2019 Sfs Cavalcade North America Conference Program Overview

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MAY 20-23, 2019 PENNSYLVANIAPITTSBURGH, HOSTED BY TEPPER SCHOOL OF BUSINESS AT CARNEGIE MELLON UNIVERSITY CONFERENCE AMERICA NORTH 2019 SFS CAVALCADE Lars Kuehn, Carnegie Mellon University Mellon Carnegie Kuehn, Lars University Mellon Carnegie Spatt, Chester University Mellon Carnegie Hollifield, Burton University Mellon Carnegie Christy, Rosanne Studies Financial for Society Einstein, Jaclyn CONFERENCE ORGANIZERS Pennsylvania of University Editor, Goldstein, Itay Executive Studies Financial of Review The Editor, Ellul, University Indiana Andrew Executive Studies Finance Corporate of Review The College Boston Pontiff, Editor, Jeffrey Executive Studies Pricing Asset of Review The FOR FINANCIAL STUDIES THE SOCIETY Business and Economics of Zechner, University Josef Vienna SFS ADVISORY CHAIR Berkeley California, of Ulrike Malmendier, University ASSOCIATE CHAIR University Stanford Piazzesi, Monika VICE CHAIR Technology of Institute Schoar, Massachusetts Antoinette CHAIR CONFERENCE CHAIRS

2019 SFS CAVALCADE NORTH AMERICA CONFERENCE PROGRAM OVERVIEW

MONDAY, MAY 20, 2019 TUESDAY, MAY 21, 2019

8:00 AM – 8:45 AM REGISTRATION / CONTINENTAL BREAKFAST PNC Foundation Rooms 2001/2002/2003

8:45 AM – 12:00 PM AM PARALLEL SESSIONS 2110 Securitization and Secondary Loan Markets 2111 Entrepreneurship and Innovation 2112 Household Finance Savings and Consumption 2118 Equilibrium Models of Asset Prices 2119 Factor Models for Stock Returns 2202 Market Microstructure I 2610 Uninformed Shareholders, Informed Managers 2611 The Influence of Rating, Standards, and Indices on Investment and Financing 2612 Capital Structure Decisions and Asset Price Implications

12:00 PM – 1:20 PM LUNCH / SFS ANNUAL MEETING SFS Annual Meeting Simmons Auditorium, Tepper School of Business

1:30 PM – 3:35 PM PM PARALLEL SESSIONS 2110 Securitization and Secondary Loan Markets 2111 Entrepreneurship and Innovation 2112 Household Finance Savings and Consumption 2118 Equilibrium Models of Asset Prices 2119 Factor Models for Stock Returns 2202 Market Microstructure I 2610 Uninformed Shareholders, Informed Managers 2611 The Influence of Rating, Standards, and Indices on Investment and Financing 2612 Capital Structure Decisions and Asset Price Implications

3:45 PM – 4:30 PM RAPS KEYNOTE Maureen O’Hara, Cornell University Simmons Auditorium, Tepper School of Business

6:00 PM – 8:00 PM WELCOME RECEPTION 6:00 PM – 8:00 PM AWARDS RECEPTION Simmons Auditorium Carnegie Museum of Pittsburgh Tepper School of Business

2 WEDNESDAY, MAY 22, 2019 THURSDAY, MAY 23, 2019

8:00 AM – 8:45 AM REGISTRATION / CONTINENTAL BREAKFAST 8:00 AM – 8:45 AM REGISTRATION / CONTINENTAL BREAKFAST PNC Foundation Rooms 2001/2002/2003 PNC Foundation Rooms 2001/2002/2003

8:45 AM – 12:00 PM AM PARALLEL SESSIONS 8:45 AM – 12:00 PM AM PARALLEL SESSIONS 2110 Bank Regulation 2110 Policy Transmission in Credit Markets 2111 Household Credit 2111 Mortgages 2112 Investment Skill and Profits 2112 Global Credit Flows 2118 Financial Distress and Default Risk 2118 Fixed Income 2119 Security Issues, Shareholder Votes, and Price Movements 2119 Interest Rates and Defaults PROGRAM OVERVIEW 2202 Non-standard Belief Formation and Investment 2202 Microeconomics of Bank Lending 2610 International Macro-Finance 2610 Politics, Media, and the Stock Market 2611 Market Microstructure II 2611 Mergers and Acquisitions: The Role of Management, 2612 Firm Investment and Asset Pricing Bargaining Position, and Regulation 2612 Financial Constraints and Financial Flexibility

12:00 PM – 1:20 PM LUNCH / KEYNOTE 12:00 PM – 1:20 PM LUNCH Monika Piazzesi, Stanford University Simmons Auditorium Simmons Auditorium, Tepper School of Business Tepper School of Business Lunch Sponsored by: IEX Group, Inc. Lunch Sponsored by: PNC Center for Financial Services Innovation and Master of Science in Computational Finance (MSCF) Program at Carnegie Mellon University

1:30 PM – 3:35 PM PM PARALLEL SESSIONS 1:30 PM – 3:35 PM PM PARALLEL SESSIONS 2110 Bank Regulation 2110 Policy Transmission in Credit Markets 2111 Household Credit 2111 Mortgages 2112 Investment Skill and Profits 2112 Global Credit Flows 2118 Financial Distress and Default Risk 2118 Fixed Income 2119 Security Issues, Shareholder Votes, and Price Movements 2119 Interest Rates and Defaults 2202 Non-standard Belief Formation and Investment 2202 Microeconomics of Bank Lending 2610 International Macro-Finance 2610 Politics, Media, and the Stock Market 2611 Market Microstructure II 2611 Mergers and Acquisitions: The Role of Management, 2612 Firm Investment and Asset Pricing Bargaining Position, and Regulation 2612 Financial Constraints and Financial Flexibility

3:45 PM – 4:30 PM RCFS KEYNOTE CONFERENCE CONCLUDES Antoinette Schoar, Massachusetts Institute of Technology Simmons Auditorium, Tepper School of Business

3 TUESDAY MORNING SESSIONS

SESSION 1 | ROOM 2110 SESSION 2 | ROOM 2111 SESSION 3 | ROOM 2112 SESSION 4 | ROOM 2118 SESSION 5 | ROOM 2119 SECURITIZATION AND ENTREPRENEURSHIP HOUSEHOLD FINANCE SAVINGS EQUILIBRIUM MODELS FACTOR MODELS SECONDARY LOAN MARKETS AND INNOVATION AND CONSUMPTION OF ASSET PRICES FOR STOCK RETURNS CHAIR: ISIL EREL, CHAIR: PAIGE OUIMET, CHAIR: JONATHAN REUTER, CHAIR: JOAO GOMES, CHAIR: SVETLANA BRYZGALOVA, Ohio State University University of North Carolina, Boston College University of Pennsylvania London Business School Chapel Hill

THE PRICE OF SAFETY: THE WOMEN’S INHERITANCE CAN RISK BE SHARED ACROSS SHIFTS IN SECTORAL WEALTH FACTORS THAT FIT THE TIME EVOLUTION OF INSURANCE RIGHTS AND INVESTOR COHORTS? SHARES AND RISK PREMIA: SERIES AND CROSS-SECTION VALUE IN MUNICIPAL MARKETS ENTREPRENEURSHIP EVIDENCE FROM A POPULAR WHAT EXPLAINS THEM? OF STOCK RETURNS GENDER GAP SAVINGS PRODUCT JOHN HUND, COLIN WARD, MARTIN LETTAU, University of Georgia S. LAKSHMI NAARAAYANAN, VICTOR LYONNET, University of Minnesota Stanford University Hong Kong University Ohio State University GIANG NGUYEN, RAVI BANSAL, MARKUS PELGER, of Science & Technology Pennsylvania State University JOHAN HOMBERT, Duke University Stanford University HEC Paris KIMBERLY CORNAGGIA, AMIR YARON, Pennsylvania State University University of Pennsylvania

8:45 – 9:40 AM – 9:40 8:45

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DANIEL BERGSTRESSER, CAMILLE HEBERT, BORIS VALLEE, MATTHIEU GOMEZ, YINAN SU, Brandeis University Tilburg University Harvard Business School Columbia University Johns Hopkins University

LIQUIDITY AND SHOCKS AND TECHNOLOGY UNINTENDED CONSEQUENCES THE LEADING PREMIUM THOUSANDS OF ALPHA TESTS SECURITIZATION ADOPTION: EVIDENCE OF UNEMPLOYMENT MARIANO MASSIMILIANO STEFANO GIGLIO, FROM ELECTRONIC INSURANCE BENEFITS: YUNZHI HU, CROCE, Yale University PAYMENT SYSTEMS THE ROLE OF BANKS University of North Carolina, Bocconi University YUAN LIAO, Chapel Hill NICOLAS CROUZET, YAVUZ ARSLAN, TATYANA MARCHUK, Rutgers University Northwestern University Bank for International DOUGLAS DIAMOND, BI Norwegian Business School Settlements DACHENG XIU, University of Chicago APOORV GUPTA, at Oslo University of Chicago Northwestern University AHMET DEGERLI, RAGHURAM RAJAN, CHRISTIAN SCHLAG, Duke University University of Chicago FILIPPO MEZZANOTTI, Goethe University Frankfurt

Northwestern University GAZI KABAS,

9:55 – 10:50 AM – 10:50 9:55 University of Zurich

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: YE LI, CONSTANTINE YANNELIS, LEMING LIN, ERIK LOUALICHE, AMIT GOYAL, Ohio State University University of Chicago University of Pittsburgh University of Minnesota University of Lausanne

ILLIQUIDITY SPIRALS IN EXPLORATION OR THE CONSUMPTION RESPONSE CONSUMPTION IN RISK PRICE VARIATION: COUPLED OVER-THE-COUNTER EXPLOITATION? HEDGE TO REALIZED CAPITAL GAINS: ASSET RETURNS THE MISSING HALF OF EVIDENCE FROM MUTUAL THE CROSS-SECTION MARKETS FUNDS IN VENTURE CAPITAL SVETLANA BRYZGALOVA, FUND LIQUIDATIONS OF EXPECTED RETURNS CHRISTOPH AYMANNS, GEORGE ARAGON, London Business School University of St. Gallen Arizona State University STEFFEN MEYER, ANDREW PATTON, CHRISTIAN JULLIARD, University of Southern Denmark Duke University CO-PIERRE GEORG, EMMA LI, London School of Economics Deutsche Bundesbank Deakin University MICHAELA PAGEL, BRIAN WELLER,

Columbia Business School Duke University BENJAMIN GOLUB, LAURA LINDSEY, Harvard University Arizona State University ALESSANDRO PREVITERO, Indiana University

11:05 AM – 12:00 PM 11:05 DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: JIALAN WANG, DANA KIKU, DISCUSSANT: DAN LI, SONG MA, University of Illinois, University of Illinois, SHRIHARI SANTOSH, Federal Reserve Board Yale University Urbana-Champaign Urbana-Champaign University of Maryland

4 12:00 – 1:20 PM TUES LUNCH: SFS Annual Meeting (Simmons Auditorium, Tepper School of Business) TUESDAY MAY 21, 2019

SESSION 6 | ROOM 2202 SESSION 7 | ROOM 2610 SESSION 8 | ROOM 2611 SESSION 9 | ROOM 2612 MARKET MICROSTRUCTURE I UNINFORMED SHAREHOLDERS, THE INFLUENCE OF RATING, CAPITAL STRUCTURE DECISIONS INFORMED MANAGERS STANDARDS, AND INDICES ON AND ASSET PRICE IMPLICATIONS CHAIR: DUANE SEPPI, INVESTMENT AND FINANCING Carnegie Mellon University CHAIR: BRENT GLOVER, CHAIR: LUKAS SCHMID, Carnegie Mellon University CHAIR: JAMES WESTON, Duke University Rice University

INFORMATION ACQUISITION AND THE COSTS AND BENEFITS OF MODELS OR STARS: THE ROLE PROACTIVE CAPITAL STRUCTURE LIQUIDITY TRAPS IN OVER-THE- SHAREHOLDER DEMOCRACY OF ASSET PRICING MODELS ADJUSTMENTS: EVIDENCE FROM COUNTER MARKETS AND HEURISTICS IN INVESTOR CORPORATE FILINGS NICKOLAY GANTCHEV, RISK ADJUSTMENT JUNYUAN ZOU, Southern Methodist University ARTHUR KORTEWEG, University of Pennsylvania RICHARD EVANS, University of Southern California MARIASSUNTA GIANNETTI, University of Virginia Stockholm School of Economics MICHAEL SCHWERT, YANG SUN, University of Pennsylvania Brandeis University ILYA STREBULAEV,

Stanford University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: JÉRÔME DUGAST, MATTHEW DENES, KEVIN CROTTY, MARK LEARY, Université Paris-Dauphine Carnegie Mellon University Rice University Washington University in St. Louis

INFORMATION CASCADES AND EXECUTIVE MOBILITY IN THE INDEX INVESTING AND ASSET EQUITY ISSUANCE METHODS THRESHOLD IMPLEMENTATION UNITED STATES, 1920 TO 2011 PRICING UNDER INFORMATION AND DILUTION ASYMMETRY AND WILL CONG, JOHN GRAHAM, MIKE BURKART, AMBIGUITY AVERSION PROGRAM | CONFERENCE 21 MAY University of Chicago Duke University London School of Economics DAVID HIRSHLEIFER, YIZHOU XIAO, DAWOON KIM, HONGDA ZHONG, University of California, Irvine Chinese University of Hong Kong Cornell University London School of Economics CHONG HUANG, HYUNSEOB KIM, University of California, Irvine Cornell University SIEW HONG TEOH, University of California, Irvine

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DEEKSHA GUPTA, JORDAN NICKERSON, CHEN WANG, ANDREY MALENKO, Carnegie Mellon University Boston College Yale University Massachusetts Institute of Technology

THE PRICE EFFECTS OF LIQUIDITY INSIDE INSIDER TRADING WHAT’S IN A DEBT? RATING THE TORTOISE AND THE SNAIL: SHOCKS: A STUDY OF SEC’S AGENCY METHODOLOGIES RECONCILING THE EVIDENCE ON MARCIN KACPERCZYK, TICK-SIZE EXPERIMENT AND FIRMS’ FINANCING AND CAPITAL STRUCTURE STABILITY Imperial College Business School INVESTMENT DECISIONS RUI ALBUQUERQUE, EMILIANO S. PAGNOTTA, Boston College CESARE FRACASSI, FILIPPO IPPOLITO, Imperial College Business School University of Texas, Austin Pompeu Fabra University SHIYUN SONG, University of Warwick GREGORY WEITZNER, ROBERTO STERI, University of Texas, Austin HEC Lausanne CHEN YAO, Chinese University of Hong Kong STEFANO SACCHETTO, IESE Business School

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: GIDEON SAAR SLAVA FOS, JOHN HUND, TONI WHITED, Cornell University Boston College University of Georgia University of Michigan

5 TUESDAY AFTERNOON SESSIONS

DO RATING AGENCIES IMPACT OF VENTURE CAPITAL OUT OF SIGHT NO MORE? DEMAND DISAGREEMENT CONDITIONAL DYNAMICS DESERVE SOME CREDIT? FLOWS ON INCUMBENT FIRMS: THE EFFECT OF FEE AND THE MULTI-HORIZON CHRISTIAN HEYERDAHL-LARSEN, EVIDENCE FROM TRANSITORY EVIDENCE FROM 70 MILLION DISCLOSURES ON 401(K) RISK-RETURN TRADE-OFF Indiana University SHOCKS TO CREDIT RISK WORKERS INVESTMENT ALLOCATIONS MIKHAIL CHERNOV, PHILIPP ILLEDITSCH, JUNG LEE, LINGHANG ZENG, MATHIAS KRONLUND, University of California, Carnegie Mellon University Tulane University Georgia Institute of Technology University of Illinois, Los Angeles Urbana-Champaign OLEG GREDIL, LARS LOCHSTOER, Tulane University VERONIKA POOL, University of California, Indiana University Los Angeles NISHAD KAPADIA, Tulane University CLEMENS SIALM, STIG LUNDEBY, University of Texas, Austin Norwegian School of Economics 1:30 – 2:25 PM – 2:25 1:30 IRINA STEFANESCU, Board of Governors of the Federal Reserve System DISCUSSANT: DISCUSSANT: DISCUSSANT: XINXIN WANG, DISCUSSANT: EMILIO OSAMBELA, DISCUSSANT: RYAN ISRAELSON, University of North Carolina, YANG SUN, Board of Governors of the STANLEY ZIN, Michigan State University Chapel Hill Brandeis University Federal Reserve System New York University

LOAN SYNDICATION HOW ALTERNATIVE ARE TACTICAL TARGET DATE FUNDS TIME-VARYING RISK PREMIUM q⁵ STRUCTURES AND PRIVATE MARKETS? AND UNEMPLOYMENT RISK FRANCISCO GOMES, KEWEI HOU, PRICE COLLUSION ACROSS AGE GROUPS WILL GOETZMANN, London Business School Ohio State University JIAN CAI, Yale University INDRAJIT MITRA ALEX MICHAELIDES, HAITAO MO, Washington University University of Michigan ELISE GOURIER, Imperial College London Louisiana State University FREDERIK EIDAM, ESSEC YU XU YUXIN ZHANG, CHEN XUE, Centre for European University of Hong Kong LUDOVIC PHALIPPOU, Renmin University of China University of Cincinnati Economic Research Oxford University LU ZHANG, ANTHONY SAUNDERS, Ohio State University New York University YANNIK SCHNEIDER, University of Mannheim 2:40 – 3:35 PM – 3:35 2:40 SASCHA STEFFEN, Frankfurt School of Finance and Management

DISCUSSANT: DISCUSSANT: JENNIFER DLUGOSZ, DISCUSSANT: DISCUSSANT: STAVROS PANAGEAS, DISCUSSANT: Washington University BERK SENSOY, ANTHONY LYNCH, University of California, SHRIHARI SANTOSH, in St. Louis Vanderbilt University New York University Los Angeles University of Maryland

6 3:45 – 4:30 PM RAPS Keynote: Maureen O’Hara, Cornell University (Simmons Auditorium, Tepper School of Business) TUESDAY MAY 21, 2019

IS EQUITY MARKET EXCHANGE DOES COMMON OWNERSHIP REALLY GLOBAL SUPPLY-CHAIN THE MATURITY PREMIUM STRUCTURE ANTI-COMPETITIVE? INCREASE FIRM COORDINATION? NETWORKS AND CORPORATE MARIA CHADERINA, SOCIAL RESPONSIBILITY CHESTER SPATT, KATHARINA LEWELLEN, WU Vienna University of Economics Carnegie Mellon University Dartmouth University CHRISTOPH SCHILLER, and Business University of Toronto MICHELLE LOWRY, PATRICK WEISS, Drexel University Vienna Graduate School of Finance

JOSEF ZECHNER,

WU Vienna University of Economics

and Business

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: JAEWON CHOI, JOEL HASBROUCK TODD GORMLEY, JUAN (JULIE) WU, University of Illinois, New York University Washington University in St. Louis University of Nebraska–Lincoln Urbana-Champaign MAY 21 | CONFERENCE PROGRAM | CONFERENCE 21 MAY THE EFFECTS OF TRANSPARENCY AGENCY IN INTANGIBLES THE DUAL IMPACT OF INSTITUTIONAL THE IMPORTANCE OF SOVEREIGN ON TRADING PROFITS AND PRICE OWNERSHIP AS CORPORATE REFERENCE RATES FOR CORPORATE COLIN WARD, INFORMATIVENESS: EVIDENCE GOVERNANCE AND SHAREHOLDER DEBT ISSUANCE: MIND THE GAP University of Minnesota FROM CORPORATE BONDS ADVANTAGE ON STRATEGIC DEFAULT SJOERD VAN BEKKUM, MICHAEL SCHWERT, SHUMI AKHTAR, Erasmus University University of Pennsylvania University of Sydney BRUCE GRUNDY, RYAN LEWIS, KOSE JOHN, University of Melbourne University of Colorado at Boulder New York University PATRICK VERWIJMEREN, YE YE, Erasmus University University of Sydney

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: GIANG NGUYEN MINDY XIAOLAN, KARIN S. THORBURN, ANDREA GAMBA, Pennsylvania State University University of Texas, Austin Norwegian School of Economics University of Warwick

7 WEDNESDAY MORNING SESSIONS

SESSION 1 | ROOM 2110 SESSION 2 | ROOM 2111 SESSION 3 | ROOM 2112 SESSION 4 | ROOM 2118 SESSION 5 | ROOM 2119 BANK REGULATION HOUSEHOLD CREDIT INVESTMENT SKILL FINANCIAL DISTRESS SECURITY ISSUES, AND PROFITS AND DEFAULT RISK SHAREHOLDER VOTES, CHAIR: JAMES VICKERY, CHAIR: TARUN RAMADORAI, AND PRICE MOVEMENTS Federal Reserve Bank Imperial College London CHAIR: MICHELA VERARDO, CHAIR: AYDOGAN ALTI, of New York London School of Economics University of Texas, Austin CHAIR: THOMAS CHEMMANUR, Boston College

FREEZE! FINANCIAL SANCTIONS THE CONSEQUENCES OF WHAT DO MUTUAL FUND A UNIFIED MODEL OF AUDITING AND BLOCKCHAINS: AND BANK RESPONSES STUDENT LOAN CREDIT MANAGERS’ PRIVATE DISTRESS RISK PUZZLES PRICING, MISSTATEMENTS, EXPANSIONS: EVIDENCE PORTFOLIOS TELL US ABOUT AND REGULATION MATTHIAS EFING, ILYA STREBULAEV, FROM THREE DECADES THEIR SKILLS? HEC Paris Stanford University SEAN CAO, OF DEFAULT CYCLES MARKUS FELIX IBERT, Georgia State University STEFAN GOLDBACH, ZHIYAO CHEN, ADAM LOONEY, Federal Reserve Board Deutsche Bundesbank CUHK Business School LIN WILLIAM CONG, Brookings Institution of Governors University of Chicago VOLKER NITSCH, DIRK HACKBARTH, CONSTANTINE YANNELIS, Technische Universität Boston University BAOZHONG YANG, University of Chicago Darmstadt Georgia State University 8:45 – 9:40 AM – 9:40 8:45 DISCUSSANT: DISCUSSANT: DISCUSSANT: EMIL VERNER, DISCUSSANT: YASSER BOUALAM, DISCUSSANT: FRIEDERIKE NIEPMANN, Massachusetts Institute KEVIN MULLALLY, University of North Carolina, FAHAD SALEH, Federal Reserve Board of Technology University of Alabama Chapel Hill McGill University

NONBANK LENDING FRIENDS WITH BANKRUPTCY WHAT DO MUTUAL SIMULTANEOUS DEBT-EQUITY CROWDFUNDING, INITIAL PROTECTION BENEFITS FUND INVESTORS HOLDINGS AND COIN OFFERINGS, AND SERGEY CHERNENKO, REALLY CARE ABOUT? THE RESOLUTION OF CONSUMER SURPLUS Purdue University KRISTOPH KLEINER, FINANCIAL DISTRESS Cornell University ITZHAK BEN-DAVID, MINA LEE, ISIL EREL, Ohio State University YONGQIANG CHU, Washington University, St Louis NOAH STOFFMAN, Ohio State University University of North Carolina, Cornell University JIACUI LI, CHRISTINE PARLOUR, Charlotte ROBERT PRILMEIER, Stanford University University of California, Berkeley SCOTT YONKER, Tulane University HA DIEP NGUYEN, Cornell University ANDREA ROSSI, Indiana University University of Arizona JUN WANG, YANG SONG, University of Western Ontario University of Washington WEI WANG,

9:55 – 10:50 AM – 10:50 9:55 Queen’s University WENYU WANG, University of North Carolina, Charlotte DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: ONUR BAYAR, DANIEL GREEN, PAUL GOLDSMITH-PINKHAM, DENIZ YAVUZ, BEN IVERSON, University of Texas, Harvard Business School Yale University Purdue University Brigham Young University San Antonio

THE DECLINE OF THE CAPITALIZATION OF LEARNING FROM NOISE? REFLEXIVITY IN LIQUIDITY VALUE AND TOO BIG TO FAIL CONSUMER FINANCING INTO PRICE AND LIQUIDITY CREDIT MARKETS IPO UNDERPRICING DURABLE GOODS PRICES SPILLOVERS AROUND ANTJE BERNDT, ROBIN GREENWOOD, WEI GAO, MUTUAL FUND FIRE SALES Australian National University BRONSON ARGYLE, Harvard Business School Temple University Brigham Young University DANIEL SCHMIDT, SAMUEL HANSON, YUANZHI LI, DARRELL DUFFIE, HEC Paris Stanford University TAYLOR NADAULD, Harvard Business School Temple University Brigham Young University PEKKA HONKANEN, LAWRENCE JIN, HONGDA ZHONG, YICHAO ZHU, HEC Paris Australian National University CHRISTOPHER PALMER, California Institute of Technology London School of Economics Massachusetts Institute of Technology RYAN PRATT, 11:05 AM – 12:00 PM 11:05 Brigham Young University DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: ADRIEN D’AVERNAS, CHRISTOPHER HANSMAN, SHRIHARI SANTOSH, CHRISTIAN OPP, THOMAS CHEMMANUR, Stockholm School of Economics Imperial College London University of Maryland University of Pennsylvania Boston College

8 12:00 – 1:20 PM WED LUNCH: Keynote Speaker Monika Piazzesi, Stanford University (Simmons Auditorium, Tepper School of Business) WEDNESDAY MAY 22, 2019

SESSION 6 | ROOM 2202 SESSION 7 | ROOM 2610 SESSION 8 | ROOM 2611 SESSION 9 | ROOM 2612 NON-STANDARD BELIEF INTERNATIONAL MACRO-FINANCE MARKET MICROSTRUCTURE II FIRM INVESTMENT FORMATION AND INVESTMENT AND ASSET PRICING CHAIR: CHRISTOPHER TELMER, CHAIR: CHESTER SPATT, CHAIR: MARIANNE ANDRIES, Carnegie Mellon University Carnegie Mellon University CHAIR: LARS KUEHN, Toulouse School of Economics Carnegie Mellon University

EXTRAPOLATIVE BELIEFS IN THE DOLLAR EXCHANGE RATE AS A CONTRACTING FOR FINANCIAL SIZE PREMIUM WAVES CROSS-SECTION: WHAT CAN WE CREDIT SUPPLY CHANNEL: EVIDENCE EXECUTION BERNARD HERSKOVIC, LEARN FROM THE CROWDS? FROM FIRM-LEVEL EXPORTS MARKUS BALDAUF, University of California, Los Angeles ZHI DA, VALENTINA BRUNO, University of British Columbia THILO KIND, University of Notre Dame American University CHRISTOPH FREI, London Business School XING HUANG, HYUN SONG SHIN, University of Alberta HOWARD KUNG, Washington University in St. Louis Bank for International Settlements JOSHUA MOLLNER, London Business School LAWRENCE JIN, Northwestern University California Institute of Technology

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: STEPHEN KAROLYI, SIMONE LENZU, LAWRENCE HARRIS, DAVID SCHREINDORFER, Carnegie Mellon University New York University University of Southern California Arizona State University

INVESTING WITH FAST THINKING INTERNATIONAL YIELD CURVES WHO PROVIDES LIQUIDITY, RISK-ADJUSTED CAPITAL AND CURRENCY PUZZLES AND WHEN? ALLOCATION AND MISALLOCATION LI LIAO, Tsinghua University MIKHAIL CHERNOV, SIDA LI, JOEL DAVID, University of California, Los Angeles University of Illinois, University of Southern California ZHENGWEI WANG,

Urbana-Champaign PROGRAM | CONFERENCE 22 MAY Tsinghua University DREW CREAL, LUKAS SCHMID, University of Notre Dame XIN WANG, Duke University JIA XIANG, Nanyang Technological University Tsinghua University DAVID ZEKE, MAO YE, University of Southern California HONGJUN YAN, National Bureau of Economic Research DePaul University JUN YANG, Indiana University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: STEFFEN MEYER, FEDERICO GAVAZZONI, LAWRENCE GLOSTEN, GIAN LUCA CLEMENTI, Hannover Center of Finance INSEAD Columbia University New York University

BELIEF POLARIZATION SONOMA: A SMALL OPEN ECONOMY THE COORDINATION OF DEBT OVERHANG AND INVESTMENT: AND INVESTMENT FOR MACROFINANCE INTERMEDIATION THE CASE OF GOLD CLAUSES IN THE 1930S LORENZO GARLAPPI, MARIANO CROCE, MING YANG, University of British Columbia Bocconi University Duke University JOAO GOMES, University of Pennsylvania RON GIAMMARINO, MOHAMMAD JAHAN-PARVAR, YAO ZENG, University of British Columbia Federal Reserve Board of Governors University of Washington METE KILIC, University of Southern California ALI LAZRAK, SAMUEL ROSEN, University of British Columbia Temple University SEBASTIEN PLANTE, University of Wisconsin-Madison

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: SAVITAR SUNDARESAN, ROBERT RICHMOND, BATCHIMEG SAMBALAIBAT, JESSIE JIAXU WANG, Imperial College London New York University Indiana University Arizona State University

WED LUNCH SPONSORED BY: IEX GROUP, INC 9 WEDNESDAY AFTERNOON SESSIONS

CENTRAL BANK–DRIVEN DO CONSUMERS STRIKE SKIN OR SKIM? INSIDE DO MINIMUM WAGE WHEN SHAREHOLDERS MISPRICING BAD DEALS WITH DEBT INVESTMENT AND HEDGE INCREASES CAUSE FINANCIAL DISAGREE: TRADING AFTER COLLECTORS? EVIDENCE FROM FUND PERFORMANCE STRESS TO SMALL BUSINESSES? SHAREHOLDER MEETINGS LORIANA PELIZZON, OUT-OF-COURT SETTLEMENTS EVIDENCE FROM 15 MILLION Goethe University Frankfurt ARPIT GUPTA, SOPHIA LI, ESTABLISHMENTS ING-HAW CHENG, New York University Rutgers University MARTI SUBRAHMANYAM, Dartmouth College MANPREET SINGH, KUNAL SACHDEVA, ERNST MAUG, New York University Georgia Institute of Technology FELIPE SEVERINO, Rice University University of Mannheim DAVIDE TOMIO, Dartmouth College SUDHEER CHAVA, MIRIAM SCHWARTZ-ZIV, University of Virginia Georgia Institute of Technology RICHARD TOWNSEND, Michigan State University JUN UNO, University of California, ALEX OETTL,

1:30 – 2:25 PM – 2:25 1:30 Waseda University San Diego Georgia Institute of Technology

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: ELENA SIMINTZI, DISCUSSANT: STEFANIA D’AMICO, JULIA FONSECA, SUMUDU WATUGALA, University of North Carolina, SLAVA FOS, Federal Reserve Bank of Chicago Princeton University Cornell University Chapel Hill Boston College

REGULATORY SCRUTINY AND STUDENT DEBT RELIEF THE DEMOCRATIZATION OF VOLUNTARY DISCLOSURE, INITIAL COIN OFFERINGS AND BANK CREDIT SUPPLY INVESTMENT RESEARCH: MORAL HAZARD, AND PLATFORM BUILDING MARCO DI MAGGIO, IMPLICATIONS FOR RETAIL DEFAULT RISK IVAN IVANOV, Harvard Business School JIASUN LI, INVESTOR PROFITABILITY Federal Reserve Board SHIMING FU, George Mason University ANKIT KALDA, AND FIRM LIQUIDITY Shanghai University of JAMES WANG, Indiana University WILLIAM MANN, MICHAEL FARRELL, Finance and Economics Federal Reserve Board University of California, VINCENT YAO, University of Kentucky GUILIO TRIGILIA, Los Angeles Georgia State University T. CLIFTON GREEN, University of Rochester Emory University RUSSELL JAME, University of Kentucky

2:40 – 3:35 PM – 3:35 2:40 STANIMIR MARKOV, University of Texas, Dallas

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: RUSTOM IRANI, JIALAN WANG, ALEXANDER CHINCO, DISCUSSANT: ANDREAS PARK, University of Illinois, University of Illinois, University of Illinois, MARTIN SZYDLOWSKI, University of Toronto Urbana-Champaign Urbana-Champaign Urbana-Champaign University of Minnesota Mississauga

10 3:45 – 4:30 PM RCFS Keynote: Antoinette Schoar, Massachusetts Institute of Technology (Simmons Auditorium, Tepper School of Business) WEDNESDAY MAY 22, 2019

SOPHISTICATED INATTENTION THE GEOGRAPHY OF INFORMATION INVENTORY MANAGEMENT, HOW RISKY IS THE U.S. CORPORATE AND INVESTOR UNDERREACTION ACQUISITION DEALERS’ CONNECTIONS, AND SECTOR? PRICES IN OTC MARKETS JIACUI LI, HONGHUI CHEN, TETIANA DAVYDIUK, Stanford University University of Central Florida JEAN EDOUARD COLLIARD, Carnegie Mellon University HEC Paris YUANYU QU, SCOTT RICHARD, University of International Business THIERRY FOUCAULT, University of Pennsylvania and Economics HEC Paris IVAN SHALIASTOVICH, TAO SHEN, PETER HOFFMANN, University of Wisconsin-Madison Tsinghua University European Central Bank AMIR YARON, QINGHAI WANG, University of Pennsylvania University of Central Florida

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: EBEN LAZARUS, STEPHEN KAROLYI, BURTON HOLLIFIELD, HARJOAT BHAMRA, Massachusetts Institute of Technology Carnegie Mellon University Carnegie Mellon University Imperial College London

REVEALED HEURISTICS: US FISCAL CYCLE AND THE DOLLAR FINANCIAL INTERMEDIATION, THE ORIGINS AND EFFECTS OF EVIDENCE FROM INVESTMENT SECURITIES LENDING, MACROECONOMIC UNCERTAINTY ZHENGYANG JIANG, CONSULTANTS’ SEARCH BEHAVIOR AND INFORMATION Northwestern University FRANCESCO BIANCHI, PROGRAM | CONFERENCE 22 MAY SUDHEER CHAVA, ALBERTO MANCONI, Duke University

Georgia Institute of Technology Bocconi University HOWARD KUNG, SOOHUN KIM, MASSIMO MASSA, London Business School Georgia Institute of Technology INSEAD MIKHAIL TIRSKIKH, DANIEL WEAGLEY, London Business School Georgia Institute of Technolog

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: CAMERON PENG, NIKOLAI ROUSSANOV, AMY EDWARDS, IAN DEW-BECKER, London School of Economics University of Pennsylvania Securities and Exchange Commission Northwestern University

11 THURSDAY MORNING SESSIONS

SESSION 1 | ROOM 2110 SESSION 2 | ROOM 2111 SESSION 3 | ROOM 2112 SESSION 4 | ROOM 2118 SESSION 5 | ROOM 2119 POLICY TRANSMISSION MORTGAGES GLOBAL CREDIT FLOWS FIXED INCOME INTEREST RATES AND DEFAULTS IN CREDIT MARKETS CHAIR: MANUEL ADELINO, CHAIR: MATT PLOSSER, CHAIR: HUI CHEN, CHAIR: MIKHAIL CHERNOV, CHAIR: WILLIAM MULLINS, Duke University Federal Reserve Bank Massachusetts Institute University of California, University of California, of New York of Technology Los Angeles San Diego

HANDLING SPILLOVER EFFECTS MORTGAGE DESIGN AND SLOW GLOBAL INVESTORS, FLOATING RATE MONEY? PLEDGEABILITY AND ASSET PRICES: IN EMPIRICAL RESEARCH: AN RECOVERIES. THE ROLE OF THE DOLLAR, AND THE PRICE-STABILITY EVIDENCE FROM THE CHINESE APPLICATION USING CREDIT RECOURSE AND DEFAULT U.S. CREDIT CONDITIONS PREMIUM IN TREASURY CORPORATE BOND MARKETS SUPPLY SHOCKS FLOATING RATE NOTES PEDRO GETE, FRIEDERIKE NIEPMANN, HUI CHEN, TOBIAS BERG, IE Business School Federal Reserve Board MATTHIAS FLECKENSTEIN, Massachusetts Institute Frankfurt School of University of Delaware of Technology FRANCO ZECCHETTO, TIM SCHMIDT-EISENLOHR, Finance & Management ZHUO CHEN, Federal Reserve Board FRANCIS A. LONGSTAFF, ITAM Instituto Tecnológico Tsinghua University University of California, DANIEL STREITZ, Autónomo de México ZHIGUO HE, Los Angeles Copenhagen Business School University of Chicago JINYU LIU, University of International 8:45 – 9:40 AM – 9:40 8:45 Business & Economics RENGMING XIE, DISCUSSANT: CITIC Securities DISCUSSANT: DISCUSSANT: RUSTOM IRANI, DISCUSSANT: DISCUSSANT: PAUL GOLDSMITH-PINKHAM, DAVID RAPPOPORT, University of Illinois, SCOTT JOSLIN, JENNIE BAI, Yale University Federal Reserve Bank Urbana-Champaign University of Southern California Georgetown University

CREDIT SUPPLY SHOCKS AND “WE’LL ALWAYS HAVE PARIS”: GOVERNMENT CREDIT CORPORATE BOND DISASTROUS DEFAULTS HUMAN CAPITAL: EVIDENCE OUT-OF-COUNTRY BUYERS IN AND TRADE WAR ILLIQUIDITY: EVIDENCE FROM CHRISTIAN GOURIEROUX FROM A CHANGE IN THE HOUSING MARKET GOVERNMENT GUARANTEES HONG RU, University of Toronto ACCOUNTING NORMS DRAGANA CVIJANOVIC, Nanyang Technological University LUBOMIR PETRASEK, ALAIN MONFORT, CLAIRE CELERIER, University of North Carolina, Federal Reserve Board NING CAI, Banque de France University of Toronto Chapel Hill China Development Bank KURT LEWIS, SARAH MOUABBI, ANDRADA BILAN, CHRISTOPHE SPAENJERS, JINLU FENG, Federal Reserve Board Banque de France University of Zurich HEC Paris China Development Bank YONG LIU, JEAN-PAUL RENNE,

China Development Bank HEC Lausanne ENDONG YANG, 9:55 – 10:50 AM – 10:50 9:55 Nanyang Technological University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: JULIA FONSECA, FELIPE SEVERINO, JULIEN SAUVAGNAT, JENS DICK-NIELSEN, LARS KUEHN, Princeton University Dartmouth College Bocconi University Copenhagen Business School Carnegie Mellon University

FIRM NETWORKS IN THE CONCENTRATION AND LENDING INSURERS AS ASSET MANAGERS RISK FREE INTEREST RATES DEFAULT RISK AND THE PRICING AND SYSTEMIC RISK OF U.S. SOVEREIGN BONDS GREAT DEPRESSION IN MORTGAGE MARKETS JULES VAN BINSBERGEN, ERIK LOUALICHE, DEEKSHA GUPTA, ANDREW ELLUL, University of Pennsylvania ROBERT DITTMAR, University of Minnesota Carnegie Mellon University Indiana University University of Michigan WILLIAM DIAMOND, CHRIS VICKERS, RONEL ELUL, CHOTIBHAK JOTIKASTHIRA, University of Pennsylvania ALEX HSU, Auburn University Federal Reserve Bank Southern Methodist University Georgia Technological University MARCO GROTTERIA, of Philadelphia ANASTASIA KARTASHEVA, NICOLAS ZIEBARTH, Bank for International University of Pennsylvania GUILLAUME ROUSSELLET, Auburn University DAVID MUSTO, Settlements McGill University University of Pennsylvania CHRISTIAN LUNDBLAD, PETER SIMASEK, University of North Carolina, Georgia Technological University Chapel Hill

11:05 AM – 12:00 PM 11:05 WOLF WAGNER, Erasmus University DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: EBEN LAZARUS, DISCUSSANT: JESSIE JIAXU WANG, MARIASSUNTA GIANNETTI, RICHARD ROSEN, Massachusetts Institute LUKAS SCHMID, Arizona State University Stockholm School of Economics Federal Reserve Bank of Chicago of Technology Duke University

12 12:00 – 1:20 PM THU LUNCH (Simmons Auditorium, Tepper School of Business) THURSDAY MAY 23, 2019

SESSION 6 | ROOM 2202 SESSION 7 | ROOM 2610 SESSION 8 | ROOM 2611 SESSION 9 | ROOM 2612 MICROECONOMICS OF BANK LENDING POLITICS, MEDIA, AND MERGERS AND ACQUISITIONS: THE FINANCIAL CONSTRAINTS AND THE STOCK MARKET ROLE OF MANAGEMENT, BARGAINING FINANCIAL FLEXIBILITY CHAIR: ANNA KOVNER, POSITION, AND REGULATION Federal Reserve Bank of New York CHAIR: FRANCESCO D’ACUNTO, CHAIR: SERGEY CHERNENKO, Boston College CHAIR: JARRAD HARFORD, Purdue University University of Washington

A DYNAMIC THEORY OF LEARNING LEFT BEHIND: PARTISAN IDENTITY INSIDE THE “BLACK BOX” OF TERRORISM FINANCING, AND RELATIONSHIP LENDING AND WEALTH INEQUALITY PRIVATE MERGER NEGOTIATIONS RECRUITMENT AND ATTACKS: EVIDENCE FROM A NATURAL YUNZHI HU, DA KE, TINGTING LIU, EXPERIMENT IN PAKISTAN University of North Carolina, University of South Carolina Iowa State University Chapel Hill NICOLA LIMODIO, MICAH OFFICER, Bocconi University FELIPE VARAS, Loyola Marymount University Duke University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: MITCHELL BERLIN, PAT AKEY, AUDRA BOONE, PABLO SLUTZKY, Federal Reserve Bank of Philadelphia University of Toronto Texas Christian University University of Maryland

FAMILY KNOWS BEST: THE PERILS OF CRYING ‘FAKE NEWS’ FINANCIAL PROTECTIONISM, GLOBALLY CONSISTENT CREDITOR

FUND ADVISORS AS M&A ACTIVITY, AND PROTECTION, REALLOCATION PROGRAM | CONFERENCE 23 MAY ALBERTO MANCONI, TALENT-RATING AGENCIES SHAREHOLDER WEALTH AND PRODUCTIVITY Bocconi University RON KANIEL, DAVID GODSELL, BO BIAN, MANCY LUO, University of Rochester University of Illinois London Business School Erasmus University DMITRY ORLOV, UGUR LEL, MASSIMO MASSA, University of Rochester University of Georgia, Athens INSEAD DARIUS MILLER,

Southern Methodist University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: MICHAEL SOCKIN, ANASTASSIA FEDYK MATTHEW CAIN, BEN IVERSON, University of Texas, Austin University of California, Berkeley Berkeley Center for Law and Business Brigham Young University

P2P LENDERS VERSUS BANKS: CREAM HOME-COUNTRY MEDIA SLANT BUYER POWER AND HORIZONTAL BENCHMARKING U.S. UNIVERSITY SKIMMING OR BOTTOM FISHING? AND EQUITY PRICES MERGERS: EVIDENCE FROM TECHNOLOGY COMMERCIALIZATION PLANT-LEVEL INPUT PRICES EFFORTS: A NEW APPROACH CALEBE DE ROURE, BENJAMIN GOLEZ, AND SUPPLY CONTRACTS Reserve Bank of Australia University of Notre Dame DAVID HSU, MO SHEN, University of Pennsylvania LORIANA PELIZZON, RASA KARAPANDZA, Auburn University Goethe University Frankfurt EBS Universität PO-HSUAN HSU, University of Hong Kong ANJAN THAKOR, Washington University TONG ZHOU, Sun Yat-Sen University ARVIDS ZIEDONIS, Boston University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: GREGORY BUCHAK, XING HUANG, LIU YANG, WILLIAM MANN, University of Chicago Washington University in St. Louis University of Maryland University of California, Los Angeles

THU LUNCH SPONSORED BY: PNC CENTER & MSCF PROGRAM 13 THURSDAY AFTERNOON SESSIONS

THE REAL EFFECTS OF FED NO JOB, NO MONEY, NO REFI: COMPETITION AND THE PASS- SPECIAL REPO RATES AND THE STOCHASTIC INTEREST INTERVENTION: REVISITING FRICTIONS TO REFINANCING THROUGH OF UNCONVENTIONAL CROSS-SECTION OF RATES, HETEROGENEOUS THE 1920-1921 DEPRESSION IN A RECESSION MONETARY POLICY: EVIDENCE BOND PRICES: THE ROLE VALUATIONS, AND THE FROM TLTROS OF THE SPECIAL COLLATERAL VOLATILITY-VOLUME RELATION WILLIAM MANN, ANTHONY DEFUSCO, RISK PREMIUM WITH SEARCH FRICTIONS University of California, Northwestern University MATTEO BENETTON, Los Angeles University of California, Berkeley STEFANIA D’AMICO, SHEEN LIU, JOHN MONDRAGON, Federal Reserve Bank of Chicago Washington State University, DAVIDE FANTINO, BRUCE CARLIN, Northwestern University Pullman University of California, Banca d’Italia AARON PANCOST, Los Angeles University of Texas, Austin JUNBO WANG, City University of Hong Kong

1:30 – 2:25 PM – 2:25 1:30 CHUNCHI WU, State University of New York, Buffalo DISCUSSANT: DISCUSSANT: SRIYA ANBIL, DISCUSSANT: DISCUSSANT: OR SHACHAR, DISCUSSANT: Federal Reserve Board JACK BAO, MATTEO CROSIGNANI, Federal Reserve Bank ANDRES SCHNEIDER, University of Delaware University of Michigan of New York Federal Reserve Board

BANK MARKET POWER DO SUNK COSTS AFFECT PRICES ANONYMOUS CAPITAL FLOWS BOND RISK PREMIA WITH THE REAL EFFECTS OF AND MONETARY POLICY IN THE HOUSING MARKET? AND U.S. HOUSING MARKETS MACHINE LEARNING SECONDARY MARKET TRADING TRANSMISSION: EVIDENCE STRUCTURE: EVIDENCE FROM DIMUTHU RATNADIWAKARA, SEAN HUNDTOFTE, DANIELE BIANCHI, FROM A STRUCTURAL THE MORTGAGE MARKET University of Houston New York University University of Warwick ESTIMATION YESOL HUH, VIJAY YERRAMILLI, VILLE RANTALA, ANDREA TAMONI, YIFEI WANG, Federal Reserve Board University of Houston University of Miami London School of Economics University of Michigan YOU SUK KIM, MATTHIAS BUECHNER, TONI WHITED, Federal Reserve Board University of Warwick University of Michigan 2:40 – 3:35 PM – 3:35 2:40 YUFENG WU, University of Illinois KAIRONG XIAO, Columbia Business School

DISCUSSANT: DISCUSSANT: OLIVIER WANG, DISCUSSANT: DISCUSSANT: DISCUSSANT: NINA BOYARCHENKO, Massachusetts Institute BRENT WILLIAM AMBROSE, CRISTIAN BADARINZA, WINSTON WEI DOU, Federal Reserve Bank of Technology Pennsylvania State University National University of Singapore University of Pennsylvania of New York

14 THURSDAY MAY 23, 2019

COMPETITION BETWEEN ARM’S NOISE FROM OTHER INDUSTRIES: MANAGEMENT PRACTICES AND THE SOURCES OF FINANCING LENGTH AND RELATIONAL LENDERS: OVERGENERALIZATION AND MERGERS AND ACQUISITIONS CONSTRAINTS WHO WINS THE CONTEST? ANALYST BELIEFS JOHN {JIANQIU} BAI, BORIS NIKOLOV, ALEJANDRO DREXLER, REX WANG RENJIE, Northeastern University University of Lausanne Federal Reserve Bank of Chicago Erasmus University Rotterdam WANG JIN, LUKAS SCHMID, ANDRE GUETTLER, Massachusetts Institute of Technology Duke University Ulm University MATTHEW SERFLING, ROBERTO STERI, DANIEL PARAVISINI, University of Tennessee University of Lausanne London School of Economics AHMET TASKIN, Ulm University

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: YUFENG WU, ROBERT HAUSWALD, ANNA SCHERBINA, ALBERT SHEEN, University of Illinois, American University Brandeis University University of Oregon Urbana-Champaign

BUSY BANKRUPTCY COURTS THE MADNESS OF CROWDS AND STAKEHOLDER ORIENTATION MEASURING THE EFFECT OF

AND THE COST OF CREDIT THE LIKELIHOOD OF BUBBLES AND FIRM VALUE FINANCIAL FLEXIBILITY ON PROGRAM | CONFERENCE 23 MAY INVESTMENT USING DATA ON KARSTEN MÜLLER, ALEXANDER CHINCO, K.J. MARTIJN CREMERS, INSURERS’ PORTFOLIOS Princeton University University of Illinois, University of Notre Dame Urbana-Champaign SHAN GE, SCOTT B. GUERNSEY, New York University University of Cambridge MICHAEL WEISBACH, SIMONE M. SEPE, Ohio State University University of Arizona

DISCUSSANT: DISCUSSANT: DISCUSSANT: DISCUSSANT: PAUL GOLDSMITH-PINKHAM, YAJUN WANG, JULIAN ATANASSOV, ISHITA SEN, Yale University Baruch College University of Nebraska London Business School

15 PROGRAM COMMITTEE

Manuel Adelino (Duke University) Amy Dittmar (University of Michigan) Kenneth Ahern (University of Southern California) Craig Doidge (University of Toronto) Hengjie Ai (University of Minnesota) Andres Donangelo (University of Texas, Austin) Andres Almazan (University of Texas, Austin) Greg Duffee (John Hopkins University) Aydogan Alti (University of Texas, Austin) Roger Edelen (University of California, Davis) Fernando Anjos (NOVA School of of Business and Economics) Ruediger Fahlenbrach (EPFL) Kee-Hong Bae (York University) Joan Farre-Mensa (Northeastern University) Brad Barber (University of California, Davis) Michael Faulkender (University of Maryland) Jean Noel Barrot (Massachusetts Institute of Technology) Jack Favilukis (University of British Columbia) Suleyman Basak (London Business School) Slava Fos (Boston College) Juliane Begenau (Stanford University) Thierry Foucault (HEC Paris) Frederico Belo (University of Minnesota) Cesare Fracassi (University of Texas, Austin) Jan Bena (University of British Columbia) Murray Frank (University of Minnesota) Nittai Bergman (Tel Aviv University) Carola Frydman (Northeastern University) Shai Bernstein (Stanford University) Priyank Gandhi (Rutgers Business School) Harjoat Bhamra (Imperial College London) Rene Garcia (Université de Montréal) Jesse Blocher (Vanderbilt University) Lorenzo Garlappi (University of British Columbia) Oliver Boguth (Arizona State University) Simon Gervais (Duke University) Nina Boyarchenko (Federal Reserve Bank of New York) Mariassunta Giannetti (Stockholm School of Economics) Valentina Bruno (American University) Erik Gilje (University of Pennsylvania) Mike Burkart (London School of Economics) Stuart Gillan (University of Georgia) Jeffrey Busse (Emory University) Xavier Giroud (Columbia University) Alex Butler (Rice University) Vincent Glode (University of Pennsylvania) Daniel Carvalho (Indiana University) Brent Glover (Carnegie Mellon University) Thomas Chemmanur (Boston College) Eitan Goldman (Indiana University) Hui Chen (Massachusetts Institute of Technology) Francisco Gomes (London Business School) Joseph Chen (University of California, Davis) Joao Gomes (University of Pennsylvania) Sergey Chernenko (Purdue University) Radhakrishnan Gopalan (Washington University) Mikhail Chernov (University of California, Los Angeles) Todd Gormley (Washington University in St. Louis) Alexander Chinco (University of Illinois, Urbana-Champaign) Clifton Green (Emory University) Joao Cocco (London Business School) Daniel Greenwald (Massachusetts Institute of Technology) Lauren Cohen (Harvard Business School) Denis Gromb (HEC Paris) Ric Colacito (University of North Carolina, Chapel Hill) Ro Gutierrez (University of Oregon) Pierre Colin-Dufresne (EPFL) Dirk Hackbarth (Boston University) Lin William Cong (University of Chicago) Valentin Haddad (University of California, Los Angeles) Francesca Cornelli (London Business School) Michael Halling (Stockholm School of Economics) Shane Corwin (University of Notre Dame) Lu Han (University of Toronto) Mariano (Max) Massimiliano Croce (Bocconi University) Kristine Hankins (University of Kentucky) Zhi Da (University of Notre Dame) Barney Hartman-Glaser (University of California, Los Angeles) Magnus Dalquist (Stockholm School of Economics) Samuel Hartzmark (University of Chicago) Robert Dittmar (University of Michigan) Burton Hollifield (Carnegie Mellon University) 16 Kewei Hou (Ohio State University) Lars Lochstoer (University of California, Los Angeles) Jennifer Huang (CKGSB) Francis Longstaff (University of California, Los Angeles) Jiekun Huang (University of Illinois, Urbana-Champaign) Dong Lou (London School of Economics) Xing Huang (Washington University in St. Louis) Richard Lowery (University of Texas, Austin) Mark Huson (University of Alberta) Christian Lundblad (University of North Carolina, Chapel Hill) Filippo Ippolito (Pompeu Fabra) Matteo Maggiori (Harvard University) Rustom Irani (University of Illinois, Urbana-Champaign) Igor Makarov (London School of Economics) Victoria Ivashina (Harvard Business School) Andrey Malenko (Massachusetts Institute of Technology) Raj Iyer (Imperial College London) Ian Martin (London School of Economics) Dirk Jenter (London School of Economics) Massimo Massa (INSEAD)

Michael Johannes (Columbia University) Pedro Matos (University of Virginia) PROGRAM COMMITTEE Shane Johnson (Texas A&M University) David Matsa (Northwestern University) Christopher Jones (University of Southern California) Gregor Matvos (University of Texas, Austin) Gergana Jostova (George Washington University) David McLean (Georgetown University) Christian Julliard (London School of Economics) Timothy McQuade (Stanford University) Marcin Kacperczyk (Imperial College London) Alan Moreira (University of Rochester) Nishad Kapadia (Tulane University) Erwan Morellec (EPFL) Steven Kaplan (University of Chicago) Adair Morse (University of California, Berkeley) Simi Kedia (Rutgers Business School) Holger Mueller (New York University) Patrick Joseph Kelly (University of Melbourne) Philippe Mueller (Warwick Business School) Amir Kermani (University of California, Berkeley, and NBER) William Mullins (University of California, San Diego) Dana Kiku (University of Illinois, Urbana-Champaign) David Musto (University of Pennsylvania) Ralph Koijen (University of Chicago) Ramana Nanda (Harvard Business School) Arthur Korteweg (University of Southern California) Charles Nathanson (Northwestern University) Anna Kovner (Federal Reserve Bank of New York) Alexandra Niessen-Ruenzi (University of Mannheim) Mathias Kronlund (University of Illinois, Urbana-Champaign) Thomas Noe (University of Oxford) Lars Kuehn (Carnegie Mellon University) Marcus Opp (Stockholm School of Economics) Alok Kumar (University of Miami) Christian Opp (University of Pennsylvania) Augustin Landier (HEC Paris) Paige Ouimet (University of North Carolina, Chapel Hill) Tim Landvoigt (University of Pennsylvania) Oguzhan Ozbas (University of Southern California) Moritz Lenel (Princeton University) Michaela Pagel (Columbia University) Josh Lerner (Harvard Business School) Christopher Palmer (Massachusetts Institute of Technology) Doron Levit (University of Pennsylvania) Stavros Panageas (University of California, Los Angeles) Jonathan Lewellen (Dartmouth College) Dimitris Papanikolaou (Northwestern University) Karen K. Lewis (University of Pennsylvania) Jonathan Parker (Massachusetts Institute of Technology) Xiaoji Lin (University of Minnesota) Cecilia Parlatore (New York University) Juhani Linnainmaa (University of Southern California) Robert Parrino (University of Texas) Karl Lins (University of Utah) Paolo Pasquariello (University of Michigan) Marc Lipson (University of Virginia) Anna Pavlova (London Business School) Laura Xiaolei Liu (Peking University) Carolin Pflueger (University of British Columbia) Dmitry Livdan (University of California, Berkeley) Gordon Phillips (Dartmouth College) 17 PROGRAM COMMITTEE

Christopher Polk (London School of Economics) Mathijs van Dijk (Erasmus University) Joshua Pollet (University of Illinois, Urbana-Champaign) Stijn Van Nieuwerburgh (New York University) Manju Puri (Duke University) Kumar Venkataraman (Southern Methodist University) Amiyatosh Purnanandam (University of Michigan) Adrien Verdelhan (Massachusetts Institute of Technology) Uday Rajan (University of Michigan) Pietro Veronesi (University of Chicago) Tarun Ramadorai (Imperial College London) Annette Vissing-Jorgensen (University of California, Berkeley) Adriano Rampini (Duke University) Jessica Wachter (University of Pennsylvania) Adam Reed (University of North Carolina, Chapel Hill) Neng Wang (Columbia University) Jonathan Reuter (Boston College) Missaka Warusawitharana (Federal Reserve Board) Gideon Saar (Cornell University) Michael Weber (University of Chicago) Ronnie Sadka (Boston College) Ingrid M Werner (Ohio State University) Juliana Salomao (University of Minnesota) James Weston (Rice University) Alessio Saretto (University of Texas, Dallas) Rohan Williamson (Georgetown University) Alexi Savov (New York University) Jeffrey Wurgler (New York University) Christian Schlag (Goethe University) Mao Ye (University of Illinois) Lukas Schmid (Duke University) Kathy Yuan (London School of Economics) Lawrence Schmidt (Massachusetts Institute of Technology) Lu Zhang (Ohio State University) Philipp Schnabl (New York University) Harold Zhang (University of Texas, Dallas) Jesse Schreger (Columbia University) Haoxiang Zhu (Massachusetts Institute of Technology) Norman Schuerhoff (University of Lausanne and SFI) Irina Zviadadze (Stockholm School of Economics) Mark Seasholes (Arizona State University) Eric Zwick (University of Chicago) Amit Seru (Stanford University) Felipe Severino (Dartmouth College) Ivan Shaliastovich (University of Wisconsin-Madison) Sophie Shive (University of Notre Dame) Tyler Shumway (University of Michigan) Clemens Sialm (University of Texas, Austin) Paolo Sodini (Stockholm School of Economics) Chester Spatt (Carnegie Mellon University) David Sraer (University of California, Berkeley) Per Stromberg (Stockholm School of Economics) Adi Sunderam (Harvard Business School) Geoff Tate (University of North Carolina, Chapel Hill) Lucian Taylor (University of Pennsylvania) Alexei Tchistyi (University of Illinois, Urbana-Champaign) Christopher Telmer (Carnegie Mellon University) David Thesmar (Massachusetts Institute of Technology) Margarita Tsoutsoura (Cornell University) Raman Uppal (EDHEC Business School) Rosen Valkanov (University of California, San Diego) Jules van Binsbergen (University of Pennsylvania) 18 CONFERENCE SPONSORS

IEX GROUP, INC. PROGRAM SPONSORS COMMITTEE / CONFERENCE

19 NOTES