DWF First edition 2019

The DWF first edition has been a great success at both conference sessions and up into the Dolomites ski slopes. Please see below program, video clips, and pics of key moments of the 2019 edition. As all 2019 participants have expressed hopes to continue maintaining the Dolomites annual winter meeting, we are now committed to keep that promise.

The 1st Dolomites Winter Finance Conference
February 13-15, 2019

The Free University of Bolzano-Bozen – UNIBZ

Faculty of Economics and Management

Research Cluster in Financial Markets and Regulation

Brunico-Bruneck Campus, Alto Adige-South Tyrol, Italy

The DWF provides an open platform for finance scholars and practitioners worldwide to meet and share their recent research and exchange ideas and information on new developments in finance research.

We invite interested scholars, practitioners, and policy-makers to submit research papers in all areas of finance for presentation at the conference.

The 2019 DWF paper selection process will lean towards research on new topics in corporate finance and financial intermediation.




Program, video and pictures of the 2019 edition below

Day 1
Wednesday, February 13, 2019

1:00 -3:00 pm


Opening reception

Welcome from the organizing committee: Maurizio Murgia and Claudia Curi

3:00-5:15 pm Session #1

Session Chair: Armen Hovakimian (Baruch College, City University of New York)

3:00-3:45 pm – Invited Paper: Renée Adams, University of Oxford, Saïd Business School and Chair of American Finance Association’s Academic Female Finance Committee (AFFECT)

Shareholders and Stakeholders Around the World: The Role of Values, Culture, and Law in Directors’ Decisions

3:45-5:15 pm – Corporate Finance 

 3:45-4:15 pm Paper #1: Seeing the Forest Through the Trees: Do Investors Underreact to Systemic Events? 

— Matt Linn (University of Massachusetts Amherst),  Daniel Weagley* (Georgia Institute of Technology)

Discussant: Armen Hovakimian (Baruch College, City University of New York)

4:30-5:00 pm Paper #2: The Decline in US Public Firms

— Tetiana Davydiuka (Carnegie Mellon), Brent Glover* (Carnegie Mellon), Rachel Szymanskia (Carnegie Mellon)

Discussant: Johann Reindl (Oslo Metropolitan University)

7:30-9:30 pm Conference Dinner – Venue: Andreas Hofer Stube

Day 2 
Thursday, February 14, 2019

7:30 – 7:45 am Welcome Coffee & Tea

7:45 – 10:00 am – Session #2

Session Chair: Claudia Curi (Free University of Bolzano-Bozen)


7:45-8:30 am – Invited Paper: Roni Michaely  (Université de Genève, Geneva Finance Research Institute) 

Financing Payout 


8:30-10:00 am – Banking

8:30-9:00 am Paper #3: Bank Information Sharing and Liquidity Risk

— Fabio Castiglionesi* (Tilburg University), Zhao Li (University of International Business and Economics), Kebin Ma (Warwick Business School)

Discussant: Linus Siming (Audencia Business School )


9:15-9:45 am Paper #4:  The Decline of Too Big To Fail

— Antje Berndt* (Australian National University), Darrell Duffie (Stanford University), and Yichao Zhu (Australian National University)

Discussant: Mariano Massimiliano Croce (Bocconi University)



10:00 am-4:30 pm Dolomites Alps Time

Ski activity and/or walking through Brunico-Bruneck and nearby forests and paths


4:30 – 4:45 pm Hot refreshment

4:45 – 6:15 pm – Session #3

Session Chair: Francesco Franzoni (Università della Svizzera Italiana and Swiss Finance Institute)


4:45-6:15 pm – Asset Pricing 

 4:45-5:15 pm Paper #5: The Global Credit Spread Puzzle 

— Jing-Zhi Huang (Penn State University), Yoshio Nozawa* (HKUST Business School), Zhan Shi (Tsinghua University)

Discussant: Alberto Plazzi (Università della Svizzera Italiana and Swiss Finance Institute)


5:30-6:00 pm Paper #6: Hedge Fund Credit Networks, Collateral, and Prime Broker Exposures

— Mathias S. Kruttli* (Federal Reserve System), Phillip J. Monin (Office of Financial Research ), and Sumudu W. Watugala (Cornell University)

Discussant: Nataliya Gerasimova (Norwegian School of Economics)


6:15 -7:00 pm – Keynote Speaker: Luigi Zingales (Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance, The University of Chicago Booth School of Business)

Corporate Purpose


7:30 -9:30 pm Conference Dinner – Venue: Ristorante Weißes Lamm · Agnello Bianco





Day 3
Friday, February 15, 2019

 7:30 – 7:45 am Welcome Coffee & Tea

 7:45 – 10:00 am – Session #4

Session Chair: Ruslan Goyenko (McGill University)


 7:45-8:30 am – Invited Paper: Mark Grinblatt (UCLA, Anderson School of Management)

Global market inefficiencies 


8:30-10:00 am – Financial Derivatives 

8:30-9:00 am Paper #7: Does the Introduction of One Derivative Affect Another Derivative? The Effect of Credit Default Swaps Trading on Equity Options

— Jie Cao (Chinese University of Hong Kong), Yong Jin (Hong Kong Polytechnic University), Neil Pearson* (University of Illinois at Urbana-Champaign), Dragon Yongjun Tang (University of Hong Kong)

Discussant: Pascal Maenhout (INSEAD) 


9:15-9:45 am Paper #8:  Inside Insider Trading

— Marcin Kacperczyk* (Imperial College London), Emiliano S. Pagnotta (Imperial College London)

Discussant: Ruslan Goyenko (McGill University)



10:00 am-4:30 pm Dolomites Alps Time

Ski activity and/or walking through Brunico-Bruneck and nearby forests and paths


4:30 – 4:45 pm Hot refreshment


4:45-5:45 pm – Banking Industry Roundtable

 The Future of Banking: Will European Banks survive?

Roundtable Chair: Maurizio Murgia (Free University of Bolzano-Bozen)


Ignazio Angeloni, ECB Supervisory Board   

Mario Nava, European Commission DG FISMA  

Alessandro Penati, Quaestio Capital Management 

Giovanni Viani, Oliver Wyman 


5:45-6:00 pm Farewell, Arrivederci, Auf Wiedersehen

Organizing committee:  Claudia Curi and Maurizio Murgia



DWF 2019 Highlight

The 2019 DWF conference was held at the Brunico-Bruneck campus of the Free University of Bozen-Bolzano, located in the heart of Val Pusteria, Alto Adige-South Tyrol, and at walking distance from Plan de Corones Ski Lifts.

For experienced and avid skiers, the area offers numerous ski slopes options that include World Cup runs of Val Gardena and Val Badia, and can extend as far as to Cortina d’Ampezzo olimpic ski runs.
For families and non-skiers, there are mountain and forest paths available
to explore and appreciate the unique landscape.

Some pictures from the 2019 edition of DWF