Instituto Tecnológico Autónomo de México - ITAM, and Fundación de Estudios Financieros - FUNDEF

www.itamfin.com

Organized by Guillermo Zamarripa, Pablo Galván, Francisco Pérez and Aurelio Vásquez

Day One: Friday, June 5, 2015

8.15-9.00 h
Breakfast and Welcome

9.00-10.30 h
Keynote Address
Benchmarks, Tracking-Error and Investment (Beta) Decisions
Myron Scholes, Stanford University

10.30-11.00 h
COFFEE BREAK

11.00-12.15 h
Friday Morning Session 1: Real Effects of Financial Markets

How Collateral Laws Shape Lending and Sectoral Activity
Authors:  Charles W. Calomiris, Mauricio Larrain, José Liberti, and Jason Sturgess
Presenter:  Mauricio Larrain    
Discussant:  Jacopo Ponticelli, University of Chicago

Firm Leverage and Unemployment during the Great Recession
Authors:  Xavier Giroud and Holger Mueller
Presenter:  Xavier Giroud, MIT   
Discussant:  TBA

12.15-14.30 h
LUNCH

14.30-15.45 h
Friday Afternoon Session 1: Compensation in Financial Markets

Short Selling and the Design of Executive incentives
Authors:   David De Angelis, Gustavo Grullon, and Sebastian Michenaud
Presenter: David De Angelis, Rice University
Discussant:  TBA

Returns to Talent and the Finance Wage Premium
Authors:     Claire Celerier and Boris Vallee
Presenter:    Boris Vallee, Harvard University
Discussant:  TBA

15.45-16.15 h
COFFEE BREAK

16.15-17.00 h
Friday Afternoon Session 2:  Mutual Funds

Managerial Activeness and Mutual Fund Performance
Authors:  Hitesh Doshi, Redouane Elkamhi, and Mikhail Simutin
Presenter:  Redouane Elkamhi, University of Toronto
Discussant: TBA

7.15 h
DINNER COCKTAIL

Day Two: Saturday, June 6, 2015

8.30-9.00 h
Breakfast

9.00-10.45 h
Saturday Morning Session 1: Asset Pricing

Betting against Beta or Demand for Lottery
Authors:  Turan G. Bali, Stephen J. Brown, Scott Murray and Yi Tang      
Presenter:  Scott Murray, University of Nebraska
Discussant: Christian Wagner, Copenhagen Business School

The Trend in Firm Profitability and the Cross Section of Stock Returns
 Authors:  Ferhat Akbas, Chao Jiang, and Paul Koch
Presenter:  Ferhat Akbas, University of Kansas   
Discussant: Alex Horenstein, University of Miami

The price of variance risk
  Authors:  Ian Dew-Becker, Stefano Giglio, Anh Le, and Marius Rodriguez       
Presenter:    Stefano Giglio, Chicago Booth
Discussant: TBA

10.45-11.15 h
COFFEE BREAK

11.15-12.30 h
Saturday Morning Session 2: 

Intraday Momentum: The First Half-Hour Return Predicts the Last Half-Hour Return
Authors: Lei Gao, Yufeng Han, Sophia Zhengzi Li and Guofu Zhou     
Presenter:    Yufeng Han, University of Colorado Denver 
Discussant:  Ryan Israelsen, Indiana University

What does the PIN model identify as private information?
  Authors:  Jefferson Duarte, Edwin Hu, and Lance Young       
Presenter:    Jefferson Duarte, Rice University
Discussant:  Yelena Larkin, Penn State University

13.00-19.00 h
VISIT TO THE PYRAMIDS OF TEOTIHUACAN