Friday, April 6

8:00 am

Continental Breakfast

8:30 am

Leverage-Induced Fire Sales and Stock Market Crashes

Jiangze Bian, University of International Business and Economics
Zhiguo He, Stanford University and NBER
Kelly Shue, Yale University and NBER
Hao Zhou, Tsinghua University

Discussant:
Nikolai Roussanov, University of Pennsylvania and NBER

9:30 am

Break

9:45 am

The Ostrich in Us: Selective Attention to Financial Accounts, Income, Spending, and Liquidity

Arna Olafsson, Copenhagen Business School
Michaela Pagel, Washington University in St Louis and NBER

Discussant:
Marianne Andries, University of Southern California

10:45 am

Break

11:00 am

Liquidity Creation as Volatility Risk (slides)

Itamar Drechsler, University of Pennsylvania and NBER
Alan Moreira, University of Rochester and NBER
Alexi Savov, New York University and NBER

Discussant:
Markus K. Brunnermeier, Princeton University and NBER

12:00 pm

Lunch- Executive Dining Room 621

1:15 pm

The Leading Premium

Mariano Max. Croce, Bocconi University
Tatyana Marchuk, Nova School of Business and Economics
Christian Schlag, University Frankfurt

Discussant:
Hengjie Ai, University of Wisconsin - Madison

2:15 pm

Break

2:30 pm

Learning about the Neighborhood

Zhenyu Gao, Chinese University of Hong Kong
Michael Sockin, University of Texas at Austin
Wei Xiong, Princeton University and NBER

Discussant:
Laura Veldkamp, Columbia University and NBER

3:30 pm

Break

3:45 pm

Augmenting Markets with Mechanisms

Darrell Duffie, Stanford University and NBER
Samuel Antill, Harvard University

Discussant:
Kerry Back, Rice University

4:45 pm

Adjourn

6:00 pm

Joint Reception and Dinner thanking Malcolm Baker for his program directorship
Gleacher Center
Executive Dining Room 621
450 North Cityfront Plaza Drive, Chicago, IL