AFA 2006 BOSTON MEETINGS (ARCHIVE)
Boston, MA January 6, 2006 through January 8, 2006
SIXTY SIXTH ANNUAL MEETING
AMERICAN FINANCE ASSOCIATION
President: John Y. Campbell
President-Elect and Program Chair: Richard C. Green
1/7/2006 5:30 PM
Business Meeting and Presidential Address
01/06/2006 – 8:00 AM
Session: Determinants of Trading Decisions: Firms & Institutions
Chair: Gregory Brown, University of North Carolina (UNC) at Chapel Hill – Finance Area
Bernardo Bortolotti, University of Turin – Department of Economics and Financial Sciences G. Prato and Mara Faccio, Purdue University – Krannert School of Management – Government Control of Privatized Firms
Matthew R. McBrady, University of Virginia (UVA) – Darden School of Business, Sandra Mortal, University of Memphis – Fogelman College of Business and Economics and Michael J. Schill, University of Virginia (UVA) – Darden School of Business – Do Firms Believe in Interest Rate Parity?
Dan Bernhardt, University of Illinois at Urbana-Champaign – Department of Economics, Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management and Edward Kutsoati, Tufts University – Department of Economics – Who Herds?
Discussants:
Bernadette Alcamo Minton, Ohio State University (OSU) – Department of Finance
Ohad Kadan, Washington University in Saint Louis – Olin Business School
01/06/2006 – 8:00 AM
Session: Flows & Performance of Mutual Funds
Chair: Susan Kerr Christoffersen, University of Toronto – Rotman School of Management
Woodrow T. Johnson, US Securities & Exchange Commission – Who Incentivizes the Mutual Fund Manager, New or Old Shareholders?
Bill Ding, SUNY at Albany – School of Business and Russ R. Wermers, University of Maryland – Robert H. Smith School of Business – Mutual Fund Performance and Governance Structure: The Role of Portfolio Managers and Boards of Directors
Discussants:
Erik Sirri, Babson College
Richard Evans, University of Virginia (UVA) – Darden School of Business
01/06/2006 – 8:00 AM
Session: Derivatives
Chair: Peter Carr, New York University (NYU) – Courant Institute of Mathematical Sciences
Nicole Branger, University of Muenster – Finance Center Muenster and Christian Schlag, Goethe University Frankfurt – An Economic Motivation for Variance Contracts
Minqiang Li, Georgia Institute of Technology – College of Management and Neil D. Pearson, University of Illinois at Urbana-Champaign – Department of Finance – Price Deviations of S&P 500 Index Options from the Black-Scholes Formula Follow a Simple Pattern
Bent Jesper Christensen, University of Aarhus – Department of Economics and Morten Ørregaard Nielsen, Queen’s University (Canada) – Department of Economics – The Implied-Realized Volatility Relation with Jumps in Underlying Asset Prices
James S. Ang, Florida State University – Department of Finance, Gwoduan David Jou, affiliation not provided to SSRN and Tsong-Yue Lai, California State University, Fullerton – Department of Finance – Alternative Formulas to Compute Implied Standard Deviation
Discussants:
Liuren Wu, City University of New York, CUNY Baruch College – Zicklin School of Business – Department of Economics and Finance
Nagpurnanand Prabhala, University of Maryland – Robert H. Smith School of Business
01/06/2006 – 8:00 AM
Session: Information & Liquidity
Chair: Marc Lipson, University of Virginia (UVA) – Darden School of Business
Andrew Ellul, Indiana University Bloomington – Department of Finance, Robert H. Battalio, University of Notre Dame – Department of Finance and Robert H. Jennings, Indiana University Bloomington – Kelley School of Business – Reputation Effects in Trading on the New York Stock Exchange
Edith S. Hotchkiss, Boston College – Carroll School of Management, Michael A. Goldstein, Babson College – Finance Division and Erik R. Sirri, Babson College – Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
Charles M. Jones, Columbia Business School – Finance and Economics and Robert Daines, Stanford Law School – Mandatory Disclosure, Asymmetric Information and Liquidity: The Impact of the 1934 Act
Hendrik (Hank) Bessembinder, University of Utah – Department of Finance, William F. Maxwell, Southern Methodist University (SMU) – Edwin L. Cox School of Business and Kumar Venkataraman, Southern Methodist University (SMU) – Edwin L. Cox School of Business – Market Transparency, Liquidity Externalities, and Institutional Trading Costs in Corporate Bonds
Discussants:
Gideon Saar, Cornell University – Samuel Curtis Johnson Graduate School of Management
Chester Spatt, Carnegie Mellon University – David A. Tepper School of Business
Paul Healy, Harvard Business School
Patrik Sandas, University of Pennsylvania – Finance Department
01/06/2006 – 8:00 AM
Session: New Perspectives on Momentum & Bubbles
Chair: Nicholas Barberis, Yale School of Management
Tyler Shumway, University of Michigan at Ann Arbor – Finance and Guojun Wu, University of Houston – C.T. Bauer College of Business – Does Disposition Drive Momentum?
Andy C.W. Chui, Hong Kong Polytechnic University – School of Accounting and Finance, K. C. John Wei, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Sheridan Titman, University of Texas at Austin – Department of Finance – Individualism and Momentum around the World
Wei Xiong, Princeton University – Department of Economics, Jose A. Scheinkman, Princeton University – Department of Economics and Harrison G. Hong, Princeton University – Department of Economics – Advisors and Asset Prices: A Model of the Origins of Bubbles
Discussants:
Andrea Frazzini, AQR Capital Management, LLC
Tobias Moskowitz, University of Chicago – Booth School of Business (Finance Authors)
Simon Gervais, Duke University – Fuqua School of Business
01/06/2006 – 10:15 AM
Session: Behavioral Corporate Finance
Chair: Jeffrey Wurgler, New York University (NYU) – Department of Finance
Urs C. Peyer, INSEAD – Finance and Theo Vermaelen, INSEAD – Finance – The Nature and Persistence of Buyback Anomalies
Ulrike Malmendier, University of California, Berkeley – Department of Economics, Geoffrey A. Tate, University of California, Los Angeles (UCLA) and Jun Yan, Stanford University – Corporate Financial Policies With Overconfident Managers
Francois Derrien, HEC Paris (Groupe HEC) and Ambrus Kecskes, Virginia Polytechnic Institute & State University – Department of Finance, Insurance, and Business Law – The Initial Public Offerings of Listed Firms
Discussants:
Gustavo Grullon, Rice University – Jesse H. Jones Graduate School of Business
Dirk Hackbarth, University of Illinois at Urbana-Champaign – Department of Finance
01/06/2006 – 10:15 AM
Session: Credit & Systemic Risks
Chair: Francis Longstaff, University of California, Los Angeles (UCLA) – Finance Area
Kenneth J. Singleton, Stanford Graduate School of Business and Jun Pan, Massachusetts Institute of Technology (MIT) – Economics, Finance, Accounting (EFA) – Default and Recovery Implicit in the Term Structure of Sovereign CDS Spreads
Sreedhar T. Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Tyler Shumway, University of Michigan at Ann Arbor – Finance – Forecasting Default with the KMV-Merton Model
Nicholas T. Chan, AlphaSimplex Group, LLC, Mila Getmansky, Eugene M. Isenberg School of Management – Department of Finance & Operations Management, Shane M. Haas, AlphaSimplex Group, LLC and Andrew W. Lo, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Systemic Risk and Hedge Funds
Jeremy J. Graveline, Stanford Graduate School of Business and Matthew R. McBrady, University of Virginia (UVA) – Darden School of Business – Who Makes On-The-Run Treasuries Special?
Discussants:
Michael Johannes, Columbia Business School – Finance and Economics
Jean Helwege, University of South Carolina
Philippe Jorion, University of California, Irvine – Paul Merage School of Business
Arvind Krishnamurthy, Northwestern University – Kellogg School of Management
01/06/2006 – 10:15 AM
Session: Decision Making & Equity Returns
Chair: Annette Vissing-Jorgensen, Northwestern University – Kellogg School of Management
Gene Amromin, Federal Reserve Banks – Federal Reserve Bank of Chicago and Steven A. Sharpe, Government of the United States of America – Capital Markets Section – From the Horse’s Mouth: Gauging Conditional Expected Stock Returns from Investor Survey
Andriy Bodnaruk, University of Notre Dame – Mendoza College of Business and Per Östberg, University of Zurich – Swiss Banking Institute (ISB) – Does Investor Recognition Predict Excess Returns?
Joerg Oechssler, University of Heidelberg – Alfred Weber Institute for Economics, Andreas Roider, University of Bonn – Economic Science Area and Patrick W. Schmitz, University of Cologne – Cooling-Off in Negotiations – Does it Work?
Zoran Ivkovich, Michigan State University – Department of Finance, Clemens Sialm, University of Texas at Austin – Red McCombs School of Business and Scott J. Weisbenner, University of Illinois at Urbana-Champaign – Department of Finance – Portfolio Concentration and the Performance of Individual Investors
Discussants:
Joshua Coval, Harvard Business School – Finance Unit
Christopher Malloy, Harvard Business School
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance
01/06/2006 – 10:15 AM
Session: The Cross Section of Expected Returns
Chair: Tobias Moskowitz, University of Chicago – Booth School of Business (Finance Authors)
Steven L. Heston, University of Maryland – Department of Finance and Ronnie Sadka, Boston College – Department of Economics – Seasonality in the Cross-Section of Expected Stock Returns
Mitchell A. Petersen, Northwestern University – Kellogg School of Management – Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
Michael J. Cooper, University of Utah – David Eccles School of Business, John J. McConnell, Purdue University – Krannert School of Management and Alexei V. Ovtchinnikov, Vanderbilt University – Owen Graduate School of Management – The Other January Effect
Discussants:
Jonathan Lewellen, Dartmouth College – Tuck School of Business
Christian Hansen, University of Chicago – Booth School of Business – Econometrics and Statistics
Owen Lamont, Yale School of Management
01/06/2006 – 10:15 AM
Session: The Financing of Innovation & Entrepreneurship
Chair: Josh Lerner, Harvard Business School – Finance Unit
Manju Puri, Duke University – Fuqua School of Business and David T. Robinson, Duke University – Fuqua School of Business – Optimism and Economic Choice
Ilan Guedj, Analysis Research Planning Corporation – Ownership Vs. Contract: How Vertical Integration Affects Investment Decisions in Pharmaceutical R&D
Stefano Rossi, Imperial College London – Accounting, Finance, and Macroeconomics – Patents, Capital Structure and the Demand for Corporate Securities
Discussants:
Thomas Hubbard, Northwestern University – Department of Management & Strategy
David Scharfstein, Harvard Business School – Finance Unit
01/06/2006 – 2:30 PM
Session: Agency Problems: Theory & Tests
Chair: Ronald Giammarino, University of British Columbia (UBC) – Sauder School of Business
Rui A. Albuquerque, Boston University – School of Management and Neng Wang, Columbia Business School – Finance and Economics – Agency Conflicts, Investment, and Asset Pricing
Andres Almazan, University of Texas at Austin – Department of Finance, Sanjay Banerji, Durham Business School and Adolfo De Motta, McGill University – Faculty of Management – Attracting Attention: Cheap Managerial Talk and Costly Market Monitoring
Thomas J. Chemmanur, Boston College – Department of Finance, Shan He, Louisiana State University, Baton Rouge and Gang Hu, Babson College – Finance Division – The Role of Institutional Investors in Seasoned Equity Offerings
João A. C. Santos, Federal Reserve Banks – Federal Reserve Bank of New York and Andrew Winton, University of Minnesota – Twin Cities – Carlson School of Management – Bank Loans, Bonds, and Information Monopolies Across the Business Cycle
Discussants:
Murray Carlson, University of British Columbia (UBC) – Sauder School of Business
Francesca Cornelli, London Business School
Burton Hollifield, Carnegie Mellon University – David A. Tepper School of Business
Bryan Routledge, Carnegie Mellon University – David A. Tepper School of Business
01/06/2006 – 2:30 PM
Session: Behavioral Asset Pricing
Chair: Allen Poteshman, University of Illinois at Urbana-Champaign – Department of Finance
Anna D. Scherbina, University of California, Davis – Graduate School of Management and Li Jin, Harvard Business School – Finance Unit – Change is Good or the Disposition Effect Among Mutual Fund Managers
John R. Graham, Duke University – Finance, Campbell R. Harvey, Duke University – Fuqua School of Business and Hai Huang, Duke University – Finance – Investor Competence, Trading Frequency, and Home Bias
Bing Han, University of Texas at Austin – Department of Finance – Investor Sentiment and Option Prices
Discussants:
Zoran Ivkovich, Michigan State University – Department of Finance
Brad Barber, University of California, Davis – Graduate School of Management
Neil Pearson, University of Illinois at Urbana-Champaign – Department of Finance
01/06/2006 – 2:30 PM
Session: Corporate Governance & Financial Policy (Joint with AFE)
Chair: Kose John, New York University (NYU) – Department of Finance
Kose John, New York University (NYU) – Department of Finance and Lubomir P. Litov, University of Arizona – Department of Finance – Corporate Governance and Financing Policy: New Evidence
Nina Baranchuk, University of Texas at Dallas – School of Management, Jun Yang, Indiana University Bloomington – Department of Finance and Philip H. Dybvig, Washington University in Saint Louis – Olin Business School – Renegotiation-Proof Contracting, Disclosure, and Incentives for Efficient Investment
Nisan Langberg, University of Houston – C.T. Bauer College of Business – Growth, Investor Protection and Security Design
Discussants:
Lemma Senbet, University of Maryland – Robert H. Smith School of Business
Jaime Zender, University of Colorado at Boulder – Department of Finance
Peter DeMarzo, Stanford Graduate School of Business
01/06/2006 – 2:30 PM
Session: Determinants of Treasury Bond Prices
Chair: Pierre Collin-Dufresne, Columbia Business School – Finance and Economics
Chunchi Wu, University of Missouri at Columbia, Haitao Li, University of Michigan at Ann Arbor – Stephen M. Ross School of Business, Yan He, Indiana University Southeast – School of Business and Junbo Wang, Syracuse University – Liquidity, Information Risk, and Asset Pricing: Evidence from the U.S. Government Bond Market
Ruslan Bikbov, Columbia Business School – Economics Department and Mikhail Chernov, London School of Economics & Political Science (LSE) – No-Arbitrage Macroeconomic Determinants of the Yield Curve
Albert Lee Chun, Copenhagen Business School – Expectations, Bond Yields and Monetary Policy
Discussants:
Christine Parlour, University of California, Berkeley – Finance Group
Stanley Zin, Carnegie Mellon University
01/06/2006 – 2:30 PM
Session: Public & Private Offerings
Chair: Michelle Lowry, Pennsylvania State University – Mary Jean and Frank P. Smeal College of Business Administration
Annette B. Poulsen, University of Georgia – Department of Banking and Finance and Mike A. Stegemoller, Baylor University – Department of Finance, Insurance & Real Estate – Moving From Private to Public Ownership: Selling Out to Public Firms vs. Initial Public Offerings
Jason J. Karceski, University of Florida – Department of Finance, Insurance and Real Estate and Christopher M. James, University of Florida – Department of Finance, Insurance and Real Estate – Strength of Analyst Coverage Following IPOs
Gerard Hoberg, University of Maryland – Department of Finance and H. Nejat Seyhun, University of Michigan at Ann Arbor – Finance – Do Underwriters Collaborate with Venture Capitalists in Ipos? Implications and Evidence
Discussants:
Thomas Chemmanur, Boston College – Department of Finance
Kent Womack, University of Toronto – Rotman School of Management
Laura Lindsey, Arizona State University (ASU) – Finance Department
01/06/2006 – 2:30 PM
Session: The Evolution of Banking
Chair: Mitchell Petersen, Northwestern University – Kellogg School of Management
Jose Maria Liberti, DePaul University – Department of Finance – How Does Organizational Form Matter? Distance, Communication and Soft Information
Alan D. Morrison, University of Oxford – Said Business School and William J. Wilhelm, University of Virginia (UVA) – McIntire School of Commerce – The Demise of Investment-Banking Partnerships: Theory and Evidence
Steven Drucker, affiliation not provided to SSRN – Information Asymmetries, Cross-Product Banking Mergers, and the Effects on Corporate Borrowers
Discussants:
George Baker, HBS Negotiations, Organizations and Markets Unit
Benjamin Esty, Harvard Business School – Finance Unit
01/07/2006 – 8:00 AM
Session: Empirical Options
Chair: Christopher Jones, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Tim Bollerslev, Duke University – Finance, Michael S. Gibson, Government of the United States of America – Trading Risk Analysis Section and Hao Zhou, Government of the United States of America – Trading Risk Analysis Section – Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities
Mark-Jan Boes, VU University Amsterdam, Feike C. Drost, Tilburg University – Center for Economic Research (CentER) and Bas J. M. Werker, Tilburg University – Center for Economic Research (CentER) – Nonparametric Risk-Neutral Return and Volatility Distributions
Sophie X. Ni, Hong Kong University of Science & Technology (HKUST), Jun Pan, Massachusetts Institute of Technology (MIT) – Economics, Finance, Accounting (EFA) and Allen M. Poteshman, University of Illinois at Urbana-Champaign – Department of Finance – Volatility Information Trading in Option Market
Discussants:
Nagpurnanand Prabhala, University of Maryland – Robert H. Smith School of Business
Jefferson Duarte, Rice University – Jesse H. Jones Graduate School of Business
Robert Whaley, Vanderbilt University – Owen Graduate School of Management
01/07/2006 – 8:00 AM
Session: Institutions, Intermediaries, & Securities Issuance
Chair: Alexander Ljungqvist, National Bureau of Economic Research (NBER)
Jay R. Ritter, University of Florida – Department of Finance, Insurance and Real Estate and Donghang Zhang, University of South Carolina – Moore School of Business – Affiliated Mutual Funds and the Allocation of Initial Public Offerings
Simona Mola, Arizona State University (ASU) – Finance Department – Do IPO Analysts Issue Unfavorable Recommendations on Non-IPO Firms?
Francois Degeorge, Universita della Svizzera Italiana (USI) – Faculty of Economics, Francois Derrien, HEC Paris (Groupe HEC) and Kent L. Womack, University of Toronto – Rotman School of Management – Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding
Laura Casares Field, Pennsylvania State University – Mary Jean and Frank P. Smeal College of Business Administration and Michelle B. Lowry, Pennsylvania State University – Mary Jean and Frank P. Smeal College of Business Administration – Institutional Versus Individual Investment in Ipos: The Importance of Firm Fundamentals
Discussants:
Paul Schultz, University of Notre Dame – Department of Finance
Devin Shanthikumar, University of California, Irvine – Accounting Area
Ann Sherman, DePaul University – Department of Finance
Laura Starks, University of Texas at Austin – Department of Finance
01/07/2006 – 8:00 AM
Session: Limited Participation, Liquidity, & Asset Prices
Chair: Tim Johnson, London Business School
Tao L. Wu, State University of New York (SUNY) – Financial & Managerial Economics – An Equilibrium Model with Buy and Hold Investors
Francis A. Longstaff, University of California, Los Angeles (UCLA) – Finance Area – Asset Pricing in Markets with Illiquid Assets
Hong Liu, Washington University in Saint Louis – Olin Business School, Bong-Gyu Jang, Korea Advanced Institute of Science and Technology (KAIST), Hyeng Keun Koo, Ajou University – Department of Business Administration and Mark Loewenstein, University of Maryland – Robert H. Smith School of Business – Liquidity Premia and Transactions Costs
Discussants:
Adam Szeidl, University of California, Berkeley – Department of Economics
Michael Gallmeyer, University of Virginia (UVA) – McIntire School of Commerce
George Constantinides, University of Chicago – Booth School of Business (Finance Authors)
01/07/2006 – 8:00 AM
Session: Managerial Contracting
Chair: Michael Fishman, Kellogg School of Management – Department of Finance
Antonio E. Bernardo, University of California, Los Angeles (UCLA) – Finance Area, Jiang Luo, Hong Kong University of Science & Technology (HKUST) – Department of Finance and James J. D. Wang, City University of Hong Kong (CityUHK) – Department of Economics & Finance – A Theory of Socialistic Internal Capital Markets
Catherine Casamatta, University of Toulouse 1 – Toulouse School of Economics (TSE) and Alexander Guembel, University of Toulouse 1 – Toulouse School of Economics (TSE) – Managerial Legacies, Entrenchment and Strategic Inertia
Ohad Kadan, Washington University in Saint Louis – Olin Business School and Jun Yang, Indiana University Bloomington – Department of Finance – Executive Stock Options and Earnings Management – A Theoretical and Empirical Analysis
Discussants:
Nisan Langberg, University of Houston – C.T. Bauer College of Business
Andrea Eisfeldt, University of California, Los Angeles (UCLA) – Anderson School of Management
Thomas Philippon, New York University (NYU) – Department of Finance
01/07/2006 – 8:00 AM
Session: Shareholders & Managers
Chair: Diane Denis, University of Pittsburgh
Rangarajan K. Sundaram, New York University (NYU) – Department of Finance and David Yermack, New York University (NYU) – Department of Finance – Pay Me Later: Inside Debt and its Role in Managerial Compensation
Vidhi Chhaochharia, Cornell University – Department of Economics and Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management – Corporate Governance and Firm Value: the Impact of the 2002 Governance Rules
Eliezer M. Fich, Drexel University – Department of Finance and Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill – Finance Area – Financial Fraud, Director Reputation, and Shareholder Wealth
Jarrad Harford, University of Washington – Michael G. Foster School of Business, Sattar Mansi, Virginia Polytechnic Institute & State University and William F. Maxwell, Southern Methodist University (SMU) – Edwin L. Cox School of Business – Corporate Governance and Firm Cash Holdings
Discussants:
K. J. Martijn Cremers, Yale School of Management
Jeffrey Coles, Arizona State University (ASU) – Finance Department
Michael Weisbach, Ohio State University (OSU) – Department of Finance
01/07/2006 – 10:15 AM
Session: Corporate Accountability
Chair: Amy Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Stuart L. Gillan, University of Georgia – Department of Banking and Finance, Jay C. Hartzell, University of Texas at Austin – Department of Finance and Robert Parrino, University of Texas at Austin – Department of Finance – Explicit vs. Implicit Contracts: Evidence from CEO Employment Agreements
Elizabeth A. Gordon, Temple University – Fox School of Business and Management, Elaine Henry, University of Miami – School of Business Administration and Darius Palia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics – Related Party Transactions: Associations with Corporate Governance and Firm Value
Suman Banerjee, Nanyang Technological University (NTU) – Division of Banking & Finance, Thomas H. Noe, University of Oxford – Said Business School and Vladimir A. Gatchev, University of Central Florida – Department of Finance – Doom or Gloom? CEO Stock Options After Enron
Discussants:
David Yermack, New York University (NYU) – Department of Finance
David Denis, University of Pittsburgh – Katz Graduate School of Business
Kevin Murphy, University of Southern California – Marshall School of Business
01/07/2006 – 10:15 AM
Session: Firm Organization, Governance, & Risk
Chair: Jonathan Karpoff, University of Washington – Michael G. Foster School of Business
Sreedhar T. Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Guojun Wu, University of Houston – C.T. Bauer College of Business – Long-Run Volatility and Risk around Mergers and Acquisitions
Susan Kerr Christoffersen, University of Toronto – Rotman School of Management, Richard B. Evans, University of Virginia (UVA) – Darden School of Business and David K. Musto, University of Pennsylvania – Finance Department – The Economics of Mutual-Fund Brokerage: Evidence from the Cross Section of Investment Channels
Julian R. Franks, London Business School – Institute of Finance and Accounting, Colin Mayer, University of Oxford – Said Business School and Hannes F. Wagner, Bocconi University – The Origins of the German Corporation – Finance, Ownership and Control
Miguel A. Ferreira, New University of Lisbon and Paul A. Laux, University of Delaware – Alfred Lerner College of Business and Economics – Corporate Governance, Idiosyncratic Risk, and Information Flow
Discussants:
Jeffrey Coles, Arizona State University (ASU) – Finance Department
John Chalmers, University of Oregon – Department of Finance
Edward Rice, University of Washington – Michael G. Foster School of Business
01/07/2006 – 10:15 AM
Session: Investment Decisions & Asset Prices
Chair: João Gomes, University of Pennsylvania – Finance Department
Ilan Cooper, Norwegian School of Management BI – Department of Financial Economics, Guojun Wu, University of Houston – C.T. Bauer College of Business and Bruno Gerard, Norwegian School of Management BI – Department of Financial Economics – Irreversible Investment, Real Activity and the Value Premium
Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management and Long Chen, Washington University in Saint Louis – Olin Business School – Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns
Vito D. Gala, London Business School – Department of Finance – Investment and Returns
Discussants:
Adlai Fisher, University of British Columbia (UBC) – Sauder School of Business
Christopher Polk, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Dmitry Livdan, University of California, Berkeley – Haas School of Business
01/07/2006 – 10:15 AM
Session: Joint NAEFA/AFA Session:Deterring Earnings Manipulation:SOX vs. Stocks
Chair: Edward Kane, Boston College – Department of Finance
James S. Linck, University of Georgia – Department of Banking and Finance, Jeffry M. Netter, University of Georgia – Department of Banking and Finance and Tina Yang, Villanova University – The Effects and Unintended Consequences of the Sarbanes-Oxley Act on the Supply and Demand for Directors
Qiang Kang, University of Miami – Department of Finance and Qiao Liu, University of Hong Kong – School of Economics and Finance – Stock Market Information Production and Executive Incentives
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics and Thomas Philippon, New York University (NYU) – Department of Finance – The Economics of Fraudulent Accounting
Discussants:
Roberta Romano, Yale University – Law School
01/07/2006 – 10:15 AM
Session: Liquidity in Stock & Bond Markets
Chair: Bruno Biais, Centre for Economic Policy Research (CEPR)
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) – Department of Economics and Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance – A Search-Based Theory of the On-the-Run Phenomenon
George Chacko, Harvard Business School – Finance Unit, Marti G. Subrahmanyam, New York University (NYU) – Department of Finance, Sriketan Mahanti, State Street Global Markets and Gaurav Mallik, State Street Global Markets – The Determinants of Liquidity in the Corporate Bond Markets: An Application of Latent Liquidity
Lasse Heje Pedersen, New York University (NYU) – Department of Finance and Markus K. Brunnermeier, Princeton University – Department of Economics – Market Liquidity and Funding Liquidity
Anna A. Obizhaeva, University of Maryland – Robert H. Smith School of Business and Jiang Wang, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Optimal Trading Strategy and Supply/Demand Dynamics
Discussants:
Terrence J. Hendershott, University of California, Berkeley – Haas School of Business
Pamela Moulton, Cornell University
Denis Gromb, London Business School
Thierry Foucault, HEC Paris (Groupe HEC) – Departement Finance et Economie
01/07/2006 – 10:15 AM
Session: Securities Issuance: Theory & Evidence
Chair: William Wilhelm, University of Virginia (UVA) – McIntire School of Commerce
Katrina Ellis, Government of the Commonwealth of Australia – Australian Prudential Regulation Authority (APRA), Roni Michaely, Cornell University – Samuel Curtis Johnson Graduate School of Management and Maureen O’Hara, Cornell University – Samuel Curtis Johnson Graduate School of Management – Competition in Investment Banking
Chris Lamoureux, University of Arizona – Department of Finance and Ali Nejadmalayeri, Oklahoma State University – Stillwater – Spears School of Business – Modeling Firms’ Choice of Public Issuance
Silvia Rossetto, University of Toulouse 1 – Toulouse School of Economics (TSE) – The Price of Rapid Exit in Venture Capital-Backed IPOs
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors) – The Sale of Multiple Assets With Private Information
Discussants:
Carola Schenone
Aydogan Alti, University of Texas at Austin – Department of Finance
Zhaohui Chen, Temple University – Department of Finance
Alan Morrison, University of Oxford – Said Business School
01/07/2006 – 2:30 PM
Session: Determining the Determinants of Expected Returns
Chair: J. Spencer Martin, University of Melbourne – Department of Finance
Jim Hsieh, George Mason University – Finance Area, Lilian K. Ng, University of Wisconsin – Milwaukee – School of Business Administration and Qinghai Wang, Georgia Institute of Technology – College of Management – How Informative are Analyst Recommendations and Insider Trades?
Anchada Charoenrook, Vanderbilt University – Owen Graduate School of Management and Jennifer S. Conrad, University of North Carolina (UNC) at Chapel Hill – Identifying Risk-based Factors
Cesare Robotti, Federal Reserve Banks – Federal Reserve Bank of Atlanta and Pierluigi Balduzzi, Boston College – Carroll School of Management – Mimicking Portfolios, Economic Risk Premia, and Tests of Multi-Beta Models
Discussants:
Jennifer Juergens, Drexel University – Department of Finance
Bruce Grundy, University of Melbourne – Faculty of Economics and Commerce
Timothy Simin, Pennsylvania State University – Mary Jean and Frank P. Smeal College of Business Administration
01/07/2006 – 2:30 PM
Session: Foreign Investor Flows
Chair: John Griffin, University of Texas at Austin – Department of Finance
John Matthew Ammer, Government of the United States of America – International Banking Section, Sara B. Holland, University of Georgia – C. Herman and Mary Virginia Terry College of Business, David C. Smith, University of Virginia (UVA) – McIntire School of Commerce and Francis E. Warnock, University of Virginia (UVA) – Darden School of Business – Look at Me Now: What Attracts U.S. Shareholders?
Amar Gande, Southern Methodist University (SMU) – Edwin L. Cox School of Business and David C. Parsley, Vanderbilt University – Owen Graduate School of Management – Sovereign Credit Ratings, Transparency and International Portfolio Flows
Malcolm P. Baker, Harvard Business School – Finance Unit, C. Fritz Foley, Harvard Business School and Jeffrey A. Wurgler, New York University (NYU) – Department of Finance – Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment
Discussants:
Darius Miller, Southern Methodist University (SMU) – Edwin L. Cox School of Business
Federico Nardari, University of Houston – Department of Finance
James Weston, Rice University – Jesse H. Jones Graduate School of Business
01/07/2006 – 2:30 PM
Session: Individual Investors
Chair: Joshua Coval, Harvard Business School – Finance Unit
Mark S. Seasholes, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Guojun Wu, University of Houston – C.T. Bauer College of Business – Predictable Behavior, Profits, and Attention
Alok Kumar, University of Miami – Department of Finance – Who Gambles in the Stock Market?
Brad M. Barber, University of California, Davis – Graduate School of Management, Yi-Tsung Lee, Peking University – Guang Hua School of Management, Yu-Jane Liu, National Chengchi University (NCCU) – Department of Finance and Banking and Terrance Odean, University of California, Berkeley – Haas School of Business – Just How Much Do Individual Investors Lose By Trading?
Discussants:
Dirk Jenter, Stanford Graduate School of Business
01/07/2006 – 2:30 PM
Session: Mergers & Acquisitions
Chair: Jarrad Harford, University of Washington – Michael G. Foster School of Business
Moon H. Song, San Diego State University – Finance Department and Ralph A. Walkling, Drexel University – Department of Finance – Anticipation, Acquisitions and Bidder Returns
Matthew T. Billett, Indiana University Bloomington – Department of Finance and Yiming Qian, University of Iowa – Department of Finance – Are Overconfident Managers Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers
Ronald W. Masulis, University of New South Wales (UNSW) – School of Banking and Finance, Cong Wang, Chinese University of Hong Kong (CUHK) – Department of Finance and Fei Xie, George Mason University – Finance Area – Corporate Governance and Acquirer Returns
Discussants:
David Robinson, Duke University – Fuqua School of Business
Geoffrey Tate, University of Pennsylvania – The Wharton School
Micah Officer, Loyola Marymount University – Department of Finance and Computer Information Systems
01/07/2006 – 2:30 PM
Session: Stock Return Predictability
Chair: Gregory Duffee, Johns Hopkins University – Department of Economics
Alex P. Taylor, University of Manchester – Division of Accounting and Finance – Conditional Factor Models and Return Predictability
Jessica A. Wachter, University of Pennsylvania – Finance Department and Missaka Warusawitharana, Federal Reserve Board – Predictable Returns and Asset Allocation: Should a Skeptical Investor Time the Market?
Devraj Basu, Skema Business School, Abhay Abhyankar, University of Edinburgh – Business School and Alexander Stremme, University of Warwick – Finance Group – The Optimal Use of Return Predictability: An Empirical Analysis
Discussants:
Wayne Ferson, University of Southern California
Jay Shanken, Emory University – Department of Finance
Stefan Nagel, Stanford Graduate School of Business
01/08/2006 – 8:00 AM
Session: Inefficiencies in CEO Compensation
Chair: Andres Almazan, University of Texas at Austin – Department of Finance
Adair Morse, University of Chicago – Booth School of Business (Finance Authors), Vikram K. Nanda, Georgia Institute of Technology – College of Management and Amit Seru, University of Chicago – Booth School of Business (Finance Authors) – Are Incentive Contracts Rigged by Powerful CEOs?
Adriano A. Rampini, Duke University – Fuqua School of Business, Alberto Bisin, Leonard N. Stern School of Business – Department of Economics and Piero Gottardi, European University Institute – Managerial Hedging and Portfolio Monitoring
Discussants:
Charles Hadlock, Michigan State University – The Eli Broad College of Business and The Eli Broad Graduate School of Management
Ilya Strebulaev, Stanford Graduate School of Business
01/08/2006 – 8:00 AM
Session: International Asset Pricing
Chair: Andrew Ang, Columbia Business School – Finance and Economics
Cheol S. Eun, Georgia Institute of Technology – Finance Area and Jinsoo Lee, KDI School of Public Policy and Management – Mean-Variance Convergence Around the World
Giovanna Nicodano, University of Turin – Department of Economics and Financial Sciences G. Prato and Massimo Guidolin, University of Manchester – Division of Accounting and Finance – Small Caps in International Equity Portfolios: The Effects of Variance Risk
Esther Eiling, University of Toronto – Finance Area, Bruno Gerard, Norwegian School of Management BI – Department of Financial Economics and Frans A. de Roon, Tilburg University – Department of Finance – Euro-Zone Equity Returns: Country Versus Industry Effects
Discussants:
Steven Heston, University of Maryland – Department of Finance
Michael Brandt, Duke University – Fuqua School of Business
George Karolyi, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/08/2006 – 8:00 AM
Session: Monitoring Money Managers
Chair: David Musto, University of Pennsylvania – Finance Department
Daniel B. Bergstresser, Harvard Business School, John Chalmers, University of Oregon – Department of Finance and Peter Tufano, University of Oxford – Said Business School – Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry
Thomas Dangl, Vienna University of Technology, Youchang Wu, University of Wisconsin – Madison and Josef Zechner, Vienna University of Economics and Business Administration – Market Discipline and Internal Governance in the Mutual Fund Industry
Discussants:
Henrik Cronqvist, Claremont Colleges – Robert Day School of Economics and Finance
Anthony Lynch, New York University (NYU) – Department of Finance
01/08/2006 – 8:00 AM
Session: Risk Factors & Returns
Chair: Pietro Veronesi, University of Chicago – Booth School of Business (Finance Authors)
John S. Hughes, University of California, Los Angeles (UCLA) – Accounting Area, Jing Liu, Cheung Kong Graduate School of Business and Jun Liu, University of California, San Diego (UCSD) – Rady School of Management – Information, Diversification, and Cost of Capital
Oleg Bondarenko, University of Illinois at Chicago – Department of Finance – Market Price of Variance Risk and Performance of Hedge Funds
Yong Wang, Hong Kong Polytechnic University and Ravi Jagannathan, Northwestern University – Kellogg School of Management – Lazy Investors, Discretionary Consumption, and the Cross Section of Stock Returns
Discussants:
Maureen O’Hara, Cornell University – Samuel Curtis Johnson Graduate School of Management
Andrew Lo, Massachusetts Institute of Technology (MIT) – Sloan School of Management
John Heaton, University of Chicago – Booth School of Business (Finance Authors)
01/08/2006 – 8:00 AM
Session: Taxes, Firm Policies, & Firm Value
Chair: Michael Lemmon, University of Utah – Department of Finance
Jennifer L. Blouin, University of Pennsylvania – Accounting Department, Luzi Hail, University of Pennsylvania – Accounting Department and Michelle Yetman, University of California, Davis – Graduate School of Management – Capital Gains Taxes, Pricing Spreads and Arbitrage: Evidence from Cross-Listed Firms in the U.S.
Jeffrey R. Brown, University of Illinois at Urbana-Champaign – Department of Finance, Nellie Liang, Government of the United States of America – Capital Markets Section and Scott J. Weisbenner, University of Illinois at Urbana-Champaign – Department of Finance – Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut
C. Fritz Foley, Harvard Business School, Jay C. Hartzell, University of Texas at Austin – Department of Finance, Sheridan Titman, University of Texas at Austin – Department of Finance and Garry J. Twite, Australian National University (ANU) – School of Finance and Applied Statistics – Why Do Firms Hold So Much Cash? A Tax-Based Explanation
Discussants:
Louis Gagnon, Queen’s School of Business
John Graham, Duke University – Finance
C. Foley, Harvard Business School
01/08/2006 – 10:15 AM
Session: Corporate Governance
Chair: Jeremy Stein, Harvard University – Department of Economics (Finance Authors)
Susan Kerr Christoffersen, University of Toronto – Rotman School of Management, Christopher Charles Geczy, University of Pennsylvania – Finance Department, Adam V. Reed, University of North Carolina (UNC) at Chapel Hill – Finance Area and David K. Musto, University of Pennsylvania – Finance Department – Vote Trading and Information Aggregation
Alessandro Beber, City University London – Faculty of Finance and Daniela Fabbri, University of Amsterdam – Who Times the Foreign Exchange Market? Corporate Speculation and CEO Characteristics
Augustin Landier, University of Toulouse 1 – Toulouse School of Economics (TSE), David Sraer, University of California, Berkeley and David Thesmar, HEC Paris (Groupe HEC) – Bottom-Up Corporate Governance
Discussants:
Lucy White, Harvard Business School – Finance Unit
Robin Greenwood, Harvard Business School – Finance Unit
Andrew Metrick, Yale School of Management
01/08/2006 – 10:15 AM
Session: Empirical Approaches to the Cross Section of Returns
Chair: David Chapman, Boston College – Department of Finance
Alessio Saretto, University of Texas at Austin – Department of Finance – Predicting and Pricing the Probability of Default
Geert Bekaert, Columbia Business School – Finance and Economics, Eric C. Engstrom, Government of the United States of America – Capital Markets Section and Steven R. Grenadier, Stanford Graduate School of Business – Stock and Bond Returns with Moody Investors
Yuhang Xing, Rice University and Lu Zhang, Ohio State University (OSU) – Department of Finance – Value Versus Growth: Movements in Economic Fundamentals
Discussants:
Maria Vassalou
Ravi Bansal, Duke University – Fuqua School of Business
Murray Carlson, University of British Columbia (UBC) – Sauder School of Business
01/08/2006 – 10:15 AM
Session: New Approaches to Market Microstructure
Chair: Kenneth Kavajecz, University of Wisconsin – Madison – Department of Finance, Investment and Banking
Hee-Joon Ahn, Sungkyunkwan University, Jun Cai, City University of Hong Kong (CityUHK) – Department of Economics & Finance, Yasushi Hamao, University of Southern California – Marshall School of Business – Finance and Business Economics Department and Michael Melvin, Barclays – Barclays Global Investors (BGI) – Little Guys, Liquidity, and the Informational Efficiency of Price: Evidence from the Tokyo Stock Exchange on the Effects of Small Investor Participation
Asani Sarkar, Federal Reserve Banks – Federal Reserve Bank of New York and Robert A. Schwartz, City University of New York, CUNY Baruch College – Zicklin School of Business – Department of Economics and Finance – Inter-Temporal Trade Clustering and Two-Sided Markets: Insights Into Trading Motives
Robert J. Bloomfield, Cornell University – Samuel Curtis Johnson Graduate School of Management, Maureen O’Hara, Cornell University – Samuel Curtis Johnson Graduate School of Management and Gideon Saar, Cornell University – Samuel Curtis Johnson Graduate School of Management – The Limits of Noise Trading: An Experimental Analysis
Discussants:
Heather Tookes, Yale School of Management
Shane Underwood, University of Alabama – Department of Economics, Finance and Legal Studies
Lucy Ackert, Kennesaw State University – Michael J. Coles College of Business
01/08/2006 – 10:15 AM
Session: Real Estate & Real Options (Joint with AREUEA)
Chair: Richard Stanton, University of California, Berkeley – Finance Group
Jonathan D. Evans, University of Bath, Vicky Henderson, University of Oxford – Oxford-Man Institute of Quantitative Finance and David G. Hobson, University of Bath – School of Mathematical Sciences – The Curious Incident of the Investment in the Market: Real Options and a Fair Gamble
Jarl G. Kallberg, New York University (NYU) – Department of Finance, Crocker H. Liu, New York University (NYU) – Department of Finance and Paolo Pasquariello, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – Updating Expectations: An Analysis of Post-9/11 Returns
Chris T. Downing, Rice University – Jesse H. Jones Graduate School of Business, Dwight M. Jaffee, University of California, Berkeley – Finance Group and Nancy E. Wallace, University of California, Berkeley – Real Estate Group – Information Asymmetries in the Mortgage-Backed Securities Market
Discussants:
Alexander Triantis, University of Maryland – Robert H. Smith School of Business
Nancy Wallace, University of California, Berkeley – Real Estate Group
Walter N. Torous, University of California, Los Angeles (UCLA) – Finance Area
01/08/2006 – 10:15 AM
Session: Wall Street Analysts: Real Talent? Serious Conflicts?
Chair: Kent Womack, Dartmouth College – Tuck School of Business
Ulrike Malmendier, University of California, Berkeley – Department of Economics and Devin M. Shanthikumar, University of California, Irvine – Accounting Area – Do Security Analysts Speak in Two Tongues?
Anup Agrawal, University of Alabama – Culverhouse College of Commerce & Business Administration and Mark A. Chen, Georgia State University – Department of Finance – Do Analyst Conflicts Matter? Evidence from Stock Recommendations
Leonardo Madureira, Case Western Reserve University – Department of Banking & Finance, Ohad Kadan, Washington University in Saint Louis – Olin Business School, Rong Wang, Singapore Management University and Tzachi Zach, Ohio State University (OSU) – Fisher College of Business – Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations
Lily H. Fang, INSEAD – Finance and Ayako Yasuda, University of Pennsylvania – Finance Department – Are Stars’ Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values
Discussants:
Xi Li, Hong Kong University of Science & Technology (HKUST)
01/08/2006 – 1:00 PM
Session: Corporate Investment & Performance
Chair: Edith Hotchkiss, Boston College – Carroll School of Management
Julian R. Franks, London Business School – Institute of Finance and Accounting and Gyongyi Loranth, Centre for Economic Policy Research (CEPR) – A Study of Inefficient Going Concerns in Bankruptcy
Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management, Wan Wongsunwai, Northwestern University and Josh Lerner, Harvard Business School – Finance Unit – Smart Institutions, Foolish Choices?: The Limited Partner Performance Puzzle
Konan Chan, University of Hong Kong, David L. Ikenberry, University of Colorado at Boulder – Leeds School of Business, Inmoo Lee, Korea Advanced Institute of Science and Technology (KAIST) – Graduate School of Finance and Yanzhi Wang, National Taiwan University – Share Repurchases as a Tool to Mislead Investors: Evidence from Earnings Quality and Stock Performance
Discussants:
Per Strömberg, Institute for Financial Research (SIFR)
Robert Parrino, University of Texas at Austin – Department of Finance
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/08/2006 – 1:00 PM
Session: Imperfect Trading & Asset Prices
Chair: Owen Lamont, Yale School of Management
David A. Hirshleifer, University of California, Irvine – Paul Merage School of Business, Siew Hong Teoh, University of California, Irvine – Paul Merage School of Business and Jeff Jiewei Yu, Southern Methodist University (SMU) – Edwin L. Cox School of Business – Do Short-Sellers Arbitrage Accounting-Based Stock Market Anomalies?*
Steven J. Huddart, Pennsylvania State University – Department of Accounting, Mark H. Lang, University of North Carolina (UNC) at Chapel Hill – Accounting Area and Michelle Yetman, University of California, Davis – Graduate School of Management – Psychological Factors, Stock Price Paths, and Trading Volume
Suresh M. Sundaresan, Columbia Business School – Finance and Economics and Zhenyu Wang, University of Texas at Austin – Department of Finance – Public Provision of Private Liquidity: Evidence from the Millennium Date Change
Discussants:
Scott Richardson, London Business School
Stefan Nagel, Stanford Graduate School of Business
Francis Longstaff, University of California, Los Angeles (UCLA) – Finance Area
01/08/2006 – 1:00 PM
Session: Information, Trade, & Asset Prices
Chair: Tano Santos, Columbia Business School – Economics Department
Han N. Ozsoylev, University of Oxford – Said Business School – Asset Pricing Implications of Social Networks
Snehal Banerjee, Kellogg School of Management – Department of Finance and Ilan Kremer, Stanford Graduate School of Business – Disagreement and Learning: Dynamic Patterns of Trade
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance and Laura Veldkamp, Leonard N. Stern School of Business – Department of Economics – Information Immobility and the Home Bias Puzzle
Discussants:
Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Jiang Wang, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Hyun Shin, Princeton University – Department of Economics
01/08/2006 – 1:00 PM
Session: International Political Economy & Finance
Chair: Raymond Fisman, Columbia Business School – Finance and Economics
Mara Faccio, Purdue University – Krannert School of Management, Ronald W. Masulis, University of New South Wales (UNSW) – School of Banking and Finance and John J. McConnell, Purdue University – Krannert School of Management – Political Connections and Corporate Bailouts
Utpal Bhattacharya, Indiana University Bloomington – Department of Finance, Neal E. Galpin, University of Melbourne – Department of Finance and Bruce Haslem, Florida State University – College of Business – The Home Court Advantage in International Corporate Litigation
Enrico C. Perotti, University of Amsterdam – Finance Group and Erik H. B. Feyen, World Bank – Financial Sector Vice Presidency – The Political Economy of Financial Fragility
Discussants:
Serdar Dinc, Federal Reserve Banks – Federal Reserve Bank of Chicago
Roberta Romano, Yale University – Law School
Luigi Zingales, University of Chicago – Booth School of Business (Finance Authors)
01/08/2006 – 1:00 PM
Session: Risk Premia
Chair: Leonid Kogan, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Francisco Gomes, London Business School – Institute of Finance and Accounting and Alexander Michaelides, University of Cyprus – Department of Public and Business Administration – Asset Pricing with Limited Risk Sharing and Heterogeneous Agents
Long Chen, Washington University in Saint Louis – Olin Business School, Pierre Collin-Dufresne, Columbia Business School – Finance and Economics and Robert S. Goldstein, University of Minnesota – Twin Cities – Carlson School of Management – On the Relation between the Credit Spread Puzzle and the Equity Premium Puzzle
Ilan Cooper, Norwegian School of Management BI – Department of Financial Economics and Richard Priestley, Norwegian School of Management BI – Department of Financial Economics – Stock Return Predictability in a Production Economy
Martin F. Quaas, University of Kiel – Faculty of Economics and Social Sciences and Stefan Baumgärtner, University of Lueneburg – Natural Vs. Financial Insurance in the Management of Public-Good Ecosystems
Discussants:
Annette Vissing-Jorgensen, Northwestern University – Kellogg School of Management
Pietro Veronesi, University of Chicago – Booth School of Business (Finance Authors)
Jonathan Lewellen, Dartmouth College – Tuck School of Business