Key Points for Presentation

What is the research question?

  • State the Q
  • Background Information

Why is the question interesting?

  • Why shall we care?
  • A puzzle?

What is the contribution to the literature?

  • Novel Idea, Data, or Methodology?

What are the hypotheses?

  • First, clearly state a hypothesis
  • Second, explain the logic for the hypothesis

Research design

  • Discuss the sample selection, regression models, variable definitions here

Empirical Results

  • Key tables and interpretations




Any extension of the paper?


  • When summarizing each part of the paper as laid out in the prior slides, the student also needs to discuss her own thoughts on each part of the paper
  • You should follow the suggested flow and refer to the example provided.



Below is the list of readings to be presented in class by students. All students are expected to read these papers, and groups will need to select one paper to present. Groups cannot choose the same paper to present. I’ve broken down the papers into “Topics”. The “Topic” corresponds to the schedule of classes and which day the papers will be presented. We will assign the groups to present each paper in the day prior to the lecture.


We have one onsite group contains 6 students and two online groups, each contains 7 students.


Classics #1 (Non-Finance, one student from one group pick one)  1. Angrist, Joshua D., 1990 “Lifetime earnings and the Vietnam era draft lottery: Evidence from Social Security administrative records,” American Economic Review 80(3), 313-336.

  1. Angrist, Joshua D. and Victor Lavy, 1999, “Using Maimonides’ rule to estimate the effect of class size on scholastic achievement,” Quarterly Journal of Economics, 533575.
  2. Acemoglu, Daron, Simon Johnson, and James A. Robinson, 2001, “The colonial origins of comparative development: An empirical investigation,” American Economic Review 91(5), 1369-1401.


Classics #2 (Finance, one student from one group pick one)

  1. Fazzari, Steven M., R. Glenn Hubbard and Bruce C. Petersen, 1988, “Financing Constraints and Corporate Investment,” Brookings Papers on Economic Activity, 141– 195.
  2. Morck, Randal, Andrei Shleifer, and Robert Vishny, 1990, “The Stock Market and Investment: Is the Market a Sideshow?” Brookings Papers on Economic Activity, 157– 215.
  3. Opler, Timothy, Larry Pinkowitz, Rene Stulz, and Rohan Williamson, 1999, “The determinants and implications of corporate cash holdings,” Journal of Financial Economics 52, 3-46.


Classics #3 (Causality, one student from one group pick one)

  1. Rajan, Raghuram G., and Luigi Zingales, 1998, “Financial dependence and growth,” American Economic Review, 88(3), 559-586.
  2. Matsa, David A., 2010 “Capital structure as a strategic variable: Evidence from collective bargaining,” Journal of Finance, 65(3), 1197-1232.
  3. Agarwal, Ashwini, and David A. Matsa, 2013, “Labor unemployment risk and corporate financing decision,” Journal of Financial Economics, 108(2), pp. 449-470.


Classics #4 (Empirical Asset Pricing 1, one or two students from the onsite group pick one, two students from one online group pick two papers)

  1. Amaya, Diego, Peter Christoffersen, Kris Jacobs, and Aurelio Vasquez (2015). “Does realized skewness predict the cross-section of equity returns?” Journal of Financial Economics 118, 135-167.
  2. An, Li, Huijun Wang, Jian Wang, and Jianfeng Yu (2018). “Lottory-related anomalies: The role of reference-dependent preferences”. Management Science, forthcoming.
  3. Ang, Andrew, Robert J Hodrick, Yuhang Xing, and Xiaoyan Zhang. The crosssection of volatility and expected returns[J]. Journal of Finance, 2006b, 61: 259-299. 13. Ang, Andrew, Robert J Hodrick, Yuhang Xing, and Xiaoyan Zhang. High idiosyncratic volatility and low returns: International and further U.S. evidence[J]. Journal of Financial Economics, 2009, 91: 1-23.
  4. Bali, Turan G, Nusret Cakici, and Robert F Whitelaw (2011). “Maxing out: Stocks as lotteries and the cross-section of expected returns”. Journal of Financial Economics 99, 427-446.
  5. Bali, T. G., Brown, S. J., Murray, S., Tang, Y., 2017. A lottery-demand-based explanation of the beta anomaly. Journal of Financial and Quantitative Analysis 52, 2369-2397.
  6. Kumar, Alok (2009). “Who gambles in the stock market?” Journal of Finance 64, 1889-1933.


Classics #5 (Empirical Asset Pricing 2, one or two students from the onsite group pick one, two students from one online group pick two papers)

  1. Barberis, Nicholas, and Ming Huang (2008). “Stocks as lotteries: The implications of probability weighting for security prices”. American Economic Review 98, 2066-2100. 18. Boyer, Brian, Todd Mitton, and Keith Vorkink (2010). “Expected idiosyncratic skewness”. Review of Financial Studies 23, 169-202.
  2. Brennan, M. J., Chordia, T., Subrahmanyam, A., 1998. Alternative factor speci_cations, security characteristics, and the cross-section of expected stock returns.

Journal of Financial Economics 49, 345-373.

  1. Conrad, Jennifer, Robert F Dittmar, and Eric Ghysels (2013). “Ex ante skewness and expected stock returns”. Journal of Finance 68, 85-124.
  2. Conrad, J., Kapadia, N., Xing, Y., 2014. Death and jackpot: Why do individual investors hold overpriced stocks? Journal of Financial Economics 113, 455-475.
  3. Hou, Kewei, and Roger K. Loh (2016). “Have we solved the idiosyncratic volatility puzzle?” Journal of Financial Economics 121, 167-194.
  4. Jiang, L., Wu, K., Zhou, G., Zhu, Y., 2020. Stock return asymmetry: Beyond skewness. Journal of Financial and Quantitative Analysis 55, 357-386.