Authors, please upload your paper here.

 

NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2013

 

Corporate Finance Workshop

Malcolm Baker and Bo Becker, Organizers

 

JULY 8 - 9, 2013

 

Royal Sonesta Hotel

Ballroom A

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

PROGRAM

 

MONDAY, JULY 8:

 

9:30 am

Coffee and Pastries

PRIVATE EQUITY

10:00 am

Ashwini Agrawal. New York University
Prasanna Tambe, New York University

 

Technological Investment and Labor Outcomes: Evidence from Private Equity

 

 

 

Discussant: Morten Sorensen, Columbia University and NBER

 

 

10:50 am

Lily Fang, INSEAD
Victoria Ivashina, Harvard University and NBER
Josh Lerner, Harvard University and NBER

 

The Disintermediation of Financial Markets: Direct Investing in Private Equity

 

 

 

Discussant: Steve Kaplan, University of Chicago and NBER

 

 

11:40 am

Lunch

 

 

1:00 pm

Nicola Gennaioli, CREI
Andrei Shleifer, Harvard University and NBER
Rob Vishny, University of Chicago and NBER

 

Finance and the Preservation of Wealth

 

 

 

Discussant: David Scharfstein, Harvard University and NBER

 

 

1:50 pm

Cesare Fracassi, University of Texas at Austin
Stefan Petry, University of Melbourne
Geoffrey Tate, University of North Carolina at Chapel Hill

 

Are Credit Ratings Subjective? The Role of Credit Analysts in Determining Ratings

 

 

 

Discussant: Michael Roberts, University of Pennsylvania and NBER

 

 

2:40 pm

Break

 

 

3:10 pm

John Asker, New York University and NBER
Joan Farre-Mensa, Harvard University
Alexander Ljungqvist, New York University and NBER

 

Corporate Investment and Stock Market Listing: A Puzzle?

 

 

 

Discussant: Amy Dittmar, University of Michigan

 

 

4:00 pm

Mike Burkart, Stockholm School of Economics
Amil Dasgupta, London School of Economics

 

Why is Hedge Fund Activism Procyclial?

 

 

 

Discussant: Itay Goldstein, University of Pennsylvania

 

 

4:50 pm

Adjourn

6:00 pm

Group Dinner – Royal Sonesta Hotel, Riverfront Room

TUESDAY, JULY 9:

 

 

8:00 am

Coffee and Pastries

 

 

LABOR MARKETS AND CORPORATE FINANCE

 

 

8:30 am

Jennifer Brown, Northwestern University and NBER
David Matsa, Northwestern University

 

Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms

 

Discussant: Antoinette Schoar, Massachusetts Institute of Technology and NBER

 

 

9:20 am

Yihui Pan, University of Utah
Tracy Yue Wang, University of Minnesota
Michael Weisbach, Ohio State University and NBER

 

Learning about CEO Ability and Stock Return Volatility

 

Discussant: Kelly Shue, University of Chicago

 

 

10:10 am

Break

 

 

10:40 am

Roland Bénabou, Princeton University and NBER
Jean Tirole, Toulouse School of Economics

 

Bonus Culture: Competitive Pay, Screening, and Multitasking

 

Discussants: Holger Mueller, New York University and NBER

 

 

11:30 am

Lunch

 

 

BANK CAPITAL (Joint with the Risks of Financial Institutions group)

 

 

1:00 pm

Malcolm Baker, Harvard University and NBER
Jeffrey Wurgler, New York University and NBER

 

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly  

 

Discussant: Randall Kroszner, University of Chicago and NBER

 

 

1:50 pm

Indraneel Chakraborty,Southern Methodist University
Itay Goldstein, University of Pennsylvania
Andrew MacKinlay, Southern Methodist University

 

Do Asset Price Bubbles have Negative Real Effects??

 

Discussant: Philipp Schnabl, New York University and NBER

 

 

2:40 pm

Break

 

 

3:10 pm

Filippo Ippolito, Universitat Pompeu Fabra
Ali Ozdagli, Federal Reserve Bank of Boston
Ander Perez, Universitat Pompeu Fabra

 

Is Bank Debt Special for the Transmission of Monetary Policy? Evidence from the Stock Market

 

Discussant: Daniel Paravasini, London School of Economics and NBER

 

 

4:00 pm

Adjourn