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The Civitas Foundation Finance Seminar

Fall 2014

The seminar meets on Wednesdays, 2:50-4:00 p.m., in the Bendheim Center for Finance, Room 103. If you have questions, or would like to be added to the email list for the seminar, please contact Karen Neukirchen

Sept 10      Stephan Luck (Bonn Graduate School of Economics) "Banks, Shadow Banking, and Fragility" with Paul Schempp

Sept 17      Ron Giammarino (University of British Columbia)  "Ambiguity" in Corporate Finance: Governance, Underinvestment, and Security Issuance (with Lorenzo Garlappi and Ali Lazrak)"

Sept 24      Ying Jiang (Princeton University) "Order Flow Informativeness and Equity Financing"

Oct   1        Gabriele La Spada (Princeton University) "Competition, 'Reach for Yield," and Money Market Funds"

Oct  8         Xiaochen Feng (Princeton University) "Bank Competition, Risk Taking and Their Consequences: Evidence from the U.S. Mortgage and Labor Markets"

Oct  15       Michael Sockin (Princeton University) "Not So Great Expectations: A Model of Growth and Informational Frictions"

Oct 22        Darrell Duffie (Stanford University) "Benchmarks in Search Markets" with Piotr Dworczak and Haoxiang Zhu

Nov  5         Haoshu Tian (Princeton University) "The Effects of a Temporary Short-selling Ban"

Nov 12       Theresa Kuchler (New York University) "Sticking to Your Plan: Hyperbolic Discounting and Credit Card Debt Paydown"

Nov 19       Nikolai Roussanov (Wharton, University of Pennsylvania) "Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty"

Dec 3          Gustavo Manso (University of California, Berkeley) TBA

Dec 10        Peter Kondor (Central European University) TBA


Spring 2014

Feb.  5      Ron Giammarino, University of British Columbia, - "Ambiguity in Corporate Finance: Real Investment Dynamics" with Lorenzo Garlappi and Ali Lazrak - Canceled due to campus weather closure

Feb. 12    Itay Goldstein, University of Pennsylvania, Wharton, "Diversity and Complementarities in Trading and Inforamtion Acquisition" with Liyan Yang

Feb. 19    Robert Hall, Stanford University, joint with Macroeconomics, "High Discounts and High Unemployment"

Feb. 26    Andrew Ang, Columbia University, "Estimating Private Equity Returns from Limited Partner Cash Flows" with Bingxu Chen, William Goetzmann and Ludovic Phalippou

Mar . 5    Adriano Rampini, Duke University, "Household Risk Management" with S. Viswanathan

Mar. 12   Amir Yaron, University of Pennsylvania, Wharton, "Good and Bad Uncertainty," with Gill Segal and Ivan Shaliastovich

Mar. 26   Alexi Savov, New York University, "The Macroeconomics of Shadow Banking" with Alan Moreira

Apr.  9    Gabriel Zucman, London School of Economics, visiting U.C.-Berkeley, "The Distribution of US Wealth, Capital Income and Returns since 1913"

Apr. 16   Maureen O'Hara, Cornell University, "Relative Tick Size and the Trading Environment"

Apr. 23   Adi Sunderam, Harvard University, "Fiscal Risk and the Portfolio of Government Programs"

Apr. 30   Jose Luis Peydro, Pompeu Fabra, "Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments"

May 7     Jean-Noel Barrott, Massachusetts Institute of Technology, "Trade Credit and Industry Dynamics: Evidence from trucking firms"

Fall 2013

Sept. 18   Erik Loualiche, MIT, Sloan School of Management, - Asset Pricing with Entry and Imperfect Competition

Sept. 25   Toni Whited, Rochester, - Endogenous Financial Constraints, Taxes and Leverage

Oct. 2       Emmanuel Farhi, Harvard, - A Model of Safe Asset Mechanism (SAM): Safty Traps and Economic Policy

Oct. 9      Dimitris Papanikolaou, Northwestern, Kellogg School of Management, -Innovation Cycles

Oct. 16    Charles Jones, Columbia School of Business, -A solution to the Palm—3Com spin-off puzzles (joint with Martin Cherkes and Chester Spatt)

Oct. 23    Jiangmin Xu - "Optimal Strategies of High Frequency Traders"

Oct. 30    Semester break

Nov. 6      Not scheduled for Department-wide seminar, speaker will be Mikhail Golosov

Nov. 13    Jakub Jurek, Princeton - "Option-Implied Currency Risk Premia" (joint with Zhikai Xu)

Nov. 20    Anna Cieslak, Northwestern University, Kellogg - Expected Returns in Treasury Bonds (joint with Pavel Povala)

Dec. 4     Itamar Drechsler, NYU, Stern School of Business, - A Model of Monetary Policy and Risk Premia (joint with Alexi Savov and Philipp Schnabl)

Dec. 12   Konstantin Milbradt, Northwestern, Kellogg School of Management - Maturity Rationing and Collective Short-termism (with Martin Oehmke)

Spring 2013

The seminar meets on Wednesdays, 2:50-4:00 p.m., in the Bendheim Center for Finance, Room 103. If you have questions, or would like to be added to the email list for the seminar, please contact Karen Neukirchen.

Feb. 13    Christopher Malloy, Harvard Business School, "Casting Conference Calls"

Feb. 20    Ian Martin, Graduate School of Business, Stanford University, "Simple Variance Swaps"

Feb. 27    Markus Brunnermeier, Princeton University, "The I-theory of Money"

Mar.   6    Marcin Kacperczyk, Stern School of Business, New York University, "How Safe are Money Market Funds?"

Mar. 13    Lorenz Kueng, Kellogg School of Management, Northwestern University, "Tax News"

Mar. 27    Tarek Alexander Hassan, Booth School of Business, University of Chicago, "The Social Cost of Near-Rational Investment" with Thomas Mertens

Apr.    3     Arvind Krishnamurthy, Kellogg School of Management, Northwestern University, “A Macroeconomic Framework for Quantifying Systemic Risk”

Apr.   17    Robin Greenwood, Harvard Business School, "Waves in Ship Prices and Investment"

Apr.   24    Terrance Odean, Haas School of Business, University of California, Berkeley, "Bubbling with Excitement: An Experiment

May      1    Ralph S. Koijen
,  Booth School of Business, University of Chicago, "Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice" with Stijn Van Nieuwerburgh and Motohiro Yogo

Fall 2012

The seminar meets on Wednesdays, 2:50-4:00 p.m., in the Bendheim Center for Finance, Room 103. If you have questions, or would like to be added to the email list for the seminar, please contact Karen Neukirchen.

Sept. 18     Andrew Patton, Duke University, Tuesday (Joint with the Econometric Seminar) Rm. 200, Fisher Hall, 2:00-4:00 "Modelling Dependence in High Dimensions with Factor Copulas" (with Dong Hwan Oh) Oh-Patton-Paper.pdf

Sept. 26     Bryan Kelly, University of Chicago, Booth School of Business, "Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees"  Bryan-Kelly-paper.pdf

Oct. 3         Dong Lou, London School of Economics, "Industry Window Dressing," Dong-Lou-paper

Oct. 10       Zhenyu Gao, Princeton University Ph.D., "Industry Window Dressing"

Oct. 17      Yi Li, Princeton University Ph.D., "Reputation, Volatility and Performance Persistence of Private Equity"

Oct. 22      Department-wide Seminar (Aguiar) 

Oct. 24-     Princeton Lectures in Finance (Robert Engle)
 Oct. 26

Nov. 7         Motohiro Yogo,
Federal Bank of Minneapolis, "The Cost of Financial Friction for Life Insurers"  Motohiro-Yogo-paper.pdf

Nov. 14       Albert Menkveld, VU University Amsterdam,  "Middlemen in Limit-Order Markets"

Nov. 28       Roger Myerson, University of Chicago  (Joint with Macroeconomics Seminar), Roger-Myerson-paper.pdf 

Dec. 5         Manuel Adelino, Duke University, Fuqua School of Business, "House Prices, Collateral and Self-Employment" with Antoinette Schoar and Felipe Severino.

Dec. 12       Amit Seru, Chicago University, Booth School of Business, "Inconsistent Regulators: Evidence from Banking"


Spring 2012

February 29
Or Shachar, New York University
Topic: "Exposing the Exposed: Intermediation Capacity in the Credit Default Swap Market"

March 1
Thomas Mariotti, IDEI, Toulouse School of Economics (Note the different date and location) 
Topic: "Nonexclusive Competition under Adverse Selection" Mariotti_paper.pdf 
(joint with Microeconomics Theory, 2:45-4:00p.m., 200 Fisher Hall) 
March 7
Thomas Philippon, New York University
Topic:  "Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation." Philippon-paper.pdf

March 14
Department-wide Seminar

March 28
Nicolae Garleanu (University of California - Berkeley)
Topic: "Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Pricing" Nicolae-Garleanu-paper.pdf

April 4
David Hirschleifer (University of California - Irvine)
Topic: "Self-Enhancing Transmission Bias and Active Investing" David-Hirshleifer-paper.pdf

April 11
Monika Piazzesi (Stanford University)
Topic: "The Allocation of Interest Rate Risk and the Financial Sector"

April 18

April 25
Lionel Martellini (EDHEC), visiting Princeton
Topic: "Slicing and dicing investor welfare across and within asset classes"

May 2
Hanno Lustig (University of California, Los Angeles)
Topic: "Countercyclical Currency Risk Premia" with Nikolai Roussanov and Adrien Verdelhan

September 21
Jose Azar, Princeton
Topic: "Diversification, Shareholder Value Maximization, and Competition: A Trilemma" [paper]

September 28
No seminar, Princeton Lectures in Finance (9/27, 9/28 and 9/29): Robert C. Merton, MIT

October 5
Jay Powell
Topic:  Dodd Frank and Too Big to Fail

October 11
Sergey Zhuk, Princeton (special day and time: Tuesday, 12:20-1:30 p.m.)
Topic: "Bubbles and Reinvestment"

October 12
HyunSoo Choi, Princeton
Topic: "The Impact of Anti-Predatory Lending Laws on Mortgage Volume" [paper]

October 18
Martin Schmalz (special day and time: Tuesday, 1:00-2:10 p.m.) - Classroom
Topic: "Managing Human Capital Risk: Identifying the Hidden Balance Sheet"

October 19
Dong Beom Choi, Princeton
Topic:  "Heterogeneity and Stability: Bolster the Strong not the Weak" [paper]

October 25
Ming Yang, (special day and time: Tuesday, 12:20-1:30 p.m.)
Topic:  "Optimality of Securitized Debt with Endogenous and Flexible Information Acquisition"

October 26
Economics Department Seminar: Roger Rogerson, Princeton

November 2
No seminar, Fall break

November 9
Weicheng Lian, Princeton
Topic: "Demographic Structure and Housing Price Cycles"

November 16
Francis Longstaff, UCLA
Topic: "Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe"

November 23
No seminar, Thanksgiving break

November 30
Leonid Kogan, MIT
Topic:  "Investment-specific Shocks, Firm Characteristics, and the Cross-section of Returns" (with Dimitris Papanikolaou)  [paper]

December 7
Marianne Bertrand, University of Chicago
(joint with Labor seminar)

December 14
Antoinette Schoar, MIT
Topic:  "Credit Supply and House Prices: Evidence from Mortgage Market Segmentation" (with Felipe Severino) [paper]


Spring 2011

February 23
Ulrike Malmendier, University of California - Berkeley
Topic: "Cash is King-What the Market Learns about Targets through Merger Bids" [Paper]
"Winning by Losing: Evidence on Overbidding in Mergers"

March 2
Harrison Hong, Princeton
Topic: "Quiet Bubbles" [Paper]

March 23
Annette Vissing-Jorgenson, Northwestern
Topic: "The Aggregate Demand for Treasury Debt" [Paper]
"The Effects of Quantitative Easing on Long-Term Rates"  [Paper]

March 30
Hui Chen, MIT
Topic: "Market Timing, Investment, and Risk Management" [Paper]

April 6
Andrew Lo, MIT with Thomas Brennan
Topic: "The Origin of Behavior" [Paper]

April 13
Shawn Cole, Harvard University
Topic: "Bad Advice: Explaining the Persistence of Whole Life Insurance [Paper]"

April 20
John Beshears, Stanford University

April 27
Jakub Jurek, Princeton
Topic: "Crashes and Collateralized Lending" [Paper

May 4
Paolo Colla, Universita Bocconi - Visiting Princeton Professor
Topic: "Debt Specialization" [Paper]

Finance Luncheon Workshop

Special day/time/location:
Tuesdays 12:20-1:30 p.m., BCF Conference Room.