Western Finance Association

2017 Program

52nd Annual Conferenceof the

Western Finance Association

The Fairmont Chateau WhistlerWhistler, BC, Canada

June 25 - 28, 2017

06/23/2017 11:19

WESTERN FINANCE ASSOCIATION

We are a professional society for academicians and practitioners with a scholarly interestin the development and application of research in finance.

Our purpose is (1) to serve as a focal point for communication among members, (2) toimprove teaching and scholarship, and (3) to provide for the dissemination ofinformation, including the holding of meetings and the support of publications.

The Association is an international organization with membership open to individualsfrom both the academic and professional community, and to institutions. Members ofthe Association are entitled to receive a reduction in the registration fee at the annualmeetings. You are invited to join or renew online at http://westernfinance.org.

Correspondence regarding membership and other business aspects of the Associationshould be addressed to:

Bryan RoutledgeSecretary-Treasurer, WFATepper School of BusinessCarnegie Mellon University5000 Forbes AvenuePittsburgh, PA, 15213-3890USATelephone: 412-268-7588Email: routledge@cmu.edu

A call for papers and participants for the 2018 Conference of the Western FinanceAssociation appears at the end of this program.

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REGISTRATION AND HOTEL INFORMATION

All sessions and conference functions will be held in the The Fairmont Chateau Whistler.On-site registration for the conference will be located in the Frontenac Foyer on:

Sunday, June 25, 2017, 4:00 pm – 8:00 pm

Monday, June 26, 2017, 8:00 am – 4:00 pm

Tuesday, June 27, 2017, 8:00 am – 12:00 pm

PRE-REGISTRATION

Registration is available at http://westernfinance.org. We encourage you to pre-registeras soon as you can. This facilitates our event planning and reduces your time at theconference registration desk. For discounted registration fees, please register prior toMay 22, 2017.

FEE SCHEDULE

Early Registration RegistrationWFA member $75 $125Non-member $125 $175Student No Charge $30Program Committee Member No Charge $125 or $175

SPECIAL EVENT REGISTRATION

Registration for the WFA Annual Meeting Luncheon and other special events is requiredand is done at the time you register for the conference. On-site registration for specialevents is subject to space availability.

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SPONSORSHIP

The Western Finance Association gratefully acknowledges the sponsors of our 2017conference, receptions, lunches, coffee breaks, best paper awards, and Phd studentawards.

BlackRock

Bloomberg L.P.

Cambridge University Press

Charles River Associates

Cornerstone Research

Cubist Systematic Strategies

Elsevier

NASDAQ OMX Group, Inc

Navigant Economics

QMA

Research Affiliates, LLC

The USC Marshall School of Business

Wharton Research Data Services

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WESTERN FINANCE ASSOCIATION

Officers and Directors: 2016-2017

President: Lubos Pastor, University of ChicagoPresident Elect: Jiang Wang, Massachusetts Institute of TechnologyVice President: Ingrid Werner, Ohio State UniversityVice-President Elect: George Andrew Karolyi, Cornell UniversitySecretary-Treasurer: Bryan Routledge, Carnegie Mellon University

Directors: Pierre Collin-Dufresne, Swiss Finance InstituteNicolae Garleanu, University of California-BerkeleyItay Goldstein, University of PennsylvaniaJohn Griffin, University of Texas-AustinStefan Nagel, University of MichiganAnnette Vissing-Jorgensen, University ofCalifornia-Berkeley

Presidents: 1965 – 2017

1965–66 Kenneth L. Trefftzs University of Southern California1966–67 Edward Reed University of Oregon1967–68 Robert Carr Fresno State College1968–69 Burton Kolb University of Colorado1969–70 Lester B. Strickler Oregon State University1970–71 Harold Stevenson Arizona State University1971–72 W. Scott Bauman University of Oregon1972–73 David Eiteman University of California-Los Angeles1973–74 James Wert University of Arizona1974–75 George Kaufman University of Oregon1975–76 John Herzog Simon Fraser University1976–77 A. Blaine Huntsman University of Utah1977–78 David Pyle University of California-Berkeley1978–79 Guilford Babcock University of Southern California1979–80 Donald Farrar University of Utah1980–81 Charles D’Ambrosio University of Washington1981–82 James Van Horne Stanford University1982–83 Edward Dyl University of Wyoming1983–84 Nils Hakansson University of California-Berkeley1984–85 Seha Tinic University of Texas-Austin1985–86 Alan Kraus University of British Columbia1986–87 Gerald Bierwag University of Arizona

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1987–88 Robert Litzenberger University of Pennsylvania1988–89 Alan Hess University of Washington1989–90 Lemma Senbet University of Maryland1990–91 Eduardo Schwartz University of California-Los Angeles1991–92 Stephen Brown New York University1992–93 Hans Stoll Vanderbilt University1993–94 Kenneth Singleton Stanford University1994–95 Milton Harris University of Chicago1995–96 Chester S. Spatt Carnegie Mellon University1996–97 Michael J. Brennan University of California-Los Angeles1997–98 Maureen O’Hara Cornell University1998–99 Franklin Allen University of Pennsylvania1999–00 Richard C. Green Carnegie Mellon University2000–01 Wayne Ferson University of Washington2001–02 Douglas W. Diamond University of Chicago2002–03 Philip H. Dybvig Washington University-St. Louis2003–04 René M. Stulz Ohio State University2004–05 Ravi Jagannathan Northwestern University2005–06 Mark Grinblatt University of California-Los Angeles2006–07 Sheridan Titman University of Texas-Austin2007–08 Campbell R. Harvey Duke University2008–09 Artur Raviv Northwestern University2009–10 William Goetzmann Yale University2010–11 Peter DeMarzo Stanford University2011–12 Francis Longstaff University of California-Los Angeles2012–13 Michael Fishman Northwestern University2013–14 John Graham Duke University2014–15 Josef Zechner Vienna University of Economics and Business2015–16 Laura Starks University of Texas-Austin2016–17 Lubos Pastor University of Chicago

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Distinguished Speakers

WFA Annual Meeting Speakers 1979 – 2017

Year Location Speaker1979 San Francisco Nils Hakansson1980 San Diego Kenneth Arrow1981 Jackson Lake Eugene Fama1982 Portland Stephen Ross1983 Long Beach Myron Scholes1984 Vancouver Richard Roll1985 Scottsdale Robert Litzenberger1986 Colorado Springs Merton Miller1987 San Diego Edward Kane1988 Napa Sanford Grossman1989 Seattle William Sharpe1990 Santa Barbara Michael Brennan1991 Jackson Lake Fischer Black1992 San Francisco Myron Scholes1993 Whistler Alan Kraus1994 Santa Fe Mark Rubinstein1995 Aspen Kenneth French1996 Sunriver Joseph Williams1997 San Diego Richard Thaler1998 Monterey Milton Harris1999 Santa Monica Andrei Shleifer2000 Sun Valley Kenneth Singleton2001 Tucson Robert Shiller2002 Park City Albert S. "Pete" Kyle2003 Los Cabos Richard Kihlstrom2004 Vancouver Michael C. Jensen2005 Portland Douglas Breeden2006 Keystone Douglas Diamond2007 Big Sky John Y. Campbell2008 Waikoloa René M. Stulz2009 San Diego Chester Spatt2010 Victoria Mark Grinblatt2011 Santa Fe Maureen O’Hara2012 Las Vegas Campbell Harvey2013 Lake Tahoe Darrell Duffie2014 Monterey Bay Stewart C. Myers2015 Seattle Francis Longstaff2016 Park City Peter DeMarzo2017 Whistler Robert Stambaugh

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PROGRAM SUMMARY

Sunday, June 25, 2017

4:00 pm – 8:00 pmOn-site Registration – Frontenac Foyer

6:00 pm – 8:00 pmResearch Affiliates LLC Reception – Woodland Terrace

Monday, June 26, 2017

8:00 am – 4:00 pmOn-site Registration – Frontenac Foyer

8:15 am – 10:00 amMarket Liquidity – Frontenac AAsset Pricing and Market Efficiency – Frontenac BFinancial Crisis and Monetary Policy – Frontenac CHousehold Finance and Credit – Empress A&BFinancial Advising – Macdonald ETail Risks – Macdonald F

10:00 am – 10:30 amJournal of Finance and Quantitative Research Coffee Break – Frontenac Foyer andMacdonald Foyer

10:30 am – 12:15 pmHousing and Mortgage Markets – Frontenac AEmpirical Asset Pricing 1 – Frontenac BFinancial Aspects of Monetary Policy – Frontenac CAsset Pricing Models with Frictions – Empress A&BCorporate Finance and Employment – Macdonald EExecutive Compensation and Behavior – Macdonald F

12:30 pm – 2:20 pmNASDAQ OMX Luncheon – Macdonald A-D

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2:45 pm – 4:30 pmFinance and Real Economy – Frontenac AHedge Funds and Institutional Investing – Frontenac BFinancial Sector and the Economy – Frontenac CHousehold Borrowing and the Regional Economy – Empress A&BFinance and Fiscal Policy – Macdonald EMicrostructure of Bond Markets – Macdonald F

5:00 pm – 7:00 pmWFA Executive Committee and Board of Directors Meeting (Invitation Only) –Beausejour

6:00 pm – 8:00 pmCornerstone Research Reception – Woodland Terrace

Tuesday, June 27, 2017

7:00 am – 8:10 amAFFECT (Academic Female Finance Committee) Breakfast – Macdonald A-D

8:00 am – 12:00 pmOn-site Registration – Frontenac Foyer

8:15 am – 10:00 amCorporate Governance – Frontenac AMarket Microstructure Theory – Frontenac BCredit Supply and Macroeconomy – Frontenac CEmpirical Lessons for Asset Pricing Models – Empress A&BFinance and Political Influences 1 – Macdonald ENews and Asset Prices – Macdonald F

10:00 am – 10:30 amWharton Research Data Services Coffee Break – Frontenac Foyer and Macdonald Foyer

10:30 am – 12:15 pmInformation and Asset Prices – Frontenac AEmpirical Asset Pricing 2 – Frontenac BSystemic Risk and Banking Supervision – Frontenac CExchange Rates and International Finance – Empress A&BCorporate Finance and the Labor Market – Macdonald ELending Decisions – Macdonald F

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12:30 pm – 2:20 pmWFA Annual Luncheon Sponsored by Navigant Economics – Macdonald A-D

Distinguished Speaker: Robert Stambaugh, University of Pennsylvania

2:45 pm – 4:30 pmEntrepreneurship and Innovation – Frontenac AEmpirical Asset Pricing 3 – Frontenac BAsset Prices and Macroeconomy – Frontenac CCorporate Finance Theory – Empress A&BGovernance and Cash Policy – Macdonald ENetwork Analysis of Financial Markets – Macdonald F

6:00 pm – 8:00 pmBlackRock Reception – Woodland Terrace

Wednesday, June 28, 2017

8:15 am – 10:00 amFirms, Government and Macroeconomy – Frontenac AHousehold Financial Decisions – Frontenac BBehavioral Finance – Frontenac CExternalities in Financial Markets – Empress A&BReal Effects of Corporate Finance – Macdonald EBond Markets – Macdonald F

10:00 am – 10:30 amElsevier Coffee Break – Frontenac Foyer and Macdonald Foyer

10:30 am – 12:15 pmInformed Trading – Frontenac ADerivatives – Frontenac BVolatility Within and Across Borders – Frontenac CDoes Private Equity Add Value? – Empress A&BFinance and Political Influences 2 – Macdonald EMarket Coordination: Models and Evidence – Macdonald F

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PROGRAM DETAILS

Monday, June 26, 2017, 8:15 am – 10:00 am

Market Liquidity – Frontenac AAvanidhar Subrahmanyam, University of California-Los Angeles

Funding Constraints and Market Liquidity in the European TreasuryBond MarketSophie Moinas, University of ToulouseMinh Nguyen, Newcastle University Business SchoolGiorgio Valente, Hong Kong Institute for Monetary Research

ETF Arbitrage Under Liquidity MismatchKevin Pan, Harvard UniversityYao Zeng, University of Washington

Can ETFs Increase Market Fragility? Effect of Information Linkages inETF MarketsAyan Bhattacharya, Baruch CollegeMaureen O’Hara, Cornell University

Discussants:Ruslan Goyenko, McGill UniversityZheng Sun, University of California-IrvineAditya Kaul, University of Alberta

Asset Pricing and Market Efficiency – Frontenac BAndrew Lo, Massachusetts Institute of Technology

Agnostic Fundamental Analysis WorksSohnke Bartram, University of WarwickMark Grinblatt, University of California-Los Angeles

Misvaluation of Investment OptionsEvgeny Lyandres, Boston UniversityEgor Matveyev, University of AlbertaAlexei Zhdanov, Pennsylvania State University

Slow-Moving Capital and Execution Costs: Evidence from a MajorTrading GlitchVincent Bogousslavsky, École Polytechnique Fédérale de LausannePierre Collin-Dufresne, Swiss Finance InstituteMehmet Saglam, University of Cincinnati

Discussants:Christopher Hrdlicka, University of WashingtonRichard Thakor, University of MinnesotaShomesh Chaudhuri, Massachusetts Institute of Technology

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Financial Crisis and Monetary Policy – Frontenac CAnnette Vissing-Jorgensen, University of California-Berkeley

Auction-Based Liquidity of Last ResortEric Moore, University of Pennsylvania

Whatever it Takes: The Real Effects of Unconventional Monetary PolicyViral Acharya, New York UniversityTim Eisert, Erasmus UniversityChristian Eufinger, University of NavarraChristian Hirsch, Goethe University Frankfurt

Taper Tantrums: QE, its Aftermath and Emerging Market Capital FlowsAnusha Chari, University of North Carolina-Chapel HillKarlye Dilts Stedman, University of North CarolinaChristian Lundblad, University of North Carolina-Chapel Hill

Discussants:Manuel Adelino, Duke UniversityMatteo Crosignani, Federal Reserve Board of GovernorsWinston Dou, University of Pennsylvania

Household Finance and Credit – Empress A&BJialan Wang, University of Illinois-Urbana-Champaign

Bank Branch Supply and the Unbanked PhenomenonClaire Celerier, University of TorontoAdrien Matray, HEC Paris

Pockets of Poverty: The Long-Term Effects of RedliningIan Appel, Boston CollegeJordan Nickerson, Boston College

Real Effects of Search Frictions in Consumer Credit MarketsBronson Argyle, Brigham Young UniversityTaylor Nadauld, Brigham Young UniversityChristopher Palmer, University of California-Berkeley

Discussants:Hoai-Luu Nguyen, University of California-BerkeleyConstantine Yannelis, New York UniversityAnthony DeFusco, Northwestern University

Financial Advising – Macdonald ESimon Gervais, Duke University

Connections and Conflicts of Interest: Investment Consultants’RecommendationsShikha Jaiswal, Emory University

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The Market for Financial Adviser MisconductMark Egan, Harvard UniversityGregor Matvos, University of ChicagoAmit Seru, Stanford University

Selling to Advised BuyersAndrey Malenko, Massachusetts Institute of TechnologyAnton Tsoy, Einaudi Institute for Economics and Finance

Discussants:Richard Evans, University of VirginiaChristopher Parsons, University of California-San DiegoChristian Opp, University of Pennsylvania

Tail Risks – Macdonald FBryan Kelly, University of Chicago

Failing to Forecast Rare EventsJames Dow, London Business SchoolPhilip Bond, University of Washington

Equilibrium Asset Pricing in Directed NetworksNicole Branger, University of MuensterPatrick Konermann, BI Norwegian Business SchoolChristoph Meinerding, Deutsche BundesbankChristian Schlag, Goethe University Frankfurt

Asset Pricing with Endogenously Uninsurable Tail RisksHengjie Ai, University of MinnesotaAnmol Bhandari, University of Minnesota

Discussants:Stavros Panageas, University of California-Los AngelesBernard Herskovic, University of California-Los AngelesBarney Hartman-Glaser, University of California-Los Angeles

Monday, June 26, 2017, 10:30 am – 12:15 pm

Housing and Mortgage Markets – Frontenac APaul Willen, Federal Reserve Bank of Boston

An Equilibrium Model of Housing and Mortgage Markets with State-ContingentLending ContractsTomasz Piskorski, Columbia UniversityAlexei Tchistyi, University of Illinois-Urbana-Champaign

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Regulating Household LeverageAnthony DeFusco, Northwestern UniversityStephanie Johnson, Northwestern UniversityJohn Mondragon, Northwestern University

Are Mortgage Regulations Affecting Entrepreneurship?Stephanie Johnson, Northwestern University

Discussants:Pedro Gete, Georgetown UniversityBarney Hartman-Glaser, University of California-Los AngelesPascal Noel, Harvard University

Empirical Asset Pricing 1 – Frontenac BRavi Jagannathan, Northwestern University

What is the Expected Return on a Stock?Ian Martin, London School of Economics and Political ScienceChristian Wagner, Copenhagen Business School

Spectral Portfolio TheoryShomesh Chaudhuri, Massachusetts Institute of TechnologyAndrew Lo, Massachusetts Institute of Technology

Location Choice, Portfolio ChoiceJiangmin Xu, Peking UniversityHarrison Hong, Columbia UniversityIoannis Branikas, Princeton University

Discussants:Binying Liu, Hong Kong University of Science & TechnologyIan Dew-Becker, Northwestern UniversitySelale Tuzel, University of Southern California

Financial Aspects of Monetary Policy – Frontenac CBurton Hollifield, Carnegie Mellon University

The Federal Reserve and Market ConfidenceNina Boyarchenko, Federal Reserve Bank of New YorkValentin Haddad, Princeton UniversityMatthew Plosser, Federal Reserve Bank of New York

Shadow Banks, Deposit Competition, and Monetary PolicyKairong Xiao, University of British Columbia

Fundamental Disagreement about Monetary Policy and the TermStructure of Interest RatesShuo Cao,Richard Crump, Federal Reserve Bank of New YorkStefano Eusepi, Federal Reserve Bank of New YorkEmanuel Moench, Deutsche Bundesbank

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Discussants:Francisco Palomino, Federal Reserve Board of GovernorsTetiana Davydiuk, University of PennsylvaniaMichael Gallmeyer, University of Virginia

Asset Pricing Models with Frictions – Empress A&BLorenzo Garlappi, University of British Columbia

Competition, Markups, and Predictable ReturnsAlexandre Corhay, University of TorontoHoward Kung, London Business SchoolLukas Schmid, Duke University

Heterogeneity and Asset Prices: A Different ApproachNicolae Garleanu, University of California-BerkeleyStavros Panageas, University of California-Los Angeles

The Lost Capital Asset Pricing ModelDaniel Andrei, University of California-Los AngelesJulien Cujean, University of MarylandMungo Wilson, University of Oxford

Discussants:Berardino Palazzo, Boston UniversityPietro Veronesi, University of ChicagoZhenyu Wang, Indiana University

Corporate Finance and Employment – Macdonald EAndres Almazan, University of Texas-Austin

Business Groups and EmploymentMara Faccio, Purdue UniversityWilliam O’Brien, University of Illinois-Chicago

Patent Trolls and Small Business EmploymentIan Appel, Boston CollegeJoan Farre-Mensa, Harvard UniversityElena Simintzi, University of British Columbia

Skilled Labor Risk and Compensation PoliciesYue Qiu, University of MinnesotaTracy Wang, University of Minnesota

Discussants:Rajesh Aggarwal, Northeastern UniversityAlan Crane, Rice UniversityJonathan Cohn, University of Texas-Austin

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Executive Compensation and Behavior – Macdonald FAlexander Ljungqvist, New York University

The Role of Peer Firm Selection in Explicit Relative Performance AwardsJohn Bizjak, Texas Christian UniversitySwami Kalpathy, Texas Christian UniversityZhichuan Li, University of Western OntarioBrian Young, Southern Methodist University

CEO Horizon, Optimal Duration and the Escalation of Short-TermismIvan Marinovic, Stanford UniversityFelipe Varas, Duke University

CEO Personality and Firm PoliciesIan Gow, Harvard UniversitySteve Kaplan, University of ChicagoDavid Larcker, Stanford UniversityAnastasia Zakolyukina, University of Chicago

Discussants:Dirk Jenter, London School of Economics and Political ScienceGustavo Manso, University of California-BerkeleyDaniel Metzger, Stockholm School of Economics

Monday, June 26, 2017, 2:45 pm – 4:30 pm

Finance and Real Economy – Frontenac APaige Ouimet, University of North Carolina-Chapel Hill

Recovery Dynamics: An Explanation from Bank Screening andEntrepreneur EntryYunzhi Hu, University of Chicago

Capital Share Dynamics When Firms Insures ManagersBarney Hartman-Glaser, University of California-Los AngelesHanno Lustig, Stanford UniversityMindy X. Zhang, University of Texas-Austin

In the Shadow of Banks: Wealth Management Products and Issuing Banks’ Riskin ChinaViral Acharya, New York UniversityJun Qian, Shanghai Jiao Tong UniversityZhishu Yang, Tsinghua University

Discussants:Thomas Chemmanur, Boston CollegeHengjie Ai, University of MinnesotaRobert Marquez, University of California-Davis

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Hedge Funds and Institutional Investing – Frontenac BJonathan Berk, Stanford University

Hedge Fund Activists’ Network and Information FlowsPouyan Foroughi, Boston College

Does Scale Impact Skill?Campbell Harvey, Duke UniversityYan Liu, Texas A&M University

Financial Conglomerate Affiliated Hedge Funds: Risk Taking Behavior andLiquidity ProvisionFrancesco Franzoni, Swiss Finance InstituteMariassunta Giannetti, Stockholm School of Economics

Discussants:Vincent Glode, University of PennsylvaniaLubos Pastor, University of ChicagoDavid Musto, University of Pennsylvania

Financial Sector and the Economy – Frontenac CGeorge Pennacchi, University of Illinois-Urbana-Champaign

China’s Model of Managing the Financial SystemMarkus Brunnermeier, Princeton UniversityMichael Sockin, University of Texas-AustinWei Xiong, Princeton University

Financial Sector Origins of Economic Growth DelusionFrederic Malherbe, London Business SchoolMichael McMahon, University of Warwick

Regulating a ModelYaron Leitner, Federal Reserve Bank of PhiladelphiaBilge Yilmaz, University of Pennsylvania

Discussants:Mariano Croce, University of North Carolina-Chapel HillVadim Elenev, New York UniversityAnsgar Walther, University of Warwick

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Household Borrowing and the Regional Economy – Empress A&BGordon Phillips, Dartmouth College

Import Competition and Household DebtJean Noel Barrot, Massachusetts Institute of TechnologyErik Loualiche, Massachusetts Institute of TechnologyMatthew Plosser, Federal Reserve Bank of New YorkJulien Sauvagnat, Università Bocconi

Household Credit and Local Economic UncertaintyRodney Ramcharan, University of Southern CaliforniaAmir Kermani, University of California-BerkeleyMarco Di Maggio, Harvard UniversityEdison Yu, Federal Reserve Bank of Philadelphia

Personal Bankruptcy Protection and Household DebtSeverino Felipe, Dartmouth CollegeMeta Brown, Federal Reserve Bank of New York

Discussants:Jialan Wang, University of Illinois-Urbana-ChampaignPascal Noel, Harvard UniversityJohn Mondragon, Northwestern University

Finance and Fiscal Policy – Macdonald EManuel Adelino, Duke University

Level and Volatility Shocks to Fiscal Policy: Term Structure ImplicationsLorenzo Bretscher, London School of Economics and Political ScienceAlex Hsu, Georgia Institute of TechnologyAndrea Tamoni, London School of Economics and Political Science

Government as Customer of Last Resort: The Stabilizing Effects of GovernmentPurchases on FirmsJim Goldman, University of Toronto

Inflating Away the Public Debt? An Empirical AssessmentJens Hilscher, University of California-DavisAlon Raviv, Bar-Ilan UniversityRicardo Reis, London School of Economics and Political Science

Discussants:Howard Kung, London Business SchoolRan Duchin, University of WashingtonCarolin Pflueger, University of British Columbia

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Microstructure of Bond Markets – Macdonald FLawrence Harris, University of Southern California

QE Auctions of Treasury BondsZhaogang Song, Johns Hopkins UniversityHaoxiang Zhu, Massachusetts Institute of Technology

Dark Pool Trading and Price Discovery: Evidence from theU.S. Treasury Securities MarketMichael Fleming, Federal Reserve Bank of New YorkGiang Nguyen, Pennsylvania State University

Capital Commitment and Illiquidity in Corporate BondsHendrik Bessembinder, Arizona State UniversityStacey Jacobsen, Southern Methodist UniversityWilliam Maxwell, Southern Methodist UniversityKumar Venkataraman, Southern Methodist University

Discussants:Joel Hasbrouck, New York UniversityCharles Jones, Columbia UniversityErik Sirri, Babson College

Tuesday, June 27, 2017, 8:15 am – 10:00 am

Corporate Governance – Frontenac AAndrea Eisfeldt, University of California-Los Angeles

Are Shareholder Votes Rigged?Daniel Metzger, Stockholm School of EconomicsLaurent Bach, Stockholm School of Economics

Governance Changes through Shareholder Initiatives: The Case ofProxy AccessTara Bhandari, U.S. Securities and Exchange CommissionPeter Iliev, Pennsylvania State UniversityJonathan Kalodimos, Oregon State University

Why do Boards Exist? Governance Design in the Absence of Corporate LawCharlotte Ostergaard, BI Norwegian Business SchoolMike Burkart, London School of Economics and Political ScienceSalvatore Miglietta, BI Norwegian Business School

Discussants:Nadya Malenko, Boston CollegeDaniel Bergstresser, Brandeis UniversityPeter Koudijs, Stanford University

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Market Microstructure Theory – Frontenac BBradyn Breon-Drish, University of California-San Diego

Signaling in Over-the-Counter Markets: Benefits and Costs of TransparencyKerry Back, Rice UniversityRuomeng Liu, Rice UniversityAlberto Teguia, Rice University

A Dynamic Model of Circuit BreakersHui Chen, Massachusetts Institute of TechnologyAnton Petukhov, Massachusetts Institute of TechnologyJiang Wang, Massachusetts Institute of Technology

Voluntary Disclosure in Bilateral TransactionsVincent Glode, University of PennsylvaniaChristian Opp, University of PennsylvaniaXingtan Zhang, University of Pennsylvania

Discussants:Efstathios Avdis, University of AlbertaDaniel Andrei, University of California-Los AngelesBriana Chang, University of Wisconsin-Madison

Credit Supply and Macroeconomy – Frontenac CAnjan Thakor, Washington University-St. Louis

The Securitization Flash FloodKandarp Srinivasan, Washington University-St. Louis

Credit Allocation Under Economic Stimulus: Evidence from ChinaWill Cong, University of ChicagoJacopo Ponticelli, University of Chicago

Financial Globalization and Bank Lending: The Limits of DomesticMonetary Policy?Jin Cao, Norges BankValeriya Dinger, University of Osnabrück

Discussants:Amiyatosh Purnanandam, University of MichiganJanis Skrastins, Washington University-St. LouisMark Egan, Harvard University

Empirical Lessons for Asset Pricing Models – Empress A&BDmitry Orlov, University of Rochester

Uncertainty Premia for Small and Large RisksMartin Puhl, Vienna University of TechnologyPavel Savor, Temple UniversityMungo Wilson, University of Oxford

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(Almost) Model-Free RecoveryPaul Schneider, Swiss Finance InstituteFabio Trojani, Swiss Finance Institute

One-Factor Asset PricingStefanos Delikouras, University of MiamiAlex Kostakis, University of Manchester

Discussants:Hengjie Ai, University of MinnesotaBjorn Eraker, University of Wisconsin-MadisonBryan Routledge, Carnegie Mellon University

Finance and Political Influences 1 – Macdonald ENandini Gupta, Indiana University

The Political Economy of Bank Bailouts: Evidence from the Real Consequencesof DecentralizationBo Bian, London Business SchoolRainer Haselmann, Goethe University FrankfurtThomas Kick, Deutsche BundesbankVikrant Vig, London Business School

Politics and Hidden Borrowing: Electoral Cycles and State DefinedBenefit Pension PlansSheng-Jun Xu, University of British Columbia

The Marginal Propensity to Consume Out of Credit: Evidence fromRandom Assignment of 54,522 Credit LinesDeniz Aydin, Washington University-St. Louis

Discussants:Pat Akey, University of TorontoIrina Stefanescu, Federal Reserve Board of GovernorsEitan Goldman, Indiana University

News and Asset Prices – Macdonald FHendrik Bessembinder, Arizona State University

The Kinks of Financial JournalismDiego Garcia, University of Colorado-Boulder

Front Page News: The Effect of News Consumption on Financial MarketsAnastassia Fedyk, Harvard University

Does it Pay to Pay Attention?Antonio Gargano, University of MelbourneAlberto Rossi, University of Maryland

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Discussants:David Solomon, University of Southern CaliforniaPatrick Kelly, New Economic SchoolRyan Israelsen, Michigan State University

Tuesday, June 27, 2017, 10:30 am – 12:15 pm

Information and Asset Prices – Frontenac APierre Collin-Dufresne, Swiss Finance Institute

Liquidity vs Information EfficiencySergei Glebkin, INSEAD

A Tale of Two Uncertainties: Financial Sector Transparency andReal InvestmentMichael Sockin, University of Texas-Austin

The Information in Fire SalesSheng Huang, China-Europe International Business SchoolMatthew Ringgenberg, University of UtahZhe Zhang, Singapore Management University

Discussants:Brett Green, University of California-BerkeleyHaoxiang Zhu, Massachusetts Institute of TechnologyVyacheslav Fos, Boston College

Empirical Asset Pricing 2 – Frontenac BRobert Stambaugh, University of Pennsylvania

What Information Drives Asset Prices?Anisha Ghosh, Carnegie Mellon UniversityGeorge Constantinides, University of Chicago

Improving the Evaluation of Asset Pricing Models by Expanding the Setof Test PortfoliosLaurent Barras, McGill University

Prepayment Risk and Expected MBS ReturnsPeter Diep, AQR Capital ManagementAndrea Eisfeldt, University of California-Los AngelesScott Richardson, London Business School

Discussants:Alexander David, University of CalgaryFrancisco Barillas, Emory UniversityNina Boyarchenko, Federal Reserve Bank of New York

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Systemic Risk and Banking Supervision – Frontenac CAsaf Manela, Washington University-St. Louis

Relative Performance Banker Compensation and Systemic RiskRui Albuquerque, Boston CollegeJose Guedes, Universidade Católica Portuguesa

The Economics of Bank SupervisionThomas Eisenbach, Federal Reserve Bank of New YorkDavid Lucca, Federal Reserve Bank of New YorkRobert Townsend, Massachusetts Institute of Technology

Money RunsJason Donaldson, Washington University-St. LouisGiorgia Piacentino, Washington University-St. Louis

Discussants:Anat Admati, Stanford UniversityVincent Glode, University of PennsylvaniaDmitry Orlov, University of Rochester

Exchange Rates and International Finance – Empress A&BChris Telmer, Carnegie Mellon University

Currency ManipulationThomas Mertens, Federal Reserve Bank of San FranciscoTarek Hassan, University of ChicagoTony Zhang, University of Chicago

The Missing Risk Premium in Exchange RatesMagnus Dahlquist, Stockholm School of EconomicsPenasse Julien, University of Luxembourg

Nowhere to Run, Nowhere to Hide: Asset Diversification in a Flat WorldJohn Cotter, University College DublinStuart Gabriel, University of California-Los AngelesRichard Roll, California Institute of Technology

Discussants:Irina Zviadadze, Stockholm School of EconomicsRobert Richmond, New York UniversityHugues Langlois, HEC Paris

Corporate Finance and the Labor Market – Macdonald EAndrey Malenko, Massachusetts Institute of Technology

Do Labor Markets Discipline? Evidence from RMBS BankersSamuel Kruger, University of Texas-AustinJohn Griffin, University of Texas-AustinGonzalo Maturana, Emory University

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Slashing Liquidity through Asset Purchases: Evidence fromCollective BargainingIrene Yi, University of Southern California

Debt Structure as a Strategic Bargaining ToolYue Qiu, University of Minnesota

Discussants:Paul Willen, Federal Reserve Bank of BostonPaige Ouimet, University of North Carolina-Chapel HillInessa Liskovich, University of Texas-Austin

Lending Decisions – Macdonald FAmiyatosh Purnanandam, University of Michigan

Do Loan Officers Impact Lending Decisions? Evidence from theCorporate Loan MarketJanet Gao, Indiana UniversityXiumin Marin, Washington University-St. LouisJoseph Pacelli, Indiana University

Estimating Informational Frictions in Sticky RelationshipsOlivier Darmouni, Columbia University

Shock Propagation and Banking StructureMariassunta Giannetti, Stockholm School of EconomicsFarzad Saidi, Stockholm School of Economics

Discussants:Christoph Herpfer, École Polytechnique Fédérale de LausanneHoai-Luu Nguyen, University of California-BerkeleyRustom Irani, University of Illinois-Urbana-Champaign

Tuesday, June 27, 2017, 2:45 pm – 4:30 pm

Entrepreneurship and Innovation – Frontenac AGustavo Manso, University of California-Berkeley

Destructive Creation at Work: How Financial DistressSpurs EntrepreneurshipTania Babina, Columbia University

The Consequences of Household Shocks on Employee InnovationShai Bernstein, Stanford UniversityTimothy McQuade, Stanford UniversityRichard Townsend, University of California-San Diego

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A Text-Based Analysis of Corporate InnovationGustaf Bellstam, University of Colorado-BoulderSanjai Bhagat, University of Colorado-BoulderJ. Anthony Cookson, University of Colorado-Boulder

Discussants:Debarshi Nandy, Brandeis UniversitySabrina Howell, New York UniversityGerard Hoberg, University of Southern California

Empirical Asset Pricing 3 – Frontenac BJohn Griffin, University of Texas-Austin

Absolving Beta of Volatility’s EffectsJianan Liu, University of PennsylvaniaRobert Stambaugh, University of PennsylvaniaYu Yuan, Shanghai Jiao Tong University

Understanding the Behavior of Distressed StocksYasser Boualam, University of North Carolina-Chapel HillJoao Gomes, University of PennsylvaniaColin Ward, University of Minnesota

YOLO: Mortality Beliefs and Household Finance PuzzlesRawley Heimer, Federal Reserve Bank of ClevelandKristian Myrseth, University of DublinRaphael Schoenle, Brandeis University

Discussants:Michael O’Doherty, University of MissouriZhi Da, University of Notre DameAlessandro Previtero, Indiana University

Asset Prices and Macroeconomy – Frontenac CHengjie Ai, University of Minnesota

Risk Premia at the ZLB: A Macroeconomic InterpretationFrancois Gourio, Federal Reserve Bank of ChicagoPhuong Ngo, Cleveland State University

Asset Pricing Implications of Hiring DemographicsMete Kilic, University of Southern California

The Leading PremiumMariano Croce, University of North Carolina-Chapel HillTatyana Marchuk, Goethe University FrankfurtChristian Schlag, Goethe University Frankfurt

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Discussants:Dongho Song, Boston CollegeAndres Donangelo, University of Texas-AustinJun Li, University of Texas-Dallas

Corporate Finance Theory – Empress A&BMarcus Opp, University of California-Berkeley

Leverage Dynamics Without CommitmentPeter DeMarzo, Stanford UniversityZhiguo He, University of Chicago

Profit Sharing: A Contracting Solution to Harness the Wisdom of the CrowdJiasun Li, George Mason University

Inflation Despite Best Intentions - Rating under Asymmetric InformationChristian Hilpert, University of HamburgStefan Hirth, Aarhus UniversityAlexander Szimayer, University of Hamburg

Discussants:Josef Zechner, Vienna University of Economics and BusinessKatrin Tinn, Imperial College LondonSivan Frenkel, Tel Aviv University

Governance and Cash Policy – Macdonald EDirk Jenter, London School of Economics and Political Science

Consistent Good News and Inconsistent Bad NewsRick Harbaugh, Indiana UniversityJohn Maxwell, Indiana UniversityKelly Shue, University of Chicago

Proxy Advisory Firms: The Economics of Selling Information to VotersAndrey Malenko, Massachusetts Institute of TechnologyNadya Malenko, Boston College

Firm Selection and Corporate Cash HoldingsJuliane Begenau, Harvard UniversityBerardino Palazzo, Boston University

Discussants:Philip Bond, University of WashingtonItay Goldstein, University of PennsylvaniaAntonio Falato, Federal Reserve Board of Governors

25

Network Analysis of Financial Markets – Macdonald FChester Spatt, Carnegie Mellon University

Core-Periphery Trading NetworksChaojun Wang, Stanford University

A Network Map of Information PercolationBjörn Hagströmer, Stockholm UniversityAlbert Menkveld, VU University Amsterdam

The Relevance of Broker Networks for Information Diffusionin the Stock MarketMarco Di Maggio, Harvard UniversityFrancesco Franzoni, Swiss Finance InstituteAmir Kermani, University of California-BerkeleyCarlo Sommavilla, Università della Svizzera Italiana

Discussants:Artem Neklyudov, University of LausanneJoel Hasbrouck, New York UniversityBurton Hollifield, Carnegie Mellon University

Wednesday, June 28, 2017, 8:15 am – 10:00 am

Firms, Government and Macroeconomy – Frontenac AToni Whited, University of Michigan

Government Debt and the Returns to InnovationMariano Croce, University of North Carolina-Chapel HillThien Nguyen, Ohio State UniversitySteve Raymond, University of North Carolina-Chapel HillLukas Schmid, Duke University

Misallocation CyclesDavid Schreindorfer, Arizona State UniversityLars-Alexander Kuehn, Carnegie Mellon University

The Cross-Section of Labor Leverage and Equity ReturnsAndres Donangelo, University of Texas-AustinFrancois Gourio, Federal Reserve Bank of ChicagoMatthias Kehrig, Duke UniversityMiguel Palacios, Vanderbilt University

Discussants:Indrajit Mitra, University of MichiganStephen Terry, Boston UniversityJack Favilukis, University of British Columbia

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Household Financial Decisions – Frontenac BBruce Carlin, University of California-Los Angeles

Idiosyncratic Risk in Housing MarketsMarco Giacoletti, Stanford University

Rich Pickings? Risk, Return, and Skill in the Portfolios of the WealthyLaurent Bach, Stockholm School of EconomicsLaurent Calvet, EDHEC Business SchoolPaolo Sodini, Stockholm School of Economics

Payday Borrowing and Household Outcomes; Evidence from aNatural ExperimentBrian Baugh, University of Nebraska-Lincoln

Discussants:William Mann, University of California-Los AngelesMatthieu Gomez, Princeton UniversityRawley Heimer, Federal Reserve Bank of Cleveland

Behavioral Finance – Frontenac CHarrison Hong, Columbia University

Low Interest Rates and Risk Taking: Evidence from IndividualInvestment DecisionsChen Lian, Massachusetts Institute of TechnologyYueran Ma, Harvard UniversityCarmen Wang, Harvard University

The Importance of Behavioral Factors in the Exercise and Valuation of EmployeeStock OptionsJennifer Carpenter, New York UniversityRichard Stanton, University of California-BerkeleyNancy Wallace, University of California-Berkeley

Saving for Retirement, Annuities and ProcrastinationJeffrey Brown , University of Illinois-Urbana-ChampaignAlessandro Previtero, Indiana University

Discussants:Wenxi Jiang, Chinese University of Hong KongKai Li, University of British ColumbiaMichaela Pagel, Columbia University

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Externalities in Financial Markets – Empress A&BJeffrey Pontiff, Boston College

Internalizing Governance Externalities: The Role ofInstitutional Cross-ownershipJie He, University of GeorgiaJiekun Huang, University of Illinois-Urbana-ChampaignShan Zhao, Grenoble School of Management

Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?Ryan Lewis, University of ColoradoCem Demiroglu, Koç UniversityJulian Franks, London Business School

Bankruptcy SpilloversShai Bernstein, Stanford UniversityEmanuele Colonnelli, Stanford UniversityXavier Giroud, Massachusetts Institute of TechnologyBenjamin Iverson, Northwestern University

Discussants:Jarrad Harford, University of WashingtonAndras Danis, Georgia Institute of TechnologyKatherine Waldock, New York University

Real Effects of Corporate Finance – Macdonald EItay Goldstein, University of Pennsylvania

Kinky Tax Policy and Abnormal Investment BehaviorQiping Xu, University of Notre DameEric Zwick, University of Chicago

Mergers and Acquisitions, Technological Change and InequalityWenting Ma, University of North Carolina-Chapel HillPaige Ouimet, University of North Carolina-Chapel HillElena Simintzi, University of British Columbia

How Sensitive is Young Firm Investment to the Cost of Outside Equity? Evidencefrom a UK Tax ReliefJuanita Gonzalez-Uribe, London School of Economics and Political ScienceDaniel Paravisini, London School of Economics and Political Science

Discussants:Mitchell Petersen, Northwestern UniversityOlivier Dessaint, University of TorontoDavid Robinson, Duke University

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Bond Markets – Macdonald FChristian Lundblad, University of North Carolina-Chapel Hill

Canary in a Coalmine: Securities Lending Predicting the Performance ofSecuritized BondsElisabeth Kempf, University of ChicagoAlberto Manconi, Università BocconiMassimo Massa, INSEAD

Insurer Investment Commonality: Fire Sale Risk and CorporateYield SpreadsVikram Nanda, University of Texas-DallasWei Wu, California State Polytechnic University-PomonaXing Zhou, Federal Reserve Board of Governors

Institutional Rigidities and Bond Returns Around Rating ChangesMatthew Spiegel, Yale UniversityLaura Starks, University of Texas-Austin

Discussants:Adam Reed, University of North Carolina-Chapel HillKathleen Hanley, Lehigh UniversityChotibhak Jotikasthira, Southern Methodist University

Wednesday, June 28, 2017, 10:30 am – 12:15 pm

Informed Trading – Frontenac AMaureen O’Hara, Cornell University

Information, Imperfect Competition, and VolatilityMahdi Nezafat, Michigan State UniversityMark Schroder, Michigan State University

Back-Running: Seeking and Hiding Fundamental Informationin Order FlowsLiyan Yang, University of TorontoHaoxiang Zhu, Massachusetts Institute of Technology

Dynamic Information Acquisition and Strategic TradingBradyn Breon-Drish, University of California-San DiegoSnehal Banerjee, University of California-San Diego

Discussants:David Easley, Cornell UniversityDan Bernhardt, University of Illinois-Urbana-ChampaignMariana Khapko, University of Toronto

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Derivatives – Frontenac BGurdip Bakshi, University of Maryland

Why Do Option Returns Change Sign from Day to Night?Dmitriy Muravyev, Boston CollegeXuechuan Ni, Boston College

How do Informed Investors Trade in the Options Market?Patrick Augustin, McGill UniversityMenachem Brenner, New York UniversityGunnar Grass, HEC MontréalMarti Subrahmanyam, New York University

Manipulation in the VIX?John Griffin, University of Texas-AustinAmin Shams, University of Texas-Austin

Discussants:Bjorn Eraker, University of Wisconsin-MadisonRobert Battalio, University of Notre DameDarien Huang, Cornell University

Volatility Within and Across Borders – Frontenac CJules Van Binsbergen, University of Pennsylvania

Contractionary Volatility or Volatile Contractions?David Berger, Northwestern UniversityIan Dew-Becker, Northwestern UniversityStefano Giglio, University of Chicago

Volatility, Intermediaries, and Exchange RatesXiang Fang, University of PennsylvaniaYang Liu, University of Pennsylvania

Volatility Risk Pass-ThroughYang Liu, University of PennsylvaniaRiccardo Colacito, University of North Carolina-Chapel HillMariano Croce, University of North Carolina-Chapel HillIvan Shaliastovich, University of Wisconsin-Madison

Discussants:Jules Van Binsbergen, University of PennsylvaniaCarolin Pflueger, University of British ColumbiaDavid Schreindorfer, Arizona State University

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Does Private Equity Add Value? – Empress A&BJarrad Harford, University of Washington

How do Employees Fare in Private Equity Buyouts? Evidence from WorkplaceSafety RecordsJonathan Cohn, University of Texas-AustinNicole Nestoriak, U.S. Bureau of Labor StatisticsMalcolm Wardlaw, University of Texas-Dallas

Is Private Equity Good for Consumers?Cesare Fracassi, University of Texas-AustinAlessandro Previtero, Indiana UniversityAlbert Sheen, University of Oregon

Venturing Beyond the IPO: Venture Capitalists’ Investments in NewlyPublic FirmsPeter Iliev, Pennsylvania State UniversityMichelle Lowry, Drexel University

Discussants:Shai Bernstein, Stanford UniversityDavid Becher, Drexel UniversityMerih Sevilir, Indiana University

Finance and Political Influences 2 – Macdonald EMichael Cooper, University of Utah

Merger Antitrust Reviews and Political InfluenceMihir Mehta, University of MichiganSuraj Srinivasan, Harvard UniversityWanli Zhao, Southern Illinois University

Politicizing Consumer CreditPat Akey, University of TorontoRawley Heimer, Federal Reserve Bank of ClevelandStefan Lewellen, London Business School

Firm Boundaries and Political Uncertainty: Evidence Using State Electionsin IndiaArkodipta Sarkar, London Business School

Discussants:Mara Faccio, Purdue UniversityJiekun Huang, University of Illinois-Urbana-ChampaignMihai Ion, University of Arizona

31

Market Coordination: Models and Evidence – Macdonald FPhilip Bond, University of Washington

Intervention with Voluntary Participation in Global GamesLin Shen, University of PennsylvaniaJunyuan Zou, University of Pennsylvania

Shaping Expectations and Coordinating Attention: The UnintendedConsequences of FOMC Press ConferencesOliver Boguth, Arizona State UniversityVincent Gregoire, University of MelbourneCharles Martineau, University of British Columbia

Dynamics of the Expectation and Risk Premium in the OIS Term StructureSuresh Sundaresan, Columbia UniversityZhenyu Wang, Indiana UniversityWei Yang, Indiana University

Discussants:Matthieu Bouvard, McGill UniversityDaniel Andrei, University of California-Los AngelesNina Boyarchenko, Federal Reserve Bank of New York

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2017 PROGRAM COMMITTEE

Program Chair

Jiang Wang, Massachusetts Institute of Technology

Associate Chairpersons

Jean Noel Barrot, Massachusetts Institute of TechnologyNittai Bergman, Massachusetts Institute of TechnologyHui Chen, Massachusetts Institute of TechnologyXavier Giroud, Massachusetts Institute of TechnologyDaniel Greenwald, Massachusetts Institute of TechnologyLeonid Kogan, Massachusetts Institute of TechnologyAndrew Lo, Massachusetts Institute of TechnologyErik Loualiche, Massachusetts Institute of TechnologyDeborah Lucas, Massachusetts Institute of TechnologyAndrey Malenko, Massachusetts Institute of TechnologyJun Pan, Massachusetts Institute of TechnologyJonathan Parker, Massachusetts Institute of TechnologyAntoinette Schoar, Massachusetts Institute of TechnologyDavid Thesmar, Massachusetts Institute of TechnologyAdrien Verdelhan, Massachusetts Institute of TechnologyHaoxiang Zhu, Massachusetts Institute of Technology

Program Committee Members

Renée Adams, University of New South WalesManuel Adelino, Duke UniversityVikas Agarwal, Georgia State UniversityRajesh Aggarwal, Northeastern UniversityReena Aggarwal, Georgetown UniversityAnup Agrawal, University of AlabamaHengjie Ai, University of MinnesotaRui Albuquerque, Boston CollegeAndres Almazan, University of Texas-AustinHeitor Almeida, University ofIllinois-Urbana-ChampaignAydogan Alti, University of Texas-AustinGeorge Aragon, Arizona State UniversityPatrick Augustin, McGill UniversityDoron Avramov, Hebrew UniversityIlona Babenko, Arizona State UniversityWarren Bailey, Cornell University

Gurdip Bakshi, University of MarylandTuran Bali, Georgetown UniversitySnehal Banerjee, University of California-SanDiegoJack Bao, Federal Reserve Board of GovernorsBrad Barber, University of California-DavisJean Noel Barrot, Massachusetts Institute ofTechnologySohnke Bartram, University of WarwickShmuel Baruch, University of UtahSuleyman Basak, London Business SchoolDavid Bates, University of IowaThomas Bates, Arizona State UniversityAlessandro Beber, City University of LondonBo Becker, Stockholm School of EconomicsGeert Bekaert, Columbia UniversityFrederico Belo, University of Minnesota

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Luca Benzoni, Federal Reserve Bank of ChicagoNittai Bergman, Massachusetts Institute ofTechnologyDaniel Bergstresser, Brandeis UniversityEli Berkovitch, IDC HerzliyaAntonio Bernardo, University of California-LosAngelesGennaro Bernile, Singapore ManagementUniversityShai Bernstein, Stanford UniversityJohn Beshears, Harvard UniversityHendrik Bessembinder, Arizona State UniversitySanjai Bhagat, University of Colorado-BoulderHarjoat Bhamra, Imperial College LondonSreedhar Bharath, Arizona State UniversityUtpal Bhattacharya, Hong Kong University ofScience & TechnologyOliver Boguth, Arizona State UniversityNicolas Bollen, Vanderbilt UniversityDion Bongaerts, Erasmus UniversityAudra Boone, Texas Christian UniversityArnoud Boot, University of AmsterdamJacob Boudoukh, IDC HerzliyaChrista Bouwman, Texas A&M UniversityAlon Brav, Duke UniversityJonathan Brogaard, University of WashingtonDavid Brown, University of Wisconsin-MadisonGregory Brown, University of NorthCarolina-Chapel HillKeith Brown, University of Texas-AustinStephen Brown, Monash UniversityAndrea M. Buffa, Boston UniversityAndrea Buraschi, Imperial College LondonMike Burkart, London School of Economics andPolitical ScienceNatasha Burns, University of Texas-San AntonioJeffrey Busse, Emory UniversityMaria Bustamante, University of MarylandAlexander Butler, Rice UniversityMurillo Campello, Cornell UniversityCharles Cao, Pennsylvania State UniversityBruce Carlin, University of California-Los AngelesJennifer Carpenter, New York UniversityMaria Chaderina, Vienna University ofEconomics and BusinessKalok Chan, Chinese University of Hong KongEric Chang, University of Hong Kong

David Chapman, University of VirginiaSudheer Chava, Georgia Institute of TechnologyGilles Chemla, Imperial College LondonThomas Chemmanur, Boston CollegeHui Chen, Massachusetts Institute of TechnologyMark Chen, Georgia State UniversitySergey Chernenko, Ohio State UniversityMikhail Chernov, University of California-LosAngelesDarwin Choi, Chinese University of Hong KongJames Choi, Yale UniversityTarun Chordia, Emory UniversityBhagwan Chowdhry, University ofCalifornia-Los AngelesPeter Christoffersen, University of TorontoSusan Christoffersen, University of TorontoAnna Cieslak, Duke UniversityGian Luca Clementi, New York UniversityJoao Cocco, London Business SchoolLauren Cohen, Harvard UniversityJonathan Cohn, University of Texas-AustinRiccardo Colacito, University of NorthCarolina-Chapel HillJeffrey Coles, University of UtahPierre Collin-Dufresne, Swiss Finance InstituteCarole Comerton-Forde, University of MelbourneJennifer Conrad, University of NorthCarolina-Chapel HillMichael Cooper, University of UtahJess Cornaggia, Pennsylvania State UniversityFrancesca Cornelli, London Business SchoolNicholas Crain, Vanderbilt UniversityAlan Crane, Rice UniversityK.J. Martijn Cremers, University of Notre DameMariano Croce, University of NorthCarolina-Chapel HillClaudia Custodio, Imperial College LondonDragana Cvijanovic, University of NorthCarolina-Chapel HillZhi Da, University of Notre DameMagnus Dahlquist, Stockholm School ofEconomicsTri Vi Dang, Columbia UniversityProfessor Daniel, Columbia UniversityAndras Danis, Georgia Institute of TechnologyAmil Dasgupta, London School of Economics andPolitical Science

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Sudipto Dasgupta, Hong Kong University ofScience & TechnologyAlexander David, University of CalgaryEduardo Davila, New York UniversityAdolfo De Motta, McGill UniversityDiane Del Guercio, University of OregonFrancois Derrien, HEC ParisJerome Detemple, Boston UniversityIan Dew-Becker, Northwestern UniversityMarco Di Maggio, Harvard UniversitySerdar Dinc, Rutgers UniversityAmy Dittmar, University of MichiganRobert Dittmar, University of MichiganEngelbert Dockner, Vienna University ofEconomics and BusinessCraig Doidge, University of TorontoAndres Donangelo, University of Texas-AustinWinston Dou, University of PennsylvaniaJames Dow, London Business SchoolItamar Drechsler, New York UniversityJoost Driessen, Tilburg UniversityGreg Duffee, Johns Hopkins UniversityEspen Eckbo, Dartmouth CollegeRoger Edelen, University of California-DavisAlex Edmans, London Business SchoolThomas Eisenbach, Federal Reserve Bank of NewYorkAndrea Eisfeldt, University of California-LosAngelesAndrew Ellul, Indiana UniversityJoseph Engelberg, University of California-SanDiegoIsil Erel, Ohio State UniversityVihang Errunza, McGill UniversityRichard Evans, University of VirginiaRuediger Fahlenbrach, École PolytechniqueFédérale de LausanneJoseph Fan, Chinese University of Hong KongLily Fang, INSEADJoan Farre-Mensa, Harvard UniversityMichael Faulkender, University of MarylandJack Favilukis, University of British ColumbiaPeter Feldhutter, London Business SchoolSeverino Felipe, Dartmouth CollegeDaniel Ferreira, London School of Economics andPolitical ScienceMiguel Ferreira, Universidade Nova de Lisboa

Eliezer Fich, Drexel UniversityLaura Field, University of DelawareAdlai Fisher, University of British ColumbiaMichael Fishman, Northwestern UniversityZsuzsanna Fluck, Michigan State UniversityVyacheslav Fos, Boston CollegeThierry Foucault, HEC ParisCesare Fracassi, University of Texas-AustinMurray Frank, University of MinnesotaNils Friewald, Norwegian School of EconomicsCarola Frydman, Northwestern UniversityPaolo Fulghieri, University of NorthCarolina-Chapel HillXavier Gabaix, Harvard UniversityVito Gala, University of PennsylvaniaMichael Gallmeyer, University of VirginiaPengjie Gao, University of Notre DameLorenzo Garlappi, University of British ColumbiaNicolae Garleanu, University ofCalifornia-BerkeleyMark Garmaise, University of California-LosAngelesTom George, University of HoustonSimon Gervais, Duke UniversityMila Getmansky, University ofMassachusetts-AmherstRon Giammarino, University of British ColumbiaMariassunta Giannetti, Stockholm School ofEconomicsStefano Giglio, University of ChicagoThomas Gilbert, University of WashingtonStuart Gillan, University of GeorgiaXavier Giroud, Massachusetts Institute ofTechnologyVincent Glode, University of PennsylvaniaBrent Glover, Carnegie Mellon UniversityItay Goldstein, University of PennsylvaniaRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolJoao Gomes, University of PennsylvaniaTodd Gormley, Washington University-St. LouisGary Gorton, Yale UniversityAmit Goyal, University of LausanneVidhan Goyal, Hong Kong University of Science& TechnologyJohn Graham, Duke UniversityBrett Green, University of California-Berkeley

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Clifton Green, Emory UniversityDaniel Greenwald, Massachusetts Institute ofTechnologySteven Grenadier, Stanford UniversityJohn Griffin, University of Texas-AustinGustavo Grullon, Rice UniversityBruce Grundy, University of MelbourneMichael Halling, Stockholm School of EconomicsAllaudeen Hameed, National University ofSingaporeBing Han, University of TorontoSam Hanson, Harvard UniversityJarrad Harford, University of WashingtonJeffrey Harris, American UniversityLawrence Harris, University of SouthernCaliforniaBarney Hartman-Glaser, University ofCalifornia-Los AngelesSamuel Hartzmark, University of ChicagoJoel Hasbrouck, New York UniversityHenrik Hasseltoft, Lynx Asset ManagementHarald Hau, University of GenevaPing He, Tsinghua UniversityZhiguo He, University of ChicagoBenjamin Hebert, Stanford UniversityUlrich Hege, Toulouse School of EconomicsFlorian Heider, European Central BankThomas Hellmann, University of OxfordJean Helwege, University of California-RiversideTerrence Hendershott, University ofCalifornia-BerkeleyMichael Hertzel, Arizona State UniversitySteven Heston, University of MarylandJens Hilscher, University of California-DavisNicholas Hirschey, London Business SchoolGerard Hoberg, University of Southern CaliforniaYael Hochberg, Rice UniversityCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityHarrison Hong, Columbia UniversityEdith Hotchkiss, Boston CollegeKewei Hou, Ohio State UniversityDavid Hsieh, Duke UniversityLixin Huang, Georgia State UniversityEric Hughson, Claremont McKenna CollegeSoeren Hvidkjaer, Copenhagen Business School

Chuan-Yang Hwang, Nanyang TechnologicalUniversityPhilipp Illeditsch, University of PennsylvaniaVictoria Ivashina, Harvard UniversityBenjamin Iverson, Northwestern UniversityZoran Ivkovich, Michigan State UniversityRajkamal Iyer, Massachusetts Institute ofTechnologyKris Jacobs, University of HoustonRavi Jagannathan, Northwestern UniversityRainer Jankowitsch, Vienna University ofEconomics and BusinessDirk Jenter, London School of Economics andPolitical ScienceWei Jiang, Columbia UniversityLi Jin, Peking UniversityMichael Johannes, Columbia UniversityKose John, New York UniversityTimothy Johnson, University ofIllinois-Urbana-ChampaignTravis Johnson, University of Texas-AustinCharles Jones, Columbia UniversityChristopher Jones, University of SouthernCaliforniaHoward Jones, University of OxfordPhilippe Jorion, University of California-IrvineScott Joslin, University of Southern CaliforniaBrandon Julio, University of OregonMarcin Kacperczyk, Imperial College LondonDalida Kadyrzhanova, Georgia State UniversitySwami Kalpathy, Texas Christian UniversityRaymond Kan, University of TorontoJun-Koo Kang, Nanyang Technological UniversityRon Kaniel, University of RochesterSteve Kaplan, University of ChicagoOguzhan Karakas, Boston CollegeJason Karceski, LSV Asset ManagementGeorge Andrew Karolyi, Cornell UniversityJonathan Karpoff, University of WashingtonGautam Kaul, University of MichiganSimi Kedia, Rutgers UniversityDonald Keim, University of PennsylvaniaMatti Keloharju, Aalto UniversityNaveen Khanna, Michigan State UniversityDana Kiku, University ofIllinois-Urbana-ChampaignDasol Kim, Case Western Reserve University

36

Hyunseob Kim, Cornell UniversityDarren Kisgen, Boston CollegeMichael Kisser, Norwegian School of EconomicsSamuli Knüpfer, BI Norwegian Business SchoolAndrew Koch, University of PittsburghShimon Kogan, IDC HerzliyaRalph Koijen, London Business SchoolAdam Kolasinski, Texas A&M UniversityPeter Kondor, London School of Economics andPolitical ScienceRobert Korajczyk, Northwestern UniversityArthur Korteweg, University of SouthernCaliforniaJennifer Koski, University of WashingtonSamuel Kruger, University of Texas-AustinTheresa Kuchler, New York UniversityLars-Alexander Kuehn, Carnegie MellonUniversityCamelia Kuhnen, University of NorthCarolina-Chapel HillPraveen Kumar, University of HoustonHoward Kung, London Business SchoolPablo Kurlat, Stanford UniversityBart Lambrecht, Cambridge UniversityChristopher Lamoureux, University of ArizonaDavid Lando, Copenhagen Business SchoolTim Landvoigt, University of Texas-AustinNisan Langberg, University of HoustonMauricio Larrain, Columbia UniversityChristian Laux, Vienna University of Economicsand BusinessAli Lazrak, University of British ColumbiaJ. Chris Leach, University of Colorado-BoulderMark Leary, Washington University-St. LouisCharles Lee, Stanford UniversityInmoo Lee, Korea Advanced Institute of Scienceand TechnologyAlfred Lehar, University of CalgaryQin Lei, University of MichiganYaron Leitner, Federal Reserve Bank ofPhiladelphiaJosh Lerner, Harvard UniversityMartin Lettau, University of California-BerkeleyDoron Levit, University of PennsylvaniaJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeStefan Lewellen, London Business School

Kai Li, University of British ColumbiaSi Li, Wilfrid Laurier UniversityBing Liang, University of Massachusetts-AmherstAndres Liberman, New York UniversityErik Lie, University of IowaChen Lin, University of Hong KongXiaoji Lin, Ohio State UniversityJames Linck, Southern Methodist UniversityLaura Lindsey, Arizona State UniversityJuhani Linnainmaa, University of SouthernCaliforniaKarl V. Lins, University of UtahMarc Lipson, University of VirginiaCrocker Liu, Cornell UniversityHong Liu, Washington University-St. LouisJun Liu, University of California-San DiegoTingjun Liu, University of Hong KongDmitry Livdan, University of California-BerkeleyAlexander Ljungqvist, New York UniversityAndrew Lo, Massachusetts Institute of TechnologyLars Lochstoer, University of California-LosAngelesClaudio Loderer, Universitaet BernFrancis Longstaff, University of California-LosAngelesGyöngyi Lóránth, University of ViennaDong Lou, London School of Economics andPolitical ScienceErik Loualiche, Massachusetts Institute ofTechnologyRichard Lowery, Carnegie Mellon UniversityMichelle Lowry, Drexel UniversityChristian Lundblad, University of NorthCarolina-Chapel HillEvgeny Lyandres, Boston UniversityAnthony Lynch, New York UniversityPeter MacKay, Hong Kong University of Science& TechnologyAnanth Madhavan, BlackRockLeonardo Madureira, Case Western ReserveUniversityIgor Makarov, London School of Economics andPolitical ScienceSemyon Malamud, École Polytechnique Fédéralede LausanneAndrey Malenko, Massachusetts Institute ofTechnology

37

Nadya Malenko, Boston CollegeWilliam Mann, University of California-LosAngelesGustavo Manso, University of California-BerkeleyRobert Marquez, University of California-DavisSpencer Martin, University of MelbourneMassimo Massa, INSEADRonald Masulis, University of New South WalesPedro Matos, University of VirginiaDavid Matsa, Northwestern UniversityGregor Matvos, University of ChicagoErnst Maug, University of MannheimRobert McDonald, Northwestern UniversityRobert McLean, Georgetown UniversityTimothy McQuade, Stanford UniversityHamid Mehran, Federal Reserve Bank of NewYorkAlbert Menkveld, VU University AmsterdamAndrew Metrick, Yale UniversityAlexander Michaelides, Imperial College LondonRoni Michaely, Cornell UniversityTodd Milbourn, Washington University-St. LouisKonstantin Milbradt, Northwestern UniversityDarius Miller, Southern Methodist UniversityBernadette Minton, Ohio State UniversityIndrajit Mitra, University of MichiganErwan Morellec, École Polytechnique Fédérale deLausannePamela Moulton, Cornell UniversityNathalie Moyen, University of Colorado-BoulderHolger Mueller, New York UniversityPhilippe Mueller, London School of Economicsand Political ScienceTyler Muir, University of California-Los AngelesJustin Murfin, Yale UniversityDavid Musto, University of PennsylvaniaBrett Myers, Texas Tech UniversityCharles Nathanson, Northwestern UniversityEdward Nelling, Drexel UniversityBoris Nikolov, University of LausanneMahendrarajah Nimalendran, University ofFloridaGreg Nini, Drexel UniversityThomas Noe, University of OxfordKjell Nyborg, University of ZurichMaureen O’Hara, Cornell UniversityTerrance Odean, University of California-Berkeley

Martin Oehmke, Columbia UniversitySteven Ongena, University of ZurichChristian Opp, University of PennsylvaniaMarcus Opp, University of California-BerkeleyHernan Ortiz-Molina, University of BritishColumbiaHui Ou-Yang, Cheung Kong Graduate School ofBusinessPaige Ouimet, University of NorthCarolina-Chapel HillOguzhan Ozbas, University of SouthernCaliforniaMarco Pagano, Università degli Studi di NapoliFederico IIBerardino Palazzo, Boston UniversityDarius Palia, Rutgers UniversityMarios Panayides, University of PittsburghDimitris Papanikolaou, Northwestern UniversityJonathan Parker, Massachusetts Institute ofTechnologyChristine Parlour, University ofCalifornia-BerkeleyRobert Parrino, University of Texas-AustinChristopher Parsons, University ofCalifornia-San DiegoPaolo Pasquariello, University of MichiganLubos Pastor, University of ChicagoAnna Pavlova, London Business SchoolLoriana Pelizzon, Ca’ Foscari University of VeniceLiang Peng, Pennsylvania State UniversityLin Peng, Baruch CollegeGeorge Pennacchi, University ofIllinois-Urbana-ChampaignJoel Peress, INSEADFrancisco Perez-Gonzalez, Instituto TecnológicoAutónomo de MéxicoEnrico Perotti, University of AmsterdamMitchell Petersen, Northwestern UniversityCarolin Pflueger, University of British ColumbiaLudovic Phalippou, University of OxfordGordon Phillips, Dartmouth CollegeChristopher Polk, London School of Economicsand Political ScienceJacopo Ponticelli, University of ChicagoJeffrey Pontiff, Boston CollegeJillian Popadak, Duke UniversityManju Puri, Duke University

38

Jun Qian, Shanghai Jiao Tong UniversityUday Rajan, University of MichiganAdriano Rampini, Duke UniversityOtto Randl, Vienna University of Economics andBusinessRaghavendra Rau, Cambridge UniversityS. Abraham Ravid, Yeshiva UniversityRobert Ready, University of RochesterAdam Reed, University of North Carolina-ChapelHillJonathan Reuter, Boston CollegeMatthew Rhodes-Kropf, Harvard UniversityEdward Rice, University of WashingtonBarbara Rindi, Università BocconiMichael Roberts, University of PennsylvaniaTavy Ronen, Rutgers UniversityEhud Ronn, University of Texas-AustinIoanid Rosu, HEC ParisNick Roussanov, University of PennsylvaniaBryan Routledge, Carnegie Mellon UniversityKristian Rydqvist, State University of NewYork-BinghamtonGideon Saar, Cornell UniversityRonnie Sadka, Boston CollegeJacob Sagi, University of North Carolina-ChapelHillPatrik Sandas, University of VirginiaJoao Santos, Federal Reserve Bank of New YorkLucio Sarno, City University of LondonZacharias Sautner, Frankfurt School of Financeand ManagementAnna Scherbina, University of California-DavisMichael Schill, University of VirginiaMartin Schmalz, University of MichiganLukas Schmid, Duke UniversityPhilipp Schnabl, New York UniversityNorman Schuerhoff, University of LausannePaul Schultz, University of Notre DameKrista Schwarz, University of PennsylvaniaMark Seasholes, Arizona State UniversityLemma Senbet, University of MarylandBerk Sensoy, Ohio State UniversityDuane Seppi, Carnegie Mellon UniversityPiet Sercu, KU LeuvenAmit Seru, Stanford UniversityHenri Servaes, London Business School

Ivan Shaliastovich, University ofWisconsin-MadisonJoel Shapiro, University of OxfordAnn Sherman, DePaul UniversityAnil Shivdasani, University of North CarolinaSophie Shive, University of Notre DameKelly Shue, University of ChicagoTyler Shumway, University of MichiganClemens Sialm, University of Texas-AustinRichard Sias, University of ArizonaStephan Siegel, University of WashingtonAndrei Simonov, Michigan State UniversityRaj Singh, University of MinnesotaErik Sirri, Babson CollegeCostis Skiadas, Northwestern UniversityMichael Sockin, University of Texas-AustinSorin Sorescu, Texas A&M UniversityDenis Sosyura, University of MichiganMatthew Spiegel, Yale UniversityDavid Sraer, University of California-BerkeleyErik Stafford, Harvard UniversityRichard Stanton, University of California-BerkeleyLaura Starks, University of Texas-AustinAlex Stomper, Humboldt University of BerlinNeal Stoughton, Vienna University of Economicsand BusinessIlya Strebulaev, Stanford UniversityGuenter Strobl, Frankfurt School of Finance andManagementPer Strömberg, Stockholm School of EconomicsMichael Stutzer, University of Colorado-BoulderAvanidhar Subrahmanyam, University ofCalifornia-Los AngelesMarti Subrahmanyam, New York UniversityJohan Sulaeman, National University ofSingaporeSuresh Sundaresan, Columbia UniversityAditya Sunderam, Harvard UniversityBhaskaran Swaminathan, LSV AssetManagementGeoffrey Tate, University of NorthCarolina-Chapel HillLucian Taylor, University of PennsylvaniaAlexei Tchistyi, University ofIllinois-Urbana-ChampaignChris Telmer, Carnegie Mellon UniversityMelvyn Teo, Singapore Management University

39

Paul Tetlock, Columbia UniversityAnjan Thakor, Washington University-St. LouisKarin Thorburn, Norwegian School of EconomicsXuan Tian, Tsinghua UniversitySheri Tice, Tulane UniversityViktor Todorov, Northwestern UniversityStathis Tompaidis, University of Texas-AustinHeather Tookes, Yale UniversityMitch Towner, University of ArizonaRichard Townsend, University of California-SanDiegoCharles Trzcinka, Indiana UniversityYuri Tserlukevich, Arizona State UniversityMargarita Tsoutsoura, University of ChicagoSergey Tsyplakov, University of South CarolinaSelale Tuzel, University of Southern CaliforniaGarry Twite, University of MelbourneRaman Uppal, EDHEC Business SchoolJules Van Binsbergen, University of PennsylvaniaVictoria Vanasco, Stanford UniversityFelipe Varas, Duke UniversityDimitri Vayanos, London School of Economics andPolitical ScienceAndrea Vedolin, London School of Economics andPolitical ScienceKumar Venkataraman, Southern MethodistUniversityAdrien Verdelhan, Massachusetts Institute ofTechnologyPietro Veronesi, University of ChicagoAnand Vijh, University of IowaAnnette Vissing-Jorgensen, University ofCalifornia-BerkeleyPaolo Volpin, City University of LondonElu VonThadden, University of MannheimJessica Wachter, University of PennsylvaniaChristian Wagner, Copenhagen Business SchoolSunil Wahal, Arizona State UniversityJohan Walden, University of California-BerkeleyAshley Wang, Federal Reserve Board of GovernorsJiang Wang, Massachusetts Institute of TechnologyNeng Wang, Columbia UniversityTan Wang, Shanghai Jiao Tong UniversityZhenyu Wang, Indiana UniversityMitch Warachka, University of San DiegoAkiko Watanabe, University of AlbertaMasahiro Watanabe, University of Alberta

Michael Weber, University of ChicagoChishen Wei, Nanyang Technological UniversityKelsey Wei, University of Texas-DallasPierre-Olivier Weill, University of California-LosAngelesMichael Weisbach, Ohio State UniversityRuss Wermers, University of MarylandIngrid Werner, Ohio State UniversityMark Westerfield, University of WashingtonJames Weston, Rice UniversityToni Whited, University of MichiganRobert Whitelaw, New York UniversityRohan Williamson, Georgetown UniversityMungo Wilson, University of OxfordAvi Wohl, Tel Aviv UniversityYouchang Wu, University of OregonJeffrey Wurgler, New York UniversityYuhang Xing, Rice UniversityYuhai Xuan, University ofIllinois-Urbana-ChampaignHong Yan, Shanghai Jiao Tong UniversityHongjun Yan, DePaul UniversityJie Yang, Federal Reserve Board of GovernorsLiu Yang, University of MarylandMing Yang, Duke UniversityAmir Yaron, University of PennsylvaniaAyako Yasuda, University of California-DavisDavid Yermack, New York UniversityLance Young, University of WashingtonFan Yu, Claremont McKenna CollegeJialin Yu, Hong Kong University of Science &TechnologyJianfeng Yu, University of MinnesotaXiaoyun Yu, Indiana UniversityKathy Yuan, London School of Economics andPolitical ScienceYu Yuan, Shanghai Jiao Tong UniversityFernando Zapatero, University of SouthernCaliforniaRebecca Zarutskie, Federal Reserve Board ofGovernorsAdam Zawadowski, Central EuropeanUniversityJosef Zechner, Vienna University of Economicsand BusinessJaime Zender, University of Colorado-BoulderBohui Zhang, University of New South Wales

40

Chu Zhang, Hong Kong University of Science &TechnologyHarold Zhang, University of Texas-DallasLu Zhang, Ohio State UniversityWeina Zhang, National University of SingaporeMengxin Zhao, U.S. Securities and ExchangeCommission

Lu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisHao Zhou, Tsinghua UniversityHaoxiang Zhu, Massachusetts Institute ofTechnologyEric Zwick, University of ChicagoJeffrey Zwiebel, Stanford University

Acknowledgements

As Program Chair I would like to thank the members of the Program Committee fortheir dedicated service in providing the main input in evaluating submitted papers,which has led to a high quality program. I would also like to express my deep gratitudeto my colleagues at MIT – Jean-Noel Barrot, Nittai Bergman, Hui Chen, Xavier Giroud,Daniel Greenwald, Leonid Kogan, Andrew Lo, Erik Loualiche, Deborah Lucas,Antoinette Schoar, David Thesmar, Adrien Verdelhan, and Haoxiang Zhu – who haveserved as Associate Program Chairs and helped me to select papers and the best-paperawards. I am also very grateful to all authors, session chairs and discussants for theircontributions in shaping up the program. Special thanks go to Bryan Routledge formanaging the logistics and the IT system throughout the program formation process, toLubos Pastor for generously sharing his experiences, and to Andrew Karolyi, LauraStarks, and Ingrid Werner for their advice and guidance. I would also like to thankRosemarie Lang at the Tepper School of Business at Carnegie Mellon University for herexcellent support, Leigh Ann Clark for her unending help in organizing the WFAmeeting, and, last but not least, our sponsors for their continued support of the WFA.

41

IndexA

Acharya, Viral, 11, 15Adams, Renée, 33Adelino, Manuel, 11, 17, 33Admati, Anat, 22Agarwal, Vikas, 33Aggarwal, Rajesh, 14, 33Aggarwal, Reena, 33Agrawal, Anup, 33Ai, Hengjie, 12, 15, 20, 24, 33Akey, Pat, 20, 31Albuquerque, Rui, 22, 33Almazan, Andres, 14, 33Almeida, Heitor, 33Alti, Aydogan, 33Andrei, Daniel, 14, 19, 32Appel, Ian, 11, 14Aragon, George, 33Argyle, Bronson, 11Augustin, Patrick, 30, 33Avdis, Efstathios, 19Avramov, Doron, 33Aydin, Deniz, 20

BBabenko, Ilona, 33Babina, Tania, 23Bach, Laurent, 18, 27Back, Kerry, 19Bailey, Warren, 33Bakshi, Gurdip, 30, 33Bali, Turan, 33Banerjee, Snehal, 29, 33Bao, Jack, 33Barber, Brad, 33Barillas, Francisco, 21Barras, Laurent, 21Barrot, Jean Noel, 17, 33Bartram, Sohnke, 10, 33Baruch, Shmuel, 33Basak, Suleyman, 33Bates, David, 33

Bates, Thomas, 33Battalio, Robert, 30Baugh, Brian, 27Beber, Alessandro, 33Becher, David, 31Becker, Bo, 33Begenau, Juliane, 25Bekaert, Geert, 33Bellstam, Gustaf, 24Belo, Frederico, 33Benzoni, Luca, 34Berger, David, 30Bergman, Nittai, 33, 34Bergstresser, Daniel, 18, 34Berk, Jonathan, 16Berkovitch, Eli, 34Bernardo, Antonio, 34Bernhardt, Dan, 29Bernile, Gennaro, 34Bernstein, Shai, 23, 28, 31, 34Beshears, John, 34Bessembinder, Hendrik, 18, 20, 34Bhagat, Sanjai, 24, 34Bhamra, Harjoat, 34Bhandari, Anmol, 12Bhandari, Tara, 18Bharath, Sreedhar, 34Bhattacharya, Ayan, 10Bhattacharya, Utpal, 34Bian, Bo, 20Bizjak, John, 15Bogousslavsky, Vincent, 10Boguth, Oliver, 32, 34Bollen, Nicolas, 34Bond, Philip, 12, 25, 32Bongaerts, Dion, 34Boone, Audra, 34Boot, Arnoud, 34Boualam, Yasser, 24Boudoukh, Jacob, 34Bouvard, Matthieu, 32

42

Bouwman, Christa, 34Boyarchenko, Nina, 13, 21, 32Branger, Nicole, 12Branikas, Ioannis, 13Brav, Alon, 34Brenner, Menachem, 30Breon-Drish, Bradyn, 19, 29Bretscher, Lorenzo, 17Brogaard, Jonathan, 34Brown, David, 34Brown, Gregory, 34Brown , Jeffrey , 27Brown, Keith, 34Brown, Meta, 17Brown, Stephen, 34Brunnermeier, Markus, 16Buffa, Andrea M., 34Buraschi, Andrea, 34Burkart, Mike, 18, 34Burns, Natasha, 34Busse, Jeffrey, 34Bustamante, Maria, 34Butler, Alexander, 34

CCalvet, Laurent, 27Campello, Murillo, 34Cao, Charles, 34Cao, Jin, 19Cao, Shuo, 13Carlin, Bruce, 27, 34Carpenter, Jennifer, 27, 34Celerier, Claire, 11Chaderina, Maria, 34Chan, Kalok, 34Chang, Briana, 19Chang, Eric, 34Chapman, David, 34Chari, Anusha, 11Chaudhuri, Shomesh, 10, 13Chava, Sudheer, 34Chemla, Gilles, 34Chemmanur, Thomas, 15, 34Chen, Hui, 19, 33, 34Chen, Mark, 34

Chernenko, Sergey, 34Chernov, Mikhail, 34Choi, Darwin, 34Choi, James, 34Chordia, Tarun, 34Chowdhry, Bhagwan, 34Christoffersen, Peter, 34Christoffersen, Susan, 34Cieslak, Anna, 34Clementi, Gian Luca, 34Cocco, Joao, 34Cohen, Lauren, 34Cohn, Jonathan, 14, 31, 34Colacito, Riccardo, 30, 34Coles, Jeffrey, 34Collin-Dufresne, Pierre, 4, 10, 21, 34Colonnelli, Emanuele, 28Comerton-Forde, Carole, 34Cong, Will, 19Conrad, Jennifer, 34Constantinides, George, 21Cookson, J. Anthony, 24Cooper, Michael, 31, 34Corhay, Alexandre, 14Cornaggia, Jess, 34Cornelli, Francesca, 34Cotter, John, 22Crain, Nicholas, 34Crane, Alan, 14, 34Cremers, K.J. Martijn, 34Croce, Mariano, 16, 24, 26, 30, 34Crosignani, Matteo, 11Crump, Richard, 13Cujean, Julien, 14Custodio, Claudia, 34Cvijanovic, Dragana, 34

DDa, Zhi, 24, 34Dahlquist, Magnus, 22, 34Dang, Tri Vi, 34Daniel, Professor, 34Danis, Andras, 28, 34Darmouni, Olivier, 23Dasgupta, Amil, 34

43

Dasgupta, Sudipto, 35David, Alexander, 21, 35Davila, Eduardo, 35Davydiuk, Tetiana, 14De Motta, Adolfo, 35DeFusco, Anthony, 11, 13Del Guercio, Diane, 35Delikouras, Stefanos, 20DeMarzo, Peter, 25Demiroglu, Cem, 28Derrien, Francois, 35Dessaint, Olivier, 28Detemple, Jerome, 35Dew-Becker, Ian, 13, 30, 35Di Maggio, Marco, 17, 26, 35Diep, Peter, 21Dilts Stedman, Karlye, 11Dinc, Serdar, 35Dinger, Valeriya, 19Dittmar, Amy, 35Dittmar, Robert, 35Dockner, Engelbert, 35Doidge, Craig, 35Donaldson, Jason, 22Donangelo, Andres, 25, 26, 35Dou, Winston, 11, 35Dow, James, 12, 35Drechsler, Itamar, 35Driessen, Joost, 35Duchin, Ran, 17Duffee, Greg, 35

EEasley, David, 29Eckbo, Espen, 35Edelen, Roger, 35Edmans, Alex, 35Egan, Mark, 12, 19Eisenbach, Thomas, 22, 35Eisert, Tim, 11Eisfeldt, Andrea, 18, 21, 35Elenev, Vadim, 16Ellul, Andrew, 35Engelberg, Joseph, 35Eraker, Bjorn, 20, 30

Erel, Isil, 35Errunza, Vihang, 35Eufinger, Christian, 11Eusepi, Stefano, 13Evans, Richard, 12, 35

FFaccio, Mara, 14, 31Fahlenbrach, Ruediger, 35Falato, Antonio, 25Fan, Joseph, 35Fang, Lily, 35Fang, Xiang, 30Farre-Mensa, Joan, 14, 35Faulkender, Michael, 35Favilukis, Jack, 26, 35Fedyk, Anastassia, 20Feldhutter, Peter, 35Felipe, Severino, 17, 35Ferreira, Daniel, 35Ferreira, Miguel, 35Fich, Eliezer, 35Field, Laura, 35Fisher, Adlai, 35Fishman, Michael, 35Fleming, Michael, 18Fluck, Zsuzsanna, 35Foroughi, Pouyan, 16Fos, Vyacheslav, 21, 35Foucault, Thierry, 35Fracassi, Cesare, 31, 35Frank, Murray, 35Franks, Julian, 28Franzoni, Francesco, 16, 26Frenkel, Sivan, 25Friewald, Nils, 35Frydman, Carola, 35Fulghieri, Paolo, 35

GGabaix, Xavier, 35Gabriel, Stuart, 22Gala, Vito, 35Gallmeyer, Michael, 14, 35Gao, Janet, 23

44

Gao, Pengjie, 35Garcia, Diego, 20Gargano, Antonio, 20Garlappi, Lorenzo, 14, 35Garleanu, Nicolae, 4, 14, 35Garmaise, Mark, 35George, Tom, 35Gervais, Simon, 11, 35Gete, Pedro, 13Getmansky, Mila, 35Ghosh, Anisha, 21Giacoletti, Marco, 27Giammarino, Ron, 35Giannetti, Mariassunta, 16, 23, 35Giglio, Stefano, 30, 35Gilbert, Thomas, 35Gillan, Stuart, 35Giroud, Xavier, 28, 33, 35Glebkin, Sergei, 21Glode, Vincent, 16, 19, 22, 35Glover, Brent, 35Goldman, Eitan, 20Goldman, Jim, 17Goldstein, Itay, 4, 25, 28, 35Goldstein, Robert, 35Gomes, Francisco, 35Gomes, Joao, 24, 35Gomez, Matthieu, 27Gonzalez-Uribe, Juanita, 28Gormley, Todd, 35Gorton, Gary, 35Gourio, Francois, 24, 26Gow, Ian, 15Goyal, Amit, 35Goyal, Vidhan, 35Goyenko, Ruslan, 10Graham, John, 35Grass, Gunnar, 30Green, Brett, 21, 35Green, Clifton, 36Greenwald, Daniel, 33, 36Gregoire, Vincent, 32Grenadier, Steven, 36Griffin, John, 4, 22, 24, 30, 36Grinblatt, Mark, 10

Grullon, Gustavo, 36Grundy, Bruce, 36Guedes, Jose, 22Gupta, Nandini, 20

HHaddad, Valentin, 13Hagströmer, Björn, 26Halling, Michael, 36Hameed, Allaudeen, 36Han, Bing, 36Hanley, Kathleen, 29Hanson, Sam, 36Harbaugh, Rick, 25Harford, Jarrad, 28, 31, 36Harris, Jeffrey, 36Harris, Lawrence, 18, 36Hartman-Glaser, Barney, 12, 13, 15, 36Hartzmark, Samuel, 36Harvey, Campbell, 16Hasbrouck, Joel, 18, 26, 36Haselmann, Rainer, 20Hassan, Tarek, 22Hasseltoft, Henrik, 36Hau, Harald, 36He, Jie, 28He, Ping, 36He, Zhiguo, 25, 36Hebert, Benjamin, 36Hege, Ulrich, 36Heider, Florian, 36Heimer, Rawley, 24, 27, 31Hellmann, Thomas, 36Helwege, Jean, 36Hendershott, Terrence, 36Herpfer, Christoph, 23Herskovic, Bernard, 12Hertzel, Michael, 36Heston, Steven, 36Hilpert, Christian, 25Hilscher, Jens, 17, 36Hirsch, Christian, 11Hirschey, Nicholas, 36Hirth, Stefan, 25Hoberg, Gerard, 24, 36

45

Hochberg, Yael, 36Holden, Craig, 36Hollifield, Burton, 13, 26, 36Hong, Harrison, 13, 27, 36Hotchkiss, Edith, 36Hou, Kewei, 36Howell, Sabrina, 24Hrdlicka, Christopher, 10Hsieh, David, 36Hsu, Alex, 17Hu, Yunzhi, 15Huang, Darien, 30Huang, Jiekun, 28, 31Huang, Lixin, 36Huang, Sheng, 21Hughson, Eric, 36Hvidkjaer, Soeren, 36Hwang, Chuan-Yang, 36

IIliev, Peter, 18, 31Illeditsch, Philipp, 36Ion, Mihai, 31Irani, Rustom, 23Israelsen, Ryan, 21Ivashina, Victoria, 36Iverson, Benjamin, 28, 36Ivkovich, Zoran, 36Iyer, Rajkamal, 36

JJacobs, Kris, 36Jacobsen, Stacey, 18Jagannathan, Ravi, 13, 36Jaiswal, Shikha, 11Jankowitsch, Rainer, 36Jenter, Dirk, 15, 25, 36Jiang, Wei, 36Jiang, Wenxi, 27Jin, Li, 36Johannes, Michael, 36John, Kose, 36Johnson, Stephanie, 13Johnson, Timothy, 36Johnson, Travis, 36

Jones, Charles, 18, 36Jones, Christopher, 36Jones, Howard, 36Jorion, Philippe, 36Joslin, Scott, 36Jotikasthira, Chotibhak, 29Julien, Penasse, 22Julio, Brandon, 36

KKacperczyk, Marcin, 36Kadyrzhanova, Dalida, 36Kalodimos, Jonathan, 18Kalpathy, Swami, 15, 36Kan, Raymond, 36Kang, Jun-Koo, 36Kaniel, Ron, 36Kaplan, Steve, 15, 36Karakas, Oguzhan, 36Karceski, Jason, 36Karolyi, George Andrew, 4, 36Karpoff, Jonathan, 36Kaul, Aditya, 10Kaul, Gautam, 36Kedia, Simi, 36Kehrig, Matthias, 26Keim, Donald, 36Kelly, Bryan, 12Kelly, Patrick, 21Keloharju, Matti, 36Kempf, Elisabeth, 29Kermani, Amir, 17, 26Khanna, Naveen, 36Khapko, Mariana, 29Kick, Thomas, 20Kiku, Dana, 36Kilic, Mete, 24Kim, Dasol, 36Kim, Hyunseob, 37Kisgen, Darren, 37Kisser, Michael, 37Knüpfer, Samuli, 37Koch, Andrew, 37Kogan, Leonid, 33Kogan, Shimon, 37

46

Koijen, Ralph, 37Kolasinski, Adam, 37Kondor, Peter, 37Konermann, Patrick, 12Korajczyk, Robert, 37Korteweg, Arthur, 37Koski, Jennifer, 37Kostakis, Alex, 20Koudijs, Peter, 18Kruger, Samuel, 22, 37Kuchler, Theresa, 37Kuehn, Lars-Alexander, 26, 37Kuhnen, Camelia, 37Kumar, Praveen, 37Kung, Howard, 14, 17, 37Kurlat, Pablo, 37

LLambrecht, Bart, 37Lamoureux, Christopher, 37Lando, David, 37Landvoigt, Tim, 37Langberg, Nisan, 37Langlois, Hugues, 22Larcker, David, 15Larrain, Mauricio, 37Laux, Christian, 37Lazrak, Ali, 37Leach, J. Chris, 37Leary, Mark, 37Lee, Charles, 37Lee, Inmoo, 37Lehar, Alfred, 37Lei, Qin, 37Leitner, Yaron, 16, 37Lerner, Josh, 37Lettau, Martin, 37Levit, Doron, 37Lewellen, Jonathan, 37Lewellen, Katharina, 37Lewellen, Stefan, 31, 37Lewis, Ryan, 28Li, Jiasun, 25Li, Jun, 25Li, Kai, 27, 37

Li, Si, 37Li, Zhichuan, 15Lian, Chen, 27Liang, Bing, 37Liberman, Andres, 37Lie, Erik, 37Lin, Chen, 37Lin, Xiaoji, 37Linck, James, 37Lindsey, Laura, 37Linnainmaa, Juhani, 37Lins, Karl V., 37Lipson, Marc, 37Liskovich, Inessa, 23Liu, Binying, 13Liu, Crocker, 37Liu, Hong, 37Liu, Jianan, 24Liu, Jun, 37Liu, Ruomeng, 19Liu, Tingjun, 37Liu, Yan, 16Liu, Yang, 30Livdan, Dmitry, 37Ljungqvist, Alexander, 15, 37Lo, Andrew, 10, 13, 33, 37Lochstoer, Lars, 37Loderer, Claudio, 37Longstaff, Francis, 37Lóránth, Gyöngyi, 37Lou, Dong, 37Loualiche, Erik, 17, 33, 37Lowery, Richard, 37Lowry, Michelle, 31, 37Lucas, Deborah, 33Lucca, David, 22Lundblad, Christian, 11, 29, 37Lustig, Hanno, 15Lyandres, Evgeny, 10, 37Lynch, Anthony, 37

MMa, Wenting, 28Ma, Yueran, 27MacKay, Peter, 37

47

Madhavan, Ananth, 37Madureira, Leonardo, 37Makarov, Igor, 37Malamud, Semyon, 37Malenko, Andrey, 12, 22, 25, 33, 37Malenko, Nadya, 18, 25, 38Malherbe, Frederic, 16Manconi, Alberto, 29Manela, Asaf, 22Mann, William, 27, 38Manso, Gustavo, 15, 23, 38Marchuk, Tatyana, 24Marin, Xiumin, 23Marinovic, Ivan, 15Marquez, Robert, 15, 38Martin, Ian, 13Martin, Spencer, 38Martineau, Charles, 32Massa, Massimo, 29, 38Masulis, Ronald, 38Matos, Pedro, 38Matray, Adrien, 11Matsa, David, 38Maturana, Gonzalo, 22Matveyev, Egor, 10Matvos, Gregor, 12, 38Maug, Ernst, 38Maxwell, John, 25Maxwell, William, 18McDonald, Robert, 38McLean, Robert, 38McMahon, Michael, 16McQuade, Timothy, 23, 38Mehran, Hamid, 38Mehta, Mihir, 31Meinerding, Christoph, 12Menkveld, Albert, 26, 38Mertens, Thomas, 22Metrick, Andrew, 38Metzger, Daniel, 15, 18Michaelides, Alexander, 38Michaely, Roni, 38Miglietta, Salvatore, 18Milbourn, Todd, 38Milbradt, Konstantin, 38

Miller, Darius, 38Minton, Bernadette, 38Mitra, Indrajit, 26, 38Moench, Emanuel, 13Moinas, Sophie, 10Mondragon, John, 13, 17Moore, Eric, 11Morellec, Erwan, 38Moulton, Pamela, 38Moyen, Nathalie, 38Mueller, Holger, 38Mueller, Philippe, 38Muir, Tyler, 38Muravyev, Dmitriy, 30Murfin, Justin, 38Musto, David, 16, 38Myers, Brett, 38Myrseth, Kristian, 24

NNadauld, Taylor, 11Nagel, Stefan, 4Nanda, Vikram, 29Nandy, Debarshi, 24Nathanson, Charles, 38Neklyudov, Artem, 26Nelling, Edward, 38Nestoriak, Nicole, 31Nezafat, Mahdi, 29Ngo, Phuong, 24Nguyen, Giang, 18Nguyen, Hoai-Luu, 11, 23Nguyen, Minh, 10Nguyen, Thien, 26Ni, Xuechuan, 30Nickerson, Jordan, 11Nikolov, Boris, 38Nimalendran, Mahendrarajah, 38Nini, Greg, 38Noe, Thomas, 38Noel, Pascal, 13, 17Nyborg, Kjell, 38

OO’Brien, William, 14

48

O’Doherty, Michael, 24O’Hara, Maureen, 10, 29, 38Odean, Terrance, 38Oehmke, Martin, 38Ongena, Steven, 38Opp, Christian, 12, 19, 38Opp, Marcus, 25, 38Orlov, Dmitry, 19, 22Ortiz-Molina, Hernan, 38Ostergaard, Charlotte, 18Ou-Yang, Hui, 38Ouimet, Paige, 15, 23, 28, 38Ozbas, Oguzhan, 38

PPacelli, Joseph, 23Pagano, Marco, 38Pagel, Michaela, 27Palacios, Miguel, 26Palazzo, Berardino, 14, 25, 38Palia, Darius, 38Palmer, Christopher, 11Palomino, Francisco, 14Pan, Jun, 33Pan, Kevin, 10Panageas, Stavros, 12, 14Panayides, Marios, 38Papanikolaou, Dimitris, 38Paravisini, Daniel, 28Parker, Jonathan, 33, 38Parlour, Christine, 38Parrino, Robert, 38Parsons, Christopher, 12, 38Pasquariello, Paolo, 38Pastor, Lubos, 4, 16, 38Pavlova, Anna, 38Pelizzon, Loriana, 38Peng, Liang, 38Peng, Lin, 38Pennacchi, George, 16, 38Peress, Joel, 38Perez-Gonzalez, Francisco, 38Perotti, Enrico, 38Petersen, Mitchell, 28, 38Petukhov, Anton, 19

Pflueger, Carolin, 17, 30, 38Phalippou, Ludovic, 38Phillips, Gordon, 17, 38Piacentino, Giorgia, 22Piskorski, Tomasz, 12Plosser, Matthew, 13, 17Polk, Christopher, 38Ponticelli, Jacopo, 19, 38Pontiff, Jeffrey, 28, 38Popadak, Jillian, 38Previtero, Alessandro, 24, 27, 31Puhl, Martin, 19Puri, Manju, 38Purnanandam, Amiyatosh, 19, 23

QQian, Jun, 15, 39Qiu, Yue, 14, 23

RRajan, Uday, 39Ramcharan, Rodney, 17Rampini, Adriano, 39Randl, Otto, 39Rau, Raghavendra, 39Ravid, S. Abraham, 39Raviv, Alon, 17Raymond, Steve, 26Ready, Robert, 39Reed, Adam, 29, 39Reis, Ricardo, 17Reuter, Jonathan, 39Rhodes-Kropf, Matthew, 39Rice, Edward, 39Richardson, Scott, 21Richmond, Robert, 22Rindi, Barbara, 39Ringgenberg, Matthew, 21Roberts, Michael, 39Robinson, David, 28Roll, Richard, 22Ronen, Tavy, 39Ronn, Ehud, 39Rossi, Alberto, 20Rosu, Ioanid, 39

49

Roussanov, Nick, 39Routledge, Bryan, 1, 4, 20, 39Rydqvist, Kristian, 39

SSaar, Gideon, 39Sadka, Ronnie, 39Sagi, Jacob, 39Saglam, Mehmet, 10Saidi, Farzad, 23Sandas, Patrik, 39Santos, Joao, 39Sarkar, Arkodipta, 31Sarno, Lucio, 39Sautner, Zacharias, 39Sauvagnat, Julien, 17Savor, Pavel, 19Scherbina, Anna, 39Schill, Michael, 39Schlag, Christian, 12, 24Schmalz, Martin, 39Schmid, Lukas, 14, 26, 39Schnabl, Philipp, 39Schneider, Paul, 20Schoar, Antoinette, 33Schoenle, Raphael, 24Schreindorfer, David, 26, 30Schroder, Mark, 29Schuerhoff, Norman, 39Schultz, Paul, 39Schwarz, Krista, 39Seasholes, Mark, 39Senbet, Lemma, 39Sensoy, Berk, 39Seppi, Duane, 39Sercu, Piet, 39Seru, Amit, 12, 39Servaes, Henri, 39Sevilir, Merih, 31Shaliastovich, Ivan, 30, 39Shams, Amin, 30Shapiro, Joel, 39Sheen, Albert, 31Shen, Lin, 32Sherman, Ann, 39

Shivdasani, Anil, 39Shive, Sophie, 39Shue, Kelly, 25, 39Shumway, Tyler, 39Sialm, Clemens, 39Sias, Richard, 39Siegel, Stephan, 39Simintzi, Elena, 14, 28Simonov, Andrei, 39Singh, Raj, 39Sirri, Erik, 18, 39Skiadas, Costis, 39Skrastins, Janis, 19Sockin, Michael, 16, 21, 39Sodini, Paolo, 27Solomon, David, 21Sommavilla, Carlo, 26Song, Dongho, 25Song, Zhaogang, 18Sorescu, Sorin, 39Sosyura, Denis, 39Spatt, Chester, 26Spiegel, Matthew, 29, 39Sraer, David, 39Srinivasan, Kandarp, 19Srinivasan, Suraj, 31Stafford, Erik, 39Stambaugh, Robert, 9, 21, 24Stanton, Richard, 27, 39Starks, Laura, 29, 39Stefanescu, Irina, 20Stomper, Alex, 39Stoughton, Neal, 39Strebulaev, Ilya, 39Strobl, Guenter, 39Strömberg, Per, 39Stutzer, Michael, 39Subrahmanyam, Avanidhar, 10, 39Subrahmanyam, Marti, 30, 39Sulaeman, Johan, 39Sun, Zheng, 10Sundaresan, Suresh, 32, 39Sunderam, Aditya, 39Swaminathan, Bhaskaran, 39Szimayer, Alexander, 25

50

TTamoni, Andrea, 17Tate, Geoffrey, 39Taylor, Lucian, 39Tchistyi, Alexei, 12, 39Teguia, Alberto, 19Telmer, Chris, 22, 39Teo, Melvyn, 39Terry, Stephen, 26Tetlock, Paul, 40Thakor, Anjan, 19, 40Thakor, Richard, 10Thesmar, David, 33Thorburn, Karin, 40Tian, Xuan, 40Tice, Sheri, 40Tinn, Katrin, 25Todorov, Viktor, 40Tompaidis, Stathis, 40Tookes, Heather, 40Towner, Mitch, 40Townsend, Richard, 23, 40Townsend, Robert, 22Trojani, Fabio, 20Trzcinka, Charles, 40Tserlukevich, Yuri, 40Tsoutsoura, Margarita, 40Tsoy, Anton, 12Tsyplakov, Sergey, 40Tuzel, Selale, 13, 40Twite, Garry, 40

UUppal, Raman, 40

VValente, Giorgio, 10Van Binsbergen, Jules, 30, 40Vanasco, Victoria, 40Varas, Felipe, 15, 40Vayanos, Dimitri, 40Vedolin, Andrea, 40Venkataraman, Kumar, 18, 40Verdelhan, Adrien, 33, 40Veronesi, Pietro, 14, 40

Vig, Vikrant, 20Vijh, Anand, 40Vissing-Jorgensen, Annette, 4, 11, 40Volpin, Paolo, 40VonThadden, Elu, 40

WWachter, Jessica, 40Wagner, Christian, 13, 40Wahal, Sunil, 40Walden, Johan, 40Waldock, Katherine, 28Wallace, Nancy, 27Walther, Ansgar, 16Wang, Ashley, 40Wang, Carmen, 27Wang, Chaojun, 26Wang, Jialan, 11, 17Wang, Jiang, 4, 19, 33, 40Wang, Neng, 40Wang, Tan, 40Wang, Tracy, 14Wang, Zhenyu, 14, 32, 40Warachka, Mitch, 40Ward, Colin, 24Wardlaw, Malcolm, 31Watanabe, Akiko, 40Watanabe, Masahiro, 40Weber, Michael, 40Wei, Chishen, 40Wei, Kelsey, 40Weill, Pierre-Olivier, 40Weisbach, Michael, 40Wermers, Russ, 40Werner, Ingrid, 4, 40, 53Westerfield, Mark, 40Weston, James, 40Whited, Toni, 26, 40Whitelaw, Robert, 40Willen, Paul, 12, 23Williamson, Rohan, 40Wilson, Mungo, 14, 19, 40Wohl, Avi, 40Wu, Wei, 29Wu, Youchang, 40

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Wurgler, Jeffrey, 40

XXiao, Kairong, 13Xing, Yuhang, 40Xiong, Wei, 16Xu, Jiangmin, 13Xu, Qiping, 28Xu, Sheng-Jun, 20Xuan, Yuhai, 40

YYan, Hong, 40Yan, Hongjun, 40Yang, Jie, 40Yang, Liu, 40Yang, Liyan, 29Yang, Ming, 40Yang, Wei, 32Yang, Zhishu, 15Yannelis, Constantine, 11Yaron, Amir, 40Yasuda, Ayako, 40Yermack, David, 40Yi, Irene, 23Yilmaz, Bilge, 16Young, Brian, 15Young, Lance, 40Yu, Edison, 17Yu, Fan, 40Yu, Jialin, 40Yu, Jianfeng, 40Yu, Xiaoyun, 40Yuan, Kathy, 40Yuan, Yu, 24, 40

ZZakolyukina, Anastasia, 15Zapatero, Fernando, 40Zarutskie, Rebecca, 40Zawadowski, Adam, 40Zechner, Josef, 25, 40Zender, Jaime, 40Zeng, Yao, 10Zhang, Bohui, 40Zhang, Chu, 41

Zhang, Harold, 41Zhang, Lu, 41Zhang, Mindy X., 15Zhang, Tony, 22Zhang, Weina, 41Zhang, Xingtan, 19Zhang, Zhe, 21Zhao, Mengxin, 41Zhao, Shan, 28Zhao, Wanli, 31Zhdanov, Alexei, 10Zheng, Lu, 41Zhou, Guofu, 41Zhou, Hao, 41Zhou, Xing, 29Zhu, Haoxiang, 18, 21, 29, 33, 41Zou, Junyuan, 32Zviadadze, Irina, 22Zwick, Eric, 28, 41Zwiebel, Jeffrey, 41

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2018 ANNUAL MEETINGS OFTHE WESTERN FINANCE ASSOCIATION

June 17 - 20, 2018Hotel Del Coronado

Coronado, CA

Members and friends of the Western Finance Association are invited to submit papers tobe considered for presentation at the 2018 Annual Meetings. Papers on any topic relatedto finance will be considered.

Submission of papers: Papers should be submitted electronically at the WFA web site,http://westernfinance.org, which will contain full instructions for submission, includingrequired on-line registration, creation of the required cover page, the submission fee,and other vital instructions. We will begin taking submissions on or about October 1,2017. The deadline for submissions is midnight PST, November 18, 2017. Papers will bereviewed anonymously by up to three members of the Program Committee, and authorswill be notified of the Program Committee’s decisions by the end of March, 2018.

Best Paper Awards (subject to change):

The USC Marshall School of Business Trefftzs Award of $5,000 for the best student paper.

Charles River Associates Award of $5,000 for the best paper on corporate finance.

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

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

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

2018 Program Chair:

Ingrid Werner, Ohio State University

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