Schedule: The program schedule refers to Madrid Time Zone
Presentation structure: 20 min presentation + 10 min discussant + 5 min Q&A for each paper
Keynotes: 45 min-1hr presentation + 15-20 min Q&A.
PROGRAM
June 30th
Parallel Sessions I
9:00 - 11:00 | Banking Empirical 1 (I.A) Track Chair: Jose Luis Peydro, Imperial College | When Green Meets Green Presenter: Roman Goncharenko, KU Leuven Discussant: Andrea Fabiani, UPF and Banca D’Italia The Price of Inconsistency: Evidence from Alternative Credit Data Presenter: Weitong (Peter) Han, University of Illinois at Urbana Champaign Discussant: Sergio Vicente, Université du Luxembourg Estimating the Market Power in the EU banking system: An environmental perspective Presenter: Cristina Ortega González, University of Málaga Discussant: Vicente Salas, Universidad de Zaragoza |
11:30 - 13:30 | Banking Empirical 2 (I.B) Track Chair: David Martinez-Miera, Universidad Carlos III de Madrid | The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments Presenter: Vincenzo Pezone, SAFE Discussant: Mohhamad Izadi, Goethe University Frankfurt How Does Peer-to-Business Lending Affect Financial Policy of SMEs? Presenter: Emanuele Rizzo, Nova SBE Discussant: Discussant: Vincenzo Pezone, SAFE Banking Market Structure and Trade Shocks Presenter: Mohammad Izadi, Goethe University Frankfurt Discussant: Melissa Prado, Nova SBE |
14:00 - 16:00 | Household Finance (I.C) Track Chair: João Cocco, London Business School | NIMBYs and Credit Supply Presenter: Seyit Gokmen, University of Birmingham Discussant: Jason Sturgess, Queen Mary University Hand to Mouth: Financial Stress and Food Insecurity Presenter: Yessenia Tellez, Virginia Tech Discussant: Arna Olafsson, Copenhagen Business School Breaking the Commitment Device: The Effect of Equity Withdrawal on Consumption, Saving, & Welfare Presenter: Patrick Moran, University of Copenhagen, CEBI, and IFS Discussant: John Gathergood, University of Nottingham |
16:30 - 18:30 | Market Microstructure (I.D) Track Chair: Ariadna Dumitrescu (ESADE) | On the Effects of Continuous Trading Presenter: Roberto Pascual, Universidad de las Islas Baleares Discussant: Julio Crego, Tilburg University Banning Dark Pools: Venue Selection and Investor Trading Costs Presenter: Christian Neumeier, Justus Liebig University Discussant: Roberto Pascual, Universidad de las Islas Baleares Trades by Insiders and the Informativeness of Earnings Announcements Presenter: Julio Crego, Tilburg University Discussant: José Penalva, Universidad Carlos III de Madrid |
Parallel Sessions II
9:00 - 11:00 | Theoretical Asset Pricing Session 1 (II.A) Track Chair: Victoria Vanasco, Centre de Recerca en Economia Internacional | Cash Heterogeneity and the Payout Channel of Monetary Policy Presenter: Altan Pazarbasi, Frankfurt School of Finance & Management Discussant: Joachim Jungherr, University of Bonn Disagreement about Public Information Quality and Informational Price Efficiency Presenter: Chong Huang, University of California, Irvine Discussant: Ilja Kantorovitch, UPF and EPFL Dynamic Equilibrium with Costly Short-Selling and Lending Market Presenter: Suleyman Basak, London Business School Discussant: Rodolfo Prieto, INSEAD |
11:30 - 13:30 | Theoretical Asset Pricing Session 2 (II.B) Track Chair: André Silva, Nova SBE | Booms, Banking Crises, and Monetary Policy Presenter: Joël Marbet, CEMFI Discussant: Max Gillman, University of Missouri, St. Louis An Explanation of Real US Interest Rates with an Exchange Economy Presenter: Max Gillman, University of Missouri - St. Louis Discussant: Altan Pazarbasi, Frankfurt School of Finance & Management Disagreement, information quality and asset prices Presenter: Fernando Zapatero, Boston University Discussant: Chong Huang, University of California, Irvine |
14:00 - 16:00 | Institutional Investors 1 (II.C) Track Chair: Melissa Prado, Nova SBE | Can Machine Learning Help Select Portfolios of Mutual Funds? Presenter: André Portela Santos, University of Edinburgh Business School Discussant: Baba Yara Fahiz, Indiana University Economic Policy Uncertainty and Hedge Fund Returns Presenter: Songtao Wang, Shanghai Jiao Tong University Discussant: Guillerme Baquero, ESMT Do Exchange Traded Funds Enhance Market Mispricing? A Trading Perspective Presenter: Adina Yelekenova, Lancaster University Discussant: Giorgio Ottonello, Nova SBE |
16:30 - 18:30 | Institutional Investors 2 (II.D) Track Chair: Javier Gil-Bazo, Universitat Pompeu Fabra | Stock price informativeness and the propagation of idiosyncratic shocks by institutional investors Presenter: José M. Martin-Flores, CUNEF Discussant: Rafael Zambrana, Notre Dame Identity, Diversity, and Team Performance: Evidence from U.S. Mutual Funds Presenter: Melissa Prado, Nova SBE Discussant: José M. Martin-Flores, CUNEF Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers Presenter: Richard Evans, University of Virginia - Darden Discussant: Pablo Ruiz-Verdú, Universidad Carlos III de Madrid |
Parallel Sessions III
9:00 - 11:00 | Empirical Asset Pricing Session 1 (III.A) Track Chair: Fernando Zapatero, Boston University | Beliefs about Beta: Upside Participation and Downside Protection Presenter: Michael Ungeheuer, Aalto University Discussant: Fernando Zapatero, Boston University Are Option and CDS Markets Integrated? Presenter: Haohua Xu, McGill University Discussant: Tim Baumgartner, Ulm University Has Manipulation in the VIX Decreased? Presenter: Tim Baumgartner, Ulm University Discussant: Haohua Xu, McGill University |
11:30 - 13:30 | Empirical Asset Pricing Session 2 (III.B) Track Chair: Martijn Boons, Tilburg University | The term structure of international option-implied expected market risk premia Presenter: Pedro Serrano, Universidad Carlos III de Madrid Discussant: Joren Koeter, Tilburg University Safe Asset Carry Trade Presenter: Angelo Ranaldo, University of St. Gallen Discussant: Kristy Jansen, Tilburg University Short Selling Efficiency Presenter: Yong Chen, Texas A&M University Discussant: Martijn Boons, Tilburg University |
14:00 - 16:00 | Empirical Corporate Finance Session 1 (III.C) Track Chair: Fernando Anjos, Nova SBE | The Cultural Foundations of Corporate Control: An Empirical Enquiry Presenter: Marc Goergen, IE Business School, IE University Discussant: Pranav Desai, Nova SBE Managerial Incentives to Innovation During Crises: The Schumpterian View Presenter: Jiawei Wang, University of Iowa Discussant: Ekaterina Gavrilova, Bocconi University Do Speculators Exacerbate Managerial Myopia? Evidence from Margin Traders in China Presenter: Jun Chen, Rady School of Management, UC San Diego Discussant: Nick Hirschey, Nova SBE |
16:30 - 18:30 | Empirical Corporate Finance Session 2 (III.D) Track Chair: Cláudia Custódio, Imperial College | Are you a Zombie? A Supervised Learning Method to Classify Unviable Firms and Identify the Determinants Presenter: Angela De Martiis, University of Bern, Institute for Financial Management (IFM), Switzerland Discussant: Ansgar Walther, Imperial College Beyond the Target: M&A Decisions and Rival Ownership Presenter: Mireia Gine, IESE Business School Discussant: Marco Becht, Université libre de Bruxelles The CDS market reaction to loan renegotiation announcements Presenter: Florina Silaghi, Universitat Autònoma de Barcelona Discussant: Rafael Almeida da Matta, Skema |
Board Meeting
18:30 | AEFIN Board Meeting |
July 1st
Parallel Sessions I
9:00 - 11:00 | Banking Empirical 3 (I.E) Track Chair: Diana Bonfim, Banco de Portugal | Banks, Maturity Transformation, and Monetary Policy Presenter: Pascal Paul, Federal Reserve Bank of San Francisco Discussant: Miguel Ampudia, ECB Loan market power and monetary policy passthrough under low interest rates Presenter: Mengbo Zhang, University of California Discussant: Ana Sá, Faculdade Economia Porto (FEP) The Industry Expertise Channel of Mortgage Lending Presenter: Yuxiang Zheng, University of British Columbia Discussant: Klaas Mulier, Ghent University |
11:30 - 13:30 | Theoretical Corporate Finance Session 1 (I.F) Track Chair: Andres Almazan, University of Texas at Austin | Crisis Interventions in Corporate Insolvency Presenter: Christopher Clayton, Yale School of Management Discussant: Gregory Weitzman, McGill University (Montreal) Financing a Black Box: Dynamic Investment with Persistent Private Information Presenter: Felix Feng, University of Washington Discussant: Alvaro Remesal, CUNEF (Madrid) Price Experimentation in Confidential Negotiations Presenter: Jangwoo Lee, Chinese University of Hong Kong (CUHK) Discussant: Pablo Ruiz Verdu, Universidad Carlos III (Madrid) |
Parallel Sessions II
9:00 - 11:00 | Empirical Asset Pricing Session 3 (II.E) Track Chair: Juan Pedro Gomez, IE Business School | Bond Pricing and Business Cycles with Central Bank Asset Purchases Presenter: Ron Mau, University of Mississippi Discussant: Vahid Saadi, IE Business School Music Sentiment and Stock Returns Around the World Presenter: Garel Alexandre, Audencia Discussant: Ilan Cooper, BI Norwegian School of Management Hiding Filthy Lucre in Plain Sight: Theory and Identification of Business-Based Money Laundering Presenter: Alessandro Peri, University of Colorado at Boulder Discussant: Hannes Wagner, Bocconi University |
11:30 - 13:30 | Empirical Asset Pricing Session 4 (II.F) Track Chair: Rui Albuquerque, Boston College | Competition Network, Distress Propagation, and Stock Returns Presenter: Wei Wu, Texas A&M University Discussant: Miguel Jesus, CUNEF Monetary Policy and Inequality Presenter: Jose-Luis Peydro, UPF-CREI, Imperial College Discussant: Martin Holm, University of Oslo Following Insiders Presenter: Abalfazl Zareei, Stockholm University Discussant: Julio Crego, Tilburg University |
Parallel Sessions III
9:00 - 11:00 | Empirical Corporate Finance Session 3 (III.E) Track Chair: Marc Goergen, IE Business School | Communities as Stakeholders: Impact of Corporate Bankruptcies on Local Governments Presenter: Baridhi Malakar, Georgia Institute of Technology Discussant: Chad Brown, University of Colorado Boulder Bankruptcy Shocks and Legal Labor Markets Presenter: Chad Brown, University of Colorado Boulder Discussant: Baridhi Malakar, Georgia Institute of Technology The Talent Gap in Family Firms Presenter: Morten Bennedsen, INSEAD Discussant: Felix Feng, University of Washington |
11:30 - 13:30 | Empirical Corporate Finance Session 4 (III.F) Track Chair: Maria Gutierrez, Universidad Carlos III de Madrid | Shareholder-Creditor Conflicts and Limits to Arbitrage: Evidence From the Equity Lending Market Presenter: Pedro Saffi, University of Cambridge - Judge Business School Discussant: Isabel Abinzano, Universidad de Navarra Lagged Accuracy in Credit-Risk Measures Presenter: Isabel Abínzano, Public University of Navarre Discussant: Pedro Saffi, University of Cambridge - Judge Business School Does Institutional Ownership Composition Matter for Corporate Innovation? Presenter: Anna Toldrà Simats, Universidad Carlos III de Madrid Discussant: Maria Gutierrez, Universidad Carlos III de Madrid |
Keynote
14:00 - 15:30 | Professor David Jean Joseph | Paper: Overreaction in Expectations: Evidence and Theory |
General Meeting
15:30 | AEFIN General Meeting |
July 2nd
Parallel Sessions I
9:00 - 11:00 | Banking Theory 1 (I.G) Track Chair: Ettore Panetti, University of Naples Federico II | Limits of stress-test based bank regulation Presenter: Tirupam Goel, Bank for International Settlements Discussant: David Martinez-Miera, Universidad Carlos III de Madrid Regulating Liquidity Risk in Mutual Funds Presenter: Dominic Cucic, Danmarks Nationalbank Discussant: Ettore Panetti, University of Naples Federico II Real effects of imperfect bank-firm matching Presenter: Sotirios Kokas, University of Essex Discussant: Alonso Villacorta, UC Santa Cruz |
11:30 - 13:30 | Banking Theory 2 (I.H) Track Chair: Javier Suarez, CEMFI | Adverse Selection in Risk Transfer Markets: Evidence From Mortgage Derivatives Presenter: David Echeverry, Universidad de Navarra Discussant: Alvaro Remesal, CUNEF Bank Runs, Bank Competition and Opacity Presenter: David Martinez-Miera, UC3M & CEPR Discussant: Anatoli Segura, Banca d'Italia Firm-bank linkages and optimal policies in a lockdown Presenter: Alonso Villacorta, University of California, Santa Cruz Discussant: David Martinez-Miera, Universidad Carlos III de Madrid |
Parallel Sessions II
9:00 - 11:00 | Empirical Asset Pricing Session 5 (II.G) Track Chair: João Pedro Pereira, Nova SBE | Attention, Distraction, and the Speed of Information Transmission Presenter: Miguel De Jesus, CUNEF Discussant: Virginia Gianinazzi, Nova SBE Tell me a story: Quantifying economic narratives and their role during COVID-19 Presenter: Jorge Wolfgang Hansen, Department of Economics and Business Economics, Aarhus University, CREATES, and the Danish Finance Institute Discussant: Gi Kim, Warwick Business School Speculator Spreading Pressure and the Commodity Futures Risk Premium Presenter: Gi Kim, University of Warwick Discussant: Jorge Hansen, Aarhus University |
11:30 - 13:30 | Empirical Asset Pricing Session 6 (II.H) Track Chair: Enrique Sentana, CEMFI | Litigation Risk and Stock Return Anomaly Presenter: Lingna Sun, Louisiana Tech University Discussant: Vicente Bermejo, ESADE Discrete Mixtures of Normals Pseudo Maximum Likelihood Estimators of Structural Vector Autoregressions Presenter: Enrique Sentana, CEMFI Discussant: Dante Amengual, CEMFI Exchange rates and the global transmission of equity market shocks Presenter: Javier Ojea Ferreiro, Joint Research Centre of the European Commission Discussant: Alfonso Valdesogo, Université de Cergy-Pontoise |
Parallel Sessions III
9:00 - 11:00 | Empirical Corporate Finance Session 5 (III.G) Track Chair: Mireia Gine, IESE Business School | The real effects of financial markets on innovation disclosure - Evidence from a natural experiment Presenter: Markus Simeth, Copenhagen Business School Discussant: Moqi Xu, Queen Mary University Minority Shareholders and Tax Avoidance: Taking Global Evidence Presenter: Antonio De Vito, IE Business School, IE University Discussant: Guillermo Ramirez, IESE Business School Agree to Disagree: Within-Syndicate Conflict and Syndicated Loan Contracting Presenter: Zhanbing Xiao, University of British Columbia Discussant: Christoph Helmut, Emory University |
11:30 - 13:30 | Institutional Investors 3 (III.H) Track Chair: David Moreno, Universidad Carlos III de Madrid | Fund Flows and Performance Under Dynamic Unobservable Managing Ability Presenter: David Feldman, UNSW Sydney Discussant: Juan Pedro Gómez, IE (Instituto de Empresa) The Value of Activism: A Hedge Fund Investor’s Perspective Presenter: Caroline Zhu, Seattle Pacific University Discussant: Juan Felipe Imbet Jiménez, Universitat Pompeu Fabra and Barcelona GSE Tweeting for money: Social media and mutual fund flows Presenter: Juan Imbet, Universitat Pompeu Fabra Discussant: Emanuele Rizzo, Nova SBE |
Keynote
14:00 - 15:30 | Professor Wei Jiang | Paper: From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses |
Closing & Best Paper Prizes
15:30 - 16:00 | Best Paper Prizes & Closing Speech | Maria Gutierrez, Universidad Carlos III de Madrid David Martinez-Miera, Universidad Carlos III de Madrid Irem Demirci, Nova SBE |