Program for the 7th Helsinki Finance Summit

Sunday August 20, 2017


Opening words by the Head of the Department of Finance and Chairman of the Organizing Committee, Professor Markku Kaustia, Aalto University School of Business. Food and drink will be served. The conference room is located on the 2nd floor

Monday August 21, 2017

Venue: Hotel Kämp, Meeting room Peilisali

09:00 - 09:20 COFFEE
09:20 - 10:40 Session 1: The Art and Science of Bubbles
  Chair: Matti Suominen (Aalto)
  Evidence about Bubble Mechanisms: Precipitating Event, Feedback Trading, and Social Contagion
  Neil Pearson (University of Illinois at Urbana-Champaign), Zhishu Yang (Tsinghua University) and Qi Zhang (Durham University)
  Discussant: Harrison Hong (Columbia University)
  Speculative Trading and Bubbles: Evidence from the Art Market
  Julien Penasse (University of Luxembourg) and Luc Renneboog (Tilburg University)
  Discussant: Alex Chinco (University of Illinois at Urbana-Champaign)
10:40 - 11:00 BREAK
11:00 - 12:20 Session 2: Quasi-natural X
  Chair: Harrison Hong (Columbia University)
  Information Environment, Sophisticated Investors, and Market Efficiency: Evidence from a Natural Experiment
  Wei Wu (Texas A&M University), Yong Chen (Texas A&M University) and Bryan Kelly (University of Chicago)
  Discussant: Frank Zhou (University of Pennsylvania, Wharton School)
  Stock Market Returns and Consumption
  Kaveh Majlesi (Lund University), Marco Di Maggio (Harvard Business School) and Amir Kermani (University of California, Berkeley)
  Discussant: Elias Rantapuska (Aalto)
12:20 - 13:40 LUNCH
Foyer lobby on the 2nd floor
13:40 - 15:40 Session 3: Household Borrowing, Investment, and Consumption
  Chair: Markku Kaustia (Aalto)
  Borrowers in Search of Feedback: Evidence from Consumer Credit Markets
  Inessa Liskovich (University of Texas, Austin McCombs) and Maya Shaton (Federal Reserve Board of Governors)
  Discussant: Kaveh Majlesi (Lund University)
  Location Choice, Portfolio Choice
  Ioannis Branikas (Princeton University), Harrison Hong (Columbia University) and Jiangmin Xu (Peking University)
  Discussant: Matti Keloharju (Aalto)
  Who Drives and Bursts Asset Bubbles? Evidence from Bitcoin Exchange Transactions
  Jiasun Li (George Mason University), Mark Grinblatt (UCLA Anderson School of Management) and Vitalie Spinu (Erasmus University Rotterdam)
15:40 - 16:00 BREAK
16:00 - 17:00 KEYNOTE SPEECH
  Present Bias, Behavior Change, and Public Policy
  David Laibson (Harvard University)
Restaurant Roster, Pohjoisesplanadi 18, Helsinki

Tuesday August 22, 2017

Venue: Hotel Kämp, Meeting room Peilisali

09:00 - 09:20 COFFEE
09:20 - 10:40 Session 4: Sound of Silence
  Chair: Mitch Warachka (University of San Diego)
  The Tale of Silent Dogs: Do Stock Prices Fully Reflect the Implication of News Withholding?
  Frank Zhou (University of Pennsylvania, Wharton School), Yuqing Zhou (UCLA)
  Discussant: Peter Nyberg (Aalto)
  The Sound of Many Funds Rebalancing
  Alex Chinco (University of Illinois at Urbana-Champaign) and Vyacheslav Fos (Boston College)
  Discussant: Matthijs Lof (Aalto)
10:40 - 11:00 BREAK
11:00 - 13:00 Session 5: Asset Ownership and Rents
  Chair: Neil Pearson (University of Illinois at Urbana-Champaign)
Alexander Hillert (Goethe University of Frankfurt), Stefan Ruenzi (University of Mannheim) and Anja Kunzmann (University of Mannheim)
  Discussant: Sami Torstila (Aalto)
  Market Power and Price Informativeness
  Savitar Sundaresan (Imperial College London), Marcin Kacperczyk (Imperial College London) and Jaromir Nosal (Boston College)
  Discussant: Wei Wu (University of Texas A&M)
  How Do Households Set Prices? Evidence from Airbnb
  Mitch Warachka (University of San Diego), Barbara Bliss (University of San Diego) and Joseph Engelberg (University of California, San Diego)
  Discussant: Mikael Paaso (Aalto)
13:00 - 13:05 CLOSING WORDS
13:05 - LUNCH
Foyer lobby on the 2nd floor


  “It’s Always Sunny in Finland: Investment and Extrapolation from Cash Flow Growth"
  Mikael Paaso (Aalto University)
  “Daily Winners and Losers”
  Michael Ungeheuer (Aalto University), Alok Kumar (University of Miami) and Stefan Ruenzi (University of Mannheim)
  First-Round Knockout: Complexity, Disclosed Margins, and Ex-Post Returns of Structured Products
  Petra Vokatá (Aalto University)


See also the programs for previous Summits:

Program for HFS 2016

Program for HFS 2015

Program for HFS 2014

Program for HFS 2013

Program for HFS 2012

Program for HFS 2011