Preliminary Program

AFA 2010 ATLANTA MEETINGS (ARCHIVE)

Atlanta, GA     January 3, 2010 through January 5, 2010

SEVENTIETH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Darrell Duffie President-Elect and Program Chair: John H. Cochrane

Go to the first session on
    January 03, 2010
    January 04, 2010
    January 05, 2010


1/4/2010 5:45 PM - Business Meeting and Awards 6:15 PM - Presidential Address Hilton Grand Ballroom A


01/03/2010 - 8:00 AM
Location: Hilton Grand Ballroom B
Commodities
Lasse Pedersen, New York University (NYU)

Limits to Arbitrage and Hedging: Evidence from Commodity Markets
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Tarun Ramadorai, University of Oxford - Said Business School
Lars A. Lochstoer, Columbia Business School - Finance and Economics
Abstract and Article  

An Anatomy of Commodity Futures Risk Premia
Marta Szymanowska, Erasmus University Rotterdam (EUR) - Department of Financial Management
Frans de Roon, Tilburg University - Department of Finance
Theo Nijman, Tilburg University - Center and Faculty of Economics and Business Administration
Rob van den Goorbergh, APG Asset Management
Abstract and Article  

What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?
Harrison G. Hong, Princeton University - Department of Economics
Motohiro Yogo, Federal Reserve Banks - Federal Reserve Bank of Minneapolis
Abstract and Article  

Discussants:
Gary Gorton, Yale University
Hendrik Bessembinder, University of Utah - Department of Finance
Erkko Etula, Goldman Sachs Group, Inc. - Investment Management Division - America


01/03/2010 - 8:00 AM
Location: Hilton Grand Salon D
Derivatives: Option Pricing
Michael Johannes, Columbia Business School - Finance and Economics

Cash Mergers and the Volatility Smile
Alan Bester, University of Chicago - Booth School of Business
Victor Hugo Martinez, City University of New York, CUNY Baruch College - Zicklin School of Business - Department of Economics and Finance
Ioanid Rosu, HEC Paris (Groupe HEC) - Finance Department
Abstract and Article  

Dynamic Jump Intensities and Risk Premia: Evidence from S&P500 Returns and Options
Peter Christoffersen, University of Toronto - Rotman School of Management
Kris Jacobs, University of Houston - C.T. Bauer College of Business
Chayawat Ornthanalai, University of Toronto - Rotman School of Management
Abstract and Article  

Expected Option Returns and the Structure of Jump Risk Premia
Nicole Branger, University of Muenster - Finance Center Muenster
Alexandra Hansis, Goethe University Frankfurt - House of Finance
Christian Schlag, Goethe University Frankfurt
Abstract and Article  

Discussants:
Ajay Subramanian, Georgia State University - J. Mack Robinson College of Business
David Bates, University of Iowa - Department of Finance
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management


01/03/2010 - 8:00 AM
Location: Hilton Grand Ballroom A
Volatility
Jeffrey Russell, University of Chicago - Booth School of Business - Econometrics and Statistics

Why are U.S. Stocks More Volatile?
Söhnke M. Bartram, University of Warwick - Finance Group
Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill - Finance Area
Rene M. Stulz, Ohio State University (OSU) - Department of Finance
Abstract and Article  

What is the Shape of the Risk-Return Relation?
Alberto G. P. Rossi, Board of Governors of the Federal Reserve System (FRB)
Allan G. Timmermann, University of California, San Diego (UCSD) - Department of Economics
Abstract and Article  

Discussants:
Omid Sabbaghi, University of Detroit Mercy
Claudia Moise, Securities and Exchange Commission (SEC)


01/03/2010 - 8:00 AM
Location: Hilton Grand Salon E
Behavioral Finance - Theory and Experiment
Nicholas Barberis, Yale School of Management

The Gambler's and Hot-Hand Fallacies: Theory and Applications
Matthew Rabin, University of California, Berkeley - Department of Economics
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance
Abstract and Article  

Price Formation with Confirmation Bias
Stephane Villeneuve, University of Toulouse 1 - Toulouse School of Economics (TSE)
Sebastien Pouget, University of Toulouse 1 - Toulouse School of Economics (TSE)
Abstract and Article  

Stocking Up: Executive Optimism, Option Exercise, and Share Retention
Rik Sen, Hong Kong University of Science & Technology - Department of Finance
Robert Tumarkin, UNSW Australia Business School, School of Banking and Finance
Abstract and Article  

Discussants:
Bing Han, University of Toronto - Finance Area
Nicholas Barberis, Yale School of Management
Ulrike Malmendier, University of California, Berkeley - Department of Economics


01/03/2010 - 8:00 AM
Location: Hilton Grand Ballroom D
Executive Compensation
Dirk Jenter, Stanford Graduate School of Business

Managerial Attributes and Executive Compensation
John R. Graham, Duke University - Finance
Si Li, Wilfrid Laurier University - School of Business & Economics
Jiaping Qiu, McMaster University - Michael G. DeGroote School of Business
Abstract and Article  

Are All CEOs above Average? An Empirical Analysis of Compensation Peer Groups and Pay Design
John M. Bizjak, Texas Christian University
Michael L. Lemmon, University of Utah - Department of Finance
Thanh Lai Nguyen, University of Utah - Department of Finance
Abstract and Article  

Is Executive Compensation Shaped by Public Attitudes?
Camelia M. Kuhnen, University of North Carolina (UNC) at Chapel Hill - Finance Area
Alexandra Niessen-Ruenzi, University of Mannheim - Finance Area
Abstract and Article  

Discussants:
Carola Frydman, Boston University - Department of Economics
Jun Yang, Indiana University - Kelley School of Business - Department of Finance
David Yermack, New York University (NYU) - Department of Finance


01/03/2010 - 8:00 AM
Location: Hilton Grand Ballroom C
Investment and Product Markets
Christopher Hennessy, London Business School

Political Uncertainty and Corporate Investment Cycles
Brandon Julio, London Business School
Youngsuk Yook, Board of Governors of the Federal Reserve System (FRB)
Abstract and Article  

The Real Effects of Financial Constraints: Evidence from a Financial Crisis
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
John R. Graham, Duke University - Finance
Campbell R. Harvey, Duke University - Fuqua School of Business
Abstract and Article  

Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act
Mitchell A. Petersen, Northwestern University - Kellogg School of Management
Michael W. Faulkender, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Discussants:
Toni Whited, University of Rochester - Simon Business School
Vikrant Vig, London Business School
Michael Roberts, University of Pennsylvania - The Wharton School


01/03/2010 - 10:15 AM
Location: Hilton Grand Ballroom D
Fixed Income -- Term Structure
Pietro Veronesi, University of Chicago - Finance

A New Perspective on Gaussian Dynamic Term Structure Models
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Kenneth J. Singleton, Stanford University - Knight Management Center
Haoxiang Zhu, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Do Central Bank Liquidity Facilities Affect Interbank Lending Rates?
Jens Henrik Eggert Christensen, Federal Reserve Banks - Federal Reserve Bank of San Francisco
Jose A. Lopez, Federal Reserve Banks - Federal Reserve Bank of San Francisco
Glenn D. Rudebusch, Federal Reserve Banks - Federal Reserve Bank of San Francisco
Abstract and Article  

A Monetary Explanation of the Term Structure of Interest Rates and Bond Risk Premia
Hwagyun Kim, Texas A&M University (TAMU) - Department of Finance
Agnes J. Moon, University of Miami - Department of Finance
Abstract and Article  

Decomposing the Yield Curve
John H. Cochrane, University of Chicago - Finance
Monika Piazzesi, University of Chicago - Booth School of Business
Abstract and Article  

Discussants:
Gregory Duffee, Johns Hopkins University - Department of Economics
Francis Longstaff, University of California, Los Angeles (UCLA) - Finance Area
Andrea Buraschi, University of Chicago - Booth School of Business
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute


01/03/2010 - 10:15 AM
Location: Hilton Grand Ballroom C
Forecasting Returns
Ralph Koijen, London Business School - Department of Finance

Are Stocks Really Less Volatile in the Long Run?
Lubos Pastor, University of Chicago - Finance
Robert F. Stambaugh, University of Pennsylvania - Finance Department
Abstract and Article  

What Does Equity Sector Orderflow Tell Us About the Economy?
Alessandro Beber, City University London - Faculty of Finance
Michael W. Brandt, Duke University - Fuqua School of Business
Kenneth A. Kavajecz, Syracuse University
Abstract and Article  

Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole
Miguel A. Ferreira, New University of Lisbon - Nova School of Business and Economics
Pedro Santa-Clara, New University of Lisbon - Nova School of Business and Economics
Abstract and Article  

Discussants:
Luis Viceira, Harvard Business School - Finance Unit
Burton Hollifield, Carnegie Mellon University - David A. Tepper School of Business
Jules van Binsbergen, University of Pennsylvania - The Wharton School


01/03/2010 - 10:15 AM
Location: Hilton Grand Salon D
Corporate Risk Management
James Weston, Rice University - Jesse H. Jones Graduate School of Business

Risk Management and Firm Value: Evidence from Weather Derivatives
Francisco Perez-Gonzalez, Stanford Graduate School of Business
Hayong Yun, Michigan State University - Department of Finance
Abstract and Article  

Foreign Currency Exposure and Hedging: Evidence from Foreign Acquisitions
Söhnke M. Bartram, University of Warwick - Finance Group
Natasha Burns, University of Texas at San Antonio - Department of Finance
Jean Helwege, University of South Carolina
Abstract and Article  

Managerial Overconfidence and Corporate Risk Management
Tim Adam, Humboldt University of Berlin
Chitru S. Fernando, University of Oklahoma - Michael F. Price College of Business
Evgenia V. Golubeva, University of Oklahoma - Division of Finance
Abstract and Article  

Discussants:
Jess Cornaggia, Georgetown University - Department of Finance
George Allayannis, University of Virginia (UVA) - Darden School of Business
Darius Miller, Southern Methodist University (SMU) - Edwin L. Cox School of Business


01/03/2010 - 10:15 AM
Location: Hilton Grand Ballroom B
Behavioral Finance - Individual Investors
Terrance Odean, University of California, Berkeley - Haas School of Business

Peer Performance and Stock Market Entry
Markku Kaustia, Aalto University - Department of Accounting and Finance
Samuli Knüpfer, London Business School
Abstract and Article  

IQ, Trading Behavior, and Performance
Mark Grinblatt, University of California, Los Angeles (UCLA) - Finance Area
Matti Keloharju, Aalto University - School of Business
Juhani T. Linnainmaa, University of Chicago - Finance
Abstract and Article  

In Search of Attention
Zhi Da, University of Notre Dame - Mendoza College of Business
Joseph Engelberg, University of California, San Diego (UCSD) - Rady School of Management
Pengjie Gao, University of Notre Dame
Abstract and Article  

Retail Investors and the Adjustment of Stock Prices to Earnings Information
Daniel J. Taylor, University of Pennsylvania - Accounting Department
Abstract and Article  

Discussants:
Simon Gervais, Duke University - Fuqua School of Business
Mark Seasholes, Hong Kong University of Science & Technology - Department of Finance
Shimon Kogan, University of Texas at Austin
Ronnie Sadka, Boston College - Carroll School of Management


01/03/2010 - 10:15 AM
Location: Hilton Grand Salon E
Banking and Financial Institutions
Bruce Carlin, University of California, Los Angeles (UCLA) - Anderson School of Management

On Externalities and Incentives: The Role of the Market Power and Organizational Form of Financial Intermediaries
Kose John, New York University (NYU) - Department of Finance
David Gaddis Ross, Columbia Business School - Management
Abstract and Article  

The Effects of the Organizational Structure On Asset Management
Massimo Massa, INSEAD - Finance
Lei Zhang, Nanyang Technological University (NTU)
Abstract and Article  

Discussants:
Gustavo Manso, University of California, Berkeley - Haas School of Business
David Robinson, Duke University - Fuqua School of Business


01/03/2010 - 10:15 AM
Location: Hilton Grand Ballroom A
Managerial Terminations and Determinants of Executive Compensation Plans
Ivo Welch, University of California, Los Angeles (UCLA)

Behind the Scenes: Performance Target Setting of Annual Incentive Plans
Daniel Sungyeon Kim, Peking University - HSBC School of Business
Jun Yang, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Peer Choice in CEO Compensation
Ana M. Albuquerque, Boston University
Gus De Franco, University of Toronto - Rotman School of Management
Rodrigo S. Verdi, University of Pennsylvania - Accounting Department
Abstract and Article  

Who Disciplines Bank Managers?
Martin Cihák, International Monetary Fund (IMF)
Andrea Michaela Maechler, International Monetary Fund (IMF)
Klaus Schaeck, University of Wales System - Bangor University
Stéphanie Stolz, International Monetary Fund (IMF)
Abstract and Article  

The Executive Turnover Risk Premium
Florian S. Peters, University of Amsterdam
Alexander F. Wagner, University of Zurich - Department of Banking and Finance
Abstract and Article  

Discussants:
Dirk Jenter, Stanford Graduate School of Business
Dirk Jenter, Stanford Graduate School of Business
Adam Ashcraft, Federal Reserve Banks - Federal Reserve Bank of New York
Jay Hartzell, University of Texas at Austin - Department of Finance


01/03/2010 - 2:30 PM
Location: Hilton Grand Salon E
Anomalies and Efficiency
Joshua Coval, Harvard Business School - Finance Unit

Does Public Financial News Resolve Asymmetric Information?
Paul C. Tetlock, Columbia Business School - Finance and Economics
Abstract and Article  

The Weekend Effect in Equity Option Returns
Christopher S. Jones, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Joshua Shemesh, University of Melbourne - Department of Finance
Abstract and Article  

Individual Investor Trading and Return Patterns Around Earnings Announcements
Ron Kaniel, University of Rochester - Simon Business School
Shuming Liu, San Francisco State University
Gideon Saar, Cornell University - Samuel Curtis Johnson Graduate School of Management
Sheridan Titman, University of Texas at Austin - Department of Finance
Abstract and Article  

Discussants:
Eric Kelley, University of Tennessee, Knoxville
Allen Poteshman, University of Illinois at Urbana-Champaign - Department of Finance
Roberto Gutierrez, University of Oregon - Department of Finance


01/03/2010 - 2:30 PM
Location: Hilton Grand Ballroom B
Asset Pricing Theory
Nicolae Garleanu, University of California, Berkeley - Haas School of Business

Equilibrium Credit Spreads and the Macroeconomy
Joao F. Gomes, University of Pennsylvania - Finance Department
Lukas Schmid, Duke University - Finance
Abstract and Article  

Comovement and Volatility Risk Premia
Andrea Buraschi, University of Chicago - Booth School of Business
Fabio Trojani, Swiss Finance Institute
Andrea Vedolin, London School of Economics & Political Science (LSE) - Department of Finance
Abstract and Article  

An Institutional Theory of Momentum and Reversal
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance
Paul Woolley, London School of Economics & Political Science (LSE)
Abstract and Article  

Discussants:
Dmitry Livdan, University of California, Berkeley - Haas School of Business
Ian Martin, Stanford Graduate School of Business
Jennifer Huang, University of Texas at Austin - Department of Finance


01/03/2010 - 2:30 PM
Location: Hilton Grand Ballroom C
Credit Risk
Ilya Strebulaev, Stanford Graduate School of Business

Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?
Darren J. Kisgen, Boston College - Carroll School of Management
Philip E. Strahan, Boston College - Department of Finance
Abstract and Article  

Correlation in Corporate Defaults: Contagion or Conditional Independence?
David Lando, Copenhagen Business School
Mads Stenbo Nielsen, Copenhagen Business School - Department of Finance
Abstract and Article  

On Correlation and Default Clustering in Credit Markets
Antje Berndt, North Carolina State University - Poole College of Management
Peter H. Ritchken, Case Western Reserve University - Department of Banking & Finance
Zhiqiang Sun, National City Bank
Abstract and Article  

Discussants:
Sergei Davydenko, University of Toronto - Finance Area
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management


01/03/2010 - 2:30 PM
Location: Hilton Grand Ballroom A
Information and Beliefs in Price Formation
Lauren Cohen, Harvard Business School

Don't Believe the Hype: Local Media Slant, Local Advertising, and Firm Value
Umit G. Gurun, University of Texas at Dallas - Naveen Jindal School of Management
Alexander W. Butler, Rice University - Jesse H. Jones Graduate School of Business
Abstract and Article  

Trust and Credit
Jefferson Duarte, Rice University - Jesse H. Jones Graduate School of Business
Stephan Siegel, University of Washington - Michael G. Foster School of Business
Lance A. Young, University of Washington - Department of Finance and Business Economics
Abstract and Article  

New Evidence on the First Financial Bubble
Rik Frehen, Tilburg University
William N. Goetzmann, Yale School of Management
K. Geert Rouwenhorst, Yale School of Management
Abstract and Article  

Global, Local, and Contagious Investor Sentiment
Malcolm P. Baker, Harvard Business School - Finance Unit
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Yu Yuan, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Abstract and Article  

Discussants:
Dong Lou, London School of Economics & Political Science (LSE)
Nagpurnanand Prabhala, University of Maryland - Robert H. Smith School of Business
Markus Brunnermeier, Princeton University - Department of Economics
Byoung-Hyoun Hwang, Cornell University - Dyson School of Applied Economics and Management


01/03/2010 - 2:30 PM
Location: Hilton Grand Salon D
Borrowing and Lending
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management

Bank Capital, Borrower Power, and Loan Rates
João A. C. Santos, Federal Reserve Banks - Federal Reserve Bank of New York
Andrew Winton, University of Minnesota - Twin Cities - Carlson School of Management
Abstract and Article  

Securitization without Adverse Selection: The Case of CLOs
Effi Benmelech, Harvard University - Department of Economics (Finance Authors)
Jennifer Dlugosz, Washington University in Saint Louis - John M. Olin Business School
Victoria Ivashina, Harvard Business School - Finance Unit
Abstract and Article  

Global Retail Lending in the Aftermath of the US Financial Crisis: Distinguishing between Supply and Demand Effects
Manju Puri, Duke University - Fuqua School of Business
Jörg Rocholl, ESMT European School of Management and Technology
Sascha Steffen, ESMT European School of Management and Technology
Abstract and Article  

Competition, Financial Innovation and Specialization in Credit Markets
Rebecca Zarutskie, Board of Governors of the Federal Reserve System (FRB)
Abstract and Article  

Discussants:
Daniel Paravisini, London School of Economics & Political Science (LSE)
Paul Willen, Federal Reserve Banks - Federal Reserve Bank of Boston
Jose-Luis Peydro, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Nicola Cetorelli, Federal Reserve Banks - Federal Reserve Bank of New York


01/03/2010 - 2:30 PM
Location: Hilton Grand Ballroom D
Capital Structure: Financial Distress and Financial Flexibility
Mitchell Petersen, Northwestern University - Kellogg School of Management

Does Source of Capital Affect Investment and Firm Value?
Indraneel Chakraborty, Southern Methodist University (SMU) - Finance Department
Abstract and Article  

Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases
David J. Denis, University of Pittsburgh - Katz Graduate School of Business
Stephen B. McKeon, University of Oregon - Department of Finance
Abstract and Article  

Capital Structure and Employee Pay: An Empirical Analysis
Thomas J. Chemmanur, Boston College - Department of Finance
Yingmei Cheng, Florida State University - College of Business
Tianming Zhang, Florida State University - Department of Accounting
Abstract and Article  

Discussants:
Mark Carey, Government of the United States of America - International Banking Section
Michael Faulkender, University of Maryland - Robert H. Smith School of Business
Michael Roberts, University of Pennsylvania - The Wharton School


01/04/2010 - 8:00 AM
Location: Hilton Grand Ballroom D
Equity Risk Premiums -- Empirical
Pedro Santa-Clara, New University of Lisbon - Nova School of Business and Economics

Optimized vs. Sort-Based Portfolios
Gerard Hoberg, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Ivo Welch, University of California, Los Angeles (UCLA)
Abstract and Article  

The Cross-Section and Time-Series of Stock and Bond Returns
Ralph S. J. Koijen, London Business School - Department of Finance
Hanno N. Lustig, University of California, Los Angeles (UCLA)
Stijn Van Nieuwerburgh, New York University (NYU) - Department of Finance
Abstract and Article  

Value and Momentum Everywhere
Clifford S. Asness, AQR Capital Management, LLC
Tobias J. Moskowitz, University of Chicago - Finance
Lasse Heje Pedersen, New York University (NYU)
Abstract and Article  

Discussants:
Wayne Ferson, University of Southern California
Monika Piazzesi, University of Chicago - Booth School of Business
Sheridan Titman, University of Texas at Austin - Department of Finance


01/04/2010 - 8:00 AM
Location: Hilton Grand Ballroom C
Portfolio Choice -- Dynamic Allocation
Anthony Lynch, New York University (NYU) - Department of Finance

Dynamic Trading with Predictable Returns and Transaction Costs
Nicolae Garleanu, University of California, Berkeley - Haas School of Business
Lasse Heje Pedersen, New York University (NYU)
Abstract and Article  

Strategic Allocation: The Role of Corporate Bond Indices?
Antonios A. Sangvinatsos, New York University (NYU) - Department of Finance
Abstract and Article  

Dynamic Asset Allocation with Ambiguous Return Predictability
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Nengjiu Ju, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Jianjun Miao, Boston University - Department of Economics
Abstract and Article  

Discussants:
Hong Liu, Washington University in Saint Louis - John M. Olin Business School
Jennifer Huang, University of Texas at Austin - Department of Finance
Martin Schneider, Stanford University


01/04/2010 - 8:00 AM
Location: Hilton Grand Ballroom A
Structured Finance; CDS, ABS, MBS, etc.
Francis Longstaff, University of California, Los Angeles (UCLA) - Finance Area

Did Structured Credit Fuel the LBO Boom?
Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill - Finance Area
Yihui Wang, Fordham University - Finance Area
Abstract and Article  

Securitization, Transparency and Liquidity
Marco Pagano, University of Naples Federico II - Department of Economics
Paolo F. Volpin, City University London - Faculty of Finance
Abstract and Article  

Did Subjectivity Play a Role in CDO Credit Ratings?
John M. Griffin, University of Texas at Austin - Department of Finance
Dragon Yongjun Tang, University of Hong Kong - School of Economics and Finance
Abstract and Article  

Discussants:
Micah Officer, Loyola Marymount University - Department of Finance and Computer Information Systems
Gustavo Manso, University of California, Berkeley - Haas School of Business
Efraim Benmelech, Harvard University - Department of Economics (Finance Authors)


01/04/2010 - 8:00 AM
Location: Hilton Grand Salon D
Behavioral Finance - Corporate
Jeffrey Wurgler, New York University (NYU) - Department of Finance

Under New Management: Equity Issues and the Attribution of Past Returns
Malcolm P. Baker, Harvard Business School - Finance Unit
Yuhai Xuan, Harvard Business School - Finance Unit
Abstract and Article  

Why Do Firms Pay Cash in Acquisitions? Evidence From a Catering Perspective
Lei Zhang, Nanyang Technological University (NTU)
Abstract and Article  

Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans
Mariassunta Giannetti, Stockholm School of Economics - Department of Finance
Yishay Yafeh, Hebrew University of Jerusalem - Jerusalem School of Business Administration
Abstract and Article  

Discussants:
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) - Finance Area
Jarrad Harford, University of Washington - Michael G. Foster School of Business
Enrichetta Ravina, Columbia Business School - Finance and Economics


01/04/2010 - 8:00 AM
Location: Hilton Grand Salon E
Bankruptcy and Distress
Amit Seru, University of Chicago - Finance

The Changing Nature of Chapter 11
Sreedhar T. Bharath, University of Michigan, Stephen M. Ross School of Business
Venkatesh Panchapagesan, Goldman Sachs Group, Inc.
Ingrid M. Werner, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Recovery Rates and Macroeconomic Conditions: The Role of Loan Covenants
Zhipeng Zhang, Boston College - Department of Finance
Abstract and Article  

Do Creditor Rights Increase Employment Risk? Evidence from Debt Covenants
Antonio Falato, Federal Reserve Board - Capital Markets Section
Nellie Liang, Federal Reserve Board - Capital Markets Section
Abstract and Article  

Discussants:
Hulya Eraslan, Johns Hopkins University - Department of Economics
Michael Roberts, University of Pennsylvania - The Wharton School
Sudheer Chava, Georgia Institute of Technology - College of Management


01/04/2010 - 8:00 AM
Location: Hilton Grand Salon A
Capital Structure -- Beyond Debt and Equity
Murray Carlson, University of British Columbia (UBC) - Sauder School of Business

Corporate Precautionary Savings
Martin Boileau, University of Colorado at Boulder - Department of Economics
Nathalie Moyen, University of Colorado at Boulder - Department of Finance
Abstract and Article  

Discussants:
Gian Luca Clementi, Leonard N. Stern School of Business - Department of Economics


01/04/2010 - 10:15 AM
Location: Hilton Grand Salon D
Equity Risk Premiums
Rajnish Mehra, Arizona State University (ASU) - Economics Department

Uncertainty, Time-Varying Fear, and Asset Prices
Itamar Drechsler, New York University (NYU) - Department of Finance
Abstract and Article  

Inequality Risk Premia
Timothy C. Johnson, University of Illinois at Urbana-Champaign
Abstract and Article  

Government Bonds and the Cross-Section of Stock Returns
Malcolm P. Baker, Harvard Business School - Finance Unit
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Abstract and Article  

Discussants:
Ravi Bansal, Duke University - Fuqua School of Business
Amir Yaron, University of Pennsylvania - Finance Department
Vito Gala, University of Pennsylvania - Finance Department


01/04/2010 - 10:15 AM
Location: Hilton Grand Ballroom D
Liquidity, Trading, and Frictions -- Empirical
Joel Peress, INSEAD - Finance

Strategic Cross-Trading in the U.S. Stock Market
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Clara Vega, Board of Governors of the Federal Reserve System (FRB)
Abstract and Article  

Recent Trends in Trading Activity
Richard Roll, University of California, Los Angeles (UCLA) - Finance Area
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) - Finance Area
Tarun Chordia, Emory University - Department of Finance
Abstract and Article  

Commonality in Liquidity: A Demand-Side Explanation
Andrew Koch, University of Texas at Austin - Department of Finance
Stefan Ruenzi, University of Mannheim - Department of International Finance
Laura T. Starks, University of Texas at Austin - Department of Finance
Abstract and Article  

Discussants:
Robin Greenwood, Harvard Business School - Finance Unit
Charles Jones, Columbia Business School - Finance and Economics
Mark Seasholes, Hong Kong University of Science & Technology - Department of Finance


01/04/2010 - 10:15 AM
Location: Hilton Grand Ballroom C
Portfolio Choice
Michael Brandt, Duke University - Fuqua School of Business

Asset Selection and Under-Diversification with Financial Constraints and Income: Implications for Household Portfolio Studies
Hervé Roche, California State Polytechnic University, San Luis Obispo
Stathis Tompaidis, University of Texas at Austin - Red McCombs School of Business
Chunyu Yang, BI Norwegian Business School
Abstract and Article  

Keynes Meets Markowitz: The Tradeoff Between Familiarity and Diversification
Phelim P. Boyle, Wilfrid Laurier University - School of Business & Economics
Lorenzo Garlappi, University of British Columbia (UBC) - Sauder School of Business
Raman Uppal, London Business School - Institute of Finance and Accounting
Tan Wang, University of British Columbia (UBC) - Division of Finance
Abstract and Article  

Systemic Liquidation Risk and the Diversity-Diversification Trade-Off
Wolf Wagner, Tilburg University - Department of Economics
Abstract and Article  

Optimal Portfolio Allocations with Hedge Funds
Jerome Detemple, Boston University - Department of Finance & Economics
René Garcia, EDHEC Business School
Marcel Rindisbacher, Center for Interuniversity Research and Analysis on Organization (CIRANO)
Abstract and Article  

Discussants:
Michael Gallmeyer, University of Virginia (UVA) - McIntire School of Commerce
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance
Ron Kaniel, University of Rochester - Simon Business School
Pedro Santa-Clara, New University of Lisbon - Nova School of Business and Economics


01/04/2010 - 10:15 AM
Location: Hilton Grand Salon E
Banks in Trouble
Efraim Benmelech, Harvard University - Department of Economics (Finance Authors)

Dynamic Debt Runs
Zhiguo He, University of Chicago - Finance
Wei Xiong, Princeton University - Department of Economics
Abstract and Article  

Efficient Recapitalization
Thomas Philippon, New York University (NYU) - Department of Finance
Philipp Schnabl, New York University (NYU) - Department of Finance
Abstract and Article  

Financial Crises and Bank Liquidity Creation
Allen N. Berger, University of South Carolina - Moore School of Business
Christa H. S. Bouwman, Texas A&M University (TAMU) - Department of Finance
Abstract and Article  

Discussants:
Bilge Yilmaz, University of Pennsylvania - Finance Department
Adriano Rampini, Duke University
Nittai Bergman, Massachusetts Institute of Technology (MIT) - Sloan School of Management


01/04/2010 - 10:15 AM
Location: Hilton Grand Salon A
Finance and Accounting
Christian Leuz, University of Chicago - Booth School of Business

Factor-Loading Uncertainty and Expected Returns
Chris Armstrong, University of Pennsylvania - Accounting Department
Snehal Banerjee, Kellogg School of Management - Department of Finance
Carlos Corona, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Do Firms Adjust Their Timely Loss Recognition in Response to Changes in the Banking Industry?
Todd A. Gormley, University of Pennsylvania - Finance Department
Bong Hwan Kim, Seoul National University - Graduate School of Public Administration
Xiumin Martin, University of Missouri at Columbia
Abstract and Article  

How Important is the Financial Press in Global Markets?
John M. Griffin, University of Texas at Austin - Department of Finance
Nicholas Hirschey, University of Texas at Austin - Department of Finance
Patrick J. Kelly, New Economic School (NES)
Abstract and Article  

Discussants:
Pietro Veronesi, University of Chicago - Finance
Mark Bradshaw, Boston College - Carroll School of Management
Craig Doidge, University of Toronto - Rotman School of Management


01/04/2010 - 10:15 AM
Location: Hilton Grand Ballroom A
Securities, Markets, and Corporate Governance
Tano Santos, Columbia Business School - Economics Department

Employee Capitalism or Corporate Socialism? Broad-Based Employee Stock Ownership
E. Han Kim, University of Michigan, Stephen M. Ross School of Business
Paige Parker Ouimet, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Abstract and Article  

The Defeasance of Control Rights
Carsten Bienz, Norwegian School of Economics (NHH)
Antoine Faure-Grimaud, London School of Economics & Political Science (LSE) - Department of Economics
Zsuzsanna Fluck, Michigan State University - Department of Finance
Abstract and Article  

Equity Markets and Institutions: The Case of Japan
Julian R. Franks, London Business School - Institute of Finance and Accounting
Colin Mayer, University of Oxford - Said Business School
Hideaki Miyajima, Waseda University - Graduate School of Commerce
Abstract and Article  

Discussants:
Daniel Paravisini, London School of Economics & Political Science (LSE)
Michael Roberts, University of Pennsylvania - The Wharton School
Jun Qian, Boston College - Carroll School of Management


01/04/2010 - 2:30 PM
Location: Hilton Grand Salon E
Analysts and Stock Returns
Christopher Malloy, Harvard Business School

Long-Term Earnings Growth Forecasts, Limited Attention, and Return Predictability
Zhi Da, University of Notre Dame - Mendoza College of Business
Mitch Warachka, Claremont Colleges - Robert Day School of Economics and Finance
Abstract and Article  

Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices
Nerissa C. Brown, University of Delaware - Alfred Lerner College of Business and Economics
Kelsey D. Wei, University of Texas at Dallas - Naveen Jindal School of Management
Russ Wermers, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Analysts’ Industry Expertise
Ohad Kadan, Washington University in Saint Louis - John M. Olin Business School
Leonardo Madureira, Case Western Reserve University - Weatherhead School of Management
Rong Wang, Singapore Management University
Tzachi Zach, Ohio State University (OSU) - Fisher College of Business
Abstract and Article  

Are Analysts’ Forecasts Informative to the General Public?
Oya Altinkilic, George Washington University - Department of Finance
Vadim S. Balashov, Rutgers, The State University of New Jersey - Rutgers University, Camden
Robert S. Hansen, Tulane University - A.B. Freeman School of Business
Abstract and Article  

Discussants:
Anna Scherbina, University of California, Davis - Graduate School of Management
Lily Fang, INSEAD - Finance
Kewei Hou, Ohio State University (OSU) - Department of Finance
Kent Womack, University of Toronto - Rotman School of Management


01/04/2010 - 2:30 PM
Location: Hilton Grand Salon D
Asset Pricing Theory: Risk Premiums
Amir Yaron, University of Pennsylvania - Finance Department

Cross-Sectional Asset Pricing Puzzles: A Long-Run Perspective
Doron Avramov, Hebrew University of Jerusalem
Scott Cederburg, University of Arizona - Department of Finance
Satadru Hore, University of Iowa - Department of Finance
Abstract and Article  

Macroeconomic Uncertainty and Asset Prices: A Stochastic Volatility Model
Hwagyun Kim, Texas A&M University (TAMU) - Department of Finance
Hyoung Il Lee, Government of Korea - Ministry of Strategy and Finance
Joon Y. Park, Texas A&M University (TAMU)
Hyosung Yeo, Texas A&M University (TAMU)
Abstract and Article  

Asset Pricing with Left-Skewed Long-Run Risk in Durable Consumption
Wei Yang, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Asset Prices with Heterogeneity in Preferences and Beliefs
Harjoat Singh Bhamra, University of British Columbia (UBC) - Sauder School of Business
Raman Uppal, London Business School - Institute of Finance and Accounting
Abstract and Article  

Discussants:
Timothy Johnson, University of Illinois at Urbana-Champaign
Ivan Shaliastovich, University of Pennsylvania - Finance Department
Stijn Van Nieuwerburgh, New York University (NYU) - Department of Finance
Burton Hollifield, Carnegie Mellon University - David A. Tepper School of Business


01/04/2010 - 2:30 PM
Location: Hilton Grand Salon A
Liquidity, Trading, and Frictions -- Theory
Arvind Krishnamurthy, Northwestern University - Kellogg School of Management

The Creditor Channel of Liquidity Crises
Xuewen Liu, Hong Kong University of Science & Technology
Antonio S. Mello, University of Wisconsin - Madison - Department of Finance, Investment and Banking
Abstract and Article  

Dynamic Trading and Asset Prices: Keynes Vs. Hayek
Giovanni Cespa, City University London - Faculty of Finance
Xavier Vives, University of Navarra, IESE Business School
Abstract and Article  

Liquidity Shocks and Order Book Dynamics
Bruno Biais, Centre for Economic Policy Research (CEPR)
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) - Department of Economics
Abstract and Article  

Discussants:
Zhiguo He, University of Chicago - Finance
Snehal Banerjee, Kellogg School of Management - Department of Finance
Ioanid Rosu, HEC Paris (Groupe HEC) - Finance Department


01/04/2010 - 2:30 PM
Location: Hilton Grand Ballroom C
Private Equity and Venture Capital
Morten Sorensen, Copenhagen Business School

Information Spillovers and Performance Persistence for Hedge Funds
Vincent Glode, University of Pennsylvania - The Wharton School
Richard C. Green, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Why SPAC Investors Should Listen to the Market
Tim Jenkinson, University of Oxford - Said Business School
Miguel Sousa, University of Oxford - Said Business School
Abstract and Article  

Giants at the Gate: Investment Returns and Diseconomies of Scale in Private Equity
Florencio Lopez de Silanes, EDHEC Business School
Ludovic Phalippou, University of Oxford - Said Business School
Olivier Gottschalg, HEC Paris (Groupe HEC) - Strategy & Business Policy
Abstract and Article  

Discussants:
Yael Hochberg, National Bureau of Economic Research (NBER)
Steven Kaplan, University of Chicago - Finance
Arthur Korteweg, University of Southern California - Marshall School of Business


01/04/2010 - 2:30 PM
Location: Hilton Grand Ballroom D
New Topics in Corporate Governance
Paolo Volpin, City University London - Faculty of Finance

Does Governance Travel around the World? Evidence from Institutional Investors
Reena Aggarwal, Georgetown University - Robert Emmett McDonough School of Business
Isil Erel, Ohio State University (OSU) - Department of Finance
Miguel A. Ferreira, New University of Lisbon - Nova School of Business and Economics
Pedro P. Matos, University of Virginia (UVA) - Finance
Abstract and Article  

Relative Governance
Kose John, New York University (NYU) - Department of Finance
Dalida Kadyrzhanova, University of Maryland - Department of Finance
Abstract and Article  

Thirty Years of Corporate Governance: Determinants and Equity Prices
Martijn Cremers, University of Notre Dame - Department of Finance
Allen Ferrell, Harvard Law School
Abstract and Article  

Corporate Governance and Extraordinary Earnings Repatriations: Evidence from the American Jobs Creation Act
Ramin Baghai, Swedish House of Finance
Abstract and Article  

Discussants:
Stefano Rossi, Purdue University - Department of Finance
David Dicks, University of North Carolina (UNC) at Chapel Hill - Finance Area
Joy Ishii, Stanford Graduate School of Business
C. Foley, Harvard Business School


01/04/2010 - 2:30 PM
Location: Hilton Room 305
Equity Issues: IPOs and SEOs
Kose John, New York University (NYU) - Department of Finance

Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
Mozaffar Khan, Harvard Business School
Leonid Kogan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
George Serafeim, Harvard Business School
Abstract and Article  

The Information Content of IPO Prospectuses
Kathleen Weiss Hanley, University of Maryland
Gerard Hoberg, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Rational Financial Management: Evidence from Seasoned Equity Offerings
Michael J. Barclay, Deceased
Fangjian Fu, Singapore Management University - Lee Kong Chian School of Business
Clifford W. Smith Jr., University of Rochester - Simon Business School
Abstract and Article  

Corporate Governance and Investor Confidence in Seasoned Equity Offerings
E. Han Kim, University of Michigan, Stephen M. Ross School of Business
Amiyatosh K. Purnanandam, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Discussants:
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Paul Tetlock, Columbia Business School - Finance and Economics
Mark Leary, Washington University in Saint Louis - John M. Olin Business School
Anzhela Knyazeva, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis


01/04/2010 - 2:30 PM
Location: Hilton Grand Ballroom A
International Markets
David Backus, Leonard N. Stern School of Business - Department of Economics

Crash-Neutral Currency Carry Trades
Jakub W. Jurek, University of Pennsylvania - Finance Department
Abstract and Article  

Crash Risk in Currency Markets
Xavier Gabaix, New York University (NYU) - Department of Finance
Abstract and Article  

Common Risk Factors in Currency Markets
Hanno N. Lustig, University of California, Los Angeles (UCLA)
Nikolai L. Roussanov, University of Pennsylvania - The Wharton School
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management
Jeremy Graveline, University of Minnesota - Twin Cities - Carlson School of Management
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill - Finance Area


01/05/2010 - 8:00 AM
Location: Hilton Grand Salon A
Financial Econometrics of Time-Varying Risk in Asset Pricing and Portfolio Allocation
Francis Diebold, University of Pennsylvania - Department of Economics

Testing Conditional Factor Models
Andrew Ang, Columbia Business School - Finance and Economics
Dennis Kristensen, University College London - Department of Economics
Abstract and Article  

Covariance Estimation in Dynamic Portfolio Optimization: A Realized Single Factor Model
Lada M. Kyj, Humboldt University of Berlin
Barbara Ostdiek, Rice University - Jesse H. Jones Graduate School of Business
Katherine Ensor, Rice University - George R. Brown School of Engineering
Abstract and Article  

Estimating Security Betas Using Prior Information Based on Firm Fundamentals
Mathijs Cosemans, Maastricht University - Limburg Institute of Financial Economics (LIFE)
Rik Frehen, Tilburg University
Peter C. Schotman, Maastricht Accounting and Auditing Research and Education Center (MARC)
Rob Bauer, Maastricht University - Limburg Institute of Financial Economics (LIFE)
Abstract and Article  

Discussants:
Masahiro Watanabe, University of Alberta - School of Business
Michael Brandt, Duke University - Fuqua School of Business
Tarun Chordia, Emory University - Department of Finance


01/05/2010 - 8:00 AM
Location: Hilton Grand Ballroom B
Real Investments and the Stock Market
Xavier Gabaix, New York University (NYU) - Department of Finance

Disentangling Investment Returns and Stock Returns: The Importance of Time-to-Build
Lars-Alexander Kuehn, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Trading Frenzy and Its Impact on Real Investment
Itay Goldstein, University of Pennsylvania - Finance Department
Emre Ozdenoren, London Business School
Kathy Yuan, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Reallocating and Pricing Illiquid Capital: Two Productive Trees
Janice C. Eberly, Northwestern University - Kellogg School of Management
Neng Wang, Columbia Business School - Finance and Economics
Abstract and Article  

Discussants:
Francois Gourio, Boston University - Department of Economics
Joshua Coval, Harvard Business School - Finance Unit
Lu Zhang, Ohio State University (OSU) - Department of Finance


01/05/2010 - 8:00 AM
Location: Hilton Grand Ballroom C
Mutual Funds and Hedge Funds -- Performance
Narayan Y. Naik, London Business School - Institute of Finance and Accounting

Endogenous Benchmarks
David L. Hunter, University of Hawaii at Manoa - Department of Financial Economics and Institutions
Eugene Kandel, Hebrew University of Jerusalem - Department of Economics
Russ Wermers, University of Maryland - Robert H. Smith School of Business
Shmuel Kandel (deceased), Deceased
Abstract and Article  

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
Martijn Cremers, University of Notre Dame - Department of Finance
Antti Petajisto, New York University (NYU) - Department of Finance
Eric Zitzewitz, Dartmouth College - Department of Economics
Abstract and Article  

'When There Is No Place to Hide': Correlation Risk and the Cross-Section of Hedge Fund Returns
Andrea Buraschi, University of Chicago - Booth School of Business
Robert Kosowski, Imperial College Business School
Fabio Trojani, Swiss Finance Institute
Abstract and Article  

Discussants:
Melvyn Teo, Singapore Management University - Lee Kong Chian School of Business
Tarun Ramadorai, University of Oxford - Said Business School
Vikas Agarwal, Georgia State University - J. Mack Robinson College of Business


01/05/2010 - 8:00 AM
Location: Hilton Grand Ballroom D
Mergers and Acquisitions
Christa Bouwman, Texas A&M University (TAMU) - Department of Finance

A Reference Point Theory of Mergers and Acquisitions
Malcolm P. Baker, Harvard Business School - Finance Unit
Xin Pan, Harvard University
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Abstract and Article  

Mergers and Employee Incentives
Paolo Fulghieri, University of North Carolina (UNC) at Chapel Hill - Finance Area
Merih Sevilir, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Liquidity Mergers
Heitor Almeida, University of Illinois at Urbana-Champaign
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Dirk Hackbarth, Boston University - Department of Finance & Economics
Abstract and Article  

Acquirer-Target Social Ties and Merger Outcomes
Joy L. Ishii, Stanford Graduate School of Business
Yuhai Xuan, Harvard Business School - Finance Unit
Abstract and Article  

Discussants:
Dirk Jenter, Stanford Graduate School of Business
Alex Edmans, London Business School - Institute of Finance and Accounting
Todd Gormley, University of Pennsylvania - Finance Department
Ulrike Malmendier, University of California, Berkeley - Department of Economics


01/05/2010 - 8:00 AM
Location: Hilton Grand Ballroom A
Regulation and Policy
Deborah Lucas, Northwestern University - Kellogg School of Management

The Credit Ratings Game
Patrick Bolton, Columbia Business School - Economics Department
Xavier Freixas, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Joel D. Shapiro, University of Oxford - Said Business School
Abstract and Article  

Legal Protection in Retail Financial Markets
Bruce I. Carlin, University of California, Los Angeles (UCLA) - Anderson School of Management
Simon Gervais, Duke University - Fuqua School of Business
Abstract and Article  

Personal Income Taxes and Corporate Investment
Murray Z. Frank, University of Minnesota - Twin Cities - Department of Business Finance
Rajdeep Singh, University of Minnesota - Twin Cities - Carlson School of Management
Tracy Yue Wang, University of Minnesota - Twin Cities - Carlson School of Management
Abstract and Article  

Executive Compensation and the Role for Corporate Governance Regulation
David L. Dicks, University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Discussants:
Marco Pagano, University of Naples Federico II - Department of Economics
Philip Bond, University of Washington - Michael G. Foster School of Business
Chester Spatt, Carnegie Mellon University - David A. Tepper School of Business
Carola Frydman, Boston University - Department of Economics


01/05/2010 - 8:00 AM
Location: Hilton Grand Salon E
Capital Flows, Sovreign Debt, Finance and Trade
Mark Wright, delete

Institutions, Public Debt and Foreign Finance
Nicola Gennaioli, Bocconi University - Department of Finance
Alberto Martin, Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Stefano Rossi, Purdue University - Department of Finance
Abstract and Article  

Sovereign Risk Premia
Nicola Borri, LUISS Guido Carli University - Department of Economics
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Asymmetric Information, Portfolio Managers and Home Bias
Wioletta Dziuda, Northwestern University - Kellogg School of Management
Jordi Mondria, University of Toronto - Department of Economics
Abstract and Article  

How Does Public External Debt Affect the Cost of Corporate Borrowing? Evidence from Syndicated Loans in Emerging Markets
Senay Agca, George Washington University - Department of Finance
Oya Celasun, International Monetary Fund (IMF) - Research Department
Abstract and Article  

Discussants:
Guido Lorenzoni, Northwestern University
Cristina Arellano, University of Minnesota - Twin Cities - Department of Economics
Juan Hatchondo, Federal Reserve Banks - Federal Reserve Bank of Richmond
Galina Hale, Federal Reserve Banks - Federal Reserve Bank of San Francisco


01/05/2010 - 10:15 AM
Location: Hilton Grand Salon A
Mutual Funds and Hedge Funds: Incentives, Contracts and Behavior
Raghuram Rajan, University of Chicago - Finance

Information Production, Retail Investors, and Delegated Portfolio Management
Jie He, University of Georgia - Department of Banking and Finance
Abstract and Article  

Information Networks: Implications for Mutual Fund Trading Behavior and Stock Returns
Ankur Pareek, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Abstract and Article  

The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?
Prachi Deuskar, Indian School of Business (ISB), Hyderabad
Joshua Matthew Pollet, University of Illinois at Urbana-Champaign - Department of Finance
Zhi Jay Wang, University of Oregon - Charles H. Lundquist School of Business
Lu Zheng, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Explicit and Implicit Incentives in Delegated Portfolio Management
Bin Wei, Board of Governors of the Federal Reserve System (FRB)
Abstract and Article  

Discussants:
Joel Vanden, Smeal College of Business
Johan Walden, University of California, Berkeley - Haas School of Business
Christopher Malloy, Harvard Business School
Jacob Sagi, University of North Carolina (UNC) at Chapel Hill - Finance Area


01/05/2010 - 10:15 AM
Location: Hilton Grand Salon E
Lessons from the Subprime Mortgage Crisis
João Cocco, London Business School

Originate-to-Distribute Model and the Subprime Mortgage Crisis
Amiyatosh K. Purnanandam, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

The Effectiveness of Mandatory Mortgage Counseling: Can One Dissuade Borrowers from Choosing Risky Mortgages?
Sumit Agarwal, NUS Business School, National University of Singapore
Gene Amromin, Federal Reserve Bank of Chicago
Itzhak Ben-David, Ohio State University (OSU) - Department of Finance
Souphala Chomsisengphet, Government of the United States of America - Risk Analysis Division
Douglas D. Evanoff, Federal Reserve Bank of Chicago
Abstract and Article  

Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis
Tomasz Piskorski, Columbia Business School - Finance and Economics
Amit Seru, University of Chicago - Finance
Vikrant Vig, London Business School
Abstract and Article  

Discussants:
Otto van Hemert, IMC Asset Management
Olivia Mitchell, University of Pennsylvania - The Wharton School
Philip Strahan, Boston College - Department of Finance


01/05/2010 - 10:15 AM
Location: Hilton Grand Ballroom C
Short Sales and Insiders
Karl Diether, Dartmouth College - Tuck School of Business

Can Short Restrictions Result in More Informed Short Selling? Evidence from the 2008 Regulations
Adam C. Kolasinski, Texas A&M University (TAMU) - Department of Finance
Adam V. Reed, University of North Carolina (UNC) at Chapel Hill - Finance Area
Jacob R. Thornock, University of Washington - Michael G. Foster School of Business
Abstract and Article  

Shackling Short Sellers: The 2008 Shorting Ban
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Charles M. Jones, Columbia Business School - Finance and Economics
Xiaoyan Zhang, Purdue University - Department of Management
Abstract and Article  

Discussants:
Ingrid Werner, Ohio State University (OSU) - Department of Finance
David Musto, University of Pennsylvania - Finance Department


01/05/2010 - 10:15 AM
Location: Hilton Grand Ballroom A
Law and Finance
Sankar De, Independent

The Distributive Impact of Reforms in Credit Enforcement: Evidence from Indian Debt Recovery Tribunals
Dilip Mookherjee, Boston University - Department of Economics
Sujata Visaria, Hong Kong University of Science & Technology - Department of Economics
Ulf von Lilienfeld-Toal, Swedish House of Finance
Abstract and Article  

The Quality of Accounting Information in Politically Connected Firms
Paul K. Chaney, Vanderbilt University - Accounting
Mara Faccio, Purdue University - Krannert School of Management
David C. Parsley, Vanderbilt University - Finance
Abstract and Article  

Discussants:
Esther Duflo, Massachusetts Institute of Technology (MIT) - Department of Economics
Raymond Fisman, Columbia Business School - Finance and Economics


01/05/2010 - 10:15 AM
Location: Hilton Grand Ballroom D
Organization Structure and Corporate Governance
Alon Brav, Duke University - Fuqua School of Business

Benefits of Focus vs. Heterogeneity: An Analysis of Corporate Boards
Anzhela Knyazeva, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis
Diana Knyazeva, Securities and Exchange Commission (SEC)
Charu G. Raheja, Wake Forest University - Babcock Graduate School of Management
Abstract and Article  

Corporate Governance Contagion Through Overlapping Directors
Christa H. S. Bouwman, Texas A&M University (TAMU) - Department of Finance
Abstract and Article  

Does Board Classification Matter? Evidence of Spillover Effects in the Market for Corporate Control
Kose John, New York University (NYU) - Department of Finance
Dalida Kadyrzhanova, University of Maryland - Department of Finance
Abstract and Article  

Discussants:
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Michael Roberts, University of Pennsylvania - The Wharton School
Richmond Mathews


01/05/2010 - 10:15 AM
Location: Hilton Grand Ballroom B
Corporate Structure and Markets
Daniel Wolfenzon, Columbia Business School - Finance and Economics

Time Varying Voting Rights and the Private Benefits of Control
Avner Kalay, Tel Aviv University - Faculty of Management
Shagun Pant, University of Iowa - Department of Finance
Abstract and Article  

Auctioned IPOs: The U.S. Evidence
Francois Degeorge, University of Lugano - Faculty of Economics
François Derrien, HEC Paris (Groupe HEC) - Finance Department
Kent L. Womack, University of Toronto - Rotman School of Management
Abstract and Article  

The Decline in the Cost of Private Placements
Mark R. Huson, University of Alberta - Department of Finance and Statistical Analysis
Paul H. Malatesta, University of Washington - Michael G. Foster School of Business
Robert Parrino, University of Texas at Austin - Department of Finance
Abstract and Article  

Discussants:
Samuel Lee, New York University (NYU) - Leonard N. Stern School of Business
Ann Sherman, DePaul University - Department of Finance
Gordon Phillips, University of Southern California - Marshall School of Business - Finance and Business Economics Department


01/05/2010 - 1:00 PM
Location: Hilton Grand Ballroom B
Market Microstructure
Joel Hasbrouck, New York University (NYU) - Department of Finance

The Information Content of Market-on-Close Imbalances, the Specialist and NYSE Equity Prices
Stewart Mayhew, Cornerstone Research - Washington Office
Tim McCormick, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis
Chester S. Spatt, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Determinants of Volume in Dark Pool Crossing Networks
Mark J. Ready, University of Wisconsin - Madison - Department of Finance, Investment and Banking
Abstract and Article  

Strategic Order Submission and Cancellation in Pre-Opening Periods: The Case of IPO Firms
Joseph Kuk, Commonwealth Bank of Australia - Colonial First State Global Asset Management
Wai-Man (Raymond) Liu, Australian National University (ANU) - School of Finance and Applied Statistics
Peter K. Pham, UNSW Business School
Abstract and Article  

Discussants:
Jos van Bommel, Universite du Luxembourg - School of Finance
Charles Jones, Columbia Business School - Finance and Economics
Albert (Pete) Kyle, University of Maryland


01/05/2010 - 1:00 PM
Location: Hilton Grand Ballroom A
Mutual Funds and Hedge Funds -- Strategies
K. J. Martijn Cremers, University of Notre Dame - Department of Finance

Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Cost
Amber Anand, Syracuse University - Whitman School of Management
Paul J. Irvine, Texas Christian University
Andy Puckett, University of Tennessee, Knoxville
Kumar Venkataraman, Southern Methodist University (SMU) - Edwin L. Cox School of Business
Abstract and Article  

The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance
Zheng Sun, University of California, Irvine - Paul Merage School of Business
Ashley Wang, Board of Governors of the Federal Reserve System (FRB)
Lu Zheng, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

The Year-End Trading Activities of Institutional Investors: Evidence from Daily Trades
Gang Hu, Babson College - Finance Division
R. David McLean, University of Alberta - Department of Finance and Statistical Analysis
Jeffrey Pontiff, Boston College - Department of Finance
Qinghai Wang, Georgia Institute of Technology - Scheller College of Business
Abstract and Article  

Acting on the Most Valuable Information: "Best Idea" Trades of Mutual Fund Managers
Lukasz Pomorski, University of Toronto - Rotman School of Management
Abstract and Article  

Discussants:
John Griffin, University of Texas at Austin - Department of Finance
Roger Edelen, University of California, Davis - Graduate School of Management
Ron Kaniel, University of Rochester - Simon Business School
Antti Petajisto, New York University (NYU) - Department of Finance


01/05/2010 - 1:00 PM
Location: Hilton Grand Salon A
Corporate Finance Theory
Hyun Shin, Bank for International Settlements (BIS)

Law, Institutions and Taxes: A Perspective on Optimal Regulation
Kose John, New York University (NYU) - Department of Finance
Vinay B. Nair, University of Pennsylvania - Finance Department
Lemma W. Senbet, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Financiers Vs. Engineers: Should the Financial Sector Be Taxed or Subsidized?
Thomas Philippon, New York University (NYU) - Department of Finance
Abstract and Article  

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management
Patrick Bolton, Columbia Business School - Economics Department
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Neng Wang, Columbia Business School - Finance and Economics
Abstract and Article  

A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention
Peter Iliev, Pennsylvania State University - Department of Finance
Ivo Welch, University of California, Los Angeles (UCLA)
Abstract and Article  

Discussants:
Patrick Bolton, Columbia Business School - Economics Department
Antonio Falato, Federal Reserve Board - Capital Markets Section
Dirk Hackbarth, Boston University - Department of Finance & Economics
Christa Bouwman, Texas A&M University (TAMU) - Department of Finance


01/05/2010 - 1:00 PM
Location: Hilton Grand Ballroom C
Dividends and Repurchases
Aydogan Alti, University of Texas at Austin - Department of Finance

A Servant to Many Masters: Competing Shareholder Preferences and Limits to Catering
Massimo Massa, INSEAD - Finance
Alberto Manconi, Tilburg University
Abstract and Article  

Accelerated Share Repurchases
Leonce Bargeron, University of Kentucky - Gatton College of Business and Economics
Manoj Kulchania, Marquette University - College of Business Administration
Shawn E. Thomas, University of Pittsburgh - Finance Group
Abstract and Article  

Incentive Contracts, Payout Policy and Financial Flexibility
Alan V. S. Douglas, University of Waterloo - School of Accounting and Finance
Abstract and Article  

Discussants:
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Gustavo Grullon, Rice University - Jesse H. Jones Graduate School of Business
Jonathan Cohn, University of Texas at Austin - Department of Finance


01/05/2010 - 1:00 PM
Location: Hilton Grand Salon E
Boards of Directors
Holger Mueller, New York University (NYU) - Department of Finance

Tit-for-Tat Compensation
Joakim Bång, UNSW Australia Business School, School of Banking and Finance
Abstract and Article  

Hiring Cheerleaders: Board Appointments of 'Independent' Directors
Lauren Cohen, Harvard Business School
Andrea Frazzini, AQR Capital Management, LLC
Christopher J. Malloy, Harvard Business School
Abstract and Article  

External Networking and Internal Firm Governance
Cesare Fracassi, University of Texas at Austin - Department of Finance
Geoffrey A. Tate, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Abstract and Article  

Discussants:
Philipp Schnabl, New York University (NYU) - Department of Finance
Ulrike Malmendier, University of California, Berkeley - Department of Economics
Yael Hochberg, National Bureau of Economic Research (NBER)


01/05/2010 - 1:00 PM
Location: Hilton Grand Ballroom D
Development and Finance
Mariassunta Giannetti, Stockholm School of Economics - Department of Finance

Financial Openness and Productivity
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
Abstract and Article  

The Real Effect of Foreign Banks
Robert B. H. Hauswald, American University - Department of Finance and Real Estate
Valentina Bruno, American University - Department of Finance and Real Estate
Abstract and Article  

Ending 'To Big To Fail': Government Promises vs. Investor Perceptions
Todd A. Gormley, University of Pennsylvania - Finance Department
Simon Johnson, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center
Changyong Rhee, Asian Development Bank
Abstract and Article  

The Impact of Corruption on State Asset Sales - Evidence from China
Yongxiang Wang, Columbia University - Columbia Business School
Raymond J. Fisman, Columbia Business School - Finance and Economics
Abstract and Article  

Discussants:
Peter Henry, New York University (NYU) - Leonard N. Stern School of Business
Todd Gormley, University of Pennsylvania - Finance Department
Vikrant Vig, London Business School
Mara Faccio, Purdue University - Krannert School of Management