The European Winter Finance Summit


Sunday, March 15

17:00 - 17:45

Welcome reception and introductory remarks Christian Laux (WU Vienna)

18:00 - 19:30

Session 1 (Chair: Josef Zechner, WU Vienna)


Asymmetric Information and the Pecking (Dis)Order

Paolo Fulghieri, Diego Garcia, and Dirk Hackbarth (Boston University)

Discussant: David Brown (University of Arizona)



Restructuring Failure and Optimal Capital Structure

Alfred Lehar (University of Calgary)

Discussant: Jaewon Choi (University of Illinois at Urbana-Champaign)


Monday, March 16

8:00 - 8:45

Session 2 (Chair: Alois Geyer, WU Vienna)


Distrust in Finance Lingers: Jewish Persecution and Households’ Investments

Francesco D’Acunto, Marcel Prokupczuk, and Michael Weber (University of Chicago)

Discussant: Alexander Stomper (Humboldt University)


17:00 - 19:30

Session 3 (Chair: Alexander Mürmann, WU Vienna)


Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

Kjell Nyborg and Zexi Wang (University of Bern)

Discussant: Maria Chaderina (WU Vienna)



Liquidity Uncertainty

Peter Harry Haslag and Matthew Ringgenberg (Olin Business School, Washington University St. Louis)

Discussant: Jos van Bommel (University of Luxembourg)



A Theory of Liquidity Spillovers between Bond and CDS Markets

Batchimeg Sambalaibat (University of Oklahoma)

Discussant: Nils Friewald (WU Vienna)


Tuesday, March 17

8:00 - 8:45

Session 4 (Chair: Kristian Miltersen, Copenhagen Business School)


Protection of Trade Secrets and Capital Structure Decisions

Sandy Klasa (University of Arizona), Hernan Ortiz-Molina, Matthew Serfling, and Shweta Srinivasan

Discussant: Steven Xiao (Rutgers Business School)


17:00 - 19:30

Session 5 (Chair: Christian Laux, WU Vienna)


Hold-Up and the Use of Performance Sensitive Debt

Tim Adam (Humboldt University) and Daniel Streitz

Discussant: Björn Imbierowicz (Goethe University Frankfurt)



Risky Utilities

Jean-Charles Rochet and Guillaume Roger (The University of Sydney)

Discussant: David Martinez-Miera (Universidad Carlos III de Madrid)



Financial Advice and Bank Profits

Daniel Hoechle, Stefan Ruenzi, Nic Schaub, and Markus Schmid (University of St. Gallen)

Discussant: Youchang Wu (University of Wisconsin-Madison)


Wednesday, March 18

8:30 - 10:00

Session 6 (Chair: Stefan Pichler, WU Vienna)


The Economics of Investor-Paid Credit Rating Agencies

Dion Bongaerts (Erasmus University Rotterdam)

Discussant: Günter Strobl (Frankfurt School of Finance & Management)



Risk Management and Rating Segmentation in Credit Markets

Giacomo Rodano, Nicolas Serrano-Velarde (Bocconi University), and Emanuele Tarantino

Discussant: Florian Nagler (VGSF and WU Vienna)

©  2014 WU & UZH & VGSF
Picture: © Sporthotel Royer Schladming