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Midwest Finance Association66th Annual Meeting

March 1-4, 2017Swissôtel ChicagoChicago, Illinois

2017 Conference Events Schedule Registration: Wednesday, 3/1 4:00 pm – 7:00 pm Zurich Foyer Thursday, 3/2 7:30 am – 5:00 pm

Friday, 3/3 7:30 am – 5:00 pm Saturday, 3/4 8:30 am – noon

Coffee Breaks – Zurich Foyer Thursday, 3/2 9:30 am - 10:15 am Sponsor: Tippie College of Business, University of Iowa

3:00 pm – 3:45 pm Friday, 3/3 9:30 am - 10:15 am

3:15 pm – 4:00 pm

Board Meetings MFA Advisory Board (Past Presidents) Thursday, 3/2 4:00 pm Bianco Room MFA Board of Directors Friday, 3/3 8:00 am Bianco Room

Wednesday, 3/1 5:30 pm – 7:30 pm Welcome Reception - Zurich Foyer

Hosted by The Quinlan School of Business, Loyola University Chicago

Thursday, 3/2 8:00 am - 9:45 am 10:00 am - 11:45 am

Morning Sessions Morning Sessions

11:45 am – 1:25 pm Luncheon - Zurich D**(advance meal ticket purchase) State of the Industry Address -

Todd Pulvino, Founding Principal, CNH Partners, LLC James A. Gentry Distinguished Financial Executive

1:30 pm – 3:15 pm 3:30 pm – 5:15 pm

Afternoon Sessions Afternoon Sessions

5:30 pm Featured Speaker - Zurich D Keynote Address by Raghuram Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance Booth School of Business, University of Chicago

Until 7:45 pm Reception Following Keynote - Zurich Foyer Hosted by The Quarterly Journal of Finance Editors: Jean Helwege, University of California, Riverside

Fernando Zapatero, University of Southern California

Friday, 3/3 8:00 am - 9:45 am 10:00 am - 11:45 am


11:45 am – 1:40 pm Luncheon – Zurich D **(advance meal ticket purchase) Annual Membership Business Meeting

1:45 pm – 3:30 pm 3:45 pm – 5:30 pm

Afternoon Sessions Afternoon Sessions

5:45 pm Featured Speaker - Zurich D Keynote Address by Mitchell Petersen

Glen Vasel Professor of Finance Kellogg School of Management, Northwestern University

Until 7:45 pm Reception Following Keynote – Zurich Foyer

Saturday, 3/4 8:00 am - 9:45 am 10:00 am - 11:45 am


**Meal service is by advance ticket purchase only, audience seating without meal service is available upon request

Midwest Finance Association 2017 Annual Meeting Swissôtel Chicago

Schedule of Presentations

3/2/2017 8:00 am - 9:45 am Location: Montreux 1

1 Corporate Organization Chair: Sukesh Patro, Northern Illinois University

Divestitures and CEO Bias Sabatino Silveri, University of Memphis Mark Humphery-Jenner, University of New South Wales Vikram Nanda, University of Texas at Dallas

Discussant: Qiyuan Peng, Tulane University

How Has the Corporate Takeover Market Changed Over Time? Tingting Liu, Creighton University J. Harold Mulherin, University of Georgia

Discussant: Sumingyue Wang, ESSEC Business School

Anti-takeover Provisions, Corporate Governance, and Firm Performance: A Study of Corporate Spin-offs Wei Du, West Chester University of Pennsylvania Shan He, Oregon State University Gary Sanger, Louisiana State University

Discussant: Mark Walker, North Carolina State University


2 Finance Labs 101 Presented By: Bloomberg for Education

With over 800 finance laboratories on university campuses worldwide, John Fox, the Head of University Sales for Bloomberg for Education, will share some of the best tips and tricks that he has observed to measure and maximize value from finance laboratories. He will also be providing an overview of a forthcoming enhancement to Bloomberg Market Concepts (BMC) for the next academic year.


3 Payout Chair: Charles Teague, University of North Carolina at Charlotte

The Effects of Institutional Investors on Earnings Per Share Bonuses and Methods of Share Repurchases: Evidence from Accelerated Share Repurchase Xing Gao, University of Illinois at Urbana-Champaign

Discussant: Charles Teague, University of North Carolina at Charlotte

Accelerated Share Repurchases (ASR): Value Creation or Extraction? Charles Teague, University of North Carolina at Charlotte Tao-Hsien Dolly King, University of North Carolina at Charlotte

Discussant: Xing Gao, University of Illinois at Urbana-Champaign

Do Dividends Convey Information About Future Earnings? Zachary Kaplan, Washington University in St. Louis Mark Leary, Washington University in St. Louis Charles Ham, Washington University in St. Louis

Discussant: Georgi Kyosev, Erasmus University Rotterdam

3/2/2017 8:00 am - 9:45 am Location: St. Gallen 1

4 Asset Pricing Chair: Junya Jiang, University of North Carolina at Charlotte

Correlation Uncertainty, Heterogeneous Beliefs, and Asset Prices Junya Jiang, University of North Carolina at Charlotte Weidong Tian, University of North Carolina at Charlotte

Discussant: Majid Hasan, EDHEC Business School

The Equity Premium, Long-Run Risk, and Optimal Monetary Policy Anthony Diercks, Federal Reserve Board

Discussant: Junya Jiang, University of North Carolina at Charlotte

Funding-Shortfall Risk and Asset Prices in General Equilibrium Majid Hasan, EDHEC Business School

Discussant: Heber Farnsworth, Rice University


5 Behavioral Finance Chair: Jiaying Wei, ESSEC Business School

The Collateral Value of Housing: Evidence from Servicemember Pension Choice Thomas Maurer, Washington University in St. Louis Benjamin Bennett, Ohio State University Radhakrishnan Gopalan, Washington University in St. Louis

Discussant: Anthony DeFusco, Northwestern University

In the Mood for Creativity: Weather-Induced Mood, Inventor Productivity, and Firm Value Yangyang Chen, Hong Kong Polytechnic University Po-Hsuan Hsu, The University of Hong Kong Edward Podolski, Deakin University Madhu Veeraraghavan, T.A. PAI Management Institute

Discussant: William Forbes, Queen Mary University of London

3/2/2017 8:00 am - 9:45 am Location: Zurich A

6 Corruption and Firm Value Chair: Margarita Tsoutsoura, University of Chicago

Caught with the Hands in the Cookie Jar: Labor Reallocation after Exposure of Corrupt Firms Spyridon Lagaras, University of Illinois at Urbana-Champaign Jacopo Ponticelli, University of Chicago Margarita Tsoutsoura, University of Chicago

Discussant: Gregory Nini, Drexel University

Do Criminal Politicians Affect Firm Investment and Value? Evidence from a Regression Discontinuity Approach Ankur Pareek, Rutgers University

Discussant: Nikolaos Artavanis, University of Massachusetts Amherst

The Value of Offshore Secrets: Evidence from the Panama Papers James O'Donovan, INSEAD Asia Stefan Zeume, University of Michigan Hannes Wagner, Bocconi University

Discussant: John Barrios, University of Chicago

3/2/2017 8:00 am - 9:45 am Location: Zurich B

7 Credit Risk Chair: Konstantin Milbradt, Northwestern University

Option Based Credit Spreads Pietro Veronesi, University of Chicago Christopher Culp, Johns Hopkins Institute for Applied Economics Yoshio Nozawa, Federal Reserve Board

Discussant: Andreas Neuhierl, University of Notre Dame

Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle Konstantin Milbradt, Northwestern University

Discussant: Matthew Darst, Federal Reserve Board

Disentangling Credit Spreads and Equity Volatility Adrien d'Avernas, University of California, Los Angeles

Discussant: Fabrice Tourre, University of Chicago

3/2/2017 8:00 am - 9:45 am Location: Zurich C

8 Climate Change Chair: Riccardo Colacito, University of North Carolina at Chapel Hill

Temperature and Growth: A Panel Analysis of the United States Riccardo Colacito, University of North Carolina at Chapel Hill Bridget Hoffmann, Northwestern University Toan Phan, University of North Carolina, Chapel Hill

Discussant: Christian Schlag, Goethe University Frankfurt

Wall Street and Climate Change: How Do Weather Fluctuations Affect Large Corporations? Tatyana Deryugina, University of Illinois Dmitriy Muravyev, Boston College Neil Pearson, University of Illinois

Discussant: Marcelo Ochoa, Federal Reserve Board

Weather and U.S. Economic Activity Francois Gourio, Federal Reserve Bank of Chicago Justin Bloesch, Harvard University

Discussant: Dana Kiku, University of Illinois at Urbana-Champaign

3/2/2017 8:00 am - 9:45 am Location: Zurich E

9 Commercial Lending and Municipal Bonds Chair: Charles Trzcinka, Indiana University

The Spillover Effect of the Municipal Insurance Companies and Its Influence on Uninsured Municipal Bonds Chunchi Wu, University at Buffalo Xuan Zhang, University at Buffalo

Discussant: Christine Cuny, New York University

Municipal Bonds, State Politics, and Economic Outcomes Jaewon Choi, University of Illinois Joerg Picard, Grand Valley State University Andrei Simonov, Michigan State University Hayong Yun, Michigan State University

Discussant: Dermot Murphy, University of Illinois at Chicago

Information Sharing and Lender Specialization: Evidence from the U.S. Commercial Lending Market Jason Sturgess, DePaul University Jose Liberti, DePaul University and Northwestern University Andrew Sutherland, Massachusetts Institute of Technology

Discussant: Jian Cai, Washington University in St. Louis

3/2/2017 8:00 am - 9:45 am Location: Zurich F

10 Corporate Innovation Chair: Huan Yang, University of Georgia

Impact of Repatriation Tax Costs on Innovation of U.S. Multinationals Roman Bohdan, University of New Orleans Sudha Krishnaswami, University of New Orleans

Discussant: Xinxin Li, University of North Carolina at Charlotte

Deterring "Creative" Innovations: A Potential Negative Externality of Technology Spillovers Seong Byun, University of Mississippi Jong-Min Oh, University of Central Florida Han Xia, The University of Texas at Dallas

Discussant: Mengying Wang, University of Massachusetts Boston

A Text-Based Analysis of Corporate Innovation J. Anthony Cookson, University of Colorado Boulder Gustaf Bellstam, University of Colorado Boulder Sanjai Bhagat, University of Colorado Boulder

Discussant: Brian Wolfe, University at Buffalo

3/2/2017 8:00 am - 9:45 am Location: Zurich G

11 Options, Indices, and Trading Strategies Chair: Cisil Sarisoy, Northwestern University

Mispriced Index Options Portfolios George Constantinides, University of Chicago Michal Czerwonko, Concordia University Stylianos Perrakis, Concordia University

Discussant: Gustavo Schwenkler, Boston University

Implied Variance and Market Index Reversal Christopher Jones, University of Southern California Tong Wang, Virginia Tech Sung June Pyun, University of Southern California

Discussant: Matthew Linn, University of Massachusetts Amherst

Extracting Latent States from High Frequency Option Prices Diego Amaya, Wilfrid Laurier University Jean-Francois Begin, HEC Montréal Genevieve Gauthier, HEC Montréal

Discussant: Cisil Sarisoy, Northwestern University

3/2/2017 10:00 am - 11:45 am Location: Lugano

12 Director Effects Chair: Ram Kumar Mishra, Institute of Public Enterprise

Distracted Directors Luke Stein, Arizona State University Hong Zhao, Arizona State University

Discussant: Sima Jannati, University of Miami

The Incidence and Usefulness of Busy Boards: A Global Examination Stephen Ferris, University of Missouri Narayanan Jayaraman, Georgia Institute of Technology Min-Yu Liao, Illinois State University

Discussant: Wouter Torsin, Katholieke Universiteit Leuven

Do Companies Care About Insider Trading Behavior? Evidence From Director Turnover Sander De Groote, Katholieke Universiteit Leuven Liesbeth Bruynseels, Katholieke Universiteit Leuven Ann Gaeremynck, Katholieke Universiteit Leuven

Discussant: Luke Stein, Arizona State University


13 Corporate Risk Management Chair: Lars Oxelheim, Lund University

Inventory and Corporate Risk Management Andrea Gamba, University of Warwick Marco Bianco, University of Bologna

Discussant: Haibo Jiang, Tulane University

Supply Chain Disruption Costs and the Substitution of Cash for Inventory Shawn Thomas, University of Pittsburgh Manoj Kulchania, Wayne State University

Discussant: Sailu (Lulu) Li, Valparaiso University

Demand Shock, Liquidity Management, and Firm Growth During the Financial Crisis Vojislav Maksimovic, University of Maryland Youngsuk Yook, Federal Reserve Board

Discussant: Ryan Williams, University of Arizona


14 Gender Gaps in Finance Chair: Jennifer Brodmann, University of New Orleans

Gender in the C-Suite and Corporate Governance Trang Doan, Wayne State University Mai Iskandar-Datta, Wayne State University

Discussant: Miriam Schwartz-Ziv, Michigan State University

The Effect of Board Quotas on Female Director Turnover Daniel Ferreira, London School of Economics Edith Ginglinger, Université Paris-Dauphine Marie-Aude Laguna, Université Paris-Dauphine Yasmine Skalli, Université Paris-Dauphine

Discussant: Mathias Kronlund, University of Illinois


15 Bank Fragility Chair: Xinming Li, University of South Carolina

Bank Competition, Risk Taking and Their Consequences Alan Feng, International Monetary Fund

Discussant: Kristle Cortes, Federal Reserve Bank of Cleveland

The Pricing of Financial Products in Retail Banking: Competition, Geographic Proximity and Credit Limits Santiago Carbo-Valverde, Bangor University Hector Perez-Saiz, Bank of Canada

Discussant: Sapnoti Eswar, University of Cincinnati

Bank Runs, Fire Sales, and Equity Injections Roberto Robatto, University of Wisconsin-Madison

Discussant: Toni Ahnert, Bank of Canada


16 Corporate Investment Chair: Xinxin Li, University of North Carolina at Charlotte

How and When Do Firms Adjust Their Investments Toward Targets? Catharina Klepsch, Ludwig Maximilian University of Munich Ralf Elsas, Ludwig Maximilian University of Munich

Discussant: Ellie Qie Yin, University of Florida

Corporate Capital Investment and Globalization: Imports vs. Inward Foreign Direct Investment Mengying Wang, University of Massachusetts Boston Chi Wan, University of Massachusetts Boston Rui LI, University of Massachusetts Boston

Discussant: Yangyang Chen, Hong Kong Polytechnic University

Creditor Rights, Productivity, and Resource Allocation: Evidence from Plant-Level Data Nuri Ersahin, University of Illinois at Urbana-Champaign

Discussant: Simone Lenzu, University of Chicago


17 Risk Management and Flexibility Chair: Katie Moon, University of Colorado

Labor Adjustment Costs and Risk Management Yue Qiu, University of Minnesota

Discussant: Katie Moon, University of Colorado

A Test of Substitutability of Cash Holdings and Lines Of Credit: A Cross-Country Perspective Mohsen Mollagholamali, Oklahoma State University Ramesh Rao, Oklahoma State University

Discussant: Lin Ge, University of Pittsburgh

Uncertainty, Capital Investment, and Corporate Diversification Sangwon Lee, University of Houston

Discussant: DuckKi Cho, Arizona State University


18 Entrepreneurship Chair: Gordon Phillips, Dartmouth College

Experimenting with Entrepreneurship: The Effect of Job-Protected Leave Joshua Gottlieb, Univeristy of British Columbia Richard Townsend, University of California, San Diego Ting Xu, Univeristy of British Columbia

Discussant: John Mondragon, Northwestern University

Self-Employment Dynamics and the Returns to Entrepreneurship Eleanor Dillon, Arizona State University Christopher Stanton, Harvard University

Discussant: Ben Iverson, Northwestern University

The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship Kyle Herkenhoff, University of Minnesota Gordon Phillips, Dartmouth College Ethan Cohen-Cole, Econ One Reserarch

Discussant: Brian Melzer, Northwestern University


19 Volatility and Uncertainty: A Macro Finance Perspective Chair: Stefano Giglio, University of Chicago

Contractionary Volatility or Volatile Contractions? David Berger, Northwestern University Ian Dew-Becker, Northwestern University Stefano Giglio, University of Chicago

Discussant: Francois Gourio, Federal Reserve Bank of Chicago

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

Discussant: Nicolas Crouzet, Northwestern University

The Tail That Wags the Economy: Belief, Bankruptcy and Persistent Stagnation Julian Kozlowski, New York University Laura Veldkamp, New York University Venky Venkateswaran, New York University

Discussant: Lawrence Schmidt, University of Chicago


20 Regulation and Oversight of Financial Intermediation Chair: Douglas Evanoff, Federal Reserve Bank of Chicago

Banking Markets and Antitrust Analysis Douglas Evanoff, Federal Reserve Bank of Chicago Richard Rosen, Federal Reserve Bank of Chicago

Discussant: David Glancy, Federal Reserve Board

Do Bank Bailouts Reduce or Increase Systemic Risk? The Effects of TARP on Financial System Stability Allen Berger, University of South Carolina Raluca Roman, Federal Reserve Bank of Kansas City John Sedunov, Villanova University

Discussant: Robert Kurtzman, Federal Reserve Board

Hardening Soft Information: How Far Has Technology Taken Us? Stefano Filomeni, Marche Polytechnic University Greg Udell, Indiana University Alberto Zazzaro, University of Naples Federico II

Discussant: Janis Skrastins, Washington University in St. Louis


21 Information, Attention, and Sweet Talk Chair: Ann Sherman, DePaul University

Attracting Attention in an IPO Ann Sherman, DePaul University Laura Xiaolei Liu, Peking University Ruichang Lu, Peking University Yong Zhang, Hong Kong Polytechnic University

Discussant: Tom Boulton, Miami University

Man or Machine? Rational Trading Without Information About Fundamentals Katrin Tinn, Imperial College London

Discussant: Anand Goel, Navigant Economics

Swayed by Sweet Talk? Textual Analysis of Index Fund Prospectuses Alex Ferko, Michigan State University Xing Huang, Michigan State University Hayong Yun, Michigan State University

Discussant: Jason Sturgess, DePaul University


22 Risks and Jumps I Chair: Michael O'Doherty, University of Missouri

Asymmetric Jump Beta Estimation with Implications for Portfolio Risk Management Wenying Yao, Deakin University Vitali Alexeev, University of Technology Sydney Giovanni Urga, Cass Business School

Discussant: Minho Wang, Georgia Institute of Technology

High Frequency Tail Risk Kym Ardison, Escola de Pós-Graduação em Economia Caio Almeida, Escola de Pós-Graduação em Economia René Garcia, EDHEC Business School

Discussant: Wenying Yao, Deakin University

The Impact of Jumps on Carry Trade Returns Minho Wang, Georgia Institute of Technology Suzanne Lee, Georgia Institute of Technology

Discussant: Michael O'Doherty, University of Missouri


23 International Investments Chair: Jocelyn Grira, United Arab Emirates University

International Tail Risk and World Fear Duc Binh Benno Nguyen, Leibniz University of Hanover Marcel Prokopczuk, Leibniz University of Hanover Wese Simen Chardin, University of Reading

Discussant: Michael Stutzer, University of Colorado Boulder

The Multinational Return Premium: Investor’s Perspective Yeejin Jang, Purdue University Xiaoyan Zhang, Purdue University Xue Wang, Purdue University

Discussant: Iraj Fooladi, Dalhousie University

Long-Run International Diversification Thomas Conlon, University College Dublin John Cotter, University College Dublin Ramazan Gencay, Simon Fraser University

Discussant: Jocelyn Grira, United Arab Emirates University

11:45 AM – 1:25 PM Luncheon, Zurich D State of the Industry Address Todd Pulvino, Founding Principal, CNH Partners, LLC

(advance ticket purchase required for meal) (non-meal service audience seating available)

3/2/2017 1:30 pm - 3:15 pm Location: Lugano

24 Measurement of Investor Outcomes Chair: Bradley Paye, Virginia Tech

Event Study Analysis with Time-Varying Alphas, Betas and Variances: The Case of M&As Mohammad Irani, University of South Carolina

Discussant: Bradley Paye, Virginia Tech

Liquidity Bias in Return Measurement David Jackson, Carleton University

Discussant: Wei Du, West Chester University of Pennsylvania

Decomposing the Dynamics of Intraday Trading Activity and Trading Outcomes Yashar Barardehi, Ohio University Dan Bernhardt, University of Illinois

Discussant: Ansley Chua, Kansas State University

3/2/2017 1:30 pm - 3:15 pm Location: Montreux 1

25 Corporate Cash Chair: Manoj Kulchania, Wayne State University

Does Partisan Conflict Impact the Cash Holdings of Firms? A Sign Restrictions Approach Anna-Leigh Stone, Samford University William Hankins, University of Alabama Chak Hung (Jack) Cheng, University of South Carolina Upstate Ching-Wai (Jeremy) Chiu, Bank of England

Discussant: Qianying (Emma) Xu, University of Texas at El Paso

Productivity and Liquidity Management Under Costly Financing Felix Zhiyu Feng, University of Notre Dame Jianyu Lu, University of Notre Dame Jing Wang, University of Notre Dame

Discussant: Martin Szydlowski, University of Minnesota

Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment in the Airline Industry Sehoon Kim, Ohio State University

Discussant: Nuri Ersahin, University of Illinois at Urbana-Champaign


26 Systemic Risk Chair: Chen Zhou, Bank of The Netherlands / Erasmus University Rotterdam

Entropy in Financial Contagion Research Michael Stutzer, University of Colorado Boulder

Discussant: Chen Zhou, Bank of The Netherlands / Erasmus University Rotterdam

Anatomy of Financial Crises Seung Jung Lee, Federal Reserve Board Kelly Posenau, University of Chicago Viktors Stebunovs, Federal Reserve Board

Discussant: Francisco Rodriguez-Fernandez, Unversity of Granada


27 Credit Ratings Chair: Hamdi Driss, Saint Mary's University of Minnesota

Are Credit Rating Agencies Information Providers or Certifiers? A Textual Analysis of Rating Announcements Florian Kiesel, Technische Universität Darmstadt

Discussant: Kelly Cai, University of Michigan - Dearborn

The Timing of Rating Change Announcements Pepa Kraft, New York University Yuan Xie, Fordham University Ling Zhou, University of New Mexico

Discussant: Lawrence White, New York University

Predicting Credit Rating Changes Conditional on Economic Strength Julia Sawicki, Dalhousie University Yonggan Zhao, Dalhousie University Jun Zhou, Dalhousie University

Discussant: Hamdi Driss, Saint Mary's University of Minnesota

3/2/2017 1:30 pm - 3:15 pm Location: St. Gallen 1

28 Topics in Banking I Chair: Santiago Carbo-Valverde, Bangor University

Do Banks Differently Set Their Liquidity Ratios Based on Their Network Characteristics? Aref Mahdavi-Ardekani, Université de Limoges Isabelle Distinguin, Université de Limoges Amine Tarazi, Université de Limoges

Discussant: Thomas Kick, Deutsche Bundesbank

Owner Occupancy Fraud and Mortgage Performance Ronel Elul, Federal Reserve Bank of Philadelphia Sebastian Tilson, Federal Reserve Bank of Philadelphia

Discussant: Amine Tarazi, Université de Limoges

Professional Ties and Bank Merger Outcomes Thomas Kick, Deutsche Bundesbank Andrea Schertler, University of Lueneburg

Discussant: Tingting Liu, Creighton University


29 Compensation-related Incentives and Firm Performance Chair: Minjie Huang, University of Louisville

CEO Ownership, R&D Investment Efficiency and Firm Performance: Evidence from the 2003 Dividend Tax Cut Hong Duong, Salisbury University

Discussant: Minjie Huang, University of Louisville

The Other Sides of Compensation Duration: Evidence from Mergers and Acquisitions Qiyuan Peng, Tulane University

Discussant: Yilei Zhang, University of North Carolina at Charlotte

Quantifying the Impact of Moral Hazard: Evidence from a Structural Estimation Hengjie Ai, University of Minnesota Dana Kiku, University of Illinois at Urbana-Champaign Rui Li, University of Massachusetts Boston

Discussant: Seokwoo Lee, George Mason University

3/2/2017 1:30 pm - 3:15 pm Location: Zurich A

30 Compensation and Management Chair: Karen Wruck, Ohio State University

Do Hedge Fund Activists Care About CEO Compensation? Benjamin Bennett, Ohio State University Rudiger Fahlenbrach, Swiss Finance Institute Bernadette Minton, Ohio State University

Discussant: Peter Iliev, Pennsylvania State University

Equity Incentives, Information Disclosure, and Stock Liquidity Risk Karen Wruck, Ohio State University YiLin Wu, National Taiwan University

Discussant: Zhi (Alexandra) Li, Ohio State University

Taking a Long View: Investor Trading Horizon and Earnings Management Strategy Yeejin Jang, Purdue University Kyung Yun Lee, Purdue University

Discussant: Xing (Alex) Zhou, Federal Reserve Board

3/2/2017 1:30 pm - 3:15 pm Location: Zurich B

31 Interplay of Financial and Economic Shocks over the Business Cycle Chair: Luca Benzoni, Federal Reserve Bank of Chicago

Risk Premia at the ZLB: A Macroeconomic Interpretation Francois Gourio, Federal Reserve Bank of Chicago Phuong Ngo, Cleveland Sate University

Discussant: Carolin Pflueger, University of British Columbia

The Interplay Between Financial Conditions and Monetary Policy Shocks Marco Bassetto, Federal Reserve Bank of Chicago Luca Benzoni, Federal Reserve Bank of Chicago Trevor Serrao, Federal Reserve Bank of Chicago


Trading Down and the Business Cycle Sergio Rebello, Northwestern University

Discussant: Aaron Pancost, University of Chicago

3/2/2017 1:30 pm - 3:15 pm Location: Zurich C

32 Differing Elements of Financial Intermediation Chair: Radhakrishnan Gopalan, Washington University in St. Louis

Delegation in Banking Jennifer Dlugosz, Washington University in St. Louis YongKyu Gam, Washington University in St. Louis Radhakrishnan Gopalan, Washington University in St. Louis Janis Skrastins, Washington University in St. Louis

Discussant: Kristle Cortes, Federal Reserve Bank of Cleveland

How Do Investors Accumulate Network Capital? Evidence from Angel Networks Buvaneshwaran Venugopal, University of Houston Vijay Yerramilli, University of Houston

Discussant: Kandarp Srinivasan, Washington University in St. Louis

The Securitization Flash Flood Kandarp Srinivasan, Washington University in St. Louis

Discussant: Manpreet Singh, Georgia Institute of Technology

3/2/2017 1:30 pm - 3:15 pm Location: Zurich E

33 Intermediation in OTC markets Chair: Andra Ghent, University of Wisconsin

Asset Insulators Gabriel Chodorow-Reich, Harvard University Andra Ghent, University of Wisconsin Valentin Haddad, Princeton University

Discussant: Zhiguo He, University of Chicago

Endogenous Market Making and Network Formation Briana Chang, University of Wisconsin Shengxing Zhang, London School of Economics

Discussant: Konstantin Milbradt, Northwestern University

Endogenous Specialization and Dealer Networks Artem Neklyudov, University of Lausanne Batchimeg Sambalaibat, Indiana University

Discussant: Song Han, Federal Reserve Board

3/2/2017 1:30 pm - 3:15 pm Location: Zurich F

34 R&D and Firm Growth Chair: Sailu Li, Valparaiso University

Well Begun Is Half Done: Initial R&D Competence and Firm Growth Katie Moon, University of Colorado Seungjoon Oh, Peking University HSBC Business School Kyungran Lee, The University of Hong Kong

Discussant: Seong Byun, University of Mississippi

Downward Wage Rigidity and Corporate Investment DuckKi Cho, Arizona State University

Discussant: Julian Atanassov, University of Nebraska

The Bright Side of Political Uncertainty: The Case of R&D Julian Atanassov, University of Nebraska Brandon Julio, University of Oregon Tiecheng Leng, Sun Yat-sen University

Discussant: Katie Moon, University of Colorado

3/2/2017 1:30 pm - 3:15 pm Location: Zurich G

35 Factor Models Chair: Chris Adcock, University of Sheffield

Multifactor Models and the APT: Evidence From a Broad Cross-section of Stock Returns Ilan Cooper, BI Norwegian Business School Paulo Maio, Hanken School of Economics Dennis Philip, Durham University Business School

Discussant: Kym Ardison, Escola de Pós-Graduação em Economia

Linear Factor Models and the Estimation of Expected Returns Cisil Sarisoy, Northwestern University Peter de Goeij, Tilburg University Bas Werker, Tilburg University

Discussant: Paulo Maio, Hanken School of Economics

On the Robustness of the Unlevered Capital Asset Pricing Model Lammertjan Dam, University of Groningen Kenan Qiao, University of Groningen

Discussant: Chris Adcock, University of Sheffield


36 Index Effects Chair: Joonki Noh, Case Western Reserve University

Oil and Equity Index Return Predictability: The Importance of Dissecting Oil Price Changes Haibo Jiang, Tulane University Georgios Skoulakis, University of British Columbia Jinming Xue, University of Maryland

Discussant: Steven Baker, University of Virginia

The Pricing of the Illiquidity Factor’s Systematic Risk Joonki Noh, Case Western Reserve University Yakov Amihud, New York University

Discussant: Steffen Hitzemann, Ohio State University

Price Response to Factor Index Decompositions Georgi Kyosev, Erasmus University Rotterdam Joop Huij, Erasmus University Rotterdam

Discussant: Philipp Doering, Ruhr-Universität Bochum


37 Investment and Financing Theories Chair: Yuri Tserlukevich, Arizona State University

Optimal Financial and Contractual Structure for Building Infrastructure Using Limited-Recourse Project Financing Onur Bayar, University of Texas at San Antonio Thomas Chemmanur, Boston College Sanjay Banerji, University of Nottingham

Discussant: Ehraz Refayet, Office of the Comptroller of the Currency

Optimal Financing and Disclosure Martin Szydlowski, University of Minnesota


Moral Hazard and Investment to Cash Flow Sensitivity Rui Li, University of Massachusetts Boston Hengjie Ai, University of Minnesota

Discussant: Ronel Elul, Federal Reserve Bank of Philadelphia


38 TD Ameritrade Presentation


39 CEOs Chair: Hongyu Shan, University of Florida

Delegation of CEO Authority: Evidence from Mergers and Acquisitions Daniel Greene, Clemson University Jared Smith, North Carolina State University

Discussant: Sangwon Lee, University of Houston

CEOs with Law Background Xinyan Yan, University of Dayton Shawn Mobbs, The University of Alabama

Discussant: Arup Ganguly, University of Pittsburgh

Local Tournament Incentives, Firm Performance, and Firm Risk David Yin, University of Arizona

Discussant: Sabatino Silveri, University of Memphis


40 Ex-ante and Ex-post Bank Losses Chair: David Wheelock, Federal Reserve Bank of St. Louis

When Time Is Not on Our Side:The Costs of Regulatory Forbearance in the Closure of Insolvent Banks Rebel Cole, Florida Atlantic University Lawrence White, New York University

Discussant: Natalya Schenck, Office of the Comptroller of the Currency

A Study of Bank Failures around the World -- Is There a Role for National Culture? Allen Berger, University of South Carolina Xinming Li, University of South Carolina Charles Morris, Federal Reserve Bank of Kansas City Raluca Roman, Federal Reserve Bank of Kansas City

Discussant: David Wheelock, Federal Reserve Bank of St. Louis

Dynamic Interpretation of Emerging Systemic Risks Kathleen Hanley, Lehigh University Gerard Hoberg, University of Southern California

Discussant: Seung Lee, Federal Reserve Board


41 Financial Accounting Chair: Julia Sawicki, Dalhousie University

Internal CEO Approval and External Reporting Quality Minjie Huang, University of Louisville Adi Masli, University of Kansas Felix Meschke, University of Kansas James Guthrie, University of Kansas

Discussant: Harjeet Bhabra, Concordia University

In-Group Bias in Financial Markets Sima Jannati, University of Miami Alok Kumar, University of Miami Alexandra Niessen-Ruenzi, University of Mannheim Justin Wolfers, University of Michigan

Discussant: Hae mi Choi, Loyola University Chicago

Ties that Blind - The Impact of Noncompete Provisions on the Tone of Earnings Press Releases Ögür Arslan-Ayaydin, University of Illinois Norman Bishara, University of Michigan James Thewissen, Katholieke Universiteit Leuven Wouter Torsin, Katholieke Universiteit Leuven

Discussant: Yue Qiu, University of Minnesota


42 Institutional Holdings and Corporate Policy Chair: Marco Rossi, Texas A&M University

Information Spillovers and Cross Monitoring between the Stock Market and Loan Market Matt Billett, Indiana University Fangzhou Liu, Indiana University Xuan Tian, Indiana University and Tsinghua University

Discussant: Kevin Crotty, Rice University

Institutional Dual Holdings and Risk Shifting Evidence from Corporate Innovation Huan Yang, University of Georgia

Discussant: Yianni Floros, Iowa State University

Shareholders as Creditors of First Resort Andriy Bodnaruk, University of Illinois at Chicago Marco Rossi, Texas A&M University

Discussant: Sebastien Michenaud, DePaul University


43 Term Structure Modelling Chair: Anh Le, Pennsylvania State University

Affine Modelling of Credit Risk, Pricing of Credit Events and Contagion Alain Monfort, Banque de France Fulvio Pegoraro, Banque de France Jean-Paul Renne, HEC Lausanne Guillaume Roussellet, New York University

Discussant: Jing-Zhi Huang, Pennsylvania State University

Modeling Volatility in Term Structure Models Kris Jacobs, University of Houston Rui Liu, University of Houston Hitesh Doshi, University of Houston

Discussant: Cisil Sarisoy, Northwestern University

Tractable Term Structure Models at the Zero Lower Bound Bruno Feunou, Bank of Canada Jean-Sebastien Fontaine, Bank of Canada Anh Le, Pennsylvania State University Christian Lundblad, University of North Carolina

Discussant: Stefania D'Amico, Federal Reserve Bank of Chicago


44 Topics in Entropy Chair: Riccardo Colacito, University of North Carolina at Chapel Hill

Asymmetry in Stock Comovements: An Entropy Measure Guofu Zhou, Washington University in St. Louis Lei Jiang, Tsinghua University Ke Wu, Renmin University of China

Discussant: Andrey Ermolov, Fordham University

Term Structure of Asset Prices and Returns Nina Boyarchenko, Federal Reserve Bank of New York

Discussant: Luca Benzoni, Federal Reserve Bank of Chicago

The Term Structures of Co-Entropy in International Financial Markets Fousseni Chabi-Yo, University of Massachusetts - Amherst Riccardo Colacito, University of North Carolina at Chapel Hill

Discussant: Gurdip Bakshi, University of Maryland


45 Risks and Jumps II Chair: Claire Liang, Southern Illinois University Carbondale

Financial Contagion and the Cross Section of Expected Returns Matthew Linn, University of Massachusetts Amherst

Discussant: Thomas Conlon, University College Dublin

Downside Risk, Volatility Timing, and Anomaly Returns Feifei Wang, University of Missouri

Discussant: Hongjun Yan, DePaul University

Stock Volatility, Information Uncertainty, and Stock Return Claire Liang, Southern Illinois University Carbondale Zhenyang Tang, Clark University

Discussant: Yang Luo, University of Houston


46 International Financial Linkages Chair: Jennifer Itzkowitz, Seton Hall University

The Hedging Benefits of Industrial and Global Diversification: Evidence from Economic Downturns David Mauer, University of North Carolina at Charlotte Yilei Zhang, University of North Carolina at Charlotte Yixin Liu, University of New Hampshire

Discussant: Manoj Kulchania, Wayne State University

Joint Ventures and Strategic Alliances around the World and Bondholders’ Gain Xinxin Li, University of North Carolina at Charlotte Jun Chen, North Dakota State University Tao-Hsien Dolly King, University of North Carolina at Charlotte

Discussant: Stephen Ferris, University of Missouri

The Globalization of Economic Shocks: Financial Contagion in International Supply-Chain Networks Christoph Schiller, University of Toronto

Discussant: Jennifer Itzkowitz, Seton Hall University

5:30 PM Keynote Speaker – Zurich D Raghuram Rajan, Booth School of Business, University of Chicago Reception following – Zurich Foyer


47 Directors Chair: Ankit Kalda, Washington University in St. Louis

In Search of Board Independence: Former Employees, Shades of Gray and Director Classifications Revisited Hongyu Shan, University of Florida Jongsub Lee, University of Florida Joel F. Houston, University of Florida

Discussant: Andrea Schertler, Leuphana Universität Lüneburg

Do Directors Use Information From Their Committee Memberships to Manage Their Directorships? Murali Jagannathan, Binghamton University Srinivasan Krishnamurthy, North Carolina State University Joshua Spizman, Loyola Marymount University

Discussant: Ankit Kalda, Washington University in St. Louis

The Impact of Exogenous Corporate Governance Changes on Innovation and Market Value Lei Gao, Iowa State University Andrey Zagorchev, Rhodes College

Discussant: Roman Bohdan, University of New Orleans


48 Trading Chair: Patrik Sandas, University of Virginia

Speed and Trading Behavior in an Order-driven Market: An Analysis on a High Quality Dataset Seongkyu (Gilbert) Park, Hong Kong Polytechnic University Doojin Ryu, Sungkyunkwan University

Discussant: Patrik Sandas, University of Virginia

Diverse Clientele, Investor Enthusiasm and Stock Price Clustering in the Presence of High Frequency Traders Timo Rothovius, University of Vaasa Jussi Nikkinen, University of Vaasa Jaakko Tyynelä, University of Vaasa

Discussant: Tugkan Tuzun, Federal Reserve Board

Does Trading Anonymously Enhance Liquidity? Patrik Sandas, University of Virginia Patrick Dennis, University of Virginia

Discussant: Timo Rothovius, University of Vaasa


49 Ownership and Corporate Financial Policies Chair: Timothy Kruse, Xavier University

Foreign Institutional Investors, Controlling Shareholders and Market Timing: Evidence from India Shradha Bindal, Texas A&M University Imran Haque, Bank of America Suman Saurabh, Indian Institute of Management

Discussant: Jiaying Wei, ESSEC Business School

Types of Government Ownership and Post-Privatization Performance: Evidence from Chinese Private Placement Privatizations Xuechen Gao, University of Oklahoma

Discussant: Mancy Luo, Tilburg University

Hedge Fund Activism and Redundant Monitoring Ryan Flugum, University of Missouri Matthew Souther, University of Missouri

Discussant: Timothy Kruse, Xavier University


50 Risk and Regulation Chair: Yang Song, Stanford University

Risk-Insensitive Regulation Alexander Bleck, University of British Columbia

Discussant: Roberto Robatto, University of Wisconsin-Madison

Why Risk is So Hard to Measure Jon Danielsson, London School of Economics Chen Zhou, Bank of The Netherlands / Erasmus University Rotterdam

Discussant: Christian Goulding, Michigan State University

Prudential Policies and Their Impact on Credit in the United States Paul Calem, Federal Reserve Bank of Philadelphia Ricardo Correa, Federal Reserve Board Seung Lee, Federal Reserve Board

Discussant: Ralf Elsas, Ludwig Maximilian University of Munich


51 Short Selling Effects Chair: Pablo Moran, University of Calgary

Worldwide Short Selling Regulations and IPO Underpricing Thomas Boulton, Miami University Scott Smart, Indiana University Chad Zutter, University of Pittsburgh

Discussant: Eunju Lee, University of Massachusetts Lowell

Informed Short Selling Around SEO Announcements Sanjay Deshmukh, DePaul University Keith Gamble, Middle Tennessee State University Keith Howe, DePaul University

Discussant: Xun Zhong, Temple University

Short Sales Manipulation and Product Market Relationships Jose Gaspar, ESSEC Business School Sumingyue Wang, ESSEC Business School

Discussant: Christoph Schiller, University of Toronto


52 Risk and Return in Derivatives Markets Chair: Bjorn Eraker, University of Wisconsin

The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets Torben Andersen, Northwestern University

Discussant: George Constantinides, University of Chicago

The Supply and Demand of S&P 500 Put Options George Constantinides, University of Chicago

Discussant: Dmitriy Muravyev, Boston College

Do Rare Events Explain CDX Tranche Spreads? Sang Byung Seo, University of Houston Jessica Wachter, University of Pennsylvania

Discussant: Christian Schlag, Goethe University Frankfurt


53 Venture Capital, Financial Advisors, and the Allocation of Finance Chair: Charlie Hadlock, Michigan State University

How Do Venture Capitalists Make Decisions? Steven Kaplan, University of Chicago

Discussant: Song Ma, Yale University

Blockholder Heterogeneity, Multiple Blocks, and the Dance Between Blockholders Charlie Hadlock, Michigan State University Miriam Schwartz-Ziv, Michigan State University


The Misallocation of Finance Toni Whited, University of Michigan Jake Zhao, State University of New York at Stony Brook

Discussant: James Weston, Rice University


54 Liquidity Management Chair: Jack Bao, Federal Reserve Board

(Priced) Frictions Kewei Hou, Ohio State University Sehoon Kim, Ohio State University Ingrid Werner, Ohio State University

Discussant: Soohun Kim, Georgia Institute of Technology

Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds Sergey Chernenko, Ohio State University Adi Sunderam, Harvard University

Discussant: Yi Li, Federal Reserve Board

Trading Relationships in the Over-the-Counter Market for Secured Claims: Evidence from Triparty Repos Song Han, Federal Reserve Board Kleopatra Nikolaou, European Central Bank

Discussant: Benjamin Munyan, Vanderbilt University


55 ETFs Chair: Ryan Davis, University of Alabama at Birmingham

Local Demand, Preferred Habitats and Excess Comovement Markus Broman, Syracuse University

Discussant: Tong Yu, University of Cincinnati

ETF Competition and Market Quality Ryan Davis, University of Alabama at Birmingham Travis Box, University of Mississippi Kathleen Fuller, University of Mississippi

Discussant: Wei Li, University of Iowa

Does Pairs Trading Work With ETFs? Philipp Doering, Ruhr-Universität Bochum

Discussant: Markus Broman, Syracuse University


56 Options and Volatility Chair: Thomas Maurer, Washington University in St. Louis

Information in (and not in) Treasury Options Hoyong Choi, Erasmus University Rotterdam

Discussant: Thomas Maurer, Washington University in St. Louis

A Strange Disposition: Options, Reference Prices, and Volatility Kelley Bergsma, Ohio University Andy Fodor, Ohio University Emily Tedford, 84.51˚

Discussant: Diego Amaya, Wilfrid Laurier University


57 Price Discovery and Transparency Chair: Franziska Peter, Zeppelin University

Market Transparency and Pricing Efficiency: Evidence from Corporate Bond Market Jia Chen, Peking University Ruichang Lu, Peking University

Discussant: Yang Song, Stanford University

Short Sales and Price Discovery in the Hong Kong Stock Market Chris Adcock, University of Sheffield Shuxing Yin, University of Sheffield Wei Xiang, University of Sheffield

Discussant: Seongkyu (Gilbert) Park, Hong Kong Polytechnic University

Transparency in the Equity Market: Evidence from a Natural Experiment Alejandro Serrano, University of Texas Rio Grande Valley G. Nathan Dong, Columbia University Wan-Jiun Paul Chiou, Northeastern University

Discussant: Franziska Peter, Zeppelin University


58 Corporate Governance Chair: Lei Gao, Iowa State University

Fifty Shades of Corporate Culture Andrei Simonov, Michigan State University William Grieser, Tulane University Nishad Kapadia, Tulane University Rachel Li, Michigan State University

Discussant: Felix Meschke, University of Kansas

Environmental, Social and Governance Proposals and Shareholder Activism Jiaying Wei, ESSEC Business School

Discussant: Sanjay Deshmukh, DePaul University


59 Exchange Rates Chair: Christopher Neely, Federal Reserve Bank of St. Louis

The Response of Multinationals’ Foreign Exchange Rate Exposure to Macroeconomic News Kris Boudt, Vrije Universiteit Christopher Neely, Federal Reserve Bank of St. Louis Piet Sercu, Katholieke Universiteit Leuven Marjan Wauters, Katholieke Universiteit Leuven

Discussant: Daniel Streit, Ruhr-Universität Bochum

Dollar Ahead of FOMC Target Changes Nina Karnaukh, Universität St. Gallen

Discussant: Christopher Neely, Federal Reserve Bank of St. Louis

Optimal Factor Strategy in FX Markets Thomas Maurer, Washington University in St. Louis Thuy-Duong To, University of New South Wales Ngoc-Khanh Tran, Washington University in St Louis

Discussant: Hoyong Choi, Erasmus University Rotterdam


60 Liquidity Measurement Chair: Zachary Kaplan, Washington University in St. Louis

Information and Liquidity of Over-the-Counter Securities: Evidence from Public Registration of Private Debt Alan Huang, University of Waterloo Song Han, Federal Reserve Board Madhu Kalimipalli, Wilfrid Laurier University Ke Wang, Federal Reserve Board

Discussant: Trang Doan, Wayne State University

Estimating Order Imbalance Using Low Frequency Data Jingi Ha, Singapore Management University Jianfeng Hu, Singapore Management University

Discussant: David Jackson, Carleton University

Information and Liquidity in the Modern OTC Marketplace Ryan Davis, University of Alabama at Birmingham Bonnie Van Ness, University of Mississippi Robert Van Ness, University of Mississippi

Discussant: Zachary Kaplan, Washington University in St. Louis


61 Bank and 'Bank-related' Financing Chair: Onur Bayar, University of Texas at San Antonio

The Real Effects of Bank Distress: Evidence from Bank Bailouts in Germany Johannes Bersch, Centre for European Economic Research (ZEW) Hans Degryse, Katholieke Universiteit Leuven and Centre for European Economic Research (ZEW) Thomas Kick, Deutsche Bundesbank Ingrid Stein, Deutsche Bundesbank

Discussant: Oliver Rehbein, Halle Institute for Economic Research

Institutional Lenders and Loan Dynamics John Wald, University of Texas at San Antonio Mehdi Beyhaghi, University of Texas at San Antonio Ca Nguyen, University of Texas at San Antonio

Discussant: Lamont Black, DePaul University

On the Efficiency of Bank-Affiliated Venture Capital Samuele Murtinu, University of Groningen Douglas J. Cumming, York University

Discussant: Onur Bayar, University of Texas at San Antonio


62 Leverage/Capital Structure Chair: Joseph Farhat, Central Connecticut State University

Health Insurance Risk and Firm Financial Leverage Mary Elizabeth Thompson, Miami University Sara Holland, University of Georgia

Discussant: Dung Tran, University of Massachusetts Lowell

The Dynamics of Capital Structure in Newly Formed Business Carmen Cotei, University of Hartford Joseph Farhat, Central Connecticut State University

Discussant: Adam Spencer, University of Wisconsin-Madison

Policy Effects of International Taxation on Firm Dynamics and Capital Structure Adam Spencer, University of Wisconsin-Madison

Discussant: Joseph Farhat, Central Connecticut State University


63 Macroeconomic Uncertainty and Asset Markets Chair: Ivan Shaliastovich, University of Wisconsin-Madison

Oil Volatility Risk Lin Gao, University of Luxembourg Steffen Hitzemann, Ohio State University Ivan Shaliastovich, University of Wisconsin-Madison Lai Xu, Syracuse University

Discussant: Kris Jacobs, University of Houston

A Tale of Two Volatilities: Sectoral Uncertainty, Growth, and Asset-Prices Gill Segal, University of North Carolina at Chapel Hill

Discussant: Xuhui Pan, Tulane University

Good Inflation, Bad Inflation, and the Pricing of Real Assets Christian Schlag, Goethe University Frankfurt Ilya Dergunov, Goethe University Frankfurt Christoph Meinerding, Goethe University Frankfurt

Discussant: Dongho Song, Boston College


64 Investors, Managers, and Analysts Chair: Charlie Hadlock, Michigan State University

Stock Duration, Analyst Recommendations, and Overvaluation Martijn Cremers, University of Notre Dame

Discussant: Huseyin Gulen, Purdue University

Can Promotion Tournaments Produce Bad Managers? Evidence of the â€œPeter Principle" Alan Benson, University of Minnesota Danielle Li, Harvard Business School Kelly Shue, University of Chicago

Discussant: Vladimir Mukharlyamov, Georgetown University

Measuring Institutional Investors’ Skill from Their Investments in Private Equity Daniel Cavagnaro, California State University, Fullerton Berk Sensoy, Ohio State University Yingdi Wang, California State University, Fullerton Michael Weisbach, Ohio State University

Discussant: Andrei Simonov, Michigan State University


65 Delegated Portfolio Management Chair: Zhi (Jay) Wang, University of Oregon

Is Variation on Valuation Too Excessive? A Study of Mutual Fund Holdings Hsiu-Lang Chen, University of Illinois at Chicago

Discussant: Youchang Wu, University of Oregon

Mutual Funds Apart from the Crowd Youchang Wu, University of Oregon Nadia Vozlyublennaia, US Securities and Exchange Commission

Discussant: Hsiu-Lang Chen, University of Illinois at Chicago

Fire Sales and Liquidity Provision in the Corporate Bond Market Zhi (Jay) Wang, University of Oregon

Discussant: Felix Feng, University of Notre Dame


66 Risk and Uncertainty Chair: Juan Carlos Arismendi, University of Reading

High Risk Episodes and the Equity Size Premium Naresh Bansal, St. Louis University Robert Connolly, University of North Carolina at Chapel Hill Chris Stivers, University of Louisville

Discussant: Juan Carlos Arismendi, University of Reading

A Tale of Two Uncertainties Hae mi Choi, Loyola University Chicago

Discussant: Claire Liang, Southern Illinois University Carbondale

Knightian Uncertainty and Dynamic Capital Structure Seokwoo Lee, George Mason University

Discussant: Richard Peter, University of Iowa


67 Labor and Financial Stakeholders Chair: David Yin, University of Arizona

Unemployment and Credit Risk Hang Bai, University of Connecticut

Discussant: Andres Donangelo, University of Texas at Austin

Debt Structure as a Strategic Bargaining Tool Yue Qiu, University of Minnesota

Discussant: Daniel Greene, Clemson University

Labor Laws and Press Releases: Manipulating Stakeholder Opinion Ozgur Arslan-Ayaydin, University of Illinois at Chicago Dalia Marciukaityte, Illinois State University James Thewissen, Katholieke Universiteit Leuven

Discussant: David Yin, University of Arizona

11:45 AM – 1:40 PM Luncheon, Zurich D Annual Membership Business Meeting

(advance ticket purchase required for meal) (non-meal service audience seating available)


68 Bank Choices Chair: Alexander Bleck, University of British Columbia

Taxation and Financial Intermediation: Evidence from a Quasi-Natural Experiment Banerji Sanjay, University of Nottingham Dimitris Chronopoulos, University of St Andrews Anna Sobiech, University of St Andrews John Wilson, University of St Andrews

Discussant: Fan Liu, University of Iowa

Opaque Assets and Rollover Risk Toni Ahnert, Bank of Canada Benjamin D Nelson, Bank of England

Discussant: Alexander Bleck, University of British Columbia

Changes in the Cost of Bank Equity and the Supply of Bank Credit Claire Célérier, Rotman School of Management Thomas Kick, Deutsche Bundesbank Steven Ongena, University of Zurich

Discussant: Matias Ossandon Busch, Halle Institute for Economic Research


69 Syndicates Chair: Yeejin Jang, Purdue University

Learning and Contractual Evolution: The Case of Leveraged Loans Mitchell Berlin, Federal Reserve Bank of Philadelphia Gregory Nini, Drexel University Edison Yu, Federal Reserve Bank of Philadelphia

Discussant: Yeejin Jang, Purdue University

The Impact of Leveraged Lending Regulation on Loan Syndicate Structure: A Shift to Shadow Banking? Natalya Schenck, Office of the Comptroller of the Currency Lan Shi, Office of the Comptroller of the Currency

Discussant: Edison Yu, Federal Reserve Bank of Philadelphia

Signaling Quality: Impact of Syndicated Loans on IPOs Ansley Chua, Kansas State University

Discussant: Alejandro Serrano, University of Texas Rio Grande Valley


70 Trading and Information Chair: Yashar Barardehi, Ohio University

Are Stock Prices Determined Off-Exchange? An Empirical Analysis of Price Discovery in U.S. Equity Markets Franziska Peter, Zeppelin Unievrsity Joachim Grammig, University of Tuebingen

Discussant: Yashar Barardehi, Ohio University

Information Flow and Price Discovery in Canadian and U.S. Stock Markets Kuan Xu, Dalhousie University

Discussant: Jingi Ha, Singapore Management University

Shock Propagation Through Cross-Learning Jan Schneemeier, Federal Reserve Board

Discussant: Semih Uslu, Johns Hopkins University


71 Investment Strategies Chair: David Feldman, University of New South Wales

Optimal Asset Allocation Strategies: Sector vs. Country Wolfgang Bessler, Justus-Liebig-University Georgi Taushanov, Justus-Liebig-University Dominik Wolff, Deka Investment

Discussant: Lorne Switzer, Concordia University

Optimal Lifecyle Consumption and Investment with Long Term Disability Risk and Consumption Ratcheting Hong Liu, Washington University in St. Louis Yufeng Liu, Northwestern University

Discussant: David Feldman, University of New South Wales

Portfolio Enhancement via Credit Default Wwap Indices - Evidence from North America and Europe Benjamin Hippert, University of Paderborn Sascha Tobias Wengerek, University of Paderborn

Discussant: Edith Liu, Federal Reserve Board


72 Personal Credit Chair: Paolina del Carmen Medina Palma, Northwestern University

The Marginal Propensity to Consume Over the Business Cycle Jialan Wang, University of Illinois at Urbana-Champaign Tal Gross, Columbia University Matthew Notowidigdo, Northwestern University

Discussant: Alan Feng, International Monetary Fund

Credit Score Doctor Xing Huang, Michigan State University Luojia Hu, Federal Reserve Bank of Chicago Andrei Simonov, Michigan State University

Discussant: Jialan Wang, University of Illinois at Urbana-Champaign

The Marginal Propensity to Consume Out of Credit: Evidence from Random Assignment of 54,522 Credit Lines Deniz Aydin, Washington University in St. Louis

Discussant: Paolina del Carmen Medina Palma, Northwestern University


73 Topics in Banking II Chair: Luna Azahara Romo González, Bank of Spain

Determinants of Bank-level Deposit Volatility: Evidence from the German Banking System Daniel Streit, Ruhr-Universität Bochum Marc Lange, Ruhr-Universität Bochum Stephan Paul, Ruhr-Universität Bochum

Discussant: Luna Azahara Romo González, Bank of Spain

Equity Pricing in Islamic Banks: International Evidence Jocelyn Grira, United Arab Emirates University M. Kabir Hassan, University of New Orleans Chiraz Labidi, United Arab Emirates University Issouf Soumaré, Laval University

Discussant: Xinming Li, University of South Carolina


74 Volatility, Uncertainty, and Equity Prices Chair: Bjorn Eraker, University of Wisconsin

Good Volatility, Bad Volatility and the Cross-Section of Stock Returns Tim Bollerslev, Duke University Sophia Zhengzi Li, Michigan State University Bingzhi Zhao, Duke University

Discussant: Gill Segal, University of North Carolina at Chapel Hill

Fearing the Fed: How Wall Street Reads Main Street Dongho Song, Boston College

Discussant: Sophia Zhengzi Li, Michigan State University

Predictability Puzzles Bjorn Eraker, University of Wisconsin

Discussant: Sang Byung Seo, University of Houston


75 The Role of Accounting Information in Price Formation and Equity Valuation I Chair: Dan Collins, University of Iowa

Accounting Earnings, Change in Market Value and Cash Flows Peter Easton, University of Notre Dame

Discussant: Pepa Kraft, New York University

Accruals, Investment and the Cross-section of Expected Equity and Equity Volatility Returns Salman Arif, Indiana University Matthew Lyle, Northwestern University


Increased Mandated Disclosure Frequency and Price Formation: Evidence from the 8-K Expansion Regulation Brian Miller, Indiana University Jeff McMullin, Indiana University Brady Twedt, Indiana University



76 Swaps Trading Chair: Haoxiang Zhu, Massachusetts Institute of Technology

Centralized Trading, Transparency and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd-Frank Act Richard Payne, City University of London Evangelos Banos, Bank of England Michalis Vasios, Bank of England


Market Structure and Transaction Costs of Index CDSs Pierre Collin-Dufresne, Swiss Finance Institute Benjamin Junge, Swiss Finance Institute Anders Trolle, Swiss Finance Institute


Mechanism Selection and Liquidity in Swaps Markets after Dodd-Frank Esen Onur, Commodity Futures Trading Commission David Reiffen, Commodity Futures Trading Commission Lynn Riggs, Commodity Futures Trading Commission Haoxiang Zhu, Massachusetts Institute of Technology



77 Hedge Fund Strategies and Tactics Chair: Felix Feng, University of Notre Dame

A First Glimpse into the Short Side of Hedge Funds Shastri Sandy, Brattle Group Neil Pearson, University of Illinois Jaewon Choi, University of Illinois

Discussant: Heber Farnsworth, Rice University

Gambling or De-risking: Hedge Fund Risk Taking Chengdong Yin, Purdue University Xiaoyan Zhang, Purdue University

Discussant: Zhi (Jay) Wang, University of Oregon

Caught in the Cross-fire: How the Threat of Hedge Fund Activism Affects Creditors Felix Feng, University of Notre Dame Qiping Xu, University of Notre Dame Heqing Zhu, University of Oklahoma

Discussant: Elisabeth Kempf, University of Chicago


78 Regulations, Law and Financing Costs Chair: Randall Heron, Indiana University

Unintended Consequences of the Sarbanes-Oxley Act’s Timing For the U.S. and Foreign Rule 144A Debt Issuers Usha Mittoo, University of Manitoba Zhou Zhang, University of Regina

Discussant: Aaron Brauner, University of Florida

Shareholder Litigation Rights and the Cost of Debt: Evidence from Derivative Lawsuits David Yin, University of Arizona Xiaoran Ni, Tsinghua University

Discussant: Randall Heron, Indiana University

Enforcement Actions and Bank Loan Contracting Raluca Roman, Federal Reserve Bank of Kansas City

Discussant: Haekwon Lee, University at Buffalo


79 Central Bank Policy & Financial Markets Chair: Ruchith Dissanayake, University of Alberta

Monetary Policy Surprises and Channels of Transmission Marcello Pericoli, Banca d'Italia Giovanni Veronese, Banca d'Italia

Discussant: Nina Karnaukh, Universität St. Gallen

Asset Price Reactions to Unconventional Monetary Policy Announcements James Johnson, University of Georgia Bradley Paye, Virginia Tech

Discussant: Marcello Pericoli, Banca d'Italia

Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation David Wheelock, Federal Reserve Bank of St. Louis Mark Carlson, Board of Governors of the Federal Reserve System

Discussant: Hong Duong, Salisbury University


80 Determinants of Stock Returns Chair: Lorne Switzer, Concordia University

A Comprehensive Look at the Option-Implied Predictors of Stock Returns Yang Luo, University of Houston Hitesh Doshi, University of Houston James (Seung Min) Yae, University of Houston

Discussant: Robert Connolly, UNC-Chapel Hill

Performance of US Equity Mutual Funds in Different Economic Regimes Ali Fatemi, DePaul University Iraj Fooladi, Dalhousie University Yonggan Zhao, Dalhousie University Zongming Ma, Dalhousie University

Discussant: Aurelio Vasquez, Instituto Tecnológico Autónomo de México

The Idiosyncratic Volatility Puzzle and Mergers and Acquisitions Activity Lorne Switzer, Concordia University Nabil El Meslmani, Concordia University

Discussant: Mohammad Irani, University of South Carolina


81 Bank Fragility and Crises Chair: Matt Darst, Federal Reserve Board

How Does the Eurozone Crisis Affect Securities Portfolios? Klaus Schaeck, Lancaster University Enrico Onali, Aston University Benedikt Ruprecht, Boston Consulting Group Thomas Kick, Deutsche Bundesbank

Discussant: Benjamin Hippert, University of Paderborn

Cheap But Flighty: How Global Imbalances Create Financial Fragility Toni Ahnert, Bank of Canada Enrico C. Perotti, University of Amsterdam

Discussant: Egemen Eren, Bank for International Settlements

The Determinants of Long-term Debt Issuance by European Banks: Evidence of Two Crises Adrian van Rixtel, Bank of Spain Luna Azahara Romo González, Bank of Spain Jing Yang, Bank of Canada

Discussant: Stephan Luck, Federal Reserve Board


82 Comparative Corporate Finance Chair: John Wald, University of Texas at San Antonio

Shariah Compliance and Investment Behavior: Evidence from GCC Countries Serkan Akguc, Carnegie Mellon University - Qatar Naseem Al Rahahleh, King Abdulaziz University

Discussant: John Wald, University of Texas at San Antonio

Corporate Debt Maturity Around the World: Role of Creditor Rights and Contract Enforcement Mahsa S. Kaviani, Temple University Hosein Maleki, Temple University Kose John, New York University, Temple University Lawrence Kryzanowski, Concordia University

Discussant: Mohsen Mollagholamali, Oklahoma State University

VAT Rates and Tax Evasion: Evidence from the Restaurant Industry in Greece Nikolaos Artavanis, University of Massachusetts Amherst

Discussant: Naseem Al Rahahleh, King Abdulaziz University


83 Asset Price Modeling Chair: Marcello Pericoli, Banca d'Italia

Tradable Goods Sector Productivity Shocks and Asset Prices Ruchith Dissanayake, University of Alberta

Discussant: Hui Xu, University of Illinois at Urbana-Champaign

Reevaluating the CCAPM Charles Clarke, University of Kentucky

Discussant: Lammertjan Dam, University of Groningen

Forecasting Bond Returns Using High-dimensional Model Selection Jing-Zhi Huang, Pennsylvania State University Runze Li, Pennsylvania State University Jun Ni, Pennsylvania State University Zhan Shi, Tsinghua University

Discussant: Soohun Kim, Georgia Institute of Technology


84 Governments and Finance Chair: Anna-Leigh Stone, Samford University

Politically Motivated Corporate Decisions: Evidence from China David Feldman, University of New South Wales Jiaming Li, University of New South Wales Konark Saxena, University of New South Wales

Discussant: Xuecheng Gao, University of Oklahoma

Policy Uncertainty and Corporate Debt Maturity Structure Dung Tran, University of Massachusetts Lowell

Discussant: Zhou Zhang, University of Regina

Political Institutions, Electoral Uncertainty and Corporate Investment Across Asset Classes Isaac Marcelin, University of Maryland Eastern Shore Sheryl-Ann K. Stephen, Butler University Fassil Fanta, Brenau University Mussie Teclezion, University of Wisconsin Green Bay

Discussant: Anna-Leigh Stone, Samford University


85 Effects of Investor Type Chair: Andrew Scott, Saint Mary's University of Minnesota

Appetite for Information in Mandatory Profiling of Individual Investors Anthony Bellofatto, Université catholique de Louvain Marie-Hélène Broihanne, EM Strasbourg Business School

Discussant: Ryan Davis, University of Alabama at Birmingham

Alphabeticity affects Actions: Evidence of Behavioral Bias in 401(k) Investing Thomas Doellman, Saint Louis University Jennifer Itzkowitz, Seton Hall University Jesse Itzkowitz, Yeshiva University Sabuhi Sardarli, Kansas State University

Discussant: Anthony Bellofatto, Université catholique de Louvain

Large Investors’ Portfolio Composition and Firm Value S. Abraham Ravid, Yeshiva University Naciye Sekerci, Utrecht University

Discussant: Joshua Spizman, Loyola Marymount University


86 Estimation and Inference in Nonlinear Asset-Pricing Models Chair: Ivan Shaliastovich, University of Wisconsin-Madison

Unified Inference for Nonlinear Factor Models from Panels with Fixed and Large Time Span Torben Andersen, Northwestern University Nicola Fusari, John Hopkins University Viktor Todorov, Northwestern University Rasmus Varneskov, Northwestern University

Discussant: Dacheng Xiu, University of Chicago

Estimation of Stochastic Volatility Option Pricing Models Using Large Panels of Option Data Kris Jacobs, University of Houston

Discussant: Viktor Todorov, Northwestern University

How Crashes Develop: Intradaily Volatility and Crash Evolution David Bates, University of Iowa

Discussant: Nicola Fusari, Johns Hopkins University


87 Role of Accounting Information in Price Formation and Equity Valuation II Chair: Dan Collins, University of Iowa

Are CSR Expenditures Affected by Investor Sentiment? James Naughton, Northwestern University Clare Wang, Northwestern University Ira Yeung, University of British Columbia

Discussant: Vedran Capkun, HEC Paris

Earnings, Retained Earnings and Book-to-Market in the Cross Section of Returns Valeri Nikolaev, University of Chicago


The Use of Accounting to Allocate Capital: Evidence from Large US Private Firms Petro Lisowsky, University of Illinois Michael Minnis, University of Chicago



88 Bankruptcy Chair: Edith Hotchkiss, Boston College

Bankruptcy Spillovers Shai Bernstein, Stanford University Emanuele Colonnelli, Stanford University Xavier Giroud, Massachusetts Institute of Technology Ben Iverson, Northwestern University

Discussant: David Smith, University of Virginia

Selling Innovation in Bankruptcy Song Ma, Yale University Joy Tong, Duke University Wei Wang, Queen's University

Discussant: Yawen Jiao, University of California, Riverside

Cashing Out: The Rise of M&A in Bankruptcy Stuart Gilson, Harvard University Edith Hotchkiss, Boston College Matthew Osborn, University of Toronto

Discussant: Joseph Halford, University of Wisconsin-Milwaukee


89 Cash, Taxes and Hedging Chair: Andrea Gamba, University of Warwick

Understanding Precautionary Cash at Home and Abroad Michael Faulkender, University of Maryland Mitchell Petersen, Northwestern University Kristine Hankins, University of Kentucky

Discussant: Mark Raun Moritzen, University of Southern Denmark

The Impact of Competition and Time-to-Finance on Corporate Cash Holdings Mark Raun Moritzen, University of Southern Denmark

Discussant: Andrea Gamba, University of Warwick

Detecting Earnings Information in Repurchase Announcements Using the Luck of the (Double) Irish William O'Brien, University of Illinois at Chicago

Discussant: Mary Elizabeth Thompson, Miami University


90 Options in Corporate Finance Chair: Kelley Bergsma, Ohio University

Options Listing, Limited Attention and Peer Firm Value Ankit Kalda, Washington University in St. Louis

Discussant: Lei Gao, Iowa State University

Unethical Behavior and Debt Contracting: Evidence from Backdated Option Grants Veljko Fotak, University at Buffalo Feng Jiang, University at Buffalo Haekwon Lee, University at Buffalo

Discussant: Hojong Shin, Michigan State University

Options Trading and Earnings Management Xin Dai, Drexel University Zheng Qiao, Xiamen University Chongwu Xia, Nanyang Technological University

Discussant: Kelley Bergsma, Ohio University


91 Determinants of Bank Behavior Chair: Hong Van Vu, Université Lille 2 Droit et Santé

Bank Executives' Outside Directorships and Career Outcomes Andrea Schertler, Leuphana Universität Lüneburg Thomas Kick, Deutsche Bundesbank William L. Megginson, University of Oklahoma

Discussant: Samuele Murtinu, University of Groningen

Banks Closing their Watergates? Liquidity Adjustments to Interbank Shocks and the Role of Central Bank Interventions. Matias Ossandon Busch, Halle Institute for Economic Research Helge C.N. Littke, Halle Institute for Economic Research

Discussant: Christine Ferris, University of Wisconsin-Milwaukee

Borrowers Under Water! Rare Disasters, Regional Banks, and Recovery Lending Oliver Rehbein, Halle Institute for Economic Research Felix Noth, Halle Institute for Economic Research, Otto-von-Guericke-University Magdeburg Michael Koetter, Halle Institute for Economic Research, Otto von Guericke University Magdeburg

Discussant: John Wilson, University of St Andrews

5:45 PM Keynote Speaker – Zurich D Mitchell Petersen, Kellogg School of Management, Northwestern University Reception following – Zurich Foyer


92 Financing Chair: Sehoon Kim, Ohio State University

Cross-Country Evidence on Capital Market Development, Institutions, and Firm Peer Effects in Corporate Financial Policy Aaron Brauner, University of Florida Andy Naranjo, University of Florida Jongsub Lee, University of Florida

Discussant: Sehoon Kim, Ohio State University

Do Customer-Supplier Relationships Influence Debt Financing? Kelly Cai, University of Michigan - Dearborn Hui Zhu, University of Ontario Institute of Technology

Discussant: Hong Van VU, University Lille 2, Droit et Sante

Equity Issues When in Distress Mark Walker, North Carolina State University Qingqing Wu, North Carolina State University

Discussant: Suyan Zheng, University of Cincinnati


93 M&A Chair: Xinyan Yan, University of Dayton

Information Revelation in Merger Waves Pablo Moran, University of Calgary

Discussant: Cheolwoo Lee, Ferris State University

Do Corporate Managers Care about Dividend Clienteles? Evidence from M&A Transactions Cheolwoo Lee, Ferris State University Jin Q Jeon, Dongguk University James Ligon, University of Alabama Charn Soranakom, Thaicoon Consulting Co. Ltd

Discussant: Burcu Esmer, Indiana University

The Impact of Mergers and Acquisitions on Corporate Bond Ratings Harjeet Bhabra, Concordia University Gurmeet Bhabra, University of Otago Qi Chang, Concordia University

Discussant: Florian Kiesel, Technische Universität Darmstadt


94 IPOs Chair: Kathleen Hanley, Lehigh University

Going Entrepreneurial? IPOs and New Firm Creation Paige Ouimet, University of North Carolina at Chapel Hill Tania Babina, Columbia University Rebecca Zarutskie, Federal Reserve

Discussant: Kathleen Hanley, Lehigh University

CEO Network Centrality and IPO Performance Dobrina Jandik, University of St. Thomas Tomas Jandik, University of Arkansas Weineng Xu, University of Arkansas

Discussant: Paige Ouimet, University of North Carolina at Chapel Hill

Reducing Uncertainty Through a Two-stage IPO Ioannis Floros, Iowa State University Rebel Cole, Florida Atlantic University Vladimir Ivanov, U.S. Securities and Exchange Commission

Discussant: Sander De Groote, Katholieke Universiteit Leuven


95 Empirical Asset Pricing Chair: Charles Clarke, University of Kentucky

Information Aggregation and Data Snooping Oleg Rytchkov, Temple University Xun Zhong, Temple University

Discussant: Charles Clarke, University of Kentucky

Ex-post Risk Premia Tests using Individual Stocks: The IV-GMM solution to the EIV problem Soohun Kim, Georgia Institute of Technology Georgios Skoulakis, University of British Columbia

Discussant: Chen Xue, University of Cincinnati

Much Ado About Nothing: Is the Market Affected by Political Bias? Mancy Luo, Tilburg University Alberto Manconi, Bocconi University Massimo Massa, INSEAD

Discussant: Ruchith Dissanayake, University of Alberta


96 Ownership and Real Decisions Chair: Alexander Borisov, University of Cincinnati

The Effects of Product Recalls on Firm Performance, Innovation, and Ownership: Evidence from the Automotive Industry Alexander Borisov, University of Cincinnati Sachin Modi, Wayne State University John Ni, Miami University

Discussant: Giorgo Sertsios, Universidad de los Andes

The Real Consequence of Share Pledges by Controlling Shareholders Pranav Singh, University of Illinois at Urbana-Champaign

Discussant: Alexander Borisov, University of Cincinnati

CEO Power and Relative Performance Evaluation Effectiveness Frederik Schlingemann, University of Pittsburgh Lin Ge, University of Pittsburgh Hong Wu, Hong Kong Polytechnic University Jing Zhao, Hong Kong Polytechnic University

Discussant: Chen Cai, Cleveland State University


97 Effects of Competition Chair: Marie-Aude Laguna, Université Paris-Dauphine

The Effect of Competition Among Rating Agencies on Ratings Quality: Evidence from the Canadian Corporate Bond Market Kee-Hong Bae, York University Hamdi Driss, Saint Mary's University of Minnesota Gordon Roberts, York University

Discussant: Marie-Aude Laguna, Université Paris-Dauphine

Level Up! Local Product Market Competition and Bank Loans Yi Shen, University of Massachusetts Lowell Xiaojing Yuan, University of Massachusetts Lowell

Discussant: Ruidi Huang, University of Illinois at Urbana-Champaign


98 Monetary Policy Effects in Finance Chair: Alex Hsu, Georgia Institute of Technology

Macro Announcement Premium and Risk Preferences Hengjie Ai, Univeristy of Minnesota Ravi Bansal, Duke University

Discussant: Peter Klibanoff, Northwestern University

Monetary Policy Potency and Banking Deregulation: Evidence from Firm-Level Investment Alex Hsu, Georgia Institute of Technology

Discussant: David Berger, Northwestern University

Show Me the Money: The Monetary Policy Risk Premium Ali Ozdagli, Federal Reserve Bank of Boston Mihail Velikov, Federal Reserve Bank of Richmond

Discussant: Francois Gourio, Federal Reserve Bank of Chicago


99 Analysts, Firm Value, and Credit Chair: Abol Jalilvand, Loyola University

How Does Analyst Coverage Add Value? Evidence from Internal Capital Market Efficiency Rong (Irene) Zhong, University of Illinois at Chicago

Discussant: Qiping Xu, Notre Dame

Sovereign Debt Exposure and Bank Lending Channel: Impact on Credit Supply and the Real Economy Fillippo Mezzanotti, Northwestern University Margherita Bottero, Bank of Italy Simone Lenzu, University of Chicago

Discussant: Kateryna Holland, Purdue University

The Job Rating Game: The Effects of Revolving Doors on Analyst Incentives Elisabeth Kempf, University of Chicago

Discussant: Miriam Schwartz-Ziv, Michigan State University


100 Topics in International Finance I Chair: Robert Richmond, New York University

Nominal Exchange Rate Stationarity and Long-Term Bond Returns Hanno Lustig, Stanford University Andreas Stathopoulos, University of Washington Adrien Verdelhan, Massachusetts Institute of Technology

Discussant: Robert Ready, University of Rochester

Gravity in FX R2: Understanding the Factor Structure in Exchange Rates Robert Richmond, New York University Hanno Lustig, Stanford University

Discussant: Nelson Mark, University of Notre Dame

Currency Manipulation Tarek Hassan, University of Chicago Thomas Mertens, Federal Reserve Bank of San Francisco Tony Zhang, University of Chicago

Discussant: Joel David, University of Southern California


101 Volatility and Jumps Chair: Oleg Bondarenko, University of Illinois at Chicago

A Corridor Fix for the High-Frequency VIX: Developing Coherent Implied Volatility Measures Oleg Bondarenko, University of Illinois at Chicago

Discussant: Sang Baum Kang, Illinois Institute of Technology

Rank Tests at Jump Events Jia Li, Duke University Viktor Todorov, Northwestern University George Tauchen, Duke University Huidi Lin, Northwestern University

Discussant: Markus Pelger, Stanford University

Volatility, Information Feedback, and Market Microstructure Noise Torben Andersen, Northwestern University

Discussant: Hui Guo, University of Cinncinati


102 Microstructure Influences in Asset Pricing Chair: Jan Schneemeier, Federal Reserve Board

The Systemic Effects of Benchmarking Diogo Duarte, Florida International University Keith Lee, Boston University Gustavo Schwenkler, Boston University

Discussant: Alvaro Pedraza, The World Bank

The Value of Scattered Information Christian Goulding, Michigan State University Xingtan Zhang, University of Pennsylvania

Discussant: Jan Schneemeier, Federal Reserve Board

Pricing and Liquidity in Decentralized Asset Markets Semih Uslu, Johns Hopkins University

Discussant:


103 Anomalies Chair: Aurelio Vasquez, Instituto Tecnológico Autónomo de México

A Simple Model that Helps Explaining the Accruals Anomaly Paulo Maio, Hanken School of Economics Hui Guo, University of Cincinnati

Discussant: Feifei Wang, University of Missouri

Setting the Stage ahead of the Earnings Spotlight: Analyst Revisions, Media Coverage, and the Post-Earnings Announcement Drift Andy Naranjo, University of Florida Diana Shao, Oregon State University

Discussant: Gustaf Bellstam, University of Colorado Boulder


104 Option Returns and Risk Premia Chair: Nicola Fusari, Johns Hopkins University

Risk and Return: Beyond the Equity Premium Guanglian Hu, University of Houston

Discussant: Nicola Fusari, Johns Hopkins University

Volatility and Expected Option Returns Guanglian Hu, University of Houston Kris Jacobs, University of Houston

Discussant: Duc Binh Benno Nguyen, Leibniz University of Hanover

Margin Requirements, Demand Pressure, and Equity Option Returns Steffen Hitzemann, Ohio State University Michael Hofmann, Karlsruhe Institute of Technology Marliese Uhrig-Homburg, Karlsruhe Institute of Technology Christian Wagner, Copenhagen Business School

Discussant: Guanglian Hu, University of Houston


105 Mutual Fund Performance and Flows Chair: Nan Qin, Christopher Newport University

Do Mutual Funds Trade on News? Evidence from Daily Trading Jun Wu, Indiana University Bloomington

Discussant: Alan Huang, University of Waterloo

Performance Evaluation, Contracts, and Flows in Efficient Markets Heber Farnsworth, Rice University

Discussant: Xuemei Guo, University of Texas at Austin

Mutual Fund Style Volatility and Fund Flows Xuemei Guo, University of Texas at Austin

Discussant: Jun Wu, Indiana University Bloomington


106 Buybacks Chair: William O'Brien, University of Illinois at Chicago

Homemade Equity Offerings via Dividend Reinvestment and Stock Purchase Plans Suyan Zheng, University of Cincinnati

Discussant: Weineng Xu, University of Arkansas

Scooping Up Own Debt on the Cheap: The Effect Of Corporate Bonds Buyback on Firm's Credit Condition Hui Xu, University of Illinois at Urbana-Champaign

Discussant: Ashleigh Poindexter, University of South Carolina

Are Open Market Share Repurchase Programs Really Flexible? Ruidi Huang, University of Illinois at Urbana-Champaign

Discussant: William O'Brien, University of Illinois at Chicago


107 Capital Structure Chair: Burcu Esmer, Indiana University

Capital Structure Under Collusion Daniel Ferres, Universidad de Montevideo Gaizka Ormazabal, IESE Business School Paul Povel, University of Houston Giorgo Sertsios, Universidad de los Andes

Discussant: Hernan Ortiz-Molina, University of British Columbia

The Speed of Adjustment to the Target Market Value Leverage is Slower Than You Think Ellie Qie Yin, University of Florida

Discussant: Michael Faulkender, University of Maryland

Earnings Up/Liabilities Down: Do Corporations Strategically Manage Pension Discount Rates? Tong Yu, University of Cincinnati Liping Chu, Shanghai University of International Business and Economics Michael Goldstein, Babson College

Discussant: Julia Sawicki, Dalhousie University


108 Agency Problems and Macro Finance Chair: Martin Szydlowski, University of Minnesota

Dynamic Agency Based Asset Pricing Model in a Production Economy Jincheng Tong, University of Minnesota Chao Ying, University of Minnesota

Discussant: Rui Li, University of Massachusetts Boston

Dynamic Moral Hazard and Irreversible Investment Indrajit Mitra, University of Michigan

Discussant: Winston Dou, University of Pennsylvania

Leverage Dynamics without Commitment Zhiguo He, University of Chicago Peter DeMarzo, Stanford University

Discussant: Martin Szydlowski, University of Minnesota


109 The Efficacy of Shareholder Voting Chair: Stuart Gillan, University of Georgia

Governance Changes through Shareholder Initiatives: The Case of Proxy Access Tara Bhandari, U.S. Securities and Exchange Commission Peter Iliev, Pennsylvania State University Jonathan Kalodimos, Oregon State University

Discussant: Stuart Gillan, University of Georgia

The Effect of Shareholder Voting Requirements on Method of Payment and Performance Steven Utke, University of Connecticut Mike Stegemoller, Baylor University Paul Mason, Baylor University

Discussant: Audra Boone, Texas Christian University

When Shareholders and Managers Disagree: Evidence from Say on Pay Nga Nguyen, Marquette University Stu Gillan, University of Georgia



110 Topics in International Finance II Chair: Federico Gavazzoni, INSEAD

Currency Risk and Pricing Kernel Volatility Federico Gavazzoni, INSEAD Batchimeg Sambalaibat, Indiana University Chris Telmer, Carnegie Mellon University

Discussant: Dongho Song, Boston College

Information Cost, Unlearnable Uncertainty and the Secular Decline in the Home Bias Rosen Valchev, Boston College

Discussant: Michael Siemer, Federal Reserve Board

A Theory of Dissimilarity Between Stochastic Discount Factors Gurdip Bakshi, University of Maryland Xiaohui Gao, University of Maryland George Panayotov, Hong Kong University of Science and Technology

Discussant: Thomas Maurer, Washington University in St. Louis


111 Corporate Investment Chair: Tassos Malliaris, Loyola University

A Theory of Efficient Short-termism Richard Thakor, University of Minnesota

Discussant: Jun Yang, Indiana University

Incentivizing Impact Investing Shaun Davies, University of Colorado Brian Waters, University of Colorado Bhagwan Chowdhry, University of California, Los Angeles

Discussant: Jesse Davis, University of North Carolina at Chapel Hill

Innovation Waves, Investor Sentiment, and Mergers David Dicks, University of North Carolina at Chapel Hill Paolo Fulghieri, University of North Carolina at Chapel Hill

Discussant: Hengjie Ai, University of Minnesota


112 Derivatives and Economic Conditions Chair: James Johnson, University of Georgia

Dissecting Macroeconomic News Davide Avino, Swansea University Andrei Stancu, University of East Anglia Chardin Wese Simen, University of Reading

Discussant: James Johnson, University of Georgia

The Economic Drivers and Effects of Oil Price Uncertainty Sang Baum Kang, Illinois Institute of Technology Xuhui Pan, Tulane University Jialin Zhao, Illinois Institute of Technology

Discussant: Andrei Stancu, University of East Anglia

Dealer Funding Costs: Implications for the Term Structure of Dividend Risk Premia Yang Song, Stanford University

Discussant: Russell Rhoads, Chicago Board Options Exchange


113 Earnings and Their Management Chair: Eunju Lee, University of Massachusetts Lowell

Flight to Safety: Earnings Announcements After Trading Hours Eunju Lee, University of Massachusetts Lowell Gerald Lobo, University of Houston Xiaojing Yuan, University of Massachusetts Lowell

Discussant: Xin Dai, Drexel University

Job Security and Earnings Management Chen Cai, Cleveland State University

Discussant: Raluca Roman, Federal Reserve Bank of Kansas City

Program Concludes

Thank You for Participating

2017 Annual Meeting Program and Track Chairs

PROGRAM CHAIR Jon Garfinkel–University of Iowa

TRACK CHAIRS Allen Berger, University of South Carolina

Wolfgang Bessler, University of Giessen Matthew Billett, Indiana University Ricardo Colacito, UNC-Chapel Hill Jeffrey Coles, University of Utah

Werner deBondt, DePaul University Craig Doidge, University of Toronto

Joey Engelberg, University of California, San Diego Heber Farnsworth, Rice University

Michael Faulkender, University of Maryland Kristine Hankins, University of Kentucky

Jean Helwege, University of California, Riverside Kose John, Temple University, New York University

Ambrus Kecskés, York University Erik Lie, University of Iowa

Laura Lindsey, Arizona State University Hong Liu, Washington University in St. Louis

David Mauer, UNC-Charlotte William Megginson, University of Oklahoma

Tom Nohel, Loyola University Chicago Gordon Phillips, Dartmouth College

Ann Sherman, DePaul University Xuan Tian, Indiana University

Victor Todorov, Northwestern University Greg Udell, Indiana University

Bonnie Van Ness, University of Mississippi Robert Van Ness, University of Mississippi

Mark Walker, North Carolina State University Russell Wermers, University of Maryland

Tong Yao, University of Iowa

2017 Annual Meeting Program Committee Chris Adcock, University of Sheffield Vikas Agarwal, Georgia State University Hengjie Ai, University of Minnesota Christopher Anderson, University of Kansas Keith Anderson, University of York Julian Atanassov, University of Nebraska - Lincoln Tor-Erik Bakke, University of Oklahoma Guido Baltussen, Erasmus School of Economics Jack Bao, Federal Reserve Board Jean-Noel Barrot, MIT Sohnke Bartram, Warwick University Shmuel Baruch, University of Utah Benjamin Bennett, Ohio State University Luca Benzoni, Federal Reserve Bank of Chicago Antje Berndt, Australian National University Shai Bernstein, Stanford University Lamont Black, DePaul University Benjamin Blau, Utah State University Jesse Blocher, Vanderbilt University Andriy Bodnaruk, University of Illinois at Chicago Alice Bonaime, University of Arizona Oleg Bondarenko, University of Illinois At Chicago Stefano Bonini, Stevens Institute of Technology Alexander Borisov, University of Cincinnati Ginka Borisova, Iowa State University Thomas Boulton, Miami University Christa Bouwman, Texas A&M University Donald Bowen, University of Maryland Nicole Boyson, Northeastern University Elijah Brewer, DePaul University Paul Brockman, Lehigh University Jonathan Brogaard, University of Washington Marie-Helene Broihanne, EM Strasbourg - Strasbourg University David Brown, University of Arizona Stephen Brown, Monash University Kelly Brunarski, Miami University Jay Cai, Drexel University Murillo Campello, Cornell University Wenbin Cao, NEOMA Business School Santiago Carbo-Valverde, Bangor University Jennifer Carpenter, New York University Scott Cederburg, University of Arizona Cristiana Cerqueira Leal, University of Minho Geraldo Cerqueiro, Catolica Lisbon School of Business and Economics Bidisha Chakrabarty, Saint Louis University Thomas Chemmanur, Boston College

2017 Annual Meeting Program Committee Jia Chen, Peking University Yingmei Cheng, Florida State University Vidhi Chhaochharia, University of Miami Darwin Choi, Chinese University of Hong Kong Jaewon Choi, University of Illinois at Urbana-Champaign Yongqiang Chu, University of South Carolina Tuugi Chuluun, Loyola University Maryland David Cicero, Auburn University Gian Luca Clementi, New York University Brittany Cole, Tennessee Tech University Thomas Conlon, University College Dublin Robert Connolly, University of North Carolina - Chapel Hill Alan Crane, Rice University Drew Creal, University of Chicago Martijn Cremers, University of Notre Dame Kevin Crotty, Rice University Peter Cziraki, University of Toronto Francesco D'Acunto, University of Maryland Lammertjan Dam, University of Groningen Andras Danis, Georgia Institute of Technology Amedeo De Cesari, University of Manchester Diane Del Guercio, University of Oregon Pasquale Della Corte, Imperial College London Ilhan Demiralp, University of Oklahoma Steven Dennis, Kent State University Ian Dew-Becker, Northwestern University Jens Dick-Nielsen, Copenhagen Business School Jennifer Dlugosz, Washington University in St. Louis Hitesh Doshi, University of Houston Hamdi Driss, Saint Mary's University Jefferson Duarte, Rice University Greg Duffee, Johns Hopkins University Marie Dutordoir, University of Manchester Jared Egginton, Louisiana Tech University Sadok El Ghoul, University of Alberta Jesse Ellis, North Carolina State University Joseph Engelberg, University of California, San Diego Andrey Ermolov, Fordham University Burcu Esmer, Indiana University Susanne Espenlaub, University of Manchester Douglas Evanoff, Federal Reserve Bank of Chicago Michael Ewens, California Institute of Technology Grant Farnsworth, Texas Christian University Laura Field, University of Delaware

2017 Annual Meeting Program Committee William Forbes, Queen Mary University of London Vyacheslav Fos, Boston College Veljko Fotak, University at Buffalo Scott Frame, Federal Reserve Bank of Atlanta Laurent Fresard, University of Maryland Nicola Fusari, Johns Hopkins University Huasheng Gao, Nanyang Technological University Ron Giammarino, University of British Columbia Stuart Gillan, University of Georgia Andrey Golubov, University of Toronto Francisco Gomes, London Business School Halit Gonenc, University of Groningen Vidhan Goyal, HKUST Omrane Guedhami, University of South Carolina Huseyin Gulen, Purdue University Matthew Gustafson, Pennsylvania State University Michael Halling, Stockholm School of Economics Jeffrey Harris, American University Lars Hass, Lancaster University Jie He, University of Georgia Ping He, Tsinghua University Randall Heron, Indiana University Jens Hilscher, University of California, Davis Gerard Hoberg, USC Kateryna Holland, Purdue University Burton Hollifield, Carnegie Mellon University Kewei Hou, The Ohio State University Alex Hsu, Georgia Institute of Technology Darien Huang, Cornell University Hsing-Hua Huang, National Chiao Tung University Jiekun Huang, University of Illinois Jingzhi Huang, Pennsylvania State University Lixin Huang, Georgia State University Qianqian Huang, City University of Hong Kong David Hunter, University of Hawaii Bjorn Imbierowicz, Copenhagen Business School Koen Inghelbrecht, Ghent University Vasso Ioannidou, Lancaster University Benjamin Iverson, Northwestern University Martin Jacob, WHU - Otto Beisheim School of Management Kris Jacobs, University of Houston Murali Jagannathan, Binghamton University Julapa Jagtiani, Federal Reserve Bank of Philadelphia

2017 Annual Meeting Program Committee Yeejin Jang, Purdue University Rainer Jankowitsch, Vienna University of Economics and Business Tyler Jensen, Iowa State University Feng Jiang, University at Buffalo (SUNY) George Jiang, Washington State University Ping Jiang, University of International Business and Economics Zhan Jiang, Shanghai Jiaotong University Nengjiu Ju, Shanghai Jiaotong University Marcin Kacperczyk, Imperial College London Dalida Kadyrzhanova, Georgia State University Swami Kalpathy, Texas Christian University Thomas Kick, Deutsche Bundesbank Dana Kiku, University of Illinois at Urbana-Champaign Dasol Kim, US Department of the Treasury Hyunseob Kim, Cornell University Dolly King, University of North Carolina at Charlotte Sandy Klasa, University of Arizona Stefanie Kleimeier, Maastricht University Johan Knif, Hanken School of Economics Anzhela Knyazeva, Financial Economist Diana Knyazeva, Financial Economist Anna Kovner, Federal Reserve Bank of New York Matthew Kozora, U.S. Securities & Exchange Committee Marc Kramer, University of Groningen Lawrence Kryzanowski, Concordia University Manoj Kulchania, Wayne State University Nitin Kumar, Indian School of Business Chris Lamoureux, University of Arizona Yelena Larkin, York University Anh Le, Pennsylvania State University Mark Leary, Washington University in St. Louis Jinsook Lee, Canisius College Alfred Lehar, University of Calgary Yaron Leitner, Federal Reserve Bank of Philadelphia Ugur Lel, University of Georgia Stefan Lewellen, London Business School Jay Li, City University of Hong Kong Sophia Zhengzi Li, Michigan State University Wei Li, University of Iowa Xinming Li, University of South Carolina Bing Liang, UMass Amherst Fang Lin, Pittsburg State University Bibo Liu, Tsinghua University

2017 Annual Meeting Program Committee Mark Liu, University of Kentucky Tingjun Liu, Hong Kong University Brandon Lockhart, Clemson University Francis Longstaff, UCLA Haitian Lu, The Hong Kong Polytechnic University Evgeny Lyandres, Boston University Liang Ma, University of South Carolina Matthew Ma, University of Uah Antonio Macias, Baylor University Tanakorn Makaew, SEC William Mann, UCLA Yifei Mao, Cornell University Dalia Marciukaityte, Illinois State University Minna Martikainen, Hanken School of Economics Thomas Maurer, Washington University in St. Louis Thomas McInish, University of Memphis Stephen McKeon, University of Oregon David McLean, Georgetown University Iwan Meier, HEC Montreal Ginger Meng, Stonehill College Sebastien Michenaud, DePaul University Vassil Mihov, Texas Christian University Shawn Mobbs, University of Alabama Philip Molyneux, Bangor University Fabio Moneta, Queen's University Philippe Mueller, London School of Economics William Mullins, University of Maryland Benjamin Munyan, Vanderbilt University Gulnur Muradoglu, University of London Justin Murfin, Yale Amrita Nain, University of Iowa M. P. Narayanan, University of Michigan Robert Nash, Wake Forest University David Ng, Cornell University Boris Nikolov, University of Lausanne Greg Nini, Drexel University Lars Norden, Getulio Vargas Foundation Michael O'Doherty, University of Missouri David Offenberg, Loyola Marymount University Arito Ono, Chuo University Chay Ornthanalai, University of Toronto Hernan Ortiz-Molina, University of British Columbia Tod Perry, Indiana University

2017 Annual Meeting Program Committee Blake Phillips, University of Waterloo Auke Plantinga, University of Groningen Veronika Pool, Indiana University Jillian Popadak, Duke University Pavol Povala, Norges Bank Investment Management Hong Qian, Oakland University Tingting Que, University of Alabama in Huntsville Marc Steffen Rapp, Philipps-Universität Marburg S. Abraham Ravid, Yeshiva University Robert Ready, University of Rochester Jonathan Reuter, Boston College Heather Rhodes, Middle Tennessee State University Matthew Rhodes-Kropf, MIT Steven Riddiough, University of Melbourne Matthew Ringgenberg, University of Utah Francisco Rodriguez-Fernandez, University of Granada Raluca Roman, Federal Reserve Bank of Kansas City Brian Roseman, California State University, Fullerton Kristian Rydqvist, Binghamton University Samir Saadi, University of Ottawa Herman Saheruddin, The University of South Carolina Batchimeg Sambalaibat, Indiana University Patrik Sandas, University of Virginia Travis Sapp, Iowa State University Sudipto Sarkar, McMaster University Lucio Sarno, City University of London Klaus Schaeck, Lancaster University Andrea Schertler, Leuphana Gustavo Schwenkler, Boston University John Sedunov, Villanova University Gill Segal, University of North Carolina at Chapel Hill Sang Byung Seo, University of Houston Giorgo Sertsios, Universidad de los Andes (Chile) Felipe Severino, Dartmouth College Merih Sevilir, Indiana University Ivan Shaliastovich, University of Wisonsin Zhan Shi, PBC School of Finance Andriy Shkilko, Wilfrid Laurier University Thomas Shohfi, Rensselaer Polytechnic Institute David Shrider, Miami University Andrei Simonov, Michigan State University Jared Smith, North Carolina State University Jason Smith, Utah State University

2017 Annual Meeting Program Committee Zhaogang Song, Johns Hopkins University Morten Sorensen, Copenhagen Business School Alex Stomper, Humboldt Universität Miroslava Straska, Virginia Commonwealth University Xunhua Su, Norwegian School of Economics Lorne Switzer, Concordia University Monika Tarsalewska, University of Exeter Melvyn Teo, Singapore Management University Julian Thimme, Goethe University John Thornton, Kent State University Ashish Tiwari, University of Iowa Steven Todd, Loyola University Chicago Ngoc-Khanh Tran, Washington University in St. Louis Rima Turk Ariss, IMF Tugkan Tuzun, Federal Reserve Board Hirofumi Uchida, Kobe University Iichiro Uesugi, Hitotsubashi University James Upson, University of Texas at El Paso Giorgio Valente, City University of Hong Kong Eleuterio Vallelado, University of Valladolid Victoria Vanasco, Stanford University Andrea Vedolin, London School of Economics Marc Via, Kent State University Aazam Virani, University of Arizona H. Gregory Waller, Virginia Commonwealth University Jay Wang, University of Oregon Liying Wang, University of Nebraska - Lincoln Neng Wang, Columbia Business School Wenyu Wang, Indiana University Xiaolu Wang, Iowa State University Yajun Wang, University of Maryland at College Park Chishen Wei, Nanyang Technological University Kelsey Wei, University of Texas at Dallas Jared Williams, University of South Florida John Wilson, University of St Andrews Brian Wolfe, University at Buffalo Jing Cynthia Wu, University of Chicago Youchang Wu, University of Oregon Sterling Yan, University of Missouri Jie Yang, Federal Reserve Board of Governors Jun Yang, Indiana University Ke Yang, Lehigh University Keyang Yang, University of Iowa

2017 Annual Meeting Program Committee Lisa (Zongfei) Yang, Montana State University Liu Yang, University of Maryland Liyan Yang, University of Toronto Ayako Yasuda, University of California, Davis David Yermack, New York University Keven Yost, Auburn University Miaomiao Yu, University of Saskatchewan Tong Yu, University of Cincinnati Alminas Zaldokas, HKUST Stefan Zeume, University of Michigan Bohui Zhang, UNSW Australia Weina Zhang, National University of Singapore Yilei Zhang, Univeristy of North Carolina at Charlotte Lu Zheng, University of California, Irvine Hao Zhou, Tsinghua University Irina Zviadadze, Stockholm School of Economics

Index of Authors, Discussants, and Session Chairs

Sessions Index of Authors, Discussants, and Session Chairs

Adcock, Chris 35, 35, 57 Ahnert, Toni 15, 68, 81 Ai, Hengjie 29, 37, 98, 111 Akguc, Serkan 82 Al Rahahleh, Naseem 82, 82 Alexeev, Vitali 22 Alfaro, Ivan 19 Almeida, Caio 22 Amaya, Diego 11, 56 Amihud, Yakov 36 Andersen, Torben 52, 86, 101 Ardison, Kym 22, 35 Arif, Salman 75 Arismendi, Juan Carlos 66, 66 Arslan-Ayaydin, Ozgur 41, 67 Artavanis, Nikolaos 6, 82 Atanassov, Julian 34, 34 Avino, Davide 112 Aydin, Deniz 72 Babina, Tania 94 Bae, Kee-Hong 97 Bai, Hang 67 Baker, Steven 36 Bakshi, Gurdip 44, 110 Banerji, Sanjay 37 Banos, Evangelos 76 Bansal, Naresh 66 Bansal, Ravi 98 Bao, Jack 54 Barardehi, Yashar 24, 70, 70 Barrios, John 6 Bassetto, Marco 31 Bates, David 86 Bayar, Onur 37, 61, 61 Begin, Jean-Francois 11 Bellofatto, Anthony 85, 85 Bellstam, Gustaf 10, 103 Bennett, Benjamin 5, 30 Benson, Alan 64 Benzoni, Luca 31, 31, 44 Berger, Allen 20, 40


Berger, David 19, 98 Bergsma, Kelley 56, 90, 90 Berlin, Mitchell 69 Bernhardt, Dan 24 Bernstein, Shai 88 Bersch, Johannes 61 Bessler, Wolfgang 71 Beyhaghi, Mehdi 61 Bhabra, Gurmeet 93 Bhabra, Harjeet 41, 93 Bhagat, Sanjai 10 Bhandari, Tara 109 Bianco, Marco 13 Billett, Matt 42 Bindal, Shradha 49 Bishara, Norman 41 Black, Lamont 61 Bleck, Alexander 50, 68, 68 Bloesch, Justin 8 Bloom, Nicholas 19 Bodnaruk, Andriy 42 Bohdan, Roman 10, 47 Bollerslev, Tim 74 Bondarenko, Oleg 101, 101 Boone, Audra 109 Borisov, Alexander 96, 96, 96 Bottero, Margherita 99 Boudt, Kris 59 Boulton, Thomas 51 Boulton, Tom 21 Box, Travis 55 Boyarchenko, Nina 44 Brauner, Aaron 78, 92 Brodmann, Jennifer 14 Broihanne, Marie-Hélène 85 Broman, Markus 55, 55 Bruynseels, Liesbeth 12 Busch, Matias Ossandon 68 Byun, Seong 10, 34 Cai, Chen 96, 113 Cai, Jian 9

Sessions Index of Authors,

Discussants, and Session Chairs Cai, Kelly 27, 92 Calem, Paul 50 Capkun, Vedran 87, 87, 87 Carbo-Valverde, Santiago 15, 28 Carlson, Mark 79 Cavagnaro, Daniel 64 Célérier, Claire 68 Chabi-Yo, Fousseni 44 Chang, Briana 33 Chang, Qi 93 Chardin, Wese Simen 23 Chemmanur, Thomas 37 Chen, Hsiu-Lang 65, 65 Chen, Jia 57 Chen, Jun 46 Chen, Yangyang 5, 16 Cheng, Chak Hung (Jack) 25 Chernenko, Sergey 54 Chiou, Wan-Jiun Paul 57 Chiu, Ching-Wai (Jeremy) 25 Cho, DuckKi 17, 34 Chodorow-Reich, Gabriel 33 Choi, Hae mi 41, 66 Choi, Hoyong 56, 59 Choi, Jaewon 9, 77 Chowdhry, Bhagwan 111 Chronopoulos, Dimitris 68 Chu, Liping 107 Chua, Ansley 24, 69 Clarke, Charles 83, 95, 95 Cohen-Cole, Ethan 18 Colacito, Riccardo 8, 8, 44, 44 Cole, Rebel 40, 94 Collin-Dufresne, Pierre 76 Collins, Dan 75, 87 Colonnelli, Emanuele 88 Conlon, Thomas 23, 45 Connolly, Robert 66, 80 Constantinides, George 11, 52, 52 Cookson, J. Anthony 10 Cooper, Ilan 35 Correa, Ricardo 50 Cortes, Kristle 15, 32


Cotei, Carmen 62 Cotter, John 23 Cremers, Martijn 64 Crotty, Kevin 42 Crouzet, Nicolas 19, 31, 37 Culp, Christopher 7 Cumming, Douglas J. 61 Cuny, Christine 9 Czerwonko, Michal 11 Dai, Xin 90, 113 Dam, Lammertjan 35, 83 D'Amico, Stefania 43 Danielsson, Jon 50 Darst, Matt 81 Darst, Matthew 7 d'Avernas, Adrien 7 David, Joel 100 Davies, Shaun 111 Davis, Jesse 111 Davis, Ryan 55, 55, 60, 85 de Goeij, Peter 35 De Groote, Sander 12, 94 DeFusco, Anthony 5 Degryse, Hans 61 DeMarzo, Peter 108 Dennis, Patrick 48 Dergunov, Ilya 63 Deryugina, Tatyana 8 Deshmukh, Sanjay 51, 58 Dew-Becker, Ian 19 Dicks, David 111 Diercks, Anthony 4 Dillon, Eleanor 18 Dissanayake, Ruchith 79, 83, 95 Distinguin, Isabelle 28 Dlugosz, Jennifer 32 Doan, Trang 14, 60 Doellman, Thomas 85 Doering, Philipp 36, 55 Donangelo, Andres 67 Dong, G. Nathan 57 Doshi, Hitesh 43, 80 Dou, Winston 108


Discussants, and Session Chairs Driss, Hamdi 27, 27, 97 Du, Wei 1, 24 Duarte, Diogo 102 Duong, Hong 29, 79 Easton, Peter 75 El Meslmani, Nabil 80 Elsas, Ralf 16, 50 Elul, Ronel 28, 37 Eraker, Bjorn 52, 74, 74 Eren, Egemen 81 Ermolov, Andrey 44 Ersahin, Nuri 16, 25 Esmer, Burcu 93, 107 Eswar, Sapnoti 15 Evanoff, Douglas 20, 20 Fahlenbrach, Rudiger 30 Fanta, Fassil 84 Farhat, Joseph 62, 62, 62 Farnsworth, Heber 4, 77, 105 Fatemi, Ali 80 Faulkender, Michael 89, 107 Feldman, David 71, 71, 84 Feng, Alan 15, 72 Feng, Felix 65, 77, 77 Feng, Felix Zhiyu 25 Ferko, Alex 21 Ferreira, Daniel 14 Ferres, Daniel 107 Ferris, Christine 91 Ferris, Stephen 12, 46 Feunou, Bruno 43 Filomeni, Stefano 20 Floros, Ioannis 94 Floros, Yianni 42 Flugum, Ryan 49 Fodor, Andy 56 Fontaine, Jean-Sebastien 43 Fooladi, Iraj 23, 80 Forbes, William 5 Fotak, Veljko 90 Fulghieri, Paolo 111 Fuller, Kathleen 55 Fusari, Nicola 86, 86, 104, 104


Gaeremynck, Ann 12 Gam, YongKyu 32 Gamba, Andrea 13, 89, 89 Gamble, Keith 51 Ganguly, Arup 39 Gao, Lei 47, 58, 90 Gao, Lin 63 Gao, Xiaohui 110 Gao, Xing 3, 3 Gao, Xuechen 49 Gao, Xuecheng 84 Garcia, RenÃ© 22 Gaspar, Jose 51 Gauthier, Genevieve 11 Gavazzoni, Federico 110, 110 Ge, Lin 17, 96 Gencay, Ramazan 23 Ghent, Andra 33, 33 Giglio, Stefano 19, 19 Gillan, Stu 109 Gillan, Stuart 109, 109 Gilson, Stuart 88 Ginglinger, Edith 14 Giroud, Xavier 88 Glancy, David 20 Goel, Anand 21 Goldstein, Michael 107 Gopalan, Radhakrishnan 5, 32, 32 Gottlieb, Joshua 18 Goulding, Christian 50, 102 Gourio, Francois 8, 19, 31, 98 Grammig, Joachim 70 Greene, Daniel 39, 67 Grieser, William 58 Grira, Jocelyn 23, 23, 73 Gross, Tal 72 Gulen, Huseyin 64 Guo, Hui 101, 103 Guo, Xuemei 105, 105 Guthrie, James 41 Ha, Jingi 60, 70 Haddad, Valentin 33 Hadlock, Charlie 53, 53, 64


Discussants, and Session Chairs Halford, Joseph 88 Ham, Charles 3 Han, Song 33, 54, 60 Hankins, Kristine 89 Hankins, William 25 Hanley, Kathleen 40, 94, 94 Haque, Imran 49 Hasan, Majid 4, 4 Hassan, M. Kabir 73 Hassan, Tarek 100 He, Shan 1 He, Zhiguo 33, 108 Herkenhoff, Kyle 18 Heron, Randall 78, 78 Hippert, Benjamin 71, 81 Hitzemann, Steffen 36, 63, 104 Hoberg, Gerard 40 Hoffmann, Bridget 8 Hofmann, Michael 104 Holland, Kateryna 99 Holland, Sara 62 Hotchkiss, Edith 88, 88 Hou, Kewei 54 Houston, Joel F. 47 Howe, Keith 51 Hsu, Alex 98, 98 Hsu, Po-Hsuan 5 Hu, Guanglian 104, 104, 104 Hu, Jianfeng 60 Hu, Luojia 72 Huang, Alan 60, 105 Huang, Jing-Zhi 43, 83 Huang, Minjie 29, 29, 41 Huang, Ruidi 97, 106 Huang, Xing 21, 72 Huij, Joop 36 Humphery-Jenner, Mark 1 Iliev, Peter 30, 109 Irani, Mohammad 24, 80 Iskandar-Datta, Mai 14 Itzkowitz, Jennifer 46, 46, 85 Itzkowitz, Jesse 85 Ivanov, Vladimir 94


Iverson, Ben 18, 88 Jackson, David 24, 60 Jacobs, Kris 43, 63, 86, 104 Jagannathan, Murali 47 Jalilvand, Abol 99 Jandik, Dobrina 94 Jandik, Tomas 94 Jang, Yeejin 23, 30, 69, 69 Jannati, Sima 12, 41 Jayaraman, Narayanan 12 Jeon, Jin Q 93 Jiang, Feng 90 Jiang, Haibo 13, 36 Jiang, Junya 4, 4, 4 Jiang, Lei 44 Jiao, Yawen 88 John, Kose 82 Johnson, James 79, 112, 112 Jones, Christopher 11 Julio, Brandon 34 Junge, Benjamin 76 Kalda, Ankit 47, 47, 90 Kalimipalli, Madhu 60 Kalodimos, Jonathan 109 Kang, Sang Baum 101, 112 Kapadia, Nishad 58 Kaplan, Steven 53 Kaplan, Zachary 3, 60, 60 Karnaukh, Nina 59, 79 Kaviani, Mahsa S. 82 Kempf, Elisabeth 77, 99 Kick, Thomas 28, 28, 61, 68, 81, 91 Kiesel, Florian 27, 93 Kiku, Dana 8, 29 Kim, Sehoon 25, 54, 92, 92 Kim, Soohun 54, 83, 95 King, Tao-Hsien Dolly 3, 46 Klepsch, Catharina 16 Klibanoff, Peter 98 Koetter, Michael 91 Kozlowski, Julian 19 Kraft, Pepa 27, 75, 75, 75 Krishnamurthy, Srinivasan 47


Discussants, and Session Chairs Krishnaswami , Sudha 10 Kronlund, Mathias 14 Kruse, Timothy 49, 49 Kryzanowski, Lawrence 82 Kulchania, Manoj 13, 25, 46 Kumar, Alok 41 Kurtzman, Robert 20 Kyosev, Georgi 3, 36 Labidi, Chiraz 73 Lagaras, Spyridon 6 Laguna, Marie-Aude 14, 97, 97 Lange, Marc 73 Le, Anh 43, 43 Leary, Mark 3 Lee, Cheolwoo 93, 93 Lee, Eunju 51, 113, 113 Lee, Haekwon 78, 90 Lee, Jongsub 47, 92 Lee, Keith 102 Lee, Kyung Yun 30 Lee, Kyungran 34 Lee, Sangwon 17, 39 Lee, Seokwoo 29, 66 Lee, Seung 40, 50 Lee, Seung Jung 26 Lee, Suzanne 22 Leng, Tiecheng 34 Lenzu, Simone 16, 99 Li , Jia 101 Li, Danielle 64 Li, Jiaming 84 Li, Rachel 58 LI, Rui 16, 29, 37, 108 Li, Runze 83 Li, Sailu 34 Li, Sailu (Lulu) 13 Li, Sophia Zhengzi 74, 74 Li, Wei 55 Li, Xinming 15, 40, 73 Li, Xinxin 10, 16, 46 Li, Yi 54 Li, Zhi (Alexandra) 30 Liang, Claire 45, 45, 66


Liao, Min-Yu 12 Liberti, Jose 9 Ligon, James 93 Lin, Huidi 101 Lin, Xiaoji 19 Linn, Matthew 11, 45 Lisowsky, Petro 87 Littke, Helge C.N. 91 Liu, Edith 71 Liu, Fan 68 Liu, Fangzhou 42 Liu, Hong 71 Liu, Laura Xiaolei 21 Liu, Rui 43 Liu, Tingting 1, 28 Liu, Yixin 46 Liu, Yufeng 71 Lobo, Gerald 113 Lu, Jianyu 25 Lu, Ruichang 21, 57 Luck, Stephan 81 Lundblad, Christian 43 Luo, Mancy 49, 95 Luo, Yang 45, 80 Lustig, Hanno 100, 100 Lyle, Matthew 75 Ma, Song 53, 88 Ma, Zongming 80 Mahdavi-Ardekani, Aref 28 Maio, Paulo 35, 35, 103 Maksimovic, Vojislav 13 Maleki, Hosein 82 Malliaris, Tassos 111 Manconi, Alberto 95 Marcelin, Isaac 84 Marciukaityte, Dalia 67 Mark, Nelson 100 Masli, Adi 41 Mason, Paul 109 Massa, Massimo 95 Mauer, David 46 Maurer, Thomas 5, 56, 56, 59, 110, McMullin, Jeff 75


Discussants, and Session Chairs Medina Palma, Paolina Del Carmen 72, 72 Megginson, William L. 91 Meinerding, Christoph 63 Melzer, Brian 18 Mertens, Thomas 100 Meschke, Felix 41, 58 Mezzanotti, Fillippo 99 Michenaud, Sebastien 42, 53, 109 Milbradt, Konstantin 7, 7, 33 Miller, Brian 75 Minnis, Michael 87 Minton, Bernadette 30 Mishra, RamKumar 12 Mitra, Indrajit 108 Mittoo, Usha 78 Mobbs, Shawn 39 Modi, Sachin 96 Mollagholamali, Mohsen 17, 82 Mondragon, John 18 Monfort, Alain 43 Moon, Katie 17, 17, 34, 34 Moran, Pablo 51, 93 Moritzen, Mark Raun 89, 89 Morris, Charles 40 Mukharlyamov, Vladimir 64 Mulherin, J. Harold 1 Munyan, Benjamin 54 Muravyev, Dmitriy 8, 52 Murphy, Dermot 9 Murtinu, Samuele 61, 91 Nanda, Vikram 1 Naranjo, Andy 92, 103 Naughton, James 87 Neely, Christopher 59, 59, 59 Neklyudov, Artem 33 Nelson, Benjamin D 68 Neuhierl, Andreas 7 Ngo, Phuong 31 Nguyen, Ca 61 Nguyen, Duc Binh Benno 23, 104 Nguyen, Nga 109 Ni, John 96 Ni, Jun 83


Ni, Xiaoran 78 Niessen-Ruenzi, Alexandra 41 Nikkinen, Jussi 48 Nikolaev, Valeri 87 Nikolaou, Kleopatra 54 Nini, Gregory 6, 69 Noh, Joonki 36, 36 Noth, Felix 91 Notowidigdo, Matthew 72 Nozawa, Yoshio 7 O'Brien, William 89, 106, 106 Ochoa, Marcelo 8 O'Doherty, Michael 22, 22 O'Donovan, James 6 Oh, Jong-Min 10 Oh, Seungjoon 34 Onali, Enrico 81 Ongena, Steven 68 Onur, Esen 76 Ormazabal, Gaizka 107 Ortiz-Molina, Hernan 107 Osborn, Matthew 88 Ossandon Busch, Matias 91 Ouimet, Paige 94, 94 Oxelheim, Lars 13 Ozdagli, Ali 98 Pan, Xuhui 63, 112 Panayotov, George 110 Pancost, Aaron 31 Pareek, Ankur 6 Park, Seongkyu (Gilbert) 48, 57 Patro, Sukesh 1 Paul, Stephan 73 Paye, Bradley 24, 24, 79 Payne, Richard 76 Pearson, Neil 8, 77 Pedraza, Alvaro 102 Pegoraro, Fulvio 43 Pelger, Markus 101 Peng, Qiyuan 1, 29 Perez-Saiz, Hector 15 Pericoli, Marcello 79, 79, 83 Perotti, Enrico C. 81


Discussants, and Session Chairs Perrakis, Stylianos 11 Peter, Franziska 57, 57, 70 Peter, Richard 66 Petersen, Mitchell 89 Pflueger, Carolin 31 Phan, Toan 8 Philip, Dennis 35 Phillips, Gordon 18, 18 Picard, Joerg 9 Podolski, Edward 5 Poindexter, Ashleigh 106 Ponticelli, Jacopo 6 Posenau, Kelly 26 Povel, Paul 107 Prokopczuk, Marcel 23 Pyun, Sung June 11 Qiao, Kenan 35 Qiao, Zheng 90 Qin, Nan 105 Qiu, Yue 17, 41, 67 Rao, Ramesh 17 Ravid, S. Abraham 85 Ready, Robert 100 Rebello, Sergio 31 Refayet, Ehraz 37 Rehbein, Oliver 61, 91 Reiffen, David 76 Renne, Jean-Paul 43 Rhoads, Russell 112 Richmond, Robert 100, 100 Riggs, Lynn 76 Robatto, Roberto 15, 50 Roberts, Gordon 97 Rodriguez-Fernandez, Francisco 26 Roman, Raluca 20, 40, 78, 113 Romo González, Luna Azahara 73, 73, 81 Rosen, Richard 20 Rossi, Marco 42, 42 Rothovius, Timo 48, 48 Roussellet, Guillaume 43 Ruprecht, Benedikt 81 Rytchkov, Oleg 95 Ryu, Doojin 48


Sambalaibat, Batchimeg 33, 110 Sandas, Patrik 48, 48, 48 Sandy, Shastri 77 Sanger, Gary 1 Sanjay, Banerji 68 Sardarli, Sabuhi 85 Sarisoy, Cisil 11, 11, 35, 43 Saurabh, Suman 49 Sawicki, Julia 27, 41, 107 Saxena, Konark 84 Schaeck, Klaus 81 Schenck, Natalya 40, 69 Schertler, Andrea 28, 47, 91 Schiller, Christoph 46, 51 Schlag, Christian 8, 52, 63 Schlingemann, Frederik 96 Schmidt, Lawrence 19 Schneemeier, Jan 70, 102, 102 Schwartz-Ziv, Miriam 14, 53, 99 Schwenkler, Gustavo 11, 102 Scott, Andrew 85 Sedunov, John 20 Segal, Gill 63, 74 Sekerci, Naciye 85 Sensoy, Berk 64 Seo, Sang Byung 52, 74 Sercu, Piet 59 Serrano, Alejandro 57, 69 Serrao, Trevor 31 Sertsios, Giorgo 96, 107 Shaliastovich, Ivan 63, 63, 86 Shan, Hongyu 39, 47 Shao, Diana 103 Shen, Yi 97 Sherman, Ann 21, 21 Shi, Lan 69 Shi, Zhan 83 Shin, Hojong 90 Shue, Kelly 64 Siemer, Michael 110 Silveri, Sabatino 1, 39 Simonov, Andrei 9, 58, 64, 72 Singh, Manpreet 32


Discussants, and Session Chairs Singh, Pranav 96 Skalli, Yasmine 14 Skoulakis, Georgios 36, 95 Skrastins, Janis 20, 32 Smart, Scott 51 Smith, David 88 Smith, Jared 39 Sobiech, Anna 68 Song, Dongho 63, 74, 110 Song, Yang 50, 57, 112 Soranakom, Charn 93 Soumaré, Issouf 73 Souther, Matthew 49 Spencer, Adam 62, 62 Spizman, Joshua 47, 85 Srinivasan, Kandarp 32, 32 Stancu, Andrei 112, 112 Stanton, Christopher 18 Stathopoulos, Andreas 100 Stebunovs, Viktors 26 Stegemoller, Mike 109 Stein, Ingrid 61 Stein, Luke 12, 12 Stephen, Sheryl-Ann K. 84 Stivers, Chris 66 Stone, Anna-Leigh 25, 84, 84 Streit, Daniel 59, 73 Sturgess, Jason 9, 21 Stutzer, Michael 23, 26 Sunderam, Adi 54 Sutherland, Andrew 9 Switzer, Lorne 71, 80, 80 Szydlowski, Martin 25, 37, 108, 108 Tang , Zhenyang 45 Tarazi, Amine 28, 28 Tauchen, George 101 Taushanov, Georgi 71 Teague, Charles 3, 3, 3 Teclezion, Mussie 84 Tedford, Emily 56 Telmer, Chris 110 Thakor, Richard 111 Thewissen, James 41, 67


Thomas, Shawn 13 Thompson, Mary Elizabeth 62, 89 Tian, Weidong 4 Tian, Xuan 42 Tilson, Sebastian 28 Tinn, Katrin 21 To, Thuy-Duong 59 Todorov, Viktor 86, 86, 101 Tong, Jincheng 108 Tong, Joy 88 Torsin, Wouter 12, 41 Tourre, Fabrice 7 Townsend, Richard 18 Tran, Dung 62, 84 Tran, Ngoc-Khanh 59 Trolle, Anders 76 Trzcinka, Charles 9 Tserlukevich, Yuri 37 Tsoutsoura, Margarita 6, 6 Tuzun, Tugkan 48 Twedt, Brady 75 Tyynelä, Jaakko 48 Udell, Greg 20 Uhrig-Homburg, Marliese 104 Urga, Giovanni 22 Uslu, Semih 70, 102 Utke, Steven 109 Valchev, Rosen 110 Van Ness, Bonnie 60 Van Ness, Robert 60 van Rixtel, Adrian 81 Varneskov, Rasmus 86 Vasios, Michalis 76 Vasquez, Aurelio 80, 103 Veeraraghavan, Madhu 5 Veldkamp, Laura 19 Velikov, Mihail 98 Venkateswaran, Venky 19 Venugopal, Buvaneshwaran 32 Verdelhan, Adrien 100 Veronese, Giovanni 79 Veronesi, Pietro 7 Vozlyublennaia, Nadia 65


Discussants, and Session Chairs Vu, Hong Van 91, 92 Wachter, Jessica 52 Wagner, Christian 104 Wagner, Hannes 6 Wald, John 61, 82, 82 Walker, Mark 1, 92 Wan, Chi 16 Wang, Clare 87 Wang, Feifei 45, 103 Wang, Jialan 72, 72 Wang, Jing 25 Wang, Ke 60 Wang, Mengying 10, 16 Wang, Minho 22, 22 Wang, Sumingyue 1, 51 Wang, Tong 11 Wang, Wei 88 Wang, Xue 23 Wang, Yingdi 64 Wang, Zhi (Jay) 65, 65, 77 Waters, Brian 111 Wauters, Marjan 59 Wei, Jiaying 5, 49, 58 Weisbach, Michael 64 Wengerek, Sascha Tobias 71 Werker, Bas 35 Werner, Ingrid 54 Wese Simen, Chardin 112 Weston, James 53 Wheelock, David 40, 40, 79 White, Lawrence 27, 40 Whited, Toni 53 Williams, Ryan 13 Wilson, John 68, 91 Wolfe, Brian 10 Wolfers, Justin 41 Wolff, Dominik 71 Wruck, Karen 30, 30 Wu, Chunchi 9 Wu, Hong 96 Wu, Jun 105, 105 Wu, Ke 44 Wu, Qingqing 92


Wu, YiLin 30 Wu, Youchang 65, 65 Xia, Chongwu 90 Xia, Han 10 Xiang, Wei 57 Xie, Yuan 27 Xiu, Dacheng 86 Xu, Hui 83, 106 Xu, Kuan 70 Xu, Lai 63 Xu, Qianying (Emma) 25 Xu, Qiping 77, 99 Xu, Ting 18 Xu, Weineng 94, 106 Xue, Chen 95 Xue, Jinming 36 Yae, James (Seung Min) 80 Yan, Hongjun 45, 76, 76, 76 Yan, Xinyan 39, 93 Yang, Huan 10, 42 Yang, Jing 81 Yang, Jun 111 Yao, Wenying 22, 22 Yerramilli, Vijay 32 Yeung, Ira 87 Yin, Chengdong 77 Yin, David 39, 67, 67, 78 Yin, Ellie Qie 16, 107 Yin, Shuxing 57 Ying, Chao 108 Yook, Youngsuk 13 Yu, Edison 69, 69 Yu, Tong 55, 107 Yuan, Xiaojing 97, 113 Yun, Hayong 9, 21 Zagorchev, Andrey 47 Zarutskie, Rebecca 94 Zazzaro, Alberto 20 Zeume, Stefan 6 Zhang, Shengxing 33 Zhang, Tony 100 Zhang, Xiaoyan 23, 77 Zhang, Xingtan 102


Discussants, and Session Chairs Zhang, Xuan 9 Zhang, Yilei 29, 46 Zhang, Yong 21 Zhang, Zhou 78, 84 Zhao, Bingzhi 74 Zhao, Hong 12 Zhao, Jake 53 Zhao, Jialin 112 Zhao, Jing 96 Zhao, Yonggan 27, 80 Zheng, Suyan 92, 106 Zhong, Rong (Irene) 99 Zhong, Xun 51, 95 Zhou, Chen 26, 26, 50 Zhou, Guofu 44 Zhou, Jun 27 Zhou, Ling 27


Zhou, Xing (Alex) 30 Zhu, Haoxiang 76, 76 Zhu, Heqing 77 Zhu, Hui 92 Zutter, Chad 51

Notes

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