AFA 2008 NEW ORLEANS MEETINGS (ARCHIVE)
New Orleans, LA – January 4, 2008 through January 6, 2008
SIXTY EIGHTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION
President: Kenneth R. French
President-Elect and Program Chair: Jeremy C. Stein
1/5/2008 5:30 PM
Business Meeting and Presidential Address
01/04/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom E
Session: Bank Capital Requirements & the Business Cycle
Chair: Viral Acharya, New York University (NYU) – Leonard N. Stern School of Business
Rafael Repullo, Centre for Monetary and Financial Studies (CEMFI) and Javier Suarez, Centre for Monetary and Financial Studies (CEMFI) – The Procyclical Effects of Basel II
Diana Hancock, Government of the United States of America – Division of Research and Statistics, Joe Peek, Federal Reserve Banks – Federal Reserve Bank of Boston and James A. Wilcox, University of California, Berkeley – Economic Analysis & Policy Group – The Repercussions on Small Banks and Small Businesses of Procyclical Bank Capital and Countercyclical Loan Guarantees
Christophe Perignon, HEC Paris (Groupe HEC) – Departement Finance et Economie and Daniel R. Smith, Queensland University of Technology – School of Economics and Finance – The Level and Quality of Value-at-Risk Disclosure by Commercial Banks
Eberhard Feess, Frankfurt School of Finance & Management and Ulrich Hege, HEC Paris (Groupe HEC) – Departement Finance et Economie – The Basel II Accord and the Value of Bank Differentiation
Discussants:
Andrew Winton, University of Minnesota – Twin Cities – Carlson School of Management
Philip Strahan, Boston College – Department of Finance
Anthony Saunders, New York University (NYU) – Department of Finance
Tanju Yorulmazer, Federal Reserve Banks – Federal Reserve Bank of New York
01/04/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom A
Session: Private Security Issuance & the Going Private Decision
Chair: Heitor Almeida, University of Illinois at Urbana-Champaign
Matthew T. Billett, Indiana University Bloomington – Department of Finance, Mark J. Flannery, University of Florida – Department of Finance, Insurance and Real Estate and Jon A. Garfinkel, University of Iowa – Department of Finance – Frequent Issuers’ Influence on Long-Run Post-Issuance Returns
Gordon M. Phillips, University of Maryland – Department of Finance and Armando R. Gomes, Washington University in Saint Louis – Olin Business School – Why Do Public Firms Issue Private and Public Securities?
Arnoud W. A. Boot, University of Amsterdam – Department of Finance and Organization, Radhakrishnan Gopalan, Washington University in Saint Louis – Olin Business School and Anjan V. Thakor, Washington University in Saint Louis – Olin Business School – Market Liquidity, Investor Participation and Managerial Autonomy: Why Do Firms Go Private?
Sreedhar T. Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Amy K. Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – To Be or Not to Be (Public)
Discussants:
Charles Hadlock, Michigan State University – The Eli Broad College of Business and The Eli Broad Graduate School of Management
Michael Hertzel, Arizona State University (ASU) – Finance Department
Daniel Ferreira, London School of Economics & Political Science (LSE) – Department of Finance
Ekkehart Boehmer, EDHEC Business School
01/04/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom B
Session: Risks & Risk Compensation in Asset Markets
Chair: Ravi Bansal, Duke University – Fuqua School of Business
Ravi Jagannathan, Northwestern University – Kellogg School of Management, Srikant Marakani, City University of Hong Kong (CityUHK), Hitoshi Takehara, University of Tsukuba – Institute of Policy and Planning Sciences and Yong Wang, Hong Kong Polytechnic University – Calendar Cycles, Infrequent Decisions and the Cross-Section of Stock Returns
Ray Ball, University of Chicago – Booth School of Business, Gil Sadka, Columbia Business School – Accounting, Business Law & Taxation and Ronnie Sadka, Boston College – Department of Economics – Aggregate Earnings and Asset Prices
Huafeng (Jason) Chen, University of British Columbia (UBC) – Sauder School of Business, Marcin T. Kacperczyk, New York University (NYU) – Leonard N. Stern School of Business and Hernan Ortiz-Molina, University of British Columbia (UBC) – Sauder School of Business – Labor Unions, Operating Flexibility, and the Cost of Equity
Robert D. Arnott, Research Affiliates, LLC, Jason C. Hsu, Research Affiliates, LLC, Jun Liu, University of California, San Diego (UCSD) – Rady School of Management and Harry Markowitz, University of California, San Diego (UCSD) – Department of Economics – Can Noise Create Size and Value Effects?
Discussants:
Dana Kiku, University of Pennsylvania – The Wharton School
Robert Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Hengjie Ai, Duke University
Hengjie Ai, Duke University – Fuqua School of Business
Amir Yaron, University of Pennsylvania – Finance Department
01/04/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom D
Session: Corporate Fraud
Chair: Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill – Finance Area
John M. Bizjak, Portland State University – School of Business Administration, Michael L. Lemmon, University of Utah – Department of Finance and Ryan J. Whitby, Texas Tech University – Area of Finance – Option Backdating and Board Interlocks
Discussants:
Urs Peyer, INSEAD – Finance
01/04/2008 – 8:00 AM
Location: Sheraton-Grand Chenier
Session: Advances in Portfolio Theory
Chair: Jessica Wachter, University of Pennsylvania – Finance Department
Jaksa Cvitanic, California Institute of Technology – Division of the Humanities and Social Sciences, Levon Goukasian, Pepperdine University – Finance and Fernando Zapatero, University of Southern California – Marshall School of Business – Optimal Risk Taking With Flexible Income
Andrea Buraschi, Imperial College Business School, Paolo Porchia, IE University and Fabio Trojani, Swiss Finance Institute – Correlation Risk and Optimal Portfolio Choice
Frank Lutgens, Maastricht School of Business and Economics and Peter C. Schotman, Maastricht Accounting and Auditing Research and Education Center (MARC) – Predictability-Robust Dynamic Portfolio Choice
Hong Liu, Washington University in Saint Louis – Olin Business School and Mark Loewenstein, University of Maryland – Robert H. Smith School of Business – Optimal Portfolio Selection with Transaction Costs and ‘Event Risk’
Discussants:
Vicky Henderson, University of Oxford – Oxford-Man Institute of Quantitative Finance
Michael Johannes, Columbia Business School – Finance and Economics
Zhenyu Wang, Federal Reserve Banks – Federal Reserve Bank of New York
Francis Longstaff, University of California, Los Angeles (UCLA) – Finance Area
01/04/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom A
Session: Market Timing & Corporate Finance
Chair: Malcolm Baker, Harvard Business School – Finance Unit
Dirk Jenter, Stanford Graduate School of Business, Katharina Lewellen, Dartmouth College – Tuck School of Business and Jerold B. Warner, Simon Graduate School of Business, University of Rochester – Security Issue Timing: What Do Managers Know, and When Do They Know it?
Stefano DellaVigna, University of California, Berkeley and Joshua Matthew Pollet, Michigan State University – Capital Budgeting vs. Market Timing: An Evaluation Using Demographics
Aydogan Alti, University of Texas at Austin – Department of Finance and Johan Sulaeman, Southern Methodist University (SMU) – Finance Department – When Do High Stock Returns Trigger Equity Issues?
Michael G. Hertzel, Arizona State University (ASU) – Finance Department and Zhi Li, Tulane University – Behavioral and Rational Explanations of Stock Price Performance Around SEOS: Evidence from a Decomposition of Market-to-Book Ratios
Discussants:
Ryan Taliaferro, Harvard Business School – Finance Unit
Christopher Polk, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Jay Ritter, University of Florida – Department of Finance, Insurance and Real Estate
01/04/2008 – 10:15 AM
Location: Sheraton-Grand Chenier
Session: International Stock Markets
Chair: Geert Bekaert, Columbia Business School – Finance and Economics
Sanjeev Bhojraj, Cornell University – Samuel Curtis Johnson Graduate School of Management and David Ng, Cornell University – Cross-Country Differences in Firm Multiples
Kee-Hong Bae, York University – Schulich School of Business, Arzu Ozoguz, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School, Hongping Tan, University of Waterloo – School of Accounting and Finance and Tony S. Wirjanto, University of Waterloo – School of Accounting and Finance – Do Foreigners Facilitate Information Transmission in Emerging Markets?
John M. Griffin, University of Texas at Austin – Department of Finance, Patrick J. Kelly, University of South Florida – Department of Finance and Federico Nardari, University of Houston – Department of Finance – Are Emerging Markets More Profitable? Implications for Comparing Weak and Semi-Strong Form Efficiency
Louis Joseph Gagnon, Queen’s School of Business, George Andrew Karolyi, Cornell University – Samuel Curtis Johnson Graduate School of Management and Kuan-Hui Lee, Seoul National University – College of Business Administration – The Dynamic Volume-Return Relationship of Individual Stocks: The International Evidence
Discussants:
Stephan Siegel, University of Washington – Michael G. Foster School of Business
Kathy Yuan, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Randall Morck, University of Alberta – Department of Finance and Management Science
John Griffin, University of Texas at Austin – Department of Finance
01/04/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom B
Session: Corporate Bankruptcy & Financial Distress
Chair: Antonio Bernardo, University of California, Los Angeles (UCLA) – Finance Area
Viral V. Acharya, New York University (NYU) – Leonard N. Stern School of Business and Krishnamurthy Subramanian, Indian School of Business (ISB), Hyderabad – Bankruptcy Codes and Innovation
Effi Benmelech, Harvard University – Department of Economics (Finance Authors) and Nittai Bergman, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines
Douglas G. Baird, University of Chicago – Law School, Arturo Bris, IMD International and Ning Zhu, China Academy of Financial Research (CAFR) – The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study
Discussants:
Mark Garmaise, University of California, Los Angeles (UCLA) – Anderson School of Management
Andrea Eisfeldt, University of California, Los Angeles (UCLA) – Anderson School of Management
Per Strömberg, Institute for Financial Research (SIFR)
01/04/2008 – 10:15 AM
Location: Sheraton-Grand Couteau
Session: Dividends
Chair: Kose John, New York University (NYU) – Department of Finance
Bo Becker, Harvard Business School, Zoran Ivkovich, Michigan State University – Department of Finance and Scott J. Weisbenner, University of Illinois at Urbana-Champaign – Department of Finance – Local Dividend Clienteles
Amir Rubin, Simon Fraser University (SFU) – Finance Area and Daniel R. Smith, Queensland University of Technology – School of Economics and Finance – Institutional Ownership, Volatility and Dividends
Naveen D. Daniel, Drexel University – Department of Finance, David J. Denis, University of Pittsburgh – Katz Graduate School of Business and Lalitha Naveen, Temple University – Department of Finance – Do Firms Manage Earnings to Meet Dividend Thresholds?
Gustavo Grullon, Rice University – Jesse H. Jones Graduate School of Business and Roni Michaely, Cornell University – Samuel Curtis Johnson Graduate School of Management – Corporate Payout Policy and Product Market Competition
Discussants:
Jeffrey Wurgler, New York University (NYU) – Department of Finance
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management
Anzhela Knyazeva, Simon Graduate School of Business, University of Rochester
Gordon Phillips, University of Maryland – Department of Finance
01/04/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom D
Session: Information Flows in Institutional Portfolios
Chair: Marcin Kacperczyk, New York University (NYU) – Leonard N. Stern School of Business
Andrea Frazzini, AQR Capital Management, LLC, Christopher J. Malloy, Harvard Business School and Lauren Cohen, Harvard Business School – The Small World of Investing: Board Connections and Mutual Fund Returns
Victoria Ivashina, Harvard Business School – Finance Unit and Zheng Sun, University of California, Irvine – Paul Merage School of Business – Institutional Stock Trading on Loan Market Information
Richard Fu, San Jose State University – Accounting & Finance and Swasti Gupta-Mukherjee, Loyola University of Chicago – School of Business Administration – Geography, Informal Information Flows and Mutual Fund Portfolios
Discussants:
Amit Seru, University of Chicago – Booth School of Business (Finance Authors)
Murray Carlson, University of British Columbia (UBC) – Sauder School of Business
Clemens Sialm, University of Texas at Austin – Red McCombs School of Business
01/04/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom E
Session: Empirical Asset Pricing in the Cross-Section & Time Series
Chair: Annette Vissing-Jorgensen, Northwestern University – Kellogg School of Management
Joao F. Gomes, University of Pennsylvania – Finance Department, Leonid Kogan, Massachusetts Institute of Technology (MIT) – Sloan School of Management and Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis – Durability of Output and Expected Stock Returns
Lorenzo Garlappi, University of British Columbia (UBC) – Sauder School of Business and Hong Yan, University of South Carolina – Department of Finance – Financial Distress and the Cross Section of Equity Returns
Discussants:
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance
Lu Zhang, Ohio State University (OSU) – Department of Finance
01/04/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom E
Session: Options
Chair: David Bates, University of Iowa – Department of Finance
Mark Broadie, Columbia Business School – Decision Risk and Operations, Michael S. Johannes, Columbia Business School – Finance and Economics and Mikhail Chernov, London School of Economics & Political Science (LSE) – Understanding Index Option Returns
Peter Christoffersen, University of Toronto – Rotman School of Management, Kris Jacobs, University of Houston – C.T. Bauer College of Business and Karim Mimouni, McGill University – Faculty of Management – Volatility Dynamics for the S&P500: Evidence from Realized Volatility, Daily Returns and Option Prices
Neil D. Pearson, University of Illinois at Urbana-Champaign – Department of Finance, Allen M. Poteshman, University of Illinois at Urbana-Champaign – Department of Finance and Joshua S. White, University of Illinois at Urbana-Champaign – Department of Finance – Does Option Trading Have a Pervasive Impact on Underlying Stock Prices?
George O. Aragon, Arizona State University (ASU) – Finance Department and J. Spencer Martin, University of Melbourne – Department of Finance – Informed Trader Usage of Stock vs. Option Markets: Evidence from Hedge Fund Investment Advisors
Discussants:
Christian Schlag, Goethe University Frankfurt
Michael Johannes, Columbia Business School – Finance and Economics
Kerry Back, Texas A&M University (TAMU) – College of Business and Technology
Nicolas P.B. Bollen, Vanderbilt University – Owen Graduate School of Management
01/04/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom A
Session: Corporate Liquidity
Chair: Nittai Bergman, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Adriano A. Rampini, Duke University – Fuqua School of Business and Andrea L. Eisfeldt, University of California, Los Angeles (UCLA) – Anderson School of Management – Financing Shortfalls and the Value of Aggregate Liquidity
Karl V. Lins, University of Utah – Department of Finance, Henri Servaes, London Business School – Institute of Finance and Accounting and Peter Tufano, University of Oxford – Said Business School – What Drives Corporate Liquidity? An International Survey of Cash Holdings and Lines of Credit
Discussants:
Gustavo Manso, University of California, Berkeley – Haas School of Business
Heitor Almeida, University of Illinois at Urbana-Champaign
01/04/2008 – 2:30 PM
Location: Sheraton-Grand Chenier
Session: Market Making
Chair: Hendrik Bessembinder, University of Utah – Department of Finance
Michael J. Fleming, Federal Reserve Banks – Federal Reserve Bank of New York and Joshua V. Rosenberg, Federal Reserve Banks – Federal Reserve Bank of New York – How do Treasury Dealers Manage their Positions?
Albert J. Menkveld, VU University Amsterdam – Faculty of Economics and Business Administration and Ting Wang, VU University Amsterdam – How Do Designated Market Makers Create Value for Small-Caps?
Dan Li, Federal Reserve Board – Rounding as Discrimination – Price Clustering in the OTC Tax-Exempt Bond Market
Terrence Hendershott, University of California, Berkeley – Haas School of Business, Pamela C. Moulton, Cornell University and Mark S. Seasholes, Hong Kong University of Science & Technology (HKUST) – Department of Finance – Market Maker Inventories and Liquidity
Discussants:
Pradeep Yadav, University of Oklahoma – Division of Finance
Kumar Venkataraman, Southern Methodist University (SMU) – Edwin L. Cox School of Business
Amy Edwards, Securities and Exchange Commission (SEC)
Marios Panayides, University of Pittsburgh – Finance Group
01/04/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom B
Session: Mispricing & Limits to Arbitrage
Chair: Anna Scherbina, Harvard Business School – Finance Unit
Doron Avramov, Hebrew University of Jerusalem, Tarun Chordia, Emory University – Department of Finance, Gergana Jostova, George Washington University – Department of Finance and Alexander Philipov, George Mason University – Finance Area – Dispersion in Analysts’ Earnings Forecasts and Credit Rating
David A. Hirshleifer, University of California, Irvine – Paul Merage School of Business and Danling Jiang, Florida State University – Department of Finance – A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns
Tarun Chordia, Emory University – Department of Finance, Ronnie Sadka, Boston College – Department of Economics, Amit Goyal, University of Lausanne, Gil Sadka, Columbia Business School – Accounting, Business Law & Taxation and Lakshmanan Shivakumar, London Business School – Liquidity and the Post-Earnings-Announcement Drift
Discussants:
Karl Diether, Dartmouth College – Tuck School of Business
Kent Daniel, Goldman Sachs Group, Inc. – Quantitative Strategy Group
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) – Finance Area
01/04/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom D
Session: Which CEOs Matter & When?
Chair: Rebecca Zarutskie, Duke University – Fuqua School of Business
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne, Bernadette A. Minton, Ohio State University (OSU) – Department of Finance and Carrie H. Pan, Santa Clara University – Department of Finance – The Market for Comeback CEOs
Steven N. Kaplan, University of Chicago – Booth School of Business (Finance Authors), Mark M. Klebanov, University of Chicago – Booth School of Business and Morten Sorensen, Columbia Business School – Finance and Economics – Which CEO Characteristics and Abilities Matter?
Jesus M. Salas, Lehigh University – Department of Finance and Law – Entrenchment, Governance, and the Stock Price Reaction to Sudden Executive Deaths
Discussants:
Dirk Jenter, Stanford Graduate School of Business
Carola Frydman, Boston University – Department of Economics
Francisco Perez-Gonzalez, Stanford Graduate School of Business
01/05/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom A
Session: Bank Risk
Chair: Allen Berger, Government of the United States of America – Monetary and Financial Studies Section
Cem Demiroglu, University of Florida – Department of Finance, Insurance and Real Estate and Christopher M. James, University of Florida – Department of Finance, Insurance and Real Estate – The Information Content of Bank Loan Covenants
Jesus Saurina Salas, Bank of Spain, Gabriel Jiménez, Bank of Spain and Jose A. Lopez, Federal Reserve Banks – Federal Reserve Bank of San Francisco – How Does Competition Impact Bank Risk Taking?
Vasso Ioannidou, Tilburg University – Department of Finance and Steven R. G. Ongena, Tilburg University – Center for Economic Research (CentER) – ‘Time for a Change’: Loan Conditions and Bank Behavior when Firms Switch Banks
Discussants:
Christa Bouwman, Case Western Reserve University – Department of Banking & Finance
Astrid Dick, INSEAD
Lamont Black, Government of the United States of America – Division of Research and Statistics
01/05/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom B
Session: Credit Risk
Chair: Robert Goldstein, University of Minnesota – Twin Cities – Carlson School of Management
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Antje Berndt, Carnegie Mellon University and Anastasiya Ostrovnaya, Carnegie Mellon University – David A. Tepper School of Business – Do Equity Markets Favor Credit Markets News Over Options Market News?
Michael B. Gordy, Government of the United States of America – Monetary and Financial Studies Section and Mark Carey, Government of the United States of America – International Banking Section – The Bank as Grim Reaper: Debt Composition and Recoveries on Defaulted Debt
Discussants:
Alexander David, University of Calgary – Haskayne School of Business
Gaiyan Zhang, University of Missouri at Saint Louis
Sergei Davydenko, University of Toronto – Finance Area
01/05/2008 – 8:00 AM
Location: Sheraton-Grand Chenier
Session: Mutual Funds
Chair: Mark Grinblatt, University of California, Los Angeles (UCLA) – Finance Area
Theodore E. Day, University of Texas at Dallas – School of Management – Department of Finance & Managerial Economics, George Z. Li, New Jersey City University and Yexiao Xu, University of Texas at Dallas – School of Management – Dividend Distributions and Closed-End Fund Discounts
Russ R. Wermers, University of Maryland – Robert H. Smith School of Business, Youchang Wu, University of Wisconsin – Madison and Josef Zechner, Vienna University of Economics and Business Administration – Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers
Discussants:
Jeffrey Pontiff, Boston College – Department of Finance
Lu Zheng, University of California, Irvine – Paul Merage School of Business
01/05/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom E
Session: Volume & Liquidity
Chair: Jennifer Huang, University of Texas at Austin – Department of Finance
Daniel Dorn, Drexel University – Department of Finance and Gur Huberman, Columbia Business School – Finance and Economics – Turnover and Volatility
Timothy C. Johnson, London Business School – Volume, Liquidity, and Liquidity Risk
Marzena J. Rostek, University of Wisconsin – Madison and Marek Weretka, University of Wisconsin – Madison – Department of Economics – Frequent Trading and Price Impact in Thin Markets
Discussants:
Bing Han, University of Texas at Austin – Department of Finance
Arvind Krishnamurthy, Northwestern University – Kellogg School of Management
Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
01/05/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom D
Session: Proxy Voting, Privatization & Boards of Directors
Chair: Michael Weisbach, Ohio State University (OSU) – Department of Finance
Cindy R. Alexander, Securities and Exchange Commission (SEC), Duane J. Seppi, Carnegie Mellon University – David A. Tepper School of Business, Mark A. Chen, Georgia State University – Department of Finance and Chester S. Spatt, Carnegie Mellon University – David A. Tepper School of Business – The Role of Advisory Services in Proxy Voting
Martijn Cremers, Yale School of Management and Roberta Romano, Yale University – Law School – Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation
Jianping Deng, University of Electronic Science and Technology of China (UESTC), Jia He, Chinese University of Hong Kong (CUHK) – Department of Finance and Jie Gan, Hong Kong University of Science & Technology (HKUST) – Department of Finance – Political Constraints, Organizational Forms, and Privatization Performance: Evidence from China
Jeffrey L. Coles, Arizona State University (ASU) – Finance Department, Naveen D. Daniel, Drexel University – Department of Finance and Lalitha Naveen, Temple University – Department of Finance – Co-opted Boards: Causes and Consequences
Discussants:
Gregor Matvos, University of Chicago – Booth School of Business (Finance Authors)
Chester Spatt, Carnegie Mellon University – David A. Tepper School of Business
Mara Faccio, Purdue University – Krannert School of Management
Renée Adams, Australian School of Business at UNSW
01/05/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom E
Session: Politics & Firms
Chair: Marianne Bertrand, University of Chicago – Booth School of Business
Mara Faccio, Purdue University – Krannert School of Management and David C. Parsley, Vanderbilt University – Owen Graduate School of Management – Sudden Deaths: Taking Stock of Geographic Ties
Alexander W. Butler, Rice University – Jesse H. Jones Graduate School of Business, Larry Fauver, University of Tennessee, Knoxville – Department of Finance and Sandra Mortal, University of Memphis – Fogelman College of Business and Economics – Corruption, Political Connections, and Municipal Finance
Stijn Claessens, International Monetary Fund (IMF) – Research Department, Erik H. B. Feyen, World Bank – Financial Sector Vice Presidency and Luc A. Laeven, World Bank – Policy Unit – Political Connections and Preferential Access to Finance: The Role of Campaign Contributions
Discussants:
Raymond Fisman, Columbia Business School – Finance and Economics
Atif Mian, University of California, Berkeley – Haas School of Business
David Thesmar, HEC Paris (Groupe HEC)
01/05/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom A
Session: Household Finance
Chair: Markus Brunnermeier, Princeton University – Department of Economics
Laurent E. Calvet, HEC Paris (Groupe HEC), John Y. Campbell, Harvard University – Department of Economics (Finance Authors) and Paolo Sodini, Stockholm School of Economics – Department of Finance – Fight or Flight? Portfolio Rebalancing by Individual Investors
Markku Kaustia, Aalto University – Department of Accounting and Finance and Samuli Knüpfer, London Business School – Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions
Juhani T. Linnainmaa, University of Chicago – Booth School of Business (Finance Authors) – Why Do (Some) Households Trade So Much?
Discussants:
Stefan Nagel, Stanford Graduate School of Business
Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis
Tobias Adrian, Federal Reserve Banks – Federal Reserve Bank of New York
01/05/2008 – 10:15 AM
Location: Sheraton-Grand Chenier
Session: IPOs
Chair: Francesca Cornelli, London Business School
Wendy Yunchun Hu, University of Florida – Warrington College of Business Administration and Jay R. Ritter, University of Florida – Department of Finance, Insurance and Real Estate – Multiple Bookrunners in IPOs
Ugur Celikyurt, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School, Merih Sevilir, Indiana University Bloomington and Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill – Finance Area – Going Public to Acquire: The Acquisition Motive for IPOs
Amit Bubna, Indian School of Business (ISB), Hyderabad and Nagpurnanand R. Prabhala, University of Maryland – Robert H. Smith School of Business – When Bookbuilding Meets IPOs
Discussants:
Gerard Hoberg, University of Maryland – Department of Finance
Henri Servaes, London Business School – Institute of Finance and Accounting
01/05/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom B
Session: Stock Returns & the Economy
Chair: Ravi Jagannathan, Northwestern University – Kellogg School of Management
Robert F. Engle, Leonard N. Stern School of Business – Department of Economics, Eric Ghysels, University of North Carolina (UNC) at Chapel Hill – Department of Economics and Bumjean Sohn, Georgetown University – Department of Finance – On the Economic Sources of Stock Market Volatility
Tim Bollerslev, Duke University – Finance, George E. Tauchen, Duke University, Fuqua School of Business-Economics Group and Hao Zhou, Government of the United States of America – Trading Risk Analysis Section – Expected Stock Returns and Variance Risk Premia
Elroy Dimson, London Business School, Paul Marsh, London Business School – Institute of Finance and Accounting and Mike Staunton, London Business School – Institute of Finance and Accounting – The Worldwide Equity Premium: A Smaller Puzzle
Discussants:
Christopher Jones, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Stephen Brown, New York University (NYU) – Department of Finance
01/05/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom D
Session: CEO Pay: Design, Incentives & Outcomes
Chair: Steven Kaplan, University of Chicago – Booth School of Business (Finance Authors)
Michael W. Faulkender, University of Maryland – Robert H. Smith School of Business and Jun Yang, Indiana University Bloomington – Department of Finance – Inside the Black Box: The Role and Composition of Compensation Peer Groups
J. Carr Bettis, Arizona State University (ASU) – Finance Department, John M. Bizjak, Portland State University – School of Business Administration, Jeffrey L. Coles, Arizona State University (ASU) – Finance Department and Swaminathan L. Kalpathy, Southern Methodist University (SMU) – Stock and Option Grants with Performance-Based Vesting Provisions
Antonio Falato, Government of the United States of America – Capital Markets Section – Superstars or Superlemons? Top Executive Pay and Corporate Acquisitions
Discussants:
Augustin Landier, University of Toulouse 1 – Toulouse School of Economics (TSE)
David Yermack, New York University (NYU) – Department of Finance
Bengt Holmström, Massachusetts Institute of Technology (MIT) – Department of Economics
01/05/2008 – 2:30 PM
Location: Sheraton-Grand Chenier
Session: Trends in Empirical Capital Structure
Chair: Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management
Michael R. Roberts, University of Pennsylvania – Finance Department and Amir Sufi, University of Chicago – Booth School of Business (Finance Authors) – Control Rights and Capital Structure: An Empirical Investigation
Alexander Kurshev, London Business School – Department of Finance and Ilya A. Strebulaev, Stanford Graduate School of Business – Firm Size and Capital Structure
Michael W. Faulkender, University of Maryland – Robert H. Smith School of Business, Mark J. Flannery, University of Florida – Department of Finance, Insurance and Real Estate, Kristine Watson Hankins, University of Kentucky – Finance and Jason M. Smith, University of Kentucky – Gatton College of Business and Economics – Cash Flows and Leverage Adjustments
Sreedhar T. Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business, Paolo Pasquariello, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Guojun Wu, University of Houston – C.T. Bauer College of Business – Does Asymmetric Information Drive Capital Structure Decisions?
Discussants:
Viral Acharya, New York University (NYU) – Leonard N. Stern School of Business
Dirk Hackbarth, University of Illinois at Urbana-Champaign – Department of Finance
Mark Leary, Washington University in Saint Louis – Olin Business School
Murray Frank, University of Minnesota – Twin Cities – Department of Business Finance
01/05/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom A
Session: Executive Compensation
Chair: Dirk Jenter, Stanford Graduate School of Business
Carola Frydman, Boston University – Department of Economics and Raven E. Saks, Government of the United States of America – Division of Research and Statistics – Executive Compensation: A New View from a Long-Term Perspective, 1936-2005
Joshua D. Rauh, Kellogg School of Management – Department of Finance and Steven N. Kaplan, University of Chicago – Booth School of Business (Finance Authors) – Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?
Sandeep Dahiya, Georgetown University – Department of Finance and David Yermack, New York University (NYU) – Department of Finance – You Can’t Take it With You: Sunset Provisions for Equity Compensation when Managers Retire, Resign, or Die
Discussants:
Laura Starks, University of Texas at Austin – Department of Finance
Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/05/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom E
Session: Information & Trade
Chair: Christine Parlour, University of California, Berkeley – Finance Group
Paolo Colla, Bocconi University and Antonio Mele, London School of Economics & Political Science (LSE) – Financial Markets Group – Information Linkages and Correlated Trading
Nevzat Eren, University of Minnesota – Twin Cities – College of Liberal Arts and Han N. Ozsoylev, University of Oxford – Said Business School – Hype and Dump Manipulation
Discussants:
Johan Walden, University of California, Berkeley – Haas School of Business
Bilge Yilmaz, University of Pennsylvania – Finance Department
01/05/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom B
Session: Understanding Investor Preferences
Chair: Christopher Polk, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Marcin T. Kacperczyk, New York University (NYU) – Leonard N. Stern School of Business and Harrison G. Hong, Princeton University – Department of Economics – The Price of Sin: The Effects of Social Norms on Markets
Ulrike Malmendier, University of California, Berkeley – Department of Economics and Stefan Nagel, Stanford Graduate School of Business – Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Brian J. Henderson, George Washington University – Department of Finance and Neil D. Pearson, University of Illinois at Urbana-Champaign – Department of Finance – Patterns in the Payoffs of Structured Equity Derivatives
Discussants:
Antti Petajisto, New York University (NYU) – Department of Finance
Randolph Cohen, Harvard Business School – Finance Unit
Joshua Coval, Harvard Business School – Finance Unit
01/05/2008 – 2:30 PM
Location: Sheraton-Grand Ballroom D
Session: Predictability in the Stock, Bond, & Options Markets
Chair: Rossen Valkanov, University of California, San Diego (UCSD) – Rady School of Management
Peter Christoffersen, University of Toronto – Rotman School of Management, Kris Jacobs, University of Houston – C.T. Bauer College of Business and Gregory Vainberg, McGill University – Faculty of Management – Forward-Looking Betas
Louis H. Ederington, University of Oklahoma – Division of Finance and Wei Guan, University of South Florida St. Petersburg – Time Series Volatility Forecasts for Option Valuation and Risk Management
Jessica A. Wachter, University of Pennsylvania – Finance Department and Missaka Warusawitharana, Federal Reserve Board – What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions
Discussants:
Shingo Goto, University of South Carolina – Moore School of Business
George Jiang, University of Arizona – Eller College of Management
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance
01/06/2008 – 8:00 AM
Location: Sheraton-Grand Chenier
Session: Corporate Governance
Chair: I.J. Dyck, University of Toronto – Rotman School of Management
Tim Jenkinson, University of Oxford – Said Business School and Tarun Ramadorai, University of Oxford – Said Business School – Does One Size Fit All? The Consequences of Switching Markets with Different Regulatory Standards
Valentina Giulia Bruno, American University – Department of Finance and Real Estate and Stijn Claessens, International Monetary Fund (IMF) – Research Department – Corporate Governance and Regulation: Can There be too Much of a Good Thing?
Joseph P. H. Fan, Chinese University of Hong Kong (CUHK) – School of Accountancy, Randall K. Morck, University of Alberta – Department of Finance and Management Science, Jun Huang, Shanghai University of Finance and Economics and Bernard Yin Yeung, Leonard N. Stern School of Business – Department of Economics – Institutional Determinants of Vertical Integration: Evidence from China
Discussants:
Christian Leuz, University of Chicago – Booth School of Business
Craig Doidge, University of Toronto – Rotman School of Management
Franklin Allen, University of Pennsylvania – Finance Department
01/06/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom A
Session: Technology, Skewness & Stock Returns
Chair: Jonathan Lewellen, Dartmouth College – Tuck School of Business
Stefan Nagel, Stanford Graduate School of Business and Robin Marc Greenwood, Harvard Business School – Finance Unit – Inexperienced Investors and Bubbles
Laura Frieder, Purdue University – Krannert School of Management and George J. Jiang, University of Arizona – Eller College of Management – Separating Up from Down: New Evidence on the Idiosyncratic Volatility – Return Relation
Discussants:
Owen Lamont, Yale School of Management
Joseph Chen, University of California, Davis – Graduate School of Management
01/06/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom B
Session: Price (De-)Stabilizing Short Selling
Chair: Lasse Pedersen, New York University (NYU) – Department of Finance
Harrison G. Hong, Princeton University – Department of Economics, Jeffrey D. Kubik, Syracuse University – Department of Economics and Tal Fishman, Princeton University – Bendheim Center for Finance – Do Arbitrageurs Amplify Economic Shocks?
Andriy Shkilko, Wilfrid Laurier University – Finance, Bonnie F. Van Ness, University of Mississippi – Department of Finance and Robert A. Van Ness, University of Mississippi – Department of Finance – Aggressive Short Selling and Price Reversals
Zsuzsa R. Huszar, National University of Singapore (NUS) – Department of Finance and Bradford D. Jordan, University of Kentucky – Gatton College of Business and Economics – The Good News in Short Interest
Pedro A. C. Saffi, University of Cambridge – Judge Business School and Kari Sigurdsson, Barclays – Barclays Global Investors (BGI) – Price Efficiency and Short Selling
Discussants:
Dennis Lasser, SUNY at Binghamton – School of Management
Markus Brunnermeier, Princeton University – Department of Economics
Nicolae Garleanu, University of California, Berkeley – Haas School of Business
Ronnie Sadka, Boston College – Department of Economics
01/06/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom E
Session: Bond Risk Premiums
Chair: Kenneth Singleton, Stanford Graduate School of Business
Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance and Jean-Luc Vila, Merrill Lynch & Co. – A Preferred-Habitat Model of the Term Structure of Interest Rates
Stefania D’Amico, Federal Reserve Board, Don H. Kim, Yonsei University and Min Wei, Government of the United States of America – Division of Monetary Affairs – Tips from TIPS: The Informational Content of Treasury Inflation-Protected Security Prices
Maxim Ulrich, Columbia Business School – Finance and Economics – Inflation Ambiguity and the Term Structure of Arbitrage-Free U.S. Government Bonds
Discussants:
Jun Liu, University of California, San Diego (UCSD) – Rady School of Management
Gregory Duffee, Johns Hopkins University – Department of Economics
Scott Joslin, University of Southern California – Marshall School of Business – Finance and Business Economics Department
01/06/2008 – 8:00 AM
Location: Sheraton-Grand Ballroom D
Session: Venture Capital & Private Equity
Chair: Per Stromberg, Stockholm School of Economics
Morten Sorensen, Columbia Business School – Finance and Economics – Learning By Investing: Evidence from Venture Capital
Paul A. Gompers, Harvard Business School – Finance Unit and Yuhai Xuan, Harvard Business School – Finance Unit – The Role of Venture Capitalists in the Acquisition of Private Companies
Alexander Ljungqvist, National Bureau of Economic Research (NBER), Matthew P. Richardson, New York University (NYU) – Department of Finance and Daniel Wolfenzon, Columbia Business School – Finance and Economics – The Investment Behavior of Buyout Funds: Theory and Evidence
Joost Driessen, Tilburg University – Center and Faculty of Economics and Business Administration, Tse-Chun Lin, University of Amsterdam and Ludovic Phalippou, University of Oxford – Said Business School – A New Method to Estimate Risk and Return of Non-traded Assets from Cash Flows: The Case of Private Equity Funds
Discussants:
Burton Hollifield, Carnegie Mellon University – David A. Tepper School of Business
Ola Bengtsson, Cornell University – Samuel Curtis Johnson Graduate School of Management
Ulf Axelson, London School of Economics & Political Science (LSE) – Department of Finance
Magnus Dahlquist, Stockholm School of Economics – Department of Finance
01/06/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom A
Session: Insider Trading, Arbitrage & Trader Identity
Chair: Tarun Chordia, Emory University – Department of Finance
Utpal Bhattacharya, Indiana University Bloomington – Department of Finance and Hazem Daouk, Cornell University – School of Applied Economics and Management – When No Law is Better than a Good Law
Ben R. Marshall, Massey University – School of Economics and Finance, Sirimon Treepongkaruna, Australian National University (ANU) – School of Finance and Applied Statistics and Martin R. Young, Massey University – School of Economics and Finance – What Level of Compensation is Available to Arbitrageurs in the Foreign Exchange Market?
Juhani T. Linnainmaa, University of Chicago – Booth School of Business (Finance Authors) – Does it Matter Who Trades? Broker Identities and the Information Content of Stock Trades
Discussants:
Arturo Bris, IMD International
Jun Liu, University of California, San Diego (UCSD) – Rady School of Management
Gideon Saar, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/06/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom B
Session: Financing Investment
Chair: Andrea Eisfeldt, University of California, Los Angeles (UCLA) – Anderson School of Management
Heitor Almeida, University of Illinois at Urbana-Champaign and Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management – Financing Frictions and the Substitution Between Internal and External Funds
Ilya A. Strebulaev, Stanford Graduate School of Business and Sergey N. Lobanov, Stanford Graduate School of Business – A Theory of Dynamic Financing and Investment
Discussants:
João Gomes, University of Pennsylvania – Finance Department
Neng Wang, Columbia Business School – Finance and Economics
01/06/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom E
Session: The Role of Financial Advisors & Learning in Mergers & Acquisitions
Chair: Oguzhan Ozbas, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Andriy Bodnaruk, University of Notre Dame – Mendoza College of Business, Massimo Massa, INSEAD – Finance and Andrei Simonov, Michigan State University – Department of Finance – Investment Banks as Insiders and the Market for Corporate Control
Matthew D. Cain, University of Notre Dame – Department of Finance and David J. Denis, University of Pittsburgh – Katz Graduate School of Business – Information Production by Investment Banks: Evidence from Fairness Opinions
Kenneth R. Ahern, University of Michigan at Ann Arbor – Finance – Q-Theory and Acquisition Returns
Discussants:
Jonathan Reuter, Boston College – Department of Finance
Micah Officer, Loyola Marymount University – Department of Finance and Computer Information Systems
David Robinson, Duke University – Fuqua School of Business
01/06/2008 – 10:15 AM
Location: Sheraton-Grand Ballroom D
Session: Banking & Relationship Lending
Chair: Philip Strahan, Boston College – Department of Finance
Radhakrishnan Gopalan, Washington University in Saint Louis – Olin Business School, Gregory F. Udell, Indiana University Bloomington – Department of Finance and Vijay Yerramilli, University of Houston – Department of Finance – Why Do Firms Switch Banks?
Rajkamal Iyer, University of Amsterdam – Faculty of Economics and Business (FEB) and Manju Puri, Duke University – Fuqua School of Business – Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks
Sumit Agarwal, Federal Reserve Banks – Federal Reserve Bank of Chicago and Robert B. H. Hauswald, American University – Department of Finance and Real Estate – The Choice between Arm’s-Length and Relationship Debt: Evidence from Eloans
Discussants:
David Smith, University of Virginia (UVA) – McIntire School of Commerce
Amir Sufi, University of Chicago – Booth School of Business (Finance Authors)
Mitchell Petersen, Northwestern University – Kellogg School of Management
01/06/2008 – 10:15 AM
Location: Sheraton-Grand Chenier
Session: Portfolio Choice
Chair: Luis Viceira, Harvard Business School – Finance Unit
Jessica A. Wachter, University of Pennsylvania – Finance Department and Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis – Why Do Household Portfolio Shares Rise in Wealth?
Stephen G. Dimmock, Nanyang Technological University (NTU) – Division of Banking & Finance – Background Risk and University Endowment Funds
Sinan Tan, Fordham University – Finance Area and Anthony W. Lynch, New York University (NYU) – Department of Finance – Labor Income Dynamics at Business-Cycle Frequencies: Implications for Portfolio Choice
Victor DeMiguel, London Business School, Lorenzo Garlappi, University of British Columbia (UBC) – Sauder School of Business, Francisco J. Nogales, Universidad Carlos III de Madrid – Faculty of Social Sciences and Law and Raman Uppal, London Business School – Institute of Finance and Accounting – Improving Performance By Constraining Portfolio Norms: A Generalized Approach to Portfolio Optimization
Discussants:
Francisco Gomes, London Business School – Institute of Finance and Accounting
Annette Vissing-Jorgensen, Northwestern University – Kellogg School of Management
Luca Benzoni, Federal Reserve Banks – Federal Reserve Bank of Chicago
Tongshu Ma, Binghamton University
01/06/2008 – 12:30 PM
Location: Sheraton-Grand Ballroom E
Session: International Finance, Domestic Politics, & Access to Credit
Chair: Peter Henry, New York University (NYU) – Leonard N. Stern School of Business
Viral V. Acharya, New York University (NYU) – Leonard N. Stern School of Business, Hyun Song Shin, Princeton University – Department of Economics and Tanju Yorulmazer, Federal Reserve Banks – Federal Reserve Bank of New York – Fire-Sale FDI
Todd A. Gormley, University of Pennsylvania – Finance Department – Costly Information, Foreign Entry, and Credit Access
Thierry Tressel, International Monetary Fund (IMF) – Research Department and Thierry Verdier, Paris School of Economics (PSE) – Does Financial Globalization Discipline Politically Connected Firms?
Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill – Finance Area, Larry W. Chavis, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School and Leora F. Klapper, World Bank – A New Lease on Life: Institutions, External Financing, and Business Growth
Discussants:
Gita Gopinath, Harvard University – Department of Economics
Andrey Ukhov, Cornell University
Craig Brown, National University of Singapore (NUS) – Department of Finance
Brahima Coulibaly, Government of the United States of America – Division of International Finance (IFDP)
01/06/2008 – 12:30 PM
Location: Sheraton-Grand Ballroom A
Session: Investing in Hedge Funds & Hedge Fund Investments
Chair: Tarun Ramadorai, University of Oxford – Said Business School
Doron Avramov, Hebrew University of Jerusalem, Robert Kosowski, Imperial College Business School, Narayan Y. Naik, London Business School – Institute of Finance and Accounting and Melvyn Teo, Singapore Management University – School of Business – Hedge Funds, Managerial Skill, and Macroeconomic Variables
Nicolas P. B. Bollen, Vanderbilt University – Owen Graduate School of Management and Robert E. Whaley, Vanderbilt University – Owen Graduate School of Management – Hedge Fund Risk Dynamics: Implications for Performance Appraisal
John M. Griffin, University of Texas at Austin – Department of Finance and Jin Xu, Zebra Capital Management, LLC – How Smart are the Smart Guys? A Unique View from Hedge Fund Stock Holdings
Discussants:
Luis Viceira, Harvard Business School – Finance Unit
Andrew Patton, Duke University – Department of Economics
Russell Wermers, University of Maryland – Robert H. Smith School of Business
01/06/2008 – 12:30 PM
Location: Sheraton-Grand Ballroom B
Session: Financial Structure
Chair: Joshua Rauh, Kellogg School of Management – Department of Finance
Ulf Axelson, London School of Economics & Political Science (LSE) – Department of Finance, Tim Jenkinson, University of Oxford – Said Business School, Per Johan Strömberg, Stockholm School of Economics and Michael S. Weisbach, Ohio State University (OSU) – Department of Finance – The Financing of Large Buyouts: An Empirical Analysis
Effi Benmelech, Harvard University – Department of Economics (Finance Authors) and Nittai Bergman, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Collateral Pricing
Ivo Welch, Brown University – Department of Economics – Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio, and Issuing Activity vs. Leverage Changes
Discussants:
Steven Kaplan, University of Chicago – Booth School of Business (Finance Authors)
Adriano Rampini, Duke University – Fuqua School of Business
Michael Roberts, University of Pennsylvania – Finance Department
01/06/2008 – 12:30 PM
Location: Sheraton-Grand Ballroom D
Session: Managerial Characteristics, Biases, & Corporate Decisions
Chair: Paola Sapienza, Kellogg School of Management – Department of Finance
Ulrike Malmendier, University of California, Berkeley – Department of Economics and Josh Lerner, Harvard Business School – Finance Unit – Mecca or Mirage? The Determinants and Outcomes of Entrepreneurship of Recent Harvard Business School Graduates
Amit Seru, University of Chicago – Booth School of Business (Finance Authors) – Firm Boundaries Matter: Evidence from Conglomerates and R&D Activity
Discussants:
Morten Sorensen, Columbia Business School – Finance and Economics
David Matsa, Kellogg School of Management – Department of Finance
01/06/2008 – 12:30 PM
Location: Sheraton-Grand Chenier
Session: Information Frictions & International Finance
Chair: Laura Veldkamp, Leonard N. Stern School of Business – Department of Economics
Anna Pavlova, London Business School and Roberto Rigobon, Massachusetts Institute of Technology (MIT) – Sloan School of Management – The Role of Portfolio Constraints in the International Propagation of Shocks
Itay Goldstein, University of Pennsylvania – Finance Department, Emre Ozdenoren, London Business School and Kathy Zhichao Yuan, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – Learning and Complementarities: Implications for Speculative Attacks
Vassilios Dimitrakas, affiliation not provided to SSRN – Asset Pricing Implications of Investor Inertia
Alessandro Beber, City University London – Faculty of Finance, Francis Breedon, University of London, Queen Mary – Department of Economics and Andrea Buraschi, Imperial College Business School – Difference in Beliefs and Currency Options Markets
Discussants:
Wei Xiong, Princeton University – Department of Economics
Peter Kondor, Central European University (CEU)
Snehal Banerjee, Kellogg School of Management – Department of Finance
Tim Johnson, London Business School