Third Miami Behavioral Finance Conference

December 13-15, 2012, School of Business Administration, University of Miami, Coral Gables, Florida 33124, USA

The School of Business Administration at the University of Miami is organizing its third Behavioral Finance Conference. The conference will be held at the University of Miami campus in Coral Gables, Florida. The conference is sponsored by the Department of Finance at the University of Miami and the Review of Financial Studies (RFS). Andrei Shleifer from Harvard University will be the keynote speaker.

KEYNOTE SPEAKER: Andrei Shleifer, Harvard University

PROGRAM COMMITTEE CHAIR: Campbell Harvey, Duke University and University of Miami

ORGANIZER: Alok Kumar, University of Miami


Thursday, December 13, 2012

6:30 pm - 8:30 pm
Welcome Reception: Southwest Terrace, Biltmore Hotel

Friday, December 14, 2012

8:15 am - 8:45 am
Continental Breakfast: Outside Storer Auditorium, School of Business Administration

8:45 am - 9:00 am
Welcome Remarks: Eugene Anderson, Dean, School of Business Administration
Conference Program Overview: Campbell Harvey, Program Committee Chair

9:00 am - 9:40 am
Asymmetric Learning From Financial Information, Camelia Kuhnen, Northwestern University.
Discussant: Clifton Green, Emory University

9:40 am - 10:20 am
No News is News: Do Markets Underreact to Nothing? Stefano Giglio, University of Chicago, and Kelly Shue, University of Chicago.
Discussant: Charles Lee, Stanford University

10:20 am - 10:50 am
Coffee Break

10:50 am - 11:30 am
Sparse Dynamic Programming and Aggregate Fluctuations, Xavier Gabaix, New York University.
Discussant: Ali Lazrak, University of British Columbia

11:30 am - 12:10 pm
Learning Whether Other Traders are Informed, Snehal Banerjee, Northwestern University, and Brett Green, University of California at Berkeley.
Discussant: Bradyn Breon-Drish, Stanford University

12:10 pm - 2:00 pm
Lunch, Executive Dining Room, School of Business Administration

2:00 pm - 2:40 pm
Political Climate and Predictable Returns, Jawad Addoum, University of Miami
Discussant: Lenny Kostovetsky, University of Rochester

2:40 pm - 3:20 pm
Comomentum: Inferring Aribitrage Capital From Return Correlations, Dong Lou and Christopher Polk, London School of Economics.
Discussant: Clemens Sialm, University of Texas at Austin.

3:20 pm - 3:50 pm
Coffee Break

3:50 pm - 4:30 pm
Neighborhood Effects on Speculative Behavior, Todd Mitton, Brigham Young University, Keith Vorkink, Brigham Young University, and Ian Wright, Stanford University.
Discussant: Zoran Ivkovich, Michigan State University

6:30 pm - 9:30 pm
Reception and Dinner: Danielson Gallery, Biltmore Hotel

Saturday, December 15, 2012

8:30 am - 9:00 am
Continental Breakfast: Outside Storer Auditorium, School of Business Administration

9:00 am - 10:20 pm
Keynote Speech: Money Doctors, Andrei Shleifer, Harvard University

10:20 am - 10:50 am
Coffee Break

10:50 am - 11:20 am
Social Norms and Individual Borrowing Decisions, Christo Pirinsky, George Washington University. Discussant: Enrichetta Ravina, Columbia University

11:20 am - 12:10 am
Financing From Family and Friends, Samuel Lee, New York University, and Petra Persson, Columbia University.
Discussant: Uday Rajan, University of Michigan.

12:10 pm - 1:30 pm
Lunch, Outside Storer Auditorium, School of Business Administration

1:30 pm - 2:10 pm
The Concentration of Cash: Cash Policies of the Richest Firms, Amy Dittmar, University of Michigan, and Ran Duchin, University of Washington.
Discussant: Geoff Tate, University of North Carolina at Chapel Hill

2:10 pm - 2:50 pm
Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows, David Solomon, University of Southern California, Eugene Soltes, Harvard University, and Denis Sosyura, University of Michigan.
Discussant: Eric Zitzewitz, Dartmouth College

2:50 pm - 3:20 pm
Coffee Break

3:20 pm - 4:00 pm
Gradual Information Diffusion in the Stock Market: Evidence From U.S. Multinational Firms, Xing Huang, University of California at Berkeley.
Discussant: David Ng, Cornell University

REGISTRATION: The registration fee is $350 and the registration form is available at the conference web site ( Please register before November 30, 2012 to allow us sufficient time for planning.

FURTHER INFORMATION: Please contact Alok Kumar ( for additional details about the conference.

Posted 10/28/12