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	Do IPO Underwriting Relationships Affect the Subsequent Lending Business?   Hsuan-Chi Chen, University of New Mexico   Li-Ping Chen,Yuan Ze University   Keng-Yu Ho, National Central University Discussant: Jing Zhao, North Carolina State University	How banking relationships affect certification: The role of private information in underwriting   Tiago Duarte-Silva, University of Rochester Discussant: Emmanuel Morales-Camargo, University of New Mexico
Session Number: 069   Working Capital     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Cesario Mateus, University of Greenwich
The Impact of Real Options on Corporate Cash Holdings   Cyrus Ramezani, California Polytechnic State University   Luc Soenen,Tilburg University Discussant: Nancy Beneda ,	Why have Asian firms increased cash holding so much after the Asian financial crisis?   Kyojik "Roy" Song, Sungkyunkwan University   Youngjoo Lee, University at Buffalo Discussant: Pawan Madhogarhia, Penn State University	Buyer Supplier Relationships and Trade Credit   Shantanu Banerjee, Lancaster University   Sudipto Dasgupta, Hong Kong University of Science and Technology   Yungsan Kim, Hanyang University Discussant: Gary Emery, University of Oklahoma
Session Number: 070   Survival     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Joshua Pierce, University of South Carolina
Survival   Kathy Fogel, Northern Kentucky University   Randall Morck,University of Alberta   Bernard Yeung, New York University Discussant: Joshua Pierce, University of South Carolina	The Determinants and Survival of Reverse Mergers versus IPOs   Frederick Adjei, Southeast Missouri State University   Ken B. Cyree, University of Mississippi   Mark M. Walker, University of Mississippi Discussant: Gwinyai Utete, Auburn University	Acquisitions, Strategic IPO Underpricing, and Firm Survival   Thomas J. Boulton, Miami University   Scott B. Smart, Indiana University   Chad J. Zutter, University of Pittsburgh Discussant: William Johnson, University of New Hampshire
Session Number: 071   Capital Structure: International Evidence     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Matthew Cain Purdue University
International Variations in Transparency and Capital Structure: Evidence from European Firms   Raj Aggarwal, University of Akron   NyoNyo Aung Kyaw,Iona College Discussant: Sijing Zong, Cal State Stanislaus	The Pecking Order Hypothesis vs. the Static Trade-off Theory under Different Institutional Environments   Joseph Farhat, Central Connecticut State University   Carmen Cotei, University of Hartford   Benjamin A Abugri, Southern Connecticut State University Discussant: Matthew Cain, Purdue University	Why do Western European firms issue convertibles instead of straight debt or equity?   Marie Dutordoir , Erasmus Universiteit Rotterdam   Linda Van de Gucht , Katholieke Universiteit Leuven
Session Number: 072   Dividend Policy: International Evidence     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Ozgur Ince, Virginia Tech
How Managers of Financial versus Non-Financial Firms View Dividends: The Canadian Evidence   H. Kent KentBaker, American University   Samir Saadi,University of Ottawa   Shantanu Dutta, St. Francis Xavier University Discussant: Alice Bonaime, University of Florida	The Interaction of Corporate Dividend Policy and Capital Structure Decisions under Differential Tax Regimes   Ufuk Ince, University of Washington, Bothell   James E. Owers, Georgia State University Discussant: Ozde Oztekin, University of Florida	Why Do Poor Performing Firms Pay Cash Dividends? Evidence from Mainland China and Hong Kong   Louis T.W. Cheng, Hong Kong Polytechnic University   Hung-Gay Fung, University of Missouri-St. Louis   TY Leung, City University of Hong Kong Discussant: Ufuk Ince, University of Washington Bothell
Session Number: 073   Econometric Models of Futures Price Dynamics     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: George Panayotov, Georgetown University
Intraday Return and Volatility Spillovers across International Copper Futures Markets   Donald Lien, University of Texas San Antonio   Li Yang,University of New South Wales Discussant: George Panayotov, Georgetown University	Intraday Volatility in the Electric, Bond, Foreign Exchange, and Stock Markets   Valeria Martinez, University of Texas at San Antonio   Yiuman Tse, University of Texas at San Antonio Discussant: David Hunter, University of Maryland	Price Dynamics in Natural Gas spot and Futures Markets: The Role of Inventory and Weather   Aysegul Ates, Akdeniz University   George H. K. Wang, George Mason University Discussant: Carl Ullrich, Virginia Tech
Session Number: 074   Options Pricing     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Munir Hassan, Claflin University
The addition and deletion effects of the Standard&Poor's 500 Index on option markets   Rong Qi, St. John's University   Libo Sui,City University of New York Discussant: Rafiqul Bhuyan, Cal State Sacramento	Implied Correlations: Smiles or Smirks?   Senay Agca, George Washington University   Deepak Agrawal, Diversified Credit Investments   Saiyid Islam, Standard & Poors Discussant: Tom Arnold, University of Richmond	You don't have to bother Newton for implied volatility   Minqiang Li, Georgia Institute of Technology Discussant: Serguey Khovansky, Mount St Mary College
Session Number: 076   FX Trading     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Enyang Guo, Millersville University
Can Deviations from a Relative Purchasing Power Parity-Based Equilibrium Exchange Rate and Liquidity Risk Explain the Forward Premium Anomaly?   Marc W WSimpson, University of Texas-Pan American   Axel Grossmann,Radford University Discussant: Shenghui Tong, Siena College	NONLINEAR DYNAMICS IN FOREIGN EXCHANGE EXCESS RETURNS: TESTS OF ASYMMETRY   Benjamas Jirasakuldech, University of the Pacific   Riza Emekter, Sakarya University   Sean Snaith, University of Central Florida Discussant: Phillip Koziol, University of Goettingen	Regressions of FX Returns on Fractionally Integrated Forward Premium   O Miguel Villanueva, State Street Global Advisors Discussant: Yi Liu, Capital University
Session Number: 077   Aspects of Managerial Timing     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Zekeriya Eser, Eastern Kentucky University
IPO performance under low information asymmetry and low agency conflicts: The case of demutualized insurers   Kenneth A AKim, SUNY at Buffalo   Piman Limpaphayom,Chulalongkorn University   Shanhong Wu, SUNY at Buffalo Discussant: Zekeriya Eser, Eastern Kentucky University	Equity Issues and Returns: Managerial Timing, Reaction, or Both?   Alexander W. Butler, University of Texas at Dallas   Jess Cornaggia, University of Texas at Dallas   Gustavo Grullon, Rice University   James P. Weston, Rice University Discussant: Bjoern Claassen, Eastern Kentucky University	The Wealth Effects of "Oil" Name Changes on Stock Prices: Evidence from U.S. and Canadian Stock Markets   Shih-An Yang, National Chengchi University   Robert (Chi-Wing) Fok, University of Wisconsin-Parkside   Yuanchen Chang, National Chengchi University Discussant: Zsuzsa Huszar, University of Kentucky
Session Number: 078   Short-selling and Announcements     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Deniz Ozenbas, Montclair State University
The Effect of Short Selling Constraints on Earning Announcements: the Case of Hong Kong   Palani-Rajan Kadapakkam, University of Texas at San Antonio   Yilun Shi,University of Texas at San Antonio Discussant: Xue Wang, Binghamton University	The Effect of Short Selling on Market Reactions to Earnings Announcement   Dennis Lasser, SUNY-Binghamton   Xue Wang, SUNY-Binghamton   Yan Zhang, SUNY-Binghamton Discussant: Deniz Ozenbas, Montclair State University	Do Short Sale Transactions Precede Merger & Acquisition Events? Evidence from the Taiwan Stock Exchange   Xiaotian Zhu, Old Dominion University   Qian Sun, Old Dominion University Discussant: Dong-Yoon Kim, Montclair State University
Session Number: 079   Mispricing     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Carole Comerton-Forde, University of Sydney
Agency Costs and the Underlying Causes of Mispricing: Information Asymmetry versus Conflict of Interests   Christos Pantzalis, University of South Florida   Jung Chul Park,University of South Florida Discussant: Kingsley Fong, University of New South Wales	Investors' Hold Sentiment Conveys a Buy Side Signal: Evidence from Internet Stock Message Boards   Ying (Clement) Chang, University of Texas Arlington   Peggy E. Swanson, University of Texas Arlington Discussant: Carole Comerton-Forde, University of Sydney	Weather and Intraday Trading Activity   Shao-chi Chang, National Cheng Kung University   Sheng-Syan Chen, National Taiwan University   Robin K. Chou, National Central University   Yueh-Hsiang Lin, Takming College Discussant: Tim Loughran, University of Notre Dame
Session Number: 080   Information and Stock Returns     Thursday, October 18, 11:30 am - 1:00 pm Chairperson Hadiye Aslan, University of Houston
Information Quality and Stock Returns Revisited   Frode Brevik, University of St. Gallen   Stefano d'Addona,CUNY Graduate Center and University of Rome 3 Discussant: Liyan Yang, Cornell University	Supply signals, complementarities, and multiplicity in asset prices and information acquisition   Jayant V Ganguli, Cornell University   Liyan Yang, Cornell University Discussant: Mark Loewenstein, University of Maryland	Information Risk and the Value Premium   Qiang Kang, University of Miami   Lixin Huang, City University of Hong Kong Discussant: Hadiye Aslan, University of Houston
Session Number: 081   Components of the Bid-Ask Spread     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Bidisha Chakrabarty, St Louis University
An Analysis of Private and Public Information Elements in the NYSE Stocks   Chi-Jeng Wang, National Sun Yat-Sen University   Jhih Cian Liao,National Sun Yat-Sen University Discussant: Asli Ascioglu, Bryant University	An Analysis of the Inventory Holding Components of the Bid-Ask Spread   Birsel T. Pirim, University of Mississippi   Bonnie F. Van Ness, University of Mississippi   Robert A. Van Ness, University of Mississippi Discussant: Bidisha Chakrabarty, St Louis University	Evaluating Spread decomposition Models with a Basket Security   Patricia L Chelley-Steeley, Aston University   Keebong Park, Aston University Discussant: Alex Kurov, West Virginia University
Session Number: 082   Investment Strategy and Beating the Benchmark     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Christine Brown, University of Melbourne
ALTERNATIVE INVESTMENTS: THE CASE OF WINE   Lee W. W.Sanning, University of Wyoming   Sherrill Shaffer,University of Wyoming   Jo Marie Sharratt, University of Wyoming Discussant: ,	Analyzing Regime Switching in Stock Returns: An Investment Perspective   Jun Tu, Singapore Management University Discussant to be announced	Can a Realistically Constrained Fund Manager Beat The Benchmark Index Using Anomaly-Based Strategies?   Ryan McKeon, University of Georgia Discussant: ,
Session Number: 083   Issues Concerning the Performance of Mutual Funds     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Patrik Sandas, University of Virginia
Dollar-Weighted vs. Time-Weighted Returns: Timing and Scale Effects from Flows in Open-End Mutual Funds   Conrad Ciccotello, Georgia State University   Jason Greeene,Georgia State University   Leng Ling, Georgia State University Discussant: Nicole M Boyson, Northeastern University	The Impact of Work Group Diversity on Performance in the Mutual Fund Industry   Michaela Baer, University of Cologne   Alexandra Niessen, University of Cologne   Stefan Ruenzi, University of Cologne Discussant: Anna Agapova, Florida Atlantic University	Why Mutual Funds Underperform   Vincent Glode, Carnegie Mellon University Discussant: Jennifer Huang, University of Texas Austin
Session Number: 084   Pricing Credit Risk     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Til Schuermann, Fed Res Bank New York
Pricing Credit Card Loans with Default Risks   Chuang-Chang Chang, National Central University   Hsi-Chi Chen,Taiwan Futures Exchange   Ra-Jian Ho, National Central University   Hong-Wen Lin, National Central University Discussant: Michael Jacobs , OCC	Time Varying Default Risk Premia in Corporate Bond Markets   Jan Ericsson, McGill University   Redouane Elkamhi, McGill University Discussant: Yildiray Yildirim, Syracuse Univ	Credit Spread by a Modified Leland-Toft Model   Howard Qi, Michigan Technological University Discussant: Til Schuermann , Fed Res Bank New York
Session Number: 085   Portfolio Theory: Methodologies     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Gautam Vora, University of New Mexico
Changes in Market Behavior during Bad Times: A Bivariate Regime-Switching Approach with Stock and T-Bond Futures   Naresh Bansal, University of Georgia   Robert Connolly,University of North Carolina - Chapel Hill   Chris Stivers, University of Georgia Discussant: Jahangir Sultan, Bentley College	Generating Covariance Matrices with Realistic Distributional Characteristics and Implications to Portfolio Selection and Portfolio Management   Yue Qi, Nankai University   Markus Hirschberger, University of Eichstatt-Ingolstadt   Ralph E. Steuer, University of Georgia   Yinfeng Qi, Nankai University Discussant: Rafiqul Bhuyan, Cal State Sacramento	Optimal Life-Cycle Asset Allocation with Housing as Collateral   Rui Yao, Baruch College / CUNY   Harold Zhang, University of Texas Dallas Discussant: Michael Cliff, Virginia Tech
Session Number: 086   Trade-offs in Alternative Corporate Control Mechanisms     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Ron Masulis, Vanderbilt University
Are debt and incentive compensation substitutes in controlling the free cash flow agency problem?   Yilei Zhang, University of North Dakota Discussant: Diana Knyazeva, University of Rochester	Takeover Defenses, Managerial Ownership, and Firm Leverage   Senay Agca, George Washington University   Sattar Mansi, Virginia Tech Discussant: Fei Xie, George Mason University	Takeover Exposure, Agency, and the Choice between Private and Public Debt   Matteo P. Arena, Marquette University   John S. Howe, University of Missouri – Columbia Discussant: Espen Eckbo, Dartmouth College
Session Number: 087   No Session Scheduled     Thursday, October 18, 2:00 pm - 3:30 pm
Session Number: 088   No Session Scheduled     Thursday, October 18, 2:00 pm - 3:30 pm
Session Number: 089   Journal Rankings and Faculty Performance Evaluation     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Munir Hassan, Claflin University
Business Schools' Rankings and Faculty Research Productivity: An Examination of Recent Research   Dave O OJackson, University of Texas-Pan American   Cynthia J Brown,University of Texas-Pan American Discussant: Kam C Chan, Western Kentucky University	Finance Faculty Performance Evaluation: A Self-Assessment   Connie Shum, Pittsburg State University   Kam C Chan, Western Kentucky University   Samanta Thapa, Western Kentucky University Discussant: Praveen K Das, Univ of Wisconsin Milwaukee	Ranking Journals by Concentration of Author Affiliation: Thirty-Five Years of Finance Research   Dennis J Lasser, Binghamton University   Kristian Rydqvist, Binghamton University Discussant: David A Walker, Georgetown University
Session Number: 090   What Should we be Teaching Students and What do Employers Really Want Students to Know?     Thursday, October 18, 2:00 pm - 3:30 pm This session will address: What should we (academics) be teaching students? What do employers really want students to know in their first job What should we be teaching our students (for immediate and long term success) How can we integrate necessary knowledge and skills into curriculum? What can we do outside of the classroom to prepare our students Moderator Chip Ryan Georgia State University Panelists Bob Parrino University of Texas Austin Jarrad Harford University of Washington
Session Number: 093   Global Investing     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson to be announced
The Performance and Persistence of Exchange-Traded Funds: Evidence for iShares MSCI country-specific ETFs   Tzu-Wei Kuo, Financial Legislation Research Association   Cesario Mateus,University of Greenwich	Trading Behavior and Performance of Foreigners, Local Institutions, and Individual Investors: Evidence from the Korean Stock Market   Sung C Bae, Bowling Green State University   Jae Hoon Min, Seowon University	Who Benefits More From Global Diversification? An Over-Time Perspective   Wan-Jiun Paul Chiou, Shippensburg University   , Discussant: Sijing Zong , Cal State Stanislaus
Session Number: 094   Governance and Value     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Sris Chatterjee, Fordham University
Agency costs, corporate governance and ownership structure: Evidence from Australia   Darren John JohnHenry, La Trobe University Discussant: Sris Chatterjee, Fordham University	THE EFFECTS OF SHAREHOLDER RIGHTS ON PRIVATELY NEGOTIATED STOCK REPURCHASES   Oneil M. Harris, Florida Altantic University   Kimberly C. Gleason, Florida Atlantic University Discussant: Donald Monk, Tulane University	Firm Growth and Corporate Transparency: Evidence from Firm-level Data   Heng An, University of Alabama Discussant: Vivian Fang, Tulane University
Session Number: 095   CEO Pay in Transition     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Yisong Tian, York University
What Happens to CEO Compensation Following Turnover and Succession?   Eahab Elsaid, University of Lethbridge   Wallace N. Davidson III,SIU Carbondale Discussant: Basak Tanyeri, SIU & Bilkent University	Persistently Underpaid CEOs and their Influence on Pay Benchmarks   Gregory L Nagel, Mississippi State University Discussant: David Offenberg, Loyola Marymount University	Separation bonuses for CEOs: bonding or rent extraction?   Shane A Van Dalsem, University of Wisconsin LaCrosse Discussant: Vincent Intintoli, University of Arizona
Session Number: 096   Corporate Governance in IPOs     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Laura Field, Penn State University
Governance and International IPO Underpricing   Thomas J Boulton, Miami University   Scott B Smart,Indiana University   Chad J Zutter, University of Pittsburgh Discussant: Laura Field, Penn State University	Does regulation substitute or compliment governance?   David A. Becher, Drexel University   Melissa B Frye, University of Central Florida Discussant: Michelle Lowry, Penn State University	Do Venture Capital Firms Promote "Good" Governance at IPO Companies? An Examination of the Decisions to Adopt a Classified Board   David Pompilio, Cornell University Discussant: Marius Popescu, University of Massachusetts
Session Number: 097   Default Risk: Empirical Evidence     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Kathleen Johnson, Federal Reserve Board
Default Risk in the US Mortgage Market   Toby C CDaglish, Victoria University of Wellington   Jon A Garfinkel,University of Iowa   Jay Sa-Aadu, University of Iowa Discussant: Andreas Lehnert, Federal Reserve Board	HOW MUCH OF A HAIRCUT? OPTIONS-BASED STRUCTURAL MODELING OF DEFAULTED BOND RECOVERY RATES   Joseph R Mason, Drexel University   Michael S. Pagano, Villanova University   Robert R. Cangemi, Jr., Citigroup Discussant: Song Han, Federal Reserve Board	Time Varying Expected Returns, Stochastic Dividend Yields, and Default Probabilities: Linking the Credit Risk and Equity Literatures   George Chacko, Kite Partners   Peter Hecht, Allstate Investments   Jens Hilscher, Brandeis University Discussant: Amy Lipton, St Joseph's University
Session Number: 098   The Role of Information in Mergers and Acquisitions     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Ronald W Melicher, University of Colorado Boulder
Prior Relationship, Information Leakage, and the Choice of M&A Advisor   Xin Chang, University of Melbourne   Chander Shekhar,University of Melbourne   Lewis Tam, University of Macau   Amy Zhu, University of Melbourne Discussant: Stefan P Platikanov, Suffolk University	Home biased? A spatial analysis of the domestic merging behavior of US firms   Michael H Grote, Goethe University   Marc P Umber, Goethe University Discussant: Wei Wang, University of Colorado Boulder	The Effect of Prior Bidder-Target Alliance Experiences on Post-acquisition Performance of Bidders   Ming-Tse Tsai, National Cheng Kung University, Tainan, Taiwan   Shao-Chi Chang, National Cheng Kung University, Tainan, Taiwan Discussant: Mattias Nilsson, University of Colorado Boulder
Session Number: 099   Capital Structure: Empirical Evidence     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Tao-Hsien Dolly King, UNC Charlotte
How Do Firms Finance Their Investments? The Relative Importance of Equity Issuance and Debt Contracting Costs   Vladimir Gatchev, University of Central Florida   Paul Spindt,Tulane University   Vefa Tarhan, Loyola University Chicago Discussant: Ayla Kayhan, Louisiana State University	The Pecking Order of Financing in the Firm’s Life Cycle   Zhipeng Yan, Brandeis University   Laarni Bulan, Brandeis University Discussant: Justin Murfin, Duke University	What drives Capital Structure Decisions? A dynamic rebalancing model for leverage changes   DORUK ILGAZ, University of Texas - San Antonio Discussant: Tao-Hsien Dolly King, UNC Charlotte
Session Number: 100   Dividends and Agency Costs     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Gohar Stepanyan, Purdue Univ
The cash holdings hypothesis of dividend policy: Evidence from dividend initiations   Jesus M MSalas, University of Oklahoma Discussant: David Smith, SUNY at Albany	Agency Cost and Dividend: Evidence From Anti-takeover Legislation   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan, Rensselaer Polytechnic Institute   Liang Song, Rensselaer Polytechnic Institute   Kose John, New York University Discussant: Ettore Croci, University of Milan Bicocca	The Role of Dividends in a Regulated Economy: the Case of China   Donghua Chen, Nanjing University   Ming Jian, Nanyang Technological University   Ming Xu, The Hong Kong Polytechnic University Discussant: John Wingender ,Creighton Univ
Session Number: 101   Futures Market Trading     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Louis Ederington, University of Oklahoma
Large Trades and Intraday Futures Price Behavior   Alex Frino, University of Sydney   Johan Bjursell,George Mason University   George HK Wang, George Mason University   Andrew Lepone, University of Sydney Discussant: Duong Le, University of Oklahoma	Enhancing Diversification by Adding Commodity Futures   Leyuan You, University of Alaska Anchorage   Robert Daigler, Florida International University Discussant: Louis Ederington, University of Oklahoma	Fundamental News and the Behavior of Commodity Futures Prices: Price Discovery and Jumps in US Natural Gas Futures and Spot Prices   Song Zan Chiou-Wei, Nan-Hua University   Scott C Linn, University of Oklahoma   Zhen Zhu, C.H. Guernsey and Company & University of Central Oklahoma Discussant: Peter Locke, Texas Christian University
Session Number: 102   Skewness     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Don Chance, Louisiana State University
Pricing Futures Options with a Discrete Skewness Model   R. Stafford StaffordJohnson, Xavier University   Richard A. Zuber,University of North Carolina at Charlotte   John M. Gandar, University of North Carolina at Charlotte   Steven P. Clark, University of North Carolina at Charlotte Discussant: Natalia Beliaeva, Suffolk University	Systematic Skewness in the Pricing of Options   Yanming Shu, St. John's University, Taiwan   Larry W. Taylor, Lehigh University, USA   Wenlong Weng, Lehigh University, USA Discussant: Ed Szado, University of Massachusetts Amherst	Empirical Analysis of Asset Returns with Skewness, Kurtosis, Outliers: Evidence from 30 Dow-Jones Industrial Stocks   Thomas C Chiang, Drexel University   Jiandong Li, Drexel University Discussant: Don Chance, Louisiana State University
Session Number: 103   Market Discipline and Information Asymmetry in Banking     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Omar M Al Nasser, University of Texas Pan American
The Effects of Conventional Legal Institutions and Bank Regulation Frameworks on the Earnings Management by Banks around the World   Yuanchen Chang, National Chengchi University   Hsiangping Tsai,National Chengchi University   K.C. John Wei, Hong Kong University of Science and Technology Discussant: Joseph Reising, Minnesota State University Mankato	What's Different About Banks? Depositor Discipline and Acitve Monitoring   Michael F. Ferguson, University of Cincinnati   Bradley A. Stevenson, University of Akron Discussant: Sridhar Sundaram, Grand Valley State University	Why Do Borrowers Pledge Collateral? New Empirical Evidence on the Role of Asymmetric Information   Allen N. Berger, Federal Reserve System   Marco A. Espinosa-Vega, International Monetary Fund   W. Scott Frame, Federal Reserve Bank of Atlanta   Nathan H. Miller, University of California at Berkeley Discussant: Alexander Zeisler, Catholic University of Eichstaett
Session Number: 104   Microstructure in Currency Markets     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Jian Yang, University of Colorado Denver
Private information, bid-ask spreads and return volatility in the foreign exchange market   Frank Joseph JosephMcGroarty, University of Southampton Discussant: Qingqing Chen, Cornell University	Trading Behavior in the Foreign Exchange Brokered Market   James A Ligon, University of Alabama   Hao-Chen Liu, University of Alabama Discussant: Ming-Chun Wang, WuFeng Inst of Tech	Do Foreigners Facilitate Information Transmission?   Kee-Hong Bae, Queen's University   Arzu Ozoguz, UNC-Chapel Hill   Hongping Tan, University of Northern British Columbia Discussant: Kumar Venkataraman, Southern Methodist University
Session Number: 105   Information from the Balance Sheet and its Effect on Stock Returns     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Erik Devos, Ohio University
Behavioral and rational explanations of stock price performance around SEOs: Evidence from a decomposition of market-to-book ratios   Michael G GHertzel, Arizona State University   Zhi Li,Arizona State University Discussant: Erik Devos, Ohio University	Book-to-market as a measure of systematic risk: Evidence from the Degree of Operating Leverage   Luis Garcia-Feijoo, Creighton University   Randy D Jorgensen, Creighton University Discussant: Doina Chichernea, University of Cincinnati	Information in Balance Sheets for Future Stock Returns: Evidence from Net Operating Assets   George Papanastasopoulos, University of Peloponnese   Dimitrios Thomakos, University of Peloponnese   Tao Wang, City University of New York Discussant: Hoang Huy Nguyen, University of Baltimore
Session Number: 106   Analyst Forecasts     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Valentina Salotti, Iowa State University & University of Bologna
The role of bank quality in mitigating the market reaction to adverse rating agency announcements concerning bank loans   Wei-Huei Hsu, Massey University   Abdullah Mamun,University of Saskatchewan   Lawrence C. Rose, Massey University Discussant: Valentina Salotti, Iowa State University & University of Bologna	Capital Structure Arbitrage: An Empirical Investigation   Mascia Bedendo, Bocconi University and Newfin   Lara Cathcart, Imperial College London   Lina El-Jahel, Imperial College London Discussant: Anand Venkateswaran, Northeastern University	Earnings and Dividend Information Contained in Bond Rating Changes   Steven T Anderson, University of Otago   Gurmeet S Bhabra, University of Otago   Harjeet S Bhabra, Concordia University   Asjeet S Lamba, University of Melbourne Discussant: I-Ju Chen, Jin Wen Institute of Technology
Session Number: 107   Idiosyncratic Risk as a Systematic Factor     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Kimberly Gleason, Florida Atlantic Univ
Does Noise Create the Size and Value Effects?   Robert Arnott, Research Affiliates, LLC   Jason Hsu,Research Affiliates, LLC & University of California Irvine   Jun Liu, University of California San Diego   Harry Markowitz, University of California San Diego Discussant: Maryna Murdoch ,Florida Atlantic Univ	Idiosyncratic Volatility, Uncertainty and Cross-Sectional Returns   Christos Pantzalis, University of South Florida   Ziwei Xu, University of South Florida Discussant: Meng Li, Old Dominion Univ	Implied Idiosyncratic Volatility and the Cross-Section of Stock Returns   Dean Diavatopoulos, Florida State University   James S Doran, Florida State University   David R Peterson, Florida State University Discussant: Jonathan Godbey ,James Madison University
Session Number: 108   Predictability of Stock Returns     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Guofu Zhou, Washington University in St Louis
Predicted returns and sources of momentum profits   Qiang Kang, University of Miami   Canlin Li,University of California-Riverside Discussant: Eric Kelley, University of Arizona	Stock Return Predictability under Regime Switches and Model Uncertainty   Licheng Sun, Old Dominion University Discussant: Georgios Skoulakis, University of Maryland	Understanding Stock Return Predictability   Hui Guo, Federal Reserve Bank of St. Louis   Robert Savickas, George Washington University Discussant: Hore Satadru, University of Iowa
Session Number: 109   Market Quality     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Frederick Harris, Wake Forest University
NYSE Execution Quality Subsequent to Migration to Hybrid   Jose Antonio AntonioGutierrez, University of Texas San Antonio   Yiuman Tse,University of Texas San Antonio Discussant: W David Zhang, Arizona State University	Transparency, liquidity aggregation, and market quality: Evidence from SuperMontage   Kee H. Chung, SUNY at Buffalo   Chairat Chuwonganant, Kansas State Univ Discussant: Premal Vora, Penn State Harrisburg	Using Matched Samples to Test for Differences in Trade Execution Costs   Ryan J Davies, Babson College   Sang Soo Kim, Korea Development Bank Discussant: Chris Riley, University of Mississippi
Session Number: 110   Background and Downside Risk     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Leigh Riddick, American University
How Does Background Risk Affect Investment Risk-taking? Evidence from Insurers' Corporate Bond Portfolios   Xuanjuan Chen, University of North Carolina Wilmington   Tong Yao,University of Arizona   Tong Yu, University of Rhode Island	Investment Allocation Decisions and Downside Risk Management   Xun Li, National University of Singapore   Zhenyu Wu, University of Saskatchewan Discussant: Gregory Noronha, University of Washington Tacoma	Portfolio Choice, Background Risk, and University Endowment Funds   Stephen G Dimmock, Michigan State University Discussant: Joel T Harper, Oklahoma State University
Session Number: 111   Governance in the Mutual Fund Industry     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Helen Bowers, University of Delaware
Are Directors Necessary? The case of S&P 500 Index Mutual Fund   John C CAdams, University of South Florida   Takeshi Nishikawa,St. John's University Discussant: Li Que, York University	Does Corporate Governance Matter for Mutual Funds?   Wen-Hsiu Chou, University of Wisconsin Milwaukee   Lilian Ng, University of Wisconsin Milwaukee   Qinghai Wang, University of Wisconsin Milwaukee Discussant: Rasha Ashraf, Georgia State University	Employment Risk and Compensation Incentives as Determinants of Managerial Risk Taking: Evidence from the Mutual Fund Industry   Alexander Kempf, University of Cologne - Centre for Financial Research (CFR)   Stefan Ruenzi, University of Cologne - Centre for Financial Research (CFR)   Tanja Thiele, Univeristy of Cologne - Centre for Financial Research (CFR) Discussant: Kathleen Fuller, University of Mississippi
Session Number: 112   Corporate Debt Management     Thursday, October 18, 2:00 pm - 3:30 pm Chairperson: Howard Qi, Michigan Tech University
Leverage, Options Liabilities and Corporate Bond Pricing   Hueng-Ming Huang, Syracuse University   Yildiray Yildirim,Syracuse University Discussant: Andrea Heuson ,University of Miami	DEFAULT PRONE BOND PRICES, VALUABLE GROWTH OPTIONS AND THE OPTION TO RE-ORGANIZE   Padma Kadiyala, Pace University   Osman Colak, Dresdner Kleinwort Discussant: Xiaofei Li, York University	Earnings management and the cost of debt   Andrew Prevost, Ohio University   Christopher J Skousen, University of Texas Arlington   Ramesh P Rao, Oklahoma State University Discussant: Costanza Meneghetti, Georgia State University
Session Number: 113   Performance of Mutual Fund Managers     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Munir Hassan, Claflin University
On Monthly Mutual Fund Flows   George D DCashman, Arizona State University   Daniel N Deli,Arizona State University   Federico Nardari, Arizona State University   Sriram V Villupuram, Arizona State University Discussant: Guillermo Baquero, Erasmus University Rotterdam	Do Mutual Fund Managers Time Market Liquidity?   Ying Wang, Penn State University   Charles Cao, Penn State University   Timothy T. Simin, Penn State University Discussant: Duong Nguyen, University of Massachusetts Dartmouth	Hedge funds for retail investors? An examination of hedged mutual funds   Vikas Agarwal, Georgia State University   Nicole M Boyson, Northeastern University   Narayan Y Naik, London Business School Discussant: Henrik Cronqvist, The Ohio State University
Session Number: 114   Corporate Governance     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Tatyana Sokolyk, University of Wyoming
Informativeness of Managerial Stock Ownership and Market Reaction to Stock Repurchase Announcements   Alexander Vedrashko, University of California, Berkeley   Ilona Babenko,Hong Kong University of Science and Technology Discussant: Laura Field, Penn State University	Dynamic Governance   Thomas Noe, Tulane University   Michael Rebello, Tulane University Discussant: Tatyana Sokolyk, University of Wyoming	The Effect of Board Structure on Firm Value in an Emerging Market: IV, DiD, and Time Series Evidence from Korea   Bernard S. Black, University of Texas   Woochan Kim, KDI School of Public Policy and Management Discussant: Jing Zhao ,NC State University
Session Number: 115   No Session Scheduled     Thursday, October 18, 3:45 pm - 5:15 pm
Session Number: 116   A Practitioner's Guide to using the Internet for Financial Research     Thursday, October 18, 3:45 pm - 5:15 pm
Session Number: 117   Journal Editors' Roundtable     Thursday, October 18, 3:45 pm - 5:15 pm Editors will discuss important issues regarding the publication process in finance. Moderator Jacqueline Garner Drexel University Panelists Bill Christie, Editor, Financial Management Frances Hampton Currey Professor of Management and Professor of Law Vanderbilt University Jayant R Kale, Co-Editor, Journal of Financial Research Board of Advisors Professor of Global Financial Markets Georgia State University Jonathan Karpoff, Managing Editor (1989-2003), Journal of Financial and Quantitative Analysis Norman J Metcalfe Profess of Finance University of Washington Betty Simkins, Executive Editor, FMA Online and Co-Editor, Journal of Applied Finance Williams Companies Professor of Business Oklahoma State University
Session Number: 118   Student Chapter Management     Thursday, October 18, 3:45 pm - 5:15 pm Panelists will provide advice on setting up an FMA student chapter, finding speakers and other activities for the chapter, and fundraising. The session will highlight the benefits of being affiliated with the FMA International early in the students' college career. Session attendees will be encouraged to share their experiences with Chapter advising. Moderator Janet Payne, FMA Student Chapters' Committee Chairperson Texas State University Panelists John Clinebell, University of Northern Colorado Ross Dickens, University of South Alabama Nicole Riesenberg, University of Central Florida
Session Number: 119   Should Financial Stability be a Central bank Objective?     Thursday, October 18, 3:45 pm - 5:15 pm Concerns about financial stability have heightened over the past decade as financial market volatility seems to have increased relative to the volatility of economic activity. Moreover, new financial instruments and institutions have raised issues about the robustness of some financial transactions during times of stress. Should it be the job of a Central Bank to try to assure that financial systems are stable? Is this task intertwined with monetary policy? Are financial markets inherently unstable without government oversight and intervention? Moderator S Wayne Passmore, Deputy Associate Director Board of Governors of the Federal Reserve System Panelists Mark J Flannery, Bank of America Eminent Scholar of Finance University of Florida David KA Mordecai, Co-Chair, Liquity Risk Committee International Association of Financial Engineers Robert A Eisenbeis, Economic Consultant Shadow Financial Regulatory Committee
Session Number: 121   Agency     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Yiliray Yildirim, Syracuse University
A Theory of Financial Leverage and Price Competition for a Retailing Industry   Chyi-Mei Chen, National Taiwan University   Chia-Hui Chen,Massachusetts Inst of Technology   Shan-Yu Chou, National Taiwan University Discussant: Yildiray Yildirim, Syracuse University	Disclosure Quality and its Effect on Litigation Risk   Saumya Mohan, University of Texas Austin Discussant: Saiying (Esther) Deng, University of Minnesota Duluth	Endogeneity in Stockholder Perceptions of Agency Costs   Kenneth A Borokhovich, Cleveland State University   Kelly R Brunarski, Miami University   Yvette S Harman, Miami University Discussant: Arun Upadhyay, Temple University
Session Number: 122   Disclosure of Corporate Activities     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Cesario Mateus, University of Greenwich
How Does Takeover Vulnerability Affect Management Earnings Forecasts?   Huijing Fu, Texas Christian University   Mark H Liu,University of Kentucky Discussant: Zekeriya Eser, Eastern Kentucky University	Managerial Empire Building and Firm Disclosure   Ole-Kristian Hope, University of Toronto   Wayne B Thomas, University of Oklahoma Discussant: Pawan Madhogarhia, Penn State University	The GFOA Certificate Revisited: Excellence in Financial Reporting and the Costs and Benefits of High Disclosure   Kenneth N Daniels, Virginia Commonwealth University   Angela K Gore, University of Oregon   Jayaraman Vijayakumar, Virginia Commonwealth University Discussant: Anna Martin, St John's University
Session Number: 123   CEO and Director Compensation     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: David Robinson, Duke University
CEO compensation and Corporate Governance in Non-Financial Firms: An Empirical Investigation of UK Panel Data   Neslihan Ozkan, University of Bristol   Chrisostomos Florackis,University of Liverpool Discussant: David Robinson, Duke University	CEO Power, Compensation, and Governance   Rui Albuquerque, Boston University   Jianjun Miao, Boston University Discussant: Christa Bouwman, Case Western Reserve University	An Examination of Director Compensation: The Rolse of Benchmarking and Asymmetry   Kathleen A Farrell, University of Nebraska-Lincoln   Philip L Hersch, Wichita State University   Geoffrey Friesen, University of Nebraska Lincoln Discussant: Gennaro Bernile, University of Miami
Session Number: 124   IPOs and the Secondary Market     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Marc L Lipson, University of Virginia
Heterogeneous Beliefs, Short Sale Constraints, and the Role of the Underwriter in IPOs   Thomas J. J.Chemmanur, Boston College   Karthik Krishnan,Boston College Discussant: Michelle Lowry, Penn State University	Short Selling and Failures to Deliver in Initial Public Offerings   Amy K Edwards, US SEC   Kathleen Weiss Hanley, US SEC Discussant: Ingrid Werner, Ohio State University	Underwriting Syndicates, Information and the Secondary Market Liquidity of Initial Public Offerings   Marius Popescu, Virginia Tech Discussant: Laurie Krigman, Babson College
Session Number: 125   The Behavior of Firms in Financial Distress     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: George Pinteris, University of Illinois
Debt-Equity Choice of Junk-Rated Debt   Palani-Rajan Kadapakkam, University of Texas San Antonio   Alex Meisami,University of Texas San Antonio   ,   , Discussant: George Pinteris, University of Illinois	The impact of intermediate restructuring events on firm survival   Ronan Powell, University of New South Wales   Alfred Yawson, University of New South Wales Discussant: Dror Parnes, University of South Florida	Trade Receivables Policy of Distressed Firms and its Effect on the Cost of Financial Distress   Carlos A Molina, Instituto de Estudios Superiores de Administracion - IESA   Lorenzo A Preve, IAE, Universidad Austral Discussant: Stefano Gatti, Bocconi University
Session Number: 126   Product Market Competition: Acquisitions and IPOs     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Sris Chatterjee, Fordham University
Capital Allocation and the Price of Insurance: Evidence from the Merger and Acquisition Activity in the U.S. Property-Liability Insurance Industry   Jeungbo Shim, Georgia State University Discussant: Jacqueline Volkman, Fordham University	Does Strategic Competition affect Returns to Acquirer's Rivals?   Kenneth J. Hunsader, University of South Alabama   Natalya Delcoure, Sam Houston State University   James S. Ang, Florida State University Discussant: Sris Chatterjee, Fordham University	The New Game in Town: Competitive Effects of IPOs   Hung Chia Hsu, UNC Chapel Hill   Adam V Reed, UNC Chapel Hill   Jorg Rocholl, UNC Chapel Hill Discussant: Maya Waisman, Fordham University
Session Number: 127   Capital Structure: Theoretical Issues     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Levent Guntay, Indiana University
Debt-equity choice as a signal of earnings profile over time   Anton Miglo, University of Guelph Discussant: Vassil Mihov, Texas Christian University	Project financing versus corporate financing under asymmetric information   Anton Miglo, University of Guelph Discussant: Xiaoyun Yu, Indiana University	Debt Issues and Capital Structure with Soft Information: A Theoretical Analysis   Yawen Jiao, Rensselaer Polytechnic Institute Discussant: Alexander Vedrashko, UC Berkeley
Session Number: 128   Share Repurchases     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Kathleen Fuller, University of Mississippi
Stock Options and Total Payout   Charles Cuny, Washington University   Gerald S Martin,Texas A&M University   John Puthenpurackal, University of Nevada, Las Vegas Discussant: Ge Zhang, Baruch College	Open-Market Share Repurchases: Do Managers ObtainLower Repurchase Prices by Manipulating Earnings?   Hui Di, Louisiana Tech University   Dalia Marciukaityte, Louisiana Tech University & Drexel University Discussant: Naveen Daniel, Purdue University	Levered Repurchase: Who Benefits?   Kristina Minnick, Bentley College   Mengxin Zhao, Bentley College Discussant: John Puthenpurackal, University of Nevada Las Vegas
Session Number: 129   Option Pricing Models     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: KC Chen, Cal State Fresno
A ``Horse Race'' Among Competing Option Pricing Models using S&P 500 Index Options   Minqiang Li, Georgia Institute of Technology   Neil Pearson,University of Illinois at Urbana-Champaign Discussant: Qin Wang, University of Arizona	Adaptive Mesh Modeling and Barrier Option Pricing Under a Jump-Diffusion Process   Jason Fink, James Madison University   Michael Albert, Duke University   Kristin Fink, James Madison University Discussant: Kashi Nath Tiwari, KNT's Academic Financial Research	DO OPTION TRADERS ON VALUE AND GROWTH STOCKS REACT DIFFERENTLY TO NEW INFORMATION?   Wei He, University of Texas of the Permian Basin   Yen-Sheng Lee, University of New Orleans   Peihwang Wei, University of New Orleans   Susan Zee, Southern University at New Orleans Discussant: Rafiqul Bhuyan, Cal State Sacramento
Session Number: 130   Corporate Hedging and Risk Measures     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Sudheer Chava, Texas A&M University
The Structural Agency Solution to Determine Going Concern Status   Ren-Raw Chen, Rutgers University   Hsuan-Chu Lin,National Cheng Kung University   Michael Long, Rutgers University Discussant: Jonathan Cohn, University of Michigan	Why do firms speculate? Evidence from the gold mining industry   Tim R. Adam, Massachusetts Institute of Technology   Chitru S. Fernando, University of Oklahoma   Jesus M. Salas, University of Oklahoma Discussant: Sudheer Chava, Texas A&M University
Session Number: 131   Issues in Banking     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Fatma Cebenoyan, Hunter College
Are Bank Loans Special? Evidence from loan announcements   Pankaj Kumar KumarMaskara, University of Kentucky Discussant: Beth Cooperman, University of Colorado Denver	An Analysis of the Relationship between Dividend Policy, Merger Activity, and Performance of Banking Firms Post-IPO   Marcia Millon Cornett, Southern Illinois University   Alex Fayman, Central Arkansas Univerisity   Hassan Tehranian, Boston College Discussant: Michael Fuerst, University of Miami	Bank Consolidation and New Business Formation   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan, Rensselaer Polytechnic Institute   Haizhi Wang, Rensselaer Polytechnic Institute Discussant: Sinan Cebenoyan, Hofstra University
Session Number: 132   Corporate Investment and Currency     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Mingsheng Li, Bowling Green State University
A Framework within Which to Reconcile Stated Intent and Actual Practice in China’s 2005 Currency Regime Change   Chanwit Phengpis, California State University, Long Beach   Peggy E. Swanson,University of Texas at Arlington Discussant: Yan He, Indiana University	Partial Privatization and SIP Stock Price Performance: Evidence from China   Wei-Ju Chen, National Central University   Robin K Chou, National Central University   Yu Jane Liu, National Chengchi University Discussant: Chanwit Phengpis, Cal State Long Beach	The choice between rights and underwritten equity offerings: evidence from the Chinese Stock Markets   Li Dang, California Polytechnic State University   J Jimmy Yang, Oregon State University Discussant: Mingsheng Li, Bowling Green State University
Session Number: 133   Revisiting Corporate Earnings and Stock Returns     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Sean Finucane, CFA Institute
Joint effect of earnings components and earnings surprises on future performance and stock returns   Xavier Garza Gomez, University of Houston-Victoria   Michio Kunimura,Meijo University   Yong Lee, University of Houston-Victoria Discussant: Nivine Richie, UNC Wilmington	Forecasted Earnings per Share and the Cross Section of Expected Stock Returns   Ling Cen, Hong Kong University of Science and Technology   K.C. John Wei, Hong Kong University of Science and Technology   Jie Zhang, The Hong Kong Polytechnic University Discussant: John Stowe, CFA Institute	The Timing of Earnings Announcements and Market Response to Earnings News   Qi Sun, California State University San Marcos Discussant: Sean Finucane, CFA Institute
Session Number: 134   Stock Price Reactions to Information     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Carl Ullrich, Virginia Tech
Costly Arbitrage and the Lead-lag Structure between Value and Glamour Stocks   Meng Li, Old Dominion University Discussant: Vivian Wang, Penn State University	The Use of Indicator Variable Approach in Short-term Event Studies   Ronald Bremer, Texas Tech University   Zhaohui Zhang, Long Island University, CW Post Discussant: Murat Atamer, UNC Chapel Hill	Opinion Divergence and the Post-Earnings Announcement Drift   Kirsten L. Anderson, Georgetown University   Jeffrey H. Harris, University of Delaware   Eric So, Nasdaq Discussant: Zahn Bozanic, Penn State University
Session Number: 135   Linking Stock Returns to Corporate Characteristics     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Robert Connelly, UNC Chapel Hill
An Equilibrium Model of R&D and Stock Returns   Xiaoji Lin, University of Minnesota Discussant: Laurent Fresard ,Univ of Neuchatel	The Impact of Reg FD on Value and Growth Stock Returns   Pieter J de Jong, University of Texas at Arlington Discussant: Sahn-Wook Huh, Brock University	Characterizing Value and Growth Investing in Institutional Portfolios   Christophe Faugere, University at Albany   Hany A. Shawky, University at Albany   David Smith, University at Albany Discussant: Byoung-Hyoun Hwang, Emory University
Session Number: 136   The Diehard Beta     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson to be announced
Beta May Not Be Dead After All: A New Framework for Measuring and Correcting the Bias in Cross-Sectional Tests of the CAPM   Jungshik Hur, Virginia Tech   Raman Kumar,Virginia Tech Discussant: Yi Tang, Baruch College	The conditional beta and the cross-section of expected returns   Turan G. Bali, Baruch College   Nusret Cakici, City College of New York   Yi Tang, Baruch College Discussant: Hadiye Aslan, University of Houston	OLIVE: A Simple Method for Estimating Betas When Factors Are Measured with Error   Jushan Bai, New York University   Gang Hu, Babson College   J Ginger Meng, Boston College Discussant: Qiang Kang, University of Miami
Session Number: 138   Asset Allocation Advice     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Mike Cliff, Virginia Tech
Investor Profile and Asset Allocation Advice   Elisa Cavezzali, University of Venice Ca'Foscari   Ugo Rigoni,University of Venice Ca'Foscari Discussant: Arzu Ozoguz, UNC Chapel Hill	Health Status, Wealth, and Portfolio Choice: Causality or Heterogeneity?   Elliott Fan, Australian National University   Ruoyun Zhao, University of Technology, Sydney Discussant: James Conover, University of North Texas	Optimal asset allocation in the presence of non-financial assets   Vladyslav Kyrychenko, York University Discussant: Joel Harper, Oklahoma State University
Session Number: 139   Bond Funds     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: CR Narayanaswamy, Clayton State University
The added value of Rating Outlooks and Rating Reviews to corporate bond ratings   Herbert A. A.Rijken, Vrije Universiteit Amsterdam   Edward I. Altman,New York University Discussant: CR Narayanaswamy, Clayton State University	"Hot Hands" in Bond Funds   Joop Huij, RSM Erasmus University   Jeroen Derwall, RSM Erasmus University and Maastricht University Discussant: Ravi Shukla, Syracuse University	What drives the performance of US convertible bond funds?   Manuel Ammann, University of St. Gallen   Axel Herbert Kind, University of St. Gallen   Ralf Seiz, New York University Discussant: PS Sudarsanam, Cranfield University
Session Number: 140   Discounts and Premia: The Effects of Trading Volume     Thursday, October 18, 3:45 pm - 5:15 pm Chairperson: Babatunde Odusami, Widener Univ
UNREALIZED CAPITAL GAINS, DIVIDENDS, AND CLOSED-END FUND DISCOUNTS   Ted Day, The University of Texas at Dallas   George Z. Li,New Jersey City University   Yexiao Xu, The University of Texas at Dallas Discussant: Babatunde Odusami, Widener Univ	The effect of demand on stock prices: Evidence from the S&P 500 float adjustment   Ernest N. Biktimirov, Brock University Discussant: Elias J Semaan, James Madison University	Volume, Volatility, Market Quality, and Disagreement   Patricia Chelley-Steeley, Aston Business School   Charles R Schnitzlein, University of Central Florida   James M Steeley, Aston Business School Discussant: ,
Session Number: 141   Behavioral Finance and Learning     Friday, October 19, 8:30 am - 10:00 am Chairperson: Tao Shu, University of Georgia
Commonality in Misvaluation, Equity Financing, and The Cross Section of Stock Returns   David Hirshleifer, UC-Irvine   Danling Jiang,Florida State University Discussant: Denys Glushkov, WRDS	Explosive Behavior and the Nasdaq Bubble in the 1990s: When Did Irrational Exuberance Escalate Asset Values?   Peter C.B. Phillips, Yale University, University of Auckland, and University of York   Yangru Wu, Rutgers University   Jun Yu, Singapore Management University Discussant: Dragon Yongjun Tang, Kennesaw State University	Importance of Catering Incentives: Growth or Profitability?   Denys Glushkov, WRDS, University of Pennsylvania Discussant: Tao Shu, University of Georgia
Session Number: 142   Debt and Agency Costs     Friday, October 19, 8:30 am - 10:00 am Chairperson: Jean Helwege, Penn State University
Why Firms Issue Callable Bonds: Hedging Investment Uncertainty   Zhaohui Chen, University of Texas at Austin   Connie X Mao,Temple University   Yong Wang, Temple University Discussant: Jean Helwege, Penn State University	Bankruptcy: is it enough to forgive or must we also forget?   Ronel Elul, Federal Reserve Bank of Philadelphia   Piero Gottardi, Universita Ca' Foscari di Venezia Discussant: Fenghua Song, Penn State University	Public Debt and the Overinvestment Agency Problem   Ranjan D'Mello, Wayne State University   Mercedes Miranda, Wayne State University Discussant: Kelly Cai, University of Michigan Dearborn
Session Number: 143   Fairness Opinions in Mergers and Acquisitions     Friday, October 19, 8:30 am - 10:00 am Chairperson: B Espen Eckbo, Dartmouth College
Does the Use of Fairness Opinions Impair the Acquirers’ Abnormal returns? The Litigation Risk Effect   Lucy Huajing Chen, Arizona State University   Heibatollah Sami,Lehigh University Discussant: Ronald W Masulis, Vanderbilt University	Fairness Opinions in Mergers and Acquisitions   Anil K. Makhija, The Ohio State University   Rajesh P. Narayanan, Ohio University Discussant: Sandra Betton, Concordia University	The Information Content of Fairness Opinions in Negotiated Mergers   Matthew Cain, Purdue University Discussant: Darren Kisgen, Boston College
Session Number: 144   Jumps     Friday, October 19, 8:30 am - 10:00 am Chairperson: Gautam Vora, University of New Mexico
An Empirical Examination of Jump Risk in US Equity and Bond Markets   Geoffrey C CFriesen, University of Nebraska-Lincoln   Lee M Dunham,University of Nebraska-Lincoln Discussant: Babatunde Odusami, Widener University	Interest Rate Clustering in UK Financial Services Markets   John Ashton, University of East Anglia   Robert Hudson, University of Leeds Discussant: David Koslowsky, University of Manitoba	Jumps and Asymmetric Volatility in the Short-Term Interest Rate   Elton Daal, Florida Institute of Technology   Atsuyuki Naka, University of New Orleans   Babatunde Odusami, Southeastern Louisiana University Discussant: Gautam Vora, University of New Mexico
Session Number: 145   Trading Floors and Student Trading Competitions     Friday, October 19, 8:30 am - 10:00 am The session will focus on how trading rooms/floors can be used to support various student focused activities, like student managed funds and trading competitions. The program will look specifically at a for-credit course that supports the student investment fund; Wall Street 101, which is a one-week, in-residence summer camp for high school seniors, and training/practice opportunities for students preparing for collegiate trading competitions. Moderator Chip Wiggins, Bentley College Panelists Kartik Raman, Bentley College Rich Gibble, Manager, Trading Room, Bentley College Armen Salavitabar, Student Manager, Trading Room, Bentley College
Session Number: 146   Bridging the Gap: Leasing in Research and Practice     Friday, October 19, 8:30 am - 10:00 am Did you know that over 80% of U.S. companies lease all or some of their equipment? Equipment leasing has changed significantly in recent years and this session will discuss the following questions: What is the current state of the leasing industry and what are some of the researchable questions? What are the common interests of academics and practitioners in the leasing industry? What data is now available for leasing research? How can you get your research proposal funded by the Equipment Leasing and Finance Foundation? Moderator James Schallheim, Jake Garn Professor of Finance University of Utah Panelists Lisa Levine, Executive Director Equipment Leasing & Finance Foundation James Renner, Former President Wells Fargo Equipment Leasing Inc Adriano Rampini, Associate Professor of Finance Duke University Bill Phelan, President PayNet
Session Number: 147   Recent Restructuring and Development of Korean FinancialMarket     Friday, October 19, 8:30 am - 10:00 am This session will discuss the current issues and problems in Korean Financial Market, consequences of adopting ‘Law of Capital Market Integration’, the role of Korean style investment banking firms and their influence on the structure of Korean Financial System. Moderator Moon Song San Diego State University Panelists Heungsik Choe, President, Korea Institute of Finance Hyoung-Tae Kim, Vice President, Korea Security Research Institute Sangsoo Park, Kyunghee University Woochan Kim, Associate Professor, KDI School of Public Policy & Management
Session Number: 148   Failures in Governance and Ownership     Friday, October 19, 8:30 am - 10:00 am Panelists will discuss issues in ownership and governance. In particular: What does the recent private equity phenomenon imply about the failure of governance systems? Why haven’t public companies been more active in adopting the best private equity practices? What lessons are there to learn from the various ownership models? Are failures of ownership the principal explanation for failures of governance Moderator Ralph Walkling, Stratakis Chair In Corporate Governance Drexel University Panelists Robert Monks, Founder, Institutional Shareholder Services (ISS) Michael Jensen, Jesse Isidor Straus Professor of Business Administration, Emeritus Harvard University
Session Number: 149   Bank Regulation     Friday, October 19, 8:30 am - 10:00 am Chairperson: Andreas Rauterkus, University of Alabama Birmingham
Regulator Scrutiny and Bank CEO Incentives   Elizabeth Webb, Federal Reserve Bank of Philadelphia Discussant: Joseph Reising, Minnesota State University Mankato	Does the regulatory environment affect the use of implicit recourse in securitizations?   Kathleen W Johnson, Federal Reserve Board Discussant: Andreas Rauterkus, University of Alabama Birmingham	How Much Would Banks Be Willing To Pay To Become Too-Big-To-Fail and the Capture Other Subsidies?   Eli Brewer, DePaul University & FRB Chicago   Julapa Jagtiani, Federal Reserve Bank Kansas City Discussant: Jen Itzkowitz, University of Florida
Session Number: 150   Tournaments and Marathons: CEO Succession     Friday, October 19, 8:30 am - 10:00 am Chairperson: Anzhela Knyazeva, New York University
Relays and Marathons: The effects of succession choice surrounding CEO turnover announcements   Vincent J. J.Intintoli, University of Arizona Discussant: Z Ayca Altintig, Chapman University	Tournaments, Heirs, and Firm Performance   Shawn Mobbs, Vanderbilt University   Charu G. Raheja, Vanderbilt University Discussant: Xuejing Xing, University of Alabama Huntsville	CEO Succession, Incentives and Firm Performance: Insiders versus Outsiders   Stephen P. Ferris, University of Missouri - Columbia   Zuobao Wei, University of Texas at El Paso   Shaorong Zhang , Marshall University Discussant: Anwar Boumosleh, Lebanese American University
Session Number: 152   IPOs: Theory and Evidence     Friday, October 19, 8:30 am - 10:00 am Chairperson: Prakash Pai, Univ of Texas Permian Basin
Analyst Coverage, Gross Spread Split, and Underwriter Compensation   Douglas O. O.Cook, University of Alabama, Tuscaloosa   Cheolwoo Lee,University of Alabama, Tuscaloosa Discussant: Bahar Ulupinar , Louisiana State University	Managerial Stability and Initial Public Offerings: The Effects of Covenants Not to Compete   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan, Rensselaer Polytechnic Institute   Haizhi Wang, Rensselaer Polytechnic Institute Discussant: John Knopf, Univ of Connecticut	The Role of Uninformed Investors in an Optimal IPO Mechanism   Alexey Malakhov, University of Arkansas Discussant: Chris Muscarella , Penn State University
Session Number: 153   Firm Value     Friday, October 19, 8:30 am - 10:00 am Chairperson: Maria Manuela Marques, Catholic University of Portugal
Does corporate headquarters location matter for corporate financial policies?   Wenlian Gao, Dominican University   Lilian Ng,University of Wisconsin-Milwaukee   Qinghai Wang, University of Wisconsin-Milwaukee Discussant: Mario Santos, Catholic University of Portugal	HOW DO FIRM CHARACTERISTICS INFLUENCE THE RELATIONSHIP BETWEEN R&D AND FIRM VALUE?   Julio Pindado, Universidad de Salamanca   Valdoceu de Queiroz, Universidad de Salamanca   Chabela de la Torre, Universidad de Salamanca Discussant: Gary W Emery, University of Oklahoma	Is Management Quality Value Relevant?   Vineet Agarwal, Cranfield School of Management   Richard Taffler, University of Edinburgh   Mike Brown, Nottingham Business School Discussant: Maria Manuela Marques, Catholic University of Portugal
Session Number: 154   Motives for Takeovers     Friday, October 19, 8:30 am - 10:00 am Chairperson: Mehmet Akbulut, Cal State Fullerton
New Evidence on Valuation-Based Acquisition Theory   CHRISTOPHER TOBLER, UNIVERSITY OF ARKANSAS Discussant: Mehmet Akbulut, Cal State Fullerton	Post-IPO corporate life cycle and takeovers   Sian Owen, University of New South Wales   Alfred Yawson, University of New South Wales Discussant: Qing Zhong Ma, Cornell University	An examination of motives and wealth effects of vertical takeovers   Jaideep Ranjal Shenoy, Georgia State University Discussant: Jianfei Sun, University of Nevada Reno
Session Number: 155   REITs: Corporate Finance Perspectives     Friday, October 19, 8:30 am - 10:00 am Chairperson: Munir Hassan, Claflin University
CEO Incentive-Based Compensation and REIT Performance   Magdy C. C.Noguera, Southeastern Louisiana University   Michael J. Highfield,Mississippi State University   Gregory L Nagel, Mississippi State University Discussant: Joao Paulo Vieito, Polytechnic Institute of Viana do Castelo	REIT Open-Market Stock Repurchases and Profitability   Gow-Cheng Huang, Alabama State University   Kartono Liano, Mississippi State University   Ming-Shiun Pan, Shippensburg University Discussant: Frank Nothaft, Freddie Mac	The Determinants of REIT Cash Holdings   William G. Hardin, III, Florida International University   Michael J. Highfield, Mississippi State University   Matthew D. Hill, University of Arkansas - Fort Smith   G. Wayne Kelly, Mississippi State University Discussant: Wee Yong, National University of Singapore
Session Number: 156   Venture Capital and Private Equity     Friday, October 19, 8:30 am - 10:00 am Chairperson: Thai Pham, University of Birmingham
Risk, Uncertainty and Optimism in Venture Capital Relationships   Yahel Giat, Jerusalem College of Technology   Steven Hackman,Georgia Institute of Technology   Ajay Subramanian, Georgia State University Discussant: Vladimir Atanasov , College of William & Mary	Measuring Performance within the Private Equity Industry: The Effects of Fund Reported Residual Values   Charles F. Beauchamp, Middle Tennessee State University   Michael J. Highfield, Mississippi State University   Larry R. White, Mississippi State University Discussant: John Adams, University of North Florida	VCs and the Expropriation of Entrepreneurs   Vladimir Atanasov, College of William and Mary   Vladimir Ivanov, University of Kansas   Katherine Litvak, University of Texas at Austin Discussant: Hugh Colaco, Simmons School of Management
Session Number: 157   Energy Futures     Friday, October 19, 8:30 am - 10:00 am Chairperson: Peter Went, Bucknell University
The Temporal Links Between Spot And Futures Carbon Allowance Markets   George Milunovich, Macquarie University   Roselyne Joyeux,Macquarie University Discussant: Issouf Soumare, Universite Laval	TRADING OPPORTUNITIES IN THE NATURAL GAS-PROPANE FUTURES SPREAD   Mbodja Mougoué, Wayne State University Discussant Grigori Erenburg, Chapman University	Valuation of Electricity Futures: Reduced-Form vs. Dynamic Equilibrium Models   Wolfgang Buehler, University of Mannheim   Jens Mueller-Merbach, DB Energie GmbH Discussant: Frode Brevik, University of St Gallen
Session Number: 158   Current Topics in Risk Managememt     Friday, October 19, 8:30 am - 10:00 am Chairperson: David Lange, Auburn University Montgomery
Reducing Estimation Risk While Managing Portfolio Risk with VaR   Gordon J. J.Alexander, University of Minnesota   Alexandre M. Baptista,George Washington University   Shu Yan, University of South Carolina Discussant: Sridhar Gogineni, University of Oklahoma	Safety First Portfolio Optimization after September 11, 2001   Mahfuzul Haque, Indiana State University   Oscar Varela, University of Texas El Paso Discussant: David Carter, Oklahoma State University	Self-insurance and Market Insurance: Evidence from Worker’s Compensation Insurance   Mary A. Weiss, Temple University   Mu-Sheng Chang, Temple University Discussant: David Lange, Auburn University Montgomery
Session Number: 159   Small Business Lending     Friday, October 19, 8:30 am - 10:00 am Chairperson: Rebel Cole, DePaul University
Which Types of Banks Lend to Small Firms?   JAMES E. E.McNULTY, FLORIDA ATLANTIC UNIVERSITY   MARYNA MURDOCK,FLORIDA ATLANTIC UNIVERSITY Discussant: Jonathan Scott, Temple University	Lending Technologies, Bank Size, and Small Business Finance: Extensions and Tests of the Current Paradigm   Allen N. Berger, Federal Reserve System   Lamont K. Black, Federal Reserve System Discussant: Robert DeYoung, FDIC & University of Kansas	Technology, Banking and Small Business   Jonathan A Scott, Temple University   William J. Dennis, Jr., NFIB Research Foundation Discussant: James McNulty, Florida Atlantic University
Session Number: 160   Political Risk, International Flows, and Foreign Investors     Friday, October 19, 8:30 am - 10:00 am Chairperson Amar Gande, Southern Methodist University
Does international trade pattern matter on debt restructuring outcomes? Evidence from 1980s   Sukhun Lee, Loyola Univeristy Chicago   Ki Choong Han,Suffolk University   David Y Suk, Rider University Discussant: Sandra Mortal , University of Missouri	Does the Shadow of Political Risk Fall on Asset Prices? Oily Evidence   Reid W. Click, George Washington University   Robert J. Weiner, George Washington University Discussant: Amar Gande, Southern Methodist University	Foreign Investors, Domestic Investors, and Institutional Herding   Jin Q Jeon, University of Alabama Discussant: Craig Lewis , Vanderbilt University
Session Number: 161   Momentum in Stock Returns     Friday, October 19, 8:30 am - 10:00 am Chairperson: Jens Hilscher, Brandeis University
“Stock Price Synchronicity and Momentum   Hua Wen, National University of Singapore Discussant: Nataliya Khmilevska, Lehman Brothers	Delayed Overreaction and Momentum: New Evidence   Ajay Bhootra, Virginia Tech Discussant: Xiaoxia Lou, University of Delaware	Revisiting the Momentum Puzzle: Some Unique Evidence on Momentum and Monthly Effect   Nusret Cakici, City College, CUNY   Sris Chatterjee, Fordham University Discussant: Jens Hilscher, Brandeis University
Session Number: 162   Anomalies I     Friday, October 19, 8:30 am - 10:00 am Chairperson: David Dubofsky, Univ of Louisville
The Asymmetry of Size Premium   Jungshik Hur, Virginia Tech   Vivek Sharma,University of Michigan Dearborn Discussant: ,	The Short-Lived High-Volume Premium   Zhaodan Huang, Utica College   James B. Heian, Utica College Discussant to be announced	Transaction Costs and Value Premium   Vikas Agarwal, Georgia State University   Lingling Wang, Georgia State University Discussant: ,
Session Number: 163   Consumption and Asset Prices     Friday, October 19, 8:30 am - 10:00 am Chairperson: Douglas Blackburn, Indiana University
Consumption Risk and Expected Futures Returns   Frans de Roon, Tilburg Universtity   Marta Szymanowska,Erasmus University Rotterdam Discussant: Noah Stoffman, University of Michigan	Predictability In Consumption Growth And Equity Returns: An Empirical Investigation   Alex Paseka, University of Manitoba   George Theocharides, Sungkyunkwan University & Massachusetts Institute of Technology	Relative Luxury Consumption and Stock Returns   H J Smoluk, University of Southern Maine   Irena Hutton, Florida State University Discussant: Douglas Blackburn, Indiana University
Session Number: 164   International Liquidity and Comovement     Friday, October 19, 8:30 am - 10:00 am Chairperson: Tyler Henry, University of Georgia
Multi Market Trading and Liquidity in Japan   Asli Ascioglu, Bryant University   Carole Comerton-Forde,University of Sydney   Thomas McInish, University of Memphis   John B McDermott, Fairfield University Discussant: Tyler Henry, University of Georgia	Endogenous Information Acquisitions, Cost of Capital, and Comovement of Equity   Qingqing Chen, Cornell University Discussant: Reza Mahani, Georgia State University	Liquidity and Valuation Premiums in Non-US Stocks   Pankaj Jain, University of Memphis   Jang-Chul Kim, North Dakota State University Discussant: David McLean, University of Alberta
Session Number: 165   The Treasury Market     Friday, October 19, 8:30 am - 10:00 am Chairperson: Huining Henry Cao, Cheung Kong Graduate School of Business
Asymmetric Information Patterns in the Round-the-Clock U.S. Treasury Market   Yan He, Indiana University Southeast   Chunchi Wu,Singapore Management University   Hai Lin, Xiamen University   Junbo Wang, City University of Hong Kong Discussant: Qin Wang, University of Arizona	How do Treasury dealers manage their positions?   Michael J. Fleming, Federal Reserve Bank of New York   Joshua V. Rosenberg, Federal Reserve Bank of New York Discussant: Hai Dong, University of South Carolina	Short Horizon Trading in the U.S. Treasury Market   Kenneth Khang, Idaho State University   Tao-Hsien Dolly King, University of North Carolina - Charlotte Discussant: Huining Henry Cao, Cheung Kong Graduate School of Business
Session Number: 166   Trading Futures     Friday, October 19, 8:30 am - 10:00 am Chairperson: Anna Agapova, Florida Atlantic University
Investor Sentiment, Trading Behavior, and Informational Efficiency in Index Futures Markets   Alexander Kurov, West Virginia University Discussant: Bartley Danielsen, North Carolina State University	Decimalization and the ETFs and Futures Pricing Efficiency   Wei-Peng Chen, National Chiao Tung University   Robin K Chou, National Central University   Huimin Chung, National Chiao Tung University Discussant: Alex Kurov, West Virginia University	Liquidity and Short Selling: Impacts of Single Stock Futures   Bartley R. Danielsen, North Carolina State University   Robert A. Van Ness, University of Mississippi   Richard S. Warr, North Carolina State University Discussant: Pawan Madhogarhia, Penn State University
Session Number: 167   Mutual Funds: Does Anyone have the Ability to Do Anything?     Friday, October 19, 8:30 am - 10:00 am Chairperson: Yong Chen, Virginia Tech
“Off the Rack” versus “Savile Row”: The Value of Custom Tailoring for Equity Investors   Brent W WAmbrose, Penn State University   Steven D Dolvin,Butler University   John S Gonas, Belmont University Discussant: Fan Chen, Louisiana State University	Do mutual funds exhibit a smart money effect?   Qiang Bu, Penn State Harrisburg   Nelson Lacey, University of Massachusetts, Amherst Discussant: Jay Wellman, Cornell University	Governance and Contract Arrangement of Mutual Fund Family   Fan Chen, Louisiana State University   Li-Wen Chen, National Chi-Nan University   Yi-An Chen, National Chi-Nan University Discussant: Ying Duan, Boson College
Session Number: 168   Debt Pricing     Friday, October 19, 8:30 am - 10:00 am Chairperson: Peter Went, Bucknell University
Time for a Change: Loan Conditions and Bank Behavior When Firms Switch   Vasso Ioannidou, Tilburg University   Steven Ongena,Tilburg University Discussant: Hendrik Scholz, Catholic University of Eichstaett-Ingolstadt	The Price-setting Behavior of Banks: An Analysis of Open-end Leverage Certificates on the German Market   Oliver Entrop, Catholic University of Eichstaett-Ingolstadt   Hendrik Scholz, Catholic University of Eichstaett-Ingolstadt   Marco Wilkens, Catholic University of Eichstaett-Ingolstadt Discussant: Ethan Cohen-Cole, Fed Res Bank Boston	Asset Liquidity, Debt Valuation and Credit Risk   Ethan Cohen-Cole, Federal Reserve Bank of Boston Discussant: Vasso Ioannidou, Tilburg University
Session Number: 169   Behavioral Biases and Stock Returns     Friday, October 19, 10:15 am - 11:45 am Chairperson: Christa Bouwman, Case Western Reserve University
Learning By Trading   Amit Seru, University of Michigan   Tyler Shumway,University of Michigan   Noah Stoffman, University of Michigan Discussant: Seoyoung Kim, Emory University	The Influence of Behavioral Biases on Stock Returns   Mitch Warachka, Singapore Management University   Roger Loh, The Ohio State Univ Discussant: Pankaj Maskara, University of Kentucky	Bounded Rationality and Momentum   Bing Han, University of Texas at Austin   Dong Hong, Singapore Management University   Mitch Warachka, Singapore Management University Discussant: Jens Hilscher, Brandeis University
Session Number: 170   The Determinants of Capital Structure     Friday, October 19, 10:15 am - 11:45 am Chairperson: Kristine Hankins, University of Kentucky
	Information Risk and Capital Structure   Prasun Agarwal, Cornell University   Maureen O'Hara, Cornell University Discussant: Senay Agca, George Washington University	Debt as a Bonding Mechanism: Evidence from the Relations between Employee Productivity, Capital Structure, and Outside Employment Opportunities   Jayant R. Kale, Georgia State University   Harley E. Ryan, Georgia State University   Lingling Wang, Georgia State University Discussant: Vahap Uysal, University of Oklahoma
Session Number: 171   Hedge Funds and Venture Capital     Friday, October 19, 10:15 am - 11:45 am Chairperson: Larry Wall, Fed Res Bank Atlanta
Share Restrictions, Liquidity Premium and Offshore Hedge Funds   Bing Liang, University of Massachusetts Amherst   Hyuna Park, Minnesota State University Mankato Discussant: Paula Tkac, Fed Res Bank Atlanta	Style Investing: Aggregate Hedge Fund Flows and Investor Sentiment   Guillermo P Baquero, RSM Erasmus Univerisity   Marno Verbeek, RSM Erasmus University Discussant: Gerald Dwyer, Fed Res Bank Atlanta	Where You Are Matters: Local Bias in Venture Capital Investments   Na Dai, University of New Mexico   Douglas Cumming, Rensselaer Polytechnic Institute Discussant: William Jackson III, University of Alabama
Session Number: 172   Institutions' Responses to Regulation and Market Discipline     Friday, October 19, 10:15 am - 11:45 am Chairperson: Adam V Reed, UNC Chapel Hill
Regulatory Monitoring Under Sarbanes-Oxley: The Intersection of Sections 408 and 404 of the Act   Cindy R. R.Alexander, US Securities and Exchange Commission   Kathleen Weiss Hanley,US Securities and Exchange Commission Discussant: George Aragon, Arizona State University	Affiliated Mutual Funds and Analyst Optimism   Simona Mola, Arizona State University   Massimo Guidolin, Federal Reserve Bank of St. Louis Discussant: Adam Kolasinski, University of Washington Seattle	The Information Content of Underwriter Compensation: An Examination of the Impact of NASD Compensation Guidance on the Market for IPOs   Beverly B Marshall, Auburn University   Jacqueline L. Garner, Drexel University Discussant: Kathleen Hanley, US SEC
Session Number: 173   Behavioral Finance   A Special Tutorial Presentation by Dr. Hersh Shefrin     Friday, October 19, 10:15 am - 11:45 am This session is devoted to practical issues associated with the teaching of behavioral finance. Topics covered will include: Making behavioral finance informative and entertaining for MBA students. Making behavioral finance rigourous and structured for PhD students. Adapting graduate level materials on behavioral finance to the teaching of undergraduates.
Session Number: 174   Using Spreadsheets in the Classroom     Friday, October 19, 10:15 am - 11:45 am Panelists will discuss ways in which to teach excel spreadsheet classes and discuss efficient methods for grading spreadsheets. Presented by Janet D Payne, Associate Professor of Finance Texas State University Lynn L Doran, Professor of the Practice, Director, Capital Markets Research Center Georgetown University
Session Number: 175   Contemporary Issues in East Asian Financial Markets     Friday, October 19, 10:15 am - 11:45 am This session will discuss the current issues in financial markets in East Asia --China, Hong Kong, Indonesia, Philippines, Malaysia, Japan, Singapore, and South Korea -- addressing the issues of financial markets and their structures as well as the issues of government roles in financial markets in these countries. Moderator Sam Choi, University of Nevada, Las Vegas Panelists Wee Yong Yeo, National University of Singapore Suk Kim, University of Detroit, Mercy & Editor, North Korean Review Michael Sullivan, University of Nevada, Las Vegas Chong Soo Pyun, University of Memphis
Session Number: 176   A Positive Model of Integrity with Applications to Finance     Friday, October 19, 10:15 am - 11:45 am Professor Jensen will present a positive model of integrity that provides powerful access to increased performance for individuals, groups, organizations, and societies. Integrity is thus a factor of production as important as knowledge and technology, yet its role in productivity has been largely ignored by economists and others. The model reveals the causal link between integrity as we distinguish and define it, and increased performance and value-creation for all entities. The model provides access to that causal link. Presented by Michael Jensen, Jesse Isidor Straus Professor of Business Administration, Emeritus Harvard University
Session Number: 177   Issues in Banking System Regulation     Friday, October 19, 10:15 am - 11:45 am Chairperson: Tim Curry, FDIC
The Valuation of Deposit Insurance in an Arbitrage-free Basel II Consistent Framework   Oliver Entrop, Catholic University of Eichstaett-Ingolstadt   Marco Wilkens,Catholic University of Eichstaett-Ingolstadt Discussant: Sherrill Shaffer, University of Wyoming	The Effect of Bank Supervision on Loan Growth   Timothy J Curry, FDIC   Gary S Fissel, FDIC   Carlos D Ramirez, George Mason University and FDIC Discussant: Vange Ocasio , Colorado State Univ & Loyola Univ (Maryland)	Access to capital and ownership changes   Anzhela Knyazeva, New York University   Diana Knyazeva, New York University   Joseph Stiglitz, Columbia University Discussant: Fred Sterbenz, Univ of Wyoming
Session Number: 178   Perspectives on Director Independence     Friday, October 19, 10:15 am - 11:45 am Chairperson: Craig Stephenson, Babson College
Another Look at Director Independence   John Byrd, University of Colorado at Denver   Elizabeth S. Cooperman,University of Colorado at Denver a   Glenn A. Wolfe, University of Toledo Discussant: James Tompkins, Kennesaw State University	Outside Director-Shareholder Agency Conflicts: Evidence from Bank Consolidation   James G. Tompkins, Kennesaw State University   Robert J. Hendershott, Santa Clara Univeristy Discussant: Eric Wehrly, University of Washington
Session Number: 179   Predicting Financial Distress     Friday, October 19, 10:15 am - 11:45 am Chairperson: Tom Barkley, Syracuse University
The Information Content of Analysts Reports and Bankruptcy Risk Measurements among Low and High-risk Firms   Dror Parnes, University of South Florida Discussant: John Banko, University of Florida	Understanding and Predicting Ultimate Loss-Given-Default on Bonds and Loans   Michael Jacobs, Jr., OCC   Ahmet Karagozoglu, Hofstra University Discussant: Hugh Marble, University of Vermont	Financial Literacy and Portfolio Diversification &nsbp Margarida Abreu, CISEP ISEG Technical University of Lisbon   Victor Mendes, CMVM Portuguese Securities Commission
Session Number: 180   The Security Issuance Decision     Friday, October 19, 10:15 am - 11:45 am Chairperson: Youngsuk Yook, SungKyunKwan University/MIT
Capital Structure and Security Issuance under Heterogeneous Beliefs   Thomas Chemmanur, Boston College   Debarshi K Nandy,York University   An Yan, Fordham University Discussant: David Dupre, UBS Equity Strategy	IPOs, Clustering, Indirect Learning and Filing Independently   Hugh MJ Colaco, Simmons College   John D. Knopf, University of Connecticut   John L Teall, Pace University Discussant: Youngsuk Yook, SungKyunKwan University/MIT
Session Number: 181   The Effects of Ownership Structure on Corporate Decisions     Friday, October 19, 10:15 am - 11:45 am Chairperson: Chenchu Bathala, Cleveland State University
ON THE RELEVANCE OF OWNERSHIP STRUCTURE IN DETERMINING THE MATURITY OF DEBT   MARIA-TERESA MARCHICA, Manchester University Discussant: Richard S Warr, North Carolina State University	Ownership Structure, Share Price Levels, and the Value of the Firm   Chitru S. Fernando, University of Oklahoma   Vladimir A. Gatchev, University of Central Florida   Paul A. Spindt, Tulane University Discussant: Howard Qi, Michigan Tech University	Large Shareholders and Dividends: Game Theoretic Analysis of Shareholder Power   Xiaoying Chen, California State University, Long Beach   Amit Sinha, Indiana State University Discussant: Maximiliano Gonzalez Ferrero, IESA Business School
Session Number: 182   Spinoffs     Friday, October 19, 10:15 am - 11:45 am Chairperson: Shenghui Tong, Siena College
Asymmetric Information and Conglomerate Discount: Evidence from Spinoffs   Jing Pan, Nanyang Technological University   David K. Ding, Singapore Management University   Charlie Charoenwong, Nanyang Technological University Discussant: Chris McNeil, Appalachian State University	Do Spinoffs Mitigate Information Asymmetry Problems? The Evidence from Europe   Binsheng Qian, Cranfield School of Management   Sudi Sudarsanam, Cranfield School of Management Discussant: Shenghui Tong, Siena College	The Impact of Bank Mergers on Liquidity Creation   Elisabeta Pana, Illinois Wesleyan University   Jin Park, Illinois Wesleyan University   Tim Query, New Mexico State University Discussant: Elizabeth Webb, Fed Res Bank Philadelphia
Session Number: 183   REIT Prices and Returns     Friday, October 19, 10:15 am - 11:45 am Chairperson: Russell M Price, Howard University
Analyst activity and firm value: evidence from the REIT sector   Erik Devos, Ohio University   Seow Eng Ong,National University of Singapore   Andrew C Spieler, Hofstra University Discussant: Russell M Price, Howard University	Asymmetric Risks and Momentum Returns in Real Estate Investment Trusts   Szu-Yin Kathy Hung, California State University, East Bay   John. L. Glascock, Cambridge University Discussant: Vaneesha R Boney, University of Denver	Asymmetries in Real Estate Return Betas and Correlations   Robert A. Connolly, UNC - Chapel Hill   David J. Hartzell, UNC - Chapel Hill Discussant: Justin Benefield, College of Charleston
Session Number: 184   Nonlinear Models of Asset Returns     Friday, October 19, 10:15 am - 11:45 am Chairperson: Marios Panayides, University of Utah
A Tale of Two Inflation Regimes: Evidence from Maturing TIPS Prices   Quentin C CChu, University of Memphis   Deborah N Pittman,Rhodes College   Jeng-Hong Chen, Albany State University Discussant: Patrick Sandas, University of Virginia	Game-Theoretic Efficient Market Hypothesis and the Lead-Lag Effect in Stock Returns   Wei Wu, Rutgers University   Glenn Shafer, Rutgers University Discussant: Michael Halling, University of Utah	Common Nonlinearity in Long-Horizon Stock Returns: Evidence from the G-7 Stock Markets   Sei-wan Kim, Ewha Womans University   Andre V. Mollick, University of Texas-Pan American   Kiseok Nam, Yeshiva University Discussant: Lingjie Ma, Northern Trust
Session Number: 185   Derivatives     Friday, October 19, 10:15 am - 11:45 am Chairperson: Minqiang Li, Georgia Tech
An Empirical Examination of Poison Puts in U.S. Corporate Debt   Ai-Fen Cheng, National Tsing Hua University   Tao-Hsien Dolly King,University of North Carolina at Charlotte Discussant: Minqiang Li, Georgia Tech	Convergence Risk: The Problem with the New VIX Futures   Ivelina Pavlova, Florida International University   Robert T. Daigler, Florida International University Discussant: Tao-Hsien Dolly King, UNC Charlotte	Digit Preference in Crude Oil Futures Prices   Rakesh Bharati, Southern Illinois University - Edwardsville   Susan J Crain, Missouri State University   Vincent Kaminski, Rice University Discussant: Kashi Nath Tiwari, KNT's Academic Financial Research
Session Number: 186   Econometric Theory     Friday, October 19, 10:15 am - 11:45 am Chairperson: Serguey Khovansky, Mt St Mary College
Unconditional Mean, Volatility and the Fourier-Garch Representation   Razvan Pascalau, University of Alabama	Validating Backtests of Risk Measures   John Cotter, University College Dublin   Yan Ping Zhong, University College Dublin	VaR and CVaR: A Non-normal Regime Switching Framework   Robert J Elliott, University of Calgary   Hong Miao, University of Calgary
Session Number: 187   Banking and Small Business Finance     Friday, October 19, 10:15 am - 11:45 am Chairperson: Wayne Passmore, Federal Reserve Board
Loan Officers and Relationship Lending   Hirofumi Uchida, Wakayama University   Gregory F Udell,Indiana University   Nobuyoshi Yamori, Nagoya University Discussant: Emre Ergungor, Fed Res Bank Cleveland	The Effects of Mergers and Acquisitions On Small Business Lending by Large Banking Organizations   Diana Hancock, Federal Reserve System   Joe Peek, University of Kentucky   James A. Wilcox, University of California Berkeley Discussant: Robert DeYoung, University of Kansas	What's Driving Small Borrower-Lender Distance?   Robert DeYoung, Federal Deposit Insurance Corporation   W. Scott Frame, Federal Reserve Bank of Atlanta   Dennis Glennon, Office of the Comptroller of the Currrency   Peter Nigro, Bryant University Discussant: Sumit Agarwal, Fed Res Bank Chicago
Session Number: 188   Emerging Equity Markets     Friday, October 19, 10:15 am - 11:45 am Chairperson: David Ng, Cornell University
The Dynamics of Individual and Institutional Trading on the Shanghai Stock Exchange   Steven Shuye Wang, The Hong Kong Polytechnic University   Wei Li,The Hong Kong Polytechnic University Discussant: Scott Fung, Cal State East Bay	The Informational Content and Efficiency of Implied Volatility Index: Evidences from Taiwan Option Market   Scott Fung, California State University East Bay   Shih-Chuan Tsai, Taiwan Ling Tung University Discussant: Andrea L DeMaskey, Villanova University	The Practice of Corporate Finance in an Emerging Market: Preliminary Evidence from the Brazilian Survey   Cristiane Benetti, Faculdade de Tecnologia SENAC/RS   Roberto Frota Decourt, Universidade Federal do Rio Grande do Sul   Paulo Renato Soares Terra, Universidade Federal do Rio Grande do Sul Discussant: Steven Wang, Hong Kong Polytechnic University
Session Number: 189   Time Series Analysis of Stock Returns     Friday, October 19, 10:15 am - 11:45 am Chairperson: Phillip Braun, University of Chicago
Price Trends and Patterns in Technical Analysis: A Theoretical and Empirical Examination   Geoffrey C CFriesen, University of Nebraska-Lincoln   Paul A Weller,University of Iowa   Lee M Dunham, University of Nebraska-Lincoln Discussant: Ronald J Balvers, West Virginia University	Permanent and Transitory Factors in Intertemporal Asset Pricing   Ronald J. Balvers, West Virginia University   Ou Hu, Youngstown State University   Dayong Huang, Gustavus Adolphus College Discussant: Ted Moorman, Northern Illinois University	“A natural range”? A Perspective on the Stock Market’s Co-Movement with the Risk Adjusted Discounted Present Value of future GDP   Samuel B. Bulmash, University of South Florida Discussant: Phillip Braun, University of Chicago
Session Number: 190   Semi-Anomalies     Friday, October 19, 10:15 am - 11:45 am Chairperson: M Kabir Hassan, University of New Orleans
Does Geography Matter to Bondholders?   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan,Rensselaer Polytechnic Institute   Maya Waisman, Rensselaer Polytechnic Institute Discussant: Michael Dewally, Marquette University	CLOSED END FUND PERFORMANCE ON A DAILY BASIS: THE DISCOVERY OF A NEW ANOMALY   Ben Branch, University of Massachusetts   Aixin Ma, University of Massachusetts   Jill Sawyer, University of Massachusetts Discussant: Zhaohui Zhang, Long Island University	Undervaluation Followed by Overvaluation   C Edward Wang, National Taipei University Discussant to be announced
Session Number: 191   Trading of Stocks and Bonds     Friday, October 19, 10:15 am - 11:45 am Chairperson: Barbara Ostdiek, Rice Univ
Optimal Trading of Defaultable Bonds   Peter Huaiyu HuaiyuChen, Youngstown State University   Sheen Liu,Youngstown State University   Chunchi Wu, Syracuse University Discussant: Guohua Ma , Univ of Cincinnati	On the Trading Profitability of Penny Stocks   Liang Zhang, University of Hawaii at Manoa   Qianqiu Liu, University of Hawaii at Manoa Discussant: Margaret Smoller, Wayne State University	Do Investor Trade on Heterogeneous Beliefs? Evidence from Trading Volume on Analyst Recommendation Dates   Guohua Ma, University of Cincinnati   Steve B Wyatt, Miami University Discussant: Barbara Ostdiek ,Rice Univ
Session Number: 192   Information     Friday, October 19, 10:15 am - 11:45 am Chairperson: W David Zhang, Arizona State University
Changes in Breadth of Ownership and Information   Honghui Chen, University of Central Florida   Hoang Huy Nguyen,University of Central Florida Discussant: Yee Cheng (YC) Loon , Binghamton Univ SUNY	Does Information Transmission or Information Risk matter?: Price Efficiency, Information Asymmetry, and the Cross-Section of Expected Stock Returns   Eric Hughson, University of Colorado at Boulder   Moonsoo Kang, University of Colorado at Boulder Discussant W David Zhang, Arizona State University	Informed Outsiders and Learning from Trade Disclosure   Wei David Zhang, Arizona State University Discussant: Joshua Spizman , Binghamton Univ SUNY
Session Number: 193   Valuation     Friday, October 19, 10:15 am - 11:45 am Chairperson: Qianqiu Liu, University of Hawaii
Does Search Friction Really Matter?: Evidence from the Corporate Bond Market   Chotibhak Jotikasthira, Indiana University Discussant: Amy Edwards, US SEC	The Relation between Time-Series and Cross-Sectional Effects of Idiosyncratic Variance on Stock Returns in G7 Countries   Hui Guo, Federal Reserve Bank St Louis   Robert Savickas, George Washington University Discussant: Ryan McKeon, University of Georgia	Valuation Effects of Global Diversification   Amar Gande, Southern Methodist University   Christoph Schenzler, Vanderbilt University   Lemma W. Senbet, University of Maryland Discussant: Xuejing Xing, University of Alabama Huntsville
Session Number: 194   Forecasting and Stock Recommendations     Friday, October 19, 10:15 am - 11:45 am Chairperson: Paul J Irvine, University of Georgia
An Experimental Examination of Heuristic-Based Decision-making in a Financial Setting   Lucy F Ackert, Kennesaw State University   Bryan L Church,Georgia Tech   Paula A Tkac, Federal Reserve Bank of Atlanta Discussant: Charles Schnitzlein, University of Central Florida	ARE ANALYSTS BIASED? AN ANALYSIS OF ANALYSTS’ STOCK RECOMMENDATIONS THAT PERFORM CONTRARY TO EXPECTATIONS   Thabang Mokoteli, Cranfield School of Management   Richard Taffler, The Management School, University of Edinburgh   Paul Ryan, School of Business, University College Dublin Discussant: Leonardo Madureira, Case Western Reserve University	Do We Fully Exploit the Market Data?:A Joint Combination of Stock Prices and Trading Volume   Joon-Young Song, University of Findlay Discussant: Shane Underwood, Rice University
Session Number: 195   Venture Capital     Friday, October 19, 10:15 am - 11:45 am Chairperson: Vladimir Ivanov, Univ of Kansas
Geography, Staging and Venture Capital Financing   Xuan Tian, Boston College Discussant: Vladimir Ivanov, Univ of Kansas	Does Venture Capital Reputation Matter? Evidence from IPO Firm Performance   C.N.V. Krishnan, Case Western Reserve University   Ronald W Masulis, Vanderbilt University   Ajai K Singh, Case Western Reserve University Discussant: M Cary Collins, Bryant University	Skewness in Investment Decisions, Performance, and Updating of Priors about VC Ability   Oghenovo Adewale Obrimah, Virginia Commonwealth University Discussant: Carl Ullrich , Virginia Tech
Session Number: 196   The Value of Analyts Forecasts     Friday, October 19, 10:15 am - 11:45 am Chairperson: Kimberly Gleason, Florida Atlantic Univ
Revenue Forecasts as a Mechanism for Analyst Reputation Development   Joseph M. M.Marks, Seton Hall University Discussant: Kimberly Gleason, Florida Atlantic Univ	Why do Analysts Issue Long-horizon Forecasts? An Empirical Analysis   Huabing (Barbara) Wang, West Texas A&M Univ   Douglas O Cook, Univ of Alabama Discussant: Anitha Manohar, Univ of South Carolina	Forecasted Dispersion and the Cross Section of Expected Returns: What is the Driving Factor?   Ling Cen, Hong Kong University of Science and Technology   K. C. John Wei, Hong Kong University of Science and Technology   Jie Zhang, Hong Kong Polytechnic University Discussant: Mina Glambosky, Florida Atlantic University
Session Number: 197   Underwriter Behavior: Theory and Evidence     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Daniel Bradley, Clemson University
Purchasing IPOs with Commissions: Theoretical Predictions and Empirical Results   Michael Goldstein, Babson College   Paul Irvine,University of Georgia   Walter A Puckett, University of Missouri Discussant: Lin Zou , University of Texas Dallas	The Rise of the Rule 144A Market for Convertible Debt Offerings   Rongbing Huang, Kennesaw State University   Gabriel G Ramirez, Kennesaw State University Discussant: Jacqueline Garner , Drexel University	The Structure and Function of SEO Underwriting Syndicates   Tuugi Chuluun, Georgia Institute of Technology   Ajay Khorana, Georgia Institute of Technology Discussant: Oya Altinkilic, University of Pittsburgh
Session Number: 198   Impact of Decision-Makers' Incentives on Corporate Decisions     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Jennifer Marietta-Westberg, Michigan State University & US SEC
Strategic Investing and Financial Contracting in Start-ups: Evidence from Corporate Venture Capital   Ronald W WMasulis, Vanderbilt University   Rajarishi Nahata,Baruch College, CUNY Discussant: Jennifer Marietta-Westberg, Michigan State University & US SEC	Misvaluation, CEO Equity-Based Compensation, and Corporate Governance   Joetta Forsyth, Pepperdine University   Siew Hong Teoh, University of California Irvine   Yinglei Zhang, Chinese University of Hong Kong Discussant: Josh Pierce, University of South Carolina	The Impacts of Firm Expansions on the CEO Wealth: A Look at CEO Incentives to Make Expansion Decisions   Zhan Jiang, University of Iowa   Yilei Zhang, University of North Dakota Discussant: Gwinyai Utete, Auburn University
Session Number: 199   Loan Syndications and Bond Underwriting     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Mark Flannery, University of Florida
Institutional Investment in Syndicated Loans   Debarshi Nandy, York University   Pei Shao,University of Northern British Columbia Discussant: Brandon Lockhart, University of Florida	Does proximity matter in international bond underwriting?   Sie Ting Lau, Nanyang Technological University   Jing Yu, Nanyang Technological University Discussant: Steven Dennis, University of North Dakota	The Impact of Joint Participation on Liquidity in Equity and Syndicated Bank Loan Markets.   Linda Allen, Baruch College   Aron A Gottesman, Pace University   Lin Peng, Baruch College, CUNY Discussant: Mark Flannery, University of Florida
Session Number: 201   Sustainable Value Creation     Friday, October 19, 2:00 pm - 3:30 pm Over the course of the last few years we have witnessed a quickening of the pace at which topics related to sustainability and social responsibility have been integrated into academic research and curriculum. A discussion of the issues involved, and whether such an emphasis is merited, will be explored at this special session. Moderator Ali Fatemi, DePaul University Panelists Kevin Renney, Managing Partner/Director of Research Jantzi Research, Inc Iraj Fooladi, Douglas C Mackay Chair in Finance Dalhousie University Allan Goss, Assistant Professor Ryerson University
Session Number: 202   Journal of Applied Finance Roundtable on Enterprise Risk Management     Friday, October 19, 2:00 pm - 3:30 pm (Note: This session continues at 3:45 pm) Editors, Journal of Applied Finance Betty Simkins, Oklahoma State University Charles Smithson, Rutter Associates Ramesh Rao, Oklahoma State University
Session Number: 203   Islamic Banking     Friday, October 19, 2:00 pm - 3:30 pm Moderator M Kabir Hassan University of New Orleans Panelists Yahia Abdul-Rahman Lariba System Michael J.T. McMillen, Dechert LLP Zamir Iqbal, The World Bank
Session Number: 205   International Evidence on Banks' Loan Pricing and Risk-taking Incentives     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: William R Emmons, Fed Res Bank St Louis
Ownership patterns, market discipline, and bank risk taking incentives under deposit insurance   Jens Forssbaeck, Lund University and Copenhagen Business School Discussant: William R Emmons, Fed Res Bank St Louis	Quantifying the Interest Rate Risk of Banks Using Time Series of Accounting-Based Data: Evidence From Germany   Oliver Entrop, Catholic University of Eichstaett-Ingolstadt   Christoph Memmel, Deutsche Bundesbank   Marco Wilkens, Catholic University of Eichstaett-Ingolstadt   Alexander Zeisler, Catholic University of Eichstaett-Ingolstadt Discussant: Frank Schmid, NCCI	The provision of services, interest margins and loan pricing in European banking   Emmanuelle Nys, LAPE - Université de Limoges   Laetitia Lepetit, LAPE - Université de Limoges   Philippe Rous, LAPE - Université de Limoges   Amine Tarazi, LAPE - Université de Limoges Discussant: Yuliya Demyanyk, Fed Res Bank St Louis
Session Number: 206   Monitoring the Board     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Jeff Coles, Arizona State University
Analyst recommendations and corporate governance   Don M MAutore, Florida State University   Tunde Kovacs,Northeastern University   Vivek Sharma, University of Michigan - Dearborn Discussant: Lalitha Naveen, Purdue University & Temple University	Board Size and the Role of Committees   David Reeb, Temple University   Arun Upadhyay, Temple University Discussant: James Linck, University of Georgia	Do Firms Adjust to a Target Board Structure?   M Babajide Wintoki, University of Georgia   Tina Yang, Clemson University   David Cicero, University of Delaware Discussant: Charu Raheja, Vanderbilt University
Session Number: 207   Financial Distress: Theoretical Issues     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Ron Singer, University of Houston
Resolution of Financial Distress under Chapter 11: A Dynamic Game Approach   Amira Annabi, HEC Montreal   Michèle Breton,HEC Montreal   Pascal François, HEC Montreal Discussant to be announced	The Effect of APR Violations on the Seniority and Timing of Debt Issuance   Arturo Bris, Yale School of Management and IMD, Lausanne, Switzerland   S. Abraham Ravid, Rutgers Business School   Ronald Sverdlove, Rutgers Business School Discussant: Dina Layish, Binghamton Univ	The Interplay of Credit and Liquidity Risk under Incomplete Accounting Information   Wolfgang Buehler, University of Mannheim   Tim Thabe, University of Mannheim Discussant to be announced
Session Number: 208   Dividend Policy: Empirical Issues     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Nagpurnanand R Prabhala, University of Maryland
The Dynamic Relationship among Investment, Earnings and Dividends   Lee M. M.Dunham, University of Nebraska-Lincoln   John M. Geppert,University of Nebraska Lincoln   Richard A. DeFusco, University of Nebraska-Lincoln Discussant: Levent Guntay, Indiana University	Rethinking Lintner: An Alternative Dynamic Model of Dividends   Larry Bauer, Memorial University of Newfoundland   Nalinaksha Bhattacharyya, University of Manitoba Discussant: April Knill, Florida State University	What is Dividend Premium?   Laura Yue Liu, California State University, Fullerton   Liwei Shan, Southwestern University of Finance and Economics Discussant: Naryananan Subramanian, Cornerstone Research
Session Number: 209   Internal Capital Markets     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Simi Kedia, Rutgers University
Rational Learning and the Diversification Discount   John Hund, Rice University   Donald Monk,Tulane University   Sheri Tice, Tulane University Discussant: Akin Sayrak, University of Pittsburgh	Internal Capital Market Subsidies and Industry Downturns   Chuck A Brown, Penn State - Erie   Chris R McNeil, Appalachian State University Discussant: Armen Hovakimian, Baruch College	Small Firms, Internal Capital Markets, and the Diversification Discount   Adam Yore, Drexel University Discussant: Natalia Reisel, Southern Methodist University
Session Number: 210   Mispricing and the Market for Corporate Control     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Robert S Hansen, Tulane University
Managerial Optimism and Market Misvaluation: The Effects on Mergers and Acquisitions   Todd A ABrown, Stephen F. Austin State University   Thomas S Zorn,University of Nebraska Lincoln Discussant: Frank (Fritz) Koger, Tulane University	Does Cash Reserve Signals Overvaluation? Evidence from the Acquisitions Solely Financed by Stock.   Ning GAO, University of Manchester Discussant: Myke Yest, Tulane University	The Market-Timing Ability of Low Transparency Firms in the Acquisition Market   James Ang, Florida State University   Yung Ling Lo, Florida State University Discussant: Weiling Song, Louisiana State University
Session Number: 211   The Impact of Legislative Changes on REITs     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Anthony L Loviscek, Seton Hall University
Dribs and Drabs and the Legislative Process: 1999 REIT Modernization Act   C. Michael MichaelImpson, University of North Texas   James A Conover,University of North Texas Discussant: Anthony L Loviscek, Seton Hall University	Liquidity and Adverse Selection: Evidence from the Five-or-Fewer Rule Change   Olgun F. Sahin, Minnesota State University Moorhead   Pattarake Sarajoti, Chulalongkorn University Discussant: Kimberly Goodwin, University of Alabama	The impact of the Sarbanes-Oxley Act in the structure of REIT's board of directors   Magdy Carolina Noguera, Southeastern Louisiana University Discussant: Pattarake Sarajoti, Chulalongkorn University
Session Number: 213   S&P 500 Questions     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Tim Simin, Penn State University
Index Arbitrage between Futures and ETFs: Evidence on the limits to arbitrage from S&P 500 Futures and SPDRs   Nivine Richie, Susquehanna University   Robert Daigler,Florida International University   Kimberly C Gleason, Florida Atlantic University Discussant: John Hund, Rice Univ	Nonlinear Stochastic Discount Factor: Evidence from S&P 500 Index Option Market   Masahiko Egami, University of Michigan   Yanming Shu, St. John's University, Taiwan   Larry W. Taylor, Lehigh University   Wenlong Weng, Lehigh University Discussant: Nishad Kapadia, Rice University	The Pricing of S&P 500 Index Put Options: Smiles, Smirks, and Leverage   Robert Geske, UCLA   Yi Zhou, UCLA Discussant: James Doran, Florida State Univ
Session Number: 214   Estimation and Transmission of Risk     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Don Chance, Louisiana State University
Integrated Risk Management: Top Down or Bottom Up?   Peter Grundke, University of Cologne Discussant: Wantanee Surapaitoolkorn, Sasin at Chulalongkorn Univ	Is there hedge fund contagion?   Nicole M Boyson, Northeastern University   Christof W Stahel, George Mason University   Rene M Stulz, Ohio State University Discussant: Don Chance, Louisiana State University	Methodology and Implementation of Value-at-Risk Measures in Emerging Fixed-Income Markets with Infrequent Trading   Gonzalo Cortazar, Pontifica Universidad Catolica de Chile   Alejandro Bernales, Inter-American Development Bank   Diether W Beuermann, Inter-American Development Bank Discussant: Randy Billingsley , Virginia Tech
Session Number: 215   Small Business Funding     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Charles F Beauchamp, Middle Tennessee State University
Strategic information disclosure in small business lending   Thomas Mählmann, University of Cologne Discussant: Natalja V Westernhagen, Deutsche Bundesbank	Determinants of the Use of Trade Credit Discounts by Small Firms   Blaise Roncagli, Cleveland State University   Chenchu Bathala, Cleveland State University Discussant: Johanna Koeter-Kant, Vrije University Amsterdam	Evidence on Funding Decisions by Italian SMEs: A Self Selection Model   PAOLA BRIGHI, UNIVERSITY OF BOLOGNA   GIUSEPPE TORLUCCIO, UNIVERSITY OF BOLOGNA Discussant: Charles F Beauchamp, Middle Tennessee State University
Session Number: 217   Loss Aversion     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Sandro C Andrade, University of Miami
Option-Implied Probabilities in a Loss Aversion World   Soosung Hwang, Cass Business School   Chun-An Lin,Cass Business School Discussant: Sandro C Andrade, University of Miami	Asymmetric Loss Functions and the Rationality of Expected Stock Returns   Kevin Aretz, Lancaster University   Söhnke M. Bartram, Lancaster University   Peter F. Pope, Lancaster University Discussant: P Joakim Westerholm, University of Sydney	Dynamics Between Equity Holdings and Returns   Petko S Kalev, Monash University   Emily Lok, Monash University   P Joakim Westerholm, University of Sydney Discussant: Kevin Aretz, Lancaster University
Session Number: 218   Tech Bubbles     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Irena Hutton, Florida State University
What is in a name? Evidence from Chinese firms during the Technology Boom   Henk Berkman, Massey University, Albany Campus   Nick Nguyen,Massey University, Albany Campus   Liping Zou, Massey University, Albany Campus Discussant: Xin Zhou, University of Texas Dallas	Understanding the information content of short interest   Xin Zhou, University of Texas Dallas Discussant: Marius Popescu, University of Massachusetts Boston	Synchronization Risk and the NASDAQ Technology Bubble   Douglas W Blackburn, Indiana University   Ruslan Y Goyenko, McGill University   Andrey D Ukhov, Indiana University Discussant: Tunde Kovacs, Northeastern University
Session Number: 219   The Dynamics of Expectations and Volatility     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Ralista Petkova, Texas A&M University
The Value Premium and Firm Volatility in Merton's CAPM   Robert Savickas, George Washington University Discussant: Maria Gabriela Schutte, Michigan Tech University	Jumps and dynamic volatility relationships between equity and bond returns   Elton Daal, Florida Institute of Technology   Atsuyuki Naka, University of New Orleans   Babatunde Odusami, Southeast Louisiana University Discussant: Mascia Bedendo, Universita Bocconi	Risk Premium, Volatility and Terrorism: New Evidence   O David Gulley, Bentley College   Jahangir Sultan, Bentley College Discussant: Federica Pazzaglia, University of Alberta
Session Number: 220   Order Strategies     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Frederick H deB Harris, Wake Forest University
Mr Trader, would you like to revise your order?   Kingsley Fong, University of New South Wales   Wai-Man Raymond Liu,University of New South Wales Discussant: Craig Stephenson, Babson College	Measuring closing price manipulation   Carole Comerton-Forde, University of Sydney   Talis Putnins, University of Sydney Discussant: Michael J Fleming, Fed Res Bank New York	Which is Limit Order Traders More Fearful Of: Non-Execution Risk and Adverse Selection Risk?   Yeo Wee Yong, National University of Singapore Discussant: Marios A Panayides, University of Utah
Session Number: 221   Trades and Information     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Ronald Spahr, University of Memphis
The Informativeness of Corporate Bond Trades   Peter Huaiyu HuaiyuChen, Youngstown State University   Junbo Wang,City University of Hong Kong   Chunchi Wu, Singapore Management University Discussant: Patrik Sandas, University of Virginia	Estimating two structural spread models for trading blind principal bids   Christos Giannikos, Baruch College   Tin-shan Suen, Baruch College   Hany Guirguis, Manhattan College Discussant: Fariz Huseynov, University of Memphis	The Relationship between the Information Content of Trades and Frequency of Public Information Release: Mediating Effects of Informed and Uninformed Trading   Srinivasan Sankaraguruswamy, National University of Singapore   Jianfeng Shen, National University of Singapore   Takeshi Yamada, National University of Singapore Discussant: Jim Upson, University of Memphis
Session Number: 222   Stock Prices and the Macroeconomy     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Hermann Sintim-Aboagye, Montclair State University
Bank stock returns and endogenous money supply in the wake of financial deregulation and crisis: Evidence from United States   Zatul Effawaty EffawatyBadaruddin, Monash University   Mohamed Ariff, Bond Univ Discussant: ,	Stock returns, Inflation, and Output   Turan G Bali, Baruch College   Yi Tang, Baruch College Discussant to be announced	The FED model and expected asset returns   Paulo F Maio, Universidade Nova de Lisboa Discussant: ,
Session Number: 223   Mutual Funds     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Stefan Ruenzi, Univ of Cologne
Model Uncertainty and Mutual Fund Investing   Yee Cheng Loon, Binghamton University Discussant: ,		The Holdings Mark-up Behavior of Mutual Funds: Evidence from An Emerging Market   C. Jerry Yu, University of Baltimore   Ching-Chang Wang, Southern Taiwan University of Technology Discussant: ,
Session Number: 224   The Role of Analysts in Financial Markets II     Friday, October 19, 2:00 pm - 3:30 pm Chairperson: Maria Carapeto, Cass Business School
A Tale of Two Speeds of Bias Reduction: Recommendation Changes for US and Non-US Investment Banks   Maria Carapeto, Cass Business School   Miles Bernard Gietzmann,Cass Business School Discussant: Enrico Maria Cerveletti, University of Bologna	The effects of analyst characteristics and regulation on brokerage market share   Hyungsuk Choi, Georgia Institute of Technology   Jonathan Clarke, Georgia Institute of Technology   Stephen P Ferris, University of Missouri-Columbia   Narayanan Jayaraman, Georgia Institute of Technology Discussant: Herman Sahni, Binghamton University	Has Regulation Fair Disclosure Increased Importance of Public Information to Analysts? The Case of Earnings Announcements   TeWhan Hahn, Auburn University Montgomery   Minsup Song, University of Idaho Discussant: Maria Carapeto, Cass Business School
Session Number: 225   Analysis of Gains to Acquisitions     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Thomas Moeller, Texas Christian University
Acquirer-Shareholder Voting Rights in Mergers and Acquisitions   Jim Hsieh, George Mason University   Qinghai Wang,University of Wisconsin-Milwaukee Discussant: Jie Cai, Drexel University	Efficiency and Value Creation in Acquisitions and Divestitures:Evidence from the US Property-Liability Insurance Industry   J. David Cummins, University of Pennsylvania   Xiaoying Xie, California State University at Fullerton Discussant: Michael Pagano, Villanova University
Session Number: 226   Corporate Investment Policy     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Ajay Subramanian, Georgia State University
Investment Frictions and Leverage Dynamics   Sergey D. D.Tsyplakov, University of South Carolina Discussant: Ajay Subramanian, Georgia State University	Corporate investment: Condition, form, and financing   Shanhong Wu, University at Buffalo, SUNY   Joseph P. Ogden, University at Buffalo, SUNY Discussant: Lingling Wang, Georgia State University	Do Corporate Expenditures Reflect Information Sharing? Multi-Unit Firms, Inter-Unit Coordination, and Corporate Capital Budgeting Decisions   Abigail S Hornstein, Wesleyan University   Minyuan Zhao, University of Michigan Discussant: Gohar Stepanyan, Purdue University
Session Number: 227   The Structure of Interest Rates     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Kashi Nath Tiwari, KNT's Financial Academic Research
Testing term structure estimation methods: Evidence from the UK STRIPS market   James M MSteeley, Aston Business School Discussant: Yildiray Yidirim, Syracuse University	Bank Retail Rate Response to the Policy Rate: Time-variation, Regime-switching and Curvature   ANA-MARIA FUERTES, CASS BUSINESS SCHOOL   SHELAGH HEFFERNAN, CASS BUSINESS SCHOOL   ELENA KALOTYCHOU, CASS BUSINESS SCHOOL Discussant: Andrew Saporoschenko, Clemson University	An Empirical Study of the Default Risk and Liquidity Components of Interest Rate Swap Spreads   Xiaofei Li, York University Discussant: Michael Jacobs, US OCC
Session Number: 228   The Joint Dynamics of Interest Rates and Exchange Rates     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Hong Yan, University of South Carolina
A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate   Jun Yang, Bank of Canada   Fousseni Chabi-Yo,Bank of Canada Discussant: Howard Qi, Michigan Tech University	A Tale of Two Yield Curves: Modeling the Joint Term Structure of Dollar and Euro Interest Rates   Alexei V Egorov, West Virginia University   Haitao Li, University of Michigan   David Ng, Cornell University Discussant: Andrea DeMaskey, Villanova University	Can Affine Term Structure Models Help Us Predict Exchange Rates?   Antonio Diez de los Rios, Bank of Canada Discussant: Minqiang Li, Georgia Tech
Session Number: 229   Exploiting Firm-Specific News     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Qian Li, Midwestern State Univ
The Information Content of Dividend Changes   Christa Bouwman, Case Western Reserve University Discussant: Brian Kluger, Univ of Cincinnati	Institutional Investors and Shareholder Litigation in New Public Companies: Do Underwriters Have an Information Advantage?   Sergey S Barabanov, University of St. Thomas   Onem Ozocak, Brock University   Thomas J. Walker, Concordia University Discussant: William Johnson, University of New Hampshire	Market Sentiment, Investor Size and Reaction to Firm-Specific News   G. Mujtaba Mian, National University of Singapore   Wen He, National University of Singapore   Srinivasan Sankaraguruswamy, National University of Singapore Discussant: Ming Liu, Binghamton University
Session Number: 230   Journal of Applied Finance Roundtable on Enterprise Risk Management     Friday, October 19, 3:45 pm - 5:15 pm(Note: This session begins at 2:00 pm ) Editors, Journal of Applied Finance Betty Simkins, Oklahoma State University Charles Smithson, Rutter Associates Ramesh Rao, Oklahoma State University
Session Number: 231   Development of International Corporate Governance     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Phyllis Keys, Morgan State University
INTRAGROUP M&A, MINORITY SHAREHOLDERS’ PROTECTION, AND LEGAL ORIGIN   Ettore Croci, University of Milan Bicocca Discussant: Phyllis Keys, Morgan State University	Government Ownership: A Cure Not Always Worse Than the Disease   Mihail K Miletkov, University of Georgia Discussant: Leo Ukpong, Morgan State University	Stealing from Thieves: Firm Governance and Performance when States are Predatory   Art Durnev, McGill University   Larry Fauver, University of Tennessee Discussant: Pamela E Queen, George Washington University
Session Number: 232   Student Managed Investment Funds     Friday, October 19, 3:45 pm - 5:15 pm Student-Managed Investment Funds have become increasingly common at schools of all sizes. A number of faculty advisors of Student-Managed Funds will discuss issues surrounding the creation, administration, and benefits of a fund. Moderator Pete DaDalt, Assistant Professor of Finance University of Rhode Island Panelists Michael Melton Roger Williams University Jeffrey Donaldson University of Tampa Edward Lawrence University of Missouri St Louis
Session Number: 234   Impact of Governance on Market Transparency and Liquidity     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Robert Kieschnick, University of Texas Dallas
Corporate governance and liquidity   Kee H HChung, State University of New York (SUNY) at Buffalo   John Elder,North Dakota State University   Jang Chul Kim, North Dakota State University Discussant: Diana Knyazeva, New York University	Does Corporate Governance affect Preferred Stock Ratings and Yields ?   Qian Wang, Washington State University at Tricities Discussant: Nishant Dass, Georgia Tech	How to Make All Shareholders Equal: Evidence from Tickers’ Informativeness   Najah Attig, Saint Mary's University Discussant: Farah Yunus, Iowa State University
Session Number: 235   Distress     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Z Ayca Altintig, Chapman University
Discounted Tender Offer Bids and the Value of Target Shareholders: The Source of Negative Control Premium   Timothy A. A.Kruse, University of Arkansas   Takuya Kyono,Mitsubishi UFJ Securities   Kazunori Suzuki, Chuo University Discussant: Yoon S Shin, Loyola College in Maryland	Industry competition and the revelation of fraud   Irina Stefanescu, Indiana University   Eitan Goldman, University of North Carolina at Chapel Hill   Urs Peyer, INSEAD and University of Chicago Discussant: Nishant Dass, INSEAD	Is there life after loss of analyst coverage?   Ajay Khorana, Georgia Institute of Technology   Simona Mola, Arizona State University   Raghavendra Rau, Purdue University Discussant: Vincent Intintoli, University of Arizona
Session Number: 236   The Information Content of Dividends     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Colin Pillay, Saint Michael's College
An Investigation of Short Selling Activity around Dividend Announcement and Ex-Dividend Dates   Benjamin M MBlau, University of Mississippi   Kathleen P Fuller,University of Mississippi   Robert A Van Ness, University of Mississippi Discussant: Bing-Xuan Lin, University of Rhode Island	Do Liquidity Induced Changes in Aggregate Dividends Signal Aggregate Future Earnings Growth?   Christi Wann, University of Tennessee - Chattanooga   D. Michael Long, University of Tennessee - Chattanooga Discussant: Ronald Singer, University of Houston	When are Dividend Omissions Good News?   Laarni T Bulan, Brandeis University   Narayanan Subramanian, Cornerstone Research   Lloyd Tanlu, Harvard Business School Discussant: Colin Pillay, Saint Michael's College
Session Number: 237   Information and Bank and Mutual Fund Value     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Lei Wedge, University of South Florida
Banking Relationships, Public Debt, and Firm Profitability: Evidence from Taiwanese Firms   Hai-Chin Yu, Chung-Yuan University   Anita K. Pennathur,Florida Atlantic University Discussant: Jamie McNutt, Rutgers University	Are Banks Opaque?   K. Stephen Haggard, University of Southern Mississippi   John S. Howe, University of Missouri - Columbia Discussant: Dona Siregar, SUNY Oneonta	Riding the Post Earnings Announcement Drift: Evidence from Mutual Funds   Ashiq Ali, University of Texas at Dallas   Xuanjuan Chen, University of North Carolina at Wilmington   Tong Yao, University of Arizona   Tong Yu, University of Rhode Island Discussant: Lei Wedge, University of South Florida
Session Number: 238   Empirical Analysis of Mergers and Acquisitions     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Yilei Zhang, University of North Dakota
The Acquisition Performance of S&P 500 Firms   Anand M. M.Vijh, The University of Iowa   Ke Yang,The University of Iowa Discussant: Vahap Uysal, University of Oklahoma		The Information contained in merger announcements   Basak Tanyeri, Southern Illinois University Discussant: Yilei Zhang, University of North Dakota
Session Number: 239   Residential Mortgages     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Benton Gup, University of Alabama
Bank Branch Presence and Access to Credit in Low-to-Moderate Income Neighborhoods   O Emre EmreErgungor, Federal Reserve Bank of Cleveland Discussant: Justin Benefield, College of Charleston	Mortgage Brokers and Mortgage Rate Spreads: Their Pricing Influence Depends on Neighborhood Type   M. Cary Collins, The University of Tennessee   Keith D. Harvey, Boise State University Discussant: Robert DeYoung, University of Kansas	Mortgage Delivery Options: An Innovation to Improve the Risk/Return Tradeoff in Residential Mortgage Lending   Andrea J. Heuson, University of Miami   Tie Su, University of Miami Discussant: Ed Waller, University of Houston Clear Lake
Session Number: 240   Seasoned Equity Offerings     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Emmanuel Morales-Camargo, University of New Mexico
Executive Stock Option Exercise and Seasoned Equity Offerings   Brandon N Cline, Clemson University   Xudong Fu,The University of Alabama Discussant: Vladimir Atanasov, College of William & Mary	Institutional Trading, Information Production, and the SEO Discount: A Model of Seasoned Equity Offerings   Thomas J. Chemmanur, Boston College   Yawen Jiao, Rensselaer Polytechnic Institute Discussant: Hao Lin, Cal State Sacramento	Managing Underwriters and the Marketing of Seasoned Equity Offerings   Rongbing Huang, Kennesaw State University   Donghang Zhang, Penn State University Discussant: James Conover, University of North Texas
Session Number: 241   Micro Effects in the Option Market     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Eric Powers, University of South Carolina
Slippage and the Choice of Market or Limit Orders in Futures Trading   Scott Brown, University of Puerto Rico   Timothy Koch,University of South Carolina   Eric Powers, University of South Carolina Discussant: Michael J Fleming, Fed Res Bank New York	Stock Price Manipulation near Option Expiration Dates: A Test of the Max-Pain TM Theory   Jerry Liu, Cal State East Bay Discussant: Jang-Hyung Cho, Florida International University	The Price Advantage of Being on the Futures Floor or "How the General Public Makes Poor Decisions"   Jang-Hyung Cho, Florida International Univesity   Robert T. Daigler, Florida International University Discussant: Eric A Powers, University of South Carolina
Session Number: 242   Derivatives Use     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Alexander Paseka, University of Manitoba
Systemic Risk and Competition in OTC Derivatives Dealing: Evidence from Client Failures in the 1990s   Ekaterina E EEmm, Seattle University   Ufuk Ince,University of Washington, Bothell Discussant to be announced	The Effects of Derivatives on Firm Risk and Value   Söhnke M Bartram, Lancaster University   Gregory W Brown, UNC Chapel Hill   Jennifer Conrad, UNC Chapel Hill Discussant: Gautam Vora, University of New Mexico	The Term Structure of Currency Hedge Ratios   Olaf Korn, University of Goettingen   Philipp Koziol, University of Goettingen Discussant: Chung Baek, Troy University
Session Number: 243   Insurance     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: James Barrese, St John's University
The Demise of the Mutual Organizational Form: An Investigation of the Life Insurance Industry   Otgontsetseg Erhemjamts, Bentley College   J. Tyler Leverty,University of Iowa Discussant: Maria Manuela Marques, Catholic University of Portugal	DYNAMIC CAPABILITIES IN VOLATILE ENVIRONMENTS: EVIDENCE FROM THE U.S. PROPERTY AND CASUALTY INSURANCE INDUSTRY   Yijia Lin, Youngstown State University   Jifeng Yu, University of Nevada Las Vegas Discussant: Nicos A Scordis, St John's University	Market Reactions to Attorney General Litigation Activity: Evidence from the Property-Casualty Insurance Companies   James Hilliard, University of Connecticut   Chinmoy Ghosh, University of Connecticut Discussant: Albert Beer, St John's University
Session Number: 244   Corporate Governance in Emerging Markets     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Darius P Miller, Southern Methodist University
Cash Holdings and Firm Value during Financial Crises in Latin American Markets   Susan Elkinawy, Loyola Marymount University   Mark Stater,University of Georgia Discussant: Pankaj K Jain, University of Memphis	Ceo and Director Turnover in Venezuela   Urbi Garay, IESA Business School   Maximiliano González, Universidad de los Andes Discussant: Mark Stater, University of Georgia	Crises, Contagion and Cross-Listings   Nandini Chandar, Drexel University   Dilip K. Patro, OCC   Ari Yezegel, Rutgers University Discussant: John Puthenpurackal, University of Nevada Las Vegas
Session Number: 245   Equity Cross-listing and Market Integration     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Liping Zou, Massey University
The BRIC Impact in Global Financial Markets: A Quantitative Analysis   Shuming Bai, University of Texas-Pan American Discussant: Shinhua Liu, Texas A&M International University	Strategic Disclosure and Stock Returns: Theory and Evidence from U.S. Cross-listing   Shingo Goto, University of South Carolina   Masahiro Watanabe, Rice University   Yan Julian Xu, University of South Carolina Discussant: Razvan Pascalau, University of Alabama	Why US firms delist from the Tokyo Stock Exchange: An Empirical Analysis   Shinhua Liu, Texas A&M Int'l University Discussant: Suk Hun Lee, Loyola University Chicago
Session Number: 246   Forecasting     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Bruce Haslem, Florida State University
The Impact on Interest Rates of Weekly Unemployment Announcements and their Revisions   James E EGunderson, University of Wyoming   Frederic P Sterbenz,University of Wyoming Discussant: Tunde Kovacs, Northeastern University	Behaviors of Individual Analysts' Earnings Forecasts: Asymmetric Irrationality and Firm Effects   Derann Hsu, University of Wisconsin - Milwaukee   Cheng-Huei Chiao, King College Discussant: Bilal Erturk, Texas A&M University	The Private Securities Litigation Reform Act, Analysts' Earnings Forecasts, and the Information Environment   Douglas O. Cook, The University of Alabama   Huabing (Barbara) Wang, West Texas A&M Univ Discussant: Bruce Haslem, Florida State University
Session Number: 247   Cross-Sectional Variation of Stock Returns     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Natalia Piqueira, University of Houston
An Empirical Assessment of the Double Exponential Jump-Diffusion Process   Cyrus Ramezani, California Polytechnic State University   Yong Zeng,University of Missouri Kansas City Discussant: Peter Lerner, Syracuse University		Return dispersion and expected returns   Xiaoquan Jiang, Florida Intl Univ Discussant: Timothy Simin, Penn State University	Valuing Convertible Bonds and the Option to Exchange Bonds for Stock   John D Finnerty, Fordham University
Session Number: 248   International Market Quality     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Robert Hudson, University of Leeds
THE ASYMMETRY OF PRICE BEHAVIOR AROUND BUY AND SELL TRADES: NEW EVIDENCE ON THE STOCK EXCHANGE OF THAILAND   Charlie Charoenwong, Nanyang Technological University   Nattawut Jenwittayaroje,Nanyang Technological University   David Ding, Singapore Management University Discussant: Jianfeng Shen, Singapore National University	Market Design and Execution Cost for Matched Securities Worldwide   Michael J. Aitken, University of New South Wales   Rowan M. Cook, ABN AMRO Australia   Frederick H. deB. Harris, Wake Forest University   Thomas H. McInish, University of Memphis Discussant: Arek Nowak, University of Delaware	Market Quality Changes to the London Stock market: The Effect of a Closing Call Auction   Patricia L Chelley-Steeley, Aston University   ,   ,   , Discussant: Robert Hudson, University of Leeds
Session Number: 249   Mutual Fund Performance and Flows     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Stephen Dimmock, Michigan State University
Investors Do Respond to Poor Mutual Fund Performance: Evidence from Inflows and Outflows   George D. D.Cashman, Arizona State University   Daniel N. Deli,Arizona State University   Federico Nadari, Arizona State University   Sriram V. Villupuram, Arizona State University Discussant: Will Gerken, Michigan State University	Jekyll or Hyde: Performance of Fund Managers Who Run Multiple Funds   Richard T. Bliss, Babson College   Mark E. Potter, Babson College   Christopher Schwarz, University of Massachusetts - Amherst Discussant: Leng Ling, Georgia State University	Stock Returns and Aggregate Mutual Fund Flows: A System Approach   Jaebeom Kim, Oklahoma State University Discussant: Vincent Glode, Carnegie Mellon University
Session Number: 251   Mutual Fund Behavior     Friday, October 19, 3:45 pm - 5:15 pm Chairperson: Felix Meschke, University of Minnesota
Mutual funds as monitors: Evidence from mutual fund voting   Angela Morgan, Clemson University   Jack Wolf,Clemson University   Tina Yang, Clemson University Discussant: Lilian Ng, University of Wisconsin Milwaukee	Outsourcing in the Mutual Fund Industry   Truong Duong, University of Minnesota Discussant: Daniel Deli, Arizona State University	Innovations in Financial Products. Conventional Mutual Index Funds versus Exchange Traded Funds   Anna Agapova, Florida Atlantic University Discussant: Joop Huij, RSM Erasmus University
Session Number: 253   The Determinants of Cash Holdings and Corporate Payouts     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Jan Mahrt-Smith, University of Toronto
Cash holdings, corporate governance and financial constraints   Edith Ginglinger, Université Paris Dauphine   Khaoula Saddour,Université Paris Dauphine Discussant: Jan Mahrt-Smith, University of Toronto	Effects of Macroeconomic Conditions on Corporate Liquidity—International Evidence   Naiwei Chen, National Chung Cheng University   Arvind Mahajan, Texas A&M University Discussant: Thomas Bates, University of Arizona	Why Firms Begin Paying Dividends: Value, Growth and Life Cycle Effects   Neil Fargher, MacQuarie University   Robert Weigand, Washburn University Discussant: Brandon Julio, University of Illinois
Session Number: 254   Ethics and Finance     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Janikan Supanvanij, St Cloud State University
Ethics and Disclosure: A study of the financial performance of firms in the seasoned equity offerings market   Hoje Jo, Santa Clara University   Yongtae Kim,Santa Clara University	Political Integrity and Municipal Finance   Alexander W. Butler, University of Texas at Dallas   Larry Fauver, University of Tennessee   Sandra C. Mortal, University of Missouri	The Cost of Virtue: Corporate Social Responsibility and the Cost of Debt Financing   Allen Goss, York University   Gordon S. Roberts, York University
Session Number: 255   Regulation and Value     Saturday, October 20, 8:30 am - 10:00 am Chairperson: J Ronald Hoffmeister, Arizona State University
A LAW AND FINANCE ANALYSIS OF HEDGE FUNDS   Douglas Cumming, Rensselaer Polytechnic Institute   Li Que,Rensselaer Polytechnic Institute Discussant: Luis Garcia-Feijoo, Creighton University	The Effects of Discretionary Land Policies on Asset Returns   Min Hwang, George Washington University   Sau Kim Lum, National University of Singapore Discussant: Michael Impson, University of North Texas	Changes in Electric Utility Risk Levels Following EPACT 1992   C. Michael Impson, University of North Texas Discussant: Vipul Bansal , St John's Univ
Session Number: 256   Mutual Funds and Portfolio Managers     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Pamela Peterson Drake, James Madison University
Do Bank Portfolio Managers Exhibit Loss Aversion In Securities Transactions?   Timothy W. W.Koch, University of South Carolina   David G. Shrider,Miami University Discussant: Lily Xu , Virginia Tech	Spillover Effects of Marketing in Mutual Fund Families   Joop Huij, RSM Erasmus University   Marno Verbeek, RSM Erasmus University Discussant: Pamela Peterson Drake, James Madison University	Selling Winners, Holding Losers: Effect on Mutual Fund Performance and Flows   Lily Xu, Virginia Tech Discussant: Prachi Deuskar , Univ of Illinois
Session Number: 261   Monetary Policy and Finance     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Munir Hassan, Claflin University
FISCAL POLICY, MONETARY POLICY AND THE STOCK MARKET   NIKIFOROS T. T.LAOPODIS, FAIRFIELD UNIVERSITY Discussant: Jens Forssbaeck, Lund University	LAG STRUCTURE AND EFFECTIVENESS OF FINANCIAL INSTRUMENTS   A. M. Parhizgari, Florida International University   A. Aburachis, Gannon University Discussant: Nick Laopodis, Fairfield University	The Impact of Inflation on Financial sector Performance in Latin American Countries   Omar Al Nasser, The University of Texas-Pan American   Dave Jackson, The University of Texas-Pan American Discussant: Fulbert Tchana Tchana, Universite de Montreal
Session Number: 262   Active Monitors: Helpful or Harmful?     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Stuart Gillan, Texas Tech University
Multiple Directorships and Stockholder Wealth: Evidence from Acquisition Returns   Seoungpil Ahn, National University of Singapore   Pornsit Jiraporn,Pennsylvania State University, Great Valley   Young Sang Kim, Northern Kentucky University Discussant: Scott Bauguess, Texas Tech University	Labor Unions as Shareholder Activists: Champions or Detractors?   Andrew K Prevost, Ohio University   Ramesh P Rao, Oklahoma State University   Melissa A Williams, University of Houston - Clear Lake Discussant: Angela Morgan, Clemson University	Insiders' Informative Trading: Evidence from Multi-company Directors   Douglas O Cook, University of Alabama   Huabing (Barbara) Wang, West Texas A&M Univ Discussant: Ayla Kayhan, Louisiana State University
Session Number: 263   Issues in Governance     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Sam Weaver, Lehigh University
Governance and Conservatism in Investment Decisions   Kose John, New York University   Diana Knyazeva,New York University Discussant: Sam Weaver, Lehigh University	Endogeneity and the Dynamics of Corporate Governance   M Babajide Wintoki, University of Georgia Discussant: Yudan Zheng, Long Island Univ	The purpose of the corporation: Shareholder-value maximization?   Petra Joerg, Universität Bern   Claudio Loderer, Universität Bern   Lukas Roth, Penn State University   Urs Waelchli, Universität Bern Discussant: Joachim Zietz , Middle Tenn State Univ
Session Number: 264   Post IPO Firm Performance     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Jason Smith, University of Kentucky
Does pre-issue investor optimism cause post-issue underperformance?   Mohamed H HEl-Badawi, California State U - Dominguez Hills   Bingsheng Yi,California State U - Dominguez Hills   Barry Lin, Western New England College Discussant: Dan Bradley, Clemson University	Measuring Risk Disclosure in IPOs and its Effect on Initial and Subsequent Returns   Tom Arnold, University of Richmond   Raymond P H Fishe, University of Richmond   David North, University of Richmond Discussant: Kuntara Pukthuanthong-Le, San Diego State University	Venture Capital Incubation Period, Underpricing, and Firm Performance   Hung-Chia Scott Hsu, University of North Carolina at Chapel Hill Discussant: Gonul Colak, Florida State University
Session Number: 265   Measuring Risk and Returns of Funds     Saturday, October 20, 8:30 am - 10:00 am Chairperson: James Conover, University of North Texas
Almost Stochastic Dominance: A Penchant for Risk   Matthew Brigida, Florida Atlantic University Discussant: Stoyu Ivanov, University of Nebraska Lincoln	A Stepwise SPA Test   Paul Po-Hsuan Hsu, University of Connecticut   Yu-Chin Hsu, University of Texas at Austin Discussant to be announced	The Exchange Traded Funds’ Tracking Error: Analysis and Forecasts   Stoyu Ivanov, University of Nebraska-Lincoln Discussant: ,
Session Number: 266   Restucturing     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Matteo Arena, Marquette University
The Effects of Anti-Takeover Provisions on the Performance of Corporate Spin-Offs   Thomas Chemmanur, Boston College   Brad Jordan,University of Kentucky   Mark Liu, University of Kentucky   Qun Wu, University of Kentucky Discussant: Elisbeta Pana, Illinois Wesleyan University	How Does National Culture Impact Internalization Benefits in Cross-Border Mergers and Acquisitions?   Ninon Sutton, University of South Florida   Tanja Steigner, University of South Florida Discussant: Marc Umber, Universitat Fachbereich Wirtschaftswissenschaften	Share Buybacks and Shareholder Equity   Christine Brown, University of Melbourne   Kevin Davis, Melbourne Centre for Financial Studies Discussant: Ben Blau ,Univ of Mississippi
Session Number: 268   IPO Studies     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Don M Autore, Florida State University
Asymmetric Information, Dynamic Information Production, and Initial Public Offerings   Rafiqul Bhuyan BhuyanRafiq, California State University Sacramento   Coskun Cetin,California State University Sacramento Discussant: Tunde Kovacs, Northeastern University	Do Banks Produce Additional Information about IPO Firms?   Tatyana Sokolyk, Pennsylvania State University Discussant: Don M Autore, Florida State University	Do Investors Value SEO Lockup Agreements?   Xudong Fu, The University of Alabama Discussant: Irena Hutton, Florida State University
Session Number: 269   Assorted Options     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Rodrigo Hernandez, University of Arkansas
Valuing Options When Shareholders Face Bankruptcy Risk   Antonio Camara, Oklahoma State University   Betty Simkins,Oklahoma State University Discussant: Yue Xiao, University of Maryland	An Economic Analysis of Reverse Exchangeable Securities — An Option-Pricing Approach   Rodrigo Hernandez, University of Arkansas   Wayne Y. Lee, University of Arkansas   Pu Liu, University of Arkansas Discussant: Hua Chen, Georgia State University	The "Real" Economics of Intangibles: Valuing Intangible Assets as Real Options   Francesco Baldi, Columbia University - MIT - University of Rome "La Sapienza"   Lenos Trigeorgis, MIT - University of Cyprus Discussant: Antonio Camara, Oklahoma State University
Session Number: 270   Corporate Risk Management     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Chitru S Fernando, University of Oklahoma
Does Multinationality Matter for Exchange Exposure? Implications of Operational Hedging   Jongmoo Jay Choi, Temple University   Cao Jiang,Holy Family University Discussant: Stephen Treanor , Oklahoma State University	Executive Compensation, Hedging, and Firm Value   Chao Chen, California State University, Northridge   Yanbo Jin, California State University, Northridge   Min-ming Wen, National Tsinghua University Discussant: Evgenia Golubeva, University of Oklahoma	Hedging Price Risk - When Payment Dates are Uncertain   Olaf Korn, WHU - Otto Beisheim School of Management Discussant: Ronald Sverdlove, Rutgers University
Session Number: 271   Risk and Return Strategies in Banking     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Bill Francis, Rensselaer Polytechnic Inst
The Effect of Bank's Disclosure on the Market Reaction to and Loan Loss Provisions   Hyosoon Choi, Korea Deposit Insurance Corporation   Wook Sohn,KDI School of Public Policy and Management Discussant: Maya Waisman, Fordham University	The Effect of Credit Derivatives on US Bank Risk, Capital and Lending Structure   Timothy J. Yeager, University of Arkansas   Yingying Shao, University of Arkansas Discussant: Zenu Sharma, Rensselaer Polytechnic Inst	Real Estate Risk Effects on Financial Institutions’ Stock Return Distribution: A Bivariate GARCH Analysis   Elyas Elyasiani, Temple University   Iqbal Mansur, Widener University   Jill L Wetmore, Saginaw Valley State University Discussant: Mingming Zhou, University of Alaska
Session Number: 274   Stock Market Comovement and Integration     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Patrick J Kelly, University of South Florida
International Stock Markets Linkages and Spillovers: Evidence from Latin America and Europe   Andres E. E.Rivas, Texas A&M International University   Rahul Verma,University of Houston Downtown   Antonio Rodriguez, Texas A&M International University Discussant: Haigang Zhou, Cleveland State University	Equity Market Comovement and Contagion: A Sectoral Perspective   Kate Phylaktis, Cass Business School   Lichuan Xia, Cass Business School Discussant: Delroy Hunter, University of South Florida
Session Number: 275   The Decisions of Managers and CEOs     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Robert L Kieschnick Jr, University of Texas Dallas
Managerial Insider Trading and Opportunism   Mehmet E. E.Akbulut, California State University Fullerton Discussant: Anne Anderson, Lehigh University	Women Executives and Corporate Investment: Evidence from the S&P 1500   Winnie Qian Peng, Department of Finance, Hong Kong University of Science and Technology   K.C. John Wei, Department of Finance, Hong Kong University of Science and Technology Discussant: Marieke van der Poel, RSM Erasmus Univ	Does CEO familiarity with business segments affect their divestment decisions?   Marieke van der Poel, RSM Erasmus University   James Ang, Florida State University   Abe de Jong, RSM Erasmus University   , Discussant: Ebru Reis, Miami University Ohio
Session Number: 277   Trading Strategies     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Rafiqul Bhuyan, Cal State Sacramento
A Learning Theory About Trading Strategies   Zhijian (James) Huang, The Pennsylvania State University Discussant: Pankaj Maskara, University of Kentucky	Aggregate Insider Trading and the Predictability of Market Returns: Contrarian Strategy or Managerial Timing?   Xiao Q. Jiang, University of Northern Iowa   Mir Amanuz Zaman, University of Northern Iowa Discussant: Natalia Piqueira, University of Houston	The Disposition Effect and Investment Performance in the Futures Market   Hyuk Choe, Seoul National University   Yunsung Eom, Seoul National University Discussant: Riza Demirer, SIU Edwardsville
Session Number: 278   Issues in International Portfolio Diversification     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Gordon J Alexander, University of Minnesota
A country selection strategy for international diversification under a flexible exchange rate regime   Mei Qiu, Massey University, Albany Campus   John Fraser Pinfold,Massey University   Lawrence C. Rose, Massey University Discussant: Ding Du, South Dakota State University	The World Price of Home Bias   Sie Ting Lau, Nanyang Technological University   Bohui Zhang, Nanyang Technological University   Lilian Ng, Univ of Wisconsin Milwaukee Discussant: Xiaoying Chen, Cal State Long Beach	Transition to the Euro and Its Impact on Country Portfolio Diversification   Kamal Smimou, University of Ontario Institute of Technology Discussant: Janikan Supanvanij, St Cloud State University
Session Number: 279   Real Estate's Role in Portfolios     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Michael Seiler, Hawai'i Pacific Univ
Are Real Estate Mutual Funds Redundant   Richard Buttimer, UNC Charlotte   David Hyland,Xavier University   Anthony B Sanders, The Ohio State University Discussant: Feifei Li , Research Affilites, LLC	Diversification Benefits of Public Real Estate Securities in the Mixed Asset Portfolio   Kimberly R. Goodwin, University of Alabama Discussant to be announced	Identifying Diversification Possibilities in Developed Country Public Property Markets   Nafeesa Yunus, Univ of Southern Indiana   Peggy Swanson, University of Texas Arlington Discussant: ,
Session Number: 280   Factors in Asset Pricing Models     Saturday, October 20, 8:30 am - 10:00 am Chairperson: Stephen Sapp, University of Western Ontario
Cross-Sectional Pricing Power and Sources of Momentum Payoffs   Qiang Kang, University of Miami   Canlin Li,University of California-Riverside Discussant: Stephen Sapp, University of Western Ontario	Dividends and Stock Valuation: A Study From the Nineteenth to the Twenty-First Century   Stephen Robert Foerster, University of Western Ontario   Stephen G Sapp, University of Western Ontario Discussant to be announced
Session Number: 281   Information Disclosure and Corporate Payout Policy     Saturday, October 20, 10:15 am - 11:45 am Chairperson: Roberto Decourt, Universidade Federal do Rio Grande do Sul
	“Preparing” the Equity Market for Corporate Events: Theory and Evidence from Firms Cutting Dividends   Thomas Chemmanur, Boston College   Xuan Tian, Boston College Discussant to be announced	Do firms manage earnings to meet dividend thresholds?   Naveen D Daniel, Purdue University   David J Denis, Purdue University   Lalitha Naveen, Purdue University Discussant: Liwei Shan, Southwestern University of Finance & Economics
Session Number: 282   Financial Engineering     Saturday, October 20, 10:15 am - 11:45 am Chairperson: Mahmud Rahman, Eastern Michigan Univ
Closed-form Approximations for Spread Option Prices and Greeks   Minqiang Li, Georgia Institute of Technology   Shi-Jie Deng,Georgia Institute of Technology   Jieyun Zhou, Georgia Institute of Technology	Daily Asset Return Movements and Value-at-Risk under Alternative Classes of Model Specifications