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2019 Program

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Thursday September 19, 2019

11:30 am Bus Transportation from Embassy Suites Norman parking lot to Sam Noble Museum of Natural History
noon-1:30 pmConference Registration and Buffet Lunch
W.R. Howell Pleistocene Plaza
2401 Chautauqua Avenue
Norman, OK 73072-7029
1:30-1:50pmWelcome and Conference Opening
Robert S. Kerr Auditorium
Chitru Fernando (University of Oklahoma)
Joseph Harroz Jr., Interim President, University of Oklahoma

Session 1: Corporate Decision Making
Robert S. Kerr Auditorium
Session Chair: Chitru Fernando (University  of Oklahoma)

Climate Change, Demand Volatility, and Corporate Investment Decisions,” Chen Lin (University of Hong Kong), Thomas Schmid (University of Hong Kong); Michael Weisbach (Ohio State University and NBER).

Discussant: Hayong Yun (Michigan State University)

(Debt) Overhang: Evidence from Resource Extraction,” Michael Wittry (Ohio State University).        

Discussant: James Weston (Rice University)

Do Nonfinancial Firms Use Financial Assets to Risk-Shift? Evidence from the 2014 Oil Price Crisis,” Zhiyao Chen (Chinese University of Hong Kong), Ran Duchin (University of Washington).

Discussant: Erik Gilje (University of Pennsylvania)

3:55-4:10pmCoffee Break - Lobby of SNM

Session 2: Commodity Market Participation and Risk Management
Robert S. Kerr Auditorium
Session Chair: Scott Linn (University of Oklahoma)

Order Flows and Financial Investor Impacts in Commodity Futures Markets,” Robert Ready (University of Oregon); Mark Ready (University of Wisconsin).

Discussant: Brian Henderson (George Washington University)

Risk Appetite and Intermediation by Swap Dealers,” Scott Mixon, Esen Onur, (both Commodity Futures Trading Commission).

Discussant: Kumar Venkataraman (Southern Methodist University)

Hedging Input Commodity Price Risk: An Equilibrium View,” Hamed Ghoddusi (Stevens Institute of Technology); Sheridan Titman (University of Texas - Austin); Stathis Tompaidis (University of Texas - Austin)

Discussant: Praveen Kumar (University of Houston)    

6:15-6:45pmReception - SNM W.R. Howell Pleistocene Plaza

Buffet Dinner

SNM W.R. Howell Pleistocene Plaza

9:00pmBus Transportation to Embassy Suites Norman 

Friday September 20, 2019

7:00amBus Transportation from Embassy Suites Norman parking lot to Sam Noble Museum of Natural History
7:30-8:00amContinental Breakfast - Lobby of SNM

Session 3: Commodity Prices and Stock Prices
Robert S. Kerr Auditorium
Session Chair: Session Chair: Louis Ederington (University of Oklahoma)

Financialization and Commodity Market Serial Dependence,” Zhi Da (University of Notre Dame), Ke Tang (Tsinghua University), Yubo Tao (Singapore Management University).

Discussant: Liyan Yang (University of Toronto)

Commodity Risk Premia and Option Returns,” Kris Jacobs (University of Houston), Bingxin Li (West Virginia University).            

Discussant: Gurdip Bakshi (Temple University)

The Low Energy Investor: Energy Risks and the Cross Section of Stock Returns,” Virgilio Zurita (Baylor University).

Discussant: Robert Vigfusson (U.S. Federal Reserve Board)    

10:00-10:20amCoffee Break - Lobby of SNM

Session 4: Consequences of Weather and Environmental Risks 
Robert S. Kerr Auditorium
Session Chair: Philip Strahan (Boston College)

Corporate ESG Profiles and Banking Relationships,” Joel Houston (University of Florida), Hongyu Shan (Fordham University).

Discussant: Peter MacKay (Hong Kong University of Science and Technology)

Sea Level Rise and Municipal Bond Yields,” Paul Goldsmith-Pinkham (Yale University), Matthew Gustafson (Penn. State University), Ryan Lewis (University of Colorado Boulder), Michael Schwert (University of Pennsylvania).

Discussant: Sudheer Chava (Georgia Institute of Technology)    

Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics,” S. Mathias Kruttli (U.S. Federal Reserve Board of Governors and Oxford-Man Institute of Quantitative Finance), Brigitte Roth Tran (U.S. Federal Reserve Board of Governors), W. Sumudu Watugala (Cornell University and Oxford-Man Institute of Quantitative Finance).

Discussant: Kris Jacobs (University of Houston)  

12:30-1:45pmLunch - SNM W.R. Howell Pleistocene Plaza

Keynote Address: A Financial Approach to Climate Risk

Robert S. Kerr Auditorium
Introduction of Speaker:  Bill Megginson (University of Oklahoma)

Robert F. Engle
2003 Nobel Laureate in Economics
Michael Armellino Professor of Finance
New York University

3:20-3:30pmCoffee Break - Lobby of SNM

Session 5: Climate Policy Risk
Robert S. Kerr Auditorium
Session Chair: Bill Megginson (University of Oklahoma)

Real Effects of Climate Policy: Financial Constraints and Spillovers,” M. Söhnke Bartram (University of Warwick), Kewei Hou (Ohio State University), Sehoon Kim (University of Florida).

Discussant: Anthony Cookson (University of Colorado Boulder)

Measuring the Impact of Climate Policy Risk,” Michael Barnett (Arizona State University).       

Discussant: Chester Spatt (Carnegie Mellon University)    

4:50-6:00pmMuseum Tour and Break: Sam Noble Museum Exhibits    
6:00-6:30pmReception - SNM W.R. Howell Pleistocene Plaza
6:30-9:00pmGala Dinner 
Samedan Oil Corporation Great Hall
Introduction of Speaker: Scott Linn (University of Oklahoma)

Speaker: Dr. Berrien Moore
Chesapeake Energy Corporation Chair in Climate Studies
Dean, College of Atmospheric & Geographic Sciences
Director, National Weather Center, University of Oklahoma

Bus Transportation to Embassy Suites Norman

Saturday September 21, 2019

8:30amDepart for tour to Cushing, Oklahoma – Plains All American facility (from Embassy Suites Norman parking lot, return by roughly 5:00pm)    
6:30pmDinner - Red Rock Canyon Grill