ECFC 2017

Monday 29 May 2017

Session 1: Networks, Groups, Conglomerates (13:30–15:30)

Session Chair: Tim Adam, Humboldt University, Germany

The Effects of Business Group Affiliation: Evidence from Firms Being "Left Alone"

Borja Larrain, Pontificia Universidad Católica de Chile, Santiago, Chile
Giorgio Sertsios, Universidad de las Andes, Santiago, Chile (presenting)
Francisco Urzua, Erasmus University, Rotterdam, The Netherlands

Discussant: Vladimir Atanasov, Raymond A. Mason School of Business, College of William and Mary, Williamsburg, USA

Analyst Coverage Network and Corporate Financial Policies

Armando Gomes, Washington University in St Louis, St Louis, USA
Radhakrishnan Gopalan, Washington University in St Louis, St Louis, USA
Mark Leary, Washington University in St Louis, St Louis, USA
Francisco Marcet, University of Chile, Santiago, Chile (presenting)

Discussant: Markku Kaustia, Aalto University, Finland

Dissecting Conglomerates

Oliver Boguth, Arizona State University, Tempe, USA
Ran Duchin, University of Washington, Seattle, USA
Mikhail Simutin, University of Toronto, Toronto, Canada (presenting)

Session 2: Borrowing (16:00–18:00)

Session Chair: Murillo Campello, Cornell University, USA

Levered Returns and Capital Structure Imbalances

Filippo Ippolito, University Pompeu Fabra, Spain
Roberto Steri, University of Lausanne, Switzerland (presenting)
Claudio Tebaldi, Bocconi University, Italy

Discussant: Minjoo Kim, University of Glasgow, UK

Credit Guarantees and Credit Constraints

William Mullins, University of Maryland, USA (presenting)
Patricio Toro, Central Bank of Chile, Santiago, Chile

Discussant: Seth Armitage, University of Edinburgh Business School, UK

Gala Dinner: The Calton Suite, Hilton Edinburgh Carlton (19:00–21:30)

Tuesday 30 May 2017

Session 3: Lending (09:00–11:00)

Session Chair: Vladimir Atanasov, College of William & Mary, USA

Information Sharing and Lender Specialization: Evidence from the US Commercial Lending Market

Jose Liberti, DePaul University & Northwestern University, Chicago, USA
Jason Sturgess, DePaul University, Chicago, USA (presenting)
Andrew Sutherland, MIT, Boston, USA

Discussant: Moqi Xu, London School of Economics, UK

Pipeline Risk in Leveraged Loan Syndication

Max Bruche, Cass Business School, London, UK (presenting)
Frederic Malherbe, London Business School, London, UK
Ralf Meisenzahl, Federal Reserve Board, Washington, USA

Discussant: Matthew Gustafson, Pennsylvania State University, USA

Bank Lobbying as a Financial Safety Net: Evidence from the Post-crisis US Banking Sector

Kentaro Asai, Australian National University, Canberra, Australia (presenting)

Discussant: Alexei Ovtchinnikov, HEC Paris, France

Keynote Speech: (11:30–13:00)

Laura Starks, University of Texas, USA

Session 4: Corporate Finance (14:00–16:00)

Session Chair: Conrad Ciccotello, Georgia State University, USA

Short-termism Spillovers from the Financial Industry

Andrew Bird, Carnegie Mellon University, Pittsburgh, USA
Aytekin Ertan, London Business School, London, UK (presenting)
Stephen Karolyi, Carnegie Mellon University, Pittsburgh, USA
Thomas Ruchti, Carnegie Mellon University, Pittsburgh, USA

Discussant: Tim Adam, Humboldt University, Germany

Kinky Tax Policy and Abnormal Investment Behaviour

Qiping Xu, University of Notre Dame, Notre Dame, USA (presenting)
Eric Zwick, University of Chicago, Chicago, USA

Discussant: Michael Smolyansky, Board of Governors of the Federal Reserve System, USA

How Costly is Forced Gender-balancing of Corporate Boards?

B. Espen Eckbo, Dartmouth College, Hanover, USA
Knut Nygaard, Oslo Business School, Oslo, Norway
Karin S. Thorburn, Norwegian School of Economics, Bergen, Norway

Discussant: Angelica Gonzalez, University of Edinburgh Business School, UK

About the Keynote Speaker

Professor Laura Starks

Charles E. and Sarah M. Seay Regents' Chair in Business Administration, University of Texas

Prof Starks was an editor of the Review of Financial Studies from 2008-2014 and has won a number of research and teaching awards in her career. She has served on the Board of Directors of the four national academic finance organizations: the American Finance Association, the Financial Management Association (FMA), the Society of Financial Studies (SFS) and the Western Finance Association (WFA). She is past president of the FMA and is currently Vice-President of the SFS, and President-Elect of the WFA. Her current research focuses on mutual funds, corporate governance institutional investors and environmental, social and governance investing.

She is an independent director for CREF Retirement Accounts and TIAA-CREF Mutual Funds, serves on the Investment Advisory Committee for the Employees Retirement System of Texas, the Board of Governors of the Investment Company Institute, and the Governing Council of the Independent Directors Council. She has also served on the 2013 Strategy Council and the 2014 Expert Panel for the Norwegian Government Pension Fund (the largest sovereign wealth fund in the world).