Adam Smith Workshops in Asset Pricing & Corporate Finance

The Adam Smith Workshops are a regular event organized jointly by HEC Paris, INSEAD, EDHEC Business School, Imperial College Business School, London Business School, London School of Economics and Political Science, Saïd Business School (University of Oxford), and the Centre for Economic Policy Research (CEPR).

Financial support from HEC Paris, Center for Economic Policy Research, and ANR Labex Louis Bachelier.

Thursday 10th April 2025

9.30-10.30 Registration and coffee
 

SESSION 1

Asset Pricing Room: S227 Chair:

• 10.30-11.30 The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement 

Daniel Andrei (McGill) and Lorenzo Garlappi (UBC) 

Discussant: Paul Ehling (BI Oslo)

• 11.30-12.30 Present Bias and Discount Rate Risk

Lars Lochstoer (UCLA Anderson), Stig Lundeby (BI Oslo), and Zhaneta Tancheva (BI Oslo)

Discussant: Bernard Dumas (INSEAD, CEPR)

Corporate Finance Room: S228 Chair: 

• 10.30-11.30 A New Theory of Credit Lines (With Evidence) 

Jason Roderick Donaldson (LSE); Naz Koont (Stanford GSB); Giorgia Piacentino (USC Marshall) and Victoria Vanasco (CREI Barcelona, CEPR) 

Discussant: Catherine Casamatta (TSE)

• 11.30-12.30 Loan Maturity and Asset Utilization: Evidence from private loan modification among SMEs 

Apoorv Gupta (Dartmouth College) and Chris Eaglin (Duke University)

Discussant: Daniel Paravisini (LSE, CEPR)

12.30 - 14.00 Lunch (Best Western)

SESSION 2

Asset Pricing Room: S227 Chair:

• 14.00 -15.00 Causal Inference for Asset Pricing 

Valentin Haddad (UCLA Anderson); Zhiguo He (Stanford GSB); Paul Huebner (SSE); Peter Kondor (LSE); Erik Loualiche (Minnesota Carlson)

Discussant: Hanbin Yang (LBS) 

Corporate Finance Room: S228 Chair: 

• 14:00 - 15.00 Voting on Public Goods : Citizens vs. Shareholders 

Robin Döttling (RSM); Doron Levit (Washington U); Nadya Malenko (Boston College CEPR) and Magdalena Rola-Janicka (Imperial College, CEPR)

Discussant: Roman Inderst (Goethe University, CEPR) 

15.00 - 15.30 Coffee Break 

SESSION 3

Joint Asset Pricing and Corporate Finance Room: Amphi Bellon Chair:

• 15.30 - 16.30 Intangible Capital Around the World

Frederico Belo (INSEAD); Li Yu (Shanghai Jiao Tong University); Julia Salomao (Minnesota Carlson, CEPR); Maria Ana Vitorino (INSEAD) 

Discussant: Roberto Steri (U of Luxembourg) 

•  16.30 - 17.30 Sustainable Investing : Evidence From the Field 

Alex Edmans (LBS); Tom Gosling (LSE) and Dirk Jenter (LSE, CEPR) 

Discussant: Jessica Jeffers (HEC Paris, CEPR)

19.00 - 23.00 Dinner at River Café

Friday 11th April 2025

9.00-9.30 Coffee
 

SESSION 4

Asset Pricing Room: S227 Chair:

• 9.30-10.30 Mental Models and Financial Forecasts 

Francesca Bastianello (Chicago Booth); Paul Decaire (ASU Carey); Marius Guenzel (Upenn) 

Discussant: Josefina Cenzon (Bocconi)

• 10.30-11.30 Equity Premium Events 

Ben Knox (FRB); Juan Londono (FRB); Mehrdad Samadi (FRB); Annette Vissing-Jorgensen (FRB, CEPR) 

Discussant: Elise Gourier (ESSEC, CEPR)

Corporate Finance Room: S228 Chair: 

• 9.30 - 10.30 Two Centuries of Systemic Bank Runs 

Rustam Jamilov (Oxford); Tobias König (University of Bonn); Karsten Müller (NUS) and Farzad Saidi (University of Bonn, CEPR)

Discussant: Guillaume Vuillemey (HEC Paris, CEPR)

• 10.30 - 11.30 Shadow Banks and the Dynamic Effects of Monetray Policy on Small Business Lending 

Manasa Gopal (Scheller College); Andres Sarto (Chicago Booth); Dominik Supera (Columbia) and Olivier Wang (NYU) 

Discussant: Niklas Amberg (Riksbank)

11.30 - 12.00 Coffee break

SESSION 5

Asset Pricing Room: S227 Chair:

• 12.00 -13.00 The Fiscal Cost of Quantitative Easing 

Adrien d'Avernas (SSE); Antoine Hubert de Fraisse (HEC Paris); Liming Ning (Chicago Booth); Quentin Vandeweyer (Chicago Booth)

Discussant: Dmitriy Sergeyev (Bocconi, CEPR)

Corporate Finance Room: S228 Chair: 

• 12:00 - 13.00 Inflation and floating-rate loans: Evidence from the euro-area

Fabrizio Core (LUISS); Filippo De Marco (Bocconi, CEPR); Glenn Schepens (European, Central Bank) and Tim Eisert (NOVA, CEPR)

Discussant: Rebecca De Simone (LBS)

13.00 - 14.30 Lunch (Petit Gustave)

SESSION 6

Asset Pricing Room: S227 Chair:

• 14.30 - 15.30 Debt and Deficits: Fiscal Analysis with Stationary Ratios

John Campbell (Harvard); Can Gao (U of St Gallen); Ian Martin (LSE, CEPR) 

Discussant: Veronica de Falco (Imperial College)

• 15.30 - 16.30 Inflation and Treasury Convenience

Anna Cieslak (Duke Fuqua, CEPR); Wenhao Li (USC Marchall); Carolin Pflueger (Chicago Harris, CEPR) 

Discussant: Ciaran Rogers (HEC Paris)

Corporate Finance Room: S228 Chair: 

• 14.30 - 15.30 Climate Policy and Firm Efficiency : Lessons From the Trycking Industry

Gustav Martinsson (Stockholm U); Per Strömberg (LSE, CEPR); Christian Thomann (KTH)

Discussant: Julien Sauvagnat (Bocconi)

• 15.30 - 16.30 The Environmental Bias of Corporte Income Taxation 

Thorsten Martin (Frankfurt School); Luigi Iovino (Bocconi, CEPR); Julien Sauvagnat (Bocconi)

Discussant: Laurent Bach (ESSEC)