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 - Presentation Slides

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) - Presentation Slides

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 - Presentation Slides

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) - Presentation Slides

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

Raman Uppal (EDHEC 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)