Preliminary Program

AFA 2007 CHICAGO MEETINGS (ARCHIVE)

Chicago, IL     January 5, 2007 through January 7, 2007

SIXTY SEVENTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Richard C. Green President-Elect and Program Chair: Kenneth R. French

Go to the first session on
    January 05, 2007
    January 06, 2007
    January 07, 2007


1/6/2007 5:30 PM - Business Meeting and Presidential Address

01/05/2007 - 8:00 AM
Location: Hyatt-Regency A
Determinants of Default Swap Spreads
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne

Intra-Industry Credit Contagion: Evidence from the Credit Default Swap and Stock Markets
Gaiyan Zhang, University of California, Irvine
Philippe Jorion, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Liquidity and Credit Default Swap Spreads
Dragon Yongjun Tang, The University of Hong Kong - School of Economics and Finance
Hong Yan, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Abstract and Article  

Default Risk Premia and Asset Returns
Antje Berndt, Australian National University (ANU) - Research School of Finance, Actuarial Studies and Applied Statistics
Aziz A. Lookman, Amazon.com, Moody's Investors Service
Iulian Obreja, Securities and Exchange Commission (SEC)
Abstract and Article  

Discussants:
Kenneth J. Singleton, Stanford University - Knight Management Center
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Kent D. Daniel, Goldman Sachs Group, Inc. - Quantitative Strategy Group

01/05/2007 - 8:00 AM
Location: Hyatt-Regency B
Understanding Risks & Expected Returns
Joseph S. Chen, University of Southern California - Marshall School of Business

Clientele Change, Liquidity Shock, and the Return on Financially Distressed Stocks
Zhi Da, University of Notre Dame - Mendoza College of Business
Pengjie Gao, University of Notre Dame
Abstract and Article  

The Impact of Risk and Uncertainty on Expected Returns
Evan W. Anderson, Northern Illinois University - Department of Economics
Eric Ghysels, University of North Carolina (UNC) at Chapel Hill - Finance Area
Jennifer L. Juergens, Cornerstone Research, Inc.
Abstract and Article  

Discussants:
Tarun Chordia, Emory University - Department of Finance
Christopher S. Jones, University of Southern California - Marshall School of Business - Finance and Business Economics Department

01/05/2007 - 8:00 AM
Location: Hyatt-Regency C
International Comparisons
Rafael La Porta, Dartmouth College - Tuck School of Business

Does Economic Structure Determine Financial Structure?
Franklin Allen, Imperial College London
Laura Bartiloro, Bank of Italy - Research Department
Xian Gu, Durham University Business School
Oskar Kowalewski, Catholic University of Lille - IESEG School of Management
Abstract and Article  

The Financial Accelerator: Evidence from International Housing Markets
Heitor Almeida, University of Illinois at Urbana-Champaign
Crocker H. Liu, New York University (NYU) - Department of Finance
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

Corporate Governance and Corporate Risk Taking: Theory and Evidence
Lubomir P. Litov, University of Oklahoma - Michael F. Price College of Business
Kose John, New York University (NYU) - Department of Finance
Bernard Yin Yeung, National University of Singapore (NUS) - NUS Business School
Abstract and Article  

Discussants:
Luigi Zingales, University of Chicago - Finance
Jeremy C. Stein, Harvard University - Department of Economics (Finance Authors)
Peter Tufano, Harvard University - Business School (HBS)

01/05/2007 - 8:00 AM
Location: Hyatt Regency D
Corporate Governance
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics

Costly Communication, Shareholder Activism, and Limits to Arbitrage
Michael Bradley, Duke University - Fuqua School of Business
Alon Brav, Duke University - Fuqua School of Business
Itay Goldstein, University of Pennsylvania - Finance Department
Wei Jiang, Columbia University - Columbia Business School, Finance
Abstract and Article  

Concentrating on Governance
Dalida Kadyrzhanova, Board of Governors of the Federal Reserve System
Matthew Rhodes-Kropf, Harvard University - Business School (HBS)
Abstract and Article  

A Reexamination of Corporate Governance and Equity Prices
Shane A. Johnson, Texas A&M University - Department of Finance
Theodore C. Moorman, affiliation not provided to SSRN
Sorin M. Sorescu, Texas A&M University - Department of Finance
Abstract and Article  

Discussants:
Laura T. Starks, University of Texas at Austin - Department of Finance
S. Abraham Ravid, Yeshiva University - Syms School of Business
Kenneth Lehn, University of Pittsburgh - Finance Group

01/05/2007 - 8:00 AM
Location: Hyatt-Columbus Hall IJ
Dividends & Stock Repurchases
Kose John, New York University (NYU) - Department of Finance

Dividend Changes, Cash Flow Predictability, and Signaling of Future Cash Flows
Amy Chun-Chia Chang, San Francisco State University - College of Business, University of Houston - C.T. Bauer College of Business
Praveen Kumar, University of Houston - Department of Finance
Shiva Sivaramakrishnan, Rice University
Abstract and Article  

Internal Capital Market and Dividend Policies: Evidence from Business Groups
Radhakrishnan Gopalan, Washington University in St. Louis - John M. Olin Business School
Vikram K. Nanda, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Amit Seru, Stanford University
Abstract and Article  

Disappearing Dividends, Catering, and Risk
Gerard Hoberg, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Nagpurnanand Prabhala, Johns Hopkins University - Carey Business School
Abstract and Article  

Discussants:
Douglas J. Skinner
Michael John Brennan, University of California, Los Angeles (UCLA) - Finance Area

01/05/2007 - 8:00 AM
Location: Hyatt-Acapulco
Executive Compensation & Corporate Governance
Milton Harris, University of Chicago - Finance

Overinvestment and Corporate Fraud in Efficient Capital Markets
Nisan Langberg, University of Houston - C.T. Bauer College of Business
Praveen Kumar, University of Houston - Department of Finance
Abstract and Article  

Liquidity and Manipulation of Executive Compensation Schemes
Ulf Axelson, London School of Economics & Political Science (LSE) - Department of Finance
Sandeep Baliga, Northwestern University - Kellogg School of Management
Abstract and Article  

Motivating Innovation
Gustavo Manso, University of California, Berkeley - Haas School of Business
Abstract and Article  

Discussants:
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Morten Sørensen, Dartmouth College - Tuck School of Business

01/05/2007 - 10:15 AM
Location: Hyatt-Regency D
Derivatives
Jun Pan, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)

Resolving Macroeconomic Uncertainty in Stock and Bond Markets
Alessandro Beber, City University London - Faculty of Finance
Michael W. Brandt, Duke University - Fuqua School of Business
Abstract and Article  

Does the Early Exercise Premium Contain Information About Future Underlying Returns?
Rossen I. Valkanov, University of California, San Diego (UCSD) - Rady School of Management
Yuzhao Zhang, Rutgers, The State University of New Jersey - Department of Finance
Pradeep K. Yadav, University of Oklahoma - Division of Finance
Abstract and Article  

Do Options Contain Information About Excess Bond Returns?
Caio Almeida, Princeton University - Bendheim Center for Finance
Jeremy J. Graveline, University of Minnesota - Twin Cities - Carlson School of Management
Scott Joslin, University of Southern California - Department of Finance and Business Economics
Abstract and Article  

Discussants:
Michael Slater Johannes, Columbia University - Columbia Business School, Finance

01/05/2007 - 10:15 AM
Location: Hyatt-Regency B
Behavior of Individual Investors
Terrance Odean, University of California, Berkeley - Haas School of Business

Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns
Markus Glaser, Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management)
Martin Weber, University of Mannheim - Department of Business Administration and Finance
Thomas Langer, University of Münster - Finance Center Muenster
Jens Reynders, Siemens Management Consulting
Abstract and Article  

Trading and Under-Diversification
Anders Anderson, Swedish House of Finance
Abstract and Article  

Small Trades and the Cross-Section of Stock Returns
Soeren Hvidkjaer, Copenhagen Business School
Abstract and Article  

Discussants:
Ning Zhu, China Academy of Financial Research (CAFR)
L. Frieder, Purdue University
Andrey Ukhov, Cornell University

01/05/2007 - 10:15 AM
Location: Hyatt-Regency C
Market Efficiency & Professional Investors
Jennifer S. Conrad, University of North Carolina (UNC) at Chapel Hill - Finance Area

Institutional Investors and the Informational Efficiency of Prices
Eric K. Kelley, University of Tennessee, Knoxville
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Abstract and Article  

Target Prices, Relative Valuations and the Premium for Liquidity Provision
Zhi Da, University of Notre Dame - Mendoza College of Business
Ernst Schaumburg, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Fund Managers Who Take Big Bets: Skilled or Overconfident
Jeffrey A. Busse, Emory University - Department of Finance
T. Clifton Green, Emory University - Department of Finance
Klaas Baks, Emory University - Department of Finance
Abstract and Article  

Discussants:
Charles M. Jones, Columbia University
Kent L. Womack, University of Toronto - Rotman School of Management

01/05/2007 - 10:15 AM
Location: Hyatt-Acapulco
Equity Trading
Chester S. Spatt, Carnegie Mellon University - David A. Tepper School of Business

Who are the Beneficiaries When Insiders Trade? An Examination of Piggybacking in the Brokerage Industry
Christopher Geczy, University of Pennsylvania - Finance Department
Jinghua Yan, SAC Capital Advisors
Abstract and Article  

Cleaning House: Stock Reassignments on the NYSE
Sugato Chakravarty, Purdue University
Amber Anand, Syracuse University - Whitman School of Management
Chairat Chuwonganant, Indiana University Purdue University Fort Wayne
Abstract and Article  

Order Flow and Prices
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
J. (Julie) Wu, University of Nebraska at Lincoln
Abstract and Article  

Discussants:
Shane A. Corwin, University of Notre Dame - Department of Finance
Stewart Mayhew, Cornerstone Research, Inc. - Washington Office

01/05/2007 - 10:15 AM
Location: Hyatt-Regency A
Governance Trade-Offs
Daniel Wolfenzon, Columbia University - Columbia Business School, Finance

Competition and Private Benefits of Control
Maria Guadalupe, INSEAD - Economics and Political Sciences, Centre for Economic Policy Research (CEPR)
Francisco Perez-Gonzalez, National Bureau of Economic Research (NBER)
Abstract and Article  

Governance Mechanisms and Corporate Disclosure
Robert B. H. Hauswald, American University - Department of Finance and Real Estate
Robert Marquez, University of California, Davis
Abstract and Article  

Why Has CEO Pay Increased so Much?
Xavier Gabaix, Harvard University - Department of Economics
Augustin Landier, HEC Paris - Finance Department
Abstract and Article  

Discussants:
Matias Braun, Universidad de los Andes, Chile - ESE Business School
Nittai Bergman, Tel Aviv University
Steven Neil Kaplan, University of Chicago - Finance

01/05/2007 - 2:30 PM
Location: Hyatt-Regency A
Behavior of Institutions & Other Investors
Harrison G. Hong, Columbia University, Graduate School of Arts and Sciences, Department of Economics

Does Positive-Feedback Trading by Institutions Contribute to Stock Return Momentum?
Tao Shu, The Chinese University of Hong Kong, Shenzhen
Abstract and Article  

Institutional Investors' Trading Behavior in Mergers and Acquisitions
Rasha Ashraf, Georgia Institute of Technology
Narayanan Jayaraman, Georgia Institute of Technology - Scheller College of Business
Abstract and Article  

The Effect of Dividends on Consumption
Malcolm P. Baker, Harvard Business School - Finance Unit
Stefan Nagel, University of Chicago - Booth School of Business
Jeffrey Wurgler, New York University (NYU) - Department of Finance
Abstract and Article  

Discussants:
Natalia Scotto Piqueira, University of Houston - C.T. Bauer College of Business
Kai Li, University of British Columbia (UBC) - Sauder School of Business
Nicholas S. Souleles, University of Pennsylvania - Finance Department

01/05/2007 - 2:30 PM
Location: Hyatt-Regency B
Corporate Bankruptcy & Loan Ratings
Karin S. Thorburn, Norwegian School of Economics (NHH) - Department of Finance

Judge Specific Differences in Chapter 11 and Firm Outcomes
Tom Chang, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Bankruptcy and Product-Market Competition: Evidence from the Airline Industry
Federico Ciliberto, University of Virginia - Department of Economics
Carola Schenone, University of Virginia
Abstract and Article  

The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings
Amir Sufi, University of Chicago - Finance
Abstract and Article  

Discussants:
Edith S. Hotchkiss, Boston College - Carroll School of Management
Sheri Tice, Tulane University - Finance & Economics
Michael R. Roberts, University of Pennsylvania - The Wharton School

01/05/2007 - 2:30 PM
Location: Hyatt-Regency C
Directors, Shareholders, & Other Monitors
Andrew Metrick, University of Pennsylvania - Finance Department

Evidence on Corporate Governance: The Joint Determination of Board Structures and Charter Provisions
Stuart Gillan, University of Georgia - Department of Banking and Finance
Jay C. Hartzell, University of Texas at Austin - Department of Finance
Laura T. Starks, University of Texas at Austin - Department of Finance
Abstract and Article  

How Has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOS
Steven N. Kaplan, University of Chicago - Finance
Bernadette A. Minton, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Who Blows the Whistle on Corporate Fraud?
I. J. Alexander Dyck, University of Toronto - Rotman School of Management
Adair Morse, University of California, Berkeley - Haas School of Business
Luigi Zingales, University of Chicago - Finance
Abstract and Article  

Large Shareholders and Corporate Policies
Henrik Cronqvist, Chapman University - The George L. Argyros School of Business & Economics
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Abstract and Article  

Discussants:
Kose John, New York University (NYU) - Department of Finance
Shivaram Rajgopal, Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Clifford G. Holderness, Boston College - Department of Finance

01/05/2007 - 2:30 PM
Location: Hyatt-Acapulco
Theoretical Corporate
Denis Gromb, HEC Paris

Stock Price Informativeness, Cross-Listings and Investment Decisions
Thierry Foucault, HEC Paris - Finance Department
Thomas Gehrig, University of Vienna - Faculty of Business, Economics, and Statistics
Abstract and Article  

Leaders, Followers, and Risk Dynamics in Industry Equilibrium
Murray Carlson
Engelbert J. Dockner, University of Vienna - Department of Finance
Adlai J. Fisher, University of British Columbia (UBC) - Sauder School of Business
Ron Giammarino, University of British Columbia (UBC) - Sauder School of Business
Abstract and Article  

Discussants:
Itay Goldstein, University of Pennsylvania - Finance Department
Antonio S. Mello, University of Wisconsin - Madison - Department of Finance, Investment and Banking

01/05/2007 - 2:30 PM
Location: Hyatt-Regency D
Hedge Funds: Performance & Persistance
Cliff S. Asness, AQR Capital Management, LLC

Hedge Funds: Performance, Risk, and Capital Formation
William Fung, PI Asset Management, LLC
David A. Hsieh, Duke University - Fuqua School of Business
Tarun Ramadorai, Imperial College London
Narayan Y. Naik, London Business School - Institute of Finance and Accounting
Abstract and Article  

Do Funds-of-Funds Deserve Their Fees-on-Fees?
Andrew Ang, BlackRock, Inc
Matthew Rhodes-Kropf, Harvard University - Business School (HBS)
Rui Zhao, BlackRock, Inc
Abstract and Article  

Do Hot Hands Exist Among Hedge Fund Managers? An Empirical Evaluation
Ravi Jagannathan, Northwestern University - Kellogg School of Management
Alexey Malakhov, University of Arkansas - Department of Finance
Dmitry Novikov, Credit Suisse AG
Abstract and Article  

Do Sophisticated Investors Believe in the Law of Small Numbers?
Guillermo Baquero, ESMT European School of Management and Technology
Marno Verbeek, Erasmus University Rotterdam (EUR) - Department of Financial Management
Abstract and Article  


01/06/2007 - 8:00 AM
Location: Hyatt-Regency A
Exploring Asset Pricing Anomalies
Jonathan W. Lewellen, Dartmouth College - Tuck School of Business

Technological Revolutions and Stock Prices
Lubos Pastor, University of Chicago - Finance
Pietro Veronesi, University of Chicago - Finance
Abstract and Article  

Regularities
Laura Xiaolei Liu, Peking University - Guanghua School of Management
Toni M. Whited, University of Michigan, Stephen M. Ross School of Business
Lu Zhang, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Expected Returns and the Expected Growth in Rents of Commercial Real Estate
Walter N. Torous, University of California, Los Angeles (UCLA) - Finance Area
Rossen I. Valkanov, University of California, San Diego (UCSD) - Rady School of Management
Alberto Plazzi, University of Lugano - Institute of Finance
Abstract and Article  

Discussants:
Leonid Kogan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Sydney C. Ludvigson, New York University (NYU) - Department of Economics
Markus Konrad Brunnermeier, Princeton University - Department of Economics

01/06/2007 - 8:00 AM
Location: Hyatt-Acapulco
Portfolio Choice
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance

Collateralized Borrowing and Life-Cycle Portfolio Choice
Paul Willen, Federal Reserve Banks - Federal Reserve Bank of Boston
Felix Kubler, University of Zurich
Abstract and Article  

Household Interest Rate Risk Management
Otto Van Hemert, Man Group plc - AHL Man Systematic Strategies
Abstract and Article  

Optimal Decentralized Investment Management
Jules H. van Binsbergen, University of Pennsylvania - The Wharton School
Michael W. Brandt, Duke University - Fuqua School of Business
Ralph S. J. Koijen, University of Chicago - Finance
Abstract and Article  

Discussants:
Francisco Gomes, London Business School - Institute of Finance and Accounting

01/06/2007 - 8:00 AM
Location: Hyatt-Regency B
The Dynamics of International Equity Markets
George Andrew Karolyi, Cornell University - Samuel Curtis Johnson Graduate School of Management

Emerging Equity Market Comovements: Trends and Macro-Economic Fundamentals
Esther Eiling, University of Amsterdam Business School
Bruno Gerard, Norwegian School of Management (BI) - Department of Financial Economics
Abstract and Article  

The Euro and European Financial Market Dependence
Söhnke M. Bartram, University of Warwick - Finance Group
Stephen J. Taylor, Lancaster University - Department of Accounting and Finance
Yaw-Huei Wang, National Taiwan University - College of Management
Abstract and Article  

Discussants:
Francesca Carrieri, McGill University - Desautels Faculty of Management
Frans A. de Roon, Tilburg University - Department of Finance

01/06/2007 - 8:00 AM
Location: Hyatt-Regency C
Capital Structure
Michael R. Roberts, University of Pennsylvania - The Wharton School

Deviation from the Target Capital Structure and Acquisition Choices
Vahap Bülent Uysal, DePaul University - Department of Finance
Abstract and Article  

Leverage Choice and Credit Spread Dynamics When Managers Risk Shift
Murray Carlson
Ali Lazrak, University of British Columbia (UBC) - Division of Finance
Abstract and Article  

Target Behavior and Financing: How Conclusive is the Evidence?
Xin Chang, Nanyang Business School, Nanyang Technological University
Sudipto Dasgupta, Hong Kong University of Science & Technology (HKUST) - Department of Finance
Abstract and Article  

Discussants:
Mark T. Leary, Washington University in St. Louis - John M. Olin Business School
Michael L. Lemmon, University of Utah - Department of Finance

01/06/2007 - 8:00 AM
Location: Hyatt-Regency D
M&A
Steven Neil Kaplan, University of Chicago - Finance

Winning by Losing: Evidence on Overbidding in Mergers
Ulrike Malmendier, University of California, Berkeley - Department of Economics
Enrico Moretti, University of California, Berkeley - Department of Economics
Abstract and Article  

Are Fairness Opinions Fair? The Case of Mergers and Acquisitions
Darren J. Kisgen, Boston College - Carroll School of Management
Jun "QJ" Qian, Boston College - Carroll School of Management
Weihong Song, Independent
Abstract and Article  

How Do Mergers Create Value? A Comparison of Taxes, Market Power and Efficiency Improvements as Explanations for Synergies
Erik Devos, University of Texas at El Paso - College of Business Administration - Department of Economics and Finance
Palani-Rajan Kadapakkam, University of Texas at San Antonio - Department of Finance
Srinivasan Krishnamurthy, North Carolina State University - Poole College of Management
Abstract and Article  

Merger Waves: Theory and Evidence
Jinghua Yan, SAC Capital Advisors
Abstract and Article  

Discussants:
Michael S. Weisbach, Ohio State University (OSU) - Department of Finance
Matthew Rhodes-Kropf, Harvard University - Business School (HBS)
Erik Stafford, Harvard Business School - Finance Unit
C. Edward Fee, Tulane University - A.B. Freeman School of Business

01/06/2007 - 10:15 AM
Location: Hyatt-Regency A
Equity Volatility & Leverage
James Darrell Duffie, Stanford Graduate School of Business

Is Unlevered Firm Volatility Asymmetric?
Hazem Daouk, Cornell University - School of Applied Economics and Management
David T. Ng, Cornell University
Abstract and Article  

The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns
Harjoat Singh Bhamra, University of British Columbia (UBC) - Sauder School of Business
Raman Uppal, EDHEC Business School
Abstract and Article  

Financial Leverage Does Not Cause the Leverage Effect
Abdullah C. Aydemir, Lehman Brothers, New York
Michael F. Gallmeyer, University of Virginia - McIntire School of Commerce
Burton Hollifield, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Discussants:
Jun Pan, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Jessica A. Wachter, University of Pennsylvania - Finance Department

01/06/2007 - 10:15 AM
Location: Hyatt-Regency B
Behavioral Approaches to Asset Pricing
Nicholas Barberis, Yale School of Management

The Nominal Price Puzzle
William Charles Weld, affiliation not provided to SSRN
Shlomo Benartzi, University of California, Los Angeles (UCLA) - Accounting Area
Roni Michaely, The University of Hong Kong
Richard H. Thaler, University of Chicago - Finance
Abstract and Article  

A Tale of Two Anomalies: The Implications of Investor Attention for Price and Earnings Momentum
Kewei Hou, Ohio State University (OSU) - Department of Finance
Lin Peng, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Wei Xiong, Princeton University - Department of Economics
Abstract and Article  

Discussants:
Owen A. Lamont, Harvard University - Department of Economics
Kent Daniel, Goldman Sachs Group, Inc. - Quantitative Strategy Group
Kent Daniel, affiliation not provided to SSRN

01/06/2007 - 10:15 AM
Location: Hyatt-Regency C
Mutual Fund Organizations
Daniel Bergstresser, affiliation not provided to SSRN

Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry
Ajay Khorana, Georgia Institute of Technology - Finance Area
Lei Wedge, University of South Florida - Department of Finance
Peter Tufano, Harvard University - Business School (HBS)
Abstract and Article  

Changes in Mutual Fund Advisory Contracts
Jerold B. Warner, University of Rochester - Simon Business School
Joanna S. Wu, University of Rochester - Simon Business School
Abstract and Article  

When Should Firms Share Credit with Employees? Evidence from Anonymously Managed Mutual Funds
Massimo Massa, INSEAD - Finance
Jonathan Reuter, Boston College - Department of Finance
Eric Zitzewitz, Dartmouth College - Department of Economics
Abstract and Article  

Discussants:
Richard B. Evans, University of Virginia - Darden School of Business
Camelia M. Kuhnen, University of North Carolina (UNC) at Chapel Hill - Finance Area

01/06/2007 - 10:15 AM
Location: Hyatt-Acapulco
Trading & Information in Markets
Maureen O'Hara, Cornell University - Samuel Curtis Johnson Graduate School of Management

Are Designated Market Makers Necessary in Centralized Limit Order Markets?
Delphine Sabourin, Université Paris Dauphine - CEREMADE
Abstract and Article  

Informed and Strategic Order Flow in the Bond Market
Clara Vega, Board of Governors of the Federal Reserve System
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

Do Local or Foreign Traders Know More in an Emerging Market? A Possible Solution to the Puzzle
Diego Agudelo, Indiana University Bloomington
Abstract and Article  

Discussants:
Lawrence R. Glosten, Columbia University
Michael A. Goldstein, Babson College - Finance Division
Gideon Saar, Cornell University - Samuel Curtis Johnson Graduate School of Management

01/06/2007 - 10:15 AM
Location: Hyatt-Regency D
Corporate Investment & Capital Structure
John Robert Graham, Duke University - Finance

Product Market Performance, Switching Costs, and Liquidation Values: The Real Effects of Financial Leverage
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Zsuzsanna Fluck, Michigan State University - Department of Finance
Abstract and Article  



Abstract and Article  

Which Firms Follow the Market? An Analysis of Corporate Investment Decisions
Tor-Erik Bakke, University of Illinois at Chicago - Department of Finance
Toni M. Whited, University of Michigan, Stephen M. Ross School of Business
Abstract and Article  

How Does Financing Impact Investment? The Role of Debt Covenants
Sudheer Chava, Georgia Institute of Technology - Scheller College of Business
Michael R. Roberts, University of Pennsylvania - The Wharton School
Abstract and Article  

Discussants:
Gordon M. Phillips, Dartmouth College - Tuck School of Business
David C. Mauer, affiliation not provided to SSRN

01/06/2007 - 2:30 PM
Location: Hyatt-Regency C
Market Efficiency
John M. Griffin, University of Texas at Austin - Department of Finance

The Global Rise of the Value-Weighted Portfolio
Utpal Bhattacharya, HKUST Business School
Neal Galpin, Monash University - Department of Banking and Finance
Abstract and Article  

Which Shorts are Informed?
Ekkehart Boehmer, Singapore Management University - Lee Kong Chian School of Business
Charles M. Jones, Columbia University
Xiaoyan Zhang, Tsinghua University - PBC School of Finance
Abstract and Article  

Downward Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices
Paul H. Schultz, University of Notre Dame - Department of Finance
Abstract and Article  

Discussants:
Randall K. Morck, University of Alberta - Department of Finance and Statistical Analysis
Ingrid M. Werner, Ohio State University (OSU) - Department of Finance
Wei Xiong, Princeton University - Department of Economics

01/06/2007 - 2:30 PM
Location: Hyatt-Regency A
Empirical Asset Pricing: Skeptical Perspectives
Lubos Pastor, University of Chicago - Finance

Euler Equation Errors
Martin Lettau, University of California, Berkeley - Finance Group
Sydney C. Ludvigson, New York University (NYU) - Department of Economics
Abstract and Article  

A Skeptical Appraisal of Asset Pricing Tests
Jonathan Lewellen, Dartmouth College - Tuck School of Business
Stefan Nagel, University of Chicago - Booth School of Business
Jay A. Shanken, Emory University - Goizueta Business School
Abstract and Article  

Return Decomposition
Long Chen, Cheung Kong Graduate School of Business, Luohan Academy
Xinlei Shelly Zhao, Government of the United States of America - Office of the Comptroller of the Currency (OCC)
Abstract and Article  

Discussants:
Vito Gala, Morningstar, Inc. - Morningstar Investment Management LLC
Motohiro Yogo, Princeton University - Department of Economics

01/06/2007 - 2:30 PM
Location: Hyatt-Acapulco
Financial Intermediation
Manju Puri, Duke University - Fuqua School of Business

The Cost of Being Late: The Case of Credit Card Penalty Fees
Nadia Massoud, University of Melbourne - Melbourne Business School
Anthony Saunders, New York University (NYU) - Department of Finance
Barry Scholnick, University of Alberta - Department of Marketing, Business Economics & Law
Abstract and Article  

Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates
Elena Loutskina, University of Virginia - Darden School of Business
Philip E. Strahan, Boston College - Department of Finance
Abstract and Article  

Does Banks' Corporate Control Benefit Firms? Evidence from US Banks' Control Over Firms' Voting Rights
João A. C. Santos, Federal Reserve Banks - Federal Reserve Bank of New York
Kristin E. Wilson, affiliation not provided to SSRN
Abstract and Article  

Discussants:
Loretta J. Mester, Federal Reserve Banks - Federal Reserve Bank of Cleveland
Mark T. Leary, Washington University in St. Louis - John M. Olin Business School
Steven Drucker, Renaissance Technologies LLC - Meritage Group

01/06/2007 - 2:30 PM
Location: Hyatt-Regency B
The Corporate Governance of Executive & Employee Compensation
Paolo F. Volpin, Drexel University - Bennett S. LeBow College of Business

Do Entrenched Managers Pay Their Workers More?
Henrik Cronqvist, Chapman University - The George L. Argyros School of Business & Economics
Fredrik Heyman, Research Institute of Industrial Economics (IFN)
Mattias Nilsson, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis
Helena Svaleryd, Research Institute of Industrial Economics (IFN)
Jonas Vlachos, Stockholm University - Department of Economics
Abstract and Article  

Why Do CEOS Increase Their Equity-Based Compensation? Because They Have to
Nishant Dass, Georgia Institute of Technology - Scheller College of Business
Massimo Massa, INSEAD - Finance
Urs Peyer, INSEAD - Finance
Abstract and Article  

Corporate Governance and the Design of Stock Option Contracts
Zacharias Sautner, Frankfurt School of Finance & Management
Martin Weber, University of Mannheim - Department of Business Administration and Finance
Abstract and Article  

Discussants:
Augustin Landier, HEC Paris - Finance Department
Yaniv Grinstein, Interdisciplinary Center (IDC) Herzliyah
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Dirk Jenter, London School of Economics & Political Science (LSE) - Department of Finance

01/06/2007 - 2:30 PM
Location: Hyatt-Regency D
IPO's
Jay R. Ritter, University of Florida - Department of Finance, Insurance and Real Estate

Ipo Pricing and Allocation: a Survey of the Views of Institutional Investors
Tim Jenkinson, University of Oxford - Said Business School
Howard Jones, University of Oxford - Said Business School
Abstract and Article  

Why Do IPO Offer Prices Only Partially Adjust?
Ozgur Ince, University of South Carolina - Department of Finance
Abstract and Article  

Purchasing Ipos with Commissions
Andy Puckett, University of Tennessee, Knoxville
Paul J. Irvine, Texas Christian University
Michael A. Goldstein, Babson College - Finance Division
Abstract and Article  

Discussants:
Raymond P.H. Fishe, University of Richmond - E. Claiborne Robins School of Business
Kathleen Weiss Hanley, Securities and Exchange Commission (SEC)
Jonathan Reuter, Boston College - Department of Finance

01/07/2007 - 8:00 AM
Location: Hyatt-Regency B
Cross Section of Stock Returns
Lu Zhang, Ohio State University (OSU) - Department of Finance

Is Value Really Riskier than Growth? An Answer with Time-Varying Return Reversal
Soosung Hwang, Sungkyunkwan University - Department of Economics
Alexandre Rubesam, Catholic University of Lille - IESEG School of Management
Abstract and Article  

Long Run Risks and Equity Returns
Ravi Bansal, Duke University - Fuqua School of Business
Robert F. Dittmar, Rice University - Jesse H. Jones Graduate School of Business
Dana Kiku, University of Illinois at Urbana-Champaign
Abstract and Article  

Asset Growth and the Cross-Section of Stock Returns
Michael J. Cooper, University of Utah - David Eccles School of Business
Huseyin Gulen, Purdue University - Krannert School of Management
Michael J. Schill, University of Virginia - Darden School of Business
Abstract and Article  

Discussants:
Ralitsa Petkova, Case Western Reserve University - Department of Banking & Finance
Sydney C. Ludvigson, New York University (NYU) - Department of Economics
Laura Xiaolei Liu, Peking University - Guanghua School of Management

01/07/2007 - 8:00 AM
Location: Hyatt-Acapulco
Asset Pricing with Heterogeneous Beliefs
Wei Xiong, Princeton University - Department of Economics

What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations?
Bernard Dumas, INSEAD - Finance
Alexander Kurshev, London Business School - Department of Finance
Raman Uppal, EDHEC Business School
Abstract and Article  

Price Drift as an Outcome of Differences in Higher Order Beliefs
Snehal Banerjee, University of California, San Diego (UCSD) - Rady School of Management
Ron Kaniel, University of Rochester - Simon Business School
Ilan Kremer, Independent
Abstract and Article  

Asset Prices and Short-Sale Constraints
Yang Bai, The University of Hong Kong - School of Business
Eric C. Chang, The University of Hong Kong - School of Business
Jiang Wang, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Costis Skiadas, Northwestern University - Kellogg School of Management
Hongjun Yan, DePaul University

01/07/2007 - 8:00 AM
Location: Hyatt-Regency A
Behavioral Corporate Finance: Managerial Overconfidence & Corporate Overvaluation
Ulrike Malmendier, University of California, Berkeley - Department of Economics

Overconfidence, CEO Selection, and Corporate Governance
Anand M. Goel, Stevens Institute of Technology - School of Business
Anjan V. Thakor, Washington University in St. Louis - John M. Olin Business School
Abstract and Article  

Does Overvaluation Lead to Bad Mergers?
Weihong Song, Independent
Abstract and Article  

Discussants:
Simon Gervais, Duke University - Fuqua School of Business

01/07/2007 - 8:00 AM
Location: Hyatt-Regency C
Empirical Topics in Corporate Leverage
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management

Finance and Innovation: The Case of Publicly Traded Firms
Julian Atanassov, University of Oregon - Department of Finance
Vikram K. Nanda, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Amit Seru, Stanford University
Abstract and Article  

Financial Leverage and Bargaining Power With Suppliers: Evidence from Leveraged Buyouts
David T. Brown, University of Florida - Department of Finance, Insurance and Real Estate
C. Edward Fee, Tulane University - A.B. Freeman School of Business
Shawn Thomas, University of Pittsburgh - Finance Group
Abstract and Article  

Uncovering Collateral
Jose Maria Liberti, Kellogg School of Management - Department of Finance
Atif R. Mian, Princeton University - Department of Economics
Abstract and Article  

Discussants:
Andres Almazan, University of Texas at Austin - Department of Finance
Holger M. Mueller, New York University (NYU) - Department of Finance

01/07/2007 - 8:00 AM
Location: Hyatt-Regency D
The Financial Payoffs from Political Connections
Martin J. Gruber, New York University (NYU) - Department of Finance

The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 18th and 19th Century
Efraim Benmelech, Kellogg School of Management - Department of Finance
Tobias J. Moskowitz, AQR Capital Management, LLC, Yale University
Abstract and Article  

Do Politically Connected Boards Affect Firm Value?
Eitan Goldman, Indiana University - Kelley School of Business - Department of Finance
Jongil So, affiliation not provided to SSRN
Jörg Rocholl, ESMT European School of Management and Technology
Abstract and Article  

Big Business Owners in Politics
Pramuan Bunkanwanicha, ESCP Europe
Yupana Wiwattanakantang, National University of Singapore (NUS) - NUS Business School
Abstract and Article  

Discussants:
Mark Jeffrey Flannery, University of Florida - Department of Finance, Insurance and Real Estate
Alexander Ljungqvist, Centre for Economic Policy Research (CEPR)
Alexander Ljungqvist, Swedish House of Finance
Ronald W. Masulis, UNSW Business School

01/07/2007 - 10:15 AM
Location: Hyatt-Regency A
Financial Market Returns & the Macroeconomy
Stefan Nagel, University of Chicago - Booth School of Business

Reconciling the Return Predictability Evidence
Stijn Van Nieuwerburgh, Columbia University - Columbia Business School, Finance
Martin Lettau, University of California, Berkeley - Finance Group
Abstract and Article  

Financial Markets and the Macro Economy
Menachem Brenner, New York University (NYU) - Department of Finance
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Marti G. Subrahmanyam, New York University (NYU) - Leonard N. Stern School of Business
Abstract and Article  

The Expected Value Premium
Long Chen, Cheung Kong Graduate School of Business, Luohan Academy
Ralitsa Petkova, Case Western Reserve University - Department of Banking & Finance
Lu Zhang, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Discussants:
Jonathan W. Lewellen, Dartmouth College - Tuck School of Business
Amit Goyal, University of Lausanne

01/07/2007 - 10:15 AM
Location: Hyatt-Regency B
Mutual Fund Performance
Lu Zheng, University of California, Irvine - Paul Merage School of Business

How Active is Your Fund Manager? A New Measure That Predicts Performance
Martijn Cremers, University of Notre Dame - Department of Finance
Antti Petajisto, New York University (NYU) - Department of Finance
Abstract and Article  

City Size and Fund Performance
Susan Kerr Christoffersen, University of Toronto - Rotman School of Management
Sergei Sarkissian, McGill University
Abstract and Article  

Discussants:
Clemens Sialm, University of Texas at Austin - Red McCombs School of Business
Zhi Jay Wang, University of Oregon - Charles H. Lundquist School of Business

01/07/2007 - 10:15 AM
Location: Hyatt-Acapulco
Liquidity in Financial Markets
Ronnie Sadka, Boston College - Carroll School of Management

Stock Market Declines and Liquidity
Wenjin Kang, Shanghai University of Finance and Economics
Allaudeen Hameed, National University of Singapore (NUS) - Department of Finance
S. Viswanathan, Duke University - Finance
Abstract and Article  

Extrapolative Expectations: Implications for Volatility and Liquidity
Prachi Deuskar, Indian School of Business (ISB), Hyderabad
Abstract and Article  

Liquidity in the Pricing of Syndicated Loans
Anurag Gupta, Case Western Reserve University - Department of Banking & Finance
Ajai K. Singh, Lehigh University - College of Business
Allan A. Zebedee, Clarkson University - School of Business
Abstract and Article  

Discussants:
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance

01/07/2007 - 10:15 AM
Location: Hyatt-Regency C
IPO's, SEO's, & Investment Banking
Alon Brav, Duke University - Fuqua School of Business

The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income
Paul Oyer, Stanford Graduate School of Business
Abstract and Article  

The Rise of Accelerated Seasoned Equity Underwritings
Bernardo Bortolotti, Bocconi University
Scott Smart, Indiana University - Kelley School of Business - Department of Finance
William L. Megginson, University of Oklahoma - Division of Finance
Abstract and Article  

Investment Bank Governance
Oya Altinkilic, Unaffiliated Authors
Robert S. Hansen, Tulane University - A.B. Freeman School of Business
Emir Hrnjic, National University of Singapore (NUS) - Department of Accounting
Abstract and Article  

The Going Public Decision and the Product Market
Thomas J. Chemmanur, Boston College - Department of Finance
Shan He, Louisiana State University, Baton Rouge, Oregon State University - Department of Accounting, Finance, and Information Management
Debarshi K. Nandy, Brandeis University - International Business School
Abstract and Article  

Discussants:
Yaniv Grinstein, Interdisciplinary Center (IDC) Herzliyah
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Itay Goldstein, University of Pennsylvania - Finance Department

01/07/2007 - 10:15 AM
Location: Hyatt-Regency D
Security Analysts: Conflicts of Interest in Opinions & Return Predictability from Opinions
Avanidhar Subrahmanyam, University of California, Los Angeles (UCLA) - Finance Area

Rewriting History
Alexander Ljungqvist, Centre for Economic Policy Research (CEPR), Swedish House of Finance
Christopher J. Malloy, Harvard University - Business School (HBS)
Felicia C. Marston, University of Virginia - McIntire School of Commerce
Abstract and Article  

The Predictive Content of Aggregate Analyst Recommendations
John S. Howe, University of Missouri at Columbia - Department of Finance
Xuemin Sterling Yan, Lehigh University - College of Business
Emre Unlu, University of Nebraska at Lincoln
Abstract and Article  

Dispersion of Forecasts and Stock Returns
Bilal Erturk, Texas A&M University - Department of Finance
Abstract and Article  

Currying Favor to Win IPO Mandates
François Derrien, HEC Paris - Finance Department
Abstract and Article  

Discussants:
Jennifer L. Juergens, Cornerstone Research, Inc.
James Peter Weston, Rice University - Jesse H. Jones Graduate School of Business
Anna D. Scherbina, University of California, Davis - Graduate School of Management
Leslie A Boni, California State University, Monterey Bay

01/07/2007 - 1:00 PM
Location: Hyatt-Regency A
Fixed Income
Monika Piazzesi, Stanford University

Forecasting the Yield Curve in a Data-Rich Environment: A No-Arbitrage Factor-Augmented VAR Approach
Emanuel Moench, Frankfurt School of Finance and Management
Abstract and Article  

Do Bonds Span Volatility Risk in the U.S. Treasury Market? A Specification Test for Affine Term Structure Models
Torben G. Andersen, Northwestern University - Kellogg School of Management
Luca Benzoni, Federal Reserve Bank of Chicago
Abstract and Article  

Discrete-Time Dynamic Term Structure Models with Generalized Market Prices of Risk
Qiang Dai, University of North Carolina (UNC) at Chapel Hill - Finance Area
Anh Le, New York University (NYU) - Department of Finance
Kenneth J. Singleton, Stanford University - Knight Management Center
Abstract and Article  

Term Structure Estimation with Survey Data on Interest Rate Forecasts
Don H. Kim, Board of Governors of the Federal Reserve System
Athanasios Orphanides, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Jean Boivin, Columbia University - Columbia Business School
Jean Boivin, HEC Montreal
Pedro Santa-Clara, National Bureau of Economic Research (NBER)
Joann Jasiak, York University - Department of Economics
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management

01/07/2007 - 1:00 PM
Location: Hyatt-Regency B
Accounting Information & Security Valuation
Scott Anthony Richardson, London Business School

The Interdependent and Intertemporal Nature of Financial Decisions: An Application to Cash Flow Sensitivities
Vladimir A. Gatchev, University of Central Florida - Department of Finance
Todd C. Pulvino, AQR Capital Management, LLC
Vefa Tarhan, Loyola University of Chicago - School of Business Administration
Abstract and Article  

Measuring Distress Risk: The Effect of R&D Intensity
Laurel Franzen, Loyola Marymount University
Kimberly Cornaggia, Pennsylvania State University - Department of Finance
Timothy T. Simin, Pennsylvania State University - Smeal College of Business
Abstract and Article  

Do Mutual Funds Profit from the Accruals Anomaly?
Ashiq Ali, University of Texas at Dallas - Naveen Jindal School of Management
Xuanjuan Chen, Shanghai University of Finance and Economics
Tong Yao, University of Iowa - Henry B. Tippie College of Business
Tong Yu, University of Cincinnati - Department of Finance - Real Estate
Abstract and Article  

The Accrual Anomaly: Risk or Mispricing?
David A. Hirshleifer, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Kewei Hou, Ohio State University (OSU) - Department of Finance
Siew Hong Teoh, University of California, Los Angeles (UCLA) - Anderson School of Management
Abstract and Article  


01/07/2007 - 1:00 PM
Location: Hyatt-Acapulco
International Portfolio Allocation
Ingrid M. Werner, Ohio State University (OSU) - Department of Finance

Non-Equity Risks and Equity Home Bias
Timothy K. Chue, Hong Kong Polytechnic University - School of Accounting and Finance
Abstract and Article  

Foreign Investments of U'S' Individual Investors: Causes and Consequences
Warren Bailey, Cornell University - Samuel Curtis Johnson Graduate School of Management
Alok Kumar, University of Miami - Department of Finance
David T. Ng, Cornell University
Abstract and Article  

Home Bias in Foreign Investment Decisions
Qinghai Wang, University of Central Florida - College of Business Administration
Dongmin Ke, Kean University
Lilian Ng, University of Wisconsin - Milwaukee - Sheldon B. Lubar School of Business
Abstract and Article  

Discussants:
Tarun Ramadorai, Imperial College London
Rodolfo Martell, Barclays - Barclays Global Investors (BGI)
Vicentiu Covrig, California State University, Northridge - Department of Finance, Financial Planning and Insurance

01/07/2007 - 1:00 PM
Location: Hyatt-Regency C
Venture Capital & Private Equity
Paul A. Gompers, Harvard Business School - Finance Unit

Networking as Entry Deterrence and the Competitive Supply of Venture Capital
Yael V. Hochberg, National Bureau of Economic Research (NBER)
Alexander Ljungqvist, Centre for Economic Policy Research (CEPR), Swedish House of Finance
Yang Lu, AQR Capital Management, LLC
Abstract and Article  

The Role of Top Management Team Human Capital in Venture Capital Markets: Evidence from First-Time Funds
Rebecca Zarutskie, Board of Governors of the Federal Reserve System
Abstract and Article  

The Bright and Dark Side of Staging: Investment Performance and the Varying Motivations of Private Equity Firms
Philipp Krohmer, CEPRES - Center of Private Equity Research
Rainer Lauterbach, University of Pennsylvania
Victor Franco M. Calanog, University of Pennsylvania - Business & Public Policy Department
Abstract and Article  

Discussants:
Andrew Metrick, Yale School of Management
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Yuhai Xuan, University of California, Irvine - Paul Merage School of Business

01/07/2007 - 1:00 PM
Location: Hyatt-Regency D
The Evolution of Financial Institutions
Mitchell A. Petersen, Northwestern University - Kellogg School of Management

Competing with the NYSE
William O. Brown, University of North Carolina (UNC) at Greensboro
J. Harold Mulherin, University of Georgia - Department of Banking and Finance
Marc Weidenmier, Claremont McKenna College - Robert Day School of Economics and Finance
Abstract and Article  

Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions
Evan Gatev, Simon Fraser University (SFU) - Finance Area
Philip E. Strahan, Boston College - Department of Finance
Til Schuermann, Oliver Wyman
Abstract and Article  

How Much Do Banks Use Credit Derivatives to Reduce Risk?
Bernadette A. Minton, Ohio State University (OSU) - Department of Finance
Rohan Williamson, Georgetown University - McDonough School of Business
René M. Stulz, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Discussants:
Michael J. Barclay, affiliation not provided to SSRN (deceased)
Andrea L. Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management
Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill - Finance Area