2005 FMA Annual Meeting Program
Academic Sessions (preliminary)
Click here for session chairperson, discussant, and paper presenter guidelines

Please download any papers you wish to read. Presenters will distribute copies of presentation slides at the sessions. To download any paper, simply click on the paper's title to retrieve the PDF file.
 
Click here for Special Session Listing (panels and tutorials)

Session Number: 007

Free Cash Flow and Agency Conflicts
Thursday, October 13, 8:00 am - 9:30 am
Atlanta

Chairperson
Terry L Campbell II, University of Delaware
Presentations
The Conditional Nature of the Value of Corporate Governance
Jianxin Daniel Chi , North Dakota State University
D Scott Lee, Texas A&M University
Discussant
Zhaodong (Ken) Zhong, Penn State University
Corporate Governance and Firm Cash Holdings
Jarrad Harford, University of Washington
Sattar A Mansi, Virginia Tech
William F Maxwell, University of Arizona
Discussant
Christopher Anderson, University of Kansas
Effect of Corporate Governance on Financial Constraint Status of Firms
Sanjay Kudrimoti, University of South Florida
Discussant
Terry L Campbell II, University of Delaware

Session Number: 008
Boards and Managers
Thursday, October 13, 8:00 am - 9:30 am
San Francisco

Chairperson
Angela Morgan, Clemson University
Presentations
Who Should Manage Which Firm? Two-sided Matching in the Market for Top Executives
Fei Li , University of Wisconsin Madison
Masako Ueda, University of Wisconsin Madison
Discussant
Jack Wolf, Clemson University
Does your Vote Count? When Managers Bypass Shareholder Approval of Board Appointments
Stephen P Ferris, University of Missouri-Columbia
Matteo P Arena, University of Missouri-Columbia
Discussant
Tina Yang, University of Georgia
Do Board Members Pay Attention When Institutional Investors 'Just Vote No'?
Diane Del Guercio, University of Oregon
Laura Wallis, University of Tennessee
Tracie Woidtke, University of Tennessee
Discussant
Angela Morgan, Clemson University

Session Number: 009
Merger Arbitrage
Thursday, October 13, 8:00 am - 9:30 am
New Orleans

Chairperson
Halil Kiymaz, Rollins College
Presentations
Partial Acquisitions, the Acquisition Probability Hypothesis, and the Abnormal Returns to Partial Targets
Aigbe Akhigbe , University of Akron
Anna D Martin, Fairfield University
Ann Marie Whyte , University of Central Florida
Discussant
Ebru Reis, Georgia State University
Risk Arbitrage on Stock Swap Offers with Collars
Ben Branch, University of Massachusetts Amherst
Jia Wang, University of Massachusetts Amherst
Discussant
Meng Ye, University of New Orleans
The Behavior of Risk Arbitrageurs in Mergers and Acquisitions
Gene C Lai, Washington State University
Keith M Moore, St. John's University
Henry R Oppenheimer, University of Rhode Island
Discussant
Nikiforos Laopodis, Fairfield University

Session Number: 010
Dividend Policy and Firm Characteristics
Thursday, October 13, 8:00 am - 9:30 am
Burnham

Chairperson
Rob Weigand, Washburn University
Presentations
Public Debt Markets and Dividend Policy
Varouj Aivazian , Univesrity of Toronto
Laurence Booth, University of Toronto
Sean Cleary , Saint Mary's University
Discussant
Valeriy Sibilkov, Purdue University
Bank Dividends
K Stephen Haggard, University of Missouri Columbia
John S Howe, University of Missouri Columbia
Discussant
Oliver Li, University of Notre Dame
A Decomposition of the Dividend Payout Ratio Trend in the 20th Century
Jesus M Salas, University of Oklahoma
Candra S Chahyadi, University of Oklahoma
Discussant
Raynolde Pereira, University of Missouri

Session Number: 011
Bond Rating Changes
Thursday, October 13, 8:00 am - 9:30 am
Dusable

Chairperson
Sotiris K Staikouras, Cass Business School
Presentations
Stock Market Reactions in Japan to Credit Rating Changes by US and Japanese Agencies
Yoon Shin S Shin , Loyola College in Maryland
Joanne Li, Loyola College in Maryland
William T Moore , University of South Carolina
Discussant
Wei Wang , Queen's University
Price Discovery in Bond Markets: Evidence from Traded Options and Bond Downgrades
Adrian Cowan, University of Alabama Birmingham
Lance A Nail, University of Alabama Birmingham
Discussant
Bing Yu ,Kent State University

Session Number: 012
IPO Motives
Thursday, October 13, 8:00 am - 9:30 am
Field

Chairperson
Leslie Boni, University of New Mexico
Presentations
The Going Public Decision and the Product Market: Empirical Evidence
Thomas Chemmanur , Boston College
Shan He, Boston College
Debarshi Nandy , York University
Discussant
Gang Hu, Babson College
Insiders' Wealth-maximizing Behavior in the IPO Process and Aftermarket Performance: Healthy Diversification or Opportunistic Gains?
James C Brau, Brigham Young University
Mingsheng Li, University of Louisiana Monroe
Jing Shi, The Australian National University
Discussant
Brian Bolton, University of Colorado

Session Number: 013
Explaining the Role of Factors
Thursday, October 13, 8:00 am - 9:30 am
McCormick

Chairperson
Therese Pactwa, St John's University
Presentations
Momentum Profits with Regime Shifts in Stock Returns
Licheng Sun , Penn State University Erie
Christopher Stivers, University of Georgia
Discussant
Udomsak (Jeff) Wongchoti, Massey University
The Relationship between the Value Effect and Industry Affiliation
John C Banko, Northern Illinois University
C Mitch Conover, University of Richmond
Gerald R Jensen, Northern Illinois University
Discussant
Xavier Garza Gomez, University of Houston Victoria
An Inquiry into the Economic Fundamentals of the Fama and French Equity Factors
Marc W Simpson, University of Texas Pan American
Sanjay Ramchander, Colorado State University
Discussant
Suchismita Mishra, Florida International University

Session Number: 014
Biases
Thursday, October 13, 8:00 am - 9:30 am
Horner

Chairperson
G Andrew Karolyi, The Ohio State University
Presentations
Information Immobility and the Home Bias Puzzle
Laura Veldkamp , New York University
Stijn Van Nieuwerburgh, New York University
Discussant
Arzu Ozoguz, Queen's University
Biases and Information in Analyst's Recommendations: The European Experience
Sarah Azzi, University of Technology
Ronald Bird, University of Technology Sydney
Paolo Ghiringhelli, Bocconi University
Emanuele Rossi, University of Udine

Discussant
Roger Loh, The Ohio State University
Home Bias and the Cost of Capital
Vicentiu Covrig, California State University, Northridge
Kalok Chan, Hong Kong University of Science and Technology
Lilian K Ng, University of Wisconsin Milwaukee
Discussant
Rodolfo Martell, Purdue University

Session Number: 015
International Fixed Income
Thursday, October 13, 8:00 am - 9:30 am
Wrigley

Chairperson
Ken B Cyree, University of Mississippi
Presentations
Preferred Habitat in International Short-term Interest Rates
Vladimir Kotomin , University of Wisconsin Eau Claire
Stanley D Smith, University of Central Florida
Drew B Winters , Texas Tech University
Discussant to be announced
Professional Forecasts of Interest Rates and Exchange Rates: Evidence from the Wall Street Journal's Panel of Economists
Karlyn Mitchell, North Carolina State University
Douglas K Pearce, North Carolina State University
Discussant
Jill Wetmore, Saginaw Valley State University
The Impact of Consumer Price Index Announcements on Bond Prices: The Case of Turkey
Karan Bhanot, University of Texas San Antonio
Doruk Ilgaz, University of Texas San Antonio
Discussant
Douglas K Pearce , North Carolina State University

Session Number: 016
Selecting Mutual Funds
Thursday, October 13, 8:00 am - 9:30 am
Water Tower

Chairperson
Terence Lim, Goldman Sachs Asset Management
Presentations
Performance Implications of Holding Multiple Mutual Funds with the Same Investment Objective
David Louton , Bryant University
Hakan Saraoglu, Bryant University
Discussant
Mila Getmansky Sherman, University of Massachusetts
Do Selling Brokers Influence Equity Fund Investors' Purchase Decision?
Pengfei Ye, University of Wisconsin Milwaukee
Discussant
Daniel Bergstresser, Harvard Business School
Efficient Fund of Hedge Funds Construction under Downside Risk Measures
David Morton, University of Texas Austin
Elmira Popova, University of Texas Austin
Ivilina Popova, Seattle University
Discussant
Edward Qian, PanAngora Asset Management

Session Number: 017
Emerging Markets and Country Funds
Thursday, October 13, 8:00 am - 9:30 am
Gold Coast

Chairperson
Susan Elkinawy, Loyola Marymount University
Presentations
An Anatomy of Trading Strategies: Evidence from an Emerging Market
Haigang Zhou , University of Nebraska Lincoln
John Geppert, University of Nebraska Lincoln
Dongmin Kong , Sun Yat-Sen University
Discussant
Miguel Villanueva, University of Wyoming
Competition in the Chilean Pension Funds Market
Jose A Olivares, Universidad del Desarrollo
Discussant
Natalya Delcoure, University of South Alabama
Functional Forms, Market Segmentation and Pricing of Closed-end Country Funds
Cheng-Few Lee, Rutgers University
Dilip Patro, Rutgers University
Bo Liu, Rutgers University
Discussant
Sterling Yan, University of Missouri

Session Number: 018
Litigation and Valuation
Thursday, October 13, 8:00 am - 9:30 am
Comiskey

Chairperson
Bonnie Buchanan, University of Melbourne
Presentations
Discrimination, Legal Costs and Reputational Costs
William D Bradford , University of Washington
Discussant
Bonnie Buchanan, University of Melbourne
Do Insiders Know When Disaster Strikes? A Detailed Look at the Trading Patterns of Corporate Insiders Prior to Litigation Announcements
Thomas J Walker, Concordia University
Kuntara Pukthuanthong, San Diego State University
Discussant
Jie Lian ,University of Texas
Shareholder Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Feedback
Amar Gande, Vanderbilt University
Craig Lewis, Vanderbilt University
Discussant
Meijun Qian , Boston College

Session Number: 019
Credit Derivatives: Correlations of Defaults
Thursday, October 13, 8:00 am - 9:30 am
Ogden

Chairperson
Ren-Raw Chen, Rutgers University
Presentations
An Explicit Multi-factor Credit Default Swap Pricing Model with Correlated Factors
Ren-Raw Chen , Rutgers University
Xiaolin Cheng, Rutgers University
Frank Fabozzi , Yale School of Management
Bo Liu, Rutgers University

Discussant
Feng Zhao, Fordham University
Probability of Default as a Function of Correlation: The Problem of Non-uniqueness
Toby Daglish, University of Iowa
Wei Li, University of Iowa
Discussant
Alexei Egorov, West Virginia University
A Stochastic Correlations Model for Default Risk I: Static Models
Toby Daglish, University of Iowa
Shaloub Razak, Tricadia Capital
Discussant
Alexei Egorov, West Virginia University

Session Number: 020
Option Pricing with Stochastic Volatility
Thursday, October 13, 8:00 am - 9:30 am
Wright

Chairperson
Federico Nardari, Arizona State University
Presentations
Option Valuation with Long-run and Short-run Volatility Components
Peter Christoffersen , McGill University & CIRANO
Kris Jacobs, McGill University & CIRANO
Yintian Wang , McGill University
Discussant
Federico Nardari, Arizona State University
Does Stochastic Volatility Matter
Zhiyao Chen, University of Washington Seattle
Discussant
Dobrislav Dobrev, Northwestern University
The Pricing of Options on Equities with Stock Price Dependent Stochastic Volatility
Alexander Skabelin, EBF & Associates
Discussant
Arne D Staal, Northwestern University

Session Number: 021
NYSE Trading
Thursday, October 13, 8:00 am - 9:30 am
Addams

Chairperson
Ekkehart Boehmer, Texas A&M University
Presentations
A Competing Risk Analysis of Limit-Order Executions and Cancellations on NYSE
Zhaohui Han , Indiana University
Discussant
Patrik Sandas, University of Virginia
Decimalization, IPO Aftermath, and Liquidity
Charlie Charoenwong, Nanyang Technological University
David K Ding, Nanyang Technological University
Tiong-Yang Thong, Nanyang Technological University
Discussant
Donghang Zhang, University of South Carolina
The Changing State of the Market: Common Factors and Impulse Responses for Cointegrated Spreads and Depths
Sugato Chakravarty, Purdue University
Frederick H deB Harris, Wake Forest University
Robert Wood, ISSM, University of Memphis
Discussant
Ji-Chai Lin, Louisiana State University

Session Number: 022
Bank-Firm Relationships
Thursday, October 13, 8:00 am - 9:30 am
Columbian

Chairperson
David Skeie, Federal Reserve Bank New York
Presentations
Borrower-Lender Distance, Credit Scoring, and the Performance of Small Business Loans
Robert DeYoung , Federal Reserve Bank Chicago
Dennis Glennon, OCC
Peter Nigro , Bryant University
Discussant
Chiwon Yom, FDIC
How has Financial Modernization Affected Corporate Customers?
Kenneth A Carow, Indiana University
Edward J Kane, Boston College
Rajesh P Narayanan, Ohio University
Discussant
Christa Bouwman, Case Western Reserve University
Information Asymmetries and the Effects of Banking Mergers on Firm-Bank Relationships
Steven Drucker, Stanford University
Discussant
Adam Ashcraft, Federal Reserve Bank New York

Session Number: 023
Disclosure, Analysts, and Optimism
Thursday, October 13, 8:00 am - 9:30 am
Picasso

Chairperson
Mary M Bange, University of South Carolina
Presentations
Analysts' Learning and Herding: Theory and Evidence
Ali Nejadmalayeri , University of Nevada Reno
April Knill, Florida State University
Kristina Minnick , University of Maryland & FDIC
Discussant
Paul P J Gao, Northwestern University
An Analysis of Financial Analysts' Optimism in Long-term Growth Forecasts
Byunghwan Lee, University of Houston
John O'Brien, Carnegie Mellon University
Konduru Sivaramakrishnan, University of Houston
Discussant
David G Shrider, Miami University
Financing Decisions and Discretionary Accruals: Managerial Manipulation or Managerial Overoptimism?
Dalia Marciukaityte, Louisiana Tech University
Discussant
Catherine Manohar, University of South Carolina

Session Number: 024
Foreign Trading Activity in Emerging Markets
Thursday, October 13, 8:00 am - 9:30 am
Haymarket

Chairperson
Catherine Bonser-Neal, Indiana University
Presentations
Are Foreign Investors Too Aggressive in Trading? Evidence from Indonesia
Sumit Agarwal , Bank of America
Sheri Faircloth, University of Nevada Reno
Chunlin Liu , University of Nevada Reno
Ghon Rhee, University of Hawaii

Discussant
Yafeng Qin, National University of Singapore
Foreign Ownership Restriction and Momentum--Evidence from Emerging Market
Yafeng Qin, National University of Singapore
Discussant
Ahmet Karagozoglu, Hofstra University
Information Asymmetry, Speculation and Foreign Trading Activity: Emerging Market Evidence
Cetin Ciner, UNC Wilmington
Ahmet K Karagozoglu, Hofstra University
Discussant
Chunlin Liu, University of Nevada Reno

Session Number: 025
Mutual Fund Activities
Thursday, October 13, 8:00 am - 9:30 am
Buckingham

Chairperson
Wei Wang Rowe, University of Nebraska Omaha
Presentations
Do Mutual Fund Acquisitions Increase Shareholder Wealth: Empirical Evidence
Lonnie Bryant , University of South Florida
Discussant
Charles Martin, Waschka Capital Investments
Open-Ending of Closed-End Funds: An Analysis of Discount Reduction
Lalatendu Misra, University of Texas San Antonio
Palani-Rajan Kadapakkam, University of Texas San Antonio
Sinan Yildirim, University of Texas San Antonio
Discussant
Thomas Berry-Stölzle, University of Cologne
Tax-Motivated Trading Strategies of Mutual Funds
Junesuh Yi, Dongguk University
Moon K. Kim, Syracuse University
Discussant
Geoffrey Friesen, Univ of Nebraska Lincoln

Session Number: 032
CEO Turnover, Entrenchment, and Firm Performance
Thursday, October 13, 9:45 am - 11:15 am
Atlanta

Chairperson
Felix Meschke, Arizona State University/University of Minnesota
Presentations
Do CEOs become Entrenched? Should Shareholders Care?
Jeff Brookman , University of Nevada Las Vegas
Paul Thistle, University of Nevada Las Vegas
Discussant
Jamie McNutt, SIU Carbondale
CEO Turnover and Divisional Investment
Qian Li, Georgia State University
Discussant
Jesus Salas, University of Oklahoma
Managerial Entrenchment or Efficient Monitoring: Antitakeover Amendments and Board Structure on CEO Turnover
Shirley V Birman, University of Texas Austin
Discussant
Felix Meschke, Arizona State University/University of Minnesota

Session Number: 033
Board Structure, CEO Power, and Director Compensation
Thursday, October 13, 9:45 am - 11:15 am
San Francisco

Chairperson
John Knopf, University of Connecticut
Presentations
The Governance Role of Corporate Insiders
Anwar Boumosleh, Lebanese American University
David M Reeb, Temple University
Discussant
Gemma Lee, Vanderbilt University

Director Compensation and Board Effectiveness

Anwar Boumosleh, Lebanese American University
Discussant
Fei Xie, Vanderbilt University
Board-of-Director Monitoring, CEO Tenure, and Board Independence
Harley E Ryan Jr , Louisiana State University
Roy A Wiggins III, Bentley College
Discussant
Sukesh Patro, University of Pittsburgh
Session Number: 034
M&A Advisors
Thursday, October 13, 9:45 am - 11:15 am
New Orleans

Chairperson
An Yan, Fordham University
Presentations
Analyst Recommendations and Mergers: Do Analysts Matter?
David A Becher , Drexel University
Jennifer L Juergens, Arizona State University
Discussant
Mengxin Zhao, Bentley College
Does a Quality Premium Exist in M&A Advisory Fees?
Terry Walter, University of New South Wales
Alfred Yawson, University of New South Wales
Charles Pang Wing Yeung, Macquarie Bank Limited
Discussant
Olubunmi Faleye, Northeastern University
Why Do Firms Switch Financial Advisors in M&As
Xian Sun, Rensselaer Polytechnic Institute
Bill Francis, Rensselaer Polytechnic Institute/University of South Florida
Iftekhar Hasan, Rensselaer Polytechnic Institute
Discussant
Debarshi Nandy, York University

Session Number: 035
Share Price Reactions to Dividends: International Evidence
Thursday, October 13, 9:45 am - 11:15 am
Burnham

Chairperson
Judith Swisher, Western Michigan University
Presentations
Information Effects of Dividends: Evidence from the Hong Kong Market
Louis TW Cheng , Hong Kong Polytechnic University
Hung-Gay Fung, University of Missouri-St. Louis
Tak Yan Leung , Hong Kong Shue Yan College
Discussant
Laurence Blose, Grand Valley State University
Reappearing Dividends: A Tax-Based Test of the Information Content of Dividends
Ayla Kayhan, Louisiana State University
Discussant
Michele O'Neill, University of Idaho
Separating the Stock Market's Reaction to Dividend and Earnings Announcements: The Case of Simultaneous Announcements in Denmark
Carina Sponholtz, University of Aarhus
Discussant
Judith Swisher, Western Michigan University

Session Number: 036
Bankruptcy and Bond Ratings
Thursday, October 13, 9:45 am - 11:15 am
Dusable

Chairperson
Bing Han, The Ohio State University
Presentations
Information Asymmetry, Bond Split Rating, and Rating Migration
Miles Livingston , University of Florida
Andy Naranjo, University of Florida
Lei Zhou , Miami University of Ohio
Discussant
Ilona Shiller, University of Manitoba
Liquidation Triggers and the Valuation of Equity and Debt
Alon Raviv, The Hebrew University
Zvi Wiener, The Hebrew University
Dan Galai, The Hebrew University
Discussant
Alexei Egorov, West Virginia University
One is Too Little, Two is Too Much - A Look into the Bond Ratings Black Box
Kose John, New York University
S Abraham Ravid, Rutgers University
Natalia Reisel, Rutgers University
Discussant
Pascal Francois, HEC Montreal

Session Number: 037
Venture Capital, R&D, and IPOs
Thursday, October 13, 9:45 am - 11:15 am
Field

Chairperson
Ana Balcarcel, University of Dayton
Presentations
The Asymmetric Adjustment of IPO Prices to Positive versus Negative Information and the Role of R&D in IPO Pricing
Mun-Soo Choi , Soongsil University
Yong H Kim, University of Cincinnati
Discussant
Vladimir Ivanov, University of Kansas
The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening, or Market Power?
Elena Loutskina, Boston College
Thomas J Chemmanur, Boston College
Discussant
Ana Balcarcel, University of Dayton
What Agency Issues of Independent Venture Capital Firms Influence Underpricing?
Donald C Flagg, University of South Florida
Discussant
John Robinson, Arizona State University

Session Number: 038
Asset Pricing under Non-standard Preferences
Thursday, October 13, 9:45 am - 11:15 am
McCormick

Chairperson
John T Scruggs, University of Georgia
Presentations
An International CAPM with Consumption Externalities and Non-financial Wealth
Juan-Pedro Gomez , Instituto de Empresa
Richard Priestley, Norwegian School of Management
Fernando Zapatero , University of Southern California
Discussant
Valery Polkovnichenko, University of Minnesota
Global Asset Returns and Risk Sharing under Habit Formaton
Yuming Li, California State University Fullerton
Discussant
Hui Guo, Federal Reserve Bank St Louis
Does Durability Help Asset Pricing with Habit Formation to Conform with US Data?
Christos Ioannis Giannikos, Baruch College/CUNY
Zhihong Shi, SUNY at Old Westbury
Discussant
George Korniotis, University of Notre Dame

Session Number: 039
Closed-end Funds
Thursday, October 13, 9:45 am - 11:15 am
Horner

Chairperson
Christo Pirinsky, Texas A&M University
Presentations
Impact of US and Foreign Stock Market and Macroeconomic Volatilities on Country-Fund Discounts
Thomas Chiang , Drexel University
Doseong Kim, University of Akron
Euiseong Lee , Korean Army
Discussant
Christo Pirinsky, Texas A&M University
A NAV a Day Keeps the Inefficiency Away? Fund Trading Strategies using Daily Values
J Christopher Hughen, Bowling Green State University
Prem G Mathew, Oregon State University
Kent P Ragan, Southwest Missouri State University
Discussant
Vladimir Atanasov, College of William & Mary
Liquidity, Liquidity Risk and the Closed-End Fund Discount
David Manzler, University of Cincinnati
Discussant
Brook Stanley, Texas A&M University

Session Number: 040
Credit Models and Applications
Thursday, October 13, 9:45 am - 11:15 am
Wrigley

Chairperson
Frank Xiaoling Zhang, Federal Reserve Board
Presentations
How Profitable Is Capital Structure Arbitrage?
Fan Yu , University of California Irvine
Discussant
Xiaolin Cheng, Rutgers University
Finite Dimensional Realizations for Defaultable Forward Rate Models
Malene Shin Jensen, University of Aarhus
Discussant
George Jiang, University of Arizona
Calibration of the Structural Model of Corporate Bond Spreads
Peter B Lerner, University of Syracuse
Chunchi Wu, University of Syracuse
Discussant
Frank Xiaoling Zhang, Federal Reserve Board

Session Number: 041
Money Management Strategies
Thursday, October 13, 9:45 am - 11:15 am
Water Tower

Chairperson
Clemens Sialm, University of Michigan
Presentations
The Determinants and Implications of Fund Cash Holdings: Theory and Evidence
Xuemin (Sterling) Yan , University of Missouri Columbia
Discussant
Clemens Sialm, University of Michigan
On the Consequences of Mutual Fund Tournaments
Wei Li, University of Iowa
Ashish Tiwari, University of Iowa
Discussant
Laura Veldkamp, New York University
The Telling Trades of Mutual Funds
Gina Nicolosi, University of Cincinnati
Discussant
Marcin Kacperczyk, University of British Columbia

Session Number: 042
Hedge Funds
Thursday, October 13, 9:45 am - 11:15 am
Gold Coast

Chairperson
Ryan Davies, Babson College
Presentations
From Alpha (Leland's) to Omega: Are Hedge Funds a Good Investment?
Karyl B Leggio , University of Missouri Kansas City
Kevin Seaman, University of Missouri Kansas City
Discussant
Ivilina Popova, Seattle University
Timing Ability in the Focus Market of Hedge Funds
Yong Chen, Boston College
Discussant
Nicole Boyson, Northeastern University
Hedge Fund Performance: 1990-2003
Bill Ding, SUNY at Albany
Hany A Shawky, SUNY at Albany
Discussant
Ryan Davies, Babson College

Session Number: 043
REIT Performance
Thursday, October 13, 9:45 am - 11:15 am
Comiskey

Chairperson
Jinliang Li, Northeastern University
Presentations
How Important is the Board of Directors to REIT Performance?
Zhilan Feng, Union University
Chinmoy Ghosh, University of Connecticut
CF Sirmans, University of Connecticut
Discussant
Randy Anderson, Florida International University
REIT Property Type Diversification: Worse Than Naïve?
Randy I Anderson, Florida International University
Justin D Benefield, University of Alabama
Discussant
Jonathan Wiley, University of Alabama

Session Number: 044
Option Pricing: Applications 1
Thursday, October 13, 9:45 am - 11:15 am
Ogden

Chairperson
Michael L Hemler, University of Notre Dame
Presentations
Pricing an Option on a Non-Decreasing Asset Value: An Application to Movie Revenue
Don M Chance , Louisiana State University
Eric T Hillebrand, Louisiana State University
Jimmy E Hilliard , Louisiana State University
Discussant
Michael L Hemler, University of Notre Dame
Calling Convertible Bonds too Late Can be Rational
Wolfgang Bühler, University of Mannheim
Christian Koziol, University of Mannheim
Discussant
Don M Chance, Louisiana State University
Extending the LYONs Pricing Model
John Harding, University of Connecticut
Shantaram Hegde, University of Connecticut
Ravi Shanker Mateti, University of Connecticut
Discussant
Gautam Vora, University of New Mexico

Session Number: 045
Information in Derivatives Markets
Thursday, October 13, 9:45 am - 11:15 am
Wright

Chairperson
Kirby Cundiff, Northeastern State University
Presentations
Information Share of Option Trades During the Earnings Announcement Period
Charles D Collver , Nova Southeastern University
Discussant to be announced
Analyst Forecast Performance and Price Discovery in a Futures Market: The Case of Natural Gas
Gerald D Gay, Georgia State University
Betty J Simkins, Oklahoma State University
Marian Turac, Oklahoma State University
Discussant
Kazuhisa Matsuda, CUNY
Option Volume Contains Information: Empirical Evidence from the US Equity Option Market
Rafiqul Bhuyan, Midwestern State Univ
Steven Freund, Univ of Massachusetts Lowell
Yuxing Yan, Univ of Pennsylvanis
Discussant
Linh Pham, Monash University

Session Number: 046
Short Sales 1
Thursday, October 13, 9:45 am - 11:15 am
Addams

Chairperson
Richard Evans, Boston College
Presentations
Strategic Delivery Failures in US Equity Markets
Leslie Boni , University of New Mexico
Discussant
Adam Reed, UNC Chapel Hill
Short Selling, Death Spiral Convertibles, and the Profitability of Stock Manipulation
John D Finnerty, Fordham University
Discussant
David McLean, Boston College
A Short Look at Bear Raids: Testing the Bid Test
James J Angel, Georgetown University
Michael G Ferri, George Mason University
Steven E Christophe, George Mason University
Discussant
Gunter Strobl, UNC Chapel Hill

Session Number: 047
The Scope of Banking Activity
Thursday, October 13, 9:45 am - 11:15 am
Columbian

Chairperson
Robert DeYoung, Federal Reserve Bank Chicago
Presentations
What's Different About Bancassurance? Evidence of Wealth Gains to Banks and Insurance Companies
Paige Fields , Texas A&M University
Donald Fraser, Texas A&M University
James Kolari , Texas A&M University
Discussant
Steven Drucker, Stanford University
E-banks, A Real Threat to Traditional Banks? An Examination of E-bank Efficiency
Ken Cyree, University of Mississippi
Natalya Delcoure, University of South Alabama
Ross Dickens, University of South Alabama
Discussant
Daniel Nolle, OCC
If National Banks were allowed access to the Real Estate Brokerage Market, Would they Benefit? The Community Choice in Real Estate Act
Danielle Lewis, Southeastern Louisiana University
James Webb, Cleveland State University
Discussant
Tara Rice, Federal Reserve Bank Chicago

Session Number: 048
Investor Behavior
Thursday, October 13, 9:45 am - 11:15 am
Picasso

Chairperson
Charles Martin, Waschka Capital Investments
Presentations
Mutual Fund Attributes and Investor Behavior
Nicolas Bollen , Vanderbilt University
Mark Cohen, Vanderbilt University
Discussant
Maria Schutte, University of Missouri
Do Losses Linger? Evidence from Proprietary Stock Traders
Ryan Garvey, Duquesne University
Anthony Murphy, University College Dublin
Fei Wu, Massey University
Discussant
Shourun Guo, Boston College
Gone with the Wind: Chicago's Weather and Futures Trading
Piman Limpaphayom, Chulalongkorn University
Peter R Locke, The George Washington University
Pattarake Sarajoti, Chulalongkorn University
Discussant
Tian Tang, University of Alabama

Session Number: 049
Sovereign Credit Ratings
Thursday, October 13, 9:45 am - 11:15 am
Haymarket

Chairperson
Rodolfo Martell, Purdue University
Presentations
Legal and Economic Determinants of Sovereign Credit Ratings
Alexander W Butler , University of Texas at Dallas
Larry Fauver, University of Miami
Discussant
Paul Hanouna, Villanova University
More Than They Bargained For: Sovereign Recovery Values in Ecuador
John Hund, University of Texas Austin
Javier Kulesz, UBS Warburg Securities
Discussant
Kuan-Hui Lee, The Ohio State University
Sovereign Credit Ratings, Transparency, and International Portfolio Flows
Amar Gande, Vanderbilt University
David Parsley, Vanderbilt University
Discussant
Magali Valero, University of Michigan Dearborn

Session Number: 050
Banks and Borrowers
Thursday, October 13, 9:45 am - 11:15 am
Buckingham

Chairperson
Alli Nathan, Nyenrode/University of Amsterdam
Presentations
Discrimination, Competition, and Relationship vs. Transaction Lending to Small Businesses: Evidence from the 1998 Survey of Small Business Finances
Karlyn Mitchell , North Carolina State University
Douglas K Pearce, North Carolina State University
Discussant
Mark Vaughan, Federal Reserve Bank Richmond
The Effect of Bank Mergers on Loan Prices: Evidence from the US
Isil Erel, Massachusetts Institute of Technology
Discussant
Rich Rosen, Federal Reserve Bank Chicago
Which Loans are Relationship Loans? Evidence from the 1998 Survey of Small Business Finances
Karlyn Mitchell, North Carolina State University
Douglas K Pearce, North Carolina State University
Discussant
Gregory Udell, Indiana University

Session Number: 051
Financial Intermediation
Thursday, October 13, 11:30 am - 1:00 pm
Regency Ballroom A

Chairperson
Sris Chatterjee, Fordham University
Presentations
Financial Intermediation and Credit Market Equilibrium: A Model of Matching Market
Kaniska Dam , CORE, Universite Catholique de Louvain
Discussant
Jonathan Wang, Baruch College
Debt Seniority and the Lenders' Incentive to Monitor: Why Isn't Trade Credit Senior?
Yehning Chen, National Taiwan University
Discussant
Gautam Goswami, Fordham University
High Yield Financing and the Capital Acquistion Process
Wentworth Boynton, University of New Haven
Discussant
Sris Chatterjee, Fordham University

Session Number: 052
Predicting Default
Thursday, October 13, 11:30 am - 1:00 pm
Regency Ballroom B

Chairperson
PC Venkatesh, US SEC
Presentations
An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default
Daniel Covitz , Federal Reserve Board
Song Han, Federal Reserve Board
Discussant
Chotibhak Jotikasthira, Indiana University
On the Equivalence of the KMV and Maximum Likelihood Methods for Structural Credit Risk Models
Jin-Chuan Duan, University of Toronto
Geneviève Gauthier, HEC Montreal
Jean-Guy Simonato, HEC Montreal
Discussant
Alfred HR Davis, Queens University
Using Securities Market Data to Forecast Bank Failures
Timothy J Curry, FDIC
Peter J Elmer, DeLoitte & Touche
Gary S Fissel, FDIC
Discussant
Somnath Das, University of Illinois Chicago

Session Number: 053
Convertible Debt
Thursday, October 13, 11:30 am - 1:00 pm
Regency Ballroom C

Chairperson
Thomas Chemmanur, Boston College
Presentations
Stock Price Response to Calls of Convertible Bonds: Still a Puzzle
Ivan E Brick , Rutgers University
Oded Palmon, Rutgers University
Dilip K Patro , Rutgers University
Discussant
Karen Simonyan, Suffolk University
Back Door Equity Financing, Firm Characteristics, and Shareholders' Wealth
Chao Chen, California State University, Northridge
Le Dong, Tsinghua University
Min-Ming Wen, Shippensburg University
Discussant
Debarshi Nandy, York University

Session Number: 057
Outside Blockholders, Closely Held Corporations, and Family Control
Thursday, October 13, 11:30 am - 1:00 pm
Atlanta

Chairperson
Vladimir Atanasov, College of William & Mary
Presentations
Board Size Effects in Closely Held Corporations
Morten Bennedsen , Copenhagen Business School & CEBR
Hans Christian Kongsted, CEBR & University of Copenhagen
Kasper Meisner Nielsen , CEBR & University of Copenhagen
Discussant
Christo Pirinsky, Texas A&M University
Oligarchic Family Control and the Quality of Government
Kathy Fogel, Northern Kentucky University
Discussant
Vladimir Atanasov, College of William & Mary
Variation in the Monitoring Incentives of Outside Blockholders
Kenneth A Borokhovich, Cleveland State University
Kelly R Brunarski, Miami University
Yvette S Harman, Miami University
Robert Parrino, University of Texas Austin

Discussant
Elif Sisli , New York University

Session Number: 058
The Value of Independent Boards
Thursday, October 13, 11:30 am - 1:00 pm
San Francisco

Chairperson
David Reeb, Temple University
Presentations
Do Independent Directors and Chairmen Really Matter? The Role of Boards of Directors in Mutual Fund Governance
Stephen P Ferris , University of Missouri Columbia
Xuemin (Sterling) Yan, University of Missouri Columbia
Discussant
Sattar Mansi, Virginia Tech
Board Independence and Corporate Governance: Evidence from Director Resignations
Manu Gupta, University of Missouri Columbia
Paige Fields, Texas A&M University
Discussant
Greg Roth, New Mexico State University
Power Struggles and Communication Breakdown in the Boardroom
Renée Birgit Adams, Stockholm School of Economics
Daniel Ferreira, Stockholm School of Economics
Discussant
David Reeb, Temple University

Session Number: 059
What Drives Diversification?
Thursday, October 13, 11:30 am - 1:00 pm
New Orleans

Chairperson
Helen Bowers, University of Delaware
Presentations
What Has Motivated Diversification? Evidence from Corporate Governance
Liu Yang , University of Maryland
Discussant
An Yan, Fordham University
Are Diversifying M&As Operational Hedges?
Otgontsetseg Erhemjamts, Bentley College
Jayant R Kale, Georgia State University
Discussant
William Latham, University of Delaware
Session Number: 060
Cash and Payout Policy
Thursday, October 13, 11:30 am - 1:00 pm
Burnham

Chairperson
Chenchu Bathala, Cleveland State University
Presentations
Dividend Policy, Shareholder Rights, and Corporate Governance
Pornsit Jiraporn , Texas A&M International University
Discussant
Edward Waller, University of Houston Clear Lake
Is Cash More Valuable for Constrained Firms?
Valeriy Sibilkov, Purdue University
Discussant
Wei Liu, American University
Bond and Stockholder Reactions to Open Market Repurchase Announcements
Takeshi Nishikawa, St John's University
Andrew K Prevost, Ohio University
Ramesh P Rao, Oklahoma State University
Discussant
Andrea Heuson, University of Miami

Session Number: 061
Bond Pricing Theory
Thursday, October 13, 11:30 am - 1:00 pm
Dusable

Chairperson
Rob Neal, Indiana University
Presentations
Modeling the Payment at Default on Credit Default Swaps
Mihail Ushakov , Syracuse University
Yildiray Yildirim, Syracuse University
Discussant
Xin Wang, Rice University
Underpricing of Convertible Preferred Stock Offerings: A Contingent Claims Approach
Anthony K Byrd, University of Central Florida
Vitaly S Guzhva, Embry-Riddle Aeronautical University
Pradipkumar Ramanlal, University of Central Florida
Discussant
Ghassem Homaifar, Middle Tennessee State University
Models of Time Varying Expected Price Change and Variance for U. S. Treasury Bonds
Naren Pappu, University of Oklahoma
S Lakshmivarahan, University of Oklahoma
Duane R Stock, University of Oklahoma
Discussant
Thomas Root, Drake University

Session Number: 062
IPO Returns and Proceeds
Thursday, October 13, 11:30 am - 1:00 pm
Field

Chairperson
Ha-Chen Yi, Texas State University
Presentations
Assets in Place, Growth Opportunities and IPO Returns
Kee Chung, SUNY Buffalo
Mingsheng Li, University of Louisiana Monroe
Linda Q Yu, University of Wisconsin Whitewater
Discussant
Spencer Case, Texas State University
Why Do Investors Leave Money on the Table?
Daniel J Bradley, Clemson University
John S Gonas, Belmont University
Michael J Highfield, Mississippi State University
Discussant
Jacqueline Garner, Drexel University

Session Number: 063
Asset Pricing Theory with Frictions
Thursday, October 13, 11:30 am - 1:00 pm
McCormick

Chairperson
Rui Albuquerque, University of Rochester/Boston University
Presentations
Investor Protection and Asset Pricing
Rui Albuquerque , University of Rochester
Neng Wang, Columbia University
Discussant
Ping He, University of Illinois Chicago
Asset Pricing Dynamics in a Fragile Economy
Cristian-Ioan Tiu, University of Texas Austin
Uzi Yoeli, University of Texas Austin
Discussant
Patrick Kelly, University of South Florida
Market Liquidity and Asset Prices under Costly Participation
Jennifer C. Huang, University of Texas Austin
Jiang Wang, Massachuetts Institute of Technology
Discussant
Arzu Ozoguz, Queen's University

Session Number: 064
Corporate Characteristics and Stock Returns
Thursday, October 13, 11:30 am - 1:00 pm
Horner

Chairperson
Len Schneck, Eastern Kentucky University
Presentations
Distress Risk Information in Accruals
Jeffrey Ng , University of Pennsylvania
Discussant
Anna Martin, Fairfield University
Long-run Performance following Quality Management Certification
Eurico J Ferreira, Indiana State University
Amit K Sinha, Indiana State University
Dale Varble, Indiana State University
Discussant
Christina Atanasova, University of York
Firm Value: an Examination of Outsourcing Transactions
Ning Gao, University of Pittsburgh
Discussant
Len Schneck, Eastern Kentucky University

Session Number: 065
Fixed Income Valuation
Thursday, October 13, 11:30 am - 1:00 pm
Wrigley

Chairperson
George Jiang, University of Arizona
Presentations
Pricing Interest Rate Caps in a Generalized Affine Model with Stochastic Volatility and Correlation: Empirical Evidence
Andrei Baliakin , Cornell University
Alexei Egorov, West Virginia University
Haitao Li , Cornell University
Discussant
George Jiang, University of Arizona
The Valuation of TIPS with an Analytical Two-Factor Cox-Ingersoll-Ross Term Structure Model with Correlated Factors
Ren-Raw Chen, Rutgers University
Bo Liu, Rutgers University
Xiaolin Cheng, Rutgers University
Discussant
Alexei Egorov, West Virginia University
Time-Variation in Term Premia in the Term Structure of Interest Rates
Ron Jongen, Maastricht University
Christian CP Wolff, Maastricht University & CEPR
Willem FC Verschoor, Maastricht University & Radboud University
Discussant
Ren-Raw Chen, Rutgers University

Session Number: 066
Optimal Diversification Strategies
Thursday, October 13, 11:30 am - 1:00 pm
Water Tower

Chairperson
Nick Bollen, Vanderbilt University
Presentations
As Asset Allocation Perspective of Real Estate: the Case of Real Estate Investment Trusts
Hsuan-Chi Chen , Yuan Ze University
Keng-Yu Ho, National Central University
Chiuling Lu , Yuan Ze University
Cheng-Huan Wu, Yuan Ze University

Discussant
Craig Lewis, Vanderbilt University
Countries versus Industries in Europe: A Normative Portfolio Approach
Javier Estrada, IESE Business School
Mark Kritzman, Windham Capital Management
Simon Myrgren, State Street Associates
Sebastien Page, State Street Associates

Discussant
Nick Bollen, Vanderbilt University
Diversification Benefits of Treasury Inflation Protected Securities.
Abdullah Mamun, Massey University
Nuttawat Visaltanachoti, Massey University
Discussant
Veronika Krepely, Vanderbilt University

Session Number: 067
Timing Ability and Persistence in Mutual Funds
Thursday, October 13, 11:30 am - 1:00 pm
Gold Coast

Chairperson
Lingjie Ma, PanAgora Asset Management
Presentations
Cross-Sectional Learning and Short-Run Persistence in Mutual Fund Performance
Joop Huij , Erasmus University Rotterdam
Marno Verbeek, Erasmus University Rotterdam
Discussant
Yong Chen, Boston College
Liquidity Timing in Mutual Funds
Charles Cao, Pennsylvania State University
Timothy T Simin, Pennsylvania State University
Ying Wang, Pennsylvania State University
Discussant
George Y Chang, Bradley University
Mutual Fund Managers Do Have Managerial Skills: Evidence from Bond Mutual Fund Performance
Ding Du, California State University Bakersfield
Zhaodan Huang, Utica College
Discussant
W Brian Barrett, University of Miami

Session Number: 068
Conflicts of Interest
Thursday, October 13, 11:30 am - 1:00 pm
Comiskey

Chairperson
Timothy A Barnes, LeBoeuf Lamb Greene & MacRae LLP
Presentations
Creditor Rights, Short Maturity Debt, and the Incentive to Manage Earnings
Manu Gupta , SIU Edwardsville
Inder K Khurana, University of Missouri Columbia
Raynolde Pereira , University of Missouri Columbia
Discussant
Kenneth Norton, Nova Southeastern University/Gardner Webb University
Is IPO Underpricing Related to Litigation Risk? Evidence Based on the Private Securities Litigation Reform Act of 1995
Yun Zhu, Michigan State University
Discussant
Rina Ray, Indiana University
Conflicts of Interest, Regulations and Stock Recommendations
Leonardo Madureira, University of Pennsylvania
Discussant
Sophie Shive, University of Michigan

Session Number: 069
Option Pricing: Theory and Estimation
Thursday, October 13, 11:30 am - 1:00 pm
Ogden

Chairperson
Cyrus Ramezani, Cal Poly University San Luis Obispo
Presentations
An Empirical Assessment of the Double Exponential Jump-Diffusion Process
Cyrus Ramezani , California Polytechnic University San Luis Obispo
Yong Zeng, University of Missouri Kansas City
Discussant
Nabil Tahani, York University
Exotic Options Pricing under Stochastic Volatility
Nabil Tahani, York University
Discussant
Peter Lerner, University of Syracuse
Option Pricing and Implied Volatility Surfaces with the Generalized Tempered Stable Processes
Junjie Zhou, University of Delaware
Patrick S Hagan, Bloomberg LP
Gilberto Schleiniger, University of Delaware
Discussant
John Laski, Nyack College

Session Number: 070
Option Pricing Theory
Thursday, October 13, 11:30 am - 1:00 pm
Wright

Chairperson
Thomas Busch, University of Aarhus
Presentations
Option Pricing for the Transformed-Binomial Class
Antonio Camara , University of Michigan Flint
San-Lin Chung, National Taiwan University
Discussant
Scott Beyer, University of Wisconsin Oshkosh
Generalized Analytical Upper Bounds for American Option Prices
San-Lin Chung, National Taiwan University
Hsieh-Chung Chang, National Central University
Discussant
Thomas Busch, University of Aarhus
Testing the Martingale Restriction for Option Implied Densities
Thomas Busch, University of Aarhus
Discussant
Mark Bertus, Auburn University

Session Number: 071
Information Production and Limit Order Trading
Thursday, October 13, 11:30 am - 1:00 pm
Addams

Chairperson
Kumar Venkataraman, Southern Methodist University
Presentations
Bookbuilding
Archishman Chakraborty , Baruch College, CUNY
Michael S Pagano, Villanova University
Robert A Schwartz , Baruch College, CUNY
Discussant
Kumar Venkataraman, Southern Methodist University
Buy-Side and Sell-Side: The Industrial Organization of Information Production in the Securities Industry
Zhaohui Chen, Temple University
Discussant
Ramabhadran Thirumalai, Indiana University
Monitoring and Limit Order Submission Risks
Wai-Man Liu, University of New South Wales
Discussant
Marios Panayides, University of Utah

Session Number: 072
Bank Funding and Runs
Thursday, October 13, 11:30 am - 1:00 pm
Columbian

Chairperson
Steven Dennis, East Tennessee State University
Presentations
Managing the Risk of Deposit Disintermediation and the Optimal Structure of Input Prices
Bryan Stanhouse , University of Oklahoma
Matthew Ingram, University of Oklahoma
Discussant
Stanislava Nikolov, George Mason University
Money and Modern Bank Runs
David R Skeie, Federal Reserve Bank New York
Discussant
Jamal Al-Khasawneh, University of New Orleans
Should the FHLB Worry about the FDIC: The Impact of Federal Home Loan Bank Advances on the Bank-Insurance Fund
Rosalind L Bennett, FDIC
Mark D Vaughan, Federal Reserve Bank Richmond
Timothy J Yeager, Federal Reserve Bank St Louis
Discussant
John Ammer, Federal Reserve Board

Session Number: 073
Market and Investor Behavior
Thursday, October 13, 11:30 am - 1:00 pm
Picasso

Chairperson
Andrew Roper, University of Wisconsin Madison
Presentations
Comovement After Joining an Index: Spillovers of Nonfundamental Effects
Brent W Ambrose , University of Kentucky
Dong W Lee, University of Kentucky
Joe Peek , University of Kentucky
Discussant
Mila Getmansky, University of Mass Amherst
Noise Trader Risk: Evidence from the Siamese Twins
John T Scruggs, University of Georgia
Discussant
Paul Gao, Northwestern University
Status Quo Bias and the Number of Alternatives - An Empirical Illustration from the Mutual Fund Industry
Alexander Kempf, University of Cologne
Stefan Ruenzi, University of Cologne
Discussant
Xavier Garza Gomez, University of Houston Victoria

Session Number: 074
Forecasting Exchange Rates
Thursday, October 13, 11:30 am - 1:00 pm
Haymarket

Chairperson
Ike Mathur, SIU Carbondale
Presentations
Foreign Exchange Rates Don't Follow a Random Walk
Hui Guo , Federal Reserve Bank St Louis
Robert Savickas, George Washington University
Discussant
Ike Mathur, SIU Carbondale
Forecasting Currency Excess Returns: Can We Exploit the Forward Bias?
Miguel Villanueva, University of Wyoming
Discussant
Tao Wang, City University of New York
Rationality, Heterogeneity and Learning in Foreign Exchange Survey Forecasts
Richard Cohen, University of Alaska Anchorage
Carl S Bonham, University of Hawaii Manoa
Discussant
Catherine Bonser-Neal, Indiana University

Session Number: 075
Small Business Financing and Decision Making
Thursday, October 13, 11:30 am - 1:00 pm
Buckingham

Chairperson
Julia S Kwok, University of Wisconsin Superior
Presentations
Credit Gap in Small Businesses: Some New Evidence
Atreya "Chuck" Chakraborty , University of Massachusetts Boston
Rajiv Mallick, Merrill Lynch
Discussant
Julia S Kwok, University of Wisconsin Superior
Community Banks and the Boundaries of the Firm: Further Evidence From Small Business Owners
Jonathan A Scott, Temple University
Discussant
Irv DeGraw, Washington College
The Capital Budgeting Decisions of Small Businesses
Morris G Danielson, Saint Joseph's University
Jonathan A Scott, Temple University
Discussant
J William Petty, Baylor University

Session Number: 076
Institutional Investor Decision Making
Thursday, October 13, 2:00 pm - 3:30 pm
Regency Ballroom A

Chairperson
Morris Danielson, Saint Joseph's University
Presentations
Clientele Effects in the Pension Fund Industry
Armen Hovsepian , Carnegie Mellon University
Discussant
Jill Wetmore, Saginaw Valley State University
Locating Decision Rights: Evidence from the Mutual Fund Industry
George D Cashman, Arizona State University
Daniel N Deli, Arizona State University
Discussant
Erik Devos, Ohio Univ
Institutional Investors' Trading Behavior in Mergers and Acquisitions
Rasha Ashraf, Georgia Institute of Technology
Narayanan Jayaraman, Georgia Institute of Technology
Discussant
Oliver Schnusenberg, University of North Florida

Session Number: 077
What Affects Default?
Thursday, October 13, 2:00 pm - 3:30 pm
Regency Ballroom B

Chairperson
Jean Helwege, University of Arizona
Presentations
The Detection and Dynamics of Financial Distress: Large-sample Empirical Analyses
Joseph P Ogden , University at Buffalo SUNY
Julie M Fitzpatrick, Gannon University
Discussant
Susan Lewis, CreditSights
The Role of Corporate Governance on the Probability and Resolution of Financial Distress
Esmeralda O Lyn, Hofstra University
Milena Petrova, University of Florida
Andrew C Spieler, Hofstra University
Discussant
Dan Covitz, Federal Reserve Board
Measuring Creditworthiness under Macroeconomic Uncertainty
Lars Oxelheim, Lund University
Clas Wihlborg, Copenhagen Business School
Discussant
Ilona Shiller, University of Manitoba

Session Number: 078
Dynamic Capital Structure
Thursday, October 13, 2:00 pm - 3:30 pm
Regency Ballroom C

Chairperson
Raj Aggarwal, Kent State University
Presentations
Capital Structure Dynamics and Stock Returns
Jie Cai , University of Iowa
Zhe Zhang, Singapore Management University
Discussant
Bassem Hijazi, University of North Texas
Testing the Market Timing Theory of Capital Structure
Rongbing Huang, Kennesaw State University
Jay R Ritter, University of Florida
Discussant
Robert Kieschnick, University of Texas Dallas
Which Version of the Equity Market Timing Affect Capital Structure
Abdelaziz Chazi, United Arab Emirates University
Niranjan Tripathy, University of North Texas
Discussant
Gustavo Grullon, Rice University

Session Number: 082
Laws and Corporate Governance: Delaware Incorporation, the Cadbury Report, and OBRA
Thursday, October 13, 2:00 pm - 3:30 pm
Atlanta

Chairperson
Kathleen Farrell, University of Nebraska Lincoln
Presentations
Board Composition, Ownership Structure and the Cadbury Committee Report
Jay Dahya , Baruch College, CUNY
Discussant
Donna Paul, Washington State University
Does Delaware Incorporate Affect Bondholder Wealth?
Maya Waisman, Rensselaer Polytechnic Institute
Iftekhar Hasan, Rensselaer Polytechnic Institute
Discussant
Murali Jagannathan, Binghamton University
Financial Contracts for CEOs: Expropriation or Effective Corporate Governance?
Olivier JP Maisondieu Laforge, University of Nebraska Omaha
Yong H Kim, University of Cincinnati
Discussant
David Whidbee, Washington State University

Session Number: 083
The Impact of Sarbanes-Oxley
Thursday, October 13, 2:00 pm - 3:30 pm
San Francisco

Chairperson
Emry Unlu, University of Missouri Columbia
Presentations
Did Sarbanes-Oxley Make Being Public Prohibitive? Evidence from Going Private Transactions
Kimberly C Gleason , Florida Atlantic University
Jeff Madura, Florida Atlantic University
Leonard Rosenthal , Bentley College
Discussant
Maria Schutte, University of Missouri Columbia
Effects and Unintended Consequences of the Sarbanes-Oxley Act on Corporate Boards
James S Linck, University of Georgia
Jeffry M Netter, University of Georgia
Tina Yang, University of Georgia
Discussant
Andrew Prevost, Ohio University
THE IMPACT OF THE SARBANES-OXLEY ACT OF 2002: A PERSPECTIVE FROM CFOS
Zhuoming Joe Peng, SUNY Oswego
William P. Dukes, Texas Tech University
Discussant
Brett Olsen, University of Missouri Columbia

Session Number: 084
The Diversification Discount
Thursday, October 13, 2:00 pm - 3:30 pm
New Orleans

Chairperson
Alireza Tourani-Rad, Auckland University of Technology
Presentations
Can the Coinsurance Effect Explain the Diversification Discount?
Rong Guo , Georgia State University
Discussant
An Yan, Fordham University
The Role of Organizational Form of Business Group in the Corporate Diversification - Firm Performance Relationship
Rejie George, Tilburg University
Rezaul Kabir, University of Stirling
Discussant
Ebru Reis, Georgia State University
Geographic and Industrial Diversification
Young Sang Kim, Northern Kentucky University
Discussant
Chandar Shekhar, University of Melbourne

Session Number: 085
CEO Labor Markets
Thursday, October 13, 2:00 pm - 3:30 pm
Burnham

Chairperson
Craig G Rennie, University of Arkansas
Presentations
When Promotions Induce Good Managers to be Lazy
Antoine Renucci , Université Paris-Dauphine
Frédéric Loss, Conservatoire National des Arts et Métiers
Discussant
Craig G Rennie, University of Arkansas
Career Concerns of Top Executives, Managerial Ownership and CEO Succession
M Martin Boyer, HEC Montréal, Université de Montréal
Hernan Ortiz-Molina, University of British Columbia
Discussant
Jeffrey T Brookman, University of Nevada Las Vegas
The Home Court Advantage and the Persistence of CEO Real Asset Performance
Gregory L Nagel, Florida State University
James S Ang, Florida State University
Discussant
Timothy Kruse, University of Arkansas

Session Number: 086
Credit Risk and Yield Spreads
Thursday, October 13, 2:00 pm - 3:30 pm
Dusable

Chairperson
John Banko, Northern Illiniois University
Presentations
Common Ffactor in Junk Bond Spreads
Qin Wang , Southern Methodist University
Discussant
Gautam Goswami, Fordham University
Estimating Credit Risk Premia
Lim Kian Guan, Singapore Management University
Discussant
John Banko, Northern Illinois University
An Analysis of KMV EDF's and Bond Yields
PC Venkatesh, US SEC
Discussant
Frank Leiber, Capital Affairs

Session Number: 087
Seasoned Offerings
Thursday, October 13, 2:00 pm - 3:30 pm
Field

Chairperson
Vassil Mihov, Texas Christian University
Presentations
Dilution of Underperformance of Seasoned Equity Offerings
Michael J Gombola, Drexel University
Amy Yueh-Fang Ho, University of South Florida Sarasota
Discussant
Levent Guntay, Indiana University

Investment-Based Underperformance Following Seasoned Equity Offerings

Evgeny Lyandres, Rice University
Lu Zhang, University of Rochester
Discussant
Erik Lie, University of Iowa
Seasoned Equity Issues With "Soft" Information: Theory and Empirical Evidence
Thomas J Chemmanur , Boston College
Yawen Jiao, Boston College
Discussant
Evgeny Lyandres, Rice University

Session Number: 088
Factor Models
Thursday, October 13, 2:00 pm - 3:30 pm
McCormick

Chairperson
Cristian Tiu, University of Texas Austin
Presentations
Bayesian Analysis of Linear Factor Models with Latent Factors, Multivariate Stochastic Volatility and APT Pricing Restrictions
Federico Nardari , Arizona State University
John T Scruggs, University of Georgia
Discussant
Cristian Tiu, University of Texas Austin
Evaluation of Linear Asset Pricing Models by Implied Portfolio Performance
Ronald J Balvers, West Virginia University
Dayong Huang, West Virginia University
Discussant
Yonggan Zhao, Nanyang Technological University
Macroeconomic Risks and the Fama and French Model
Kevin Aretz, Lancaster University
Söhnke M Bartram, Lancaster University
Peter F Pope, Lancaster University
Discussant
Marc Simpson, University of Texas Pan American

Session Number: 089
International Investments
Thursday, October 13, 2:00 pm - 3:30 pm
Horner

Chairperson
Arzu Ozoguz, Queen's University
Presentations
The Impact of Brazil's Currency Crisis on Brazilian American Depository Receipts
Wendy Jeffus , Southern New Hampshire University
Discussant
Natalia Piqueira, Princeton University
Exchange Rate Momentum in International Stock Markets
Andrew C Szakmary, University of Richmond
Qian Shen, Alabama A&M University
Subhash C Sharma, SIU Carbondale
Discussant
Vidhi Chhaochharia, Cornell University
Insider Trading and International Cross-Listing
Meziane Lasfer, Cass Business School, City University
Adriana Korczak, European University Viadrina
Discussant
Lubomir Litov, New York University

Session Number: 090
Sports Betting
Thursday, October 13, 2:00 pm - 3:30 pm
Wrigley

Chairperson
Patrick Kelly, University of South Florida
Presentations
A Simple Technical Trading Rule for Beating the NBA Sports Betting Market
Edward A Baryla , East Tennessee State University
Steven A Dennis, East Tennessee State University
Discussant
Bala Archanapalli, Indiana University
Is the Market for Wagering on NFL Games Weak-Form Efficient?
Bruce K Gouldey, Shenandoah University
Discussant
Greg Durham, Montana State University

Session Number: 091
Market Timing
Thursday, October 13, 2:00 pm - 3:30 pm
Water Tower

Chairperson
George Comer, Georgetown University
Presentations
Return Sign Forecasting and Performance Enhancement of Micro-Cap Funds
Glen A Larsen Jr , Indiana University
Bruce G Resnick, Wake Forest University
Discussant
Norris Larrymore, Quinnipiac University
Equity Style Timing: A Multi-Style Rotation Model for the Russell Large Cap and Small-Cap Growth and Value Style Indexes
Lorne N Switzer, Concordia University
Bala G Arshanapalli, Indiana University
Karim Panju, Concordia University
Discussant
Vaneesha Boney, Florida State University
Negative Earnings, Positive Earnings and Stock Index Returns: An Empirical Examination of Market Timing
Scott W Barnhart, Florida Atlantic University
Antoine Giannetti, Florida Atlantic University
Discussant
George Comer, Georgetown University

Session Number: 092
Mutual Funds: Corporate Governance and Ethical Investing
Thursday, October 13, 2:00 pm - 3:30 pm
Gold Coast

Chairperson
CR Narayanaswamy, Clayton State University
Presentations
Corporate Governance and Mutual Fund Performance: A First Look at Morningstar's Fiduciary Rankings
Jay W Wellman , Binghamton University
Jian Zhou, Binghamton University
Discussant
Wei Li, University of Iowa
Socially Responsible Investments: Goody-two-Shoes or Bad to the Bone?
Eric Girard, Siena College
Brett Stone, Siena College
Hamid Rahman, Alliant International University
Discussant
Mohammad Jahan-Parvar, UNC Chapel Hill
The Performance of Socially Responsible Bond Funds
Jeroen Derwall, Erasmus University Rotterdam
Kees Koedijk, Erasmus University Rotterdam & CEPR
Discussant
Vladyslav Kyrychenko, York University

Session Number: 093
Law and Finance
Thursday, October 13, 2:00 pm - 3:30 pm
Comiskey

Chairperson
Emil Boasson, Ithaca College
Presentations
The Operating Performance of Exchange-listed American Depository Receipts Offerings
Christodoulos Louca , University of Cyprus
Andreas Charitou, University of Cyprus
Andri Pavlou , University of Cyprus
Discussant
Haizhi Wang, Rensselaer Polytechnic Institute
Does Cross-Listing Lead to Higher Firm Growth?
Inder Khurana, University of Missouri Columbia
Raynolde Pereira, University of Missouri Columbia
Xiu Xiumin, University of Missouri Columbia
Discussant
Vigdis Boasson, Ithaca College
The Ability of Earnings Relative to cash Flows to Reflect Firm Performance: An International Comparison
Shin-Rong Shiah-Hou, Yuan Ze University
Chin-wen Hsiao, Yuan Ze University
Discussant
Yan (Ann) Zhang, Indiana University Bloomington

Session Number: 094
International Risk Management
Thursday, October 13, 2:00 pm - 3:30 pm
Ogden

Chairperson
John W Kensinger, University of North Texas
Presentations
Is Foreign Exchange Delta Hedging Risk Priced?
Hui Guo , Federal Reserve Bank St Louis
Christopher J Neely, Federal Reserve Bank St Louis
Discussant
James A Conover, University of North Texas
Bias in Analysts' Earnings Forecasts and Foreign Currency Hedging: Evidence from Multinational, Large and Non-Financial US Corporations
Dogan Tirtiroglu, Concordia University & University of Cambridge
Gabriela Rusu, Bank of Canada
Harjeet Bhabra, Concordia University
Discussant
Tunde Kovacs, Virginia Tech
Exchange Rate Inelasticity of Foreign Income of U.S. Multinationals: An Exploration of Why Their Exchange Rate Exposure Is Not Significant
Jungwon Suh, Kookmin University
Bong-Soo Lee, University of Houston
Discussant
John Kensinger, University of North Texas

Session Number: 095
Energy Derivatives
Thursday, October 13, 2:00 pm - 3:30 pm
Wright

Chairperson
Ufuk Ince, University of Washington Bothell
Presentations
An N-factor Gaussian Model of Oil Futures Prices
Gonzalo Cortazar , Pontificia Universidad Catolica de Chile
Lorenzo Naranjo, New York University
Discussant
Jesus Salas, University of Oklahoma
Storage, Weather and Dynamics of Natural Gas Prices in Futures and Spot Markets
Aysegul Ates, Akdeniz University
George HK Wang, CFTC
Discussant
Alexander Kurov, West Virginia University
The Middle East Turmoil and Time-Varying Risk Premium in Crude Oil Futures
Riza Demirer, SIU Edwardsville
Ali M Kutan, SIU Edwardsville
Discussant
Patricia Clarke, Simmons College

Session Number: 096
Trading in International Markets
Thursday, October 13, 2:00 pm - 3:30 pm
Addams

Chairperson
Robert A Van Ness, University of Mississippi
Presentations
Stealth Trading in Volatile Markets
Sugato Chakravarty , Purdue University
Petko S Kalev, Monash University
Linh Thanh Thai Pham , Monash University
Discussant
Andriy Shkilko, University of Mississippi
An Anatomy of Magnet Effects: Evidence from the Korea Stock Exchange High Frequency Data
Yan Daphne Du, University of Hawaii Manoa
Qianqiu Liu, University of Hawaii Manoa
S Ghon Rhee, University of Hawaii Manoa
Discussant
Van T Nguyen, Fairleigh Dickinson University
What does it take to Move Prices: Volume or Frequency?
Xiaojun He, Syracuse University
Chunnan Chen, National Cheng-Kung University
Discussant
Lynn Kugele, Christian Brothers University

Session Number: 097
Fund Flows
Thursday, October 13, 2:00 pm - 3:30 pm
Columbian

Chairperson
Charmaine Glegg, Florida Atlantic University
Presentations
The Life Cycle of Hedge Funds: Fund Flows, Size and Performance
Mila Getmansky , University of Massachusetts
Discussant
Gjergji Cici, University of Pennsylvania
Short and Long Run Dynamic Relationship between Security Returns and Net Cash Flows in Mutual Fund Markets: A System Approach
Heung-Joo Cha, University of St Thomas
Jaebeom Kim, University of St Thomas
Discussant
Zekeriya Eser, University of Kentucky

Session Number: 098
Ranking Finance Programs
Thursday, October 13, 2:00 pm - 3:30 pm
Picasso

Chairperson
Nandita Das, Wilkes University
Presentations
Research Ranking of Finance Departments: A Modified Citation Approach
Kam C Chan , Western Kentucky University
Peter P Lung, University of Dayton
Edward R Wolfe , Western Kentucky University
Discussant
Vanessa Holmes, Xavier University
A Global Ranking of Finance Programs by Finance Literature Productions: 1990-2004
Kam C Chan, Western Kentucky University
Carl R Chen, University of Dayton
Peter P Lung, University of Dayton
Discussant
Tai Yi, University of Sioux Falls
Doctoral Programs in Finance: Academic Contents, Placement and Productivity
Jorge Brusa, Texas A&M International University
Michael Carter, University of Arkansas
George Heilman, Winston-Salem State University
Discussant
Kashi Nath Tiwari, KNT's Academic Financial Research

Session Number: 099
Foreign Exchange Rate Exposure
Thursday, October 13, 2:00 pm - 3:30 pm
Haymarket

Chairperson
Raj Aggarwal, Kent State University
Presentations
Foreign Exchange Exposure and Short-Term Cash Flow Sensitivity
Laura T Starks , University of Texas at Austin
Kelsey D Wei, Binghamton University
Discussant
Soku Byoun, Baylor University
Measuring Currency Exposure: Empirical Issues
Yong-Cheol Kim, University of Wisconsin Milwaukee
Saleh Alharbi, University of Wisconsin Milwaukee
Discussant
Julina Yan Xu, University of South Carolina
Time-Varying Exchange Rate Exposure of Small and Large Firms
Delroy M Hunter, University of South Florida
Discussant
Catherine Bonser-Neal, Indiana University

Session Number: 100
Management, Ownership, and Finance
Thursday, October 13, 2:00 pm - 3:30 pm
Buckingham

Chairperson
Murali Jagannathan, Binghamton University
Presentations
Do Corporate Venture Capitalists Aid the Operating Performance of Startups? Evidence from Corporate Venture-Backed IPOs
Vladimir I Ivanov , University of Kansas
Discussant
Mukunthan Santhanakrishnan, Idaho State University
Small Business Debt Financing, Family Ownership and Management, and Discrimination: Evidence from Canadian SMEs
Zhenyu Wu, University of Calgary
Peggy Hedges, University of Calgary
Shali Zhang, University of Calgary
Discussant
Ilan Guedj, MIT/University of Texas Austin
The Double Exit Puzzle: Venture Capitalists and Acquisitions following IPO
Na Dai, University of Kansas
Discussant
Yang Lu, New York University

Session Number: 101
Fraud and Death
Thursday, October 13, 3:45 pm - 5:15 pm
Regency Ballroom A

Chairperson
Heitor Almeida, New York University
Presentations
Firm Value and Inside Ownership: Evidence from the Unexpected Deaths of Senior Executives
Kenneth A. Borokhovich , Cleveland State University
Kelly R Brunarski, Miami University
Yvette S. Harman , Miami University
Discussant
Renee Adams, Stockholm School of Economics
The Stock Price Reactions to Sudden Executive Deaths
Jesus M Salas, University of Oklahoma
Discussant
Heitor Almeida, New York University

Session Number: 102
Collateral and Chapter 11
Thursday, October 13, 3:45 pm - 5:15 pm
Regency Ballroom B

Chairperson
Randall A Heron, Indiana University
Presentations
The Effect of Pre-Bankruptcy Performance on the Post-Emergence Returns of Chapter 11 Firms
Alfred Davis, Queen's University
Hui Hao, Queens University
Discussant
Erik Lie, University of Iowa
Why Do Firms File Chapter 11 in Delaware? An Analysis of the Bankruptcy Court Venue Decision
Gregory R Stone, University of Hawaii
Discussant
Kimberly J Rodgers, New York University

Session Number: 103
Capital Structure: Agency Issues
Thursday, October 13, 3:45 pm - 5:15 pm
Regency Ballroom C

Chairperson
Ramesh Rao, Oklahoma State University
Presentations
Debt and Taxes: Evidence from Bank-financed Small and Medium-sized Firms
Jan Bartholdy , Aarhus School of Business
Cesario Mateus, Aarhus School of Business
Discussant
Mark Liu, University of Kentucky
Capital Structure, Compensation and Incentives
Alan VS Douglas, University of Waterloo
Discussant
Tom Nohel, Loyola University Chicago
Employee Compensation, Optimal Capital Structure and Agency Costs
Ilona Babenko, UC Berkeley
Discussant
Sris Chatterjee, Fordham University

Session Number: 107
Analysts: Conflicts of Interest, Dividend Policy, and Insider Trading
Thursday, October 13, 3:45 pm - 5:15 pm
Atlanta

Chairperson
Saurav Roychoudhury, West Virginia University
Presentations
Do Insiders Crowd Out Analysists?
Aaron Gilbert , Auckland University of Technology
Alireza Tourani-Rad, Auckland University of Technology
Tomasz Piotr Wisniewski , Auckland University of Technology
Discussant
Thomas Walker, Concordia University
Do Analyst Conflicts Matter? Evidence from Stock Recommendations
Anup Agrawal, University of Alabama
Mark Chen, University of Maryland
Discussant
David Dupre, Jefferies & Co
Information Content of Dividend Policy: Evidence from Relations Between Dividend Announcements, Analysts' Earnings Expectations, and Equity Prices
Scott Fung, Hong Kong Polytechnic University
Jayendu Patel, ChoiceStream, Inc.
Discussant
Carrie Haoqing Pan, The Ohio State University

Session Number: 108
Labor Markets
Thursday, October 13, 3:45 pm - 5:15 pm
San Francisco

Chairperson
Melissa Frye, University of Central Florida
Presentations
Gender Diversity in the Boardroom
Renée Birgit Adams , Stockholm School of Economics
Daniel Ferreira, SITE-Stockholm School of Economics
Discussant
Betty Simkins, Oklahoma State University
The Market for International Analysts: Core Specialization, Performance, and Employment Outcomes
Omesh Kini, Georgia State University
Shehzad Mian, Emory University
Michael Rebello, Tulane University
Anand Venkateswaran, Northeastern University

Discussant
Jonathan Clarke, Georgia Tech
The Research Productivity of Female Financial Economists
Phyllis Y Keys, University of Delaware
Pamela A Turner, Howard University
Discussant
Pamela Peterson-Drake, Florida Atlantic University

Session Number: 109
Spinoffs
Thursday, October 13, 3:45 pm - 5:15 pm
New Orleans

Chairperson
Donna Paul, Washington State University
Presentations
Enhancing Managerial Incentives and Value Creation: Evidence from Corporate Spinoffs
Unyong Pyo , Brock University
Discussant
Gwendolyn Pennywell, Georgia State University
How is Value created in Spin-offs? A Look Inside the Black Box
Debarshi K Nandy, York University
Thomas J Chemmanur, Boston College
Discussant
Chander Shekhar, University of Melbourne
Do Combination Carve-Outs Impact Bondholder Wealth?
Thomas H Thompson, Lamar University
Vince Apilado, University of Texas at Arlington
Craig A Depken II, University of Texas at Arlington
Discussant
Unyong Pyo, Brock University

Session Number: 110
Executive Compensation Contracts
Thursday, October 13, 3:45 pm - 5:15 pm
Burnham

Chairperson
Julia S Kwok, University of Wisconsin Superior
Presentations
Managerial Compensation and Job Design with Multiple Correlated Projects
Nina Baranchuk , University of Texas Dallas
Discussant
Brandon Cline, University of Alabama
Advisory Contract: Constant vs. Declining Compensation Rates
George D Cashman, Arizona State University
Discussant
Kelly Brunarski, Miami University

Session Number: 111
Informed Trading
Thursday, October 13, 3:45 pm - 5:15 pm
Dusable

Chairperson
Murat Binay, Claremont Graduate University
Presentations
Do Non-executive Employees have Private Information that is Relevant to Outside Investors?
Dong Wook Lee , University of Kentucky
Discussant
Ayca Altintig, Chapman University
How Informative is Insider Selling at the IPO?
Upinder S Dhillon, Binghamton University
Rongbing Huang, Kennesaw State University
Kartik Raman, Bentley College
Gabriel G Ramirez, Kennesaw State University

Discussant
Murat Binay, Claremont Graduate University
Informed Trading under Different Market Conditions and Moneyness: Evidence from TXO Options
Kam C Chan, Western Kentucky University
Yuan-Chen Chang, National Chengchi University
Peter P Lung, University of Dayton
Discussant
Sonali Hazarika, Baruch College (CUNY)

Session Number: 112
Institutional Ownership and IPOs
Thursday, October 13, 3:45 pm - 5:15 pm
Field

Chairperson
Adam Reed, UNC Chapel Hill
Presentations
Affiliated Mutual Funds and the Allocation of Initial Public Offerings
Jay R Ritter , University of Florida
Donghang Zhang, University of South Carolina
Discussant
Jason M Smith, Washington University St Louis
Institutional Investment in Newly Public Firms
Laura Casares Field, Penn State University
Michelle Lowry, Penn State University
Discussant
Richard Evans, Boston College
Universal Banking, Asset Management, and Stock Underwriting
William C Johnson, Michigan State University
Jennifer Marietta-Westberg, Michigan State University
Discussant
Paul J Seguin, University of Minnesota

Session Number: 113
New Factors
Thursday, October 13, 3:45 pm - 5:15 pm
McCormick

Chairperson
Aziz Alimov, University of Oregon
Stock Returns and Volatility: Pricing the Long-Run and Short-Run Components of Market Risk
Tobias Adrian, Federal Reserve Bank of New York
Joshua Rosenberg, Federal Reserve Bank of New York
Discussant
Aziz Alimov, University of Oregon
The Factor Structure of Time-Varying Conditional Volume
Eric C Chang, The University of Hong Kong
Joseph W Cheng, The Chinese University of Hong Kong
J Michael Pinegar, Brigham Young University
Discussant
Eric Kelley, Washington State University

Session Number: 114
Funds
Thursday, October 13, 3:45 pm - 5:15 pm
Horner

Chairperson
Ekkehart Boehmer, Texas A&M University
Presentations
Impact of the QQQ on Liquidity, Pricing Efficiency, and Risk of the Underlying Securities
Nivine Richie , Susquehanna University
Jeff Madura, Florida Atlantic University
Discussant
Matthew Ingram, University of Oklahoma
Rewards to Active Portfolio Management based on an Alternative Momentum Strategy: Long Term Evidence from US-based Equity Funds
Victor Fernandes, Nanyang Technological University
Nilanjan Sen, Arizona State University West
Martin Young, Massey University
Discussant
Tao Shu, University of Texas
ADR Holdings of US Based Emerging Market Funds
Reena Aggarwal, Georgetown University
Sandeep Dahiya, Georgetown University
Leora Klapper, The World Bank
Discussant
Xiaohui Gao, University of Florida

Session Number: 115
Market Efficiency
Thursday, October 13, 3:45 pm - 5:15 pm
Wrigley

Chairperson
Christina Atanasova, University of York
Presentations
Financial Statement Reliability and Large Firm Stock Prices: The Impact of the Enron Collapse
Marcelo L Eduardo, Mississippi College
Tao Zhang, University of Mississippi
Patricia Mounce, Mississippi College
Discussant
Kazunori Suzuki, Chuo University

Session Number: 116
Trading Strategies
Thursday, October 13, 3:45 pm - 5:15 pm
Water Tower

Chairperson
Lim Kian Guan, Singapore Management University
Presentations
Portfolio Insurance Strategies by a Large Player
Aymeric Kalife , University Paris IV Dauphine & ESSEC Business School
Discussant
I-Hsuan Ethan Chiang, Boston College
Modern Portfolio Management with Conditioning Information
I-Hsuan Ethan Chiang, Boston College
Discussant
Bin Wei, Duke University
Optimal Trading of Multiple Predictable Assets under Transaction Costs
Shashidhar Murthy, Rutgers University
John Wald, Pennsylvania State University
Discussant
Tao Tang, City University of New York

Session Number: 117
Investment Strategies and Mutual Fund Performance
Thursday, October 13, 3:45 pm - 5:15 pm
Gold Coast

Chairperson
Mark Potter, Babson College
Presentations
Liquidity, Investment Style, and the Effect of Fund Size on Fund Performance
Xuemin (Sterling) Yan , University of Missouri - Columbia
Discussant
Christopher Schwarz, University of Massachusetts Amherst
Limits of Arbitrage and Profitability of Earnings Quality Strategy: Evidence from Mutual Funds
Xuanjuan Chen, University of Rhode Island
Tong Yao, University of Arizona
Tong Yu, University of Rhode Island
Discussant
Danielle Xu, University of Arizona
Risk-Adjusted Performance of Value and Growth Strategies:
TeWhan Hahn, University of Idaho
Michele O'Neill, University of Idaho
Judith Swisher, Western Michigan University
Discussant
Vladimir Atanasov, College of William & Mary

Session Number: 118
Playing Well and Doing Good
Thursday, October 13, 3:45 pm - 5:15 pm
Comiskey

Chairperson
Maria Manuela Marques, Universidad Catolica Portuguesa
Presentations
Assessing the Economic Effect of Corporate Partnerships with Major Sport Organizations
Lei Shi , University of Connecticut
Chinmoy Ghosh, University of Connecticut
Discussant
Mario Coutinho dos Santos, Portuguese Catholic University
Can Firms Do Well While Doing Good?
Parvez Ahmed, University of North Florida
Sudhir Nanda, Penn State University at Harrisburg
Oliver Schnusenberg, University of North Florida
Discussant
Maria Manuela Marques, Universidad Catolica Portuguesa
The Economic Value of Corporate Eco-Efficiency
Nadja Guenster, Erasmus University Rotterdam
Jeroen Derwall, Erasmus University Rotterdam
Rob Bauer, Maastricht University & ABP Investments
Kees Koedijk, Erasmus University Rotterdam

Discussant
Salvador F Roji, Universidad Complutense de Madrid

Session Number: 119
Risk Management with Time Varying Volatility
Thursday, October 13, 3:45 pm - 5:15 pm
Ogden

Chairperson
Rosalind L Bennett, FDIC
Presentations
Forecasting Portuguese Stock Market Volatility
Ricardo Pereira , University of Cambridge
Discussant
Mila Getmansky Sherman, University of Massachusetts Amherst
Do Time-Varying Covariances, Volatility Comovement and Spillover Matter?
Lakshmi Balasubramanyan, Penn State University
Timothy Simin, Penn State University
Discussant
Nishad Kapadia, UNC Chapel Hill
Wavelet Realized Volatility and Multiscale Beta Estimation for Portfolio Strategy
Rossitsa M Yalamova, University of Lethbridge
Discussant
Yaw-Huei Wang, National Central University

Session Number: 120
Hedging with Futures
Thursday, October 13, 3:45 pm - 5:15 pm
Wright

Chairperson
Jimmy Yang, Oregon State University
Presentations
Asymmetric Effects of Basis on Dynamic Futures Hedging: Empirical Evidence from Commodity Futures
Donald Lien , University of Texas San Antonio
Li Yang, University of New South Wales
Discussant
Yudan Zheng , Rutgers University
Jumping Hedges : Understanding Movements in Copper Spot and Futures Markets
Wing H Chan, Wilfrid Laurier University
Denise Young, University of Alberta
Discussant
Wei Yu, Rutgers University
Price Limits and Hedging Effectiveness of Futures Contracts
Latha Shanker, Concordia University
Narayanaswamy Balakrishnan, McMaster University
Discussant
Yintian Wang ,McGill University

Session Number: 121
Cross Listed Stocks
Thursday, October 13, 3:45 pm - 5:15 pm
Addams

Chairperson
Michael Ferguson, University of Cincinnati
Presentations
A Tale of Two Time Zones: Cross-Listed Stocks' Liquidity and the Availabitliy of Substitutes
Pamela C Moulton , New York Stock Exchange
Li Wei, New York Stock Exchange
Discussant
Jay Coughenour, University of Delaware
Home Bias and Market Liquidity
Wenjin Kang, National University of Singapore
Discussant
Brian Hatch, University of Cincinnati
The Choice of Trading Venue and Relative Price Impact of Institutional Trading: ADRs versus the Underlying Securities in their Local Markets
Sugato Chakravarty, Purdue University
Chiraphol New Chiyachantana, Singapore Management University
Christine Jiang, University of Memphis
Discussant
Robert Battalio, University of Notre Dame

Session Number: 122
Bank Monitoring
Thursday, October 13, 3:45 pm - 5:15 pm
Columbian

Chairperson
Stanislava Nikolova, George Mason University
Presentations
Delegated Monitors: Who Do You Trust?
Zekeriya Eser , University of Kentucky
Joe Peek, University of Kentucky
Discussant
Bassem Hijazi, University of North Texas
Market Discipline and Subordinated Debt of Australian Banks
Neil Esho, Australian Prudential Regulation Authority
Paul Kofman, University of Melbourne
Michael G Kollo, London School of Economics
Ian G Sharpe, Australian Prudential Regulation Authority and University of New South Wales

Discussant
Claire Rosenfeld ,University of Minnesota
The Relative Rates on a Firm's Bank Loans and Public Debt: The Pricing Differences of Loan Special Value versus Private Information
Douglas O Cook, University of Alabama
Lewis J Spellman, University of Texas
Discussant
Bassem Hijazi, University of North Texas

Session Number: 123
Reactions and Overreactions
Thursday, October 13, 3:45 pm - 5:15 pm
Picasso

Chairperson
Werner DeBondt, DePaul University
Presentations
Overreaction: Reading the Entrails
Donna M Dudney , University of Nebraska-Lincoln
Benjamas Jirasakuldech, University of the Pacific
Thomas Zorn , University of Nebraska-Lincoln
Discussant
Antoine Giannetti, Florida Atlantic University
Post-Earnings Announcement Drift: Price Drift or Price Reversal?
Qi Sun, University of Wisconsin Milwaukee
Discussant
Carina Sponholtz, University of Aarhus
Stock Recommendations and Capital Market Evaluation of Meeting Earnings Expectations
Somnath Das, University of Illinois Chicago
Lynn Rees, Texas A & M University
K Sivaramakrishnan, University of Houston
Discussant
David Shrider, Miami University

Session Number: 124
Lessons from Currency Crises
Thursday, October 13, 3:45 pm - 5:15 pm
Haymarket

Chairperson
Arvind Mahajan, Texas A&M University
Presentations
A Note on Market Efficiency and Cointegration of Spot Exchange Rates during Periods of Economic Turmoil: Another Look at European and Asian Currency Crises
Chanwit Phengpis , California State University, Stanislaus
Discussant
Ariel Viale, Texas A&M University
Currency Bid-Ask Spread Dynamics and the Asian Crisis: Evidence across Currency Regimes
Gregory Koutmos, Fairfield University
Anna Martin, Fairfield University
Discussant
Andrew Wagner, Cal State Stanislaus

Session Number: 125
Small Business Finance
Thursday, October 13, 3:45 pm - 5:15 pm
Buckingham

Chairperson
Stefan Ruenzi, University of Cologne/Centre for Financial Research
Presentations
Venture Capital Investment in Minority Business
William D Bradford , University of Washington
Timothy Bates, Wayne State University
Discussant
Khaled Abdou, University of New Orleans
The Happy Story of Small Business Financing
Ed Vos, University of Waikato
Andrew Jia-Yuh Yeh, University of Waikato
Sara Carter, University of Strathclyde
Stephen Tagg, University of Strathclyde

Discussant
Sumit Agarwal, Bank of America
Determinants of Small Business Default
Sumit Agarwal, Bank of America
Souphala Chomsisengphet, OCC
Chunlin Liu, University of Nevada Reno
Discussant
Wenying Jiangli, FDIC

Session Number: 126
Venture Capital and Technology
Friday, October 14, 8:30 am - 10:00 am
Regency Ballroom A

Chairperson
Christopher Anderson, University of Kansas
Presentations
Explaining the Use of Due Diligence and Antidilution Protection in Venture Capital Contracting
Ronnie Shah , University of Texas Austin
Discussant
Christopher Anderson, University of Kansas
R&D Incentives, Reputation, and Syndication in Venture Capital Contracting
Ralph Bachmann, Nanyang Technological University
Ibolya Schindele, Norwegian School of Management BI
Discussant
Vladimir Ivanov, University of Kansas
Technology and Marketing Alliances, 1996 - 2003
Ram Subramanian, Grand Valley State University
Vijay Gondhalekar, Grand Valley State University
CR Narayanaswamy, Clayton University
Discussant
Na Dai, University of Kansas

Session Number: 127
Capital Structure: Asymmetric Information
Friday, October 14, 8:30 am - 10:00 am
Regency Ballroom B

Chairperson
Kathleen Kahle, University of Arizona
Presentations
Why Do Public Firms Issue Private and Public Securities?
Gordon Phillips , University of Maryland & NBER
Armando Gomes, University of Pennsylvania
Discussant
James Linck, University of Georgia
Information Asymmetry and Capital Structure in SMEs: New Technology-based Firms in the Irish Software Sector
Elaine Hutson, University College Dublin
Teresa Hogan, Dublin City University Business School
Discussant
Xiaoyun Yu, Indiana University
Informational asymmetry between managers and investors in the opitmal capital structure decision
Matthias Bank, University of Innsbruck
Jochen Lawrenz, University of Innsbruck
Discussant
Dirk Hackbarth, Washington University St Louis

Session Number: 128
Corporate Governance and Firm Performance
Friday, October 14, 8:30 am - 10:00 am
Regency Ballroom C

Chairperson
Kenneth Ayotte, Columbia University
Presentations
Evidence on audit committee and firm value: a cross-sectional analysis
Kam C Chan , Western Kentucky University
Joanne Li, Loyola College in Maryland
Discussant
Evgeny Lyandres, Rice University
Interlocking Directors, CEO Compensation, and Firm Performance
Erik Devos, Ohio University
Andrew K. Prevost, Ohio University
John Puthenpurackal, Ohio University
Discussant
Kenneth Ayotte, Columbia University
Corporate Governance Scores and Firm Performance
Mine Ertugrul, University of Connecticut
Shantaram Hegde, University of Connecticut
Discussant
Vidhi Chhaochharia, The World Bank

Session Number: 133
Share Repurchases
Friday, October 14, 8:30 am - 10:00 am
San Francisco

Chairperson
Erik Lie, University of Iowa
Presentations
Insiders' Tax Motivation and Corporate Payout Policy
Jim Hsieh , George Mason University
Qinghai Wang, University of Wisconsin Milwaukee
Discussant
Meziane Lasfer, Cass Business School
Open Market Share Repurchases
Monica Banyi, Oregon State University
Edward A Dyl, University of Arizona
Kathleen M Kahle, University of Arizona
Discussant
Clifford Stephens, Louisiana State University
Privately Negotiated Repurchases and Monitoring by Block Shareholders
Murali Jagannathan, Binghamton University
Clifford P Stephens, Louisiana State University
Discussant
Zekiye Selvili, Cal State Fullerton

Session Number: 134
Corporate Behavior around Mergers
Friday, October 14, 8:30 am - 10:00 am
New Orleans

Chairperson
Stanley Block, Texas Christian University
Presentations
IPO-withdrawn Targets
Qin Lian , University of Alabama
Discussant
Jimmy Yang, Oregon State University
Sharks in the Water: Why the Merger Wave among Internet Firms became a Feeding Frenzy
Claire E Crutchley, Auburn University
Beverly Marshall, Auburn University
Janet Payne, Texas State University San Marcos
Discussant
Kristine Watson Hankins ,University of Florida
Why do Firms Split their Stocks? Evidence from Stock Splits before Acquisition Announcements
Shourun Guo, Boston College
Mark H Liu, University of Kentucky
Weihong Song, Boston College
Discussant
Brandon Julio, Univ of Illinois Urbana Champaign

Session Number: 135
Executive Compensation and Incentives
Friday, October 14, 8:30 am - 10:00 am
Burnham

Chairperson
Tod Perry, Indiana University
Presentations
CEO Incentives from Restricted Stock and Option Portfolios and Shareholder Value: Evidence from Layoff Decisions
Jeffrey T Brookman , University of Nevada Las Vegas
Saeyoung Chang, University of Nevada Las Vegas
Craig Rennie , University of Arkansas
Discussant
Tod Perry, Indiana University
Managerial Compensation and the Demand for External Monitoring
Inder Khurana, University of Missouri Columbia
Ali Nejadmalayeri, University of Nevada Reno
Raynolde Pereira, University of Missouri, Columbia
Discussant
Cheney Long, University of South Florida
Managerial Stock Options and the Hedging Premium
Niclas Hagelin, Stockholm University
Martin Holmen, Uppsala University
John D Knopf, University of Connectiuct
Bengt Pramborg, Stockholm University

Discussant
Scott W Bauguess, Texas Tech University

Session Number: 136
Liquidity
Friday, October 14, 8:30 am - 10:00 am
Dusable

Chairperson
Tim Loughran, University of Notre Dame
Presentations
Commonality in Liquidity: Further Australian Evidence
Charly Sujoto , Monash University
Petko Stefanov Kalev, Monash University
Robert Faff , Monash University
Discussant
Dennis Lasser, Binghamton University
The Value of Visibility
John R Becker-Blease, Washington State University Vancouver
Donna L Paul, Washington State University
Discussant
Tim Loughran, University of Notre Dame
Institutional Participation and Stock Liquidity
Shuming Liu, University of Texas Austin
Discussant
Jennifer Marietta-Westberg, Michigan State University

Session Number: 137
Private Placements
Friday, October 14, 8:30 am - 10:00 am
Field

Chairperson
John Jahera, Auburn University
Presentations
The Long-Run Underperformance Following Private Placements of Equity: The Role of Growth Opportunities
De-Wai Chou , Yuan-Ze University
Michael Gombola, Drexel University
Feng-Ying Liu , Rider University
Discussant
Elizabeth Webb, Federal Reserve Bank Philadelphia
Liquidity Change around Seasoned Equity Offerings and Private Placements
Hong Qian, Pennsylvania State University
Discussant
J Holland Toles, Texas State University San Marcos
Long-run Stock Return and Operating Performance following Private Debt Placements
Sheng-Syan Chen, National Taiwan University
Robin K Chou, National Central University
Miaw-Jane Chen, Tamkang University
Discussant
Kevin Yost, Auburn University

Session Number: 138
Idiosyncratic Risk
Friday, October 14, 8:30 am - 10:00 am
McCormick

Chairperson
Timothy Simin, Penn State University
Presentations
Idiosyncratic Risk & Return Across S&P500 Stocks
Geoffrey Hirt , DePaul University
Gurupdesh Pandher, DePaul University
Discussant
Timothy Simin, Penn State University
Do Growth Options Explain the Trend in Idiosyncratic Risk?
Charles Cao, Penn State University
Timothy Simin, Penn State University
Jing Zhao, Penn State University
Discussant
James Weston, Rice University
Is Firm-specific Risk Diversifiable?
James Bennett, University of Southern Maine
Richard Sias, Washington State University
Discussant
Xiaoquan Jiang, University of Northern Iowa

Session Number: 139
Equity Offerings
Friday, October 14, 8:30 am - 10:00 am
Horner

Chairperson
Rand Martin , Bloomsburg University
Presentations
Inter-Tranche Allocation of ADR IPO Shares
Demissew Diro Ejara , William Paterson University
Chinmoy Ghosh, University of Connecticut
Discussant
Rand Martin , Bloomsburg University
Indirect Costs of Equity Issuance: Evidence from Serial Issues
Irena Hutton, Baruch College/CUNY
Discussant to be announced
Price Support in Taiwan IPO Stock Auctions
Ansing Chen, National Chung Cheng University
Mark T Leung, University of Texas at San Antonio
Gwohorng Liaw, Tunghai University
Shihti Yu, National Chung Hsing University

Discussant
Leyuan You, Florida International University

Session Number: 140
Accounting Restatements
Friday, October 14, 8:30 am - 10:00 am
Wrigley

Chairperson
Brian Adams, University of Portland
Presentations
Signals Sent by Financial Statement Restatements
Katsiaryna Salavei , University of Connecticut
Norman Moore, University of Connecticut
Discussant
Roy Song , University of Louisiana at Lafayette
Long-term Market Underreaction to Accounting Restatements
Mark Hirschey, University of Kansas
Zoe-Vonna Palmrose, University of Southern California
Susan Scholz, University of Kansas
Discussant
Heng An , University of Alabama
The Evidence of Long-Term Stock Performance - The Case of Earnings Restatement
Tsai-yen Chung, Yuan Ze University
Ling-chi Cheng, Yuan Ze University and National Cheng-Chi University
Discussant
William Chittenden, Texas State University

Session Number: 141
Cross-Section of Stock Returns
Friday, October 14, 8:30 am - 10:00 am
Water Tower

Chairperson
Karl Diether, The Ohio State University
Presentations
Is there a Global Liquidity Factor?
Christof W Stahel , George Mason University
Discussant
Krishnamurthy Subramanian, Emory University
A No-Arbitrage Approach to Pricing Stocks from Bonds
William C Johnson, Michigan State University
Discussant
Michal Pakos, Carnegie Mellon University
Financial Constraints, Debt Capacity, and the Cross Section of Stock Returns
Jaehoon Hahn, University of Washington
Hangyong Lee, Bank of Korea
Discussant
Lauren Cohen, Yale University

Session Number: 142
Baskets and Futures
Friday, October 14, 8:30 am - 10:00 am
Gold Coast

Chairperson
Kenneth Small, Loyola College Maryland
Presentations
Price Discovery in HOLDR Security Baskets and the Underlying Stocks
Thomas Henker , University of New South Wales
Martin Martens, Erasmus University
Discussant
Kenneth Small, Loyola College Maryland
Dealer Interaction and Price Discovery in Futures Markets
Tzuman Huang, The George Washington University
Peter Locke, The George Washington University
Discussant
Michael Pagano, Villanova University
Liquidity Provision and the Forecasting Ability of Large Futures Taders: Evidence from the Natural Gas Market
Michael Haigh, Commodities Futures Trading Commission
Jana Hranaiova, Public Company Accounting Oversight Board
James Overdahl, Commodities Futures Trading Commission
Discussant
Shawn Strother, East Carolina University

Session Number: 143
Behavioral Influences and Mutual Funds
Friday, October 14, 8:30 am - 10:00 am
Comiskey

Chairperson
Paul Irvine, University of Georgia
Presentations
The Impact of the Disposition Effect on the Performance of Mutual Funds
Gjergji Cici , Wharton Research Data Services
Discussant
Vikas Agarwal, Georgia State University
Does Mutual Fund Performance Vary with Investor Sentiment?
Jin Xu, University of Texas at Austin
Discussant
Mary Bange, University of South Carolina
Smart Money? Evidence from the Performance of Mutual Fund Investors
Dongmin Ke, University of Wisconsin-Milwaukee
Lilian K Ng, University of Wisconsin-Milwaukee
Qinghai Wang, University of Wisconsin-Milwaukee
Discussant
Danielle Xu, University of Arizona

Session Number: 144
Risk Management in Fixed Income Markets
Friday, October 14, 8:30 am - 10:00 am
Ogden

Chairperson
Janikan Supanvanij, St Cloud State University
Presentations
Application of Fourier Inversion Methods to Credit Portfolio Models with Integrated Interest Rate and Credit Spread Risk
Peter Grundke , University of Cologne
Discussant
Rosalind Bennett, FDIC
A Selective Forward Hedging Strategy - An Application of PPP and Forward Premium Anomaly in Managing Transaction Exposures
Mei Qiu, Massey University
John Pinfold, Massey University
Lawrence Rose, Massey University
Discussant to be announced
Asymmetric Information and the Automobile Loan Market
Sumit Agarwal, Bank of America
Brent W Ambrose, University of Kentucky
Souphala Chomsisengphet, OCC
Discussant
Erik Heitfield, Federal Reserve Board

Session Number: 145
Stock Index Futures
Friday, October 14, 8:30 am - 10:00 am
Wright

Chairperson
Christopher Jones, University of Southern California
Presentations
Liquidity and Evolution of Price Discovery in E-mini versus Regular Index Futures Markets
Aysegul Ates , CFTC
George HK Wang, CFTC
Discussant
Martin Young, Massey University
Index Arbitrage with the KOSPI 200 Futures
Jae Ha Lee, Sungkyunkwan University
Discussant
Lukasz Pomorski, University of Chicago
Trades, Basis, and Price Revisions in the S&P Depositary Receipts
Quentin C Chu, University of Memphis
Dan Zhou, St John Fisher College
Discussant
Christopher Jones, University of Southern California

Session Number: 146
Asymmetric Information
Friday, October 14, 8:30 am - 10:00 am
Addams

Chairperson
Marios A Panayides, University of Utah
Presentations
Measuring Opinion Divergence
Jon Garfinkel , University of Iowa
Discussant
Peter B Lerner, Syracuse University
Information Trading and Asymmetric Information Measure
Christopher Ting, Singapore Management University
Discussant
Alexei Egorov, West Virginia University
Quote Competition, Market Microstructure, and Information Asymmetry
Hsiao-Fen Yang, Louisiana State University
Discussant
Grigori Erenburg, Chapman University

Session Number: 147
I/O Topics in Banking
Friday, October 14, 8:30 am - 10:00 am
Columbian

Chairperson
Jamie McNutt, SIU Carbondale
Presentations
Advertising and Pricing at Multiple-Output Firms: Evidence from US Thrift Institutions
Robert DeYoung , Federal Reserve Bank of Chicago
Evren Ors, HEC School of Management, Paris
Discussant
George Pinteris, University of Illinois
The Effects of Geographic Diversification, Information Asymmetry and Distance on the Performance of Bank Holding Companies
Esther Saiying Deng, Temple University
Elyas Elyasiani, Temple University
Discussant
Aiwu Zhao, Kent State University
Optimal Bank Size from the Perspective of Systemic Risk
Randall L. McFadden, Université de Paris 1
Discussant
Ken B Cyree, University of Mississippi

Session Number: 148
In the Classroom 1
Friday, October 14, 8:30 am - 10:00 am
Picasso

Chairperson
Charles Appeadu, Georgia State University
Presentations
Conducting Performance Attribution Analysis in the Classroom using Real Market Data
Eric Girard , Siena College
Anthony Pondillo, Siena College
Richard Proctor , Siena College
Discussant
Patricia Clarke, Simmons College
Absent and Accounted For: Absenteeism and Cooperative Learning in Finance
GD Koppenhaver, Iowa State University
Discussant
Laura Beal, University of Nebraska Omaha
Lemons Market Applied to the Lending and Insurance Markets: A Class Experiment
Ann B Gillette, Kennesaw State University
Discussant
James Marchand, Mercer University

Session Number: 149
Internal Capital Markets
Friday, October 14, 8:30 am - 10:00 am
Haymarket

Chairperson
Rong Guo, Georgia State University
Presentations
Internal Capital Markets, Leverage, Firm Risk, and Corporate Diversification
Rong Guo, Georgia State University
Discussant
Marco Pagani, Georgia State University Impact of Joint Ventures on the Capital Allocation and Efficiency of Internal Investments in Partner Firms
Sudha Krishnaswami, University of New Orleans
Elisabeta Pana, Illinois Wesleyan University
Discussant
Elisa Muresan, Long Island University

Session Number: 150
Research and Performance
Friday, October 14, 8:30 am - 10:00 am
Buckingham

Chairperson
Sandeep Dahiya, Georgetown University
Presentations
Sector versus Country Specialization and Financial Analysts' Performance
Frederic Sonney , University of Neuchatel and FAME
Discussant
April Knill, Florida State University
Performance of Securities Investment Funds in China
Xiaoqing Eleanor Xu, Seton Hall University
Discussant
Qian Li, Georgia State University
Who Demand on the Brokerage House Recommendations?
Yi-Tsung Lee, National Chengchi University
Yu-Jane Liu, National Chengchi University
Vivian W Tai, National Chengchi University
Discussant
Elizabeth Webb, Federal Reserve Bank Philadelphia

Session Number: 151
Debt Markets
Friday, October 14, 10:15 am - 11:45 am
Regency Ballroom A

Chairperson
Thomas Moeller, Texas Tech University
Presentations
Moral Hazard and Collective Action Clauses in the Eurobond Market
Neil Esho , Australian Prudential Regulation Authority
Ian G Sharpe, Australian Prudential Regulation Authority and University of New South Wales
Nancy Tchou , University of New South Wales
Discussant
George Cashman, Arizona State University
On the Value of Restrictive Covenants: An Empirical Investigation of Public Bond Issues
Natalia Reisel, Southern Methodist University
Discussant
Shirley Birman, University of Texas Austin
The Agency Structure of Loan Syndicates
Pascal Francois, HEC Montreal
Franck Missonier-Piera, ESSEC Business School
Discussant
Thomas Moeller, Texas Tech University

Session Number: 152
Capital Structure: International Issues
Friday, October 14, 10:15 am - 11:45 am
Regency Ballroom B

Chairperson
Anna Danielova, McMaster University
Presentations
Have We Resolved Some Critical Issues Related To International Capital Structure? Empirical Evidence from the 30 OECD Countries
Joon-Young Song , The University of Findlay
George C Philippatos, University of Tennessee
Discussant
Andrew Roper, University of Wisconsin
Internal Capital Markets and Capital Structure Choices of US Multinationals' Affiliates
Raj Aggarwal, Kent State University
NyoNyo Aung Kyaw, Iona College
Discussant
Anna Danielova, McMaster University
The Capital Structure of Multinational Corporations: Canadian Evidence
Usha R Mittoo, University of Manitoba
Zhou Zhang, University of Manitoba
Discussant
Milos Vulanovic, CUNY

Session Number: 153
Corporate Governance and Privatizations
Friday, October 14, 10:15 am - 11:45 am
Regency Ballroom C

Chairperson
Ramesh Rao, Oklahoma State University
Presentations
Legal Systems, Ownership Concentration, and Corporate Governance at Sellier and Bellot
Tomas Jandik , University of Arkansas
Craig G Rennie, University of Arkansas
Discussant
Tod Perry, Indiana University
New Evidence on State Control and Corporate Performance in Russia
Lucy Chernykh, Bowling Green State University
Discussant
Vinod Venkatishwaran, Oklahoma State University
The Effects of Changes in Corporate Governance and Restructurings on Operating Performance: Evidence From Privatizations
Juliet D'Souza, Clayton College and State University
William L Megginson, University of Oklahoma
Robert C Nash, Wake Forest University
Discussant
Mike Stegemoller, Texas Tech University

Session Number: 158
Improvements in Testing Hypotheses about Corporate Payout Policy
Friday, October 14, 10:15 am - 11:45 am
San Francisco

Chairperson
Somnath Das, University of Illinois Chicago
Presentations
Tender Share Repurchases and Special Dividends: A Test of Free Cash Flow Theory
Chris Clifford , Arizona State University
Discussant
Erik Lie, University of Iowa
Testing the Dividend Signaling Hypothesis: Conditional Event Study versus Residual Analysis
Leonard L Lundstrum, North Carolina State University
Discussant
Roger Best, Central Missouri State University
The Discreteness Hypothesis of Ex-Dividend Pricing: Evidence from Real Estate Investment Trusts
David A Carter, Oklahoma State University
Jeff Whitworth, Oklahoma State University
Discussant
Kartono Liano, Mississippi State University

Session Number: 159
Ownership and Trading around Mergers
Friday, October 14, 10:15 am - 11:45 am
New Orleans

Chairperson
Janis K Zaima, San Jose State University
Presentations
Toeholds and Entrenchment
Jean M Canil , University of Adelaide
Discussant
Nikhil Varaiya, San Diego State University
Incentive Effects of Illiquid Stock and Option Holdings of Target and Acquirer CEOs
Jie Cai, University of Iowa
Anand M Vijh, University of Iowa
Discussant
Moon H Song, San Diego State University
What is the Form of Informed Trading in Options Markets Preceding Tender Offer Announcements?
Tom Arnold, University of Richmond
Gayle Erwin, University of Virginia
Lance Nail, University of Alabama at Birmingham
Terry D Nixon, Miami University

Discussant
Babatunde Odusami, University of New Orleans

Session Number: 160
Executive Compensation and Firm Performance
Friday, October 14, 10:15 am - 11:45 am
Burnham

Chairperson
Jeffrey Coles, Arizona State University
Presentations
The Impact of Executive Incentive Compensation Schemes on Corporate Performance for Chapter 11 Firms
Thomas Meyer , Southeastern Louisiana University
Fayez Elayan, Brock University
Discussant
Charu G Raheja, Vanderbilt University
You Get What You Pay For: How Employee Stock Options and Executive Equity Ownership Enhance Long Term IPO Performance
Kuntara Pukthuanthong, San Diego State University
Thomas Walker, Concordia University
Discussant
Jayanthi Sunder, Northwestern University
Existence and Size of Top Executive-specific Effects on Corporate Performance and Policy in Germany
Marcel Normann, European Business School
Dirk Schiereck, European Business School
Discussant
Tina Yang, University of Georgia

Session Number: 161
IPOs: International Evidence
Friday, October 14, 10:15 am - 11:45 am
Dusable

Chairperson
Daniel Dorn, Drexel University
Presentations
The Performance and Long-Run Characteristics of the Chinese IPO Market
Jing Chi , Massey University
Carol Padgett, The University of Reading
Discussant
Jacqueline Garner, Drexel University
IPO Pricing and the Relative Importance of Investor Sentiment - Evidence from Germany
Andreas Oehler, Bamberg University
Marco Rummer, Bamberg University
Peter N Smith, University of York (UK)
Discussant
Daniel Dorn, Drexel University
Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan
Yenshan Hsu, National Chengchi University
Chung-Wen Hung, Southern Taiwan Univ of Technology
Discussant
Re-Jin Guo, University of Illinois Chicago

Session Number: 162
The Role of Underwriters
Friday, October 14, 10:15 am - 11:45 am
Field

Chairperson
Laurie Krigman, Babson College
Presentations
Do Analysts Add Value for Newly Public Firms?
Daniel Bradley , Clemson University
Konan Chan, National Taiwan University
Joonghyuk Kim , Korea University
Ajai K Singh, Case Western Reserve University

Discussant
Laurie Krigman, Babson College
The Benefits of Investment Banker Directorships
Murali Jagannathan, Binghamton University
Srinivasan Krishnamurthy,
Discussant
Robert Kieschnick, University of Texas Dallas
The Role of Information in IPO underpricing: Implications from Refiling Behavior in IPO Pricing Process
Chuanli Sun, Queen's University
Lewis D Johnson, Queen's University
Discussant
Craig Stephenson, Babson College

Session Number: 163
Financial Econometric Tools
Friday, October 14, 10:15 am - 11:45 am
McCormick

Chairperson
Anchada Charoenrook, Vanderbilt University
Presentations
Conditioning Information and Variance Bound on Pricing Kernels Under Higher Moments: Theory and Evidence
Fousseni Chabi Yo , Bank of Canada
Discussant
Charlotte Hansen, Baruch College
Examining the Statistical Properties of Financial Ratios
Charlotte S Hansen, Baruch College/CUNY
Bjorn E Tuypens, Oak Hill Platinum Partners
Discussant
Lingjie Ma, PanAgora Asset Management
Return Forecasts and Optimal Portfolio Construction: A Quantile Regression Approach
Lingjie Ma, PanAgora Asset Management
Larry Pohlman, PanAgora Asset Management
Discussant
Fousseni Chabi-Yo, Bank of Canada

Session Number: 164
Momentum
Friday, October 14, 10:15 am - 11:45 am
Horner

Chairperson
Michael J Schill, University of Virginia
Presentations
Industry Momentum and Common Factors
Ding Du , California State University Bakersfield
Karen Denning, Fairleigh Dickinson University
Discussant
Christina Atanasova, University of York
The Sources of Momentum Profits: Evidence from the Volatility of Momentum Portfolios
Xuemin (Sterling) Yan, University of Missouri - Columbia
Discussant
Ding Du, Cal State Bakersfield
Risk Adjustment and Momentum Sources
Jun Wang, Rutgers University
Yangru Wu, Rutgers University
Discussant
Xuemin (Sterling) Yan, University of Missouri Columbia

Session Number: 165
Corporate Debt Maturity
Friday, October 14, 10:15 am - 11:45 am
Wrigley

Chairperson
Xiaoqing Eleanor Xu, Seton Hall University
Presentations
The Duration of Incremental Corporate Debt Issues
Michael J Highfield , Louisiana Tech University
Kenneth D Roskelley, Louisiana Tech Univerity
Fang (Jenny) Zhao , Louisiana Tech University
Discussant
Scott Beyer, University of Wisconsin Oshkosh
Can Managers Successfully Time the Maturity Structure of Their Debt Issues?
Alexander W Butler, University of Texas at Dallas
Gustavo Grullon, Rice University
James P Weston, Rice University
Discussant
Sris Chatterjee, Fordham University
Determinants of Corporate Debt Maturity in Latin America
Paulo RS Terra, UNISINOS University of Sinos
Discussant
John Ammer, Federal Reserve Board

Session Number: 166
ADRs
Friday, October 14, 10:15 am - 11:45 am
Water Tower

Chairperson
Amar Gande, Vanderbilt University
Presentations
The Dynamic Relationship between ADR Returns, Interest Rates, Exchange Rates, and their Spillover Effects
Priti Verma , Texas A&M University Kingsville
Dave Jackson, University of Texas Pan American
Judith Swisher , Western Michigan University
Discussant
Dong Wook Lee, University of Kentucky
The Impact of Terrorism on ADR Valuation
Akash Dania, University of Texas Pan American
Dave Jackson, University of Texas Pan American
Discussant
Amar Gande, Vanderbilt University
ADR Mispricing: Do Costly Arbitrage and Consumer Sentiment Explain the Price Deviation?
Axel Grossmann, University of Texas Pan American
Teofilo Ozuna, University of Texas Pan American
Marc Simpson, University of Texas Pan Americ
Discussant
Andrey D Ukhov, Indiana University

Session Number: 167
Mutual Fund Flows and Performance
Friday, October 14, 10:15 am - 11:45 am
Gold Coast

Chairperson
Gautam Vora, University of New Mexico
Presentations
International Mutual Fund Flows
Dilip K Patro , Rutgers University
Discussant
Norris Larrymore, Quinnipiac University
Mutual Fund Growth in Standard and Specialist Market Segments
Stefan Ruenzi, University of Cologne & Centre for Financial Research
Discussant
Susan Elkinawy, Loyola Marymount University
Participation Costs and the Sensitivity of Fund Flows to Past Performance
Jennifer Huang, University of Texas Austin
Kelsey D Wei, Binghamton University
Hong Yan, University of Texas Austin
Discussant
Mila Getmansky Sherman, University of Mass Amherst

Session Number: 168
Tournaments and Mutual Fund Performance
Friday, October 14, 10:15 am - 11:45 am
Comiskey

Chairperson
Vikas Agarwal, Georgia State University
Presentations
Implied Measures of Relative Fund Performance
Mitch Warachka , Singapore Management University
Steve Hogan, Credit Suisse First Boston
Discussant
Zekeriya Eser, University of Kentucky
A Dynamic Model of Active Portfolio Management and Mutual Fund Performance Evaluation
Yonggan Zhao, Nanyang Technological University
Discussant
Mitch Warachka, Singapore Management University
Tournament Incentives and Return Predictability in Mutual Funds
Zekeriya Eser, University of Kentucky
Discussant
Mila Getmansky Sherman, University of Mass Amherst

Session Number: 169
Corporate Hedging Strategy
Friday, October 14, 10:15 am - 11:45 am
Ogden

Chairperson
Jung Chul Park , University of South Florida
Presentations
Corporate Hedging Policy and Equity Mispricing
J Barry Lin , University of South Florida - Sarasota
Christos Pantzalis, University of South Florida
Jung Chul Park , University of South Florida
Discussant
Rozalia Pal, European University Viadrina
The Determinants of the Corporate Hedging Decision: An Empirical Analysis
Merlyn Foo, Athabasca University
Wayne Yu, Hong Kong Polytechnic University
Discussant
Jung Chul Park, University of South Florida
The Operational Hedging Strategies of US High Tech Firms
Kimberly C Gleason, Florida Atlantic University
Young Sang Kim, Northern Kentucky University
Ike Mathur, Southern Illinois University
Discussant
Leonardo Nogueira, University of Reading

Session Number: 170
Futures Prices
Friday, October 14, 10:15 am - 11:45 am
Wright

Chairperson
Kashi Nath Tiwari, KNT's Academic Financial Research
Presentations
Conditional Means, Volatilities, and Correlations in Commodity Futures Markets
James Chong , California State University Northridge
Joelle Miffre, Cass Business School, City University
Discussant
Ozzy Akay, Texas Tech University
What Puts Convenience in Convenience Yields?
Bahram Adrangi, University of Portland
Arjun Chatrath, University of Portland
Rohan Christie-David, University of Louisville
William Moore, University of South Carolina

Discussant
Kashi Nath Tiwari, KNT's Academic Financial Research
Hedging Pressure, Delivery Risk, and Risk Premiums in Futures Market: Empirical Evidence 1991-2004
Joseph Kang, Nanyang Tech University
Charnwut Roongsangmanoon, MFC Asset Management PLC
Discussant
Grigori Erenburg, Chapman University

Session Number: 171
Theory of Informed Trading
Friday, October 14, 10:15 am - 11:45 am
Addams

Chairperson
Debra Skaradzinki, Siena College
Presentations
Imperfect Competition and Market Liquidity with a Supply Informed Trader
Ariadna Dumitrescu , ESADE Business School
Discussant
Arzu Ozoguz, Queen's University
Informed Trading, Return Synchronicity and Equilibrium Asset Pricing
Arzu Ozoguz, Queen's University
Discussant
Shawn Strother, East Carolina University
Market Making with Inventory Uncertainty and Information Asymmetry
Stewart D Hodges, University of Warwick
Hao Lin, University of Wisconsin-Madison and University of Warwick
Discussant
Wei Zhang, SUNY Fredonia

Session Number: 172
Stock Market Volatility
Friday, October 14, 10:15 am - 11:45 am
Columbian

Chairperson
David Dubofsky, Virginia Commonwealth University
Presentations
Does Hong Kong Government Intervention Stabilize the Stock Market? Analysis of Trading Volume and Volatility
Yuli Su , San Francisco State University
Yewmun Yip, University of South Dakota
Discussant
Jie Wei, University of Cincinnati
Emerging Stock Market Volatility: Common Trends Over Time
Ninon Kohers Sutton, University of South Florida
Theodor Kohers, Mississippi State University
Gerald Kohers, Sam Houston State University
Discussant
O Miguel Villanueva, University of Wyoming
Information Transmission between Eurocurrency and Domestic Interest Rates: Evidence from the UK
Jian Yang, Prairie View A&M University
Discussant
Joel Harper, Oklahoma State University

Session Number: 173
In the Classroom 2
Friday, October 14, 10:15 am - 11:45 am
Picasso

Chairperson
Ernest Biktimirov , Brock University
Presentations
A Ranking of Teaching Quality in Finance Departments based on Contributions in Financial Education Literature
Kam C Chan , Western Kentucky University
Samanta B Thapa, Western Kentucky University
Discussant
Ernest Biktimirov ,Brock University
Finance and Accounting Education: Integration and Textbook Choices
Peter Went, Bucknell University
Michael P Coyne, Bucknell University
Discussant
The Finance Curriculum in the New Millennium: A Comprehensive Survey
Thomas Root, Drake University
John Rozycki, Drake University
Jimmy Senteza, Drake University
Inchul Suh, Drake University

Discussant
William Trainor , Western Kentucky University

Session Number: 174
Cash Flows and Investment Internationally
Friday, October 14, 10:15 am - 11:45 am
Haymarket

Chairperson
Timo Korkeamaki, Gonzaga University
Presentations
Allocating Marginal Cash Flow: Investment, Financing, and Distribution Decision Sensitivities
Todd Pulvino , Northwestern University
Vefa Tarhan, Loyola University Chicago
Discussant
Tim Michael, University of Houston Clear Lake
Financial Development and the Cash Flow Sensitivity of Cash
Inder K Khurana, University of Missouri Columbia
Raynolde Pereira, University of Missouri Columbia
Xiumin X Martin, University of Missouri Columbia
Discussant
Collin Pillay, St Michael's College
Corporate Liquidity and Monetary Union
Naiwei Chen, Texas A&M University
Arvind Mahajan, Texas A&M University
Discussant
Kent Hickman, Gonzaga University

Session Number: 175
Price and Volume Dynamics
Friday, October 14, 10:15 am - 11:45 am
Buckingham

Chairperson
Martin Young, Massey University
Presentations
Short-horizon Price Pattern of Thin and Thick Trading Stocks in Seven Pacific-Basin Capital Markets
Udomsak Wongchoti , Massey University
Thomas McInish, University of Memphis
David Ding , Nanyang Technological University
Chong Soo Pyun, University of Memphis

Discussant
Ted Bos, University of Alabama Birmingham
The Dynamic Volume-return Relationship among Cross-listed Shares
Louis Gagnon, Queen's University
G Andrew Karolyi, The Ohio State University
Discussant
Crystal X Chen, University of Hawaii Manoa
The Dynamics of International Information Flow: Evidence from Daily Data on Country Funds
J Christopher Hughen, Bowling Green State University
Prem G Mathew, Oregon State University
Discussant
To Be Announced

Session Number: 176
Agency and Information
Friday, October 14, 2:00 pm - 3:30 pm
Regency Ballroom A

Chairperson
Vladimir Gatchev, Tulane University
Presentations
The Cost of Equity Capital in the Defense Industry: Managerial Incentives and the Economic Impact of Mandatory Debt Accounting
Maureen G Butler , Sam M. Walton College of Business-University of Arkansas-Fayetteville
Carolyn M Callahan, Business-University of Arkansas-Fayetteville
Valaria P. Vendrzyk , E. C. Robins School of Business-University of Richmond
Discussant
Ping He, University of Illinois Chicago
Soft Information, Hard Sell: The Role of Soft Information in the Pricing of Intellectual Property- Evidence from Screenplay Sales.
S Abraham Ravid, Rutgers University
William N Goetzmann, Yale School of Management
Vicente Pons, Yale School of Management
Discussant
Anton Miglo, University of Guelph
Managing Going-concern Disclosures: Impact of Corporate Governance and Auditor Reputation
Sudi Sudarsanam, Cranfield University
Richard Taffler, Cranfield University
David Citron, Cass Business School, City University
Jinn Yang-Huang, National Defense University

Discussant
Qiang Liu, University of Mississippi

Session Number: 177
Capital Structure Changes
Friday, October 14, 2:00 pm - 3:30 pm
Regency Ballroom B

Chairperson
Darren Kisgen, Boston College
Presentations
Profitability, Mean Reversion of Leverage Ratios and Capital Structure Choices
Long Chen , Michigan State University
Xinlei Zhao, Kent State University
Discussant
Ali Nejadmalayeri, University of Nevada Reno
The Decision to Repurchase Debt
Timothy Kruse, University of Arkansas
Tom Nohel, Loyola University Chicago
Steven K Todd, Loyola University Chicago
Discussant
Timo Korkeamaki, Gonzaga University
Target Leverage and the Costs of Issuing Seasoned Equity
Evgeny Lyandres, Rice University
Discussant
Dalia Marciukaityte, Louisiana Tech

Session Number: 178
Cross-country Studies of Corporate Governance, Firm Value, and Financial Reporting Choices
Friday, October 14, 2:00 pm - 3:30 pm
Regency Ballroom C

Chairperson
James B Kehr, Miami University
Presentations
The Influence of Country and Firm Specific Factors on Financial Reporting Choices: A Governance Perspective
Inder Khurana , University of Missouri Columbia
Raynolde Pereira, University of Missouri Columbia
Xiumin Xu Martin , University of Missouri Columbia
Discussant
James B Kehr, Miami University
When Financial Institutions are Large Shareholders - The Role of Macro Corporate Governance Environments
Donghui Li, University of New South Wales
Fariborz Moshirian, University of New South Wales
Peter Kien Pham, University of New South Wales
Jason Zein, University of New South Wales

Discussant
Claire Crutchley, Auburn University
The Effects of Firm- and Country-level Governance Mechanisms on Dividend Policy, Cash Holdings, and Firm Value: A Cross-Country Study
Rongrong Zhang, Univ of Tennessee
Discussant
Chuck Chahyadi, University of Oklahoma

Session Number: 183
Law, Performance, and Economic Development
Friday, October 14, 2:00 pm - 3:30 pm
San Francisco

Chairperson
John Knopf, University of Connecticut
Presentations
Characteristics and Performance of Newly Listed Firms: The International Evidence
Stephen P Ferris , University of Missouri at Columbia
Narayanan Jayaraman, Georgia Institute of Technology
Sanjiv Sabherwal , University of Texas Arlington
Discussant
Lee M Dunham, University of New Orleans
Law and Corporate Boards: Evidence from Europe
Kenneth A. Kim, State University of New York at Buffalo
Pattanaporn Kitsabunnarat, Texas A&M International University
John R Nofsinger, Washington State University
Discussant
Brett Olsen, University of Missouri Columbia
Equity Share Determination in Foreign Direct Investments of Developing Countries: The Case of Korean FDIs
Sung C Bae, Bowling Green State University
Kyungwon Ju, Yosu National University
Kyoo H Kim, Bowling Green State University
Taek Ho Kwon, Yosu National University

Discussant
Nont Dhiensiri, Massey University

Session Number: 184
Bidder Behavior
Friday, October 14, 2:00 pm - 3:30 pm
New Orleans

Chairperson
Audra Boone, University of Kansas
Presentations
Acquisitions and Bidders' Liquidity: Evidence from Successful and Unsuccessful Takeovers
Huihua Li , Louisiana State University
Discussant
Mengxin Zhao, Bentley College
Investment Policy Around Stock for Stock Mergers
Elizabeta Pana, Illinois Wesleyan University
Adel Bino, University of New Orleans
Discussant
John Becker-Blease, Washington State University Vancouver
Market Timing in M&As: Investor Sentiment or Asymmetric Information?
An Yan, Fordham University
Discussant
Christa Bouwman, Case Western Reserve University

Session Number: 185
Insider Trading
Friday, October 14, 2:00 pm - 3:30 pm
Burnham

Chairperson
Pamela Peterson-Drake, Florida Atlantic University
Presentations
Does Overvaluation Lead to Bad Mergers?
Weihong Song , Boston College
Discussant
Julia Kwok, University of Wisconsin Superior
Market Misvaluation and Merger Activity: Evidence from Managerial Insider Trading
Mehmet Engin Akbulut, University of Southern California
Discussant
Ayca Altintig, Chapman University
Executive Stock Option Exercise, Insider Trading, and Abnormal Stock Returns
Brandon Cline, University of Alabama
Robert Brooks, University of Alabama
Don Chance, Louisiana State University
Discussant
Jing Zhao, Penn State University

Session Number: 186
Bad Consequences of IPOs
Friday, October 14, 2:00 pm - 3:30 pm
Dusable

Chairperson
Donghang Zhang, University of South Carolina
Presentations
Deciphering the Motives for Exchangeable Debt Offerings
Anna N Danielova , McMaster University
Scott B Smart, Indiana University
John Boquist , Indiana University
Discussant
Chris Clifford, Arizona State University
Earnings Management and Delisting Risk: The Case of IPO Firms
Jian Zhou, Binghamton University
Lu Zhang, University of Rochester
Jinliang Li, Northeastern University
Discussant
John Banko, Northern Illinois University
Self-Selection in Decision to Withdraw IPOs
Re-Jin Guo, University of Illinois Chicago & Peking University
Rong Chen, University of Illinois Chicago
Ming Lin, University of Illinois Chicago & Peking University
Discussant
Brian Adams, University of Portland

Session Number: 187
Underwriters and IPOs
Friday, October 14, 2:00 pm - 3:30 pm
Field

Chairperson
Beverly B Marshall, Auburn University
Presentations
Investment Bank Compensation and IPO Pricing
Alexander W Butler , University of Texas Dallas
Hong Wan, University of South Florida
Discussant
Jacqueline Garner, Drexel University
Biotech IPO Valuation: R&D, Human Capital Quality, and Underwriter Education
Kuntara Pukthuanthong, San Diego State University
Discussant
Carmen Cotei, University of Hartford
Do Firms Choose to Minimize IPO Underpricing through their Choice of Underwriters?
James R Booth, Arizona State University
Lena Chua Booth, Thunderbird, The Garvin School of International Management
Daniel Deli, Arizona State University
Discussant
Steven D Dolvin, Butler University

Session Number: 188
Risk and Stock Returns
Friday, October 14, 2:00 pm - 3:30 pm
McCormick

Chairperson
Michael Schill, University of Virginia
Presentations
Default Risk and Equity Return: Macro Effect or Micro Noise?
Zhi Da , Northwestern University
Paul Gao, Northwestern University
Discussant
Michael Schill, University of Virginia
Stock and Bond Pricing with Liquidity Risk
Ruslan Goyenko, Indiana University
Discussant
Christopher Stivers, University of Georgia
IPO Vintage and the Rise of Idiosyncratic Risk
Jason D Fink, James Madison University
Kristin E Fink, James Madison University
Gustavo Grullon, Rice University
James P Weston, Rice University

Discussant
Sandra Mortal, University of Missouri

Session Number: 189
Institutional Investor Trading
Friday, October 14, 2:00 pm - 3:30 pm
Horner

Chairperson
Laura Veldkamp, New York University
Presentations
Institutional Investment Constraints and Market Efficiency
Bing Han , The Ohio State University
Qinghai Wang, University of Wisconsin-Milwaukee
Discussant
Andy Puckett, University of Georgia
Does Institutional Investor's Net Buy Information Provide Short-term Profitable Opportunities in the Taiwan Stock Markets?
Chaoshin Chiao, National Ding Hwa University
Suresh C Srivastava, University of Alaska Anchorage
Ken Hung, National Ding Hwa University
Discussant
Qinghai Wang, University of Wisconsin Milwaukee
Volitile Markets and Institutional Trading
Marc Lipson, University of Virginia
Andy Puckett, University of Georgia
Discussant
Rina Ray, Indiana University

Session Number: 190
Idiosyncratic Volatility 1
Friday, October 14, 2:00 pm - 3:30 pm
Wrigley

Chairperson
Wei Pierre Wang, Queen's University
Presentations
Price Momentum and Idiosyncratic Volatility
Matteo P Arena , University of Missouri Columbia
K Stephen Haggard, University of Missouri Columbia
Xuemin (Sterling) Yan , University of Missouri Columbia
Discussant
Bonnie VanNess, University of Mississippi
Aggregate Idiosyncratic Volatility in G7 Countries
Hui Guo, Federal Reserve Bank of St Louis
Robert Savickas, George Washington University
Discussant
Kemal Saatcioglu, Koc University
On the Dynamic Relation between Returns and Idiosyncratic Volatility
Xiaoquan Jiang, University of Northern Iowa
Bong-Soo Lee, University of Houston
Discussant
Octavian Ionici, Loyola College

Session Number: 191
Analysts
Friday, October 14, 2:00 pm - 3:30 pm
Water Tower

Chairperson
J Ronald Hoffmeister, Arizona State University

Presentations
Determinants of Market Reactions to Analyst Recommendations

Nont Dhiensiri , Massey University
Gershon N Mandelker, University of Pittsburgh
Akin Sayrak , University of Pittsburgh
Discussant
Darshana Palkar, University of North Texas
Analysts' Divergent Behavior in Earnings Forecasts
Derann Hsu, University of Wisconsin - Milwaukee
Michael (Cheng-Huei) Chiao, University of Wisconsin - Milwaukee
Discussant
Jane Zhao, University of Arizona
Do Security Analysts Neglect Recovering Stock?
Hsiou-wei William Lin, National Taiwan University
Ruei-Shian Wu, National Taiwan University
Discussant
Darshana Palkar, University of North Texas

Session Number: 192
Investing in International Markets
Friday, October 14, 2:00 pm - 3:30 pm
Gold Coast

Chairperson
Saurav Roychoudhury, West Virginia University
Presentations
International Diversification with American Depository Receipts (ADRs)
M Humayun Kabir , Massey Uiversity
Neal Maroney, University of New Orleans
M Kabir Hassan , University of New Orleans & Drexel University
Discussant
Saurav Roychoudhury, West Virginia University
Have European Stocks become more Volatile?
Colm Kearney, Trinity College Dublin
Valerio Poti, Dublin City University Business School
Discussant
Ou Hu, Youngstown State University
Common and Country-specific Components in National Stock Prices
Ou Hu, Youngstown State University
Discussant
Dayong Huang, Gustavus Adolphus College

Session Number: 193
Liquidity and Volatility
Friday, October 14, 2:00 pm - 3:30 pm
Comiskey

Chairperson
Thomas Henker, University of New South Wales
Presentations
The Cross-Section of Expected Trading Activity
Tarun Chordia , Emory University
Sahn-Wook Huh, Brock University
Avanidhar Subrahmanyam , UCLA
Discussant
Paul J Seguin, University of Minnesota
Is Private Information a Necessary Condition for the U-Shaped Intraday Volatility Pattern? A Study of On-the-run Treasury Bills
Michael P Hughes, Francis Marion University
Stanley D Smith, University of Central Florida
Drew B Winters, Texas Tech University
Discussant
Kenneth Small, Loyola College Maryland
Cross-Industry Differences in Liquidity: Evidence from an Examination of New Issues
Karyn L Neuhauser, George Washington University
David Michayluk, University of Rhode Island
Discussant
Alex Kurov, West Virginia University

Session Number: 194
Risk Management: Managerial Issues
Friday, October 14, 2:00 pm - 3:30 pm
Ogden

Chairperson
Madhu Kalimipalli , Wilfrid Laurier University
Presentations
Managerial Career Concerns and Risk Management
Jouahn Nam , Pace University
Jun Wang, Baruch College
Ge Zhang , University of New Orleans
Discussant
Ranjini Sivakumar , University of Waterloo
Managerial Entrenchment, Corporate Hedging, and Firm Value
Ayla Kayhan, Louisiana State University
Discussant
Madhu Kalimipalli, Wilfrid Laurier University
The Value of Risk Management
Marcel Boyer, Université de Montréal
M Martin Boyer, HEC Montréal
René Garcia, Université de Montréal
Discussant
Subhankar Nayak , Wilfrid Laurier University

Session Number: 195
Option Pricing: Applications 2
Friday, October 14, 2:00 pm - 3:30 pm
Wright

Chairperson
Anand Goel , DePaul University
Presentations
Extending the Black-Scholes-Merton Model to Value Employee Stock Options
John D Finnerty , Fordham University
Discussant

SingRu Hoe, University of Texas Arlington

Pricing and Hedging Forward-starting Quanto Asian Options

Chuang-Chang Chang, National Central University
Tzu-Hsiang Liao, National Central University
Chueh-Yung Tsao, Chang Gung University
Discussant
John Finnerty , Fordham University
A Contingent Claims Approach to Valuing Licensing Agreements
SingRu Hoe, University of Texas Arlington
J David Diltz, University of Texas Arlington
Discussant to be announced

Session Number: 196
ECNs
Friday, October 14, 2:00 pm - 3:30 pm
Addams

Chairperson
Frank Hatheway, Nasdaq
Presentations
Archipelago's Move Towards Exchange Status: An Analysis of Archipelago Trading NYSE and NASDAQ Stocks
Van T Nguyen , University of Mississippi
Bonnie F Van Ness, University of Mississippi
Robert A Van Ness , University of Mississippi
Discussant
Lei Yu, University of Notre Dame
Order Splitting and Order Aggressiveness in Electronic Trading
Mike Aitken, University of New South Wales
Niall Almeida, Deutsche Bank AG
Frederick H deB Harris, Wake Forest University
Thomas H McInish, University of Memphis

Discussant
Shane Corwin, University of Notre Dame
The Sound of Silence
Jeffrey H Harris, University of Delaware
Mohsen Saad, American University of Sharjah
Discussant
Pamela Moulton, New York Stock Exchange

Session Number: 197
Liberalization and Privatization
Friday, October 14, 2:00 pm - 3:30 pm
Columbian

Chairperson
Milos Vulanovic, CUNY
Presentations
Bank Privatizations and Performance Convergence
Sungho Choi , Rensselaer Polytechnic Institue
Discussant
Sotiris K Staikouras, Cass Business School
Governance Change in Stock Exchanges
Sonali Hazarika, Baruch College, CUNY
Discussant
Bang Nguyen Dang, HEC Paris

Firm-specific Characteristics and Stock Market Liberalization
Shen-Syan Chen, National Taiwan University
Robin K Chou, National Central University
Shu-Fen Chou, Lunghwa University of Science and Technology
Discussant
Woojin Kim, University of Illinois Urbana Champaign

Session Number: 198
Investor Behavior 2
Friday, October 14, 2:00 pm - 3:30 pm
Picasso

Chairperson
Elisa Muresan, Long Island University
Presentations
The Effect of Investor Category Trading Imbalances on Stock Returns
Julia Henker , University of New South Wales
Discussant
Elisa Muresan, Long Island University
The Role of Brokers and Financial Advisors behind Investments into Load Funds
Xinge Zhao, China Europe International Business School (CEIBS)
Discussant
Xiaoli Wang, Rutgers University
The Dynamics of Overconfidence: Evidence from Stock Market Forecasters
Richard Deaves, McMaster University & Centre for European Economic Research
Erik Luders, Universite Laval & Centre for European Economic Research
Michael Schroder, Centre for European Economic Research
Discussant
Rawley Thomas, LifeCycle Returns, Inc

Session Number: 199
Investment Decision-Making in Corporate Finance
Friday, October 14, 2:00 pm - 3:30 pm
Haymarket

Chairperson
Debarshi Nandy, York University
Presentations
Cross Holding, Investment, and Product Market Relationships
Matthew J Clayton , Rutgers Business School - Newark and New Brunswick
Bjorn N Jorgensen, Columbia University
Discussant to be announced
Integration and Corporate Investment: Empirical Evidence on Rigid Capital Budgets
Oguzhan Ozbas, University of Southern California
Zekiye Ayse Selvili, California State University Fullerton
Discussant
Qi Sun , University of Wisconsin Milwaukee
Valuing Investment Projects with Expansion Options
Richard J Kish, Lehigh University
Wenlong Weng, Lehigh University
Discussant to be announced

Session Number: 200
International Markets
Friday, October 14, 2:00 pm - 3:30 pm
Buckingham

Chairperson
Andrey Ukhov, Indiana University
Presentations
The Impacts of Involuntary Foreign Delistings: An Empirical Analysis
Shinhua Liu , Texas A&M International University
Discussant
Dave Jackson, University of Texas Pan American
The Euro and European Financial Market Integration
Soehnke M Bartram, Lancaster University
Stephen J Taylor, Lancaster University
Yaw-huei (Jeffrey) Wang, National Central University
Discussant
Soumendra De, University of Evansville
Welfare Effects and the Optimality of Partial Liberalization: A New Theory of the ``Iron Curtain.''
Charles A Trzcinka, Indiana University
Andrey D Ukhov, Indiana University
Discussant
Ines Chaieb, McGill University

Session Number: 201
Insurance Companies
Friday, October 14, 3:45 pm - 5:15 pm
Regency Ballroom A

Chairperson
Martin Boyer, HEC Montreal
Presentations
Is there a Crisis in Healthcare Professional Liability Insurance?
Faith Neale , UNC Charlotte
Kevin Eastman, Florida State University
Pamela Peterson-Drake , Florida Atlantic University
Discussant
Puneet Prakash, Georgia State University
Evaluating Liquidation Strategies for Insurance Companies
Thomas Berry-Stölzle, University of Cologne
Discussant
Jeffrey Colpitts, University of British Columbia
What Drives Life Insurer Demutualizations?
Otgontsetseg Erhemjamts, Georgia State University
Richard D Phillips, Georgia State University
Discussant
Sotiris K Staikouras, City University

Session Number: 202
Capital Structure: Ratings and Legal Liability
Friday, October 14, 3:45 pm - 5:15 pm
Regency Ballroom B

Chairperson
S Abraham Ravid, Rutgers University
Presentations
Credit Rating and the Use of Private Debt
Yang Liu , California Polytechnic State University
Discussant
Natalia Reisel, Southern Methodist University
Tort Liability and Capital Structure
Jeffrey C. Colpitts, University of British Columbia
Discussant
Sudheer Chava, University of Houston
Do Firms Target Credit Ratings or Leverage Levels?
Darren J Kisgen, Boston College
Discussant
James Weston, Rice University

Session Number: 203
Antitakeover Defenses and Share Structure at the IPO and Beyond
Friday, October 14, 3:45 pm - 5:15 pm
Regency Ballroom C

Chairperson
Kathleen Hanley, US SEC
Presentations
Dual-Class IPOs, Share Recapitalizations, and Unifications: A Theoretical Analysis
Thomas J Chemmanur , Boston College
Yawen Jiao, Boston College
Discussant
Robert Kieschnick, University of Texas Dallas
Antitakeover Provisions in IPOs: A Growth Option Perspective
Robert Kieschnick, University of Texas at Dallas
Rabih Moussawi, University of Texas at Dallas
Rathil Radhakrishnan, University of Texas at Dallas
Discussant
Kathleen Hanley, US SEC
Shareholder Rights and Shareholder Rights Plans: Poison, Placebo, or Prescription?
Gary L Caton, Washington State University
Jeremy Goh, Singapore Management University
Discussant
Julia Kwok, University of Wisconsin Superior

Session Number: 208
Restructuring
Friday, October 14, 3:45 pm - 5:15 pm
San Francisco

Chairperson
Ruediger Fahlenbrach, The Ohio State University
Presentations
Evolution of Ownership Structure of Corporate Spin-offs
Sukesh Patro , University of Pittsburgh
Discussant
Leonardo Madureira, Case Western Reserve University
The Impact of Mergers on Board Structure - Evidence From the Banking Industry
Kenneth Lehn, University of Pittsburgh
Gershon Mandelker, University of Pittsburgh
Sukesh Patro, University of Pittsburgh
Discussant
Henrik Cronqvist, The Ohio State University
Stranded Cost Recovery in Forced Electricity Divestitures
Kenneth Roskelley, Louisiana Tech University
Hua Wang, Louisiana Tech University
Hilde Patron, Louisiana Tech University
Discussant
Sukesh Patro, University of Pittsburgh

Session Number: 209
Dividends and Taxation
Friday, October 14, 3:45 pm - 5:15 pm
New Orleans

Chairperson
Melissa Williams, University of Houston Clear Lake
Presentations
Dividend Tax Cut and Security Prices: The Case of the Jobs and Growth Tax Relief Reconciliation Act of 2003
Christopher Gadarowski , Rowan University
Gulser Meric, Rowan University
Ilhan Meric , Rider University
Carol Welsh, Rowan University

Discussant
Ross Dickens, University of South Alabama
Ex-Dividend Returns: The Mexican Puzzle
Palani-Rajan Kadapakkam, University of Texas San Antonio
Valeria Martinez, University of Texas San Antonio
Discussant
Zekiye Selvili, Cal State Fullerton
Trading Clienteles, Tax Attributes, and Ex-Dividend Returns
Oliver Zhen Li, University of Notre Dame
Discussant
Lina Zaghioul, University of North Texas

Session Number: 210
Gains from Mergers
Friday, October 14, 3:45 pm - 5:15 pm
Burnham

Chairperson
Jon Garfinkel, University of Iowa
Presentations
Value of Fairness Opinions in US Mergers and Acquisitions, 1980-2002
Helen M Bowers , University of Delaware
William R Latham III, University of Delaware
Discussant
Jie Cai, University of Iowa
Are there Synergy Gains in Mergers?
Erik Devos, Ohio University
Srinivasan Krishnamurthy, Binghamton University
Palani-Rajan Kadapakkam, University of Texas San Antonio
Discussant
Jon Garfinkel, University of Iowa
Informational Releases in Diversifying Takeovers
Husayn Shahrur, Bentley College
Anand Venkateswaran, Northeastern University
Discussant
Amy Ho, University of South Florida

Session Number: 211
Offering Structure
Friday, October 14, 3:45 pm - 5:15 pm
Dusable

Chairperson
Yun (Ellen) Zhu, Oakland University
Presentations
Unallocated Shelf Registration: Why Doesn't Everybody Use It?
Jennifer Bethel , Babson College
Laurie Krigman, Babson College
Discussant
Bobby Lamy, Wake Forest University
Why do Companies Include Warrants in SEOs: The Case of French Unit Offerings
Jean-François Gajewski, University of Paris Val-de-Marne
Edith Ginglinger, University of Paris-Dauphine
Meziane Lasfer, City University
Discussant
Beverly Marshall, Auburn University
To Attach or not to Attach : The Use of Warrants in Equity Capital Raising
Jo-Ann Suchard, University of New South Wales
Matthew Nicholas, University of New South Wales
Discussant
Soku Byoun, Baylor University

Session Number: 212
Analysts and IPOs
Friday, October 14, 3:45 pm - 5:15 pm
Field

Chairperson
Sung Bae, Bowling Green State University
Presentations
Does Co-managing All-star Analysts Influence IPO Pricing?
Daniel Bradley , Clemson University
Discussant
Brian Adams, University of Portland
Analysts, Insiders, and Institutional Investors and Firm-Specific Return Variation: Evidence from IPO Companies
Sungho Choi, Rensselaer Polytechnic Institute
Bill B Francis, Rensselaer Polytechnic Institute
Iftekhar Hasan, Rensselaer Polytechnic Institute
Discussant
Nayeem Mano, Texas Tech University
Do IPO Analysts Issue Unfavorable Recommendations on Non-IPO Firms?
Simona Mola, Purdue University
Discussant
Norris Larrymore, Quinnipiac University

Session Number: 213
Volatility
Friday, October 14, 3:45 pm - 5:15 pm
McCormick

Chairperson
Xavier Garza Gomez, University of Houston Victoria
Presentations
Dynamic Volume-Volatility Relation
Hanfeng Wang , University of Hong Kong
Discussant
Ilhan Demiralp, Texas Tech University
An Empirical Application of Using Extreme Value Theory to Measure Stock Market Returns
Therese Pactwa, St John's University
Arun J Prakash, Florida International University
Discussant
Ryuichi Yamamoto, Brandeis University
Project Selection and Stochastic Volatility of Asset Prices
Padma Kadiyala, Pace University
Shashidhar Murthy, Rutger University, Camden
PV Viswanath, Pace University
Discussant
Udomsak Wongchoti, Massey University

Session Number: 214
Market Returns
Friday, October 14, 3:45 pm - 5:15 pm
Horner

Chairperson
Gordon Karels, University of Nebraska
Presentations
Relationship between Price-Earnings Ratio and Stock Values-Evidence from World Markets
Vivek Bhargava , Alcorn State University
DK Malhotra, Philadelphia University
Discussant
Jean-Marie Koffi Yao , University of Luxembourg
Asymmetries in the Conditional Mean and Volatility of Equity Returns
Christina V Atanasova, University of York
Discussant
Akash Dania, University of Texas Pan American
P/E Changes: Some New Results
Donna M Dudney, University of Nebraska Lincoln
Benjamas Jirasakuldech, University of the Pacific
Thomas Zorn, University of Nebraska Lincoln
Discussant
Richard DeFusco, University of Nebraska

Session Number: 215
Idiosyncratic Volatility 2
Friday, October 14, 3:45 pm - 5:15 pm
Wrigley

Chairperson
Alok Kumar, University of Notre Dame
Presentations
Executive Stock Options, Managerial Characteristics, and Idiosyncratic Volatility
Inghwee Chok , Nanyang Technological University
Qian Sun, Nanyang Techological University
Discussant
Laura Frieder, Purdue University
Information Efficiency and Firm-Specific Return Variation
Patrick J Kelly, University of South Florida
Discussant
Lei Yu, University of Notre Dame
The Information Content of Idiosyncratic Volatility
George Jiang, University of Arizona
Danielle Xu, University of Arizona
Tong Yao, University of Arizona
Discussant
Sonya S Lim, DePaul University

Session Number: 217
Market Inefficiency
Friday, October 14, 3:45 pm - 5:15 pm
Gold Coast

Chairperson
Juliet D'Souza Clayton State University
Presentations
Calendar Based Risk, Firm Size, and the Random Walk Hypothesis
C Kenneth Jones , University of Maryland and PortfolioNetworks.com
Discussant to be announced
Economically Significant Gains from Bond Swap Strategies
Naomi E Boyd, George Washington University
Jeffrey M Mercer, Texas Tech University
Discussant
Pawan Madhogarhia ,Mississippi State University
Empirical Analysis of the Speed of Adjustment to Information - Evidence from Chinese Stock Market
Lin Tan, Drexel University
Discussant
Hong-Jen Lin , Nyack College

Session Number: 218
Liquidity, Information, and Returns
Friday, October 14, 3:45 pm - 5:15 pm
Comiskey

Chairperson
Elizabeth Odders-White, University of Wisconsin Madison
Presentations
Stock Market Quality in the Presence of a Traded Option
Cyriel de Jong , Erasmus University
Kees G Koedijk, Erasmus University and CEPR
Charles R Schnitzlein , University of Central Florida
Discussant
Bjorn Jorgensen, Columbia University/US SEC
A Microstructure Examination of the Effect of Risk Arbitrage on the Trading in Acquiring Company Shares in Stock Mergers
Keith M Moore, St. John's University
Gene C Lai, Washington State University
Zhiyi Song, Van Advisors
Discussant
Matthew Clayton, Rutgers University/University of Texas Austin
Intraday Returns and Heterogeneous Liquidity Sources
Wenjin Kang, National University of Singapore

Presented by: Yafeng Qin, National University of Singapore

Discussant
Chen He, Numeric Investors LLC

Session Number: 219
Risk Management, Liquidity Creation, and Banking
Friday, October 14, 3:45 pm - 5:15 pm
Ogden

Chairperson
Sam Bulmash, University of South Florida
Presentations
Bank Capital and Liquidity Creation
Allen Berger, Federal Reserve Board
Christa S Bouwman , Case Western Reserve University
Discussant
Sam Bulmash, University of South Florida
Bank Borrowing and Corporate Risk Management
Aziz A Lookman, Carnegie Mellon University
Discussant
Zheng Xiaohong ,Hong Kong University of Science and Technology
Derivatives Trading, "Hedging," and Bank Risk
Prakash K Pai, University of Texas Permian Basin
Richard J Curcio, Kent State University
Discussant
Dror Parnes , Baruch College, CUNY

Session Number: 220
Real Options 1
Friday, October 14, 3:45 pm - 5:15 pm
Wright

Chairperson
Munir Hassan , Claflin University
Presentations
Payback Period and Internal Rate of Return in Real Options Analysis
Giuseppe Alesii , Universita degli Studi - L'Aquila
Discussant
Geoffrey Peter Smith, University of Georgia
Acquisitions as a Real Options Bidding Game
Han TJ Smit, Erasmus University Rotterdam
Ward van den Berg, Erasmus University Rotterdam
Wouter De Maeseneire, Ghent University/Erasmus University Rotterdam
Discussant
Missaka Warusawitharana ,University of Pennsylvania
Sequential Options with Exogenous Jumps and Interacting Managerial Control Actions
Nicos Koussis, University of Cyprus
Spiros Martzoukos, University of Cyprus
Lenos Trigeorgis, University of Cyprus
Discussant to be announced

Session Number: 221
Stock and Bond Trading
Friday, October 14, 3:45 pm - 5:15 pm
Addams

Chairperson
Mike Piwowar, US SEC
Presentations
Information Risk in the TIPS Market: How Information Flows between US Treasury Securities and TIPS
Quentin C Chu , University of Memphis
Deborah N Pittman, Rhodes College
Linda Q Yu , University of Wisconsin Whitewater
Discussant
Oliver Hansch, Penn State University
Optimal Market Transparency: Evidence from the Initiation of Trade Reporting in Corporate Bonds
Hendrik Bessembinder, University of Utah
William Maxwell, University of Arizona
Kumar Venkataraman, Southern Methodist University
Discussant
Amy Edwards, US SEC
Stock and Bond Market Liquidity: A Long-Run Empirical Analysis
Ruslan Goyenko, Indiana University
Discussant
Akiko Fujimoto, University of Alberta

Session Number: 222
Bank Capital
Friday, October 14, 3:45 pm - 5:15 pm
Columbian

Chairperson
David Skeie, Federal Reserve Bank New York
Presentations
Share Repurchases Programs by Banks
John S Howe , University of Missouri Columbia
Ravi Jain, University of Massachusetts Lowell
Discussant
John Ammer, Federal Reserve System
Procyclicality, Bank Lending, and the Macroeconomic Implications of a Revised Basel Accord
Kevin T Jacques, US Department of the Treasury
Discussant
Mark Vaughan, Federal Reserve Bank Richmond
Basel Capital Requirements and Bank Credit Risk Taking in Developing Countries
M Ershad Hussain, University of New Orleans
M Kabir Hassan, University of New Orleans & Drexel University
Discussant
Kevin Jacques, US Department of the Treasury

Session Number: 223
CEO Behavior
Friday, October 14, 3:45 pm - 5:15 pm
Picasso

Chairperson
Scott Bauguess, Texas Tech University
Presentations
Are CEOs Myopic? A Dynamic Model of the Ongoing Debate
Maya Waisman , Rensselaer Polytechnic Institute
Moren Levesque, Case Western Reserve University
Phillip Phan , Rensselaer Polytechnic Institute
Discussant
Mehmet Yalin, University of Pittsburgh
Are Overconfident Managers Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers
Matthew T Billett, University of Iowa
Yiming Qian, University of Iowa
Discussant
Mike Stegemoller, Texas Tech University
What do the Acquirers Get? The Benefits from Contracting with Target CEOs in M&A Transactions?
Elijah Brewer III, DePaul University
William E Jackson III, UNC Chapel Hill
Larry D Wall, Federal Reserve Bank Atlanta
Discussant
Scott Bauguess, Texas Tech University

Session Number: 224
Real Estate Investment
Friday, October 14, 3:45 pm - 5:15 pm
Haymarket

Chairperson
Jay Hartzell, University of Texas Austin
Presentations
When to Refinance: An Option-Based Approach
Andrew Kalotay , Andrew Kalotay Associates, Inc.
Deane Yang, Polytechnic University
Frank Fabozzi , Yale School of Management
Discussant
V Carlos Slawson Jr, Louisiana State University
Call Protection in Mortgage Contracts
Michael LaCour-Little, Wells Fargo Home Mortgage
Discussant
Greg Hallman, University of Texas Austin
REIT Performance and Mutual Fund Holdings
Russell M Price, Florida State University
David R Peterson, Florida State University
Discussant
Chris Parsons, University of Texas Austin

Session Number: 225
Financial Integration and Intermediation in Emerging Markets
Friday, October 14, 3:45 pm - 5:15 pm
Buckingham

Chairperson
Sandeep Dahiya, Georgetown University
Presentations
Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets
Steven Ongena , Tilburg University & CEPR
Mariassunta Giannetti, Stockholm School of Economics, ECGI, & CEPR
Discussant
Rebecca Zarutskie, Duke University
Ownership, Financial Liberalizaton, and Efficiency in Chinese Banks
Allen N Berger, Board of Governors Federal Reserve System
Iftekhar Hasan, Rensselaer Polytechnic Institute
Mingming Zhou, Rensselaer Polytechnic Institute
Discussant
Lubo Litov, New York University
Bank Lending to the Private Sector in the Former Communist Countries: Some Comparative Evidence
Joel T Harper, Oklahoma State University
James E McNulty, Florida Atlantic University
Discussant
Sandeep Dahiya, Georgetown University

Session Number: 226
Multinational Corporations
Saturday, October 15, 8:30 am - 10:00 am
Acapulco

Chairperson
Ana Balcarcel, Arizona State University
Presentations
The Certification Role of US Advisors in US Cross-Border M&As
Bill Francis , Rensselaer Polytechnic Institute
Iftekhar Hasan, Rensselaer Polytechnic Institute
Xian Sun , Rensselaer Polytechnic Institute
Discussant
Qingzhong Ma, University of Southern California
Cultural Distance and Valuation of Multinational Corporations
Murad Antia, University of South Florida
J Barry Lin, University of South Florida Sarasota
Christos Pantzalis, University of South Florida
Discussant
Zhi Li, Arizona State University
Global Diversification: New Evidence from Corporate Operating Performance
Mai E Iskandar-Datta, Wayne State University
Robyn McLaughlin, Suffolk University
Discussant
Ana Balcarcel, Arizona State University

Session Number: 227
Property, Construction, and Finance
Saturday, October 15, 8:30 am - 10:00 am
Toronto

Chairperson
Sumit Agarwal, Bank of America
Presentations
Multi Transactions Model for Constructing Housing Market Index
Andre H Gao , Fannie Mae
George HK Wang, Commodity Futures Trading Commission
Discussant
Amy Crews-Cutts, Freddie Mac
Off-Dollar Pricing, Residential Property Prices and Marketing Time
Sean P Salter, University of Southern Mississippi
Ken H Johnson, Auburn University Montgomery
W. Paul Spurlin, University of Mississippi
Discussant
Karyen Chu, FDIC
On the Capital Structure of Real Estate Investment Trusts (REITs)
Zhilan Feng, Union University
Chinmoy Ghosh, University of Connecticut
CF Sirmans, University of Connecticut
Discussant
Shubhasis Dey, Bank of Canada

Session Number: 228
Asset Type and Capital Structure
Saturday, October 15, 8:30 am - 10:00 am
San Francisco

Chairperson
Murillo Campello, University of Illinois
Presentations
Asset-Backed Securities: Costs and Benefits of "Bankruptcy Remoteness"
Kenneth M Ayotte , Columbia University
Stav Gaon, Columbia University
Discussant
Zsuzsanna Fluck, Michigan State University
Why do Companies Lease their Real Estate Assets?
Meziane Lasfer, Cass Business School, City University
Discussant
Michael Lemmon, University of Utah
Capital Structure Decisions and Corporate Pension Plans
Irina Stefanescu, UNC Chapel Hill
Discussant
Sheri Tice, Tulane University

Session Number: 232
IPOs: Venture Capitalists and Dividend Initiations
Saturday, October 15, 8:30 am - 10:00 am
New Orleans

Chairperson
Sofia Johan, Universiteit van Tilburg
Presentations
The Exit of Venture Capital and Earnings Management in Newly Public Firms
Wei Luo , Peking University
Discussant
Douglas Cumming, Rensselaer Polytechnic Institite
Venture Capitalist Monitoring: Evidence from Governance Structures
Melissa B Frye, University of Central Florida
Terry L Campbell, University of Delaware
Discussant
Sofia Johan, Universiteit van Tilburg
On the Timing of Dividend Initiations
Laarni T Bulan, Brandeis University
Narayanan Subramanian, Brandeis University
Lloyd Tanlu, Harvard Business School
Discussant
Qin Lei , University of Michigan

Session Number: 233
Corporate Governance in Asia
Saturday, October 15, 8:30 am - 10:00 am
Atlanta

Chairperson
John Wald, Penn State University
Presentations
Corporate Governance Mechanisms and Corporate Cash Holdings
Yuanto Kusnadi , Hong Kong University of Science & Technology
Discussant
Ravi Jain, University of Mass Lowell
Bank Lending, Corporate Governance, and Government Ownership in China
Lihui Tian, Peking University
Discussant
Jing Zhao, Penn State University
Agency Conflicts, Expropriation, and Firm Value: Evidence from Securities Market Regulation in China
Henk Berkman, University of Auckland
Rebel Cole, DePaul University
Jiang Fu, University of Auckland
Discussant
Alireza Tourani-Rad, Auckland University of Technology

Session Number: 234
Dividend Policy and Earnings in the US and Abroad
Saturday, October 15, 8:30 am - 10:00 am
Dusable

Chairperson
Karyn Neuhauser, George Washington University
Presentations
Are Fewer Firms Paying More Dividends? The International Evidence
Stephen P Ferris , University of Missouri Columbia
Nilanjan Sen, Arizona State University West & Nanyang Technological University
Ho Pei Yui , Nanyang Technological University
Discussant
Chuck Chahyadi, University of Oklahoma
Cross-Country Determinants of Pay-Out Policies: A Survey of European Firms
Franck Bancel, ESCP-EAP
Nalinaksha Bhattacharya, University of Manitoba
Usha R Mittoo, University of Manitoba
Discussant
Jeff Whitworth, University of Wisconsin Green Bay
Dividend Policy and the Information Content of Earnings Announcements
Laura T Starks, University of Texas Austin
Pyung S Yoon, University of Texas Austin
Discussant
Jesus Salas, University of Oklahoma

Session Number: 235
Banking and Politics
Saturday, October 15, 8:30 am - 10:00 am
Field

Chairperson
Elinda Fishman Kiss , University of Maryland
Presentations
Tycoons Turned Leaders: Investigating the Incentives for Holding Public Office
Pramuan Bunkanwanicha , University of Paris 1-Sorbonne
Yupana Wiwattanakantang, Hitotsubashi University
Discussant
Oghonevo Obrimah , Virginia Commonwealth University
Economics, Politics, and the Federal Funds Markets: Does the Fed Play Politics?
O David Gulley, Bentley College
Jahangir Sultan, Bentley College
Discussant
Syed M Harun, Texas A&M University Kingsville
Politics, Portfolios and Hard Money: 2004 Presidential Election
Yingmei Cheng, Florida State University
Discussant
John Goodell, Kent State University

Session Number: 236
IPO Regulations and Contracts
Saturday, October 15, 8:30 am - 10:00 am
McCormick

Chairperson
Jennifer Bethel, Babson College
Presentations
Do SEC Regulations Constrain Offer Price Revisions of IPOs?
Matthew J Barcaskey , College of William and Mary
Discussant
Qin Lian, University of Alabama
IPO Listing Choices and the Regulation of Post-IPO Sales of Restricted Stock
Anne Anderson, Lehigh University
Edward A Dyl, University of Arizona
Laurie Krigman, Babson College
Discussant
David Dupre, Jefferies & Co
On Second Thought - Once the Lock-up Contract is Signed
Rina Ray, Indiana University
Discussant
Collin Pillay, St Michael's College

Session Number: 237
IPO Underpricing
Saturday, October 15, 8:30 am - 10:00 am
Burnham

Chairperson
Michelle Lowry, Penn State University
Presentations
Overhang and the Cost of Going Public: Why IPO Underpricing Varies Over Time
Steven D Dolvin , Butler University
Bradford D Jordan, University of Kentucky
Discussant
Michelle Lowry, Penn State University
Net New Equity Issues and IPO Initial Returns
Qiming Wang, University of Alabama
James Ligon, University of Alabama
Discussant
Xiaoyun Yu, Indiana University
The IPO Timing - Is it just Sentiment or More?
Hsin-Hui Chiu, Georgia State University
Discussant
Carola Schenone, University of Virginia

Session Number: 238
Asset Pricing Studies
Saturday, October 15, 8:30 am - 10:00 am
Horner

Chairperson
Christos Giannikos, Baruch College
Presentations
Bond Term Premium Analysis in the presence of Multiple Regimes
Kathleen D Walsh , University of New South Wales
Ron Guido, University of New South Wales
Discussant
Duong Nguyen, Florida International University

An Empirical Investigation of the Pricing of Financially Intermediated Risks with Costly External Finance

J David Cummins, University of Pennsylvania
Yijia Lin, Georgia State University
Richard D Phillips, Georgia State University
Discussant
Patrick Kelly, University of South Florida
Nonlinear Effects of Bond Rating Changes
Philippe Jorion, University of California Irvine
Gaiyan Zhang, University of California Irvine
Discussant
Sterling Yan, University of Missouri Columbia

Session Number: 239
Index Changes
Saturday, October 15, 8:30 am - 10:00 am
Ogden

Chairperson
Tong Yao, University of Arizona
Presentations
Are the S&P 500 Index Additions Free of Information? Evidence from the Price and Volume Reaction of the Industry and Size Matching Firms
Jie Cai , University of Iowa
Discussant
Wei Huang, University of Hawaii Manoa
Do Demand Curves for Stocks Slope Down? Evidence from S&P 600 Index Changes
S Gowri Shankar, University of Washington Bothell
James M Miller, University of Washington Bothell
Discussant
Yaxuan Qi, Rutgers University
Speculative Trading and Price Pressure: Index Effects without Index Funds
Wei Huang, University of Hawaii Manoa
S Ghon Rhee, University of Hawaii Manoa
Zhishu Yang, Tsinghua University
Discussant
George Theocharides, University of Arizona

Session Number: 240
Short Sales 2
Saturday, October 15, 8:30 am - 10:00 am
Wright

Chairperson
Brian Adams, University of Portland
Presentations
Do Short Sellers Target Firms with Poor Earnings Quality? Evidence from Earnings Restatements
Hemang Desai , Southern Methodist University
Srinivasan Krishnamurthy, Binghamton University
Kumar Venkataraman , Southern Methodist University
Discussant
Xavier Garza Gomez, University of Houston Victoria
Are Short Sales Bad News, Good News, or No News at all?
Zsuzsa R Huszar, University of Kentucky
Discussant
Sema Dube, SUNY Institute of Technology
Do Short Sellers Anticipate Large Stock Price Changes?
Roger J Best, Central Missouri State University
Ronald W Best, State University of West Georgia
Jose Mercado-Mendez, Central Missouri State University
Discussant
Christina Atanasova, University of York

Session Number: 241
Dynamic Issues in Asset Pricing
Saturday, October 15, 8:30 am - 10:00 am
Addams

Chairperson
Lingjie Ma, PanAgora Asset Management
Presentations
Higher Risk Aversion in Older Agents: Its Asset pricing Implications
Amadeu DaSilva , Columbia University
Christos Giannikos, Baruch College
Discussant
Stijn Van Nieuwerburgh, New York University
Information Acquisition and Portfolio Underdiversification
Stijn Van Nieuwerburgh, New York University
Laura Veldkamp, New York University
Discussant
Lingjie Ma, PanAgora Asset Management
Do Investors Diversify over Time?
Ping He, University of Illinois Chicago
Xiaoqing Hu, University of Illinois Chicago
Discussant
Christine Panasian, Texas Tech University

Session Number: 242
Institutional Investor Performance
Saturday, October 15, 8:30 am - 10:00 am
Picasso

Chairperson
Mark J LaPlante, University of Texas Dallas
Presentations
Institutional Momentum Trading and Stock Return Momentum
Tao Shu , University of Texas Austin
Discussant
Timothy Simin, Penn State University
Performance Attribution of US Institutional Investors
Murat Binay, Koc University
Discussant
Mark LaPlante, University of Texas Dallas
The Relationship between Asset Allocation and Performance of US Life Insurers
Etti G Baranoff, Virginia Commonwealth University
Thomas W Sager, University of Texas Austin
Discussant
David H Myers, Lehigh University

Session Number: 244
Risk Management and the Economy
Saturday, October 15, 8:30 am - 10:00 am
Haymarket

Chairperson
Scott E Hein, Texas Tech University
Presentations
Risk Management and the Use of External Finance
Peter J DaDalt, Morgan State University
Bing-Xuan Lin, University of Rhode Island
Chen-Miao Lin, Clark Atlanta University
Discussant
John Adams, University of South Florida
Systemic Risk and Hedge Funds
Nicholas Chan, Alpha Simplex Group
Mila Getmansky, University of Massachusetts
Shane M Haas, AlphaSimplex Group
Andrew W. Lo, Massachusetts Instiute of Technology

Discussant
Scott Hein, Texas Tech University

Session Number: 245
Central Banks
Saturday, October 15, 8:30 am - 10:00 am
Buckingham

Chairperson
Kevin Jacques, US Department of the Treasury
Presentations
Are Banks Sensitive to Monetary and Exchance Rate Policy?
Margarida Abreu , ISEG-CISEP
Victor Mendes, CMVM
Discussant
Kevin Jacques, US Department of the Treasury
Central Bank Transparency and Bank Lending Rates: Australian Evidence
Nigel J Morkel-Kingsbury, Monash University
David E Allen, Edith Cowan University
Discussant
Bradley Stevenson, University of Cincinnati
Central Bank Talk and the Stock Market
Tao Wang, Queen's College/CUNY
Jingtao Wu, Iowa State University
Jian Yang, Prairie View A&M University of Texas
Discussant
Zekeriya Eser, University of Kentucky

Session Number: 246
NYSE versus Nasdaq
Saturday, October 15, 8:30 am - 10:00 am
Gold Coast

Chairperson
Bonnie VanNess, University of Mississippi
Presentations
Locked and Crossed Markets on NASDAQ and the NYSE
Andriy V Shkilko , University of Mississippi
Bonnie F Van Ness, University of Mississippi
Robert A Van Ness , University of Mississippi
Discussant
Jeffrey H Harris, University of Delaware
Information Shocks and Stock Market Liquidity: A Comparison of the New York Stock Exchange and Nasdaq
Kenneth Lehn, University of Pittsburgh
Sukesh Patro, University of Pittsburgh
Kuldeep Shastri, University of Pittsburgh
Discussant
Amy Edwards, US SEC
Order Preferencing, Adverse-Selection Costs, and the Probability of Information-Based Trading
Kee H Chung, State University of New York (SUNY) at Buffalo
Chairat Chuwonganant, Indiana University - Purdue University at Fort Wayne
D Timothy McCormick, The NASDAQ Stock Market, Inc.
Discussant
Thomas H McInish, University of Memphis

Session Number: 247
Bank Merger Pricing and Impact
Saturday, October 15, 8:30 am - 10:00 am
Comiskey

Chairperson
M Kabir Hassan, University of New Orleans/Drexel University
Presentations
Impact of Independent Directors and the Regulatory Environment on Bank Merger Prices: Evidence from Takeover Activity in the 1990s
Elijah Brewer III , DePaul University
William Jackson III, UNC Chapel Hill
Julapa Jagtiani , Federal Reserve Bank Kansas City
Discussant
Abdullah Al Mamun, Massey University
How Have Borrowers Fared in Banking Mega-Mergers?
Kenneth A Carow, Indiana University
Edward J Kane, Boston College
Rajesh P Narayanan, Ohio University
Discussant
Humayun Kabir, Massey University
Long-Term Bank Performance Following Financial Institution Mergers/Acquisitions in the 1990s
Julie Cagle, Xavier University
Terry D Nixon, Miami University
Discussant
Adel Al-Sharkas, Alfred University

Session Number: 248
Working Capital, Credit, and Earnings Management
Saturday, October 15, 8:30 am - 10:00 am
Wrigley

Chairperson
Scott Besley, University of South Florida
Presentations
Trade Receivables Policy of Distressed Firms and their Effect on the Costs of Financial Distress
Carlos A Molina , Instituto de Estudios Superiores de Administracion - IESA
Lorenzo A Preve, IAE - Universidad Austral
Discussant
Qiang Liu, University of Mississippi
Simultaneous Changes in Credit Terms and Clientele Effects on the Cash Discount Rate in Credit Policy
William W Lim, York University
Muhammad Rashid, University of New Brunswick
Devashis Mitra, University of New Brunswick
Discussant
Hamid Rahman, Alliant International University

Session Number: 249
Sentiment, Volatility, and Contagion
Saturday, October 15, 8:30 am - 10:00 am
Soldier Field

Chairperson
Donghang Zhang, University of South Carolina
Presentations
Another Look at Tests for Financial Contagion under Time-varying Volatility
Kwang-Il Choe , University of Texas Pan American
Kiseok Nam, University of Texas Pan American
Discussant
Dong Lee, University of Kentucky
The Impact of Rational and Irrational Sentiments of Individual and Institutional Investors on DJIA and S&P500 Index Returns
Rahul Verma, University of Houston Downtown
Hasan Baklaci, Izmir School of Economics
Gokce Soydemir, University of Texas Pan American
Discussant
Donghang Zhang, University of South Carolina
Upfront Transfer, Investor Sentiment, and Stock Performance
Zhikun Li, Tsinghua University
Discussant
Kiseok Nam, University of Texas Pan American

Session Number: 250
Exchange Rates
Saturday, October 15, 8:30 am - 10:00 am
Hong Kong

Chairperson
Catherine Bonser-Neal, Indiana University
Presentations
Information Risk in the International Currency Markets: Evidence from the Violation of UIRP
Bill B Francis , University of South Florida
Kimberly Gleason, Florida Atlantic University
Delroy M Hunter , University of South Florida
Charles A Malgwi, Bentley College

Discussant
Manuel Gomez, Universidad de Guanajuato
Japanese Bank's Response to Officil Measure to Counteract an Appreciating Yen
Soumendra De, University of Evansville
Ike Mathur, Southern Illinois University
Discussant
Miguel Villanueva, University of Wyoming
Measuring and Managing the Foreign Exchange Exposure of Chinese Companies: Recent Evidence
Patrick Schena, Tufts University
Discussant
Mei Qui, Massey University

Session Number: 251
Earnings Management
Saturday, October 15, 10:15 am - 11:45 am
Acapulco

Chairperson
Ronald W Melicher, University of Colorado Boulder
Presentations
Underwriter Choice and Earnings Management
Hoje Jo , Santa Clara University
Yongtae Kim, Santa Clara University
Myung Seok Park , Virginia Commonwealth University
Discussant
Alan Guoming Huang, University of Waterloo
Optimal Strike Prices of Stock Options for Effort Averse Executives
Oded Palmon, Rutgers University
Sasson Bar-Yosef, The Hebrew University
Ren-Raw Chen, Rutgers University
Itzhak Venezia, The Hebrew University

Discussant
Earnings Management and Long-term Performance of Reverse Stock Splits
Amy Yueh-Fang Ho, University of South Florida, Sarasota
Edward Nelling, Drexel University
Yi-Kai Chen, National University of Kaohsiung
Discussant
Stanley Martin, University of Colorado Boulder

Session Number: 252
Real Estate and Capital Markets
Saturday, October 15, 10:15 am - 11:45 am
Toronto

Chairperson
Anthony Sanders , The Ohio State University
Presentations
Lease Structure and Debt Maturity: Evidence from Real Estate Investment Trusts (REITs)
Erasmo Giambona , Roger Williams University
CF Sirmans, University of Connecticut
Discussant
Andrea Heuson , University of Miami
Equity Capital Flows and Demand for REITs
Crystal Yan Lin, Eastern Illinois University
Kenneth Yung, Old Dominion University
Discussant
Joe Pagliari ,Northwestern University
The Effect of Refinancing Waves on the Borrowing Costs of Mortgage GSEs
Timothy R Burch, Univ of Miami
Andrea J Heuson, Univ. of Miami
Discussant
David Hyland , Xavier University

Session Number: 253
Evolving Markets and Institutions
Saturday, October 15, 10:15 am - 11:45 am
San Francisco

Chairperson
Donald Fraser, Texas A&M University
Presentations
How does law affect finance? An empirical examination of tunneling in an emerging market
Vladimir Atanasov , Babson College
Conrad Ciccotello, Georgia State University
Stanley Gyoshev , Drexel University
Discussant
Greg Hebb, Dalhousie University
Hedge Fund Classification Technique Using Self Organizing Feature Map Neural Network
Nandita Das, Wilkes University
Ratan Das, ABB Inc.
Discussant
Chinmoy Ghosh, University of Connecticut
The Effect of Liberalization of Foreign Direct Investment (FDI) Limits on Domestic Equity Prices: Evidence from the Indian Banking Sector
Chinmoy Ghosh, University of Connecticut
John Harding, University of Connecticut
BV Phani, Indian Institute of Technology Kanpur
Discussant
Manu Gupta, University of Missouri

Session Number: 257
Monitoring, Opportunism, and Fraud
Saturday, October 15, 10:15 am - 11:45 am
New Orleans

Chairperson
Atreya "Chuck" Chakraborty, University of Massachusetts Boston
Presentations
Controlling Managerial Opportunism
Ronald C Anderson , American University
Sattar A Mansi, Virginia Tech
David M Reeb , Temple University
Discussant
James Grant, University of Mass Boston
Corporate Governance , Monitoring and Litigation as Substitutes to Solve the Agency Problem
Saumya Mohan, University of Texas Austin
Discussant
Narayanan "Nari" Subramanian, Brandeis University
Executive and Director Compensation and Fraud
Hatice Uzun, Long Island University
Samuel Szewczyk, Drexel University
Jacqueline Garner, Drexel University
Discussant
James Bohn, The Brattle Group

Session Number: 258
Corporate Governance in Korea: Studies of Chaebols
Saturday, October 15, 10:15 am - 11:45 am
Atlanta

Chairperson
Hyun-Han Shin, Yonsei University
Presentations
Group Control Motive as a Determinant of Ownership Structure in Business Conglomerates - Evidence from Korea's Chaebols
Woochan Kim , KDI School of Public Policy and Management
Youngjae Lim, Korea Development Institute
Taeyoon Sung , KAIST Graduate School of Management
Discussant
Kiyoung Chang, Indiana University South Bend
Do Outside Directors Enhance Firm Performance? Evidence from an Emerging Market
Jongmoo Jay Choi, Temple University
Sae Woon Park, Changwon National University
Sehyun Yoo, San Diego State University
Discussant
Phyllis Keys, University of Delaware
The Very Dark Side of Internal Capital Markets: Evidence from Diversified Business Groups in Korea
Sangwoo Lee, University of Illinois
Kwangwoo Park, Korea Advanced Institute of Science and Technology
Hyun-Han Shin, Yonsei University
Discussant
Pattanaporn Kitsabunnarat, Texas A&M International University

Session Number: 259
Changes in Dividend Policy
Saturday, October 15, 10:15 am - 11:45 am
Dusable

Chairperson
Cesario Mateus, Aarhus School of Business
Presentations
Distributing Excess Cash: The Role of Specially Designated Dividends
H Kent Baker , American University
Tarun K Mukherjee, University of New Orleans
Gary E Powell , Towson University
Discussant
Jeffrey Colpitts, University of British Columbia
The Information Content of Dividend Resumptions
Robert Weigand, Washburn University
Larry Gorman, Cal Poly San Luis Obispo
Thomas Zwirlein, University of Colorado Colorado Springs
Discussant
Candra Chahyadi, University of Oklahoma
Dividend Changes and Catering Incentives
Erik Lie, University of Iowa
Wei Li, University of Iowa
Discussant
Lee Dunham, University of New Orleans

Session Number: 260
Econometrics and Finance
Saturday, October 15, 10:15 am - 11:45 am
Field

Chairperson
John Ammer, Federal Reserve Board
Presentations
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
Mitchell Petersen , Northwestern University
Discussant
John Ammer, Federal Reserve Board
On Sovereign Credit Migration: Small-sample Properties and Rating Evolution
Elena Kalotychou, Cass Business School, City University
Ana-Maria Fuertes, Cass Business School, City University
Discussant
Sema Dube, SUNY Institute of Technology, Utica
The Specification and Power of Tests to Detect Abnormal Changes in Corporate Investment
Michael J Alderson, Saint Louis University
Brian L Betker, Saint Louis University
Discussant
Barry Feldman, Prism Analytics/DePaul University

Session Number: 261
The IPO Process
Saturday, October 15, 10:15 am - 11:45 am
McCormick

Chairperson
Kathleen Weiss Hanley, US SEC
Presentations
Informational Externalities of Bank Initial Public Offerings
Carmen Cotei , University of Hartford
Tarun Mukherjee, University of New Orleans
Discussant
Fangjian Fu , University of Rochester
Who is #1? A New Approach to Ranking US IPO Underwriters
John W Cooney, Texas Tech University
C Larry Hill, Texas Tech University
Bradford D Jordan, University of Kentucky
Ajai K. Singh, Case Western Reserve University

Discussant
Murat Binay, Claremont Graduate University
Rationale Applied in the IPO Process: Evidence from Chief Financial Officers
Patricia A Ryan, Colorado State University
James C Brau, Brigham Young University
Irv DeGraw, Washington College
Discussant
Ozgur Ince, University of Florida

Session Number: 262
Stock Offerings
Saturday, October 15, 10:15 am - 11:45 am
Burnham

Chairperson
Walid Busaba, University of Western Ontario
Presentations
Integration of Private and Public Offerings
Phyllis Y Keys , University of Delaware
Norris L Larrymore, Quinnipiac University
Discussant
Douglas Cook, University of Alabama
On Preferred Stock Issuance
Robert Kieschnick, University of Texas Dallas
Douglas Cook, University of Alabama
Qian Wang, University of Texas Dallas
Discussant
Ali Nejadmalayeri, University of Nevada Reno
The Cycle of Seasoned Equity Offerings and its Relation to the Cycle of Initial Public Offerings
John S Howe, University of Missouri Columbia
Shaorong Zhang, Marshall University
Discussant
Re-Jin Guo, University of Illinois Chicago

Session Number: 263
Factors Affecting Stock Prices
Saturday, October 15, 10:15 am - 11:45 am
Horner

Chairperson
Munir Hassan , Claflin University
Presentations
The Link Between Short Sale Constraints and Stock Prices
Lauren Cohen , University of Chicago
Karl B Diether, The Ohio State University
Christopher J Malloy , London Business School
Discussant
Rong Wang, Washington University in St Louis
Do Cash Payouts Justify Share Prices? Evidence from the NYSE, Amex, and NASDAQ
Claudio Loderer, Universität Bern
Lukas Roth, Universität Bern
Discussant
Ning Gao, University of Pittsburgh
Imitation Is the Sincerest Form of Flattery: Warren Buffett and Berkshire Hathaway
Gerald S Martin, Texas A&M University
John Puthenpurackal, Ohio University
Discussant
Zheng Xiaohong, Hong Kong Univ of Science & Technology

Session Number: 264
Anomalies
Saturday, October 15, 10:15 am - 11:45 am
Ogden

Chairperson
R Burt Porter, Iowa State University
Presentations
Do The Fed's Actions Affect Some Anomalies?
TeWhan Hahn , University of Idaho
Michele O'Neill, University of Idaho
Judith Swisher , Western Michigan University
Discussant
Xifeng Diao, University of Calgary
Is There a Presidential Puzzle?
Richard A DeFusco, University of Nebraska Lincoln
John M Geppert, University of Nebraska Lincoln
Thomas S Zorn, University of Nebraska Lincoln
Discussant
Yunchun "Wendy" Hu, University of Florida
Short-Sellers, Put Options and the Monday Effect: Another Look
Glenn N Pettengill, Grand Valley State University
Vijay Gondhalekar, Grand Valley State University
John R Wingender Jr, Creighton University
Discussant
Hugh Marble, University of Florida

Session Number: 265
Changes in Shares Outstanding
Saturday, October 15, 10:15 am - 11:45 am
Wright

Chairperson
Rodolfo Martell, Purdue University
Presentations
Price Pressure and the Response to Share Repurchase Announcements
Raynolde Pereira , University of Missouri Columbia
K Stephen Haggard, University of Missouri Columbia
Discussant
Sahn-Wook Huh, Brock University
The Information Content of Multiple Stock Splits
Gow-Cheng Huang, Alabama State University
Kartono Liano, Mississippi State University
Herman Manakyan, Salisbury University
Ming-Shiun Pan, Shippensburg University

Discussant
Michael DeWally, Marquette University
The Information Content of Stock Splits and Breadth of Institutional Ownership
Honghui Chen, University of Central Florida
Hoang Huy Nguyen, University of Central Florida
Discussant
Patrick Kelly, University of South Florida

Session Number: 266
Portfolio Formation
Saturday, October 15, 10:15 am - 11:45 am
Addams

Chairperson
Oliver Schnusenberg, University of North Florida
Presentations
The Optimal Asset Allocation of the Main Types of Pension Funds: A Unified Framework
Katarzyna Romaniuk , Sorbonne Univ & ESSEC
Discussant
Oliver Schnusenberg, University of North Florida
Relative or Non-Relative Returns: How Much Skill is Required to Generate Absolute Returns in Portfolio Management?
Ruggero Bertelli, University of Siena
Discussant
Barry Feldman, Prism Analytics/DePaul University
Sources of Gain from International Portfolio Diversification
Jose Manuel Campa, IESE Business School
Nuno Fernandes, Universidad Catolica de Portugal
Discussant
Jonathan D Stewart, Abilene Christian University

Session Number: 267
Patents and R&D
Saturday, October 15, 10:15 am - 11:45 am
Picasso

Chairperson
Kirsten Anderson, Georgetown University
Presentations
R&D Budgets, Corporate Earnings Targets, and Analyst Exectations
Mary M Bange , University of South Carolina
Werner FM De Bondt, DePaul University
David G Shrider , Miami University
Discussant
James Weston, Rice University
Location, Location, Location, Patent-Citations, and Firm Value
Vigdis W Boasson, Ithaca College
Emil Boasson, Ithaca College
Kenneth A Kim, State University of New York at Buffalo
Hyun-Han Shin, Yonsei University

Discussant
Rodolfo Martell, Purdue University
The Wealth Effect of Corporate Diversification on Innovation: The Case of Patent Grants Announcements
Shao chi Chang, National Cheng Kung University
Sheng-Syan Chen, National Taiwan University
Yu-Shun Hung, National Cheng Kung University
Discussant
Xudong Fu , University of Alabama

Session Number: 269
Real Options 2
Saturday, October 15, 10:15 am - 11:45 am
Haymarket

Chairperson
Kashi Nath Tiwari, KNT's Academic Financial Research
Presentations
Debt and Equity Valuation of IT companies: a Real Option Approach
Brice Dupoyet , Florida International University
Chung Baek, University of Nebraska Lincoln
Arun Prakash , Florida International University
Discussant
Tom Arnold, University of Richmond
Valuing Real Options using Implied Binomial Trees and Commodity Futures Options
Tom Arnold, University of Richmond
Timothy Falcon Crack, University of Otago
Adam Schwartz, Univeristy of Mississippi
Discussant
Kashi Nath Tiwari, KNT's Academic Financial Research
Voluntary Disclosure of Real Options: When and How
Andrew H Chen, Southern Methodist University
James A Conover, University of North Texas
John W Kensinger, University of North Texas
Discussant
Gordon V Karels, University of Nebraska Lincoln

Session Number: 270
Market Volatility and Transmission
Saturday, October 15, 10:15 am - 11:45 am
Buckingham

Chairperson
Prakash Pai , University of Texas Permian Basin
Presentations
Comparative Sensitivities and Intra-industry Transmission of Return and Risk: A System-Garch Model of Insurance Companies
Elijah Brewer III , DePaul University & Federal Reserve Bank Chicago
James M Carson, Florida State University
Elyas Elyasiani , Temple University
Iqbal Mansur, Widener University

Discussant to be announced

International Transmission of Inflation among G-7 Countries: A Data-Determined VAR Analysis

Jian Yang, Prairie View A&M University
Hui Guo, Federal Reserve Bank St Louis
Zijun Wang, Texas A&M University
Discussant
Jorg Bley, American University of Sharjah
Volatility Forecasting Performance with VIX: Implied Volatility versus Historical Standard Deviation and Conditional Volatility
Jorg Bley, American University of Sharjah
Dennis Olson, American University of Sharjah
Discussant
Georges Tsafack Kemassong , University of Montreal

Session Number: 271
Microstructure
Saturday, October 15, 10:15 am - 11:45 am
Gold Coast

Chairperson
Bidisha Chakrabarty, Saint Louis University
Presentations
Alternative Trading Systems and Depth
T Shawn Strother , East Carolina University
James W Wansley, University of Tennessee
Phillip R Daves , University of Tennessee
Discussant
Bidisha Chakrabarty, Saint Louis University
Asymmetric Liquidity and Asymmetric Volatility
Yiuman Tse, University of Texas San Antonio
Ju Xiang, University of Texas San Antonio
Discussant
Andriy V Shkilko, University of Mississippi
Optimal Execution Strategy and the Price of Immediacy
Mike Aitken, University of New South Wales
Niall Almeida, Deutsche Bank AG
Frederick Harris, Wake Forest University
Tom McInish, University of Memphis

Discussant
Marios A Panayides, University of Utah

Session Number: 272
Types of Debt
Saturday, October 15, 10:15 am - 11:45 am
Comiskey

Chairperson
Greg Udell, Indiana University
Presentations
Information, Credit Risk, and Lending Specialization: Evidence from the DIP Lending Market
Gabriel G Ramirez , Kennesaw State University
Kenneth Daniels, Virgina Commonwealth University
Discussant
Ugur Lel, Federal Reserve System
The Evolving Market for Debt under Rule 144a: The Increasing Importance of Collateralized Obligations
Lucy F Ackert, Kennesaw State University
Gabriel G Ramirez, Kennesaw State University
Discussant
Gautam Vora, University of New Mexico
Bank Subordinated Notes and Debentures and Market Displine Under Deposit Insurance System
Jung Bum Wee, Kyung Hee University
M Kabir Hassan, University of New Orleans & Drexel University
Discussant
Richard Rosen, Federal Reserve Bank Chicago

Session Number: 273
Expansion of Banking Activities
Saturday, October 15, 10:15 am - 11:45 am
Wrigley

Chairperson
Syed Hyat, Siena College
Presentations
The Adoption of Web and PC Banking at Credit Unions
James P Dow Jr , California State Univerity Northridge
Discussant
James Nguyen, University of New Orleans
The Effect of Heterogeneous Risk on the Adoption of Remote Banking Technologies
Keldon J Bauer, Illinois State University
Scott E Hein, Texas Tech University
Discussant
James P Dow Jr , California State University Northridge

Market Evaluation of Banks Expansion into Non-Traditional Banking Activities

Ahmed Mohamed Ebrahim, SUNY New Paltz
Iftekhar Hasan, Rensselaer Polytechnic Institute
Discussant
Jamie McNutt, SIU Carbondale

Session Number: 274
Professional Traders
Saturday, October 15, 10:15 am - 11:45 am
Soldier Field

Chairperson
Xinge Zhao, China Europe International Business School
Presentations
Noise Trading, Firm Characteristics and Institutional Behavior
Denys Glushkov , University of Texas Austin
Discussant
Ebru Reis, Georgia State University
Group Dynamics 101: Performance Characteristics of Individual vs Team Managed Mutual Funds
Richard Bliss, Babson College
Mark Potter, Babson College
Chris Schwarz, University of Massachusetts
Discussant
George Jiang, University of Arizona
Investment under Uncertainty: Exploring the "Bad News Principle" with Professional Traders
Michael S Haigh, US CFTC
John A List, University of Maryland & NBER
Discussant
Ping He, University of Illinois Chicago

Session Number: 275
Equity Offerings in Emerging Markets
Saturday, October 15, 10:15 am - 11:45 am
Hong Kong

Chairperson
Vihang Errunza, McGill University
Presentations
The Effect of IPO Lockup Agreements on Stock Prices: An Empirical Analysis on the Taiwan Stock Exchange
Lloyd P Blenman , UNC Charlotte
Leo Bin, University of Illinois Springfield
Dar-Hsin Chen , National Chiao-Tung University
Chun Chen, Tamkang University

Discussant
Prasad Padmanabhan, St Mary's University
Mixed Signals: Stock Repurchases Followed by Stock Offerings in Korea
Sung-Chang Jung, Chonnam National University
Yong-Gyo Lee, University of Houston Victoria
John H Thornton Jr, Kent State University
Discussant
Basma Majerbi, University of Victoria
Ownership Structure and Going Public Process: Evidence in China
Bill Francis, Rensselaer Polytechnic Institute/University of South Florida
Iftekhar Hasan, Rensselaer Polytechnic Institute
Xian Sun, Rensselaer Polytechnic Institute
Discussant
M Humayun Kabir, Massey University