Preliminary Program

AFA 2011 DENVER MEETINGS (ARCHIVE)

Denver, CO     January 7, 2011 through January 9, 2011

Go to the first session on
    January 07, 2011
    January 08, 2011
    January 09, 2011


January 8, 2011 5:45 pm, Business Meeting and Presidential Address, Marriott, Colorado Salon E




01/07/2011 - 8:00 AM
Location: Marriott-Salons A&B
Portfolio Choice: Theory and Evidence
Francisco Gomes, London Business School - Institute of Finance and Accounting

Correlations
Paul Ehling, Norwegian School of Management (BI) - Department of Financial Economics
Christian Heyerdahl-Larsen, Indiana University - Kelley School of Business - Department of Finance
Abstract and Article  

The Market for Financial Advice: An Audit Study
Sendhil Mullainathan, Harvard University - Department of Economics
Markus Noeth, University of Hamburg
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

How Do Retirees Value Life Annuities? Evidence from Public Employees
John Chalmers, University of Oregon - Department of Finance
Jonathan Reuter, Boston College - Department of Finance
Abstract and Article  

Stock Return Serial Dependence and Out-of-Sample Portfolio Performance
Victor DeMiguel, London Business School
Francisco J. Nogales, Universidad Carlos III de Madrid - Faculty of Social Sciences and Law
Raman Uppal, EDHEC Business School
Abstract and Article  

Discussants:
Amir Yaron, University of Pennsylvania - Finance Department
Steffen Meyer, University of Southern Denmark - Department of Business and Economics
Jeffrey R. Brown, University of Illinois at Urbana-Champaign - Department of Finance
Francisco Barillas, Emory University - Goizueta Business School


01/07/2011 - 8:00 AM
Location: Marriott-Salons G&H
Financial Institutions and Risk Taking
Jie Gan, Cheung Kong Graduate School of Business

Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards
Jose-Luis Peydro, Government of Catalan - Catalan Institution for Research and Advanced Studies (ICREA)
Angela Maddaloni, European Central Bank (ECB)
Abstract and Article  

The Impact of Public Guarantees on Bank Risk Taking: Evidence from a Natural Experiment
Reint Gropp, Halle Institute for Economic Research
Christian Gründl, EBS Universität für Wirtschaft und Recht - EBS Business School
Andre Guettler, University of Ulm - Department of Mathematics and Economics
Abstract and Article  

How Much Did Banks Pay to Become Too-Big-To-Fail and to Become Systemically Important?
Julapa Jagtiani, Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Elijah Brewer, DePaul University - Department of Finance
Abstract and Article  

Credit Rating and Competition
Nelson Camanho, Queen Mary University of London
Pragyan Deb, International Monetary Fund (IMF)
Zijun Liu, Bank of England
Abstract and Article  

Discussants:
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Sreedhar T. Bharath, Arizona State University (ASU) - Finance Department
James R. Barth, Auburn University
Paolo Fulghieri, University of North Carolina (UNC) at Chapel Hill - Finance Area


01/07/2011 - 8:00 AM
Location: Marriot-Salon F
Board of Directors
Anil Shivdasani, University of North Carolina (UNC) at Chapel Hill - Finance Area

Director Overlap and Firm Financial Policies
Christa H. S. Bouwman, Texas A&M University - Department of Finance
Yuhai Xuan, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

The Dark Side of Outside Directors: Do They Quit When They are Most Needed?
Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne
Angie Low, Nanyang Technological University (NTU) - Nanyang Business School
René M. Stulz, Ohio State University (OSU) - Department of Finance
Abstract and Article  

Does the Location of Directors Matter? Information Acquisition and Board Decisions
Zinat S. Alam, University of Oklahoma - Division of Finance
Mark A. Chen, Georgia State University - J. Mack Robinson College of Business
Conrad S. Ciccotello, University of Denver
Harley E. Ryan, Georgia State University - Department of Finance
Abstract and Article  

Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance
Ronald W. Masulis, UNSW Business School
Cong Wang, The Chinese University of Hong Kong, Shenzhen
Fei Xie, University of Delaware
Abstract and Article  

Discussants:
Matthias Kahl, University of Colorado at Boulder - Leeds School of Business
David Yermack, New York University (NYU) - Department of Finance
Michael S. Weisbach, Ohio State University (OSU) - Department of Finance
Kai Li, University of British Columbia (UBC) - Sauder School of Business


01/07/2011 - 8:00 AM
Location: Marriott-Salons C&D
Corporate Finance Theory
Heitor Almeida, University of Illinois at Urbana-Champaign

Credit Default Swaps and the Empty Creditor Problem
Patrick Bolton, Columbia Business School - Economics Department
Martin Oehmke, London School of Economics & Political Science (LSE) - Department of Finance
Abstract and Article  

The Size and Specialization of Direct Investment Portfolios
Yael V. Hochberg, National Bureau of Economic Research (NBER)
Mark M. Westerfield, University of Washington - Department of Finance and Business Economics
Abstract and Article  

Private Placements, Regulatory Restrictions and Firm Value: Theory and Evidence from the Indian Market
Marti G. Subrahmanyam, New York University (NYU) - Department of Finance
Vijaya B. Marisetty, RMIT University - School of Economics, Finance and Marketing
V. Ravi Anshuman, Indian Institute of Management (IIMB), Bangalore
Abstract and Article  

Discussants:
Richmond D. Mathews
Ola Bengtsson, Lund University School of Economics and Management
Radhakrishnan Gopalan, Washington University in St. Louis - John M. Olin Business School


01/07/2011 - 8:00 AM
Location: Marriot-Salons I&J
International Financial Markets 1
George Andrew Karolyi, Cornell University - Samuel Curtis Johnson Graduate School of Management

Volume Dynamics and Multimarket Trading
Michael Halling, Swedish House of Finance
Pamela C. Moulton, Cornell University
Marios A. Panayides, University of Cyprus - Department of Accounting and Finance
Abstract and Article  

Yield Curve Predictors of Foreign Exchange Returns
Andrew Ang, BlackRock, Inc
Joseph Chen, University of California, Davis - Graduate School of Management
Abstract and Article  

Internationally Correlated Jumps
Kuntara Pukthuanthong, University of Missouri at Columbia - Department of Finance
Richard Roll, University of California, Los Angeles (UCLA) - Finance Area
Abstract and Article  

Countercyclical Currency Risk Premia
Hanno N. Lustig, Stanford Graduate School of Business
Nikolai L. Roussanov, University of Pennsylvania - The Wharton School
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Paolo Pasquariello, University of Michigan, Stephen M. Ross School of Business
Nelson Chung Mark, University of Notre Dame - Department of Economics
Eric Ghysels, University of North Carolina (UNC) at Chapel Hill - Finance Area
Christopher I. Telmer, Carnegie Mellon University - David A. Tepper School of Business


01/07/2011 - 8:00 AM
Location: Marriot-Salon E
Anomalies - Individuals or Institutions
Christopher Polk, London School of Economics & Political Science (LSE) - Department of Finance

Investor Clienteles and Habitat-Based Return Comovements
Alok Kumar, University of Miami - Department of Finance
Jeremy K. Page, University of Texas at Austin - Department of Finance
Oliver G. Spalt, University of Texas at Austin - Department of Finance
Abstract and Article  

Style Migration and the Cross-Section of Stock Returns
Hsiu-Lang Chen, University of Illinois at Chicago - Department of Finance
Russ Wermers, University of Maryland - Robert H. Smith School of Business
Abstract and Article  

Short-Term Trading and Stock Return Anomalies: Momentum, Reversal, and Share Issuance
Martijn Cremers, University of Notre Dame - Department of Finance
Ankur Pareek, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Abstract and Article  

Discussants:
Tobias J. Moskowitz, Yale University
Jonathan W. Lewellen, Dartmouth College - Tuck School of Business
Erik Stafford, Harvard Business School - Finance Unit


01/07/2011 - 10:15 AM
Location: Marriott-Salon F
The Next Generation of Rare Events Models in Asset Pricing
Hanno N. Lustig, Stanford Graduate School of Business

Rare Disasters and Risk Sharing with Heterogeneous Beliefs
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Ngoc-Khanh Tran, Washington University in St. Louis - John M. Olin Business School
Abstract and Article  

Disaster Risk and Business Cycles
Francois Gourio, Federal Reserve Bank of Chicago
Abstract and Article  

The Cross-Section of Expected Stock Returns: Learning about Distress and Predictability in Heterogeneous Orchards
Andrea Buraschi, University of Chicago - Booth School of Business
Paolo Porchia, Fundación Instituto de Empresa, S.L.
Fabio Trojani, Swiss Finance Institute
Abstract and Article  

Can Time-Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?
Jessica A. Wachter, University of Pennsylvania - Finance Department
Abstract and Article  

Discussants:
Francesco Bianchi, Duke University
Lars A. Lochstoer, University of California, Los Angeles (UCLA) - Anderson School of Management
Pietro Veronesi, University of Chicago - Finance
Mikhail Chernov, University of California, Los Angeles (UCLA) - Anderson School of Management


01/07/2011 - 10:15 AM
Location: Marriot-Salons I&J
Determinants of Derivatives' Returns
Neil D. Pearson, University of Illinois at Urbana-Champaign - Department of Finance

Leverage Effect, Volatility Feedback, and Self-Exciting Market Disruptions
Peter Carr, New York University (NYU) - NYU Tandon School of Engineering
Liuren Wu, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Abstract and Article  

The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options
Michael L. Lemmon, University of Utah - Department of Finance
Sophie Xiaoyan Ni, Hong Kong Baptist University (HKBU)
Abstract and Article  

The Skew Risk Premium in the Equity Index Market
Roman Kozhan, University of Warwick - Warwick Business School
Anthony Neuberger, City University London - Faculty of Finance
Paul Schneider, University of Lugano - Institute of Finance
Abstract and Article  

Index Investment and Financialization of Commodities
Ke Tang, Tsinghua University
Wei Xiong, Princeton University - Department of Economics
Abstract and Article  

Discussants:
George Panayotov, Hong Kong University of Science & Technology (HKUST)
Bing Han, University of Toronto - Finance Area
Fousseni Chabi-Yo, University of Massachusetts Amherst - Isenberg School of Management
Motohiro Yogo, Princeton University - Department of Economics


01/07/2011 - 10:15 AM
Location: Marriott-Salons C&D
Capital Structure
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management

A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure Research and Beyond
Ivo Welch, University of California, Los Angeles (UCLA)
Abstract and Article  

A Theory of Debt Maturity: The Long and Short of Debt Overhang
Douglas W. Diamond, University of Chicago - Finance
Zhiguo He, University of Chicago - Finance
Abstract and Article  

Equity-Debtholder Conflicts and Capital Structure
Per Strömberg, Swedish House of Finance
Bo Becker, Swedish House of Finance
Abstract and Article  

Discussants:
Patrick Bolton, Columbia Business School - Economics Department
Charles M. Kahn, University of Illinois at Urbana-Champaign - Department of Finance
Mark T. Leary, Washington University in St. Louis - John M. Olin Business School


01/07/2011 - 10:15 AM
Location: Marriott-Salons G&H
Conglomerates and Alliances: New Perspectives
Amit Seru

Corporate Diversification and the Cost of Capital
Rebecca N. Hann, University of Maryland - Robert H. Smith School of Business
Maria Ogneva, University of Southern California - Marshall School of Business
Oguzhan Ozbas, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Corporate Governance and Internal Capital Markets
Zacharias Sautner, Frankfurt School of Finance & Management gemeinnützige GmbH
Belen Villalonga, New York University (NYU) - Leonard N. Stern School of Business
Abstract and Article  

Alliances and Corporate Governance
Andriy Bodnaruk, University of Illinois at Chicago
Massimo Massa, INSEAD - Finance
Andrei Simonov, Michigan State University - Department of Finance
Abstract and Article  

Mergers and Acquisitions Accounting and the Diversification Discount
Claudia Custodio, Imperial College London
Abstract and Article  

Discussants:
Ilan Guedj, Bates White, LLC
Daniel Paravisini, London School of Economics & Political Science (LSE)
David T. Robinson, Duke University - Fuqua School of Business
Gordon M. Phillips, Dartmouth College - Tuck School of Business


01/07/2011 - 10:15 AM
Location: Marriott-Salons A&B
Behavioral Finance: Corporate
Geoffrey A. Tate, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School

Who Writes the News? Corporate Press Releases During Merger Negotiations
Kenneth R. Ahern, University of Southern California - Marshall School of Business
Denis Sosyura, Arizona State University (ASU) - W.P. Carey School of Business
Abstract and Article  

Corporate Finance Policies and Social Networks
Cesare Fracassi, University of Texas at Austin - Department of Finance
Abstract and Article  

Corporate Policies of Republican Managers
Irena Hutton, Florida State University - College of Business
Danling Jiang, State University of New York, SUNY at Stony Brook University, College of Business
Alok Kumar, University of Miami - Department of Finance
Abstract and Article  

Discussants:
Paul C. Tetlock, Columbia Business School - Finance and Economics
Lauren Cohen, Harvard Business School
Carola Frydman, Northwestern University - Kellogg School of Management


01/07/2011 - 10:15 AM
Location: Marriot-Mattie Silks
AFA/AFE Panel - Innovation and Finance
Kose John, New York University (NYU) - Department of Finance

Incentives to Innovate and the Decision to Go Public or Private
Daniel Ferreira, London School of Economics & Political Science (LSE) - Department of Finance
Gustavo Manso, University of California, Berkeley - Haas School of Business
Andre C. Silva, New University of Lisbon - Faculdade de Economia
Abstract and Article  

Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins
Bruno Biais, Centre for Economic Policy Research (CEPR)
Florian Heider, European Central Bank (ECB)
Marie Hoerova, European Central Bank (ECB)
Abstract and Article  

The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis
William R. Kerr, Harvard University - Entrepreneurial Management Unit
Josh Lerner, Harvard Business School - Finance Unit
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Discussants:
Dalida Kadyrzhanova, Georgia State University - J. Mack Robinson College of Business
Bruce I. Carlin, University of California, Los Angeles (UCLA) - Anderson School of Management
Manju Puri, Duke University - Fuqua School of Business


01/07/2011 - 10:15 AM
Location: Marriot-Salon E
Panel on The Financial Crisis
Rene M. Stulz, Ohio State University (OSU) - Department of Finance

Panel on the Financial Crisis
John H. Cochrane, Stanford University - The Hoover Institution on War, Revolution and Peace
Simon Johnson, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center
Raghuram G. Rajan, University of Chicago - Finance
Myron S. Scholes, Stanford Graduate School of Business
Abstract and Article  



01/07/2011 - 2:30 PM
Location: Marriot-Salon F
Liquidity, Trading, and Frictions - Empirical
Ioanid Rosu, HEC Paris - Finance Department

Market Liquidity and Flow-Driven Risk
Prachi Deuskar, Indian School of Business (ISB), Hyderabad
Timothy C. Johnson, University of Illinois at Urbana-Champaign
Abstract and Article  

Evaporating Liquidity
Stefan Nagel, University of Chicago - Booth School of Business
Abstract and Article  

Is Information Risk Priced? Evidence from the Price Discovery of Large Trades
Xiaolin Qian, University of Macau - Faculty of Business Administration
Chuan-Yang Hwang, Nanyang Technological University (NTU) - Nanyang Business School
Abstract and Article  

Discussants:
Dong Lou, London School of Economics & Political Science (LSE)
Konstantin Milbradt, Kellogg School of Management - Department of Finance
Soeren Hvidkjaer, Copenhagen Business School


01/07/2011 - 2:30 PM
Location: Marriott-Salons C&D
Trading by Mutual Funds
David K. Musto, University of Pennsylvania - Finance Department

The Performance of Corporate-Bond Mutual Funds: Evidence Based on Security-Level Holdings
Gjergji Cici, University of Kansas - School of Business
Scott Gibson, College of William and Mary - Mason School of Business
Abstract and Article  

Cash Holdings and Mutual Fund Performance
Mikhail Simutin, University of Toronto - Rotman School of Management
Abstract and Article  

Does Media Coverage of Stocks Affect Mutual Funds’ Trading and Performance?
Lily H. Fang, INSEAD - Finance
Joel Peress, INSEAD - Finance
Lu Zheng, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Discussants:
Sugata Ray, University of Alabama - Department of Economics, Finance and Legal Studies
Vincent Glode, University of Pennsylvania - The Wharton School
Sophie Shive, University of Notre Dame - Department of Finance


01/07/2011 - 2:30 PM
Location: Marriott-Salons G&H
Borrowing and Lending
Adair Morse, University of California, Berkeley - Haas School of Business

Why are Institutional Loans More Expensive than Bank Loans? Evidence from the Syndicated Loan Market
Debarshi K. Nandy, Brandeis University - International Business School
Pei Shao
Abstract and Article  

Hedge Fund Activism and Bank Loan Contracting
Jin Xu, Purdue University - Krannert School of Management
Yinghua Li, Arizona State University (ASU) - School of Accountancy
Abstract and Article  

Cyclicality of Credit Supply: Firm Level Evidence
Victoria Ivashina, Harvard Business School - Finance Unit
Bo Becker, Swedish House of Finance
Abstract and Article  

The Ties that Bind: Bank Relationships and Small Business Lending
Lori Santikian, University of Southern California - Marshall School of Business
Abstract and Article  

Discussants:
Michael R. Roberts, University of Pennsylvania - The Wharton School
Joseph J. Gerakos, Dartmouth College
Amiyatosh K. Purnanandam, University of Michigan, Stephen M. Ross School of Business
Ashwini K. Agrawal, London School of Economics & Political Science (LSE)


01/07/2011 - 2:30 PM
Location: Marriott-Salons A&B
The Financial Crisis: Empirical Evidence
Amir Sufi, University of Chicago - Finance

Financial Guarantors and the 2007-2009 Credit Crisis
Siddharth Bhaskar Shenai, Harvard Business School
Randolph B. Cohen, Harvard Business School - Finance Unit
Daniel Bergstresser, Brandeis University
Abstract and Article  

Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis
Gara Afonso, Federal Reserve Banks - Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Banks - Federal Reserve Bank of New York
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Measuring Systemic Risk
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Lasse Heje Pedersen, AQR Capital Management, LLC
Thomas Philippon, New York University (NYU) - Department of Finance
Matthew P. Richardson, New York University (NYU) - Department of Finance
Abstract and Article  

Discussants:
Sudheer Chava, Georgia Institute of Technology - Scheller College of Business
Victoria Ivashina, Harvard Business School - Finance Unit
Markus Konrad Brunnermeier, Princeton University - Department of Economics


01/07/2011 - 2:30 PM
Location: Marriot-Salons I&J
Determinants of M&A Activity
Berk A. Sensoy, Ohio State University (OSU) - Department of Finance

The Importance of Industry Links in Merger Waves
Kenneth R. Ahern, University of Southern California - Marshall School of Business
Jarrad Harford, University of Washington - Michael G. Foster School of Business
Abstract and Article  

Stock Option Grants to Target CEOs during Private Merger Negotiations
Eliezer M. Fich, Drexel University - Department of Finance
Jie Cai, Drexel University - Department of Finance
Anh L. Tran, City University London - Sir John Cass Business School
Abstract and Article  

Valuation Risk, Control and the Public Financing of Entrepreneurial Firms
Hadiye Aslan, Georgia State University
Praveen Kumar, University of Houston - Department of Finance
Abstract and Article  

Discussants:
Matthew Rhodes-Kropf, Harvard Business School
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
Jay R. Ritter, University of Florida - Department of Finance, Insurance and Real Estate


01/07/2011 - 2:30 PM
Location: Marriot-Salon E
Lecture - The Transformation of Finance
Raghuram G. Rajan, University of Chicago - Finance

The Lecture
Andrei Shleifer, Harvard University - Department of Economics (Finance Authors)
Abstract and Article  



01/08/2011 - 8:00 AM
Location: Marriott-Salons G&H
Mutual Funds and Hedge Funds Managers' Behavior
Andrea Frazzini, AQR Capital Management, LLC

A Test of the Self-Serving Attribution Bias: Evidence from Mutual Funds
Darwin Choi, The Chinese University of Hong Kong (CUHK) - CUHK Business School
Dong Lou, London School of Economics & Political Science (LSE)
Abstract and Article  

Reputation Concerns and Slow-Moving Capital
Steven G. Malliaris, University of Georgia - Department of Banking and Finance
Hongjun Yan, DePaul University
Abstract and Article  

Rewarding Trading Skills Without Inducing Gambling
Igor Makarov, London School of Economics & Political Science (LSE)
Guillaume Plantin, University of Toulouse 1 - Toulouse School of Economics (TSE)
Abstract and Article  

Discussants:
Brad M. Barber, University of California, Davis - Graduate School of Management
Zhiguo He, University of Chicago - Finance
Roni Kisin, University of Pennsylvania - Finance Department


01/08/2011 - 8:00 AM
Location: Marriott-Salons C&D
Dynamic Models of Asset Pricing
Jessica A. Wachter, University of Pennsylvania - Finance Department

Optimal Option Portfolio Strategies
José Afonso Faias, Catholic University of Portugal (UCP)
Pedro Santa-Clara, New University of Lisbon - Nova School of Business and Economics
Abstract and Article  

It's All in the Timing: Simple Active Portfolio Strategies that Outperform Naive Diversification
Chris Kirby, University of North Carolina (UNC) at Charlotte
Barbara Ostdiek, Rice University - Jesse H. Jones Graduate School of Business
Abstract and Article  

Why Surplus Consumption in the Habit Model May Be Less Persistent than You Think
Anthony W. Lynch, New York University (NYU) - Department of Finance
Oliver Randall, Emory University - Goizueta Business School
Abstract and Article  

Discussants:
Ivan Shaliastovich, University of Wisconsin - Madison
Ralph S. J. Koijen
Gregory R. Duffee, Johns Hopkins University - Department of Economics


01/08/2011 - 8:00 AM
Location: Marriot-Salons I&J
Term Structure and Volatility
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department

Capturing Option Anomalies with a Variance-Dependent Pricing Kernel
Peter Christoffersen, University of Toronto - Rotman School of Management
Kris Jacobs, University of Houston - C.T. Bauer College of Business
Steven L. Heston, University of Maryland - Department of Finance
Abstract and Article  

G10 Swap and Exchange Rates
Jeremy J. Graveline, University of Minnesota - Twin Cities - Carlson School of Management
Scott Joslin, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

Determinants of Bond Risk Premia
Zhan Shi, Tsinghua University - PBC School of Finance
Jing-Zhi Huang, Pennsylvania State University - Department of Finance
Abstract and Article  

What Ties Return Volatilities to Price Valuations and Fundamentals?
Alexander David, University of Calgary - Haskayne School of Business
Pietro Veronesi, University of Chicago - Finance
Abstract and Article  

Discussants:
David S. Bates, University of Iowa - Department of Finance
Philippe Mueller, University of Warwick - Finance Group
Peter Feldhütter, Copenhagen Business School
Andrea Vedolin, Boston University - Department of Finance & Economics


01/08/2011 - 8:00 AM
Location: Marriott-Salons A&B
Bankruptcy and Distress
Edith S. Hotchkiss, Boston College - Carroll School of Management

Negotiating with Labor Under Financial Distress
Efraim Benmelech, Kellogg School of Management - Department of Finance
Nittai Bergman, Tel Aviv University
Ricardo Enriquez, Harvard University
Abstract and Article  

How Do Firm Financial Conditions Affect Product Quality and Pricing?
Gordon M. Phillips, Dartmouth College - Tuck School of Business
Giorgo Sertsios, Universidad de los Andes, Chile
Abstract and Article  

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings
Victoria Ivashina, Harvard Business School - Finance Unit
Benjamin Charles Iverson, Brigham Young University - Department of Finance
David C. Smith, University of Virginia - McIntire School of Commerce
Abstract and Article  

The Cost of Financial Distress and the Timing of Default
Redouane Elkamhi, University of Toronto - Rotman School of Management
Christopher A. Parsons, University of California, San Diego (UCSD)
Jan Ericsson, McGill University - Desautels Faculty of Management
Abstract and Article  

Discussants:
Carola Schenone, University of Virginia
Sheri Tice, Tulane University - Finance & Economics
Elizabeth Tashjian, University of Utah - Department of Finance
Jérôme Taillard, Babson College - Finance Division


01/08/2011 - 8:00 AM
Location: Marriot-Salon E
Executive Compensation and Turnover
Carola Frydman, Northwestern University - Kellogg School of Management

Performance-Induced CEO Turnover
Dirk Jenter, London School of Economics & Political Science (LSE) - Department of Finance
Katharina Lewellen, Dartmouth College - Tuck School of Business
Abstract and Article  

Are US CEOs Paid More? New International Evidence
Nuno Fernandes, Catholic University of Portugal (UCP) - Catolica Lisbon School of Business and Economics
Miguel A. Ferreira, New University of Lisbon - Nova School of Business and Economics
Pedro Matos, University of Virginia - Finance
Kevin J. Murphy, University of Southern California - Marshall School of Business
Abstract and Article  

The Economic Consequences of Perk Disclosure
Yaniv Grinstein, Cornell University - Samuel Curtis Johnson Graduate School of Management
David Weinbaum, Syracuse University
Nir Yehuda, University of Texas at Dallas - Department of Accounting & Information Management
Abstract and Article  

Discussants:
Camelia M. Kuhnen, University of North Carolina (UNC) at Chapel Hill - Finance Area
Laura T. Starks, University of Texas at Austin - Department of Finance
Michael L. Lemmon, University of Utah - Department of Finance


01/08/2011 - 8:00 AM
Location: Marriott-Denver IV
Financial Regulation and Policy
Mark Jeffrey Flannery, University of Florida - Department of Finance, Insurance and Real Estate

Regulatory Pressure and Fire Sales in the Corporate Bond Market
Andrew Ellul, Indiana University - Kelley School of Business - Department of Finance
Chotibhak Jotikasthira, Southern Methodist University (SMU) - Finance Department
Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Tiebreaker: Certification and Multiple Credit Ratings
Dion Bongaerts, Erasmus University Rotterdam (EUR) - Finance
Martijn Cremers, University of Notre Dame - Department of Finance
William N. Goetzmann, Yale School of Management
Abstract and Article  

Government Intervention and Information Aggregation by Prices
Philip Bond, University of Washington - Michael G. Foster School of Business
Itay Goldstein, University of Pennsylvania - Finance Department
Abstract and Article  

Why Do Hedge Funds Avoid Disclosure? Evidence from Confidential 13F Filings
George O. Aragon, Arizona State University (ASU) - Finance Department
Michael G. Hertzel, Arizona State University (ASU) - Finance Department
Zhen Shi, Georgia State University
Abstract and Article  

Discussants:
George G. Pennacchi, University of Illinois at Urbana-Champaign - Department of Finance
Chester S. Spatt, Carnegie Mellon University - David A. Tepper School of Business
Jean-Charles Rochet, University of Geneva
Evan Dudley, Smith School of Business


01/08/2011 - 10:15 AM
Location: Marriott-Salons C&D
Liquidity, Trading, and Frictions - Theory
Peter Kondor, London School of Economics & Political Science (LSE)

Crises and Liquidity in Over-the-Counter Markets
Ricardo Lagos, New York University (NYU) - Department of Economics
Guillaume Rocheteau, Federal Reserve Banks - Federal Reserve Bank of Cleveland
Pierre-Olivier Weill, University of California, Los Angeles (UCLA) - Department of Economics
Abstract and Article  

Endogenous Liquidity Supply
Ravi Bansal, Duke University - Fuqua School of Business
Wilbur John Coleman, Duke University, Fuqua School of Business-Economics Group
Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill - Finance Area
Abstract and Article  

Asset Prices and Institutional Investors
Suleyman Basak, London Business School
Anna Pavlova, London Business School
Abstract and Article  

Discussants:
Gustavo Manso, University of California, Berkeley - Haas School of Business
Stephane Guibaud, SciencesPo - Department of Economics
Ron Kaniel, University of Rochester - Simon Business School


01/08/2011 - 10:15 AM
Location: Marriot-Salons I&J
Real Effects of Financing and Risk Management
Krishnamurthy Subramanian, Indian School of Business (ISB), Hyderabad

A Theory of Merger-Driven IPOs
Evgeny Lyandres, Boston University
Alexei Zhdanov, Pennsylvania State University
Jim Hsieh, George Mason University - Department of Finance
Abstract and Article  

Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry
James S. Ang, Florida State University - Department of Finance
Chaopeng Wu, Xiamen University
Yingmei Cheng, Florida State University - College of Business
Abstract and Article  

Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies
Andrew Ellul, Indiana University - Kelley School of Business - Department of Finance
Vijay Yerramilli, University of Houston - Department of Finance
Abstract and Article  

Macro, Industry, and Frailty Effects in Defaults: The 2008 Credit Crisis in Perspective
Siem Jan Koopman, VU University Amsterdam
Andre Lucas, VU University Amsterdam - Faculty of Economics and Business Administration
Bernd Schwaab, European Central Bank (ECB) - Directorate General Research
Abstract and Article  

Discussants:
Merih Sevilir, Indiana University - Kelley School of Business - Department of Finance
Yongxiang Wang, Columbia University - Columbia Business School
Philipp Schnabl, New York University (NYU) - Department of Finance
Arthur G. Korteweg, University of Southern California - Marshall School of Business


01/08/2011 - 10:15 AM
Location: Marriott-Denver IV
Corporate Governance, Ownership, and Activism
Gregor Matvos, University of Texas at Austin - Department of Finance

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
Joseph A. McCahery, Tilburg Law School
Zacharias Sautner, Frankfurt School of Finance & Management gemeinnützige GmbH
Laura T. Starks, University of Texas at Austin - Department of Finance
Abstract and Article  

Are the Seeds of Bad Governance Sown in Good Times?
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Ebonya L. Washington, Yale University - Department of Economics
Abstract and Article  

Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts
Jesse Edgerton, J.P. Morgan Chase Securities Inc.
Abstract and Article  

Discussants:
Sanjai Bhagat, University of Colorado at Boulder - Department of Finance
Todd A. Gormley, Washington University in St. Louis - John M. Olin Business School
Bo Becker, Swedish House of Finance


01/08/2011 - 10:15 AM
Location: Marriott-Salons A&B
Financial Crisis
Martin Schneider, Stanford University

The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking Over the Business Cycle
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business
Hassan Naqvi, Sungkyunkwan University - School of Business Administration
Abstract and Article  

Credit Traps
Efraim Benmelech, Kellogg School of Management - Department of Finance
Nittai Bergman, Tel Aviv University
Abstract and Article  

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

Self-Fulfilling Credit-Market Freezes
Lucian A. Bebchuk, Harvard Law School
Itay Goldstein, University of Pennsylvania - Finance Department
Abstract and Article  

Discussants:
Pablo D. Kurlat, Stanford University - Department of Economics
Adam Zawadowski, Princeton University - Department of Economics
Dan Cao, Georgetown University - Department of Economics
Guillermo Ordonez, University of California, Los Angeles (UCLA)


01/08/2011 - 10:15 AM
Location: Marriot-Salon E
Investor Sentiment
Robin M. Greenwood, Harvard Business School - Finance Unit

The Chinese Warrants Bubble
Wei Xiong, Princeton University - Department of Economics
Jialin Yu, Hong Kong University of Science & Technology (HKUST) - Department of Finance
Abstract and Article  

Investor Sentiment, Arbitrage Constraints and Stock Return Synchronicity
Ferdinand A. Gul, Monash University - Sunway Campus
G. Mujtaba Mian, Zayed University
Abstract and Article  

Glamour Brands and Glamour Stocks
Matthew T. Billett, Indiana University - Kelley School of Business - Department of Finance
Zhan Jiang, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Lopo Rego, Indiana University - Kelley School of Business - Department of Marketing
Abstract and Article  

Complicated Firms
Lauren Cohen, Harvard Business School
Dong Lou, London School of Economics & Political Science (LSE)
Abstract and Article  

Discussants:
Jeffrey A. Wurgler, New York University (NYU) - Department of Finance
Alok Kumar, University of Miami - Department of Finance
Lily H. Fang, INSEAD - Finance
Harrison G. Hong, Columbia University, Graduate School of Arts and Sciences, Department of Economics


01/08/2011 - 10:15 AM
Location: Marriott-Salons G&H
Personal Motives and Interpersonal Effects
Enrico C. Perotti, University of Amsterdam - Finance Group

The Role of Stock Ownership by US Members of Congress on the Market for Political Favors
Ahmed Tahoun, London Business School
Abstract and Article  

Do They Do It For The Money?
Utpal Bhattacharya, Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
Cassandra D. Marshall, University of Richmond - Finance
Abstract and Article  

Friends in High Places: Peer Effects and Politics
Lauren Cohen, Harvard Business School
Christopher J. Malloy, Harvard Business School
Abstract and Article  

Discussants:
David R. Skeie, Texas A&M University - Department of Finance
Amy Dittmar, University of Michigan, Stephen M. Ross School of Business
Anup Agrawal, University of Alabama - Culverhouse College of Commerce & Business Administration


01/08/2011 - 2:30 PM
Location: Marriott-Salons C&D
Anomalies
Lu Zhang, Ohio State University (OSU) - Department of Finance

Access to Equity Markets, Corporate Investments and Stock Returns: International Evidence
Sheridan Titman, University of Texas at Austin - Department of Finance
K.C. John Wei, Hong Kong Polytechnic University
Feixue Xie, University of Texas at El Paso - College of Business Administration - Department of Economics and Finance
Abstract and Article  

The Joint Cross Section of Stocks and Options
Andrew Ang, BlackRock, Inc
Turan G. Bali, Georgetown University - Robert Emmett McDonough School of Business
Nusret Cakici, Fordham University - Gabelli School of Business
Abstract and Article  

Procyclical Stocks Earn Higher Returns
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  

Discussants:
Kewei Hou, Ohio State University (OSU) - Department of Finance
Tyler Shumway, University of Michigan, Stephen M. Ross School of Business
Jay A. Shanken, Emory University - Goizueta Business School


01/08/2011 - 2:30 PM
Location: Marriott-Denver IV
Private Equity: Impact on Firms, Industries, and Investors
Ulf Axelson, London School of Economics & Political Science (LSE) - Department of Finance

Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
Narasimhan Jegadeesh, Emory University - Department of Finance
Roman Kräussl, Luxembourg School of Finance
Joshua Matthew Pollet, University of Illinois at Urbana-Champaign - Department of Finance
Abstract and Article  

Private Equity and Industry Performance
Shai Bernstein, Stanford Graduate School of Business
Josh Lerner, Harvard Business School - Finance Unit
Morten Sorensen, Copenhagen Business School
Per Strömberg, Swedish House of Finance
Abstract and Article  

Competitive Effects of Private Equity Investments
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:
Steven Neil Kaplan, University of Chicago - Finance
Steven J. Davis, University of Chicago - Booth School of Business
Antoinette Schoar, Massachusetts Institute of Technology (MIT) - Sloan School of Management


01/08/2011 - 2:30 PM
Location: Marriot-Salons I&J
Mortgage Underwriting and Securitization
Nancy E. Wallace, University of California, Berkeley - Real Estate Group

Consumer Credit Risk Models Via Machine-Learning Algorithms
Amir Khandani, Massachusetts Institute of Technology (MIT)
Adlar J. Kim, Massachusetts Institute of Technology (MIT)
Andrew W. Lo, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

What Broker Charges Reveal About Mortgage Credit Risk
Antje Berndt, Australian National University (ANU) - Research School of Finance, Actuarial Studies and Applied Statistics
Burton Hollifield, Carnegie Mellon University - David A. Tepper School of Business
Patrik Sandås, University of Virginia
Abstract and Article  

Discussants:
Jefferson Duarte, Rice University - Jesse H. Jones Graduate School of Business
Robert Novy-Marx, University of Rochester - Simon Business School


01/08/2011 - 2:30 PM
Location: Marriott-Salons G&H
Capital Structure - Beyond Debt and Equity
Gustavo Manso, University of California, Berkeley - Haas School of Business

Collateral and Capital Structure
Adriano A. Rampini, Duke University
S. Viswanathan, Duke University - Finance
Abstract and Article  

Trade, Exchange Rate Exposure, and the Currency Composition of Debt
Michael Michaux, University of Southern California - Marshall School of Business - Finance and Business Economics Department
Abstract and Article  

The Dynamics of Cash
Amy K. Dittmar, University of Michigan, Stephen M. Ross School of Business
Ran Duchin, University of Washington - Michael G. Foster School of Business
Abstract and Article  

Capital Allocation and Delegation of Decision-Making Authority within Firms
John R. Graham, Duke University - Finance
Campbell R. Harvey, Duke University - Fuqua School of Business
Manju Puri, Duke University - Fuqua School of Business
Abstract and Article  

Discussants:
Dmitry Livdan, University of California, Berkeley - Haas School of Business
Hui Chen, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Murillo Campello, Cornell University - Samuel Curtis Johnson Graduate School of Management
Stewart C. Myers, Massachusetts Institute of Technology (MIT) - Sloan School of Management


01/08/2011 - 2:30 PM
Location: Marriott-Salons A&B
Mutual Funds and Hedge Funds: Information and Behavior
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics

Hedge Fund Stock Trading in the Financial Crisis of 2007-2009
Itzhak Ben-David, Ohio State University (OSU) - Department of Finance
Francesco A. Franzoni, Ecole Polytechnique Fédérale de Lausanne - Ecole Polytechnique Fédérale de Lausanne
Rabih Moussawi, Villanova University - Department of Finance
Abstract and Article  

Mutual Fund Tax Clienteles
Clemens Sialm, University of Texas at Austin - Red McCombs School of Business
Laura T. Starks, University of Texas at Austin - Department of Finance
Abstract and Article  

Convertibles and Hedge Funds as Distributors of Equity Exposure
Stephen J. Brown, New York University (NYU) - Department of Finance
Bruce D. Grundy, University of Melbourne - Faculty of Business and Economics
Craig M. Lewis, Vanderbilt University - Finance
Patrick Verwijmeren, Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Abstract and Article  

The Delegated Lucas-Tree
Ron Kaniel, University of Rochester - Simon Business School
Peter Kondor, London School of Economics & Political Science (LSE)
Abstract and Article  

Discussants:
Stefan Nagel, University of Chicago - Booth School of Business
Susan E. Christoffersen, University of Toronto - Rotman School of Management
Robin M. Greenwood, Harvard Business School - Finance Unit
Dimitri Vayanos, London School of Economics & Political Science (LSE) - Department of Accounting and Finance


01/08/2011 - 2:30 PM
Location: Marriot-Salon E
The Biology of Finance
Tano Santos, Columbia Business School - Economics Department

The Origins of Savings Behavior
Henrik Cronqvist, University of Miami - Department of Finance
Stephan Siegel, University of Washington - Michael G. Foster School of Business
Abstract and Article  

Timely Papers Session: Additional Papers to be Submitted
Raghuram G. Rajan, University of Chicago - Finance
Abstract and Article  

Discussants:
Tano Santos, Columbia Business School - Economics Department


01/09/2011 - 8:00 AM
Location: Marriott-Salons I&J
Financial Econometrics
Motohiro Yogo, Princeton University - Department of Economics

Rare Events, Financial Crises, and the Cross-Section of Asset Returns
Francesco Bianchi, Duke University
Abstract and Article  

Analyzing the Spectrum of Asset Returns: Jump and Volatility Components in High Frequency Data
Yacine Ait-Sahalia, Princeton University - Department of Economics
Jean Jacod, Université Paris VI Pierre et Marie Curie
Abstract and Article  

Synchronizing Asynchronously Traded Financial Assets for Noise-Robust Realized Covariance
Jin-Huei Yeh, National Central University at Taiwan - Department of Finance
Ruey S. Tsay, University of Chicago - Booth School of Business - Econometrics and Statistics
Chung-Ming Kuan, National Taiwan University - Department of Finance
Abstract and Article  

Mixed Measurement Dynamic Factor Models
Bernd Schwaab, European Central Bank (ECB) - Directorate General Research
Drew Creal, University of Chicago - Booth School of Business - Econometrics and Statistics
Siem Jan Koopman, VU University Amsterdam
Andre Lucas, VU University Amsterdam - Faculty of Economics and Business Administration
Abstract and Article  

Discussants:
Jessica A. Wachter, University of Pennsylvania - Finance Department
George E. Tauchen, Duke University, Fuqua School of Business-Economics Group
Lan Zhang, University of Illinois at Chicago - College of Business Administration
Emanuel Moench, Deutsche Bundesbank


01/09/2011 - 8:00 AM
Location: Marriott-Salons C&D
Empirical Links Between Equity and Credit Markets
Pierre Collin-Dufresne, Ecole Polytechnique Fédérale de Lausanne - Ecole Polytechnique Fédérale de Lausanne

Credit Default Swap Spreads and Variance Risk Premia
Hao Wang, McGill University - Desautels Faculty of Management
Hao Zhou, Tsinghua University - PBC School of Finance
Yi Zhou, San Francisco State University - College of Business
Abstract and Article  

The Correlation Structure of the CDS Market: An Empirical Investigation
Leo Evans, Imperial College London
Lina El-Jahel, University of Auckland - Business School
Lara Cathcart, Imperial College Business School
Abstract and Article  

Limited Arbitrage Between Equity and Credit Markets
Nikunj Kapadia, University of Massachusetts Amherst - Department of Finance
Xiaoling Pu, Kent State University - Department of Finance
Abstract and Article  

Discussants:
Antje Berndt, Australian National University (ANU) - Research School of Finance, Actuarial Studies and Applied Statistics
Michael Slater Johannes, Columbia Business School - Finance and Economics
Fan Yu, Claremont McKenna College - Robert Day School of Economics and Finance


01/09/2011 - 8:00 AM
Location: Marriott-Salons A&B
Corporate Governance - Theory
Paolo Fulghieri, University of North Carolina (UNC) at Chapel Hill - Finance Area

A Lintner Model of Payout and Managerial Rents
Bart M. Lambrecht, University of Cambridge - Judge Business School
Stewart C. Myers, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Abstract and Article  

Shareholder Democracy and its Discontents: Outrage, Captured Boards, and the Veil of Ignorance
Sudipto Dasgupta, Hong Kong University of Science & Technology (HKUST) - Department of Finance
Thomas H. Noe, University of Oxford - Finance
Abstract and Article  

The Effect of Risk on the CEO Market
Alex Edmans, London Business School - Institute of Finance and Accounting
Xavier Gabaix, Harvard University - Department of Economics
Abstract and Article  

Discussants:
Neng Wang, Columbia University
Naveen Khanna, Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
David L. Dicks, Baylor University - Department of Finance, Insurance & Real Estate


01/09/2011 - 8:00 AM
Location: Marriott-Salons G&H
Location, Enforcement and Financial Reporting
Patricia C. O'Brien, University of Waterloo

Beyond Tax Avoidance: Offshore Firms’ Institutional Environment and Financial Reporting Quality
Art Durnev, University of Iowa - Henry B. Tippie College of Business
TieMei Li, University of Ottawa - Telfer School of Management
Michel Magnan, Concordia University, Quebec - Department of Accountancy
Abstract and Article  

Evidence on Contagion in Corporate Misconduct
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Kevin Koh, Nanyang Technological University (NTU) - Division of Accounting
Shivaram Rajgopal, Columbia Business School - Accounting, Business Law & Taxation
Abstract and Article  

The Two Sides of Business Groups: Implications for Disclosure Practices
Radhakrishnan Gopalan, Washington University in St. Louis - John M. Olin Business School
Sudarshan Jayaraman, University of Rochester - Simon Business School
Abstract and Article  

Discussants:
Christian Leuz, University of Chicago - Booth School of Business
Hongping Tan, McGill University - Desautels Faculty of Management
Utpal Bhattacharya, Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management


01/09/2011 - 8:00 AM
Location: Marriott-Salon E
Return Predictability
Stefan Nagel, University of Chicago - Booth School of Business

Predictable Trade Flows and Returns of Trade-Linked Countries
Savina Rizova, University of Chicago - Booth School of Business
Abstract and Article  

Best Ideas
Randolph B. Cohen, Harvard Business School - Finance Unit
Christopher Polk, London School of Economics & Political Science (LSE) - Department of Finance
Bernhard Silli, Goldman Sachs Group, Inc.
Abstract and Article  

Trends
Tobias J. Moskowitz, Yale University
Yao Hua Ooi, AQR Capital Management, LLC
Lasse Heje Pedersen, AQR Capital Management, LLC
Abstract and Article  

Discussants:
Joshua Matthew Pollet, University of Illinois at Urbana-Champaign - Department of Finance
Marcin T. Kacperczyk, Imperial College London - Accounting, Finance, and Macroeconomics
Adrien Verdelhan, Massachusetts Institute of Technology (MIT) - Sloan School of Management


01/09/2011 - 8:00 AM
Location: Marriott-Salon F
Empirical Issues in Financial Intermediation
Manju Puri, Duke University - Fuqua School of Business

Screening in New Credit Markets: Can Individual Lenders Infer Borrower Creditworthiness in Peer-to-Peer Lending?
Rajkamal Iyer, Massachusetts Institute of Technology (MIT) - Sloan School of Management
Asim Ijaz Khwaja, Harvard University - Harvard Kennedy School (HKS)
Erzo F. P. Luttmer, Dartmouth College
Kelly Shue, Yale School of Management
Abstract and Article  

Combining Banking with Private Equity Investing
Lily H. Fang, INSEAD - Finance
Victoria Ivashina, Harvard Business School - Finance Unit
Josh Lerner, Harvard Business School - Finance Unit
Abstract and Article  

The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers
Chitru S. Fernando, University of Oklahoma - Michael F. Price College of Business
Anthony D. May, Wichita State University - W. Frank Barton School of Business
William L. Megginson, University of Oklahoma - Division of Finance
Abstract and Article  

Discussants:
Nagpurnanand Prabhala, Johns Hopkins University - Carey Business School
Ronald W. Masulis, UNSW Business School
Justin R. Murfin, Duke University


01/09/2011 - 10:15 AM
Location: Marriott-Salons A&B
Asset Pricing Theory
Stavros Panageas, University of Chicago - Finance

Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital
Hengjie Ai, University of Minnesota - Twin Cities - Carlson School of Management
Mariano (Max) Massimiliano Croce, Bocconi University
Kai Li, Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
Abstract and Article  

Dynamic Corporate Capital Stocks: Cross-sectional and Inter-temporal Stock Return Patterns
Jacob S. Sagi, University of North Carolina (UNC) at Chapel Hill - Finance Area
Matthew I. Spiegel, Yale School of Management
Masahiro Watanabe, University of Alberta - School of Business
Abstract and Article  

Learning about Consumption Dynamics
Michael S. Johannes, Columbia Business School - Finance and Economics
Lars A. Lochstoer, University of California, Los Angeles (UCLA) - Anderson School of Management
Yiqun Mou, Columbia Business School - Economics Department
Abstract and Article  

Discussants:
Andrea L. Eisfeldt, University of California, Los Angeles (UCLA) - Anderson School of Management
Ronald Giammarino, University of British Columbia (UBC) - Sauder School of Business
Lars Peter Hansen, University of Chicago - Finance


01/09/2011 - 10:15 AM
Location: Marriott-Salons G&H
Microstructure Meets Asset Pricing
Mark S. Seasholes, Arizona State University (ASU), W.P. Carey School of Business, Finance Department, Students

Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation
Giovanni Cespa, City University London - Faculty of Finance
Thierry Foucault, HEC Paris - Finance Department
Abstract and Article  

Asymmetric Information, Endogenous Illiquidity, and Asset Pricing with Imperfect Competition
Hong Liu, Washington University in St. Louis - John M. Olin Business School
Yajun Wang, City University of NY, Baruch College, Zicklin School of Business
Abstract and Article  

How are Shorts Informed? Short Sellers, News, and Information Processing
Joseph Engelberg, University of California, San Diego (UCSD) - Rady School of Management
Adam V. Reed, University of North Carolina (UNC) at Chapel Hill - Finance Area
Matthew Ringgenberg, University of Utah - Department of Finance
Abstract and Article  

Discussants:
Terrence J. Hendershott, University of California, Berkeley - Haas School of Business
Diego Garcia, University of Colorado at Boulder - Leeds School of Business
Andrea Frazzini, AQR Capital Management, LLC


01/09/2011 - 10:15 AM
Location: Marriott-Salons I&J
IPO, SEO and Payouts
Michael R. Roberts, University of Pennsylvania - The Wharton School

Public Market Staging: The Timing of Capital Infusions in Newly Public Firms
Michael G. Hertzel, Arizona State University (ASU) - Finance Department
Mark R. Huson, University of Alberta - Department of Finance and Statistical Analysis
Robert Parrino, University of Texas at Austin - Department of Finance
Abstract and Article  

Determinants of Dividend Smoothing: Empirical Evidence
Mark T. Leary, Washington University in St. Louis - John M. Olin Business School
Roni Michaely, University of Geneva - Geneva Finance Research Institute (GFRI)
Abstract and Article  

Discussants:
Ivo Welch, University of California, Los Angeles (UCLA)
Lucian A. Taylor, University of Pennsylvania - The Wharton School


01/09/2011 - 10:15 AM
Location: Marriot-Salon F
Behavioral Finance - Individual Behavior
Tyler Shumway, University of Michigan, Stephen M. Ross School of Business

Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers
Utpal Bhattacharya, Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management
Craig W. Holden, Indiana University - Kelley School of Business - Department of Finance
Stacey E. Jacobsen, Southern Methodist University (SMU) - Finance Department
Abstract and Article  

Self-Enhancing Transmission Bias and Active Investing
David A. Hirshleifer, University of California, Irvine - Paul Merage School of Business
Abstract and Article  

Advertising, Investor Recognition, and Stock Returns
Thomas J. Chemmanur, Boston College - Department of Finance
An Yan, Fordham University - Gabelli School of Business
Abstract and Article  

Style Investing, Mutual Fund Flows, and Return Comovement
Zhiyi Qian, Arizona State University (ASU) - Finance Department
Zhen Shi, Georgia State University
Abstract and Article  

Discussants:
Denis Sosyura, Arizona State University (ASU) - W.P. Carey School of Business
Blake D. LeBaron, Brandeis University - International Business School
Noah Stoffman, Indiana University - Kelley School of Business - Department of Finance
Brian H. Boyer, Brigham Young University - J. Willard and Alice S. Marriott School of Management


01/09/2011 - 10:15 AM
Location: Marriott-Salons C&D
Politics and Cross-country Capital Flows
Luc A. Laeven, European Central Bank (ECB)

What is Different About Government-Controlled Acquirers in Cross-Border Deals?
Chuan Rose Liao, Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick
George Andrew Karolyi, Cornell University - Samuel Curtis Johnson Graduate School of Management
Abstract and Article  

Asset Fire Sales and Purchases and the International Transmission of Funding Shocks
Chotibhak Jotikasthira, Southern Methodist University (SMU) - Finance Department
Christian T. Lundblad, University of North Carolina (UNC) at Chapel Hill - Finance Area
Tarun Ramadorai, Imperial College London
Abstract and Article  

Discussants:
Pedro Matos, University of Virginia - Finance
Michael J. Schill, University of Virginia - Darden School of Business


01/09/2011 - 10:15 AM
Location: Marriot-Salon E
Panel on Finance and Ethics
Luigi Zingales, University of Chicago - Finance

Panel on Finance and Ethics
Jonathan Berk, Stanford Graduate School of Business
Rebecca M. Henderson, Harvard Business School
Michael C. Jensen, Harvard Business School
Abstract and Article  



01/09/2011 - 1:00 PM
Location: Marriott-Salons C&D
Insider Trading and Short Selling
Utpal Bhattacharya, Hong Kong University of Science & Technology (HKUST) - HKUST School of Business and Management

Institutional Trades Around Takeover Announcements: Skill vs. Inside Information
Narasimhan Jegadeesh, Emory University - Department of Finance
Yue Tang, University of Florida - Department of Finance, Insurance and Real Estate
Abstract and Article  

Fails-to-Deliver, Short Selling, and Market Quality
Veljko Fotak, State University of New York (SUNY) - Financial & Managerial Economics
Vikas Raman, Lancaster University - Department of Accounting and Finance
Pradeep K. Yadav, University of Oklahoma - Division of Finance
Abstract and Article  

Do Non-Executive Employees Have Information? Evidence from Employee Stock Purchase Plans
Ilona Babenko, Arizona State University (ASU)
Rik Sen, University of New South Wales (UNSW)
Abstract and Article  

The Effects of Stock Lending on Security Prices: An Experiment
Steven N. Kaplan, University of Chicago - Finance
Tobias J. Moskowitz, Yale University
Berk A. Sensoy, Vanderbilt University - Finance
Abstract and Article  

Discussants:
Michael Lemmon, University of Utah - Department of Finance
John M. Griffin, University of Texas at Austin - Department of Finance
Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics
Paul H. Schultz, University of Notre Dame - Department of Finance


01/09/2011 - 1:00 PM
Location: Marriot-Salon F
Behavioral Corporate Finance - The Role of CEO Traits and Biases
Ulrike Malmendier, University of California, Berkeley - Department of Economics

Born Leaders: The Relative-Age Effect and Managerial Success
Qianqian Du, Hong Kong Polytechnic University - Faculty of Business
Huasheng Gao, Fudan University
Maurice D. Levi, University of British Columbia (UBC) - Sauder School of Business
Abstract and Article  

Does Managerial Optimism Lead to Long-Run Underperformance? Evidence from Venture Capital-Backed IPOs
Jean-Sebastien Michel, HEC Montreal - Department of Finance
Abstract and Article  

A Corporate Beauty Contest
John R. Graham, Duke University - Finance
Campbell R. Harvey, Duke University - Fuqua School of Business
Manju Puri, Duke University - Fuqua School of Business
Abstract and Article  

Discussants:
Daniel Wolfenzon, Columbia Business School - Finance and Economics
Josh Lerner, Harvard Business School - Finance Unit
Daniel J. Benjamin, Center for Economic and Social Research (CESR)


01/09/2011 - 1:00 PM
Location: Marriott-Salons A&B
International Financial Markets 2
Lemma W. Senbet, University of Maryland - Robert H. Smith School of Business

Country Size, Currency Unions, and International Asset Returns
Tarek A. Hassan, University of Chicago - Finance
Abstract and Article  

Risk, Returns, and Multinational Production
Jose L. Fillat, Federal Reserve Banks - Federal Reserve Bank of Boston
Stefania Garetto, Boston University - Department of Economics
Abstract and Article  

Differences of Opinion and International Equity Markets
Bernard Dumas, INSEAD - Finance
Karen K. Lewis, University of Pennsylvania - Finance Department
Emilio Osambela, Board of Governors of the Federal Reserve System
Abstract and Article  

Discussants:
Linda L. Tesar, University of Michigan at Ann Arbor - Department of Economics
Mark Loewenstein, University of Maryland - Robert H. Smith School of Business
Leonid Kogan, Massachusetts Institute of Technology (MIT) - Sloan School of Management


01/09/2011 - 1:00 PM
Location: Marriott-Salons I&J
Managerial Incentives, Risk-Taking, and Performance
Shawn Allen Cole, Harvard Business School

Executive Compensation and Risk Taking
Patrick Bolton, Columbia Business School - Economics Department
Hamid Mehran, Independent
Joel D. Shapiro, University of Oxford - Said Business School
Abstract and Article  

Political Promotion, CEO Compensation and Their Effect on Firm Performance
Jerry Cao, Independent
Michael L. Lemmon, University of Utah - Department of Finance
Xiaofei Pan, University of Wollongong - University of Wollongong, Students
Gary Gang Tian, Macquarie University - Department of Applied Finance and Actuarial Studies
Abstract and Article  

Whistle Blowing and CEO Compensation: The Qui Tam Statute
Sudarshan Jayaraman, University of Rochester - Simon Business School
Todd T. Milbourn, Washington University in St. Louis - John M. Olin Business School
Abstract and Article  

Discussants:
Nicola Gennaioli, Bocconi University - Department of Finance
Bilal Zia, World Bank - Development Research Group (DECRG)
Adair Morse, University of California, Berkeley - Haas School of Business


01/09/2011 - 1:00 PM
Location: Marriott-Salons G&H
Financial Institutions - Theory
Viral V. Acharya, New York University (NYU) - Leonard N. Stern School of Business

A Model of Capital and Crises
Zhiguo He, University of Chicago - Finance
Arvind Krishnamurthy, Northwestern University - Kellogg School of Management
Abstract and Article  

Leverage and Preemptive Selling of Financial Institutions
Antonio E. Bernardo, University of California, Los Angeles (UCLA) - Finance Area
Ivo Welch, University of California, Los Angeles (UCLA)
Abstract and Article  

Public Information and Inefficient Investment
Vito Gala, University of Pennsylvania - Finance Department
Paolo F. Volpin, City University London - Faculty of Finance
Abstract and Article  

Discussants:
Guillaume Plantin, University of Toulouse 1 - Toulouse School of Economics (TSE)
S. Viswanathan, Duke University - Finance
Anton Korinek, Johns Hopkins University - Department of Economics


01/09/2011 - 1:00 PM
Location: Marriot-Salon E
Analyst and Stock Price Information
Wei Jiang, Columbia Business School - Finance and Economics

What Drives the Value of Analysts' Recommendations: Earnings Estimates or Discount Rate Estimates?
Ambrus Kecskes, York University - Schulich School of Business
Roni Michaely, University of Geneva - Geneva Finance Research Institute (GFRI)
Kent L. Womack, University of Toronto - Rotman School of Management
Abstract and Article  

Are Analysts' Recommendations Informative? Intraday Evidence on the Impact of Time Stamp Delays
Daniel Bradley, University of South Florida
Jonathan Clarke, Georgia Institute of Technology - Scheller College of Business
Suzanne S. Lee, Georgia Institute of Technology - Finance Area
Chayawat Ornthanalai, University of Toronto - Rotman School of Management
Abstract and Article  

Information, Analysts, and Stock Return Comovement
Allaudeen Hameed, National University of Singapore (NUS) - Department of Finance
Randall Morck, University of Alberta - Department of Finance and Statistical Analysis
Jianfeng Shen, UNSW Australia Business School, School of Banking and Finance
Bernard Yin Yeung, National University of Singapore (NUS) - NUS Business School
Abstract and Article  

Discussants:
Russell R. Wermers, University of Maryland - Robert H. Smith School of Business
Ronnie Sadka, Boston College - Carroll School of Management
Kelsey D. Wei, University of Texas at Dallas - Naveen Jindal School of Management