Virtual Finance Theory Seminar

PAST SEMINARS

Spring & Summer 2020

Meetings: Wednesdays, 12 noon ET (NY Time) (currently 6pm Germany/France, 9am SF, 5pm London)

Format: 50min talk, including questions

Organizer: Linda Schilling (Olin Business School, Washington University in St Louis)

15th April: 12 pm ET:  Marcus Opp (SSE)

with Martin Oehmke (LSE)

‘A theory of socially responsible investment’

22th April: 12 pm ET:  Jesus Fernandez-Villaverde (U Penn) with

Samuel Hurtado (Banco de Espana) & Galo Nuno (Banco de Espana);

‘Financial Frictions and the Wealth Distribution’

29th April: 12 pm ET:  Linda Schilling (Ecole Polytechnique CREST)

‘Optimal Forbearance of Bank Resolution’

1pm ET: Lars Peter Hansen (U of Chicago) with

Xiaohong Chen (Yale), Peter G. Hansen (MIT Sloan)

‘Robust Identification of Investor Beliefs’

6th May: 12 pm ET: Alexandr Kopytov (Princeton), Itay Goldstein (Wharton), Lin Shen (Insead),

Haotian Xiang (Guanghua Peking U):

‘Bank Heterogeneity and Financial Stability’

13th May: 12 pm ET: Cecilia Parlatore (NYU Stern) with Eduardo Davila (Yale):

‘Identifying Price Informativeness’

1pm ET:  Christian Hellwig (Toulouse)

with Elias Albagli (Central Bank of Chile) and Aleh Tsyvinski (Yale)

‘Dispersed Information and Asset Prices’

20th May: 12 pm ET:  William Fuchs (Carlos III Madrid & McCombs Austin Texas) with

Martin Dumav (Carlos III Madrid), with Jangwoo Lee (Austin Texas)

‘Self-enforcing Contracts with Persistence’

1 pm ET: Harald Uhlig (U of Chicago) with Jesus Fernandez-Villaverde (U Penn), Daniel 

Sanches (Philadelphia Fed) and Linda Schilling (Polytechnique):

‘Central Bank Digital Currency: When price and bank stability collide’

27th May: 12 pm ET:  Ariel Zetlin-Jones (Carnegie Mellon Tepper) with

Zahra Ebrahimi (CMU) and Bryan Routledge (CMU)

‘Getting Blockchain Incentives Right’

1pm ET: Bruno Biais (HEC Paris) with

Yackolley Amoussou (Paris 6), Maria Potop (Paris 6), Sara Tucci (CEA)

Comittee based blockchain protocols as games between strategic agents and adversaries’

3rd June: 12 pm ET:  David Skeie (Warwick Business School): 

`Digital Currency Runs’

1pm ET: Rod Garratt (UC Santa Barbara) with Maarten van Oordt (Bank of Canada): 

          Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies‘

10th June: 12 pm ET:  Alireza Tahbaz-Salehi (Kellogg Northwestern) with

Pooya Molavi (Kellogg) and Andrea Vedolin (Boston U)

‘Asset Pricing with Misspecified Models’

1 pm ET:  Xavier Gabaix (Harvard) and Ralph S.J. Koijen (Chicago Booth):

‘In Search of the Origins of Financial Fluctuations’

17th June: 12 pm ET:  Frederic Malherbe (UCL): 

‘Systemic Risk Measures: An Anatomy’

1 pm ET: David Argente (Penn State) with Fernando Alvarez (U Chicago): 

‘Consumer Surplus of Alternative Payment Methods: Paying Uber with Cash’

1st July: 12 om ET:  Benjamin Hebert (Stanford GSB): 

‘Externalities as Arbitrage’

1pm ET: Jean-Charles Rochet (U of Geneva and MIT) with Bruno Biais (HEC Paris):

‘Taxing Financial Transactions’

8th July: 12 pm ET: Yaron Leitner (Olin WUSTL) and Basil Williams (NYU):

‘Model Secrecy and Stress Tests’

15th July:    12 pm ET: Pierre-Olivier Weill (UCLA) with Mahyar Kargar (University of Illinois at 

Urbana-Champaign) and Benjamin Lester (Philadelphia Fed):

‘Inventory, market making, and liquidity: Theory and application to the 

corporate bond market’

22nd July: 12 pm ET: Viral Acharya (NYU Stern)

with Raghuran Rajan (Chicago Booth) and Jack Shim (NYU Stern)

‘When is Debt Odious? A Theory of Repression and Growth Traps’

PAST SEMINARS: Autumn &Winter 2020

9th Sept: 12 pm ET: Leonid Kogan (MIT Sloan) with

Winston Dou (Wharton) and Wei Du (Texas A&M U)

‘Common Fund Flows: Flow Hedging and Factor Pricing‘

1 pm ET: Stavros Panageas (UCLA Anderson) and Nicolae Garleanu (Berkeley Haas) 

Heterogeneity and Asset Prices’

16th Sept: 12pm NYT: Eduardo Davila (Yale) with Ansgar Walther (Imperial):

‘Prudential Policy with Distorted Beliefs’

1pm NYT: Giorgia Piacentino (Columbia GSB) with

Jason R. Donaldson (Olin) and Edward R. Morrison (Columbia) 

 `Restructuring vs. Bankruptcy’

23rd Sept: 12pm NYT: Todd Keister (Rutgers) with Yuliyan Mitkov (U of Bonn)

‘Allocating Losses: Bail-ins, Bailouts and Bank Regulation‘

1 pm NYT: Yao Zeng (Wharton) with

Yiming Ma (Columbia) and Kairong Xiao (Columbia)

‘Bank Debt versus Mutual Fund Equity in Liquidity Provision’

30th Sept: 12pm NYT: Dimitri Vayanos (LSE) with

Pierre Olivier-Gourinchas (UC Berkeley, Princeton) and Walker Ray (LSE):

`A Preferred-Habitat Model of Term Premia and Currency Risk’

1 pm NYT: Eric Budish (Chicago Booth)

with Matteo Aquilina (FCA and FSB) and Peter O’Neill (FCA):

`Quantifying the High-Frequency Trading “Arms Race”: A Simple New 

Methodology and Estimates’

7th Oct: 12pm NYT: Gur Huberman (Columbia GSB) with Paolo Guasoni (Dublin City 

University) and Clara Shikhelman (Chaincode Labs):

`Lightning Network Economics: cost-minimal channels and their implications 

for network structure’

1 pm NYT: John Geanakoplos (Yale) with Yaniv Ben-Ami (Carleton):

 `General Equilibrium Outside the Edgeworth Box: Debt, Fragility, and Multiplicity’

14th Oct: 12pm NYT: Vincent Maurin (Stockholm School of Economics) with

Piero Gottardi (Essex and EUI) and Cyril Monnet (U Bern, SZ Gerzensee) 

‘Financial Fragility with Collateral Circulation’

21st Oct:  12pm NYT:  Julien Prat (Ecole Polytechnique, ENSAE, CNRS) with Vincent Danos (CNRS, ENS) 

 Stefania Marcassa (Cergy-Pontoise) and Mathis Oliva (CREST)

`Fundamental Pricing of Utility Tokens’

1 pm NYT: Jiasun Li (George Mason) and William Mann (Emory):

‘Digital Tokens and Platform Building’

28th Oct: 12pm NYT: Brett Green (Olin WUSTL) with

Brendan Daley (Johns Hopkins) and Thomas Geelen (Copenhagen Business S)

`Due Diligence’

1 pm NYT: John Cochrane (Hoover Stanford)

`A Fiscal Theory of Monetary Policy with Partially-Repaid Long-Term Debt’

4th Nov: 12pm NYT: Michael Sockin (Mc Combs Texas) and Daniel Neuhann (Mc Combs Texas)

`Risk-Sharing, Investment, and Asset Prices According to Cournot and Arrow- Debreu’

1 pm NYT: Alejandro Rivera (Naveen UT Dallas) with

Gilles Chemla (Imperial College) and Liyan Shi (EIEF):

‘Equilibrium Managerial Overcompensation’

11th Nov: 12pm NYT:   Javier Bianchi (Minneapolis Fed)

with Manuel Amador (U of Minnesota, Minneapolis Fed)

`Bank-Runs, Contagion and Credit Easing’

1 pm NYT: Pablo Kurlat (U Southern California)

‘Investment Externalities in Models of Fire Sales’

18th Nov: 12 pm NYT: Anna Pavlova (London Business School) with Anil Kashyap (Chicago Booth), 

Natalia Kovrijnykh (Arizona State) and Jian Li (U Chicago): 

Is There Too Much Benchmarking in Asset Management?

2nd Dec: 12pm NYT: Jonathan Chiu (Bank of Canada) with Thorsten Koeppl (Queen’s U):

‘The Economics of Cryptocurrencies - Bitcoin and Beyond’

1 pm NYT: Ravi Jagadeesan (Harvard)

with Christian Catalini (MIT Sloan, Calibra), Scott Kominers (Harvard):

‘Market Design for a Blockchain-Based Financial System’

9th Dec: 12pm NYT: Liyan Yang (Toronto Rotman) with

with Itay Goldstein (Wharton) and Yan Xiong (Hong Kong U)

`Whoever Has Will Be Given More: Information Sharing in Financial Markets`

1 pm NYT: Nina Baranchuk (UT Dallas) with Michael Rebello (UT Dallas):

`Distressed Firm Restructurings and Hedge Funds with Expertise: Saviors or Vultures’

PAST SEMINARS: Spring- Summer 2021

17th Feb: 12 pm NYT: Maureen O’Hara (Cornell) with David Easley (Cornell)

‘Financial Market Ethics’

1 pm NYT: Briana Chang (Wisconsin Madison) with Shengxing Zhang (LSE)

`Risk Concentration and Interconnectedness in OTC Markets`

24th Feb: 12 pm NYT: Snehal Banerjee (Rady UC San Diego) with

Ivan Marinovic (Stanford GSB) and Kevin Smith (Stanford GSB)

‘Disclosing to Informed Traders’

1pm NYT: Ran Spiegler (Tel Aviv U, UCL) with

Kfir Eliaz (Tel Aviv, David Eccles Utah) and Yair Weiss (Hebrew U)

‘Cheating with Models’

10th March: 12 pm NYT: Daniel Sanches (Philadelphia Fed) with Todd Keister (Rutgers)

‘Should Central Banks Issue Digital Currency?’

1pm NYT: Dirk Niepelt (U Bern, SZ Gerzensee)

‘Monetary Policy with Reserves and CBDC: optimality, equivalence, and politics’

17th March: 12pm NYT:   Alex Cukierman (Tel Aviv University)

‘COVID-19, Seignorage, Quantitative Easing & the Fiscal- Monetary Nexus’

24th March: 12 pm NYT:   Naveen Gondhi (Insead Paris) with

Snehal Banerjee (UCSD) and Jesse Davis (UNC Kenan Flagler)

‘Choosing to disagree in Financial Markets’

31st March: 12 pm NYT: Raphael Auer (BIS), Cyril Monnet (Gerzensee, U Bern), Hyun Shin (BIS) 

Permissioned Distributed Ledgers and the Governance of Money’

1pm NYT: Rafael Repullo (CEMFI) with David Martinez-Miera (UC3M)

‘Interest Rates, Market Power, and Financial Stability’

7th April: 12 pm NYT:   Elena Carletti (Bocconi) with

Agnese Leonello (ECB) and Robert Marquez (UC Davis)

‘Loan guarantees, bank underwriting policies and financial fragility’

1 pm NYT: Jason Roderick Donaldson (Olin WUSTL) with

  Denis Gromb (HEC), and Giorgia Piacentino (Columbia)

‘Collateral Reallocation’

14th April: 12 pm NYT: Simon Gervais (Fuqua Duke) with Günter Strobl (University of Vienna)

‘Money Management and Real Investment’

28th April: 12 pm NYT:  Nadya Malenko (Michigan Ross) with

Adrian Corum (Cornell) and Andrey Malenko (U Michigan)

‘Corporate governance in the presence of active and passive delegated investment’

1 pm NYT:   Maryam Farboodi (MIT Sloan) with

    Gregor Jarosch (Princeton) and Rob Shimer (U of Chicago)

  ‘The Emergence of Market Structure’

5th May: 12 pm NYT: Thomas Rivera (McGill) with

Kose John (NYU Stern), Fahad Saleh (Wake Forest U): 

‘Economic Implications of Scaling Blockchains: 

Why the Consensus Protocol Matters’

12th May: 12 pm NYT: Anton Tsoy (Toronto) with Andrey Malenko (Michigan Ross)

‘Optimal Time-Consistent Debt Policies’

19th May: 12 pm NYT: Konstantin Milbradt (Northwestern Kellogg)

‘Asset heterogeneity in Over-The-Counter markets’

  1 pm NYT: Vincent Glode (Wharton) with Christian Opp (Rochester)

          ‘Renegotiation in Debt Chains’

26th May 12pm NYT: Itay Fainmesser (Carey John Hopkins) with

Andrea Galeotti (Essex) and Ruslan Momot (HEC)

‘Digital Privacy’

1 pm NYT: William Cong (Cornell) with Ehsan Azarmsa (U Chicago)

Endogenous Innovation, General Purpose Technologies, and Scalability- induced 

Inequality’

PAST SEMINARS: Autumn 2021

8th Sept 12pm NYT: Richard Kihlstrom (Wharton)

with Christian Gollier (Toulouse)

Recursive Asset Pricing with Non-recursive Preferences

6th Oct 12 pm NYT: Viral Acharya (NYU Stern) with

Simone Lenzu (NYU Stern) and Olivier Wang (NYU Stern)

Zombie Lending and Policy Traps

20th Oct 12 pm NYT: Pietro Veronesi (Chicago Booth) with

Christopher L. Culp (John Hopkins, Swiss Finance Institute),

Mihir Gandhi (Chicago) and Yoshio Nozawa (Hong Kong U ST)

Option-Implied Spreads and Option Risk Premia

1 pm NYT: Darrell Duffie (Stanford) with

Adam Copeland (New York Fed) and Yilin (David) Yang (Stanford GSB)

Reserves Were Not So Ample After All

10th Nov 12 pm NYT: Hans Gersbach (ETH Zurich) with Florian Boeser (ETH Zurich)

Monetary Policy with a Central Bank Digital Currency: The short and the long-term

1pm NYT: Maximilian Guennewig (LSE/U Bonn)

Money Talks: Information and Seignorage

8th Dec 12 pm NYT: Sebastian Ebert (Frankfurt School of Finance) with

Joost Driessen (Tilburg) and Joren Koeter (Tilburg)

П-CAPM: The Standard CAPM with Probability Weighting and Skewed Assets

1 pm NYT:  Yunzhi Hu (UNC Kenan-Flagler) with

Felipe Varas (Duke) and Chao Ying (Chinese University of Hong Kong)

Debt Maturity Management