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Cambridge Endowment for Research in Finance (CERF)


For the seventh year, CERF organise a Corporate Finance Theory Symposium.The symposium consists of high quality papers in the broad area of corporate finance theory.

The Keynote speaker for the 2020 Cambridge Corporate Finance Theory Symposium is Professor Stewart Myers, Robert C. Merton Professor of Financial Economics, Emeritus, MIT Sloan School of Management.

Conference Organisers: Bart Lambrecht (CERFCambridge Judge Business School and CEPR) and Simon Gervais (Duke University, Fuqua School of Business)

Due to COVID-19 situation the symposium will be held online.

Registration is now closed.

Programme (presentations will take place between 14.00 and 17.30 (UK time) on the 11th and 12th of September)

For those who want to get a flavour of Cambridge and its Business School, virtual tours can be accessed through the below link:

The registration is now closed. All sessions will be recorded and may be made available on our website. As the symposium is an academic conference, all participants are expected to conduct themselves in a manner befitting the nature of the event. The organizers reserve the right to remove an individual from a session without warning if they are considered to behave in a way that is inappropriate for the event. 

Full Programme (PDF)

Security Design in Non-Exclusive Markets with Asymmetric Information, Vladimir Asriyan (CREI, Barcelona GSE) and Victoria Vanasco (CREI, Barcelona GSE)

Discussant: Qi Li (Penn State University) 


Trading and Shareholder Democracy 

Doron Levit (University of Washington), Nadya Malenko (University of Michigan), Ernst Maug (University of Mannheim) 

Discussant: Rich Mathews (University of Maryland)


Capital Structure and Hedging Demand with Incomplete Markets 

Alberto Bisin (NYU and NBER), Gian Luca Clementi (NYU Stern), Piero Gottardi (Essex) 

Discussant: Edoardo Davila (Yale)


The Social Value of Debt in the Market for Corporate Control 

Mike Burkart (London School of Economics), Samuel Lee (Santa Clara University),Henrik Petri (University of Bath) 

Discussant: Elu von Thadden (University of Mannheim) 


Firm Performance Pay as Insurance Against Promotion Risk 

Alvin Chen (Stockholm School of Economics) 

Discussant: Ilona Babenko (Arizona State University) 


Pivots and Prestige: Venture Capital Contracts with Experimentation 

Xuelin Li (University of Minnesota), Martin Szydlowski (University of Minnesota) 

Discussant: Matthieu Bouvard (Toulouse School of Economics) 


Competition and Misconduct 

John Thanassoulis (Warwick Business School) 

Discussant: Anjan Thakor (Washington University) 


The event is in collaboration with the CEPR.

Email: Website:

Programme Committee:

Ulf Axelson (LSE)

Bradyn Breon-Drish (UC San Diego, Rady School of Management)

Jason Donaldson (Washington University in St.Louis, Olin Business School)

Adelphe Ekponon (University of Cambridge, Cambridge Judge Business School)

Pingyang Gao (The University of Chicago Booth School of Business)

Vincent Glode (Wharton School, University of Pennsylvania)

Barney Hartman-Glaser (UCLA, Anderson School of Management)

Ali Lazrak (UBC, Sauder School of Business)

Doron Levit (Wharton School, University of Pennsylvania)

Andrey Malenko (Boston College, Carrol School of Management)

Vincent Maurin (Stockholm School of Economics)

Dmitry Orlov (Wisconsin School of Business, University of Wisconsin-Madison)

Uday Rajan (University of Michigan)

Francesco Sangiorgi (Frankfurt School of Finance and Management)

Victoria Vanasco (Barcelona Graduate School of Economics)

Luis Felipe Varas Greene (DUKE, Fuqua School of Management)

Ernst Ludwig von Thadden (University of Mannheim)