ANNUAL CONFERENCE
6th Future of Financial Information Conference
The 6th edition will take place at Stockholm Business School on 27-28 May 2024. The conference will proceed primarily in person, with speakers, discussants and session chairs in particular attending on site. As participant, you are also welcome at SBS’s scenic campus in Stockholm Albano. Alternatively, you have the option to attend online and we will do our best to provide you with an interactive experience.
Registration to attend in person is closed! You can still register to attend online:
The conference starts in:
Conference agenda
From satellite images to natural language processing, the way investors source, process and trade on information is constantly evolving. The aim of this conference is to understand the ever-changing nature of financial information and its consequences for market efficiency.
We welcome all theoretical and empirical papers exploring new and perhaps unexpected sources of information, as well as developing novel tools to turn raw data into value-relevant insights. Skeptical takes, highlighting the trade-offs involved in the use of big data, machine learning algorithms and the continuing hardening of information are also welcome.
Registration
Registration to participate in the conference is open.
You are very welcome to attend in person at Stockholm Business School’s scenic Albano Campus. After two years of hosting the conference fully online, we look forward to having participants on site. Keynote speakers, presenters and discussant have all
confirmed their participation in person.
In-person registration is now closed. You can still register to participate virtually via Zoom. We charge a small fee of approx. 12 EUR to cover the costs of technical equipment and support needed to ensure a smooth virtual experience. Virtual registration is handled via Eventbrite.
Paper submission
Please submit your paper through ConfTool by clicking on the link below. Submission deadline is:
17 December 2023, 23:59 PST
Program selection follows a two-stage procedure. In the first stage, all submissions will be screened by members of the reviewer team. In the second stage, shortlisted papers will be additionally evaluated by members of the program committee. You can browse members of the reviewer team and program committee in the ‘Organizers’ section below.
We expect to accept around 20 papers for presentation and an additional 6-7 for the poster session. Please indicate during submission whether you would like your paper to be considered also for the poster session.
Dual Submission
Submissions to the conference can also be submitted to the Journal of Financial and Quantitative Analysis (JFQA) under the dual-review option, at no additional fee. Authors must indicate upon submission if they would like to use this option. Papers submitted for dual review must not be under review at another journal or the JFQA, nor previously rejected by the JFQA. Papers rejected at any stage of the dual-review process are not considered to have been “rejected” at the JFQA. Thus, authors are permitted to submit a future version of their paper to the JFQA without prejudice.
Please note that selection for the conference program and for publication in the JFQA are independent from each other.
Conference program
All times Stockholm – convert to your local time
14:45
Opening remarks
Michał Dzieliński, FutFinInfo Program Chair
Maria Frostling, Head of Stockholm Business School
15:00
1A: (Un)informed trading
Chair: Björn Hagströmer
What Is in High-Frequency Price Pressure
Bart Yueshen, INSEAD
Discussant: Joel Hasbrouck, New York University
Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond Markets
Robert Czech, Bank of England
Gabor Pinter, Bank of England
Discussant: Or Shachar, Federal Reserve Bank of New York
1B: New answers to an old question
Chair: Daniel Buncic
Do Common Factors Really Explain the Cross-Section of Stock Returns?
Alejandro Lopez-Lira, BI Norwegian Business School
Nikolai Roussanov, University of Pennsylvania
Discussant: Shrihari Santosh, University of Colorado Boulder
Uncovering Sparsity and Heterogeneity in Firm-Level Return Predictability Using Machine Learning
Theodoros Evgeniou, INSEAD
Ahmed Guecioueur, INSEAD
Rodolfo Prieto, INSEAD
Discussant: Alex Chinco, University of Chicago
16:30
Coffee break (bring your own coffee…)
16:45
1A: (Un)informed trading – cont.
Information Flow, Noise, and the Irrelevance of FOMC Announcement Returns
Oliver Boguth, Arizona State University
Vincent Grégoire, HEC Montreal
Charles Martineau, University of Toronto
Discussant: Pavel Savor, DePaul University
1B: New answers to an old question – cont.
Anomaly Time
Tyler Boone Bowles, Texas A&M University
Adam Reed, University of North Carolina
Matthew Ringgenberg, University of Utah
Jacob Thornock, Brigham Young University
Discussant: Chen Xue, University of Cincinnati
17:30
Coffee break (bring your own coffee…)
18:00
Keynote Session with Manuela Veloso, Head of AI Research, JP Morgan
Manuela joined JP Morgan in 2018 after 20+ years of academic research, most recently as the Herbert A. Simon Professor of Computer Science at Carnegie Mellon University. Drawing on her rich experience in both academia and industry, she will present examples and discuss the scope of AI research in the finance domain.
19:00
Virtual reception (bring your own bubbles…)
14:00
2A: FinTech for investment decisions
Chair: Alberto Rossi
Digital Footprints as Collateral for Debt Collection
Lili Dai, UNSW
Jianlei Han, Macquarie University
Jing Shi, Macquarie University
Bohui Zhang, Chinese University of Hong Kong
Discussant: Huan Tang, London School of Economics
Robo-Advising for Small Investors
Milo Bianchi, Toulouse School of Economics
Marie Briere, Amundi / Paris Dauphine University, Université Libre de Bruxelles
Discussant: Francesco D’Acunto, Boston College
2B: Information without borders
Chair: Michał Dzieliński
Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity
Filippo De Marco, Bocconi University
Marco Macchiavelli, Federal Reserve Board
Rosen Valchev, Boston College
Discussant: Laura Veldkamp, Columbia University
Foreign Sentiment
Azi Ben-Rephael, Rutgers University
Xi Dong, Baruch College
Massimo Massa, INSEAD
Changyun Zhou, Baruch College
Discussant: Petri Jylhä, Aalto University
15:30
Poster session
Fatemeh Aramian, Stockholm Business School
Dion Bongaerts, Rotterdam School of Management
Yang Liu, Tsinghua University
Kuntara Pukthuanthong, University of Missouri
Maximilian Voigt, Frankfurt School of Finance and Management
Hang Wang, UNSW
16:30
Coffee break (bring your own coffee…)
17:00
3A: Apps for finance
Chair: Roxana Mihet
Correcting Present Bias in Saving Decisions with FinTech
Antonio Gargano, University of Houston
Alberto Rossi, Georgetown University
Discussant: Alessandro Previtero, Indiana University
Mind the App: Mobile Access to Financial Information and Consumer Behavior
Yaron Levi, USC
Shlomo Benartzi, UCLA
Discussant: Ziwei Zhao, University of Lausanne
3B: We still need humans
Chair: Byoung-Hyoun Hwang
Does Floor Trading Matter?
Jonathan Brogaard, University of Utah
Matthew Ringgenberg, University of Utah
Dominik Roesch, University at Buffalo
Discussant: Gideon Saar, Cornell University
It’s Not Who You Know—It’s Who Knows You: Employee Social Capital and Firm Performance
DuckKi Cho, Peking University
Lyungmae Choi, City University of Hong Kong
Michael Hertzel, Arizona State University
Jessie Jiaxu Wang, Arizona State University
Discussant: Kenneth Ahern, USC
18:30
Coffee break (bring your own coffee…)
19:00
Keynote Session with David Hirshleifer, UC Irvine
David Hirshleifer is the Merage Chair and Distinguished Professor of Finance at the Merage School of Business, University of California-Irvine. He is a Fellow and former President of the American Finance Association. His keynote will be adapted from his AFA Presidential Address on the impending intellectual revolution: “social economics and finance” or the study of the social processes that shape economic thinking and behavior.
15:00
4A: Equity market structure
Chair: Lars Nordén
Financial Regulation, Clientele Segmentation, and Stock Exchange Order Types
Sida Li, UIUC
Mao Ye, UIUC
Miles Zheng, UIUC
Discussant: Albert Menkveld, Vrije Universiteit Amsterdam
Who Trades at the Close? Implications for Price Discovery, Liquidity, and Disagreement
Vincent Bogousslavsky, Boston College
Dmitriy Muravyev, Michigan State University
Discussant: Barbara Rindi, Bocconi University
4B: Man against (or with) the Machine?
Chair: Abalfazl Zareei
Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases
Jules H. van Binsbergen, Xiao Han, Alejandro Lopez-Lira
Fundamental Analysis via Machine Learning
Kai Cao, Haifeng You
Comparative discussion: Svetlana Bryzgalova, London Business School
The Use and Usefulness of Big Data in Finance: Evidence from Financial Analysts
Feng Chi, Cornell University
Byoung-Hyoun Hwang, Cornell University
Yaping Zheng, McGill University
Discussant: Jillian Grennan, Duke University
16:30
Coffee break (bring your own coffee…)
17:00
Keynote session with Lasse Heje Pedersen, Copenhagen Business School and AQR
Lasse is a principal at AQR Capital Management and a finance professor at Copenhagen Business School, which puts him in a unique position to deliver insights from both the academic and practitioner perspective. In this spirit, he will base his keynote on recent work capturing market dynamics through interactions between different investor types – “Game On: Social Networks and Markets”
18:00
Coffee break (bring your own coffee…)
18:15
5A: Learning from new data
Chair: Marina Niessner
How Costly Are Cultural Biases?
Francesco D’Acunto, Boston College
Pulak Ghosh, IIMB
Rajiv Jain, Faircent
Alberto Rossi, Georgetown University
Discussant: Enrichetta Ravina, Federal Reserve Bank of Chicago
How Do Retail Investors Respond to the Zero Lower Bound?
Steffen Meyer, University of Southern Denmark
Michaela Pagel, Columbia Business School
Alexander Schandlbauer, University of Southern Denmark
Charline Uhr, Goethe University Frankfurt
Discussant: David Solomon, Boston College
5B: Disclosure
Chair: Caihong Xu
Whoever Has Will Be Given More: Information Sharing in Financial Markets
Itay Goldstein, University of Pennsylvania
Yan Xiong, HKUST
Liyan Yang, University of Toronto
Discussant: Thierry Foucault, HEC Paris
Disclosing to Informed Traders
Snehal Banerjee, UC San Diego
Ivan Marinovic, Stanford University
Kevin Smith, Stanford University
Discussant: Dmitry Orlov, University of Wisconsin-Madison
For PhD Students
The conference has a track record of supporting PhD students, who are the future of our profession. We are happy to announce two new initiatives aimed at encouraging PhD students to submit and participate.
Best PhD Student Paper Award – all papers co-authored by PhD students are eligible, though papers authored exclusively by PhD students may be given preference in the selection process. The winning paper will gain automatic acceptance to the conference program as well as a financial reward of 1,000 USD.
PhD Student Travel Grants – several grants, worth up to 500 USD each, will be awarded to PhD Students, who would otherwise not be able to cover the costs of attending the conference. Presenting or discussing a paper is not a requirement for receiving a travel grant.
Keynote speakers
Our speakers combine academic excellence and industry experience with some of the most successful financial companies and we look forward to learning from them on both fronts!
Anna Pavlova
Anna Pavlova
Markus Leippold
Markus Leippold
Organizers
Our international team combines expertise on a broad range of topics to make sure every paper gets an in-depth look and the best ones make their way to the program.
Program Chair
Michał Dzieliński
Stockholm Business School
Assistant Professor in Finance at Stockholm Business School, Stockholm University. His research combines textual analysis with finance to better understand the impact of communication by companies, central banks and information intermediaries (analysts, media…) on asset prices. Michał holds a PhD in Finance from the University of Zurich.
Reviewer Team
Jérôme Dugast
Université Paris Dauphine - PSL
Topic areas: Alternative/Big Data, Informed Trading, Market Microstructure
Approach: theoretical
Björn Hagströmer
Stockholm Business School
Topic areas: Informed Trading, Market Microstructure
Approach: empirical
Byoung-Hyoun Hwang
NTU Singapore
Topic areas: Alternative/Big Data, Communication and Transmission of Information, Information Intermediaries, Textual Analysis
Approach: empirical
Petri Jylhä
Aalto University
Topic areas: Informed Trading, Information intermediaries, Machine Learning, Market Microstructure
Approach: empirical
Alejandro Lopez-Lira
University of Florida
Topic areas: Alternative / Big Data, Machine Learning, Textual Analysis
Roxana Mihet
University of Lausanne
Topic areas: Alternative / Big data, Communication and transmission of information, Disclosure, FinTech, Information intermediaries, Informed trading, Machine learning, Textual analysis
Approach: theoretical, empirical
Marina Niessner
Indiana University
Topic areas: Alternative / Big Data, Communication and transmission of information, FinTech, Information intermediaries, Textual Analysis
Approach: empirical
Lars Nordén
Stockholm Business School
Topic areas: Market Microstructure
Kuntara Pukthuanthong
University of Missouri
Topic areas: Alternative / Big Data, Analysts / Media / Disclosure, Communication and transmission of information, Credit markets / FinTech, Financial Networks, Informed Trading, Machine Learning, Textual Analysis
Alberto Rossi
Georgetown University
Topic areas: Alternative / Big Data, Analysts / Media / Disclosure, Communication and transmission of information, Credit markets / FinTech, Informed Trading, Machine Learning
Abalfazl Zareei
Stockholm Business School
Topic areas: Financial Networks, Machine Learning
Approach: empirical
Program Committee
Lauren Cohen, Harvard University
Jean-Edouard Colliard, HEC Paris
Zhi Da, University of Notre Dame
Olivier Dessaint, INSEAD
Maryam Farboodi, MIT
Thierry Foucault, HEC Paris
Laurent Fresard, USI
Clifton Green, Emory University
David Hirshleifer, University of Southern California
Gerard Hoberg, University of Southern California
Tim Loughran, University of Notre Dame
Harry Mamaysky, Columbia University
Lin Peng, Baruch College
Joël Peress, INSEAD
Mitchell Petersen, Northwestern University
Kelly Shue, Yale University
Annette Vissing-Jørgensen, Federal Reserve Board
Stefan Voigt, University of Copenhagen
Alexander Wagner, University of Zurich
Michael Weber, University of Chicago
Liyan Yang, University of Toronto
Mao Ye, Cornell University
Venue
Stockholm Business School
Stockholm Business School is one of the largest departments of Stockholm University with around 3,500 students. The University, which dates back to 1878, is a regional centre for research and education, set in a wonderful cultural and natural environment in the world’s first national city park. Stockholm Business School´s mission is to conduct engaging and research-driven education that will develop the student´s ability to meet todays and tomorrows local and global challenges in a responsible manner.
Testimonials
Mitchell Petersen
Keynote speaker, 1st Edition
Often conferences have a “theme” and they go for good papers, but the papers let alone sessions don’t tie together or build upon each other. I thought the Organizers did an incredibly good job of finding a truly compelling topic and then assembling a set of papers that not only matched the topic but were also connected to each other.
The papers in each session complimented each other, and the sessions built upon each other. You saw this as presenters and discussants referred to other sessions. I truly enjoyed the conference.
Lily Fang
Keynote speaker, 2nd Edition
I was impressed by the overall quality of the papers, and the clear and coherent focus of the conference! I think Michał and the organizers are doing a great service to the profession by being able to identify interesting and high quality papers, often by young researchers, that you can learn new things from. What they have built up in just a couple of years is really impressive.
Marc Painter
Presenter, 1st Edition
The best ideas often seem obvious in retrospect, and the Future of Financial Information conference is a good example. Michał and the FutFinInfo organizers have developed a much needed conference given where financial economics is headed. They have also taken the theme of the conference to heart as they are continually innovating based on new technologies. The conference has given me opportunities to network, get crucial feedback, and learn about cutting edge datasets and techniques used to further the field of finance. I look forward to seeing what is in store for future editions of FutFinInfo.
Tamara Nefedova
Discussant, 1st Edition
A great academic event on cutting-edge research. The organizers did an amazing job. High-quality presentations, a warm atmosphere, and an optimal size made this conference both beneficial and enjoyable. Looking forward to the next edition!
Why should you attend?
Get unique insights
FutFinInfo is the only academic conference to focus specifically on information in its different aspects. Even though you may see the same papers at general finance conferences, looking at them through the lens of information is unique and leads to unexpected connections and insights.
Stay on top
The way investors source, process and trade on information is constantly evolving. Hence, on our program, you are guaranteed to find the latest in topics such as alternative data, machine learning, FinTech innovation and network analysis, as applied to finance.
Meet innovative thinkers
Our keynote speakers are thought leaders in finance. Our presenters are selected not just on quality but also the novelty of insights they bring to the field. Get ready for a lot of 'Aha' moments.
Be part of the discussion
Enjoy numerous opportunities to ask questions and comment. We are always on the lookout for new ways to make participation (even virtual) more interactive.
Partners
