Monday, July 10
10:20 am

Talent in Distressed Firms: Investigating the Labor Costs of Financial Distress

Ramin Baghai, Stockholm School of Economics
Rui C. Silva, Nova School of Business and Economics
Viktor Thell, Stockholm School of Economics
Vikrant Vig, Stanford University and NBER

Discussant:
David A. Matsa, Northwestern University and NBER
11:10 am

Insurance between Firms: The Role of Internal Labor Markets

Giacinta Cestone, Cass Business School
Chiara Fumagalli, Università Bocconi
Francis Kramarz, Innovation Lab, College de France
Giiovanni Pica, Universita' della Svizzera italiana

Discussant:
Emily Breza, Harvard University and NBER
12:00 n
Lunch
1:00 pm

Social Networks and Housing Markets

Michael Bailey, Facebook
Ruiqing Cao, Stockholm School of Economics
Theresa Kuchler, New York University and NBER
Johannes Stroebel, New York University and NBER

Discussant:
Christopher Palmer, Massachusetts Institute of Technology and NBER
1:50 pm

How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output

Kyle F. Herkenhoff, University of Minnesota and NBER
Gordon M. Phillips, Dartmouth College and NBER
Ethan Cohen-Cole, Econ One Research

Discussant:
Will S. Dobbie, Harvard University and NBER
2:40 pm
Break
3:10 pm

Why Does Capital no Longer Flow More to the Industries with the Best Growth Opportunities?

Dong Lee, Korea University
Han Shin, Yonsei University
René M. Stulz, The Ohio State University and NBER

Discussant:
Thomas Philippon, New York University and NBER
4:00 pm

Should a Company Pursue Shareholder Value?

Oliver D. Hart, Harvard University and NBER
Luigi Zingales, University of Chicago and NBER

Discussant:
Henry Hansmann, Yale University
4:50 pm
Adjourn
Tuesday, July 11
8:30 am
Coffee and Pastries
9:00 am

Aggregate Effect of Collateral Constraints

Sylvain Catherine, University of Pennsylvania
Thomas Chaney, University of Southern California
Zongbo Huang, Chinese University of Hong Kong, Shenzhen
David Sraer, University of California, Berkeley and NBER
David Thesmar, Massachusetts Institute of Technology and NBER

Discussant:
Toni Whited, University of Michigan and NBER
9:50 am

Kinky Tax Policy and Abnormal Investment Behavior

Qiping Xu, University of Illinois at Urbana-Champaign
Eric Zwick, University of Chicago and NBER

Discussant:
Joshua Rauh, Stanford University and NBER
10:40 am
Break
11:10 am

How Do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s

Atif R. Mian, Princeton University and NBER
Amir Sufi, University of Chicago and NBER
Emil Verner, Massachusetts Institute of Technology and NBER

Discussant:
Philip Strahan, Boston College and NBER
12:00 n
Lunch
AFTERNOON SESSION IS JOINT WITH RISKS OF FINANCIAL INSTITUTIONS
1:00 pm

The Cross Section of Bank Value

Mark L. Egan, Harvard University and NBER
Stefan Lewellen, Pennsylvania State University
Adi Sunderam, Harvard University and NBER

Discussant:
David Sraer, University of California, Berkeley and NBER
1:50 pm

Banking on Deposits: Maturity Transformation without Interest Rate Risk

Itamar Drechsler, University of Pennsylvania and NBER
Alexi Savov, New York University and NBER
Philipp Schnabl, New York University and NBER

Discussant:
Arvind Krishnamurthy, Stanford University and NBER
2:40 pm
Break
3:10 pm

Monetary Stimulus and Bank Lending

Indraneel Chakraborty, University of Miami
Itay Goldstein, University of Pennsylvania and NBER
Andrew MacKinlay, Virginia Tech

Discussant:
Andreas Fuster, EPFL and Swiss Finance Institute
4:00 pm

The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets

Brian S. Chen, Harvard University
Samuel Hanson, Harvard University and NBER
Jeremy C. Stein, Harvard University and NBER

Discussant:
Raghuram Rajan, University of Chicago and NBER
4:50 pm
Adjourn