CONFERENCE PROGRAM

Note 2014 Program

Sunday August 24, 2014

18:00 - 20:00 WELCOME RECEPTION at the Hotel Haven Terrace
Opening words by Aalto University School of Business Department of Finance Chair. Food and drink will be served. Please enter the Havis Terrace through Hotel Haven, stairs down from the main entrance.

Monday August 25, 2014

08:30 – 09:00 COFFEE
09:00 – 10:30 Session 1: COMPLEXITY AND DISAGREEMENT
Chair: Markku Kaustia, Aalto University School of Business

Offsetting Disagreement and Security Prices
Byoung-Hyoun Hwang (Purdue University & Korea University), Dong Lou (London School of Economics), Chengxi Yin (Purdue University)

Discussant: John Hand, UNC Chapel Hill

What Drives Financial Complexity? A Look into the Retail Market for Structured Products
Claire Célérier (University of Zürich), Boris Vallée (Harvard Business School)

Discussant: Antti Suhonen, Aalto University School of Business

10:30 – 11:00 BREAK
11:00 – 12:30 Session 2: FUND FLOWS
Chair: Matti Suominen, Aalto University School of Business

Seasonal Asset Allocation: Evidence from Mutual Fund Flows
Mark Kamstra (York University), Lisa Kramer (University of Toronto), Maurice Levi (University of British Columbia), Russ Wermers (University of Maryland)

Discussant: Peter Nyberg, Aalto University School of Business

Which Risk Factors Matter to Investors? Evidence from Mutual Fund Flows
Brad Barber (University of California, Davis Graduate School of Management), Xing Huang (Michigan State University Broad College of Business), Terrance Odean (University of California, Berkeley Haas School of Business)

Discussant: Petri Jylhä, Imperial College London

12:30 – 14:00 LUNCH
2nd floor foyer / lobby
14:00 – 15:30 Session 3: ADVICE AND INVESTMENT IDEAS
Chair: John Hand, UNC Chapel Hill

How Do Investment Ideas Spread through Social Interaction? Evidence from a Ponzi Scheme
Ville Rantala, Aalto University School of Business

Discussant: Samuli Knüpfer, London Business School

The Costs and Benefits of Financial Advice
Stephen Foester (Western University), Juhani Linnainmaa (University of Chicago Booth School of Business and NBER), Brian Melzer (Northwestern University), Alessandro Previtero (Western University)

Discussant: Markku Kaustia, Aalto University School of Business

15:30 – 16:00 BREAK
16:00 – 17:00 KEYNOTE SPEECH
Unrecognized Risk-Taking in Financial Markets

Terrance Odean, University of California, Berkeley Haas School of Business
19:00
onwards
DINNER
Restaurant Havis, connected to Hotel Haven. Address: Unioninkatu 17.

Tuesday August 26, 2014

09:00 – 09:30 COFFEE
09:30 – 11:00 Session 4: TIMING MATTERS
Chair: Sami Torstila, Aalto University School of Business

Can Individual Investors Time Bubbles?
Jussi Keppo (National University of Singapore), Tyler Shumway (University of Michigan), Daniel Weagley (Georgia Insitute of Technology)

Discussant: Juhani Linnainmaa, University of Chicago Booth School of Business

Does the Early Bird Catch the Worm? Firstborns and Their Financial Decisions
Sven Spira (HEC Paris)

Discussant: Elias Rantapuska, Aalto University School of Business

11:00 – 11:15 BREAK
11:15 – 12:45 Session 5: PERFECT MARKETS?
Chair: Matti Keloharju, Aalto University School of Business

A New Perspective on Analyst Sophistication: Errors and Dubious Judgments in Analysts’ DCF Valuation Models
Jeremiah Green (Penn State University), John Hand (UNC Chapel Hill), Frank Zhang (Yale University)

Discussant: Ville Rantala, Aalto University School of Business

When Real Estate Is the Only Game in Town
Hyun-Soo Choi (Singapore Management University and SKBI), Harrison Hong (Princeton University), Jeffrey Kubik (Syracure University), Jeffrey Thompson (Federal Reserve Board)

Discussant: Nada Mora, Federal Reserve Bank of Kansas City

12:45 – 12:50 CLOSING WORDS
12:50 - LUNCH
2nd floor foyer / lobby

Program for HFS 2013

Program for HFS 2012

Program for HFS 2011