1999 FMA European Program
Christopher Barry, Texas Christian University and Paolo Fulghieri, INSEAD
1999 Conference Co-Chairpersons

Conference Program
Presentations which have on-line abstracts are indicated by blue text.

02
ISSUES IN CORPORATE RESTRUCTURING
THURSDAY, JUNE 3
8:30 AM - 10;00 AM
TIBIDABO 1

PRESENTATIONS
MARKET REACTION TO THE PRICE RECEIVED IN SELLOFFS
COLIN CLUBB, IMPERIAL COLLEGE
ARIS STOURAITIS, IMPERIAL COLLEGE


PRESENTATIONS
DOES IT MATTER WHO YOUR BANKER IS? IMPACT OF INVESTMENT BANK REPUTATION ON SHAREHOLDER WEALTH IN TAKEOVERS AND OUTCOME OF HOSTILE BIDS
SUDI SUDARSANAM, CITY UNIV BUSINESS SCHOOL
DR AYO SALAMI, CITY UNIVERSITY BUS SCHOOL
GEORGE ALEXANDROU, CITY UNIV. BUSINESS SCHOOL

PRESENTATIONS
ASSET SALES AND CORPORATE INVESTMENT
GAYANE HOVAKIMIAN, BOSTON COLLEGE
SHERIDAN TITMAN, UNIV OF TEXAS-AUSTIN


03
EXECUTIVE STOCK OPTIONS AND CORPORATE RISK MANAGEMENT
THURSDAY, JUNE 3
8:30 AM - 10;00 AM
TIBIDABO 2

PRESENTATIONS
CORPORATE RISK MANAGEMENT, CROSS-SUBSIDIZATION AND COMPETITION
CLARA COSTA RAPOSO, UNV OF OXFORD



PRESENTATIONS
CREDIT RISK, DEFAULT TRIGGER AND VALUATION OF A ZERO BOND: A CONTINGENT CLAIM ANALYSIS
HENG-CHIH CHOU,
DAVID Z HUA, GOLDEN GATE UNIV


PRESENTATIONS
EXECUTIVE STOCK OPTIONS AND THE MEDIATION OF STOCKHOLDER-BONDHOLDER CONFLICTS
GERALD T GARVEY, UNIV OF BRITISH COLUMBIA
AMIN MAWANI, UNIV OF BRITISH COLUMBIA


04
REAL OPTIONS AND CAPITAL BUDGETING
THURSDAY, JUNE 3
8:30 AM - 10;00 AM
FORMENTERIA

PRESENTATIONS
REAL OPTIONS WITHOUT TEARS: THE WEIGHTED AVERAGE DISCOUNT RATE APPROACH
STEPHEN P FEINSTEIN, BABSON COLLEGE



PRESENTATIONS
THE RATE OF RETURN TO R&D INVESTMENT WITH FINANCING CONSTRAINTS
BENEDICTE REYES, LONG ISLAND UNIVERSITY



PRESENTATIONS
AUCTIONS WITH OPTIONS: PRIVATIZING ASSETS WITH EXTERNALITIES
SBUIR BOSE, IOWA STATE UNIV
AKASH DEEP, HARVARD UNIV


05
MARKET MICROSTRUCTURE
THURSDAY, JUNE 3
8:30 AM - 10;00 AM
BARCELONA A

PRESENTATIONS
MARKET MICROSTRUCTURE AND SECURITY VALUES: EVIDENCE FROM THE PARIS BOURSE
CHRIS MUSCARELLA, PENN STATE UNIV
MICHAEL PIWOWAR, IOWA STATE UNIV


PRESENTATIONS
DEALER INVENTORY CONTROL WHEN INSIDERS TRADE
DAVID HILLIER, UNIV OF STRATHCLYDE
NARAYAN NAIK, LONDON BUSINESS SCHOOL
PRADEEP K YADAV, UNIV OF STRATHCLYDE

PRESENTATIONS
RUMORS
JOS VAN BOMMEL, INSEAD



06
EXCHANGE RATE RISK
THURSDAY, JUNE 3
8:30 AM - 10;00 AM
BARCELONA B

PRESENTATIONS
FOREIGN EXCHANGE EXPOSURE AND ITS MANAGEMENT: AN ASSESSMENT OF US-BASED MNC'S OPERATING IN EUROPE
ANNA D MARTIN, FAIRFIELD UNIV
LAURENCE J MAUER, ST JOHN'S UNIV


PRESENTATIONS
TIME-VARYING REAL EXCHANGE RATE RISK IN EMERGING MARKETS
PREMALATA SHENBAGARAMAN, OHIO STATE UNIV/CLEMSON UNIV



PRESENTATIONS
CHANGES IN EUROPEAN CURRENCY VOLATILITY AS RELATED TO CHANGES OCCURING DURING EUROPE 1992
CHARLOTTE ANNE BOND, BUTLER UNIV
MOHAMMED NAJAND, OLD DOMINION UNIV


07
BANKING IN DISTINCT MARKETS I
THURSDAY, JUNE 3
8:30 AM - 10;00 AM
BARCELONA C

PRESENTATIONS
DETERMINANTS OF BANK PROFITABILITY IN LEBANON
ELIAS RAAD, LEBANESE AMERICAN UNIV
DAVID W PETERS, LEBANESE AMERICAN UNIV
JOSEPH F SINKEY JR, UNIV OF GEORGIA

PRESENTATIONS
THE FINANCIAL PERFORMANCE OF PRIVATIZED BANKS: AN EMPIRICAL ANALYSIS
JAMES A VERBRUGGE, UNIV OF GEORGIA
WILLIAM L MEGGINSON, UNIV OF OKLAHOMA
WANDA ELLYN LEE, UNIV OF GEORGIA

PRESENTATIONS
WEALTH TRANSFERS, CONTAGION EFFECTS AND BORROWING RELATIONSHIPS IN BANK FAILURES. THE EVIDENCE FROM BANESTO CRISIS
VICTOR MANUEL GONZALEZ MENDEZ, UNIV OF OVIEDO
FRANCISCO GONZALEZ, UNIVERSITY OF OVIEDO


09
CORPORATE FINANCIAL DECISIONS
THURSDAY, JUNE 3
10:15 AM - 11:45 AM
TIBIDABO 1

PRESENTATIONS
THE EX-DIVIDEND DAY PERFORMANCE OF HIGH YIELD STOCKS: EVIDENCE AGAINST THE EXISTENCE OF A MARGINAL STOCKHOLDER
J RONALD HOFFMEISTER, ARIZONA ST UNIV
VAUGHN S ARMSTRONG, WASHINGTON ST UNIV


PRESENTATIONS
LARGE CASH HOLDINGS
WAYNE H MIKKELSON, UNIV OF OREGON
M MEGAN PARTCH, UNIV OF OREGON


PRESENTATIONS
AGENCY COSTS AND INVESTMENTS IN RESEARCH AND DEVELOPMENT: JAPANESE EVIDENCE
LEESEOK HWANG, BARUCH COLLEGE, CUNY
YONG O KIM, UNIV OF MANITOBA
STEVE LILIEN,

10
EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE
THURSDAY, JUNE 3
10:15 AM - 11:45 AM
TIBIDABO 2

PRESENTATIONS
OPTIMAL CORPORATE GOVERNANCE STRUCTURES
ANDRES ALMAZAN, UNIVERSITY OF TEXAS
JAVIER SUAREZ, CEMFI & CEPR


PRESENTATIONS
CONTRACT RENEGOTIATION AND THE OPTIMALITY OF RESETTING EXECUTIVE STOCK OPTIONS.
VIRAL V. ACHARYA, NEW YORK UNIVERSITY
KOSE JOHN, NEW YORK UNIV
RANGARAJAN SUNDARAM, NEW YORK UNIVERSITY

PRESENTATIONS
HUMAN CAPITAL, EMPLOYEE STOCK OWNERSHIP, AND OPTIMAL OWNERSHIP STRUCTURE
ANDREW H CHEN, SOUTHERN METHODIST UNIV
JOHN KENSINGER, UNIV OF NORTH TEXAS


11
THE PRICING OF DERIVATIVES
THURSDAY, JUNE 3
10:15 AM - 11:45 AM
FORMENTERIA

PRESENTATIONS
AN EXTENDED SET OF RISK NEUTRAL VALUATION RELATIONSHIPS FOR THE PRICING OF CONTINGENT CLAIMS
ANTONIO CAMARA, UNIV OF STRATHCLYDE



PRESENTATIONS
THE EARLY EXERCISE PREMIUM IN AMERICAN OPTIONS: DIRECT EMPIRICAL EVIDENCE FROM FTSE 100 INDEX OPTIONS
SANJAY UNNI, UNIV OF STRATHCLYDE
PRADEEP K YADAV, UNIV OF STRATHCLYDE


PRESENTATIONS
MISPRICING OF INDEX FUTURES CONTRACTS AND SHORT SALES CONTRAINTS
JOSEPH KW FUNG, HONG KONG BAPTIST UNIV
PAUL DRAPER, UNIV OF EDINBURGH


PRESENTATIONS
PRICING DERIVATIVES SUBJECT TO STOCHASTIC CREDIT RISK
FRANK SKINNER, UNIV OF READING



12
PRICE MOVEMENTS AND LIQUIDITY
THURSDAY, JUNE 3
10:15 AM - 11:45 AM
BARCELONA A

PRESENTATIONS
ORDER AGGRESSIVENESS, PRICE IMPACT AND ADVERSE SELECTION: EVIDENCE FROM ORDER FLOW DATA
MARK D GRIFFITHS, AMER GRAD SCH OF INT'L MGMT
BRIAN F SMITH, WILFRID LAURIER UNIV
ALASDAIR TURNBULL, MEMORIAL UNIV OF NEWFOUNDLAND
ROBERT W WHITE, THE UNIV OF WESTERN ONTARIO
PRESENTATIONS
ILLIQUID STOCKS AND THE VALUE OF CONTINUOUS TRADING: EVIDENCE FROM TEL-AVIV STOCK EXCHANGE
AVNER KALAY, TEL-AVIV UNIVERSITY
LI WEI, UNIVERSITY OF UTAH
AVI WOHL, BAR-ILAN UNIV

PRESENTATIONS
INTRADAY MARKET LIQUIDITY
ANGELO RANALDO, UNIV OF FRIBOURG



13
RISK IN AN INTERNATIONAL CONTEXT
THURSDAY, JUNE 3
10:15 AM - 11:45 AM
BARCELONA B

PRESENTATIONS
GLOBAL FINANCIAL CRISIS IMPACT ON POST-EUROS FINANCIAL MARKET SIMULATION AND RISK MANAGEMENT
WARREN HUANG, GLOBAL INVESTING/OSA INT'L OPERATIONS ANALYSIS
XIAO MING JI, GLOBAL INVESTING/OSA INT'L OPERATIONS ANALYSIS


PRESENTATIONS
INTERNATIONAL SOURCES OF RISKS: EVIDENCE FROM CROSS-BORDER MERGERS
IAN COOPER, LONDON BUSINESS SCHOOL
RICHARD BREALEY, LBS & BANK OF ENGLAND
EVI KAPLANIS, LBS

PRESENTATIONS
THE EFFECT OF FOREIGN DIVERSIFICATION ON ANALYSTS' PREDICTION ERRORS
GAYLE R ERWIN, UNIV OF VIRGINIA
SUSAN E PERRY, UNIV OF VIRGINIA


14
BANKING IN DISTINCT MARKETS II
THURSDAY, JUNE 3
10:15 AM - 11:45 AM
BARCELONA C

PRESENTATIONS
MARKET RISK MANAGEMENT AND CAPITAL REGULATION: AN EMPIRICAL EVALUATION OF VAR ALTERNATIVE APPROACHES
FRANCESCO SAITA, UNIV BOCCONI
ANDREA SIRONI, BOCCONI UNIV


PRESENTATIONS
A PREDICTION OF FIRMS' FINANCIAL DISTRESS USING MACRO AND MICRO VARIABLES: A CASE OF THAILAND
SUNTI TIRAPAT, CULALONGKORN UNIV
AEKKACHAI NITTAYAGASETWAT,


PRESENTATIONS
LOAN LOSS PROVISIONS AND CAPITAL MANAGEMENT BY JAPANESE BANKS
HESNA GENAY, FED RES BANK - CHICAGO



16
BUSINESS OPPORTUNITIES AND THE MARKET
THURSDAY, JUNE 3
12:00 NOON - 1:30 PM
TIBIDABO 1

PRESENTATIONS
INVESTMENT OPPORTUNITIES AND THE MARKET REACTION TO STRAIGHT-DEBT OFFERINGS
KOK CHEW LIM, CITY UNIV OF HONG KONG
HEE-JOON AHN, CITY UNIV OF HONG KONG


PRESENTATIONS
INVESTMENT OPPORTUNITIES, LEVERAGE, AND THE WEALTH GAINS FROM ACQUISITION PROGRAM ANNOUNCEMENTS
GURMEET S BHABRA, UNIV OF OTAGO
HARJEET S BHABRA, CONCORDIA UNIV
GLENN W BOYLE, UNIV OF OTAGO

PRESENTATIONS
CORRELATION BETWEEN MARKET'S REACTION TO THE ANNOUNCEMENT OF SEASONED EQUITY OFFERINGS AND GROWTH OPPORTUNITIES OF THE ISSUING FIRMS: SOME NEW EVIDENCE
MOJIB U AHMED, OLD DOMINION UNIV
NIAZUR RAHIM, CHRISTOPHER NEWPORT UNIV
KENNETH K YUNG, OLD DOMINION UNIV

17
CORPORATE EVENTS AND SHARE PRICES
THURSDAY, JUNE 3
12:00 NOON - 1:30 PM
TIBIDABO 2

PRESENTATIONS
INSIDER TRADING, INFORMATION TRANSMISSION AND TENDER OFFERS
DAVID CAMINO, UNIVERSIDAD CARLOS III
MIGUEL A. LOPEZ, UNIVERSIDAD CARLOS III


PRESENTATIONS
MARKET EFFICIENCY OR BEHAVIORAL FINANCE: THE NATURE OF THE DEBATE
ELTON G MCGOUN, BUCKNELL UNIV
GEORGE M FRANKFURTER, LOUISIANA ST UNIV


PRESENTATIONS
OPEN MARKET SHARE REPURCHASES: THE CANADIAN EXPERIENCE
DAVID IKENBERRY, RICE UNIV
JOSEF LAKONISHOK, UNIV OF ILLINOIS
THEO VERMAELEN, INSEAD

18
DERIVATIVE SECURITIES
THURSDAY, JUNE 3
12:00 NOON - 1:30 PM
FORMENTERIA

PRESENTATIONS
MARKET-BASED FORECASTS OF COMMODITY PRICES USING FUTURES
GONZALO S CORTAZAR, INGENIERIA CATH UNIV OF CHILE
EDUARDO S SCHWARTZ, UCLA
FERNANDO RIERA, INGENIERIA-CATHOLIC UNIVERSITY OF CHILE

PRESENTATIONS
IMPLIED STATE PRICE DENSITIES: PREDICTIVE POWER, STABILITIY AND INFORMATION CONTENT
ALEXEI JILTSOV, LONDON BUSINESS SCHOOL



PRESENTATIONS
THE SHORT TERM EFFECTS OF STOCK OPTION TRADING ACTIVITY ON STOCK RETURN VOLATILITY AND BID-ASK SPREAD
PETRI SAHLSTROM, UNIV OF VAASA



19
CONSOLIDATION AND FRAGMENTATION
THURSDAY, JUNE 3
12:00 NOON - 1:30 PM
BARCELONA A

PRESENTATIONS
WHEN IS MARKET CONSOLIDATION INCENTIVE COMPATIBLE WITH COMPETING EXCHANGES AND REGULATORY OBJECTIVES?
PRADIPKUMAR RAMANLAL, UNIV OF CENTRAL FLORIDA
KENT W HARGIS, GOLDMAN, SACHS & COMPANY
CYNTHIA G MCDONALD, LOUISIANA ST UNIV

PRESENTATIONS
INTER-MARKET PRICE AND VOLATILITY IMPACTS GENERATED BY LARGE TRADES: THE CASE OF EUROPEAN CROSS-QUOTED SECURITIES
ANDREW ELLUL, LONDON SCH OF ECON



PRESENTATIONS
VOLATILITY TRANSMISSION BETWEEN STOCK MARKETS
BARTOLOME PASCUAL FUSTER, UNIV DE LAS ISLAS BALEARES



20
INTEREST RATE STRUCTURE
THURSDAY, JUNE 3
12:00 NOON - 1:30 PM
BARCELONA B

PRESENTATIONS
SHORT-RUN DYNAMICS AND LONG-RUN RELATIONSHIPS OF G-7 REAL INTEREST RATES
KESHAB SHRESTHA, NTU
KOK-HUI TAN, NANYANG TECH UNIV


PRESENTATIONS
CREDIT-SPREADS, DURATION MEASURES AND THE VALUATION OF DEFAULTABLE BONDS
GADY JACOBY, UNIV OF MANITOBA



PRESENTATIONS
A UNIQUE LINEAR SOLUTION TO THE TERM STRUCTURE OF INTEREST RATES
CHEN GUO, UNIV OF OTTAWA



21
INTERNATIONAL BANKING
THURSDAY, JUNE 3
12:00 NOON - 1:30 PM
BARCELONA C

PRESENTATIONS
MARKET RATE REACTIONS TO DISCOUNT RATE CHANGES: EVIDENCE FROM FOUR EUROPEAN COUNTRIES
ANOOP RAI, HOFSTRA UNIV
RAMA SETH, FEDERAL RES BANK-NEW YORK


PRESENTATIONS
INTERNATIONAL SPILLOVER OF RISK AND RETURN AMONG MAJOR BANKING INSTITUTIONS: A JOINT SYSTEM ESTIMATION OF A GARCH MODEL
ELYAS ELYASIANI, TEMPLE UNIV
IQBAL MANSUR, WIDENER UNIV


PRESENTATIONS
COMPETITION AND REGULATION IN EUROPEAN BANKING
XAVIER VIVES, INST D'ANALISI ECONOMICA



23
CORPORATE FINANCIAL POLICY
THURSDAY, JUNE 3
3:00 PM - 4:30 PM
TIBIDABO 1

PRESENTATIONS
CORPORATE DIVIDEND POLICY IN A NOISY RATIONAL EXPECTATIONS EQUILIBRIUM
RALPH BACHMANN, UNIV OF MICHIGAN



PRESENTATIONS
INCENTIVE EFFECTS OF FINANCIAL STRUCTURE
ARMEN HOVAKIMIAN, BARUCH COLLEGE



PRESENTATIONS
IS CONVERTIBLE DEBT A SUBSTITUTE FOR STRAIGHT DEBT OR COMMON EQUITY?
CRAIG LEWIS, VANDERBILT UNIV
RICHARD ROGALSKI, AMOS TUCK SCHOOL
JAMES SEWARD, UNIV OF WISCONSIN

24
CAPITAL STRUCTURE
THURSDAY, JUNE 3
3:00 PM - 4:30 PM
TIBIDABO 2

PRESENTATIONS
LEVERAGE AND GROWTH OPPORTUNITIES: RISK-AVOIDANCE INDUCED BY RISKY DEBT
JOSE ALMEIDA BRITO, UNIVERSIDADE CATOLICA PORTUGUESA



PRESENTATIONS
INSIDER TRADING AND THE EQUITY ISSUE DECISION
KAI LI, UNIV OF BRITISH COLUMBIA
RONALD GIAMMARINO, UNIV OF BRITISH COLUMBIA
BURTON HOLLIFIELD, UNIV OF BRITISH COLUMBIA
ROBERT HEINKEL, UNIV OF BRITISH COLUMBIA
PRESENTATIONS
OPTIMAL CAPITAL STRUCTURE: CONTINUOUS TIME ANALYSIS WITH DEBT AND NON-DEBT TAX SHIELDS
MARIAN TURAC, GEORGIA STATE UNIV
UFUK INCE, GEORGIA STATE UNIV
JAMES OWERS, GEORGIA STATE UNIV

25
INITIAL PUBLIC OFFERINGS
FRIDAY, JUNE 4
4:45 PM - 6:15 PM
TIBIDABO 1

PRESENTATIONS
UNDERWRITER BOOK-BUILDING METHODS, INVESTMENT BANK REPUTATION, AND THE RETURN PERFORMANCE OF FIRMS CONDUCTING INITIAL PUBLIC OFFERINGS
DENNIS E LOGUE, AMOS TUCK SCHOOL
RICHARD ROGALSKI, AMOS TUCK SCHOOL
JAMES K SEWARD, UNIV OF WISCONSIN-MADISON
LYNN FOSTER-JOHNSON, AMOS TUCK SCHOOL

PRESENTATIONS
THE IMPACTS OF JAPANESE PRICE-COMPETITIVE IPO AUCTIONS VERSUS THE US UNDERWRITER-PRICED IPOS
RICHARD H PETTWAY, UNIV OF MISSOURI-COLUMBIA



PRESENTATIONS
DOES IT MATTER WHO SELLS AT THE INITIAL PUBLIC OFFERING? IPO UNDERPRICING AND SECONDARY SHARE SELLS
UPINDER S DHILLON, BINGHAMTON UNIV
KARTIK RAMAN, WAYNE STATE UNIV
GABRIEL RAMIREZ, VIRGINIA COMMONWEALTH UNIV

26
DETERMINANTS OF EQUITY RETURNS
THURSDAY, JUNE 3
3:00 PM - 4:30 PM
BARCELONA A

PRESENTATIONS
LONG-RUN AND SHORT-RUN RELATIONSHIPS BETWEEN STOCK PRICES AND INFLATION
ALI ANARI, TEXAS A&M UNIV
JAMES W KOLARI, TEXAS A&M UNIV


PRESENTATIONS
SEMIPARAMETRIC MODELLING OF THE CROSS-SECTION OF EXPECTED RETURNS IN THE GERMAN STOCK MARKET
RICHARD STEHLE, HUMBOLDT-UNIV ZU BERLIN
DR. OLAF BUNKE, HUMBOLDT-UNIVERSITY ZU BERLIN
VOLKER SOMMERFELD,

PRESENTATIONS
STOCK RETURNS AND VOLATILITY: DOES INDUSTRY MATTER?
KRISHNA PAUDYAL, GLASGOW CALEDONIAN UNIV
LIESL SALDANHA, GLASGOW CALEDONIAN UNIV


27
FIXED INCOME SECURITIES
THURSDAY, JUNE 3
3:00 PM - 4:30 PM
BARCELONA B

PRESENTATIONS
CONTINUOUS-TIME ESTIMATION OF AFFINE TERM STRUCTURE MODELS: A GENERAL APPROACH
GEORGE CHACKO, HARVARD BUS SCHOOL



PRESENTATIONS
EXACT ANALYTICAL VALUATION OF BONDS WHEN SPOT INTEREST RATES ARE LOG-NORMAL
ASBJORN T. HANSEN, UNIVERSITY OF AARHUS,
PETER L JORGENSEN, UNIV OF AARHUS


PRESENTATIONS
CREDIT SPREADS AND INTEREST RATES: A COINTEGRATION APPROACH
CHARLES MORRIS, FED RES BANK - KANSAS CITY
ROBERT NEAL, INDIANA UNIV
DOUG ROLPH,

PRESENTATIONS
HEDGING CORPORATE BONDS
MICHALIS IOANNIDES, ISMA CENTRE
FRANK SKINNER, UNIV OF READING


28
DEVELOPMENTS IN THE FINANCIAL MARKETS OF EASTERN EUROPE
THURSDAY, JUNE 3
3:00 PM - 4:30 PM
BARCELONA C

PRESENTATIONS
CAPITAL OF COMMERICAL BANKS IN FR YUGOSLAVIA
DEJAN SIMIC, AGROBANKA
BRANKO ZIVANOVIC, BK UNIVERSITY


PRESENTATIONS
DEVELOPMENT OF THE WARSAW STOCK EXCHANGE: IMPACTS OF NEW LISTINGS
DAVID A WALKER, GEORGETOWN UNIV



PRESENTATIONS
PRIVATIZATION AND FINANCIAL SYSTEM EFFICIENCY IN EMERGING ECONOMIES: THE CZECH CASE
DONALD G SIMONSON, UNIV OF NEW MEXICO



30
FINANCING AND OPERATING PERFORMANCE
FRIDAY, JUNE 4
8:30 AM - 10:00 AM
TIBIDABO 1

PRESENTATIONS
BANK RELATIONSHIPS AND FIRM PROFITABILITY
HANS DEGRYSE, TILBURG UNIV
STEVEN ONGENA, NORWEGIAN SCHOOL OF MANAGEMENT BI


PRESENTATIONS
DEBTOR-IN-POSSESSION FINANCING: SIZE DOES MATTER
MARIA CARAPETO, LONDON BUSINESS SCHOOL



PRESENTATIONS
LEVERAGE, INVESTMENT, AND FIRM GROWTH - FURTHER EVIDENCE
OOMMEN THOMAS,



31
EUROPEAN CORPRORATE FINANCE
FRIDAY, JUNE 4
8:30 AM - 10:00 AM
TIBIDABO 2

PRESENTATIONS
POST-COMPLETION AUDITING WITHIN HEINEKEN
HENK VON EIJE, UNIV OF GRONINGEN
F.E EUSMAN, HEINEKEN INTERNATIONAL B.V.
W. PRINS, UNIV OF GRONINGEN
M.F.W BRANTJES, HEINEKEN INTERNATIONAL B.V.
PRESENTATIONS
THE EFFECT OF DUAL OWNERSHIP OF BIDDER AND TARGET SHARES ON SHAREHOLDER WEALTH: AN EMPIRICAL STUDY OF SWEDISH MERGERS
MARTIN HOLMEN, GOTHENBURG SCH OF ECONOMICS
JOHN D KNOPF, PACE UNIV


PRESENTATIONS
TAXES AND VALUE: EUROPEAN EVIDENCE
WILLIAM P REES, UNIV OF GLASGOW



32
FINANCIAL ASPECTS OF START-UP COMPANIES
FRIDAY, JUNE 4
8:30 AM - 10:00 AM
FORMENTERIA

PRESENTATIONS
NEW FIRM SURVIVAL: THE EFFECTS OF START-UP CHARACTERISTICS ON SUBSEQUENT FAILURE
NANCY HUYGHEBAERT, K.U. LEUVEN
ANN GAEREMYNCK, K.U. LEUVEN
FILIP ROODHOOFT, K.U. LEUVEN
LINDA VAN DE GUCHT, K.U. LEUVEN

PRESENTATIONS
WHEN SHOULD AN ENTREPRENEUR APPROACH A VENTURE CAPITALIST?
TOM BERGLUND, SWEDISH SCH OF ECON & BUS ADMIN
EDWARD JOHANSSON, SWEDISH SCHOOL OF ECONOMICS AND BUSINESS ADMIN


PRESENTATIONS
PROFESSIONAL ANGELS, VENTURE CAPITALISTS AND PRUDENT INVESTORS - THEIR TIME TO INVEST
DIMA LESHCHINSKII, INSEAD



33
INFORMATION AND SECURITY LISTING BEHAVIOR
FRIDAY, JUNE 4
8:30 AM - 10:00 AM
BARCELONA A

PRESENTATIONS
REGULATORY RESTRICTIONS ON BIDS FOR DUAL CLASS SHARES: TWO SHARES - ONE PRICE
KEN L BECHMANN, UNIV OF AARHUS
JOHANNES RAABALLE, UNIVERSITY OF AARHUS


PRESENTATIONS
THE DETERMINANTS OF THE TRADING VOLUME OF HIGH-YIELD CORPORATE BONDS
GORDON J ALEXANDER, UNIV OF MINNESOTA
AMY EDWARDS, US SECURITIES & EXCHANGE COMMISSION
MICHAEL G FERRI, GEORGE MASON UNIV

PRESENTATIONS
THE ROLE OF INFORMATION DISCLOSURE ON STOCK MARKET LISTING DECISIONS: THE CASE OF FOREIGN FIRMS LISTING IN THE US
ALBERTO MOEL, HARVARD BUS SCHOOL



34
REGULATORY STRUCTURE FOR FINANCIAL INSTITUTIONS
FRIDAY, JUNE 4
8:30 AM - 10:00 AM
BARCELONA B

PRESENTATIONS
STAYING AFLOAT IN JAPAN: DISCRETIONARY ACCOUNTING AND THE BEHAVIOR OF BANKS UNDER FINANCIAL DURESS
RONALD E SHRIEVES, UNIV OF TENNESSEE-KNOXVILLE
DREW C DAHL, UTAH ST UNIV


PRESENTATIONS
THE STRUCTURE, REGULATION, AND SUPERVISION OF COMMERICAL BANKS: AN INTERNATIONAL COMPARISON AND ASSESMENT FOR FINANCIAL STABILITY AND ECONOMIC DEVELOPMENT.
JAMES R BARTH, AUBURN UNIV
DANIEL E NOLLE, COMPTROLLER OF THE CURRENCY


35
INTERNATIONAL BANKING ISSUES
FRIDAY, JUNE 4
8:30 AM - 10:00 AM
BARCELONA C

PRESENTATIONS
THE DECISION TO FAIL BANKS: A GLOBAL VIEW
BENTON E GUP, UNIV OF ALABAMA-TUSCALOOSA
PHILIP F BARTHOLOMEW, COMPTROLLER OF THE CURRENCY


PRESENTATIONS
DERIVATIVES USAGE IN UK NON-FINANCIAL LISTED COMPANIES
CHRIS MALLIN, NOTTINGHAM TRENT UNIV
KEAN OW-YONG, NOTTINGHAM BUSINESS SCHOOL
MARTIN REYNOLDS, NUTTINGHAM BUSINESS SCHOOL

PRESENTATIONS
AN ANALYSIS OF THE UAE COMMERICAL BANK MANAGERS PERCEPTION OF THE IMPLEMENTATION OF GATS PROVISIONS
HUSSEIN A. HASSAN AL-TAMIMI, UAE UNIV



37
ISSUES IN MANAGERIAL PERFORMANCE
FRIDAY, JUNE 4
10:15 AM - 11:45 AM
TIBIDABO 1

PRESENTATIONS
VOTING WITH THEIR FEET: INSTITUTIONAL INVESTORS AND CEO TURNOVER
ROBERT PARRINO, UNIV OF TEXAS-AUSTIN
RICHARD W SIAS, WASHINGTON ST UNIV
LAURA T STARKS, UNIV OF TEXAS-AUSTIN

PRESENTATIONS
A SAFE LANDING? GOLDEN PARACHUTES AND CORPORATE BEHAVIOR
M P NARAYANAN, UNIV OF MICHIGAN
ANANT SUNDARAM, AMER GRAD SCH OF INT'L MGMT


38
CORPORATE FINANCIAL PRACTICES IN VARIOUS MARKETS
FRIDAY, JUNE 4
10:15 AM - 11:45 AM
TIBIDABO 2

PRESENTATIONS
CAPITAL BUDGETING PRACTICES OF MANUFACTURING FIRMS IN THE UNITED ARAB EMIRATES
HUSSEIN A. HASSAN AL-TAMIMI, UAE UNIV



PRESENTATIONS
CORPORATE VALUATION: UK PRACTIONERS' APPROACHES
H. ROSS GEDDES, UNIVERSITY OF GREENWICH



PRESENTATIONS
A COMPARATIVE STUDY OF DEBT SERVICE CAPACITY INDICATORS' VOLATILITY ON SOVEREIGNS' AND CORPORATION'S DEBT SERVICE CAPACITY
WEIPING LIU, MONTANA STATE UNIV



39
ISSUES IN ASSET PRICING
FRIDAY, JUNE 4
10:15 AM - 11:45 AM
FORMENTERIA

PRESENTATIONS
THE VALUE OF VOTING RIGHTS: EVIDENCE FROM DUAL CLASS STOCK UNIFICATIONS
SHMUEL HAUSER, BEN GURION UNIV
BENI LAUTERBACH, BAR ILAN UNIV


PRESENTATIONS
THE EFFECT OF MARKET SEGMENTATION ON STOCK PRICES: THE CHINA SYNDROME
QIAN SUN, NANYANG TECH UNIV
WILSON H S TONG, HONG KONG UNIV OF SCI & TECH


PRESENTATIONS
APPLICATION OF INFORMATION IN FINANCIAL MARKETS PREDICTION
THOMAS ANKENBRAND, ANKENBRAND FINANZ GMBH
PETR KLAN, INSTITUTE OF COMPUTER SCIENCE


40
TOPICS IN SECURITIES MARKETS
FRIDAY, JUNE 4
10:15 AM - 11:45 AM
BARCELONA A

PRESENTATIONS
CONDITIONAL HEDGING STRATEGIES AND PORTFOLIO PERFORMANCE
DAVID C VANDERLINDEN, KENT STATE UNIVERSITY
CHRISTINE X JIANG, KENT ST UNIV
MICHAEL HU, KENT STATE UNIV

PRESENTATIONS

THE MARKET'S RESPONSE TO SPANISH STOCK-SPLIT EX DATES
J CARLOS GOMEZ SALA, UNIV DE ALICANTE



PRESENTATIONS
THE IMPACT OF THE LONDON STOCK EXCHANGE MODEL CODE ON INSIDER TRADING IN THE UK
ANDREW MARSHALL, UNIV OF STRATHCLYDE
DAVID HILLIER, UNIV OF STRATHCLYDE


41
THE REGULATION OF FINANCIAL INSTITUTIONS
FRIDAY, JUNE 4
10:15 AM - 11:45 AM
BARCELONA B

PRESENTATIONS
DEREGULATION AND CONSOLIDATION IN THE SPANISH INSURANCE INDUSTRY: EFFICIENCY EFFECTS
J DAVID CUMMINS, UNIV OF PENNSYLVANIA
MARIA RUBIO-MISAS, UNIVERSIDAD DE MALAGA


PRESENTATIONS
CAN DELEGATING BANK REGULATION TO MARKET FORCES REALLY WORK?
S NAGARAJAN, BANKERS TRUST OF NEW YORK
CALVIN W SEALEY, UNIV OF NC-CHARLOTTE


PRESENTATIONS
THE NEED FOR A SUPRA-MEGA REGULATOR FOR THE NEXT MILLENIUM - IS THERE EVIDENCE?
CAROLYN CURRIE, UNIV OF TECH, SYDNEY



42
VALUATION ASPECTS OF SOME EMERGING MARKETS
FRIDAY, JUNE 4
10:15 AM - 11:45 AM
BARCELONA C

PRESENTATIONS
INVESTIGATION OF THE TWIST ON THE MONDAY EFFECT IN THE BRAZILIAN STOCK MARKET
LEONARDO MADUREIRA, PUC-RIO
RICARDO P LEAL, FEDERAL UNIV OF RIO DE JANEIRO


PRESENTATIONS
WINDSOR CLUB VERSUS BOMBAY CLUB: ARE THERE VALUATION DIFFERENCES?
YATIN N BHAGWAT, GRAND VALLEY ST UNIV



PRESENTATIONS
THE COST OF CAPITAL AND MARKET INTERGRATION: SOME EVIDENCE FROM EMERGING MARKET DEPOSITORY RECEIPTS
PREMALATA SHENBAGARAMAN, OHIO STATE UNIV/CLEMSON UNIV



45
INTERNATIONAL INVESTMENT EFFECTS
FRIDAY, JUNE 4
12:00 NOON - 1:30 PM
TIBIDADO 2

PRESENTATIONS
INTERNATIONAL PORTFOLIOS AND THE ROLES OF COUNTRY FACTOR AND INDUSTRIAL STRUCTURE: EVIDENCE FROM AMERICAN DEPOSITORY RECEIPTS
CHRISTINE JIANG, KENT STATE UNIV



PRESENTATIONS
THE IMPACT OF COUNTRY DIVERSIFICATION ON WEALTH EFFECTS IN CROSS-BORDER MERGERS
HALIL KIYMAZ, UNIV OF HOUSTON-CLEAR LAKE
TARUN K MUKHERJEE, UNIV OF NEW ORLEANS


PRESENTATIONS
COMMON SHORT-TERM VOLATILITY ON INTERNATIONAL STOCK MARKETS
JOHAN KNIF, SWEDISH SCH ECON & BUS ADMIN
SEPPO PYNNONEN, UNIV OF VAASA


46
ISSUES IN DEBT FINANCING
FRIDAY, JUNE 4
12:00 NOON - 1:30 PM
FORMENTERIA

PRESENTATIONS
A RE-EXAMINATION OF OPTIMAL INTEREST RATE-DISCOUNT POINTS COMBINATION: STRATEGY FOR MORTGAGE CONTRACT TERMS
DOGAN TIRTIROGLU, CONCORDIA UNIV
ERCAN TIRTIROGLU, UNIV OF MASSACHUSETTS-DARTMOUTH


PRESENTATIONS
CHOOSING BETWEEN SINGLE AND MULTIPLE BANK LENDING RELATIONSHIPS
LUISA A. FARINHA, BANK OF PORTUGAL
JOAO SANTOS, BANK FOR INT'L SETTLEMENTS


PRESENTATIONS
CAN DEBT BE THE SAVIOR FOR DIVERSIFIED FIRMS
ALOKE GHOSH, BARUCH COLLEGE
LEE-SEOK HWANG, BARUCH COLLEGE


47
SECURITY RETURNS AND ANOMALIES
FRIDAY, JUNE 4
12:00 NOON - 1:30 PM
BARCELONA A

PRESENTATIONS
MONDAY EFFECT: AN INTEGRATED APPROACH
PAUL R DRAPER, UNIV OF EDINBURGH
KRISHNA PAUDYAL, GLASGOW CALEDONIAN UNIV


PRESENTATIONS
STOCK PRICE REACTIONS TO INFORMATION IN THE WALL STREET JOURNAL'S "CORPORATE FOCUS" COLUMN
EURICO JOSE FERREIRA, INDIANA ST UNIV
GARY E PORTER, UNIV OF CENTRAL FLORIDA
STANLEY D SMITH, UNIV OF CENTRAL FLORIDA

PRESENTATIONS
BUY-AND-HOLD RETURNS AND POST-ACQUISITION PERFORMANCE: EVIDENCE FROM THE COPENHAGEN STOCK EXCHANGE
JAN JAKOBSEN, COPENHAGEN BUSINESS SCHOOL
TORBEN VOETMANN, COPENHAGEN BUSINESS SCHOOL


48
ISSUES IN FINANCIAL INSTITUTIONS
FRIDAY, JUNE 4
12:00 NOON - 1:30 PM
BARCELONA B

PRESENTATIONS
ON THE PURCHASE VERSUS PRODUCTION OF INFORMATION: CONCENTRATED INSTITUTIONAL SHARE HOLDERS AS SUBSTITUTES FOR OUTSIDE ANALYSTS
SANJIV SABHERWAL, GEORGIA TECH
STEPHEN D SMITH, GEORGIA ST UNIV


PRESENTATIONS
THE COST OF DEBT FOR A FINANCIAL FIRM
JAMES DOW, LONDON BUSINESS SCHOOL
NATHALIE ROSSIENSKY, DUKE UNIV


PRESENTATIONS
FAIR VALUE PRICING OF MUTUAL FUNDS
RAHUL BHARGAVA, UNIV OF NEVADA-RENO
DAVID A DUBOFSKY, VIRGINIA COMMONWEALTH UNIV


49
LINKAGES IN FINANCIAL MARKETS
FRIDAY, JUNE 4
12:00 NOON - 1:30 PM
BARCELONA C

PRESENTATIONS
INTEREST RATE CHANGES AND FINANCIAL SECTOR EQUITY RETURNS; INTERNATIONAL EVIDENCE 1978-1997
V T ALAGANAR, UNIV OF TECHNOLOGY, SYDNEY
COLM KEARNEY, ECON & SOCIAL RESEARCH INST


PRESENTATIONS
GLOBAL FINANCIAL MARKETS: IDENTIFYING INTERRELATIONSHIPS
PEGGY E SWANSON, UNIV OF TEXAS-ARLINGTON



PRESENTATIONS
DICHOTOMY IN GLOBAL LINKAGES OF INTEREST RATE SPREADS
RITA BISWAS, HOCHSCHULE FUR BANKWIRTSCHAFT
HANY A SHAWKY, ST UNIV OF NEW YORK-ALBANY


51
PUBLIC OFFERINGS AND PERFORMANCE
FRIDAY, JUNE 4
3:00 PM - 4:30 PM
TIBIDABO 1

PRESENTATIONS
LONG-TERM OPERATING PERFORMANCE OF FIRMS UNDERTAKING INITIAL PUBLIC DEBT OFFERS


AJAY PATEL, WAKE FOREST UNIV

PRESENTATIONS
UNDERPRICING OF NEW EQUITY OFFERINGS BY PRIVATIZED FIRMS: AN INTERNATIONAL TEST
RICHARD LEVICH, NEW YORK UNIV
QI HUANG, HOFSTRA UNIV


PRESENTATIONS
POST-REFORM AFTERMARKET PERFORMANCE OF INITIAL PUBLIC OFFERINGS
SUSANT KUMAR BARAL, BERHAMPUR UNIV/XAVIER INST OF MGMT



53
PORTFOLIOS AND INVESTMENT PERFORMANCE
FRIDAY, JUNE 4
3:00 PM - 4:30 PM
FORMENTERIA

PRESENTATIONS
ON VALUE, SIZE AND SHORT-TERMISM
NEIL GARROD, UNIV OF GLASCOW



PRESENTATIONS
COMPOUNDING PERIOD RATES OF RETURN, THE MARKET MODEL, AND PORTFOLIO SIZE
HERBERT PHILLIPS, TEMPLE UNIVERSITY
GREGORY K FAULK, BELMONT UNIV


PRESENTATIONS
OPTIMAL INVESTMENT WITH MINIMUM PERFORMANCE CONTRAINTS
LUCIE TEPLA, INSEAD



54
PRICING IN SECURITIES MARKETS
FRIDAY, JUNE 4
3:00 PM - 4:30 PM
BARCELONA A

PRESENTATIONS
TREASURY BILL AUCTIONS WITH NON-COMPETITIVE BIDS AND ASYMETRICALLY INFORMED PLAYERS
DAVE FURTH, UNIV OF AMSTERDAM
PATRICK VAN CAYSEELE, KU LEUVEN


PRESENTATIONS
THE PRICING OF SEASONED EQUITY OFFERINGS: EVIDENCE FROM REITS.
CHINMOY GHOSH, UNIV OF CONN
RAJA NAG, MONMOUTH UNIV
C F SIRMANS, UNIV OF CONN

PRESENTATIONS
POSTING QUOTES IN MULTIPLE DEALERSHIP MARKETS: EVIDENCE FROM THE LONDON STOCK EXCHANGE
HUNG NENG LAI, LONDON SCHOOL OF ECONOMICS



55
BANKING RELATIONSHIP AND LENDING
FRIDAY, JUNE 4
3:00 PM - 4:30 PM
BARCELONA B

PRESENTATIONS
THE STRUCTURE OF BANK REVOLVERS TO MEDIUM/LARGE FIRMS
STEVEN A DENNIS, CAL ST UNIV - FULLERTON
DEBARSHI NANDY, UNIV OF NEW SOUTH WALES
IAN SHARPE, UNIV OF NEW SOUTH WALES

PRESENTATIONS
COOKIE-CUTTER VERSUS CHARACTER: THE MICRO STRUCTURE OF SMALL BUSINESS LENDING BY LARGE AND SMALL BANKS
REBEL A COLE, KRAHENBUHL FINANCIAL CONSULTING
LAWRENCE G GOLDBERG, UNIV OF MIAMI
LAWRENCE J. WHITE, NEW YORK UNIVERSITY

PRESENTATIONS
DAIWA BANK'S REPUTATIONAL CRISIS: VALUATION EFFECTS ON BANK-FIRM RELATIONSHIPS
INGYU CHIOU, NEW YORK UNIV



56
ECONOMIC POLICY AND FINANCIAL MARKETS
FRIDAY, JUNE 4
3:00 PM - 4:30 PM
BARCELONA C

PRESENTATIONS
EGYPT'S ECONOMIC REFORM PROGRAMME AND THE PERFORMANCE OF THE STOCK MARKET
MOHAMMED OMRAN, UNIVERSITY OF PLYMOUTH BUSINESS SCHOOL
JOHN POINTON, UNIVERSITY OF PLYMOUTH BUSINESS SCHOOL


PRESENTATIONS
FINANCIAL MARKETS AND ECONOMIC GROWTH IN LEBANON
ELIAS RAAD, LEBANESE AMERICAN UNIV
DAVID W PETERS, LEBANESE AMERICAN UNIV
JOSEPH F SINKEY JR, UNIV OF GEORGIA

PRESENTATIONS
MONEY AND POLITICS: A STUDY OF RED-CHIP STOCKS IN HONG KONG
ALVA W BUTCHER, UNIV OF PUGET SOUND
K C JOHN WEI, HONG KONG UNIV OF SCI & TECH
Y. PAUL HUO, UNIV.OF PUGET SOUND

PRESENTATIONS
SHARE ISSUE PRIVATIZATION AND POLITICAL OBJECTIVES: DO GOVERNMENTS MAKE A DIFFERENCE?
GERMA' BEL, UNIV DE BARCELONA



59
CORPORATE ACQUISITIONS
FRIDAY, JUNE 4
4:45 PM - 6:15 PM
TIBIDABO 2

PRESENTATIONS
VOLUME AND VOLATILITY IN STOCKS SUBJECT TO TAKEOVER BIDS: AUSTRALIAN EVIDENCE USING DAILY DATA
ELAINE R HUTSON, UNIV OF TECHNOLOGY, SYDNEY
COLM KEARNEY, ECON & SOCIAL RESEARCH INST


PRESENTATIONS
IMPACT OF TAKEOVER BIDS ON ANALYSTS' FORECASTS OF EARNINGS FOR BIDDERS
SUDI SUDARSANAM, CITY UNIV BUSINESS SCHOOL
DR AYO SALAMI, CITY UNIVERSITY BUS SCHOOL
GEORGE ALEXANDROU, CITY UNIV. BUSINESS SCHOOL

PRESENTATIONS
INVESTOR VALUATION OF CORPORATE ACQUISTIONS AS JOINT INVESTMENT AND FINANCING DECISIONS
TOM NOHEL, CORNELL UNIV
VEFA TARHAN, LOYOLA UNIVERSITY
PAUL A SPINDT, TULANE UNIV

PRESENTATIONS
POST-ACQUISTION PERFORMANCE OF US BANKS - DO MANAGERS LEARN BETTER THAN THE MARKET?
MAURIZIO ZOLLO, INSEAD
DIMA LESHCHINSKII, INSEAD


60
CORPORATE BONDS AND PERFORMANCE
FRIDAY, JUNE 4
4:45 PM - 6:15 PM
FORMENTERIA

PRESENTATIONS
SHAREHOLDER WEALTH EFFECTS OF DIVIDEND POLICY CHANGES IN AN EMERGING STOCK MARKET: THE CASE OF CYPRUS
NICKOLAOS TRAVLOS, UNIV OF PIRAEUS/CARDIFF BUS SCH
LENOS TRIGEORGIS, UNIV OF CYPRUS
NIKOS A VAFEAS, UNIV OF CYPRUS

PRESENTATIONS
BOARD REMUNERATION, PERFORMANCE, AND CORPORATE GOVERNANCE IN LARGE SPANISH COMPANIES
RAFEL CRESPI, UNIV AUTONOMA BARCELONA
CARLES GISPERT-PELLICER, UNIV OF AUTONOMA BARCELONA


PRESENTATIONS
BOARD OF DIRECTORS, TOP EXECUTIVES, AND SENSITIVITY OF TURNOVER TO PERFORMANCE: THE ITALIAN EXPERIENCE IN COMPARATIVE PERSPECTIVE
LORENZO CAPRIO, UNIVERSIDAD CATIOLICA DEL SACRO CUORE, VIA NECOLIES
ROBERTO BARONTINI, UNIVERSIDAD CATIOLICA DEL SACRO CUORE, VIA NECOLIES


PRESENTATIONS
DIRECTOR QUALITY AND FIRM PERFORMANCE
JOANNE LI, LOYOLA COLL IN MARYLAND
LISA M FAIRCHILD, LOYOLA COLL AT MARYLAND


61
RISK AND RETURN OVER LONG HORIZONS
FRIDAY, JUNE 4
4:45 PM - 6:15 PM
BARCELONA A

PRESENTATIONS
TIME VARYING BETA RISK: AN ANALYSIS OF ALTERNATIVE MODELING TECHNIQUES
ROBERT FAFF, ROYAL MELBOURNE INST OF TECH
JOSEPH HILLIER, GLASGOW CALEDONIAN UNIVERSITY
DAVID HILLIER, UNIV OF STRATHCLYDE

PRESENTATIONS
FORECASTING THE QUALITY SPREAD USING BUSINESS CYCLE INDICATORS
DEBASHIS GUHA, ECONOMIC CYCLE RESEARCH INSTITUTE
LORENE S HIRIS, LONG ISLAND UNIV


PRESENTATIONS
LONG-RUN RELATIONSHIPS IN STOCK PRICES: COINTEGRATION EVIDENCE FROM GERMANY
ANNEMARIE SAPUSEK, MARTIN-LUTHER-UNIVERSITY



PRESENTATIONS
SCALING LAWS IN VARIANCE AS A MEASURE OF LONG-TERM DEPENDENCE
JONATHAN BATTEN, NANYANG TECH UNIV
CRAIG ELLIS,


62
PERFORMANCE OF INVESTITUTIONAL INVESTORS
FRIDAY, JUNE 4
4:45 PM - 6:15 PM
BARCELONA B

PRESENTATIONS
PERFORMANCE PERSISTENCE IN THE ALTERNATIVE INVESTMENT INDUSTRY
JAMES M PARK, PARADIGM CAPITAL MGMT, INC
JEREMY STAUM, PARADIGM CAPITAL MANAGEMENT,INC


PRESENTATIONS
DO MUTUAL FUNDS WITH LONGER TRACK RECORDS OUTPERFORM? EVIDENCE FROM SMALL-CAP FUNDS
BING LIANG, CASE WESTERN RESERVE UNIV
SAM THOMAS, CASE WESTERN RESERVE UNIV


PRESENTATIONS
MOMENTUM TRADING BY INSTITUTIONS
SWAMINATHAN G BADRINATH, RUTGERS UNIV-CAMDEN
SUNIL WAHAL, EMORY UNIV


KEYNOTE ADDRESS – THURSDAY, 4:45 PM - 6:15 PM
Dr. Eduardo Schwartz, California Professor of Real Estate and Professor of Finance, Anderson Graduate School of Management at the University of California, Los Angeles, will deliver the Keynote Address, “Real Options Approach to Valuation.”