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2025 Program
The Thirty-fourth Annual Utah Winter Finance Conference will be held February 6-8, 2024. The opening reception begins Wednesday evening, February 5th. The location is the beautiful Cliff Lodge at Snowbird.
Wednesday February 5th
Opening Reception 6:30-8:30 pm
Thursday February 6th
Session I: METHODOLOGY - Thursday 7:30-9:15 am
Session Chair: Jonathan Berk (Stanford)
Authors: Victor DeMigual (LBS), Li Guo (Fudan), Bo Sung (Bristol) and Zhe Zhang (SMU)
Discussant: Bryan Kelly (Yale)
Investigating Instruments with Meta Regressions
Authors: Aaron Pancost (Texas) and Garrett Schaller (Colorado State)
Discussant: Lucian Taylor (Wharton)
Session II: Investors' Behavior - Thursday 5:45-7:30 pm
Session Chair: Lubos Pastor (Chicago)
Educating Investors About Dividends
Authors: Andreas Hackethal (Goethe University), Tobin Hanspal (WU), Samuel Hartzmark (BC), and Konstantine Brauer (Goethe University)
Discussant: Michael Weber (Chicago)
Categorical Thinking About Interest Rates
Authors: Kelly Shue (Yale), Richard Townsend (UCSD) and Chen Wang (Notre Dame)
Discussant: Luigi Zingales (Chicago)
Friday February 7th
Session III: Corporate Finance - Friday 7:30-9:15 am
Session Chair: Peter DeMarzo (Stanford)
Financially Sophisticated Firms
Authors: Kerry Siani (MIT) and Lira Mota (MIT)
Discussant: Adriano Rampini (Duke)
Corporate Finance Through Loyalty Programs
Author: Dan Luo (Chinese University of Hong Kong)
Discussant: David Yermack (NYU)
Session IV: On Expected Rates of Returns - Friday 5:45-7:30 pm
Session Chair: Mark Grinblat (UCLA)
Author: Stavros Panageas (UCLA)
Discussant: Martin Lettau (Berkeley)
Firms' Perceived Cost of Capital
Authors: Niels Joachim Gormsen (Chicago) and Killian Huber (Chicago)
Discussant: Joel David (FRB - Chicago)
Saturday February 8th
Session V: MACRO FINANCE - Saturday 7:30-9:15 am
Session Chair: Mike Fishman (Kellogg)
Barriers to Global Capital Allocation
Authors: Bruno Pellegrino (Columbia), Enrico Spolaore (Tufts) and Romain Wacziarg (UCLA)
Discussant: Adrien Verdelhan (MIT)
Business Liquidity and Information Cycles
Authors: Gorkem Bostanci (UBC) and Guillermo Ordonez (U of Penn)
Discussant: Lukas Schmid (USC)
Saturday Dinner Presentation
AI-Powered (Finance) Scholarship
Authors: Robert Novy Marx (Rochester) and Mihail Velikov (Penn State)
2024 Program
Thursday February 8th
Session I: ALL ABOUT EARNINGS - Thursday 7:30-9:15 am
Session Chair: Peter DeMarzo (Stanford)
The Return of Return Dominance: Decomposing the Cross-section of Prices
Authors: Ricardo De la O (USC), Xiao Han (City U London), and Sean Myers (Wharton)
Discussant: Martin Lettau (Berkeley)
Credit Information in Earnings Calls
Authors: Harry Mamaysky (Columbia), Yiwen Shen (HKUST), and Hongyu Wu (Yale)
Discussant: Mark Grinblatt (UCLA)
Session II: NEW TOOLS - Thursday 5:45-7:30 pm
Session Chair: Adriano Rampini (Duke)
Would Order-by-Order Auctions Be Competitive?
Authors: Thomas Ernst (Maryland), Chester Spatt (CMU). and Jian Sun (Singapore)
Discussant: Kerry Back (Rice)
Fundamentals of Perpetual Futures
Authors: Songrun He (Wash U), Asaf Manela (Wash U), Omri Ross (Copenhagen), and Victor Von Wachter (Copenhagen)
Discussant: Adrien Verdelhan (MIT)
Friday February 9th
Session III: FACTOR PRICING - Friday 7:30-9:15 am
Session Chair: Lubos Pastor (Chicago)
Corporate Bond Factors: Replication Failures and a New Framework
Authors: Jens Dick-Nielsen (Copenhagen), Peter Feldhutter (Copenhagen), Lasse Heje Pedersen (Copenhagen), and Christian Stolborg (Copenhagen)
Discussant: A. (Subra) Subrahmanyam (UCLA)
Complexity in Factor Pricing Models
Authors: Antoine Didisheim (Melbourne), Barry Ke (Yale), Bryan Kelly (Yale), and Senyon Malamud (Swiss Finance Inst)
Discussant: Jonathan Berk (Stanford)
Session IV: SOCIAL ISSUES - Friday 5:45-7:30 pm
Session Chair: Luigi Zingales (Chicago)
Author: Max Miller (HBS)
Discussant: Pietro Veronesi (Chicago)
Polarizing Corporations: Does Talent Flow to “Good” Firms?
Authors: Emanuele Colonnelli (Chicago), Tim McQuade (Berkeley), Gabriel Ramos (Imperial College), Thomas Rauter (Chicago) and Olivia Xiong (Chicago)
Discussant: Samuel Hartzmark (Boston College)
Saturday February 10th
Session V: MACRO FINANCE - Saturday 7:30-9:15 am
Session Chair: Matthew Spiegel (Yale)
Asset Pricing with Optimal Under-Diversification
Authors: Vadim Elenev (John Hopkins) and Tim Landvoight (Wharton)
Discussant: Stijn Van Nieuwerburgh (Columbia)
Running Out of Time (Deposits): Falling Interest Rates and the Decline of Business Lending,
Author: Dominik Supera (Columbia)
Discussant: Uday Rajan (Michigan)
2023 Program
Thursday February 9th
Session I: Corporate Finance - Thursday 7:30-9:15 am
Session Chair: Brett Green (Washington)
Catching Outliers: Committee Voting and the Limits of Consensus when Financing Innovation
Authors: Audrey Malenko (Michigan), Ramana Nanda (Imperial College), Matthew Rhodes-Kropf (MIT) and Savitar Sundaresan (Imperial College)
Discussant: Huseyin Yildirim (Duke)
Authors: Yunzhi Hu, (UNC), Felipe Varas (Duke) and Chao Ying (CUHK)
Discussant: Peter DeMarzo (Stanford)
Session II: International Finance and Arbitrage - Thursday 5:45-7:30 pm
Session Chair: Lubos Pastor (Chicago)
International Capital Markets and Wealth Transfers
Authors: Magnus Dahlquist (Stockholm), Christian Heyerdahl-Larsen (Indiana), Anna Pavlova (LBS), and Julien Penasse (Luxembourg)
Discussant: Adrian Vendelhan (MIT)
Authors: Eduardo Dávila (Yale), Daniel Graves (Yales) and Cecilia Parlatore (NYU)
Discussant: Stavros Panageas (UCLA)
Friday February 10th
Session III: Beating the Market- Friday 7:30-9:15 am
Session Chair: Martin Lettau (Berkeley)
Virtue of Complexity in Return Prediction
Authors: Bryan Kelly (Yale), Semyon Malamud (EPFL), and Kangying Zhou (Yale)
Discussant: Andreas Neuhierl (Wash U)
Book-to-Market, Mispricing, and the Cross-Section of Corporate Bond Returns
Authors: Sohnke Bartram (Warwick), Mark Grinblatt (UCLA), and Yoshio Norzawa (Toronto)
Discussant: Jonathan Berk (Stanford)
Session IV: Transaction Costs - Friday 5:45-7:30 pm
Session Chair: Adriano Rampini (Duke)
The “Actual Retail Price” of Equity Trades
Authors: Brad Barber (UC Davis), Xing Huang (Wash U), Philippe Jorion (UC Irvine),
Terrance Odean (UC Berkeley), and Chris Schwarz (UC Irvine)
Discussant: Chester Spatt (CMU)
Machine Learning and the Implementable Efficient Frontier
Authors: Bryan Kelly (Yale), Theis Jensen (Copenhagen), Semyon Malamud (EPFL), and
Lasse Pedersen (Copenhagen)
Discussant: Martin Lattau (Berkeley)
Saturday February 11th
Session V: Banking - Saturday 7:30-9:15 am
Session Chair: James Dow (LBS)
Bank Loan Markups and Adverse Selection
Authors: Mehdi Beyhaghi (FED - Richmond), Cesare Fracassi (Texas), and Gregory Weitzner (McGill)
Discussant: Raghuram Rajan (Chicago)
Bank Competition amid Digital Disruption: Implications for Financial Inclusion
Authors: Erica Xuewei Jiang (USC), Gloria Yang Yu (Singapore), and Jinyuan Zhang (UCLA)
Discussant: Richard Stanton (Berkeley)
2022 Program
The Thirty-first Annual Utah Winter Finance Conference will be held February 3-5, 2022. The opening reception begins Wednesday evening, February 2nd. The location is the beautiful Cliff Lodge at Snowbird.
Session I: Corporate Finance - Thursday 7:30-9:15 am
Session Chair: Peter DeMarzo (Stanford)
Regulatory Costs of Being Public: Evidence from Bunching Estimation
Authors: Michael Ewens (Cal Tech), Kairong Xiao (Columbia) and Ting Xu (Virginia)
Discussant: Shai Bernstein (Harvard)
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Intermediated Asymmetric Information, Compensation and Career Prospects
Authors: Ron Kaniel (Rochester) and Dmitry Orlov (Wisconsin)
Discussant: Brett Green (Washington U)
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Session II: Asset Pricing - Thursday 5:45-7:30 pm
Session Chair: Mark Grinblatt (UCLA)
Author: Constantin Charles (USC)
Discussant: Joseph Engelberg (UCSD)
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Money Creation in Decentralized Finance: A Dynamic Model of Stablecoins and Crypto Shadow Banking
Authors: Ye Li (Ohio State) and Simon Mayer (Chicago)
Discussant: Itay Goldstein (Wharton)
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Session III: Inflation and Asset Pricing - Friday 7:30-9:15 am
Session Chair: Lubos Pastor (Chicago)
Getting to the Core: Inflation Risks Within and Across Asset Classes
Authors: Xiang Fang (Hong Kong), Yang Liu (Hong Kong) and Nikolai Roussanov (Wharton)
Discussant: Anna Cieslak (Duke)
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Do Common Factors Really Explain the Cross-Section of Stock Returns?
Authors: Alejandro Lopez Lira (Florida) and Nikolai Roussanov (Wharton)
Discussant: Kerry Back (Rice)
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Session IV: Financial Markets - Friday 5:45-7:30 pm
Session Chair: Adriano Rampini (Duke)
Feedback and Contagion Through Distressed Competition
Authors: Hui Chen (MIT), Winston Wei Dou (Wharton), Hongye Guo (Wharton) and Yan Ji (HKUST)
Discussant: Konstantin Milbradt (Northwestern)
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Competition and Selection in Credit Markets
Authors: Constantine Yannelis (Chicago) and Anthony Lee Zhang (Chicago)
Discussant: Mitchell Petersen (Northwestern)
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Session V: Social and Political Finance - Saturday 7:30-9:15 am
Session Chair: Jonathan Berk (Stanford)
The Allocation of Socially Responsible Capital
Authors: Daniel Green (Harvard) and Benjamin Roth (Harvard)
Discussant: Luigi Zingales (Chicago)
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Local Journalism under Private Equity Ownership
Authors: Michael Ewens (Cal Tech). Arpit Gupta (NYU) and Sabrina Howell (NYU)
Discussant: Gregory Martin (Stanford)
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2020 Program
2019 Program
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