| 2011 FMA Annual Meeting Program
Session 001
Chairperson: |
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 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 003 Directors Thursday, October 20, 8:00 am - 9:30 am
Chairperson: |
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| 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: |
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| 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: |
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| 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: |
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| 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 |
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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 |
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| 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. |
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| 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 |
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| Session 009 Capital Structure Thursday, October 20, 8:00 am - 9:30 am |
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| 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: |
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| 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: |
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| 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 |
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| 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: |
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| 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: |
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| 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: |
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| 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: |
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| 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: |
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| 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 |
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| 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 |
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| Presenter: Dong Hong |
Presenter: Fan Chen |
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| Discussant: Elena Asparouhova University of Utah |
Discussant: Andrei Jirnyi Northwestern University |
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| 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:
Mark Holder, Master of Science Financial Engineering Program, Chair, Finance Department, and Editor, Review of Futures Markets
James M. Steeley, Lloyds TSB Professor of Finance and Head, Finance and Accounting Group |
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| Session 023 Trading, Liquidity, and Asset Prices Thursday, October 20, 8:00 am - 9:30 am
Chairperson: |
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| 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: |
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| 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 |
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| Presenter: Ariel Viale |
Presenter: Vallapuzha Sandhya |
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| Discussant: Fred Dongchuhl Oh Washington University |
Discussant: Alon Raviv Brandeis University |
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| Session 025 Mutual Fund Flows Thursday, October 20, 8:00 am - 9:30 am |
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| 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: |
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| 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: |
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| 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: |
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| 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 |
| Session 029 Stochastic Volatility Thursday, October 20, 8:00 am - 9:30 am
Chairperson: |
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| 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: |
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| 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: |
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| 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 |
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| Presenter: Fan Chen |
Presenter: Surendranath R Jory |
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| Discussant: PK Kim Chungbuk National University |
Discussant: David Brown University of Colorado at Boulder |
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| Session 032 Boards 1 Thursday, October 20, 9:45 am - 11:15 am
Chairperson: |
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| 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: |
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| 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: |
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| 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 |
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| Presenter: Melissa Frye |
Presenter: Shage Zhang |
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| Discussant: Lifeng Gu University of Illinois at Urbana-Champaign |
Discussant: Ola Bengtsson University of Illinois at Urbana-Champaign |
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| Session 035 Risk and Payout Policy Thursday, October 20, 9:45 am - 11:15 am
Chairperson: |
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| 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 |
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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 |
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| 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 |
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| 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 |
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| 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 |
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| 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
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| 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 |
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| 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 |
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| 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
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| 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
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| 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: |
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| 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 |
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| 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: |
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| 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 |
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| 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: |
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| 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: |
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| Session 052 Market Makers and Competition for Liquidity Provision Thursday, October 20, 9:45 am - 11:15 am
Chairperson: |
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| 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: |
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| 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 |
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| 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: |
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| 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: |
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| 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: |
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| 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: |
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| 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: |
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| 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: |
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| 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 |
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| Presenter: Yan-Shing Chen |
Presenter: Kien Cao |
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| Discussant: Thomas Moeller Texas Christian University |
Discussant: Jan Jindra Menlo College |
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| Session 061 Boards 2 Thursday, October 20, 11:30 am - 1:00 pm
Chairperson: |
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| 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: |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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: |
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| 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: |
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| 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: |
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| 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 072 Derivatives, Price Discovery, and Target Prices Thursday, October 20, 11:30 am - 1:00 pm |
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| 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: |
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| 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: |
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| 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 |
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| 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: |
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| 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: |
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| 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. | |
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| 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.Moderators:
Mr. Richard D. Porter
Richard J Rosen
| Advance Registration Required – Click here for more info |
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| Session 082 Market Microstructure 2 Thursday, October 20, 11:30 am - 1:00 pm
Chairperson: |
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| 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: |
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| 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: |
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| 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: |
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| 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: |
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| 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 |
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| 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 |
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| 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: |
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| 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 |
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| Presenter: Abdullah Sahin |
Presenter: Qiang Wu |
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| Discussant: Manohar Singh Penn State University Great Valley |
Discussant: Ye Cai Santa Clara University |
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| Session 091 Role of Government Thursday, October 20, 2:30 pm - 4:00 pm |
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| 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: |
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| 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: |
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| 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 |
Presented By: 