November 16 and 17, 2018
Le Saint-Sulpice Hotel Montréal

414 St Sulpice St, Montreal, QC H2Y 2V5

Papers, slides and videos

Friday November 16, 2018

The Insurance Value of Financial Aid
Kristy Fan, Tyler J. Fisher and Andrew A. Samwick

Learning from Coworkers: Peer Effects on Individual Investment Decisions
Paige Ouimet and Geoffrey Tate
Video not available

How important is the distribution channel for mutual fund flows?
Bjarne Florentsen, Ulf Nielsson, Peter Raahauge and Jesper Rangvid

Keynote presentation
Structuring Mortgages for Macroeconomic Stability
John Y. Campbell, Nuno Clara and Joao F. Cocco

Saturday November 17, 2018

Real Estate Shocks and Financial Advisor Misconduct
Stephen G. Dimmock, William C. Gerken and Tyson D. Van Alfen

Peer Advice on Financial Decisions: A Case of the Blind Leading the Blind?
Sandro Ambuehl, B. Douglas Bernheim, Fulya Ersoy and Donhatai Harris

About the event

This workshop brought together researchers interested in household financial decision-making, both from a theoretical and empirical standpoint. This workshop was held jointly by the Retirement and Savings Institute (RSI) at HEC Montréal and the Center for the Economic Analysis of Risk (CEAR) at Georgia State University. This was the first workshop in this series. Subjects of particular interest included:

  • Consumption-saving decisions
  • Financial delinquency and bankruptcy
  • Financial literacy
  • Financial planning and advice
  • Household insurance and risk management
  • Labor markets
  • Mortgage markets
  • Pensions and retirement

One hour was allocated for each paper, including a presentation by an assigned discussant and a general discussion. All sessions were plenary.

Keynote address

The keynote address was given by Professor John Y. Campbell from the Department of Economics, Harvard University.

From his website:

Campbell is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University, where he has taught since 1994. He has published almost 100 articles on various aspects of finance and macroeconomics, including fixed-income securities, equity valuation, portfolio choice, and household finance. Campbell delivered the Ely Lecture to the American Economic Association in 2016 and served as President of the American Finance Association in 2005. He is a Research Associate and former Director of the Program in Asset Pricing at the National Bureau of Economic Research, a Fellow of the Econometric Society and the American Academy of Arts and Sciences, a Corresponding Fellow of the British Academy and Honorary Fellow of Corpus Christi College, Oxford, and holds honorary doctorates from the University of Maastricht, the University of Paris Dauphine, Copenhagen Business School, and BI Norwegian Business School. Campbell is also a founding partner of Arrowstreet Capital, LP, a Boston-based quantitative asset management firm.



Philippe d’Astous (HEC Montréal) was the primary local organizer of this workshop. Please contact Philippe at about the substance of the workshop, and contact Lee Boyle at with questions about participation and logistics.