AFA 2011 DENVER MEETINGS (ARCHIVE)
Denver, CO – January 7, 2011 through January 9, 2011
01/08/2011 – 5:45 PM
Location: Marriott, Colorado Salon E
Business Meeting and Presidential Address
01/07/2011 – 8:00 AM
Location: Marriott-Salons A&B
Session: Portfolio Choice: Theory and Evidence
Chair: Francisco Gomes, London Business School – Institute of Finance and Accounting
Paul Ehling, Norwegian School of Management BI – Department of Financial Economics and Christian Heyerdahl-Larsen, London Business School – Department of Finance – Correlations
Sendhil Mullainathan, Harvard University – Department of Economics, Markus Noeth, University of Hamburg and Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management – The Market for Financial Advice: An Audit Study
John Chalmers, University of Oregon – Department of Finance and Jonathan Reuter, Boston College – Department of Finance – How Do Retirees Value Life Annuities? Evidence from Public Employees
Victor DeMiguel, London Business School, Francisco J. Nogales, Universidad Carlos III de Madrid – Faculty of Social Sciences and Law and Raman Uppal, London Business School – Institute of Finance and Accounting – Stock Return Serial Dependence and Out-of-Sample Portfolio Performance
Discussants:
Amir Yaron, University of Pennsylvania – Finance Department
Steffen Meyer, Goethe University Frankfurt
Jeffrey Brown, University of Illinois at Urbana-Champaign – Department of Finance
Francisco Barillas, Emory University – Goizueta Business School
01/07/2011 – 8:00 AM
Location: Marriott-Salons G&H
Session: Financial Institutions and Risk Taking
Chair: Jie Gan, Hong Kong University of Science & Technology (HKUST) – Department of Finance
Jose-Luis Peydro, Universitat Pompeu Fabra – Faculty of Economic and Business Sciences and Angela Maddaloni, European Central Bank (ECB) – Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards
Reint Gropp, European Business School (EBS) Wiesbaden, Germany – Department of Finance, Accounting and Real Estate, Christian Gründl, European Business School (EBS) Wiesbaden, Germany and Andre Guettler, European Business School (EBS) Wiesbaden, Germany – Center for Business Languages – The Impact of Public Guarantees on Bank Risk Taking: Evidence from a Natural Experiment
Julapa A. Jagtiani, Federal Reserve Banks – Federal Reserve Bank of Philadelphia and Elijah Brewer III, DePaul University – Department of Finance – How Much Did Banks Pay to Become Too-Big-To-Fail and to Become Systemically Important?
Nelson Camanho, London School of Economics & Political Science (LSE) – Financial Markets Group, Pragyan Deb, London School of Economics & Political Science (LSE) – Financial Markets Group and Zijun Liu, London School of Economics & Political Science (LSE) – Financial Markets Group – Credit Rating and Competition
Discussants:
Oguzhan Ozbas, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Sreedhar Bharath, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
James Barth, Auburn University
Paolo Fulghieri, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School
01/07/2011 – 8:00 AM
Location: Marriot-Salon F
Session: Board of Directors
Chair: Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill – Finance Area
Christa H. S. Bouwman, Case Western Reserve University – Department of Banking & Finance and Yuhai Xuan, Harvard Business School – Finance Unit – Director Overlap and Firm Financial Policies
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne, Angie Low, Nanyang Technological University (NTU) – Nanyang Business School and Rene M. Stulz, Ohio State University (OSU) – Department of Finance – The Dark Side of Outside Directors: Do They Quit When They are Most Needed?
Zinat S. Alam, Florida Atlantic University, Mark A. Chen, Georgia State University – J. Mack Robinson College of Business, Conrad S. Ciccotello, Georgia State University – Department of Finance and Harley E. Ryan Jr., Georgia State University – Department of Finance – Does the Location of Directors Matter? Independence, Information Acquisition, and Board Decisions
Ronald W. Masulis, University of New South Wales (UNSW) – School of Banking and Finance, Cong Wang, Chinese University of Hong Kong (CUHK) – Department of Finance and Fei Xie, George Mason University – Finance Area – Globalizing the Boardroom – The Effects of Foreign Directors on Corporate Governance and Firm Performance
Discussants:
Matthias Kahl, University of Colorado at Boulder – Leeds School of Business
David Yermack, New York University (NYU) – Department of Finance
Michael Weisbach, Ohio State University (OSU) – Department of Finance
Kai Li, University of British Columbia (UBC) – Sauder School of Business
01/07/2011 – 8:00 AM
Location: Marriott-Salons C&D
Session: Corporate Finance Theory
Chair: Heitor Almeida, University of Illinois at Urbana-Champaign
Patrick Bolton, Columbia Business School – Economics Department and Martin Oehmke, Columbia Business School – Finance and Economics – Credit Default Swaps and the Empty Creditor Problem
Yael V. Hochberg, Kellogg School of Management – Department of Finance and Mark M. Westerfield, University of Southern California – Marshall School of Business – Finance and Business Economics Department – The Size and Specialization of Direct Investment Portfolios
Marti G. Subrahmanyam, New York University (NYU) – Department of Finance, Vijaya B. Marisetty, RMIT University – School of Economics, Finance and Marketing and V. Ravi Anshuman, Indian Institute of Management (IIM), Bangalore – Private Placements, Regulatory Restrictions and Firm Value: Theory and Evidence from the Indian Market
Discussants:
Richmond Mathews, Duke University – Fuqua School of Business
Ola Bengtsson, Cornell University – Samuel Curtis Johnson Graduate School of Management
Radhakrishnan Gopalan, Washington University in Saint Louis – Olin Business School
01/07/2011 – 8:00 AM
Location: Marriot-Salons I&J
Session: International Financial Markets 1
Chair: George Karolyi, Cornell University – Samuel Curtis Johnson Graduate School of Management
Michael Halling, University of Utah – Department of Finance, Pamela C. Moulton, Cornell University and Marios A. Panayides, University of Pittsburgh – Finance Group – Volume Dynamics and Multimarket Trading
Andrew Ang, Columbia Business School – Finance and Economics and Joseph S. Chen, University of California, Davis – Graduate School of Management – Yield Curve Predictors of Foreign Exchange Returns
Kuntara Pukthuanthong, San Diego State University – College of Business Administration and Richard W. Roll, University of California, Los Angeles (UCLA) – Finance Area – Internationally Correlated Jumps
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 – Countercyclical Currency Risk Premia
Discussants:
Paolo Pasquariello, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Nelson Mark, University of Notre Dame – Department of Economics
Eric Ghysels, University of North Carolina (UNC) at Chapel Hill – Department of Economics
Christopher Telmer, Carnegie Mellon University – David A. Tepper School of Business
01/07/2011 – 8:00 AM
Location: Marriot-Salon E
Session: Anomalies – Individuals or Institutions
Chair: Christopher Polk, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
Alok Kumar, University of Miami – Department of Finance, Jeremy K. Page, University of Texas at Austin – Department of Finance and Oliver G. Spalt, University of Texas at Austin – Department of Finance – Investor Clienteles and Habitat-Based Return Comovements
Hsiu-Lang Chen, University of Illinois at Chicago – Department of Finance and Russ R. Wermers, University of Maryland – Robert H. Smith School of Business – Style Migration and the Cross-Section of Stock Returns
Martijn Cremers, Yale School of Management and Ankur Pareek, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics – Institutional Investors’ Investment Durations and Stock Return Anomalies: Momentum, Reversal, Accruals, Share Issuance and R&D Increases
Discussants:
Tobias Moskowitz, University of Chicago – Booth School of Business (Finance Authors)
Jonathan Lewellen, Dartmouth College – Tuck School of Business
Erik Stafford, Harvard Business School – Finance Unit
01/07/2011 – 10:15 AM
Location: Marriott-Salon F
Session: The Next Generation of Rare Events Models in Asset Pricing
Chair: Hanno Lustig, University of California, Los Angeles (UCLA)
Hui Chen, Massachusetts Institute of Technology (MIT) – Sloan School of Management, Scott Joslin, University of Southern California – Marshall School of Business – Finance and Business Economics Department and Ngoc-Khanh Tran, University of Cambridge – MIT Institute – Rare Disasters and Risk Sharing with Heterogeneous Beliefs
Francois Gourio, Boston University – Department of Economics – Disaster Risk and Business Cycles
Andrea Buraschi, Imperial College Business School, Paolo Porchia, IE University and Fabio Trojani, Swiss Finance Institute – The Cross-Section of Expected Stock Returns: Learning about Distress and Predictability in Heterogeneous Orchards
Jessica A. Wachter, University of Pennsylvania – Finance Department – Can Time-Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?
Discussants:
Francesco Bianchi, Duke University
Lars Lochstoer, Columbia Business School – Finance and Economics
Pietro Veronesi, University of Chicago – Booth School of Business (Finance Authors)
Mikhail Chernov, London School of Economics & Political Science (LSE)
01/07/2011 – 10:15 AM
Location: Marriot-Salons I&J
Session: Determinants of Derivatives’ Returns
Chair: Neil Pearson, University of Illinois at Urbana-Champaign – Department of Finance
Peter P. Carr, New York University (NYU) – Courant Institute of Mathematical Sciences and Liuren Wu, City University of New York, CUNY Baruch College – Zicklin School of Business – Department of Economics and Finance – Leverage Effect, Volatility Feedback, and Self-Exciting Market Disruptions
Michael L. Lemmon, University of Utah – Department of Finance and Sophie X. Ni, Hong Kong University of Science & Technology (HKUST) – The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options
Roman Kozhan, University of Warwick – Warwick Business School, Anthony Neuberger, University of Warwick – Warwick Business School and Paul Georg Schneider, University of Warwick – Finance Group – The Skew Risk Premium in Index Option Prices
Ke Tang, Renmin University of China and Wei Xiong, Princeton University – Department of Economics – Index Investment and Financialization of Commodities
Discussants:
George Panayotov, Georgetown University – Robert Emmett McDonough School of Business
Bing Han, University of Texas at Austin – Department of Finance
Fousseni Chabi-Yo, Ohio State University (OSU) – Fisher College of Business
Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis
01/07/2011 – 10:15 AM
Location: Marriott-Salons C&D
Session: Capital Structure
Chair: Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management
Ivo Welch, Brown University – Department of Economics – A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure Research and Beyond
Douglas W. Diamond, University of Chicago – Booth School of Business (Finance Authors) and Zhiguo He, University of Chicago – Booth School of Business (Finance Authors) – A Theory of Debt Maturity: The Long and Short of Debt Overhang
Per Stromberg, University of Chicago and Bo Becker, Harvard Business School – Equity-Debtholder Conflicts and Capital Structure
Discussants:
Patrick Bolton, Columbia Business School – Economics Department
Charles Kahn, University of Illinois at Urbana-Champaign – Department of Finance
Mark Leary, Washington University in Saint Louis – Olin Business School
01/07/2011 – 10:15 AM
Location: Marriott-Salons G&H
Session: Conglomerates and Alliances: New Perspectives
Chair: Amit Seru, University of Chicago – Booth School of Business (Finance Authors)
Rebecca N. Hann, University of Maryland, Maria Ogneva, Stanford Graduate School of Business and Oguzhan Ozbas, University of Southern California – Marshall School of Business – Finance and Business Economics Department – Corporate Diversification and the Cost of Capital
Zacharias Sautner, University of Amsterdam – University of Amsterdam Business School and Belen Villalonga, Harvard Business School – Finance Unit – Corporate Governance and Internal Capital Markets
Andriy Bodnaruk, University of Notre Dame – Mendoza College of Business, Massimo Massa, INSEAD – Finance and Andrei Simonov, Michigan State University – Department of Finance – Alliances and Corporate Governance
Claudia Custodio, Arizona State University (ASU) – Finance Department – Mergers and Acquisitions Accounting can Explain the Diversification Discount
Discussants:
Ilan Guedj, Analysis Research Planning Corporation
Daniel Paravisini, Columbia Business School – Finance and Economics
David Robinson, Duke University – Fuqua School of Business
Gordon Phillips, University of Maryland – Department of Finance
01/07/2011 – 10:15 AM
Location: Marriott-Salons A&B
Session: Behavioral Finance: Corporate
Chair: Geoffrey Tate, University of Pennsylvania – The Wharton School
Kenneth R. Ahern, University of Michigan at Ann Arbor – Finance and Denis Sosyura, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – Who Writes the News? Corporate Press Releases During Merger Negotiations
Cesare Fracassi, University of Texas at Austin – Department of Finance – Corporate Finance Policies and Social Networks
Irena Hutton, Florida State University, Danling Jiang, Florida State University – Department of Finance and Alok Kumar, University of Miami – Department of Finance – Corporate Policies of Republican Managers
Discussants:
Paul Tetlock, Columbia Business School – Finance and Economics
Lauren Cohen, Harvard Business School
Carola Frydman, Boston University – Department of Economics
01/07/2011 – 10:15 AM
Location: Marriot-Mattie Silks
Session: AFA/AFE Panel – Innovation and Finance
Chair: Kose John, New York University (NYU) – Department of Finance
Daniel Ferreira, London School of Economics & Political Science (LSE) – Department of Finance, Gustavo Manso, University of California, Berkeley – Haas School of Business and Andre C. Silva, New University of Lisbon – Faculdade de Economia – Incentives to Innovate and the Decision to Go Public or Private
Bruno Biais, Centre for Economic Policy Research (CEPR), Florian Heider, European Central Bank (ECB) and Marie Hoerova, European Central Bank (ECB) – Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins
William R. Kerr, Harvard University – Entrepreneurial Management Unit, Josh Lerner, Harvard Business School – Finance Unit and Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management – The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis
Discussants:
Dalida Kadyrzhanova, University of Maryland – Department of Finance
Manju Puri, Duke University – Fuqua School of Business
01/07/2011 – 10:15 AM
Location: Marriot-Salon E
Session: Panel on The Financial Crisis
Chair: Rene Stulz, Ohio State University (OSU) – Department of Finance
John H. Cochrane, University of Chicago – Booth School of Business (Finance Authors), Simon H. Johnson, Massachusetts Institute of Technology (MIT) – Entrepreneurship Center, Raghuram G. Rajan, University of Chicago – Booth School of Business (Finance Authors) and Myron S. Scholes, Platinum Grove Asset Management L.P. – Panel on the Financial Crisis
01/07/2011 – 2:30 PM
Location: Marriot-Salon F
Session: Liquidity, Trading, and Frictions – Empirical
Chair: Ioanid Rosu, HEC Paris (Groupe HEC)
Prachi Deuskar, University of Illinois at Urbana-Champaign and Timothy C. Johnson, University of Illinois at Urbana-Champaign – Market Liquidity and Flow-Driven Risk
Stefan Nagel, Stanford Graduate School of Business – Evaporating Liquidity
Xiaolin Qian, University of Macau – Faculty of Business Administration and Chuan-Yang Hwang, Nanyang Technological University (NTU) – Nanyang Business School – Is Information Risk Priced? Evidence from the Price Discovery of Large Trades
Discussants:
Dong Lou, London School of Economics & Political Science (LSE)
Konstantin Milbradt, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Soeren Hvidkjaer, Copenhagen Business School
01/07/2011 – 2:30 PM
Location: Marriott-Salons C&D
Session: Trading by Mutual Funds
Chair: David Musto, University of Pennsylvania – Finance Department
Gjergji Cici, College of William and Mary – Mason School of Business and Scott Gibson, College of William and Mary – Mason School of Business – The Performance of Corporate-Bond Mutual Funds: Evidence Based on Security-Level Holdings
Mikhail Simutin, University of Toronto – Rotman School of Management – Excess Cash and Mutual Fund Performance
Lily H. Fang, INSEAD – Finance, Joel Peress, INSEAD – Finance and Lu Zheng, University of California, Irvine – Paul Merage School of Business – Does Media Coverage of Stocks Affect Mutual Funds’ Trading and Performance?
Discussants:
Sugata Ray, University of Florida – Warrington College of Business Administration
Vincent Glode, University of Pennsylvania – Finance Department
Sophie Shive, University of Notre Dame – Department of Finance
01/07/2011 – 2:30 PM
Location: Marriott-Salons G&H
Session: Borrowing and Lending
Chair: Adair Morse, University of Chicago – Booth School of Business (Finance Authors)
Debarshi K. Nandy, Brandeis University – International Business School and Pei Shao – Why are Institutional Loans More Expensive than Bank Loans? Evidence from the Syndicated Loan Market
Jin Xu, Purdue University – Krannert School of Management and Yinghua Li, City University of New York (CUNY) – Stan Ross Department of Accountancy – Hedge Fund Activism and Bank Loan Contracting
Victoria Ivashina, Harvard Business School – Finance Unit and Bo Becker, Harvard Business School – Cyclicality of Credit Supply: Firm Level Evidence
Lori Santikian, University of Southern California – Marshall School of Business – The Ties that Bind: Bank Relationships and Small Business Lending
Discussants:
Michael Roberts, University of Pennsylvania – Finance Department
Joseph Gerakos, University of Chicago – Booth School of Business
Amiyatosh Purnanandam, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Ashwini Agrawal, New York University (NYU) – Department of Finance
01/07/2011 – 2:30 PM
Location: Marriott-Salons A&B
Session: The Financial Crisis: Empirical Evidence
Chair: Amir Sufi, University of Chicago – Booth School of Business (Finance Authors)
Siddharth Bhaskar Shenai, Harvard Business School, Randolph B. Cohen, Harvard Business School – Finance Unit and Daniel B. Bergstresser, Harvard Business School – Financial Guarantors and the 2007-2009 Credit Crisis
Gara Afonso, Federal Reserve Banks – Federal Reserve Bank of New York, Anna Kovner, Federal Reserve Banks – Federal Reserve Bank of New York and Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
Viral V. Acharya, New York University (NYU) – Leonard N. Stern School of Business, Lasse Heje Pedersen, New York University (NYU) – Department of Finance, Thomas Philippon, New York University (NYU) – Department of Finance and Matthew P. Richardson, New York University (NYU) – Department of Finance – Measuring Systemic Risk
Discussants:
Sudheer Chava, Georgia Institute of Technology – College of Management
Victoria Ivashina, Harvard Business School – Finance Unit
Markus Brunnermeier, Princeton University – Department of Economics
01/07/2011 – 2:30 PM
Location: Marriot-Salons I&J
Session: Determinants of M&A Activity
Chair: Berk Sensoy, Ohio State University (OSU) – Department of Finance
Kenneth R. Ahern, University of Michigan at Ann Arbor – Finance and Jarrad Harford, University of Washington – Michael G. Foster School of Business – The Importance of Industry Links in Merger Waves
Eliezer M. Fich, Drexel University – Department of Finance, Jie Cai, Drexel University – Department of Finance and Anh L. Tran, City University London – Sir John Cass Business School – Stock Option Grants to Target CEOs during Private Merger Negotiations
Hadiye Aslan, University of Houston and Praveen Kumar, University of Houston – Department of Finance – Valuation Risk, Control and the Public Financing of Entrepreneurial Firms
Discussants:
Matthew Rhodes-Kropf, Harvard Business School
Jay Ritter, University of Florida – Department of Finance, Insurance and Real Estate
01/07/2011 – 2:30 PM
Location: Marriot-Salon E
Session: Lecture – The Transformation of Finance
Chair: Raghuram Rajan, University of Chicago – Booth School of Business (Finance Authors)
Andrei Shleifer, Harvard University – Department of Economics (Finance Authors) – The Lecture
01/08/2011 – 8:00 AM
Location: Marriott-Salons G&H
Session: Mutual Funds and Hedge Funds Managers’ Behavior
Chair: Andrea Frazzini, AQR Capital Management, LLC
Darwin Choi, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Dong Lou, London School of Economics & Political Science (LSE) – A Test of the Self-Serving Attribution Bias: Evidence from Mutual Funds
Steven G. Malliaris, Yale University – International Center for Finance and Hongjun Yan, Yale University – International Center for Finance – Reputation Concerns and Slow-Moving Capital
Igor Makarov, London Business School and Guillaume Plantin, University of Toulouse 1 – Toulouse School of Economics (TSE) – Rewarding Trading Skills Without Inducing Gambling
Discussants:
Brad Barber, University of California, Davis – Graduate School of Management
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors)
Roni Kisin, Washington University in Saint Louis – Olin Business School
01/08/2011 – 8:00 AM
Location: Marriott-Salons C&D
Session: Dynamic Models of Asset Pricing
Chair: Jessica Wachter, University of Pennsylvania – Finance Department
José Faias, Catholic University of Portugal (UCP) and Pedro Santa-Clara, New University of Lisbon – Optimal Option Portfolio Strategies
Chris Kirby, University of North Carolina (UNC) at Charlotte and Barbara Ostdiek, Rice University – Jesse H. Jones Graduate School of Business – It’s All in the Timing: Simple Active Portfolio Strategies that Outperform Naive Diversification
Anthony W. Lynch, New York University (NYU) – Department of Finance and Oliver Randall, New York University (NYU) – Why Surplus Consumption in the Habit Model May Be Less Persistent than You Think
Discussants:
Ivan Shaliastovich, University of Pennsylvania – Finance Department
Ralph Koijen, University of Chicago – Booth School of Business (Finance Authors)
Gregory Duffee, Johns Hopkins University – Department of Economics
01/08/2011 – 8:00 AM
Location: Marriot-Salons I&J
Session: Term Structure and Volatility
Chair: Scott Joslin, University of Southern California – Marshall School of Business – Finance and Business Economics Department
Peter Christoffersen, University of Toronto – Rotman School of Management, Kris Jacobs, University of Houston – C.T. Bauer College of Business and Steven L. Heston, University of Maryland – Department of Finance – A GARCH Option Model with Variance-Dependent Pricing Kernel
Jeremy J. Graveline, University of Minnesota – Twin Cities – Carlson School of Management and Scott Joslin, University of Southern California – Marshall School of Business – Finance and Business Economics Department – G10 Swap and Exchange Rates
Zhan Shi, Pennsylvania State University and Jing-Zhi Huang, Pennsylvania State University – Department of Finance – Determinants of Bond Risk Premia
Alexander David, University of Calgary – Haskayne School of Business and Pietro Veronesi, University of Chicago – Booth School of Business (Finance Authors) – What Ties Return Volatilities to Price Valuations and Fundamentals?
Discussants:
David Bates, University of Iowa – Department of Finance
Philippe Mueller, London School of Economics & Political Science (LSE) – Department of Finance
Peter Feldhütter, London Business School – Department of Finance
Andrea Vedolin, London School of Economics & Political Science (LSE) – Department of Finance
01/08/2011 – 8:00 AM
Location: Marriott-Salons A&B
Session: Bankruptcy and Distress
Chair: Edith Hotchkiss, Boston College – Carroll School of Management
Effi Benmelech, Harvard University – Department of Economics (Finance Authors), Nittai Bergman, Massachusetts Institute of Technology (MIT) – Sloan School of Management and Ricardo Enriquez, Harvard University – Negotiating with Labor Under Financial Distress
Gordon M. Phillips, University of Maryland – Department of Finance and Giorgo Sertsios, University of Houston – C.T. Bauer College of Business – How Do Firm Financial Conditions Affect Product Quality and Pricing?
Victoria Ivashina, Harvard Business School – Finance Unit, Benjamin Charles Iverson, Harvard Business School and David C. Smith, University of Virginia (UVA) – McIntire School of Commerce – The Ownership and Trading of Debt Claims in Chapter 11 Restructurings
Redouane Elkamhi, University of Iowa – Henry B. Tippie College of Business, Christopher A. Parsons, University of California, San Diego (UCSD) and Jan Ericsson, McGill University – Faculty of Management – The Cost of Financial Distress and the Timing of Default
Discussants:
Carola Schenone
Sheri Tice, Tulane University – Finance & Economics
Elizabeth Tashjian, University of Utah – Department of Finance
Jérôme Taillard, Boston College – Department of Finance
01/08/2011 – 8:00 AM
Location: Marriot-Salon E
Session: Executive Compensation and Turnover
Chair: Carola Frydman, Boston University – Department of Economics
Dirk Jenter, Stanford Graduate School of Business and Katharina Lewellen, Dartmouth College – Tuck School of Business – Performance-Induced CEO Turnover
Nuno G. Fernandes, IMD International, Miguel A. Ferreira, New University of Lisbon, Pedro P. Matos, University of Virginia (UVA) – Finance and Kevin J. Murphy, University of Southern California – Marshall School of Business – Are US CEOs Paid More? New International Evidence
Yaniv Grinstein, Cornell University – Samuel Curtis Johnson Graduate School of Management, David Weinbaum, Syracuse University and Nir Yehuda, Northwestern University – Department of Accounting Information & Management – The Economic Consequences of Perk Disclosure
Discussants:
Camelia Kuhnen, Kellogg School of Management – Department of Finance
Laura Starks, University of Texas at Austin – Department of Finance
Michael Lemmon, University of Utah – Department of Finance
01/08/2011 – 8:00 AM
Location: Marriott-Denver IV
Session: Financial Regulation and Policy
Chair: Mark Flannery, University of Florida – Department of Finance, Insurance and Real Estate
Andrew Ellul, Indiana University Bloomington – Department of Finance, Pab Jotikasthira, University of North Carolina (UNC) at Chapel Hill and Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill – Finance Area – Regulatory Pressure and Fire Sales in the Corporate Bond Market
Dion Bongaerts, Erasmus University Rotterdam (EUR) – Finance, Martijn Cremers, Yale School of Management and William N. Goetzmann, Yale School of Management – Tiebreaker: Certification and Multiple Credit Ratings
Philip Bond, University of Minnesota – Twin Cities and Itay Goldstein, University of Pennsylvania – Finance Department – Government Intervention and Information Aggregation by Prices
George O. Aragon, Arizona State University (ASU) – Finance Department, Michael G. Hertzel, Arizona State University (ASU) – Finance Department and Zhen Shi, affiliation not provided to SSRN – Why Do Hedge Funds Avoid Disclosure? Evidence from Confidential 13F Filings
Discussants:
George Pennacchi, University of Illinois at Urbana-Champaign – Department of Finance
Chester Spatt, Carnegie Mellon University – David A. Tepper School of Business
Jean-Charles Rochet, University of Toulouse 1 – Industrial Economic Institute (IDEI)
Evan Dudley, University of Florida
01/08/2011 – 10:15 AM
Location: Marriott-Salons C&D
Session: Liquidity, Trading, and Frictions – Theory
Chair: Peter Kondor, Central European University (CEU)
Ricardo Lagos, New York University (NYU) – Department of Economics, Guillaume Rocheteau, Federal Reserve Banks – Federal Reserve Bank of Cleveland and Pierre-Olivier Weill, University of California, Los Angeles (UCLA) – Department of Economics – Crises and Liquidity in Over-the-Counter Markets
Ravi Bansal, Duke University – Fuqua School of Business, Wilbur John Coleman II, Duke University, Fuqua School of Business-Economics Group and Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill – Finance Area – Endogenous Liquidity Supply
Suleyman Basak, London Business School and Anna Pavlova, London Business School – Asset Prices and Institutional Investors
Discussants:
Gustavo Manso, University of California, Berkeley – Haas School of Business
Stephane Guibaud, London School of Economics & Political Science (LSE)
Ron Kaniel, Simon Graduate School of Business, University of Rochester
01/08/2011 – 10:15 AM
Location: Marriot-Salons I&J
Session: Real Effects of Financing and Risk Management
Chair: Krishnamurthy Subramanian, Indian School of Business (ISB), Hyderabad
Evgeny Lyandres, Boston University, Alexei Zhdanov, University of Lausanne – Institute of Banking and Finance (IBF) and Jim Hsieh, George Mason University – Finance Area – A Theory of Merger-Driven IPOs
James S. Ang, Florida State University – Department of Finance, Chaopeng Wu, Xiamen University and Yingmei Cheng, Florida State University – College of Business – Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry
Andrew Ellul, Indiana University Bloomington – Department of Finance and Vijay Yerramilli, University of Houston – Department of Finance – Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies
Siem Jan Koopman, VU University Amsterdam, Andre Lucas, VU University Amsterdam – Faculty of Economics and Business Administration and Bernd Schwaab, European Central Bank (ECB) – Directorate General Research – Macro, Industry, and Frailty Effects in Defaults: The 2008 Credit Crisis in Perspective
Discussants:
Merih Sevilir, Indiana University Bloomington
Yongxiang Wang, Columbia University – Columbia Business School
Philipp Schnabl, New York University (NYU)
Arthur Korteweg, Stanford Graduate School of Business
01/08/2011 – 10:15 AM
Location: Marriott-Denver IV
Session: Corporate Governance, Ownership, and Activism
Chair: Gregor Matvos, University of Chicago – Booth School of Business (Finance Authors)
Joseph A. McCahery, Tilburg Law School, Laura T. Starks, University of Texas at Austin – Department of Finance and Zacharias Sautner, University of Amsterdam – University of Amsterdam Business School – Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management and Ebonya L. Washington, Yale University – Department of Economics – Are the Seeds of Bad Governance Sown in Good Times?
Jesse Edgerton, Federal Reserve Board – Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts
Discussants:
Sanjai Bhagat, University of Colorado at Boulder – Department of Finance
Todd Gormley, University of Pennsylvania – Finance Department
Bo Becker, Harvard Business School
01/08/2011 – 10:15 AM
Location: Marriott-Salons A&B
Session: Financial Crisis
Chair: Martin Schneider, Stanford University
Viral V. Acharya, New York University (NYU) – Leonard N. Stern School of Business and Hassan Naqvi, NUS Business School, National University of Singapore – The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking Over the Business Cycle
Effi Benmelech, Harvard University – Department of Economics (Finance Authors) and Nittai Bergman, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Credit Traps
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors) and Wei Xiong, Princeton University – Department of Economics – Equilibrium Debt Financing
Lucian A. Bebchuk, Harvard Law School and Itay Goldstein, University of Pennsylvania – Finance Department – Self-Fulfilling Credit-Market Freezes
Discussants:
Pablo Kurlat, Stanford University – Department of Economics
Adam Zawadowski, Princeton University – Department of Economics
Dan Cao, Georgetown University – Department of Economics
Guillermo Ordonez, University of California, Los Angeles (UCLA)
01/08/2011 – 10:15 AM
Location: Marriot-Salon E
Session: Investor Sentiment
Chair: Robin Greenwood, Harvard Business School – Finance Unit
Wei Xiong, Princeton University – Department of Economics and Jialin Yu, Columbia Business School – Finance and Economics – The Chinese Warrants Bubble
Ferdinand A. Gul, Monash University – Sunway Campus and G. Mujtaba Mian, Hong Kong Polytechnic University – Investor Sentiment, Arbitrage Constraints and Stock Return Synchronicity
Matthew T. Billett, Indiana University Bloomington – Department of Finance, Zhan Jiang, State University of New York (SUNY) – Financial & Managerial Economics and Lopo L Rego, Indiana University Bloomington – Department of Marketing – Glamour Brands and Glamour Stocks
Dong Lou, London School of Economics & Political Science (LSE) and Lauren Cohen, Harvard Business School – Complicated Firms
Discussants:
Jeffrey Wurgler, New York University (NYU) – Department of Finance
Alok Kumar, University of Miami – Department of Finance
Lily Fang, INSEAD – Finance
Harrison Hong, Princeton University – Department of Economics
01/08/2011 – 10:15 AM
Location: Marriott-Salons G&H
Session: Personal Motives and Interpersonal Effects
Chair: Enrico Perotti, University of Amsterdam – Finance Group
Ahmed Tahoun, London School of Economics & Political Science (LSE) – The Role of Stock Ownership by US Members of Congress on the Market for Political Favors
Utpal Bhattacharya, Indiana University Bloomington – Department of Finance and Cassandra D. Marshall, University of Richmond – Finance – Do They Do It For The Money?
Lauren Cohen, Harvard Business School and Christopher J. Malloy, Harvard Business School – Friends in High Places: Peer Effects and Politics
Discussants:
David Skeie, Federal Reserve Banks – Federal Reserve Bank of New York
Amy Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Anup Agrawal, University of Alabama – Culverhouse College of Commerce & Business Administration
01/08/2011 – 2:30 PM
Location: Marriott-Salons C&D
Session: Anomalies
Chair: Lu Zhang, Ohio State University (OSU) – Department of Finance
Sheridan Titman, University of Texas at Austin – Department of Finance, K. C. John Wei, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Feixue Xie, University of Texas at El Paso – College of Business Administration – Department of Economics and Finance – Access to Equity Markets, Corporate Investments and Stock Returns: International Evidence
Andrew Ang, Columbia Business School – Finance and Economics, Turan G. Bali, Georgetown University – Robert Emmett McDonough School of Business and Nusret Cakici, affiliation not provided to SSRN – The Joint Cross Section of Stocks and Options
William N. Goetzmann, Yale School of Management, Akiko Watanabe, University of Alberta – School of Business and Masahiro Watanabe, University of Alberta – School of Business – Procyclical Stocks Earn Higher Returns
Discussants:
Kewei Hou, Ohio State University (OSU) – Department of Finance
Tyler Shumway, University of Michigan at Ann Arbor – Finance
Jay Shanken, Emory University – Department of Finance
01/08/2011 – 2:30 PM
Location: Marriott-Denver IV
Session: Private Equity: Impact on Firms, Industries, and Investors
Chair: Ulf Axelson, London School of Economics & Political Science (LSE) – Department of Finance
Narasimhan Jegadeesh, Emory University – Department of Finance, Roman Kräussl, VU University Amsterdam – Department of Finance and Financial Sector Management and Joshua Matthew Pollet, Michigan State University – Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
Shai Bernstein, Harvard Business School, Josh Lerner, Harvard Business School – Finance Unit, Morten Sorensen, Columbia Business School – Finance and Economics and Per Johan Strömberg, Stockholm School of Economics – Private Equity and Industry Performance
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 – Competitive Effects of Private Equity Investments
Discussants:
Steven Kaplan, University of Chicago – Booth School of Business (Finance Authors)
Steven Davis, University of Chicago – Booth School of Business
Antoinette Schoar, Massachusetts Institute of Technology (MIT) – Sloan School of Management
01/08/2011 – 2:30 PM
Location: Marriot-Salons I&J
Session: Mortgage Underwriting and Securitization
Chair: Nancy Wallace, University of California, Berkeley – Real Estate Group
Amir E. Khandani, Massachusetts Institute of Technology (MIT), Adlar J. Kim, Massachusetts Institute of Technology (MIT) and Andrew W. Lo, Massachusetts Institute of Technology (MIT) – Sloan School of Management – Consumer Credit Risk Models Via Machine-Learning Algorithms
Philip Bond, University of Minnesota – Twin Cities and Yaron Leitner, Federal Reserve Banks – Federal Reserve Bank of Philadelphia – Market Run-Ups, Market Freezes, and Leverage
Antje Berndt, Carnegie Mellon University, Burton Hollifield, Carnegie Mellon University – David A. Tepper School of Business and Patrik Sandås, University of Virginia (UVA) – The Role of Mortgage Brokers in the Subprime Crisis
Discussants:
Jefferson Duarte, Rice University – Jesse H. Jones Graduate School of Business
Alexei Tchistyi, University of California, Berkeley
Robert Novy-Marx, University of Chicago – Booth School of Business
01/08/2011 – 2:30 PM
Location: Marriott-Salons G&H
Session: Capital Structure – Beyond Debt and Equity
Chair: Gustavo Manso, University of California, Berkeley – Haas School of Business
Adriano A. Rampini, Duke University – Fuqua School of Business and S. “Vish” Viswanathan, Duke University – Finance – Collateral and Capital Structure
Michael Michaux, University of Southern California – Marshall School of Business – Finance and Business Economics Department – Pass-Through, Exposure, and the Currency Composition of Debt
Amy K. Dittmar, University of Michigan at Ann Arbor – Stephen M. Ross School of Business and Ran Duchin, University of Michigan at Ann Arbor – Stephen M. Ross School of Business – The Dynamics of Cash
John R. Graham, Duke University – Finance, Campbell R. Harvey, Duke University – Fuqua School of Business and Manju Puri, Duke University – Fuqua School of Business – Capital Allocation and Delegation of Decision-Making Authority within Firms
Discussants:
Dmitry Livdan, University of California, Berkeley – Haas School of Business
Hui Chen, Massachusetts Institute of Technology (MIT) – Sloan School of Management
Murillo Campello, Cornell University – Samuel Curtis Johnson Graduate School of Management
01/08/2011 – 2:30 PM
Location: Marriott-Salons A&B
Session: Mutual Funds and Hedge Funds: Information and Behavior
Chair: Marcin Kacperczyk, New York University (NYU) – Leonard N. Stern School of Business
Itzhak Ben-David, Ohio State University (OSU) – Department of Finance, Francesco A. Franzoni, Swiss Finance Institute and Rabih Moussawi, University of Pennsylvania – The Wharton School – Hedge Fund Stock Trading in the Financial Crisis of 2007-2009
Clemens Sialm, University of Texas at Austin – Red McCombs School of Business and Laura T. Starks, University of Texas at Austin – Department of Finance – Mutual Fund Tax Clienteles
Stephen J. Brown, New York University (NYU) – Department of Finance, Bruce D. Grundy, University of Melbourne – Faculty of Economics and Commerce, Craig M. Lewis, Vanderbilt University – Owen Graduate School of Management and Patrick Verwijmeren, VU University Amsterdam – Convertibles and Hedge Funds as Distributors of Equity Exposure
Ron Kaniel, Simon Graduate School of Business, University of Rochester and Peter Kondor, Central European University (CEU) – The Delegated Lucas-Tree
Discussants:
Stefan Nagel, Stanford Graduate School of Business
Susan Kerr Christoffersen, University of Toronto – Rotman School of Management
Robin Greenwood, Harvard Business School – Finance Unit
Dimitri Vayanos, London School of Economics & Political Science (LSE) – Department of Accounting and Finance
01/08/2011 – 2:30 PM
Location: Marriot-Salon E
Session: The Biology of Finance
Chair: Tano Santos, Columbia Business School – Economics Department
Henrik Cronqvist, Claremont Colleges – Robert Day School of Economics and Finance and Stephan Siegel, University of Washington – Michael G. Foster School of Business – The Origins of Savings Behavior
Raghuram G. Rajan, University of Chicago – Booth School of Business (Finance Authors) – Timely Papers Session: Additional Papers to be Submitted
Discussants:
Tano Santos, Columbia Business School – Economics Department
01/09/2011 – 8:00 AM
Location: Marriott-Salons I&J
Session: Financial Econometrics
Chair: Motohiro Yogo, Federal Reserve Banks – Federal Reserve Bank of Minneapolis
Francesco Bianchi, Duke University – Rare Events, Financial Crises, and the Cross-Section of Asset Returns
Yacine Ait-Sahalia, Princeton University – Department of Economics and Jean Jacod, University of Paris 6 Pierre et Marie Curie – Analyzing the Spectrum of Asset Returns: Jump and Volatility Components in High Frequency Data
Jin-Huei Yeh, National Central University at Taiwan – Department of Finance, Ruey S. Tsay, University of Chicago – Booth School of Business – Econometrics and Statistics and Chung-Ming Kuan, Academia Sinica – Institute of Economics – Synchronizing Asynchronously Traded Financial Assets for Noise-Robust Realized Covariance
Bernd Schwaab, European Central Bank (ECB) – Directorate General Research, Drew Creal, University of Chicago – Booth School of Business – Econometrics and Statistics, Siem Jan Koopman, VU University Amsterdam and Andre Lucas, VU University Amsterdam – Faculty of Economics and Business Administration – Mixed Measurement Dynamic Factor Models
Discussants:
Jessica Wachter, University of Pennsylvania – Finance Department
George Tauchen, Duke University, Fuqua School of Business-Economics Group
Lan Zhang, University of Illinois at Chicago – College of Business Administration
Emanuel Moench, Humboldt University of Berlin – School of Business and Economics
01/09/2011 – 8:00 AM
Location: Marriott-Salons C&D
Session: Empirical Links Between Equity and Credit Markets
Chair: Pierre Collin-Dufresne, Columbia Business School – Finance and Economics
Hao Wang, McGill University – Faculty of Management, Hao Zhou, Government of the United States of America – Trading Risk Analysis Section and Yi Zhou, University of Oklahoma – Division of Finance – Credit Default Swap Spreads and Variance Risk Premia
Leo Evans, Imperial College London, Lina El-Jahel, Imperial College Business School and Lara Cathcart, Imperial College Business School – The Correlation Structure of the CDS Market: An Empirical Investigation
Nikunj Kapadia, University of Massachusetts at Amherst – Department of Finance & Operations Management and Xiaoling Pu, Kent State University – Department of Finance – Limited Arbitrage Between Equity and Credit Markets
Discussants:
Antje Berndt, Carnegie Mellon University
Michael Johannes, Columbia Business School – Finance and Economics
Fan Yu, Claremont Colleges – Robert Day School of Economics and Finance
01/09/2011 – 8:00 AM
Location: Marriott-Salons A&B
Session: Corporate Governance – Theory
Chair: Paolo Fulghieri, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School
Bart M. Lambrecht, Lancaster University – Management School and Stewart C. Myers, Massachusetts Institute of Technology (MIT) – Sloan School of Management – A Lintner Model of Payout and Managerial Rents
Sudipto Dasgupta, Hong Kong University of Science & Technology (HKUST) – Department of Finance and Thomas H. Noe, University of Oxford – Said Business School – Shareholder Democracy and its Discontents: Outrage, Captured Boards, and the Veil of Ignorance
Alex Edmans, University of Pennsylvania – Finance Department and Xavier Gabaix, New York University (NYU) – Department of Finance – The Effect of Risk on the CEO Market
Discussants:
Neng Wang, Columbia University
Naveen Khanna, Michigan State University – The Eli Broad College of Business and The Eli Broad Graduate School of Management
David Dicks, University of North Carolina (UNC) at Chapel Hill – Finance Area
01/09/2011 – 8:00 AM
Location: Marriott-Salons G&H
Session: Location, Enforcement and Financial Reporting
Chair: Patricia O’Brien, University of Waterloo
Art Durnev, University of Iowa – Henry B. Tippie College of Business, Tiemei Li, University of Ottawa – School of Management and Michel Magnan, Concordia University, Quebec – Department of Accountancy – Beyond Tax Avoidance: Offshore Firms’ Institutional Environment and Financial Reporting
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics, Kevin Koh, Nanyang Technological University (NTU) – Division of Accounting and Shivaram Rajgopal, Emory University – Goizueta Business School – Evidence on Contagion in Corporate Misconduct
Radhakrishnan Gopalan, Washington University in Saint Louis – Olin Business School and Sudarshan Jayaraman, Washington University in Saint Louis – Olin Business School – The Two Sides of Business Groups: Implications for Disclosure Practices
Discussants:
Christian Leuz, University of Chicago – Booth School of Business
Hongping Tan, University of Waterloo – School of Accounting and Finance
Utpal Bhattacharya, Indiana University Bloomington – Department of Finance
01/09/2011 – 8:00 AM
Location: Marriott-Salon E
Session: Return Predictability
Chair: Stefan Nagel, Stanford Graduate School of Business
Savina Rizova, University of Chicago – Booth School of Business – Predictable Trade Flows and Returns of Trade-Linked Countries
Randolph B. Cohen, Harvard Business School – Finance Unit, Christopher K. Polk, London School of Economics & Political Science (LSE) – Department of Accounting and Finance and Bernhard Silli, Goldman Sachs Group, Inc. – Best Ideas
Tobias J. Moskowitz, University of Chicago – Booth School of Business (Finance Authors), Yao Hua Ooi, AQR Capital Management, LLC and Lasse Heje Pedersen, New York University (NYU) – Department of Finance – Trends
Discussants:
Joshua Pollet, Michigan State University
Marcin Kacperczyk, New York University (NYU) – Leonard N. Stern School of Business
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) – Sloan School of Management
01/09/2011 – 8:00 AM
Location: Marriott-Salon F
Session: Empirical Issues in Financial Intermediation
Chair: Manju Puri, Duke University – Fuqua School of Business
Rajkamal Iyer, University of Amsterdam – Faculty of Economics and Business (FEB), Asim Ijaz Khwaja, Harvard University – Harvard Kennedy School (HKS), Erzo F. P. Luttmer, Harvard University – Harvard Kennedy School (HKS) and Kelly Shue, University of Chicago – Booth School of Business (Finance Authors) – Screening in New Credit Markets: Can Individual Lenders Infer Borrower Creditworthiness in Peer-to-Peer Lending?
Lily H. Fang, INSEAD – Finance, Victoria Ivashina, Harvard Business School – Finance Unit and Josh Lerner, Harvard Business School – Finance Unit – Unstable Equity? Combining Banking with Private Equity Investing
Chitru S. Fernando, University of Oklahoma – Michael F. Price College of Business, Anthony D. May, University of Oklahoma and William L. Megginson, University of Oklahoma – Division of Finance – The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers
Discussants:
Nagpurnanand Prabhala, University of Maryland – Robert H. Smith School of Business
Ronald Masulis, University of New South Wales (UNSW) – School of Banking and Finance
Justin Murfin, Duke University
01/09/2011 – 10:15 AM
Location: Marriott-Salons A&B
Session: Asset Pricing Theory
Chair: Stavros Panageas, University of Chicago – Booth School of Business (Finance Authors)
Hengjie Ai, Duke University, Duke University – Fuqua School of Business, Mariano Massimiliano Croce, University of North Carolina (UNC) at Chapel Hill – Finance Area and Kai Li, Duke University – Department of Economics – Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital
Jacob S. Sagi, Vanderbilt University – Owen Graduate School of Management, Matthew I. Spiegel, Yale School of Management and Masahiro Watanabe, University of Alberta – School of Business – Dynamic Corporate Capital Stocks: Cross-sectional and Inter-temporal Stock Return Patterns
Michael S. Johannes, Columbia Business School – Finance and Economics, Lars A. Lochstoer, Columbia Business School – Finance and Economics and Yiqun Mou, Columbia Business School – Economics Department – Learning About Consumption Dynamics
Discussants:
Andrea Eisfeldt, University of California, Los Angeles (UCLA) – Anderson School of Management
Ronald Giammarino, University of British Columbia (UBC) – Sauder School of Business
Lars Hansen, University of Chicago – Booth School of Business (Finance Authors)
01/09/2011 – 10:15 AM
Location: Marriott-Salons G&H
Session: Microstructure Meets Asset Pricing
Chair: Mark Seasholes, Hong Kong University of Science & Technology (HKUST) – Department of Finance
Giovanni Cespa, City University London – Faculty of Finance and Thierry Foucault, HEC Paris (Groupe HEC) – Departement Finance et Economie – Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation
Hong Liu, Washington University in Saint Louis – Olin Business School and Yajun Wang, Washington University in Saint Louis – Olin Business School – Asymmetric Information, Endogenous Illiquidity, and Asset Pricing with Imperfect Competition
Joseph Engelberg, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School, 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 – How are Shorts Informed? Short Sellers, News, and Information Processing
Discussants:
Terrence J. Hendershott, University of California, Berkeley – Haas School of Business
Diego Garcia, University of North Carolina (UNC) at Chapel Hill – Finance Area
Andrea Frazzini, AQR Capital Management, LLC
01/09/2011 – 10:15 AM
Location: Marriott-Salons I&J
Session: IPO, SEO and Payouts
Chair: Michael Roberts, University of Pennsylvania – Finance Department
Jonathan B. Cohn, University of Texas at Austin – Department of Finance and Stephanie A. Sikes, University of Pennsylvania – Accounting Department – Capital Gains Tax Overhang and Share Repurchases
Michael G. Hertzel, Arizona State University (ASU) – Finance Department, Mark R. Huson, University of Alberta – Department of Finance and Management Science and Robert Parrino, University of Texas at Austin – Department of Finance – Public Market Staging: The Timing of Capital Infusions in Newly Public Firms
Mark T. Leary, Washington University in Saint Louis – Olin Business School and Roni Michaely, Cornell University – Samuel Curtis Johnson Graduate School of Management – Determinants of Dividend Smoothing: Empirical Evidence
Discussants:
Joshua Rauh, Kellogg School of Management – Department of Finance
Ivo Welch, Brown University – Department of Economics
Lucian Taylor, University of Pennsylvania – The Wharton School
01/09/2011 – 10:15 AM
Location: Marriot-Salon F
Session: Behavioral Finance – Individual Behavior
Chair: Tyler Shumway, University of Michigan at Ann Arbor – Finance
Utpal Bhattacharya, Indiana University Bloomington – Department of Finance, Craig W. Holden, Indiana University Bloomington – Department of Finance and Stacey E. Jacobsen, Southern Methodist University (SMU) – Edwin L. Cox School of Business – Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers
David A. Hirshleifer, University of California, Irvine – Paul Merage School of Business – Self-Enhancing Transmission Bias and Active Investing
Thomas J. Chemmanur, Boston College – Department of Finance and An Yan, Fordham University Schools of Business – Advertising, Investor Recognition, and Stock Returns
Zhen Shi, affiliation not provided to SSRN and Zhiyi Qian, Arizona State University (ASU) – Finance Department – Style Investing, Mutual Fund Flows, and Return Comovement
Discussants:
Denis Sosyura, University of Michigan at Ann Arbor – Stephen M. Ross School of Business
Blake LeBaron, Brandeis University – International Business School
Noah Stoffman, Indiana University Bloomington – Department of Finance
Brian Boyer, Brigham Young University – J. Willard and Alice S. Marriott School of Management
01/09/2011 – 10:15 AM
Location: Marriott-Salons C&D
Session: Politics and Cross-country Capital Flows
Chair: Luc Laeven, World Bank – Policy Unit
Chuan Rose Liao, Rutgers, The State University of New Jersey – Rutgers Business School at Newark & New Brunswick and George Andrew Karolyi, Cornell University – Samuel Curtis Johnson Graduate School of Management – What is Different About Government-Controlled Acquirers in Cross-Border Deals?
Pab Jotikasthira, University of North Carolina (UNC) at Chapel Hill, Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill – Finance Area and Tarun Ramadorai, University of Oxford – Said Business School – Asset Fire Sales and Purchases and the International Transmission of Funding Shocks
Discussants:
Pedro Matos, University of Virginia (UVA) – Finance
Michael Schill, University of Virginia (UVA) – Darden School of Business
01/09/2011 – 10:15 AM
Location: Marriot-Salon E
Session: Panel on Finance and Ethics
Chair: Luigi Zingales, University of Chicago – Booth School of Business (Finance Authors)
Jonathan B. Berk, Stanford University, Rebecca M. Henderson, Harvard Business School and Michael C. Jensen, Harvard Business School – Panel on Finance and Ethics
01/09/2011 – 1:00 PM
Location: Marriott-Salons C&D
Session: Insider Trading and Short Selling
Chair: Utpal Bhattacharya, Indiana University Bloomington – Department of Finance
Narasimhan Jegadeesh, Emory University – Department of Finance and Yue Tang, University of Florida – Department of Finance, Insurance and Real Estate – Institutional Trades Around Takeover Announcements: Skill vs. Inside Information
Veljko Fotak, University of Oklahoma – Division of Finance, Vikas Raman, University of Oklahoma – Division of Finance and Pradeep K. Yadav, University of Oklahoma – Division of Finance – Naked Short Selling: The Emperor’s New Clothes?
Ilona Babenko, Arizona State University (ASU) and Rik Sen, Hong Kong University of Science & Technology (HKUST) – Department of Finance – Do Non-Executive Employees Have Information? Evidence from Employee Stock Purchase Plans
Steven N. Kaplan, University of Chicago – Booth School of Business (Finance Authors), Tobias J. Moskowitz, University of Chicago – Booth School of Business (Finance Authors) and Berk A. Sensoy, Ohio State University (OSU) – Department of Finance – The Effects of Stock Lending on Security Prices: An Experiment
Discussants:
Michael Lemmon, University of Utah – Department of Finance
John Griffin, University of Texas at Austin – Department of Finance
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Paul Schultz, University of Notre Dame – Department of Finance
01/09/2011 – 1:00 PM
Location: Marriot-Salon F
Session: Behavioral Corporate Finance – The Role of CEO Traits and Biases
Chair: Ulrike Malmendier, University of California, Berkeley – Department of Economics
Qianqian Du, China Academy of Financial Research (CAFR), Huasheng Gao, Nanyang Technological University (NTU) and Maurice D. Levi, University of British Columbia (UBC) – Sauder School of Business – Born Leaders: The Relative-Age Effect and Managerial Success
Jean-Sebastien Michel, HEC Montreal – Department of Finance – Does Managerial Optimism Lead to Long-Run Underperformance? Evidence from Venture Capital-Backed IPOs
John R. Graham, Duke University – Finance, Campbell R. Harvey, Duke University – Fuqua School of Business and Manju Puri, Duke University – Fuqua School of Business – A Corporate Beauty Contest
Discussants:
Daniel Wolfenzon, Columbia Business School – Finance and Economics
Josh Lerner, Harvard Business School – Finance Unit
Daniel Benjamin, Cornell University – Department of Economics
01/09/2011 – 1:00 PM
Location: Marriott-Salons A&B
Session: International Financial Markets 2
Chair: Lemma Senbet, University of Maryland – Robert H. Smith School of Business
Tarek A. Hassan, University of Chicago – Booth School of Business (Finance Authors) – Country Size, Currency Unions, and International Asset Returns
Jose L. Fillat, Federal Reserve Banks – Federal Reserve Bank of Boston and Stefania Garetto, Boston University – Department of Economics – Risk, Returns, and Multinational Production
Bernard Dumas, INSEAD – Finance, Karen K. Lewis, University of Pennsylvania – Finance Department and Emilio Osambela, Carnegie Mellon University – David A. Tepper School of Business – Differences of Opinion and International Equity Markets
Discussants:
Linda Tesar, University of Michigan at Ann Arbor – Department of Economics
Mark Loewenstein, University of Maryland – Robert H. Smith School of Business
Leonid Kogan, Massachusetts Institute of Technology (MIT) – Sloan School of Management
01/09/2011 – 1:00 PM
Location: Marriott-Salons I&J
Session: Managerial Incentives, Risk-Taking, and Performance
Chair: Shawn Cole, Harvard Business School
Patrick Bolton, Columbia Business School – Economics Department, Hamid Mehran, Federal Reserve Banks – Federal Reserve Bank of New York and Joel D. Shapiro, University of Oxford – Finance – Executive Compensation and Risk Taking
Jerry Cao, Boston College – Carroll School of Management, Michael L. Lemmon, University of Utah – Department of Finance, Xiaofei Pan, University of Wollongong and Gary Gang Tian, University of Wollongong – School of Accounting and Finance – Political Promotion, CEO Compensation and Their Effect on Firm Performance
Ing-Haw Cheng, University of Michigan at Ann Arbor, Harrison G. Hong, Princeton University – Department of Economics and Jose A. Scheinkman, Princeton University – Department of Economics – Yesterday’s Heroes: Compensation and Creative Risk-Taking
Sudarshan Jayaraman, Washington University in Saint Louis – Olin Business School and Todd T. Milbourn, Washington University in Saint Louis – Whistle Blowing and CEO Compensation: The Qui Tam Statute
Discussants:
Nicola Gennaioli, Centro di Ricerca sull’Economia delle Istituzioni (CREI) (Research Center on Economics of Institutions)
Bilal Zia, World Bank – Development Research Group (DECRG)
Oguzhan Karakas, Boston College – Department of Finance
Adair Morse, University of Chicago – Booth School of Business (Finance Authors)
01/09/2011 – 1:00 PM
Location: Marriott-Salons G&H
Session: Financial Institutions – Theory
Chair: Viral Acharya, New York University (NYU) – Leonard N. Stern School of Business
Zhiguo He, University of Chicago – Booth School of Business (Finance Authors) and Arvind Krishnamurthy, Northwestern University – Kellogg School of Management – A Model of Capital and Crises
Antonio E. Bernardo, University of California, Los Angeles (UCLA) – Finance Area and Ivo Welch, Brown University – Department of Economics – Leverage and Preemptive Selling of Financial Institutions
Vito D. Gala, London Business School – Department of Finance and Paolo F. Volpin, London Business School – Information Induced Liquidity Crises
Antoine Martin, Federal Reserve Banks – Federal Reserve Bank of New York, David R. Skeie, Federal Reserve Banks – Federal Reserve Bank of New York and Ernst-Ludwig von Thadden, University of Mannheim – School of Business Administration (BWL) – Repo Runs
Discussants:
Guillaume Plantin, University of Toulouse 1 – Toulouse School of Economics (TSE)
S. Viswanathan, Duke University – Finance
Gary Gorton, Yale University
01/09/2011 – 1:00 PM
Location: Marriot-Salon E
Session: Analyst and Stock Price Information
Chair: Wei Jiang, Columbia Business School – Finance and Economics
Ambrus Kecskes, Virginia Polytechnic Institute & State University – Department of Finance, Insurance, and Business Law, Roni Michaely, Cornell University – Samuel Curtis Johnson Graduate School of Management and Kent L. Womack, University of Toronto – Rotman School of Management – What Drives the Value of Analysts’ Recommendations: Earnings Estimates or Discount Rate Estimates?
Joseph Engelberg, University of North Carolina (UNC) at Chapel Hill – Kenan-Flagler Business School, Arzu Ozoguz, 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 – Know Thy Neighbor: Industry Clusters, Information Spillovers and Market Efficiency
Daniel J. Bradley, University of South Florida, Jonathan Clarke, Georgia Institute of Technology – Finance Area, Suzanne S. Lee, Georgia Institute of Technology – Finance Area and Chayawat Ornthanalai, Georgia Institute of Technology – College of Management – Information Disclosure and Intraday Price Discovery: Evidence from Jumps
Allaudeen Hameed, National University of Singapore (NUS) – Department of Finance, Bernard Yin Yeung, Leonard N. Stern School of Business – Department of Economics, Randall K. Morck, University of Alberta – Department of Finance and Management Science and Jianfeng Shen, University of New South Wales (UNSW) – School of Banking and Finance – Information, Analysts, and Stock Return Comovement
Discussants:
Russell Wermers, University of Maryland – Robert H. Smith School of Business
Christopher Malloy, Harvard Business School
Ronnie Sadka, Boston College – Department of Economics
Kelsey Wei, University of Texas at Dallas – School of Management