ESSFM 2018 - Papers

European Summer Symposium in Financial Markets (ESSFM) 2018

Hosted by the Study Center Gerzensee (Foundation of the Swiss National Bank)

Gerzensee, Switzerland

Monday 16 July - Friday 27 July 2018

PAPERS

Corporate Finance (16-20 July)

 Asset Pricing (23-27 July)

Monday

  • From Finance to Extremism: The Real Effects of Germany's 1931 Banking Crisis
    *Sebastian Doerr (Universität Zurich), Stefan Gissler (Federal Reserve Board), Jose-Luis Peydro (Universitat Pompeu Fabra and CEPR) and Hans-Joachim Voth (Universität Zurich and CEPR)

  • Loyalty Shares with Tenure Voting- a Coasian bargain? Evidence from the Loi Florange Experiment
    Marco Becht (Université Libre de Bruxelles, ECGI and CEPR), Yuliya Kamisarenka (Stockholm School of Economics, Riga) and Anete Pajuste (Stockholm School of Economics, Riga and ECGI)

  • The End of the “Modern Corporation”: Deregulation and Ownership of Electric Utilities
    *Patrick Bolton (Columbia Business School and CEPR) and Howard Rosenthal (New York University)

Tuesday

Wednesday

  • Deadlock on the Board
    Jason R. Donaldson (Washington University, St Louis and CEPR), Nadya Malenko (Boston College Carroll School of Management), and *Giorgia Piacentino (Columbia Business School and CEPR)

  • The Limits of Limited Liability: Evidence from Industrial Pollution
    *Pat Akey (University of Toronto) and Ian Appel (Boston College - Carroll School of Management)

  • Do Large Boards Matter?
    *Dirk Jenter (London School of Economics and CEPR), Thomas Schmid (Hong Kong University), and Daniel Urban (Technical University of Munich)

Thursday

  • Superstar (and Entrepreneurial) Engineers in Finance Jobs
    Nandini Gupta (Indiana University - Kelley School of Business) and *Isaac Hacamo (Indiana University - Kelley School of Business)

  • Mobility Constraints and Labor Market Outcomes - Evidence from Credit Lotteries
    Bernardus van Doornik (Banco Central do Brasil), Armando Gomes (Washington University in St. Louis), David Schoenherr (Princeton University) and *Janis Skrastins (Washington University, St Louis)

  • Glass Ceilings in the Art Market
    Fabian Bocart (Artnet Worldwide Corporation), *Marina Gertsberg (Yale School of Management and Maastricht University) and Rachel A.J. Pownall (Tilburg University and Maastricht University)

Friday

  • Decentralized Mining in Centralized Pools
    *Lin William Cong (Booth School of Business, University of Chicago), Zhiguo He (Booth School of Business, University of Chicago) and Jiasun Li (George Mason University)

  • On the Rise of FinTechs - Credit Scoring using Digital Footprints
    *Tobias Berg (Frankfurt School of Finance & Management), V. Burg (Humboldt University), A. Gombović (Frankfurt School of Finance & Management), and M. Puri (Duke University - Fuqua School of Business)

  • TechFin in China: Credit Market Completion and its Growth Effect
    Harald Hau (University of Geneva and Swiss Finance Institute), *Yi Huang (Graduate Institute of International and Development Studies), Hongzhe Shan (Swiss Finance Institute)

Monday

  • The collateralizability premium
    *Hengjie Ai
    (University of Minnesota), Christian Schlag (Goethe University Frankfurt), Kai Li (Hong Kong University of Science & Technology), Jun Li (Goethe University Frankfurt)

  • Financial Fragility with SAM?
    *Daniel Greenwald
    (Massachusetts Institute of Technology (MIT), Tim Landvoigt (University of Pennsylvania and CEPR), Stijn Van Nieuwerburgh (New York University and CEPR)

  • Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
    *Clemens Sialm
    (University of Texas), Hanjiang Zhang (Nanyang Technological University)

Tuesday

  • Finance in a time of disruptive growth
    *Stavros Panageas
    (UCLA Anderson)

  • Inequality Aversion, Populism, and the Backlash Against Globalization
    Lubos Pastor (University of Chicago and CEPR), *Pietro Veronesi (University of Chicago and CEPR)

  • Asset Prices and Wealth Inequality
    *Matthieu Gomez
    (Columbia University)

Wednesday

  • Once Upon a Broker Time? Order Preferencing and Market Quality
    *Hans Degryse
    (KU Leuven and CEPR), Nikolaos Karagiannis (KU Leuven)

  • Insider trading and its effect on outsiders
    *Rik Frehen (Tilburg University)
    , Mathijs Cosemans (Erasmus University)

  • How Risky is the U.S. Corporate Sector?
    ​*Tetiana Davydiuk
    (Carnegie Mellon University)

Thursday

  • Common Factors, Order Flows, and Exchange Rate Dynamics
    *Adrien Verdelhan
    (Massachusetts Institute of Technology (MIT))

  • The dollar, bank leverage, and deviations from covered interest rate parity
    *Wenxin Du
    (Board of Governors of the Federal Reserve System)

  • Externalities as Arbitrage
    Benjamin Hébert (Stanford University)

Friday

  • Trading and Arbitrage in Cryptocurrency Markets
    Igor Makarov (London School of Economics), *Antoinette Schoar (Massachusetts Institute of Technology (MIT))

  • Tokenomics: Dynamic Adoption and Valuation
    *William Cong
    (University of Chicago), Ye Li (Ohio State University), Neng Wang (Columbia Business School)

  • Fund Tradeoffs
    ​*Lubos Pastor
    (University of Chicago and CEPR), Robert F. Stambaugh (University of Pennsylvania), Lucian A. Taylor (University of Pennsylvania)

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