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Texas Finance Festival

McCombs School of Business McCombs School of Business

The 22nd Annual Texas Finance Festival

The Conference That Gives a Real Texas Experience  |  Austin, Texas  |  April 16-18, 2020
Sponsored by the Department of Finance at The University of Texas at Austin and the Review of Financial Studies (RFS).

Call for Papers >

Call for Papers

The 22nd Annual Texas Finance Festival (TFF) will be held on April 16-18, 2020 at the AT&T Executive Education and Conference Center at the University of Texas at Austin. The conference is sponsored by the Department of Finance at the University of Texas at Austin and the Review of Financial Studies (RFS). Itay Goldstein and Stijn
Van Nieuwerburgh are the editors in charge representing the RFS. You are invited to submit papers on any topic in financial economics for the 2020 TFF. You can submit your papers to:

To encourage submissions by more junior researchers, priority for presentation slots will be given to papers submitted by researchers who graduated in or after 2012. The deadline for submissions is January 15, 2020 at midnight CST. The program will be announced in late February. 

The TFF and the RFS announce a combined submission process. At your choice, your paper submitted to the TFF also will be considered for publication by the RFS free of charge. The rules for this dual submission process are given below. Additional information on the dual submission policy can be obtained at  When submitting the paper, you must explicitly indicate you are interested in consideration by the RFS. We expect notifications on whether papers proceed in the RFS process to come out in late February.

If you have questions, please contact the conference organizers: Laura Starks and Jonathan Cohn. For any questions about the RFS, please contact Itay Goldstein and Stijn Van Nieuwerburgh.



Registration will open in March 2020.



AT&T Executive Education & Conference Center
1900 University Avenue
Austin, TX 78705

Please book your room reservation here using our custom link.

The reservation cut-off date is March 17, 2020.

Below is a list of other hotels near The University.  We DO NOT have room blocks at these hotels.

Hampton Inn & Suites Austin at The University/Capitol
1701 Lavaca Street
Austin, TX  78701
(512) 499-8881

Hotel Ella
1900 Rio Grade Street
Austin, TX 78705
(512) 495-1800

DoubleTree Suites by Hilton Hotel
303 W. 15th Street
Austin, TX 78701
(512) 478-7000


Program Committee:
Laura Starks (
Jonathan Cohn (

Organizing Committee:
Juana Hardwick (
Kyle Hernandez (

Editors Representing RFS:
Itay Goldstein (University of Pennsylvania)
Stijn Van Nieuwerburgh (New York University)

Selection Committee:


History and Programs

The first meeting of the Texas Finance Festival (TFF) was in Kerrville, Texas, in 1999. The Kerrville Folk Music Festival is held annually in Kerrville, thus the name for our conference. Since then, the conference has been held in Austin, Horseshoe Bay, Marble Falls, and San Antonio. View Past Programs

2019 Program

“Countercyclical Labor Income Risk and Portfolio Choices over the Life Cycle" 
by Sylvain Catherine

"Human Capitalists"
by Andrea Eisfeldt, Antonio Falato, and Mindy Xiaolan

"The Ostrich in Us: Selective Attention to Personal Finances" 
by Michaela Pagel and Arna Olafsson

"No Job, No Money, No Refi: Frictions to Refinancing in a Recession" 
by Anthony DeFusco, and John Mondragon

"Risk Free Interest Rates"  
by Jules van Binsbergen, William Diamond, and Marco Grotteriaat

"Too Much Skin in the Game? The Effect of Mortgage Market Concentration on Credit and House Prices"
by Deeksha Gupta

"Entrepreneurial Spillovers from Corporate R&D" 
by Tania Babina and Sabrina Howell 

"A Day Late and a Dollar Short: Liquidity and Household Formation Among Student Borrowers" 
by Sarena Goodman, Adam Isen, and Constantine Yannelis

"How Do Consumers Fare When Dealing With Debt Collectors? Evidence from out-of-court settlements"
by Ing Haw Chang, Felipe Severino and Richard Townsend

2018 Program

“Going Entrepreneurial? IPOs, Employee Reallocation, and New Firm Creation”
Authors: Tania Babina (Columbia University) and Paige Quimet (University of North Carolina)
Thomas Chemmanur (Boston College)

“Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America”
Authors: Yifei Mao (Arizona State University) and Jessie Wang (Cornell University)
Carola Frydman (Northwestern University)

“Marketplace Lending: A New Banking Paradigm?”
Authors: Boris Vallee (Harvard Business School) and Yao Zeng (University of Washington)
Adair Morse (University of California-Berkeley)

“Disaster on the Horizon: The Price Effect of Sea Level Rise”
AuthorsRyan Lewis (University of Colorado at Boulder)
Discussant: Shimon Kogan (MIT)

“Do Investors Value Sustainability?A Natural Experiment Examining Ranking and Fund Flows”
Authors: Samuel Hartzmark (University of Chicago)
Karl Lins (University of Utah)

“Credit Where Credit is Due: Drivers of Subprime Credit”
Authors: Elizabeth Berger (Cornell University) and Alex Butler (Rice University)
Discussant: Rodney Ramcharan (University of Southern California)

“Do Intermediaries Matter for Aggregate Asset Prices?”
  Authors: Valentin Haddad (UCLA) and Tyler Muir (UCLA)
Matt Spiegel (Yale University)

“Economic Consequences of Housing Speculation”
Michael Sockin (University of Texas at Austin) and Zhenyu Gao (Chinese University of Hong Kong S.A.R.)
Gene Amromin (Federal Reserve Bank of Chicago)

“Real Option Exercise: Empirical Evidence”
Authors:  Paul Decaire (Wharton School of Business) and Erik Gilje (Wharton School of Business)
Discussant: Gustavo Grullon (Rice University)

2017 Program

“CEO Horizon, Optimal Duration and the Escalation of Short-Termism”
Authors: Felipe Varas (Duke University) and Ivan Marinovic (Duke University)
Discussant: Jaime Zender (University of Colorado)

“The Value of Offshore Secrets – Evidence from the Panama Papers”
Authors: James O’Donovan (INSEAD), Hanna Wagner (Bocconi University), and Stefan Zeume (University of Michigan)
Alexander Dyck (University of Toronto)

“Credit Allocation under Economic Stimulus: Evidence from China”
 Authors: Jacopo Ponticelli (University of Chicago) and Will Cong (University of Chicago)
 Discussant: Hui Chen (Massachusetts Institute of Technology)

"Bank Branch Supply and the Unbanked Phenomenon”
Authors: Adrien Matray (Princeton University) and Claire Célérier (University of Toronto)
Discussant: Elena Loutskina (University of Virginia)

“Cancer Diagnoses and Household Debt Overhang"
Authors: Catherine Fedorenko (Fred Hutchinson Cancer Research Center), Arpit Gupta (New York University), Edward Morrison (Columbia Law School), and Scott Ramsey (Fred Hutchinson Cancer Research Center)
Discussant: Sumit Agarwal (Georgetown University) 

“The Housing Crisis and the Rise in Student Loans”
Authors: John Mondragon (Northwestern University), Gene Amromin (Northwestern University), and Janice Eberly (Northwestern University)
Discussant: Amiyatosh Purnanandam (University of Michigan) 

 “Dissecting Characteristics Nonparametrically”
  Authors: Andreas Neuhierl (University of Notre Dame), Joachim Freyberger (University of Wisconsin), and
 Michael Weber (University of Chicago) 
 Discussant: Kent Daniel (Columbia University) 

 “Return Predictability Revisited Using Weighted Least Squares”
 Authors: Travis Johnson (University of Texas at Austin)  
Michael Johannes (Columbia University)

 “Long Run Growth of Financial Technology”

  Authors: Maryam Farboodi (Princeton University) and Laura Veldkamp (New York University)
  Discussant: Simon Gervais (Duke University)