ECFC 2025

Thursday 12 June 2025

Discussant Session 1: (13:30–15:30)

Session Chair: Melissa Crumling, Drexel University, USA

Arbitraging Labor Markets

• Minrui Gong, University of Mannheim, Germany
• Ernst Maug, University of Mannheim, Germany
• Christoph Schneider (attending), University of Münster, Germany

Discussant: Spyros Lagaras, University of Illinois, USA

Newspaper Closures and Trading in Local Stocks

• Peter Cziraki, Texas A&M University
• Jasmin Gider (attending), Tilburg University

Discussant: Runjing Lu, University of Toronto, Canada

Roe v. Rates: Reproductive Healthcare and Public Financing Costs

• Runjing Lu (attending), University of Toronto, Canada
• Zihan Ye, University of Tennessee, USA

Discussant: Vahid Saadi, University of Liverpool, UK

Short Presentations Session 1: (16:00–17:40)

Session Chair: Tianxi Wang, University of Edinburgh, UK

The Politicization of Social Responsibility

• Todd Gormley, Washington University in St. Louis, USA
• Manish Jha (attending), Georgia State University, USA
• Meng Wang, University of South Florida, USA

AI in Corporate Governance: Can Machines Recover Corporate Purpose?

• Boris Nikolov (attending), University of Lausanne, Swiss Finance Institute, Switzerland
• Norman Schürhoff, University of Lausanne, Swiss Finance Institute, Switzerland
• Sam Wagner, University of Lausanne, Swiss Finance Institute, Switzerland

Value versus Values: The Effect of Stock Liquidity Shocks on Corporate Environmental Policies

• Zhenkai Ran (attending), University of Cambridge, UK
• Mao Ye, Cornell University, USA

Financial Flexibility and Debt Maturity Concentration

• Negar Ghanbari (attending), BI Norwegian Business School, Norway
• Stefan Hirth, Aarhus University, Danish Finance Institute, Denmark
• Anil Kumar, Aarhus University, Danish Finance Institute, Denmark

Gala Dinner, with the support of Elsevier and the Journal of Financial Intermediation, at The Canopy (19:30–22:30)

Friday 13 June 2025

Discussant Session 2: (09:00–11:00)

Session Chair: Jasmin Gider, Tilburg University, The Netherlands

Fake Entry

• Martin Schmalz, University of Oxford, UK
• Jin Xie (attending), Peking University, China

Discussant: Sapnoti Eswar, University of St Andrews, UK

Uncertainty Creates Zombie Firms: Implications for Industry Dynamics and Creative Destruction

• Kevin Aretz (attending), University of Manchester, UK
• Murillo Campello, University of Florida, USA
• Gaurav Kankanhalli, University of Pittsburgh, USA
• Kevin Schneider, University of Cambridge, UK

Discussant: Bart Taub, University of Glasgow, UK

The Supply Chain Spillovers of Private Equity Buyouts

• Cédric Huylebroek (attending), KU Leuven, FWO, Belgium
• Olivier De Jonghe, National Bank of Belgium, European Central Bank, Belgium

Discussant: Fangming Xu, University of Bristol, UK

Keynote Speech: (11:30–13:00)

Professor Michelle Lowry, TD Bank Endowed Professor at Drexel University

Short Presentations Session 2 (14:00–15:40)

Session Chair: Sylvia Zhang, University of Edinburgh, UK

Trade Secrets, Labor Mobility, and Innovation

• James Driver, University of South Dakota, USA
• Adam Kolasinski (attending), Texas A&M University, USA
• Jared Stanfield, University of Oklahoma, USA

Rating-Sensitive Bonds

• Tim Adam, Humboldt University, Germany
• Constantin Reigber (attending), Humboldt University, Germany

ESG Incentives in Executive Compensation

• Matthias Efing (attending), HEC Paris, France
• Stefanie Ehmann, University of Tuebingen, Germany
• Patrick Kampkoetter, University of Tuebingen, Germany
• Raphael Moritz, University of Tuebingen, Germany

Public Policy and Private-Sector Prosocial Motives: The Case of Greenhouse Gas Emissions

• Jiaqi Zheng, University of Oxford, UK

Disclosure Externalities Without Information Spillovers

• Otto Clemens, Singapore Management University, Singapore

Discussant Session 3 (16:00–18:00)

Session Chair: Atreya Dey, University of Edinburgh, UK

The Stick or the Carrot? The Role of Regulation and Liquidity in Activist Short-Termism

• Adrian Aycan Corum, Cornell University, USA

Discussant: Moqi Xu, Queen Mary University of London, UK

Roy Sorting: Climate and Status Quo Strategies

• Thomas Cauthorn (attending), University of Kassel, Germany
• Samuel Drempetic, Steyler Ethik Bank
• Andreas G.F. Hoepner, University College Dublin, European Commission’s Platform for Sustainable Finance, Ireland
• Christian Klein, University of Kassel, Germany
• Adair Morse, University of California-Berkeley, NBER, USA

Discussant: Mengjie Shi, Deutsche Bundesbank, Germany

Breaking Network Barriers in the Era of Data-Driven Venture Capitalists

• Melissa Crumling, Drexel University, USA

Discussant: Valeria Fedyk, Arizona State University, USA

Organising Committee

Programme Committee