Adam Smith Workshops in Asset Pricing and Corporate Finance

On: Friday 22nd & Saturday 23rd March 2013 Generously hosted by Said Business School, Oxford University

Sponsored by London Business School, London School of Economics, Oxford-Man Institute, Said Business School and CEPR

Time Allocation: Presenters have 30 minutes, discussants 20 and the audience 10 minutes for each paper

Friday 22nd March

10.15 - 10.30 Coffee and Welcome

Asset Pricing
Chair: Raman Uppal (EDHEC)
10.30 - 11.30
"Wage Rigidity: A Solution to Several Asset Pricing Puzzles"
Jack Favilukis (LSE) - Presenting
Discussant: Vito Gala (London Business School)

Corporate Finance
Capital Structure Chair: Per Stromberg (SIFR)
10.30 - 11.30
"As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes"
Alexander Ljungqvist (NYU Stern) - Presenting
Florian Heider (ECB)
Discussant: Laurent Bach (SSE)

11.30 - 12.30
"Stochastic Idiosyncratic Operating Risk and Real Options: Implications for Stock Returns"
Harjoat Bhamra (University of British Columbia)
Kyung Shim (Australian School of Business) - Presenting
Discussant: Stavros Panageas (Chicago Booth & LSE)

11.30 - 12.30 "Do Private Firms Invest Differently than Public Firms? Taking Cues from the Natural Gas Industry"
Erik Gilje (Boston College) Jerome Taillard (Boston College) - Presenting
Discussant: Per Stromberg (SIFR)

12.30 - 13.30 Lunch

Chair: Anna Pavlova (LBS)
13.30 - 14.30
"Asset Pricing: The Tale of Two Days"
Mungo Wilson (University of Oxford) - Presenting
Pavel Savor (University of Pennsylvania)
Discussant: Rik Frehen (Tilburg University)

Banking Chair: Daniel Paravisini (LSE)
13.30 - 14.30
The Real Effects of Hurting Lending Relationships: Evidence From Banking Deregulation and Innovation"
Johan Hombert (HEC Paris) - Presenting
Adrien Matray (HEC Paris)
Discussant: Vikrant Vig (LBS)

14.30 - 15.30
"Trading and Information Diffusion in Over-the-Counter Markets"
Ana Babus (Imperial College) - Presenting
Peter Kondor (Central European University)
Discussant: Thierry Foucault (HEC)

14.30 - 15.30 "Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments"
Gabriel Jimenez (Bank of Spain)
Steven Ongena (Tilburg)
Jose-Luis Peydro-Alcalde (UPF) - Presenting
Jesus Saurina (Bank of Spain)
Discussant: Daniel Paravisini (LSE)

15.30 - 15.45 Coffee Break

Asset Pricing & Corporate Finance
Joint Asset Pricing - Corporate Finance
Chair: George Constantindes (University of Chicago)

15.45 - 16.45
"No News is News: Do Markets Underreact to Nothing?"
Kelly Shue (University of Chicago)
Stefano Giglio (University of Chicago)
Discussant: Francesco Franzoni (Lugano)

16.45 - 17.45
"Hedge Fund Activists: Do They Take Cue from Institutional Exit?"
Chotibhak Jotikasthira (University of North Carolina) - Presenting
Nickolay Gantchev (University of North Carolina)
Discussant: Raghu Rau (University of Cambridge)

18.30 - 21.00 Dinner

Saturday 23rd March

08.45 - 09.00 Coffee and Welcome

Chair: Dimitri Vayanos (LSE)
09.00 - 10.00
"Comomentum: Inferring Arbitrage Capital from Return Correlations"
Dong Lou (LSE) - Presenting
Christopher Polk (LSE)
Discussant: Petri Jylha (Imperial College)

Internal Firm Organization & Corporate Finance Chair: Paolo Volpin (LBS)
09.00 - 10.00
"Say Pays! Shareholder Voice and Firm Performance"
Vicente Cunat (LSE) - Presenting
Mireia Gine (Wharton)
Maria Guadalupe (INSEAD)
Discussant: Paolo Volpin (LBS)

10.00 - 11.00
"Investment Horizons and Asset Prices under Asymmetric Information"
Elias Albagli (University of Southern California)
Discussant: Igor Makarov (LBS)

10.00 - 11.00
"Managerial Duties and Managerial Biases" (TBC)
Ulrike Malmendier (UC Berkeley) - Presenting
Hui Zheng (UC Berkeley)
Discussant: Daniel Ferreira (LSE)

11.00 - 11.30 Coffee Break

Chair: Samuli Knupfer (LBS)
11.30 - 12.30
"Network Centrality and the Cross Section of Stock Returns"
Kenneth Ahern (University of Southern California) - Presenting
Discussant: Harjoat Bhamra (University of British Columbia)

Product Market Competition & Corporate
Finance Chair: Alex Guembel (TSE)
11.30 - 12.30
"Learning from Peers, Stock Prices and Corporate Investment"
Thierry Foucault (HEC Paris) - Presenting
Laurent Fresard (U. of Maryland)
Discussant: Maria Guadalupe (INSEAD)

12.30 - 13.30
"Firm Volatility in Granular Networks"
Bryan Kelly (University of Chicago)
Stijn Van Nieuwerburgh (New York University) - Presenting
Discussant: Philippe Mueller (LSE)

12.30 - 13.30
"A Theory of Mergers and Acquisitions in the New Economy"
Krishnamurthy Subramanian (ISB)
Discussant: Alexander Guembel (TSE)

13.30 - 14.30 Lunch (Optional)