Preliminary Program AFA 2010 ATLANTA MEETINGS 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 Go to the first session on     January 03, 2010     January 04, 2010     January 05, 2010 1/4/2010 5:45 PM - Business Meeting and Awards 6:15 PM - Presidential Address Hilton Grand Ballroom A 01/03/2010 - 8:00 AM Location: Hilton Grand Ballroom B Commodities Lasse Pedersen, New York University Limits to Arbitrage and Hedging: Evidence from Commodity Markets Viral V. Acharya , London Business School Lars A. Lochstoer , Columbia University Tarun Ramadorai , University of Oxford Abstract   Article An Anatomy of Commodity Futures Risk Premiums Marta Szymanowska , Erasmus University Rotterdam (EUR) Frans A. de Roon , Tilburg University Theo E. Nijman , Tilburg University Rob van den Goorbergh , APG Asset Management Abstract   Article Digging into Commodities Harrison G. Hong , Princeton University Motohiro Yogo , University of Pennsylvania Abstract   Article Discussants: Gary Gorton , Yale University Hendrik Bessembinder , University of Utah Erkko Etula , Federal Reserve Banks 01/03/2010 - 8:00 AM Location: Hilton Grand Salon D Derivatives: Option Pricing Michael Johannes, Columbia University Option Pricing on Cash Mergers Victor Hugo Martinez , City University of New York, CUNY Baruch College - Zicklin School of Business - Department of Economics and Finance Ioanid Rosu , University of Chicago Alan Bester , University of Chicago Abstract   Article Exploring Time-Varying Jump Intensities: Evidence from S&P500 Returns and Options Peter F. Christoffersen , McGill University Kris Jacobs , McGill University Chayawat Ornthanalai , Georgia Institute of Technology Abstract   Article Expected Option Returns and the Structure of Jump Risk Premia Nicole Branger , University of Muenster Alexandra Hansis , House of Finance (HoF) Christian Schlag , Goethe University Frankfurt Abstract   Article Discussants: Ajay Subramanian , Georgia State University David Bates , University of Iowa Mikhail Chernov , London Business School 01/03/2010 - 8:00 AM Location: Hilton Grand Ballroom A Volatility Jeffrey Russell, University of Chicago - Booth School of Business - Econometrics and Statistics Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms? Sohnke M. Bartram , Lancaster University Gregory W. Brown , University of North Carolina at Chapel Hill Rene M. Stulz , Ohio State University Abstract   Article What is the Shape of the Risk-Return Relation? Alberto G.P. Rossi , University of California, San Diego Allan G. Timmermann , University of California, San Diego Abstract   Article The Volatility of the Firm's Assets Jaewon Choi , Pennsylvania State University Matthew P. Richardson , New York University Abstract   Article Discussants: Omid Sabbaghi , University of Chicago Claudia Moise , Case Western Reserve University Robert Chirinko , University of Illinois at Chicago 01/03/2010 - 8:00 AM Location: Hilton Grand Salon E Behavioral Finance - Theory and Experiment Nicholas Barberis, Yale School of Management The Gambler's and Hot-Hand Fallacies: Theory and Applications Matthew Rabin , University of California, Berkeley Dimitri Vayanos , London School of Economics & Political Science (LSE) Abstract   Article Price Formation with Confirmation Bias Stephane Villeneuve , University of Toulouse 1 Sebastien Pouget , University of Toulouse 1 Abstract   Article Stocking Up: Executive Optimism and Share Retention Rik Sen , Hong Kong University of Science & Technology (HKUST) Robert Tumarkin , New York University Abstract   Article Discussants: Bing Han , University of Texas at Austin Nicholas Barberis , Yale School of Management Ulrike Malmendier , University of California, Berkeley 01/03/2010 - 8:00 AM Location: Hilton Grand Ballroom D Executive Compensation Dirk Jenter, Stanford Graduate School of Business Managerial Attributes and Executive Compensation John R. Graham , Duke University Si Li , Wilfrid Laurier University Jiaping Qiu , McMaster University Abstract   Article Are All CEOs above Average? An Empirical Analysis of Compensation Peer Groups and Pay Design John M. Bizjak , Portland State University Michael L. Lemmon , University of Utah Thanh Lai Nguyen , University of Utah Abstract   Article Is Executive Compensation Shaped by Public Attitudes? Camelia M. Kuhnen , Northwestern University Alexandra Niessen , University of Cologne Abstract   Article Discussants: Carola Frydman , Massachusetts Institute of Technology (MIT) Jun Yang , Indiana University Bloomington David Yermack , New York University 01/03/2010 - 8:00 AM Location: Hilton Grand Ballroom C Investment and Product Markets Christopher Hennessy, University of California, Berkeley Political Uncertainty and Corporate Investment Cycles Brandon Julio , London Business School Youngsuk Yook , University of North Carolina at Chapel Hill Abstract   Article The Real Effects of Financial Constraints: Evidence from a Financial Crisis Murillo Campello , University of Illinois at Urbana-Champaign John R. Graham , Duke University Campbell R. Harvey , Duke University Abstract   Article Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act Mitchell A. Petersen , Northwestern University Michael W. Faulkender , University of Maryland Abstract   Article Discussants: Toni Whited Vikrant Vig , London Business School Michael Roberts , University of Pennsylvania 01/03/2010 - 10:15 AM Location: Hilton Grand Ballroom D Fixed Income -- Term Structure Pietro Veronesi, University of Chicago A New Perspective on Gaussian DTSMs Scott Joslin , Massachusetts Institute of Technology (MIT) Kenneth J. Singleton , Stanford Graduate School of Business Haoxiang Zhu , Stanford Graduate School of Business Abstract   Article Do Central Bank Liquidity Facilities Affect Interbank Lending Rates? Jens Henrik Eggert Christensen , Federal Reserve Banks Jose A. Lopez , Federal Reserve Banks Glenn D. Rudebusch , Federal Reserve Banks Abstract   Article A Monetary Explanation of the Term Structure of Interest Rates and Bond Risk Premia Hwagyun Kim , Texas A&M University Agnes J. Moon , University of Southern California - Marshall School of Business - Finance and Business Economics Department Abstract   Article Decomposing the Yield Curve John H. Cochrane , University of Chicago Monika Piazzesi , University of Chicago Abstract   Article Discussants: Gregory Duffee , Johns Hopkins University Francis Longstaff , University of California, Los Angeles Andrea Buraschi , Imperial College London Pierre Collin-Dufresne , Columbia University 01/03/2010 - 10:15 AM Location: Hilton Grand Ballroom C Forecasting Returns Ralph Koijen, University of Chicago Are Stocks Really Less Volatile in the Long Run? Lubos Pastor , University of Chicago Robert F. Stambaugh , University of Pennsylvania Abstract   Article What Does Equity Sector Orderflow Tell Us About the Economy? Alessandro Beber , University of Amsterdam Michael W. Brandt , Duke University Kenneth A. Kavajecz , University of Wisconsin - Madison Abstract   Article Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole Miguel A. Ferreira , New University of Lisbon Pedro Santa-Clara , New University of Lisbon Abstract   Article Discussants: Luis Viceira , Harvard Business School Burton Hollifield , Carnegie Mellon University Jules van Binsbergen , Stanford Graduate School of Business 01/03/2010 - 10:15 AM Location: Hilton Grand Salon D Corporate Risk Management James Weston, Rice University The Real Effects of Derivative Markets: Evidence from Electric Utilities Francisco Perez-Gonzalez , Stanford Graduate School of Business Hayong Yun , University of Notre Dame Abstract   Article Foreign Currency Exposure and Hedging: Evidence from Foreign Acquisitions Sohnke M. Bartram , Lancaster University Natasha Burns , University of Texas at San Antonio Jean Helwege , Pennsylvania State University Abstract   Article Managerial Biases and Corporate Risk Management Tim Rene Adam , Humboldt University of Berlin Chitru S. Fernando , University of Oklahoma Evgenia V. Golubeva , University of Oklahoma Abstract   Article Discussants: Jess Cornaggia , University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics George Allayannis , University of Virginia Darius Miller , Southern Methodist University (SMU) 01/03/2010 - 10:15 AM Location: Hilton Grand Ballroom B Behavioral Finance - Individual Investors Terrance Odean, University of California, Berkeley Learning from the Outcomes of Others: Stock Market Experiences of Local Peers and New Investors' Market Entry Markku Kaustia , Helsinki School of Economics Samuli Knüpfer , London Business School Abstract   Article Do Smart Investors Outperform Dumb Investors? Mark Grinblatt , University of California, Los Angeles Matti Keloharju , Helsinki School of Economics Juhani T. Linnainmaa , University of Chicago Abstract   Article In Search of Attention Zhi Da , University of Notre Dame Joseph Engelberg , University of North Carolina at Chapel Hill Pengjie Gao , University of Notre Dame Abstract   Article Retail Investors and the Adjustment of Stock Prices to Earnings Information Daniel J. Taylor , Stanford Graduate School of Business Abstract   Article Discussants: Simon Gervais , Duke University Mark Seasholes , Hong Kong University of Science & Technology (HKUST) Shimon Kogan , University of Texas at Austin Ronnie Sadka , Boston College 01/03/2010 - 10:15 AM Location: Hilton Grand Salon E Banking and Financial Institutions Bruce Carlin, University of California, Los Angeles The Effects of Bank Market Structure and Organizational Form on Entrepreneurial Incentives Kose John , New York University David Gaddis Ross , Columbia University Abstract   Article Securitization without Risk Transfer Viral V. Acharya , London Business School Philipp Schnabl , New York University Gustavo Suarez , Board of Governors of the Federal Reserve System Abstract   Article The Effects of the Organizational Structure On Asset Management Massimo Massa , INSEAD Lei Zhang , Nanyang Technological University (NTU) Abstract   Article Discussants: Gustavo Manso , Massachusetts Institute of Technology (MIT) Christa Bouwman , Massachusetts Institute of Technology (MIT) David Robinson , Duke University 01/03/2010 - 10:15 AM Location: Hilton Grand Ballroom A Managerial Terminations and Determinants of Executive Compensation Plans Ivo Welch, Brown University Beating the Target: A Closer Look at Annual Incentive Plans Daniel Sungyeon Kim , Indiana University Bloomington Jun Yang , Indiana University Bloomington Abstract   Article Peer Choice in CEO Compensation Ana M. Albuquerque , Boston University Gus De Franco , University of Toronto Rodrigo S. Verdi , University of Pennsylvania Abstract   Article Who Disciplines Bank Managers? Klaus Schaeck , University of Wales System Stéphanie Stolz , International Monetary Fund (IMF) Martin Cihák , International Monetary Fund (IMF) Andrea Michaela Maechler , International Monetary Fund (IMF) Abstract   Article The Executive Turnover Risk Premium Florian S. Peters , University of Zurich Alexander F. Wagner , University of Zurich Abstract   Article Discussants: Dirk Jenter , Stanford Graduate School of Business Dirk Jenter , Stanford Graduate School of Business Adam Ashcraft , Federal Reserve Banks Jay Hartzell , University of Texas at Austin 01/03/2010 - 2:30 PM Location: Hilton Grand Salon E Anomalies and Efficiency Joshua Coval, Harvard Business School Does Public Financial News Resolve Asymmetric Information? Paul C. Tetlock , Columbia University Abstract   Article The Weekend Effect in Equity Option Returns Christopher S. Jones , University of Southern California - Marshall School of Business - Finance and Business Economics Department Joshua Shemesh , University of Southern California - Marshall School of Business - Finance and Business Economics Department Abstract   Article Individual Investor Trading and Return Patterns Around Earnings Announcements Ron Kaniel , Duke University Shuming Liu , San Francisco State University Gideon Saar , Cornell University Sheridan Titman , University of Texas at Austin Abstract   Article Discussants: Eric Kelley , University of Arizona Allen Poteshman , University of Illinois at Urbana-Champaign Roberto Gutierrez , University of Oregon 01/03/2010 - 2:30 PM Location: Hilton Grand Ballroom B Asset Pricing Theory Nicolae Garleanu, University of California, Berkeley Equilibrium Credit Spreads and the Macroeconomy Joao F. Gomes , University of Pennsylvania Lukas Schmid , Duke University Abstract   Article Comovement and Volatility Risk Premia Andrea Buraschi , Imperial College London Fabio Trojani , Swiss Finance Institute Andrea Vedolin , University of Lugano (USI) Abstract   Article An Institutional Theory of Momentum and Reversal Dimitri Vayanos , London School of Economics & Political Science (LSE) Paul Woolley , London School of Economics & Political Science (LSE) Abstract   Article Discussants: Dmitry Livdan , University of California, Berkeley Ian Martin , Stanford University Jennifer Huang , University of Texas at Austin 01/03/2010 - 2:30 PM Location: Hilton Grand Ballroom C Credit Risk Ilya Strebulaev, Stanford Graduate School of Business Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital? Darren J. Kisgen , Boston College Philip E. Strahan , Boston College Abstract   Article Correlation in Corporate Defaults: Contagion or Conditional Independence? David Lando , Copenhagen Business School Mads Stenbo Nielsen , Copenhagen Business School Abstract   Article On Correlation and Default Clustering in Credit Markets Antje Berndt , Carnegie Mellon University Peter H. Ritchken , Case Western Reserve University Zhiqiang Sun , National City Bank Abstract   Article Discussants: Sergei Davydenko , University of Toronto Mikhail Chernov , London Business School Hui Chen , Massachusetts Institute of Technology (MIT) 01/03/2010 - 2:30 PM Location: Hilton Grand Ballroom A Information and Beliefs in Price Formation Lauren Cohen, Harvard Business School Don't Believe the Hype: Local Media Slant, Local Advertising, and Firm Value Umit G. Gurun , University of Texas at Dallas Alexander W. Butler , Rice University Abstract   Article Trust and Credit Jefferson Duarte , Rice University Stephan Siegel , University of Washington Lance A. Young , University of Washington Abstract   Article New Evidence on the First Financial Bubble Rik G. P. Frehen , Tilburg University William N. Goetzmann , Yale School of Management K. Geert Rouwenhorst , Yale School of Management Abstract   Article Global, Local, and Contagious Investor Sentiment Malcolm P. Baker , Harvard Business School Jeffrey A. Wurgler , New York University Yu Yuan , University of Iowa Abstract   Article Discussants: Dong Lou , London School of Economics & Political Science (LSE) Nagpurnanand Prabhala , University of Maryland Markus Brunnermeier , Princeton University Byoung-Hyoun Hwang , Emory University 01/03/2010 - 2:30 PM Location: Hilton Grand Salon D Borrowing and Lending Antoinette Schoar, Massachusetts Institute of Technology (MIT) Bank Capital, Borrower Power, and Loan Rates João A. C. Santos , Federal Reserve Banks Andrew Winton , University of Minnesota - Twin Cities Abstract   Article What Lies Beneath: Is There Adverse Selection in CLO Collateral? Effi Benmelech , Harvard University Jennifer Dlugosz , Board of Governors of the Federal Reserve System Victoria Ivashina , Harvard Business School Abstract   Article The Impact of the U.S. Financial Crisis on Global Retail Lending Manju Puri , Duke University Jörg Rocholl , ESMT European School of Management and Technology Sascha Steffen , University of Mannheim Abstract   Article Competition and Specialization in Credit Markets Rebecca Zarutskie , Duke University Abstract   Article Discussants: Daniel Paravisini , Columbia University, Columbia Business School - Economics Department Paul Willen , Federal Reserve Banks Jose-Luis Peydro , European Central Bank (ECB) Nicola Cetorelli , Government of the United States of America 01/03/2010 - 2:30 PM Location: Hilton Grand Ballroom D Capital Structure: Financial Distress and Financial Flexibility Mitchell Petersen, Northwestern University Investment and Financing under Reverse Asset Substitution Indraneel Chakraborty , University of Pennsylvania Abstract   Article Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases David J. Denis , Purdue University Stephen B. McKeon , Purdue University Abstract   Article Capital Structure and Employee Pay: An Empirical Analysis Thomas J. Chemmanur , Boston College Yingmei Cheng , Florida State University Tianming Zhang , Florida State University Abstract   Article Discussants: Mark Carey , Government of the United States of America Michael Faulkender , University of Maryland Michael Roberts , University of Pennsylvania 01/04/2010 - 8:00 AM Location: Hilton Grand Ballroom D Equity Risk Premiums -- Empirical Pedro Santa-Clara, New University of Lisbon Better Factor Portfolios and Pricing Book-to-Market Characteristics with the Fama-French Factor Model Gerard Hoberg , University of Maryland Ivo Welch , Brown University Abstract   Article The Cross-Section and Time-Series of Stock and Bond Returns Ralph S. J. Koijen , University of Chicago Hanno N. Lustig , University of California, Los Angeles Stijn Van Nieuwerburgh , New York University Abstract   Article Value and Momentum Everywhere Clifford S. Asness , AQR Capital Management, LLC Tobias J. Moskowitz , University of Chicago Lasse Heje Pedersen , New York University Abstract   Article Discussants: Wayne Ferson , University of Southern California Monika Piazzesi , University of Chicago Sheridan Titman , University of Texas at Austin 01/04/2010 - 8:00 AM Location: Hilton Grand Ballroom C Portfolio Choice -- Dynamic Allocation Anthony Lynch, New York University Dynamic Trading with Predictable Returns and Transaction Costs Nicolae Bogdan Garleanu , University of California, Berkeley Lasse Heje Pedersen , New York University Abstract   Article Strategic Allocation: The Role of Corporate Bond Indices? Antonios A. Sangvinatsos , University of Southern California - Marshall School of Business - Finance and Business Economics Department Abstract   Article Dynamic Asset Allocation with Ambiguous Return Predictability Hui Chen , Massachusetts Institute of Technology (MIT) Nengjiu Ju , Hong Kong University of Science & Technology (HKUST) Jianjun Miao , Boston University Abstract   Article Discussants: Hong Liu , Washington University, St. Louis Jennifer Huang , University of Texas at Austin Martin Schneider , Stanford University 01/04/2010 - 8:00 AM Location: Hilton Grand Ballroom A Structured Finance; CDS, ABS, MBS, etc. Francis Longstaff, University of California, Los Angeles Did Structured Credit Fuel the LBO Boom? Anil Shivdasani , University of North Carolina at Chapel Hill Yihui Wang , University of North Carolina at Chapel Hill Abstract   Article Securitization, Transparency and Liquidity Marco Pagano , University of Naples Federico II Paolo F. Volpin , London Business School Abstract   Article Did Subjectivity Play a Role in CDO Credit Ratings? John M. Griffin , University of Texas at Austin Dragon Yongjun Tang , University of Hong Kong Abstract   Article Discussants: Micah Officer , Loyola Marymount University Gustavo Manso , Massachusetts Institute of Technology (MIT) Efraim Benmelech , Harvard University 01/04/2010 - 8:00 AM Location: Hilton Grand Salon D Behavioral Finance - Corporate Jeffrey Wurgler, New York University Under New Management: Equity Issues and the Attribution of Past Returns Malcolm P. Baker , Harvard Business School Yuhai Xuan , Harvard Business School Abstract   Article Why Do Firms Pay Cash in Acquisitions? Evidence From a Catering Perspective Lei Zhang , Nanyang Technological University (NTU) Abstract   Article Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans Mariassunta Giannetti , Stockholm School of Economics Yishay Yafeh , Hebrew University of Jerusalem Abstract   Article Discussants: Avanidhar Subrahmanyam , University of California, Los Angeles Jarrad Harford , University of Washington Enrichetta Ravina , Columbia University 01/04/2010 - 8:00 AM Location: Hilton Grand Salon E Bankruptcy and Distress Amit Seru, University of Chicago The Changing Nature of Chapter 11 Sreedhar T. Bharath , University of Michigan at Ann Arbor Venkatesh Panchapagesan , Goldman Sachs Group, Inc. Ingrid M. Werner , Ohio State University Abstract   Article Recovery Rates and Macroeconomic Conditions: The Role of Loan Covenants Zhipeng Zhang , Boston College Abstract   Article Do Creditor Rights Increase Employment Risk? Evidence from Debt Covenants Antonio Falato , Government of the United States of America Nellie Liang , Government of the United States of America Abstract   Article Discussants: Hulya Eraslan , Johns Hopkins University Michael Roberts , University of Pennsylvania Sudheer Chava , Texas A&M University 01/04/2010 - 8:00 AM Location: Hilton Grand Salon A Capital Structure -- Beyond Debt and Equity Murray Carlson, University of British Columbia The Propensity to Save and Incentives to Reduce Debt Lei Mao , Hong Kong University of Science & Technology (HKUST) Yuri Tserlukevich , Hong Kong University of Science & Technology (HKUST) Abstract   Article Corporate Precautionary Savings Martin Boileau , University of Colorado at Boulder Nathalie Moyen , University of Colorado at Boulder Abstract   Article Geography and Cash Holdings Brian J. Clark , Rensselaer Polytechnic Institute (RPI) Bill B. Francis , Rensselaer Polytechnic Institute (RPI) Iftekhar Hasan , Rensselaer Polytechnic Institute (RPI) Abstract   Article Discussants: Alexei Zhdanov , University of Lausanne Gian Luca Clementi , Leonard N. Stern School of Business - Department of Economics Laurent Frésard , HEC Paris 01/04/2010 - 10:15 AM Location: Hilton Grand Salon D Equity Risk Premiums Rajnish Mehra, University of California, Santa Barbara Uncertainty, Time-Varying Fear, and Asset Prices Itamar Drechsler , University of Pennsylvania Abstract   Article Inequality Risk Premia Tim C. Johnson , University of Illinois at Urbana-Champaign Abstract   Article Government Bonds and the Cross-Section of Stock Returns Malcolm P. Baker , Harvard Business School Jeffrey A. Wurgler , New York University Abstract   Article Discussants: Ravi Bansal , Duke University Amir Yaron , University of Pennsylvania Vito Gala , London Business School 01/04/2010 - 10:15 AM Location: Hilton Grand Ballroom D Liquidity, Trading, and Frictions -- Empirical Joel Peress, INSEAD Strategic Cross-Trading in the U.S. Stock Market Paolo Pasquariello , University of Michigan at Ann Arbor Clara Vega , Board of Governors of the Federal Reserve System Abstract   Article Why Has Trading Volume Increased? Richard W. Roll , University of California, Los Angeles Avanidhar Subrahmanyam , University of California, Los Angeles Tarun Chordia , Emory University Abstract   Article Commonality in Liquidity: A Demand-Side Explanation Andrew Koch , University of Texas at Austin Stefan Ruenzi , University of Mannheim Laura T. Starks , University of Texas at Austin Abstract   Article Discussants: Robin Greenwood , Harvard Business School Charles Jones , Columbia University Mark Seasholes , Hong Kong University of Science & Technology (HKUST) 01/04/2010 - 10:15 AM Location: Hilton Grand Ballroom C Portfolio Choice Michael Brandt, Duke University Asset Selection and Under-Diversification with Financial Constraints and Income: Implications for Household Portfolio Studies Hervé Roche , California Polytechnic State University, San Luis Obispo Stathis Tompaidis , University of Texas at Austin Chunyu Yang , University of Texas at Austin Abstract   Article Keynes Meets Markowitz: The Tradeoff Between Familiarity and Diversification Phelim P. Boyle , Wilfrid Laurier University Lorenzo Garlappi , University of British Columbia Raman Uppal , London Business School Tan Wang , University of British Columbia Abstract   Article The Risk of Joint Liquidation and Portfolio Choice: Diversity instead of Diversification! Wolf Wagner , Tilburg University Abstract   Article Optimal Portfolio Allocations with Hedge Funds Jerome Detemple , Boston University Rene Garcia , EDHEC Business School Marcel Rindisbacher , Boston University Abstract   Article Discussants: Michael Gallmeyer , University of Virginia Dimitri Vayanos , London School of Economics & Political Science (LSE) Ron Kaniel , Duke University Pedro Santa-Clara , New University of Lisbon 01/04/2010 - 10:15 AM Location: Hilton Grand Salon E Banks in Trouble Efraim Benmelech, Harvard University Dynamic Debt Runs Zhiguo He , University of Chicago Wei Xiong , Princeton University Abstract   Article Efficient Recapitalization Thomas Philippon , New York University Philipp Schnabl , New York University Abstract   Article Financial Crises and Bank Liquidity Creation Allen N. Berger , University of South Carolina Christa H. S. Bouwman , Massachusetts Institute of Technology (MIT) Abstract   Article Discussants: Bilge Yilmaz , University of Pennsylvania Adriano Rampini , Duke University Nittai Bergman , Massachusetts Institute of Technology (MIT) 01/04/2010 - 10:15 AM Location: Hilton Grand Salon A Finance and Accounting Christian Leuz, University of Chicago Information Quality, Systematic Risk and the Cost of Capital Chris S. Armstrong , University of Pennsylvania Snehal Banerjee , Northwestern University Carlos Corona , University of Texas at Austin Abstract   Article Can Firms Adjust Their Opaqueness to Lenders? Evidence from Foreign Bank Entry into India Todd A. Gormley , University of Pennsylvania Bong Hwan Kim , Washington University, St. Louis Xiumin Martin , University of Missouri at Columbia Abstract   Article Why Does the Reaction to News Announcements Vary Across Countries? John M. Griffin , University of Texas at Austin Nicholas Hirschey , University of Texas at Austin Patrick J. Kelly , University of South Florida Abstract   Article Discussants: Pietro Veronesi , University of Chicago Mark Bradshaw , Harvard Business School Craig Doidge , University of Toronto 01/04/2010 - 10:15 AM Location: Hilton Grand Ballroom A Securities, Markets, and Corporate Governance Jesus Santos, Columbia University, Columbia Business School - Economics Department Employee Capitalism or Corporate Socialism? Broad-Based Employee Stock Ownership E. Han Kim , University of Michigan at Ann Arbor Paige Parker Ouimet , University of North Carolina at Chapel Hill Abstract   Article The Defeasance of Control Rights Carsten Bienz , Norwegian School of Economics and Business Administration (NHH) Antoine Faure-Grimaud , London School of Economics & Political Science (LSE) Zsuzsanna Fluck , Michigan State University Abstract   Article Equity Markets and Institutions: The Case of Japan Julian R. Franks , London Business School Colin Mayer , University of Oxford Hideaki Miyajima , Waseda University Abstract   Article Discussants: Daniel Paravisini , Columbia University, Columbia Business School - Economics Department Michael Roberts , University of Pennsylvania Jun Qian , Boston College 01/04/2010 - 2:30 PM Location: Hilton Grand Salon E Analysts and Stock Returns Christopher Malloy, Harvard Business School Long-Term Earnings Growth Forecasts, Limited Attention, and Return Predictability Zhi Da , University of Notre Dame Mitch Warachka , Singapore Management University Abstract   Article Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices Nerissa C. Brown , University of Southern California Russ R. Wermers , University of Maryland Kelsey D. Wei , University of Texas at Dallas Abstract   Article Industry Recommendations: Characteristics, Investment Value, and Relation to Firm Recommendations Ohad Kadan , Washington University, St. Louis Leonardo Madureira , Case Western Reserve University Rong Wang , Singapore Management University Tzachi Zach , Ohio State University Abstract   Article Evidence that Analysts Are Not Important Information-Intermediaries Oya Altinkilic , University of Pittsburgh Vadim S. Balashov , Tulane University Robert S. Hansen , Tulane University Abstract   Article Discussants: Anna Scherbina , University of California, Davis Lily Fang , INSEAD Kewei Hou , Ohio State University Kent Womack , Dartmouth College 01/04/2010 - 2:30 PM Location: Hilton Grand Salon D Asset Pricing Theory: Risk Premiums Amir Yaron, University of Pennsylvania Cross-Sectional Asset Pricing Puzzles: An Equilibrium Perspective Doron Avramov , University of Maryland Scott Cederburg , University of Iowa Satadru Hore , University of Iowa Abstract   Article Macroeconomic Uncertainty and Asset Prices: A Stochastic Volatility Model Hwagyun Kim , Texas A&M University Hyoung Il Lee , Government of Korea Joon Y. Park , Texas A&M University Hyosung Yeo , Texas A&M University Abstract   Article Asset Pricing with Left-Skewed Long-Run Risk in Durable Consumption Wei Yang , William E. Simon Graduate School of Business Administration Abstract   Article Heterogeneity in Recursive Preferences and Asset Prices Harjoat Singh Bhamra , University of British Columbia Raman Uppal , London Business School Abstract   Article Discussants: Timothy Johnson , University of Illinois at Urbana-Champaign Ivan Shaliastovich , University of Pennsylvania Stijn Van Nieuwerburgh , New York University Burton Hollifield , Carnegie Mellon University 01/04/2010 - 2:30 PM Location: Hilton Grand Salon A Liquidity, Trading, and Frictions -- Theory Arvind Krishnamurthy, Northwestern University The Capital Structure of Financial Institutions and Liquidity Crisis Xuewen Liu , Imperial College London Antonio S. Mello , University of Wisconsin - Madison Abstract   Article Dynamic Trading and Asset Prices: Keynes Vs. Hayek Giovanni Cespa , University of London - Queen Mary Xavier Vives , IESE Business School of the University of Navarra Abstract   Article Liquidity Shocks and Order Book Dynamics Bruno Biais , Centre for Economic Policy Research (CEPR) Pierre-Olivier Weill , University of California, Los Angeles Abstract   Article Discussants: Zhiguo He , University of Chicago Snehal Banerjee , Northwestern University Ioanid Rosu , University of Chicago 01/04/2010 - 2:30 PM Location: Hilton Grand Ballroom C Private Equity and Venture Capital Morten Sorensen, Columbia University Information Spillovers and Performance Persistence in Private Equity Partnerships Vincent Glode , University of Pennsylvania Richard C. Green , Carnegie Mellon University Abstract   Article Why SPAC Investors Should Listen to the Market Tim Jenkinson , University of Oxford Miguel Sousa , University of Oxford Abstract   Article Private Equity Investments: Performance and Diseconomies of Scale Florencio Lopez de Silanes , EDHEC Business School Ludovic Phalippou , University of Amsterdam Oliver Gottschalg , HEC Paris Abstract   Article Discussants: Yael Hochberg , Northwestern University Steven Kaplan , University of Chicago Arthur Korteweg , Stanford Graduate School of Business 01/04/2010 - 2:30 PM Location: Hilton Grand Ballroom D New Topics in Corporate Governance Paolo Volpin, London Business School Does Governance Travel around the World? Evidence from Institutional Investors Reena Aggarwal , Georgetown University Isil Erel , Ohio State University Miguel A. Ferreira , New University of Lisbon Pedro P. Matos , University of Southern California - Marshall School of Business - Finance and Business Economics Department Abstract   Article Relative Governance Kose John , New York University Dalida Kadyrzhanova , University of Maryland Abstract   Article Thirty Years of Corporate Governance: Determinants and Equity Prices Martijn Cremers , Yale School of Management Allen Ferrell , Harvard University Abstract   Article Corporate Governance and Extraordinary Earnings Repatriations: Evidence from the American Jobs Creation Act Ramin Baghai , London Business School Abstract   Article Discussants: Stefano Rossi , Imperial College London David Dicks , University of North Carolina at Chapel Hill Joy Ishii , Stanford Graduate School of Business C. Foley , Harvard Business School 01/04/2010 - 2:30 PM Location: Hilton Room 305 Equity Issues: IPOs and SEOs Kose John, New York University Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs Mozaffar Khan , Massachusetts Institute of Technology (MIT) Leonid Kogan , Massachusetts Institute of Technology (MIT) George Serafeim , Harvard Business School Abstract   Article The Information Content of IPO Prospectuses Kathleen Weiss Hanley , Securities and Exchange Commission (SEC) Gerard Hoberg , University of Maryland Abstract   Article Strategic Financial Management: Evidence from Seasoned Equity Offerings Michael J. Barclay , Author Fangjian Fu , Singapore Management University Clifford W. Smith Jr. , William E. Simon Graduate School of Business Administration Abstract   Article Corporate Governance and Investor Confidence in Seasoned Equity Offerings E. Han Kim , University of Michigan at Ann Arbor Amiyatosh K. Purnanandam , University of Michigan at Ann Arbor Abstract   Article Discussants: Jeffrey Wurgler , New York University Paul Tetlock , Columbia University Mark Leary , Duke University Anzhela Knyazeva , William E. Simon Graduate School of Business Administration 01/04/2010 - 2:30 PM Location: Hilton Grand Ballroom A International Markets David Backus, Leonard N. Stern School of Business - Department of Economics Crash-Neutral Currency Carry Trades Jakub W. Jurek , Princeton University Abstract   Article Crash Risk in Currency Markets Xavier Gabaix , New York University Abstract   Article Common Risk Factors in Currency Markets Hanno N. Lustig , University of California, Los Angeles Nikolai L. Roussanov , University of Pennsylvania Adrien Verdelhan , Boston University Abstract   Article Discussants: Mikhail Chernov , London Business School Jeremy Graveline , University of Minnesota - Twin Cities Riccardo Colacito , University of North Carolina at Chapel Hill 01/05/2010 - 8:00 AM Location: Hilton Grand Salon A Financial Econometrics of Time-Varying Risk in Asset Pricing and Portfolio Allocation Francis Diebold, University of Pennsylvania Testing Conditional Factor Models Andrew Ang , Columbia University Dennis Kristensen , Columbia University, Graduate School of Arts and Sciences, Department of Economics Abstract   Article Covariance Estimation in Dynamic Portfolio Optimization: A Realized Single Factor Model Lada M. Kyj , Humboldt University of Berlin Barbara Ostdiek , Rice University Katherine Ensor , Rice University Abstract   Article Efficient Estimation of Firm-Specific Betas and its Benefits for Asset Pricing Tests and Portfolio Choice Mathijs Cosemans , Maastricht University Rik G. P. Frehen , Tilburg University Peter C. Schotman , Maastricht University Rob Bauer , Maastricht University Abstract   Article Discussants: Masahiro Watanabe , University of Alberta Michael Brandt , Duke University Tarun Chordia , Emory University 01/05/2010 - 8:00 AM Location: Hilton Grand Ballroom B Real Investments and the Stock Market Xavier Gabaix, New York University Disentangling Investment Returns and Stock Returns: The Importance of Time-to-Build Lars-Alexander Kuehn , Carnegie Mellon University Abstract   Article Trading Frenzy and Its Impact on Real Investment Itay Goldstein , University of Pennsylvania Emre Ozdenoren , London Business School Kathy Zhichao Yuan , University of Michigan at Ann Arbor Abstract   Article Reallocating and Pricing Illiquid Capital: Two Productive Trees Janice C. Eberly , Northwestern University Neng Wang , Columbia University Abstract   Article Discussants: Francois Gourio , Boston University Joshua Coval , Harvard Business School Lu Zhang , University of Michigan at Ann Arbor 01/05/2010 - 8:00 AM Location: Hilton Grand Ballroom C Mutual Funds and Hedge Funds -- Performance Narayan Y. Naik, London Business School Endogenous Benchmarks David L. Hunter , University of Hawaii at Manoa Eugene Kandel , Hebrew University of Jerusalem Russ R. Wermers , University of Maryland Shmuel Kandel , Author Abstract   Article Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation Martijn Cremers , Yale School of Management Antti Petajisto , Yale School of Management Eric Zitzewitz , Dartmouth College Abstract   Article 'When There Is No Place to Hide': Correlation Risk and the Cross-Section of Hedge Fund Returns Andrea Buraschi , Imperial College London Robert Kosowski , Imperial College London Fabio Trojani , Swiss Finance Institute Abstract   Article Discussants: Melvyn Teo , Singapore Management University Tarun Ramadorai , University of Oxford Vikas Agarwal , Georgia State University 01/05/2010 - 8:00 AM Location: Hilton Grand Ballroom D Mergers and Acquisitions Christa Bouwman, Massachusetts Institute of Technology (MIT) A Reference Point Theory of Mergers and Acquisitions Malcolm P. Baker , Harvard Business School Xin Pan , Harvard University Jeffrey A. Wurgler , New York University Abstract   Article Mergers and Employee Incentives Paolo Fulghieri , University of North Carolina at Chapel Hill Merih Sevilir , University of North Carolina at Chapel Hill Abstract   Article Liquidity Mergers Murillo Campello , University of Illinois at Urbana-Champaign Heitor Almeida , University of Illinois at Urbana-Champaign Dirk Hackbarth , University of Illinois at Urbana-Champaign Abstract   Article Acquirer-Target Social Ties and Merger Outcomes Joy L. Ishii , Stanford Graduate School of Business Yuhai Xuan , Harvard Business School Abstract   Article Discussants: Dirk Jenter , Stanford Graduate School of Business Alex Edmans , University of Pennsylvania Todd Gormley , University of Pennsylvania Ulrike Malmendier , University of California, Berkeley 01/05/2010 - 8:00 AM Location: Hilton Grand Ballroom A Regulation and Policy Deborah Lucas, Northwestern University The Credit Ratings Game Patrick Bolton , Columbia University, Columbia Business School - Economics Department Xavier Freixas , Universitat Pompeu Fabra Joel D. Shapiro , Universitat Pompeu Fabra Abstract   Article Legal Protection in Retail Financial Markets Bruce I. Carlin , University of California, Los Angeles Simon Gervais , Duke University Abstract   Article Personal Income Taxes and Corporate Investment: A Tax-Overhang Effect Murray Z. Frank , University of Minnesota - Twin Cities Rajdeep Singh , University of Minnesota - Twin Cities Tracy Yue Wang , University of Minnesota - Twin Cities Abstract   Article Executive Compensation, Incentives, and the Role for Corporate Governance Regulation David L. Dicks , University of North Carolina at Chapel Hill Abstract   Article Discussants: Marco Pagano , University of Naples Federico II Alan Bond , University of Pennsylvania Chester Spatt , Carnegie Mellon University Carola Frydman , Massachusetts Institute of Technology (MIT) 01/05/2010 - 8:00 AM Location: Hilton Grand Salon E Capital Flows, Sovreign Debt, Finance and Trade Mark Wright, University of California, Los Angeles Institutions, Public Debt and Foreign Finance Nicola Gennaioli , Stockholm University Alberto Martin , Universitat Pompeu Fabra Stefano Rossi , Imperial College London Abstract   Article Sovereign Risk Premia Nicola Borri , Boston University Adrien Verdelhan , Boston University Abstract   Article Asymmetric Information, Portfolio Managers and Home Bias Wioletta Dziuda , Northwestern University Jordi Mondria , University of Toronto Abstract   Article How Does Public External Debt Affect the Cost of Corporate Borrowing? Evidence from Syndicated Loans in Emerging Markets Senay Agca , George Washington University Oya Celasun , International Monetary Fund (IMF) Abstract   Article Discussants: Guido Lorenzoni , Massachusetts Institute of Technology (MIT) Cristina Arellano , University of Minnesota - Twin Cities Juan Hatchondo , Federal Reserve Banks Galina Hale , Federal Reserve Banks 01/05/2010 - 10:15 AM Location: Hilton Grand Salon A Mutual Funds and Hedge Funds: Incentives, Contracts and Behavior Jonathan Berk, University of California, Berkeley Information Production, Retail Investors, and Delegated Portfolio Management Jie He , Boston College Abstract   Article Information Networks: Implications for Mutual Fund Trading Behavior and Stock Returns Ankur Pareek , Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics Abstract   Article The Good, the Bad or the Expensive? Which Mutual Fund Managers Join Hedge Funds? Prachi Deuskar , University of Illinois at Urbana-Champaign Joshua Matthew Pollet , Emory University Zhi Jay Wang , University of Illinois at Urbana-Champaign Lu Zheng , University of California, Irvine Abstract   Article Explicit and Implicit Incentives in Delegated Portfolio Management Bin Wei , City University of New York Abstract   Article Discussants: Joel Vanden , Pennsylvania State University Johan Walden , University of California, Berkeley Christopher Malloy , Harvard Business School Jacob Sagi , Vanderbilt University 01/05/2010 - 10:15 AM Location: Hilton Grand Salon E Lessons from the Subprime Mortgage Crisis João Cocco, London Business School Originate-to-Distribute Model and the Sub-Prime Mortgage Crisis Amiyatosh K. Purnanandam , University of Michigan at Ann Arbor Abstract   Article Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Legislative Experiment Sumit Agarwal , Federal Reserve Banks Gene Amromin , Federal Reserve Banks Itzhak Ben-David , Ohio State University Souphala Chomsisengphet , Government of the United States of America Douglas D. Evanoff , Federal Reserve Banks Abstract   Article Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis Tomasz Piskorski , Columbia University Amit Seru , University of Chicago Vikrant Vig , London Business School Abstract   Article Discussants: Otto van Hemert , New York University Olivia Mitchell , University of Pennsylvania Philip Strahan , Boston College 01/05/2010 - 10:15 AM Location: Hilton Grand Ballroom C Short Sales and Insiders Karl Diether, Dartmouth College Compensating Executives by Insider Trading? International Evidence Jin Xu , Purdue University Abstract   Article Prohibitions versus Constraints: The 2008 Short Sales Regulations Adam C. Kolasinski , University of Washington Adam V. Reed , University of North Carolina at Chapel Hill Jacob R. Thornock , University of North Carolina at Chapel Hill Abstract   Article Shackling Short Sellers: The 2008 Shorting Ban Ekkehart Boehmer , University of Oregon Charles M. Jones , Columbia University Xiaoyan Zhang , Cornell University Abstract   Article Discussants: Darren Roulstone , Ohio State University Ingrid Werner , Ohio State University David Musto , University of Pennsylvania 01/05/2010 - 10:15 AM Location: Hilton Grand Ballroom A Law and Finance Sankar De, Indian School of Business The Impact of Investor Protection Law on Investment and Financing Policy: Evidence from the Blue Sky Laws Ashwini K. Agrawal , New York University Abstract   Article The Distributive Impact of Reforms in Credit Enforcement: Evidence from Indian Debt Recovery Tribunals Dilip Mookherjee , Boston University Sujata Visaria , Boston University Ulf von Lilienfeld-Toal , Stockholm School of Economics Abstract   Article The Quality of Accounting Information in Politically Connected Firms Paul K. Chaney , Vanderbilt University Mara Faccio , Purdue University David C. Parsley , Vanderbilt University Abstract   Article Discussants: Simon Johnson , Massachusetts Institute of Technology (MIT) Esther Duflo , Massachusetts Institute of Technology (MIT) Raymond Fisman , Columbia University 01/05/2010 - 10:15 AM Location: Hilton Grand Ballroom D Organization Structure and Corporate Governance Alon Brav, Duke University Internal Capital Markets and Corporate Politics in a Banking Group Martijn Cremers , Yale School of Management Rocco Huang , Federal Reserve Banks Zacharias Sautner , University of Amsterdam Abstract   Article Heterogeneity in Expertise and Incentives of Board Members Anzhela Knyazeva , William E. Simon Graduate School of Business Administration Diana Knyazeva , William E. Simon Graduate School of Business Administration Charu G. Raheja , Wake Forest University Abstract   Article Corporate Governance Contagion Through Overlapping Directors Christa H. S. Bouwman , Massachusetts Institute of Technology (MIT) Abstract   Article Does Board Classification Matter? Evidence of Spillover Effects in the Market for Corporate Control Kose John , New York University Dalida Kadyrzhanova , University of Maryland Abstract   Article Discussants: David Robinson , Duke University Yaniv Grinstein , Cornell University Michael Roberts , University of Pennsylvania Richmond Mathews , Duke University 01/05/2010 - 10:15 AM Location: Hilton Grand Ballroom B Corporate Structure and Markets Daniel Wolfenzon, Columbia University One Share-One Vote is Unenforceable and Sub-Optimal Avner Kalay , Tel Aviv University Shagun Pant , University of Utah Abstract   Article Auctioned IPOs: The U.S. Evidence Francois Degeorge , University of Lugano (USI) Francois Derrien , HEC Paris Kent L. Womack , Dartmouth College Abstract   Article The Decline in the Cost of Private Placements Mark R. Huson , University of Alberta Paul H. Malatesta , University of Washington Robert Parrino , University of Texas at Austin Abstract   Article Discussants: Samuel Lee , New York University Ann Sherman , DePaul University Gordon Phillips , University of Maryland 01/05/2010 - 1:00 PM Location: Hilton Grand Ballroom B Market Microstructure Joel Hasbrouck, New York University The Information Content of Market-on-Close Imbalances, the Specialist and NYSE Equity Prices Stewart Mayhew , Securities and Exchange Commission (SEC) Tim McCormick , Office of Economic Analysis Chester S. Spatt , Carnegie Mellon University Abstract   Article Determinants of Volume in Dark Pools Mark J. Ready , University of Wisconsin - Madison Abstract   Article Strategic Order Submission and Cancellation in Pre-Opening Periods and Its Impact on Price Discovery: The Case of IPO Firms Joseph Kuk , KPMG, Australia Wai-Man Raymond Liu , Australian National University Peter Kien Pham , Australian School of Business at UNSW Abstract   Article Discussants: Jos van Bommel , University Cardenal Herrera-CEU Charles Jones , Columbia University Albert (Pete) Kyle , University of Maryland 01/05/2010 - 1:00 PM Location: Hilton Grand Ballroom A Mutual Funds and Hedge Funds -- Strategies K.J. Martijn Cremers, Yale School of Management Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Cost Amber Anand , Syracuse University Paul J. Irvine , University of Georgia Andy Puckett , University of Tennessee, Knoxville Kumar Venkataraman , Southern Methodist University (SMU) Abstract   Article The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance Zheng Sun , University of California, Irvine Ashley Wang , University of California, Irvine Lu Zheng , University of California, Irvine Abstract   Article Do Fund Managers Manipulate Share Prices? Evidence from Their Daily Trades Gang Hu , Babson College R. David McLean , University of Alberta Jeffrey E. Pontiff , Boston College Qinghai Wang , Georgia Institute of Technology Abstract   Article Acting on the Most Valuable Information: "Best Idea" Trades of Mutual Fund Managers Lukasz Pomorski , University of Toronto Abstract   Article Discussants: John Griffin , University of Texas at Austin Roger Edelen , University of California, Davis Ron Kaniel , Duke University Antti Petajisto , Yale School of Management 01/05/2010 - 1:00 PM Location: Hilton Grand Salon A Corporate Finance Theory Hyun Shin, Princeton University Law, Institutions and Taxes: A Perspective on Optimal Regulation Kose John , New York University Vinay B. Nair , University of Pennsylvania Lemma W. Senbet , University of Maryland Abstract   Article Financiers Vs. Engineers: Should the Financial Sector Be Taxed or Subsidized? Thomas Philippon , New York University Abstract   Article A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management Patrick Bolton , Columbia University, Columbia Business School - Economics Department Hui Chen , Massachusetts Institute of Technology (MIT) Neng Wang , Columbia University Abstract   Article A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention Peter Iliev , Pennsylvania State University Ivo Welch , Brown University Abstract   Article Discussants: Patrick Bolton , Columbia University, Columbia Business School - Economics Department Antonio Falato , Government of the United States of America Dirk Hackbarth , University of Illinois at Urbana-Champaign Christa Bouwman , Massachusetts Institute of Technology (MIT) 01/05/2010 - 1:00 PM Location: Hilton Grand Ballroom C Dividends and Repurchases Aydogan Alti, University of Texas at Austin A Servant to Many Masters: Competing Shareholder Preferences and Limits to Catering Massimo Massa , INSEAD Alberto Manconi , INSEAD Abstract   Article Accelerated Share Repurchases Leonce Bargeron , University of Pittsburgh Manoj Kulchania , University of Pittsburgh Shawn E. Thomas , University of Pittsburgh Abstract   Article Incentive Contracts, Payout Policy and Financial Flexibility Alan V. S. Douglas , University of Waterloo Abstract   Article Discussants: Yaniv Grinstein , Cornell University Gustavo Grullon , Rice University Jonathan Cohn , University of Texas at Austin 01/05/2010 - 1:00 PM Location: Hilton Grand Salon E Boards of Directors Holger Mueller, New York University Tit-for-Tat Compensation Joakim Bång , Stockholm School of Economics Abstract   Article Hiring Cheerleaders: Board Appointments of 'Independent' Directors Lauren Cohen , Harvard Business School Andrea Frazzini , University of Chicago Christopher J. Malloy , Harvard Business School Abstract   Article External Networking and Internal Firm Governance Cesare Fracassi , University of Texas at Austin Geoffrey A. Tate , University of California, Los Angeles Abstract   Article Discussants: Philipp Schnabl , New York University Ulrike Malmendier , University of California, Berkeley Yael Hochberg , Northwestern University 01/05/2010 - 1:00 PM Location: Hilton Grand Ballroom D Development and Finance Mariassunta Giannetti, Stockholm School of Economics Financial Openness and Productivity Geert Bekaert , Columbia University, Columbia Business School - Economics Department Campbell R. Harvey , Duke University Christian T. Lundblad , University of North Carolina at Chapel Hill Abstract   Article The Real Effect of Foreign Banks Robert B. H. Hauswald , American University Valentina Giulia Bruno , American University Abstract   Article Do Crises Weaken Vested Interests? The Illustrative Case of Korean Corporate Bonds Todd A. Gormley , University of Pennsylvania Simon H. Johnson , Massachusetts Institute of Technology (MIT) Changyong Rhee , Seoul National University Abstract   Article The Impact of Corruption on State Asset Sales - Evidence from China Yongxiang Wang , Columbia University Raymond J. Fisman , Columbia University Abstract   Article Discussants: Peter Henry , Stanford Graduate School of Business Todd Gormley , University of Pennsylvania Vikrant Vig , London Business School Mara Faccio , Purdue University

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