Western Finance Association

2020 Program

55th Annual Conferenceof the

Western Finance Association

June 19 - 22, 202006/23/2020 10:49

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: routledge@cmu.edu

A call for papers and participants for the 2021 Conference of the Western FinanceAssociation appears at the end of this program.

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WELCOME

These are extraordinary times and we hope you are safe and well. Since travel iscurrently not safe or advisable, the WFA 2020 will take place via on-line videoconferencing. This is new to all of us but we welcome the challenge and appreciate yourpatience. Toni M. Whited, Program Chair 2020, has pulled together a tremendousprogram and we look forward to engaging presentations and discussions.

The WFA is committed to providing a safe, inclusive and productive setting for scientificexchange among all participants at the Annual Conference. To affirm this commitment,the Board of the WFA developed a conference code of conduct for WFA conferenceattendees. The code of conduct briefly spells out the expectations for all meetingparticipants, emphasizes that neither harassment nor discrimination will be tolerated,and details whom to contact in the event that there are violations of this code. There is alink to the conference code of conduct at https://westernfinance.org, and it is printed onpage 57 of the conference programs as a reminder.

Thank you again for your understanding and let’s celebrate a great WFA 2020 virtually!

Andrew Karolyi,WFA President, 2019-2020

REGISTRATION & LOGISTICS

Registration is available at https://westernfinance.org. We encourage you to pre-registeras soon as you can. This facilitates our planning.

WFA member $50Non-member $50Student No ChargeProgram Committee Member No Charge

We will post logistical details here and at https://westernfinance.orgas we approach theevent date. Stay tuned!

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SPONSORSHIP

The Western Finance Association gratefully acknowledges the sponsors of our2020 conference.

BlackRock

Cambridge University Press

Charles River Associates

Cornerstone Research

Cubist Systematic Strategies

Elsevier B.V.

Research Affiliates, LLC

The NASDAQ Stock Market

Two Sigma

USC Marshall School of Business

Wharton Research Data Services

Xin Fintech Center, PBC School of Finance, Tsinghua University

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WESTERN FINANCE ASSOCIATION

Officers and Directors: 2019-2020

President: Andrew Karolyi, Cornell UniversityPresident Elect: Toni M. Whited, University of MichiganVice President: John M. Griffin, University of Texas-Austin

Vice-President Elect: Christine A. Parlour, University ofCalifornia-Berkeley

Secretary-Treasurer: Bryan R. Routledge, Carnegie Mellon University

Directors: Burton Hollifield, Carnegie Mellon UniversityHanno Lustig, Stanford UniversityUday Rajan, University of MichiganAdrien Verdelhan, Massachusetts Institute ofTechnologyJessica Wachter, University of PennsylvaniaAmir Yaron, University of Pennsylvania

Presidents: 1965 – 2020

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 Columbia

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1986–87 Gerald Bierwag University of Arizona1987–88 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 Technology2018–19 Ingrid M. Werner Ohio State University2019–20 Andrew Karolyi Cornell University

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Distinguished Speakers

WFA Annual Meeting Speakers 1979 – 2020Year 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. Merton2019 Huntington Beach Raghuram Rajan

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2020 Virtual Conferene Antoinette Schoar

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BEST PAPER AWARDS

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

Do the Right Firms Survive Bankruptcy?Samuel Antill, Stanford University

CHARLES RIVER ASSOCIATES AWARDFOR THE BEST PAPER ON CORPORATE FINANCE

The Decline of Secured DebtEfraim Benmelech, Northwestern University

Nitish Kumar, University of FloridaRaghuram Rajan, University of Chicago

ELSEVIER SPONSORED AWARDFOR THE BEST PAPER ON FINANCIAL INSTITUTIONS

Interbank Networks in the Shadows of the Federal Reserve ActHaelim Anderson, Federal Deposit Insurance Corporation

Selman Erol, Carnegie Mellon UniversityGuillermo Ordoñez, University of Pennsylvania

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BEST PAPER AWARDS

NASDAQ AWARDFOR THE BEST PAPER ON ASSET PRICING

Common Fund Flows: Flow Hedging and Factor PricingWinston Dou, University of Pennsylvania

Leonid Kogan, Massachusetts Institute of TechnologyWei Wu, Texas A&M University

PBCSF AWARDFOR THE BEST PAPER IN FINTECH

Financial Technology AdoptionSean Higgins, Northwestern University

TWO SIGMA AWARDFOR THE BEST PAPER ON INVESTMENT MANAGEMENT

Quantifying the High-Frequency Trading “Arms Race”: A Simple New Methodologyand Estimates

Matteo Aquilina, Financial Conduct AuthorityEric Budish, University of Chicago

Peter O’Neill, Financial Conduct Authority

WHARTON SCHOOL - WRDS AWARDFOR THE BEST EMPIRICAL FINANCE PAPER

The Gender Gap in Housing ReturnsPaul Goldsmith-Pinkham, Yale University

Kelly Shue, Yale University

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BEST PAPER AWARDS

CUBIST SYSTEMATIC STRATEGIES PHD CANDIDATE AWARDSFOR OUTSTANDING RESEARCH

Rohit Allena, Emory University

Samuel Antill, Stanford University

Ehsan Azarmsa, University of Chicago

Paul Decaire, University of Pennsylvania

Yao Deng, University of Minnesota

Moritz Drechsel-Grau, University of Mannheim

Fabian Greimel, University of Mannheim

Jakub Hajda, University of Lausanne

Leyla Jianyu Han, University of Hong Kong

Erica Xuewei Jiang, University of Texas-Austin

Danqing Mei, Columbia University

Diogo Mendes, Nova School of Business and Economics

Roxana Mihet, New York University

Joy Tianjiao Tong, Duke University

Pramodkumar Yadav, Drexel University

Geoffery X. Zheng, New York University-Shanghai

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PROGRAM SUMMARY

Tuesday, June 16, 2020

10:30 am – 12:15 pm PDTTechnical Check - Session Chairs

Thursday, June 18, 2020

2:45 pm – 4:30 pm PDTTechnical Check - Authors + Discussants (Drop in)

Friday, June 19, 2020

10:30 am – 12:15 pm PDTWFA Executive Committee and Board of Directors Meeting (Invitation Only)

Saturday, June 20, 2020

7:30 am – 5:00 pm PDTLobby A (drop in / meet up)Tech Help Center

8:15 am – 10:00 am PDTInformation in Government Debt MarketsAsset Pricing TheoryPersonal FinanceBanking CompetitionCorporate DebtActivism

10:30 am – 12:15 pm PDTEntrepreneurshipReal EstateTaxes, Credit, and DebtEmpirical Asset PricingCrypto MarketsShareholder Voting

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2:45 pm – 4:30 pm PDTReal and Financial Firm PoliciesConsiderations Beyond Risk and ReturnMisbehaviorIntermediation and LiquidityGovernment DebtEmpirical Options

5:00 pm – 6:00 pm PDTWFA Reception

Sunday, June 21, 2020

7:30 am – 5:00 pm PDTLobby A (drop in / meet up)Tech Help Center

8:15 am – 10:00 am PDTInvestor Wealth and ConsumptionMutual Fund Performance : 2020Product MarketsEmpirical MicrostructureCapital StructureFinancial Distress

10:30 am – 12:15 pm PDTLimits to ArbitrageAlternative Approaches to ValuationNatural Experiments and Corporate GovernanceMergers and BuyoutsBanking TheoryVenture Investment

12:30 pm – 2:00 pm PDTWFA Annual Meeting and Distinguished Speaker

Distinguished Speaker: Antoinette Schoar, Massachusetts Institute of Technology

2:45 pm – 4:30 pm PDTImplications of Market Structure

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InternationalPricing Implications of Corporate ActionsLearning and MemoryReturns to HousingBlockchain

5:00 pm – 6:00 pm PDTWFA Reception

Monday, June 22, 2020

7:30 am – 12:00 pm PDTLobby A (drop in / meet up)Tech Help Center

8:15 am – 10:00 am PDTLiquidityConsumers and BanksNews and ExpectationsSocially Responsible FinanceMutual Fund FlowsInnovation, Intangible Capital, and Labor

10:30 am – 12:15 pm PDTBehavioral Asset PricingBanking, Politics, and RegulationCorporate InvestmentRisk PremiaCredit MarketsFintech

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PROGRAM DETAILS

Tuesday, June 16, 2020, 10:30 am – 12:15 pm PDT

Technical Check - Session ChairsBryan R. Routledge, Carnegie Mellon University

Session Chairs: Join us for some suggestions on chairing in the Zoom WebinarBryan R. Routledge, Carnegie Mellon UniversityLawrence Suarez,

Discussants:TBA

Thursday, June 18, 2020, 2:45 pm – 4:30 pm PDT

Technical Check - Authors + Discussants (Drop in)Bryan R. Routledge, Carnegie Mellon University

Authors and Discussants: Drop in and Test the Zoom WebinarJohn M. Griffin, University of Texas-AustinAndrew Karolyi, Cornell UniversityChristine A. Parlour, University of California-BerkeleyBryan R. Routledge, Carnegie Mellon UniversityToni M. Whited, University of Michigan

Discussants:Bryan Routledge - Test, Carnegie Mellon University

Saturday, June 20, 2020, 8:15 am – 10:00 am PDT

Information in Government Debt MarketsCarolin Pflueger, University of Chicago

Common Shocks in Stocks and BondsAnna Cieslak, Duke UniversityHao Pang, Duke University

Central Banking with Many Voices: The Communications Arms RaceAnnette Vissing-Jorgensen, University of California-Berkeley

Informed Trading in the Government Bond MarketRobert Czech, Bank of EnglandShiyang Huang, University of Hong KongDong Lou, London School of Economics and Political ScienceTianyu Wang, Tsinghua University

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Discussants:Anastassia Fedyk, University of California-BerkeleyMungo Wilson, University of OxfordDan Li, Federal Reserve Board of Governors

Asset Pricing TheoryMete Kilic, University of Southern California

Asset Pricing with Heterogeneous Agents and Long-Run RiskOle Wilms, Tilburg UniversityKarl Schmedders, IMD InternationalWalter Pohl, University of Groningen

Limited Household Risk-Sharing: General Equilibrium Implications for InterestRatesIndrajit Mitra, Federal Reserve Bank of AtlantaYu Xu, University of Hong Kong

SONOMA: a Small Open ecoNOmy for MAcrofinanceMariano Croce, Università BocconiMohammad Jahan-Parvar, Federal Reserve Board of GovernorsSamuel Rosen, Temple University

Discussants:Lawrence Jin, California Institute of TechnologyMete Kilic, University of Southern CaliforniaJuliana Salomao, University of Minnesota

Personal FinanceJialan Wang, University of Illinois-Urbana-Champaign

How Does Liquidity Constraint Affect Employment and Wages? Evidence fromDanish Mortgage ReformAlex He, University of MarylandDaniel le Maire, University of Copenhagen

Does Formal Credit Lead to More Financial Inclusion or Distress? Results Usinga Strict Scoring Rule Amongst Marginal Clients in ParaguayViviane Azevedo,Jeanne Lafortune, Pontificia Universidad Católica de ChileLiliana Olarte,Jose Tessada, Pontificia Universidad Católica de Chile

Moral Hazard versus Liquidity in Household BankruptcySasha Indarte, Duke University

Discussants:Stephanie Johnson, Rice UniversitySean Higgins, Northwestern UniversityPaul Goldsmith-Pinkham, Yale University

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Banking CompetitionYufeng Wu, University of Illinois-Urbana-Champaign

Competition and Incentives in Mortgage Markets: The Role of BrokersClaudia Robles-Garcia, Stanford University

The Effects of Banking Competition on Growth and Financial Stability:Evidence from the National Banking EraStephan Luck, Federal Reserve Bank of New YorkMark Carlson, Federal Reserve Board of GovernorsSergio Correia, Federal Reserve Board of Governors

Market Power in Small Business Lending: A Two Dimensional BunchingApproachNatalie Bachas, Princeton UniversityErnest Liu, Princeton University

Discussants:Mark Egan, Harvard UniversityFlorian Heider, European Central BankFarzad Saidi, Boston University

Corporate DebtFrancesca Zucchi, Federal Reserve Board of Governors

Optimal Time-Consistent Debt PoliciesAndrey Malenko, Boston CollegeAnton Tsoy, University of Toronto

Corporate Liquidity Management under Moral HazardBarney Hartman-Glaser, University of California-Los AngelesSimon Mayer, Erasmus UniversityKonstantin Milbradt, Northwestern University

A Dynamic Theory of Learning and Relationship LendingYunzhi Hu, University of North Carolina-Chapel HillFelipe Varas, Duke University

Discussants:Thomas Geelen, Copenhagen Business SchoolAlejandro Rivera, University of Texas-DallasBriana Chang, University of Wisconsin-Madison

ActivismLaura Starks, University of Texas-Austin

Dark Knights: The Rise in Firm Intervention by CDS InvestorsAndras Danis, Georgia Institute of TechnologyAndrea Gamba, University of Warwick

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Does Money Talk? Market Discipline through Selloffs and BoycottsNickolay Gantchev, Southern Methodist UniversityMariassunta Giannetti, Stockholm School of EconomicsRachel Li, University of Alabama

Where Do Shareholder Gains in Hedge Fund Activism Come From? Evidencefrom Employee Pension PlansAnup Agrawal, University of AlabamaYuree Lim, University of Wisconsin-La Crosse

Discussants:Jonathan Cohn, University of Texas-AustinReena Aggarwal, Georgetown UniversityGreg Niehaus, University of South Carolina

Saturday, June 20, 2020, 10:30 am – 12:15 pm PDT

EntrepreneurshipLaura Lindsey, Arizona State University

Investor Tax Credits and Entrepreneurship: Evidence from U.S. StatesMatthew Denes, Carnegie Mellon UniversitySabrina Howell, New York UniversityFilippo Mezzanotti, Northwestern UniversityXinxin Wang, University of North Carolina-Chapel HillTing Xu, University of Virginia

Keeping Options Open: What Motivates Entrepreneurs?Sylvain Catherine, University of Pennsylvania

The Impact of Consumer Credit Access on Self-Employment andEntrepreneurshipKyle Herkenhoff, University of MinnesotaGordon M. Phillips, Dartmouth CollegeEthan Cohen-Cole, Econ One Research

Discussants:Michael Ewens, California Institute of TechnologyGustavo Manso, University of California-BerkeleyHyunseob Kim, Cornell University

Real EstateVadim Elenev, Johns Hopkins University

Desperate House Sellers: Distress Among DevelopersEileen van Straelen, Federal Reserve Board of Governors

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Heterogeneous Real Estate Agents and the Housing CycleSonia Gilbukh, New York UniversityPaul Goldsmith-Pinkham, Yale University

Peak Bust Rental SpreadsChristopher Parsons, University of WashingtonMarco Giacoletti, University of Southern California

Discussants:Samuel Kruger, University of Texas-AustinBatchimeg Sambalaibat, Indiana UniversityJacob Sagi, University of North Carolina-Chapel Hill

Taxes, Credit, and DebtNathalie Moyen, University of Colorado-Boulder

Optimal Corporate Taxation Under Financial FrictionsEduardo Davila, Yale UniversityBenjamin Hebert, Stanford University

The Decline of Secured DebtEfraim Benmelech, Northwestern UniversityNitish Kumar, University of FloridaRaghuram Rajan, University of Chicago

Ambiguous Credit Quality and Debt Maturity StructureShane Johnson, Texas A&M UniversityHwagyun Kim, Texas A&M UniversityJu Hyun Kim, Texas A&M University

Discussants:Brent Glover, Carnegie Mellon UniversityJuliane Begenau, Stanford UniversityJaime F. Zender, University of Colorado-Boulder

Empirical Asset PricingSerhiy Kozak, University of Maryland

Comparing Asset Pricing Models with Non-Traded Factors and PrincipalComponentsRohit Allena, Emory University

Leveraged Funds and the Shadow Cost of Leverage ConstraintsZhongjin Lu, University of GeorgiaZhongling Qin, University of Georgia

Open-End Funds and Cross-Sectional Asset ReturnsMinsoo Kim, University of Melbourne

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Discussants:Cesare Robotti, University of WarwickAsaf Manela, Washington University-St. LouisRuss Wermers, University of Maryland

Crypto MarketsMaureen O’Hara, Cornell University

Economics of Proof-of-Stake Payment SystemsGiulia Fanti, Carnegie Mellon UniversityLeonid Kogan, Massachusetts Institute of TechnologyPramod Viswanath, University of Illinois-Urbana-Champaign

Building Trust Takes Time: Limits to Arbitrage in Blockchain-Based MarketsNikolaus Hautsch, University of ViennaChristoph Scheuch, Vienna University of Economics and BusinessStefan Voigt, Vienna University of Economics and Business

Decentalized Mining in Centralized PoolsWill Cong, Cornell UniversityZhiguo He, University of ChicagoJiasun Li, George Mason University

Discussants:Emiliano Pagnotta, Imperial College LondonDavid Easley, Cornell UniversityMarkus Baldauf, University of British Columbia

Shareholder VotingJonathan Cohn, University of Texas-Austin

Trading and Shareholder DemocracyDoron Levit, University of PennsylvaniaNadya Malenko, Boston CollegeErnst G. Maug, University of Mannheim

Group-Managed Real Options: Voting, Polarization, and Investment DynamicsLorenzo Garlappi, University of British ColumbiaRon M. Giammarino, University of British ColumbiaAli Lazrak, University of British Columbia

Dynamic Blockholder Incentives: Liquidity and ReputationIvan Marinovic, Stanford UniversityFelipe Varas, Duke University

Discussants:Robert Marquez, University of California-DavisIlona Babenko, Arizona State UniversityUday Rajan, University of Michigan

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Saturday, June 20, 2020, 2:45 pm – 4:30 pm PDT

Real and Financial Firm PoliciesJanet Gao, Indiana University

Capital Budgeting and Idiosyncratic RiskPaul Decaire, University of Pennsylvania

Delayed Creative Destruction: How Uncertainty Shapes Corporate AssetAllocationMurillo Campello, Cornell UniversityGaurav Kankanhalli, Cornell UniversityHyunseob Kim, Cornell University

Do Nonfinancial Firms Use Financial Assets to Take Risk? Evidence from the2014 Oil Price CrisisRan Duchin, University of WashingtonZhiyao Chen, Chinese University of Hong Kong

Discussants:Evgeny Lyandres, Boston UniversityHuseyin Gulen, Purdue UniversityKristine Hankins, University of Kentucky

Considerations Beyond Risk and ReturnRui Albuquerque, Boston College

ESG Preference, Institutional Trading, and Stock Return PatternsJie Cao, Chinese University of Hong KongSheridan Titman, University of Texas-AustinXintong Zhan, Chinese University of Hong KongWeiming Zhang, Chinese University of Hong Kong

Stranded Fossil Fuel Reserves and Firm ValueChristina Atanasova, Simon Fraser UniversityEduardo Schwartz, University of California-Los Angeles

Asset Prices and Portfolios with ExternalitiesSteven Baker, University of VirginiaBurton Hollifield, Carnegie Mellon UniversityEmilio Osambela, Federal Reserve Board of Governors

Discussants:Lucian Taylor, University of PennsylvaniaPaul Decaire, University of PennsylvaniaMarcus Opp, Stockholm School of Economics

MisbehaviorJohn M. Griffin, University of Texas-Austin

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Is “Not Guilty” the Same as “Innocent”? Evidence from SEC Financial FraudInvestigationsDavid H. Solomon, Boston CollegeEugene Soltes, Harvard University

Organized Crime and Firms: Evidence from Anti-Mafia Enforcement ActionsPablo Slutzky, University of MarylandStefan Zeume, University of Illinois-Urbana-Champaign

Deleting Misconduct: The Expungement of BrokerCheck RecordsColleen Honigsberg, Stanford UniversityMatthew Jacob, Harvard University

Discussants:Natasha Sarin, University of PennsylvaniaJordan Nickerson, Boston CollegeSamuel Kruger, University of Texas-Austin

Intermediation and LiquidityFarzad Saidi, Boston University

Deposit WithdrawalsNikolaos Artavanis, Virginia TechDaniel Paravisini, London School of Economics and Political ScienceClaudia Robles-Garcia, Stanford UniversityAmit Seru, Stanford UniversityMargarita Tsoutsoura, Cornell University

Beyond the Balance Sheet Model of Banking: Implications for Bank Regulationand Monetary PolicyGreg Buchak, Stanford UniversityGregor Matvos, Northwestern UniversityTomasz Piskorski, Columbia UniversityAmit Seru, Stanford University

Zombie Credit and (Dis-)Inflation: Evidence from EuropeViral V. Acharya, New York UniversityMatteo Crosignani, Federal Reserve Bank of New YorkTim Eisert, Erasmus UniversityChristian Eufinger, University of Navarra

Discussants:Yiming Ma, Columbia UniversityNicola Pavanini, Tilburg UniversityMarco Di Maggio, Harvard University

Government DebtJack Favilukis, University of British Columbia

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Benchmark Interest Rates When the Government is RiskyPatrick Augustin, McGill UniversityMikhail Chernov, University of California-Los AngelesLukas Schmid, Duke UniversityDongho Song, Johns Hopkins University

The U.S. Public Debt Valuation PuzzleZhengyang Jiang, Northwestern UniversityHanno Lustig, Stanford UniversityStijn Van Nieuwerburgh, Columbia UniversityMindy Z. Xiaolan, University of Texas-Austin

Learning, Equilibrium Trend, Cycle, and Spread in Bond YieldsGuihai Zhao, Bank of Canada

Discussants:Wenhao Li, University of Southern CaliforniaTetiana Davydiuk, Carnegie Mellon UniversityCarolin Pflueger, University of Chicago

Empirical OptionsScott Joslin, University of Southern California

Option-Implied Dependence and Correlation Risk PremiumOleg Bondarenko, University of Illinois-ChicagoCarole Bernard, Grenoble Ecole de Management

Very Noisy Option Prices and Inference Regarding Option ReturnsJefferson Duarte, Rice UniversityChristopher S. Jones, University of Southern CaliforniaJunbo L. I. Wang, Louisiana State University

A Factor Model for Option ReturnsMatthias Büchner, University of WarwickBryan Kelly, Yale University

Discussants:Adrian Buss, INSEADDaniela Osterrieder, Rutgers, The State University of New JerseyScott Murray, Georgia State University

Sunday, June 21, 2020, 8:15 am – 10:00 am PDT

Investor Wealth and ConsumptionStavros Panageas, University of California-Los Angeles

Investment Sophistication and Wealth InequalityEhsan Azarmsa, University of Chicago

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Wealth Shares in the Long RunGeoffery X. Zheng, New York University-Shanghai

The Consumption Effects of the Disposition to Sell Winners and Hold LosersBenjamin Loos, Technical University of MunichSteffen Meyer, University of Southern DenmarkMichaela Pagel, Columbia University

Discussants:Paymon Khorrami, University of ChicagoMatthieu Gomez, Columbia UniversityJianfeng Yu, Tsinghua University

Mutual Fund Performance : 2020Veronika K. Pool, Vanderbilt University

Sitting Bucks: Zero Returns in Fixed Income FundsJaewon Choi, University of Illinois-Urbana-ChampaignMathias Kronlund, University of Illinois-Urbana-ChampaignJi Yeol Jimmy Oh, Hanyang University

A Horizon Based Decomposition of Mutual Fund Skill using Transaction DataJules Van Binsbergen, University of PennsylvaniaHongxun Ruan, Peking UniversityRan Xing, Aarhus University

The Performance of Diverse Teams: Evidence from U.S. Mutual FundsRichard Evans, University of VirginiaMelissa Prado, Nova School of Business and EconomicsAntonino Emanuele Rizzo, Nova School of Business and EconomicsRafael Zambrana, University of Notre Dame

Discussants:Jayoung Nam, Southern Methodist UniversityFrancesco Franzoni, Swiss Finance InstituteMila Getmansky Sherman, University of Massachusetts-Amherst

Product MarketsJan Bena, University of British Columbia

Financing Competitors: Shadow Banks’ Funding and Mortgage MarketCompetitionErica Xuewei Jiang, University of Texas-Austin

Cheap Trade Credit and Competition in Downstream MarketsMariassunta Giannetti, Stockholm School of EconomicsNicolas Serrano-Velarde, Università BocconiEmanuele Tarantino, University of Mannheim

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Product Market Strategy and Corporate PoliciesJakub Hajda, University of Lausanne

Discussants:Kairong Xiao, Columbia UniversityJean Noel Barrot, Massachusetts Institute of TechnologyYufeng Wu, University of Illinois-Urbana-Champaign

Empirical MicrostructureJonathan Brogaard, University of Utah

Trading on Long-Term InformationCorey Garriott, Bank of CanadaRyan Riordan, Queen’s University

Effects of a Speed Bump on Market Quality and Exchange CompetitionBidisha Chakrabarty, Saint Louis UniversityJianning Huang, University of MemphisPankaj K. Jain, University of Memphis

"Sniping" in Fragmented MarketsKatya Malinova, McMaster UniversityAndreas Park, University of Toronto

Discussants:Barbara Rindi, Università BocconiBjörn Hagströmer, Stockholm UniversityJames J. Angel, Georgetown University

Capital StructureMartin Szydlowski, University of Minnesota

Safe Assets as Collateral MultipliersEmre Ozdenoren, London Business SchoolKathy Yuan, London School of Economics and Political ScienceShengxing Zhang, London School of Economics and Political Science

The Employee Clientele of Corporate Leverage: Evidence from Family LaborIncome DiversificationJie He, University of GeorgiaTao Shu, Chinese University of Hong Kong-ShenzhenHuan Yang, University of Massachusetts-Amherst

Robust Security DesignSeokwoo Lee, University of MichiganUday Rajan, University of Michigan

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Discussants:Christine A. Parlour, University of California-BerkeleyAnkit Kalda, Indiana UniversityFelipe Varas, Duke University

Financial DistressBenjamin Iverson, Brigham Young University

Do the Right Firms Survive Bankruptcy?Samuel Antill, Stanford University

Social CollateralHa Diep-Nguyen, Indiana UniversityHuong Dang, Foreign Trade University

Financial Constraints and Product Market Decisions: the Role of ProductionCyclesDiogo Mendes, Nova School of Business and Economics

Discussants:Winston Dou, University of PennsylvaniaBronson Argyle, Brigham Young UniversityCesare Fracassi, University of Texas-Austin

Sunday, June 21, 2020, 10:30 am – 12:15 pm PDT

Limits to ArbitrageMariana Khapko, University of Toronto

Uncertainty about What’s in the PriceDaniel Schmidt, HEC ParisJoel Peress, INSEAD

Bank-Intermediated ArbitrageNina Boyarchenko, Federal Reserve Bank of New YorkThomas M. Eisenbach, Federal Reserve Bank of New YorkPooja Gupta, Federal Reserve Bank of New YorkOr Shachar, Federal Reserve Bank of New YorkPeter Van Tassel, Federal Reserve Bank of New York

Market Efficiency in the Age of Big DataIan Martin, London School of Economics and Political ScienceStefan Nagel, University of Chicago

Discussants:Jeongmin “Mina” Lee, Washington University-St. LouisGordon Liao, Federal Reserve Board of GovernorsPaul Schneider, Swiss Finance Institute

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Alternative Approaches to ValuationNicolae Gârleanu, University of California-Berkeley

Credit Market Equivalents and the Valuation of Private FirmsNiklas Huether, Indiana UniversityLukas Schmid, Duke UniversityRoberto Steri, University of Luxembourg

Ex Ante Risk in the Corporate Bond Market: Evidence from Synthetic OptionsSteven Shu-Hsiu Chen, Texas A&M International UniversityHitesh Doshi, University of HoustonSang Byung Seo, University of Wisconsin-Madison

Machine Learning, Human Experts, and the Valuation of Real AssetsMathieu Aubry, École des Ponts ParisTechRoman Kraussl, University of LuxembourgGustavo Manso, University of California-BerkeleyChristophe Spaenjers, HEC Paris

Discussants:Hui Chen, Massachusetts Institute of TechnologyRobert Goldstein, University of MinnesotaSimona Abis, Columbia University

Natural Experiments and Corporate GovernanceVidhi Chhaochharia, University of Miami

The Perils of Private Provision of Public GoodsUmit Gurun, University of Texas-DallasJordan Nickerson, Boston CollegeDavid H. Solomon, Boston College

Shareholder Illiquidity and Firm Behavior: Financial and Real Effects of thePersonal Wealth Tax in Private FirmsJanis Berzins, BI Norwegian Business SchoolOyvind Bohren, BI Norwegian Business SchoolBogdan Stacescu, BI Norwegian Business School

Reusing Natural ExperimentsDavidson Heath, University of UtahIngrid M. Werner, Ohio State UniversityMehrdad Samadi, Southern Methodist UniversityMatthew Ringgenberg, University of Utah

Discussants:Kunal Sachdeva, Rice UniversitySpyridon Lagaras, University of PittsburghRik Sen, University of New South Wales

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Mergers and BuyoutsKai Li, University of British Columbia

Technology Development and Corporate MergersDanqing Mei, Columbia University

Seeking Efficiency or Price Gouging? Evidence from Pharmaceutical MergersMosab Hammoudeh, University of IowaAmrita Nain, University of Iowa

The Economic Effects of Private Equity BuyoutsSteven J. Davis, University of ChicagoJohn Haltiwanger, University of MarylandKyle Handley, University of MichiganJavier Miranda, U.S. Bureau of the CensusJosh Lerner, Harvard University

Discussants:Bo Bian, University of British ColumbiaGordon M. Phillips, Dartmouth CollegeEdith Hotchkiss, Boston College

Banking TheoryBriana Chang, University of Wisconsin-Madison

Interbank Networks in the Shadows of the Federal Reserve ActHaelim Anderson, Federal Deposit Insurance CorporationSelman Erol, Carnegie Mellon UniversityGuillermo Ordoñez, University of Pennsylvania

Bank Debt versus Fund Equity in Liquidity ProvisionYiming Ma, Columbia UniversityKairong Xiao, Columbia UniversityYao Zeng, University of Washington

Interbank Trading, Collusion, and Financial RegulationMichael Gofman, University of RochesterDean Corbae, University of Wisconsin-Madison

Discussants:Kathy Yuan, London School of Economics and Political ScienceChaojun Wang, University of PennsylvaniaJessie Jiaxu Wang, Arizona State University

Venture InvestmentYael Hochberg, Rice University

Human Interactions and Financial Investment: A Video-Based ApproachAllen Hu, Yale UniversitySong Ma, Yale University

28

The Leveraging of Silicon Valley: Venture Debt in the Innovation EconomyJesse Davis, University of North Carolina-Chapel HillAdair Morse, University of California-BerkeleyXinxin Wang, University of North Carolina-Chapel Hill

The Evolution of CEO Compensation in Venture Capital Backed StartupsMichael Ewens, California Institute of TechnologyRamana Nanda, Harvard UniversityChristopher Stanton, Harvard University

Discussants:Daniel Fehder, University of Southern CaliforniaRichard Townsend, University of California-San DiegoMatthew Denes, Carnegie Mellon University

Sunday, June 21, 2020, 2:45 pm – 4:30 pm PDT

Implications of Market StructureMao Ye, University of Illinois-Urbana-Champaign

The Real Effects of Secondary Market Trading Structure: Evidence from theMortgage MarketYesol Huh, Federal Reserve Board of GovernorsYou Suk Kim, Federal Reserve Board of Governors

The Value of Intermediation in the Stock MarketMarco Di Maggio, Harvard UniversityMark Egan, Harvard UniversityFrancesco Franzoni, Swiss Finance Institute

Quantifying the High-Frequency Trading “Arms Race”: A Simple NewMethodology and EstimatesMatteo Aquilina, Financial Conduct AuthorityEric Budish, University of ChicagoPeter O’Neill, Financial Conduct Authority

Discussants:Zhaogang Song, Johns Hopkins UniversityPaul Irvine, Texas Christian UniversityJoel Hasbrouck, New York University

InternationalAdrien Verdelhan, Massachusetts Institute of Technology

Global Portfolio Rebalancing and Exchange RatesNelson Camanho, Queen Mary University of LondonHarald Hau, University of GenevaHelene Rey, London Business School

29

Gravity, Counterparties and Foreign InvestmentCristian Badarinza, National University of SingaporeTarun Ramadorai, Imperial College LondonChihiro Shimizu, Massachusetts Institute of Technology

Foreign Investment of US Multinationals: The Effect of Tax Policy and AgencyConflictsJames Albertus, Carnegie Mellon UniversityBrent Glover, Carnegie Mellon UniversityOliver Levine, University of Wisconsin-Madison

Discussants:Karen Lewis, University of PennsylvaniaRobert Richmond, New York UniversityJack Favilukis, University of British Columbia

Pricing Implications of Corporate ActionsJuliana Salomao, University of Minnesota

Extrapolative Expectations, Corporate Activities, and Asset PricesYao Deng, University of Minnesota

Capital Misallocation and Risk SharingHengjie Ai, University of MinnesotaAnmol Bhandari, University of MinnesotaYuchen Chen, University of MinnesotaChao Ying, University of Minnesota

Debt Dynamics and Credit RiskPeter Feldhütter, Copenhagen Business SchoolStephen Schaefer, London Business School

Discussants:Lukas Schmid, Duke UniversityN. Aaron Pancost, University of Texas-AustinJing-Zhi Huang, Pennsylvania State University

Learning and MemoryJuhani Linnainmaa, Dartmouth College

Asset Pricing with Fading MemoryStefan Nagel, University of ChicagoZhengyang Xu, University of Michigan

Till Death (or Divorce) Do Us Part: Early-Life Family Disruption and InvestmentBehaviorAndré Betzer, Bergische Universität WuppertalPeter Limbach, University of CologneRaghavendra Rau, Cambridge UniversityHenrik Schürmann, Bergische Universität Wuppertal

30

Ownership, Learning, and BeliefsSamuel Hartzmark, University of ChicagoSamuel Hirshman, University of ChicagoAlex Imas, University of Chicago

Discussants:Lawrence Jin, California Institute of TechnologyAlessandro Previtero, Indiana UniversityFrancesco D’Acunto, Boston College

Returns to HousingNancy Wallace, University of California-Berkeley

Falling Behind: Has Rising Inequality Fueled the American Debt Boom?Moritz Drechsel-Grau, University of MannheimFabian Greimel, University of Mannheim

Stock Portfolio and Housing Choice when the Stock and Housing Markets areCointegratedYingshan Chen, South China University of TechnologyMin Dai, National University of SingaporeShan Huang, Georgia Institute of TechnologyHong Liu, Washington University-St. Louis

The Gender Gap in Housing ReturnsPaul Goldsmith-Pinkham, Yale UniversityKelly Shue, Yale University

Discussants:Dayin Zhang, University of California-BerkeleyBarney Hartman-Glaser, University of California-Los AngelesRichard Stanton, University of California-Berkeley

BlockchainEvgeny Lyandres, Boston University

Bitcoin as Decentralized Money: Prices, Mining, and Network SecurityEmiliano Pagnotta, Imperial College London

Proof-of-Work (PoW) Blockchain Network and Its Viability as a Payment SystemPing He, Tsinghua UniversityDunzhe Tang, Tsinghua UniversityJingwen Wang, Tsinghua University

Miner Collusion and the BitCoin ProtocolAlfred Lehar, University of CalgaryChristine A. Parlour, University of California-Berkeley

31

Discussants:Matthieu Bouvard, McGill UniversityFahad Saleh, McGill UniversityJiasun Li, George Mason University

Monday, June 22, 2020, 8:15 am – 10:00 am PDT

LiquidityChristian C. Opp, University of Rochester

Asset Prices and Liquidity with Market Power and non-Gaussian PayoffsSergei Glebkin, INSEADSemyon Malamud, École Polytechnique Fédérale de LausanneAlberto Teguia, University of British Columbia

The Effect of Secondary Market Existence on Primary Market Liquidity: Theoryand Evidence from a Natural Experiment in Peer-to-Peer LendingCraig Holden, Indiana UniversityMingfeng Lin, Georgia Institute of TechnologyKai Lu, University of Science and Technology of ChinaZaiyan Wei, Purdue UniversityJun Yang, Indiana University

Liquidity in the Cross Section of OTC AssetsSemih Uslu, Johns Hopkins UniversityGuner Velioglu, Loyola University Chicago

Discussants:Gideon Saar, Cornell UniversityJoel Hasbrouck, New York UniversityVincent Glode, University of Pennsylvania

Consumers and BanksNandini Gupta, Indiana University

Shocked by Bank Funding Shocks: Evidence from 500 Million Consumer CreditCardsSudheer Chava, Georgia Institute of TechnologyRohan Rao S. Ganduri, Emory UniversityNikhil Paradkar, Georgia Institute of TechnologyLinghang Zeng, Babson College

Credit Cycles with Market-Based Household LeverageWilliam Diamond, University of PennsylvaniaTim Landvoigt, University of Pennsylvania

32

Discrimination in the Auto Loan MarketAlexander W. Butler, Rice UniversityErik Mayer, Southern Methodist UniversityJames Weston, Rice University

Discussants:Meghana Ayyagari, George Washington UniversityTatyana Marchuk, BI Norwegian Business SchoolCarlos Avenancio-Leon, Indiana University

News and ExpectationsBernard Herskovic, University of California-Los Angeles

Exposure to Daily Price Changes and Inflation ExpectationsFrancesco D’Acunto, Boston CollegeUlrike Malmendier, University of California-BerkeleyMichael Weber, University of Chicago

Announcements, Expectations, and Stock Returns with Asymmetric InformationLeyla Jianyu Han, University of Hong Kong

The Structure of Economic NewsLeland Bybee, Yale UniversityBryan Kelly, Yale UniversityAsaf Manela, Washington University-St. LouisDacheng Xiu, University of Chicago

Discussants:Dejanir Silva, University of Illinois-Urbana-ChampaignDaniel Andrei, McGill UniversityVadim Elenev, Johns Hopkins University

Socially Responsible FinanceLucian Taylor, University of Pennsylvania

Climate Regulation and Emissions Abatement: Theory and Evidence fromFirms’ DisclosuresTarun Ramadorai, Imperial College LondonFederica Zeni, Imperial College London

A Theory of Socially Responsible InvestmentMartin Oehmke, London School of Economics and Political ScienceMarcus Opp, Stockholm School of Economics

Low-carbon mutual fundsMarco Ceccarelli, University of ZurichStefano Ramelli, University of ZurichAlexander Wagner, Swiss Finance Institute

33

Discussants:Ian Appel, Boston CollegeDeeksha Gupta, Carnegie Mellon UniversitySamuel Hartzmark, University of Chicago

Mutual Fund FlowsSophie Shive, University of Notre Dame

Common Fund Flows: Flow Hedging and Factor PricingWinston Dou, University of PennsylvaniaLeonid Kogan, Massachusetts Institute of TechnologyWei Wu, Texas A&M University

Is Mutual Fund Family Retirement Money Smart?Pramodkumar Yadav, Drexel University

FlowCaitlin Dannhauser, Villanova UniversityJeffrey Pontiff, Boston College

Discussants:Christopher Hrdlicka, University of WashingtonLu Zheng, University of California-IrvineJonathan Berk, Stanford University

Innovation, Intangible Capital, and LaborAlexander Ljungqvist, Stockholm School of Economics

Crisis InnovationTania Babina, Columbia UniversityAsaf Bernstein, University of Colorado-BoulderFilippo Mezzanotti, Northwestern University

Patent Value and Citations: Creative Destruction or Strategic Disruption?Ufuk Akcigit, University of ChicagoDavid Abrams, University of PennsylvaniaJillian Grennan, Duke University

Gig-Labor: Trading Safety Nets for Steering WheelsSlava Fos, Boston CollegeAnkit Kalda, Indiana UniversityJordan Nickerson, Boston College

Discussants:Pranav Desai, Tilburg UniversityJoan Farre-Mensa, University of Illinois-ChicagoJohn Barrios, University of Chicago

34

Monday, June 22, 2020, 10:30 am – 12:15 pm PDT

Behavioral Asset PricingBrad M. Barber, University of California-Davis

Noise Trading and Asset Pricing FactorsYang Song, University of WashingtonShiyang Huang, University of Hong KongHong Xiang, University of Hong Kong

Attention and Biases: Evidence from Tax-Inattentive InvestorsJustin Birru, Ohio State UniversityFernando Chague, Fundação Getúlio VargasRodrigo De-Losso, University of São PauloBruno Giovannetti, Fundação Getúlio Vargas

Necessary Evidence For A Risk Factor’s RelevanceAlexander Chinco, University of Illinois-Urbana-ChampaignSamuel Hartzmark, University of ChicagoAbigail Sussman, University of Chicago

Discussants:Juhani Linnainmaa, Dartmouth CollegeMichaela Pagel, Columbia UniversitySvetlana Bryzgalova, London Business School

Banking, Politics, and RegulationJuliane Begenau, Stanford University

A Fuzzy Bunching Estimator of Regulatory CostsAdrien Alvero, Columbia UniversityKairong Xiao, Columbia University

Trading Credit (Subsidies) for Votes: The Effect of Local Politics on SmallBusiness LendingSahil Raina, University of AlbertaSheng-Jun Xu, University of Alberta

Arbitrage Capital of Global BanksAlyssa Anderson, Federal Reserve Board of GovernorsWenxin Du, University of ChicagoBernd Schlusche, Federal Reserve Board of Governors

Discussants:Claudia Robles-Garcia, Stanford UniversityEmil Siriwardane, Harvard UniversityThomas M. Mertens, Federal Reserve Bank of San Francisco

35

Corporate InvestmentDalida Kadyrzhanova, Georgia State University

Knowledge Cycles and Corporate InvestmentMaria Cecilia Bustamante, University of MarylandJulien Cujean, University of MarylandLaurent Frésard, University of Lugano

Rents and Intangibles: A Q+ FrameworkNicolas Crouzet, Northwestern UniversityJanice Eberly, Northwestern University

Health Care Costs and Corporate InvestmentJoy Tianjiao Tong, Duke University

Discussants:Lukas Schmid, Duke UniversityNathalie Moyen, University of Colorado-BoulderJanis Skrastins, Washington University-St. Louis

36

Risk PremiaSelale Tuzel, University of Southern California

The Commodity Futures Risk Premium 1871 - 2018Geetesh Bhardwaj, SummerHaven Investment ManagementRajkumar Janardanan, SummerHaven Investment ManagementK Geert Rouwenhorst, Yale University

Speculator Spreading Pressure and Commodity Futures Risk PremiumYujing Gong, University of WarwickArie Gozluklu, University of WarwickGi Kim, University of Warwick

Risk Premia and Unemployment FluctuationsJaroslav Borovicka, Federal Reserve Bank of MinneapolisKatarina Borovickova, New York University

Discussants:Andreas Stathopoulos, University of North Carolina-Chapel HillChristopher S. Jones, University of Southern CaliforniaIndrajit Mitra, Federal Reserve Bank of Atlanta

Credit MarketsGreg Duffee, Johns Hopkins University

Commonality in Credit Spread Changes: Dealer Inventory and IntermediaryDistressZhiguo He, University of ChicagoPaymon Khorrami, University of ChicagoZhaogang Song, Johns Hopkins University

Optimal Debt Dynamics, Issuance Costs, and CommitmentLuca Benzoni, Federal Reserve Bank of ChicagoLorenzo Garlappi, University of British ColumbiaRobert Goldstein, University of MinnesotaJulien Hugonnier,Chao Ying, University of Minnesota

Risk Dynamics with Heterogeneous Borrowers and IntermediariesSujan Lamichhane, Johns Hopkins University

Discussants:Jens Dick-Nielsen, Copenhagen Business SchoolPeter DeMarzo, Stanford UniversityChristian C. Opp, University of Rochester

FintechAlberto Rossi, Georgetown University

37

Financial Technology and the Inequality GapRoxana Mihet, New York University

Financial Technology AdoptionSean Higgins, Northwestern University

When FinTech Competes for Payment FlowsChristine A. Parlour, University of California-BerkeleyUday Rajan, University of MichiganHaoxiang Zhu, Massachusetts Institute of Technology

Discussants:Yao Zeng, University of WashingtonFrancesco D’Acunto, Boston CollegeWilliam Diamond, University of Pennsylvania

38

2020 PROGRAM COMMITTEE

Program Chair

Toni M. Whited, University of Michigan

Associate Chairpersons

Manuel Adelino, Duke UniversityKenneth Ahern, University of Southern CaliforniaHengjie Ai, University of MinnesotaFrederico Belo, INSEADEfraim Benmelech, Northwestern UniversityHui Chen, Massachusetts Institute of TechnologyRiccardo Colacito, University of North Carolina-Chapel HillPierre Collin-Dufresne, Swiss Finance InstituteMariano Croce, Università BocconiMatteo Crosignani, Federal Reserve Bank of New YorkVicente Cuñat, London School of Economics and Political ScienceItamar Drechsler, University of PennsylvaniaGreg Duffee, Johns Hopkins UniversityMichael Ewens, California Institute of TechnologyCary Frydman, University of Southern CaliforniaNicolae Gârleanu, University of California-BerkeleyMariassunta Giannetti, Stockholm School of EconomicsStefano Giglio, Yale UniversityXavier Giroud, Columbia UniversityVincent Glode, University of PennsylvaniaTodd A. Gormley, Washington University-St. LouisGerard T. Hoberg, University of Southern CaliforniaYael Hochberg, Rice UniversityVictoria Ivashina, Harvard UniversityDirk Jenter, London School of Economics and Political ScienceMarcin Kacperczyk, Imperial College LondonBryan Kelly, Yale UniversityBenjamin J. Keys, University of PennsylvaniaArthur Korteweg, University of Southern CaliforniaJuhani Linnainmaa, Dartmouth CollegeAlexander Ljungqvist, Stockholm School of EconomicsHanno Lustig, Stanford UniversityAndrey Malenko, Boston CollegeNadya Malenko, Boston CollegeDavid Matsa, Northwestern UniversityGregor Matvos, Northwestern UniversityIndrajit Mitra, Federal Reserve Bank of Atlanta

39

Tyler Muir, University of California-Los AngelesDimitris Papanikolaou, Northwestern UniversityChristopher Parsons, University of WashingtonPaolo Pasquariello, University of MichiganVeronika K. Pool, Vanderbilt UniversityAmiyatosh Purnanandam, University of MichiganUday Rajan, University of MichiganTarun Ramadorai, Imperial College LondonPhilipp Schnabl, New York UniversityKelly Shue, Yale UniversityTyler Shumway, University of MichiganDavid Sraer, University of California-BerkeleyLucian Taylor, University of PennsylvaniaDavid Thesmar, Massachusetts Institute of TechnologyHeather Tookes, Yale UniversityRossen Valkanov, University of California-San DiegoAdrien Verdelhan, Massachusetts Institute of TechnologyMao Ye, University of Illinois-Urbana-Champaign

Program Committee Members

Renée Adams, University of OxfordJawad M. Addoum, Cornell UniversityJames Albertus, Carnegie Mellon UniversityRui Albuquerque, Boston CollegeHeitor Almeida, University ofIllinois-Urbana-ChampaignElena Asparouhova, University of UtahDoron Avramov, Hebrew University of JerusalemIlona Babenko, Arizona State UniversityRamin Baghai, Stockholm School of EconomicsJennie Bai, Georgetown UniversityWarren Bailey, Cornell UniversityTuran G. Bali, Georgetown UniversitySnehal Banerjee, University of California-SanDiegoMatthew Baron, Cornell UniversityRobert Battalio, University of Notre DameJuliane Begenau, Stanford UniversityGeert Bekaert, Columbia UniversityMatteo Benetton, University ofCalifornia-BerkeleyGennaro Bernile, University of MiamiShai Bernstein, Stanford UniversityHendrik Bessembinder, Arizona State University

Harjoat S. Bhamra, Imperial College LondonOliver Boguth, Arizona State UniversityNicolas P. Bollen, Vanderbilt UniversityDion Bongaerts, Erasmus UniversityArnoud W. A. Boot, University of AmsterdamJacob Boudoukh, IDC HerzliyaNicole Boyson, Northeastern UniversityAlon Brav, Duke UniversityJonathan Brogaard, University of UtahSvetlana Bryzgalova, London Business SchoolAndrea Buraschi, Imperial College LondonJeffrey A. Busse, Emory UniversityAlexander W. Butler, Rice UniversityMurillo Campello, Cornell UniversityCharles Cao, Pennsylvania State UniversityBruce Carlin, Rice UniversityInes Chaieb, University of GenevaBriana Chang, University of Wisconsin-MadisonDavid A. Chapman, University of VirginiaSudheer Chava, Georgia Institute of TechnologyGilles Chemla, Imperial College LondonMikhail Chernov, University of California-LosAngelesJames Choi, Yale University

40

Tarun Chordia, Emory UniversitySusan Christoffersen, University of TorontoAnna Cieslak, Duke UniversityGian Luca Clementi, New York UniversityLauren H. Cohen, Harvard UniversityJonathan Cohn, University of Texas-AustinCarole Comerton-Forde, University of NewSouth WalesWill Cong, Cornell UniversityJennifer Conrad, University of NorthCarolina-Chapel HillJ. Anthony Cookson, University ofColorado-BoulderMichael Cooper, University of UtahAdrian Aycan Corum, Cornell UniversityShane A. Corwin, University of Notre DameAlan Crane, Rice UniversityZhi Da, University of Notre DameTri Vi Dang, Columbia UniversityKent D. Daniel, Columbia UniversityAndras Danis, Georgia Institute of TechnologyOlivier Darmouni, Columbia UniversityAmil Dasgupta, London School of Economics andPolitical ScienceAlexander David, University of CalgaryEduardo Davila, Yale UniversityAnthony DeFusco, Northwestern UniversityMatthew Denes, Carnegie Mellon UniversityJerome B. Detemple, Boston UniversityIan Dew-Becker, Northwestern UniversityMarco Di Maggio, Harvard UniversityWinston Dou, University of PennsylvaniaJames Dow, London Business SchoolAlex Edmans, London Business SchoolAndrea L. Eisfeldt, University of California-LosAngelesAndrew Ellul, Indiana UniversityBjorn Eraker, University of Wisconsin-MadisonIsil Erel, Ohio State UniversityRichard Evans, University of VirginiaRuediger Fahlenbrach, École PolytechniqueFédérale de LausanneJoseph P. H. Fan, Chinese University of HongKongJack Favilukis, University of British ColumbiaPeter Feldhütter, Copenhagen Business SchoolDaniel Ferreira, London School of Economics and

Political ScienceAdlai Fisher, University of British ColumbiaVyacheslav Fos, Boston CollegeThierry Foucault, HEC ParisCarola Frydman, Northwestern UniversityMichael F. Gallmeyer, University of VirginiaNickolay Gantchev, Southern MethodistUniversityJanet Gao, Indiana UniversityLorenzo Garlappi, University of British ColumbiaMark Garmaise, University of California-LosAngelesThomas George, University of HoustonSimon Gervais, Duke UniversityRon M. Giammarino, University of BritishColumbiaBrent Glover, Carnegie Mellon UniversityItay Goldstein, University of PennsylvaniaRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolJoao Gomes, University of PennsylvaniaJuanita Gonzalez-Uribe, London School ofEconomics and Political ScienceRadhakrishnan Gopalan, WashingtonUniversity-St. LouisAmit Goyal, University of LausanneDaniel L. Greenwald, Massachusetts Institute ofTechnologyJohn M. Griffin, University of Texas-AustinGustavo Grullon, Rice UniversityArpit Gupta, New York UniversityNandini Gupta, Indiana UniversityDirk Hackbarth, Boston UniversityBjörn Hagströmer, Stockholm UniversityMichael Halling, Stockholm School of EconomicsAllaudeen Hameed, National University ofSingaporeBing Han, University of TorontoJungsuk Han, Stockholm School of EconomicsSam Hanson, Harvard UniversityLawrence E. Harris, University of SouthernCaliforniaBarney Hartman-Glaser, University ofCalifornia-Los AngelesSamuel Hartzmark, University of ChicagoJoel Hasbrouck, New York UniversityPing He, Tsinghua University

41

Zhiguo He, University of ChicagoBenjamin Hebert, Stanford UniversityUlrich Hege, Toulouse School of EconomicsFlorian Heider, European Central BankThomas Hellmann, University of OxfordTerrence Hendershott, University ofCalifornia-BerkeleyJens Hilscher, University of California-DavisNicholas Hirschey, London Business SchoolCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityKewei Hou, Ohio State UniversityDavid A. Hsieh, Duke UniversityLixin Huang, Georgia State UniversityXing Huang, Washington University-St. LouisEric Hughson, Claremont McKenna CollegeChuan-Yang Hwang, Nanyang TechnologicalUniversityPhilipp Illeditsch, University of PennsylvaniaBenjamin Iverson, Brigham Young UniversityKris Jacobs, University of HoustonRavi Jagannathan, Northwestern UniversityUrban Jermann, University of PennsylvaniaWei Jiang, Columbia UniversityWenxi Jiang, Chinese University of Hong KongLi Jin, Peking UniversityMichael Johannes, Columbia UniversityTimothy C. Johnson, University ofIllinois-Urbana-ChampaignTravis Johnson, University of Texas-AustinChristopher S. Jones, University of SouthernCaliforniaHoward Jones, University of OxfordPhilippe Jorion, University of California-IrvineOhad Kadan, Washington University-St. LouisDalida Kadyrzhanova, Georgia State UniversityBige Kahraman, University of OxfordRaymond Kan, University of TorontoJun-Koo Kang, Nanyang Technological UniversitySteve Kaplan, University of ChicagoOguzhan Karakas, Cambridge UniversityNina Karnaukh, Ohio State UniversityAndrew Karolyi, Cornell UniversityStephen Karolyi, Carnegie Mellon UniversityJonathan M. Karpoff, University of WashingtonSimi Kedia, Rutgers UniversityMatti Keloharju, Aalto University

Amir Kermani, University of California-BerkeleyNaveen Khanna, Michigan State UniversityHyunseob Kim, Cornell UniversitySamuli Knüpfer, BI Norwegian Business SchoolAndrew Koch, University of PittsburghShimon Kogan, Massachusetts Institute ofTechnologyPeter Kondor, London School of Economics andPolitical ScienceRoman 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 SchoolPablo Kurlat, University of Southern CaliforniaAlan Kwan, University of Hong KongChristopher Lamoureux, University of ArizonaTim Landvoigt, University of PennsylvaniaNisan Langberg, University of HoustonEben Lazarus, Massachusetts Institute ofTechnologyAli Lazrak, University of British ColumbiaMark Leary, Washington University-St. LouisInmoo Lee, Korea Advanced Institute of Scienceand TechnologyYaron Leitner, Washington University-St. LouisJosh Lerner, Harvard UniversityDoron Levit, University of PennsylvaniaJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeStefan Lewellen, Pennsylvania State UniversityKai Li, University of British ColumbiaRose Liao, Rutgers UniversityAndres Liberman, New York UniversitySonya Lim, DePaul UniversityXiaoji Lin, University of MinnesotaLaura Lindsey, Arizona State UniversityCrocker H. Liu, Cornell UniversityHong Liu, Washington University-St. LouisPeng Liu, Cornell UniversityTingjun Liu, University of Hong KongDmitry Livdan, University of California-Berkeley

42

Andrew W. Lo, Massachusetts Institute ofTechnologyLars A. Lochstoer, University of California-LosAngelesErik Loualiche, University of MinnesotaElena Loutskina, University of VirginiaRichard Lowery, University of Texas-AustinMichelle Lowry, Drexel UniversityChristian T. Lundblad, University of NorthCarolina-Chapel HillEvgeny Lyandres, Boston UniversityAnthony W. Lynch, New York UniversitySong Ma, Yale UniversityYueran Ma, University of ChicagoAnanth Madhavan, BlackRockLeonardo Madureira, Case Western ReserveUniversityIgor Makarov, London School of Economics andPolitical ScienceSemyon Malamud, École Polytechnique Fédéralede LausanneKatya Malinova, McMaster UniversityAsaf Manela, Washington University-St. LouisWilliam Mann, Emory UniversityGustavo Manso, University of California-BerkeleyYifei Mao, Cornell UniversityRobert Marquez, University of California-DavisErnst G. Maug, University of MannheimRobert McDonald, Northwestern UniversityRobert McLean, Georgetown UniversityTimothy McQuade, Stanford UniversityAlbert Menkveld, VU University AmsterdamDaniel Metzger, Erasmus UniversityAlexander Michaelides, Imperial College LondonKonstantin Milbradt, Northwestern UniversityDarius Miller, Southern Methodist UniversityErwan Morellec, École Polytechnique Fédérale deLausanneTobias Moskowitz, Yale UniversityNathalie Moyen, University of Colorado-BoulderPhilippe Mueller, University of WarwickJustin Murfin, Cornell UniversityDavid Musto, University of PennsylvaniaCharles G. Nathanson, Northwestern UniversityDavid Ng, Cornell UniversityThien Nguyen, Ohio State UniversityBoris Nikolov, University of Lausanne

Mahendrarajah Nimalendran, University ofFloridaGreg Nini, Drexel UniversityThomas H. Noe, University of OxfordPascal Noel, University of ChicagoLars Norden, Stockholm UniversityKjell Nyborg, University of ZurichMaureen O’Hara, Cornell UniversityChristian C. Opp, University of RochesterMarcus Opp, Stockholm School of EconomicsHernan Ortiz-Molina, University of BritishColumbiaHui Ou-Yang, Cheung Kong Graduate School ofBusinessPaige Ouimet, University of NorthCarolina-Chapel HillMarco Pagano, Università degli Studi di NapoliFederico IIMichael Pagano, Villanova UniversityMichaela Pagel, Columbia UniversityMarios Panayides, University of CyprusAndreas Park, University of TorontoCecilia Parlatore, New York UniversityChristine A. Parlour, University ofCalifornia-BerkeleyAnna Pavlova, London Business SchoolKim Peijnenburg, EDHEC 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 A. Petersen, Northwestern UniversityCarolin Pflueger, University of ChicagoLudovic Phalippou, University of OxfordGordon M. Phillips, Dartmouth CollegeGiorgia Piacentino, Columbia UniversityChristopher Polk, London School of Economicsand Political ScienceJacopo Ponticelli, Northwestern UniversityJeffrey Pontiff, Boston CollegeManju Puri, Duke UniversityJun Qian, Fudan University

43

Adriano Rampini, Duke UniversityRaghavendra Rau, Cambridge UniversityAdam Reed, University of North Carolina-ChapelHillJonathan Reuter, Boston CollegeMatthew Ringgenberg, University of UtahMichael Roberts, University of PennsylvaniaIoanid Rosu, HEC ParisBryan R. Routledge, Carnegie Mellon UniversityThomas Ruchti, Carnegie Mellon UniversityKristian Rydqvist, State University of NewYork-BinghamtonGideon Saar, Cornell UniversityRonnie Sadka, Boston CollegeJacob Sagi, University of North Carolina-ChapelHillJuliana Salomao, University of MinnesotaJoao Santos, Federal Reserve Bank of New YorkLucio Sarno, Cambridge UniversityZacharias Sautner, Frankfurt School of Financeand ManagementAnna Scherbina, Brandeis UniversityLukas Schmid, Duke UniversityLawrence D. W. Schmidt, MassachusettsInstitute of TechnologyPaul Schultz, University of Notre DameNorman Schürhoff, University of LausanneKrista Schwarz, University of PennsylvaniaMichael Schwert, University of PennsylvaniaMark S. Seasholes, Arizona State UniversityJohn Sedunov, Villanova UniversityDuane Seppi, Carnegie Mellon UniversityAmit Seru, Stanford UniversityFelipe Severino, Dartmouth CollegeMerih Sevilir, Indiana UniversitySophie Shive, University of Notre DameClemens Sialm, University of Texas-AustinStephan Siegel, University of WashingtonDavid C. Smith, University of VirginiaMichael Sockin, University of Texas-AustinPaolo Sodini, Stockholm School of EconomicsElvira Sojli, University of New South WalesDongho Song, Johns Hopkins UniversityDenis Sosyura, Arizona State UniversityChristophe Spaenjers, HEC ParisMatthew Spiegel, Yale UniversityErik Stafford, Harvard University

Richard Stanton, University of California-BerkeleyLaura Starks, University of Texas-AustinNoah Stoffman, Indiana UniversityIlya Strebulaev, Stanford UniversityGünter Strobl, University of ViennaPer Strömberg, Stockholm School of EconomicsAvanidhar Subrahmanyam, University ofCalifornia-Los AngelesSuresh M. Sundaresan, Columbia UniversityAditya Sunderam, Harvard UniversityGeoffrey Tate, University of MarylandAlexei Tchistyi, University ofIllinois-Urbana-ChampaignChris Telmer, Carnegie Mellon UniversityAnjan V. Thakor, Washington University-St.LouisViktor Todorov, Northwestern UniversityRichard Townsend, University of California-SanDiegoCharles Trzcinka, Indiana UniversityYuri Tserlukevich, Arizona State UniversityMargarita Tsoutsoura, Cornell UniversitySelale Tuzel, University of Southern CaliforniaGarry Twite, University of MelbourneRaman Uppal, EDHEC Business SchoolMathijs A. van Dijk, Erasmus UniversityVictoria Vanasco, Centre de Recerca en EconomiaInternacionalFelipe Varas, Duke UniversityDimitri Vayanos, London School of Economics andPolitical ScienceAndrea Vedolin, Boston UniversityMichela Verardo, London School of Economics andPolitical SciencePietro Veronesi, University of ChicagoAnnette Vissing-Jorgensen, University ofCalifornia-BerkeleyErnst-Ludwig von Thadden, University ofMannheimGuillaume Vuillemey, HEC ParisJessica Wachter, University of PennsylvaniaChristian Wagner, Vienna University ofEconomics and BusinessJohan Walden, University of California-BerkeleyJialan Wang, University ofIllinois-Urbana-ChampaignNeng Wang, Columbia University

44

Tan Wang, Shanghai Jiao Tong UniversityZhenyu Wang, Indiana UniversityAkiko Watanabe, University of AlbertaSumudu W. Watugala, Cornell UniversityPierre-Olivier Weill, University of California-LosAngelesMichael Weisbach, Ohio State UniversityRuss Wermers, University of MarylandIngrid M. Werner, Ohio State UniversityJames Weston, Rice UniversityWilliam Wilhelm, University of VirginiaMungo Wilson, University of OxfordYufeng Wu, University ofIllinois-Urbana-ChampaignJeffrey Wurgler, New York UniversityKairong Xiao, Columbia UniversityYuhang Xing, Rice UniversityYuhai Xuan, University of California-IrvineHongjun Yan, DePaul UniversityLiu Yang, University of MarylandMing Yang, Duke UniversityScott E. Yonker, Cornell University

Jialin Yu, Hong Kong University of Science &TechnologyJianfeng Yu, Tsinghua UniversityXiaoyun Yu, Indiana UniversityKathy Yuan, London School of Economics andPolitical ScienceFernando Zapatero, Boston UniversityJosef Zechner, Vienna University of Economicsand BusinessJaime F. Zender, University of Colorado-BoulderYao Zeng, University of WashingtonChu Zhang, Hong Kong University of Science &TechnologyHarold Zhang, University of Texas-DallasLu Zhang, Ohio State UniversityXiaoyan Zhang, Tsinghua UniversityLu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisHaoxiang Zhu, Massachusetts Institute ofTechnologyEric Zwick, University of ChicagoJeffrey Zwiebel, Stanford University

45

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 allow us each year to create a high qualityprogram. I would also like to express deep gratitude to my colleagues all over the worldwho served as Associate Program Chairs this year. They worked hard to help meprescreen the initial submissions, create a program from the many highly-rated papers,and select the best-paper awards. Of course, I am very thankful to the authors forsubmitting their outstanding papers to the conference, to the session chairs for findingexcellent discussants, and to the discussants for providing constructive feedback to ourauthors. The Association is so fortunate to have Bryan Routledge on its leadership team.I am deeply appreciative of his wise counsel, his expert management of the logistics, theIT system that is the backbone for the WFA, and for his cheerful and tireless support inthe program creation process. I thank Andrew Karolyi for generously sharing hisexperiences as Program Chair from last year, and John Griffin and Christine Parlour fortheir advice and guidance. It is a joy to work with Leigh Ann Clark and Robyn Schollwho expertly manage the conference logistics. I thank them for their hard work anddedication. This year many other people who helped organize a virtual version of theWFA deserve thanks. The expertise of Larry Suarez has been invaluable for setting upour Zoom webinars. Next, six PhD students from the University of Michigan andCarnegie Mellon University volunteered their time to participate in a test Zoom session:Zahra Ebrhimi, Thomas Flanagan, Emil Lakkis, George Malikov, Tae-Uk Seo, and RachelSzymanski. I also thank the six University of Michigan PhD students who are serving asthe technical support team: James Caldera, Thomas Flanagan, Mayank Kumar, HediehRashidi, Yuan Shi, and Alex Tuft. Last, but not least, I would like to thank our sponsorsfor their continued support of the WFA.

Toni M. Whited,WFA Program Chair, 2020

46

IndexA

Abis, Simona, 27Abrams, David, 34Acharya, Viral, 22Adams, Renée, 40Addoum, Jawad, 40Adelino, Manuel, 39Aggarwal, Reena, 18Agrawal, Anup, 18Ahern, Kenneth, 39Ai, Hengjie, 30, 39Akcigit, Ufuk, 34Albertus, James, 30, 40Albuquerque, Rui, 21, 40Allena, Rohit, 11, 19Almeida, Heitor, 40Alvero, Adrien, 35Anderson, Alyssa, 35Anderson, Haelim, 8, 28Andrei, Daniel, 33Angel, James, 25Antill, Samuel, 8, 11, 26Appel, Ian, 34Aquilina, Matteo, 9, 29Argyle, Bronson, 26Artavanis, Nikolaos, 22Asparouhova, Elena, 40Atanasova, Christina, 21Aubry, Mathieu, 27Augustin, Patrick, 23Avenancio-Leon, Carlos, 33Avramov, Doron, 40Ayyagari, Meghana, 33Azarmsa, Ehsan, 11, 23Azevedo, Viviane, 16

BBabenko, Ilona, 20, 40Babina, Tania, 34Bachas, Natalie, 17Badarinza, Cristian, 30Baghai, Ramin, 40Bai, Jennie, 40Bailey, Warren, 40Baker, Steven, 21

Baldauf, Markus, 20Bali, Turan, 40Banerjee, Snehal, 40Barber, Brad, 35Baron, Matthew, 40Barrios, John, 34Barrot, Jean Noel, 25Battalio, Robert, 40Begenau, Juliane, 19, 35, 40Bekaert, Geert, 40Belo, Frederico, 39Bena, Jan, 24Benetton, Matteo, 40Benmelech, Efraim, 8, 19, 39Benzoni, Luca, 37Berk, Jonathan, 34Bernard, Carole, 23Bernile, Gennaro, 40Bernstein, Asaf, 34Bernstein, Shai, 40Berzins, Janis, 27Bessembinder, Hendrik, 40Betzer, André, 30Bhamra, Harjoat, 40Bhandari, Anmol, 30Bhardwaj, Geetesh, 37Bian, Bo, 28Birru, Justin, 35Boguth, Oliver, 40Bohren, Oyvind, 27Bollen, Nicolas, 40Bondarenko, Oleg, 23Bongaerts, Dion, 40Boot, Arnoud, 40Borovicka, Jaroslav, 37Borovickova, Katarina, 37Boudoukh, Jacob, 40Bouvard, Matthieu, 32Boyarchenko, Nina, 26Boyson, Nicole, 40Brav, Alon, 40Brogaard, Jonathan, 25, 40Bryzgalova, Svetlana, 35, 40Buchak, Greg, 22

47

Büchner, Matthias, 23Budish, Eric, 9, 29Buraschi, Andrea, 40Buss, Adrian, 23Busse, Jeffrey, 40Bustamante, Maria Cecilia, 36Butler, Alexander, 33, 40Bybee, Leland, 33

CCamanho, Nelson, 29Campello, Murillo, 21, 40Cao, Charles, 40Cao, Jie, 21Carlin, Bruce, 40Carlson, Mark, 17Catherine, Sylvain, 18Ceccarelli, Marco, 33Chague, Fernando, 35Chaieb, Ines, 40Chakrabarty, Bidisha, 25Chang, Briana, 17, 28, 40Chapman, David, 40Chava, Sudheer, 32, 40Chemla, Gilles, 40Chen, Hui, 27, 39Chen, Steven Shu-Hsiu, 27Chen, Yingshan, 31Chen, Yuchen, 30Chen, Zhiyao, 21Chernov, Mikhail, 23, 40Chhaochharia, Vidhi, 27Chinco, Alexander, 35Choi, Jaewon, 24Choi, James, 40Chordia, Tarun, 41Christoffersen, Susan, 41Cieslak, Anna, 15, 41Clementi, Gian Luca, 41Cohen-Cole, Ethan, 18Cohen, Lauren, 41Cohn, Jonathan, 18, 20, 41Colacito, Riccardo, 39Collin-Dufresne, Pierre, 39Comerton-Forde, Carole, 41Cong, Will, 20, 41Conrad, Jennifer, 41Cookson, J. Anthony, 41

Cooper, Michael, 41Corbae, Dean, 28Correia, Sergio, 17Corum, Adrian Aycan, 41Corwin, Shane, 41Crane, Alan, 41Croce, Mariano, 16, 39Crosignani, Matteo, 22, 39Crouzet, Nicolas, 36Cujean, Julien, 36Cuñat, Vicente, 39Czech, Robert, 15

DD’Acunto, Francesco, 31, 33, 38Da, Zhi, 41Dai, Min, 31Dang, Huong, 26Dang, Tri Vi, 41Daniel, Kent, 41Danis, Andras, 17, 41Dannhauser, Caitlin, 34Darmouni, Olivier, 41Dasgupta, Amil, 41David, Alexander, 41Davila, Eduardo, 19, 41Davis, Jesse, 29Davis, Steven, 28Davydiuk, Tetiana, 23De-Losso, Rodrigo, 35Decaire, Paul, 11, 21DeFusco, Anthony, 41DeMarzo, Peter, 37Denes, Matthew, 18, 29, 41Deng, Yao, 11, 30Desai, Pranav, 34Detemple, Jerome, 41Dew-Becker, Ian, 41Di Maggio, Marco, 22, 29, 41Diamond, William, 32, 38Dick-Nielsen, Jens, 37Diep-Nguyen, Ha, 26Doshi, Hitesh, 27Dou, Winston, 9, 26, 34, 41Dow, James, 41Drechsel-Grau, Moritz, 11, 31Drechsler, Itamar, 39Du, Wenxin, 35

48

Duarte, Jefferson, 23Duchin, Ran, 21Duffee, Greg, 37, 39

EEasley, David, 20Eberly, Janice, 36Edmans, Alex, 41Egan, Mark, 17, 29Eisenbach, Thomas, 26Eisert, Tim, 22Eisfeldt, Andrea, 41Elenev, Vadim, 18, 33Ellul, Andrew, 41Eraker, Bjorn, 41Erel, Isil, 41Erol, Selman, 8, 28Eufinger, Christian, 22Evans, Richard, 24, 41Ewens, Michael, 18, 29, 39

FFahlenbrach, Ruediger, 41Fan, Joseph, 41Fanti, Giulia, 20Farre-Mensa, Joan, 34Favilukis, Jack, 22, 30, 41Fedyk, Anastassia, 16Fehder, Daniel, 29Feldhütter, Peter, 30, 41Ferreira, Daniel, 41Fisher, Adlai, 41Fos, Slava, 34Fos, Vyacheslav, 41Foucault, Thierry, 41Fracassi, Cesare, 26Franzoni, Francesco, 24, 29Frésard, Laurent, 36Frydman, Carola, 41Frydman, Cary, 39

GGallmeyer, Michael, 41Gamba, Andrea, 17Ganduri, Rohan Rao, 32Gantchev, Nickolay, 18, 41Gao, Janet, 21, 41Garlappi, Lorenzo, 20, 37, 41

Gârleanu, Nicolae, 27, 39Garmaise, Mark, 41Garriott, Corey, 25Geelen, Thomas, 17George, Thomas, 41Gervais, Simon, 41Getmansky Sherman, Mila, 24Giacoletti, Marco, 19Giammarino, Ron, 20, 41Giannetti, Mariassunta, 18, 24, 39Giglio, Stefano, 39Gilbukh, Sonia, 19Giovannetti, Bruno, 35Giroud, Xavier, 39Glebkin, Sergei, 32Glode, Vincent, 32, 39Glover, Brent, 19, 30, 41Gofman, Michael, 28Goldsmith-Pinkham, Paul, 9, 16, 19, 31Goldstein, Itay, 41Goldstein, Robert, 27, 37, 41Gomes, Francisco, 41Gomes, Joao, 41Gomez, Matthieu, 24Gong, Yujing, 37Gonzalez-Uribe, Juanita, 41Gopalan, Radhakrishnan, 41Gormley, Todd, 39Goyal, Amit, 41Gozluklu, Arie, 37Greenwald, Daniel, 41Greimel, Fabian, 11, 31Grennan, Jillian, 34Griffin, John, 4, 15, 21, 41, 58Grullon, Gustavo, 41Gulen, Huseyin, 21Gupta, Arpit, 41Gupta, Deeksha, 34Gupta, Nandini, 32, 41Gupta, Pooja, 26Gurun, Umit, 27

HHackbarth, Dirk, 41Hagströmer, Björn, 25, 41Hajda, Jakub, 11, 25Halling, Michael, 41Haltiwanger, John, 28

49

Hameed, Allaudeen, 41Hammoudeh, Mosab, 28Han, Bing, 41Han, Jungsuk, 41Han, Leyla Jianyu, 11, 33Handley, Kyle, 28Hankins, Kristine, 21Hanson, Sam, 41Harris, Lawrence, 41Hartman-Glaser, Barney, 17, 31, 41Hartzmark, Samuel, 31, 34, 35, 41Hasbrouck, Joel, 29, 32, 41Hau, Harald, 29Hautsch, Nikolaus, 20He, Alex, 16He, Jie, 25He, Ping, 31, 41He, Zhiguo, 20, 37, 42Heath, Davidson, 27Hebert, Benjamin, 19, 42Hege, Ulrich, 42Heider, Florian, 17, 42Hellmann, Thomas, 42Hendershott, Terrence, 42Herkenhoff, Kyle, 18Herskovic, Bernard, 33Higgins, Sean, 9, 16, 38Hilscher, Jens, 42Hirschey, Nicholas, 42Hirshman, Samuel, 31Hoberg, Gerard, 39Hochberg, Yael, 28, 39Holden, Craig, 32, 42Hollifield, Burton, 4, 21, 42Honigsberg, Colleen, 22Hotchkiss, Edith, 28Hou, Kewei, 42Howell, Sabrina, 18Hrdlicka, Christopher, 34Hsieh, David, 42Hu, Allen, 28Hu, Yunzhi, 17Huang, Jianning, 25Huang, Jing-Zhi, 30Huang, Lixin, 42Huang, Shan, 31Huang, Shiyang, 15, 35

Huang, Xing, 42Huether, Niklas, 27Hughson, Eric, 42Hugonnier, Julien, 37Huh, Yesol, 29Hwang, Chuan-Yang, 42

IIlleditsch, Philipp, 42Imas, Alex, 31Indarte, Sasha, 16Irvine, Paul, 29Ivashina, Victoria, 39Iverson, Benjamin, 26, 42

JJacob, Matthew, 22Jacobs, Kris, 42Jagannathan, Ravi, 42Jahan-Parvar, Mohammad, 16Jain, Pankaj, 25Janardanan, Rajkumar, 37Jenter, Dirk, 39Jermann, Urban, 42Jiang, Erica Xuewei, 11, 24Jiang, Wei, 42Jiang, Wenxi, 42Jiang, Zhengyang, 23Jin, Lawrence, 16, 31Jin, Li, 42Johannes, Michael, 42Johnson, Shane, 19Johnson, Stephanie, 16Johnson, Timothy, 42Johnson, Travis, 42Jones, Christopher, 23, 37, 42Jones, Howard, 42Jorion, Philippe, 42Joslin, Scott, 23

KKacperczyk, Marcin, 39Kadan, Ohad, 42Kadyrzhanova, Dalida, 36, 42Kahraman, Bige, 42Kalda, Ankit, 26, 34Kan, Raymond, 42Kang, Jun-Koo, 42

50

Kankanhalli, Gaurav, 21Kaplan, Steve, 42Karakas, Oguzhan, 42Karnaukh, Nina, 42Karolyi, Andrew, 2, 4, 5, 15, 42, 57Karolyi, Stephen, 42Karpoff, Jonathan, 42Kedia, Simi, 42Kelly, Bryan, 23, 33, 39Keloharju, Matti, 42Kermani, Amir, 42Keys, Benjamin, 39Khanna, Naveen, 42Khapko, Mariana, 26Khorrami, Paymon, 24, 37Kilic, Mete, 16Kim, Gi, 37Kim, Hwagyun, 19Kim, Hyunseob, 18, 21, 42Kim, Ju Hyun, 19Kim, Minsoo, 19Kim, You Suk, 29Knüpfer, Samuli, 42Koch, Andrew, 42Kogan, Leonid, 9, 20, 34Kogan, Shimon, 42Kondor, Peter, 42Korteweg, Arthur, 39Kozak, Serhiy, 19Kozhan, Roman, 42Kraussl, Roman, 27Kronlund, Mathias, 24Kruger, Samuel, 19, 22, 42Kuchler, Theresa, 42Kuehn, Lars-Alexander, 42Kuhnen, Camelia, 42Kumar, Alok, 42Kumar, Nitish, 8, 19Kumar, Praveen, 42Kung, Howard, 42Kurlat, Pablo, 42Kwan, Alan, 42

LLafortune, Jeanne, 16Lagaras, Spyridon, 27Lamichhane, Sujan, 37Lamoureux, Christopher, 42

Landvoigt, Tim, 32, 42Langberg, Nisan, 42Lazarus, Eben, 42Lazrak, Ali, 20, 42le Maire, Daniel, 16Leary, Mark, 42Lee, Inmoo, 42Lee, Jeongmin “Mina”, 26Lee, Seokwoo, 25Lehar, Alfred, 31Leitner, Yaron, 42Lerner, Josh, 28, 42Levine, Oliver, 30Levit, Doron, 20, 42Lewellen, Jonathan, 42Lewellen, Katharina, 42Lewellen, Stefan, 42Lewis, Karen, 30Li, Dan, 16Li, Jiasun, 20, 32Li, Kai, 28, 42Li, Rachel, 18Li, Wenhao, 23Liao, Gordon, 26Liao, Rose, 42Liberman, Andres, 42Lim, Sonya, 42Lim, Yuree, 18Limbach, Peter, 30Lin, Mingfeng, 32Lin, Xiaoji, 42Lindsey, Laura, 18, 42Linnainmaa, Juhani, 30, 35, 39Liu, Crocker, 42Liu, Ernest, 17Liu, Hong, 31, 42Liu, Peng, 42Liu, Tingjun, 42Livdan, Dmitry, 42Ljungqvist, Alexander, 34, 39Lo, Andrew, 43Lochstoer, Lars, 43Loos, Benjamin, 24Lou, Dong, 15Loualiche, Erik, 43Loutskina, Elena, 43Lowery, Richard, 43

51

Lowry, Michelle, 43Lu, Kai, 32Lu, Zhongjin, 19Luck, Stephan, 17Lundblad, Christian, 43Lustig, Hanno, 4, 23, 39Lyandres, Evgeny, 21, 31, 43Lynch, Anthony, 43

MMa, Song, 28, 43Ma, Yiming, 22, 28Ma, Yueran, 43Madhavan, Ananth, 43Madureira, Leonardo, 43Makarov, Igor, 43Malamud, Semyon, 32, 43Malenko, Andrey, 17, 39Malenko, Nadya, 20, 39Malinova, Katya, 25, 43Malmendier, Ulrike, 33Manela, Asaf, 20, 33, 43Mann, William, 43Manso, Gustavo, 18, 27, 43Mao, Yifei, 43Marchuk, Tatyana, 33Marinovic, Ivan, 20Marquez, Robert, 20, 43Martin, Ian, 26Matsa, David, 39Matvos, Gregor, 22, 39Maug, Ernst, 20, 43Mayer, Erik, 33Mayer, Simon, 17McDonald, Robert, 43McLean, Robert, 43McQuade, Timothy, 43Mei, Danqing, 11, 28Mendes, Diogo, 11, 26Menkveld, Albert, 43Mertens, Thomas, 35Metzger, Daniel, 43Meyer, Steffen, 24Mezzanotti, Filippo, 18, 34Michaelides, Alexander, 43Mihet, Roxana, 11, 38Milbradt, Konstantin, 17, 43Miller, Darius, 43

Miranda, Javier, 28Mitra, Indrajit, 16, 37, 39Morellec, Erwan, 43Morse, Adair, 29Moskowitz, Tobias, 43Moyen, Nathalie, 19, 36, 43Mueller, Philippe, 43Muir, Tyler, 40Murfin, Justin, 43Murray, Scott, 23Musto, David, 43

NNagel, Stefan, 26, 30Nain, Amrita, 28Nam, Jayoung, 24Nanda, Ramana, 29Nathanson, Charles, 43Ng, David, 43Nguyen, Thien, 43Nickerson, Jordan, 22, 27, 34Niehaus, Greg, 18Nikolov, Boris, 43Nimalendran, Mahendrarajah, 43Nini, Greg, 43Noe, Thomas, 43Noel, Pascal, 43Norden, Lars, 43Nyborg, Kjell, 43

OO’Hara, Maureen, 20, 43O’Neill, Peter, 9, 29Oehmke, Martin, 33Oh, Ji Yeol Jimmy, 24Olarte, Liliana, 16Opp, Christian, 32, 37, 43Opp, Marcus, 21, 33, 43Ordoñez, Guillermo, 8, 28Ortiz-Molina, Hernan, 43Osambela, Emilio, 21Osterrieder, Daniela, 23Ou-Yang, Hui, 43Ouimet, Paige, 43Ozdenoren, Emre, 25

PPagano, Marco, 43

52

Pagano, Michael, 43Pagel, Michaela, 24, 35, 43Pagnotta, Emiliano, 20, 31Panageas, Stavros, 23Panayides, Marios, 43Pancost, N. Aaron, 30Pang, Hao, 15Papanikolaou, Dimitris, 40Paradkar, Nikhil, 32Paravisini, Daniel, 22Park, Andreas, 25, 43Parlatore, Cecilia, 43Parlour, Christine, 4, 15, 26, 31, 38, 43Parsons, Christopher, 19, 40Pasquariello, Paolo, 40Pavanini, Nicola, 22Pavlova, Anna, 43Peijnenburg, Kim, 43Pelizzon, Loriana, 43Peng, Liang, 43Peng, Lin, 43Pennacchi, George, 43Peress, Joel, 26, 43Perez-Gonzalez, Francisco, 43Perotti, Enrico, 43Petersen, Mitchell, 43Pflueger, Carolin, 15, 23, 43Phalippou, Ludovic, 43Phillips, Gordon, 18, 28, 43Piacentino, Giorgia, 43Piskorski, Tomasz, 22Pohl, Walter, 16Polk, Christopher, 43Ponticelli, Jacopo, 43Pontiff, Jeffrey, 34, 43Pool, Veronika, 24, 40Prado, Melissa, 24Previtero, Alessandro, 31Puri, Manju, 43Purnanandam, Amiyatosh, 40

QQian, Jun, 43Qin, Zhongling, 19

RRaina, Sahil, 35Rajan, Raghuram, 8, 19

Rajan, Uday, 4, 20, 25, 38, 40Ramadorai, Tarun, 30, 33, 40Ramelli, Stefano, 33Rampini, Adriano, 44Rau, Raghavendra, 30, 44Reed, Adam, 44Reuter, Jonathan, 44Rey, Helene, 29Richmond, Robert, 30Rindi, Barbara, 25Ringgenberg, Matthew, 27, 44Riordan, Ryan, 25Rivera, Alejandro, 17Rizzo, Antonino Emanuele, 24Roberts, Michael, 44Robles-Garcia, Claudia, 17, 22, 35Robotti, Cesare, 20Rosen, Samuel, 16Rossi, Alberto, 37Rosu, Ioanid, 44Routledge, Bryan, 1, 4, 15, 44, 57Routledge - Test, Bryan, 15Rouwenhorst, K Geert, 37Ruan, Hongxun, 24Ruchti, Thomas, 44Rydqvist, Kristian, 44

SSaar, Gideon, 32, 44Sachdeva, Kunal, 27Sadka, Ronnie, 44Sagi, Jacob, 19, 44Saidi, Farzad, 17, 22Saleh, Fahad, 32Salomao, Juliana, 16, 30, 44Samadi, Mehrdad, 27Sambalaibat, Batchimeg, 19Santos, Joao, 44Sarin, Natasha, 22Sarno, Lucio, 44Sautner, Zacharias, 44Schaefer, Stephen, 30Scherbina, Anna, 44Scheuch, Christoph, 20Schlusche, Bernd, 35Schmedders, Karl, 16Schmid, Lukas, 23, 27, 30, 36, 44Schmidt, Daniel, 26

53

Schmidt, Lawrence, 44Schnabl, Philipp, 40Schneider, Paul, 26Schoar, Antoinette, 13Schultz, Paul, 44Schürhoff, Norman, 44Schürmann, Henrik, 30Schwartz, Eduardo, 21Schwarz, Krista, 44Schwert, Michael, 44Seasholes, Mark, 44Sedunov, John, 44Sen, Rik, 27Seo, Sang Byung, 27Seppi, Duane, 44Serrano-Velarde, Nicolas, 24Seru, Amit, 22, 44Severino, Felipe, 44Sevilir, Merih, 44Shachar, Or, 26Shimizu, Chihiro, 30Shive, Sophie, 34, 44Shu, Tao, 25Shue, Kelly, 9, 31, 40Shumway, Tyler, 40Sialm, Clemens, 44Siegel, Stephan, 44Silva, Dejanir, 33Siriwardane, Emil, 35Skrastins, Janis, 36Slutzky, Pablo, 22Smith, David, 44Sockin, Michael, 44Sodini, Paolo, 44Sojli, Elvira, 44Solomon, David, 22, 27Soltes, Eugene, 22Song, Dongho, 23, 44Song, Yang, 35Song, Zhaogang, 29, 37Sosyura, Denis, 44Spaenjers, Christophe, 27, 44Spiegel, Matthew, 44Sraer, David, 40Stacescu, Bogdan, 27Stafford, Erik, 44Stanton, Christopher, 29

Stanton, Richard, 31, 44Starks, Laura, 17, 44Stathopoulos, Andreas, 37Steri, Roberto, 27Stoffman, Noah, 44Strebulaev, Ilya, 44Strobl, Günter, 44Strömberg, Per, 44Suarez, Lawrence, 15Subrahmanyam, Avanidhar, 44Sundaresan, Suresh, 44Sunderam, Aditya, 44Sussman, Abigail, 35Szydlowski, Martin, 25

TTang, Dunzhe, 31Tarantino, Emanuele, 24Tate, Geoffrey, 44Taylor, Lucian, 21, 33, 40Tchistyi, Alexei, 44Teguia, Alberto, 32Telmer, Chris, 44Tessada, Jose, 16Thakor, Anjan, 44Thesmar, David, 40Titman, Sheridan, 21Todorov, Viktor, 44Tong, Joy Tianjiao, 11, 36Tookes, Heather, 40Townsend, Richard, 29, 44Trzcinka, Charles, 44Tserlukevich, Yuri, 44Tsoutsoura, Margarita, 22, 44Tsoy, Anton, 17Tuzel, Selale, 37, 44Twite, Garry, 44

UUppal, Raman, 44Uslu, Semih, 32

VValkanov, Rossen, 40Van Binsbergen, Jules, 24van Dijk, Mathijs, 44Van Nieuwerburgh, Stijn, 23van Straelen, Eileen, 18

54

Van Tassel, Peter, 26Vanasco, Victoria, 44Varas, Felipe, 17, 20, 26, 44Vayanos, Dimitri, 44Vedolin, Andrea, 44Velioglu, Guner, 32Verardo, Michela, 44Verdelhan, Adrien, 4, 29, 40Veronesi, Pietro, 44Vissing-Jorgensen, Annette, 15, 44Viswanath, Pramod, 20Voigt, Stefan, 20von Thadden, Ernst-Ludwig, 44Vuillemey, Guillaume, 44

WWachter, Jessica, 4, 44Wagner, Alexander, 33Wagner, Christian, 44Walden, Johan, 44Wallace, Nancy, 31Wang, Chaojun, 28Wang, Jessie Jiaxu, 28Wang, Jialan, 16, 44Wang, Jingwen, 31Wang, Junbo, 23Wang, Neng, 44Wang, Tan, 45Wang, Tianyu, 15Wang, Xinxin, 18, 29Wang, Zhenyu, 45Watanabe, Akiko, 45Watugala, Sumudu, 45Weber, Michael, 33Wei, Zaiyan, 32Weill, Pierre-Olivier, 45Weisbach, Michael, 45Wermers, Russ, 20, 45Werner, Ingrid, 27, 45Weston, James, 33, 45Whited, Toni, 2, 4, 15, 39, 46, 57Wilhelm, William, 45Wilms, Ole, 16Wilson, Mungo, 16, 45Wu, Wei, 9, 34Wu, Yufeng, 17, 25, 45Wurgler, Jeffrey, 45

XXiang, Hong, 35Xiao, Kairong, 25, 28, 35, 45Xiaolan, Mindy, 23Xing, Ran, 24Xing, Yuhang, 45Xiu, Dacheng, 33Xu, Sheng-Jun, 35Xu, Ting, 18Xu, Yu, 16Xu, Zhengyang, 30Xuan, Yuhai, 45

YYadav, Pramodkumar, 11, 34Yan, Hongjun, 45Yang, Huan, 25Yang, Jun, 32Yang, Liu, 45Yang, Ming, 45Yaron, Amir, 4Ye, Mao, 29, 40Ying, Chao, 30, 37Yonker, Scott, 45Yu, Jialin, 45Yu, Jianfeng, 24, 45Yu, Xiaoyun, 45Yuan, Kathy, 25, 28, 45

ZZambrana, Rafael, 24Zapatero, Fernando, 45Zechner, Josef, 45Zender, Jaime, 19, 45Zeng, Linghang, 32Zeng, Yao, 28, 38, 45Zeni, Federica, 33Zeume, Stefan, 22Zhan, Xintong, 21Zhang, Chu, 45Zhang, Dayin, 31Zhang, Harold, 45Zhang, Lu, 45Zhang, Shengxing, 25Zhang, Weiming, 21Zhang, Xiaoyan, 45Zhao, Guihai, 23Zheng, Geoffery, 11, 24

55

Zheng, Lu, 34, 45Zhou, Guofu, 45Zhu, Haoxiang, 38, 45Zucchi, Francesca, 17Zwick, Eric, 45Zwiebel, Jeffrey, 45

56

WFA CODE OF CONDUCT

The WFA seeks to provide a safe, inclusive and productive meeting environment thatfosters the exchange of scientific ideas, provides equal opportunities and treatment forall participants, and is free from discrimination and harassment.

While free and open discussion and debate are essential elements of scholarlyinteraction, paper presenters, discussants, session chairs, and other conferenceparticipants are expected to abide by norms of professional conduct and to follow venuerules. All participants are also expected to abide by standards of scientific integrity intheir work product, and to present results that are accurate to the best of theirknowledge. Any sources of funding or financial interests or other ties that might beviewed as creating conflicts of interest should be disclosed on the paper’s title page andon the presenter and discussant slides with a brief one or two sentence disclaimer.

The WFA does not tolerate discrimination, harassment, or retaliation in any of itsactivities. Discrimination is the prejudicial treatment of individuals on the basis of race,ethnicity, gender, sexual orientation, age, disability status, or any other attribute.Harassment includes speech or any behavior, such as but not limited to, remarks, bothspoken and in other media, bullying, physical contact, stalking, sexual advances orrequests for sexual favors, and unwelcome advances. Please remember that behaviorthat is acceptable to one person may not be acceptable to another, and that harassment,even if intended or conveyed in a joking manner, is unacceptable.

Anyone who experiences or witnesses a violation of standards of professional ethics andscientific integrity, or who experiences or witnesses discrimination or harassment,should report this behavior to the WFA Program Chair Toni M.Whited (twhited@umich.edu), WFA President Andrew Karolyi (gak56@cornell.edu), orthe WFA Treasurer-Secretary Bryan R. Routledge (routledge@cmu.edu).

Individuals violating this policy, or making allegations in bad faith, may be subject todisciplinary action. Reported cases and allegations will be adjudicated promptly by theWFA Board of Directors. The Board can choose to act or to delegate authority to adesignated committee or to the WFA Executive Committee. The Board reserves the rightto take actions including, but not limited to, removing an individual from a meetingwithout warning, prohibiting an individual from attending future WFA meetings,terminating an individual’s affiliation with the WFA, and notifying an individual’semployer. Retaliation against any person who files a complaint in good faith, or assistsin the investigation of such a complaint, is also a violation of this policy and may besubject to disciplinary action.

Please direct comments or concerns regarding this policy to the WFA Treasurer-SecretaryBryan R. Routledge (routledge@cmu.edu).

Adopted February, 2019

57

2021 ANNUAL MEETINGS OFTHE WESTERN FINANCE ASSOCIATION

June 17 - 20, 2021Hilton Hawaiian Village Waikiki

Honolulu, HI

Members and friends of the Western Finance Association are invited to submit papers tobe considered for presentation at the 2021 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, 2020. The deadline for submissions is midnight PST, November 18,2020. 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, 2021.

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.

PBCSF Award of $5,000 for the best paper in fintech

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

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

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

2021 Program Chair:

John M. GriffinUniversity of Texas-Austin

58