2014 CONFERENCE PROGRAM

Conference Program
Fifth Miami Behavioral Finance Conference December 14-16, 2014 School of Business Administration, University of Miami Coral Gables, Florida 33124, USA http://bus.miami.edu/umbfc/ 2014 Conference Brochure 2014 List of Participants 2014 Info Sheet
Keynote Speaker:	Matthew Rabin, Harvard University
Program Committee Chair:	Campbell Harvey, Duke University and University of Miami
Organizers:	Jawad Addoum, Stefanos Delikouras, and George Korniotis, University of Miami

Sunday, December 14, 2014
6:00 pm – 8:00 pm	Welcome Reception, Southwest Terrace, Biltmore Hotel
Monday, December 15, 2014
8:15 am – 8:45 am	Continental Breakfast: Student Activities Center, University of Miami
8:45 am – 9:00 am	Welcome Remarks: Eugene Anderson, Dean, University of Miami School of Business Administration Conference Program Overview: Campbell Harvey, Program Committee Chair
Morning Session Chair:	Stefanos Delikouras, University of Miami
9:00 am – 9:40 am	Which Risk Factors Matter to Investors? Evidence From Mutual Fund Flows Brad Barber, University of California, Davis, Xing Huang, Michigan State University, and Terrance Odean, University of California, Berkeley Discussant: Amit Goyal, University of Lausanne
9:40 am – 10:20 am	Distrust in Finance Lingers: Jewish Persecution and Households' Investments Francesco D’Acunto, University of California, Berkeley, Marcel Prokopczuk, Zeppelin University, and Michael Weber, University of Chicago Discussant: Rick Green, Carnegie Mellon University
10:20 am – 10:50 am	Coffee Break
10:50 am – 11:30 am	License to Spend: Consumption-Income Sensitivity and Portfolio Choice Jawad Addoum, University of Miami, Stefanos Delikouras, University of Miami, and George Korniotis, University of Miami Discussant: Luis Viceira, Harvard University
11:30 am – 12:10 pm	Visibility Bias in the Transmission of Consumption Norms and Undersaving Bing Han, University of Toronto, and David Hirshleifer, University of California, Irvine Discussant: Theresa Kuchler, New York University
12:10 pm – 1:30 pm	Lunch: Student Activities Center, University of Miami
Afternoon Session Chair:	Sandro Andrade, University of Miami
1:30 pm – 2:30 pm	Keynote Speech: Inferential Errors in Markets and Elsewhere Matthew Rabin, Harvard University
2:30 pm – 3:10 pm	Decision-Making under the Gambler's Fallacy: Evidence from Asylum Judges, Loan Officers, and Baseball Umpires Daniel Chen, ETH Zurich, Tobias Moskowitz, University of Chicago, and Kelly Shue, University of Chicago Discussant: John Beshears, Harvard University
3:10 pm – 3:30 pm	Coffee Break
3:30 pm – 4:20 pm	Ph.D. Student Papers Taking a Beating on the Stock Market: Crime and Stock Returns John Huck, University of Michigan, Ann Arbor Discussant: Timothy Burch, University of Miami
	Identity, Overconfidence, and Investment Decisions Francesco D’Acunto, University of California, Berkeley Discussant: George Korniotis, University of Miami
5:30 pm – 9:00 pm	Dinner Cruise: Bayside Marina
Tuesday, December 16, 2014
8:30 am – 9:00 am	Continental Breakfast: Student Activities Center, University of Miami
Morning Session Chair:	Rik Sen, HKUST and University of Miami
9:00 am – 9:40 am	Learning Millennial-Style Bruce Carlin, University of California, Los Angeles, Li Jiang, University of California, Los Angeles, and Stephen Spiller, University of California, Los Angeles Discussant: Laura Veldkamp, New York University
9:40 am – 10:20 am	Ambiguity Aversion, Disagreement, and the Theory of the Firm David Dicks, University of North Carolina at Chapel Hill, and Paolo Fulghieri, University of North Carolina at Chapel Hill Discussant: Christopher Hennessy, London Business School
10:20 am – 10:50 am	Coffee Break
10:50 am – 11:30 am	FORE! An Analysis of CEO Shirking David Cicero, University of Alabama, Lee Biggerstaff, University of Tennessee, and Andy Puckett, University of Tennessee Discussant: Justin Murfin, Yale University
11:30 am – 12:10 pm	Rational and Heuristic-Driven Trading Panics in an Experimental Asset Market Chad Kendall, University of Southern California Discussant: Sophie Moinas, University of Toulouse
12:10 pm – 1:30 pm	Lunch: Student Activities Center, University of Miami
Afternoon Session Chair:	Vidhi Chhaochharia, University of Miami
1:30 pm – 2:10 pm	Investor Behavior and Financial Innovation: Callable Bull/Bear Contracts Avanidhar Subrahmanyam, University of California, Los Angeles, Xindan Li, Nanjing University, and Xuewei Yang, Nanjing University Discussant: Turan Bali, Georgetown University
2:10 pm – 2:50 pm	Household Wealth and Portfolio Choice When Tail Events Are Salient Murray Carlson, University of British Columbia, and Ali Lazrak, University of British Columbia Discussant: Daniel Gottlieb, University of Pennsylvania
2:50 pm – 3:20 pm	Coffee Break
3:20 pm – 4:00 pm	Time Will Tell: Information in the Timing of Scheduled Earnings News Eric So, Massachusetts Institute of Technology Discussant: Samuel Hartzmark, University of Chicago