James Schallheim    Avner Kalay

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Utah Winter Finance Conference

Archived Programs

SESSION #1 (Thursday 7:30-9:15 am MST): Corporate Finance
Session Chair: Jonathan Berk (Stanford)

Paper #1: Leverage Dynamics Without Commitment
            -- Peter Demarzo (Stanford) and Zhiguo He (Chicago)
Discussant: Adriano Rampini (Duke)

Paper #2:  Corporate Refinancing, Covenants, and the Agency Cost of Debt
            -- Daniel Green (Harvard)

Discussant: Michael Roberts (Wharton)

SESSION #2 (Thursday 5:45-7:30 pm MST): Banking
Session Chair: Chester Spatt (MIT)

Paper #1: Does Borrowing from Banks Cost More than Borrowing from the Market?
               --Michael Schwert (Wharton)
Discussant: Bo Becker (Stockholm School of Economics)

Paper #2: Leverage Regulation and Market Structure: A Structural Model of the UK Mortgage Market
               -- Matteo Benetton (Berkeley)

Discussant: Asaf Manela (Washington University)

SESSION #3 (Friday 7:30-9:15 am MST): Dividends
Session Chair: Toni Whited (Michigan)

Paper #1: Cash Flow News and Stock Prices Dynamics
               -- Riccardo Sabbatucci (Stockholm School of Economics), Davide Pettenuzza (Brandeis University)
                   and Allan Timmermann (UCSD)
Discussant: Jules van Binsbergen (Wharton)

Paper #2: Monetary Policy and Reaching for Income
              -- Kent Daniel (Columbia), Lorenzo Garlappi (UBC) and Kairong Xiao (Columbia)

Discussant: Malcolm P. Baker (Harvard)

SESSION #4 (Friday 5:45-7:30 pm MST): Computing Returns
Session Chair: Luigi Zingales (Chicago)

Paper #1: How Risky are the US Corporate Assets?
              --Tetiana Davydiuk (Carnagie Mellon), Scott Richard (Wharton), Ivan Shaliastovich (Wisconsin-
                 Madison) and Amir Yaron (Wharton)

Discussant: Lars Lochstoer (UCLA)

Paper #2: Reconsidering Returns
           -- Samuel Hartzmark (Chicago) and David Solomon (Boston College)
Discussant: Matt Ringgenberg (Utah)

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): Asset Pricing
Session Chair: Kerry Back (Rice)

Paper #1: 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)
Discussant: Burton Hollifield (Carnegie Mellon)

Paper #2: Initial Coin Offerings and Platform Building
               -- Jiasun Li (George Mason University) and William Mann (UCLA)

Discussant: Itay Goldstein (Wharton)

Closing Dinner
When: Saturday 6:00 – 9:00 pm, Dinner served at 6:30 pm

Where: Twin Peaks Room (10th Floor)

29th Annual UWFC - Feb 8-10, 2018

SESSION #1 (Thursday 7:30-9:15 am MST): Asset Pricing I
Session Chair: Mark Grinblatt (UCLA)

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

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

SESSION #2 (Thursday 5:45-7:30 pm MST): Financial Intermediation
Session Chair: 
Peter DeMarzo (Stanford)

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

Monetary Transmission through Shadow Banks
Kairong Xiao (Columbia)

SESSION #3 (Friday 7:30-9:15 am MST): Asset Prices II
Session Chair: Ken Singleton (Stanford)

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

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

SESSION #4 (Friday 5:45-7:30 pm MST): Valuation
Session Chair: Luigi Zingales (Chicago)

Socioeconomic Status and Macroeconomic Expectations

Camelia Kuhnen (North Carolina), Sreyoshi Das (Michigan), Stefan Nagel (Chicago)

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

SESSION #5 (Saturday 7:30-9:15 am MST): Corporate Finance
Session Chair: 
Rahuram Rajan (Chicago)

Financing Durable Assets
Adriano Rampini (Duke)

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

28th Annual UWFC - Feb 9-11, 2017 

SESSION #1 (Thursday 7:30-9:15 am MST): Social Norms
Session Chair: Jonathan Berk (Stanford)

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

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

SESSION #2 (Thursday 5:45-7:30 pm MST): Financial Markets
Session Chair: Shimon Kogan (IDC)

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

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

SESSION #3 (Friday 7:30-9:15 am MST): Investors' Preferences and Expectations
Session Chair: Lubos Pastor (Chicago)

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

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

SESSION #4 (Friday 5:45-7:30 pm MST): Uncertainty
Session Chair: Peter Demarzo (Stanford)

Embrace or Fear Uncertainty: Growth Options, Limited Risk Sharing, and Asset Prices

Winston Wei Dou (Wharton)

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

SESSION #5 (Saturday 7:30-9:15 am MST): Real Estate
Session Chair: David Feldman (UNSW)

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

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

27th Annual UWFC - Feb 4-6, 2016 

SESSION #1 (Thursday 7:30-9:15 am MST): Banking
Session Chair: Chester Spatt (Carnegie-Mellon)

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)

Information Sharing and Rating Manipulation
Mariassunta Giannetti (Stockholm School of Economics), Jose Liberti (DePaul), Jason Sturgess (DuPaul)

SESSION #2 (Thursday 5:45-7:30 pm MST): Spreads
Session Chair: David Feldman (UNSW)

What Drives Price Dispersion and Market Fragmentation Across US Stock Exchanges?

Yong Chao (Louisville), Chen Yao (Warwick), Mao Ye (Illinois)

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

SESSION #3 (Friday 7:30-9:15 am MST): Corporate Finance
Session Chair: Mark Grinblatt (UCLA)

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

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

SESSION #4 (Friday 5:45-7:30 pm MST): New Answers to Old Questions
Session Chair: Amir Yaron (Wharton)

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

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

SESSION #5 (Saturday 7:30-9:15 am MST): Influencing Management
Session Chair: Jonathan Berk (Stanford)

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

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

25th Annual UWFC - Feb 5-7, 2015 

SESSION #1 (Thursday 7:30-9:15 am MST): High Frequency Trading
Session Chair: Amir Yaron (Wharton)

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

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

SESSION #2 (Thursday 5:45-7:30 pm MST): Corporate Finance
Session Chair: Art Raviv (Northwestern)

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

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

SESSION #3 (Friday 7:30-9:15 am MST): Managerial Decision Making
Session Chair: Lubos Pastor (Chicago)

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

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

SESSION #4 (Friday 5:45-7:30 pm MST): Financial Markets
Session Chair: Kenneth Singleton (Stanford)

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

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

SESSION #5 (Saturday 7:30-9:15 am MST): Fraud and Market Power
Session Chair: Milton Harris (Chicago)

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

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

24th Annual UWFC - Feb 6-8, 2014 

Thursday Morning Session: Trading
Session Chair: Artur Raviv (Northwestern)

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes and Contagion
Nicolae Garleanu (Berkeley), Stavros Panageas (Chicago), Jianfeng Yu (Minnesota)

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

Thursday Afternoon Session: Credit Markets
Session Chair: Milton Harris (Chicago)

Fragility in Money Market Funds: Sponsor Support and Regulation 
Cecilia Parlatore Siritto (Wharton)

Loans on sale: Credit market seasonality, borrower need, and lender rent seeking
Justin Murfin (Yale) and Mitchell Petersen (Kellogg)

Friday Morning Session: Asset Pricing
Session Chair: Jonathan Berk (Stanford)

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

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

Friday Afternoon Session: Information and Prices
Session Chair: Kenneth Singleton (Stanford)

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

Do local investors know more? A direct examination of local investors information set.
Robert Giannini (Bluecrest Capital Management), Paul Irvine (TCU), Tao Shu (Georgia)

KEYNOTE SPEAKER (Friday 8:00 pm MST): Lars Hansen (University of Chicago)
"Uncertainty Inside and Outside Economic Models"

Saturday Morning Session: Corporate Finance
Session Chair: Matthew Spiegel (Yale)

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

Are stock-financed takeovers opportunistic?
B Espen Eckbo (Dartmouth), Tanakorn Makaew (South Carolina), Karin Thornburn (Norwegian School of Economics)

23rd Annual UWFC - Feb 5-7, 2013 

Thursday Morning Session: The Value of Trust and the Cost of Regulation
Session Chair: Artur Raviv (Northwestern)

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

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

Thursday Afternoon Session: Learning From Market Participants
Session Chair: Milton Harris (Chicago)

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

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

Friday Morning Session: Corporate Finance
Session Chair: Matthew Spiegel (Yale)

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

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)

Friday Afternoon Session: Asset Pricing
Session Chair: Kenneth Singleton (Stanford)

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

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

SESSION #5 (Saturday 7:30-9:30 am MST): Credit Markets
Session Chair: Michael Fishman (Northwestern)

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

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

22nd Annual UWFC - Feb 9-11, 2012

Thursday Morning Session:  Asset Pricing I - Session Chair: Mark Grinblatt (UCLA)

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

Real Options and Risk Dynamics
Dirk Hackbarth (Illinois at Urbana-Champaign) Timothy C. Johnson (Illinois at Urbana-Champaign)

Thursday Afternoon Session:  Implicit Contracts - Session Chair: Michael Fishman (Northwestern)

Mutual Fund Families and Performance Evaluation
David Brown (Wisconsin-Madison) Youchang Wu (Wisconsin-Madison)

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

Friday Morning Session: Asset Pricing II - Session Chair: Kerry Back (Rice)

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

Political Uncertainty and the Risk Premia
Lubos Pastor (Chicago), Pietro Veronesi (Chicago)

Friday Afternoon Session: Financial Institutions - Session Chair: Richard Smith (UC Riverside)

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

The Risk-Taking Incentives of Money Market Funds
Marcin Kacperczyk (NYU),  Philipp Schnabl (NYU)

Saturday Morning Session: Corporate Finance - Session Chair: Ramon Rabinovitch (Houston)

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

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

21st Annual UWFC - Feb 10-12, 2011  (Back To Top)

Thursday Morning Session: Raising Capital - Session Chair: Milton Harris (Chicago)

Anticipation, Acquisitions and Bidder Returns: Industry Shocks and the Transfer of Information across Rivals
Jay Cai (Drexel), Moon H. Song (San Diego State), and Ralph Walkling (Drexel)

Public information and IPO Underpricing
Einar Bakke, Tore Leite, and Karin Thorburn (all at Norwegian School)

Thursday Afternoon Session: Asset Pricing - Session Chair: Jonathan Berk (Stanford)

The Demographics of Innovation and Asset Returns
Nicolae Garleanu (Berkeley) Leonid Kogan MIT), and Stavros Panageas (Chicago)

Betting Against Beta
Andrea Frazzini (AQR) and Lasse Pedersen (NYU)

Friday Morning Session: Microstructure - Session Chair: Robert Engle (NYU)

Finding a Good Price in Opaque Over-the-Counter Markets
Haoxiang Zhu (Stanford)

Cross-listing, Investment Sensitivity to Stock Price and the Learning Hypothesis
Thierry Foucault (HEC) and Laurent Frésard (HEC)

Friday Afternoon Session: Fund Managers and Advisers - Session Chair: Ragmuram Rajan (Chicago)

Information Content when Mutual Funds Deviate from Benchmarks
Hao Jiang , Marno Verbeek, and Yu Wang (all at Erasmus)

Bad Advice: Explaining the Persistence of Whole Life Insurance
Santosh Anagol (Penn), Shawn Cole (Harvard ), and Shayak Sarkar (Harvard )

Saturday Morning Session: Imperfect Information - Session Chair: Ingrid Warner (Ohio State)

Is There Price Discovery in Equity Options?
Dmitriy Muravyev (Illinois), Neil Pearson (Illinois), and John Broussard (Rutgers)

Who Writes the News? Corporate Press Releases During Merger Negotiations
Kenneth R. Ahern (Michigan) and Denis Sosyura (Michigan)

20th Annual UWFC - Feb 4-6, 2010  (Back To Top)

Thursday Morning Session: Corporate Finance

Do Powerful Politicians Cause Corporate Downsizing?
Lauren Cohen (Harvard), Joshua Coval (Harvard), Chris Malloy (Harvard)

Did Subjectivity Play a Role in CDO Credit Ratings?
John Griffin (Univ of Texas Austin), Dragon Tang (University of Hong Kong)

Thursday Afternoon Session:Investments-Performace

Nature or Nurture: What Determines Investor Behavior?
Amir Barena (Claremont McKenna College), Henrik Cronqvist (Claremont McKenna College), Stephan Siegel (Univ of Washington)

Performance of institutional trading desks: An analysis of persistence in trading costs
Amber Anand (Syracuse Univ), Paul Irvine (Univ of Georgia), Andy Puckett (Univ of Tennessee), Kumar Venkataraman (Southern Methodist Univ)

Friday Morning Session: Macro Finance

Trading Frenzies and Their Impact on Real Investment
Itay Goldstein (Wharton), Emre Ozdenoren (London Business School), Kathy Yuan (London School of Econ)

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium
Jack Favilukis (LSE), Sydney Ludvigson (NYU), Stijn Van Nieuwerburgh (NYU)

Friday Afternoon Session: Behavioral Finance

Can psychological aggregation manipulations affect portfolio risk-taking? Evidence from a framed field experiment.
John Beshears (NBER), James Choi (Yale), David Laibson (Harvard), Brigitte Madrian (Harvard)

Do Smart Investors Outperform Dumb Investors?
Mark Grinblatt (UCLA), Juhani Linnainmaa (Univ of Chicago), Matti Keloharju (Helsinki School of Econ)

Saturday Morning Session: Investments - Information

How are Shorts Informed? Short Sellers, News, and Information Processing
Joseph Engelberg (UNC Chapel Hill), Adam Reed (UNC Chapel Hill), Matthew Riggenberg (UNC Chapel Hill)

How Much Do Investors Care About Macroeconomic Risk? Evidence From Scheduled Economic Announcements
Pavel Savor (Wharton), Mungo Wilson (Said Business School - Oxford)

19th Annual UWFC - Feb 5-7, 2009  (Back To Top)

Thursday Morning Session: Optimal Contracting - Session Chair: Karin Thorburn (Dartmouth)

Dynamic Compensation Contracts with Private Savings
Zhiguo He (Chicago)

Stochastic House Appreciation and Optimal Mortgage Lending
Tomasz Piskorski (Columbia) and Alexei Tchistyi (Berkeley)

Thursday Afternoon Session: Performance Evaluation - Session Chair: Eduardo Schwartz (UCLA)

a target="_new" href="uploads/2009_benchmarks.pdf">Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
Martijn Cremers (Yale), Antti Petajisto (Yale) and Eric Zitzewitz (Dartmouth)

The Information Content of Revealed Beliefs in Portfolio Holdings
Tyler Shumway (Michigan), Maciej B. Szefler (Michigan) and Kathy Yuan (London School of Economics)

Friday Morning Session: Asset Pricing I - Session Chair: Christopher James (Florida)

Whats Vol Got to Do with It
Itamar Drechsler (Wharton) and Amir Yaron (Wharton)

Coordination in the Presence of Asset Markets
Shimon Kogan (Texas),Anthony Kwasnica (Penn State) and Roberto Weber (Carnegie Mellon)

Friday Afternoon Session: Corporate Finance - Session Chair: David Feldman (Univ of New South Whales)

Managerial Ability and Executive Compensation
John R. Graham (Duke), Si Li (Wilfrid Laurier) and Jiaping Qiu (McMaster)

The Inverse Relationship Between Bargaining Power and Industry Dependence in Mergers
Kenneth R. Ahern (Michigan)

Saturday Morning Session:Asset Pricing II/Effects of Relative Wealth - Session Chair: Aris Protopapadakis (USC)

Relative Wealth Concerns and Complementarities in Information Acquisition
Diego Garcia (UNC) and Günter Strobl (UNC)

The Effect of Relative Wealth Concerns on the Cross-section of Stock Returns
Juan Pedro Gomez (IE Business School),Richard Priestley (BI Norwegian School of Mgt) and Fernando Zapatero (USC)
29th Annual UWFC - Feb 8-10, 2018
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