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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Corporate Finance Program Meeting

Philipp Schnabl and Zhiguo He, Organizers

April 19, 2013

University of Chicago
Gleacher Center, Booth School of Business (Downtown Chicago)
Room 306
450 North Cityfront Plaza Drive
Chicago, IL

PROGRAM

Friday, April 19, 2013
8:00 am	Continental Breakfast
	FIRE SALES
8:30 am	Rene Stulz, Ohio State University and NBER Craig B. Merrill and Taylor D. Nadauld and ,Brigham Young University Shane Sherlund, Federal Reserve Board Why Did Financial Institutions Sell RMBS at Fire Sale Prices During the Financial Crisis??
	Discussant: Amir Sufi, University of Chicago and NBER William Fuchs, University of California at Berkeley Aniko Oery, University of California at Berkeley Andrzej Skrzypacz, Stanford University Transparency and Distressed Sales under Asymmetric Information Discussant: Emmanuel Farhi, Harvard University and NBER
10:10 am	Break
	INCENTIVES
10:40 am	Kelly Shue, University of Chicago Richard Townsend, Dartmouth College Swinging for the Fences: Executive Reactions to Quasi-Random Option Grants
	Discussant: David Matsa, Northwestern University
	Bruno Biais and Augustin Landier, University of Toulouse
	The (ir)resistible Rise of Agency Rents
	Discussant: Philip Bond, University of Minnesota
12:20 pm	Lunch- Executive Dining Room 621
	FINANCIAL INTERMEDIATION
1:30 pm	David Scharfstein, Harvard University and NBER Adi Sunderam, Harvard University Concentration in Mortgage Lending, Refinancing Activity, and Mortgage Rates
	Discussant: Amit Seru, University of Chicago and NBER
	Tobias Berg, Humboldt University Manju Puri, Duke University and NBER Jorg Rocholl, European School of Management and Technology Loan Officer Incentives and the Limits of Hard Information
	Discussant: Andrew Hertzberg, Columbia University
3:10 pm	Break
3:40 pm	Daniel Paravisini, Columbia University and NBER Antoinette Schoar, Massachusetts Institute of Technology and NBER The Information and Agency Effects of Scores: Randomized Evidence from Credit Committees Discussant: Ulrike Malmendier, University of California at Berkeley and NBER
4:30 pm	Adjourn
6:00 pm	Joint Reception and Dinner
	University of Chicago, Gleacher Center
	Executive Dining Room 621
	450 North Cityfront Drive
	Chicago, IL
2/26/13