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Texas Finance Festival

McCombs School of Business McCombs School of Business

The 20th Annual Texas Finance Festival

The Conference That Gives a Real Texas Experience  |  Horsehoe Bay, Texas  |  April 19-21, 2018
Sponsored by the Department of Finance at The University of Texas at Austin and the Review of Financial Studies (RFS).

Schedule >


Thursday, April 19th

 6:30 pm
Reception and Dinner – Horseshoe Bay Yacht

Friday, April 20th, Morning Session -- Presentations will be in Salons FGH

8:00 am - 8:50 am
Registration and Breakfast – Foyer FGH

9:00 am - 9:50 am
Going Entrepreneurial? IPOs, Employee Reallocation, and New Firm Creation
Authors: Tania Babina (Columbia Business School), Paige Ouimet (University of North Carolina at Chapel Hill), and Rebecca Zarutskie (Federal Reserve Board)
Discussant: Thomas Chemmanur (Boston College)

10:00 am - 10:50 am
Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America
Authors: Yifei Mao (Cornell University) and Jessie Wang (Arizona State University)
Discussant: Carola Frydman (Northwestern University)

11:00 am - 11:50 am
Marketplace Lending: A New Banking Paradigm?
Authors: Boris Vallee (Harvard Business School) and Yao Zeng (University of Washington)
Discussant: Adair Morse (University of California-Berkeley)

12:00 pm - 2:00 pm
Lunch (Post Oak Room) and Optional Outdoor Activities

Friday, April 20th  Afternoon Session -- Presentations will be in Salons FGH

2:30 pm - 3:20pm
Disaster on the Horizon: The Price Effect of Sea Level Rise
Authors: Asaf Bernstein (University of Colorado at Boulder), Matthew Gustafson (Penn State University), and Ryan Lewis (University of Colorado at Boulder)
Discussant: Shimon Kogan (MIT)

3:30 pm - 4:20 pm
Do Investors Value Sustainability?A Natural Experiment Examining Ranking and Fund Flows
Authors: Samuel Hartzmark (University of Chicago) and Abigail Sussman (University of Chicago)
Discussant: Karl Lins (University of Utah)

4:30 pm - 5:20 pm
Credit Where Credit is Due: Drivers of Subprime Credit
Authors: Elizabeth Berger (Cornell University), Alexander Butler (Rice University) and Erik Mayer (Rice University)
Discussant: Rodney Ramcharan (University of Southern California)

6:30 pm
Reception and Dinner  - Conference Pavilion

Saturday, April 21st , Morning Session-- Presentations will be in Salons FGH

8:00 am - 8:50 am
Breakfast - Foyer FGH

9:00 am - 9:50 am
Do Intermediaries Matter for Aggregate Asset Prices?
Authors: Valentin Haddad (UCLA) and Tyler Muir (UCLA)
Discussant: Matt Spiegel (Yale University)

10:00 am - 10:50 am
Economic Consequences of Housing Speculation
Authors: Zhenyu Gao (Chinese University of Hong Kong), Michael Sockin (University of Texas at Austin), and Wei Xiong (Princeton University
Discussant: Gene Amromin (Federal Reserve Bank of Chicago)

11:00 am - 11:50 am
Real Option Exercise: Empirical Evidence
Authors:  Paul Decaire (The Wharton School), Erik Gilje (The Wharton School), and Jerome Taillard (Babson College)
Discussant: Gustavo Grullon (Rice University)

12:00 pm – 1:30 pm


Please register for the conference and activities here.

For accommodations, please visit the accommodations tab and complete your room reservation by March 21st.


Horseshoe Bay

The 2018 Texas Finance Festival will be held at the Horseshoe Bay Resort in Horseshoe Bay, Texas.  

Please book here by Thursday, March 22, 2018 to receive our discounted room rate of $179 per night.  

Horseshoe Bay Resort
200 Hi Circle North
Horseshoe Bay, TX 78657


Program Committee:
John Griffin (
Cesare Fracassi (

Organizing Committee:
Juana Hardwick (
Kyle Hernandez (

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

Selection Committee:

Kenneth Ahern (University of Southern California), Audra Boone (Texas Christian University), Christa Bouwman (Texas A&M University), Alex Butler (Rice University), David Chapman (University of Virginia), Joseph Engelberg (University of California-San Diego), Itay Goldstein (University of Pennsylvania), Umit Gurun (University of Texas at Dallas), Bing Han (University of Toronto), Burton Hollifield (Carnegie Mellon University), Paul Irvine (Texas Christian University), Shane Johnson (Texas A&M University), Elena Loutskina (University of Virgina), Christine Parlour (University of California-Berkeley), Amiyatosh Purnanandam (University of Michigan), Alessio Sarretto (University of Texas at Dallas), Tao Shu (University of Georgia), Matthew Spiegel (Yale University), Stijn Van Nieuwerburgh (New York University), Kumar Venkataraman (Southern Methodist University), James Weston (Rice University), Jaime Zender (University of Colorado-Boulder), Harold Zhang (University of Texas at Dallas) and most University of Texas finance faculty

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

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)