Tenth 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

Vintage Inn
6541 Washington Street, Yountville (ph. 707-944-1112)

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

6:30 pm – Welcome Dinner

7377 St. Helena Highway, Yountville (ph. 707-944-2749)


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

Comomentum: Inferring Arbitrage Capital from Return Correlations
Dong Lou, London School of Economics
Christopher Polk, London School of Economics

9:30 – 10:15 am

Network Centrality and the Cross Section of Stock Returns
Kenneth Ahern, University of Southern California

10:15 – 10:45 am  – Break

10:45 – 11:30 am

How Much Does Credit Matter for Entrepreneurial Success in the United States?
Cesare Fracassi, University of Texas Austin
Mark J Garmaise, UCLA
Gabriel Natividad, New York University
Shimon Kogan, University of Texas Austin

11:30 am – 12:15 pm

The Effect of Institutional Ownership on Payout Policy: A Regression Discontinuity Design Approach
Alan Crane, Rice University
Sebastien Michenaud, Rice University
James Weston, Rice University

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

2:00 – 2:45 pm

Exploration for Human Capital: Theory and Evidence from the MBA Labor Market
Camelia Kuhnen, Northwestern University
Paul Oyer, Stanford Graduate School of Business

2:45 – 3:30 pm

Does Academic Research Destroy Stock Return Predictability?
Jeffrey Pontiff, Boston College
R. David McLean, University of Alberta

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)


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

12:00 pm – Hotel Check-out