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PROGRAM DETAILSMonday, June 26, 2017, 8:15 am – 10:00 amMarket Liquidity – Frontenac AAvanidhar Subrahmanyam, University of California-Los AngelesFunding Constraints and Market Liquidity in the European TreasuryBond MarketSophie Moinas, University of ToulouseMinh Nguyen, Newcastle University Business SchoolGiorgio Valente, Hong Kong Institute for Monetary ResearchETF Arbitrage Under Liquidity MismatchKevin Pan, Harvard UniversityYao Zeng, University of WashingtonCan ETFs Increase Market Fragility? Effect of Information Linkages inETF MarketsAyan Bhattacharya, Baruch CollegeMaureen O’Hara, Cornell UniversityDiscussants:Ruslan Goyenko, McGill UniversityZheng Sun, University of California-IrvineAditya Kaul, University of AlbertaAsset Pricing and Market Efficiency – Frontenac BAndrew Lo, Massachusetts Institute of TechnologyAgnostic Fundamental Analysis WorksSohnke Bartram, University of WarwickMark Grinblatt, University of California-Los AngelesMisvaluation of Investment OptionsEvgeny Lyandres, Boston UniversityEgor Matveyev, University of AlbertaAlexei Zhdanov, Pennsylvania State UniversitySlow-Moving Capital and Execution Costs: Evidence from a MajorTrading GlitchVincent Bogousslavsky, École Polytechnique Fédérale de LausannePierre Collin-Dufresne, Swiss Finance InstituteMehmet Saglam, University of CincinnatiDiscussants:Christopher Hrdlicka, University of WashingtonRichard Thakor, University of MinnesotaShomesh Chaudhuri, Massachusetts Institute of Technology13

Financial Crisis and Monetary Policy – Frontenac CAnnette Vissing-Jorgensen, University of California-BerkeleyAuction-Based Liquidity of Last ResortEric Moore, University of PennsylvaniaWhatever it Takes: The Real Effects of Unconventional Monetary PolicyViral Acharya, New York UniversityTim Eisert, Erasmus UniversityChristian Eufinger, University of NavarraChristian Hirsch, Goethe University FrankfurtTaper Tantrums: QE, its Aftermath and Emerging Market Capital FlowsAnusha Chari, University of North Carolina-Chapel HillKarlye Dilts Stedman, University of North CarolinaChristian Lundblad, University of North Carolina-Chapel HillDiscussants:Manuel Adelino, Duke UniversityMatteo Crosignani, Federal Reserve Board of GovernorsWinston Dou, University of PennsylvaniaHousehold Finance and Credit – Empress A&BJialan Wang, University of Illinois-Urbana-ChampaignBank Branch Supply and the Unbanked PhenomenonClaire Celerier, University of TorontoAdrien Matray, HEC ParisPockets of Poverty: The Long-Term Effects of RedliningIan Appel, Boston CollegeJordan Nickerson, Boston CollegeReal Effects of Search Frictions in Consumer Credit MarketsBronson Argyle, Brigham Young UniversityTaylor Nadauld, Brigham Young UniversityChristopher Palmer, University of California-BerkeleyDiscussants:Hoai-Luu Nguyen, University of California-BerkeleyConstantine Yannelis, New York UniversityAnthony DeFusco, Northwestern UniversityFinancial Advising – Macdonald ESimon Gervais, Duke UniversityConnections and Conflicts of Interest: Investment Consultants’RecommendationsShikha Jaiswal, Emory University14

The Market for Financial Adviser MisconductMark Egan, Harvard UniversityGregor Matvos, University of ChicagoAmit Seru, Stanford UniversitySelling to Advised BuyersAndrey Malenko, Massachusetts Institute of TechnologyAnton Tsoy, Einaudi Institute for Economics and FinanceDiscussants:Richard Evans, University of VirginiaChristopher Parsons, University of California-San DiegoChristian Opp, University of PennsylvaniaTail Risks – Macdonald FBryan Kelly, University of ChicagoFailing to Forecast Rare EventsJames Dow, London Business SchoolPhilip Bond, University of WashingtonEquilibrium Asset Pricing in Directed NetworksNicole Branger, University of MuensterPatrick Konermann, BI Norwegian Business SchoolChristoph Meinerding, Deutsche BundesbankChristian Schlag, Goethe University FrankfurtAsset Pricing with Endogenously Uninsurable Tail RisksHengjie Ai, University of MinnesotaAnmol Bhandari, University of MinnesotaDiscussants:Stavros Panageas, University of California-Los AngelesBernard Herskovic, University of California-Los AngelesBarney Hartman-Glaser, University of California-Los AngelesMonday, June 26, 2017, 10:30 am – 12:15 pmHousing and Mortgage Markets – Frontenac APaul Willen, Federal Reserve Bank of BostonAn Equilibrium Model of Housing and Mortgage Markets with State-ContingentLending ContractsTomasz Piskorski, Columbia UniversityAlexei Tchistyi, University of Illinois-Urbana-Champaign15

Regulating Household LeverageAnthony DeFusco, Northwestern UniversityStephanie Johnson, Northwestern UniversityJohn Mondragon, Northwestern UniversityAre Mortgage Regulations Affecting Entrepreneurship?Stephanie Johnson, Northwestern UniversityDiscussants:Pedro Gete, Georgetown UniversityBarney Hartman-Glaser, University of California-Los AngelesPascal Noel, Harvard UniversityEmpirical Asset Pricing 1 – Frontenac BRavi Jagannathan, Northwestern UniversityWhat is the Expected Return on a Stock?Ian Martin, London School of Economics and Political ScienceChristian Wagner, Copenhagen Business SchoolSpectral Portfolio TheoryShomesh Chaudhuri, Massachusetts Institute of TechnologyAndrew Lo, Massachusetts Institute of TechnologyLocation Choice, Portfolio ChoiceJiangmin Xu, Peking UniversityHarrison Hong, Columbia UniversityIoannis Branikas, Princeton UniversityDiscussants:Binying Liu, Hong Kong University of Science & TechnologyIan Dew-Becker, Northwestern UniversitySelale Tuzel, University of Southern CaliforniaFinancial Aspects of Monetary Policy – Frontenac CBurton Hollifield, Carnegie Mellon UniversityThe Federal Reserve and Market ConfidenceNina Boyarchenko, Federal Reserve Bank of New YorkValentin Haddad, Princeton UniversityMatthew Plosser, Federal Reserve Bank of New YorkShadow Banks, Deposit Competition, and Monetary PolicyKairong Xiao, University of British ColumbiaFundamental Disagreement about Monetary Policy and the TermStructure of Interest RatesShuo Cao, Shenzhen Stock ExchangeRichard Crump, Federal Reserve Bank of New YorkStefano Eusepi, Federal Reserve Bank of New YorkEmanuel Moench, Deutsche Bundesbank16

Discussants:Francisco Palomino, Federal Reserve Board of GovernorsTetiana Davydiuk, University of PennsylvaniaMichael Gallmeyer, University of VirginiaAsset Pricing Models with Frictions – Empress A&BLorenzo Garlappi, University of British ColumbiaCompetition, Markups, and Predictable ReturnsAlexandre Corhay, University of TorontoHoward Kung, London Business SchoolLukas Schmid, Duke UniversityHeterogeneity and Asset Prices: A Different ApproachNicolae Garleanu, University of California-BerkeleyStavros Panageas, University of California-Los AngelesThe Lost Capital Asset Pricing ModelDaniel Andrei, University of California-Los AngelesJulien Cujean, University of MarylandMungo Wilson, University of OxfordDiscussants:Berardino Palazzo, Boston UniversityPietro Veronesi, University of ChicagoZhenyu Wang, Indiana UniversityCorporate Finance and Employment – Macdonald EAndres Almazan, University of Texas-AustinBusiness Groups and EmploymentMara Faccio, Purdue UniversityWilliam O’Brien, University of Illinois-ChicagoPatent Trolls and Small Business EmploymentIan Appel, Boston CollegeJoan Farre-Mensa, Harvard UniversityElena Simintzi, University of British ColumbiaSkilled Labor Risk and Compensation PoliciesYue Qiu, University of MinnesotaTracy Wang, University of MinnesotaDiscussants:Rajesh Aggarwal, Northeastern UniversityAlan Crane, Rice UniversityJonathan Cohn, University of Texas-Austin17

Executive Compensation and Behavior – Macdonald FAlexander Ljungqvist, New York UniversityThe Role of Peer Firm Selection in Explicit Relative Performance AwardsJohn Bizjak, Texas Christian UniversitySwami Kalpathy, Texas Christian UniversityZhichuan Li, University of Western OntarioBrian Young, Southern Methodist UniversityCEO Horizon, Optimal Duration and the Escalation of Short-TermismIvan Marinovic, Stanford UniversityFelipe Varas, Duke UniversityCEO Personality and Firm PoliciesIan Gow, Harvard UniversitySteve Kaplan, University of ChicagoDavid Larcker, Stanford UniversityAnastasia Zakolyukina, University of ChicagoDiscussants:Dirk Jenter, London School of Economics and Political ScienceGustavo Manso, University of California-BerkeleyDaniel Metzger, Stockholm School of EconomicsMonday, June 26, 2017, 2:45 pm – 4:30 pmFinance and Real Economy – Frontenac APaige Ouimet, University of North Carolina-Chapel HillRecovery Dynamics: An Explanation from Bank Screening andEntrepreneur EntryYunzhi Hu, University of ChicagoCapital Share Dynamics When Firms Insures ManagersBarney Hartman-Glaser, University of California-Los AngelesHanno Lustig, Stanford UniversityMindy X. Zhang, University of Texas-AustinIn the Shadow of Banks: Wealth Management Products and Issuing Banks’ Riskin ChinaViral Acharya, New York UniversityJun Qian, Shanghai Jiao Tong UniversityZhishu Yang, Tsinghua UniversityDiscussants:Thomas Chemmanur, Boston CollegeHengjie Ai, University of MinnesotaRobert Marquez, University of California-Davis18

Hedge Funds and Institutional Investing – Frontenac BJonathan Berk, Stanford UniversityHedge Fund Activists’ Network and Information FlowsPouyan Foroughi, Boston CollegeDoes Scale Impact Skill?Campbell Harvey, Duke UniversityYan Liu, Texas A&M UniversityFinancial Conglomerate Affiliated Hedge Funds: Risk Taking Behavior andLiquidity ProvisionFrancesco Franzoni, Swiss Finance InstituteMariassunta Giannetti, Stockholm School of EconomicsDiscussants:Vincent Glode, University of PennsylvaniaLubos Pastor, University of ChicagoDavid Musto, University of PennsylvaniaFinancial Sector and the Economy – Frontenac CGeorge Pennacchi, University of Illinois-Urbana-ChampaignChina’s Model of Managing the Financial SystemMarkus Brunnermeier, Princeton UniversityMichael Sockin, University of Texas-AustinWei Xiong, Princeton UniversityFinancial Sector Origins of Economic Growth DelusionFrederic Malherbe, London Business SchoolMichael McMahon, University of WarwickRegulating a ModelYaron Leitner, Federal Reserve Bank of PhiladelphiaBilge Yilmaz, University of PennsylvaniaDiscussants:Mariano Croce, University of North Carolina-Chapel HillVadim Elenev, New York UniversityAnsgar Walther, University of Warwick19

Household Borrowing and the Regional Economy – Empress A&BGordon Phillips, Dartmouth CollegeImport Competition and Household DebtJean Noel Barrot, Massachusetts Institute of TechnologyErik Loualiche, Massachusetts Institute of TechnologyMatthew Plosser, Federal Reserve Bank of New YorkJulien Sauvagnat, Università BocconiHousehold Credit and Local Economic UncertaintyRodney Ramcharan, University of Southern CaliforniaAmir Kermani, University of California-BerkeleyMarco Di Maggio, Harvard UniversityEdison Yu, Federal Reserve Bank of PhiladelphiaPersonal Bankruptcy Protection and Household DebtSeverino Felipe, Dartmouth CollegeMeta Brown, Federal Reserve Bank of New YorkDiscussants:Jialan Wang, University of Illinois-Urbana-ChampaignPascal Noel, Harvard UniversityJohn Mondragon, Northwestern UniversityFinance and Fiscal Policy – Macdonald EManuel Adelino, Duke UniversityLevel and Volatility Shocks to Fiscal Policy: Term Structure ImplicationsLorenzo Bretscher, London School of Economics and Political ScienceAlex Hsu, Georgia Institute of TechnologyAndrea Tamoni, London School of Economics and Political ScienceGovernment as Customer of Last Resort: The Stabilizing Effects of GovernmentPurchases on FirmsJim Goldman, University of TorontoInflating Away the Public Debt? An Empirical AssessmentJens Hilscher, University of California-DavisAlon Raviv, Bar-Ilan UniversityRicardo Reis, London School of Economics and Political ScienceDiscussants:Howard Kung, London Business SchoolRan Duchin, University of WashingtonCarolin Pflueger, University of British Columbia20

Microstructure of Bond Markets – Macdonald FLawrence Harris, University of Southern CaliforniaQE Auctions of Treasury BondsZhaogang Song, Johns Hopkins UniversityHaoxiang Zhu, Massachusetts Institute of TechnologyPrice and Size Discovery in Financial Markets: Evidence from theU.S. Treasury Securities MarketMichael Fleming, Federal Reserve Bank of New YorkGiang Nguyen, Pennsylvania State UniversityCapital Commitment and Illiquidity in Corporate BondsHendrik Bessembinder, Arizona State UniversityStacey Jacobsen, Southern Methodist UniversityWilliam Maxwell, Southern Methodist UniversityKumar Venkataraman, Southern Methodist UniversityDiscussants:Joel Hasbrouck, New York UniversityCharles Jones, Columbia UniversityErik Sirri, Babson CollegeTuesday, June 27, 2017, 8:15 am – 10:00 amCorporate Governance – Frontenac AAndrea Eisfeldt, University of California-Los AngelesAre Shareholder Votes Rigged?Daniel Metzger, Stockholm School of EconomicsLaurent Bach, Stockholm School of EconomicsGovernance Changes through Shareholder Initiatives: The Case ofProxy AccessTara Bhandari, U.S. Securities and Exchange CommissionPeter Iliev, Pennsylvania State UniversityJonathan Kalodimos, Oregon State UniversityWhy do Boards Exist? Governance Design in the Absence of Corporate LawCharlotte Ostergaard, BI Norwegian Business SchoolMike Burkart, London School of Economics and Political ScienceSalvatore Miglietta, BI Norwegian Business SchoolDiscussants:Nadya Malenko, Boston CollegeDaniel Bergstresser, Brandeis UniversityPeter Koudijs, Stanford University21

Market Microstructure Theory – Frontenac BBradyn Breon-Drish, University of California-San DiegoSignaling in Over-the-Counter Markets: Benefits and Costs of TransparencyKerry Back, Rice UniversityRuomeng Liu, Rice UniversityAlberto Teguia, Rice UniversityA Dynamic Model of Circuit BreakersHui Chen, Massachusetts Institute of TechnologyAnton Petukhov, Massachusetts Institute of TechnologyJiang Wang, Massachusetts Institute of TechnologyVoluntary Disclosure in Bilateral TransactionsVincent Glode, University of PennsylvaniaChristian Opp, University of PennsylvaniaXingtan Zhang, University of PennsylvaniaDiscussants:Efstathios Avdis, University of AlbertaDaniel Andrei, University of California-Los AngelesBriana Chang, University of Wisconsin-MadisonCredit Supply and Macroeconomy – Frontenac CAnjan Thakor, Washington University-St. LouisThe Securitization Flash FloodKandarp Srinivasan, Washington University-St. LouisCredit Allocation Under Economic Stimulus: Evidence from ChinaWill Cong, University of ChicagoJacopo Ponticelli, University of ChicagoFinancial Globalization and Bank Lending: The Limits of DomesticMonetary Policy?Jin Cao, Norges BankValeriya Dinger, University of OsnabrückDiscussants:Amiyatosh Purnanandam, University of MichiganJanis Skrastins, Washington University-St. LouisMark Egan, Harvard UniversityEmpirical Lessons for Asset Pricing Models – Empress A&BDmitry Orlov, University of RochesterUncertainty Premia for Small and Large RisksMartin Puhl, Vienna University of TechnologyPavel Savor, Temple UniversityMungo Wilson, University of Oxford22

(Almost) Model-Free RecoveryPaul Schneider, Swiss Finance InstituteFabio Trojani, Swiss Finance InstituteOne-Factor Asset PricingStefanos Delikouras, University of MiamiAlex Kostakis, University of ManchesterDiscussants:Hengjie Ai, University of MinnesotaBjorn Eraker, University of Wisconsin-MadisonBryan Routledge, Carnegie Mellon UniversityFinance and Political Influences 1 – Macdonald ENandini Gupta, Indiana UniversityThe Political Economy of Bank Bailouts: Evidence from the Real Consequencesof DecentralizationBo Bian, London Business SchoolRainer Haselmann, Goethe University FrankfurtThomas Kick, Deutsche BundesbankVikrant Vig, London Business SchoolPolitics and Hidden Borrowing: Electoral Cycles and State DefinedBenefit Pension PlansSheng-Jun Xu, University of British ColumbiaThe Marginal Propensity to Consume Out of Credit: Evidence fromRandom Assignment of 54,522 Credit LinesDeniz Aydin, Washington University-St. LouisDiscussants:Pat Akey, University of TorontoIrina Stefanescu, Federal Reserve Board of GovernorsEitan Goldman, Indiana UniversityNews and Asset Prices – Macdonald FHendrik Bessembinder, Arizona State UniversityThe Kinks of Financial JournalismDiego Garcia, University of Colorado-BoulderFront Page News: The Effect of News Consumption on Financial MarketsAnastassia Fedyk, Harvard UniversityDoes it Pay to Pay Attention?Antonio Gargano, University of MelbourneAlberto Rossi, University of Maryland23

Discussants:David Solomon, University of Southern CaliforniaPatrick Kelly, New Economic SchoolRyan Israelsen, Michigan State UniversityTuesday, June 27, 2017, 10:30 am – 12:15 pmInformation and Asset Prices – Frontenac APierre Collin-Dufresne, Swiss Finance InstituteLiquidity vs Information EfficiencySergei Glebkin, INSEADA Tale of Two Uncertainties: Financial Sector Transparency andReal InvestmentMichael Sockin, University of Texas-AustinThe Information in Fire SalesSheng Huang, China-Europe International Business SchoolMatthew Ringgenberg, University of UtahZhe Zhang, Singapore Management UniversityDiscussants:Brett Green, University of California-BerkeleyHaoxiang Zhu, Massachusetts Institute of TechnologyVyacheslav Fos, Boston CollegeEmpirical Asset Pricing 2 – Frontenac BRobert Stambaugh, University of PennsylvaniaWhat Information Drives Asset Prices?Anisha Ghosh, Carnegie Mellon UniversityGeorge Constantinides, University of ChicagoImproving the Evaluation of Asset Pricing Models by Expanding the Setof Test PortfoliosLaurent Barras, McGill UniversityPrepayment Risk and Expected MBS ReturnsPeter Diep, AQR Capital ManagementAndrea Eisfeldt, University of California-Los

1967-68 Robert Carr Fresno State College 1968-69 Burton Kolb University of Colorado 1969-70 Lester B. Strickler Oregon State University 1970-71 Harold Stevenson Arizona State University 1971-72 W. Scott Bauman University of Oregon 1972-73 David Eiteman University of California-Los Angeles 1973-74 James Wert University of Arizona