2011 FMA Annual Meeting Program

Session 001
  Mergers and Acquisitions: Acquirer Returns

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Lubomir Litov University of Arizona

Deal Size, Acquisition Premia and Shareholder Gains
  George Alexandridis ICMA Centre, University of Reading
  Kathleen P. Fuller University of Mississippi
  Lars Terhaar ICMA Centre, University of Reading
  Nickolaos G. Travlos ALBA Graduate Business School
Two-Stage Stock Financed Merger
  James S. Ang Florida State University
  Gonul Colak Florida State University
  Tai-Wei Zhang Ming Chuan University
 
The Relative Size of Acquisitions on the Wealth of Acquiring Firms: The Amplification Effect
  Ivo Jansen Rutgers University - Camden
  Lee Sanning Whitman College
  Nathan Stuart University of Wisconsin - Oshkosh
 
Presenter: Lars Terhaar Presenter: Gonul Colak Presenter: Ivo Jansen
Discussant: Nathalie Moyen University of Colorado Discussant: Mattias Nilsson University of Colorado Discussant: Michael Stegemoller Baylor University

Session 002
  Behavioral Finance and Asset Pricing

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Athena Wei Zhang Ithaca College

Do Stock Prices Undervalue Investments in Advertising?
  Yun Kyung Oh Purdue University
  Jung-Min Kim University of Connecticut
  William T. Robinson Purdue University
 
Does Investor Sentiment influence Asset Prices? Small Trade Order-Imbalance and Closed-End Country Fund Premiums
  Palani Rajan - Kadapakkam University of Texas San Antonio
  Umesh Kumar SUNY - Canton
 
 
The Intraday Behavior of Information Misreaction across Various Categories of Investors in the Taiwan Options Market
  Chuang-Chang Chang National Central University
  Pei-Fang Hsieh National Tsing Hua University
  Chih-Wei Tang National Central University
  Yaw-Huei Jeffrey Wang National Taiwan University
Presenter: Jung-Min Kim Presenter: Palani-Rajan Kadapakkam Presenter: Pei-Fang Hsieh
Discussant: Pei-Fang Hsieh National Tsing Hua University Discussant: Jung-min Kim University of Connecticut Discussant: Umesh Kumar SUNY - Canton

Session 003
  Directors

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Anup Agrawal University of Alabama

Director Compensation and Acquisitions
  Anahit Mkrtchyan Pennsylvania State University
 
 
 
Are Dissenting Directors Rewarded?
  Cassandra Dawn Marshall Indiana University
 
 
 
The Determinants and Consequences of Importing Directors
  Mihail Miletkov University of New Hampshire
  Modupe Babajide Wintoki University of Kansas
 
 
Presenter: Anahit Mkrtchyan Presenter: Cassandra D. Marshall Presenter: M. Babajide Wintoki
Discussant: Ye Cai Santa Clara University Discussant: Anup Agrawal University of Alabama Discussant: Frederick Bereskin University of Delaware

Session 004
  Social Networks

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Gayané Hovakimian Fordham University

The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs
  Jay Cai Drexel University
  Ralph A Walkling Drexel University
  Ke Yang Lehigh University
 
How Does The Director's Social Network Matter?Evidence From Structure Estimation
  Qianru (Cheryl) Qi Fudan University
 
 
 
The impact of networks on CEO turnover, appointment, and compensation
  Yun Liu University of California, Riverside
 
 
 
Presenter: Ke Yang Presenter: Qianru(Cheryl) Qi Presenter: Yun Liu
Discussant: Joonghyuk Kim Korea University Discussant: Murali Jagannathan SUNY Binghamton Discussant: Diana Knyazeva University of Rochester

Session 005
  Compensation and Risk Taking Behavior

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Dev Mishra University of Saskatchewan

CEO Risk Incentive and Firm Performance Following R&D Increases
  Carl Hsin-Han Shen University at Buffalo (SUNY)
  Hao Zhang Rochester Institute of Technology
 
 
Large Shareholders, Corporate Risk Taking and Target Returns: Evidence from East Asia and Western Europe
  Dev R Mishra University of Saskatchewan
 
 
 
Do Executive Stock Options Cause Future Corporate Risk? A Dynamic Causality Analysis
  Yenn-Ru Chen National Cheng Kung University
  Hsuan-Chu Lin National Cheng Kung University
  Bong Soo Lee Florida State University
 
Presenter: Carl Hsin-Han Shen Presenter: Dev R. Mishra Presenter: Yenn-Ru Chen & Hsuan-Chu Lin
Discussant: Dev Mishra University of Saskatchewan Discussant: Yenn-Ru Chen National Cheng Kung University Discussant: Carl Hsin-Han Shen University at Buffalo (SUNY)

Session 006
  Crisis and Payout Policy

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Jian Cai Washington University in St. Louis

Did Option Prices Signal the 2008 and 2009 Dividend Cuts and Omissions?
  James S. Doran Florida State University
  Andy Fodor Ohio University
  David L. Stowe University of Missouri-Columbia
  John D. Stowe Ohio University
Risk Management, Corporate Governance, and Bank Performance During the Financial Crisis
  Markus Schmid University of Mannheim
  Vincent Aebi University of St. Gallen
  Gabriele Sabato Royal Bank of Scotland
 
Did dividend policy change during the financial crisis?
  Richard P Hauser Kent State University
 
 
 
Presenter: Andy Fodor Presenter: Markus Schmid Presenter: Richard Hauser
Discussant: Richard Hauser Kent State University Discussant: Tina Yang Villanova University Discussant: Jian Cai Washington University in St. Louis

Session 007
  Risk Premia in Asset Markets

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Deborah Lucas, Massachusetts Institute of Technology

DOCTORAL STUDENT CONSORTIUM SESSION
Persistence Heterogeneity in Volatility and Long-Run Risk-Return Trade-Off
  Andrea Tamoni Bocconi University
 
 
 
Segregating Continuous Volatility from Jumps in Long-Run Risk-Return Trade-Offs
  Cedric Okou HEC Montreal
 
 
 
Implications of Fiscal Policy Risk on Time Varying Bond Risk Premia in a DSGE Model
  Alex Hsu University of Michigan
 
 
 
Discussant: Damien Moore, Congressional Budget Office Discussant: Januj Juneja, San Diego State University Discussant: Deborah Lucas, Massachusetts Institute of Technology

Session 008
  Journal of Undergraduate Financial Research

    Thursday, October 20, 8:00 am - 9:30 am

The Journal of Undergraduate Research in Finance (JURF) publishes original work written exclusively by undergraduates. Accepted articles are largely the result of the highest quality senior or honors theses. Articles come from all areas of Finance, case studies and pedagogy. All articles are subject to blind review by faculty.

This session will feature presentations of the top three articles published in the June, 2011 issue, along with the presentation of the $1,000 Mark Bertus Prize sponsored by the Georgia State University Department of Finance CFO Council for the best paper to the winning author.

SPECIAL PRESENTATION SESSION
Presentations
Revisiting the Financial Crisis: The Effect of Credit Shocks on Bond Yields
  Ram Yamarthy
The Impact of Firm Fundamentals on Idiosyncratic Volatility during the 2007-2009 Credit Crisis
  Thomas Ian Schneider
Solow Growth Analysis: Further Analysis of the Model's Progression through Time
  Patricia Bellew

Session 009
  Capital Structure

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Raunaq Pungaliya, University of Iowa

Agency Costs of Stakeholders and Capital Structure: International Evidence
  Bing Yu Meredith College
 
 
 
The influence of corporate governance on corporate capital structures
  Robert Kieschnick University of Texas Dallas
  Rabih Moussawi Wharton Research Data Services
 
 
Rollover Risk and Corporate Bond Spreads
  Patricio Valenzuela European University Institute
 
 
 
Presenter: Bing Yu Presenter: Robert Kieschnick Presenter: Patricio Valenzuela
Discussant: Raunaq Pungaliya University of Iowa Discussant: Xuhui Pan McGill University Discussant: Redouane Elkamhi University of Toronto

Session 010
  The Security Issuance Decision by Listed Firms

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Hung-Chia Scott Hsu, University of Wisconsin Milwaukee

Accelerated Seasoned Equity Offerings: Motives and Issuer-Underwriter Interactions
  Erdal Gunay University of Windsor
  Nancy Ursel University of Windsor
 
 
The Choice between Publicly Issued and Privately Placed Preferred Stocks
  Joyce Wang Washington State University
 
 
 
What Motivates Seasoned Equity Offerings? Evidence from the Use of Issue Proceeds
  Mark E Bayless Wayne State University
  Nancy Jean Jay Mercer University
 
 
Presenter: Erdal Gunay Presenter: Joyce Wang Presenter: Mark Bayless
Discussant: Joyce Wang Washington State University Discussant: Brandon Chen Victoria University of Wellington Discussant: Chao Chen Fudan University

Session 011
  Effects of Securities Regulation

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Alejandro Serrano Rutgers University

Demutualization and exchange regulation: Involuntary delisting in New York and Toronto
  Alejandro Serrano Rutgers University
 
 
 
The Valuation Impact of SEC Enforcement Actions on Non-Target Cross-Listed Firms
  Roger Silvers University of Massachusetts
 
 
 
Security Regulation and the Distribution of Informed Option Trading
  Ronald Anderson American University
  David Reeb Temple University
  Yuzhao Zhang Temple University
  Wanli Zhao Worcester Polytechnic Institute
Presenter: Alejandro Serrano Presenter: Roger Silvers Presenter: Yuzhao Zhang
Discussant: Prakash Pai University of Texas Permian Basin Discussant: Alejandro Serrano Rutgers University Discussant: Anwar Boumosleh Lebanese American University

Session 012
  Bank Liquidity

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Sudip Ghosh, Penn State University

On the Interrelation of Liquidity and Credit Risk in Banks
  Bjorn Imbierowicz Goethe University Frankfurt
  Christian Rauch Goethe University Frankfurt
 
 
Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring
  Franklin Allen University of Pennsylvania
  Aneta Hryckiewicz University of Frankfurt & Kozminski University
  Oskar Kowalewski Warsaw School of Economics (SGH)
  Gunseli Tumer-Alkan VU University Amsterdam
Bank Capital, Liquidity Creation and Deposit Insurance
  Zuzana Fungáčová Bank of Finland − Institute for Economies in Transition (BOFIT)
  Laurent Weill University of Strasbourg & EM Strasbourg Business School
  Mingming Zhou University of Colorado Colorado Springs
 
Presenter: Christian Rauch Presenter: Aneta Kryckiewicz Presenter: Mingming Zhou
Discussant: Sudip Ghosh, Penn State University Discussant: Jiawen Yang, George Washington University Discussant: Aneta Kryckiewicz, University of Frankfurt

Session 013
  Public Policy and Depository Institutions

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Linda Miles Chowan University

Monetary Policy Surprise and Commercial Banks
  Abdullah Mamun Edwards School of Business
  M. Kabir Hassan University of New Orleans
 
 
Political Influence and TARP Investments in Credit Unions
  Linus Wilson University of Louisiana Lafayette
 
 
 
When good investments go bad: The contraction in community bank lending after the 2008 GSE takeover
  Tara Rice Federal Reserve Board
  Jonathan Rose Federal Reserve Board
 
 
Presenter: Abdullah Mamun Presenter: Linus Wilson Presenter: Tara Rice (Linda Miles will present on Dr. Rice's behalf)
Discussant: Abhinav Goyal University College Dublin Discussant: Sridhar Sundaram Grand Valley State University Discussant: Nada Mora Fed Res Bank Kansas City

Session 014
  Convergence in Global Financial Markets

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: James Conover University of North Texas

NAFTA's Financial Convergence
  Cornelis A Los University of Lethbridge
  Yueming (Roy) Sun University of Lethbridge
 
 
An International CAPM for Partially Integrated Markets: Theory and Empirical Evidence
  Mohamed El Hedi Arouri LEO, Universite d' Orleans & EDHEC
  Duc Khuong Nguyen ISC Paris School of Management
  Kuntara Pukthuanthong San Diego State University
 
Global Cross-Border Banking and the EMU-Effect
  Harald Sander Cologne University of Applied Sciences
  Sylvia Heuchemer Cologne University of Applied Sciences
  Stefanie Kleimeier Maastricht University
 
Presenter: Cornelis A. Los Presenter: Duc Khuong Nguyen Presenter: Stefanie Kleimeier
Discussant: Yan He Indiana University Southeast Discussant: Huacheng Zhang University of Arizona Discussant: James Conover University of North Texas

Session 015
  Management Discretion and Market Efficiency

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Mitch Warachka Singapore Management University

Deal Spreads in European Cross-Border M&A: Do Deal Spreads Adequately Reflect the Risk in Merger Arbitrage?
  Marc Peter Umber Frankfurt School of Finance & Management
 
 
 
Do management earnings forecasts affect corporate bond markets?
  Peter DaDalt University of Rhode Island
  Melissa Woodley Samford University
 
Accruals and Momentum
  Ming Gu Rutgers Business School
 
 
 
Presenter: Marc P. Umber Presenter: Melissa Woodley Presenter: Ming Gu
Discussant: Dong Hong Singapore Management University Discussant: Inmoo Lee KAIST Discussant: Kevin Wang University of Toronto

Session 016
  Growth and Investment

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Joon Chae Seoul National University

What is behind the asset growth and investment growth anomalies?
  Fangjian Fu Singapore Management University
 
 
 
What Explains the Investment Growth Anomaly?
  Wikrom Prombutr UNC Pembroke
  Chanwit Phengpis Cal State Long Beach
  Ying Zhang Fairfield University
 
The dynamic relations between market returns and two types of risk with business cycles
  Xiaoquan Jiang Florida International University
  Bong-Soo Lee Florida State University
 
 
Presenter: Fangjian Fu Presenter: Wikrom Prombutr Presenter: Xiaoquan Jiang
Discussant: Xiaoquan Jiang Florida International University Discussant: Fangjian Fu Singapore Management University Discussant: Eunjung Lee Hanyang University

Session 017
  Asset Pricing Models and Market Risk Premium

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Dayong Huang UNC Greensboro

Generational Asset Pricing, Equity Puzzles, and Cyclicality
  Alan G. Huang University of Waterloo
  Eric N. Hughson Claremont McKenna College
  Chris Leach University of Colorado
 
Consumption and Expected Asset Returns: An Unobserved Component Approach
  N Kundan Kishor University of Wisconsin Milwaukee
  Swati Kumari University of Wisconsin Milwaukee
 
 
Forward-Looking Market Risk Premium
  Jin-Chuan Duan National University of Singapore
  Weiqi Zhang National University of Singapore
 
 
Presenter: Alan Huang Presenter: Swati Kumari Presenter: Weiqi Zhang
Discussant: Vivek Bhargava Alcorn State University Discussant: Dayong Huang UNC Greensboro Discussant: Jean-Guy Simonato HEC Montreal

Session 018
  Information and Financial Markets: Rumors, Word of Mouth, and News

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Andrei Jirnyi, Northwestern University

An Epidemiological Approach to Opinion and Price-Volume Dynamics
  Dong Hong Singapore Management University
  Harrison Hong Princeton University
  Andrei Ungureanu Morgan Stanley
 
Rumors in Financial Markets
  Lawrence A. Berger New School for Social Research
  Fan Chen University of Oklahoma
  Scott C. Linn University of Oklahoma
 
Presenter: Dong Hong Presenter: Fan Chen
Discussant: Elena Asparouhova University of Utah Discussant: Andrei Jirnyi Northwestern University

Session 019
  Future of Specialty Masters Programs in Finance

    Thursday, October 20, 8:00 am - 9:30 am

The goal of this session is to help identify directors of specialty masters programs in finance, facilitate identification of salient issues impacting the success of these programs, unique approaches that have been tried and tested, and explore the potential future direction of these programs and how universities can better prepare. There are a wide array of disparate programs from pure mathematics to pit trading. It would be helpful for those of us who are responsible for these programs to be able to compare notes.

Moderator: Robert Brooks, Wallace D Malone, Jr Endowed Chair of Financial Management, University of Alabama

Panelists:
  David T. Brown, William R Hough Associate Professor of Finance and MSF Program Director
  University of Florida

Mark Holder, Master of Science Financial Engineering Program, Chair, Finance Department, and Editor, Review of Futures Markets
  Kent State University

  James M. Steeley, Lloyds TSB Professor of Finance and Head, Finance and Accounting Group
  Aston University

SPECIAL PANEL SESSION

Session 023
  Trading, Liquidity, and Asset Prices

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Sugata Ray University of Florida

Why Does Higher Variability of Trading Activity Predict Lower Expected Returns?
  Alexander Barinov University of Georgia
 
 
 
Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets
  Michael A. Goldstein Babson College
  Edith S. Hotchkiss Boston College
 
 
Unveiling the Identity of PIN from the Flash Crash: Illiquidity or Information Asymmetry?
  Qin Lei Southern Methodist University
 
 
 
Presenter: Alexander Barinov Presenter: Michael A. Goldstein Presenter: Qin Lei
Discussant: Matt Souther University of Florida Discussant: Alexander Barinov University of Georgia Discussant: Aaron Gubin ECU

Session 024
  Investment Decisions

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Alon Raviv, Brandeis University

An Information-based Model of Target Stock Price Runup in the Market for Corporate Control
  Matthew Brigida Clarion University
  Jeff Madura Florida Atlantic University
  Ariel Viale Florida Atlantic University
 
Agency Problems in Target-Date Funds
  Vallapuzha Sandhya Georgia State University
 
 
 
Presenter: Ariel Viale Presenter: Vallapuzha Sandhya
Discussant: Fred Dongchuhl Oh Washington University Discussant: Alon Raviv Brandeis University

Session 025
  Mutual Fund Flows

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Claire Matthews, Massey University

Litigations, Mutual Fund Runs, and Fire-sale Costs
  Meijun Qian National University of Singapore
  Basak Tanyeri Bilkent University
 
 
Do Investors Care About Risk? Evidence from Mutual Fund Flows
  Chris P. Clifford University of Kentucky
  Jon A. Fulkerson Loyola University Maryland
  Bradford D. Jordan University of Kentucky
  Steve R. Waldman University of Kentucky
The Impact of Stock Market Volatility Expectations on Investor Behavior: Evidence From Aggregate Mutual Fund Flows
  Louis Ederington Univ. of Oklahoma
  Janya Golubeva Univ. of Oklahoma
 
 
Presenter: Basak Tanyeri Presenter: Jon Fulkerson Presenter: Louis Ederington
Discussant: Glenn Pettengill Grand Valley State University Discussant: Martin Young Massey University Discussant: Gokhan Sonaer Duquesne University

Session 026
  Ability of Institutional Investors

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: David Nanigian The American College

What Explains Mutual Fund Performance Persistence? International Evidence
  Miguel Ferreira Universidade Nova de Lisboa
  Aneel Keswani Cass Business School
  Antonio Miguel ISCTE - IUL Lisbon University Institute
  Sofia Ramos ISCTE - IUL Lisbon University Institute
How do Hedge Funds Manage Portfolio Risk?
  Gavin Cassar University of Pennsylvania
  Joseph Gerakos University of Chicago
 
 
When Analysts Talk - Do Institutional Investors Listen? Evidence from Target Price Changes and Institutional Trading
  Shan Lin Queen's University
  Hong Ping Tan University of Waterloo
 
 
Presenter: Antonio Miguel Presenter: Joseph Gerakos Presenter: Shan Lin
Discussant: Phillip Gibson Texas Tech University Discussant: Timothy Krause University of Texas San Antonio Discussant: Linlin Ma Georgia State University

Session 027
  Debt and Lending

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Laura Gonzalez Fordham University

Equity Short Interest and the Cost of Corporate Debt
  Bilal Erturk Oklahoma State University
  Ali Nejadmaleyeri Oklahoma State University
 
 
Bank Loans and Bubbles: How Informative are the Announcements?
  Laura Gonzalez Fordham University
 
 
 
Verifying the State of Financing Constraints: Evidence from US Business Credit Contracts
  Ralf R Meisenzahl Federal Reserve Board
 
 
 
Presenter: Bilal Erturk Presenter: Laura Gonzalez Presenter: Ralf Meisenzahl
Discussant: Ralf Meisenzahl Federal Reserve Board Discussant: Celine Meslier Université de Limoges, LAPE Discussant: Bilal Erturk Oklahoma State University

Session 028
  Insurance and Derivatives

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Martin Boyer HEC Montreal

Dynamic Determinants of Enterprise Risk Management Adoption in the Property-Liability Insurance Industry: Evidence from Germany
  Muhammed Altuntas University of Cologne
  Thomas R. Berry-Stölzle University of Georgia
  Robert E. Hoyt University of Georgia
 
Longevity/Mortality Risk Modeling and Securities Pricing
  Patrick Brockett University of Texas at Austin
  Yinglu Deng University of Texas at Austin
  Richard MacMinn Illinois State University
 
Bond Insurers: Avoiding Capital Pro-cyclicality
  Xiangjing Wei Wilson College
  Shaun Wang Georgia State University
  Eric Ulm Georgia State University
 
Presenter: Muhammed Altuntas Presenter: Patrick Brockett Presenter: Xiangjing Wei
Discussant: Xiangjing Wei Wilson College Discussant: Martin Boyer HEC Montreal Discussant: James Barrese St John's University

a.org/Hamburg/EmailIcon.jpg" border=0> Discussant: Li Yang University of New South Wales
Session 029
  Stochastic Volatility

    Thursday, October 20, 8:00 am - 9:30 am

Chairperson: Hongming Huang National Central University

A Closed-Form Solution for Options with Ambiguity about Stochastic Volatility
  Gonçalo Faria Universidad de Vigo
  João Correia-da-Silva Faculdade de Economica da Universidade do Porto, CEF.UP
 
 
Pricing Range Accrual Notes in Affine Term Structure Model with Stochastic Mean, Stochastic Volatility and Jump
  Hongming Huang National Central University
  Shaoyu Li Xiamen University
  Li-Chuan Tsai Xiamen University
 
Entropic Least-Squares Valuation of American Options Subject to Moment-Constraints
  Xisheng Yu
  Li Yang UNSW
 
 
Presenter: Gonçalo Faria Presenter: Shaoyu Li Presenter: Li Yang
Discussant: Gonçalo Faria Universidad de Vigo Discussant: Hongming Huang National Central University

Session 030
  Merger Transactions

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Tanja Steigner Emporia State University

How Have M&As Changed? Evidence from the Sixth Merger Wave
  George Alexandridis ICMA Centre, University of Reading
  Christos Filippos Mavrovitis ICMA Centre, University of Reading
  Nickolaos G Travlos ALBA Graduate Business School
 
How Fundamental Are the Drivers of Mergers & Acquisitions Activity? Exogenous Shocks, Market Competition and the Investment Opportunity Set
  Kevin Okoeguale University of Georgia
 
 
 
Post Signing Market Check or Window Dressing? The Role of Go-Shop Provisions in M&A Transactions
  Jin Q Jeon Dongguk University
 
 
 
Presenter: Christos Mavrovitis Presenter: Kevin Okoeguale Presenter: Jin Q Jeon
Discussant: Tanja Steigner Emporia State University Discussant: An-Ming Wu University of Alberta Discussant: Shenghui Tong Central University of Finance and Economics

Session 031
  Asset Sales

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Ronald William Melicher University of Colorado at Boulder

Asset Sales in the Mutual Fund Industry: Who Gains?
  Fan Chen University of Mississippi
  Gary Sanger Louisiana State University
  Myron Slovin HEC Paris
 
Acquisitions of foreign divested assets
  Thanh N Ngo University of Texas-Pan American
  Surendranath R Jory University of Michigan Flint
 
 
Presenter: Fan Chen Presenter: Surendranath R Jory
Discussant: PK Kim Chungbuk National University Discussant: David Brown University of Colorado at Boulder

Session 032
  Boards 1

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Shawn Mobbs University of Alabama

When Do Investors Value an Outsider as Board Chair?
  Arun Upadhyay University of Alaska Anchorage
 
 
 
Classified Boards, the Cost of Debt, and Firm Performance
  Dong Chen University of Baltimore
 
 
 
When Does CEO Duality Add Value? Evidence from a Natural Experiment
  Tina Yang Villanova University
  Shan Zhao Shanghai University of Finance and Economics
 
 
Presenter: Arun Upadhyay Presenter: Dong Chen Presenter: Tina Yang
Discussant: Mia (Yi) Rivolta University of Tennessee Discussant: Jide Wintoki University of Kansas Discussant: Shawn Mobbs University of Alabama

Session 033
  Managerial Attributes

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Mufaddal H. Baxamusa University of St. Thomas

CEO Mobility and the CEO-Firm Match: Evidence from CEO Employment History
  Harley Ryan Georgia State University
  Lingling Wang Tulane University
 
 
Managerial Compensation: Luck, Skill or Labor Markets?
  Jeffrey Brookman Idaho State University
  Paul Thistle University of Nevada, Las Vegas
 
 
Managerial Attributes, Incentives, and Performance
  Jeffrey L. Coles Arizona State University
  Zhichuan Frank Li Arizona State University
 
 
Presenter: Harley Ryan Presenter: Jeff Brookman Presenter: Jeffrey L. Coles
Discussant: Abu M. Jalal Suffolk University Discussant: Anand Jha Texas A&M International University Discussant: Felix Meschke University of Kansas

Session 034
  Tournaments and CEO Labor Markets

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Dirk Hackbarth University of Illinois at Urbana-Champaign

Internal Labor Market Homogeneity and CEO Succession
  Melissa B. Frye University of Central Florida
  Tih Koon Tan University of Tampa
 
 
Compensation Gap among Top Executives: Tournament Competition, Marginal Productivity Differentials, or Governance Failure?
  Shage Zhang Vanderbilt University
 
 
 
Presenter: Melissa Frye Presenter: Shage Zhang
Discussant: Lifeng Gu University of Illinois at Urbana-Champaign Discussant: Ola Bengtsson University of Illinois at Urbana-Champaign

Session 035
  Risk and Payout Policy

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Manoj Kulchania Marquette University

Financial Flexibility, Risk Management, and Payout Choice
  Alice Adams Bonaime University of Kentucky
  Kristine Watson Hankins University of Kentucky
  Jarrad Harford University of Washington
 
Optimal Payout Ratio under Uncertainty and the Flexibility Hypothesis: Theory and Empirical Evidence
  Cheng-Few Lee Rutgers University
  Manak C. Gupta Temple University
  Hong-Yi Chen National Central University
  Alice C. Lee State Street Corp.
Do Dividend Initiations Signal a Reduction in Risk? Evidence from the Option Market
  Jeffrey S. Jones University of Arkansas
  Jenny Y Gu University of Dallas
  Pu Liu University of Arkansas
 
Presenter: Alice Adams Bonaime Presenter: Hong-Yi Chen Presenter: Jeffrey Jones
Discussant: Anzhela Knyazeva University of Rochester Discussant: Diana Knyazeva University of Rochester Discussant: Alice Adams Bonaime University of Kentucky

Session 036
  Financial Markets Regulation

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Robert McDonald, Northwestern University

DOCTORAL STUDENT CONSORTIUM SESSION
On the Importance of Internal Control Systems in the Capital Allocation Decision: Evidence from SOX
  David De Angelis Cornell University
 
 
 
Corporate Governance and State Expropriation Risk
  Burcin Col McGill University
 
 
 
Banks’ Non-Interest Income and Systemic Risk
  Markus Brunnermeier Princeton University, NBER, CEPR & CESifo
  Gang Dong Rutgers University (presenting author)
  Darius Palia Rutgers University
 
Discussant: Scott Bauguess, US SEC Discussant: Donna Paul, Washington State University Discussant: Michael Stutzer, University of Colorado Boulder

Session 037
  Liquidity, Price Discovery, and Systemic Risks

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Iftekhar Hasan, Rensselaer Polytechnic Institute

DOCTORAL STUDENT CONSORTIUM SESSION
Does Investment Horizon Matter? Further Examination of the Effect of Institutional Herding on Stock Prices
  H Zafer Yuksel University of Arizona
 
 
 
CDS Trading and Bankruptcy Risk
  Sarah Qian Wang New York University and University of Hong Kong
 
 
 
Risk Premium of the Flight to Quality
  Jaehoon Lee University of Illinois Urbana-Champaign
 
 
 
Discussant: Pengfei Ye, Rensselaer Polytechnic Institute Discussant: Gaiyan Zhang, University of Missouri St Louis Discussant: Gabriel Ramirez, Kennesaw University

Session 038
  Capital Structure Studies

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Thomas O'Brien, University of Connecticut

Credit Watch and Capital Structure
  Kristopher J. Kemper University of Wisconsin Eau Claire
  Ramesh Rao Oklahoma State University
 
 
Corporate Bond Clawbacks (IPOCs): Theory and Evidence
  Kenneth Daniels VCU
  Fernando Diaz Universidad Diego Portales
  Gabriel G Ramírez Kennesaw State University
 
The WACC Fallacy: The Real Effects of Using a Unique Discount Rate
  Philipp Krueger University of Geneva
  David Thesmar HEC Paris & CEPR
  Augustin Landier Toulouse School of Economics
 
Presenter: Kristopher Kemper Presenter: Kenneth Daniels Presenter: Philipp Krueger
Discussant: Hinh Khieu University of Southern Indiana Discussant: Michael A Goldstein Babson College Discussant: Sebastian Orbe University of Cologne

Session 039
  IPO Underwriting

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Emmanuel Morales-Camargo, University of New Mexico

State Ownership, Underwriting Quality, and the IPO Market Share of Investment Banks: Evidence from China
  Chao Chen Fudan University
  Haoping Xu Fudan University
 
 
Who controls the IPO underwriting market? Top VCs and all-star analyst coverage
  Daniel Bradley University of South Florida
  Incheol Kim University of South Florida
  Laurie Krigman Babson College
 
Relationship Intermediation in Equity Offerings: Evidence from Repeated Interactions between IPO Underwriters and Venture Capital Firms
  Ozgur Safak Ince Virginia Tech
 
 
 
Presenter: Chao Chen Presenter: Daniel Bradley Presenter: Ozgur Ince
Discussant: Karen Simonyan Suffolk University Discussant: Pawel Bilinski Manchester Business School Discussant: Chander Shekhar University of Melbourne

Session 040
  Liquidity and Financial Crises

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Karen Selody, Federal Reserve Board

Bank Liquidity Creation, Monetary Policy, and Financial Crises
  Allen N. Berger University of South Carolina
  Christa H.S. Bouwman Case Western Reserve University
 
 
Crises, Liquidity Shocks, and Fire Sales at Financial Institutions
  Nicole Boyson Northeastern University
  Jean Helwege University of South Carolina
  Jan Jindra Menlo College
 
Banks as Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
  Nada Mora Federal Reserve Bank of Kansas City
  Viral Acharya New York University
 
 
Presenter: Allen N. Berger Presenter: Jan Jindra Presenter: Nada Mora
Discussant: Karen Selody Federal Reserve Board Discussant: Christian Rauch Goethe University Frankfurt Discussant: Lamont Black Federal Reserve Board

Session 041
  Bank Diversification and Performance

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Dar-Yeh Hwang, National Taiwan University

Diversification Channels and Bank Holding Company Performance
  Chinpiao Liu National Chung Cheng University
  Alan K Reichert Cleveland State University
  Dieter Gramlich Baden-Wuerttemberg Cooperative State University
 
Bank Diversification, Risk and Profitability in an Emerging Economy: Evidence from the Philippines
  Céline Meslier Université de Limoges
  Ruth Tacneng Université de Limoges
  Amine Tarazi Université de Limoges
 
COUNTER-CYCLICAL PROVISIONS, MANAGERIAL DISCRETION AND LOAN GROWTH
  Santiago Carbo-Valverde University of Granada
  Francisco Rodriguez-Fernandez University of Granada
 
 
Presenter: Alan Reichert Presenter: Celine Meslier Presenter: Francisco Rodriguez-Fernandez
Discussant: Yoon Choi University of Central Florida Discussant: Robert Webb University of Virginia and KAIST Business School Discussant: Michel Dietsch Universite de Strasbourg

Session 042
  Bank Risk

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Prakash K Pai University of Texas Permian Basin

The Effect of TARP on Bank Risk-Taking
  Lamont Black Federal Reserve Board
  Lieu Hazelwood Federal Reserve Board
 
 
Market discipline of bank risk and the too-big-to-fail protection: Evidence from risk management decisions
  Mohamed Belkhir UAE University
 
 
 
Risk, Return, and Income Mix at Commercial Banks: Cross-Country Evidence
  Sungho Choi Chonnam National University
  Rifat Gorener Roosevelt University
 
 
Presenter: Lamont Black Presenter: Mohamed Belkhir Presenter: Sungho Choi
Discussant: Peter Pontuch Universite Paris Dauphine Discussant: Elizabeth W Cooper La Salle University Discussant: David Dupre

Session 043
  Information, Price Discovery, and Stock Markets

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Hermann Elendner, Vienna Graduate School of Finance

Price Adjustment to News with Uncertain Precision
  Nikolaus Hautsch Humboldt-Universitaet zu Berlin
  Dieter Hess University of Cologne
  Christoph Mueller EnBW Trading GmbH
 
Assessing global market integration through security analyst forecasts
  Eliza Wu University of Technology, Sydney
  Bohui Zhang University of New South Wales
 
 
Transmigration across price discovery categories: Evidence from the U.S. CDS and equity markets
  Vincent Xiang Monash University
  Victor Fang Monash University
  Michael Chng Deakin University
 
Presenter: Dieter Hess Presenter: Bohui Zhang Presenter: Vincent Xiang
Discussant: Hermann Elendner, Vienna Graduate School of Finance Discussant: Sinan Gokkaya Mississippi State University Discussant: Hui-Ching Chuang National Taiwan University

Session 044
  Explaining Anomalies 1

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Fang Yu China Europe International Business School (CEIBS)

Investment-Specific Shocks and Momentum Profits
  Jun Li University of Minnesota
 
 
 
Short Selling and the Pricing of Closed-end Funds
  Gordon J. Alexander University of Minnesota
  Mark A. Peterson Southern Illinois University
 
 
stock splits and conditional value premium
  Qing Bai University of Cincinnati
  Hui Guo University of Cincinnati
 
 
Presenter: Jun Li Presenter: Mark Peterson Presenter: Qing Bai
Discussant: Nousheen Bhutta International Islamic University Discussant: David Nanigian The American College Discussant: Joshua Spizman Loyola Marymount University

Session 045
  Family Firms and Cost of Capital

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Sabine Wende, University of Cologne

VOLUNTARY DISCLOSURE STRATEGIES AND THE COST OF CAPITAL OF ITALIAN BLUE CHIPS
  Carlo Bagnoli Ca' Foscari University of Venice
  Guido Max Mantovani Ca' Foscari University of Venice
 
 
Agency Issues in a Family Controlled Corporate Governance Structure—The Case of Italy
  Nalinaksha Bhattacharyya University of Alaska Anchorage
  Julie Ann Elston Oregon State University
  Laura Rondi Politecnico di Torino and Ceris-CNR
 
Demand Uncertainty. Bayesian Update and IPO Pricing
  Xianming Zhou University of Hong Kong
  Rong Qi St. John's University
 
 
Presenter: Guido Max Mantovani Presenter: Nalinaksha Bhattacharyya Presenter: Rong Qi
Discussant: Nalinaksha Bhattacharyya University of Alaska Anchorage Discussant: Ignacio Requejo Universidad de Salamanca Discussant: Philipp Immenkötter University of Cologne

Session 046
  Information and Asset Prices

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Qin Lei Southern Methodist University

IQCAPM: Asset Pricing with Information-Quality Risk
  Gady Jacoby Seton Hall University
  Gemma Lee Seton Hall University
  Alexander Paseka University of Manitoba
  Yan Wang University of Manitoba
Credit Conditions and Stock Return Volatility
  Sudheer Chava Georgia Institute of Technology
  Michael Gallmeyer University of Virginia
  Heungju Park Texas A&M University
 
Does the Bond Market Want Informative Credit Ratings?
  Jess Cornaggia Indiana University
  Kimberly J. Cornaggia American University
 
 
Presenter: Gady Jacoby Presenter: Heungju Park Presenter: Jess Cornaggia
Discussant: Heungju Park Texas A&M University Discussant: Robert Durand Curtin University Discussant: Ayla Kayhan US SEC

Session 047
  Market Efficiency

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Kevin Zhao, Middle Tennessee State University

Short Sale Constraints, Correlation and Market Efficiency
  Christos Giannikos Baruch College
  Eleni Gousgounis Stevens Institute of Technology
 
 
Market-wide sentiment, firm-level sentiment, and the IPO pricing process
  Emir Hrnjic National University of Singapore
  Srinivasan Sankaraguruswamy National University of Singapore
 
 
Short-Selling, Margin-Trading, and Market States
  Zhaodan Huang Utica College
  Yangru Wu Rutgers University
 
 
Presenter: Eleni Gousgounis Presenter: Emir Hrnjic Presenter: Zhaodan Huang
Discussant: Burt Porter US SEC Discussant: Yuanji Wen Bocconi University Discussant: Paul Koch University of Kansas

Session 048
  Ethics-Based Public Policy: The Financial Research Perspective

    Thursday, October 20, 9:45 am - 11:15 am

Recently, finance and ethics scholars have recognized a void in the number and breadth of studies and academic work in the area of financial ethics. To partially fill this void and to begin a dialogue among financial economists, recent books have emerged covering numerous topics concerning financial ethics. Topics covered in these works range from ethical accounting practices to ethical behavior of financial agents. This session will address a natural continuation of these topics is in the area of ethically-based public policy from a finance perspective.
Moderator : Charles Beauchamp, Assistant Professor, Middle Tennessee State University

Panelists:
  Robert Kolb, Professor of Finance and Frank W. Considine Chair of Applied Ethics, Loyola University of Chicago
  John Boatright, Raymond C. Baumhart, S.J., Professor of Business Ethics and Professor of Management, Loyola University of Chicago
  Sarah Peck, Associate Professor of Finance, Marquette University

SPECIAL PANEL SESSION

Session 049
  The Role of Foreclosure Mitigation Programs in the Housing Crisis

    Thursday, October 20, 9:45 am - 11:15 am

Many economists argue that programs intended to soften the impact of foreclosures are making the housing crisis worse. These programs prevent housing prices from reaching market levels, increase the inventory of houses held by banks and discourage home purchases. Proponents of the programs argue that foreclosures create significant externalities (like neighborhood blight) which would make the crisis even worse. In some cases, avoiding foreclosure reduces the cost of the borrower’s default. This session will discuss the rationale behind the foreclosure mitigation programs as well as key design elements. It will also cover impediments to implementation and potential unintended consequences.
Moderator: Rawley Thomas, FMA Vice President Practitioner Services and President & Co-Founder, LifeCycle Returns

Panelists:
Herb Blecher, Senior Vice President, LPS Applied Analytics
Austin Kelly, Associate Director, Housing Finance Research, Office of Policy, Analysis and Research, Federal Housing Finance Agency
Ronald L Meer, Chairman and CEO, Ironwood Holdings USA

SPECIAL PANEL SESSION

Session 052
  Market Makers and Competition for Liquidity Provision

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Archana Jain University of Memphis

Automated Liquidity Provision and the Demise of Traditional Market Making
  Austin Gerig University of Technology, Sydney
  David Michayluk University of Technology, Sydney
 
 
Effects of the Competition between Multiple Trading Platforms on Market Liquidity
  Carole Gresse Université Paris-Dauphine
 
 
 
Exit, survival, and competitive equilibrium in dealer markets
  Kee H. Chung University at Buffalo (SUNY)
  Chairat Chuwonganant Kansas State University
 
 
Presenter: Austin Gerig Presenter: Carole Gresse Presenter: Chairat Chuwonganant
Discussant: Hui-Ju Tsai Washington College Discussant: Archana Jain University of Memphis Discussant: Alex Kurov West Virginia University

Session 053
  Earnings Announcements

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Musa Subasi University of Texas at Dallas

Information or Speculation: What Motivates Pre-Earnings Announcement Option Activity
  Dallin M. Alldredge Utah State University
  Benjamin M. Blau Utah State University
  J. Michael Pinegar Brigham Young University
 
Asymmetric Stock Price Reaction to Good vs. Bad Earnings News: Short Sale Constraints vs. Managers‟ Incentives to Withhold Bad News
  Musa Subasi University of Texas at Dallas
 
 
 
Jump on the post-earnings-announcement drift
  Haigang Zhou Cleveland State University
  Qi Zhu Shanghai Jiao Tong University
 
 
Presenter: Benjamin M. Blau Presenter: Musa Subasi Presenter: Qi Zhu
Discussant: Sugata Ray University of Florida Discussant: Olga Lebedeva University of Mannheim Discussant: Musa Subasi University of Texas at Dallas

Session 054
  Mutual Fund Management

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Vipul Bansal, St John's University

Do Busy Managers Perform Better? Evidence from Mutual Funds
  Jianing Zhang Penn State University
 
 
 
Mutual fund investment restrictions
  Chris P. Clifford University of Kentucky
  Jon A. Fulkerson Loyola University Maryland
  Bradford D. Jordan University of Kentuckyk
 
Board Independence and Mutual Fund Manager Turnover
  Richard Fu San Jose State University
  Lei Wedge University of South Florida
 
 
Presenter: Jianing Zhang Presenter: Jon A. Fulkerson Presenter: Lei Wedge
Discussant:Lei Wedge University of South Florida Discussant: Qun Wu SUNY Oneonta Discussant: Vipul Bansal, St John's University

Session 055
  Market Microstructure 1

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Dale W.R. Rosenthal University of Illinois at Chicago

ETF Arbitrage
  Ben R Marshall Massey University
  Nhut Nguyen Auckland University
  Nuttawat Visaltanachoti Massey University
 
Volatility as an Asset Class: Holding VIX in a Portfolio
  R. Jared DeLisle Washington State University
  James S. Doran Florida State University
  Kevin Krieger University of Tulsa
 
Timing versus Buy and Hold: A Model for Determining the Predictive Accuracy Required for Superior Performance
  Jimmy E Hilliard Auburn University
  Jitka Hilliard Auburn University
 
 
Presenter: Ben Marshall Presenter: James Doran Presenter: Jitka Hilliard
Discussant: James Conover University of North Texas Discussant: Chris Stivers University of Louisville Discussant: Marilyn Wiley University of North Texas

Session 056
  Models of Portfolio Performance

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Alan Huang University of Waterloo

Performance of U.S. Equity and Bond Mutual Funds Using the Stochastic Discount Factor Approach
  Ines Gargouri Universite du Quebec a Montreal
  Lawrence Kryzanowski Concordia University
 
 
Diaman Ratio
  Ruggero Bertelli University of Siena
  Daniele Bernardi Diaman Sim SPA
 
 
Can VAR Models Capture Regime Shifts in Asset Returns? A Long-Horizon Strategic Asset Allocation Perspective
  Massimo Guidolin Manchester Business School
  Stuart Hyde Manchester Business School
 
 
Presenter: Ines Gargouri Presenter: Ruggero Bertelli Presenter: Stuart Hyde
Discussant: Ruggero Bertelli University of Siena Discussant: Stuart Hyde Manchester Business School Discussant: Ines Gargouri Universite du Quebec a Montreal

Session 057
  The Supply of Credit

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: Wei Chen SAS Institute

COUNTY-LEVEL ‘BANKRUPTCY’ BETA AND ITS IMPACT ON SUPPLY OF CONSUMER CREDIT
  Chintal Ajitbhai Desai University of Texas - Pan American
  Gregory Elliehausen Federal Reserve Board
  Edward C. Lawrence University of Missouri - St. Louis
 
Why and How Do Banks Lay Off Credit Risk? The Choice between Loan Sales versus Credit Default Swaps
  Mehdi Beyhaghi York University
  Nadia Massoud York University
 
 
Parsimonious Exposure-at-Default Modeling for Unfunded Loan Commitments
  Michael Jacobs Comptroller of the Currency
  Pinaki Bag Union National Bank of Abu Dhabi
 
 
Presenter: Chintal A. Desai Presenter: Mehdi Beyhaghi Presenter: Michael Jacobs
Discussant to be announced Discussant: Chen Liu Queen's University Discussant: Anna Chernobai Syracuse University

Session 058
  Volatility and the VIX Index

    Thursday, October 20, 9:45 am - 11:15 am

Chairperson: John W. Kensinger University of North Texas

An Empirical Exploration of the CBOE Volatility Index (VIX) Futures Market as a Hedge For Equity Market and Hedge Fund Investors
  Keith H Black CAIA Association
 
 
 
Pricing VIX Options: Evidence from Integrated S&P 500 Index Option and VIX Futures Markets
  Yueh-Neng Lin National Chung Hsing University
 
 
 
The Relation among SPX Options, Variance Futures and VIX Futures
  Yuqin Huang United International College
  Jin Zhang University of Hong Kong
 
 
Presenter: Keith Black Presenter: Yueh-Neng Lin Presenter: Yuqin huang
Discussant: Jaehoon Kim Claflin University Discussant: John W Kensinger University of North Texas Discussant: James A Conover University of North Texas

Session 059
  Cross-border Acquisitions 1

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Melinda Newman University of Akron

Determinants of Earnout as Optimal Payment Currency in Domestic versus Cross-Border Acquisitions and Bidders’ Gains
  Leonidas Barbopoulos University of St Andrews
  Krishna Paudyal University of Strathclyde
  Sudi Sudarsanam University of Cranfield
 
Why do foreign acquirers pay more? - Evidence from European cross-border acquisition premiums
  Marc Rustige Frankfurt School of Finance & Management
  Michael H. Grote Frankfurt School of Finance & Management
 
 
The Disappearance of the Cross-Border Premium for U.S. Targets
  Ninon Sutton University of South Florida
  Vivek Pandey University of Texas at Tyler
 
 
Presenter: Leonidas Barbopoulos Presenter: Michael Grote Presenter: Vivek Pandey
Discussant: Vivek Pandey University of Texas at Tyler Discussant: Leonidas Barbopoulos University of St Andrews Discussant: Deborah Gregory University of New England

Session 060
  Method of Payment in M&As

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Thomas Moeller Texas Christian University

The Choice of Payment Methods in Corporate Acquisitions under the Strategic Consideration of Collective Bargaining with Labor Unions
  I-Ju Chen Yuan Ze University
  Sheng-Syan Chen National Taiwan University
  Yan-Shing Chen National Yunlin University of Science and Technology
 
Determinants of the Method of Payment in Asset Sell-off Transactions
  Kien Cao Florida Atlantic University
  Jeff Madura Florida Atlantic University
 
 
Presenter: Yan-Shing Chen Presenter: Kien Cao
Discussant: Thomas Moeller Texas Christian University Discussant: Jan Jindra Menlo College

Session 061
  Boards 2

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Diana Knyazeva University of Rochester

Board Monitoring and the Wall Street Rule
  Brandon Chen University of New South Wales
 
 
 
Explaining the Staggered Board Discount
  Esteban Afonso University of Georgia
  M Babajide Wintoki University of Kansas
 
 
Tradeoffs Between Internal and External Governance: Board Structure and Antitakeover Provisions
  Patrick Lach Eastern Illinois University
  Shawn Mobbs University of Alabama
  Lixiong Guo University of New South Wales
 
Presenter: Brandon Chen Presenter: Esteban Afonso Presenter: Patrick Lach
Discussant: Jianxin Chi Arizona State University Discussant: Tareque Nasser Kansas State University Discussant: Elif Sisli Ciamarra Brandeis University

Session 062
  Anti-Takeover Provisions

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Anzhela Knyazeva, University of Rochester

Compensation Contagion: Evidence from Delaware's Anti-Takeover Rulings
  Frederick Bereskin University of Delaware
  David Cicero University of Tennessee
 
 
Institutional Shareholder Response to Antitakeover Laws
  Murat Aydogdu Rhode Island College
  Chander Shekhar University of Melbourne
 
 
Outside Directors and ATPs
  Melissa Frye University of Central Florida
  Weishen Wang College of Charleston
  Ann Marie Whyte University of Central Florida
 
Presenter: David Cicero Presenter: Murat Aydogdu Presenter: Weishen Wang
Discussant: Anzhela Knyazeva University of Rochester Discussant: Mia (Yi) Li Rivolta University of Tennessee Discussant: David Cicero University of Tennessee

Session 063
  CEO Compensation 1

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Qian (Jane) Xie, East Stroudsburg University

Why Do Some CEOs Work for a One-Dollar Salary?
  Gilberto Loureiro University of Minho
  Anil K. Makhija The Ohio State University
  Dan Zhang Erasmus University Rotterdam
 
CEO Compensation and Covenant Violation
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Xian Sun Johns Hopkins University
 
Pay Gap, Corporate Governance, and Firm Performance
  Zhichuan Li Arizona State University
 
 
 
Presenter: Dan Zhang Presenter: Xian Sun Presenter: Zhichuan Li
Discussant: Huimin Li Georgia State University Discussant: Mark Chen Georgia State University Discussant: Cassandra Marshall Richmond University

Session 064
  Information Asymmetry and Payout Policy

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Pascal Francois, HEC Montreal

Divergence of Opinion and Actual Share Repurchase: Theory and Empirical Evidence
  Benjamin Blau Utah State University
  Kathleen Fuller University of Mississippi
  M Mark Walker University of Mississippi
  Hao Wang University of Mississippi
Disappearing Dividends: A Rational Explanation and Implications
  Min Thu Maung University of Saskatchewan
  Vikas Mehrotra University of Alberta
 
 
Institutional Holding and Payout Policy: Does Heterogeneity Matter?
  Muhammad Arif Qayyum Cameron University
  Greg Nagel Middle Tennessee State University
  Kenneth Roskelley Mississippi State University
 
Presenter: Hao Wang Presenter: Min Maung Presenter: Muhammad Arif Qayyum
Discussant: George J Papaioannou Hofstra University Discussant: Jeff D Watton University of Nebraska Lincoln Discussant: Min Maung Unviersity of Saskatchewan

Session 065
  Labor Characteristics and Firm Performance

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Manju Puri, Duke University

DOCTORAL STUDENT CONSORTIUM SESSION
Internal versus External Replacement of Mutual Fund Managers
  Linlin Ma Georgia State University
Early Career Experience and Optimism Spillover
  Kelvin Law University of Texas Austin
Compensation Gap among Top Executives: Marginal Productivity Differentials, Tournament Competition, or Governance Failure?
  Shage Zhang Vanderbilt University
 
 
 
Discussant: Jie Yang, Georgtown University Discussant: Debarshi Nandy, Brandeis University Discussant: Swaminathan Kalpathy, Southern Methodist University

Session 066
  Corporate Governance and Politics

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson : Ronald Masulis, University of New South Wales

DOCTORAL STUDENT CONSORTIUM SESSION
Corporate Governance and Risk Taking: Evidence from Defined Benefits Pension Plan Asset Allocation
  Hieu Van Phan University of Connecticut
 
 
 
The Political Economy of the Changes in Campaign Finance Laws
  Saumya Prabhat University of Rochester
 
 
 
When Do Governance Mechanisms Matter Most?
  Derek Horstmeyer University of Southern California
 
 
 
Discussant: Robert Kieschnick, University of Texas Dallas Discussant to be announced Discussant: Fei Xie, George Mason University

Session 067
  Issues in Capital Structure

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Gonul Colak, Florida State University

Corporate financing decisions: integrated analyses of trade-off, pecking order, and market timing influences
  Shanhong Wu University of Arkansas at Fort Smith
  Joseph P. Ogden University at Buffalo (SUNY)
 
 
Capital Structure Under Uncertain Macroeconomic Conditions
  Philipp Immenkötter University of Cologne
  Dieter Hess University of Cologne
 
 
Competition, Managerial Quality, and Capital Structure
  Varouj A. Aivazian University of Toronto
  Tat-kei Lai University of Toronto
 
 
Presenter: Joseph P. Ogden Presenter: Philipp Immenkötter Presenter: Tat-kei Lai
Discussant: Stefano Bonini Bocconi University Discussant: Mark Bayless Wayne State University Discussant: Virginia Sarria Allende IAE Business School

Session 068
  New Perspectives on the IPO Process

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: J Ronald Hoffmeister Arizona State University

Weak firms follow strong firms in hot IPO markets
  Kiyoung Chang University of South Florida Sarasota-Manatee
  Yong-Cheol Kim University of Wisconsin-Milwaukee
  Hyeongsop Shim Ulsan National Institute of Science & Technology
 
Management Quality, Venture Capital Backing, and Initial Public Offerings
  Thomas J. Chemmanur Boston College
  Karen Simonyan Suffolk University
  Hassan Tehranian Boston College
 
Do Industry Growth Prospects Drive IPO Stock Performance?
  Ming Dong York University
  Jean-Sébastien Michel HEC Montreal
 
 
Presenter: Hyeongsop Shim Presenter: Karen Simonyan Presenter: Ming Dong
Discussant: J Ronald Hoffmeister Arizona State University Discussant: Timothy Loughran University of Notre Dame Discussant: Donald Autore Florida State University

Session 069
  Stock Market Instability

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Maria Kasch University of Mannheim

The flash crash: Trading aggressiveness, liquidity supply, and the impact of intermarket sweep orders
  Sugato Chakravarty Purdue University
  James Upson University of Texas at El Paso
  Robert Wood University of Memphis
 
Market Crashes
  Maria Kasch University of Mannheim
  Jose Gonzalo Rangel Bank of Mexico
  Moritz Weigand PPI AG
 
Dynamic Equilibrium in an Economy with an Illiquid Stock Market
  Sergei Isaenko Concordia University
 
 
 
Presenter: James Upson Presenter: Maria Kasch Presenter: S.Isaenko
Discussant: Sergey Isaenko Concordia University Discussant: Travis Box University of Arizona Discussant: Sahn-Wook Huh University at Buffalo (SUNY)

Session 070
  Bank Managerial Incentives

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Bhanu Balasubramnian University of Akron

Are Regulatory Management Evaluations Informative about Bank Performance?
  Lewis Gaul Office of Comptroller of Currency
  Ajay Palvia Office of Comptroller of Currency
 
 
Does Management Quality Impact Bank Merger Outcome?
  Elizabeth Cooper La Salle University
  Todd Vermilyea Federal Reserve Bank of Philadelphia
 
 
CEO Bonus Compensation and Bank Default Risk: Evidence from the U.S. and Europe
  Francesco Vallascas University of Leeds
  Jens Hagendorff University of Edinburgh
 
 
Presenter: Ajay Palvia Presenter: Elizabeth Cooper Presenter: Jens Hagendorff
Discussant: Perihan Iren Zayed University Discussant: Chen Liu Queens University Discussant: Claire Matthews Massey University

Session 071
  Bank Capital

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: M Kabir Hassan University of New Orleans

Is the Bond Market a Reliable Partner in the Regulation of Banks? An Examination of Subordinated Debt and the Pricing of Residential Mortgage Risk during the Financial Crises
  Kristina Minnick Bentley University
  Nela Richardson Commodity Futures Trading Commission,
  Yan Chang Freddie Mac
 
Do Depositors Discipline Banks? An International Perspective
  Allen N. Berger University of South Carolina
  Rima Turk-Ariss Lebanese American University
 
 
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations
  Vinod Sathyakeerthy Changarath University of Cincinnati
  Michael F Ferguson University of Cincinnati
  Yong H Kim University of Cincinnati
 
Presenter: Nela Richardson Presenter: Rima Turk-Ariss Presenter: Vinod S. Changarath
Discussant: Jeffrey S Jones Drury University Discussant: John W Goodell University of Akron Discussant: Kristopher Kemper University of Wisconsin Eau Claire

Session 072
  Derivatives, Price Discovery, and Target Prices

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: George Aragon, Arizona State University

Do Analysts Cater to Investor Beliefs via Target Prices? Evidence from Taiwan
  An-Sing Chen National Chung Cheng University
  Lee-Young Cheng National Chung Cheng University
  Kuang-Fu Cheng Ling Tung University
  Hsing-Yu Tu National Chung Cheng University
Term Structure of Credit Default Swap Spreads and Cross-Section of Stock Returns
  Bing Han University of Texas at Austin
  Yi Zhou University of Oklahoma
 
 
Pricing and integration of the CDX tranches in the financial market
  Dan Luo Hong Kong University
  Andrew Carverhill University of Hong Kong
 
 
Presenter: An-Sing Chen Presenter: bing han Presenter: Dan Luo
Discussant: Pawel Bilinski Manchester Business School Discussant: Dmitriy Muravyev University of Illinois Discussant: Gautam Vora University of New Mexico

Session 073
  Momentum

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Qianqiu Liu University of Hawaii at Manoa

Survivorship Bias and Alternative Explanations of Momentum Effect
  Julia Henker Bond University
  Thomas Henker Bond University
  Thanh Duc Huynh Queensland University of Technology
 
Buy High and Sell Low
  Kevin Q. Wang University of Toronto
 
 
 
Who drives momentum?
  Kittiphong Jongkittinarukorn Chulalongkorn University
  Sunti Tirapat Chulalongkorn University
  Charlie Charoenwong Nanyang Technological University
 
Presenter: Julia Henker Presenter: Kevin Q. Wang Presenter: Kittiphong Jongkittinarukorn
Discussant: Kevin Wang University of Toronto Discussant: Ming Liu Binghamton University Discussant: Bohui Zhang University of New South Wales

Session 074
  Market Efficiency and Behavior

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Susana Yu Montclair State University

Idiosyncratic volatility discount: Dividend matters
  Robert Savickas The George Washington University
  Bo Zhao The George Washington University
 
 
Investor Sentiment Risk Factor and Asset Pricing Anomalies
  Chienwei Ho Massey University
  Chi-Hsiou Hung Durham University
 
 
Price, Earnings, and Revenue Momentum Strategies
  Hong-Yi Chen National Central University
  Sheng-Syan Chen National Taiwan University
  Chin-Wen Hsin Yuan Ze University
  Cheng-Few Lee Rutgers University
Presenter: Bo Zhao Presenter: Chienwei Ho Presenter: Hong-Yi Chen
Discussant: Hong-Yi Chen National Central University Discussant: Bo Zhao George Washington University Discussant: Chienwi Ho Massey University

Session 075
  Higher Moments and Risk Premium

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Chengping Zhang, George Fox University

Shorting Skewness
  Benjamin M. Blau Utah State University
  J. Michael Pinegar Brigham Young University
 
 
The Pricing of Risk-Neutral Systematic Moments in the Cross-Section of Expected Returns
  R. Jared DeLisle Washington State University
  James S. Doran Florida State University
  David R Peterson Florida State University
 
Q-Theory International Evidence
  Wikrom Prombutr University of North Carolina - Pembroke
  Larry Lockwood Texas Christian University
  Sanjiv Sabherwal University of Texas at Arlington
  Darren Hayunga University of Texas at Arlington
Presenter: Ben Blau Presenter: Jared DeLisle Presenter: Wikrom Prombutr
Discussant: Alexander Barinov University of Georgia Discussant: Alex Hsu University of Michigan Discussant: Sigitas Karpavicius Flinders University

Session 076
  Empirical Behavioral Finance

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Seoyoung Kim Purdue University

Does Financial Education Reduce Non-Participation in Stock Markets?
  Ann Marie Hibbert West Virginia University
  Edward R. Lawrence Florida International University
  Arun J. Prakash Florida International University
 
Disposition Effect and Heterogeneous Beliefs
  Daniela Balkanska San Francisco State University
 
 
 
Ex-day returns for stock distributions: An anchoring explanation
  Eric C Chang University of Hong Kong
  Yan Luo Fudan University & University of Hong Kong
  Jinjuan Ren University of Macau
 
Presenter: Ann Marie Hibbert Presenter: Daniela Balkanska Presenter: Jinjuan Ren
Discussant: Jaime Harris Emory University Discussant: Byoung-Hyoun Hwang Purdue University Discussant: Nitish Ranjan University of Illinois Chicago

Session 077
  Former Finance Professors who have become Deans

    Thursday, October 20, 11:30 am - 1:00 pm

This panel will include former faculty members who made the commitment to become full-time administrators and address issues including:
  • What is life like on the other side of the faculty/administrative divide?
  • What factors should be considered in making the transition?
  • How does one know if he/she has the talents necessary?
  • Are there costs and benefits beyond the obvious ones?

Moderator: Gary Trennepohl, President's Council Professor of Finance, Oklahoma State University

Panelists 
Ken Cyree, Dean, Frank R. Day/Mississippi Bankers Associate Chair of Banking, Professor of Finance, University of Mississippi 
Richard Highfield, Dean, Professor of Economics, University of New Haven
George Tsetsekos, R. John Chapel Jr., Dean, Drexel University

SPECIAL PANEL SESSION

Session 078
  Issues and Challenges in Structured Municipal Debt: A Case Study and Call for Research

    Thursday, October 20, 11:30 am - 1:00 pm

Municipal finance is vastly underserved by the academic finance profession; the goal of this session is to stimulate interest and excitement in an area that could benefit greatly from transparency and rigorous analysis.

In an attempt to lower the cost of borrowing, many municipal issuers have issued variable-rate bonds and synthetically fixed them using interest rate swaps. These complex ‘structured’ transactions entail considerable risk, and the transaction cost is significant – in particular, they require a remarketing agent and a liquidity provider.

How do these transactions compare with straight fixed rate financing? The session will use a structured debt transaction entered into by the Denver Public Schools (DPS) in 2008 as a way of introducing the many factors that play a part in municipal finance and then discuss how the academic community might contribute to more informed decision-making and greater transparency. Our panel of experts will provide a balanced discussion of the pros and cons of the 2008 transaction by DPS, a deal restructured the deal earlier this year and then attempt to develop an agenda for future research to shed light into this important area.

Moderator: Robert Brooks, Wallace D Malone, Jr Endowed Chair of Financial Management, University of Alabama

Panelists to include:
Alexander Arapoglou, Professor of the Practice of Financial Management, UNC Chapel Hill
Joseph S Fichera, Founder and CEO, Saber Partners, LLC

SPECIAL PANEL SESSION

Session 080
  The Future of US Housing Finance

    Thursday, October 20, 11:30 am - 1:00 pm

FMA is experimenting with a new type of program session at this year’s Annual Meeting in Denver. We will offer a Policy Roundtable to give interested members of the association an opportunity to participate in a structured session on current financial policy issues.

The topic of the inaugural FMA Policy Roundtable is: “The Future of US Housing Finance.” Unique to this format, the session will:

  • Be limited to 20 participants.
  • Require preregistration.
(Please Note: The Roundtable is currently filled to capacity. To be placed on the waiting list, please check the appropriate box on either the Conference Registration Form or the Policy Session Registration Form .)
Moderators:

Mr. Richard D. Porter
Senior Research Advisor and Vice President
Financial Markets Group, Research Department
Federal Reserve Bank of Chicago

Richard J Rosen
Senior Financial Economist and Research Advisor
Federal Reserve Bank of Chicago

ROUNDTABLE SESSION

Advance Registration Required – Click here for more info

Session 081
  Governance and Price Discovery

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Xiaoxia Lou University of Delaware

Exchange Trading Rules, Governance, and Trading Location of Cross-Listed Stocks
  Douglas Cumming York University
  Mark Humphrey-Jenner University of New South Wales
  Eliza Wu University of Technology, Sydney
 
Price Discovery in Liquid British Shares Pre and Post MiFID: The Role of MTFs
  Michael J. Aitken University of New South Wales
  Frederick H. deB. Harris Wake Forest University
  Frank J. Sensenbrenner University of Sydney
 
The Need for A Unified Approach to Price Discovery: CFS and IS Metrics Before and After Reg NMS
  Frederick H. deB. Harris Wake Forest University
  Thomas H. McInish University of Memphis
  Robert A. Wood Institute for the Study of Security Markets
 
Presenter: Douglas Cumming Presenter: Frank Sensenbrenner Presenter: Frederick Harris
Discussant: Ivalina Kalcheva University of Arizona Discussant: Nuttawat Visaltanachoti Massey University Discussant: Andrei Nikiforov Rutgers University

Session 082
  Market Microstructure 2

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Robert Van Ness, University of Mississippi

Intraday Bid-Ask Spread in US Futures Markets: Evidence from VIX
  Alexandre Aidov Florida International University
  Olesya Lobanova Florida International University
  Suchi Mishra Florida International University
  Robert T. Daigler Florida International University
Information Flows and the Lazy Limit Order Book
  Chris Lamoureux University of Arizona
  Qin Wang University of Michigan-Dearborn
 
 
Exchange Entrances, Mergers and the Evolution of Order Flow on Nasdaq 1993-2009
  Robert H. Battalio University of Notre Dame
  Jared F Egginton University of Mississippi
  Bonnie F Van Ness University of Mississippi
  Robert A Van Ness University of Mississippi
Presenter: Olesya Lobanova Presenter: Qin Wang Presenter: Robert Van Ness
Discussant: Jitka Hilliard Auburn University Discussant: Ben Marshall Massey University Discussant: Hui Zheng University of Sydney

Session 083
  Contracting and Concurrent Management

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Nataliya S. Zaiats Simmons College

Custom Made versus Mass Produced: Portfolio Managers Concurrently Managing Separately Managed Accounts and Open-end Mutual Funds
  Fan Chen University of Mississippi
  Li-Wen Chen University of Mississippi
  Hardy Johnson University of Mississippi
 
Mutual funds, convenience, and middlemen
  George D. Cashman Texas Tech
 
 
 
Cross-fund Subsidization in Concurrently-Managed New and Seasoned Funds
  Hsuan-Chi Chen University of New Mexico
  Christine W. Lai National Taiwan Normal University
  Wei-Lun Tsai Yuan Ze University
 
Presenter: Hardy Johnson Presenter: George D. Cashman Presenter: Hsuan-Chi Chen
Discussant: Vaneesha Boney University of Denver Discussant: Javier Rodriguez University of Puerto Rico Discussant: Richard Fu University of Alabama at Birmingham

Session 084
  Institutional Trading

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Richard Warr North Carolina State University

Asymmetry in the Impact of Institutional Trades
  Chiraphol N. Chiyachantana Singapore Management University
  Pankaj K. Jain University of Memphis
  Christine Jiang University of Memphis
  Robert A. Wood (Retired)
Credit Rating Changes and Institutional Trading
  Pankaj K. Jain University of Memphis
  Qin Wang University of Michigan-Dearborn
 
 
Securities' liquidity under uncertainty in financial intermediaries’ liquidity
  Ujjal Chatterjee University of Wisconsin-Milwaukee
 
 
 
Presenter: Pankaj Jain Presenter: Pankaj K. Jain Presenter: Ujjal Chatterjee
Discussant: Richard Warr North Carolina State University Discussant: Huacheng Zhang University of Arizona Discussant: Yee Cheng (Y.C.) Loon Binghamton University (SUNY)

Session 085
  Stock Returns 1

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Mitch Warachka, Singapore Management University

Explaining Stock Returns with Intraday Jumps
  Aurelio Vasquez ITAM
  Diego Amaya HEC Montreal
 
 
Short Selling and Stock Return with Non-negativity of Short Sale
  Youngsoo Bae University of Seoul
  Kyeong-Hoon Kang Dongguk University
  Junesuh Yi Dongguk University
 
Pairs Trading on International ETFs
  Tao Wang Queens College & Graduate Center (CUNY)
  Dimitrios Thomakos University of Peloponnese
  Panagiotis Schizas University of Peloponnese
 
Presenter: AURELIO VASQUEZ Presenter: Kyeong-Hoon Kang Presenter: Tao Wang
Discussant: Robert Webb University of Virginia Discussant: Rusty Yerkes University of Alabama Discussant: Matt Souther University of Florida

Session 086
  Corporate Hedging Decisions

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Anna Chernobai Syracuse University

Hedging Policies, Incentives and Market Power
  S. Abraham Ravid Rutgers Business School
  David DeAngelis Cornell University
 
 
On the Sensitivity of Corporate Cash Holdings and Hedging to Cash Flows
  Monica Marin HEC Montreal
  Greg Niehaus University of South Carolina
 
 
Foreign Currency Position and Corporate Risk Management: Squaring, Hedging, and Market Timing
  SungJae Francis Kim Louisiana State University
 
 
 
Presenter: S. Abraham Ravid Presenter: Monica Marin Presenter: SungJae Kim
Discussant: Jay Marchand FINECAN Discussant: Kashi Nath Tiwari KNT's Academic Financial Research Discussant: Prakash Pai University of Texas Permian Basin

Session 087
  Commodity Derivatives

    Thursday, October 20, 11:30 am - 1:00 pm

Chairperson: Brian Barrett, University of Miami

Energy Futures Prices and Drilling Activity
  Fan Chen University of Oklahoma
 
 
 
Impact of Macroeconomic News on Metal Futures
  John Elder Colorado State University
  Hong Miao Colorado State University
  Sanjay Ramchander Colorado State University
 
Analysing Emission Allowance as a Derivative on Commodity-Spread
  Katsushi Nakajima Hitotsubashi University
  Kazuhiko Ohashi Hitotsubashi University
 
 
Presenter: Fan (Harry) Chen Presenter: Hong Miao Presenter: Kazuhiko Ohashi
Discussant: Saqib Khan University of Regina Discussant: Brian Barrett University of Miami Discussant: Peter Lerner

Session 088
  Cross-border Acquisitions 2

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Stephen Sault, Australian National University

Changing Direction: Cross Border Acquisitions by Emerging Market Firms
  Lucy Chernykh Bowling Green State University
  Ivonne Liebenberg University of Mississippi
  Antonio Jesus Macias Texas Christian University
Does Cross-listing Mitigate Agency Problems of Excess Cash? Evidence from International Acquisitions
  Chinmoy Ghosh University of Connecticut
  Fan He University of Connecticut
 
 
Determinants of Target Selection and Acquirer Returns: Evidence from Cross-Border Acquisitions
  Sung C. Bae Bowling Green State University
  Kiyoung Chang University of South Florida Sarasota-Manatee
  Doseong Kim Sogang University
 
Presenter: Antonio J. Macias Presenter: Fan He Presenter: Kiyoung Chang
Discussant: Kien Cao Florida Atlantic University Discussant: Kareen E Brown University of Waterloo Discussant: Marc P Umber Frankfurt School of Finance & Management

Session 090
  Boards 3

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Anahit Mkrtchyan, Penn State University

Institutional Ownership, Board Structure and Earnings Management around S&P 500 Index Additions
  Chinmoy Ghosh University of Connecticut
  Milena Petrova Syracuse University
  Abdullah Sahin University of Connecticut
 
Professors in the Boardroom: Is There An Added Value for Academic Directors?
  Qiang Wu Rochester Institute of Technology
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
 
Presenter: Abdullah Sahin Presenter: Qiang Wu
Discussant: Manohar Singh Penn State University Great Valley Discussant: Ye Cai Santa Clara University

Session 091
  Role of Government

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Cindy Alexander, US SEC

The Economic Effects of SOX Section 404 Compliance: A Corporate Insider Perspective
  Cindy R. Alexander SEC
  Scott Bauguess SEC
  Gennaro Bernile University of Miami
  Yoon-Ho Alex Lee SEC
Government Ownership and Corporate Governance: Evidence from the EU
  Ginka Borisova Iowa State University
  Paul Brockman Lehigh University
  Jesus Manuel Salas Lehigh University
  Andrey Zagorchev Concord University
Government Intervention and Investment Comovement
  Donghua Chen Nanjing University
  Saqib Khan University of Regina
  Xin Yu Nanjing University
  Zhou Zhang University of Regina
Presenter to be announced Presenter: Jesus M Salas Presenter: Saqib Khan
Discussant: Colin Pillay Livingstone College Discussant: Yingchou Lin Missouri University of Science and Technology Discussant: Wanli Zhao Worcester Polytechnic Institute

Session 092
  Structure and Consequence of Firms' Governance Choice

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Gregory Waller Virginia Commonwealth University

Corporate governance and lobbying strategies
  Manohar Singh Penn State Great Valley
  Ali Nejadmalayeri Oklahoma State University
  Ike Mathur SIU Carbondale
 
Board Classification and Analyst Following
  Pornsit Jiraporn Pennsylvania State University - SGPS & Thammasat University
 
 
 
A Theory of Corporate Boards and Forced CEO Turnover
  Viktar Fedaseyeu Boston College
  Thomas Chemmanur Boston College
 
 
Presenter: Manohar Singh Presenter: Pornsit Jiraporn Presenter: Thomas Chemmanur
Discussant: Vanessa Holmes Penn State Worthington Scranton Discussant: Gulnara Zaynutdinova Washington State University Discussant: Tim Michael University of Houston Clear Lake

Session 093
  Determinants of Payout Policy

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Shrikant P Jategaonkar Southern Illinois University Edwardsville

The Effects of Uncertainty and Taxes on Corporate Payout Policy
  Brian Ross Walkup University of Tulsa
 
 
 
South American Payout Policies: A Test of the Prudency Hypothesis
  Abhinav Goyal University College Dublin
  Cal Muckley University College Dublin
  Henk von Eije University of Groningen
 
The effect of family control on the corporate dividend policy: An Empirical Analysis of the Euro Zone
  Julio Pindado Universidad de Salamanca
  Ignacio Requejo Universidad de Salamanca
  Chabela de la Torre Universidad de Salamanca
 
Presenter: Brian Walkup Presenter: Abhinav Goyal Presenter: Ignacio Requejo
Discussant: Shrikant Jategaonkar Southern Illinois University Edwardsville Discussant: Karyn L. Neuhauser Lamar University Discussant: Brian Walkup University of Florida/ University of Tulsa

Session 094
  Structural Estimation Drawbacks

    Thursday, October 20, 2:30 pm - 4:00 pm


Presented by:
Ivo Welch, J. Fred Weston Professor of Finance, UCLA Anderson School

Ivo Welch is the J. Fred Weston Professor of Finance at UCLA Anderson.  He was on the Anderson faculty from 1989 to 2000.  After stints at Yale's School of Management and the Brown economics department, he rejoined Anderson in 2011.  He has placed among the top-100 most influential economists in some academic rankings.   A number of his academic papers have won awards and/or are highly cited. 

Known for his work on informational cascades, he has also published in a variety of other areas, such as initial public offerings, capital structure, dividends, market-timing, performance evaluation, earnings management, overconfidence, socially responsible investing, bankruptcy, etc.  He has served as an associate editor at a number of the most prestigious academic finance journals, written an introductory corporate finance textbook (freely available at http://book.ivo-welch.info), and earned a number of teaching awards.

TUTORIAL PRESENTATION

Session 096
  Issues in Firm Value

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Alexander Barinov University of Georgia

Country-Level Growth Opportunities and the Value of Cash
  Brian Clark Office of the Comptroller of the Currency
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
 
Allocation of Authority, Firm Value, and Optimal Compensation Contracts: When CEO Power Creates Value
  Hamed Mahmudi University of Toronto
 
 
 
Do Personal Taxes Affect Capital Structure: Evidence from 2003 Tax Cut
  Leming Lin University of Florida
 
 
 
Presenter: Brian Clark Presenter: Hamed Mahmudi Presenter: Leming Lin
Discussant: Leming Lin University of Florida Discussant: Brian Clark OCC Treasury Discussant: Hamed Mahmudi University of Toronto

Session 097
  Seasoned Equity Offerings

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: John C. Banko University of Florida

Underwriter Reputation and the Pricing of Risk: Evidence from SEO Issuing
  Cathy Xuying Cao Seattle University
  Chongyang Chen University of Texas Dallas
 
 
Earnings Restatements, Reputation, and Financial Contracting: Evidence from Seasoned Equity Offerings
  Cong Wang Chinese University of Hong Kong
  Fei Xie George Mason University
  Min Zhu University of Michigan
 
Are equity issuers still loyal? The impact of shelf offerings on underwriter relationships
  Sigitas Karpavicius Flinders University
  Jo-Ann Suchard University of New South Wales
 
 
Presenter: Cathy Xuying Cao Presenter: Fei Xie Presenter: Sigitas Karpavicius
Discussant: John Banko University of Florida Discussant: Yijia Eddie Zhao University of South Carolina Discussant: Ani Manakyan University of Florida

Session 098
  Bank Failures: Past and Present

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Julapa Jagtiani Federal Reserve Bank of Philadelphia

Why protect financial markets?
  Maria Carapeto Cass Business School
  Scott Moeller Cass Business School
  Mauricio Acosta Cass Business School
  Anna Faelten Cass Business School
Deja Vu All Over Again: The Causes of U.S. Commercial Bank Failures This Time Around
  Rebel A. Cole DePaul University
  Lawrence J. White New York University
 
 
Safety-Net Benefits Conferred on Difficult-To-Fail-And-Unwind Banks in the US and EU Before and During the Great Recession
  Santiago Carbo-Valverde University of Granada
  Edward J Kane Boston College
  Francisco Rodriguez-Fernandez University of Granada
 
Presenter: Maria Carapeto Presenter: Rebel A. Cole Presenter: Santiago Carbo-Valverde
Discussant: Robert DeYoung University of Kansas Discussant: Paul Calem Federal Reserve Board Discussant: Julapa Jagtiani Federal Reserve Bank of Philadelphia

Session 099
  Managerial Compensation and Financial Institutions

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Jian Cai Washington University in St. Louis

Bank Stability and Managerial Compensation
  Gang Bai Temple University
  Elyas Elyasiani Temple University
 
 
Asset Opacity and CEO Compensation of Bank Holding Companies
  Gang Bai Temple University
  Elyas Elyasiani Temple University
 
 
Incentive Compensation, Accounting Discretion and Bank Capital
  Timothy W. Koch University of South Carolina
  Dan Waggoner Federal Reserve Bank of Atlanta
  Larry D. Wall Federal Reserve Bank of Atlanta
 
Presenter: Elyas Elyasiani Presenter: Gang Bai Presenter: Larry Wall
Discussant: Jian Cai Washington University in St. Louis Discussant: Larry D. Wall Federal Reserve Bank of Atlanta Discussant: Gang (Nathan) Dong Rutgers Business School

Session 100
  Market Discipline and Deposit Insurance

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Themis Pantos, San Jose State University

The Relation between Bank Market Discipline and Bond Market Transparency: Evidence from the Risk Sensitivity of Subordinated Notes and Debenture Yield Spreads
  Bhanu Balasubramanian University of Akron
  Ken B Cyree University of Mississippi
 
 
A Positive Analysis of Deposit Insurance Provision: Regulatory Competition Among European Union Countries
  Merwan Engineer University of Victoria
  Paul Schure University of Victoria
  Mark Gillis New York University
 
Deposit Insurance, Moral hazard and Market discipline: Evidence from Central and Eastern European Banks
  Isabelle Distinguin Université de Limoges
  Tchudjane Kouassi Université de Limoges
  Amine Tarazi Université de Limoges
 
Presenter: Bhanu Balasubramanian Presenter: Paul Schure Presenter: Tchudjane Kouassi
Discussant: Ajay Palvia US OCC Discussant: Kevin Lee Cal State Fresno Discussant: Zhiqiang Yan Western Illinois University

Session 101
  International Governance

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Laurie Krigman Babson College

Listing Choices and Self-Regulation: The Experience of the AIM
  Joseph Gerakos University of Chicago
  Mark Lang UNC Chapel Hill
  Mark Maffett UNC Chapel Hill
 
Auditor Choice, Information Shocks, and Foreign Mutual Funds
  Julia Chou Florida International University
  Lilian Ng University of Wisconsin Milwaukee
  Nataliya Zaiats Simmons College
  Bohui Zhang University of New South Wales
 
Identifying the Missing Information of the Conventional Corporate Governance Index --- An International Study
  Zaifeng Steve Fan University of Wisconsin Milwaukee 7 University of Wisconsin Whitewater
  Linda Yu University of Wisconsin Whitewater
 
 
Presenter: Joseph Gerakos Presenter: Bohui Zhang Presenter: Zaifeng S. Fan
Discussant: Laurie Krigman Babson College Discussant: Laura Gonzalez Fordham University Discussant: Gonul Colak Florida State University

Session 102
  Short Selling

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Rina Ray, University of Colorado Denver

Short Sales and the Weekend Effect - Evidence from Hong Kong
  Pengjie Gao University of Notre Dame
  Jia Hao Wayne State University
  Ivalina Kalcheva University of Arizona
  Tongshu Ma Binghamton University
The clustering of short selling activity on the NASDAQ
  Mamit Deme Middle Tennessee State University
  Kevin Zhao Middle Tennessee State University
 
 
How are Shorts Informed? Evidence from Market Anomalies
  Juan (Julie) Wu University of Georgia
  Andrew (Jianzhong) Zhang University of Nevada Las Vegas
 
 
Presenter: Ivalina Kalcheva Presenter: Kevin Zhao Presenter: Andrew Zhang
Discussant: Kazuhiko Ohashi Hitotsubashi University Discussant: Bonnie Van Ness University of Mississippi Discussant: Philipp Krueger University of Geneva

Session 103
  Portfolio Strategies

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Georges Tsafack Suffolk University

The Implications of VaR and Short-Sell Restrictions on the Portfolio Manager Performance
  Fulbert Tchana Tchana Ministere des Finances du Quebec
  Georges Tsafack Suffolk University
 
 
Calculating Returns on Option Portfolios: The Effects of Margin Requirements
  Scott Murray Baruch College & Graduate Center (CUNY)
 
 
 
Contrarian and Momentum Strategies: The Impact of the Business Cycle
  Greg Filbeck Penn State University at Erie
  Mingsheng Li Bowling Green State University
  Xin Zhao Penn State University at Erie
 
Presenter: Georges Tsafack Presenter: Scott Murray Presenter: Xin Zhao
Discussant: Nikolaos (Nikos) Artavanis Virginia Tech Discussant: Georges Tsafack Suffolk University Discussant: Jun Li University of Minnesota

Session 104
  Information Asymmetry, Liquidity, and Asset Prices

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Thomas Henker Bond University

Asset Write-downs and Information Asymmetry: Do Big Baths Clear the Air or Muddy the Waters?
  K. Stephen Haggard MIssouri State University
  John S. Howe University of Missouri
  Andrew A. Lynch University of Missouri
 
Measuring Time-Varying Information Asymmetry
  Olga Lebedeva University of Mannheim
 
 
 
Leverage and Liquidity --Evidence from the Closed-End Fund Industry
  Yuehua Tang Georgia State University
 
 
 
Presenter: K. Stephen Haggard Presenter: Olga Lebedeva Presenter: Yuehua Tang
Discussant: Kashi Nath Tiwari KNT's Academic Financial Research Discussant: Rakesh Gupta Griffith University Discussant: Zhiyi Qian Arizona State University

Session 105
  Investor Behavior and Asset Prices

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Yi Zhou, University of Oklahoma

The Impact of Information Demand on Stock Prices
  Gordon Sims Tower Asset Management
  Russell B. Gregory-Allen Massey University
 
 
Comovement and Investment Banking Networks
  Gustavo Grullon Rice University
  Shane Underwood University of Alabama
  James Weston Rice University
 
Presenter: Russell Gregory-Allen Presenter: Shane Underwood
Discussant: Yuzhao Zhang Temple University Discussant: Zheng Sun UC Irvine

Session 106
  Transition between Academia and Business

    Thursday, October 20, 2:30 pm - 4:00 pm

This session will feature a panel of former faculty members who made the commitment to become full-time practitioners and practitioners who became academicians. Academicians likely have questions about the decisionmaking for and the process of transition. Similarly practitioners might have questions about the transition to academia. This panel session will attempt to address these, and other, topics of interest.
Moderator : Samuel C Weaver, Lehigh University

Panelists
Tom Copeland, Distinguished Clinical Professor of Financial Economics, University of San Diego
John Finnerty, Managing Principal, FinnEcon and Professor of Finance and Director, MS in Finance Program, Fordham University
Ajay Khorana, Managing Director, Citigroup
Cathy Niden, Managing Director and Principal, Navigant Economics

SPECIAL PANEL SESSION

Session 107
  Hedge Funds Investing: Latest Developments

    Thursday, October 20, 2:30 pm - 4:00 pm

This special panel session will address topics including:

  1. Merits of hedge fund investing vs. long only investing
  2. Hedge funds performance and performance replication
  3. Role and impactof hedge funds on capital markets
  4. Hedge funds fraud cases, analysis and solutions
  5. Separate managed accounts vs hedge funds allocations
  6. Hedge funds activism
  7. Impact of latest financial industry regulation on hedge funds
Moderator: Mahmoud Haddad, Professor of Finance, University of Tennessee Martin

Panelists
Vikas Agarwal, Associate Professor of Finance, Georgia State University
Keith Black, Associate Director of Curriculum, CAIA Association
Majed Muhtaseb, Professor, Cal State Pomona

SPECIAL PANEL SESSION

Session 108
  Private Information, Regulation, and Price Discovery

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Munir Hassan, Kuwait Maastricht Business School

SEC Rule 105 and Price Discovery in the Secondary Market
  Charlie Charoenwong Nanyang Tech University
  David K Ding Massey University
  Ping Wang Nanyang Tech University
 
Regulatory Trading Restrictions, Overvaluation, and Insider Selling
  Rustin T Yerkes University of Alabama
 
 
 
Presenter: David Ding Presenter: Rusty Yerkes
Discussant: Carole Gresse Universite Paris Dauphine Discussant: Yung Ling Lo Western Kentucky University

Session 109
  Dodd-Frank: An Early Postmortem by the Shadow Financial Regulatory Committee

    Thursday, October 20, 2:30 pm - 4:00 pm

The Shadow Financial Regulatory Committee is a group of publicly recognized, independent experts on the financial services industry who meet regularly to study and critique regulatory policies affecting this sector of the economy.
Moderator: George G Kaufman, John F. Smith, Jr. Professor of Finance and Economics, Loyola University Chicago

Panelists
Richard Herring, Jacob Safra Professor of International Banking, Professor of Finance, and Co-Director, Wharton Financial Institutions Center University of Pennsylvania

Edward Kane, Professor, Boston College

SPECIAL PANEL SESSION

Session 110
  Microstructure across the Globe

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Recep Bildik, Koc University & Istanbul Stock Exchange

An Examination of Short Selling Around Earnings Announcements
  Gordon J. Alexander University of Minnesota
  Mark A. Peterson Southern Illinois University
  Xiaoxin Wang Beardsley Southern Illinois University
 
The Geographic Origin of Order Flow and Price Discovery
  Alex Frino University of Sydney
  Robert Webb University of Virginia & KAIST Business School
  Hui Zheng University of Sydney
 
Intraday Liquidity Provision in a Limit Order Market:Evidence fromTaiwan Index Futures
  Junamo Chiu National Chiao Tung University Taiwan
  Huimin Chung National Chiao Tung University Taiwan
  George H. K. Wang George Mason University
 
Presenter: Gordon J. Alexander Presenter: Hui Zheng Presenter: Junmao Chiu
Discussant: Skander Lazrak Brock University Discussant: Junmao Chiu Natinal Chiao Tung University Discussant: Recep Bildik, Koc University & Istanbul Stock Exchange

Session 111
  Microstructure

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Dieter Hess, University of Cologne

Information-Based Trading and Price Clustering in the U.S. Treasury Market
  Andrei L Nikiforov Rutgers University
  Eugene Pilotte Rutgers University
 
 
Short-Selling: The Impact of SEC Rule 201 of 2010
  Chinmay Jain University of Memphis
  Pankaj Jain University of Memphis
  Thomas H McInish University of Memphis
 
Divisible Good Auctions with Asymmetric Information: An Experimental Examination
  Emmanuel Morales-Camargo University of New Mexico
  Orly Sade Hebrew University of Jerusalem
  Charles Schnitzlein University of Central Florida
  Jaime F. Zender University of Colorado at Boulder
Presenter: Andrei Nikiforov Presenter: Chinmay Jain Presenter: Emmanuel Morales-Camargo
Discussant: Dieter Hess University of Cologne Discussant: Bochen Li University of Cincinnati Discussant: Yuri Khoroshilov University of Ottawa

Session 112
  Investment Strategies 1

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: George D. Cashman Texas Tech University

An analysis of risk-taking behavior for public defined benefit pension plans
  Nancy Mohan University of Dayton
  Ting (Jeffrey) Zhang University of Dayton
 
 
Industry Timing versus Security Selection: Evidence from Mutual Fund Return Decomposition
  Jianing Zhang Penn State University
 
 
 
Tail Risks across Investment Funds
  Jerchern Lin University of Southern California
 
 
 
Presenter: Ting Zhang Presenter: Jerchern Lin Presenter: Jianing Zhang
Discussant: Lei Wedge University of South Florida Discussant: Qin Lei Southern Methodist University Discussant: Joseph Gerakos University of Chicago

Session 113
  Portfolio Management

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Antonio Freitas Miguel ISCTE -Lisbon University Institute

Are International Mutual Funds Created Equal? An Analysis of World and Foreign Mutual Funds
  George Comer Georgetown University
  Norris Larrymore St. John’s University
  Javier Rodríguez University of Puerto Rico
 
Investors’ Distraction and Strategic Re-pricing Decisions
  Marco Navone University of Technology Sydney
 
 
 
Secondary Buyouts: Why Buy and at What Price?
  Yingdi Wang Cal State Fullerton
 
 
 
Presenter: Javier Rodríguez Presenter: Marco Navone Presenter: Yingdi Wang
Discussant: Antonio Freitas Miguel ISCTE -Lisbon University Institute Discussant: Huacheng Zhang University of Arizona Discussant: Paul Laux University of Delaware

Session 114
  Stock Returns 2

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Mitchell Warachka, Singapore Management University

Do Credit Rating Agencies Sacrifice Timeliness by Pursuing Rating Stability? Evidence from Equity Market Reactions to CreditWatch Events
  Jenny Y Gu University of Dallas
  Jeffrey S Jones University of Arkansas & Drury University
  Pu Liu University of Arkansas
 
Too Close for Comfort? Geographic Propinquity to Political Power and Stock Returns
  Christos Pantzalis University of South Florida
  Jung Chul Park Auburn University
 
 
Does Management Know Better about its R&D Productivity? Evidence from Insider Trading
  Zhao Rong Southwestern University of Finance and Economics
 
 
 
Presenter: Jenny Gu Presenter: Chris Pantzalis Presenter: Zhao Rong
Discussant: Xuanjuan Jane Chen Kansas State University Discussant: Mitch Warachka Singapore Management University Discussant: Zhu (Alfred) Liu University of Connecticut

Session 115
  Higher Moments of the Returns Distribution

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Yi Zhang, Prairie View A&M University

The performance of Johnson distributions for computing value at risk and expected shortfall
  Jean-Guy Simonato HEC Montreal
 
 
 
Higher-Moment Risk in Efficient Futures Portfolios
  Leyuan You Texas State University-San Marcos
  Duong Nguyen University of Massachusetts Dartmouth
 
 
The Cross-sectional Relation Between Conditional Heteroskedasticity, the Implied Volatility Smile, and the Variance Risk Premium
  Louis Ederington University of Oklahoma
  Wei Guan Univ of South Florida - St. Petersburg
 
 
Presenter: Jean-Guy Simonato Presenter: Leyuan You Presenter: Louis Ederington
Discussant: Mike Jacobs US OCC Discussant: Frank Skinner University of Surrey Discussant: Hong Miao Colorado State University

Session 116
  Trading Activity, Information, and Profits in Derivatives Markets

    Thursday, October 20, 2:30 pm - 4:00 pm

Chairperson: Prakash K Pai University of Texas Permian Basin

What Type of Traders and Orders Profit from the Futures Market Trading?
  Chun-nan Chen National Cheng Kung University
  Carl R Chen University of Dayton
  Ying S Huang Zhejiang University
 
Unexpected Informed Trading in the Options Market
  Darren K. Hayunga University of Texas at Arlington
  Peter P. Lung University of Texas at Arlington
 
 
Jumps and Trading Activity in Interest Rate Futures Markets: The Response to Macroeconomic Announcements
  Johan C Bjursell Ronin Capital LLC
  George H. K. Wang George Mason University
  Robert I. Webb University of Virginia
 
Presenter: Ying Huang Presenter: Darren Hayunga Presenter: Robert I. Webb
Discussant: Teng-Yuan Cheng Southern Taiwan University Discussant: Jianfeng (Jeff) Hu Baruch College, CUNY Discussant: Ben Blau Utah State University

Session 117
  Leveraged Buy-outs

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Yingdi Wang, Cal State Fullerton

Investor Protection and the LBO Premium
  Jerry Cao Singapore Management University
  Douglas Cumming York University
  Meijun Qian National University of Singapore
 
A tale of two deal types: Listed and unlisted acquisitions
  Qingzhong Ma Cornell University
  Wei Zhang Ithaca College
 
 
Secondary Buy-Outs
  Stefano Bonini Bocconi University
 
 
 
Presenter: Douglas Cumming Presenter: Qingzhong Ma Presenter: Stefano Bonini
Discussant: John Finnerty Fordham University Discussant: Lars Terhaar University of Reading Discussant: Qingzhong Ma Cornell University

Session 118
  Banks and Lending

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Sugato Bhattacharyya, University of Michigan

The Long-Term Performance Effect of Credit Watches on Downgraded Firms
  Zhu Liu University of Connecticut
  Le Sun University of Connecticut
 
 
Lock-In Effects in Relationship Lending: Evidence from DIP Loans
  Iftekhar Hasan Renssalaer Polytechnic Institute
  Gabriel G Ramirez Kennesaw State University
  Gaiyan Zhang University of Missouri St Louis
 
Presenter: Zhu Liu Presenter: Gabriel Ramirez
Discussant: Deniz Anginer The World Bank Discussant: Emir Hrnjic National University of Singapore

Session 119
  Corporate Governance 1

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Jing Zhao North Carolina State University

International Corporate Governance and Firm Innovation
  Gang Xiao University of South Carolina
 
 
 
Financial Contracts in PIPE Offerings: The Role of Expert Placement Agents
  Ola Bengtsson University of Illinois at Urbana-Champaign
  Na Dai SUNY at Albany
 
 
Promoting A Quiet Life or Risk-Taking? CEO Severance Contracts and Managerial Decision-Making
  Chris Muscarella The Pennsylvania State University
  Jing Zhao North Carolina State University
 
 
Presenter: Gang Xiao Presenter: Na Dai Presenter: Jing Zhao
Discussant: Robert Kieschnick University of Texas at Dallas Discussant: Kathryn Schumann University of Tennesssee Discussant: Brian Du Rutgers University

Session 120
  Shareholder Rights

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Milena Petrova, Syracuse University

Do SEO Underwriters Charge Firms with Weak Shareholder Rights More?
  Ji-Chai Lin Louisiana State University
  Bahar Ulupinar West Chester University
 
 
How do Shareholder Rights Affect Firm Value in Family Firms?
  Huimin Li Georgia State University
 
 
 
Shareholder Rights and Syndicate Structure
  Sandeep Dahiya Georgetown University
  Issam Hallak Bocconi University
 
 
Presenter: Bahar Ulupinar Presenter: Huimin Li Presenter: Issam Hallak
Discussant: Hsuan-Chi Chen University of New Mexico Discussant: Dong Chen University of Baltimore Discussant: William McCumber University of Arkansas

Session 121
  CEO Compensation 2

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Ingolf Dittmann Erasmus University Rotterdam

Over vs. Underinvestment and CEO Pay
  Mufaddal H Baxamusa University of St Thomas
 
 
 
CEO Severance Pay and Risk Taking in the Banking Industry
  Kareen Brown University of Waterloo
  Ranjini Jha University of Waterloo
  Parunchana Pacharn Brock University
 
Corporate Governance and Executive Perquisites
  Angela Andrews US Securities and Exchange Commission
  Scott C. Linn University of Oklahoma
  Han Yi University of Oklahoma
 
Presenter: Mufaddal Baxamusa Presenter: Kareen Brown Presenter: Scott Linn
Discussant: Tina Yang Villanova University Discussant: Ingolf Dittmann Erasmus University Rotterdam Discussant: Gemma Lee Seton Hall University

Session 122
  Industry Effects and Product Markets

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Valeriy Sibilkov, University of Wisconsin Milwaukee

Financial Distress, Corporate Investment and the Chill Effect
  Lan Xu Washington University in St. Louis
 
 
 
Firm Efficiency and Industry Structure
  Otgontsetseg Erhemjamts Bentley University
  Ty Leverty University of Iowa
 
 
Product Market Concentration, Financing Constraints, and Firms’ Business Cycle Sensitivity
  Peter Pontuch Universite Paris Dauphine
 
 
 
Presenter: Lan Xu Presenter: Otgontsetseg Erhemjamts Presenter: Peter Pontuch
Discussant: Chihan Uzmanoglu Louisiana State University Discussant: Valeriy Sibilkov, University of Wisconsin Milwaukee Discussant: Esteban Afonso University of Georgia

Session 123
  REITs 1

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Anthony Yanxiang Gu, SUNY Geneseo

REIT Institutional Ownership Dynamics and the Financial Crisis
  Erik Devos University of Texas El Paso
  Seow-Eng Ong National University of Singapore
  Andrew Spieler Hofstra University
  Desmond Tsang McGill University
Did Leveraged ETFs Increase Intraday REIT Volatility During the Crisis?
  Qing Bai University of Cincinnati
  Shaun Alexander Bond University of Cincinnati
  Brian Hatch University of Cincinnati
 
An International Examination of the Dynamic Linkages Across REIT Markets
  Randy I Anderson Central Florida University
  Vivek Bhargava Alcorn State University
  Akash Dania Alcorn State University
 
Presenter: Erik Devos Presenter: Shaun Bond Presenter: Vivek Bhargava
Discussant: Qing Bai University of Cincinnati Discussant: Ramya Rajajagadeesan Aroul University of Texas Arlington Discussant: Shaun Bond University of Cincinnati

Session 124
  Cross-Border Valuation

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Lilian Ng, University of Wisconsin Milwaukee

Short Selling ADRs and Foreign Market Short-Sale Constraints
  Benjamin Blau Utah State University
  Robert Van Ness University of Mississippi
  Richard Warr North Carolina State University
 
Mean-Variance Causality in Canadian and US Industry ETFs
  Timothy Krause University of Texas at San Antonio
  Yiuman Tse University of Texas at San Antonio
 
 
Effects of Home-Country Political Risk on Cross-border Asset Valuation
  Reid W. Click George Washington University
  Yujin Jeong HEC Montreal
  Robert J. Weiner George Washington University
 
Presenter: Richard Warr Presenter: Timothy Krause Presenter: Reid Click
Discussant: Louis Gagnon Queen's University Discussant: Kelvin Law University of Texas Austin Discussant: Bohui Zhang University of New South Wales

Session 125
  Issues in Capital Structure and Signalling

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Zhaoxi Xu Polytechnic Institute of New York University

Signaling via stock splits: Evidence from short interest
  Fabricio Perez Wilfrid Laurier University
  Andriy Shkilko Wilfrid Laurier University
  Ning (Tony) Tang Wilfrid Laurier University
 
Size, Market Quotation, and Debt Maturity Structure
  Eilnaz Kashefi Pour Cass Business School
  Meziane Lasfer Cass Business School
  Maria Carapeto Cass Business School
 
Capital Structure and Volatility of Risk
  Nikolay Halov UC San Diego
  Florian Heider European Central Bank
  Kose John New York University
 
Presenter: Andriy Shkilko Presenter: eilnaz kashefi pour Presenter: Nikolay Halov
Discussant: Ying Li University of Washington Bothell Discussant: Guido Mantovani Ca' Foscari University Discussant: James Conover University of Northern Texas

Session 126
  Topics in IPOs

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Thomas J Chemmanur Boston College

Acquisitions of Newly Listed Firms
  Soumedra De Menlo College
  Jan Jindra Menlo College
 
 
The Human Capital Factor in IPO Decision
  Shan He Louisiana State University
  C. Wei Li University of Iowa
 
 
Small Investors in IPO Lockup Expirations
  Yuan Gao George Mason University
 
 
 
Presenter: Jan Jindra Presenter: Shan He Presenter: Yuan Gao
Discussant: Jack W Cooney Texas Tech University Discussant: Katie Moon University of Maryland Discussant: Rongbing Huang Kennesaw State University

Session 127
  Banking and Credit

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Jongsub Lee University of Florida

Collectivism and Corruption in Bank Lending
  Xiaolan Zheng University of South Carolina
  Sadok El Ghoul University of Alberta
  Omrane Guedhami University of South Carolina
  Chuck C.Y. Kwok University of South Carolina
Voluntary Prepayments and Credit Rationing
  Xunhua Su Norwegian School of Economics
 
 
 
How Much Liquidity Insurance Can Lines of Credit Provide? The Impact of Lending Relationship and Bank Reputation
  Zhaohui Chen University of Virginia
  Yan Hu University of Minnesota Duluth
  Connie Mao Temple University
 
Presenter: Xiaolan Zheng Presenter: Xunhua Su Presenter: Yan Hu
Discussant: Xunhua Su Norwegian School of Economics Discussant: Jongsub Lee University of Florida Discussant: Xiaolan Zheng University of South Carolina

Session 128
  Consumer Capital Markets

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Denise W. Streeter Old Dominion University

Credit Cycle and Adverse Selection Effects in Consumer Credit Markets -- Evidence from the HELOC Market
  Leonard Nakamura Federal Reserve Bank of Philadelphia
  Matthew Cannon CoreLogic
  Paul Calem Federal Reserve Board
 
Did CDS Trading Improve the Market for Corporate Bonds?
  Sanjiv Das Santa Clara University
  Madhu Kalimipalli Wilfrid Laurier University
  Subhankar Nayak Wilfrid Laurier university
 
Substitution between Sources of Finance in Consumer Capital Markets
  Jess Cornaggia Indiana University
  Alexander Butler Rice University
  Umit Gurun University of Texas
 
Presenter: Leonard Nakamura Presenter: Madhu Kalimipalli Presenter: Umit Gurun
Discussant: Patrick Lach Eastern Illinois University Discussant: Steven D. Dolvin Butler University Discussant: Claire D. Matthews Massey University

Session 129
  Banks and Regulation

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Munir Hassan, Kuwait Maastricht Business School

Modeling Bank Credit Risk
  Dror Parnes University of South Florida
 
 
 
What Happens to Problem Banks? Evidence from the 1980s and Guidance for the 2010s
  Rebel A. Cole DePaul University
  Timothy J. Curry FDIC
 
 
The differential impact of financial regulation on financial institutions over 2007-2009
  Vijaya Subrahmanyam Mercer University
  Anita K Pennathur Florida Atlantic University
  Deborah Smith Florida Atlantic University
 
Presenter: Dror Parnes Presenter: Rebel A. Cole Presenter: Vijaya Subrahmanyam
Discussant: Michael Jacobs US OCC Discussant: Alan Reichert Cleveland State University Discussant: Andreas Rauterkus University of Alabama Birmingham

Session 130
  Trading and Pricing in Foreign Exchange Markets

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Kuan-Hui Lee, Seoul National University

The Forward Premium Puzzle: Beyond Negative Beta
  Liang Ding Macalester College
  Jun Ma University of Alabama
 
 
Commodity Prices and Currency Rates: An Intraday Analysis
  Yiuman Tse University of Texas at San Antonio
  Lin Zhao University of Texas at San Antonio
 
 
Further Empirical Evidence on the Dynamic Relationship Between Trading Volume and Volatility in Foreign Exchange Markets
  Raj Aggarwal University of Akron
  Mbodja Mougoué Wayne State University
 
 
Presenter: Liang Ding Presenter: Lin Zhao Presenter: Mbodja Mougoué
Discussant: Walter Pohl University of Zurich Discussant: Sorin Rizeanu University of Victoria Discussant: Kuan-Hui Lee Seoul National University

Session 131
  Explaining Anomalies 2

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Ying Zhang, Fairfield University

What Drives the Investment-Based Stock Returns: Fundamentals or Sentimentals?
  Ehab Abdel Tawab Yamani University of Texas at Arlington
 
 
 
Does Trading of Retail Investors cause the January Effect?
  Debapriya Jojo Paul University of New South Wales
  Julia Henker Bond University
 
 
Stock split announcement returns, growth opportunities and mispricing
  Erik Devos University of Texas El Paso
  William Elliott University of Texas El Paso
  Mohammad Karim University of Texas El Paso
 
Presenter: Ehab Yamani Presenter: Julia Henker Presenter: mohammad karim
Discussant: An-ming Wu University of Alberta Discussant: Ehab Yamani University of Texas at Arlington Discussant: Joonghyuk Kim Korea University

Session 132
  Politics, Laws, and Disclosure

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Pamela Peterson Drake, James Madison University

Individual political contributions and firm performance
  Alexei V Ovtchinnikov Vanderbilt University
  Eva Pantaleoni Vanderbilt Kennedy Center
 
 
Disclosure, Venture Capital and Entrepreneurial Spawning
  Douglas Cumming York University
  April Knill Florida State University
 
 
A Cross-Country Study of Legal Environment and Real Earnings Management
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Lingxiang Li Rensselaer Polytechnic Institute
 
Presenter: Alexei Ovtchinnikov Presenter: April Knill Presenter: Lingxiang Li
Discussant: Kelly Carter University of South Florida Discussant: Andrey Zagorchev Concord University Discussant: Zhipeng (Alan) Yan New Jersey Inst of Tech

Session 133
  Factor Models and Affine Term Structure Models

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: CR Narayanaswamy Clayton State University

Money, Substitutions and Stock Returns
  Li Gu Fordham University
  Dayong Huang UNC Greensboro
 
 
Invariant Transformations, Orthogonality, and Empirical Performance: Evidence from Affine Term Structure Models
  Januj Juneja San Diego State University
 
 
 
Can factor analysis rescue conditional CAPM?
  Zijun Wang Texas A&M University
 
 
 
Presenter: Dayong Huang Presenter: Januj Juneja Presenter: Zijun Wang
Discussant: CR Narayanaswamy Clayton State University Discussant: Peter Lerner Discussant: Ravi Shukla Syracuse University

Session 134
  Behavioral Investing

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Hamid Rahman, Alliant University

Positive Mood, Risk Attitudes, and Investment Decisions: Field Evidence from Comedy Movie Attendance in the US
  Gabriele Mario Lepori Copenhagen Business School
 
 
 
Economic Rationality, Risk Presentation, and Retirement Portfolio Choice
Hazel Bateman University of New South Wales
  Christine Ebling University of Technology Sydney
  John Geweke University of Technology Sydney
  Jordan Louviere University of Technology Sydney
  Stephen Satchell Trinity College, University of Cambridge & University of Sydney
  Susan Thorp University of Technology Sydney
Dissecting the Peril of the Disposition Effect
  Teng Yuan Cheng Southern Taiwan University University
  Chun I Lee Loyola Marymount University
  Chao Hsien Lin National Kaohsiung First University of Science and Technology
  Hung Chih Li National Cheng Kung University
Presenter: Gabriele Lepori Presenter: Susan Thorp Presenter: Teng Yuan Cheng
Discussant: Mohammad Riaz Uddin University of Texas Arlington Discussant: Thomas Doellman University of Florida Discussant: Susan Thorp University of Technology Sydney

Session 135
  Cross-Border Finance

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Liang Song, Michigan Tech University

The Impact of Double Taxation Treaties on Cross Border Equity Flows, Valuations, and Cost of Capital
  Bhavik R Parikh University of Memphis
  Pankaj K Jain University of Memphis
  Ronald W Spahr University of Memphis
 
Does Us-European Cross-Border Syndication Affect Risk And Returns Of Venture-Capital Investments?
  Susanne Espenlaub Manchester Business School
  Arif Khurshed Manchester Business School
  Abdulkadir Mohamed Manchester Business School
 
Beyond visibility and transparency: What distinguishes the investment decisions of foreign and domestic investors?
  Fariborz Moshirian University of New South Wales
  Peter Pham University of New South Wales
  Shu Tian University of New South Wales
  Eliza Wu University of New South Wales
Presenter: Bhavik Parikh Presenter: Abdul Mohamed Presenter: Shu (Grace) Tian
Discussant: Swati Kumari University of Wisconsin Milwaukee Discussant: Tyler Hull Norwegian School of Economics Discussant: Michael Grote Frankfurt School of Finance and Management

Session 136
  Financial Heretics: History and Hope

    Friday, October 21, 8:30 am - 10:00 am

This session will explore the concerns with today's finance theory, teaching and research and will include a panel of both faculty and practitioners who have publicly stated their disagreement with the current orthodoxy.
Moderator: Frank Werner, Associate Professor, Finance & Economics, Fordham University

Panelists
Cheryl Connor, Marlboro College
David Goodman, Associate Professor of Management, Mararishi University
Kevin Lynch, CFO, Pritzker Realty Group
James Stoner, Professor, Management Systems, Fordham University

SPECIAL PANEL SESSION

Session 137
  Informed Trading

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Kevin Q. Wang University of Toronto

The Lake Wobegon Effect: Informed Trading through Accounts of Children
  Henk Berkman University of Auckland Business School
  Paul Koch University of Kansas School of Business
  Peter Joakim Westerholm Sydney University School of Business
 
Public vs. Private: Characteristics of the Companies Backed by Listed Private Equity
  Sinan Goktan California State University - East Bay
  Erdem Ucar University of South Florida
 
 
Insider Stock Trading and the Bond Market
  Andreas Oehler Bamberg University
  Kuntara Pukthuanthong San Diego State University
  Thomas Walker Concordia University
  Stefan Wendt Bamberg University
Presenter: Paul Koch Presenter: Erdem Ucar Presenter: Stefan Wendt
Discussant: Ming Dong York University Discussant: Ding Ding University of Toronto Discussant: Madhu Kalimipalli Wilfrid Laurier University

Session 138
  Self-Selection Models in Corporate Finance

    Friday, October 21, 8:30 am - 10:00 am

Presented By:

Kai Li, Professor of Finance and W. Maurice Young Chair in Finance
University of British Columbia

Dr. Li is Professor of Finance and holds the W. Maurice Young Endowed Chair in Finance at the Sauder School of Business, and has held various visiting positions at the MIT Sloan School of Management, Tuck School of Business, Hong Kong University of Science and Technology, Bocconi University, Cheung Kong Graduate School of Business, Exeter University, Jiaotong University, Renmin University, and Sun Yat-Sen University. At the MBA level, she teaches capital structure, valuation, corporate restructuring, and mergers and acquisitions.

Dr. Li’s research focuses on the economic consequences of corporate governance mechanisms. Her current research projects explore: (1) the comparison of CEO pay in public and private companies, (2) hedge funds in Chapter 11, and (3) the roles of culture and psychology in corporate decisions. Her research has appeared in Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, and many other leading journals in Finance and Economics. She is the recipient of the 2008 Research Excellence Award at the Sauder School of Business, the 2002 Barclays Global Investors Canada Research Award, and the Best Paper Award at many international conferences. Her research has been featured in Wall Street Journal, New York Times, Financial Times, Time Magazine, Reuters, CNBC, Bloomberg, Dow Jones Newswire, New Yorker, BBC, BNN, National Post, Globe and Mail, and U.S. News & World Report.

TUTORIAL PRESENTATION

Korea America Finance Association - Session I
  Developments of Korean Financial Markets

    Friday, October 21, 8:30 am - 10:00 am

This session will address recent developments in the Korean financial markets, including investors’ performance and volatility forecasts in the Korean stock market, internal corporate governance system, and derivatives transactions.

Moderator: Sung C. Bae, Professor, Bowling Green State University

Panelists 
Jinwoo Park, Professor
Hankuk University of Foreign Studies

Kyhyong Kim, Professor
Chung-Ang University

Kyung S. Park, Professor
Korea University Business School

Gilnam Nam, Research Fellow
Korea Capital Market Institute

KAFA SPECIAL SESSION

Session 139
  Market Microstructure and the Role of ECNs

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Zi "Nancy" Ning, Delaware State University

Trading aggressiveness and market breadth around earnings announcements
  Sugato Chakravarty Purdue University
  Pankaj Jain University of Memphis
  Thomas McInish University of Memphis
  James Upson University of Texas at El Paso
One Size Does Not Fit All! Hong Kong Evidence on the Relationship Between Short-Selling, Uptick Rule, and Market Quality
  Pengjie Gao University of Notre Dame
  Jia Hao Wayne State University
  Ivalina Kalcheva University of Arizona
  Tongshu Ma Binghamton University (SUNY)
Stock Liquidity and the Taylor Rule
  Lei Jiang Tsinghua University
 
 
 
Presenter: James Upson Presenter: Jia Hao Presenter: Lei Jiang
Discussant: Pamela Moulton Cornell University Discussant: Fan Chen University of Oklahoma Discussant: Sermin Gungor Bank of Canada

Session 140
  Government and Corporate Bonds and Bank Loans

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Alex Hsu University of Michigan

Implications of Fiscal Policy Risk on Time-Varying Bond Risk Premia in a DSGE Model
  Alex Chia Hsu University of Michigan
 
 
 
Optimal Business Diversification and the Cost of Debt
  Ali Nejadmalayeri Oklahoma State University
  Subramanian Rama Iyer Oklahoma State University
 
 
The Impact of Private Equity Sponsors on Syndicated Loans
  Demissew Diro Ejara University of New Haven
  Kenneth Daniels Virginia Commonwealth University
 
 
Presenter: Alex Hsu Presenter: Ali Nejadmalayeri Presenter: Demissew Ejara
Discussant: Alessandro Barbarino Federal Reserve Board Discussant: Tu C Nguyen University of Oregon Discussant: Nguyen Thi Canh Vietnam National University-Ho Chi Minh City

Session 141
  Investment Strategies 2

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Patricio Valenzuela European University Institute

Bond Investment Strategies
  María de la O González Universidad de Castilla-La Mancha
  Frank S Skinner University of Surrey
  Samuel Agyei-Ampomah University of Surrey
 
Integrated Corporate Capital Budgeting Framework under Dependent Risks
  Jing Ai University of Hawaii Manoa
  Tianyang Wang University of Texas Austin
 
 
Mutual Funds’ Investment Strategies and their Preferences: Evidence from China
  Jingjing Yang Massey University
  Jing Chi Massey University
  Martin Robert Young Massey University
 
Presenter: Frank Skinner Presenter: Jing Ai Presenter: Martin Young
Discussant: Patricio Valenzuela European University Institute Discussant: Yoram Kroll Ono Academic College Israel Discussant: Shu (Grace) Tian Fudan University

Session 142
  Institutional Performance Behavior

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Natalya (Natasha) Delcoure, University of St Thomas

Institutional Trading Behavior in the ETF Market
  Hsuan-Chi Chen University of New Mexico
  Jen-Kai Ho Yuan Ze University
  Christine W. Lai National Taiwan University
  Emmanuel Morales-Camargo University of New Mexico
Performance of International Funds in Foreign Stocks
  Nicole Choi University of Wyoming
  Mark Fedenia University of Wisconsin Madison
  Hilla Skiba University of Wyoming
  Tatyana Sokolyk University of Wyoming
Is Timing Everything? The Value of Mutual Fund Manager Trades
  Jon A Fulkerson Loyola University Maryland
 
 
 
Presenter: Emmanuel Morales-Camargo Presenter: Hilla Skiba Presenter: Jon Fulkerson
Discussant: HIlla Skiba University of Wyoming Discussant: Feifei Zhu University of Wisconsin Milwaukee Discussant: Prakash Pai University of Texas Permian Basin

Session 143
  Empirical Equity Returns

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Ming Liu Binghamton University, SUNY

Limits of Arbitrage and Market Overvaluation
  Xiaoting Hao University of Houston
 
 
 
Aggregate Short Selling, Commonality, and Stock Market Returns
  Han Yu University of Kansas
  Andrew Lynch University of Missouri
  Biljana Nikolic University of Missouri
  Xuemin (Sterling) Yan University of Missouri
As Told by The Supplier: Trade Credit and The Cross Section of Stock Returns
  Shingo Goto University of South Carolina
  Gang Xiao University of South Carolina
  Yan Xu University of Rhode Island
 
Presenter: Xiaoting Hao Presenter: Xuemin (Sterling) Yan Presenter: Yan Xu
Discussant: Yan Xu University of Rhode Island Discussant: Qianqiu Liu University of Hawaii Discussant: Xiaoting Hao University of Houston

Session 144
  Issues in Risk Management

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Shantaram Hegde University of Connecticut

New efficient frontier: Can structured products really improve
  Gianluca Fusai Università degli studi Piemonte Orientale
  Giovanna Zanotti Bergamo University, SDA Bocconi
 
 
Designing the Proper Hedge: Theory versus Practice
  Ira G Kawaller Kawaller & Co
  Paul D Koch University of Kansas
 
 
An Economic Analysis of Protect Certificates — An Option-Pricing Approach
  Rodrigo Hernández Radford University
  Jeffrey Jones Drury University
  Jenny Gu University of Dallas
 
Presenter: Giovanna Zanotti Presenter: Ira Kawaller Presenter: Rodrigo Hernández
Discussant: Roger Shelor, Ohio University Discussant: Keith Black, CAIA Discussant: Tian-Shyr Dai National Chiao Tung University

Session 145
  Returns Information Embedding in Contingent Claims

    Friday, October 21, 8:30 am - 10:00 am

Chairperson: Nikunj Kapadia University of Massachusetts

The information content of the embedded deflation option in TIPS
  Olesya V. Grishchenko Penn State University
  Joel Vanden Penn State University
  Jianing Zhang Penn State University
 
Do the Variance Risk Premia Predict Commodity Futures Returns? Evidence from the Crude Oil Market
  Sang Baum Kang McGill University
  Xuhui Pan McGill University
 
 
The Information Content of the S&P 500 Index and VIX Options on the Dynamics of the S&P 500 Index
  San-Lin Chung National Taiwan University
  Wei-Che Tsai National Taiwan University
  Yaw-Huei Jeffrey Wang National Taiwan University
  Pei-Shih Weng National Central University
Presenter: Jianing Zhang Presenter: Sang Baum Kang Presenter: San-Lin Chung
Discussant: Don Chance Louisiana State University Discussant: Alex Kurov West Virginia University Discussant: John Kensinger University of North Texas

Session 146
  Corporate Governance in M&A Transactions

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Mine Ertugrul University of Massachusetts Boston

Why do Managers Divest Corporate Assets? Insights from Equity Carve-outs
  Chinmoy Ghosh University of Connecticut
  Milena Petrova Syracuse University
Corporate Governance and Takeover Resistance
  Nicholas F. Carline Lancaster University
  Scott C. Linn University of Oklahoma
  Pradeep K. Yadav University of Oklahoma
 
Anti-Takeover Charter Amendments and Managerial Entrenchment: Evidence from Korea
  Sunwoo Hwang KDI School of Public Policy and Management
  Woochan Kim KDI School of Public Policy and Management
 
 
Presenter: Milena Petrova Presenter: Nicholas F. Carfline Presenter: Woochan Kim
Discussant: Melinda Newman University of Akron Discussant: Gregory Waller Ohio University Discussant: Mine Ertugrul University of Massachusetts Boston

Session 147
  Bankruptcy and Default Prediction

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Yian Liu, Southern Methodist University

Analyzing the Long-Term Performance of the Defaulted Debt Market: Implications for Investors and Risk Managers
  Michael Jacobs U.S. Office of the Comptroller of the Currency
 
 
 
Resolution of Financial Distress under Chapter 11
  Amira Annabi HEC Montréal
  Michèle Breton HEC Montréal
  Pascal François HEC Montréal
 
Does Analyst Coverage Affect the Cost of Bank Loans?
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Liuling Liu Rensselaer Polytechnic Institute
 
Presenter: Michael Jacobs Presenter: Pascal François Presenter: LiuLing Liu
Discussant: Javed Ahmed Federal Reserve Board Discussant: Fei Leng University of Washington Tacoma Discussant: Yian Liu Southern Methodist University

Session 148
  Information, Diversification, and Performance

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Atreya Chakraborty University of Massachusetts Boston

Does the sun ‘shine’ on art prices?
  Dakshina G. De Silva Texas Tech University
  Rachel A. J. Pownall Maastricht University
  Leonard Wolk Maastricht University
 
Diversification and risk-adjusted performance: A quantile regression approach
  Ming-Yuan Leon Li National Cheng Kung University
  Bong Soo Lee Florida State University
 
 
When is Insider Trading Informative?
  Yanhui Wu Queensland University of Technology
  Qiaoqiao Zhu Australian National University
 
 
Presenter: Leonard Wolk Presenter: Ming-Yuan Leon Li Presenter: Sean Wu
Discussant: Yanhui Wu Queensland University Discussant: Leonard Wolk Maastricht University Discussant: Ming-Yuan Li National Cheng Kung University

Session 149
  Governance and Debt

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Paul Schure, University of Victoria

Managerial Incentives, Conservatism and Debt
  Andreas Milidonis University of Cyprus
  Konstantinos Stathopoulos Manchester Business School
 
 
The Market Discipline Effect of Subordinated Debt
  Tu Cam Nguyen La Trobe University
 
 
 
Governance Mechanisms, Incentive Alignment, and Bond Market Reaction
  Steve Fortin McGill University
  Chandra Subramaniam University of Texas Arlington
  Sanjian Bill Zhang McGill University
  Xu Frank Wang Saint Louis University
Presenter: Konstantinos Stathopoulos Presenter: Tu Nguyen Presenter: Xu (Frank) Wang
Discussant: Nilakshi Borah Louisiana Tech Univ. Discussant: Fangzhou Shi Columbia University Discussant: Colin Campbell Miami University

Session 150
  CEO Compensation 3

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Yenn-Ru Chen, National Cheng Kung University

CEO pension and deferred compensation
  Gemma Lee Seton Hall University
  Hongfei Tang Seton Hall University
 
 
Restricting CEO Pay
  Ingolf Dittmann Erasmus University Rotterdam
  Ernst Maug University of Mannheim
  Dan Zhang Erasmus University Rotterdam
 
Urban Agglomeration and CEO Compensation
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Kose John New York University
  Maya Waisman Fordham University
Presenter: Gemma Lee Presenter: Dan Zhang Presenter: Maya Waisman
Discussant: Yun Zhu Rensselaer Poly Inst Discussant: Arun Upadhyay University of Alaska Anchorage Discussant: Bhavik Parikh University of Memphis

Session 151
  Interest Rate Forecasting

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Mingming Zhou, Univ of Colorado Colorado Springs

Principal Component OFrecasting of the Yield Curve: an application to the Euro market
  Marcelo L Moura Insper - Institute of Education and Research
  Alexander Dauwe Insper - Institute of Education and Research
 
 
Pricing American Interest Rate Options under the Jump-Extended Constant-Elasticity-of-Variance Short Rate Models
  Natalia Beliaeva Suffolk University
  Sanjay Nawalkha University of Massachusetts Amherst
 
 
The Term Structure of Chinese Treasury Yields: Dynamic Models and Their Forecasting Ability
  Xingguo Luo University of Hong Kong
  Haifeng Han Peking University
  Jin Zhang University of Hong Kong
 
Presenter: Marcelo L. Moura Presenter: Natalia Beliaeva Presenter: Xingguo Luo
Discussant: Keishiro (Charlie) Matsumoto University of the Virgin Islands Discussant: Marcelo Moura, Insper Discussant: Jaehoon Lee University of Illinois

Session 152
  Real Estate Portfolios

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: William B Elliott, University of Texas El Paso

Structuring Global Property Portfolios: A Cointegration Approach
  John G. Gallo University of Iowa
  Larry J. Lockwood Texas Christian University
  Ying Zhang Fairfield University
 
Property Sector Diversification in Domestic Real Estate Portfolios A Cointegration Approach
  Paul Gallimore Georgia State University
  J Andrew Hansz Cal State Fresno
  Wikrom Prombutr UNC Pembroke
  Ying Zhang Fairfield University
The Real Estate Risk Premium Puzzle: A Solution
  Ping Cheng Florida Atlantic University
  Zhenguo Lin Cal State Fullerton
  Yingchun Liu Laval University
 
Presenter: Ying Zhang Presenter: Ying Zhang Presenter: Zhenguo Lin
Discussant: Erik Devos University of Texas El Paso Discussant: Erik Devos University of Texas El Paso Discussant: Desmond Tsang McGill University

Session 153
  Cross-Listed Stocks

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Lingjie Ma, BMO Global Asset Management

Cross-listing and the Sensitivity of Investment to Stock Price
  Bill B. Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Gergana L. Kostova Rensselaer Polytechnic Institute
 
Sweet Home? An Empirical Study on Reverse Cross-listing
  Jun Chen UNC Charlotte
  Cinder (Xinde) Zhang Shanghai University of Finance and Economics
  Yun Guan Clemson University
 
Domestic versus Foreign Equity Shares: Which are More Costly to Trade in the Chinese Market?
  Yan He Indiana University Southeast
  Junbo Wang City University of Hong Kong
  Chunchi Wu University at Buffalo (SUNY)
 
Presenter: Gergana Kostova Presenter: Jun Chen Presenter: Yan He
Discussant: Rosemary Macedo QS Investors LLC Discussant: Larry Pohlman BNP Paribas Discussant: Siyi Li University of Illinois Chicago

Session 154
  Capital Structure and Corporate Finance

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Munir Hassan, Kuwait Maastricht Business School

Asymmetric Partial Adjustment towards Target Leverage: International Evidence
  Viet Anh Dang Manchester Business Shool
  Ian Garrett Manchester Business Shool
  Cuong Nguyen Manchester Business Shool
 
Information Asymmetry and Capital Structure Around the World
  Feifei Zhu University of Wisconsin Milwaukee
  Wenlian Gao Dominican University
 
 
Theory and Practice of Corporate Finance: Evidence and Distinctive Features in Latin America
  Carlos Maquieira Universidad Santo Tomás
  Lorenzo Preve Universidad Austral
  Virginia Sarria-Allende Universidad Austral
 
Presenter: Cuong Nguyen Presenter: Feifei Zhu Presenter: Virginia Sarria-Allende
Discussant: Eunju Lee University of Houston Discussant: Jung Chul Park Auburn University Discussant: Leonardo Fernandez University of Technology Sydney

Session 155
  IPO Studies

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Wolfgang Bessler University of Giessen

Industry Technological Innovations and Initial Public Offerings: An Empirical Analysis
  Hung-Chia Hsu University of Wisconsin Milwaukee
 
 
 
The Effect of Issuer Optimism on IPO Pricing and Performance
  Stephen P. Ferris University of Missouri
  (Grace) Qing Hao University of Missouri
  Min-Yu (Stella) Liao University of Missouri
 
Long Term Performance and Predictability of Initial Public Offerings (IPOs)
  Kobana Abukari Carleton University
  Vijay Jog Carleton University
 
 
Presenter: Hung-Chia Hsu Presenter: Stephen P. Ferris Presenter: Kobana Abukari
Discussant: Tim Herberger Bamberg University Discussant: Yi Jiang Cal State Fullerton Discussant: Markus Schmid University of Mannheim

Session 156
  Studies of Moral Hazard and Crisis Effects

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Linus Wilson University of Louisiana at Lafayette

impacts of tarp on financial institutions
  David A Walker Georgetown University
  Max Gaby Bank of America/Merrill Lynch
 
 
Comovement and Contagion among Sovereign Bonds in the “PIGS” Countries
  Karan Bhanot University of Texas at San Antonio
  Natasha Burns University of Texas at San Antonio
  Delroy Hunter University of South Florida
  Michael Williams University of Texas at San Antonio
Testing for Moral Hazard in Reinsurance Markets
  Zhiqiang Yan Western Illinois University
 
 
 
Presenter: David A. Walker Presenter: Delroy Hunter Presenter: Zhiqiang Yan
Discussant: Linus Wilson University of Louisiana at Lafayette Discussant: Madhu Kalimipalli Wilfrid Laurier University Discussant: Martin Boyer HEC Montreal

Session 157
  Securitization and Banking

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Maxim Zagonov, Toulouse Business School

Asset securitization and bank risk taking
  Lai Van Vo Louisiana State University
  Huong Thi Thu Le Louisiana State University
 
 
Securitization and Bank Intermediation Function
  Maxim Zagonov Toulouse Business School
 
 
 
Securitization, Risk Transferring and Financial Instability: The Case of Spain
  Santiago Carbo-Valverde University of Granada
  David Marques-Ibanez European Central Bank
  Francisco Rodriguez-Fernandez University of Granada
 
Presenter: Lai Van Vo Presenter: Maxim Zagonov Presenter: Santiago Carbo-Valverde
Discussant: Santiago Carbo Valverde University of Granada Discussant: Elyas Elyasiani Temple University Discussant: Maxim Zagonov Toulouse Business School

Session 158
  Financial Development and Economic Growth

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Umesh Kumar SUNY Canton

The long-run relation among financial development, technology and GDP: a panel cointegration study
  Andrey Georgiev Zagorchev Concord University
  Geraldo Vasconcellos Lehigh University
  Youngsoo Bae University of Seoul
 
A Re-Examination of Financial Development, Stock Markets Development and Economic Growth
  Jung-Suk Yu Dankook University
  M. Kabir Hassan University of New Orleans
  Benito Sanchez Kean University
 
Financial Development and Innovation: Cross Country Evidence
  Po-Hsuan Hsu University of Connecticut
  Xuan Tian Indiana University
  Yan Xu University of Rhode Island
 
Presenter: Andrey Zagorchev Presenter: M Kabir Hassan Presenter: Yan Xu
Discussant: Umesh Kumar SUNY Canton Discussant: Brian J Adams University of Portland Discussant: Abigail S Hornstein Wesleyan University

Session 159
  Exchange Rate Exposure and Corporate Policy

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Aslihan G Cicek Cleveland State University

Credit Market Constraints and Firms’ Exchange Rate Exposure
  Mikael Bergbrant University of South Florida
  Delroy M Hunter University of South Florida
 
 
Shooting Yourself In the Foot by Currency Hedging
  Jin-Wan Cho Korea University Business School
  Taeyong Kim Morningstar Associates Korea
  Woojin Kim Korea University Business School
 
Does Managerial Incentives Impact FX Exposure? Evidence from CEO Compensation
  Bill B Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute & Bank of Finland
  Delroy M Hunter University of South Florida
  Yun Zhu Rensselaer Polytechnic Institute
Presenter: Mikael Bergbrant Presenter: Woojin Kim Presenter: Yun Zhu
Discussant: Jing Wang Cleveland State University Discussant: Guido Mantovani Ca' Foscari University of Venice Discussant: Bochen Li University of Cincinnati

Session 160
  Information and Equity Markets

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Yufeng Han University of Colorado Denver

Ex Ante Probability and Information Content of Reiterating Undervaluation
  Anna Martin St. John's University
  Takeshi Nishikawa University of Colorado Denver
  Rong Qi St. John's University
 
Information Quality and Equity Risk
  Katsiaryna Salavei Bardos Fairfield University
  Brandon N. Cline Mississippi State University
  Gregory Koutmos Fairfield University
 
Asymmetric responses in divergence of opinions to good news and bad news
  Jin Yu St. Cloud State University
  Haigang Zhou Cleveland State University
  John Qi Zhu Shanghai Jiao Tong University
 
Presenter: Anna Martin Presenter: Katsiaryna Salavei Presenter: Jin Yu
Discussant: Jason Smith University of Kentucky Discussant: Bo Zhao George Washington University Discussant: YiJia Zhao University of South Carolina

Session 161
  Managers, Shareholders, Leakage, and Performance

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Manohar Singh Penn State University

Earnings Management and Social Capital
  Anand Jha Texas A&M International University
 
 
 
Short Sales, Class-Action Lawsuits, and Potential Information Leakages
  Benjamin M. Blau Utah State University
  Philip L. Tew Arkansas State University
 
 
Foreign Shareholding, Corporate Governance and Firm Performance: Evidence from Chinese Companies
  Lin Guo Suffolk University
  Georges Tsafack Suffolk University
 
 
Presenter: Anand Jha Presenter: Philip Tew Presenter: Georges Tsafack
Discussant: Joshua White University of Tennessee Discussant: Ali Nejadmalayeri Oklahoma State University Discussant: Humnath Panta Lindenwood Univ

Session 162
  Return Predictability

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Xiaojuan Jiang Florida International University

long-run Performance of Equity Premium Prediction
  Timothy Fan University of Texas Dallas
 
 
 
Reexamining Stock Returns When Investors Disagree
  Jeffrey Hobbs Applachian State University
  Vivek Sharma University of Michigan Dearborn
 
 
Does Long-Run Disequilibrium in Stock Price Levels Predict Future Returns?
  Jungshik Hur Lousiana Tech
  Vivek Sharma University of Michigan Dearborn
 
 
Presenter: Timothy Fan Presenter: Vivek Sharma Presenter: Vivek Sharma
Discussant: David Stowe University of Missouri Discussant: Sascha Strobl Florida International University Discussant: Jeff Hobbs Appalachian State University

Session 163
  Behavioral Investing and Information

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Shan He, Louisiana State University

Intangible Information and Analyst Behavior
  Lei Sun Hong Kong University of Science and Technology
  K. C. John Wei Hong Kong University of Science and Technology
 
 
Frog in the Pan: Continuous Information and Momentum
  Umit G Gurun University of Texas at Dallas
  Zhi Da University of Notre Dame
  Mitch C Warachka Singapore Management University
 
Attention: A Better Way to Measure SEO Marketing Impact
  Xing Lu Indiana University South Bend
  Douglas O Cook University of Alabama
 
 
Presenter: Lei Sun Presenter: Umit G Gurun Presenter: Xing Lu
Discussant: Marco Navone University of Technology, Sydney Discussant: Wai-Man (Raymond) Liu Australian National University Discussant: Bahar Ulupinar West Chester University

Session 164
  Currency and International Finance

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Tanseli Savaser Williams College

Public Information in a Contagious Currency Crisis
  Frederick Dongchuhl Oh Washington University in St. Louis
 
 
 
ESTIMATING FOREIGN EXCHANGE EXPOSURE USING AN INTEREST RATE CONTROL VARIABLE
  Alain Krapl University of Connecticut
  Thoms J O'Brien University of Connecticut
 
 
Time-Variation in the International Diversification Benefits
  Wan-Jiun Paul Chiou Shippensburg University
 
 
 
Presenter: Frederick Dongchuhl Oh Presenter: Thomas J. O'Brien Presenter: Wan-Jiun Paul Chiou
Discussant: Rafael da Matta University of Illinois Discussant: Denise Streeter Old Dominion University Discussant: Kamal Smimou University of Ontario Institute of Technology

Session 166
  Bank Supervisory Responses to the Crisis

    Friday, October 21, 10:15 am - 11:45 am

Bank supervisors in developed countries are in the process of developing and implementing a number of measures intended to reduce the probability and severity of another financial crisis. This session will discuss the status of three important measures:
  1. Revisions to the Basel capital adequacy standards (part of Basel III)
  2. Development of new liquidity standards (also a part of Basel III)
  3. Limitations on the incentive compensation paid to bankers.
Moderator: Scott Frame, Financial Economist and Policy Adviser, Federal Reserve Bank Atlanta

Panelists
David Emmel, Banking Supervision and Regulation, Federal Reserve Board of Governors
Lamont Black, Economist, Federal Reserve Board of Governors
S Wayne Passmore, Associate Director, Federal Reserve Board of Governors

SPECIAL PANEL SESSION

Session 167
  The Future of Housing Finance: Life after Fannie and Freddie

    Friday, October 21, 10:15 am - 11:45 am

One of the biggest debates about financial markets is the future of housing finance in the United States. This is a $10 trillion market, and the only sure thing is that it will be different in the future. Can the private-label jumbo market (currently about $400 billion) expand to replace the agency market (currently about $5 trillion)? What are the alternatives for structuring credit risk on mortgage loans? Panelists will discuss the practical implementation issues facing each proposal and address the impact of alternatives on mortgage spreads and prospective mortgage loan features.
Moderator: Steven C Patrick, Founder, BID Fund Consulting Services

Panelists:
Alan L Boyce, CEO, Absalon Project
Peter J Taglia, Vice President, FTN Financial Capital Assets Corporation
Austin Tilghman, President and CEO, United Capital Markets

SPECIAL PANEL SESSION

Korea America Finance Association - Session II
  Current Issues in Asian Financial Markets

    Friday, October 21, 10:15 am - 11:45am

This session will focus on some of the contemporary issues in the Asian financial markets.

Moderator: Jun-Koo Kang, Professor, Nanyang Technological University

Panelists
  David K Ding, Professor
  Massey University

Dongcheol Kim, Professor
  Korea University Business School

Kenneth Kim, Associate Professor
  SUNY at Buffalo

KAFA SPECIAL SESSION

Session 168
  Linkages across Markets

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Nitish Ranjan University of Illinois - Chicago

Is There Price Discovery In Equity Options?
  Dmitriy Muravyev University of Illinois at Urbana-Champaign
  Neil D. Pearson University of Illinois at Urbana-Champaign
  John P. Broussard Rutgers University--Camden
 
Liquidity Commonality in Commodities
  Ben Marshall Massey University
  Nhut Nguyen University of Auckland
  Nuttawat Visaltanachoti Massey University
 
Volatility Trading across Stock Limit Order Book and Options Markets
  Qin Wang University of Michigan-Dearborn
 
 
 
Presenter: Dmitriy Muravyev Presenter: Nuttawat Visaltanachoti Presenter: Qin Wang
Discussant: Stewart Mayhew Cornerstone Research Discussant: Al Carrion University of Utah Discussant: Nitish Ranjan University of Illinois - Chicago

Session 169
  The Determination of Corporate Bond Yields

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Kashi Nath Tiwari KNT's Academic Financial Research

Production Information Uncertainty and Corporate Bond Yield Spreads: Total Factor Productivity Risk Perspective
  Tsung-Kang Chen Fu Jen Catholic University
  Hsien-Hsing Liao National Taiwan University
  Wei-Lun Chen Fu Jen Catholic University
 
DYNAMIC EFFECTS OF IDIOSYNCRATIC VOLATILITY AND LIQUIDITY ON CORPORATE BOND SPREADS
  Madhu Kalimipalli Wilfrid Laurier University
  Subhankar Nayak Wilfrid Laurier University
  Marcos Fabricio Perez Wilfrid Laurier University
 
Competitiveness in Technological Innovation and Its Implications for Bondholders
  Po-Hsuan Hsu University of Hong Kong
  Hsiao-Hui Lee University of Connecticut
  Zhu (Alfred) Liu University of Connecticut
 
Presenter: Tsung-kang Chen Presenter: Madhu Kalimipalli Presenter: Po-Hsuan Hsu
Discussant: Chanwit Phengpis California State University, Long Beach Discussant: Patricio Valenzuela European University Institute Discussant: Pyungkee Kim Chungbuk National University

Session 170
  Agency Issues in Mutual Fund Management

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Xuanjuan Chen Kansas State University

What's the Inside Word? Director-Affiliated Stocks in Mutual Funds
  Timothy Burch University of Miami
  Lei Wedge University of South Florida
 
 
Managerial Multitasking in the Mutual Fund Industry
  Vikas Agarwal Georgia State University
  Linlin Ma Georgia State University
 
 
Business Ties and Information Advantage: Evidence from Mutual Fund Trading
  Ying Duan University of Alberta
  Edith Hotchkiss Boston College
  Yawen Jiao Rensselaer Polytechnic Institute
 
Presenter: Lei Wedge Presenter: Linlin Ma Presenter: Yawen Jiao
Discussant: Jon Fulkerson Loyola University Maryland Discussant: Lei Wedge University of South Florida Discussant: Mike O'Doherty University of Missouri at Columbia

Session 171
  Non-trading, Information, and Performance

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Fei Gao Kelley College of Business, Hardin-Simmons University

Nontradable Shares and Firm Performance: The Alaska Native Corporations Case Revisited
  Ihsuan Li Minnesota State University
  Gabriel Ramirez Kennesaw State University
  Kerry Waller Dickinson College
Price Discovery in the Absence of Trading: A Look at the Malta Stock Exchange Pre-opening Period
  Michael Bowe Manchester Business School
  Stuart Hyde Manchester Business School
  Ike Johnson Manchester Business School
 
Presenter: Gabriel Ramirez Presenter: Stuart Hyde
Discussant: Gautam Vora University of New Mexico Discussant: Thomas Rourke Duquesne University

Session 172
  Information and Equity Returns

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: S McKay Price Lehigh University

The Incremental Informativeness of Earnings Conference Call Content on Stock Returns
  S. McKay Price Lehigh University
  James S. Doran Florida State University
  David R. Peterson Florida State University
  Barbara A. Bliss Florida State University
Rumortrage: Can Investors Profit on Takeover Rumors on Internet Stock Message Boards?
  Jenni Lee Bettman Australian National University
  Aiden G Hallett Goldman Sachs
  Stephen John Sault Australian National University
 
Idiosyncratic Volatility and Market Reaction to Recommendation Revisions
  Umut Celiker Virginia Tech
  Raman Kumar Virginia Tech
 
 
Presenter: S. McKay Price Presenter: Stephen Sault Presenter: Umut Celiker
Discussant: Alexander Wagner University of Zurich Discussant: Kashi Nath Tiwari KNT's Academic Financial Research Discussant: Anna Chernobai Syracuse University

Session 173
  Issues in Credit Risk Modeling

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Wei Chen SAS Institute Inc.

The valuation of vulnerable multi-asset options and hedging of credit risks
  Chao-Chun Chen Tunghai University
  Zhi-Wei Wu Tunghai University
 
 
Evaluating Corporate Bonds with General Liability Structures and Bond Covenants under the Jump-Diffusion Process
  Tian-Shyr Dai National Chiao Tung University
  Chuan-Ju Wang National Taiwan University
  Yuh-Dauh Lyuu National Taiwan University
 
Concentration risk in mortgages portfolios: the role of geographic factors and loans characteristics in a multi-factor framework
  Michel DIETSCH Université de Strasbourg and BPCE
  Joël PETEY Université de Strasbourg
  Adeline VANDAELE BPCE
 
Presenter: Chen, Chao-Chun Presenter: Dai Tian-Shyr Presenter: Michel Dietsch
Discussant: Aparna Gupta Rensselaer Polytechnic Institute Discussant: Sanjiv R Das Santa Clara University Discussant: Hong Lee Louisiana State University

Session 174
  Interaction between Options and Underlying Markets

    Friday, October 21, 10:15 am - 11:45 am

Chairperson: Louis Ederington, University of Oklahoma

Short Sales and Option Listing Decisions
  Benjamin M. Blau Utah State University
  Tyler J. Brough Utah State University
 
 
Stock Returns and Option Activity during Option-Expiration Weeks
  Chris Stivers University of Louisville
  Licheng Sun Old Dominion University
 
 
Option Traders’ Reaction to Mispricing in the Underlying Equity
  Darren K. Hayunga University of Texas at Arlington
  Peter P. Lung University of Texas at Arlington
  Takeshi Nishikawa University of Colorado at Denver
 
Presenter: Benjamin M. Blau Presenter: Chris Stivers Presenter: Darren Hayunga
Discussant: Jared DeLisle Washington State University Discussant: Louis Ederington University of Oklahoma Discussant: Erdal Gunay University of Windsor

Session 175
  Value Creation in M&A Transactions

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Vladimir Atanasov College of William and Mary

Try Again? Withdrawn Deals, Asset Growth, and Value Creation in Mergers
  Cheng Xun Ng University of Melbourne
  Chander Shekhar University of Melbourne
 
 
Bidder Gains in Terminated Acquisitions
  Tilan Tang Clemson University
 
 
 
Merger Investment and Stock Price Idiosyncratic Information
  Wenjing Ouyang Drexel University
  Samuel Szewczyk Drexel University
 
 
Presenter: Chander Shekhar Presenter: Tilan Tang Presenter: Wenjing Ouyang
Discussant: Vladimir Atanasov College of William and Mary Discussant: Wei Huang Washington State University Discussant: Gergana Kostova Rensselaer Polytechnic Institute

Session 176
  Default

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Prakash Pai University of Texas Permian Basin

Corporate Taxes, Strategic Default, and the Cost of Debt
  Ali Nejadmalayeri Oklahoma State University
  Manohar Singh Penn State University
 
 
Predicting Defaults with Regime Switching Intensity: Model and Empirical Evidence
  Hui-Ching Chuang National Taiwan University
  Chung-Ming Kuan National Taiwan University
 
 
Bank Bailouts, Interventions, and Moral Hazard
  Lammertjan Dam University of Groningen
  Michael Koetter University of Groningen
 
 
Presenter: Ali Nejadmalayeri Presenter: Hui-Ching Chuang Presenter: Lammertjan Dam
Discussant: Stanislava Nikolova US SEC Discussant: Ivilina Popova Texas State University Discussant: Chen Liu Queen's University

Session 177
  Corporate Governance and Risk Management

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Anna Martin, St John's University

Empirical Evidence on Corporate Risk-Shifting
  Sudipto Sarkar McMaster University
  Anna Danielova McMaster University
  Gwangheon Hong Sogang University
 
Corporate Governance and Risk Taking: Evidence from Defined Benefits Plan Asset Allocation
  Hieu Van Phan University of Connecticut
 
 
 
Corporate governance and the use of derivatives in corporate risk management
  Tracy Xu University of Denver
 
 
 
Presenter: Anna Danielova Presenter: Hieu Van Phan Presenter: Tracy Xu
Discussant: Hieu Phan University of Connecticut Discussant: Choonsik Lee Quinnipiac University Discussant: Russell Gregory-Allen Massey University

Session 178
  Innovation

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Alireza Ebrahim University of Tennessee

New Dogs New Tricks: CEO Turnover, CEO-related Factors, and Innovation Performance
  Frederick Bereskin University of Delaware
  Po-Hsuan Hsu University of Hong Kong
 
 
Equity Compensation and the Sensitivity of Research and Development to Financial Market Frictions
  Matthew O'Connor Quinnipiac University
  Matthew Rafferty Quinnipiac University
  Aamer Sheikh Quinnipiac University
 
Does Stock Liquidity Enhance or Impede Firm Innovation?
  Vivian Fang Rutgers University
  Xuan Tian Indiana University
  Sheri Tice Tulane University
 
Presenter: Fred Bereskin Presenter: Matthew Rafferty Presenter: Xuan Tian
Discussant: Muhammed Altuntas University of Cologne Discussant: Seonghee Han Binghamton University (SUNY) Discussant: Shenghui Tong Central University of Finance and Economics

Session 179
  CEO Compensation 4

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Harley Ryan Georgia State University

Stealth Compensation: Do CEOs/Directors Increase Their Pay by Influencing Dividend Policy
  Kristina Minnick Bentley University
  Leonard Rosenthal Bentley University
 
 
CEO Stock Ownership Guidelines
  Bradley Warren Benson Louisiana Tech University
  Qin Lian Louisiana Tech University
  Qiming Wang Louisiana Tech University
  Nilakshi Borah Louisiana Tech University
Presenter: Kristina Minnick Presenter: Bradley Benson
Discussant: Melissa Frye University of Central Florida Discussant: Brooke Stanley Winthrop University

Session 180
  Information Quality and Corporate Finance

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Cindy Alexander, US SEC

When and How is Voluntary Disclosure Quality Reflected in Equity Prices?
  Florian Eugster University of Zurich
  Alexander F. Wagner University of Zurich
 
 
Timely accounting recognition of economic losses and the pricing of seasoned equity offers
  Yongtae Kim Santa Clara University
  Siqi Li Santa Clara University
  Carrie Pan Santa Clara University
 
Changes in the Financial Reporting Environment around the Securities Offering Reform of 2005
  Joshua Tyler White University of Tennessee
  Tracie Woidtke University of Tennessee
 
 
Presenter: Alexander Wagner Presenter: Carrie Pan Presenter: Joshua Tyler White
Discussant: Peter Wong Ohio State University Discussant: Fei Xie George Mason University Discussant: Jennifer Bethel Babson College

Session 181
  Real Estate Returns

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Karyn Neuhauser, Lamar University

REIT Performance and Market Timing Ability
  Richard J. Buttimer UNC Charlotte
  Jun Chen UNC Charlotte
  I-Hsuan Ethan Chiang UNC Charlotte
 
Media Content and REIT Returns
  Fahad Almudhaf Kuwait University
  J. Andrew Hansz Cal State Fresno
  SingRu Hoe University of Texas Dallas
 
On the Performance and Return Deviation of Leveraged Real Estate ETFs
  Hongfei Tang, Seton Hall Univ
  Xiaoqing Eleanor Xu Seton Hall University
 
 
Presenter: Jun Chen Presenter: Fahad Almudhaf Presenter: Xiaoqing Eleanor Xu
Discussant: Hyuna Park Minnesota State University Mankato Discussant: Peihwang Wei University of New Orleans Discussant: Jun Chen UNC Charlotte

Session 182
  Investing Globally: Political Risk and Institutional Differences

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Lena Booth, AGSIM, Thunderbird

Accounting for the Effects of Investability on Risk Premium and Financial Integration in Emerging Markets
  Hai Thanh Ta McGill University
 
 
 
Innovations, Intellectual Property Protection, and Financial Markets: Cross-Province Evidence from China
  Po-Hsuan Hsu University of Hong Kong
  Chaopeng Wu Xiamen University
 
 
Do Local and International Venture Capitalists Play Well Together?
  Thomas J. Chemmanur Boston College
  Tyler J. Hull Norwegian School of Economics
  Karthik Krishnan Northeastern University
 
Presenter: Hai Ta Presenter: Po-Hsuan Hsu Presenter: Tyler Hull
Discussant to be announced Discussant: Na Dai University at Albany, SUNY Discussant: Lena Booth, AGSIM, Thunderbird

Session 183
  Capital Structure and Debt Structure

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Sean Cleary Queen's University

Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables
  Ralf Elsas University of Munich
  David Florysiak University of Munich
 
 
The External Shock on the Speed of Adjustment toward Target Ratios: Evidence from DB Pension Plans
  Tae-Nyun Kim Rutgers Business School - Newark and New Brunswick
 
 
 
In Search for a Robust Method for Estimating Dynamic Panel Data Models of Capital Structure
  Viet Anh Dang Manchester Business Shool
  Minjoo Kim Leeds University Business School
  Yongcheol Shin Leeds University Business School
 
Presenter: David Florysiak Presenter: Tae-Nyun Kim Presenter: Viet Anh Dang
Discussant: Tae-Nyun Kim Frostburg State University Discussant: Viet Anh Dang Manchester Business School Discussant: David Florysiak University of Munich

Session 184
  IPOs and SEOs

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Xiaoyun Yu Indiana University

A time series application of the market incompleteness hypothesis of underpricing
  Oghenovo Adewale Obrimah Virginia Commonwealth University
 
 
 
What's Wrong with Rights?
  Truong X Duong National University of Singapore
  Eng-Joo Tan Singapore Management University
 
 
The investor recognition of seasoned equity issuers
  Don M Autore Florida State University
  Tunde Kovacs Northeastern University
 
 
Presenter: OGHENOVO OBRIMAH Presenter: Truong X Duong Presenter: Tunde Kovacs
Discussant: Alexander Borisov Indiana University Discussant: Stacey Jacobsen Southern Methodist University Discussant: Felix Meschke University of Kansas

Session 185
  Financial Crisis Studies 1

/Hamburg/EmailIcon.jpg" border=0> Chairperson: M Kabir Hassan, University of New Orleans
Re-Examining the Role of Market Discipline for Bank Supervision: Evidence from the Subprime Crisis
  Ajay A Palvia Office of Comptroller of Currency
  Dilip K Patro Office of Comptroller of Currency
 
 
Strategic Default on First and Second Lien Mortgages During the Financial Crisis
  Julapa Jagtiani Federal Reserve Bank of Philadelphia
  William W. Lang Federal Reserve Bank of Philadelphia
 
 
Market Linkage and Information Spillover: Evidence from Pre-crisis, Crisis, and Recovery Periods
  Liang Ding Alvernia University
  Xiaoling Pu Kent State University
 
 
Presenter: Ajay A. Palvia Presenter: Julapa Jagtiani Presenter: Liang Ding
Discussant: Geoffrey Ngene University of New Orleans Discussant: Kathryn Huff University of New Orleans Discussant: Abdullah Mamun University of Saskatchewan

Session 186
  Bank Loans: Structure and Risk

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Dona Siregar SUNY at Oneonta

Bank Loans, Trade Credits, and Borrower Characteristics: Theory and Empirical Evidence
  Byung-Uk Chong Ewha University, Seoul, Korea
  Ha-Chin Yi Texas State University
 
 
Information asymmetry and the strucuture of loan syndicates
  Sajid Mukhtar Chaudhry Maastricht University
  Stefanie Kleimeier Maastricht University
 
 
The Empirical Relation between Loan Risk and Collateral: The Role of Collateral Types and Characteristics
  Allen N. Berger University of South Carolina
  W. Scott Frame Federal Reserve Bank of Atlanta
  Vasso Ioannidou CentER, Tilburg University
 
Presenter: Ha-Chin Yi Presenter: Sajid Chaudhry Presenter: Vasso Ioannidou
Discussant: Sajid Chaudhry Maastricht University Discussant: Issam Hallak Bocconi University Discussant: Giacomo Nocera Universita' Bocconi

Session 187
  Markets, Disclosure, and Analysts

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Yung Ling Lo, Western Kentucky University

Continuous Disclosure Requirements and the Timeliness of Price Discovery in Australia
  Leonardo Fernandez University of Technology, Sydney
  David Michayluk University of Technology, Sydney
 
 
Earnings Dispersion and the Stock Market Reaction to Aggregate Earnings News
  Musa Subasi University of Texas at Dallas
 
 
 
An Examination of the Divergence in Earnings Forecasts between Managers and Analysts
  Somnath Das University of Illinois at Chicago
  Kyonghee Kim University of Missouri at Columbia
  Sukesh Patro Northern Illinois University
 
Presenter: Leonardo Fernandez Presenter: Musa Subasi Presenter: Sukesh Patro
Discussant: Ming Fang Rensselaer Polytechnic Institute Discussant: Oliver Pucker University of Cologne Discussant: Maria Carapeto Cass Business School

Session 188
  Exchange Rates and Stock Returns

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Munir Hassan, Kuwait Maastricht Business School

Dynamic relations between stock returns and exchange rate changes
  Ahmet Can Inci Bryant University
  Bong Soo Lee Florida State University
 
 
Exchange Rates and Equity Returns in Emerging Economies
  Sorin Rizeanu University of Victoria
  Hao Zhang University of Victoria
 
 
The Relationship between Currency Carry Trades and U.S. Stocks
  Yiuman Tse University of Texas at San Antonio
  Lin Zhao University of Texas at San Antonio
 
 
Presenter: A. Can Inci Presenter: Sorin Rizeanu Presenter: Yiuman Tse
Discussant: Ding Du Northern Arizona University Discussant: Yongli Luo University of Texas Pan American Discussant: A Can Inci Bryant University

Session 189
  Market Efficiency and Asset Pricing

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Riza Emekter Robert Morris University

Leverage, beta estimation, and the size effect
  Wolfgang Drobetz University of Hamburg
  Jörg Seidel University of Hamburg
 
 
Investing in the Fama and French 4-factor portfolio: insights from mean-variance tests
  Wentworth Boynton University of New Haven
 
 
 
Seeking Alpha, Getting Beta: A Comparison of Mutual and Hedge Fund Performance, Style Attribution and Active Management Fees
  William R. McCumber University of Arkansas
 
 
 
Presenter: Wolfgang Drobetz Presenter: Wentworth Boynton Presenter: William R. McCumber
Discussant: Haim Kassa University of Cincinnati Discussant: Riza Emekter Robert Morris University Discussant: Stefan Wendt Bamberg University

Session 190
  Intangible Assets

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Mohammad M Rahaman, Saint Mary's University

Social Capital in Banking Relationship
  Kathy Fogel University of Arkansas
 
  Yingying Shao Towson University
 
Firms' Intangible Assets Investment and Cost of Bank Loans:Evidence from Employee Satisfaction
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute
  LiuLing Liu Rensselaer Polytechnic Institute
 
Do Intellectual Protection Reforms Create Value? Evidence from Cross-Border M&As
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Fahad Khalil University of Washington
  Xian Sun Johns Hopkins University
 
Presenter: Kathy Fogel Presenter: LiuLing Liu Presenter: Xian Sun
Discussant: Xu (Frank) Wang Saint Louis University Discussant: Kihun Kim Rutgers, State University of New Jersey Discussant: CNV Krishnan Case Western Reserve University

Session 191
  Risk and Beta

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Valeria Martinez, Fairfield University

Black Swans, Beta, Risk, and Return
  Javier Estrada IESE Business School
  Maria Vargas University of Zaragoza
 
 
Volatility and Required Returns
  Robert B. Durand University of Western Australia
  J. Kenton Zumwalt Colorado State University
 
 
Valuation, Downside Risk Measures and Asymmetric Information: A Global Portfolio Optimization Approach
  Yoram Kroll Ono Academic College
  Moshe Ben Horin Ono Academic College
 
 
Presenter: Javier Estrada Presenter: Robert B. Durand Presenter: Yoram Kroll
Discussant: Carlos De Mello e Sousa Seattle University Discussant: Xingguo Luo University of Hong Kong Discussant: Javier Estrada IESE Business School

Session 192
  Equity Returns and Behavioral Finance

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Daniela Balkanska, San Francisco State University

Momentum, Reversal, and Investor Overconfidence: An Empirical Investigation of Mutual Fund Managers
  Biljana Nikolic University of Missouri - Columbia
 
 
 
Time-Variation in Liquidity and Portfolio Returns
  Sermin Gungor Bank of Canada
 
 
 
The Closed-End Fund Puzzle: Management Fees and Private Information
  Stephen Lenkey Carnegie Mellon University
 
 
 
Presenter: Biljana Nikolic Presenter: Sermin Gungor Presenter: Stephen Lenkey
Discussant: Debarati Bhattacharya Virginia Tech Discussant: Zijun Wang Texas A&M University Discussant: Michael Alderson Saint Louis University

Session 193
  International Finance

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Delroy M Hunter University of South Florida

Stock Exchange Mergers and Weak Form of Market Efficiency: The case of Euronext Lisbon
  João Paulo Torre Vieito Polytechnic Institute of Viana do Castelo
  Walayet Khan Evansville University
 
 
The Impact of the financial and sovereign debt crisis on the euro: Evidence from the PIGS
  Shuming Bai University of Texas Permian Basin
 
 
 
International Return and Volatility Spillovers Among Banks and Insurers: A VAR-BEKK Approach
  Elyas Elyasiani Temple University
  Elena Kalotychou Cass Business School
  Sotiris K Staikouras Cass Business School & ALBA Graduate Business School
 
Presenter: Walayet Khan Presenter: Shuming Bai Presenter: SOTIRIS STAIKOURAS
Discussant: Mikael Bergbrant University of South Florida Discussant: Sotiris K Staikouras Cass Business School Discussant: Delroy M Hunter University of South Florida

Session 194
  Integrating Technical Analysis with a CFA Undergraduate Investment Track

    Friday, October 21, 2:00 pm - 3:30 pm

In this session, the moderator will open the discussion with an overview of his experience in building an undergraduate investment track in finance that integrates both the CFA and the CMT body of knowledge. The overall goal is to complement the college degree with a program that gives graduates a head start in earning the CFA and CMT designations. The CFA student program, which is relatively well known, will be reviewed and followed by an in-depth discussion of the CMT student program. Panelists first present an overview of the CMT designation and body of knowledge followed by an outline of how colleges and universities can build the CMT student program with the assistance of practitioners.
Moderator: Jerry Stevens, Professor of Finance, University of Richmond

Panelists
Clare White, President, InVelocity LLC
Louis B Llanes, Vice President, Senior Portfolio Management, US Bank
Michael Carr, Chief Market Strategist, Dunn Warren Investment Advisors
Jason Meshnick, Senior Research Analyst, Wall Street on Demand

SPECIAL PANEL SESSION

Session 195
  Regulatory Changes Resulting from the Dodd-Frank Act - Commercial Banking

    Friday, October 21, 2:00 pm - 3:30 pm

The Dodd-Frank Wall Street Reform and Consumer Protection Act that was signed into law in July 2010 calls for hundreds of changes in regulation. This panel will address some of the more significant changes from the perspective of the three bank regulatory agencies and consider areas where policymakers would benefit from further research.
Moderator: Richard Rosen, Economic Advisor, Federal Reserve Bank Chicago

Panelists
Diana Hancock, Deputy Associate Director, Federal Reserve Board of Governors
Jack Reidhill, Section Chief of the Special Studies Section, FDIC David Nebhut, Director for Policy Analysis, OCC

SPECIAL PANEL SESSION

Session 196
  Islamic Finance in the USA

    Friday, October 21, 2:00 pm - 3:30 pm

This session will provide a comprehensive overview of the wholesale market for Islamic finance in the US as well as an overview of the capital markets activity - mutual funds and exchange-traded funds - that have accomplished the wholesale Islamic finance business.
Presentations
An Overview of Islamic Finance in the United States
Blake Goud, SharingRisk.Org
M. Kabir Hassan, University of New Orleans (Presenter)

Islamic Finance as a Structured Product
Michael Bennett, The World Bank (Presenter)

The Relative Performance of Debt-restricted Real Estate Investment Trusts (REITs) in the USA
Yasser Alhenawi, University of Evansville (Presenter)
M. Kabir Hassan, University of New Orleans
Hesham Merdad, University of New Orleans

Shariah-Compliant Fund Management in the US: A Case Study
Monem Salam, Saturna Investment Company (Presenter)

SPECIAL PANEL SESSION

Session 197
  Short Interests, Short Selling, and Strategic Order Placement

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Thomas Wallace Barkley Syracuse University

Short Interest vs. Short Selling
  Benjamin M Blau Utah State University
  Bonnie F Van Ness University of Mississippi
  Robert A Van Ness University of Mississippi
 
Moving between opposite short-sale regimes: Are stock characteristics priced differently?
  Min Bai Massey University
  Xiaoming Li Massey University
 
 
Throwing in the towel: When Short Sellers Fail-To-Deliver Price Reversals
  Tyler J Brough Utah State University
  Benjamin M Blau Utah State University
 
 
Presenter: Bonnie Van Ness Presenter: Min Bai Presenter: Tyler Brough
Discussant: Nuttawat Visaltanachoti Massey University Discussant: Hui-Ju Tsai Washington College Discussant: Haiwei Chen University of Texas, Pan American

Session 198
  Yield Curves, Debt, and Equity

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Olivier Maisondieu-Laforge University of Nebraska at Omaha

The Interactive Effect of Changes in the Shape of the Yield Curve and Conditional Term Spread on Equity Returns
  David Volkman University of Nebraska at Omaha
  Olivier Maisondieu Laforge University of Nebraska at Omaha
  Mark Wohar University of Nebraska at Omaha
 
Short and Long Slopes of Yield Curves Have Different Economic and Asset Pricing Implications
  Jaehoon Lee University of Illinois at Urbana-Champaign
 
 
 
Information Quality, SOX, and the Cost of Debt
  Andrew K Prevost Ohio University
  Christopher J Skousen Utah State University
  Ramesh P Rao Oklahoma State University
 
Presenter: David Volkman Presenter: Jaehoon Lee Presenter: Ramesh P. Rao
Discussant: Huacheng Zhang University of Arizona Discussant: Michael Imerman Rutgers Business School Discussant: Sudip Ghosh Penn State Univ, Berks Campus

Session 199
  Preferences of Institutional Investors

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Janikan Supanvanij, St Cloud State University

Institutional Investors and Corporate Liquidity Management
  Heng An University of South Dakota
  Ting Zhang University of Dayton
  Zhipeng Zhang Boston College
 
Reverse Stock Split and Institutional Investor Behavior
  Kee H. Chung University at Buffalo (SUNY)
  Sean Yang University at Buffalo (SUNY)
 
 
Institutional investors and foreign exchange risk
  Timo Korkeamaki Hanken School of Economics
  Danielle Xu Gonzaga University
 
 
Presenter: Heng An Presenter: Sean Yang Presenter: Timo Korkeamaki
Discussant: Sabatino Silveri Binghamton University, SUNY Discussant: Maria Kasch University of Mannheim Discussant: Sean Yang University at Buffalo SUNY

Session 200
  Valuation: Risk Aversion, Taxes, and Heterogeneity

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Guido Baltussen Erasmus University

The Tax Benefit of Income Smoothing
  Kristian Rydqvist Binghamton University
  Steven T. Schwartz Binghamton University
  Joshua D. Spizman Loyola Marymount University
 
Unobserved Heterogeneity and Its Effects on Mortgage Options
  Min Hwang George Washington University
  Raphael Kuznetsovski George Washington University
 
 
Presenter: Joshua D. Spizman Presenter: Min Hwang
Discussant: Min Hwang George Washington University Discussant: Justin Benefield College of Charleston

Session 201
  Stock Returns 3

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Yufeng Han, University of Colorado Denver

Large Stocks Earn Higher Returns!
  Fangjian Fu Singapore Management University
  Wei Yang University of Rochester
 
 
Variance Risk Premium and Cross-Section of Stock Returns
  Bing Han University of Texas Austin
  Yi Zhou University of Oklahoma
 
 
R&D and Stock Returns: Is There a Spill-Over Effect?
  Yi Jiang Cal State Fullerton
  Yiming Qian University of Iowa
  Tong Yao University of Iowa
 
Presenter: Wei Yang Presenter: Yi Zhou Presenter: Yi Jiang
Discussant: Jian Yang University of Colorado Denver Discussant: Yufeng Han University of Colorado Denver Discussant: Danliang Jiang Florida State University

Session 202
  Risk Management

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Zhe Zhang Singapore Management University

Debt-equity Choice, Growth Options and Market Timing
  Yongxian Tan Vanderbilt University
  Craig Lewis US SEC & Vanderbilt University
 
 
Variance Risk Premiums and Predictive Power of Alternative Forward Variances in the Corn Market
  Zhiguang Wang South Dakota State University
  Scott W. Fausti South Dakota State University
  Bashir A. Qasmi South Dakota State University
 
Relative Mispricing Measure, Arbitrage Risk, and the Limits of Arbitrage
  Zhuo Tan University of Houston
 
 
 
Presenter: Craig Lewis Presenter: Zhiguang Wang Presenter: Zhuo Tan
Discussant: Robert Kieschnick University of Texas Dallas Discussant: Gautam Vora University of New Mexico Discussant: Yan Xu University of Rhode Island

Session 203
  The Information in Options

    Friday, October 21, 2:00 pm - 3:30 pm

Chairperson: Don Chance Louisiana State University

Equity Volatility, Bond Yields, and Yield Spreads
  Daniel Jubinski Saint Joseph's University
  Amy F. Lipton Saint Joseph's University
 
 
Consolidating Information in Option Transactions
  Richard Holowczak Baruch College, CUNY
  Jianfeng Hu Baruch College and the Graduate Center, CUNY
  Liuren Wu Baruch College, CUNY
 
Too good to be true? An analysis of the options market's reactions to earnings releases
  Sugata Ray University of Florida
 
 
 
Presenter: Amy F. Lipton Presenter: Jianfeng Hu Presenter: Sugata Ray
Discussant: John Kensinger Discussant: Daniel Jubinski Saint Joseph's University Discussant: Kashi Tiwari KNT's Academic Financial Research

Session 204
  Earnings Management

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Arun Upadhyay, University of Alaska Anchorage

Acquirer’s Earnings Quality and the Choice of Payment Methods in Mergers and Acquisitions
  Kenneth Yung Old Dominion University
  Qian Sun Kutztown University of Pennsylvania
  Hamid Rahman Alliant International University
 
Do exchange listings mislead investors by bloated earnings?
  Sheng-Syan Chen National Taiwan University
  Tsai-Ling Liao Providence University
  Wen-Chun Lin Providence University
 
Earnings management and corporate spinoffs
  YingChou Lin Missouri University of Science and Technology
  Kenneth Yung Old Dominion University
 
 
Presenter: Hamid Rahman Presenter: Wen-Chun Lin Presenter: Yingchou Lin
Discussant: M Abdullah Sahin Istanbul Sehir University Discussant: Ivo Jansen Rutgers University Camden Discussant: Liem Nguyen University of Rhode Island

Session 205
  Financial Distress and Bankruptcy

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: George Pinteris Ohio State University

Stock versus Options in Financially Distressed Firms
  Bruce Rosser University of Adelaide
  Jean Canil University of Adelaide
 
 
Debt Covenants, Bankruptcy Risk, and Issuance Costs
  Sattar A. Mansi Viginia Tech
  Yaxuan Qi Concordia University
  John K. Wald University of Texas, San Antonio
 
Hedge Fund Investments in Bankruptcy
  Ben Branch University of Massachusetts Amherst
  Min Xu University of Detroit Mercy
 
 
Presenter: jean.canil Presenter: John K. Wald Presenter: Min Xu
Discussant: George Pinteris Ohio State University Discussant: Joshua Fairbanks Texas Tech University Discussant: Jongha Lim University of Missouri, Columbia

Session 206
  Corporate Governance 2

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Carl Chen, University of Dayton

Board Structure, Analyst Coverage, and Analyst Forecast Error
  Robin K. Chou National Chengchi University
  Shin-Rong Shiah-Hou Yuan Ze University
 
 
Mergers and Debt Seniority
  Ronald Sverdlove New Jersey Institute of Technology
 
 
 
Repurchases of Convertible Preferred Stock and Shareholder Wealth
  Saeyoung Chang University of Nevada, Las Vegas
  John Puthenpurackal University of Nevada, Las Vegas
 
 
Presenter: Robin K. Chou Presenter: Ronald Sverdlove Presenter: Saeyoung Chang
Discussant: Bjorn Claassen Christian Brothers University Discussant: Alexei Ovtchinnikov Vanderbilt University Discussant: Chintal Desai University of Texas Pan American

Session 207
  Financial Crisis

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Michael Anderson George Mason University

Bank Executive Compensation Structure, Risk Taking and the Financial Crisis
  Lin Guo Suffolk University
  Abu Jalal Suffolk University
  Shahriar Khaksari Suffolk University
 
Are Two Heads Really Better than One? Evidence from the Thrift Crisis
  John Byrd University of Colorado - Denver
  Donald R. Fraser Texas A&M University
  D. Scott Lee Texas A&M University
  Semih Tartaroglu Wichita State University
Downside Risk and Agency Problems in the U.S. Financial Sector: The Effect of Risk Incentives from 2007 to 2010
  Sjoerd Van Bekkum Erasmus University Rotterdam
 
 
 
Presenter: Abu Jalal Presenter: Semih Tartaroglu Presenter: Sjoerd van Bekkum
Discussant: Zhongdong Chen University of Tennessee Discussant: Matthew Wynters Ohio State University Discussant: Abrar Fitwi Texas Tech University

Session 208
  Transparency and Incentives

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Ryan Polansky, Arizona State University

Should the Outsiders be Left Out?
  Anwar Boumosleh Lebanese American University
  Brandon Cline Mississippi State University
  Adam Yore Northern Illinois University
 
Clawback Provisions in Executive Compensation
  Mark A Chen Georgia State University
  Daniel Greene Georgia State University
  James Owers Georgia State University
 
The incorporation Decision: The Role of Transparency
  Pamela Peterson Drake James Madison University
  Arthur J. Hamilton James Madison University
  David Leroy Parker James Madison University
  Elias J Semaan James Madison University
Presenter: Anwar Boumosleh Presenter: Mark A. Chen Presenter: Pamela Peterson Drake
Discussant: Ying (Sophie) Huang Zhejiang University Discussant: Gang (Nathan) Dong Rutgers University Discussant: Ryan Polansky Arizona State University

Session 209
  Innovation and Security Design

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: David C Cicero, University of Tennessee

Asset Sales, Financing Constraints, and Innovation
  Ginka O. Borisova Iowa State University
  James R. Brown Iowa State University
Pay Now or Later: Financial Flexibility and Security Design
  Karan Bhanot University of Texas
  Antonio Mello University of Wisconsin
 
 
Do Anti-Takeover Provisions Spur Corporate Innovation?
  Thomas Chemmanur Boston College
  Xuan Tian Indiana University
 
 
Presenter: Ginka Borisova Presenter: Karan Bhanot Presenter: Xuan Tian
Discussant: Jason Lunn University of Colorado Discussant: David Cicero University of Tennessee Discussant: Paul Laux University of Delaware

Session 210
  Real Estate Distress

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Carlos Slawson Louisiana State University

The Principle Principal: Optimal Modification of Distressed Home Loans
  Sanjiv R Das Santa Clara University
 
 
 
The Influence of Foreclosure Delays on Borrower's Default Behavior
  Shuang Zhu Louisiana State University
  Kelley Robert Pace Louisiana State University
 
 
The Role of Home Equity Lending in the Recent Mortgage Crisis
  Michael LaCour-Little Cal State Fullerton
  Wei Yu Cal Poly Pomona
  Libo Sun Cal Poly Pomona
 
Presenter: Sanjiv R. Das Presenter: Shuang Zhu Presenter: Wei Yu
Discussant: Carlos Slawson Louisiana State University Discussant: Wei Yu Cal Poly Pomona Discussant: Dror Parnes University of South Florida

Session 211
  Insurance

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: James Barrese, St John's University

How Does the Use of Credit Default Swaps Affect Firm Risk and Value?Evidence from U.S. Life and Property/Casualty Insurance Companies
  Hung-Gay Fung University of Missouri-St. Louis
  Min-Ming Wen California State University, Los Angeles
  Gaiyan Zhang Universityof Missouri-St. Louis
 
Capital Market Development, Competition, Property Rights, and the Value of Insurer Product-Line Diversification: A Cross-Country Analysis
  Thomas R. Berry-Stölzle University of Georgia
  Robert E. Hoyt University of Georgia
  Sabine Wende University of Cologne
 
Pricing Mortality Securities with Correlated Mortality Indices
  Yijia Lin University of Nebraska - Lincoln
  Sheen Liu Washington State University at Vancouver
  Jifeng Yu University of Nevada, Las Vegas
 
Presenter: Min-Ming Wen Presenter: Sabine Wende Presenter: Yijia Lin
Discussant: Sarah Qian Wang Hong Kong University Discussant: Jing Ai University of Hawaii Discussant to be announced

Session 212
  Corporate Finance

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Wanli Zhao, Worcester Polytechnic Inst

Cash Flow, Currency Risk, and the Cost of Capital
  Ding Du Northern Arizona University
  Ou Hu Youngstown State University
 
 
Post-Merger Integration Duration and Leverage Dynamics of Mergers: Theory and Evidence
  Jing Huang University of South Carolina
  Joshua Pierce University of South Carolina
  Sergey Tsyplakov University of South Carolina
 
Agency Conflict and Corporate Cash Holdings Around the World
  Mai Iskandar-Datta Wayne State University
  Yonghong Jia Wayne State University
 
 
Presenter: Ding Du Presenter: Jing Huang Presenter: Yonghong Jia
Discussant: Shuming Bai University of Texas Permian Basin Discussant: Matthias Buehlmaier University of Hong Kong Discussant: Wolfgang Drobetz University of Hamburg

Session 213
  Contracting Problems in IPOs

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Robert L Kieschnick University of Texas at Dallas

Heated Negotiation within the Syndicate and IPOs
  Jin Q Jeon Dongguk University
  Jin S. Kim Kyungpook National University
  Cheolwoo Lee Ferris State University
 
Initial uncertainty, the risks of setting a fixed-offer price, and underpricing in firm-commitment and best-efforts IPOs
  Steven L. JOnes Indiana University Indianapolis
  John C. Yeoman North Georgia College & State University
 
 
Stock option grants around initial public offerings: self-serving, incentive alignment, or substitute for ownership dilution
  Xudong Fu SIU Edwardsville
  Qin Lian Louisiana Tech University
  Tian Tang University of Louisville
  Qiming Wang Louisiana Tech University
Presenter: Cheolwoo Lee Presenter: Steve Jones Presenter: Xudong Fu
Discussant: Joyce Wang Kean University Discussant: Timothy Fan University of Texas at Dallas Discussant: Douglas O Cook University of Alabama

Session 214
  Markets and Risk

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Joao Santos Fed Res Bank New York

The Effect of Market Structure on Counterparty Risk
  Dale W.R. Rosenthal University of Illinois at Chicago
 
 
 
Residential Foreclosure Crisis: Overreaching Households and Spatial Contagion
  Kathy Fogel University of Arkansas
  Wayne Y Lee University of Arkansas
  Liping Ma University of Arkansas
  Timothy J Yeager Univesity of Arkansas
Market and Economic Volatility and the Failure of Bank Diversification
  John Wagster State University
 
 
 
Presenter: Dale W.R. Rosenthal Presenter: Liping Ma Presenter: John Wagster
Discussant: Florian Heider ECB Discussant: Elizabeth Laderman Fed Res Bank San Francisco Discussant: Vinod Changarath University of Cincinnati

Session 215
  Bank Loans and Relationships

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Gregory F. Udell Indiana University

Risk and Stability in Islamic Banking
  Pejman Abedifar University of Limoges
  Amine Tarazi University of Limoges
  Philip Molyneux University of Wales
 
The Determinants of the FHLB Advance Use Levels for Small Banks: A Tobit Analysis
  Seda Durguner University of Illinois Urbana Champaign
 
 
 
Main Bank Relationship and the Costs of Debt in Japan
  Yoon S Shin Loyola University Maryland
  Seung H Han KAIST
  Michael S Pagano Villanova University
 
Presenter: Pejman Abedifar Presenter: Seda Durguner Presenter: Yoon S. Shin
Discussant: Karen Selody Federal Reserve Board Discussant: Fredrik Andersson Comptroller of the Currency Discussant: Gregory Udell Indiana University

Session 216
  Global Markets, Banking, and Exchanges

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Timo Korkeamaki Hanken School of Economics

Bank Supervision and Information Content in Bank Stock Price: Global Evidence
  Bill Francis Rensselaer Polytechnic Institute
  Iftekhar Hasan Rensselaer Polytechnic Institute & Bank of Finland
  Liang Song Michigan Technological University
  Bernard Yeung National University of Singapore
The Historial Evolution Of Financial Exchanges
  Bjorn N Jorgensen University of Colorado at Boulder
  Kenneth A Kavajecz University of Wisconsin - Madison
  Scott N Swisher, IV University of Wisconsin - Madison
 
The Overseas Listing Puzzle: Post-IPO Performance of Chinese Stocks and ADRs in the U.S. Market
  Yongli Luo University of Texas – Pan American
  Fang Fang University of Texas – Pan American
  Omar A. Esqueda University of Texas – Pan American
 
Presenter: Liang Song Presenter:Scott Swisher Presenter: Yongli Luo
Discussant: Timo Korkeamaki Hanken School of Economics Discussant: Melissa A Williams University of Houston-Clear Lake Discussant: Gergana Kostova Rensselaer Polytechnic Institute

Session 217
  Market Interdependence

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Liang Ding Alvernia University

Stock market interdependence, contagion, and the U.S. financial crisis: the case of emerging and frontier markets
  Lalith P. Samarakoon University of St Thomas
 
 
 
Performance and Persistence of Brazilian Hedge Funds in Financial Crisis
  Marcelo L Moura Insper - Institute of Education and Research
  Gustavo P. Joaquim Insper - Institute of Education and Research
 
 
On the Persistency of Global Futures Markets Interactions
  Naseem Al Rahahleh Park University
  Peihwang Wei University of New Orleans
 
 
Presenter: Lalith P. Samarakoon Presenter: Marcelo L Moura Presenter: Peihwang Wei
Discussant: Ramya R Aroul The University of Texas at Arlington Discussant: Thomas Barkley Syracuse University Discussant: Bing Yu Meredith College

Session 218
  International Equity Returns

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Lilian Ng University of Wisconsin, Milwaukee

Target price accuracy: international evidence
  Pawel Bilinski Lancaster University
  Danielle Lyssimachou Manchester Business School
 
 
Value Premium in the Chinese Stock Market:Free Lunch or Paid Lunch?
  Yujia Huang Renmin University of China
  Jiawen Yang The George Washington University
 
 
Is momentum really momentum? International Evidence
  Qiang Gong Southwestern University of Finance and Economics
  Ming Liu International University of Japan
  Qianqiu Liu University of Hawaii
 
 
Presenter: Pawel Belinski Presenter: Jiawen Yang Presenter: Qianqiu Liu
Discussant: Nataliya Zaiats Simmons College Discussant: Bohui Zhang University of New South Wales Discussant: Emma Xiao University of Wisconsin, Milwaukee

Session 219
  Methodology

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Vijaya Subrahmanyam, Mercer University

An Alternative Test of Market Efficiency
  John M. Geppert University of Nebraska-Lincoln
  Donna M. Dudney University of Nebraska-Lincoln
 
 
Nonlinear and Extreme Comovement between Stock and Commodity Markets
  Chunyang Zhou Shanghai Jiao Tong University
  Chongfeng Wu Shanghai Jiao Tong University
  Li Yang University of New South Wales
  Robert Kohn University of New South Wales
Presenter: John Geppert Presenter: Li Yang
Discussant: Ann Marie Hibbert West Virginia University Discussant: Steffen Hitzemann Karlsruhe Inst of Technology

Session 220
  Empirical Asset Pricing

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Moonsoo Kang Iona College

Does Index Speculation Destabilize Commodity Prices? An Intraday Futures Analysis
  Yiuman Tse University of Texas at San Antonio
  Michael R. Williams University of Texas at San Antonio
 
 
Does limited attention apply to earnings news?
  Pei Peter Lung University of Texas at Arlington
  Sergiy Saydometov University of Texas at Arlington
  Mohammad Riaz Uddin University of Texas at Arlington
 
The Impact of Order Imbalance on Firm-specific Return Variation
  Moonsoo Kang Iona College
  Kiseok Nam Yeshiva University
 
 
Presenter: Michael Williams Presenter: Mohammad Riaz Uddin Presenter: Moonsoo Kang
Discussant: Zongfei (Lisa) Yang University of Oklahoma Discussant: Taemin Cha George Washington University Discussant: Archana Jain University of Memphis

Session 221
  Behavioral Finance and Performance

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Deborah Gregory University of New England

The Catalyst in the Air Crash-Stock Market Performance Relationship: The Aviation Disaster Fatality
  Chienwei Ho Massey University
  Mei Qiu Massey University
  Xiaojun Tang Massey University
 
Corporate Governance and the Informational Efficiency of Asset Price
  Choonsik Lee Quinnipiac University
  Kee H. Chung University at Buffalo (SUNY)
 
 
Fear, Shame, and Guilt: Economic and Behavioral Motivations for Strategic Default
  Michael J. Seiler Old Dominion University
  Vicky L. Seiler Johns Hopkins University
  Mark A. Lane Hawaii Pacific University
 
Presenter: Mei Qiu Presenter: Choonsik Lee Presenter: Mark A. Lane
Discussant: Brian Adams University of Portland Discussant: Nitish Ranjan University of Illinois at Chicago Discussant: Dominique Gehy Florida State University

Session 222
  Shocks, Recessions, M&A, and Q

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Tanakorn Makaew University of South Carolina

Financial Shocks and Firm Performance: Evidence from Systemic Banking Crises
  Varouj Aivazian University of Toronto
  Mohammad Rahaman Saint Mary's University
  Ling Sun University of Toronto
 
Booms, Busts, and Firm Exit: Evidence from M&A Activities across Business Cycles
  Ding Ding University of Toronto
  Mohammad M. Rahaman Saint Mary's University
 
 
Testing Q Theory with Credit Market: Does Corporate Bond Market Tell Us More about Investment than Equity Market?
  Tao Shen University of Minnesota
 
 
 
Presenter: Mohammad Rahaman Presenter: Ding Ding Presenter: Tao Shen
Discussant: Ralf Meisenzahl Federal Reserve Board of Governors Discussant: Qing Zhong Ma Cornell University Discussant: Walter Pohl University of Zurich

Session 223
  Acquisition Performance

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Shawn Mobbs University of Alabama

An Investment-based Explanation for the Post-merger Underperformance Puzzle
  Ching-chieh Chang University of Washington
 
 
 
Employee Friendliness and Acquisition Performance
  Mine Ertugrul University of Massachusetts Boston
 
 
 
Save Me from a Failed Merger: Investment Bank Skill in Advising Acquirers
  Tim Mooney University of Wisconsin Milwaukee
  Valeriy Sibilkov University of Wisconsin Milwaukee
 
 
Presenter: Ching-chieh Chang Presenter: Mine Ertugrul Presenter: Valeriy Sibilkov
Discussant: Modupe Babajide Wintoki University of Kansas Discussant: Ching-chieh Chang University of Washington Discussant: Gemma Lee Seton Hall University

Session 224
  Regulatory Changes Resulting from the Dodd-Frank Act - Securities and Derivatives

    Friday, October 21, 3:45 pm - 5:15 pm

The Dodd-Frank Wall Street Reform and Consumer Protection Act that was signed into law in July 2010 calls for hundreds of changes in regulation. This panel will address some of the more signficant changes from the perspective of the Commodity Futures Trading Comission (CFTC) and Securities and Exchange Commission (SEC) and areas where policymakers would benefit from further research.
Moderator: Larry Wall, Financial Economist and Senior Policy Advisor, Federal Reserve Bank Atlanta

Panelists
Scott Bauguess, Assistant Director (acting), US SEC
James Moser, Deputy Chief Economist, CFTC
Nikolova Stanislava, Senior Financial Economist, US SEC

SPECIAL PANEL SESSION

Session 225
  Core Research Challenges Facing Practitioners: Feedback from Chicago and NYC PDDARI

    Friday, October 21, 3:45 pm - 5:15 pm

FMA’s Practitioner Demand Driven Academic Research Initiative (PDDARI) began several years ago. The objective of PDDARI is to facilitate the development of cutting edge research useful to practitioners, their firms, and the profession. Through this initiative we hope to encourage academic research that addresses practitioner needs and encourage interaction between the practitioner and academic communities. This round table special session will discuss significant topics that are of vital interest to the practitioner world and encourage academic researchers to analyze these issues. Topics will include: Inefficient Market Theory to Replace Efficient Market Theory, Lessons from the Economic Meltdown, Investment Strategies, Associated Corporate Financial Strategic Policies, and Faith or Ethically Based Public Policy Decisions, like the relationship of sovereign growth, taxation, deficits and welfare.
Moderator: Rawley Thomas, FMA Vice President-Practitioner Services, President & Co-Founder, LifeCycle Returns

Panelists
Michael Lindh, Portfolio Manager, Nuveen Investments and former President, CFA Society of Chicago
Lee Hayes, CFA, Founder, Genesee Investments
Michael S Falk, CFA, CRC, Founder, MSF Asset Consulting
Michael Ehrlich, Assistant Professor of Finance, New Jersey Institute of Technology

SPECIAL PANEL SESSION

Session 226
  Price Discovery and Illiquidity

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Haiwei Chen University of Texas, Pan American

Price Impact and Asset Pricing
  Sahn-Wook Huh University at Buffalo (SUNY)
 
 
 
Price Discovery in Near- and Away-from-them-Money Option Markets
  Thomas Rourke Duquesne University
 
 
 
Tick Size Regulation, Intermarket Competition and Sub-Penny Trading
  Sabrina Buti Universit of Toronto
  Barbara Rindi Universita Bocconi, Igier & Carefin
  Yuanji Wen Universita Bocconi
  Ingrid Werner The Ohio State University
Presenter: Sahn-Wook Huh Presenter: Thomas Rourke Presenter: Yuanji Wen
Discussant: Haiwei Chen University of Texas, Pan American Discussant: Hao Zhang Rochester Institute of Technology Discussant: Travis Box University of Arizona

Session 228
  The Hedge Fund Industry

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Daniel Lawson Gonzaga University

Understanding Hedge Fund Contagion: A Markov-switching Dynamic Factor Approach
  Ozzy Akay Texas Tech University
  Zeynep Senyuz Federal Reserve Board
  Emre Yoldas Federal Reserve Board
 
Return Smoothing, Managerial Incentives, and Hedge Fund Failures
  Shuang Feng University of Massachusetts Amherst
 
 
 
Presenter: Ozzy Akay Presenter: Shuang Feng
Discussant: Tianjiao Gao Renssalaer Poly Inst Discussant: Xiaoqing Eleanor Xu Seton Hall University

Session 229
  Culture, Responsibility, and Corporate Behavior

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: David K Ding Massey University

National Culture and Corporate R&D Investment
  Chuck Kwok University of South Carolina
  Gang Xiao University of South Carolina
  Liang Shao Hong Kong Baptist University
  Omrane Guedhami University of South Carolina   Ran Zhang Peking University
Why Do Firms File for Confidential Treatment?
  Yang Cao University at Buffalo (SUNY)
 
 
 
Environmental Corporate Social Responsibility and Firm Value
  Zenu Sharma EDHEC Business School
  Abraham Lioui EDHEC Business School
 
 
Presenter: Chuck Kwok Presenter: Yang Cao Presenter: Zenu Sharma
Discussant: Yang Cao University at Buffalo Discussant: Zsuzsa R Huszar NUS Business School Discussant: Mario Daniele Amore Copenhagen Business School

Session 230
  Firm Valuation

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Mark Liu, University of Kentucky

The Partisan Business Cycle and Firm Value: Toward A Political Economy of Firm Valuation
  Bahar Ulupinar West Chester University of Pennsylvania
  Isa Camyar University of Pennsylvania
 
 
Financial Crisis and Stock Market Integration: Revisiting Fama-French Model
  Ehab Abdel Tawab Yamani University of Texas Arlington
 
 
 
Competition and Monitoring: Earnings Management in Neglected Firms
  Laura Lindsey Arizona State University
  Simona Mola Arizona State University
 
 
Presenter: Bahar Ulupinar Presenter: Ehab Yamani Presenter: Simona Mola
Discussant: Ehab Yamani University of Texas at Arlington Discussant: Jon A. Fulkerson Loyola University Maryland Discussant: Mark Liu University of Kentucky

Session 231
  Financial Crisis Studies 2

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Margot C Quijano, Texas State University

Public Debt Restructuring During Financial Crisis: Holdout vs. Overhang
  Cihan Uzmanoglu Louisiana State University
  Rajesh Narayanan Louisiana State University
 
 
Internal Finance, Predation, and Financial Crisis
  Zhaoxia Xu Polytechnic Institute of New York University
  Soku Byoun Baylor University
 
 
Financial Crisis, Systemic Risk, and Performance of Financial Risk Insurers
  Fang Chen University of Rhode Island
  Xuanjuan Chen Kansas State University
  Zhenzhen Sun University of Rhode Island
  Tong Yu University of Rhode Island
Presenter: Cihan Uzmanoglu Presenter: Zhaoxia Xu Presenter: Xuanjuan Chen
Discussant: Emmanuel Alanis Texas A&M University Discussant: Margot Quijano Texas State University Discussant: Xiao Chong Georgia Tech

Session 232
  Options

    Friday, October 21, 3:45 pm - 5:15 pm

Chairperson: Zhiguang Wang South Dakota State University

Analytic Approximations for Generalized Asian Options
  Chien-Ling Lo National Taiwan University
  Kenneth James Palmer National Taiwan University
  Min-Teh Yu National Taiwan University
 
Options on Troubled Stocks
  Ana Camara Oklahoma State University
  Antonio Camara Oklahoma State University
  Ivilina Popova Texas State University - San Marcos
  Betty Simkins Oklahoma State University
Risk-Neutral Kurtosis, Jumps, and Option Pricing: Evidence from Individual Equity Options
  Gurdip Bakshi University of Maryland
  Charles Cao Pennsylvania State University
  Zhaodong Zhong Rutgers University
 
Presenter: Chien-Ling Lo Presenter: Ivilina Popova Presenter: Zhaodong Zhong
Discussant: Zhiguang Wang South Dakota State University Discussant: Zhaodong Zhong Rutgers University Discussant: Yan Xu University of Rhode Island

Session 233
  Valuation

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Emil Boasson, Central Michigan University

Cash-flow Volatility and Firm Valuation
  Jianxin (Daniel) Chi Arizona State University
  Juan (Julie) Wu University of Georgia
 
 
Target valuation complexity and takeover premiums
  Luis Garcia-Feijoo Florida Atlantic University
  Jeff Madura Florida Atlantic University
  Ariel Viale Florida Atlantic University
 
Consistent Analysis of Valuation Ratios: An Application to Future Growth Opportunities
  Sjoerd Van Bekkum Erasmus University Rotterdam
  Han Smit Erasmus University Rotterdam
 
 
Presenter: Jianxin (Daniel) Chi Presenter: Luis Garcia Presenter: Sjoerd van Bekkum
Discussant: Sena Durguner University of Illinois Discussant: Vigdis Boasson Central Michigan University Discussant: Luis Garcia-Feijoo Florida Atlantic University

Session 234
  CEO Compensation and Risk Taking

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Gregory L Nagel Middle Tennessee State University

Executive Compensation and Risk Taking: The Impact of Systemic Economic Crisis
  Alon Raviv Brandeis University
  Elif SISLI CIAMARRA Brandeis University
 
 
Equity-based incentives, risk aversion, and merger-related risk-taking behavior
  Bradley Warren Benson Louisiana Tech University
  Jung Chul Park Auburn University
  Wallace N Davidson, III SIU Carbondale
 
How Important are Risk-Taking Incentives in Executive Compensation?
  Ingolf Dittmann Erasmus University Rotterdam
  Ko-Chia Yu Shanghai University of Finance and Economics
 
 
Presenter: Alon Raviv Presenter: Bradley Benson Presenter: Ingolf Dittmann
Discussant: Dan Zhang Erasmus University Rotterdam Discussant: Gregory L Nagel Middle Tennessee State University Discussant: Alon Raviv Brandeis University

Session 235
  Institutional Shareholder Activism

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Ronald Masulis University of New South Wales

Voting with their Feet or Activism? Institutional Investors¡¯ Impact on CEO Turnover
  Jean Helwege University of South Carolina
  Vince Intintoli SIU Carbondale
  Andrew (Jianzhong) Zhang University of Nevada Las Vegas
 
Know when to Hold 'Em and When to Fold 'Em: The Success of Frequent Hedge Fund Activists
  Nicole Boyson Northeastern University
  Robert Mooradian Northeastern University
 
 
The Returns to Hedge Fund Activism in Germany
  Wolfgang Bessler University of Giessen
  Wolfgang Drobetz University of Hamburg
  Julian Holler University of Giessen
 
Presenter: Andrew Zhang Presenter: Robert Mooradian Presenter: Wolfgang Bessler
Discussant: Brandon Chi-Wei Chen Victoria University Discussant: Jianing Zhang Penn State University Discussant: Brad Goldie Penn State University

Session 236
  Emerging Markets and Earnings Management

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Soumen De, Menlo College

Earnings Management: Study of Indian Initial Public Offerings (IPOs) and their Post-Listing Performance
  Sapar Narayan Rao Indian Institute of Technology
  Sachin Dandale Indian Institute of Technology
 
 
CFO Gender and Earnings Management: Evidence from China
  Zuobao Wei University of Texas at El Paso
  Feixue Xie University of Texas at El Paso
 
 
Presenter: Dr S Narayan Rao Presenter: Zuobao Wei
Discussant: Yan He Indiana University Southeast Discussant: Sabine Wende University of Cologne

Session 237
  Monitoring by Institutional Investors

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Michael Fuerst University of Miami

Institutional Ownership and Layoff
  Kihun Kim Rutgers University
 
 
 
CEO Compensation, Family Control, and Institutional Investors in Continental Europe
  Neslihan Ozkan University of Bristol
  Ettore Croci Università degli Studi di Milano Bicocca
  Halit Gonenc University of Groningen
 
What do Private Equity Firms Look For in an Investment? Target Governance Provisions and Private Equity LBOs
  Sridhar Gogineni University of Oklahoma
 
 
 
Presenter: Kihun Kim Presenter: Neslihan Ozkan Presenter: Sridhar Gogineni
Discussant: Tareque Nasser Kansas State University Discussant: Lingling Wang Tulane University Discussant: Deborah Lynn Smith Florida Atlantic University

Session 238
  Firm Value

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Abigail S Hornstein Wesleyan University

Corporate Pension Policy and Shareholder Wealth
  Michael J Alderson Saint Louis University
  Neil Seitz Saint Louis University
 
 
The Impact of Currency Derivative Usage and Earnings Management on Firm Value
  Feng-Yi Chang China University of Technology
  Chin-Wen Hsin Yuan Ze University
  Shin-Rong Shiah-Hou Yuan Ze University
 
Presenter: Michael J. Alderson Presenter: Shin-Rong Shiah-Hou
Discussant: Ashraf Al Zaman Saint Mary's University Discussant: Tanseli Savaser Williams College

Session 239
  REITs 2

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Vivek Bhargava, Alcorn State University

Elective Stock Dividends and REITs: Evidence from the Financial Crisis
  Erik Devos University of Texas El Paso
  Andrew Spieler Hofstra University
  Desmond Tsang McGill University
 
Dividends, Values and Agency Costs in REITs
  Wen-Hsiu Chou Florida International University
  William G Hardin Florida International University
  Matthew D Hill University of Mississippi
  G Wayne Kelly Mississippi State University
Nonlinear Dynamics and Chaos Behaviors in REIT Industry: A pre-and post 1993 Comparison
  Benjamas Jirasakuldech Slippery Rock University
  Riza Emekter Robert Morris University
 
 
Presenter: erik devos Presenter: Wen-Hsiu (Julia) Chou Presenter: Riza Emekter
Discussant: Shage Zhang Vanderbilt University Discussant: Heng An University of South Dakota Discussant: Darren Hayunga University of Texas Arlington

Session 240
  Real Estate and the Macro Economy

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Scott Deacle, Ursinus College

Performance and New Money Cash-Flows in Real Estate Mutual Funds
  Abhay Kaushik Radford University
  Anita Pennathur Florida Atlantic University
 
 
Determinants of Percentage Commission Rates in Residential Brokerage
  Jonathan A Wiley Clemson University
  Justin D Benefield College of Charleston
  Marcus Tim Allen College of Charleston
 
Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test
  Dieter Hess University of Cologne
  Sebastian Orbe University of Cologne
 
 
Presenter: Abhay Kaushik Presenter: Jon Wiley Presenter: Sebastian Orbe
Discussant: Scott Deacle, Ursinus College Discussant: Travis L Jones Florida Gulf Coast University Discussant: Jinjuan (Susan) Ren University of Macau

Session 241
  Issues in Cross-Listing

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Terry Walter University of Technology, Sydney

Cross-Listing Benefits and Effectiveness of Bonding
  Chinmoy Ghosh University of Connecticut
  Fan He University of Connecticut
 
 
Capital Structure Behavior of Domestic and Cross-Listed Firms: Evidence from the Sarbanes-Oxley Act of 2002
  Kelly E. Carter University of South Florida
 
 
 
The Microstructure of Australian Takeover Announcements
  Martin Bugeja University of Technology, Sydney
  Vinay Patel University of Technology, Sydney
  Terry Walter University of Technology, Sydney
 
Presenter: Fan He Presenter: Kelly E. Carter Presenter: Terry Walter
Discussant: Bing Yu Meredith College Discussant: Terry Walter University of Technology, Sydney Discussant: Junmao Chiu National Chiao Tung Univ

Session 242
  How Firms Perform after Security Issues

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Emir Hrnjic National University of Singapore

The idiosyncratic skewness of seasoned equity issuers
  Don M Autore Florida State University
  R. Jared DeLisle Washington State University
 
 
Executive Compensation Structure and the Motivations for Seasoned Equity Offerings
  Eric R. Brisker Florida State University
  Don M. Autore Florida State University
  David R. Peterson Florida State University
  Gonul Colak Florida State University
Exploring the Performance of Government Debt Issuance
  Alexander Eisl WU Vienna
  Hermann Elendner Vienna Graduate School of Finance
  Stefan Pichler WU Vienna
 
Presenter: Don M Autore Presenter: Eric R. Brisker Presenter: Hermann Elendner
Discussant: Andrea Heuson University of Miami Discussant: Anahit Mkrtchyan Penn State University Discussant: Don Autore Florida State University

Session 243
  Option Returns and Volume

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Yufeng Han University of Colorado at Denver

Volatility Term Structure and Option Returns
  Aurelio Vasquez ITAM
 
 
 
Effect on Option Trading Volume When Equity Short Sale Restrictions are Imposed or Removed
  Gizelle Fernandez Perretti Florida International University
  Shahid S. Hamid Florida International University
 
 
Implied Risk-Neutral Skewness and the Cross-Section of Option Returns
  Scott Murray Baruch College and CUNY Graduate Center
  Turan G. Bali Baruch College
 
 
Presenter: Aurelio Vasquez Presenter: Gizelle Fernandez Perretti Presenter: Scott Murray
Discussant: Yufeng Han University of Colorado at Denver Discussant: Scott Murray Baruch College Discussant: Joe Zhang Singapore Management University

Session 244
  Credit Default Swaps

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Iuliana Ismailescu Pace University

Savior or Sinner? Credit Default Swaps and the Market for Sovereign Debt
  Iuliana Ismailescu Pace University
  Blake Phillips University of Waterloo
 
 
The Impact of Credit Rating Announcements on Credit Default Swap Spreads
  John D. Finnerty Fordham University
  Cameron Miller Standard and Poor's
  Ren-Raw Chen Fordham University
 
Price Discovery During the Financial Crisis: Do CDS’s Help?
  Abdullah Mamun University of Saskatchewan
  Craig Wilson University of Saskatchewan
  Heidi Easu University of Saskatchewan
 
Presenter: Iuliana Ismailescu Presenter: John Finnerty Presenter: Abdullah Mamun
Discussant: Mohamed Belkhir UAE University Discussant: Iuliana Ismailescu Pace University Discussant: Tracy Xu University of Denver

Session 245
  Bank Mergers and Acquisitions

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Andreas Rauterkus, University of Alabama Birmingham

Financial Development and Innovation: Cross-Country Evidence
  Hui Dong United International College
  Frank Song University of Hong Kong
  Libin Tao University of International Business and Economics
 
The Effects of Bank Capital Constraints on Post-Acquisition Performance
  Chris Brune Ouachita Baptist University
  Kevin Lee Cal State Fresno
  Scott Miller Pepperdine University
 
Does it pay to get connected? An examination of banks’ alliance network and bond spread
  Iftekhar Hasan Rensselaer Polytechnic Institute
  Céline Meslier-Crouzille Université de Limoges, LAPE
  Amine Tarazi Université de Limoges, LAPE
  Mingming Zhou University of Colorado Colorado Springs
Presenter: Hui Dong Presenter: Kevin Lee Presenter: Mingming Zhou
Discussant: Andreas Rauterkus, University of Alabama Birmingham Discussant: Ajeet Jain Florida International University Discussant: Peggy Huang Tulane University

Session 246
  Bank Regulation and Supervision

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Dona Siregar SUNY at Oneonta

Implications of Subchapter S Tax Status for Commercial Banks
  Emily S. Breit Fort Hays State University
  David A. Carter Oklahoma State University
  W. Gary Simpson Oklahoma State University
 
The Corporate Demography of the US Credit Union Industry
  John Anthony Goddard Bangor University
  Donal Gregory McKillop Queens University of Belfast
  John O.S. Wilson University of St Andrews
 
Performance, Risk and Capital Buffer under Business Cycles and Banking Regulations: Evidence from the Canadian Banking Sector
  Alaa Guidara Laval University
  Van Son Lai Laval University
  Issouf Soumare Laval University
 
Presenter: David A. Carter Presenter: John Goddard Presenter: Van Son Lai
Discussant: Denise W. Streeter Old Dominion University Discussant: Leonard Nakamura Federal Reserve Bank of Philadelphia Discussant: Anna Chernobai Syracuse University

Session 247
  Equity Valuation

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Alex Paseka, University of Manitoba

Asset Pricing When Heterogeneous Expectations Are Common Knowledge
  Ozgur Safak Ince Virginia Tech
  Umut Celiker Virginia Tech
 
 
Underreaction to News in US Stock Market
  Nitish Ranjan Sinha University of Illinois at Chicago
 
 
 
Why is there a premium for large dividends? Returns around Ex-Dividend Dates
  Gokhan Sonaer Virginia Tech
 
 
 
Presenter: Umut Celiker
Presenter: Nitish Ranjan Sinha Presenter: Gokhan Sonaer
Discussant: Samuel Bulmash Univ of South Florida Discussant: Emmanuel Morales Camargo University of New Mexico Discussant: Tchudjane Kouassi University of Limoges

Session 248
  Trade Classification and Execution

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Samuel Weaver, Lehigh University

Transaction Costs and Market Share of Crossing Networks
  Mao Ye University of Illinois, Urbana-Champaign
 
 
 
Short Sales and the Lee-Ready Trade Classification Algorithm Revisited
  Bidisha Chakrabarty St. Louis University
  Pamela C. Moulton Cornell University
  Andriy Shkilko Wilfred Laurier University
 
The Impact of Strategic Order Activity during Trading Halts
  Wai-Man Liu Australian National University
  James Panaust JP Morgan
  Bohui Zhang University of New South Wales
 
Presenter: Mao Ye Presenter: Pamela Moulton Presenter: Wai-Man Liu
Discussant: Andriy Shkilko Wilfrid Laurier University Discussant: Chen Yao University of Illinois Discussant to be announced

Session 249
  Short Sales, Margin Requirements, and Volatility

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Jason Chen University of British Columbia

Do volatility and margin requirements measure up? Further evidence from Canadian equity market
  Mohamed A Ayadi Brock University
  Skander Lazrak Brock University
  Kwan Yiu Lee Brock University
 
The effect of the ban on short selling on market efficiency and volatility
  Uwe Helmes University of New South Wales
  Julia Henker Bond University
  Thomas Henker Bond University
 
Impacts of Short Sale Disclosure
  Truong X Duong National University of Singapore
  Zsuzsa R Huszar National University of Singapore
  Takeshi Yamada University of Adelaide
 
Presenter: Skander Lazrak Presenter: Thomas Henker Presenter: Zsuzsa Huszar
Discussant: Truong Xuan Duong National University of Singapore Discussant: Jason Chen University of British Columbia Discussant: April Knill Florida State University

Session 250
  Active Portfolio Management

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Grigori Erenburg University of Western Ontario

The Good, The Bad, and The Lucky: Projected Earnings Accuracy and Profitability of Stock Recommendations
  Oliver Pucker University of Cologne
  Dieter Hess University of Cologne
  Daniel Kreutzmann University of Cologne
 
When Two Anomalies Meet: Post Earnings Announcement Drift and Value-Glamour Anomaly
  Zhipeng Yan New Jersey Institute of Technology
  Yan Zhao City College of New York
 
 
Presenter: Oliver Pucker Presenter: Zhipeng yan
Discussant: Musa Subasi University of Texas at Dallas Discussant: Alan Huang University of Waterloo

Session 251
  Topics in M&A

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Wenjing Ouyang Drexel University

The Value of Corporate Diversification in High-Tech Industries
  Nilakshi Borah Louisiana Tech University
  Liu Pan Louisiana Tech University
  Jung Chul Park Auburn University
  Nan Shao Louisiana Tech University
Exchange option value in stock financed takeover bids and arbitrage spread
  Sudi Sudarsanam Cranfield School of Management
  Ghulam Sorwar University of Nottingham
 
 
Preemptive Bidding in Takeover Auctions: An Experimental Study
  Yuri Khoroshilov University of Ottawa
 
 
 
Presenter: Jung Chul Park Presenter: Sudi Sudarsanm Presenter: Yuri Khoroshilov
Discussant: Wenjing Ouyang Drexel University Discussant: Chang Liu Washington State University Discussant: Shuang Feng University of Massachusetts Amherst

Session 252
  Behavioral Finance and Analysts

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Kelvin Law University of Texas Austin

What drives management to issue beatable earnings guidance? Does analysts' affiliation help?
  Liem Thanh Nguyen University of Rhode Island
 
 
 
Gender Heterogeneity in Analyst Recommendations: Following Conservative Female Advice Yields No Additional Return
  Katrien Bosquet Catholic University of Leuven
  Peter de Goeij Tilburg University
  Kristien Smedts Catholic University of Leuven
 
Financial analysts and collective reputation: theory and evidence
  Stefano Bonini Bocconi University
  Filippo Pavesi Bicocca University
  Massimo Scotti University of Technology Sydney
 
Presenter: Liem T Nguyen Presenter: Peter de Goeij Presenter: stefano bonini
Discussant: Jason Smith University of Kentucky Discussant: Kelvin Law University of Texas Austin Discussant: Roger Silvers University of Massachusetts

Session 253
  Content and Pedagogy in the Classroom

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Ivelina Pavlova University of Houston Clear Lake

Developing Interactive Online Business Courses: Building Learning Communities
  Pawan Jain University of Memphis
 
 
 
A Survey of Case Studies Used in Core Finance Courses for MBA Students
  Suk H Kim University of Detroit Mercy
  Junhua Jia University of Detroit Mercy
 
 
The Web-enhanced Instruction Mode with Embedded Online Assessments: Evidence of Undergraduate Finance Graduates
  Zhuoming (Joe) Peng University of Arkansas at Fort Smith
 
 
 
Presenter: Pawan Jain Presenter: Suk Hi Kim Presenter: Zhuoming (Joe) Peng
Discussant: Murat Aydogdu Rhode Island College Discussant: Thomas Willey Grand Valley State University Discussant: Susan Edwards Grand Valley State University

Session 254
  Financial Education 1

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Barry Mulholland Texas Tech University

How to create and develop a Financial Planning degree program in your business school
  Lukas R. Dean William Paterson University
  Jacob P. Sybrowsky Utah Valley University
  Bill Gustafson Texas Tech University
  Hyrum Smith Virginia Tech
  Barry Mulholland, Texas Tech University
Time Value of Money Made Simple: A Graphic Teaching Method
  Valeria Martinez Fairfield University
 
 
 
An internet connected financial calculator
  Yuxing Yan Loyola University Maryland
 
 
 
Presenter: Lukas R. Dean Presenter: Valeria Martinez Presenter: Yuxing Yan
Discussant: David Nanigian The American College Discussant: Craig Lemoine The American College Discussant: Barry Mulholland Texas Tech University

Session 255
  Hedge Fund Returns

    Saturday, October 22, 8:30 am - 10:00 am

Chairperson: Ying Wang SUNY - Albany

Systemic Risk and Cross-Sectional Hedge Fund Returns
  Stephen Brown New York University
  Inchang Hwang KAIST Business School
  Francis In Monash University
  Tong Suk Kim KAIST Business School
How does Time Variation in Global Integration Affect Hedge Fund Flows, Fees, and Performance?
  Ethan Namvar University of California - Irvine
  Blake Phillips University of Waterloo
  Kuntara Pukthuanthong San Diego State University
  P Raghavendra Rau University of Cambridge
Liquidity Risk and the Size-Performance Relationship in the Hedge Fund Industry
  Hany A. Shawky University at Albany (SUNY)
  Ying Wang University at Albany (SUNY)
 
 
Presenter: Inchang Hwang Presenter: Blake Phillips Presenter: Ying Wang
Discussant: Ying Wang SUNY - Albany Discussant: Inchang Hwang Korea Advanced Institute of Science and Technology Discussant: Blake Phillips University of Waterloo

Session 256
  Behavioral Corporate Finance

    Saturday, October 22, 8:30 am - 10:00 am


Presented by:
Jeff Wurgler, Nomura Professor of Finance, New York University

Jeffrey Wurgler is the Nomura Professor of Finance at New York University Stern School of Business. His research and teaching interests include corporate finance and behavioral finance. Before joining Stern in 2001, Professor Wurgler was the Robert B. and Candice J. Haas Assistant Professor of Corporate Finance at Yale School of Management. He has also been a Visiting Fellow at the University of Oxford Said Business School. Professor Wurgler received a Bachelor of Arts and Sciences degree from Stanford University and a PhD in Business Economics from Harvard University.

TUTORIAL PRESENTATION

Session 257
  M&A: Industry Deregulation

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Qing Zhong Ma Cornell University

Litigation in Mergers and Acquisitions
  CNV Krishnan Case Western Reserve University
  Ronald Masulis University of New South Wales
  Randall Thomas Vanderbilt University Law School
  Robert Thompson Georgetown University Law Center
Merger waves following industry deregulation
  Alexei V Ovtchinnikov Vanderbilt University
 
 
 
The Role of Media in Takeovers: Theory and Evidence
  Matthias Buehlmaier The University of Hong Kong
 
 
 
Presenter: CNV Krishnan Presenter: Alexei Ovtchinnikov Presenter: Matthias Buehlmaier
Discussant: Qing Zhong Ma Cornell University Discussant: Antonio Macias Texas Christian University Discussant: Umit Gurun University of Texas at Dallas

Session 258
  CEO Monitoring

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Jesus Salas Lehigh University

Firm Ownership, Agency Costs, and Firm Performance
  William D. Bradford University of Washington
  Qianqian Du Shanghai Jiao Tong University
  Tatyana V. Sokolyk University of Wyoming
 
Information Quality and CEO Turnover
  Lixiong Guo Vanderbilt University
 
 
 
Board Structure and Monitoring: New Evidence from CEO Turnover
  Lixiong Guo Vanderbilt University
  Ronald W Masulis University of New South Wales
 
 
Presenter: William D. Bradford Presenter: Lixiong Guo Presenter: Lixiong Guo
Discussant: Shawn Mobbs University of Alabama Discussant: Fred Bereskin University of Delaware Discussant: Jesus Salas Lehigh University

Session 259
  Blockholders

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Nandini Gupta, Indiana University

Corporate Financial and Investment Policies in the Presence of a Blockholder on the Board
  Anup Agrawal University of Alabama
  Tareque Nasser Kansas State University
 
 
Block Share Acquisitions and Bondholder Wealth Effects
  Jim Hsieh George Mason University
  Tao-Hsien Dolly King UNC Charlotte
 
 
Block Premium and Shareholder Litigation
  Jaiho Chung Korea University
  Joon Ho Hwang Korea University
  Joon-Seok Kim Korea Capital Market Institute
 
Presenter: Anup Agrawal Presenter: Jim Hsieh Presenter: Joon Ho Hwang
Discussant: Nandini Gupta Indiana University Discussant: Swami Kalpathy Southern Methodist University Discussant: Elif Sisli Ciamarra Brandeis University

Session 260
  Insider Trading

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Zheng Sun UC Irvine

CEOs, CFOs, and COOs: Why are Certain Insiders' Trades more Informative?
  Heather Knewtson Central Michigan University
  John Nofsinger Washington State University
 
 
Insider Trading and Market Valuation of Capital Expenditure Announcements
  Hongyan Fang Southwestern University of Finance and Economics
  David A. Whidbee, Washington State University
 
 
Informed Traders: Linking legal insider trading and share repurchases
  Konan Chan University of Hong Kong
  David Ikenberry University of Illinois at Urbana-Champaign
  Inmoo Lee Korea Advanced Institute of Science and Technology
  Yanzhi (Andrew) Wang Yuan Ze University
Presenter: Heather Knewtson Presenter: Hongyan Fang Presenter: Inmoo Lee
Discussant: Ugur Lel Virginia Tech University Discussant: Bin Wei Baruch College, CUNY Discussant: Zheng Sun UC Irvine

Session 261
  Corporate Governance: International

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Yun Liu University of California, Riverside

Overconfidence, Corporate Governance, and Global CEO Turnover
  Hyung-Suk Choi Hongik University
  Stephen Paul Ferris University of Missouri
  Narayanan Jayaraman Georgia Institute of Technology
  Sanjiv Sabherwal University of Texas at Arlington
Do Succession-CEOs affect the market value of innovative announcement?
  Ying-Jiuan Wong National Kaohsiung University of Applied Sciences
  Li-Yu Chen Fo Guang University
 
 
Audit Committees, Corporate Governance, and Shareholder Wealth: Evidence from Korea
  Yoon K. Choi University of Central Florida
  Seung Hun Han Korea Advanced Institute of Science and Technology
  Sangwon Lee Korea Advanced Institute of Science and Technology
 
Presenter: Narayanan Jayaraman Presenter: Ying-Jiuan Wong Presenter: Sangwon Lee
Discussant: T. Colin Campbell Miami University Discussant: Z. Ayca Altintig Chapman University Discussant: Yun Liu University of California, Riverside

Session 262
  Executive Compensation

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Vladimir Atanasov College of William & Mary

The Economics of Executive Compensation in Family-Controlled Firms
  Zhi Li Tulane University
  Harley E. Ryan Georgia State University
  Lingling Wang Tulane University
 
Further Revisiting the Impacts of Factors like CEO Experience or Age or Compensation have on Corporate Performance.
  Samuel Bulmash University of South Florida
 
 
 
How Can Shareholders Make Informed “Say on Pay” Recommendations?
  Vladimir Atanasov College of William and Mary
  Bernard Black Northwestern University
  Conrad Ciccotello Georgia State University
 
Presenter: Lingling Wang Presenter: Sam Bulmash Presenter: Vladimir Atanasov
Discussant: Shin-Rong Shiah-Hou Yuan Yuan Ze University Discussant: Khaled Abdou Penn State University Berks Campus Discussant: Stephen Lenkey Carnegie Mellon University

Session 263
  The Real Estate Bubble

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: John Duca Federal Reserve Bank of Dallas

Roots of Residential Mortgage Delinquencies and Defaults in U.S.: 2000-2008
  Gary Fissel Federal Deposit Insurance Corporation
  Gerald A. Hanweck George Mason University
 
 
Shifting Credit Conditions and the Boom and Bust in U.S. House Prices
  John V. Duca Federal Reserve Bank of Dallas
  John Muellbauer University of Oxford
  Anthony Murphy Federal Reserve Bank of Dallas
 
The Evolution of a Real Estate Bubble
  Craig Depken University of North Carolina - Charlotte
  Harris Hollans Auburn University
  Steve Swidler Auburn University
 
Presenter: Gerald A. Hanweck Presenter: John V. Duca Presenter: Steve Swidler
Discussant: John Duca Federal Reserve Bank of Dallas Discussant: Seda Durguner University of Illinois Discussant to be announced

Session 264
  New Evidence on Relational Lending and the Financing of Private Firms

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Ola Bengtsson, University of Illinois

Disentangling the Effects of Credit Rating and Relationship Lending?
  Keldon Bauer Illinois State University
 
 
 
Bank Credit, Trade Credit or No Credit? Evidence from the Surveys of Small Business Finances
  Rebel A. Cole DePaul University
 
 
 
Has the Importance of Relationships in Small Business Lending Weakened Over Time? An Analysis Based on Interest Rate Premiums and Collateral and Guarantor Requirements
  Sena Durguner University of Illinois at Urbana Champaign
 
 
 
Presenter: Keldon Bauer Presenter: Rebel A. Cole Presenter: Sena Durguner
Discussant: Rafael da Matta University of Illinois Discussant: Tolga Caskurlu, University of Illinois Discussant: Ola Bengtsson, University of Illinois

Session 265
  Balance Sheet Effects: Cash and Payables

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Larry R. White East Tennessee State University

Shareholder Wealth, Trade Payables, and Operating Constraints
  Matthew D Hill University of Mississippi
  G. Wayne Kelly Mississippi State University
  Brandon Lockhart University of Nebraska-Lincoln
  Jim Washam Arkansas State University
On The Existence Of And Reversion To Optimal Cash Holding Levels
  Vinod Venkiteshwaran Texas A&M University-Corpus Christi
 
 
 
Value Relevance of Corporate Cash Holdings: the Impact of Cash Sources
  Yenn-Ru Chen National Cheng Kung University
  Agnes Cheng Louisiana State University
  Yu-Lin Huang National Cheng Kung University
 
Presenter: Matthew Hill Presenter: Vinod Venkiteshwaran Presenter: Yenn-Ru Chen & Yu-Lin Huang
Discussant: Vinod Venkiteshwaran Texas A&M University-Corpus Christi Discussant: Yenn-Ru Chen National Cheng Kung University Discussant: Chris R Harris University of Nebraska Lincoln

Session 266
  Asymmetry of Information and Corporate Finance

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Munir Hassan, Kuwait Maastricht Business School

Why are Convertible Bond Announcements Associated with Increasingly Negative Abnormal Stock Returns? An Arbitrage-Based Explanation
  Eric Duca Rotterdam School of Management
  Marie Dutordoir Manchester Business School
  Chris Veld University of Stirling
  Patrick Verwijmeren VU University Amsterdam
Using the Inverse Mills Ratio for Structural Self-Selection Models in Corporate Finance: A Monte Carlo Examination
  Randall C. Campbell Mississippi State University
  Greg L. Nagel Middle Tennessee State University
 
 
Information Asymmetry and Corporate Cash Holdings
  Kee H Chung SUNY at Buffalo
  Jang-Chul Kim Northern Kentucky University
  Young Sang Kim Northern Kentucky University
  Hao Zhang Rochester Institute of Technology
Presenter: Chris Veld Presenter: Randall Campbell Presenter: Young Kim
Discussant: Brian Henderson George Washington University Discussant to be announced Discussant: Munir Hassan, Kuwait Maastricht Business School

Session 267
  Studies of Firms

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Susan Edwards, Grand Valley State University

Corporate Social Responsibility, Firm Policies, and Performance
  Otgontsetseg Erhemjamts Bentley University
  Qian Li Midwestern State University
  Anand Venkateswaran Northeastern University
 
Determinants of New Firm Survival and Exit through M&A: Evidence from the 2004-2008 Kauffman Firm Survey
  Susan Coleman University of Hartford
  Carmen Cotei University of Hartford
  Joseph Farhat Central Connecticut State University
 
Private Capital Markets and Business Owners Perceptions: Evidence from Business Owners Survey
  Maretno Agus Harjoto Pepperdine University
  John K Paglia Pepperdine University
 
 
Presenter: Anand Venkateswaran Presenter: Carmen Cotei Presenter: John Paglia
Discussant: Themis Pantos San Jose State University Discussant: Zhao Rong Florida International University Discussant: Eric Brisker Florida State University

Session 268
  Multiperiod Models of Returns Processes

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Gaiyan Zhang University of Missouri-St. Louis

Is There an Asymmetric Return-Volatility Relation in the Foreign Exchange Market: Evidence from the EVZ
  Ivelina Pavlova University of Houston - Clear Lake
  Ann Marie Hibbert West Virginia University
 
 
Robust Binomial Trees For Univariate and Multivariate Applications: Choosing Probabilities to Match Local Densities
  Jimmy E Hilliard Auburn University
 
 
 
Understanding the Price Dynamics of Emission Permits: A Model for Multiple Trading Periods
  Steffen Hitzemann Karlsruhe Institute of Technology (KIT)
  Marliese Uhrig-Homburg Karlsruhe Institute of Technology (KIT)
 
 
Presenter: Ivelina Pavlova Presenter: Jim Hilliard Presenter: Steffen Hitzemann
Discussant: Gizelle Fernandez Perretti Florida International University Discussant: Yuchen (Anthony) Luo Moody's KMV Discussant: Sang Baum Kang McGill University

Session 269
  Bank Ownership Structure

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Stefanie Kleimeier, Maastricht University

Analysis on the Effect of Organizational Structure, Regulation, and Equity on IPO Underpricing: Empirical Findings in Banking Industry
  Dona D. Siregar SUNY Oneonta
 
 
 
The Impact of Government Ownership on Bank Risk Profile and Lending Behaviour
  Giacomo Nocera Bocconi University
  Giuliano Iannotta Bocconi University
  Andrea Sironi Bocconi University
 
Banking market competition, firm dynamics, and aggregate growth
  Robert Inklaar University of Groningen
  Michael Koetter University of Groningen
  Felix Noth Goethe University
 
Presenter: Dona Siregar Presenter: Giacomo Nocera Presenter: Michael Koetter
Discussant: Richard L Smith UC Riverside Discussant: Jens Hagendorff University of Edinburgh Discussant: Tat-Kei Lai University of Toronto

Session 270
  Institutions and Bank Risk

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Elyas Elyasiani, Temple University

The Effect of Holding Company Affiliation on Bank Risk and the 2008 Financial Crisis
  Edward R Lawrence Florida International University
  Fernando M Patterson Florida International University
  Arun J Prakash Florida International University
 
Federal Home Loan Bank Membership and Funding and the Level of Bank and Thrift Holding Company Risk
  Scott Deacle Temple University
  Elyas Elyasiani Temple University
 
 
How Institutions Affect Bank Risk – Evidence from A Natural Experiment in Transition Economies
  Yiwei Fang Renssalaer Polytechnic Institute
  Iftekhar Hasan Renssalaer Polytechnic Institute
  Katherin Marton Fordham University
 
Presenter: Fernando Patterson Presenter: Scott Deacle Presenter: Yiwei Fang
Discussant: Rebel Cole DePaul University Discussant: Sjoerd van Bekkum Erasmus University Rotterdam Discussant: Van Son Lai Laval University

Session 271
  Oil, Gas, and Energy

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Betty Simkins, Oklahoma State University

The Market's Reaction to Unexpected, Catastrophic Events: The Case of Oil and Gas Stock Returns and the Gulf Oil Spill
  David A Carter Oklahoma State University
  Phillip Humphrey Valparaiso University
  Betty J Simkins Oklahoma State University
 
Inventory Announcements, Jump Dynamics and Volatility in U. S. Energy Futures Markets
  Johan C Bjursell Ronin Capital, LLC
  James Gentle George Mason University
  George HK Wang George Mason University
 
Capital Utilization and Stock Returns
  Ronald J. Balvers West Virginia University
  Li Gu Fordham University
  Dayong Huang UNC Greensboro
 
Presenter: Betty Simkins Presenter: Johan Bjursell Presenter: Dayong Huang
Discussant: Tai Yi SUNY Fredonia Discussant: Guan Jun Wang Florida A & M University Discussant: Huacheng Zhang University of Arizona

Session 272
  Short Sales and Transaction Costs

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Eunju Lee, University of Houston

Do Short Sellers Exploit Investors’ Under- and Overreactions?
  Eunju Lee University of Houston
  Natalia Piqueira University of Houston
 
 
Short Interest Dynamics, Costly Arbitrage, and Stock Returns
  J. David Diltz University of Texas Arlington
  Jian Shi University of Texas Arlington
 
 
Why do long-term reversal and momentum effects persist
  Jieun Lee University at Buffalo (SUNY)
  Joseph P Ogden University at Buffalo (SUNY)
 
 
Presenter: Eunju Lee Presenter: Jian Shi Presenter: Jieun Lee
Discussant: Andrew Zhang University of Nevada Las Vegas Discussant: Hongping Tang University of Waterloo Discussant: Ajay Bhootra Cal State Fullerton

Session 273
  Stock Returns 4

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Zhijian (James) Huang University of Wisconsin-Milwaukee

What Can Changes in Deferred Revenue Inform Us About a Firm’s Future Accounting and Stock Performance?
  Yixi Ning University of Houston - Victoria
  Fang Wang Central Washington University
  Ke Zhong Central Washington University
 
Information and Long-term Stock Performance following Open-Market Share Repurchases
  Fei Leng University of Washington, Tacoma
  Gregory Noronha University of Washington, Tacoma
 
 
On the relation between EGARCH idiosyncratic volatility and expected stock returns
  Hui Guo University of Cincinnati
  Haim Kassa University of Cincinnati
  Michael Ferguson University of Cincinnati
 
Presenter: Fang Wang Presenter: Fei Leng Presenter: Haim Kassa
Discussant: Zhijian (James) Huang University of Wisconsin-Milwaukee Discussant: Vivek Sharma University of Michigan, Dearborn Discussant: Aurelio Vasquez ITAM

Session 274
  Institutional Investors

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Ying Zhang Fairfield University

Asset liquidity and share restrictions: Evidence from equity hedge funds
  Jung-Min Kim University of Connecticut
 
 
 
Betas, hedge funds,and the myth of market neutrality
  Nicolas Papageorgiou HEC Montreal
  Jonathan Reeves University of New South Wales
  Kevin Xie University of New South Wales
 
Presenter: Jung-Min Kim Presenter: Nicolas Papageorgiou
Discussant: Shishir Paudel Binghamton University SUNY Discussant: Deniz Anginer World Bank Research Group

Session 275
  Behavior, Volatility, and Returns

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Katsiaryna Salavei, Fairfield University

High Idiosyncratic Volatility and Low Returns: A New Explanation
  Ajay Bhootra Cal State Fullerton
  Jungshik Hur Louisiana Tech University
 
 
Individual or Institutional Investors as Agents of Bubble
  Jongmoo Jay Choi Temple University
  Hiam Kedar-Levy Ben-Gurion University of Negev
  Sean Sehyun Yoo Belmont University
 
Presenter: Ajay Bhootra Presenter: Sean Yoo
Discussant: Zaifeng S Fan University of Wisconsin Whitewater Discussant: Emily J Huang Cal State Chico

Session 276
  Behavioral Studies

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Guido Mantovani, Ca' Foscari University

A Model of Hedge Fund Stability
  Andrew Kumiega Infinium Capital Management
  Thaddeus Neururer Infinium Capital Management
  Ben Van Vliet Illinois Institute of Technology
 
Managerial Myopia and Dividend Catering
  Paul Brockman Lehigh University
  Emre Unlu University of Nebraska
 
 
Investor Sentiment and Business Diversification
  Subramanian Rama Iyer Oklahoma State University
 
 
 
Presenter: Andrew Kumiega Presenter: Emre Unlu Presenter: Subramanian R. Iyer
Discussant: Guido Mantovani, Ca' Foscari University Discussant: Gabriele Lepori Copenhagen Business School Discussant: Ahmad Ismail United Arab Emirates University

Session 277
  Financial Education 2

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Kamal Smimou University of Ontario Institute of Technology

An Analysis of the FMA Annual Meetings: Presentation Activity of Institutions and Individuals, 1996 - 2009
  Jared F Egginton University of Mississippi
  Bonnie F Van Ness University of Mississippi
  Robert A Van Ness University of Mississippi
 
An Excel Model of Mortgage Refinancing Decisions for Sensitivity Analysis and Simulation
  Keishiro Matsumoto University of the Virgin Islands
  John Munro University of the Virgin Islands
  Michael Chang University of the Virgin Islands
  Tonjia Coverdale University of the Virgin Islands
On the value relevance of alternative free cash flow definitions
  Carlos A. De Mello e Souza Seattle University
  Vidya N. Awasthi Seattle University
  Niranjan Chips Chipalkatti Seattle University
 
Presenter: Jared Egginton Presenter: keishiro Matsumoto Presenter: Carlos A. De Mello e Souza
Discussant: James Marchand Finecan Discussant: Julia Kwok Northeastern State University Discussant: John Zietlow Malone University

Session 278
  Pension and Conversions

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Nicole Marie Boyson Northeastern University

Pension Conversion, Termination, and Wealth Transfers
  Joel T. Harper Oklahoma State University
  Stephen Treanor Cal State Chico
 
 
Funding Pension Obligations: Implications of International Differences
  Raj Aggarwal University of Akron
  John Goodell University of Akron
 
 
The Valuation and Strategic Use of the Recharacterization Option for Traditional to Roth IRA Conversions
  David L. Stowe University of Missouri-Columbia
  Andy Fodor Ohio University
  John D. Stowe Ohio University
 
Presenter: Joel T. Harper Presenter: John Goodell Presenter: David Stowe
Discussant: Jacqueline Garner Drexel University Discussant: Nicole Marie Boyson Northeastern University Discussant: Stephan M Horan CFA Institute

Session 279
  Hedge Fund Management

    Saturday, October 22, 10:15 am - 11:45 am

Chairperson: Michael Oancea, St Mary's University

Investing in Hedge Funds with Skewness
  Andrea Heuson University of Miami
  Mark Hutchinson University College Cork
 
 
Can Factor Timing Explain Hedge Fund Alpha?
  Hyuna Park Minnesota State University Mankato
 
 
 
Flows: The Invisible Hands on Hedge Fund Management
  Shuang Feng University of Massachusetts Amherst
  Mila Getmansky University of Massachusetts Amherst
  Nikunj Kapadia University of Massachusetts Amherst
 
Presenter: Andrea Heuson Presenter: Hyuna Park Presenter: Shuang Feng
Discussant: Michael Oancea, St Mary's University Discussant: JD Morscheck Washington State University Discussant to be announced