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University of Washington 5th Summer Finance Conference

Summer 2022

On July 25th and 26th, the UW Department of Finance and Business Economics will be hosting its 5th Summer Finance Conference in Summer 2022 (postponed from Summer 2020). We are looking forward to hosting this conference once again, bringing some of the best new research in Finance to a great location.

The conference will be will be held in Paccar Hall, on the University of Washington campus, home to the Foster School of Business. (Driving directions to Paccar Hall)

The Conference Hotel is the Graduate Seattle, located at 4507 Brooklyn Avenue NE (206.634.2000), just two blocks west from the northwest corner of campus. Paccar Hall is not much further at the intersection of Memorial Lane and NE Stevens Way (see linked map above).

(View campus map)

The conference is by invitation only and the registration fee is USD 300.

Sunday, July 24, 2022

6:00–8:30 pm: Reception at the Graduate Hotel Mountaineering Club, 4507 Brooklyn Avenue NE

See Lobby Concierge for access to club

Monday, July 25, 2022

7:30–8:30 am: Breakfast in Deloitte Commons (Paccar 299), Foster School of Business, UW
8:30–10:05 am: Session 1 (Paccar 294)
10:05–10:30 am: Break
10:30–12:05 pm: Session 2 (Paccar 294)
12:05–1:30 pm: Lunch with keynote speech by Anat Admati in Anthony’s Forum (Dempsey 302)
1:30–3:05 pm: Session 3 (Paccar 294)
3:05–3:30 pm: Break
3:30–5:05 pm: Session 4 (Paccar 294)
6:00-9:30pm: Arrive for boarding at 6pm at Waterways Homeport, 901 Fairview Avenue N. (Driving directions to Waterways Homeport from Paccar Hall)
Cruise will return to dock about 9:30pm

Tuesday, July 26, 2022

7:30–8:30 am: Breakfast in Deloitte Commons (Paccar 299)
8:30–10:05 am: Session 5 (Paccar 294)
10:05–10:30 am: Break
10:30–12:05 pm: Session 6 (Paccar 294)
12:05–1:00 pm: Boxed lunch in Anthony’s Forum (Dempsey 302)

Activities:

2:30-2:45 pm: Enter Chihuly Garden & Glass museum. No admittance after 2:45pm. (305 Harrison St)
3:30–6:30 pm: Kayaking. Please bring a photo ID and allow for check-in time. (1001 Fairview Ave N).

Summer Finance Conference July 24-26, 2022

Sunday, July 24, 2022

6:00–8:30 pm: Reception at the Graduate Hotel Mountaineering Club, 4507 Brooklyn Avenue NE Seattle, WA 98105

Monday July 25
All presentations will be held in PACCAR

7:30 am Breakfast

Session 1: Index Investing – 8:30 am

Chair: German Gutierrez

“Index-Linked Trading and Stock Returns” by Shaun Davies

Discussant: Adrian Buss

“The Passive-Ownership Share Is Double What You Think It Is” by Alexander Chinco and Marco Sammon

Discussant: Yashar Barardehi

Session 2: Social Media and Corporate Decisions – 10:30 am 

Chair: Jordan Nickerson

“Creating Controversy in Proxy Voting Advice” by Andrey Malenko, Nadya Malenko, and Chester Spatt

Discussant: Paul Voss

“Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals” by Tony Cookson, Marina Niessner, and Christoph Schiller

Discussant: Andrey Golubov

12:05 pm Lunch with Keynote by Anat Admati, Stanford University

Session 3: ESG – 1:30 pm

Chair: Lea Stern

“Smokestacks and the Swamp” by Emilio Bisetti, Stefan Lewellen, Arkodipta Sarkar, and Xiao Zhao

Discussant: Nandini Gupta

“Sustainability or Greenwashing: Evidence from the Asset Market for Industrial Pollution” by Ran Duchin, Janet Gao, and Qiping Xu

Discussant: Todd Gormley

Session 4: Fintech – 3:30 pm

Chair: Hank Bessembinder

“Payment for Order Flow and Asset Choice” by Thomas Ernst and Chester Spatt

Discussant: Dmitriy Muravyev

“The Digital Economy, Privacy, and CBDC” by Toni Ahnert, Peter Hoffman, and Cyril Monnet

Discussant: Yunzhi Hu

Dinner Cruise: Arrive for boarding at 6pm. Cruise will depart soon after.

Tuesday July 26

7:30 am Breakfast

Session 5: Asset Pricing and Factors – 8:30 am

Chair: Yang Song

“Taking Over the Size Effect: Asset Pricing Implications of Merger Activity” by Sara Easterwood, Jeffry Netter, Bradley Paye, and Michael Stegemoller

Discussant: Wayne Ferson
“Firm Characteristics and Stock Price Levels: A Long-Term Discount Rate Perspective” by Yixin Chen and Ron Kaniel

Discussant: David Schreindorfer

Session 6: Modern Money – 10:30 am

Chair: Ye Li

“Can Stablecoins be Stable?” by Adrien d’ Avernas, Vincent Maurin, and Quentin Vandeweyer

Discussant: Jiasun Li

“Friends and Family Money: P2P Transfers and Financially Fragile Consumers” by Tetyana Balyuk and Emily Williams

Discussant: Alberto Rossi

12:05 pm Box Lunch

Activities: Kayaking or Chihuly Garden and Glass Museum

Conference Organizers

Christopher Hrdlicka [email protected]
Doron Levit [email protected]
Lea Stern [email protected]

For questions, please email Léa Stern

The University of Washington is committed to providing access, equal opportunity and reasonable accommodation in its services, programs, activities, education, and employment for individuals with disabilities. To request disability accommodation contact the Disability Services Office at least ten days in advance at: 206-543-6450 (V), 206-543-6452 (TTY), 206-685-7264 (FAX), or email at [email protected]

Programs of our previous summer conferences can be found below:

The biennial Summer Finance Conference took place July 29 – 31, 2018 at the University of Washington Foster School of Business in Seattle, WA.

2018 Conference Presentations

Monday, July 30, 2018
All presentations will be held in PACCAR
8:30 – 10:00 a.m. Session 1: Analysts and Advisors

Session Chair: Chris Parsons

FinTechs and the Market for Financial Analysis by Jillian Grennan and Roni Michaely
Discussant: Adair Morse

Real Estate Shocks and Financial Advisor Misconduct by Stephen Dimmock, William Gerken and Tyson Van Alfen
Discussant: Tracy Wang

10:00 – 10:30 a.m. Break
10:30 a.m. – 12 p.m. Session 2: Systematic Risk

Session Chair: Wayne Ferson

Competition, No-Arbitrage, and Systematic Risk by Ilona Babenko, Oliver Boguth and Yuri Tserlukevich
Discussant: Hengjie Ai

Turning Alphas into Betas:  Arbitrage and the Cross-section of Risk by Thummim Cho
Discussant: Tyler Muir

12:00 p.m. – 1:30 p.m. Lunch with Keynote by Pat Bajari, Chief Economist and Vice President, Amazon
1:30 – 3:00 p.m. Session 3: Fiscal and Monetary Policy

Session Chair: Mark Grinblatt

Foreign Investment of U.S. Multinationals:  The Effect of Tax Policy and Agency Conflicts by James Albertus, Brent Glover and Oliver Levine
Discussant: Yufeng Wu

No Job, No Money, No Refi: Frictions to Refinancing in a Recession by Anthony DeFusco and John Mondragon
Discussant: Andra Ghent

3:00 – 3:30 p.m. Break
3:30 – 5:00 p.m. Session 4: Dynamic Firms and Entrepreneurs

Session Chair: Hank Bessembinder

Product Life Cycles in Corporate Finance by Gerard Hoberg and Vojislav Maksimovic
Discussant: William Mann

Entrepreneurial Spillovers from Corporate R&D by Tania Babina and Sabrina Howell
Discussant: Song Ma

Tuesday, July 31, 2018
All presentations will be held in PACCAR
8:30 – 10:00 a.m. Session 5: Debt

Session Chair: Bruce Carlin

Optimal Capital Structure and Bankruptcy Choice: Dynamic Bargaining vs Liquidation by Samuel Antill and Steven Grenadier
Discussant: Barney Hartman-Glaser

The Capitalization of Consumer Financing into Durable Goods Prices by Bronson Argyle, Taylor Nadauld, Christopher Palmer and Ryan Pratt
Discussant: Tom Chang

10:00 – 10:30 a.m. Break
10:30 a.m. – 12:00 p.m. Session 6: Active and Passive Funds

Session Chair: Jennifer Conrad

Innovation and Informed Trading: Evidence from Industry ETFs by Shiyang Huang, Maureen O’Hara and Zhuo Zhong
Discussant: Vikas Agarwal

Private Company Valuations by Mutual Funds by Vikas Agarwal, Brad Barber, Si Cheng, Allaudeen Hameed and Ayako Yasuda
Discussant: Laura Lindsey

The biennial Summer Finance Conference took place July 31-August 2, 2016 at the University of Washington Foster School of Business in Seattle, WA. Our keynote speaker was Professor Luigi Zingales, the Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance at Booth School of Business, University of Chicago.

UW 2016 Summer Finance Conference Program

Monday, August 1, 2016
All presentations will be held in PACCAR 292
8-9:20 a.m. Session 1: Activism

Session Chair: Philip Bond (UW)

“Corporate Control Activism” by Adrian A. Corum and Doron Levit (Wharton)
Discussant: Samuel Lee (Santa Clara University)

“Opportunistic Proposals by Union Shareholders” by John Matsusaka, Oguzhan Ozbas, and Irene Yi (USC)
Discussant: Paige Ouimet (UNC)

9:20-9:40 a.m. Break
9:40-11 a.m. Session 2: The formative years

Session Chair: Stephan Siegel (UW)

“Growing Up Without Finance” by James R. Brown (Iowa State), J. Anthony Cookson (UC Boulder), and Rawley Z. Heimer (FRB-Cleveland)
Discussant: Geoff Tate (UNC)

“Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds” by Oleg Chuprinin (UNSW) and Denis Sosyura (Michigan)
Discussant: Lisa Kramer (Toronto)

11-11:20 a.m. Break
11:20-12:40p.m. Session 3: Strategic behavior

Session Chair: Hank Bessembinder (ASU)

“Understanding the ‘Numbers Game” by Andrew Bird, Stephen A. Karolyi, and Thomas G. Ruchti (Carnegie Mellon)
Discussant: Karl Diether (BYU)

“Flying Under the Radar: The Effects of Short-Sale Disclosure Rules on Investor Behavior and Stock Prices” by Stephan Jank (Deutsche Bundesbank), Christoph Roling (Deutsche Bundesbank), and Esad Smajlbegovic (Mannheim)
Discussant: Charles Jones (Columbia)

12:40-2:10 p.m. Lunch with keynote by Luigi Zingales
2:10-5:30 p.m. Afternoon activities

Kayaking (Moss Bay Kayak)
Hiking (UW Campus and Arboretum)

Tuesday, August 2, 2016
All presentations will be held in PACCAR 292
8-9:20 a.m. Session 4: Corporate Control

Session Chair: Espen Eckbo (Dartmouth)

“Inefficiencies and Externalities from Opportunistic Acquirers” by Di Li (Georgia State), Lucian A. Taylor (Wharton), and Wenyu Wang (Indiana)
Discussant: Vyacheslav Fos (Boston College)

“Impact Investing” by Brad Barber (UC Davis), Adair Morse (UC Berkeley), and Ayako Yasuda (UC Davis)
Discussant: Berk Sensoy (Ohio State)

9:20-9:40 a.m. Break
9:40-11 a.m. Session 5: Stocks and bonds

Session Chair: Jennifer Koski (UW)

“The Execution Quality of Corporate Bonds” by Maureen O’Hara (Cornell), Yihui Wang (Fordham), and Xing Zhou (FRB)
Discussant: Haoxiang Zhu (MIT)

“Monetary Policy through Production Networks: Evidence from the Stock Market” by Ali Ozdagli (FRB-Boston) and Michael Weber (Chicago)
Discussant: Paolo Pasquariello (Michigan)

11-11:20 a.m. Break
11:20 a.m.-12:40 p.m. Session 6: Politics

Session Chair: Jarrad Harford (UW)

“Policy Uncertainty, Political Capital, and Firm Risk-Taking” by Pat Akey (Toronto) and Stefan Lewellen (LBS)
Discussant: Art Durnev (University of Iowa)

“Can Credit Rating Agencies Affect Election Outcomes?” by Igor Cunha (Nova SBE), Miguel A. Ferreira (Nova SBE), and Rui C. Silva (LBS)
Discussant: Breno Schmidt (Emory)

2014 Conference Presentations

We were delighted to commemorate the anniversary of the publication of Bill Sharpe’s seminal paper, “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk,” published 50 years ago in 1964 while he was a professor at the University of Washington. A highlight of the conference was a lunchtime address by Professor Sharpe.

Monday, August 11, 2014
7:45-8:20 a.m. Continental Breakfast, Deloitte Commons, Room 299, PACCAR Hall
8:20-10:20 a.m. Session I, Room 292, PACCAR Hall

Leverage Constraints and Liquidity: What Can We Learn from Margin Trading? By Heather Tookes (Yale) and C. Bige Kahraman (Stockholm SoE), discussed by Kenneth Ahern (USC)

Nominal Term Spread, Real Rate and Consumption Growth, by Anna Cieslak (Kellogg) and Pavol Povala (U. London), discussed by Yoshio Nozawa (Fed Board)

Liquidity Provision, Bank Capital, and the Macroeconomy, by Andrew Winton (Minnesota) and Gary Gorton (Yale), discussed by Joe Haubrich (Cleveland Fed)

10:20-10:50 a.m. Coffee, Deloitte Commons, PACCAR Hall
10:50 a.m.-12:10 p.m. Session II, Room 292, PACCAR Hall

Idiosyncratic Risk and the Manager, by Brent Glover (CMU) and Oliver Levine (Wisconsin), discussed by Gregor Matvos (University of Chicago)

Local Risk, Local Factors, and Asset Prices, by Selale Tuzel (USC) and Miao (Ben) Zhang (Austin), discussed by Ian Dew-Becker (Duke)

12:10-1:45 p.m. Lunch with keynote address by William F. Sharpe (Stanford), Anthony’s Forum, Room 302, Dempsey Hall(by invitation only)
1:45-2:25 p.m. Session III, Anthony’s Forum, Room 302, Dempsey Hall

Assessing Asset Pricing Models Using Revealed Preference, by Jonathan B. Berk (Stanford) and Jules H. van Binsbergen (Stanford), discussed by Wayne Ferson (USC)

Tuesday, August 12, 2014
7:45-8:20 a.m. Continental Breakfast, Deloitte Commons, PACCAR Hall
8:20-10:20 a.m. Session IV, Room 292, PACCAR Hall

Analysts’ Forecast Bias and the Overpricing of High Credit Risk Stocks, by Mark Grinblatt (UCLA), Gergana Jostova (GWU) and Alexander Philipov (GMU), discussed by Berk Sensoy (Ohio State)

Market Efficiency and Real Efficiency: The Connect and Disconnect via Feedback Effects, by Itay Goldstein (Wharton) and Liyan Yang (Toronto), discussed by Thomas Maurer (WUSTL)

Better Access to Information Can Decrease Price Efficiency, Snehal Banerjee (Kellogg), Jesse Davis (Kellogg) and Naveen Gondhi (Kellogg), discussed by Utpal Bhattacharya (Indiana)

10:20-10:50 a.m. Coffee, Deloitte Commons, PACCAR Hall
10:50 a.m.-12:50 p.m. Session V, Room 292, PACCAR Hall

Adverse Selection, Slow Moving Capital and Misallocation, William Fuchs (Berkeley), Brett Green (Berkeley), Dimitris Papanikolaou (Kellogg), discussed by Uday Rajan (Michigan)

Equity Vesting and Managerial Myopia, Alex Edmans (LBS), Vivian Fang (Minnesota) and Katharina Lewellen (Dartmouth), discussed by Jared Stanfield (UNSW)

CEO Contract Horizon and Innovation, Moqi Xu (LSE) and Juanita Gonzalez-Uribe (LSE), discussed by Jose Liberti (DePaul)

12:50-1:50 p.m. Lunch, Anthony’s Forum, Room 302, Dempsey Hall

Conference adjourns

2012 Conference Presentations

View a PDF of the 2012 conference schedule and presenters.