AFA 2010 ATLANTA MEETINGS (ARCHIVE)
Atlanta, GA – January 3, 2010 through January 5, 2010
SEVENTIETH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION
President: Darrell Duffie
President-Elect and Program Chair: John H. Cochrane
1/4/2010 – 5:45 PM
Location: Hilton Grand Ballroom A
Business Meeting and Presidential Address
01/03/2010 – 8:00 AM
Location: Hilton Grand Ballroom B
Session: Commodities
Chair: Lasse Pedersen, New York University (NYU) – Department of Finance
Viral V. Acharya, New York University (NYU) – Leonard N. Stern School of Business, Tarun Ramadorai, University of Oxford – Said Business School and Lars A. Lochstoer, Columbia Business School – Finance and Economics – Limits to Arbitrage and Hedging: Evidence from Commodity Markets
Marta Szymanowska, Erasmus University Rotterdam (EUR) – Department of Financial Management, Frans A. de Roon, Tilburg University – Department of Finance, Theo E. Nijman, Tilburg University – Center and Faculty of Economics and Business Administration and Rob van den Goorbergh, APG Asset Management – An Anatomy of Commodity Futures Risk Premia
Harrison G. Hong, Princeton University – Department of Economics and Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis – What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?
Discussants:
Gary Gorton, Yale University
Hendrik Bessembinder, University of Utah – Department of Finance
Erkko Etula, affiliation not provided to SSRN
01/03/2010 – 8:00 AM
Location: Hilton Grand Salon D
Session: Derivatives: Option Pricing
Chair: Michael Johannes, Columbia Business School – Finance and Economics
Alan Bester, University of Chicago – Booth School of Business, Victor Hugo Martinez, City University of New York, CUNY Baruch College – Zicklin School of Business – Department of Economics and Finance and Ioanid Rosu, HEC Paris (Groupe HEC) – Option Pricing and the Probability of Success of Cash Mergers
Peter Christoffersen, University of Toronto – Rotman School of Management, Kris Jacobs, University of Houston – C.T. Bauer College of Business and Chayawat Ornthanalai, Georgia Institute of Technology – College of Management – Dynamic Jump Intensities and Risk Premia: Evidence from S&P500 Returns and Options
Nicole Branger, University of Muenster – Finance Center Muenster, Alexandra Hansis, Goethe University Frankfurt – House of Finance and Christian Schlag, Goethe University Frankfurt – Expected Option Returns and the Structure of Jump Risk Premia
Discussants:
Ajay Subramanian, Georgia State University – J. Mack Robinson College of Business
David Bates, University of Iowa – Department of Finance
Mikhail Chernov, London School of Economics & Political Science (LSE)
01/03/2010 – 8:00 AM
Location: Hilton Grand Ballroom A
Session: Volatility
Chair: Jeffrey Russell, University of Chicago – Booth School of Business – Econometrics and Statistics
Söhnke M. Bartram, University of Warwick – Finance Group, Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill – Finance Area and Rene M. Stulz, Ohio State University (OSU) – Department of Finance – Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
Alberto G. P. Rossi, University of California, San Diego (UCSD) – Department of Economics and Allan G. Timmermann, University of California, San Diego (UCSD) – Department of Economics – What is the Shape of the Risk-Return Relation?
Discussants:
Omid Sabbaghi, University of Chicago – Booth School of Business
Claudia Moise, Case Western Reserve University – Department of Banking & Finance
01/03/2010 – 8:00 AM
Location: Hilton Grand Salon E
Session: Behavioral Finance – Theory and Experiment
Chair: Nicholas Barberis, Yale School of Management
Matthew Rabin, University of California, Berkeley – Department of Economics and Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance – The Gambler’s and Hot-Hand Fallacies: Theory and Applications
Stephane Villeneuve, University of Toulouse 1 – Toulouse School of Economics (TSE) and Sebastien Pouget, University of Toulouse 1 – Department of Finance – Price Formation with Confirmation Bias
Rik Sen, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Robert Tumarkin, University of New South Wales (UNSW) – School of Banking and Finance – Stocking Up: Executive Optimism and Share Retention
Discussants:
Bing Han, University of Texas at Austin – Department of Finance
Nicholas Barberis, Yale School of Management
Ulrike Malmendier, University of California, Berkeley – Department of Economics
01/03/2010 – 8:00 AM
Location: Hilton Grand Ballroom D
Session: Executive Compensation
Chair: Dirk Jenter, Stanford Graduate School of Business
John R. Graham, Duke University – Finance, Si Li, Wilfrid Laurier University – School of Business & Economics and Jiaping Qiu, McMaster University – Michael G. DeGroote School of Business – Managerial Attributes and Executive Compensation
John M. Bizjak, Portland State University – School of Business Administration, Michael L. Lemmon, University of Utah – Department of Finance and Thanh Lai Nguyen, University of Utah – Department of Finance – Are All CEOs above Average? An Empirical Analysis of Compensation Peer Groups and Pay Design
Camelia M. Kuhnen, Kellogg School of Management – Department of Finance and Alexandra Niessen-Ruenzi, University of Cologne – Centre for Financial Research (CFR) – Is Executive Compensation Shaped by Public Attitudes?
Discussants:
Carola Frydman, Boston University – Department of Economics
Jun Yang, Indiana University Bloomington – Department of Finance
David Yermack, New York University (NYU) – Department of Finance
01/03/2010 – 8:00 AM
Location: Hilton Grand Ballroom C
Session: Investment and Product Markets
Chair: Christopher Hennessy, London Business School
Brandon Julio, London Business School and Youngsuk Yook, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School – Political Uncertainty and Corporate Investment Cycles
Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management, John R. Graham, Duke University – Finance and Campbell R. Harvey, Duke University – Fuqua School of Business – The Real Effects of Financial Constraints: Evidence from a Financial Crisis
Mitchell A. Petersen, Northwestern University – Kellogg School of Management and Michael W. Faulkender, University of Maryland – Robert H. Smith School of Business – Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act
Discussants:
Toni Whited, Simon Graduate School of Business, University of Rochester
Vikrant Vig, London Business School
Michael Roberts, University of Pennsylvania – Finance Department
01/03/2010 – 10:15 AM
Location: Hilton Grand Ballroom D
Session: Fixed Income — Term Structure
Chair: Pietro Veronesi, University of Chicago – Booth School of Business (Finance Authors)
Scott Joslin, University of Southern California – Marshall School of Business – Finance and Business Economics Department, Kenneth J. Singleton, Stanford Graduate School of Business and Haoxiang Zhu, Stanford Graduate School of Business – A New Perspective on Gaussian Dynamic Term Structure Models
Jens Henrik Eggert Christensen, Federal Reserve Banks – Federal Reserve Bank of San Francisco, Jose A. Lopez, Federal Reserve Banks – Federal Reserve Bank of San Francisco and Glenn D. Rudebusch, Federal Reserve Banks – Federal Reserve Bank of San Francisco – Do Central Bank Liquidity Facilities Affect Interbank Lending Rates?
Hwagyun Kim, Texas A&M University (TAMU) – Department of Finance and Agnes J. Moon, University of Southern California – Marshall School of Business – Finance and Business Economics Department – A Monetary Explanation of the Term Structure of Interest Rates and Bond Risk Premia
John H. Cochrane, University of Chicago – Booth School of Business (Finance Authors) and Monika Piazzesi, University of Chicago – Booth School of Business – Decomposing the Yield Curve
Discussants:
Gregory Duffee, Johns Hopkins University – Department of Economics
Francis Longstaff, University of California, Los Angeles (UCLA) – Finance Area
Andrea Buraschi, Imperial College Business School
Pierre Collin-Dufresne, Columbia Business School – Finance and Economics
01/03/2010 – 10:15 AM
Location: Hilton Grand Ballroom C
Session: Forecasting Returns
Chair: Ralph Koijen, University of Chicago – Booth School of Business (Finance Authors)
Lubos Pastor, University of Chicago – Booth School of Business (Finance Authors) and Robert F. Stambaugh, University of Pennsylvania – Finance Department – Are Stocks Really Less Volatile in the Long Run?
Alessandro Beber, City University London – Faculty of Finance, Michael W. Brandt, Duke University – Fuqua School of Business and Kenneth A. Kavajecz, University of Wisconsin – Madison – Department of Finance, Investment and Banking – What Does Equity Sector Orderflow Tell Us About the Economy?
Miguel A. Ferreira, New University of Lisbon and Pedro Santa-Clara, New University of Lisbon – Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole
Discussants:
Luis Viceira, Harvard Business School – Finance Unit
Burton Hollifield, Carnegie Mellon University – David A. Tepper School of Business
Jules van Binsbergen, Northwestern University – Kellogg School of Management
01/03/2010 – 10:15 AM
Location: Hilton Grand Salon D
Session: Corporate Risk Management
Chair: James Weston, Rice University – Jesse H. Jones Graduate School of Business
Francisco Perez-Gonzalez, Stanford Graduate School of Business and Hayong Yun, University of Notre Dame – Department of Finance – Risk Management and Firm Value: Evidence from Weather Derivatives
Söhnke M. Bartram, University of Warwick – Finance Group, Natasha Burns, University of Texas at San Antonio – Department of Finance and Jean Helwege, University of South Carolina – Foreign Currency Exposure and Hedging: Evidence from Foreign Acquisitions
Tim Adam, Humboldt University of Berlin, Chitru S. Fernando, University of Oklahoma – Michael F. Price College of Business and Evgenia V. Golubeva, University of Oklahoma – Division of Finance – Managerial Overconfidence and Corporate Risk Management
Discussants:
Jess Cornaggia, Indiana University Bloomington – Kelley School of Business
George Allayannis, University of Virginia (UVA) – Darden School of Business
Darius Miller, Southern Methodist University (SMU) – Edwin L. Cox School of Business
01/03/2010 – 10:15 AM
Location: Hilton Grand Ballroom B
Session: Behavioral Finance – Individual Investors
Chair: Terrance Odean, University of California, Berkeley – Haas School of Business
Markku Kaustia, Aalto University – Department of Accounting and Finance and Samuli Knüpfer, London Business School – Peer Performance and Stock Market Entry
Mark Grinblatt, University of California, Los Angeles (UCLA) – Finance Area, Matti Keloharju, Aalto University – Department of Accounting and Finance and Juhani T. Linnainmaa, University of Chicago – Booth School of Business (Finance Authors) – IQ, Trading Behavior, and Performance
Zhi Da, University of Notre Dame – Mendoza College of Business, Joseph Engelberg, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School and Pengjie Gao, University of Notre Dame – In Search of Attention
Daniel J. Taylor, University of Pennsylvania – Accounting Department – Retail Investors and the Adjustment of Stock Prices to Earnings Information
Discussants:
Simon Gervais, Duke University – Fuqua School of Business
Mark Seasholes, Hong Kong University of Science & Technology (HKUST) – Department of Finance
Shimon Kogan, University of Texas at Austin
Ronnie Sadka, Boston College – Department of Economics
01/03/2010 – 10:15 AM
Location: Hilton Grand Salon E
Session: Banking and Financial Institutions
Chair: Bruce Carlin, University of California, Los Angeles (UCLA) – Anderson School of Management
Kose John, New York University (NYU) – Department of Finance and David Gaddis Ross, Columbia Business School – Management – On Externalities and Incentives: The Role of the Market Power and Organizational Form of Financial Intermediaries
Massimo Massa, INSEAD – Finance and Lei Zhang, Nanyang Technological University (NTU) – The Effects of the Organizational Structure On Asset Management
Discussants:
Gustavo Manso, University of California, Berkeley – Haas School of Business
David Robinson, Duke University – Fuqua School of Business
01/03/2010 – 10:15 AM
Location: Hilton Grand Ballroom A
Session: Managerial Terminations and Determinants of Executive Compensation Plans
Chair: Ivo Welch, Brown University – Department of Economics
Daniel Sungyeon Kim, Indiana University Bloomington – Department of Finance and Jun Yang, Indiana University Bloomington – Department of Finance – Beating the Target: A Closer Look at Annual Incentive Plans
Ana M. Albuquerque, Boston University – School of Management, Gus De Franco, University of Toronto – Rotman School of Management and Rodrigo S. Verdi, University of Pennsylvania – Accounting Department – Peer Choice in CEO Compensation
Martin Cihák, International Monetary Fund (IMF), Andrea Michaela Maechler, International Monetary Fund (IMF), Klaus Schaeck, University of Wales System – Bangor University and Stéphanie Stolz, International Monetary Fund (IMF) – Who Disciplines Bank Managers?
Florian S. Peters, University of Amsterdam and Alexander F. Wagner, University of Zurich – Department of Banking and Finance – The Executive Turnover Risk Premium
Discussants:
Dirk Jenter, Stanford Graduate School of Business
Dirk Jenter, Stanford Graduate School of Business
Adam Ashcraft, Federal Reserve Banks – Federal Reserve Bank of New York
Jay Hartzell, University of Texas at Austin – Department of Finance
01/03/2010 – 2:30 PM
Location: Hilton Grand Salon E
Session: Anomalies and Efficiency
Chair: Joshua Coval, Harvard Business School – Finance Unit
Paul C. Tetlock, Columbia Business School – Finance and Economics – Does Public Financial News Resolve Asymmetric Information?
Christopher S. Jones, University of Southern California – Marshall School of Business – Finance and Business Economics Department and Joshua Shemesh, University of Melbourne – Department of Finance – The Weekend Effect in Equity Option Returns
Ron Kaniel, Simon Graduate School of Business, University of Rochester, Shuming Liu, San Francisco State University, Gideon Saar, Cornell University – Samuel Curtis Johnson Graduate School of Management and Sheridan Titman, University of Texas at Austin – Department of Finance – Individual Investor Trading and Return Patterns Around Earnings Announcements
Discussants:
Eric Kelley, University of Arizona – Department of Finance
Allen Poteshman, University of Illinois at Urbana-Champaign – Department of Finance
Roberto Gutierrez, University of Oregon – Department of Finance
01/03/2010 – 2:30 PM
Location: Hilton Grand Ballroom B
Session: Asset Pricing Theory
Chair: Nicolae Garleanu, University of California, Berkeley – Haas School of Business
Joao F. Gomes, University of Pennsylvania – Finance Department and Lukas Schmid, Duke University – Finance – Equilibrium Credit Spreads and the Macroeconomy
Andrea Buraschi, Imperial College Business School, Fabio Trojani, Swiss Finance Institute and Andrea Vedolin, London School of Economics & Political Science (LSE) – Department of Finance – Comovement and Volatility Risk Premia
Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance and Paul Woolley, London School of Economics & Political Science (LSE) – An Institutional Theory of Momentum and Reversal
Discussants:
Dmitry Livdan, University of California, Berkeley – Haas School of Business
Ian Martin, Stanford University
Jennifer Huang, University of Texas at Austin – Department of Finance
01/03/2010 – 2:30 PM
Location: Hilton Grand Ballroom C
Session: Credit Risk
Chair: Ilya Strebulaev, Stanford Graduate School of Business
Darren J. Kisgen, Boston College – Carroll School of Management and Philip E. Strahan, Boston College – Department of Finance – Do Regulations Based on Credit Ratings Affect a Firm’s Cost of Capital?
David Lando, Copenhagen Business School and Mads Stenbo Nielsen, Copenhagen Business School – Department of Finance – Correlation in Corporate Defaults: Contagion or Conditional Independence?
Antje Berndt, Carnegie Mellon University, Peter H. Ritchken, Case Western Reserve University – Department of Banking & Finance and Zhiqiang Sun, National City Bank – On Correlation and Default Clustering in Credit Markets
Discussants:
Sergei Davydenko, University of Toronto – Finance Area
Mikhail Chernov, London School of Economics & Political Science (LSE)
Hui Chen, Massachusetts Institute of Technology (MIT) – Sloan School of Management
01/03/2010 – 2:30 PM
Location: Hilton Grand Ballroom A
Session: Information and Beliefs in Price Formation
Chair: Lauren Cohen, Harvard Business School
Umit G. Gurun, University of Texas at Dallas – School of Management and Alexander W. Butler, Rice University – Jesse H. Jones Graduate School of Business – Don’t Believe the Hype: Local Media Slant, Local Advertising, and Firm Value
Jefferson Duarte, Rice University – Jesse H. Jones Graduate School of Business, Stephan Siegel, University of Washington – Michael G. Foster School of Business and Lance A. Young, University of Washington – Department of Finance and Business Economics – Trust and Credit
Rik G. P. Frehen, Tilburg University, William N. Goetzmann, Yale School of Management and K. Geert Rouwenhorst, Yale School of Management – New Evidence on the First Financial Bubble
Malcolm P. Baker, Harvard Business School – Finance Unit, Jeffrey A. Wurgler, New York University (NYU) – Department of Finance and Yu Yuan, University of Pennsylvania – Finance Department – Global, Local, and Contagious Investor Sentiment
Discussants:
Dong Lou, London School of Economics & Political Science (LSE)
Nagpurnanand Prabhala, University of Maryland – Robert H. Smith School of Business
Markus Brunnermeier, Princeton University – Department of Economics
Byoung-Hyoun Hwang, Emory University – Goizueta Business School
01/03/2010 – 2:30 PM
Location: Hilton Grand Salon D
Session: Borrowing and Lending
Chair: Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management
João A. C. Santos, Federal Reserve Banks – Federal Reserve Bank of New York and Andrew Winton, University of Minnesota – Twin Cities – Carlson School of Management – Bank Capital, Borrower Power, and Loan Rates
Effi Benmelech, Harvard University – Department of Economics (Finance Authors), Jennifer Dlugosz, Federal Reserve Board and Victoria Ivashina, Harvard Business School – Finance Unit – Securitization without Adverse Selection: The Case of CLOs
Manju Puri, Duke University – Fuqua School of Business, Jörg Rocholl, ESMT European School of Management and Technology and Sascha Steffen, ESMT European School of Management and Technology – Global Retail Lending in the Aftermath of the US Financial Crisis: Distinguishing between Supply and Demand Effects
Rebecca Zarutskie, Duke University – Fuqua School of Business – Competition, Financial Innovation and Specialization in Credit Markets
Discussants:
Daniel Paravisini, Columbia Business School – Finance and Economics
Paul Willen, Federal Reserve Banks – Federal Reserve Bank of Boston
Jose-Luis Peydro, Universitat Pompeu Fabra – Faculty of Economic and Business Sciences
Nicola Cetorelli, Federal Reserve Banks – Federal Reserve Bank of New York
01/03/2010 – 2:30 PM
Location: Hilton Grand Ballroom D
Session: Capital Structure: Financial Distress and Financial Flexibility
Chair: Mitchell Petersen, Northwestern University – Kellogg School of Management
Indraneel Chakraborty, Southern Methodist University (SMU) – Finance Department – The Cost of Bank Financing to Firm Investment and Value
David J. Denis, University of Pittsburgh – Katz Graduate School of Business and Stephen B. McKeon, University of Oregon – Department of Finance – Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases
Thomas J. Chemmanur, Boston College – Department of Finance, Yingmei Cheng, Florida State University – College of Business and Tianming (Tim) Zhang, Florida State University – Department of Accounting – Capital Structure and Employee Pay: An Empirical Analysis
Discussants:
Mark Carey, Government of the United States of America – International Banking Section
Michael Faulkender, University of Maryland – Robert H. Smith School of Business
Michael Roberts, University of Pennsylvania – Finance Department
01/04/2010 – 8:00 AM
Location: Hilton Grand Ballroom D
Session: Equity Risk Premiums — Empirical
Chair: Pedro Santa-Clara, New University of Lisbon
Gerard Hoberg, University of Maryland – Department of Finance and Ivo Welch, Brown University – Department of Economics – Optimized vs. Sort-Based Portfolios
Ralph S. J. Koijen, University of Chicago – Booth School of Business (Finance Authors), Hanno N. Lustig, University of California, Los Angeles (UCLA) and Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance – The Cross-Section and Time-Series of Stock and Bond Returns
Clifford S. Asness, AQR Capital Management, LLC, Tobias J. Moskowitz, University of Chicago – Booth School of Business (Finance Authors) and Lasse Heje Pedersen, New York University (NYU) – Department of Finance – Value and Momentum Everywhere
Discussants:
Wayne Ferson, University of Southern California
Monika Piazzesi, University of Chicago – Booth School of Business
Sheridan Titman, University of Texas at Austin – Department of Finance
01/04/2010 – 8:00 AM
Location: Hilton Grand Ballroom C
Session: Portfolio Choice — Dynamic Allocation
Chair: Anthony Lynch, New York University (NYU) – Department of Finance
Nicolae Bogdan Garleanu, University of California, Berkeley – Haas School of Business and Lasse Heje Pedersen, New York University (NYU) – Department of Finance – Dynamic Trading with Predictable Returns and Transaction Costs
Antonios A. Sangvinatsos, New York University (NYU) – Department of Finance – Strategic Allocation: The Role of Corporate Bond Indices?
Hui Chen, Massachusetts Institute of Technology (MIT) – Sloan School of Management, Nengjiu Ju, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Jianjun Miao, Boston University – Department of Economics – Dynamic Asset Allocation with Ambiguous Return Predictability
Discussants:
Hong Liu, Washington University in Saint Louis – Olin Business School
Jennifer Huang, University of Texas at Austin – Department of Finance
Martin Schneider, Stanford University
01/04/2010 – 8:00 AM
Location: Hilton Grand Ballroom A
Session: Structured Finance; CDS, ABS, MBS, etc.
Chair: Francis Longstaff, University of California, Los Angeles (UCLA) – Finance Area
Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill – Finance Area and Yihui Wang, University of North Carolina (UNC) at Chapel Hill – Did Structured Credit Fuel the LBO Boom?
Marco Pagano, University of Naples Federico II – Department of Economics and Paolo F. Volpin, London Business School – Securitization, Transparency and Liquidity
John M. Griffin, University of Texas at Austin – Department of Finance and Dragon Yongjun Tang, University of Hong Kong – School of Economics and Finance – Did Subjectivity Play a Role in CDO Credit Ratings?
Discussants:
Micah Officer, Loyola Marymount University – Department of Finance and Computer Information Systems
Gustavo Manso, University of California, Berkeley – Haas School of Business
Efraim Benmelech, Harvard University – Department of Economics (Finance Authors)
01/04/2010 – 8:00 AM
Location: Hilton Grand Salon D
Session: Behavioral Finance – Corporate
Chair: Jeffrey Wurgler, New York University (NYU) – Department of Finance
Malcolm P. Baker, Harvard Business School – Finance Unit and Yuhai Xuan, Harvard Business School – Finance Unit – Under New Management: Equity Issues and the Attribution of Past Returns
Lei Zhang, Nanyang Technological University (NTU) – Why Do Firms Pay Cash in Acquisitions? Evidence From a Catering Perspective
Mariassunta Giannetti, Stockholm School of Economics – Department of Finance and Yishay Yafeh, Hebrew University of Jerusalem – Jerusalem School of Business Administration – Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans
Discussants:
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) – Finance Area
Jarrad Harford, University of Washington – Michael G. Foster School of Business
Enrichetta Ravina, Columbia Business School – Finance and Economics
01/04/2010 – 8:00 AM
Location: Hilton Grand Salon E
Session: Bankruptcy and Distress
Chair: Amit Seru, University of Chicago – Booth School of Business (Finance Authors)
Sreedhar T. Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business, Venkatesh Panchapagesan, Goldman Sachs Group, Inc. and Ingrid M. Werner, Ohio State University (OSU) – Department of Finance – The Changing Nature of Chapter 11
Zhipeng Zhang, Boston College – Department of Finance – Recovery Rates and Macroeconomic Conditions: The Role of Loan Covenants
Antonio Falato, Government of the United States of America – Capital Markets Section and Nellie Liang, Government of the United States of America – Capital Markets Section – Do Creditor Rights Increase Employment Risk? Evidence from Debt Covenants
Discussants:
Hulya Eraslan, Johns Hopkins University – Department of Economics
Michael Roberts, University of Pennsylvania – Finance Department
Sudheer Chava, Georgia Institute of Technology – College of Management
01/04/2010 – 8:00 AM
Location: Hilton Grand Salon A
Session: Capital Structure — Beyond Debt and Equity
Chair: Murray Carlson, University of British Columbia (UBC) – Sauder School of Business
Lei Mao, Hong Kong University of Science & Technology (HKUST) and Yuri Tserlukevich, Arizona State University (ASU) – The Propensity to Save and Incentives to Reduce Debt
Martin Boileau, University of Colorado at Boulder – Department of Economics and Nathalie Moyen, University of Colorado at Boulder – Department of Finance – Corporate Precautionary Savings
Brian J. Clark, Government of the United States of America – Office of the Comptroller of the Currency (OCC), Bill B. Francis, Rensselaer Polytechnic Institute (RPI) and Iftekhar Hasan, Rensselaer Polytechnic Institute (RPI) – Department of Finance and Accounting – Geography and Cash Holdings
Discussants:
Alexei Zhdanov, University of Lausanne – Institute of Banking and Finance (IBF)
Gian Luca Clementi, Leonard N. Stern School of Business – Department of Economics
Laurent Frésard
01/04/2010 – 10:15 AM
Location: Hilton Grand Salon D
Session: Equity Risk Premiums
Chair: Rajnish Mehra, Arizona State University (ASU) – Economics Department
Itamar Drechsler, New York University (NYU) – Uncertainty, Time-Varying Fear, and Asset Prices
Timothy C. Johnson, University of Illinois at Urbana-Champaign – Inequality Risk Premia
Malcolm P. Baker, Harvard Business School – Finance Unit and Jeffrey A. Wurgler, New York University (NYU) – Department of Finance – Government Bonds and the Cross-Section of Stock Returns
Discussants:
Ravi Bansal, Duke University – Fuqua School of Business
Amir Yaron, University of Pennsylvania – Finance Department
Vito Gala, London Business School – Department of Finance
01/04/2010 – 10:15 AM
Location: Hilton Grand Ballroom D
Session: Liquidity, Trading, and Frictions — Empirical
Chair: Joel Peress, INSEAD – Finance
Paolo Pasquariello, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Clara Vega, Federal Reserve Board – Strategic Cross-Trading in the U.S. Stock Market
Richard W. Roll, University of California, Los Angeles (UCLA) – Finance Area, Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) – Finance Area and Tarun Chordia, Emory University – Department of Finance – Recent Trends in Trading Activity
Andrew Koch, University of Texas at Austin – Department of Finance, Stefan Ruenzi, University of Mannheim – Department of International Finance and Laura T. Starks, University of Texas at Austin – Department of Finance – Commonality in Liquidity: A Demand-Side Explanation
Discussants:
Robin Greenwood, Harvard Business School – Finance Unit
Charles Jones, Columbia Business School – Finance and Economics
Mark Seasholes, Hong Kong University of Science & Technology (HKUST) – Department of Finance
01/04/2010 – 10:15 AM
Location: Hilton Grand Ballroom C
Session: Portfolio Choice
Chair: Michael Brandt, Duke University – Fuqua School of Business
Hervé Roche, California State Polytechnic University, San Luis Obispo, Stathis Tompaidis, University of Texas at Austin – Red McCombs School of Business and Chunyu Yang, University of Texas at Austin – Red McCombs School of Business – Asset Selection and Under-Diversification with Financial Constraints and Income: Implications for Household Portfolio Studies
Phelim P. Boyle, Wilfrid Laurier University – School of Business & Economics, Lorenzo Garlappi, University of British Columbia (UBC) – Sauder School of Business, Raman Uppal, London Business School – Institute of Finance and Accounting and Tan Wang, University of British Columbia (UBC) – Division of Finance – Keynes Meets Markowitz: The Tradeoff Between Familiarity and Diversification
Wolf Wagner, Tilburg University – Department of Economics – Systemic Liquidation Risk and the Diversity-Diversification Trade-Off
Jerome Detemple, Boston University – Department of Finance & Economics, René Garcia, EDHEC Business School and Marcel Rindisbacher, Boston University – School of Management – Optimal Portfolio Allocations with Hedge Funds
Discussants:
Michael Gallmeyer, University of Virginia (UVA) – McIntire School of Commerce
Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Ron Kaniel, Simon Graduate School of Business, University of Rochester
Pedro Santa-Clara, New University of Lisbon
01/04/2010 – 10:15 AM
Location: Hilton Grand Salon E
Session: Banks in Trouble
Chair: Efraim Benmelech, Harvard University – Department of Economics (Finance Authors)
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors) and Wei Xiong, Princeton University – Department of Economics – Dynamic Debt Runs
Thomas Philippon, New York University (NYU) – Department of Finance and Philipp Schnabl, New York University (NYU) – Efficient Recapitalization
Allen N. Berger, University of South Carolina – Moore School of Business and Christa H. S. Bouwman, Case Western Reserve University – Department of Banking & Finance – Financial Crises and Bank Liquidity Creation
Discussants:
Bilge Yilmaz, University of Pennsylvania – Finance Department
Adriano Rampini, Duke University – Fuqua School of Business
Nittai Bergman, Massachusetts Institute of Technology (MIT) – Sloan School of Management
01/04/2010 – 10:15 AM
Location: Hilton Grand Salon A
Session: Finance and Accounting
Chair: Christian Leuz, University of Chicago – Booth School of Business
Chris S. Armstrong, University of Pennsylvania – Accounting Department, Snehal Banerjee, Kellogg School of Management – Department of Finance and Carlos Corona, Carnegie Mellon University – David A. Tepper School of Business – Information Quality and the Cross-Section of Expected Returns
Todd A. Gormley, University of Pennsylvania – Finance Department, Bong Hwan Kim, American University – Kogod School of Business and Xiumin Martin, University of Missouri at Columbia – Do Firms Adjust Their Timely Loss Recognition in Response to Changes in the Banking Industry?
John M. Griffin, University of Texas at Austin – Department of Finance, Nicholas Hirschey, University of Texas at Austin – Department of Finance and Patrick J. Kelly, University of South Florida – Department of Finance – How Important is the Financial Press in Global Markets?
Discussants:
Pietro Veronesi, University of Chicago – Booth School of Business (Finance Authors)
Mark Bradshaw, Boston College – Carroll School of Management
Craig Doidge, University of Toronto – Rotman School of Management
01/04/2010 – 10:15 AM
Location: Hilton Grand Ballroom A
Session: Securities, Markets, and Corporate Governance
Chair: Tano Santos, Columbia Business School – Economics Department
E. Han Kim, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Paige Parker Ouimet, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School – Employee Capitalism or Corporate Socialism? Broad-Based Employee Stock Ownership
Carsten Bienz, Norwegian School of Economics and Business Administration (NHH) – Department of Finance and Management Science, Antoine Faure-Grimaud, London School of Economics & Political Science (LSE) – Department of Economics and Zsuzsanna Fluck, Michigan State University – Department of Finance – The Defeasance of Control Rights
Julian R. Franks, London Business School – Institute of Finance and Accounting, Colin Mayer, University of Oxford – Said Business School and Hideaki Miyajima, Waseda University – Graduate School of Commerce – Equity Markets and Institutions: The Case of Japan
Discussants:
Daniel Paravisini, Columbia Business School – Finance and Economics
Michael Roberts, University of Pennsylvania – Finance Department
Jun Qian, Boston College – Carroll School of Management
01/04/2010 – 2:30 PM
Location: Hilton Grand Salon E
Session: Analysts and Stock Returns
Chair: Christopher Malloy, Harvard Business School
Zhi Da, University of Notre Dame – Mendoza College of Business and Mitch Warachka, Singapore Management University – School of Business – Long-Term Earnings Growth Forecasts, Limited Attention, and Return Predictability
Nerissa C. Brown, Georgia State University – J. Mack Robinson College of Business, Russ R. Wermers, University of Maryland – Robert H. Smith School of Business and Kelsey D. Wei, University of Texas at Dallas – School of Management – Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices
Ohad Kadan, Washington University in Saint Louis – Olin Business School, Leonardo Madureira, Case Western Reserve University – Department of Banking & Finance, Rong Wang, Singapore Management University and Tzachi Zach, Ohio State University (OSU) – Fisher College of Business – Analysts’ Industry Expertise
Oya Altinkilic, George Washington University – Department of Finance, Vadim S. Balashov, Tulane University and Robert S. Hansen, Tulane University – A.B. Freeman School of Business – Evidence that Analysts Are Not Important Information-Intermediaries
Discussants:
Anna Scherbina, University of California, Davis – Graduate School of Management
Lily Fang, INSEAD – Finance
Kewei Hou, Ohio State University (OSU) – Department of Finance
Kent Womack, University of Toronto – Rotman School of Management
01/04/2010 – 2:30 PM
Location: Hilton Grand Salon D
Session: Asset Pricing Theory: Risk Premiums
Chair: Amir Yaron, University of Pennsylvania – Finance Department
Doron Avramov, Hebrew University of Jerusalem, Scott Cederburg, University of Arizona – Department of Finance and Satadru Hore, University of Iowa – Department of Finance – Cross-Sectional Asset Pricing Puzzles: A Long-Run Perspective
Hwagyun Kim, Texas A&M University (TAMU) – Department of Finance, Hyoung Il Lee, Government of Korea – Ministry of Strategy and Finance, Joon Y. Park, Texas A&M University (TAMU) and Hyosung Yeo, Texas A&M University (TAMU) – Macroeconomic Uncertainty and Asset Prices: A Stochastic Volatility Model
Wei Yang, Simon Graduate School of Business, University of Rochester – Asset Pricing with Left-Skewed Long-Run Risk in Durable Consumption
Harjoat Singh Bhamra, University of British Columbia (UBC) – Sauder School of Business and Raman Uppal, London Business School – Institute of Finance and Accounting – Asset Prices with Heterogeneity in Preferences and Beliefs
Discussants:
Timothy Johnson, University of Illinois at Urbana-Champaign
Ivan Shaliastovich, University of Pennsylvania – Finance Department
Stijn Van Nieuwerburgh, New York University (NYU) – Department of Finance
Burton Hollifield, Carnegie Mellon University – David A. Tepper School of Business
01/04/2010 – 2:30 PM
Location: Hilton Grand Salon A
Session: Liquidity, Trading, and Frictions — Theory
Chair: Arvind Krishnamurthy, Northwestern University – Kellogg School of Management
Xuewen Liu, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Antonio S. Mello, University of Wisconsin – Madison – School of Business – The Creditor Channel of Liquidity Crises
Giovanni Cespa, City University London – Faculty of Finance and Xavier Vives, IESE Business School of the University of Navarra – Dynamic Trading and Asset Prices: Keynes Vs. Hayek
Bruno Biais, Centre for Economic Policy Research (CEPR) and Pierre-Olivier Weill, University of California, Los Angeles (UCLA) – Department of Economics – Liquidity Shocks and Order Book Dynamics
Discussants:
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors)
Snehal Banerjee, Kellogg School of Management – Department of Finance
Ioanid Rosu, HEC Paris (Groupe HEC)
01/04/2010 – 2:30 PM
Location: Hilton Grand Ballroom C
Session: Private Equity and Venture Capital
Chair: Morten Sorensen, Columbia Business School – Finance and Economics
Vincent Glode, University of Pennsylvania – Finance Department and Richard C. Green, Carnegie Mellon University – David A. Tepper School of Business – Information Spillovers and Performance Persistence for Hedge Funds
Tim Jenkinson, University of Oxford – Said Business School and Miguel Sousa, University of Oxford – Said Business School – Why SPAC Investors Should Listen to the Market
Florencio Lopez de Silanes, EDHEC Business School, Ludovic Phalippou, University of Oxford – Said Business School and Oliver Gottschalg, HEC Paris (Groupe HEC) – Management – Giants at the Gate: On the Cross-Section of Private Equity Investment Returns
Discussants:
Yael Hochberg, Kellogg School of Management – Department of Finance
Steven Kaplan, University of Chicago – Booth School of Business (Finance Authors)
Arthur Korteweg, Stanford Graduate School of Business
01/04/2010 – 2:30 PM
Location: Hilton Grand Ballroom D
Session: New Topics in Corporate Governance
Chair: Paolo Volpin, London Business School
Reena Aggarwal, Georgetown University – Robert Emmett McDonough School of Business, Isil Erel, Ohio State University (OSU) – Department of Finance, Miguel A. Ferreira, New University of Lisbon and Pedro P. Matos, University of Virginia (UVA) – Finance – Does Governance Travel around the World? Evidence from Institutional Investors
Kose John, New York University (NYU) – Department of Finance and Dalida Kadyrzhanova, University of Maryland – Department of Finance – Relative Governance
Martijn Cremers, Yale School of Management and Allen Ferrell, Harvard Law School – Thirty Years of Corporate Governance: Determinants and Equity Prices
Ramin Baghai, Stockholm School of Economics – Corporate Governance and Extraordinary Earnings Repatriations: Evidence from the American Jobs Creation Act
Discussants:
Stefano Rossi, Imperial College London – Accounting, Finance, and Macroeconomics
David Dicks, University of North Carolina (UNC) at Chapel Hill – Finance Area
Joy Ishii, Stanford Graduate School of Business
C. Foley, Harvard Business School
01/04/2010 – 2:30 PM
Location: Hilton Room 305
Session: Equity Issues: IPOs and SEOs
Chair: Kose John, New York University (NYU) – Department of Finance
Mozaffar Khan, University of Minnesota – Twin Cities – Carlson School of Management, Leonid Kogan, Massachusetts Institute of Technology (MIT) – Sloan School of Management and George Serafeim, Harvard Business School – Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
Kathleen Weiss Hanley, Securities and Exchange Commission (SEC) and Gerard Hoberg, University of Maryland – Department of Finance – The Information Content of IPO Prospectuses
Michael J. Barclay, Deceased, Fangjian Fu, Singapore Management University – School of Business and Clifford W. Smith Jr., Simon Graduate School of Business, University of Rochester – Strategic Financial Management: Evidence from Seasoned Equity Offerings
E. Han Kim, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Amiyatosh K. Purnanandam, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – Corporate Governance and Investor Confidence in Seasoned Equity Offerings
Discussants:
Jeffrey Wurgler, New York University (NYU) – Department of Finance
Paul Tetlock, Columbia Business School – Finance and Economics
Mark Leary, Washington University in Saint Louis – Olin Business School
Anzhela Knyazeva, Simon Graduate School of Business, University of Rochester
01/04/2010 – 2:30 PM
Location: Hilton Grand Ballroom A
Session: International Markets
Chair: David Backus, Leonard N. Stern School of Business – Department of Economics
Jakub W. Jurek, Princeton University – Bendheim Center for Finance – Crash-Neutral Currency Carry Trades
Xavier Gabaix, New York University (NYU) – Department of Finance – Crash Risk in Currency Markets
Hanno N. Lustig, University of California, Los Angeles (UCLA), Nikolai L. Roussanov, University of Pennsylvania – The Wharton School and Adrien Verdelhan, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Common Risk Factors in Currency Markets
Discussants:
Mikhail Chernov, London School of Economics & Political Science (LSE)
Jeremy Graveline, University of Minnesota – Twin Cities – Carlson School of Management
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill – Finance Area
01/05/2010 – 8:00 AM
Location: Hilton Grand Salon A
Session: Financial Econometrics of Time-Varying Risk in Asset Pricing and Portfolio Allocation
Chair: Francis Diebold, University of Pennsylvania – Department of Economics
Andrew Ang, Columbia Business School – Finance and Economics and Dennis Kristensen, University College London – Department of Economics – Testing Conditional Factor Models
Lada M. Kyj, Humboldt University of Berlin, Barbara Ostdiek, Rice University – Jesse H. Jones Graduate School of Business and Katherine Ensor, Rice University – George R. Brown School of Engineering – Covariance Estimation in Dynamic Portfolio Optimization: A Realized Single Factor Model
Mathijs Cosemans, Maastricht University – Limburg Institute of Financial Economics (LIFE), Rik G. P. Frehen, Tilburg University, Peter C. Schotman, Maastricht Accounting and Auditing Research and Education Center (MARC) and Rob Bauer, Maastricht University – Limburg Institute of Financial Economics (LIFE) – Estimating Security Betas Using Prior Information Based on Firm Fundamentals
Discussants:
Masahiro Watanabe, University of Alberta – School of Business
Michael Brandt, Duke University – Fuqua School of Business
Tarun Chordia, Emory University – Department of Finance
01/05/2010 – 8:00 AM
Location: Hilton Grand Ballroom B
Session: Real Investments and the Stock Market
Chair: Xavier Gabaix, New York University (NYU) – Department of Finance
Lars-Alexander Kuehn, Carnegie Mellon University – David A. Tepper School of Business – Disentangling Investment Returns and Stock Returns: The Importance of Time-to-Build
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 – Trading Frenzy and Its Impact on Real Investment
Janice C. Eberly, Northwestern University – Kellogg School of Management and Neng Wang, Columbia Business School – Finance and Economics – Reallocating and Pricing Illiquid Capital: Two Productive Trees
Discussants:
Francois Gourio, Boston University – Department of Economics
Joshua Coval, Harvard Business School – Finance Unit
Lu Zhang, Ohio State University (OSU) – Department of Finance
01/05/2010 – 8:00 AM
Location: Hilton Grand Ballroom C
Session: Mutual Funds and Hedge Funds — Performance
Chair: Narayan Y. Naik, London Business School – Institute of Finance and Accounting
David L. Hunter, University of Hawaii at Manoa – Department of Financial Economics and Institutions, Eugene Kandel, Hebrew University of Jerusalem – Department of Economics, Russ R. Wermers, University of Maryland – Robert H. Smith School of Business and Shmuel Kandel (deceased), Deceased – Endogenous Benchmarks
Martijn Cremers, Yale School of Management, Antti Petajisto, New York University (NYU) – Department of Finance and Eric Zitzewitz, Dartmouth College – Department of Economics – Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
Andrea Buraschi, Imperial College Business School, Robert Kosowski, Imperial College Business School and Fabio Trojani, Swiss Finance Institute – ‘When There Is No Place to Hide’: Correlation Risk and the Cross-Section of Hedge Fund Returns
Discussants:
Melvyn Teo, Singapore Management University – School of Business
Tarun Ramadorai, University of Oxford – Said Business School
Vikas Agarwal, Georgia State University – J. Mack Robinson College of Business
01/05/2010 – 8:00 AM
Location: Hilton Grand Ballroom D
Session: Mergers and Acquisitions
Chair: Christa Bouwman, Case Western Reserve University – Department of Banking & Finance
Malcolm P. Baker, Harvard Business School – Finance Unit, Xin Pan, Harvard University and Jeffrey A. Wurgler, New York University (NYU) – Department of Finance – A Reference Point Theory of Mergers and Acquisitions
Paolo Fulghieri, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School and Merih Sevilir, Indiana University Bloomington – Mergers and Employee Incentives
Heitor Almeida, University of Illinois at Urbana-Champaign, Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management and Dirk Hackbarth, University of Illinois at Urbana-Champaign – Department of Finance – Liquidity Mergers
Joy L. Ishii, Stanford Graduate School of Business and Yuhai Xuan, Harvard Business School – Finance Unit – Acquirer-Target Social Ties and Merger Outcomes
Discussants:
Dirk Jenter, Stanford Graduate School of Business
Alex Edmans, University of Pennsylvania – Finance Department
Todd Gormley, University of Pennsylvania – Finance Department
Ulrike Malmendier, University of California, Berkeley – Department of Economics
01/05/2010 – 8:00 AM
Location: Hilton Grand Ballroom A
Session: Regulation and Policy
Chair: Deborah Lucas, Northwestern University – Kellogg School of Management
Patrick Bolton, Columbia Business School – Economics Department, Xavier Freixas, Universitat Pompeu Fabra – Faculty of Economic and Business Sciences and Joel D. Shapiro, University of Oxford – Finance – The Credit Ratings Game
Bruce I. Carlin, University of California, Los Angeles (UCLA) – Anderson School of Management and Simon Gervais, Duke University – Fuqua School of Business – Legal Protection in Retail Financial Markets
Murray Z. Frank, University of Minnesota – Twin Cities – Department of Business Finance, Rajdeep Singh, University of Minnesota – Twin Cities – Carlson School of Management and Tracy Yue Wang, University of Minnesota – Twin Cities – Carlson School of Management – Personal Income Taxes and Corporate Investment
David L. Dicks, University of North Carolina (UNC) at Chapel Hill – Finance Area – Executive Compensation and the Role for Corporate Governance Regulation
Discussants:
Marco Pagano, University of Naples Federico II – Department of Economics
Philip Bond, University of Minnesota – Twin Cities
Chester Spatt, Carnegie Mellon University – David A. Tepper School of Business
Carola Frydman, Boston University – Department of Economics
01/05/2010 – 8:00 AM
Location: Hilton Grand Salon E
Session: Capital Flows, Sovreign Debt, Finance and Trade
Chair: Mark Wright, University of California, Los Angeles (UCLA)
Nicola Gennaioli, Centro di Ricerca sull’Economia delle Istituzioni (CREI) (Research Center on Economics of Institutions), Alberto Martin, Universitat Pompeu Fabra – Centre de Recerca en Economia Internacional (CREI) and Stefano Rossi, Imperial College London – Accounting, Finance, and Macroeconomics – Institutions, Public Debt and Foreign Finance
Nicola Borri, LUISS Guido Carli University – Department of Economics and Adrien Verdelhan, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Sovereign Risk Premia
Wioletta Dziuda, Northwestern University – Kellogg School of Management and Jordi Mondria, University of Toronto – Department of Economics – Asymmetric Information, Portfolio Managers and Home Bias
Senay Agca, George Washington University – Department of Finance and Oya Celasun, International Monetary Fund (IMF) – Research Department – How Does Public External Debt Affect the Cost of Corporate Borrowing? Evidence from Syndicated Loans in Emerging Markets
Discussants:
Guido Lorenzoni, Massachusetts Institute of Technology (MIT)
Cristina Arellano, University of Minnesota – Twin Cities – Department of Economics
Juan Hatchondo, Federal Reserve Banks – Federal Reserve Bank of Richmond
Galina Hale, Federal Reserve Banks – Federal Reserve Bank of San Francisco
01/05/2010 – 10:15 AM
Location: Hilton Grand Salon A
Session: Mutual Funds and Hedge Funds: Incentives, Contracts and Behavior
Chair: Raghuram Rajan, University of Chicago – Booth School of Business (Finance Authors)
Jie He, University of Georgia – Department of Banking and Finance – Information Production, Retail Investors, and Delegated Portfolio Management
Ankur Pareek, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics – Information Networks: Implications for Mutual Fund Trading Behavior and Stock Returns
Prachi Deuskar, University of Illinois at Urbana-Champaign, Joshua Matthew Pollet, Michigan State University, Zhi Jay Wang, University of Illinois at Urbana-Champaign and Lu Zheng, University of California, Irvine – Paul Merage School of Business – The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?
Bin Wei, CUNY Baruch College – Explicit and Implicit Incentives in Delegated Portfolio Management
Discussants:
Joel Vanden, Pennsylvania State University – Mary Jean and Frank P. Smeal College of Business Administration
Johan Walden, University of California, Berkeley – Haas School of Business
Christopher Malloy, Harvard Business School
Jacob Sagi, Vanderbilt University – Owen Graduate School of Management
01/05/2010 – 10:15 AM
Location: Hilton Grand Salon E
Session: Lessons from the Subprime Mortgage Crisis
Chair: João Cocco, London Business School
Amiyatosh K. Purnanandam, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – Originate-to-Distribute Model and the Subprime Mortgage Crisis
Sumit Agarwal, Federal Reserve Banks – Federal Reserve Bank of Chicago, Gene Amromin, Federal Reserve Banks – Federal Reserve Bank of Chicago, Itzhak Ben-David, Ohio State University (OSU) – Department of Finance, Souphala Chomsisengphet, Government of the United States of America – Risk Analysis Division and Douglas D. Evanoff, Federal Reserve Banks – Federal Reserve Bank of Chicago – Does Mandatory Loan Review Affect Mortgage Contract Choice and Performance?
Tomasz Piskorski, Columbia Business School – Finance and Economics, Amit Seru, University of Chicago – Booth School of Business (Finance Authors) and Vikrant Vig, London Business School – Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis
Discussants:
Otto van Hemert, New York University (NYU) – Department of Finance
Olivia Mitchell, University of Pennsylvania – Insurance & Risk Management Department
Philip Strahan, Boston College – Department of Finance
01/05/2010 – 10:15 AM
Location: Hilton Grand Ballroom C
Session: Short Sales and Insiders
Chair: Karl Diether, Dartmouth College – Tuck School of Business
Jin Xu, Purdue University – Krannert School of Management – Compensating Executives by Insider Trading? International Evidence
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 Jacob R. Thornock, University of Washington – Michael G. Foster School of Business – Can Short Restrictions Result in More Informed Short Selling? Evidence from the 2008 Regulations
Ekkehart Boehmer, EDHEC Business School, Charles M. Jones, Columbia Business School – Finance and Economics and Xiaoyan Zhang, Purdue University – Department of Management – Shackling Short Sellers: The 2008 Shorting Ban
Discussants:
Darren Roulstone, Ohio State University (OSU) – Fisher College of Business
Ingrid Werner, Ohio State University (OSU) – Department of Finance
David Musto, University of Pennsylvania – Finance Department
01/05/2010 – 10:15 AM
Location: Hilton Grand Ballroom A
Session: Law and Finance
Chair: Sankar De, Indian School of Business (ISB), Hyderabad
Dilip Mookherjee, Boston University – Department of Economics, Sujata Visaria, Hong Kong University of Science & Technology (HKUST) – Department of Economics and Ulf von Lilienfeld-Toal, Stockholm School of Economics – The Distributive Impact of Reforms in Credit Enforcement: Evidence from Indian Debt Recovery Tribunals
Paul K. Chaney, Vanderbilt University – Owen Graduate School of Management, Mara Faccio, Purdue University – Krannert School of Management and David C. Parsley, Vanderbilt University – Owen Graduate School of Management – The Quality of Accounting Information in Politically Connected Firms
Discussants:
Esther Duflo, Massachusetts Institute of Technology (MIT) – Department of Economics
Raymond Fisman, Columbia Business School – Finance and Economics
01/05/2010 – 10:15 AM
Location: Hilton Grand Ballroom D
Session: Organization Structure and Corporate Governance
Chair: Alon Brav, Duke University – Fuqua School of Business
Anzhela Knyazeva, Simon Graduate School of Business, University of Rochester, Diana Knyazeva, Simon Graduate School of Business, University of Rochester and Charu G. Raheja, Wake Forest University – Babcock Graduate School of Management – Diversity Within Corporate Boards
Christa H. S. Bouwman, Case Western Reserve University – Department of Banking & Finance – Corporate Governance Contagion Through Overlapping Directors
Kose John, New York University (NYU) – Department of Finance and Dalida Kadyrzhanova, University of Maryland – Department of Finance – Does Board Classification Matter? Evidence of Spillover Effects in the Market for Corporate Control
Discussants:
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management
Michael Roberts, University of Pennsylvania – Finance Department
Richmond Mathews, Duke University – Fuqua School of Business
01/05/2010 – 10:15 AM
Location: Hilton Grand Ballroom B
Session: Corporate Structure and Markets
Chair: Daniel Wolfenzon, Columbia Business School – Finance and Economics
Avner Kalay, Tel Aviv University – Faculty of Management and Shagun Pant, University of Iowa – Department of Finance – Time Varying Voting Rights and the Private Benefits of Control
Francois Degeorge, Universita della Svizzera Italiana (USI) – Faculty of Economics, Francois Derrien, HEC Paris (Groupe HEC) and Kent L. Womack, University of Toronto – Rotman School of Management – Auctioned IPOs: The U.S. Evidence
Mark R. Huson, University of Alberta – Department of Finance and Management Science, Paul H. Malatesta, University of Washington – Michael G. Foster School of Business and Robert Parrino, University of Texas at Austin – Department of Finance – The Decline in the Cost of Private Placements
Discussants:
Samuel Lee, New York University (NYU) – Department of Finance
Ann Sherman, DePaul University – Department of Finance
Gordon Phillips, University of Maryland – Department of Finance
01/05/2010 – 1:00 PM
Location: Hilton Grand Ballroom B
Session: Market Microstructure
Chair: Joel Hasbrouck, New York University (NYU) – Department of Finance
Stewart Mayhew, Cornerstone Research – Washington Office, Tim McCormick, Office of Economic Analysis and Chester S. Spatt, Carnegie Mellon University – David A. Tepper School of Business – The Information Content of Market-on-Close Imbalances, the Specialist and NYSE Equity Prices
Mark J. Ready, University of Wisconsin – Madison – School of Business – Determinants of Volume in Dark Pools
Joseph Kuk, Commonwealth Bank of Australia – Colonial First State Global Asset Management, Wai-Man (Raymond) Liu, Australian National University (ANU) – School of Finance and Applied Statistics and Peter K. Pham, Australian School of Business at UNSW – Strategic Order Submission and Cancellation in Pre-Opening Periods and Its Impact on Price Discovery: The Case of IPO Firms
Discussants:
Jos van Bommel, Universite du Luxembourg – School of Finance
Charles Jones, Columbia Business School – Finance and Economics
Albert (Pete) Kyle, University of Maryland
01/05/2010 – 1:00 PM
Location: Hilton Grand Ballroom A
Session: Mutual Funds and Hedge Funds — Strategies
Chair: K. J. Martijn Cremers, Yale School of Management
Amber Anand, Syracuse University – Whitman School of Management, Paul J. Irvine, University of Georgia – Department of Banking and Finance, Andy Puckett, University of Tennessee, Knoxville and Kumar Venkataraman, Southern Methodist University (SMU) – Edwin L. Cox School of Business – Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Cost
Zheng Sun, University of California, Irvine – Paul Merage School of Business, Ashley Wang, University of California, Irvine – Paul Merage School of Business and Lu Zheng, University of California, Irvine – Paul Merage School of Business – The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance
Gang Hu, Babson College – Finance Division, R. David McLean, University of Alberta – Department of Finance and Management Science, Jeffrey E. Pontiff, Boston College – Department of Finance and Qinghai Wang, Georgia Institute of Technology – College of Management – Do Fund Managers Try to Mislead Investors? Evidence from Year-End Trades
Lukasz Pomorski, University of Toronto – Rotman School of Management – Acting on the Most Valuable Information: “Best Idea” Trades of Mutual Fund Managers
Discussants:
John Griffin, University of Texas at Austin – Department of Finance
Roger Edelen, University of California, Davis – Graduate School of Management
Ron Kaniel, Simon Graduate School of Business, University of Rochester
Antti Petajisto, New York University (NYU) – Department of Finance
01/05/2010 – 1:00 PM
Location: Hilton Grand Salon A
Session: Corporate Finance Theory
Chair: Hyun Shin, Princeton University – Department of Economics
Kose John, New York University (NYU) – Department of Finance, Vinay B. Nair, University of Pennsylvania – Finance Department and Lemma W. Senbet, University of Maryland – Robert H. Smith School of Business – Law, Institutions and Taxes: A Perspective on Optimal Regulation
Thomas Philippon, New York University (NYU) – Department of Finance – Financiers Vs. Engineers: Should the Financial Sector Be Taxed or Subsidized?
Patrick Bolton, Columbia Business School – Economics Department, Hui Chen, Massachusetts Institute of Technology (MIT) – Sloan School of Management and Neng Wang, Columbia Business School – Finance and Economics – A Unified Theory of Tobin’s Q, Corporate Investment, Financing, and Risk Management
Peter Iliev, Pennsylvania State University – Department of Finance and Ivo Welch, Brown University – Department of Economics – A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention
Discussants:
Patrick Bolton, Columbia Business School – Economics Department
Antonio Falato, Government of the United States of America – Capital Markets Section
Dirk Hackbarth, University of Illinois at Urbana-Champaign – Department of Finance
Christa Bouwman, Case Western Reserve University – Department of Banking & Finance
01/05/2010 – 1:00 PM
Location: Hilton Grand Ballroom C
Session: Dividends and Repurchases
Chair: Aydogan Alti, University of Texas at Austin – Department of Finance
Massimo Massa, INSEAD – Finance and Alberto Manconi, INSEAD – Finance – A Servant to Many Masters: Competing Shareholder Preferences and Limits to Catering
Leonce Bargeron, University of Pittsburgh – Finance Group, Manoj Kulchania, Marquette University – College of Business Administration and Shawn E. Thomas, University of Pittsburgh – Finance Group – Accelerated Share Repurchases
Alan V. S. Douglas, University of Waterloo – School of Accounting and Finance – Incentive Contracts, Payout Policy and Financial Flexibility
Discussants:
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management
Gustavo Grullon, Rice University – Jesse H. Jones Graduate School of Business
Jonathan Cohn, University of Texas at Austin – Department of Finance
01/05/2010 – 1:00 PM
Location: Hilton Grand Salon E
Session: Boards of Directors
Chair: Holger Mueller, New York University (NYU) – Department of Finance
Joakim Bång, University of New South Wales (UNSW) – School of Banking and Finance – Tit-for-Tat Compensation
Lauren Cohen, Harvard Business School, Andrea Frazzini, AQR Capital Management, LLC and Christopher J. Malloy, Harvard Business School – Hiring Cheerleaders: Board Appointments of ‘Independent’ Directors
Cesare Fracassi, University of Texas at Austin – Department of Finance and Geoffrey A. Tate, University of California, Los Angeles (UCLA) – External Networking and Internal Firm Governance
Discussants:
Philipp Schnabl, New York University (NYU)
Ulrike Malmendier, University of California, Berkeley – Department of Economics
Yael Hochberg, Kellogg School of Management – Department of Finance
01/05/2010 – 1:00 PM
Location: Hilton Grand Ballroom D
Session: Development and Finance
Chair: Mariassunta Giannetti, Stockholm School of Economics – Department of Finance
Geert Bekaert, Columbia Business School – Finance and Economics, Campbell R. Harvey, Duke University – Fuqua School of Business and Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill – Finance Area – Financial Openness and Productivity
Robert B. H. Hauswald, American University – Department of Finance and Real Estate and Valentina Giulia Bruno, American University – Department of Finance and Real Estate – The Real Effect of Foreign Banks
Todd A. Gormley, University of Pennsylvania – Finance Department, Simon H. Johnson, Massachusetts Institute of Technology (MIT) – Entrepreneurship Center and Changyong Rhee, Seoul National University – Ending ‘To Big To Fail’ Government Promises vs. Investor Perceptions
Yongxiang Wang, Columbia University – Columbia Business School and Raymond J. Fisman, Columbia Business School – Finance and Economics – The Impact of Corruption on State Asset Sales – Evidence from China
Discussants:
Peter Henry, New York University (NYU) – Leonard N. Stern School of Business
Todd Gormley, University of Pennsylvania – Finance Department
Vikrant Vig, London Business School
Mara Faccio, Purdue University – Krannert School of Management