Welcome
The objective of the CEPR Advanced Forum for Financial Economics (CAFFE) is to make cutting-edge finance research available to researchers based in Europe and around the world. The seminars are organized by Laurent Calvet (SKEMA and CEPR), Kim Peijnenburg (EDHEC and CEPR), and Raman Uppal (EDHEC and CEPR).
The seminar series for 2023-2024 will be focused on the theme of "Finance, Technology, and Society." The papers to be presented will include ones on the topics of artificial intelligence, machine learning, financial technology, decentralized finance, and digital currencies. The papers will study the implications of these technological advances on capital markets, corporate finance, climate finance, household finance and inequality, macro-finance, and financial stability. You are invited to send suggestions for topics and papers that you would like to see included in the CAFFE Seminar Series for 2023-24. (Feel free to propose your own work if you think it fits in with the theme of the seminar series.) Please email your suggestions to: Raman.Uppal@edhec.edu with the subject line of your email "Suggestions for CAFFE Seminar Series for 2023-24."
There will be one seminar on the second Tuesday of each month. Each seminar will run for 75 minutes, with 25 minutes allocated to the first speaker followed by 10 minutes for Q&A, then 25 minutes allocated to the second speaker followed by 10 minutes for Q&A, and the final 5 minutes for further Q&A.
The seminar starts at:
8 AM New York
1 PM London
2 PM Milan/Paris/Frankfurt
8 PM Singapore/Shanghai.
Registering for the seminars
The seminar is open to all participants worldwide but you need to register for the seminar ahead of time. You can register using this link.
CAFFE seminars for 2023-2024
10 October 2023: Using artificial intelligence in financial economics
Kevin Bryan (University of Toronto); "A User's Guide to GPT and LLMs for Economics Research"
Anton Korinek (University of Virginia); "Generative AI for Economic Research: Use Cases and Implications for Economists"
14 November 2023: Climate Finance
Marcin Kacperczyk (Imperial College London); "The CO2 Question: Technical Progress and the Climate Crisis"
Mathijs van Dijk (Rotterdam School of Management); "Climate Change and Long-Horizon Portfolio Choice: Combining Insights from Theory and Empirics"
12 December 2023: Asset Markets
Elise Gourier (ESSEC Business School); "Private Market Fund Factors"
Gianpaolo Parise (EDHEC Business School); "Green Window Dressing"
13 February 2024: Sustainable Investing
Theresa Spickers (University of Amsterdam); "Passive Ownership and the Environment"
Joel Shapiro (University of Oxford); Sustainable Investing and Public Goods Provision"
12 March 2024: Expectation Formation
Kathrin Schlafmann (Copenhagen Business School); "Expectations and Wealth Heterogeneity in the Macroeconomy"
Peter Andre (Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt); "Mental Models of the Stock Market"
09 April 2024: Hedging and Mortgage Choices
Giovanna Nicodano (University of Torino); "Hedging Permanent Income Shocks"
Jamie Coen (Imperial College Business School); "Price Discrimination and Mortgage Choice"
14 May 2024: Politics and Biased Information
Julia Cage (Sciences Po Paris); "Hosting Media Bias: Evidence from the Universe of French Broadcasts, 2002-2020"
Pooya Molavi (Northwestern University); "Informational Autocrats, Diverse Societies"
11 June 2024: Monetary Policy and Finance
Cynthia Mei Balloch (London School of Economics); "Making Sense of Negative Nominal Interest Rates"
Marco Grotteria (London Business School); "Monetary Policy Wedges and the Long-Term Liabilities of Households and Firms"
09 July 2024: Artificial Intelligence and Machine Learning
Sergio Correia (Federal Reserve Board); "Unlocking Economic Data with LLMs" (including discussion of embeddings)
Svetlana Bryzgalova (London Business School); "(Almost) 200 Years of News-Based Economic Sentiment"
CAFFE seminars for 2022-2023
11 October 2022: Katrin Gödker (Bocconi University)
Title of paper: "Disposed to be overconfident"
Discussant: Michaela Pagel (Columbia Business School)
8 November 2022: Carlo Schwarz (Bocconi University)
Title of paper: "Gender gaps in academia: Global evidence over the twentieth century"
Discussant: Renée Adams (Saïd Business School, Oxford University)
13 December 2022: Alexandru Barbu (INSEAD)
Title of paper: "Procyclical asset management and bond risk premia"
Discussant: Alberto Manconi (Bocconi University)
10 January 2023: No seminar
14 February 2023: Pedro Barroso (Católica-Lisbon School of Business and Economics)
Title of paper: What explains price momentum and 52-week high momentum when they really work?
Discussant: Amit Goyal (University of Lausanne and Swiss Finance Institute)
14 March 2023: Jean-Charles Rochet (University of Geneva)
Title of paper: Public debt and the balance sheet of the private sector
Discussant: Bernard Dumas (INSEAD)
11 April 2023: Jessica Jeffers (HEC Paris)
Title of paper: The risk and return of impact investing funds
Discussant: David Zerbib (EDHEC Business School)
9 May 2023: Kim Fe Kramer (London School of Economics)
Title of paper: Bank presence and health
Discussant: Marieke Bos (Stockholm School of Economics and VU Amsterdam)
13 June 2023: Jens Kvaerner (Tilburg University)
Title of paper: How Did Low-Interest Rates Impact the Cash Holdings of Individual Investors and Firms?
Discussant: Andrea Tamoni (Rutgers University)
11 July 2023: Fabrice Tourre
Title of paper: Refinancing Frictions, Mortgage Pricing and Redistribution
Discussant: Andreas Fuster (EPFL)
CAFFE seminars that took place in the past
CAFFE seminars that took place in 2021-2022
14 September 2021: Francesco Franzoni (USI Lugano)
Title of paper: "Avoiding Volatility: Institutional Trading Before Scheduled News"
Discussant: Gianpaolo Parise (EDHEC)
12 October 2021: Anastasia Girshina (Stockholm School of Economics)
Title of paper: "Explaining gender gap in real estate returns"
Discussant: Kelly Shue (Yale University)
9 November 2021: Magdalena Rola-Janicka (Tilburg University)
Title of paper: "The Political Economy of Prudential Regulation"
Discussant: Jean-Charles Rochet (Toulouse School of Economics)
14 December 2021: Francesco D'Acunto (Boston College)
Title of paper: "How Costly Are Cultural Biases? Evidence from FinTech"
Discussant: Daniel Paravisini (London School of Economics)
11 January 2022: Theresa Kuchler (NYU)
Title of paper: "Social networks shape beliefs and behavior: Evidence from social distancing during the Covid-19 pandemic"
Discussant: Harrison Hong (Columbia University)
8 February 2022: Benjamin Moll (London School of Economics)
Title of paper: "Uneven growth: Automation’s Impact on Income and Wealth Inequality"
Discussant: Laurent Calvet (EDHEC)
8 March 2022: Claudia Custodio (Imperial College London)
Title of paper: "Opioid Crisis and Real Estate Prices"
Discussant: Stijn Van Nieuwerburgh (Columbia Business School)
12 April 2022: Irina Zviadadze (HEC Paris)
Title of paper: "Correcting Misspecified Stochastic Discount Factors"
Discussant: Kent Daniel (Columbia Business School)
10 May 2022: Tobin Hanspal (WU Vienna University of Econimics and Finance)
Title of paper: "Good Peers, Good Apples: Peer Effects Lead to Better Financial Outcomes"
Discussant: Stefan Ruenzi
14 June 2022: Huan Tang (London School of Economics)
Title of paper: "Measuring the Welfare Effects of Adverse Selection in Consumer Credit Markets"
Discussant: Jose Luis Peydro (Imperial College Business School)
12 July 2022: Larissa Schaefer (Frankfurt School of Finance and Management)
Title of paper: "Does Political Partisanship Cross Borders? Evidence from International Capital Flows"
Discussant: Michael Weber (University of Chicago Booth School of Business)
CAFFE seminars that took place in 2020-2021
8 September 2020: Pierre Collin-Dufresne (EPFL and CEPR)
Title of paper: "How integrated are credit and equity markets? Evidence from index options"
Link to paper; Link to slides; Link to video for seminar and discussion
Discussant: Hugues Langlois (HEC Paris) (Link to discussion slides)
13 October 2020: Victoria Vanasco (CREI and CEPR)
Title of paper: "Security Design in Non-Exclusive Markets with Asymmetric Information"
Link to paper; Link to slides; Link to video for seminar and discussion
Discussant: Thomas Noe (Oxford University) (Link to discussion slides)
10 November 2020: Lorenzo Bretscher (London Business School)
Link to paper; Link to slides; Link to video for seminar and discussion
Discussant: Toni Whited (Ross School of Business, University of Michigan) (Link to discussion slides)
8 December 2020: Ester Faia (Goethe University Frankfurt and CEPR)
Title of paper: "Confirmation Bias in Information Selection and Processing: Survey Evidence from the Pandemic"
Discussant: Michael Thaler (Princeton University) (Link to discussion slides)
12 January 2021: Nicola Gennaioli (Bocconi University and CEPR)
Title of paper: "Older People are Less Pessimistic about the Health Risks of Covid-19"
Discussant: Rawley Heimer (Boston College)
9 February 2021: Marieke Bos (Stockholm School of Economics)
Title of paper: "Corporate Restructuring and Employees’ Mental Health"
Discussant: Paige Ouimet (Kenan-Flagler Business School, University of North Carolina)
March 2021: Svetlana Bryzgalova (London Business School)
Title of paper: Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models
Discussant: Irina Zviadadze (HEC Paris)
6 April 2021: Savitar Sundaresan (imperial College and CEPR)
Title of paper: "More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency"
Discussant: Liyan Yang (University of Toronto)
11 May 2021: Vikrant Vig (London Business School)
Title of paper: "Quality and productivity in aircraft sales: Why fire sale discounts are overstated"
Discussant: Karin Thorburn (NHH Norwegian School of Economics)
8 June 2021: Mariassunta Giannetti (Stockholm School of Economics and CEPR)
Title of paper: "Does money talk? Market discipline through selloffs and boycotts"
Discussant: Laurent Fresard (Universita della Svizzera italiana)
Other seminar series that may be of interest
The CEPR CEPR Household Finance Research and Policy Network is running an online seminar series on topics related to household finance. You can read more about it here.
The CEPR Household Finance Research and Policy Network is also running a seminar series on Micro and Macro Implications of Household Behaviour and Financial Decision-Making. You can read more about it here.