2015 Program50th Annual Conference

of theWestern Finance Association

Sheraton Seattle HotelSeattle, Washington

June 17-20, 2015

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Welcome to the 50th Western Finance Association (WFA) meeting. The WFA is a professional society for academicians and practitioners with a scholarly interest in the development and application of research in finance. Our purpose is (1) to serve as a focal point for communication among members, (2) to improve teaching and scholarship, and (3) to provide for the dissemination of information, including the holding of meetings and the support of publications.

This meeting marks the 50th anniversary of the first WFA meeting, which was held in San Diego in August 1965 with Professor Kenneth Trefftz of the University of Southern California presiding as the first president. (For many years the University of Southern California has awarded a prize for the best student paper in his honor.) As part of the WFA’s purpose to support publications, at the same time as the founding of the WFA, the Journal of Financial and Quantitative Analysis was established as a joint publication of the Western Finance Association and the Graduate School of Business of the University of Washington with the first volume being published in March 1966: “The Proceedings of the First Annual Meeting of the Western Finance Association.” Some of the papers presented at that meeting concern topics that still interest finance researchers today: “A Model for the Determination of Cash Balances; Stockholder Distribution Decisions: Share Repurchases on Dividends; The Determinants of Corporate Dividend Policies; Affluence and High Household Liquidity: Problems and Opportunities; Implications of Balance of Payments Deficits for Bank Liquidity.” Also at that time, membership in the WFA was available for $5 a year and included a subscription to the journal. Even though they had been linked at birth and worked together for a long time, it has now been many years that the WFA and JFQA have been operating completely independently.

The WFA also supported publications through fostering the start of the Society of Financial Studies (SFS) and The Review of Financial Studies (RFS), which came about from discussions at the 1986 WFA meetings. For many years the SFS and RFS held their business meetings at the WFA meetings, which also resulted in the subsequent establishment of The Review of Asset Pricing Studies and The Review of Corporate Finance Studies. Since 2013 the SFS, RFS, RAPS and RCFS have been meeting independently from the WFA.

The minutes from the first business meeting of the WFA state: “it was decided to actively recruit from the Western states bordered on the east by Montana, Wyoming, Colorado, and New Mexico.” Over the last 50 years, the WFA has grown from a small regional conference to become recognized as one of the leading international finance conferences today with officers and members from many parts of the world.

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WESTERN FINANCE ASSOCIATIONAs an international association, membership in the WFA is open to individuals from both the academic and professional community and to institutions. Members of the Association are entitled to receive a reduction in the registration fee at the annual meetings. You are invited to join or renew online at http://www.westernfinance.org.

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

Bryan RoutledgeSecretary-Treasurer, WFATepper School of BusinessCarnegie Mellon UniversityPittsburgh, PA 15213-3890Email: routledge@cmu.eduTelephone: (412) 268-7588

A list of participants and a call for papers for the 2016 Conference of the Western Finance Association appears at the end of this program.

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REGISTRATION AND HOTEL INFORMATIONAll sessions and conference functions will be held in the Sheraton Seattle Hotel. On-site registration for the conference will be located in the Sheraton Seattle Hotel on the following schedule:

Wednesday, June 17, 2015, 4:00 pm – 8:00 pm Thursday, June 18, 2015, 8:00 am – 4:00 pmFriday, June 19, 2015, 8:00 am – 12:00 noon

PRE-REGISTRATIONRegistration is available at http://www.westernfinance.org. We encourage you to pre-register as soon as you can. This facilitates our event planning and reduces your time at the conference registration desk. Discounted registration fees are available prior to May 20, 2015.

FEE SCHEDULE Early Registration Registration

WFA member $ 75 $125Program Committee Member No Charge $125Non-member $125 $175Student No Charge $ 30

SPECIAL EVENT REGISTRATIONRegistration for the WFA Annual Meeting Luncheon and other special events is required and is done at the time you register for the conference. On-site registration for special events is subject to space availability.

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WESTERN FINANCE ASSOCIATION

Officers and Directors: 2014-2015President: Josef Zechner, WU Vienna University of Economics and BusinessPresident Elect: Laura Starks, University of Texas-AustinVice President: Lubos Pastor, University of ChicagoVice-President Elect: Jiang Wang, Massachusetts Institute of TechnologySecretary-Treasurer: Bryan Routledge, Carnegie Mellon University Directors: Viral Acharya, New York University Jonathan Berk, Stanford University Pierre Collin-Dufresne, Swiss Finance Institute Stefan Nagel, University of Michigan Christine Parlour, University of California-Berkeley Adriano Rampini, Duke University

Presidents: 1965-20151965-66 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 Arizona1987-88 Robert Litzenberger University of Pennsylvania1988-89 Alan Hess University of Washington1989-90 Lemma Senbet University of Maryland

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1990-91 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 WU Vienna University of Economics and Business

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Distinguished Speakers

WFA Annual Meeting Speakers 1979-2015

Year Location Speaker 1979 San Francisco Nils Hakansson 1980 San Diego Kenneth Arrow 1981 Jackson Lake Eugene Fama 1982 Portland Stephen Ross 1983 Long Beach Myron Scholes 1984 Vancouver Richard Roll 1985 Scottsdale Robert Litzenberger 1986 Colorado Springs Merton Miller 1987 San Diego Edward Kane 1988 Napa Sanford Grossman 1989 Seattle William Sharpe 1990 Santa Barbara Michael Brennan 1991 Jackson Lake Fischer Black 1992 San Francisco Myron Scholes 1993 Whistler Alan Kraus 1994 Santa Fe Mark Rubinstein 1995 Aspen Kenneth French 1996 Sunriver Joseph Williams 1997 San Diego Richard Thaler 1998 Monterey Milton Harris 1999 Santa Monica Andrei Shleifer 2000 Sun Valley Kenneth Singleton 2001 Tucson Robert Shiller 2002 Park City Albert S. “Pete” Kyle 2003 Los Cabos Richard Kihlstrom 2004 Vancouver Michael C. Jensen 2005 Portland Douglas Breeden 2006 Keystone Douglas Diamond 2007 Big Sky John Y. Campbell 2008 Waikoloa René M. Stulz 2009 San Diego Chester Spatt 2010 Victoria Mark Grinblatt 2011 Santa Fe Maureen O’Hara 2012 Las Vegas Campbell Harvey 2013 Lake Tahoe Darrell Duffie 2014 Monterey Bay Stewart C. Myers 2015 Seattle Francis Longstaff

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CUBIST SYSTEMATIC STRATEGIES PHD CANDIDATE AWARD FOR

OUTSTANDING RESEARCH 2015

Francesco D’Acunto, University of California-Berkeley

Christine Dobridge, University of Pennsylvania

Andrey Ermolov, Columbia University

Bernard Herskovic, New York University

Darien Huang, University of Pennsylvania

Raymond C.W. Leung, University of California-Berkeley

Gonzalo Maturana, University of Texas-Austin

Gianpaolo Parise, Swiss Finance Institute

Lawrence Schmidt, University of California-San Diego

Janis Skrastins, London Business School

Michael Sockin, Princeton University

Mitch Towner, University of Texas-Austin

Kevin Tseng, Northwestern University

Basil Williams, Duke University

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BEST PAPER AWARDS

THE USC MARSHALL SCHOOL OF BUSINESS TREFFTZS AWARDFOR THE BEST STUDENT PAPER

Not so Great Expectations: A Model of Growth and Informational Frictions

Michael SockinPrinceton University

CHARLES RIVER ASSOCIATES AWARD FOR THE BEST PAPER ON CORPORATE FINANCE

Financial Contracting and Organizational Form: Evidence from the Regulation of Trade Credit

Emily BrezaColumbia University

Andres LibermanNew York University

KEPOS CAPITAL AWARDFOR THE BEST PAPER ON INVESTMENTS

Welfare and Optimal Trading Frequency in Dynamic Double Auctions

Songzi DuSimon Fraser University

Haoxiang ZhuMassachusetts Institute of Technology

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NASDAQ OMX AWARDFOR THE BEST PAPER ON ASSET PRICING

Expected Inflation and Other Determinants of Treasury Yields

Greg DuffeeJohns Hopkins University

WHARTON SCHOOL-WRDS AWARDFOR THE BEST EMPIRICAL FINANCE PAPER

Equity Vesting and Managerial Myopia

Alex EdmansLondon Business School

Vivian W. FangUniversity of Minnesota

Katharina LewellenDartmouth College

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PROGRAM SUMMARY

Wednesday, June 17, 20154:00 pm – 8:00 pm

On-site Registration – Main Lobby

6:00 pm – 8:00 pm

Research Affiliates, LLC Reception – Cirrus Room, 35th Floor

Thursday, June 18, 20158:00 am – 4:00 pm

On-site Registration – Spruce Room

8:15 am – 10:00 am

Empirical Asset Pricing – Grand Ballroom ACEO Behavior – Grand Ballroom BFinancial Intermediaries – AspenBank Risk Management – CedarCorporate Risk Management – WillowPortfolio Managers and Asset Prices – Redwood

10:00 am – 10:30 am

Cambridge University Press Coffee Break – 2nd Floor

10:30 am – 12:15 pm

What Moves Stock Prices? – Grand Ballroom ABoards of Directors – Grand Ballroom BDynamic Corporate Finance – AspenHousing Markets – CedarLabor Markets and Asset Prices – WillowMutual Fund Management – Redwood

12:30 pm – 2:00 pm

NASDAQ OMX Luncheon – Grand Ballroom C & D, 2nd Floor

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2:45 pm – 4:30 pm

Private Information and Insider Trading – Grand Ballroom ADebt Contracting – Grand Ballroom BAgency Theory – AspenHeterogeneous Investors and Capital Markets – CedarCredit Markets – WillowContrary to Previous Literature – Redwood

5:00 pm – 6:30 pm

WFA Executive Committee and Board of Directors Meeting – Alki Boardroom, 4th Floor

6:00 pm – 8:00 pm

Cornerstone Research Reception – 2nd Floor

Friday, June 19, 20158:00 am – 12:00 noon

On-site Registration – Spruce Room

8:15 am – 10:00 am

Pricing Repos, Mortgages, and Structured Products – Grand Ballroom AManagement Quality and Firm Performance – Grand Ballroom BMarket Microstructure Theory – AspenNon-Financial Stakeholders – CedarContracting and Finance – WillowTerm Structure Models – Redwood

10:00 am – 10:30 am

Wharton Research Data Services Coffee Break – 2nd Floor

10:30 am – 12:15 pm

Empirical Investments – Grand Ballroom AStrategic Use of Information by CEOs and Analysts – Grand Ballroom BTrading in a High Frequency World – AspenNetworks – CedarGrowth, Long-Run and Asset Pricing – WillowTaxes, Investment and Firm Value – Redwood

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12:30 pm – 2:00 pm

WFA Annual Luncheon Sponsored by Navigant Economics – Grand Ballroom C & D, 2nd Floor

Distinguished Speaker: Francis Longstaff, University of California-Los Angeles

2:45 pm – 4:30 pm

Liquidity Premia – Grand Ballroom ACEO Contracting – Grand Ballroom BCommodity Markets and Pricing – AspenIssues in Banking: Capital, Information Disclosure and Lending – CedarThe Macroeconomic Determinants of Stock and Bond Prices – WillowFinancial Fraud – Redwood

6:00 pm – 8:00 pm

BlackRock Reception – Metropolitan Ballroom, 3rd Floor

Saturday, June 20, 20158:15 am – 10:00 am

Mutual Fund Performance – Metropolitan Ballroom AInvestor Activism and Corporate Policies – Metropolitan Ballroom BBeliefs – AspenMortgages – CedarCross-Country Competition – WillowVolatility Risk – Redwood

10:00 am – 10:30 am

AQR Capital Management LLC Coffee Break – 2nd Floor

10:30 am – 12:15 pm

Investor Heterogeneity, Arbitrage, and Stock Returns – Metropolitan Ballroom ATakeovers and Anti-Takeover Provisions – Metropolitan Ballroom BEarly Investors – WillowEvidence on Loans – CedarFinancial Intermediation – AspenUnderstanding Investor Behavior – Redwood

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PROGRAM DETAILS

Thursday, June 18, 2015, 8:15 am – 10:00 amEmpirical Asset Pricing – Grand Ballroom ALi Jin, Oxford University

Looking for Risk in Words: A Narrative Approach to Measuring the Pricing Implications of Financial ConstraintsMatthias Buehlmaier, University of Hong Kong Toni Whited, University of Rochester

When Everyone Misses on the Same Side: Debiased Earnings Surprises and Stock ReturnsChin-Han Chiang, Singapore Management UniversityHarrison Hong, Princeton UniversityWei Dai, Princeton UniversityJianqing Fan, Princeton UniversityJun Tu, Singapore Management University

Correcting the Bias in Network Based Tests of Price DiscoveryAaron Burt, University of WashingtonChristopher Hrdlicka, University of Washington

Discussants:Tao Shu, University of GeorgiaHongjun Yan, Yale UniversityBaolian Wang, Fordham University

CEO Behavior – Grand Ballroom BSimi Kedia, Rutgers University

Are CEOs Born Leaders? Lessons from Traits of a Million IndividualsRenée Adams, University of New South WalesMatti Keloharju, Aalto UniversitySamuli Knüpfer, London Business School

Equity Vesting and Managerial MyopiaAlex Edmans, London Business SchoolVivian W. Fang, University of MinnesotaKatharina Lewellen, Dartmouth College

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What Doesn’t Kill You Will Only Make You More Risk-loving: Early-life Disasters and CEO BehaviorGennaro Bernile, Singapore Management UniversityVineet Bhagwat, University of OregonP. Raghavendra Rau, University of Cambridge

Discussants:Michael Faulkender, University of MarylandKenneth Ahern, University of Southern CaliforniaAyako Yasuda, University of California-Davis

Financial Intermediaries – AspenMatt Spiegel, Yale University

Investing in Security Price Informativeness: The Role of IPO UnderpricingDavid Brown, University of Arizona

Contracting on Credit Ratings: Adding Value to Public InformationChristine Parlour, University of California-Berkeley Uday Rajan, University of Michigan

Financial Intermediation and Capital ReallocationHengjie Ai, University of Minnesota Kai Li, Hong Kong University of Science and TechnologyFang Yang, Louisiana State University

Discussants:Suman Banerjee, University of WyomingAnastasia Kartasheva, Bank for International SettlementsLukas Schmid, Duke University

Bank Risk Management – CedarViral Acharya, New York University

Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit RegisterRustom Irani, University of Illinois-Urbana-ChampaignRalf Meisenzahl, Federal Reserve Board

The Strategic Under-Reporting of Bank RiskTaylor Begley, London Business School Amiyatosh Purnanandam, University of MichiganKuncheng Zheng, University of Michigan

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Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan MarketSirio Aramonte, Federal Reserve BoardSeung Jung Lee, Federal Reserve BoardViktors Stebunovs, Federal Reserve Board

Discussants:Sascha Steffen, European School of Management and TechnologyRainer Haselmann, Goethe University FrankfurtAndres Liberman, New York University

Corporate Risk Management – WillowHendrik Bessembinder, University of Utah

Offshore Activities and Financial vs Operational HedgingGerard Hoberg, University of Southern CaliforniaS. Katie Moon, University of Southern California

A View Inside Corporate Risk ManagementGordon Bodnar, Johns Hopkins University Erasmo Giambona, University of AmsterdamJohn Graham, Duke UniversityCampbell Harvey, Duke University

Industry Shocks, Operating Risk, and Corporate Financial Policies Around the WorldTanakorn Makaew, University of South Carolina Vojislav Maksimovic, University of Maryland

Discussants:James Weston, Rice UniversitySohnke Bartram, Warwick UniversityRan Duchin, University of Washington

Portfolio Managers and Asset Prices – RedwoodRon Kaniel, University of Rochester

Asset Management Contracts and Equilibrium PricesAndrea M. Buffa, Boston UniversityDimitri Vayanos, London School of EconomicsPaul Woolley, London School of Economics

Competition Among Portfolio Managers and Asset SpecializationSuleyman Basak, London Business School Dmitry Makarov, New Economic School

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Investor Sophistication and Capital Income InequalityMarcin Kacperczyk, Imperial College Business SchoolJaromir Nosal, Columbia UniversityLuminita Stevens, University of Maryland

Discussants:Dmitry Orlov, University of RochesterIgor Makarov, London School of EconomicsAlan Moreira, Yale University

Thursday, June 18, 2015, 10:30 am – 12:15 pmWhat Moves Stock Prices? – Grand Ballroom ADavid Reeb, National University of Singapore

Wall Street Research and Firm Innovation: How Do They Interact?Jim Goldman, INSEADJoel Peress, INSEAD

Stock Returns Over the FOMC CycleAnna Cieslak, Northwestern UniversityAdair Morse, University of California-BerkeleyAnnette Vissing-Jorgensen, University of California-Berkeley

Economic Linkages Inferred from News Stories and the Predictability of Stock ReturnsAnna Scherbina, University of California-DavisBernd Schlusche, Federal Reserve Board

Discussants:Xiaoji Lin, Ohio State UniversityDavid Reeb, National University of SingaporeOguzhan Ozbas, University of Southern California

Boards of Directors – Grand Ballroom BReena Aggarwal, Georgetown University

Independent Director Reputation Incentives: Major Board Decisions and Corporate OutcomesRonald Masulis, University of New South Wales Shawn Mobbs, University of Alabama

Staggered Boards and Firm Value, RevisitedMartijn Cremers, University of Notre Dame Lubomir Litov, University of ArizonaSimone M. Sepe, University of Arizona

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Return Predictability Through Board LinksAaron Burt, University of Washington Christopher Hrdlicka, University of Washington

Discussants:Nagpurnanand R. Prabhala, University of MarylandIsil Erel, Ohio State UniversityJie Cai, Drexel University

Dynamic Corporate Finance – AspenBurton Hollifield, Carnegie Mellon University

Dynamic Debt MaturityZhiguo He, University of Chicago Konstantin Milbradt, Northwestern University

Capital Structure with Endogenous Liquidation ValuesAntonio Bernardo, University of California-Los AngelesAlex Fabisiak, University of California-Los AngelesIvo Welch, University of California-Los Angeles

Labor and Capital Dynamics Under Financing FrictionsRyan Michaels, University of RochesterBeau Page, University of HoustonToni Whited, University of Rochester

Discussants:Martin Oehmke, Columbia UniversityBrent Glover, Carnegie Mellon UniversityNathalie Moyen, University of Colorado-Boulder

Housing Markets – Cedar Jay Hartzell, University of Texas-Austin

Home Away From Home? Foreign Demand and London House PricesCristian Badarinza, Oxford University Tarun Ramadorai, Oxford University

The Effect of Mortgage Securitization on Foreclosure and ModificationSamuel Kruger, University of Texas-Austin

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No-Bubble Condition: Model-Free Tests in Housing MarketsStefano Giglio, University of ChicagoMatteo Maggiori, Harvard UniversityJohannes Stroebel, New York University

Discussants:Alan Crane, Rice UniversityTaylor Nadauld, Brigham Young UniversityVijay Yerramilli, University of Houston

Labor Markets and Asset Prices – WillowMiguel Palacios, Vanderbilt University

Climbing and Falling Off the Ladder: Asset Pricing Implications of Labor Market Event RiskLawrence Schmidt, University of California-San Diego

Labor Heterogeneity and Asset Prices: The Importance of Skilled LaborFrederico Belo, University of MinnesotaJun Li, University of Texas-Dallas Xiaoji Lin, Ohio State University

Risk, Unemployment, and the Stock Market: A Rare-Events-Based Explanation of Labor Market VolatilityMete Kilic, University of PennsylvaniaJessica Wachter, University of Pennsylvania

Discussants:Ian Dew-Becker, Northwestern UniversityJohan Walden, University of California-BerkeleyGabriel Chodorow-Reich, Harvard University

Mutual Fund Management – RedwoodJennifer Huang, Cheung Kong Graduate School of Business

Do Shocks to Personal Wealth Affect Risk Taking in Delegated Portfolios?Veronika Krepely Pool, Indiana UniversityNoah Stoffman, Indiana UniversityScott Yonker, Cornell UniversityHanjiang Zhang, Nanyang Technological University

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Learning by Doing: The Value of Experience and the Origins of Skill for Mutual Fund ManagersElisabeth Kempf, Tilburg UniversityAlberto Manconi, Tilburg UniversityOliver Spalt, Tilburg University

Portfolio Manager Compensation in the U.S. Mutual Fund IndustryLinlin Ma, Northeastern University Yuehua Tang, Singapore Management UniversityJuan-Pedro Gómez, IE Business School

Discussants:Lu Zheng, University of California-IrvineStefan Nagel, University of MichiganJonathan Reuter, Boston College

Thursday, June 18, 2015, 2:45 pm – 4:30 pmPrivate Information and Insider Trading – Grand Ballroom AMiguel Ferreira, Nova School of Business and Economics

Informed Options Trading Prior to M&A Announcements: Insider Trading?Patrick Augustin, McGill UniversityMenachem Brenner, New York UniversityMarti G. Subrahmanyam, New York University

The Freedom of Information Act and the Race Towards Information AcquisitionAntonio Gargano, University of MelbourneAlberto Rossi, University of MarylandRuss Wermers, University of Maryland

The Deterrence Effect of SEC Enforcement Intensity on Illegal Insider TradingDiane Del Guercio, University of OregonElizabeth Odders-White, University of Wisconsin-MadisonMark Ready, University of Wisconsin-Madison

Discussants:John Griffin, University of Texas-AustinBreno Schmidt, Emory UniversityUtpal Bhattacharya, Hong Kong University of Science and Technology

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Debt Contracting – Grand Ballroom BEspen Eckbo, Darmouth College

Protection of Trade Secrets and Capital Structure DecisionsSandy Klasa, University of ArizonaHernan Ortiz-Molina, University of British ColumbiaMatthew Serfling, University of ArizonaShweta Srinivasan, University of Arizona

Repo Runs and the Bankruptcy CodeJun Kyung Auh, Georgetown UniversitySuresh Sundaresan, Columbia University

Debt Restructuring Costs and Bankruptcy Risk: Evidence from CDS SpreadsMurillo Campello, Cornell UniversityTomislav Ladika, University of AmsterdamRafael Matta, University of Amsterdam

Discussants:Cesare Fracassi, University of Texas-AustinMindy Xiaolan Zhang, University of Texas-AustinKevin Crotty, Rice University

Agency Theory – AspenNeal Stoughton, WU Vienna University of Economics and Business

Dynamic Agency, Delegated Portfolio Management and Asset PricingRaymond C. W. Leung, University of California-Berkeley

The Generalized Informativeness PrinciplePierre Chaigneau, HEC Montreal Alex Edmans, London Business SchoolDaniel Gottlieb, University of Pennsylvania

Dynamic Agency and Real OptionsBarney Hartman-Glaser, University of California-Los Angeles Sebastian Gryglewicz, Erasmus University Rotterdam

Discussants:Jennifer Carpenter, New York UniversityBruce Carlin, University of California-Los AngelesFrancesca Zucchi, EPFL Lausanne

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Heterogeneous Investors and Capital Markets – CedarPhilip Bond, University of Washington

Informational Black Holes in AuctionsUlf Axelson, London School of Economics Igor Makarov, London School of Economics

Search, Liquidity, and Retention: Signaling Multidimensional Private InformationBasil Williams, Duke University

Asset Pricing Implications from Wealthy Shareholder Consumption and Net PayoutRobert Goldstein, University of MinnesotaFan Yang, University of Hong Kong

Discussants:Mehmet Ekmekci, Boston CollegeBriana Chang, University of Wisconsin-MadisonDeborah Lucas, Massachusetts Institute of Technology

Credit Markets – WillowHeather Tookes, Yale University

Testing the Credit Market Timing Hypothesis Using Counterfactual Issue DatesMurray Frank, University of MinnesotaPedram Nezafat, Michigan State University

Soft Information and the Cost of Job Rotation: Evidence from Loan Office Rotation Subhendu Bhowal, Massachusetts Institute of TechnologyKrishnamurthy Subramanian, Indian School of BusinessPrasanna Tantri, Indian School of Business

The Rise and Fall of Demand for SecuritizationsSergey Chernenko, Ohio State UniversitySam Hanson, Harvard UniversityAdi Sunderam, Harvard University

Discussants:Gustavo Grullon, Rice UniversityAlejandro Drexler, Federal Reserve Bank-ChicagoElena Loutskina, University of Virginia

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Contrary to Previous Literature – RedwoodJeffrey Pontiff, Boston College

Manufactured Diversification DiscountJohn Hund, Rice University Donald Monk, Rutgers UniversitySheri Tice, Tulane University

Is Market Timing Good for Shareholders?Ilona Babenko, Arizona State UniversityYuri Tserlukevich, Arizona State UniversityPengcheng Wan, Arizona State University

Experimentation and the Returns to EntrepreneurshipGustavo Manso, University of California-Berkeley

Discussants:Denis Sosyura, University of MichiganNorman Schurhoff, University of LausanneMatthew Rhodes-Kropf, Harvard University

Friday, June 19, 2015, 8:15 am – 10:00 amPricing Repos, Mortgages, and Structured Products – Grand Ballroom AAlexander Ljungqvist, New York University

Understanding Mortgage SpreadsNina Boyarchenko, Federal Reserve Bank of New York Andreas Fuster, Federal Reserve Bank of New YorkDavid Lucca, Federal Reserve Bank of New York

Debt Correlations in the Wake of the Financial Crisis: What are Appropriate Default Correlations for Structured Products?John Griffin, University of Texas-Austin Jordan Nickerson, Boston College

Tri-Party Repo PricingGrace Xing Hu, University of Hong Kong Jun Pan, Massachusetts Institute of TechnologyJiang Wang, Massachusetts Institute of Technology

Discussants:Francis Longstaff, University of California-Los AngelesJames Vickery, Federal Reserve Bank of New YorkDmitry Orlov, University of Rochester

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Management Quality and Firm Performance – Grand Ballroom BThomas Noe, Oxford University

Does Uncertainty about Management Affect Firms’ Costs of Borrowing?Yihui Pan, University of UtahTracy Yue Wang, University of MinnesotaMichael Weisbach, Ohio State University

Do General Managerial Skills Spur Innovation?Claudia Custodio, Nova School of Business and Economics Miguel Ferreira, Nova School of Business and EconomicsPedro Matos, University of Virginia

Is Family More Important in Bad Times?Spyridon Lagaras, University of Illinois-Urbana-Champaign Margarita Tsoutsoura, University of Chicago

Discussants:Naveen Daniel, Drexel UniversityMiguel Palacios, Vanderbilt UniversityAnup Agrawal, University of Alabama

Market Microstructure Theory – Aspen Ingrid Werner, Ohio State University

The Risk Sharing Benefit versus the Collateral Cost: The Formation of the Inter-Dealer Network in Over-the-Counter TradingZhuo Zhong, University of Melbourne

Welfare and Optimal Trading Frequency in Dynamic Double AuctionsSongzi Du, Simon Fraser University Haoxiang Zhu, Massachusetts Institute of Technology

Benchmarks in Search MarketsDarrell Duffie, Stanford UniversityPiotr Dworczak, Stanford UniversityHaoxiang Zhu, Massachusetts Institute of Technology

Discussants:Sophie Moinas, University of ToulouseEmiliano S. Pagnotta, Imperial College Business SchoolKonstantin Milbradt, Northwestern University

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Non-Financial Stakeholders – CedarCharles Hadlock, Michigan State

Threat of Entry and Corporate Debt Maturity: Evidence from AirlinesGianpaolo Parise, Swiss Finance Institute

Leverage and Bargaining Benefits: Evidence from U.S. HospitalsMitch Towner, University of Texas-Austin

Employee Representation and Financial LeverageThomas Schmid, Technische Universität MünchenChen Lin, University of Hong KongYuhai Xuan, Harvard University

Discussants:Martin Schmalz, University of MichiganC. Edward Fee, Tulane UniversityPaige Ouimet, University of North Carolina

Contracting and Finance – WillowJonathan Cohn, University of Texas-Austin

Intellectual Property Contracts: Theory and Evidence from Screenplay SalesMilton Harris, University of ChicagoS. Abraham Ravid, Yeshiva UniversityRonald Sverdlove, New Jersey Institute of TechnologySuman Basuroy, University of Oklahoma

Financial Contracting and Organizational Form: Evidence from the Regulation of Trade CreditEmily Breza, Columbia University Andres Liberman, New York University

Firm Boundaries and Financial ContractsJanis Skrastins, London Business School

Discussants:Richard Lowery, University of Texas-Austin Mitch Petersen, Northwestern UniversityJess Cornaggia, Georgetown University

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Term Structure Models – RedwoodPierre Collin-Dufresne, Swiss Finance Institute

Linear-Rational Term Structure ModelsDamir Filipovic, École Polytechnique Fédérale de LausanneMartin Larsson, École Polytechnique Fédérale de LausanneAnders Trolle, École Polytechnique Fédérale de Lausanne

The Term Structures of Co-Entropy in International Financial MarketsFousseni Chabi-Yo, Ohio State University Riccardo Colacito, University of North Carolina-Chapel Hill

Learning, Dispersion of Beliefs, and Risk Premiums in an Arbitrage-free Term Structure ModelMarco Giacoletti, Stanford UniversityLars Kristoffer Laursen, Stanford UniversityKenneth Singleton, Stanford University

Discussants:Peter Feldhutter, London Business SchoolJack Favilukis, University of British ColumbiaLars Lochstoer, Columbia University

Friday, June 19, 2015, 10:30 am – 12:15 pmEmpirical Investments – Grand Ballroom AClemens Sialm, University of Texas-Austin

Who is Internationally Diversified? Evidence from 296 401(k) PlansGeert Bekaert, Columbia UniversityKenton Hoyem, Financial Engines, Inc.Wei-Yin Hu, Financial Engines, Inc.Enrichetta Ravina, Columbia University

Identity, Overconfidence, and Investment DecisionsFrancesco D’Acunto, University of California-Berkeley

Four Centuries of Return PredictabilityBenjamin Golez, University of Notre DamePeter Koudijs, Stanford University

Discussants:James Choi, Yale UniversityKelly Shue, University of ChicagoJules van Binsbergen, University of Pennsylvania

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Strategic Use of Information by CEOs and Analysts – Grand Ballroom BAudra Boone, Texas A&M University

Strategic News Releases in Equity Vesting MonthsAlex Edmans, London Business SchoolLuis Goncalves-Pinto, National University of SingaporeYanbo Wang, INSEADMoqi Xu, London School of Economics

Shadow Trading: Do Insiders Exploit Private Information About Stakeholders?Mihir Mehta, Temple University David Reeb, National University of SingaporeWanli Zhao, National University of Singapore

Ties that Bind: The Value of Professional Connections to Sell-side AnalystsDaniel Bradley, University of South Florida Sinan Gokkaya, Ohio UniversityXi Liu, Ohio University

Discussants:Joey Engelberg, University of California-San DiegoAndy Puckett, University of TennesseeMerih Sevilir, Indiana University

Trading in a High Frequency World – AspenMaureen O’Hara, Cornell University

Should We be Afraid of the Dark? Dark Trading and Market QualitySean Foley, University of SydneyTālis Putniņš, University of Technology-Sydney

Tick Size Constraints, High-Frequency Trading, and LiquidityChen Yao, University of Warwick Mao Ye, University of Illinois-Urbana-Champaign

High-Frequency Trading CompetitionJonathan Brogaard, University of WashingtonCorey Garriott, Bank of Canada

Discussants:Haoxiang Zhu, Massachusetts Institute of TechnologyIngrid Werner, Ohio State UniversityGideon Saar, Cornell University

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Networks – CedarDuane Seppi, Carnegie Mellon University

Knowledge Network and the Cross-Section of Expected ReturnsKevin Tseng, Northwestern University

Bid-Ask Spreads and the Over-the-Counter Interdealer Markets: Core and Peripheral DealersArtem Neklyudov, University of Lausanne

Networks in Production: Asset Pricing ImplicationsBernard Herskovic, New York University

Discussants:Jessie Jiaxu Wang, Arizona State UniversityMichael Gofman, University of Wisconsin-MadisonBurton Hollifield, Carnegie Mellon University

Growth, Long-Run and Asset Pricing – WillowBryan Routledge, Carnegie Mellon University

Climate Change and Growth RisksRavi Bansal, Duke University Dana Kiku, University of Illinois-Urbana-ChampaignMarcelo Ochoa, Federal Reserve Board

Long-Run Risk is the Worst-Case ScenarioRhys Bidder, Federal Reserve Bank of San FranciscoIan Dew-Becker, Northwestern University

Not so Great Expectations: A Model of Growth and Informational FrictionsMichael Sockin, Princeton University

Discussants:Juhani Linnainmaa, University of ChicagoValentin Haddad, Princeton UniversityErik Loualiche, Massachusetts Institute of Technology

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Taxes, Investment and Firm Value – RedwoodTom Bates, Arizona State University

How Does Government Borrowing Affect Corporate Financing and Investment?John Graham, Duke UniversityMark Leary, Washington University-St. LouisMichael Roberts, University of Pennsylvania

Fiscal Stimulus and Firms: A Tale of Two RecessionsChristine Dobridge, University of Pennsylvania

Corporate Tax Havens and Shareholder Value: Evidence from Tax Information Exchange AgreementsMorten Bennedsen, INSEAD Stefan Zeume, University of Michigan

Discussants:Michael Lemmon, BlackRockIlona Babenko, Arizona State UniversityAlexander Dyck, University of Toronto

Friday, June 19, 2015, 2:45 pm – 4:30 pmLiquidity Premia – Grand Ballroom ASunil Wahal, Arizona State University

A Market-Based Funding Liquidity MeasureZhuo Chen, Tsinghua UniversityAndrea Lu, University of Melbourne

The Liquidity Premium of Near-Money AssetsStefan Nagel, University of Michigan

Earnings Announcement Premia: The Role of Asymmetric Liquidity ProvisionTravis Johnson, University of Texas-Austin Eric So, Massachusetts Institute of Technology

Discussants:Oliver Boguth, Arizona State UniversitySam Hanson, Harvard UniversityAmit Goyal, University of Lausanne

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CEO Contracting – Grand Ballroom BRobert Parrino, University of Texas-Austin

The Effects of Short-Selling Threats on Incentive Contracts: Evidence from a Natural ExperimentDavid De Angelis, Rice UniversityGustavo Grullon, Rice UniversitySebastien Michenaud, Rice University

Corporate Innovation Cycles and CEO ContractsJuanita González-Uribe, London School of EconomicsMoqi Xu, London School of Economics

Executive Retention and Accelerated Option VestingTorsten Jochem, University of AmsterdamTomislav Ladika, University of AmsterdamZacharias Sautner, Frankfurt School of Finance & Management

Discussants:Matthew Ringgenberg, Washington University-St. LouisJeffrey Coles, University of UtahStuart Gillan, University of Georgia

Commodity Markets and Pricing – AspenPraveen Kumar, University of Houston

Expected Equilibrium Commodity Price ReversionSaqib Khan, University of Regina Zeigham Khokher, Tulane UniversityTimothy Simin, Pennsylvania State University

The Role of Hedgers and Speculators in Liquidity Provision to Commodity Futures MarketsWenjin Kang, Renmin University of China K. Geert Rouwenhorst, Yale UniversityKe Tang, Renmin University of China

Gold, Platinum, and Expected Stock ReturnsDarien Huang, Cornell University

Discussants:Duane Seppi, Carnegie Mellon UniversityTarun Ramadorai, Oxford UniversityPierre Collin-Dufresne, Swiss Finance Institute

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Issues in Banking: Capital, Information Disclosure and Lending – CedarAnjan Thakor, Washington University-St. Louis

Competition and Bank OpacityLiangliang Jiang, Lingnan University-Hong KongRoss Levine, University of California-BerkeleyChen Lin, University of Hong Kong

Regulatory Capital and Bank Lending: The Role of Credit Default SwapsSusan Chenyu Shan, Shanghai Advanced Institute of FinanceDragon Yongjun Tang, University of Hong KongHong Yan, Shanghai Advanced Institute of Finance

CoCo Bonds Issuance and Bank Funding Costs: An Empirical AnalysisStefan Avdjiev, Bank for International SettlementsPatrick Bolton, Columbia UniversityWei Jiang, Columbia UniversityAnastasia Kartasheva, Bank for International SettlementsBilyana Bogdanova, Bank for International Settlements

Discussants:Asaf Manela, Washington University-St. LouisAndrew Ellul, Indiana UniversityFelipe Cortes, Northeastern University

The Macroeconomic Determinants of Stock and Bond Prices – WillowHanno Lustig, University of California-Los Angeles

Expected Inflation and Other Determinants of Treasury YieldsGreg Duffee, Johns Hopkins University

Monetary Policy Drivers of Bond and Equity RisksJohn Campbell, Harvard University Carolin Pflueger, University of British ColumbiaLuis Viceira, Harvard University

Time-varying Risk of Nominal Bonds: How Important are Macroeconomic Shocks?Andrey Ermolov, Columbia University

Discussants:Scott Joslin, University of Southern CaliforniaDongho Song, Boston CollegeFrancisco Palomino, University of Michigan

31

Financial Fraud – RedwoodEliezer Fich, Drexel University

Is Fraud Contagious? Career Networks and Fraud by Financial AdvisorsStephen Dimmock, Nanyang Technological UniversityWilliam Gerken, University of KentuckyNathaniel Graham, University of Kentucky

Busted! Now What? Effects of Cartel Enforcement on Firm PoliciesAilin Dong, Hong Kong University of Science and Technology Massimo Massa, INSEADAlminas Zaldokas, Hong Kong University of Science and Technology

Executive Gatekeepers: The Paradox of Lawyers in the FirmAdair Morse, University of California-Berkeley Wei Wang, Queens UniversitySerena Wu, Queens University

Discussants:Michael Hertzel, Arizona State UniversityMark Huson, University of AlbertaKai Li, University of British Columbia

Saturday, June 20, 2015, 8:15 am – 10:00 amMutual Fund Performance – Metropolitan Ballroom AWayne Ferson, University of Southern California

What They Did in their Previous Lives: The Investment Value of Mutual Fund Managers’ Experience Outside the Financial SectorGjergji Cici, College of William and MaryMonika Gehde-Trapp, University of MannheimMarc-André Göricke, University of CologneAlexander Kempf, University of Cologne

Do Funds Make More When They Trade More?Lubos Pastor, University of ChicagoRobert Stambaugh, University of PennsylvaniaLucian Taylor, University of Pennsylvania

Mutual Fund Trading Costs and Diseconomies of ScaleJeffrey Busse, Emory UniversityTarun Chordia, Emory UniversityLei Jiang, Tsinghua UniversityYuehua Tang, Singapore Management University

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Discussants:Andres Donangelo, University of Texas-AustinDavid Chapman, University of VirginiaYouchang Wu, Securities Exchange Commission

Investor Activism and Corporate Policies – Metropolitan Ballroom BSusan Christoffersen, University of Toronto

The Economic Consequences of Investor Relations: A Global PerspectiveG. Andrew Karolyi, Cornell University Rose Liao, Rutgers University

Passive Investors, Not Passive OwnersIan Appel, University of Pennsylvania Todd Gormley, University of PennsylvaniaDonald Keim, University of Pennsylvania

The Returns to Hedge Fund Activism: An International StudyMarco Becht, Solvay Brussels School for Economics and Management Julian Franks, London Business SchoolJeremy Grant, CM CIC SecuritiesHannes Wagner, Bocconi University

Discussants:Shimon Kogan, Interdisciplinary Center Herzliya (IDC)Inessa Liskovich, Princeton UniversityTara Bhandari, Securities Exchange Commission

Beliefs – AspenBruce Carlin, University of California-Los Angeles

Belief Dispersion in the Stock MarketAdem Atmaz, London Business SchoolSuleyman Basak, London Business School

Uncertainty Aversion and Systemic RiskDavid Dicks, University of North Carolina-Chapel HillPaolo Fulghieri, University of North Carolina-Chapel Hill

Efficiency, Mispricing and Investment Distortions in a Production Economy with Heterogeneous BeliefsChristian Heyerdahl-Larsen, London Business SchoolJohan Walden, University of California-Berkeley

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Discussants:Daniel Andrei, University of California-Los AngelesAndrew Hertzberg, Columbia UniversityStefano Giglio, University of Chicago

Mortgages – CedarKose John, New York University

Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage MarketGiovanni Favara, Federal Reserve Board Mariassunta Giannetti, Stockholm School of Economics

Securitization Networks and Endogenous Financial Norms in U.S. Mortgage MarketsRichard Stanton, University of California-BerkeleyJohan Walden, University of California-BerkeleyNancy Wallace, University of California-Berkeley

When are Modifications of Securitized Loans Beneficial to Investors?Gonzalo Maturana, University of Texas-Austin

Discussants:S. Abraham Ravid, Yeshiva UniversityMaryam Farboodi, Princeton UniversityTomasz Piskorski, Columbia University

Cross-Country Competition – WillowNaveen Khanna, Michigan State University

Do Foreign Listings in the U.S. Affect U.S. Firms?Sergei Sarkissian, McGill University Yan Wang, Erasmus University Rotterdam

Corporate Inversions and Americanizations: A Case of Having the Cake and Eating it Too?Felipe Cortes, Northeastern University Armando Gomes, Washington University-St. LouisRadhakrishnan Gopalan, Washington University-St. Louis

Does R&D Cure the China Syndrome? Evidence from U.S. Manufacturing FirmsJohan Hombert, HEC ParisAdrien Matray, HEC Paris

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Discussants:Sheri Tice, Tulane UniversityHao Jiang, Michigan State UniversityRichmond Mathews, University of Maryland

Volatility Risk – RedwoodBing Han, University of Toronto

Asymmetric Volatility Risk: Evidence from Option MarketsJens Carsten Jackwerth, University of KonstanzGrigory Vilkov, Frankfurt School of Finance & Management

Betting Against Beta or Demand for LotteryTuran Bali, Georgetown University Stephen Brown, New York UniversityScott Murray, University of Nebraska-LincolnYi Tang, Fordham University

Strategic Risk Shifting and Idiosyncratic Volatility PuzzleZhiyao Chen, University of ReadingIlya Strebulaev, Stanford UniversityYuhang Xing, Rice UniversityXiaoyan Zhang, Purdue University

Discussants:Kris Jacobs, University of HoustonJianfeng Yu, University of MinnesotaLorenzo Garlappi, University of British Columbia

Saturday, June 20, 2015, 10:30 am – 12:15 pmInvestor Heterogeneity, Arbitrage, and Stock Returns – Metropolitan Ballroom ARichard Sias, University of Arizona

Don’t Hide Your Light Under a Bushel: Innovative Originality and Stock ReturnsDavid Hirshleifer, University of California-IrvinePo-Hsuan Hsu, University of Hong KongDongmei Li, University of South Carolina

The Momentum Gap and Return PredictabilitySimon Huang, Southern Methodist University

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A Tug of War: Overnight Versus Intraday Expected ReturnsDong Lou, London School of Economics Christopher Polk, London School of EconomicsSpyros Skouras, Athens University of Economics and Business

Discussants:Karl Diether, Brigham Young UniversityDavid McLean, University of AlbertaRoger Edelen, University of California-Davis

Takeovers and Anti-Takeover Provisions – Metropolitan Ballroom BThomas Chemmanur, Boston College

The Real Effects of Uncertainty on Merger ActivityVineet Bhagwat, University of Oregon Robert Dam, Northwestern UniversityJarrad Harford, University of Washington

Do Takeover Defenses Deter Takeovers?Jonathan Karpoff, University of WashingtonRobert Schonlau, Brigham Young UniversityEric Wehrly, Seattle University

Test Identification with Legal Changes: The Case of State Antitakeover LawsJonathan Karpoff, University of Washington Michael Wittry, University of Washington

Discussants:Karthik Krishnan, Northeastern UniversityKaren Simonyan, Suffolk UniversityBernard Black, Northwestern University

Early Investors – WillowAnn Sherman, DePaul University

Patent Collateral, Investor Commitment, and the Market for Venture LendingYael Hochberg, Rice UniversityCarlos Serrano, Universitat Pompeu FabraRosemarie Ziedonis, University of Oregon

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Attracting Early Stage Investors: Evidence from a Randomized Field ExperimentShai Bernstein, Stanford UniversityArthur Korteweg, University of Southern CaliforniaKevin Laws, AngelList, Inc.

Inside Rounds, Down Rounds, and VC ReturnsMichael Ewens, California Institute of TechnologyIlya Strebulaev, Stanford University Matthew Rhodes-Kropf, Harvard University

Discussants:Stefano Rossi, Purdue UniversityXiaoyun Yu, Indiana UniversitySophie Shive, University of Notre Dame

Evidence on Loans – CedarGarry Twite, University of Melbourne

Self-fulfilling Runs: Evidence from the U.S. Life Insurance IndustryNathan Foley-Fisher, Federal Reserve BoardBorghan Narajabad, Federal Reserve BoardStéphane Verani, Federal Reserve Board

The Real Effects of Liquidity During the Financial Crisis: Evidence from AutomobilesEfraim Benmelech, Northwestern UniversityRalf Meisenzahl, Federal Reserve BoardRodney Ramcharan, Federal Reserve Board

Lending in Social NetworksRainer Haselmann, Goethe University FrankfurtDavid Schoenherr, London Business SchoolVikrant Vig, London Business School

Discussants:Lucian Taylor, University of PennsylvaniaSpencer Martin, University of MelbourneNeal Galpin, University of Melbourne

37

Financial Intermediation – AspenAndres Almazan, University of Texas-Austin

Government Guarantees and Financial StabilityFranklin Allen, Imperial College Business SchoolElena Carletti, Bocconi UniversityItay Goldstein, University of PennsylvaniaAgnese Leonello, European Central Bank

Intermediation and Voluntary Exposure to Counterparty RiskMaryam Farboodi, Princeton University

Government Maturity Structure TwistsAlexandre Corhay, University of British Columbia Howard Kung, London Business SchoolGonzalo Morales, University of British Columbia

Discussants:Adolfo de Motta, McGill UniversityRobert Marquez, University of California-DavisTim Landvoigt, University of Texas-Austin

Understanding Investor Behavior – RedwoodLu Zheng, University of California-Irvine

What Drives Peer Effects in Financial Decision-Making? Neural and Behavioral EvidenceCary Frydman, University of Southern California

Risk Aversion in a Dynamic Asset Allocation ExperimentIsabelle Brocas, University of Southern CaliforniaJuan Carrillo, University of Southern CaliforniaAleksandar Giga, University of Southern CaliforniaFernando Zapatero, University of Southern California

Optimism, Financial Literacy and ParticipationAnders Anderson, Stockholm School of EconomicsForest Baker, LinkedIn David Robinson, Duke University

Discussants:Florian Ederer, Yale UniversityThomas Gilbert, University of WashingtonZheng Sun, University of California-Irvine

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2015 Program Committee

Program Chair Laura Starks, University of Texas-Austin

Program Committee Associate ChairpersonsAndres Almazan, University of Texas-AustinAydogan Alti, University of Texas-AustinKeith Brown, University of Texas-Austin Jonathan Cohn, University of Texas-AustinJohn Griffin, University of Texas-AustinRobert Parrino, University of Texas-AustinEhud Ronn, University of Texas-AustinClemens Sialm, University of Texas-AustinSheridan Titman, University of Texas-Austin

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 AlabamaAshwini Agrawal, New York UniversityHengjie Ai, University of MinnesotaRui Albuquerque, Boston UniversityAndres Almazan, University of Texas-AustinHeitor Almeida, University of Illinois-Urbana-ChampaignAydogan Alti, University of Texas-AustinAndrew Ang, Columbia UniversityFernando Anjos, University of Texas-AustinPatrick Augustin, McGill UniversityDoron Avramov, Hebrew UniversityWarren Bailey, Cornell UniversityMalcolm Baker, Harvard UniversityGurdip Bakshi, University of MarylandTuran Bali, Georgetown UniversitySnehal Banerjee, Northwestern UniversityRavi Bansal, Duke UniversityBrad Barber, University of California-DavisSohnke Bartram, Warwick UniversityShmuel Baruch, University of Utah

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Suleyman Basak, London Business SchoolDavid Bates, University of IowaThomas Bates, Arizona State UniversityBo Becker, Stockholm School of EconomicsFrederico Belo, University of MinnesotaEffi Benmelech, Northwestern UniversityLuca Benzoni, Federal Reserve Bank of ChicagoNittai Bergman, Massachusetts Institute of TechnologyDaniel Bergstresser, Brandeis UniversityElazar Berkovitch, Interdisciplinary Center HerzliyaAntonio Bernardo, University of California-Los AngelesGennaro Bernile, Singapore Management UniversityJohn Beshears, Harvard UniversityHendrik Bessembinder, University of UtahSanjai Bhagat, University of Colorado-BoulderHarjoat, Bhamra, Imperial College Business SchoolUtpal Bhattacharya, Hong Kong University of Science and TechnologyOliver Boguth, Arizona State UniversityNick Bollen, Vanderbilt UniversityPhilip Bond, University of WashingtonAudra Boone, Texas A&M UniversityArnoud Boot, University of AmsterdamJacob (Kobi) Boudoukh, Interdisciplinary Center HerzliyaChrista Bouwman, Texas A&M UniversityAlon Brav, Duke UniversityBradyn Breon-Drish, Stanford UniversityDavid Brown, University of Wisconsin-MadisonGregory Brown, University of North Carolina-Chapel HillKeith Brown, University of Texas-AustinStephen Brown, New York UniversityAndrea Buraschi, Imperial College Business SchoolMike Burkart, Stockholm School of EconomicsNatasha Burns, Ohio State UniversityJeffrey Busse, Emory UniversityM. Cecilia Bustamante, University of MarylandMurillo Campello, Cornell UniversityBruce Carlin, University of California-Los AngelesJennifer Carpenter, New York UniversityMaria Chaderina, WU Vienna University of Economics and BusinessDavid Chapman, University of VirginiaGilles Chemla, Imperial College Business SchoolThomas Chemmanur, Boston CollegeHui Chen, Massachusetts Institute of TechnologyMark Chen, Georgia State UniversitySergey Chernenko, Ohio State University

40

Mikhail Chernov, University of California-Los AngelesDarwin Choi, Hong Kong University of Science and TechnologyJames Choi, Yale UniversityTarun Chordia, Emory UniversityBhagwan Chowdhry, University of California-Los AngelesPeter Christoffersen, University of TorontoAnna Cieslak, Northwestern UniversityGian Luca Clementi, New York UniversityJoao Cocco, London Business SchoolLauren Cohen, Harvard UniversityJonathan Cohn, University of Texas-AustinJeffrey Coles, University of UtahPierre Collin-Dufresne, École Polytechnique Fédérale de LausanneJennifer Conrad, University of North Carolina-Chapel HillMichael Cooper, University of UtahJess Cornaggia, Georgetown UniversityFrancesca Cornelli, London Business SchoolJohn Cotter, University College DublinNicholas Crain, Vanderbilt UniversityAlan Crane, Rice UniversityMartijn Cremers, University of Notre DameMariano Croce, University of North Carolina-Chapel HillClaudia Custodia, Universidade Nova de LisboaDragana Cvijanovic, University of North Carolina-Chapel HillZhi Da, University of Notre DameMagnus Dahlquist, Stockholm School of EconomicsTri Vi Dang, Columbia UniversityAndras Danis, Georgia Institute of TechnologyAmil Dasgupta, London School of EconomicsSudipto Dasgupt, Hong Kong University of Science and TechnologyAlexander David, University of CalgaryAdolfo De Motta, McGill UniversityDiane Del Guercio, University of OregonKarl Diether, Brigham Young UniversityAmy Dittmar, University of MichiganEngelbert Dockner, WU Vienna University of Economics and BusinessCraig Doidge, University of TorontoAndres Donangelo, University of Texas-AustinJames Dow, London Business SchoolJoost Driessen, Tilburg UniversityGreg Duffee, Johns Hopkins UniversityEspen Eckbo, Dartmouth CollegeRoger Edelen, University of California-DavisAlex Edmans, London Business SchoolThomas Eisenbach, Federal Reserve Bank of New York

41

Andrea Eisfeldt, University of California-Los AngelesAndrew Ellul, Indiana UniversityJoseph Engleberg, University of California-San DiegoVihang Errunza, McGill UniversityRudiger Fahlenbrach, École Polytechnique Fédérale de LausanneMichael Faulkender, University of MarylandPeter Feldhutter, London Business SchoolMiguel Ferreira, Universidade Nova de LisboaEliezer Fich, Drexel UniversityLaura Field, Pennsylvania State UniversityAdlai Fisher, University of British ColumbiaThierry Foucault, HEC ParisCesare Fracassi, University of Texas-AustinXavier Freixas, Universitat Pompeu FabraNils Friewald, WU Vienna University of Economics and BusinessPaolo Fulghieri, University of North Carolina-Chapel HillXavier Gabaix, New York UniversityLouis Gagnon, Queens UniversityVito Gala, University of PennsylvaniaPengjie Gao, University of Notre DameLorenzo Garlappi, University of British ColumbiaNicolae Garleanu, University of California-BerkeleyMark Garmaise, University of California-Los AngelesThomas Gehrig, University of ViennaThomas George, University of HoustonSimon Gervais, Duke UniversityRon Giammarino, University of British ColumbiaMariassunta Giannetti, Stockholm School of EconomicsStefano Giglio, University of ChicagoThomas Gilbert, University of WashingtonStuart Gillan, University of GeorgiaXavier Giroud, Massachusetts Institute of TechnologyVincent Glode, University of PennsylvaniaBrent Glover, Carnegie Mellon UniversityItay Goldstein, University of PennsylvaniaRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolTodd Gormley, University of PennsylvaniaAmit Goyal, University of LausanneClifton Green, Emory UniversityRobin Greenwood, Harvard UniversitySteve Grenadier, Stanford UniversityJohn Griffin, University of Texas-AustinGustavo Grullon, Rice UniversityBruce Grundy, University of Melbourne

42

Kathleen Hagerty, Northwestern University Michael Halling, Stockholm School of EconomicsAllaudeen Hameed, National University of SingaporeBing Han, University of TorontoSamuel Hanson, Harvard UniversityJarrad Harford, University of WashingtonJeff Harris, American UniversityLarry Harris, University of Southern CaliforniaBarney Hartman-Glaser, University of California-Los AngelesJay Hartzell, University of Texas-AustinJoel Hasbrouck, New York UniversityHenrik Hasseltoft, University of ZurichHarald Hau, University of GenevaPing He, Tsinghua UniversityUlrich Hege, HEC ParisFlorian Heider, European Central BankThomas Hellmann, Oxford UniversityJean Helwege, University of South CarolinaTerrence Hendershott, University of California-BerkeleyMichael Hertzel, Arizona State UniversitySteven Heston, University of MarylandJens Hilscher, Brandeis UniversityNicholas Hirschey, London Business SchoolGerard Hoberg, University of Southern CaliforniaYael Hochberg, Rice UniversityCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityEdie Hotchkiss, Boston CollegeKewei Hou, Ohio State UniversityDavid Hsieh, Duke UniversityEric Hughson, Claremont McKenna CollegeChuan-Yang Hwang, Nanyang Technological UniversityPhilipp Illeditsch, University of PennsylvaniaVictoria Ivashina, Harvard UniversityZoran Ivkovic, Michigan State UniversityRajkamal Iyer, Massachusetts Institute of TechnologyKris Jacobs, University of HoustonRavi Jagannathan, Northwestern UniversityRainer Jankowitsch, WU Vienna University of Economics and BusinessNarashimhan Jegadeesh, Emory UniversityDirk Jenter, Stanford UniversityWei Jiang, Columbia UniversityLi Jin, Oxford UniversityKose John, New York UniversityTravis Johnson, University of Texas-Austin

43

Christopher Jones, University of Southern CaliforniaPhilippe Jorion, University of California-IrvineBrandon Julio, University of OregonMarcin Kacperczyk, Imperial College Business SchoolDalida Kadyrzhanova, Georgia State UniversitySwaminathan Kalpathy, Texas Christian UniversityJun-Koo Kang, Nanyang Technological UniversityRon Kaniel, University of RochesterSteve Kaplan, University of ChicagoJason Karceski, LSV Asset ManagementAndrew Karolyi, Cornell UniversityJonathan Karpoff, University of WashingtonGautam Kaul, University of MichiganSimi Kedia, Rutgers UniversityDonald Keim, University of PennsylvaniaMatti Keloharju, Aalto UniversitySusan Kerr Christoffersen, University of TorontoNaveen Khanna, Michigan State UniversityDana Kiku , University of Illinois-Urbana-ChampaignHyunseob Kim, Cornell UniversityMichael Kisser, Norwegian School of Economics and Business Admin (NHH)Johan Knif, Hanken School of EconomicsSamuli Knüpfer, London Business SchoolAndrew Koch, University of PittsburghShimon Kogan, Interdisciplinary Center HerzliyaRalph Koijen, London Business SchoolAdam Kolasinski, Texas A&M UniversityPeter Kondor, Central European UniversityRobert Korajczyk, Northwestern UniversityArthur Korteweg, University of Southern CaliforniaJennifer Koski, University of WashingtonCNV Krishnan, Case Western Reserve UniversitySam Kruger, University of Texas-AustinLars-Alexander Kuehn, Carnegie Mellon UniversityCamelia Kuhnen, University of North Carolina-Chapel HillPraveen Kumar, University of HoustonHoward Kung, London Business SchoolPablo Kurlat, Stanford UniversityBart Lambrecht, University of CambridgeChristopher Lamoureux, University of ArizonaTim Landvoigt, University of Texas-AustinNisan Langberg, University of HoustonChristian Laux, WU Vienna University of Economics and BusinessAli Lazrak, University of British ColumbiaChris Leach, University of Colorado-Boulder

44

Mark Leary, Washington University-St. LouisCharles Lee, Stanford UniversityInmoo Lee, KAIST Business SchoolAlfred Lehar, University of CalgaryQin Lei, University of MichiganYaron Leitner, Federal Reserve Bank of PhiladelphiaJosh Lerner, Harvard UniversityMartin Lettau, University of California-BerkeleyDoron Levit, University of PennsylvaniaJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeKai Li, University of British ColumbiaSi Li, Wilfrid Laurier UniversityBing Liang, University of MassachusettsErik Lie, University of IowaEva Liljeblom, Hanken School of EconomicsXiaoji Lin, Ohio State UniversityJames Linck, Southern Methodist UniversityLaura Lindsey, Arizona State UniversityJuhani Linnainmaa, University of ChicagoKarl Lins, University of UtahCrocker Liu, Cornell UniversityJun Liu, University of California-San DiegoQianqiu Liu, University of HawaiiTingjun Liu, Cheung Kong Graduate School of BusinessDmitry Livdan, University of California-BerkeleyAlexander Ljungqvist, New York UniversityAndrew Lo, Massachusetts Institute of TechnologyLars Lochstoer, Columbia UniversityClaudio Loderer, Universitaet BernFrancis Longstaff, University of California-Los AngelesGyongyi Loranth, University of ViennaRichard Lowery, University of Texas-AustinMichelle Lowry, Drexel UniversityChristian Lundblad, University of North Carolina-Chapel HillEvgeny Lyandres, Boston UniversityAnthony Lynch, New York UniversityPeter MacKay, Hong Kong University of Science and TechnologyCraig MacKinlay, University of PennsylvaniaAnanth Madhavan, BlackRockLeonardo Madureira, Case Western Reserve UniversityIgor Makarov, London School of EconomicsAndrey Malenko, Massachusetts Institute of TechnologyNadya Malenko, Boston CollegeChris Malloy, Harvard University

45

Gustavo Manso, University of California-BerkeleyRobert Marquez, University of California-DavisSpencer Martin, University of MelbourneMarc Martos-Vila, London Business SchoolMassimo Massa, INSEADRon Masulis, University of New South WalesDavid Matsa, Northwestern UniversityGregor Matvos, University of ChicagoErnst Maug, University of MannheimRobert McDonald, Northwestern UniversityDavid McLean, University of AlbertaAlbert Menkveld, VU University AmsterdamAndrew Metrick Yale UniversityRoni Michaely, Cornell UniversityTodd Milbourn, Washington University-St. LouisDarius Miller, Southern Methodist UniversityKristina Minnick, Bentley CollegeBernadette Minton, Ohio State UniversityErwan Morellec, École Polytechnique Fédérale de LausannePamela Moulton, Cornell UniversityHolger Mueller, New York UniversityPhilippe Mueller, London School of EconomicsJustin Murfin, Yale UniversityDavid Musto, University of PennsylvaniaBrett Myers, Texas Tech UniversityStefan Nagel, University of MichiganBoris Nikolov, University of LausanneGregory Nini, Drexel UniversityThomas Noe, Oxford UniversityKjell Nyborg, University of ZurichTerrance Odean, University of California-BerkeleyMartin Oehmke, Columbia UniversityMaureen O’Hara, Cornell UniversitySteven Ongena, University of ZurichChristian Opp, University of PennsylvaniaMarcus Opp, University of California-BerkeleyHernan Ortiz-Molina, University of British ColumbiaPaige Parker Ouimet, University of North Carolina-Chapel HillOguzhan Ozbas, University of Southern CaliforniaMarco Pagano, Università di Napoli Federico IIDino Palazzo, Boston UniversityDarius Palia, Rutgers UniversityMarios Panayides, University of PittsburghChristine Parlour, University of California-BerkeleyRobert Parrino, University of Texas-Austin

46

Christopher Parsons, University of California-San DiegoLubos Pastor, University of ChicagoAnna Pavlova, London Business SchoolLoriana Pelizzon, University of VeniceLiang Peng, University of Colorado-BoulderGeorge Pennacchi, University of Illinois-Urbana-ChampaignFrancisco Perez-Gonzalez, Stanford UniversityEnrico Perotti, University of AmsterdamMitchell Petersen, Northwestern UniversityLudovic Phalippou, Oxford UniversityGordon Phillips, University of Southern CaliforniaChristopher Polk, London School of EconomicsJeffrey Pontiff, Boston CollegeJillian Popadak, Duke UniversityN.R. Prabhala, University of MarylandManju Puri, Duke UniversityUday Rajan, University of MichiganAdriano Rampini, Duke UniversityOtto Randl, WU Vienna University of Economics and BusinessRaghavendra Rau, University of CambridgeS. Abraham (Avri) Ravid, Yeshiva UniversityAdam Reed, University of North Carolina-Chapel HillJonathan Reuter, Boston CollegeMatt Rhodes-Kropf, Harvard UniversityEdward Rice, University of WashingtonBarbara Rindi, Bocconi UniversityMichael Roberts, University of PennsylvaniaTavy Ronen, Rutgers UniversityEhud Ronn, University of Texas-AustinIoanid Rosu, HEC ParisNikolai Roussanov, University of PennsylvaniaBryan Routledge, Carnegie Mellon UniversityKristian Rydqvist, Binghamton UniversityGideon Saar, Cornell UniversityRonnie Sadka, Boston CollegeJacob Sagi, University of North Carolina-Chapel HillPatrik Sandas, University of VirginiaPaola Sapienza, Northwestern UniversityLucio Sarno, City University, LondonZacharias Sautner, Frankfurt School of Finance and ManagementAnna Scherbina, University of California-DavisMartin Schmalz, University of MichiganLukas Schmid, Duke UniversityJan Schneider, University of Texas-AustinNorman Schuerhoff, University of Lausanne

47

Paul Schultz, University of Notre DameKrista Schwarz, University of PennsylvaniaMark Seasholes, Hong Kong University of Science and TechnologyLemma Senbet, University of MarylandBerk Sensoy, Ohio State UniversityDuane Seppi, Carnegie Mellon UniversityPiet Sercu, Catholic University of LeuvenAmit Seru, University of ChicagoHenri Servaes, London Business SchoolIvan Shaliastovich, University of PennsylvaniaJoel Shapiro, Oxford UniversityAnn Sherman, Depaul UniversityAnil Shivdasani, University of North Carolina-Chapel HillSophie Shive, University of Notre DameTyler 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 CollegeDenis Sosyura, University of MichiganBharath Sreedhar, Arizona State UniversityErik Stafford, Harvard UniversityRichard Stanton, University of California-BerkeleyLaura Starks, University of Texas-AustinAlex Stomper, Humboldt University of BerlinNeal Stoughton, WU Vienna University of Economics and BusinessIlya Strebulaev, Stanford UniversityGünter Strobl, Frankfurt School of Finance & ManagementJohannes Stroebel, New York UniversityPer Strömberg, Stockholm School of EconomicsMichael Stutzer, University of Colorado-BoulderAvanidhar Subrahmanyam, University of California-Los AngelesJohan Sulaeman, National University of SingaporeBhaskaran (Swami) Swaminathan, LSV Asset ManagementGeoffrey Tate, University of North Carolina-Chapel HillLucian Taylor, University of PennsylvaniaChris Telmer, Carnegie Mellon UniversityMelvyn Teo, Singapore Management UniversityPaul Tetlock, Columbia UniversityAnjan Thakor, Washington University-St. LouisKarin Thorburn, Norwegian School of Economics and Business Admin (NHH)Xuan Tian, Indiana UniversitySheri Tice, Tulane University

48

Stathis Tompaidis, University of Texas-AustinHeather Tookes, Yale UniversityMitch Towner, University of ArizonaCharles 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, Stanford UniversityStijn Van Nieuwerburgh, New York UniversityDimitri Vayanos, London School of EconomicsAndrea Vedolin, London School of EconomicsLaura Veldkamp, New York UniversityKumar Venkataraman, Southern Methodist UniversityAdrien Verdelhan, Massachusetts Institute of TechnologyPietro Veronesi, University of ChicagoAnnette Vissing-Jorgensen, Northwestern UniversityPaolo Volpin, Cass Business SchoolErnst-Ludwig (Elu) von Thadden, University of MannheimJessica Wachter, University of PennsylvaniaChristian Wagner, Copenhagen Business SchoolSunil Wahal, Arizona State UniversityJohan Walden, University of California-BerkeleyJiang Wang, Massachusetts Institute of TechnologyNeng Wang, Columbia UniversityZhenyu Wang, Indiana UniversityAkiko Watanabe, University of AlbertaMasahiro Watanabe, University of AlbertaChisen Wei, Nanyang Technological UniversityKelsey Wei, University of Texas-DallasPierre-Oliver Weill, University of California-Los AngelesMichael Weisbach, Ohio State UniversityScott Weisbenner, University of Illinois-Urbana-ChampaignRuss Wermers, University of MarylandIngrid Werner, Ohio State UniversityMark Westerfield, University of WashingtonJames Weston, Rice UniversityBob Whaley, Vanderbilt UniversityToni Whited, University of RochesterRobert Whitelaw, New York UniversityRohan Williamson, Georgetown UniversityAndrew Winton, University of MinnesotaAvi Wohl, Tel-Aviv University

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Youchang Wu, Securities and Exchange CommissionWei Xiong, Princeton UniversityYuhai Xuan, Harvard UniversityPradeep Yadav, University of OklahomaHong Yan, Shanghai Advanced Institute of FinanceHongjun Yan, Yale UniversityJie Yang, Georgetown UniversityLiu Yang, University of MarylandMing Yang, Duke UniversityAyako Yasuda, University of California-DavisDavid Yermack, New York UniversityLance Young, University of WashingtonFernando Zapatero, University of Southern CaliforniaRebecca Zarutskie, Federal Reserve BoardJosef Zechner, WU Vienna University of Economics and BusinessJaime Zender, University of Colorado-BoulderLu Zhang, Ohio State UniversityMindy Xiaolan Zhang, University of Texas-AustinWeina Zhang, National University of SingaporeMengxin Zhao, University of AlbertaLu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisHaoxiang Zhu, Massachusetts Institute of TechnologyJeffrey Zweibel, Stanford University

AcknowledgmentsAs Program Chair I would like to thank the members of the program committee for their dedicated service to the WFA, the result of which is a very high quality program. I would also like to express gratitude to my colleagues at the University of Texas at Austin and particularly to the Associate Chairpersons who helped create the program. Special thanks also go to Belinda Clark for superb assistance, Leigh Ann Clark for her unending help in organizing the WFA meeting, and to Darren Dauberger, Rosemarie Lang, and MaryAnn O’Brien at the Tepper School of Business at Carnegie Mellon for their invaluable support. I would like to extend particular thanks to Lubos Pastor, Bryan Routledge, Jian Wiang and Josef Zechner for their help, advice and guidance. Finally, my deep appreciation to the sponsors for their continued support of the WFA and to the authors for their excellent work.

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IndexAAcharya, Viral 14 Adams, Renée 13Aggarwal, Reena 16Agrawal, Anup 23Ahern, Kenneth 14Ai, Hengjie 14Allen, Franklin 37Almazan, Andres 37Anderson, Anders 37Andrei, Daniel 33Appel, Ian 32Aramonte, Sirio 15Atmaz, Adem 32Augustin, Patrick 19Auh, Jun Kyung 20Avdjiev, Stefan 30Axelson, Ulf 21

BBabenko, Ilona 22, 28Badarinza, Cristian 17Baker, Forest 37Bali, Turan 34Banerjee, Suman 14Bansal, Ravi 27Bartram, Sohnke 15Basak, Suleyman 15, 32Basuroy, Suman 24Bates, Tom 28Becht, Marco 32Begley, Taylor 14Bekaert, Geert 25Belo, Frederico 18Benmelech, Efraim 36Bennedsen, Morten 28Bernardo, Antonio 17Bernile, Gennaro 14Bernstein, Shai 36Bessembinder, Hendrik 15Bhagwat, Vineet 14, 35

Bhandari, Tara 32Bhattacharya, Utpal 19Bhowal, Subhendu 21Bidder, Rhys 27Black, Bernard 35Bodnar, Gordon 15Bogdanova, Bilyana 30Boguth, Oliver 28Bolton, Patrick 30Bond, Philip 21Boone, Audra 26Boyarchenko, Nina 22Bradley, Daniel 26Brenner, Menachem 19Breza, Emily 24Brocas, Isabelle 37Brogaard, Jonathan 26Brown, David 14Brown, Stephen 34Buehlmaier, Matthias 13Buffa, Andrea M. 15Burt, Aaron 13, 17Busse, Jeffrey 31

CCai, Jie 17Campbell, John 30Campello, Murillo 20Carletti, Elena 37Carlin, Bruce 20, 32Carpenter, Jennifer 20Carrillo, Juan 37Chabi-Yo, Fousseni 25Chaigneau, Pierre 20Chang, Briana 21Chapman, David 32Chemmanur, Thomas 35Chen, Zhiyao 34Chen, Zhuo 28Chernenko, Sergey 21Chiang, Chin-Han 13

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Chodorow-Reich, Gabriel 18Choi, James 25Chordia, Tarun 31Christoffersen, Susan 32Cici, Gjergji 31Cieslak, Anna 16Cohn, Jonathan 24Colacito, Riccardo 25Coles, Jeffrey 29Collin-Dufresne, Pierre 25, 29Corhay, Alexandre 37Cornaggia, Jess 24Cortes, Felipe 30, 33Crane, Alan 18Cremers, Martijn 16Crotty, Kevin 20Custodio, Claudia 23

DD’Acunto, Francesco 25Dai, Wei 13Dam, Robert 35Daniel, Naveen 23De Angelis, David 29de Motta, Adolfo 37Del Guercio, Diane 19Dew-Becker, Ian 18, 27Dicks, David 32Diether, Karl 35Dimmock, Stephen 31Dobridge, Christine 28Donangelo, Andres 32Dong, Ailin 31Drexler, Alejandro 21Du, Songzi 23Duchin, Ran 15Duffee, Greg 30Duffie, Darrell 23Dworczak, Piotr 23Dyck, Alexander 28

EEckbo, Espen 20Edelen, Roger 35Ederer, Florian 37Edmans, Alex 13, 20, 26Ekmekci, Mehmet 21Ellul, Andrew 30Engelberg, Joey 26Erel, Isil 17Ermolov, Andrey 30Ewens, Michael 36

FFabisiak, Alex 17Fan, Jianqing 13Fang, Vivian W. 13Farboodi, Maryam 33, 37Faulkender, Michael 14Favara, Giovanni 33Favilukis, Jack 25Fee, C. Edward 24Feldhutter, Peter 25Ferreira, Miguel 19, 23Ferson, Wayne 31Fich, Eliezer 31Filipovic, Damir 25Foley, Sean 26Foley-Fisher, Nathan 36Fracassi, Cesare 20Frank, Murray 21Franks, Julian 32Frydman, Cary 37Fulghieri, Paolo 32Fuster, Andreas 22

GGalpin, Neal 36Gargano, Antonio 19Garlappi, Lorenzo 34Garleanu, Nicolae 27Garriott, Corey 26Gehde-Trapp, Monika 31Gerken, William 31

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Giacoletti, Marco 25Giambona, Erasmo 15Giannetti, Mariassunta 33Giga, Aleksandar 37Giglio, Stefano 18, 33Gilbert, Thomas 37Gillan, Stuart 29Glover, Brent 17Gofman, Michael 27Gokkaya, Sinan 26Goldman, Jim 16Goldstein, Itay 37Goldstein, Robert 21Golez, Benjamin 25Gomes, Armando 33Gómez, Juan-Pedro 19Goncalves-Pinto, Luis 26González-Uribe, Juanita 29Gopalan, Radhakrishnan 33Göricke, Marc-André 31Gormley, Todd 32Gottlieb, Daniel 20Goyal, Amit 28Graham, John 15, 28Graham, Nathaniel 31Grant, Jeremy 32Griffin, John 19, 22Grullon, Gustavo 21, 29Gryglewicz, Sebastian 20

HHaddad, Valentin 27Hadlock, Charles 24Han, Bing 34Hanson, Sam 21, 28Harford, Jarrad 35Harris, Milton 24Hartman-Glaser, Barney 20Hartzell, Jay 17Harvey, Campbell 15Haselmann, Rainer 15, 36He, Zhiguo 17Herskovic, Bernard 27Hertzberg, Andrew 33Hertzel, Michael 31

Heyerdahl-Larsen, Christian 32Hirshleifer, David 34Hoberg, Gerard 15Hochberg, Yael 35Hollifield, Burton 17, 27Hombert, Johan 33Hong, Harrison 13Hoyem, Kenton 25Hrdlicka, Christopher 13, 17Hsu, Po-Hsuan 34Hu, Grace Xing 22Hu, Wei-Yin 25Huang, Darien 29Huang, Jennifer 18Huang, Simon 34Hund, John 22Huson, Mark 31

IIrani, Rustom 14

JJackwerth, Jens Carsten 34Jacobs, Kris 34Jiang, Hao 34Jiang, Lei 31Jiang, Liangliang 30Jiang, Wei 30Jin, Li 13Jochem, Torsten 29John, Kose 33Johnson, Travis 28Joslin, Scott 30

KKacperczyk, Marcin 16Kang, Wenjin 29Kaniel, Ron 15Karolyi, G. Andrew 32Karpoff, Jonathan 35Kartasheva, Anastasia 14, 30Kedia, Simi 13Keim, Donald 32Keloharju, Matti 13

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Kempf, Alexander 31Kempf, Elisabeth 19Khan, Saqib 29 Khanna, Naveen 33Khokher, Zeigham 29Kiku, Dana 27Kilic, Mete 18Klasa, Sandy 20Knüpfer, Samuli 13Kogan, Shimon 32Korteweg, Arthur 36Koudijs, Peter 25Krishnan, Karthik 35Kruger, Samuel 17Kumar, Praveen 29Kung, Howard 37

LLadika, Tomislav 20, 29Lagaras, Spyridon 23Landvoigt, Tim 37Larsson, Martin 25Laursen, Lars Kristoffer 25Laws, Kevin 36Leary, Mark 28Lee, Seung Jung 15Lemmon, Michael 28Leonello, Agnese 37Leung, Raymond C. W. 20Levine, Ross 30Lewellen, Katharina 13Li, Dongmei 34Li, Jun 18Li, Kai 14, 31Liao, Rose 32Liberman, Andres 15, 24Lin, Chen 24, 30Lin, Xiaoji 16, 18Linnainmaa, Juhani 27Liskovich, Inessa 32Litov, Lubomir 16Liu, Xi 26Ljungqvist, Alexander 22Lochstoer, Lars 25Longstaff, Francis 22

Loualiche, Erik 27Lou, Dong 35Loutskina, Elena 21Lowery, Richard 24Lu, Andrea 28Lucas, Deborah 21Lucca, David 22Lustig, Hanno 30

MMa, Linlin 19Maggiori, Matteo 18Makaew, Tanakorn 15Makarov, Dmitry 15Makarov, Igor 16, 21Maksimovic, Vojislav 15Manconi, Alberto 19Manela, Asaf 30Manso, Gustavo 22Marquez, Robert 37Martin, Spencer 36Massa, Massimo 31Masulis, Ronald 16Mathews, Richmond 34Matos, Pedro 23Matray, Adrien 33Matta, Rafael 20Maturana, Gonzalo 33McLean, David 35Mehta, Mihir 26Meisenzahl, Ralf 14, 36Michaels, Ryan 17Michenaud, Sebastien 29Milbradt, Konstantin 17, 23Mobbs, Shawn 16Moinas, Sophie 23Monk, Donald 22Moon, S. Katie 15Morales, Gonzalo 37Moreira, Alan 16Morse, Adair 16, 31Moyen, Nathalie 17Murray, Scott 34

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NNadauld, Taylor 18Nagel, Stefan 19, 28Narajabad, Borghan 36Neklyudov, Artem 27Nezafat, Pedram 21Nickerson, Jordan 22Noe, Thomas 23Nosal, Jaromir 16

OO’Hara, Maureen 26Ochoa, Marcelo 27Odders-White, Elizabeth 19Oehmke, Martin 17Orlov, Dmitry 16, 22Ortiz-Molina, Hernan 20Ouimet, Paige 24Ozbas, Oguzhan 16

PPage, Beau 17Pagnotta, Emiliano S. 23Palacios, Miguel 18, 23Palomino, Francisco 30Pan, Jun 22Pan, Yihui 23Parise, Gianpaolo 24Parlour, Christine 14Parrino, Robert 29Pastor, Lubos 31Peress, Joel 16Petersen, Mitch 24Pflueger, Carolin 30Piskorski, Tomasz 33Polk, Christopher 35Pontiff, Jeffrey 22Pool, Veronika Krepely 18Prabhala, Nagpurnanand R. 17Puckett, Andy 26Purnanandam, Amiyatosh 14Putniņš, Tālis 26

RRajan, Uday 14Ramadorai, Tarun 17, 29Ramcharan, Rodney 36Rau, P. Raghavendra 14Ravid, S. Abraham 24, 33Ravina, Enrichetta 25Ready, Mark 19Reeb, David 16, 26Reuter, Jonathan 19Rhodes-Kropf, Matthew 22, 36Ringgenberg, Matthew 29Roberts, Michael 28Robinson, David 37Rossi, Alberto 19Rossi, Stefano 36Rouwenhorst, K. Geert 29Routledge, Bryan 27

SSaar, Gideon 26Sarkissian, Sergei 33Sautner, Zacharias 29Scherbina, Anna 16Schlusche, Bernd 16Schmalz, Martin 24Schmid, Lukas 14Schmidt, Breno 19Schmid, Thomas 24Schmidt, Lawrence 18Schoenherr, David 36Schonlau, Robert 35Schurhoff, Norman 22Sepe, Simone M. 16Seppi, Duane 27, 29Serfling, Matthew 20Serrano, Carlos 35Sevilir, Merih 26Shan, Susan Chenyu 30Sherman, Ann 35Shive, Sophie 36Shu, Tao 13Shue, Kelly 25Sialm, Clemens 25

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Sias, Richard 34Simin, Timothy 29Simonyan, Karen 35Singleton,Kenneth 25Skouras, Spyros 35Skrastins, Janis 24So, Eric 28Sockin, Michael 27Song, Dongho 30Sosyura, Denis 22Spalt, Oliver 19Spiegel, Matt 14Srinivasan, Shweta 20Stambaugh, Robert 31Stanton, Richard 33Stebunovs, Viktors 15Steffen, Sascha 15Stevens, Luminita 16Stoffman, Noah 18Stoughton, Neal 20Strebulaev, Ilya 34, 36Stroebel, Johannes 18Subrahmanyam, Marti G. 19Subramanian, Krishnamurthy 21Sundaresan, Suresh 20Sunderam, Adi 21Sun, Zheng 37Sverdlove, Ronald 24

TTang, Dragon Yongjun 30Tang, Ke 29Tang, Yi 34Tang, Yuehua 19, 31Tantri, Prasanna 21Taylor, Lucian 31, 36Thakor, Anjan 30Tice, Sheri 22, 34Tookes, Heather 21Towner, Mitch 24Trolle, Anders 25Tseng, Kevin 27Tserlukevich, Yuri 22Tsoutsoura, Margarita 23Tu, Jun 13

Twite, Garry 36

Vvan Binsbergen, Jules 25Vayanos, Dimitri 15Verani, Stéphane 36Viceira, Luis 30Vickery, James 22Vig, Vikrant 36Vilkov, Grigory 34Vissing-Jorgensen, Annette 16

WWachter, Jessica 18Wagner, Hannes 32Wahal, Sunil 28Walden, Johan 18, 32, 33Wallace, Nancy 33Wan, Pengcheng 22Wang, Baolian 13Wang, Jessie Jiaxu 27Wang, Jiang 22Wang, Tracy Yue 23Wang, Wei 31Wang, Yan 33Wang, Yanbo 26Wehrly, Eric 35Weisbach, Michael 23Welch, Ivo 17Wermers, Russ 19Werner, Ingrid 23, 26Weston, James 15Whited, Toni 13, 17Williams, Basil 21Wittry, Michael 35Woolley, Paul 15Wu, Serena 31Wu, Youchang 32

XXing, Yuhang 34Xu, Moqi 26, 29

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Xuan, Yuhai 24

YYan, Hong 30Yan, Hongjun 13Yang, Fan 21Yang, Fang 14Yao, Chen 26Yasuda, Ayako 14Ye, Mao 26Yerramilli, Vijay 18Yonker, Scott 18Yu, Jianfeng 34Yu, Xiaoyun 36

ZZaldokas, Alminas 31Zapatero, Fernando 37Zeume, Stefan 28Zhang, Hanjiang 18Zhang, Mindy Xiaolan 20Zhang, Xiaoyan 34Zhao, Wanli 26Zheng, Kuncheng 14Zheng, Lu 19, 37Zhong, Zhuo 23Zhu, Haoxiang 23, 26Ziedonis, Rosemarie 35Zucchi, Francesca 20

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2016 ANNUAL MEETINGS OF THE WESTERN FINANCE ASSOCIATION

JUNE 20-23, 2016CANYONS RESORTPARK CITY, UTAH

Members and friends of the Western Finance Association are invited to submit papers to be considered for presentation at the 2016 Annual Meetings. Papers on any topic related to finance will be considered. Submission of papers: Papers should be submitted electronically at the WFA web site, www.westernfinance.org, which will contain full instructions for submission, including required on-line registration, creation of the required cover page, the submission fee, and other vital instructions. We will begin taking submissions on October 1, 2015. The deadline for submissions is midnight PST November 18, 2015. Papers will be reviewed anonymously by up to three members of the Program Committee, and authors will be notified of the Program Committee’s decisions by the end of March, 2016.

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.

Kepos Award of $5,000 for the best paper on investments.

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

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

2016 Program Chair:

Lubos Pastor, University of Chicago

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