Wednesday, 4 June
3:30 (15.30) - 5:00 (17.00) pm

Session 11   Evolving Equity Markets: A Global Perspective     Wednesday, 4 June, 3:30 pm - 5:00 pm
Financial markets today are very different than what the markets were ten or twenty years ago. Markets are realigning and overhauling globally. Examples of changing markets include, but are not limited to growing regional and intercontinental mergers, changing governance from member owned not for profit model to shareholder owned for profit business model, and replacement of trading systems from floor to electronic pathways. This session will discuss the direction, magnitude, and extent of changes taking place in financial markets across globe and the implications of these changes for inter-market competition, and for various stake holders such as retail and institutional investors, regulators, exchange owners, market makers, and finance academics, and practitioners. Moderator Walayet Khan, University of Evansville Panelists Frank Hatheway, NASDAQ Albert Menkveld, Vrije Universiteit Robert A Schwartz, Baruch College Yair Orgler, Tel Aviv Stock Market
Session 12     Mergers and Acquisitions         Wednesday, 4 June, 3:30 pm - 5:00 pm
Top Brass Wheeling and Dealing In M&A Targets           Jerry Coakley, University of Essex           Stavroula Iliopoulou, Royal Holloway University of London Discussant: Linus Siming, Stockholm School of Economics	Accepting Or Rejecting the Bid? the Target's Response To Takeover Offers Based On Its Valuation and Managerial Ownership           Carsten Brueckner, University of Leipzig Discussant: Ken Eades, University of Virginia	Managerial Incentives and Takeover Wealth Gains           Ebru Reis, Miami University Discussant: Carsten Brueckner, Universitat Leipzig
Session 13     Management Compensation         Wednesday, 4 June, 3:30 pm - 5:00 pm
What are the Real Concerns in the Design of CEO Compensation Contracts?           Stephen Sapp, University of Western Ontario           Murray Bryant, University of Western Ontario           June Cotte, University of Western Ontario Discussant: Ralph Walkling, Drexel University	Shareholders’ Say On Pay: Does It Create Value?           Jay Cai, Drexel University           Ralph A. Walkling, Drexel University Discussant: Laura Starks, University of Texas	Is There A Social Circle Premium in CEO Compensation?           James S. Ang, Florida State University           Gregory Nagel, Mississippi State University           Jun Yang, Indiana University Discussant: Neslihan Ozkan, University of Bristol
Session 14     Asset Pricing I         Wednesday, 4 June, 3:30 pm - 5:00 pm
How Do Commodity Futures Respond To Macroeconomic News           Dieter Hess, University of Cologne           He Huang, University of Cologne           Alexandra Niessen, University of Cologne Discussant: Ken-ichi Tatsumi, Gakushuin University	Pricing of Currency Risk In Stock Market: Evidence From Finland and Sweden 1970-2005           Jan Antell, Swedish School of Economics and Business Administration           Mika Vaihekoski, Lappeenranta University of Technology Discussant: Elena Kalotychou, Cass Business School	Asset Liquidity and Corporate Hedging           Niclas Andren, Lund University           Hakan Jankensgard, Lund University Discussant: Sotiris Staikouras, Cass Business School
Session 16     Macroeconomics and Stock Returns         Wednesday, 4 June, 3:30 pm - 5:00 pm
Macroeconomic Risk and Secular Bull and Bear Markets of the Twentieth Century           Mark Charles Freeman, Bradford University Discussant: Deniz Kebabci, San Francisco State University	Regime Changes In the Relationship Between Stock Returns and the Macroeconomy           Don Bredin, University College Dublin           Stuart Hyde, Manchester Business School Discussant: Mark Freeman, Bradford University	Monetary Policy and the Cross-Section of Equity Returns: Small Versus Large and Value Versus Growth           Paulo Maio, Bilkent University           Jose Tavares, Universidade Nova de Lisboa Discussant: Jesper Rangvid, Copenhagen Business School
Session 17     Clientele Effects         Wednesday, 4 June, 3:30 pm - 5:00 pm
Taxes and foreign investors' trading behavior around ex-dividend days         Yun-lan Tseng, National Ping-Tung Inst of Commerce         Shing-yang Hu, National Taiwan University Discussant: Jialin Yu, Columbia University	Top-Down Or Bottom-Up: Commonality In Disagreement and Asset Pricing           Jialin Yu, Columbia University Discussant: Volkan Kayecetin, University of Alberta	The Stock Market Reaction To Oil Price Changes           Sridhar Gogineni, University of Oklahoma Discussant: Yun-lan Tseng, National Ping Tung Inst of Commerce
Session 18     Portfolio Management and Risk         Wednesday, 4 June, 3:30 pm - 5:00 pm
Dynamic Downside Risk Measure and Optimal Investment Behaviors           Xun Li, Hong Kong Polytechnic University           Zhenyu Wu, University of Saskatchewan Discussant: Steinar Ekern, Norwegian School of Economics & Bus Admin	Dependence Modeling of Joint Extremes Via Copulas: A Dynamic Portfolio Allocation Perspective           Denitsa Stefanova, HEC Montreal Discussant: Zhenyu Wu, University of Saskatchewan	The Economic Value of Predicting Correlation For Asset Allocation           He Huang, University of Cologne           Georg Keienburg, University of Cologne           Duane R Stock, University of Oklahoma Discussant: Javier Estrada, IESE Business School
Session 19     Credit Risk         Wednesday, 4 June, 3:30 pm - 5:00 pm
Information Sharing Arrangements in the Credit Industry: Ownership and Coverage           Artashes Karapetyan, University of Zurich           Bogdan Stacescu, University of Zurich Discussant: Robert Edmister, Bowling Green State University	Are Credit Spreads Too Low Or Too High? A Hybrid Barrier Option Approach           William T Lin, Tamkang University           David S Sun, Taiwan Academy of Banking and Finance Discussant: Dai Tian-Shyr, National Chiao-Tung University	Estimating Conservative Loss Given Default           Gabriele Sabato, ABN AMRO Discussant: Jonathan Crook, University of Edinburgh
Session 20     Banking and Discipline         Wednesday, 4 June, 3:30 pm - 5:00 pm
Requiem For Market Discipline and the Specter of TBTF In Japanese Banking           Adrian Pop, University of Nantes (LEM)           Diana Pop, University Paris 1 Panthéon-Sorbonne (IAE) Discussant: Isabelle Distinguin, Universite de Limoges, LAPE	Market Discipline In the Banking Industry: Evidence From Spread Dispersion           Giuliano Iannotta, Universita' Bocconi Discussant: Rob Bliss, Wake Forest University	Divergence of Bank Risk Indicators and the Conditions For Market Discipline in Banking           Jens Forssbaeck, Lund University and Copenhagen Business School Discussant: Giuliano Iannotta, Bocconi University

Wednesday, 4 June
Keynote Address and Opening Reception

Session 31   Monetary Policy, Market Liquidity, and Financial Stability     Thursday, 5 June, 10:30 am - 12:00 noon
Recent events in the credit markets have highlighted the role of monetary policy in determining the risk-taking of the banks and the role of liquidity for financial stability. This panel will summarize recent research on this issue and discuss their policy implications. Moderator Steven Ongena, CentER-Tilburg University and CEPR Panelists Jose Luis Peydro Alcalde, European Central Bank Martin Summer, Oesterreichische Nationalbank Christian Upper, Bank for International Settlements Jan Cermak, CSOB
Session 32     Global Markets         Thursday, 5 June, 10:30 am - 12:00 noon
Asymmetric Linkages between High-frequency DEM/USD and GBP/USD Exchange Rates           Kate Phylaktis, Cass Business School           Long Chen, Cass Business School Discussant: Stuart Hyde, Manchester Business School	Improving the Financial Setting for FDI Inflows into Czech Republic and Slovakia           Edward M Jankovic, Fairfield University and Pace University Discussant: Nargess Kayhani, Mount Saint Vincent University	European Stock Market Integration: Fact or Fiction?           Jorg Bley, American University of Sharjah Discussant: Kate Phylaktis, Cass Business School
Session 33     Managers and Boards         Thursday, 5 June, 10:30 am - 12:00 noon
Managerial Power and Shareholder Intervention           Pablo Ruiz-Verdú, Universidad Carlos III de Madrid Discussant: David Tan, University of New South Wales	The Diversity of Corporate Board Committees and Financial Performance           David A. Carter, Oklahoma State University           Frank D'Souza, Loyola College Maryland           Betty Jo Simkins, Oklahoma State University           W Gary Simpson, Oklahoma State University Discussant: Urs Waelchli, Universitat Bern	&nsbp
Session 34     Asset Pricing II         Thursday, 5 June, 10:30 am - 12:00 noon
Failure of Asset Pricing Models: Transaction Cost, Irrationality, Or Missing Factors           Joon Chae, Seoul National University           Cheol-Won Yang, Seoul National University Discussant: Amira Annabi, HEC Montreal	Asset Pricing With Heterogeneous Consumers: When the Data Has Yet To Meet A Theory It Likes           Olesya Grishchenko, Penn State University           Marco Rossi, Penn State University Discussant: Petr Zemcik, CERGE-EI	Modeling and Forecasting of Realized Volatility Based On High-Frequency Data: Evidence From An Emerging Market           Huimin Chung, National Chiao Tung University           Chin-Sheng Huang, National Yunlin University of Science and Technology           Tseng-Chan Tseng, National Yunlin University of Science and Technology Discussant: Jonathan Dark, University of Melbourne
Session 35     Cost of Capital and Firm Value         Thursday, 5 June, 10:30 am - 12:00 noon
Asset Allocation under Bivariate Regime Switching FIGARCH with Maturity Effects           Jonathan Dark, University of Melbourne           Ron Guido, State Street Global Advisors           Kathleen Walsh, University of New South Wales Discussant: Petko Kalev, Monash University	Estimating the Intrinsic Value of An Enterprise With An Integrated Financial Management System           James A Gentry, University of Illinois           Frank K Reilly, University of Notre Dame Discussant: John Finnerty, Fordham University	Company Valuation Risk Sharing and the Government's Cost of Capital           Daniel Kreutzmann, University of Cologne           Soenke Sievers, University of Cologne Discussant: Massimiliano Barbi, Catholic University of Milan
Session 36     Equity Pricing I         Thursday, 5 June, 10:30 am - 12:00 noon
Cross-Industry Diversification: Integration or Bubble?           Emilio Grisolia, Lehman Brothers           Marco Navone, Universita Bocconi Discussant: Xijuan (Angel) Liao, University of Edinburgh	IPO Pricing: Growth Rates Implied In Offer Prices           Giordano Maria Cogliati, University of Bergamo           Stefano Paleari, University of Bergamo           Silvio Vismara, University of Bergamo Discussant: Wolfgang Aussenegg, Vienna University of Technology	Market Reactions To Intangible Information: Underreaction, Overreaction, and Firm Characteristics           Yen-cheng Chang, University of Washington Discussant: Paulo Maio, Bilkent University
Session 37     Option Pricing I         Thursday, 5 June, 10:30 am - 12:00 noon
American Put Index Options Early Exercise Premium Estimation           Ako Doffou, Sacred Heart University Discussant: Bruce Benet, Central Michigan University	Option Pricing and Momentum           Juan Carlos Rodríguez, Tilburg University and CentER Discussant: Jitka Hilliard, Louisiana State University	The Structure of Jumps in Returns and Volatility: Evidence From Returns With Implications For Option Pricing           Peter Christoffersen, McGill University           Kris Jacobs, McGill University           Chayawat Ornthanalai, McGill University Discussant: Juan Carlos Rodriguez, Tilburg University
Session 38     Portfolio Management Strategies         Thursday, 5 June, 10:30 am - 12:00 noon
Simplifying and Generalizing Some Efficient Frontier and CAPM Related Results           Steinar Ekern, NHH - Norwegian School of Economics and Business Administration Discussant: Pierre Six, University of Paris 1 Sorbonne	The Price of Socially Responsible Investment           Javier Gil-Bazo, Universidad Carlos III de Madrid           André Portela, Universidad Carlos III de Madrid           Pablo Ruiz-Verdú, Universidad Carlos III de Madrid Discussant: Iraj Fooladi, Dalhousie University	Syndication To Overcome Transaction Costs of Cross-Border Investments? Evidence From A Worldwide Private Equity Deals' Dataset           Tereza Tykvová, ZEW Mannheim           Andrea Schertler, Kiel University Discussant: Christophe Godlewski, University of Strasbourg
Session 39     Policy Information, and Consequences         Thursday, 5 June, 10:30 am - 12:00 noon
Can the Market Fix A Wrong Administrative Decision? Massive Delisting On the Prague Stock Exchange           Zuzana Fungacova, Bank of Finland Discussant: Evzen Kocenda, CERGE-EI	Do Foreigners Facilitate Information Transmission?           Kee-Hong Bae, Queen's University           Arzu Ozoguz, UNC-Chapel Hill           Hongping Tan, University of Northern British Columbia Discussant: Stephen Christophe, George Mason University	Australia's Monetary Policy and the Bank Bill Term Premium           David Tan, University of New South Wales           Kathleen Walsh, University of New South Wales Discussant: Delroy Hunter, University of South Florida
Session 40     Institutional Investors         Thursday, 5 June, 10:30 am - 12:00 noon
Disposition Bias and Overconfidence In Institutional Trades           Sofieke Van Osselaer, Ghent University           Dries Heyman, Ghent University           Jan Annaert, Antwerp University           Michèle Vanmaele, Ghent University Discussant: Dalia Marciukaityte, Louisiana Tech University	Do Institutional Trades Stabilize the Retail Investor Dominated Market?           Wei Li, The Hong Kong Polytechnic University           Steven Shuye Wang, The Hong Kong Polytechnic University Discussant: Natasha Todorovic, Cass Business School	The Impact of Manager Changes On Fund Performance           Andrew Clare, Cass Business School           Svetlana Sapuric, Cass Business School           Natasa Todorovic, Cass Business School Discussant: Steven Shuye Wang, Hong Kong Polytechnic University

Thursday, 5 June
12:00 noon - 2:00 pm

Luncheon

Session 41   Current Issues in Corporate Governance     Thursday, 5 June, 2:00 pm - 3:30 pm
Possible current issues include the implications of the subprime crisis and options backdating for governance. Moderator Charles Elson, University of Delaware Panelists Ralph Walkling, Drexel University Laura Starks, University of Texas Austin Jonathan Karpoff, University of Washington
Session 42     Capital Structure and Investment         Thursday, 5 June, 2:00 pm - 3:30 pm
Is the Corporate Diversification Decision a Financial Matter?           Maurizio La Rocca, University of Calabria           Tiziana La Rocca, University of Calabria           Raffaele Stagliano, University of Toulouse Discussant: Roberto Mura, Manchester Business School	Financial Flexibility and Investment Decisions:Evidence From Low- Leverage Firms           Roberto Mura, Manchester Business School           Maria Teresa Marchica, Manchester Business School Discussant: Laurent Fresard, University of Neuchatel	A Test of the Substitution Between Debt and Leases Using Sale-And-Leaseback Transactions           James Schallheim, University of Utah           Kyle Wells, Dixie State College           Ryan Whitby, Texas Tech University Discussant: Philip Valta, University of Lausanne
Session 43     International Corporate Governance         Thursday, 5 June, 2:00 pm - 3:30 pm
Do Investors React To Corporate Governance News? An Empirical Analysis For the Spanish Market.           Francisco José Callado Muñoz, Universitat de Girona           Natalia Utrero González, Universitat de Autonoma Barcelona Discussant: Cesario Mateus, University of Greenwich	The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam           Giang Tran, Dauphine University of Paris Discussant: John Goodell, Baldwin-Wallace College	Multiple Blockholders and Firm Valuation: Evidence Form the Czech Republic           Ondrej Nezdara, Swedish School of Ecnomics and Business Administration Discussant: Francisco Callado Munoz, Universitat de Girona
Session 44     Issues in IPOs I         Thursday, 5 June, 2:00 pm - 3:30 pm
Why European Firms Go Public?           Franck Bancel, ESCP-EAP           Usha Mittoo, University of Manitoba Discussant: Johanna Koeter-Kant, VU University Amsterdam	Idiosyncratic Risk, Short-Sale Constraints, and Other Market Frictions In IPO Stocks           Rodney Boehme, Wichita State University           Gonul Colak, Florida State University Discussant: Jean-Marc Suret, Laval University	The Role of Uninformed Investors in An Optimal IPO Mechanism           Alexey Malakhov, University of Arkansas Discussant: Carole Gresse, University Paris Dauphine
Session 45     Firm Value         Thursday, 5 June, 2:00 pm - 3:30 pm
Political Connectedness and Firm Performance - Evidence From Germany           Alexandra Niessen, University of Cologne and Centre for Financial Research           Stefan Ruenzi, University of Cologne and Centre for Financial Research Discussant: Maria Teresa Marchica, Manchester Business School	Shareholder Value: Principles, Declarations, and Actions           Petra Joerg, Universität Bern           Claudio Loderer, Universität Bern           Lukas Roth, Penn State University           Urs Waelchli, Universität Bern Discussant: An Rommens, University of Antwerp	Interlocking Directorates and Business Groups: Belgian Evidence           An Rommens, University of Antwerp           Ludo Cuyvers, University of Antwerp           Marc Deloof, University of Antwerp Discussant: Don Chance, Louisiana State University
Session 46     Factors affecting Equity Returns         Thursday, 5 June, 2:00 pm - 3:30 pm
The Market Valuation of Bonus Issues In An Inflationary Environment           Cahit Adaoglu, Eastern Mediterranean University           M Ameziane Lasfer, Cass Business School Discussant: Kathy Walsh, University of New South Wales	The Impact of Transfer Restrictions On Stock Prices           John D. Finnerty, Fordham University Discussant: Wenxuan Hou, Bradford University	Consideration and Release of Trading Constraint           Wenxuan Hou, Bradford University           Sydney Howell, Manchester Business School Discussant: Oliver Rui, Chinese University of Hong Kong
Session 47     Option Pricing II         Thursday, 5 June, 2:00 pm - 3:30 pm
Integrating Multiple Commodities In A Model of Stochastic Price Dynamics           Raphael Paschke, University of Mannheim           Marcel Prokopczuk, University of Mannheim Discussant: Spencer Case, Texas State University	The Impact of Options Introduction On the Price and Volatility of Underlying Securities: A Study of American Depository Receipts           Spencer A Case, Texas State University           Janet Payne, Texas State University Discussant: Dries Heyman, Ghent University	Volatilities Implied By Price Changes in the S&P 500 Options and Futures Contracts           Jitka Hilliard, Louisiana State University Discussant: Adrian Pop, University of Nantes
Session 48     Optimal Portfolio Management         Thursday, 5 June, 2:00 pm - 3:30 pm
Stock Selection With Full-Scale Optimization and Differential Evolution           Bjorn Hagstromer, Aston Business School           Jane M. Binner, Aston Business School Discussant: Keith Brown, University of Texas	Optimal Consumption and Portfolio Strategies When Relative Risk Aversion From Consumption Differs From Relative Risk Aversion From Wealth           Pierre Six, University of Paris 1 Sorbonne Discussant: Bjorn Hagstromer, Aston Business School	How Good Are the Investment Options Provided By Defined Contribution Plan Sponsors?           Keith C. Brown, University of Texas           W Van Harlow, Fidelity Investments Discussant: Joachim Inkmann, Tilburg University
Session 49     International Investing         Thursday, 5 June, 2:00 pm - 3:30 pm
Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China           Kai Li, University of British Columbia           Tan Wang, University of British Columbia           Yan-Leung Cheung, City University Hong Kong           Ping Jiang, City University Hong Kong Discussant: Huimin Chung, National Chiao Tung University	Patterns of International Portfolio Investment: the Role of Expropriation Risk At Home and Destination           Woochan Kim, University of Texas at Austin           Taeyoon Sung, Yonsei University           Shang-Jin Wei, Graduate School of Columbia University Discussant: Kai Li, University of British Columbia	Does Emerging Market Liberalization Help Or Hinder Local Monetary Policy?           Bill B Francis, Rensselaer Polytechnic Institute           Delroy M Hunter, University of South Florida           Patrick J Kelly, University of South Florida Discussant: Iuliana Ismailescu, University of Massachusetts Amherst
Session 50     Behavioral Finance II         Thursday, 5 June, 2:00 pm - 3:30 pm
Gender Differences Among Analyst Recommendations           Peter de Goeij, Tilburg University and CentER           Kristien Smedts, Catholic University of Leuven Discussant: Stefan Ruenzi, University of Cologne	The Efficiency of Stock-Based Incentives: Experimental Evidence           Steven Huddart, Penn State University           Abdullah Yavas, Penn State University Discussant: Juha-Pekka Kallunki, University of Oulu	Managerial Biases and Selective Hedging           Tim Adam, National University of Singapore           Chitru Fernando, University of Oklahoma           Evgenia Golubeva, University of Oklahoma Discussant: Oliver Spalt, University of Mannheim

Thursday, 5 June
3:00 (15.00) - 3:30 (15.30) pm

Coffee Break