Preliminary Program

AFA 2009 SAN FRANCISCO MEETINGS (ARCHIVE)

San Francisco, California     January 3, 2009 through January 5, 2009

SIXTY NINTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Jeremy C. Stein President-Elect and Program Chair: Darrell Duffie

Go to the first session on
    January 03, 2009
    January 04, 2009
    January 05, 2009


1/4/2009 5:30 PM - Business Meeting and Presidential Address Buena Vista Salon 7

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
Blockholders and Family Members
Laura Starks, University of Texas at Austin - Department of Finance

Governance Through Trading and Intervention: A Theory of Multiple Blockholders
Alex Edmans , London Business School - Institute of Finance and Accounting
Gustavo Manso , University of California, Berkeley - Haas School of Business
Abstract and Article  

Estimating the Effects of Large Shareholders Using a Geographic Instrument
Bo Becker , Harvard Business School
Henrik Cronqvist , Claremont Colleges - Robert Day School of Economics and Finance
Rüdiger Fahlenbrach , Ecole Polytechnique Fédérale de Lausanne
Abstract and Article  

The Life Cycle of Family Ownership: International Evidence
Julian R. Franks , London Business School - Institute of Finance and Accounting
Colin Mayer , University of Oxford - Said Business School
Paolo F. Volpin , London Business School
Hannes F. Wagner , Bocconi University - Department of Finance
Abstract and Article  

Family Control of Firms and Industries
Belen Villalonga , New York University (NYU) - Leonard N. Stern School of Business
Raphael H. Amit , University of Pennsylvania - Management Department
Abstract and Article  

Discussants:
Jay Hartzell , University of Texas at Austin - Department of Finance
Mara Faccio , Purdue University - Krannert School of Management
Antoinette Schoar , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Francisco Perez-Gonzalez , Stanford Graduate School of Business

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 8
Dynamics of Asset Returns
Andrew Ang, Columbia Business School - Finance and Economics

Momentum, Information Uncertainty, and Leverage - An Explanation Based on Recursive Preferences
Doron Avramov , Hebrew University of Jerusalem
Satadru Hore , University of Iowa - Department of Finance
Abstract and Article  

New Goods and Asset Prices
Paul Scanlon , University of Dublin - Trinity College
Abstract and Article  

Investigating ICAPM with Dynamic Conditional Correlations
Turan G. Bali , Georgetown University - Robert Emmett McDonough School of Business
Robert F. Engle , Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

Discussants:
Po-Hsuan Hsu , University of Hong Kong - Faculty of Business and Economics
Christian Lundblad , University of North Carolina (UNC) at Chapel Hill - Finance Area

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Payout Policy
Amy Dittmar, The Stephen M. Ross School of Business at the University of Michigan

Does Geography Matter? Firm Location and Corporate Payout Policy
Kose John , New York University (NYU) - Department of Finance
Anzhela Knyazeva , University of Rochester - Simon School of Business
Diana Knyazeva , University of Rochester - Simon School of Business
Abstract and Article  

Market Participation and Dividend Clienteles
Marco Rossi , University of Notre Dame - Department of Finance
Abstract and Article  

Dividends, Investment, and Financial Flexibility
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  

The Shareholder Base and Payout Policy
Andriy Bodnaruk , University of Notre Dame - Mendoza College of Business
Per Östberg , University of Zurich - Swiss Banking Institute (ISB)
Abstract and Article  

Discussants:
Paul Schultz , affiliation not provided to SSRN
Li Jin , Harvard Business School - Finance Unit
Jonathan Cohn , University of Texas at Austin - Department of Finance
Gustavo Grullon , Rice University - Jesse H. Jones Graduate School of Business

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Liquidity and Arbitrageur Capital
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance

Individual Investors and Volatility
Thierry Foucault , HEC Paris (Groupe HEC) - Finance Department
David Alexandre Sraer , Princeton University
David Thesmar , HEC Paris (Groupe HEC) - Finance Department
Abstract and Article  

Arbitrage Capital and Currency Carry Trade Returns
Petri Jylha , Imperial College Business School
Matti Suominen , Aalto University - Department of Economics
Jussi-Pekka Lyytinen , Aalto University
Abstract and Article  

Market Liquidity, Asset Prices, and Welfare
Jennifer C. Huang , University of Texas at Austin - Department of Finance
Jiang Wang , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Harrison Hong , Princeton University - Department of Economics
Robin Greenwood , Harvard Business School - Finance Unit
Pierre-Olivier Weill , University of California, Los Angeles (UCLA) - Department of Economics

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 7
Fund Performance Evaluation
Magnus Dahlquist, Stockholm School of Economics - Department of Finance

When Does a Mutual Fund's Trade Reveal its Skill?
Zhi Da , University of Notre Dame - Mendoza College of Business
Pengjie Gao , University of Notre Dame
Ravi Jagannathan , Northwestern University - Kellogg School of Management
Abstract and Article  

The Portfolio Choices of Young and Old Active Mutual Fund Managers
David A. Chapman , Boston College - Department of Finance
Richard B. Evans , University of Virginia (UVA) - Darden School of Business
Zhe Xu , Boston College
Abstract and Article  

The Cross-section of Managerial Ability, Incentives, and Risk Preferences
Ralph S. J. Koijen , University of Chicago - Booth School of Business (Finance Authors)
Abstract and Article  

Discussants:
Frank de Jong , Tilburg University - Department of Finance
Jakub Jurek , Princeton University - Bendheim Center for Finance
Richard Green , Carnegie Mellon University - David A. Tepper School of Business

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
Real Production, Investment, and Prices
Heather Tookes, Yale School of Management

Product Market Efficiency: The Bright Side of Myopic, Uninformed, and Passive External Finance
Thomas H. Noe , University of Oxford - Finance
Michael J. Rebello , University of Texas at Dallas - Naveen Jindal School of Management
Thomas A. Rietz , University of Iowa - Department of Finance
Abstract and Article  

A Bayesian Approach to Real Options: The Case of Distinguishing between Temporary and Permanent Shocks
Steven R. Grenadier , Stanford Graduate School of Business
Andrey Malenko , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Asset Pricing with Real Investment Commitment
Lars-Alexander Kuehn , Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Real Investment, Risk and Risk Dynamics
Ilan Cooper , BI Norwegian Business School
Richard Priestley , Norwegian School of Management BI - Department of Financial Economics
Abstract and Article  

Discussants:
Gordon Phillips , University of Southern California - Marshall School of Business - Finance and Business Economics Department
Robert McDonald , Northwestern University - Kellogg School of Management
Hongjun Yan , Yale University - International Center for Finance
Jonathan Berk , Stanford University

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 14 & 15
Financing and Capital Allocation
Kose John, New York University (NYU) - Department of Finance

What Determines the Structure of Corporate Debt Issues?
Brandon Julio , London Business School
Woojin Kim , Seoul National University - College of Business Administration
Michael S. Weisbach , Ohio State University (OSU) - Department of Finance
Abstract and Article  

Capital Structure and Security Issuance Under Heterogeneous Beliefs
Thomas J. Chemmanur , Boston College - Department of Finance
Jean-Sebastien Michel , HEC Montreal - Department of Finance
Debarshi K. Nandy , Brandeis University - International Business School
An Yan , Fordham University Schools of Business
Abstract and Article  

Financial Contracting and the Specialization of Assets
Robert S. Marquez , University of California, Davis
M. Deniz Yavuz , Purdue University - Krannert School of Management
Abstract and Article  

Connections and Information Acquisition in Capital Allocation
Mariassunta Giannetti , Stockholm School of Economics - Department of Finance
Xiaoyun Yu , Indiana University Bloomington - Department of Finance
Abstract and Article  

Discussants:
Michael Faulkender , University of Maryland - Robert H. Smith School of Business
Amy Dittmar , The Stephen M. Ross School of Business at the University of Michigan
Daniel Wolfenzon , Columbia Business School - Finance and Economics
Diana Knyazeva , University of Rochester - Simon School of Business

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 8
Executive Compensation
Annette Poulsen, University of Georgia - Department of Banking and Finance

CEO Deal-Making Activity, CEO Compensation and Firm Value
Eliezer M. Fich , Drexel University - Department of Finance
Laura T. Starks , University of Texas at Austin - Department of Finance
Adam S. Yore , Northern Illinois University - Department of Finance
Abstract and Article  

Optimal Exercise of Executive Stock Options and Implications for Firm Cost
Jennifer N. Carpenter , New York University (NYU) - Department of Finance
Richard H. Stanton , University of California, Berkeley - Finance Group
Nancy E. Wallace , University of California, Berkeley - Real Estate Group
Abstract and Article  

Not So Lucky Any More: CEO Compensation in Financially Distressed Firms
Qiang Kang , Florida International University (FIU) - Department of Finance
Oscar A. Mitnik , University of Miami
Abstract and Article  

Discussants:
David Offenberg , Loyola Marymount University - Department of Finance and Computer Information Systems
Stewart Mayhew , Cornerstone Research - Washington Office
Robert Mooradian

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Corporate Capital Structure
Michael Roberts, University of Pennsylvania - The Wharton School

Corporate Governance and Capital Structure Dynamics
Erwan Morellec , Swiss Finance Institute
Boris Nikolov , University of Rochester - Simon School of Business
Norman Schürhoff , University of Lausanne - Institute of Banking and Finance (IBF)
Abstract and Article  

Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
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  

Profits and Capital Structure
Murray Z. Frank , University of Minnesota - Twin Cities - Department of Business Finance
Vidhan K. Goyal , Hong Kong University of Science & Technology (HKUST) - Department of Finance
Abstract and Article  

Discussants:
Toni Whited , University of Rochester - Simon School of Business
Amir Sufi , University of Chicago - Booth School of Business (Finance Authors)
Ilya Strebulaev , Stanford Graduate School of Business

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Heterogeneity and the Cross-section of Returns
Jennifer Conrad, University of North Carolina (UNC) at Chapel Hill - Finance Area

Good-Specifc Habit Formation and the Cross Section of Expected Returns
Jules H. van Binsbergen , Stanford Graduate School of Business
Abstract and Article  

Industry-Specific Human Capital, Idiosyncratic Risk and the Cross-Section of Expected Stock Returns
Esther Eiling , University of Toronto - Finance Area
Abstract and Article  

Labor Income, Relative Wealth Concerns, and the Cross-section of Stock Returns
Juan-Pedro Gomez , Fundación Instituto de Empresa, S.L. - Department of Finance
Richard Priestley , Norwegian School of Management BI - Department of Financial Economics
Fernando Zapatero , University of Southern California - Marshall School of Business
Abstract and Article  

Discussants:
Riccardo Colacito , University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Stijn Van Nieuwerburgh , New York University (NYU) - Department of Finance
Motohiro Yogo , Federal Reserve Banks - Federal Reserve Bank of Minneapolis

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Initial Public Offerings
Michelle Lowry, Pennsylvania State University - Mary Jean and Frank P. Smeal College of Business Administration

Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed?
Yao-Min Chiang , National Chengchi University (NCCU)
Yiming Qian , University of Iowa - Department of Finance
Ann E. Sherman , DePaul University - Department of Finance
Abstract and Article  

Do Favorable Market Conditions Lead to Costly Decisions to Go Public?
Azizjon Alimov , City University of Hong Kong (CityUHK)
Wayne H. Mikkelson , University of Oregon - Department of Finance
Abstract and Article  

The New Game in Town: Competitive Effects of IPOs
Scott H. C. Hsu , University of Wisconsin - Milwaukee
Adam V. Reed , University of North Carolina (UNC) at Chapel Hill - Finance Area
Jörg Rocholl , ESMT European School of Management and Technology
Abstract and Article  

Discussants:
François Derrien , HEC Paris (Groupe HEC) - Finance Department
Aydogan Alti , University of Texas at Austin - Department of Finance
J. Mulherin , University of Georgia - Department of Banking and Finance

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 7
Macro Variables and Asset Returns
Sydney Ludvigson, New York University (NYU) - Department of Economics

Neoclassical Factors
Lu Zhang , Ohio State University (OSU) - Department of Finance
Long Chen , Cheung Kong Graduate School of Business
Abstract and Article  

Investor Expectations, Business Conditions, and the Pricing of Beta-Instability Risk
William N. Goetzmann , Yale School of Management
Akiko Watanabe , University of Alberta - School of Business
Masahiro Watanabe , University of Alberta - School of Business
Abstract and Article  

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
John Y. Campbell , Harvard University - Department of Economics (Finance Authors)
Adi Sunderam , Harvard Business School
Luis M. Viceira , Harvard Business School - Finance Unit
Abstract and Article  

Discussants:
João Gomes , University of Pennsylvania - Finance Department
Francis Diebold , University of Pennsylvania - Department of Economics
John Heaton , University of Chicago - Booth School of Business (Finance Authors)

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Mergers and Acquisitions
Edith Hotchkiss, Boston College - Carroll School of Management

Stapled Finance
Paul Povel , University of Houston - Department of Finance
Rajdeep Singh , University of Minnesota - Twin Cities - Carlson School of Management
Abstract and Article  

Post-Merger Restructuring and the Boundaries of the Firm
Vojislav Maksimovic , University of Maryland - Robert H. Smith School of Business
Gordon M. Phillips , University of Southern California - Marshall School of Business - Finance and Business Economics Department
Nagpurnanand R. Prabhala , University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Why Do Small Stock Acquirers Underperform in the Long-Term?
Itzhak Ben-David , Ohio State University (OSU) - Department of Finance
Darren T. Roulstone , Ohio State University (OSU) - Fisher College of Business
Abstract and Article  

Bargaining Power and Industry Dependence in Mergers
Kenneth R. Ahern , University of Southern California - Marshall School of Business
Abstract and Article  

Discussants:
Richmond Mathews
Charles Hadlock , Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
Darren Kisgen , Boston College - Carroll School of Management
Jarrad Harford , University of Washington - Michael G. Foster School of Business

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 1 & 2
Corporate Debt: Issuance and Structure
Victoria Ivashina, Harvard Business School - Finance Unit

The Effect of APR Violations on the Seniority and Timing of Debt Issuance
Ronald Sverdlove , New Jersey Institute of Technology - School of Management
Arturo Bris , IMD International
S. Abraham Ravid , Yeshiva University - Syms School of Business
Abstract and Article  

Investment Horizon of the Bond Investor Base and the Leverage of the Firm
Massimo Massa , INSEAD - Finance
Ayako Yasuda , University of California, Davis - Graduate School of Management
Lei Zhang , Nanyang Technological University (NTU)
Abstract and Article  

Discussants:
Stuart Gilson , Harvard Business School - Finance Unit
Joshua Coval , Harvard Business School - Finance Unit

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 8
Options and Other Derivatives
Jun Pan, Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)

Nonparametric Estimation of State-Price Densities Implicit In Interest Rate Cap Prices
Haitao Li , The Stephen M. Ross School of Business at the University of Michigan
Feng Zhao , University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Abstract and Article  

The Price of Market Volatility Risk
Jefferson Duarte , Rice University - Jesse H. Jones Graduate School of Business
Christopher S. Jones , University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Cross-Sectional Stock Option Pricing and Factor Models of Returns
Mihaela Serban , Carnegie Mellon University - Department of Statistics
John P. Lehoczky , Carnegie Mellon University
Duane J. Seppi , Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

A Framework for Studying Option Mispricing: A General Test and Empirical Evidence
Gurdip S. Bakshi , University of Maryland - Robert H. Smith School of Business
George Panayotov , Georgetown University - Robert Emmett McDonough School of Business
Abstract and Article  

Discussants:
Scott Joslin , University of Southern California - Marshall School of Business - Finance and Business Economics Department
Sophie Ni , Hong Kong University of Science & Technology (HKUST)
Jakub Jurek , Princeton University - Bendheim Center for Finance
David Bates , University of Iowa - Department of Finance

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
International Finance: Structural Frictions
E. Han Kim, The Stephen M. Ross School of Business at the University of Michigan

Expropriation Risk and Firm Growth: A Corporate Transparency Channel
Art Durnev , University of Iowa - Henry B. Tippie College of Business
Sergei M. Guriev , New Economic School (NES)
Abstract and Article  

Sheltering Corporate Assets from Political Extraction
Lorenzo Caprio , Catholic University of the Sacred Heart of Piacenza
Mara Faccio , Purdue University - Krannert School of Management
John J. McConnell , Purdue University - Krannert School of Management
Abstract and Article  

What Segments Equity Markets?
Geert Bekaert , Columbia Business School - Finance and Economics
Campbell R. Harvey , Duke University - Fuqua School of Business
Christian T. Lundblad , University of North Carolina (UNC) at Chapel Hill - Finance Area
Stephan Siegel , University of Washington - Michael G. Foster School of Business
Abstract and Article  

Discussants:
Stijn Claessens , International Monetary Fund (IMF) - Research Department
Antoinette Schoar , Massachusetts Institute of Technology (MIT) - Sloan School of Management
George Karolyi , Cornell University - Samuel Curtis Johnson Graduate School of Management

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
The Process of Mergers & Acquisitions
Audra Boone, Texas A&M University (TAMU) - Department of Finance

Negotiations Under the Threat of an Auction
Nihat Aktas , Skema Business School
Eric de Bodt , University of Lille II
Richard W. Roll , University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

The Real Effects of Financial Markets: The Impact of Prices on Takeovers
Alex Edmans , London Business School - Institute of Finance and Accounting
Itay Goldstein , University of Pennsylvania - Finance Department
Wei Jiang , Columbia Business School - Finance and Economics
Abstract and Article  

Risk Allocation and Flexibility in Acquisitions: The Economic Impact of Material-Adverse-Change (MACs) Clauses
Antonio J. Macias , Texas Christian University
Abstract and Article  

Discussants:
Robert Hansen , Dartmouth College - Tuck School of Business
Dirk Hackbarth , University of Illinois at Urbana-Champaign - Department of Finance
Micah Officer , Loyola Marymount University - Department of Finance and Computer Information Systems

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 10 & 11
Corporate Misreporting
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics

Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover
Anup Agrawal , University of Alabama - Culverhouse College of Commerce & Business Administration
Tommy Cooper , Louisiana Tech University
Abstract and Article  

The Prevention of Excess Managerial Risk Taking
Edward Dickersin Van Wesep , University of North Carolina (UNC) at Chapel Hill - Finance Area
Sean Wang , University of North Carolina (UNC) at Chapel Hill - Accounting Area
Abstract and Article  

Short Sellers and Financial Misconduct
Jonathan M. Karpoff , University of Washington - Michael G. Foster School of Business
Xiaoxia Lou , University of Delaware - Alfred Lerner College of Business and Economics
Abstract and Article  

Discussants:
Jeffrey Coles , Arizona State University (ASU) - Finance Department
Andres Almazan , University of Texas at Austin - Department of Finance
Ingrid Werner , Ohio State University (OSU) - Department of Finance

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 7
Venture Capital
Yael Hochberg, Kellogg School of Management - Department of Finance

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies
Arthur G. Korteweg , Stanford Graduate School of Business
Morten Sorensen , Columbia University - Columbia Business School
Abstract and Article  

On the Valuation of Venture Capital Securities
Klaas Baks , Emory University - Department of Finance
Gabriel D Carroll , Massachusetts Institute of Technology (MIT)
Andrew Metrick , Yale School of Management
Abstract and Article  

Bridge Building in Venture Capital-Backed Acquisitions
Paul A. Gompers , Harvard Business School - Finance Unit
Yuhai Xuan , Harvard Business School - Finance Unit
Abstract and Article  

Discussants:
John Quigley , University of California, Berkeley - Department of Economics
Morten Sorensen , Columbia University - Columbia Business School
Steven Kaplan , University of Chicago - Booth School of Business (Finance Authors)

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 8
Credit Markets
Jean-Charles Rochet, University of Toulouse 1 - Industrial Economic Institute (IDEI)

Lending Relationships and Loan Contract Terms
Sreedhar T. Bharath , The Stephen M. Ross School of Business at the University of Michigan
Sandeep Dahiya , Georgetown University - Department of Finance
Anthony Saunders , New York University (NYU) - Department of Finance
Anand Srinivasan , National University of Singapore (NUS) - Department of Finance
Abstract and Article  

Do Banks Price Their Informational Monopoly?
Galina Hale , Federal Reserve Banks - Federal Reserve Bank of San Francisco
João A. C. Santos , Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Liquidity Risk and Syndicate Structure
Evan Gatev , Simon Fraser University (SFU) - Finance Area
Philip E. Strahan , Boston College - Department of Finance
Abstract and Article  

'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets
Mariassunta Giannetti , Stockholm School of Economics - Department of Finance
Steven R. G. Ongena , Tilburg University - Center for Economic Research (CentER)
Abstract and Article  

Discussants:
Philip Strahan , Boston College - Department of Finance
Anthony Saunders , New York University (NYU) - Department of Finance
Steven Ongena , Tilburg University - Center for Economic Research (CentER)
João Santos , Federal Reserve Banks - Federal Reserve Bank of New York

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
Informed Trading and Price Dynamics
Thierry Foucault, HEC Paris (Groupe HEC) - Finance Department

Higher Order Beliefs and the Comovement of Asset Prices
Christian Grisse , Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Advance Information and Asset Prices
Rui A. Albuquerque , Boston University - School of Management
Jianjun Miao , Boston University - Department of Economics
Abstract and Article  

Relative Wealth Concerns and Complementarities in Information Acquisition
Günter Strobl , Frankfurt School of Finance & Management gemeinnützige GmbH
Diego Garcia , University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Discussants:
Philippe Bacchetta , University of Lausanne
Simon Gervais , Duke University - Fuqua School of Business
Philipp Illeditsch , University of Pennsylvania - Finance Department

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
Corporate Governance
Ernst-Ludwig von Thadden, University of Mannheim - School of Business Administration (BWL)

To Each According to Her Luck and Power: Optimal Corporate Governance and Compensation Policy in a Dynamic World
Michael J. Rebello , University of Texas at Dallas - Naveen Jindal School of Management
Thomas H. Noe , University of Oxford - Finance
Abstract and Article  

Corporate Governance and Company Performance
Sanjai Bhagat , University of Colorado at Boulder - Department of Finance
Brian J. Bolton , Portland State University - School of Business Administration
Abstract and Article  

Survival
Kathy Fogel , University of Arkansas - Sam M. Walton College of Business
Randall K. Morck , University of Alberta - Department of Finance and Statistical Analysis
Bernard Yin Yeung , NUS Business School, National University of Singapore
Abstract and Article  

Discussants:
James Dow , London Business School - Institute of Finance and Accounting
Andrew Metrick , Yale School of Management
Enrico Perotti , University of Amsterdam - Finance Group

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Financial Econometrics
Peter Christoffersen, University of Toronto - Rotman School of Management

Consumption and Portfolio Choice with Option-Implied State Prices
Yacine Ait-Sahalia , Princeton University - Department of Economics
Michael W. Brandt , Duke University - Fuqua School of Business
Abstract and Article  

Using Individual Stocks or Portfolios in Tests of Factor Models
Andrew Ang , Columbia Business School - Finance and Economics
Jun Liu , University of California, San Diego (UCSD) - Rady School of Management
Krista Schwarz , University of Pennsylvania - Finance Department
Abstract and Article  

Robust Economic Implications of Nonlinear Pricing Kernels
Caio Almeida , Getulio Vargas Foundation (FGV)
René Garcia , EDHEC Business School
Abstract and Article  

Discussants:
Raymond Kan , University of Toronto - Rotman School of Management
Allan Timmermann , University of California, San Diego (UCSD) - Department of Economics

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 7
Uncertainty and Stock Return Predictability
Stefan Nagel, Stanford Graduate School of Business

What's Vol Got to Do With It
Itamar Drechsler , New York University (NYU) - Department of Finance
Amir Yaron , University of Pennsylvania - Finance Department
Abstract and Article  

Buy High and Sell Low
Kevin Q. Wang , University of Toronto - Finance Area
Abstract and Article  

What Does Individual Option Volatility Smirk Tell Us About Future Equity Returns?
Xiaoyan Zhang , Purdue University - Department of Management
Rui Zhao , BlackRock
Yuhang Xing , Rice University
Abstract and Article  

Discussants:
Jun Pan , Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Juhani Linnainmaa , University of Chicago - Booth School of Business (Finance Authors)
Jules van Binsbergen , Stanford Graduate School of Business

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Takeovers and Equity Offerings
Karin Thorburn, Norwegian School of Economics (NHH)

Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?
Audra L. Boone , Texas A&M University (TAMU) - Department of Finance
J. Harold Mulherin , University of Georgia - Department of Banking and Finance
Abstract and Article  

An Examination of the Efficiency, Foreclosure, and Collusion Rationales for Vertical Takeovers
Jaideep Shenoy , Tulane University - A.B. Freeman School of Business
Abstract and Article  

Short Selling Around Seasoned Equity Offerings
Tyler R. Henry , Miami University
Jennifer L. Koski , University of Washington - Michael G. Foster School of Business
Abstract and Article  

Bought Deals: The Value of Underwriter Certification in Seasoned Equity Offerings
J. Ari Pandes , York University - Schulich School of Business
Abstract and Article  

Discussants:
Oyvind Norli , Norwegian School of Management BI - Department of Financial Economics
B. Espen Eckbo , Dartmouth College - Tuck School of Business
Ingrid Werner , Ohio State University (OSU) - Department of Finance
Oya Altinkilic , George Washington University - Department of Finance

01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Accounting Disclosure
Marco Pagano, University of Naples Federico II - Department of Economics

Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?
Robert H. Battalio , University of Notre Dame - Department of Finance
Brian C. Hatch , University of Cincinnati - Department of Finance - Real Estate
Tim Loughran , University of Notre Dame - Department of Finance
Abstract and Article  

Growth Potential and Corporate Disclosure: The Case of Foreign Trade Liberalization
Shang-Jin Wei , Columbia Business School - Finance and Economics
Hui Tong , International Monetary Fund (IMF)
Abstract and Article  

Plain English
Tim Loughran , University of Notre Dame - Department of Finance
Bill McDonald , University of Notre Dame
Abstract and Article  

Voluntary Disclosures and the Exercise of CEO Stock Options
Paul Brockman , Lehigh University - College of Business & Economics
Xiumin Martin , University of Missouri at Columbia
Andy Puckett , University of Tennessee, Knoxville
Abstract and Article  

Discussants:
Joseph Piotroski , affiliation not provided to SSRN
Marco Pagano , University of Naples Federico II - Department of Economics
Andrew Ellul , Indiana University Bloomington - Department of Finance
Gennaro Bernile , University of Miami - School of Business Administration

01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Asset Pricing Theory
Anna Pavlova, London Business School

Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance
Xavier Gabaix , New York University (NYU) - Department of Finance
Abstract and Article  

Ambiguity, Learning, and Asset Returns
Nengjiu Ju , Hong Kong University of Science & Technology (HKUST) - Department of Finance
Jianjun Miao , Boston University - Department of Economics
Abstract and Article  

Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Prices
Nicolae Bogdan Garleanu , University of California, Berkeley - Haas School of Business
Stavros Panageas , University of Chicago - Booth School of Business (Finance Authors)
Abstract and Article  

Discussants:
Christian Julliard , London School of Economics & Political Science (LSE) - Department of Economics
Costis Skiadas , Northwestern University - Kellogg School of Management
Michael Gallmeyer , University of Virginia (UVA) - McIntire School of Commerce

01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Bank Liquidity and Regulation
Rafael Repullo, Centre for Monetary and Financial Studies (CEMFI)

Liquidity Risk, Credit Risk, and Interbank Competition
Jian Cai , Fordham University
Anjan V. Thakor , Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Crisis Resolution and Bank Liquidity
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  

Firm Volatility and Banks: Evidence from U.S. Banking Deregulation
Ricardo Correa , Federal Reserve Board
Gustavo Suarez , Federal Reserve Board
Abstract and Article  

Does Credit Competition Affect Small-Firm Finance?
Tara Rice , Federal Reserve Board
Philip E. Strahan , Boston College - Department of Finance
Abstract and Article  

Discussants:
Andrew Winton , University of Minnesota - Twin Cities - Carlson School of Management
Tano Santos , Columbia Business School - Economics Department
Andres Almazan , University of Texas at Austin - Department of Finance
Mitchell Petersen , Northwestern University - Kellogg School of Management

01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 8
Corporate Boards
Lalitha Naveen, Temple University - Department of Finance

The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance
Jeffrey L. Coles , Arizona State University (ASU) - Finance Department
Michael L. Lemmon , University of Utah - Department of Finance
Yan Albert Wang , Chinese University of Hong Kong (CUHK) - Department of Finance
Abstract and Article  

Are All Inside Directors the Same? Evidence from the External Directorship Market.
Ronald W. Masulis , Australian School of Business at UNSW
H. Shawn Mobbs , University of Alabama
Abstract and Article  

A Theory of Corporate Boards with Endogenous Information Collection, Optimal Compensation and Strategic Voting: When Do Independent Boards Dominate Rubberstamping Ones?
Zsuzsanna Fluck , Michigan State University - Department of Finance
Naveen Khanna , Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
Abstract and Article  

Private Equity and Corporate Governance: Do LBOs Have More Effective Boards?
Francesca Cornelli , London Business School
Oguzhan Karakas , Boston College - Department of Finance
Abstract and Article  

Discussants:
Kose John , New York University (NYU) - Department of Finance
David Denis , University of Pittsburgh - Katz Graduate School of Business
Steven Kaplan , University of Chicago - Booth School of Business (Finance Authors)

01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Corporate Finance Theory
Denis Gromb, London Business School

Leadership, Coordination and Mission-Driven Management
Patrick Bolton , Columbia Business School - Economics Department
Markus K. Brunnermeier , Princeton University - Department of Economics
Laura Veldkamp , Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

A Model of Dynamic Compensation and Capital Structure
Zhiguo He , University of Chicago - Booth School of Business (Finance Authors)
Abstract and Article  

Empty Voting and the Efficiency of Corporate Governance
Alon P. Brav , Duke University - Fuqua School of Business
Richmond D. Mathews , University of Maryland - Department of Finance
Abstract and Article  

Discussants:
Enrico Perotti , University of Amsterdam - Finance Group
Yuri Tserlukevich , Arizona State University (ASU)
Samuel Lee , New York University (NYU) - Leonard N. Stern School of Business

01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 7
Interest Rates, Government Debt
Monika Piazzesi, University of Chicago - Booth School of Business

Monetary Policy Shifts and the Term Structure
Jean Boivin , HEC Montreal
Sen Dong , Columbia Business School - Economics Department
Andrew Ang , Columbia Business School - Finance and Economics
Abstract and Article  

Are Analysts Right? Macroeconomic Factors and Regime Switching in the Term Structure of Interest Rates
Nina Boyarchenko , Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Bond Risk Premia and Realized Jump Risk
Jonathan H. Wright , Federal Reserve Board - Trade and Financial Studies Section
Hao Zhou , Tsinghua University
Abstract and Article  

Discussants:
Oreste Tristani , European Central Bank (ECB)
Robert Dittmar , The Stephen M. Ross School of Business at the University of Michigan
Michael Johannes , Columbia Business School - Finance and Economics

01/04/2009 - 10:15 AM
Location: Hilton Union Square 22
Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms
James Darrell Duffie, Stanford Graduate School of Business

AFA/ASE Panel: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms
Darrell Duffie , Stanford Graduate School of Business
Edward J. Kane , Boston College - Department of Finance
Paul McCulley , PIMCO Europe Ltd.
David Modest , Azimuth Alternative Assets Management LLLP
Abstract and Article  


01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 1 & 2
Equilibrium Asset Pricing
Neng Wang, Columbia Business School - Finance and Economics

Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows
Mariano Massimiliano Croce , University of North Carolina (UNC) at Chapel Hill - Finance Area
Martin Lettau , University of California, Berkeley - Finance Group
Sydney C. Ludvigson , New York University (NYU) - Department of Economics
Abstract and Article  

Asset Pricing with Endogenous Disasters
Cristian Ioan Tiu , SUNY at Buffalo - School of Management
Uzi Yoeli , University of Texas at Austin - Department of Finance
Abstract and Article  

Beauty Contests, Heterogeneous Beliefs, and Bubbles in Stocks and Options
Huining Henry Cao , Cheung Kong Graduate School of Business
Hui Ou-Yang , Duke University - Fuqua School of Business
Abstract and Article  

Discussants:
Lars Hansen , University of Chicago - Booth School of Business (Finance Authors)
Pierre-Olivier Weill , University of California, Los Angeles (UCLA) - Department of Economics
Peter DeMarzo , Stanford Graduate School of Business

01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
Bankruptcy and Distress
Lemma Senbet, University of Maryland - Robert H. Smith School of Business

Capital Structure and Debt Structure
Joshua D. Rauh , Stanford Graduate School of Business
Amir Sufi , University of Chicago - Booth School of Business (Finance Authors)
Abstract and Article  

When Do Firms Default? A Study of the Default Boundary
Sergei A. Davydenko , University of Toronto - Finance Area
Abstract and Article  

Creditor Coordination, Liquidation Timing, and Debt Valuation
Max Bruche , City University London - Sir John Cass Business School
Abstract and Article  

Discussants:
Gordon Phillips , University of Southern California - Marshall School of Business - Finance and Business Economics Department
Tyler Shumway , University of Michigan at Ann Arbor - Finance
Ronald Giammarino , University of British Columbia (UBC) - Sauder School of Business

01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 7
Trading Mechanisms and Strategies
Joel Hasbrouck, New York University (NYU) - Department of Finance

Weather and Time Series Determinants of Liquidity in a Limit Order Market
Juhani T. Linnainmaa , University of Chicago - Booth School of Business (Finance Authors)
Ioanid Rosu , HEC Paris (Groupe HEC) - Finance Department
Abstract and Article  

The Impact of Iceberg Orders in Limit Order Books
Stefan Frey , Leibniz University Hannover
Patrik Sandås , University of Virginia (UVA)
Abstract and Article  

Undisclosed Orders and Optimal Submission Strategies in a Limit Order Market
Sabrina Buti , University of Toronto - Rotman School of Management
Barbara Rindi , Bocconi University - Department of Finance
Abstract and Article  

Resiliency in Limit Order Book Markets: A Dynamic View of Liquidity
Daniel L. Mayston , University of Cologne
Alexander Kempf , University of Cologne - Department of Finance
Pradeep K. Yadav , University of Oklahoma - Division of Finance
Abstract and Article  

Discussants:
Duane Seppi , Carnegie Mellon University - David A. Tepper School of Business
Gideon Saar , Cornell University - Samuel Curtis Johnson Graduate School of Management
Christine Parlour , University of California, Berkeley - Finance Group
Anna Obizhaeva , University of Maryland - Robert H. Smith School of Business

01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 8
Employee Compensation
Michael Lemmon, University of Utah - Department of Finance

Employee Stock Options, Financing Constraints, and Real Investment: Theory and Evidence
Ilona Babenko , Arizona State University (ASU)
Michael L. Lemmon , University of Utah - Department of Finance
Yuri Tserlukevich , Arizona State University (ASU)
Abstract and Article  

Pay (Be)for(e) Performance: The Signing Bonus as an Incentive Device
Edward Dickersin Van Wesep , University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Probability Weighting and Employee Stock Options
Oliver G. Spalt , University of Texas at Austin - Department of Finance
Abstract and Article  

Discussants:
Dirk Jenter , Stanford Graduate School of Business
Scott Schaefer , University of Utah - Department of Finance
Elena Asparouhova , University of Utah - David Eccles School of Business

01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
Mutual Funds
William Goetzmann, Yale School of Management

Dynamic Liquidity Preferences of Mutual Funds
Jiekun Huang , National University of Singapore (NUS) - Department of Finance
Abstract and Article  

The Interim Trading Skills of Institutional Investors
Andy Puckett , University of Tennessee, Knoxville
Xuemin Sterling Yan , University of Missouri at Columbia - Department of Finance
Abstract and Article  

When Active Fund Managers Deviate from Their Peers: Implications for Fund Performance
Swasti Gupta-Mukherjee , Loyola University of Chicago - School of Business Administration
Abstract and Article  

Discussants:
Russell Wermers , University of Maryland - Robert H. Smith School of Business
Lu Zheng , University of California, Irvine - Paul Merage School of Business
K. J. Martijn Cremers , University of Notre Dame - Department of Finance

01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 10 & 11
Opaque Over-the-Counter Markets
James Darrell Duffie, Stanford Graduate School of Business

A Multiple Lender Approach to Understanding Supply and Search in the Equity Lending Market
Adam C. Kolasinski , University of Washington - Michael G. Foster School of Business
Adam V. Reed , University of North Carolina (UNC) at Chapel Hill - Finance Area
Matthew C. Ringgenberg , Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?
Richard C. Green , Carnegie Mellon University - David A. Tepper School of Business
Dan Li , Federal Reserve Board
Norman Schürhoff , University of Lausanne - Institute of Banking and Finance (IBF)
Abstract and Article  

Dealer Behavior and the Trading of Newly Issued Corporate Bonds
Michael A. Goldstein , Babson College - Finance Division
Edith S. Hotchkiss , Boston College - Carroll School of Management
Abstract and Article  

Discussants:
Nicolae Garleanu , University of California, Berkeley - Haas School of Business
Lawrence Harris , University of Southern California - Marshall School of Business - Finance and Business Economics Department
Kathleen Hanley , Securities and Exchange Commission (SEC)

01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
The CEO Labor Market
Camelia Kuhnen, Kellogg School of Management - Department of Finance

Serial CEO Incentives and the Structure of Managerial Contracts
Mariassunta Giannetti , Stockholm School of Economics - Department of Finance
Abstract and Article  

The Economics of Super Managers
Nina Baranchuk , University of Texas at Dallas - Naveen Jindal School of Management
Glenn M. MacDonald , Washington University in Saint Louis - John M. Olin Business School
Jun Yang , Indiana University Bloomington - Department of Finance
Abstract and Article  

Discussants:
Paul Oyer , Stanford Graduate School of Business
Xavier Gabaix , New York University (NYU) - Department of Finance

01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
International Governance: Evidence from Individual Countries
Diane Denis, University of Pittsburgh

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China
Henk Berkman , University of Auckland - Faculty of Business & Economics
Rebel A. Cole , DePaul University - College of Commerce
Jiang Lawrence Fu , Standard Chartered Bank - Standard Chartered Bank (Hong Kong) Limited
Abstract and Article  

Discussants:
Jin Xu , Purdue University - Krannert School of Management

01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Credit Risk
Deborah Lucas, Northwestern University - Kellogg School of Management

Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market
Allen N. Berger , University of South Carolina - Moore School of Business
Geraldo Cerqueiro , Tilburg University - Department of Finance
Maria Fabiana Penas , Tilburg Law and Economics Center (TILEC)
Abstract and Article  

Fund Managers and Defaultable Debt
Peter Kondor , University of Chicago - Booth School of Business
Veronica Guerrieri , University of Chicago - Booth School of Business
Abstract and Article  

Specification Analysis of Structural Credit Risk Models
Jing-Zhi Huang , Pennsylvania State University - Department of Finance
Hao Zhou , Tsinghua University
Abstract and Article  

Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?
Gabriel Jiménez , Bank of Spain
Steven R. G. Ongena , Tilburg University - Center for Economic Research (CentER)
Jose-Luis Peydro , Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Jesus Saurina Salas , Bank of Spain
Abstract and Article  

Discussants:
Michelle White , University of California, San Diego (UCSD) - Department of Economics
Neng Wang , Columbia Business School - Finance and Economics
Ilya Strebulaev , Stanford Graduate School of Business
Amir Sufi , University of Chicago - Booth School of Business (Finance Authors)

01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Market Integration and International Portfolio Diversification
Helene Rey, London Business School

Equilibrium Portfolios and External Adjustment Under Incomplete Markets
Anna Pavlova , London Business School
Roberto Rigobon , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Information and Cross-Border Equity Holdings
Mark S. Seasholes , Hong Kong University of Science & Technology (HKUST) - Department of Finance
Vicentiu Covrig , California State University, Northridge - Department of Finance, Real Estate, & Insurance
Sonia G. Jimenez-Garcès , French National Center for Scientific Research (CNRS) - Centre de Recherches Appliquées à la Gestion (CERAG)
Patrice C. Fontaine , French National Center for Scientific Research (CNRS) - European Financial Data Institute (EUROFIDAI)
Abstract and Article  

Global Market Integration: An Alternative Measure and its Application
Kuntara Pukthuanthong , San Diego State University - College of Business Administration
Richard W. Roll , University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

Aggregate Idiosyncratic Volatility
Geert Bekaert , Columbia Business School - Finance and Economics
Robert J. Hodrick , Columbia Business School - Finance and Economics
Xiaoyan Zhang , Purdue University - Department of Management
Abstract and Article  

Discussants:
Bernard Dumas , University of Lausanne - Institute of Banking and Finance (IBF)
Jordi Mondria , University of Toronto - Department of Economics
Astrid Schornick , INSEAD - Finance
Christopher Jones , University of Southern California - Marshall School of Business - Finance and Business Economics Department

01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 8
Agency Costs and Delegated Portfolio Management
Susan Kerr Christoffersen, University of Toronto - Rotman School of Management

Intermediated Investment Management
Neal M. Stoughton , WU Vienna University of Economics and 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  

Payout Policies and Closed-end Fund Discounts: Signaling, Agency Costs, and the Role of Institutional Investors
Zhi Jay Wang , University of Oregon - Charles H. Lundquist School of Business
Vikram K. Nanda , Georgia Institute of Technology - College of Management
Abstract and Article  

Are ETFs Replacing Index Mutual Funds?
Jennifer C. Huang , University of Texas at Austin - Department of Finance
Ilan Guedj , Analysis Research Planning Corporation
Abstract and Article  

Disclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission Bundling
Roger M. Edelen , University of California, Davis - Graduate School of Management
Richard B. Evans , University of Virginia (UVA) - Darden School of Business
Gregory B. Kadlec , Virginia Polytechnic Institute & State University - Pamplin College of Business
Abstract and Article  

Discussants:
Daniel Bergstresser , Harvard Business School
Martin Cherkes , Columbia Business School - Finance and Economics
Wei Jiang , Columbia Business School - Finance and Economics
Sunil Wahal , Arizona State University (ASU) - Finance Department

01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 12 & 13
Portfolio Choice
Raman Uppal, London Business School - Institute of Finance and Accounting

Dynamic Mean-Variance Asset Allocation
Suleyman Basak , London Business School
Georgy Chabakauri , London Business School
Abstract and Article  

Portfolio Insurance and Underdiversification
Hong Liu , Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Sequential Learning, Predictability, and Optimal Portfolio Returns
Michael S. Johannes , Columbia Business School - Finance and Economics
Arthur G. Korteweg , Stanford Graduate School of Business
Nick Polson , University of Chicago - Booth School of Business
Abstract and Article  

Discussants:
Jerome Detemple , Boston University - Department of Finance & Economics
Stijn Van Nieuwerburgh , New York University (NYU) - Department of Finance
K. J. Martijn Cremers , University of Notre Dame - Department of Finance

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Behavioral Finance: Do Behavioral Biases Matter in Markets?
Ulrike Malmendier, University of California, Berkeley - Department of Economics

Is Noise Trading Cancelled Out by Aggregation?
Hongjun Yan , Yale University - International Center for Finance
Abstract and Article  

Behavioral Biases of Mutual Fund Investors
Warren B. Bailey , Cornell University - Samuel Curtis Johnson Graduate School of Management
Alok Kumar , University of Miami - Department of Finance
David Ng , Cornell University
Abstract and Article  

Market Selection
Leonid Kogan , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Stephen A. Ross , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Jiang Wang , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Mark M. Westerfield , University of Washington - Department of Finance and Business Economics
Abstract and Article  

Discussants:
Markus Brunnermeier , Princeton University - Department of Economics
Malcolm Baker , Harvard Business School - Finance Unit
Stefan Nagel , Stanford Graduate School of Business

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Corporate Governance Regulation
Lucy White, Harvard Business School - Finance Unit

Shareholders' Say on Pay: Does it Create Value?
Jie Cai , Drexel University - Department of Finance
Ralph A. Walkling , Drexel University - Department of Finance
Abstract and Article  

Default Probability and CEO Turnover for Non-Distressed Firms
Y. Han (Andy) Kim , Nanyang Technological University (NTU)
Abstract and Article  

Information Content of Insider Trades Before and After the Sarbanes-Oxley Act
Francois Brochet , Harvard Business School
Abstract and Article  

Discussants:
Yael Hochberg , Kellogg School of Management - Department of Finance
Paolo Volpin , London Business School
Yaniv Grinstein , Cornell University - Samuel Curtis Johnson Graduate School of Management

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Diversification and Internal Capital Markets
Belen Villalonga, New York University (NYU) - Leonard N. Stern School of Business

Opening the Black Box: Internal Capital Markets and Managerial Power
Markus Glaser , Ludwig Maximilians University of Munich - Faculty of Business Administration (Munich School of Management)
Florencio Lopez de Silanes , EDHEC Business School
Zacharias Sautner , University of Amsterdam - University of Amsterdam Business School
Abstract and Article  

The Organizational Efficiency of Internal Capital Markets
Gabriel Natividad , New York University (NYU) - Leonard N. Stern School of Business
Abstract and Article  

Uncertainty About Average Profitability and the Diversification Discount
John Hund , Rice University - Jesse H. Jones Graduate School of Business
Donald Monk , Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick
Sheri Tice , Tulane University - Finance & Economics
Abstract and Article  

Discussants:
Amit Seru , University of Chicago - Booth School of Business (Finance Authors)
Toni Whited , University of Rochester - Simon School of Business
Vojislav Maksimovic , University of Maryland - Robert H. Smith School of Business

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Earnings Information and Earnings Management
Devin Shanthikumar, University of California, Irvine - Accounting Area

Causes or Consequences? Earnings Management Around Seasoned Equity Offerings
Jie Chen , Carnegie Mellon University - David A. Tepper School of Business
Zhaoyang Gu , Chinese University of Hong Kong (CUHK)
Yi Tang , Fordham University Schools of Business
Abstract and Article  

Can Earnings Manipulation Create Value?
Anton Miglo , University of Bridgeport - School of Business
Abstract and Article  

Costly Information Processing: Evidence from Earnings Announcements
Joseph Engelberg , University of California, San Diego (UCSD) - Rady School of Management
Abstract and Article  

Discussants:
Jennifer Juergens , Drexel University - Department of Finance
Pierre Jinghong Liang , Carnegie Mellon University - David A. Tepper School of Business
Anna Scherbina , University of California, Davis - Graduate School of Management

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 8
Hedge Funds
Mila Sherman, Eugene M. Isenberg School of Management - Department of Finance & Operations Management

Why Do Hedge Funds' Worst Returns Cluster? Common Liquidity Shocks vs. Contagion
Nicole M. Boyson , Northeastern University - Finance and Insurance Area
Christof W. Stahel , US Securities & Exchange Commission - Division of Risk, Strategy and Financial Innovation
Rene M. Stulz , Ohio State University (OSU) - Department of Finance
Abstract and Article  

The Performance of Emerging Hedge Fund Managers
Rajesh K. Aggarwal , University of Minnesota - Twin Cities - Carlson School of Management
Philippe Jorion , University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Do the Best Hedge Funds Hedge?
Sheridan Titman , University of Texas at Austin - Department of Finance
Cristian Ioan Tiu , SUNY at Buffalo - School of Management
Abstract and Article  

Discussants:
Andrew Lo , Massachusetts Institute of Technology (MIT) - Sloan School of Management
William Goetzmann , Yale School of Management
Bing Liang , University of Massachusetts at Amherst - Department of Finance & Operations Management

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 12 & 13
Preferences and Portfolio Choice
Jennifer Carpenter, New York University (NYU) - Department of Finance

Limited Participation and Consumption-Saving Puzzles: A Simple Explanation and the Role of Insurance
Todd A. Gormley , University of Pennsylvania - Finance Department
Hong Liu , Washington University in Saint Louis - John M. Olin Business School
Guofu Zhou , Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Temporal Risk Aversion and Asset Prices
Skander Van den Heuvel , Federal Reserve Board
Abstract and Article  

The Role of Options in Long Horizon Portfolio Choice
Sinan Tan , Fordham University - Finance Area
Abstract and Article  

Discussants:
Stanley Zin , Carnegie Mellon University
Ralph Koijen , University of Chicago - Booth School of Business (Finance Authors)

01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 3 & 4
Analysts and Financial Marketing
Alexander Ljungqvist, New York University (NYU) - Department of Finance

Competition and Bias
Harrison G. Hong , Princeton University - Department of Economics
Marcin T. Kacperczyk , New York University (NYU) - Leonard N. Stern School of Business
Abstract and Article  

Sell Side School Ties
Andrea Frazzini , AQR Capital Management, LLC
Christopher J. Malloy , Harvard Business School
Lauren Cohen , Harvard Business School
Abstract and Article  

Marketing Financial Claims
Salim Chahine , American University of Beirut - School of Business
Alexander Ljungqvist , New York University (NYU) - Department of Finance
Roni Michaely , Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

Informed Trading Before Analyst Downgrades: Evidence from Short Sellers
Stephen E. Christophe , George Mason University - School of Management
Michael G. Ferri , George Mason University - School of Management
Jim Hsieh , George Mason University - Finance Area
Abstract and Article  

Discussants:
Daniel Paravisini , London School of Economics & Political Science (LSE)
Joseph Chen , University of California, Davis - Graduate School of Management
Ulrike Malmendier , University of California, Berkeley - Department of Economics
Brad Barber , University of California, Davis - Graduate School of Management

01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 5 & 6
Corporate Bond Pricing
Jean Helwege, University of South Carolina

Corporate Credit Spreads under Parameter Uncertainty
Arthur G. Korteweg , Stanford Graduate School of Business
Nick Polson , University of Chicago - Booth School of Business
Abstract and Article  

Reduced-Form Valuation of Callable Corporate Bonds: Theory and Evidence
Robert A. Jarrow , Cornell University - Samuel Curtis Johnson Graduate School of Management
Haitao Li , The Stephen M. Ross School of Business at the University of Michigan
Sheen Liu , Washington State University - College of Business and Economics
Chunchi Wu , University of Missouri at Columbia
Abstract and Article  

Macroeconomic News Announcements and Corporate Bond Credit Spreads
Weipeng Kong , affiliation not provided to SSRN
Jing-Zhi Huang , Pennsylvania State University - Department of Finance
Abstract and Article  

Discussants:
David Lando , Copenhagen Business School
Antje Berndt , Carnegie Mellon University
Jens Hilscher , Brandeis University - International Business School

01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 10 & 11
Emerging Markets
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis

Internal Capital Market in Emerging Markets: Expropriation and Mitigating Financing Constraints
Joseph P. H. Fan , Chinese University of Hong Kong (CUHK) - School of Accountancy
Guojian Zheng , Chinese University of Hong Kong (CUHK)
Li Jin , Harvard Business School - Finance Unit
Abstract and Article  

Private Benefits in IPOs: Evidence from State-Owned Firms
Zhaohui Chen , Temple University - Department of Finance
Jongmoo Jay Choi , Temple University - Department of Finance
Cao Jiang , Holy Family University
Abstract and Article  

Do Public Equity Markets Matter in Emerging Economies? Evidence from India
Todd A. Gormley , University of Pennsylvania - Finance Department
Radhakrishnan Gopalan , Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

The Political Origin of Pension Funding
Enrico C. Perotti , University of Amsterdam - Finance Group
Armin Schwienbacher , Skema Business School
Abstract and Article  

Discussants:
Enrico Perotti , University of Amsterdam - Finance Group
Meijun Qian , NUS Business School, National University of Singapore
Rajkamal Iyer , Massachusetts Institute of Technology (MIT) - Sloan School of Management
Li Jin , Harvard Business School - Finance Unit

01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 12 & 13
The Role of Media in Finance
Paul Tetlock, Columbia Business School - Finance and Economics

Media Coverage and IPO Underpricing
Laura Xiaolei Liu , Hong Kong University of Science & Technology (HKUST) - Department of Finance
Ann E. Sherman , DePaul University - Department of Finance
Yong Zhang , Hong Kong University of Science & Technology (HKUST)
Abstract and Article  

All the News That's Fit to Reprint: Do Investors React to Stale Information?
Paul C. Tetlock , Columbia Business School - Finance and Economics
Abstract and Article  

Media Coverage and the Cross-Section of Stock Returns
Lily H. Fang , INSEAD - Finance
Joel Peress , INSEAD - Finance
Abstract and Article  

Discussants:
Jay Ritter , University of Florida - Department of Finance, Insurance and Real Estate
Mark Grinblatt , University of California, Los Angeles (UCLA) - Finance Area
Michael Cooper , University of Utah - David Eccles School of Business

01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 1 & 2
Housing and Long-Run Risk
Nancy Wallace, University of California, Berkeley - Real Estate Group

Housing as a Measure for Long-Run Risk in Asset Pricing
Jose L. Fillat , Federal Reserve Banks - Federal Reserve Bank of Boston
Abstract and Article  

Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets
Motohiro Yogo , Federal Reserve Banks - Federal Reserve Bank of Minneapolis
Abstract and Article  

Stochastic House Appreciation and Optimal Mortgage Lending
Tomasz Piskorski , Columbia Business School - Finance and Economics
Alexei Tchistyi , University of California, Berkeley
Abstract and Article  

Discussants:
Riccardo Colacito , University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
João Cocco , London Business School
Chester Spatt , Carnegie Mellon University - David A. Tepper School of Business

01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 14 & 15
Financial Risk Management
Philippe Jorion, University of California, Irvine - Paul Merage School of Business

How Important is Financial Risk?
Söhnke M. Bartram , University of Warwick - Finance Group
Gregory W. Brown , University of North Carolina (UNC) at Chapel Hill - Finance Area
William Waller , University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Bond Illiquidity and Excess Volatility
Jack Bao , Ohio State University (OSU) - Department of Finance
Jun Pan , Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Abstract and Article  

Bank Risk Management with Value-at-Risk and Stress Testing: An Alternative to Conditional Value-at-Risk?
Gordon J. Alexander , University of Minnesota - Twin Cities - Carlson School of Management
Alexandre M. Baptista , George Washington University - Department of Finance
Shu Yan , University of South Carolina - Moore School of Business
Abstract and Article  

Discussants:
Michael Lemmon , University of Utah - Department of Finance
Sreedhar Bharath , The Stephen M. Ross School of Business at the University of Michigan
Peter Christoffersen , University of Toronto - Rotman School of Management