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 Bloomington - Department of Finance
Mark J. Flannery , University of Florida - Department of Finance, Insurance and Real Estate
Tippie College of Business Univ. of Iowa 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 , The Stephen M. Ross School of Business at the University of Michigan
Amy K. Dittmar , The Stephen M. Ross School of Business at the University of Michigan
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 , EDHEC Business School

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 , Columbia Business School - Accounting, Business Law & Taxation
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 , New York University (NYU) - Leonard N. Stern School of Business
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 Pennsylvania - The Wharton School
Robert Dittmar , The Stephen M. Ross School of Business at the University of Michigan
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 , Federal Reserve Banks - Federal Reserve Bank of New York
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 School of Business
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 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
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 Joseph 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 , The Stephen M. Ross School of Business at the University of Michigan
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 , Harvard Business School
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 School of Business
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, New York University (NYU) - Leonard N. Stern School of Business

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 - Booth School of Business (Finance Authors)
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 , London School of Economics & Political Science (LSE)
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 , Columbia Business School - Accounting, Business Law & Taxation
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 - Booth School of Business (Finance Authors)
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 , Tilburg University - Department of Finance
Steven R. G. Ongena , Tilburg University - Center for Economic Research (CentER)
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 , Carnegie Mellon University
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 , University of Calgary - Haskayne School of Business
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 Z. 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 R. 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 , 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 , Arizona State University (ASU) - Finance Department
Naveen D. Daniel , Drexel University - Department of Finance
Lalitha Naveen , Temple University - Department of Finance
Abstract and Article

Discussants:
Gregor Matvos , University of Chicago - Booth School of Business (Finance Authors)
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 H. B. Feyen , World Bank - Financial Sector Vice Presidency
Luc A. Laeven , World Bank - Policy Unit
Abstract and Article

Discussants:
Raymond Fisman , Columbia Business School - Finance and Economics
Atif Mian
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 , Stockholm School of Economics - Department 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 - Booth School of Business (Finance Authors)
Abstract and Article

Discussants:
Stefan Nagel , Stanford Graduate 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 Bloomington
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 - Department of Economics
Bumjean Sohn , Georgetown University - Department of Finance
Abstract and Article

Expected Stock Returns and Variance Risk Premia
Tim Bollerslev , Duke University - Finance
George E. 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 - Booth School of Business (Finance Authors)

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 Bloomington - 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 , Arizona State University (ASU) - Finance Department
Swaminathan L. Kalpathy , Southern Methodist University (SMU)
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 - Booth School of Business (Finance Authors)
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 , University of Kentucky - Gatton College of Business and Economics
Abstract and Article

Does Asymmetric Information Drive Capital Structure Decisions?
Sreedhar T. Bharath , The Stephen M. Ross School of Business at the University of Michigan
Paolo Pasquariello , The Stephen M. Ross School of Business at the University of Michigan
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 , University of Illinois at Urbana-Champaign - Department of Finance
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 - Booth School of Business (Finance Authors)
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 , New York University (NYU) - Leonard N. Stern School of Business
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 , Stanford Graduate 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 5
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 Giulia 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 , Chinese University of Hong Kong (CUHK) - School of Accountancy
Randall K. 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 , Stanford Graduate 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 5
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) - Department of Finance

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
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 Bloomington - 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 - Booth School of Business (Finance Authors)
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 , University of Notre Dame - Department of Finance
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 Bloomington - 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 - Booth School of Business (Finance Authors)
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 - Finance Area
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, Foreign 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 - 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 Johan Strömberg , Stockholm School of Economics
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 - Booth School of Business (Finance Authors)
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 - Booth School of Business (Finance Authors)
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 Zhichao Yuan , The Stephen M. Ross School of Business at the University of Michigan
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 , 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