Conference on Financial Markets

April 27 - 28, 2023 UCLA Anderson

The UCLA Fink Center for Finance and the Finance area at the UCLA Anderson School of Management are delighted to host the fourth annual Conference on Financial Markets, April 27-28, 2023, in person at UCLA. The conference will feature high-quality academic research relating to financial markets and include participation from leading practitioners at the intersection of research and practice.

Keynote Address:

Darrell Duffie, Stanford University

Contact us: uclafink.conference@anderson.ucla.edu

2023 Conference Schedule

Session format: 30 minutes of presentation, 20 minutes of discussion, 10 minutes of Q&A

Day 1: April 27, 2023

12:00 – 1:00 p.m.

Welcome Lunch

1:00 – 2:00 p.m.

“Exorbitant Privilege Gained and Lost: Fiscal Implications”

Presented by Mindy Z. Xiaolan, University of Texas, Austin
Discussant: Jonathan E. Payne, Princeton University

Zefeng Chen, Peking University
Zhengyang Jiang, Kellogg School of Management
Hanno N. Lustig, Stanford Graduate School of Business
Stijn Van Nieuverburgh, Columbia University Graduate School of Business

2:00 – 2:15 p.m.

Break

2:15 – 3:15 p.m.

“Do the Voting Rights of Federal Reserve Bank Presidents Matter?”

Nancy Xu, Boston College

Presented by Vyacheslav Fos, Boston College Discussant: Gary Richardson, UC Irvine

3:15 – 3:30 p.m.

Break

3:30 – 4:30 p.m.

“Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is an Uphill Task”

Rahul S. Chauhan, University of Chicago Booth School of Business
Raghuram Rajan, University of Chicago Booth School of Business
Sascha Steffen, Frankfurt School of Finance & Management

Presented by Viral V. Acharya, NYU Stern School of Business
Discussant: Allen Berger, University of South Carolina

4:30 – 4:45 p.m.

Break

4:45 – 6:00 p.m.

Keynote Address

Darrell Duffie, Stanford Graduate School of Business

6:00 – 7:00 p.m.

Reception

Day 2: April 28, 2023

8:00 – 9:00 a.m.

“Intermediary Balance Sheets and the Treasury Yield Curve”

Wenxin Du, University of Chicago
Benjamin Hebert, Stanford University

Presented by Wenhao Li, University of Southern California
Discussant: Dominik Supera, Columbia University Graduate School of Business

9:00 – 9:15 a.m.

Break

9:15 – 10:30 a.m.

Panel Discussion: Government Debt and Inflation

John Cochrane, Hoover Institution
Narayana Kocherlakota, University of Rochester

Moderated by Stavros Panageas, UCLA Anderson School of Management

10:30 – 10:45 a.m.

Break

10:45 – 11:45 a.m.

“Credit Crunches and the Great Stagflation”

Alexi Savov, NYU Stern School of Business
Philipp Schnabl, NYU Stern School of Business

Presented by Itamar Drechsler, University of Pennsylvania
Discussant: Matthew Baron, Cornell SC Johnson College of Business

11:45 a.m. – 12:00 p.m.

Break

12:00 – 1:00 p.m.

“The Central Bank Balance Sheet and the Treasury Market”

Quentin Vandeweyer, University of Chicago Booth School of Business

Presented by Adrien d'Avernas, Stockholm School of Economics
Discussant: William Diamond, University of Pennsylvania

1:00 p.m

Lunch

2:00 p.m

End of Conference

Past Conference Highlights

THURSDAY, APRIL 28

11:30 - 12:30 pm

Welcome Lunch

1:00 - 2:00 pm

"Do Employees Cheer for Private Equity? The Heterogeneous Effect of Buyouts on Jobs Quality"
Will Gornall, University of British Columbia
Oleg Gredil, Tulane University
Sabrina T. Howell, New York University
Xing Liu, University of British Columbia

Presented by Will Gornall, University of British Columbia
Discussant: Richard Townsend, UC San Diego

2:15 - 3:15 pm

"Consumer Credit: Learning Your Customer's Default Risk from What (S)he Buys"
Annette Vissing-Jorgensen, UC Berkeley

Presented by Annette Vissing-Jorgensen, UC Berkeley
Discussant: Pascal Noel, University of Chicago

3:30 - 4:30 pm

"Digital Collateral"
Paul J. Gertler, UC Berkeley
Brett Green, Washington University in St. Louis
Catherine D. Wolfram, UC Berkeley

Presented by Brett Green, Washington University in St. Louis
Discussant: Konstantin Milbradt, Northwestern University

4:45 - 6:00 pm

KEYNOTE ADDRESS:

Markus Brunnermeier, Princeton University

6:00 pm

Reception

FRIDAY, APRIL 29

7:00 - 8:00 am

Breakfast

8:00 - 9:00 am

"Financial Inclusion Across the United States"
Motohiro Yogo, Princeton University
Andrew Whitten, US Department of the Treasury
Natalie Cox, Princeton University

Presented by Motohiro Yogo, Princeton University
Discussant: Alice Volz, Principal Economist, Federal Reserve Bank

9:15 - 10:30 am

Panel Discussion: Central Bank Digital Currency
David Andolfatto, Senior Vice President, Federal Reserve Bank
David Mills, Associate Director, Federal Reserve Bank
David Yermack, New York University

In a private conversation moderated by Andrea Eisfeldt, UCLA

10:45 - 11:45 am

"Segmented Arbitrage"
Emil Siriwardane, Harvard University
Aditya Sunderam, Harvard University
Jonathan Wallen, Harvard University

Presented by Jonathan Wallen, Harvard University
Discussant: Arvind Krishnamurthy, Stanford University

12:00 - 1:00 pm

"Hidden Alpha"
Manuel Ammann, University of St. Gallen
Lauren Cohen, Harvard University
Stephan Heller, Harvard University and University of St. Gallen

Presented by Lauren Cohen, Harvard University
Discussant: Scott E. Yonker, Cornell University

1:00 pm

Lunch

FRIDAY, APRIL 23, 2021
10:00 am – 10:05 am		Welcome
10:05 – 10:45 am		Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility Jules Van Binsbergen, University of Pennsylvania Presented by Jules Van Binsbergen, University of Pennsylvania Discussant: Greg Duffee, Johns Hopkins University
10:45 – 11:25 am		Capital Commitment Elise Gourier, ESSEC Business School Ludovic Phalippou, Oxford University Mark M. Westerfield, University of Washington Presented by Ludovic Phalippou, Oxford University Discussant: Giorgia Piacentino, Columbia University
11:25 – 11:40 am		Break
11:40 – 12:20 pm		Necessary Evidence for a Risk Factor's Relevance Alexander M. Chinco, University of Chicago Samuel M. Hartzmark, University of Chicago Abigail Sussman, University of Chicago Presented by Samuel M. Hartzmark, University of Chicago Discussant: Harrison Hong, Columbia University
12:20 – 1:00 pm		Model Complexity, Expectations, and Asset Prices Pooya Molavi, Northwestern University Alireza Tahbaz-Salehi, Northwestern University Andrea Vedolin, Boston University Presented by Andrea Vedolin, Boston University Discussant: Lars Peter Hansen, University of Chicago
1:00 – 1:15 pm	Break
1:15 – 1:55 pm	How Green is Unconventional Monetary Policy Melina Papoutsi, European Central Bank Monika Piazzesi, Stanford University Martin Schneider, Stanford University Presented by Monika Piazzesi, Stanford University Discussant: Motohiro Yogo, Princeton University
1:55 – 2:30 pm	Virtual Final Reception

Keynote Address
John Y. Campbell Harvard University

Keynote Discussion
Larry Fink BlackRock	David G. Booth Dimensional

TUESDAY, MAY 14, 2019
11:45 am – 12:45 pm		Lunch
12:45 – 2:00 pm		KEYNOTE DISCUSSION Larry D. Fink, Chairman and CEO, BlackRock David G. Booth, Founder and Executive Chairman, Dimensional In a private conversation moderated by Andrea Eisfeldt, UCLA
2:15 – 3:15 pm		Conditional Dynamics and the Multi-horizon Risk-return Trade-off Mikhail Chernov, UCLA Lars Lochstoer, UCLA Stig R. H. Lundeby, Norwegian School of Economics Presented by Lars Lochstoer, UCLA Discussant: Jonathan Lewellen, Dartmouth College
3:30 – 4:30 pm		Understanding Global Equity Valuations Ralph Koijen, University of Chicago Robert J. Richmond, New York University Motohiro Yogo, Princeton University Presented by Robert J. Richmond, New York University Discussant: Carolin Pflueger, University of Chicago
4:45 – 6:00 pm		KEYNOTE ADDRESS John Y. Campbell, Harvard University
6:00 – 7:00 pm		Reception
WEDNESDAY, MAY 15, 2019
8:00 – 8:15 am	Breakfast
8:15 – 9:15 am	The Impact of Pensions and Insurance on Global Yield Curves Robin Greenwood, Harvard University Annette Vissing-Jorgensen, UC Berkeley Presented by Annette Vissing-Jorgensen, UC Berkeley Discussant: Hanno Lustig, Stanford University
9:30 – 10:30 am	Active and Passive Investing Nicolae B. Gârleanu, UC Berkeley Lasse H. Pedersen, New York University Presented by Nicolae B. Gârleanu, UC Berkeley Discussant: Jonathan Berk, Stanford University
10:45 – 11:45 am	Blockchain Economics Joseph Abadi, Princeton University Markus K. Brunnermeier, Princeton University Presented by Markus K. Brunnermeier, Princeton University Discussant: Leonid Kogan, MIT
12:00 – 1:00 pm	Money Market Fund Reform and Arbitrage Capital Alyssa Anderson, Board of Governors of the Federal Reserve System Wenxin Du, University of Chicago Bernd Schlusche, Board of Governors of the Federal Reserve System Presented by Wenxin Du, University of Chicago Discussant: Alan Moreira, University of Rochester
1:00 pm	Lunch

View photos from the 2019 Conference on Financial Markets