21st Mitsui Finance Symposium on Labor and Finance

21st Mitsui Finance Symposium

“Labor and Finance”

Stephen M. Ross School of Business
University of Michigan

June 13 – 15, 2013

THURSDAY, JUNE 13

6:30 – 8:00 Welcome Reception for incoming guests, Campus Inn
8:00 – 8:30 Walk to nearby restaurants for dinner

FRIDAY, JUNE 14

MORNING SESSION
Room R1240
8:15 – 8:45 Continental breakfast at Ross, outside R1240
8:45 Opening remarks by Dean Alison Davis-Blake
8:50 – 10:20 Session 1

Chair: E. Han Kim, University of Michigan

Risk-Sharing within Firms: Worldwide Evidence
Andrew Ellul, Indiana University

Marco Pagano, University of Naples Federico II

Fabiano Schivardi, Luiss University

Discussant: Ernst Maug, University of Mannheim

Cost Shifting and the Freezing of Corporate Pension Plans
Joshua Rauh, Stanford University

Irina Stefanescu, Indiana University

Stephen Zeldes, Columbia University

Discussant: Andrew Ellul, Indiana University

15 MINUTE BREAK
10:35 – 12:05 Session 2
Chair: Amiyatosh Purnanandam, University of Michigan
Managerial Labor Market Frictions and Corporate Investment
Ashwini Agrawal, New York University

Alexander Ljungqvist, New York University

Discussant: Kelly Shue, University of Chicago

Employee Inside Debt and Firm Risk-Taking: Evidence from Employee Deposit Programs in Japan
Sudipto Dasgupta, Hong Kong University of Science & Technology Yupeng Lin, National University of Singapore

Takeshi Yamada, The University of Adelaide

Zilong Zhang, Hong Kong University of Science & Technology

Discussant: Charles Hadlock, Michigan State University

12:15 – 1:45 LUNCH IN THE COLLOQUIUM, 6TH FLOOR
AFTERNOON SESSION
Room R1240
1:55 – 3:25 Session 3
Chair: Uday Rajan, University of Michigan
Contracting with Synergies
Alex Edmans, University of Pennsylvania

Itay Goldstein, University of Pennsylvania

John Zhu, University of Pennsylvania

Discussant: Ing-Haw Cheng, University of Michigan

Exploration for Human Capital: Evidence from the MBA Labor Market
Camelia Kuhnen, Northwestern University

Paul Oyer, Stanford University

Discussant: Martin Schmalz, University of Michigan

15 MINUTE BREAK
3:40 – 5:10 Session 4
Chair: Amy Dittmar, University of Michigan
Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
Jennifer Brown, Northwestern University

David Matsa, Northwestern University

Discussant: Edith Hotchkiss, Boston College

Option to Quit: The Effect of Employee Stock Options on Turnover
Serdar Aldatmaz, University of North Carolina-Chapel Hill

Paige Ouimet, University of North Carolina-Chapel Hill

Edward Van Wesep, University of North Carolina-Chapel Hill

Discussant: Paul Oyer, Stanford University

5:30 Board bus on Tappan Street for dinner at UM Stadium
5:45 Cocktails in the Regents Guest Area, UM Stadium
6:45 Dinner in the Regents Guest Area, UM Stadium
7:45 UM Stadium Tour (Optional)

SATURDAY, JUNE 15

MORNING SESSION

ROOM R1240

8:15 – 8:45 Continental breakfast at Ross, outside R1240
8:50 – 10:20 Session 5
Chair: Denis Sosyura, University of Michigan
Cultural Proximity and the Processing of Financial Information
Qianqian Du, Shanghai Jiaotong University

Frank Yu, China Europe International Business School

Xiaoyun Yu, Indiana University

Discussant: Jeffrey Kubik, Syracuse University

The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets
Geoffrey Tate, University of North Carolina-Chapel Hill

Liu Yang, University of Maryland

Discussant: Susan Chaplinsky, University of Virginia

15 MINUTE BREAK
10:35 – 11:20 Session 6
Chair: Stefan Nagel, Stanford University/University of Michigan
Time Varying Risk Aversion
Luigi Guiso, European University Institute

Paola Sapienza, Northwestern University

Luigi Zingales, University of Chicago

Discussant: Stefan Nagel, Stanford University/University of Michigan

11:30 – 1:00 LUNCH – BLAU AUDITORIUM
Two Best Discussant Awards Presented ($2500 each)