Eighth Annual Napa Conference on Financial Markets Research

Click Here for the Current 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 & Spa

All conference attendees must call in their own hotel reservations. The hotel room rate is $325 plus tax per night. Hotel reservations can be made by calling 800-351-1133 and referencing the UC Davis FMA College of Business USF Group.

FRIDAY, MAY 13, 2011

4:00 pm – Hotel check in Vintage Inn & Spa (Reserve by March 29, 2011- 2 night minimum)

6481 Washington Street
Yountville, CA 94599
800-351-1133 (UC Davis FMA College of Business USF Group)

5:45 pm  Carpool to Brix Restaurant (meet in hotel lobby)
6:00 pm Welcome Dinner – Brix Restaurant

7377 St. Helena Hwy
Napa, CA 94558

SATURDAY, MAY 14, 2011

8:00 – 8:30 am  Continental Breakfast – Vintage Inn & Spa (carpool to Cakebread)
8:30 – 8:45 am  Welcome – Cakebread Cellars – Pond Building

8300 St. Helena Hwy
Rutherford, CA

8:45 – 9:30 am Real Options, Volatility, and Stock Returns

Gustavo Grullon, Rice University
Evgeny Lyandres, Boston University
Alexei Zhdanov, University of Lausanne

9:30 – 10:15 am  Risk Taking and Implicit Guarantees

Marcin Kacperczyk, New York University
Philipp Schnabl, New York University

10:15 – 10:45 am  Break
10:45 – 11:30 am  Rating Agencies in the Face of Regulation Rating Inflation and Regulatory Arbitrage

Christian C. Opp, University of Pennsylvania
Marcus M. Opp, University of California, Berkeley
Milton Harris, University of Chicago

11:30 am – 12:15 pm The Effects of Quantitative Easing on Interest Rates

Arvind Krishnamurthy, Northwestern University
Annette Vissing-Jorgensen, Northwestern University

12:15 – 2:00 pm  Lunch (Cakebread Cellars ~ Winery House)
2:00 – 2:45 pm  Who Writes the News? Corporate Press Releases during Merger Negotiations

Kenneth R. Ahern, University of Michigan
Denis Sosyura, University of Michigan

2:45 – 3:30 pm  Journalists, Persuasion, and Asset Prices

Casey Dougal, UNC Chapel Hill
Joseph Engelberg, UNC Chapel Hill
Diego García, UNC Chapel Hill
Christopher A. Parsons, UNC Chapel Hill

3:30 – 4:30 pm  Wine Tasting ~ Deck of Pond Building
6:00 pm Dinner – Hurley’s Restaurant

6518 Washington Street
Yountville, CA 94599

SUNDAY, MAY 15, 2011

8:00 – 10:00 am  Continental Breakfast – Vintage Inn/Villagio Lobby
12:00 pm  Hotel Check-out