Past Years FRS

Summer Term 2024

Melissa Prado (Nova School of Business and Economics)
Christine Laudenbach (Goethe Universität Frankfurt/Leibniz Institute for Financial Research SAFE)
Cecilia Bustamante (Robert H. Smith School of Business, University of Maryland)
Eitan Goldman (Kelley School of Business, Indiana University)
Kasper Meisner Nielsen (Copenhagen Business School)
Marc Kaufmann (Central European University – CEU)
Niels Gormsen (Booth School of Business, University of Chicago)
Anastasia A Zakolyukina (Booth School of Business, University of Chicago)
Fabricius Somogyi (Northeastern University)
Zhengyang Jiang (Kellogg School of Management, Northwestern University)
Irina Zviadadze (HEC Paris)
Zacharias Sautner (University of Zurich)
Leyla Han (Questrom School of Business, Boston University)
Esther Eiling (University of Amsterdam)

Winter Term 2023

Itzhak Ben-David (Ohio State University Fisher College of Business)
Roberto Marfe (Collegio Carlo Alberto)
Reint Gropp (Leibniz-Institut für Wirtschaftsforschung Halle-IWH)
Giorgia Simion (WU Wien / VGSF)
Florian Nagler (Bocconi University)
Wayne Guay (The Wharton School, University of Pennsylvania)
Liran Einav (Stanford University)
Xavier Vives (IESE Business School, University of Navarra)
Elise Gourier (ESSEC Business School Paris)
Claire Celerier (University of Toronto, Rotman School of Management)
Matteo Benetton (Berkeley Haas School of Business, University of California)

Summer Term 2023

Marcin Kacperczyk (Imperial College London)
Laurent Calvet (EDHEC Business School)
Robert Korajczyk (Kellogg School of Management)
Paolo Sodini (Stockholm School of Economics)
Martijn Boons (Tilburg School of Economics and Management)
Yufeng Wu (University of Illinois at Urbana-Champaign, Gies College of Business)
Andrei Goncalves (Ohio State University, Fisher College of Business)
Andras Danis (Central European University)
Andreas Park (University of Toronto, Rotman School of Management)
Merih Sevilir (Halle Institute for Economic Research)
Eduardo Davila (Yale University)
Espen Eckbo (Dartmouth College, Tuck School of Business)
Sophie Moinas (Toulouse School of Economics and Toulouse School of Management)
Klaus Ritzberger (Royal Holloway, University of London)
Nikolai Roussanov (Wharton School of the University of Pennsylvania)

Winter Term 2022

Bernard Dumas (INSEAD)
Christian Leuz (University of Chicago, Booth School of Business)
Thomas Philippon (New York University, Stern School of Business)
Björn Hagströmer (Stockholm University, Stockholm Business School)
Jonathan Cohn (University of Texas at Austin, McCombs School of Business)
Youchang Wu (University of Oregon, Lundquist College of Business)
Roberto Gomez Cram (London Business School)
Per Strömberg (Stockholm School of Economics)
Dmitry Livdan (University of California, Berkeley, Haas School of Business)
Oliver Rehbein (Vienna University of Economics and Business/WU Wien)
Uday Rajan (University of Michigan, Ross School of Business)

Summer Term 2022

Hanno Lustig (Stanford Graduate School of Business)
Yueran Ma (The University of Chicago Booth School of Business)
Michael Weber (The University of Chicago Booth School of Business)
Adam Zawadowski (Central European University)
Marie Hoerova (European Central Bank)
Sebastien Pouget (Toulouse School of Economics)
Matthieu Bouvard (Toulouse School of Economics)
Andrea Vedolin (Boston University, Questrom School of Business)
Terrence Hendershot (Berkeley Haas School of Business)
Toni Whited (University of Michigan, Ross School of Business)
Philipp Schnabl (NYU Stern School of Business)
Rui Duan (Vienna University of Economics and Business & VGSF)
Larry Blume (Cornell University)
Cecilia Parlatore (NYU Stern School of Business)
Antoinette Schoar (MIT Sloan School of Management)
Matthias Efing (HEC Paris)

Winter Term 2021

Sam Hartzmark (The University of Chicago Booth School of Business)
Nadya Malenko (University of Michigan, Ross School of Business)
Stanislava Nikolova (University of Nebraska-Lincoln, N College of Business)
Alberto Rossi (Georgetown University, Luohan Academy)
Hans Degryse (KU Leuven)
Gary B. Gorton (Yale School of Management)
Tarun Ramadorai (Imperial College London)
Farzad Saidi (University of Bonn)
Valentin Haddad (UCLA Anderson School of Management)

Summer Term 2021

Benjamin Golez (University of Notre Dame, Mendoza College of Business)
Anna Pavlova (London Business School)
Kelly Shue (Yale School of Management)
Camelia M. Kuhnen (UNC Kenan-Flagler Business School & NBER)
Thomas Gehrig (University of Vienna)
Lars Lochstoer (UCLA Anderson School of Management)
Toni Whited (University of Michigan, Ross School of Business)
Xavier Gabaix (Harvard University)
Paolo Fulghieri (UNC Kenan-Flagler Business School)
Marcus Opp (Stockholm School of Economics)
Stefano Giglio (Yale School of Management)
Mindy Xiaolan (University of Texas at Austin McCombs School of Business)
Ian Martin (London School of Economics)
Nathalie Moyen (Leeds School of Business)
William Fuchs (University of Texas at Austin McCombs School of Business)

Winter Term 2020

Viral Acharya (NYU Stern School of Business)
Anastassia Fedyk (Berkeley Haas, Haas School of Business)
Michaela Pagel (Columbia Graduate Business School)
Thorsten Beck (Cass Business School)
John Cochrane (Stanford University)
Tim A. Kroencke (University of Neuchâtel)
Mark Egan (Harvard Business School)
Peter Koudijs (Stanford Graduate School of Business)
Peter Kondor (London School of Economics)
Oliver Hart (Harvard University)
Felix Fattinger (WU Wien)

Summer Term 2020

Maik Schmeling (Goethe University Frankfurt)
Thierry Foucault (HEC Paris)
Sascha Steffen (Frankfurt School of Finance & Management)
Lukas Schmid (Duke University, Fuqua School of Business)
Daniel Paravisini (London School of Economics)
Christian Wagner (WU Vienna/VGSF Faculty)
Jules van Binsbergen (Wharton, University of Pennsylvania)
Christian Gollier (Toulouse School of Economics)
Matteo Maggiori (Stanford Graduate School of Business)
Tim Baldenius (Columbia Business School)

Winter Term 2019

Joël Peress (INSEAD)
Alessandro Previtero (Indiana University)
Denis Gromb (HEC Paris)
Albert Menkveld (VU University Amsterdam)
Daniel Ferreira (London School of Economics)
Anna Cieslak (Duke University, Fuqua School of Business)
Javier Suarez (CEMFI Madrid)
Sebastian Ebert (Frankfurt School of Finance & Management)
Brendan Daley (Johns Hopkins University)

Summer Term 2019

John Y. Campbell (Harvard University)
Alberto Rossi (Robert H. Smith School of Business)
Mariassunta Giannetti (Stockholm School of Economics)
Uday Rajan (University of Michigan,Ross School of Business)
Toni Whited (University of Michigan,Ross School of Business)
Stephen G. Ryan (NYU Stern)
Matt Ringgenberg (University of Utah)
Christian Laux (WU Vienna)
Dirk Jenter (London School of Economics)
David Martinez Miera University Carlos III de Madrid)
Rossen Valkanov (Rady School of Management)
Robert Korajczyk (Northwestern University, Kellogg School of Management)
Dimitri Vayanos (London School of Economics)

Winter Term 2018

Pietro Veronesi (Chicago Booth School of Business)
Zhi Da (University of Notre Dame)
Suleyman Basak (London Business School)
Pedro Matos (University of Virginia)
Russell Cooper (European University Institute)
Adrian Buss (INSEAD)
Stephen H. Shore (Georgia State University)
Lorenzo Garlappi (Sauder School of Business)

Summer Term 2018

Lauren Cohen (Harvard Business School)
Paul Whelan (Copenhagen Business School)
Evgeny Lyandres (Boston University,Questrom School of Business)
Ruediger Fahlenbrach (EPFL)
Renee Adams (The University of New South Wales)
Toni Whited (University of Michigan,Ross School of Business)
Svetlana Bryzgalova (Stanford University)
Francesca Cornelli (London Business School)
Christian Opp (Wharton Business School)
Eduardo Schwartz (UCLA)
Burton Hollifield (CMU Tepper School of Business)
Kathy Yuan (London School of Economics)
Andrew Ellul (Indiana University, Kelley School of Business)
Itay Goldstein (Wharton Business School)
Martin Öhmke (London School of Economics)

Winter Term 2017

Alexander Stomper (Berlin’s Humboldt University), „The stability of dividends and wages: effects of competitor inflexibility“
Charles Calomiris (Columbia Business School), „Capital Inflows, Equity Issuance Activity, and Corporate Investment“
Luke Taylor (Wharton Business School), „Portfolio Liquidity and Diversification: Theory and Evidence“
David Lando (Copenhagen Business School), „Generalized Recovery“
Anjan Thakor (Olin Business School), „Intermediation Variety“
Florian Heider (European Central Bank), „Optimal Margins and Equilibrium Prices“
Alberto Manconi (Bocconi University), „Credit, Labor, and Political Unrest: Evidence from 1930s China“
Jean-Pierre Zigrand (London School of Economics), „Systemic Risk and the Dynamics of Temporary Financial Networks“
Jean-Edouard Colliard (HEC, Paris), „Financial Restructuring and Resolution of Banks“

Summer Term 2017

Jonathan Berk (Stanford University, Graduate School of Business) „Mutual Funds in Equilibrium“
Emanuel Mönch (Deutsche Bundesbank) „Reach for Yield in Investment Funds„
Bo Becker (Stockholm School of Economics) „Convenant-light Contracts and Creditor Coordination“
Christian Leuz (Chicago Booth) „An Information-Theoretic Asset Pricing Model“
Christian Julliard (London School of Economics)
Zhiguo He (Chicago Booth) „Leverage Dynamics without Commitment“
Ron Kaniel (University of Rochester) „Relative Pay for Non-Relative Performance Keeping up with the Joneses with Optimal Contracts“
Vincent Glode (Wharton Business School) „Voluntary Disclosure in Bilateral Transactions„
Alexander Gümbel (Toulouse School of Economics) „A Welfare Analysis of Segmented Liquidity Markets“
Tobias Berg (Frankfurt School of Finance and Management ) „Brexit and the Contraction of Syndicated Lending„
Steven Ongena (University of Zurich) „Changes in the Cost of Bank Equity and the Supply of Bank Credit„
Patrick Bolton (Columbia University) „The End of the “Modern Corporation”: Deregulation and Ownership of Electric Utilities“
Adriano Rampini (Duke University) „Financing Durable Assets„
Paola Sapienza (Northwestern University, Kellog School of Management)

Winter Term 2016

Florian Ederer (Yale School of Management), „Common Ownership, Competition, and Top Management Incentives“
Anton Korinek (John Hopkins University), „Financial Innovation for Rent Extraction“
Andrew Winton (Carlson School of Management, Minnesota), „Lender Moral Hazard and Reputation in Originate-to-Distribute Markets“
Giorgia Piacentino (Washington University)
Laura Starks (University of Texas, Austin), „Economic Policy Uncertainty, Learning and Incentives: Theory and Evidence on Mutual Funds„
Li He (WU), „Payroll and Financial Leverage“
Vasso Ioannidou (Lancaster University), „Do Central Banks Face a Positive-Profit Constraint?„
Espen Henriksen (BI Norwegian Business School), „The Risky Capital of Emerging Markets„
Oliver Boguth (Arizona State University), „The Fragility of Organization Capital“
Tarek Hassan (Chicago Booth), „Currency Maipulation“
Filippo Ippolito (Pompeu Fabra University), „Levered Returns and Capital Structure Imbalances“
Quxian Zhang (Erasmus University Rotterdam), „Why Do Distressed Firms Acquire?“

Summer Term 2016

Sunil Wahal (Arizona State University), „The Demand for Diversification in Incomplete Markets“
Josef Zechner (WU), „Debt Maturity and the Dynamics of Leverage“
Sudipto Dasgupta (Lancaster University), „Social Connections, and the Boundary of the Firm„
Doron Levit (Wharton), „Governing Multiple Firms“
Rainer Haselmann (Goethe, Frankfurt), „Rent-Seeking in Elite Networks“
Marco Pagano (University of Naples), „Corporate Leverage and Employees’ Rights in Bankruptcy“
Mungo Wilson (Said Business School, Oxford), „One Central Bank to Rule Them All“
Yuri Tserlukevich (Arizona State University), „Is Market Timing Good for Shareholders?“
Ilona Babenko (Arizona State University), „Information Acquisition and Corporate Debt Illiquidity“
Tarun Chordia (Emory University), „Do High Frequency Traders Need to be Regulated? Evidence from Trading on Macroeconomic Announcements“
Norman Schürhoff (University of Lausanne), „Relationship Trading in OTC Markets“
Clemens Sialm (University of Texas, Austin), „Government Debt and Capital Structure Decisions: International Evidence“
Sheridan Titman (University of Texas), „Creative Destruction, Investor Beliefs and the Evolution of Stock Returns“
Erwan Morellec (EPFL), „Rollover Traps“

Winter Term 2015

Ajay Subramanian (Georgia State University), „Ownership Structure, Incentives and Asset Prices“
Hanno Lustig (Stanford University), „Does Market Incompleteness Help to Explain Exchange Rates?“
Mikhail Chernov (UCLA), „Term structures of asset prices and returns“
Guillaume Vuillemey (HEC), „Derivatives and interest rate risk management by commercial banks“
Rick Sias (The University of Arizona), „Who are the Sentiment Traders? Evidence from the Cross-Section of Stock Returns and Demand“
Robert Bushman (University of North Carolina), „The Informational Role of the Media in Private Lending“
Paul Schultz (University of Notre Dame), „Liquidity in a Market for Unique Assets Specified Pool and TBA Trading in the Mortgage Backed Securities Market“
Nobuhiro Kiyotaki (Princeton University), „Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises“
Alex Edmans (London Business School), „Financing Through Asset Sales“
Ludovic Phalippou (Oxford University)
Maria Chaderina (WU), „Hedging News with Cash and Debt“
Frederico Belo (University of Minnesota), „External Equity Financing Shocks, Financial Flows, and Asset Prices“
Ernst-Ludwig von Thadden (University of Mannheim), „A Corporate Governance Asset Pricing Model: Theory and Evidence“

Summer Term 2015

Karin S. Thorburn (Norwegian School of Economics), „Are stock-financed takeovers opportunistic?“
Christian Wagner (Copenhagen Business School), „Does central bank tone move asset prices?“
Nicola Gennaioli (Bocconi University), „Stereotypes“
Kent Smetters (University of Pennsylvania Wharton), „A Sharper Ratio: A General Measure for Correctly Ranking Non-Normal Investment Risks“
Nicolas Petrosky-Nadeau (Carnegie Mellon University), „Endogenous Crises and Asset Prices“
Christopher Hennessy (London Business School), „Natural Experiment Policy Evaluation: A Critique“
Andrey Malenko (MIT Sloan School of Management), „Timing Decisions in Organizations: Communication and Authority in a Dynamic Environment“
Nikolaus Hautsch (University of Vienna), „The Hidden Side of the Market: Order Exposure and Liquidity Coordination“
Rick Green (Carnegie Mellon University), „Advance Refundings of Municipal Bonds“
Antoinette Schoar (MIT Sloan School of Management), „Changes in Buyer Composition and the Expansion of Credit during the Boom“
Ivan Shaliastovich (University of Pennsylvania Wharton), „Monetary Policy Risks in the Bond Markets and Macroeconomy“
Nikolai Roussanov (University of Pennsylvania Wharton), „Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution“
Gyöngyi Loranth (University of Vienna), „Bank Payout Policy, Performance, and Insider Trading in the Financial Crisis of 2007-2009“

Winter term 2014

Mike Burkart (Stockholm School of Economics), „Activist Funds, Leverage, and Procyclicality“
Torben Andersen (Northwestern University), „Parametric Inference and Dynamic State Recovery from Option Panels“ and „The Risk Premia Embedded in Index Options“
Lars-Alexander Kühn (Carnegie Mellon University), „A Labor Capital Asset Pricing Model“
Michael Weber (University of Chicago), „Nominal Rigidities and Asset Pricing“
Pete Kyle (University of Maryland), „Smooth Trading with Overconfidence and Market Power“
Howard Kung (London Business School), „Government Maturity Structure Twists“
Thomas Gehrig (University of Vienna), „Loan Sales and Screening Incentives“
Jin Yu (University of New South Wales), „A Theory of Family Ownership„
Sumit Agarwal (National University of Singapore), „Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response“
Chester Spatt (Carnegie Mellon University), „A solution to the Palm–3Com spinoff puzzles“
Robert Dittmar (University of Michigan), „Firm Characteristics, Consumption Risk, and Firm-Level Risk Exposures“
Robert Kosowski (Imperial College London), „The Effect of regulatory constraints on fund performance New evidence from UCITS hedge funds“
Stephan Siegel (University of Washington), „The Cultural Origin of Preferences: CEO Cultural Heritage and Corporate Investment“

Summer term 2014

Peter Bossaerts (California Institute of Technology), „‚Lucas‘ In The Laboratory“
David Scharfstein (Harvard Business School), „Dollar Funding and the Lending Behavior of Global Banks“
Alexander Ljungqvist (NYU Stern School of Business), „How Constraining Are Limits to Arbitrage? Evidence from a Recent Financial Innovation“
Günter Strobl (Frankfurt School of Finance & Management), „Credit Ratings: Strategic Issuer Disclosure and Optimal Screening“
Toni Whited (University of Rochester, Simon Graduate School of Business), „Collateral, Taxes, and Leverage“
Ralph Koijen (London Business School), „Shadow Insurance„
Adlai Fisher (University of British Columbia, Sauder School of Business), „Horizon Effects in Average Returns: The Role of Heterogeneous Information Diffusion“
Ruediger Fahlenbrach (Swiss Finance Institute, Ecole Polytechnique Fédérale de Lausanne), „Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities“
Pierre-Olivier Weill (UCLA), „The Market for OTC Derivatives“
Zacharias Sautner (Frankfurt School of Finance & Management), „The Effect of Managerial Short-Termism on Corporate Investment“
Igor Makarov (London School of Economis), „Arbitrage Trading with Marking-to-market and Price Impact“
Richard Lowery (University of Texas at Austin, McCombs School of Business), „The costs of closing failed banks: A structural estimation of regulatory incentives“
Malcolm Baker (Harvard Business School), „Do strict capital requirements raise the cost of capital? Banking regulation and the low risk anomaly“
Peter Feldhütter (London Business School), „The Credit Spread Puzzle – Myth or Reality“
Florian Heider (European Central Bank), „As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes“
Holger Kraft (Frankfurt University Goethe Business School), „Consumption and Wage Humps in Lifecycle Models“

Winter Term 2013

Rossen Valkanov (UC San Diego Rady School of Management), „Advantages and Disadvantages of Securitization: Evidence from Commercial Mortgages“
Peter Kondor (Central European University), „Trading and Information Diffusion in Over-the-Counter Markets“
Lubos Pastor (University of Chicago – Booth School of Business), „Scale and skill in active management“
Wolf Wagner (Tilburg School of Economics and Management), „The Disturbing Interaction between Countercyclical Capital Requirements and Systemic Risk“
Andrea Caggese (Universitat Pompeu Fabra), „Constraints, Firm Dynamics and Innovation“
Maria Cecilia Bustamante (London School of Economics), „Product Market Competition and Industry Returns“
Doron Avramov (The Hebrew University of Jerusalem), „Time-Varying Momentum Payoffs and Illiquidity“
Michael Halling (Stockholm School of Economics), „Violations of the Law of One Fee in the Mutual Fund Industry“
Bart Lambrecht (University of Cambridge), „The Dynamics of Investment, Payout and Debt“
Carolin Pflueger (UBC Sauder School of Business), „Monetary Policy Drivers of Bond and Equity Risks“
Konstantin Milbradt (MIT Sloan School of Management), „Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle“
Paul Schneider (University of Lugano), „Generalized Risk Premia – The Economic Value of Predictability“
Loriana Pelizzon (SAFE – Goethe University Frankfurt), „Sovereign Credit Risk, Liquidity and ECB Intervention: Deus Ex Machina?“
James Dow (London Business School), „Financial Contracting, Limited Liability and Bubbles“

Summer Term 2013

Eric Hughson (Claremont McKenna College), „The Effect of Centralized Clearing on Market Liquidity: Lessons from the NYSE“
Franklin Allen (The Wharton School – University of Pennsylvania), „Deposits and Bank Capital Structure“
Lasse Pedersen (Copenhagen Business School), „Embedded Leverage“
Philip Dybvig (Olin School of Business at Washington University in Saint Louis), „High Hopes and Disappointment“
Olivia Mitchell (The Wharton School – University of Pennsylvania), „Optimal Financial Knowledge and Wealth Inequality“
Vicente Cunat (London School of Economics), „Say Pays! Shareholder Voice and Firm Performance“
Kai Li (Sauder School of Business – University of British Columbia), „Investor Myopia and CEO Turnover:Evidence from Private Firms“
Xavier Giroud (MIT Sloan School of Management), „Capital and Labor Reallocation Inside Firms„
Joel Shapiro (Oxford University), „A Mechanism for LIBOR“
Martin Oehmke (Columbia Business School, New York), „Synthetic or Real? The Equilibrium Effect of Credit Default Swaps on Bond Markets“
Raman Uppal (EDHEC Business School, London), „Comparing Different Regulatory Measures to Control Stock Market Volatility“
Robert DeYoung (Kansas University), „Economies of Scale and the Economic Role of Banks“
Damir Filipovic (Swiss Finance Institute – EPFL), „Risk-Based Solvency Regulation and Scenario Aggregation“
Vikrant Vig (London Business School), „Cultural Proximity and Loan Outcomes“
Ed van Wesep (University of North Carolina), „The Quality of Expertise“
Martin Hellwig (Max Planck Institute for Research on Collective Goods), „Debt Overhang and Bank Capital Regulation“
Douglas Diamond (Booth School of Business – University of Chicago), „A Theory of Debt Maturity: The Long and Short of Debt Overhang“

Winter Term 2012

Suleyman Basak (London Business School), „Asset Prices and Institutional Investors“
Stefan Nagel (Stanford Graduate School of Business), „Sizing Up Repo“
Peter DeMarzo (Stanford Graduate School of Business), „Risking Other People’s Money: Gambling, Limited Liability, and Optimal Incentives“
Klaus Ritzberger (Institute for Advanced Studies, Vienna), „Order-Driven Markets are Almost Competitive“
Brigitte Madrian (Harvard Kennedy School), „Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?“
Michael Haliassos (Goethe University Frankfurt), „Debt and Social Interactions“
Ester Faia (Goethe University Frankfurt), „Endogenous Banks‘ Networks, Cascades and Systemic Risk“
Jean Helwege (Moore School of Business (University of South Carolina)), „Crises, Liquidity Shocks, and Fire Sales at Commercial Banks“
Joshua Rauh (Stanford Graduate School of Business), „Linking Benefits to Investment Performance in US Public Pension Systems“
Florian Ederer (UCLA Anderson School of Management), „Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment“
Raffi Amit (The Wharton School (University of Pennsylvania)), „Corporate Divestitures and Family Control“
Terrance Odean (Haas School of Business (University of California at Berkeley)), „Bubbling with Excitement: An Experiment“
Giovanna Nicodano (University of Torino), „Intercorporate guarantees, leverage and taxes“

Summer Term 2012

Richard Roll (University of California, Los Angeles), „How Stable Are Corporate Capital Structures?“
Engelbert Dockner (WU (Vienna University of Economics and Business)), „Interaction Between Dynamic Financing and Growth Options: The Impact of Industry Structures“
Bill Zame (University of California, Los Angeles), „Asset Pricing and Asymmetric Reasoning“
Semyon Malamud (École Polytechnique Fédérale de Lausanne), „Information Percolation in Segmented Markets“
Christopher Hennessy (London Business School), „Skin in the Game and Moral Hazard“
David Easley (Cornell University), „Flow Toxicity and Liquidity in a High Frequency World“
Simone Manganelli (ECB Frankfurt), „VAR for VaR: Measuring Systemic Risk Using Multivariate Regression Quantiles“
Mark Kamstra (York University), „The Annuity Duration Puzzle“
Ingrid Werner (Ohio State University), „Diving into Dark Pools“
Michael Kisser (Norwegian School of Economics), „Capital Structure Choice – Who Finances Externally?“
Rüdiger Frey (WU (Vienna University of Economics and Business)), „Dynamics of Corporate Security Prices in Firm Value Models with Incomplete Information“
David Thesmar (HEC Paris), „Categorization Bias in the Stock Market“
Linda Tesar (University of Michigan), „Fire Sale FDI or Business As Usual?“
Leonid Kogan (Massachusetts Institute of Technology), „A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks“
Luigi Guiso (Einaudi Institute for Economics and Finance Roma), „Time Varying Risk Aversion“
Youchang Wu (University of Wisconsin-Madison), „Mutual fund family and performance evaluation“

Winter Term 2011

Volker Laux (University of Texas), „Stock Option Vesting Conditions, CEO Turnover, and Myopic Investment“
Adlai Fisher (University of British Columbia, Vancouver), „Dividend Strips and the Term Structure of Equity Risk Premia: A Case Study of Limits to Arbitrage„
Ernst Maug (University of Mannheim), „Indexing Executive Compensation Contracts“
Mao Ye (University of Illinois), „What’s Not There: The Odd-Lot Bias in TAQ Data“
Augustin Landier (University of Toulouse), „The Risk-Shifting Hypothesis: Evidence from Subprime Originations“
Albert Menkveld (Vrije Universteit Amsterdam), „Middlemen in Limit-Order Markets“
Guillaume Plantin (University of Toulouse), „Inequality, Tax Avoidance, and Financial Instability“
Adam Szeidl (UC Berkeley), „A Model of Focusing in Economic Choice“
Bjorn Eraker (Wisconsin), „Dynamic Present Values and the Intertemporal CAPM“
Pierre Mella-Barral (EDHEC Nice), „Entrepreneurial Spawning and Firm Characteristics“
Jan Bena (UBC), „The Lifecycle of the Economy-Wide Distribution of Leverage“
Daniel Paravisini (Columbia University), „Cultural Proximity and Loan Outcomes“
Jeffrey Brown (University of Illinois), „Why I Lost My Secretary: The Effect of Endowment Shocks on University Operations“
Josef Zechner (WU), „Granularity of Corporate Debt: Theory and Tests“
Mariassunta Giannetti (Stockholm School of Economics), „The Brain Gain of Corporate Boards: A Natural Experiment from China“
Christian Schlag (University of Frankfurt), „The Role of Volatility Shocks and Rare Events in Long-Run Risk Models“

Summer Term 2011

Ulrich Hege (HEC Paris), „How does Private Equity Bid in Corporate Asset Sales? The paper is not available online.“
Christa Bouwman (Case Western Reserve University, Cleveland), „The Geography of Executive Compensation“
Josef Zechner (WU Vienna University of Economics and Business), „Leverage Dynamics over the Business Cycle“
Elena Carletti (European University Institute), „Asset Commonality, Debt Maturity and Systematic Risk“
Thierry Foucault (HEC Paris), „Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation“
Charlotte Ostergaard (Norwegian School of Management), „Real and Financial Tradeoffs in Non-Listed Firms: Cash Flow Sensitivities and How They Change with Shocks to Firms‘ Main-Bank„
Harald Hau (INSEAD), „The Role of Equity Funds in the Financial Crisis Propagation
Eric Ghysels (University of North Carolina), „Conditional Skewness of Stock Market Returns in Developed and Emerging Markets and its Economic Fundamentals“
Francisco Gomes (London Business School), „Quantifying the Distortionary Fiscal Cost of ‘The Bailout’“
Charles Jones (Columbia University), „Two Short Tales“
Mark Grinblatt (University of California, Los Angeles), „IQ and Stock Market Trading“
Robert Marquez (Boston University), „Leaving Money on the Table: A Theory of Private Equity Fund Returns“
Amit Goyal (Université de Lausanne), „Buyers Versus Sellers: Who Initiates Trades And When?“
Sönje Reiche (University of Cambridge), „Robust Incentives and Non-Exclusive Contracts“
Dirk Hackbarth (University of Illinois), „Innovation, Capital Structure, and the Boundaries of the Firm“
Pegaret Pichler (Northeastern University), „The Design of Mortgage-Backed Securities and Servicer Contracts“

Winter Term 2010

Seppo Ikäheimo (Helsiniki School of Economics)
Christian Leuz (University of Chicago)
Robert Korajczyk (Northwestern University)
Albert Kyle (University of Maryland)
Tim Adam (Humboldt-Universität zu Berlin)
Heitor Almeida (University of Illinois)
Jean-Pierre Zigrand (London School of Economics)
Rui Albuquerque (Boston University)
Igor Makarov (London Business School)
Christine Parlour (University of California Berkeley)
Daniel Ferreira (London School of Economics)
Alex Stomper (Institute for Advanced Studies, VGSF)
Joel Peress (INSEAD)
Rüdiger Fahlenbrach (Ecole Polytechnique Fédérale de Lausanne)

Summer Term 2010

Ron Giammarino (University of British Columbia)
Michael Brandt (Duke University)
Clemens Sialm (University of Texas at Austin)
Oliver Fabel (University of Vienna)
Denis Gromb (INSEAD)
Christian Julliard (London School of Economics)
Neil A. Doherty (University of Pennsylvania)
Jean Charles Rochet (University Toulouse 1)
Dirk Hackbarth (University of Illinois)
Pierre Collin-Dufresne (Columbia University)
Christian Gollier (University Toulouse 1)
Laura Starks (University of Texas at Austin)
Pietro Veronesi (University of Chicago)
Robert Hauswald (American University)
Allaudeen Hameed (National University of Singapore)
Hanno Lustig (University of California, Los Angeles)

Winter Term 2009

Xunyu Zhou (University of Oxford)
Ulrich Horst (Humboldt-Universität zu Berlin)
Lubos Pastor (University of Chicago)
Raman Uppal (London Business School)
Oren Sussman (University of Oxford)
Roman Inderst (Goethe Universität Frankfurt am Main)
Markus Leippold (Universität Zürich)
André Gygax (University of Melbourne)
Alexander Mürmann (Vienna University of Economics and Business)
Robert Hauswald (American University)
Philipp Illeditsch (University of Pennsylvania)
Anat Admati (Stanford University)
Ilya Strebulaev (Stanford University)
Colin Mayer (University of Oxford)
Philipp Schnabl (New York University)
Gordon Phillips (University of Maryland)

Summer Term 2009

Andrew Yim (Tilburg University), „Cost of Capital, Hurdle Rate, and Default Risk: A Robust Model of Internal Capital Markets“
Wolfgang Bühler (Universität Mannheim), „Risk-Adjusted Performance Measurement of Bond Portfolios“
Piet Sercu (Katholieke Universiteit Leuven), „Estimating the Intertemporal Substitution Elasticity“
Effi Benmelech (Harvard University), „Vintage Capital and Creditor Protection“
Toni Whited (University of Wisconsin), „Capital Structure Dynamics and Transitory Debt“
Jacob Sagi (Vanderbilt University), „Dynamic Corporate Capital Stocks: Cross-sectional and Inter-temporal Stock Return Patterns“
Josef Zechner (Wirtschaftsuniversität Wien), „Liquidity and Feasible Debt Relief“
Ehud I. Ronn (University of Texas at Austin), „The Valuation and Informational Content of Options on Crude-Oil Futures Contracts“
Jiang Wang (Massachusetts Institute of Technology), „Liquidity of Corporate Bonds“
Stijn van Nieuwerburgh (New York University), „The Cross-Section and Time-Series of Stock and Bond Returns“
Laura Veldkamp (New York University), „Attention Allocation Over the Business Cycle: Evidence from the Mutual Fund Industry“

Winter Term 2008

Christian Leuz (University of Chicago, Graduate School of Business), „Voluntary Disclosure and the Cost of Capital: Evidence from Firms‘ Responses to the Enron Shock“
Russ Wermers (University of Maryland, Robert H. Smith School of Business), „False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas“
Karl Schmedders (Northwestern University, Kellogg School of Management), „Bond Ladders and Optimal Portfolios“
Kristian R. Miltersen (Norwegian School of Economics and Business Administration), „Risky Corporate Debt with Finite Maturity“
Paolo Sodini (Stockholm School of Economics), „Fight or Flight? Portfolio Rebalancing by Individual Investors“
Fabio Maccheroni (Università Bocconi), „Risk Measures: Rationality and Diversification“
Lucio Sarno (University of Warwick, Warwick Business School), „The Forward Volatility Bias: A New Puzzle in Foreign Exchange“
Eduardo Schwartz (UCLA, Anderson School of Management), „Options Trading Activity and Firm Valuation“
Christopher Hennessy (University of California Berkeley, Haas School of Business), „Security Design, Liquidity, and the Informational Role of Prices“
Stephen Shore (Johns Hopkins University), „Changes in the Distribution of Income Volatility“
Hansjörg Albrecher (Johannes Kepler University Linz); „Tax and Dividend Payments in Collective Risk Theory“
Wayne R. Landsman (University of North Carolina at Chapel Hill, Kenan-Flagler Business School), „Do Investors Understand Really Dirty Surplus?“
Gustavo Manso (MIT, Sloan School of Management), „Performance-Sensitive Debt“
David Musto (University of Pennsylvania, Wharton), „High Water Marks in Competitive Capital Markets“

Summer 2008

Engelbert Dockner (Vienna University of Economics and Business Administration), „Choice of Rating Technology and Price Formation in Imperfect Credit Markets“
Jaksa Cvitanic (California Institute of Technology), „Optimal contracts in continuous time“
Christopher Hennessy (UC Berkeley), „Debt, bargaining, and credibility in firm-supplier relationships“
Toni Whited (University of Wisconsin-Madison), „What gives? A Study of Firms‘ Reactions to Cash Shortfalls“
Tomas Björk (Stockholm School of Economics), „Time Inconsistent Stochastic Control“
Antoon Pelsser (University of Amsterdam), „Approximate Solutions for Indifference Pricing under General Utility Functions“
Ilan Cooper (Tel Aviv University), „Real Investment and Risk Dynamics“
Harjoat Bhamra (University of British Columbia), „The Levered Equity Risk Premium and Credit Spreads: A Unified Framework“
Wei Xiong (Princeton University), „Delegated Asset Management and Market Segmentation“
Terrance Odean (Haas School of Business, Berkeley), „Day Trading in Equilibrium“
Raffi Amit (Wharton School), „Familiy Control of Firms and Industries“
Jonathan Berk (UC Berkeley), „Return persistance and fund flows in the worst performing mutual funds“
Tim Adam (National University of Singapore), „Strategic Risk Management and Product Market Competition“
Neng Wang (Columbia University), „Dynamic Agency and the q Theory of Investment“
Alexander Muermann (Vienna University of Economics and Business Administration), „Financing Risk Transfer under Governance Problems: Mutual versus Stock Insurers“
Vito D. Gala (London Business School), „Irreversible Investment and the Cross-Section of Stock Returns in General Equilibrium“
Ralf Elsas (Munich School of Management, Ludwig-Maximilians-Universität), „The Impact of Default Risk on Equity Returns: Evidence from a Bank-based Financial System“

Winter Term 2007

Adlai Fisher (University of British Colombia), „Conditional Risk, Overconditioning, and the Performance of Momentum Strategies“
Gordon Phillips (University of Maryland), „Real and Financial Industry Booms and Busts“
Felix Meschke (University of Minnesota), „The Rise and Fall of Portfolio Pumping Among U.S. Mutual Funds„
Andrea Eisfeldt (Northwestern University), „Financing Shortfalls and the Value of Aggregate Liquidity“
Eckhard Platen (University of Technology Sydney), „A Benchmark Approach to Finance“
Damir Filipovic (Vienna Institute of Finance), „Non-Monotone Risk Measures and Monotone Hulls“
Jason Huafeng Chen (University of British Columbia), „Return Comovement“
Loriana Pelizzon (Università Ca’Foscari di Venezia), „Credit Derivatives, Capital Requirements and Opaque OTC Markets“
Vikram Nanda (Arizona State University), „Are Incentive Contracts Rigged by Powerful CEOs?“
Kristian Miltersen (Norwegian School of Economics and Business Administration), „Real Options with Uncertain Maturity and Competition“
Sheridan Titman (University of Texas at Austin), „Financial Structure, Liquidity, and Firm Locations“
Michael Brandt (Duke University), „Gutmann Public Lecture: What Do Government Bond Investors Care About: Credit Quality or Liquidity?“
Alexander Wagner (University of Zurich), „The Executive Turnover Risk Premium“
Jeffrey Zwiebel (Stanford University), „Executive Pay, Hidden Compensation, and Managerial Entrenchment“
Rohit Rahi (London School of Economics), „Arbitrage Networks“
Susan Christoffersen (McGill University), „Fund Flows vs. Family Flows: Evidence from the Cross Section of Brokers“

Summer Term 2007

Matti Keloharju (Helsinki School of Economics), „Sensation Seeking, Overconfidence, and Trading Activity“
Laurent E. Calvet (HEC Paris), „Down or Out: Assessing the Welfare Costs of Household Investment Mistakes“
Christopher Hennessy (UC Berkeley), „A Dynamic Theory of Corporate Finance Based Upon Repeated Signaling“
Massimo Massa (INSEAD), „Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control“
Lu Zhang (University of Michigan), „Regularities“
Michael Roberts (Wharton), „Control Rights and Capital Structure: An Empirical Investigation“
Toni Whited (University of Wisconsin), „The Corporate Propensity to Save“
Günter Strobl (University of North Carolina), „Time-Varying Information Asymmetry and the Disposition Effect“
Richard Stanton (University of Berkeley), „Optimal Exercise of Executive Stock Options and Implications for Firm Cost“
David Hirshleifer (UC Irvine), „Stock Market Misvaluation and Corporate Investment“
Siew Hong Teoh (UC Irvine), „Driven to Distraction: Extraneous Events and Underreaction to Earnings News“

Winter Term 2006

Peter Swan (UNSW), „Optimal portfolio balancing under conventional preferences and transaction costs explains the equity premium puzzle“
Ashley Wang (UC Irvine), „Asset Pricing and Mispricing“
Xavier Freixas (Pompeu Fabra), „How can emerging market economies benefit from a corporate bond market?“
Marcin Kacperczyk (University of British Columbia), „Labor Unions, Operating Leverage, and Expected Stock Returns“
Will Goetzman (Yale), „Risk Aversion and Clientele Effects“
Dirk Hackbarth (Washington University in St. Louis), „Corporate Bond Credit Spreads and Forecast Dispersion“
Erik Theissen (University of Bonn), „Short sale constraints, divergence of opinion and asset values: Evidence from the laboratory“
Nicole Branger (University of Münster), „Rational Laymen versus Over-Confident Experts: Who Survives in the Long Run?“
Youchang Wu (University of Vienna), „Intermediated Investment Management“
Peter Bossaerts (California Institute of Technology), „Equilibration under Competition in Smalls: Theory and Experimental Evidence“
Denis Gromb (London Business School), „Financially Constrained Arbitrage and the Cross-section of Market Liquidity“
Leopold Sögner (Vienna University of Technology), „Jumps and Recovery Rates Inferred from Corporate CDS Premia“
Pedro Santa-Clara (UCLA), „Parametric Portfolio Policies: Exploiting characteristics in the cross section of equity returns“

Summer Term 2006

Vasant Naik (Lehman Brothers), „Global Savings-Investment Imbalances: A Look through the Life-Cycle Model“
Michael Halling (University of Vienna), „Equity Return Prediction: Are Coefficients Time-Varying?“
Doyne Farmer (Santa Fe Institute), „Financial Markets as a Behavioral Laboratory: An Empirical Behavioral Model for Price Formation“
Klaus Ritzberger (Institute for Advanced Studies Vienna), „Corporate Control and the Stock Market“
Erwan Morellec (HEC Lausanne), „Stock Returns in Mergers and Acquisitions“
Liam Brunt (HEC Lausanne), „Do Banks Generate Financial Market Integration?“
Pierre Mella-Barral (HEC Paris), „Which way to Grow? Merging, Allying, or Buying Assets“
Dimitri Vayanos (London School of Economics), „A Search-Based Theory of the On-the-Run Phenomenon“
Andrei Simonov (Stockholm School of Economics), „Shareholder Homogeneity and Firm Value: The Disciplining Role of Non-Controlling Shareholders“
Lorenzo Garlappi (University of Texas (Austin), „Default Risk, Shareholder Advantage, and StockReturns“
Wolfgang Bühler (Universität Mannheim), „Credit Risk, Liquidity Risk, and OptimalCapital Structure under Incomplete Accounting Information“
Josef Zechner (University of Vienna), „Human Capital, Bankruptcy, and Capital Structure“
David Feldman (University of New South Wales), „The CAPM Relation for Inefficient Portfolios“
Martijn Cremers (Yale), „Active and Passive Positions by Mutual Funds“
Kai Li (University of British Columbia), „Corporate Boards and the Leverage and Debt Maturity Choices“
Philipp Schönbucher (ETH Zürich), „Portfolio Losses and the Term Structure of Loss Transition Rates: A new methodology for the pricing of portfolio credit derivatives“
Branko Urosevic (University of Belgrade; Universitat Pompeu Fabra, Barcelona), „Ownership Dynamics with Multiple Insiders: The case of REITs“
Li Jin (Harvard), „Managerial Career Concern and Mutual Fund Short-termism“

Winter Term 2005

Bing Liang (University of Massachusetts), „Do Market Timing Hedge Funds Time the Market?“
Per Strömberg (SIFR), „What are Firms? Evolution from Birth to Public Companies“
Nicolae Garleanu (University of Pennsylvania), „Demand-Based Option Pricing“
Alexander Stomper (University of Vienna), „How Leverage affects Pricing: Theory and Evidence“
Alois Geyer (Vienna University of Economics and Business Administration), „Life-Cycle Asset Allocation“
Espen Eckbo (Dartmouth College), „The Toehold Puzzle“
Charlotte Ostergaard (Norwegian School of Management), „U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income“
Hans Degryse (CentER-Tilburg University), „SMEs and Bank Lending Relationships: The Impact of Mergers“
Ed Nosal (Federal Reserve Bank of Cleveland), „Moral Hazard and the Design of Bank Liabilities“
Burcin Yurtoglu (University of Vienna), „The Effects of Ownership Concentration and Identity on Investment Performance: An International Comparison“
Ilya Strebulaev (Stanford University), „Firm Size and Capital Structure“
Engelbert Dockner (University of Vienna), „Leaders, Followers, and Risk Dynamics in Industry Equilibrium“
Lubos Pastor (University of Chicago), „Technological Revolutions and Stock Prices“

Past Seminars CCEFM & QF

Summer Term 2005

Christine Parlour
Doron Avramov
Thomas Steinberger
Jun Liu
Suleyman Basak
Youchang Wu
Viral Acharya
Alfred Lehar
Suresh Sundaresan
Hayne Leland
Klaus Ritzberger
Roman Inderst
Martin Ruckes

Winter Term 2004

Russ Wermers
Eugene Kandel
Raman Uppal
Yihong Xia
Rick Green
Ernst Maug
Andrew Ellul
Youchang Wu
Josef Zechner
Christian Pierdzioch
Florian Heider
Bernard Dumas

Summer Term 2004

Leo Kaas
William Sharpe
Ulf von Lilienfeld
Duane Seppi
Jos van Bommel
Leonid Kogan
Martin Dierker
Stefan Reichelstein
Josef Zechner

Summer Term 2003

Martin Weber
Evelyn Hayden
David Lando
Alex Stomper

Winter Term 2003

Andrei Shleifer
Michael Brennan
Gilles Chemla
Jin-Chuan Duan
Chester Spatt
Alex Stomper
Josef Zechner
Stephen Ross

Winter Term 2002

Russ Wermers
Bryan Routledge
Alan Morrison

Summer Term 2002

Stephen Ross
Neal Stoughton
Utpal Bhattacharya
Martin Scheicher
Wolfgang Bühler
Suresh Sundaresan

Winter Term 2001

Otto Randl
Alex Stomper
Elroy Dimson
Gerhard Stahl
Maurice Levi
Pegaret Pichler
Duane Seppi
Avi Wohl

Summer Term 2001

Yishay Yafeh
Ernst Ludwig von Thadden

Winter Term 2000

Thomas Dangl
Marek Musiela
Javier Suarez
Raman Uppal
Christian Laux

Summer Term 2000

Tomas Bjoerk
Klaus Gugler
Ulrich Hege
Philip Schoenbucher
Kjell Nyborg
Paolo Fulghieri
David Lando
Gerald Garvey
Enrico Perotti
David Bates

Winter Term 1999

Ravi Jagannathan
Wayne Ferson
Zsuzsanna Fluck
Martin Hellwig
Alex Stomper
Alexander Ljungqvist
Krisitan Miltersen
Stavros Zenios
Alfred Wagenhofer
Hans Moritsch

Past Seminars CCEFM & QF

Events