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

Governance Through Exit and Voice: A Theory of Multiple Blockholders
Alex Edmans , University of Pennsylvania
Gustavo Manso , Massachusetts Institute of Technology (MIT)
Abstract and Article  

Estimating the Effects of Large Shareholders Using a Geographic Instrument
Bo Becker , University of Illinois at Urbana-Champaign
Henrik Cronqvist , Claremont McKenna College – Robert Day School of Economics and Finance
Rüdiger Fahlenbrach , Swiss Federal Institute of Technology Lausanne
Abstract and Article  

The Life Cycle of Family Ownership: A Comparative Study of France, Germany, Italy and the U.K.
Julian R. Franks , London Business School
Colin Mayer , University of Oxford
Paolo F. Volpin , London Business School
Hannes F. Wagner , Bocconi University
Abstract and Article  

Family Control of Firms and Industries
Belen Villalonga , Harvard Business School
Raphael H. Amit , University of Pennsylvania
Abstract and Article  

Discussants:
Jay Hartzell , University of Texas at Austin
Mara Faccio , Purdue University
Antoinette Schoar , Massachusetts Institute of Technology (MIT)
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 University

Momentum, Information Uncertainty, and Leverage - An Explanation Based on Recursive Preferences
Doron Avramov , University of Maryland
Satadru Hore , University of Iowa
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 , City University of New York, CUNY Baruch College - Zicklin School of Business - Department of Economics and Finance
Robert F. Engle , Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

Discussants:
Po-Hsuan Hsu , University of Connecticut
Christian Lundblad , University of North Carolina at Chapel Hill

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Payout Policy
Amy Dittmar, University of Michigan at Ann Arbor

Do Shareholders Care About Geography?
Kose John , New York University
Anzhela Knyazeva , William E. Simon Graduate School of Business Administration
Diana Knyazeva , William E. Simon Graduate School of Business Administration
Abstract and Article  

Market Participation and Dividend Clienteles
Marco Rossi , Pennsylvania State University
Abstract and Article  

Dividends, Investment, and Financial Flexibility
Naveen D. Daniel , Drexel University
David J. Denis , Purdue University
Lalitha Naveen , Temple University
Abstract and Article  

The Shareholder Base and Payout Policy
Andriy Bodnaruk , University of Notre Dame
Per Östberg , Norwegian School of Economics and Business Administration (NHH)
Abstract and Article  

Discussants:
Paul Schultz , affiliation not provided to SSRN
Li Jin , Harvard Business School
Jonathan Cohn , University of Texas at Austin
Gustavo Grullon , Rice University

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)

Individual Investors and Volatility
Thierry Foucault , HEC Paris
David Sraer , University of California, Berkeley
David Thesmar , HEC Paris
Abstract and Article  

Arbitrage Capital and Currency Carry Trade Returns
Petri Jylha , Helsinki School of Economics
Matti J. Suominen , Helsinki School of Economics
Jussi-Pekka Lyytinen , Helsinki School of Economics
Abstract and Article  

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

Discussants:
Harrison Hong , Princeton University
Robin Greenwood , Harvard Business School
Pierre-Olivier Weill , University of California, Los Angeles

01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 7
Fund Performance Evaluation
Magnus Dahlquist, Institute for Financial Research (SIFR)

When Does a Mutual Fund's Trade Reveal its Skill?
Zhi Da , University of Notre Dame
Pengjie Gao , University of Notre Dame
Ravi Jagannathan , Northwestern University
Abstract and Article  

Career Concerns and the Active Fund Manager's Problem
David A. Chapman , Boston College
Richard B. Evans , University of Virginia
Zhe Xu , Boston College
Abstract and Article  

The Cross-Section of Managerial Ability and Risk Preferences
Ralph S. J. Koijen , University of Chicago
Abstract and Article  

Discussants:
Frank de Jong , Tilburg University
Jakub Jurek , Princeton University
Richard Green , Carnegie Mellon University

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
Michael J. Rebello , University of Texas at Dallas
Thomas H. Noe , University of Oxford
Thomas A. Rietz , University of Iowa
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
Andrei Malenko , Stanford Graduate School of Business
Abstract and Article  

Asset Pricing with Real Investment Commitment
Lars-Alexander Kuehn , Carnegie Mellon University
Abstract and Article  

Real Investment, Risk and Risk Dynamics
Ilan Cooper , Norwegian School of Management (BI)
Richard Priestley , Norwegian School of Management (BI)
Abstract and Article  

Discussants:
Gordon Phillips , University of Maryland
Robert McDonald , Northwestern University
Hongjun Yan , Yale University
Jonathan Berk , University of California, Berkeley

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

What Determines the Structure of Corporate Debt Issues?
Brandon Julio , London Business School
Woojin Kim , Korea University
Michael S. Weisbach , Ohio State University
Abstract and Article  

Capital Structure and Security Issuance Under Heterogeneous Beliefs
Thomas J. Chemmanur , Boston College
Debarshi Nandy , York University
An Yan , Fordham University
Abstract and Article  

Financial Contracting and the Specialization of Assets
Robert S. Marquez , Boston University
M. Deniz Yavuz , Washington University, St. Louis
Abstract and Article  

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

Discussants:
Michael Faulkender , University of Maryland
Amy Dittmar , University of Michigan at Ann Arbor
Daniel Wolfenzon , Columbia University
Diana Knyazeva , William E. Simon Graduate School of Business Administration

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

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

Optimal Exercise of Executive Stock Options and Implications for Firm Cost
Jennifer N. Carpenter , New York University
Richard H. Stanton , University of California, Berkeley
Nancy E. Wallace , University of California, Berkeley
Abstract and Article  

CEOs Under Fire: Pressure from Within: The Effects of Inside Directors on CEO Compensation and Turnover
H. Shawn Mobbs , University of Alabama
Abstract and Article  

Not So Lucky Any More: CEO Compensation in Financially Distressed Firms
Qiang Kang , University of Miami
Oscar A. Mitnik , University of Miami
Abstract and Article  

Discussants:
David Offenberg , Loyola Marymount University
Stewart Mayhew , Securities and Exchange Commission (SEC)
Lalitha Naveen , Temple University
Robert Mooradian , Northeastern University

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

Dynamic Capital Structure Under Managerial Entrenchment: Evidence from a Structural Estimation
Erwan Morellec , Swiss Federal Institute of Technology Lausanne
Boris Nikolov , William E. Simon Graduate School of Business Administration
Norman Schürhoff , University of Lausanne
Abstract and Article  

Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
Huafeng (Jason) Chen , University of British Columbia
Marcin T. Kacperczyk , New York University
Hernan Ortiz-Molina , University of British Columbia
Abstract and Article  

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

Discussants:
Toni Whited
Amir Sufi , University of Chicago
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 at Chapel Hill

Deep Habits 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
Abstract and Article  

The Effect of Relative Wealth Concerns on the Cross-Section of Stock Returns
Juan Pedro Gomez , Instituto de Empresa
Fernando Zapatero , University of Southern California
Richard Priestley , Norwegian School of Management (BI)
Abstract and Article  

Discussants:
Riccardo Colacito , University of North Carolina at Chapel Hill
Stijn Van Nieuwerburgh , New York University
Motohiro Yogo , University of Pennsylvania

01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Initial Public Offerings
Michelle Lowry, Pennsylvania State University

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
Ann E. Sherman , DePaul University
Abstract and Article  

Do Favorable Market Conditions Lead to Costly Decisions to Go Public?
Aziz Alimov , California State University, Fullerton
Wayne H. Mikkelson , University of Oregon
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 at Chapel Hill
Jörg Rocholl , ESMT European School of Management and Technology
Abstract and Article  

Discussants:
Francois Derrien , HEC Paris
Aydogan Alti , University of Texas at Austin
J. Mulherin , University of Georgia

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

The Determinants of Stock and Bond Return Comovements
Geert Bekaert , Columbia University, Columbia Business School - Economics Department
Lieven Baele , Tilburg University
Koen Inghelbrecht , Ghent University
Abstract and Article  

Neoclassical Factors
Lu Zhang , University of Michigan at Ann Arbor
Long Chen , Washington University, St. Louis
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
Masahiro Watanabe , University of Alberta
Abstract and Article  

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
John Y. Campbell , Harvard University
Adi Sunderam , Harvard University
Luis M. Viceira , Harvard Business School
Abstract and Article  

Discussants:
Allan Timmerman , affiliation not provided to SSRN
João Gomes , University of Pennsylvania
Francis Diebold , University of Pennsylvania
John Heaton , University of Chicago

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

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

Post-Merger Restructuring and the Boundaries of the Firm
Vojislav Maksimovic , University of Maryland
Gordon M. Phillips , University of Maryland
Nagpurnanand R. Prabhala , University of Maryland
Abstract and Article  

Why Do Small Stock Acquirers Underperform in the Long-Term?
Itzhak Ben-David , Ohio State University
Darren T. Roulstone , Ohio State University
Abstract and Article  

Bargaining Power and Industry Dependence in Mergers
Kenneth Robinson Ahern , University of Michigan at Ann Arbor
Abstract and Article  

Discussants:
Richmond Mathews , Duke University
Charles Hadlock , Michigan State University
Darren Kisgen , Boston College
Jarrad Harford , University of Washington

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

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

Supply Uncertainty of the Bond Investor Base and the Leverage of the Firm
Massimo Massa , INSEAD
Ayako Yasuda , University of Pennsylvania
Lei Zhang , Nanyang Technological University (NTU)
Abstract and Article  

Discussants:
Stuart Gilson , Harvard Business School
Joshua Coval , Harvard Business School

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

Nonparametric Estimation of State-Price Densities Implicit In Interest Rate Cap Prices
Haitao Li , University of Michigan at Ann Arbor
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
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
Duane J. Seppi , Carnegie Mellon University
John P. Lehoczky , Carnegie Mellon University
Abstract and Article  

A Framework for Studying Option Mispricing: A General Test and Empirical Evidence
Gurdip S. Bakshi , University of Maryland
George Panayotov , Georgetown University
Abstract and Article  

Discussants:
Scott Joslin , Massachusetts Institute of Technology (MIT)
Sophie Ni , Hong Kong University of Science & Technology (HKUST)
Jakub Jurek , Princeton University
David Bates , University of Iowa

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
International Finance: Structural Frictions
E. Han Kim, University of Michigan at Ann Arbor

The Resource Curse: A Corporate Transparency Channel
Art Durnev , McGill University
Sergei M. Guriev , New Economic School
Abstract and Article  

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

What Segments Equity Markets?
Geert Bekaert , Columbia University, Columbia Business School - Economics Department
Campbell R. Harvey , Duke University
Christian T. Lundblad , University of North Carolina at Chapel Hill
Stephan Siegel , University of Washington
Abstract and Article  

Discussants:
Stijn Claessens , International Monetary Fund (IMF)
Antoinette Schoar , Massachusetts Institute of Technology (MIT)
George Karolyi , Cornell University

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
The Process of Mergers & Acquisitions
Audra Boone, University of Kansas

Negotiation Under the Threat of an Auction
Nihat Aktas , EMLYON Business School
Eric de Bodt , University of Lille II
Richard W. Roll , University of California, Los Angeles
Abstract and Article  

Takeover Activity and Target Valuations: Feedback Loops in Financial Markets
Alex Edmans , University of Pennsylvania
Itay Goldstein , University of Pennsylvania
Wei Jiang , Columbia University
Abstract and Article  

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

Discussants:
Robert Hansen , Dartmouth College
Dirk Hackbarth , University of Illinois at Urbana-Champaign
Micah Officer , Loyola Marymount University

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
Tommy Cooper , Kansas State University
Abstract and Article  

Severance Pay, Empire Building and the Prevention of Managerial Shenanigans
Ed Van Wesep , University of North Carolina at Chapel Hill
Abstract and Article  

Short Sellers and Financial Misconduct
Jonathan M. Karpoff , University of Washington
Xiaoxia Lou , University of Washington
Abstract and Article  

Discussants:
Jeffrey Coles , Arizona State University
Andres Almazan , University of Texas at Austin
Ingrid Werner , Ohio State University

01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 7
Venture Capital
Yael Hochberg, Northwestern University

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

On the Valuation of Venture Capital Securities
Klaas Baks , Emory University
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
Yuhai Xuan , Harvard Business School
Abstract and Article  

Discussants:
John Quigley , University of California, Berkeley
Morten Sorensen , Columbia University
Steven Kaplan , University of Chicago

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

Lending Relationships and Loan Contract Terms
Sreedhar T. Bharath , University of Michigan at Ann Arbor
Sandeep Dahiya , Georgetown University
Anthony Saunders , New York University
Anand Srinivasan , National University of Singapore (NUS)
Abstract and Article  

Do Banks Price Their Informational Monopoly?
Galina Hale , Federal Reserve Banks
João A. C. Santos , Federal Reserve Banks
Abstract and Article  

Liquidity Risk and Syndicate Structure
Evan Gatev , Simon Fraser University
Philip E. Strahan , Boston College
Abstract and Article  

'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets
Mariassunta Giannetti , Stockholm School of Economics
Steven R. G. Ongena , Tilburg University
Abstract and Article  

Discussants:
Philip Strahan , Boston College
Anthony Saunders , New York University
Steven Ongena , Tilburg University
João A.C. Santos , Federal Reserve Banks

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

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

Advance Information and Asset Prices
Rui A. Albuquerque , Boston University
Jianjun Miao , Boston University
Abstract and Article  

Relative Wealth Concerns and Complementarities in Information Acquisition
Günter Strobl , University of North Carolina at Chapel Hill
Diego Garcia , University of North Carolina at Chapel Hill
Abstract and Article  

Discussants:
Philippe Bacchetta , University of Lausanne
Simon Gervais , Duke University
Philipp Illeditsch , University of Pennsylvania

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

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
Thomas H. Noe , University of Oxford
Abstract and Article  

Corporate Governance and Company Performance
Sanjai Bhagat , University of Colorado at Boulder
Brian J. Bolton , University of New Hampshire
Abstract and Article  

Survival
Kathy Fogel , University of Arkansas at Fayetteville
Randall Morck , University of Alberta
Bernard Yin Yeung , Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

Discussants:
James Dow , London Business School
Andrew Metrick , Yale School of Management
Enrico Perotti , University of Amsterdam

01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Financial Econometrics
Peter Christoffersen, McGill University

Consumption and Portfolio Choice with Option-Implied State Prices
Yacine Ait-Sahalia , Princeton University
Michael W. Brandt , Duke University
Abstract and Article  

Using Individual Stocks or Portfolios in Tests of Factor Models
Andrew Ang , Columbia University
Jun Liu , University of California, San Diego
Krista Schwarz , University of Pennsylvania
Abstract and Article  

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

Discussants:
Raymond Kan , University of Toronto
Allan Timmermann , University of California, San Diego

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 , University of Pennsylvania
Amir Yaron , University of Pennsylvania
Abstract and Article  

Reversal Fear and Momentum
Kevin Q. Wang , University of Toronto
Abstract and Article  

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

Discussants:
Jun Pan , Massachusetts Institute of Technology (MIT)
Juhani Linnainmaa , University of Chicago
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, Dartmouth College

Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?
Audra L. Boone , University of Kansas
J. Harold Mulherin , University of Georgia
Abstract and Article  

An Examination of the Efficiency, Foreclosure, and Collusion Rationales for Vertical Takeovers
Jaideep Shenoy , Tulane University
Abstract and Article  

Short Selling Around Seasoned Equity Offerings
Tyler R. Henry , University of Georgia
Jennifer L. Koski , University of Washington
Abstract and Article  

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

Discussants:
Oyvind Norli , Norwegian School of Management (BI)
B. Espen Eckbo , Dartmouth College
Ingrid Werner , Ohio State University
Oya Altinkilic , University of Pittsburgh

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

Does the Market Value Mandated Disclosure?
Robert H. Battalio , University of Notre Dame
Tim Loughran , University of Notre Dame
Brian C. Hatch , University of Cincinnati
Abstract and Article  

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

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

Voluntary Disclosures and the Exercise of CEO Stock Options
Paul Brockman , Lehigh University
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
Andrew Ellul , Indiana University Bloomington
Gennaro Bernile , University of Miami

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
Abstract and Article  

Ambiguity, Learning, and Asset Returns
Nengjiu Ju , Hong Kong University of Science & Technology (HKUST)
Jianjun Miao , Boston University
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
Stavros Panageas , University of Chicago
Abstract and Article  

Discussants:
Christian Julliard , London School of Economics & Political Science (LSE)
Costis Skiadas , Northwestern University
Michael Gallmeyer , University of Virginia

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 , Federal Reserve Banks
Anjan V. Thakor , Washington University, St. Louis
Abstract and Article  

Fire Sales, Foreign Entry and Bank Liquidity
Viral V. Acharya , London Business School
Hyun Song Shin , Princeton University
Tanju Yorulmazer , Federal Reserve Banks
Abstract and Article  

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

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

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

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

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

Are All Inside Directors the Same? Do They Entrench CEOs or Facilitate More Informed Board Decisions?
Ronald W. Masulis , Vanderbilt University
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
Naveen Khanna , Michigan State University
Abstract and Article  

Private Equity and Corporate Governance: Do LBOs Have More Effective Boards?
Francesca Cornelli , London Business School
Oguzhan Karakas , London Business School
Abstract and Article  

Discussants:
Kose John , New York University
David Denis , Purdue University
Steven Kaplan , University of Chicago

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 University, Columbia Business School - Economics Department
Markus K. Brunnermeier , Princeton University
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
Abstract and Article  

Empty Voting and the Efficiency of Corporate Governance
Alon Brav , Duke University
Richmond D. Mathews , Duke University
Abstract and Article  

Discussants:
Enrico Perotti , University of Amsterdam
Yuri Tserlukevich , Hong Kong University of Science & Technology (HKUST)
Samuel Lee , New York University

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

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

Are Analysts Right? Macroeconomic Factors and Regime Switching in the Term Structure of Interest Rates
Nina Boyarchenko , University of Chicago
Abstract and Article  

Bond Risk Premia and Realized Jump Risk
Jonathan H. Wright , Government of the United States of America
Hao Zhou , Government of the United States of America
Abstract and Article  

Discussants:
Oreste Tristani , European Central Bank (ECB)
Robert Dittmar , University of Michigan at Ann Arbor
Michael Johannes , Columbia University

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
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 University

Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows
Mariano Massimiliano Croce , University of North Carolina at Chapel Hill
Martin Lettau , University of California, Berkeley
Sydney C. Ludvigson , New York University
Abstract and Article  

Asset Pricing with Endogenous Peso Effects
Cristian Ioan Tiu , SUNY at Buffalo - School of Management
Uzi Yoeli , University of Texas at Austin
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 , Cheung Kong Graduate School of Business
Abstract and Article  

Discussants:
Lars Hansen , University of Chicago
Pierre-Olivier Weill , University of California, Los Angeles
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

Capital Structure and Debt Structure
Joshua D. Rauh , Northwestern University
Amir Sufi , University of Chicago
Abstract and Article  

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

Bankruptcy Codes, Liquidation Timing, and Debt Valuation
Max Bruche , Centre for Monetary and Financial Studies (CEMFI)
Abstract and Article  

Discussants:
Gordon Phillips , University of Maryland
Tyler Shumway , University of Michigan at Ann Arbor
Ronald Giammarino , University of British Columbia

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

Weather and Time Series Determinants of Liquidity in a Limit Order Market
Juhani T. Linnainmaa , University of Chicago
Ioanid Rosu , University of Chicago
Abstract and Article  

The Impact of Iceberg Orders in Limit Order Books
Stefan Frey , University of Tuebingen
Patrik Sandås , University of Virginia
Abstract and Article  

Hidden Orders and Optimal Submission Strategies in a Dynamic Limit Order Market
Sabrina Buti , University of Toronto
Barbara Rindi , Bocconi University
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
Pradeep K. Yadav , University of Oklahoma
Abstract and Article  

Discussants:
Duane Seppi , Carnegie Mellon University
Gideon Saar , Cornell University
Christine Parlour , University of California, Berkeley
Anna Obizhaeva , University of Maryland

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

Employee Stock Options, Financing Constraints, and Real Investment: Theory and Evidence
Ilona Babenko , University of California, Berkeley
Michael L. Lemmon , University of Utah
Yuri Tserlukevich , Hong Kong University of Science & Technology (HKUST)
Abstract and Article  

Pay (Be)fore Performance: The Signing Bonus as an Incentive Device
Ed Van Wesep , University of North Carolina at Chapel Hill
Abstract and Article  

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

Discussants:
Dirk Jenter , Stanford Graduate School of Business
Scott Schaefer , University of Utah
Elena Asparouhova , University of Utah

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 , Boston College
Abstract and Article  

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

When Active Fund Managers Deviate from Their Peers: The Impact on Performance
Swasti Gupta-Mukherjee , Loyola University of Chicago
Abstract and Article  

Discussants:
Russell Wermers , University of Maryland
Lu Zheng , University of California, Irvine
K.J. Martijn Cremers , Yale School of Management

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 Demand in the Equity Lending Market
Adam C. Kolasinski , University of Washington
Adam V. Reed , University of North Carolina at Chapel Hill
Matthew C. Ringgenberg , University of North Carolina at Chapel Hill
Abstract and Article  

Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?
Richard C. Green , Carnegie Mellon University
Dan Li , Board of Governors of the Federal Reserve System
Norman Schürhoff , University of Lausanne
Abstract and Article  

Dealer Behavior and the Trading of Newly Issued Corporate Bonds
Edith S. Hotchkiss , Boston College
Michael A. Goldstein , Babson College
Abstract and Article  

Discussants:
Nicolae Garleanu , University of California, Berkeley
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, Northwestern University

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

The Economics of Super Managers
Nina Baranchuk , University of Texas at Dallas
Glenn M. MacDonald , Washington University, St. Louis
Jun Yang , Indiana University Bloomington
Abstract and Article  

CEO-Firm Matches and Industry Conditions
Andrea L. Eisfeldt , Northwestern University
Camelia M. Kuhnen , Northwestern University
Abstract and Article  

Discussants:
Paul Oyer , Stanford Graduate School of Business
Xavier Gabaix , New York University
Robert Parrino , University of Texas at Austin

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

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China
Henk Berkman , University of Auckland
Rebel A. Cole , DePaul University
Jiang Lawrence Fu , Standard Chartered
Abstract and Article  

Corporate Governance, Enforcement, and Firm Value: Evidence from India
Dhammika Dharmapala , University of Illinois College of Law
Vikramaditya S. Khanna , University of Michigan Law School
Abstract and Article  

Expropriation, Unification, and Corporate Governance in Italy
Marco Bigelli , University of Bologna
Vikas Mehrotra , University of Alberta
Raghavendra Rau , Purdue University
Abstract and Article  

Discussants:
Jin Xu , Purdue University
Utpal Bhattacharya , Indiana University Bloomington
I.J. Dyck , University of Toronto

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

Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market
Allen N. Berger , University of South Carolina
Geraldo Cerqueiro , Tilburg University
Maria Fabiana Penas , Tilburg University
Abstract and Article  

Fund Managers and Defaultable Debt
Peter Kondor , University of Chicago
Veronica Guerrieri , University of Chicago
Abstract and Article  

Specification Analysis of Structural Credit Risk Models
Jing-Zhi Huang , Pennsylvania State University
Hao Zhou , Government of the United States of America
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?
Gabriel Jimenez , Bank of Spain
Jesus Saurina Salas , Bank of Spain
Steven R. G. Ongena , Tilburg University
Jose-Luis Peydro , European Central Bank (ECB)
Abstract and Article  

Discussants:
Michelle White , University of California, San Diego
Neng Wang , Columbia University
Ilya Strebulaev , Stanford Graduate School of Business
Amir Sufi , University of Chicago

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)
Abstract and Article  

Information and Cross-Border Equity Holdings
Mark S. Seasholes , Hong Kong University of Science & Technology (HKUST)
Vicentiu Covrig , California State University, Northridge
Sonia G. Jimenez-Garcès , National Center for Scientific Research (CNRS)
Patrice C. Fontaine , University of Grenoble 1
Abstract and Article  

Global Market Integration: An Alternative Measure and its Application
Kuntara Pukthuanthong , San Diego State University
Richard W. Roll , University of California, Los Angeles
Abstract and Article  

Is There a Trend in Idiosyncratic Volatility?
Geert Bekaert , Columbia University, Columbia Business School - Economics Department
Robert J. Hodrick , Columbia University
Xiaoyan Zhang , Cornell University
Abstract and Article  

Discussants:
Bernard Dumas , University of Lausanne
Jordi Mondria , University of Toronto
Astrid Schornick , INSEAD
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, McGill University

Intermediated Investment Management
Neal M. Stoughton , University of New South Wales
Youchang Wu , University of Wisconsin - Madison
Josef Zechner , Vienna University of Economics and Business Administration
Abstract and Article  

Why Do Aggressive Payout Policies Reduce Fund Discounts - Is It Signaling, Agency Costs, or Dividend Preferences?
Zhi Jay Wang , University of Illinois at Urbana-Champaign
Vikram K. Nanda , Georgia Institute of Technology
Abstract and Article  

Are ETFs Replacing Index Mutual Funds?
Jennifer C. Huang , University of Texas at Austin
Ilan Guedj , University of Texas at Austin
Abstract and Article  

Mutual Fund Commission Bundling: It’s Not Just How You Pay, It’s What You Buy
Roger M. Edelen , University of California, Davis
Richard B. Evans , University of Virginia
Gregory B. Kadlec , Virginia Polytechnic Institute & State University
Abstract and Article  

Discussants:
Daniel Bergstresser , Harvard Business School
Martin Cherkes , Princeton University
Wei Jiang , Columbia University
Sunil Wahal , Arizona State University

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

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, St. Louis
Abstract and Article  

Sequential Learning, Predictive Regressions, and Optimal Portfolio Returns
Michael S. Johannes , Columbia University
Arthur G. Korteweg , Stanford Graduate School of Business
Nick Polson , University of Chicago
Abstract and Article  

Discussants:
Jerome Detemple , Boston University
Stijn Van Nieuwerburgh , New York University
K.J. Martijn Cremers , Yale School of Management

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

Is Noise Trading Cancelled Out by Aggregation?
Hongjun Yan , Yale University
Abstract and Article  

Behavioral Biases and Mutual Fund Clienteles
Warren B. Bailey , Cornell University
Alok Kumar , University of Texas at Austin
David Ng , University of Pennsylvania
Abstract and Article  

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

Discussants:
Markus Brunnermeier , Princeton University
Malcolm Baker , Harvard Business School
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

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

Default Probability and Forward Looking Performance Evaluation in Forced Turnover of CEO and CFO
Andy (Young Han) 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 , Northwestern University
Paolo Volpin , London Business School
Yaniv Grinstein , Cornell University

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Diversification and Internal Capital Markets
Belen Villalonga, Harvard Business School

Opening the Black Box: Internal Capital Markets and Managerial Power in Conglomerates
Markus Glaser , University of Mannheim
Florencio Lopez de Silanes , EDHEC Business School
Zacharias Sautner , University of Amsterdam
Abstract and Article  

The Organizational Efficiency of Internal Capital Markets
Gabriel Natividad , New York University
Abstract and Article  

Uncertainty About Average Profitability and the Diversification Discount
John Hund , Tulane University
Donald Monk , US Securities & Exchange Commission
Sheri Tice , Tulane University
Abstract and Article  

CEO Characteristics, CEO-Firm Match and Corporate Refocus Value
Sheng Huang , Singapore Management University
Abstract and Article  

Discussants:
Amit Seru , University of Chicago
Toni Whited
Vojislav Maksimovic , University of Maryland
Yuhai Xuan , Harvard Business School

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Earnings Information and Earnings Management
Devin Shanthikumar, Harvard Business School

Causes or Consequences? Earnings Management Around Seasoned Equity Offerings
Jie Chen , Carnegie Mellon University
Zhaoyang Gu , University of Minnesota - Twin Cities
Yi Tang , Fordham University
Abstract and Article  

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

Costly Information Processing: Evidence from Earnings Announcements
Joseph Engelberg , University of North Carolina at Chapel Hill
Abstract and Article  

Discussants:
Jennifer Juergens , affiliation not provided to SSRN
Pierre Jinghong Liang , Carnegie Mellon University
Anna Scherbina , University of California, Davis

01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 8
Hedge Funds
Mila Getmansky, University of Massachusetts at Amherst

Why Do Hedge Funds' Worst Returns Cluster? Common Liquidity Shocks vs. Contagion
Nicole M. Boyson , Northeastern University
Christof W. Stahel , George Mason University
Rene M. Stulz , Ohio State University
Abstract and Article  

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

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

Discussants:
Andrew Lo , Massachusetts Institute of Technology (MIT)
William Goetzmann , Yale School of Management
Bing Liang , University of Massachusetts at Amherst

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

Limited Participation and Consumption-Saving Puzzles: A Simple Explanation and the Role of Insurance
Hong Liu , Washington University, St. Louis
Todd A. Gormley , University of Pennsylvania
Guofu Zhou , Washington University, St. Louis
Abstract and Article  

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

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

Discussants:
Stanley Zin , Carnegie Mellon University
Ralph Koijen , University of Chicago

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

Competition and Bias
Harrison G. Hong , Princeton University
Marcin T. Kacperczyk , New York University
Abstract and Article  

Sell Side School Ties
Andrea Frazzini , University of Chicago
Christopher J. Malloy , Harvard Business School
Lauren Cohen , Harvard Business School
Abstract and Article  

Marketing Financial Claims
Salim Chahine , American University of Beirut
Alexander Ljungqvist , New York University
Roni Michaely , Cornell University
Abstract and Article  

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

Discussants:
Daniel Paravisini , Columbia University, Columbia Business School - Economics Department
Joseph Chen , University of California, Davis
Ulrike Malmendier , University of California, Berkeley
Brad Barber , University of California, Davis

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

Volatility, Liquidity, Credit Spreads and Bankruptcy Prediction
Arthur G. Korteweg , Stanford Graduate School of Business
Nick Polson , University of Chicago
Abstract and Article  

Reduced-Form Valuation of Callable Corporate Bonds: Theory and Evidence
Robert A. Jarrow , Cornell University
Haitao Li , University of Michigan at Ann Arbor
Sheen Liu , Washington State University
Chunchi Wu , University of Missouri at Columbia
Abstract and Article  

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

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

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

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

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

Do Public Equity Markets Matter in Emerging Economies? Evidence from India
Radhakrishnan Gopalan , Washington University, St. Louis
Todd A. Gormley , University of Pennsylvania
Abstract and Article  

The Political Origin of Pension Funding
Enrico C. Perotti , University of Amsterdam
Armin Schwienbacher , Catholic University of Louvain
Abstract and Article  

Discussants:
Enrico Perotti , University of Amsterdam
Meijun Qian , National University of Singapore (NUS)
Rajkamal Iyer , University of Amsterdam
Li Jin , Harvard Business School

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

The Role of the Media in Initial Public Offerings
Laura Xiaolei Liu , Hong Kong University of Science & Technology (HKUST)
Ann E. Sherman , DePaul University
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 University
Abstract and Article  

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

Discussants:
Jay Ritter , University of Florida
Mark Grinblatt , University of California, Los Angeles
Michael Cooper , University of Utah

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

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

Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets
Motohiro Yogo , University of Pennsylvania
Abstract and Article  

Stochastic House Appreciation and Optimal Mortgage Lending
Tomasz Piskorski , Columbia University
Alexei Tchistyi , University of California, Berkeley
Abstract and Article  

Discussants:
Riccardo Colacito , University of North Carolina at Chapel Hill
João Cocco , London Business School
Chester Spatt , Carnegie Mellon University

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

How Important is Financial Risk?
Murat Atamer , University of North Carolina at Chapel Hill
Sohnke M. Bartram , Lancaster University
Gregory W. Brown , University of North Carolina at Chapel Hill
Abstract and Article  

Excess Volatility of Corporate Bonds
Jack Bao , Ohio State University
Jun Pan , Massachusetts Institute of Technology (MIT)
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
Alexandre M. Baptista , George Washington University
Shu Yan , University of South Carolina
Abstract and Article  

Discussants:
Michael Lemmon , University of Utah
Sreedhar Bharath , University of Michigan at Ann Arbor
Peter Christoffersen , McGill University