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International Laboratory of Financial Economics

Contacts
Head of Laboratory:
Vladimir Sokolov
vsokolov@hse.ru
(495) 772-95-90 *27094

Manager (academic issues):
Sergey Konyshev
Skonyshev@hse.ru
(495) 772-95-90 *27085

Manager (financial issues):
Alexander Pryanichnikov
apryanichnikov@hse.ru
(495) 772-95-90 *27078

11 Pokrovsky Boulevard, building T, Moscow, 109028, Russia
(495) 772-95-90 *27085,
lfe@hse.ru

Conference Program

Conference page
List of speakers and abstracts

	Friday, November 6
10.00	Session 1 “Investor Behavior and Asset Pricing” Chair: Carsten Sprenger, ICEF, Higher School of Economics The Effects of Experience on Investor Behavior: Evidence from India's IPO Lotteries - Presenter: Tarun Ramadorai, Saïd Business School and Oxford-Man Institute of Quantitative Finance, University of Oxford (co-authors: Santosh Anagol, Wharton School of Business, Business Economics and Public Policy Department, University of Pennsylvania, and Oxford-Man Institute of Quantitative Finance and Vimal Balasubramaniam, Saïd Business School, Oxford-Man Institute of Quantitative Finance, University of Oxford) - Discussant: Sergey Gelman, ICEF, Higher School of Economics Paper, Presentation, Discussion Human Capital and International Portfolio Diversification: A Reappraisal - Presenter: Christian Julliard, London School of Economics (co-authors: Lorenzo Bretscher, London School of Economics and Carlo Rosa, Federal Reserve Bank of New York) - Discussant: Udara Peiris, ICEF, Higher School of Economics Paper, Presentation, Discussion
12.00	Session 2 “Corporate Finance 1” Chair: Luca Gelsomini, ICEF, Higher School of Economics Accounting Rules, Equity Valuation, and Growth Options - Presenter: Dmitry Livdan, Haas School of Business, University of California Berkeley (co-author: Alexander Nezlobin, Haas School of Business, University of California, Berkeley) - Discussant: Dmitry Makarov, ICEF, Higher School of Economics Paper, Presentation, Discussion Firm Performance, Political Influence and External Shocks - Presenter: Vladimir Sokolov, ICEF, Higher School of Economics (co-author: Laura Solanko, BOFIT, Bank of Finland) - Discussant: Thomas Noe, Saïd Business School, University of Oxford Discussion
14.45	Session 3 “Corporate Finance 2” Chair: Maxim Nikitin, ICEF, Higher School of Economics Agency, Firm Growth and Managerial Turnover - Presenter: Mihail Zervos, London School of Economics (co-authors: Ronald W. Anderson, London School of Economics, M. Cecilia Bustamante, University of Maryland, and Stephane Guibaud, SciencesPo) - Discussant: Sergey Stepanov, ICEF and Faculty of Economics, Higher School of Economics Paper Corporate Governance and Investment: Evidence from Russian Non-Listed Firms - Presenter: Carsten Sprenger, ICEF, Higher School of Economics, Moscow (co-author: Olga Lazareva, Faculty of Economics, Higher School of Economics) - Discussant: Andrew Ellul, Kelley School of Business, Indiana University, CSEF, ECGI and CEPR
16.45	Session 4 “Security and Mechanism Design” Chair: Dimitrios Tsomocos, Saïd Business School and St. Edmund Hall, University of Oxford Security Design with Status Concerns - Presenter: Dmitry Makarov, ICEF, Higher School of Economics (co-authors: Suleyman Basak, London Business School, Alex Shapiro, New York University and Marti Subrahmanyam, New York University) - Discussant: Dmitry Livdan, Haas School of Business, University of California Berkeley Paper, Presentation, Discussion Rousseauian contracts: Credit-like characteristics of private-information contracts in continuous time - Presenter: Bart Taub, Adam Smith Business School, University of Glasgow - Discussant: Sergei Izmalkov, New Economic School
18.30	Session 5 “High-Frequency Trading” Chair: Alex Boulatov, ICEF, Higher School of Economics High-Frequency Trading around Large Institutional Orders - Presenter: Albert J. Menkveld, VU University Amsterdam and Tinbergen Institute (co-author: Vincent Van Kervel, Pontifical Catholic University of Chile and Tilburg Law and Economics Center (TILEC), Tilburg University) - Discussant: Anna Obizhaeva, New Economic School Paper, Slides, Discussion
	Saturday, November 7
10.00	Session 6 “Asset Pricing” Chair: Patrick Kelly, New Economic School Belief Dispersion in the Stock Market - Presenter: Suleyman Basak, London Business School (co-author: Adem Atmaz, Krannert School of Management, Purdue University) - Discussant: Bart Taub, Adam Smith Business School, University of Glasgow Paper, Presentation, Discussion The Consumption Risk of Bonds and Stocks - Presenter: Svetlana Bryzgalova, Stanford Graduate School of Business, Stanford University (co-author: Christian Julliard, London School of Economics) - Discussant: Tarun Ramadorai, Saïd Business School and Oxford-Man Institute of Quantitative Finance, University of Oxford
12.00	Session 7 “Corporate Finance 3” Chair: Christian Julliard, London School of Economics Skewing the odds: Taking risks for rank-based rewards - Presenter: Thomas Noe, Saïd Business School and Balliol College, University of Oxford (co-author: Dawei Fang, Department of Economics, University of Gothenburg) - Discussant: Emiliano Catonini, ICEF, Higher School of Economics Paper, Presentation, Discussion Strategic Leverage and Employees’ Rights in Bankruptcy - Presenter: Andrew Ellul, Kelley School of Business, Indiana University, CSEF, ECGI and CEPR (co-author: Marco Pagano, University of Naples Federico II, CSEF, EIEF, ECGI and CEPR) - Discussant: Olga Kuzmina, New Economic School Paper, Presentation, Discussion

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