Western Finance Association

2021 Program

56th Annual Conferenceof the

Western Finance Association

June 16 - 18, 2021

06/18/2021 11:28

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 2022 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 is still notsafe or advisable, the WFA 2021 will again take place via on-line video conferencing.John M. Griffin, Program Chair 2021, has pulled together a tremendous program and welook forward to engaging presentations and discussions.

The WFA is committed to providing a safe, inclusive, and productive setting forscientific exchange among all participants at the Annual Conference. To affirm thiscommitment, the Board of the WFA developed a conference code of conduct for WFAconference attendees. The code of conduct briefly spells out the expectations for allmeeting participants, emphasizes that neither harassment nor discrimination will betolerated, and details whom to contact in the event that there are violations of this code.There is a link to the conference code of conduct at https://westernfinance.org, and it isprinted on page 43 of the conference programs as a reminder.

Thank you again for your understanding and let’s celebrate a great WFA 2021 virtually!

Toni M. Whited,WFA President, 2020-2021

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.org as we approach theevent date. Stay tuned!

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WESTERN FINANCE ASSOCIATION

Officers and Directors: 2020-2021

President: Toni M. Whited, University of MichiganPresident Elect: John M. Griffin, University of Texas-Austin

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

Vice-President Elect: Burton Hollifield, Carnegie Mellon UniversitySecretary-Treasurer: Bryan R. Routledge, Carnegie Mellon University

Directors: Kai Li, University of British ColumbiaUday Rajan, University of MichiganGideon Saar, Cornell UniversityAdrien Verdelhan, Massachusetts Institute ofTechnologyJessica Wachter, University of PennsylvaniaAmir Yaron, University of Pennsylvania

Presidents: 1965 – 2021

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 University2020–21 Toni M. Whited University of Michigan

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Distinguished Speakers

WFA Annual Meeting Speakers 1979 – 2021Year 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 Schoar2021 Virtual Conferene 2.0 Josef Zechner

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BEST PAPER AWARDS

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

Executive Compensation: The Trend Toward One Size Fits AllFelipe Cabezon, University of Southern California

CHARLES RIVER ASSOCIATES AWARDFOR THE BEST PAPER ON CORPORATE FINANCE

Product Differentiation and Oligopoly: A Network ApproachBruno Pellegrino, University of Maryland

ELSEVIER SPONSORED AWARDFOR THE BEST PAPER ON FINANCIAL INSTITUTIONS

The Real Effects of Bank Supervision: Evidence from On-Site Bank InspectionsAndrea Passalacqua, Federal Reserve Board of Governors

Paolo Angelini, Banca d’ItaliaFrancesca Lotti, Banca d’Italia

Giovanni Soggia, Banca d’Italia

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BEST PAPER AWARDS

NASDAQ AWARDFOR THE BEST PAPER ON ASSET PRICING

Echo ChambersJ. Anthony Cookson, University of Colorado-BoulderJoseph Engelberg, University of California-San DiegoWilliam Mullins, University of California-San Diego

PBCSF AWARDFOR THE BEST PAPER IN FINTECH

How Costly Are Cultural Biases? Evidence from FinTechFrancesco D’Acunto, Boston College

Alberto Rossi, Georgetown UniversityPulak Ghosh, Indian Insitute of Management-Bangalore

TWO SIGMA AWARDFOR THE BEST PAPER ON INVESTMENT MANAGEMENT

Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of MunicipalBonds

Yi Li, Federal Reserve Board of GovernorsMaureen O’Hara, Cornell University

Xing Zhou, Federal Reserve Board of Governors

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WHARTON SCHOOL - WRDS AWARDFOR THE BEST EMPIRICAL FINANCE PAPER

Opening up Military Innovation: Causal Effects of ‘Bottom-Up’ Reforms to U.S.Defense Research

Sabrina T. Howell, New York UniversityJason Rathje, United States Air Force

John Van Reenen, Massachusetts Institute of TechnologyJun Wong, New York University

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BEST PAPER AWARDS

WFA PHD CANDIDATE AWARDSFOR OUTSTANDING RESEARCH

Jessica Bai, Harvard University

Felipe Cabezon, University of Southern California

Constantin Charles, University of Southern California

Mehran Ebrahimian, University of Pennsylvania

Zhongchen Hu, London School of Economics and Political Science

Bruce Iwadate, London School of Economics and Political Science

Sanghyun (Hugh) Kim, University of Texas-Dallas

Shohini Kundu, University of Chicago

Angela Ma, Harvard University

Peter Maxted, Harvard University

Max Miller, University of Pennsylvania

Sangmin Oh, University of Chicago

Tim Park, University of Texas-Austin

Gregor Schubert, Harvard University

Dan Su, University of Minnesota

Yue Yuan, London School of Economics and Political Science

Miles Zheng, University of Illinois-Urbana-Champaign

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PROGRAM SUMMARY

Tuesday, June 15, 2021

12:30 pm – 2:30 pm MDTWFA Executive Committee and Board of Directors Meeting [Invitation Only]

3:00 pm – 4:30 pm MDTWFA/PhD Project Panel Session [Invitation Only]

Wednesday, June 16, 2021

7:30 am – 5:00 pm MDTFront DeskTech Help CenterCoffee Break - Open All Day

8:15 am – 10:00 am MDTFinancial EnforcementTreasuries and YieldsDiversity in FinanceSocial Media and Trading BiasesFederal Lending PoliciesFirm Reactions to Law and Policy

10:30 am – 12:15 pm MDTRisk FactorsMutual Fund MisconductFintech LendingESG PracticesPolicy ImplicationsActivism

2:00 pm – 3:45 pm MDTAsset Pricing ModelsCredit, Risk, and WealthEvaluating Regulatory SupervisionShadow Banks & BankingETFs and Investor InefficienciesInternational Corporate Finance

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4:00 pm – 5:00 pm MDTWFA Reception

Thursday, June 17, 2021

7:30 am – 5:00 pm MDTFront DeskTech Help CenterCoffee Break - Open All Day

8:15 am – 10:00 am MDTFintech and Trading BiasesProduct MarketsLending PracticesCredit and Fixed Income InvestmentsMacro FinanceTrading Mechanisms

10:30 am – 12:15 pm MDTHousehold InvestmentsConflicts of Interest in Investment PlansFirm OwnershipLiquidity During COVIDInformation Processing and Fund ManagementCollateralized Loan Obligations

12:30 pm – 1:50 pm MDTWFA Annual Meeting and Distinguished Speaker

Distinguished Speaker: Josef Zechner, Vienna University of Economics and Business

2:00 pm – 3:45 pm MDTSpurring InnovationHousehold Financial MistakesCurrency RiskPuzzles in Residential Real EstateTaxes, Fees, and RegulationAsset Bubbles

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Friday, June 18, 2021

7:30 am – 5:00 pm MDTTech Help CenterCoffee Break - Open All DayFront Desk

8:15 am – 10:00 am MDTReal Effects of COVID-19International Credit and RepoInternal and External FinancingLiquidityLending, Policy, and OutcomesHousehold Debt

10:30 am – 12:15 pm MDTThe Fed and Central BanksEmpirical Risk PremiaFinancial Intermediation TheoryCompensation and IncentivesHedge Funds and VCsFirms and Federal Programs

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PROGRAM DETAILS

Wednesday, June 16, 2021, 8:15 am – 10:00 am MDT

Financial EnforcementMark Egan, Harvard University

DeputizationBruce Carlin, Rice UniversityTarik Umar, Rice UniversityHanyi Yi, Rice University

Becker Meets Kyle: Legal Risk and Insider TradingMarcin Kacperczyk, Imperial College LondonEmiliano Pagnotta, Imperial College London

Does CFPB Oversight Crimp Credit?Andreas Fuster, Swiss National BankMatthew Plosser, Federal Reserve Bank of New YorkJames Vickery, Federal Reserve Bank of Philadelphia

Discussants:Andrew Sutherland, Massachusetts Institute of TechnologyLauren H. Cohen, Harvard UniversityAnthony DeFusco, Northwestern University

Treasuries and YieldsNina Boyarchenko, Federal Reserve Bank of New York

Treasury Inconvenience Yields during the COVID-19 CrisisZhiguo He, University of ChicagoStefan Nagel, University of ChicagoZhaogang Song, Johns Hopkins University

What Drives U.S. Treasury Re-use?Sebastian Infante, Federal Reserve Board of GovernorsZack Saravay, Federal Reserve Board of Governors

Financial Intermediaries and The Yield CurveAndres Schneider, Federal Reserve Board of Governors

Discussants:Sumudu W. Watugala, Cornell UniversityBen Munyan, Vanderbilt UniversityKinda Hachem, University of Virginia

Diversity in FinanceLalitha Naveen, Temple University

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Gender Quotas and Support for Women in Board ElectionsMarina Gertsberg, Monash UniversityJohanna Mollerstrom, George Mason UniversityMichaela Pagel, Columbia University

Self-image Bias and Talent LossMarciano Siniscalchi, Northwestern UniversityPietro Veronesi, University of Chicago

Entrepreneurial Teams: Diversity of Skills and Early-Stage GrowthFrancesco D’Acunto, Boston CollegeGeoffrey Tate, University of MarylandLiu Yang, University of Maryland

Discussants:Jason Sandvik, Tulane UniversityNadya Malenko, University of MichiganElena Simintzi, University of North Carolina-Chapel Hill

Social Media and Trading BiasesZhi Da, University of Notre Dame

Echo ChambersJ. Anthony Cookson, University of Colorado-BoulderJoseph Engelberg, University of California-San DiegoWilliam Mullins, University of California-San Diego

Does Alternative Data Improve Financial Forecasting? The Horizon EffectOlivier Dessaint, INSEADThierry Foucault, HEC ParisLaurent Frésard, University of Lugano

Taming the Bias ZooHongqi Liu, Chinese University of Hong Kong-ShenzhenCameron Peng, London School of Economics and Political ScienceWei A. Xiong, Shenzhen Stock ExchangeWei Xiong, Princeton University

Discussants:Xing Huang, Washington University-St. LouisEric So, Massachusetts Institute of TechnologyAlexander Chinco, University of Illinois-Urbana-Champaign

Federal Lending PoliciesMotohiro Yogo, Princeton University

Did Banks Pay "Fair" Returns to Taxpayers on TARP?Amiyatosh Purnanandam, University of MichiganThomas M. Flanagan, University of Michigan

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The Reserve Supply Channel of Unconventional Monetary PolicyWilliam Diamond, University of PennsylvaniaZhengyang Jiang, Northwestern UniversityYiming Ma, Columbia University

The Financial Origins of the Rise and Fall of American InflationItamar Drechsler, University of PennsylvaniaAlexi Savov, New York UniversityPhilipp Schnabl, New York University

Discussants:Juliane Begenau, Stanford UniversityClaudia Robles-Garcia, Stanford UniversityMoritz Lenel, Princeton University

Firm Reactions to Law and PolicyBo Becker, Stockholm School of Economics

Do Court Delays Distort Capital Formation?Pantelis Koutroumpis, University of OxfordFarshad Ravasan, University of Oxford

Social InflationSangmin Oh, University of Chicago

Trade Credit and the Transmission of Unconventional Monetary PolicyManuel Adelino, Duke UniversityMiguel Ferreira, Universidade Nova de LisboaMariassunta Giannetti, Stockholm School of EconomicsPedro Pires, Universidade Nova de Lisboa

Discussants:Jacopo Ponticelli, Northwestern UniversityChotibhak Jotikasthira, Southern Methodist UniversityJulien Sauvagnat, Università Bocconi

Wednesday, June 16, 2021, 10:30 am – 12:15 pm MDT

Risk FactorsJonathan Lewellen, Dartmouth College

Discontinued Positive Feedback Trading and the Decline of MomentumProfitabilityItzhak Ben-David, Ohio State UniversityJiacui Li, University of UtahAndrea Rossi, University of ArizonaYang Song, University of Washington

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Equilibrium Value and Profitability PremiaHengjie Ai, University of MinnesotaJun Li, Shanghai Jiao Tong UniversityJincheng Tong, University of Toronto

Time-Series Efficient FactorsSina Ehsani, Northern Illinois UniversityJuhani Linnainmaa, Dartmouth College

Discussants:Thummim Cho, London School of Economics and Political ScienceLukas Schmid, University of Southern CaliforniaTyler Muir, University of California-Los Angeles

Mutual Fund MisconductVeronika K. Pool, Vanderbilt University

Do Mutual Funds Manipulate Star Ratings? Evidence from Portfolio PumpingSanghyun (Hugh) Kim, University of Texas-Dallas

Institution-Broker Relationship and Mutual Fund Proxy VotingNitish Kumar, University of FloridaYuehua Tang, University of FloridaKelsey D. Wei, University of Texas-Dallas

TAXI! Do Mutual Funds Pursue and Exploit Information on Local Companies?David Cicero, Auburn UniversityAndy Puckett, University of Tennessee-KnoxvilleAlbert Wang, Auburn UniversityShen Zhang, Troy University

Discussants:Richard Evans, University of VirginiaMariassunta Giannetti, Stockholm School of EconomicsSophie Shive, University of Notre Dame

Fintech LendingIsil Erel, Ohio State University

Why is Intermediating Houses so Difficult? Evidence from iBuyersGreg Buchak, Stanford UniversityGregor Matvos, Northwestern UniversityTomasz Piskorski, Columbia UniversityAmit Seru, Stanford University

How Costly Are Cultural Biases? Evidence from FinTechFrancesco D’Acunto, Boston CollegeAlberto Rossi, Georgetown UniversityPulak Ghosh, Indian Insitute of Management-Bangalore

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Open Banking: Credit Market Competition When Borrowers Own the DataZhiguo He, University of ChicagoJing Huang, University of ChicagoJidong Zhou, Yale University

Discussants:Sonia Gilbukh, New York UniversityLéa Stern, University of WashingtonRobert Marquez, University of California-Davis

ESG PracticesSara Moeller, University of Pittsburgh

Selfish CorporationsEmanuele Colonnelli, University of ChicagoNiels Gormsen, University of Chicago

The Allocation of Socially Responsible CapitalDaniel Green, Harvard UniversityBen Roth, Harvard University

CEO Activism and Firm ValueAnahit Mkrtchyan, Northeastern UniversityJason Sandvik, Tulane UniversityVivi Zhu, Tulane University

Discussants:Craig Brown, Purdue UniversityLucian Taylor, University of PennsylvaniaAndrew Koch, University of Pittsburgh

Policy ImplicationsPaul Schultz, University of Notre Dame

Manufacturing Risk-Free Government DebtZhengyang Jiang, Northwestern UniversityHanno Lustig, Stanford UniversityStijn Van Nieuwerburgh, Columbia UniversityMindy Z. Xiaolan, University of Texas-Austin

Calling All Issuers: The Market for Debt MonitoringHuaizhi Chen, University of Notre DameLauren H. Cohen, Harvard UniversityWeiling Liu, Northeastern University

Social Security and Trends in Wealth InequalitySylvain Catherine, University of PennsylvaniaMax Miller, University of PennsylvaniaNatasha Sarin, University of Pennsylvania

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Discussants:Mikhail Chernov, University of California-Los AngelesFrancis Longstaff, University of California-Los AngelesAdrien Auclert, Stanford University

ActivismWei Jiang, Columbia University

Value Creation in Shareholder Activism: A Structural ApproachRui Albuquerque, Boston CollegeSlava Fos, Boston CollegeEnrique Schroth, EDHEC Business School

The Social Value of Debt in the Market for Corporate ControlMike Burkart, London School of Economics and Political ScienceSamuel Lee, Santa Clara UniversityHenrik Petri, University of Bath

Activism and Indexing in EquilibriumSteven Baker, University of VirginiaDavid A. Chapman, University of VirginiaMichael F. Gallmeyer, University of Virginia

Discussants:Doron Levit, University of WashingtonJason Roderick Donaldson, Washington University-St. LouisYao Zeng, University of Pennsylvania

Wednesday, June 16, 2021, 2:00 pm – 3:45 pm MDT

Asset Pricing ModelsYuri Tserlukevich, Arizona State University

Equity Term Structures without Dividend Strips DataSerhiy Kozak, University of MarylandStefano Giglio, Yale UniversityBryan Kelly, Yale University

A Stock Return Decomposition using ObservablesBenjamin Knox, Copenhagen Business SchoolAnnette Vissing-Jorgensen, University of California-Berkeley

The Oligopoly Lucas TreeWinston Dou, University of PennsylvaniaYan Ji, Hong Kong University of Science & TechnologyWei Wu, Texas A&M University

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Discussants:Oliver Boguth, Arizona State UniversityLars A. Lochstoer, University of California-Los AngelesHengjie Ai, University of Minnesota

Credit, Risk, and WealthBenjamin J. Keys, University of Pennsylvania

Counterparty Risk: Implications for Network Linkages and Asset PricesFotis Grigoris, Indiana UniversityYunzhi Hu, University of North Carolina-Chapel HillGill Segal, University of North Carolina-Chapel Hill

The Market Risk Premium for Unsecured Consumer Credit RiskMatthias Fleckenstein, University of DelawareFrancis Longstaff, University of California-Los Angeles

Monetary Policy and Wealth Effects: The Role of Risk and HeterogeneityDejanir Silva, University of Illinois-Urbana-ChampaignNicolas Caramp, University of California-Davis

Discussants:Anna Costello, University of MichiganBrian T. Melzer, Dartmouth CollegeRohan Kekre, University of Chicago

Evaluating Regulatory SupervisionAmiyatosh Purnanandam, University of Michigan

The Burden of SupervisionGiovanni Cerulli, National Research Council of ItalyFranco Fiordelisi, University of EssexDavid Marques-Ibanez, European Central Bank

The Real Effects of Bank Supervision: Evidence from On-Site Bank InspectionsAndrea Passalacqua, Federal Reserve Board of GovernorsPaolo Angelini, Banca d’ItaliaFrancesca Lotti, Banca d’ItaliaGiovanni Soggia, Banca d’Italia

Internal Models, Make Believe Prices, and Bond Market CorneringIshita Sen, Harvard UniversityVarun Sharma, London Business School

Discussants:Roberto Steri, University of LuxembourgRimmy Tomy, University of ChicagoPriyank Gandhi, Rutgers, The State University of New Jersey

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Shadow Banks & BankingPhilipp Schnabl, New York University

Banking without Deposits: Evidence from Shadow Bank Call ReportsErica Xuewei Jiang, University of Southern CaliforniaGregor Matvos, Northwestern UniversityTomasz Piskorski, Columbia UniversityAmit Seru, Stanford University

Using High-Frequency Evaluations to Estimate Discrimination: Evidence fromMortgage Loan OfficersMarco Giacoletti, University of Southern CaliforniaRawley Heimer, Boston CollegeEdison Yu, Federal Reserve Bank of Philadelphia

Arbitraging Covered Interest Rate ParityDeviations and Bank LendingLorena Keller, University of Pennsylvania

Discussants:Sasha Indarte, University of PennsylvaniaNeil Bhutta, Federal Reserve Board of GovernorsWenxin Du, University of Chicago

ETFs and Investor InefficienciesKelsey D. Wei, University of Texas-Dallas

Mind Thy Neighbor’s Portfolio: A Network Approach to Contagion in the ETFMarketBruce Iwadate, London School of Economics and Political Science

Dominated ETFsDavid C. Brown, University of ArizonaScott Cederburg, University of ArizonaMitch Towner, University of Arizona

Exploited by ComplexityPengjie Gao, University of Notre DameAllen Hu, Yale UniversityPeter Kelly, University of Notre DameCameron Peng, London School of Economics and Political ScienceNing Zhu, Shanghai Jiao Tong University

Discussants:Xing Zhou, Federal Reserve Board of GovernorsMikhail Simutin, University of TorontoFrancesco D’Acunto, Boston College

International Corporate FinanceDarius Miller, Southern Methodist University

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The Boundaries of the Law: Can US Private Enforcement Discipline ForeignFirms?Massimo Massa, INSEADXiaoqiao Wang, Chinese University of Hong Kong-ShenzhenBohui Zhang, Chinese University of Hong Kong-ShenzhenHong Zhang, Tsinghua University

Misallocation and Capital Market Integration: Evidence from IndiaNatalie Bau, University of California-Los AngelesAdrien Matray, Princeton University

Sovereign Debt Ratchets and Welfare DestructionPeter M. DeMarzo, Stanford UniversityZhiguo He, University of ChicagoFabrice Tourre, Copenhagen Business School

Discussants:Jordan Siegel, University of MichiganNandini Gupta, Indiana UniversityNeng Wang, Columbia University

Thursday, June 17, 2021, 8:15 am – 10:00 am MDT

Fintech and Trading BiasesXiaoyan Zhang, Tsinghua University

Attention Induced Trading and Returns: Evidence from Robinhood UsersBrad M. Barber, University of California-DavisXing Huang, Washington University-St. LouisTerrance Odean, University of California-BerkeleyChristopher Schwarz, University of California-Irvine

The Effect of Stock Ownership on Individual Spending and LoyaltyPaolina Medina, Texas A&M UniversityVrinda Mittal, Columbia UniversityMichaela Pagel, Columbia University

Memory and TradingConstantin Charles, University of Southern California

Discussants:Charles M. Jones, Columbia UniversityWinston Dou, University of PennsylvaniaLin Peng, Baruch College

Product MarketsJess Cornaggia, Pennsylvania State University

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Scope, Scale and Competition: The 21st Century FirmGerard T. Hoberg, University of Southern CaliforniaGordon M. Phillips, Dartmouth College

Product Differentiation and Oligopoly: A Network ApproachBruno Pellegrino, University of Maryland

Capital Structure under Imperfect Product Market Competition: Theory andEvidenceHae Won (Henny) Jung, University of MelbourneDalida Kadyrzhanova, Federal Reserve Board of GovernorsAjay Subramanian, Georgia State University

Discussants:Kai Li, University of British ColumbiaJane Olmstead-Rumsey, Northwestern UniversityMurray Frank, University of Minnesota

Lending PracticesElena Loutskina, University of Virginia

The Value of Privacy: Evidence from Online BorrowersHuan Tang, London School of Economics and Political Science

Rise of the Machines: The Impact of Automated UnderwritingMark Jansen, University of UtahHieu Nguyen, University of UtahAmin Shams, Ohio State University

Is Public Debt Arm’s-Length? Evidence from Corporate Bond Purchases of LifeInsurance CompaniesMonica Barbosa, Federal Reserve Bank of DallasAli Ozdagli, Federal Reserve Bank of Dallas

Discussants:Laura Blattner, Harvard UniversityBoris Vallée, Harvard UniversityIndraneel Chakraborty, University of Miami

Credit and Fixed Income InvestmentsJennie Bai, Georgetown University

Modeling Corporate Bond ReturnsBryan Kelly, Yale UniversityDiogo Palhares, AQR Capital ManagementSeth Pruitt, Arizona State University

Under- and Over-Reaction in Yield Curve ExpectationsChen Wang, University of Notre Dame

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Marking to Market Corporate DebtLorenzo Bretscher, London Business SchoolPeter Feldhütter, Copenhagen Business SchoolAndrew Kane, Duke UniversityLukas Schmid, University of Southern California

Discussants:Turan G. Bali, Georgetown UniversityYueran Ma, University of ChicagoSergei Davydenko, University of Toronto

Macro FinanceArvind Krishnamurthy, Stanford University

In Search of the Origins of Financial Fluctuations: The Inelastic MarketsHypothesisXavier Gabaix, Harvard UniversityRalph Koijen, University of Chicago

Value Without EmploymentSimcha Barkai, Boston CollegeStavros Panageas, University of California-Los Angeles

The Finance Uncertainty MultiplierIvan Alfaro, BI Norwegian Business SchoolNicholas Bloom, Stanford UniversityXiaoji Lin, University of Minnesota

Discussants:Valentin Haddad, University of California-Los AngelesLawrence D. W. Schmidt, Massachusetts Institute of TechnologyYe Li, Ohio State University

Trading MechanismsKumar Venkataraman, Southern Methodist University

Vestigial Tails? Floor Brokers at the Close in Modern Electronic MarketsEdwin Hu, New York UniversityDermot Murphy, University of Illinois-Chicago

True Cost of ImmediacyTerrence Hendershott, University of California-BerkeleyDan Li, Federal Reserve Board of GovernorsDmitry Livdan, University of California-BerkeleyNorman Schürhoff, University of Lausanne

Equilibrium Data Mining and Data AbundanceJerome Dugast, Université Paris-DauphineThierry Foucault, HEC Paris

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Discussants:Gideon Saar, Cornell UniversityStacey Jacobsen, Southern Methodist UniversityMao Ye, University of Illinois-Urbana-Champaign

Thursday, June 17, 2021, 10:30 am – 12:15 pm MDT

Household InvestmentsFrancisco Gomes, London Business School

Wealth Fluctuations and Risk Preferences: Evidence from U.S. InvestorPortfoliosMaarten Meeuwis, Washington University-St. Louis

Student Loans and Social MobilityMehran Ebrahimian, University of Pennsylvania

Financial Returns to Household Inventory ManagementScott R. Baker, Northwestern UniversityStephanie Johnson, Rice UniversityLorenz Kueng, Northwestern University

Discussants:Laurent Bach, ESSEC Business SchoolAnastasia Girshina, Stockholm School of EconomicsMatteo Benetton, University of California-Berkeley

Conflicts of Interest in Investment PlansUmit Gurun, University of Texas-Dallas

Mutual Fund Revenue Sharing in 401(k) plansVeronika K. Pool, Vanderbilt UniversityClemens Sialm, University of Texas-AustinIrina Stefanescu, Federal Reserve Board of Governors

The Effect of Advisors’ Incentives on Clients’ InvestmentsDiego Battiston, University of EdinburghJordi Blanes i Vidal, London School of Economics and Political ScienceRafael Hortala-Vallve, London School of Economics and Political ScienceDong Lou, London School of Economics and Political Science

Choosing Investment ManagersAmit Goyal, University of LausanneSunil Wahal, Arizona State UniversityM. Deniz Yavuz, Purdue University

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Discussants:Jonathan Reuter, Boston CollegeScott E. Yonker, Cornell UniversityAlberto Rossi, Georgetown University

Firm OwnershipRohan Williamson, Georgetown University

Local Journalism under Private Equity OwnershipMichael Ewens, California Institute of TechnologyArpit Gupta, New York UniversitySabrina T. Howell, New York University

Do Bank Insiders Impede Equity Issuances?Martin R. Goetz, Deutsche BundesbankLuc Laeven, European Central BankRoss Levine, University of California-Berkeley

Competing with Security DesignYue Yuan, London School of Economics and Political Science

Discussants:Vladimir Mukharlyamov, Georgetown UniversityBernadette Minton, Ohio State UniversityDan Bernhardt, University of Illinois-Urbana-Champaign

Liquidity During COVIDEdith Hotchkiss, Boston College

Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing ofMunicipal BondsYi Li, Federal Reserve Board of GovernorsMaureen O’Hara, Cornell UniversityXing Zhou, Federal Reserve Board of Governors

Mutual Fund Liquidity Transformation and Reverse Flight to LiquidityYiming Ma, Columbia UniversityKairong Xiao, Columbia UniversityYao Zeng, University of Pennsylvania

Dealers and the Dealer of Last Resort: Evidence from MBS Markets in theCOVID-19 CrisisZhaogang Song, Johns Hopkins UniversityJiakai Chen, University of Hawaii at ManoaHaoyang Liu, Federal Reserve Bank of New YorkAsani Sarkar, Federal Reserve Bank of New York

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Discussants:Or Shachar, Federal Reserve Bank of New YorkAzi Ben-Rephael, Rutgers UniversityDavide Tomio, University of Virginia

Information Processing and Fund ManagementLiyan Yang, University of Toronto

Is There Too Much Benchmarking in Asset Management?Anil Kashyap, University of ChicagoNatalia Kovrijnykh, Arizona State UniversityJian Li, University of ChicagoAnna Pavlova, London Business School

Statistical Arbitrage with Uncertain Fat TailsBo Hu, George Mason UniversityWen Chen, Chinese University of Hong Kong-Shenzhen

Information Acquisition and the Pre-Announcement DriftHengjie Ai, University of MinnesotaRavi Bansal, Duke UniversityLeyla Jianyu Han, University of Hong Kong

Discussants:Adrian Buss, INSEADAndrea M. Buffa, University of Colorado-BoulderDaniel Andrei, McGill University

Collateralized Loan ObligationsJordan Nickerson, Massachusetts Institute of Technology

CLO PerformanceLarry Cordell, Federal Reserve Bank of PhiladelphiaMichael Roberts, University of PennsylvaniaMichael Schwert, University of Pennsylvania

The Externalities of Fire Sales: Evidence from Collateralized Loan ObligationsShohini Kundu, University of Chicago

Fire-Sale Risk in the Leveraged Loan MarketRedouane Elkamhi, University of TorontoYoshio Nozawa, Hong Kong University of Science & Technology

Discussants:Taylor Nadauld, Brigham Young UniversityRyan Lewis, University of ColoradoLorenzo Bretscher, London Business School

27

Thursday, June 17, 2021, 2:00 pm – 3:45 pm MDT

Spurring InnovationDavid Matsa, Northwestern University

Opening up Military Innovation: Causal Effects of ‘Bottom-Up’ Reforms to U.S.Defense ResearchSabrina T. Howell, New York UniversityJason Rathje, United States Air ForceJohn Van Reenen, Massachusetts Institute of TechnologyJun Wong, New York University

The Role of Assets In Place: Loss of Market Exclusivity and InvestmentMatthew Higgins, University of UtahMathias Kronlund, Tulane UniversityJi Min Park, University of Illinois-Urbana-ChampaignJoshua Pollet, University of Illinois-Urbana-Champaign

Shared Culture and Technological Innovation: Evidence from Corporate R&DTeamsTristan Fitzgerald, Texas A&M UniversityXiaoding Liu, Texas A&M University

Discussants:Mark Garmaise, University of California-Los AngelesJ. Anthony Cookson, University of Colorado-BoulderRui Silva, Nova School of Business and Economics

Household Financial MistakesJames Choi, Yale University

In the Red: Overdrafts, Payday Lending and the UnderbankedEmily Williams, Harvard UniversityMarco Di Maggio, Harvard UniversityAngela Ma, Harvard University

Salience and Households’ Flood Insurance DecisionsZhongchen Hu, London School of Economics and Political Science

Reference Points in Refinancing DecisionsVirginia Gianinazzi, Nova School of Business and Economics

Discussants:Cindy Soo, University of MichiganTom Chang, University of Southern CaliforniaJohn Driscoll, Federal Reserve Board of Governors

Currency RiskWenxin Du, University of Chicago

28

Concealed CarrySpencer Andrews, University of North Carolina-Chapel HillRiccardo Colacito, University of North Carolina-Chapel HillMariano Croce, Università BocconiFederico Gavazzoni, INSEAD

Pricing Currency RisksMikhail Chernov, University of California-Los AngelesMagnus Dahlquist, Stockholm School of EconomicsLars A. Lochstoer, University of California-Los Angeles

Currency Management by International Fixed Income Mutual FundsClemens Sialm, University of Texas-AustinQifei Zhu, Nanyang Technological University

Discussants:Nancy Xu, Boston CollegeKent D. Daniel, Columbia UniversityYiming Ma, Columbia University

Puzzles in Residential Real EstateGonzalo Maturana, Emory University

Global Capital and Local Assets: House Prices, Quantities, and ElasticitiesCaitlin Gorback, National Bureau of Economic ResearchBenjamin J. Keys, University of Pennsylvania

House Price Contagion and U.S. City Migration NetworksGregor Schubert, Harvard University

Partisan Residential Sorting on Climate Change RiskAsaf Bernstein, University of Colorado-BoulderStephen Billings, University of Colorado-BoulderMatthew Gustafson, Pennsylvania State UniversityRyan Lewis, University of Colorado

Discussants:Christopher Palmer, Massachusetts Institute of TechnologyTim Landvoigt, University of PennsylvaniaWilliam B. McCartney, Purdue University

Taxes, Fees, and RegulationXavier Giroud, Columbia University

Corporate Taxes and Retail PricesScott R. Baker, Northwestern UniversityStephen Teng Sun, Peking UniversityConstantine Yannelis, University of Chicago

29

Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs inFranceAdrien Matray, Princeton UniversityCharles Boissel, HEC Paris

Are Bankruptcy Professional Fees Excessively High?Samuel Antill, Harvard University

Discussants:Janet Gao, Indiana UniversityMartin Jacob, WHU - Otto Beisheim School of ManagementWei Wang, Queen’s University

Asset BubblesBing Han, University of Toronto

Optimal Macroprudential Policy and Asset Price BubblesNina Biljanovska, International Monetary FundLucyna Anna Gornicka, International Monetary FundAlexandros Vardoulakis, Federal Reserve Board of Governors

Distrust in Experts and the Origins of DisagreementIng-Haw Cheng, Dartmouth CollegeAlice Hsiaw, Brandeis University

Testing the Local Martingale Theory of Bubbles using CryptocurrenciesSoon Hyeok Choi, Cornell UniversityRobert Jarrow, Cornell University

Discussants:Jianjun Miao, Boston UniversityJesse Davis, University of North Carolina-Chapel HillAmin Shams, Ohio State University

Friday, June 18, 2021, 8:15 am – 10:00 am MDT

Real Effects of COVID-19Ruediger Fahlenbrach, École Polytechnique Fédérale de Lausanne

Corporate Hiring under Covid-19Murillo Campello, Cornell UniversityGaurav Kankanhalli, University of PittsburghPradeep Muthukrishnan, Cornell University

Firm Finances and the Spread of COVID-19: Evidence from Nursing HomesTaylor Begley, Washington University-St. LouisDaniel Weagley, Georgia Institute of Technology

30

Reshaping the Local Marketplace: Financing, Independent Businesses, LargeFirms, and COVIDVojislav Maksimovic, University of MarylandLiu Yang, University of Maryland

Discussants:Ernst G. Maug, University of MannheimAlexander Wagner, University of ZurichAntoinette Schoar, Massachusetts Institute of Technology

International Credit and RepoKathy Yuan, London School of Economics and Political Science

Monetary Policy Transmission in Segmented MarketsJens Eisenschmidt, European Central BankYiming Ma, Columbia UniversityAnthony Lee Zhang, University of Chicago

Heterogeneous Global CyclesMaryam Farboodi, Massachusetts Institute of TechnologyPeter Kondor, London School of Economics and Political Science

Sovereign Default and the Decline in Interest RatesMax Miller, University of PennsylvaniaJames Paron, University of PennsylvaniaJessica Wachter, University of Pennsylvania

Discussants:Cynthia M. Balloch, London School of Economics and Political SciencePablo Kurlat, University of Southern CaliforniaChristian Julliard, London School of Economics and Political Science

Internal and External FinancingGerard T. Hoberg, University of Southern California

Stealth Acquisitions and Product Market CompetitionJohn Kepler, Stanford UniversityVic Naiker, University of MelbourneChristopher Stewart, University of Chicago

Segmented Going-Public Markets and the Demand for SPACsJessica Bai, Harvard UniversityAngela Ma, Harvard UniversityMiles Zheng, University of Illinois-Urbana-Champaign

Shrinking Boundary of the Invisible HandDan Su, University of Minnesota

31

Discussants:Alminas Zaldokas, Hong Kong University of Science & TechnologyRichmond Mathews, University of MarylandMindy Z. Xiaolan, University of Texas-Austin

LiquidityAllaudeen Hameed, National University of Singapore

Fragile LiquidityTim Park, University of Texas-Austin

Sophisticated and Unsophisticated RunsMarco Cipriani, Federal Reserve Bank of New YorkGabriele La Spada, Federal Reserve Bank of New York

Institutional Brokerage Networks: Facilitating Liquidity ProvisionMunhee Han, Hong Kong Polytechnic UniversitySanghyun (Hugh) Kim, University of Texas-DallasVikram Nanda, University of Texas-Dallas

Discussants:Hao Jiang, Michigan State UniversityBige Kahraman, University of OxfordAmber Anand, Syracuse University

Lending, Policy, and OutcomesAndra Ghent, University of North Carolina-Chapel Hill

Do Mortgage Lenders Compete Locally? Evidence Beyond Interest RatesGreg Buchak, Stanford UniversityAdam Jorring, Boston College

Inefficient Regulation: Mortgages versus Total CreditArtashes Karapetyan, ESSEC Business SchoolJens Kvaerner, Tilburg UniversityMaximilian Rohrer, Norwegian School of Economics

The Mortgage Piggy Bank: Building Wealth through AmortizationAsaf Bernstein, University of Colorado-BoulderPeter Koudijs, Erasmus University

Discussants:Kristle Cortés, University of New South WalesMichael Reher, University of California-San DiegoCarlos Garriga, Federal Reserve Bank of St. Louis

Household DebtSumit Agarwal, National University of Singapore

32

Shale Shocked: Cash Windfalls and Household Debt RepaymentJ. Anthony Cookson, University of Colorado-BoulderErik Gilje, University of PennsylvaniaRawley Heimer, Boston College

Income Inequality, Debt Burden and COVID-19Deeksha Gupta, Carnegie Mellon UniversityTetiana Davydiuk, Carnegie Mellon University

Financial Media as a Money Doctor: Evidence from Refinancing DecisionsLin Hu, Australian National UniversityKun Li, Australian National UniversityPhong Ngo, Australian National UniversityDenis Sosyura, Arizona State University

Discussants:Tianyue Ruan, National University of SingaporeXudong An, Federal Reserve Bank of PhiladelphiaPaolina Medina, Texas A&M University

Friday, June 18, 2021, 10:30 am – 12:15 pm MDT

The Fed and Central BanksJames Vickery, Federal Reserve Bank of Philadelphia

Does the Federal Reserve Obtain Competitive and Appropriate Prices inMonetary Policy Implementations?Yu An, Johns Hopkins UniversityZhaogang Song, Johns Hopkins University

(Why) Do Central Banks Care About Their Profits?Igor Goncharov, Lancaster UniversityVasso Ioannidou, City University of LondonMartin Schmalz, University of Oxford

Bank Stress Tests and Consumer Credit Markets: Credit and Real ImpactsSumit Agarwal, National University of SingaporeXudong An, Federal Reserve Bank of PhiladelphiaLarry Cordell, Federal Reserve Bank of PhiladelphiaRaluca Roman, Federal Reserve Bank of Philadelphia

Discussants:Anthony Lee Zhang, University of ChicagoStephen Cecchetti, Brandeis UniversityJialan Wang, University of Illinois-Urbana-Champaign

Empirical Risk PremiaStefano Giglio, Yale University

33

Information Premium and Macro DynamicsHengjie Ai, University of MinnesotaRavi Bansal, Duke UniversityJay Im, Duke UniversityChao Ying, University of Minnesota

Is The United States A Lucky Survivor: A Hierarchical Bayesian ApproachJules Van Binsbergen, University of PennsylvaniaSophia Hua, University of PennsylvaniaJessica Wachter, University of Pennsylvania

Democratization, Inequality, and Risk PremiaMax Miller, University of Pennsylvania

Discussants:Mete Kilic, University of Southern CaliforniaIan Dew-Becker, Northwestern UniversityLubos Pastor, University of Chicago

Financial Intermediation TheoryHanno Lustig, Stanford University

Dissecting Mechanisms of Financial Crises: Intermediation and SentimentArvind Krishnamurthy, Stanford UniversityWenhao Li, University of Southern California

A Macro-Finance Model with SentimentPeter Maxted, Harvard University

Financial Fragility with Collateral CirculationCyril Monnet, Universitaet BernVincent Maurin, Stockholm School of EconomicsPiero Gottardi, European University Institute

Discussants:Alexi Savov, New York UniversityWilliam Diamond, University of PennsylvaniaPierre-Olivier Weill, University of California-Los Angeles

Compensation and IncentivesIlona Babenko, Arizona State University

Intermediated Asymmetric Information, Compensation, and Career ProspectsDmitry Orlov, University of Wisconsin-MadisonRon Kaniel, University of Rochester

CEO Pet ProjectsPaul Décaire, Arizona State UniversityDenis Sosyura, Arizona State University

34

Executive Compensation: The Trend Toward One Size Fits AllFelipe Cabezon, University of Southern California

Discussants:Edward Van Wesep, University of Colorado-BoulderVyacheslav Fos, Boston CollegeVicente Cuñat, London School of Economics and Political Science

Hedge Funds and VCsVikas Agarwal, Georgia State University

Hedge Fund Performance under Misspecified ModelsDavid Ardia, HEC MontréalLaurent Barras, McGill UniversityPatrick Gagliardini, Università della Svizzera ItalianaOlivier Scaillet, University of Geneva

The Hedge Fund Industry is Bigger (and Has Performed Better) Than You ThinkDaniel J. Barth, Federal Reserve Board of GovernorsMikko Kauppila, University of OuluJuha Joenvaara, Aalto UniversityRuss Wermers, University of Maryland

Rush to Raise: Does Fundraising Pressure Incentivise Strategic Venture CapitalDeal Pricing?Peter Kien Pham, University of New South WalesNicholas Turner, University of New South WalesJason Zein, University of New South Wales

Discussants:Andrew Patton, Duke UniversityMathias S. Kruttli, Federal Reserve Board of GovernorsAyako Yasuda, University of California-Davis

Firms and Federal ProgramsCesare Fracassi, University of Texas-Austin

Does Size Matter? The Real Effects of Subsidizing Small FirmsMatthew Denes, Carnegie Mellon UniversityRan Duchin, Boston CollegeJohn Hackney, University of South Carolina

Job Growth from Opportunity ZonesAlina Arefeva, University of Wisconsin-MadisonMorris Davis, Rutgers UniversityAndra Ghent, University of North Carolina-Chapel HillMinseon Park, University of Wisconsin-Madison

35

Employment Effects of Alleviating Financing Frictions: Worker-level Evidencefrom a Loan Guarantee ProgramJean Noel Barrot, Massachusetts Institute of TechnologyThorsten Martin, Università BocconiJulien Sauvagnat, Università BocconiBoris Vallée, Harvard University

Discussants:Sabrina T. Howell, New York UniversityTim Bartik, W.E. Upjohn Institute for Employment ResearchXavier Giroud, Columbia University

36

IndexA

Adelino, Manuel, 16Agarwal, Sumit, 32, 33Agarwal, Vikas, 35Ai, Hengjie, 17, 20, 27, 34Albuquerque, Rui, 19Alfaro, Ivan, 24An, Xudong, 33An, Yu, 33Anand, Amber, 32Andrei, Daniel, 27Andrews, Spencer, 29Angelini, Paolo, 7, 20Antill, Samuel, 30Ardia, David, 35Arefeva, Alina, 35Auclert, Adrien, 19

BBabenko, Ilona, 34Bach, Laurent, 25Bai, Jennie, 23Bai, Jessica, 10, 31Baker, Scott, 25, 29Baker, Steven, 19Bali, Turan, 24Balloch, Cynthia, 31Bansal, Ravi, 27, 34Barber, Brad, 22Barbosa, Monica, 23Barkai, Simcha, 24Barras, Laurent, 35Barrot, Jean Noel, 36Barth, Daniel, 35Bartik, Tim, 36Battiston, Diego, 25Bau, Natalie, 22Becker, Bo, 16Begenau, Juliane, 16Begley, Taylor, 30Ben-David, Itzhak, 16Ben-Rephael, Azi, 27Benetton, Matteo, 25Bernhardt, Dan, 26Bernstein, Asaf, 29, 32

Bhutta, Neil, 21Biljanovska, Nina, 30Billings, Stephen, 29Blanes i Vidal, Jordi, 25Blattner, Laura, 23Bloom, Nicholas, 24Boguth, Oliver, 20Boissel, Charles, 30Boyarchenko, Nina, 14Bretscher, Lorenzo, 24, 27Brown, Craig, 18Brown, David, 21Buchak, Greg, 17, 32Buffa, Andrea, 27Burkart, Mike, 19Buss, Adrian, 27

CCabezon, Felipe, 7, 10, 35Campello, Murillo, 30Caramp, Nicolas, 20Carlin, Bruce, 14Catherine, Sylvain, 18Cecchetti, Stephen, 33Cederburg, Scott, 21Cerulli, Giovanni, 20Chakraborty, Indraneel, 23Chang, Tom, 28Chapman, David, 19Charles, Constantin, 10, 22Chen, Huaizhi, 18Chen, Jiakai, 26Chen, Wen, 27Cheng, Ing-Haw, 30Chernov, Mikhail, 19, 29Chinco, Alexander, 15Cho, Thummim, 17Choi, James, 28Choi, Soon Hyeok, 30Cicero, David, 17Cipriani, Marco, 32Cohen, Lauren, 14, 18Colacito, Riccardo, 29Colonnelli, Emanuele, 18Cookson, J. Anthony, 8, 15, 28, 33

37

Cordell, Larry, 27, 33Cornaggia, Jess, 22Cortés, Kristle, 32Costello, Anna, 20Croce, Mariano, 29Cuñat, Vicente, 35

DD’Acunto, Francesco, 8, 15, 17, 21Da, Zhi, 15Dahlquist, Magnus, 29Daniel, Kent, 29Davis, Jesse, 30Davis, Morris, 35Davydenko, Sergei, 24Davydiuk, Tetiana, 33Décaire, Paul, 34DeFusco, Anthony, 14DeMarzo, Peter, 22Denes, Matthew, 35Dessaint, Olivier, 15Dew-Becker, Ian, 34Di Maggio, Marco, 28Diamond, William, 16, 34Donaldson, Jason Roderick, 19Dou, Winston, 19, 22Drechsler, Itamar, 16Driscoll, John, 28Du, Wenxin, 21, 28Duchin, Ran, 35Dugast, Jerome, 24

EEbrahimian, Mehran, 10, 25Egan, Mark, 14Ehsani, Sina, 17Eisenschmidt, Jens, 31Elkamhi, Redouane, 27Engelberg, Joseph, 8, 15Erel, Isil, 17Evans, Richard, 17Ewens, Michael, 26

FFahlenbrach, Ruediger, 30Farboodi, Maryam, 31Feldhütter, Peter, 24Ferreira, Miguel, 16

Fiordelisi, Franco, 20Fitzgerald, Tristan, 28Flanagan, Thomas, 15Fleckenstein, Matthias, 20Fos, Slava, 19Fos, Vyacheslav, 35Foucault, Thierry, 15, 24Fracassi, Cesare, 35Frank, Murray, 23Frésard, Laurent, 15Fuster, Andreas, 14

GGabaix, Xavier, 24Gagliardini, Patrick, 35Gallmeyer, Michael, 19Gandhi, Priyank, 20Gao, Janet, 30Gao, Pengjie, 21Garmaise, Mark, 28Garriga, Carlos, 32Gavazzoni, Federico, 29Gertsberg, Marina, 15Ghent, Andra, 32, 35Ghosh, Pulak, 8, 17Giacoletti, Marco, 21Gianinazzi, Virginia, 28Giannetti, Mariassunta, 16, 17Giglio, Stefano, 19, 33Gilbukh, Sonia, 18Gilje, Erik, 33Giroud, Xavier, 29, 36Girshina, Anastasia, 25Goetz, Martin, 26Gomes, Francisco, 25Goncharov, Igor, 33Gorback, Caitlin, 29Gormsen, Niels, 18Gornicka, Lucyna Anna, 30Gottardi, Piero, 34Goyal, Amit, 25Green, Daniel, 18Griffin, John, 2, 3, 43Grigoris, Fotis, 20Gupta, Arpit, 26Gupta, Deeksha, 33Gupta, Nandini, 22Gurun, Umit, 25

38

Gustafson, Matthew, 29

HHachem, Kinda, 14Hackney, John, 35Haddad, Valentin, 24Hameed, Allaudeen, 32Han, Bing, 30Han, Leyla Jianyu, 27Han, Munhee, 32He, Zhiguo, 14, 18, 22Heimer, Rawley, 21, 33Hendershott, Terrence, 24Higgins, Matthew, 28Hoberg, Gerard, 23, 31Hollifield, Burton, 3Hortala-Vallve, Rafael, 25Hotchkiss, Edith, 26Howell, Sabrina, 9, 26, 28, 36Hsiaw, Alice, 30Hu, Allen, 21Hu, Bo, 27Hu, Edwin, 24Hu, Lin, 33Hu, Yunzhi, 20Hu, Zhongchen, 10, 28Hua, Sophia, 34Huang, Jing, 18Huang, Xing, 15, 22

IIm, Jay, 34Indarte, Sasha, 21Infante, Sebastian, 14Ioannidou, Vasso, 33Iwadate, Bruce, 10, 21

JJacob, Martin, 30Jacobsen, Stacey, 25Jansen, Mark, 23Jarrow, Robert, 30Ji, Yan, 19Jiang, Erica Xuewei, 21Jiang, Hao, 32Jiang, Wei, 19Jiang, Zhengyang, 16, 18Joenvaara, Juha, 35

Johnson, Stephanie, 25Jones, Charles, 22Jorring, Adam, 32Jotikasthira, Chotibhak, 16Julliard, Christian, 31Jung, Hae Won (Henny), 23

KKacperczyk, Marcin, 14Kadyrzhanova, Dalida, 23Kahraman, Bige, 32Kane, Andrew, 24Kaniel, Ron, 34Kankanhalli, Gaurav, 30Karapetyan, Artashes, 32Karolyi, Andrew, 4Kashyap, Anil, 27Kauppila, Mikko , 35Kekre, Rohan, 20Keller, Lorena, 21Kelly, Bryan, 19, 23Kelly, Peter, 21Kepler, John, 31Keys, Benjamin, 20, 29Kilic, Mete, 34Kim, Sanghyun (Hugh), 10, 17, 32Knox, Benjamin, 19Koch, Andrew, 18Koijen, Ralph, 24Kondor, Peter, 31Koudijs, Peter, 32Koutroumpis, Pantelis, 16Kovrijnykh, Natalia, 27Kozak, Serhiy, 19Krishnamurthy, Arvind, 24, 34Kronlund, Mathias, 28Kruttli, Mathias, 35Kueng, Lorenz, 25Kumar, Nitish, 17Kundu, Shohini, 10, 27Kurlat, Pablo, 31Kvaerner, Jens, 32

LLa Spada, Gabriele, 32Laeven, Luc, 26Landvoigt, Tim, 29Lee, Samuel, 19

39

Lenel, Moritz, 16Levine, Ross, 26Levit, Doron, 19Lewellen, Jonathan, 16Lewis, Ryan, 27, 29Li, Dan, 24Li, Jiacui, 16Li, Jian, 27Li, Jun, 17Li, Kai, 3, 23Li, Kun, 33Li, Wenhao, 34Li, Ye, 24Li, Yi, 8, 26Lin, Xiaoji, 24Linnainmaa, Juhani, 17Liu, Haoyang, 26Liu, Hongqi, 15Liu, Weiling, 18Liu, Xiaoding, 28Livdan, Dmitry, 24Lochstoer, Lars, 20, 29Longstaff, Francis, 19, 20Lotti, Francesca, 7, 20Lou, Dong, 25Loutskina, Elena, 23Lustig, Hanno, 18, 34

MMa, Angela, 10, 28, 31Ma, Yiming, 16, 26, 29, 31Ma, Yueran, 24Maksimovic, Vojislav, 31Malenko, Nadya, 15Marques-Ibanez, David, 20Marquez, Robert, 18Martin, Thorsten, 36Massa, Massimo, 22Mathews, Richmond, 32Matray, Adrien, 22, 30Matsa, David, 28Maturana, Gonzalo, 29Matvos, Gregor, 17, 21Maug, Ernst, 31Maurin, Vincent, 34Maxted, Peter, 10, 34McCartney, William, 29Medina, Paolina, 22, 33

Meeuwis, Maarten, 25Melzer, Brian, 20Miao, Jianjun, 30Miller, Darius, 21Miller, Max, 10, 18, 31, 34Minton, Bernadette, 26Mittal, Vrinda, 22Mkrtchyan, Anahit, 18Moeller, Sara, 18Mollerstrom, Johanna, 15Monnet, Cyril, 34Muir, Tyler, 17Mukharlyamov, Vladimir, 26Mullins, William, 8, 15Munyan, Ben, 14Murphy, Dermot, 24Muthukrishnan, Pradeep, 30

NNadauld, Taylor, 27Nagel, Stefan, 14Naiker, Vic, 31Nanda, Vikram, 32Naveen, Lalitha, 14Ngo, Phong, 33Nguyen, Hieu, 23Nickerson, Jordan, 27Nozawa, Yoshio, 27

OO’Hara, Maureen, 8, 26Odean, Terrance, 22Oh, Sangmin, 10, 16Olmstead-Rumsey, Jane, 23Orlov, Dmitry, 34Ozdagli, Ali, 23

PPagel, Michaela, 15, 22Pagnotta, Emiliano, 14Palhares, Diogo, 23Palmer, Christopher, 29Panageas, Stavros, 24Park, Ji Min, 28Park, Minseon, 35Park, Tim, 10, 32Parlour, Christine, 3, 44Paron, James, 31

40

Passalacqua, Andrea, 7, 20Pastor, Lubos, 34Patton, Andrew, 35Pavlova, Anna, 27Pellegrino, Bruno, 7, 23Peng, Cameron, 15, 21Peng, Lin, 22Petri, Henrik, 19Pham, Peter Kien, 35Phillips, Gordon, 23Pires, Pedro, 16Piskorski, Tomasz, 17, 21Plosser, Matthew, 14Pollet, Joshua, 28Ponticelli, Jacopo, 16Pool, Veronika, 17, 25Pruitt, Seth, 23Puckett, Andy, 17Purnanandam, Amiyatosh, 15, 20

RRajan, Uday, 3Rathje, Jason, 9, 28Ravasan, Farshad, 16Reher, Michael, 32Reuter, Jonathan, 26Roberts, Michael, 27Robles-Garcia, Claudia, 16Rohrer, Maximilian, 32Roman, Raluca, 33Rossi, Alberto, 8, 17, 26Rossi, Andrea, 16Roth, Ben, 18Routledge, Bryan, 1, 3, 43Ruan, Tianyue, 33

SSaar, Gideon, 3, 25Sandvik, Jason, 15, 18Saravay, Zack, 14Sarin, Natasha, 18Sarkar, Asani, 26Sauvagnat, Julien, 16, 36Savov, Alexi, 16, 34Scaillet, Olivier, 35Schmalz, Martin, 33Schmid, Lukas, 17, 24Schmidt, Lawrence, 24

Schnabl, Philipp, 16, 21Schneider, Andres, 14Schoar, Antoinette, 31Schroth, Enrique, 19Schubert, Gregor, 10, 29Schultz, Paul, 18Schürhoff, Norman, 24Schwarz, Christopher, 22Schwert, Michael, 27Segal, Gill, 20Sen, Ishita, 20Seru, Amit, 17, 21Shachar, Or, 27Shams, Amin, 23, 30Sharma, Varun, 20Shive, Sophie, 17Sialm, Clemens, 25, 29Siegel, Jordan, 22Silva, Dejanir, 20Silva, Rui, 28Simintzi, Elena, 15Simutin, Mikhail, 21Siniscalchi, Marciano, 15So, Eric, 15Soggia, Giovanni, 7, 20Song, Yang, 16Song, Zhaogang, 14, 26, 33Soo, Cindy, 28Sosyura, Denis, 33, 34Stefanescu, Irina, 25Steri, Roberto, 20Stern, Léa, 18Stewart, Christopher, 31Su, Dan, 10, 31Subramanian, Ajay, 23Sun, Stephen Teng, 29Sutherland, Andrew, 14

TTang, Huan, 23Tang, Yuehua, 17Tate, Geoffrey, 15Taylor, Lucian, 18Tomio, Davide, 27Tomy, Rimmy, 20Tong, Jincheng, 17Tourre, Fabrice, 22Towner, Mitch, 21

41

Tserlukevich, Yuri, 19Turner, Nicholas, 35

UUmar, Tarik, 14

VVallée, Boris, 23, 36Van Binsbergen, Jules, 34Van Nieuwerburgh, Stijn, 18Van Reenen, John, 9, 28Van Wesep, Edward, 35Vardoulakis, Alexandros, 30Venkataraman, Kumar, 24Verdelhan, Adrien, 3Veronesi, Pietro, 15Vickery, James, 14, 33Vissing-Jorgensen, Annette, 19

WWachter, Jessica, 3, 31, 34Wagner, Alexander, 31Wahal, Sunil, 25Wang, Albert, 17Wang, Chen, 23Wang, Jialan, 33Wang, Neng, 22Wang, Wei, 30Wang, Xiaoqiao, 22Watugala, Sumudu, 14Weagley, Daniel, 30Wei, Kelsey, 17, 21Weill, Pierre-Olivier, 34Wermers, Russ, 35Whited, Toni, 2–4, 43Williams, Emily, 28Williamson, Rohan, 26Wong, Jun, 9, 28Wu, Wei, 19

XXiao, Kairong, 26Xiaolan, Mindy, 18, 32Xiong, Wei, 15Xu, Nancy, 29

YYang, Liu, 15, 31Yang, Liyan, 27

Yannelis, Constantine, 29Yaron, Amir, 3Yasuda, Ayako, 35Yavuz, M. Deniz, 25Ye, Mao, 25Yi, Hanyi, 14Ying, Chao, 34Yogo, Motohiro, 15Yonker, Scott, 26Yu, Edison, 21Yuan, Kathy, 31Yuan, Yue, 10, 26

ZZaldokas, Alminas, 32Zechner, Josef, 12Zein, Jason, 35Zeng, Yao, 19, 26Zhang, Anthony Lee, 31, 33Zhang, Bohui, 22Zhang, Hong, 22Zhang, Shen, 17Zhang, Xiaoyan, 22Zheng, Miles, 10, 31Zhou, Jidong, 18Zhou, Xing, 8, 21, 26Zhu, Ning, 21Zhu, Qifei, 29Zhu, Vivi, 18

42

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 John M.Griffin (John.griffin@utexas.edu), WFA President Toni M. Whited (twhited@umich.edu),or the 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

43

2022 ANNUAL MEETINGS OFTHE WESTERN FINANCE ASSOCIATION

June 24 - 27, 2022Hilton Portland Downtown

Portland, OR

Members and friends of the Western Finance Association are invited to submit papers tobe considered for presentation at the 2022 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, 2021. The deadline for submissions is midnight PST, November 18,2021. 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, 2022.

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.

2022 Program Chair:

Christine A. ParlourUniversity of California-Berkeley

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