© Eetu Ahanen

European Finance Association 47th EFA Annual Meeting Virtual from , Finland, August 20–21, 2020

2020 Program Table of Contents

Welcome to the 47th EFA Annual Meeting 5 General Information 6 Program Overview 7 Time Zones 8 Overview sessions: Thursday, August 20 10 Overview sessions: Friday, August 21 12 Doctoral Tutorial 14 Poster Session 16 Detailed Program 18 Thursday, August 20 18 Sessions 18 Networking events 37 Friday, August 21 38 Sessions 38 General Assembly and Paper Prizes 56 Conference Paper Prizes 57 Keynote speech by Ulrike Malmendier 59 EFA Executive Committee 2020 60 EFA 2020 Program Committee 62 Organizers 73 Partners 74 European Finance Association 48th Annual Meeting 76

Disclaimer Please note that this program includes updates until August 6th, 2020. Any changes made after this date are not reflected in the printed program, but can be seen in the online program (www.conftool.com/efa2020/sessions.php). Follow us on #EFA2020

2 47th EFA Annual Meeting 47th EFA Annual Meeting 3 © Mika Huisman Welcome to the 47th EFA Annual Meeting

DEAR EFA MEMBERS,

On behalf of the EFA 2020 Program Committee and Aalto University School of Business, I am delighted to welcome you to the 47th Annual Meeting of the European Finance Association (EFA) in Helsinki, Finland. Owing to the exceptional circumstances caused by the coronavirus pandemic, the conference will be virtual this year.

Over the decades, the European Finance Association Annual Meeting has become one of the most competitive financial economics meetings in the world. This year, I am pleased to announce we received a near-record of 1,884 submissions. After a triple reviewing process and additional screening by world-class track chairs, only 243 papers were selected for presentation.

The success of the EFA depends critically on the contributions of its members. I am grateful to everyone who submitted a paper and to the members of the Program Committee for review- ing all the submissions as well as to all presenters, discussants, and session chairs, without whom it would not be possible to have such a high-quality program. I also thank the track chairs for their dedication, commitment, and hard work. I am grateful to our sponsors for making the conference financially feasible. Finally, my special thanks go to Laura Malinverno, Reetta Ali-Alha, and all the other members of the committee who devoted their energy and hearts to make this event possible.

The exciting two-day program ahead of us comprises 81 sessions (including five special ses- sions), the keynote address by Professor Ulrike Malmendier, and a rich set of themed discus- sion rooms with plenty of opportunities to network. I encourage you to take advantage of as many events as possible.

I look forward to spending this time together and hope you will enjoy the conference and find it useful in your own work.

Sincerely, Matti Keloharju EFA 2020 Program Chair Aalto Distinguished Professor Aalto University School of Business

4 47th EFA Annual Meeting 47th EFA Annual Meeting 5 General Information Program Overview

VIRTUAL FORMAT SESSION GROUND RULES All times are in Central European Summer Time (e.g. Brussels – UTC +2). All sessions are taking place online via • Please remain muted throughout Zoom. Links to connect to the conference the session, except if called on are accessible after registering via ConfTool. by the session chair. Tuesday–Wednesday, August 18–19 • You may submit questions to Zoom Chat 14:00–17:30 Doctoral Tutorial REGISTRATION at any time, but all questions will be held You can register to the conference in until the audience discussion segment. ConfTool (www.conftool.com/efa2020). • During the audience discussion, the session Thursday, August 20 If you submitted a paper or acted as chair will take questions in two ways: reviewer, you can use your existing account. • Read the most frequent or relevant All day Poster Session Registration to the conference is free. question from Zoom Chat 13:30–15:00 14 Sessions • Directly call on individuals who have Break Register now clicked on the Zoom “raise hand” function, who will then be unmuted 15:30–17:00 14 Sessions and can ask their question verbally. Break SUPPORT US BY BECOMING To raise your hand in Zoom, click on • 17:30–19:00 14 Sessions AN EFA MEMBER “Participants” and then “Raise Hand.” We wish to keep this virtual conference free Break for all. However, virtual conferences and other TIME ZONES 19:30–21:00 Networking events EFA activities come with a cost. To support All times are in Central European Summer us and the EFA, please become a member Time (e.g. Brussels – UTC +2). for 2020. EFA membership has a cost of €60 Friday, August 21 and includes access to the online copy of the GENERAL INFORMATION All day Poster Session Review of Finance. • Each session is run by the Session Chair. 13:30–15:00 13 Sessions • The conference will take place via Zoom. Become a member • Please use the Zoom application to Break connect. Browser version does not have 15:30–17:00 13 Sessions all functionalities. Break • All presentations are recorded (unless otherwise indicated) and available 17:30–19:00 13 Sessions online until August 31, 2020 via the Break Online Program. 19:30–20:00 EFA General Assembly Paper Prizes 20:00–21:00 Keynote Speech

6 47th EFA Annual Meeting 47th EFA Annual Meeting 7 Time Zones

Start time Start time Start time Start time Coordinated session 1 session 2 session 3 evening session Universal Time Example (CEST/UTC+2 (CEST/UTC+2 (CEST/UTC+2 (CEST/UTC+2 (UTC) time zone City Country 13:30–15:00) 15:30–17:00) 17:30–19:00) 19:30–21:00)

UTC –11 SST Samoa USA 00:30 02:30 04:30 06:30 UTC –10 HST Honolulu USA 01:30 03:30 05:30 07:30 UTC –9 AKDT Alaska USA 02:30 04:30 06:30 08:30 UTC –8 AKDT Alaska USA 03:30 05:30 07:30 09:30 UTC –7 PDT Vancouver Canada 04:30 06:30 08:30 10:30 UTC –6 MDT Calgary Canada 05:30 07:30 09:30 11:30 UTC –5 CDT Dallas USA 06:30 08:30 10:30 12:30 UTC –4 EDT New York, USA 07:30 09:30 11:30 13:30 UTC –3 BRT Rio de Janiero Brazil 08:30 10:30 12:30 14:30 UTC –2 FNT Fernando de Noronha Brazil 09:30 11:30 13:30 15:30 UTC –1 CVT Cape Verde Cape Verde 10:30 12:30 14:30 16:30 UTC +0 GMT Reykjavik Iceland 11:30 13:30 15:30 17:30 UTC +1 BST London UK 12:30 14:30 16:30 18:30 Conference UTC +2 CEST Brussels Belgium 13:30 15:30 17:30 19:30 time UTC +3 EEST Helsinki Finland 14:30 16:30 18:30 20:30 UTC +4 GST Abu Dhabi UAE 15:30 17:30 19:30 21:30 UTC +5 MVT Maldives Maldives 16:30 18:30 20:30 22:30 UTC +6 BST Dhaka Bangladesh 17:30 19:30 21:30 23:30 UTC +7 ICT Bangkok Thailand 18:30 20:30 22:30 00:30 UTC +8 CST Beijing China 19:30 21:30 23:30 01:30 UTC +9 JST Tokyo Japan 20:30 22:30 00:30 02:30 UTC +10 AEST Australia 21:30 23:30 01:30 03:30 UTC +11 NCT New Caledonia New Caledonia 22:30 00:30 02:30 04:30 UTC +12 NZST Wellington New Zealand 23:30 01:30 03:30 05:30

8 47th EFA Annual Meeting 47th EFA Annual Meeting 9 Thursday, August 20

13:30–15:00 CEST/UTC+2 17:30–19:00 CEST/UTC+2

APE-01 Factor, Market, and Idiosyncratic Volatility APE-07 Stock Market Shock Transmission APE-02 Empirical Asset Pricing 1 APE-08 Monetary Policy and Asset Prices APE-03 Institutional Investors and Anomalies APE-09 Mutual Funds and Private Equity Funds APT-01 Production and Returns APT-03 Bond Pricing and Real Implications BF-01 Booms and Busts BF-03 Financing for Women CFGE-01 Financial Constraints, Shocks, and Disclosure CFGE-07 CEO Pay and Incentives & Labor Policies CFGE-02 Innovation, Litigation, and Risk CFGE-08 Heterogeneous Firms in a Dynamic World CFGE-03 Environmental and Social Issues CFGE-09 Trust and ES Issues CFGT-01 Information, Agency, and Investment CFGT-03 Corporate Finance Theory 2 FIIE-01 Lending Techology FIIE-06 Sell-Side Analysts FIIE-02 Financial Intermediation and Insurance FIIE-07 Credit Market Frictions BIS Financial Innovation and Digitisation: Implications for Regulation ECB Interaction of Monetary and Macroprudential Policies, and Monetary Policy Impact of Regulations, and Spillover Across the Financial Sector HH-01 Bankruptcy, Social Concerns, and Privacy HH-03 Financial Misconduct in Household Finance MM-01 Liquidity and Price Discovery MM-03 Modeling Modern Markets

15:30–17:00 CEST/UTC+2 19:30–21:00 CEST/UTC+2 NETWORKING EVENTS

APE-04 Analysis of Financial News Diversifying diversity research APE-05 Empirical Asset Pricing 2 EFA 2021 APE-06 Shocks, Liquidity and Asset Prices Review of Finance APT-02 Frictions and Heterogeneity Teaching online BF-02 Networks and Information Building EFA 2020 program CFGE-04 How Valuable Are Directors? Status of the academic job market CFGE-05 Financing Constraints Responsible finance CFGE-06 Value of Relationships: Supply Chains and Financial Intermediaries Big proprietary data CFGT-02 Corporate Finance Theory 1 Academic research through practitioner’s eyes FIIE-03 Credit and Spillovers FIIE-04 Private Equity, Venture Capital and Innovation FIIE-05 Systemic Risk ALL DAY HH-02 Beliefs and Stock Market Investments MM-02 Market Microstructure and Market Design Poster session

10 47th EFA Annual Meeting 47th EFA Annual Meeting 11 Friday, August 21

13:30–15:00 CEST/UTC+2 17:30–19:00 CEST/UTC+2

APE-10 Machine Learning and Finance APE-14 Climate Change and Finance APE-11 New Perspectives on Disaster Risk APE-15 Preference-free Results from Derivatives NBIM Understanding the Long-Run Drivers of Asset Prices IF-02 Empirical Advances in International Finance APT-04 Asset Pricing with Real Capital MM-05 How Externalities Shape Trading BF-04 Extrapolating Returns BF-06 Uncertainty, More or Less CFGE-10 Labor and Corporate Finance CFGE-16 Debt, Debt, and More Debt CFGE-11 Empirical Methods in Corporate Finance CFGE-17 Emerging Topics in Corporate Finance CFGE-12 Benefits of Political Connections CFGE-18 Local Government Decisions: Subsidies and Real Activity CFGT-04 Skill, Financing, and Corporate Governance FIIT-02 Stress Tests FIIE-08 Banking Institutions and Behavior FIIE-13 Transmission of Shocks Through the Banking Sector FIIE-09 Institutional Investors and Risk FIIE-14 Liquidity Provision and Fixed Income Instruments FIIE-10 Bank Credit FIIE-15 Uncertainty and Banking HH-04 Household Beliefs and Preferences: Insights from Big Administrative Data AoF Health and Finance

15:30–17:00 CEST/UTC+2 19:30–20:00 CEST/UTC+2

APE-12 Macroeconomic Risks and Asset Prices EFA General Assembly APE-13 The Price of Risk in Credit Markets Prizes Ceremony IF-01 Exchange Rate Risks APT-05 Asset Pricing in Industrial Organization BF-5 Heuristics and Biases 20:00–21:00 CEST/UTC+2 CFGE-13 Climate Change and Corporate Finance CFGE-14 Acquisitions and Investment Keynote Speech by Ulrike Malmendier (University of California at Berkeley) CFGE-15 Impacts of Financial Distress FIIT-01 Liquidity Creation FIIE-11 Financial Institutions and Investment ALL DAY FIIE-12 Information Collection and Manipulation BoF Banking, Safe Assets, and Monetary Policy Poster session MM-04 Trade Data: Novel Insights

12 47th EFA Annual Meeting 47th EFA Annual Meeting 13 Doctoral Tutorial 14:00–17:30 CEST/UTC+2 TUESDAY–WEDNESDAY, AUGUST 18–19

The Doctoral Tutorial is an event dedicated CHAIRS OBSERVERS to young researchers. It is organized with Frans de Roon, Tilburg University The Doctoral Tutorial can accommodate a Make sure to include in your e-mail, the year the support of the Chicago Quantitative Esther Eiling, University of Amsterdam small number of observers. If you wish to you are enrolled and expected graduation Alliance (CQA). The tutorial is by invitation Gyöngyi Lóranth, University of check if spots are available, please write to date, your institution, your supervisor(s) and only for selected PhD students. Kristian Miltersen, Copenhagen Business [email protected]. the topic(s) of your research. School

PROGRAM: TUESDAY, AUGUST 18 PROGRAM: WEDNESDAY, AUGUST 19

14:00–14:45 Zhongchen Hu, London School of Economics and Political Science 14:00–14:45 Paula Cocoma, INSEAD “Redeploying the Jockeys: Do VCs Create Internal Labor Markets “Explaining the Realized Pre-Announcement Drift” For Entrepreneurs?” Discussant: Emanuel Moench, FED Discussant: Morten Sorensen, Dartmouth College 14:45–15:30 Chanik Jo, University of Toronto 14:45–15:30 Mark Johnson, The Ohio State University “Unintended Benefits of Employment Protection Laws: “FinTech and the Supply of Credit to Small Business” Households’ Increased Risk-taking Behaviors” Discussant: Alberto Manconi, Bocconi University Discussant: Laurent Calvet, EDHEC Business School 15:30–16:00 Break 15:30–16:00 Break 16:00–16:45 Dan Luo, Stanford GSB 16:00–16:45 Lawrence Hsiao, Northwestern University “Financing with Investor Syndicates” “Idiosyncratic Disagreement and the Cross-Section of Stock Returns” Discussant: Michel Habib, University of Zurich Discussant: Anna Scherbina, Brandeis University 16:45–17:30 Chong Shu, University of Southern California 16:45–17:30 Rustam Jamilov, London Business School “Endogenous Risk-Exposure and Systemic Instability” “The Rise of CreditMarket Power: a Missing Link in Macro-Finance?” Discussant: Fabrice Tourre, Copenhagen Business School Discussant: Itamar Drechsler, University of Pennsylvania

14 47th EFA Annual Meeting 47th EFA Annual Meeting 15 Poster Session

EFA 2020 will feature a virtual poster session HOW DOES IT WORK for PhD students. Our objective is to support From the online program you can view promising PhD students by offering them their slides and get the link for a short video the possibility to present their research and presentation of the research. On the online to receive a high-quality reference. program, you can leave messages with your suggestions and impressions. Please note that these messages are public. The contents can be accessed only by users registered to the conference.

Social Networks and Corporate Social Responsibility Obfuscation through Complexity: Evidence from the Market for Retail Financial Products Romulo Alves Simon Straumann Erasmus University Rotterdam University of St. Gallen

Do Actions Speak Louder than Words? Evidence from Microblogs Lottery or asymmetric response to news: Why is skewness priced? Maud Rose Goutte Hang Wang University of Lausanne and Swiss Finance Institute University of New South Wales

Announcements, Expectations, and Stock Returns with Asymmetric Information Is mutual fund family retirement money smart? Leyla Jianyu Han Pramod Kumar Yadav The University of Hong Kong Drexel University

Democratization, Inequality, and Risk Premia Decomposing Factor Momentum Max Miller Hanlin Yang University of Pennsylvania University of Zurich

New active blockholders and the adjustments in CEO inside debt-equity ratios Common-Ownership and Portfolio Rebalancing Phuong Lan Nguyen Eyub Yegen The University of Melbourne University of Toronto

Loan Loss Provision with Diagnostic Expectation in a General Equilibrium model Arpit Kumar Parija IIM CALCUTTA, India

16 47th EFA Annual Meeting 47th EFA Annual Meeting 17 Thursday, August 20 13:30–15:00 CEST/UTC+2

APE-01 APE-02 APE-03 APT-01 BF-01 Institutional Investors Factor, Market, and Idiosyncratic Volatility Empirical Asset Pricing 1 and Anomalies Production and Returns Booms and Busts Chair: Zhi Da Chair: Tao Li Chair: Juha Joenväärä Chair: Erik Loualiche Chair: Stephan Siegel University of Notre Dame City University of Hong Kong Aalto University University of Minnesota University of Washington

Stream 1 Stream 2 Stream 3 Stream 4 Stream 5 One Vol to Rule Them All: Precautionary Savings Tracing the Source of Liquidity A Supply and Demand Approach Trading on Talent: Human Capital Common Volatility Dynamics in Factor Returns and the Stock-Bond Covariance for Distressed Housing Markets to Equity Pricing and Firm Performance

Authors: Author: Authors: Authors: Authors: Nishad Kapadia (1), Matthew Linn (2), Bradley Paye* (3) Toomas Laarits* Rohan Ganduri (2), Steven Xiao* (1), Sebastien Betermier* (1), Laurent Anastassia Fedyk (2), 1: Tulane University NYU Stern School of Business Serena Xiao (1) Emmanuel Calvet (2), Evan Jo (1) James Hodson* (1) 2: University of Massachusetts Amherst 1: University of Texas at Dallas 1: McGill University 1: Josef Stefan Institute, 3: Virginia Tech 2: Emory University 2: EDHEC Artificial Intelligence Laboratory 2: UC Berkeley

Discussant: Discussant: Discussant: Discussant: Discussant: Yinan Su Jintao DU Elias Oikarinen Yao Deng Christopher Hrdlicka Johns Hopkins University City University of Hong Kong Aalto University University of Minnesota University of Washington Discount Rates and Cash Flows: Equity duration and predictability A Parsimonious Explanation Competition, Investment Processing Time and Lending A Local Projection Approach for Momentum Based on the Reversibility and Stock Returns Standards: The Role of Extrapolative Merton Model Expectations in Mortgage Loans

Authors: Authors: Authors: Author: Authors: Matthijs Lof* (1), Henri Nyberg (2) Benjamin Golez* (1), Peter Koudijs (2) Frans de Roon* (1), Zhou Zhang* Bin Wei (1), Feng Zhao* (2) 1: Aalto University School of Business 1: University of Notre Dame Alberto Manconi (2), NEOMA Business School 1: Federal Reserve Bank of 2: University of Turku 2: Stanford University Zhaneta Tancheva (1) 2: University of Texas at Dallas 1: Tilburg University, 2: Bocconi University

Discussant: Discussant: Discussant: Discussant: Discussant: Riccardo Sabbatucci Andrei Goncalves Joni Kokkonen Andres Donangelo Zhenyu Gao School of Economics University of North Carolina at Chapel Hill Aalto University University of Texas at Austin Chinese University of Hong Kong (CUHK) The Calendar Effects of the Idiosyncratic-Volatility Sectoral Labor Reallocation Common Fund Flows: Asset Diversification versus Dream Chasers: The Draw Puzzle: A Tale of Two Days? and Return Predictability Flow Hedging and Factor Pricing Climate Action and the Downside of Following House Price Signals

Authors: Authors: Authors: Authors: Authors: Winston Dou* (1), Leonid Kogan (2), Christoph Hambel (1), Taylor Begley (1), Peter Haslag* (2), Jie Cao (1), Tarun Chordia (2), Xintong Zhan* (1) Esther Eiling (1), Raymond Kan (2), Ali Sharifkhani* (3) Wei Wu (3) Holger Kraft* (1), Daniel Weagley (3) 1: Chinese University of Hong Kong 1: University of Amsterdams 1: University of Pennsylvania Frederick van der Ploeg (2) 1: Washington University in St. Louis 2: Emory University 2: University of Toronto 2: MIT 1: Goethe University Frankfurt 2: Vanderbilt University 3: Northeastern University 3: Texas A&M University 2: University of Oxford 3: Georgia Institute of Technology

Discussant: Discussant: Discussant: Discussant: Discussant: Justin Birru Kai Li Cristian Ioan Tiu Olivier David Zerbib Camille Hebert The Ohio State University Hong Kong University of Science and Technology University at Buffalo Tilburg University University of Toronto

18 47th EFA Annual Meeting 47th EFA Annual Meeting 19 Thursday, August 20 13:30–15:00 CEST/UTC+2

CFGE-01 CFGE-02 CFGE-03 CFGT-01 FIIE-01 Environmental Information, Agency, Financial Constraints, Shocks, and Disclosure Innovation, Litigation, and Risk and Social Issues and Investment Lending Techology Chair: Heitor Almeida Chair: Ramana Nanda Chair: Bige Kahraman Chair: Ulrich Hege Chair: Diana Bonfim UIUC Harvard Business School Said Business School, Toulouse School of Economics Banco de Portugal University of Oxford

Stream 6 Stream 7 Stream 8 Stream 9 Stream 10 Do Competitors’ Financial Constraints Innovation under Ambiguity and Risk How does Soft Information Affect Knowledge Cycles Do Social Ties Trump Collateral In Affect Corporate Disclosure? External Firm Financing? Evidence and Corporate Investment Determining Loan Performance? from Employee Ratings Evidence Using Same Day Loan Repayments

Authors: Authors: Authors: Authors: Authors: Zeyang Ju, Lingwei Li, Hai Wu* Gabriela Coiculescu (1), Yehuda Izhakian (2), Thomas Chemmanur (1), Laurent Fresard* (1), Julien Cujean (2), Sumit Agarwal (1), Australian National University S. Abraham Ravid* (1) Harshit Rajaiya* (1), Jinfei Sheng (2) Cecilia Bustamante (3) Prasanna Tantri (2), Nitin Vishen* (2) 1: Yeshiva University 1: Boston College 1: University of Lugano 1: National University of Singapore 2: Baruch College 2: University of California, Irvine 2: University of Bern 2: Indian School of Business 3: University of Maryland

Discussant: Discussant: Discussant: Discussant: Discussant: Kizkitza Biguri Andrey Malenko Yukun Liu Luke Taylor Emilia Garcia-Appendini BI Norwegian Business School University of Michigan University of Rochester University of Pennsylvania University of Zurich Surfing the Cycle: Cyclical Investment Inter-firm Patent Litigation Aggregate Confusion: Ownership, Control and Careers The valuation of collateral Opportunities and Firms’ Risky Financial Assets and Innovation Competition The Divergence of ESG Ratings in bank lending

Author: Authors: Authors: Authors: Authors: Teng Huang* Jongsub Lee (1), Seungjoon Oh (2), Paula Suh* (3) Florian Berg*, Julian Koelbel, Marco Pagano* (1, 2), Stephan Luck* (1), Joao Santos (1, 2) IESE Business School 1: Seoul National University Roberto Rigobon Luca Picariello (1, 2) 1: Federal Reserve Bank of New York 2: Peking University HSBC Business School MIT 1: University of Naples Federico II 2: Nova School of Business 3: University of Georgia 2: Centre for Studies in Economics and Economics and Finance (CSEF)

Discussant: Discussant: Discussant: Discussant: Discussant: Neslihan Ozkan Joan Farre-Mensa Ruoke Yang Vladimir Vladimirov Geraldo Cerqueiro University of Bristol University of Illinois at Chicago Imperial College University of Amsterdam CLSBE Trade Credit and the Transmission Litigating Innovation: Evidence from The Real Effects of Environmental Lying to Speak the Truth: Local Bank Specialization, Branch of Unconventional Monetary Policy Securities Class Action Lawsuits Activist Investing Selective Manipulation and Im- Closings and SMEs’ Access to proved Information Transmission Credit

Authors: Authors: Authors: Authors: Authors: Manuel Adelino (1), Miguel Ferreira (2), Elisabeth Kempf (1), Oliver Spalt* (2) S. Lakshmi Naaraayanan (1), Paul Povel (2), Günter Strobl* (1) Anne Duquerroy*, Mariassunta Giannetti* (3), Pedro Pires (2) 1: University of Chicago Kunal Sachdeva* (2), 1: University of Vienna Clément Mazet-Sonilhac, 1: Duke University 2: University of Mannheim Varun Sharma (3) 2: University of Houston Jean-Stéphane Mésonnier, 2: Nova School of Business and Economics 1: HKUST; 2: Rice University Daniel Paravisini 3: Stockholm School of Economics 3: London Business School Banque de France

Discussant: Discussant: Discussant: Discussant: Discussant: Fabio Feriozzi Jillian Grennan Vyacheslav Fos Clemens Otto Melina Papoutsi IE Business School Duke University Boston College Singapore Management University European Central Bank

20 47th EFA Annual Meeting 47th EFA Annual Meeting 21 Thursday, August 20 13:30–15:00 CEST/UTC+2

FIIE-02 BIS HH-01 MM-01 Financial Innovation and Digitisation: Financial Intermediation and Insurance Implications for Regulation and Monetary Policy Bankruptcy, Social Concerns, and Privacy Liquidity and Price Discovery Chair: Petri Jylhä, Aalto University Chair: Boris Hofmann Chair: Alberto Rossi Chair: Andreas Park Matteo Benetton, Haas School of Business Bank for International Settlements Georgetown University University of Toronto

Stream 11 Stream 12 Stream 13 Stream 14 Regulatory Forbearance in the U.S. Insurance The Geography of Mortgage Lending Moral Hazard versus Liquidity Price Revelation from Insider Trading: Industry: The Effects of Eliminating in Times of FinTech in Household Bankruptcy Evidence from Hacked Earnings News Capital Requirements

Authors: Authors: Author: Authors: Bo Becker (1), Marcus Opp* (1), Farzad Saidi (2) Christoph Carl Basten* (1, 2, 3), Steven Ongena (1, 2, 4) Sasha Scarlett Indarte* Pat Akey* (2), Vincent Grégoire (1), 1: Stockholm School of Economics 1: University of Zurich Duke University Charles Martineau (2) 2: Boston University 2: Swiss Finance Institute 1: HEC Montreal 3: CESifo 2: University of Toronto 4: KU Leuven

Discussant: Discussant: Discussant: Discussant: Chotibhak Jotikasthira Morten Bech Jordan Nickerson Marcin Kacperczyk Southern Methodist University BIS Innovation Hub Switzerland Boston College Imperial College Business School Board Connections and Bank Trading Returns High-Speed Internet, Financial Technology Social Collateral Option Spreads and the Uncertain Cost and Banking of Equity Liquidity: Evidence from the Knight Capital Trading Glitch

Authors: Authors: Author: Authors: Markus Baltzer (1), Erik Fernau (2), Nicola Limodio*, Angelo D’Andrea Ha Diep-Nguyen* (1), Huong Dang (2) Nikunj Kapadia, Matthew Linn* Esad Smajlbegovic* (3) Bocconi University 1: Indiana University University of Massachusetts 1: Deutsche Bundesbank 2: Foreign Trade University 2: Federal Financial Supervisory Authority 3: Erasmus University Rotterdam

Discussant: Discussant: Discussant: Discussant: Bastian von Beschwitz Jon Frost Francesco D’Acunto Andriy Shkilko Federal Reserve Board BIS Boston College Wilfrid Laurier University Hedge Funds and Financial Intermediaries Tech in Fin before FinTech: The Value of Privacy: Should We Use Closing Prices? Blessing or Curse for Financial Stability? Evidence from Online Borrowers Institutional Price Pressure at the Close

Authors: Authors: Author: Authors: Magnus Dahlquist (1), Valeri Sokolovski* (2), Nicola Pierri*, Yannick Timmer Huan Tang* Vincent Bogousslavsky (2), Dmtiriy Muravyev* (1) Erik Sverdrup (3) International Monetary Fund HEC 1: Michigan State University 1: Stockholm School of Economics 2: Boston College 2: HEC Montreal 3: Stanford University

Discussant: Discussant: Discussant: Discussant: Zhaogang Song Andreas Fuster Ansgar Walther Douglas Cumming Johns Hopkins University Swiss National Bank Imperial College London Florida Atlantic University

22 47th EFA Annual Meeting 47th EFA Annual Meeting 23 Thursday, August 20 15:30–17:00 CEST/UTC+2

APE-04 APE-05 APE-06 APT-02 BF-02 Shocks, Liquidity Analysis of Financial News Empirical Asset Pricing 2 and Asset Prices Frictions and Heterogeneity Networks and Information Chair: Paul Tetlock Chair: Christian Wagner Chair: Steven Lawrence Heston Chair: Michael Gallmeyer Chair: Noah Stoffman Columbia Business School WU Vienna University of Maryland University of Virginia Indiana University

Stream 1 Stream 2 Stream 3 Stream 4 Stream 5 The Structure of Economic News Identifying Beliefs from Asset Prices Tax News Shocks, Political Cycles, Circuit Breakers and Contagion Social Proximity to Capital: and Asset Prices Implications for Investors and Firms

Authors: Authors: Author: Authors: Authors: Leland Bybee* (1), Bryan Kelly (1), Anisha Ghosh, Guillaume Roussellet* Ruchith Dissanayake* Hong Liu* (1), Xudong Zeng (2) Theresa Kuchler (2), Yan Li (1), Asaf Manela (3), Dacheng Xiu (4) McGill University Queensland University of 1: Washington University in St Louis Lin Peng* (1), Johannes Stroebel (2), 1: Yale University Technology 2: Shanghai University of Dexin Zhou (1) 2: Washington University in St. Louis Finance and Economics 1: Baruch College 3: University of Chicago 2: New York University

Discussant: Discussant: Discussant: Discussant: Discussant: Michael McMahon Grigory Vilkov Juhani Linnainmaa Philipp Illeditsch Veronika K. Pool University of Oxford Frankfurt School of Finance and Management Dartmouth University Texas A&M University Vanderbilt University gGmbH When Can the Market Identify Old News? Risk-Neutral Cumulants, Expected Risk Premia, Flighty Liquidity Costly Short Sales and Friends at WSJ and Future Stock Returns Nonlinear Asset Pricing

Authors: Author: Author: Authors: Author: Anastassia Fedyk* (1), James Hodson (2) Kai Wang* Nina Boyarchenko (1), Theodoros Evgeniou (1), Guosong Xu* 1: UC Berkeley Central University of Finance and Economics Domenico Giannone (2), Julien Hugonnier (2, 3), Erasmus University 2: Jozef Stefan Institute Or Shachar* (1) Rodolfo Prieto* (1) 1: Federal Reserve Bank of New York 1: INSEAD 2: Amazon 2: EPFL 3: CEPR

Discussant: Discussant: Discussant: Discussant: Discussant: Joseph Engelberg Elise Gourier Jinming Xue Adem Atmaz Diego Garcia UCSD ESSEC Business School Southern Methodist University Purdue University University of Colorado Boulder The colour of finance words Measuring Macroeconomic Tail Risk The Overnight Drift Inequality Aversion, Populism, and Is “Not Guilty” the Same as the Backlash Against Globalization “Innocent”? Evidence from SEC Financial Fraud Investigations

Authors: Authors: Authors: Authors: Authors: Diego Garcia (1), Maximilian Rohrer* (2), Julien Penasse* (1), Roberto Marfè (2) Nina Boyarchenko (1), Lubos Pastor*, Pietro Veronesi David Solomon* (1), Xiaowen Hu (1) 1: University of Luxembourg Lars Larsen (2), Paul Whelan* (2) University of Chicago Eugene Soltes (2) 1: University of Colorado Boulder 2: Collegio Carlo Alberto 1: Federal Reserve Bank of New York 1: Boston College 2: Norwegian School of Economics 2: Copenhagen Business School 2: Harvard Business School

Discussant: Discussant: Discussant: Discussant: Discussant: Simona Abis Rüdiger Weber Ben Munyan Christian Heyerdahl-Larsen Terrence Blackburne Columbia University WU Vienna University of Economics and Business Vanderbilt University Indiana University Oregon State University

24 47th EFA Annual Meeting 47th EFA Annual Meeting 25 Thursday, August 20 15:30–17:00 CEST/UTC+2

CFGE-04 CFGE-05 CFGE-06 CFGT-02 FIIE-03 Value of Relationships: How Valuable Are Directors? Financing Constraints Supply Chains and Corporate Finance Theory 1 Credit and Spillovers Financial Intermediaries Chair: Anil Shivdasani Chair: Florian Heider Chair: Umit Gurun Chair: Gilles Chemla Chair: Guillaume Vuillemey UNC Chapel Hill European Central Bank University of Texas at Dallas Imperial College Business School, HEC Paris CNRS, CEPR

Stream 6 Stream 7 Stream 8 Stream 9 Stream 10 Outside Directors at Early-Stage Startups Does Limited Liability Matter? Climate Change and Adaptation A theory of socially responsible Does credit affect stock trading? Evidence from a Quasi-Natural Experiment in Global Supply-Chain Networks investment Evidence from the South Sea Bubble

Authors: Authors: Authors: Authors: Authors: Buvaneshwaran Venugopal* (1), Vijay Yerramilli (2) Yrjo Koskinen, Nga Nguyen*, Nora M.C. Pankratz (1), Martin Oehmke (1), Marcus Opp* (2) Rik Frehen*, Fabio Braggion, 1: University of Central Florida J. Ari Pandes Christoph M. Schiller* (2) 1: London School of Economics Emiel Jerphanion 2: University of Houston University of Calgary 1: University of California 2: SSE Tilburg University Los Angeles 2: Arizona State University

Discussant: Discussant: Discussant: Discussant: Discussant: Xinxin Wang Ian Appel Sumudu W Watugala Paul Beaumont Bige Kahraman UNC Kenan-Flagler Business School Boston College Cornell University McGill University University of Oxford Trainspotting: Board Appointments in Private Firms Women’s Inheritance Rights Underwriter Competition Extrapolation Bias and Dynamic Global Demand Spillovers in and Entrepreneurship Gender Gap and Bargaining Power in the Liquidity Management Corporate Bond Issuance: The Corporate Bond Market Effect of Underwriter Networks

Authors: Author: Authors: Authors: Author: Audinga Baltrunaite (1), Egle Karmaziene* (2, 3, 4) S. Lakshmi Naaraayanan* Alberto Manconi (1, 4), Seokwoo Lee (2), Kerry Yang Siani* 1: Bank of Italy, Italy HKUST Ekaterina Neretina* (2), Alejandro Rivera* (1) Columbia University 2: VU Amsterdam Luc Renneboog (3, 5) 1: University of California at Berkeley 3: Swedish House of Finance 1: Bocconi University 2: University of Michigan 4: Tinbergen Institute 2: USC Marshall School of Business 3: Tilburg University; 4: CEPR; 5: ECGI

Discussant: Discussant: Discussant: Discussant: Discussant: Camille Hebert Alexander Popov Richard Lowery Mario Milone Andrew MacKinlay University of Toronto European Central Bank University of Texas at Austin UC San Diego Virginia Tech The Market for CEOs Which Entrepreneurs Are Financially Constrained? Are Star Plaintiff Law Firms Financial Policies and Internal Liquidation value and loan pricing: Also Better Plaintiff Law Firms? Governance with Heterogeneous Evidence from repo markets Risk Preferences

Authors: Authors: Authors: Authors: Authors: Peter Cziraki* (1), Dirk Jenter (2) Francisco Queiro* (1), Marta Lopes (2), Alberto Manconi* (1), Ekaterina Shiqi Chen* (1), Francesca Barbiero, Glenn Schepens*, 1: London School of Economics Hugo Reis (3), Miguel Ferreira (1) Neretina (2), Allen Ferrell (3), Bart M. Lambrecht (1, 2) Jean-David Sigaux 2: University of Toronto 1: Nova School of Business and Economics Luc Renneboog (4), William Powley (5) 1: Cambridge Judge European Central Bank 2: European University Institute 1: Bocconi University Business School 3: Banco de Portugal 2: USC Marshall School of Business 2: CEPR 3: Harvard Law School 4: Tilburg University; 5: MIT

Discussant: Discussant: Discussant: Discussant: Discussant: Renee Adams Cesare Fracassi Ian Appel Savitar Sundaresan Angelo Ranaldo University of Oxford University of Texas at Austin Boston College Imperial College London University of St. Gallen

26 47th EFA Annual Meeting 47th EFA Annual Meeting 27 Thursday, August 20 15:30–17:00 CEST/UTC+2

FIIE-04 FIIE-05 HH-02 MM-02 Private Equity, Venture Capital and Innovation Systemic Risk Beliefs and Stock Market Investments Market Microstructure and Market Design Chair: Juanita Gonzalez-Uribe Chair: Andrew Ellul Chair: Steffen Meyer Chair: Mao Ye London School of Economics Indiana University University of Southern Denmark (SDU) University of Illinois at Urbana-Champaign and Danish Finance Institute

Stream 11 Stream 12 Stream 13 Stream 14 Exploration or Exploitation? The Decline of Too Big to Fail Does Retirement Increase Stock Market Participation? Liquid speed: a Congestion Fee Hedge Funds in Venture Capital Evidence from a Fuzzy Regression Discontinuity for Low-Latency Exchanges Design

Authors: Authors: Authors: Authors: George Aragon (1), Emma Li* (2), Laura Lindsey (1) Antje Berndt* (1), Darrell Duffie (2), Yichao Zhu (1) Guodong Chen* (1), Tong-Yob Nam (2), Yu Zhou (3) Michael Brolley* (1), Marius Zoican (2) 1: Arizona State Univesity 1: Australian National University 1: New York University Shanghai 1: Wilfrid Laurier University 2: Deakin University 2: Stanford University 2: U.S. Department of the Treasury 2: University of Toronto 3: Fudan University

Discussant: Discussant: Discussant: Discussant: Fabrizio Core Robin Greenwood Vesa Pursiainen John Shim ESE Rotterdam Harvard Business School University of St. Gallen University of Notre Dame What Private Equity Does Differently: Micro-evidence from a system-wide financial Beliefs About the Stock Market and Investment When bigger is better: The impact of a tiny tick size Evidence from Life Insurance meltdown: The German Crisis of 1931 Choices: Evidence from a Field Experiment on undercutting behavior

Authors: Authors: Authors: Authors: Divya Kirti* (1), Natasha Sarin (2) Kristian Sven Blickle* (1), Stephan Luck (1), Christine Laudenbach (1), Annika Weber (1), Jiri Svec (1), Sean Foley (2), Anne Dyhrberg* (1) 1: International Monetary Fund Markus Brunnermeier (2) Johannes Wohlfahrt* (2) 1: The University of Sydney 2: University of Pennsylvania 1: Federal Reserve Bank of New York 1: Goethe University Frankfurt 2: Macquarie University 2: Princeton University 2: University of Copenhagen

Discussant: Discussant: Discussant: Discussant: Lora Dimitrova Victoria Ivashina Steffen Meyer Giang Nguyen Exeter University Harvard Business School University of Southern Denmark (SDU) Pennsylvania State University and Danish Finance Institute Product Innovation and Credit Market Disruptions Stressed Banks Tactical Target Date Funds The cost of clearing fragmentation

Authors: Authors: Authors: Authors: Joao Granja* (1), Sara Moreira (2) Diane Pierret*, Roberto Steri Francisco Gomes (1), Alexander Michaelides* (2), Evangelos Benos (2), Wenqian Huang* (1), 1: University of Chicago University of Luxembourg Yuxin Zhang (3) Albert Menkveld (3), Michalis Vasios (4) 2: Northwestern University 1: London Business School 1: Bank for international settlements 2: Imperial College Business School 2: Bank of England 3: RenMin University of China 3: Vrije Universiteit Amsterdam 4: NBIM

Discussant: Discussant: Discussant: Discussant: Ramana Nanda Jean-Eduard Colliard Raimund Maurer Chaojun Wang Harvard Business School HEC Paris Goethe University Frankfurt Wharton School, University of Pennsylvania

28 47th EFA Annual Meeting 47th EFA Annual Meeting 29 Thursday, August 20 17:30–19:00 CEST/UTC+2

APE-07 APE-08 APE-09 APT-03 BF-03 Mutual Funds and Private Bond Pricing and Stock Market Shock Transmission Monetary Policy and Asset Prices Equity Funds Real Implications Financing for Women Chair: Kenneth Ahern Chair: Niels Gormsen Chair: Russell Wermers Chair: Scott Joslin Chair: Terrance Odean University of Southern California University of Chicago University Of Maryland-College Park USC Marshall School of Business Haas School of Business, UC Berkeley

Stream 1 Stream 2 Stream 3 Stream 4 Stream 5 Demand for Information and Stock Returns: The Cross Section of Monetary Don’t Take Their Word For It: Limited Household Risk Sharing: Gender Discrimination in Lending: Evidence from EDGAR Policy Announcement Premium The Misclassification General Equilibrium Implications for Evidence from Bankers in the Lab of Bond Mutual Funds the Term Structure of Interest Rates

Author: Authors: Authors: Authors: Authors: Pingle Wang* Hengjie Ai (1), Leyla Jianyu Han (2), Huaizhi Chen* (1), Lauren Cohen (2), Indrajit Mitra (1), Yu Xu* (2) Michelle Brock (1, 3), University of Rochester Xuhui Nick Pan* (3), Lai Xu (4) Umit Gurun (3) 1: University of Michigan Ralph De Haas* (1, 2, 3) 1: University of Minnesota 1: University of Notre Dame 2: University of Delaware 1: European Bank for Reconstruction 2: University of Hong Kong 2: HBS and Development 3: University of Oklahoma 3: UT Dallas 2: Tilburg University 4: Syracuse University 3: CEPR

Discussant: Discussant: Discussant: Discussant: Discussant: Ryan Israelsen Pavel Savor Michele Gambera Andres Schneider Sheisha Kulkarni Michigan State University DePaul University UBS Asset Management Federal Reserve Board of Governors University of Virginia Production Complementarity and Monetary policy and the corporate bond market: Mutual Funds and Risk Disclosure: Public Debt and the Slope Human Interactions and Transmission of Shocks in the Capital Markets Reaching for yield or information effects? Information Content of Fund of the Term Structure Financial Investment: Prospectuses A Video-Based Approach

Authors: Authors: Authors: Author: Authors: Charles M.C. Lee (1), Tianshuo Shi (2), Gustavo Suarez, Michael Smolyansky* Jonathan Krakow (1), Timo Schäfer* (2) Thien Nguyen* Allen Hu, Song Ma* Stephen (Teng) Sun* (3) Federal Reserve Board 1: University of Zurich Ohio State University Yale University 1: Stanford University 2: Goethe University Frankfurt 2: XY Investments 3: City University of Hong Kong

Discussant: Discussant: Discussant: Discussant: Discussant: William Grieser Andrea Vedolin Alan Huang Jens Henrik Eggert Christensen Anastassia Fedyk Texas Christian University Boston University University of Waterloo Federal Reserve Bank UC Berkeley Haas of San Francisco The Social Internetwork and Stock Returns Tracing the impact of the ECB’s asset Nowcasting Net Asset Values: The Risks of Safe Assets Do Women Mayors Enhance purchase programme on the yield curve The Case of Private Equity Financing Conditions of US Cities?

Authors: Authors: Authors: Authors: Authors: Mohamed Al Guindy* (1), Ryan Riordan (2) Fabian Eser (1), Wolfgang Lemke* (1), Gregory W Brown (1, 2), Eric Ghysels Yang Liu* (1), Lukas Schmid (2), Thomas Krause* (1), Itekhar Hasan (2), 1: Carleton University Ken Nyholm (1), Soeren Radde (2), Andreea Vladu (1) (1, 2, 3), Oleg Gredil* (4) Amir Yaron (3) Yaxuan Qi (3) 2: Queen’s University 1: European Central Bank 1: University of North Carolina 1: University of Hong Kong 1: Halle Institute for Economic 2: Goldman Sachs at Chapel Hill 2: Duke University Research 2: Frank Hawkins Kenan Institute 3: University of Pennsylvania 2: Fordham University of Private Enterprise 3: City University of Hong Kong 3: CERP Discussant: 4: Tulane University Discussant: Discussant: Robin Greenwood Wenhao Li Anastasia Girshina Discussant: Harvard Business School Discussant: University of Southern California Stockholm School of Economics Anna D. Scherbina Tray Spilker Brandeis University University Of Hawaii At Manoa

30 47th EFA Annual Meeting 47th EFA Annual Meeting 31 Thursday, August 20 17:30–19:00 CEST/UTC+2

CFGE-07 CFGE-08 CFGE-09 CFGT-03 FIIE-06 CEO Pay and Incentives & Labor Policies Heterogeneous Firms in a Dynamic World Trust and ES Issues Corporate Finance Theory 2 Sell-Side Analysts

Chair: Morten Bennedsen Chair: Rui Silva Chair: Lukas Roth Chair: Amil Dasgupta Chair: Yen-Cheng Chang University of Copenhagen London Business School University of Alberta London School of Economics National Taiwan University

Stream 6 Stream 7 Stream 8 Stream 9 Stream 10 The additional costs of CEO compensation: The Rise of Star Firms: Does Water Management Improve Initial Coin Offerings as Are Analyst Trade Ideas Valuable? The effect of relative wealth concerns of employees Intangible Capital and Competition Corporate Value? a Commitment to Competition

Authors: Authors: Author: Authors: Authors: Ingolf Dittmann (1), Christoph Schneider* (2), Meghana Ayyagari* (1), Asli Demirguc-Kunt (2), Valentin Jouvenot* Deeksha Gupta* (1), Itay Goldstein (2), Justin Birru, Sinan Gokkaya, Yuhao Zhu (1) Vojislav Maksimovic (3) University of Geneva Ruslan Sverchkov (2) Xi Liu, René Stulz* 1: Erasmus University Rotterdam 1: George Washington University 1: Carnegie Mellon University The Ohio State University 2: Tilburg University 2: The World Bank 2: The Wharton School 3: University of Maryland

Discussant: Discussant: Discussant: Discussant: Discussant: Elena Simintzi Margarida Soares David Ng Lin William Cong Frank Yu UNC Nova SBE Cornell University Cornell University China Europe International Business School (CEIBS) Do Short-Term Incentives Affect Long-Term Do Firms Respond to Competitive Threats Trust and Contracts: Empirical Self-inflicted debt crises Are Crowded Crowds Still Wise? Productivity? with Imitation or Differentiation? Evidence Evidence from Financial Analysts’ Geographic Diversity

Authors: Author: Authors: Authors: Authors: Heitor Almeida* (2, 4), Nuri Ersahin (3), Jonathan Bitting* Francesco D’Acunto (1), Jin Xie* (2), Norman Schuerhoff* (1, 2), William Gerken (1), Vyacheslav Fos (1, 5, 6), Rustom Irani (2, 5), Rice University Jiaquan Yao (3) Theo Dimopoulos (1, 2) Marcus Painter* (2) Mathias Kronlund (2) 1: Boston College 1: University of Lausanne 1: University of Kentucky 1: Boston College 2: The Chinese University 2: Swiss Finance Institute 2: Saint Louis University 2: University of Illinois at Urbana-Champaign of Hong Kong 3: Michigan State University 3: Jinan University 4: NBER 5: CEPR 6: ECGI

Discussant: Discussant: Discussant: Discussant: Discussant: Vikas Mehrotra Johan Hombert Tracy Yue Wang Simon Mayer Justin Birru University of Alberta HEC Paris University of Minnesota Erasmus University Rotterdam The Ohio State University Managerial Horizon and Corporate Labor Policies: Unemployment Insurance The Perils of Private Provision Dynamic Runs and Optimal Growth Expectations out of WACC Evidence from Fixed-Term Boards as a Subsidy to Risky Firms of Public Goods Termination

Authors: Authors: Authors: Authors: Authors: Vincenzo Pezone* (1), Sabrina Di Addario (2), Janis Skrastins* (1), Bernardus van Doornik (2), Umit Gurun (1), Jordan Nickerson* (2), Hongda Zhong* (1), Zhen Zhou (2) Petri Jylhä, Michael Ungeheuer* Raffaele Saggio (3) Dimas Fazio (3), David Schoenherr (4) David Solomon (2) 1: London School of Economics Aalto University 1: Goethe University 1: Washington University in St. Louis 1: University of Texas at Dallas 2: PBC, Tsinghua 2: Bank of Italy 2: Central Bank of Brazil 2: Boston College 3: University of British Columbia 3: London Business School 4: Princeton University

Discussant: Discussant: Discussant: Discussant: Discussant: Paolo Colla Ankit Kalda Justin Tumlinson Todd Keister Fei Xie Bocconi University Indiana University Loughborough University Rutgers University University of Delaware

32 47th EFA Annual Meeting 47th EFA Annual Meeting 33 Thursday, August 20 17:30–19:00 CEST/UTC+2

FIIE-07 ECB HH-03 MM-03 Interaction of Monetary and Macropruden- Credit Market Frictions tial Policies, Impact of Regulations, and Financial Misconduct in Household Finance Modeling Modern Markets Spillover Across the Financial Sector Chair: Adrien Matray Chair: Florian Heider, European Central Bank Chair: Mark Egan Chair: Semyon Malamud Princeton University Angela Maria Maddaloni, European Central Bank Harvard Business School EPFL

Stream 11 Stream 12 Stream 13 Stream 14 Identifying Empty Creditors Sticky Deposit Rates and Allocative Effects Do Financial Misconduct Experiences Equilibrium Data Mining and Data Abundance with a Shock and Micro-Data of Monetary Policy Spur White-Collar Crime?

Authors: Authors: Authors: Authors: Hans Degryse (1, 2), Yalin Gündüz (3), Anne Duquerroy (1), Adrien Matray (2), Steffen Andersen (2, 3), Tobin Hanspal* (1), Jerome Dugast* (2), Thierry Foucault (1) Kuchulain O’Flynn* (4, 5), Steven Ongena (4 ,5, 1, 2) Farzad Saidi* (3) Kasper Meisner Nielsen (2) 1: Hautes Etudes Commerciales de Paris 1: KU Leuven 1: Banque de France 1: WU Vienna University of Economics and Business 2: Université Paris Dauphine 2: CEPR 2: Princeton University 2: Copenhagen Business School 3: Deutsche Bundesbank 3: Boston University 3: CEPR 4: University of Zurich 5: Swiss Finance Institute

Discussant: Discussant: Discussant: Discussant: Kilian Huber Diane Pierret Gonzalo Maturana Alberto Teguia Chicago Booth University of Luxembourg Emory University UBC Sauder The Effect of Conflict on Lending: Bank Regulatory Capital Arbitrage: Real Effects of Investment Fraud Simultaneous Multilateral Search Evidence from Indian Border Areas Evidence from Housing Overappraisals

Authors: Authors: Authors: Authors: Mrinal Mishra* (1, 2), Steven Ongena (1, 2, 3, 4) Sergio Mayordomo*, Omar Rachedi, Samuli Knüpfer (1), Ville Rantala (2), Petra Vokata* (3) Sergei Glebkin, Bart Yueshen* 1: University of Zurich María Rodríguez-Moreno 1: BI Norwegian Business School INSEAD 2: Swiss Finance Institute Bank of Spain 2: University of Miami 3: KU Leuven 3: Ohio State University 4: CEPR

Discussant: Discussant: Discussant: Discussant: Apoorv Gupta Martina Jasova Umit Gurun Markus Baldauf Dartmouth College Barnard College, Columbia University University of Texas at Dallas UBC Sauder Deregulation, Market Structure, The Amortization Elasticity of Mortgage Demand Born to Be Bad Miner Collusion and the BitCoin Protocol and the Demise of Old School Banking

Authors: Authors: Authors: Authors: Emilio Bisetti (1), Stephen Karolyi* (2), Claes Bäckman* (1), Peter van Santen (2) Chris Clifford* (1), Jesse Ellis (2), William Gerken (1) Alfred Lehar* (1), Christine Parlour (2) Stefan Lewellen (3) 1: Aarhus University 1: University of Kentucky 1: University of Calgary 1: HKUST 2: Sveriges Riksbank 2: North Carolina State University 2: UC Berkeley 2: Carnegie Mellon University 3: Pennsylvania State University

Discussant: Discussant: Discussant: Discussant: Phil Strahan Filiz Unsal Christopher Parsons Ye Li Boston College International Monetary Fund University of Washington The Ohio State University Fisher College of Business

34 47th EFA Annual Meeting 47th EFA Annual Meeting 35 Networking events 17:30–21:00 CEST/UTC+2 THURSDAY, AUGUST 20

These networking sessions aim to promote discussions and networking on diverse topics. Each session has at least one modera- tor who will be starting the discussion.

Diversifying diversity research Renee Adams, Oxford University

EFA 2021 Elena Carletti, EFA 2021 Program Chair, Bocconi University

Review of Finance Alex Edmans, Managing Editor, Review of Finance; London Business School

Teaching online Petri Jylhä, Aalto University

Building EFA 2020 program Matti Keloharju, EFA 2020 Program Chair, Aalto University

Status of the academic job market Kristian Miltersen, Copenhagen Business School

Responsible finance Kjell Nyborg, University of Zurich

Big Proprietary Data Elias Rantapuska, Aalto University

Academic research through practitioner’s eyes Antti Suhonen, Aalto University

36 47th EFA Annual Meeting 47th EFA Annual Meeting 37 Friday, August 21 13:30–15:00 CEST/UTC+2

APE-10 APE-11 NBIM APT-04 Understanding the Long-Run Drivers Machine Learning and Finance New Perspectives on Disaster Risk Asset Pricing with Real Capital of Asset Prices Chair: Svetlana Bryzgalova Chair: Sang Byung Seo Chair: Dagfinn Rime Chair: Max Croce London Business School University of Wisconsin-Madison BI Norwegian Business School Bocconi University

Stream 1 Stream 2 Stream 3 Stream 4

Risk Factors That Matter: Textual Analysis What Interbank Rates Tell Us About Time-Varying Variance Risk in Global Markets Learning and the Capital Age Premium of Risk Disclosures for the Cross-Section of Returns Disaster Risk

Author: Authors: Authors: Authors: Alejandro Lopez-Lira* Hitesh Doshi* (1), Hyung Joo Kim (1), Robert James Hodrick (1, 3), Geert Bekaert (1, 3), Kai Li (1), Chi-Yang Tsou* (1), Chenjie Xu (2) University of Pennsylvania Sang Byung Seo (2) Andrea Kiguel* (2) 1: Hong Kong University of Science and Technology 1: University of Houston 1: Columbia Business School 2: Shanghai University of Finance and Economics 2: University of Wisconsin-Madison 2: Bank of America 3: NBER

Discussant: Discussant: Discussant: Discussant: Dacheng Xiu Anders B. Trolle Pasquale Della Corte Anthony Diercks University of Chicago Copenhagen Business School Imperial College Business School Federal Reserve Board of Governors Risk Price Variation: The Missing Half Failure to Share Natural Disaster Risk The Global Factor Structure of Exchange Rates Leasing as a Risk-Sharing Mechanism of Empirical Asset Pricing

Authors: Author: Authors: Authors: Andrew Patton*, Brian Weller Tuomas Tomunen* Sofonias Korsaye (1), Fabio Trojani* (1), Kai Li*, Chi-Yang Tsou Duke University Columbia Business School Andrea Vedolin (2) Hong Kong University of Science and Technology 1: University of Geneva 2: Boston University

Discussant: Discussant: Discussant: Discussant: Markus Pelger Asaf Manela Adrien Verdelhan Howard Kung Stanford University Washington University in St. Louis MIT London Business School

Extracting Statistical Factors Volatility Uncertainty and Jumps Getting to the Core: Inflation Risks within Operating Leverage and Hedging: When Betas Are Time-Varying and across Asset Classes A Tale of Two Production Costs for Asset Pricing

Authors: Authors: Authors: Authors: Hao Ma* (1, 2), Patrick Gagliardini (1, 2) Thomas Grünthaler*, Hendrik Hülsbusch Xiang Fang (1), Yang Liu (1), Nikolai Roussanov* (2,3) Leonid Kogan (1), Jun Li* (2), 1: University of Lugano WWU Münster 1: University of Hong Kong Harold Zhang (2), Yifan Zhu (2) 2: Swiss Finance Institute 2: University of Pennsylvania 1: MIT Sloan 3: NBER 2: University of Texas at Dallas

Discussant: Discussant: Discussant: Discussant: Paolo Zaffaroni Chay Ornthanalai Paolo Cavallino Thien Nguyen Imperial College London University of Toronto BIS Ohio State University

38 47th EFA Annual Meeting 47th EFA Annual Meeting 39 Friday, August 21 13:30–15:00 CEST/UTC+2

BF-04 CFGE-10 CFGE-11 CFGE-12

Extrapolating Returns Labor and Corporate Finance Empirical Methods in Corporate Finance Benefits of Political Connections

Chair: Alessandro Previtero Chair: Frederico Belo Chair: Kai Li Chair: Mara Faccio Indiana University INSEAD University of British Columbia Purdue University

Stream 5 Stream 6 Stream 7 Stream 8

Foregone Consumption and Give Me Your Tired, Your Poor, Your High-Skilled Time-varying Group Unobserved Demand for Campaign Funds Return-Chasing Investments Labor: H-1B Lottery Outcomes and Heterogeneity in Finance and the Value of Political Connections Entrepreneurial Success

Authors: Authors: Authors: Author: Ben Gossin Charoenwong* (1), Stephen G. Dimmock* (1), Jiekun Huang (2), Elvira Sojli (1), Wing Wah Tham* (1), Wendun Wang (2) Changhyun Ahn* Sumit Agarwal (1), Pulak Ghosh (2) Scott J. Weisbenner (2) 1: University of New South Wales University of Florida 1: National University of Singapore 1: Nanyang Technological University 2: Erasmus University 2: Indian Institute of Management 2: University of Illinois at Urbana-Champaign

Discussant: Discussant: Discussant: Discussant: Amir Kermani Britta Glennon Davidson Heath Alexei V. Ovtchinnikov UC Berkeley Haas University of Pennsylvania University of Utah HEC Paris Streaks in Daily Returns Levered Employees Reusing Natural Experiments Political Polarization in Financial News

Authors: Author: Authors: Authors: Alexander Klos (1), Alexandra Koehl (1), Roberto Pinto* Matthew Ringgenberg (1), Davidson Heath (1), Eitan Goldman (2), Nandini Gupta* (2), Simon Rottke* (2) Lancaster University Management School Mehrdad Samadi* (2), Ingrid Werner (3) Ryan Israelsen (1) 1: Kiel University 1: University of Utah 1: Michigan State University 2: University of Amsterdam 2: SMU Cox 2: Kelley School of Business 3: The Ohio State University

Discussant: Discussant: Discussant: Discussant: Xing Huang Ashwini Agrawal Todd Gormley Mariassunta Giannetti Washington University in St. Louis LSE Washington University in St. Louis Stockholm School of Economics

Fundamental Extrapolation and Stock Returns Endogenous Operating Leverage: Foreign Labor Measuring Intangible Capital with Market Prices The Revolving Door and Protection and Corporate Restructuring Insurance Solvency Regulation

Authors: Authors: Authors: Author: Dashan Huang (1), Huacheng Zhang (2), Katie Moon (1), Giorgo Sertsios* (2) Ryan Peters* (1), Michael Ewens (2,3), Sean Wang (4) Ana-Maria Tenekedjieva* Guofu Zhou* (3), Yingzi Zhu (4) 1: University of Colorado Boulder 1: Tulane University University of Chicago 1: Singapore Management University 2: Universidad de los Andes 2: California Institute of Technology 2: Southwestern University of Finance and Economics 3: NBER 3: Washington University in St. Louis 4: Southern Methodist University 4: Tsinghua University

Discussant: Discussant: Discussant: Discussant: Stefano Cassella Yue Qiu J. Anthony Cookson Logan Emery Tilburg University Temple University University of Colorado – Boulder Purdue University

40 47th EFA Annual Meeting 47th EFA Annual Meeting 41 Friday, August 21 13:30–15:00 CEST/UTC+2

CFGT-04 FIIE-08 FIIE-09 FIIE-10 HH-04 Household Beliefs and Skill, Financing, and Corporate Governance Banking Institutions and Behavior Institutional investors and Risk Bank Credit Preferences: Insights from Big Administrative Data Chair: Mike Burkart Chair: Tobias Berg Chair: Aleksandar Andonov Chair: Sascha Steffen Chair: Andreas Fuster London School of Economics and Political Science Frankfurt School of Finance and Management University of Amsterdam Frankfurt School of Finance & Swiss National Bank Management

Stream 9 Stream 10 Stream 11 Stream 12 Stream 13 Trading and Shareholder Democracy Big Broad Banks: Who Limits Arbitrage? Losing Control? The 20-Year Decline Wealth Fluctuations and Risk How Does Cross-Selling Affect Lending? in Loan Covenant Restrictions Preferences: Evidence from U.S. Investor Portfolios

Authors: Author: Authors: Authors: Author: Ernst Maug* (1, 4), Doron Levit (2, 4), Yingjie Qi* Nathan Foley-Fisher*, Thomas Griffin* (1), Greg Nini (2), Maarten Meeuwis* Nadya Malenko (3, 4, 5) Stockholm School of Economics Borghan Narajabad, Stephane Verani David Smith (3) MIT Sloan 1: Universität Mannheim Federal Reserve Board 1: Villanova University 2: University of Washington 2: Drexel University 3: University of Michigan; 4: ECGI; 5: CEPR 3: University of Virginia

Discussant: Discussant: Discussant: Discussant: Discussant: Jan Starmans Larissa Schaefer Shan Ge Michael Schwert Sylvain Catherine Stockholm School of Economics Frankfurt School of Finance & Management New York University University of Pennsylvania The Wharton School Financing Skilled Labor The side effects of shadow banking Liability-Driven Investors Do Banks Compete on Non-Price Exposure to Daily Price Changes on liquidity provision Terms? Evidence from Loan and Inflation Expectations Covenants

Author: Authors: Authors: Authors: Authors: Vladimir Vladimirov* Teodora Paligorova* (1), Joao Santos (2) Kristy Jansen* (1, 2), Rustam Abuzov* (1), Christoph Francesco D’Acunto (1), University of Amsterdam 1: Federal Reserve Board Dirk Broeders (2, 3) Herpfer (2), Roberto Steri (3) Ulrike Malmendier (2), 2: Federal Reserve Bank of New York 1: Tilburg University 1: SFI and HEC Lausanne Juan Ospina (3), Michael Weber* (4) 2: De Nederlandsche Bank 2: Emory University 1: Boston College 3: Maastricht Universitys 3: University of Luxembourg 2: UC Berkeley 3: Banco de la Republica 4: University of Chicago

Discussant: Discussant: Discussant: Discussant: Discussant: Konrad Raff Elena Loutskina Luis M. Viceira Greg Nini Carola Binder Norwegian School of Economics Darden School of Business Harvard Business School Drexel University Haverford College Skill versus Reliability in Venture Capital Loan Spreads and Credit Cycles: The Role Reach for Yield Credit, Income and Inequality Reference Points in Refinancing of Lenders’ Personal Economic Experiences by U.S. Public Pension Funds Decisions?

Authors: Authors: Authors: Authors: Author: Naveen Khanna (1), Richmond Mathews* (2) Daniel Carvalho, Janet Gao*, Pengfei Ma Lina Lu (2), Matthew Pritsker (2), Manthos Delis (1), Fulvia Fringuel- Virginia Gianinazzi* (1, 2) 1: Michigan State University Indiana University Andrei Zlate* (1), Ken Anadu (2), lotti* (2), Steven Ongena (3, 4, 5 ,6) 1: Università della Svizzera italiana 2: University of Maryland James Bohn (2) 1: Montpellier Business School 2: Swiss Finance Institute 1: Board of Governors 2: Federal Reserve Bank of New York of the Federal Reserve System 3: University of Zurich 2: Federal Reserve Bank of Boston 4: Swiss Finance Institute 5: KU Leuven; 6: CEPR

Discussant: Discussant: Discussant: Discussant: Discussant: Ulf Axelson Ing-Haw Cheng George Pennacchi Raj Iyer Joao Cocco London School of Economics & Political Science Dartmouth College University of Illinois Imperial College London London Business School

42 47th EFA Annual Meeting 47th EFA Annual Meeting 43 Friday, August 21 15:30–17:00 CEST/UTC+2

APE-12 APE-13 IF-01 APT-05

Macroeconomic Risks and Asset Prices The Price of Risk in Credit Markets Exchange Rate Risks Asset Pricing in Industrial Organization

Chair: Lars Lochstoer Chair: Jaewon Choi Chair: Andrea Vedolin Chair: Lukas Schmid UCLA Anderson School of Management University of Illinois Urbana-Champaign Boston University Duke University

Stream 1 Stream 2 Stream 3 Stream 4

The Greenspan Put How integrated are credit and equity markets? Attention to the tail(s): global financial conditions Counterparty Risk: Implications Evidence from index options and exchange rate risks for Network Linkages and Asset Prices

Authors: Authors: Authors: Authors: Sandeep Dahiya (2), Bardia Kamrad (2), Pierre Collin-Dufresne (1, 2), Fernando Eguren-Martin* (1), Andrej Sokol (2) Fotis Grigoris*, Gill Segal, Yunzhi Hu Valerio Poti* (1), Akhtar Siddique (3) Benjamin Junge (3), Anders B. Trolle* (4) 1: Bank of England University of North Carolina at Chapel Hill 1: University College Dublin, Ireland 1: EPFL 2: European Central Bank 2: Georgetown University 2: Swiss Finance Institute 3: Office of the Comptroller of the Currency 3: CFM 4: Copenhagen Business School

Discussant: Discussant: Discussant: Discussant: Michael Bauer Yoshio Nozawa Nancy Xu Alexandre Corhay Universität Hamburg HKUST Boston College University of Toronto CDS Market Structure and Bond Spreads Forgiven but not forgotten – Emerging Government Policy Approval and Exchange Rates Feedback and Contagion through market credit spreads following debt relief Distressed Competition

Authors: Authors: Authors: Authors: Andrada Bilan* (1, 2), Yalin Gunduz (3) Mikkel Hauerberg, David Lando*, Alexander Tetzlaff Yang Liu (1), Ivan Shaliastovich* (2) Hui Chen* (1), Winston Dou (2), 1: Swiss National Bank Copenhagen Business School 1: University of Hong Kong Hongye Guo (2), Yan Ji (3) 2: University of Zurich 2: University of Wisconsin Madison 1: MIT 3: Deutsche Bundesbank 2: University of Pennsylvania 3: HKUST

Discussant: Discussant: Discussant: Discussant: Jens Dick-Nielsen Jennie Bai Zhengyang Jiang Lars-Alexander Kuehn Copenhagen Business School Georgetown University Northwestern University Carnegie Mellon University Empirical Asset Pricing in a DSGE Framework: Implied Volatility Changes Asymmetric Information Risk in FX Markets Follow the Money Reconciling Calibration and Econometrics and Corporate Bond Returns using Partial Indirect Inference

Authors: Authors: Authors: Author: Joachim Grammig (2, 3, 4), Jie Cao (1), Amit Goyal (2, 3), Fabricius Somogyi*, Angelo Ranaldo Marco Grotteria* Julie Schnaitmann* (1), Dalia Elshiaty (2) Xiao Xiao* (4), Xintong Zhan (1) University of St.Gallen London Business School 1: University of Konstanz 1: The Chinese University of Hong Kong 2: University of Tübingen 2: University of Lausanne 3: Centre for Financial Research (CfR) 3: Swiss Finance Institute 4: Center for Financial Studies (CfS) 4: Erasmus University Rotterdam

Discussant: Discussant: Discussant: Discussant: Tim Landvoigt Marco Rossi Steven Riddiough Andres Donangelo University of Pennsylvania Texas A&M University University of Toronto University of Texas at Austin

44 47th EFA Annual Meeting 47th EFA Annual Meeting 45 Friday, August 21 15:30–17:00 CEST/UTC+2

BF-05 CFGE-13 CFGE-14 CFGE-15

Heuristics and Biases Climate Change and Corporate Finance Acquisitions and Investment Impacts of Financial Distress

Chair: Oliver Spalt Chair: Ingolf Dittmann Chair: Laurent Fresard Chair: Karin S Thorburn University of Mannheim Erasmus University Rotterdam University of Lugano Norwegian School of Economics

Stream 5 Stream 6 Stream 7 Stream 8

Dynamic Inconsistency in Risky Choice: Risk and Employment: Banking on Snow The anatomy of acquirer returns Do Firms Hedge During Distress? Evidence from the Lab and Financial Markets

Authors: Authors: Authors: Authors: Rawley Heimer (3), Zwetelina Iliewa* (1), Simon Baumgartner (1), Thomas Schober (2), Olivier Dessaint (1), Espen Eckbo (2), Heitor Almeida (1), Kristine Hankins* (2), Alex Imas (2), Martin Weber (4) Alex Stomper* (1), Rudolf Winter-Ebmer (2) Andrey Golubov* (1) Ryan Williams (3) 1: Max Planck Institute for Research 1: Humboldt University 1: University of Toronto 1: University of Illinois – Urbana-Champaign on Collective Goods 2: Johannes Kepler University 2: Dartmouth College 2: University of Kentucky 2: Carnegie Mellon University 3: University of Arizona 3: Boston College 4: University of Mannheim

Discussant: Discussant: Discussant: Discussant: Michaela Pagel Tim Eisert Christoph Schneider Gaurav Kankanhalli Columbia University Erasmus University Rotterdam Tilburg University University of Pittsburgh Reference Dependence in the Housing Market Climate Change, Operating Flexibility, Short interest and Investment Crisis Innovation and Corporate Investment Decisions

Authors: Authors: Authors: Authors: Steffen Andersen (3), Cristian Badarinza* (1), Thomas Schmid* (1), Chen Lin (1), Mike Weisbach (2) Alexei Boulatov (2), Gustavo Grullon (4), Tania Babina (1), Asaf Bernstein (2), Lu Liu (2), Julie Marx (3), Tarun Ramadorai (2) 1: University of Hong Kong Yelena Larkin (3), Alexei Zhdanov* (1) Filippo Mezzanotti* (3) 1: National University of Singapore 2: Ohio State University 1: Penn State University 1: Columbia 2: Imperial College, London 2: Higher School of Economics, ICEF 2: University of Colorado 3: Copenhagen Business School 3: York University 3: Northwestern University 4: Rice University

Discussant: Discussant: Discussant: Discussant: Nicola Pavanini Zacharias Sautner Daniel Schmidt Gordon Phillips Tilburg University Frankfurt School of Finance and Management HEC Paris Dartmouth College Behavioral consistency in SEOs and M&As: ES Risks and Shareholder Voice Capital Budgeting and Idiosyncratic Risk How Large are Pre-Default Costs of Financial Evidence from CEO anchoring heuristic Distress? Estimates from a Dynamic Model

Authors: Authors: Author: Authors: Fengfei Li (1), Chen Lin (2), Tse-Chun Lin* (2) Yazhou He* (1), Bige Kahraman (2), Michelle Lowry (3) Paul Decaire* Redouane Elkamhi, Marco Salerno* 1: Deakin University 1: University of Manchester Wharton University of Toronto 2: University of Hong Kong 2: University of Oxford 3: Drexel University

Discussant: Discussant: Discussant: Discussant: Clemens Otto Jared Stanfield Olivier Dessaint Wenyu Wang Singapore Management University University of Oklahoma University of Toronto Indiana University

46 47th EFA Annual Meeting 47th EFA Annual Meeting 47 Friday, August 21 15:30–17:00 CEST/UTC+2

FIIT-01 FIIE-11 FIIE-12 BoF MM-04 Information Collection Banking, Safe Assets, Liquidity Creation Financial Institutions and Investment and Manipulation and Monetary Policy Trade Data: Novel Insights Chair: Lin William Cong Chair: Claudia Custodio Chair: Scott Yonker Chair: George Pennacchi Chair: Albert J. Menkveld Cornell University Imperial College Business School Cornell University University of Illinois VU Amsterdam

Stream 9 Stream 10 Stream 11 Stream 12 Stream 13 Intermediated and Public Supply of Liquidity Private Equity Fund Debt: Capital Flows, Do Mutual Funds Exploit Information Why so negative? The effect What moves stock prices? The role of Performance, and Agency Costs? on Local Companies? Evidence from of monetary policy on bank credit news, noise, and information Fund-Firm Taxi Trips in NYC supply across the euro area

Author: Authors: Authors: Authors: Authors: Ye Li* James F. Albertus*, Matthew Denes David C Cicero* (1), Albert Y Wang (1), Christian Bittner (1), Diana Bonfim* Thanh Huong Nguyen (1), The Ohio State University Fisher College of Business Carnegie Mellon University Shen Zhang (2), Andy Puckett (3) (2, 3), Florian Heider (4, 5), Farzad Jonathan Brogaard (2), Talis Putnins (3), 1: Auburn University Saidi (6, 5), Glenn Schepens (4), Eliza Wu* (4) 2: Troy University Carla Soares (2) 1: University of Economics, 3: University of Tennessee 1: Bundesbank & Goethe The University of Danang University Frankfurt 2: University of Utah 2: Banco de Portugal 3: University of Technology Sydney 3: Católica ; 4: ECB; 5: CEPR 4: University of Sydney Business School 6: Boston University

Discussant: Discussant: Discussant: Discussant: Discussant: Sebastian Di Tella Ludovic Phalippou Mathias Kruttli Kairong Xiao Nikolaus Hautsch Stanford Graduate School of Business Saïd Business School Federal Reserve Board Columbia University University of Vienna Optimal Financing with Tokens Socially Responsible Investments: Costs and Institutional Trading Around Negative Monetary Policy Rates The Anatomy of Trading Algorithms Benefits for University Endowment Funds M&A Announcements and Systemic Banks’ Risk-Taking: Evidence from the Euro Area Securities Register

Authors: Authors: Author: Authors: Authors: Sebastian Gryglewicz (1), Simon Mayer* (1), George Aragon (1), Yuxiang Jiang* (2), Eliezer Fich (1), Viktoriya Johannes Bubeck* (1), Angela Tyler Beason*, Sunil Wahal Erwan Morellec (2) Juha Joenvaara (3), Cristian Tiu (4) Lantushenko* (2), Clemens Sialm (3) Maddaloni (2), José-Luis Peydró (3) Arizona State University 1: Erasmus University Rotterdam 1: Arizona State University 1: Drexel University 1: Deutsche Bundesbank 2: EPFL 2: Southwestern University of Finance and Economics 2: Saint Joseph’s University 2: European Central Bank 3: Aalto University 3: University of Texas at Austin 3: Imperial College London; ICREA- 4: University at Buffalo UPF CREI GSE; CEPR

Discussant: Discussant: Discussant: Discussant: Discussant: Fahad Saleh Chendi Zhang Richard Evans Mathias Kronlund, University of Robert Almgren Wakeforest University University of Exeter University of Virginia Illinois at Urbana-Champaign Princeton University Bitcoin’s Fatal Flaw: The Limited Adoption Problem Estimating the Cost of Control Rights “Pump and Dump” through Media Low Rates and Bank Loan Supply: Quantifying the High-Frequency in the Corporate Loan Market Tone: The Role of Cross-Blockholders Theory and Evidence from Japan Trading “Arms Race”: A Simple New in Corporate Litigation Methodology and Estimates Authors: Authors: Franz Hinzen (1), Kose John* (1), Fahad Saleh (2) Andrew Bird, Stephen Karolyi, Thomas Ruchti* Authors: Authors: Authors: 1: New York University Stern School of Business Carnegie Mellon University Jie Jack He (1), Han Xia* (2), Cynthia Mei Balloch* (1), Matteo Aquilina (1), Eric Budish* (2, 3), 2: Wakeforest University Yabo Zhao (2) Yann Koby (2) Peter O’Neill (1) 1: University of Georgia 1: London School of Economics 1: Financial Conduct Authority (UK) 2: University of Texas at Dallas and Political Science 2: University of Chicago 2: Princeton University 3: NBER

Discussant: Discussant: Discussant: Discussant: Discussant: Yukun Liu Daniel Ferreira Ryan Israelsen Mauricio Ulate Burton Hollifield University of Rochester London School of Economics Michigan State University Federal Reserve Bank of San Francisco Carnegie Mellon University

48 47th EFA Annual Meeting 47th EFA Annual Meeting 49 Friday, August 21 17:30–19:00 CEST/UTC+2

APE-14 APE-15 IF-02 MM-05

Climate Change and Finance Preference-free Results from Derivatives Empirical Advances in International Finance How Externalities Shape Trading

Chair: Markus Baldauf, UBC Sauder Chair: Grigory Vilkov Chair: Andreas Stathopoulos Chair: Pierre Collin-Dufresne Lorenzo Garlappi, UBC Frankfurt School of Finance and Management gGmbH University of North Carolina EPFL and Swiss Finance Institute

Stream 1 Stream 2 Stream 3 Stream 4

Stranded Fossil Fuel Reserves and Firm Value Sentimental Recovery Currency Anomalies The Value of ETF Liquidity

Authors: Authors: Authors: Authors: Christina Atanasova*, Eduardo Schwartz Altan Pazarbasi* (1), Paul Schneider (2, 3), Sohnke Bartram (1,2), Leslie Djuranovik* (1), Marta Khomyn* (1), Talis Putnins (1, 2), Marius Zoican (3) SFU Grigory Vilkov (1) Anthony Garratt (1) 1: University of Technology Sydney 1: Frankfurt School of Finance and Management 1: University of Warwick 2: Stockholm School of Economics in Riga 2: University of Lugano 2: CEPR 3: University of Toronto Mississauga 3: Swiss Finance Institute

Discussant: Discussant: Discussant: Discussant: Michael Wittry Jaroslav Borovička Tony Zhang Vyacheslav Fos The Ohio State Univeristy New York University Federal Reserve Board Boston College Do Investors Care about Carbon Risk? Distorting Arrow-Debreu Securities: New Entropy A Credit-Based Theory of the Currency Risk Premium Information Traps in Over-the-Counter Markets Restrictions Implied by the Option Cross Section

Authors: Authors: Authors: Author: Patrick Bolton (1), Marcin Kacperczyk* (2) Fousseni Chabi-Yo* (1), Yan Liu (2) Pasquale Della Corte* (1), Alexandre Jeanneret (2), Junyuan Zou* 1: Columbia Business School 1: University of Massachusetts-Amherst Ella Patelli (2) INSEAD 2: Imperial College Business School 2: Purdue University 1: Imperial College Business School 2: HEC Montreal

Discussant: Discussant: Discussant: Discussant: Jawad M. Addoum Paul Schneider Irina Zviadadze Sebastian Vogel Cornell University USI Lugano and Swiss Finance Institute HEC Paris EPFL

Panic selling when disaster strikes: Currency Redenomination Risk Fixing the Fix? Assessing the Effectiveness Expertise, Information, and Dealer-intermediated Evidence in the bond and stock markets of the 4pm Fix OTC Markets

Authors: Author: Authors: Authors: Thanh Huynh*, Ying Xia Lukas Kremens* Martin DD Evans (1), Peter O’Neill (2), Wei Li*, Zhaogang Song Monash University University of Washington Dagfinn Rime* (3), Jo A Saakvitne (4) Johns Hopkins University 1: Georgetown University 2: Financial Conduct Authority 3: BI Norwegian Business School 4: BCG

Discussant: Discussant: Discussant: Discussant: Ryan C. Lewis Patrick Augustin Paul Whelan Vincent Glode University of Colorado, Boulder McGill University Copenhagen Business School University of Pennsylvania

50 47th EFA Annual Meeting 47th EFA Annual Meeting 51 Friday, August 21 17:30–19:00 CEST/UTC+2

BF-06 CFGE-16 CFGE-17 CFGE-18 Local Government Decisions: Uncertainty, More or Less Debt, Debt, and More Debt Emerging Topics in Corporate Finance Subsidies and Real Activity Chair: Samuel Hartzmark Chair: Dong Yan Chair: Mariassunta Giannetti Chair: Alminas Zaldokas University of Chicago Stockholm School of Economics Stockholm School of Economics Hong Kong University of Science and Technology

Stream 5 Stream 6 Stream 7 Stream 8

Firm Uncertainty and Household Spending Debt Maturity and the Threat of Human Capital Feminist Firms Winner’s Curse? Corporate Subsidies and Departure – Evidence from CEOs near Retirement Age Borrowing Costs of Local Governments

Authors: Author: Authors: Authors: Ivan Alfaro* (1), Hoonsuk Park (2) Shan Ge* Benjamin Bennett (1), Isil Erel (2), Sudheer Chava, Baridhi Malakar*, Manpreet Singh 1: BI Norwegian Business School New York University Léa Stern* (3), Zexi Wang (4) Georgia Tech 2: Nanyang Technological University 1: Tulane University 2: Ohio State University 3: University of Washington 4: Lancaster University

Discussant: Discussant: Discussant: Discussant: Peter Ganong Claudia Custodio Alberto Manconi Dermot Murphy University of Chicago Imperial College Business School Bocconi University University of Illinois at Chicago Fears and the Demand for Green Investment: Unintended Side Effects: Stress Tests, Cross-Border Institutions and Trading Credit (Subsidies) for Votes: The Effect Evidence from the Swedish Pension System Entrepreneurship, and Innovation the Globalization of Innovation of Local Politics on Small Business Lending

Authors: Author: Authors: Authors: Anders Anderson* (1), David T. Robinson (2) Sebastian Doerr* Bo Bian* (1), Ting Xu (2), Jean-Marie Meier (3) Sahil Raina*, Sheng-Jun Xu 1: Stockholm School of Economics Bank for International Settlements 1: University of British Columbia University of Alberta 2: Duke University 2: University of Virginia 3: University of Texas at Dallas

Discussant: Discussant: Discussant: Discussant: Paul Smeets Adrien Matray Jiekun Huang Pat Akey Maastricht University Princeton University University of Illinois, Urbana Champaign University of Toronto

Testing Disagreement Models The Long-Run Effects of Mortgage Credit Access Collectivistic Culture and the Emergence The Real Effects of Politicians’ Compensation on Entrepreneurship of Family Firms

Authors: Author: Authors: Authors: Yen-Cheng Chang* (1), Pei-Jie Hsiao (1), Christopher Lako* Joseph P. H. Fan (1), Qiankun GU (2), Xin Yu* (3) Igor Cunha, Paulo Manoel* Alexander Ljungqvist (2), Kevin Tseng (3) University of California, Berkeley 1: The Chinese University of Hong Kong University of Kentucky 1: National Taiwan University 2: Wuhan University 2: Stockholm School of Economics 3: The University of Queensland 3: Federal Reserve Bank of Richmond

Discussant: Discussant: Discussant: Discussant: Cameron Peng Laurent Bach Rachel Li Philip Valta London School of Economics ESSEC Business School University of Alabama University of Bern

52 47th EFA Annual Meeting 47th EFA Annual Meeting 53 Friday, August 21 17:30–19:00 CEST/UTC+2

FIIT-02 FIIE-13 FIIE-14 FIIE-15 AoF Transmission of Shocks Liquidity Provision and Stress Tests Through the Banking Sector Fixed Income Instruments Uncertainty and Banking Health and Finance Chair: Daniel Quigley Chair: Mathias Hoffmann Chair: Andrew Ellul Chair: Rainer Haselmann Chair: Eleni Simintzi University of Oxford University of Zurich Indiana University Goethe University Frankfurt UNC

Stream 9 Stream 10 Stream 11 Stream 12 Stream 13 Designing Stress Scenarios Banks’ Foreign Currency Exposure Bank Debt versus Mutual Fund The Telegraph and Modern Banking The Impact of Obamacare on Firm and the Real Effects of Exchange Rate Shocks Equity in Liquidity Provision Development, 1881–1936 Employment and Performance: Theory and Evidence

Authors: Author: Authors: Authors: Authors: Cecilia Parlatore* (1, 2), Thomas Philippon (1, 2) Isha Agarwal* Yiming Ma (1), Kairong Xiao* (1), Chen Lin (1), Chicheng Ma (1), Heitor Almeida (1), Ruidi Huang* (2), 1: New York University University of British Columbia Yao Zeng (2) Yuchen Sun (2), Yuchen Xu* (1) Ping Liu (3), Yuhai Xuan (4) 2: NBER 1: Columbia University 1: The University of Hong Kong 1: UIUC 2: University of Washington 2: Renmin University of China 2: Southern Methodist University 3: Purdue University 4: UC Irvine

Discussant: Discussant: Discussant: Discussant: Discussant: Jing Zeng Dennis Reinhardt Jessie Jiaxu Wang Fabio Braggion Ramin P Baghai University of Vienna Bank of England Arizona State University Tilburg University Stockholm School of Economics Persuading Multiple Audiences: An Information The Bond Lending Channel of Monetary Policy Sitting Bucks: Zero Returns Policy Uncertainty, Lender of Last Brain Drain: The Impact of Air Design Approach to Banking Regulation in Fixed Income Funds Resort and the Real Economy Pollution on Firm Performance

Author: Authors: Author: Authors: Authors: Nicolas Inostroza* Olivier Darmouni* (1), Oliver Giesecke (1), Jaewon Choi (1), Mathias Kronlund (1), Martina Jasova* (1), Caterina Shuyu Xue (1), Bohui Zhang (2), University of Toronto Alexander Rodnyansky (2) Ji Yeol Jimmy Oh* (2) Mendicino (2), Dominik Supera (3) Xiaofeng Zhao* (3) 1: Columbia Business School 1: University of Illinois at 1: Columbia University 1: Singapore Management University 2: University of Cambridge Urbana-Champaign 2: European Central Bank 2: The Chinese University 2: Hanyang University 3: University of Pennsylvania of Hong Kong (Shenzhen) 3: Lingnan University

Discussant: Discussant: Discussant: Discussant: Discussant: Dmitry Orlov Egor Maslov Stacey Jacobsen Enrico Sette Alex He University of Wisconsin School of Business University of Zurich Southern Methodist University Banca Italia University of Maryland Model Secrecy and Stress Tests Unintended Consequences of Unemployment Do Fund Flows Lead to Fire-sales Political uncertainty and the CEO Health and Insurance Benefits: The Role of Banks and Pose Systemic Risk? geographic allocation of credit: Corporate Governance Evidence from small businesses

Authors: Authors: Authors: Authors: Authors: Basil Williams* (1), Yaron Leitner (2) Yavuz Arslan (1), Ahmet Degerli (2), Gazi Kabas* (3, 4) Shelly Antoniewicz, Christof W Stahel* Geraldo Cerqueiro (1), Matti Keloharju (1), Samuli Knüpfer (2), 1: New York University 1: Bank for International Settlements Investment Company Institute Ana Mão-de-Ferro (2, 3), Joacim Tåg* (3) 2: Washington University in St. Louis 2: Federal Reserve Board (USA) Maria Fabiana Penas* (4) 1: Aalto University School of Business; 3: University of Zurich 1: Catolica-Lisbon SBE 2: BI Norwegian School 4: Swiss Finance Institute 2: University of Zurich of Management 3: Swiss Finance Institute 3: Research Institute of Industrial 4: Universidad Torcuato Di Tella Economics (IFN)

Discussant: Discussant: Discussant: Discussant: Discussant: Pierre Chaigneau Bent Sorensen Ishita Sen Filippo De Marco Hannes Wagner Queen’s University University of Houston Harvard Business School Bocconi Bocconi University

54 47th EFA Annual Meeting 47th EFA Annual Meeting 55 General Assembly and Paper Prizes Conference Paper Prizes 19:30–20:00 CEST/UTC+2

FRIDAY, AUGUST 21 EFA 2020 EFA BEST PAPER PRIZE BEST CONFERENCE PAPER PRIZE IN RESPONSIBLE FINANCE The Best Conference Paper Prize is the highest The EFA is creating the Best Paper Prize in EFA GENERAL ASSEMBLY distinction awarded to an academic paper pre- Responsible Finance during the 2020-2022 The EFA 2020 General Assembly sented during the EFA 2020 Annual Meeting. period. The aim of this prize is to promote will be chaired by EFA President, research on the important role that finance Miguel Ferreira. Prize Committee: plays in societal progress and how a • Francis Longstaff (UCLA) competitive and inclusive financial system To be eligible to vote at the General • Antoinette Schoar (MIT) can contribute to economic development. Assembly, you must be a current EFA • Ilya Strebulaev (Stanford University) Topics include (but are not limited): role of member for the 2020 calendar year. finance in society; environmental, social & THE ENGELBERT DOCKNER governance (ESG) investing; impact invest- The following agenda items will be covered: Follow the EFA to get MEMORIAL PRIZE FOR THE BEST ing; sustainable finance; climate change PAPER BY YOUNG RESEARCHERS • Approval of the 2019 updates about the and finance; stakeholders vs. shareholders General assembly minutes journal and conference. From this year on the EFA will award the and value creation; long-term investment, european-finance.org • Approval of the 2019 accounts best paper presented at the conference by human capital and innovation; role of the • President’s report a young researcher with a prize in memory government and financial system on firm • Nominations and elections of Engelbert Dockner (EFA President in creation and growth; corporate governance; • Future conferences 2016). The prize will be granted annually for corporate social responsibility (CSR). the next five years (2020–2024). The winner paper will be chosen among the papers Prize Committee: written by a young researcher(s) and ac- • Franklin Allen (Imperial College London) cepted for presentation at the EFA Annual • Miguel Ferreira (Nova School of Business Meeting. Young researcher is defined as a and Economics) PhD student or a young scholar or professor • Kjell Nyborg (University of Zurich & SFI) who has completed his/her degree not more than one year prior to the respective EFA Annual Meeting. To be eligible papers should be accepted to the EFA Annual Meeting.

Prize Committee: • Zhi Da (University of Notre Dame) • Michelle Lowry (Drexel University) • Josef Zechner (WU Vienna)

56 47th EFA Annual Meeting 47th EFA Annual Meeting 57 Keynote speech by Ulrike Malmendier 20:00–21:00 CEST

Review of Finance Prizes Ulrike Malmendier is the Edward J. and Mollie Arnold Professor of Finance at the Haas 2020 SPÄNGLER IQAM BEST PAPER 2020 PAGANO AND ZECHNER PRIZE School of Business, University of California IN INVESTMENTS PRIZE The Pagano and Zechner Prize will be award- at Berkeley. She holds a joint appointment as The 2020 Spängler IQAM Best Paper Prize ed at the EFA 2020 conference to the best Professor of Economics at the Department will be awarded at the EFA Annual Meeting non-investments paper published in the of Economics in the same institution, and is for the best paper on investment published journal of the European Finance Association, a Co-Director of the Initiative for Behavioral in the journal of the European Finance the Review of Finance. The prize-winning Economics and Finance. Malmendier re- Association, the Review of Finance. The paper is selected by the Editorial Board of ceived her PhD in Business Economics from prize-winning paper is selected by the the journal. Harvard University in 2002 and a PhD in Law Editorial Board of the journal. from the University of Bonn in 2000. Before 2020 REVIEW OF FINANCE starting at Berkeley, she taught at Stanford DISTINGUISHED REFEREE AWARDS University. The Review of Finance Distinguished Referee Awards will be presented at the EFA 2020 Malmendier’s research areas include Annual Meeting to three scholars who have corporate finance, behavioral economics/ provided outstanding refereeing service behavioral finance, law and economics, and to the Review of Finance, as voted by the law and finance. Malmendier is a recipient of Editors of the journal. the prestigious Fischer Black Prize from the American Finance Association, a Guggen- heim Fellow, and a Fellow of the American Academy of Arts and Sciences. EFA Doctoral Tutorial Best Paper Prize

The best paper presented at the 2020 EFA Doctoral Tutorial will be recognized with the EFA Doctoral Tutorial Prize.

58 47th EFA Annual Meeting 47th EFA Annual Meeting 59 EFA Executive Committee 2020

CHAIR PAST PRESIDENT DIRECTORS EXECUTIVE SECRETARY Arnoud Boot Marcin Kacperczyk 2020–2022 Ene Kannel (outgoing) University of Amsterdam Imperial College London Antoinette Schoar European Institute for Advanced Studies Ernst Maug MIT Sloan School of Management in Management (EIASM) PRESIDENT University of Mannheim Kathy Yuan Lucy Mori (incoming) Miguel Ferreira London School of Economics and European Institute for Advanced Studies Nova School of Business and Economics JOURNAL MANAGING EDITOR Political Science in Management (EIASM) Alex Edmans Michelle Lowry VICE PRESIDENT London Business School LeBow School of Business, Drexel University CO-OPTED MEMBERS Matti Keloharju VICE PRESIDENTS ELECT Aalto University School of Business 2019–2021 Elena Carletti Elena Carletti Bocconi University Bocconi University (EFA 2021 Milan) Ilya Strebulaev Xavier Vives Stanford University IESE Business School Per Strömberg (EFA 2022 Barcelona) Stockholm School of Economics CONFERENCE MANAGER 2018–2020 Laura Malinverno Ruediger Fahlenbrach Nova School of Business and Economics Swiss Finance Institute, Ecole Polytechnique Fédérale de Lausanne Charlotte Ostergaard BI Norwegian Business School Christian Laux WU Vienna University of Economics and Business, Want to know more about EFA? Vienna Graduate School of Finance Visit european-finance.org

EFA Executive Committee at the 46th EFA Annual Meeting in Carcavelos

60 47th EFA Annual Meeting 47th EFA Annual Meeting 61 EFA 2020 Program Committee

PROGRAM CHAIR TRACK CHAIRS Michelle Lowry SPECIAL SESSIONS Matti Keloharju Kerry Back Drexel University Boris Hofmann EFA 2020 Program Chair Rice University Ron Masulis Bank for International Settlements Aalto University School of Business Riccardo Colacito University on New South Wales Angela Maddaloni University of North Carolina Chapel Hill Albert Menkveld European Central Bank LOCAL COMMITTEE Zhi Da VU University Amsterdam Dagfinn Rime Juha Joenväärä University of Notre Dame Terrance Odean BI Norwegian Business School Aalto University School of Business Hans Degryse University of California Berkeley Petri Jylhä KU Leuven Steven Ongena DOCTORAL TUTORIAL CHAIRS Aalto University School of Business Rüdiger Fahlenbrach University of Zurich Frans de Roon Markku Kaustia EPFL Michaela Pagel Tilburg University Aalto University School of Business Paolo Fulghieri Columbia University Esther Eiling Matthijs Lof University of North Carolina Chapel Hill Daniel Paravisini University of Amsterdam Aalto University School of Business Stefano Giglio London School of Economics Gyöngyi Lóranth Peter Nyberg Yale University George Pennacchi University of Vienna Aalto University School of Business Clifton Green University of Illinois at Urbana Champaign Kristian Miltersen Elias Rantapuska Emory University Giorgia Piacentino Copenhagen Business School Aalto University School of Business Denis Gromb Columbia University Sean Seunghun Shin HEC Tarun Ramadorai Aalto University School of Business Zhiguo He Imperial College Matti Suominen University of Chicago Elena Simintzi Aalto University School of Business Samuli Knüpfer University of North Carolina Chapel Hill Sami Torstila BI Norwegian Business School Sascha Steffen Aalto University School of Business Martin Lettau Frankfurt School of Finance & Management Michael Ungeheuer University of California Berkeley Noah Stoffman Aalto University School of Business Kai Li Indiana University University of British Columbia Adrien Verdelhan Juhani Linnainmaa MIT Dartmouth College Russell Wermers Alexander Ljungqvist University of Maryland Stockholm School of Economics Mao Ye University of Illinois Urbana Champaign

62 47th EFA Annual Meeting 47th EFA Annual Meeting 63 REVIEWERS

Simona Abis, Columbia University Thorsten Beck, Cass Business School Jie Cao, Chinese University of Hong Kong Igor Cunha, University of Kentucky Tim Adam, Humboldt University Bo Becker, Stockholm School of Economics Jennifer Carpenter, NYU Stern School of Business Claudia Custodio, Imperial College Business School Jawad M. Addoum, Cornell University Taylor Begley, Washington University in St. Louis Francesca Carrieri, McGill University Peter Cziraki, University of Toronto Manuel Adelino, Duke University Patrick Behr, Brazilian School of Public and Daniel Carvalho, Indiana University Francesco D’Acunto, Boston College Vikas Agarwal, Georgia State University Business Administration Fabio Castiglionesi, Tilburg University Marco Da Rin, Tilburg University Rajesh Aggarwal, Northeastern University Frederico Belo, INSEAD Ling Cen, The Chinese University of Hong Kong Magnus Dahlquist, Stockholm School of Economics Reena Aggarwal, Georgetown University Itzhak Ben-David, Fisher College of Business, Geraldo Cerqueiro, CLSBE Thomas Dangl, Vienna University of Technology Anup Agrawal, University of Alabama The Ohio State University Giovanni Cespa, Cass Business School Andras Danis, Georgia Tech Kenneth Ahern, University of Southern California Azi Ben-Rephael, Rutgers Business School Georgy Chabakauri, London School of Economics Amil Dasgupta, London School of Economics Nihat Aktas, WHU Otto Beisheim School of Management Jan Bena, University of British Columbia Fousseni Chabi-Yo, University of Massachusetts-Amherst Sudipto Dasgupta, Chinese University of Hong Kong Rui Albuquerque, Boston College Tobias Berg, Frankfurt School of Finance and Maria Chaderina, University of Oregon Shaun Davies, Finance Cindy Alexander, U.S. Securities and Management Pierre Chaigneau, Queen’s University Eduardo Davila, Yale University Exchange Commission Elizabeth Berger, Cornell University David Chambers, Cambridge University Eric de Bodt, Norwegian School of Economics (NHH) Heitor Almeida, UIUC Daniel Bergstresser, Brandeis University Eric C. Chang, Hong Kong University Ralph De Haas, European Bank for Reconstruction and Shashwat Alok, Indian School of Business Elazar Berkovitch, IDC Herzliya Tom Chang, USC Marshall Development Brav Alon, Duke University Tony Berrada, University of Geneva Xin Chang, Nanyang Technological University Abe De Jong, Monash University Yakov Amihud, NYU Stern School of Business Harjoat Singh Bhamra, Imperial College Business School David Chapman, University of Virginia Frank de Jong, Tilburg University Mario Daniele Amore, Bocconi University Sreedhar T. Bharath, Arizona State University Sudheer Chava, Georgia Tech Frans de Roon, Tilburg University Aleksandar Andonov, University of Amsterdam Utpal Bhattacharya, Hong Kong University of Science Gilles Chemla, Imperial College Business School, Francois Degeorge, Swiss Finance Institute – USI Daniel Andrei, McGill and Technology CNRS, CEPR Diane Del Guercio, University of Oregon Fernando Anjos, Nova School of Business and Economics Carsten Bienz, NHH Norwegian School of Economics Thomas Chemmanur, Boston College Pasquale Della Corte, Imperial College Business School Miguel Anton, IESE Business School Matthew Billett, Indiana University Joseph Chen, University of California, Davis Irem Demirci, Nova School of Business and Economics Constantinos Antoniou, University of Warwick Andriy Bodnaruk, University of Illinois at Chicago Mark Chen, Georgia State University Yongheng Deng, University of Wisconsin-Madison George Aragon, Arizona State University Vicki L. Bogan, Cornell University Tao Chen, Nanyang Technological University Diane Denis, University of Pittsburgh Marc Arnold, University of St. Gallen Oliver Boguth, Arizona State University Sergey Chernenko, Purdue University Francois Derrien, HEC Paris Julian Atanassov, University of Nebraska Diana Bonfim, Banco de Portugal Darwin Choi, Chinese University of Hong Kong Alberta Di Giuli, ESCP Patrick Augustin, McGill University Dion Bongaerts, Erasmus University Rotterdam Hyun-soo Choi, KAIST Jens Dick-Nielsen, Copenhagen Business School Doron Avramov, IDC Herzliya Audra Boone, Texas Christian University Tarun Chordia, Emory University Stephen G. Dimmock, Nanyang Technological University Ilona Babenka, Arizona State University Martijn Boons, Nova School of Business and Economics Susan Christoffersen, University of Toronto – Elroy Dimson, University of Cambridge Tania Babina, Columbia Arnoud W A Boot, University of Amsterdam Rotman School of Management Ingolf Dittmann, Erasmus University Rotterdam Philippe Bacchetta, University of Lausanne, Swiss Marieke Bos, the Stockholm School of Economics Oleg Chuprinin, UNSW Craig Doidge, University of Toronto Finance Institute Romain Boulland, ESSEC Business School Anna Cieslak, Duke University Joost Driessen, Tilburg University Laurent Bach, ESSEC Business School Fabio Braggion, Tilburg University Joao Cocco, London Business School Ying Duan, Simon Fraser University Ramin P Baghai, Stockholm School of Economics Bradyn Breon-Drish, UC San Diego Lauren Cohen, Harvard Business School Ran Duchin, University of Washington Jennie Bai, Georgetown University Jonathan Brogaard, University of Utah Jonathan Cohn, University of Texas at Austin Greg Duffee, Johns Hopkins University Warren Bailey, Cornell University Craig Brown, Purdue University Jeffrey Coles, University of Utah Darrell Duffie, Stanford University Guido Baltussen, Erasmus university rotterdam David Brown, University of Wisconsin-Madison Jean-Edouard Colliard, HEC Paris Espen Eckbo, Dartmouth College Federico Bandi, Johns Hopkins University Martin Brown, University of St. Gallen Pierre Collin-Dufresne, EPFL and Swiss Finance Institute Matthias Efing, HEC Paris Brad Barber, UC Davis Stephen Brown, Monash Business School Carole Comerton-Forde, UNSW Sydney Mark Egan, Harvard Business School Matthew Baron, Cornell University Max Bruche, Humboldt University of Berlin Lin William Cong, Cornell University Esther Eiling, University of Amsterdam Laurent Barras, McGill University Andrea Buraschi, Imperial College Business School J. Anthony Cookson, University of Colorado – Boulder Thomas M. Eisenbach, Federal Reserve Bank of New York Pedro Barroso, UNSW Mike Burkart, London School of Economics and Ian Cooper, London Business School Andrew Ellul, Indiana University Jan Bartholdy, Aarhus University Political Science Michael Cooper, University of Utah Joseph Engelberg, UCSD David Bates, University of Iowa Adrian Buss, INSEAD Kimberly Cornaggia, Pennsylvania State Isil Erel, The Ohio State University Thomas Bates, Arizona State University Jeffrey Busse, Goizueta Business School Mathijs Cosemans, Erasmus University Rotterdam Vihang Errunza, McGill University Robert Battalio, University of Notre Dame Sabrina Buti, Université Paris-Dauphine Alan Crane, Rice University Christian Eufinger, IESE Business School Daniel Bauer, University of Wisconsin-Madison Andrea Caggese, Pompeu Fabra University Nicolas Crouzet, Northwestern University Richard Evans, University of Virginia Jose Javier Bazo, Universitat Pompeu Fabra Fang Cai, Federal Reserve Board Vicente Cunat, London School of Economics Michael Ewens, Caltech

64 47th EFA Annual Meeting 47th EFA Annual Meeting 65 Jose Afonso Faias, Universidade Catolica Portuguesa Xavier Giroud, Columbia University Alexander Hillert, Goethe University Frankfurt Dalida Kadyrzhanova, Georgia State University Joan Farre-Mensa, University of Illinois at Chicago Vincent Glode, University of Pennsylvania Jens Hilscher, UC Davis Kathleen Kahle, University of Arizona Carlo Favero, Bocconi university Martin Goetz, Goethe University Frankfurt Nicholas Hirschey, London Business School Bige Kahraman, Said Business School, University Jack Favilukis, University of British Columbia Michael Gofman, Rochester Craig Holden, Indiana University of Oxford Falko Fecht, Frankfurt School of Finance and Eitan Goldman, Indiana University Burton Hollifield, Carnegie Mellon University Avner Kalay, Tel Aviv University Management David Goldreich, University of Toronto Johan Hombert, HEC Paris Swaminathan Kalpathy, Texas Christian University Peter Feldhütter, Copenhagen Business School Benjamin Golez, University of Notre Dame Edith Hotchkiss, Boston College Jun-Koo Kang, Nanyang Technological University Nuno Fernandes, IESE Business School and ECGI Francisco Gomes, London Business School Kewei Hou, The Ohio State University Yigitcan Karabulut, Frankfurt School of Finance and Chitru Fernando, University of Oklahoma Juan-Pedro Gomez, IE Business School Sabrina Howell, NYU Stern Management Daniel Ferreira, London School of Economics Radhakrishnan Gopalan, Washington University Christopher Hrdlicka, University of Washington Oğuzhan Karakaş, University of Cambridge Miguel Ferreira, Nova SBE in St. Louis David Arthur Hsieh, Duke University Paul Karehnke, ESCP Eliezer Fich, Finance Todd Gormley, Washington University in St. Louis Po-Hsuan Hsu, National Tsing Hua University George Andrew Karolyi, Cornell University Laura Field, University of Delaware Amit Goyal, University of Lausanne Jianfeng Hu, Singapore Management University Stephen Karolyi, Carnegie Mellon University Damir Filipovic, EPFL Vidhan K. Goyal, Hong Kong University of Science and Dashan Huang, Singapore Management University Markku Kaustia, Aalto University Ilias Filippou, Washington University in St. Louis Technology Sheng Huang, China Europe International Business Ambrus Kecskes, Schulich School of Business Adlai Fisher, UBC Ruslan Goyenko, McGill University School (CEIBS) at York University Zsuzsanna Fluck, Michigan State University Arie Gozluklu, University of Warwick Shiyang Huang, The University of Hong Kong Simi Kedia, Rutgers University Vyacheslav Fos, Boston College Daniel Greenwald, Daniel Greenwald (MIT Sloan) Eric Hughson, Claremont McKenna College Donald Keim, University of Pennsylvania Thierry Foucault, Hautes Etudes Commerciales de Paris Moqi Groen-Xu, London School of Economics Zsuzsa Reka Huszar, National University of Singapore Alexander Kempf, University of Cologne Mathieu Fournier, HEC Montréal Gustavo Grullon, Rice University Chuan Yang Hwang, Nanyang Technological University Elisabeth Kempf, University of Chicago Booth School Francesco Franzoni, USI Università della Svizzera italiana, Bruce D. Grundy, University of Melbourne Philipp Illeditsch, University of Pennsylvania of Business Swiss Finance Institute Sebastian Gryglewicz, Erasmus University Rotterdam Sebastian Infante, Federal Reserve Board Aneel Keswani, Cass Business School Rik Frehen, Tilburg University Olivia Gu, University of Hong Kong Vasso Ioaniddou, Lancaster University Naveen Khanna, Michigan State University Xavier Freixas, Pompeu Fabra University Massimo Guidolin, Bocconi University Paul Irvine, Texas Christian University Dasol Kim, Office of Financial Research Laurent Fresard, University of Lugano Huseyin Gulen, Purdue University Victoria Ivashina, Harvard Business School E. Han Kim, University of Michigan Nils Friewald, NHH Norwegian School of Economics Arpit Gupta, NYU Stern Benjamin Iverson, Brigham Young University Hyunseob Kim, Cornell University Fangjian Fu, Singapore Management University Umit Gurun, University of Texas at Dallas Jens Carsten Jackwerth, University of Konstanz Seoyoung Kim, Santa Clara University Roland Fuess, University of St. Gallen Michel Habib, University of Zurich Kris Jacobs, University of Houston Kristoph Kleiner, Indiana University Michael Gallmeyer, University of Virginia Isaac Hacamo, Indiana University Christopher James, University of Florida Sven Klingler, BI Norwegian Business School Andrea Gamba, University of Warwick Dirk Hackbarth, Boston University Jessica Jeffers, University of Chicago Andrew Wallace Koch, University of Pittsburgh Priyank Gandhi, Rutgers Business School Valentin Haddad, UCLA Dirk Jenter, London School of Economics Shimon Kogan, Massachusetts Institute of Technology Nickolay Gantchev, Southern Methodist University Kathleen Hagerty, Northwestern University Urban J. Jermann, University of Pennsylvania Julian Kolm, University of Vienna Janet Gao, Indiana University Björn Hagströmer, Stockholm University Danling Jiang, Stony Brook University Peter Kondor, London School of Economics Diego Garcia, University of Colorado Boulder Michael Halling, Stockholm School of Economics Wenxi (Griffin) Jiang, Chinese University of Hong Kong Olaf Korn, University of Goettingen Antonio Gargano, University of Melbourne Allaudeen Hameed, National University of Singapore Yawen Jiao, UC Riverside Arthur Korteweg, University of Southern California Jose Miguel Gaspar, ESSEC Business School Bing Han, University of Toronto Lawrence Jin, California Institute of Technology Jennifer Koski, University of Washington Federico Gavazzoni, INSEAD Jungsuk Han, Stockholm School of Economics Torsten Jochem, University of Amsterdam Yrjo Koskinen, University of Calgary Monika Gehde-Trapp, University of Hohenheim Kathleen Hanley, Lehigh University Juha Joenväärä, Aalto University Robert Kosowski, Imperial College Business School Thomas Gehrig, University of Vienna Jarrad Harford, University of Washington Travis Johnson, The University of Texas at Austin Roy Kouwenberg, Mahidol University Thomas George, C. T. Bauer College of Business Jeffrey H. Harris, American University Christopher Jones, University of Southern California Roman Kozhan, University of Warwick Bruno Gerard, BI Norwegian Business School Samuel Hartzmark, University of Chicago Howard Jones, University of Oxford Holger Kraft, Goethe University Frankfurt William Gerken, University of Kentucky Joel Hasbrouck, Stern School, New York University Philippe Jorion, UC Irvine Lisa Kramer, University of Toronto Simon Gervais, Duke University Rainer Haselmann, Goethe University Frankfurt Chotibhak Jotikasthira, Southern Methodist University Dennis Kristensen, University College London Mariassunta Giannetti, Stockholm School of Economics Ping He, Tsinghua University Nengjiu Ju, Shanghai Jiao Tong University Tim Kroencke, University of Neuchâtel Thomas Gilbert, University of Washington Ulrich Hege, Toulouse School of Economics Christian Julliard, LSE Philipp Krueger, University of Geneva & Erik Gilje, The Wharton School, University of Florian Heider, European Central Bank Petri Jylhä, Aalto University Swiss Finance Institute Pennsylvania Andrew Hertzberg, Federal Reserve Bank of Philadelphia Marcin Kacperczyk, Imperial College Business School Felix Kuebler, University of Zurich Edith Ginglinger, Universite Paris-Dauphine Michael Hertzel, Arizona State University Gregory B. Kadlec, Virginia Tech Lars-Alexander Kuehn, Carnegie Mellon University

66 47th EFA Annual Meeting 47th EFA Annual Meeting 67 Camelia Kuhnen, University of Anthony Lynch, NYU Stern School of Business Abhiroop Mukherjee, Hong Kong University of Andreas Park, University of Toronto North Carolina-Chapel Hill Song Ma, Yale University Science and Technology Cecilia Parlatore, New York University Praveen Kumar, University of Houston Yueran Ma, University of Chicago Claus Munk, Copenhagen Business School Christine Parlour, UC Berkeley Howard Kung, London Business School Marco Macchiavelli, Federal Reserve Board Florian Nagler, Bocconi University Jerry Parwada, University of New South Wales John Chi-Fong Kuong, INSEAD Peter MacKay, Hong Kong University of Science and Ramana Nanda, Harvard Business School Paolo Pasquariello, Ross School of Business Pablo Kurlat, University of Southern California Technology Vikram Nanda, University of Texas at Dallas Nicola Pavanini, Tilburg University Bart Lambrecht, University of Cambridge Angela Maria Maddaloni, European Central Bank M. P. Narayanan, University of Michigan Grzegorz Pawlina, Lancaster University Christopher Lamoureux, University of Arizona Leonardo Madureira, Case Western Reserve University Bang Nguyen, University of Cambridge Bradley Paye, Virginia Tech Hugues Langlois, HEC Paris Pascal Maenhout, INSEAD Thien Nguyen, Ohio State University Neil D. Pearson, University of Illinois at Christine Laudenbach, Goethe University Frankfurt Matteo Maggiori, Stanford University Kasper Meisner Nielsen, Copenhagen Business School Urbana-Champaign Christian Laux, WU (Vienna University of Economics Semyon Malamud, EPFL Alexandra Niessen-Ruenzi, University of Mannheim Kim Peijnenburg, EDHEC Business School and Business) Andrey Malenko, Boston College Boris Nikolov, University of Lausanne, Joel Peress, INSEAD Anh Le, Penn State University Nadya Malenko, Boston College Swiss Finance Institute Christophe Perignon, HEC Paris J. Chris Leach, University of Colorado Boulder Katya Malinova, McMaster University Mattias Nilsson, U.S. Securities and Mohammad Hashem Pesaran, University of Samuel Lee, Santa Clara University Alberto Manconi, Bocconi University Exchange Commission Southern California Yaron Leitner, Olin Business School, Washington William Mann, Emory University Greg Nini, Drexel University Carolin Pflueger, University of Chicago University in St. Louis Qinghao Mao, Deakin University Thomas Noe, University of Oxford Ludovic Phalippou, Saïd Business School Mikko Leppamaki, Aalto University Roberto Marfe, Collegio Carlo Alberto Lars Norden, Getulio Vargas Foundation Gordon Phillips, Dartmouth College Doron Levit, Wharton Jens Martin, University of Amsterdam Oyvind Norli, BI Norwegian Business School Alberto Plazzi, USI Università della Svizzera italiana Dongmei Li, University of South Carolina Alberto Martin-Utrera, New Jersey Institute of Jaromir Nosal, Boston College Walter Pohl, University of Groningen Kai Li, Hong Kong University of Science and Technology Technology Peter Mikael Nyberg, Aalto University Christopher Polk, Finance Wei Li, University of Iowa David Martinez-Miera, Universidad Carlos III de Madrid Kjell Nyborg, University of Zurich Andrea Polo, LUISS, EIEF Xi Li, London School of Economics Massimo Massa, INSEAD Maureen O’Hara, Cornell University Veronika K. Pool, Vanderbilt University Yan Li, Temple University Pedro Matos, University of Virginia Stefan Obernberger, Erasmus University Rotterdam Alexander Popov, European Central Bank Bing Liang, UMass Amherst David Mauer, UNC Charlotte Jacob Oded, Tel Aviv University Paolo Porchia, LUISS University Hao Liang, Singapore Management University Ernst Maug, Universität Mannheim Per Nils Oestberg, University of Zurich Sebastien Pouget, Toulouse School of Economics Andres Liberman, NYU Stern School of Business Robert L. McDonald, Northwestern University Micah Officer, Loyola Marymount University Annette B. Poulsen, University of Georgia Erik Lie, University of Iowa Robert McLean, Georgetown Arna Olafsson, Copenhagen Business School Paul Povel, University of Houston Sonya Lim, DePaul University Rajnish Mehra, Arizona State University Christian Opp, University of Rochester Melissa Prado, Universidade Nova de Lisboa Nova SBE Tse-Chun Lin, University of Hong Kong Ouarda Merrouche, University Paris Nanterre and Marcus Opp, SSE Alessandro Previtero, Indiana University Laura Lindsey, Arizona State University EconomiX Evren Ors, HEC Paris Robert Prilmeier, Tulane University Marc Lipson, University of Virginia Thomas Mertens, Federal Reserve Bank of San Francisco Hernan Ortiz-Molina, University of British Columbia Andy Puckett, University of Tennessee Tingjun Liu, University of Hong Kong Daniel Metzger, Rotterdam School of Management Fulvio Ortu, Bocconi University Amiyatosh Purnanandam, University of Michigan Xuewen Liu, HKU Filippo Mezzanotti, Kellogg School of Management Elisa Ossola, European Commission Joint Wenlan Qian, National University of Singapore Andrew Lo, MIT Sloan School of Management Alexander Michaelides, Imperial College Business School Research Centre Francisco Queiro, Nova School of Business and Claudio Loderer, University of Bern Roni Michaely, University of Geneva Charlotte Ostergaard, BI Norwegian Business School Economics Matthijs Lof, Aalto University Sebastien Michenaud, DePaul University Clemens Otto, Singapore Management University Rohit Rahi, London School of Economics Roger Loh, Singapore Management University Todd Milbourn, Washington University in St Louis Paige Ouimet, University of North Carolina Uday Rajan, University of Michigan Benjamin Loos, University of Technology Sydney Kristian R. Miltersen, Copenhagen Business School Alexei V. Ovtchinnikov, HEC Paris Vikas Raman, Lancaster University Gyongyi Loranth, University of Vienna Raoul Minetti, Michigan State University Emre Ozdenoren, London Business School Rodney Ramcharan, USC Marshall Dong Lou, London School of Economics Bernadette Minton, The Ohio State University Marco Pagano, Department of Economics and Statistics Adriano Rampini, Duke University Tim Loughran, University of Notre Dame Indrajit Mitra, University of Michigan Darius Palia, Rutgers Business School Angelo Ranaldo, University of St. Gallen Stefano Lovo, HEC Paris Sophie Moinas, Toulouse Scool of Economics Christopher Palmer, MIT Sloan Otto Randl, WU Vienna University of Economics Angie Low, Nanyang Technological University Alan Moreira, University of Rochester Yihui Pan, University of Utah and Business Christian Lundblad, UNC Chapel Hill Adair Morse, UC Berkeley Marios Panayides, University of Cyprus Jesper Rangvid, Copenhagen Business School Frederik Lundtofte, Aalborg University Fariborz Moshirian, University of New South Wales George Panayotov, Hong Kong University of Science Ville Rantala, University of Miami Jiang Luo, Nanyang Technological University Nathalie Moyen, University of Colorado Boulder and Technology Elias Rantapuska, Aalto University Evgeny Lyandres, Boston University Philippe Mueller, Warwick University Gianpaolo Parise, EDHEC Business School Raghavendra Rau, University of Cambridge

68 47th EFA Annual Meeting 47th EFA Annual Meeting 69 S. Abraham Ravid, Yeshiva University Florian Schulz, University of Washington Javier Suarez, CEMFI Andrea Vedolin, Boston University Enrichetta Ravina, Northwestern University Miriam Schwartz-Ziv, Hebrew University of Jerusalem Avanidhar Subrahmanyam, University of Cambridge, Alexander Vedrashko, Beedie School of Business Michael J Rebello, University of Texas at Dallas Christopher Schwarz, UC Irvine UCLA Clara Vega, Federal Reserv Board of Governors Adam Reed, UNC Chapel Hill Michael Schwert, The Wharton School, University of Marti Subrahmanyam, New York University Kumar Venkataraman, Southern Methodist University Luc Renneboog, Tilburg University Pennsylvania Johan Sulaeman, National University of Singapore Gyuri Venter, Warwick Business School Jonathan Reuter, Boston College Rik Sen, University of New South Wales Savitar Sundaresan, Imperial College London Michela Verardo, London School of Economics Robert Richmond, NYU Stern School of Business Berk Sensoy, Vanderbilt University Matti Suominen, Aalto University Carles Vergara-Alert, IESE Business School Tim Riley, University of Arkansas Duane Joseph Seppi, Carnegie Mellon University Peter Swan, UNSW Sydney Patrick Verwijmeren, Erasmus University Rotterdam Barbara Rindi, Università Bocconi Piet Sercu, KU Leuven Marta Szymanowska, Erasmus University Rotterdam James Vickery, Federal Reserve Bank of New York Matthew Ringgenberg, University of Utah Henri Servaes, London Business School Alvaro G. Taboada, Mississippi State University Anand M. Vijh, University of Iowa Joerg Rocholl, ESMT Berlin Felipe Severino, Dartmouth College Jerome Taillard, Babson College Grigory Vilkov, Frankfurt School of Finance and Michael Rockinger, University of Lausanne Merih Sevilir, Indiana University Andrea Tamoni, Rutgers Business School Management gGmbH Francesc Rodriguez Tous, Cass Business School Joel Shapiro, Said Business School, University of Oxford Dragon Tang, The University of Hong Kong Annette Vissing-Jorgensen, UC Berkeley Peter Roosenboom, Erasmus University Rotterdam Jianfeng Shen, University of New South Wales Monika Tarsalewska, University of Exeter Xavier Vives, IESE Business School Stefano Rossi, Bocconi University Sean Seunghun Shin, Aalto University Business School Petra Vokata, Ohio State University Marzena Rostek, University of Wisconsin – Madison Anil Shivdasani, UNC Chapel Hill Claudio Tebaldi, Bocconi University Paolo Volpin, Cass Business School Ioanid Rosu, HEC Paris Sophie Shive, University of Notre Dame Melvyn Teo, Singapore Management University Ulf von Lilienfeld-Toal, University of Luxembourg Bryan Routledge, Carnegie Mellon University Andriy Shkilko, Wilfrid Laurier University Wing Wah Tham, University of New South Wales Ernst-Ludwig (Elu) von Thadden, University of Stefan Ruenzi, University of Mannheim Tao Shu, Chinese University of Hong Kong, Shenzhen John Thanassoulis, University of Warwick Mannheim Kristian Rydqvist, Binghamton University Clemens Sialm, University of Texas Erik Theissen, University of Mannheim Guillaume Vuillemey, HEC Paris Aleksandra Rzeznik, York University Richard Sias, University of Arizona James Thompson, University of Waterloo Alexander Wagner, University of Zurich, Pedro Saffi, Cambridge University Stephan Siegel, University of Washington Karin S Thorburn, Norwegian School of Economics Swiss Finance Institute Farzad Saidi, Boston University Rui Silva, London Business School Katrin Tinn, McGill University, Desautels School of Christian Wagner, WU Vienna Carolina Salva, University of Neuchatel Andrei Simonov, Michigan State University Management Hannes Wagner, Bocconi University Francesco Sangiorgi, Frankfurt School of Finance & Mikhail Simutin, University of Toronto Stathis Tompaidis, University of Texas at Austin Johan Walden, University of Lausanne Management Georgios Skoulakis, University of British Columbia Walter Nicholas Torous, Massachusetts Institute of Jessie Jiaxu Wang, Arizona State University Joao Santos, Federal Reserve Bank of New York Jason Smith, Utah State University Technology Rong Wang, Singapore Management University Shrihari Santosh, University of Colorado Paolo Sodini, Stockholm School of Economics Sami Torstila, Aalto University Sarah Qian Wang, University of Warwick Alessio Saretto, University of Texas at Dallas Elvira Sojli, University of New South Wales Rick Townsend, UCSD Wenyu Wang, Indiana University Lucio Sarno, University of Cambridge Changcheng Song, Singapore Management University Anh Tran, Cass Business School Xinxin Wang, UNC Kenan-Flagler Business School Zacharias Sautner, Frankfurt School of Finance and Carsten Sorensen, Copenhagen Business School Fabio Trojani, University of Geneva, Akiko Watanabe, University of Alberta Management Morten Sorensen, Copenhagen Business School Swiss Finance Institute Masahiro Watanabe, University of Alberta Julien Sauvagnat, Bocconi University Denis Sosyura, Arizona State University Charles Trzcinka, Indiana University Martin Weber, University of Mannheim Pavel Savor, DePaul University Christophe Spaenjers, HEC Paris Yuri Tserlukevich, ASU Michael Weber, University of Chicago Stephen Schaefer, London Business School Oliver Spalt, University of Mannheim Margarita Tsoutsoura, Cornell University K.C. John Wei, Hong Kong Polytechnic University Anna D. Scherbina, Brandeis University Matthew Ian Spiegel, Yale School of Management Sergey Tsyplakov, University of South Carolina Mark Westerfield, University of Washington Michael Schill, University of Virginia Leon Bogdan Stacescu, BI Norwegian Business School Jun Tu, Singapore Management University Ramona Westermann, Copenhagen Business School Frederik Schlingemann, University of Pittsburgh, Jared Stanfield, University of Oklahoma Harry Turtle, Colorado State University James Weston, Rice University Erasmus University Rotterdam Richard Stanton, UC Berkeley Michael Ungeheuer, Aalto University Toni Whited, University of Michigan Martin Schmalz, Oxford University Andreas Stathopoulos, University of North Carolina Raman Uppal, EDHEC Business School Rohan Garfield Williamson, Georgetown Univresity Maik Schmeling, Goethe University Frankfurt Irina Stefanescu, Federal Reserve Board Francisco Urzua, Cass Business School Andrew Winton, University of Minnesota Lukas Schmid, Duke University Alex Stomper, Humboldt University Philip Valta, University of Bern Yupana Wiwattanakantang, National University of Markus Schmid, University of St. Gallen Neal Stoughton, University of Waterloo Michel van der Wel, Erasmus University Rotterdam Singapore Thomas Schmid, University of Hong Kong Daniel Streitz, Copenhagen Business School Mathijs van Dijk, Erasmus University Rotterdam Avi Wohl, Tel Aviv University Breno Schmidt, UNSW Sydney Alexander Stremme, University of Warwick Vincent van Kervel, Catholic University of Chile Jing Cynthia Wu, University of Notre Dame Daniel Schmidt, HEC Paris Günter Strobl, University of Vienna Edward Dickersin van Wesep, Univ of Colorado boulder Youchang Wu, University of Oregon Christoph Schneider, Tilburg University Per J Strömberg, Stockholm School of Economics Victoria Vanasco, CREI Mindy Xiaolan, University of Texas at Austin Norman Schuerhoff, University of Lausanne and SFI Xunhua Su, Norwegian School of Economics Felipe Varas, Duke University Dacheng Xiu, University of Chicago

70 47th EFA Annual Meeting 47th EFA Annual Meeting 71 Jin Xu, Virginia Tech Rafael Zambrana, University of Notre Dame Yan Xu, University of Hong Kong Fernando Zapatero, Boston University Organizers Yuhai Xuan, University of California, Irvine Rebecca Zarutskie, Federal Reserve Board Pradeep Yadav, University of Oklahoma Josef Zechner, WU Vienna Hongjun Yan, DePaul University Jason Zein, University of New South Wales Jie Yang, Federal Reserve Board Jaime Zender, University of Colorado Jun Yang, Indiana University-Bloomington Yao Zeng, University of Washington Ke Yang, Lehigh University Bohui Zhang, The Chinese University of Li Yang, University of New South Wales Hong Kong, Shenzhen Liu Yang, University of Maryland Chu Zhang, Hong Kong University of Science and Liyan Yang, University of Toronto Technology Chen Yao, Chinese University of Hong Kong Feng Zhang, University of Utah Tong Yao, University of Iowa Huiping Zhang, James Cook University David Yermack, NYU Stern School of Business Lu Zhang, Ohio state university Scott Yonker, Cornell University Wenrui Zhang, Chinese University of Hong Kong Youngsuk Yook, Federal Reserve Board Mengxin Zhao, U.S. Securities and Jialin Yu, Hong Kong University of Science and Exchange Commission Technology Xiaofei Zhao, Georgetown University Jianfeng Yu, Tsinghua University Alexei Zhdanov, Penn State University The Aalto University School of Business Xiaoyun Yu, Indiana University Hongda Zhong, London School of Economics The Aalto University School of Business is the largest business school in Finland. Established in 1911 as Kathy Yuan, London School of Economics Guofu Zhou, Washington University in St. Louis Helsinki School of Economics, it merged with the Helsinki University of Technology and the University Bart Yueshen, INSEAD Joe Hong Zou, University of Hong Kong of Art and Design Helsinki to form Aalto University in 2010. Today Aalto University is a multidisciplinary Konstantinos E. Zachariadis, Queen Mary Irina Zviadadze, HEC Paris community where science and art meet technology and business. University of London Eric Zwick, University of Chicago Booth School of Alminas Zaldokas, Hong Kong University of Business Science and Technology The Aalto University School of Business is the first business school in the Nordic countries to have received all three labels of excellence from the world’s leading business school accreditation bodies: AACSB, AMBA and EQUIS. The Triple Crown Status is an honour held by only a few business schools worldwide. The Business School aims to be among the very best comprehensive business schools in Europe and the leading business school in the Nordic countries.

In 2019 the School of Business moved to brand new facilities on the Otaniemi campus.

72 47th EFA Annual Meeting 47th EFA Annual Meeting 73 Partners

The organizers express their gratitude to the partners of the EFA 2020 Annual Meeting for their generous support.

Academy of Finland Norges Bank Investment Management The Academy of Finland – the research council of Finland – promotes the Norges Bank Investment Management (NBIM) manages the Government renewal, diversification and internationalisation of Finnish science. Our Pension Fund Global. The fund is invested worldwide in equities, fixed funding supports the development of research environments, the increased income and real estate, totalling around 7,300 billion kroner independence of early-career researchers and the utilisation of research (860 billion dollars). Our mission is to safeguard and build wealth knowledge across all sectors of society. for Norway’s future generations. We aim to achieve this with an acceptable risk, as a responsible investor, and through an efficient organ- Bank of Finland isation. We are operating in a global, highly competitive and constantly The Bank of Finland is the national monetary authority and central bank evolving market. We are more than 500 people of more of Finland. At the same time, it is also a part of the Eurosystem, which is than 35 nationalities, with offices in Oslo, London, New York, responsible for monetary policy and other central bank tasks in the euro Singapore and Shanghai. area and administers use of the world’s second largest currency – the euro. The primary objective of the Eurosystem and the Bank of Finland alike is Jenny and Antti Wihuri Foundation price stability, which means a moderate rise in consumer prices. The Bank of The Jenny and Antti Wihuri Foundation is a cultural non-profit organization. Its Finland has tasks relating both to Finland and to the Eurosystem. In addition purpose is to support cultural and economic development in Finland, which to monetary policy, the Bank’s core tasks are financial stability and financial it does by distributing grants and prizes in the fields of science, art and other statistics, banking operations and currency supply. societal activity. The Foundation aims that the granted projects will strength- en Finnish expertise and in this way further the building of the future. Bank for International Settlements The mission of the Bank for International Settlements (BIS) is to serve central Finnish Foundation for Share Promotion banks in their pursuit of monetary and financial stability, to foster interna- The goal of the Finnish Foundation for Share Promotion is to make it possible tional cooperation in those areas and to act as a bank for central banks. The for companies to acquire risk capital in reliable, supervised and effective BIS pursues its mission by promoting discussion and facilitating collabora- markets that have ideal prerequisites for trading as well as versatile and tion among central banks, supporting dialogue with other authorities that interesting investment objects. The Foundation is working to improve the are responsible for promoting financial stability, and conducting research on quality of information available to investors. It also strives to keep the condi- policy issues confronting central banks and financial supervisory authorities. tions of taxation and legislation reasonable for investors.

European Central Bank OP Group Research Foundation The European Central Bank (ECB) and the national central banks together OP Group Research Foundation supports economic research, with priority constitute the Eurosystem, the central banking system of the euro area. The given to research on cooperative banking operations. main objective of the Eurosystem is to maintain price stability: safeguard- ing the value of the euro. The European Central Bank is responsible for the CQA (Chicago Quantitative Alliance) prudential supervision of credit institutions located in the euro area and CQA (Chicago Quantitative Alliance) is a non-profit professional association that participating non-euro area Member States, within the Single Supervisory sponsors conferences focused on topics of interest to quantitative investment Mechanism, which also comprises the national competent authorities. It con- practitioners. The primary goal of the group is to facilitate the interchange of tributes to the safety and soundness of the banking system and the stability ideas between leading quantitative professionals. The discussion is focused on of the financial system within the EU and each participating Member State. practitioner issues and involves active participation by all members.

74 47th EFA Annual Meeting 47th EFA Annual Meeting 75 European Finance Association 48th Annual Meeting

The 48th European Finance Association CONFERENCE CHAIRS Annual Meeting will take place at Bocconi Elena Carletti University in Milano (Italy), August 25-28, Bocconi University 2021. Stefano Caselli Bocconi University

KEY DATES • Paper Submission deadline: February 1st, 2021 • Registration opening: May 1st • Annual Meeting: August 25–28, 2021

More information about the © Frederico Brunetti upcoming conference at www.efa-meetings.org from October 2020.

© alxpin

76 47th EFA Annual Meeting 47th EFA Annual Meeting 77 efa2020.efa-meetings.org