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) - Department of Finance

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 A. de Roon , Tilburg University - Department of Finance
Theo E. 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 , affiliation not provided to SSRN

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

Option Pricing and the Probability of Success of Cash Mergers
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 , London School of Economics & Political Science (LSE)

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 , Federal Reserve Board
Allan G. Timmermann , University of California, San Diego (UCSD) - Department of Economics
Abstract and Article  

Discussants:
Omid Sabbaghi , University of Chicago - Booth School of Business
Claudia Moise , Case Western Reserve University - Department of Banking & Finance

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 and Share Retention
Rik Sen , Hong Kong University of Science & Technology - Department of Finance
Robert Tumarkin , University of New South Wales (UNSW) - School of Banking and Finance
Abstract and Article  

Discussants:
Bing Han , University of Texas at Austin - Department of Finance
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 , Kellogg School of Management - Department of Finance
Alexandra Niessen-Ruenzi , University of Mannheim - Finance Area
Abstract and Article  

Discussants:
Carola Frydman , Boston University - Department of Economics
Jun Yang , Indiana University Bloomington - 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 , University of Maryland - Robert H. Smith School of Business
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 School of Business
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 - Booth School of Business (Finance Authors)

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 Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Decomposing the Yield Curve
John H. Cochrane , University of Chicago - Booth School of Business (Finance Authors)
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 , Columbia Business School - Finance and Economics

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 - Booth School of Business (Finance Authors)
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 , University of Wisconsin - Madison - Department of Finance, Investment and Banking
Abstract and Article  

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

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 , University of Notre Dame - 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 , Indiana University Bloomington - Kelley School of Business
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 - Department of Accounting and Finance
Juhani T. Linnainmaa , University of Chicago - Booth School of Business (Finance Authors)
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
Behind the Scenes: Performance Target Setting of Annual Incentive Plans
Daniel Sungyeon Kim , Peking University HSBC Business School
Jun Yang , Indiana University Bloomington - Department of Finance
Abstract and Article  

Peer Choice in CEO Compensation
Ana M. Albuquerque , Boston University - School of Management
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 , World Bank
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 School of Business
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 Arizona - Department of Finance
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 University
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 , Carnegie Mellon University
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 , London School of Economics & Political Science (LSE)
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 G. P. 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 A. 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 , Emory University - Goizueta Business School

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 , Virginia Polytechnic Institute & State University - Department of Finance, Insurance, and Business Law
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 , Federal Reserve Board
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 (Tim) 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, Nova School of Business and Economics

Optimized vs. Sort-Based Portfolios
Gerard Hoberg , University of Maryland - Department of Finance
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 - Booth School of Business (Finance Authors)
Lasse Heje Pedersen , New York University (NYU) - Department of Finance
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 Bogdan Garleanu , University of California, Berkeley - Haas School of Business
Lasse Heje Pedersen , New York University (NYU) - Department of Finance
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 , Hong Kong University of Science & Technology - Department of Finance
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 , London Business School
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 - Booth School of Business (Finance Authors)

The Changing Nature of Chapter 11
Sreedhar T. Bharath , The Stephen M. Ross School of Business at the University of Michigan
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

The Propensity to Save and Incentives to Reduce Debt
Lei Mao , University of Warwick - Finance Group
Yuri Tserlukevich , Arizona State University (ASU)
Abstract and Article  

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:
Alexei Zhdanov , University of Lausanne - Institute of Banking and Finance (IBF)
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 A. 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 , London Business School - Department of Finance

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 , The Stephen M. Ross School of Business at the University of Michigan
Clara Vega , Federal Reserve Board
Abstract and Article  

Recent Trends in Trading Activity
Richard W. 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 , Boston University - School of Management
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 School of Business
Pedro Santa-Clara , 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 - Booth School of Business (Finance Authors)
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 , Case Western Reserve University - Department of Banking & 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 S. 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 - Booth School of Business (Finance Authors)
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 , The Stephen M. Ross School of Business at the University of Michigan
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 , Georgia State University - J. Mack Robinson College of Business
Kelsey D. Wei , University of Texas at Dallas - Naveen Jindal School of Management
Russ R. 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  

Evidence that Analysts Are Not Important Information-Intermediaries
Oya Altinkilic , George Washington University - Department of Finance
Vadim S. Balashov , Tulane University
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 Bloomington - 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 - Booth School of Business (Finance Authors)
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, Columbia Business School - Finance and Economics

Information Spillovers and Performance Persistence for Hedge Funds
Vincent Glode , University of Pennsylvania - The Wharton School, University of Pennsylvania - Finance Department
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: On the Cross-Section of Private Equity Investment Returns
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 , Kellogg School of Management - Department of Finance
Steven Kaplan , University of Chicago - Booth School of Business (Finance Authors)
Arthur Korteweg , Stanford Graduate School of Business

01/04/2010 - 2:30 PM
Location: Hilton Grand Ballroom D
New Topics in Corporate Governance
Paolo Volpin, London Business School

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 , 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 , Stockholm School of Economics
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 , University of Minnesota - Twin Cities - Carlson School of Management
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 , Securities and Exchange Commission (SEC)
Gerard Hoberg , University of Maryland - Department of Finance
Abstract and Article  

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

Corporate Governance and Investor Confidence in Seasoned Equity Offerings
E. Han Kim , The Stephen M. Ross School of Business at the University of Michigan
Amiyatosh K. Purnanandam , The Stephen M. Ross School of Business at the University of Michigan
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 , University of Rochester - Simon School of Business

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 , Princeton University - Bendheim Center for Finance
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 , London School of Economics & Political Science (LSE)
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 G. P. 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 Zhichao Yuan , The Stephen M. Ross School of Business at the University of Michigan
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 R. 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 - 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, Case Western Reserve University - Department of Banking & Finance

A Reference Point Theory of Mergers and Acquisitions
Malcolm P. Baker , Harvard Business School - Finance Unit
Xin Pan , Harvard University
Jeffrey A. 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 Bloomington
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 , University of Illinois at Urbana-Champaign - Department of Finance
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 Minnesota - Twin Cities
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, University of California, Los Angeles (UCLA)

Institutions, Public Debt and Foreign Finance
Nicola Gennaioli , Centro di Ricerca sull'Economia delle Istituzioni (CREI) (Research Center on Economics of Institutions)
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 , Massachusetts Institute of Technology (MIT)
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 - Booth School of Business (Finance Authors)

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 , University of Illinois at Urbana-Champaign
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 , Federal Reserve Board
Abstract and Article  

Discussants:
Joel Vanden , Pennsylvania State University - Mary Jean and Frank P. Smeal College of Business Administration
Johan Walden , University of California, Berkeley - Haas School of Business
Christopher Malloy , Harvard Business School
Jacob Sagi , Vanderbilt University - Finance

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 , The Stephen M. Ross School of Business at the University of Michigan
Abstract and Article  

Does Mandatory Loan Review Affect Mortgage Contract Choice and Performance?
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 - Booth School of Business (Finance Authors)
Vikrant Vig , London Business School
Abstract and Article  

Discussants:
Otto van Hemert , New York University (NYU) - Department of Finance
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

Compensating Executives by Insider Trading? International Evidence
Jin Xu , Purdue University - Krannert School of Management
Abstract and Article  

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 , EDHEC Business School
Charles M. Jones , Columbia Business School - Finance and Economics
Xiaoyan Zhang , Purdue University - Department of Management
Abstract and Article  

Discussants:
Darren Roulstone , Ohio State University (OSU) - Fisher College of Business
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, Indian School of Business (ISB), Hyderabad

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 , Stockholm School of Economics
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 - Owen Graduate School of Management, 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 , University of Rochester - Simon School of Business
Diana Knyazeva , University of Rochester - Simon School of Business
Charu G. Raheja , Wake Forest University - Babcock Graduate School of Management
Abstract and Article  

Corporate Governance Contagion Through Overlapping Directors
Christa H. S. Bouwman , Case Western Reserve University - Department of Banking & 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 , Office of Economic Analysis
Chester S. Spatt , Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Determinants of Volume in Dark Pools
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 and Its Impact on Price Discovery: 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 , Australian School of Business at UNSW
Abstract and Article  

Discussants:
Jos van Bommel , Universite du Luxembourg - 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 , University of Georgia - Department of Banking and Finance
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 , Federal Reserve Board
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 E. Pontiff , Boston College - Department of Finance
Qinghai Wang , Georgia Institute of Technology - College of Management
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 School of Business
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, Princeton University - Department of Economics

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 , University of Illinois at Urbana-Champaign - Department of Finance
Christa Bouwman , Case Western Reserve University - Department of Banking & 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 Pittsburgh - Finance Group
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 , University of New South Wales (UNSW) - 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 , Kellogg School of Management - Department of Finance

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 Giulia 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