Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Session Overview
Date: Friday, 03/Apr/2020
Registration & Coffee
A1: Theoretical Asset Pricing I
Chair: Markus Leippold, University of Zurich

Behavioral in the Short-run and Rational in the Long-run? Evidence from S&P 500 options.

Joost Driessen, Joren Koëter, Ole Wilms

Tilburg University, Netherlands, The

Discussant: Claudia Zunft (Quoniam Asset Management GmbH)

SONOMA: a Small Open ecoNOmy for MAcrofinance

Max Croce1, Mohammad Jahan-Parver2, Samuel Rosen3

1: Bocconoi University; 2: Federal Reserve Board; 3: Temple U, United States of America

Discussant: Niels Gormsen (University of Chicago Booth School of Business)

B1: Corporate Finance Theory
Chair: Marc Arnold, University of St.Gallen

Lying to Speak the Truth: Selective Manipulation and Improved Information Transmission

Paul Povel2, Günter Strobl1

1: University of Vienna; 2: University Houston

Discussant: Thomas Geelen (CBS and DFI)

Information Choice, Shock Transmission and Contagion

Adelina Barbalau

University of Alberta, Canada

Discussant: Marc Arnold (University of St.Gallen)

C1: Banking I
Chair: Catherine Koch, Bank for International Settlements

Spillovers of Funding Dry-ups

Inaki Aldasoro2, Florian Balke1, Andreas Barth1, Egemen Eren2

1: Goethe University Frankfurt and SAFE, Germany; 2: BIS

Discussant: Karolin Kirschenmann (ZEW)

Banking On Demography: Population Aging and Financial Integration

Sebastian Doerr1, Gazi Kabas2

1: Bank for International Settlements; 2: University of Zurich & SFI

Discussant: Felix Noth (IWH Halle)

D1: Household Finance I
Chair: Tobin Hanspal, WU Vienna

Reference Points in Refinancing Decisions

Virginia Gianinazzi

USI Lugano and SFI, Switzerland

Discussant: Tobin Hanspal (WU Vienna)

Borrowing in Response to Windfalls

Michaela Pagel1, Arna Olafsson2

1: Columbia Business School, United States of America; 2: Copenhagen Business School, Denmark

Discussant: Lorenz Kueng (University of Lugano & SFI & NBER & CEPR)

E1: Venture Capital
Chair: Per Östberg, University of Zurich

The Role of High-Skilled Foreign Labor in Startup Performance: Evidence from Two Natural Experiments

Feng Zhang1, Shenje Hshieh2, Jun Chen3

1: University of Utah; 2: City University of Hong Kong, Hong Kong S.A.R. (China); 3: Renmin University

Discussant: Stefan Johannes Weik (Technical University of Munich)

Do Foreign Venture Capitalists Drag Start-ups and Entrepreneurs abroad? Evidence from Europe

Reiner Braun1, Stefan Johannes Weik1, Ann-Kristin Achleitner2

1: Technical University of Munich, Germany; 2: Technische Universität München - Center for Entrepreneurial and Financial Studies

Discussant: Tereza Tykvová (University of St.Gallen)

Coffee Break & PhD Poster Session (5 Posters)
A2: Theoretical Asset Pricing II
Chair: Joren Koëter, Tilburg University

Uncertainty-Induced Reallocations and Growth

Ravi Bansal1, Max Croce2, Wenxi Liao1, Samuel Rosen3

1: Duke University; 2: Bocconi University; 3: Temple U, United States of America

Discussant: Jonas Nygaard Eriksen (Aarhus University)

Is the stock market the most natural place to hedge risk?

Gleb Gertsman, Rik Frehen, Bas Werker

Tilburg University, Netherlands, The

Discussant: Joren Koëter (Tilburg University)

B2: Corporate Finance: Debt and Investments
Chair: Rüdiger Fahlenbrach, EPFL Lausanne and SFI

Debt, Innovation, and Growth

Thomas Geelen1,2, Jakub Hajda3,4, Erwan Morellec5,4,6

1: Copenhagen Business School; 2: Danish Finance Insitute; 3: HEC Lausanne; 4: Swiss Finance Institute; 5: EPF Lausanne; 6: CEPR

Discussant: Günter Strobl (University of Vienna)

Borrowing against the (Un)Known: Patent Portfolios and Leverage

Andrej Gill1, David Heller2

1: Gutenberg University Mainz, Germany; 2: Max Planck Institute for Innovation and Competition

Discussant: Emilia Garcia-Appendini (University of Zurich)

C2: Banking II
Chair: Ulrich Schüwer, Bonn University & Goethe University Frankfurt

Banks' home bias and money markets

Francesca Barbiero, Glenn Schepens, Jean-David Sigaux

European Central Bank, Germany

Discussant: Catherine Koch (Bank for International Settlements)

The Effect of Conflict on Lending: Empirical Evidence from Indian Border Areas

Mrinal Mishra1, Steven Ongena2

1: University of Zurich & Swiss Finance Institute, Switzerland; 2: University of Zurich, The Swiss Finance Institute, KU Leuven & CEPR

Discussant: Ulrich Schüwer (Bonn University & Goethe University Frankfurt)

D2: Behavioral Finance I
Chair: Stefan Zeisberger, Radboud University / University of Zurich

Investor Attention, Reference Points and the Disposition Effect

Edika Guillerma Quispe-Torreblanca1, John Gathergood2, George Loewenstein3, Neil Stewart4

1: University of Oxford; 2: University of Nottingham; 3: Carnegie Mellon University; 4: University of Warwick

Discussant: Stefan Zeisberger (Radboud University / University of Zurich)

Reference-Dependent Return Chasing: Alpha, Gains and Fund Flows

Fabian Brunner

University of Mannheim, Germany

Discussant: Vesa Pursiainen (The University of Hong Kong and University of Zurich)

E2: Market Microstructure I: Deal Behavior and Price Transparency
Chair: Florentina Paraschiv, Norwegian University of Science & Technology

Dealer Behavior and the Trading of Newly Issued Corporate Bonds

Michael Goldstein3, Edith Hotchkiss1, Stanislava Nikolova2

1: Boston College, United States of America; 2: University of Nebraska, Lincoln; 3: Babson College

Discussant: Darya Yuferova (Norwegian School of Economics)

Real Effects of Price Transparency: Evidence from Steel Futures

Thorsten Martin

Università Commerciale L. Bocconi, Italy

Discussant: Zeno Adams (University of St.Gallen)

Lunch Break
A3: Empirical Asset Pricing I: Bond Markets
Chair: Vitaly Orlov, University of St. Gallen

Corporate Bond Portfolios and Asset-Specific Information

Giorgio Ottonello2, Rossen Valkanov3, Maximilian Bredendiek1

1: Cornerstone Research; 2: NOVA School of Business and Economics; 3: Rady School of Management, University of California San Diego

Discussant: Max Croce (Bocconi University)

How Safe Are Safe Havens?

Sven Klingler1, Suresh Sundaresan2

1: BI Norwegian Business School, Norway; 2: Columbia Business School

Discussant: Fabricius Somogyi (University of St. Gallen)

B3: Corporate Governance
Chair: Philip Valta, University of Bern

The Advisory and Monitoring Roles of the Board: Evidence from Disruptive Events

Ettore Croci1, Gerard Hertig2, Layla Khoja3, Luh Luh Lan4

1: Università Cattolica del Sacro Cuore, Italy; 2: ETH Zurich; 3: Singapore-ETH Centre; 4: National University of Singapore

Discussant: Felix von Meyerinck (University of St.Gallen)

Why do U.S. CEOs pledge their own company's stock?

Kornelia Fabisik1,2

1: Ecole polytechnique fédérale de Lausanne (EPFL); 2: Swiss Finance Institute (SFI)

Discussant: Zexi Wang (Lancaster University)

C3: Banking III
Chair: José Jorge, University of Porto & University of Zurich

Trading for Bailouts

Toni Ahnert1, Caio Machado2, Ana Elisa Pereira3

1: Bank of Canada; 2: Pontificia Universidad Catolica de Chile; 3: Universidad de los Andes

Discussant: José Jorge (University of Porto & University of Zurich)

Competition between arm’s length and relational lenders: Who wins the contest?

Alejandro Drexler1, Andre Guettler3, Daniel Paravisini2, Ahmet Ali Taskin3

1: Federal Reserve Bank of Chicago; 2: London School of Economics; 3: Ulm University, Germany

Discussant: Andrada Bilan (University of Zurich & SNB)

D3: Household Finance II
Chair: Andreas Fuster, SNB

Same bank, same clients but different pricing: How do flat-fees for mutual funds affect retail investor portfolios?

Steffen Meyer1, Benjamin Loos2, Charline Uhr3, Andreas Hackethal3

1: University of Southern Denmark, Danish Finance Institute; 2: University of Technology Sydney, UTS Business School; 3: Goethe University Frankfurt, Germany

Discussant: Arna Olafsson (Copenhagen Business School)

Attention and Housing Search: Evidence from Online Listings

Antonio Gargano1, Marco Giacoletti2, Elvis Jarnecic3

1: University of Melbourne; 2: University of Southern California; 3: University of Sydney

Discussant: Matthias Pelster (Paderborn University)

E3: Market Microstructure II: Market Liquidity
Chair: Stanislava Nikolova, University of Nebraska-Lincoln

Liquidity in the Cross Section of OTC Assets

Semih Uslu1, Guner Velioglu2

1: Johns Hopkins University, United States of America; 2: Loyola University Chicago, United States of America

Discussant: Stanislava Nikolova (University of Nebraska-Lincoln)

Paying for Market Liquidity: Competition and Incentives

Mario Bellia1, Loriana Pelizzon2, Marti Subrahmanyam3, Darya Yuferova4

1: European Commission, Joint Research Center (JRC), Ispra, Italy; 2: SAFE, Goethe University and Ca'Foscari University of Venice; 3: Leonard N. Stern School of Business, New York University; 4: Norwegian School of Economics, Norway

Discussant: Semih Uslu (Johns Hopkins University)

Coffee Break & PhD Poster Session (5 Posters)
A4: Empirical Asset Pricing II
Chair: Tim Kroencke, University of Neuchatel

Asset pricing and FOMC press conferences

Jonas Nygaard Eriksen, Niels Strange Grønborg

Aarhus University, Denmark

Discussant: Nicolas Gauderon (EPFL Lausanne)

Momentum-Managed Equity Factors

Volker Flögel1, Christian Schlag2,3, Claudia Zunft1,2

1: Quoniam Asset Management, Germany; 2: Goethe University Frankfurt, Germany; 3: Research Center SAFE, Germany

Discussant: Rik Frehen (Tilburg University)

B4: Corporate Finance: Financial Distress and Mergers
Chair: Alexander Wagner, University of Zurich

The Economic Costs of Financial Distress

Emilia Garcia-Appendini1, Claudia Custodio2, Miguel Ferreira3

1: University of Zurich, Switzerland; 2: Imperial College Business School; 3: Nova School of Business and Economics

Mergers under the Microscope: Analysing Conference Call Transcripts

Sudipto Dasgupta1,4, Jarrad Harford2, Fangyuan Ma1, Daisy Wang3, Haojun Xie1

1: Chinese University of Hong Kong, Hong Kong S.A.R. (China); 2: University of Washington; 3: Ohio State University; 4: CEPR and ABFER

Discussant: Ettore Croci (Università Cattolica del Sacro Cuore)

C4: Asset Management
Chair: Tereza Tykvová, University of St.Gallen

The Effect of Commissions on the Mutual Fund Market: Evidence from a Natural Experiment

Stanislav Sokolinski

Rutgers University, Rutgers Business School, United States of America

Discussant: Vitaly Orlov (University of St. Gallen)

Have Hedge Funds Solved the Idiosyncratic Volatility Puzzle?

Turan Bali2, Florian Weigert1

1: University of Neuchâtel, Switzerland; 2: Georgetown University

Discussant: Julia Elizabeth Reynolds (Università della Svizzera italiana)

D4: Behavioral Finance II
Chair: Matthias Weber, University of St.Gallen

Decision weights based on visual salience

Devdeepta Bose1, Henning Cordes2, Sven Nolte3, Judith C. Schneider2, Colin F. Camerer1

1: California Institute of Technology, California USA; 2: University of Münster, Germany; 3: Radboud University, The Netherlands

Discussant: Matthias Weber (University of St.Gallen)

Diversification in Lottery-Like Features and Portfolio Pricing Discounts

Xin Liu

University of Bath, United Kingdom

Discussant: Thomas Epper (University of St.Gallen)

E4: Empirical Asset Pricing III: Conditional Volatility and Risk Factors
Chair: Niels Gormsen, University of Chicago Booth School of Business

Duration-Driven Returns

Niels Gormsen1, Eben Lazarus2

1: University of Chicago Booth School of Business, United States of America; 2: MIT Sloan

Discussant: Maximilian Bredendiek (Cornerstone Research)

Nonlinear Dynamics in Conditional Volatility

Friedrich Lorenz1, Karl Schmedders2, Malte Schumacher2

1: University of Münster, Germany; 2: University of Zurich, Switzerland

Discussant: Matthias Fengler (University of St.Gallen)

Keynote Speech (Thorsten Hens, University of Zurich/ Swiss Finance Institute) & Best Paper Awards

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