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RESEARCH SEMINARS

The purpose of the Finance Seminar Speaker series is to feature some of the best and brightest in the finance realm, encouraging finance faculty to network and embark on timely research projects.

From thoughts on the recession to bank competition to trading relationships, we host several seminar engagements per year to highlight insightful research from colleagues around the country and around the world.

Upcoming Seminar Speakers

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Constantine Yannelis

Booth School of Business | University of Chicago

November 1, 2024

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David Matsa

Kellogg School of Management | Northwestern University

November 8, 2024

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Nadya Malenko

Carroll School of Management | Boston College

March 14, 2025

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Clemens Sialm

McCombs School of Business | University of Texas at Austin

April 4, 2025

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Ron Kaniel

Simon Business School | University of Rochester

April 25, 2025

Past Seminars

Toni Whited, University of Michigan

The Efficiency of Patent Litigation

Manju Puri, Fuqua School of Business, Duke University

Does Open Banking Expand Credit Access?

2024 - 2025

Song Ma, Yale School of Management, Yale University

Innovation Networks and R&D Allocation

David Schreindorfer, W. P. Carey School of Business, Arizona State University

Volatility and the Pricing Kernel

Antoinette Schoar, Sloan School of Management, Massachusetts Institute of Technology

Anatomy of a Run: The Terra Luna Crash

Michael Ewens, Columbia Business School, Columbia University

Irreplaceable Venture Capitalists

Asaf Bernstein, Leeds School of Business, University of Colorado at Boulder

The Value of Ratings: Evidence from Their Introduction in Securities Markets

Hyunseob Kim, Federal Reserve Bank of Chicago

Shareholder Power and the Decline of Labor

Mike Wittery, Ohio State University

The Consequences to Directors for Deploying Poison Pills

Lauren Cohen, Harvard Business School, Harvard University

Don’t Take Their Word for It: The Misclassification of Bond Mutual Funds

Isaac Hacamo, Kelley School of Business, Indiana University

Paper TBA

James Choi, Yale School of Management, Yale University

Paper TBA

Caroline Flammer, Questrom School of Business, Boston University

Corporate Green Bonds

Veronika Pool, Kelly School of Business, Indiana University

Out of Sight No More? The Effect of Fee Disclosures on Investment Allocations

Camille Herbert, Tilburg University

Mind the Gap: Gender Stereotypes and Entrepreneur Financing

Eileen Driscoll, Kellogg School of Business, Northwestern University

Desperate House Sellers: Distress among Developers

Danny Barth, Office of the Federal Reserve

Illiquidity in Intermediary Portfolios: Evidence from Large Hedge Funds

David Sovich, Olin Business School, Washington University in St. Louis

Unemployment Insurance, Household Finance, and the Real Economy

Johnathan Loudis, Booth School of Business, University of Chicago

Expectations in the Cross Section: Stock Price Reactions to the Information and Bias in Analyst-Expected Returns

Suzanne Chang, Stern School of Business, New York University

Local Industry Bias in Investor Behavior: Evidence from Mutual Funds

Jianan Liu, The Wharton School, University of Pennsylvania

Comovements in Arbitrage Limits

Elizabeth Berger, SC Johnson College of Business, Cornell University

Credit Where Credit Is Due: Drivers of Subprime Credit

Noah Stoffman, Kelley School of Business, Indiana University

Friends with Bankruptcy Protection Benefits

Daniel Andrei, McGill University

The Lost Capital Asset Pricing Model

Justin Murfin, SC Johnson College of Business, Cornell University

Is the Risk of Sea Level Rise Capitalized in Residential Real Estate?

Hendrik Bessembinder, Arizona State University

Why Do So Many Mutual Funds Underperform?

Mark Hutchinson, University College Cork, Ireland

Strategy Distinctiveness and Commodity Trading Advisor (CTA) Performance

Alberto Rossi, Robert H. Smith School of Business, University of Maryland

Predicting Stock Market Returns with Machine Learning

Christian Leuz, Booth School of Business, University of Chicago

The Death of a Regulator: Strict Supervision, Bank Lending, and Business Activity

Margarita Tsoutsoura, SC Johnson College of Business, Cornell University

Partisan Professionals: Evidence from Credit Rating Analysts

Geoffrey Tate, Kenan-Flagler Business School, University of North Carolina at Chapel Hill

Learning from Coworkers: Peer Effects on Individual Investment Decisions

Rich Mathews, Robert H. Smith School of Business, University of Maryland

The Limits of Reputation

Janis Skrastins, Olin School of Business, University of Washington in St. Louis

Mobility Constraints and Labor Market Outcomes: Evidence from Credit Lotteries

Alex Wagner, University of Zurich

Paths to Convergence: Stock Price Behavior after Donald Trump's Election

Jonathan Brogaard, University of Washington

The Economic Impact of Index Investing

Kate Waldock, Georgetown University

Unsecured Creditor Control in Chapter 11

Matthew Denes, Carnegie Mellon University

When Do Firms Risk Shift? Evidence from Venture Capital

Batchimeg Sambalaibat, Indiana University at Bloomington

Endogenous Specialization and Dealer Networks

Joel Hasbrouck, New York University 

FX Market Metrics: New Findings Based on CLS Bank Settlement Data

Tim Loughran, University of Notre Dame

Assimilation of Oil News into Prices

Gerard Hoberg, University of Southern California

Product Life Cycles in Corporate Finance

Yaron Leitner, Federal Reserve Bank of Philadelphia

Regulating a Model

Leonidas Barbopoulos, University of St. Andrews

The Role of Earnout Financing on the Valuation Effects of Global Diversification

John Graham, Duke University

CEO Power and Board Dynamics

Sebastian Infante, Federal Reserve Board of Governors

Bond Market Intermediation and the Role of Repo

Wayne Landsman, Kenan-Flagler Business School, University of North Carolina at Chapel Hill

The Effects of Credit Default Swap Trading Initiation on Dividend Payout Policy

David Denis, University of Pittsburgh

How Do Firms Use Their Financial Flexibility?

Josh White, University of Georgia

Paper TBA

William Goetzmann, Yale University

Crash Beliefs from Investor Surveys

Mark Bradshaw, Boston College

Analyst Target Price Optimism around the World

Stefan Nagel, Ross School of Business, University of Michigan 

The Making of Hawks and Doves: Inflation Experiences and Voting on the FOMC

David Robinson, Duke University

Black and White: Access to Capital among Minority-Owned Startups

Wayne Landsman, Kenan-Flagler Business School, University of North Carolina at Chapel Hill

The JOBS Act and Information Uncertainty in IPO Firms

Jesse Blocher, Vanderbilt University

The Limits to (Short) Arbitrage

Scott Yonker, SC Johnson College of Business, Cornell University

Trust Busting: The Effect of Fraud on Investor Behavior

Alex Butler, Rice University

Local Economic Consequences of Stock Market Listings

John Campbell, University of Georgia

Did Regulation Fair Disclosure Prevent Selective Disclosure? Direct Evidence from Intraday Volume and Returns

Malcolm Wardlaw, University of Texas at Dallas

How Do Employees Fare in Private Equity Buyouts? Evidence from Workplace Safety Records

Turan Bali, Georgetown University

Do the Distributional Characteristics of Corporate Bonds Predict Their Future Returns?

Karl Diether, Brigham Young University

Paper TBA

Davis Musto, The Wharton School, University of Pennsylvania

Paper TBA

Michael Ewens, California Institute of Technology

Inside Rounds and Venture Capital Returns

Krista Schwarz, The Wharton School, University of Pennsylvania

Notes on Bonds: Liquidity at all Costs in the Great Recession

Edith Hotchkiss, Boston College

Cashing Out: The Rise of M&A in Bankruptcy

Martin Schmalz, Ross School of Business, University of Michigan

Ultimate Ownership and Bank Competition

Kleopatra Nikolaou, Federal Reserve Board of Governors

Trading Relationships in the OTC Market for Secured Claims: Evidence from Triparty Repos

Anna Cieslak, Duke University

Stock Returns over the FOMC Cycle

Matthew Rhodes-Kropf, Harvard University

Cost of Experimentation and the Evolution of Venture Capital

Greg Miller, University of Michigan

Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows

Bill Mayhew, Duke University

What’s in a (School) Name? Racial Discrimination in Higher Education Bond Markets

Jarrad Harford, University of Washington

Foreign Cash: Taxes, Internal Capital Markets and Agency Problems

Charles Lee, Stanford University

Do Short-Sellers Profit from Mutual Funds? Evidence from Daily Trades

Luke Taylor, The Wharton School, University of Pennsylvania

Do Funds Make More When They Trade More?

Ken Ahern, University of Southern California

Information Networks: Evidence from Illegal Insider Trading Tips

Ivan Shaliastovich, The Wharton School, University of Pennsylvania

Paper TBA

Clemens Sialm, University of Texas at Austin

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

Andrey Malenko, Massachusetts Institute of Technology

Auctions with Endogenous Initiation

Lars Keuhn, Carnegie Mellon University

A Labor Capital Asset Pricing Model

Gideon Saar, Cornell University

Hidden Liquidity: Some New Light on Dark Trading

Eugene Soltes, Harvard University

What Else Do Shareholders Want? Shareholder Proposals Contested by Firm Management

Darren Roulstone, Ohio State University

The Comovement of Investor Attention

Chris Parsons, University of California San Diego

Worrying about the Stock Market: Evidence from Hospital Admissions

Hee-Joon Ahn, Sungkyunkwan University

Paper TBA

Frederico Belo, University of Minnesota

Endogenous Dividend Dynamics and the Term Structure of Dividend Strips

Andy Lo, Massachusetts Institute of Technology

An Evolutionary Model of Bounded Rationality and Intelligence

James Thompson, University of Waterloo

Lemons and Proud of It: Information Asymmetry and Risk Transfer Markets

Dave Maber, University of Michigan

Sell-Side Information Services and Compensation for Investment Research: Evidence from Broker Votes

Dimitris Papanikolaou, Northwestern University

Technological Innovation: Winners and Losers

Sophie Shive, University of Notre Dame

When the Bellwether Dances to Noise: Evidence from Exchange-Traded Funds

Utpal Bhattacharya, Indiana University

The Dark Side of ETFs and Index Funds

Elena Simintzi, Sauder School of Business, University of British Columbia 

Binding Labor Contracts, the 2008 Financial Crisis, and Firm Outcomes

Mariano M. Croce, Kenan-Flagler Business School, University of North Carolina at Chapel Hill

Fiscal Policy and the Distribution of Consumption Risk

Michael Drake, Brigham Young University

Paper TBA

Francois Cocquemas, EDHEC Business School & Owen Graduate School of Management, Vanderbilt University

Paper: Does market incompleteness matter for market microstructure?

Yael Hochberg, Massachusetts Institute of Technology & National Bureau of Economic Research

Resource Accumulation Through Economic Ties: Evidence from Venture Capital

Berk Sensoy, Ohio State University

Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity

Stijn Van Nieuwerburgh, New York University

Firm Volatility in Granular Networks

Edward D. Van Wesep, Kenan-Flagler Business School, University of North Carolina at Chapel Hill

The Quality of Expertise

Nicolae Gârleanu, Haas School of Business, University of California Berkeley

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

George Skoulakis, University of Maryland

Time to Wind Down

Nick Crain, University of Texas at Austin

Career Concerns and Venture Capital

Yesol Huh, Stanford University

Machines vs. Machines: High Frequency Trading and Hard Information

Shaun Davies, University of California Los Angeles

The Economics of Discretion in Multi-Agent Decision Problems

Erik Gilje, Boston College

Does Local Access to Finance Matter? Evidence from U.S. Oil and Natural Gas Shale Booms

Tara Bhandari, Massachusetts Institute of Technology

Making the Most of Good Times: Shareholder Rights and Performance Revisited

Stefan Lewellen, Yale University

Executive Compensation and Peer Effects

Xiaofei Zhao, University of Toronto

Investor Sentiment and the Cross-Section of Stock Returns

Erin Smith, New York University

Do Shareholders Want Less Governance?

Haan Soo Lee, Harvard University

Value Access in Venture Capital

Yael Hochberg, Northwestern University

Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments

Lorenzo Garlappi, University of British Columbia

Corporate Innovation and Returns

Bill Megginson, University of Oklahoma

The Benefits of Underwriter Reputation to Banks and Equity Issuing Firms

Reena Aggarwal, McDonough School of Business, Georgetown University 

Center for Financial Markets and Policy

John Cox, Massachusetts Institute of Technology

Absolute and Relative Consumption in an Exchange Economy

Christophe Spaenjers, HEC Paris

Expected Horizon and Household Finance

Frank Warnock, Darden School of Business, University of Virginia 

On the Determinants of International Equity Investment

David Mauer, University of Texas at Dallas

Subprime Mortgage Defaults and Credit Default Swaps

Miguel Palacios, Vanderbilt University

Macroeconomic Announcements and Firm-Level Risk Characteristics

Shubo Wang, Vanderbilt University

Incomplete Information and Asset Returns in Real Business Economies

Amir Yaron, The Wharton School, University of Pennsylvania 

Volatility, the Macroeconomy, and Asset Prices

Paul Schultz, University of Notre Dame

The Market for New Issues of Municipal Bonds: The Roles of Transparency and Limited Access to Retail Investors

Haim Kedar-Levy, University of Jerusalem

A Dynamic Equilibrium Model of Bubbles

Denis Sosyura, Ross School of Business, University of Michigan

Safer Ratios, Riskier Portfolios: Banks’ Response to Government Aid

Ralph Koijen, National Bureau of Economic Research

Equity Yields

Maya Eden, Massachusetts Institute of Technology & The World Bank

Financial Distortions and the Distribution of Global Volatility

Laura Casares Field, Pennsylvania State University

Are Busy Boards Detrimental?

Paul Seguin, Vanderbilt University

Hedging, Costs, Index Volatility, and the Underperformance of Leveraged Exchange-Traded Funds

Greg Waymire, Emory University 

Language Sustains Trust and Cooperation Even When Uncertainty Enables Widespread Cheating on Social Contracts

Costis Skiadas, Northwestern University

Scale-Invariant Asset Pricing Theory: A General Discrete Framework with Ambiguity-Aversion Applications

Qiang Zhang, University of Leicester

Consumption, Precautionary Saving, and Market Incompleteness in a Model of Intertemporal Hedging

Tarun Ramadorai, Oxford University

Asset Fire Sales and Purchases and the International Transmission of Financial Shocks

Cathy Schrand, The Wharton School, University of Pennsylvania 

Analyst Recommendations and Higher Order Beliefs: Explaining Bubbles and Price Drift

Clemens Sialm, University of Texas at Austin

Complex Mortgages

Yongxian Tan, Owen Graduate School of Management, Vanderbilt University

Debt-Equity Choice, Growth Options, and Market Timing

Nick Bollen, Owen Graduate School of Management, Vanderbilt University 

Hedge Fund R2: What’s Under the Hood?

Lixiong Guo, Owen Graduate School of Management, Vanderbilt University 

Board Structure and Monitoring: New Evidence from CEO Turnover

Alex Stomper, Massachusetts Institute of Technology

Snow and Leverage

Pierre Collin-Dufresne, Columbia University

On the Relative Pricing of Long Maturity S&P 500 Index Options and CDX Tranches

Peter Demerjian, Emory University

The Impact of Changes in Balance Sheet Covenant Protection on the Design of Private Loan Contracts

Tom Chang, University of Southern California

How Many Pears Would a Pear Packer Pack If a Pear Packer Could Pack Pears at Quasi-Exogenously Varying Piece Rates?

Richard C. Green, Carnegie Mellon University

Financial Expertise as an Arms Race

Shage Zhang, Owen Graduate School of Management, Vanderbilt University

Compensation Gap Among Top Executives: Tournament Competition, Marginal Productivity Differentials, or Governance Failure

Pietro Veronesi, University of Chicago

Uncertainty about Government Policy and Stock Prices

Guojin Gong, Pennsylvania State University

Relative Performance Evaluation and Related Peer Groups in Executive Compensation Contracts

Darrell Duffie, Stanford University

How Big Banks Fail and What to Do about It

David Robinson, Duke University

What Does Financial Literacy Training Teach Us?

Michael Clement, University of Texas

The Relative Profitability of Analysts’ Stock Recommendations: What Role Does Investor Sentiment Play?

Vanitha Ragunathan, University of Queensland

Is the Cross-Listing Premium an SEO Effect?

Christopher Hrdlicka, Booth School of Business, University of Chicago

Trading Volume and Time Varying Betas

Sara B. Holland, Haas School of Business, University of California Berkeley

The Welfare Implications of Health Capital Investment

Alexi Savov, Booth School of Business, University of Chicago

Free for a Fee: The Hidden Cost of Index Fund Investing

Michael Michaux, The Wharton School, University of Pennsylvania

Pass-Through, Exposure, and the Currency Composition of Debt

Mikhail Simutin, University of British Columbia

Excess Cash and Mutual Fund Performance

Nicholay Gantchev, The Wharton School, University of Pennsylvania 

The Costs of Shareholder Activism: Evidence from a Sequential Decision Model

Tom Ho, Thomas Ho Company Ltd.

Valuing Contingent Claims on Natural Gas Contracts

Matt Spiegel, Yale University

Mutual Fund Risk and Market Share Adjusted Fund Flows

Dan Dhaliwal, University of Arizona

Bank Assert Securitization and Information Uncertainty

Jan Bena, London School of Economics and Political Science

Paper TBA

Miguel Palacios, University of California Berkeley 

The Value and the Risk of Aggregate Human Capital: Implications from a General Equilibrium Model

Rose Liao, Ohio State University

Corporate Block Acquisitions Around the World

David Solomon, University of Chicago

Selective Publicity and Stock Prices

Tor-Erik Bakke, University of Wisconsin

How Does Finance Affect Growth? Evidence from a Natural Experiment in Venezuela

Ted Day, University of Texas at Dallas

Dividend Distributions and Closed-End Fund Discounts

Itshak Ben-David, Ohio State University

Does Mandated Financial Counseling Improve Mortgage Decision-Making? Evidence from a Natural Experiment

Berk Sensoy, University of Southern California

Club Deals in Leveraged Buyouts

Dirk Hackbarth, University of Illinois at Urbana-Champaign

The Timing and Returns of Mergers and Acquisitions in Oligopolistic Industries 

David Musto, The Wharton School, University of Pennsylvania 

High Water Marks in Competitive Capital Markets

Paolo Pasquariello, University of Michigan

Strategic Cross-Trading in the U.S. Stock Market

Rudi Fahlenbrach, Ohio State University

Estimating the Effects of Large Shareholders Using a Geographic Instrument

Vivek Ghosal, Georgia Institute of Technology

Small Is Beautiful but Size Matters: The Asymmetric Impact of Uncertainty and Sunk Costs on Small and Large Businesses

Agnes Cheng, Louisiana State University

The Role of Accruals and Cash Flows in Predicting Future Cash Flows – The Growth Effect

D. Craig Nichols, Cornell University

Stock Option Exercises and the Quality of Operating Cash Flows

Chris Parsons, University of North Carolina at Chapel Hill

Strike Three: Umpires’ Demand for Discrimination

Karin Thorburn, Dartmouth College

Markup Pricing Revisited

John Fellingham, Ohio State University 

Evaluation in an Induced Moral Hazard Setting (aka An Exercise in Tension Relevance)

Audra Boone, University of Kansas

Do Private Equity Consortiums Impede Takeover Competition?

Nick Bollen, Vanderbilt University 

Locked Up by a Lockup: Valuing Liquidity as a Real Option

Sukwon Thomas Kim, Vanderbilt University

Is Order Imbalance Related to Information?

Jacob Sagi, Vanderbilt University

Do Fund Managers Make Informed Asset Allocation Decisions?

Diego Garcia, University of North Carolina

Relative Wealth Concerns and Complementarities in Information Acquisition

Lakshmanan Shivakumar, London Business School

Targets’ Earnings Quality and Bidders’ Takeover Decisions

John Fellingham, Ohio State University

Paper TBA

Jarrad Harford, University of Washington

Shareholder Cross-Holdings and Their Effect on Acquisition Decisions

Steven Swidler, Auburn University 

Hedging House Price Risk with CME Futures Contracts: The Case of Las Vegas Residential Real Estate

Evgeny Lyandres, Rice University

Real Options, Volatility, and Stock Returns

Mohan Venkatachalam, Duke University 

The Power of Voice: Managerial Affective States and Future Firm Performance

Kathleen Hanley, Securities and Exchange Commission

Strategic Disclosure and the Pricing of Initial Public Offerings

Paige Parker Ouimet, University of Michigan

Control and Target Managerial Incentives in Acquisition Decisions

Toni Whited, University of Wisconsin

Which Firms Follow the Market? An Analysis of Corporate Investment Decisions

Shang-Jin Wei, Columbia University

Growth Potential and Corporate Disclosure: The Case of Foreign Trade Liberalization

Ran Duchin, University of Southern California

Cash Holdings and Corporate Diversification

Ilya Strebulaev, Stanford University

The Evolution of Aggregate Stock Ownership: A Unified Explanation

Karthik Krishnan, Boston College

Universal Banking, Private Information, and Incentive Problems: What Do Ex-Post Lending Patterns Tell Us?

Amir Barnea, University of Texas at Austin

Director Networks and Firm Governance

Lars-Alexander Kuehn, University of British Columbia

Asset Pricing with Real Investment Commitment

Manju Puri, Duke University

Paper TBA

Andrea Eisfeldt, Northwestern University 

Financing Shortfalls and the Value of Aggregate Liquidity

Itay Goldstein, The Wharton School, University of Pennsylvania 

Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows

Timothy Johnson, University of Illinois

Liquid Capital and Market Liquidity

Ayako Yasuda, The Wharton School, University of Pennsylvania 

The Economics of Private Equity Funds

William Megginson, University of Oklahoma

Dividends and Share Repurchases in the European Union

Luke Froeb, Vanderbilt University

Evaluating Mergers Among Firms that Manage Revenue

Shawn Mobbs, Vanderbilt University

Tournaments, Heirs, and Organizational Structure

Jaime Zender, University of Colorado

A Simple-But-Powerful Test for Long-Run Event Studies

Simon Gervais, Duke University

Overconfidence, Investment Policy and Manager Welfare

Nick Bollen, Vanderbilt University

Do Hedge Fund Managers Misreport Returns? Evidence from the Pooled Distribution

Ron Masulis, Vanderbilt University

Corporate Venture Capital, Strategic Alliances, and the Governance of Newly Public Firms

2023 - 2024

2019 - 2020

2018 - 2019

2017 - 2018

2016 - 2017

2015 - 2016

2014 - 2015

2013 - 2014

2012 - 2013

2011 - 2012

2010 - 2011

2009 - 2010

2008 - 2009

2007 - 2008

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