Preliminary Program

AFA 2007 CHICAGO MEETINGS (ARCHIVE)

Chicago, IL     January 5, 2007 through January 7, 2007

SIXTY SEVENTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Richard C. Green President-Elect and Program Chair: Kenneth R. French

Go to the first session on
    January 05, 2007
    January 06, 2007
    January 07, 2007


1/6/2007 5:30 PM - Business Meeting and Presidential Address


01/05/2007 - 8:00 AM
Location: Hyatt-Regency A
Determinants of Default Swap Spreads
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute

Intra-Industry Credit Contagion: Evidence from the Credit Default Swap and Stock Markets
Gaiyan Zhang, University of California, Irvine
Philippe Jorion, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Liquidity and Credit Default Swap Spreads
Dragon Yongjun Tang, University of Hong Kong - School of Economics and Finance
Hong Yan, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Abstract and Article  

Default Risk Premia and Asset Returns
Antje Berndt, North Carolina State University - Poole College of Management
Aziz A. Lookman, AIG International, Inc.
Iulian Obreja, University of Colorado at Boulder - Department of Finance
Abstract and Article  

Discussants:
Kenneth Singleton, Stanford University - Knight Management Center
Viral Acharya, New York University (NYU) - Leonard N. Stern School of Business
Kent Daniel, Goldman Sachs Group, Inc. - Quantitative Strategy Group


01/05/2007 - 8:00 AM
Location: Hyatt-Regency B
Understanding Risks & Expected Returns
Joseph Chen, University of Southern California - Marshall School of Business

Clientele Change, Liquidity Shock, and the Return on Financially Distressed Stocks
Zhi Da, University of Notre Dame - Mendoza College of Business
Pengjie Gao, University of Notre Dame
Abstract and Article  

The Impact of Risk and Uncertainty on Expected Returns
Evan W. Anderson, Northern Illinois University - Department of Economics
Eric Ghysels, University of North Carolina (UNC) at Chapel Hill - Finance Area
Jennifer L. Juergens, Drexel University - Department of Finance
Abstract and Article  

Discussants:
Tarun Chordia, Emory University - Department of Finance
Christopher Jones, University of Southern California - Marshall School of Business - Finance and Business Economics Department


01/05/2007 - 8:00 AM
Location: Hyatt-Regency C
International Comparisons
Rafael La Porta, Dartmouth College - Tuck School of Business

Does Economic Structure Determine Financial Structure?
Franklin Allen, University of Pennsylvania - Finance Department
Laura Bartiloro, Bank of Italy - Research Department
Oskar Kowalewski, Institute of Economics of the Polish Academy of Sciences (INE PAN) - -
Abstract and Article  

The Financial Accelerator: Evidence from International Housing Markets
Heitor Almeida, University of Illinois at Urbana-Champaign
Crocker H. Liu, New York University (NYU) - Department of Finance
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

Corporate Governance and Corporate Risk Taking: Theory and Evidence
Lubomir P. Litov, University of Arizona - Department of Finance
Kose John, New York University (NYU) - Department of Finance
Bernard Yin Yeung, NUS Business School, National University of Singapore
Abstract and Article  

Discussants:
Luigi Zingales, University of Chicago - Finance
Jeremy Stein, Harvard University - Department of Economics (Finance Authors)
Peter Tufano, University of Oxford - Said Business School


01/05/2007 - 8:00 AM
Location: Hyatt Regency D
Corporate Governance
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics

Costly Communication, Shareholder Activism, and Limits to Arbitrage
Michael Bradley, Duke University - Fuqua School of Business
Alon Brav, Duke University - Fuqua School of Business
Itay Goldstein, University of Pennsylvania - Finance Department
Wei Jiang, Columbia Business School - Finance and Economics
Abstract and Article  

Concentrating on Governance
Dalida Kadyrzhanova, University of Maryland - Department of Finance
Matthew Rhodes-Kropf, Harvard Business School
Abstract and Article  

A Reexamination of Corporate Governance and Equity Prices
Shane A. Johnson, Texas A&M University (TAMU) - Department of Finance
Theodore C. Moorman, Baylor University - Department of Finance, Insurance & Real Estate
Sorin M. Sorescu, Texas A&M University (TAMU) - Department of Finance
Abstract and Article  

Discussants:
Laura Starks, University of Texas at Austin - Department of Finance
S. Ravid, Yeshiva University - Syms School of Business
Kenneth Lehn, University of Pittsburgh - Finance Group


01/05/2007 - 8:00 AM
Location: Hyatt-Columbus Hall IJ
Dividends & Stock Repurchases
Kose John, New York University (NYU) - Department of Finance

Dividend Changes, Cash Flow Predictability, and Signaling of Future Cash Flows
Amy Chun-Chia Chang, San Francisco State University - College of Business
Praveen Kumar, University of Houston - Department of Finance
Shiva Sivaramakrishnan, Texas A&M University (TAMU) - Department of Accounting
Abstract and Article  

Internal Capital Market and Dividend Policies: Evidence from Business Groups
Radhakrishnan Gopalan, Washington University in Saint Louis - John M. Olin Business School
Vikram K. Nanda, Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick
Amit Seru, University of Chicago - Finance
Abstract and Article  

Disappearing Dividends, Catering, and Risk
Gerard Hoberg, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Nagpurnanand R. Prabhala, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Discussants:
Douglas Skinner, University of Chicago - Booth School of Business
Michael Brennan, University of California, Los Angeles (UCLA) - Finance Area


01/05/2007 - 8:00 AM
Location: Hyatt-Acapulco
Executive Compensation & Corporate Governance
Milton Harris, University of Chicago - Finance

Overinvestment and Corporate Fraud in Efficient Capital Markets
Nisan Langberg, University of Houston - C.T. Bauer College of Business
Praveen Kumar, University of Houston - Department of Finance
Abstract and Article  

Liquidity and Manipulation of Executive Compensation Schemes
Ulf Axelson, London School of Economics & Political Science (LSE) - Department of Finance
Sandeep Baliga, Northwestern University - Kellogg School of Management
Abstract and Article  

Motivating Innovation
Gustavo Manso, University of California, Berkeley - Haas School of Business
Abstract and Article  

Discussants:
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Morten Sorensen, Copenhagen Business School


01/05/2007 - 10:15 AM
Location: Hyatt-Regency D
Derivatives
Jun Pan, Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)

Resolving Macroeconomic Uncertainty in Stock and Bond Markets
Alessandro Beber, City University London - Faculty of Finance
Michael W. Brandt, Duke University - Fuqua School of Business
Abstract and Article  

Does the Early Exercise Premium Contain Information About Future Underlying Returns?
Rossen I. Valkanov, University of California, San Diego (UCSD) - Rady School of Management
Yuzhao Zhang, Oklahoma State University - Stillwater - Department of Finance
Pradeep K. Yadav, University of Oklahoma - Division of Finance
Abstract and Article  

Do Options Contain Information About Excess Bond Returns?
Caio Almeida, Getulio Vargas Foundation (FGV)
Jeremy J. Graveline, University of Minnesota - Twin Cities - Carlson School of Management
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Discussants:
Michael Johannes, Columbia Business School - Finance and Economics


01/05/2007 - 10:15 AM
Location: Hyatt-Regency B
Behavior of Individual Investors
Terrance Odean, University of California, Berkeley - Haas School of Business

Framing Effects in Stock Market Forecasts: The Difference Between Asking for Prices and Asking for Returns
Markus Glaser, Ludwig-Maximilians-Universität München - Faculty of Business Administration (Munich School of Management)
Martin Weber, University of Mannheim - Department of Business Administration and Finance
Thomas Langer, University of Muenster - Finance Center Muenster
Jens Reynders, Siemens Management Consulting
Abstract and Article  

Trading and Under-Diversification
Anders Anderson, Swedish House of Finance
Abstract and Article  

Small Trades and the Cross-Section of Stock Returns
Soeren Hvidkjaer, Copenhagen Business School
Abstract and Article  

Discussants:
Ning Zhu, China Academy of Financial Research (CAFR)
L. Frieder, Purdue University
Andrey Ukhov, Cornell University


01/05/2007 - 10:15 AM
Location: Hyatt-Regency C
Market Efficiency & Professional Investors
Jennifer Conrad, University of North Carolina (UNC) at Chapel Hill - Finance Area

Institutional Investors and the Informational Efficiency of Prices
Eric K. Kelley, University of Tennessee, Knoxville
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Abstract and Article  

Target Prices, Relative Valuations and the Premium for Liquidity Provision
Zhi Da, University of Notre Dame - Mendoza College of Business
Ernst Schaumburg, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Fund Managers Who Take Big Bets: Skilled or Overconfident
Jeffrey A. Busse, Emory University - Department of Finance
T. Clifton Green, Emory University - Department of Finance
Klaas Baks, Emory University - Department of Finance
Abstract and Article  

Discussants:
Charles Jones, Columbia Business School - Finance and Economics
Kent Womack, University of Toronto - Rotman School of Management


01/05/2007 - 10:15 AM
Location: Hyatt-Acapulco
Equity Trading
Chester Spatt, Carnegie Mellon University - David A. Tepper School of Business

Who are the Beneficiaries When Insiders Trade? An Examination of Piggybacking in the Brokerage Industry
Christopher Geczy, University of Pennsylvania - Finance Department
Jinghua Yan, SAC Capital Advisors
Abstract and Article  

Cleaning House: Stock Reassignments on the NYSE
Sugato Chakravarty, Purdue University
Amber Anand, Syracuse University - Whitman School of Management
Chairat Chuwonganant, Indiana University Purdue University Fort Wayne
Abstract and Article  

Order Flow and Prices
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Juan (Julie) Wu, University of Georgia
Abstract and Article  

Discussants:
Stewart Mayhew, Cornerstone Research - Washington Office


01/05/2007 - 10:15 AM
Location: Hyatt-Regency A
Governance Trade-Offs
Daniel Wolfenzon, Columbia Business School - Finance and Economics

Competition and Private Benefits of Control
Maria Guadalupe, INSEAD - Economics and Political Sciences
Francisco Perez-Gonzalez, Stanford Graduate School of Business
Abstract and Article  

Governance Mechanisms and Corporate Disclosure
Robert B. H. Hauswald, American University - Department of Finance and Real Estate
Robert Marquez, University of California, Davis
Abstract and Article  

Why Has CEO Pay Increased So Much?
Xavier Gabaix, New York University (NYU) - Department of Finance
Augustin Landier, University of Toulouse 1 - Toulouse School of Economics (TSE)
Abstract and Article  

Discussants:
Matias Braun, Adolfo Ibanez University
Nittai Bergman, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Steven Kaplan, University of Chicago - Finance


01/05/2007 - 2:30 PM
Location: Hyatt-Regency A
Behavior of Institutions & Other Investors
Harrison Hong, Princeton University - Department of Economics

Does Positive-Feedback Trading by Institutions Contribute to Stock Return Momentum?
Tao Shu, University of Texas at Austin - Department of Finance
Abstract and Article  

Institutional Investors' Trading Behavior in Mergers and Acquisitions
Rasha Ashraf, Georgia Institute of Technology
Narayanan Jayaraman, Georgia Institute of Technology - Finance Area
Abstract and Article  

The Effect of Dividends on Consumption
Malcolm P. Baker, Harvard Business School - Finance Unit
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Abstract and Article  

Discussants:
Natalia Piqueira, University of Houston - C.T. Bauer College of Business
Kai Li, University of British Columbia (UBC) - Sauder School of Business


01/05/2007 - 2:30 PM
Location: Hyatt-Regency B
Corporate Bankruptcy & Loan Ratings
Karin Thorburn, Norwegian School of Economics (NHH) - Department of Finance

Judge Specific Differences in Chapter 11 and Firm Outcomes
Tom Chang, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Bankruptcy and Product-Market Competition: Evidence from the Airline Industry
Federico Ciliberto, University of Virginia (UVA) - Department of Economics
Carola Schenone, University of Virginia (UVA)
Abstract and Article  

The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings
Amir Sufi, University of Chicago - Finance
Abstract and Article  

Discussants:
Edith Hotchkiss, Boston College - Carroll School of Management
Michael Roberts, University of Pennsylvania - The Wharton School


01/05/2007 - 2:30 PM
Location: Hyatt-Regency C
Directors, Shareholders, & Other Monitors
Andrew Metrick, University of Pennsylvania - Finance Department

Evidence on Corporate Governance: The Joint Determination of Board Structures and Charter Provisions
Stuart Gillan, University of Georgia - Department of Banking and Finance
Jay C. Hartzell, University of Texas at Austin - Department of Finance
Laura T. Starks, University of Texas at Austin - Department of Finance
Abstract and Article  

How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs
Steven N. Kaplan, University of Chicago - Finance
Bernadette A. Minton, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Who Blows the Whistle on Corporate Fraud?
I. J. Alexander Dyck, University of Toronto - Rotman School of Management
Adair Morse, University of California, Berkeley - Haas School of Business
Luigi Zingales, University of Chicago - Finance
Abstract and Article  

Large Shareholders and Corporate Policies
Henrik Cronqvist, China Europe International Business School (CEIBS)
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Abstract and Article  

Discussants:
Kose John, New York University (NYU) - Department of Finance
Shivaram Rajgopal, Emory University - Goizueta Business School
Clifford Holderness, Boston College - Department of Finance


01/05/2007 - 2:30 PM
Location: Hyatt-Acapulco
Theoretical Corporate
Denis Gromb, London Business School

Leasing, Ability to Repossess, and Debt Capacity
Andrea L. Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management
Adriano A. Rampini, Duke University
Abstract and Article  

Stock Price Informativeness, Cross-Listings and Investment Decisions
Thierry Foucault, HEC Paris (Groupe HEC) - Finance Department
Thomas Gehrig, University of Vienna - Faculty of Business, Economics, and Statistics
Abstract and Article  

Leaders, Followers, and Risk Dynamics in Industry Equilibrium
Murray Carlson, University of British Columbia (UBC) - Sauder School of Business
Engelbert J. Dockner, University of Vienna - Department of Finance
Adlai J. Fisher, University of British Columbia (UBC) - Sauder School of Business
Ron Giammarino, University of British Columbia (UBC) - Sauder School of Business
Abstract and Article  

Discussants:
Kenneth Ayotte, University of California, Berkeley - School of Law
Itay Goldstein, University of Pennsylvania - Finance Department
Antonio Mello, University of Wisconsin - Madison - Department of Finance, Investment and Banking


01/05/2007 - 2:30 PM
Location: Hyatt-Regency D
Hedge Funds: Performance & Persistance
Cliff Asness, AQR Capital Management, LLC

Hedge Funds: Performance, Risk, and Capital Formation
William Fung, London Business School
David A. Hsieh, Duke University - Fuqua School of Business
Tarun Ramadorai, University of Oxford - Said Business School
Narayan Y. Naik, London Business School - Institute of Finance and Accounting
Abstract and Article  

Do Funds-of-Funds Deserve Their Fees-on-Fees?
Andrew Ang, Columbia Business School - Finance and Economics
Matthew Rhodes-Kropf, Harvard Business School
Rui Zhao, BlackRock, Inc
Abstract and Article  

Do Hot Hands Exist Among Hedge Fund Managers? An Empirical Evaluation
Ravi Jagannathan, Northwestern University - Kellogg School of Management
Alexey Malakhov, University of Arkansas - Department of Finance
Dmitry Novikov, Credit Suisse Group
Abstract and Article  

Do Sophisticated Investors Believe in the Law of Small Numbers?
Guillermo Baquero, ESMT European School of Management and Technology
Marno Verbeek, Erasmus University Rotterdam (EUR) - Department of Financial Management
Abstract and Article  



01/06/2007 - 8:00 AM
Location: Hyatt-Regency A
Exploring Asset Pricing Anomalies
Jonathan Lewellen, Dartmouth College - Tuck School of Business

Technological Revolutions and Stock Prices
Lubos Pastor, University of Chicago - Finance
Pietro Veronesi, University of Chicago - Finance
Abstract and Article  

Regularities
Laura Xiaolei Liu, Hong Kong University of Science & Technology - Department of Finance
Toni M. Whited, University of Rochester - Simon Business School
Lu Zhang, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Expected Returns and the Expected Growth in Rents of Commercial Real Estate
Walter N. Torous, University of California, Los Angeles (UCLA) - Finance Area
Rossen I. Valkanov, University of California, San Diego (UCSD) - Rady School of Management
Alberto Plazzi, University of Lugano - Institute of Finance
Abstract and Article  

Discussants:
Leonid Kogan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Sydney Ludvigson, New York University (NYU) - Department of Economics
Markus Brunnermeier, Princeton University - Department of Economics


01/06/2007 - 8:00 AM
Location: Hyatt-Acapulco
Portfolio Choice
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance

Collateralized Borrowing And Life-Cycle Portfolio Choice
Paul Willen, Federal Reserve Banks - Federal Reserve Bank of Boston
Felix Kubler, University of Zurich
Abstract and Article  

Household Interest Rate Risk Management
Otto Van Hemert, New York University (NYU) - Department of Finance
Abstract and Article  

Optimal Decentralized Investment Management
Jules H. van Binsbergen, University of Pennsylvania - The Wharton School
Michael W. Brandt, Duke University - Fuqua School of Business
Ralph S. J. Koijen, London Business School - Department of Finance
Abstract and Article  

Discussants:
Francisco Gomes, London Business School - Institute of Finance and Accounting


01/06/2007 - 8:00 AM
Location: Hyatt-Regency B
The Dynamics of International Equity Markets
George Karolyi, Cornell University - Samuel Curtis Johnson Graduate School of Management

Emerging Equity Market Comovements: Trends and Macro-Economic Fundamentals
Esther Eiling, University of Toronto - Finance Area
Bruno Gerard, Norwegian School of Management BI - Department of Financial Economics
Abstract and Article  

The Euro and European Financial Market Dependence
Söhnke M. Bartram, University of Warwick - Finance Group
Stephen J. Taylor, Lancaster University - Department of Accounting and Finance
Yaw-Huei Wang, National Taiwan University - College of Management
Abstract and Article  

Discussants:
Frans de Roon, Tilburg University - Department of Finance


01/06/2007 - 8:00 AM
Location: Hyatt-Regency C
Capital Structure
Michael Roberts, University of Pennsylvania - The Wharton School

Deviation from the Target Capital Structure and Acquisition Choices
Vahap B. Uysal, University of Oklahoma - Michael F. Price College of Business
Abstract and Article  

Leverage Choice and Credit Spread Dynamics When Managers Risk Shift
Murray Carlson, University of British Columbia (UBC) - Sauder School of Business
Ali Lazrak, University of British Columbia (UBC) - Division of Finance
Abstract and Article  

Target Behavior and Financing: How Conclusive is the Evidence?
Xin (Simba) Chang, Nanyang Technological University (NTU) - Division of Banking & Finance
Sudipto Dasgupta, Hong Kong University of Science & Technology - Department of Finance
Abstract and Article  

Discussants:
Mark Leary, Washington University in Saint Louis - John M. Olin Business School
Michael Lemmon, University of Utah - Department of Finance


01/06/2007 - 8:00 AM
Location: Hyatt-Regency D
M&A
Steven Kaplan, University of Chicago - Finance

Winning by Losing: Evidence on Overbidding in Mergers
Ulrike Malmendier, University of California, Berkeley - Department of Economics
Enrico Moretti, University of California, Berkeley - Department of Economics
Abstract and Article  

Are Fairness Opinions Fair? The Case of Mergers and Acquisitions
Darren J. Kisgen, Boston College - Carroll School of Management
Jun Qian, Boston College - Carroll School of Management
Weihong Song, University of Cincinnati - Department of Finance - Real Estate
Abstract and Article  

How do Mergers Create Value? A Comparison of Taxes, Market Power and Efficiency Improvements as Explanations for Synergies
Erik Devos, University of Texas at El Paso - College of Business Administration - Department of Economics and Finance
Palani-Rajan Kadapakkam, University of Texas at San Antonio - Department of Finance
Srinivasan Krishnamurthy, North Carolina State University - Poole College of Management
Abstract and Article  

Merger Waves: Theory and Evidence
Jinghua Yan, SAC Capital Advisors
Abstract and Article  

Discussants:
Michael Weisbach, Ohio State University (OSU) - Department of Finance
Matthew Rhodes-Kropf, Harvard Business School
Erik Stafford, Harvard Business School - Finance Unit
C. Edward Fee, Michigan State University - Department of Finance


01/06/2007 - 10:15 AM
Location: Hyatt-Regency A
Equity Volatility & Leverage
James Darrell Duffie, Stanford Graduate School of Business

Is Unlevered Firm Volatility Asymmetric?
Hazem Daouk, Cornell University - School of Applied Economics and Management
David T. Ng, Cornell University
Abstract and Article  

The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns
Harjoat Singh Bhamra, University of British Columbia (UBC) - Sauder School of Business
Raman Uppal, London Business School - Institute of Finance and Accounting
Abstract and Article  

Financial Leverage Does Not Cause the Leverage Effect
Abdullah C. Aydemir, Lehman Brothers, New York
Michael F. Gallmeyer, University of Virginia (UVA) - McIntire School of Commerce
Burton Hollifield, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Discussants:
Jun Pan, Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Jessica Wachter, University of Pennsylvania - Finance Department


01/06/2007 - 10:15 AM
Location: Hyatt-Regency B
Behavioral Approaches to Asset Pricing
Nicholas Barberis, Yale School of Management

The Nominal Price Puzzle
William Charles Weld, University of Wisconsin - Madison - School of Business
Shlomo Benartzi, University of California, Los Angeles (UCLA) - Accounting Area
Roni Michaely, Cornell University - Samuel Curtis Johnson Graduate School of Management
Richard H. Thaler, University of Chicago - Finance
Abstract and Article  

A Tale of Two Anomalies: The Implications of Investor Attention for Price and Earnings Momentum
Kewei Hou, Ohio State University (OSU) - Department of Finance
Lin Peng, City University of New York, CUNY Baruch College, Zicklin School of Business
Wei Xiong, Princeton University - Department of Economics
Abstract and Article  

Discussants:
Owen Lamont
Kent Daniel, affiliation not provided to SSRN


01/06/2007 - 10:15 AM
Location: Hyatt-Regency C
Mutual Fund Organizations
Daniel Bergstresser, Harvard Business School

Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry
Ajay Khorana, Georgia Institute of Technology - Finance Area
Lei Wedge, University of South Florida - Department of Finance
Peter Tufano, University of Oxford - Said Business School
Abstract and Article  

Changes in Mutual Fund Advisory Contracts
Jerold B. Warner, University of Rochester - Simon Business School
Joanna Shuang Wu, University of Rochester - Simon Business School
Abstract and Article  

When Should Firms Share Credit with Employees? Evidence from Anonymously Managed Mutual Funds
Massimo Massa, INSEAD - Finance
Jonathan Reuter, Boston College - Department of Finance
Eric Zitzewitz, Dartmouth College - Department of Economics
Abstract and Article  

Discussants:
Richard Evans, University of Virginia (UVA) - Darden School of Business
Camelia Kuhnen, University of North Carolina (UNC) at Chapel Hill - Finance Area


01/06/2007 - 10:15 AM
Location: Hyatt-Acapulco
Trading & Information in Markets
Maureen O'Hara, Cornell University - Samuel Curtis Johnson Graduate School of Management

Are Designated Market Makers Necessary in Centralized Limit Order Markets?
Delphine Sabourin, Université Paris-Dauphine - CEREMADE
Abstract and Article  

Informed and Strategic Order Flow in the Bond Market
Clara Vega, Board of Governors of the Federal Reserve System (FRB)
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Do Local or Foreign Traders know More in an Emerging Market? A Possible Solution to the Puzzle
Diego Agudelo, Indiana University Bloomington
Abstract and Article  

Discussants:
Lawrence Glosten, Columbia Business School - Finance and Economics
Michael Goldstein, Babson College - Finance Division
Gideon Saar, Cornell University - Samuel Curtis Johnson Graduate School of Management


01/06/2007 - 10:15 AM
Location: Hyatt-Regency D
Corporate Investment & Capital Structure
John Graham, Duke University - Finance

Product Market Performance, Switching Costs, and Liquidation Values: The Real Effects of Financial Leverage
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Zsuzsanna Fluck, Michigan State University - Department of Finance
Abstract and Article  



Abstract and Article  

Which Firms Follow the Market? An Analysis of Corporate Investment Decisions
Tor-Erik Bakke, University of Oklahoma - Division of Finance
Toni M. Whited, University of Rochester - Simon Business School
Abstract and Article  

How Does Financing Impact Investment? The Role of Debt Covenants
Sudheer Chava, Georgia Institute of Technology - College of Management
Michael R. Roberts, University of Pennsylvania - The Wharton School
Abstract and Article  

Discussants:
Gordon Phillips, University of Southern California - Marshall School of Business - Finance and Business Economics Department


01/06/2007 - 2:30 PM
Location: Hyatt-Regency C
Market Efficiency
John Griffin, University of Texas at Austin - Department of Finance

The Global Rise of the Value-Weighted Portfolio
Utpal Bhattacharya, Hong Kong University of Science & Technology - HKUST School of Business and Management
Neal Galpin, University of Melbourne - Department of Finance
Abstract and Article  

Which Shorts are Informed?
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Charles M. Jones, Columbia Business School - Finance and Economics
Xiaoyan Zhang, Purdue University - Department of Management
Abstract and Article  

Downward Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices
Paul H. Schultz, University of Notre Dame - Department of Finance
Abstract and Article  

Discussants:
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis
Ingrid Werner, Ohio State University (OSU) - Department of Finance
Wei Xiong, Princeton University - Department of Economics


01/06/2007 - 2:30 PM
Location: Hyatt-Regency A
Empirical Asset Pricing: Skeptical Perspectives
Lubos Pastor, University of Chicago - Finance

Euler Equation Errors
Martin Lettau, University of California, Berkeley - Finance Group
Sydney C. Ludvigson, New York University (NYU) - Department of Economics
Abstract and Article  

A Skeptical Appraisal of Asset Pricing Tests
Jonathan Lewellen, Dartmouth College - Tuck School of Business
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business
Jay A. Shanken, Emory University - Goizueta Business School
Abstract and Article  

Return Decomposition
Long Chen, Cheung Kong Graduate School of Business
Xinlei Shelly Zhao, Government of the United States of America - Risk Analysis Division
Abstract and Article  

Discussants:
Vito Gala, University of Pennsylvania - Finance Department
Motohiro Yogo, Federal Reserve Banks - Federal Reserve Bank of Minneapolis


01/06/2007 - 2:30 PM
Location: Hyatt-Acapulco
Financial Intermediation
Manju Puri, Duke University - Fuqua School of Business

The Cost of Being Late: The Case of Credit Card Penalty Fees
Nadia Massoud, Melbourne Business School
Anthony Saunders, New York University (NYU) - Department of Finance
Barry Scholnick, University of Alberta - Department of Marketing, Business Economics & Law
Abstract and Article  

Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates
Elena Loutskina, University of Virginia (UVA) - Darden School of Business
Philip E. Strahan, Boston College - Department of Finance
Abstract and Article  

Does Banks' Corporate Control Benefit Firms? Evidence from US Banks' Control Over Firms' Voting Rights
João A. C. Santos, Federal Reserve Banks - Federal Reserve Bank of New York
Kristin E. Wilson, affiliation not provided to SSRN
Abstract and Article  

Discussants:
Loretta Mester, Federal Reserve Banks - Federal Reserve Bank of Cleveland
Mark Leary, Washington University in Saint Louis - John M. Olin Business School
Steven Drucker, Renaissance Technologies LLC - Meritage Group


01/06/2007 - 2:30 PM
Location: Hyatt-Regency B
The Corporate Governance of Executive & Employee Compensation
Paolo Volpin, City University London - Faculty of Finance

Do Entrenched Managers Pay Their Workers More?
Henrik Cronqvist, China Europe International Business School (CEIBS)
Fredrik Heyman, Research Institute of Industrial Economics (IFN)
Mattias Nilsson, University of Colorado at Boulder - Department of Finance
Helena Svaleryd, Research Institute of Industrial Economics (IFN)
Jonas Vlachos, Stockholm University - Department of Economics
Abstract and Article  

Why Do CEOS Increase Their Equity-Based Compensation? Because They Have to
Nishant Dass, Georgia Institute of Technology - Finance Area
Massimo Massa, INSEAD - Finance
Urs Peyer, INSEAD - Finance
Abstract and Article  

Corporate Governance and the Design of Stock Option Contracts
Zacharias Sautner, Frankfurt School of Finance & Management gemeinnützige GmbH
Martin Weber, University of Mannheim - Department of Business Administration and Finance
Abstract and Article  

Discussants:
Augustin Landier, University of Toulouse 1 - Toulouse School of Economics (TSE)
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Dirk Jenter, Stanford Graduate School of Business


01/06/2007 - 2:30 PM
Location: Hyatt-Regency D
IPO's
Jay Ritter, University of Florida - Department of Finance, Insurance and Real Estate

Ipo Pricing and Allocation: a Survey of the Views of Institutional Investors
Tim Jenkinson, University of Oxford - Said Business School
Howard Jones, University of Oxford - Said Business School
Abstract and Article  

Why Do IPO Offer Prices Only Partially Adjust?
Ozgur Ince, University of South Carolina - Department of Finance
Abstract and Article  

Purchasing Ipos with Commissions
Andy Puckett, University of Tennessee, Knoxville
Paul J. Irvine, Texas Christian University
Michael A. Goldstein, Babson College - Finance Division
Abstract and Article  

Discussants:
Raymond Fishe, University of Richmond - E. Claiborne Robins School of Business
Kathleen Hanley, Securities and Exchange Commission (SEC)
Jonathan Reuter, Boston College - Department of Finance


01/07/2007 - 8:00 AM
Location: Hyatt-Regency B
Cross Section of Stock Returns
Lu Zhang, Ohio State University (OSU) - Department of Finance

Is Value Really Riskier than Growth? An Answer with Time-Varying Return Reversal
Soosung Hwang, Sungkyunkwan University - Department of Economics
Alexandre Rubesam, Principia Capital Management
Abstract and Article  

Long Run Risks and Equity Returns
Ravi Bansal, Duke University - Fuqua School of Business
Robert F. Dittmar, University of Michigan, Stephen M. Ross School of Business
Dana Kiku, University of Illinois at Urbana-Champaign
Abstract and Article  

Asset Growth and the Cross-Section of Stock Returns
Michael J. Cooper, University of Utah - David Eccles School of Business
Huseyin Gulen, Purdue University - Krannert School of Management
Michael J. Schill, University of Virginia (UVA) - Darden School of Business
Abstract and Article  

Discussants:
Ralitsa Petkova, Purdue University - Krannert School of Management
Sydney Ludvigson, New York University (NYU) - Department of Economics
Laura Xiaolei Liu, Hong Kong University of Science & Technology - Department of Finance


01/07/2007 - 8:00 AM
Location: Hyatt-Acapulco
Asset Pricing with Heterogeneous Beliefs
Wei Xiong, Princeton University - Department of Economics

What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations?
Bernard Dumas, INSEAD - Finance
Alexander Kurshev, London Business School - Department of Finance
Raman Uppal, London Business School - Institute of Finance and Accounting
Abstract and Article  

Price Drift as an Outcome of Differences in Higher Order Beliefs
Snehal Banerjee, Kellogg School of Management - Department of Finance
Ron Kaniel, University of Rochester - Simon Business School
Ilan Kremer, Independent
Abstract and Article  

Asset Prices and Short-Sale Constraints
Yang Bai, University of Hong Kong - School of Business
Eric C. Chang, University of Hong Kong - School of Business
Jiang Wang, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Costis Skiadas, Northwestern University - Kellogg School of Management
Hongjun Yan, Yale University - International Center for Finance


01/07/2007 - 8:00 AM
Location: Hyatt-Regency A
Behavioral Corporate Finance: Managerial Overconfidence & Corporate Overvaluation
Ulrike Malmendier, University of California, Berkeley - Department of Economics

Overconfidence, CEO Selection, and Corporate Governance
Anand M. Goel, Navigant Economics - Chicago
Anjan V. Thakor, Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Does Overvaluation Lead to Bad Mergers?
Weihong Song, University of Cincinnati - Department of Finance - Real Estate
Abstract and Article  



01/07/2007 - 8:00 AM
Location: Hyatt-Regency C
Empirical Topics in Corporate Leverage
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management

Finance and Innovation: The Case of Publicly Traded Firms
Julian Atanassov, University of Oregon - Department of Finance
Vikram K. Nanda, Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick
Amit Seru, University of Chicago - Finance
Abstract and Article  

Financial Leverage and Bargaining Power With Suppliers: Evidence from Leveraged Buyouts
David T. Brown, University of Florida - Department of Finance, Insurance and Real Estate
C. Edward Fee, Michigan State University - Department of Finance
Shawn E. Thomas, University of Pittsburgh - Finance Group
Abstract and Article  

Uncovering Collateral
Jose Maria Liberti, Kellogg School of Management - Department of Finance
Atif R. Mian, Princeton University - Department of Economics
Abstract and Article  

Discussants:
Andres Almazan, University of Texas at Austin - Department of Finance
Holger Mueller, New York University (NYU) - Department of Finance


01/07/2007 - 8:00 AM
Location: Hyatt-Regency D
The Financial Payoffs from Political Connections
Martin Gruber, New York University (NYU) - Department of Finance

The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 18th and 19th Century
Effi Benmelech, Harvard University - Department of Economics (Finance Authors)
Tobias J. Moskowitz, University of Chicago - Finance
Abstract and Article  

Do Politically Connected Boards Affect Firm Value?
Eitan Goldman, Indiana University - Kelley School of Business - Department of Finance
Jongil So, affiliation not provided to SSRN
Jörg Rocholl, ESMT European School of Management and Technology
Abstract and Article  

Big Business Owners in Politics
Pramuan Bunkanwanicha, ESCP Europe
Yupana Wiwattanakantang, NUS Business School, National University of Singapore
Abstract and Article  

Discussants:
Mark Flannery, University of Florida - Department of Finance, Insurance and Real Estate
Alexander Ljungqvist, New York University (NYU) - Department of Finance
Ronald Masulis, UNSW Business School


01/07/2007 - 10:15 AM
Location: Hyatt-Regency A
Financial Market Returns & the Macroeconomy
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business

Reconciling the Return Predictability Evidence
Stijn Van Nieuwerburgh, New York University (NYU) - Department of Finance
Martin Lettau, University of California, Berkeley - Finance Group
Abstract and Article  

Financial Markets and the Macro Economy
Menachem Brenner, New York University (NYU) - Department of Finance
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Marti G. Subrahmanyam, New York University (NYU) - Department of Finance
Abstract and Article  

The Expected Value Premium
Long Chen, Cheung Kong Graduate School of Business
Ralitsa Petkova, Purdue University - Krannert School of Management
Lu Zhang, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Discussants:
Jonathan Lewellen, Dartmouth College - Tuck School of Business
Amit Goyal, University of Lausanne


01/07/2007 - 10:15 AM
Location: Hyatt-Regency B
Mutual Fund Performance
Lu Zheng, University of California, Irvine - Paul Merage School of Business

How Active is Your Fund Manager? A New Measure That Predicts Performance
Martijn Cremers, University of Notre Dame - Department of Finance
Antti Petajisto, New York University (NYU) - Department of Finance
Abstract and Article  

City Size and Fund Performance
Susan Kerr Christoffersen, University of Toronto - Rotman School of Management
Sergei Sarkissian, McGill University
Abstract and Article  

Discussants:
Clemens Sialm, University of Texas at Austin - Red McCombs School of Business
Zhi Wang, University of Oregon - Charles H. Lundquist School of Business


01/07/2007 - 10:15 AM
Location: Hyatt-Acapulco
Liquidity in Financial Markets
Ronnie Sadka, Boston College - Carroll School of Management

Stock Market Declines and Liquidity
Wenjin Kang, Renmin University of China - Hanqing Institute
Allaudeen Hameed, National University of Singapore (NUS) - Department of Finance
S. Viswanathan, Duke University - Finance
Abstract and Article  

Extrapolative Expectations: Implications for Volatility and Liquidity
Prachi Deuskar, Indian School of Business (ISB), Hyderabad
Abstract and Article  

Liquidity in the Pricing of Syndicated Loans
Anurag Gupta, Case Western Reserve University - Department of Banking & Finance
Ajai K. Singh, Lehigh University - College of Business & Economics
Allan A. Zebedee, Clarkson University - School of Business
Abstract and Article  

Discussants:
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance


01/07/2007 - 10:15 AM
Location: Hyatt-Regency C
IPO's, SEO's, & Investment Banking
Alon Brav, Duke University - Fuqua School of Business

The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income
Paul Oyer, Stanford Graduate School of Business
Abstract and Article  

The Rise of Accelerated Seasoned Equity Underwritings
Bernardo Bortolotti, University of Turin - Department of Economics and Financial Sciences G. Prato
Scott Smart, Indiana University - Kelley School of Business - Department of Finance
William L. Megginson, University of Oklahoma - Division of Finance
Abstract and Article  

Investment Bank Governance
Oya Altinkilic, George Washington University - Department of Finance
Robert S. Hansen, Tulane University - A.B. Freeman School of Business
Emir Hrnjic, National University of Singapore (NUS) - Department of Accounting
Abstract and Article  

The Going Public Decision and the Product Market
Thomas J. Chemmanur, Boston College - Department of Finance
Shan He, Louisiana State University, Baton Rouge
Debarshi K. Nandy, Brandeis University - International Business School
Abstract and Article  

Discussants:
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Itay Goldstein, University of Pennsylvania - Finance Department


01/07/2007 - 10:15 AM
Location: Hyatt-Regency D
Security Analysts: Conflicts of Interest in Opinions & Return Predictability from Opinions
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) - Finance Area

Rewriting History
Alexander Ljungqvist, New York University (NYU) - Department of Finance
Christopher J. Malloy, Harvard Business School
Felicia C. Marston, University of Virginia (UVA) - McIntire School of Commerce
Abstract and Article  

The Predictive Content of Aggregate Analyst Recommendations
John S. Howe, University of Missouri at Columbia - Department of Finance
Xuemin Sterling Yan, University of Missouri at Columbia - Department of Finance
Emre Unlu, University of Nebraska at Lincoln
Abstract and Article  

Dispersion of Forecasts and Stock Returns
Bilal Erturk, Texas A&M University (TAMU) - Department of Finance
Abstract and Article  

Currying Favor to Win IPO Mandates
François Derrien, HEC Paris (Groupe HEC) - Finance Department
Abstract and Article  

Discussants:
Jennifer Juergens, Drexel University - Department of Finance
James Weston, Rice University - Jesse H. Jones Graduate School of Business
Anna Scherbina, University of California, Davis - Graduate School of Management
Leslie Boni, University of New Mexico - Department of Finance, International, and Techology (FIT)


01/07/2007 - 1:00 PM
Location: Hyatt-Regency A
Fixed Income
Monika Piazzesi, University of Chicago - Booth School of Business

Forecasting the Yield Curve in a Data-Rich Environment: A No-Arbitrage Factor-Augmented VAR Approach
Emanuel Moench, Humboldt University of Berlin - School of Business and Economics
Abstract and Article  

Do Bonds Span Volatility Risk in the U.S. Treasury Market? A Specification Test for Affine Term Structure Models
Torben G. Andersen, Northwestern University - Kellogg School of Management
Luca Benzoni, Federal Reserve Bank of Chicago
Abstract and Article  

Discrete-Time Dynamic Term Structure Models with Generalized Market Prices of Risk
Qiang Dai, University of North Carolina (UNC) at Chapel Hill - Finance Area
Anh Le, New York University (NYU) - Department of Finance
Kenneth J. Singleton, Stanford University - Knight Management Center
Abstract and Article  

Term Structure Estimation with Survey Data on Interest Rate Forecasts
Don H. Kim, Government of the United States of America - Division of Research and Statistics
Athanasios Orphanides, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Jean Boivin, HEC Montreal
Pedro Santa-Clara
Joann Jasiak, York University - Department of Economics
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management


01/07/2007 - 1:00 PM
Location: Hyatt-Regency B
Accounting Information & Security Valuation
Scott Richardson, London Business School

The Interdependent and Intertemporal Nature of Financial Decisions: An Application to Cash Flow Sensitivities
Vladimir A. Gatchev, University of Central Florida - Department of Finance
Todd C. Pulvino, CNH Partners
Vefa Tarhan, Loyola University of Chicago - School of Business Administration
Abstract and Article  

Measuring Distress Risk: The Effect of R&D Intensity
Laurel Franzen, Loyola Marymount University
Kimberly Rodgers Cornaggia, American University - Kogod School of Business
Timothy T. Simin, Smeal College of Business
Abstract and Article  

Do Mutual Funds Profit from the Accruals Anomaly?
Ashiq Ali, University of Texas at Dallas - Naveen Jindal School of Management
Xuanjuan Chen, Shanghai University of Finance and Economics
Tong Yao, University of Iowa - Henry B. Tippie College of Business
Tong Yu, University of Rhode Island - College of Business Administration
Abstract and Article  

The Accrual Anomaly: Risk or Mispricing?
David A. Hirshleifer, University of California, Irvine - Paul Merage School of Business
Kewei Hou, Ohio State University (OSU) - Department of Finance
Siew Hong Teoh, University of California, Irvine - Paul Merage School of Business
Abstract and Article  



01/07/2007 - 1:00 PM
Location: Hyatt-Acapulco
International Portfolio Allocation
Ingrid Werner, Ohio State University (OSU) - Department of Finance

Non-Equity Risks and Equity Home Bias
Timothy K. Chue, Hong Kong University of Science & Technology - Department of Economics
Abstract and Article  

Foreign Investments of U'S' Individual Investors: Causes and Consequences
Warren Bailey, Cornell University - Samuel Curtis Johnson Graduate School of Management
Alok Kumar, University of Miami - Department of Finance
David T. Ng, Cornell University
Abstract and Article  

Home Bias in Foreign Investment Decisions
Qinghai Wang, Georgia Institute of Technology - Scheller College of Business
Dongmin Ke, Kean University
Lilian K. Ng, University of Wisconsin - Milwaukee - School of Business Administration
Abstract and Article  

Discussants:
Tarun Ramadorai, University of Oxford - Said Business School
Rodolfo Martell, Barclays - Barclays Global Investors (BGI)
Vicentiu Covrig, California State University, Northridge - Department of Finance, Real Estate, & Insurance


01/07/2007 - 1:00 PM
Location: Hyatt-Regency C
Venture Capital & Private Equity
Paul Gompers, Harvard Business School - Finance Unit

Networking as Entry Deterrence and the Competitive Supply of Venture Capital
Yael V. Hochberg, National Bureau of Economic Research (NBER)
Alexander Ljungqvist, New York University (NYU) - Department of Finance
Yang Lu, AQR Capital Management, LLC
Abstract and Article  

The Role of Top Management Team Human Capital in Venture Capital Markets: Evidence from First-Time Funds
Rebecca Zarutskie, Board of Governors of the Federal Reserve System (FRB)
Abstract and Article  

The Bright and Dark Side of Staging: Investment Performance and the Varying Motivations of Private Equity Firms
Philipp Krohmer, CEPRES - Center of Private Equity Research
Rainer Lauterbach, University of Pennsylvania
Victor Franco M. Calanog, University of Pennsylvania - Business & Public Policy Department
Abstract and Article  

Discussants:
Andrew Metrick, Yale School of Management
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Yuhai Xuan, Harvard Business School - Finance Unit


01/07/2007 - 1:00 PM
Location: Hyatt-Regency D
The Evolution of Financial Institutions
Mitchell Petersen, Northwestern University - Kellogg School of Management

Competing with the NYSE
William O. Brown Jr., University of North Carolina (UNC) at Greensboro
J. Harold Mulherin, University of Georgia - Department of Banking and Finance
Marc Weidenmier, Claremont Colleges - Robert Day School of Economics and Finance
Abstract and Article  

Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions
Evan Gatev, Simon Fraser University (SFU) - Finance Area
Philip E. Strahan, Boston College - Department of Finance
Til Schuermann, Oliver Wyman
Abstract and Article  

How Much do Banks use Credit Derivatives to Reduce Risk?
Bernadette A. Minton, Ohio State University (OSU) - Department of Finance
Rohan Williamson, Georgetown University - Department of Finance
Rene M. Stulz, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Discussants:
Michael Barclay, Deceased
Andrea Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management
Gregory Brown, University of North Carolina (UNC) at Chapel Hill - Finance Area