Corporate Finance 2015

6th UNC-Duke Corporate Finance Conference

April 17-18, 2015
Rizzo Conference Center, Chapel Hill, NC

Friday, April 17

6:30 – 8:00 BREAKFAST BUFFET – Loudermilk Hall, outside Classroom 107

11:00 – 1:20 CONFERENCE REGISTRATION – Loudermilk Hall, outside Classroom 107

12:00 – 1:20 LUNCH – McLean Hall, Meadowmont Room (1st floor/lower level)

1:30 – 5:20 SESSIONS – Loudermilk Hall, Classroom 107

Session: Credit Markets

Session Chair: Anil Shivdasani (UNC)

1:30 – 2:10 Financial Contracting and Organizational Form: Evidence from the Regulation of Trade Credit

Emily Breza (Columbia) and Andres Liberman (NYU) Discussant: Amit Seru (University of Chicago)

2:10 – 2:50 Bank Capital, Bank Credit, and Unemployment

Jason Donaldson (Washington University in St. Louis), Giorgia Piacentino (Washington University in St. Louis), and Anjan Thakor (Washington University in St. Louis)

Discussant: Vincent Glode (Wharton)

2:50 – 3:30 Do Higher Creditor Rights Rupture Banking Relationships? Evidence from a Policy Experiment

Gursharan Singh Bhue (Indian School of Business), N. R. Prabhala (University of Maryland), and

Prasanna Tantri (Indian School of Business)

Discussant: Elena Loutskina (University of Virginia Darden)

3:30 – 4:00 COFFEE BREAK

Session: Law and Finance

Session Chair: Anjan Thakor (Washington University in St. Louis)

4:00 – 4:40 Political Connections, Incentives and Innovation: Evidence from Contract-Level Data

Jonathan Brogaard (University of Washington), Matthew Denes (University of Washington), and

Ran Duchin (University of Washington) Discussant: Juanita Gonzalez-Uribe (LSE)

4:40 – 5:20 Decision-Making under the Gambler’s Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires

Daniel Chen (ETH Zurich), Tobias Moskowitz (University of Chicago), and

Kelly Shue (University of Chicago),

Discussant: Cary Frydman (USC)

5:30 – 7:00 RECEPTION – Loudermilk Hall, Magnolia C

KEYNOTE SPEECH by Doug Diamond (University of Chicago)

7:00 – 9:00 DINNER – DuBose House, Pine Room

Saturday, April 18

7:30 – 8:30 CONTINENTAL BREAKFAST – Loudermilk Hall, outside Classroom 107

8:30 – 12:20 SESSIONS – Loudermilk Hall, Classroom 107

Session: Firm Performance during Economic Downturns

Session Chair: Amit Seru (University of Chicago)

8:30 – 9:10 Is Family More Important in Bad Times?

Spyridon Lagaras (University of Illinios Urbana-Champaign) and Margarita Tsoutsoura (University of Chicago)

Discussant: Andrew Ellul (Indiana University)

9:10 – 9:50 Swimming Upstream: Struggling Firms in Corrupt Cities

Christopher Parsons (University of California San Diego), Johan Sulaeman (Southern Methodist University), and

Sheridan Titman (University of Texas Austin)

Discussant: Stefan Zeume (University of Michigan)

9:50 – 10:20 COFFEE BREAK

Session: Capital Markets

Session Chair: Andrew Karolyi (Cornell University)

10:20 – 11:00 Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging

Amir Kermani (University of California Berkeley), Marco Di Maggio (Columbia), and

Rodney Ramcharan (Federal Reserve Board)

Discussant: Pab Jotikasthira (UNC)

11:00 – 11:40 Collateralizing Liquidity

Cecilia Parlatore (NYU)

Discussant: Felipe Varas (Duke)

11:40 – 12:20 Financing Payouts

Joan Farre-Mensa (Harvard Business School), Roni Michaely (Cornell University), and

Martin Schmalz (University of Michigan)

Discussant: Michael Faulkender (University of Maryland)

12:30 – 2:00 LUNCH – DuBose House

Organizing Committee:

  • Manuel Adelino (Duke)
  • Nick Gantchev (UNC)
  • Paige Ouimet (UNC)
  • Jillian Popadak (Duke)

External Committee:

  • Andrew Karolyi (Cornell University)
  • Ulrike Malmendier (UC Berkeley)
  • David Scharfstein (Harvard University)
  • Amit Seru (University of Chicago)
  • Ilya Strebulaev (Stanford University)
  • Anjan Thakor (Washington University in St. Louis)