Ninth Annual Napa Conference on Financial Markets Research

Click Here for the 2015 Napa Conference on Financial Markets Research


The Graduate School of Management partners with the Financial Management Association to co-sponsor this unique conference. Financial Management is the flagship journal of FMA which seeks high quality articles that are of interest to academics, but also have the potential to influence business practice. The Graduate School of Management is a small, intimate community of top-notch students and world-class scholars with strong ties to the California wine industry. To reflect the unique character and focus of the school, the conference sessions take place at the Cakebread Winery located in the bucolic Napa Valley.

Venue: Cakebread Cellars Winery

Over 30 years ago, Jack Cakebread came to photograph the Napa Valley for a book and while here, he casually mentioned his interest in one day owning a vineyard to some family friends who had a ranch in Rutherford. When he returned home that afternoon, the phone rang and it was the family friends offering to sell their property. He headed back up to the valley that same afternoon to make his best offer, and Cakebread Cellars was born.

Hotel: Vintage Inn

All conference attendees must call in their own hotel reservations.
Travel and housing information

FRIDAY, APRIL 20, 2012

4:00 pm – Hotel check-in

Vintage Inn
6541 Washington Street
Yountville, CA 94599 (ph. 800-724-8354)

6:15 pm – Meet in the hotel lobby, walk over to restaurant

6:30 pm – Welcome Dinner

Bottega Napa Valley (Banchetto)
6525 Washington Street, Yountville, CA (ph. 707-945-1050)


7:00 – 8:15 am – Continental Breakfast – Vintage Inn

8:15 am – Meet in hotel lobby, carpool to Cakebread Cellars

8:30 – 8:45 am  – Welcome

Cakebread Cellars, Pond Building
8300 St. Helena Hwy, Rutherford, CA (ph. 800-588-0298)

PRESENTATIONS (presenters appear in bold)

8:45 – 9:30 am

Investment-Based Corporate Bond Pricing
Lars-Alexander Kuehn, Carnegie Mellon University
Lukas Schmid, Duke University

9:30 – 10:15 am

Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risks
Marti Subrahmanyam, New York University
Dragon Yongjun Tang, The University of Hong Kong
Sarah Qian Wang, University of Hong Kong

10:15 – 10:45 am  – Break

10:45 – 11:30 am

The Effect of Institutional Factors on the Value of Corporate Diversification  
Venkat Kuppuswamy, UNC Chapel Hill
George Serafeim, Harvard Business School
Belen Villalonga, Harvard Business School

11:30 am – 12:15 pm

Industry Tournament Incentives
Jeffrey L. Coles, Arizona State University
Zhichuan Frank Li, Arizona State University
Yan Albert Wang, Chinese University of Hong Kong

12:15 – 2:00 pm -  Lunch – Cakebread Cellars, Winery House

2:00 – 2:45 pm

Competing on Speed
Emiliano S. Pagnotta, New York University
Thomas Philippon, New York University

2:45 – 3:30 pm

Dispersion in Beliefs among Active Mutual Funds and the Cross-Section of Stock Returns
Hao Jiang, Erasmus University
Zheng Sun, University of California,Irvine

3:30 – 4:30 pm – Wine Tasting, Deck of Pond Building

6:00 pm – Dinner

Hurley’s Restaurant
6518 Washington Street, Yountville, CA (ph. 707-944-2345)

SUNDAY, APRIL 22, 2012

7:00 – 11:00 am – Continental Breakfast – Vintage Inn

12:00 pm – Hotel Check-out