Program 2015

European Winter Finance Summit, March 15 – 18, 2015

Location: Sporthotel Royer, Schladming

Sunday, March 15
17:00 - 17:45Welcome reception and introductory remarks, Christian Laux (WU Vienna)
18:00 - 19:30Session 1 (Chair: Josef Zechner, WU Vienna)
Asymmetric Information and the Pecking (Dis)Order
Paolo Fulghieri, Diego Garcia, and Dirk Hackbarth (Boston University)
Discussant: David Brown (University of Arizona)
Restructuring Failure and Optimal Capital Structure
Alfred Lehar (University of Calgary)
Discussant: Jaewon Choi (University of Illinois at Urbana-Champaign)
Monday, March 16
08:00 - 08:45Session 2 (Chair: Alois Geyer, WU Vienna)
Distrust in Finance Lingers: Jewish Persecution and Households’ Investments
Francesco D’Acunto, Marcel Prokupczuk, and Michael Weber (University of Chicago)
Discussant: Alexander Stomper (Humboldt University)
17:00 - 19:30Session 3 (Chair: Alexander Mürmann, WU Vienna)
Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis
Kjell Nyborg and Zexi Wang (University of Bern)
Discussant: Maria Chaderina (WU Vienna)
Liquidity Uncertaint
Peter Harry Haslag and Matthew Ringgenberg (Olin Business School, Washington University St. Louis)
Discussant: Jos van Bommel (University of Luxembourg)
A Theory of Liquidity Spillovers between Bond and CDS Markets
Batchimeg Sambalaibat (University of Oklahoma)
Discussant: Nils Friewald (WU Vienna)
Tuesday, March 17
08:00 - 08:45Session 4 (Chair: Kristian Miltersen, Copenhagen Business School)
Protection of Trade Secrets and Capital Structure Decisions
Sandy Klasa (University of Arizona), Hernan Ortiz-Molina, Matthew Serfling, and Shweta Srinivasan
Discussant: Steven Xiao (Rutgers Business School)
17:00 - 19:30Session 5 (Chair: Christian Laux, WU Vienna)
Hold-Up and the Use of Performance Sensitive Debt
Tim Adam (Humboldt University) and Daniel Streitz
Discussant: Björn Imbierowicz (Goethe University Frankfurt)
Risky Utilities
Jean-Charles Rochet and Guillaume Roger (The University of Sydney)
Discussant: David Martinez-Miera (Universidad Carlos III de Madrid)
Financial Advice and Bank Profits
Daniel Hoechle, Stefan Ruenzi, Nic Schaub, and Markus Schmid (University of St. Gallen)
Discussant: Youchang Wu (University of Wisconsin-Madison)
Wednesday, March 18
08:30 - 10:00Session 6 (Chair: Stefan Pichler, WU Vienna)
The Economics of Investor-Paid Credit Rating Agencies
Dion Bongaerts (Erasmus University Rotterdam)
Discussant: Günter Strobl (Frankfurt School of Finance & Management)
Risk Management and Rating Segmentation in Credit Markets
Giacomo Rodano, Nicolas Serrano-Velarde (Bocconi University), and Emanuele Tarantino
Discussant: Florian Nagler (VGSF and WU Vienna)