Eleventh Annual Napa Conference on Financial Markets Research

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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


4:00 pm Hotel Check-in (Napa Valley Lodge, 2230 Madison St., Yountville, CA 94599, 707.944.2468)

6:00 pm Meet in Hotel lobby, walk to Bottega Restaurant (6525 Washington St., Yountville, CA 94599, 707.945.1050)

6:30 pm Welcome Dinner, Bottega Restaurant


7:30 am Continental Breakfast, Napa Valley Lodge

8:15 am Meet in Lobby, Carpool to Cakebread Cellars

8:30 am Welcome, Cakebread Cellars (Pond Building)

PRESENTATIONS (presenters appear in bold)


The Impact of Hedge Funds on Asset Markets (8:45 am - 9:30 am)

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

Rare Disaster Concerns Everywhere (9:30 am - 10:15 am)

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

BREAK (10:15 am – 10:45 am)

The Causal Effect of Labor Unions on Innovation

Daniel Bradley, University of South Florida 
Incheol Kim, University of New Orleans 
Xuan Tian, Indiana University

Corporate Financial Policies in Misvalued Credit Market

Jarrad Harford, University of Washington 
Marc Martos-Vila, London Business School 
Matthew Rhodes-Kropf, Harvard University

LUNCHEON (12:15 pm – 2:00 pm, Cakebread Cellars, Winery House)

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

The Costs and Benefits of Financial Advice

Steve Foerster, University of Western Ontario 
Juhani Linnainmaa, University of Chicago and NBER 
Brian Metzer, Northwestern University 
Alessandro Previtero, University of Western Ontario

(Presenters appear in bold type.)

WINE TASTING, 3:30 pm – 4:30 pm, Pond Building (deck) (carpool back to the Napa Valley Lodge at the conclusion of the wine tasting)

6:30 pm, Dinner, Hurley’s Restaurant (6518 Washington Street, Yountville, CA, 707.944.2345)


Continental Breakfast (Napa Valley Lodge)

12:00 noon, Hotel Check-out