Preliminary Program

AFA 2008 NEW ORLEANS MEETINGS (ARCHIVE)

New Orleans, LA     January 4, 2008 through January 6, 2008

SIXTY EIGHTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Kenneth R. French President-Elect and Program Chair: Jeremy C. Stein

Go to the first session on
    January 04, 2008
    January 05, 2008
    January 06, 2008


1/5/2008 5:30 PM - Business Meeting and Presidential Address


01/04/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom E
Bank Capital Requirements & the Business Cycle
Viral Acharya, New York University (NYU) - Leonard N. Stern School of Business

The Procyclical Effects of Basel II
Rafael Repullo, Centre for Monetary and Financial Studies (CEMFI)
Javier Suarez, Centre for Monetary and Financial Studies (CEMFI)
Abstract and Article  

The Repercussions on Small Banks and Small Businesses of Procyclical Bank Capital and Countercyclical Loan Guarantees
Diana Hancock, Government of the United States of America - Division of Research and Statistics
Joe Peek, Federal Reserve Banks - Federal Reserve Bank of Boston
James A. Wilcox, University of California, Berkeley - Economic Analysis & Policy Group
Abstract and Article  

The Level and Quality of Value-at-Risk Disclosure by Commercial Banks
Christophe Perignon, HEC Paris (Groupe HEC) - Finance Department
Daniel R. Smith, Queensland University of Technology - School of Economics and Finance
Abstract and Article  

The Basel Accord and the Value of Bank Differentiation
Eberhard Feess, Frankfurt School of Finance & Management gemeinnützige GmbH
Ulrich Hege, HEC Paris (Groupe HEC) - Finance Department
Abstract and Article  

Discussants:
Andrew Winton, University of Minnesota - Twin Cities - Carlson School of Management
Philip Strahan, Boston College - Department of Finance
Anthony Saunders, New York University (NYU) - Department of Finance
Tanju Yorulmazer, Federal Reserve Banks - Federal Reserve Bank of New York


01/04/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom A
Private Security Issuance & the Going Private Decision
Heitor Almeida, University of Illinois at Urbana-Champaign

Frequent Issuers' Influence on Long-Run Post-Issuance Returns
Matthew T. Billett, Indiana University - Kelley School of Business - Department of Finance
Mark J. Flannery, University of Florida - Department of Finance, Insurance and Real Estate
Jon A. Garfinkel, University of Iowa - Department of Finance
Abstract and Article  

Why Do Public Firms Issue Private and Public Securities?
Gordon M. Phillips, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Armando R. Gomes, Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Market Liquidity, Investor Participation and Managerial Autonomy: Why Do Firms Go Private?
Arnoud W. A. Boot, University of Amsterdam - Department of Finance and Organization
Radhakrishnan Gopalan, Washington University in Saint Louis - John M. Olin Business School
Anjan V. Thakor, Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

To Be or Not to Be (Public)
Sreedhar T. Bharath, University of Michigan, Stephen M. Ross School of Business
Amy K. Dittmar, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Discussants:
Charles Hadlock, Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
Michael Hertzel, Arizona State University (ASU) - Finance Department
Daniel Ferreira, London School of Economics & Political Science (LSE) - Department of Finance
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business


01/04/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom B
Risks & Risk Compensation in Asset Markets
Ravi Bansal, Duke University - Fuqua School of Business

Calendar Cycles, Infrequent Decisions and the Cross-Section of Stock Returns
Ravi Jagannathan, Northwestern University - Kellogg School of Management
Srikant Marakani, City University of Hong Kong (CityUHK)
Hitoshi Takehara, Waseda University
Yong Wang, Hong Kong Polytechnic University
Abstract and Article  

Aggregate Earnings and Asset Prices
Ray Ball, University of Chicago - Booth School of Business
Gil Sadka, University of Texas at Dallas
Ronnie Sadka, Boston College - Carroll School of Management
Abstract and Article  

Labor Unions, Operating Flexibility, and the Cost of Equity
Huafeng (Jason) Chen, University of British Columbia (UBC) - Sauder School of Business
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Hernan Ortiz-Molina, University of British Columbia (UBC) - Sauder School of Business
Abstract and Article  

Can Noise Create Size and Value Effects?
Robert D. Arnott, Research Affiliates, LLC
Jason C. Hsu, Research Affiliates, LLC
Jun Liu, University of California, San Diego (UCSD) - Rady School of Management
Harry Markowitz, University of California, San Diego (UCSD) - Department of Economics
Abstract and Article  

Discussants:
Dana Kiku, University of Illinois at Urbana-Champaign
Robert Dittmar, University of Michigan, Stephen M. Ross School of Business
Hengjie Ai, Duke University - Fuqua School of Business
Amir Yaron, University of Pennsylvania - Finance Department


01/04/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom D
Corporate Fraud
Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill - Finance Area

Option Backdating and Board Interlocks
John M. Bizjak, Texas Christian University
Michael L. Lemmon, University of Utah - Department of Finance
Ryan J. Whitby, Utah State University - Huntsman School of Business
Abstract and Article  

Discussants:
Urs Peyer, INSEAD - Finance


01/04/2008 - 8:00 AM
Location: Sheraton-Grand Chenier
Advances in Portfolio Theory
Jessica Wachter, University of Pennsylvania - Finance Department

Optimal Risk Taking With Flexible Income
Jaksa Cvitanic, California Institute of Technology - Division of the Humanities and Social Sciences
Levon Goukasian, Pepperdine University - Finance
Fernando Zapatero, University of Southern California - Marshall School of Business
Abstract and Article  

Correlation Risk and Optimal Portfolio Choice
Andrea Buraschi, University of Chicago - Booth School of Business
Paolo Porchia, Fundación Instituto de Empresa, S.L.
Fabio Trojani, Swiss Finance Institute
Abstract and Article  

Predictability-Robust Dynamic Portfolio Choice
Frank Lutgens, Maastricht School of Business and Economics
Peter C. Schotman, Maastricht Accounting and Auditing Research and Education Center (MARC)
Abstract and Article  

Optimal Portfolio Selection with Transaction Costs and 'Event Risk'
Hong Liu, Washington University in Saint Louis - John M. Olin Business School
Mark Loewenstein, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Discussants:
Vicky Henderson, University of Oxford - Oxford-Man Institute of Quantitative Finance
Michael Johannes, Columbia Business School - Finance and Economics
Zhenyu Wang, Indiana University - Kelley School of Business - Department of Finance
Francis Longstaff, University of California, Los Angeles (UCLA) - Finance Area


01/04/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom A
Market Timing & Corporate Finance
Malcolm Baker, Harvard Business School - Finance Unit

Security Issue Timing: What Do Managers Know, and When Do They Know it?
Dirk Jenter, Stanford Graduate School of Business
Katharina Lewellen, Dartmouth College - Tuck School of Business
Jerold B. Warner, University of Rochester - Simon Business School
Abstract and Article  

Capital Budgeting vs. Market Timing: An Evaluation Using Demographics
Stefano DellaVigna, University of California, Berkeley
Joshua Matthew Pollet, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

When Do High Stock Returns Trigger Equity Issues?
Aydogan Alti, University of Texas at Austin - Department of Finance
Johan Sulaeman, Southern Methodist University (SMU) - Finance Department
Abstract and Article  

Behavioral and Rational Explanations of Stock Price Performance Around SEOS: Evidence from a Decomposition of Market-to-Book Ratios
Michael G. Hertzel, Arizona State University (ASU) - Finance Department
Zhi Li, Tulane University - A.B. Freeman School of Business
Abstract and Article  

Discussants:
Ryan Taliaferro, Acadian Asset Management
Christopher Polk, London School of Economics & Political Science (LSE) - Department of Finance
Jay Ritter, University of Florida - Department of Finance, Insurance and Real Estate


01/04/2008 - 10:15 AM
Location: Sheraton-Grand Chenier
International Stock Markets
Geert Bekaert, Columbia Business School - Finance and Economics

Cross-Country Differences in Firm Multiples
Sanjeev Bhojraj, Cornell University - Samuel Curtis Johnson Graduate School of Management
David T. Ng, Cornell University
Abstract and Article  

Do Foreigners Facilitate Information Transmission in Emerging Markets?
Kee-Hong Bae, York University - Schulich School of Business
Arzu Ozoguz, University of Texas at Dallas - Naveen Jindal School of Management
Hongping Tan, University of Waterloo - School of Accounting and Finance
Tony S. Wirjanto, University of Waterloo - School of Accounting and Finance
Abstract and Article  

Are Emerging Markets More Profitable? Implications for Comparing Weak and Semi-Strong Form Efficiency
John M. Griffin, University of Texas at Austin - Department of Finance
Patrick J. Kelly, New Economic School (NES)
Federico Nardari, University of Houston - Department of Finance
Abstract and Article  

The Dynamic Volume-Return Relationship of Individual Stocks: The International Evidence
Louis Gagnon, Queen's School of Business
George Andrew Karolyi, Cornell University - Samuel Curtis Johnson Graduate School of Management
Kuan-Hui Lee, Seoul National University - College of Business Administration
Abstract and Article  

Discussants:
Stephan Siegel, University of Washington - Michael G. Foster School of Business
Kathy Yuan, University of Michigan, Stephen M. Ross School of Business
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis
John Griffin, University of Texas at Austin - Department of Finance


01/04/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom B
Corporate Bankruptcy & Financial Distress
Antonio Bernardo, University of California, Los Angeles (UCLA) - Finance Area

Bankruptcy Codes and Innovation
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Krishnamurthy Subramanian, Indian School of Business (ISB), Hyderabad
Abstract and Article  

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines
Effi Benmelech, Harvard University - Department of Economics (Finance Authors)
Nittai Bergman, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study
Douglas G. Baird, University of Chicago - Law School
Arturo Bris, IMD International
Ning Zhu, China Academy of Financial Research (CAFR)
Abstract and Article  

Discussants:
Mark Garmaise, University of California, Los Angeles (UCLA) - Anderson School of Management
Andrea Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management
Per Strömberg, Institute for Financial Research (SIFR)


01/04/2008 - 10:15 AM
Location: Sheraton-Grand Couteau
Dividends
Kose John, New York University (NYU) - Department of Finance

Local Dividend Clienteles
Bo Becker, Swedish House of Finance
Zoran Ivkovich, Michigan State University - Department of Finance
Scott J. Weisbenner, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Institutional Ownership, Volatility and Dividends
Amir Rubin, Simon Fraser University (SFU) - Beedie School of Business
Daniel R. Smith, Queensland University of Technology - School of Economics and Finance
Abstract and Article  

Do Firms Manage Earnings to Meet Dividend Thresholds?
Naveen D. Daniel, Drexel University - Department of Finance
David J. Denis, University of Pittsburgh - Katz Graduate School of Business
Lalitha Naveen, Temple University - Department of Finance
Abstract and Article  

Corporate Payout Policy and Product Market Competition
Gustavo Grullon, Rice University - Jesse H. Jones Graduate School of Business
Roni Michaely, Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

Discussants:
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Anzhela Knyazeva, University of Rochester - Simon Business School
Gordon Phillips, University of Southern California - Marshall School of Business - Finance and Business Economics Department


01/04/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom D
Information Flows in Institutional Portfolios
Marcin Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics

The Small World of Investing: Board Connections and Mutual Fund Returns
Andrea Frazzini, AQR Capital Management, LLC
Christopher J. Malloy, Harvard Business School
Lauren Cohen, Harvard Business School
Abstract and Article  

Institutional Stock Trading on Loan Market Information
Victoria Ivashina, Harvard Business School - Finance Unit
Zheng Sun, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Geography, Informal Information Flows and Mutual Fund Portfolios
Richard Fu, San Jose State University - Accounting & Finance
Swasti Gupta-Mukherjee, Loyola University of Chicago - School of Business Administration
Abstract and Article  

Discussants:
Amit Seru, University of Chicago - Finance
Murray Carlson, University of British Columbia (UBC) - Sauder School of Business
Clemens Sialm, University of Texas at Austin - Red McCombs School of Business


01/04/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom E
Empirical Asset Pricing in the Cross-Section & Time Series
Annette Vissing-Jorgensen, Northwestern University - Kellogg School of Management

Durability of Output and Expected Stock Returns
Joao F. Gomes, University of Pennsylvania - Finance Department
Leonid Kogan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Motohiro Yogo, Federal Reserve Banks - Federal Reserve Bank of Minneapolis
Abstract and Article  

Financial Distress and the Cross Section of Equity Returns
Lorenzo Garlappi, University of British Columbia (UBC) - Sauder School of Business
Hong Yan, University of South Carolina - Department of Finance
Abstract and Article  

Discussants:
Stijn Van Nieuwerburgh, New York University (NYU) - Department of Finance
Lu Zhang, Ohio State University (OSU) - Department of Finance


01/04/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom E
Options
David Bates, University of Iowa - Department of Finance

Understanding Index Option Returns
Mark Broadie, Columbia Business School - Decision Risk and Operations
Michael S. Johannes, Columbia Business School - Finance and Economics
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management
Abstract and Article  

Volatility Dynamics for the S&P500: Evidence from Realized Volatility, Daily Returns and Option Prices
Peter Christoffersen, University of Toronto - Rotman School of Management
Kris Jacobs, University of Houston - C.T. Bauer College of Business
Karim Mimouni, McGill University - Desautels Faculty of Management
Abstract and Article  

Does Option Trading Have a Pervasive Impact on Underlying Stock Prices?
Neil D. Pearson, University of Illinois at Urbana-Champaign - Department of Finance
Allen M. Poteshman, University of Illinois at Urbana-Champaign - Department of Finance
Joshua S. White, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Informed Trader Usage of Stock vs. Option Markets: Evidence from Hedge Fund Investment Advisors
George O. Aragon, Arizona State University (ASU) - Finance Department
J. Spencer Martin, University of Melbourne - Department of Finance
Abstract and Article  

Discussants:
Christian Schlag, Goethe University Frankfurt
Michael Johannes, Columbia Business School - Finance and Economics
Kerry Back, Rice University - Jesse H. Jones Graduate School of Business
Nicolas P.B. Bollen, Vanderbilt University - Finance


01/04/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom A
Corporate Liquidity
Nittai Bergman, Massachusetts Institute of Technology (MIT) - Sloan School of Management

Financing Shortfalls and the Value of Aggregate Liquidity
Adriano A. Rampini, Duke University
Andrea L. Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management
Abstract and Article  

What Drives Corporate Liquidity? An International Survey of Cash Holdings and Lines of Credit
Karl V. Lins, University of Utah - Department of Finance
Henri Servaes, London Business School - Institute of Finance and Accounting
Peter Tufano, University of Oxford - Said Business School
Abstract and Article  

Discussants:
Gustavo Manso, University of California, Berkeley - Haas School of Business
Heitor Almeida, University of Illinois at Urbana-Champaign


01/04/2008 - 2:30 PM
Location: Sheraton-Grand Chenier
Market Making
Hendrik Bessembinder, University of Utah - Department of Finance

How do Treasury Dealers Manage their Positions?
Michael J. Fleming, Federal Reserve Banks - Federal Reserve Bank of New York
Joshua V. Rosenberg, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

How Do Designated Market Makers Create Value for Small-Caps?
Albert J. Menkveld, VU University Amsterdam - Faculty of Economics and Business Administration
Ting Wang, VU University Amsterdam
Abstract and Article  

Rounding as Discrimination - Price Clustering in the OTC Tax-Exempt Bond Market
Dan Li, Federal Reserve Board
Abstract and Article  

Market Maker Inventories and Liquidity
Terrence Hendershott, University of California, Berkeley - Haas School of Business
Pamela C. Moulton, Cornell University
Mark S. Seasholes, Hong Kong University of Science & Technology - Department of Finance
Abstract and Article  

Discussants:
Pradeep Yadav, University of Oklahoma - Division of Finance
Kumar Venkataraman, Southern Methodist University (SMU) - Edwin L. Cox School of Business
Amy Edwards, Securities and Exchange Commission (SEC)
Marios Panayides, University of Pittsburgh - Finance Group


01/04/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom B
Mispricing & Limits to Arbitrage
Anna Scherbina, Harvard Business School - Finance Unit

Dispersion in Analysts' Earnings Forecasts and Credit Rating
Doron Avramov, Hebrew University of Jerusalem
Tarun Chordia, Emory University - Department of Finance
Gergana Jostova, George Washington University - Department of Finance
Alexander Philipov, George Mason University - Finance Area
Abstract and Article  

A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns
David A. Hirshleifer, University of California, Irvine - Paul Merage School of Business
Danling Jiang, Florida State University - Department of Finance
Abstract and Article  

Liquidity and the Post-Earnings-Announcement Drift
Tarun Chordia, Emory University - Department of Finance
Ronnie Sadka, Boston College - Carroll School of Management
Amit Goyal, University of Lausanne
Gil Sadka, University of Texas at Dallas
Lakshmanan Shivakumar, London Business School
Abstract and Article  

Discussants:
Karl Diether, Dartmouth College - Tuck School of Business
Kent Daniel, Goldman Sachs Group, Inc. - Quantitative Strategy Group
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) - Finance Area


01/04/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom D
Which CEOs Matter & When?
Rebecca Zarutskie, Federal Reserve Board

The Market for Comeback CEOs
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Bernadette A. Minton, Ohio State University (OSU) - Department of Finance
Carrie H. Pan, Santa Clara University - Department of Finance
Abstract and Article  

Which CEO Characteristics and Abilities Matter?
Steven N. Kaplan, University of Chicago - Finance
Mark M. Klebanov, University of Chicago - Booth School of Business
Morten Sorensen, Columbia University - Columbia Business School
Abstract and Article  

Entrenchment, Governance, and the Stock Price Reaction to Sudden Executive Deaths
Jesus M. Salas, Lehigh University - Department of Finance and Law
Abstract and Article  

Discussants:
Dirk Jenter, Stanford Graduate School of Business
Carola Frydman, Boston University - Department of Economics
Francisco Perez-Gonzalez, Stanford Graduate School of Business


01/05/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom A
Bank Risk
Allen Berger, Government of the United States of America - Monetary and Financial Studies Section

The Information Content of Bank Loan Covenants
Cem Demiroglu, University of Florida - Department of Finance, Insurance and Real Estate
Christopher M. James, University of Florida - Department of Finance, Insurance and Real Estate
Abstract and Article  

How Does Competition Impact Bank Risk Taking?
Jesus Saurina Salas, Bank of Spain
Gabriel Jiménez, Bank of Spain
Jose A. Lopez, Federal Reserve Banks - Federal Reserve Bank of San Francisco
Abstract and Article  

'Time for a Change': Loan Conditions and Bank Behavior when Firms Switch Banks
Vasso Ioannidou, Lancaster University
Steven Ongena, University of Zurich - Department of Banking and Finance
Abstract and Article  

Discussants:
Christa Bouwman, Case Western Reserve University - Department of Banking & Finance
Astrid Dick, INSEAD
Lamont Black, Government of the United States of America - Division of Research and Statistics


01/05/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom B
Credit Risk
Robert Goldstein, University of Minnesota - Twin Cities - Carlson School of Management



Abstract and Article  

Do Equity Markets Favor Credit Markets News Over Options Market News?
Antje Berndt, North Carolina State University - Poole College of Management
Anastasiya Ostrovnaya, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

The Bank as Grim Reaper: Debt Composition and Recoveries on Defaulted Debt
Michael B. Gordy, Government of the United States of America - Monetary and Financial Studies Section
Mark Carey, Government of the United States of America - International Banking Section
Abstract and Article  

Discussants:
Alexander David
Gaiyan Zhang, University of Missouri at Saint Louis
Sergei Davydenko, University of Toronto - Finance Area


01/05/2008 - 8:00 AM
Location: Sheraton-Grand Chenier
Mutual Funds
Mark Grinblatt, University of California, Los Angeles (UCLA) - Finance Area

Dividend Distributions and Closed-End Fund Discounts
Theodore E. Day, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
George Li, New Jersey City University
Yexiao Xu, University of Texas at Dallas - Naveen Jindal School of Management
Abstract and Article  

Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers
Russ Wermers, University of Maryland - Robert H. Smith School of Business
Youchang Wu, University of Wisconsin - Madison - Department of Finance, Investment and Banking
Josef Zechner, Vienna University of Economics and Business Administration
Abstract and Article  

Discussants:
Jeffrey Pontiff, Boston College - Department of Finance
Lu Zheng, University of California, Irvine - Paul Merage School of Business


01/05/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom E
Volume & Liquidity
Jennifer Huang, University of Texas at Austin - Department of Finance

Turnover and Volatility
Daniel Dorn, Drexel University - Department of Finance
Gur Huberman, Columbia Business School - Finance and Economics
Abstract and Article  

Volume, Liquidity, and Liquidity Risk
Timothy C. Johnson, London Business School
Abstract and Article  

Frequent Trading and Price Impact in Thin Markets
Marzena J. Rostek, University of Wisconsin - Madison
Marek Weretka, University of Wisconsin - Madison - Department of Economics
Abstract and Article  

Discussants:
Bing Han, University of Texas at Austin - Department of Finance
Arvind Krishnamurthy, Northwestern University - Kellogg School of Management
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance


01/05/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom D
Proxy Voting, Privatization & Boards of Directors
Michael Weisbach, Ohio State University (OSU) - Department of Finance

The Role of Advisory Services in Proxy Voting
Cindy R. Alexander, Securities and Exchange Commission (SEC)
Duane J. Seppi, Carnegie Mellon University - David A. Tepper School of Business
Mark A. Chen, Georgia State University - Department of Finance
Chester S. Spatt, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation
Martijn Cremers, University of Notre Dame - Department of Finance
Roberta Romano, Yale University - Law School
Abstract and Article  

Political Constraints, Organizational Forms, and Privatization Performance: Evidence from China
Jianping Deng, University of Electronic Science and Technology of China (UESTC)
Jia He, The Chinese University of Hong Kong (CUHK) - Department of Finance
Jie Gan, Hong Kong University of Science & Technology - Department of Finance
Abstract and Article  

Co-opted Boards: Causes and Consequences
Jeffrey L. Coles, University of Utah - Department of Finance
Naveen D. Daniel, Drexel University - Department of Finance
Lalitha Naveen, Temple University - Department of Finance
Abstract and Article  

Discussants:
Gregor Matvos, University of Chicago - Finance
Chester Spatt, Carnegie Mellon University - David A. Tepper School of Business
Mara Faccio, Purdue University - Krannert School of Management
Renée Adams, Australian School of Business at UNSW


01/05/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom E
Politics & Firms
Marianne Bertrand, University of Chicago - Booth School of Business

Sudden Deaths: Taking Stock of Geographic Ties
Mara Faccio, Purdue University - Krannert School of Management
David C. Parsley, Vanderbilt University - Owen Graduate School of Management, Vanderbilt University - Finance
Abstract and Article  

Corruption, Political Connections, and Municipal Finance
Alexander W. Butler, Rice University - Jesse H. Jones Graduate School of Business
Larry Fauver, University of Tennessee, Knoxville - Department of Finance
Sandra Mortal, University of Memphis - Fogelman College of Business and Economics
Abstract and Article  

Political Connections and Preferential Access to Finance: The Role of Campaign Contributions
Stijn Claessens, International Monetary Fund (IMF) - Research Department
Erik Feyen, World Bank - Financial Sector Vice Presidency
Luc Laeven, World Bank - Policy Unit
Abstract and Article  

Discussants:
Raymond Fisman, Columbia Business School - Finance and Economics
Atif Mian, Princeton University - Department of Economics
David Thesmar, HEC Paris (Groupe HEC) - Finance Department


01/05/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom A
Household Finance
Markus Brunnermeier, Princeton University - Department of Economics

Fight or Flight? Portfolio Rebalancing by Individual Investors
Laurent E. Calvet, HEC Paris (Groupe HEC) - Finance Department
John Y. Campbell, Harvard University - Department of Economics (Finance Authors)
Paolo Sodini, Swedish House of Finance
Abstract and Article  

Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions
Markku Kaustia, Aalto University - Department of Accounting and Finance
Samuli Knüpfer, London Business School
Abstract and Article  

Why Do (Some) Households Trade So Much?
Juhani T. Linnainmaa, University of Chicago - Finance
Abstract and Article  

Discussants:
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business
Motohiro Yogo, Federal Reserve Banks - Federal Reserve Bank of Minneapolis
Tobias Adrian, Federal Reserve Banks - Federal Reserve Bank of New York


01/05/2008 - 10:15 AM
Location: Sheraton-Grand Chenier
IPOs
Francesca Cornelli, London Business School

Multiple Bookrunners in IPOs
Wendy Yunchun Hu, University of Florida - Warrington College of Business Administration
Jay R. Ritter, University of Florida - Department of Finance, Insurance and Real Estate
Abstract and Article  

Going Public to Acquire: The Acquisition Motive for IPOs
Ugur Celikyurt, Koc University - College of Administrative Sciences and Economics
Merih Sevilir, Indiana University - Kelley School of Business - Department of Finance
Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

When Bookbuilding Meets IPOs
Amit Bubna, Indian School of Business (ISB), Hyderabad
Nagpurnanand R. Prabhala, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Discussants:
Gerard Hoberg, University of Maryland - Department of Finance
Henri Servaes, London Business School - Institute of Finance and Accounting


01/05/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom B
Stock Returns & the Economy
Ravi Jagannathan, Northwestern University - Kellogg School of Management

On the Economic Sources of Stock Market Volatility
Robert F. Engle, Leonard N. Stern School of Business - Department of Economics
Eric Ghysels, University of North Carolina (UNC) at Chapel Hill - Finance Area
Bumjean Sohn, Georgetown University - Department of Finance
Abstract and Article  

Expected Stock Returns and Variance Risk Premia
Tim Bollerslev, Duke University - Finance
George Tauchen, Duke University, Fuqua School of Business-Economics Group
Hao Zhou, Tsinghua University
Abstract and Article  

The Worldwide Equity Premium: A Smaller Puzzle
Elroy Dimson, London Business School
Paul Marsh, London Business School - Institute of Finance and Accounting
Mike Staunton, London Business School - Institute of Finance and Accounting
Abstract and Article  

Discussants:
Christopher Jones, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Stephen Brown, New York University (NYU) - Department of Finance


01/05/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom D
CEO Pay: Design, Incentives & Outcomes
Steven Kaplan, University of Chicago - Finance

Inside the Black Box: The Role and Composition of Compensation Peer Groups
Michael W. Faulkender, University of Maryland - Robert H. Smith School of Business
Jun Yang, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Stock and Option Grants with Performance-Based Vesting Provisions
J. Carr Bettis, Arizona State University (ASU) - Finance Department
John M. Bizjak, Texas Christian University
Jeffrey L. Coles, University of Utah - Department of Finance
Swaminathan L. Kalpathy, Texas Christian University - M.J. Neeley School of Business
Abstract and Article  

Superstars or Superlemons? Top Executive Pay and Corporate Acquisitions
Antonio Falato, Federal Reserve Board - Capital Markets Section
Abstract and Article  

Discussants:
Augustin Landier, University of Toulouse 1 - Toulouse School of Economics (TSE)
David Yermack, New York University (NYU) - Department of Finance
Bengt Holmström, Massachusetts Institute of Technology (MIT) - Department of Economics


01/05/2008 - 2:30 PM
Location: Sheraton-Grand Chenier
Trends in Empirical Capital Structure
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management

Control Rights and Capital Structure: An Empirical Investigation
Michael R. Roberts, University of Pennsylvania - The Wharton School
Amir Sufi, University of Chicago - Finance
Abstract and Article  

Firm Size and Capital Structure
Alexander Kurshev, London Business School - Department of Finance
Ilya A. Strebulaev, Stanford Graduate School of Business
Abstract and Article  

Cash Flows and Leverage Adjustments
Michael W. Faulkender, University of Maryland - Robert H. Smith School of Business
Mark J. Flannery, University of Florida - Department of Finance, Insurance and Real Estate
Kristine Watson Hankins, University of Kentucky - Finance
Jason M. Smith, Utah State University
Abstract and Article  

Does Asymmetric Information Drive Capital Structure Decisions?
Sreedhar T. Bharath, University of Michigan, Stephen M. Ross School of Business
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Guojun Wu, University of Houston - C.T. Bauer College of Business
Abstract and Article  

Discussants:
Viral Acharya, New York University (NYU) - Leonard N. Stern School of Business
Dirk Hackbarth, Boston University - Department of Finance & Economics
Mark Leary, Washington University in Saint Louis - John M. Olin Business School
Murray Frank, University of Minnesota - Twin Cities - Department of Business Finance


01/05/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom A
Executive Compensation
Dirk Jenter, Stanford Graduate School of Business

Executive Compensation: A New View from a Long-Term Perspective, 1936-2005
Carola Frydman, Boston University - Department of Economics
Raven E. Saks, Government of the United States of America - Division of Research and Statistics
Abstract and Article  

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?
Joshua D. Rauh, Stanford Graduate School of Business
Steven N. Kaplan, University of Chicago - Finance
Abstract and Article  

You Can't Take it With You: Sunset Provisions for Equity Compensation when Managers Retire, Resign, or Die
Sandeep Dahiya, Georgetown University - Department of Finance
David Yermack, New York University (NYU) - Department of Finance
Abstract and Article  

Discussants:
Laura Starks, University of Texas at Austin - Department of Finance
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management


01/05/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom E
Information & Trade
Christine Parlour, University of California, Berkeley - Finance Group

Information Linkages and Correlated Trading
Paolo Colla, Bocconi University - Department of Finance
Antonio Mele, London School of Economics & Political Science (LSE) - Financial Markets Group
Abstract and Article  

Hype and Dump Manipulation
Nevzat Eren, University of Minnesota - Twin Cities - College of Liberal Arts
Han N. Ozsoylev, University of Oxford - Said Business School
Abstract and Article  

Discussants:
Johan Walden, University of California, Berkeley - Haas School of Business
Bilge Yilmaz, University of Pennsylvania - Finance Department


01/05/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom B
Understanding Investor Preferences
Christopher Polk, London School of Economics & Political Science (LSE) - Department of Finance

The Price of Sin: The Effects of Social Norms on Markets
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Harrison G. Hong, Princeton University - Department of Economics
Abstract and Article  

Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Ulrike Malmendier, University of California, Berkeley - Department of Economics
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Patterns in the Payoffs of Structured Equity Derivatives
Brian J. Henderson, George Washington University - Department of Finance
Neil D. Pearson, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Discussants:
Antti Petajisto, New York University (NYU) - Department of Finance
Randolph Cohen, Harvard Business School - Finance Unit
Joshua Coval, Harvard Business School - Finance Unit


01/05/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom D
Predictability in the Stock, Bond, & Options Markets
Rossen Valkanov, University of California, San Diego (UCSD) - Rady School of Management

Forward-Looking Betas
Peter Christoffersen, University of Toronto - Rotman School of Management
Kris Jacobs, University of Houston - C.T. Bauer College of Business
Gregory Vainberg, McGill University - Desautels Faculty of Management
Abstract and Article  

Time Series Volatility Forecasts for Option Valuation and Risk Management
Louis H. Ederington, University of Oklahoma - Division of Finance
Wei Guan, University of South Florida St. Petersburg
Abstract and Article  

What is the Chance that the Equity Premium Varies over Time? Evidence from Regressions on the Dividend-Price Ratio
Jessica A. Wachter, University of Pennsylvania - Finance Department
Missaka Warusawitharana, Federal Reserve Board
Abstract and Article  

Discussants:
Shingo Goto, University of South Carolina - Moore School of Business
George Jiang, Washington State University
Stijn Van Nieuwerburgh, New York University (NYU) - Department of Finance


01/06/2008 - 8:00 AM
Location: Sheraton-Grand Chenier
Corporate Governance
I.J. Dyck, University of Toronto - Rotman School of Management

Does One Size Fit All? The Consequences of Switching Markets with Different Regulatory Standards
Tim Jenkinson, University of Oxford - Said Business School
Tarun Ramadorai, University of Oxford - Said Business School
Abstract and Article  

Corporate Governance and Regulation: Can There be too Much of a Good Thing?
Valentina Bruno, American University - Department of Finance and Real Estate
Stijn Claessens, International Monetary Fund (IMF) - Research Department
Abstract and Article  

Institutional Determinants of Vertical Integration: Evidence from China
Joseph P. H. Fan, The Chinese University of Hong Kong (CUHK) - School of Accountancy
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis
Jun Huang, Shanghai University of Finance and Economics
Bernard Yin Yeung, NUS Business School, National University of Singapore
Abstract and Article  

Discussants:
Christian Leuz, University of Chicago - Booth School of Business
Craig Doidge, University of Toronto - Rotman School of Management
Franklin Allen, University of Pennsylvania - Finance Department


01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom A
Technology, Skewness & Stock Returns
Jonathan Lewellen, Dartmouth College - Tuck School of Business

Inexperienced Investors and Bubbles
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business
Robin M. Greenwood, Harvard Business School - Finance Unit
Abstract and Article  

Separating Up from Down: New Evidence on the Idiosyncratic Volatility - Return Relation
Laura Frieder, Purdue University - Krannert School of Management
George J. Jiang, Washington State University
Abstract and Article  

Discussants:
Owen Lamont
Joseph Chen, University of California, Davis - Graduate School of Management


01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom B
Price (De-)Stabilizing Short Selling
Lasse Pedersen, New York University (NYU)

Do Arbitrageurs Amplify Economic Shocks?
Harrison G. Hong, Princeton University - Department of Economics
Jeffrey D. Kubik, Syracuse University - Department of Economics
Tal Fishman, Princeton University - Bendheim Center for Finance
Abstract and Article  

Aggressive Short Selling and Price Reversals
Andriy Shkilko, Wilfrid Laurier University - Finance
Bonnie F. Van Ness, University of Mississippi - Department of Finance
Robert A. Van Ness, University of Mississippi - Department of Finance
Abstract and Article  

The Good News in Short Interest
Zsuzsa R. Huszar, National University of Singapore (NUS) - Department of Finance
Bradford D. Jordan, University of Kentucky - Gatton College of Business and Economics
Abstract and Article  

Price Efficiency and Short Selling
Pedro A. C. Saffi, University of Cambridge - Judge Business School
Kari Sigurdsson, Barclays - Barclays Global Investors (BGI)
Abstract and Article  

Discussants:
Dennis Lasser, SUNY at Binghamton - School of Management
Markus Brunnermeier, Princeton University - Department of Economics
Nicolae Garleanu, University of California, Berkeley - Haas School of Business
Ronnie Sadka, Boston College - Carroll School of Management


01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom E
Bond Risk Premiums
Kenneth Singleton, Stanford University - Knight Management Center

A Preferred-Habitat Model of the Term Structure of Interest Rates
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance
Jean-Luc Vila, Merrill Lynch & Co.
Abstract and Article  

Tips from TIPS: The Informational Content of Treasury Inflation-Protected Security Prices
Stefania D'Amico, Federal Reserve Board
Don H. Kim, Government of the United States of America - Division of Research and Statistics
Min Wei, Government of the United States of America - Division of Monetary Affairs
Abstract and Article  

Discussants:
Jun Liu, University of California, San Diego (UCSD) - Rady School of Management
Gregory Duffee, Johns Hopkins University - Department of Economics


01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom D
Venture Capital & Private Equity
Per Stromberg, Stockholm School of Economics

Learning By Investing: Evidence from Venture Capital
Morten Sorensen, Columbia University - Columbia Business School
Abstract and Article  

The Role of Venture Capitalists in the Acquisition of Private Companies
Paul A. Gompers, Harvard Business School - Finance Unit
Yuhai Xuan, Harvard Business School - Finance Unit
Abstract and Article  

The Investment Behavior of Buyout Funds: Theory and Evidence
Alexander Ljungqvist, New York University (NYU) - Department of Finance
Matthew P. Richardson, New York University (NYU) - Department of Finance
Daniel Wolfenzon, Columbia Business School - Finance and Economics
Abstract and Article  

A New Method to Estimate Risk and Return of Non-traded Assets from Cash Flows: The Case of Private Equity Funds
Joost Driessen, Tilburg University - Center and Faculty of Economics and Business Administration
Tse-Chun Lin, University of Amsterdam
Ludovic Phalippou, University of Oxford - Said Business School
Abstract and Article  

Discussants:
Burton Hollifield, Carnegie Mellon University - David A. Tepper School of Business
Ola Bengtsson, Lund University School of Economics and Management
Ulf Axelson, London School of Economics & Political Science (LSE) - Department of Finance
Magnus Dahlquist, Stockholm School of Economics - Department of Finance


01/06/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom A
Insider Trading, Arbitrage & Trader Identity
Tarun Chordia, Emory University - Department of Finance

When No Law is Better than a Good Law
Utpal Bhattacharya, Indiana University - Kelley School of Business - Department of Finance
Hazem Daouk, Cornell University - School of Applied Economics and Management
Abstract and Article  

What Level of Compensation is Available to Arbitrageurs in the Foreign Exchange Market?
Ben R. Marshall, Massey University - School of Economics and Finance
Sirimon Treepongkaruna, Australian National University (ANU) - School of Finance and Applied Statistics
Martin R. Young, Massey University - School of Economics and Finance
Abstract and Article  

Does it Matter Who Trades? Broker Identities and the Information Content of Stock Trades
Juhani T. Linnainmaa, University of Chicago - Finance
Abstract and Article  

Discussants:
Arturo Bris, IMD International
Jun Liu, University of California, San Diego (UCSD) - Rady School of Management
Gideon Saar, Cornell University - Samuel Curtis Johnson Graduate School of Management


01/06/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom B
Financing Investment
Andrea Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management

Financing Frictions and the Substitution Between Internal and External Funds
Heitor Almeida, University of Illinois at Urbana-Champaign
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

A Theory of Dynamic Financing and Investment
Ilya A. Strebulaev, Stanford Graduate School of Business
Sergey N. Lobanov, Stanford Graduate School of Business
Abstract and Article  

Discussants:
João Gomes, University of Pennsylvania - Finance Department
Neng Wang, Columbia Business School - Finance and Economics


01/06/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom E
The Role of Financial Advisors & Learning in Mergers & Acquisitions
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department

Investment Banks as Insiders and the Market for Corporate Control
Andriy Bodnaruk, University of Notre Dame - Mendoza College of Business
Massimo Massa, INSEAD - Finance
Andrei Simonov, Michigan State University - Department of Finance
Abstract and Article  

Information Production by Investment Banks: Evidence from Fairness Opinions
Matthew D. Cain, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis
David J. Denis, University of Pittsburgh - Katz Graduate School of Business
Abstract and Article  

Q-Theory and Acquisition Returns
Kenneth R. Ahern, University of Southern California - Marshall School of Business
Abstract and Article  

Discussants:
Jonathan Reuter, Boston College - Department of Finance
Micah Officer, Loyola Marymount University - Department of Finance and Computer Information Systems
David Robinson, Duke University - Fuqua School of Business


01/06/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom D
Banking & Relationship Lending
Philip Strahan, Boston College - Department of Finance

Why Do Firms Switch Banks?
Radhakrishnan Gopalan, Washington University in Saint Louis - John M. Olin Business School
Gregory F. Udell, Indiana University - Kelley School of Business - Department of Finance
Vijay Yerramilli, University of Houston - Department of Finance
Abstract and Article  

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks
Rajkamal Iyer, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Manju Puri, Duke University - Fuqua School of Business
Abstract and Article  

The Choice between Arm's-Length and Relationship Debt: Evidence from Eloans
Sumit Agarwal, NUS Business School, National University of Singapore
Robert B. H. Hauswald, American University - Department of Finance and Real Estate
Abstract and Article  

Discussants:
David Smith, University of Virginia (UVA) - McIntire School of Commerce
Amir Sufi, University of Chicago - Finance
Mitchell Petersen, Northwestern University - Kellogg School of Management


01/06/2008 - 10:15 AM
Location: Sheraton-Grand Chenier
Portfolio Choice
Luis Viceira, Harvard Business School - Finance Unit

Why Do Household Portfolio Shares Rise in Wealth?
Jessica A. Wachter, University of Pennsylvania - Finance Department
Motohiro Yogo, Federal Reserve Banks - Federal Reserve Bank of Minneapolis
Abstract and Article  

Background Risk and University Endowment Funds
Stephen G. Dimmock, Nanyang Technological University (NTU) - Division of Banking & Finance
Abstract and Article  

Labor Income Dynamics at Business-Cycle Frequencies: Implications for Portfolio Choice
Sinan Tan, Fordham University Schools of Business
Anthony W. Lynch, New York University (NYU) - Department of Finance
Abstract and Article  

Improving Performance By Constraining Portfolio Norms: A Generalized Approach to Portfolio Optimization
Victor DeMiguel, London Business School
Lorenzo Garlappi, University of British Columbia (UBC) - Sauder School of Business
Francisco J. Nogales, Universidad Carlos III de Madrid - Faculty of Social Sciences and Law
Raman Uppal, London Business School - Institute of Finance and Accounting
Abstract and Article  

Discussants:
Francisco Gomes, London Business School - Institute of Finance and Accounting
Annette Vissing-Jorgensen, Northwestern University - Kellogg School of Management
Luca Benzoni, Federal Reserve Bank of Chicago
Tongshu Ma, Binghamton University


01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom E
International Finance, Domestic Politics, & Access to Credit
Peter Henry, New York University (NYU) - Leonard N. Stern School of Business

Fire-Sale FDI
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Hyun Song Shin, Princeton University - Department of Economics
Tanju Yorulmazer, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Costly Information, Entry, and Credit Access
Todd A. Gormley, University of Pennsylvania - Finance Department
Abstract and Article  

Does Financial Globalization Discipline Politically Connected Firms?
Thierry Tressel, International Monetary Fund (IMF) - Research Department
Thierry Verdier, Paris School of Economics (PSE)
Abstract and Article  

A New Lease on Life: Institutions, External Financing, and Business Growth
Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill - Finance Area
Larry W. Chavis, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Leora F. Klapper, World Bank
Abstract and Article  

Discussants:
Gita Gopinath, Harvard University - Department of Economics
Andrey Ukhov, Cornell University
Craig Brown, National University of Singapore (NUS) - Department of Finance
Brahima Coulibaly, Government of the United States of America - Division of International Finance (IFDP)


01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom A
Investing in Hedge Funds & Hedge Fund Investments
Tarun Ramadorai, University of Oxford - Said Business School

Hedge Funds, Managerial Skill, and Macroeconomic Variables
Doron Avramov, Hebrew University of Jerusalem
Robert Kosowski, Imperial College Business School
Narayan Y. Naik, London Business School - Institute of Finance and Accounting
Melvyn Teo, Singapore Management University - Lee Kong Chian School of Business
Abstract and Article  

Hedge Fund Risk Dynamics: Implications for Performance Appraisal
Nicolas P. B. Bollen, Vanderbilt University - Finance
Robert E. Whaley, Vanderbilt University - Finance
Abstract and Article  

How Smart are the Smart Guys? A Unique View from Hedge Fund Stock Holdings
John M. Griffin, University of Texas at Austin - Department of Finance
Jin Xu, Zebra Capital Management, LLC
Abstract and Article  

Discussants:
Luis Viceira, Harvard Business School - Finance Unit
Andrew Patton, Duke University - Department of Economics
Russell Wermers, University of Maryland - Robert H. Smith School of Business


01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom B
Financial Structure
Joshua Rauh, Stanford Graduate School of Business

The Financing of Large Buyouts: An Empirical Analysis
Ulf Axelson, London School of Economics & Political Science (LSE) - Department of Finance
Tim Jenkinson, University of Oxford - Said Business School
Per Strömberg, Swedish House of Finance
Michael S. Weisbach, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Collateral Pricing
Effi Benmelech, Harvard University - Department of Economics (Finance Authors)
Nittai Bergman, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio, and Issuing Activity vs. Leverage Changes
Ivo Welch, University of California, Los Angeles (UCLA)
Abstract and Article  

Discussants:
Steven Kaplan, University of Chicago - Finance
Adriano Rampini, Duke University
Michael Roberts, University of Pennsylvania - The Wharton School


01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom D
Managerial Characteristics, Biases, & Corporate Decisions
Paola Sapienza, Kellogg School of Management - Department of Finance

Mecca or Mirage? The Determinants and Outcomes of Entrepreneurship of Recent Harvard Business School Graduates
Ulrike Malmendier, University of California, Berkeley - Department of Economics
Josh Lerner, Harvard Business School - Finance Unit
Abstract and Article  

Firm Boundaries Matter: Evidence from Conglomerates and R&D Activity
Amit Seru, University of Chicago - Finance
Abstract and Article  

Discussants:
Morten Sorensen, Columbia University - Columbia Business School
David Matsa, Northwestern University - Kellogg School of Management


01/06/2008 - 12:30 PM
Location: Sheraton-Grand Chenier
Information Frictions & International Finance
Laura Veldkamp, Leonard N. Stern School of Business - Department of Economics

The Role of Portfolio Constraints in the International Propagation of Shocks
Anna Pavlova, London Business School
Roberto Rigobon, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Learning and Complementarities: Implications for Speculative Attacks
Itay Goldstein, University of Pennsylvania - Finance Department
Emre Ozdenoren, London Business School
Kathy Yuan, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Asset Pricing Implications of Investor Inertia
Vassilios Dimitrakas, Blackrock
Abstract and Article  

Difference in Beliefs and Currency Options Markets
Alessandro Beber, City University London - Faculty of Finance
Francis Breedon, University of London, Queen Mary - Department of Economics
Andrea Buraschi, University of Chicago - Booth School of Business
Abstract and Article  

Discussants:
Wei Xiong, Princeton University - Department of Economics
Peter Kondor, Central European University (CEU)
Snehal Banerjee, Kellogg School of Management - Department of Finance
Tim Johnson, London Business School