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19th Jackson Hole Finance Group Conference
Jackson Hole, WY January 16 – 19, 2026
Sponsored by:
Cornerstone Research, The Society for Financial Studies, and UNC’s Wells Fargo Center for Corporate Finance
Program
Teton Mountain Lodge & SPA
All events in the hotel’s Teton Room
Friday, January 16
5:30 – 6:30 p.m. Welcome Reception, sponsored by The Society for Financial Studies
Saturday, January 17
7:10 a.m. – 7:25 a.m. Breakfast
7:25 a.m. – 8:45 a.m. Session I: Liquidity
Opening remarks:-
Session Chair: Adriano Rampini
A Unified Theory of Delegated Capital Management by Jonathan Berk and Peter DeMarzo
The Importance of Being Earnest (in Search Markets) by Brendan Daley and Jacob Sagi
4:30 p.m. Cocktails
4:40 p.m. Conference organizer’s remarks
4:45 p.m. – 6:05 p.m. Session II: Debt
Session Chair: Jan Bena
Debt and Assets by Raghuram Rajan, Efraim Benmelech, and Nitish Kumar
Hidden Medical Debt and Consumer Access to Credit by Elena Loutskina and Joonsung Won
7:15 p.m. Conference dinner – Sponsored by Cornerstone Research
Sunday, January 18
7:10 a.m. – 7:25 a.m. Breakfast
7:25 a.m. – 8:45 a.m. Session III: Banking
Session Chair: Barney Hartman-Glaser
Banks, the Government and Money Creation by Fenghua Song and Anjan Thakor
Too-Many-to-Ignore: Regional Banks and CRE Risks by Franz Hinzen, Felipe Severino, and Stijn Van Nieuwerburgh
4:45 p.m. Cocktails
5:00 p.m. – 6:20 p.m. Session IV: Asset Returns
Session Chair: Carolin Pflueger
Interest Rate Risk and Cross-Sectional Effects of Micro-Prudential Regulation by Juliane Bergenau, Vadim Elenev, and Tim Landvoigt
A Trilemma for Asset Demand Estimation by William Fuchs, Satoshi Fukuda, and Daniel Neuhann
Monday, January 19
7:10 a.m. – 7:25 a.m. Breakfast
7:25 a.m. – 8:45 a.m. Session V: Government Policy
Session Chair: Andrea Eisfeldt
When Protectionism Kills Talent by Mehmet Canayaz, Isil Erel, Umit Gurun, and Yufeng Wu
Measuring Financial Subsidies to SOEs: An Asset Return Based Framework with an Application to TVA by Deborah Lucas, Marco Garcia, and Tiago Solberg
Conference Organizers
Paolo Fulghieri
University of North Carolina at Chapel Hill
Mirela Sandulescu
University of North Carolina at Chapel Hill
Conference Venue
Teton Mountain Lodge & SPA
3385 Cody Lane
Teton Village, WY 83025
Program Committee
Jonathan Berk (Stanford)
Christa Bouwman (Texas A&M)
Andrea Eisfeldt (UCLA)
Isil Erel (Ohio State)
William Fuchs (UT Austin)
Paolo Fulghieri (UNC)
Mark Grinblatt (UCLA)
Barney Hartman-Glaser (UCLA)
Elena Loutskina (Virginia)
Deborah Lucas (MIT)
Lubos Pastor (Chicago)
Georgia Piacentino (USC)
Veronica Pool (Vanderbilt)
Adriano Rampini (Duke)
Mirela Sandulescu (UNC)
Matt Spiegel (Yale)
Anjan Thakor (Washington University)
Margarita Tsoutsoura (Washington University)
Stijn Van Nieuwerburgh (Columbia)
Contact for Administrative Questions
Marion Strandh
Conference Manager
UNC’s Kenan-Flagler Business School
CB #3440, Kenan Center, #300
Chapel Hill, NC 27599
(m) 919-452-3996
Marion_Strandh@kenan-flagler.unc.edu
www.kenan-flagler.unc.edu