Corporate Finance 2019

Friday April 5, 2019

Chapel Hill, North Carolina, Rizzo Center (map)

LUNCH  – 12:00 – 1:15pm (Meadowmont Grill at the Rizzo Center)

The presentations start at 1:30pm in Room 107 in Loudermilk Hall West.

1. Financial Intermediation, Session Chair: Adriano Rampini (Duke)
1:30 – 2:50pm

Hidden Costs of Strategic Opacity

  • Authors: Ana Babus* (Washington University St. Louis), Maryam Farboodi (MIT)
  • Discussant: Fenghua Song (Penn State University)

Foreseen Risks

  • Authors: Joao Gomes* (University of Pennsylvania), Marco Grotteria (University of Pennsylvania), Jessica A. Wachter (University of Pennsylvania)
  • Discussant: Skander Van Den Heuvel (Federal Reserve Board)

COFFEE BREAK  – 2:50 – 3:20pm

2. Household Finance, Session Chair: Rodney Ramcharan (USC)
3:20 – 5:20pm

Do consumers strike bad deals with debt collectors? Evidence from out-of-court-settlements

  • Authors: Ing-Haw Cheng* (Dartmouth), Felipe Severino (Dartmouth), Richard Townsend (UCSD)
  • Discussant: Justin Murfin (Cornell)

The Relationship Dilemma: Organizational Culture and the Adoption of Credit Scoring Technology in Indian Banking

  • Authors: Prachi Mishra (International Monetary Fund), Nagpurnanand R. Prabhala* (Johns Hopkins University), Raghuram Rajan (University of Chicago)
  • Discussant: Paola Sapienza (Northwestern)

Shale Shocked: The Long Run Effect of Wealth on Household Debt

  • Authors: Erik Gilje (University of Pennsylvania), Rawley Heimer* (Boston College), Tony Cookson (University of Colorado)
  • Discussant: Sudheer Chava (Georgia Tech)

RECEPTION – 5:20 – 6:30pm (Loudermilk Hall West)

Keynote Address by Gary Gorton (Yale University): Social Progress and Corporate Culture
6:30 – 7:30pm

DINNER  – 7:30 – 9:00pm (DuBose House at the Rizzo Center)

Saturday April 6, 2019

Chapel Hill, North Carolina, Rizzo Center

BREAKFAST  – 7:00 – 8:00am (outside the meeting room)

3. Corporate Theory, Session Chair: Neng Wang (Columbia University)
8:00 – 9:20am

The Tragedy of Complexity

  • Authors: Martin Oehmke (LSE), Adam Zawadowski* (Central European University)
  • Discussant: Giorgia Piacentino (Columbia University)

Family Knows Best: Fund Advisors as Talent-Rating Agencies

  • Authors: Ron Kaniel (University of Rochester), Dmitry Orlov* (University of Rochester)
  • Discussant: David Musto (University of Pennsylvania)

COFFEE BREAK – 9:20 – 9:45am

4. Financing Decisions, Session Chair: Anil Shivdasani (UNC)
9:45 – 11:45am

Partisan Professionals: Evidence from Credit Rating Analysts

  • Authors: Elisabeth Kempf* (University of Chicago), Margarita Tsoutsoura (Cornell)
  • Discussant: Jiekun Huang (University of Illinois – Urbana-Champaign)

What’s in a Debt? Rating Agency Methodologies and Firms’ Financing and Investment Decisions

  • Authors: Cesare Fracassi* (University of Texas – Austin), Gregory Weitzner (University of Texas -Austin)
  • Discussant: Amiyatosh Purnanandam (University of Michigan)

Firm Networks in the Great Depression  

  • Authors: Erik Loualiche* (University of Minnesota), Chris Vickers (Auburn University), Nicolas Ziebarth (Auburn University)
  • Discussant: Carola Frydman (Northwestern University)

LUNCH  – 11:45 – 1:00pm (DuBose House at the Rizzo Center)

5. Institutional Investors, Session Chair: Katharina Lewellen (Dartmouth)
1:00 – 2:20pm

Passive Investors are Passive Monitors

  • Authors: Davidson Heath* (University of Utah, Eccles), Daniele Macciocchi (University of Utah, Eccles), Roni Michaely (University of Geneva), Matthew Ringgenberg (University of Utah, Eccles)
  • Discussant: Todd Gormley (Washington University in St. Louis)

Value of Intermediation in the Stock Market

  • Authors: Mark Egan* (Harvard), Francesco Franzoni (USI Lugano), Marco Di Maggio (Harvard)
  • Discussant: Slava Fos (Boston College)