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2023 Annual Carey Finance Conference

The 6th annual Johns Hopkins Carey Finance Conference will be held on Thursday, October 26 and Friday, October 27, 2023 in Washington, D.C.

The conference will feature eight paper presentations with discussants and floor discussions. The keynote speaker is Ravi Jagannathan, CME Group/John F. Sandner Chair of Finance at Kellogg School of Management, Northwestern University.

The Baltimore-based hedge funds Campbell & Company and T. Rowe Price Investment Services, Inc. are co-sponsors of the event.

For questions, please email carey_OFR@jhu.edu.

Scientific Committee: Francesco Bianchi (Johns Hopkins University), Michael Bader (Campbell & Company), Briana Chang (University of Wisconsin, Madison), Fousseni Chabi–Yo (University of Massachusetts, Amherst), Riccardo Colacito (University of North Carolina Chapel Hill), Lin William Cong (Cornell University), Brendan Daley (Johns Hopkins University), Tetiana Davydiuk (Johns Hopkins University), Pasquale Della Corte (Imperial College London), Ian Dew-Becker (Northwestern University), Wenxin Du (University of Chicago), Greg Duffee (Johns Hopkins University), George Gao (T. Rowe Price), Stefano Giglio (Yale University), Sabrina Howell (New York University), Zhengyang Jiang (Northwestern University), Marcin Kacperczyk (Imperial College London), Sofonias Korsaye (Johns Hopkins University), Victor Lyonnet (Ohio State University), Nadya Malenko (University of Michigan, Ann Arbor), Prachi Mishra (International Monetary Fund), Marzena Rostek (University of Wisconsin, Madison), Nikolai Roussanov (University of Pennsylvania), Jan Starmans (Stockholm School of Economics), Liliana Varela (London School of Economics), Andrea Vedolin (Boston University), Annette Vissing-Jorgensen (Federal Reserve Board), Mindy Zhang Xiaolan (University of Texas at Austin), Ayako Yasuda (University of California, Davis), Dacheng Xiu (University of Chicago), Constantine Yannelis (University of Chicago)

Program Chairs: Chris Faulkner-MacDonagh (T. Rowe Price), Pierre Noual (Campbell & Company), Nagpurnanand Prabhala (Johns Hopkins Carey Business School)

Organizers: Deeksha Gupta and Alessandro Rebucci, Johns Hopkins Carey Business School

Fast Facts


October 26, 2023, 04:00 pm


Washington D.C.





October 26, 2023
4:00pm - 7:00pm

Thursday, October 26

Hyatt Regency Washington on Capitol Hill, 400 New Jersey Ave NW, Washington, D.C. 20001

4 – 4:15 p.m.   Welcome and coffee

4:15 - 5:45 p.m.   Session 1
Session Chair: Alessandro Rebucci, Johns Hopkins Carey Business School

Dollar Asset Holding and Hedging Around the Globe 
Wenxin Du, Columbia University
Amy Huber, University of Pennsylvania
Discussant: Emil Siriwardane, Harvard University

International Arbitrage Premia 
Mirela Sandulescu, University of Michigan
Paul Schneider, USI Lugano
Discussant: Riccardo Colacito, University of North Carolina Chapel Hill

5:45 – 6 p.m.   Coffee break

6 – 7 p.m.   Poster Session
Invited PhD students:

Can Cashless Payments Spur Economic Growth?
Tamanna Singh Dubey
, University of Michigan

New Technologies and Stock Returns
Jinyoung Kim, Boston College

Risk Shifting and Interest Rates
Stefan Walz
, Columbia University

Green Stewards: Sustainable Institutional Investors Foster Green CapEx
Moritz Wiedemann
, Imperial College London

7:30 – 10 p.m.   Conference Dinner (by invitation only)

(Names in bold are presenters)

October 27, 2023
8:00am - 5:00pm

Friday, October 27

Johns Hopkins University, 555 Pennsylvania Avenue, NW Washington, D.C. 20001

8 – 8:10 a.m.   Opening Remarks 
Goker Aydin, Professor and Vice Dean for Faculty and Research, Johns Hopkins Carey Business School

8:15 – 9:45 a.m.   Session 2 
Session Chair: Deeksha Gupta, Johns Hopkins Carey Business School

Carbon Emissions and Shareholder Value: Causal Evidence from the U.S. Power Utilities 
Amiyatosh Purnanandam, University of Michigan
Mayank Kumar, University of Michigan
Discussant: Sumudu Watugala, Indiana University

Carbon Stock Devaluation
Darwin Choi, The Chinese University of Hong Kong
Zhenyu Gao, The Chinese University of Hong Kong
Wenxi Jiang, The Chinese University of Hong Kong
Hulai Zhang, Tilburg 
Discussant: Pedro Matos, University of Virginia

9:45 – 10 a.m.   Coffee break

10 – 11:30 a.m.   Session 3
Session Chair: Pierre Noual, Campbell & Company

AI-Powered Trading, Algorithmic Collusion, and Price Efficiency 
Winston Wei Dou, University of Pennsylvania  
Itay Goldstein, University of Pennsylvania
Yan Ji, Hong Kong University of Science and Technology
Discussant: Snehal Banerjee, University of California San Diego

Generative AI and Firm Values 
Andrea Eisfeldt, University of California Los Angeles
Gregor Schubert, University of California Los Angeles
Miao Ben Zhang, University of Southern California
Discussant: Paolo Zaffaroni, Imperial College London

11:30 a.m. – 12:45 p.m.   Lunch

12:45 – 2 p.m.   Keynote Speaker
Session Chair: Nagpurnanand Prabhala Johns Hopkins Carey Business School

Keynote Speaker: Ravi Jagannathan, Northwestern University
Environmental Activism: Endogenous Risk and Asset Price

2 – 2:30 p.m.   Coffee break

2:30 – 4 p.m.   Session 4
Session Chair: Chris Faulkner-MacDonagh, T. Rowe Price

The Rise of Specialized Financial Products 
Ana Babus, Washington University in St. Louis
Matias Marzani, Analysis Group
Sara Moreira, Northwestern University
Discussant: Tetiana Davydiuk, Johns Hopkins Carey Business School

Regulatory Arbitrage or Random Errors? Implications of Race Prediction Algorithms in Fair Lending Analysis
Sabrina T. Howell, New York University
Daniel Greenwald, New York University
Cangyuan Li, New York University
Emmanuel Yimfor, Columbia Business School
Discussant: Michaela Pagel, Washington University in St. Louis

4 – 5 p.m.   Awards ceremony and closing reception

(Names in bold are presenters)