July 29-30, 2024
The UW Foster School of Business, Department of Finance and Business Economics will host the 6th University of Washington Summer Finance Conference on the University of Washington campus in Seattle.
We are expecting a fun and high-quality conference. There are 12 papers on the conference program over one and a half days. You will find a complete program below.
University of Washington Department of Finance and Business Economics | 6th Summer Finance Conference
July 29th & 30th, 2024
Twelve Papers will be presented during the two-day conference. Paper Sessions begin 8:30am Monday and end at 12:05pm Tuesday.
Conference Highlights and Other Activities
Presentations are scheduled between:
Monday, July 29: 8:30 am – 5:05 pm
Tuesday, July 30: 8:30 am – 12:05 pm
Located in Paccar Hall, Room 292
Sunday, July 28
Opening Reception
6:00pm: Eastlake Otterbar
Monday, July 29
Breakfast
7:30am: Deloitte Commons, 299 Paccar Hall, UW Campus
Lunch
12:05pm: Peek Forum, Founders Hall, UW Campus
Dinner Cruise
Boarding begins at 5:30 pm
Departure at 6:00 pm; Returns to dock at 9:00pm
Tuesday, July 30
Breakfast
7:30am: Deloitte Commons, 299 Paccar Hall, UW Campus
Closing Box Lunch
12:05 pm Peek Forum, Founders Hall, UW Campus
Optional Post-Conference Activity
Spend an afternoon kayaking on Lake Union or exploring the Museum of Pop Culture at the Seattle Center. Kayaking (2 hours on the water) will end around 5:30pm. Museum visit time is to be determined but it will end earlier than the kayaking group.
Questions? Contact Jordan Nickerson ([email protected])
Program
Monday, July 29
All presentations will be held in 292 PACCAR
7:30 am Breakfast, Deloitte Commons (299 Paccar)
Session 1: Banking – 8:30 am
Chair: Ye Li
“Open to All Comers: How Unsought Deposit Inflows Affect Banks” by Michael Gelman and Andrew MacKinlay
Discussant: Matteo Benetton
“Searching with Inaccurate Priors in Consumer Credit Markets” by Erik Berwart, Sean Higgins, Sheisha Kulkarni and Santiago Truffa
Discussant: Chris Hansman
Session 2: Machine Learning – 10:30 am
Chair: Lea Stern
“The Labor Impact of Generative AI on Firm Values” by Andrea L. Eisfeldt, Gregor Schubert, Bledi Taska and Miao Ben Zhang
Discussant: Sophia Kazinnik
“Machine Forecast Disagreement” by Turan G. Bali, Bryan T. Kelly, Mathis Moerke and Jamil Rahman
Discussant: Andreas Neuhierl
12:05 pm Lunch, Peek Family Forum (580 Founders Hall)
Session 3: Microstructure – 1:30 pm
Chair: Mark Westerfield
“Who is Minding the Store? Order Routing and Competition in Retail Trade Execution” by Xing Huang, Philippe Jorion, Jeongmin Lee and Christopher Schwarz
Discussant: Thomas Ernst
“Anticompetitive Price Referencing” by Vincent van Kervel and Bart Zhou Yueshen
Discussant: Patrick Blonien
Session 4: Asset Pricing – 3:30 pm
Chair: German Gutierrez
“Equity Premium Events” by Ben Knox, Juan Londono, Mehrdad Samadi and Annette Vissing-Jorgensen
Discussant: Seth Pruitt
“Payout-based Asset Pricing” by Andrei S. Goncalves and Andreas Stathopoulos
Discussant: Shane Miller
Dinner Cruise: 6:00 pm – 9:00 pm. Boarding begins at 5:30 pm
Tuesday, July 30
7:30 am Breakfast, Deloitte Commons (299 Paccar)
Session 5: Behavioral Finance – 8:30 am
Chair: Yang Song
“The Subjective Risk and Return Expectations of Institutional Investors” by Spencer Couts, Andrei S. Gonçalves and Johnathan Loudis
Discussant: Sean Myers
“Modeling Managers as EPS Maximizers” by Itzhak Ben-David and Alex Chinco
Discussant: Ilia Dichev
Session 6: Investor Input – 10:30 am
Chair: Xu Lu
“Irreplaceable Venture Capitalists” by Michael Ewens and Denis Sosyura
Discussant: Victor Lyonnet
“Feedback on Emerging Corporate Policies” by Sean Cao, Itay Goldstein, Jack He and Yabo Zhao
Discussant: Gerard Hoberg
12:05 pm Box Lunch, Peek Family Forum (580 Founders Hall)
Activities: Kayaking or Museum of Pop Culture at the Seattle Center.
The expected presenters are in bold.
Conference Organizers
Jordan Nickerson, [email protected]
Lukas Kremens, [email protected]
For questions, please email Lukas Kremens or Jordan Nickerson.
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:
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
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 Real Estate Shocks and Financial Advisor Misconduct by Stephen Dimmock, William Gerken and Tyson Van Alfen |
| 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 Turning Alphas into Betas: Arbitrage and the Cross-section of Risk by Thummim Cho |
| 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 No Job, No Money, No Refi: Frictions to Refinancing in a Recession by Anthony DeFusco and John Mondragon |
| 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 Entrepreneurial Spillovers from Corporate R&D by Tania Babina and Sabrina Howell |
| 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 The Capitalization of Consumer Financing into Durable Goods Prices by Bronson Argyle, Taylor Nadauld, Christopher Palmer and Ryan Pratt |
| 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 Private Company Valuations by Mutual Funds by Vikas Agarwal, Brad Barber, Si Cheng, Allaudeen Hameed and Ayako Yasuda |
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) “Opportunistic Proposals by Union Shareholders” by John Matsusaka, Oguzhan Ozbas, and Irene Yi (USC) |
| 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) “Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds” by Oleg Chuprinin (UNSW) and Denis Sosyura (Michigan) |
| 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) “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) |
| 12:40-2:10 p.m. | Lunch with keynote by Luigi Zingales |
| 2:10-5:30 p.m. | Afternoon activities
Kayaking (Moss Bay Kayak) |
| 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) “Impact Investing” by Brad Barber (UC Davis), Adair Morse (UC Berkeley), and Ayako Yasuda (UC Davis) |
| 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) “Monetary Policy through Production Networks: Evidence from the Stock Market” by Ali Ozdagli (FRB-Boston) and Michael Weber (Chicago) |
| 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) “Can Credit Rating Agencies Affect Election Outcomes?” by Igor Cunha (Nova SBE), Miguel A. Ferreira (Nova SBE), and Rui C. Silva (LBS) |
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.