30th Annual Conference on Financial Economics and Accounting (CFEA 2019)

NYU Stern Entrance


Conference dates

November 1, 2019 - November 2, 2019


New York University, New York, NY


Kose John, Anthony Lynch, Joshua Ronen, and Paul Zarowin


The accounting and finance areas of Stern School of Business at New York University invite authors to submit analytical, behavioral, and empirical papers in all areas of finance and accounting for the 30th Annual Conference on Financial Economics and Accounting (CFEA 2019).

About CFEA

CFEA is an annual conference hosted by members of a consortium of eight universities: Georgia State University, Indiana University, New York University, Rutgers University, Temple University, Tulane University, the University of Maryland, and the University of Toronto. It is a highly selective and refereed conference of research papers in financial economics and accounting. The conference aims to bring together financial economists and accounting scholars to share their research relevant to theory and practice of business.
CFEA 2019 Executive Committee
Institution Accounting Representative Finance Representative
Georgia State University Siva Nathan Vikas Agarwal
Indiana University Leslie Hodder Charles A. Trzcinka
University of Maryland Rebecca Hann Liu Yang
New York University Joshua Ronen Kose John
Rutgers University Bharat Sarath Cheng-Few Lee
Temple University Sudipta Basu Lalitha Naveen
University of Toronto Partha S. Mohanram Liyan Yang
Tulane University Ganapathi S. Narayanamoorthy C. Edward ("Ted") Fee
Honorary Lawrence Brown Ehud Ronn

Call for Papers

We are using Conftool for the conference submission process. The deadline for submitting papers has now passed. Please register for the conference using the link in the "Registration" tab below.


Online registration is now closed. Any last minute, on-site registrations will require payment via check ($100 for PhD students and NYU faculty, $250 for all others), but we cannot guarantee that we will be able to supply conference materials or food to late registrants.

Program Schedule

*All accounting sessions in 1-70
*All finance sessions in 2-60
*All joint sessions in 3-90

Friday, November 1

11:30 - 1:30 Registration, Kaufman Management Center (KMC) Lobby
12:00 - 1:30 Lunch, Room 5-50
1:30 - 3:00 Session 1
Disclosure By Various Stakeholders (Investors, Consumers, Regulators)
Session Chair: Francois Brochet (Boston University)
Communications in Proxy Contests
Author(s): Yazhou He (University of Manchester)
Discussant: Akash Chattopadhyay (University of Toronto)
Public Disclosure and Consumer Financial Protection
Author(s): Yiwei Dou, Yongoh Roh (New York University)
Discussant: Joao Granja (University of Chicago)
The Role of External Regulators in Mergers and Acquisitions: Evidence from SEC Comment Letters
Author(s): Tingting Liu (Iowa State University), Tao Shu (Chinese University of Hong Kong), Erin Towery, Jasmine Wang (University of Georgia)
Discussant: Bret Johnson (George Mason University)
Debt, Incentives, and Control Rights
Session Chair: Vikas Agarwal (Georgia State University)
Estimating the Cost of Control Rights in the Corporate Loan Market
Author(s): Andrew Bird, Stephen A. Karolyi, Thomas Ruchti (Carnegie Mellon)
Discussant: Daniel Green (Harvard University)
Costs of Borrowing: The Role of Borrower Shareholders' Equity Holdings of the Lenders
Author(s): Jing Wang, Liying Wang (University of Nebraska-Lincoln)
Discussant: Padma Kadiyala (Pace University)
Debt Maturity and the Threat of Human Capital Departure - Evidence from Retiring CEOs
Author(s): Shan Ge (New York University)
Discussant: David De Angelis (Rice University)

3:00 - 3:30 Coffee break, Room 5-50
3:30 - 5:00 Session 2
What to Disclose - More Words, More Numbers, or Just Don't Answer?
Session Chair: Rebecca Hann (University of Maryland)
Non-answers During Conference Calls
Author(s): Ian Gow (University of Melbourne), David Larker (Stanford University), Anastasia Zakulyukina (University of Chicago)
Discussant: Congcong Li (Duquesne University)
Is Positive Sentiment in Corporate Annual Reports Informative? Evidence from Deep Learning
Author(s): Anup Agrawal, Mehran Azimi (University of Alabama)
Discussant: Stephen Brown (University of Connecticut)
The Primacy of Numbers in Financial Accounting Disclosures: Implications for Textual Analysis Research
Author(s): Federico Siano, Peter Wysocki (Boston University)
Discussant: Jeff McMullin (Indiana University)
 Explaining the Cross-Section of Equity Returns
Session Chair: Anthony Lynch (New York University)
Competition Links and Stock Returns
Author(s): Assaf Eisdorfer (University of Connecticut), Kenneth Froot (Harvard University), Gideon Ozik (EDHEC Business School), Ronnie Sadka (Boston College)
Discussant: Junbo Wang (Louisiana State University)
Operating Hedge and Gross Profitability Premium
Author(s): Leonid Kogan (MIT), Jun Li, Harold H. Zhang (University of Texas-Dallas)
Discussant: Jaewon Choi (University of Illinois at Urbana-Champaign)
Automation and the Displacement of Labor by Capital: Asset Pricing Theory and Empirical Evidence
Author(s): Jiri Knesl (University of Oxford)
Discussant: Lawrence Schmidt (MIT)
Ownership, Governance, and Earnings Management
Session Chair: Lalitha Naveen (Temple University)
Common Ownership and Startup Growth
Author(s): Ofer Eldar, Jill Grennan (Duke University), Kate Waldock (Georgetown University)
Discussant: Dalida Kadyrzhanova (Georgia State University)
Shadow Pills, Actual Pill Policy, and Firm Value
Author(s): K.J. Martijn Cremers (University of Notre Dame), Scott B. Guernsey (University of Cambridge), Lubomir P. Litov (University of Oklahoma), Simone M. Sepe (University of Arizona)
Discussant: Michael Wittry (Ohio State University)
Shareholder Investment Horizon, Management Incentive Horizon, and Real Earnings Management
Author(s): Nemmara Chidambaran (Fordham University), Bharat Sarath (Rutgers University), Lingyi Zheng (Hong Kong Polytechnic University)
Discussant: Anand Goel (Stevens Institute of Technology)

5:00 - 6:00 Reception, Gardner Commons (1st Floor)
6:00 - 8:00 Dinner + keynote speech by Manju Puri (Duke University), Room 5-50
8:00 - 9:00 Executive Committee Meeting, Room 10-181

Saturday, November 2

7:30 - 8:30 Registration, KMC Lobby
7:30 - 8:30 Breakfast, Room 5-50
8:30 - 10:00 Session 3
Geographical Variation in Tax and Accounting Related Outcomes
Session Chair: Sudipta Basu (Temple University)
Public Firm Presence, Financial Reporting, and the Decline of U.S. Manufacturing
Author(s): Stephen Glaeser (University of North Carolina-Chapel Hill), James Omartian (University of Michigan)
Discussant: Gans Narayanamoorthy (Tulane University)
State-Industry Level Aggregate Earnings and Financial Distress
Author(s): Stephanie Cheng (Tulane University), Dushyantkumar Vyas (University of Toronto), Regina Wittenberg-Moerman (University of Southern California), Wuyang Zhao (University of Texas-Austin)
Discussant: Rebecca Hann (University of Maryland)
Tax Competition and Employment
Author(s): Stephen Glaeser (University of North Carolina-Chapel Hill), Marcel Olbert, Ann-Catherin Werner (University of Mannheim)
Discussant: Bharat Sarath (Rutgers University)
Managers, Competition and Asset Prices
Session Chair: Charles A. Trzcinka (Indiana University)
The Effects of Managers on Systematic Risk
Author(s): Antoinette Schoar (MIT), Kelvin Yeung, Luo Zuo (Cornell University)
Discussant: Toomas Laarits (New York University)
Disclosure, Competition, and Learning from Asset Prices
Author(s): Liyan Yang (University of Toronto, Johns Hopkins University)
Discussant: Xingtan Zhang (University of Colorado-Boulder)
The Predictive Power of Tail Risk Premia on Individual Stock Returns
Author(s): Victor Chow (West Virginia University), Victoria Li (Tulane University), Ben Sopranzetti (Rutgers University)
Discussant: Nikunj Kapadia (University of Massachusetts-Amherst)
Taxes and Dividends
Session Chair: Ehud Ronn (University of Texas-Austin)
A New Approach to Investigate Dividend Smoothing: Theoretical and Empirical Evidence
Author(s): Cheng-Few Lee (Rutgers University), James Juichia Lin (National Chiao Tung University)
Discussant: Diana Knyazeva (U.S. Securities and Exchange Commission)
Whose Taxes Matter? The Effects of Institutional Ownership on Dividend Payout Policy around Tax Rate Changes
Author(s): Trent Krupa, Steve Utke (University of Connecticut)
Discussant: Shailendra Pandit (University of Illinois-Chicago)
The Externality of Taxing the 'Rich': Evidence from Hedge Funds
Author(s): Vikas Agarwal, Gary Chen (University of Illinois-Chicago), Zhen Shi (Georgia State University), Bin Wang (Marquette University)
Discussant: Matt Denes (Carnegie Mellon)

10:00 - 10:30 Coffee break, Room 5-50
10:30 - 12 Session 4
Accounting Standards, Financial Misconduct, and Auditor Involvement
Session Chair: Bharat Sarath (Rutgers University)
Financial Misconduct and Changes in Employee Satisfaction
Author(s): Christos Makridis, Yuqing Zhou (UCLA)
Discussant: Daehyun Kim (University of Toronto)
Audit Partner Identification, Assignment, and the Labor Market for Audit Talent
Author(s): Mingcherng Deng (Baruch College) Eunhee Kim (City University of Hong Kong), Minlei Ye (University of Toronto)
Discussant: Kyungha Lee (Rutgers University)
Anticipatory Effects of Accounting Standards: The Case of Lease Standard
Author(s): Lin Qiu (University of Hong Kong), Joshua Ronen (New York University)
Discussant: Sandra Chamberlain (University of British Columbia)
Asset Pricing Theory
Session Chair: Cheng-Few Lee (Rutgers University)
Manipulation, Panic Runs, and the Short Selling Ban
Author(s): Pingyang Gao (University of Chicago), Xu Jiang (Duke University), Jinzhi Lu (City University of Hong Kong)
Discussant: Thomas Rivera (McGill University)
A Theory of Financial Media
Author(s): Eitan Goldman, Jordan Martel, Jan Schneemeier (Indiana University)
Discussant: Adelina Barbalau (University of Alberta)
A New Formula for the Expected Excess Return of the Market
Author(s): Gurdip Bakshi (Temple University), John Crosby (University of Maryland), Xiaohui Gao (Temple University), Wei Zhou (University of Maryland)
Discussant: Xiaoxiao Tang (University of Texas-Dallas)
New in Fintech
Session Chair: Liyan Yang (University of Toronto)
The Power of Non-Monetary Incentive: Experimental Evidence from P2P Lending in China
Author(s): Francesca Brusa, Xueming Luo (Temple University), Zheng Fang (Sichuan University)
Discussant: Tetyana Balyuk (Emory University)
Do Digital Coins Have Fundamental Values? Evidence from Machine Learning
Author(s): Yukun Liu (University of Rochester), Jinfei Sheng, Wanyi Wang (University of California-Irvine)
Discussant: Fangzhou Lu (MIT)
Bitcoin's Fatal Flaw: The Limited Adoption Problem
Author(s): Franz Hinzen, Kose John (New York University), Fahad Saleh (McGill University)
Discussant: Aaron Brauner (University at Albany)

12:00-1:30 Lunch + keynote speech by Paul Healy (Harvard University)
*Last names A - L + Executive Committee, conference organizers, and keynote speakers in room 5-50
*Last names M-Z in Gardner Commons (1st Floor)
1:30 - 3:00 Session 5
Sell-Side Analysts
Session Chair: Partha Mohanram (University of Toronto)
Career Experience and Executive Performance: Evidence from Former Equity Research Analysts
Author(s): Shawn Huang, Artur Hugon, Summer Liu, Liwei Weng (Arizona State University)
Discussant: Marcus Kirk (University of Florida)
MiFID II Unbundling and Sell Side Analyst Research
Author(s): Mark Lang, Jedson Pinto (University of North Carolina-Chapel Hill) Edward Sul (George Washington University)
Discussant: Stephannie Larocque (University of Notre Dame)
Non-Deal Roadshows, Investor Welfare, and Analyst Conflicts of Interest
Author(s): Daniel Bradley, Jared Williams (University of South Florida) Russell Jame (University of Kentucky)
Discussant: Eric Weisbrod (University of Miami)
Capital Raising and IPOs
Session Chair: C. Edward Fee (Tulane University)
Torpedo Your Competition: Strategic Reporting and Peer Firm IPO
Author(s): Mark Ma (University of Pittsburgh), Xiaoyun Yu (Indiana University)
Discussant: Maya Waisman (Fordham University)
Liquidity Value and IPO Underpricing
Author(s): Wei Gao, Lily Yuanzhi Li (Temple University), Hongda Zhong (London School of Economics)
Discussant: Debarshi Nandy (Brandeis University)
Political Ties and Capital Raising in Global Markets: Evidence from Yankee Bonds
Author(s): Gene Ambrocio (Bank of Finland), Xian Gu (University of Pennsylvania), Iftekhar Hasan (Fordham University)
Discussant: Tanseli Savaser (Vassar College)

3:00 - 3:30 Coffee break, Room 5-50
3:30 - 5:00 Session 6
New Issues in Accounting and Financial Institutions
Session Chair: Yiwei Dou (New York University)
Public Financial Statements and Private Firm Equity Financing
Author(s): Brian Baik, Natalie Berfeld, Rodrigo Verdi (MIT)
Discussant: Youli Zou (George Washington University)
Direct Lending: The Determinants, Characteristics and Performance of Direct Loans
Author(s): Maria Loumioti (University of Texas-Dallas)
Discussant: Matthias Breuer (Columbia University)
Fragmented Securities Regulation: Neglected Insider Trading in Stand-alone Banks
Author(s): Sehwa Kim (Columbia University) Seil Kim (Baruch College)
Discussant: Allison Nicoletti (University of Pennsylvania)
Innovation, Diversity, and Performance
Session Chair: Liu Yang (University of Maryland)
Local Employment Opportunities and Corporate Innovation
Author(s): Cheng Jiang (Temple University), Kyle Lee (Norwegian School of Economics), Emma Xu (University of Texas-El Paso)
Discussant: Zenu Sharma (St. John's University)
Entrepreneurial Teams: Diversity of Experience and Firm Growth
Author(s): Francesco D'Acunto (Boston College), Geoffrey Tate, Liu Yang (University of Maryland)
Discussant: Camille Hebert (University of Toronto)
Manager Cultural Diversity and Mutual Fund Performance
Author(s): Jin Peng (Northern Kentucky University)
Discussant: Justin Birru (Ohio State University)


Keynote Speakers

Manju Puri Manju Puri is the J. B. Fuqua Professor at the Fuqua School of Business, Duke University, and a Research Associate of the NBER. Her research interests are primarily in corporate finance and financial intermediation, with particular focus on commercial banks, investment banks, venture capital, entrepreneurship and FinTech. Puri has won multiple awards for her research including three Fama-DFA best paper awards in Journal of Financial Economics, two WFA best paper awards, and grants from the National Science Foundation. She was also an Alfred P. Sloan Foundation Research Fellow. She serves as an Editor of the Review of Financial Studies and has previously served as Editor of the Journal of Financial Intermediation and on the editorial board of several journals including Journal of Finance. Puri is the incoming Chair of AFFECT, has served as the President of FIRS, and is a Senior Fellow of the ABFER. She has also served in a number of regulatory and policy capacities. She currently serves as Senior Advisor to the FDIC, Center for Financial Studies, and has served on the Financial Advisory Roundtable (as a group of select economists who advise the President of Federal Reserve Bank, New York); the Model Validation Council at Board of Governors, Federal Reserve; and Academic Research Council, CAFRAL, at the Reserve Bank of India. Before joining Duke University, she was on the faculty at the Stanford Graduate School of Business. Puri received a MBA from the Indian Institute of Management, Ahmedabad, and a PhD from the Stern School of Business, NYU.
Paul Healy Paul Healy is the James R. Williston Professor and Senior Associate Dean for Faculty Development at the Harvard Business School. His research covers a broad range of topics, including financial analysis, Wall Street research, corruption, governance, mergers and acquisitions, and business ethics. He joined the HBS faculty in 1998, after fourteen years on the faculty at the M.I.T. Sloan School of Management. He received accounting and finance degrees from Victoria University in New Zealand (1976 and 1977) and a Ph.D. from the University of Rochester (1981). He has published widely in the leading academic and practitioner journals and has received numerous research rewards, such as the 2006 Emerald Management Reviews Citation of Excellence and the 2001 Journal of Financial Economics All Star Paper Award. His book Business Analysis and Valuation Using Financial Statements, co-authored with Victor L. Bernard and Krishna G. Palepu, is one of the leading financial analysis textbooks and earned the 1997 Wildman Medal and the 1999 American Accounting Association Notable Contributions to Accounting Literature Award. In 2013, Professor Healy was awarded an Honorary Doctorate by the University of Turku in Finland, as well as being honored as a Fellow of the New Zealand Institute of Chartered Accountants for his outstanding contributions to the profession of accountancy.


Hotel Accommodation

Our negotiated hotel rates have since expired, but you are welcome to contact the below hotels, tell them you are affiliated with the CFEA, and see if they will still honor the rate if rooms are still available.

Washington Square Hotel - expired September 6
Sheraton Tribeca - expired October 7
Courtyard Marriott Soho - expired October 7

You are also welcome to take advantage of hotels with general NYU negotiated rates, which take a certain percentage off the best available rate at the time of booking. Tell them you are part of the CFEA conference taking place at NYU, or use the links below.

Four Points by Sheraton Manhattan SoHo Village
Marlton Hotel
Soho Grand
The Roxy


NYU Stern Accounting Department
NYU Stern Finance Department
The Salomon Center for the Study of Financial Institutions
The Vincent C. Ross Institute of Accounting Research

Directions and Contact

For general inquiries please contact Emma Gutman.

CFEA 2019 Program Chairs:
Joshua Ronen, jronen@stern.nyu.edu (Accounting)
Kose John, kjohn@stern.nyu.edu (Finance)

The conference will be held at Stern School of Business.

Stern is located at 44 West 4th Street, at the intersection of West 4th Street and Greene Street and the southeastern corner of Washington Square Park. Registration will take place in the lobby of the Henry Kaufman Management Center.

For more detailed directions click here.