5th Future of Financial Information Conference

The 5th edition will take place at HEC Paris on 15 – 16 May 2023.  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 HEC’s scenic campus in Jouy en Josas. Alternatively, you have the option to attend remotely and we will do our best to provide you with an interactive experience.

In-person registration closes in:


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 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:

18 December 2022, 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. We expect to accept around 16 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


Opening remarks
Michał Dzieliński, FutFinInfo Program Chair
Maria Frostling, Head of Stockholm Business School


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


Coffee break (bring your own coffee…)


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


Coffee break (bring your own coffee…)


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.


Virtual reception (bring your own bubbles…)


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


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


Coffee break (bring your own coffee…)


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


Coffee break (bring your own coffee…)


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.


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


Coffee break (bring your own coffee…)


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”


Coffee break (bring your own coffee…)


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 submitted 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 – three 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.

We are grateful to our partner, BlackRock, for generously sponsoring these initiatives.

Keynote speakers

Our speakers combine academic excellence with industry experience in some of the most successful financial companies and we look forward to learning from them on both fronts!

Lin Peng

City University of New York

Lin Peng

is the Krell Chair Professor in Finance at Zicklin School of Business, Baruch College, City University of New York. Previously, she was a visiting professor at the University of Cambridge, Princeton University, and Columbia University. Her diverse research interest cover the area of...
Read more

Bruno Biais

HEC Paris

Bruno Biais

is a Professor of Finance at the HEC Paris. His research interests span market microstructure, corporate finance, financial contracting, blockchain, as well as political economy, and experimental economics. His work has been published in leading economics and finance journals...
Read more


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 Chairs

Michał Dzieliński

Stockholm Business School

I am an Assistant Professor in Finance at Stockholm Business School, Stockholm University. Prior to that, I spent 4 years working on my PhD at the University of Zurich. In my research, I combine textual analysis with finance to better understand the impact of communication by companies, central banks and information intermediaries (analysts, media…) on asset prices.

Thierry Foucault

HEC Paris

I am Professor of Finance at HEC Paris where I hold a chair from the HEC Foundation and a research fellow of the Centre for Economic Policy (CEPR). I hold a Ph.D in Finance from HEC. My research focuses on the determinants of financial markets liquidity, the industrial organization of these markets, and their effect on the real economy.

Reviewer Team

Program Committee

Lauren Cohen, Harvard University

Jean-Edouard Colliard, HEC Paris

Zhi Da, University of Notre Dame

Olivier Dessaint, INSEAD

Darrell Duffie, Stanford University

Maryam Farboodi, MIT

Laurent Fresard, University of Lugano

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

Christophe Perignon, HEC Paris

Mitchell Petersen, Northwestern University

Kelly Shue, Yale University

Annette Vissing-Jørgensen, University of California Berkeley

Alexander Wagner, University of Zurich

Michael Weber, University of Chicago

Liyan Yang, University of Toronto


HEC Paris

One of the world’s best business schools, HEC Paris is a leader in research and education in management sciences. It has one of the largest campuses in Europe, with academic, leisure and sports facilities offering students and staff the holistic life you would expect from a world-class institution. The school also provides a perfect balance between the rural and urban worlds. It is located on the Paris-Saclay plateau hosting one of the world’s largest research-education-technology hubs.


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.


We hope to see you at the conference!