Adam Smith Workshop Spring 2021 - Programme

Wednesday 21 April

Asset Pricing

Chair: Hugues Langlois (HEC Paris)

Corporate Finance

Chair: Johan Hombert (HEC Paris and CEPR)

14:00-15:00

In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis  

Ralph Koijen (University of Chicago and CEPR) and Xavier Gabaix* (Harvard University and CEPR)

Discussant: Francesco Franzoni (USI Lugano and CEPR)

The Labor Costs of Pro-Labor Bias in Bankruptcy: Evidence from Brazil  

Aloisio Araujo (Instituto Nacional de Matematica Pura e Aplicada) Rafael Ferreira (USP), Spyridon Lagaras* (University of Pittsburgh), Flavio Moraes (FGV) and Jacopo Ponticelli (Northwestern University and CEPR), Margarita Tsoutsoura (Cornell University and CEPR)

Discussant: Rui Silva (Nova School of Business and Economics and CEPR)

15:00-16:00

Sentiment and Speculation in a Market with Heterogeneous Beliefs 

Ian Martin (LSE and CEPR) and Dimitris Papadimitriou* (University of Bristol)

Discussant: Jaroslav Borovicka (New York University)

Corporate Taxes and Retail Prices 

Scott R. Baker (Northwestern University)*, Stephen Teng Sun (City University of Hong Kong),and Constantine Yannelis (University of Chicago)

Discussant: Florian Heider (ECB and CEPR)

16:00-17:00

A Supply and Demand Approach to Equity Pricing  

Sebastien Betermier* (McGill University), Laurent Calvet (EDHEC and CEPR), and Evan Jo (McGill University)

Discussant: Andrei Goncalves (University of North Carolina)

Rise of the Machines: Auto Loan Underwriting

 Mark Jansen*(University of Utah), Hieu Nguyen (University of Utah) and Amin Shams (Ohio State University)

Discussant: Tobias Berg (Frankfurt School of Finance & Management)

17:00-18:00

Joint Session: AP and CF

Chair: Hugues Langlois (HEC Paris)

How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI

Sean Cao (Georgia State University), Wei Jiang (Columbia University), Baozhong Yang* (Georgia State University), and Alan L. Zhang (Georgia State University)

Discussant: Augustin Landier (HEC Paris)

Thursday 22 April

Asset Pricing

Chair: Irina Zviadadze (HEC Paris and CEPR)

Corporate Finance

Chair: Johan Hombert (HEC Paris and CEPR)

14:00-15:00

Model Selection with Transaction Costs 

Andrew Detzel (University of Denver), Robert Novy-Marx (University of Rochester) and Mihail Velikov* (Pennsylvania State University)

Discussant: Fabio Trojani (University of Geneva)

Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum 

Thomas Philippon (New York University and CEPR) and Olivier Wang* (New York University)

Discussant: Jean-Edouard Colliard (HEC Paris and CEPR)

15:00-16:00

Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond Markets 

Robert Czech (Bank of England) and Gábor Pintér* (Bank of England)  

Discussant: Dong Lou (LSE and CEPR)

Can the Cure Kill the Patient? Corporate Credit Interventions and Debt Overhang 

Nicolas Crouzet (Northwestern University and Federal Reserve Bank of Chicago) and Fabrice Tourre* (Copenhagen Business School)

Discussant: Eduardo Davila (Yale)

16:00-17:00

Bond Convenience Yields in the Eurozone Currency Union

Zhengyang Jiang* (Northwestern Kellogg), Hanno Lustig (Stanford University and CEPR), Stijn Van Nieuwerburgh (Columbia University and CEPR) and Mindy Xiaolan (University of Texas at Austin)

Discussant: Rosen Valchev (Boston College)

Banking without Deposits: Evidence from Shadow Bank Call Reports

Erica Jiang* (University of Southern California), Gregor Matvos (Northwestern University), Tomasz Piskorski (Columbia University) and Amit Seru (Stanford University and CEPR)

Discussant: Victoria Vanasco (CREI and CEPR)

17:00-18:00

Joint Session: AP and CF

Chair: Irina Zviadadze (HEC Paris and CEPR)

Marking to Market Corporate Debt

 Lorenzo Bretscher* (London Business School), Peter Feldhutter (Copenhagen Business School), Andrew Kane (Duke University), and Lukas Schmid (University of South California and CEPR)

Discussant: Pierre Collin-Dufresne (Ecole Polytechnique Fédérale de Lausanne and CEPR)

Friday 23 April

Asset Pricing

Chair: Tarun Ramadorai (Imperial College and CEPR) and Raman Uppal (EDHEC and CEPR)

Corporate Finance

Chair: Vikrant Vig (LBS and CEPR)

14:00-15:00

Dynamic Equilibrium with Costly Short-Selling and Lending Market - Presentation Slides

Adem Atmaz* (Purdue University), Fangcheng Ruan (Purdue University) and Suleyman Basak (London Business School and CEPR)

Discussant: Igor Makarov (London School of Economics)

Evading Corporate Responsibilities: Evidence from the Shipping Industry 

Guillaume Vuillemey* (HEC Paris and CEPR)

Discussant: Oren Sussman (University of Oxford)

15:00-16:00

Benchmarking Intensity 

Anna Pavlova* (London Business School and CEPR) and Taisiya Sikorskaya (London Business School)

Discussant: Motohiro Yogo (Princeton University)

Do Institutional Investors Mitigate Social Costs of Privatization? Evidence from Prisons 

Eyub Yegen* (University of Toronto)

Discussant: Martin Schmalz (University of Oxford and CEPR)

16:00-17:00

The Term Structure of CIP Violations

Patrick Augustin* (McGill University), Mikhail Chernov (University of California, Los Angeles and CEPR), Lukas Schmid (University of South California and CEPR) and Dongho Song (Johns Hopkins University)

Discussant: Wenxin Du (University of Chicago and CEPR)

Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes

Atul Gupta (University of Pennsylvania), Sabrina Howell (New York University)*, Constantine Yannelis (The University of Chicago) and Abhinav Gupta (New York University)

Discussant: Shai Bernstein (Harvard University)

17:00-18:00

Joint Session: AP and CF

Chair: Vikrant Vig (LBS and CEPR)

Self-image Bias and Lost Talent

 Marciano Siniscalchi (Northwestern University) and Pietro Veronesi* (University of Chicago and CEPR)

Discussant: Christopher Hennessy (London Business School and CEPR)