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2015 Preliminary Program
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Preliminary Program
AFA 2015 Boston Meetings
Seventy Fifth Annual Meeting
American Finance Association

Boston, Massachusetts

January 3, 2015 8 am
Location: Westin Copley, Essex Center

 

Frontiers in Corporate Decision-Making (G1)
Francisco Perez-Gonzalez, Stanford

CEO Gender and Corporate Risk-Taking
Mara Faccio, Purdue University
Maria-Teresa Marchica, Manchester Business School
Roberto Mura, Manchester Business School

Beauty is Wealth: CEO Appearance and Shareholder Value
Joseph T. Halford, University of Wisconsin Milwaukee
Hung-Chia Scott Hsu, University of Wisconsin Milwaukee

Hard Marriage with Heavy Burdens: Labor Unions as Takeover Deterrents
Xuan Tian, Indiana University
Wenyu Wang, Indiana University

How Do State and Family Ownership Affect Internal Capital Markets? Evidence from Chinese Business Groups
Donghua Chen, Nanjing University
Dequan Jiang, Wuhan University and Nanjing University
Alexander Ljunqvist, New York University
Haitian Lu, Hong Kong Polytechnic University
Mingming Zhou, University of Colorado at Colorado Springs

Discussants:
Ulrike Malmendier, University of California, Berkeley – Department of Economics and Haas School of Business
Kelly Shue, University of Chicago – Booth School of Business
David A. Matsa, Northwestern University – Kellogg
Daniel Wolfenzon, Columbia University – Graduate School of Business

 

 

January 3, 2015 8 am
Location: Westin Copley, America Center

Searching for Market Mistakes (G1)
Lauren Cohen, Harvard Business School

Analysts' Forecast Bias and the Overpricing of High Credit Risk Stocks

Mark Grinblatt, University of California- Los Angeles
Gergana Jostova, George Washington University
Alexander Philipov, George Mason University

Pictures are Worth a Thousand Words: Graphical Information Disclosure and Investment Decision Making
Peter de Goeij, Tilburg University
Timo Hogendoorn, Achmea Holding
Geert Van Campenhout, KU Leuven

Stock Duration and Misvaluation
Martijn Cremers, University of Notre Dame
Ankur Pareek, Rutgers University
Zacharias Sautner, Frankfurt School of Finance and Management

The Geographic Dispersion of Google Search and the Market Reaction to Earnings Announcements
Sabrina Chi, University of Arkansas
Devin Shanthikumar, University of California Irvine

Discussants:
Umit Gurun - University of Texas-Dallas
Christa Bouwman – Texas A & M University
Breno Schmidt - Emory University
Joey Engelberg - University of California at San Diego

 

January 3, 2015 8 am
Location: Westin Copley, Essex South

Mutual Funds and Management Skill (G3)
Laura Starks, University of Texas-Austin

Identifying Skilled Mutual Fund Managers by their Ability to Forecast Earnings
Hao Jiang, Michigan State University
Lu Zheng, University of California-Irvine

On the demand for high-beta stocks: Evidence from mutual funds
Susan Christoffersen, University of Toronto
Mikhail Simutin, University of Toronto

Mutual Fund Investment Horizons and Performance
Chunhua Lan, University of New South Wales
Russ Wermers, University of Maryland

Discussants:
Richard Sias, University of Arizona
Clemens Sialm, University of Texas at Austin
Jeffrey Pontiff, Boston College

 

January 3, 2015 8 am
Location: Westin Copley, Essex North

Asset Pricing Theory (G1)
Jessica Wachter, University of Pennsylvania

Leisure Preferences, Long-Run Risk and Human Capital Returns
Robert Dittmar, University of Michigan
Francisco Palomino, University of Michigan
Wei Yang, University of Indiana

New Entropy Restrictions and the Quest for Better Specified Asset Pricing Models
Gurdip Bakshi, University of Maryland
Fousseni Chabi-Yo, Ohio State University

Asset Prices and Business Cycles with Financial Shocks
Mahdi Nezafat, Michigan State University
Ctirad Slavik, Goethe University Frankfurt

Discussants:
Stijn Van Nieuwerburgh, New York University
Adrien Verdelhan, Massachusetts Institute of Technology
Zhiguo He, University of Chicago

 

January 3, 2015 8 am
Location: Westin Copley, America North

Dynamic Agency (G3)
Michael Fishman, Northwestern University

Uncertainty Shocks and Dynamic Compensation under Limited Commitment
Felix Feng, Duke University

Corporate Finance and Risky Inalienable Human Capital
Patrick Bolton, Columbia University
Neng Wang, Columbia University
Jinqiang Yang, Shanghai University of Finance and Economics

Delegated Investment in a Dynamic Agency Model
Florian Hoffmann, Goethe University Frankfurt
Sebastian Pfeil, Goethe University Frankfurt

Discussants:
Alexei Tchistyi, University of California- Berkeley
Adriano Rampini, Duke University
Konstantin Milbradt, Northwestern University

 

January 3, 2015 8 am

Location: Westin Copley, America South

Financial Stability (Sponsored by the Office for Financial Research (OFR)) (G2)
Patricia Mosser, Office of Financial Research

CoMargin
Jorge Cruz Lopez, Bank of Canada
Jeffrey Harris, Syracuse University
Christophe Hurlin, Université d’Orléans
Christophe Perignon, HEC Paris

Crowded Trades: An Overlooked Systemic Risk for Central Clearing Counterparties
Albert Menkveld, VU University Amsterdam

Financial Firm Bankruptcy and Contagion
Jean Helwege, University of South Carolina
Gaiyan Zhang, University of Missouri-St. Louis

Lending Pro-Cyclicality and Macro-Prudential Policy: Evidence from Japanese LTV Ratios
Arito Ono; Mizuho Research Institute
Hirofumi Uchida; Kobe University
Gregory Udell; Indiana University
Iichiro UESUGI; Hitotsubashi University

Discussants:
Darrell Duffie, Stanford University
Mark Flood, Office of Financial Research
Matt Pritsker, Federal Reserve Bank of Boston
Takeo Hoshi, Stanford University

 

January 3, 2015 10:15am
Location: Westin Copley, Essex South

Monetary Policy and Financial Markets (G2)
Arvind Krishnamurthy, Stanford University

High Frequency Identification of Monetary Non-Neutrality
Emi Nakamura, Columbia University
Jon Steinsson, Columbia University

A Model of Monetary Policy and Risk Premia
Itamar Drechsler, New York University
Alexi Savov, New York University
Philipp Schnabl, New York University

Expecting the Fed
Anna Cieslak, Northwestern University
Pavol Povala, University of London- Birkbeck

Resolving the Spanning Puzzle in Macro-Finance Term Structure Models
Michael Bauer, Federal Reserve Bank of San Francisco
Glenn Rudebusch, Federal Reserve Bank of San Francisco

Discussants:
Eric Swanson, Federal Reserve Bank of San Francisco and UC-Irvine
Stefan Nagel, University of Michigan
Yuriy Gorodnichenko, University of California-Berkeley
Anh Le, University of North Carolina

 

January 3, 2015 10:15am
Location: Westin Copley, America North

Chasing Alphas (G2)
Lorenzo Garlappi, University of British Columbia

Index Options Returns and Generalized Entropy Bounds
Yan Liu, Duke University

Assessing Asset Pricing Models Using Revealed Preference
Jonathan Berk, Stanford University
Jules Van Binsbergen, Stanford University

Mutual Fund Competition, Managerial Skill and Alpha Persistence
Gerard Hoberg, University of Maryland
Nitin Kumar, Indian School of Business
Nagurnanand Prabhala, University of Maryland

The Booms and Busts of Beta Arbitrage
Shiyang Huang, London School of Economics
Dong Lou, London School of Economics
Christopher Polk, London School of Economics

Discussants:
Jessica Wachter, University of Pennsylvania
Ravi Jagannathan, Northwestern University
Sheridan Titman, University of Texas- Austin
Tobias Moskowitz, University of Chicago

 

January 3, 2015 10:15am
Location: Westin Copley, Essex North

Credit rating and Credit Risk (G2)
Bo Becker, Stockholm School of Economics

Does it matter who owns Moody’s?
Xing Zhou, Rutgers University
Simi Kedia, Rutgers Business School
Shivaram Rajgopal, Emory University, Goizueta Business School

Did Government Regulations Lower Credit Rating Quality?
Patrick Behr, Getulio Vargas Foundation (FGV)
Darren Kisgen, Boston College
Jerome Taillard, Boston College, Carroll School of Management

The Quality of Expertise
Edward Van Wesep, Vanderbilt University

Discussants:
Todd Gormley, Wharton
Marcus Opp, UC Berkeley
Luigi Zingales, University of Chicago

January 3, 2015 10:15 am
Location: Westin Copley, America South

Finance and Climate Risk

Chair: Kent Daniel, Columbia University

Speakers:
Kent Daniel, Columbia University
Robert Barro, Harvard University
Rajnish Mehra, Arizona State University
Lars Hansen, University of Chicago
Bob Litterman, Kepos Capital

 

January 3, 2015 10:15 am
Location: Westin Copley, America Center

CEO Incentives and Compensation (G3)
Paul Povel, University of Houston

CEOs and the Product Market: When are Powerful CEOs Beneficial?
Minwen Li, Tsinghua University
Yao Lu, Tsinghua University
Gordon Phillips, University of Southern California

Out-of-the-Money CEOs: Inferring Private Control Premium from CEO Option Exercise
Vyacheslav Fos, University of Illinois at Urbana-Champaign,
Wei Jiang, Columbia University

Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Value around the World
Ricardo Correa, Federal Reserve Board
Ugur Lel, Virginia Tech

Relative Performance Evaluation in CEO Compensation: A Non-Agency Explanation
David De Angelis (Rice University)
Yaniv Grinstein (Cornell University)

Discussants:
Alex Edmans, University of Pennsylvania
Dirk Jenter, Stanford University
Kenneth Ahern, University of Southern California
Michael Faulkender, University of Maryland

 

January 3, 2015 10:15 am
Location: Westin Copley, Essex Center

Mergers (G3)
Matthew Rhodes-Kropf, Harvard Business School

Currency appreciation shocks and shareholder wealth creation in cross-border mergers and acquisitions
Chen Lin, University of Hong Kong
Micah Officer, Loyola Marymount University
Beibei Shen, Chinese University of Hong Kong

The Bonding Hypothesis of Takeover Defenses: Evidence from IPO Firms
William Johnson, Suffolk University
Jonathan M. Karpoff, University of Washington
Sangho Yi, Sogang University

Entry and Competition in Takeover Auctions
Matthew Gentry, London School of Economics
Caleb Stroup, Grinnell College

Discussants:
Andrey Malenko, Massachusetts Institute of Technology
Isil Erel Koksal, Ohio State University
Dalida Kadyrzhanova, University of Maryland

 

January 3, 2015 2:30 pm
Location: Westin Copley, Essex North

Corporate Finance, Financial Institutions, and Financial Markets (G3)
Gustavo Manso, University of California- Berkeley

Bank Capital, Liquid Reserves, and Insolvency Risk
Julien Hugonnier, Ecole Polytechnique Fédérale de Lausan
Erwan Morellec, Ecole Polytechnique Fédérale de Lausan

Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
William Gornall, Stanford University
Ilya Strebulaev, Stanford University

Household Risk Management
Adriano Rampini, Duke University
Vish Viswanathan, Duke University

Market Efficiency and Real Efficiency: The Connect and Disconnect via Feedback Effects
Itay Goldstein, University of Pennsylvania
Liyan Yang, University of Toronto

Discussants:
Dirk Hackbarth, Boston University
Zhiquo He, University of Chicago
Martin Oehmke, Columbia University
Wei Xiong, Princeton University

 

January 3, 2015 2:30pm
Location: Westin Copley, America North

Ethical Norms in Finance (G1)
Anjan Thakor, Washington University- St Louis

Do Fraudulent Firms Engage in Disclosure herding?
Gerard Hoberg, University of Southern California
Craig Lewis, Vanderbilt University

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence
Rui Albuquerque, Boston University
Art Durnev, University of Iowa
Yrjo Koskinen, University of Pennsylvania

The Cost of Friendship
Paul Gompers, Harvard University
Vladimir Mukharlyamov, Harvard University
Yuhai Xuan, Harvard University

Peer Effects and Corporate Corruption
Christopher Parsons, University of California- San Diego
Joahn Sulaeman, Southern Methodist University
Sheridan Titman, University of Texas-Austin

Discussants:
Radha Gopalan, Washington University in St. Louis
Kelly Shue, University of Chicago
Manju Puri, Duke University
Rajkamal Iyer, Massachusetts Institute of Technology

 

January 3, 2015 2:30 pm
Location: Westin Copley, America South

Private Equity (G2)
Per Stromberg, Stockholm School of Economics

What do private equity firms do?
Paul Gompers, Harvard University
Steven Kaplan, University of Chicago
Vladimir Mukharlyamov, Harvard University

Placement agents and private equity: Information production or influence peddling?
Matthew Cain, U.S. Securities and Exchange Commission
Steven Davidoff, Ohio State University
Stephen McKeon, University of Oregon

Estimating private equity returns from limited partner cash flows
Andrew Ang, Columbia University
Bingxu Chen, Columbia University
William Goetzmann, Yale University
Ludovic Phalippou, University of Oxford

Skill and luck in private equity performance
Arthur Korteweg, University of Southern California
Morten Sorensen, Columbia University

Discussants:
David Robinson, Duke University
Yael Hochberg, Massachusetts Institute of Technology
Arthur Korteweg, University of Southern California
Andrew Metrick, Yale University

 

January 3, 2015 2:30 pm
Location: Westin Copley, America Center

Expectation, Sentiment, and asset Prices (G1)
Stefan Nagel, University of Michigan

Cross-Sectional Dispersion in Economic Forecasts and Expected Stock Returns
Turan G. Bali, Georgetown University
Stephen J. Brown, New York University
Yi Tang, Fordham University

Interpreting Factor Models
Serhiy Kozak, University of Michigan
Stefan Nagel, University of Michigan
Shrihari Santosh, University of Maryland

Smart Money, Dumb Money, and Equity Return Anomalies
Ferhat Akbas, University of Kansas
William Armstrong, Texas tech University
Sorin Sorescu, Texas A & M University
Avanidhar Subrahmanyam, University of California-Anderson

On Surveys of Asset Returns
Ralph S.J. Koijen, London Business School
Maik Schmeling, Cass Business School
Evert B. Vrugt

Discussants:
Juhani Linnainmaa, University of Chicago
Kent Daniel, Columbia University
Francesco Franzoni, University of Lugano
Anna Cieslak, Northwestern University

 

January 3, 2015 2:30 pm
Location: Westin Copley, Essex Center

Liquidity Risk (G1)
Jennifer Huang, Cheung Kong Graduate School of Business

Liquidity Risk and the Dynamics of Arbitrage Capital
Peter Kondor, Central European University
Dimitri Vayanos, London School of Economics

Flights to Safety
Lieven Baele, Tilburg University
Geert Bekaert, Columbia University
Koen Inghelbrecht, Ghent University
Min Wei, Board of Governors of the Federal Reserve System

Why is the Amihud (2002) Illiquidity Measure Priced?
Xiaoxia Lou, University of Delaware
Tao Shu, University of Georgia

Discussants:
Albert Kyle, University of Maryland
Mathijs Van Dijk, Erasmus University Rotterdam
Joel Hasbrouck, New York University

January 03, 2015 2:30 pm
Location: Westin Copley, Essex South

Hedge Funds (G2)
Neng Wang, Columbia University

Hedge Fund Ownership And Stock Market Efficiency
Charles Cao, Pennsylvania State University
Bing Liang, University Of Massachusetts-Amherst
Andrew Lo, Massachusetts Institute Of Technology
Lubomir Petrasek, Federal Reserve Board

Noise Trader Risk And Hedge Fund Returns
Yong Chen, Texas A&M University
Bing Han, University Of Toronto
Jing Pan, University Of Utah

Recovering Managerial Risk Taking From Daily Hedge Fund Returns: Incentives At Work?
Olga Kolokolova, University Of Manchester
Achim Mattes, University Of Konstanz

Do Hedge Funds Exploit Rare Disaster Concerns?
George Gao, Cornell University
Pengjie Gao, University Of Notre Dame
Zhaogang Song, Federal Reserve Board

Discussants:
Vikas Agarwal, Georgia State University
Jianfeng Yu, University Of Minnesota
Jennifer Carpenter, New York University
Itamar Drechsler, New York University

 

January 4, 2015 8 am
Location: Westin Copley, America North

Financial Markets and Financial Institutions (G2)
Denis Gromb, INSEAD

Asset Pricing When ‘This Time is Different’
Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
Michael Johannes, Columbia University
Lars Lochstoer, Columbia University

Capital Flows in Rational Markets
Francesco Franzoni, University of Lugano
Martin Schmalz, University of Michigan

Financial Innovation for Rent Extraction
Anton Korinek, Johns Hopkins University

Discussants:
Pierre-Olivier Weill, University of California- Los Angeles
Péter Kondor, Central European University
Dimitri Vayanos, London School of Economics

 

January 4, 2015 8 am
Location: Westin Copley, America South

New Approaches to Finance (G1)
Xavier Gabaix, New York University

Count Models of Social Networks in Finance
Harrison Hong, Princeton University

Local Knowledge in Financial Markets
Alexander Chinco, University of Illinois-Urbana-Champaign

Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks
Jean-Noel Barrot, Massachusetts Institute of Technology
Juilen Sauvagnat, Toulouse School of Economics

A News-Utility Theory for Inattention and Delegation in Portfolio Choice
Michaela Pagel, Columbia University

Discussants:
Ralph Koijen, London Business School
Haoxiang Zhu, Massachusetts Institute of Technology
Lauren Cohen, Harvard Business School
Marianne Andries, Toulouse School of Economics

 

January 4, 2015 8 am
Location: Westin Copley, Essex North

Dynamic Corporate Policies (G3)
Toni Whited, University of Rochester

Do Debt Contract Enforcement Costs Affect Financing and Asset Structure?
Radhakrishnan Gopalan, Washington University- St. Louis
Abhiroop Mukherjee, Hong Kong University of Science and Technology
Manpreet Singh, Hong Kong University of Science and Technology

Asset Tangibility, Aggregate Risks, and the Diversification Discount
Michael Michaux, University of Southern California
Myat Mon, University of Southern California

Corporate Cash and Inventory Management: Implications for Measuring Market Power
Xiaodan Gao, National University of Singapore

Stock Return Volatility and Capital Structure Decisions
Hui Chen, Massachusetts Institute of Technology
Hao Wang, Tsinghua University
Hao Zhou, Tsinghua University

Discussants:
Todd Gormley, University of Pennsylvania
Gregor Matvos, University of Chicago
Brent Glover, Carnegie Mellon University
Michael Faulkender, University of Maryland

 

January 4, 2015 8 am

Location: Westin Copley, Essex South

Empirical Corporate Governance (G3)
Holger Mueller, New York University

Does Product Market Competition Discipline Managers? Evidence from Exogenous Trade Shock and Corporate Acquisitions
Aziz Alimov, City University of Hong Kong

Shareholder Power and Corporate Innovation: Evidence from Hedge Fund Activism
Alon Brav, Duke University
Wei Jiang, Columbia University
Song Ma, Duke University
Xuan Tian, Indiana University

The Product Market Effects of Hedge Fund Activism
Hadiye Aslan, Georgia State University
Praveen Kumar, University of Houston

Managerial Ownership and Firm Performance: Evidence From the 2003 Tax Cut
Xing Li , Stanford University
Stephen Teng Sun, Stanford University

Discussants:
Xavier Giroud, Massachusetts Institute of Technology
Shai Bernstein, Stanford University
Wei Jiang, Columbia University
Kelly Shue, University of Chicago

 

January 4, 2015 8 am
Location: Westin Copley, Essex Center

Fixed Income Markets (G1)
Francis Longstaff, University of California- Los Angeles

Order Flow Segmentation and the Role of Dark Pool Trading in the Price Discovery of US Treasury
Michael Fleming, Federal Reserve Bank of New York
Giang Nguyen, University of North Carolina

Why are Municipal Bonds Issued at a Premium?
Mattia Landoni, Columbia University

In Search of Habitat
Xuanjuan Chen, Shanghai University of Finance and Economics
Zhenzhen Sun, Siena College
Tong Yao, University of Iowa
Tong Yu, University of Rhode Island

Dynamic Dependence and Diversification in Corporate Credit
Peter Christoffersen, University of Toronto
Kris Jacobs, University of Houston
Xisong Jin, University of Luxembourg
Hugues Langlois , HEC Paris

Discussants:
Ingrid Werner, Ohio State University
Yuhang Xing, Rice University
Robin Greenwood, Harvard Business School
Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne

January 4, 2015 8 am

Location: Westin Copley, America Center

Mortgages and Real Estate (G1)
Walt Torous, Massachusetts Institute of Technology

Learning about the Neighborhood: A Model of Housing Cycles
Michael Sockin, Princeton University
Wei Xiong, Princeton University

Final Demand for Structured Financial Products
Craig Merrill, Brigham Young University
Taylor Nadauld, Brigham Young University
Philip Strahan, Boston College

Quantify Animal Spirits: News Media and Sentiment in the Housing Market
Cindy Soo, University of Michigan

Mortgage Risk and the Yield Curve
Aytek Malkhozov, McGill University
Phillippe Mueller, London School of Economics
Andrea Vedolin, London School of Economics
Gyuri Venter, Copenhagen Business School

Discussants:
Albert Saiz, Massachusetts Institute of Technology
Andra Ghent, Arizona State University
Rossen Valkanov, University of California- San Diego
Nancy Wallace, University of California-Berkeley

 

January 4, 2015 10:15 am

Location: Westin Copley, America South

Sovereign Debt and the Euro Crisis (G1)
Annette Vissing-Jorgensen, University of California-Berkeley

Financial Repression in the European Sovereign Debt Crisis
Bo Becker, Stockholm School of Economics
Victoria Ivashina, Harvard Business School

Sovereign Rating Downgrades and Bank Lending Supply
Manuel Adelino, Duke University
Miguel Ferreira, Nova School of Business and Economics

The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
Viral Acharya, New York University
Sascha Steffen, European School of Management and Technology

Assessing asset purchases within the ECB's Securities Markets Programme
Fabian Eser, The European Central Bank
Bernd Schwaab, The European Central Bank

Discussants:
Luc Laeven, International Monetary Fund
Paoloa Sapienza, Northwestern University
Andrew Metrick, Yale University
Michael Bauer, Federal Reserve Bank of San Francisco

 

January 4, 2015, 10:15am
Location: Westin Copley, America Center

Structural estimation in finance (G3)
Erwan Morellec, Ecole Polytechnique Federale de Lausanne

External equity financing costs, financial flows, and asset prices
Frederico Belo, University of Minnesota
Xiaojin Lin, Ohio State University
Fan Yang, University of Hong Kong

Measuring Marginal q
Vito Gala, London Business School

Stochastic Idiosyncratic Operating Risk and Real Options: Implications for Stock Returns
Harjoat Bhamra, University of British Columbia
Kzyung Hwan Shim, University of New South Wales

Agency Conflicts Around the World
Erwan Morellec, Ecole Polytechnique Federale de Lausanne
Boris Nikolov, University of Rochester
Norman Schuerhoff, University of Lausanne

Discussants:
Lukas Schmid, Duke University and University of California-Los Angeles
Janice Eberly, Northwestern University
Andrey Malenko, Massachusetts Institute of Technology
Arthur Korteweg, University of Southern California

 

January 4, 2015 10:15 am,
Location: Westin Copley Essex Center

Cross-sectional Asset Pricing (G1)
Lu Zhang, Ohio State

Investment and the Cross-Section of Equity Returns
Gian Luca Clementi, New York University
Berardino Palazzo, Boston University

Predicting Time-varying Value Premium Using the Implied Cost of Capital: Implications for Countercyclical Risk, Mispricing and Style Investing
Yan Li, Temple University
David Ng, Cornell University
Bhaskaran Swaminathan, LSV Asset Management

Can Investment Shocks Explain Value Premium and Momentum Profits?
Lorenzo Galappi, University of British Columbia
Zhongzhi Song, Cheung Kong Graduate School of Business

Revealing Downturns
Martin Schmalz, University of Michigan
Sergey Zhuk, University of Vienna

Discussants:
Xiaoji Lin, Ohio State University
Chen Xue, University of Cincinnati
Leonid Kogan, MIT
Tobias Adrian, Federal Reserve Bank of New York

 

January 4, 2015 10:15 am
Westin Copley, America North

Media and Disclosure (G1)
Paul Tetlock, Columbia University

Rumor Has It: Sensationalism in Financial Media
Kenneth Ahern, University of Southern California
Denis Sosyura, University of Michigan

Announcing the Announcement
Romain Boulland, ESSEC Business School
Olivier Dessaint, University of Toronto

The Blame Game
Dexin Zhou, Emory University

Discussants:
Christopher Parsons, University of California- San Diego
Marina Niessner, Yale University
David Solomon, University of Southern California

 

January 4, 2015 10:15 am
Location: Westin Copley, Essex North

Finance and Politics (G3)
Francesco Trebbi, University of British Columbia

Mini West Virginias: Corporations as Government Dependents
Lauren Cohen, Harvard Business School
Joshua Coval, Harvard Business School
Christopher Malloy, Harvard Business School

The Price of Political Uncertainty: Theory and Evidence from the Option Market
Bryan Kelly, University of Chicago
Lubos Pastor, University of Chicago
Pietro Veronesi, University of Chicago

The Political Economy of Bank Bailouts
Markus Behn, University of Bonn
Rainer Haselmann, University of Bonn
Thomas Kick, Deutsche Bundesbank
Vikrant Vig, London Business School

Discussants:
Motohiro Yogo, Federal Reserve Bank of Minneapolis
Jeffrey Frieden, Harvard University
Ray Fisman, Columbia University

 

January 4, 2015 10:15 am
Location: Westin Copley, Essex South

Market Microstructure and Informed Trading (G1)
Albert S. Kyle, University of Michigan

Moral Hazard, Informed Trading, and Stock Prices
Pierre Collin-Dufresne, Ecole Polytechnique Federale De Lausanne
Vyacheslav Fos, University Of Illinois-Urbana-Champaign

Trading Aggressiveness And Its Implications For Market Efficiency
Olga Lebedeva, University Of Warwick

Insider Trading Patterns
David Cicero, University Of Alabama
Modupe Wintoki, University Of Kansas

Institutional Presence
Johan Sulaeman, National University of Singapore
Chishen Wei, Nanyang Technological University

Discussants:
Kerry Back, Rice University
Joel Hasbrouck, New York University
John Griffin, University Of Texas
Paul Schultz, University Of Notre Dame

January 4, 2015 2:30 pm
Location: Boston Marriott Copley, Boylston

Taxes and Capital Structure (G3, H2) (Joint Session of AFA (American Finance Association) and AFE (Association of Financial Economists)
Kose John, New York University

Outsourcing Supply Contracts, Human Capital and Firm Capital Structure
Katie Moon, Securities and Exchange Commission
Gordon Phillips, University of Southern California

Taxes and bank capital structure
Glenn Schepens, Ghent University

Large dividend increases and leverage
Ian Cooper, London Business School
Neophytos Lambertides, Cyprus University of Technology

Taxes, Capital Structure Choices, and Firm Value
Mara Faccio, Purdue University
Jin Xu, Virgina Tech

Discussants:
Yiming Qian, University of Iowa
Juliane Bergeneau, Harvard University
Anzhela Knyazeva, Securities and Exchange Commission
S. Abraham Ravid, Yeshiva University

 

January 4, 2015 2:30 pm
Location: Westin Copley, Essex North

Financial Literacy and Consumer Finance (G1)
Annamaria Lusardi, George Washington School of Business

How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios
Andreas Hubener, Goethe University of Frankfurt
Raimond Maurer, Goethe University of Frankfurt
Olivia Mitchell, University of Pennsylvania

Precommitments for Financial Self-Control: Evidence from Credit Card Borrowing
SungJin Cho, Seoul National University
John Rust, Georgetown University

Knowing What Not To Do: Financial Literacy and Consumer Credit Choices
Christian D. Dick, ZEW Mannheim
Lena M. Jaroszek, ZEW Mannheim

Out of Sight, Out of Mind: Financial Illiteracy and Sluggish Mortgage Refinancing
Emanuele Bajo, University of Bologna
Massimiliano Barbi, University of Bologna

Discussants:
Andrew Samwick, Dartmouth College
Sumit Agarwal, National University of Singapore
Tabea Bucher-Koenen, Max Planck Institute
Eric Belsky, Harvard University

 

January 4, 2015 2:30pm
Location: Westin Copley, America Center

Topics in Behavioral Finance (G1)
Simon Gervais, Duke University

Harnessing CEO Overconfidence
Suman Banerjee, Nanyang Technological University
Mark Humphery-Jenner, UNSW Australia
Vikram Nanda, Rutgers University

Under-Reaction to Political Information and Momentum in Stock Prices
Jawad M. Addoum, University of Miami
Stefanos Delikouras, University of Miami
Da Ke, University of Miami
Alok Kumar, Unviersity of Miami

Peer Pressure: Does Social Interaction Explain the Disposition Effect?
Rawley Z. Heimer, Federal Reserve Bank of Cleveland

Discussants:
Geoffrey Tate, University of North Carolina at Chapel Hill
Alexei Ovtchinnikov, HEC Paris
Markku Kaustia, Aalto University

 

January 4, 2015 2:30pm
Location: Westin Copley, America North

High Frequency Trading (G1)
Yacine Ait Sahalia, Princeton University

Early Peek Advantage?
Grace Xing Hu, University of Hong Kong
Jun Pan, Massachusetts Institute of Technology
Jiang Wang, Massachusetts Institute of Technology

Optimal Strategies of High Frequency Traders
Jiangmin Xu, Princeton University

Toxic Arbitrage
Thierry Foucault, HEC Paris
Roman Kozhan, University of Warwick
Wing Wah Tham, Erasmus University Rotterdam

Exploratory Trading
Adam Clark-Joseph, University of Illinois

Discussants:
Jonathan Brogaard, University of Washington
Mehmet Saglam, University of Cincinnati
Albert Menkveld, VU University of Amsterdam
Ioanid Rosu, HEC Paris

 

January 4, 2015 2:30pm

Location: Westin Copley, Essex Center

Topics in Credit Risk Analysis (G1)
Robert McDonald, Northwestern University

Ripple effects from industry defaults
Dennis Bams, Maastricht University
Magdalena Pisa, University of Luxembourg
Christian Wolff, University of Luxembourg

Exploring the Sources of Default Clustering
Shahriar Azizpour, Apollo Global Management
Kay Giesecke, Stanford University
Gustavo Schwenkler, Boston University School of Management

The Transaction Costs of Trading Corporate Credit
Gopa Biswas, U.S. Department of the Treasury
Stanislava Nikolova, University of Nebraska-Lincoln
Christof W. Stahel, U.S. Securities and Exchange Commission

Discussants:
Effi Benmelech, Northwestern University
Antje Berndt, North Carolina State University
Edie Hotchkiss, Boston College

 

January 4, 2015 2:30 pm

Location: Westin Copley, Essex South

Entrepreneurial Finance (G1)
Antoinette Schoar, Massachusetts Institute of Technology

Patent Trolls
Lauren Cohen, Harvard Business School
Umit G. Gurun, University of Texas-Dallas
Scott Duke Kominers, Harvard University

Learning from Customers: Corporate Innovation along the Supply Chain
Yongqiang Chu, university of South Carolina
Xuan Tian, Indiana University
Wenyu Wang, Indiana University-Bloomington

Posturing in Venture Capital
Naveen Khanna, Michigan State University
Richmond D. Mathews, University of Maryland

Discussants:
Petra Moser, Stanford University
Francisco Perez Gonzales, Stanford University
Per Stromberg, Stockholm School of Economics

 

January 4, 2015 2:30pm

Location: Westin Copley, America South

AFA lecture: Cognitive Limitations and the Perception of Risk (G1) (Panel Discussion)
Panel Moderator: Patrick Bolton, Columbia University
Michael Woodford, Columbia University

 

January 5, 2015 8 am
Location: Westin Copley, America North

Financial Distress and corporate bankruptcy panel
Kenneth Ayotte, Northwestern University

Distressed Acquisitions
Jean-Marie Meier, London Business School
Henri Servaes, London Business School

Bank Skin in the Game and Loan Contract Design
Matthew Billett, Indiana University
Redouanne Elkamhi, University of Toronto
Latchezar Popov, University of Virginia
Raunaq Pungalia, Sungkyungkwan University

Corporate Pensions and Financial Distress
Tyong Duan, University of Alberta
Edie Hotchkiss, Boston College
Yawen Jiao, University of California-Riverside

Capital Structure and Predation: Evidence from Retail
Bomi Lee, University of Texas-Austin

Discussants:
Karin Thorburn, Norwegian School of Economics
Martin Oehmke, Columbia University
Paolo Volpin, City University London
Francisco Perez-Gonzalez, Stanford University

 

January 5, 2015 8 am
Location: Westin Copley, America Center

Governance, Compensation and Bank Risk-Taking (G2)
Steven Ongena, Tilburg University and University of Zurich

Risky Lending: Does Bank Corporate Governance Matter?
Olubunmi Faleye, Northeastern University
Karthik Krishnan, Northeastern University

Financial Incentives and Loan Officer Behavior
Patrick Behr, Getulio Vargas Foundation
Alejandro Drexler, University of Texas at Austin
Reint Gropp, Goethe University Frankfurt
Andre Guettler, Ulm University

Seeking Alpha, Taking Risk: Evidence from Non-Executive Pay in U.S. Bank Holding Companies
Viral Acharya, New York University
Lubomir Litov, University of Arizona
Simone Sepe, Toulouse School of Economics

Do Loan Officers’ Incentives Lead to Lax Lending Standards?
Sumit Agarwal; National University of Singapore
Itzhak Ben-David; Ohio State University

Discussants:
Renee Adams, University of South Wales and ECGI
Fabio Braggion, Tilburg University
Rüdiger Fahlenbrach, Ecole Polytechnique Federale de Lausanne and Swiss Finance Institute
Jose Marie Liberti, Northwestern University and Tilburg University

 

January 5, 2015 8 am
Location: Westin Copley, Essex North

Corporate Cash Holdings (G3)
Michael Faulkender, University of Maryland

Can Changes in the Cost of Cash Resolve the Corporate Cash Puzzle?
Jose Azar, Charles River Associates
Jean-François Kagy, Cornerstone Research
Martin Schmalz, University of Michigan

Cash holdings, competition, and innovation
Evgeny Lyandres, Boston University
Berardino, Palazzo Boston University, School of management

Valuation of Disclosed Foreign Cash Holdings and the Disclosure of Foreign Cash Holdings
Shuo Yang, University of British Columbia

Financial Flexibility and Corporate Cash Policy
Tao Chen, Nanyang Technological University
Jarrad Harford, University of Washington
Chen Lin, University of Hong Kong

Discussants:
Dalida Kadyrzhanova, Georgia State University
Neng Wang, Columbia University
David Denis, University of Pittsburgh
Itzhak Ben-David, The Ohio State University

 

January 5, 2015 8 am
Location: Westin Copley, Essex Center

Topics in Asset Pricing (G1)
Robert J. Hodrick, Columbia University

Quality Minus Junk
Clifford S. Asness, AQR Capital
Andrea Frazzini, AQR Capital
Lasse H. Pedersen, University of Copenhagen

Stock Market Valuations Across U.S. States
Geert Bekaert, Columbia University
Campbell Harvey, Duke University
Christian Lundblad, University of North Carolina
Stephan Siegel, University of Washington

Horizon Effects in Average Returns: The Role of Heterogeneous Information Diffusion
Oliver Boguth, Arizona State University
Murray Carlson, University of British Columbia
Adlai Fisher, University of British Columbia
Mikhail Simutin, University of Toronto

Option-Based Estimation of Co-Skewness and Co-Kurtosis Risk Premia
Peter Christoffersen, University of Toronto
Kris Jacobs, University of Houston
Mehdi Karoui, McGill University

Discussants:
Jules van Binsbergen, Stanford University
Ralph Koijen, London Business School
Zhonjin Lu, University of Georgia
Xiaoyan Zhang, Purdue University

 

January 5, 2015 8 am
Location: Westin Copley, America South

Corporate Finance and Market Feedback
Itay Goldstein, University of Pennsylvania

Spreading the Fire: Investment and Product Market Effects of Corporate Bond Fire Sales
Hadiye Aslan, Georgia State University
Praveen Kumar, University of Houston

The Financing Advantage of Publicly Traded Firms: Evidence from a Quasi-Natural Experiment
Gordon Phillips, University of Southern California
Giorgo Sertsios, Universidad de los Andes

The Effect of Stock Prices on Real Investment in the Supply Chain
Ryan Williams, University of Arizona
Steven Chong Xiao, Georgia Institute of Technology

Investment Waves under Cross Learning
Shiyang Huang, London School of Economics
Yao Zeng, Harvard University

Discussants:
Andrew Elul, Indiana University
Erik Gilje, University of Pennsylvania
Laurent Fresard, University of Maryland
Thierry Foucault, HEC Paris

 

January 5, 2015 8 am
Location: Westin Copley, Essex South

Dumb and Dumber: The Trading Activity of Institutions vs. Retail Investors (G2)
Christopher Malloy, Harvard Business School

Glued to the TV: The Trading Activity of Distracted Investors
Joel Peress, INSEAD
Daniel Schmidt, HEC Paris

The power of primacy: Alphabetic bias, investor recognition, and market outcomes
Heiko Jacobs, University of Mannheim
Alexander Hillert, University of Mannheim

Who are the sentiment traders? Evidence from the cross-section of stock returns and demand
Luke Devault, University of Arizona
Richard Sias, University of Arizona
Laura Starks, University of Texas-Austin

Institutional Investors and Stock Return Anomalies
Roger Edelen, University of California-Davis
Ozgur Ince, Virginia Tech
Greg Kadlec, Virginia Tech

Discussants:
Joshua Pollet, University of Illinois
James Choi, Yale University
Yu Yuan, University of Pennsylvania
Lu Zheng, University of California-Irvine

 

January 5, 2015 10:15am
Location: Westin Copley, Essex Center

Trading Activity (G1)
Christine Parlour, University of California- Berkeley

Disclosure, Learning and Coordination
Henry Cao, Chueng Kong Graduate School of Business
Yuan Ma
Dongyang Ye, Chueng Kong Graduate School of Business

Information Processing and Non-Bayesian Learning in Financial Markets
Stefanie Schraeder, Universite de Lausanne and Swiss Finance Institute

Expectations, Liquidity, and Short-Term Trading
Giovanni Cespa, Cass Business School
Xavier Vives, ISES Business School

Prices and Volatilities in the Corporate Bond Market
Jack Bao, Federal Reserve Board
Jia Chen, Perking University
Kewei Hou, Ohio State University
Lei Lu, Peking University

Discussants:
Ioanid Rosu, HEC Paris
Victoria Vanasco, Stanford University
Snehal Bannerjee, Northwestern University
TBA

 

January 5th 10:15 am,
Location: Westin Copley, America Center

Horizontal and Diversifying Mergers and Acquisitions (G3)
Gordon Philips, University of Southern California

The Role of Divestures in Horizontal Mergers: Evidence from Product and Stock Markets
Amrita Nain, University of Iowa
Yiming Qian, University of Iowa

Buyer Power in Conglomerate Acquisitions
Daniel Greene, Clemson University
Omesh Kini, Georgia State University
Jaideep Shenoy, Tulane University

Fire Sale Acquisitions and Intra-Industry Contagion
SeungJoon Oh, University of Michigan

Do Diversified or Focused Firms make Better Acquirers?
Mehmet Cihan, Tulane University
Sheri Tice, Tulane University

Discussants:
Jayant Kale, Georgia State University
Giorgo Sertsios, Universidad de los Andes
Daniel Carvelho, University of Southern California
Vojislav Maksimovic, University of Maryland

 

January 5, 2015 10:15 am
Location: Westin Copley, America South

Financial Crises and Banking Regulation (G2)
Chester Spatt, Carnegie Mellon University

A Mechanism for LIBOR
Brian Coulter, University of Oxford
Joel Shapiro, University of Oxford

The Shadow Cost of Bank Capital Requirements
Roni Kisin, Washington University- St. Louis
Asaf Manela, Washington University-St. Louis

Banks as Patient Fixed Income Investors
Samuel G. Hanson, Harvard University
Andrei Shleifer, Harvard University
Jeremy C. Stein, Harvard University
Robert W. Vishny, University of Chicago

Discussants:
Francesco Sangiorgi, Stockholm School of Economics
Christa Bouwman, Texas A & M University
Albert S. Kyle, University of Maryland

January 5, 2015 10:15am
Location: Westin Copley, Essex South

International Finance (G1)
Anna Pavlova, London Business School

International Liquidity and Exchange Rate Dynamics
Xavier Gabaix, New York University
Matteo Maggiori, New York University

BKK the EZ Way: An International Production Economy with Recursive Preferences
Ric Colacito, University of North Carolina at Chapel Hill
Max Croce, University of North Carolina at Chapel Hill
Steven Ho, University of North Carolina at Chapel Hill
Philip Howard, University of North Carolina at Chapel Hill

How Important are Foreign Ownership Linkages for International Stock Returns?
Söhnke M. Bartram, Warwick Business School
John Griffin, University of Texas at Austin
Tae-Hoon Lim, Cornell University and Korea Institute for International Economic Policy
David T. Ng, Cornell University

Discussants:
Stavros Panageas, University of Chicago
Christian Heyerdahl-Larsen, London Business School
Robin Greenwood, Harvard Business School

 

January 5, 2015 10:15 am
Location: Westin Copley, America North

CEOs (G3)
Michael Weisbach

Learning through a Smokescreen: Earnings Management and CEO Compensation over Tenure
Andrew Ellul, Indiana University

A Structural Estimation of the Cost of Suboptimal Matching in the CEO Labor Market
Jordan Nickerson, University of Texas-Austin

Are They Different? CEOs Made in CEO Factories
Ye Cai, Santa Clara University
Merih Sevilir, Indiana University
Jun Yang, Indiana University

CEO Compensation and Real Estate Prices: Are CEOs Paid for Luck?
Benjamin Bennett, Arizona State University
Claudia Custodio, Arizona State University
Dragana Cvijanovic, University of North Carolina

Discussants:
Yihui Pan, University of Utah
Luke Taylor, University of Pennsylvania
Miriam Schwartz-Ziv, Michigan State University
Itzhak Ben-David, Ohio State University

 

January 5, 2015 10:15 am
Location: Westin Copley, Essex North

Asset Allocation Strategies (G1)
Luis Viceira, Harvard Business School

License to Spend: Consumption-Income Sensitivity and Household Portfolio Choice
Jawad M. Addoum, University of Miami
Stefanos Delikouras, University of Miami
George M. Korniotis, University of Miami

Strategic Asset Allocation with Predictable Returns and Transaction Costs
Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
Kent Daniel, Columbia University
Ciamac C. Moallemi, Columbia University
Mehmet Saglam, University of Cincinnati

Portfolio Choice with Capital Gain Taxation and the Limited Use of Losses
Paul Ehling, BI Norweigan Business School
Michael Gallmeyer, University of Virginia
Sanjay Srivastava, OS Financial Trading Systems
Stathis Tompaidis, University of Texas-Austin
Chunyu Yang, BI Norwegian Business School

Tax Efficient Asset Management: Evidence from Equity Mutual Funds
Clemens Sialm, University of Texas-Austin
Hanjiang Zhang, Nanyang Technological University

Discussants:
Francisco J. Gomes, London Business School
Michael W. Brandt, Duke University
Harold Zhang, University of Texas at Dallas
Daniel Bergstresser, Brandeis University

 

January 5, 2015 1pm
Location: Westin Copley, America Center

Incentives for Risk Taking and Risk Management (G3)
Adriano Rampini, Duke University

Banker Compensation and Bank Risk Taking: The Organizational Economics View
Arantxa Jarque, Federal Reserve Bank of Richmond
Edward Simpson Prescott, Federal Reserve Bank of Richmond

Project Selection and Risk Taking under Credit Constraints
Felipe Iachan, Getulio Vargas Foundation

Cash Holdings and Risky Access to Future Credit
Qi Sun, Shanghai University of Finance and Economics

Discussants:
Bengt Holmstrom, Massachusetts Institute of Technology
S. "Vish" Viswanathan, Duke University
Joao Gomes, University of Pennsylvania

 

January 5, 2015 1pm
Location: Westin Copley, Essex Center

Banking, Regulation, and Real Economy (G2)
Tomasz Piskorski, Columbia University

Shadow Insurance
Ralph Koijen, London Business School
Motohiro Yogo, Federal Reserve Bank of Minneapolis

Does Financial Structure Shape Industry Structure? Evidence from Timing of Bank Liberalization
Markus Behn, University of Bonn
Rainer Haselmann, University of Bonn
Amit Seru, University of Chicago
Vikrant Vig, London Business School

Large Banks and the Transmission of Financial Shocks
Vitaly Bord, Harvard University
Victoria Ivashina, Harvard Business School
Ryan Taliaferro

Uncovering Collateral Constraints
Jose Maria Liberti, Northwestern University
Jason Sturgess, DePaul University

Discussants:
Tobias Adrian, Federal Reserve Bank of New York
Heitor Almeida, University of Illinois at Urbana-Champaign
Philipp Schnabl, New York University
TBA

 

January 5, 2015 1pm
Location: Westin Copley, Essex South

Market-Based Corporate Governance (G3)
Wei Jiang, Columbia University

Do Takeover Laws Matter? Evidence from 45 Years of Hostile Takeovers
Matthew Cain, U.S. Securities and Exchange Commission
Steven Davidoff, Ohio State University
Stephen McKeon, University of Oregon

Does Mandatory Shareholder Voting Prevent Wealth Destruction in Corporate Acquisitions?
Marco Becht, Universite Libre de Bruxelles
Andrea Polo, Universitat Pompeu Fabra and Barcelona GSE
Stefano Rossi, Purdue University

Why Do Shareholders Votes Matter?
Laurent Bach, Stockholm School of Economics
Daniel Metzger, Stockholm School of Economics

Governance under the Gun: Spillover Effects of Hedge Fund Activism
Nickolay Gantchev, University of North Carolina
Oleg Gredil, University of North Carolina
Chotibhak Jotikasthira, University of North Carolina

Discussants:
Jonathan Karpoff, University of Washington
Gregor Matvos, University of Chicago
Vincente Cunat, London School of Economics
Vyacheslav Fos, University of Illinois-Urbana- Champaign

 

January 5, 2015 1pm
Location: Westin Copley, America North

Economics of Commodity and Currency Markets (G1)
Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne

The Mystery of Currency Beta
Steven Riddiough, University of Warwick

Understanding FX Liquidity
Nina Karnaukh, University of St. Gallen
Angelo Ranaldo, University of St. Gallen
Paul Soederlind, Univeristy of St. Gallen

Variance Risk Premia in Commodity Markets
Marcel Prokopczuk, Leibniz University Hannover
Chardin Wese Simen, University of Liverpool

A better specified Asset pricing model to explain the time series and cross section of Commodity Returns
Gurdip Bakshi, University of Maryland
Xiaohui Gao, University of Maryland
Alberto Rossi, University of Maryland

Discussants:
Kent Daniel, Columbia University
Adrien Verdelhan, Massachusetts Institute of Technology
Lars Lochstoer, Columbia University
Anders Trolle, Ecole Polytechnique Federale de Lausanne

 

January 5, 2015 1 pm
Location: Westin Copley, America South

Production, Financial Capital, and Labor (G1)
Andrea Eisfeldt, University of California- Los Angeles

The Elephant in the Room: the Impact of Labor Obligations on Credit Risk
Jack Favilukis, University of British Columbia
Xiaoji Lin, Ohio State University

Macroeconomic Risks and Asset Pricing: Evidence from a Dynamic Stochastic General Equilibrium Model
Erica X.N. Li, Cheung Kong Graduate School of Business
Haitao Li, Cheung Kong Graduate School of Business
Cindy Yu, Iowa State University

Production-Based Term Structure of Equity Returns
Hengjie Ai, University of Minnesota
Mariano Croce, University of North Carolina
Anthony Diercks, University of North Carolina
Kai Li, Hong Kong University of Science and Technology

Is the IT revolution over? An asset pricing view
Colin Ward, University of Pennsylvania

Discussants:
Andres Donangelo, University of Texas-Austin
Dimitris Papanikolaou, Northwestern University
Adlai Fisher, University of British Columbia
Nicolae Garleaneau, University of California-Berkeley

 

January 5, 2015 1pm

Location: Westin Copley, Essex North

Asset Management and Market Efficiency (G1)
Jonathan Berk, Stanford University

Cautious Risk-Takers: Investor Preferences and Demand for Active Management
Valery Polkovnichenko, University of Texas-Dallas
Kelsey Wei, University of Texas-Dallas
Feng Zhao, University of Texas-Dallas

A Solution to the Palm-3Com Spin-off Puzzles
Martin Cherkes, New York University
Charles M. Jones, Columbia University
Chester Spatt, Carnegie Mellon University

Liquidity Clienteles, Correlated Demand and Excess Comovement of Exchange-Traded Fund Returns
Markus Broman, York University

Do Mutual Funds Have Decreasing Returns to Scale: Evidence from Fund Mergers
Ping Wang, University of Arizona

Discussants:
Jules Van Binsbergen, Stanford University
Erik Stafford, Harvard Business School
Larry Harris, University of Southern California
Lubos Pastor, University of Chicago

American Finance Association

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