Program 2025

European Winter Finance Summit, March 16-19 2025

Location: Hotel Arlberghaus, Zürs, Austria
Program Committee Chairs: Christian Laux (WU Vienna & VGSF) and Felix Fattinger (WU Vienna & VGSF)
Organizing Chair: Stefan Pichler (WU Vienna & VGSF)

 

S U N D A Y, March 16
17:30 - 18:00Welcome reception and introductory remarks
Christian Laux (Vienna University of Economics and Business)
18:00 - 19:30 Session 1: International Finance
Chair: Josef Zechner (Vienna University of Economics and Business)

Can Time-Varying Currency Risk Hedging Explain Exchange Rates?
Leonie Bräuer (University of Geneva), Harald Hau (University of Geneva)

Discussant: Irina Zviadadze (HEC Paris)

Subjective Risk Premia in Bond and FX Markets
Daniel Pesch (University of Oxford), Ilaria Piatti (Queen Mary University of London), Paul Whelan (The Chinese University of Hong Kong)

Discussant: Rossen Valkanov (UC San Diego, Rady School of Management)
M O N D A Y, March 17
08:00 - 08:45 Session 2: Anomalies in Asset Pricing
Chair: Giorgia Simion (Vienna University of Economics and Business)

Predicting Anomalies
Boone Bowles (Texas A&M University), Adam Reed (University of North Carolina), Matthew Ringgenberg (University of Utah) , Jake Thornock (Brigham Young University)

Discussant: Andreas Neuhierl (Washington University St. Louis, Olin Business School)
17:00 - 19:30 Session 3: Corporate Governance, Ownership and Competition
Chair: Alexander Mürmann (Vienna University of Economics and Business)

Beyond Peers: Cross-Industry Competition and Strategic Financing
Boris Nikolov (University of Lausanne) , Norman Schürhoff (University of Lausanne), Zepeng Wang (University of Lausanne)

Discussant: Julien Sauvagnat (Bocconi University)

Directing the Labor Market: The Impact of Shared Board Members on Employee Flows
Taylor A. Begley (University of Kentucky), Peter Haslag (Vanderbilt University), Daniel Weagly (Georgia Institute of Technology)

Discussant: Oliver Rehbein (Vienna University of Economics and Business)

Break

Fake Entry
Martin Schmalz (University of Oxford) , Jin Xie (Peking University, HSBC Business School)

Discussant: Kornelia Fabisik (University of Bern)
T U E S D A Y, March 18
08:00 - 08:45 Session 4: Decentralized Finance
Chair: Stefan Bogner (Vienna University of Economics and Business)

Market Power and the Bitcoin Protocol
Alfred Lehar (University of Calgary) , Christine Parlour (UC Berkeley)

Discussant: Stefan Voigt (University of Copenhagen)
17:00 - 19:30 Session 5: Risk, Liquidity and Corporate Financing
Chair: Kjell Nyborg (University of Zurich)

Corporate Policies and the Term Structure of Risk
Matthijs Breugem (University of Turin), Roberto Marfè (University of Turin), Francesca Zucchi (European Central Bank)

Discussant: Thomas Geelen (Pennsylvania State University)

Incremental Issuance in a Model of Risky Debt with Proportional Issuance Costs
Kristian Miltersen (Copenhagen Business School) , Jens Dick-Nielsen (Copenhagen Business School), Walter N. Torous (MIT)

Discussant: Thomas Dangl (Vienna University of Technology)

Break

The Role of Liquidity Constraints and Verifaction Costs in the Acquisition of Private Firms
Brian Cadman (University of Utah), Mark Jansen (University of Utah), Thomas Noe (University of Oxford)

Discussant: Ernst-Ludwig von Thadden (University of Mannheim)
W E D N E S D A Y, March 19
08:00 - 09:30 Session 6: Inflation and Stock Markets
Chair: Stefan Pichler (Vienna University of Economics and Business)

Inflation and Trading
Philip Schnorpfeil (Goethe University Frankfurt) , Michael Weber (University of Chicago), Andreas Hackethal (Goethe University Frankfurt)

Discussant: Felix Fattinger (Vienna University of Economics and Business)

Stagflationary Stock Returns
Ben Knox (Federal Reserve Board) and Yannick Timmer (Federal Reserve Board)

Discussant: Ricardo De la O (University of Southern California, Marshall School of Business)
09:40 - 10:00IQAM Research Center Best Discussant Prize