Paper #1: Mutual Fund Flows and Fluctuations in Credit and Business Cycles
--Azi Ben-Rephael (Indiana), Jaewon Choi (Illinois), Itay Goldstein (Wharton)
Discussant: Dimitry Livdan (Berkeley)
Paper #2: Characteristics Are Covariances: A Unified Model of Risk and Return
-- Bryan Kelly (Yale), Seth Pruitt (ASU), Yinan Su (Chicago)
Discussant: Kent Daniel (Columbia)
SESSION #2 (Thursday 5:45-7:30 pm MST): Financial Intermediation
Session Chair: Peter DeMarzo (Stanford)
Paper #1: Do Intermediaries Matter for Aggregate Asset Prices?
--Tyler Muir (UCLA), Valentin Haddad (UCLA)
Discussant: Pietro Veronesi (Chicago)
Paper #2: Monetary Transmission through Shadow Banks
-- Kairong Xiao (Columbia)
Discussant: Gregor Matvos (Texas)
Dinner
When: Thursday 7:30-9:30 pm, dinner served at 8:00 pm
Location: Golden Cliff/Eagles Nest
SESSION #3 (Friday 7:30-9:15 am MST): Asset Prices II
Session Chair: Ken Singleton (Stanford)
Paper #1: Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
-- Robert Richmond (NYU), Hanno Lustig (Stanford)
Discussant: Chris Telmer (Carnegie Mellon)
Paper #2: A Model of Safe Asset Determination
-- Zhiguo He (Chicago), Arvind Krishnamurthy (Stanford), Konstantin Milbradt (Northwestern)
Discussant: Chester Spatt (Carnegie Mellon)
SESSION #4 (Friday 5:45-7:30 pm MST): Valuation
Session Chair: Luigi Zingales (Chicago)
Paper #1: Socioeconomic Status and Macroeconomic Expectations
--Camelia Kuhnen (North Carolina), Sreyoshi Das (Michigan), Stefan Nagel (Chicago)
Discussant: Stephan Siegel (U. of Washington)
Paper #2: Misvaluation of Investment Options
-- Evgeny Lyandres (Boston), Egor Matveyev (U. of Alberta and MIT), Alexei Zhdanov (Penn State)
Discussant: Toni Whited (Michigan)
Dinner
When: Friday 7:30-9:30 pm, dinner served at 8:00 pm
Location: Golden Cliff/Eagles Nest
SESSION #5 (Saturday 7:30-9:15 am MST): Corporate Finance
Session Chair: Rahuram Rajan (Chicago)
Paper #1: Financing Durable Assets
-- Adriano Rampini (Duke)
Discussant: Ron Kaniel (Rochester)
Paper #2: Asymmetric Information and Security Design under Knightian Uncertainty
-- Anton Tsoy (EIEF), Andrey Malenko (MIT)
Discussant: Paolo Fulghieri (UNC)
Closing Dinner
When: Saturday 6:00 – 9:00 pm, Dinner served at 6:30 pm
Where: The Aerie