Preliminary Program

AFA 2009 SAN FRANCISCO MEETINGS (ARCHIVE)

San Francisco, California     January 3, 2009 through January 5, 2009

SIXTY NINTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Jeremy C. Stein President-Elect and Program Chair: Darrell Duffie

Go to the first session on
    January 03, 2009
    January 04, 2009
    January 05, 2009


1/4/2009 5:30 PM - Business Meeting and Presidential Address Buena Vista Salon 7


01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
Blockholders and Family Members
Laura T. Starks, University of Texas at Austin - Department of Finance

Governance Through Trading and Intervention: A Theory of Multiple Blockholders
Alex Edmans, London Business School - Institute of Finance and Accounting
Gustavo Manso, University of California, Berkeley - Haas School of Business
Abstract and Article  

Estimating the Effects of Large Shareholders Using a Geographic Instrument
Bo Becker, Swedish House of Finance
Henrik Cronqvist, University of Miami - Department of Finance
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Abstract and Article  

The Life Cycle of Family Ownership: International Evidence
Julian R. Franks, London Business School - Institute of Finance and Accounting
Colin Mayer, University of Oxford - Said Business School
Paolo F. Volpin, City University London - Faculty of Finance
Hannes F. Wagner, Bocconi University - Department of Finance
Abstract and Article  

Family Control of Firms and Industries
Belen Villalonga, New York University (NYU) - Leonard N. Stern School of Business
Raphael ('Raffi") H. Amit, University of Pennsylvania - Management Department
Abstract and Article  

Discussants:
Jay C. Hartzell, University of Texas at Austin - Department of Finance
Mara Faccio, Purdue University - Krannert School of Management
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Francisco Perez-Gonzalez


01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 8
Dynamics of Asset Returns
Andrew Ang, BlackRock, Inc

Momentum, Information Uncertainty, and Leverage - An Explanation Based on Recursive Preferences
Doron Avramov, Interdisciplinary Center (IDC) Herzliyah
Satadru Hore, University of Iowa - Department of Finance
Abstract and Article  

New Goods and Asset Prices
Paul Scanlon, Trinity College (Dublin)
Abstract and Article  

Investigating ICAPM with Dynamic Conditional Correlations
Turan G. Bali, Georgetown University - Robert Emmett McDonough School of Business
Robert F. Engle, Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

Discussants:
Po-Hsuan Hsu, The University of Hong Kong - Faculty of Business and Economics
Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill - Finance Area


01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Payout Policy
Amy Dittmar, University of Michigan, Stephen M. Ross School of Business

Does Geography Matter? Firm Location and Corporate Payout Policy
Kose John, New York University (NYU) - Department of Finance
Anzhela Knyazeva, Unaffiliated Authors
Diana Knyazeva, Independent
Abstract and Article  

Market Participation and Dividend Clienteles
Marco Rossi, Texas A&M University - Department of Finance
Abstract and Article  

Dividends, Investment, and Financial Flexibility
Naveen D. Daniel, Drexel University - Department of Finance
David J. Denis, University of Pittsburgh - Katz Graduate School of Business
Lalitha Naveen, Temple University - Department of Finance
Abstract and Article  

The Shareholder Base and Payout Policy
Andriy Bodnaruk, University of Illinois at Chicago
Per Östberg, University of Zurich - Swiss Banking Institute (ISB)
Abstract and Article  

Discussants:
Paul Schultz, affiliation not provided to SSRN
Li Jin, Harvard Business School - Finance Unit
Jonathan B. Cohn, University of Texas at Austin - Department of Finance
Gustavo Grullon, Rice University - Jesse H. Jones Graduate School of Business


01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Liquidity and Arbitrageur Capital
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance

Individual Investors and Volatility
Thierry Foucault, HEC Paris - Finance Department
David Alexandre Sraer, University of California, Berkeley
David Thesmar, Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Abstract and Article  

Arbitrage Capital and Currency Carry Trade Returns
Petri Jylha, Aalto University
Matti Suominen, Aalto University - Department of Economics
Jussi-Pekka Lyytinen, Aalto University
Abstract and Article  

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

Discussants:
Harrison G. Hong, Columbia University, Graduate School of Arts and Sciences, Department of Economics
Robin M. Greenwood, Harvard Business School - Finance Unit
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) - Department of Economics


01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 7
Fund Performance Evaluation
Magnus Dahlquist, Stockholm School of Economics - Department of Finance

When Does a Mutual Fund's Trade Reveal its Skill?
Zhi Da, University of Notre Dame - Mendoza College of Business
Pengjie Gao, University of Notre Dame
Ravi Jagannathan, Northwestern University - Kellogg School of Management
Abstract and Article  

The Portfolio Choices of Young and Old Active Mutual Fund Managers
David A. Chapman, University of Virginia - McIntire School of Commerce
Richard B. Evans, University of Virginia - Darden School of Business
Zhe Xu, Boston College
Abstract and Article  

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

Discussants:
Frank De Jong, Tilburg University - Department of Finance
Jakub W. Jurek, University of Pennsylvania - Finance Department
Richard C. Green, Carnegie Mellon University - David A. Tepper School of Business


01/03/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 3 & 4
Real Production, Investment, and Prices
Heather Tookes, Yale School of Management

Product Market Efficiency: The Bright Side of Myopic, Uninformed, and Passive External Finance
Thomas H. Noe, University of Oxford - Finance
Michael J. Rebello, University of Texas at Dallas - Naveen Jindal School of Management
Thomas Rietz, University of Iowa - Department of Finance
Abstract and Article  

A Bayesian Approach to Real Options: The Case of Distinguishing between Temporary and Permanent Shocks
Steven R. Grenadier, Stanford Graduate School of Business
Andrey Malenko, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Asset Pricing with Real Investment Commitment
Lars-Alexander Kuehn, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

Real Investment, Risk and Risk Dynamics
Ilan Cooper, BI Norwegian Business School
Richard Priestley, Norwegian School of Management (BI) - Department of Financial Economics
Abstract and Article  

Discussants:
Gordon M. Phillips, Dartmouth College - Tuck School of Business
Robert L. McDonald, Northwestern University - Kellogg School of Management
Hongjun Yan, DePaul University
Jonathan B. Berk


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

What Determines the Structure of Corporate Debt Issues?
Brandon Julio, University of Oregon
Woojin Kim, Seoul National University - College of Business Administration
Michael S. Weisbach, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Capital Structure and Security Issuance Under Heterogeneous Beliefs
Thomas J. Chemmanur, Boston College - Department of Finance
Jean-Sebastien Michel, HEC Montreal - Department of Finance
Debarshi K. Nandy, Brandeis University - International Business School
An Yan, Fordham University - Gabelli School of Business
Abstract and Article  

Financial Contracting and the Specialization of Assets
Robert Marquez, University of California, Davis
M. Deniz Yavuz, Purdue University - Krannert School of Management
Abstract and Article  

Economic Development and Relationship-Based Financing
Mariassunta Giannetti, Stockholm School of Economics - Department of Finance
Xiaoyun Yu, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Discussants:
Michael W. Faulkender, University of Maryland - Robert H. Smith School of Business
Amy Dittmar, University of Michigan, Stephen M. Ross School of Business
Daniel Wolfenzon, Columbia Business School - Finance and Economics
Diana Knyazeva, Independent


01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 8
Executive Compensation
Annette B. Poulsen, University of Georgia - Department of Banking and Finance

CEO Deal-Making Activities and Compensation
Eliezer M. Fich, Drexel University - Department of Finance
Laura T. Starks, University of Texas at Austin - Department of Finance
Adam S. Yore, Northern Illinois University - Department of Finance
Abstract and Article  

Optimal Exercise of Executive Stock Options and Implications for Firm Cost
Jennifer N. Carpenter, New York University (NYU) - Department of Finance
Richard Stanton, University of California, Berkeley - Finance Group
Nancy Wallace, University of California, Berkeley - Real Estate Group
Abstract and Article  

Not So Lucky Any More: CEO Compensation in Financially Distressed Firms
Qiang Kang, Florida International University (FIU) - Department of Finance
Oscar A. Mitnik, University of Miami
Abstract and Article  

Discussants:
David Offenberg, Loyola Marymount University - Department of Finance and Computer Information Systems
Stewart Mayhew, Cornerstone Research - Washington Office
Robert M. Mooradian


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

Corporate Governance and Capital Structure Dynamics
Erwan Morellec, Ecole Polytechnique Fédérale de Lausanne
Boris Nikolov, University of Lausanne
Norman Schürhoff, University of Lausanne - Institute of Banking and Finance (IBF)
Abstract and Article  

Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
Huafeng (Jason) Chen, Tsinghua University - PBC School of Finance
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Hernan Ortiz-Molina, University of British Columbia (UBC) - Sauder School of Business
Abstract and Article  

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

Discussants:
Toni M. Whited, University of Michigan, Stephen M. Ross School of Business
Amir Sufi, University of Chicago - Finance
Ilya A. Strebulaev, Stanford Graduate School of Business


01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Heterogeneity and the Cross-section of Returns
Jennifer S. Conrad, University of North Carolina (UNC) at Chapel Hill - Finance Area

Good-Specifc Habit Formation and the Cross Section of Expected Returns
Jules H. van Binsbergen, University of Pennsylvania - The Wharton School
Abstract and Article  

Industry-Specific Human Capital, Idiosyncratic Risk and the Cross-Section of Expected Stock Returns
Esther Eiling, University of Amsterdam Business School
Abstract and Article  

Labor Income, Relative Wealth Concerns, and the Cross-section of Stock Returns
Juan-Pedro Gomez, IE Business School - IE University
Richard Priestley, Norwegian School of Management (BI) - Department of Financial Economics
Fernando Zapatero, University of Southern California - Marshall School of Business
Abstract and Article  

Discussants:
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Stijn Van Nieuwerburgh, Columbia University - Columbia Business School, Finance
Motohiro Yogo, Princeton University - Department of Economics


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

Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed?
Yao-Min Chiang, National Chengchi University (NCCU)
Yiming Qian, University of Iowa - Department of Finance
Ann E. Sherman, DePaul University - Department of Finance
Abstract and Article  

Does Favorable Investor Sentiment Lead to Costly Decisions to Go Public?
Azizjon Alimov, City University of Hong Kong (CityUHK)
Wayne H. Mikkelson, University of Oregon - Department of Finance
Abstract and Article  

The New Game in Town: Competitive Effects of IPOs
Scott H. C. Hsu, University of Arkansas - Department of Finance
Adam V. Reed, University of North Carolina (UNC) at Chapel Hill - Finance Area
Jörg Rocholl, ESMT European School of Management and Technology
Abstract and Article  

Discussants:
François Derrien, HEC Paris - Finance Department
Aydogan Alti, University of Texas at Austin - Department of Finance
J. Harold Mulherin, University of Georgia - Department of Banking and Finance


01/03/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 7
Macro Variables and Asset Returns
Sydney C. Ludvigson, New York University (NYU) - Department of Economics

Neoclassical Factors
Lu Zhang, 张橹, Ohio State University (OSU) - Department of Finance
Long Chen, Cheung Kong Graduate School of Business
Abstract and Article  

Investor Expectations, Business Conditions, and the Pricing of Beta-Instability Risk
William N. Goetzmann, Yale School of Management
Akiko Watanabe, University of Alberta - School of Business
Masahiro Watanabe, University of Alberta - School of Business
Abstract and Article  

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
John Y. Campbell, Harvard University - Department of Economics (Finance Authors)
Adi Sunderam, Harvard Business School
Luis M. Viceira, Harvard Business School - Finance Unit
Abstract and Article  

Discussants:
João F. Gomes, University of Pennsylvania - Finance Department
Francis X. Diebold, University of Pennsylvania - Department of Economics
John C Heaton, University of Chicago - Finance


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

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

Post-Merger Restructuring and the Boundaries of the Firm
Vojislav Maksimovic, University of Maryland - Robert H. Smith School of Business
Gordon M. Phillips, Dartmouth College - Tuck School of Business
Nagpurnanand Prabhala, Johns Hopkins University - Carey Business School
Abstract and Article  

Why Do Small Stock Acquirers Underperform in the Long-Term?
Itzhak Ben-David, Ohio State University (OSU) - Department of Finance
Darren T. Roulstone, Ohio State University (OSU) - Fisher College of Business
Abstract and Article  

Bargaining Power and Industry Dependence in Mergers
Kenneth R. Ahern, University of Southern California - Marshall School of Business
Abstract and Article  

Discussants:
Richmond D. Mathews
Charles J. Hadlock, Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
Darren J. Kisgen, Boston College - Carroll School of Management
Jarrad Harford, University of Washington - Michael G. Foster School of Business


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

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

Investment Horizon of the Bond Investor Base and the Leverage of the Firm
Massimo Massa, INSEAD - Finance
Ayako Yasuda, University of California, Davis - Graduate School of Management
Lei Zhang, University of Queensland - Business School
Abstract and Article  

Discussants:
Stuart C. Gilson, Harvard Business School - Finance Unit
Joshua D. Coval, Harvard Business School - Finance Unit


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

Nonparametric Estimation of State-Price Densities Implicit In Interest Rate Cap Prices
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  

The Price of Market Volatility Risk
Jefferson Duarte, Rice University - Jesse H. Jones Graduate School of Business
Christopher S. Jones, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Cross-Sectional Stock Option Pricing and Factor Models of Returns
Mihaela Serban, Carnegie Mellon University - Department of Statistics
John P. Lehoczky, Carnegie Mellon University
Duane J. Seppi, Carnegie Mellon University - David A. Tepper School of Business
Abstract and Article  

A Framework for Studying Option Mispricing: A General Test and Empirical Evidence
Gurdip Bakshi, University of Maryland - Robert H. Smith School of Business
George Panayotov, Hong Kong University of Science & Technology (HKUST)
Abstract and Article  

Discussants:
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Sophie Xiaoyan Ni, Hong Kong University of Science & Technology (HKUST)
Jakub W. Jurek, University of Pennsylvania - Finance Department
David S. Bates, University of Iowa - Department of Finance


01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
International Finance: Structural Frictions
E. Han Kim, University of Michigan, Stephen M. Ross School of Business

Expropriation Risk and Firm Growth: A Corporate Transparency Channel
Art Durnev, University of Iowa - Henry B. Tippie College of Business
Sergei M. Guriev, Sciences Po
Abstract and Article  

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

What Segments Equity Markets?
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  

Discussants:
Stijn Claessens, Bank for International Settlements (BIS) - Monetary and Economic Department
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
George Andrew Karolyi, Cornell University - Samuel Curtis Johnson Graduate School of Management


01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
The Process of Mergers & Acquisitions
Audra Boone, Texas Christian University - M.J. Neeley School of Business

Negotiations Under the Threat of an Auction
Nihat Aktas, WHU - Otto Beisheim School of Management
Eric de Bodt, University of Lille II
Richard Roll, University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

The Real Effects of Financial Markets: The Impact of Prices on Takeovers
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  

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

Discussants:
Robert G. Hansen, Dartmouth College - Tuck School of Business
Dirk Hackbarth, Boston University - Department of Finance & Economics
Micah S. Officer, Loyola Marymount University - Department of Finance and Computer Information Systems


01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 10 & 11
Corporate Misreporting
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics

Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover
Anup Agrawal, University of Alabama - Culverhouse College of Commerce & Business Administration
Tommy Cooper, University of Alabama - Department of Economics, Finance and Legal Studies
Abstract and Article  

The Prevention of Excess Managerial Risk Taking
Edward Dickersin Van Wesep, University of Colorado at Boulder - Department of Finance
Sean Wang, Southern Methodist University (SMU) - Edwin L. Cox School of Business
Abstract and Article  

Short Sellers and Financial Misconduct
Jonathan M. Karpoff, University of Washington - Michael G. Foster School of Business
Xiaoxia Lou, University of Delaware - Alfred Lerner College of Business and Economics
Abstract and Article  

Discussants:
Jeffrey L. Coles, University of Utah - Department of Finance
Andres Almazan, University of Texas at Austin - Department of Finance
Ingrid M. Werner, Ohio State University (OSU) - Department of Finance


01/03/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 7
Venture Capital
Yael V. Hochberg, National Bureau of Economic Research (NBER)

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies
Arthur G. Korteweg, University of Southern California - Marshall School of Business
Morten Sorensen, Copenhagen Business School
Abstract and Article  

On the Valuation of Venture Capital Securities
Klaas Baks, Emory University - Department of Finance
Gabriel D Carroll, Massachusetts Institute of Technology (MIT)
Andrew Metrick, Yale School of Management
Abstract and Article  

Bridge Building in Venture Capital-Backed Acquisitions
Paul A. Gompers, Harvard Business School - Finance Unit
Yuhai Xuan, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Discussants:
John M. Quigley, University of California, Berkeley - Department of Economics
Morten Sørensen, Copenhagen Business School
Steven Neil Kaplan, University of Chicago - Finance


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

Lending Relationships and Loan Contract Terms
Sreedhar T. Bharath, Arizona State University (ASU) - Finance Department
Sandeep Dahiya, Georgetown University - Department of Finance
Anthony Saunders, New York University (NYU) - Department of Finance
Anand Srinivasan, Government of India - Center for Advanced Financial Research and Learning
Abstract and Article  

Do Banks Price Their Informational Monopoly?
Galina Hale, Federal Reserve Banks - Federal Reserve Bank of San Francisco
João A. C. Santos, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Liquidity Risk and Syndicate Structure
Evan Gatev, Simon Fraser University (SFU) - Finance Area
Philip E. Strahan, Boston College - Department of Finance
Abstract and Article  

'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets
Mariassunta Giannetti, Stockholm School of Economics - Department of Finance
Steven Ongena, University of Zurich - Department of Banking and Finance
Abstract and Article  

Discussants:
Philip E. Strahan, Boston College - Department of Finance
Anthony Saunders, New York University (NYU) - Department of Finance
Steven R. G. Ongena, University of Zurich - Department of Banking and Finance
João A. C. Santos, Federal Reserve Banks - Federal Reserve Bank of New York


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

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

Advance Information and Asset Prices
Rui A. Albuquerque, Boston College - Carroll School of Management
Jianjun Miao, Boston University - Department of Economics
Abstract and Article  

Relative Wealth Concerns and Complementarities in Information Acquisition
Günter Strobl, Frankfurt School of Finance & Management gemeinnützige GmbH
Diego Garcia, University of Colorado at Boulder - Leeds School of Business
Abstract and Article  

Discussants:
Philippe Bacchetta, University of Lausanne
Simon Gervais, Duke University - Fuqua School of Business
Philipp K. Illeditsch, Carnegie Mellon University - David A. Tepper School of Business


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

To Each According to Her Luck and Power: Optimal Corporate Governance and Compensation Policy in a Dynamic World
Michael J. Rebello, University of Texas at Dallas - Naveen Jindal School of Management
Thomas H. Noe, University of Oxford - Finance
Abstract and Article  

Corporate Governance and Company Performance
Sanjai Bhagat, University of Colorado at Boulder - Department of Finance
Brian J. Bolton, IMD International
Abstract and Article  

Survival
Kathy Fogel, Suffolk University - Department of Finance
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis
Bernard Yin Yeung, National University of Singapore (NUS) - NUS Business School
Abstract and Article  

Discussants:
James Dow, London Business School - Institute of Finance and Accounting
Andrew Metrick, Yale School of Management
Enrico C. Perotti, University of Amsterdam - Finance Group


01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 5 & 6
Financial Econometrics
Peter Christoffersen, University of Toronto - Rotman School of Management

Consumption and Portfolio Choice with Option-Implied State Prices
Yacine Ait-Sahalia, Princeton University - Department of Economics
Michael W. Brandt, Duke University - Fuqua School of Business
Abstract and Article  

Using Stocks or Portfolios in Tests of Factor Models
Andrew Ang, BlackRock, Inc
Jun Liu, University of California, San Diego (UCSD) - Rady School of Management
Krista Schwarz, University of Pennsylvania - Finance Department
Abstract and Article  

Economic Implications of Nonlinear Pricing Kernels
Caio Almeida, Getulio Vargas Foundation (FGV)
René Garcia, University of Montreal - Department of Economics
Abstract and Article  

Discussants:
Raymond Kan, University of Toronto - Rotman School of Management
Allan Timmermann, University of California, San Diego (UCSD) - Department of Economics


01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 7
Uncertainty and Stock Return Predictability
Stefan Nagel, University of Chicago - Booth School of Business

What's Vol Got to Do With It
Itamar Drechsler, University of Pennsylvania - The Wharton School
Amir Yaron, University of Pennsylvania - Finance Department
Abstract and Article  

Buy High and Sell Low
Kevin Q. Wang, University of Toronto - Finance Area
Abstract and Article  

What Does Individual Option Volatility Smirk Tell Us About Future Equity Returns?
Xiaoyan Zhang, Tsinghua University - PBC School of Finance
Rui Zhao, BlackRock, Inc
Yuhang Xing, Rice University
Abstract and Article  

Discussants:
Jun Pan, Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Juhani T. Linnainmaa, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Jules H. van Binsbergen, University of Pennsylvania - The Wharton School


01/04/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Takeovers and Equity Offerings
Karin S. Thorburn, Norwegian School of Economics (NHH) - Department of Finance

Who Monitors the Monitor? The Use of Special Committees by Target Firms in Corporate Takeovers
Audra L. Boone, Texas Christian University - M.J. Neeley School of Business
J. Harold Mulherin, University of Georgia - Department of Banking and Finance
Abstract and Article  

An Examination of the Efficiency, Foreclosure, and Collusion Rationales for Vertical Takeovers
Jaideep Shenoy, University of Connecticut - Department of Finance
Abstract and Article  

Short Selling Around Seasoned Equity Offerings
Tyler R. Henry, Miami University of Ohio - Department of Finance
Jennifer L. Koski, University of Washington - Michael G. Foster School of Business
Abstract and Article  

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

Discussants:
Oyvind Norli, Norwegian School of Management (BI) - Department of Financial Economics
B. Espen Eckbo, Dartmouth College - Tuck School of Business
Ingrid M. Werner, Ohio State University (OSU) - Department of Finance
Oya Altinkilic, Unaffiliated Authors


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

Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?
Robert H. Battalio, University of Notre Dame - Department of Finance
Brian C. Hatch, University of Cincinnati - Department of Finance - Real Estate
Tim Loughran, University of Notre Dame - Department of Finance
Abstract and Article  

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

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

Voluntary Disclosures and the Exercise of CEO Stock Options
Paul Brockman, Lehigh University - College of Business & Economics
Xiumin Martin, University of Missouri at Columbia
Andy Puckett, University of Tennessee, Knoxville
Abstract and Article  

Discussants:
Joseph Piotroski, affiliation not provided to SSRN
Marco Pagano, University of Naples Federico II - Department of Economics
Andrew Ellul, Indiana University - Kelley School of Business - Department of Finance
Gennaro Bernile, University of Miami - Department of Finance


01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Asset Pricing Theory
Anna Pavlova, London Business School

Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance
Xavier Gabaix, Harvard University - Department of Economics
Abstract and Article  

Ambiguity, Learning, and Asset Returns
Nengjiu Ju, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Jianjun Miao, Boston University - Department of Economics
Abstract and Article  

Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Prices
Nicolae Garleanu, University of California, Berkeley - Haas School of Business
Stavros Panageas, University of Chicago - Finance
Abstract and Article  

Discussants:
Christian Julliard, London School of Economics & Political Science (LSE) - Department of Economics
Costis Skiadas, Northwestern University - Kellogg School of Management
Michael F. Gallmeyer, University of Virginia - McIntire School of Commerce


01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Bank Liquidity and Regulation
Rafael Repullo, Centre for Monetary and Financial Studies (CEMFI)

Liquidity Risk, Credit Risk, and Interbank Competition
Jian Cai, Washington University in St. Louis - John M. Olin Business School
Anjan V. Thakor, Washington University in St. Louis - John M. Olin Business School
Abstract and Article  

Crisis Resolution and Bank Liquidity
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Hyun Song Shin, Bank for International Settlements (BIS)
Tanju Yorulmazer, University of Amsterdam - Faculty of Economics and Business (FEB)
Abstract and Article  

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

Does Credit Competition Affect Small-Firm Finance?
Tara Rice, BlackRock, Inc
Philip E. Strahan, Boston College - Department of Finance
Abstract and Article  

Discussants:
Andrew Winton, University of Minnesota - Twin Cities - Carlson School of Management
Tano Santos, Columbia Business School - Economics Department
Andres Almazan, University of Texas at Austin - Department of Finance
Mitchell A. Petersen, Northwestern University - Kellogg School of Management


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

The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance
Jeffrey L. Coles, University of Utah - Department of Finance
Michael L. Lemmon, University of Utah - Department of Finance
Yan Albert Wang, Auburn University - Department of Finance
Abstract and Article  

Are All Inside Directors the Same? Evidence from the External Directorship Market.
Ronald W. Masulis, UNSW Business School
Shawn Mobbs, University of Alabama
Abstract and Article  

A Theory of Corporate Boards with Endogenous Information Collection, Optimal Compensation and Strategic Voting: When Do Independent Boards Dominate Rubberstamping Ones?
Zsuzsanna Fluck, Michigan State University - Department of Finance
Naveen Khanna, Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
Abstract and Article  

Private Equity and Corporate Governance: Do LBOs Have More Effective Boards?
Francesca Cornelli, London Business School
Oğuzhan Karakaş, University of Cambridge
Abstract and Article  

Discussants:
Kose John, New York University (NYU) - Department of Finance
David J. Denis, University of Pittsburgh - Katz Graduate School of Business
Steven Neil Kaplan, University of Chicago - Finance


01/04/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Corporate Finance Theory
Denis Gromb, HEC Paris

Leadership, Coordination and Mission-Driven Management
Patrick Bolton, Columbia Business School - Economics Department
Markus K. Brunnermeier, Princeton University - Department of Economics
Laura Veldkamp, Leonard N. Stern School of Business - Department of Economics
Abstract and Article  

A Model of Dynamic Compensation and Capital Structure
Zhiguo He, University of Chicago - Finance
Abstract and Article  

Empty Voting and the Efficiency of Corporate Governance
Alon Brav, Duke University - Fuqua School of Business
Richmond D. Mathews, University of Maryland - Department of Finance
Abstract and Article  

Discussants:
Enrico C. Perotti, University of Amsterdam - Finance Group
Yuri Tserlukevich, Arizona State University (ASU)
Samuel Lee, Santa Clara University - Leavey School of Business


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

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

Are Analysts Right? Macroeconomic Factors and Regime Switching in the Term Structure of Interest Rates
Nina Boyarchenko, Federal Reserve Banks - Federal Reserve Bank of New York
Abstract and Article  

Bond Risk Premia and Realized Jump Risk
Jonathan H. Wright, Johns Hopkins University - Department of Economics
Hao Zhou, Tsinghua University - PBC School of Finance
Abstract and Article  

Discussants:
Oreste Tristani, European Central Bank (ECB)
Robert F. Dittmar, University of Michigan, Stephen M. Ross School of Business
Michael Slater Johannes, Columbia Business School - Finance and Economics


01/04/2009 - 10:15 AM
Location: Hilton Union Square 22
Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms
Edward J. Kane, Boston College - Department of Finance

AFA/ASE Panel: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms
Darrell Duffie, Stanford Graduate School of Business
Edward J. Kane, Boston College - Department of Finance
Paul McCulley, PIMCO Europe Ltd.
David Modest, Azimuth Alternative Assets Management LLLP
Abstract and Article  



01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 1 & 2
Equilibrium Asset Pricing
Neng Wang, Columbia Business School - Finance and Economics

Investor Information, Long-Run Risk, and the Duration of Risky Cash Flows
Mariano (Max) Massimiliano Croce, Bocconi University
Martin Lettau, University of California, Berkeley - Finance Group
Sydney C. Ludvigson, New York University (NYU) - Department of Economics
Abstract and Article  

Asset Pricing with Endogenous Disasters
Cristian Ioan Tiu, SUNY at Buffalo - School of Management
Uzi Yoeli, University of Texas at Austin - Department of Finance
Abstract and Article  

Beauty Contests, Heterogeneous Beliefs, and Bubbles in Stocks and Options
Huining Henry Cao, Cheung Kong Graduate School of Business
Hui Ou-Yang, Duke University - Fuqua School of Business
Abstract and Article  

Discussants:
Lars Peter Hansen, University of Chicago - Finance
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) - Department of Economics
Peter M. DeMarzo, Stanford Graduate School of Business


01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 3 & 4
Bankruptcy and Distress
Lemma W. Senbet, University of Maryland - Robert H. Smith School of Business

Capital Structure and Debt Structure
Joshua D. Rauh, Stanford Graduate School of Business
Amir Sufi, University of Chicago - Finance
Abstract and Article  

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

Creditor Coordination, Liquidation Timing, and Debt Valuation
Max Bruche, Humboldt University of Berlin - School of Business and Economics
Abstract and Article  

Discussants:
Gordon M. Phillips, Dartmouth College - Tuck School of Business
Tyler Shumway, University of Michigan, Stephen M. Ross School of Business
Ronald Giammarino, University of British Columbia (UBC) - Sauder School of Business


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

Weather and Time Series Determinants of Liquidity in a Limit Order Market
Juhani T. Linnainmaa, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Ioanid Rosu, HEC Paris - Finance Department
Abstract and Article  

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

Undisclosed Orders and Optimal Submission Strategies in a Limit Order Market
Sabrina Buti, Université Paris Dauphine - Department of Finance
Barbara Rindi, Bocconi University - IGIER - Innocenzo Gasparini Institute for Economic Research
Abstract and Article  

Resiliency in Limit Order Book Markets: A Dynamic View of Liquidity
Daniel L. Mayston, University of Cologne
Alexander Kempf, University of Cologne - Department of Finance
Pradeep K. Yadav, University of Oklahoma - Division of Finance
Abstract and Article  

Discussants:
Duane J. Seppi, Carnegie Mellon University - David A. Tepper School of Business
Gideon Saar, Cornell University - Samuel Curtis Johnson Graduate School of Management
Christine A. Parlour, University of California, Berkeley - Finance Group
Anna A. Obizhaeva, New Economic School (NES)


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

Employee Stock Options and Investment
Ilona Babenko, Arizona State University (ASU)
Michael L. Lemmon, University of Utah - Department of Finance
Yuri Tserlukevich, Arizona State University (ASU)
Abstract and Article  

Pay (Be)fore Performance: The Signing Bonus as an Incentive Device
Edward Dickersin Van Wesep, University of Colorado at Boulder - Department of Finance
Abstract and Article  

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

Discussants:
Dirk Jenter, London School of Economics & Political Science (LSE) - Department of Finance
Scott Schaefer, University of Utah - Department of Finance
Elena N. Asparouhova, University of Utah - David Eccles School of Business


01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 5 & 6
Mutual Funds
William N. Goetzmann, Yale School of Management

Dynamic Liquidity Preferences of Mutual Funds
Jiekun Huang, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

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

When Active Fund Managers Deviate from Their Peers: Implications for Fund Performance
Swasti Gupta-Mukherjee, Loyola University of Chicago - School of Business Administration
Abstract and Article  

Discussants:
Russell R. Wermers, University of Maryland - Robert H. Smith School of Business
Lu Zheng, University of California, Irvine - Paul Merage School of Business
K. J. Martijn Cremers, University of Notre Dame - Department of Finance


01/04/2009 - 2:30 PM
Location: Marriott Yerba Buena Salon 10 & 11
Opaque Over-the-Counter Markets
James Darrell Duffie, Stanford Graduate School of Business

A Multiple Lender Approach to Understanding Supply and Search in the Equity Lending Market
Adam C. Kolasinski, Texas A&M University - Department of Finance
Adam V. Reed, University of North Carolina (UNC) at Chapel Hill - Finance Area
Matthew Ringgenberg, University of Utah - Department of Finance
Abstract and Article  

Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?
Richard C. Green, Carnegie Mellon University - David A. Tepper School of Business
Dan Li, Board of Governors of the Federal Reserve System
Norman Schürhoff, University of Lausanne - Institute of Banking and Finance (IBF)
Abstract and Article  

Dealer Behavior and the Trading of Newly Issued Corporate Bonds
Michael A. Goldstein, Babson College - Finance Division
Edith S. Hotchkiss, Boston College - Carroll School of Management
Abstract and Article  

Discussants:
Nicolae Bogdan Garleanu, University of California, Berkeley - Haas School of Business
Lawrence Harris, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Kathleen Weiss Hanley, Lehigh University - College of Business & Economics


01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 1 & 2
The CEO Labor Market
Camelia M. Kuhnen, University of North Carolina (UNC) at Chapel Hill - Finance Area

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

The Economics of Super Managers
Nina Baranchuk, University of Texas at Dallas - Naveen Jindal School of Management
Glenn MacDonald, Washington University in St. Louis - John M. Olin Business School
Jun Yang, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

Discussants:
Paul Oyer, Stanford Graduate School of Business
Xavier Gabaix


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

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China
Henk Berkman, University of Auckland - Business School
Rebel A. Cole, Florida Atlantic University
Jiang Lawrence Fu, Standard Chartered Bank - Standard Chartered Bank (Hong Kong) Limited
Abstract and Article  

Discussants:
Jin Xu, Purdue University - Krannert School of Management


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

Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market
Allen N. Berger, University of South Carolina - Darla Moore School of Business
Geraldo Cerqueiro, Tilburg University - Department of Finance
María Fabiana Penas, Universidad Torcuato Di Tella - School of Business
Abstract and Article  

Fund Managers and Defaultable Debt
Peter Kondor, University of Chicago - Booth School of Business
Veronica Guerrieri, University of Chicago - Booth School of Business
Abstract and Article  

Specification Analysis of Structural Credit Risk Models
Jing-Zhi Huang, Pennsylvania State University - Department of Finance
Hao Zhou, Tsinghua University - PBC School of Finance
Abstract and Article  

Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?
Gabriel Jiménez, Banco de España
Steven Ongena, University of Zurich - Department of Banking and Finance
Jose-Luis Peydro, Government of Catalan - Catalan Institution for Research and Advanced Studies (ICREA)
Jesus Saurina Salas, Banco de España
Abstract and Article  

Discussants:
Michelle J. White, University of California, San Diego (UCSD) - Department of Economics
Neng Wang, Columbia Business School - Finance and Economics
Ilya A. Strebulaev, Stanford Graduate School of Business
Amir Sufi, University of Chicago - Finance


01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 10 & 11
Market Integration and International Portfolio Diversification
Helene Rey, London Business School

Equilibrium Portfolios and External Adjustment Under Incomplete Markets
Anna Pavlova, London Business School
Roberto Rigobon, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Information and Cross-Border Equity Holdings
Mark S. Seasholes, Arizona State University (ASU), W.P. Carey School of Business, Finance Department, Students
Vicentiu Covrig, California State University, Northridge - Department of Finance, Financial Planning and Insurance
Sonia G. Jimenez-Garcès, University of Angers - Centre de Recherches Appliquées à la Gestion (CERAG)
Patrice C. Fontaine, University of Angers - European Financial Data Institute (EUROFIDAI)
Abstract and Article  

Global Market Integration: An Alternative Measure and its Application
Kuntara Pukthuanthong, University of Missouri at Columbia - Department of Finance
Richard Roll, University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

Aggregate Idiosyncratic Volatility
Geert Bekaert, Columbia Business School - Finance and Economics
Robert J. Hodrick, Columbia Business School - Finance and Economics
Xiaoyan Zhang, Tsinghua University - PBC School of Finance
Abstract and Article  

Discussants:
Bernard Dumas, University of Lausanne - Institute of Banking and Finance (IBF)
Jordi Mondria, University of Toronto - Department of Economics
Astrid V. Schornick, Cologne Business School
Christopher S. Jones, University of Southern California - Marshall School of Business - Finance and Business Economics Department


01/05/2009 - 8:00 AM
Location: Marriott Yerba Buena Salon 8
Agency Costs and Delegated Portfolio Management
Susan E. Christoffersen, University of Toronto - Rotman School of Management

Intermediated Investment Management
Neal Stoughton, Vienna University of Economics and Business
Youchang Wu, University of Oregon
Josef Zechner, Vienna University of Economics and Business
Abstract and Article  

Payout Policies and Closed-end Fund Discounts: Signaling, Agency Costs, and the Role of Institutional Investors
Zhi Jay Wang, University of Oregon - Charles H. Lundquist School of Business
Vikram K. Nanda, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Abstract and Article  

Are ETFs Replacing Index Mutual Funds?
Jennifer C. Huang, University of Texas at Austin - Department of Finance
Ilan Guedj, Bates White, LLC
Abstract and Article  

Disclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission Bundling
Roger M. Edelen, Virginia Polytechnic Institute & State University - Department of Finance, Insurance, and Business Law
Richard B. Evans, University of Virginia - Darden School of Business
Gregory B. Kadlec, Virginia Polytechnic Institute & State University - Pamplin College of Business
Abstract and Article  

Discussants:
Daniel B. Bergstresser, Brandeis University
Martin Cherkes, New York University (NYU) - Leonard N. Stern School of Business
Wei Jiang, Columbia Business School - Finance and Economics
Sunil Wahal, Arizona State University (ASU) - Finance Department


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

Dynamic Mean-Variance Asset Allocation
Suleyman Basak, London Business School
Georgy Chabakauri, London Business School
Abstract and Article  

Portfolio Insurance and Underdiversification
Hong Liu, Washington University in St. Louis - John M. Olin Business School
Abstract and Article  

Sequential Learning, Predictability, and Optimal Portfolio Returns
Michael S. Johannes, Columbia Business School - Finance and Economics
Arthur G. Korteweg, University of Southern California - Marshall School of Business
Nick Polson, University of Chicago - Booth School of Business
Abstract and Article  

Discussants:
Jerome Detemple, Boston University - Department of Finance & Economics
Stijn Van Nieuwerburgh, Columbia University - Columbia Business School, Finance
K. J. Martijn Cremers, University of Notre Dame - Department of Finance


01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 3 & 4
Behavioral Finance: Do Behavioral Biases Matter in Markets?
Ulrike Malmendier, University of California, Berkeley - Department of Economics

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

Behavioral Biases of Mutual Fund Investors
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  

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

Discussants:
Markus Konrad Brunnermeier, Princeton University - Department of Economics
Malcolm P. Baker, Harvard Business School - Finance Unit
Stefan Nagel, University of Chicago - Booth School of Business


01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 5 & 6
Corporate Governance Regulation
Lucy White, Centre for Economic Policy Research (CEPR)

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

Default Probability and CEO Turnover for Non-Distressed Firms
Y. Han (Andy) Kim, Sungkyunkwan University
Abstract and Article  

Information Content of Insider Trades Before and After the Sarbanes-Oxley Act
Francois Brochet, Boston University - Department of Accounting
Abstract and Article  

Discussants:
Yael V. Hochberg, National Bureau of Economic Research (NBER)
Paolo F. Volpin, City University London - Faculty of Finance
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management


01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 10 & 11
Diversification and Internal Capital Markets
Belen Villalonga, New York University (NYU) - Leonard N. Stern School of Business

Opening the Black Box: Internal Capital Markets and Managerial Power
Markus Glaser, Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management)
Florencio Lopez de Silanes, SKEMA Business School - Lille Campus
Zacharias Sautner, Frankfurt School of Finance & Management gemeinnützige GmbH
Abstract and Article  

The Organizational Efficiency of Internal Capital Markets
Gabriel Natividad, Universidad de Piura
Abstract and Article  

Uncertainty About Average Profitability and the Diversification Discount
John Hund, University of Georgia
Donald Monk, Yeshiva University - Syms School of Business
Sheri Tice, Tulane University - Finance & Economics
Abstract and Article  

Discussants:
Amit Seru
Toni M. Whited, University of Michigan, Stephen M. Ross School of Business
Vojislav Maksimovic, University of Maryland - Robert H. Smith School of Business


01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 1 & 2
Earnings Information and Earnings Management
Devin M. Shanthikumar, University of California, Irvine - Accounting Area

Causes or Consequences? Earnings Management Around Seasoned Equity Offerings
Jie Chen, Carnegie Mellon University - David A. Tepper School of Business
Zhaoyang Gu, The Chinese University of Hong Kong (CUHK)
Yi Tang, Fordham University - Gabelli School of Business
Abstract and Article  

Can Earnings Manipulation Create Value?
Anton Miglo, Birmingham City University
Abstract and Article  

Costly Information Processing: Evidence from Earnings Announcements
Joseph Engelberg, University of California, San Diego (UCSD) - Rady School of Management
Abstract and Article  

Discussants:
Jennifer L. Juergens, Securities and Exchange Commission (SEC)
Pierre Jinghong Liang, Carnegie Mellon University - David A. Tepper School of Business
Anna D. Scherbina, University of California, Davis - Graduate School of Management


01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 8
Hedge Funds
Mila Getmansky Sherman, Eugene M. Isenberg School of Management - Department of Finance & Operations Management

Why Do Hedge Funds' Worst Returns Cluster? Common Liquidity Shocks vs. Contagion
Nicole M. Boyson, Northeastern University - D’Amore-McKim School of Business
Christof W. Stahel, Independent
René M. Stulz, Ohio State University (OSU) - Department of Finance
Abstract and Article  

The Performance of Emerging Hedge Fund Managers
Rajesh K. Aggarwal, Northeastern University - Finance and Insurance Area
Philippe Jorion, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

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

Discussants:
Andrew W. Lo, Massachusetts Institute of Technology (MIT) - Sloan School of Management
William N. Goetzmann, Yale School of Management
Bing Liang, University of Massachusetts Amherst - Department of Finance


01/05/2009 - 10:15 AM
Location: Marriott Yerba Buena Salon 12 & 13
Preferences and Portfolio Choice
Jennifer N. Carpenter, New York University (NYU) - Department of Finance

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

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

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

Discussants:
Stanley E. Zin, Carnegie Mellon University
Ralph S. J. Koijen


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

Competition and Bias
Harrison G. Hong, Columbia University, Graduate School of Arts and Sciences, Department of Economics
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Abstract and Article  

Sell Side School Ties
Andrea Frazzini, AQR Capital Management, LLC
Christopher J. Malloy, Harvard Business School
Lauren Cohen, Harvard Business School
Abstract and Article  

Marketing Financial Claims
Salim Chahine, American University of Beirut - Olayan School of Business
Alexander Ljungqvist, New York University (NYU) - Department of Finance
Roni Michaely, University of Geneva - Geneva Finance Research Institute (GFRI)
Abstract and Article  

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

Discussants:
Daniel Paravisini, London School of Economics & Political Science (LSE)
Joseph S. Chen, University of California, Davis - Graduate School of Management
Ulrike Malmendier, University of California, Berkeley - Department of Economics
Brad M. Barber, University of California, Davis - Graduate School of Management


01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 5 & 6
Corporate Bond Pricing
Jean Helwege, University of California, Riverside (UCR) - UCR School of Business Administration (SoBA)

Corporate Credit Spreads under Parameter Uncertainty
Arthur G. Korteweg, University of Southern California - Marshall School of Business
Nick Polson, University of Chicago - Booth School of Business
Abstract and Article  

Reduced-Form Valuation of Callable Corporate Bonds: Theory and Evidence
Robert A. Jarrow, Cornell University - Samuel Curtis Johnson Graduate School of Management
Haitao Li, University of Michigan, Stephen M. Ross School of Business
Sheen Liu, Washington State University - College of Business and Economics
Chunchi Wu, SUNY at Buffalo - School of Management
Abstract and Article  

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

Discussants:
David Lando, Copenhagen Business School
Antje Berndt, Australian National University (ANU) - Research School of Finance, Actuarial Studies and Applied Statistics
Jens Hilscher, University of California, Davis


01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 10 & 11
Emerging Markets
Randall K. Morck, University of Alberta - Department of Finance and Statistical Analysis

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

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

Do Public Equity Markets Matter in Emerging Economies? Evidence from India
Todd A. Gormley, Washington University in St. Louis - John M. Olin Business School
Radhakrishnan Gopalan, Washington University in St. Louis - John M. Olin Business School
Abstract and Article  

The Political Origin of Pension Funding
Enrico C. Perotti, University of Amsterdam - Finance Group
Armin Schwienbacher, SKEMA Business School - Lille Campus
Abstract and Article  

Discussants:
Enrico C. Perotti, University of Amsterdam - Finance Group
Meijun Qian, Australian National University (ANU) - College of Business and Economics
Rajkamal Iyer, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Li Jin, Harvard Business School - Finance Unit


01/05/2009 - 1:00 PM
Location: Marriott Yerba Buena Salon 12 & 13
The Role of Media in Finance
Paul C. Tetlock, Columbia Business School - Finance and Economics

Attracting Attention in an IPO
Laura Xiaolei Liu, Peking University - Guanghua School of Management
Ruichang Lu, Peking University - Department of Finance
Ann E. Sherman, DePaul University - Department of Finance
Yong Zhang, Hong Kong University of Science & Technology (HKUST)
Abstract and Article  

All the News That's Fit to Reprint: Do Investors React to Stale Information?
Paul C. Tetlock, Columbia Business School - Finance and Economics
Abstract and Article  

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

Discussants:
Jay R. Ritter, University of Florida - Department of Finance, Insurance and Real Estate
Mark Grinblatt, University of California, Los Angeles (UCLA) - Finance Area
Michael J. Cooper, University of Utah - David Eccles School of Business


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

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

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

Stochastic House Appreciation and Optimal Mortgage Lending
Tomasz Piskorski, Columbia Business School - Finance and Economics
Alexei Tchistyi, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Discussants:
Riccardo Colacito, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
João F. Cocco, London Business School
Chester S. Spatt, Carnegie Mellon University - David A. Tepper School of Business


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

How Important is Financial Risk?
Söhnke M. Bartram, University of Warwick - Finance Group
Gregory W. Brown, University of North Carolina (UNC) at Chapel Hill - Finance Area
William Waller, Carnegie Mellon University, David A. Tepper School of Business, Students
Abstract and Article  

Bond Illiquidity and Excess Volatility
Jack Bao, University of Delaware - Department of Finance
Jun Pan, Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Abstract and Article  

Bank Risk Management with Value-at-Risk and Stress Testing: An Alternative to Conditional Value-at-Risk?
Gordon J. Alexander, University of Minnesota - Twin Cities - Carlson School of Management
Alexandre M. Baptista, George Washington University - Department of Finance
Shu Yan, Oklahoma State University - Stillwater - Department of Finance
Abstract and Article  

Discussants:
Michael L. Lemmon, University of Utah - Department of Finance
Sreedhar T. Bharath, Arizona State University (ASU) - Finance Department
Peter Christoffersen, University of Toronto - Rotman School of Management