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 and the Business Cycle
Viral Acharya, New York University

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
Joe Peek , University of Kentucky
James A. Wilcox , University of California, Berkeley
Abstract and Article  

The Level and Quality of Value-at-Risk Disclosure by Commercial Banks
Christophe Perignon , HEC Paris
Daniel R. Smith , Simon Fraser University
Abstract and Article  

The Basel II Accord and the Value of Bank Differentiation
Eberhard Feess , Frankfurt School of Finance & Management
Ulrich Hege , HEC Paris
Abstract and Article  

Discussants:
Andrew Winton , University of Minnesota - Twin Cities
Philip Strahan , Boston College
Anthony Saunders , New York University
Tanju Yorulmazer , Federal Reserve Banks

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

Frequent Issuers' Influence on Long-Run Post-Issuance Returns
Matthew T. Billett , University of Iowa
Mark J. Flannery , University of Florida
Jon A. Garfinkel , University of Iowa
Abstract and Article  

Why Do Public Firms Issue Private and Public Securities?
Armando R. Gomes , Washington University, St. Louis
Gordon M. Phillips , University of Maryland
Abstract and Article  

Market Liquidity, Investor Participation and Managerial Autonomy: Why Do Firms Go Private?
Arnoud W.A. Boot , University of Amsterdam
Anjan V. Thakor , Washington University, St. Louis
Radhakrishnan Gopalan , Washington University, St. Louis
Abstract and Article  

To Be or Not to Be (Public)
Sreedhar T. Bharath , University of Michigan at Ann Arbor
Amy K. Dittmar , University of Michigan at Ann Arbor
Abstract and Article  

Discussants:
Charles Hadlock , Michigan State University
Michael Hertzel , Arizona State University
Daniel Ferreira , London School of Economics & Political Science (LSE)
Ekkehart Boehmer , University of Oregon

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

Calendar Cycles, Infrequent Decisions and the Cross-Section of Stock Returns
Hitoshi Takehara , University of Tsukuba
Ravi Jagannathan , Northwestern University
Yong Wang , Hong Kong Polytechnic University
Abstract and Article  

Aggregate Earnings and Asset Prices
Ray Ball , University of Chicago
Gil Sadka , Columbia University
Ronnie Sadka , Boston College
Abstract and Article  

Labor Unions, Operating Flexibility, and the Cost of Equity
Huafeng (Jason) Chen , University of British Columbia
Marcin T. Kacperczyk , New York University
Hernan Ortiz-Molina , University of British Columbia
Abstract and Article  

Does 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
Harry Markowitz , University of California, San Diego
Abstract and Article  

Discussants:
Dana Kiku , University of Pennsylvania
Robert Dittmar , University of Michigan at Ann Arbor
Hengjie Ai , Duke University
Amir Yaron , University of Pennsylvania

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

Option Backdating and Board Interlocks
John M. Bizjak , Portland State University
Michael L. Lemmon , University of Utah
Ryan J. Whitby , Texas Tech University
Abstract and Article  

Discussants:
Urs Peyer , INSEAD

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

Optimal Risk Taking With Flexible Income
Jaksa Cvitanic , California Institute of Technology
Levon Goukasian , Pepperdine University
Fernando Zapatero , University of Southern California
Abstract and Article  

Correlation Risk and Optimal Portfolio Choice
Andrea Buraschi , Imperial College London
Paolo Porchia , University of St. Gallen
Fabio Trojani , Swiss Finance Institute
Abstract and Article  

Predictability-Robust Dynamic Portfolio Choice
Frank Lutgens , Maastricht University
Peter C. Schotman , Maastricht University
Abstract and Article  

Optimal Portfolio Selection with Transaction Costs and 'Event Risk'
Hong Liu , Washington University, St. Louis
Mark Loewenstein , University of Maryland
Abstract and Article  

Discussants:
Vicky Henderson , University of Oxford
Michael Johannes , Columbia University
Zhenyu Wang , Federal Reserve Banks
Francis Longstaff , University of California, Los Angeles

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

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

Capital Budgeting vs. Market Timing: An Evaluation Using Demographics
Stefano DellaVigna , University of California, Berkeley
Joshua Matthew Pollet , Emory University
Abstract and Article  

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

Discussants:
Ryan Taliaferro , Harvard Business School
Christopher Polk , London School of Economics & Political Science (LSE)
Jay Ritter , University of Florida

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

Cross-Country Differences in Firm Multiples
Sanjeev Bhojraj , Cornell University
David Ng , University of Pennsylvania
Abstract and Article  

Do Foreigners Facilitate Information Transmission?
Kee-Hong Bae , York University
Arzu Ozoguz , University of North Carolina at Chapel Hill
Hongping Tan , University of Waterloo
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
Patrick J. Kelly , University of South Florida
Federico Nardari , University of Houston
Abstract and Article  

The Dynamic Volume-Return Relationship of Individual Stocks: The International Evidence
Louis Joseph Gagnon , Queen's School of Business
George Andrew Karolyi , Cornell University
Kuan-Hui Lee , Korea University
Abstract and Article  

Discussants:
Stephan Siegel , University of Washington
Kathy Yuan , University of Michigan at Ann Arbor
Randall Morck , University of Alberta
John Griffin , University of Texas at Austin

01/04/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom B
Corporate Bankruptcy and Financial Distress
Antonio Bernardo, University of California, Los Angeles

Bankruptcy Codes and Innovation
Viral V. Acharya , London Business School
Krishnamurthy Subramanian , Emory University
Abstract and Article  

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines
Effi Benmelech , Harvard University
Nittai Bergman , Massachusetts Institute of Technology (MIT)
Abstract and Article  

The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study
Douglas G. Baird , University of Chicago
Arturo Bris , IMD International
Ning Zhu , University of California, Davis
Abstract and Article  

Discussants:
Mark Garmaise , University of California, Los Angeles
Andrea Eisfeldt , Northwestern University
Per Strömberg , Institute for Financial Research (SIFR)

01/04/2008 - 10:15 AM
Location: Sheraton-Grand Couteau
Dividends
Kose John, New York University

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

Institutional Ownership, Volatility and Dividends
Amir Rubin , Simon Fraser University
Daniel R. Smith , Simon Fraser University
Abstract and Article  

Do Firms Manage Earnings to Meet Dividend Thresholds?
Naveen D. Daniel , Drexel University
David J. Denis , Purdue University
Lalitha Naveen , Temple University
Abstract and Article  

Corporate Payout Policy and Product Market Competition
Gustavo Grullon , Rice University
Roni Michaely , Cornell University
Abstract and Article  

Discussants:
Jeffrey Wurgler , New York University
Yaniv Grinstein , Cornell University
Anzhela Knyazeva , William E. Simon Graduate School of Business Administration
Gordon Phillips , University of Maryland

01/04/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom D
Information Flows in Institutional Portfolios
Marcin Kacperczyk, New York University

The Small World of Investing: Board Connections and Mutual Fund Returns
Andrea Frazzini , University of Chicago
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
Zheng Sun , University of California, Irvine
Abstract and Article  

Informal Information Networks: The Impact on Performance of Mutual Fund Portfolios
Swasti Gupta-Mukherjee , Loyola University of Chicago
Abstract and Article  

Discussants:
Amit Seru , University of Chicago
Murray Carlson , University of British Columbia
Clemens Sialm , University of Texas at Austin

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

Durability of Output and Expected Stock Returns
Joao F. Gomes , University of Pennsylvania
Leonid Kogan , Massachusetts Institute of Technology (MIT)
Motohiro Yogo , University of Pennsylvania
Abstract and Article  

Financial Distress and the Cross Section of Equity Returns
Lorenzo Garlappi , University of British Columbia
Hong Yan , University of South Carolina
Abstract and Article  

Discussants:
Stijn Van Nieuwerburgh , New York University
Lu Zhang , University of Michigan at Ann Arbor

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

Understanding Index Option Returns
Mark Broadie , Columbia University
Michael S. Johannes , Columbia University
Mikhail Chernov , London Business School
Abstract and Article  

Volatility Dynamics for the S&P500: Evidence from Realized Volatility, Daily Returns and Option Prices
Peter F. Christoffersen , McGill University
Kris Jacobs , McGill University
Karim Mimouni , McGill University
Abstract and Article  

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

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

Discussants:
Christian Schlag , Goethe University Frankfurt
Michael Johannes , Columbia University
Kerry Back , Texas A&M University
Nicolas P.B. Bollen , Vanderbilt University

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

Financing Shortfalls and the Value of Aggregate Liquidity
Adriano A. Rampini , Duke University
Andrea L. Eisfeldt , Northwestern University
Abstract and Article  

What Drives Corporate Liquidity? An International Survey of Cash Holdings and Lines of Credit
Karl V. Lins , University of Utah
Henri Servaes , London Business School
Peter Tufano , Harvard Business School
Abstract and Article  

Discussants:
Gustavo Manso , Massachusetts Institute of Technology (MIT)
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

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

How Do Designated Market Makers Create Value for Small-Caps?
Albert J. Menkveld , VU University Amsterdam
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
Pamela C. Moulton , Fordham University
Mark S. Seasholes , Hong Kong University of Science & Technology (HKUST)
Abstract and Article  

Discussants:
Pradeep Yadav , University of Oklahoma
Kumar Venkataraman , Southern Methodist University (SMU)
Amy Edwards , Securities and Exchange Commission (SEC)
Marios Panayides , University of Utah

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

Dispersion in Analysts' Earnings Forecasts and Credit Rating
Doron Avramov , University of Maryland
Tarun Chordia , Emory University
Gergana Jostova , George Washington University
Alexander Philipov , George Mason University
Abstract and Article  

Commonality in Misvaluation, Equity Financing, and the Cross Section of Stock Returns
David A. Hirshleifer , University of California, Irvine
Danling Jiang , Florida State University
Abstract and Article  

Liquidity and the Post-Earnings-Announcement Drift
Tarun Chordia , Emory University
Amit Goyal , Emory University
Ronnie Sadka , Boston College
Gil Sadka , Columbia University
Lakshmanan Shivakumar , London Business School
Abstract and Article  

Discussants:
Karl Diether , Dartmouth College
Kent Daniel , Goldman Sachs Group, Inc.
Avanidhar Subrahmanyam , University of California, Los Angeles

01/04/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom D
Which CEOs Matter and When?
Rebecca Zarutskie, Duke University

The Market for Comeback CEOs
Rüdiger Fahlenbrach , Swiss Federal Institute of Technology Lausanne
Bernadette A. Minton , Ohio State University
Carrie H Pan , Santa Clara University
Abstract and Article  

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

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

Discussants:
Dirk Jenter , Stanford Graduate School of Business
Carola Frydman , Massachusetts Institute of Technology (MIT)
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

The Information Content of Bank Loan Covenants
Cem Demiroglu , University of Florida
Christopher M. James , University of Florida
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
Abstract and Article  

'Time for a Change': Loan Conditions and Bank Behavior when Firms Switch Banks
Vasso Ioannidou , Tilburg University
Steven R. G. Ongena , Tilburg University
Abstract and Article  

Discussants:
Christa Bouwman , Massachusetts Institute of Technology (MIT)
Astrid Dick , INSEAD
Lamont Black , Government of the United States of America

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



Abstract and Article  

Do Equity Markets Favor Credit Markets News Over Options Market News?
Antje Berndt , Carnegie Mellon University
Anastasiya Ostrovnaya , Carnegie Mellon University
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
Mark Carey , Government of the United States of America
Abstract and Article  

Discussants:
Alexander David , University of Calgary
Gaiyan Zhang , University of Missouri at St. Louis
Sergei Davydenko , University of Toronto

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

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

Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers
Russ R. Wermers , University of Maryland
Youchang Wu , University of Wisconsin - Madison
Josef Zechner , Vienna University of Economics and Business Administration
Abstract and Article  

Discussants:
Jeffrey Pontiff , Boston College
Lu Zheng , University of California, Irvine

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

Turnover and Volatility
Daniel Dorn , Drexel University
Gur Huberman , Columbia University
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
Abstract and Article  

Discussants:
Bing Han , University of Texas at Austin
Arvind Krishnamurthy , Northwestern University
Dimitri Vayanos , London School of Economics & Political Science (LSE)

01/05/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom D
Proxy Voting, Privatization and Boards of Directors
Michael Weisbach, Ohio State University

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

Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation
Martijn Cremers , Yale School of Management
Roberta Romano , Yale University
Abstract and Article  

Privatization, Large Shareholders' Incentive to Expropriate, and Firm Performance
Jianping Deng , University of Electronic Science and Technology of China (UESTC)
Jia He , Chinese University of Hong Kong (CUHK)
Jie Gan , Hong Kong University of Science & Technology (HKUST)
Abstract and Article  

Co-opted Boards: Causes and Consequences
Jeffrey L. Coles , Arizona State University
Naveen D. Daniel , Drexel University
Lalitha Naveen , Temple University
Abstract and Article  

Discussants:
Gregor Matvos , University of Chicago
Chester Spatt , Carnegie Mellon University
Mara Faccio , Purdue University
Renée Adams , Stockholm School of Economics

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

Sudden Deaths: Taking Stock of Geographic Ties
Mara Faccio , Purdue University
David C. Parsley , Vanderbilt University
Abstract and Article  

Corruption, Political Connections, and Municipal Finance
Alexander W. Butler , Rice University
Larry Fauver , University of Tennessee, Knoxville
Sandra Mortal , University of Memphis
Abstract and Article  

Political Connections and Preferential Access to Finance: The Role of Campaign Contributions
Stijn Claessens , International Monetary Fund (IMF)
Erik H.B. Feijen , World Bank
Luc A. Laeven , World Bank
Abstract and Article  

Discussants:
Raymond Fisman , Columbia University
Atif Mian , University of Chicago
David Thesmar , HEC Paris

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

Fight or Flight? Portfolio Rebalancing by Individual Investors
Laurent E. Calvet , HEC Paris
John Y. Campbell , Harvard University
Paolo Sodini , Stockholm School of Economics
Abstract and Article  

Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions
Markku Kaustia , Helsinki School of Economics
Samuli Knüpfer , London Business School
Abstract and Article  

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

Discussants:
Stefan Nagel , Stanford Graduate School of Business
Motohiro Yogo , University of Pennsylvania
Tobias Adrian , Federal Reserve Banks

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
Jay R. Ritter , University of Florida
Abstract and Article  

Going Public to Acquire: The Acquisition Motive for IPOs
Ugur Celikyurt , University of North Carolina at Chapel Hill
Anil Shivdasani , University of North Carolina at Chapel Hill
Merih Sevilir , University of North Carolina at Chapel Hill
Abstract and Article  

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

Discussants:
Gerard Hoberg , University of Maryland
Henri Servaes , London Business School

01/05/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom B
Stock Returns and the Economy
Ravi Jagannathan, Northwestern University

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

Expected Stock Returns and Variance Risk Premia
Tim Bollerslev , Duke University
George E. Tauchen , Duke University, Fuqua School of Business-Economics Group
Hao Zhou , Government of the United States of America
Abstract and Article  

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

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

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

Inside the Black Box: The Role and Composition of Compensation Peer Groups
Michael W. Faulkender , University of Maryland
Jun Yang , Indiana University Bloomington
Abstract and Article  

Stock and Option Grants with Performance-Based Vesting Provisions
J. Carr Bettis , Arizona State University
John M. Bizjak , Portland State University
Jeffrey L. Coles , Arizona State University
Swaminathan L. Kalpathy , Southern Methodist University (SMU)
Abstract and Article  

Superstars or Superlemons? Top Executive Pay and Corporate Acquisitions
Antonio Falato , Government of the United States of America
Abstract and Article  

Discussants:
Augustin Landier , New York University
David Yermack , New York University
Bengt Holmström , Massachusetts Institute of Technology (MIT)

01/05/2008 - 2:30 PM
Location: Sheraton-Grand Chenier
Trends in Empirical Capital Structure
Murillo Campello, University of Illinois at Urbana-Champaign

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

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

Do Adjustment Costs Impede the Realization of Target Capital Structure?
Michael W. Faulkender , University of Maryland
Mark J. Flannery , University of Florida
Kristine Watson Hankins , University of Kentucky
Jason M. Smith , University of Kentucky
Abstract and Article  

Does Asymmetric Information Drive Capital Structure Decisions?
Sreedhar T. Bharath , University of Michigan at Ann Arbor
Paolo Pasquariello , University of Michigan at Ann Arbor
Guojun Wu , University of Houston
Abstract and Article  

Discussants:
Viral Acharya
Dirk Hackbarth , University of Illinois at Urbana-Champaign
Mark Leary , Duke University
Murray Frank , University of Minnesota - Twin Cities

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 , Massachusetts Institute of Technology (MIT)
Raven E. Saks , Government of the United States of America
Abstract and Article  

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?
Joshua D. Rauh , Northwestern University
Steven N. Kaplan , University of Chicago
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
David Yermack , New York University
Abstract and Article  

Discussants:
Laura Starks , University of Texas at Austin
Antoinette Schoar , Massachusetts Institute of Technology (MIT)
Yaniv Grinstein , Cornell University

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

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

Hype and Dump Manipulation
Nevzat Eren , University of Minnesota - Twin Cities
Han N. Ozsoylev , University of Oxford
Abstract and Article  

Securities Trading when Liquidity Providers are Informed
Alex Boulatov , University of Houston
Thomas J. George , University of Houston
Abstract and Article  

Discussants:
Johan Walden , University of California, Berkeley
Bilge Yilmaz , University of Pennsylvania
Ioanid Rosu , University of Chicago

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

The Price of Sin: The Effects of Social Norms on Markets
Marcin T. Kacperczyk , New York University
Harrison G. Hong , Princeton University
Abstract and Article  

Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Ulrike Malmendier , University of California, Berkeley
Stefan Nagel , Stanford Graduate School of Business
Abstract and Article  

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

Discussants:
Antti Petajisto , Yale School of Management
Randolph Cohen , Harvard Business School
Joshua Coval , Harvard Business School

01/05/2008 - 2:30 PM
Location: Sheraton-Grand Ballroom D
Predictability in the Stock, Bond, and Options Markets
Rossen Valkanov, University of California, San Diego

Forward-Looking Betas
Peter F. Christoffersen , McGill University
Kris Jacobs , McGill University
Gregory Vainberg , McGill University
Abstract and Article  

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

What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions
Jessica A. Wachter , University of Pennsylvania
Missaka Warusawitharana , Federal Reserve Board
Abstract and Article  

Discussants:
Shingo Goto , Barclays
George Jiang , University of Arizona
Stijn Van Nieuwerburgh , New York University

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

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

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

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

Discussants:
Christian Leuz , University of Chicago
Craig Doidge , University of Toronto
Franklin Allen , University of Pennsylvania

01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom A
Technology, Skewness and Stock Returns
Jonathan Lewellen, Dartmouth College

Inexperienced Investors and Bubbles
Robin Marc Greenwood , Harvard Business School
Stefan Nagel , Stanford Graduate School of Business
Abstract and Article  

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

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

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

Do Arbitrageurs Amplify Economic Shocks?
Tal Fishman , Princeton University
Harrison G. Hong , Princeton University
Jeffrey D. Kubik , Syracuse University
Abstract and Article  

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

The Good News in Short Interest
Zsuzsa R. Huszar , National University of Singapore (NUS)
Bradford D. Jordan , University of Kentucky
Abstract and Article  

Price Efficiency and Short Selling
Pedro A. C. Saffi , University of Navarra
Kari Sigurdsson , Barclays
Abstract and Article  

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

01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom E
Bond Risk Premiums
Kenneth Singleton, Stanford Graduate School of Business

A Preferred-Habitat Model of the Term Structure of Interest Rates
Dimitri Vayanos , London School of Economics & Political Science (LSE)
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
Min Wei , Government of the United States of America
Abstract and Article  

Inflation Ambiguity and the Term Structure of Arbitrage-Free U.S. Government Bonds
Maxim Ulrich , Columbia University
Abstract and Article  

Discussants:
Jun Liu , University of California, San Diego
Gregory Duffee , Johns Hopkins University
Scott Joslin , Massachusetts Institute of Technology (MIT)

01/06/2008 - 8:00 AM
Location: Sheraton-Grand Ballroom D
Venture Capital and Private Equity
Per Strömberg, Institute for Financial Research (SIFR)

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

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

The Investment Behavior of Buyout Funds: Theory and Evidence
Alexander Ljungqvist , New York University
Matthew P. Richardson , New York University
Daniel Wolfenzon , Columbia University
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
Ludovic Phalippou , University of Amsterdam
Tse-Chun Lin , University of Amsterdam
Abstract and Article  

Discussants:
Burton Hollifield , Carnegie Mellon University
Ola Bengtsson , Cornell University
Ulf Axelson , London School of Economics & Political Science (LSE)
Magnus Dahlquist , Institute for Financial Research (SIFR)

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

When No Law is Better than a Good Law
Utpal Bhattacharya , Indiana University Bloomington
Hazem Daouk , Cornell University
Abstract and Article  

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

Discussants:
Arturo Bris , IMD International
Gideon Saar , Cornell University

01/06/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom B
Financing Investment
Andrea Eisfeldt, Northwestern University

Financing Frictions and the Substitution Between Internal and External Funds
Heitor Almeida , University of Illinois at Urbana-Champaign
Murillo Campello , University of Illinois at Urbana-Champaign
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
Neng Wang , Columbia University

01/06/2008 - 10:15 AM
Location: Sheraton-Grand Ballroom E
The Role of Financial Advisors and Learning in Mergers and 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
Massimo Massa , INSEAD
Andrei Simonov , Michigan State University
Abstract and Article  

Do Fairness Opinion Valuations Contain Useful Information?
Matthew D. Cain , University of Notre Dame
David J. Denis , Purdue University
Abstract and Article  

Markets Talk, Firms Listen: The Dynamics of Repeat Acquirers
Kenneth R. Ahern , University of Michigan at Ann Arbor
Abstract and Article  

Discussants:
Jonathan Reuter , Boston College
Micah Officer , Loyola Marymount University
David Robinson , Duke University

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

Why Do Firms Switch Banks?
Radhakrishnan Gopalan , Washington University, St. Louis
Gregory F. Udell , Indiana University Bloomington
Vijay Yerramilli , Indiana University Bloomington
Abstract and Article  

Who Runs? The Importance of Relationships in Bank Panics
Rajkamal Iyer , University of Amsterdam
Manju Puri , Duke University
Abstract and Article  

The Choice between Arm's-Length and Relationship Debt: Evidence from Eloans
Sumit Agarwal , Federal Reserve Banks
Robert B. H. Hauswald , American University
Abstract and Article  

Discussants:
David Smith , University of Virginia (UVA)
Amir Sufi , University of Chicago
Mitchell Petersen , Northwestern University

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

Why Do Household Portfolio Shares Rise in Wealth?
Jessica A. Wachter , University of Pennsylvania
Motohiro Yogo , University of Pennsylvania
Abstract and Article  

Background Risk and University Endowment Funds
Stephen G. Dimmock , Michigan State University
Abstract and Article  

Labor Income Dynamics at Business-Cycle Frequencies: Implications for Portfolio Choice
Sinan Tan , Fordham University
Anthony W. Lynch , New York University
Abstract and Article  

Improving Performance By Constraining Portfolio Norms: A Generalized Approach to Portfolio Optimization
Lorenzo Garlappi , University of British Columbia
Victor DeMiguel , London Business School
Francisco J. Nogales , Universidad Carlos III de Madrid
Raman Uppal , London Business School
Abstract and Article  

Discussants:
Francisco Gomes , London Business School
Annette Vissing-Jorgensen , Northwestern University
Luca Benzoni , Federal Reserve Banks
Tongshu Ma , State University of New York

01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom E
International Finance, Domestic Politics, and Access to Credit
Peter Henry, Stanford Graduate School of Business

Fire-Sale FDI
Viral V. Acharya , London Business School
Hyun Song Shin , Princeton University
Tanju Yorulmazer , Federal Reserve Banks
Abstract and Article  

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

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

A New Lease on Life: Institutions, External Financing, and Business Growth
Gregory W. Brown , University of North Carolina at Chapel Hill
Larry W. Chavis , University of North Carolina at Chapel Hill
Leora F. Klapper , World Bank
Abstract and Article  

Discussants:
Gita Gopinath , Harvard University
Andrey Ukhov , Indiana University Bloomington
Craig O. Brown , City University of New York, CUNY Baruch College, Zicklin School of Business
Brahima Coulibaly , Government of the United States of America

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

Investing in Hedge Funds when Returns are Predictable
Doron Avramov , University of Maryland
Robert Kosowski , Imperial College London
Narayan Y. Naik , London Business School
Melvyn Teo , Singapore Management University
Abstract and Article  

Hedge Fund Risk Dynamics: Implications for Performance Appraisal
Nicolas P. B. Bollen , Vanderbilt University
Robert E. Whaley , Vanderbilt University
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
Jin Xu , University of Texas at Austin
Abstract and Article  

Discussants:
Luis Viceira , Harvard Business School
Andrew Patton , Duke University
Russell Wermers , University of Maryland

01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom B
Financial Structure
Joshua Rauh, Northwestern University

The Financing of Large Buyouts: An Empirical Analysis
Ulf Axelson , London School of Economics & Political Science (LSE)
Tim Jenkinson , University of Oxford
Michael S. Weisbach , Ohio State University
Per Johan Strömberg , Institute for Financial Research (SIFR)
Abstract and Article  

Collateral Pricing
Effi Benmelech , Harvard University
Nittai Bergman , Massachusetts Institute of Technology (MIT)
Abstract and Article  

Common Flaws in Empirical Capital Structure Research
Ivo Welch , Brown University
Abstract and Article  

Discussants:
Steven Kaplan , University of Chicago
Adriano Rampini , Duke University
Michael Roberts , University of Pennsylvania

01/06/2008 - 12:30 PM
Location: Sheraton-Grand Ballroom D
Managerial Characteristics, Biases, and Corporate Decisions
Paola Sapienza, Northwestern University

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

Do Conglomerates Stifle Innovation?
Amit Seru , University of Chicago
Abstract and Article  

Discussants:
Morten Sorensen , Columbia University
David Matsa , Northwestern University

01/06/2008 - 12:30 PM
Location: Sheraton-Grand Chenier
Information Frictions and 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)
Abstract and Article  

Learning and Complementarities: Implications for Speculative Attacks
Itay Goldstein , University of Pennsylvania
Emre Ozdenoren , London Business School
Kathy Zhichao Yuan , University of Michigan at Ann Arbor
Abstract and Article  

Asset Pricing Implications of Investor Inertia
Vassilios Dimitrakas , affiliation not provided to SSRN
Abstract and Article  

Difference in Beliefs and Currency Options Markets
Alessandro Beber , University of Amsterdam
Francis Breedon , University of London
Andrea Buraschi , Imperial College London
Abstract and Article  

Discussants:
Wei Xiong , Princeton University
Peter Kondor , Central European University
Snehal Banerjee , Northwestern University
Tim Johnson , London Business School