Behavioral Finance Conference
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9th Miami Behavioral Finance Conference
December 14-15, 2018
Miami Business School, University of Miami
Coral Gables, Florida 33146, USA


The Finance Department at the Miami Business School at the University of Miami is organizing its ninth 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 academic sponsor of the conference is the Review of Financial Studies (RFS). The RFS has extended a dual submission option to all papers submitted at the conference.

Financial support has been provided by Hersha Hospitality Trust and Cubist Systematic Strategies. Cubist in particular is sponsoring travel awards to all doctoral students on the program.

Keynote Speaker: David Laibson, Harvard University

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


Friday Schedule
Friday, December 14, 2018
8:30 a.m. – 9:00 a.m. Continental Breakfast: Storer Auditorium Lobby
9:00 a.m. – 9:20 a.m.

Welcome Remarks: Dean John Quelch, University of Miami
Conference Program Overview: George Korniotis, University of Miami

Morning Session Chair: Indraneel Chakraborty, University of Miami

9:20 a.m - 10:00 a.m Doing Less With More, Rawley Heimer, Boston College, Alex Imas, Carnegie Mellon University
               Presenter: Rawley Heimer
               Discussant: Tom Chang, University of Southern California
10:00 a.m - 10:40 a.m Building Financial Skills Training Schemes, Peter Bossaerts, The University of Melbourne, Petko Kalev, La Trobe University, Kristian Rotaru, Monash University, Nitin Yadav, The University of Melbourne
               Presenter: Kristian Rotaru
               Discussant: Francesco D'Acunto, Boston College
10:40 a.m - 11:00 a.m Coffee Break
11:00 a.m - 11:40 a.m Investors’ Attention to Corporate Governance, Peter Iliev, Pennsylvania State University, Jonathan Kalodimos, Oregon State University, Michelle Lowry, Drexel University
               Presenter: Michelle Lowry
               Discussant: Ian Appel, Boston College
11:40 a.m - 12:20 p.m The Return Expectations of Institutional Investors, Aleksandar Andonov, University of Amsterdam, Joshua Rauh, Stanford University
               Presenter: Joshua Rauh
               Discussant: Yueran Ma, University of Chicago
12:20 p.m - 2:10 p.m

Lunch and Keynote Speech:
Intended and Unintended Consequences of Nudges

David Laibson, Harvard University, Executive Education Dining Room

Afternoon Session Chair: Gennaro Bernile, University of Miami

2:20 p.m - 3:00 p.m Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets, Kelly Shue, Yale University, Richard Townsend, University of California San Diego
               Presenter: Kelly Shue
               Discussant: Shimon Kogan, Massachusetts Institute of Technology and IDC Herzliya
3:00 p.m - 3:40 p.m The Effect of Superstar Firms on College Major Choice, Darwin Choi, Chinese University of Hong Kong, Dong Lou, London School of Economics, Abhiroop Mukherjee, Hong Kong University of Science and Technology
               Presenter: Darwin Choi
               Discussant: Tania Babina, Columbia University
3:40 p.m - 4:00 p.m Coffee Break
4:00 p.m - 4:40 p.m

Ph.D. Student Papers
The Real and Social Effects of Online Lending, William Bazley, University of Miami

Engineering Lemons, Petra Vokata, Aalto University

6:30 p.m - 9:00 p.m Conference Dinner: Hyatt Regency Coral Gables




Saturday Schedule
Saturday, December 15, 2018
9:00 a.m - 9:30 a.m

Continental Breakfast: Storer Auditorium

Morning Session Chair: Ville Rantala, University of Miami

9:30 a.m - 10:10 a.m Attention, Social Interaction, and Demand for Lottery-Like Stocks, Turan Bali, Georgetown University, David Hirshleifer, University of California at Irvine, Lin Peng, Baruch College, Yi Tang, Fordham University
               Presenter: Lin Peng
               Discussant: Tyler Shumway, University of Michigan
10:10 a.m - 10:50 a.m Monetary Policy and Reaching for Income, Kent Daniel, Columbia Business School, Lorenzo Garlappi, University of British Columbia, Kairong Xiao, Columbia Business School
               Presenter: Kairong Xiao
               Discussant: Mathias Kronlund, University of Illinois
10:50 a.m - 11:10 a.m Coffee Break
11:10 a.m - 11:50 a.m Medicaid and Household Savings Behavior: New Evidence from Tax Refunds, Emily Gallagher, University of Colorado at Boulder, Radhakrishnan Gopalan, Washington University in St. Louis, Michal Grinstein-Weiss, Washington University in St. Louis, Jorge Sabat, Washington University in St. Louis
               Presenter: Radhakrishnan Gopalan
               Discussant: Brian Baugh, University of Nebraska-Lincoln
11:50 a.m - 12:30 p.m Clustering Fosters Investment: Local Agglomeration and Household Portfolio Choice, Jawad Addoum, Cornell University, Stefanos Delikouras, University of Miami, Da Ke, University of South Carolina, George Korniotis, University of Miami
               Presenter: Stefanos Delikouras
               Discussant: Ioannis Branikas, University of Oregon
12:30 p.m - 2:00 p.m

Lunch: Executive Dinning Room

Afternoon Session Chair: Andrea Heuson, University of Miami

2:00 p.m 2:40 p.m Trust in Lending, Richard Thakor, University of Minnesota, Robert Merton, Massachusetts Institute of Technology
               Presenter: Richard Thakor
               Discussant: Giorgia Piacentino, Columbia University
2:40 p.m - 3:20 p.m What’s Wrong with Pittsburgh? Investor Composition and Trade Frequency in US Cities, Andra Ghent, University of Wisconsin-Madison
               Presenter: Andra Ghent
               Discussant: Robert Connolly, University of North Carolina
3:20 p.m - 3:40 p.m Coffee Break
3:40 p.m - 4:20 p.m Urban Vibrancy and Firm Value Creation, Casey Dougal, Drexel University, Christopher Parsons, University of Washington, Sheridan Titman, The University of Texas at Austin
               Presenter: Christopher Parsons
               Discussant: Crocker Liu, Cornell University
4:20 p.m - 5:00 p.m Building Specialization, Anchor Tenants, and Agglomeration Economies, Crocker Liu, Cornell University, Stuart Rosenthal, Syracuse University, William Strange, University of Toronto
               Presenter: Crocker Liu
               Discussant: Tobias Mühlhofer, University of Miami


Doctoral Student Poster Session

Posters will be displayed in the Storer Auditorium lobby for the duration of the conference

The Good The Bad and The Trending, Austin Hill-Kleespie, University of Utah
Countercyclical Risks and Portfolio Choice over the Life Cycle: Evidence and Theory, Jialu Shen, Imperial College London
Unlevelling the Playing Field: The Investment Value and Capital Market Consequences of Alternative Data, Marcus Painter, University of Kentucky
Expectations in the Cross Section: Stock Price Reactions to the Information and Bias in Analyst-Expected Returns, Johnathan Loudis, University of Chicago
Catching Up with The Locals: Geography and Information Acquisition Strategies of Institutional Investors, Carina Cuculiza and Sarah Khalaf, University of Miami


The registration fee is $350 and the registration form is available at the conference website (  Please register before December 10, 2018 to allow us sufficient time for planning.

Additional Information

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


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