4th Future of Financial Information Conference

The 4th edition is set to return to Stockholm Business School on 18 – 20 May 2022. The conference will start with a welcome reception on the 18th at 4pm, with presentations scheduled for the 19th and 20th of May. The meeting will happen primarily in person, with speakers, discussants and session chairs in particular attending on site. As participant, you are also welcome at Stockholm Business School’s scenic Albano Campus. Alternatively, you have the option to attend remotely and we will do our best to provide you with an interactive experience.

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. Sceptical 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:

20 December 2021, 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 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

The conference offers a dual submission option, joint with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. Please indicate during submission whether you would like your paper to be considered (at no extra fee) for publication by either journal under the Dual Submission Program. This is a “no-fault” submission option: if RAPS or RCFS rejects the paper, the authors may submit it to any SFS journal at a later date. For details please visit:

Please note that selection for the conference program and for publication in RAPS or RCFS 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

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!

Bryan Kelly

Yale University and AQR

Bryan Kelly

is Professor of Finance at the Yale School of Management, a Research Fellow at the National Bureau of Economic Research, Associate Director of SOM’s International Center for Finance, and is the head of machine learning at AQR Capital Management. Professor Kelly’s primary research fields are...
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Ananth Madhavan


Ananth Madhavan, PhD, Managing Director

is Global Head of Research for ETF and Index Investing at Blackrock, Inc. He is responsible for advancing thought leadership and innovation for iShares through research and analytics. Dr. Madhavan's service with the firm dates back to 2003, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. ...
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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

Michał Dzieliński is an Assistant Professor at Stockholm Business School, Stockholm University since 2013. Prior to that, he spent 4 years working on his PhD at the University of Zurich. In between, he spent about a year in total visiting the University of California San Diego. You could say he definitely has a knack for beautiful locations!

Reviewer Team

Program Committee

Lauren Cohen, Harvard University

Zhi Da, University of Notre Dame

Lily Fang, INSEAD

Thierry Foucault, HEC Paris

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

Lasse Heje Pedersen, Copenhagen Business School and AQR

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

Mao Ye, University of Illinois Urbana-Champaign


Stockholm Business School, Stockholm University

Stockholm Business School (SBS) is one of the largest departments at Stockholm University with 140 employees and about 3,500 students per academic year. We conduct outstanding research and teaching in an open and innovative environment. Teaching and research is focused on accounting, finance, management and marketing. The department has recently moved to the brand new Albano Campus, with state of the art facilities for research, teaching and conferencing.

Stockholm Business School, Stockholm University


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!