31ST ANNUAL CONFERENCE

PRELIMINARY PROGRAM

https://northernfinanceassociation.org/conference/

The Northern Finance Association’s 31st Annual Conference, to be held on September 13-15, 2019,at the Vancouver Marriott Pinnacle Downtown Hotel. The conference dinner at the VancouverAquarium is on September 14th. Dinner guests will be able to explore the entire Aquarium duringthis buffet dinner evening.

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Conference Hotel

In 2019, the NFA conference will be hosted at the Vancouver Marriott Pinnacle Downtown Hotel.The Vancouver Marriott Pinnacle Downtown Hotel is located in downtown Vancouver close towaterfront.

The closest airport is http://www.yvr.ca/en/passengers. Transport to the hotel by taxi ta-kes cca 30 minutes http://www.yvr.ca/en/passengers/transportation/taxis. Another op-tion is taking Skytrain Canada Line directly from the airport’s arrivals hall to downtown http://www.yvr.ca/en/passengers/transportation/public-transportation. See the attached mapfor walking directions from the Canada Line’s Waterfront terminal station to the conference hotel.

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Conference Dinner Venue

The conference dinner will be held at the Vancouver Aquarium on Saturday, September 14th star-ting at 7:15pm. Dinner guests will be able to explore the entire Aquarium during this buffetdinner evening.

Coaches will be ready to transfer dinner guests from the conference hotel to the Aquarium. Thebuses will be ready for boarding at the hotel entrance at 6:30pm. Similarly, coaches will be trans-ferring dinner guests from the Aquarium back to the conference hotel later in the evening. Thefirst bus will depart from the Aquarium at 9:00pm and the service will continue every 30 mi-nutes or whenever a bus is full. The last buses will leave the Aquarium at 10:00pm and 10:30pm.

Alternatively, the guests can walk to/back from the Aquarium. It is 30 minutes’ walk throughthe Stanley Park and along the waterfront with marina in Coal Harbor. These places are amongthe top tourists’ attractions of Vancouver so, weather permitting, walking will be a treat. Thewalkway is especially nice in the evening when the waterfront is all lit up.

There will be a walking group led by conference organizers leaving the conference hotel at6:30pm. The walking group will be organized for the walk back as well. This walking group willleave the Aquarium at 9:30pm. See the attached map for walking directions between the confe-rence hotel and the Aquarium.

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Conference Schedule

Friday, Sep 13, 201912:30-2:30pm PhD student parallel sessions I

(Sponsored by the Bank of Canada/parraié par la Banque du Canada)Session chairs: Isil Erel (The Ohio State University)

Mike Simutin (University of Toronto)2:30-3:00pm Coffee break [Prefunction]3:00-5:00pm PhD student parallel sessions II

(Sponsored by the Bank of Canada/parraié par la Banque du Canada)3:30-5:00pm Special session for assistant professors [Point Grey]

Session chair: Stavros Panageas (UCLA Anderson)5:00-5:15pm Break5:15-6:30pm Panel on FinTech Innovation and Academic Research [Pinnacle Ballroom]

(Sponsored by Rotman FinHub)Lead organizer: Andreas Park (University of Toronto)

6:30-7:30pm Welcome reception [Point Grey + Outdoor Patio]

Saturday, Sep 14, 20197:30-8:30am7:30-8:30am

8:30-10:00am10:00-10:30am10:30am-12:00pm12:00-1:30pm1:30-3:00pm3:00-3:15pm3:15-4:15pm

4:15-4:45pm4:45-6:15pm6:30pm7:15-10:00pm

Breakfast [Prefunction]Women in finance - Networking breakfast [Pinnacle Ballroom](Panel sponsored by Phillips, Hager & North Investment Management)Moderator: Xiaoyan Zhang (Tsinghua University)Parallel sessions ICoffee break [Prefunction]Parallel sessions IILunch [Pinnacle Ballroom]Parallel sessions IIIBreakKeynote address [Pinnacle Ballroom]Speaker: Campbell R. Harvey (Duke University)Coffee break [Prefunction]Parallel sessions IVBuses ready for boarding at the hotel entranceDinner at the Vancouver Aquarium(Sponsored by RBC Capital Markets)

Sunday, Sep 15, 20197:30-8:30am Breakfast [Prefunction]

(Sponsored by Eventus)8:30-10:00am Parallel sessions V10:00-10:30am Coffee break [Prefunction]10:30am-12:00pm Parallel sessions VI

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Keynote Address

Saturday, September 14th, 3:15-4:15pm

[Pinnacle Ballroom]

Keynote speaker: Campbell R. HarveyJ. Paul Sticht Professor of International Business, Duke University

Keynote title: Tortured Data

Campbell R. Harvey is Professor of Finance at the Fuqua School of Business, Duke University anda Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts.He served as President of the American Finance Association in 2016.

Professor Harvey received the 2016 and 2015 Best Paper Awards from The Journal of Portfo-lio Management for his research on distinguishing luck from skill. He has also received eightGraham and Dodd Awards/Scrolls for excellence in financial writing from the CFA Institute. Hehas published over 125 scholarly articles on topics spanning investment finance, emerging markets,corporate finance, behavioral finance, financial econometrics and computer science.

Professor Harvey edited The Journal of Finance, the leading scientific journal in his field andone of the premier journals in the economic profession from 2006-2012.

Over the past five years, Professor Harvey has taught “Innovation and Cryptoventures” at DukeUniversity. The course focuses on both the mechanics as well as practical applications of blockchaintechnology.

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Panel on FinTech Innovation and Academic Research(Sponsored by Rotman FinHub)

Friday, September 13th, 5:15-6:30pm

[Pinnacle Ballroom]

This year’s meeting will feature a panel on FinTech Innovation and Academic Research. Over thelast decade, FinTech startups have disrupted the business models of the core areas of the legacyfinancial industry such as lending, financial advice, and payment processing. Academic researchhas also benefitted from these developments: Data from online lending platforms have proven to bea treasure trove for empirical research, advances in blockchain technology brought crypto-assetsas a new type of security and spurred the emergence of an entire research area, and machinelearning techniques provide a whole new tool box for empirical analyses. Panelists from academiaand industry will explore the effects of FinTech innovation on academic research in traditionalareas of finance, they will analyze how academia and the FinTech industry can benefit from eachothers’ work in the future, and they will discuss why FinTech may be a promising research fieldfor emerging scholars in finance.

Confirmed panelists are

Francesco D’Acunto, Carroll School of Management, Boston CollegeMichael King, Gustavson School of Business, University of VictoriaCampbell R. Harvey, Fuqua School of Business, Duke UniversityPauline Shum, Wealthscope and Schulich School of Business, York UniversityDavyde Watchell, Responsive AI

Moderator:Andreas Park, Associate Professor of Finance, University of Toronto and Rotman FinHub

Andreas Park is an Associate Professor of Finance at theUniversity of Toronto, appointed to the Rotman School ofManagement, the Institute for Management and Innova-tion, and the Department of Management at UTM, wherehe is the department’s associate chair. He currently ser-ves as the Research Director at Rotman’s Financial Inno-vation Hub in Advanced Analytics, he is the co-founderof UTLedgerHub, and a lab economist for blockchain atRotman’s CDL. Andreas teaches courses on FinTech andfinancial market trading, and his current research focuseson the economic impact of technological transformationssuch as blockchain technology.

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Women in Finance – Networking Breakfast(Panel sponsored by Phillips, Hager & North Investment Management)

Saturday, September 14th, 7:30-8:30am

[Pinnacle Ballroom]

This year’s conference will feature a panel focusing on women in finance. Everyone is welcometo attend. Topics of discussion may include gender salary disparities; unbalanced gender repre-sentation as faculty members, editors, editorial board members, presenters, discussants, keynotespeakers, panel members, and other important professional roles; differences in success outcomesfor publishing, tenure, and promotion; and attrition through the pipeline from undergraduate andgraduate programs through the academic ranks. Many issues are common to other minority groupsin finance and will be open for discussion as well.

Confirmed panelists are

Irem Demirci, Assistant Professor of Finance, Nova School of Business and EconomicsLisa Kramer, Professor of Finance, University of Toronto

Moderator:Xiaoyan Zhang, Xinyuan Chair Professor of Finance, Tsinghua University

Xiaoyan Zhang is the Xinyuan Chair Professor of Finan-ce, and the associate dean at the People’s Bank of ChinaSchool of Finance, Tsinghua University. Before she returnedto China, Prof. Zhang worked at Cornell University as anAssistant Professor of Finance, and at the Krannert Schoolof Management at Purdue University as Duke Realty ChairProfessor of Finance. Professor Zhang’s research focuses oninternational finance, empirical asset pricing and appliedeconometrics. Her work has appeared in the Journal of Fi-nance, the Journal of Financial Economics, the Review ofFinancial Studies, the Journal of Financial and Quantitati-ve Analysis and other leading finance journals. Her researchon international finance and asset management has recei-ved awards from the European Central Bank and the QGroup Research Fund. Professor Zhang currently serves asassociate editor at Management Science, Financial Mana-gement, Journal of Banking and Finance and Journal ofEmpirical Finance.

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Special Session for Assistant Professors

Friday, September 13th, 3:30-5:00pm

[Point Grey]

Over the last 40 years research in finance has undergone a gradual transformation, as the commu-nity of finance researchers became much larger. The goal of this talk is to document some trends inpublications and citations, and the impact they had on the tenure process. The presentation willfollow the structure of an empirical talk and will be entirely data-driven. After presenting a lot ofdescriptive statistics, I will present results of regressions from a data set of tenure outcomes acrossuniversities on several predictor variables and discuss trends of how these predictors changed overthe years. The ultimate goal is to give attendees a wealth of information and data to allow them tomake more informed career decisions. While the talk is primarily intended for untenured assistantprofessors, all members of the profession (from PhD students to tenured professors) are welcomeand encouraged to attend.

Session chair:Stavros Panageas, Associate Professor of Finance, UCLA Anderson School of Management

Stavros Panageas studies asset pricing and macroecono-mics. Previously, he taught at the Booth School of Businessof the University of Chicago, the London School of Econo-mics, and the Wharton School of the University of Pennsyl-vania. He is a research associate of the National Bureau ofEconomic Research and he has been a visiting scholar atthe Federal Reserve Bank of Minneapolis. He has worked asa fixed income quantitative analyst for Fidelity Investmentsand was a co-founder and board member of AIAS NET, oneof the first Greek internet service providers. Panageas’s re-search has appeared in prestigious academic journals suchas American Economic Review, Econometrica, Journal ofPolitical Economy, Journal of Finance, Journal of Finan-cial Economics and Journal of Monetary Economics. Hiswork has been presented at leading universities and confe-rences worldwide.

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Special Session for PhD Students(Sponsored by the Bank of Canada/parraié par la Banque du Canada)

Friday, September 13th, 12:30-5:00pm

[Shaughnessy Salon I, II]

Corporate finance sessions chair:Isil Erel, David A. Rismiller Chair in Finance, The Ohio State University

Isil Erel, the David A. Rismiller Chair in Finance and theacademic director of the Risk Institute at the OSU FisherCollege of Business, holds a PhD in financial economicsfrom MIT Sloan School of Management. Her research spansa variety of areas within corporate finance, with particularemphasis on mergers and acquisitions, corporate governan-ce, and banking. This research has been published in topfinance journals such as the Journal of Finance, Journalof Financial Economics, and Review of Financial Studies.Professor Erel is an Editor of the Review of Corporate Fi-nancial Studies and an Associate Editor of the Review ofFinancial Studies.

Asset pricing sessions chair:Mike Simutin, Associate Professor of Finance, University of Toronto

Mike Simutin is an Associate Professor of finance and As-sociate Director of research at the International Centre forPension Management at the Rotman School of Manage-ment. His research focuses on studying institutional moneymanagement and understanding risks that affect asset pri-ces. Mike’s research has been published in leading finan-ce journals, including the Journal of Finance, the Reviewof Financial Studies, and the Journal of Financial Econo-mics. He has received multiple research awards, includingthe Best Paper Award by the Review of Asset Pricing Stu-dies and the Governor’s Award from the Bank of Canada.Mike has also received multiple teaching accolades, inclu-ding being named one of the 40-Under-40 Most Outstan-ding Business School Professors. His research has been pre-sented at numerous academic conferences and practitionerevents.

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Session Room Locations

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Summary of the Program Sessions

Friday, September 13 - 12:30-2:30pm

PhD student session: Corporate Finance I [Shaughnessy Salon I]PhD student session: Asset Pricing I [Shaughnessy Salon II]

Friday, September 13 - 3:00-5:00pm

PhD student session: Corporate Finance II [Shaughnessy Salon I]PhD student session: Asset Pricing II [Shaughnessy Salon II]

Saturday, September 14 - 8:30-10:00am

Asset Pricing - Empirical I [Shaughnessy Salon I]Market Microstructure - Liquidity [Shaughnessy Salon II]Asset Pricing - Macrofinance [Pinnacle I]Entrepreneurship [Point Grey]Mutual funds [Dundarave]Corporate Debt Markets [Ambleside I]Corporate Finance - Theory I [Ambleside II]

Saturday, September 14 - 10:30am-12:00pm

Asset Pricing - FinTech [Shaughnessy Salon I]Market Microstructure - Theory [Shaughnessy Salon II]Asset Pricing - Theory [Loft @ Showcase]Innovation and Venture Capital [Point Grey]International Finance - Currency Markets [Dundarave]Corporate Finance - Behavioral [Ambleside I]Corporate Finance - Role of Intermediaries [Ambleside II]

Saturday, September 14 - 1:30-3:00pm

Asset Pricing - Anomalies [Shaughnessy Salon I]Market Microstructure - Empirical [Shaughnessy Salon II]Asset Pricing - Derivatives [Loft @ Showcase]Labour and Finance [Point Grey]Asset Pricing - Intermediaries [Dundarave]Corporate Loans [Ambleside I]Asset Pricing - Fixed Income [Ambleside II]

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Saturday, September 14 - 4:45-6:15pm

Asset Pricing - Production [Shaughnessy Salon I]Asset Pricing - Labour Markets [Shaughnessy Salon II]Asset Pricing - Market Efficiency [Pinnacle I]Institutional Environment and Finance [Point Grey]Asset Pricing - Behavioral [Dundarave]Corporate Finance - FinTech Credit Markets [Ambleside I]Corporate Finance - Empirical [Ambleside II]

Sunday, September 15 - 8:30-10:00am

Asset Pricing - Predictability [Shaughnessy Salon I]Household Finance - Investment Behavior [Shaughnessy Salon II]Asset Pricing - Interest Rates [Pinnacle I]Corporate Governance - Informed Trading [Point Grey]International Finance - Sovereign Risk [Dundarave]Banking - Empirical [Ambleside I]Corporate Finance - Theory II [Ambleside II]

Sunday, September 15 - 10:30am-12:00pm

Asset Pricing - ESG [Shaughnessy Salon I]Household Finance - Household Debt [Shaughnessy Salon II]Asset Pricing - Empirical II [Pinnacle I]Corporate Governance - Boards [Point Grey]International Finance [Dundarave]Banking - Liquidity Risks [Ambleside I]Corporate Finance - Agency Costs [Ambleside II]

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Schedule of Presentations

Friday, September 13 - 12:30-2:30pm Location: Shaughnessy Salon I

PhD Session: Corporate Finance I(Sponsored by the Bank of Canada/parraié par la Banque du Canada)Session chair: Isil Erel (The Ohio State University)Corporate Reputation, Debt Contracting and Bank Loans: Evidence from Data BreachesMatteo Binfare (University of North Carolina at Chapel Hill)

Discussant: Stephen Karolyi (Carnegie Mellon University)Creditor Rights, Debt Capacity and Securities Issuance: Evidence from Anti-recharacterizationLawsDaniel Tut (York University)

Discussant: Kayla Freeman (University of Georgia)Monetary Policy Exposure of Banks and Loan ContractingAhmet Degerli (Duke University)

Discussant: Greg Nini (Drexel University)

Friday, September 13 - 12:30-2:30pm Location: Shaughnessy Salon II

PhD Session: Asset Pricing I(Sponsored by the Bank of Canada/parraié par la Banque du Canada)Session chair: Mike Simutin (University of Toronto)Real Flight to SafetyChao Zi (University of Illinois at Urbana-Champaign)

Discussant: Mike Gallmeyer (University of Virginia)Economic Implications of Blockchain PlatformsJun Aoyagi (University of California at Berkeley), Daisuke Adachi (Yale University)

Discussant: Katya Malinova (McMaster University)Skewness: Lottery or Asymmetric Response to News?Hang Wang (University of New South Wales)

Discussant: Charles Martineau (University of Toronto)

Friday, September 13 - 3:00-5:00pm Location: Shaughnessy Salon I

PhD Session: Corporate Finance II(Sponsored by the Bank of Canada/parraié par la Banque du Canada)Session chair: Isil Erel (The Ohio State University)Building a Customer Base under Liquidity ConstraintsPaul Beaumont (Université Paris-Dauphine), Clémence Lenoir (École Polytechnique - CREST)

Discussant: Grant Clayton (University of Kentucky)Shining Light on Corporate Political Spending: Evidence from Shareholder EngagementBobo Zhang (University of Warwick)

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Discussant: Brandon Julio (University of Oregon)Women’s Inheritance Rights and Entrepreneurship Gender GapS.Lakshmi Naaraayanan (Hong Kong University of Science and Technology)

Discussant: Xinxin Wang (University of North Carolina at Chapel Hill)

Friday, September 13 - 3:00-5:00pm Location: Shaughnessy Salon II

PhD Session: Asset Pricing II(Sponsored by the Bank of Canada/parraié par la Banque du Canada)Session chair: Mike Simutin (University of Toronto)Do Sell-side Analysts Tell BUY While Whispering SELL?Yushui Shi (University of California at Irvine)

Discussant: Jeff Busse (Emory University)IEX’s Speed Bump and Its Effect on Adverse SelectionZhe Peng (Wilfrid Laurier University), Danqiao Guo (University of Waterloo), Di Meng (WilfridLaurier University)

Discussant: Thomas Ruf (Indiana University)Fixed Income ETFs and Bond LiquidityThomas Marta (Université Paris-Dauphine)

Discussant: Michele Dathan (University of Toronto)

Saturday, September 14 - 8:30-10:00am Location: Shaughnessy Salon I

Session: Asset Pricing - Empirical ISession chair: Xuemin Yan (Lehigh University)Be Fearful When Households Are Greedy: The Household Equity Share and Expected MarketReturnsDavid Yang (University of California at Irvine)

Discussant: Mingzhu Tai (University of Hong Kong)A Tool Kit for Factor-Mimicking PortfoliosTengfei Zhang (Louisiana State University), Kuntara Pukthuanthong (University of Missouri),Richard Roll (California Institute of Technology), Junbo Wang* (Louisiana State University)

Discussant: Alexander David (University of Alberta)Model Selection with Transaction CostsAndrew Detzel (University of Denver), Robert Novy-Marx (University of Rochester and NBER),Mihail Velikov (Pennsylvania State University)

Discussant: Michael Halling (Stockholm School of Economics)

Saturday, September 14 - 8:30-10:00am Location: Shaughnessy Salon II

Session: Market Microstructure - LiquiditySession chair: Ryan Davies (Babson College)Quasi-Dark Trading: The Effects of Banning Dark Pools in a World of Many Alternatives

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Thomas Johann (University of Mannheim), Talis Putnins (University of Technology Sydney),Satchit Sagade (Goethe University Frankfurt - SAFE), Christian Westheide (University of Vienna)

Discussant: Kevin Roshak (University of Houston)Market Structure and Corporate Payout Policy: Evidence from a Controlled ExperimentXiongshi Li (Guangxi University), Mao Ye (University of Illinois at Urbana-Champaign andNBER), Miles Zheng* (University of Illinois at Urbana-Champaign)

Discussant: Amir Rubin (Simon Fraser University)Paying for Market Liquidity: Competition and IncentivesDarya Yuferova (Norwegian School of Economics), Mario Bellia (JRC Joint Research Center -European Commission), Loriana Pelizzon (Goethe University Frankfurt - SAFE), Marti Su-brahmanyam (New York University), Jun Uno (Waseda University)

Discussant: Katya Malinova (McMaster University)

Saturday, September 14 - 8:30-10:00am Location: Pinnacle I

Session: Asset Pricing - MacrofinanceSession chair: Jack Favilukis (University of British Columbia)News Shocks and Asset PricesAytek Malkhozov (Board of Governors of the Federal Reserve System), Lorenzo Bretscher (Lon-don Business School), Andrea Tamoni (London School of Economics and Political Science)

Discussant: Thien Nguyen (The Ohio State University)SONOMA: a Small Open ecoNOmy for MAcrofinanceSamuel Rosen (Temple University), Max Croce (Bocconi University),Mohammad Jahan-Parvar(Board of Governors of the Federal Reserve System)

Discussant: Daniel Neuhann (University of Texas at Austin)The Stock Market Response to a “Regulatory Sine Curve”Bo Sun (Board of Governors of the Federal Reserve System), Xuan Tam (City University of HongKong), Eric Young (University of Virginia)

Discussant: Xu Tian (University of Toronto)

Saturday, September 14 - 8:30-10:00am Location: Point Grey

Session: EntrepreneurshipSession chair: Tatyana Sokolyk (Brock University)Young Firm Manager Turnover and PerformanceSu Wang (University of Amsterdam)

Discussant: Michael Ewens (California Institute of Technology)More Cash Flows, More Options? The Effect of Cash Windfalls on Small FirmsJacelly Cespedes (University of Minnesota), Xing Huang (Washington University in St. Louis),Carlos Parra (Catholic University of Chile)

Discussant: Ting Xu (University of Virginia)Outside Directors at Early-Stage StartupsBuvaneshwaran Venugopal (University of Central Florida), Vijay Yerramilli (University of

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Houston)Discussant: Don Bowen (Lehigh University)

Saturday, September 14 - 8:30-10:00am Location: Dundarave

Session: Mutual fundsSession chair: Pedro Matos (University of Virginia)The Beta Anomaly and Mutual Fund PerformanceJue Ren (Texas Christian University), Paul Irvine (Texas Christian University), John Kim(Emory University)

Discussant: Terry Zhang (Australian National University)The Allocation of Talent Across Mutual Fund StrategiesAndrea Buffa (Boston University), Apoorva Javadekar (Indian School of Business)

Discussant: Susan Christoffersen (University of Toronto)Distortions Caused by Lending Fee RetentionTravis Johnson (University of Texas at Austin), Gregory Weitzner (University of Texas at Aus-tin)

Discussant: David Schumacher (McGill University)

Saturday, September 14 - 8:30-10:00am Location: Ambleside I

Session: Corporate Debt MarketsSession chair: Maria-Teresa Marchica (University of Manchester)The Effects of Financing Frictions in Investment-Grade Debt MarketsIndraneel Chakraborty (University of Miami), Andrew MacKinlay (Virginia Tech)

Discussant: Pinar Uysal (Board of Governors of the Federal Reserve System)Institutional Allocations in the Primary Market for Corporate BondsStanislava Nikolova (University of Nebraska-Lincoln), Liying Wang (University of Nebraska-Lincoln), Julie Wu (University of Nebraska-Lincoln)

Discussant: Pei Shao (University of Lethbridge)Do Creditors Have a Say in Corporate Social Responsibility? Evidence from Covenant ViolationsLuo He (Concordia University), Jingjing Zhang (McGill University), Ligang Zhong (Universityof Windsor)

Discussant: Hao Liang (Singapore Management University)

Saturday, September 14 - 8:30-10:00am Location: Ambleside II

Session: Corporate Finance - Theory ISession chair: Gordon Sick (University of Calgary)Dark Knights: The Rise in Firm Intervention by CDS InvestorsAndras Danis (Georgia Institute of Technology), Andrea Gamba (University of Warwick)

Discussant: Patrick Augustin (McGill University)Collusion in Brokered Markets

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Richard Lowery (University of Texas at Austin), Scott Kominers (Harvard University), JohnHatfield (University of Texas at Austin)

Discussant: Jordan Martel (Indiana University)Learning in Financial Markets: Implications for Debt-Equity ConflictsJesse Davis (University of North Carolina at Chapel Hill), Naveen Gondhi (INSEAD)

Discussant: Nicolas Inostroza (University of Toronto)

Saturday, September 14 - 10:30am-12:00pm Location: Shaughnessy Salon I

Session: Asset Pricing - FinTechSession chair: Ranjini Jha (University of Waterloo)Do Fundamentals Drive Cryptocurrency Prices?Siddharth Bhambhwani (Hong Kong University of Science and Technology), George Korniotis(University of Miami), Stefanos Delikouras (University of Miami)

Discussant: Dino Palazzo (Board of Governors of the Federal Reserve System)The Network of Firms Implied by the NewsHannan Zheng (Boston University), Gustavo Schwenkler (Boston University)

Discussant: Christian Heyerdahl-Larsen (Indiana University)Fund Competition at the Zero-Fee BoundMarius Zoican (University of Toronto)

Discussant: Michael Brolley (Wilfrid Laurier University)

Saturday, September 14 - 10:30am-12:00pm Location: Shaughnessy Salon II

Session: Market Microstructure - TheorySession chair: Burton Hollifield (Carnegie Mellon University)Contracting for Financial ExecutionMarkus Baldauf (University of British Columbia), Christoph Frei (University of Alberta), Jos-hua Mollner (Northwestern University)

Discussant: Songzi Du (University of California at San Diego)Insider Trading Under the MicroscopeAndriy Shkilko (Wilfrid Laurier University)

Discussant: Andreas Park (University of Toronto)Clientele, Information Sales, and Asset PricesYan Xiong (Hong Kong University of Science and Technology), Liyan Yang (University of To-ronto), Shiyang Huang (University of Hong Kong)

Discussant: Efstathios Avdis (University of Alberta)

Saturday, September 14 - 10:30am-12:00pm Location: Loft @ Showcase

Session: Asset Pricing - TheorySession chair: Marcel Rindisbacher (Boston University)Coherent Diversification Measures in Portfolio Theory: An Axiomatic Foundation

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Nettey Boevi Gilles Koumou (HEC Montréal), Georges Dionne (HEC Montréal)Discussant: Tan Wang (Shanghai Advanced Institute for Finance)

Consumption Ratcheting and Loss AversionKyoung Jin Choi (University of Calgary), Junkee Jeon (Kyung Hee University), Hyeng KeunKoo (Ajou University)

Discussant: Lei Lu (University of Manitoba)When is the Price of Dispersion Risk Positive?Alexander David (University of Calgary), Amel Farhat (University of Calgary)

Discussant: Bin Wei (Federal Reserve Bank of Atlanta)

Saturday, September 14 - 10:30am-12:00pm Location: Point Grey

Session: Innovation and Venture CapitalSession chair: Michael Ewens (California Institute of Technology)Spillover Effects of Trolls-Initiated Patent LitigationYu Hou (Queen’s University), Feng Chen (University of Toronto), Gordon Richardson (Univer-sity of Toronto)

Discussant: Filippo Mezzanotti (Northwestern University)Information Release, Innovation Diffusion, and Welfare Analysis: Evidence from Mandatory Dis-closure of Clinical TrialsKatie Moon (University of Colorado at Boulder), Po-Hsuan Hsu (University of Hong Kong),Kyungran Lee (University of Hong Kong), Seungjoon Oh (Peking University)

Discussant: Lora Dimitrova (University of Exeter)Gender, Race, and Entrepreneurship: A Randomized Field Experiment on Venture Capitalists andAngelsWill Gornall (University of British Columbia), Ilya Strebulaev (Stanford University)

Discussant: Camille Hebert (University of Toronto)

Saturday, September 14 - 10:30am-12:00pm Location: Dundarave

Session: International Finance - Currency MarketsSession chair: Louis Gagnon (Queen’s University)Housing Cycle and Exchange RatesSai Ma (Board of Governors of the Federal Reserve System), Shaojun Zhang (The Ohio StateUniversity)

Discussant: Yu-Chin Chen (University of Washington)FX Premia Around the ClockIngomar Krohn (Copenhagen Business School), Philippe Mueller (University of Warwick), PaulWhelan (Copenhagen Business School)

Discussant: Tony Zhang (Boston University)Fixing the Fix? Assessing the Effectiveness of the 4pm FixMartin Evans (Georgetown University), Peter O’Neill (Financial Conduct Authority), DagfinnRime (BI Norwegian Business School), Jo Saakvitne (BI Norwegian Business School)

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Discussant: Joshua Mollner (Northwestern University)

Saturday, September 14 - 10:30am-12:00pm Location: Ambleside I

Session: Corporate Finance - BehavioralSession chair: Kai Li (University of British Columbia)Left Behind: Partisan Identity and Wealth InequalityDa Ke (University of South Carolina)

Discussant: Sheng-Jun Xu (University of Alberta)Grit and Credit RiskJess Cornaggia (Pennsylvania State University), Kimberly Cornaggia (Pennsylvania State Univer-sity), Han Xia (University of Texas at Dallas)

Discussant: Jennifer Brown (University of Utah)Revealed Heuristics: Evidence from Investment Consultants’ Search BehaviorSudheer Chava (Georgia Institute of Technology), Soohun Kim (Georgia Institute of Techno-logy), Daniel Weagley (Georgia Institute of Technology)

Discussant: Leonard Kostovetsky (Boston College)

Saturday, September 14 - 10:30am-12:00pm Location: Ambleside II

Session: Corporate Finance - Role of IntermediariesSession chair: Tingting Liu (Iowa State University)Funding Uncertainty and Bank LendingMartina Jasova (Columbia University), Caterina Mendicino (European Central Bank), DominikSupera (University of Pennsylvania)

Discussant: Janis Skrastins (Washington University in St. Louis)Banks’ Foreign Currency Exposure and the Real Effects of Exchange Rate ShocksIsha Agarwal (University of British Columbia)

Discussant: Yu Xu (University of Hong Kong)Time-series and composition effects in acquirer returnsOlivier Dessaint (University of Toronto), B. Espen Eckbo (Dartmouth College), Andrey Golu-bov (University of Toronto)

Discussant: Alexei Zhdanov (Pennsylvania State University)

Saturday, September 14 - 1:30-3:00pm Location: Shaughnessy Salon I

Session: Asset Pricing - AnomaliesSession chair: Mike Gallmeyer (University of Virginia)The Low-Minus-High PortfolioDaniel Andrei (McGill University), Julien Cujean (University of Berne),Mathieu Fournier (HECMontréal)

Discussant: Dmitry Livdan (University of California at Berkeley)Estimating the Anomaly Baserate

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Alexander Chinco (University of Illinois at Urbana-Champaign), Andreas Neuhierl (Notre Da-me), Michael Weber (University of Chicago)

Discussant: Alessio Saretto (University of Texas at Dallas)q5

Lu Zhang (The Ohio State University), Kewei Hou (The Ohio State University), Haitao Mo(Louisiana State University), Chen Xue (University of Cincinnati)

Discussant: Adlai Fisher (University of British Columbia)

Saturday, September 14 - 1:30-3:00pm Location: Shaughnessy Salon II

Session: Market Microstructure - EmpiricalSession chair: Brian Smith (Wilfrid Laurier University)Intraday ETF ArbitrageRyan Davis (University of Alabama at Birmingham), Travis Box (University of Mississippi), Ri-chard Evans (University of Virginia), Andrew Lynch (University of Mississippi)

Discussant: Blake Phillips (University of Waterloo)Do Municipal Bond Dealers Give their Customers Best Execution or Opportunistic Pricing?John Griffin (University of Texas at Austin), Nicholas Hirschey (London Business School), Sa-muel Kruger (University of Texas at Austin)

Discussant: Dermot Murphy (University of Illinois at Chicago)Preventing Information LeakageJonathan Brogaard (University of Utah), Dan Li (Chinese University of Hong Kong), Lei Ma(Southern Methodist University), Ryan Riordan (Queen’s University)

Discussant: Corey Garriott (Bank of Canada)

Saturday, September 14 - 1:30-3:00pm Location: Loft @ Showcase

Session: Asset Pricing - DerivativesSession chair: Jason Wei (University of Toronto)Implied Volatility Innovations and Corporate Bond ReturnsJie Cao (Chinese University of Hong Kong), Amit Goyal (University of Lausanne and Swiss Fi-nance Institute), Xiao Xiao (Erasmus University Rotterdam), Xintong Zhan (Chinese Universityof Hong Kong)

Discussant: M. Fabricio Perez (Wilfrid Laurier University)The Price of the Smile and Variance Risk PremiaClaudio Tebaldi (Bocconi University), Fabio Trojani (University of Geneva), Peter Gruber (USILugano)

Discussant: Marcel Rindisbacher (Boston University)Loss Uncertainty, Gain Uncertainty, and Expected Stock ReturnsBruno Feunou (Bank of Canada), Ricardo Lopez Aliouchkin (Syracuse University), RomoTdongap (ESSEC Business School), Lai Xu (Syracuse University)

Discussant: Wolfgang Bessler (Justus-Liebig University Giessen)

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Saturday, September 14 - 1:30-3:00pm Location: Point Grey

Session: Labour and FinanceSession chair: John Bai (Northeastern University)Job Security and Employees’ Performance: Evidence from a Quasi-natural Experiment in the Mu-tual Fund IndustryYijun Zhou (INSEAD)

Discussant: Pengfei Ye (Virginia Tech)Impact of Venture Capital Flows on Incumbent Firms: Evidence from 70 Million WorkersLinghang Zeng (Babson College)

Discussant: Matthew Denes (Carnegie Mellon University)Financial Development, Labor Markets, and Aggregate Productivity: Evidence from BrazilJulia Fonseca (Princeton University)

Discussant: Tanakorn Makaew (Securities and Exchange Commission)

Saturday, September 14 - 1:30-3:00pm Location: Dundarave

Session: Asset Pricing - IntermediariesSession chair: Joshua Mollner (Northwestern University)Unconventional Monetary Policy and Funding Liquidity RiskAdrien d’Avernas (Stockholm School of Economics)

Discussant: Harjoat Bhamra (Imperial College London)Heterogeneous Intermediary Asset PricingMahyar Kargar (University of Illinois at Urbana-Champaign)

Discussant: Murray Carlson (University of British Columbia)Are Intermediary Constraints Priced?Wenxin Du (University of Chicago), Benjamin Hebert (Stanford University), Amy Wang Huber(Stanford University)

Discussant: Valeri Sokolovski (HEC Montréal)

Saturday, September 14 - 1:30-3:00pm Location: Ambleside I

Session: Corporate LoansSession chair: Claudia Champagne (Sherbrooke University)Rent Extraction by Super-Priority LendersWei Wang (Queen’s University), Kai Li (University of British Columbia), B. Espen Eckbo (Dart-mouth College)

Discussant: Irem Demirci (Nova School of Business and Economics)Networking Behind the Scenes: Institutional Cross-industry Holdings and Informational Hold-upin Corporate LoansLantian Liang (University of Sydney), He Jie (University of Georgia), Hui Wang (University ofTexas at Dallas), Han Xia (University of Texas at Dallas)

Discussant: Nathalie Moyen (University of Colorado at Boulder)

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The Impact of Organizational Downsizing on Loan Officer Specialization and Credit DefaultsMichael Goedde-Menke (University of Münster), Peter-Hendrik Ingermann (University of Müns-ter)

Discussant: Maria-Teresa Marchica (University of Manchester)

Saturday, September 14 - 1:30-3:00pm Location: Ambleside II

Session: Asset Pricing - Fixed IncomeSession chair: Frank de Jong (University of Tilburg)Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond MarketsZhiguo He (University of Chicago), Hui Chen (Massachusetts Institute of Technology), Zhuo Chen(Tsinghua University), Jinyu Liu (University of International Business and Economics), Reng-ming Xie (CITIC Securities)

Discussant: Burton Hollifield (Carnegie Mellon University)Safe Asset Carry TradeBenedikt Ballensiefen (University of St. Gallen), Angelo Ranaldo (University of St. Gallen)

Discussant: Robert Hauswald (American University)Liquidity Premium and the Substitution Between Bank Deposits and TreasuriesWenhao Li (University of Southern California)

Discussant: Tetiana Davydiuk (Carnegie Mellon University)

Saturday, September 14 - 4:45-6:15pm Location: Shaughnessy Salon I

Session: Asset Pricing - ProductionSession chair: Adlai Fisher (University of British Columbia)Endogenous Competition and Financial DistressHui Chen (Massachusetts Institute of Technology), Winston Dou (University of Pennsylvania),Yan Ji (Hong Kong University of Science and Technology)

Discussant: Alexandre Corhay (University of Toronto)Equilibrium Capital Investment and Asset Returns in Oligopolistic IndustriesHitesh Doshi (University of Houston), Praveen Kumar (University of Houston)

Discussant: Lorenzo Garlappi (University of British Columbia)Investment and Risk Under Flexible Capacity UtilizationGill Segal (University of North Carolina at Chapel Hill), Fotis Grigoris (University of NorthCarolina at Chapel Hill)

Discussant: Jincheng Tong (University of Toronto)

Saturday, September 14 - 4:45-6:15pm Location: Shaughnessy Salon II

Session: Asset Pricing - Labour MarketsSession chair: Gian Luca Clementi (New York University)Automation and the Displacement of Labor by Capital: Asset Pricing Theory and Empirical Evi-denceJiri Knesl (University of Oxford)

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Discussant: Ding Luo (City University of Hong Kong)Labor Income Risk and Stock Returns: The Role of Horizon EffectsEsther Eiling (University of Amsterdam), Frank de Jong (Tilburg University), Roger Laeven(University of Amsterdam), Rob Sperna Weiland (University of Amsterdam)

Discussant: Ranjini Jha (University of Waterloo)Countercyclical Labor Income Risk and Portfolio Choices over the Life-CycleSylvain Catherine (University of Pennsylvania)

Discussant: Miguel Palacios (University of Calgary)

Saturday, September 14 - 4:45-6:15pm Location: Pinnacle I

Session: Asset Pricing - Market EfficiencySession chair: Susan Christoffersen (University of Toronto)News-Driven Trading: Who Reads the News and When?Anastassia Fedyk (University of California at Berkeley)

Discussant: Oliver Boguth (Arizona State University)Retail Insider Trading and Market Price Efficiency: Evidence from Hacked Earnings NewsPat Aky (University of Toronto), Vincent Grégoire (HEC Montréal), Charles Martineau (Uni-versity of Toronto)

Discussant: Sonya Lim (DePaul University)News as Sources of Jumps in Stock Returns: Evidence from 21 Million News Articles for 9000CompaniesYoontae Jeon (Ryerson University), Thomas H. McCurdy (University of Toronto), Xiaofei Zhao(Georgetown University)

Discussant: Ryan Israelsen (Michigan State University)

Saturday, September 14 - 4:45-6:15pm Location: Point Grey

Session: Institutional Environment and FinanceSession chair: Lynnette Purda (Queen’s University)Public Enforcement of Securities Laws in Weak Institutional Environments: Evidence from ChinaTinghua Duan (IÉSEG School of Management), Kai Li (University of British Columbia), RafaelRogo (Indiana University), Ray Zhang (Simon Fraser University)

Discussant: Justin Hopkins (University of Virginia)Financial Reform and Public Good Provision: Municipal Bankruptcy Law and the Financing ofHospitalsStefano Rossi (Bocconi University), Hayong Yun (Michigan State University)

Discussant: Amanda Rae Heitz (Tulane University)Health Care Costs and Corporate Investment(Joy) Tianjiao Tong (Duke University)

Discussant: Ping Liu (Purdue University)

Saturday, September 14 - 4:45-6:15pm Location: Dundarave

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Session: Asset Pricing - BehavioralSession chair: Dmitry Livdan (University of California at Berkeley)Behavioral Biases and MacrofinanceHarjoat Bhamra (Imperial College Business School), Raman Uppal (EDHEC)

Discussant: Alberto Mokak Teguia (University of British Columbia)Stock Return Extrapolation, Option Prices, and Variance Risk PremiumAdem Atmaz (Purdue University)

Discussant: Morad Zehknini (Tulane University)Asset Pricing with and without Garbage: Resurrecting Aggregate ConsumptionStefanos Delikouras (University of Miami)

Discussant: Svetlana Bryzgalova (London Business School)

Saturday, September 14 - 4:45-6:15pm Location: Ambleside I

Session: Corporate Finance - FinTech Credit MarketsSession chair: Berardino Palazzo (Board of Governors of the Federal Reserve System)Do FinTech Lenders Fill the Credit Gap? Evidence from Local Mortgage Demand ShocksYao Shen (CUNY-Baruch College), Yu Shan (CUNY-Baruch College)

Discussant: Michael King (University of Victoria)The Real Effects of Financial Technology: Marketplace Lending and Personal BankruptcyIlaf Elard (Shanghai University of International Business and Economics), Piotr Danisewicz(University of Bristol)

Discussant: Tetyana Balyuk (Emory University)The Real and Social Effects of Online LendingWilliam Bazley (University of Kansas)

Discussant: Sapnoti Eswar (University of Cincinnati)

Saturday, September 14 - 4:45-6:15pm Location: Ambleside II

Session: Corporate Finance - EmpiricalSession chair: Mark Huson (University of Alberta)What If Dividends Were Tax-Exempt? Evidence from a Natural experimentDusan Isakov (University of Fribourg), Christophe Prignon (HEC Paris), Jean-Philippe Weiss-kopf (École hôtelière de Lausanne)

Discussant: Irene Yi (University of Toronto)The Employee Clientele of Corporate Leverage: Evidence from Employee Family Labor IncomeDiversificationHuan Yang (University of Massachusetts Amherst), Tao Shu (University of Georgia), Jie He(University of Georgia)

Discussant: Michael Hertzel (Arizona State University)Mismeasured and Endogenous Investment RegressionDelong Li (University of Guelph), Yiguo Sun (University of Guelph)

Discussant: Georgios Skoulakis (University of British Columbia)

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Sunday, September 15 - 8:30-10:00am Location: Shaughnessy Salon I

Session: Asset Pricing - PredictabilitySession chair: Thomas H. McCurdy (University of Toronto)Up the Stairs, Down the Elevator: Valuation Ratios and Shape Predictability in the Distributionof Stock ReturnsPaolo Giordani (BI Norwegian Business School), Michael Halling (Stockholm School of Econo-mics)

Discussant: Raymond Kan (University of Toronto)Aggregation, Capital Heterogeneity, and the Investment CAPMAndrei Goncalves (University of North Carolina), Chen Xue (University of Cincinnati), LuZhang (The Ohio State University)

Discussant: Gian Luca Clementi (New York University)Expected Correlation and Future Market ReturnsLorenzo Schoenleber (Frankfurt School of Finance and Management), Adrian Buss (INSEAD),Grigory Vilkov (Frankfurt School of Finance and Management)

Discussant: Bo Young Chang (Bank of Canada)

Sunday, September 15 - 8:30-10:00am Location: Shaughnessy Salon II

Session: Household Finance - Investment BehaviorSession chair: Christina Atanasova (Simon Fraser University)Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market ParticipationRichard Sias (University of Arizona), Laura Starks (University of Texas), Harry Turtle (Colo-rado State University)

Discussant: Lena Pikulina (University of British Columbia)Out of Sight No More? The Effect of Fee Disclosures on Investment AllocationsMathias Kronlund (University of Illinois at Urbana-Champaign), Veronika Pool (Indiana Uni-versity), Clemens Sialm (University of Texas at Austin), Irina Stefanescu (Board of Governors ofthe Federal Reserve System)

Discussant: Lisa Kramer (University of Toronto)Risky Insurance: Insurance Portfolio Choice with Incomplete MarketsJoseph Briggs (Board of Governors of the Federal Reserve System), Christopher Tonetti (Stan-ford University)

Discussant: Thomas Davidoff (University of British Columbia)

Sunday, September 15 - 8:30-10:00am Location: Pinnacle I

Session: Asset Pricing - Interest RatesSession chair: Eduardo Schwartz (Simon Fraser University)A Labor Market-Based Theory of Interest RatesIndrajit Mitra (University of Michigan), Yu Xu (University of Hong Kong)

Discussant: Mike Gallmeyer (University of Virginia)Are Demographics Responsible for the Declining Interest Rates? Evidence from US Metropolitan

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AreasJack Favilukis (University of British Columbia), Jinfei Sheng (University of California at Irvine)

Discussant: Sahil Raina (University of Alberta)Central Bank Communication and the Yield CurveMatteo Leombroni (Stanford University), Andrea Vedolin (Boston College), Gyuri Venter (Copen-hagen Business School), Paul Whelan (Copenhagen Business School)

Discussant: Aytek Malkhozov (Board of Governors of the Federal Reserve System)

Sunday, September 15 - 8:30-10:00am Location: Point Grey

Session: Corporate Governance - Informed TradingSession chair: Vikas Mehrota (University of Alberta)Non-Deal Roadshows, Informed Trading, and Analyst BiasDaniel Bradley (University South Florida), Russell Jame (University of Kentucky), Jared Wi-lliams (University South Florida)

Discussant: Yelena Larkin (York University)The Dollar Profits to Insider TradingJasmin Gider (Tilburg University), Peter Cziraki (University of Toronto)

Discussant: Jun Yang (Indiana University)Monitoring from Afar: Do Foreign Institutional Investors Deter Insider Trading?Weikai Li (Singapore Management University), Claire Yurong Hong (Shanghai Advanced Insti-tute of Finance), Qifei Zhu (Nanyang Technological University)

Discussant: Pedro Matos (University of Virginia)

Sunday, September 15 - 8:30-10:00am Location: Dundarave

Session: International Finance - Sovereign RiskSession chair: Alfred Lehar (University of Calgary)Default Risk and the Pricing of U.S. Sovereign BondsRobert Dittmar (University of Michigan), Alex Hsu (Georgia Institute of Technology), Guillau-me Roussellet (McGill University), Peter Simasek (Georgia Institute of Technology)

Discussant: Matthias Fleckenstein (University of Delaware)Sovereign Risk and Global Macroeconomic ConditionsAlexandre Jeanneret (HEC Montréal), Sandro Andrade (University of Miami), Adelphe Ekpo-non (University of Cambridge)

Discussant: Jens Hilscher (University of California at Davis)A Credit-Based Theory of the Currency Risk PremiumAlexandre Jeanneret (HEC Montréal), Ella Patelli (HEC Montréal), Pasquale Della Corte (Im-perial College Business School)

Discussant: Andreas Stathopoulos (University of North Carolina at Chapel Hill)

Sunday, September 15 - 8:30-10:00am Location: Ambleside I

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Session: Banking - EmpiricalSession chair: Yiorgos Allayannis (University of Virginia)The Cost of Bank Regulatory CapitalJoao Santos (Federal Reserve Bank of New York), Matthew C. Plosser (Federal Reserve Bankof New York)

Discussant: Si Li (Wilfrid Laurier University)The Impact of Gender Quota Laws on Board Composition, Risk Taking and Performance of Banks:International EvidenceAlvaro Taboada (Mississippi State University), Rose Liao (Rutgers University), Gilberto Lou-reiro (University of Minho)

Discussant: Ying Duan (Simon Fraser University)Deregulation, Market Structure, and the Demise of Old-School BankingEmilio Bisetti (Hong Kong University of Science and Technology), Stephen Karolyi (CarnegieMellon University), Stefan Lewellen (Pennsylvania State University)

Discussant: Bo Bian (University of British Columbia)

Sunday, September 15 - 8:30-10:00am Location: Ambleside II

Session: Corporate Finance - Theory IISession chair: Felipe Aguerrevere (University of Alberta)Extrapolation Bias and Dynamic Liquidity ManagementSeokwoo Lee (University of Michigan), Alejandro Rivera (University of Texas at Dallas)

Discussant: Barney Hartman-Glaser (UCLA Anderson School of Management)Belief Polarization and InvestmentLorenzo Garlappi (University of British Columbia), Ron Giammarino (University of BritishColumbia), Ali Lazrak (University of British Columbia)

Discussant: David Goldreich (University of Toronto)On the glass ceiling: Small biases, large disparities, and important decisionsBrian Waters (University of Colorado, Boulder), Shaun Davies (University of Colorado, Boul-der), Edward Van Wesep (University of Colorado, Boulder)

Discussant: Yrjö Koskinen (University of Calgary)

Sunday, September 15 - 10:30am-12:00pm Location: Shaughnessy Salon I

Session: Asset Pricing - ESGSession chair: Sean Cleary (Queen’s University)Temperature Shocks and Industry Earnings NewsJawad Addoum (Cornell University), David Ng (Cornell University), Ariel Ortiz-Bobea (CornellUniversity)

Discussant: Darwin Choi (City University of Hong Kong)Carbon RiskMarco Wilkens (University of Augsburg), Maximilian Görgen (University of Augsburg), An-drea Jacob (University of Augsburg), Martin Nerlinger (University of Augsburg), Ryan Riordan

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(Queen’s University), Martin Rohleder (University of Augsburg)Discussant: Asaf Bernstein (University of Colorado at Boulder)

ESG Preference and Market Efficiency: Evidence from Mispricing and Institutional TradingWeiming Zhang (Chinese University of Hong Kong), Jie Cao (Chinese University of Hong Kong),Sheridan Titman (University of Texas at Austin), Xintong Zhan (Chinese University of HongKong)

Discussant: Mike Dong (University of California at Riverside)

Sunday, September 15 - 10:30am-12:00pm Location: Shaughnessy Salon II

Session: Household Finance - Household DebtSession chair: Hernan Ortiz-Molina (University of British Columbia)How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settle-mentsIng-Haw Cheng (Dartmouth College), Felipe Severino (Dartmouth College), Richard Townsend(University of California at San Diego)

Discussant: Emily Gallagher (Copenhagen Business School)Shale Shocked: The Long Run Effect of Wealth on Household DebtJ. Anthony Cookson (University of Colorado at Boulder), Erik Gilje (University of Pennsylvania),Rawley Heimer (Boston College)

Discussant: Sasha Indarte (Duke University)Shocked by Bank Funding Shocks: Evidence from 500 Million Consumer Credit CardsSudheer Chava (Georgia Institute of Technology), Rohan Ganduri (Emory University), NikhilParadkar (Georgia Institute of Technology), Linghang Zeng (Babson College)

Discussant: J. Anthony Cookson (University of Colorado at Boulder)

Sunday, September 15 - 10:30am-12:00pm Location: Pinnacle I

Session: Asset Pricing - Empirical IISession chair: Mark Kamstra (York University)Liquidity, Volume, and VolatilityVincent Bogousslavsky (Boston College), Pierre Collin-Dufresne (Swiss Finance Institute atEPFL)

Discussant: David Cimon (Wilfrid Laurier University)Labor Market Competitor Network and the Transmission of ShocksYukun Liu (Yale University), Xi Wu (New York University)

Discussant: Jinfei Sheng (University of California at Irvine)The Democratization of Investment Research: Implications for Retail Investor Profitability andFirm LiquidityMike Farrell (University of Kentucky), T. Clifton Green (Emory University), Russell Jame (Uni-versity of Kentucky), Stanimir Markov (University of Texas at Dallas)

Discussant: Petra Vokata (The Ohio State University)

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Sunday, September 15 - 10:30am-12:00pm Location: Point Grey

Session: Corporate Governance - BoardsSession chair: Vishaal Baulkaran (University of Lethbridge)Why Do Public Firms’ CEOs Get Paid More Than Private Firms’ CEOs? Evidence from the Effectof Board Reforms on CEO CompensationKee-Hong Bae (York University), Sadok El Ghoul (University of Alberta), Jisok Kang (JohnCarroll University), Albert Tsang (York University)

Discussant: B. Espen Eckbo (Dartmouth College)It’s Not So Bad: Director Bankruptcy Experience and Corporate Risk TakingAnkit Kalda (Indiana University), Radhakrishnan Gopalan (Washington University in St. Louis),Todd Gormley (Washington University in St. Louis)

Discussant: Francesco D’Acunto (Boston College)Does Gender Diversity in the Boardroom Matter? Evidence from CEO Inside Debt CompensationVikram Nanda (University of Texas at Dallas), Arun Upadhyay (Florida International Univer-sity), Andrew Prevost (University of Vermont)

Discussant: Vineet Bhagwat (George Washington University)

Sunday, September 15 - 10:30am-12:00pm Location: Dundarave

Session: International FinanceSession chair: Francesca Carrieri (McGill University)Emerging Markets are Catching Up: Economic or Financial Integration?Amir Akbari (University of Ontario), Lilian Ng (York University), Bruno Solnik (Hong KongUniversity of Science and Technology)

Discussant: Madhu Kalimipalli (Wilfrid Laurier University)Relative Industry Valuation and Cross-Border listingKee-Hong Bae (York University), Yi Ding (Chinese University of Hong Kong), Xiaoqiao Wang(Chinese University of Hong Kong)

Discussant: Andrey Golubov (University of Toronto)Corporate Liquidity, Acquisitions, and Macroeconomic ConditionsYeejin Jang (University of New South Wales), Michael Weisbach (The Ohio State University),Isil Erel (The Ohio State University), Bernadette Minton (The Ohio State University)

Discussant: Karin Thorburn (Norwegian School of Economics)

Sunday, September 15 - 10:30am-12:00pm Location: Ambleside I

Session: Banking - Liquidity RisksSession chair: Bo Young Chang (Bank of Canada)Collateral RunsSebastian Infante (Board of Governors of the Federal Reserve System), Alexandros Vardoulakis(Board of Governors of the Federal Reserve System)

Discussant: Cyril Monnet (University of Bern)Stressed but Not Helpless: Strategic Behaviour of Banks Under Adverse Market Conditions

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Grzegorz Halaj (Bank of Canada), Sofia Priazhkina (Bank of Canada)Discussant: Pavel Zryumov (University of Rochester)

Joint Determination of Counterparty and Liquidity Risk in Payment SystemsJorge Cruz Lopez (Western University and Financial Network Analytics), Charles Kahn (Uni-versity of Illinois at Urbana-Champaign), Gabriel Rodriguez Rondon (McGill University)

Discussant: Jean Helwege (University of California at Riverside)

Sunday, September 15 - 10:30am-12:00pm Location: Ambleside II

Session: Corporate Finance - Agency CostsSession chair: Yan Xiong (Hong Kong University of Science and Technology)Agency in IntangiblesColin Ward (University of Minnesota)

Discussant: Anton Tsoy (University of Toronto)Agency Conflicts and Investment: Evidence from a Structural EstimationMarco Salerno (University of Toronto), Redouane Elkamhi (University of Toronto)

Discussant: Tor-Erik Bakke (University of Illinois at Chicago)Voluntary Disclosure, Moral Hazard and Default RiskShiming Fu (Shanghai University of Finance and Economics), Giulio Trigilia (University of Ro-chester)

Discussant: Alfred Lehar (University of Calgary)

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Best Paper Awards

Best PhD Paper

Best Paper onDerivatives

Best Paper on FinTech

Best Paper on FirmGrowth and Innovation

Best Paper on MarketMicrostructure

Best Paper on RiskManagement

Best Paper inSustainable Finance

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