Conference on Financial Markets

May 1 - 2, 2025 UCLA Anderson

The UCLA Fink Center for Finance and the Finance area at the UCLA Anderson School of Management are delighted to host the fifth annual Conference on Financial Markets, May 1-2, 2025, in person at UCLA. The conference will feature high-quality academic research relating to financial markets and include participation from leading practitioners at the intersection of research and practice.

2024 Keynote Address:

David Scharfstein, Harvard Business School

Contact us: uclafink.conference@anderson.ucla.edu

2024 Conference Schedule

Session format: 30 minutes of presentation, 20 minutes of discussion, 10 minutes of Q&A

Day 1: April 25, 2024

12:00 – 1:00 p.m.

Welcome Lunch

1:00 – 2:00 p.m.

“Creditor-on-Creditor Violence and Secured Debt Dynamics”

Samuel Antill, Harvard Business School

Zhaoli Jiang, The Hong Kong Polytechnic University

Neng Wang, Columbia University

Presented by Samuel Antill, Harvard Business School
Discussant: Simon Mayer, Tepper School of Business at Carnegie Mellon

2:00 – 2:15 p.m.

Break

2:15 – 3:15 p.m.

“CovenantAI - New Insights into Covenant Violations”

Vanessa S. Krockenberger, Frankfurt School of Finance & Management

Anthony Saunders, NYU Stern School of Business

Sascha Steffen, Frankfurt School of Finance & Management

Paulina M. Verhoff, Frankfurt School of Finance & Management

Presented by Sascha Steffen, Frankfurt School of Finance & Management
Discussant: Michael Roberts, Wharton School of the University of Pennsylvania

3:15 – 3:30 p.m.

Break

3:30 – 4:30 p.m.

“Failing Banks”

Sergio Correia, Federal Reserve System

Stephan Luck, Federal Reserve Bank of New York

Emil Verner, MIT Sloan School of Management

Presented by Stephan Luck, Federal Reserve Bank of New York
Discussant: Matthew Jaremski, Utah State University

4:30 – 4:45 p.m.

Break

4:45 – 6:00 p.m.

Keynote Address

David Scharfstein, Harvard Business School

6:00 – 6:30 p.m.

Reception

Day 2: April 26, 2024

8:00 – 9:00 a.m.

“Exchange Rate Risk in Public Firms”

Patrick Adams, MIT Sloan School of Management
Adrien Verdelhan, MIT Sloan School of Management

Presented by Adrien Verdelhan, MIT Sloan School of Management
Discussant: Tim Schmidt-Eisenlohr, Federal Reserve Board

9:00 – 9:15 a.m.

Break

9:15 – 10:30 a.m.

Panel Discussion: International Finance

Şebnem Kalemli-Özcan, University of Maryland, College Park
Laura Alfaro, Harvard Business School
Oleg Itskhoki, University of California, Los Angeles

Moderated Tyler Muir, UCLA Anderson School of Management

10:30 – 10:45 a.m.

Break

10:45 – 11:45 a.m.

“The Unintended Consequences of Financial Sanctions”

Ritt Keerati, Federal Reserve Board

Presented by Ritt Keerati, Federal Reserve Board
Discussant: Lorena Keller, Wharton School of the University of Pennsylvania

11:45 a.m. – 12:00 p.m.

Break

12:00 – 1:00 p.m.

“Quantities and Covered-Interest Parity””

Tobias J. Moskowitz, Yale School of Management
Chase P. Ross, Federal Reserve Board
Sharon Y. Ross, Federal Reserve Board
Kaushik Vasudevan, Daniels School of Business, Purdue University

Presented by Kaushik Vasudevan, Daniels School of Business, Purdue University
Discussant: Piotr Orłowski, HEC Montréal

1:00 p.m

Lunch

2:00 p.m

End of Conference

Past Conference Highlights

THURSDAY, APRIL 27

12:00 - 1:00 pm

Welcome Lunch

1:00 - 2:00 pm

“Exorbitant Privilege Gained and Lost: Fiscal Implications”
Zefeng Chen, Peking University

Zhengyang Jiang, Kellogg School of Management

Hanno N. Lustig, Stanford Graduate School of Business
Stijn Van Nieuverburgh, Columbia University Graduate School of Business

Presented by Mindy Z. Xiaolan, University of Texas, Austin
Discussant: Jonathan E. Payne, Princeton Univerity

2:15 - 3:15 PM

“Do the Voting Rights of Federal Reserve Bank Presidents Matter?”
Nancy Xu, Boston College

Presented by Vyacheslav Fos, Boston College
Discussant: Gary Richardson, UC Irvine

3:30 - 4:30 pm

“Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is an Uphill Task”
Rahul S. Chauhan, University of Chicago Booth School of Business

Raghuram Rajan, University of Chicago Booth School of Business

Sascha Steffen, Frankfurt School of Finance & Management

Presented by Viral V. Acharya, NYU Stern School of Business
Discussant: Allen Berger, University of South Carolina

4:45 - 6:00 pm

KEYNOTE ADDRESS:

Darrell Duffie, Stanford Graduate School of Business

6:00 - 7:00 pm

Reception

FRIDAY, APRIL 28

7:00 - 8:00 am

Breakfast

8:00 - 9:00 am

“Intermediary Balance Sheets and the Treasury Yield Curve”
Wenxin Du, University of Chicago
Benjamin Hebert, Stanford University

Presented by Wenhao Li, University of Southern California
Discussant: Dominik Supera, Columbia University Graduate School of Business

9:15 - 10:30 am

Panel Discussion: Government Debt and Inflation
John Cochrane, Hoover Institution
Narayana Kocherlakota, University of Rochester

Moderated by Stavros Panageas, UCLA Anderson School of Management

10:45 - 11:45 am

“Credit Crunches and the Great Stagflation”
Alexi Savov, NYU Stern School of Business
Philipp Schnabl, NYU Stern School of Business

Presented by Itamar Drechsler, University of Pennsylvania
Discussant: Matthew Baron, Cornell SC Johnson College of Business

12:00 - 1:00 pm

“The Central Bank Balance Sheet and the Treasury Market”
Quentin Vandeweyer, University of Chicago Booth School of Business

Presented by Adrien d'Avernas, Stockholm School of Economics
Discussant: William Diamond, University of Pennsylvania

1:00 pm

Lunch

THURSDAY, APRIL 28

11:30 - 12:30 pm

Welcome Lunch

1:00 - 2:00 pm

"Do Employees Cheer for Private Equity? The Heterogeneous Effect of Buyouts on Jobs Quality"
Will Gornall, University of British Columbia
Oleg Gredil, Tulane University
Sabrina T. Howell, New York University
Xing Liu, University of British Columbia

Presented by Will Gornall, University of British Columbia
Discussant: Richard Townsend, UC San Diego

2:15 - 3:15 pm

"Consumer Credit: Learning Your Customer's Default Risk from What (S)he Buys"
Annette Vissing-Jorgensen, UC Berkeley

Presented by Annette Vissing-Jorgensen, UC Berkeley
Discussant: Pascal Noel, University of Chicago

3:30 - 4:30 pm

"Digital Collateral"
Paul J. Gertler, UC Berkeley
Brett Green, Washington University in St. Louis
Catherine D. Wolfram, UC Berkeley

Presented by Brett Green, Washington University in St. Louis
Discussant: Konstantin Milbradt, Northwestern University

4:45 - 6:00 pm

KEYNOTE ADDRESS:

Markus Brunnermeier, Princeton University

6:00 pm

Reception

FRIDAY, APRIL 29

7:00 - 8:00 am

Breakfast

8:00 - 9:00 am

"Financial Inclusion Across the United States"
Motohiro Yogo, Princeton University
Andrew Whitten, US Department of the Treasury
Natalie Cox, Princeton University

Presented by Motohiro Yogo, Princeton University
Discussant: Alice Volz, Principal Economist, Federal Reserve Bank

9:15 - 10:30 am

Panel Discussion: Central Bank Digital Currency
David Andolfatto, Senior Vice President, Federal Reserve Bank
David Mills, Associate Director, Federal Reserve Bank
David Yermack, New York University

In a private conversation moderated by Andrea Eisfeldt, UCLA

10:45 - 11:45 am

"Segmented Arbitrage"
Emil Siriwardane, Harvard University
Aditya Sunderam, Harvard University
Jonathan Wallen, Harvard University

Presented by Jonathan Wallen, Harvard University
Discussant: Arvind Krishnamurthy, Stanford University

12:00 - 1:00 pm

"Hidden Alpha"
Manuel Ammann, University of St. Gallen
Lauren Cohen, Harvard University
Stephan Heller, Harvard University and University of St. Gallen

Presented by Lauren Cohen, Harvard University
Discussant: Scott E. Yonker, Cornell University

1:00 pm

Lunch

FRIDAY, APRIL 23, 2021
10:00 am – 10:05 am		Welcome
10:05 – 10:45 am		Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility Jules Van Binsbergen, University of Pennsylvania Presented by Jules Van Binsbergen, University of Pennsylvania Discussant: Greg Duffee, Johns Hopkins University
10:45 – 11:25 am		Capital Commitment Elise Gourier, ESSEC Business School Ludovic Phalippou, Oxford University Mark M. Westerfield, University of Washington Presented by Ludovic Phalippou, Oxford University Discussant: Giorgia Piacentino, Columbia University
11:25 – 11:40 am		Break
11:40 – 12:20 pm		Necessary Evidence for a Risk Factor's Relevance Alexander M. Chinco, University of Chicago Samuel M. Hartzmark, University of Chicago Abigail Sussman, University of Chicago Presented by Samuel M. Hartzmark, University of Chicago Discussant: Harrison Hong, Columbia University
12:20 – 1:00 pm		Model Complexity, Expectations, and Asset Prices Pooya Molavi, Northwestern University Alireza Tahbaz-Salehi, Northwestern University Andrea Vedolin, Boston University Presented by Andrea Vedolin, Boston University Discussant: Lars Peter Hansen, University of Chicago
1:00 – 1:15 pm	Break
1:15 – 1:55 pm	How Green is Unconventional Monetary Policy Melina Papoutsi, European Central Bank Monika Piazzesi, Stanford University Martin Schneider, Stanford University Presented by Monika Piazzesi, Stanford University Discussant: Motohiro Yogo, Princeton University
1:55 – 2:30 pm	Virtual Final Reception

Keynote Address
John Y. Campbell Harvard University

Keynote Discussion
Larry Fink BlackRock	David G. Booth Dimensional

TUESDAY, MAY 14, 2019
11:45 am – 12:45 pm		Lunch
12:45 – 2:00 pm		KEYNOTE DISCUSSION Larry D. Fink, Chairman and CEO, BlackRock David G. Booth, Founder and Executive Chairman, Dimensional In a private conversation moderated by Andrea Eisfeldt, UCLA
2:15 – 3:15 pm		Conditional Dynamics and the Multi-horizon Risk-return Trade-off Mikhail Chernov, UCLA Lars Lochstoer, UCLA Stig R. H. Lundeby, Norwegian School of Economics Presented by Lars Lochstoer, UCLA Discussant: Jonathan Lewellen, Dartmouth College
3:30 – 4:30 pm		Understanding Global Equity Valuations Ralph Koijen, University of Chicago Robert J. Richmond, New York University Motohiro Yogo, Princeton University Presented by Robert J. Richmond, New York University Discussant: Carolin Pflueger, University of Chicago
4:45 – 6:00 pm		KEYNOTE ADDRESS John Y. Campbell, Harvard University
6:00 – 7:00 pm		Reception
WEDNESDAY, MAY 15, 2019
8:00 – 8:15 am	Breakfast
8:15 – 9:15 am	The Impact of Pensions and Insurance on Global Yield Curves Robin Greenwood, Harvard University Annette Vissing-Jorgensen, UC Berkeley Presented by Annette Vissing-Jorgensen, UC Berkeley Discussant: Hanno Lustig, Stanford University
9:30 – 10:30 am	Active and Passive Investing Nicolae B. Gârleanu, UC Berkeley Lasse H. Pedersen, New York University Presented by Nicolae B. Gârleanu, UC Berkeley Discussant: Jonathan Berk, Stanford University
10:45 – 11:45 am	Blockchain Economics Joseph Abadi, Princeton University Markus K. Brunnermeier, Princeton University Presented by Markus K. Brunnermeier, Princeton University Discussant: Leonid Kogan, MIT
12:00 – 1:00 pm	Money Market Fund Reform and Arbitrage Capital Alyssa Anderson, Board of Governors of the Federal Reserve System Wenxin Du, University of Chicago Bernd Schlusche, Board of Governors of the Federal Reserve System Presented by Wenxin Du, University of Chicago Discussant: Alan Moreira, University of Rochester
1:00 pm	Lunch

View photos from the 2019 Conference on Financial Markets