F i n a n c e U C

9^th International Conference

Campus San Joaquin UC

Av. Vicuña Mackenna 4860, Macul

Santiago, Chile

June 24 - 25, 2015

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Conference Program

Wednesday, June 24, 2015

10:15

Registration

Session 1: Cycles in financial markets

10:45	Stock returns over the FOMC cycle Adair Morse - UC Berkeley Discussant: Julio Riutort - UAI Chile
11:45	Price pressure from coordinated noise trading: evidence from pension fund reallocations Borja Larrain - UC Chile Discussant: David Solomon - USC
12:45	Lunch

Session 2: Firm failures and bank failures

14:30	Asset reallocation in bankruptcy Ben Iverson - Northwestern University Discussant: Francisco Urzua - Rotterdam SM
15:30	Deposit insurance, bank risk taking, and failures: Evidence from the early 20th century Felipe Aldunate - UC Chile Discussant: Fritz Foley - HBS

Thursday, June 25, 2015

Session 3: Investor mistakes

10:45	Who neglects risk? Investor experience and the credit boom Adi Sunderam - HBS Discussant: Giorgo Sertsios - U de Los Andes Chile
11:45	Being surprised by the unsurprising: Earnings seasonality and stock returns David Solomon - USC Discussant: Tomas Reyes - UC Chile
12:45	Lunch

Session 4: Institutional investors

14:30	Passive investors, not passive owners Todd Gormley - Wharton Discussant: Borja Larrain - UC Chile
15:30	Learning by doing: the value of experience and the origin of skill for mutual fund managers Oliver Spalt - Tilburg U Discussant: Felipe Aldunate - UC Chile