Preliminary Program

AFA 2013 SAN DIEGO MEETINGS (ARCHIVE)

San Diego, California     January 4, 2013 through January 6, 2013

SEVENTY THIRD ANNUAL MEETING AMERICAN FINANCE ASSOCIATION
President: Sheridan Titman President-Elect and Program Chair: Robert Stambaugh


Go to the first session on
    January 04, 2013
    January 05, 2013
    January 06, 2013


Business Meeting & Presidential Address January 5 5:45pm San Diego Ballroom B, Marriott Marquis & Marina


01/04/2013 - 8:00 AM
Location: Marina Salon D, Marriott
Behavioral Corporate Finance (G3)
Malcolm Baker, Harvard Business School - Finance Unit

Marriage and Managers’ Attitudes to Risk
Nikolai L. Roussanov, University of Pennsylvania - The Wharton School
Pavel G. Savor, Temple University - Department of Finance
Abstract and Article  

Social Learning and Corporate Peer Effects
Markku Kaustia, Aalto University - Department of Accounting and Finance
Ville Rantala, Aalto University
Abstract and Article  

Conglomerate Investment, Skewness, and the CEO Long Shot Bias
Christoph Schneider, University of Mannheim - Department of Business Administration and Finance
Oliver G. Spalt, University of Texas at Austin - Department of Finance
Abstract and Article  

Discussants:
Terence Burnham, Chapman University - Department of Business and Economics
Kelly Shue, University of Chicago - Finance
K. J. Martijn Cremers, University of Notre Dame - Department of Finance


01/04/2013 - 8:00 AM
Location: Marina Salon E, Marriott
Capital Structure (G3)
Amy Dittmar, University of Michigan, Stephen M. Ross School of Business

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes
Florian Heider, European Central Bank (ECB)
Alexander Ljungqvist, New York University (NYU) - Department of Finance
Abstract and Article  

Growth Option Exercise and Capital Structure
Amiyatosh K. Purnanandam, University of Michigan, Stephen M. Ross School of Business
Uday Rajan, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Corporate Leverage, Debt Maturity and Credit Supply:The Role of Credit Default Swaps
Alessio Saretto, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Heather Tookes, Yale School of Management
Abstract and Article  

Structural Models of Capital Structure: A Framework for Model Evaluation and Testing
Arthur G. Korteweg, University of Southern California - Marshall School of Business
Michael Lemmon, University of Utah - Department of Finance
Abstract and Article  

Discussants:
John Graham, Duke University - Finance
Ilya Strebulaev, Stanford Graduate School of Business
Ing-Haw Cheng, Dartmouth College - Tuck School of Business
Neng Wang, Columbia Business School - Finance and Economics


01/04/2013 - 8:00 AM
Location: Marina Salon F, Marriott
Corporate Governance (Empirical) (G3)
David Yermack, New York University (NYU) - Department of Finance

Independent Director Incentives: Where Do Talented Directors Spend Their Limited Time and Energy?
Ronald W. Masulis, Australian School of Business at UNSW
Shawn Mobbs, University of Alabama
Abstract and Article  

Governance in Executive Suites
E. Han Kim, University of Michigan, Stephen M. Ross School of Business
Yao Lu, University of Michigan at Ann Arbor
Abstract and Article  

Price of Publicity
Umit G. Gurun, University of Texas at Dallas - Naveen Jindal School of Management
Abstract and Article  

Discussants:
Ran Duchin, University of Washington - Michael G. Foster School of Business
Augustin Landier, University of Toulouse 1 - Toulouse School of Economics (TSE)
David Solomon, University of Southern California


01/04/2013 - 8:00 AM
Location: Cardiff & Carsbad, Marriott
International Corporate Finance and Development (G3)
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis

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

The Impact of Cultural Aversion on Economic Exchange: Evidence from Shocks to Sino-Japanese Relations
Raymond J. Fisman, Columbia Business School - Finance and Economics
Yasushi Hamao, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Yongxiang Wang, University of Southern California - Marshall School of Business
Abstract and Article  

Should One Hire a Corrupt CEO in a Corrupt Country?
Maxim Mironov, Fundación Instituto de Empresa, S.L. - IE Business School
Abstract and Article  

Why Do U.S. Securities Laws Matter to Non-U.S. Firms? Evidence from Private Class-Action Lawsuits
Amar Gande, Southern Methodist University (SMU) - Edwin L. Cox School of Business
Darius P. Miller, Southern Methodist University (SMU) - Edwin L. Cox School of Business
Abstract and Article  

Discussants:
Pietro Veronesi, University of Chicago - Finance
Bernard Yeung, NUS Business School, National University of Singapore
Craig Doidge, University of Toronto - Rotman School of Management
Jordan Siegel, Harvard Business School


01/04/2013 - 8:00 AM
Location: Balboa & Mission Hills, Marriott
Macro Uncertainty and Financial Volatility (G1)
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management

On the Systematic Volatility of Unpriced Earnings Shocks
Timothy C. Johnson, University of Illinois at Urbana-Champaign
Jaehoon Lee, University of New South Wales (UNSW)
Abstract and Article  

Survey Forecasts and the Time-Varying Second Moments of Stock and Bond Returns
Pierluigi Balduzzi, Boston College - Carroll School of Management
Chunhua Lan, Australian School of Business at UNSW
Abstract and Article  

Monetary Policy and Treasury Risk Premia
Andrea Buraschi, University of Chicago - Booth School of Business
Andrea Carnelli, Imperial College London
Paul Whelan, Imperial College Business School
Abstract and Article  

Local Debt Inflexibility and the Transmission of Credit Supply Shocks
Lei Zhang, Nanyang Technological University (NTU)
Massimo Massa, INSEAD - Finance
Abstract and Article  

Discussants:
Dana Kiku, University of Illinois at Urbana-Champaign
Christopher Polk, London School of Economics & Political Science (LSE) - Department of Finance
Stanley Zin, New York University (NYU)
Daniel Paravisini, London School of Economics & Political Science (LSE)


01/04/2013 - 8:00 AM
Location: Marina Salon G, Marriott
Market Microstructure (G1)
Ingrid Werner, Ohio State University (OSU) - Department of Finance

What’s Not There: The Odd-Lot Bias in TAQ Data
Maureen O'Hara, Cornell University - Samuel Curtis Johnson Graduate School of Management
Chen Yao, University of Warwick - Warwick Business School
Mao Ye, University of Illinois at Urbana-Champaign
Abstract and Article  

Revealing Shorts: An Examination of Large Short Position Disclosures
Charles M. Jones, Columbia Business School - Finance and Economics
Adam V. Reed, University of North Carolina (UNC) at Chapel Hill - Finance Area
William Waller, University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Large Bets and Stock Market Crashes
Albert S. Kyle, University of Maryland
Anna A. Obizhaeva, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Discussants:
Joel Hasbrouck, New York University (NYU) - Department of Finance
Karl Diether, Dartmouth College - Tuck School of Business
Xavier Gabaix, New York University (NYU) - Department of Finance


01/04/2013 - 10:15 AM
Location: Marina Salon D, Marriott
Equity Risk Premia: Cross-Sectional Variation (G1)
Nikolai Roussanov, University of Pennsylvania - The Wharton School

A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks
Dimitris Papanikolaou, Kellogg School of Management - Department of Finance
Leonid Kogan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

The Investment Manifesto
Xiaoji Lin, Ohio State University (OSU) - Fisher College of Business
Lu Zhang, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Dividend Dynamics and the Term Structure of Dividend Strips
Frederico Belo, University of Minnesota - Twin Cities - Carlson School of Management
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute
Robert S. Goldstein, University of Minnesota - Twin Cities
Abstract and Article  

Dynamic Networks and Asset Pricing
Andrea Buraschi, University of Chicago - Booth School of Business
Paolo Porchia, Fundación Instituto de Empresa, S.L.
Abstract and Article  

Discussants:
Vito Gala, University of Pennsylvania - Finance Department
Adlai Fisher, University of British Columbia (UBC) - Sauder School of Business
Lukas Schmid, Duke University - Finance
Johan Walden, University of California, Berkeley - Haas School of Business


01/04/2013 - 10:15 AM
Location: Balboa & Mission Hills, Marriott
Banking and Financial Institutions I (G2)
Philip Bond, University of Washington - Michael G. Foster School of Business

The Effects of Bank Charter Switching on Supervisory Ratings
Marcelo Rezende, Federal Reserve Board
Abstract and Article  

Inconsistent Regulators: Evidence from Banking
Sumit Agarwal, NUS Business School, National University of Singapore
David O. Lucca, Federal Reserve Banks - Federal Reserve Bank of New York
Amit Seru, University of Chicago - Finance
Francesco Trebbi, University of British Columbia (UBC) - Department of Economics
Abstract and Article  

Securitization and Lending Competition
David M. Frankel, Iowa State University - Department of Economics
Yu Jin, Shanghai University of Finance and Economics - School of Economics
Abstract and Article  

Discussants:
Ross Levine, University of California, Berkeley - Haas School of Business
Paola Sapienza, Kellogg School of Management - Department of Finance
Christine Parlour, University of California, Berkeley - Finance Group


01/04/2013 - 10:15 AM
Location: Marina Salon G, Marriott
Limits to Arbitrage: Empirical Evidence (G1)
Yu Yuan, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)

Capital Market Efficiency and Arbitrage Efficacy
Ferhat Akbas, University of Kansas
Will J. Armstrong, Texas Tech University - Area of Finance
Sorin M. Sorescu, Texas A&M University (TAMU) - Department of Finance
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

Short-Term Return Reversal: The Long and the Short of It
Zhi Da, University of Notre Dame - Mendoza College of Business
Qianqiu Liu, University of Hawaii at Manoa - Department of Financial Economics and Institutions
Ernst Schaumburg, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

When Some Investors Head for the Exit
Harrison G. Hong, Princeton University - Department of Economics
Wenxi Jiang, Yale University
Abstract and Article  

Dissecting the Profitability Premium
Huijun Wang, University of Minnesota - Twin Cities - Department of Business Finance
Jianfeng Yu, University of Minnesota - Twin Cities - Department of Accounting and Department of Finance
Abstract and Article  

Discussants:
Kent Daniel, Columbia Business School - Finance and Economics
Owen Lamont
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Frank Zhang, Yale School of Management


01/04/2013 - 10:15 AM
Location: Marina Salon F, Marriott
Institutional Investors I (G2)
Wei Jiang, Columbia Business School - Finance and Economics

Opaque Trading, Disclosure and Asset Prices: Implications for Hedge Fund Regulation
David Easley, Cornell University - Department of Economics
Maureen O'Hara, Cornell University - Samuel Curtis Johnson Graduate School of Management
Liyan Yang, University of Toronto - Rotman School of Management
Abstract and Article  

Does Institutional Ownership Matter for International Stock Return Comovement?
José Faias, Catholic University of Portugal (UCP)
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
Pedro P. Matos, University of Virginia (UVA) - Finance
Abstract and Article  

You’re fired! New Evidence on Portfolio Manager Turnover and Performance
Leonard Kostovetsky, University of Rochester - Simon Business School
Jerold B. Warner, University of Rochester - Simon Business School
Abstract and Article  

Dispersion in Beliefs among Active Mutual Funds and the Cross-Section of Stock Returns
Hao Jiang, Erasmus University Rotterdam (EUR) - Department of Financial Management
Zheng Sun, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Discussants:
Bing Han, University of Toronto - Finance Area
Xiaoyan Zhang, Purdue University - Department of Management
Breno Schmidt, Emory University - Goizueta Business School
Christopher Malloy, Harvard Business School


01/04/2013 - 10:15 AM
Location: Marina Salon E, Marriott
IPO, SEO, Equity Issuance (G3)
William Wilhelm, University of Virginia (UVA) - McIntire School of Commerce

The Pricing of IPO Services and Issues: Theory and Estimation
Richard Lowery, University of Texas at Austin - Department of Finance
Ari Choi Kang, University of Texas at Austin - Department of Finance
Abstract and Article  

Partial Adjustment to Public Information in IPO Pricing: Theory and Tests
Tore E. Leite, Norwegian School of Economics (NHH) - Department of Finance
Einar Bakke, Göteborg University - School of Business, Economics and Law
Karin S. Thorburn, Norwegian School of Economics (NHH) - Department of Finance
Abstract and Article  

Is Quicker Cheaper? The Consequences of Accelerating Seasoned Equity
Matthew Gustafson, Smeal College of Business
Abstract and Article  

Discussants:
Zhaohui Chen, University of Virginia (UVA) - McIntire School of Commerce
David Goldreich, University of Toronto - Rotman School of Management
Ayako Yasuda, University of California, Davis - Graduate School of Management


01/04/2013 - 10:15 AM
Location: Cardiff & Carsbad, Marriott
Options (G1)
David Bates, University of Iowa - Department of Finance

The Economic Value of Realized Volatility: Using High-Frequency Returns for Option Valuation
Peter Christoffersen, University of Toronto - Rotman School of Management
Bruno Feunou, Government of Canada - Financial Markets Department
Kris Jacobs, University of Houston - C.T. Bauer College of Business
Nour Meddahi, University of Toulouse 1 - Toulouse School of Economics (TSE)
Abstract and Article  

Collateral Smile
Markus Leippold, University of Zurich - Department of Banking and Finance
Lujing Su, University of Zurich
Abstract and Article  

Order Flow and Expected Option Returns
Dmitriy Muravyev, Boston College - Department of Finance
Abstract and Article  

Demand for Crash Insurance, Intermediary Constraints, and Stock Return Predictability
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Sophie X. Ni, Hong Kong University of Science & Technology
Abstract and Article  

Discussants:
Nicola Fusari, Northwestern University - Kellogg School of Management
Lasse Pedersen, New York University (NYU)
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Hao Zhou, Tsinghua University


01/04/2013 - 2:30 PM
Location: Marina Salon D, Marriott
Anomalies and Inefficiency I (G1)
Michael Cooper, University of Utah - David Eccles School of Business

An Empirical Assessment of Models of the Value Premium
Huijun Wang, University of Minnesota - Twin Cities - Department of Business Finance
Jianfeng Yu, University of Minnesota - Twin Cities - Department of Accounting and Department of Finance
Abstract and Article  

Betting on Total Asset Growth Reversal: The Role of Style Investing and Extrapolation Bias
F.Y. Eric C. Lam, Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
K. C. John Wei, Hong Kong University of Science & Technology - Department of Finance
Abstract and Article  

Investor Base, Cost of Capital, and Firm Performance: The Case of Post-Issuance Anomalies
Roger M. Edelen, University of California, Davis - Graduate School of Management
Ozgur Ince, Virginia Polytechnic Institute & State University - Department of Finance, Insurance, and Business Law
Gregory B. Kadlec, Virginia Polytechnic Institute & State University - Pamplin College of Business
Abstract and Article  

Discussants:
John Griffin, University of Texas at Austin - Department of Finance
Dongmei Li
Huseyin Gulen, Purdue University - Krannert School of Management


01/04/2013 - 2:30 PM
Location: Marina Salon E, Marriott
Corporate Finance Theory (G3)
Robert Marquez, University of California, Davis

The Wall Street Walk when Blockholders Compete for Flows
Amil Dasgupta, London School of Economics & Political Science (LSE) - Department of Accounting and Finance
Giorgia Piacentino, Washington University in Saint Louis - John M. Olin Business School
Abstract and Article  

Managerial Accommodation, Proxy Access, and the Cost of Shareholder Empowerment
John G. Matsusaka, University of Southern California - Marshall School of Business
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

The Idealized Electoral College Voting Mechanism and Shareholder Power
Edward Dickersin Van Wesep, Vanderbilt University
Abstract and Article  

Discussants:
Gustavo Manso, University of California, Berkeley - Haas School of Business
Eitan Goldman, Indiana University - Kelley School of Business - Department of Finance
Nadya Malenko, Boston College - Carroll School of Management


01/04/2013 - 2:30 PM
Location: Santa Rosa, Marriott
Shareholder Rights and Corporate Control (joint with AFE) (G3)
Kose John, New York University (NYU) - Department of Finance

Thirty Years of Shareholder Rights and Stock Returns
Martijn Cremers, University of Notre Dame - Department of Finance
Allen Ferrell, Harvard Law School
Abstract and Article  

Reputational Concerns in the Market for Corporate Control
Audra L. Boone, Texas A&M University (TAMU) - Department of Finance
Vahap B. Uysal, University of Oklahoma - Michael F. Price College of Business
Abstract and Article  

Employees as Creditors: The Disciplinary Role of Pension Deficits in the Market for Corporate Control
Xin (Simba) Chang, Nanyang Technological University (NTU) - Division of Banking & Finance
Jun-Koo Kang, Nanyang Technological University (NTU) - Nanyang Business School
Wenrui Zhang, The Chinese University of Hong Kong (CUHK) - Department of Finance
Abstract and Article  

Unrelated Acquisitions
Rajesh K. Aggarwal, University of Minnesota - Twin Cities - Carlson School of Management
Mufaddal H. Baxamusa, University of St. Thomas (Minnesota) - University of St. Thomas, Minneapolis
Abstract and Article  

Discussants:
Dalida Kadyrzhanova, University of Maryland - Department of Finance
Marcin Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Anzhela Knyazeva, University of Rochester - Simon Business School
S. Abraham Ravid, Yeshiva University


01/04/2013 - 2:30 PM
Location: Marina Salon F, Marriott
Equity Risk Premium (G1)
Jules van Binsbergen, University of Pennsylvania - The Wharton School

Asset Pricing: A Tale of Two Days
Pavel G. Savor, Temple University - Department of Finance
Mungo Ivor Wilson, University of Oxford - Said Business School
Abstract and Article  

Market Expectations in the Cross Section of Present Values
Bryan T. Kelly, University of Chicago - Finance
Seth Pruitt, Arizona State University (ASU) - Finance Department
Abstract and Article  

Risk, Uncertainty, and Expected Returns
Turan G. Bali, Georgetown University - Robert Emmett McDonough School of Business
Hao Zhou, Tsinghua University
Abstract and Article  

Discussants:
Ralph Koijen, London Business School - Department of Finance
Stefan Nagel, University of Michigan, Stephen M. Ross School of Business
Viktor Todorov, Northwestern University - Kellogg School of Management


01/04/2013 - 2:30 PM
Location: Balboa & Mission Hills, Marriott
Macro finance (G1)
Ravi Bansal, Duke University - Fuqua School of Business

International Asset Pricing with Recursive Preferences
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill - Finance Area
Mariano Massimiliano Croce, University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Moral Hazard, Investment, and Firm Dynamics
Hengjie Ai, Duke University - Fuqua School of Business
Rui Li, Purdue University - Department of Economics
Abstract and Article  

Durable Goods, Inflation Risk and the Equilibrium Asset Prices
Bjorn Eraker, University of Wisconsin - Madison - Department of Finance, Investment and Banking
Ivan Shaliastovich, University of Pennsylvania - Finance Department
Wenyu Wang, University of Wisconsin - Madison - School of Business
Abstract and Article  

Financial Intermediary Capital
Adriano A. Rampini, Duke University
S. Viswanathan, Duke University - Finance
Abstract and Article  

Discussants:
Charles Engel, University of Wisconsin - Madison - Department of Economics
Xavier Gabaix, New York University (NYU) - Department of Finance
Pietro Veronesi, University of Chicago - Finance
Gary Gorton, Yale University


01/04/2013 - 2:30 PM
Location: Cardiff & Carsbad, Marriott
Portfolio Choice: Theory and Evidence (G1)
Guofu Zhou, Washington University in Saint Louis - John M. Olin Business School

Optimizing the Performance of Sample Mean-Variance Efficient Portfolios
Chris Kirby, University of North Carolina (UNC) at Charlotte
Barbara Ostdiek, Rice University - Jesse H. Jones Graduate School of Business
Abstract and Article  

Implications of Long-Run Risk for Asset Allocation Decisions
Doron Avramov, Hebrew University of Jerusalem
Scott Cederburg, University of Arizona - Department of Finance
Abstract and Article  

Optimal Consumption and Investment with Asymmetric Long-Term/Short-Term Capital Gains Taxes
Min Dai, National University of Singapore (NUS) - Department of Mathematics
Hong Liu, Washington University in Saint Louis - John M. Olin Business School
Yifei Zhong, University of Oxford - Mathematical Institute
Abstract and Article  

Portfolio Optimization Using Forward-Looking Information
Alexander Kempf, University of Cologne - Department of Finance
Olaf Korn, University of Goettingen (Gottingen)
Sven Sassning, University of Goettingen (Gottingen)
Abstract and Article  

Discussants:
Yufeng Han, University of Colorado at Denver - Business School
Yingzi Zhu, Tsinghua University - School of Economics & Management
Jennifer Huang, University of Texas at Austin - Department of Finance
Charles Cao, Pennsylvania State University - Department of Finance


01/04/2013 - 2:30 PM
Location: Marina Salon G, Marriott
The Pension Crisis: Public and Private (G2)
Joshua Rauh, Stanford Graduate School of Business

Panel
Joshua D. Rauh, Stanford Graduate School of Business
Jeffrey R. Brown, University of Illinois at Urbana-Champaign - Department of Finance
John B. Shoven, Stanford University - Department of Economics
Stephen P. Zeldes, Columbia Business School - Finance and Economics
Abstract and Article  



01/05/2013 - 8:00 AM
Location: Marina Salon D, Marriott
Anomalies and Inefficiency II (G1)
Long Chen, Cheung Kong Graduate School of Business

Horizon Pricing
Avraham Kamara, University of Washington - Michael G. Foster School of Business
Robert A. Korajczyk, Northwestern University - Kellogg School of Management
Xiaoxia Lou, University of Delaware - Alfred Lerner College of Business and Economics
Ronnie Sadka, Boston College - Carroll School of Management
Abstract and Article  

Misvaluation and Return Anomalies in Distress Stocks
Assaf Eisdorfer, University of Connecticut - Department of Finance
Amit Goyal, University of Lausanne
Alexei Zhdanov, University of Lausanne - Institute of Banking and Finance (IBF)
Abstract and Article  

Unknown Unknowns: Vol-of-Vol and the Cross-Section of Stock Returns
Guido Baltussen, Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Sjoerd van Bekkum, Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Bart van der Grient, Robeco Asset Management
Abstract and Article  

Macro to Micro: Country Exposures, Firm Fundamentals and Stock Returns
Ningzhong Li, University of Texas at Dallas
Scott A. Richardson, London Business School
A. Irem Tuna, London Business School
Abstract and Article  

Discussants:
Kent Daniel, Columbia Business School - Finance and Economics
Amiyatosh Purnanandam, University of Michigan, Stephen M. Ross School of Business
Zhi Da, University of Notre Dame - Mendoza College of Business
Lauren Cohen, Harvard Business School


01/05/2013 - 8:00 AM
Location: Balboa & Mission Hills, Marriott
Bankruptcy and Distress (G3)
Efraim Benmelech, Harvard University - Department of Economics (Finance Authors)

Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms
Jennifer Brown, Northwestern University - Kellogg School of Management
David A. Matsa, Northwestern University - Kellogg School of Management
Abstract and Article  

Distress-Related Spillover Effects in the Supply Chain: Information Revelation or Real Economic Cost?
Madhuparna Kolay, University of Portland - Dr. Robert B. Pamplin, Jr. School of Business Administration
Michael L. Lemmon, University of Utah - Department of Finance
Elizabeth Tashjian, University of Utah - Department of Finance
Abstract and Article  

The Causal Effect of Bankruptcy Law on the Cost of Finance
Nicolas Andre Benigno Serrano-Velarde, Bocconi University
Giacomo Rodano, Bank of Italy
Emanuele Tarantino, University of Bologna - Department of Economics
Abstract and Article  

Credit Ratings and Credit Risk: Is One Measure Enough?
Jens Hilscher, Brandeis University - International Business School
Mungo Ivor Wilson, University of Oxford - Said Business School
Abstract and Article  

Discussants:
Bo Becker, Swedish House of Finance
David Smith, University of Virginia (UVA) - McIntire School of Commerce
Brian Melzer, Kellogg School of Management - Department of Finance
Jennifer Dlugosz, Washington University in Saint Louis - John M. Olin Business School


01/05/2013 - 8:00 AM
Location: Cardiff & Carsbad, Marriott
Investment, Q, and Frictions (G3)
Neng Wang, Columbia Business School - Finance and Economics

Beyond Q: Investment without Asset Prices
Vito Gala, University of Pennsylvania - Finance Department
Joao F. Gomes, University of Pennsylvania - Finance Department
Abstract and Article  

Cross-Sectional Tobin's Q
Frederico Belo, University of Minnesota - Twin Cities - Carlson School of Management
Chen Xue, University of Cincinnati - Department of Finance - Real Estate
Lu Zhang, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Testing Dynamic Agency Theory via Structural Estimation
Boris Nikolov, University of Rochester - Simon Business School
Lukas Schmid, Duke University - Finance
Abstract and Article  

Discussants:
Toni Whited, University of Rochester - Simon Business School
Dimitris Papanikolaou, Kellogg School of Management - Department of Finance
Andrea Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management


01/05/2013 - 8:00 AM
Location: Marina Salon E, Marriott
Dividends, Repurchases, and Private Placements (G3)
Mark Leary , Washington University in Saint Louis - John M. Olin Business School

Investor Heterogeneity, Investor-Management Agreement and Open-Market Share Repurchases
Anjan V. Thakor, Washington University in Saint Louis - John M. Olin Business School
Sheng Huang, Singapore Management University - Lee Kong Chian School of Business
Abstract and Article  

Buybacks Around the World
Alberto Manconi, Tilburg University
Urs Peyer, INSEAD - Finance
Theo Vermaelen, INSEAD - Finance
Abstract and Article  

Returns Over the Life-Cycles of Open Market Repurchase Programs
Leonce Bargeron, University of Kentucky - Gatton College of Business and Economics
Alice A. Bonaime, University of Kentucky - Finance
Shawn E. Thomas, University of Pittsburgh - Finance Group
Abstract and Article  

Agency Implications of Equity Market Timing
Yuri Tserlukevich, Arizona State University (ASU)
Ilona Babenko, Arizona State University (ASU)
Pengcheng Wan, Arizona State University (ASU) - Finance Department
Abstract and Article  

Discussants:
Scott Weisbenner, University of Illinois at Urbana-Champaign - Department of Finance
Roni Michaely, Cornell University - Samuel Curtis Johnson Graduate School of Management
Yelena Larkin, Pennsylvania State University
Jacob Oded, Tel Aviv University


01/05/2013 - 8:00 AM
Location: Marina Salon F, Marriott
Financial Regulation and Policy (G2)
Patrick Bolton, Columbia Business School - Economics Department

Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments
Jose-Luis Peydro, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Gabriel Jiménez, Bank of Spain
Steven Ongena, University of Zurich - Department of Banking and Finance
Jesus Saurina Salas, Bank of Spain
Abstract and Article  

'When the Cat's Away the Mice Will Play': Does Regulation at Home Affect Bank Risk Taking Abroad?
Alexander A. Popov, European Central Bank (ECB)
Steven Ongena, University of Zurich - Department of Banking and Finance
Gregory F. Udell, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Dynamic Macro-Prudential Regulation
Frederic Malherbe, London Business School
Abstract and Article  

Supervising Cross-Border Banks: Theory, Evidence and Policy
Thorsten Beck, City University London - Sir John Cass Business School
Radomir Todorov, University of Amsterdam - Finance Group
Wolf Wagner, Tilburg University - Department of Economics
Abstract and Article  

Discussants:
Tobias Adrian, Federal Reserve Banks - Federal Reserve Bank of New York
David Skeie, Federal Reserve Banks - Federal Reserve Bank of New York
Anton Korinek, Johns Hopkins University - Department of Economics
Elod Takats, Bank for International Settlements (BIS)


01/05/2013 - 8:00 AM
Location: Marina Salon G, Marriott
Mergers, Acquisitions and Buyouts (G3)
Jarrad Harford, University of Washington - Michael G. Foster School of Business

Large Wealth Creation in Mergers and Acquisitions
Eliezer M. Fich, Drexel University - Department of Finance
Tu Nguyen, Drexel University - Department of Finance
Micah S. Officer, Loyola Marymount University - Department of Finance and Computer Information Systems
Abstract and Article  

Acquiring Acquirers
Ludovic Phalippou, University of Oxford - Said Business School
Fangming Xu, University of Bristol - School of Economics, Finance and Management
Huainan Zhao, Cranfield University - School of Management
Abstract and Article  

Structural Investigation of Acquiring Managers' Incentives in Takeovers
Di Li, Georgia State University - Department of Finance
Abstract and Article  

Value Creation Estimates Beyond Announcement Returns: Mega-Mergers versus Other Mergers
Dinara Bayazitova, University of North Carolina (UNC) at Chapel Hill
Matthias Kahl, University of Colorado at Boulder - Leeds School of Business
Rossen I. Valkanov, University of California, San Diego (UCSD) - Rady School of Management
Abstract and Article  

Discussants:
Ran Duchin, University of Washington - Michael G. Foster School of Business
Sandy Klasa, University of Arizona - Eller College of Management
Andrey Malenko, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Ronald Masulis, Australian School of Business at UNSW


01/05/2013 - 10:15 AM
Location: Marina Salon D, Marriott
Anomalies and Inefficiency III (G1)
Lauren Cohen, Harvard Business School

Can Facebook Predict Stock Market Activity?
Yigitcan Karabulut, Goethe University Frankfurt
Abstract and Article  

Geographic Momentum
Quoc H. Nguyen, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Gradual Information Diffusion in the Stock Market: Evidence from U.S. Multinational Firms
Xing Huang, University of California, Berkeley - Department of Economics
Abstract and Article  

Comomentum: Inferring Arbitrage Activity from Return Correlations
Dong Lou, London School of Economics & Political Science (LSE)
Christopher Polk, London School of Economics & Political Science (LSE) - Department of Finance
Abstract and Article  

Discussants:
Pengjie Gao, University of Notre Dame
Kewei Hou, Ohio State University (OSU) - Department of Finance
Kewei Hou, Ohio State University (OSU) - Department of Finance
Abhiroop Mukherjee, Hong Kong University of Science & Technology - Department of Finance


01/05/2013 - 10:15 AM
Location: Cardiff & Carsbad, Marriott
Empirical Methods and Estimation (G1)
Jay Shanken, Emory University - Goizueta Business School

Testing CAPM with a Large Number of Assets
M. Hashem Hashem Pesaran, University of Southern California
Takashi Yamagata, University of York (UK) - Department of Economics and Related Studies
Abstract and Article  

Common Errors: How to (and Not to) Control for Unobserved Heterogeneity
Todd A. Gormley, University of Pennsylvania - Finance Department
David A. Matsa, Northwestern University - Kellogg School of Management
Abstract and Article  

Discussants:
Cesare Robotti, Federal Reserve Banks - Federal Reserve Bank of Atlanta
Jonathan Lewellen, Dartmouth College - Tuck School of Business


01/05/2013 - 10:15 AM
Location: Marina Salon F, Marriott
Institutional Investors II (G2)
Nicolas P.B. Bollen, Vanderbilt University - Finance

Portfolio Manager Ownership and Mutual Fund Risk Taking
Linlin Ma, Northeastern University - Finance and Insurance Area
Yuehua Tang, Singapore Management University - Lee Kong Chian School of Business
Abstract and Article  

Strategic Performance Allocation in Institutional Asset Management Firms: Behold the Power of Stars and Dominant Clients
Ranadeb Chaudhuri, Indiana University - Kelley School of Business - Department of Finance
Zoran Ivkovich, Michigan State University - Department of Finance
Charles Trzcinka, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Determinants and Implications of Fee Changes in the Hedge Fund Industry
Vikas Agarwal, Georgia State University - J. Mack Robinson College of Business
Sugata Ray, University of Florida - Warrington College of Business Administration
Abstract and Article  

Discussants:
Jeffrey Busse, Emory University - Department of Finance
Richard Evans, University of Virginia (UVA) - Darden School of Business
Christopher Schwarz, University of California, Irvine - Finance Area


01/05/2013 - 10:15 AM
Location: Balboa & Mission Hills, Marriott
Liquidity, Trading, and Frictions (G1)
Ronnie Sadka, Boston College - Carroll School of Management

Sell-Side Analysts’ Responses to Mutual Fund Trading Pressure
Johan Sulaeman, Southern Methodist University (SMU) - Finance Department
Kelsey D. Wei, University of Texas at Dallas - Naveen Jindal School of Management
Abstract and Article  

Convective Risk Flows in Commodity Futures Markets
Ing-Haw Cheng, Dartmouth College - Tuck School of Business
Andrei A. Kirilenko, Massachusetts Institute of Technology (MIT)
Wei Xiong, Princeton University - Department of Economics
Abstract and Article  

Do Prices Reveal the Presence of Informed Trading?
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute
Vyacheslav Fos, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Discussants:
Kent Womack, University of Toronto - Rotman School of Management
Kenneth Froot, National Bureau of Economic Research (NBER)
Robert Korajczyk, Northwestern University - Kellogg School of Management


01/05/2013 - 10:15 AM
Location: Marina Salon G, Marriott
Real and Nominal Term Premia (G1)
Gregory Duffee, Johns Hopkins University - Department of Economics

Short-Run Bond Risk Premia
Philippe Mueller, London School of Economics & Political Science (LSE) - Department of Finance
Andrea Vedolin, London School of Economics & Political Science (LSE) - Department of Finance
Hao Zhou, Tsinghua University
Abstract and Article  

A Robust Analysis of the Risk-Structure of Equilibrium Term Structures of Bond Yields
Anh Le, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Kenneth J. Singleton, Stanford University - Knight Management Center
Abstract and Article  

Understanding Term Premia on Real Bonds
Jing-Zhi Huang, Pennsylvania State University - Department of Finance
Zhan Shi, Pennsylvania State University
Abstract and Article  

Discussants:
Anna Cieslak, Northwestern University - Kellogg School of Management
Ivan Shaliastovich, University of Pennsylvania - Finance Department
Stefania D'Amico, Federal Reserve Board


01/05/2013 - 10:15 AM
Location: Marina Salon E, Marriott
Inferential Errors in Financial Markets (AFA Lecture) (G1)
Matthew Rabin, University of California, Berkeley - Department of Economics

Inferential Errors in Financial Markets (AFA Lecture)
Matthew Rabin, University of California, Berkeley - Department of Economics
Abstract and Article  

Introduction
Nicholas Barberis, Yale School of Management
Abstract and Article  



01/05/2013 - 2:30 PM
Location: Cardiff & Carsbad, Marriott
Banking and Financial Institutions II (G2)
Viral Acharya, New York University (NYU) - Leonard N. Stern School of Business

Covenant Violations and Dynamic Loan Contracting
Felix Freudenberg, Goethe University Frankfurt - Department of Finance
Björn Imbierowicz, Goethe University Frankfurt - Department of Finance
Anthony Saunders, New York University (NYU) - Department of Finance
Sascha Steffen, ESMT European School of Management and Technology
Abstract and Article  

Loan Officer Incentives, Internal Ratings, and Default Rates
Tobias Berg, University of Bonn
Manju Puri, Duke University - Fuqua School of Business
Jörg Rocholl, ESMT European School of Management and Technology
Abstract and Article  

Do Changes in the Timeliness of Loan Loss Recognition Affect Bank Risk Taking?
Manuel Illueca Muñoz, Jaume I University
Lars Norden, Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Gregory F. Udell, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Discussants:
Heitor Almeida, University of Illinois at Urbana-Champaign
Vikrant Vig, London Business School
Jose-Luis Peydro, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences


01/05/2013 - 2:30 PM
Location: Marina Salon E, Marriott
Behavioral Finance - Individuals (G1)
Brad Barber, University of California, Davis - Graduate School of Management

Stock Market Returns and Annutization at Older Ages
Alessandro Previtero, University of Western Ontario - Richard Ivey School of Business
Abstract and Article  

Financial Overconfidence Over Time - Foresight, Hindsight, and Insight of Investors
Christoph Merkle, University of Mannheim - Department of Banking and Finance
Abstract and Article  

Paying Attention: Investor Account Look-Ups and Information - Dependent Utility
Duane J. Seppi, Carnegie Mellon University - David A. Tepper School of Business
George Loewenstein, Carnegie Mellon University - Department of Social and Decision Sciences
Nachum Sicherman, Columbia Business School - Finance and Economics
Stephen P. Utkus, The Vanguard Group, Inc. - Center for Retirement Research
Abstract and Article  

Facebook Finance: How Social Interaction Propagates Active Investing
David Simon, Brandeis University - International Business School
Rawley Heimer, Brandeis University - International Business School
Abstract and Article  

Discussants:
Jeffrey Brown, University of Illinois at Urbana-Champaign - Department of Finance
Simon Gervais, Duke University - Fuqua School of Business
James Choi, Yale School of Management
Bing Han, University of Toronto - Finance Area


01/05/2013 - 2:30 PM
Location: Marina Salon F, Marriott
Corporate Finance and Product Markets (G3)
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management

Globalization, Product Market Competition and Corporate Investment
Antonio S. Mello, University of Wisconsin - Madison - Department of Finance, Investment and Banking
Mengying Wang, University of Wisconsin - Madison - Department of Finance, Investment and Banking
Abstract and Article  

Micro-Level Value Creation Under CEO Short-Termism
Jonathan B. Cohn, University of Texas at Austin - Department of Finance
Umit G. Gurun, University of Texas at Dallas - Naveen Jindal School of Management
Rabih Moussawi, University of Pennsylvania - The Wharton School
Abstract and Article  

Does Debt Make Firms Weak Competitors? Evidence Using U.S. Stock Returns
Rogerio Mazali, Catholic University of Brazil (UCB)
Jaideep Shenoy, Tulane University - A.B. Freeman School of Business
Sheri Tice, Tulane University - Finance & Economics
Abstract and Article  

The Financial Implications of Corporate Fraud
Chen Lin, University of Hong Kong - Faculty of Business and Economics
Frank M. Song, University of Hong Kong - School of Economics and Finance
Zengyuan Sun, University of Hong Kong - School of Economics and Finance
Abstract and Article  

Discussants:
Senay Agca, George Washington University - Department of Finance
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Gordon Phillips, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Sudheer Chava, Georgia Institute of Technology - College of Management


01/05/2013 - 2:30 PM
Location: Marina Salon D, Marriott
Agency Problems (G3)
Dirk Jenter, Stanford Graduate School of Business

Do Managers Do Good with Other Peoples' Money?
Ing-Haw Cheng, Dartmouth College - Tuck School of Business
Harrison G. Hong, Princeton University - Department of Economics
Kelly Shue, University of Chicago - Finance
Abstract and Article  

Fortune Favors the Bold
Costanza Meneghetti, West Virginia University
Ryan Williams, University of Arizona - Department of Finance
Abstract and Article  

Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions
Jarrad Harford, University of Washington - Michael G. Foster School of Business
Robert J. Schonlau, Brigham Young University - Marriott School
Abstract and Article  

Discussants:
Maria Guadalupe, INSEAD - Economics and Political Sciences
Matthew Rhodes-Kropf, Harvard Business School
Jeffrey Coles, University of Utah - Department of Finance


01/05/2013 - 2:30 PM
Location: Balboa & Mission Hills, Marriott
International Financial Markets (G1)
Roberto Rigobon, Massachusetts Institute of Technology (MIT) - Sloan School of Management

The Share of Systematic Variation in Bilateral Exchange Rates
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Exchange Rate Determination, Risk Sharing and the Asset Market View
A. Craig Burnside, Duke University - Department of Economics
Jeremy J. Graveline, University of Minnesota - Twin Cities - Carlson School of Management
Abstract and Article  

Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe
Andrew Ang, Columbia Business School - Finance and Economics
Francis A. Longstaff, University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

Discussants:
Andrew Ang, Columbia Business School - Finance and Economics
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Craig Burnside, Duke University - Department of Economics


01/05/2013 - 2:30 PM
Location: Marina Salon G, Marriott
Exploring the Link Between Regulation, Credit Markets, and Real Estate (joint with AREUEA) (G2)
Christopher Mayer, Columbia Business School - Finance and Economics

Subprime Mortgage Defaults and Credit Default Swaps
Eric Arentsen, The TCW Group, Inc.
David C. Mauer, University of Iowa - Department of Finance
Brian Rosenlund, The TCW Group, Inc.
Harold H. Zhang, University of Texas at Dallas - Naveen Jindal School of Management
Feng Zhao, University of Texas at Dallas
Abstract and Article  

Banks' Liability Structure and Mortgage Lending During the Financial Crisis
Jihad Dagher, International Monetary Fund (IMF)
Kazim Kazimov, International Monetary Fund (IMF)
Abstract and Article  

How Do Regulators Influence Mortgage Risk? Evidence from an Emerging Market
John Y. Campbell, Harvard University - Department of Economics (Finance Authors)
Tarun Ramadorai, University of Oxford - Said Business School
Abstract and Article  

Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?
Andra C. Ghent, Arizona State University (ASU) - Finance Department
Ruben Hernandez-Murillo, Federal Reserve Banks - Federal Reserve Bank of Saint Louis
Michael Owyang, Federal Reserve Banks - Federal Reserve Bank of Saint Louis
Abstract and Article  

Discussants:
Victoria Ivashina, Harvard Business School - Finance Unit
Elena Loutskina, University of Virginia (UVA) - Darden School of Business
Charles Calomiris, Columbia University - Columbia Business School
Efraim Benmelech, Harvard University - Department of Economics (Finance Authors)


01/05/2013 - 5:45 PM
Location: Marriott Marquis and Marina, San Diego Ballroom B
Business Meeting and Presidential Address


Business Meeting and Presidential Address
David H. Pyle, University of California, Berkeley - Finance Group
Abstract and Article  



01/06/2013 - 8:00 AM
Location: Marina Salon D, Marriott
Analysts: Forecasts, Following, etc. (G1)
Roni Michaely, Cornell University - Samuel Curtis Johnson Graduate School of Management

What Are Analysts Really Good At?
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  

Do Security Analysts Discipline Credit Rating Agencies?
Kingsley Y. L. Fong, Australian School of Business at UNSW
Harrison G. Hong, Princeton University - Department of Economics
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Jeffrey D. Kubik, Syracuse University - Department of Economics
Abstract and Article  

Do Buy-Side Recommendations Have Investment Value?
Steve Crawford, University of Houston
Wesley R. Gray, Empirical Finance, LLC
Bryan Johnson, Creighton University
Richard A. Price III, Utah State University - Huntsman School of Business
Abstract and Article  

A Glimpse Behind a Closed Door: The Long-Term Value of Buy-Side Research and its Effect on Fund Trades and Performance
Michael J. Rebello, University of Texas at Dallas - Naveen Jindal School of Management
Kelsey D. Wei, University of Texas at Dallas - Naveen Jindal School of Management
Abstract and Article  

Discussants:
Kent Womack, University of Toronto - Rotman School of Management
Joshua Coval, Harvard Business School - Finance Unit
Brad Barber, University of California, Davis - Graduate School of Management
Amit Seru, University of Chicago - Finance


01/06/2013 - 8:00 AM
Location: Marina Salon F, Marriott
Departures from Rationality (G1)
Simon Gervais, Duke University - Fuqua School of Business

A Sparsity-Based Model of Bounded Rationality
Xavier Gabaix, New York University (NYU) - Department of Finance
Abstract and Article  

IQ and Mutual Fund Choice
Mark Grinblatt, University of California, Los Angeles (UCLA) - Finance Area
Seppo Ikaheimo, Aalto University
Matti Keloharju, Aalto University - School of Business
Samuli Knüpfer, London Business School
Abstract and Article  

Discussants:
Joshua Schwartzstein, Dartmouth College
Lauren Cohen, Harvard Business School


01/06/2013 - 8:00 AM
Location: Marina Salon E, Marriott
Corporate Investments and Liquidations (G3)
Itay Goldstein, University of Pennsylvania - Finance Department

Firm Investment and Stakeholder Choices: A Top-Down Theory of Capital Budgeting
Andres Almazan, University of Texas at Austin - Department of Finance
Zhaohui Chen, University of Virginia (UVA) - McIntire School of Commerce
Sheridan Titman, University of Texas at Austin - Department of Finance
Abstract and Article  

Investment Busts, Reputation, and the Temptation to Blend in with the Crowd
Steven R. Grenadier, Stanford Graduate School of Business
Andrey Malenko, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Ilya A. Strebulaev, Stanford Graduate School of Business
Abstract and Article  

Debt and Creative Destruction: Why Could Subsidizing Corporate Debt Be Optimal?
Zhiguo He, University of Chicago - Finance
Gregor Matvos, University of Chicago - Finance
Abstract and Article  

Separate or Joint Financing? Coinsurance, Risk Contamination, and Optimal Conglomeration with Bankruptcy Costs
Albert Banal-Estañol, Universitat Pompeu Fabra - Department of Economics and Business (DEB)
Marco Ottaviani, Northwestern University - Kellogg School of Management
Andrew Winton, University of Minnesota - Twin Cities - Carlson School of Management
Abstract and Article  

Discussants:
Alex Edmans, London Business School - Institute of Finance and Accounting
Barney Hartman-Glaser, Duke University - Fuqua School of Business
Vincent Glode, University of Pennsylvania - The Wharton School
Richmond Mathews


01/06/2013 - 8:00 AM
Location: Balboa & Mission Hills, Marriott
Hedge Funds (G2)
Vikas Agarwal, Georgia State University - J. Mack Robinson College of Business

Can Hedge Funds Time Market Liquidity?
Charles Cao, Pennsylvania State University - Department of Finance
Yong Chen, Texas A&M University (TAMU) - Department of Finance
Bing Liang, University of Massachusetts at Amherst - Department of Finance & Operations Management
Andrew W. Lo, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Do Hedge Funds Manipulate Stock Prices?
Itzhak Ben-David, Ohio State University (OSU) - Department of Finance
Francesco A. Franzoni, Swiss Finance Institute
Augustin Landier, University of Toulouse 1 - Toulouse School of Economics (TSE)
Rabih Moussawi, University of Pennsylvania - The Wharton School
Abstract and Article  

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds
Clemens Sialm, University of Texas at Austin - Red McCombs School of Business
Zheng Sun, University of California, Irvine - Paul Merage School of Business
Lu Zheng, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

The Economics of Hedge Funds
Yingcong Lan, Cornerstone Research - New York Office
Neng Wang, Columbia Business School - Finance and Economics
Jinqiang Yang, Shanghai University of Finance and Economics
Abstract and Article  

Discussants:
Wayne Ferson, University of Southern California
David Musto, University of Pennsylvania - Finance Department
Tobias Moskowitz, University of Chicago - Booth School of Business
Stavros Panageas, University of Chicago - Finance


01/06/2013 - 8:00 AM
Location: Cardiff & Carsbad, Marriott
Law and Finance (G2)
Simon Johnson, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center

Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections
Pat Akey, University of Toronto - Rotman School of Management
Abstract and Article  

CEO Connectedness within Executive Suites and Corporate Frauds
Vikramaditya S. Khanna, University of Michigan Law School
E. Han Kim, University of Michigan, Stephen M. Ross School of Business
Yao Lu, University of Michigan at Ann Arbor
Abstract and Article  

Political Contributions and the Severity of Government Enforcement
Sarah Fulmer, Florida State University - Department of Finance
April M. Knill, Florida State University - Department of Finance
Abstract and Article  

Discussants:
Raghuram Rajan, University of Chicago - Finance
Rafael La Porta, affiliation not provided to SSRN
Todd Gormley, University of Pennsylvania - Finance Department


01/06/2013 - 8:00 AM
Location: Marina Salon G, Marriott
Private Equity and Venture Capital (G3)
Thomas Hellmann, University of British Columbia (UBC) - Sauder School of Business

Investor Horizon and the Life Cycle of Innovative Firms: Evidence from Venture Capital
Jean-Noel Barrot, Massachusetts Institute of Technology (MIT)
Abstract and Article  

Not Quite a Piece of Cake: Theory and Evidence of Compensation in U.S. Venture Capital Partnerships
Niklas Huether, University of Cologne - Department of Banking
David T. Robinson, Duke University - Fuqua School of Business
Soenke Sievers, University of Paderborn - Faculty of Business Administration, Economics and Business Computing
Thomas Hartmann-Wendels, University of Cologne - Faculty of Management, Economics and Social Sciences
Abstract and Article  

Is a VC Partnership Greater than the Sum of Its Partners?
Michael Ewens, California Institute of Technology - Division of the Humanities and Social Sciences
Matthew Rhodes-Kropf, Harvard Business School
Abstract and Article  

Do Entrepreneurs Make Good VCs?
Ye Cai, Santa Clara University - Leavey School of Business
Merih Sevilir, Indiana University - Kelley School of Business - Department of Finance
Xuan Tian, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Discussants:
Gustavo Manso, University of California, Berkeley - Haas School of Business
Morten Sorensen, Columbia University - Columbia Business School
David Robinson, Duke University - Fuqua School of Business
Shai Bernstein, Stanford Graduate School of Business


01/06/2013 - 10:15 AM
Location: Balboa & Mission Hills, Marriott
Asset Pricing (G1)
Suleyman Basak, London Business School

Loss Aversion, Survival and Asset Prices
David Easley, Cornell University - Department of Economics
Liyan Yang, University of Toronto - Rotman School of Management
Abstract and Article  

A Theory of Asset Prices Based on Heterogeneous Information
Elias Albagli, University of Southern California - Marshall School of Business
Aleh Tsyvinski, Yale University - Department of Economics
Christian Hellwig, University of Toulouse 1 - Toulouse School of Economics (TSE)
Abstract and Article  

Deliberate Limits to Arbitrage
Igor Makarov, London Business School
Guillaume Plantin, University of Toulouse 1 - Toulouse School of Economics (TSE)
Abstract and Article  

Discussants:
Hongjun Yan, Yale University - International Center for Finance
Bradyn Breon-Drish, Stanford Graduate School of Business
Zhiguo He, University of Chicago - Finance


01/06/2013 - 10:15 AM
Location: Cardiff & Carsbad, Marriott
Compensation and Incentives (G3)
Katharina Lewellen, Dartmouth College - Tuck School of Business

Blinded by Incentives: Do Rank and File Stock Options Deter Employee Whistle-Blowing?
Andrew C. Call, Arizona State University (ASU) - School of Accountancy
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Shivaram Rajgopal, Emory University - Goizueta Business School
Abstract and Article  

Is Disclosure an Effective Cleansing Mechanism? The Dynamics of Compensation Peer Benchmarking
Michael W. Faulkender, University of Maryland - Robert H. Smith School of Business
Jun Yang, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Culture and CEO Compensation
Stephen H. Bryan, Wake Forest University - Babcock Graduate School of Management
Robert C. Nash, Wake Forest University
Ajay Patel, Wake Forest University - Babcock Graduate School of Management
Abstract and Article  

Discussants:
Carola Frydman, Boston University - Department of Economics
David Yermack, New York University (NYU) - Department of Finance
Luigi Zingales, University of Chicago - Finance


01/06/2013 - 10:15 AM
Location: Marina Salon E, Marriott
Financial Crisis (G1)
Tobias Adrian, Federal Reserve Banks - Federal Reserve Bank of New York

Dealer Financial Conditions and Lender-of-Last-Resort Facilities
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Michael J. Fleming, Federal Reserve Banks - Federal Reserve Bank of New York
Warren B. Hrung, Federal Reserve Banks - Federal Reserve Bank of New York
Asani Sarkar, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Liquidity Backstop, Corporate Borrowings, and Real Effects
Pengjie Gao, University of Notre Dame
Hayong Yun, Michigan State University - Department of Finance
Abstract and Article  

Flight to Where? Evidence from Bank Investments During the Financial Crisis
Thomas Hildebrand, E.CA Economics
Jörg Rocholl, ESMT European School of Management and Technology
Alexander Schulz, Deutsche Bundesbank
Abstract and Article  

Discussants:
Annette Vissing-Jorgensen, Northwestern University - Kellogg School of Management
Victoria Ivashina, Harvard Business School - Finance Unit
Augustin Landier, University of Toulouse 1 - Toulouse School of Economics (TSE)


01/06/2013 - 10:15 AM
Location: Marina Salon D, Marriott
Arbitrage, Trading, and Frictions (G1)
Thierry Foucault, HEC Paris (Groupe HEC) - Finance Department

Feedback Effects and the Limits to Arbitrage
Alex Edmans, London Business School - Institute of Finance and Accounting
Itay Goldstein, University of Pennsylvania - Finance Department
Wei Jiang, Columbia Business School - Finance and Economics
Abstract and Article  

Do ETFs Increase Volatility?
Itzhak Ben-David, Ohio State University (OSU) - Department of Finance
Francesco A. Franzoni, Swiss Finance Institute
Rabih Moussawi, University of Pennsylvania - The Wharton School
Abstract and Article  

Dynamic Strategic Arbitrage
Vincent Fardeau, Frankfurt School of Finance & Management gemeinnützige GmbH
Abstract and Article  

Discussants:
Johan Hombert, HEC Paris (Groupe HEC) - Finance Department
Robin Greenwood, Harvard Business School - Finance Unit
Martin Oehmke, Columbia Business School - Finance and Economics


01/06/2013 - 10:15 AM
Location: Marina Salon F, Marriott
Mutual Fund Performance (G2)
Lu Zheng, University of California, Irvine - Paul Merage School of Business

Investor-Stock Decoupling in Mutual Funds
Miguel A. Ferreira, New University of Lisbon - Nova School of Business and Economics
Massimo Massa, INSEAD - Finance
Pedro P. Matos, University of Virginia (UVA) - Finance
Abstract and Article  

Time-Varying Fund Manager Skill
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Stijn Van Nieuwerburgh, New York University (NYU) - Department of Finance
Laura Veldkamp, Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

Measuring Economic Rents in the Mutual Fund Industry
Jonathan Berk, Stanford Graduate School of Business
Jules H. van Binsbergen, University of Pennsylvania - The Wharton School
Abstract and Article  

Limited Attention and Portfolio Choice: The Impact of Attention Allocation on Mutual Fund Performance
Swasti Gupta-Mukherjee, Loyola University of Chicago - School of Business Administration
Ankur Pareek, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Abstract and Article  

Discussants:
Diane Del Guercio, University of Oregon - Department of Finance
Zheng Sun, University of California, Irvine - Paul Merage School of Business
William Goetzmann, Yale School of Management
Clemens Sialm, University of Texas at Austin - Red McCombs School of Business


01/06/2013 - 10:15 AM
Location: Marina Salon G, Marriott
The Credit Crisis and Risk Management Instruments (G1)
Andrea Buraschi, University of Chicago - Booth School of Business

The CDS-Bond Basis
Jennie Bai, Georgetown University - Department of Finance
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute
Abstract and Article  

Economic Catastrophe Bonds: Inefficient Market or Inadequate Model?
Haitao Li, University of Michigan, Stephen M. Ross School of Business
Feng Zhao, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Abstract and Article  

Contingent Capital: The Case of COERCs
Christian C. P. Wolff, Universite du Luxembourg - School of Finance
George Pennacchi, University of Illinois at Urbana-Champaign - Department of Finance
Theo Vermaelen, INSEAD - Finance
Abstract and Article  

Discussants:
Francis Longstaff, University of California, Los Angeles (UCLA) - Finance Area
Joshua Coval, Harvard Business School - Finance Unit
Douglas Diamond, University of Chicago - Finance


01/06/2013 - 1:00 PM
Location: Balboa & Mission Hills, Marriott
Banking and Financial Institutions III (G2)
Gary Gorton, Yale University

Capital Flows, Cross-Border Banking and Global Liquidity
Valentina Bruno, American University - Department of Finance and Real Estate
Hyun Song Shin, Princeton University - Department of Economics
Abstract and Article  

Trading Partners in the Interbank Lending Mark
Gara Afonso, Federal Reserve Banks - Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Banks - Federal Reserve Bank of New York
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Understanding Bank Runs: Do Depositors Monitor Banks?
Rajkamal Iyer, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Manju Puri, Duke University - Fuqua School of Business
Nicholas Ryan, Harvard University
Abstract and Article  

Discussants:
Marcel Fratzscher
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) - Department of Economics
Krislert Samphantharak, University of California, San Diego (UCSD) - Graduate School of International Relations and Pacific Studies (IRPS)


01/06/2013 - 1:00 PM
Location: Marina Salon D, Marriott
Corporate Governance, Product Market Competition and Acquisitions (G3)
Gordon Phillips, University of Southern California - Marshall School of Business - Finance and Business Economics Department

Product Market Competition and Internal Governance: Evidence from the Sarbanes Oxley Act
Vidhi Chhaochharia, Cornell University - Department of Economics
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Gustavo Grullon, Rice University - Jesse H. Jones Graduate School of Business
Roni Michaely, Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

The Role of the Media in Corporate Governance: Do the Media Influence Managers’ Decisions to Abandon Acquisition Attempts?
Baixiao Liu, Florida State University
John J. McConnell, Purdue University - Krannert School of Management
Abstract and Article  

An Empirical Investigation of Internal Governance
Huijing Fu, Texas Christian University
Rajesh K. Aggarwal, University of Minnesota - Twin Cities - Carlson School of Management
Yihui Pan, University of Utah - Department of Finance
Abstract and Article  

The Effect of Internal Capital Markets on Corporate Investment: Evidence from the Asian Financial Crisis
Heitor Almeida, University of Illinois at Urbana-Champaign
Chang Soo Kim, Yonsei University
Abstract and Article  

Discussants:
Elena Simintzi, University of British Columbia (UBC) - Sauder School of Business
Gerard Hoberg, University of Maryland - Department of Finance
Amit Seru, University of Chicago - Finance
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department


01/06/2013 - 1:00 PM
Location: Marina Salon G, Marriott
Institutional Investors: Voting, Lending and Monitoring (G2)
Ralph Walkling, Drexel University - Department of Finance

The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market
Reena Aggarwal, Georgetown University - Robert Emmett McDonough School of Business
Pedro A. C. Saffi, University of Cambridge - Judge Business School
Jason Sturgess, DePaul University
Abstract and Article  

Are Institutional Investors with Multiple Blockholdings Effective Monitors?
Jun-Koo Kang, Nanyang Technological University (NTU) - Nanyang Business School
Juan Luo, University of Adelaide - Business School
Hyun Seung Na, Korea University Business School (KUBS)
Abstract and Article  

Discussants:
David Musto, University of Pennsylvania - Finance Department
Jarrad Harford, University of Washington - Michael G. Foster School of Business


01/06/2013 - 1:00 PM
Location: Marina Salon E, Marriott
Executive Compensation and CEO's (G3)
E. Han Kim, University of Michigan, Stephen M. Ross School of Business

Compensation Gaps Among Top Executives: Evidence of Tournament Incentives or Productivity Differentials?
Ronald W. Masulis, Australian School of Business at UNSW
Shage Zhang, Trinity University
Abstract and Article  

Industry Tournament Incentives
Jeffrey L. Coles, University of Utah - Department of Finance
Zhichuan Frank Li, University of Western Ontario - Richard Ivey School of Business
Yan Albert Wang, The Chinese University of Hong Kong (CUHK) - Department of Finance
Abstract and Article  

Pride and Prestige: Why Some Firms Pay Their CEOs Less
Ernst G. Maug, University of Mannheim - Department of Business Administration and Finance
Alexandra Niessen-Ruenzi, University of Mannheim - Finance Area
Evgenia Zhivotova, University of Mannheim - Department of Business Administration and Finance
Abstract and Article  

Discussants:
Jennifer Brown, Northwestern University - Kellogg School of Management
Yao Lu, Tsinghua University - School of Economics & Management
Ulrike Malmendier, University of California, Berkeley - Department of Economics


01/06/2013 - 1:00 PM
Location: Cardiff & Carsbad, Marriott
International Financial Instability and the Safety Premium (G1)
Anna Pavlova, London Business School

The U.S. Dollar Safety Premium
Matteo Maggiori, University of California, Berkeley
Abstract and Article  

The Announcement Effect of the EFSF
Stephan Dieckmann, University of Pennsylvania - Finance Department
Abstract and Article  

Financial Market Dislocations
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Discussants:
Ralph Koijen, London Business School - Department of Finance
Markus Brunnermeier, Princeton University - Department of Economics
Lasse Pedersen, New York University (NYU)


01/06/2013 - 1:00 PM
Location: Marina Salon F, Marriott
High Frequency Trading (G1)
Hendrik Bessembinder, University of Utah - Department of Finance

High Frequency Trading and Price Discovery
Jonathan Brogaard, University of Washington - Department of Finance and Business Economics
Terrence Hendershott, University of California, Berkeley - Haas School of Business
Ryan Riordan, Queen's School of Business
Abstract and Article  

International Evidence on Algorithmic Trading
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Kingsley Y. L. Fong, Australian School of Business at UNSW
Juan (Julie) Wu, University of Georgia
Abstract and Article  

Equilibrium Fast Trading
Bruno Biais, University of Toulouse 1 - Toulouse School of Economics (TSE)
Thierry Foucault, HEC Paris (Groupe HEC) - Finance Department
Sophie Moinas, University of Toulouse 1
Abstract and Article  

Discussants:
Charles Jones, Columbia Business School - Finance and Economics
Terrence J. Hendershott, University of California, Berkeley - Haas School of Business
Andrei Kirilenko, Massachusetts Institute of Technology (MIT)