10th Emerging Markets Finance Conference, 2019

(In collaboration with the S.P.Jain Inst. of Management Research and Vanderbilt Law School)

Sofitel, BKC, Mumbai. 12th - 14th December 2019

Program Committee

  • Bhagwan Chowdhry, ISB
  • Vikramaditya Khanna, University of Michigan Law School
  • N. Prabhala, CAFRAL
  • Subrata Sarkar, IGIDR
  • Ajay Shah, NIPFP
  • Rambhadran Thirumalai, Indian School of Business
  • Susan Thomas, IGIDR
  • Pradeep Yadav, Oklahoma University
  • Yesha Yadav, Vanderbilt University – Law School
  • Kumar Venkatraman, Southern Methodist University

11th December 2019

18:00-21:30 Pre-conference speakers' dinner
By invitation only

12th December 2019

08:30-09:00 Registration and tea/coffee
Opening address by Randall Thomas, Vanderbilt Law School
Keynote talk by Hendrik Bessembinder, Arizona State University
Does Return Horizon Matter? Implications for stock returns, mutual fund returns, and investment performance measurement [presentation]
09:50-10:00 Coffee and tea break
10:00-11:10 Session I: Securities Markets

A Machine Learning Approach to Inflation Forecasting in Emerging Economies [paper] [presentation]
Kriti Mahajan and Anand Srinivasan CAFRAL
    Discussant: Sourish Das, Chennai Mathematical Institute

Liquidity provision: Normal times vs Crashes [paper] [presentation]
Ravi Jagannathan, Kellogg School of Management; Loriana Pelizzon, Goethe University Frankfurt; Ernst Schaumburg, AQR Capital Management LLC; Mila Getmansky Sherman, University of Massachusetts Amherst; Darya Yuferova, Norwegian School of Economics
    Discussant: Nidhi Aggarwal, IIM, Udaipur [presentation]
11:10-11:30 Coffee and tea break
Session II: Information processing in markets
Yesha Yadav, Vanderbilt University – Law School
Earnings Uncertainty and Attention, [paper] [presentation]
Badrinath Kottimukkalur, George Washington University
    Discussant: Rajeswari Sengupta, IGIDR [presentation]

Informed Trading and the Cost of Capital: The Influence of Public and Private Information Florian Bardong, SysAMI Advisors,Germany, Sohnke M. Bartram, University of Warwick
Jeffrey R. Black, University of Memphis and Pradeep Yadav, University of Oklahoma
     Discussant: Venkatesh Panchapagesen, IIM, Bangalore

Unemployment insurance and takeovers [paper] [presentation]
Lixiong Guo, University of Alabama, Jing Kong, Michigan State University and Ron Masulis, UNSW Business School
    Discussant: Kaushik Krishnan, IGIDR
13:15-14:00 Lunch
Session III: Responses to financial stress
Susan Thomas, Finance Research Group, IGIDR
A Structured-Renegotiation Theory of Corporate Bankruptcy
Anthony J. Casey, The University of Chicago Law School [paper] [presentation]

Untying the Gordian Knot: Interconnectedness, stability and the post-crisis reforms [paper] [presentation]
Dermot Turing, Kellogg College, Oxford
Discussants: Bhagwan Chowdhry, ISB
Rob Downey, EY
Shubhashis Gangopadhyay, India Development Foundation
Neeti Shikha, IICA [presentation]
15:30-15:45 Coffee and tea break
Panel: "Research to publication: an editor’s perspective"
Hendrik Bessembinder, Managing Editor, Journal of Financial and Quantitative Analysis
Heidi Raubenheimer, Managing Editor, Financial Analysts Journal
Vidhu Shekhar, CFA Institute (Moderator)
Pradeep Yadav, Member, Editorial Board, The Review of Finance

13th December 2019

08:30-09:00 Registration and tea/coffee
09:00-10:10 Session IV: Firm choices – governance

Directors’ Duties, the Courts and the Public/Private Divide
Jennifer Hill, Monash University
    Discussant: Adam Feibelman, Tulane University [presentation]

Spinning the CEO Pay Ratio Disclosure [paper]
Audra Boone, Texas Christian University, Austin Starkweather and Joshua T. White, Vanderbilt University
    Discussant: Ranjan Banerjee, SPJIMR
10:10-10:30 Coffee and tea break
10:30-11:40 Alibaba and the Rise of the Law-Proof Insiders
Jesse M. Fried, Harvard Law School
    Discussant: Subrata Sarkar, IGIDR [presentation]

A Comparative Analysis of Shareholder Inspection Rights in India and the U.S. [presentation]
Randall Thomas, Vanderbilt University, Neha Joshi and Umakanth Varottil, National University of Singapore Law
    Discussant: Bhargavi Zaveri, Finance Research Group [presentation]
11:40-13:00 Lunch talk: Staying Private: The Costs of Private Empires
Robert Jackson Jr., Commissioner, US Securities and Exchange Commission
Panel: "Coping with the financial crisis"
Kshama Fernandes, Northern Arc Capital
Maninder Juneja, True North LLP.
Ajay Shah, NIPFP
Nikhil Shah, Alvarez & Marsal
Mahesh Vyas, CMIE
Session V: Firm choices – operation
Kose John, NYU Stern School
The Effect of Conflict on Lending: Empirical Evidence from Indian Border Areas [paper] [presentation]
Mrinal Mishra and Steven Ongena, University of Zurich
    Discussant: Renuka Sane, NIPFP [presentation]

Debt Buybacks and the Myth of Creditor Power [paper] [presentation]
Yesha Yadav, Vanderbilt University – Law School
    Discussant: Anjali Sharma, Finance Research Group [presentation]

Banking on Innovation [presentation
Frederick Tung, Boston University School of Law
    Discussant: Susan Thomas, Finance Research Group, IGIDR [presentation]

The chair summary: Perspectives on Innovation
Kose John, NYU Stern
18:30-21:00 Dinner

14th December 2019

08:30-09:00 Registration and tea/coffee
Session VI: Courts
Mahesh Krishnamurthy, Omidyar Network

New perspectives on the workload of the NCLT using daily cause-lists [presentation]
Anjali Sharma, Finance Research Group, Susan Thomas, Finance Research Group, IGIDR, Bhargavi Zaveri, Finance Research Group

A vision statement for the Indian judiciary. [paper] [presentation]
Surya Prakash B.S. and Ritwika Sharma, Daksh
Discussants: Harish Narasappa, Daksh
Bhargavi Zaweri, Finance Research Group
10:10-11:20 Thinking aloud: “The judiciary in commercial matters”
Marc Gross, Senior Counsel, Pomerantz LLP.
The Hon’ble Justice Sanjay Kishan Kaul, Supreme Court of India
K. P. Krishnan, Ministry of Skills Development (Moderator)
Vice-Chancellor Slights, Delaware Court of the Chancery
The Hon. Alastair Norris, High court of England and Wales
Taeko Suzuki, Nishimura & Asahi
11:20-11:30 Coffee and tea break
Session VII: “Financial inclusion - risk management”
Yesha Yadav, Vanderbilt University – Law School
Chennai 2015: A novel approach to measuring the impact of a natural disaster
Ila Patnaik, Renuka Sane and Ajay Shah, NIPFP
    Discussant: Samir Shah, Dvara Research [presentation]

How Does Informal Risk-Sharing Influence Insurance Decisions? Theory with Field Evidence [paper] [presentation]
Francis Annan, Georgia State University and Bikramaditya Datta, IIT, Kanpur
    Discussant: Tanika Chakraborty, IIM, Calcutta [presentation]
12:40-13:40 Lunch talk: Securing land rights in the era of urbanization, comercialization, and climate change [presentation]
J.B. Ruhl, Vanderbilt University
13:40-14:50 Session VIII: Financial inclusion - financial intermediary interfaces

Anatomy of Depositor Disciplining Mechanism: Selection, Voice and Exit
Saibal Ghosh, Reserve Bank of India, Fulin Li, University of Chicago and Nishant Vats, University of Chicago
    Discussant: Harsh Vardhan, SPJIMR

Unshrouding Financial Product Features: Do Rules of Thumb Work?
Olga Balakina, Lund University, Vimal Balasubramaniam, Queen Mary University of London, Aditi Dimri, University of Warwick and Renuka Sane, NIPFP
    Discussant: Vidhu Shekhar, SPJIMR [presentation]
14:50-15:05 Coffee and tea break
Panel: "FinTech for Entrepreneurs: is the promise real?"
Praveen Hari, JiT Finco
Nat Malupillai, Michael & Susan Dell Foundation India LLP.
Supriya Sharma, CIIE.CO
Vidhu Shekhar, SPJIMR
Mohammed Riaz, Xtracap Fintech India Pvt. Ltd.
16:15-16:30 Closing remarks

Note: Confirmed speakers at the conference are marked in boldface.

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