AFA 2009 SAN FRANCISCO MEETINGS (ARCHIVE)
San Francisco, California – January 3, 2009 through January 5, 2009
SIXTY NINTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION
President: Jeremy C. Stein
President-Elect and Program Chair: Darrell Duffie
1/4/2009 5:30 PM
Business Meeting and Presidential Address Buena Vista Salon 7
01/03/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Blockholders and Family Members
Chair: Laura Starks, University of Texas at Austin – Department of Finance
Alex Edmans, University of Pennsylvania – Finance Department and Gustavo Manso, University of California, Berkeley – Haas School of Business – Governance Through Trading and Intervention: A Theory of Multiple Blockholders
Bo Becker, Harvard Business School, Henrik Cronqvist, Claremont Colleges – Robert Day School of Economics and Finance and Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne – Estimating the Effects of Large Shareholders Using a Geographic Instrument
Julian R. Franks, London Business School – Institute of Finance and Accounting, Colin Mayer, University of Oxford – Said Business School, Paolo F. Volpin, London Business School and Hannes F. Wagner, Bocconi University – The Life Cycle of Family Ownership: International Evidence
Belen Villalonga, Harvard Business School – Finance Unit and Raphael H. Amit, University of Pennsylvania – Management Department – Family Control of Firms and Industries
Discussants:
Jay Hartzell, University of Texas at Austin – Department of Finance
Mara Faccio, Purdue University – Krannert School of Management
Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Francisco Perez-Gonzalez, Stanford Graduate School of Business
01/03/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 8
Session: Dynamics of Asset Returns
Chair: Andrew Ang, Columbia Business School – Finance and Economics
Doron Avramov, Hebrew University of Jerusalem and Satadru Hore, University of Iowa – Department of Finance – Momentum, Information Uncertainty, and Leverage – An Explanation Based on Recursive Preferences
Paul Scanlon, University of Dublin – Trinity College – New Goods and Asset Prices
Turan G. Bali, Georgetown University – Robert Emmett McDonough School of Business and Robert F. Engle, Leonard N. Stern School of Business – Department of Economics – Investigating ICAPM with Dynamic Conditional Correlations
Discussants:
Po-Hsuan Hsu
Christian Lundblad, University of North Carolina (UNC) at Chapel Hill – Finance Area
01/03/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Payout Policy
Chair: Amy Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Kose John, New York University (NYU) – Department of Finance, Anzhela Knyazeva, Simon Graduate School of Business, University of Rochester and Diana Knyazeva, Simon Graduate School of Business, University of Rochester – Does Geography Matter? Firm Location and Corporate Payout Policy
Marco Rossi, University of Notre Dame – Department of Finance – Market Participation and Dividend Clienteles
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 – Dividends, Investment, and Financial Flexibility
Andriy Bodnaruk, University of Notre Dame – Mendoza College of Business and Per Östberg, University of Zurich – Swiss Banking Institute (ISB) – The Shareholder Base and Payout Policy
Discussants:
Paul Schultz, affiliation not provided to SSRN
Li Jin, Harvard Business School – Finance Unit
Jonathan Cohn, University of Texas at Austin – Department of Finance
Gustavo Grullon, Rice University – Jesse H. Jones Graduate School of Business
01/03/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Liquidity and Arbitrageur Capital
Chair: Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Thierry Foucault, HEC Paris (Groupe HEC) – Departement Finance et Economie, David Sraer, Princeton University and David Thesmar, HEC Paris (Groupe HEC) – Individual Investors and Volatility
Petri Jylha, Aalto University School of Economics, Matti J. Suominen, Aalto University – Department of Economics and Jussi-Pekka Lyytinen, Aalto University School of Economics – Arbitrage Capital and Currency Carry Trade Returns
Jennifer C. Huang, University of Texas at Austin – Department of Finance and Jiang Wang, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Market Liquidity, Asset Prices, and Welfare
Discussants:
Harrison Hong, Princeton University – Department of Economics
Robin Greenwood, Harvard Business School – Finance Unit
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) – Department of Economics
01/03/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 7
Session: Fund Performance Evaluation
Chair: Magnus Dahlquist, Stockholm School of Economics – Department of Finance
Zhi Da, University of Notre Dame – Mendoza College of Business, Pengjie Gao, University of Notre Dame and Ravi Jagannathan, Northwestern University – Kellogg School of Management – When Does a Mutual Fund’s Trade Reveal its Skill?
David A. Chapman, Boston College – Department of Finance, Richard B. Evans, University of Virginia (UVA) – Darden School of Business and Zhe Xu, Boston College – The Portfolio Choices of Young and Old Active Mutual Fund Managers
Ralph S. J. Koijen, University of Chicago – Booth School of Business (Finance Authors) – The Cross-section of Managerial Ability, Incentives, and Risk Preferences
Discussants:
Frank de Jong, Tilburg University – Department of Finance
Jakub Jurek, Princeton University – Bendheim Center for Finance
Richard Green, Carnegie Mellon University – David A. Tepper School of Business
01/03/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Real Production, Investment, and Prices
Chair: Heather Tookes, Yale School of Management
Thomas H. Noe, University of Oxford – Said Business School, Michael J. Rebello, University of Texas at Dallas – School of Management and Thomas A. Rietz, University of Iowa – Department of Finance – Product Market Efficiency: The Bright Side of Myopic, Uninformed, and Passive External Finance
Steven R. Grenadier, Stanford Graduate School of Business and Andrey Malenko, Massachusetts Institute of Technology (MIT) – Sloan School of Management – A Bayesian Approach to Real Options: The Case of Distinguishing between Temporary and Permanent Shocks
Lars-Alexander Kuehn, Carnegie Mellon University – David A. Tepper School of Business – Asset Pricing with Real Investment Commitment
Ilan Cooper, Norwegian School of Management BI – Department of Financial Economics and Richard Priestley, Norwegian School of Management BI – Department of Financial Economics – Real Investment, Risk and Risk Dynamics
Discussants:
Gordon Phillips, University of Maryland – Department of Finance
Robert McDonald, Northwestern University – Kellogg School of Management
Hongjun Yan, Yale University – International Center for Finance
Jonathan Berk, Stanford University
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 14 & 15
Session: Financing and Capital Allocation
Chair: Kose John, New York University (NYU) – Department of Finance
Brandon Julio, London Business School, Woojin Kim, Seoul National University – College of Business Administration and Michael S. Weisbach, Ohio State University (OSU) – Department of Finance – What Determines the Structure of Corporate Debt Issues?
Thomas J. Chemmanur, Boston College – Department of Finance, Jean-Sebastien Michel, HEC Montreal – Department of Finance, Debarshi K. Nandy, Brandeis University – International Business School and An Yan, Fordham University Schools of Business – Capital Structure and Security Issuance Under Heterogeneous Beliefs
Robert S. Marquez, Boston University – School of Management and M. Deniz Yavuz, Purdue University – Krannert School of Management – Financial Contracting and the Specialization of Assets
Mariassunta Giannetti, Stockholm School of Economics – Department of Finance and Xiaoyun Yu, Indiana University Bloomington – Department of Finance – Connections and Information Acquisition in Capital Allocation
Discussants:
Michael Faulkender, University of Maryland – Robert H. Smith School of Business
Amy Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Daniel Wolfenzon, Columbia Business School – Finance and Economics
Diana Knyazeva, Simon Graduate School of Business, University of Rochester
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 8
Session: Executive Compensation
Chair: Annette Poulsen, University of Georgia – Department of Banking and Finance
Eliezer M. Fich, Drexel University – Department of Finance, Laura T. Starks, University of Texas at Austin – Department of Finance and Adam S. Yore, Northern Illinois University – Department of Finance – CEO Deal-Making Activity, CEO Compensation and Firm Value
Jennifer N. Carpenter, New York University (NYU) – Department of Finance, Richard H. Stanton, University of California, Berkeley – Finance Group and Nancy E. Wallace, University of California, Berkeley – Real Estate Group – Optimal Exercise of Executive Stock Options and Implications for Firm Cost
Qiang Kang, University of Miami – Department of Finance and Oscar A. Mitnik, University of Miami – Not So Lucky Any More: CEO Compensation in Financially Distressed Firms
Discussants:
David Offenberg, Loyola Marymount University – Department of Finance and Computer Information Systems
Stewart Mayhew, Cornerstone Research – Washington Office
Robert Mooradian, Northeastern University – College of Business Administration
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Corporate Capital Structure
Chair: Michael Roberts, University of Pennsylvania – Finance Department
Erwan Morellec, Swiss Finance Institute, Boris Nikolov, Simon Graduate School of Business, University of Rochester and Norman Schürhoff, University of Lausanne – Institute of Banking and Finance (IBF) – Corporate Governance and Capital Structure Dynamics
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 – Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
Murray Z. Frank, University of Minnesota – Twin Cities – Department of Business Finance and Vidhan K. Goyal, Hong Kong University of Science & Technology (HKUST) – Department of Finance – Profits and Capital Structure
Discussants:
Toni Whited, Simon Graduate School of Business, University of Rochester
Amir Sufi, University of Chicago – Booth School of Business (Finance Authors)
Ilya Strebulaev, Stanford Graduate School of Business
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Heterogeneity and the Cross-section of Returns
Chair: Jennifer Conrad, University of North Carolina (UNC) at Chapel Hill
Jules H. van Binsbergen, Northwestern University – Kellogg School of Management – Deep Habits and the Cross Section of Expected Returns
Esther Eiling, University of Toronto – Finance Area – Industry-Specific Human Capital, Idiosyncratic Risk and the Cross-Section of Expected Stock Returns
Juan-Pedro Pedro Gomez, IE University – Department of Finance, Richard Priestley, Norwegian School of Management BI – Department of Financial Economics and Fernando Zapatero, University of Southern California – Marshall School of Business – Labor Income, Relative Wealth Concerns, and the Cross-section of Stock Returns
Discussants:
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance
Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Initial Public Offerings
Chair: Michelle Lowry, Pennsylvania State University – Mary Jean and Frank P. Smeal College of Business Administration
Yao-Min Chiang, National Chengchi University (NCCU), Yiming Qian, University of Iowa – Department of Finance and Ann E. Sherman, DePaul University – Department of Finance – Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed?
Azizjon Alimov, City University of Hong Kong (CityUHK) and Wayne H. Mikkelson, University of Oregon – Department of Finance – Do Favorable Market Conditions Lead to Costly Decisions to Go Public?
Scott H. C. Hsu, University of Wisconsin – Milwaukee, Adam V. Reed, University of North Carolina (UNC) at Chapel Hill – Finance Area and Jörg Rocholl, ESMT European School of Management and Technology – The New Game in Town: Competitive Effects of IPOs
Discussants:
Francois Derrien, HEC Paris (Groupe HEC)
Aydogan Alti, University of Texas at Austin – Department of Finance
J. Mulherin, University of Georgia – Department of Banking and Finance
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 7
Session: Macro Variables and Asset Returns
Chair: Sydney Ludvigson, New York University (NYU) – Department of Economics
Lu Zhang, Ohio State University (OSU) – Department of Finance and Long Chen, Washington University in Saint Louis – Olin Business School – Neoclassical Factors
William N. Goetzmann, Yale School of Management, Akiko Watanabe, University of Alberta – School of Business and Masahiro Watanabe, University of Alberta – School of Business – Investor Expectations, Business Conditions, and the Pricing of Beta-Instability Risk
John Y. Campbell, Harvard University – Department of Economics (Finance Authors), Adi Sunderam, Harvard Business School and Luis M. Viceira, Harvard Business School – Finance Unit – Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
Discussants:
João Gomes, University of Pennsylvania – Finance Department
Francis Diebold, University of Pennsylvania – Department of Economics
John Heaton, University of Chicago – Booth School of Business (Finance Authors)
01/03/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Mergers and Acquisitions
Chair: Edith Hotchkiss, Boston College – Carroll School of Management
Paul Povel, University of Houston – Department of Finance and Rajdeep Singh, University of Minnesota – Twin Cities – Carlson School of Management – Stapled Finance
Vojislav Maksimovic, University of Maryland – Robert H. Smith School of Business, Gordon M. Phillips, University of Maryland – Department of Finance and Nagpurnanand R. Prabhala, University of Maryland – Robert H. Smith School of Business – Post-Merger Restructuring and the Boundaries of the Firm
Itzhak Ben-David, Ohio State University (OSU) – Department of Finance and Darren T. Roulstone, Ohio State University (OSU) – Fisher College of Business – Why Do Small Stock Acquirers Underperform in the Long-Term?
Kenneth R. Ahern, University of Michigan at Ann Arbor – Finance – Bargaining Power and Industry Dependence in Mergers
Discussants:
Richmond Mathews, Duke University – Fuqua School of Business
Charles Hadlock, Michigan State University – The Eli Broad College of Business and The Eli Broad Graduate School of Management
Darren Kisgen, Boston College – Carroll School of Management
Jarrad Harford, University of Washington – Michael G. Foster School of Business
01/03/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Corporate Debt: Issuance and Structure
Chair: Victoria Ivashina, Harvard Business School – Finance Unit
Ronald Sverdlove, New Jersey Institute of Technology – School of Management, Arturo Bris, IMD International and S. Abraham Ravid, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics – The Effect of APR Violations on the Seniority and Timing of Debt Issuance
Massimo Massa, INSEAD – Finance, Ayako Yasuda, University of Pennsylvania – Finance Department and Lei Zhang, Nanyang Technological University (NTU) – Investment Horizon of the Bond Investor Base and the Leverage of the Firm
Discussants:
Stuart Gilson, Harvard Business School – Finance Unit
Joshua Coval, Harvard Business School – Finance Unit
01/03/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 8
Session: Options and Other Derivatives
Chair: Jun Pan, Massachusetts Institute of Technology (MIT) – Economics, Finance, Accounting (EFA)
Haitao Li, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Feng Zhao, University of Texas at Dallas – School of Management – Department of Finance & Managerial Economics – Nonparametric Estimation of State-Price Densities Implicit In Interest Rate Cap Prices
Jefferson Duarte, Rice University – Jesse H. Jones Graduate School of Business and Christopher S. Jones, University of Southern California – Marshall School of Business – Finance and Business Economics Department – The Price of Market Volatility Risk
Mihaela Serban, Carnegie Mellon University – Department of Statistics, John P. Lehoczky, Carnegie Mellon University and Duane J. Seppi, Carnegie Mellon University – David A. Tepper School of Business – Cross-Sectional Stock Option Pricing and Factor Models of Returns
Gurdip S. Bakshi, University of Maryland – Robert H. Smith School of Business and George Panayotov, Georgetown University – Robert Emmett McDonough School of Business – A Framework for Studying Option Mispricing: A General Test and Empirical Evidence
Discussants:
Scott Joslin, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Sophie Ni, Hong Kong University of Science & Technology (HKUST)
Jakub Jurek, Princeton University – Bendheim Center for Finance
David Bates, University of Iowa – Department of Finance
01/03/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
Session: International Finance: Structural Frictions
Chair: E. Han Kim, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Art Durnev, University of Iowa – Henry B. Tippie College of Business and Sergei M. Guriev, New Economic School (NES) – Expropriation Risk and Firm Growth: A Corporate Transparency Channel
Lorenzo Caprio, Catholic University of the Sacred Heart of Piacenza, Mara Faccio, Purdue University – Krannert School of Management and John J. McConnell, Purdue University – Krannert School of Management – Sheltering Corporate Assets from Political Extraction
Geert Bekaert, Columbia Business School – Finance and Economics, Campbell R. Harvey, Duke University – Fuqua School of Business, Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill – Finance Area and Stephan Siegel, University of Washington – Michael G. Foster School of Business – What Segments Equity Markets?
Discussants:
Stijn Claessens, International Monetary Fund (IMF) – Research Department
Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management
George Karolyi, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/03/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
Session: The Process of Mergers & Acquisitions
Chair: Audra Boone, Texas A&M University (TAMU) – Department of Finance
Nihat Aktas, Skema Business School, Eric de Bodt, University of Lille II and Richard W. Roll, University of California, Los Angeles (UCLA) – Finance Area – Negotiations Under the Threat of an Auction
Alex Edmans, University of Pennsylvania – Finance Department, Itay Goldstein, University of Pennsylvania – Finance Department and Wei Jiang, Columbia Business School – Finance and Economics – The Real Effects of Financial Markets: The Impact of Prices on Takeovers
Antonio J. Macias, Texas Christian University – Risk Allocation and Flexibility in Acquisitions: The Economic Impact of Material-Adverse-Change (MACs) Clauses
Discussants:
Robert Hansen, Dartmouth College – Tuck School of Business
Dirk Hackbarth, University of Illinois at Urbana-Champaign – Department of Finance
Micah Officer, Loyola Marymount University – Department of Finance and Computer Information Systems
01/03/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Corporate Misreporting
Chair: Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Anup Agrawal, University of Alabama – Culverhouse College of Commerce & Business Administration and Tommy Cooper, Kansas State University – Department of Finance – Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover
Edward Dickersin Van Wesep, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School and Sean Wang, University of North Carolina (UNC) at Chapel Hill – Accounting Area – The Prevention of Excess Managerial Risk Taking
Jonathan M. Karpoff, University of Washington – Michael G. Foster School of Business and Xiaoxia Lou, University of Delaware – Alfred Lerner College of Business and Economics – Short Sellers and Financial Misconduct
Discussants:
Jeffrey Coles, Arizona State University (ASU) – Finance Department
Andres Almazan, University of Texas at Austin – Department of Finance
Ingrid Werner, Ohio State University (OSU) – Department of Finance
01/03/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 7
Session: Venture Capital
Chair: Yael Hochberg, Kellogg School of Management – Department of Finance
Arthur G. Korteweg, Stanford Graduate School of Business and Morten Sorensen, Columbia Business School – Finance and Economics – Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies
Klaas Baks, Emory University – Department of Finance, Gabriel D Carroll, Massachusetts Institute of Technology (MIT) and Andrew Metrick, Yale School of Management – On the Valuation of Venture Capital Securities
Paul A. Gompers, Harvard Business School – Finance Unit and Yuhai Xuan, Harvard Business School – Finance Unit – Bridge Building in Venture Capital-Backed Acquisitions
Discussants:
John Quigley, University of California, Berkeley – Department of Economics
Morten Sorensen, Columbia Business School – Finance and Economics
Steven Kaplan, University of Chicago – Booth School of Business (Finance Authors)
01/04/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 8
Session: Credit Markets
Chair: Jean-Charles Rochet, University of Toulouse 1 – Industrial Economic Institute (IDEI)
Sreedhar T. Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business, Sandeep Dahiya, Georgetown University – Department of Finance, Anthony Saunders, New York University (NYU) – Department of Finance and Anand Srinivasan, National University of Singapore (NUS) – Department of Finance – Lending Relationships and Loan Contract Terms
Galina Hale, Federal Reserve Banks – Federal Reserve Bank of San Francisco and João A. C. Santos, Federal Reserve Banks – Federal Reserve Bank of New York – Do Banks Price Their Informational Monopoly?
Evan Gatev, Simon Fraser University (SFU) – Finance Area and Philip E. Strahan, Boston College – Department of Finance – Liquidity Risk and Syndicate Structure
Mariassunta Giannetti, Stockholm School of Economics – Department of Finance and Steven R. G. Ongena, Tilburg University – Center for Economic Research (CentER) – ‘Lending by Example’: Direct and Indirect Effects of Foreign Banks in Emerging Markets
Discussants:
Philip Strahan, Boston College – Department of Finance
Anthony Saunders, New York University (NYU) – Department of Finance
Steven Ongena, Tilburg University – Center for Economic Research (CentER)
João Santos, Federal Reserve Banks – Federal Reserve Bank of New York
01/04/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Informed Trading and Price Dynamics
Chair: Thierry Foucault, HEC Paris (Groupe HEC) – Departement Finance et Economie
Christian Grisse, Federal Reserve Banks – Federal Reserve Bank of New York – Higher Order Beliefs and the Comovement of Asset Prices
Rui A. Albuquerque, Boston University – School of Management and Jianjun Miao, Boston University – Department of Economics – Advance Information and Asset Prices
Günter Strobl, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School and Diego Garcia, University of North Carolina (UNC) at Chapel Hill – Finance Area – Relative Wealth Concerns and Complementarities in Information Acquisition
Discussants:
Philippe Bacchetta, University of Lausanne
Simon Gervais, Duke University – Fuqua School of Business
Philipp Illeditsch, University of Pennsylvania – Finance Department
01/04/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Corporate Governance
Chair: Ernst-Ludwig von Thadden, University of Mannheim – School of Business Administration (BWL)
Michael J. Rebello, University of Texas at Dallas – School of Management and Thomas H. Noe, University of Oxford – Said Business School – To Each According to Her Luck and Power: Optimal Corporate Governance and Compensation Policy in a Dynamic World
Sanjai Bhagat, University of Colorado at Boulder – Department of Finance and Brian J. Bolton, Portland State University – School of Business Administration – Corporate Governance and Company Performance
Kathy Fogel, University of Arkansas, Fayetteville – Sam M. Walton College of Business, Randall K. Morck, University of Alberta – Department of Finance and Management Science and Bernard Yin Yeung, Leonard N. Stern School of Business – Department of Economics – Survival
Discussants:
James Dow, London Business School – Institute of Finance and Accounting
Andrew Metrick, Yale School of Management
Enrico Perotti, University of Amsterdam – Finance Group
01/04/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Financial Econometrics
Chair: Peter Christoffersen, University of Toronto – Rotman School of Management
Yacine Ait-Sahalia, Princeton University – Department of Economics and Michael W. Brandt, Duke University – Fuqua School of Business – Consumption and Portfolio Choice with Option-Implied State Prices
Andrew Ang, Columbia Business School – Finance and Economics, Jun Liu, University of California, San Diego (UCSD) – Rady School of Management and Krista Schwarz, University of Pennsylvania – Finance Department – Using Individual Stocks or Portfolios in Tests of Factor Models
Caio Almeida, Getulio Vargas Foundation (FGV) and René Garcia, EDHEC Business School – Robust Economic Implications of Nonlinear Pricing Kernels
Discussants:
Raymond Kan, University of Toronto – Rotman School of Management
Allan Timmermann, University of California, San Diego (UCSD) – Department of Economics
01/04/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 7
Session: Uncertainty and Stock Return Predictability
Chair: Stefan Nagel, Stanford Graduate School of Business
Itamar Drechsler, New York University (NYU) and Amir Yaron, University of Pennsylvania – Finance Department – What’s Vol Got to Do With It
Kevin Q. Wang, University of Toronto – Finance Area – Buy High and Sell Low
Xiaoyan Zhang, Purdue University – Department of Management, Rui Zhao, BlackRock and Yuhang Xing, Rice University – What Does Individual Option Volatility Smirk Tell Us About Future Equity Returns?
Discussants:
Jun Pan, Massachusetts Institute of Technology (MIT) – Economics, Finance, Accounting (EFA)
Juhani Linnainmaa, University of Chicago – Booth School of Business (Finance Authors)
Jules van Binsbergen, Northwestern University – Kellogg School of Management
01/04/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Takeovers and Equity Offerings
Chair: Karin Thorburn, Norwegian School of Economics and Business Administration (NHH)
Audra L. Boone, Texas A&M University (TAMU) – Department of Finance and J. Harold Mulherin, University of Georgia – Department of Banking and Finance – Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?
Jaideep Shenoy, Tulane University – A.B. Freeman School of Business – An Examination of the Efficiency, Foreclosure, and Collusion Rationales for Vertical Takeovers
Tyler R. Henry, University of Georgia – Department of Banking and Finance and Jennifer L. Koski, University of Washington – Michael G. Foster School of Business – Short Selling Around Seasoned Equity Offerings
J. Ari Pandes, York University – Schulich School of Business – Bought Deals: The Value of Underwriter Certification in Seasoned Equity Offerings
Discussants:
Oyvind Norli, Norwegian School of Management BI – Department of Financial Economics
B. Espen Eckbo, Dartmouth College – Tuck School of Business
Ingrid Werner, Ohio State University (OSU) – Department of Finance
Oya Altinkilic, George Washington University – Department of Finance
01/04/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Accounting Disclosure
Chair: Marco Pagano, University of Naples Federico II – Department of Economics
Robert H. Battalio, University of Notre Dame – Department of Finance, Brian C. Hatch, University of Cincinnati – Department of Finance – Real Estate and Tim Loughran, University of Notre Dame – Department of Finance – Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?
Shang-Jin Wei, Columbia Business School – Finance and Economics and Hui Tong, International Monetary Fund (IMF) – Growth Potential and Corporate Disclosure: The Case of Foreign Trade Liberalization
Tim Loughran, University of Notre Dame – Department of Finance and Bill McDonald, University of Notre Dame – Plain English
Paul Brockman, Lehigh University – College of Business & Economics, Xiumin Martin, University of Missouri at Columbia and Andy Puckett, University of Tennessee, Knoxville – Voluntary Disclosures and the Exercise of CEO Stock Options
Discussants:
Joseph Piotroski, affiliation not provided to SSRN
Marco Pagano, University of Naples Federico II – Department of Economics
Andrew Ellul, Indiana University Bloomington – Department of Finance
Gennaro Bernile, University of Miami – School of Business Administration
01/04/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Asset Pricing Theory
Chair: Anna Pavlova, London Business School
Xavier Gabaix, New York University (NYU) – Department of Finance – Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance
Nengjiu Ju, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Jianjun Miao, Boston University – Department of Economics – Ambiguity, Learning, and Asset Returns
Nicolae Bogdan Garleanu, University of California, Berkeley – Haas School of Business and Stavros Panageas, University of Chicago – Booth School of Business (Finance Authors) – Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Prices
Discussants:
Christian Julliard, London School of Economics & Political Science (LSE) – Department of Economics
Costis Skiadas, Northwestern University – Kellogg School of Management
Michael Gallmeyer, University of Virginia (UVA) – McIntire School of Commerce
01/04/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Bank Liquidity and Regulation
Chair: Rafael Repullo, Centre for Monetary and Financial Studies (CEMFI)
Jian Cai, Fordham University and Anjan V. Thakor, Washington University in Saint Louis – Olin Business School – Liquidity Risk, Credit Risk, and Interbank Competition
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 – Crisis Resolution and Bank Liquidity
Ricardo Correa, Federal Reserve Board and Gustavo Suarez, Federal Reserve Board – Firm Volatility and Banks: Evidence from U.S. Banking Deregulation
Tara Rice, Federal Reserve Board and Philip E. Strahan, Boston College – Department of Finance – Does Credit Competition Affect Small-Firm Finance?
Discussants:
Andrew Winton, University of Minnesota – Twin Cities – Carlson School of Management
Tano Santos, Columbia Business School – Economics Department
Andres Almazan, University of Texas at Austin – Department of Finance
Mitchell Petersen, Northwestern University – Kellogg School of Management
01/04/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 8
Session: Corporate Boards
Chair: Lalitha Naveen, Temple University – Department of Finance
Jeffrey L. Coles, Arizona State University (ASU) – Finance Department, Michael L. Lemmon, University of Utah – Department of Finance and Yan Albert Wang, Chinese University of Hong Kong (CUHK) – Department of Finance – The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance
Ronald W. Masulis, University of New South Wales (UNSW) – School of Banking and Finance and H. Shawn Mobbs, University of Alabama – Are All Inside Directors the Same? Evidence from the External Directorship Market.
Zsuzsanna Fluck, Michigan State University – Department of Finance and Naveen Khanna, Michigan State University – The Eli Broad College of Business and The Eli Broad Graduate School of Management – A Theory of Corporate Boards with Endogenous Information Collection, Optimal Compensation and Strategic Voting: When Do Independent Boards Dominate Rubberstamping Ones?
Francesca Cornelli, London Business School and Oguzhan Karakas, Boston College – Department of Finance – Private Equity and Corporate Governance: Do LBOs Have More Effective Boards?
Discussants:
Kose John, New York University (NYU) – Department of Finance
David Denis, University of Pittsburgh – Katz Graduate School of Business
Steven Kaplan, University of Chicago – Booth School of Business (Finance Authors)
01/04/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Corporate Finance Theory
Chair: Denis Gromb, London Business School
Patrick Bolton, Columbia Business School – Economics Department, Markus K. Brunnermeier, Princeton University – Department of Economics and Laura Veldkamp, Leonard N. Stern School of Business – Department of Economics – Leadership, Coordination and Mission-Driven Management
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors) – A Model of Dynamic Compensation and Capital Structure
Alon P. Brav, Duke University – Fuqua School of Business and Richmond D. Mathews, Duke University – Fuqua School of Business – Empty Voting and the Efficiency of Corporate Governance
Discussants:
Enrico Perotti, University of Amsterdam – Finance Group
Yuri Tserlukevich, Arizona State University (ASU)
Samuel Lee, New York University (NYU) – Department of Finance
01/04/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 7
Session: Interest Rates, Government Debt
Chair: Monika Piazzesi, University of Chicago – Booth School of Business
Jean Boivin, HEC Montreal, Sen Dong, Columbia Business School – Economics Department and Andrew Ang, Columbia Business School – Finance and Economics – Monetary Policy Shifts and the Term Structure
Nina Boyarchenko, Federal Reserve Banks – Federal Reserve Bank of New York – Are Analysts Right? Macroeconomic Factors and Regime Switching in the Term Structure of Interest Rates
Jonathan H. Wright, Government of the United States of America – Trade and Financial Studies Section and Hao Zhou, Government of the United States of America – Trading Risk Analysis Section – Bond Risk Premia and Realized Jump Risk
Discussants:
Oreste Tristani, European Central Bank (ECB)
Robert Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Michael Johannes, Columbia Business School – Finance and Economics
01/04/2009 – 10:15 AM
Location: Hilton Union Square 22
Session: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms
Chair: James Darrell Duffie, Stanford Graduate School of Business
Darrell Duffie, Stanford Graduate School of Business, Edward J. Kane, Boston College – Department of Finance, Paul McCulley, PIMCO Europe Ltd. and David Modest, Azimuth Alternative Assets Management LLLP – AFA/ASE Panel: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms
01/04/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Equilibrium Asset Pricing
Chair: Neng Wang, Columbia Business School – Finance and Economics
Mariano Massimiliano Croce, University of North Carolina (UNC) at Chapel Hill – Finance Area, Martin Lettau, University of California, Berkeley – Finance Group and Sydney C. Ludvigson, New York University (NYU) – Department of Economics – Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows
Cristian Ioan Tiu, SUNY at Buffalo – School of Management and Uzi Yoeli, University of Texas at Austin – Department of Finance – Asset Pricing with Endogenous Disasters
Huining Henry Cao, Cheung Kong Graduate School of Business and Hui Ou-Yang, Cheung Kong Graduate School of Business – Beauty Contests, Heterogeneous Beliefs, and Bubbles in Stocks and Options
Discussants:
Lars Hansen, University of Chicago – Booth School of Business (Finance Authors)
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) – Department of Economics
Peter DeMarzo, Stanford Graduate School of Business
01/04/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Bankruptcy and Distress
Chair: Lemma Senbet, University of Maryland – Robert H. Smith School of Business
Joshua D. Rauh, Kellogg School of Management – Department of Finance and Amir Sufi, University of Chicago – Booth School of Business (Finance Authors) – Capital Structure and Debt Structure
Sergei A. Davydenko, University of Toronto – Finance Area – When Do Firms Default? A Study of the Default Boundary
Max Bruche, City University London – Sir John Cass Business School – Creditor Coordination, Liquidation Timing, and Debt Valuation
Discussants:
Gordon Phillips, University of Maryland – Department of Finance
Tyler Shumway, University of Michigan at Ann Arbor – Finance
Ronald Giammarino, University of British Columbia (UBC) – Sauder School of Business
01/04/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 7
Session: Trading Mechanisms and Strategies
Chair: Joel Hasbrouck, New York University (NYU) – Department of Finance
Juhani T. Linnainmaa, University of Chicago – Booth School of Business (Finance Authors) and Ioanid Rosu, HEC Paris (Groupe HEC) – Weather and Time Series Determinants of Liquidity in a Limit Order Market
Stefan Frey, Leibniz University Hannover and Patrik Sandås, University of Virginia (UVA) – The Impact of Iceberg Orders in Limit Order Books
Sabrina Buti, University of Toronto – Rotman School of Management and Barbara Rindi, Bocconi University – Innocenzo Gasparini Institute for Economic Research (IGIER) – Undisclosed Orders and Optimal Submission Strategies in a Dynamic Limit Order Market
Daniel L. Mayston, University of Cologne, Alexander Kempf, University of Cologne – Department of Finance and Pradeep K. Yadav, University of Oklahoma – Division of Finance – Resiliency in Limit Order Book Markets: A Dynamic View of Liquidity
Discussants:
Duane Seppi, Carnegie Mellon University – David A. Tepper School of Business
Gideon Saar, Cornell University – Samuel Curtis Johnson Graduate School of Management
Christine Parlour, University of California, Berkeley – Finance Group
Anna Obizhaeva, University of Maryland – Robert H. Smith School of Business
01/04/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 8
Session: Employee Compensation
Chair: Michael Lemmon, University of Utah – Department of Finance
Ilona Babenko, Arizona State University (ASU), Michael L. Lemmon, University of Utah – Department of Finance and Yuri Tserlukevich, Arizona State University (ASU) – Employee Stock Options, Financing Constraints, and Real Investment: Theory and Evidence
Edward Dickersin Van Wesep, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School – Pay (Be)fore Performance: The Signing Bonus as an Incentive Device
Oliver G. Spalt, University of Texas at Austin – Department of Finance – Probability Weighting and Employee Stock Options
Discussants:
Dirk Jenter, Stanford Graduate School of Business
Scott Schaefer, University of Utah – Department of Finance
Elena Asparouhova, University of Utah – David Eccles School of Business
01/04/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Mutual Funds
Chair: William Goetzmann, Yale School of Management
Jiekun Huang, National University of Singapore (NUS) – Department of Finance – Dynamic Liquidity Preferences of Mutual Funds
Andy Puckett, University of Tennessee, Knoxville and Xuemin Sterling Yan, University of Missouri at Columbia – Department of Finance – The Interim Trading Skills of Institutional Investors
Swasti Gupta-Mukherjee, Loyola University of Chicago – School of Business Administration – When Active Fund Managers Deviate from Their Peers: Implications for Fund Performance
Discussants:
Russell Wermers, University of Maryland – Robert H. Smith School of Business
Lu Zheng, University of California, Irvine – Paul Merage School of Business
K. J. Martijn Cremers, Yale School of Management
01/04/2009 – 2:30 PM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Opaque Over-the-Counter Markets
Chair: James Darrell Duffie, Stanford Graduate School of Business
Adam C. Kolasinski, University of Washington – Michael G. Foster School of Business, Adam V. Reed, University of North Carolina (UNC) at Chapel Hill – Finance Area and Matthew C. Ringgenberg, Washington University in Saint Louis – Olin Business School – A Multiple Lender Approach to Understanding Supply and Search in the Equity Lending Market
Richard C. Green, Carnegie Mellon University – David A. Tepper School of Business, Dan Li, Federal Reserve Board and Norman Schürhoff, University of Lausanne – Institute of Banking and Finance (IBF) – Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?
Michael A. Goldstein, Babson College – Finance Division and Edith S. Hotchkiss, Boston College – Carroll School of Management – Dealer Behavior and the Trading of Newly Issued Corporate Bonds
Discussants:
Nicolae Garleanu, University of California, Berkeley – Haas School of Business
Lawrence Harris, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Kathleen Hanley, Securities and Exchange Commission (SEC)
01/05/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
Session: The CEO Labor Market
Chair: Camelia Kuhnen, Kellogg School of Management – Department of Finance
Mariassunta Giannetti, Stockholm School of Economics – Department of Finance – Serial CEO Incentives and the Structure of Managerial Contracts
Nina Baranchuk, University of Texas at Dallas – School of Management, Glenn M. MacDonald, Washington University in Saint Louis – Olin Business School and Jun Yang, Indiana University Bloomington – Department of Finance – The Economics of Super Managers
Andrea L. Eisfeldt, University of California, Los Angeles (UCLA) – Anderson School of Management and Camelia M. Kuhnen, Kellogg School of Management – Department of Finance – CEO-Firm Matches and Industry Conditions
Discussants:
Paul Oyer, Stanford Graduate School of Business
Xavier Gabaix, New York University (NYU) – Department of Finance
Robert Parrino, University of Texas at Austin – Department of Finance
01/05/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
Session: International Governance: Evidence from Individual Countries
Chair: Diane Denis, University of Pittsburgh
Henk Berkman, University of Auckland – Faculty of Business & Economics, Rebel A. Cole, DePaul University – College of Commerce and Jiang Lawrence Fu, Standard Chartered – Standard Chartered Bank (Hong Kong) Limited – Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China
Dhammika Dharmapala, University of Illinois College of Law and Vikramaditya S. Khanna, University of Michigan Law School – Corporate Governance, Enforcement, and Firm Value: Evidence from India
Marco Bigelli, University of Bologna – Department of Management, Vikas Mehrotra, University of Alberta – Department of Finance and Management Science and Raghavendra Rau, University of Cambridge – Finance – Expropriation, Unification, and Corporate Governance in Italy
Discussants:
Jin Xu, Purdue University – Krannert School of Management
Utpal Bhattacharya, Indiana University Bloomington – Department of Finance
I.J. Dyck, University of Toronto – Rotman School of Management
01/05/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Credit Risk
Chair: Deborah Lucas, Northwestern University – Kellogg School of Management
Allen N. Berger, University of South Carolina – Moore School of Business, Geraldo Cerqueiro, Tilburg University – Department of Finance and Maria Fabiana Penas, Tilburg Law and Economics Center (TILEC) – Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market
Peter Kondor, University of Chicago – Booth School of Business and Veronica Guerrieri, University of Chicago – Booth School of Business – Fund Managers and Defaultable Debt
Jing-Zhi Huang, Pennsylvania State University – Department of Finance and Hao Zhou, Government of the United States of America – Trading Risk Analysis Section – Specification Analysis of Structural Credit Risk Models
Gabriel Jiménez, Bank of Spain, Jesus Saurina Salas, Bank of Spain, Steven R. G. Ongena, Tilburg University – Center for Economic Research (CentER) and Jose-Luis Peydro, Universitat Pompeu Fabra – Faculty of Economic and Business Sciences – Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?
Discussants:
Michelle White, University of California, San Diego (UCSD) – Department of Economics
Neng Wang, Columbia Business School – Finance and Economics
Ilya Strebulaev, Stanford Graduate School of Business
Amir Sufi, University of Chicago – Booth School of Business (Finance Authors)
01/05/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Market Integration and International Portfolio Diversification
Chair: Helene Rey, London Business School
Anna Pavlova, London Business School and Roberto Rigobon, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Equilibrium Portfolios and External Adjustment Under Incomplete Markets
Mark S. Seasholes, Hong Kong University of Science & Technology (HKUST) – Department of Finance, Vicentiu Covrig, California State University, Northridge – Department of Finance, Real Estate, & Insurance, Sonia G. Jimenez-Garcès, French National Center for Scientific Research (CNRS) – Centre de Recherches Appliquées à la Gestion (CERAG) and Patrice C. Fontaine, French National Center for Scientific Research (CNRS) – European Financial Data Institute (EUROFIDAI) – Information and Cross-Border Equity Holdings
Kuntara Pukthuanthong, San Diego State University – College of Business Administration and Richard W. Roll, University of California, Los Angeles (UCLA) – Finance Area – Global Market Integration: An Alternative Measure and its Application
Geert Bekaert, Columbia Business School – Finance and Economics, Robert J. Hodrick, Columbia Business School – Finance and Economics and Xiaoyan Zhang, Purdue University – Department of Management – Aggregate Idiosyncratic Volatility
Discussants:
Bernard Dumas, University of Lausanne – Institute of Banking and Finance (IBF)
Jordi Mondria, University of Toronto – Department of Economics
Astrid Schornick, INSEAD – Finance
Christopher Jones, University of Southern California – Marshall School of Business – Finance and Business Economics Department
01/05/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 8
Session: Agency Costs and Delegated Portfolio Management
Chair: Susan Kerr Christoffersen, University of Toronto – Rotman School of Management
Neal M. Stoughton, Vienna University of Economics and Business Administration, Youchang Wu, University of Wisconsin – Madison and Josef Zechner, Vienna University of Economics and Business Administration – Intermediated Investment Management
Zhi Jay Wang, University of Illinois at Urbana-Champaign and Vikram K. Nanda, Georgia Institute of Technology – College of Management – Payout Policies and Closed-end Fund Discounts: Signaling, Agency Costs, and the Role of Institutional Investors
Jennifer C. Huang, University of Texas at Austin – Department of Finance and Ilan Guedj, Analysis Research Planning Corporation – Are ETFs Replacing Index Mutual Funds?
Roger M. Edelen, University of California, Davis – Graduate School of Management, Richard B. Evans, University of Virginia (UVA) – Darden School of Business and Gregory B. Kadlec, Virginia Polytechnic Institute & State University – Pamplin College of Business – Disclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission Bundling
Discussants:
Daniel Bergstresser, Harvard Business School
Martin Cherkes, Columbia Business School – Finance and Economics
Wei Jiang, Columbia Business School – Finance and Economics
Sunil Wahal, Arizona State University (ASU) – Finance Department
01/05/2009 – 8:00 AM
Location: Marriott Yerba Buena Salon 12 & 13
Session: Portfolio Choice
Chair: Raman Uppal, London Business School – Institute of Finance and Accounting
Suleyman Basak, London Business School and Georgy Chabakauri, London Business School – Dynamic Mean-Variance Asset Allocation
Hong Liu, Washington University in Saint Louis – Olin Business School – Portfolio Insurance and Underdiversification
Michael S. Johannes, Columbia Business School – Finance and Economics, Arthur G. Korteweg, Stanford Graduate School of Business and Nick Polson, University of Chicago – Booth School of Business – Sequential Learning, Predictive Regressions, and Optimal Portfolio Returns
Discussants:
Jerome Detemple, Boston University – Department of Finance & Economics
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance
K. J. Martijn Cremers, Yale School of Management
01/05/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Behavioral Finance: Do Behavioral Biases Matter in Markets?
Chair: Ulrike Malmendier, University of California, Berkeley – Department of Economics
Hongjun Yan, Yale University – International Center for Finance – Is Noise Trading Cancelled Out by Aggregation?
Warren B. Bailey, Cornell University – Samuel Curtis Johnson Graduate School of Management, Alok Kumar, University of Miami – Department of Finance and David Ng, Cornell University – Behavioral Biases of Mutual Fund Investors
Leonid Kogan, Massachusetts Institute of Technology (MIT) – Sloan School of Management, Stephen A. Ross, Massachusetts Institute of Technology (MIT) – Sloan School of Management, Jiang Wang, Massachusetts Institute of Technology (MIT) – Sloan School of Management and Mark M. Westerfield, University of Southern California – Marshall School of Business – Finance and Business Economics Department – Market Selection
Discussants:
Markus Brunnermeier, Princeton University – Department of Economics
Malcolm Baker, Harvard Business School – Finance Unit
Stefan Nagel, Stanford Graduate School of Business
01/05/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Corporate Governance Regulation
Chair: Lucy White, Harvard Business School – Finance Unit
Jie Cai, Drexel University – Department of Finance and Ralph A. Walkling, Drexel University – Department of Finance – Shareholders’ Say on Pay: Does it Create Value?
Y. Han (Andy) Kim, Nanyang Technological University (NTU) – Default Probability and CEO Turnover for Non-Distressed Firms
Francois Brochet, Harvard Business School – Information Content of Insider Trades Before and After the Sarbanes-Oxley Act
Discussants:
Yael Hochberg, Kellogg School of Management – Department of Finance
Paolo Volpin, London Business School
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/05/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Diversification and Internal Capital Markets
Chair: Belen Villalonga, Harvard Business School – Finance Unit
Markus Glaser, Ludwig Maximilians University of Munich – Faculty of Business Administration (Munich School of Management), Florencio Lopez de Silanes, EDHEC Business School and Zacharias Sautner, University of Amsterdam – University of Amsterdam Business School – Opening the Black Box: Internal Capital Markets and Managerial Power
Gabriel Natividad, New York University (NYU) – Leonard N. Stern School of Business – The Organizational Efficiency of Internal Capital Markets
John Hund, Rice University – Jesse H. Jones Graduate School of Business, Donald Monk, Rutgers, The State University of New Jersey – Rutgers Business School at Newark & New Brunswick and Sheri Tice, Tulane University – Finance & Economics – Uncertainty About Average Profitability and the Diversification Discount
Discussants:
Amit Seru, University of Chicago – Booth School of Business (Finance Authors)
Toni Whited, Simon Graduate School of Business, University of Rochester
Vojislav Maksimovic, University of Maryland – Robert H. Smith School of Business
01/05/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Earnings Information and Earnings Management
Chair: Devin Shanthikumar, University of California, Irvine – Accounting Area
Jie Chen, Carnegie Mellon University – David A. Tepper School of Business, Zhaoyang Gu, University of Minnesota – Twin Cities – Carlson School of Management and Yi Tang, Fordham University Schools of Business – Causes or Consequences? Earnings Management Around Seasoned Equity Offerings
Anton Miglo, University of Bridgeport – School of Business – Can Earnings Manipulation Create Value?
Joseph Engelberg, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School – Costly Information Processing: Evidence from Earnings Announcements
Discussants:
Jennifer Juergens, Drexel University – Department of Finance
Pierre Jinghong Liang, Carnegie Mellon University – David A. Tepper School of Business
Anna Scherbina, University of California, Davis – Graduate School of Management
01/05/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 8
Session: Hedge Funds
Chair: Mila Getmansky, Eugene M. Isenberg School of Management – Department of Finance & Operations Management
Nicole M. Boyson, Northeastern University – College of Business Administration, Christof W. Stahel, George Mason University – Finance Area and Rene M. Stulz, Ohio State University (OSU) – Department of Finance – Why Do Hedge Funds’ Worst Returns Cluster? Common Liquidity Shocks vs. Contagion
Rajesh K. Aggarwal, University of Minnesota – Twin Cities – Carlson School of Management and Philippe Jorion, University of California, Irvine – Paul Merage School of Business – The Performance of Emerging Hedge Fund Managers
Sheridan Titman, University of Texas at Austin – Department of Finance and Cristian Ioan Tiu, SUNY at Buffalo – School of Management – Do the Best Hedge Funds Hedge?
Discussants:
Andrew Lo, Massachusetts Institute of Technology (MIT) – Sloan School of Management
William Goetzmann, Yale School of Management
Bing Liang, University of Massachusetts at Amherst – Department of Finance & Operations Management
01/05/2009 – 10:15 AM
Location: Marriott Yerba Buena Salon 12 & 13
Session: Preferences and Portfolio Choice
Chair: Jennifer Carpenter, New York University (NYU) – Department of Finance
Hong Liu, Washington University in Saint Louis – Olin Business School, Todd A. Gormley, University of Pennsylvania – Finance Department and Guofu Zhou, Washington University in Saint Louis – Olin Business School – Limited Participation and Consumption-Saving Puzzles: A Simple Explanation and the Role of Insurance
Skander Van den Heuvel, Federal Reserve Board – Temporal Risk Aversion and Asset Prices
Sinan Tan, Fordham University – Finance Area – The Role of Options in Long Horizon Portfolio Choice
Discussants:
Stanley Zin, Carnegie Mellon University
Ralph Koijen, University of Chicago – Booth School of Business (Finance Authors)
01/05/2009 – 1:00 PM
Location: Marriott Yerba Buena Salon 3 & 4
Session: Analysts and Financial Marketing
Chair: Alexander Ljungqvist, National Bureau of Economic Research (NBER)
Harrison G. Hong, Princeton University – Department of Economics and Marcin T. Kacperczyk, New York University (NYU) – Leonard N. Stern School of Business – Competition and Bias
Andrea Frazzini, AQR Capital Management, LLC, Christopher J. Malloy, Harvard Business School and Lauren Cohen, Harvard Business School – Sell Side School Ties
Salim Chahine, American University of Beirut – School of Business, Alexander Ljungqvist, National Bureau of Economic Research (NBER) and Roni Michaely, Cornell University – Samuel Curtis Johnson Graduate School of Management – Marketing Financial Claims
Stephen E. Christophe, George Mason University – School of Management, Michael G. Ferri, George Mason University – School of Management and Jim Hsieh, George Mason University – Finance Area – Informed Trading Before Analyst Downgrades: Evidence from Short Sellers
Discussants:
Daniel Paravisini, Columbia Business School – Finance and Economics
Joseph Chen, University of California, Davis – Graduate School of Management
Ulrike Malmendier, University of California, Berkeley – Department of Economics
Brad Barber, University of California, Davis – Graduate School of Management
01/05/2009 – 1:00 PM
Location: Marriott Yerba Buena Salon 5 & 6
Session: Corporate Bond Pricing
Chair: Jean Helwege, University of South Carolina
Arthur G. Korteweg, Stanford Graduate School of Business and Nick Polson, University of Chicago – Booth School of Business – Corporate Credit Spreads under Parameter Uncertainty
Robert A. Jarrow, Cornell University – Samuel Curtis Johnson Graduate School of Management, Haitao Li, University of Michigan at Ann Arbor – Stephen M. Ross School of Business, Sheen Liu, Washington State University – College of Business and Economics and Chunchi Wu, University of Missouri at Columbia – Reduced-Form Valuation of Callable Corporate Bonds: Theory and Evidence
Weipeng Kong, affiliation not provided to SSRN and Jing-Zhi Huang, Pennsylvania State University – Department of Finance – Macroeconomic News Announcements and Corporate Bond Credit Spreads
Discussants:
David Lando, Copenhagen Business School
Antje Berndt, Carnegie Mellon University
Jens Hilscher, Brandeis University – International Business School
01/05/2009 – 1:00 PM
Location: Marriott Yerba Buena Salon 10 & 11
Session: Emerging Markets
Chair: Randall Morck, University of Alberta – Department of Finance and Management Science
Joseph P. H. Fan, Chinese University of Hong Kong (CUHK) – School of Accountancy, Guojian Zheng, Chinese University of Hong Kong (CUHK) and Li Jin, Harvard Business School – Finance Unit – Internal Capital Market in Emerging Markets: Expropriation and Mitigating Financing Constraints
Zhaohui Chen, Temple University – Department of Finance, Jongmoo Jay Choi, Temple University – Department of Finance and Cao Jiang, Holy Family University – Private Benefits in IPOs: Evidence from State-Owned Firms
Todd A. Gormley, University of Pennsylvania – Finance Department and Radhakrishnan Gopalan, Washington University in Saint Louis – Olin Business School – Do Public Equity Markets Matter in Emerging Economies? Evidence from India
Enrico C. Perotti, University of Amsterdam – Finance Group and Armin Schwienbacher, Skema Business School – The Political Origin of Pension Funding
Discussants:
Enrico Perotti, University of Amsterdam – Finance Group
Meijun Qian, NUS Business School, National University of Singapore
Rajkamal Iyer, University of Amsterdam – Faculty of Economics and Business (FEB)
Li Jin, Harvard Business School – Finance Unit
01/05/2009 – 1:00 PM
Location: Marriott Yerba Buena Salon 12 & 13
Session: The Role of Media in Finance
Chair: Paul Tetlock, Columbia Business School – Finance and Economics
Laura Xiaolei Liu, Hong Kong University of Science & Technology (HKUST) – Department of Finance, Ann E. Sherman, DePaul University – Department of Finance and Yong Zhang, Hong Kong University of Science & Technology (HKUST) – Media Coverage and IPO Underpricing
Paul C. Tetlock, Columbia Business School – Finance and Economics – All the News That’s Fit to Reprint: Do Investors React to Stale Information?
Lily H. Fang, INSEAD – Finance and Joel Peress, INSEAD – Finance – Media Coverage and the Cross-Section of Stock Returns
Discussants:
Jay Ritter, University of Florida – Department of Finance, Insurance and Real Estate
Mark Grinblatt, University of California, Los Angeles (UCLA) – Finance Area
Michael Cooper, University of Utah – David Eccles School of Business
01/05/2009 – 1:00 PM
Location: Marriott Yerba Buena Salon 1 & 2
Session: Housing and Long-Run Risk
Chair: Nancy Wallace, University of California, Berkeley – Real Estate Group
Jose L. Fillat, Federal Reserve Banks – Federal Reserve Bank of Boston – Housing as a Measure for Long-Run Risk in Asset Pricing
Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis – Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets
Tomasz Piskorski, Columbia Business School – Finance and Economics and Alexei Tchistyi, University of California, Berkeley – Stochastic House Appreciation and Optimal Mortgage Lending
Discussants:
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School
João Cocco, London Business School
Chester Spatt, Carnegie Mellon University – David A. Tepper School of Business
01/05/2009 – 1:00 PM
Location: Marriott Yerba Buena Salon 14 & 15
Session: Financial Risk Management
Chair: Philippe Jorion, University of California, Irvine – Paul Merage School of Business
Söhnke M. Bartram, University of Warwick – Finance Group, Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill – Finance Area and William Waller, University of North Carolina (UNC) at Chapel Hill – Finance Area – How Important is Financial Risk?
Jack Bao, Ohio State University (OSU) – Department of Finance and Jun Pan, Massachusetts Institute of Technology (MIT) – Economics, Finance, Accounting (EFA) – Excess Volatility of Corporate Bonds
Gordon J. Alexander, University of Minnesota – Twin Cities – Carlson School of Management, Alexandre M. Baptista, George Washington University – Department of Finance and Shu Yan, University of South Carolina – Moore School of Business – Bank Risk Management with Value-at-Risk and Stress Testing: An Alternative to Conditional Value-at-Risk?
Discussants:
Michael Lemmon, University of Utah – Department of Finance
Sreedhar Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Peter Christoffersen, University of Toronto – Rotman School of Management