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Texas Finance Festival

McCombs School of Business McCombs School of Business

The 23rd Annual Texas Finance Festival

The Conference That Gives a Real Texas Experience  |  Austin, Texas  |  October 28-30, 2021
Sponsored by the Department of Finance at The University of Texas at Austin and the Review of Financial Studies (RFS).


Registration and Program

Registration and Program

The 23rd Annual Texas Finance Festival (TFF) will be held on October 28-30, 2021 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).  



Thursday, October 28, 2021 - Welcome Dinner 
5:45 pm
Board bus on the west side of the AT&T center - between the AT&T Center and Rowling Hall
6:30 pm-9:00 pm          
Dinner at Moonshine Grill - 303 Red River Street, Austin, TX 78701

Friday, October 29, 2021
Presentations in Classroom 203 - Morning Session Chair: Travis Johnson

7:30 am-8:00 am

Registration and Breakfast –Conferee Break Area and Tejas Dining Room

8:10 am-9:00 am
“How Integrated Are Corporate Bond and Stock Markets?”
Author: Mirela Sandulescu (Michigan)
Discussant: Kumar Venkataraman (SMU)

9:10 am-10:00 am
“Information Chasing versus Adverse Selection”
Authors: Gabor Pinter (Bank of England), Chaojun Wang (Wharton), and
Junyuan Zou (INSEAD)
Discussant: Barney Hartman-Glaser (UCLA)

10:10 am-11:00 am     
“Monetary Policy Transmission in Segmented Markets”
Authors: Yiming Ma (Columbia), Anthony Lee Zhang (Chicago), and
Jens Eisenschmidt (European Central Bank)
Discussant: Kerry Back (Rice)

11:10 am-12:00 pm
“LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility during the COVID-19 Crisis”
Authors: Mathias Kruttli (Federal Reserve Board), Phillip Monin (Federal Reserve Board),
Lubomir Petrasek (Federal Reserve Board), and Sumudu Watugala (Cornell)
Discussant: Lars Lochstoer (UCLA)

12:00 pm-1:00 pm

Lunch –Tejas Dining Room


Afternoon Session Chair: Sheridan Titman

1:00 pm-1:50 pm
“Does Political Partisanship Cross Borders? Evidence from International Capital Flows”
Authors: Elisabeth Kempf (Chicago), Mancy Luo (Erasmus), Larissa Schaefer (Frankfurt), and
Margarita Tsoutsoura (Cornell)
Discussant: Noah Stoffman (Indiana)

2:00 pm-2:50 pm
“Bond Market Stimulus: Firm-Level Evidence from 2020-21”
Authors: Olivier Darmouni (Columbia) and Kerry Siani (Columbia)
Discussant: Bill Maxwell (SMU)

3:00 pm-3:50 pm
“Regulatory Costs of Being Public: Evidence from Bunching Estimation”
Authors: Michael Ewens (Cal Tech), Kairong Xiao (Columbia), and Ting Xu (Virginia Darden)
Discussant: Audra Boone (TCU)

5:00 pm

Depart for Dinner Cruise via bus between AT&T Center and Rowling Hall

5:45 pm

Boat departs from Hula Hut boat dock(3825 Lake Austin Blvd,
parking in LCRA visitor parking, 3700 Lake Austin Blvd); *starts loading at 5:30 pm

Saturday, October 30, 2021 Presentations in Classroom 203 -  Session Chair: Andres Almazan

7:30 am-8:00 am

Breakfast –Conferee Break Area and Tejas Dining Room

8:10 am-9:00 am
“Did Fintech Lenders Facilitate PPP Fraud?”
Authors: John Griffin (UT-Austin), Sam Kruger (UT-Austin), and Prateek Mahajan (UT-Austin)
Discussant: Bruce Carlin (Rice)

9:10 am-10:00 am
“How Costly is Noise? Data and Disparities in Consumer Credit”
Authors: Laura Blattner (Stanford) and Scott Nelson (Chicago)
Discussant: Malcolm Wardlaw (Georgia)

10:10 am-11:00 am   
“FinTech Lending and Cashless Payments”
Authors: Pulak Ghosh (Indian Institute of Management), Boris Vallee (Harvard), and
Yao Zeng (Wharton)
Discussant: Cesare Fracassi (UT-Austin)

11:10 am-12:00 pm 
“Externalities as Arbitrage”
Author: Ben Hebert (Stanford)
Discussant: Harold Zhang (UT-Dallas)

12:00 pm-1:30 pm

Lunch –Tejas Dining Room



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

Please book your room reservation here using our custom link.

If you call to make your reservation, please mention code TEXFIN1021 

Room reservations in our block need to be made by the October 1, 2021 cutoff date.

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 (


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 Ouimet (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)