INSEAD Finance Symposium
Past programs: 2024, 2023, 2022, 2021, 2020, 2018, 2017
Dates: June 2nd, June 3rd, 2025
Location: INSEAD, Fontainebleau Campus, East Wing, Amphi Loudon (Click for campus map)
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.
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)
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