European Finance Association 44Th EFA Annual Meeting Mannheim, Germany, August 23–26, 2017

European Finance Association 44th EFA Annual Meeting Mannheim, Germany, August 23–26, 2017

2017 Program Disclaimer Please note that this program includes updates until July 20, 2017. Any changes made after this date are not reflected in the printed program, but can be seen in the online program and smartphone application. All data concerning authors, papers, discussants, and session chairs were directly imported from ConfTool and therefore are based on information provided by users.

2 44th EFA Annual Meeting Table of Contents

Welcome to Mannheim 5 General Information 6 Transportation 7 Reading the Program 10 Program Overview 11 Detailed Program 12 Wednesday, August 23 12 Doctoral Tutorial 12 Doctoral Workshop 13 Conference Check-in 14 Welcome Reception 15 Thursday, August 24 16 Academic Program 16 Panel Session 24 EFA General Assembly 32 Heidelberg Cruise 33 Friday, August 25 34 Academic Program 34 Keynote Speech by Campbell R. Harvey 46 EFA 2017 Best Paper Prizes 47 Deutsche Bundesbank Conference Dinner 48 Saturday, August 26 50 Academic Program 50 Mannheim City Tours 58 Heidelberg City Tour 60 EFA Executive Committee 2017 62 EFA 2017 Program Committee 64 Partners 76 Exhibitors 80 European Finance Association 45th Annual Meeting 82 University of Mannheim Campus Map 84

EFA 2017 App Follow us on Guest WiFi: EFA2017 Connect Android and iOS #EFA2017 Username: Mannheim2017 via Eduroam Password: Mannheim2017

44th EFA Annual Meeting 3 4 44th EFA Annual Meeting Welcome to Mannheim

DEAR EFA MEMBERS, On behalf of the EFA 2017 Program Committee, the University of Mannheim, and the University of Mannheim Business School, we are delighted to welcome you to the 44th Annual Meeting of the European Finance Association here in Mannheim, Germany.

This year, we received 1,737 submissions to the EFA conference. All submissions were triple reviewed and 225 were selected for presentation. Our special thanks go to the 755 reviewers and 24 track chairs for their dedication and hard work during the past few months. Without their support, we would not have been able to build the program.

The EFA 2017 is again a truly global event. Colleagues from 22 countries and five continents contribute to the program. The members of the Program Committee were drawn from 205 institutions in 28 countries.

We are looking forward to an exciting program with 75 parallel sessions, a panel session on “Renationalization of Western Countries: Impact on the Real and Financial Sectors of Economies,” and the keynote address of Prof. Campbell R. Harvey. The social program with the Welcome Reception on Wednesday, a cruise on the Neckar on Thursday evening, and the conference dinner in the beautiful Schwetzingen Palace on Friday night offers plenty of additional opportunities to network.

We also express our gratitude to the sponsors for their valuable support. Finally, we thank the presenters, discussants and session chairs for their active participation in the program.

We look forward to spending this time together with you here in Mannheim and hope you will enjoy the conference.

Sincerely,

Ernst Maug Wolfgang Bühler EFA 2017 Program and Organization Chair; EFA 2017 Organization and Program Chair; Professor of Corporate Finance Professor (em.) of Finance University of Mannheim Business School University of Mannheim Business School

44th EFA Annual Meeting 5 General Information

PROGRAM SCHEDULE ADMISSION POLICY The program is arranged chronologically ••The conference is open to registered by date and time of the activity. Papers, attendees only. discussants, and rooms are indicated. ••Participants registered to social events are requested to show their tickets. To read abstracts or download papers, Attendees who are unable to show their please consult our smartphone application tickets for the Heidelberg Cruise and Con- “EFA 2017.” ference Dinner cannot be granted access. ••All attendees are required to wear their OPENING HOURS OF REGISTRATION badges at all times. AND HELP DESK ••Anyone attending the EFA 2017 should not ••Wednesday: 17:00–20:00 participate in canvassing, demonstrating, (at Welcome Reception) engaging in inappropriate behavior, or ••Thursday: 8:00–18:00 (East Wing) any other activity that may disrupt the ••Friday: 8:00–17:00 (East Wing) EFA 2017. ••Saturday: 8:00–12:30 (East Wing) ••The organizers reserve the right to exclude or remove anyone, who breaks or is FIRST AID ASSISTANCE viewed as likely to break these rules from If first aid is required, please inform a member the EFA 2017. of the staff immediately or call 112. COMPANIONS LOST & FOUND Accompanying guests are welcome to The lost and found is located at the help desk . participate in social events, given previous registration. They will be asked to show their tickets.

6 44th EFA Annual Meeting Transportation

GETTING TO THE UNIVERSITY OF GETTING AROUND THE CITY MANNHEIM Within the city of Mannheim, the transport From Mannheim main station, the university network is comprised of trams and buses. can be reached within 10 minutes on foot. One trip, day-ticket or multiple day tickets can be bought at the RNV ticket machines. You can also take a tram to reach To plan you journey, you can use the campus (1 stop, approx. 2 minutes). also the Deutsche Bahn Stop: Universität smartphone app. ••Line #1: direction Schönau ••Line #2: direction Neckarstadt West TAXI ••Line #4A: direction Bad Dürkheim Taxis are readily available in Mannheim at ••Line #5: direction Heidelberg numerous locations. Taxi stands can be ••Line #6: direction Rheingönheim found at the train station or at the Parade- platz, the main shopping square in down- town Mannheim. To book a taxi, please call +49 621 444044.

44th EFA Annual Meeting 7 Umleitungen Mannheim Neugestaltung Planken – Gültig ab 1. März 2017 PUBLIC TRANSPORT

Neckarvorlandstr. Biblis/ NECKAR 2 Neckarstadt West 1 Schönau Waldfriedhof 4 Biblis/Lampertheim Öllager Sand- 62 Lampertheim 53 Käfertal Bf/Im Rott 3 Sandhofen Käfertaler Wald 4A Oststadt 60 58 (Friesen- 50 hofen Lanzvilla heimer Neckarspitze 62 Verbindungs- 5 Viernheim/ Am 60 Insel) kanal 60 Weinheim Salzkai 2 53 Pfeifferswörth 5 Carl- Ida-Scipio- Mosel- Exerzier- Kurpfalzbrücke Hauptgüterbahnhof Landzun- 3 Wohl- Käfertal Mann- Benz-Str. Heim str. platz gelegen Süd heimer Str. 54 real Vogelstang Güteramt genstr. 61 EKZ 15 56 Warnemünder Weg Landgüterhalle Popakademie Max- 5/5A Alte Joseph-Str. Bonifatius- Boveristr. 62 Eisenlohr- Verlängerte Jungbuschstr. Jungbusch- 53 61 Feuerwache kirche 61 Käfertal Bf 5A Heddesheim Bf MVV- 1 platz schule Kurpfalz- 6 Schaf- 54 56 64 15 Wallstadt Ost Teufels- Hochhaus 3 Käfertal brücke 5 2 weide Im Rott 53 Handelshafen 3 A brücke /4 Brauerei DB-Bf 6/6A 4 1 Friedrich- Käfertal Akademiestr. 15 Lange Engelhorn- Collini-Center Str. Käfertaler Dalbergstr. Rötterstr. Str. Wachen-

0 heimer Str. Ludolf- 6 1 Markt- Kurpfalzbrücke Ost Rheinstr. 3 3 Universitäts- 2 Krehl-Str. Hölderlin- 6/ 4 6A platz 1 Gewerkschafts- klinikum Dudenstr. 5 1 A Talstr. str. /5 haus 5 7 Bibienastr. 50 6 6A Rheingönheim Universität MA Rathaus/ Abend- Theresien- Adolf-Damaschke- 7 7 Vogelstang REM krankenhaus West 6 akademie 7 Ring 0 5 2 5A TÜV 50 Sandhofen A Paradeplatz Mensa /6 Lessingstr. 5 6 2 Ziethen- 8 Andreas- 57 Wallstadt 3 A 5 Nationaltheater 2 A Guten- am Schloss 4 / Hofer-Str. 4 MA Haupt- str. 1 5 5 berg- 6 Neuostheim 1 A Kolpingstr. friedhof 4 Schloss /5 6 Feuden- Feuden- 5 7 str. Neckar- 6A Rosengarten SAP Arena S-Bf 0 heim heim Fernmeldeturm platt 5 Lieb- 7 8 Express RHEIN Strohmarkt Oststadt frauenstr. Kirche Kreuz Feudenheim Oppau 3 64 60 7 2 57 58 Konrad- Kunst- Lanzvilla 2 2 76 Maudach Wasserturm Oststadt Pfeiffers- Am Au- Blücher- Adenauer- Universität halle 62 Brücke wörth buckel str. 4 Am Friedrichs- Neckarstr. 5 60 625 Seckenheim 6/ 3 /5 5A 7 6A 4A 1 A 5/ platz 60 8 9 6 2 5 2 3 Maximilianstr. 626 Rathaus E 8 EX /6 1 A 0 50 X E P A 4 4 6 64 P Ludwigstr. X R A 3 5 R PR E 6 60 ES E SS 6 Kutzerweiher Legende S SS 3 3 74 75 76 77 NECKAR 1 rnv-Bahnlinie Arbeitsamt Tattersall Otto-Beck-Str. Am Oberen Umsteige- 571 580 581 Berliner Platz nicht bedienter haltestelle 6 Kunstverein Luisenpark Streckenabschnitt /6 4 9/ A Haltestelle nur Oggersheim 8 9 61 rnv-Buslinie 1 E EX Holbeinstr. in eine Richtung X . Werderstr. 4A 9 Express Ludwigshafen Mitte . Carl-Benz- S-Bahnlinie Mannheim mit Haltepunkt einzelne Fahrten Bad Dürkheim Bf 710 711 Mühldorferstr. Stadion Harrlach 74 Walzmühle Hauptbahnhof Planetarium 62 Lucas-Cranach-Str. Regionalbahnlinie 60 Endhaltestelle 10 Friesenheim Reichskanzler-Müller- 6 6 R mit Haltepunkt saisonale 15 60 63 Str./Schwetzingen 9 9 9 Mitte Rheinallee 9 EXPRESS Schwindstr. Eisenbahn- Bedienung Fernverkehr 6 6A Rheingönheim Nord Kopernikusstr. Pestalozzi- Weber- 9 Mobilitätszentrale 6 Luisenpark/ E Neuostheim ausgewählte Halberg Technoseum 6 4 Grünewald- X 710 10 Luitpoldhafen schule str. A PR 7 Technoseum E regionale Buslinie 7 Lindenhof- 3 Krappmühlstr. Süd str. SS 6 9 45 74 LU Rathaus 63 platz 3 Fahrlach 75 Rheingönheim Hochschule Möhlstr. Eastsite Duale Hochschule Pforzheimer Str. Am City-Airport 5 9 Express S1 S2 Richtung 77 Parkinsel Windeckstr. S1 S2 S3 S4 62 Schäferstock 64 Edingen/Heidelberg S3 S4 Ludwigshafen Hbf Pfalzplatz 63 Ri. Heidelberg 45 50 6 SAP Arena S-Bf 571 Haßloch 6 50 Neckarau West 580 Deidesheim/Ruppertsberg Rhein- 3 1 8 Express Schwetzingen Gerd-Dehof-Platz 62 Hans- Mai- SAP 581 Limburgerhof goldhalle Rheinau Bf Hockenheim SAP Arena Bf 6A Rheinau Karlsplatz 45 Thoma-Str. markt Arena

Gesamtherstellung und Kartografie: © Baumgardt Consultants GbR in Zusammenarbeit mit rnv GmbH Altrip Herausgeber: Rhein-Neckar-Verkehr GmbH, Stand April 2017, Umleitungsangebot, kurzfristige Abweichungen und Änderungen möglich Haßloch

Speyer th 8 44 EFA Annual Meeting Deidesheim Druck_rnv_Minifolder-MA_nur_SLNP.indd 1 12.04.17 16:38 Limburgerhof Limburgerhof Mutterstadt/Oggersheim Umleitungen Mannheim Neugestaltung Planken – Gültig ab 1. März 2017

Speyer th 44 EFA Annual Meeting 9 Deidesheim Druck_rnv_Minifolder-MA_nur_SLNP.indd 1 12.04.17 16:38 Limburgerhof Limburgerhof Mutterstadt/Oggersheim Reading the Program

The program is presented in chronological held. The individual session is listed with order, starting with the activities that take the track shorthand followed by the session place on Wednesday, August 23, 2017. The number (e.g. APE-5). The shorthand and individual tracks of the conference are rep- color scheme for tracks are shown below. resented with different background colors. Presenting authors are indicated with an Each day, 9 or 10 parallel sessions are being asterisk.

Color Track Shorthand # of sessions

Bank for International Settlements BIS 1 Special Session

European Central Bank ECB 1 Special Session

Norges Bank Investment Management NBIM 1 Special Session

Asset Pricing: Empirical APE 13

Asset Pricing: Theory APT 5

Financial Markets General FMG 6

Behavioral Finance and Household Finance BH 7

Corporate Finance and Governance: Theory CFGT 6

Corporate Finance: Empirical CFE 7

Corporate Governance: Empirical CGE 6

Financial Econometrics FE 1

Financial Intermediation and Institutions: Empirical FIIE 12

Financial Intermediation and Institutions: Theory FIIT 3

Finance and Labor FL 4

International Finance IF 2

10 44th EFA Annual Meeting Program Overview

Wednesday, August 23 8:00–17:00 Doctoral Tutorial University of Mannheim 8:00–17:00 Doctoral Workshop University of Mannheim 17:00–20:00 Registration University of Mannheim 18:30–20:30 Welcome Reception* Mannheim Palace

Thursday, August 24

8:00–8:30 Coffee & Snacks University of Mannheim 8:30–10:00 Parallel Sessions University of Mannheim Coffee Break 10:30–12:00 Parallel Sessions University of Mannheim Lunch Break offered by ARERO 13:30–15:00 Panel Session University of Mannheim Coffee Break 15:30–17:00 Parallel Sessions University of Mannheim 17:15–17:45 General Assembly University of Mannheim 18:00–23:00 Heidelberg Cruise* Neckar River

Friday, August 25

8:00–8:30 Coffee & Snacks 8:30–10:00 Parallel Sessions University of Mannheim Coffee Break 10:30–12:00 Parallel Sessions University of Mannheim Lunch Break offered by Cornerstone 13:30–15:00 Parallel Sessions University of Mannheim Coffee Break offered by Elsevier 15:30–16:30 Keynote Speech & Paper Prizes University of Mannheim 18:00–23:00 Conference Dinner* Schwetzingen Palace

Saturday, August 26

8:00–9:00 Coffee & Snacks 9:00–10:30 Parallel Sessions University of Mannheim Coffee Break 11:00–12:30 Parallel Sessions University of Mannheim Lunch Break offered by Evonik

*Additional registration needed

44th EFA Annual Meeting 11 Doctoral Tutorial 8:00–17:00 WEDNESDAY, AUGUST 23

The Doctoral Tutorial is an event dedicated CHAIRS to young researchers. It is organized with the Frans de Roon, Tilburg University generous support of the Nasdaq Educational Esther Eiling, University of Amsterdam Foundation and the Chicago Quantitative Gyöngyi Lóranth, University of Vienna Alliance (CQA). This session is by invitation Kristian Miltersen, Copenhagen Business only for selected PhD students. School

Program

8:00–8:45 Coffee & Snacks 8:45–9:00 Welcome 9:00–9:45 Jakub Hajda, University of Lausanne “Fundamental Risk and Capital Structure” Discussant: Ramona Westermann, Copenhagen Business School 9:45–10:30 Andreas Rapp, Tilburg University “Observing the Middlemen: Corporate Bond Liquidity and Dealer Inventory Costs” Discussant: Jens Dick-Nielsen, Copenhagen Business School 10:30–10:45 Coffee Break 10:45–11:30 Silvina Rubio, Universidad Carlos III de Madrid “The Bright Side of Stock Repurchases” Discussant: Jan Bartholdy, Aarhus University 11:30–12:15 Nuri Ersahin, University of Illinois at Urbana-Champaign “Access to Collateral and Productivity: Evidence from Plant-Level Data” Discussant: Charlotte Ostergaard, BI Norwegian Business School 12:15–13:30 Lunch Break 13:30–14:15 Lorenzo Bretscher, London School of Economics “From Local to Global: Offshoring and Asset Prices” Discussant: Oliver Boguth, Arizona State University 14:15–15:00 Daren Wei, Imperial College Business School “Macroprudential Policy, Difference in Beliefs and Growth: What is the Role of Risk Premia?” Discussant: Andrea Vedolin, London School of Economics 15:00–15:15 Coffee Break 15:15–16:00 Marco Elia, Drexel University “What Causes Passive Hedge Funds to Become Activists?” Discussant: Ludovic Phalippou, University of Oxford 16:00–16:45 Andrei Salem Goncalves, The Ohio State University “Can Reinvestment Risk Explain the Dividend and Bond Term Structures?” Discussant: Andrea Tamoni, London School of Economics 16:45–17:00 Closure

12 44th EFA Annual Meeting Doctoral Workshop Series: “New Frontiers in Finance” 8:00–17:00 WEDNESDAY, AUGUST 23

The EFA launches a new one-day workshop CHAIRS series for PhD students who are in their Bo Becker, Stockholm School of Economics second or third year. The topic changes from Andrew Ellul, Indiana University year-to-year. Ralph S.J. Koijen, NYU Stern School of Business The 2017 Doctoral Workshop topic is: Insur- ance Markets. The workshop’s aim is to present the latest research on insurance markets and potential directions for future research. This workshop is by invitation only for selected PhD students.

44th EFA Annual Meeting 13 Conference Check-in 17:00–20:00 WEDNESDAY, AUGUST 23 Mannheim Palace

Conference attendees may check in for We would be happy to assist you at the help the Annual Meeting before attending the desk regarding: Welcome Reception in order to receive their ••Registration for Mannheim city tours participant badge and other conference ••Social program tickets material. ••Recommendations for Mannheim and its surrounding Registration will take place next to the Welcome Reception on Wednesday only. From Thursday to Saturday, the registration desk will be located in the east wing of Mannheim Palace.

MANNHEIM PALACE

Entrance Registration Entrance (on Wednesday only) Welcome Reception

14 44th EFA Annual Meeting Welcome Reception 18:30–20:30 WEDNESDAY, AUGUST 23 Mannheim Palace, Garden Room and Knight’s Hall

The official opening of the th44 EFA Annual PARTICIPANTS ADMISSION Meeting will take place in the impressive Even though conference participants are Garden Room and Knight’s Hall of free to join the Welcome Reception without Mannheim Palace – the main campus of additional costs, you will still need to regis- the University of Mannheim and one of ter for this event. Europe’s largest baroque castles, second only to Versailles.

The Welcome Reception provides an excellent opportunity to network, meet old friends and colleagues as well as new people as the program begins. A light buffet dinner will be served during the event.

THE CASTLE CAMPUS MAP

South

Welcome Main Station Reception 500 m

Lunch – Mensa Main Courtyard Doctoral L5 Tutorial B Doctoral Workshop Bus stop – East Wing Heidelberg Cruise Tram stop Conference Venue West Wing Universität

Main Entrance Bismarckstrasse

L4 L3 L2 L1 A1 City A2 A3 A4 Tram stop Schloss

44th EFA Annual Meeting 15 Thursday, August 24 8:30–10:00

FIIE-8 FIIE-1 FMG-7 APE-1 APE-11 Investment and Information Hedge Funds Finance and Institutions Derivatives Asset Price Predictability I

Chair: Jennifer Dlugosz Chair: Elvira Sojli Chair: Sudipto Dasgupta Chair: Christian Wagner Chair: Angelo Ranaldo Washington University in St. Louis University of New South Wales Lancaster University Copenhagen Business School University of St. Gallen

Room: O151 Room: O148 Room: O145 Room: O142 Room: SN163 The Causal Effects of Proximity on Investment: Public Hedge Funds The Impact of Institutions The Informational Role of Index Extracting Consumer Demand: Evidence from Flight Introductions on Innovation Option Trading Credit Card Spending and Post-Earnings Returns

Authors: Authors: Authors: Authors: Authors: Leonardo Madureira* (1), Jesse Ellis (2), Lin Sun, Melvyn Teo* Alexander Donges (1), Tarun Chordia (1), Alexander Sumit Agarwal (1), Wenlan Qian (2), Shane Underwood (3) Singapore Management University Jean-Marie A. Meier* (2), Rui Silva (2) Kurov (2), Dmitriy Muravyev* (3), Xin Zou* (2) 1: Case Western Reserve University 1: University of Mannheim Avanidhar Subrahmanyam (4) 1: Georgetown University 2: North Carolina State University 2: London Business School 1: Emory University 2: National University of Singapore 3: Baylor University 2: West Virginia University 3: Boston College 4: UCLA

Discussant: Discussant: Discussant: Discussant: Discussant: Marcin Kacperczyk Bige Kahraman Maria-Teresa Marchica Steffen Hitzemann Thiago de Oliveira Souza Imperial College Business School University of Oxford Alliance Manchester Business School The Ohio State University University of Southern Denmark Local Crowding Out in China How Smart is Institutional Trading? Creditor Rights and Entrepreneur- On the Relation Between S&P 500 Fire Sale Risk and Expected Stock ship: Evidence from Fraudulent Options and VIX Derivatives Returns Transfer Law

Authors: Authors: Authors: Author: Authors: Yi Huang (1), Marco Pagano* (2), Ugo Panizza (1) Jingi Ha, Jianfeng Hu* Rustom Irani (1), Nuri Ersahin* (1), Yang-Ho Park* George O. Aragon (1), 1: Graduate Institute of International Singapore Management University Katherine Waldock (2) Federal Reserve Board Min S. Kim* (2) and Development Studies 1: University of Illinois 1: Arizona State University 2: Università di Napoli Federico II at Urbana-Champaign 2: University of New South Wales 2: NYU Stern School of Business

Discussant: Discussant: Discussant: Discussant: Discussant: Hong Ru Charles Trzcinka Farzad Saidi Fabio Trojani Catherine Koch Nanyang Technological University Indiana University Stockholm School of Economics University of Geneva, SFI Bank for International Settlements Asymmetric Information and Limits of Arbitrage under the Microscope: What’s in a (School) Name? How Do Informed Investors Trade Margin Credit and Stock Return the Securitization of SME Loans Evidence from detailed Hedge Fund Racial Discrimination in Higher in the Options Market Predictability Transaction Data Education Bond Markets

Authors: Authors: Authors: Authors: Authors: Ugo Albertazzi* (1), Margherita Bottero (1), Bastian von Beschwitz* (1), Sandro Lunghi (2), Casey Mark Dougal* (1), Patrick Augustin* (1), Menachem Prachi Deuskar, Nitin Kumar, Leonardo Gambacorta (2), Steven Ongena (3) Daniel Schmidt (3) Pangjie Gao (2), William Mayew (3), Brenner (2), Gunnar Grass (3), Jeramia Allan Poland* 1: Banca d’Italia 1: Federal Reserve Board Christopher Parsons (4) Marti Subrahmanyam (2) Indian School of Business 2: Bank for International Settlements 2: Inalytics 1: Drexel University 1: McGill University 3: University of Zurich 3: HEC Paris 2: Notre Dame University 2: NYU Stern School of Business 3: Duke University 3: HEC Montréal 4: UC San Diego

Discussant: Discussant: Discussant: Discussant: Discussant: Viktors Stebunovs Petri Jylhä Darwin Choi Paul Whelan Sven Klingler Federal Reserve Board Aalto University Chinese University of Hong Kong Copenhagen Business School BI Norwegian Business School

16 44th EFA Annual Meeting FIIE-8 FIIE-1 FMG-7 APE-1 APE-11 Investment and Information Hedge Funds Finance and Institutions Derivatives Asset Price Predictability I

44th EFA Annual Meeting 17 Thursday, August 24 8:30–10:00

BH-7 APT-5 CGE-2 CFE-3 CFGT-1 Dynamic Models Herding and Externalities Politics and Policy The Value of Networks in Corporate Finance Shareholder Activism Chair: Markku Kaustia Chair: Francesco Sangiorgi Chair: Bang Nguyen Chair: Enrique Schroth Chair: Amil Dasgupta Aalto University Stockholm School of Economics University of Cambridge Cass Business School London School of Economics

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129

Herding and Capital Allocation Efficiency: Preventing Controversial Friends During Hard Times: Firm Selection and Corporate Blockholder Voting Evidence from Peer Lending Catastrophes Evidence from the Great Depression Cash Holdings

Authors: Authors: Authors: Authors: Authors: Oleg Chuprinin (1), Chang-Mo Kang* (1), Maggie Hu (2) Steven Baker* (1), Burton Hollifield (2), Diego Garcia (1), Tania Babina* (2), Berardino Palazzo* (1), Heski Bar-Isaac (1), Joel Shapiro* (2) 1: University of New South Wales Emilio Osambela (3) Geoffrey Tate (3) Juliane Maria Begenau (2) 1: University of Toronto 2: Chinese University of Hong Kong 1: University of Virginia 1: University of Colorado Boulder 1: Boston University 2: University of Oxford 2: Carnegie Mellon University 2: Columbia University 2: Harvard University 3: Federal Reserve Board 3: UNC Chapel Hill

Discussant: Discussant: Discussant: Discussant: Discussant: Ville Rantala Christian Heyerdahl-Larsen Shawn Mobbs Mamdouh Medhat Chong Huang University of Miami London Business School University of Alabama Cass Business School UC Irvine Evidence about Bubble Mechanisms: Precipitating Political Cycles and Stock Returns The Value of Labor Networks to Dynamic Financial Constraints: Portfolio Size and the Incentives Event, Feedback Trading, and Social Contagion Managers and Firms Which Frictions Matter for for Shareholder Activism Corporate Policies?

Authors: Authors: Authors: Authors: Authors: Neil D. Pearson (1), Zhishu Yang (2), Qi Zhang* (3) Lubos Pastor*, Pietro Veronesi Isaac Hacamo*, Kristoph Kleiner Boris Nikolov* (1), Roberto Steri (2), Günter Strobl, Jing Zeng* 1: University of Illinois at Urbana-Champaign University of Chicago Indiana University Lukas Schmid (3) Frankfurt School of Finance 2: Tsinghua University 1: University of Lausanne, SFI and Management 3: University of Durham 2: University of Lausanne 3: Duke University

Discussant: Discussant: Discussant: Discussant: Discussant: Theresa Kuchler Alexander Michaelides Quoc-Anh Do Josef Zechner Sergei Kovbasyuk NYU Stern School of Business Imperial College Business School Sciences Po WU Vienna University of Economics Einaudi Institute for Economics and and Business Finance Financial Literacy Externalities Level and Volatility Shocks to Fiscal Policy: The Benefits of Friendship in Misvaluation of Investment Proxy Advisory Firms: Term Structure Implications Hedge Fund Activism Options The Economics of Selling Information to Voters

Authors: Authors: Authors: Authors: Authors: Michael Haliassos (1), Thomas Jansson* (2), Lorenzo Bretscher (1), Alex Hsu (2), Tao Li, Yazhou Ellen He* Evgeny Lyandres* (1), Egor Andrey Malenko* (1), Yigitcan Karabulut (3) Andrea Tamoni* (1) University of Warwick Matveyev (2), Alexei Zhdanov (3) Nadya Malenko (2) 1: Goethe University Frankfurt, CEPR 1: London School of Economics 1: Boston University 1: Massachusetts Institute 2: Sveriges Riksbank 2: Georgia Institute of Technology 2: University of Alberta of Technology 3: Erasmus University Rotterdam, CEPR 3: Penn State University 2: Boston College

Discussant: Discussant: Discussant: Discussant: Discussant: Inessa Liskovich Francisco Palomino Melvyn Teo Roberto Steri Thierry Foucault University of Texas at Austin Federal Reserve Board Singapore Management University University of Lausanne HEC Paris

18 44th EFA Annual Meeting BH-7 APT-5 CGE-2 CFE-3 CFGT-1 Dynamic Models Herding and Externalities Politics and Policy The Value of Networks in Corporate Finance Shareholder Activism Chair: Markku Kaustia Chair: Francesco Sangiorgi Chair: Bang Nguyen Chair: Enrique Schroth Chair: Amil Dasgupta Aalto University Stockholm School of Economics University of Cambridge Cass Business School London School of Economics

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129

44th EFA Annual Meeting 19 Thursday, August 24 10:30–12:00

FIIT-3 FIIE-3 FMG-2 APE-6 APE-5 Financial Institutions: Risks & Profit Sharing VC, PE and Entrepreneurship Fast Trading Term Structure I News

Chair: Sergey Zhuk Chair: Carsten Bienz Chair: Marios Panayides Chair: Christian Heyerdahl-Larsen Chair: Roberto Marfè University of Vienna NHH Norwegian School of Economics University of Pittsburgh London Business School Collegio Carlo Alberto

Room: O151 Room: O148 Room: O145 Room: O142 Room: SN163

Markets, Banks and Shadow Banks VC Financing and the Entrepreneurship Every Cloud Has a Silver Lining: Central Bank Communication Macro News, Micro News, Gender Gap Fast Trading, Microwave and the Yield Curve and Stock Prices Connectivity and Trading Costs

Authors: Author: Authors: Authors: Author: David Martinez-Miera* (1), Rafael Repullo (2) Sahil Raina* Andriy Shkilko*, Konstantin Sokolov Matteo Leombroni (1), Andrea Jinfei Sheng* 1: Universidad Carlos III de Madrid University of Alberta Wilfrid Laurier University Vedolin* (2), Gyuri Venter (3), University of British Columbia 2: CEMFI Paul Whelan (3) 1: Stanford University 2: London School of Economics 3: Copenhagen Business School

Discussant: Discussant: Discussant: Discussant: Discussant: Julian Kolm Henrik Cronqvist Erik Theissen Paul Ehling Christoph Meinerding University of Vienna University of Miami University of Mannheim BI Norwegian Business School Deutsche Bundesbank Asset Encumbrance, Bank Funding and Fragility Adverse Selection and the Performance The Value of a Millisecond: Information in (and not in) Front Page News: The Effect of of Private Equity Co-Investments Harnessing Information in Fast, Treasury Options News Consumption on Financial Fragmented Markets Markets

Authors: Authors: Authors: Author: Author: Toni Ahnert (1), Kartik Anand* (2), Reiner Braun* (1), Tim Jenkinson (2), Haoming Chen (1), Sean Foley (2), Hoyong Choi* Anastassia Fedyk* Prasanna Gai (3), James Chapman (1) Christoph Schemmerl (1) Michael A. Goldstein (3), Erasmus University Rotterdam Harvard University 1: Bank of Canada 1: Technical University Munich Thomas Ruf* (1) 2: Deutsche Bundesbank 2: University of Oxford 1: University of New South Wales 3: University of Auckland 2: University of Sydney 3: Babson College

Discussant: Discussant: Discussant: Discussant: Discussant: Vincent Maurin Konrad Raff Sabrina Buti Philipp Illeditsch Julien Penasse Stockholm School of Economics NHH Norwegian School of Economics Université Paris-Dauphine University of Pennsylvania University of Luxembourg Profit Sharing: A Contracting Solution to Winning a Deal in Private Equity: Dark Pool Reference Price Explaining the Failure of the The Price of News Arrivals: Harness the Wisdom of the Crowd Do Educational Networks Matter? Latency Arbitrage Expectations Hypothesis with Evidence from Equity Options Short-Term Rates

Author: Authors: Authors: Authors: Author: Jiasun Li* Florian Fuchs (1), Roland Fuess* (1), Matteo Aquilina (1), Sean Foley (2), Angelo Ranaldo*, Yoontae Jeon* George Mason University Tim Jenkinson (2), Stefan Morkoetter (1) Peter O’Neill* (3), Thomas Ruf (3) Matthias Stephan Rupprecht University of Toronto 1: University of St. Gallen 1: Financial Conduct Authority University of St. Gallen 2: University of Oxford 2: University of Sydney 3: University of New South Wales

Discussant: Discussant: Discussant: Discussant: Discussant: Christoph Bertsch Sridhar Arcot Charles Trzcinka Philippe Mueller Ilaria Piatti Sveriges Riksbank ESSEC Business School Indiana University London School of Economics University of Oxford

20 44th EFA Annual Meeting FIIT-3 FIIE-3 FMG-2 APE-6 APE-5 Financial Institutions: Risks & Profit Sharing VC, PE and Entrepreneurship Fast Trading Term Structure I News

Room: O151 Room: O148 Room: O145 Room: O142 Room: SN163

44th EFA Annual Meeting 21 Thursday, August 24 10:30–12:00

BH-6 APT-1 CGE-5 CFE-7 CFGT-2 Time Consistency and Dynamic Decisions Networks and Learning Politics and Finance Law and Finance Disclosure and News

Chair: Alexandra Niessen-Ruenzi Chair: Irina Zviadadze Chair: Pat Akey Chair: Brandon Julio Chair: Chong Huang University of Mannheim Stockholm School of Economics University of Toronto University of Oregon UC Irvine

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129 Weighted Discounting – On Group Diversity, Distress Propagation in Networks and Asset Pricing The Value of Offshore Secrets – Anti-Collusion Enforcement: The Forward-Looking Disclosures Time-Inconsistency, and Consequences Evidence from the Panama Papers Justice for Consumers and of Corporate Managers: for Investment Equity for Firms Theory and Evidence

Authors: Authors: Authors: Authors: Authors: Sebastian Ebert* (1), Wei Wei (2), Xunyu Zhou (3) Andrea Buraschi (1), Claudio Tebaldi* (2) James O’Donovan (1), Hannes F. Sudipto Dasgupta (1,2), Julian Alexander Opferkuch (1), Reint 1: Tilburg University 1: Imperial College Business School Wagner* (2), Stefan Zeume (3) Alminas Zaldokas* (1) E. Gropp* (2), Rasa Karapandza (3) 2: University of Oxford 2: Bocconi University 1: INSEAD 1: Hong Kong University 1: Goethe University Frankfurt 3: Columbia University 2: Bocconi University of Science and Technology 2: Halle Institute for Economic 3: University of Michigan 2: Lancaster University Research 3: European Business School

Discussant: Discussant: Discussant: Discussant: Discussant: Alex Sing Lam Tse Bernard Herskovic Thomas Lambert Philip Valta Anton Tsoy Einaudi University of Cambridge UCLA Erasmus University Rotterdam University of Bern Institute for Economics and Finance Probability Weighting, Stop-Loss and Equilibrium Asset Pricing in Directed Networks Leviathan Inc. and Corporate Roadblock to Innovation: Optimal Leverage and Strategic the Disposition Effect Environmental Engagement The Role of Patent Litigation Disclosure in Corporate R&D

Authors: Authors: Authors: Author: Author: Vicky Henderson (1,2), David Hobson (1), Nicole Branger (1), Patrick Konermann* (2), Po-Hsuan Hsu (1), Hao Liang (2), Filippo Mezzanotti* Giulio Trigilia* Alex Sing Lam Tse* (3) Christoph Meinerding (3), Christian Schlag (4) Pedro Matos* (3) Northwestern University University of Rochester 1: University of Warwick 1: University of Muenster 1: University of Hong Kong 2: University of Oxford 2: BI Norwegian Business School 2: Singapore Management University 3: University of Cambridge 3: Deutsche Bundesbank 3: University of Virginia 4: Goethe University Frankfurt

Discussant: Discussant: Discussant: Discussant: Discussant: Maik Dierkes Nina Boyarchenko Inessa Liskovich Luke Stein Maria Chaderina Leibniz University Hannover Federal Reserve Bank of New York University of Texas at Austin Arizona State University WU Vienna University of Economics and Business Impulsive Consumption and Financial Wellbeing: Asset Pricing with Learning Debt in Political Campaigns Shareholder Litigation and Spillovers from “Good-News” Evidence from an Increase in the Availability of Corporate Innovation and Other Bankruptcies: Alcohol Real Effects and Price Responses

Authors: Authors: Authors: Authors: Authors: Marieke Bos* (1), Itzhak Ben-David (2) Daniel Andrei (1), Michael Hasler (2), Alexei V. Ovtchinnikov (1), Chen Lin (1), Sibo Liu* (1), Nina Baranchuk*, Michael Rebello 1: Swedish House of Finance Alexandre Jeanneret* (3) Philip Valta* (2) Gustavo Manso (2) University of Texas at Dallas 2: The Ohio State University, NBER 1: UCLA 1: HEC Paris 1: University of Hong Kong 2: University of Toronto 2: University of Bern, University 2: UC Berkeley 3: HEC Montréal of Geneva, SFI

Discussant: Discussant: Discussant: Discussant: Discussant: Christine Laudenbach Andrey Ermolov Stefan Zeume Ian Appel Jing Zeng Goethe University Frankfurt Fordham University University of Michigan Boston College Frankfurt School of Finance and Management

22 44th EFA Annual Meeting BH-6 APT-1 CGE-5 CFE-7 CFGT-2 Time Consistency and Dynamic Decisions Networks and Learning Politics and Finance Law and Finance Disclosure and News

44th EFA Annual Meeting 23 Panel Session 13:30–15:00 THURSDAY, AUGUST 24 University of Mannheim, SO108

Renationalization of Western Countries: Impact on the Real and Financial Sectors of Economies The latest uncompromising “me first” attitudes of some western governments provoke inter- esting questions on the future of international banking, monetary policy, and the system of internationally coordinated regulatory rules. Developments have wide-ranging implications for financial markets and firms’ investment decisions. An exceptional international group of experts from academia and practice will discuss these problems on the panel. You are invited to join this group in an exciting discussion.

24 44th EFA Annual Meeting PANELISTS MODERATOR SPEAKERS

Prof. Franklin Allen Prof. Clemens Fuest Imperial College London, London President ifo Institute, Munich

Franklin Allen is Professor of Finance and Prof. Clemens Fuest, born in 1968, is Presi- Economics and Executive Director of the dent of the ifo Institute – Leibniz Institute for Brevan Howard Centre at Imperial Col- Economic Research at the University of lege London and has held these positions Munich, Director of CESifo GmbH, Professor since July 2014. He was on the faculty of of Economics at the University of Munich the Wharton School of the University of and Director of the Center for Economic Pennsylvania from July 1980 - June 2016. Studies (CES) of the University of Munich. He was formerly Vice Dean and Director of He is also a member of the German Federal Wharton Doctoral Programs, Co-Director of Ministry of Finance’s Scientific Advisory the Wharton Financial Institutions Center, Council, the European Academy of Science, Executive Editor of the Review of Financial the Scientific Advisory Board of Ernst & Studies and is currently Managing Editor of Young GmbH, as well as the “High Level the Review of Finance. He is a past President Group on Own Resources” of the European of the American Finance Association, the Commission (Monti Commission) and the Western Finance Association, the Society German government’s minimum wage for Financial Studies, the Financial Interme- commission. His main research areas include diation Research Society and the Financial economic and fiscal policy, international Management Association, and a Fellow of taxation, taxation policy, transfers and the Econometric Society. He received his labour markets, as well as European doctorate from Oxford University. Dr. Allen’s integration. main areas of interest are corporate finance, asset pricing, financial innovation, compara- tive financial systems, and financial crises.

44th EFA Annual Meeting 25 Dr. Alan Hippe Prof. Jean-Pierre Landau CFO / CIO Roche, Basel SciencesPo, Paris

Dr. Alan Hippe joined Roche in 2011 as the Jean-Pierre Landau is currently Associate Chief Financial Officer / Chief Information -Of Professor of Economics at SciencesPo (Paris). ficer and a Member of the Executive Board. He also serves as Dean of the School of He began his career in 1996 as the Head of Public Affairs. From 2006 to 2011 he was Group Controlling and IT systems at AVECO Deputy Governor of the Banque de France. Holding AG, until 1998, when he took the For most of his career he has worked in the position of Senior Vice President Controlling, French Government. He has been Executive Finance and Accounting at Fraport AG. Director of the International Monetary Fund In 2002, Dr. Hippe was appointed Chief (IMF) and the World Bank (Washington), Financial Officer, Member of the Executive Undersecretary for External Economic Board at Continental AG until 2005, when he Relations, and Executive Director at the became President of Continental Tire of EBRD (London). He has been Visiting North America. In 2008, he was promoted Lecturer at Princeton University (Woodrow to Vice chairman of the Executive Board, Wilson School) and Visiting professor at Head of the Global Car Tire Business and SAIS (John Hopkins – Washington DC). Head of Conti Rubber. 2009 to 2011, Dr. Hippe served as a Member of the Executive Board at ThyssenKrupp AG. He holds a degree in business administration from the Universities of Mannheim and Toulon.

26 44th EFA Annual Meeting Prof. Frank Smets Director General Economics European Central Bank, Frankfurt

Frank Smets is Director General Economics at the European Central Bank since Febru- ary 2017. Previously he was Adviser to the President of the European Central Bank since December 2013, preceded by Director General of the Directorate General Research. He is professor of international economics at the Centre for Economic Studies at the KU Leuven and a Research Fellow of the Centre for Economic Policy Research in London. He has written and published extensively on monetary, macroeconomic, financial and international issues mostly related to central banking in top academic journals such as the Journal of the European Economic Asso- ciation, the American Economic Review, the Journal of Political Economy and the Journal of Monetary Economics. He holds a PhD in Economics from Yale University.

44th EFA Annual Meeting 27 Thursday, August 24 15:30–17:00

FIIE-12 FIIE-10 FMG-3 APE-2 APE-3 Bank Lending Liquidity Provision and Collateral Information and Price Discovery Term Structure II Aggregate Risk

Chair: Hans Degryse Chair: Peter Feldhütter Chair: Thierry Foucault Chair: Claudio Tebaldi Chair: Paolo Sodini KU Leuven London Business School HEC Paris Bocconi University Stockholm School of Economics

Room: O151 Room: O148 Room: O145 Room: O142 Room: SN163

Sharing the Surplus with Clients: Evidence from Window-Dressing and Trading Relationships Costly Interpretation of Asset Prices Term Structure of Recession Asset Pricing and Ambiguity: the Protection of Bank Proprietary Information in the Tri-Party Repo Markets Probabilities and the Cross Empirical Evidence Section of Asset Returns

Authors: Authors: Authors: Author: Authors: Yupeng Lin (1), Zilong Zhang* (2), Liping Zhao (3) Sriya Anbil*, Zeynep Senyuz Liyan Yang (1), Xavier Vives* (2) Ti Zhou* Menachem Brenner (1), 1: National University of Singapore Federal Reserve Board 1: University of Toronto Southern University of Science Yehuda Izhakian* (2) 2: City University of Hong Kong 2: IESE Business School and Technology 1: NYU Stern School of Business 3: Hong Kong University of Science and Technology 2: Baruch College

Discussant: Discussant: Discussant: Discussant: Discussant: Karolin Kirschenmann Ben Munyan Amil Dasgupta Daniele Bianchi Yan Xu Centre for European Economic Research (ZEW) Vanderbilt University London School of Economics University of Warwick University of Hong Kong Bank Lending in the Knowledge Economy The Role of the Government Bond Lending Market Order Flow Segmentation, Dynamics of the Expectation Implied Volatility Duration and in Collateral Transformation Liquidity and Price Discovery: and Risk Premium in the the Early Resolution Premium The Role of Latency Delays OIS Term Structure

Authors: Authors: Authors: Authors: Authors: Giovanni Dell’Ariccia (1), Dalida Kadyrzhanova (2), Reena Aggarwal (1), Jennie Bai* (1), Luc Laeven (2) Michael Brolley* (1), David Cimon (2) Suresh Sundaresan (1), Christian Schlag, Julian Thimme*, Camelia Minoiu* (1), Lev Ratvnovski (1) 1: Georgetown University 1: Wilfrid Laurier University Zhenyu Wang* (2), Wei Yang (2) Rüdiger Weber 1: International Monetary Fund 2: European Central Bank 2: Bank of Canada 1: Columbia University Goethe University Frankfurt 2: Georgia State University 2: Indiana University

Discussant: Discussant: Discussant: Discussant: Discussant: Diane Pierret Emily Williams Bart Zhou Yueshen Peter Hoerdahl Travis Johnson University of Lausanne London Business School INSEAD Bank for International Settlements University of Texas at Austin Does Competition Affect Bank Risk? Customer Liquidity Provision: Implications for Hidden in Plain Sight: Expected Term Structures Global Variance Term Premia and Corporate Bond Transaction Costs Equity Price Discovery with Intermediary Risk Appetite Informed Private Debt

Authors: Authors: Authors: Authors: Authors: Liangliang Jiang* (1), Ross Levine (2), Chen Lin (3) Jaewon Choi (1), Yesol Huh* (2) Jawad Addoum* (1), Andrea Buraschi (1), Ilaria Piatti* (2), Peter Van Tassel*, Erik Vogt 1: Hong Kong Polytechnic University 1: University of Illinois at Urbana-Champaign Justin R. Murfin (2) Paul Whelan (3) Federal Reserve Bank of New York 2: UC Berkeley 2: Federal Reserve Board 1: Cornell University 1: Imperial College Business School 3: University of Hong Kong 2: Yale University 2: University of Oxford 3: Copenhagen Business School

Discussant: Discussant: Discussant: Discussant: Discussant: Olivier De Jonghe Edie Hotchkiss Simona Abis Marco Giacoletti Aytek Malkhozov Tilburg University Boston College Columbia University University of Southern California Federal Reserve Board

28 44th EFA Annual Meeting FIIE-12 FIIE-10 FMG-3 APE-2 APE-3 Bank Lending Liquidity Provision and Collateral Information and Price Discovery Term Structure II Aggregate Risk

Room: O151 Room: O148 Room: O145 Room: O142 Room: SN163

44th EFA Annual Meeting 29 Thursday, August 24 15:30–17:00

BH-4 APT-2 CGE-7 CFE-5 CFGT-3 Finance and the Family Preferences and Portfolios CEO Incentives Investment Corporate Cash Policy

Chair: Henrik Cronqvist Chair: Howard Kung Chair: Oliver Spalt Chair: Nickolay Gantchev Chair: Boris Nikolov University of Miami London Business School Tilburg University UNC Chapel Hill University of Lausanne, SFI

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129 Does Being An Only Child Matter Financial Innovation and Asset Prices Perks or Peanuts? Downward Wage Rigidity, Cor- The Interest Sensitivity for Entrepreneurship and Innovation? The Dollar Profits to Insider Trading porate Investment, and Firm Value of Corporate Cash

Authors: Authors: Authors: Author: Authors: Weixing Cai (1), Feng Hu (2), Laurence Van Lent (3), Adrian Buss* (1), Raman Uppal (2), Grigory Vilkov (3) Jasmin Gider (1), Peter Cziraki* (2) DuckKi Cho* Xiaodan Gao (1), Toni M. Whited* (2), Jingzhou Pan (4), Cheng Zeng* (5) 1: INSEAD 1: University of Bonn Arizona State University Na Zhang (3) 1: Guangdong University of Finance and Economics 2: EDHEC 2: University of Toronto 1: National University of Singapore 2: University of Science and Technology Beijing 3: Frankfurt School of Finance and Management 2: University of Michigan, NBER 3: Tilburg University 3: Fudan University 4: Tianjin University 5: University of Manchester

Discussant: Discussant: Discussant: Discussant: Discussant: Da Ke Bernard Herskovic Christoph Schneider Hyunseob Kim Berardino Palazzo University of South Carolina UCLA Tilburg University Cornell University Boston University Savvy Parent, Savvy Child? Intergenerational Tail Risk, Robust Portfolio Choice, and Asset Prices The Role of Peer Firm Selection Multinational Firms and The Inter- Transitory Versus Permanent Correlations in Returns to Financial Wealth in Explicit Relative Performance national Transmission of Financial Shocks: Explaining Corporate Awards Crises: The Real Economy Channel Savings and Investment

Authors: Authors: Authors: Authors: Authors: Samuli Knüpfer* (1), Elias Rantapuska (2), Xing Jin (1), Dan Luo* (2), Xudong Zeng (2) John Bizjak (1), Swaminathan Jan Bena* (1), Serdar Dinc (2), Sebastian Gryglewicz (1), Loriano Matti Sarvimäki (2) 1: University of Warwick Kalpathy* (1), Frank Li (2), Isil Erel (3) Mancini (2), Erwan Morellec (3), 1: BI Norwegian Business School 2: Shanghai University of Finance and Economics Brian Young (3) 1: University of British Columbia Enrique Schroth* (4), Philip Valta (5) 2: Aalto University 1: Texas Christian University 2: Rutgers University 1: Erasmus University Rotterdam 2: University of Western Ontario 3: The Ohio State University 2: EPFL, SFI 3: Southern Methodist University 3: EPFL, SFI, CEPR 4: Cass Business School, CEPR 5: University of Bern, University of Geneva, SFI

Discussant: Discussant: Discussant: Discussant: Discussant: Daniel Dorn Vadim Elenev Oliver Spalt Jessica S. Jeffers Andras Danis Drexel University Johns Hopkins University Tilburg University University of Chicago Georgia Tech How Important Are Bequest Motives? Habits and Leverage Skin in the Game, Information, Competition, and R&D Dynamics and Evidence Based on Shocks to Mortality Wealth and Risk-Taking Investment Sensitivity to Peer Corporate Cash Stock Prices

Author: Authors: Authors: Authors: Authors: Jens Kvaerner* Tano Santos (1), Pietro Veronesi* (2) Carsten Bienz (1), Karin Thorburn (1), Malcolm Ian Wardlaw* (1), Arzu Xiaodan Gao* (1), Jake Zhao (2) BI Norwegian Business School 1: Columbia University, NBER, CEPR Uwe Walz* (2) Ozoguz (2), Michael Rebello (1) 1: National University of Singapore 2: University of Chicago, NBER, CEPR 1: NHH Norwegian School 1: University of Texas at Dallas 2: Peking University of Economics 2: Rice University 2: Goethe University Frankfurt

Discussant: Discussant: Discussant: Discussant: Discussant: Désirée-Jessica Pély Moritz Lenel Dirk Jenter Bige Kahraman Vladimir Vladimirov Ludwig-Maximilians-Universität München University of Chicago London School of Economics University of Oxford University of Amsterdam

30 44th EFA Annual Meeting BH-4 APT-2 CGE-7 CFE-5 CFGT-3 Finance and the Family Preferences and Portfolios CEO Incentives Investment Corporate Cash Policy

44th EFA Annual Meeting 31 EFA General Assembly 17:15–17:45 THURSDAY, AUGUST 24 University of Mannheim, SN169

The 2017 EFA General Assembly will be The following agenda items will be covered: chaired by the EFA President, Kjell Nyborg. ••Approval of the 2016 EFA General Assembly minutes To be eligible to vote at the 2017 EFA ••Approval of the 2016 EFA accounts General Assembly in Mannheim, you ••President’s report must be a current EFA member for the ••Nominations & elections 2017 calendar year. ••Future conferences

After the General Assembly, our staff will escort you to the bus stop for the Heidelberg Cruise.

Review of Finance Best Paper Prizes

SPÄNGLER IQAM BEST PAPER IN 2017 REVIEW OF FINANCE INVESTMENT PRIZE DISTINGUISHED REFEREE AWARDS The 2017 Spängler IQAM Best Paper Prize will The inaugural Review of Finance Distin- be awarded at the EFA Annual Meeting for guished Referee Awards will be presented to the best paper on investment published in three scholars who have provided outstand- the journal of the European Finance Associa- ing refereeing service to the Review of tion, the Review of Finance. The prize winning Finance, as voted by the editors of the paper is selected by the Editorial Board of the journal. journal.

PAGANO AND ZECHNER PRIZE The Pagano and Zechner Prize will be award- Review of ed at the EFA 2017 to the best non-investments paper published in the journal of the Finance European Finance Association, the Review of Finance. The prize winning paper is selected by the Editorial Board of the journal.

32 44th EFA Annual Meeting Heidelberg Cruise 18:00–23:00 THURSDAY, AUGUST 24 Neckar River Tour from Ladenburg to Heidelberg

The cruise trip on the Neckar is designed to MEETING POINT – BUS make you discover the charm of Heidelberg Buses have been chartered for conference and to network in an informal and pleasant attendees and their guests. environment. ••Participants will be escorted to the buses after the General Assembly (SN169). There will be up to three cruise ships, which ••Access only with Heidelberg Cruise ticket. will start on the Neckar in Ladenburg at ••Buses will be boarded between 18:45. Please note that they will not be 18:00 and 18:20. connected. The tour will last approximately three hours. A light buffet dinner will be LOCATION served. Departure Ladenburg: Landungssteg Ladenburg, PARTICIPANTS ADMISSION Am Neckardamm, 68526 Ladenburg Only participants registered for this event Arrival Heidelberg: and in possession of their cruise ticket can Weisse Flotte Heidelberg, be given access to the event. Neckarstaden 25, 69117 Heidelberg

If you want to ask for availability, please visit us at the help desk.

44th EFA Annual Meeting 33 Friday, August 25 8:30–10:00

FL-2 FIIE-5 FMG-1 BIS-1 Financial Innovation and Changes Finance and Human Capital Investments Fund Performance Financial Crises in Markets’ Infrastructure Chair: Andrew Ellul Chair: Stefan Ruenzi Chair: Elena Carletti Chair: Leonardo Gambacorta Indiana University University of Mannheim Bocconi University Bank for International Settlements

Room: O151 Room: O148 Room: O145 Room: O142

Bankruptcy, Team-Specific Human Capital, Are Hedge Fund Capacity Constraints Binding? Hasty Deleverage and Liquidity Spiral: Central Counterparty Capitalization and Innovation: Evidence from U.S. Inventors Evidence on Scale and Competition Evidence from Margin Trading of Individual Stocks and Misaligned Incentives

Authors: Authors: Authors: Author: Ramin P. Baghai (1), Rui Silva* (2), Luofu Ye (2) Charles Cao (1), Raisa Velthuis* (2) Jing Chen, Ya Tang, Jianguo Xu* Wenqian Huang* 1: Stockholm School of Economics 1: Penn State University Peking University Vrije Universiteit Amsterdam 2: London Business School 2: Villanova University

Discussant: Discussant: Discussant: Discussant: Janet Gao Florian Weigert Mike Mariathasan Nathan Foley-Fisher Indiana University University of St. Gallen KU Leuven Federal Reserve Board Finance in the New US Economy: Does Local Diseconomies of Scope and Systematic Liquidity and Leverage The Growth Dynamics of Bank Lending and P2P Finance Influence Post-Industrial Job Growth? Mutual Fund Manager Performance Lending: Cream Screaming or Bottom Fishing?

Author: Authors: Authors: Authors: Elizabeth A. Berger* Richard Evans (1), Javier Gil-Bazo* (2), Marc Lipson (1) Bige Kahraman* (1), Heather Tookes (2) Calebe de Roure* (1), Loriana Pelizzon (2), Cornell University 1: University of Virginia 1: University of Oxford Anjan Thakor (3) 2: Pompeu Fabra University 2: Yale University 1: Frankfurt School of Finance and Management 2: Goethe University Frankfurt 3: Washington University in St. Louis

Discussant: Discussant: Discussant: Discussant: Alminas Zaldokas Susan Christoffersen Satchit Sagade Martin Brown Hong Kong University of Science and Technology University of Toronto Goethe University Frankfurt University of St. Gallen Drivers of Effort: Evidence from Cheaper Is Not Always Better: On the Superior Sovereign Risk and Bank Risk-Taking “Smart” Settlement Employee Absenteeism Performance of High-Fee Mutual Funds

Authors: Authors: Author: Authors: Morten Bennedsen (1), Margarita Tsoutsoura* (2), Jinfei Sheng (1), Mikhail Simutin (2), Terry Zhang* (1) Anil Ari* Mariana Khapko (1), Marius Andrei Zoican* (2) Daniel Wolfenzon (3) 1: University of British Columbia University of Cambridge 1: University of Toronto 1: INSEAD 2: University of Toronto 2: Université Paris-Dauphine 2: University of Chicago 3: Columbia University

Discussant: Discussant: Discussant: Discussant: Daniel Metzger Janis Berzins Filippo De Marco Florian Heider Stockholm School of Economics BI Norwegian Business School Bocconi University European Central Bank

34 44th EFA Annual Meeting FL-2 FIIE-5 FMG-1 BIS-1 Financial Innovation and Changes Finance and Human Capital Investments Fund Performance Financial Crises in Markets’ Infrastructure Chair: Andrew Ellul Chair: Stefan Ruenzi Chair: Elena Carletti Chair: Leonardo Gambacorta Indiana University University of Mannheim Bocconi University Bank for International Settlements

Room: O151 Room: O148 Room: O145 Room: O142

44th EFA Annual Meeting 35 Friday, August 25 8:30–10:00

APE-7 BH-2 APT-3 CFGT-4 CFE-8 Market Structure, Information, Testing Asset Pricing Models Consumer Credit and Learning Uncertainty and Ambiguity Private Firms and IPOs Chair: Raman Uppal Chair: Jose Maria Liberti Chair: Ioanid Rosu Chair: David L. Dicks Chair: Francois Degeorge EDHEC Northwestern University HEC Paris Baylor University USI Università della Svizzera italiana, SFI

Room: SN163 Room: SN169 Room: O135 Room: O133 Room: O131

In Search of Preference Shock Risks: Evidence Politicizing Consumer Credit Information and Competition The Finance-Uncertainty Do Private Firms (Mis)Learn from Longevity Risks and Momentum Profits with Symmetry Multiplier from the Stock Market?

Authors: Authors: Authors: Authors: Author: Zhanhui Chen*, Bowen Yang Pat Akey* (1), Rawley Heimer (2), Stefan Lewellen (3) Pete Kyle (1), Mina Lee* (2) Iván Alfaro* (1), Nicholas Bloom (2), Dong Yan* Nanyang Technological University 1: University of Toronto 1: University of Maryland Xiaoji Lin (1) Stockholm School of Economics 2: Federal Reserve Bank of Cleveland 2: Washington University in St. Louis 1: The Ohio State University 3: London Business School 2: Stanford University

Discussant: Discussant: Discussant: Discussant: Discussant: Irina Zviadadze Jason Sturgess Gyuri Venter Gill Segal Giuseppe Pratobevera Stockholm School of Economics Queen Mary University of London Copenhagen Business School UNC Chapel Hill USI Università della Svizzera italiana, SFI Asset Pricing with Beliefs-Dependent Utility Costly Mistakes in Credit Markets: How Auctions Amplify House-Price Robust Security Design Management Quality and Innovation and Learning Evidence from Consumer Credit Fluctuations in Private Firms and the IPO Market Rewards to Innovative Activity

Authors: Author: Author: Authors: Authors: Tony Berrada* (1), Jerome Detemple (2), Jacelly Carolina Cespedes* Alina Arefeva* Seokwoo Lee* (1), Uday Rajan (2) Thomas Chemmanur (1), Marcel Rindisbacher (2) University of Texas at Austin Johns Hopkins University 1: George Mason University Manish Kumar Gupta (2), 1: University of Geneva, SFI 2: University of Michigan Karen Simonyan* (3) 2: Boston University 1: Boston College 2: University of Nottingham 3: Suffolk University

Discussant: Discussant: Discussant: Discussant: Discussant: Alexandre Jeanneret Rainer Haselmann Christophe Spaenjers Alejandro Rivera Sonia Falconieri HEC Montréal Goethe University Frankfurt HEC Paris University of Texas at Dallas Cass Business School Heterogeneous Taxes and Limited Risk Sharing: Economic Scarcity and Consumers’ Credit Choice Learning Through Crowdfunding Ambiguity and the Tradeoff Pre-IPO Trusts, Private Information, Evidence from Municipal Bonds Theory of Capital Structure and Corporate Spillover

Authors: Authors: Authors: Authors: Authors: Tania Babina (1), Chotibhak Jotikasthira* (2), Marieke Bos (1), Chloe le Coq (2), Peter van Santen* (3) Katrin Tinn, Gilles Chemla* Yehuda Izhakian (1), David Michael Dambra (1), Matthew Christian Lundblad (3), Tarun Ramadorai (4) 1: Swedish House of Finance Imperial College Business School Yermack (2), Jaime F. Zender* (3) Gustafson* (2), Phillip Quinn (3) 1: Columbia University 2: Stockholm School of Economics 1: Baruch College 1: University at Buffalo 2: Southern Methodist University 3: Sveriges Riksbank 2: NYU Stern School of Business 2: Penn State University 3: UNC Chapel Hill 3: University of Colorado Boulder 3: University of Washington 4: Imperial College Business School

Discussant: Discussant: Discussant: Discussant: Discussant: Paul Ehling Constantine Yannelis Daniel Schmidt Anton Tsoy Micah Officer BI Norwegian Business School NYU Stern School of Business HEC Paris Einaudi Institute for Economics Loyola Marymount University and Finance

36 44th EFA Annual Meeting APE-7 BH-2 APT-3 CFGT-4 CFE-8 Market Structure, Information, Testing Asset Pricing Models Consumer Credit and Learning Uncertainty and Ambiguity Private Firms and IPOs Chair: Raman Uppal Chair: Jose Maria Liberti Chair: Ioanid Rosu Chair: David L. Dicks Chair: Francois Degeorge EDHEC Northwestern University HEC Paris Baylor University USI Università della Svizzera italiana, SFI

Room: SN163 Room: SN169 Room: O135 Room: O133 Room: O131

44th EFA Annual Meeting 37 Friday, August 25 10:30–12:00

FL-3 FIIE-11 FE-1 NBIM-1

Credit Markets and Human Capital Bank Governance Econometric Modeling of Risk and Risk Premia Risk and the Macroeconomy

Chair: Ramin P. Baghai Chair: Stijn Claessens Chair: Alberto G. Rossi Chair: Fredrik Willumsen Stockholm School of Economics Bank for International Settlements University of Maryland Norges Bank Investment Management

Room: O151 Room: O148 Room: O145 Room: O142

Credit Supply Shocks and Labor Outcomes: Politics, Banks, and Sovereign Debt: Inference on Risk Premia in the Presence Mind the Gap: An Empirical Foundation Evidence from a Change in the Accounting Unholy Trinity or Divine Coincidence? of Omitted Factors for Investment-Based Asset Pricing Models Norms of Bank Pension Plans

Authors: Authors: Authors: Authors: Andrada Bilan* (1), Claire Celerier (2), Alexander Popov (1), Michael Koetter* (2) Stefano Giglio, Dacheng Xiu* Francesco Consonni* (1), Domenico Ferraro (2), Luciana Barbosa (3) 1: European Central Bank University of Chicago Roberto Steri (3) 1: SFI 2: Halle Institute for Economic Research 1: Cornerstone Research 2: University of Toronto 2: Arizona State University 3: Banco de Portugal 3: University of Lausanne

Discussant: Discussant: Discussant: Discussant: Tania Babina Nikola Anguelov Tarashev Patrick Gagliardini Ilan Cooper Columbia University Bank for International Settlements USI Università della Svizzera italiana BI Norwegian Business School Debt and Human Capital: Is the Fox Guarding the Henhouse? Regulatory Macro Risks and the Term Structure of Interest Rates Show Me the Money: Evidence from Student Loans Connections and Public Subsidies in Banks The Monetary Policy Risk Premium

Authors: Authors: Authors: Authors: Vyacheslav Fos (1), Andres Liberman (2), Ivan Lim* (1), Jens Hagendorff (2), Seth Armitage (1) Geert Bekaert (1), Eric Engstrom* (2), Andrey Ermolov (3) Ali Ozdagli (1), Mihail Velikov* (2) Constantine Yannelis* (2) 1: University of Edinburgh 1: Columbia University, NBER 1: Federal Reserve Bank of Boston 1: Boston College 2: Cardiff University 2: Federal Reserve Board 2: Federal Reserve Bank of Richmond 2: NYU Stern School of Business 3: Fordham University

Discussant: Discussant: Discussant: Discussant: Elizabeth A. Berger Diana Bonfim Andrea Vedolin Andreas Schrimpf Cornell University Banco de Portugal London School of Economics Bank for International Settlements

The Unintended Consequences of Employer Public Service or Private Benefits? Bankers in the A Least Squares Regression Realized Covariation Government Debt and Risk Premia Credit Check Bans on Labor and Credit Markets Governance of the Federal Reserve System Estimation Under MMS Noise and Non-Synchronous Trading

Authors: Authors: Authors: Author: Kristle Romero Cortes (1), Andrew Glover (2), Lamont Black (1), Jennifer Dlugosz* (2) Ingmar Nolte (1), Michalis Vasios (2), Yang Liu* Murat Tasci* (1) 1: DePaul University Valeri Voev (3), Qi Xu* (4) University of Pennsylvania 1: Federal Reserve Bank of Cleveland 2: Washington University in St. Louis 1: Lancaster University 2: University of Texas at Austin 2: Bank of England 3: LEGO System A/S 4: Zhejiang University

Discussant: Discussant: Discussant: Discussant: Marieke Bos Diane Pierret Rasmus Varneskov Philippe Mueller Swedish House of Finance University of Lausanne Northwestern University London School of Economics

38 44th EFA Annual Meeting FL-3 FIIE-11 FE-1 NBIM-1

Credit Markets and Human Capital Bank Governance Econometric Modeling of Risk and Risk Premia Risk and the Macroeconomy

Room: O151 Room: O148 Room: O145 Room: O142

44th EFA Annual Meeting 39 Friday, August 25 10:30–12:00

APE-12 BH-3 CGE-3 CFGT-6 CFE-2 Asset Price Predictability II Behavior and Investment CEO Turnover M&A and Product Markets Corporate Debt

Chair: Andrey Malenko Chair: Loriana Pelizzon Chair: Martin Weber Chair: Dirk Jenter Chair: S. Abraham Ravid Massachusetts Institute of Goethe University Frankfurt University of Mannheim London School of Economics Yeshiva University Technology

Room: SN163 Room: SN169 Room: O135 Room: O133 Room: O131

Margin Requirements and Equity Option Returns Anomalies Across the Globe: Personal Cost of Executive Selling Innovation in Bankruptcy Shareholders as Creditors Once Public, No Longer Existent? Turnovers of First Resort

Authors: Authors: Author: Authors: Authors: Steffen Hitzemann (1), Michael Hofmann (2), Heiko Jacobs* (1), Sebastian Mueller (2) Kasper Meisner Nielsen* Song Ma* (1), Joy Tong (2), Andriy Bodnaruk* (1), Marliese Uhrig-Homburg (2), Christian Wagner* (3) 1: University of Mannheim Hong Kong University of Science Wei Wang (3) Marco Rossi (2) 1: The Ohio State University 2: German Graduate School of Management and Law and Technology 1: Yale University 1: University of Illinois at Chicago 2: Karlsruhe Institute of Technology 2: Duke University 2: Texas A&M University 3: Copenhagen Business School 3: Queen’s University

Discussant: Discussant: Discussant: Discussant: Discussant: Mario Bellia Clifton Green Cláudia Custódio William Giles Mann Yelena Larkin Goethe University Frankfurt, SAFE Emory University Imperial College Business School UCLA York University Equity Premium Predictability from The Dividend Disconnect Changing of the Guards: Why Are Underperforming Firms The Role of Subsidiary Debt Cross-Sectorial Downturns Does Succession Planning Matter? Rarely Acquired? for the Borrowing Cost of Diversified Firms

Authors: Authors: Authors: Authors: Author: Jose Faias* (1), Juan Zambrano (2) Samuel Hartzmark* (1), David Howard Solomon (2) Dragana Cvijanovic, Nickolay Yufeng Wu (1), Wenyu Wang* (2) Michela Altieri* 1: Católica Lisbon School of Business and Economics 1: University of Chicago Gantchev*, Sunwoo Hwang 1: University of Illinois Goethe University Frankfurt 2: University of Reading 2: University of Southern California UNC Chapel Hill at Urbana-Champaign 2: Indiana University

Discussant: Discussant: Discussant: Discussant: Discussant: Grigory Vilkov Christoph Merkle Bang Nguyen Theodosios Dimopoulos Vojislav Maksmovic Frankfurt School of Finance and Management Kühne Logistics University University of Cambridge University of Lausanne University of Maryland Gold, Platinum, and Expected Stock Returns Purging Investor Sentiment Index Powerful Blockholders Portfolio Diversification, Market Do Changes in Lenders’ from Too Much Fundamental Information and CEO Turnover Power, and the Theory of the Firm Monitoring Impact Timely Loss Recognition?

Author: Authors: Authors: Author: Authors: Darien Huang* Liya Chu (1), Qianqian Du (2), Jun Tu* (1) Chishen Wei*, Lei Zhang Jose Ariel Azar* Janet Gao* (1), Chuchu Liang (2), Cornell University 1: Singapore Management University Nanyang Technological University IESE Business School Kenneth Merkley (2), 2: Southwestern University of Finance and Economics Joseph Pacelli (1) 1: Indiana University 2: Cornell University

Discussant: Discussant: Discussant: Discussant: Discussant: Paola Pederzoli Zwetelina Iliewa Zacharias Sautner Günter Strobl S. Abraham Ravid University of Geneva Centre for European Economic Research (ZEW) Frankfurt School of Finance and Frankfurt School of Finance and Yeshiva University Management Management

40 44th EFA Annual Meeting APE-12 BH-3 CGE-3 CFGT-6 CFE-2 Asset Price Predictability II Behavior and Investment CEO Turnover M&A and Product Markets Corporate Debt

Room: SN163 Room: SN169 Room: O135 Room: O133 Room: O131

44th EFA Annual Meeting 41 Friday, August 25 13:30–15:00

FL-1 FIIE-9 IF-2 ECB-1

Entrepreneurship and Human Capital Risk Capital Regulation Monetary Policy and Currencies The Impact of Negative Interest Rate Policy

Chair: Margarita Tsoutsoura Chair: Rainer Haselmann Chair: Andreas Stathopoulos Chair: Simone Manganelli University of Chicago Goethe University Frankfurt University of Washington European Central Bank

Room: O151 Room: O148 Room: O145 Room: O142

Angels, Entrepreneurship, and Employment Specialisation in Mortgage Risk under Basel II International Real Yields Bank Profitability and Risk Taking When Dynamics: Evidence from Investor Interest Rates are Negative Accreditation Rules

Authors: Authors: Author: Authors: Laura A. Lindsey*, Luke Stein Liam Patrick Kirwin (1), Matteo Benneton (2), Andrey Ermolov* Christoph Basten (1), Mike Mariathasan* (2) Arizona State University Peter Eckley* (1), Nicola Garbarino (1), Georgia Latsi (3) Fordham University 1: Swiss Financial Market Supervisory Authority FINMA 1: Bank of England 2: KU Leuven 2: London School of Economics 3: 4-most Europe

Discussant: Discussant: Discussant: Discussant: Jessica S. Jeffers Glenn Schepens Min Wei Jens Eisenschmidt University of Chicago European Central Bank Federal Reserve Board European Central Bank Finding Success in Tragedy: Cross-Subsidization of Market Risk by Strategic Credit U.S. Monetary Policy Transmission and Monetary Policy and Bank Equity Values Forced Entrepreneurs after Risk-Reporting: Evidence from Supervisory Data Liquidity Risk Premia Around the World in a Time of Low Interest Rates Corporate Bankruptcy

Authors: Authors: Authors: Authors: Kristoph Kleiner*, Isaac Hacamo Michael Schmidt* (1), Puriya Abbassi (2) George Andrew Karolyi (1), Kuan-Hui Lee (2), Miguel Ampudia*, Skander Van den Heuvel Indiana University 1: Goethe University Frankfurt, SAFE Mathijs van Dijk* (3) European Central Bank 2: Deutsche Bundesbank 1: Cornell University 2: Seoul National University 3: Erasmus University Rotterdam

Discussant: Discussant: Discussant: Discussant: Murat Tasci Markus Behn Francisco Palomino Falko Fecht Federal Reserve Bank of Cleveland European Central Bank Federal Reserve Board Frankfurt School of Finance and Management Private Equity and Human Capital Risk Did the Basel Process of Capital Regulation Currency Manipulation Limits to Monetary Policy Transmission Enhance the Resiliency of European Banks? at the Zero Lower Bound and Beyond: The Role of Nonbanks

Authors: Authors: Authors: Authors: Manfred Antoni (1), Ernst Maug (2), Maria Chiara Iannino*, Thomas Gehrig Thomas M. Mertens* (1), Tarek Hassan (2), Gregory J. Cohen, Seung Jung Lee, Stefan Obernberger* (3) University of Vienna Tony Zhang (2) Viktors Stebunovs* 1: Institute for Employment Research 1: Federal Reserve Bank of San Francisco Federal Reserve Board 2: University of Mannheim 2: University of Chicago 3: Erasmus University Rotterdam

Discussant: Discussant: Discussant: Discussant: Joacim Tåg Andrea Polo Batchimeg Sambalaibat Leonardo Gambacorta Research Institute of Industrial Economics (IFN) Pompeu Fabra University, Barcelona GSE Indiana University Bank for International Settlements

42 44th EFA Annual Meeting FL-1 FIIE-9 IF-2 ECB-1

Entrepreneurship and Human Capital Risk Capital Regulation Monetary Policy and Currencies The Impact of Negative Interest Rate Policy

Room: O151 Room: O148 Room: O145 Room: O142

44th EFA Annual Meeting 43 Friday, August 25 13:30–15:00

APE-9 BH-8 FIIE-13 CFGT-5 CFE-1 Risk Taking and Momentum Economics of Households Fire-Sales and Panic Risk Management Boundaries of the Firm Chair: Jennie Bai Chair: Terrance Odean Chair: Oren Sussman Chair: Dirk Hackbarth Chair: Elena Loutskina Georgetown University UC Berkeley University of Oxford Boston University University of Virginia

Room: SN163 Room: SN169 Room: O135 Room: O133 Room: O131

Feedback Loops in Industry Trade Networks Homeownership and the American Dream – Fire-Sale Spillovers in Debt Markets Short-Term Debt and Why Do Distressed Firms Acquire? and the Term Structure of Momentum Profits An Analysis of Intergenerational Mobility Effects Incentives for Risk-Taking

Authors: Authors: Authors: Authors: Author: Ali Sharifkhani, Mikhail Simutin* Ulrike Malmendier (1), Nirupama Kulkarni* (2) Antonio Falato (1), Ali Hortaçsu (2), Marco Della Seta (1), Erwan Quxian Zhang* University of Toronto 1: UC Berkeley Dan Li (1), Chae Hee Shin* (1) Morellec (2), Francesca Zucchi* (3) Erasmus University Rotterdam 2: Reserve Bank of India 1: Federal Reserve Board 1: APG Asset Management 2: University of Chicago 2: EPFL 3: Federal Reserve Board

Discussant: Discussant: Discussant: Discussant: Discussant: Jun Tu Samuli Knüpfer Dong Beom Choi Martin Oehmke Nihat Aktas Singapore Management University BI Norwegian Business School Federal Reserve Bank of New York London School of Economics WHU Otto Beisheim School of Management Geographic Momentum Putting the Pension Back in 401(k) Plans: Optimal Fire-Sale Cascades – Evidence Inventory and Corporate Search Frictions and M&A Versus Default Longevity Income Annuities from the Mutual Fund Industry Risk Management Outcomes: Theory and Evidence

Authors: Authors: Authors: Authors: Authors: Riccardo Sabbatucci* (1), Christopher A. Parsons (2), Vanya Horneff (1), Raimond Maurer* (1), Tim Adam*, Laurenz Klipper Marco Bianco (1), Andrea Gamba* (2) Yelena Larkin* (1), Sheridan Titman (3) Olivia Mitchell (2) Humboldt University 1: University of Bologna Evgeny Lyandres (2) 1: Stockholm School of Economics 1: Goethe University Frankfurt 2: University of Warwick 1: York University 2: UC San Diego 2: University of Pennsylvania 2: Boston University 3: University of Texas at Austin

Discussant: Discussant: Discussant: Discussant: Discussant: Zhenyu Wang Kim Peijnenburg Joel Shapiro Alejandro Rivera Eric de Bodt Indiana University HEC Paris University of Oxford University of Texas at Dallas Université de Lille Speed Matters: Limited Attention Financial Innovation and The Anatomy of a Banking Panic Optimal Contracting with Unob- Acquiring Banking Networks and Supply-Chain Information Diffusion Stock Market Participation servable Managerial Hedging

Authors: Authors: Authors: Authors: Authors: Michael Hertzel (1), Ling Cen (2), Laurent Calvet (1), Claire Celerier (2), Nagpurnanand Prabhala* (1), Yu Huang (1), Nengjiu Ju* (1), Ross Levine (1), Chen Lin (2), Christoph Maximilian Schiller* (2) Paolo Sodini (3), Boris Vallee* (4) Nirupama Kulkarni (2) Hao Xing (2) Zigan Wang* (2) 1: Arizona State University 1: EDHEC 1: University of Maryland 1: Shanghai Jiao Tong University 1: UC Berkeley 2: University of Toronto 2: University of Toronto 2: Reserve Bank of India 2: London School of Economics 2: University of Hong Kong 3: Stockholm School of Economics 4: Harvard Business School

Discussant: Discussant: Discussant: Discussant: Discussant: Wenyu Wang Daniel Dorn David Martinez-Miera Tak-Yuen Wong Jared Stanfield Indiana University Drexel University Universidad Carlos III de Madrid Shanghai University of Finance University of New South Wales and Economics

44 44th EFA Annual Meeting APE-9 BH-8 FIIE-13 CFGT-5 CFE-1 Risk Taking and Momentum Economics of Households Fire-Sales and Panic Risk Management Boundaries of the Firm Chair: Jennie Bai Chair: Terrance Odean Chair: Oren Sussman Chair: Dirk Hackbarth Chair: Elena Loutskina Georgetown University UC Berkeley University of Oxford Boston University University of Virginia

Room: SN163 Room: SN169 Room: O135 Room: O133 Room: O131

44th EFA Annual Meeting 45 Keynote Speech by Campbell R. Harvey 15:30–16:30 FRIDAY, AUGUST 25 University of Mannheim, SO108

(2015, 2016); two best paper (over five years in all journals) awards from the American Accounting Association (2006, 2016); and seven Graham and Dodd Awards/Scrolls for excellence in financial writing from the CFA Institute. He has published over 125 scholarly articles on topics spanning investment finance, emerging markets, corporate finance, behavioral finance, financial econometrics and computer science.

Harvey is a Founding Director of the Duke- Campbell R. Harvey is Professor of Finance at CFO Survey. This widely watched quarterly the Fuqua School of Business, Duke Univer- survey polls over 1,500 CFOs worldwide. sity and a Research Associate of the National Bureau of Economic Research in Cambridge, Harvey serves as the Investment Strategy Massachusetts. He has been President of the Advisor to the Man Group plc, the world’s American Finance Association in 2016. largest, publicly listed, global hedge fund provider. Professor Harvey obtained his doctorate at the University of Chicago in business Harvey edited The Journal of Finance – the finance. He has served on the faculties of the leading scientific journal in his field and one Stockholm School of Economics, the Helsinki of the premier journals in the economic School of Economics, and the Booth School profession from 2006-2012. of Business at the University of Chicago. He has also been a visiting scholar at the Board Over the past two years, Professor Harvey of Governors of the Federal Reserve System. has taught “Innovation and Cryptoventures” at Duke University. The course focuses on Harvey has received three best papers blockchain technology covering both the prizes in the Journal of Financial Economics mechanics of blockchains as well as practi- (2002, 2006, 2013); two best papers awards cal applications of both public and private from The Journal of Portfolio Management implementations.

46 44th EFA Annual Meeting EFA 2017 Best Paper Prizes

Conference Paper Prizes

EFA BEST CONFERENCE EFA BEST DOCTORAL STUDENT PAPER PRIZE CONFERENCE PAPER PRIZE The Best Conference Paper Prize is the The Best Doctoral Student Conference Paper highest distinction awarded for an Prize is presented for the best paper on academic paper presented during the the EFA 2017 conference program written by EFA 2017 Annual Meeting. a doctoral student.

Prize Committee: Prize Committee: ••Andrea Buraschi, Imperial College London ••Stefan Ruenzi, University of Mannheim ••Hans Degryse, KU Leuven ••Rüdiger Fahlenbrach, École Polytechnique ••Toni M. Whited, University of Michigan Fédérale de Lausanne ••Steven Ongena, University of Zurich

Doctoral Tutorial Prizes

NASDAQ EDUCATIONAL FOUNDATION by the Nasdaq Educational Foundation. AND CQA DOCTORAL TUTORIAL BEST In addition, the winning author will be PAPER PRIZE invited to present his/her work at the The best paper presented at the 2017 EFA Chicago Quantitative Alliance (CQA) Fall Doctoral Tutorial will be recognized with Conference, to be held in Chicago, USA, the NASDAQ and CQA Doctoral Tutorial September 2017. Paper Prizes. The money prize is sponsored

44th EFA Annual Meeting 47 Deutsche Bundesbank Conference Dinner 18:00–23:00 FRIDAY, AUGUST 25 Schwetzingen Palace

The dinner will take place in the magnificent PARTICIPANTS ADMISSION Schwetzingen Palace, which was a summer Only participants registered to this event residence for Palatinate Electors of the 18th and in possession of their dinner ticket century and is famous for the beauty and can be given access to the event. If you want harmony of its gardens. to ask for availability, please visit us at the help desk. OPENING ADDRESS After the pre-dinner drinks at the fountain of SPECIAL TRAIN RIDE FOR ATTENDEES the palace garden, guests will be guided to ••A special train has been chartered for the historic rococo theater, which will serve EFA dinner attendees (at 18:00). as the venue for the ceremonial speeches. ••Please make sure to be on the platform of Mannheim main station on time. The opening address will be held by ••Access to the train only to attendees Prof. Dr. Joachim Wuermeling from the with dinner tickets. Executive Board of the Deutsche Bundes- ••Please check at the help desk or on our bank. Afterwards, an abundant buffet will app for the platform number and be served outside (if the weather permits) or departure time of the train. If you miss inside Schwetzingen Palace. the train, you can hire a taxi at your own cost (from EUR 40).

Address: Schwetzingen Palace, 68723 Schwetzingen

48 44th EFA Annual Meeting EFA HONOREE AWARDS During the evening, the following distinguished members of the association will be honored for their outstanding contributions to the association.

PAST PRESIDENT Engelbert Dockner (1958–2017) EFA President 2016 EFA Program Chair 2015

PAST CHAIRMAN Yadav Pradeep EFA Chairman 2011–2016 EFA President 2004 EFA Program Chair 2003

OUTGOING EDITOR Franklin Allen Managing Editor of the Review of Finance 2012–2017

Rococo theater

44th EFA Annual Meeting 49 © Landesmedienzentrum Baden-Württemberg Saturday, August 26 9:00–10:30

FIIT-1 FIIE-4 FMG-4 APE-13 Bank Capital Systemic Risk Market Design Corporate Finance and Asset Pricing

Chair: Jan Pieter Krahnen Chair: Artem Neklyudov Chair: Erik Theissen Chair: Evgeny Lyandres Goethe University Frankfurt University of Lausanne University of Mannheim Boston University

Room: O151 Room: O148 Room: O145 Room: O142

Bank Capital, Risk-Taking, Bank Networks and Systemic Risk: Trading Fees and Intermarket Competition Leveraged Buyouts and Credit Spreads and the Composition of Credit Evidence from the National Banking Acts

Authors: Authors: Authors: Authors: Milton Harris (1), Christian Opp (2), Mark Paddrik (1), Haelim Park* (1), Marios Panayides (1), Barbara Rindi (2), Yael Eisenthal (1), Peter Feldhütter* (2), Vikrant Vig (2) Marcus Matthias Opp* (3) Jessie Jiaxu Wang (2) Ingrid M. Werner* (3) 1: IDC Herzliya 1: University of Chicago 1: U.S. Department of Treasury 1: University of Pittsburgh 2: London Business School 2: University of Pennsylvania 2: Arizona State University 2: Bocconi University 3: UC Berkeley 3: The Ohio State University

Discussant: Discussant: Discussant: Discussant: Jongsub Lee Kartik Anand Jean-Edouard Colliard Anton Lines University of Florida Deutsche Bundesbank HEC Paris London Business School Dynamic Bank Capital Requirements The Failure of a Clearinghouse: Empirical Evidence Traders’ Order Routing Decisions – The Fragility of Organization Capital Evidence from a Dark Pool Experiment

Author: Authors: Author: Authors: Tetiana Davydiuk* Guillaume Vuillemey* (1), Vincent Bignon (2) Florian El Mouaaouy* Oliver Boguth* (1), David Ian Newton (2), University of Pennsylvania 1: HEC Paris, CEPR Ludwig-Maximilians-Universität München, PwC Mikhail Simutin (3) 2: Bank of France 1: Arizona State University 2: Concordia University 3: Toronto University

Discussant: Discussant: Discussant: Discussant: Ester Faia Carlos Ramirez Barbara Rindi Maria Chaderina Goethe University Frankfurt Federal Reserve Board Bocconi University WU Vienna University of Economics and Business Bank Capital Buffers in a Dynamic Model Credit Risk Hedging Do You See What I See? Market Risk Premium and Corporate Activities Transparency and Bond Issuing Costs

Authors: Authors: Authors: Authors: Jochen Mankart* (1), Alexander Michaelides (2), Nina Boyarchenko (1), Anna Costello (2), James Andrew Brugler*, Carole Comerton-Forde, Erik Lie (1), Bo Meng* (1), Yiming Qian (1), Spiros Pagratis (3) Jennifer La’O (3), Or Shachar* (1) Spencer Martin Guofu Zhou (2) 1: Deutsche Bundesbank 1: Federal Reserve Bank of New York University of Melbourne 1: University of Iowa 2: Imperial College Business School 2: University of Michigan 2: Washington University in St. Louis 3: Athens University of Economics and Business 3: Columbia University

Discussant: Discussant: Discussant: Discussant: Bjorn Imbierowicz Stefano Colonnello Yesol Huh Michael Halling Copenhagen Business School Halle Institute for Economic Research Federal Reserve Board Stockholm School of Economics

50 44th EFA Annual Meeting FIIT-1 FIIE-4 FMG-4 APE-13 Bank Capital Systemic Risk Market Design Corporate Finance and Asset Pricing

Chair: Jan Pieter Krahnen Chair: Artem Neklyudov Chair: Erik Theissen Chair: Evgeny Lyandres Goethe University Frankfurt University of Lausanne University of Mannheim Boston University

Room: O151 Room: O148 Room: O145 Room: O142

44th EFA Annual Meeting 51 Saturday, August 26 9:00–10:30

APE-4 APT-4 CGE-6 FL-4 IF-1 Institutional Investors and Factor Models Cross-Sectional Asset Pricing Shareholder Voting Careers and Compensation CIRP & Carry Chair: Ruediger Fahlenbrach Chair: Kasper Meisner Nielsen Chair: Andrea Gamba Chair: Paul Ehling Chair: Wenxin Du École Polytechnique Fédérale Hong Kong University of University of Warwick BI Norwegian Business School Federal Reserve Board de Lausanne Science and Technology

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129

One-Factor Asset Pricing Technology Adoption and the Capital Age Spread Are Shareholder Votes Rigged? CEO Marketability, Employment Optimal Factor Strategy Opportunities, and Compensation: in FX Markets Evidence from Compensation Peer Citations

Authors: Authors: Authors: Authors: Authors: Stefanos Delikouras (1), Alexandros Kostakis* (2) Xiaoji Lin (1), Berardino Palazzo* (2), Fan Yang (3) Daniel Metzger*, Laurent Bach Daewoung Choi (1), David Clay Thomas Maurer* (1), Thuy-Duong To (2), 1: University of Miami 1: The Ohio State University Stockholm School of Economics Cicero (2), Shawn Mobbs* (1) Ngoc-Khanh Tran (1) 2: University of Manchester 2: Boston University 1: University of Alabama 1: Washington University in St. Louis 3: University of Connecticut 2: Auburn University 2: University of New South Wales

Discussant: Discussant: Discussant: Discussant: Discussant: Adam Farago Zhanhui Chen Moqi Groen-Xu Pedro Matos Pasquale Della Corte University of Gothenburg Nanyang Technological University London School of Economics University of Virginia Imperial College Business School A Diagnostic Criterion for Labor Rigidity and the Dynamics Blockholder Heterogeneity, Career Risk and Market Discipline Segmented Money Markets and Approximate Factor Structure of the Value Premium Multiple Blocks, and the Dance in Asset Management Covered Interest Parity Arbitrage Between Blockholders

Authors: Author: Authors: Authors: Authors: Elisa Ossola (1), Patrick Gagliardini* (2), Olivier Scaillet (3) Roberto Marfè* Miriam Schwartz-Ziv*, Andrew Ellul* (1), Marco Pagano (2), Dagfinn Rime* (1), Andreas Schrimpf (2), 1: European Commission Joint Research Centre Collegio Carlo Alberto Hadlock Charles Annalisa Scognamiglio (2) Olav Syrstad (3) 2: Università della Svizzera italiana, SFI Michigan State University 1: Indiana University 1: BI Norwegian Business School 3: University of Geneve, SFI 2: Università di Napoli Federico II 2: Bank for International Settlements 3: Norges Bank

Discussant: Discussant: Discussant: Discussant: Discussant: Cesare Robotti Philipp Illeditsch Francisco Urzua Abhiroop Mukherjee Bernd Schlusche University of Georgia University of Pennsylvania Erasmus University Rotterdam Hong Kong University of Science Federal Reserve Board and Technology A Portfolio Perspective on the Multitude Asset Collateralizability and the Monitoring the Monitor: The Effect of Superstar Firms Limits to Arbitrage in the Foreign of Firm Characteristics Cross-Section of Expected Returns Distracted Institutional Investors on College Major Choice Exchange Market: Evidence from and Board Governance FX Trade Repository Data

Authors: Authors: Authors: Authors: Authors: Victor DeMiguel (1), Albert Martin-Utrera* (2), Jun Li* (1), Hengjie Ai (2), Kai Li (3), Christian Schlag (1) Claire Yang Liu* (1), Angie Low (2), Darwin Choi* (1), Dong Lou (2), Gino Cenedese (1), Pasquale Della Francisco J. Nogales (3), Raman Uppal (4) 1: Goethe University Frankfurt Ronald Masulis (1), Le Zhang (1) Abhiroop Mukherjee (3) Corte (2), Tianyu Wang* (2) 1: London Business School 2: University of Minnesota 1: University of New South Wales 1: Chinese University of Hong Kong 1: Bank of England 2: Lancaster University 3: Hong Kong University of Science and Technology 2: Nanyang Technological University 2: London School of Economics 2: Imperial College Business School 3: Universidad Carlos III de Madrid 3: Hong Kong University of Science 4: EDHEC and Technology

Discussant: Discussant: Discussant: Discussant: Discussant: Georgios Skoulakis Adrian Buss Alberto Manconi Per Östberg Wenxin Du University of British Columbia INSEAD Bocconi University University of Zurich Federal Reserve Board

52 44th EFA Annual Meeting APE-4 APT-4 CGE-6 FL-4 IF-1 Institutional Investors and Factor Models Cross-Sectional Asset Pricing Shareholder Voting Careers and Compensation CIRP & Carry Chair: Ruediger Fahlenbrach Chair: Kasper Meisner Nielsen Chair: Andrea Gamba Chair: Paul Ehling Chair: Wenxin Du École Polytechnique Fédérale Hong Kong University of University of Warwick BI Norwegian Business School Federal Reserve Board de Lausanne Science and Technology

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129

44th EFA Annual Meeting 53 Saturday, August 26 11:00 –12:30

FIIT-2 FIIE-6 FMG-5 APE-10 Monetary Policy and Financial Regulation Bank Risk OTC Markets Idiosyncratic Risk

Chair: Sascha Steffen Chair: Reint E. Gropp Chair: Peter Hoffmann Chair: Andrea Tamoni Frankfurt School of Finance and Management Halle Institute for Economic Research European Central Bank London School of Economics

Room: O151 Room: O148 Room: O145 Room: O142

Credit Expansion and Credit Misallocation Bank Use of Sovereign CDS in the Eurozone Crisis: Liquidity Fluctuations in Over the Counter Markets Tax-Timing Options and the Demand Hedging and Risk Incentives for Idiosyncratic Volatility

Authors: Authors: Author: Authors: Alexander Bleck* (1), Xuewen Liu (2) Viral Acharya (1), Yalin Gündüz* (2), Vincent Maurin* Oliver Boguth, Luke Stein* 1: University of British Columbia Timothy C. Johnson (3) Stockholm School of Economics Arizona State University 2: Hong Kong University of Science and Technology 1: NYU Stern School of Business, CEPR, NBER 2: Deutsche Bundesbank 3: University of Illinois at Urbana-Champaign

Discussant: Discussant: Discussant: Discussant: Alexander Eisl Jan Pieter Krahnen Sergei Glebkin Martijn Boons WU Vienna University of Economics and Business Goethe University Frankfurt INSEAD Nova School of Business and Economics A Theory of Collateral for the Lender of Last Resort Geographic Diversification Information and Liquidity Idiosyncratic Risk Matters to Large Stocks! and Banks’ Funding Costs of Over-the-Counter Securities

Authors: Authors: Authors: Authors: Tanju Yorulmazer (1), Dong Beom Choi* (2), Ross Levine (1), Chen Lin (2), Wensi Xie* (3) Song Han (1), Alan Huang (2), Yangqiulu Luo (1), Guojun Wu (1), Yexiao Xu* (2) Joao Santos (2) 1: UC Berkeley, NBER Madhu Kalimipalli* (3), Ke Wang (1) 1: University of Houston 1: University of Amsterdam 2: University of Hong Kong 1: Federal Reserve Board 2: University of Texas at Dallas 2: Federal Reserve Bank of New York 3: Chinese University of Hong Kong 2: University of Waterloo 3: Wilfrid Laurier University

Discussant: Discussant: Discussant: Discussant: Sergio Vicente Felix Noth Artem Neklyudov Amit Goyal Universidad Carlos III de Madrid Halle Institute for Economic Research University of Lausanne University of Lausanne Multinational Banks and Supranational Supervision Do Corporate Depositors Risk Everything for A Network Map of Information Percolation Good Volatility, Bad Volatility, Nothing? The Importance of Deposit Relationships, and the Cross-Section of Stock Returns Interest Rates and Bank Risk

Authors: Authors: Authors: Authors: Giacomo Calzolari (1), Jean-Edouard Colliard* (2), Daniel Friedmann (1), Bjorn Imbierowicz* (2), Björn Hagströmer* (1), Albert Menkveld (2) Tim Bollerslev (1), Sophia Zhengzi Li (2), Gyongyi Loranth (3) Anthony Saunders (3), Sascha Steffen (4) 1: Stockholm University Bingzhi Zhao* (1) 1: University of Bologna, CEPR 1: Goethe University Frankfurt 2: VU University Amsterdam 1: Duke University 2: HEC Paris 2: Copenhagen Business School 2: Michigan State University 3: University of Vienna, CEPR 3: NYU Stern School of Business 4: Frankfurt School of Finance and Management

Discussant: Discussant: Discussant: Discussant: Wolf Wagner Andre Guettler Shengxing Zhang Riccardo Sabbatucci Erasmus University Rotterdam Ulm University London School of Economics Stockholm School of Economics

54 44th EFA Annual Meeting FIIT-2 FIIE-6 FMG-5 APE-10 Monetary Policy and Financial Regulation Bank Risk OTC Markets Idiosyncratic Risk

Room: O151 Room: O148 Room: O145 Room: O142

44th EFA Annual Meeting 55 Saturday, August 26 11:00 –12:30

APE-8 FIIE-2 CGE-1 CFE-4 BH-5 Short Selling Restrictions and Incentives Credit Ratings Boards of Directors Innovation Attention and Information

Chair: Pasquale Della Corte Chair: Zhihua (Cissy) Chen Chair: Markus Schmid Chair: Jan Bena Chair: Matti Keloharju Imperial College Business School Shanghai University of Finance and Economics University of St. Gallen University of British Columbia Aalto University

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129

Short Selling ETFs Reputations and Credit Ratings – Evidence How Costly is Forced Gender- Measuring Innovation Does it Pay to Pay Attention? from Commercial Mortgage-Backed Securities Balancing of Corporate Boards? Around the World

Authors: Authors: Authors: Authors: Authors: Weikai Li* (1), Qifei Zhu (2) Ramin P. Baghai*, Bo Becker Espen Eckbo* (1), Knut Nygaard (2), Ping-Sheng Koh (1), David Reeb (2), Antonio Gargano (1), 1: Singapore Management University Stockholm School of Economics Karin Thorburn (3) Elvira Sojli (3), Wing Wah Tham* (3) Alberto G. Rossi* (2) 2: University of Texas at Austin 1: Dartmouth College 1: ESSEC Business School 1: University of Melbourne 2: Oslo and Akershus University 2: National University of Singapore 2: University of Maryland College of Applied Sciences 3: University of New South Wales 3: NHH Norwegian School of Economics

Discussant: Discussant: Discussant: Discussant: Discussant: Melissa Porras Prado Chotibhak Jotikasthira Miriam Schwartz-Ziv Sapnoti Eswar Michael Ungeheuer Nova School of Business and Economics Southern Methodist University Michigan State University University of Cincinnati Aalto University Do Institutional Incentives Distort Asset Prices? Bank Standalone Credit Ratings Board Changes and the Director A Text-Based Analysis Attention on Volatility Labor Market: The Case of Mergers of Corporate Innovation and Options

Author: Authors: Authors: Authors: Authors: Anton Lines* Michael R. King (1), Steven Ongena (2), David A. Becher (1), J. Anthony Cookson, Yan Xu* (1), Shu Yan (2), London Business School Nikola Tarashev* (3) Ralph A. Walkling (1), Gustaf Bellstam*, Sanjai Bhagat Yuzhao Zhang (3) 1: Western University Jared Ian Wilson* (2) University of Colorado Boulder 1: University of Hong Kong 2: University of Zurich 1: Drexel University 2: Oklahoma State University 3: Bank for International Settlements 2: Indiana University 3: Rutgers University

Discussant: Discussant: Discussant: Discussant: Discussant: Michael Halling Jie He Felix Meschke Tomas Gunnar Thornquist Elias Henrikki Rantapuska Stockholm School of Economics University of Georgia University of Kansas Hong Kong University of Science Aalto University and Technology The Limits to (Short) Arbitrage Information Sharing and Lender Specialization: Do Lead Directors Enhance Board Human Capital, Skilled Cheap Products or Cheap Talk? Evidence from the U.S. Commercial Lending Market Monitoring? Evidence from Forced Immigrants, and Innovation Disclosed Markups and Ex-Post CEO Turnover Performance of Structured Products

Authors: Authors: Authors: Authors: Author: Matthew Ringgenberg (1), Jesse Blocher* (2) Jose Maria Liberti (1,2), Jason Sturgess* (2), Han Ma*, Mark Chen Rasha Ashraf (1), Rina Ray* (2) Petra Vokatá* 1: University of Utah Andrew Sutherland (3) Georgia State University 1: Georgia State University Aalto University 2: Vanderbilt University 1: Northwestern University 2: University of Colorado Denver 2: Queen Mary University of London 3: Massachusetts Institute of Technology

Discussant: Discussant: Discussant: Discussant: Discussant: Guillaume Vuillemey Jordan Nickerson Peter Limbach Rui Silva Boris Vallee HEC Paris Boston College University of Cologne London Business School Harvard University

56 44th EFA Annual Meeting APE-8 FIIE-2 CGE-1 CFE-4 BH-5 Short Selling Restrictions and Incentives Credit Ratings Boards of Directors Innovation Attention and Information

Room: SN169 Room: O135 Room: O133 Room: O131 Room: O129

44th EFA Annual Meeting 57 Mannheim City Tours Thursday at 14:00, Friday at 10:00 FREE GUIDED WALKING TOURS THROUGH MANNHEIM Starting at the Main Entrance of the University of Mannheim

PARTICIPANTS ADMISSION at the corner of each block? Then follow The city tours are free of charge for partici- your guide through the city’s checkerboard pants and accompanying persons. Please layout and learn about Mannheim’s history register directly at the help desk during the and modern life. The tour starts with the conference. Tours have limited availability. imposing baroque palace and leads towards Places will be given on a first come, first the buzzing center of the city – the well- served basis. known squares. Mannheim is full of variety and surprise: from intriguing museums, MODERN AND HISTORIC MANNHEIM spellbinding music to divine cuisine and Thursday, August 24 excellent shopping facilities. 14:00 (approx. 2 hours) Visiting the city of Mannheim for the first Start/End of tour: time? Confused by the letters and numbers Main entrance University of Mannheim

58 44th EFA Annual Meeting INDUSTRIAL HERITAGE from tradition and towards a more modern AND SPIRITED JUNGBUSCH subculture becomes especially prevalent. Friday, August 25 The pop academy, the creative center C-Hub, 10:00 (approx. 2 hours) and the student dorms reflect Jungbusch’s Factories, a bustling harbor, and workers’ modern pulse while its multi-cultural diver- tenements are all cornerstones of sity can be seen through the entire street Mannheim’s history and tradition. While scene, such as the mosque, restaurants, walking along the banks of the Mühlau and pubs. harbor and junction canal, you will not only experience spectacular views, but also Start of tour: Main entrance University gain fascinating insights into Mannheim’s of Mannheim economic history and development. You will End of tour: Jungbusch district (participants then reach the Jungbusch district, where will be directed towards the University Mannheim’s progressive movement away of Mannheim)

44th EFA Annual Meeting 59 Heidelberg City Tour Saturday, August 26 at 13:30–18:30 GUIDED TOUR TO HEIDELBERG OLD TOWN & CASTLE Starting at the University of Mannheim

EFA 2017 participants and their guests may TOUR PRICE join a guided tour through the romantic The tour has a cost of EUR 30 per person. city of Heidelberg. With a tour through the The price includes: winding alleys of the old town, you can get ••Bus transportation to know the many different faces of Heidel- (Mannheim <–> Heidelberg) berg - dreamy squares, the oldest university ••Ticket to the castle and funicular in Germany, the Heiliggeistkirche (Church of ••English guide the Holy Spirit) and the Jewish Quarter. And then it is up to the castle with the funicular The tour is non-refundable. You can leave railway. In a tour around the inner courtyard your spot to a colleague or leave your and the castle garden, you can discover ticket to the help desk. the electoral residence ruins and visit the famous giant barrel. PARTICIPANTS ADMISSION Participants and their guests can register for the city tour by writing and email to the local organizer until July 28. The tour has limited availability.

60 44th EFA Annual Meeting 44th EFA Annual Meeting 61 © Achim Mende – Heidelberg Marketing GmbH EFA Executive Committee 2017

CHAIR PAST PRESIDENTS Arnoud Boot Engelbert Dockner (†) University of Amsterdam WU Vienna University of Economics and Business PRESIDENT François Degeorge Kjell G. Nyborg University of Lugano & University of Zurich & Swiss Finance Institute Swiss Finance Institute

VICE PRESIDENTS JOURNAL MANAGING EDITORS Ernst Maug Franklin Allen (until Sept 1, 2017) University of Mannheim Imperial College Business School Wolfgang Bühler Alex Edmans University of Mannheim London Business School

EFA Executive Committee at the 43rd EFA Annual Meeting (BI Oslo)

62 44th EFA Annual Meeting DIRECTORS EXECUTIVE SECRETARY 2017–2019 Ene Kannel Matti Keloharju European Institute for Advanced Studies Aalto University School of Business in Management (EIASM) Daniel Paravisini London School of Economics CO-OPTED MEMBERS Marti Subrahmanyam VICE PRESIDENTS ELECT New York University Marcin Kacperczyk Imperial College London (EFA 2018 Warsaw) 2016–2018 Miguel Ferreira Amit Goyal Nova School of Business and Economics University of Lausanne, (EFA 2019 Lisbon) HEC & Swiss Finance Institute Dirk Jenter CONFERENCE MANAGER London School of Economics and Political Laura Malinverno Science WU Vienna University of Economics and Toni Whited Business University of Michigan, Ross School of Business

2015–2017 Susan Christoffersen Rotman School of Management Mariassunta Giannetti Stockholm School of Economics Ralph S. J. Koijen Want to know more about EFA? London Business School Visit european-finance.org

44th EFA Annual Meeting 63 EFA 2017 Program Committee

PROGRAM CHAIRS CORPORATE FINANCE AND Ernst Maug GOVERNANCE: THEORY EFA 2017 Program and Organization Chair Alex Edmans Professor of Corporate Finance London Business School University of Mannheim Business School Wolfgang Bühler CORPORATE FINANCE: EMPIRICAL EFA 2017 Organization and Program Chair Michelle Lowry Professor (em.) of Finance Drexel University University of Mannheim Business School Toni M. Whited University of Michigan TRACK CHAIRS ASSET PRICING: EMPIRICAL CORPORATE GOVERNANCE: EMPIRICAL Martin Lettau Rüdiger Fahlenbrach University of California at Berkeley École Polytechnique Fédérale de Lausanne Christopher Polk Jarrad Harford London School of Economics University of Washington Stephen Schaefer London Business School FINANCE AND LABOR Andrew Ellul ASSET PRICING: THEORY Indiana University Nicolae Gârleanu University at California at Berkeley FINANCIAL ECONOMETRICS Allan Timmermann BEHAVIORAL FINANCE AND University of California at San Diego HOUSEHOLD FINANCE Simon Gervais Duke University Terrance Odean University of California at Berkeley

64 44th EFA Annual Meeting FINANCIAL INTERMEDIATION AND SPECIAL SESSION CHAIRS INSTITUTIONS: EMPIRICAL BIS SESSION Hans Degryse Leonardo Gambacorta University of Leuven Bank for International Settlements Norman Schürhoff University of Lausanne ECB SESSION Vikrant Vig Simone Manganelli London Business School European Central Bank

FINANCIAL INTERMEDIATION AND NBIM SESSION INSITUTIONS: THEORY Dagfinn Rime Markus K. Brunnermeier BI Norwegian Business School Princeton University Marti Subrahmanyam DOCTORAL TUTORIAL CHAIRS New York University Frans de Roon Tilburg University FINANCIAL MARKETS Esther Eiling Thierry Foucault University of Amsterdam Hautes Etudes Commerciales de Paris Gyöngyi Lóranth Marco Pagano University of Vienna University of Naples Frederico II Kristian Miltersen Copenhagen Business School INTERNATIONAL FINANCE Geert Bekaert DOCTORAL WORKSHOP CHAIRS Columbia University Bo Becker Stockholm School of Economics Andrew Ellul Indiana University Ralph S.J. Koijen NYU Stern School of Business

44th EFA Annual Meeting 65 REVIEWERS

Adam Tim, Humboldt University Battalio Robert, University of Notre Dame Addoum Jawad, Cornell University Bauer Daniel, Georgia State University Adelino Manuel, Duke University Becker Bo, Stockholm School of Economics Aggarwal Rajesh, Northeastern University Behr Patrick, Brazilian School of Public and Business Aggarwal Reena, Georgetown University Administration Agrawal Anup, University of Alabama Ben-David Itzhak, The Ohio State University Ahern Kenneth, University of Southern California Bena Jan, University of British Columbia Ai Hengjie, University of Minnesota Benmelech Efraim, Northwestern University, Aktas Nihat, WHU Otto Beisheim School of Management Kellogg School of Management Albuquerque Rui, Boston College Berg Tobias, Frankfurt School of Finance and Alexander Cindy, U.S. Securities and Exchange Management Commission Bergstresser Daniel, Brandeis University Almazan Andres, University of Texas at Austin Berkovitch Elazar, IDC Herzliya Almeida Heitor, University of Illinois at Bernstein Shai, Stanford University Urbana-Champaign Berrada Tony, University of Geneva Amore Mario Daniele, Bocconi University Betermier Sebastien, McGill University Andersen Steffen, Copenhagen Business School Bhagat Sanjai, University of Colorado Boulder Andrei Daniel, UCLA Bhamra Harjoat, Imperial College Business School Anton Miguel, IESE Business School Bharath Sreedhar T., Arizona State University Antoniou Constantinos, University of Warwick Bhattacharya Utpal, Hong Kong University of Aragon George O., Arizona State University Science and Technology Arnold Marc, University of St. Gallen Bhattacharyya Sugato, University of Michigan Augustin Patrick, McGill University Bienz Carsten, NHH Norwegian School of Economics Avramov Doron, Hebrew University Bodnaruk Andriy, University of Illinois at Chicago Ayyagari Meghana, George Washington University Boehmer Ekkehart, Singapore Management University Babenko Ilona, Arizona State University Bogan Vicki L., Cornell University Bacchetta Philippe, University of Lausanne, SFI Boguth Oliver, Arizona State University Bach Laurent, Stockholm School of Economics Bongaerts Dion, Erasmus University Rotterdam Back Kerry, Rice University Boone Audra, Texas Christian University Baele Lieven T.M., Tilburg University Boot Arnoud W.A., University of Amsterdam Baghai Ramin P., Stockholm School of Economics Bordalo Pedro, University of Oxford Bai Jennie, Georgetown University Boulland Romain, ESSEC Business School Bali Turan G., Georgetown University Braggion Fabio, Tilburg University Baltussen Guido, Erasmus University Rotterdam Brav Alon, Duke University Bandi Federico, Johns Hopkins University Brenner Menachem, NYU Stern School of Business Baranchuk Nina, University of Texas at Dallas Breon-Drish Bradyn, UC San Diego Barber Brad, UC Davis Brogaard Jonathan, University of Washington Barone Adesi Giovanni, USI Università della Svizzera Brown Craig, National University of Singapore italiana, SFI Brown David P., University of Wisconsin-Madison Barras Laurent, McGill University Brown Gregory, UNC Chapel Hill Barroso Pedro, University of New South Wales Brown Martin, University of St. Gallen Barrot Jean-Noel, Massachusetts Institute of Brown Stephen, NYU Stern School of Business, Technology Monash University Bartholdy Jan, Aarhus University Bruche Max, Cass Business School Baruch Shmuel, University of Utah Buraschi Andrea, Imperial College Business School Basak Suleyman, London Business School Burch Timothy, University of Miami Bates David, University of Iowa Burkart Mike, London School of Economics Bates Thomas, Arizona State University Buss Adrian, INSEAD

66 44th EFA Annual Meeting Busse Jeffrey, Emory University Cvijanovic Dragana, UNC Chapel Hill Bustamante Maria Cecilia, University of Maryland Cziraki Peter, University of Toronto Buti Sabrina, Université Paris-Dauphine Da Zhi, University of Notre Dame Caggese Andrea, Pompeu Fabra University Da Rin Marco, Tilburg University Cao Jie, Chinese University of Hong Kong Dangl Thomas, Vienna University of Technology Carpenter Jennifer, NYU Stern School of Business Daniel Kent, Columbia University Carrieri Francesca, McGill University Daniel Naveen, Drexel University Castiglionesi Fabio, Tilburg University Danis Andras, Georgia Tech Cella Cristina, Stockholm School of Economics Dasgupta Amil, London School of Economics Cen Ling, University of Toronto de Bodt Eric, Université de Lille Cenedese Gino, Bank of England De Haas Ralph, European Bank for Reconstruction and Cespa Giovanni, Cass Business School Development Chabakauri Georgy, London School of Economics de Jong Abe, Erasmus University Rotterdam Chaigneau Pierre, Queen’s University de Jong Frank, Tilburg University Chambers David, University of Cambridge de Roon Frans, Tilburg University Chan Kalok, Chinese University of Hong Kong Degeorge Francois, USI Università della Svizzera Chang Xin, University of Cambridge italiana, SFI Chava Sudheer, Georgia Tech Del Guercio Diane, University of Oregon Chemla Gilles, Imperial College Business School, Della Corte Pasquale, Imperial College Business School CNRS, CEPR Deng Yongheng, National University of Singapore Chemmanur Thomas, Boston College Denis Diane, University of Pittsburgh Chen Joseph, UC Davis Derrien Francois, HEC Paris Chen Mark, Georgia State University Dew-Becker Ian, Northwestern University Chen Tao, Nanyang Technological University Di Giuli Alberta, ESCP Chernenko Sergey, The Ohio State University Di Maggio Marco, Harvard Business School Choi Darwin, Chinese University of Hong Kong Dick-Nielsen Jens, Copenhagen Business School Choi Hyun-Soo, Singapore Management University Diether Karl, Brigham Young University Chordia Tarun, Emory University Dimmock Stephen G., Nanyang Technological University Christoffersen Peter, University of Toronto Dimopoulos Theodosios, University of Lausanne Cieslak Anna, Duke University Dimson Elroy, University of Cambridge Cocco Joao, London Business School Dittmann Ingolf, Erasmus University Rotterdam Cohen Lauren, Harvard Business School Dlugosz Jennifer, Washington University in St. Louis Cohn Jonathan, University of Texas at Austin Dockner Engelbert, WU Vienna University of Economics Colacito Riccardo, UNC Chapel Hill and Business Colliard Jean-Edouard, HEC Paris Doidge Craig, University of Toronto Collin-Dufresne Pierre, SFI Donangelo Andres, University of Texas at Austin Comerton-Forde Carole, University of Melbourne Dow James, London Business School Connolly Robert, UNC Chapel Hill Driessen Joost, Tilburg University Cookson J. Anthony, University of Colorado Boulder Duan Ying, Simon Fraser University Cooper Ian, London Business School Duchin Ran, University of Washington Cooper Ilan, BI Norwegian Business School Duffee Greg, Johns Hopkins University Cosemans Mathijs, Erasmus University Rotterdam Dumas Bernard, INSEAD Crane Alan, Rice University Ebert Sebastian, Tilburg University Cremers Martijn, University of Notre Dame Eckbo Espen, Dartmouth College Cronqvist Henrik, University of Miami Edelen Roger M., UC Davis Cunat Vicente, London School of Economics Efing Matthias, HEC Paris Cunha Igor, University of Kentucky Eiling Esther, University of Amsterdam Custódio Cláudia, Imperial College Business School Ellul Andrew, Indiana University

44th EFA Annual Meeting 67 Elton Edwin J., NYU Stern School of Business Giné Mireia, IESE Business School Erel Isil, The Ohio State University Ginglinger Edith, Université Paris-Dauphine Errunza Vihang, McGill University Giroud Xavier, Massachusetts Institute of Technology Evans Richard, University of Virginia Glode Vincent, University of Pennsylvania Fabbri Daniela, Cass Business School Goldreich David, University of Toronto Farre-Mensa Joan, Harvard Business School Golez Benjamin, University of Notre Dame Fecht Falko, Frankfurt School of Finance and Gomes Francisco, London Business School Management Gomes Joao, University of Pennsylvania Feldhütter Peter, London Business School Gopalan Radhakrishnan, Washington University Fernando Chitru, University of Oklahoma in St. Louis Ferreira Daniel, London School of Economics Gormley Todd, Washington University in St. Louis Ferreira Miguel, Nova School of Business and Economics Götz Martin, Goethe University Frankfurt Ferson Wayne, University of Southern California, NBER Goyal Amit, University of Lausanne Fich Eliezer, Drexel University Goyal Vidhan K., Hong Kong University of Science and Field Laura Casares, University of Delaware Technology Filipovic Damir, EPFL Goyenko Ruslan, McGill University Filippou Ilias, University of Warwick Gozluklu Arie, University of Warwick Fos Vyacheslav, Boston College Green Clifton, Emory University Fournier Mathieu, HEC Montréal Groen-Xu Moqi, London School of Economics Fracassi Cesare, University of Texas at Austin Gromb Denis, HEC Paris Franzoni Francesco, USI Università della Svizzera Grundy Bruce, The University of Melbourne italiana, SFI Gryglewicz Sebastian, Erasmus University Rotterdam Frehen Rik, Tilburg University Guidolin Massimo, Bocconi University Freixas Xavier, Pompeu Fabra University Gulen Huseyin, Purdue University Fresard Laurent, University of Maryland Gurun Umit, University of Texas at Dallas Friewald Nils, NHH Norwegian School of Economics Habib Michel, University of Zurich Fu Fangjian, Singapore Management University Hackbarth Dirk, Boston University Fuess Roland, University of St. Gallen Haddad Valentin, UCLA Fulghieri Paolo, UNC Chapel Hill Hagerty Kathleen, Northwestern University Fuster Andreas, Federal Reserve Bank of New York Hagströmer Björn, Stockholm University Gala Vito, University of Pennsylvania Halling Michael, Stockholm School of Economics Gallmeyer Michael, University of Virginia Hameed Allaudeen, National University of Singapore Gamba Andrea, University of Warwick Han Bing, University of Toronto Gandhi Priyank, University of Notre Dame Han Jungsuk, Stockholm School of Economics Gantchev Nickolay, UNC Chapel Hill Hanley Kathleen, Lehigh University Gao Huasheng, Nanyang Technological University Hansen Robert Shields, Tulane University Gao Pengjie, University of Notre Dame Harris Jeff, American University Garcia Diego, University of Colorado Boulder Hartzmark Samuel, University of Chicago Gaspar Jose Miguel, ESSEC Business School Hasbrouck Joel, NYU Stern School of Business Gavazzoni Federico, INSEAD He Ping, Tsinghua University Gehde-Trapp Monika, University of Hohenheim Hege Ulrich, Toulouse School of Economics Gehrig Thomas, University of Vienna Heider Florian, European Central Bank Gerken William, University of Kentucky Heimer Rawley, Federal Reserve Bank of Cleveland Giammarino Ron, University of British Columbia Helwege Jean, UC Riverside Giannetti Mariassunta, Stockholm School of Economics Hertzberg Andrew, Columbia University Gilbert Thomas, University of Washington Hertzel Michael, Arizona State University Gilje Erik, University of Pennsylvania Heston Steven, University of Maryland Gillan Stuart, University of Georgia Heyerdahl-Larsen Christian, London Business School

68 44th EFA Annual Meeting Hillert Alexander, Goethe University Frankfurt Kahle Kathleen, University of Arizona Hilscher Jens, UC Davis Kahraman Bige, University of Oxford Hirschey Nicholas, London Business School Kalay Avner, Tel Aviv University Hoberg Gerard, University of Southern California Kale Jayant, Northeastern University Holden Craig, Indiana University Kalpathy Swaminathan, Texas Christian University Hollifield Burton, Carnegie Mellon University Kang Jun-Koo, Nanyang Technological University Hombert Johan, HEC Paris Kaniel Ron, University of Rochester Hotchkiss Edie, Boston College Karakaş Oğuzhan, Boston College Hou Kewei, The Ohio State University Karapetyan Artashes, BI Norwegian Business School Hrdlicka Christopher, University of Washington Karolyi George Andrew, Cornell University Hsieh David Arthur, Duke University Karpoff Jonathan, University of Washington Hsu Po-Hsuan, University of Hong Kong Kecskes Ambrus, York University Hu Jianfeng, Singapore Management University Kedia Simi, Rutgers University Huang Sheng, Singapore Management University Keim Donald, University of Pennsylvania Huang Xing, Michigan State University Keloharju Matti, Aalto University Hughson Eric, Claremont McKenna College Kempf Alexander, University of Cologne Hugonnier Julien, EPFL Keswani Aneel, Cass Business School Huszar Zsuzsa Reka, National University of Singapore Khanna Naveen, Michigan State University Hwang Chuan Yang, Nanyang Technological University Kim Dasol, U.S. Department of Treasury Ibañez Alfredo, Instituto Tecnológico Autónomo Kim Hyunseob, Cornell University de México Kim Seoyoung, Santa Clara University Illeditsch Philipp, University of Pennsylvania Kimmel Robert, National University of Singapore Iovino Luigi, Bocconi University Kirilenko Andrei, Imperial College Business School Irvine Paul, Texas Christian University Kisser Michael, NHH Norwegian School of Economics Israel Ronen, IDC Herzliya Knüpfer Samuli, BI Norwegian Business School Iverson Benjamin, Northwestern University Knyazeva Anzhela, U.S. Securities and Exchange Ivkovich Zoran, Michigan State University Commission Jackwerth Jens Carsten, University of Konstanz Koch Andrew, University of Pittsburgh Jacobs Heiko, University of Mannheim Kogan Shimon, IDC Herzliya, University of Texas Jacobs Kris, University of Houston at Austin James Christopher, University of Cambridge, Koijen Ralph, NYU Stern School of Business University of Florida Kolasinski Adam, Texas A&M University Jensen Bjarne Astrup, Copenhagen Business School Kolm Julian, University of Vienna Jenter Dirk, London School of Economics Kondor Peter, London School of Economics Jermann Urban J., University of Pennsylvania Korajczyk Robert A., Northwestern University Jiang Danling, State University of New York Korkeamaki Timo, Hanken School of Economics at Stony Brook Korn Olaf, Georg-August-Universität Göttingen Jiao Yawen, UC Riverside Koski Jennifer, University of Washington Johnson Travis, University of Texas at Austin Koskinen Yrjo, University of Calgary Jones Christopher, University of Southern California Kosowski Robert, Imperial College Business School Jorion Philippe, UC Irvine Kouwenberg Roy, Mahidol University Jotikasthira Chotibhak, Southern Methodist University Kozhan Roman, University of Warwick Ju Nengjiu, Shanghai Jiao Tong University Kraft Holger, Goethe University Frankfurt Julliard Christian, London School of Economics Kramer Lisa, University of Toronto Jylhä Petri, Aalto University Kristensen Dennis, University College London Kacperczyk Marcin, Imperial College Business School Kroencke Tim, University of Basel Kadlec Gregory B., Virginia Tech Kruger Samuel, University of Texas at Austin Kadyrzhanova Dalida, Georgia State University Kübler Felix, University of Zurich

44th EFA Annual Meeting 69 Kuehn Lars-Alexander, Carnegie Mellon University Loderer Claudio, University of Bern Kuhnen Camelia, UNC Chapel Hill Loh Roger, Singapore Management University Kumar Praveen, University of Houston Longstaff Francis, UCLA Kung Howard, London Business School Loos Benjamin, University of Mannheim Kuong John Chi-Fong, INSEAD Loranth Gyongyi, University of Vienna Kurlat Pablo, Stanford University Lou Dong, London School of Economics Lambrecht Bart, University of Cambridge Loualiche Erik, Massachusetts Institute of Technology Lamoureux Christopher, University of Arizona Loughran Tim, University of Notre Dame Lando David, Copenhagen Business School Loutskina Elena, University of Virginia Langlois Hugues, HEC Paris Low Angie, Nanyang Technological University Larrain Mauricio, Columbia University Lucas Deborah, Massachusetts Institute of Technology Lau Sie, Nanyang Technological University Lundblad Christian, UNC Chapel Hill Laudenbach Christine, Goethe University Frankfurt Lundtofte Frederik, Lund University Laux Christian, WU Vienna University of Economics Luo Jiang, Nanyang Technological University and Business Lyandres Evgeny, Boston University Laux Christian, WU Vienna University of Economics Lynch Anthony, NYU Stern School of Business and Business MacKay Peter, Hong Kong University of Science and Le Anh, Penn State University Technology Leach J. Chris, University of Colorado Boulder Madhavan Ananth, BlackRock Lee Samuel, Santa Clara University Madureira Leonardo, Case Western Reserve University Leitner Yaron, Federal Reserve Bank of Philadelphia Malamud Semyon, EPFL Lerner Josh, Harvard Business School Malenko Andrey, Massachusetts Institute of Technology Levit Doron, University of Pennsylvania Malenko Nadya, Boston College Li Dan, University of Hong Kong Malinova Katya, University of Toronto Li Kai, Hong Kong University of Science and Technology Manconi Alberto, Bocconi University Li Kai, University of British Columbia Manela Asaf, Washington University in St. Louis Li Tao, University of Warwick Manso Gustavo, UC Berkeley Li Wei, University of Iowa Mao Qinghao, Erasmus University Rotterdam Li Xi, London School of Economics Marfè Roberto, Collegio Carlo Alberto Li Yan, Temple University Marquez Robert, UC Davis Li Yingying, Hong Kong University of Science and Martin Jens, University of Amsterdam Technology Martin Spencer, University of Melbourne Liang Hao, Singapore Management University Massa Massimo, INSEAD Liberman Andres, NYU Stern School of Business Masulis Ronald, University of New South Wales Liberti Jose Maria, Northwestern University Matvos Gregor, University of Chicago Lie Erik, University of Iowa Mauer David, UNC Charlotte Lim Sonya, DePaul University McDonald Robert L., Northwestern University Lin Chen, University of Hong Kong McLean David, Georgetown University Lin Tse-Chun, University of Hong Kong Mella Barral Pierre, EDHEC Linck James, SMU Southern Methodist University Mello Antonio, University of Wisconsin-Madison Linnainmaa Juhani, University of Southern California Menkveld Albert, VU University Amsterdam Lins Karl, University of Utah Merrouche Ouarda, University Paris Nanterre Lipson Marc, University of Virginia Metzger Daniel, Stockholm School of Economics Liu Tingjun, University of Hong Kong Michaelides Alexander, Imperial College Business School Liu Xuewen, Hong Kong University of Science and Michaely Roni, Cornell University Technology Michenaud Sebastien, DePaul University Livdan Dmitry, UC Berkeley Mikko Leppämäki, Aalto University Ljungqvist Alexander, NYU Stern School of Business Miltersen Kristian R., Copenhagen Business School

70 44th EFA Annual Meeting Minetti Raoul, Michigan State University Ortu Fulvio, Bocconi University Mjøs Aksel, NHH Norwegian School of Economics Ossola Elisa, European Commission Joint Moinas Sophie, Toulouse School of Economics Research Centre Moreira Alan, Yale University Östberg Per, University of Zurich Morrison Alan, University of Oxford Ostergaard Charlotte, BI Norwegian Business School Morse Adair, UC Berkeley Otto Clemens, HEC Paris Moshirian Fariborz, University of New South Wales Ouimet Paige, UNC Chapel Hill Moyen Nathalie, University of Colorado Boulder Ovtchinnikov Alexei V., HEC Paris Mueller Holger M., NYU Stern School of Business Ozbas Oguzhan, University of Southern California Mueller Philippe, London School of Economics Ozdenoren Emre, London Business School Mueller Sebastian, German Graduate School Palacios Miguel, Vanderbilt University of Management and Law Palazzo Berardino, Boston University Muermann Alexander, WU Vienna University Palia Darius, Rutgers University of Economics and Business Pan Yihui, University of Utah Muir Tyler, UCLA Panayides Marios, University of Pittsburgh Mukherjee Abhiroop, Hong Kong University Panayotov George, Hong Kong University of Science of Science and Technology and Technology Munk Claus, Copenhagen Business School Panunzi Fausto, Bocconi University Nagler Florian, Bocconi University Paravisini Daniel, London School of Economics Nanda Ramana, Harvard Business School Park Andreas, University of Toronto Nanda Vikram, University of Texas at Dallas Parlour Christine, UC Berkeley Narayanan M. P., University of Michigan Parrino Robert, University of Texas at Austin Nathanson Charles, Northwestern University Pasquariello Paolo, University of Michigan Neuberger Anthony, Cass Business School Pavanini Nicola, Tilburg University Nguyen Bang, University of Cambridge Pavlova Anna, London Business School Nicodano Giovanna, Collegio Carlo Alberto, Pawlina Grzegorz, Lancaster University University of Turin Pearson Neil D., University of Illinois at Niessen-Ruenzi Alexandra, University of Mannheim Urbana-Champaign Nikolov Boris, University of Lausanne, SFI Pelizzon Loriana, Goethe University Frankfurt Nilsson Mattias, U.S. Securities and Exchange Peress Joel, INSEAD Commission Perignon Christophe, HEC Paris Nini Gregory, Drexel University Perotti Enrico, University of Amsterdam Noe Thomas, University of Oxford Pesaran Mohammad Hashem, University of Norden Lars, Brazilian School of Public and Business Southern California Administration Peters Florian, University of Amsterdam Norli Oyvind, BI Norwegian Business School Peydro Jose-Luis, Imperial College Business School, UPF Nyberg Peter Mikael, Aalto University Pflueger Carolin, University of British Columbia Nyborg Kjell, University of Zurich Phalippou Ludovic, University of Oxford O’Hara Maureen, Cornell University Pham Peter Kien, University of New South Wales Obernberger Stefan, Erasmus University Piacentino Giorgia, Washington University in St. Louis Rotterdam Plazzi Alberto, USI Universitˆ della Svizzera italiana Oded Jacob, Tel Aviv University Polo Andrea, Pompeu Fabra University, Oehmke Martin, London School of Economics Barcelona GSE Officer Micah, Loyola Marymount University Pomorski Lukasz, AQR Capital Management, LLC Ongena Steven, University of Zurich Ponticelli Jacopo, University of Chicago Opp Christian, University of Pennsylvania Pool Veronika Krepely, Indiana University Opp Marcus Matthias, UC Berkeley Popov Alexander, European Central Bank Ors Evren, HEC Paris Porchia Paolo, IE Business School

44th EFA Annual Meeting 71 Poulsen Annette B., University of Georgia Saretto Alessio, University of Texas at Dallas Povel Paul, University of Houston Sarno Lucio, Cass Business School Prilmeier Robert, Tulane University Sautner Zacharias, Frankfurt School of Finance Purnanandam Amiyatosh, University of Michigan and Management Qi Yaxuan, City University of Hong Kong Sauvagnat Julien, Bocconi University Qian Wenlan, National University of Singapore Savor Pavel, Temple University Rahi Rohit, London School of Economics Scherbina Anna D., UC Davis Rajan Uday, University of Michigan Schill Michael, University of Virginia Rajgopal Shivaram, Columbia University Schivardi Fabiano, Bocconi University Raman Vikas, University of Warwick Schlag Christian, Goethe University Frankfurt Rampini Adriano A., Duke University Schlingemann Frederik, University of Pittsburgh, Ranaldo Angelo, University of St. Gallen Erasmus University Rotterdam Randl Otto, WU Vienna University of Economics Schmalz Martin, University of Michigan and Business Schmeling Maik, Cass Business School Rangvid Jesper, Copenhagen Business School Schmid Lukas, Duke University Ratnovski Lev, International Monetary Fund Schmid Markus, University of St. Gallen Rau Raghavendra, University of Cambridge Schmid Thomas, University of Hong Kong Ravid S. Abraham, Yeshiva University Schmidt Breno, Emory University Ravina Enrichetta, Columbia University Schneider Christoph, Tilburg University Ray Rina, University of Colorado Denver Schneider Paul, USI Università della Svizzera italiana Rebello Michael, University of Texas at Dallas Schroth Enrique, Cass Business School Reeb David, National University of Singapore Schulz Florian, University of Washington Renneboog Luc, Tilburg University Schwartz-Ziv Miriam, Michigan State University Rindi Barbara, Bocconi University Schwarz Christopher, UC Irvine Rindisbacher Marcel, Boston University Seasholes Mark, Arizona State University Ringgenberg Matthew, University of Utah Sen Rik, University of New South Wales Riordan Ryan, Queen’s University Seppi Duane Joseph, Carnegie Mellon University Robotti Cesare, University of Georgia Sercu Piet, KU Leuven Rochet Jean-Charles, University of Zurich Serrano-Velarde Nicolas Andre Benigno, Rocholl Joerg, ESMT Berlin Bocconi University Rockinger Michael, University of Lausanne Servaes Henri, London Business School Rodriguez Tous Francesc, Cass Business School Severino Felipe, Dartmouth College Roosenboom Peter, Erasmus University Rotterdam Sevilir Merih, Indiana University Rossi Stefano, Purdue University Shapiro Joel, University of Oxford Rostek Marzena, University of Wisconsin-Madison Shivdasani Anil, UNC Chapel Hill Rosu Ioanid, HEC Paris Shive Sophie, University of Notre Dame Routledge Bryan, Carnegie Mellon University Shu Tao, University of Georgia Rouwenhorst Geert, Yale University Sialm Clemens, University of Texas at Austin Ruenzi Stefan, University of Mannheim Sias Richard, University of Arizona Rydqvist Kristian, Binghamton University Siegel Stephan, University of Washington Sacchetto Stefano, IESE Business School Simintzi Eleni, University of British Columbia Sadka Ronnie, Boston College Simonov Andrei, Michigan State University Saffi Pedro, University of Cambridge Simutin Mikhail, University of Toronto Saidi Farzad, Stockholm School of Economics Singh Raj, University of Minnesota Salva Carolina, University of Neuchatel Smith Jason, Utah State University Sangiorgi Francesco, Stockholm School of Economics Smith Tom, University of Queensland Santa-Clara Pedro, Nova School of Business Sodini Paolo, Stockholm School of Economics and Economics Sojli Elvira, University of New South Wales

72 44th EFA Annual Meeting Solomon David Howard, University of Southern Tong Qing, Singapore Management University California Tookes Heather, Yale University Sorensen Carsten, Copenhagen Business School Torous Walter Nicholas, Massachusetts Institute Spaenjers Christophe, HEC Paris of Technology Spalt Oliver, Tilburg University Tran Anh, Cass Business School Srinivasan Anand, National University of Singapore Trojani Fabio, University of Geneva, SFI St-Amour Pascal, University of Lausanne Trzcinka Charles, Indiana University Stacescu Leon Bogdan, BI Norwegian Business School Tserlukevich Yuri, Arizona State University Stanfield Jared, University of New South Wales Tsyplakov Sergey, University of South Carolina Stanton Richard, UC Berkeley Tu Jun, Singapore Management University Starks Laura, University of Texas at Austin Turtle Harry, Colorado State University Stefanescu Irina, Federal Reserve Board Uppal Raman, EDHEC Stomper Alex, Humboldt University Urzua Francisco, Erasmus University Rotterdam Stoughton Neal, WU Vienna University of Economics Valta Philip, University of Bern and Business van Bekkum Sjoerd, Erasmus University Rotterdam Stremme Alexander, University of Warwick van Binsbergen Jules, University of Pennsylvania Strobl Günter, Frankfurt School of Finance and van der Wel Michel, Erasmus University Rotterdam Management van Dijk Mathijs, Erasmus University Rotterdam Strömberg Per, Stockholm School of Economics van Kervel Vincent, Catholic University of Chile Su Xunhua, NHH Norwegian School of Economics Van Wesep Edward, University of Colorado Boulder Suarez Javier, CEMFI Varas Felipe, Duke University Subrahmanyam Avanidhar, University of Cambridge, Vedolin Andrea, London School of Economics UCLA Vedrashko Alexander, Simon Fraser University Subrahmanyam Marti, NYU Stern School of Business Venkataraman Kumar, Southern Methodist University Sulaeman Johan, National University of Singapore Venter Gyuri, Copenhagen Business School Sundaresan Suresh, Columbia University Verardo Michela, London School of Economics Sunderam Adi, Harvard Business School Verdelhan Adrien, Massachusetts Institute Swan Peter Lawrence, University of New South Wales of Technology Szymanowska Marta, Erasmus University Rotterdam Vergara-Alert Carles, IESE Business School Sørensen Morten, Copenhagen Business School Vermaelen Theo, INSEAD T. Parwada Jerry, University of New South Wales Veronesi Pietro, University of Chicago Taillard Jerome, Babson College Verwijmeren Patrick, Erasmus University Rotterdam Tang Dragon Yongjun, University of Hong Kong Vickery James, Federal Reserve Bank of New York Tate Geoffrey, UNC Chapel Hill Vijh Anand M., University of Iowa Taylor Lucian, University of Pennsylvania Vilkov Grigory, Frankfurt School of Finance and Tchistyi Alexei, University of Illinois at Management Urbana-Champaign Vissing-Jorgensen Annette, UC Berkeley Tebaldi Claudio, Bocconi University Vives Xavier, IESE Business School Telmer Christopher I., Carnegie Mellon University Volpin Paolo, Cass Business School Teo Melvyn, Singapore Management University von Beschwitz Bastian, Federal Reserve Board Tham Wing Wah, University of New South Wales von Lilienfeld-Toal Ulf, University of Luxembourg Thanassoulis John, University of Warwick Vuillemey Guillaume, HEC Paris Theissen Erik, University of Mannheim Wagner Alexander, University of Zurich, SFI Thompson James R., University of Waterloo Wagner Christian, Copenhagen Business School Thorburn Karin, NHH Norwegian School of Economics Wagner Hannes F., Bocconi University Tian Xuan, Tsinghua University Wagner Wolf, Erasmus University Rotterdam Tinn Katrin, Imperial College Business School Wahal Sunil, Arizona State University Tompaidis Stathis, University of Texas at Austin Walden Johan, UC Berkeley

44th EFA Annual Meeting 73 Wang Neng, Columbia University Ye Mao, University of Illinois at Urbana-Champaign Wang Rong, Singapore Management University Yermack David, NYU Stern School of Business Wang Sarah Qian, University of Warwick Yonker Scott, Cornell University Wang Zhenyu, Indiana University Yook Youngsuk, Federal Reserve Board Watanabe Akiko, University of Alberta Yu Jialin, Hong Kong University of Science and Watanabe Masahiro, University of Alberta Technology Weber Michael, University of Chicago Yu Jianfeng, University of Minnesota Wei K.C. John, Hong Kong Polytechnic University Yu Jun, Singapore Management University Weill Pierre-Olivier, UCLA Yu Xiaoyun, Indiana University Werner Ingrid M., The Ohio State University Zachariadis Konstantinos E., Queen Mary University Westermann Ramona, Copenhagen Business School of London Whitelaw Robert, NYU Stern School of Business Zaldokas Alminas, Hong Kong University of Science Williamson Rohan, Georgetown University and Technology Wiwattanakantang Yupana, National University Zapatero Fernando, University of Southern California of Singapore Zarutskie Rebecca, Federal Reserve Board Wohl Avi, Tel Aviv University Zechner Josef, WU Vienna University of Economics Wu Jing Cynthia, University of Chicago and Business Wu Youchang, University of Oregon Zein Jason, University of New South Wales Wurgler Jeff, NYU Stern School of Business Zender Jaime F., University of Colorado Boulder Xiu Dacheng, University of Chicago Zhang Bohui, University of New South Wales Xu Jin, Virginia Tech Zhang Chu, Hong Kong University of Science and Xu Yan, University of Hong Kong Technology Xuan Yuhai, University of Illinois at Urbana-Champaign Zhang Feng, University of Utah Yadav Pradeep, University of Oklahoma Zhang Wenrui, Chinese University of Hong Kong Yan Hong, Shanghai Jiao Tong University Zhang Zhe, Singapore Management University Yan Hongjun, DePaul University Zhao Mengxin, U.S. Securities and Exchange Yang Jie, Federal Reserve Board Commission Yang Ke, Lehigh University Zhao Xiaofei, University of Texas at Dallas Yang Li, University of New South Wales Zhdanov Alexei, Penn State University Yang Liu, University of Maryland Zhong Hongda, London School of Economics Yang Liyan, University of Toronto Zhou Guofu, Washington University in St. Louis Yao Chen, University of Warwick Zhu Haoxiang, Massachusetts Institute of Technology Yao Tong, University of Iowa Zou Joe Hong, University of Hong Kong Yavas Abdullah, University of Wisconsin-Madison Zviadadze Irina, Stockholm School of Economics

74 44th EFA Annual Meeting 44th EFA Annual Meeting 75 Partners

The organizers express their gratitude to the partners of the EFA 2017 Annual Meeting for their generous support.

Deutsche Forschungsgemeinschaft The DFG is the self-governing organisation for science and research in Germany. It serves all branches of science and the humanities. In organisational terms, the DFG is an association under private law. Its membership consists of German research universities, non-university research institutions, scientific associations and the Academies of Science and the Humanities. The DFG receives the large majority of its funds from the federal government and the states, which are represent- ed in all grants committees. At the same time, the voting system and procedural regulations guarantee science-driven decisions.

Roche Roche is a global pioneer in pharmaceuticals and diagnostics focused on advancing science to improve people’s lives. Roche is the world’s largest biotech company, with truly differentiated medicines in oncol- ogy, immunology, infectious diseases, ophthalmology and diseases of the central nervous system. Roche is also the world leader in in vitro diagnostics and tissue-based cancer diagnostics, and a frontrunner in diabetes management. The combined strengths of pharmaceuticals and diagnostics under one roof have made Roche the leader in person- alized healthcare – a strategy that aims to fit the right treatment to each patient in the best way possible.

Deutsche Bundesbank The Deutsche Bundesbank is the central bank of Germany and per- forms a wide range of tasks. It shares responsibility for monetary policy in the euro area with the ECB and the other central banks in the Eurosystem. The Bundesbank’s President helps to shape monetary policy as a member of the ECB Governing Council and the Bundesbank is tasked with implementing that policy in Germany. Furthermore, it in- forms the general public about monetary policy. Other key tasks of the Bundesbank at both the national and international level are banking supervision, financial stability, cash and cashless payment operations.

76 44th EFA Annual Meeting Bank for International Settlements The mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks. The BIS pursues its mission by promoting discussion and facilitating collaboration among central banks, supporting dialogue with other authorities that are responsible for promoting financial stability, and conducting research on policy issues confronting central banks and financial supervisory authorities.

European Central Bank The European Central Bank (ECB) and the national central banks together constitute the Eurosystem, the central banking system of the euro area. The main objective of the Eurosystem is to maintain price stability: safeguarding the value of the euro. The European Central Bank is responsible for the prudential supervision of credit institutions located in the euro area and participating non-euro area Member States, within the Single Supervisory Mechanism, which also comprises the national competent authorities. It contributes to the safety and soundness of the banking system and the stability of the financial system within the EU and each participating Member State.

Norges Bank Investment Management Norges Bank Investment Management (NBIM) manages the Govern- ment Pension Fund Global. The fund is invested worldwide in equities, fixed income and real estate, totalling around 7,300 billion kroner (860 billion dollars). Our mission is to safeguard and build wealth for Norway’s future generations. We aim to achieve this with an acceptable risk, as a responsible investor, and through an efficient organisation. We are operating in a gobal, highly competitive and constantly evolving market. We are more than 500 people of more than 35 nationalities, with offices in Oslo, London, New York, Singapore and Shanghai.

44th EFA Annual Meeting 77 Adolf Würth GmbH & Co. KG Würth is a family business that was founded by Adolf Würth in 1945. The Adolf Würth GmbH & Co. KG is the parent company of the globally acting Würth Group. The company is world market leader within its core business, the trade in assembly and fastening material. The product range for craft and industry comprises over 125,000 products: From screws, screw accessories and anchors to tools, chemical-technical products and personal protection equipment.

Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex disputes and regulatory investigations. The firm works with an extensive network of prominent academics and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistent high quality and effectiveness by delivering rigorous, state-of-the-art analysis for over 25 years. The firm has 700 staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley, and Washington DC.

Evonik Evonik is one of the world’s leading specialty chemicals companies. The central elements of our strategy for sustained value creation are profitable growth, efficiency and values. Around 80 percent of sales come from market-leading positions, which we are systematically expanding. We concentrate on high-growth megatrends, especially health, nutrition, resource efficiency and globalization. In 2016 Evonik’s more than 35,000 employees generated sales of €12.7 billion and an operating result (adjusted EBITDA) of €2.165 billion. Around 81 percent of sales are generated outside Germany, providing convincing evidence that our business is global.

78 44th EFA Annual Meeting ARERO – Der Weltfonds “ARERO - Der Weltfonds” is a joint project of the ARERO management team at the Chair of Banking (University of Mannheim) and Deutsche Asset Management S.A. The fund offers investors the opportunity to participate in the performance of equities, bonds and commodities through a single and well-diversified product. To replicate the performance of the asset classes, ARERO relies on well-known low-cost indices whose selection was based on the criteria of transparency, representativeness, investability and liquidity. Since its launch in 2008, ARERO has become one of Germany’s most successful Multi-Asset-In- dexfunds. As of January 2017, assets under management (AuM) are approximately 600 Mio. Euros.

Nasdaq Educational Foundation The Nasdaq Educational Foundation, Inc., was established in 1994 and is supported entirely by contributions from Nasdaq. The mission of the Nasdaq Educational Foundation, Inc. is to support programs that further the Nasdaq vision and mission of connecting business, capital and innovative ideas to advance global economies.

Chicago Quantitative Alliance

44th EFA Annual Meeting 79 Exhibitors

The EFA 2017 Annual Meeting is happy to feature the following exhibitors:

Center for Research in Security Prices CRSP bridges theory and practice with trusted data solutions. Since 1960, CRSP has provided research-quality data to scholarly researchers and advanced the body of knowledge in finance, economics and related disciplines. Today, nearly 500 leading academic institutions in 35 countries rely on CRSP data for academic research and to support classroom instructions. The CRSP Indexes are investable indexes that include cap-based, industry sector and value-growth indexes. Sixteen of these indexes serve as benchmarks for Vanguard’s US Equity Exchange Traded Funds (ETFs) and Mutual Funds. As of June 2017, over $1 trillion dollars in investor assets are linked with the CRSP Indexes.

EUROFIDAI – BEDOFIH As part of the French National Center for Scientific Research (CNRS), EUROFIDAI is a public academic institute developing daily and high frequency European financial databases for researchers. The BEDOFIH high frequency database includes trades and orders with the highest frequency (millisecond, nanosecond) and covers the most important Euro- pean financial markets from 2010 to 2016 (AMF Euronext Paris, Deutsche Boerse Xetra, London Stock Exchange, BATS / Chi-X). EUROFIDAI also provides direct online access to its daily European database, which includes data on stocks, indices, exchange rates, mutual funds and corporate events. Free trial accounts or samples are available on demand.

Palgrave Macmillan Palgrave Macmillan is a global academic publisher for scholarship, research and professional learning. We publish monographs, journals, reference works and professional titles, online and in print. With a focus on humanities and social sciences, Palgrave Macmillan offers authors and readers the very best in academic content whilst also supporting the community with innovative new formats and tools.

Springer Springer welcomes all participants of the European Finance Association Annual Meeting 2017. Visit our booth and meet our editors to discuss publishing opportunities with us. Get a special discount on the books on display and don’t forget to take free copies of our finance journals.

80 44th EFA Annual Meeting Taylor & Francis Group Routledge, an imprint of the Taylor & Francis Group, partners with researchers, scholarly societies, universities and libraries worldwide to bring knowledge to life. As one of the world’s leading publishers of scholarly journals, books, ebooks and reference works our content spans all areas of Humanities, Social Sciences, Behavioural Sciences, Science, and Technology and Medicine. From our network of offices in Oxford, New York, Philadelphia, Boca Raton, Boston, Melbourne, Singapore, Beijing, Tokyo, Stockholm, New Delhi and Johannesburg, Taylor & Francis staff provide local expertise and support to our editors, societies and authors and tailored, efficient customer service to our library colleagues.

Elsevier Elsevier is a global information analytics company that plays a critical role in the development and dissemination of scientific, technical, and medical knowledge. Elsevier is a leading publisher in the Social Scienc- es field, with 22 high-quality peer-reviewed journals that cover the entire field of Finance including Journal of Financial Economics, Journal of Financial Stability and Journal of Financial Intermediation.

Oxford University Press Oxford University Press (OUP) is the proud publisher of the Review of Finance, the official journal of the European Finance Association. OUP is a department of the University of Oxford and its publishing furthers the University objectives of excellence in scholarship, research, and education, by publishing worldwide.

Journal of Financial and Quantitative Analysis The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics in-

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS clude corporate finance, investments, capital and security markets, and cam bridge. o rg/J F QA

II! CAMBRIDGE • UNIVERSITY PRESS quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars - academics and practitioners alike.

44th EFA Annual Meeting 81 European Finance Association 45th Annual Meeting

The 45th European Finance Association CONFERENCE CHAIR Annual Meeting will take place at the Sofitel Marcin Kacperczyk hotel in Warsaw, Poland, August 22–25, 2018. Imperial College London The conference is organized with the support of Imperial College London and the More information will be Warsaw School of Economics. available at www.efameetings.org from September 2017

European Finance Association 45th EFA Annual Meeting Warsaw, Poland, August 22–25, 2018

82 44th EFA Annual Meeting Palace on the Isle at Łazienki Park, Warsaw

44th EFA Annual Meeting 83 University of Mannheim Campus Map

THE PALACE

South

Welcome Main Station Reception 500 m

Lunch – Mensa Main Courtyard Doctoral L5 Tutorial B Doctoral Workshop Bus stop – East Wing Heidelberg Cruise Tram stop Conference Venue West Wing Universität

Main Entrance Bismarckstrasse

L4 L3 L2 L1 A1 City A2 A3 A4 Tram stop Schloss

84 44th EFA Annual Meeting EAST WING – CONFERENCE VENUE GROUND FLOOR East Wing – Conference Venue GROUND FLOOR

Working Space

To Mezzanine Floor

To Mensa – Lunch Catering Elevator To buses for WC Main Entrance Heidelberg Cruise

Bismarckstrasse

44th EFA Annual Meeting 85 EAST WING – CONFERENCE VENUE MEZZANINE FLOOR East Wing – Conference Venue MEZZANINE FLOOR

Help Desk SN 163 Registration SN 169

Bismarckstrasse

86 44th EFA Annual Meeting EAST WING – CONFERENCE VENUE FIRST FLOOR East Wing – Conference Venue FIRST FLOOR

SO 108 Panel & Keynote Speech

Way to SO 108

To Mezzanine Floor Way to SO 108 Foyer

O 128/26 O 151 O 148 O 145 O 142 O 138 O 135 O 133 O 131 O 129 Working Exhibitors Space

Elevator WC Catering Vegetarian and Allergies

Bismarckstrasse

44th EFA Annual Meeting 87 Event Partners