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Conference Program
8th Miami Behavioral Finance Conference
December 16 - 17, 2017
School of Business Administration, University of Miami
Coral Gables, Florida 33124, USA

UMBFC Program 2017The School of Business Administration at the University of Miami is organizing its 8th Behavioral Finance Conference.  The conference will be held in the Storer Auditorium at the University of Miami campus in Coral Gables (5250 University Dr., Coral Gables, FL 33146). The conference is sponsored by the Department of Finance at the University of Miami and the Review of Financial Studies (RFS).

Keynote Speaker:  Malcolm Baker, Robert G. Kirby Professor of Business Administration, Harvard University

Program Committee Chair and Organizer: George Korniotis, University of Miami

Saturday, December 16, 2017 
8:30 am – 9:10 am Continental Breakfast: Storer Auditorium Lobby
9:10 am – 9:15 am Welcome Remarks: Dean John Quelch, University of Miami
9:15 am – 9:25 am Conference Program Overview: George Korniotis, University of Miami
Morning Session Chair: Stefanos Delikouras, University of Miami
9:25 am – 10:00 am Short and Long Horizon Behavioral Factors, Kent Daniel, Columbia University, David Hirshleifer, University of California Irvine, Lin Sun, Florida State University
  • Presenter: David Hirshleifer
  • Discussant: Christian Lundblad, University of North Carolina
10:00 am – 10:35 am Wisdom of the Employee Crowd: Employer Reviews and Stock Returns, T. Clifton Green, Emory University, Ruoyan Huang, Moody’s Analytics, Quan Wen, Georgetown University, Dexin Zhou, Baruch College
  • Presenter: T. Clifton Green
  • Discussant: Kent Daniel, Columbia University
10:35 am – 11:00 am Coffee Break: Storer Auditorium Lobby
11:00 am – 11:35 am Making Sense of Soft Information: Interpretation Bias and Ex-post Lending Outcomes, Dennis Campbell, Harvard University, Maria Loumioti, University of Texas Dallas, Regina Wittenberg-Moerman, University of Southern California
  • Presenter: Maria Loumioti
  • Discussant: Gregor Matvos, University of Texas at Austin
11:35 am – 12:10 pm Socioeconomic Status and Macroeconomic Expectations, Sreyoshi Das, University of Michigan, Camelia Kuhnen, University of North Carolina, Stefan Nagel, University of Chicago
  • Presenter: Camelia Kuhnen
  • Discussant: Geoffrey Tate, University of Maryland
12:10 pm – 1:10 pm Lunch:Carlos and Rosa de la Cruz Study Center, University of Miami, School of Business
1:10 pm – 2:10 pm Keynote Speech: Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests, Malcolm Baker, Robert G. Kirby Professor of Business Administration, Harvard University

Location: Storer Auditorium, University of Miami
2:10 pm – 2:30 pm Coffee Break: Storer Auditorium Lobby
Afternoon Session Chair: Henrik Cronqvist, University of Miami
2:30 pm – 3:05 pm Skewness Seeking in a Dynamic Portfolio Choice Experiment, Isabelle Brocas, University of Southern California, Juan Carrillo, University of Southern California, Aleksandar Giga, University of Southern California, Fernando Zapatero, University of Southern California
  • Presenter: Fernando Zapatero
  • Discussant: Elena Asparouhova, University of Utah
3:05 pm – 3:40 pm The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment, Cary Frydman, University of Southern California, Baolian Wang, Fordham University
  • Presenter: Cary Frydman
  • Discussant: Alex Imas, University of Chicago
3:40 pm – 3:50 pm Coffee Break: Storer Auditorium Lobby
3:50 pm – 4:35 pm Doctoral Student Session
5:30 pm – 8:30 pm Conference Dinner
Sunday, December 17, 2017
9:00 am – 9:30 am Continental Breakfast: Storer Auditorium Lobby
Morning Session Chair: Gennaro Bernile, University of Miami
9:30 am – 10:05 am What Drives Anomaly Returns?, Lars Lochstoer, University of California Los Angeles, Paul Tetlock, Columbia University
  • Presenter: Paul Tetlock
  • Discussant: Leonid Kogan, Massachusetts Institute of Technology
10:05 am – 10:40 am Spillovers in Asset Prices: The Curious Case of Haunted Houses, Utpal Bhattacharya, Hong Kong University of Science and Technology, Daisy Huang, Nanjing Audit University, Kasper Meisner Nielsen, Hong Kong University of Science and Technology
  • Presenter: Utpal Bhattacharya
  • Discussant: Ed Coulson, University of California Irvine
10:40 am – 11:10 am Coffee Break: Storer Auditorium Lobby
11:10 am – 11:45 am The Promises and Pitfalls of Robo-advising, Francesco D’Acunto, University of Maryland, Nagpurnanand Prabhala, University of Maryland, Alberto Rossi, University of Maryland
  • Presenter: Francesco D’Acunto
  • Discussant: Brad Barber, University of California Davis
11:45 am – 12:20 pm Does Limited Investor Attention Explain Mutual Fund Flows? Evidence from Sector Funds, Indraneel Chakraborty, University of Miami, Alok Kumar, University of Miami, Tobias Mühlhofer, University of Miami, Ravi Sastry, University of Melbourne
  • Presenter: Indraneel Chakraborty
  • Discussant: Scott Yonker, Cornell University
12:20 pm – 1:20 pm Lunch: Finker-Frenkel Family Promenade, University of Miami
Afternoon Session Chair: Ville Rantala, University of Miami
1:20 pm – 1:55 pm IQ from IP: Simplifying Search in Portfolio Choice, Huaizhi Chen, Harvard University, Lauren Cohen, Harvard University, Umit Gurun, University of Texas at Dallas, Dong Lou, London School of Economics, Christopher Malloy, Harvard University
  • Presenter: Lauren Cohen
  • Discussant: Gurdip Bakshi, University of Maryland
1:55 pm – 2:30 pm Optimism Propagation, Torsten Jochem, University of Amsterdam, Florian Peters, University of Amsterdam
  • Presenter: Florian Peters
  • Discussant: Boris Vallee, Harvard University
2:30 pm – 2:50 pm Coffee Break: Storer Auditorium Lobby
2:50 pm – 3:25 pm Borrowing to Save? The Impact of Automatic Enrollment on Debt, John Beshears, Harvard University, James Choi, Yale University, David Laibson, Harvard University, Brigitte Madrian, Harvard University, William Skimmyhorn, United States Military Academy
  • Presenter: James Choi
  • Discussant: Nick Roussanov, University of Pennsylvania
3:25 pm – 4:00 pm Cognitive Reference Points, the Left-Digit Effect, and Clustering in Housing Markets, Sudheer Chava, Georgia Institute of Technology, Vincent Yao, Georgia State University
  • Presenter: Vincent Yao
  • Discussant: Felipe Severino, Dartmouth College


If you are interested in participating, please register for the conference before December 1, 2017.


We have negotiated special pricing for a block of rooms at the Hyatt Regency Coral Gables. Reservations can be made at The deadline to reserve a room at the special rate is November 15th.

For additional information about the conference, please email You can also contact the conference organizer, George Korniotis, at or the conference fellow, William Bazley, at

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