Conference on Advances in Financial Research


Friday, October 5, 2018


Federal Reserve Bank of San Francisco

Session 1. Risk-Pricing in Asset Markets

Reflexivity in Credit Markets
Presenter: Lawrence Jin, California Institute of Technology
Discussant: Valentin Haddad, University of California, Los Angeles
Download paper (pdf, 1 mb)

Horizon-Dependent Risk-Pricing
Presenter: Eben Lazarus, Massachusetts Institute of Technology
Discussant: Yang Song, University of Washington
Download paper (pdf, 318 kb)

Session 2. Macro-Finance

Accounting for Medium-Run Macro-Finance Trends
Presenter: Francois Gourio, Federal Reserve Bank of Chicago
Discussant: Martin Lettau, University of California, Berkeley
Download paper (pdf, 415 kb)

Luncheon Keynote Speaker: John H. Cochrane, Stanford University

Session 3. Firms and the Allocation of Capital

Risk-Adjusted Capital Allocation and Misallocation
Presenter: Joel David, University of Southern California
Discussant: Jules Van Binsbergen, University of Pennsylvania
Download paper (pdf, 895 kb)

Small and Large Firms over the Business Cycle
Presenter: Nicolas Crouzet, Northwestern University
Discussant: Vincenzo Quadrini, University of Southern California
Download paper (pdf, 2 mb)

Session 4. Safe Assets

Safe Assets, Collateralized Lending, and Monetary Policy
Presenter: Moritz Lenel, Princeton University
Discussant: Arvind Krishnamurthy, Stanford University
Download paper (pdf, 754 kb)

Conference organizer:
Thomas M. Mertens, Federal Reserve Bank of San Francisco

Program Committee:
Michael D. Bauer, Federal Reserve Bank of San Francisco
Kevin J. Lansing, Federal Reserve Bank of San Francisco
Pascal Paul, Federal Reserve Bank of San Francisco