2020 Napa/Sonoma Conference

27 & 28 March 2020 | Napa Valley, CA

Co-hosted by the UC Davis Graduate School of Management and FMA’s flagship journal, Financial Management, the 2020 FMA Napa/Sonoma Finance Conference will feature high-quality papers from scholars conducting financial research.

Program Co-Chairs

  • Brad Barber, Gallagher Professor of Finance and Director of the Center for Investor Welfare and Corporate Responsibility, UC Davis
  • Utpal Bhattacharya, Executive Editor, Financial Management and Director, Center for Asian Financial Markets, Professor, Department of Finance and Institute for Emerging Market Students, HKUST
  • Joseph Chen, Associate Professor of Management, UC Davis


Friday, 27 March

6:30 pm - Dinner, Bottega, 6525 Washington Street, Yountville CA 94599, (707) 945-1050

Saturday, 28 March

7:00 am - Breakfast on your own

(Ala carte breakfast is available at the Harvest Inn's onsite restaurant, Harvest Table)

8:00 am - Meet in the lobby to carpool to Cakebread Cellars

8:30 am - Welcome

8:45 am - 9:30 am

Do Short-Term Incentives Affect Long-Term Productivity?

Heitor Almeida, University of Illinois at Urbana-Champaign and NBER; Nuri Ersahin, Michigan State University; Vyacheslav Fos, Boston College, CEPR and ECGI; Rustom M. Irani, University of Illinois at Urbana-Champaign and NBER; and Mathias Kronlund, University of Illinois at Urbana-Champaign

9:30 am - 10:15 am

Miner Collusion and the BitCoin Protocol

Alfred Lehar, University of Calgary and Christine A. Parlour, University of California Berkeley

10:15 am - 10:45 am - Break

10:45 am - 11:30 am

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

Hui Chen, MIT; Zhuo Chen, Tsinghua University; Zhiguo He, University of Chicago; Jinyu Liu, University of International Business and Economics; and Rengming Xie, CITIC Securities

11:30 am - 12:15 pm

Winner's Curse? Corporate Subsidies and Borrowing Costs of Local Governments

Sudheer Chava, Georgia Tech; Baridhi Malakar, Georgia Tech; and Manpreet Singh, Georgia Tech

12:15 pm - 2:00 pm - Luncheon

2:00 pm - 2:45 pm

Competition and Incentives in Mortgage Markets: The Role of Brokers

Claudia Robles-Garcia, Stanford University

2:45 pm - 3:30 pm

Second Chance: Life without Student Debt

Marco Di Maggio, Harvard Business School and NBER; Ankit Kalda, Indiana University; and Vincent Yao, Georgia State University

3:30 pm

Wine Tasting


Harvest Table Patio (Harvest Inn)


Presenting authors appear in italics

Conference Hotel

Harvest Inn
1 Main St, St. Helena, CA 94574

Room Rate: $375/night plus service charge and tax
Reservation Deadline: 26 February 2020
Online Reservations

Paper Acceptances

Acceptance letters for the 2020 Napa/Sonoma Conference were sent (electronically) to each paper’s presenting author in January 2020. Six papers were selected for the program; the conference registration fee will be waived for the paper’s presenter. Presenters will be reimbursed for travel expenses (coach airfare up to $1,500 USD, two nights in conference hotel, and rental car for two days). 

Conference Sponsors

About UC Davis 

The UC Davis Graduate School of Management is focused on preparing the next generation of inspired, results-driven and innovative leaders who are committed to making a positive impact. Its vision as a business school on the rise is to spur new business and job creation, prepare innovative management leaders, and accelerate investment and innovation through strong partnerships with industry.

Every day, the community of faculty, students, alumni and staff is making an impact at Fortune 500 firms, mid-sized companies and promising startups by helping to put new ideas into action.

About Financial Management 
Financial Management, FMA's flagship quarterly journal, significantly impacts financial research and business practice by publishing research of high quality. The Editorial Board is led by Executive Editor Utpal Bhattacharya, HKUST, and Editors Bing Han, University of Toronto and Rajkamal Iyer, Imperial College.