DERA Seminar Series: Academic Seminars

2018

April 16
René Stulz, The Ohio State University
Paper: What is the Impact of Successful Cyberattacks on Target Firms?

May 02
Christian Catalini, MIT Sloan
Paper: Technological Opportunity, Bubbles and Innovation: The Dynamics of Initial Coin Offerings

May 03
Kimberly Cornaggia, Penn State
Paper: The Price of Safety: The Evolution of Insurance Value in Municipal Markets

May 17
Benjamin Golub, Harvard University
Paper: Illiquidity Spirals in Coupled Over-the-Counter Markets

June 07
Laura Field, University of Delaware
Paper: Bucking the Trend: Why do IPOs Choose Controversial Governance Structures and Why Do Investors Let Them

June 14
S.P. Kothari, MIT Sloan
Paper: High Non-GAAP Earnings Predict Abnormally High CEO Pay

June 21
Nikolai Roussanov, University of Pennsylvania Wharton
Paper: Marketing Mutual Funds

June 28
Mao Ye, University of Illinois at Urbana-Champaign
Paper: Who Provides Liquidity and When: An Analysis of Price vs. Speed Competition on Liquidity and Welfare

July 12
Eric Aldrich, UC Santa Cruz
Paper: Order Protection through Delayed Messaging

July 19
Adi Sunderam, Harvard Business School
Paper: Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds

August 02
Tobias Moskowitz, Yale School of Management
Paper: Fake News in Financial Markets

October 2
Dacheng Xiu, Chicago Booth School of Business
Paper: Empirical Asset Pricing via Machine Learning

October 4
Kenneth Ahern, University of Southern California
Paper: Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades

October 9
Scott Dyreng, Duke University
Paper: Strategic Subsidiary Disclosure

October 18
Shivaram Rajgopal, Columbia Business School
Paper: Does Financial Misconduct Pay off Even When Discovered?

October 25
John Graham, Duke University
Paper: CEO-Board Dynamics

November 1
Daniel Green, Harvard Business School
Paper: Corporate Refinancing, Covenants, and the Agency Cost of Debt

November 5
Alex Chinco, University of Illinois at Urbana-Champaign
Paper: The Sound of Many Funds Rebalancing

November 8
Markus Brunnermeier, Princeton University
Paper: Blockchain Economics

November 29
Òscar Jordà, Federal Reserve Bank of San Francisco
Paper: The Rate of Return on Everything, 1870–2015

December 6
Nina Boyarchenko, Federal Reserve Bank of New York
Paper: Bank-Intermediated Arbitrage

December 11
Itamar Drechsler, The Wharton School
Paper: Liquidity Creation as Volatility Risk

2017

December 14
Raisa Velthuis, Villanova University
Paper: Are Hedge Fund Capacity Constraints Binding? Evidence on Scale and Competition

December 7
David Solomon, Boston College
Paper: The Dividend Disconnect

November 30
Tania Babina, Columbia Business School
Paper: Going Entrepreneurial? IPOs and New Firm Creation

October 26
Marco Rossi, Texas A&M
Paper: The Cost of Immediacy for Corporate Bonds

October 19
Alessandro Previtero, Indiana University
Paper: The Misguided Beliefs of Financial Advisors

October 5
Shmuel Baruch, University of Utah
Paper: Is Index Trading Benign?

September 28
Jacquelyn Gillette, MIT
Paper: Do Sell‐Side Debt Analysts Provide New Information?

September 21
Marti Subrahmanyam, NYU, Stern
Paper: How do Informed Investors Trade in the Options Market?

September 7
Jules van Binsbergen, UPenn, Wharton
Paper: Regulation of Charlatans in High‐Skill Professions

July 13
Will Gerken, University of Kentucky
Paper: Is Fraud Contagious? Co-Worker Influence on Misconduct by Financial Advisors

June 22
Zhi Da, Notre Dame
Paper: Exchange Traded Funds and Asset Return Correlations

June 15
Eric Ghysels, UNC
Paper: Granularity and (Downside) Risk in Equity Markets

June 13
Ron Masulis, University of New South Wales
Paper: Shareholder Wealth Consequence of Insider Pledging of Company Stock as Collateral for Personal Loans

May 18
Yi Li, FRB - Washington
Paper: Institutional Herding and Its Price Impact: Evidence From the Corporate Bond Market

May 15
Yao Zeng, University of Washington
Paper: A Dynamic Theory of Mutual Fund Runs and Liquidity Management

May 11
Jonas Heese, Harvard University
Paper: Does the Public Disclosure of the SEC’s Oversight Actions Matter?

April 27
Joshua Mollner, Northwestern University
Paper: Fast Traders Make a Quick Buck: The Role of Speed in Liquidity Provision

April 13
Neil Pearson, University of Illinois
Paper: Evidence About Bubble Mechanisms: Precipitating Event, Feedback Trading, and Social Contagion

March 30
Jack Bao, FRB - Washington
Paper: The Volcker Rule and Market-Making in Times of Stress

2016

December 15
Gregor Matvos, University of Chicago
Paper: The Market for Financial Adviser Misconduct

December 1
Mark Van Achter, Erasmus University
Paper: High Frequency Trading and Market Stability

November 17
Jonathan Karpoff, University of Washington
Paper: The Lifecycle Effects of Firm Takeover Defenses

October 13
Daniel Taylor, Wharton School
Paper: Political Connections and the Informativeness of Insider Trades

September 15
Kristine Hankins, University of Kentucky
Paper: Understanding Precautionary Cash at Home and Abroad

September 1
Christian Leuz, University of Chicago
Paper: Who falls prey to the Wolf of Wall Street: Individual Investor Participation in Market Manipulation

July 28
Denis Sosyura, University of Michigan
Paper: Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds

July 21
Jiro Kondo, McGill University
Paper: Competition between SROs and Enforcement: Evidence from the Formation of FINRA

July 14
Justin Birru, The Ohio State University
Paper: Trading Skill: Evidence from Trades of Corporate Insiders in Their Personal Portfolios

July 7
Adrian Tobias, NY Fed
Paper: Nonlinearity and Flight to Safety in the Risk-Return Trade-Off for Stocks and Bonds

June 30
Haoxiang Zhu, MIT
Paper: Size Discovery

June 9
Gordon Phillips, Dartmouth College
Paper: Financing Decisions and New Product Introductions of Private and Publicly Traded Firm

May 26
Shane Heitzman, University of Southern California
Paper: Informed Trading Following New Private Information: Evidence from Nonpublic Merger Negotiations

May 5
Lubomir Petrasek, Federal Reserve
Paper: Style and Skill: Hedge Funds, Mutual Funds, and Momentum

April 28
Marco DiMaggio, Columbia Business School
Paper: The Value of Trading Relationships in Turbulent Times

2015

December 10
David Yermack, NYU
Paper: Evasive Shareholder Meetings

December 3
Martjin Cremers, University of Notre Dame
Paper: Do Mutual Fund Investors Get What They Pay For? The Legal Consequences of Closet Index Funds

November 19
Lauren Cohen, Harvard University
Paper: Lazy Prices

November 12
Anjan Thakor, Washington University
Paper: Bank Culture

October 29
Itay Goldstein, Wharton School
Paper: Investor Flows and Fragility in Corporate Bond Funds

October 22
James Choi, Yale University
Paper: Informed Trading and the Cost of Capital

May 7
Adi Sunderam, Harvard Business School
Paper: Who Neglects Risk? Investor Experience and the Credit Boom

April 30
Viral Acharya, New York University
Paper: Risk-Sharing and the Creation of Systemic Risk

2014

December 11
Harold Zhang, University of Texas at Dallas
Paper: Tug-of-War: Affiliation in Securitization and Loan Performance

December 4
Pedro Matos, University of Virginia
Paper: Asset Management Within Commercial Bank Groups: International Evidence

November 20
Sebastien Betermeier, McGill University
Paper: Who are the Value and Growth Investors?

October 30
Charles Jones, Columbia University
Paper: The effects of outages at stock exchanges

October 8
Albert Menkveld, VU University of Amsterdam
Paper: Crowded Trades: An Overlooked Systemic Risk for Central Clearing Counterparties

September 18
John Harry Evans, University of Pittsburgh
Paper: Open Internal Reporting and Managerial Collusion

September 11
Tracie Woidtke, University of Tennessee
Paper: Do the interests of labor union and public pension fund activists align with other shareholders'? Evidence from the market for directors

June 24
Francis Longstaff, UCLA
Paper: Corporate Taxes and Capital Structure: A Long-Term Historical Perspective

June 12
Hank Bessembinder, University of Utah
Paper: Market Making Obligations and Firm Value

May 29
Patricia Dechow, University of California, Berkeley
Paper: SEC Comment Letters and Insider Sales

May 15
Diane Denis, University of Pittsburgh
Paper: Matching Directors with Firms: The Roles of Industry Expertise and CEO Influence

2013

December 19
Adam Reed, University of North Carolina – Chapel Hill
Paper: Revealing Shorts: An Examination of Large Short Position Disclosures

December 5
Robert Battalio, University of Notre Dame
Paper: Can Brokers Have it all? On the Relation between Make Take Fees & Limit Order Execution Quality

November 21
Shane Dikolli and Bill Mayew, Duke University
Paper: Honoring One's Word, CEO Integrity and Accruals Quality

November 14
Jarrad Harford, University of Washington
Paper: Corporate Financial Policies in Misvalued Debt Markets

October 31
Larry Glosten, Columbia Business School
Paper: Flickering Quotes

October 24
Javed Ahmed, Federal Reserve Board
Paper: Made Poorer by Choice, Worker Outcomes in Social Security versus Private Retirement Accounts

October 10
Jess Cornaggia, Georgetown University
Paper: Revolving Doors on Wall Street

September 26
Wayne Landsman, University of North Carolina
Paper: Does Fair Value Accounting Contribute to Procyclical Leverage?

September 19
Marios Panayides, University of Pittsburgh
Paper: Informed Trading Before Unscheduled Corporate Events, Theory and Evidence

September 5
Sugata Ray, University of Florida
Paper: Alternative Marketing for Alternative Investments

July 15
Roger Stein, MIT
Paper: Aggregate and Firm-Level Measures of Systemic Risk From a Structural Model of Default

July 9
Matthew Cain, University of Notre Dame
Paper: Private Equity Fundraising and the Use of Placement Agents: Information Production or Influence Peddling?

June 18
Magdalena Sokalska, City University of New York
Paper: Performance of Limit Order Submission Strategies

June 13
Carole Comerton-Forde, University of Melbourne
Paper: Dark Trading and Price Discovery

June 1
Brenda Gonzalez-Hermosillo
Paper: A New Look at the Role of Sovereign Credit Default Swaps

May 16
Tracy Wang, University of Minnesota
Paper: Corporate Scandals and Household Stock Market Participation

May 6
Loriana Pelizzon, University of Venice
Paper: Sovereign, Bank, and Insurance Credit Spreads: Connectedness and System Networks

May 2
Bo Becker, Harvard
Paper: Reaching for Yield in the Bond Market

April 25
Kumar Venkataraman, Southern Methodist University
Paper: Should Exchanges Impose Market Maker Obligations?

April 18
Breno Schmidt, Emory
Paper: Co-Insurance in Mutual Fund Families

April 11
Jesse Blocher, Vanderbilt
Paper: The Externalities of Crowded Trades

April 4
Harrison Hong, Princeton
Paper: Do Security Analysts Discipline Credit Rating Agencies?

March 28
Kelly Shue, University of Chicago
Paper: Swinging for the Fences: Executive Reactions to Quasi-Random Option Grants

March 21
Mao Ye, University of Illinois
Paper: The Externalities of High Frequency Trading

March 14
Jonathan Berk, Stanford
Paper: Measuring Skill in the Mutual Fund Industry

2012

December 13
Isil Erel, The Ohio State University
Paper: Why Did Holdings of Highly-Rated Securitization Tranches Differ So Much Across Banks?

December 6
Vikas Agarwal, Georgia State University
Paper: Managerial Multitasking in the Mutual Fund Industry

November 29
Christine Parlour, University of California - Berkeley
Paper: Banks and Settlement

November 8
Brian Bushee, University of Pennsylvania - Wharton
Paper: Do Investors Benefit from Selective Access to Management?

October 4
Michael Weisbach, University of Illinois Urbana-Champaign
Paper: Syndicated Loan Spreads and the Composition of the Syndicate

September 26
Brian Henderson, George Washington University
Paper: New Evidence on the Financialization of Commodity Markets

September 13
Antje Berndt, Carnegie Mellon University
Paper: What Broker Charges Reveal about Mortgage Credit Risk

September 6
Mahendrarajah Nimalendran, University of Florida
Paper: Informational Linkages Between Dark and Lit Trading Venues

August 2
Rachna Prakash, Georgetown University
Paper: Relaxing the Reconciliation Requirement in Non-U.S. Firms' SEC Filings: Firm Incentives and Changes in Earnings Informativeness

July 19
Vladimir Atanasov, College of William & Mary
Paper: Liquidity and Value in the Deep vs. Shallow Ends of Mortgage-Backed Securities Pools

June 14
Dragon Tang, University of Hong Kong
Paper: Rating Shopping or Catering? An Examination of Competition for CDO Credit Ratings

May 24
Darren Roulstone, Ohio State University
Paper: The Informativeness of Stale Financial Disclosure

May 17
Nagpurnanand R. Prabhala, University of Maryland
Paper: CEO-Director Connections and Corporate Fraud: Not just whether you are connected but how

May 8
George Aragon, Arizona State University
Paper: Strategic Delays and Clustering in Hedge Fund Reported Returns

May 2
Burton Hollifield, Carnegie Mellon
Paper: Bid-Ask Spreads and the Pricing of Securitizations: 144a vs. Registered Securitizations

April 19
Pradeep Yadav, University of Oklahoma
Paper: Behind the Veil: Informed Traders and Pre-Trade Opacity

December 15
Carol Marquardt, Baruch College
Paper: A Lobbying Approach to Evaluating the Whistleblower Provisions of the Dodd-Frank Reform Act of 2010

December 8
Debbie Lucas, Massachusetts Institute of Technology
Paper: Evaluating the Government as a Source of Systemic Risk

December 1
Andrew Cohen, Federal Reserve Board
Paper: Rating Shopping in the CMBS Market

November 17
Dan Li, Federal Reserve Board
Paper: Dealer Networks

November 10
Phil Strahan, Boston College
Paper: Are all ratings created equal? The impact of issuer size on the pricing of mortgage-backed securities

November 3
Chengyang Wei, New York Fed
Paper: The Private Premium in Public Bonds

October 25
Mark J. Ready, University of Wisconsin-Madison
Paper: Determinants of volume in dark pools

October 24
Jerry Hoberg, University of Maryland
Paper: Redefining Financial Constraints: A Text-Based Analysis

October 13
Ron Masulis, University of New South Wales
Paper: Order Imbalances around Seasoned Equity Offerings

October 6
Paul Tetlock, Columbia University
Paper: Asset Pricing in the Dark: The Cross Section of OTC Stocks

September 21
Andrew Karolyi, Cornell University
Paper: The U.S. left behind? Financial globalization and the rise of IPO activity around the world

September 1
Toni Whited, University of Rochester
Paper: Equity Market Misvaluation and Firm Financial Policies

August 30
Michael Schill, Darden School of Business
Paper: The Nature of the Foreign Listing Premium: A Cross-Country Examination

August 24
Sheridan Titman, University of Texas at Austin
Paper: Testing Factor-Model Explanations of Market Anomalies

2011

July 21
Fei Xei, George Mason University
Paper: Managerial ownership of debt and bank loan contracting

July 14
Korok Ray, Georgetown University
Paper: Sorting effects of performance pay

May 26
Slava Fos, Columbia University
Paper: The Disciplinary Effects of Proxy Contests

May 19
Ital Goldstein, Wharton Business School
Paper: The Real Effects of Financial Markets: The Impact of Prices on Takeovers

April 28
Darius Miller, Southern Methodist University
Paper: Uninvited U.S. investors? Economic consequences of involuntary cross-listings

April 19
Craig Brown, National University of Singapore
Paper: Campaign Contributions and Government Security Issuance: Evidence from State Bond Pricing

April 4
Gennaro Bernille, University of Miami
Paper: Financial Regulation, Information Environment, and Local Investors

March 24
Stuart Gillan, Texas Tech University
Paper: On the Optimality of Shareholder Control: Evidence from the Dodd-Frank Financial Reform Act

March 17
Roni Michaely, Cornell University
Paper: Corporate Governance and the Timing of Earnings Announcements?

March 3
Reena Aggarwal, Georgetown University
Paper: Does Proxy Voting Affect the Demand and/or Supply for Securities Lending?

February 25
Raghu Rau, University of Cambridge
Paper: Does Executive Compensation Translate into Future Stock Price Performance?

February 1
Jake Thornock, University of Washington
Paper: Googling for Information around Earnings Announcements

2010

December 7
Jess Corniaggia, Indiana University
Paper: Why are Credit Ratings Useful?

December 2
Daniel Bergstresser, Harvard University
Paper: Fractionalization and the municipal bond market

November 17
Mark Mitchell, CNH Partners
Paper: Arbitrage Crashes and the Speed of Capital

November 11
Jonathan Karpoff, University of Washington
Paper: Bribery: Business as usual?

November 2
Terrance Odean, University of California, Berkeley
Paper: Once Burned, Twice Shy: How Naïve Learning, Counterfactuals, and Regret Affect the Repurchase of Stocks Previously Sold

October 7
Mara Faccio, Purdue University
Paper: Large shareholder diversification and corporate risk-taking

September 9
John Harold Mulherin, University of Georgia
Paper: Conflicts of Interest in Corporate Control Transactions: The Role of the Independent Special Committee

September 1
Krishna Kamath, Wharton Business School
Paper: Match-making and Rent-seeking: An Empirical Analysis of Mergers of Venture-backed Companies

August 9
Chris Clifford, University of Kentucky
Paper: Out of the Dark: Hedge Fund Reporting Biases and Commercial Databases

August 3
Laura Tuttle, American University of Sharjah
Paper: Paying Attention: Overnight Returns and the Hidden Cost of Buying at the Open

July 29
Christo Pirinsky, George Washington University
Paper: Competition and Fees in the Mutual Fund Industry

May 6
Clara Vega, Federal Reserve Board
Paper: Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market

April 15
Pam Moulton, Fordham University
Paper: The Role of Market Design in Alleviating Attention Constraints

March 18
Richard Green, Carnegie-Mellon University
Paper: Financial Expertise as an Arms Race

March 11
Lauren Cohen, Harvard Business School
Paper: Hiring Cheerleaders: Board Appointments of "Independent" Directors

March 4
Gustavo Suarez, Federal Reserve Board
Paper: Securitization Without Risk Transfer

Topic: measuring the price impact of stock trading

2009

December 10
Anna Scherbina, UC Davis

December 3
Mike Lemmon, University of Utah

November 19
Heather Tookes, Yale University

October 29
Chester Spatt, Carnegie Mellon University

October 13
Robin Lumsdaine, American University

October 1
Jennifer Huang, University of Texas

September 24
Myron Slovin, HEC - Paris

September 17
Simon Gervais, Duke University

September 9
Markus Brunnermeier, Princeton University

Andrei Kirilenko, CFTC

Sophie Shive, University of Notre Dame

Fabrizio Ferri, Harvard University

David Reeb, Temple University

Avri Ravid, Rutgers University

Lee Pinkowitz, Georgetown University

James Vickrey, New York Fed

Srinivasan Sankaraguruswamy, National University of Singapore

Kose John, New York University

Milton Harris, University of Chicago

Russ Wermers, University of Maryland

Malcolm Baker, Harvard University

Jennifer Carpenter, New York University

2008

Jay Dahya, Baruch College/CUNY

Brad Barber, UC Davis

Alex Frino, University of Sydney

Antonio Falato, Federal Reserve Board

Alex Edmans, University of Pennsylvania

Christopher Yung, University of Colorado

Anna Obizhaeva, University of Maryland

Gerard Hoberg, University of Maryland

Kumar Venkataraman, Southern Methodist University

Jim Hsieh, George Mason University

Ugur Lel, Federal Reserve Board

Gjergji Cici, William and Mary

Jack Cooney, Texas Tech University

Otto Van Hemert, New York University

Harold Mulherin, University of Georgia

Laura Starks, University of Texas

Lalitha Naveen, Temple University

2007

Victoria Ivashina, Harvard University

Richard Evans, University of Virginia

Andrew Karolyi, Ohio State University

Mila Getmansky, UMass - Amherst

Mark Mitchell, CNH Partners

Justin Wolfers, University of Pennsylvania

Ulrike Malmendier, University of California, Berkeley Department of Economics

Pete Kyle, University of Chicago

Gregory Duffee, University of California, Berkeley

Luigi Zingales, University of Chicago

Gary Gorton, University of Pennsylvania Wharton School of Business

Alon Brav, Duke University

JB Heaton, Bartlit, Beck, Herman, Palenchar and Scott, LLP

2006

Alexander Ljungqvist, New York University

Robert Engle, New York University

Burton Hollifield, Carnegie Mellon University

Jonathan Berk, University of California, Berkeley

Terry Hendershott, University of California, Berkeley

Michael Brennan, University of California, Los Angeles and London School of Business