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, 05/Apr/2024
Registration and Coffee
Location: Front Desk ConventionPoint
A1: Sustainable Asset Pricing
Location: Room "Auditorium"
Chair: Sebastian Utz, Universität Augsburg

Does Sustainable Investing Make Stocks Less Sensitive to Information about Cash Flows?

Steffen Hitzemann3, 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 Oh1, 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"
Chair: Can Gao, University of St.Gallen

Evaluating the Impact of Portfolio Mandates

Raman Uppal1, 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 Wilms1, 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 Jappelli1, 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"
Chair: Yupana Wiwattanakantang, National University of Singapore

Voting Rationales

Silvina Rubio1, 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 Renjie1,2, 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 Heineken1, 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"
Chair: Martin Brown, Study Center Gerzensee

Information Transmission between Banks and the Market for Corporate Control

Christian Bittner1,2, 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 Martini1, 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"
Chair: Stefano Cassella, Tilburg University

The Long-term Effects of Inflation on Inflation Expectations

Felix von Meyerinck1, 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 Cassella2, 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"
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 Beckmeyer1, 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"
Chair: Reiner Braun, Technische Universität München, TUM

The Trade Imbalance Network and Currency Returns

Ai Jun Hou1, 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"
Chair: Daniel Urban, Erasmus University Rotterdam

Index Inclusion and Corporate Social Performance: Evidence from the MSCI Empowering Women Index

Yupana Wiwattanakantang1, 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 Pezone1, 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"
Chair: Ming Yang, UCL

Payments, Reserves, and Financial Fragility

Ming Yang1, Itay Goldstein2, Yao Zeng2

1: University College London; 2: University of Pennsylvania

Discussant: Thomas Nellen (SNB)

E2: Behavioral Finance II
Location: Room "Create"
Chair: Stefano Ramelli, University of St.Gallen

Modeling Managers As EPS Maximizers

Itzhak Ben-David1, 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 Meyland1, 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 Meyer1, 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 Cortes1, 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 Strucks1, Stefan Zeisberger1,2

1: Radboud University, The Netherlands; 2: University of Zurich

A3: Empirical Asset Pricing I
Location: Room "Auditorium"
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 Zanotti1, 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 Eren1, 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"
Chair: Karamfil Todorov, BIS (Bank for International Settlements)

The Response of Equity Yields to a Long-Run Shock

Martijn Boons1, 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 Piatti1, 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 Müller1, 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"
Chair: Vincenzo Pezone, Tilburg University

Does Monetary Policy Shape the Path to Carbon Neutrality?

Robin Döttling1, Adrian Lam2

1: Erasmus University Rotterdam; 2: University of Pittsburgh

Discussant: Janko Heineken (University of Bonn)

Passive Ownership and the Environment

Daniel Urban1, 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"
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 Bonelli1, 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 MacKinlay1, 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"
Chair: Julian Kölbel, University of St.Gallen

Rich and Responsible? The Rise of Responsible Investors

Kasper Meisner Nielsen1, 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 Virkola1, 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 Kölbel1, 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"
Chair: Angelo Ranaldo, University of St.Gallen and Swiss Finance Institute

Collateral Cycles

Angelo Ranaldo1, 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"
Chair: Ole Wilms, Universität Hamburg

The Equity Derivative Payoff Bias

Julian Terstegge1, 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 Todorov1, 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
Chair: Silvina Rubio, University of Bristol

The Network Origins of Cybersecurity Risk

Giorgio Ottonello1, 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 Adib1, 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"
Chair: Jaemin Lee, Emory University

Choosing Pension Fund Investment Consultants

Matteo Bonetti1, 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"
Chair: Elias Rantapuska, Aalto University School of Business

Social Influence in Household Equity Investment: Evidence from Randomized Military Drafts

Chih-Ching Hung1, 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 Schnorpfeil1, Michael Weber2, Andreas Hackethal1

1: Goethe University Frankfurt; 2: University of Chicago

Discussant: Felix von Meyerinck (University of Zurich)

Award Ceremony
Location: Room "Auditorium"
Location: Foyer ConventionPoint

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