The Martin J. Gruber Five-Star Conference on Research in Finance - November 18, 2022

 This annual conference brings together finance researchers from five leading northeastern universities. We invite colleagues at all schools in the northeast, and others interested in current finance research, to a day of research presentations in finance. Faculty from each of the program participant schools present one of the papers on the program.

Program Participants

Columbia Business School

columbia business logo 300x300 image
NYU Stern School of Business nyu torch 80x80 image Princeton University princeton logo 155x160 image Wharton University of Pennsylvania upenn logo 154x172 image Yale School of Management yale management logo 73x73 image

NYU Stern School of Business
Kaufman Management Center
44 West 4th Street
New York, NY 10012

Yakov Amihud, Kose John and Anthony Lynch, New York University
Founding Organizers:
Yakov Amihud and Kose John

To register for the conference and reserve your luncheon ticket, RSVP to by November 4th.

Conference Advisory Committee:
Nick Barberis, Yale University
Markus Brunnermeier, Princeton University
David Musto, University of Penn
Michael Roberts, University of Pennsylvania
Tano Santos, Columbia University
Heather Tookes, Yale University
Laura Veldkamp, Columbia University
Wei Xiong, Princeton University

9:00 Registration 
9:30 Introduction 
9:45 Chair:
 “Platforms, Tokens, and Interoperability”
Markus Brunnermeier, Princeton University and NBER
Jonathan Payne, Princeton University
Discussant: Chaojun Wang, University of Pennsylvania
10:45 Refreshment Break 
11:00 Chair:
"Equity Term Structures without Dividend Strips Data"
Stefano Giglio, Yale University, NBER and CEPR
Bryan Kelly, Yale University, NBER, and AQR
Serhiy Kozak, University of Maryland
Discussant: Toomas Laarits, New York University
12:00 Refreshment Break 
12:15 Chair:
“The Shadow Cost of Collateral”
Guangqian Pan, University of Sydney
Zheyao Pan, Macquarie University
Kairong Xiao, Columbia University
Discussant: Natalie Cox, Princeton University


Speakers: Raghu Sundaram, Dean, New York University Stern School of Business

Martin Gruber, Professor Emeritus of Finance

Keynote address: Oliver Hart, Harvard University, 2016 Nobel Prize Laureate

2:30 Chair: Laura Veldkamp, Columbia University
“Which Investors Matter for Equity Valuations and Expected Returns?”
Ralph S.J. Koijen, University of Chicago and NBER
Robert J. Richmond, New York University
Motohiro Yogo, Princeton University and NBER
Discussant: Kent Daniel, Columbia University
3:30 Refreshment Break - Outside Room 1-170
3:45 Chair: Wei Xiong, Princeton University
“Feedback and Contagion Through Distressed Competition”
Hui Chen, MIT and NBER
Winston Wei Dou, University of Pennsylvania and NBER
Hongye Guo, University of Hong Kong
Yan Ji, Hong Kong University of Science and Technology
Discussant: Matthew Spiegel, Yale University
4:45 Cocktail Reception