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Flowers in front of University of Texas tower

Texas Finance Festival

The Conference That Gives a Real Texas Experience | Austin, Texas | September 23 - 24, 2022. Sponsored by the Department of Finance at The University of Texas at Austin.

Conference Details

Registration and Program

The 24th Annual Texas Finance Festival (TFF) will be held on September 23 - 24, 2022 at the AT&T Executive Education and Conference Center at the University of Texas at Austin. The conference is sponsored by the Department of Finance at the University of Texas at Austin.



Program Details

Thursday, September 22 

6:30 pm
Reception and Dinner – Micklethwait Barbecue

Friday, September 23, Morning – Classroom 203

8:00 am - 9:00 am
Registration and Breakfast – Conferee Break Area and Tejas Dining Room

9:00 am - 10:00 am
“What Drives Investors’ Portfolio Choices? Separating Risk Preferences from Frictions”
Authors: Taha Choukhmane (MIT), Tim de Silva (MIT)
Cary Frydman (University of Southern California)

10:00 am - 11:00 am
“Intermediation via Credit Chains”
Authors: Zhiguo He (University of Chicago), Jian Li (Columbia University)
Discussant: Felipe Varas (Duke University)

11:00 am - 11:30 am BREAK

11:30 am - 12:30 pm
“Siphoned apart: A Portfolio Perspective of Payment for Order Flow”
Authors: Markus Baldauf (University of Chicago), Joshua Mollner (Northwestern University), Bart Zhou Yoeshen (INSEAD)
 Robert Battalio (University of Notre Dame)

12:30 pm - 2:00 pm
Lunch – Tejas Dining Room 

2:00 pm - 3:00pm

"Illiquidity and Inequality"
Authors: Daniel Neuhann (UT-Austin), Michael Sockin (UT-Austin)
Discussant: Hengjie Ai (University of Wisconsin-Madison)

3:00 pm – 4:00 pm
“The Demand for Long-term Mortgage Contracts and the Role of Collateral”
Author: Lu Liu (Wharton)
Zhiguo He (University of Chicago)

4:00 pm - 4:30 pm BREAK

4:30 pm – 5:30 pm
“Optimal Time-Consistent Debt Policies”
Authors: Andrey Malenko (University of Michigan), Anton Tsoy (University of Toronto)
Discussant: Tomasz Sadzik (UCLA)

5:45 pm
Depart for Dinner Cruise (Bus is available for out-of-town attendees)

6:00 pm
Boat departs from Hula Hut boat dock (3825 Lake Austin Blvd, parking in LCRA visitor parking, 3700 Lake Austin Blvd)

Saturday, September 24, Morning – Classroom 203

8:00 am - 9:00 am
Breakfast – Conferee Break Area and Tejas Dining Room

9:00 am - 10:00 am
“Bad News Bankers: Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets”
Author: Sasha Indarte (Wharton)
Carola Schenone (University of Virginia)

10:00 am - 11:00 am
“Product Differentiation and Oligopoly: A Network Approach”
Author: Bruno Pellegrino (University of Maryland)
Discussant: Florian Ederer (Yale University)

11:00 am - 11:30 am BREAK

11:30 am – 12:30 pm
“Shocks and Technology Adoption: Evidence from Electronic Payment Systems”
Authors: Nicolas Crouzet (Northwestern University), Apoorv Gupta (Dartmouth College), Filippo Mezzanotti (Northwestern University)
Discussant: Kenneth Ahern (University of Southern California)

12:30 pm – 1:30 pm
Lunch – Tejas Dining Room



AT&T Executive Education & Conference Center
1900 University Avenue
Austin, TX 78705
Toll Free: 877-744-8822



Please book your room reservation here using our custom link.

If you call to make your reservation, please mention code TEXFIN1022 

Room reservations in our block need to be made by the August 22, 2022 cutoff date.

Below is a list of other hotels near The University.  We DO NOT have room blocks at these hotels.


Hampton Inn & Suites Austin at The University/Capitol
1701 Lavaca Street
Austin, TX  78701
(512) 499-8881


Hotel Ella
1900 Rio Grade Street
Austin, TX 78705
(512) 495-1800


DoubleTree Suites by Hilton Hotel
303 W. 15th Street
Austin, TX 78701
(512) 478-7000


Program Committee:
William Fuchs
Travis Johnson

Organizing Committee:
Juana Hardwick
Kyle Hernandez

History and Programs

The first meeting of the Texas Finance Festival (TFF) was in Kerrville, Texas, in 1999. The Kerrville Folk Music Festival is held annually in Kerrville, thus the name for our conference. Since then, the conference has been held in Austin, Horseshoe Bay, Marble Falls, and San Antonio. 

View Past Programs



“How Integrated Are Corporate Bond and Stock Markets?”
By: Mirela Sandulescu (Michigan)

“Information Chasing versus Adverse Selection”
By: Gabor Pinter (Bank of England), Chaojun Wang (Wharton), and Junyuan Zou (INSEAD)

“Monetary Policy Transmission in Segmented Markets”
By Yiming Ma (Columbia), Anthony Lee Zhang (Chicago), and Jens Eisenschmidt (European Central Bank)

“LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility during the COVID-19 Crisis”
By: Mathias Kruttli (Federal Reserve Board), Phillip Monin (Federal Reserve Board), Lubomir Petrasek (Federal Reserve Board), and Sumudu Watugala (Cornell)

“Does Political Partisanship Cross Borders? Evidence from International Capital Flows”
By: Elisabeth Kempf (Chicago), Mancy Luo (Erasmus), Larissa Schaefer (Frankfurt), and Margarita Tsoutsoura (Cornell)

“Bond Market Stimulus: Firm-Level Evidence from 2020-21”
By: Olivier Darmouni (Columbia) and Kerry Siani (Columbia)

“Regulatory Costs of Being Public: Evidence from Bunching Estimation”
By: Michael Ewens (Cal Tech), Kairong Xiao (Columbia), and Ting Xu (Virginia Darden)

“Externalities as Arbitrage”
By: Ben Hebert (Stanford)

“How Costly is Noise? Data and Disparities in Consumer Credit”
By: Laura Blattner (Stanford) and Scott Nelson (Chicago)

“FinTech Lending and Cashless Payments”
By: Pulak Ghosh (Indian Institute of Management), Boris Vallee (Harvard), and Yao Zeng (Wharton)

“Did Fintech Lenders Facilitate PPP Fraud?”
By: John Griffin (UT-Austin), Sam Kruger (UT-Austin), and Prateek Mahajan (UT-Austin)