas Schmid, Duke UniversityRoberto Steri, University of Lausanne

The Information Content of Dividends: Safer Profits, Not Higher ProfitsRoni Michaely, Cornell UniversityStefano Rossi, Università BocconiMichael Weber, University of Chicago

Discussants:Vyacheslav Fos, Boston CollegeToni M. Whited, University of MichiganJie He, University of Georgia

APTHR: PREMIA – Crystal-Continental RoomRiccardo Colacito, University of North Carolina-Chapel Hill

Horizon-Dependent Risk Aversion and the Timing and Pricing of UncertaintyMarianne Andries, University of ToulouseThomas Eisenbach, Federal Reserve Bank of New YorkMartin Schmalz, University of Michigan

Does Smooth Ambiguity Matter for Asset Pricing?A. Ronald Gallant, Pennsylvania State UniversityMohammad Jahan-Parvar, Federal Reserve Board of GovernorsHening Liu, University of Manchester

The Risks of Old Capital Age: Asset Pricing Implications of TechnologyAdoptionBerardino Palazzo, Boston UniversityXiaoji Lin, Ohio State UniversityFan Yang, University of Connecticut

Discussants:Gill Segal, University of North Carolina-Chapel HillJulian Thimme, Goethe University FrankfurtSelale Tuzel, University of Southern California

CFEMP : POLITICS – Windsor ComplexMara Faccio, Purdue University

All the President’s Friends: Political Access and Firm ValueJeffrey Brown, University of Illinois-Urbana-ChampaignJiekun Huang, University of Illinois-Urbana-Champaign

Firm-Level Political Risk: Measurment and EffectsTarek Hassan, Boston UniversityStephan Hollander, Tilburg UniversityLaurence van Lent, Frankfurt School of Finance and ManagementAhmed Tahoun, London Business School

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Debt and Incentives in Political CampaignsAlexei Ovtchinnikov, HEC ParisPhilip Valta, Universitaet Bern

Discussants:Joel Houston, University of FloridaMariassunta Giannetti, Stockholm School of EconomicsAdair Morse, University of California-Berkeley

APEMP : ANOMALIES – Carousel RoomRavi Jagannathan, Northwestern University

False (and Missed) Discoveries in Financial EconomicsCampbell Harvey, Duke UniversityYan Liu, Texas A&M University

Replicating AnomaliesKewei Hou, Ohio State UniversityChen Xue, University of CincinnatiLu Zhang, Ohio State University

Characteristics are Covariances: A Unified Model of Risk and ReturnBryan Kelly, Yale UniversitySeth Pruitt, Arizona State UniversityYinan Su, University of Chicago

Discussants:Laurent Barras, McGill UniversityTyler Muir, University of California-Los AngelesGeorgios Skoulakis, University of British Columbia

Monday, June 18, 2018, 2:45 pm – 4:30 pm

MMTHR: BLOCKCHAIN – Crown RoomKatya Malinova, University of Toronto

Blockchain and the Future of Optimal Financing ContractsKatrin Tinn, Imperial College London

Blockchain Without Waste: Proof-of-StakeFahad Saleh, New York University

From Mining to Markets: The Evolution of Bitcoin Transaction FeesDavid Easley, Cornell UniversityMaureen O’Hara, Cornell UniversitySoumya Basu, Cornell University

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Discussants:Will Cong, University of ChicagoIoanid Rosu, HEC ParisHanna Halaburda, Bank of Canada and New York University

APTHR: FUNDING – Coronet RoomLubos Pastor, University of Chicago

Why is Capital Slow Moving? Liquidity Hysteresis and the Dynamics ofLimited ArbitrageJames Dow, London Business SchoolJungsuk Han, Stockholm School of EconomicsFrancesco Sangiorgi, Frankfurt School of Finance and Management

Funding Constraints and Informational EfficiencySergei Glebkin, INSEADNaveen Gondhi, INSEADJohn Chi-Fong Kuong, INSEAD

Collateral Requirements and Asset PricesGeorgy Chabakauri, London School of Economics and Political ScienceBrandon Yueyang Han, London School of Economics and Political Science

Discussants:Yao Zeng, University of WashingtonYajun Wang, University of MarylandAndres Schneider, University of California-Los Angeles

FITHR: FRAGILITY – Garden RoomItay Goldstein, University of Pennsylvania

Safety Transformation and the Structure of the Financial SystemWilliam Diamond, University of Pennsylvania

Fragile New Economy: The Rise of Intangible Capital and Financial InstabilityYe Li, Ohio State University

Design of Macro-prudential Stress TestsDmitry Orlov, University of RochesterPavel Zryumov, University of PennsylvaniaAndrzej Skrzypacz, Stanford University

Discussants:Tetiana Davydiuk, Carnegie Mellon UniversityJuliane Begenau, Stanford UniversityLiyan Yang, University of Toronto

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BFEMP : EXPERIMENTS – Crystal-Continental RoomSophie Moinas, Toulouse School of Economics

Financial Incentives Beat Social Norms: A Field Experiment on RetirementInformation SearchRob Bauer, Maastricht UniversityInka Eberhardt, Maastricht UniversityPaul Smeets, Maastricht University

Herding and Contrarianism: A Matter of Preference?Chad Kendall, University of Southern California

Whistle-Blower Protection: Theory and Experimental EvidenceLydia Mechtenberg, University of HamburgGerd Muehlheusser, University of HamburgAndreas Roider, University of Regensburg

Discussants:Claire Celerier, University of TorontoLawrence Jin, California Institute of TechnologyDebrah Meloso, Toulouse Business School

CFEMP : INVESTMENT – Windsor ComplexKathleen Kahle, University of Arizona

The Downstream Impact of Upstream Tariffs: Evidence from InvestmentDecisions in Supply ChainsThorsten Martin, HEC ParisClemens Otto, Singapore Management University

Creditor Rights, Technology Adoption, and Productivity: Plant-Level EvidenceNuri Ersahin, University of Illinois-Urbana-Champaign

Economic Stimulus at the Expense of Routine-Task JobsMiao Ben Zhang, University of Southern CaliforniaSelale Tuzel, University of Southern California

Discussants:Ryan Williams, University of ArizonaMatthew Serfling, University of Tennessee-KnoxvilleMindy Z. Xiaolan, University of Texas-Austin

APEMP : HOUSEHOLDS – Carousel RoomMariassunta Giannetti, Stockholm School of Economics

Stock Market Returns and ConsumptionMarco Di Maggio, Harvard UniversityAmir Kermani, University of California-BerkeleyKaveh Majlesi, Lund University

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A Test of Consumption Smoothing and Liquidity Constraints: SpendingResponses to Paying Taxes and Receiving RefundsBrian Baugh, University of Nebraska-LincolnItzhak Ben-David, Ohio State UniversityHoonsuk Park, Nanyang Technological UniversityJonathan A. Parker, Massachusetts Institute of Technology

Real Estate Shocks and Financial Advisor MisconductStephen Dimmock, Nanyang Technological UniversityWilliam Gerken, University of KentuckyTyson Van Alfen, University of Kentucky

Discussants:Francesco D’Acunto, University of MarylandAnnette Vissing-Jorgensen, University of California-BerkeleyMichaela Pagel, Columbia University

Tuesday, June 19, 2018, 8:15 am – 10:00 am

FIEMP : DEPOSITS – Crown RoomChrista Bouwman, Texas A&M University

Banking on Deposits: Maturity Transformation Without Interest Rate RiskItamar Drechsler, New York UniversityAlexi Savov, New York UniversityPhilipp Schnabl, New York University

Banks as Patient Lenders: Evidence from a Tax ReformFilippo De Marco, Università BocconiElena Carletti, Università BocconiVasso Ioannidou, Lancaster UniversityEnrico Sette, Banca d’Italia

Anatomy of a Banking PanicNirupama Kulkarni, University of California-BerkeleyNagpurnanand Prabhala, University of MarylandPrachi Mishra, International Monetary FundAbhiman Das, Indian Institute of Management-Ahmedabad

Discussants:Mark Egan, Harvard UniversityClaire Celerier, University of TorontoDasol Kim, Office of Financial Research

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APTHR: CYCLES – Coronet RoomFrederico Belo, University of Minnesota

Risk-Adjusted Capital Allocation and MisallocationJoel David, University of Southern CaliforniaLukas Schmid, Duke UniversityDavid Zeke, University of Southern California

Cyclical Dispersion in Expected DefaultsJoao Gomes, University of PennsylvaniaMarco Grotteria, University of PennsylvaniaJessica Wachter, University of Pennsylvania

A Unified Economic Explanation for Profitability Premium and Value PremiumLeonid Kogan, Massachusetts Institute of TechnologyJun Li, University of Texas-DallasHarold Zhang, University of Texas-Dallas

Discussants:Brent Glover, Carnegie Mellon UniversityErik Loualiche, University of MinnesotaJack Favilukis, University of British Columbia

MMEMP : OTC – Garden RoomBurton Hollifield, Carnegie Mellon University

Swap Trading after Dodd-Frank: Evidence from Index CDSLynn Riggs, Commodity Futures Trading CommissionEsen Onur, Commodity Futures Trading CommissionDavid Reiffen, U.S. Commodities Futures Trading CommissionHaoxiang Zhu, Massachusetts Institute of Technology

Discriminatory Pricing of Over-the-Counter DerivativesPeter Hoffmann, European Central BankHarald Hau, University of GenevaSam Langfield, European Central BankYannick Timmer, Princeton University

OTC PremiaGino Cenedese, Bank of EnglandAngelo Ranaldo, University of St. GallenMichalis Vasios, Bank of England

Discussants:Antje Berndt, Australian National UniversityThomas Ruchti, Carnegie Mellon UniversityBatchimeg Sambalaibat, Indiana University

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CFEMP : CSR – Crystal-Continental RoomArtyom Durnev, University of Iowa

Corporate Governance and Pollution Externalities of Public and Private FirmsSophie Shive, University of Notre DameMargaret Forster, University of Notre Dame

Financial Constraints and Corporate Environmental PoliciesPengjie Gao, University of Notre DameTaehyun Kim, University of Notre DameQiping Xu, University of Notre Dame

Global Supply-Chain Networks and Corporate Social ResponsibilityChristoph M. Schiller, University of Toronto

Discussants:Anand Vijh, University of IowaApril Knill, Florida State UniversityMeghana Ayyagari, George Washington University

CFTHR: DESIGN – Windsor ComplexZsuzsanna Fluck, Michigan State University

Asymmetric Information and Security Design under Knightian UncertaintyAndrey Malenko, Massachusetts Institute of TechnologyAnton Tsoy, Einaudi Institute for Economics and Finance

The Insurance is the Lemon: Failing to Index ContractsBarney Hartman-Glaser, University of California-Los AngelesBenjamin Hebert, Stanford University

Optimal Issuance Across Markets and Over TimeJesse Davis, University of North Carolina-Chapel Hill

Discussants:Bryan R. Routledge, Carnegie Mellon UniversityGiorgia Piacentino, Columbia UniversityNadya Malenko, Boston College

APEMP : INVESTORS – Carousel RoomReena Aggarwal, Georgetown University

Institutional Counterparties and PerformanceOzgur Ince, University of South CarolinaGreg Kadlec, Virginia TechStephen McKeon, University of Oregon

On Index InvestingJeffrey Coles, University of UtahDavidson Heath, University of UtahMatthew Ringgenberg, University of Utah

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Demand for Information and Asset PricingAzi Ben-Rephael, Rutgers UniversityBruce Carlin, University of California-Los AngelesZhi Da, University of Notre DameRyan Israelsen, Michigan State University

Discussants:Laura Field, University of DelawareKai Li, University of British ColumbiaJennie Bai, Georgetown University

Tuesday, June 19, 2018, 10:30 am – 12:15 pm

FIEMP : MORTGAGES – Crown RoomAmiyatosh Purnanandam, University of Michigan

Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration onCredit and House PricesDeeksha Gupta, University of Pennsylvania

Financially Constrained Servicers and Aggressive ForeclosuresDarren Aiello, Brigham Young University

Villains or Scapegoats? The Role of Subprime Borrowers during the HousingBoomJames Conklin, University of GeorgiaW. Scott Frame, Federal Reserve Bank of AtlantaKristopher Gerardi, Federal Reserve Bank of AtlantaHaoyang Liu, Federal Reserve Bank of New York

Discussants:Giorgia Piacentino, Columbia UniversityGonzalo Maturana, Emory UniversityMatteo Crosignani, Federal Reserve Board of Governors

APTHR: DISASTERS – Coronet RoomHengjie Ai, University of Minnesota

Equity is Cheap for Large Financial InstitutionsPriyank Gandhi, University of Notre DameHanno Lustig, Stanford UniversityAlberto Plazzi, Università della Svizzera Italiana

Macroeconomic Tail Risks and Asset PricesDavid Schreindorfer, Arizona State University

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Extreme Inflation and Time-Varying Disaster RiskIlya Dergunov, Goethe University FrankfurtChristoph Meinerding, Deutsche BundesbankChristian Schlag, Goethe University Frankfurt

Discussants:Christian C. Opp, University of PennsylvaniaMikhail Chernov, University of California-Los AngelesJessica Wachter, University of Pennsylvania

MMTHR: MARKETS – Garden RoomChristine Parlour, University of California-Berkeley

Augmenting Markets with MechanismsSamuel Antill, Stanford UniversityDarrell Duffie, Stanford University

When Are Financial Markets Perfectly Competitive?Jeongmin Lee, Washington University-St. LouisAlbert Kyle, University of Maryland

Information, Liquidity, and Dynamic Limit Order MarketsRoberto Ricco, Università BocconiBarbara Rindi, Università BocconiDuane Seppi, Carnegie Mellon University

Discussants:Anton Tsoy, Einaudi Institute for Economics and FinanceShmuel Baruch, University of UtahKatya Malinova, University of Toronto

CFEMP : BANKRUPTCY – Crystal-Continental RoomTracy Wang, University of Minnesota

How Does Consumer Bankruptcy Protection Impact Household Outcomes?Carlos Parra, Instituto Tecnológico Autónomo de México

Judge Experience and Bankruptcy OutcomesBenjamin Iverson, Brigham Young UniversityJoshua Madsen, University of MinnesotaWei Wang, Queen’s UniversityQiping Xu, University of Notre Dame

Derivatives Supply and Corporate Hedging: Evidence from the Safe HarborReform of 2005Erasmo Giambona, Syracuse UniversityYe Wang, Shanghai University of Finance and Economics

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Discussants:Jialan Wang, University of Illinois-Urbana-ChampaignPedro Matos, University of VirginiaKristine Hankins, University of Kentucky

CFEMP : INNOVATION – Windsor ComplexMerih Sevilir, Indiana University

Shareholder Litigation and InnovationChen Lin, University of Hong KongSibo Liu, University of Hong KongGustavo Manso, University of California-Berkeley

Technological Innovation and the Distribution of Labor Income GrowthLeonid Kogan, Massachusetts Institute of TechnologyDimitris Papanikolaou, Northwestern UniversityLawrence Schmidt, University of ChicagoJae Song, Social Security Administration

The Impact of Institutions on InnovationAlexander Donges, University of MannheimJean-Marie A. Meier, University of Texas-DallasRui Silva, London Business School

Discussants:Tolga Caskurlu, University of AmsterdamEdward Van Wesep, University of Colorado-BoulderIsaac Hacamo, Indiana University

APEMP : TESTING – Carousel RoomBryan Kelly, Yale University

Shrinking the Cross SectionSerhiy Kozak, University of MichiganStefan Nagel, University of MichiganShrihari Santosh, University of Maryland

Model Comparison with Sharpe RatiosFrancisco Barillas, Emory UniversityRaymond Kan, University of TorontoCesare Robotti, Imperial College LondonJay Shanken, Emory University

Fake News in Financial MarketsShimon Kogan, Massachusetts Institute of TechnologyTobias Moskowitz, Yale UniversityMarina Niessner, Yale University

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Discussants:Seth Pruitt, Arizona State UniversityAlan Moreira, University of RochesterSamuel Hartzmark, University of Chicago

Tuesday, June 19, 2018, 2:45 pm – 4:30 pm

FIEMP : HFUNDS – Crown RoomMila Getmansky Sherman, University of Massachusetts-Amherst

Illiquidity in Intermediary Portfolios: Evidence from Large Hedge FundsDaniel Barth, U.S. Department of the TreasuryPhillip Monin, U.S. Department of the Treasury

Prime (Information) BrokerageNitish Kumar, University of FloridaKevin Mullally, University of AlabamaSugata Ray, University of AlabamaYuehua Tang, University of Florida

Hedge Fund Activism and Long-Term Firm ValueMartijn Cremers, University of Notre DameErasmo Giambona, Syracuse UniversitySimone M. Sepe, University of ArizonaYe Wang, Shanghai University of Finance and Economics

Discussants:Zhen Shi, Georgia State UniversityVeronika K. Pool, Indiana UniversityNadya Malenko, Boston College

BFEMP : GENDER – Coronet RoomToni M. Whited, University of Michigan

Who Wears the Pants? Gender Identity Norms and Intra-Household FinancialDecision MakingDa Ke, University of South Carolina

Performance Isn’t Everything: Personal Characteristics and Career Outcomes ofMutual Fund ManagersBrad M. Barber, University of California-DavisAnna Scherbina, University of California-DavisBernd Schlusche, Federal Reserve Board of Governors

Gender Differences in Reward-Based CrowdfundingTse-Chun Lin, University of Hong KongVesa Pursiainen, University of Hong Kong

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Discussants:James Choi, Yale UniversityMin Kim, University of New South WalesMichael Ewens, California Institute of Technology

MMEMP : BONDS – Garden RoomEdith Hotchkiss, Boston College

Better Bond Indices and Liquidity Gaming the RestAdriana Z. Robertson, University of TorontoMatthew Spiegel, Yale University

The Difference a Day Makes: Timely Disclosure and Trading Efficiency in theMuni MarketJohn Chalmers, University of OregonSteve Liu, University of OregonZhi Jay Wang, University of Oregon

Tricks of the Trade? Pre-Issuance Price Maneuvers by Underwriter-DealersJun Kyung Auh, Yonsei UniversityYou Suk Kim, Federal Reserve Board of GovernorsMattia Landoni, Southern Methodist University

Discussants:Jaewon Choi, University of Illinois-Urbana-ChampaignTavy Ronen, Rutgers UniversityPaul Schultz, University of Notre Dame

CFEMP : LEVERAGE – Crystal-Continental RoomS. Abraham Ravid, Yeshiva University

Capital Structure and Taxes in EuropeJonathan Cohn, University of Texas-AustinSheridan Titman, University of Texas-AustinGarry Twite, University of Melbourne

Corporate Refinancing, Covenants, and the Agency Cost of DebtDaniel Green, Harvard University

Analyst Coverage Networks and Corporate Financial PoliciesArmando Gomes, Washington University-St. LouisRadhakrishnan Gopalan, Washington University-St. LouisMark Leary, Washington University-St. LouisFrancisco Marcet, University of Chile

Discussants:S. Abraham Ravid, Yeshiva UniversityKose John, New York UniversityMurray Frank, University of Minnesota

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CFTHR: ASSETS – Windsor ComplexIvan Shaliastovich, University of Wisconsin-Madison

Financing Durable AssetsAdriano Rampini, Duke University

Low Inflation: High Default Risk AND High Equity ValuationsAlexandre Jeanneret, HEC MontréalHarjoat S. Bhamra, Imperial College LondonChristian Dorion, HEC MontréalMichael Weber, University of Chicago

The Variance Risk Premium and Investment UncertaintyJan Ericsson, McGill UniversityBabak Lotfaliei, San Diego State University

Discussants:Erwan Quintin, University of Wisconsin-MadisonLukas Schmid, Duke UniversityOliver Levine, University of Wisconsin-Madison

APEMP : FLUCTUATIONS – Carousel RoomAnnette Vissing-Jorgensen, University of California-Berkeley

How do Investors Perceive the Risks from Macroeconomic and FinancialUncertainty? Evidence from 19 Option MarketsIan Dew-Becker, Northwestern UniversityStefano Giglio, Yale UniversityBryan Kelly, Yale University

Consumption Fluctuations and Expected ReturnsVictoria Atanasov, University of MannheimStig Møller, Aarhus UniversityRichard Priestley, BI Norwegian Business School

The Impermanence of Democracy: Endowed Wealth Versus Wealth CreationNaveen Khanna, Michigan State UniversityTianpeng Zhou, Michigan State University

Discussants:Dmitriy Muravyev, Boston CollegeJessica Wachter, University of PennsylvaniaJacopo Ponticelli, Northwestern University

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Wednesday, June 20, 2018, 8:15 am – 10:00 am

FIEMP : MFUNDS – Crown RoomDiane Del Guercio, University of Oregon

Best Buys and Own Brands: Investment Platforms’ Recommendations of MutualFundsGordon Cookson, Financial Conduct AuthorityTim Jenkinson, University of OxfordHoward Jones, University of OxfordJose Vicente Martinez, University of Connecticut

Fund TradeoffsLubos Pastor, University of ChicagoRobert F. Stambaugh, University of PennsylvaniaLucian Taylor, University of Pennsylvania

What Do Mutual Fund Managers’ Private Portfolios Tell Us About Their Skills?Markus Ibert, Stockholm School of Economics

Discussants:Veronika K. Pool, Indiana UniversityAshish Tiwari, University of IowaElisabeth Kempf, University of Chicago

BFEMP : PARTICIPATION – Coronet RoomMark Grinblatt, University of California-Los Angeles

Credit Scores, Social Capital, and Stock Market ParticipationJesse Bricker, Federal Reserve Board of GovernorsGeng Li, Federal Reserve Board of Governors

Can Financial Innovation Solve Household Reluctance to Take Risk?Claire Celerier, University of TorontoLaurent Calvet, EDHEC Business SchoolBoris Vallee, Harvard UniversityPaolo Sodini, Stockholm School of Economics

Model Uncertainty, Ambiguity Aversion, and Market ParticipationDavid Hirshleifer, University of California-IrvineChong Huang, University of California-IrvineSiew Hong Teoh, University of California-Irvine

Discussants:Juhani Linnainmaa, University of Southern CaliforniaValentin Haddad, University of California-Los AngelesJiasun Li, George Mason University

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IFEMP : CURRENCIES – Garden RoomClara Vega, Federal Reserve Board of Governors

Government Policy Approval and Exchange RatesYang Liu, University of Hong KongIvan Shaliastovich, University of Wisconsin-Madison

Currency Mispricing and Dealer Balance SheetsGino Cenedese, Bank of EnglandPasquale Della Corte, Imperial College LondonTianyu Wang, Imperial College London

Fiscal Cyclicality and Currency Risk PremiaZhengyang Jiang, Stanford University

Discussants:Robert Ready, University of OregonFalk Bräuning, Federal Reserve Bank of BostonEdith Liu, Federal Reserve Board of Governors

CFEMP : ISSUANCE – Crystal-Continental RoomJay Ritter, University of Florida

Initial Coin Offering and Platform BuildingJiasun Li, George Mason UniversityWilliam Mann, University of California-Los Angeles

Profit and Loss Sharing in the IPO MarketXingyi Chen, University of PennsylvaniaMartin Cherkes, Princeton UniversityDavid Musto, University of Pennsylvania

Information Production by Institutions and Information Extraction byUnderwriters in Hybrid IPO AuctionsThomas J. Chemmanur, Boston CollegePengfei Ma, Indiana UniversityChaopeng Wu, Xiamen UniversityQianqian Yu, Lehigh University

Discussants:Tao Li, University of FloridaDonghang Zhang, University of South CarolinaYao-Min Chiang, National Taiwan University

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CFEMP : CHINA – Windsor ComplexXiaoyun Yu, Indiana University

Product Market Competition and Entrepreneurial Activity: Evidence from U.S.HouseholdsHadiye Aslan, Georgia State UniversityPraveen Kumar, University of Houston

Credit, Labor, and Political Unrest: Evidence from 1930s ChinaFabio Braggion, Tilburg UniversityAlberto Manconi, Università BocconiHaikun Zhu, Tilburg University

Globalization of Work and Innovation: Evidence from Doing Business in ChinaJan Bena, University of British ColumbiaElena Simintzi, University of British Columbia

Discussants:Elizabeth Berger, Cornell UniversityMariassunta Giannetti, Stockholm School of EconomicsIrene Yi, University of Toronto

APEMP : ESG – Carousel RoomDavid Ng, Cornell University

Disaster on the Horizon: The Price Effect of Sea Level RiseAsaf Bernstein, University of Colorado-BoulderMatthew Gustafson, Pennsylvania State UniversityRyan Lewis, University of Colorado

The Price of Ignoring ESG RisksSimon Glossner, Catholic University of Eichstätt-Ingolstadt

Corporate ESG Profiles and Investor HorizonsLaura Starks, University of Texas-AustinQifei Zhu, University of Texas-AustinParth Venkat, Securities and Exchange Commission

Discussants:Justin Murfin, Yale UniversityJawad M. Addoum, Cornell UniversityAdair Morse, University of California-Berkeley

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Wednesday, June 20, 2018, 10:30 am – 12:15 pm

FIEMP : LENDING – Crown RoomElena Loutskina, University of Virginia

The Impact of Bank Financing on Municipalities’ Bond Issuance and the RealEconomyRamona Dagostino, London Business School

Unconventional Monetary Policy and Bank Lending RelationshipsChristophe Cahn, Banque de FranceAnne Duquerroy, Banque de FranceWilliam Mullins, University of California-San Diego

Economics of Voluntary Information SharingJose Liberti, DePaul UniversityJason Sturgess, Queen Mary University of LondonAndrew Sutherland, Massachusetts Institute of Technology

Discussants:Daniel Green, Harvard UniversityTing Xu, University of VirginiaAnna Kovner, Federal Reserve Bank of New York

BFEMP : CREDIT – Coronet RoomJames Choi, Yale University

Perception of House Price Risk and HomeownershipManuel Adelino, Duke UniversityAntoinette Schoar, Massachusetts Institute of TechnologyFelipe Severino, Dartmouth College

Intergenerational Linkages in Household CreditAndra Ghent, University of Wisconsin-MadisonMarianna Kudlyak, Federal Reserve Bank of Richmond

A Day Late and a Dollar Short: Liquidity and Household Formation AmongStudent BorrowersSarena Goodman, Federal Reserve Board of GovernorsAdam Isen, U.S. Department of the TreasuryConstantine Yannelis, New York University

Discussants:Charles G. Nathanson, Northwestern UniversityDavide Malacrino, International Monetary FundJohn Mondragon, Northwestern University

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IFEMP : INTERNATIONAL – Garden RoomFrancesca Carrieri, McGill University

Capital Controls and Risk Misallocation: Bank Lending ChannelLorena Keller, Northwestern University

In Search of Distress Risk in Emerging MarketsGonzalo Asis, University of North Carolina-Chapel HillAnusha Chari, University of North Carolina-Chapel Hill

Expanding Horizons: The Effect of Information Access on GeographicallyBiased InvestingLogan Emery, Purdue UniversityHuseyin Gulen, Purdue University

Discussants:Nandini Gupta, Indiana UniversityPatrick Augustin, McGill UniversityZheng Sun, University of California-Irvine

CFEMP : GOVERNANCE – Crystal-Continental RoomRohan Williamson, Georgetown University

Busy Directors: Strategic Interaction and Monitoring SynergiesAlexander Ljungqvist, Stockholm School of EconomicsKonrad Raff, Norwegian School of Economics

Costly Corporate Governance: Evidence from Shareholder Approval in Mergersand AcquisitionsFangjian Fu, Singapore Management UniversityWayne Guay, University of PennsylvaniaWei Zhang, Singapore Management University

The Salience of Creditors’ Interests and CEO CompensationBrian Akins, Rice UniversityJonathan Bitting, Rice UniversityDavid De Angelis, Rice UniversityMaclean Gaulin, University of Utah

Discussants:Naveen D. Daniel, Drexel UniversityStuart Gillan, University of GeorgiaVidhi Chhaochharia, University of Miami

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CFTHR: D/E – Windsor ComplexRobert Goldstein, University of Minnesota

Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vsLiquidationSamuel Antill, Stanford UniversitySteven Grenadier, Stanford University

The Private and Social Value of Capital Structure CommitmentTimothy C. Johnson, University of Illinois-Urbana-ChampaignPing Liu, Purdue UniversityYingjie Yu, University of Illinois-Urbana-Champaign

Information Dynamics and Debt MaturityThomas Geelen, Swiss Finance Institute

Discussants:Juliana Salomao, University of MinnesotaAndrea Gamba, University of WarwickSebastian Gryglewicz, Erasmus University

APEMP : FACTORS – Carousel RoomXiaoyan Zhang, Purdue University

Factor MomentumRob Arnott, Research Affiliates, LLCMark Clements, Research Affiliates, LLCVitali Kalesnik, Research Affiliates, LLCJuhani Linnainmaa, University of Southern California

Tax-Timing Options and the Demand for Idiosyncratic VolatilityOliver Boguth, Arizona State UniversityLuke Stein, Arizona State University

Inference on Risk Premia in the Presence of Omitted FactorsStefano Giglio, Yale UniversityDacheng Xiu, University of Chicago

Discussants:Yan Liu, Texas A&M UniversityLin Peng, Baruch CollegeSeth Pruitt, Arizona State University

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2018 PROGRAM COMMITTEE

Program Chair

Ingrid M. Werner, Ohio State University

Associate Chairpersons

Itzhak Ben-David, Ohio State UniversityJustin Birru, Ohio State UniversityIsil Erel, Ohio State UniversityKewei Hou, Ohio State UniversityNina Karnaukh, Ohio State UniversityYe Li, Ohio State UniversityXiaoji Lin, Ohio State UniversityBernadette Minton, Ohio State UniversityThien Nguyen, Ohio State UniversityMichael Schwert, Ohio State UniversityKaren Wruck, Ohio State UniversityLu Zhang, Ohio State UniversityShaojun Zhang, Ohio State University

Program Committee Members

Renée Adams, University of New South WalesManuel Adelino, Duke UniversityVikas Agarwal, Georgia State UniversityRajesh K. Aggarwal, Northeastern UniversityReena Aggarwal, Georgetown UniversityAnup Agrawal, University of AlabamaHengjie Ai, University of MinnesotaRui Albuquerque, Boston CollegeAndres Almazan, University of Texas-AustinHeitor Almeida, University ofIllinois-Urbana-ChampaignGeorge Aragon, Arizona State UniversityElena Asparouhova, University of UtahPatrick Augustin, McGill UniversityDoron Avramov, Chinese University of HongKong and Hebrew University of JerusalemIlona Babenko, Arizona State UniversityRamin Baghai, Stockholm School of EconomicsWarren Bailey, Cornell UniversityGurdip Bakshi, University of MarylandTuran G. Bali, Georgetown University

Snehal Banerjee, University of California-SanDiegoJack Bao, Federal Reserve Board of GovernorsBrad M. Barber, University of California-DavisJean Noel Barrot, Massachusetts Institute ofTechnologySohnke M. Bartram, University of WarwickShmuel Baruch, University of UtahSuleyman Basak, London Business SchoolDavid Bates, University of IowaThomas Bates, Arizona State UniversityRobert Battalio, University of Notre DameAlessandro Beber, City University of LondonBo Becker, Stockholm School of EconomicsGeert Bekaert, Columbia UniversityFrederico Belo, University of MinnesotaItzhak Ben-David, Ohio State UniversityLuca Benzoni, Federal Reserve Bank of ChicagoDaniel Bergstresser, Brandeis UniversityEli Berkovitch, IDC Herzliya

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Antonio Bernardo, University of California-LosAngelesGennaro Bernile, University of MiamiShai Bernstein, Stanford UniversityHendrik Bessembinder, Arizona State UniversitySanjai Bhagat, University of Colorado-BoulderHarjoat S. Bhamra, Imperial College LondonSreedhar Bharath, Arizona State UniversityUtpal Bhattacharya, Hong Kong University ofScience & TechnologyJustin Birru, Ohio State UniversityOliver Boguth, Arizona State UniversityNicolas P. Bollen, Vanderbilt UniversityDion Bongaerts, Erasmus UniversityAudra Boone, Texas Christian UniversityArnoud W.A. Boot, University of AmsterdamPedro Bordalo, University of OxfordJacob Boudoukh, IDC HerzliyaChrista Bouwman, Texas A&M UniversityNicole Boyson, Northeastern UniversityAlon Brav, Duke UniversityJonathan Brogaard, University of WashingtonDavid P. Brown, University ofWisconsin-MadisonGregory Brown, University of NorthCarolina-Chapel HillKeith Brown, University of Texas-AustinStephen J. Brown, Monash UniversityAndrea M. Buffa, Boston UniversityAndrea Buraschi, Imperial College LondonMike Burkart, London School of Economics andPolitical ScienceNatasha Burns, University of Texas-San AntonioJeffrey A. Busse, Emory UniversityMaria C.E.C.I.L.I.A. Bustamante, University ofMarylandAlexander W. Butler, Rice UniversityMurillo Campello, Cornell UniversityCharles Cao, Pennsylvania State UniversityBruce Carlin, University of California-Los AngelesJennifer Carpenter, New York UniversityFousseni Chabi-Yo, University ofMassachusetts-AmherstMaria Chaderina, Vienna University ofEconomics and BusinessKalok Chan, Chinese University of Hong KongEric Chang, University of Hong Kong

David A. Chapman, University of VirginiaSudheer Chava, Georgia Institute of TechnologyGilles Chemla, Imperial College LondonThomas J. Chemmanur, Boston CollegeHui Chen, Massachusetts Institute of TechnologyMark Chen, Georgia State UniversitySergey Chernenko, Purdue UniversityMikhail Chernov, University of California-LosAngelesDarwin Choi, Chinese University of Hong KongJames Choi, Yale UniversityTarun Chordia, Emory UniversityBhagwan Chowdhry, University ofCalifornia-Los AngelesPeter Christoffersen, University of TorontoSusan Christoffersen, University of TorontoAnna Cieslak, Duke UniversityGian Luca Clementi, New York UniversityJoao Cocco, London Business SchoolLauren H. Cohen, Harvard UniversityJonathan Cohn, University of Texas-AustinRiccardo Colacito, University of NorthCarolina-Chapel HillJeffrey Coles, University of UtahPierre Collin-Dufresne, Swiss Finance InstituteCarole Comerton-Forde, University of NewSouth WalesJennifer Conrad, University of NorthCarolina-Chapel HillMichael Cooper, University of UtahJess Cornaggia, Pennsylvania State UniversityKimberly Cornaggia, Pennsylvania StateUniversityFrancesca Cornelli, London Business SchoolShane A. Corwin, University of Notre DameJoshua Coval, Harvard UniversityNicholas Crain, Vanderbilt UniversityAlan Crane, Rice UniversityMartijn Cremers, University of Notre DameMariano Croce, University of NorthCarolina-Chapel HillHenrik Cronqvist, University of MiamiClaudia Custodio, Imperial College LondonDragana Cvijanovic, University of NorthCarolina-Chapel HillZhi Da, University of Notre Dame

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Magnus Dahlquist, Stockholm School ofEconomicsTri Vi Dang, Columbia UniversityKent D. Daniel, Columbia UniversityAndras Danis, Georgia Institute of TechnologyAmil Dasgupta, London School of Economics andPolitical ScienceSudipto Dasgupta, City University of Hong KongAlexander David, University of CalgaryEduardo Davila, New York UniversityAdolfo De Motta, McGill UniversityDiane Del Guercio, University of OregonFrancois Derrien, HEC ParisJerome B. Detemple, Boston UniversityIan Dew-Becker, Northwestern UniversityMarco Di Maggio, Harvard UniversitySerdar Dinc, Rutgers UniversityAmy Dittmar, University of MichiganRobert Dittmar, University of MichiganCraig Doidge, University of TorontoAndres Donangelo, University of Texas-AustinWinston Dou, University of PennsylvaniaJames Dow, London Business SchoolSarah Draus, Erasmus UniversityItamar Drechsler, New York UniversityJoost Driessen, Tilburg UniversityRan Duchin, University of WashingtonGreg Duffee, Johns Hopkins UniversityEspen Eckbo, Dartmouth CollegeRoger Edelen, University of California-DavisAlex Edmans, London Business SchoolThomas Eisenbach, Federal Reserve Bank of NewYorkAndrea Eisfeldt, University of California-LosAngelesAndrew Ellul, Indiana UniversityJoseph Engelberg, University of California-SanDiegoBjorn Eraker, University of Wisconsin-MadisonIsil Erel, Ohio State UniversityVihang Errunza, McGill UniversityRichard Evans, University of VirginiaRuediger Fahlenbrach, École PolytechniqueFédérale de LausanneJoseph Fan, Chinese University of Hong KongLily Fang, INSEADJoan Farre-Mensa, Cornerstone Research

Michael W. Faulkender, University of MarylandJack Favilukis, University of British ColumbiaPeter Feldhutter, Copenhagen Business SchoolDaniel Ferreira, London School of Economics andPolitical ScienceMiguel Ferreira, Universidade Nova de LisboaEliezer Fich, Drexel UniversityLaura Field, University of DelawareAdlai Fisher, University of British ColumbiaMichael Fishman, Northwestern UniversityZsuzsanna Fluck, Michigan State UniversityVyacheslav Fos, Boston CollegeThierry Foucault, HEC ParisCesare Fracassi, University of Texas-AustinMurray Frank, University of MinnesotaNils Friewald, Norwegian School of EconomicsCarola Frydman, Northwestern UniversityPaolo Fulghieri, University of NorthCarolina-Chapel HillVito Gala, University of PennsylvaniaMichael Gallmeyer, University of VirginiaPengjie Gao, University of Notre DameLorenzo Garlappi, University of British ColumbiaNicolae Garleanu, University ofCalifornia-BerkeleyMark Garmaise, University of California-LosAngelesTom George, University of HoustonSimon Gervais, Duke UniversityMila Getmansky Sherman, University ofMassachusetts-AmherstRon Giammarino, University of British ColumbiaMariassunta Giannetti, Stockholm School ofEconomicsStefano Giglio, Yale UniversityThomas Gilbert, University of WashingtonStuart Gillan, University of GeorgiaXavier Giroud, Columbia UniversityVincent Glode, University of PennsylvaniaBrent Glover, Carnegie Mellon UniversityEitan Goldman, Indiana UniversityItay Goldstein, University of PennsylvaniaMichael A. Goldstein, Babson CollegeRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolJoao Gomes, University of Pennsylvania

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Radhakrishnan Gopalan, WashingtonUniversity-St. LouisTodd A. Gormley, Washington University-St.LouisGary Gorton, Yale UniversityAmit Goyal, University of LausanneVidhan Goyal, Hong Kong University of Science& TechnologyJohn Graham, Duke UniversityBrett Green, University of California-BerkeleyClifton Green, Emory UniversityDaniel Greenwald, Massachusetts Institute ofTechnologySteven Grenadier, Stanford UniversityJillian Grennan, Duke UniversityJohn M. Griffin, University of Texas-AustinGustavo Grullon, Rice UniversityBruce D. Grundy, University of MelbourneNandini Gupta, Indiana UniversityRoberto Gutiérrez, University of OregonDirk Hackbarth, Boston UniversityBjörn Hagströmer, Stockholm UniversityMichael Halling, Stockholm School of EconomicsAllaudeen Hameed, National University ofSingaporeBing Han, University of TorontoJungsuk Han, Stockholm School of EconomicsKathleen Hanley, Lehigh UniversitySam Hanson, Harvard UniversityJarrad Harford, University of WashingtonJeffrey H. Harris, American UniversityLawrence E. Harris, University of SouthernCaliforniaBarney Hartman-Glaser, University ofCalifornia-Los AngelesSamuel Hartzmark, University of ChicagoJoel Hasbrouck, New York UniversityHenrik Hasseltoft, Lynx Asset ManagementHarald 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-Riverside

Terrence Hendershott, University ofCalifornia-BerkeleyMichael Hertzel, Arizona State UniversitySteven Heston, University of MarylandJens Hilscher, University of California-DavisNicholas Hirschey, London Business SchoolGerard T. Hoberg, University of SouthernCaliforniaYael Hochberg, Rice UniversityCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityHarrison Hong, Columbia UniversityEdith Hotchkiss, Boston CollegeKewei Hou, Ohio State UniversityDavid A. Hsieh, Duke UniversityLixin Huang, Georgia State UniversityEric Hughson, Claremont McKenna CollegeSoeren Hvidkjaer, Copenhagen Business SchoolChuan-Yang Hwang, Nanyang TechnologicalUniversityPhilipp Illeditsch, Carnegie Mellon UniversityVictoria Ivashina, Harvard UniversityBenjamin Iverson, Brigham Young UniversityZoran Ivkovich, Michigan State UniversityRajkamal Iyer, Massachusetts Institute ofTechnologyKris Jacobs, University of HoustonRavi Jagannathan, Northwestern UniversityRainer Jankowitsch, Vienna University ofEconomics and BusinessDirk Jenter, London School of Economics andPolitical ScienceUrban Jermann, University of PennsylvaniaWei Jiang, Columbia UniversityLi Jin, Peking UniversityMichael Johannes, Columbia UniversityKose John, New York UniversityTimothy C. Johnson, University ofIllinois-Urbana-ChampaignTravis Johnson, University of Texas-AustinCharles M. Jones, Columbia UniversityChristopher S. Jones, University of SouthernCaliforniaHoward Jones, University of OxfordPhilippe Jorion, University of California-IrvineScott Joslin, University of Southern CaliforniaBrandon Julio, University of Oregon

39

Marcin Kacperczyk, Imperial College LondonOhad Kadan, Washington University-St. LouisDalida Kadyrzhanova, Georgia State UniversityKathleen Kahle, University of ArizonaBige Kahraman, University of OxfordSwami Kalpathy, Texas Christian UniversityRaymond Kan, University of TorontoJun-Koo Kang, Nanyang Technological UniversityRon Kaniel, University of RochesterSteve Kaplan, University of ChicagoOguzhan Karakas, Cambridge UniversityJason Karceski, LSV Asset ManagementNina Karnaukh, Ohio State UniversityAndrew Karolyi, Cornell UniversityJonathan M. Karpoff, University of WashingtonGautam Kaul, University of MichiganSimi Kedia, Rutgers UniversityDonald Keim, University of PennsylvaniaMatti Keloharju, Aalto UniversityNaveen Khanna, Michigan State UniversityDana Kiku, University ofIllinois-Urbana-ChampaignDasol Kim, Office of Financial ResearchHyunseob Kim, Cornell UniversityMichael Kisser, Norwegian School of EconomicsSamuli Knüpfer, BI Norwegian Business SchoolAndrew Koch, University of PittsburghShimon Kogan, Massachusetts Institute ofTechnologyRalph Koijen, New York UniversityAdam C. Kolasinski, Texas A&M UniversityPeter Kondor, London School of Economics andPolitical ScienceRobert Korajczyk, Northwestern UniversityArthur Korteweg, University of SouthernCaliforniaJennifer L. Koski, University of WashingtonRoman Kozhan, University of WarwickSamuel Kruger, University of Texas-AustinTheresa Kuchler, New York UniversityLars-Alexander Kuehn, Carnegie MellonUniversityCamelia Kuhnen, University of NorthCarolina-Chapel HillAlok Kumar, University of MiamiPraveen Kumar, University of HoustonHoward Kung, London Business School

Pablo Kurlat, Stanford UniversityChristopher Lamoureux, University of ArizonaDavid Lando, Copenhagen Business SchoolTim Landvoigt, University of PennsylvaniaNisan Langberg, University of HoustonMauricio Larrain, Columbia UniversityChristian Laux, Vienna University of Economicsand BusinessAli Lazrak, University of British ColumbiaJ. Chris Leach, University of Colorado-BoulderMark Leary, Washington University-St. LouisCharles M. .C. Lee, Stanford UniversityInmoo Lee, Korea Advanced Institute of Scienceand TechnologyAlfred Lehar, University of CalgaryQin Lei, University of MichiganYaron Leitner, Federal Reserve Bank ofPhiladelphiaJosh Lerner, Harvard UniversityMartin Lettau, University of California-BerkeleyDoron Levit, University of PennsylvaniaJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeStefan Lewellen, London Business SchoolDongmei Li, University of South CarolinaKai Li, University of British ColumbiaSi Li, Wilfrid Laurier UniversityBing Liang, University of Massachusetts-AmherstAndres Liberman, New York UniversityErik Lie, University of IowaSonya Lim, DePaul UniversityChen Lin, University of Hong KongXiaoji Lin, Ohio State UniversityJames S. Linck, Southern Methodist UniversityLaura Lindsey, Arizona State UniversityJuhani Linnainmaa, University of SouthernCaliforniaKarl V. Lins, University of UtahMarc Lipson, University of VirginiaCrocker Liu, Cornell UniversityHong Liu, Washington University-St. LouisJun Liu, University of California-San DiegoTingjun Liu, University of Hong KongDmitry Livdan, University of California-BerkeleyAlexander Ljungqvist, Stockholm School ofEconomics

40

Andrew W. Lo, Massachusetts Institute ofTechnologyLars A. Lochstoer, University of California-LosAngelesClaudio Loderer, Universitaet BernFrancis Longstaff, University of California-LosAngelesGyöngyi Lóránth, University of ViennaDong Lou, London School of Economics andPolitical ScienceErik Loualiche, University of MinnesotaElena Loutskina, University of VirginiaRichard Lowery, University of Texas-AustinMichelle Lowry, Drexel UniversityChristian Lundblad, University of NorthCarolina-Chapel HillEvgeny Lyandres, Boston UniversityAnthony W. Lynch, New York UniversityPeter MacKay, Hong Kong University of Science& TechnologyAnanth Madhavan, BlackRockLeonardo Madureira, Case Western ReserveUniversityIgor Makarov, London School of Economics andPolitical ScienceSemyon Malamud, École Polytechnique Fédéralede LausanneAndrey Malenko, Massachusetts Institute ofTechnologyNadya Malenko, Boston CollegeKatya Malinova, University of TorontoAsaf Manela, Washington University-St. LouisWilliam Mann, University of California-LosAngelesGustavo Manso, University of California-BerkeleyRobert Marquez, University of California-DavisSpencer Martin, University of MelbourneMassimo Massa, INSEADRonald W. Masulis, University of New SouthWalesPedro Matos, University of VirginiaDavid Matsa, Northwestern UniversityGregor Matvos, University of Texas-AustinErnst G. Maug, University of MannheimRobert McDonald, Northwestern UniversityStephen McKeon, University of OregonRobert McLean, Georgetown University

Timothy McQuade, Stanford UniversityAlbert Menkveld, VU University AmsterdamAndrew Metrick, Yale UniversityDaniel Metzger, Stockholm School of EconomicsAlexander Michaelides, Imperial College LondonRoni Michaely, Cornell UniversityTodd Milbourn, Washington University-St. LouisKonstantin Milbradt, Northwestern UniversityDarius Miller, Southern Methodist UniversityBernadette Minton, Ohio State UniversityIndrajit Mitra, University of MichiganSara Moeller, University of PittsburghErwan Morellec, École Polytechnique Fédérale deLausanneTobias Moskowitz, Yale UniversityPamela Moulton, Cornell UniversityNathalie Moyen, University of Colorado-BoulderHolger Mueller, New York UniversityPhilippe Mueller, University of WarwickTyler Muir, University of California-Los AngelesJustin Murfin, Yale UniversityDavid Musto, University of PennsylvaniaBrett Myers, Texas Tech UniversityCharles G. Nathanson, Northwestern UniversityEdward Nelling, Drexel UniversityThien Nguyen, Ohio State UniversityBoris Nikolov, University of LausanneMahendrarajah Nimalendran, University ofFloridaGreg Nini, Drexel UniversityThomas H. Noe, University of OxfordLars Norden, Stockholm UniversityKjell Nyborg, University of ZurichMaureen O’Hara, Cornell UniversityTerrance Odean, University of California-BerkeleyMartin Oehmke, London School of Economics andPolitical ScienceSteven Ongena, University of ZurichChristian C. Opp, University of PennsylvaniaMarcus Opp, Stockholm School of EconomicsHernan Ortiz-Molina, University of BritishColumbiaHui Ou-Yang, Cheung Kong Graduate School ofBusinessPaige Ouimet, University of NorthCarolina-Chapel Hill

41

Oguzhan Ozbas, University of SouthernCaliforniaMarco Pagano, Università degli Studi di NapoliFederico IIBerardino Palazzo, Boston UniversityDarius Palia, Rutgers UniversityMarios Panayides, University of PittsburghDimitris Papanikolaou, Northwestern UniversityAndreas Park, University of TorontoChristine Parlour, University ofCalifornia-BerkeleyRobert Parrino, University of Texas-AustinChristopher Parsons, University of SouthernCaliforniaPaolo Pasquariello, University of MichiganAnna Pavlova, London Business SchoolLoriana Pelizzon, Goethe University FrankfurtLiang Peng, Pennsylvania State UniversityLin Peng, Baruch CollegeGeorge G. Pennacchi, University ofIllinois-Urbana-ChampaignJoel Peress, INSEADFrancisco Perez-Gonzalez, Instituto TecnológicoAutónomo de MéxicoEnrico Perotti, University of AmsterdamMitchell Petersen, Northwestern UniversityCarolin Pflueger, University of British ColumbiaLudovic Phalippou, University of OxfordGordon M. Phillips, Dartmouth CollegeChristopher Polk, London School of Economicsand Political ScienceJoshua Pollet, University ofIllinois-Urbana-ChampaignJacopo Ponticelli, Northwestern UniversityJeffrey Pontiff, Boston CollegeManju Puri, Duke UniversityJun Qian, Fudan UniversityUday Rajan, University of MichiganTarun Ramadorai, Imperial College LondonAdriano Rampini, Duke UniversityOtto Randl, Vienna University of Economics andBusinessRaghavendra Rau, Cambridge UniversityS. Abraham Ravid, Yeshiva UniversityMark Ready, University of Wisconsin-MadisonRobert Ready, University of Oregon

Adam Reed, University of North Carolina-ChapelHillJonathan Reuter, Boston CollegeMatt Rhodes-Kropf, Massachusetts Institute ofTechnologyEdward M. Rice, University of WashingtonDagfinn Rime, BI Norwegian Business SchoolBarbara Rindi, Università BocconiMatthew Ringgenberg, University of UtahMichael Roberts, University of PennsylvaniaTavy Ronen, Rutgers UniversityEhud I. Ronn, University of Texas-AustinIoanid Rosu, HEC ParisNick Roussanov, University of PennsylvaniaBryan R. Routledge, Carnegie Mellon UniversityKristian Rydqvist, State University of NewYork-BinghamtonGideon Saar, Cornell UniversityRonnie Sadka, Boston CollegePedro Saffi, Cambridge UniversityJacob Sagi, University of North Carolina-ChapelHillPatrik Sandas, University of VirginiaJoao Santos, Federal Reserve Bank of New YorkLucio Sarno, City University of LondonZacharias Sautner, Frankfurt School of Financeand ManagementJames Schallheim, University of UtahAnna Scherbina, University of California-DavisMichael Schill, University of VirginiaFrederik Schlingemann, University of PittsburghMartin Schmalz, University of MichiganLukas Schmid, Duke UniversityPhilipp Schnabl, New York UniversityNorman Schuerhoff, University of LausannePaul Schultz, University of Notre DameKrista Schwarz, University of PennsylvaniaMichael Schwert, Ohio State UniversityMark S. Seasholes, Arizona State UniversityLemma W. Senbet, University of MarylandBerk Sensoy, Vanderbilt UniversityDuane Seppi, Carnegie Mellon UniversityPiet Sercu, KU LeuvenAmit Seru, Stanford UniversityHenri Servaes, London Business SchoolFelipe Severino, Dartmouth CollegeMerih Sevilir, Indiana University

42

Ivan Shaliastovich, University ofWisconsin-MadisonJoel Shapiro, University of OxfordAnn E. Sherman, DePaul UniversityAnil Shivdasani, University of North CarolinaSophie Shive, University of Notre DameKelly Shue, Yale UniversityTyler 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 R. Sirri, Babson CollegeDavid Smith, University of VirginiaMichael Sockin, University of Texas-AustinPaolo Sodini, Stockholm School of EconomicsElvira Sojli, University of New South WalesSorin Sorescu, Texas A&M UniversityDenis Sosyura, Arizona State UniversityMatthew Spiegel, Yale UniversityErik Stafford, Harvard UniversityRichard Stanton, University of California-BerkeleyLaura Starks, University of Texas-AustinNoah Stoffman, Indiana UniversityAlex Stomper, Humboldt University of BerlinNeal Stoughton, Vienna University of Economicsand BusinessIlya Strebulaev, Stanford UniversityGuenter Strobl, Frankfurt School of Finance andManagementPer Strömberg, Stockholm School of EconomicsMichael Stutzer, University of Colorado-BoulderAvanidhar Subrahmanyam, University ofCalifornia-Los AngelesMarti G. Subrahmanyam, New York UniversityJohan Sulaeman, National University ofSingaporeSuresh M. Sundaresan, Columbia UniversityAditya Sunderam, Harvard UniversityBhaskaran Swaminathan, LSV AssetManagementElizabeth Tashjian, University of UtahGeoffrey Tate, University of NorthCarolina-Chapel HillLucian Taylor, University of Pennsylvania

Alexei Tchistyi, University ofIllinois-Urbana-ChampaignChris Telmer, Carnegie Mellon UniversityMelvyn Teo, Singapore Management UniversityPaul Tetlock, Columbia UniversityAnjan V. Thakor, Washington University-St.LouisWing Wah Tham, University of New South WalesKarin Thorburn, Norwegian School of EconomicsXuan Tian, Tsinghua UniversitySheri Tice, Tulane UniversityViktor Todorov, Northwestern UniversityStathis Tompaidis, University of Texas-AustinMitch Towner, University of ArizonaRichard Townsend, University of California-SanDiegoCharles Trzcinka, Indiana UniversityYuri Tserlukevich, Arizona State UniversityMargarita Tsoutsoura, Cornell UniversitySergey Tsyplakov, University of South CarolinaSelale Tuzel, University of Southern CaliforniaGarry Twite, University of MelbourneRaman Uppal, EDHEC Business SchoolMark Van Achter, KU LeuvenMathijs Van Dijk, Erasmus UniversityVictoria Vanasco, Stanford UniversityFelipe Varas, Duke UniversityDimitri Vayanos, London School of Economics andPolitical ScienceAndrea Vedolin, Boston UniversityKumar Venkataraman, Southern MethodistUniversityAdrien Verdelhan, Massachusetts Institute ofTechnologyPietro Veronesi, University of ChicagoAnand Vijh, University of IowaAnnette Vissing-Jorgensen, University ofCalifornia-BerkeleyPaolo Volpin, City University of LondonElu VonThadden, University of MannheimJessica Wachter, University of PennsylvaniaChristian Wagner, Copenhagen Business SchoolSunil Wahal, Arizona State UniversityJohan Walden, University of California-BerkeleyAshley Wang, Federal Reserve Board of GovernorsJiang Wang, Massachusetts Institute of TechnologyNeng Wang, Columbia University

43

Tan Wang, Shanghai Jiao Tong UniversityZhenyu Wang, Indiana UniversityMitch Warachka, University of San DiegoAkiko Watanabe, University of AlbertaMasahiro Watanabe, University of AlbertaMichael Weber, University of ChicagoChishen Wei, Singapore Management UniversityKelsey Wei, University of Texas-DallasPierre-Olivier Weill, University of California-LosAngelesMichael Weisbach, Ohio State UniversityRuss Wermers, University of MarylandIngrid M. Werner, Ohio State UniversityMark Westerfield, University of WashingtonJames Weston, Rice UniversityToni M. Whited, University of MichiganRobert Whitelaw, New York UniversityWilliam Wilhelm, University of VirginiaRohan Williamson, Georgetown UniversityMungo Wilson, University of OxfordAvi Wohl, Tel Aviv UniversityKaren Wruck, Ohio State UniversityYouchang Wu, University of OregonJeffrey Wurgler, New York UniversityYuhang Xing, Rice UniversityYuhai Xuan, University ofIllinois-Urbana-ChampaignHong Yan, Shanghai Jiao Tong UniversityHongjun Yan, DePaul UniversityJie Yang, Federal Reserve Board of GovernorsJun Yang, Indiana UniversityLiu Yang, University of MarylandMing Yang, Duke UniversityAmir Yaron, University of PennsylvaniaAyako Yasuda, University of California-DavisMao Ye, University of Illinois-Urbana-Champaign

David L. Yermack, New York UniversityScott E. Yonker, Cornell UniversityLance Young, University of WashingtonFan Yu, Claremont McKenna CollegeJialin Yu, Hong Kong University of Science &TechnologyJianfeng Yu, Tsinghua UniversityXiaoyun Yu, Indiana UniversityKathy Yuan, London School of Economics andPolitical ScienceYu Yuan, Shanghai Jiao Tong UniversityFernando Zapatero, University of SouthernCaliforniaRebecca Zarutskie, Federal Reserve Board ofGovernorsAdam Zawadowski, Central EuropeanUniversityJosef Zechner, Vienna University of Economicsand BusinessJaime F. Zender, University of Colorado-BoulderBohui Zhang, University of New South WalesChu Zhang, Hong Kong University of Science &TechnologyHarold Zhang, University of Texas-DallasLu Zhang, Ohio State UniversityShaojun Zhang, Ohio State UniversityWeina Zhang, National University of SingaporeMengxin Zhao, Securities and ExchangeCommissionLu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisHao Zhou, Tsinghua UniversityHaoxiang Zhu, Massachusetts Institute ofTechnologyEric Zwick, University of ChicagoJeffrey Zwiebel, Stanford University

44

Acknowledgements

As Program Chair, I would like to thank the members of the Program Committee fortheir dedicated service to the WFA. Their expert reviews are the main input inevaluating submitted papers, and are what enabled us to create a high quality program.I would also like to express my deep gratitude to my colleagues at OSU – ZahiBen-David, Justin Birru, Isil Erel, Kewei Hou, Nina Karnaukh, Ye Li, Xiaoji Lin,Bernadette Minton, Thien Nguyen, Michael Schwert, Karen Wruck, Lu Zhang, andShaojun Zhang – who have served as Associate Program Chairs. They helped me createa program from the many highly rated papers, and also formed the best-paper awardscommittee. Furthermore, I am extremely grateful to the authors for submitting theiroutstanding papers to the conference, the session chairs for finding excellent discussants,and to the discussants for providing feedback to authors. Special heartfelt thanks go toBryan Routledge for his expert management of the logistics and the IT system and forhis cheerful and tireless support in the program creation process, to Jiang Wang forgenerously sharing his experiences from last year, and to Andrew Karolyi, Lubos Pastor,and Toni Whited for their advice and guidance. I would also like to thank Robyn Schollat Fisher College of Business, The Ohio State University, for her outstanding support increating the program, and Leigh Ann Clark for expertly managing the on-site conferencelogistics. Last but not least, I would like to thank our sponsors for their continuedsupport of the WFA.

45

IndexA

Adams, Renée, 36Addoum, Jawad, 32Adelino, Manuel, 33, 36Agarwal, Vikas, 36Aggarwal, Rajesh, 36Aggarwal, Reena, 23, 36Agrawal, Anup, 36Ahmad, M. Farooq, 15Ai, Hengjie, 24, 36Aiello, Darren, 9, 24Akins, Brian, 34Albuquerque, Rui, 36Almazan, Andres, 36Almeida, Heitor, 36Andrei, Daniel, 13Andries, Marianne, 17Antill, Samuel, 25, 35Aragon, George, 36Arnott, Rob, 35Asis, Gonzalo, 34Aslan, Hadiye, 32Asparouhova, Elena, 36Atanasov, Victoria, 29Augustin, Patrick, 34, 36Auh, Jun Kyung, 28Avramov, Doron, 16, 36Ayyagari, Meghana, 23

BBabenko, Ilona, 36Baghai, Ramin, 36Bai, Jennie, 24Bailey, Warren, 36Baklanova, Viktoria, 15Bakshi, Gurdip, 36Bali, Turan, 36Balyuk, Tetyana, 16Banerjee, Snehal, 36Bao, Jack, 36Barber, Brad, 27, 36Barbon, Andrea, 16Barillas, Francisco, 26Barras, Laurent, 18Barrot, Jean Noel, 36

Barth, Daniel, 27Bartram, Sohnke, 36Baruch, Shmuel, 25, 36Basak, Suleyman, 13, 36Basu, Soumya, 18Bates, David, 36Bates, Thomas, 36Battalio, Robert, 36Bauer, Rob, 20Baugh, Brian, 21Beber, Alessandro, 36Becker, Bo, 36Begenau, Juliane, 19Bekaert, Geert, 36Belo, Frederico, 22, 36Ben-David, Itzhak, 21, 36Ben-Rephael, Azi, 24Bena, Jan, 32Benzoni, Luca, 36Berger, Elizabeth, 16, 32Bergstresser, Daniel, 36Berkovitch, Eli, 36Bernardo, Antonio, 37Berndt, Antje, 22Bernile, Gennaro, 37Bernstein, Asaf, 32Bernstein, Shai, 37Bessembinder, Hendrik, 37Bhagat, Sanjai, 37Bhamra, Harjoat, 29, 37Bharath, Sreedhar, 37Bhattacharya, Utpal, 37Birru, Justin, 36, 37Bitting, Jonathan, 34Blocher, Jesse, 15Boguth, Oliver, 15, 35, 37Bollen, Nicolas, 37Bongaerts, Dion, 37Boone, Audra, 15, 37Boot, Arnoud, 37Bordalo, Pedro, 37Boudoukh, Jacob, 37Bouwman, Christa, 21, 37Boyson, Nicole, 37

46

Braggion, Fabio, 32Bräuning, Falk, 31Brav, Alon, 37Breugem, Matthijs, 13Bricker, Jesse, 30Brogaard, Jonathan, 37Brown, David, 37Brown, Gregory, 37Brown , Jeffrey , 8, 17Brown, Keith, 37Brown, Stephen, 37Buffa, Andrea M., 13, 37Buraschi, Andrea, 37Burkart, Mike, 37Burns, Natasha, 37Buss, Adrian, 13Busse, Jeffrey, 37Bustamante, Maria, 37Butler, Alexander, 37

CCaglio, Cecilia, 15Cahn, Christophe, 33Calvet, Laurent, 30Campello, Murillo, 37Cao, Charles, 37Carletti, Elena, 21Carlin, Bruce, 24, 37Carpenter, Jennifer, 37Carrieri, Francesca, 34Caskurlu, Tolga, 26Celerier, Claire, 20, 21, 30Cenedese, Gino, 22, 31Chabakauri, Georgy, 19Chabi-Yo, Fousseni, 37Chaderina, Maria, 37Chalmers, John, 28Chan, Kalok, 37Chang, Eric, 37Chapman, David, 37Chari, Anusha, 34Chava, Sudheer, 37Chemla, Gilles, 37Chemmanur, Thomas, 31, 37Chen, Hui, 37Chen, Mark, 37Chen, Xingyi, 31Cherkes, Martin, 31

Chernenko, Sergey, 13, 37Chernov, Mikhail, 25, 37Chhaochharia, Vidhi, 34Chiang, Yao-Min, 31Choi, Darwin, 37Choi, Jaewon, 28Choi, James, 28, 33, 37Chordia, Tarun, 16, 37Chowdhry, Bhagwan, 37Christoffersen, Peter, 37Christoffersen, Susan, 37Cieslak, Anna, 37Cipriani, Marco, 15Clementi, Gian Luca, 37Clements, Mark, 35Clifford, Chris, 14Cocco, Joao, 37Cohen, Lauren, 37Cohn, Jonathan, 28, 37Colacito, Riccardo, 17, 37Coles, Jeffrey, 23, 37Collin-Dufresne, Pierre, 37Comerton-Forde, Carole, 37Cong, Will, 19Conklin, James, 24Conrad, Jennifer, 37Cookson, Gordon, 30Cooper, Michael, 37Copeland, Adam, 15Cornaggia, Jess, 37Cornaggia, Kimberly, 37Cornelli, Francesca, 37Corwin, Shane, 37Coval, Joshua, 37Crain, Nicholas, 37Crane, Alan, 37Cremers, Martijn, 27, 37Croce, Mariano, 37Cronqvist, Henrik, 37Crosignani, Matteo, 24Cunningham, Colleen, 7, 15Custodio, Claudia, 37Cvijanovic, Dragana, 37

DD’Acunto, Francesco, 21Da, Zhi, 24, 37Dagostino, Ramona, 7, 9, 33

47

Dahlquist, Magnus, 38Dang, Tri Vi, 38Daniel, Kent, 38Daniel, Naveen, 34Danis, Andras, 38Das, Abhiman, 21Dasgupta, Amil, 38Dasgupta, Sudipto, 38David, Alexander, 38David, Joel, 8, 22Davila, Eduardo, 38Davis, Jesse, 23Davydiuk, Tetiana, 19De Angelis, David, 34de Bodt, Eric, 15De Marco, Filippo, 21De Motta, Adolfo, 38Del Guercio, Diane, 30, 38Della Corte, Pasquale, 31Dergunov, Ilya, 25Derrien, Francois, 38Detemple, Jerome, 38Dew-Becker, Ian, 29, 38Di Maggio, Marco, 16, 20, 38Diamond, William, 19Dimmock, Stephen, 14, 21Dinc, Serdar, 38Dittmar, Amy, 38Dittmar, Robert, 38Doidge, Craig, 38Donangelo, Andres, 38Donges, Alexander, 26Dorion, Christian, 29Dou, Winston, 38Dow, James, 19, 38Draus, Sarah, 38Drechsler, Itamar, 7, 21, 38Driessen, Joost, 38Duchin, Ran, 15, 38Duffee, Greg, 38Duffie, Darrell, 25Duquerroy, Anne, 33Durnev, Artyom, 23

EEasley, David, 18Eberhardt, Inka, 20Eckbo, Espen, 38

Edelen, Roger, 38Ederer, Florian, 7, 15Edmans, Alex, 38Egan, Mark, 21Eisdorfer, Assaf, 14Eisenbach, Thomas, 17, 38Eisfeldt, Andrea, 38Ellul, Andrew, 38Emery, Logan, 34Engelberg, Joseph, 38Eraker, Bjorn, 38Erel, Isil, 36, 38Ericsson, Jan, 29Errunza, Vihang, 38Ersahin, Nuri, 9, 20Evans, Richard, 15, 38Ewens, Michael, 13, 16, 28

FFaccio, Mara, 17Fahlenbrach, Ruediger, 38Fan, Joseph, 38Fang, Lily, 38Farre-Mensa, Joan, 13, 38Faulkender, Michael, 38Favilukis, Jack, 22, 38Feldhutter, Peter, 16, 38Ferreira, Daniel, 38Ferreira, Miguel, 38Fich, Eliezer, 38Field, Laura, 24, 38Fisher, Adlai, 38Fishman, Michael, 38Fluck, Zsuzsanna, 23, 38Forster, Margaret, 23Fos, Vyacheslav, 17, 38Foucault, Thierry, 38Fracassi, Cesare, 38Frame, W. Scott, 24Frank, Murray, 28, 38Franzoni, Francesco, 16Friewald, Nils, 38Frydman, Carola, 38Fu, Fangjian, 34Fulghieri, Paolo, 38

GGala, Vito, 38

48

Gallant, A. Ronald, 17Gallmeyer, Michael, 38Gamba, Andrea, 35Gandhi, Priyank, 24Gao, Pengjie, 23, 38Garlappi, Lorenzo, 38Garleanu, Nicolae, 4, 38Garmaise, Mark, 38Gaulin, Maclean, 34Geelen, Thomas, 9, 35George, Tom, 38Gerardi, Kristopher, 24Gerken, William, 14, 21Gervais, Simon, 38Getmansky Sherman, Mila, 27, 38Ghent, Andra, 33Giambona, Erasmo, 25, 27Giammarino, Ron, 38Giannetti, Mariassunta, 18, 20, 32, 38Giglio, Stefano, 29, 35, 38Gilbert, Thomas, 38Gillan, Stuart, 34, 38Giroud, Xavier, 38Glebkin, Sergei, 19Glode, Vincent, 38Glossner, Simon, 9, 32Glover, Brent, 22, 38Goldman, Eitan, 38Goldstein, Itay, 4, 19, 38Goldstein, Michael, 38Goldstein, Robert, 35, 38Gomes, Armando, 28Gomes, Francisco, 38Gomes, Joao, 22, 38Gondhi, Naveen, 19Goodman, Sarena, 33Gopalan, Radhakrishnan, 28, 39Gormley, Todd, 39Gornall, Will, 13Gorton, Gary, 39Goyal, Amit, 39Goyal, Vidhan, 39Graham, John, 39Green, Brett, 39Green, Clifton, 39Green, Daniel, 9, 28, 33Greenwald, Daniel, 39

Grenadier, Steven, 35, 39Grennan, Jillian, 15, 39Griffin, John, 4, 39Grinblatt, Mark, 30Grotteria, Marco, 22Grullon, Gustavo, 39Grundy, Bruce, 39Gryglewicz, Sebastian, 35Guay, Wayne, 34Gulen, Huseyin, 34Gupta, Deeksha, 9, 24Gupta, Nandini, 34, 39Gustafson, Matthew, 32Gutiérrez, Roberto, 39

HHacamo, Isaac, 14, 26Hackbarth, Dirk, 39Haddad, Valentin, 13, 30Hagströmer, Björn, 39Halaburda, Hanna, 19Halling, Michael, 39Hameed, Allaudeen, 39Han, Bing, 39Han, Brandon Yueyang, 19Han, Jungsuk, 19, 39Hankins, Kristine, 26Hanley, Kathleen, 39Hanson, Sam, 39Harford, Jarrad, 15, 39Harris, Jeffrey, 39Harris, Lawrence, 39Hartman-Glaser, Barney, 23, 39Hartzmark, Samuel, 27, 39Harvey, Campbell, 18Hasbrouck, Joel, 39Hassan, Tarek, 17Hasseltoft, Henrik, 39Hau, Harald, 22, 39He, Jie, 17He, Ping, 39He, Zhiguo, 39Heath, Davidson, 23Hebert, Benjamin, 23, 39Hege, Ulrich, 39Heider, Florian, 39Hellmann, Thomas, 39Helwege, Jean, 39

49

Hendershott, Terrence, 16, 39Hertzel, Michael, 39Heston, Steven, 39Hilscher, Jens, 39Hirschey, Nicholas, 39Hirshleifer, David, 30Hoberg, Gerard, 39Hochberg, Yael, 39Hoffmann, Peter, 22Holden, Craig, 39Hollander, Stephan, 17Hollifield, Burton, 4, 22, 39Hong, Harrison, 39Hotchkiss, Edith, 28, 39Hou, Kewei, 18, 36, 39Houston, Joel, 18Hsieh, David, 39Huang, Chong, 30Huang, Jiekun, 8, 17Huang, Lixin, 39Hughson, Eric, 39Hunag, Yi, 16Hvidkjaer, Soeren, 39Hwang, Chuan-Yang, 39

IIbert, Markus, 9, 30Illeditsch, Philipp, 39Ince, Ozgur, 23Ioannidou, Vasso, 21Isen, Adam, 33Israelsen, Ryan, 24Ivashina, Victoria, 39Iverson, Benjamin, 25, 39Ivkovich, Zoran, 39Iyer, Rajkamal, 39

JJacobs, Kris, 39Jagannathan, Ravi, 18, 39Jahan-Parvar, Mohammad, 17Jankowitsch, Rainer, 39Jeanneret, Alexandre, 29Jenkinson, Tim, 30Jenter, Dirk, 39Jermann, Urban, 39Jiang, Wei, 39Jiang, Zhengyang, 9, 31

Jin, Lawrence, 13, 20Jin, Li, 39Johannes, Michael, 39John, Kose, 28, 39Johnson, Timothy, 35, 39Johnson, Travis, 39Jones, Charles, 15, 39Jones, Christopher, 39Jones, Howard, 30, 39Jorion, Philippe, 39Joslin, Scott, 39Jostova, Gergana, 16Julio, Brandon, 39

KKacperczyk, Marcin, 40Kadan, Ohad, 40Kadlec, Greg, 23Kadyrzhanova, Dalida, 15, 40Kahle, Kathleen, 20, 40Kahraman, Bige, 15, 40Kalesnik, Vitali, 35Kalpathy, Swami, 40Kan, Raymond, 26, 40Kang, Jun-Koo, 40Kaniel, Ron, 40Kaplan, Steve, 40Karakas, Oguzhan, 40Karceski, Jason, 40Karnaukh, Nina, 36, 40Karolyi, Andrew, 4, 40Karpoff, Jonathan, 40Kaul, Gautam, 40Ke, Da, 27Kedia, Simi, 40Keim, Donald, 40Keller, Lorena, 9, 34Kelly, Bryan, 18, 26, 29Keloharju, Matti, 40Kempf, Elisabeth, 30Kendall, Chad, 20Kermani, Amir, 20Khanna, Naveen, 29, 40Kiku, Dana, 40Kim, Dasol, 21, 40Kim, Hyunseob, 40Kim, Min, 28Kim, Taehyun, 23

50

Kim, You Suk, 28Kisser, Michael, 40Knill, April, 23Knüpfer, Samuli, 40Koch, Andrew, 40Kogan, Leonid, 22, 26Kogan, Shimon, 26, 40Koijen, Ralph, 40Kolasinski, Adam, 40Kondor, Peter, 40Korajczyk, Robert, 40Korteweg, Arthur, 40Koski, Jennifer, 40Kouwenberg, Roy, 14Kovner, Anna, 33Kozak, Serhiy, 26Kozhan, Roman, 40Kruger, Samuel, 40Kuchler, Theresa, 40Kudlyak, Marianna, 33Kuehn, Lars-Alexander, 40Kuhnen, Camelia, 40Kulkarni, Nirupama, 21Kumar, Alok, 40Kumar, Nitish, 27Kumar, Praveen, 32, 40Kung, Howard, 40Kuong, John Chi-Fong, 19Kurlat, Pablo, 40Kyle, Albert, 25

LLamoureux, Christopher, 40Landier, Augustin, 16Lando, David, 40Landoni, Mattia, 28Landvoigt, Tim, 40Langberg, Nisan, 40Langfield, Sam, 22Larrain, Mauricio, 40Laux, Christian, 40Lazrak, Ali, 40Leach, J. Chris, 40Leary, Mark, 28, 40Lee, Charles, 40Lee, Inmoo, 40Lee, Jeongmin, 25Lehar, Alfred, 40

Lei, Qin, 40Leitner, Yaron, 40Lerner, Josh, 13, 40Lettau, Martin, 40Levine, Oliver, 29Levit, Doron, 40Lewellen, Jonathan, 40Lewellen, Katharina, 40Lewellen, Stefan, 40Lewis, Ryan, 32Li, Dongmei, 40Li, Geng, 30Li, Jiacui, 9, 16Li, Jiasun, 30, 31Li, Jun, 22Li, Kai, 13, 24, 40Li, Si, 40Li, Tao, 31Li, Weikai, 15Li, Ye, 19, 36Liang, Bing, 40Liberman, Andres, 16, 40Liberti, Jose, 33Lie, Erik, 40Lim, Sonya, 14, 40Lin, Chen, 16, 26, 40Lin, Tse-Chun, 16, 27Lin, Xiaoji, 17, 36, 40Linck, James, 40Lindsey, Laura, 13, 40Linnainmaa, Juhani, 30, 35, 40Lins, Karl V., 40Lipson, Marc, 40Liu, Crocker, 40Liu, Edith, 31Liu, Haoyang, 24Liu, Hening, 17Liu, Hong, 40Liu, Jun, 13, 40Liu, Ping, 35Liu, Sibo, 26Liu, Steve , 28Liu, Tingjun, 40Liu, Yan, 18, 35Liu, Yang, 31Livdan, Dmitry, 40Ljungqvist, Alexander, 34, 40

51

Lo, Andrew, 41Lochstoer, Lars, 41Loderer, Claudio, 41Longstaff, Francis, 41Lóránth, Gyöngyi, 41Lotfaliei, Babak, 29Lou, Dong, 41Loualiche, Erik, 22, 41Loutskina, Elena, 16, 33, 41Lowery, Richard, 41Lowry, Michelle, 13, 16, 41Lundblad, Christian, 41Lustig, Hanno, 4, 24Lyandres, Evgeny, 41Lynch, Anthony, 41

MMa, Pengfei, 31Ma, Song, 7, 15MacKay, Peter, 41Madhavan, Ananth, 41Madsen, Joshua, 25Madureira, Leonardo, 41Majlesi, Kaveh, 20Makarov, Igor, 41Malacrino, Davide, 33Malamud, Semyon, 41Malenko, Andrey, 23, 41Malenko, Nadya, 23, 27, 41Malinova, Katya, 18, 25, 41Manconi, Alberto, 32Manela, Asaf, 41Mann, William, 31, 41Manso, Gustavo, 26, 41Mao, Yifei, 14Marcet, Francisco, 28Marquez, Robert, 41Martin, Spencer, 41Martin, Thorsten, 20Martinez, Jose Vicente, 30Massa, Massimo, 41Masulis, Ronald, 41Matos, Pedro, 26, 41Matsa, David, 41Maturana, Gonzalo, 24Matvos, Gregor, 41Maug, Ernst, 41McDonald, Robert, 41

McKeon, Stephen, 23, 41McLean, Robert, 41McQuade, Timothy, 41Mechtenberg, Lydia, 20Meier, Jean-Marie, 26Meinerding, Christoph, 25Meloso, Debrah, 20Melzer, Brian, 14Menkveld, Albert, 41Merton, Robert, 12Metrick, Andrew, 41Metzger, Daniel, 41Michaelides, Alexander, 41Michaely, Roni, 17, 41Milbourn, Todd, 41Milbradt, Konstantin, 41Miller, Darius, 41Minton, Bernadette, 36, 41Mishra, Prachi, 21Mitchell, Olivia, 14Mitra, Indrajit, 41Moeller, Sara, 41Moinas, Sophie, 20Møller, Stig, 29Mondragon, John, 33Monin, Phillip, 27Moreira, Alan, 27Morellec, Erwan, 41Morse, Adair, 18, 32Moskowitz, Tobias, 26, 41Moulton, Pamela, 41Moyen, Nathalie, 41Muehlheusser, Gerd, 20Mueller, Holger, 41Mueller, Philippe, 41Muir, Tyler, 13, 18, 41Mullally, Kevin, 27Mullins, William, 33Muravyev, Dmitriy, 29Murfin, Justin, 32, 41Musto, David, 31, 41Myers, Brett, 41

NNagel, Stefan, 26Nathanson, Charles, 33, 41Nelling, Edward, 41Ng, David, 32

52

Nguyen, Thien, 36, 41Ni, Sophie, 14Niessner, Marina, 26Nikolov, Boris, 17, 41Nimalendran, Mahendrarajah, 41Nini, Greg, 41Noe, Thomas, 41Norden, Lars, 41Nyborg, Kjell, 41

OO’Hara, Maureen, 18, 41Odean, Terrance, 41Oehmke, Martin, 41Ongena, Steven, 41Onur, Esen, 22Opp, Christian, 25, 41Opp, Marcus, 41Orlov, Dmitry, 19Ortiz-Molina, Hernan, 41Otto, Clemens, 20Ou-Yang, Hui, 41Ouimet, Paige, 14, 41Ovtchinnikov, Alexei, 18Ozbas, Oguzhan, 42

PPagano, Marco, 42Pagel, Michaela, 21Palazzo, Berardino, 17, 42Palia, Darius, 42Panayides, Marios, 42Papanikolaou, Dimitris, 26, 42Park, Andreas, 42Park, Hoonsuk, 21Parker, Jonathan, 21Parlour, Christine, 25, 42Parra, Carlos, 25Parrino, Robert, 42Parsons, Christopher, 42Pasquariello, Paolo, 42Pastor, Lubos, 8, 19, 30Pavlova, Anna, 42Peijnenburg, Kim, 14Pelizzon, Loriana, 16, 42Peng, Liang, 42Peng, Lin, 35, 42Pennacchi, George, 42

Peress, Joel, 42Perez-Gonzalez, Francisco, 42Perotti, Enrico, 42Petersen, Mitchell, 42Pflueger, Carolin, 42Phalippou, Ludovic, 42Philipov, Alexander, 16Phillips, Gordon, 42Piacentino, Giorgia, 23, 24Plazzi, Alberto, 24Polk, Christopher, 42Pollet, Joshua, 42Ponticelli, Jacopo, 29, 42Pontiff, Jeffrey, 42Pool, Veronika, 27, 30Prabhala, Nagpurnanand, 21Priestley, Richard, 29Pruitt, Seth, 18, 27, 35Puri, Manju, 42Purnanandam, Amiyatosh, 24Pursiainen, Vesa, 16, 27

QQian, Jun, 42Quintin, Erwan, 29

RRaff, Konrad, 34Rajan, Uday, 42Ramadorai, Tarun, 42Rampini, Adriano, 29, 42Ranaldo, Angelo, 22Randl, Otto, 42Rau, Raghavendra, 14, 42Ravid, S. Abraham, 28, 42Ray, Sugata, 27Ready, Mark, 42Ready, Robert, 31, 42Reed, Adam, 42Reiffen, David, 22Reuter, Jonathan, 42Rhodes-Kropf, Matt, 42Ricco, Roberto, 25Rice, Edward, 42Riggs, Lynn, 22Rime, Dagfinn, 42Rindi, Barbara, 25, 42Ringgenberg, Matthew, 15, 23, 42

53

Ritter, Jay, 31Roberts, Michael, 42Robertson, Adriana, 28Robotti, Cesare, 26Roider, Andreas, 20Ronen, Tavy, 28, 42Ronn, Ehud, 42Rossi, Stefano, 17Rosu, Ioanid, 19, 42Roussanov, Nick, 42Routledge, Bryan, 1, 4, 23, 42Ruchti, Thomas, 22Rydqvist, Kristian, 42

SSaar, Gideon, 42Sadka, Ronnie, 14, 42Saffi, Pedro, 42Sagi, Jacob, 42Saleh, Fahad, 9, 18Salomao, Juliana , 35Sambalaibat, Batchimeg, 22Sandas, Patrik, 42Sangiorgi, Francesco, 19Santos, Joao, 42Santosh, Shrihari, 26Sarno, Lucio, 42Sautner, Zacharias, 42Savov, Alexi, 7, 21Schallheim, James, 42Scherbina, Anna, 27, 42Schill, Michael, 42Schiller, Christoph, 9, 23Schlag, Christian, 25Schlingemann, Frederik, 42Schlusche, Bernd, 27Schmalz, Martin, 17, 42Schmid, Lukas, 8, 17, 22, 29, 42Schmidt, Lawrence, 26Schnabl, Philipp, 7, 21, 42Schneider, Andres, 19Schoar, Antoinette, 33Schreindorfer, David, 24Schuerhoff, Norman, 42Schultz, Paul, 28, 42Schwarz, Krista, 42Schwert, Michael, 36, 42Seasholes, Mark, 42

Segal, Gill, 17Senbet, Lemma, 42Sensoy, Berk, 13, 42Sepe, Simone M., 27Seppi, Duane, 25, 42Sercu, Piet, 42Serfling, Matthew, 20Seru, Amit, 42Servaes, Henri, 42Sette, Enrico, 21Severino, Felipe, 33, 42Sevilir, Merih, 15, 26, 42Shaliastovich, Ivan, 29, 31, 43Shanken, Jay, 26Shapiro, Joel, 43Shen, Mo, 9, 14Sheng, Zixia, 16Sherman, Ann, 43Shi, Zhen, 27Shivdasani, Anil, 43Shive, Sophie, 23, 43Shue, Kelly, 14, 43Shumway, Tyler, 43Sialm, Clemens, 13, 43Sias, Richard, 43Siegel, Stephan, 43Silva, Rui, 26Simintzi, Elena, 14, 32Simonov, Andrei, 43Simutin, Mikhail, 15Singh, Raj, 43Sirri, Erik, 43Skoulakis, Georgios, 18Skrzypacz, Andrzej, 19Smeets, Paul, 20Smith, David, 43Sockin, Michael, 43Sodini, Paolo, 30, 43Sojli, Elvira, 43Song, Jae, 26Sorescu, Sorin, 43Sosyura, Denis, 43Spiegel, Matthew, 28, 43Stafford, Erik, 43Stambaugh, Robert, 8, 30Stanton, Richard, 43Starks, Laura, 32, 43

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Stein, Luke, 35Steri, Roberto, 17Stoffman, Noah, 43Stomper, Alex, 43Stoughton, Neal, 43Strebulaev, Ilya, 13, 43Strobl, Guenter, 43Strömberg, Per, 43Sturgess, Jason, 33Stutzer, Michael, 43Su, Yinan, 18Subrahmanyam, Avanidhar, 43Subrahmanyam, Marti, 43Sulaeman, Johan, 43Sun, Zheng, 34Sundaresan, Suresh, 43Sunderam, Aditya, 43Sutherland, Andrew, 33Swaminathan, Bhaskaran, 43

TTahoun, Ahmed, 17Tang, Yuehua, 27Tashjian, Elizabeth, 43Tate, Geoffrey, 14, 43Taylor, Lucian, 8, 30, 43Tchistyi, Alexei, 43Telmer, Chris, 43Teo, Melvyn, 43Teoh, Siew Hong, 14, 30Tetlock, Paul, 43Thakor, Anjan, 43Tham, Wing Wah, 43Thimme, Julian, 17Thorburn, Karin, 43Tian, Xuan, 43Tice, Sheri, 43Timmer, Yannick, 22Tinn, Katrin, 18Titman, Sheridan, 28Tiwari, Ashish, 30Todorov, Viktor, 43Tompaidis, Stathis, 43Towner, Mitch, 43Townsend, Richard, 43Trzcinka, Charles, 43Tserlukevich, Yuri, 43Tsoutsoura, Margarita, 43

Tsoy, Anton, 23, 25Tsyplakov, Sergey, 43Tuzel, Selale, 17, 20, 43Twite, Garry, 28, 43

UUppal, Raman, 43

VVallee, Boris, 30Valta, Philip, 18Van Achter, Mark, 43Van Alfen, Tyson, 21Van Dijk, Mathijs, 43van Lent, Laurence, 17Van Wesep, Edward, 26Vanasco, Victoria, 43Varas, Felipe, 43Vasios, Michalis, 22Vayanos, Dimitri, 43Vedolin, Andrea, 43Vega, Clara, 31Venkat, Parth, 32Venkataraman, Kumar, 43Verdelhan, Adrien, 43Veronesi, Pietro, 43Vijh, Anand, 23, 43Vissing-Jorgensen, Annette, 4, 21, 29, 43Volpin, Paolo, 43VonThadden, Elu, 43

WWachter, Jessica, 22, 25, 29, 43Wagner, Christian, 43Wahal, Sunil, 43Walden, Johan, 43Wang, Ashley, 43Wang, Jessie Jiaxu, 14Wang, Jialan, 26Wang, Jiang, 4, 43Wang, Neng, 43Wang, Tan, 44Wang, Tianyu, 31Wang, Tracy, 25Wang, Wei, 25Wang, Yajun, 19Wang, Ye, 25, 27Wang, Zhenyu, 15, 44

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Wang, Zhi Jay, 28Warachka, Mitch, 44Watanabe, Akiko, 44Watanabe, Masahiro, 44Weber, Michael, 17, 29, 44Wei, Chishen, 44Wei, Kelsey, 44Wei, Lai, 16Weill, Pierre-Olivier, 44Weisbach, Michael, 44Wermers, Russ, 44Werner, Ingrid, 4, 36, 44Westerfield, Mark, 44Weston, James, 44Whited, Toni, 4, 17, 27, 44Whitelaw, Robert, 44Wilhelm, William, 44Williams, Ryan, 20Williamson, Rohan, 34, 44Wilson, Mungo, 44Wohl, Avi, 44Wruck, Karen, 36, 44Wu, Chaopeng, 31Wu, Youchang, 44Wurgler, Jeffrey, 44

XXiaolan, Mindy Z., 20Xing, Yuhang, 44Xiu, Dacheng, 35Xu, Qiping, 23, 25Xu, Ting, 33Xuan, Yuhai, 44Xue, Chen, 18

YYan, Hong, 44Yan, Hongjun, 44Yang, Fan, 17Yang, Jie, 44Yang, Jun, 44Yang, Liu, 44Yang, Liyan, 19Yang, Ming, 44Yannelis, Constantine, 33Yaron, Amir, 44Yasuda, Ayako, 44Ye, Mao, 44

Yermack, David, 44Yi, Irene, 32Yonker, Scott, 44Young, Lance, 44Yu, Fan, 44Yu, Jialin, 44Yu, Jianfeng, 44Yu, Qianqian, 31Yu, Xiaoyun, 32, 44Yu, Yingjie, 35Yuan, Kathy, 44Yuan, Yu, 44Yuferova, Darya, 16

ZZapatero, Fernando, 44Zarutskie, Rebecca, 44Zawadowski, Adam, 44Zechner, Josef, 44Zeke, David, 8, 22Zender, Jaime, 44Zeng, Yao, 13, 19Zhang, Bohui, 44Zhang, Chu, 44Zhang, Donghang, 31Zhang, Harold, 22, 44Zhang, Lu, 18, 36, 44Zhang, Miao Ben, 14, 20Zhang, Shaojun, 36, 44Zhang, Wei, 34Zhang, Weina, 44Zhang, Xiaoyan, 35Zhao, Mengxin, 44Zhdanov, Alexei, 14Zheng, Lu, 44Zhou, Guofu, 44Zhou, Hao, 44Zhou, Tianpeng, 29Zhu, Haikun, 32Zhu, Haoxiang, 22, 44Zhu, Qifei, 15, 32Zryumov, Pavel, 19Zwick, Eric, 44Zwiebel, Jeffrey, 44

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2019 ANNUAL MEETINGS OFTHE WESTERN FINANCE ASSOCIATION

June 16 - 19, 2019Hyatt Regency Huntington Beach

Huntington Beach, CA

Members and friends of the Western Finance Association are invited to submit papers tobe considered for presentation at the 2019 Annual Meetings. Papers on any topic relatedto finance will be considered.

Submission of papers: Papers should be submitted electronically at the WFA web site,https://westernfinance.org, which will contain full instructions for submission,including required on-line registration, creation of the required cover page, thesubmission fee, and other vital instructions. We will begin taking submissions on orabout October 1, 2018. The deadline for submissions is midnight PST, November 18,2018. Papers will be reviewed anonymously by up to three members of the ProgramCommittee, and authors will be notified of the Program Committee’s decisions by theend of March, 2019.

Best Paper Awards (subject to change):

The USC Marshall School of Business Trefftzs Award of $5,000 for the best student paper.

Charles River Associates Award of $5,000 for the best paper on corporate finance.

Elsevier Sponsored Award of $5,000 for the best paper on financial institutions.

NASDAQ Award of $5,000 for the best paper on asset pricing.

QMA Award of $5,000 for the best paper on Investment Management.

Wharton School – WRDS Award of $5,000 for the best empirical finance paper.

2019 Program Chair:

Andrew KarolyiCornell University

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western finance association 2018 program · western finance association ofﬁcers and directors:...

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