2007 FMA Annual Meeting Presentation Guidelines
Chairperson Guidelines
Discussant Guidelines
Presenter Guidelines
How to Use PowerPoint Effectively

2007 FMA Annual Meeting Program (preliminary)

Session Number: 001
  Financial Constraints and Asset Pricing
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Mazhar M Islam, Alabama A&M University

International Risk Sharing, Investment Restrictions and Asset Prices
  Issouf Soumaré, Laval University
  Tan Wang,University of British Columbia
Discussant: Antonio Diez de los Rios, Bank of Canada
Asset Pricing Restrictions on Predictability: Frictions Matter
  Frans de Roon, Tilburg University
  Marta Szymanowska, Erasmus University Rotterdam/RSM
Discussant Mazhar M Islam, Alabama A&M University
Short-sale constraint, informational efficiency and asset price bias
  H Henry Cao, Cheung Kong Graduate School of Business
  Harold H. Zhang, University of Texas Dallas
  Xin Zhou, University of Texas Dallas
Discussant: Hua Wen, National University of Singapore
Session Number: 002
  Regulatory Influences on Corporate Governance
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Kathy Farrell, University of Nebraska Lincoln

Did New Regulations Target the Relevant Corporate Governance Attributes?
  Reena Aggarwal, Georgetown University
  Rohan Williamson,Georgetown University
Discussant: David Becher, Drexel University
Does Cross-listing in the U.S. Really Improve Corporate Governance?: Evidence from the Value of Corporate Liquidity
  Laurent Fresard, University of Neuchatel
  Carolina Salva, University of Bern
Discussant: Emre Unlu, University of Nebraska Lincoln
The Consequences to Managers for Cooking the Books
  Jonathan M Karpoff, University of Washington
  D Scott Lee, Texas A&M University
  Gerald S Martin, Texas A&M University
Discussant: David Whidbee, Washington State University
Session Number: 003
  Special Doctoral Student Seminar Participant Presentations
    Thursday, October 18, 8:00 am - 9:30 am
Session Number: 004
  Special Doctoral Student Seminar Participant Presentations
    Thursday, October 18, 8:00 am - 9:30 am
Session Number: 005
  Technology in Financial Education
    Thursday, October 18, 8:00 am - 9:30 am

Computers have become integrated into every facet of our lives, both personal and professional. Developments in application software available for financial education have also kept pace with this rapidly advancing technology. This panel will bring together experts on developing and publishing financial software to explore new applications and uses of technology in financial education

Moderator
Stuart Michelson, Roland & Sarah George Professor of Finance
Stetson University

Panelists

Publishers:
Ashley Smith,Marketing Manager, McGraw-Hill/Irwin
Jason Krall, Marketing Manager, Thomson Publishing
Academics:
Shannon Donovan, Associate Professor, Bridgewater State College
Mark Sunderman, Professor, University of Wyoming

Session Number: 006
  Factors Related to Success in Research
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Lynn Doran, Georgetown University

Academic Content, Research Productivity, and Tenure
  Jorge Brusa, Texas A&M International University
  Michael Carter,University of North Texas
  George Heilman, Winston-Salem State University
Discussant: Hatice Uzun, Long Island University Brooklyn Campus
Elite Degrees, Elite Affiliations, and Research Productivity in Finance
  Kam C Chan, Western Kentucky University
  Carl R Chen, University of Dayton
  Hung-Gay Fung, University of Missouri-St Louis
Discussant: Lynn Doran, Georgetown University
Research Productivity in Finance Academia: Mentoring Versus Peer Coauthorship
  J. Chris Leach, University of Colorado at Boulder
  Michael Oswald Loroz, Management Consultant
  Ronald W Melicher, University of Colorado at Boulder
  Russell Wermers, University of Maryland
Discussant: Jorge Brusa, Texas A&M International University
Session Number: 007
  Security Analysts and Conflicts of Interest
  Special Tutorial Presentation by Dr. Jay Ritter
    Thursday, October 18, 8:00 am - 9:30 am

This session will explore:

  • What do sell-side security analysts do?
  • What are the sources of the conflicts of interest that security analysts face?
  • What are the implications for academic research?
Session Number: 008
  International Studies
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Mahmud Rahman, Eastern Michigan Univ

Specifying the Forecast Generating Process for Exchange Rate Survey Forecasts
  Richard Howard HowardCohen, University of Alaska Anchorage
  Carl S. Bonham,University of Hawaii Manoa
Discussant: Oneil Harris , Florida Atlantic Univ
  Institutional Development, Financial Deepening, and Economic Growth: Evidence from China
  Iftekhar Hasan, Rensselaer Polytechnic Institute
  Paul Wachtel, New York University
  Mingming Zhou, Rensselaer Polytechnic Institute
Discussant: Kaysia Campbell , East Carolina Univ
Session Number: 009
  Conflicts of Interest and Value Creation in Venture Capital
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Thomas Moeller, Texas Christian University

The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms
  Xuan Tian, Boston College
Discussant: Kathleen Weiss Hanley, US SEC
  Venture Capital Conflicts of Interest:: Evidence from Acquisitions of Venture Backed Targets
  Ronald W Masulis, Vanderbilt University
  Rajarishi Nahata, Baruch College
Discussant: Michael Stegemoller, Texas Tech University
 
Session Number: 010
  Mutual Fund Votes: Monitoring Managers?
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Frank Reilly, Univ of Notre Dame

Geographical Proximity and Mutual Funds' Proxy Voting Behavior
  Praveen Kumar KumarDas, University of Wisconsin - Milwaukee
Discussant: Pengfei Ye , University of Wisconsin-Milwaukee
How Do Mutual Funds Use Proxy Voting Mechanism to Monitor Corporate Management
  Pengfei Ye, University of Wisconsin-Milwaukee
Do mutual funds vote responsibly? Evidence from proxy voting
  Lilian Ng, University of Wisconsin-Milwaukee
  Qinghai Wang, University of Wisconsin-Milwaukee
  Nataliya Zaiats, University of Wisconsin-Milwaukee
Session Number: 011
  Design of Compensation Contracts
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Jeffrey Coles, Arizona State University

Board Interlocking Network and the Design of Executive Compensation Packages
  Ling Heng HengWong, National Australia Bank & University of Melbourne
  Andre Gygax,University of Melbourne
Discussant: Anand Mohan Goel, DePaul University
Equity grants with performance-based vesting conditions
  Carr Bettis, Arizona State University & Gradient Analytics
  John Bizjak, Portland State University
  Jeffrey Coles, Arizona State University
  Swaminathan Kalpathy, Washington State University

Discussant: Naveen Daniel, Purdue University

Optimal compensation contracts under asymmetric information concerning expected earnings
  Anton Miglo, University of Guelph
Discussant: Jonathan Cohn, University of Michigan
Session Number: 012
  IPO Underpricing
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Shaorong Zhang, Marshall University

Earnings Quality and International IPO Underpricing
  Thomas J. J.Boulton, Miami University
  Scott B. Smart,Indiana University
  Chad J. Zutter, University of Pittsburgh
Discussant: Xuejing Xing, University of Alabama Huntsville
IPO Underpricing, Allocation Mechanism, and Post-Listing Liquidity: An Empirical Test
  Jean-François Gajewski, Université de Paris XII Val-de-Marne
  Carole Gresse, Université Paris Dauphine
Discussant: Hsin-Hui Chiu, Chapman University
Underpricing and Aftermarket Liquidity: An Empirical Exploration of Hong Kong IPOs
  Emmanuel Morales-Camargo, University of Arizona
Discussant: Jess Cornaggia, University of Texas Dallas
Session Number: 013
  Governance and Certification: Impact on Project Selection and the Cost of Capital
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Johanna Koeter-Kant, vrije Universiteit Amsterdam

Arranger Certification in project finance
  Stefano Gatti, Università Bocconi IEMIF
  Stefanie Kleimeier,Maastricht University
  William L. Megginson, University of Oklahoma
  Alessandro Steffanoni, Interbanca

Discussant: Yuanshun Li, University of Calgary

Comovement in investment and corporate governance
  Anzhela Knyazeva, New York University
  Diana Knyazeva, New York University
  Randall Morck, University of Alberta
  Bernard Yeung, New York University

Discussant: Tatyana Sokolyk, Penn State University

Institutional Investment in UK firms: Do Corporate Internal Control Mechanisms Matter?
  Arif Khurshed, University of Manchester
  Stephen Lin, Florida International University
  Mingzhu Wang, University of Manchester
Discussant: Anzhela Knyazeva, New York University
Session Number: 014
  Corporate Acquisitions
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Anne Anderson, Lehigh University

The Benefits of Diversification: Evidence from Financial Synergies
  Zsuzsa R RHuszar, University of Kentucky
  Joe Peek,University of Kentucky
Discussant: Ebru Reis, Miami University
The Determinants of Open-Market Share Repurchase: To Signal or to Control?
  Jun Huh, KAIST Business School
  Kwangwoo Park, KAIST Graduate School of Finance
Discussant: Anne Anderson, Lehigh University
Geography of Corporate Governance and Source of Target Gains in Block Acquisitions
  JIN-MO KIM, University of Missouri–Kansas City
  JUN-KOO KANG, MICHIGAN STATE UNIVERSITY
Discussant: David North, University of Richmond
Session Number: 015
  Capital Structure and the Real Sector
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Paul Povel, University of Minnesota

LEVERAGE CHANGES AND PRODUCT PRICING INCENTIVES - A TAX INDUCED ANALYSIS - Theory and Empirical Evidence
  S. Abraham Ravid, Rutgers Business School
  Wei Yu,Rutgers Business School
Discussant: Paul Povel, University of Minnesota
What Affects the Strategic Function of Debt in the Product Market Competition?
  Jing Yang, Cal State Fullerton
Discussant: Mufaddal Baxamusa, University of Minnesota
Corporate capital structure and product warranties
  Jayant R Kale, Georgia State University
  Husayn Shahrur, Bentley College
Discussant: Simi Kedia, Rutgers University
Session Number: 017
  Derivatives Markets: Who Trades What, Where, and Why?
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Mahendrarajah Nimalendran, University of Florida

Herding Amongst Hedge Funds in Futures Markets
  Michael S SHaigh, U.S. CFTC
  Naomi E Boyd,GWU and U.S. CFTC
  Bahattin Buyuksahin, U.S. CFTC
Discussant: Christopher Stivers, University of Georgia
Does Information Drive Trading in Option Strategies?
  Rudiger Fahlenbrach, Ohio State University
  Patrik Sandas, University of Virginia
Discussant: Tom Barkley, Syracuse University
Futures return volatility and the role of hedgers and investors for NYMEX crude oil
  Ronald D. Ripple, Macquarie University
  George Milunovich, Macquarie University
Discussant: Hai Dong, University of South Carolina
Session Number: 018
  Innovative Financial Products
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Prakash Pai, Univ of Texas Permian Basin

Reasons for financing R&D using the SWORD structure
  Samuel H HSzewczyk, Drexel University
  Alexandra K Theodossiou,Rutgers and Rider Universities
  Zaher Z Zantout, Rider University
Discussant: Rodrigo Hernandez, Radford University
The Delivery Option in Credit Default Swaps
  Rainer Jankowitsch, Vienna University of Economics and Business
  Rainer Pullirsch, Bank Austria Creditanstalt AG
  Tanja Veza, Vienna University of Economics and Business
Discussant: Xiaoling Pu, University of Massachusetts
The Market and the Pricing of Outperformance Certificates
  Rodrigo Javier Hernandez, University of Arkansas
  Wayne Y. Lee, University of Arkansas
  Pu Liu, University of Arkansas
Discussant: Prakash Pai, Univ of Texas Permian Basin
Session Number: 019
  Bank Risk and Return
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Ahmed Fathy El-Shahat, Florida International University

Institutional Ownership, Diversification, and Risk-taking in BHCs
  Saiying (Esther) (Esther)Deng, University of Minnesota-Duluth
  Jingyi (Jane) Jia,Southern Illinois University Edwardsville
Discussant: Amine Tarazi, University of Limoges
Is There Cyclical Bias in Bank Holding Company Risk Ratings?
  Timothy J Curry, FDIC
  Gary S Fissel, FDIC
  Gerald A Hanweck, George Mason University
Discussant: Julapa Jagtiani, Federal Reserve Bank Kansas City
Is Universal Banking Worthwhile? Evidence From Banks in the Securities Business Pre- and Post-GLBA
  Victoria Geyfman, Bloomsburg University of Pennsylvania
  Timothy J. Yeager, University of Arkansas
Discussant: Farah Yunus, Iowa State University
Session Number: 020
  Foreign Exchange Exposure
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Antonio J Rodriguez, Texas A&M International University

Currency derivatives and forecastability of exchange rates: An Empirical Investigation
  Shinhua Liu, Texas A&M Int'l University
Discussant: Xiaoying (Cindy) Chen, Cal State Long Beach
Exchange Rate Exposure, Competition, and Investments: Firm-Level Evidence from Around the World
  Kaysia Campbell, East Carolina University
  Delroy Hunter, University of South Florida
Discussant: Wei-Xuan Li, University of New Orleans
Foreign Exchange Exposure of "Domestic" Corporations
  Raj Aggarwal, University of Akron
  Joel T. Harper, Oklahoma State University
Discussant: Enyang Guo, Millersville University
Session Number: 021
  Information from Analysts & Blogs
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Xuanjuan Chen, UNC Wilmington

The Impact of Blog Recommendations on Security Prices and Trading Volumes
  Veljko Fotak, University of Oklahoma
Discussant: Edward Graham, UNC Wilmington
A New Measure of Earnings Surprises and Post Earnings Announcement Drift
  zhipeng yan, Brandeis University
  yan zhao, Brandeis University
Discussant: Xavier Garza Gomez, University of Houston Victoria
Dispersion in Analysts' Earnings Forecasts and Credit Rating
  Doron Avramov, University of Maryland
  Tarun Chordia, Emory University
  Gergana Jostova, George Washington University
  Alexander Philipov, George Mason University
Discussant: Jeffrey T Zhang, University of Rhode Island
Session Number: 022
  The Role of Analysts in Financial Markets I
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Andrew Karolyi, The Ohio State University

The Diverse Roles of Institutional Investors and Financial Analysts in Information Transmission
  Wen-I Chuang, National Taiwan University of Science and Technology
  Bong-Soo Lee,KAIST Graduate School of Finance
Discussant: Kee Hong Bae, Queen's University
The Effect of Analyst Coverage on Firm-Specific Volatility: Less Information or Less Noise?
  Maria Gabriela Schutte, University of Missouri
  Emre Unlu, University of Missouri
Discussant: Roger Loh, The Ohio State University
Value of Analyst Recommendations: Why International Evidence Find an Italian Anomaly that Does Not Exist
  Enrico Maria Cervellati, University of Bologna
  Antonio Carlo Francesco Della Bina, University of Bologna
  Pierpaolo Pattitoni, University of Bologna
Discussant: Diana Knyazeva, University of Rochester
Session Number: 023
  Reputation
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Kewei Hou, The Ohio State University

Informaton Uncertainty and Auditor Reputation
  Don M MAutore, Florida State University
  Randall S Billingsley,Virginia Tech
  Meir I Schneller, Virginia Tech
Discussant: Yinglei Zhang, Chinese University of Hong Kong
Analyst Reputation and Market Making
  Xin Zhao, Penn State University at Erie
  Mingsheng Li, Bowling Green State University
Discussant: Henrik Cronqvist, The Ohio State University
Do Bond Rating Changes Affect Information Risk of Stock Trading?
  Yan He, Indiana University Southeast
  Junbo Wang, City University of Hong Kong
  John Wei, Hong Kong Unviersity of Science & Technology
Discussant: Mathijs van Dijk, RSM Erasmus University
Session Number: 024
  Risk Aversion in Equity Markets
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Christopher S Jones, University of Southern California

Does Aggregate Relative Risk Aversion Change Countercyclically over Time? Evidence from the Stock Market
  Hui Guo, Federal Reserve Bank of St. Louis
  Zijun Wang,Texas A&M University
  Jian Yang, University of Colorado Denver
Discussant: Jun Tu, Singapore Management University
Option Implied Risk Aversion and Elasticity of Intertemporal Substitution
  Douglas W. Blackburn, Indiana University
Discussant: Christopher S Jones, University of Southern California
Risk Aversion and Clientele Effects
  Douglas Blackburn, Indiana University
  William Goetzmann, Yale University
  Andrey Ukhov, Indiana University
Discussant: Yildiray Yildirim, Syracuse University
Session Number: 025
  Order Placement
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Elizabeth Odders-White, University of Wisconsin Madison

Institutional versus Retail traders: A comparison of their order placement strategies
  Michael Aitken, University of New South Wales
  Philip Brown,University of Western Australia & University of New South Wales
  Marvin Wee, University of Western Australia
Discussant: Elizabeth Odders-White, University of Wisconsin Madison
A Dynamic Model of a Limit Order Market
  Onur Bayar, University of Texas San Antonio
Discussant: Alex Boulatov, University of Houston
In Search of Liquidity: An analysis of Order Submission Strategies in Automated Markets
  Hank Bessembinder, University of Utah
  Marios Panayides, University of Utah
  Kumar Venkataraman, Southern Methodist University
Discussant: Pengjie (Paul) Gao, University of Notre Dame
Session Number: 026
  Trading and Investor Behavior in Emerging Markets
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Elena Kalotychou, Cass Business School

Decomposing the Behavior of Foreign Portfolio Investors: Evidence from China and India
  Joseph J. J.French, University of Northern Colorado
  Atsuyuki Naka,University of New Orleans
Discussant: Peter Lerner, Syracuse University
Investor sentiment, technical trading rules, and stock returns in China's stock markets
  Haigang Zhou, Cleveland State University
Discussant: Natasha Todorovic, Cass Business School
Trading activities of foreign investors in the Korean stock market
  Jaemin Kim, San Diego State University
  James Landi, Temple University
  Sean Yoo, San Diego State University
Discussant: Anthony Yanxiang Gu, SUNY Geneseo
Session Number: 027
  Optimal Portfolio Holdings
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Katrina Ellis, UC Davis

Firm Chacteristics, Relative Efficiency and Equity Returns
  Giao X. X.Nguyen, University of Texas at Arlington
  Peggy E Swanson,University of Texas at Arlington
Multi-period hedge ratios for a multi-asset portfolio when accounting for returns co-movement
  Viviana Fernandez, University of Chile
The Correlation Structure of Unexpected Returns in U.S. Equities
  R. Brian Balyeat, Xavier University
  Jayaram Muthuswamy, Singapore Management University
Session Number: 028
  Liquidity Risk Premium in Corporate Bonds
    Thursday, October 18, 8:00 am - 9:30 am

Chairperson: Pamela Moulton, Fordham University

Liquidity Co-movement in Corporate Bonds: Evidence and Implications
  Yuhang Xing, Rice University
  Xiaoyan Zhang,Cornell University
  Xing Zhou, Rutgers University
Discussant: Michael Goldstein, Babson College
Nondefault Bond Spread and Market Trading Liquidity
  Song Han, Federal Reserve Board
  Hao Zhou, Federal Reserve Board
Discussant: Amy Edwards, US SEC
Liquidity Risk in the Corporate Bond Market
  Gady Jacoby, University of Manitoba
  George Theocharides, Sungkyunkwan University & Massachusetts Institute of Technology
  Steven Zheng, University of Manitoba
Discussant: Andriy Shkilko, Wilfrid Laurier University
Session Number: 029
  Liquidity and Asset Pricing
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Michael A Goldstein, Babson College

Capital Constraints and Stock Market Liquidity
  Terrence Hendershott, University of California, Berkeley
  Pamela C. Moulton,Fordham University
  Mark S. Seasholes, University of California, Berkeley
Discussant: Ryan Davies, Babson College
Firm and Industry Characteristics as Determinants of Stock Liquidity
  Jayant R Kale, Georgia State University
  Yee Cheng Loon, Binghamton University SUNY
Discussant: Marc L Lipson, University of Virginia
Theory-Based Illiquidity and Asset Pricing
  Tarun Chordia, Emory University
  Sahn-Wook Huh, Brock University
  Avanidhar Subrahmanyam, UCLA
Discussant: Paul Irvine, University of Georgia
Session Number: 030
  Ownership, Governance, and Corporate Policies
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Jonathan M Karpoff, University of Washington

Agency Problems at Dual Class Companies
  Ronald W WMasulis, Vanderbilt University
  Cong Wang, Chinese Univ of Hong Kong
  Fei Xie, George Mason Univ
Discussant: Lily Qiu, Brown University
Large Shareholders and Corporate Policies
  Henrik Cronqvist, The Ohio State University
  Rudiger Fahlenbrach, The Ohio Statae University
Discussant: Jennifer Bethel, Babson College
The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe
  Morten Bennedsen, Copenhagen Business School & CEBR
  Kasper Meisner Nielsen, Copenhagen Business School & CEBR
Discussant: Heitor Almeida, New York University
Session Number: 033
  Behavioral Asset Pricing
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Haigang Zhou, Cleveland State University

The Cost of Being Good
  Anne-Marie Anderson, Lehigh University
  David H. Myers,Lehigh University
Discussant: Ahmed Fathy El-Shahat, Florida International University
Bubbles, fundamentals and asymmetric volatility
  Yan Li, Emory University
Discussant: Deanne Butchey, Florida International University
STOCK REACTION TO MARKET-WIDE INFORMATION
  Ding Du, South Dakota State University
  Karen Denning, Fairleigh Dickinson University
  Xiaobing Zhao, South Dakota State University
Discussant: Jeffrey T Zhang, University of Rhode Island
Session Number: 034
  Professional Designations in Finance
    Thursday, October 18, 9:45 am - 11:15 am

The session will focus on professional designations and their contributions to the finance profession in academia and industry, publication outlets and faculty experience.

Panelists
Majed R Muhtaseb, CFA, Professor
Cal Poly Pomona University

Bob McLean, CFA, Director, University Relations
CFA Institute

Dan Candura, CFP(r), CFP Board of Directors
CFP Board and The Candura Group/PennyTree Advisers

David R Koenig, Executive Director
PRMIA

Session Number: 035
  Bridging the Gap: Academic Research and Practitioner Decisions
    Thursday, October 18, 9:45 am - 11:15 am

Head research people from two professional associations and Morningstar discuss the strategies they use to engage academics in practitioner oriented research. They illustrate those strategies with specific examples.

The moderator will present the status of the FMA Practitioner Demand Driven Academic Research Initiative (PDDARI) and how academics may participate with “thought partners” on research of particular relevance to practical decisions which practitioners must make.

Moderator

Rawley Thomas, President
LifeCycle Returns

Panelists

Paul Kaplan, Vice President, Quantitative Research
Morningstar

Steve Davidson, Vice President, Capital Markets Research
Securities Industry and Financial Markets Association

Kevin Roth, Director of Research
Asssociation for Financial Professionals

Practitioner - Academic Research Linkages: Association for Financial Professionals (PowerPoint)
  Kevin Roth

Practitioner - Academic Research Linkages: Securities Industry and Financial Markets Association (PowerPoint)
  Steve Davidson

Practitioner - Academic Linkage at Morningstar (PDF)
  Paul Kaplan

Practitioner Demand Driven Academic Research Initiative (PowerPoint)
  Rawley Thomas

Session Number: 036
  Impact of Regulatory Changes
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Dev Mishra, University of Saskatchewan

Alternative Ways of Bonding with U.S. Regulations: Cross-listing vs. Merging with U.S. Bidders
  Dobrina Georgieva, University of Arkansas
  Tomas Jandik,University of Arkansas
Discussant: Marina Martynova, University of Sheffield
Managerial Discretion and Firm Cash Policy: Evidence from the Adoption of Anti-Takeover Legislation
  John S Howe, University of Missouri Columbia
  Ravi Jain, University of Massachusetts Lowell
  Raynolde Pereira, University of Missouri Columbia
Discussant: Shantanu Dutta, St Francis Xavier University
Sarbanes-Oxley and the Cross-Listing Premium
  Kate Litvak, University of Texas Law School
Discussant: Dev Mishra, University of Saskatchewan
Session Number: 037
  Earnings Management and Manipulation
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Alex P Tang, Morgan State University

Earnings Management and Convertible Preferred Stcok Calls
  Palani-Rajan Kadapakkam, Univ of Texas San Antonio
  Huey-Lian Sun, Morgan State University
  Alex P. Tang,Morgan State University
Discussant: Manu Gupta, SIU Edwardsville
Debt Maturity Structure and Earnings Management
  Manu Gupta, Southern Illinois University
  L. Paige Fields, Texas A&M University
Discussant: Dalia Marciukaityte, Louisiana Tech University
Consequences of Overvalued Equity: Evidence from Earnings Manipulation
  Dalia Marciukaityte, Louisiana Tech University
  Raj Varma, University of Delaware
Discussant: Phyllis Keys, Morgan State University
Session Number: 038
  Corporate Governance and Performance
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Michael Fuerst, University of Miami

An Examination of the Relationship between Corporate Governance Regime and Corporate Performance
  Scott B BMoore, John Carroll University
  Gary E Porter,John Carroll University
Discussant: Larry Fauver, University of Tennessee
Corporate Governance Ratings and Firm Performance
  Mine Ertugrul, University of Toledo
  Shantaram Hegde, University of Connecticut
Discussant: Gennaro Bernile, University of Miami
The Diversity of Corporate Board Committees and Financial Performance
  David A. Carter, Oklahoma State University
  Frank D'Souza, Oklahoma State University
  Betty J. Simkins, Oklahoma State University
  W. Gary Simpson, Oklahoma State University
Discussant: Michael Fuerst, University of Miami
Session Number: 039
  Options and Executive Compensation
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Swaminathan Kalpathy, Washington State University

Option Expensing and Executive Compensation
  Yi Feng, York University
  Yisong S. Tian,York University
Discussant: Swaminathan Kalpathy, Washington State University
Options as a Percentage of Total Compensation: Determinants and Consequences of Potential Over-Use
  Stephen Bryan, Wake Forest University
  Robert Nash, Wake Forest University
  Ajay Patel, Wake Forest University
Discussant: Christopher Clifford, Arizona State University
Volatility Forecasting and Option Expensing
  George J. Jiang, University of Arizona
  Yisong S. Tian, York University
Discussant: Adam Aiken, Arizona State University
Session Number: 040
  Governance and Valuation of IPOs and Spin-offs
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Tatyana Sokolyk, Penn State University

Management Quality, Anti-Takeover Provisions, and Performance in IPOs
  Thomas J. J.Chemmanur, Boston College
  Imants Paeglis,Concordia University
  Karen Simonyan, Suffolk University
Discussant: Diana Knyazeva, New York University
Ownership Structure and IPO Valuation
  Re-Jin Guo, University of Illinois at Chicago
  Yin-Hua Yeh, Fu-Jen Catholic University
  Pei-Gi Shu, Fu-Jen Catholic University
Discussant: Chuck Chahyadi, Oklahoma State University
Shareholder Value Gains from European Spinoffs: The Effect of Internal and External Control Mechanisms
  Binsheng Qian, Cranfield School of Management, UK
  Sudi Sudarsanam, Cranfield School of Management, UK
Discussant: David S North, University of Richmond
Session Number: 041
  Financial Flexibility and Corporate Decisions
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Ha-Chin Yi, Texas State University

FINANCIAL FLEXIBILITY AND INVESTMENT DECISIONS: EVIDENCE FROM LOW-LEVERAGE FIRMS
  Roberto Mura, Manchester Business School
  Maria-Teresa Marchica,Manchester Business School
Discussant: Viviana Fernandez ,University of Chile
Financial Flexibility, Leverage, and Firm Size
  Soku Byoun, Baylor University
Discussant: Thomas Moeller, Texas Christian University
CASH HOLDING POLICY AND ABILITY TO INVEST: HOW DO FIRMS DETERMINE THEIR CAPITAL EXPENDITURES?
  MARIA-TERESA MARCHICA, MANCHESTER BUSINESS SCHOOL-ACCOUNTING & FINANCE GROUP
  ROBERTO MURA, MANCHESTER BUSINESS SCHOOL-ACCOUNTING & FINANCE GROUP
Discussant: Soku Byoun , Baylor University
Session Number: 042
  Corporate Restructuring
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Karl Lins, University of Utah

The diversification discount and capital allocations of diversified firms: Evidence from corporate asset purchases
  I-Ju Chen, Jin Wen Institute of Technology
  Sheng-Syan Chen,National Taiwan University
Discussant: Samuel Weaver ,Lehigh University
An Efficiency Perspective on the Gains from Mergers and Asset Purchases
  Sugata Ray, University of Pennsylvania
  Missaka Warusawitharana, Board of Governors of the Federal Reserve
Discussant: Mike Stegemoller, Texas Tech University
Investment Opportunities, Investment Efficiency, and Equity Carveouts
  Gregory Waller, Ohio University
  Mira Straska, Ohio University
Discussant: Ninon Sutton , Univ of South Florida
Session Number: 043
  Capital Structure Adjustments: Theory and Evidence
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Armen Hovakimian, Baruch College

Macroeconomic Conditions and Capital Structure Adjustment Speed
  Tian Tang, The University of Alabama
  Douglas O. Cook,The University of Alabama
Discussant: Armen Hovakimian, Baruch College
The Capital Structure of Japanese Firms: A Partial Adjustment Analysis
  Pascal Nguyen, University of New South Wales
  Chander Shekhar, University of Melbourne
Discussant: Richard S Warr, NC State University
A Theory of Capital Structure Adjustment Speed
  Mark J. Flannery, University of Florida
  Kristine Watson Hankins, University of Kentucky
Discussant: Chander Shekhar, University of Melbourne
Session Number: 044
  Dividends and Taxes
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Xiaoquan Jiang, Florida Intl Univ

An Empirical Reclassification of Dividend Tax Clienteles
  Xin Chen, Shanghai Jiaotong University
  Jianfei Sun,University of Nevada, Reno
Discussant: Andrew Saporoschenko, Clemson University
Chasing Dividends Taxes or the Prudent Man Rule?
  Xin Chen, Shanghai Jiaotong University
  Jianfei Sun, University of Nevada, Reno
Discussant: Samir Saadi, Queen's University
The Impact of the Dividend Tax Cut and Managerial Stock Holdings on Corporate Dividend Policy
  Jouahn Nam, Pace University
  Jun Wang, Baruch College
  Ge Zhang, University of New Orleans and Baruch College
Discussant: Shane Van Dalsem, University of Wisconsin LaCrosse
Session Number: 045
  The Effects of Futures on Market Efficiency
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Roselyne Joyeux, Macquarie University

Screen Based Trading, the Cost of Carry, and Futures Market Efficiency
  Lorne N NSwitzer, Concordia University
  Haibo Fan,Concordia University
Discussant: George Milunovich, Macquarie University
Single Stock Futures and Short-Sale Constraints
  Zahn Bozanic, Penn State University
Discussant: Hai Dong, University of South Carolina
Single-Stock Futures: Evidence from the Indian Securities Market
  Umesh Kumar, University of Texas San Antonio
  Yiuman Tse, University of Texas San Antonio
Discussant: ,
Session Number: 046
  Financial Econometrics
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Kenneth D Roskelley, Louisiana Tech

An empirical comparison of convertible bond valuation models
  Robert Jones, Simon Fraser University
  Chris Veld,University of Stirling
  Yuriy Zabolotnyuk, Simon Fraser University
Discussant: Alex Paseka, University of Manitoba
Are the U.S. Stock Market and Credit Default Swap Market Related?
  Hung-Gay Fung, University of Missouri-St. Louis
  Gregory E. Sierra, Federal Reserve Bank at Richmond-Charlotte
  Jot Yau, Seattle University
  Gaiyan Zhang, University of Missouri-St. Louis

Discussant: Ali Nejadmalayeri, Oklahoma State University

Bayesian GARCH (1,1) Model using MCMC Methods For Asian FX Data
  Wantanee Surapaitoolkorn, SASIN at Chulalongkorn University
Discussant: Yufeng Han, Tulane University
Session Number: 047
  Credit Ratings and Bank Risk
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: David A Walker, Georgetown University

“Noise” in Ratings: Not Entirely Random
  Puneet Prakash, Virginia Commonwealth University
Discussant: Rainer Jankowitsch, Institut fur Kreditwirtschaft
How Do Banks Make Money for their Owners? An Analysis of the Determinants of Profit and Shareholder Value Creation in European Banking
  Franco Fiordelisi, University of Essex
  Phil Molyneux, University of Wales, Bangor
Discussant: Jingyi Jia, SIU Edwardsville
Validation of Credit Rating Systems Using Multi Rater Information
  Kurt Hornik, Vienna University of Economics and Business Administration
  Rainer Jankowitsch, Vienna University of Economics and Business Administration
  Manuel Lingo, Vienna University of Economics and Business Administration
  Gerhard Winkler, Oesterreichische Nationalbank
  Stefan Pichler, Vienna Graduate School of Finance & Vienna Univ

Discussant: Herbert Rijken, Free University

Session Number: 048
  Foreign Exchange Rate Policy and Intervention
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Jonathan Clarke, Georia Tech

Trading Behaviors and Currency Market Liberalization in South Korea
  Lloyd Blenman,
  Dar-hsin Chen,National Taiwan University
  Chun-Da Chen, Da-Yeh University
Discussant: Tuugi Chuluun, Georgia Tech
A Quarter Century of Foreign Exchange Intervention Announcements: What Matters and What Has Changed Over Time?
  Cora M. Barnhart, Palm Beach Atlantic University
  Scott W. Barnhart, Florida Atlantic University
  Abhay Kaushik, Florida Atlantic University
Discussant: Lloyd Blenman, UNC Charlotte
Policy Coordination and Risk Premium in Foreign Exchange Markets for Major EU Currencies
  Chanwit Phengpis, California State University, Long Beach
  Vanthuan Nguyen, Morgan State University
Discussant: Suzanne Lee, Georgia Tech
Session Number: 049
  Explaining Asset Pricing Anomalies
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Ying Li, Indiana University South Bend

Capital Gains Overhang and the Closed-End Fund Puzzle: A Theoretical Study
  David Manzler, University of Cincinnati
Discussant: Anton Miglo, University of Guelph
Robustness of the headquarters-city effect in stock returns
  Christopher W Anderson, University of Kansas
  Eli Beracha, University of Kansas
Discussant: John S Howe, University of Missouri
Stock Market Returns of Firms With Managerial Ownership: A Solution to the CEO Stockholdings Puzzle
  Ulf von Lilienfeld-Toal, University of Frankfurt
  Stefan Ruenzi, University of Cologne - Centre for Financial Research (CFR)
Discussant: Ying Li, Indiana University South Bend
Session Number: 050
  Meddlers and the Market
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Scott Bauguess, Texas Tech University

Congress and the Stock Market
  Michael F. F.Ferguson, University of Cincinnati
  H. Douglas Witte,University of Missouri
Discussant: Truong Duong, University of Minnesota
Discretionary Accruals, Abnormal Investments, and Stock Returns
  Feixue Xie, University of Texas El Paso
  KC John Wei, Hong Kong University of Science & Technology
Discussant: Mufaddal Baxamusa, University of Minnesota
Management Earnings Forecast: Evidence on Post-Guidance Drift
  Somnath Das, University of Illinois at Chicago
  Kyonghee Kim, University of Illinois at Chicago
  Sukesh Patro, Kansas State University
Discussant: Jim Hsieh, George Mason University
Session Number: 051
  Corporate Actions and Liquidity
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Gregory Noronha, University of Washington Tacoma

Liquidity Changes around Stock Splits
  Gow Cheng ChengHuang, Alabama State University
  Kartono Liano,Mississippi State University
  Ming Shiun Pan, Shippensburg University
Discussant: Joseph Tanimura, San Diego State University
Downward-Sloping Demand Curves and Liquidity: Evidence from the S&P 500 Change to Free Float
  David Lam, University of Technology, Sydney
  Bing-Xuan Lin, University of Rhode Island
  David Michayluk, University of Technology, Sydney
Discussant: Xiaoxia Lou, University of Washington
Stock Repurchases: Do They Stabilize Price and Enhance Liquidity?
  Amedeo De Cesari, University of Manchester
  Susanne Espenlaub, University of Manchester
  Arif Khurshed, University of Manchester
Discussant: Deepika Bagchee, NE Illinois State Univ
Session Number: 052
  Effects of Liquity Risk on Asset Prices
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Janikan Supanvanij, St Cloud State University

Are Extreme Negative Liquidity Shocks in the US Equity and Treasury Notes Markets Contagious?
  Kuan-Hui Lee, Rutgers University Newark & New Brunswick
  Christof W Stahel,George Mason University
Discussant: ,
SYSTEMATIC LIQUIDITY, CHARACTERISTIC LIQUIDITY AND ASSET PRICING
  Duong D Nguyen, University of Massachusetts Dartmouth
  Tribhuvan Puri, University of Massachusetts Dartmouth
Discussant: Angel Liao, Edinburgh University
The World Price of Liquidity Risk
  Kuan-Hui Lee, Rutgers Business School at Newark and New Brunswick
Discussant: Carole Gresse , Universite Paris Dauphine
Session Number: 053
  Trading Halts
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Petko Kalev, Monash University

The Informativeness of Off-NYSE Trading during NYSE Market Closures
  Bidisha Chakrabarty, Saint Louis University
  Shane A Corwin,University of Notre Dame
  Marios A Panayides, University of Utah
Discussant: Kingsley Fong , Univ of New South Wales
A Two-Stage Non Discretionary Trading Suspension Mechanism: Effects on Market Quality
  Mario Anolli, Università Cattolica
  Giovanni Petrella, Università Cattolica
Discussant: Saikat Deb, Monash University
Trading Halts: Empirical Evidence on the Spiegel Subrahmanyam Model
  Christine Jiang, University of Memphis
  Thomas McInish, University of Memphis
  James E Upson, University of Memphis
Discussant: Giovanni Petrella, Universita Cattolica
Session Number: 054
  International Diversification
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Javier Estrada, IESE Business School

Capital Gains Overhang and the Closed-End Fund Puzzle: An Empirical Study
  David Manzler, University of Cincinnati
Discussant: Paulo Renato Soares Terra, Universidade Federal do Rio Grande do Sul
Country risk, fund characteristics, and premiums on closed-end country funds
  Kyojik "Roy" Song, Sungkyunkwan University
  Jang-Chul Kim, North Dakota State University
Discussant: Javier Estrada, IESE Business School
Fundamental Indexation and International Diversification
  Javier Estrada, IESE Business School
Discussant: Pawan Madhogarhia, Penn State University
Session Number: 055
  Mutual Fund Performance
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Raghu Rau, Purdue University

Identifying skilled managers: Evidence from mutual fund short sales
  Honghui Chen, University of Central Florida
  Hemang Desai,Southern Methodist University
  Srinivasan Krishnamurthy, SUNY – Binghamton University
Discussant: Nicole Boyson, Northeastern University
A Life Cycle Analysis of Performance and Growth in the Mutual Fund Industry
  Leng Ling, Georgia State University
Discussant: Jason Karceski, University of Florida
On the Use of Multi-Factor Models to Evaluate Mutual Fund Performance
  Joop Huij, RSM Erasmus University
  Marno Verbeek, RSM Erasmus university
Discussant: Federico Nardari, Arizona State University
Session Number: 056
  Factors Affecting Bond Prices
    Thursday, October 18, 9:45 am - 11:15 am

Chairperson: Amy Lipton, Saint Joseph's Univ

Anticipated Credit Rating Changes and Early Redemption of Corporate Debt
  Amy F Lipton, Saint Joseph's University
Discussant: Toby Daglish , Victoria Univ of Wellington
Interpreting Announcement Effects using Market Microstructure: An Examination of Convertible Bond Calls
  Ken Bechmann, Copenhagen Business School
  Asger Lunde, Aarhus Business School
  Allan A. Zebedee, Clarkson University
Discussant: Amy Lipton , Saint Joseph's University
Session Number: 057
  The Link Between Credit Risk and Equity Prices
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Marc Lipson, University of Virginia

How Important Is Option-Implied Volatility for Pricing Credit Default Swaps?
  Charles Cao, The Pennsylvania State University
  Fan Yu,University of California-Irvine
  Zhaodong Zhong, The Pennsylvania State University
Discussant: Alexander Philipov, George Mason University
Credit Ratings and The Cross-Section of Stock Returns
  Doron Avramov, University of Maryland
  Tarun Chordia, Emory University
  Gergana Jostova, George Washington University
  Alexander Philipov, George Mason University

Discussant: Andrew Zhang, University of Arizona

Distress Risk Premia in Stock and Bond Returns
  Andrew Zhang, University of Arizona
Discussant: Zhaodong Zhong, Penn State University
Session Number: 058
  The Role of Institutional Investors and Analysts in Corporate Governance
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Maryna Murdoch Florida Atlantic Univ

On the Role of Institutional Investors in Corporate Governance: Evidence from Voting of Mutual Funds in Israel
  Yaron Amzaleg, Ben-Gurion University of the Negev and Shamoon College of Engineering
  Uri Ben-Zion,Ben-Gurion University of the Negev
  Ahron Rosenfeld, Ben-Gurion University of the Negev
Discussant: Victor Mendes ,CMVM
Corporate Governance, Analyst Following, and Firm Behavior
  Diana Knyazeva, New York University
Discussant: Xin Chen Shanghai Jiaotong Univ
Determinants and Consequences of Proxy Voting by Mutual Funds on Shareholder Proposals
  Rasha Ashraf, Georgia Institute of Technology
  Narayanan Jayaraman, Georgia Institute of Technology
Discussant: Srinivasan Krishnamurthy ,Binghamton Univ SUNY
Session Number: 061
  Investor Behavior
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Bing Han, University of Texas Austin

The risk preferences of individual investors
  Chris Veld, University of Stirling
  Yulia V. Veld-Merkoulova,University of Stirling
Discussant: Yan Li, Emory University
MISPRICING AND THE CROSS-SECTION OF STOCK RETURNS
  Carl R Chen, University of Dayton
  Peter Lung, University of Dayton
  F Albert Wang, University of Dayton
Discussant: Qiang Kang, University of Miami
Narrow Framing: Professions, Sophistication and Experience
  Yu-Jane Liu, National Chengchi University - Department of Finance, Taiwan
  Ming-Chun Wang, WuFeng Institute of Technology
Discussant: G Mujtaba Mian, National University of Singapore
Session Number: 062
  Finance Faculty Mentoring: How Important is it?
    Thursday, October 18, 11:30 am - 1:00 pm

This session explores the perceived value of providing “mentoring” for junior Finance faculty members as a means for enhancing career development. From a research perspective, there will be a discussion of the pros and cons associated with conducting research with mentors versus peer-collaboration efforts.

Moderator
Ronald W. Melicher
University of Colorado at Boulder

Panelists
Andrea Heuson
University of Miami

Kose John
New York University

Lemma Senbet
University of Maryland
Pamela Peterson Drake
James Madison University

Session Number: 063
  Exchange Realignments on Both Sides of the Atlantic
    Thursday, October 18, 11:30 am - 1:00 pm

This session will discuss the magnitude, direction, and significance of changes taking place in financial markets on both sides of Atlantic and the implications of these changes for inter-market competition, retail and institutional investors, regulators, exchange owners, market makers, and academics and practitioners.

Moderator
Walayet Khan, Professor of Finance
University of Evansville

Panelists
James J Angel, Associate Professor of Finance
Georgetown University

Frank Hatheway, Chief Economist
The NASDAQ Stock Market

Michael A Goldstein, Associate Professor of Finance
Babson College

Joao Paolo Torre Vieito, Associate Dean
Polytechnic Institute of Viana do Castelo

Session Number: 064
  Impact of Regulation on Corporate Governance
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Dev Mishra, Univ of Saskatchewan

A CORPORATE GOVERNANCE INDEX: CONVERGENCE AND DIVERSITY OF NATIONAL CORPORATE GOVERNANCE REGULATIONS
  Marina Martynova, University of Sheffield
  Luc Renneboog,Tilburg University
Discussant: Cristiane Benetti , Faculdade De Tecnologia SENAC/RS
Excess control, Corporate Governance, and Implied Cost of Equity: An International Evidence
  Omrane Guedhami, Memorial University of Newfoundland
  Dev Mishra, University of Saskatchewan
Discussant: Chen Wu Arizona State University
 
Session Number: 065
  Agency Costs and Compensation
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Walid Busaba, University of Western Ontario

Agency Costs, Executive Compensation, Bonding and Monitoring: A Stochastic Frontier Approach
  Craig A. A.Depken, II, University of Texas at Arlington
  Giao X. Nguyen,University of Texas at Arlington
  Salil Kumar Sarkar, University of Texas at Arlington
Discussant: Vladimir Gatchev, University of Central Florida
Doom or Gloom? CEO Stock Options After Enron
  Suman Banerjee, Tulane University
  Vladimir Gatchev, University of Central Florida
  Thomas Noe, Tulane University
Discussant: Ali Nejadmalayeri, Oklahoma State University
Payday Matters: A Look at Trader Behavior within Pay Cycles
  Ryan Garvey, Duquesne University
  Fei Wu, Massey University
Discussant: Salil Kumar Sarkar, University of Texas Arlington
Session Number: 066
  Regulatory and Political Considerations in Governance
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: James S Linck, University of Georgia

Insider Trading Before Accounting Scandals
  Anup Agrawal, University of Alabama
  R. Thomas Cooper,University of Alabama
Discussant: Jim Hsieh, George Mason University
Politiical connections of newly privatized firms
  Narjess Boubakri, HEC Montreal
  Jean-Claude Cosset, HEC Montreal
  Walid Saffar, HEC Montreal
Discussant: Mihail Miletkov, University of Georgia
The Effect of the Sarbanes-Oxley Act on Non-US Companies Cross-Listed in the US
  Kate Litvak, University of Texas
Discussant: Jide Wintoki, University of Georgia
Session Number: 067
  Internal Capital Markets and CEO Compensation
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Gregory L Nagel, Mississippi State University

Leverage, Growth and Managerial Compensation
  Bill Francis, Rensselaer Polytechnic Institute
  Iftekhar Hasan,Rensselaer Polytechnic Institute
  Zenu Sharma, Rensselaer Polytechnic Institute
Discussant: Li Yong, University of Texas Arlington
Executive Compensation and Internal Capital Market Efficiency
  Sudip Datta, Wayne State University
  Ranjan D'Mello, Wayne State University
  Mai Iskandar-Datta, Wayne State University
Discussant: Gregory L Nagel, Mississippi State University
Internal Capital Allocation and Executive Compensation
  Li Yong, University of Texas at Arlington
Discussant: Magdy Noguera, Southeastern Louisiana University
Session Number: 068
  Effects of Institutional Relationships
    Thursday, October 18, 11:30 am - 1:00 pm

Chairperson: Dan Bradley, Clemson Univ

The equity ownership of brokerage firms in IPOs and the stock recommendations of sell-side analysts
  xi li, university of miami
  Ron Masulis, Vanderbilt University
Discussant: Dan Bradley, Clemson Univ