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Session 2: Labor and Finance

July 31 - August 2, 2017
Organized by: 
  • Jonathan Berk (Stanford Graduate School of Business)
  • Luigi Pistaferri (Stanford University)
  • Philip Bond (University of Washington)
  • Claudio Michelacci (Einaudi Institute for Economics and Finance)
  • Marco Pagano (University of Naples Federico II, Center for Studies in Economics and Finance and EIEF)

The location for this session will be Landau Economics Bldg, Lucas Conference Room A, 579 Serra Mall.

The Stanford Institute for Theoretical Economics (SITE), in cooperation with the Center for Studies in Economics and Finance (CSEF), and the Einaudi Institute for Economics and Finance (EIEF), invites paper submissions on the relationships between labor and finance.  Possible issues include:

  • role of employees in the governance and financing of companies,
  • response of wages and employment to financial shocks,
  • risk sharing arrangements between firms and workers,
  • financial development, job reallocation and employment growth,
  • effects of regulation of financial markets on industrial relations,
  • human capital, portfolio choice and asset pricing.

The conference aims to bring together researchers from labor and financial economics to discuss issues from the point of view of both disciplines. 

In this Session

Jul 31 | 1:30 pm to 2:30 pm

The Dark Side of Hedge Fund Activism: Evidence from Employee Pension Plans

Presented by: Anup Agrawal, University of Alabama
Co-Author(s): Yuree Lim, University of Wisconsin-La Crosse
Jul 31 | 3:00 pm to 4:00 pm

The Employee Clientele of Corporate Leverage: Evidence from Personal Labor Income Diversification

Presented by: Jie (Jack) He, University of Georgia
Co-Author(s): Tao Shu, University of Georgia, Huan Yang, University of Georgia
Jul 31 | 4:00 pm to 5:00 pm

Credit and Punishment: Career Incentives in Corporate Banking

Presented by: Kristoph Kleiner, Indiana University
Co-Author(s): Janet Gao Indiana University and Joesph Pacelli, Indiana University, Please find link here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2865194
Aug 1 | 9:00 am to 10:00 am

Bankruptcy, Team-specific Human Capital, and Innovation: Evidence from U.S. Inventors

Presented by: Rui Silva, London Business School
Co-Author(s): Ramin Baghai, Stockholm School of Economics, Luofu Ye, London Business School
Aug 1 | 10:00 am to 11:00 am

Technological Innovation and the Distribution of Labor Income Growth Rates

Presented by: Lawrence Schmidt, University of Chicago
Co-Author(s): Leonid Kogan, MIT, Dimitris Papanikolaou, Northwestern University, and Jae Song, Social Security Administration
Aug 1 | 11:30 am to 12:30 pm

Asset Pricing with Endogenously Uninsurable Tail Risks

Presented by: Anmol Bhandari, University of Minnesota
Co-Author(s): Hengjie Ai, University of Minnesota
Aug 1 | 1:30 pm to 2:30 pm

Earnings Dynamics, Mobility Costs and Transmission of Firm and Market Level Shocks

Presented by: Thibaut Lamadon, University of Chicago
Co-Author(s): Magne Mogstad, University of Chicago, Bradley Setzler, University of Chicago
Aug 1 | 3:00 pm to 4:00 pm

The Effect of Superstar Firms on College Major Choice

Presented by: Darwin Choi, Chinese University of Hong Kong
Co-Author(s): Dong Lou, London School of Economics and CEPR, Abhiroop Mukherjee, Hong Kong University of Science and Technology
Aug 1 | 4:00 pm to 5:00 pm

Debt and Human Capital: Evidence from Student Loans

Presented by: Constantine Yannelis, New York University
Co-Author(s): Vyacheslav Fos, Boston College, Andres Liberman, New York University
Aug 2 | 9:00 am to 10:00 am

Locked in by Leverage: Job Search during the Housing Crisis

Presented by: David Matsa, Northwestern University
Co-Author(s): Jennifer Brown, University of British Columbia
Aug 2 | 10:00 am to 11:00 am

Angels, Entrepreneurship, and Employment Dynamics: Evidence from Investor Accreditation Rules

Presented by: Luke Stein, Arizona State University
Co-Author(s): Laura Lindsey, Arizona State University
Aug 2 | 11:30 am to 12:30 pm

The Equilibrium Value of Employee Ethics

Presented by: Brendan Daley, Duke University
Co-Author(s): Simon Gervais, Duke University