Eleventh 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.


4:00 pm – Hotel check-in

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

6:30 pm – Welcome Dinner


7:00 – 8:15 am – Continental Breakfast

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

8:30 – 8:45 am  – Welcome

PRESENTATIONS (presenters appear in bold)

8:45 – 9:30 am

The Impact of Hedge Funds on Asset Markets
Mathias Kruttli, Oxford University and Oxford-Man Institute of Quantitative Finance
Andrew J. Patton, Duke University
Tarun Ramadorai, Oxford University, Oxford-Man Institute, and CEPR

9:30 – 10:15 am

Rare Disaster Concerns Everywhere
George P. Gao, Cornell University
Zhaogang Song, Board of Governors of the Federal Reserve System

10:15 – 10:45 am  – Break

10:45 – 11:30 am

Providing Protection or Misaligning Incentives? The Effects of Labor Unions on Innovation
Daniel Bradley, University of South Florida
Incheol Kim, University of New Orleans
Xuan Tian, Indiana University

11:30 am – 12:15 pm

Corporate Financial Policies in Misvalued Credit Market
Jarrad Harford, University of Washington
Marc Martos-Vila, London Business School
Matthew Rhodes-Kropf, Harvard University

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

Why Do Banks Practice Regulatory Abritrage? Evidence from Usage of Trust Preferred Securities
Nicole M. Boyson, Northeastern University
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne and Swiss Finance Institute
René M. Stulz, Ohio State University

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

12:00 pm – Hotel Check-out