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Jackson Hole Finance Group

6th Jackson Hole Finance Conference

Jackson Hole, WY January 14 – 16, 2012

Conference Organizers

Paolo Fulghieri and Anil Shivdasani

University of North Carolina at Chapel Hill

Conference Venue

Snake River Lodge & SPA

7710 Granite Loop Road

Teton Village, WY 83025


Program Committee


Jonathan Berk, Stanford University

Paolo Fulghieri, University of North Carolina at Chapel Hill

Deborah Lucas, Massachusetts Institute of Technology

Anil Shivdasani, University of North Carolina at Chapel Hill

Ken Singleton, Stanford University

Anjan Thakor, Washington University


Contact for Administrative Questions

Marion Strandh

Program Manager

UNC’s Kenan-Flagler Business School

CB #3490 4100 McColl Bldg.

Chapel Hill, NC 27599

(Tel) 919-962-3174

(Fax) 919-962-2068



Friday, January 13, 2012


5:45 – 6:45 p.m. Wine & cheese Reception (Apres Vous)


Saturday, January 14, 2012


7:00 a.m. – 7:10 a.m. Breakfast (Sundance)

7:10 a.m. – 8:30 a.m. Session 1: Corporate Theory & Empirics


Session Chair: Anjan Thakor (Washington University)


Dynamic Risk Management

Authors: Adriano Rampini (Duke), Amir Sufi (Chicago) & S. Viswanathan (Duke)


Dividends as Reference Points: A Behavioral Signaling Model

Authors: Malcolm Baker (Harvard) & Jeffrey Wurgler (NYU)



5:00 p.m. – 6:30 p.m. Session 2: Asset Pricing (Sundance)


Session Chair: Matthew Spiegel (Yale)

A Theory of Asset Prices based on Hetergenous Investor Information and Limits to Arbitrage

Authors: Elias Albagli (USC Marshall), Christian Hellwig (Toulouse) & Aleh Tsyvinski (Yale)


Political Uncertainty and Risk Premia

Authors: Lubos Pastor (Chicago) & Pietro Veronesi (Chicago)


6:45 p.m. – 8:30 p.m. Conference dinner at the Alpenrose restaurant




Sunday, January 15, 2012


7:15 a.m. – 7:30 a.m. Breakfast (Sundance)

7:30 a.m. – 8:45 a.m. Session 3: Corporate Empirical


Session Chair: Mike Lemmon (Utah)


The Real Effects of Hedge Fund Activism: Productivity, Risk, and Product Market Competition

Authors: Alon Brav (Duke) & Wei Jiang (Columbia) & Hyunseob Kim (Duke)


Who Works for Startups? The Relation between Firm Age, Employee Age, and Growth

Authors: Paige Ouimet (UNC – Chapel Hill) & Rebecca Zarutskie (Duke)


5:00 p.m. – 6:30 p.m. Session 4: Asset Pricing (Sundance)


Session Chair: Deborah Lucas (MIT)


IQ and Mutual Fund Choice

Authors: Mark Grinblatt (UCLA), Seppo Ikaheimo (Aalto), Matti Keloharju (Aalto) & Samuli Knupfer (LBS)


Industrial Asset Pricing

Authors: Marcus Opp (Berkeley), Christine Parlour (Berkeley) & Johan Walden (Berkeley)


Monday, January 16, 2012

7:15 a.m. – 7:30 a.m. Breakfast (Sundance)

7:30 a.m. – 8:45 a.m. Session 5: Corporate Theory


Session Chair: Paolo Fulghieri (University of North Carolina at Chapel Hill)


Information Acquisition in Rumor-Based Bank Runs

Authors: Asaf Manela (Washington U – St. Louis) & Zhiguo He (Chicago)


Authority, Consensus and Governance

Authors: Bilge Yilmaz (Wharton) & Archishman Chakraborty (York)



working example:


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