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).
Registration and Coffee Location: Front Desk ConventionPoint
A1: Sustainable Asset Pricing Location: Room "Auditorium" Session Chair: Sebastian Utz , Universität Augsburg
Does Sustainable Investing Make Stocks Less Sensitive to Information about Cash Flows?
Steffen Hitzemann 3 , An Qin2 , Stanislav Sokolinski1 , Andrea Tamoni2
1 Michigan State University; 2 Rutgers University; 3 University of Houston
Discussant: Martin Nerlinger (University of St.Gallen)
Unpacking the Demand for Sustainable Equity Investing
Sangmin Oh 1 , Don Noh2 , Jihong Song3
1 University of Chicago; 2 Hong Kong University of Science and Technology; 3 Cubist Systematic Strategies
Discussant: Sebastian Utz (Universität Augsburg)
B1: Theoretical Asset Pricing Location: Room "Link" Session Chair: Can Gao , University of St.Gallen
Evaluating the Impact of Portfolio Mandates
Raman Uppal 1 , Jack Favilukis2 , Lorenzo Garlappi2
1 EDHEC Business School, United Kingdom; 2 UBC Sauder School of Business
Discussant: Vitaly Orlov (University of St.Gallen)
Asset Pricing with Disagreement about Climate Risks
Ole Wilms 1 , Karl Schmedders2 , Thomas Lontzek3 , Marco Thalhammer3 , Walter Pohl4
1 Universität Hamburg; 2 IMD Lausanne; 3 RWTH Aachen; 4 NHH Bergen
Discussant: Can Gao (University of St.Gallen)
Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates
Ruggero Jappelli 1 , Loriana Pelizzon1,2 , Marti G. Subrahmanyam3,4
1 Goethe University Frankfurt and Leibniz Institute for Financial Research SAFE; 2 Ca' Foscari University and CEPR; 3 NYU Stern; 4 NYU Shanghai
Discussant: Raman Uppal (EDHEC Business School)
C1: Corporate Governance and Debt Location: Room "Connect" Session Chair: Yupana Wiwattanakantang , National University of Singapore
Voting Rationales
Silvina Rubio 1 , Roni Michaely2 , Irene Yi3
1 University of Bristol; 2 University of Hong Kong; 3 University of Toronto
Discussant: Fatima Zahra Filali Adib (Copenhagen Business School)
Poison Bonds
Rex Wang Renjie 1,2 , Shuo Xia3,4
1 Vrije Universiteit (VU) Amsterdam,; 2 Tinbergen Institute; 3 Halle Institute for Economic Research; 4 Leipzig University
Discussant: Giorgio Ottonello (Nova School of Business and Economics)
Monetary Policy and Corporate Debt Maturity
Janko Heineken 1 , Andrea Fabiani2 , Luigi Falasconi3
1 University of Bonn; 2 Bank of Italy; 3 University of Pennsylvania
Discussant: Rex Wang Renjie (Vrije Universiteit (VU) Amsterdam)
D1: Financial Intermediation I Location: Room "Venture" Session Chair: Martin Brown , Study Center Gerzensee
Information Transmission between Banks and the Market for Corporate Control
Christian Bittner 1,2 , Falko Fecht1,3 , Melissa Pala4 , Farzad Saidi5,6
1 Deutsche Bundesbank; 2 Goethe University Frankfurt; 3 Frankfurt School of Finance & Management; 4 Baden-Württemberg Cooperative State University; 5 University of Bonn; 6 CEPR
Discussant: Xingchen Zhu (Vrije Universiteit Amsterdam)
Payment Firms, Cryptocurrencies, and CBDCs
Felix Martini 1 , Tobias Berg4 , Jan Keil3 , Manju Puri2
1 Duke University and NBER; 2 Humboldt University Berlin; 3 Frankfurt School of Finance & Management; 4 Goethe University Frankfurt am Main, Germany
Discussant: Jan Toczynski (EPFL)
E1: Behavioral Finance I Location: Room "Create" Session Chair: Stefano Cassella , Tilburg University
The Long-term Effects of Inflation on Inflation Expectations
Felix von Meyerinck 1 , Fabio Braggion2 , Nic Schaub3 , Michael Weber4
1 University of Zurich; 2 Tilburg University; 3 WHU - Otto Beisheim School of Management; 4 Booth School of Business, University of Chicago
Discussant: Tobin Hanspal (WU Vienna University of Economics and Business)
Local Returns and Beliefs about the Stock Market
Tobin Hanspal , Clemens Wagner
WU Vienna University of Economics and Business, Vienna Graduate School of Finance (VGSF)
Discussant: Philip Schnorpfeil (Goethe University Frankfurt)
Optimism Shifting
Stefano Cassella 2 , Chukwuma Dim1 , Tural Karimli3
1 George Washington University; 2 Tilburg University; 3 Frankfurt School of Finance & Management
Discussant: Chih-Ching Hung (National Taiwan University)
Coffee Break Location: Foyer ConventionPoint
A2: Empirical Factor Models Location: Room "Auditorium" Session Chair: Marcel Müller , Karlsruhe Institute of Technology
A Non-Linear Market Model
Tobias Sichert
Stockholm School of Economics
Discussant: Martijn Boons (Nova University Lisbon)
A Joint Factor Model for Bonds, Stocks, and Options
Heiner Beckmeyer 1 , Turan G. Bali2 , Amit Goyal3
1 University of Muenster; 2 Georgetown University; 3 University of Lausanne and Swiss Finance Institute
Discussant: Marcel Müller (Karlsruhe Institute of Technology)
B2: Financial Markets Location: Room "Link" Session Chair: Reiner Braun , Technische Universität München, TUM
The Trade Imbalance Network and Currency Returns
Ai Jun Hou 1 , Xiaoxia Ye2 , Lucio Sarno3
1 Stockholm University; 2 Exeter University; 3 Cambridge University
Discussant: Ilaria Piatti (Queen Mary University of London)
Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations
Anya Kleymenova , Sharjil Haque
Federal Reserve Board
Discussant: Reiner Braun (Technische Universität München, TUM)
C2: Diversity and Labor Location: Room "Connect" Session Chair: Daniel Urban , Erasmus University Rotterdam
Index Inclusion and Corporate Social Performance: Evidence from the MSCI Empowering Women Index
Yupana Wiwattanakantang 1 , Vikas Mehrotra2 , Lukas Roth2 , Yusuke Tsujimoto3
1 National University of Singapore; 2 University of Alberta; 3 Waseda University, Japan
Discussant: Robin Döttling (Erasmus University Rotterdam)
Careers and Wages in Family Firms: Evidence from Administrative Data
Vincenzo Pezone 1 , Edoardo Di Porto2 , Marco Pagano2 , Raffaele Saggio4 , Fabiano Schivardi3
1 Tilburg University; 2 University of Naples; 3 Luiss University; 4 University of British Columbia
Discussant: Daniel Urban (Erasmus University Rotterdam)
D2: Financial Intermediation II Location: Room "Venture" Session Chair: Ming Yang , UCL
Payments, Reserves, and Financial Fragility
Ming Yang 1 , Itay Goldstein2 , Yao Zeng2
1 University College London; 2 University of Pennsylvania
Discussant: Thomas Nellen (SNB)
E2: Behavioral Finance II Location: Room "Create" Session Chair: Stefano Ramelli , University of St.Gallen
Modeling Managers As EPS Maximizers
Itzhak Ben-David 1 , Alex Chinco2
1 The Ohio State University, Fisher School of Business; 2 Baruch College, United States of America
Lunch Break Location: Foyer ConventionPoint
P1: PhD Poster Session Location: Foyer ConventionPoint
Banks, Financial Integration and House Prices
Dominik Meyland 1 , Falko Fecht2 , Roland Füss1
1 University of St.Gallen; 2 Deutsche Bundesbank
P2: PhD Poster Session Location: Foyer ConventionPoint
Consumers' Payment Preferences and Banking Digitalisation in the Euro Area
Justus Meyer 1 , Federica Teppa2
1 University of Glasgow and European Central Bank; 2 De Nederlandsche Bank and Netspar
P3: PhD Poster Session Location: Foyer ConventionPoint
Interest rates and money demand: Evidence from household-level portfolio data
Lizet Alejandra Perez Cortes 1 , Martin Brown2,1 , Daniel Hoechle3 , Markus Schmid1
1 University of St.Gallen; 2 Study Center Gerzensee; 3 University of Applied Sciences and Arts Northwestern Switzerland
P4: PhD Poster Session Location: Foyer ConventionPoint
Twitter-Based Attention and the Cross-Section of Cryptocurrency Returns
Arnaud Thierry Maître , Nikolay Pugachyov, Florian Weigert
Université de Neuchâtel
P5: PhD Poster Session Location: Foyer ConventionPoint
Why Do People (Not) Invest? The Role of Return and Risk Expectations
Markus Strucks 1 , Stefan Zeisberger1,2
1 Radboud University, The Netherlands; 2 University of Zurich
A3: Empirical Asset Pricing I Location: Room "Auditorium" Session Chair: Julian Terstegge , Copenhagen Business School
Fed Transparency and Policy Expectations Errors: A Text Analysis Approach
Eric Fischer , Rebecca McCaughrin, Saketh Prazad, Mark Vandergon
Federal Reserve Bank of New York
Discussant: Sonya Zhu (Bank for International Settlements)
Financial Intermediaries and Demand for Duration
Marco Zanotti 1 , Alberto Plazzi1 , Andrea Tamoni2
1 Swiss Finance Institute, USI Lugano; 2 Rutgers Business School
Discussant: Ion Lucas Saru (VU Amsterdam)
Money Market Funds and the Pricing of Near-Money Assets
Egemen Eren 1 , Sebastian Doerr1 , Semyon Malamud2
1 BIS (Bank for International Settlements); 2 Ecole Polytechnique Fédérale de Lausanne
Discussant: Julian Terstegge (Copenhagen Business School)
B3: Empirical Asset Pricing II Location: Room "Link" Session Chair: Karamfil Todorov , BIS (Bank for International Settlements)
The Response of Equity Yields to a Long-Run Shock
Martijn Boons 1 , Andrea Tamoni2 , Petra Sinagl3
1 Nova University Lisbon; 2 Rutgers Business School; 3 University of Iowa
Discussant: Tobias Sichert (Stockholm School of Economcs)
Subjective Risk Premia in Bond and FX Markets
Ilaria Piatti 1 , Daniel Pesch2 , Paul Whelan3
1 Queen Mary University of London; 2 Said Business School, University of Oxford; 3 CUHK Business School
Discussant: Karamfil Todorov (BIS (Bank for International Settlements))
Expected Bond Liquidity
Marcel Müller 1 , Michael Reichenbacher1 , Philipp Schuster2 , Marliese Uhrig-Homburg1
1 Karlsruhe Institute of Technology; 2 University of Stuttgart
Discussant: Heiner Beckmeyer (University of Muenster)
C3: ESG and Climate Finance Location: Room "Connect" Session Chair: Vincenzo Pezone , Tilburg University
Does Monetary Policy Shape the Path to Carbon Neutrality?
Robin Döttling 1 , Adrian Lam2
1 Erasmus University Rotterdam; 2 University of Pittsburgh
Discussant: Janko Heineken (University of Bonn)
Passive Ownership and the Environment
Daniel Urban 1 , Vidhan Goyal2 , Daniel Schmidt3 , Theresa Spickers4
1 Erasmus University Rotterdam; 2 Hong Kong University of Science and Technology; 3 Technical University of Munich; 4 University of Amsterdam
Discussant: Yupana Wiwattanakantang (National University of Singapore)
The Costs of Hidden Workplace Harassment
Tural Karimli
Frankfurt School of Finance and Management, Germany
Discussant: Vincenzo Pezone (Tilburg University)
D3: Financial Intermediation III Location: Room "Venture" Session Chair: Andrew MacKinlay , Virginia Tech
The Response of Mortgage Supply to Expected Flood Insurance Lapses
Zhongchen Hu
Chinese University of Hong Kong, Shenzhen
Discussant: Rebecca Ellen De Simone (London Business School)
Displaced by Big Data: Evidence from Active Fund Managers
Maxime Bonelli 1 , Thierry Foucault2
1 London Business School; 2 HEC Paris
Discussant: Simon Straumann (WHU- Otto Beisheim School Of Management)
Dynamic Deposits: The Role of Inflows on Future Outflows
Andrew MacKinlay 1 , Michael Gelman2
1 Virginia Tech, United States of America; 2 University of Delaware, United States of America
Discussant: Jin Cao (Norges Bank)
E3: Household Finance I Location: Room "Create" Session Chair: Julian Kölbel , University of St.Gallen
Rich and Responsible? The Rise of Responsible Investors
Kasper Meisner Nielsen 1 , Steffen Andersen2 , Dmitry Chebotarev3 , Fatima Zahra Filali Adib1
1 Copenhagen Business School; 2 Danmarks Nationalbank; 3 Indiana University
Discussant: Julian Kölbel (University of St.Gallen)
(Not) Anticipating Predictable Inheritances
Tuomo Virkola 1 , Erkki Johannes Vihriälä2
1 VATT Institute for Economic Research; 2 Aalto University School of Business
Discussant: Kasper Meisner Nielsen (Copenhagen Business School)
Sustainable Investing and Political Behavior
Julian Kölbel 1 , Florian Heeb2 , Stefano Ramelli1 , Anna Vasileva3
1 University of St.Gallen; 2 MIT Sloan; 3 University of Zurich
Discussant: Julia Annette Meyer (ZHAW)
Coffee Break Location: Foyer ConventionPoint
A4: Market Microstructure Location: Room "Auditorium" Session Chair: Angelo Ranaldo , University of St.Gallen and Swiss Finance Institute
Collateral Cycles
Angelo Ranaldo 1 , Evangelos Benos3 , Gerardo Ferrara2
1 University of St.Gallen and Swiss Finance Institute; 2 Bank of England; 3 Nottingham University Business School
Who Knows? Information Differences Between Trader Types
Ion Lucas Saru , Albert J. Menkveld
VU Amsterdam, Tinbergen Institute
Discussant: Franziska Peter (Zeppelin University)
B4: Derivatives Location: Room "Link" Session Chair: Ole Wilms , Universität Hamburg
The Equity Derivative Payoff Bias
Julian Terstegge 1 , Guido Baltussen2 , Paul Whelan3
1 Copenhagen Business School; 2 Erasmus University Rotterdam; 3 Chinese University of Hong Kong
Discussant: Mathis Moerke (University of St.Gallen)
The Cumulant Risk Premium
Karamfil Todorov 1 , Albert Kyle2
1 BIS (Bank for International Settlements); 2 University of Maryland, Robert H. Smith School of Business
Discussant: Ole Wilms (Universität Hamburg)
C4: ESG Scandals and Cybersecurity Risk Session Chair: Silvina Rubio , University of Bristol
The Network Origins of Cybersecurity Risk
Giorgio Ottonello 1 , Antonino Emanuele Rizzo2
1 Nova SBE; 2 University of NotreDame, Mendoza College of Business
Discussant: Silvina Rubio (University of Bristol)
Becoming virtuous? Mutual Funds’ Reactions to ESG Scandals
Fatima Zahra Filali Adib 1 , Bastian von Beschwitz2 , Daniel Schmidt3
1 Copenhagen Business School, Denmark; 2 Federal Reserve Board; 3 HEC Paris
Discussant: Stefano Ramelli (University of St.Gallen)
D4: Financial Intermediation IV Location: Room "Venture" Session Chair: Jaemin Lee , Emory University
Choosing Pension Fund Investment Consultants
Matteo Bonetti 1 , Aleksandar Andonov2 , Irina Stefanescu3
1 De Nederlandsche Bank; 2 University of Amsterdam and CEPR; 3 Board of Governors of the Federal Reserve System
Discussant: Marco Ceccarelli (VU Amsterdam)
Peer Dismissal and Contagious Career Concerns
Jaemin Lee
Goizueta Business School, Emory University
Discussant: Trang Nguyen (University of Bristol)
E4: Household Finance II Location: Room "Create" Session Chair: Elias Rantapuska , Aalto University School of Business
Social Influence in Household Equity Investment: Evidence from Randomized Military Drafts
Chih-Ching Hung 1 , Chun-Che Chi2 , Ming-Jen Lin1 , Kevin Tseng1,3
1 National Taiwan University; 2 Academia Sinica, Taiwan; 3 Chinese University of Hong Kong
Discussant: Elias Rantapuska (Aalto University School of Business)
Households' Response to the Wealth Effects of Inflation
Philip Schnorpfeil 1 , Michael Weber2 , Andreas Hackethal1
1 Goethe University Frankfurt; 2 University of Chicago
Discussant: Felix von Meyerinck (University of Zurich)
Award Ceremony Location: Room "Auditorium"
Reception Location: Foyer ConventionPoint