Program 2017

European Winter Finance Summit, March 12 – 15, 2017

Location: Hotel Alberghaus, Zürs (Austria)
Chairs: Christian Laux (WU Vienna), Maria Chaderina (WU Vienna)

Sunday, March 12
16:30 - 17:30Welcome reception and introductory remarks
17:30 - 19:00Session 1 - Chair: Josef Zechner (WU Vienna)
Liquidity vs Information Efficiency
Sergei Glebkin (INSEAD)
Discussant: David Brown (University of Arizona)
Canary in a Coalmine: Securities Lending Predicting the Performance of Securitized Bonds
Elisabeth Kempf (Chicago Booth School of Business), Alberto Manconi (Bocconi University), Massimo Massa (INSEAD)
Discussant: Jan Schneemeier (Federal Reserve Board, Washington)
19:10 - 19:45Charlatans
Jonathan Berk (Stanford Graduate School of Business)
Monday, March 13
08:00 - 08:45Session 2 - Chair: Kristian Miltersen (Copenhagen Business School)
Identifying the Benefits from Home Ownership: A Swedish Experiment
Ulf von Lilienfeld-Toal (University of Luxembourg), Paolo Sodini (Stockholm School of Economics), Stijn van Nieuwerburgh (NYU), Roine Vestman (Stockholm University)
Discussant: Aleksandra Rzeznik (WU Vienna University of Economics and Business)
16:15 - 16:45Coffee and snacks
17:00 - 19:30Session 3 - Chair: Kjell G. Nyborg (University of Zurich)
Monetary Policy and the Stock Market: Time-Series Evidence
Andreas Neuhierl (University of Notre Dame), Michael Weber (Chicago Booth School of Business)
Discussant: Grigory Vilkov (Frankfurt School of Finance & Management)
Debt Refinancing and Equity Returns
Nils Friewald (Norwegian School of Economics), Florian Nagler (Bocconi University), Christian Wagner (Copenhagen Business School)
Discussant: Roberto Steri (University of Lausanne)
Misvaluation of Investment Options
Evgeny Lyandres (Boston University), Egor Matveyev (University of Alberta), Alexei Zhdanov (Pennsylvania State University)
Discussant: Andrea Gamba (Warwick Business School)
Tuesday, March 14
08:00 - 08:45Session 4 - Chair: Maria Chaderina (WU Vienna)
CEO Autonomy, Tenure, and Turnover
Vladimir Vladimirov (University of Amsterdam)
Discussant: Sebastian Gryglewicz (Erasmus University of Rotterdam)
16:15 - 16:45Coffee and snacks
17:00 - 19:30Session 5 - Chair: Alexander Mürmann (WU Vienna)
In no (un)certain terms: Managerial style in communicating earnings news
Michał Dzieliński (Stockholm University), Alexander Wagner (University of Zurich), Richard Zeckhauser (Harvard University)
Discussant: Karthik Balakrishnan (London Business School)
Common Ownership, Competition, and Top Management Incentives
Miguel Anton (IESE Business School), Florian Ederer (Yale School of Management), Mireia Gine (IESE Business School), Martin Schmalz (University of Michigan, Ross School of Business)
Discussant: Sandy Klasa (University of Arizona)
Good and Bad CEOs
Dirk Jenter (London School of Economics), Egor Matveyev (University of Alberta), Lukas Roth (University of Alberta)
Discussant: Kasper Meisner Nielsen (Hong Kong University of Science and Technology)
Wednesday, March 15
08:30 - 10:00Session 6 - Chair: Per Östberg (University of Zurich)
Life Below Zero: Bank Lending Under Negative Policy Rates
Florian Heider (European Central Bank), Farzad Saidi (Stockholm School of Economics), Glenn Schepens (European Central Bank)
Discussant: Espen Henriksen (BI Norwegian School of Business)
Empty Creditors and Strong Shareholders: The Real Effects of Credit Risk Trading
Stefano Colonnello (IWH Halle), Matthias Efing (HEC Paris), Francesca Zucchi (Federal Reserve Board)
Discussant: Adam Zawadowski (Central European University)