2025 Program 

Presenters are underlined.  Timing:  45 min. per paper, consisting of 20 min. for the author’s presentation, 15 minutes for the discussant and 10 minutes for Q&A from the audience.

Monday June 2nd

Session 1: Incentives and Distortions in Financial Intermediation

Chair: Johan Hombert (HEC Paris)

14h00 "Box Jumping: Portfolio Recompositions to Achieve Higher Morningstar Ratings"

Lauren Cohen (Harvard University), David S. Kim (MIT), Eric C. So (MIT)

Discussant: Naveen Gondhi(INSEAD)

Slides: presentation, discussion

14h45 "Employee Forgivable Loans"

Alexandru Barbu (INSEAD)

Discussant: Noah Stoffman (Indiana)

Slides: presentation, discussion

15h30 Coffee break

Session 2: Moral Values, Social Norms, and Financial Outcomes

Chair: Urs Peyer (INSEAD)

16h00 "Women are left behind: Social norms, math skills, and mortgage outcomes"

Athena Tsouderou(UMiami), Selale Tuzel(USC)

Discussant: Pierre Mabille(INSEAD)

Slides: presentation, discussion

16h45 "Attitudes to Debt: The Role of Moral Values"

Fiona Paine (MIT), Antoinette Schoar (MIT), David Thesmar (MIT)

Discussant: Pat Akey(INSEAD)

Slides: presentation, discussion

18h00 Departure by bus to dinner and wine tasting at Les Prémices. Pick-up outside the Plessis Mornay Learning Space (map)

Tuesday June 3rd

08h30  Welcome coffee

Session 3:  Incentives and Externalities in Financial Contracting

Chair: Paolo Fulghieri (UNC)

09h00 "Boundaries of the Bank"

Christine A. Parlour (Berkeley), Filipp Prokopev (Michigan), Uday Rajan (Michigan)

Discussant: Junyuan Zou(INSEAD)

Slides: presentation, discussion

09h45 "Executive Compensation and Pollution: Theory and Evidence"

Jérôme Detemple (Boston U), Hao Xing (Boston U)

Discussant: Rodolfo Prieto (INSEAD)

Slides: presentation, discussion

10h30 Coffee break

Session 4: History, News, and Asset Prices

Chair: Bernard Dumas (INSEAD)

11h00 "How beliefs respond to news: implications for asset prices"

Ian Dew-Becker (Chicago Fed), Stefano Giglio (Yale), Pooya Molavi (Northwestern)

Discussant: Sergei Glebkin(INSEAD) 

Slides: presentation, discussion

11h45 "Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section"

Mohammad Ghaderi (UKansas), Sébastien Plante (UW–Madison), Nikolai Roussanov (Wharton), Sang Byung Seo (UW–Madison)

Discussant: Xinwei Li(INSEAD/UT Dallas)

Slides: presentation, discussion

12h30 – 14h00   Lunch at the Cercle (Click for campus map)

Session 5: Growth via Intangible and Organizational Capital

Chair: Frederico Belo (INSEAD)

14h00 "Intangible Capital, Firm Scope, and Growth"

Nicolas Crouzet (Northwestern), Andrea Eisfeldt (UCLA), Janice Eberly (Northwestern), Dimitris Papanikolaou (Northwestern)

Discussant: Martin Aragoneses (INSEAD)

Slides: presentation

14h45 "Why do highly successful startups shun public markets?"

Daria Davydova (EPFL), Rüdiger Fahlenbrach (EPFL ), Leandro Sanz (Notre Dame), René M. Stulz (OSU)

Discussant: Olivier Dessaint(INSEAD)

Slides: presentation, discussion

15h30 Coffee break

Session 6:  Managing and Measuring Bank Risk

Chair: Jean-Edouard Colliard (HEC Paris)

16h00 "Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios"

Andreas Fuster(EPFL), Teodora Paligorova(FRB), and James Vickery(Philadelphia Fed)

Discussant: Ben Charoenwong(INSEAD)

Slides: presentation, discussion

16h45 “Improving Market-Based Systemic Risk Measures”

Martin Indergand(Swiss National Bank), Eric Jondeau (UNIL), Andreas Fuster(EPFL), Frederic Malherbe(UCL)

Discussant: Lin Shen(INSEAD)

Slides: presentation, discussion

17h30 Adjourn and Farewell Toast