2007 FMA Annual Meeting Program (preliminary) Session Number: 001   Financial Constraints and Asset Pricing     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Mazhar M Islam, Alabama A&M University International Risk Sharing, Investment Restrictions and Asset Prices   Issouf Soumaré, Laval University   Tan Wang,University of British Columbia Discussant: Antonio Diez de los Rios, Bank of Canada Asset Pricing Restrictions on Predictability: Frictions Matter   Frans de Roon, Tilburg University   Marta Szymanowska, Erasmus University Rotterdam/RSM Discussant Mazhar M Islam, Alabama A&M University Short-sale constraint, informational efficiency and asset price bias   H Henry Cao, Cheung Kong Graduate School of Business   Harold H. Zhang, University of Texas Dallas   Xin Zhou, University of Texas Dallas Discussant: Hua Wen, National University of Singapore Session Number: 002   Regulatory Influences on Corporate Governance     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Kathy Farrell, University of Nebraska Lincoln Did New Regulations Target the Relevant Corporate Governance Attributes?   Reena Aggarwal, Georgetown University   Rohan Williamson,Georgetown University Discussant: David Becher, Drexel University Does Cross-listing in the U.S. Really Improve Corporate Governance?: Evidence from the Value of Corporate Liquidity   Laurent Fresard, University of Neuchatel   Carolina Salva, University of Bern Discussant: Emre Unlu, University of Nebraska Lincoln The Consequences to Managers for Cooking the Books   Jonathan M Karpoff, University of Washington   D Scott Lee, Texas A&M University   Gerald S Martin, Texas A&M University Discussant: David Whidbee, Washington State University Session Number: 003   Special Doctoral Student Seminar Participant Presentations     Thursday, October 18, 8:00 am - 9:30 am Session Number: 004   Special Doctoral Student Seminar Participant Presentations     Thursday, October 18, 8:00 am - 9:30 am Session Number: 005   Technology in Financial Education     Thursday, October 18, 8:00 am - 9:30 am Computers have become integrated into every facet of our lives, both personal and professional. Developments in application software available for financial education have also kept pace with this rapidly advancing technology. This panel will bring together experts on developing and publishing financial software to explore new applications and uses of technology in financial education Moderator Stuart Michelson, Roland & Sarah George Professor of Finance Stetson University Panelists Publishers: Ashley Smith,Marketing Manager, McGraw-Hill/Irwin Jason Krall, Marketing Manager, Thomson Publishing Academics: Shannon Donovan, Associate Professor, Bridgewater State College Mark Sunderman, Professor, University of Wyoming Session Number: 006   Factors Related to Success in Research     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Lynn Doran, Georgetown University Academic Content, Research Productivity, and Tenure   Jorge Brusa, Texas A&M International University   Michael Carter,University of North Texas   George Heilman, Winston-Salem State University Discussant: Hatice Uzun, Long Island University Brooklyn Campus Elite Degrees, Elite Affiliations, and Research Productivity in Finance   Kam C Chan, Western Kentucky University   Carl R Chen, University of Dayton   Hung-Gay Fung, University of Missouri-St Louis Discussant: Lynn Doran, Georgetown University Research Productivity in Finance Academia: Mentoring Versus Peer Coauthorship   J. Chris Leach, University of Colorado at Boulder   Michael Oswald Loroz, Management Consultant   Ronald W Melicher, University of Colorado at Boulder   Russell Wermers, University of Maryland Discussant: Jorge Brusa, Texas A&M International University Session Number: 007   Security Analysts and Conflicts of Interest   Special Tutorial Presentation by Dr. Jay Ritter     Thursday, October 18, 8:00 am - 9:30 am This session will explore: What do sell-side security analysts do? What are the sources of the conflicts of interest that security analysts face? What are the implications for academic research? Session Number: 008   International Studies     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Mahmud Rahman, Eastern Michigan Univ Specifying the Forecast Generating Process for Exchange Rate Survey Forecasts   Richard Howard HowardCohen, University of Alaska Anchorage   Carl S. Bonham,University of Hawaii Manoa Discussant: Oneil Harris , Florida Atlantic Univ   Institutional Development, Financial Deepening, and Economic Growth: Evidence from China   Iftekhar Hasan, Rensselaer Polytechnic Institute   Paul Wachtel, New York University   Mingming Zhou, Rensselaer Polytechnic Institute Discussant: Kaysia Campbell , East Carolina Univ Session Number: 009   Conflicts of Interest and Value Creation in Venture Capital     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Thomas Moeller, Texas Christian University The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms   Xuan Tian, Boston College Discussant: Kathleen Weiss Hanley, US SEC   Venture Capital Conflicts of Interest:: Evidence from Acquisitions of Venture Backed Targets   Ronald W Masulis, Vanderbilt University   Rajarishi Nahata, Baruch College Discussant: Michael Stegemoller, Texas Tech University   Session Number: 010   Mutual Fund Votes: Monitoring Managers?     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Frank Reilly, Univ of Notre Dame Geographical Proximity and Mutual Funds' Proxy Voting Behavior   Praveen Kumar KumarDas, University of Wisconsin - Milwaukee Discussant: Pengfei Ye , University of Wisconsin-Milwaukee How Do Mutual Funds Use Proxy Voting Mechanism to Monitor Corporate Management   Pengfei Ye, University of Wisconsin-Milwaukee Do mutual funds vote responsibly? Evidence from proxy voting   Lilian Ng, University of Wisconsin-Milwaukee   Qinghai Wang, University of Wisconsin-Milwaukee   Nataliya Zaiats, University of Wisconsin-Milwaukee Session Number: 011   Design of Compensation Contracts     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Jeffrey Coles, Arizona State University Board Interlocking Network and the Design of Executive Compensation Packages   Ling Heng HengWong, National Australia Bank & University of Melbourne   Andre Gygax,University of Melbourne Discussant: Anand Mohan Goel, DePaul University Equity grants with performance-based vesting conditions   Carr Bettis, Arizona State University & Gradient Analytics   John Bizjak, Portland State University   Jeffrey Coles, Arizona State University   Swaminathan Kalpathy, Washington State University Discussant: Naveen Daniel, Purdue University Optimal compensation contracts under asymmetric information concerning expected earnings   Anton Miglo, University of Guelph Discussant: Jonathan Cohn, University of Michigan Session Number: 012   IPO Underpricing     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Shaorong Zhang, Marshall University Earnings Quality and International IPO Underpricing   Thomas J. J.Boulton, Miami University   Scott B. Smart,Indiana University   Chad J. Zutter, University of Pittsburgh Discussant: Xuejing Xing, University of Alabama Huntsville IPO Underpricing, Allocation Mechanism, and Post-Listing Liquidity: An Empirical Test   Jean-François Gajewski, Université de Paris XII Val-de-Marne   Carole Gresse, Université Paris Dauphine Discussant: Hsin-Hui Chiu, Chapman University Underpricing and Aftermarket Liquidity: An Empirical Exploration of Hong Kong IPOs   Emmanuel Morales-Camargo, University of Arizona Discussant: Jess Cornaggia, University of Texas Dallas Session Number: 013   Governance and Certification: Impact on Project Selection and the Cost of Capital     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Johanna Koeter-Kant, vrije Universiteit Amsterdam Arranger Certification in project finance   Stefano Gatti, Università Bocconi IEMIF   Stefanie Kleimeier,Maastricht University   William L. Megginson, University of Oklahoma   Alessandro Steffanoni, Interbanca Discussant: Yuanshun Li, University of Calgary Comovement in investment and corporate governance   Anzhela Knyazeva, New York University   Diana Knyazeva, New York University   Randall Morck, University of Alberta   Bernard Yeung, New York University Discussant: Tatyana Sokolyk, Penn State University Institutional Investment in UK firms: Do Corporate Internal Control Mechanisms Matter?   Arif Khurshed, University of Manchester   Stephen Lin, Florida International University   Mingzhu Wang, University of Manchester Discussant: Anzhela Knyazeva, New York University Session Number: 014   Corporate Acquisitions     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Anne Anderson, Lehigh University The Benefits of Diversification: Evidence from Financial Synergies   Zsuzsa R RHuszar, University of Kentucky   Joe Peek,University of Kentucky Discussant: Ebru Reis, Miami University The Determinants of Open-Market Share Repurchase: To Signal or to Control?   Jun Huh, KAIST Business School   Kwangwoo Park, KAIST Graduate School of Finance Discussant: Anne Anderson, Lehigh University Geography of Corporate Governance and Source of Target Gains in Block Acquisitions   JIN-MO KIM, University of Missouri–Kansas City   JUN-KOO KANG, MICHIGAN STATE UNIVERSITY Discussant: David North, University of Richmond Session Number: 015   Capital Structure and the Real Sector     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Paul Povel, University of Minnesota LEVERAGE CHANGES AND PRODUCT PRICING INCENTIVES - A TAX INDUCED ANALYSIS - Theory and Empirical Evidence   S. Abraham Ravid, Rutgers Business School   Wei Yu,Rutgers Business School Discussant: Paul Povel, University of Minnesota What Affects the Strategic Function of Debt in the Product Market Competition?   Jing Yang, Cal State Fullerton Discussant: Mufaddal Baxamusa, University of Minnesota Corporate capital structure and product warranties   Jayant R Kale, Georgia State University   Husayn Shahrur, Bentley College Discussant: Simi Kedia, Rutgers University Session Number: 017   Derivatives Markets: Who Trades What, Where, and Why?     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Mahendrarajah Nimalendran, University of Florida Herding Amongst Hedge Funds in Futures Markets   Michael S SHaigh, U.S. CFTC   Naomi E Boyd,GWU and U.S. CFTC   Bahattin Buyuksahin, U.S. CFTC Discussant: Christopher Stivers, University of Georgia Does Information Drive Trading in Option Strategies?   Rudiger Fahlenbrach, Ohio State University   Patrik Sandas, University of Virginia Discussant: Tom Barkley, Syracuse University Futures return volatility and the role of hedgers and investors for NYMEX crude oil   Ronald D. Ripple, Macquarie University   George Milunovich, Macquarie University Discussant: Hai Dong, University of South Carolina Session Number: 018   Innovative Financial Products     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Prakash Pai, Univ of Texas Permian Basin Reasons for financing R&D using the SWORD structure   Samuel H HSzewczyk, Drexel University   Alexandra K Theodossiou,Rutgers and Rider Universities   Zaher Z Zantout, Rider University Discussant: Rodrigo Hernandez, Radford University The Delivery Option in Credit Default Swaps   Rainer Jankowitsch, Vienna University of Economics and Business   Rainer Pullirsch, Bank Austria Creditanstalt AG   Tanja Veza, Vienna University of Economics and Business Discussant: Xiaoling Pu, University of Massachusetts The Market and the Pricing of Outperformance Certificates   Rodrigo Javier Hernandez, University of Arkansas   Wayne Y. Lee, University of Arkansas   Pu Liu, University of Arkansas Discussant: Prakash Pai, Univ of Texas Permian Basin Session Number: 019   Bank Risk and Return     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Ahmed Fathy El-Shahat, Florida International University Institutional Ownership, Diversification, and Risk-taking in BHCs   Saiying (Esther) (Esther)Deng, University of Minnesota-Duluth   Jingyi (Jane) Jia,Southern Illinois University Edwardsville Discussant: Amine Tarazi, University of Limoges Is There Cyclical Bias in Bank Holding Company Risk Ratings?   Timothy J Curry, FDIC   Gary S Fissel, FDIC   Gerald A Hanweck, George Mason University Discussant: Julapa Jagtiani, Federal Reserve Bank Kansas City Is Universal Banking Worthwhile? Evidence From Banks in the Securities Business Pre- and Post-GLBA   Victoria Geyfman, Bloomsburg University of Pennsylvania   Timothy J. Yeager, University of Arkansas Discussant: Farah Yunus, Iowa State University Session Number: 020   Foreign Exchange Exposure     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Antonio J Rodriguez, Texas A&M International University Currency derivatives and forecastability of exchange rates: An Empirical Investigation   Shinhua Liu, Texas A&M Int'l University Discussant: Xiaoying (Cindy) Chen, Cal State Long Beach Exchange Rate Exposure, Competition, and Investments: Firm-Level Evidence from Around the World   Kaysia Campbell, East Carolina University   Delroy Hunter, University of South Florida Discussant: Wei-Xuan Li, University of New Orleans Foreign Exchange Exposure of "Domestic" Corporations   Raj Aggarwal, University of Akron   Joel T. Harper, Oklahoma State University Discussant: Enyang Guo, Millersville University Session Number: 021   Information from Analysts & Blogs     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Xuanjuan Chen, UNC Wilmington The Impact of Blog Recommendations on Security Prices and Trading Volumes   Veljko Fotak, University of Oklahoma Discussant: Edward Graham, UNC Wilmington A New Measure of Earnings Surprises and Post Earnings Announcement Drift   zhipeng yan, Brandeis University   yan zhao, Brandeis University Discussant: Xavier Garza Gomez, University of Houston Victoria Dispersion in Analysts' Earnings Forecasts and Credit Rating   Doron Avramov, University of Maryland   Tarun Chordia, Emory University   Gergana Jostova, George Washington University   Alexander Philipov, George Mason University Discussant: Jeffrey T Zhang, University of Rhode Island Session Number: 022   The Role of Analysts in Financial Markets I     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Andrew Karolyi, The Ohio State University The Diverse Roles of Institutional Investors and Financial Analysts in Information Transmission   Wen-I Chuang, National Taiwan University of Science and Technology   Bong-Soo Lee,KAIST Graduate School of Finance Discussant: Kee Hong Bae, Queen's University The Effect of Analyst Coverage on Firm-Specific Volatility: Less Information or Less Noise?   Maria Gabriela Schutte, University of Missouri   Emre Unlu, University of Missouri Discussant: Roger Loh, The Ohio State University Value of Analyst Recommendations: Why International Evidence Find an Italian Anomaly that Does Not Exist   Enrico Maria Cervellati, University of Bologna   Antonio Carlo Francesco Della Bina, University of Bologna   Pierpaolo Pattitoni, University of Bologna Discussant: Diana Knyazeva, University of Rochester Session Number: 023   Reputation     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Kewei Hou, The Ohio State University Informaton Uncertainty and Auditor Reputation   Don M MAutore, Florida State University   Randall S Billingsley,Virginia Tech   Meir I Schneller, Virginia Tech Discussant: Yinglei Zhang, Chinese University of Hong Kong Analyst Reputation and Market Making   Xin Zhao, Penn State University at Erie   Mingsheng Li, Bowling Green State University Discussant: Henrik Cronqvist, The Ohio State University Do Bond Rating Changes Affect Information Risk of Stock Trading?   Yan He, Indiana University Southeast   Junbo Wang, City University of Hong Kong   John Wei, Hong Kong Unviersity of Science & Technology Discussant: Mathijs van Dijk, RSM Erasmus University Session Number: 024   Risk Aversion in Equity Markets     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Christopher S Jones, University of Southern California Does Aggregate Relative Risk Aversion Change Countercyclically over Time? Evidence from the Stock Market   Hui Guo, Federal Reserve Bank of St. Louis   Zijun Wang,Texas A&M University   Jian Yang, University of Colorado Denver Discussant: Jun Tu, Singapore Management University Option Implied Risk Aversion and Elasticity of Intertemporal Substitution   Douglas W. Blackburn, Indiana University Discussant: Christopher S Jones, University of Southern California Risk Aversion and Clientele Effects   Douglas Blackburn, Indiana University   William Goetzmann, Yale University   Andrey Ukhov, Indiana University Discussant: Yildiray Yildirim, Syracuse University Session Number: 025   Order Placement     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Elizabeth Odders-White, University of Wisconsin Madison Institutional versus Retail traders: A comparison of their order placement strategies   Michael Aitken, University of New South Wales   Philip Brown,University of Western Australia & University of New South Wales   Marvin Wee, University of Western Australia Discussant: Elizabeth Odders-White, University of Wisconsin Madison A Dynamic Model of a Limit Order Market   Onur Bayar, University of Texas San Antonio Discussant: Alex Boulatov, University of Houston In Search of Liquidity: An analysis of Order Submission Strategies in Automated Markets   Hank Bessembinder, University of Utah   Marios Panayides, University of Utah   Kumar Venkataraman, Southern Methodist University Discussant: Pengjie (Paul) Gao, University of Notre Dame Session Number: 026   Trading and Investor Behavior in Emerging Markets     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Elena Kalotychou, Cass Business School Decomposing the Behavior of Foreign Portfolio Investors: Evidence from China and India   Joseph J. J.French, University of Northern Colorado   Atsuyuki Naka,University of New Orleans Discussant: Peter Lerner, Syracuse University Investor sentiment, technical trading rules, and stock returns in China's stock markets   Haigang Zhou, Cleveland State University Discussant: Natasha Todorovic, Cass Business School Trading activities of foreign investors in the Korean stock market   Jaemin Kim, San Diego State University   James Landi, Temple University   Sean Yoo, San Diego State University Discussant: Anthony Yanxiang Gu, SUNY Geneseo Session Number: 027   Optimal Portfolio Holdings     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Katrina Ellis, UC Davis Firm Chacteristics, Relative Efficiency and Equity Returns   Giao X. X.Nguyen, University of Texas at Arlington   Peggy E Swanson,University of Texas at Arlington Multi-period hedge ratios for a multi-asset portfolio when accounting for returns co-movement   Viviana Fernandez, University of Chile The Correlation Structure of Unexpected Returns in U.S. Equities   R. Brian Balyeat, Xavier University   Jayaram Muthuswamy, Singapore Management University Session Number: 028   Liquidity Risk Premium in Corporate Bonds     Thursday, October 18, 8:00 am - 9:30 am Chairperson: Pamela Moulton, Fordham University Liquidity Co-movement in Corporate Bonds: Evidence and Implications   Yuhang Xing, Rice University   Xiaoyan Zhang,Cornell University   Xing Zhou, Rutgers University Discussant: Michael Goldstein, Babson College Nondefault Bond Spread and Market Trading Liquidity   Song Han, Federal Reserve Board   Hao Zhou, Federal Reserve Board Discussant: Amy Edwards, US SEC Liquidity Risk in the Corporate Bond Market   Gady Jacoby, University of Manitoba   George Theocharides, Sungkyunkwan University & Massachusetts Institute of Technology   Steven Zheng, University of Manitoba Discussant: Andriy Shkilko, Wilfrid Laurier University Session Number: 029   Liquidity and Asset Pricing     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Michael A Goldstein, Babson College Capital Constraints and Stock Market Liquidity   Terrence Hendershott, University of California, Berkeley   Pamela C. Moulton,Fordham University   Mark S. Seasholes, University of California, Berkeley Discussant: Ryan Davies, Babson College Firm and Industry Characteristics as Determinants of Stock Liquidity   Jayant R Kale, Georgia State University   Yee Cheng Loon, Binghamton University SUNY Discussant: Marc L Lipson, University of Virginia Theory-Based Illiquidity and Asset Pricing   Tarun Chordia, Emory University   Sahn-Wook Huh, Brock University   Avanidhar Subrahmanyam, UCLA Discussant: Paul Irvine, University of Georgia Session Number: 030   Ownership, Governance, and Corporate Policies     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Jonathan M Karpoff, University of Washington Agency Problems at Dual Class Companies   Ronald W WMasulis, Vanderbilt University   Cong Wang, Chinese Univ of Hong Kong   Fei Xie, George Mason Univ Discussant: Lily Qiu, Brown University Large Shareholders and Corporate Policies   Henrik Cronqvist, The Ohio State University   Rudiger Fahlenbrach, The Ohio Statae University Discussant: Jennifer Bethel, Babson College The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe   Morten Bennedsen, Copenhagen Business School & CEBR   Kasper Meisner Nielsen, Copenhagen Business School & CEBR Discussant: Heitor Almeida, New York University Session Number: 033   Behavioral Asset Pricing     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Haigang Zhou, Cleveland State University The Cost of Being Good   Anne-Marie Anderson, Lehigh University   David H. Myers,Lehigh University Discussant: Ahmed Fathy El-Shahat, Florida International University Bubbles, fundamentals and asymmetric volatility   Yan Li, Emory University Discussant: Deanne Butchey, Florida International University STOCK REACTION TO MARKET-WIDE INFORMATION   Ding Du, South Dakota State University   Karen Denning, Fairleigh Dickinson University   Xiaobing Zhao, South Dakota State University Discussant: Jeffrey T Zhang, University of Rhode Island Session Number: 034   Professional Designations in Finance     Thursday, October 18, 9:45 am - 11:15 am The session will focus on professional designations and their contributions to the finance profession in academia and industry, publication outlets and faculty experience. Panelists Majed R Muhtaseb, CFA, Professor Cal Poly Pomona University Bob McLean, CFA, Director, University Relations CFA Institute Dan Candura, CFP(r), CFP Board of Directors CFP Board and The Candura Group/PennyTree Advisers David R Koenig, Executive Director PRMIA Session Number: 035   Bridging the Gap: Academic Research and Practitioner Decisions     Thursday, October 18, 9:45 am - 11:15 am Head research people from two professional associations and Morningstar discuss the strategies they use to engage academics in practitioner oriented research. They illustrate those strategies with specific examples. The moderator will present the status of the FMA Practitioner Demand Driven Academic Research Initiative (PDDARI) and how academics may participate with “thought partners” on research of particular relevance to practical decisions which practitioners must make. Moderator Rawley Thomas, President LifeCycle Returns Panelists Paul Kaplan, Vice President, Quantitative Research Morningstar Steve Davidson, Vice President, Capital Markets Research Securities Industry and Financial Markets Association Kevin Roth, Director of Research Asssociation for Financial Professionals Practitioner - Academic Research Linkages: Association for Financial Professionals (PowerPoint)   Kevin Roth Practitioner - Academic Research Linkages: Securities Industry and Financial Markets Association (PowerPoint)   Steve Davidson Practitioner - Academic Linkage at Morningstar (PDF)   Paul Kaplan Practitioner Demand Driven Academic Research Initiative (PowerPoint)   Rawley Thomas Session Number: 036   Impact of Regulatory Changes     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Dev Mishra, University of Saskatchewan Alternative Ways of Bonding with U.S. Regulations: Cross-listing vs. Merging with U.S. Bidders   Dobrina Georgieva, University of Arkansas   Tomas Jandik,University of Arkansas Discussant: Marina Martynova, University of Sheffield Managerial Discretion and Firm Cash Policy: Evidence from the Adoption of Anti-Takeover Legislation   John S Howe, University of Missouri Columbia   Ravi Jain, University of Massachusetts Lowell   Raynolde Pereira, University of Missouri Columbia Discussant: Shantanu Dutta, St Francis Xavier University Sarbanes-Oxley and the Cross-Listing Premium   Kate Litvak, University of Texas Law School Discussant: Dev Mishra, University of Saskatchewan Session Number: 037   Earnings Management and Manipulation     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Alex P Tang, Morgan State University Earnings Management and Convertible Preferred Stcok Calls   Palani-Rajan Kadapakkam, Univ of Texas San Antonio   Huey-Lian Sun, Morgan State University   Alex P. Tang,Morgan State University Discussant: Manu Gupta, SIU Edwardsville Debt Maturity Structure and Earnings Management   Manu Gupta, Southern Illinois University   L. Paige Fields, Texas A&M University Discussant: Dalia Marciukaityte, Louisiana Tech University Consequences of Overvalued Equity: Evidence from Earnings Manipulation   Dalia Marciukaityte, Louisiana Tech University   Raj Varma, University of Delaware Discussant: Phyllis Keys, Morgan State University Session Number: 038   Corporate Governance and Performance     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Michael Fuerst, University of Miami An Examination of the Relationship between Corporate Governance Regime and Corporate Performance   Scott B BMoore, John Carroll University   Gary E Porter,John Carroll University Discussant: Larry Fauver, University of Tennessee Corporate Governance Ratings and Firm Performance   Mine Ertugrul, University of Toledo   Shantaram Hegde, University of Connecticut Discussant: Gennaro Bernile, University of Miami The Diversity of Corporate Board Committees and Financial Performance   David A. Carter, Oklahoma State University   Frank D'Souza, Oklahoma State University   Betty J. Simkins, Oklahoma State University   W. Gary Simpson, Oklahoma State University Discussant: Michael Fuerst, University of Miami Session Number: 039   Options and Executive Compensation     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Swaminathan Kalpathy, Washington State University Option Expensing and Executive Compensation   Yi Feng, York University   Yisong S. Tian,York University Discussant: Swaminathan Kalpathy, Washington State University Options as a Percentage of Total Compensation: Determinants and Consequences of Potential Over-Use   Stephen Bryan, Wake Forest University   Robert Nash, Wake Forest University   Ajay Patel, Wake Forest University Discussant: Christopher Clifford, Arizona State University Volatility Forecasting and Option Expensing   George J. Jiang, University of Arizona   Yisong S. Tian, York University Discussant: Adam Aiken, Arizona State University Session Number: 040   Governance and Valuation of IPOs and Spin-offs     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Tatyana Sokolyk, Penn State University Management Quality, Anti-Takeover Provisions, and Performance in IPOs   Thomas J. J.Chemmanur, Boston College   Imants Paeglis,Concordia University   Karen Simonyan, Suffolk University Discussant: Diana Knyazeva, New York University Ownership Structure and IPO Valuation   Re-Jin Guo, University of Illinois at Chicago   Yin-Hua Yeh, Fu-Jen Catholic University   Pei-Gi Shu, Fu-Jen Catholic University Discussant: Chuck Chahyadi, Oklahoma State University Shareholder Value Gains from European Spinoffs: The Effect of Internal and External Control Mechanisms   Binsheng Qian, Cranfield School of Management, UK   Sudi Sudarsanam, Cranfield School of Management, UK Discussant: David S North, University of Richmond Session Number: 041   Financial Flexibility and Corporate Decisions     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Ha-Chin Yi, Texas State University FINANCIAL FLEXIBILITY AND INVESTMENT DECISIONS: EVIDENCE FROM LOW-LEVERAGE FIRMS   Roberto Mura, Manchester Business School   Maria-Teresa Marchica,Manchester Business School Discussant: Viviana Fernandez ,University of Chile Financial Flexibility, Leverage, and Firm Size   Soku Byoun, Baylor University Discussant: Thomas Moeller, Texas Christian University CASH HOLDING POLICY AND ABILITY TO INVEST: HOW DO FIRMS DETERMINE THEIR CAPITAL EXPENDITURES?   MARIA-TERESA MARCHICA, MANCHESTER BUSINESS SCHOOL-ACCOUNTING & FINANCE GROUP   ROBERTO MURA, MANCHESTER BUSINESS SCHOOL-ACCOUNTING & FINANCE GROUP Discussant: Soku Byoun , Baylor University Session Number: 042   Corporate Restructuring     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Karl Lins, University of Utah The diversification discount and capital allocations of diversified firms: Evidence from corporate asset purchases   I-Ju Chen, Jin Wen Institute of Technology   Sheng-Syan Chen,National Taiwan University Discussant: Samuel Weaver ,Lehigh University An Efficiency Perspective on the Gains from Mergers and Asset Purchases   Sugata Ray, University of Pennsylvania   Missaka Warusawitharana, Board of Governors of the Federal Reserve Discussant: Mike Stegemoller, Texas Tech University Investment Opportunities, Investment Efficiency, and Equity Carveouts   Gregory Waller, Ohio University   Mira Straska, Ohio University Discussant: Ninon Sutton , Univ of South Florida Session Number: 043   Capital Structure Adjustments: Theory and Evidence     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Armen Hovakimian, Baruch College Macroeconomic Conditions and Capital Structure Adjustment Speed   Tian Tang, The University of Alabama   Douglas O. Cook,The University of Alabama Discussant: Armen Hovakimian, Baruch College The Capital Structure of Japanese Firms: A Partial Adjustment Analysis   Pascal Nguyen, University of New South Wales   Chander Shekhar, University of Melbourne Discussant: Richard S Warr, NC State University A Theory of Capital Structure Adjustment Speed   Mark J. Flannery, University of Florida   Kristine Watson Hankins, University of Kentucky Discussant: Chander Shekhar, University of Melbourne Session Number: 044   Dividends and Taxes     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Xiaoquan Jiang, Florida Intl Univ An Empirical Reclassification of Dividend Tax Clienteles   Xin Chen, Shanghai Jiaotong University   Jianfei Sun,University of Nevada, Reno Discussant: Andrew Saporoschenko, Clemson University Chasing Dividends Taxes or the Prudent Man Rule?   Xin Chen, Shanghai Jiaotong University   Jianfei Sun, University of Nevada, Reno Discussant: Samir Saadi, Queen's University The Impact of the Dividend Tax Cut and Managerial Stock Holdings on Corporate Dividend Policy   Jouahn Nam, Pace University   Jun Wang, Baruch College   Ge Zhang, University of New Orleans and Baruch College Discussant: Shane Van Dalsem, University of Wisconsin LaCrosse Session Number: 045   The Effects of Futures on Market Efficiency     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Roselyne Joyeux, Macquarie University Screen Based Trading, the Cost of Carry, and Futures Market Efficiency   Lorne N NSwitzer, Concordia University   Haibo Fan,Concordia University Discussant: George Milunovich, Macquarie University Single Stock Futures and Short-Sale Constraints   Zahn Bozanic, Penn State University Discussant: Hai Dong, University of South Carolina Single-Stock Futures: Evidence from the Indian Securities Market   Umesh Kumar, University of Texas San Antonio   Yiuman Tse, University of Texas San Antonio Discussant: , Session Number: 046   Financial Econometrics     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Kenneth D Roskelley, Louisiana Tech An empirical comparison of convertible bond valuation models   Robert Jones, Simon Fraser University   Chris Veld,University of Stirling   Yuriy Zabolotnyuk, Simon Fraser University Discussant: Alex Paseka, University of Manitoba Are the U.S. Stock Market and Credit Default Swap Market Related?   Hung-Gay Fung, University of Missouri-St. Louis   Gregory E. Sierra, Federal Reserve Bank at Richmond-Charlotte   Jot Yau, Seattle University   Gaiyan Zhang, University of Missouri-St. Louis Discussant: Ali Nejadmalayeri, Oklahoma State University Bayesian GARCH (1,1) Model using MCMC Methods For Asian FX Data   Wantanee Surapaitoolkorn, SASIN at Chulalongkorn University Discussant: Yufeng Han, Tulane University Session Number: 047   Credit Ratings and Bank Risk     Thursday, October 18, 9:45 am - 11:15 am Chairperson: David A Walker, Georgetown University “Noise” in Ratings: Not Entirely Random   Puneet Prakash, Virginia Commonwealth University Discussant: Rainer Jankowitsch, Institut fur Kreditwirtschaft How Do Banks Make Money for their Owners? An Analysis of the Determinants of Profit and Shareholder Value Creation in European Banking   Franco Fiordelisi, University of Essex   Phil Molyneux, University of Wales, Bangor Discussant: Jingyi Jia, SIU Edwardsville Validation of Credit Rating Systems Using Multi Rater Information   Kurt Hornik, Vienna University of Economics and Business Administration   Rainer Jankowitsch, Vienna University of Economics and Business Administration   Manuel Lingo, Vienna University of Economics and Business Administration   Gerhard Winkler, Oesterreichische Nationalbank   Stefan Pichler, Vienna Graduate School of Finance & Vienna Univ Discussant: Herbert Rijken, Free University Session Number: 048   Foreign Exchange Rate Policy and Intervention     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Jonathan Clarke, Georia Tech Trading Behaviors and Currency Market Liberalization in South Korea   Lloyd Blenman,   Dar-hsin Chen,National Taiwan University   Chun-Da Chen, Da-Yeh University Discussant: Tuugi Chuluun, Georgia Tech A Quarter Century of Foreign Exchange Intervention Announcements: What Matters and What Has Changed Over Time?   Cora M. Barnhart, Palm Beach Atlantic University   Scott W. Barnhart, Florida Atlantic University   Abhay Kaushik, Florida Atlantic University Discussant: Lloyd Blenman, UNC Charlotte Policy Coordination and Risk Premium in Foreign Exchange Markets for Major EU Currencies   Chanwit Phengpis, California State University, Long Beach   Vanthuan Nguyen, Morgan State University Discussant: Suzanne Lee, Georgia Tech Session Number: 049   Explaining Asset Pricing Anomalies     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Ying Li, Indiana University South Bend Capital Gains Overhang and the Closed-End Fund Puzzle: A Theoretical Study   David Manzler, University of Cincinnati Discussant: Anton Miglo, University of Guelph Robustness of the headquarters-city effect in stock returns   Christopher W Anderson, University of Kansas   Eli Beracha, University of Kansas Discussant: John S Howe, University of Missouri Stock Market Returns of Firms With Managerial Ownership: A Solution to the CEO Stockholdings Puzzle   Ulf von Lilienfeld-Toal, University of Frankfurt   Stefan Ruenzi, University of Cologne - Centre for Financial Research (CFR) Discussant: Ying Li, Indiana University South Bend Session Number: 050   Meddlers and the Market     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Scott Bauguess, Texas Tech University Congress and the Stock Market   Michael F. F.Ferguson, University of Cincinnati   H. Douglas Witte,University of Missouri Discussant: Truong Duong, University of Minnesota Discretionary Accruals, Abnormal Investments, and Stock Returns   Feixue Xie, University of Texas El Paso   KC John Wei, Hong Kong University of Science & Technology Discussant: Mufaddal Baxamusa, University of Minnesota Management Earnings Forecast: Evidence on Post-Guidance Drift   Somnath Das, University of Illinois at Chicago   Kyonghee Kim, University of Illinois at Chicago   Sukesh Patro, Kansas State University Discussant: Jim Hsieh, George Mason University Session Number: 051   Corporate Actions and Liquidity     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Gregory Noronha, University of Washington Tacoma Liquidity Changes around Stock Splits   Gow Cheng ChengHuang, Alabama State University   Kartono Liano,Mississippi State University   Ming Shiun Pan, Shippensburg University Discussant: Joseph Tanimura, San Diego State University Downward-Sloping Demand Curves and Liquidity: Evidence from the S&P 500 Change to Free Float   David Lam, University of Technology, Sydney   Bing-Xuan Lin, University of Rhode Island   David Michayluk, University of Technology, Sydney Discussant: Xiaoxia Lou, University of Washington Stock Repurchases: Do They Stabilize Price and Enhance Liquidity?   Amedeo De Cesari, University of Manchester   Susanne Espenlaub, University of Manchester   Arif Khurshed, University of Manchester Discussant: Deepika Bagchee, NE Illinois State Univ Session Number: 052   Effects of Liquity Risk on Asset Prices     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Janikan Supanvanij, St Cloud State University Are Extreme Negative Liquidity Shocks in the US Equity and Treasury Notes Markets Contagious?   Kuan-Hui Lee, Rutgers University Newark & New Brunswick   Christof W Stahel,George Mason University Discussant: , SYSTEMATIC LIQUIDITY, CHARACTERISTIC LIQUIDITY AND ASSET PRICING   Duong D Nguyen, University of Massachusetts Dartmouth   Tribhuvan Puri, University of Massachusetts Dartmouth Discussant: Angel Liao, Edinburgh University The World Price of Liquidity Risk   Kuan-Hui Lee, Rutgers Business School at Newark and New Brunswick Discussant: Carole Gresse , Universite Paris Dauphine Session Number: 053   Trading Halts     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Petko Kalev, Monash University The Informativeness of Off-NYSE Trading during NYSE Market Closures   Bidisha Chakrabarty, Saint Louis University   Shane A Corwin,University of Notre Dame   Marios A Panayides, University of Utah Discussant: Kingsley Fong , Univ of New South Wales A Two-Stage Non Discretionary Trading Suspension Mechanism: Effects on Market Quality   Mario Anolli, Università Cattolica   Giovanni Petrella, Università Cattolica Discussant: Saikat Deb, Monash University Trading Halts: Empirical Evidence on the Spiegel Subrahmanyam Model   Christine Jiang, University of Memphis   Thomas McInish, University of Memphis   James E Upson, University of Memphis Discussant: Giovanni Petrella, Universita Cattolica Session Number: 054   International Diversification     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Javier Estrada, IESE Business School Capital Gains Overhang and the Closed-End Fund Puzzle: An Empirical Study   David Manzler, University of Cincinnati Discussant: Paulo Renato Soares Terra, Universidade Federal do Rio Grande do Sul Country risk, fund characteristics, and premiums on closed-end country funds   Kyojik "Roy" Song, Sungkyunkwan University   Jang-Chul Kim, North Dakota State University Discussant: Javier Estrada, IESE Business School Fundamental Indexation and International Diversification   Javier Estrada, IESE Business School Discussant: Pawan Madhogarhia, Penn State University Session Number: 055   Mutual Fund Performance     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Raghu Rau, Purdue University Identifying skilled managers: Evidence from mutual fund short sales   Honghui Chen, University of Central Florida   Hemang Desai,Southern Methodist University   Srinivasan Krishnamurthy, SUNY – Binghamton University Discussant: Nicole Boyson, Northeastern University A Life Cycle Analysis of Performance and Growth in the Mutual Fund Industry   Leng Ling, Georgia State University Discussant: Jason Karceski, University of Florida On the Use of Multi-Factor Models to Evaluate Mutual Fund Performance   Joop Huij, RSM Erasmus University   Marno Verbeek, RSM Erasmus university Discussant: Federico Nardari, Arizona State University Session Number: 056   Factors Affecting Bond Prices     Thursday, October 18, 9:45 am - 11:15 am Chairperson: Amy Lipton, Saint Joseph's Univ Anticipated Credit Rating Changes and Early Redemption of Corporate Debt   Amy F Lipton, Saint Joseph's University Discussant: Toby Daglish , Victoria Univ of Wellington Interpreting Announcement Effects using Market Microstructure: An Examination of Convertible Bond Calls   Ken Bechmann, Copenhagen Business School   Asger Lunde, Aarhus Business School   Allan A. Zebedee, Clarkson University Discussant: Amy Lipton , Saint Joseph's University Session Number: 057   The Link Between Credit Risk and Equity Prices     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Marc Lipson, University of Virginia How Important Is Option-Implied Volatility for Pricing Credit Default Swaps?   Charles Cao, The Pennsylvania State University   Fan Yu,University of California-Irvine   Zhaodong Zhong, The Pennsylvania State University Discussant: Alexander Philipov, George Mason University Credit Ratings and The Cross-Section of Stock Returns   Doron Avramov, University of Maryland   Tarun Chordia, Emory University   Gergana Jostova, George Washington University   Alexander Philipov, George Mason University Discussant: Andrew Zhang, University of Arizona Distress Risk Premia in Stock and Bond Returns   Andrew Zhang, University of Arizona Discussant: Zhaodong Zhong, Penn State University Session Number: 058   The Role of Institutional Investors and Analysts in Corporate Governance     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Maryna Murdoch Florida Atlantic Univ On the Role of Institutional Investors in Corporate Governance: Evidence from Voting of Mutual Funds in Israel   Yaron Amzaleg, Ben-Gurion University of the Negev and Shamoon College of Engineering   Uri Ben-Zion,Ben-Gurion University of the Negev   Ahron Rosenfeld, Ben-Gurion University of the Negev Discussant: Victor Mendes ,CMVM Corporate Governance, Analyst Following, and Firm Behavior   Diana Knyazeva, New York University Discussant: Xin Chen Shanghai Jiaotong Univ Determinants and Consequences of Proxy Voting by Mutual Funds on Shareholder Proposals   Rasha Ashraf, Georgia Institute of Technology   Narayanan Jayaraman, Georgia Institute of Technology Discussant: Srinivasan Krishnamurthy ,Binghamton Univ SUNY Session Number: 061   Investor Behavior     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Bing Han, University of Texas Austin The risk preferences of individual investors   Chris Veld, University of Stirling   Yulia V. Veld-Merkoulova,University of Stirling Discussant: Yan Li, Emory University MISPRICING AND THE CROSS-SECTION OF STOCK RETURNS   Carl R Chen, University of Dayton   Peter Lung, University of Dayton   F Albert Wang, University of Dayton Discussant: Qiang Kang, University of Miami Narrow Framing: Professions, Sophistication and Experience   Yu-Jane Liu, National Chengchi University - Department of Finance, Taiwan   Ming-Chun Wang, WuFeng Institute of Technology Discussant: G Mujtaba Mian, National University of Singapore Session Number: 062   Finance Faculty Mentoring: How Important is it?     Thursday, October 18, 11:30 am - 1:00 pm This session explores the perceived value of providing “mentoring” for junior Finance faculty members as a means for enhancing career development. From a research perspective, there will be a discussion of the pros and cons associated with conducting research with mentors versus peer-collaboration efforts. Moderator Ronald W. Melicher University of Colorado at Boulder Panelists Andrea Heuson University of Miami Kose John New York University Lemma Senbet University of Maryland Pamela Peterson Drake James Madison University Session Number: 063   Exchange Realignments on Both Sides of the Atlantic     Thursday, October 18, 11:30 am - 1:00 pm This session will discuss the magnitude, direction, and significance of changes taking place in financial markets on both sides of Atlantic and the implications of these changes for inter-market competition, retail and institutional investors, regulators, exchange owners, market makers, and academics and practitioners. Moderator Walayet Khan, Professor of Finance University of Evansville Panelists James J Angel, Associate Professor of Finance Georgetown University Frank Hatheway, Chief Economist The NASDAQ Stock Market Michael A Goldstein, Associate Professor of Finance Babson College Joao Paolo Torre Vieito, Associate Dean Polytechnic Institute of Viana do Castelo Session Number: 064   Impact of Regulation on Corporate Governance     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Dev Mishra, Univ of Saskatchewan A CORPORATE GOVERNANCE INDEX: CONVERGENCE AND DIVERSITY OF NATIONAL CORPORATE GOVERNANCE REGULATIONS   Marina Martynova, University of Sheffield   Luc Renneboog,Tilburg University Discussant: Cristiane Benetti , Faculdade De Tecnologia SENAC/RS Excess control, Corporate Governance, and Implied Cost of Equity: An International Evidence   Omrane Guedhami, Memorial University of Newfoundland   Dev Mishra, University of Saskatchewan Discussant: Chen Wu Arizona State University   Session Number: 065   Agency Costs and Compensation     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Walid Busaba, University of Western Ontario Agency Costs, Executive Compensation, Bonding and Monitoring: A Stochastic Frontier Approach   Craig A. A.Depken, II, University of Texas at Arlington   Giao X. Nguyen,University of Texas at Arlington   Salil Kumar Sarkar, University of Texas at Arlington Discussant: Vladimir Gatchev, University of Central Florida Doom or Gloom? CEO Stock Options After Enron   Suman Banerjee, Tulane University   Vladimir Gatchev, University of Central Florida   Thomas Noe, Tulane University Discussant: Ali Nejadmalayeri, Oklahoma State University Payday Matters: A Look at Trader Behavior within Pay Cycles   Ryan Garvey, Duquesne University   Fei Wu, Massey University Discussant: Salil Kumar Sarkar, University of Texas Arlington Session Number: 066   Regulatory and Political Considerations in Governance     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: James S Linck, University of Georgia Insider Trading Before Accounting Scandals   Anup Agrawal, University of Alabama   R. Thomas Cooper,University of Alabama Discussant: Jim Hsieh, George Mason University Politiical connections of newly privatized firms   Narjess Boubakri, HEC Montreal   Jean-Claude Cosset, HEC Montreal   Walid Saffar, HEC Montreal Discussant: Mihail Miletkov, University of Georgia The Effect of the Sarbanes-Oxley Act on Non-US Companies Cross-Listed in the US   Kate Litvak, University of Texas Discussant: Jide Wintoki, University of Georgia Session Number: 067   Internal Capital Markets and CEO Compensation     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Gregory L Nagel, Mississippi State University Leverage, Growth and Managerial Compensation   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan,Rensselaer Polytechnic Institute   Zenu Sharma, Rensselaer Polytechnic Institute Discussant: Li Yong, University of Texas Arlington Executive Compensation and Internal Capital Market Efficiency   Sudip Datta, Wayne State University   Ranjan D'Mello, Wayne State University   Mai Iskandar-Datta, Wayne State University Discussant: Gregory L Nagel, Mississippi State University Internal Capital Allocation and Executive Compensation   Li Yong, University of Texas at Arlington Discussant: Magdy Noguera, Southeastern Louisiana University Session Number: 068   Effects of Institutional Relationships     Thursday, October 18, 11:30 am - 1:00 pm Chairperson: Dan Bradley, Clemson Univ The equity ownership of brokerage firms in IPOs and the stock recommendations of sell-side analysts   xi li, university of miami   Ron Masulis, Vanderbilt University Discussant: Dan Bradley, Clemson Univ