CEPR Seventh European Workshop on Household Finance - Programme

CEPR Seventh European Workshop on Household Finance
Helsinki, Finland
4-6 May 2022

*All timings are in Eastern European Summer Time (EEST) 

CEPR Event: The Retail Investing Boom: Evidence and Implications

Wednesday 4 May 2022

 Aalto University School of Business, Ekonominaukio 1, Espoo

Zoom registration for online participation: https://cepr-org.zoom.us/webinar/register/WN_ZIIf5Lc_TquB9xmYaVmkiQ 




Title: The Retail Investing Boom: Evidence and Implications

Opening Remarks: 

Michael Haliassos (Professor and Chair of Macroeconomics and Finance, Goethe University Frankfurt and Founding Director of the CEPR Network on Household Finance)

Samuli Knüpfer (Professor of Finance and Professor of Ownership at Aalto University and CEPR)



Leena Mörttinen (Permanent Under-Secretary for International and Financial Markets Affairs, Ministry of Finance, Finland)

Terrance Odean (Rudd Family Foundation Professor of Finance, University of California, Berkeley) - Presentation Slides

Lauri Rosendahl (Chair of Boards, Nasdaq Nordic Exchanges)

Motohiro Yogo (Professor of Economics, Princeton University) - Presentation Slides


Panel Discussion

Chair: Timo Korkeamäki (Dean, Aalto University School of Business)

Inspired by the recent retail investing boom around the world, the panel will analyse and discuss the trading behaviour of households and its impact on asset prices. We will also explore the implications of household trading for regulators and market participants. Following a brief introduction by Michael Haliassos and Samuli Knüpfer, each panellist, joining either onsite or online, will present for about 10 minutes, after which Timo Korkeamäki will moderate a discussion. There will be an opportunity for the online and onsite audiences to submit questions to the panel. 


Dinner – Aalto University School of Business

Thursday 5 May 2022

Aalto University School of Business, Ekonominaukio 1, Espoo

Zoom registration for online participation: https://aalto.zoom.us/meeting/register/u5IpdOGrrD0rH9CIl5ks83ijbosILQSiX40I


Coffee and registration


Opening Remarks

Michael Haliassos, Goethe University Frankfurt and CEPR and Samuli Knüpfer, Aalto University and CEPR

Session 1 

Chair: Matti Keloharju, Aalto University and CEPR


Shattered Housing

Selale Tuzel, University of Southern California, Los Angeles (with Jonas Happel, Yigitcan Karabulut and Larissa Schäfer)

Discussant: Kasper Meisner-Nielsen, Copenhagen Business School


What Drives Investors’ Portfolio Choices? Separating Risk Preferences from Frictions

Taha Choukhmane, MIT (with Tim de Silva)

Discussant: Sylvain Catherine, University of Pennsylvania




Household Responses to Export Prices - Evidence from an Oil Exporting Country

Magnus A. H. Gulbrandsen, Norges Bank and BI Norwegian Business School (with Andreas Fagereng, Gisle J. Natvik and Karl Harmenberg)

Discussant: Erkki Vihriälä, Aalto University



Session 2

Chair: Paolo Sodini, Stockholm School of Economics, Swedish House of Finance and CEPR


Forbearance, Interest Rates, and Present-Value Effects in a Randomized Debt Relief Experiment

Deniz Aydin, Washington University in St. Louis

Discussant: Marieke Bos, Stockholm School of Economics and CEPR


Family Portfolio Choice Over the Lifecycle

Alexander Michaelides, Imperial College London and CEPR (with Joachim Inkmann and Yuxin Zhang)

Discussant: Roine Vestman, Stockholm University and CEPR



Session 3 

Chair: Monica Paiella, University of Naples Parthenope and CEPR


Five Facts about the Dynamics of Stock Market Participation

Akash Raja, LSE (with Sigurd Mølster Galaasen)

Discussant: Jens Kvaerner, Tilburg University


The Composition and Distribution of Wealth and Aggregate Consumption Dynamics

Baxter Robinson, University of Western Ontario (with Bulent Guler and Burhan Kuruscu)

Discussant: Alina Bartscher, Danmarks Nationalbank


Network Steering Committee Meeting 


Dinner – Garden by Olo, Helenankatu 2, Helsinki

Friday 6 May 2022

Aalto University School of Business, Ekonominaukio 1, Espoo

Zoom registration for online participation: https://aalto.zoom.us/meeting/register/u5IpdOGrrD0rH9CIl5ks83ijbosILQSiX40I



Session 4

 Chair: Joao CoccoLondon Business School and CEPR


Beliefs and Portfolios: Causal Evidence 

Johannes Beutel, Deutsche Bundesbank (with Michael Weber)

Discussant: Michael Ungeheuer, Aalto University


Refinancing Cross-Subsidies in the Mortgage Market

Jack Fisher, LSE (with Alessandro Gavazza, Lu Liu, Tarun Ramadorai and Jagdish Tripathy)

Discussant: Nuno Clara, Duke University




Dominated Pension Investments: the Role of Search Frictions and Unawareness

Karin Kinnerud, BI Norwegian Business School (with Louise Lorentzon)

Discussant: Petra Vokata, Ohio State University



Session 5

Chair: Alex Michaelides, Imperial College and CEPR


Media Persuasion and Consumption: Evidence from the Dave Ramsey Show

Felix Chopra, University of Bonn

Discussant: Rawley Heimer, Boston College


Racial Disparities in Housing Returns

Francis Wong, NBER (with Amir Kermani)

Discussant: Pierre Mabille, INSEAD


Closing Remarks

Note: For each 45 min slot, presenters have 25 mins to present their paper. A total of 10 mins are allocated to the discussants and 10 mins for general discussion.

Programme Committee
Steffen Andersen (Copenhagen Business School and CEPR), Laurent Calvet (EDHEC Business School, CFS and CEPR), Joao Cocco (London Business School and CEPR), Russell Cooper (European University Institute), Francisco Gomes (London Business School and CEPR), Luigi Guiso (EIEF and CEPR), Michael Haliassos (Goethe University Frankfurt and CEPR), Tullio Jappelli (University of Naples Federico II, CSEF and CEPR), Matti Keloharju (Aalto University and CEPR), Samuli Knüpfer (Aalto University and CEPR), Alex Michaelides (Imperial College and CEPR), Monica Paiella (University of Naples Parthenope and CEPR), Kim Peijnenburg (EDHEC and CEPR)  Wenlan Qian (National University of Singapore), Tarun Ramadorai (Imperial College and CEPR), Paolo Sodini (Stockholm School of Economics, Swedish House of Finance and CEPR), Raman Uppal (EDHEC and CEPR) and Sumit Agarwal (National University of Singapore).

Local Organisers
Samuli Knüpfer (Aalto University and CEPR).


Wednesday, May 4, 2022 - 17:30
Friday, May 6, 2022
cfp closing date: 
Monday, March 14, 2022
meeting date: 
Wednesday, May 4, 2022 to Friday, May 6, 2022