PhD ERC Summer School and Workshop on Incentives in Finance

This year, a Summer School, sponsored by Finance Professor Bruno Biais' ERC grant, hosts our 7th PhD Workshops in Finance, and is held in honor of Denis Gromb, Professor of Finance at HEC Paris, who passed away in 2022. Denis Gromb's contribution to the school, the scientific community, and the advancement of knowledge has been invaluable. Among these contributions, Denis provided amazing help and advice to many PhD students, and initiated an annual PhD Workshop in which they could present their early-stage research projects to academics. We want to pay tribute with this event as we owe him to try following in his footsteps and being as generous to others as he has been to us. 

On September 1st, a full day will honor Denis Gromb's memory between the two days of PhD Workshops. It will consist in presentations of his research by his co-authors. In the evening as well, co-authors, colleagues, students, and friends of Denis will have the opportunity to share memories at a cocktail.

Wednesday, August 30: Summer School Lectures

HEC Paris campus, Z building, room Z14

13:30-14:00: Welcome coffee (Z building lobby, 5min walk from the Best Western Hotel)

14:00-15:30: Summer School Lecture 1: Jean Charles Rochet, "Money and dynamic contracting"

15:30-16:00: Coffee break

16:00-17:30: Summer School Lecture 2: Johan Hombert, "Incentive constrained dynamic asset pricing"

19:00-21:00: Dinner at Best Western Hotel Restaurant

Thursday, August 31: PhD Workshop – Day 1

HEC Paris campus, Z building, room Z14

9:00-10:15: Session 1:

- Bijan Aghdasi (LSE), “Do Funds Generate More Value When They Become More Experienced with a Particular Stock?”

- Ahmed Guecioueur (INSEAD), “Money Doctors and Their Prognoses”
Chia-Yi Yen (University of Mannheim), “The Spillover Effect of Managerial Taxes on Mutual Fund Risk-taking”

10:15-10:45: Coffee break

10:45-12:00: Session 2:

- Antoine Hubert de Fraisse (HEC), “Long-Term Bond Supply, Term Premium, and the Duration of Corporate Investment”
- Martin Kornejew (University of Bonn), “Insiders vs. Outsiders: Arm's-length Creditor Rights and Firm Investment”
- Zihao Liu (Tilburg University), “Can CEO vocal cues help to predict future firm performance?”

12:00-13:30: Lunch at Le Petit Gustave (HEC Campus)

13:30-14:45: Session 3:

- Victor Saint-Jean (Sciences Po), “Exit or Voice? Divestment, Activism, and Corporate Social Responsibility”
- Taisiya Sikorskaya (LBS), “Benchmarking and Securities Lending: When More Supply Means Higher Fees”
- Alireza Aghaee Shahrbabaki (Bocconi), “The Flattening Demand Curves”

14:45-15:15: Coffee break

15:15-16:30: Session 4:

- Viktoria Muthsam (Vienna University), “Early intervention, information acquisition, and lending”
- Natalija Kostic (Vienna University), “Inside debt and risk taking in banks”
- Shuo Zhao (Tilburg University), “Regulatory Model Secrecy and Bank Reporting Discretion”

16:30-17:00: Coffee break

17:00-17:50: Session 5:

Silvia Dalla Fontana (University of Lugano), “Specialist Funds Financing Innovations: Evidence from Venture Capital”
Caroline Genc (University Paris Dauphine), “Serial Entrepreneurship and Experimentation in the US”

19:00-21:00: Dinner at Best Western Hotel Restaurant (in front of HEC campus)

Friday, September 1: Denis Gromb Memorial Day 

HEC Paris Campus, Z-Building and HEC Le Château

9:30–10:00    Coffee and Welcome

10:00–11:45    Session 1: Financial Intermediation

- Dimitri Vayanos (London School of Economics): “Financially Constrained Arbitrage”
- Viral Acharya (New York University Stern School of Business): “Strategic Behavior in Interbank Markets”

12:00–14:00    Lunch break

14:00-15:45    Session 2: Corporate Finance

- Mike Burkart (London School of Economics) and Fausto Panunzi (Bocconi University): “Ownership and Corporate Control”
- Jason Donaldson (University of Southern California, Marshall School of Business) and Giorgia Piacentino (University of Southern California, Marshall School of Business): “Collateral”

15:45-16:00    Coffee break

16:00-17:00    Session 3: Incentives and Organizations

Patrick Bolton (Imperial College London): “Denis Gromb's contributions to Corporate Finance Theory”

17:15-18:00    In Memoriam

Speech by Eloïc Peyrache, Dean of HEC Paris

18:00-19:30    Cocktail

Saturday, September 2: PhD Workshop – Day 2

HEC Paris campus, Z building, room Z14

10:00-11:15: Session 1

- Markus Bak-Hansen (HEC Paris), “Dealer-Customer Relationships in OTC Markets”
- Valeria Fedyk (LBS), “This Time is Different: Investing Preferences in the Age of Robinhood”
- Myriam Kassoul (Ecole Polytechnique), “Market Microstructure of Uniswap”

11:15-11:45: Coffee break

11:45-13:00: Session 2

- Song Xiao (LSE), “Duration-Driven Returns and Institutional Constraints”
- Kristoffer Halskov (CBS), “Deep Structural Models: A New Empirical Asset Pricing Framework”
- Massimiliano Bondatti (Nova School of Business), “Subjective risk premia and intermediary asset pricing: evidence from commodity markets”

13:00-14:00: Lunch Box and goodbyes

Contacts:

Daniel Schmidt (HEC faculty): schmidt@hec.fr; +33 6 52 67 85 97
Teodor Duevski (HEC PhD student): teodor.duevski@hec.edu; +33 7 49 12 41 50

We are very grateful for financial support of ERC Grant 882375, "Welfare, Incentives, Dynamics and Equilibrium."