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) 

Who Values Democracy?

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,

Investment and Firm Creation

Author: Dominik Supera (Columbia)

Discussant:   Uday Rajan (Michigan)

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)

Debt maturity Management

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) 

The Value of Arbitrage 

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) 

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) 

                      VIEW PRESENTATION                VIEW DISCUSSION

Intermediated Asymmetric Information, Compensation and Career Prospects

Authors: Ron Kaniel (Rochester) and Dmitry Orlov (Wisconsin)

Discussant:   Brett Green (Washington U) 

                      VIEW PRESENTATION                VIEW DISCUSSION

Session II: Asset Pricing - Thursday 5:45-7:30 pm

Session Chair: Mark Grinblatt (UCLA)

Memory and Trading

Author: Constantin Charles (USC)

Discussant:   Joseph Engelberg (UCSD) 

                      VIEW PRESENTATION                VIEW DISCUSSION

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) 

                   VIEW PRESENTATION                VIEW DISCUSSION

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) 

                   VIEW PRESENTATION                VIEW DISCUSSION

Do Common Factors Really Explain the Cross-Section of Stock Returns?

Authors: Alejandro Lopez Lira (Florida) and Nikolai Roussanov (Wharton)

Discussant:   Kerry Back (Rice) 

                   VIEW PRESENTATION                VIEW DISCUSSION

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)

                   VIEW PRESENTATION                VIEW DISCUSSION

Competition and Selection in Credit Markets

Authors: Constantine Yannelis (Chicago) and Anthony Lee Zhang (Chicago)

Discussant:   Mitchell Petersen (Northwestern) 

                   VIEW PRESENTATION                VIEW DISCUSSION

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) 

                   VIEW PRESENTATION                VIEW DISCUSSION

Local Journalism under Private Equity Ownership

Authors: Michael Ewens (Cal Tech). Arpit Gupta (NYU) and Sabrina Howell (NYU)

Discussant:   Gregory Martin (Stanford) 

                   VIEW PRESENTATION                VIEW DISCUSSION