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2:45 pm – 4:30 pm PDTGlobal Investing – Pavilion Ballroom East (plaza level)Market Competition – Pavilion Ballroom West (plaza level)Investor Decisions – Broadway I&II (plaza level)Financial Constraints – Broadway III&IV (plaza level)ESG – Galleria North (ballroom level)Institutional Borrowing – Galleria South (ballroom level)4:30 pm – 6:30 pm PDTWFA Executive Committee and Board of Directors Meeting [Invitation Only] –Council (3rd floor)6:00 pm – 8:00 pm PDTCornerstone Research Reception – Atrium Ballroom (plaza level)Sunday, June 26, 20227:30 am – 4:00 pm PDTOn-site Registration – Atrium Foyer (plaza level)8:15 am – 10:00 am PDTRigidities – Pavilion Ballroom East (plaza level)Bank Risk – Pavilion Ballroom West (plaza level)Government Funding – Broadway I&II (plaza level)Market Characteristics – Broadway III&IV (plaza level)Raising Capital – Galleria North (ballroom level)Quoting and Prices – Galleria South (ballroom level)10:00 am – 10:30 am PDTWharton Research Data Services Coffee Break – Atrium Foyer (plaza level)10:30 am – 12:15 pm PDTCentral Bank Actions – Pavilion Ballroom East (plaza level)CEO Compensation – Pavilion Ballroom West (plaza level)Microstructure – Broadway I&II (plaza level)Litigation – Broadway III&IV (plaza level)Bias – Galleria North (ballroom level)Funds and markets – Galleria South (ballroom level)12

12:30 pm – 1:50 pm PDTWFA Annual Luncheon – Grand Ballroom (ballroom level)Distinguished Speaker: Andrew Karolyi, Cornell University2:45 pm – 4:30 pm PDTMarkets and Shorts – Pavilion Ballroom East (plaza level)Macro Shocks – Pavilion Ballroom West (plaza level)Macro Finance – Broadway I&II (plaza level)Consumer Credit – Broadway III&IV (plaza level)Media – Galleria North (ballroom level)Corporate Finance – Galleria South (ballroom level)6:00 pm – 8:00 pm PDTBlackRock Reception – Atrium Ballroom (plaza level)Monday, June 27, 20227:30 am – 11:00 am PDTOn-site Registration – Atrium Foyer (plaza level)8:15 am – 10:00 am PDTLong Debt – Pavilion Ballroom East (plaza level)Updating – Pavilion Ballroom West (plaza level)FinTech – Broadway I&II (plaza level)Taxes – Broadway III&IV (plaza level)Incentives – Galleria North (ballroom level)Gigs and Networks – Galleria South (ballroom level)10:00 am – 10:30 am PDTJournal of Financial and Quantitative Analysis Coffee Break – Atrium Foyer (plazalevel)10:30 am – 12:15 pm PDTClimate Finance – Pavilion Ballroom East (plaza level)Treasuries – Pavilion Ballroom West (plaza level)Credit Markets – Broadway I&II (plaza level)Funds – Broadway III&IV (plaza level)Predictability – Galleria North (ballroom level)Consumer Decisions – Galleria South (ballroom level)13

PROGRAM DETAILSSaturday, June 25, 2022, 8:15 am – 10:00 am PDTDemand for Capital – Pavilion Ballroom East (plaza level)Jonathan Berk, Stanford UniversityInvestor Demand, Financial Market Power, and Capital MisallocationJaewon Choi, University of Illinois-Urbana-ChampaignMahyar Kargar, University of Illinois-Urbana-ChampaignXu Tian, University of GeorgiaYufeng Wu, University of Illinois-Urbana-ChampaignLearning about the Consumption Risk Exposure of FirmsYongjin Kim, City University of Hong KongLars-Alexander Kuehn, Carnegie Mellon UniversityKai Li, Peking UniversityFeedback Effects with Risk Aversion: An Application to Climate RiskSnehal Banerjee, University of California-San DiegoBradyn Breon-Drish, University of California-San DiegoKevin Smith, Stanford UniversityDiscussants:Lukas Schmid, University of Southern CaliforniaLars A. Lochstoer, University of California-Los AngelesAlbert Kyle, University of MarylandLending – Pavilion Ballroom West (plaza level)Mitchell A. Petersen, Northwestern UniversityIntermediary-Based Loan PricingPierre Mabille, INSEADOlivier Wang, New York UniversityCredit Fire Sales: Captive Lending as Liquidity in DistressMatteo Benetton, University of California-BerkeleySergio Mayordomo, Bank of SpainDaniel Paravisini, London School of Economics and Political ScienceLoan Guarantees, Bank Lending and Credit Risk ReallocationAndrew Ellul, Indiana UniversityCarlo Altavilla, Parthenope University of NaplesMarco Pagano, Università degli Studi di Napoli Federico IIAndrea Polo, Luiss Guido Carli UniversityThomas Vlassopoulos, European Central Bank14

Discussants:William Diamond, University of PennsylvaniaBronson Argyle, Brigham Young UniversityOlivia Kim, Massachusetts Institute of TechnologyImpact Investing – Broadway I&II (plaza level)Ayako Yasuda, University of California-DavisImpact Investing and Venture Capital Industry: Experimental EvidenceYe Zhang, Stockholm School of EconomicsAre Carbon Emissions Associated with Stock Returns ?Jitendra Aswani, Fordham UniversityShivaram Rajgopal, Columbia UniversityAneesh Raghunandan, London School of Economics and Political ScienceFresh Start or Fresh Water: The Impact of Environmental Lender LiabilityAymeric Bellon, University of PennsylvaniaDiscussants:Keer Yang, University of California-DavisAudra Boone, Texas Christian UniversityJanet Gao, Indiana UniversityPaying – Broadway III&IV (plaza level)Ye Li, Ohio State UniversityMaking MoneyGary Gorton, Yale UniversityChase Ross, Federal Reserve Board of GovernorsSharon Ross, Office of Financial ResearchDigital Currency RunsDavid Skeie, University of WarwickInflation and Individual Investors’ Behavior: Evidence from the GermanHyperinflationFabio Braggion, Tilburg UniversityFelix von Meyerinck, Tilburg UniversityNic Schaub, WHU - Otto Beisheim School of ManagementDiscussants:Quentin Vandeweyer, University of ChicagoJesse Davis, University of North Carolina-Chapel HillXing Huang, Washington University-St. Louis15

Bond Markets – Galleria North (ballroom level)Robert Goldstein, University of MinnesotaBond Convenience Yields in the Eurozone Currency UnionZhengyang Jiang, Northwestern UniversityHanno Lustig, Stanford UniversityStijn Van Nieuwerburgh, Columbia UniversityMindy Z. Xiaolan, University of Texas-AustinIssuance and Valuation of Corporate Bonds with Quantitative EasingStefano Pegoraro, University of Notre DameMattia Montagna, European Central BankRisk-Free Rates and Convenience Yields Around the WorldWilliam Diamond, University of PennsylvaniaPeter Van Tassel, Federal Reserve Bank of New YorkDiscussants:Zhaogang Song, Johns Hopkins UniversityJonathan Wallen, Harvard UniversityAlyssa Anderson, Federal Reserve Board of GovernorsMethods – Galleria South (ballroom level)Mikhail Chernov, University of California-Los AngelesNon-Standard ErrorsAlbert Menkveld, Vrije Universiteit AmsterdamAnna Dreber, Stockholm UniversityFelix Holzmeister, University of InnsbruckJuergen Huber, University of InnsbruckMagnus Johannesson, Stockholm UniversityAsset Pricing with Panel Tree under Global Split CriteriaWill Cong, Cornell UniversityGuanhao Feng, City University of Hong KongJingyu He, City University of Hong KongXin He, City University of Hong KongSemiparametric Conditional Factor Models: Estimation and InferenceQihui Chen, Chinese University of Hong Kong-ShenzhenNick Roussanov, University of PennsylvaniaXiaoliang Wang, University of PennsylvaniaDiscussants:Campbell Harvey, Duke UniversityShrihari Santosh, University of Colorado-BoulderSeth Pruitt, Arizona State University16

Saturday, June 25, 2022, 10:30 am – 12:15 pm PDTCurrencies – Pavilion Ballroom East (plaza level)Lars A. Lochstoer, University of California-Los AngelesGlobal Sales, International Currencies and the Currency Denomination of DebtRiccardo Colacito, University of North Carolina-Chapel HillYan Qian, University of North Carolina-Chapel HillAndreas Stathopoulos, University of North Carolina-Chapel HillHow Can Asset Prices Value Exchange Rate Wedges?Edith Liu, Federal Reserve Board of GovernorsKaren Lewis, University of PennsylvaniaInternational Trade and the Risk in Bilateral Exchange RatesRamin Hassan, University of MinnesotaErik Loualiche, University of MinnesotaAlexandre R. Pecora, University of MinnesotaColin Ward, University of MinnesotaDiscussants:Zhengyang Jiang, Northwestern UniversityMikhail Chernov, University of California-Los AngelesRobert Ready, University of OregonMarket Design – Pavilion Ballroom West (plaza level)Liyan Yang, University of TorontoFlow TradingEric Budish, University of ChicagoPeter Cramton, University of CologneAlbert Kyle, University of MarylandJeongmin Lee, Washington University-St. LouisDavid Malec, University of MarylandOn the Effects of Continuous TradingIvan Indriawan, Auckland University of TechnologyRoberto Pascual, University of the Balearic IslandsAndriy Shkilko, Wilfrid Laurier UniversityRisk Sharing in Time Priority MarketsCorey Garriott, Bank of CanadaVincent van Kervel, Pontificia Universidad Católica de ChileMarius Zoican, University of TorontoDiscussants:Joshua Mollner, Northwestern UniversityVincent Gregoire, HEC MontréalSemih Uslu, Johns Hopkins University17

Factors – Broadway I&II (plaza level)Nicolae Gârleanu, Washington University-St. LouisCrowding and Factor ReturnsWenjin Kang, Shanghai University of Finance and EconomicsK Geert Rouwenhorst, Yale UniversityKe Tang, Tsinghua UniversityInvestor BetasRyan Lewis, University of ColoradoShrihari Santosh, University of Colorado-BoulderTest Assets and Weak FactorsStefano Giglio, Yale UniversityDacheng Xiu, University of ChicagoDake Zhang, University of ChicagoDiscussants:Jonathan Wallen, Harvard UniversityJinfei Sheng, University of California-IrvineSeth Pruitt, Arizona State UniversityCorporate Decisions – Broadway III&IV (plaza level)S. Abraham (Avri) Ravid, Yeshiva UniversityConstrained-Efficient Capital ReallocationAndrea Lanteri, Duke UniversityAdriano A. Rampini, Duke UniversityCredit Risk and the Life Cycle of Callable Bonds: Implications for RealCorporate DecisionsBo Becker, Stockholm School of EconomicsMurillo Campello, Cornell UniversityViktor Thell, Stockholm School of EconomicsDong Yan, Stockholm School of EconomicsCreating Controversy in Proxy Voting AdviceAndrey Malenko, University of MichiganNadya Malenko, University of MichiganChester S. Spatt, Carnegie Mellon UniversityDiscussants:S. Abraham (Avri) Ravid, Yeshiva UniversityThomas J. Chemmanur, Boston CollegeMiriam Schwartz-Ziv, Hebrew University of Jerusalem18

Technology and Decisions – Galleria North (ballroom level)Elena N. Asparouhova, University of UtahUnpacking the Black Box: Regulating Algorithmic DecisionsLaura Blattner, Stanford UniversityScott T. Nelson, University of ChicagoJann Spiess, Stanford University PressDoes Floor Trading Matter?Jonathan Brogaard, University of UtahMatthew C. Ringgenberg, University of UtahDominik Rosch, State University of New York-BuffaloFinancial Regulation and Automation Adoption: Evidence from Stock TradingFirmsPedro Tremacoldi-Rossi, Columbia UniversityDiscussants:Debrah Meloso, Toulouse Business SchoolSophie Moinas, Toulouse School of EconomicsIngrid M. Werner, Ohio State UniversitySecuritization – Galleria South (ballroom level)Barney Hartman-Glaser, University of California-Los AngelesCheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market QualityYesol Huh, Federal Reserve Board of GovernorsYou Suk Kim, Federal Reserve Board of GovernorsSPAC IPOs and Sponsor Network CentralityChen Lin, University of Hong KongFangzhou Lu, University of Hong KongRoni Michaely, University of Hong KongShihua Qin, University of Hong KongAgency Conflicts in Securitization: Evidence from Ginnie Mae Early BuyoutsArka Prava Bandyopadhyay, University of Colorado-BoulderDiscussants:Nancy Wallace, University of California-BerkeleyWill Gornall, University of British ColumbiaDarren Aiello, Brigham Young University19

Saturday, June 25, 2022, 2:45 pm – 4:30 pm PDTGlobal Investing – Pavilion Ballroom East (plaza level)Burton Hollifield, Carnegie Mellon UniversityA Portfolio Approach to Global ImbalancesZhengyang Jiang, Northwestern UniversityRobert Richmond, New York UniversityTony Zhang, Federal Reserve Board of GovernorsBeyond Incomplete Spanning: Convenience Yields and Exchange RateDisconnectZhengyang Jiang, Northwestern UniversityArvind Krishnamurthy, Stanford UniversityHanno Lustig, Stanford UniversityJialu Sun, Stanford UniversityUS Global Shock Exposures, Recursive Preferences and International AssetPricingSun Yong Kim, Northwestern UniversityDiscussants:Maxime Sauzet, Boston UniversityPhilipp Illeditsch, Texas A&M UniversityFederico Gavazzoni, BI Norwegian Business SchoolMarket Competition – Pavilion Ballroom West (plaza level)Joel Hasbrouck, New York UniversityHow Competitive is the Stock Market? Theory, Evidence from Portfolios, andImplications for the Rise of Passive InvestingValentin Haddad, University of California-Los AngelesPaul Huebner, University of California-Los AngelesErik Loualiche, University of MinnesotaTrading Fees and Intermarket CompetitionMarios Panayides, University of CyprusBarbara Rindi, Università BocconiIngrid M. Werner, Ohio State UniversityQuote Competition in Corporate BondsTerrence Hendershott, University of California-BerkeleyDan Li, Federal Reserve Board of GovernorsDmitry Livdan, University of California-BerkeleyNorman Schürhoff, University of LausanneKumar Venkataraman, Southern Methodist University20

Discussants:Carole Comerton-Forde, University of MelbourneKumar Venkataraman, Southern Methodist UniversityXing Zhou, Federal Reserve Board of GovernorsInvestor Decisions – Broadway I&II (plaza level)Michaela Pagel, Columbia UniversityWhat Drives Investors’ Portfolio Choices? Separating Risk Preferences fromFrictionsTaha Choukhmane, Massachusetts Institute of TechnologyTim de Silva, Massachusetts Institute of TechnologyDisposed to Be OverconfidentKatrin Gödker, Maastricht UniversityTerrance Odean, University of California-BerkeleyThe Mortgage-Cash Premium PuzzleMichael Reher, University of California-San DiegoRossen Valkanov, University of California-San DiegoDiscussants:Joseph Briggs, Federal Reserve Board of GovernorsSteffen Meyer, University of Southern DenmarkBenjamin Collier, Temple UniversityFinancial Constraints – Broadway III&IV (plaza level)Yuri Tserlukevich, Arizona State UniversityThe Epidemiology of Financial ConstraintsIoannis Spyridopoulos, American UniversityMorad Zekhnini, Michigan State UniversityWilliam Grieser, Texas Christian UniversitySegmented ArbitrageEmil Siriwardane, Harvard UniversityAditya Sunderam, Harvard UniversityJonathan Wallen, Harvard UniversityCapital Quality, Productivity, and Financial Constraints: Evidence from IndiaPoorya Kabir, National University of SingaporeSeyed Mohammad Mansouri, Columbia UniversityDiscussants:Christoph Schiller, Arizona State UniversityMatteo Benetton, University of California-BerkeleyAdriano A. Rampini, Duke University21

ESG – Galleria North (ballroom level)Alexander Ljungqvist, Stockholm School of EconomicsGreen Image in Supply Chains: Selective Disclosure of Corporate SuppliersYilin Shi, Chinese University of Hong KongJing Wu, Chinese University of Hong KongYu Zhang, Peking UniversityThe Impact of Impact InvestingJonathan Berk, Stanford UniversityJules Van Binsbergen, University of PennsylvaniaExit vs. VoiceEleonora Broccardo, University of TrentoOliver Hart, Harvard UniversityLuigi Zingales, University of ChicagoDiscussants:Ruidi Huang, Southern Methodist UniversityJan Starmans, Stockholm School of EconomicsMarcus Opp, Stockholm School of EconomicsInstitutional Borrowing – Galleria South (ballroom level)Naveen Khanna, Michigan State UniversityCrowded Ratings: Clientele Effects in the Corporate Bond MarketFrancisco Gomes, London Business SchoolRyan Lewis, University of ColoradoJordan Nickerson, University of WashingtonPublic Employee Pensions and Municipal InsolvencySean Myers, University of PennsylvaniaBank Loan Funds: Discretionary Values as a Source of StabilityMustafa Emin, University of FloridaChristopher M. James, University of FloridaDiscussants:Ryan Israelsen, Michigan State UniversityGeorge G. Pennacchi, University of Illinois-Urbana-ChampaignXing Huang, Washington University-St. Louis22

Sunday, June 26, 2022, 8:15 am – 10:00 am PDTRigidities – Pavilion Ballroom East (plaza level)Lorenzo Garlappi, University of British ColumbiaDemand Elasticities, Nominal Rigidities and Asset PricesNuno Clara, Duke UniversityPrice Rigidities and Credit RiskPatrick Augustin, McGill UniversityFrancis Cong, McGill UniversityAlexandre Corhay, University of TorontoMichael Weber, University of ChicagoTechnology-Skill Complementarity and Labor Displacement: Evidence fromLinking Two Centuries of Patents with OccupationsLeonid Kogan, Massachusetts Institute of TechnologyDimitris Papanikolaou, Northwestern UniversityLawrence D. W. Schmidt, Massachusetts Institute of TechnologyBryan Seegmiller, Massachusetts Institute of TechnologyDiscussants:Francesco D’Acunto, Boston CollegeWinston Dou, University of PennsylvaniaMiao Ben Zhang, University of Southern CaliforniaBank Risk – Pavilion Ballroom West (plaza level)Robert Marquez, University of California-DavisLet the Worst One Fail: A Credible Solution to the Too-Big-To-Fail ConundrumThomas Philippon, New York UniversityOlivier Wang, New York UniversityPopulation Aging and Bank Risk-TakingSebastian Doerr, Bank for International SettlementsGazi Kabaş, Swiss Finance InstituteSteven Ongena, University of ZurichBank Consolidation and Uniform PricingJoao Granja, University of ChicagoNuno Paixao, Bank of CanadaDiscussants:Christopher Clayton, Yale UniversityJinyuan Zhang, University of California-Los AngelesJonathan Wallen, Harvard University23

Government Funding – Broadway I&II (plaza level)Michael F. Gallmeyer, University of VirginiaWhat Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn’tBarkZhengyang Jiang, Northwestern UniversityHanno Lustig, Stanford UniversityStijn Van Nieuwerburgh, Columbia UniversityMindy Z. Xiaolan, University of Texas-AustinGovernment Debt Management and Inflation with Real and Nominal BondsAlessandro Villa, Federal Reserve Bank of ChicagoVytautas Valaitis, European University InstituteLukas Schmid, University of Southern CaliforniaThe Debt Capacity of a GovernmentBernard Dumas, INSEADPaul Ehling, BI Norwegian Business SchoolChunyu Yang, BI Norwegian Business SchoolDiscussants:Lukas Schmid, University of Southern CaliforniaAndrea Tamoni, Rutgers UniversityBurton Hollifield, Carnegie Mellon UniversityMarket Characteristics – Broadway III&IV (plaza level)Scott Joslin, University of Southern CaliforniaInformation-Driven VolatilityHengjie Ai, University of Wisconsin-MadisonLeyla Jianyu Han, Boston UniversityLai Xu, Syracuse UniversityThree Common FactorsElena Andreou, University of CyprusPatric

Snehal Banerjee, University of California-San Diego Bradyn Breon-Drish, University of California-San Diego Kevin Smith, Stanford University Discussants: Lukas Schmid, University of Southern California Lars A. Lochstoer, University of California-Los Angeles Albert Kyle, University of Maryland Lending - Pavilion Ballroom West (plaza level)