Utah Winter Finance Conference






Webcasts

2020 UWFC Webcasts


Panel Discussion: The Future of Academic Publishing in the 21st Century
Moderator - Jim Schallheim (Utah)

Andrew Karolyi (Cornell)

Philip Bond (University of Washington) Co-Editor Journal of Finance
Stijn Van Nieuwerburgh (Columbia) Editor Review of Financial Studies
Toni Whited (University of Michigan) Co-Editor Journal of Financial Economics



Discussion

Deep Learning in Asset Pricing
Markus Pelger (Stanford), Luyang Chen (Stanford) and Jason Chu (Stanford)

Presentation

Discussion

Asset Pricing Under Computational Complexity
Peter Bossaerts (Melbourne), Elizabeth Bowman (Melbourne), Felix Fattinger (Melbourne), Shijie Huang (Melbourne), Carsten Murawski (Melbourne), Anirudh Suthakar (Melbourne), Shireen Tang(Melbourne) and 
Nitin Yadav (Melbourne)

Presentation

Discussion


Duration Driven Returns
Niels Gormsen (Univ of Chicago) and Eben Lazarus (MIT Sloan)

Presentation


Automation and the Displacement of Labor by Capital:Asset Pricing Theory and Empirical Evidence
Jiri Knesl (University of Oxford)

Presentation

Discussion


Large Orders in Small Markets: On Optimal Execution with Endogenous Liquidity Supply
Agostino Capponi (Columbia), Albert Menkveld (Vrije Universiteit Amsterdam) and Hongzhong Zhang (Columbia)

Presentation

Discussion

Endogenous Specialization and Dealer Networks
Batchimeg Sambalaibat (Indiana University)

Presentation

Discussion

Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
Yufeng Wu (Illinois Urbana Champaign), Toni Whited (Michigan), Kairong Xiao (Columbia) and Yifei Wang (Michigan)

Presentation

Discussion


Financing Insurance
Adriano Rampini (Duke) and S. Viswanathan (Duke)

Presentation

Discussion

Conflicting Priorities: A Theory of Covenants and Collateral
Jason R Donaldson (Washington University), Denis Gromb (HEC Paris), and Giorgia Piacentino (Columbia)

Presentation

Discussion

Asset Pricing With Endogenously Uninsurable Tail Risk
Hengjie Ai (Univ of Minnesota) and Anmol Bhanderi (Univ of Minnesota)

Presentation

Discussion





2019 UWFC Webcasts



Leverage Dynamics Without Commitment
Peter Demarzo (Stanford) and Zhiguo He (Chicago)


Presentation

Discussion

Corporate Refinancing, Covenants, and the Agency Cost of Debt
Daniel Green (Harvard)


Presentation

Discussion

Does Borrowing from Banks Cost More than Borrowing from the Market?
Michael Schwert (Wharton)


Presentation

Discussion

Leverage Regulation and Market Structure: A Structural Model of the UK Mortgage Market
Matteo Benetton (Berkeley)


Presentation

Discussion

Cash Flow News and Stock Prices Dynamics
Riccardo Sabbatucci (Stockholm School of Economics), Davide Pettenuzza (Brandeis University) and Allan Timmermann (UCSD)


Presentation

Discussion


Monetary Policy and Reaching for Income
Kent Daniel (Columbia), Lorenzo Garlappi (UBC) and Kairong Xiao (Columbia)


Presentation

Discussion

How Risky are the US Corporate Assets?
Tetiana Davydiuk (Carnagie Mellon), Scott Richard (Wharton), Ivan Shaliastovich (Wisconsin-Madison) and Amir Yaron (Wharton)


Presentation

Discussion


Reconsidering Returns
Samuel Hartzmark (Chicago) and David Solomon (Boston College)


Presentation

Discussion


Extrapolative Beliefs in the Cross-Section: What Can We Learn from the Crowds?
Zhi Da (Notre Dame), Xing Huang (Washington University) and Lawrence Jin (CalTech)


Presentation

Discussion


Initial Coin Offerings and Platform Building
Jiasun Li (George Mason University) and William Mann (UCLA)



Presentation


Discussion




2018 UWFC Webcasts



Mutual Fund Flows and Fluctuations in Credit and Business Cycles
Azi Ben-Rephael (Indiana), Jaewon Choi (Illinois), Itay Goldstein (Wharton)
Presentation

Discussion

Characteristics Are Covariances: A Unified Model of Risk and Return
Bryan Kelly (Yale), Seth Pruitt (ASU), Yinan Su (Chicago)
Presentation

Discussion

Do Intermediaries Matter for Aggregate Asset Prices?
Tyler Muir (UCLA), Valentin Haddad (UCLA)
Presentation

Discussion

Monetary Transmission through Shadow Banks
Kairong Xiao (Columbia)
Presentation

Discussion

Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
Robert Richmond (NYU), Hanno Lustig (Stanford)

Presentation

Discussion

A Model of Safe Asset Determination
Zhiguo He (Chicago), Arvind Krishnamurthy (Stanford), Konstantin Milbradt (Northwestern)
Presentation

Discussion

Socioeconomic Status and Macroeconomic Expectations
Camelia Kuhnen (North Carolina), Sreyoshi Das (Michigan), Stefan Nagel (Chicago)
Presentation

Discussion
 
Misvaluation of Investment Options
Evgeny Lyandres (Boston), Egor Matveyev (U. of Alberta and MIT), Alexei Zhdanov (Penn State)
Presentation

Discussion
     
Financing Durable Assets
Adriano Rampini (Duke)
Presentation

Discussion
            
           

Asymmetric Information and Security Design under Knightian Uncertainty
Anton Tsoy (EIEF), Andrey Malenko (MIT)

Presentation

Discussion
           




2017 UWFC Webcasts

2017 Welcome and Kickoff by Avner Kalay - Click Here To Watch



The Market for Financial Adviser Misconduct
Mark Egan (Minnesota), Gregor Matvos (Chicago), Amit Seru (Stanford)
Presentation

Discussion

Corporate Culture: Evidence from the Field
Jillian Popadak(Duke),Campbell Harvey(Duke) John Graham(Duke) Shivaram Rajgopal (Columbia)
Presentation

Discussion

Size Discovery
Darrell Duffie (Stanford), Haoxiang Zhu (MIT)
Presentation

Discussion 

           

A Dynamic Theory of Mutual Fund Runs and Liquidity Management
Yao Zeng (Washington)
Presentation

Discussion 
 

Risk Preferences and the Macro Announcement Premium
Hengjie Ai (Minnesota), Ravi Bansal (Duke)
Presentation

Discussion  
 

Harnessing the Wisdom of Crowds
Zhi Da (Notre Dame), Xing Huang (Michigan State)
Presentation

Discussion  


Embrace or Fear Uncertainty: Growth Options, Limited Risk Sharing, and Asset Prices
Winston Wei Dou (Wharton)
Presentation

Discussion  
            
     
The Finance-Uncertainty Multiplier
Ivan Alfaro (Ohio State), Nicholas Bloom (Stanford), Xiaoji Lin (Ohio State)
Presentation

Discussion
            
      
Asset-level Risk and Return in Real Estate Investments
Jacob Sagi (North Carolina)
Presentation

Discussion

           

Identifying the Benefits from Home Ownership
Paolo Sodini (Stockholm School of Econ), Stijn Van Nieuwerburgh (NYU), Roine Vestman 

Presentation

Discussion




2016 UWFC Webcasts



 The Invisible Hand of the Government: Moral Suasion During the European Debt Crisis
--Steven Ongena (Zurich), Alexander Popov (European Central Bank), Neeltie Van Horen (De Nederlandsche Bank)
Presentation

Discussion
 
 
 Information Sharing and Manipulation
-- Mariassunta Gianetti (Stockholm School of Economics), Jose Liberti (DePaul), Jason Sturgess (DuPaul)
Presentation

Discussion
 

 What Drives Price Dispersion and Market Fragmentation Across US Stock Exchanges?
-- Yong Chao (Louisville), Chen Yao (Warwick), Mao Ye (Illinois)
 Presentation

Discussion
 

 Credit Spreads and the Severity of Financial Crises
-- Arvind Krishnamurthy (Stanford) and Tyler Muir (Yale)
  Presentation

Discussion
 

 Relative Pay for Non-Relative Performance: Keeping Up with the Joneses with Optimal Contracts
-- Peter DeMarzo (Stanford) and Ron Kaniel (Rochester)

 Presentation

Discussion
 

 Is Market Timing Good for Shareholders?
-- Ilona Babenko (ASU), Yuri Tserlukevich (ASU), Pengcheng Wan (ASU)

 Presentation

Discussion
 

 Are Dividends and Stock Returns Predictable? New Evidence Using M&A Cash Flows
-- Riccardo Sabatucci (UCSD)

  Presentation

Discussion


 Firm Selection and Corporate Cash Holdings
-- Juliane Begenau (Harvard) and Berardino Palazzo (Boston)

Presentation

Discussion


 Do Managers Do Good with Other People's Money?
-- Ing-Haw Cheng (Dartmouth), Harrison Hong (Princeton), Kelly Shue (Chicago)

 Presentation

Discussion

 Influencing Control: Jawboning in Risk Arbitrage
-- Wei Jiang (Columbia), Tau Li (Warwick), Danqing Mei (Columbia)

Presentation

Discussion
 



2015 UWFC Webcasts



 Tick Size Constraints, High Frequency Trading, and Liquidity
--Chen Yao (Warwick) and Mao Ye (Illinois)
Presentation

Discussion
 
 
 The High-Frequency Trading Arms Race: Frequent Batch Auctions as a  Market Design Response
-- Eric Budish (Chicago), Peter Cramton (Maryland), and John Shim (Chicago)
 Presentation

Discussion

 Taxation and Dividend Policy: The Muting Effect of Diverse Ownership Structure
-- Martin Jacob (WHU), Roni Michaely (Cornell), and Annette Alstadsaeter (Oslo)
 Presentation

Discussion

 Collateral, Taxes, and Leverage
-- Shaojin Li (Shanghai), Toni M. Whited (Rochester), and Yufeng Wu (Rochester)
 Presentation

Discussion

 Timing Decisions in Organizations: Communication and Authority in a Dynamic Environment
-- Steven Grenadier (Stanford), Andrey Malenko (MIT), and Nadya Malenko (Boston College)

 Presentation

Discussion


 Asset Management Contracts and Equillibrium Prices
-- Andrea M. Buffa (Boston University), Dimitri Vayanos (LSE), and Paul Wooley (LSE)

 Presentation

Discussion


 The Credit Puzzle - Myth or Reality?
-- Peter Feldhutter (LBS) and Stephen Schaefer (LBS)

 Presentation

Discussion


 Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Investors, Deals and Taste Based Discrimination
-- Dam Marom (Hebrew), Alicia Robb (Berkeley), and Orly Sade (Hebrew)

 Presentation

Discussion


 How Pervasive is Corporate Fraud?
-- Alexander Dyck (Toronto), Adair Morse (Berkeley), and Luigi Zingales (Chicago)

Presentation

Discussion

 Anti-Competitive Effects of Common Ownership
-- Jose Azar (Charles River), Martin Schmalz (Michigan) and Isabel Tecu (Charles River)

Presentation

Discussion




2014 UWFC Webcasts

 Keynote Speech from Nobel Prize Winner Lars Hansen
 Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes and Contagion
--Nicolae Garleanu (Berkeley), Stavros Panageas (Chicago), Jianfeng Yu (Minnesota)
Presentation

Discussion
 
 
Government Interventions in a Dynamic Market with Adverse Selection
-- William Fuchs (Berkeley) and Andrzej Skrzypacz (Stanford)
 Presentation

Discussion
Fragility in Money Market Funds: Sponsor Support and Regulation
--Cecelia Parlatore Siritto (Wharton)
 Presentation

Discussion
Loans On Sale: Credit Market Seasonality, Borrower Need, and Lender Rent Seeking
-- Justin Murfin (Yale) and Mitchell Petersen (Kellogg)
 Presentation

Discussion
Measuring the "Dark Matter" in Asset Pricing Models
-- Hui Chen (MIT), Winston Wei Dou (MIT) and Leonid Kogan (MIT)

Presentation

Discussion
 
Commodity Trade and the Carry Trade: A Tale of Two Countries
-- Robert Ready (Rochester), Nikola Roussanov (Wharton) and Collin Ward (Wharton)

Presentation

Discussion

Design of Financial Securities: Emperical Evidence from Private Label RMBS Deals
-- Taylor Begley (Michigan) and Amiyatosh Purnanandam (Michigan)

Presentation

Discussion

Do Local Investors Know More? A Direct Examination of Local Investors Information Set
-- Robert Giannini (Bluecrest Capital Mgt), Paul Irvine (TCU) and Tao Shu (Georgia)

Presentation

Discussion

An Emperical (S,s) Model of Dynamic Capital Structure
-- Arthur Korteweg (Stanford) and Ilya A. Strebulaev (Stanford)

Presentation

Discussion

Are Stock-Financed Takeovers Opportunistic?
-- Espen Eckbo (Dartmouth), Tanakorn Makaew (So. Carolina) and Karin S. Thornburn (Norweigen School of Economics)

Presentation

Discussion




2013 UWFC Webcasts

Trust, Consumer Debt and Household Finance
--Dangling Jiang (FSU) and Sonya S. Lim (DePaul)
 Presentation

Discussion

The Cost of Financial Frictions for Life Insurers
-- Ralph Koijen (Chicago) and Motohiro Yogo (Minneapolis FED)
 Presentation

Discussion
Learning Whether Other Traders are Informed
--Snehal Banerjee (Northwestern) and Brett Green (UC Berkeley)
 Presentation

Discussion
No News is News: Do Markets Underreact to Nothing?
-- Stefano Giglio (Chicago and NBER) and Kelly Shue (Chicago)
 Presentation

Discussion
Beyond Q: Estimating Investment Without Asset Prices
--Vito Gala (LBS) and Joao Gomes (Wharton)
 Presentation

Discussion
As Certain As Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes
-- Florian Heider (European Central Bank) and Alexander Ljungqvist (NYU and NBER)
 Presentation

Discussion
Dynamic Risk Management
--Adriano Rampini (Duke), Amir Sufi (Chicago) and S. Viswanathan (Duke)
 Presentation

Discussion
Financial Intermediaries and the Cross-Section of Asset Returns
-- Tyler Muir (Northwestern), Tobias Adrian (New York Fed) and Erkko Etula (Goldman Sachs)
 Presentation

Discussion
Endogenous Liquididty and Defaultable Bonds
-- Zhiguo He (Chicago) and Konstantin Milbradt (MIT)
 Presentation

Discussion
The Anatomy of a Credit Supply Shock: Evidence from an Internal Credit Market
-- Jose Liberti (DePaul) and Jason Sturgess (Georgetown)
 Presentation

Discussion

2012 UWFC Webcasts

Pricing Model Performance and the Two-Pass Cross Sectional Regression Methodology
Authors: Raymond Kan (Toronto), Cesare Robotti (Fed Reserve /EDHEC), Jay Shanken (Emory)
 Presentation

Discussion
Investment Flexibility and Stock Returns
Authors: Dirk Hackbarth (Illinois at Urbana-Champaign) Timothy C. Johnson (Illinois at Urbana-Champaign)
 Presentation

Discussion
Mutual Fund Families and Performance Evaluation
Authors: David Brown (Wisconsin-Madison) Youchang Wu (Wisconsin-Madison)
 Presentation

Discussion
The Design of Mortgage-Backed Securities and Servicer Contracts
Authors: Pegaret Pichler (Northeastern) Robert Mooradian (Northeastern)
 Presentation

Discussion
Health and Mortality Delta: Assessing the Welfare Costs of Household Insurance Choice
Authors: Ralph Koijen(Chicago) Stijn Van Nieuwerburgh(NYU), Motohiro Yogo(Minneapolis FED)
 Presentation

Discussion
Political Uncertainty and the Risk Premia
Authors: Lubos Pastor (Chicago), Pietro Veronesi (Chicago)
 Presentation

Discussion
The Impact of Incentives and Communication Costs on Information Production: Evidence from Bank Lending
Authors: Jun Qian (Boston College), Philip Strahan (Boston College and NBER), Zhishu Yang (Tsinghua Univ)
 Presentation

Discussion
The Risk-Taking Incentives of Money Market Funds
AUthors: Marcin Kacperczyk (NYU) Philipp Schnabl (NYU)
  Presentation

Discussion
Financing Investment with Long-Term Debt and Uncertainty Shocks
Authors: Michael Michaux (Univ of Southern California) Francois Gourio (Boston)
 Presentation

Discussion
The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns
Authors: Jonathan Cohn (UT Austin), Lillian Mills (UT Austin), Erin Towery (UT Austin)
 Presentation

Discussion


  
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