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

Thursday, 5 June
4:00 (16.00) pm - 5:30 (17.30) pm

Session 51   Behavioral Finance     Thursday, 5 June, 4:00 pm - 5:30 pm
This session is organized to discuss the past and future of behavioural finance. Theoretical work incorporating behavioural preferences into a single cogent framework as well as supporting empirical work and work based on other methodologies including experiments surveys and interviews will be discussed. Emphasis will be on future "where is behavioural finance headed"? Has a process of moving to the middle already begun? Moderator Sotiris Staikouras, Cass Business School Panelists Hersh Shefrin, Santa Clara University Werner DeBondt, DePaul University Gulnur Muradoglu, Cass Business School
Session 52     Taxes         Thursday, 5 June, 4:00 pm - 5:30 pm
A Martingale Approach To Compute the Value of Debt Tax Shields           Massimiliano Barbi, Catholic University of Milan Discussant: Raphael Paschke, University of Mannheim	Revisiting MM’s Tax Correction Model: A Comparative Static Analysis of Shareholder Tax Gains           James W. Kolari, Texas A&M University Discussant: Soenke Sievers, Universitat zu Koln	Measuring the Tax Subsidy in Private Equity and Hedge Fund Compensation           Karl Okamoto, Drexel University           Thomas J Brennan, Drexel University Discussant: James Kolari, Texas A&M University
Session 53     Ownership         Thursday, 5 June, 4:00 pm - 5:30 pm
On the Relevance of Ownership Structure In Determining the Maturity of Debt           Maria Teresa Marchica, Manchester Business School Discussant: Diego Cueto, Concordia University	The Role of Families In Acquisition Decisions: Evidence From Large European Companies           Lorenzo Caprio, Universita' Cattolica Milano           Ettore Croci, Universita' di Milano- Bicocca           Alfonso Del Giudice, Universita' Cattolica Milano Discussant: Frederiek Schoubben, KU Leuven	Equity Markets Don't Fit All Companies: An Analysis of Public-To-Private Deals in Continental Europe           Manuela Geranio, Università Bocconi           Giovanna Zanotti, Università Bocconi Discussant: Edith Ginglinger, University Paris Dauphine
Session 54     Compensation Issues around the World         Thursday, 5 June, 4:00 pm - 5:30 pm
CEO Compensation and Firm Performance: An Empirical Investigation of UK Panel Data           Neslihan Ozkan, University of Bristol Discussant: Francesca Arnaboldi, Universita degli Studi di Milano	Top Management Pay In China           Michael Firth, Lingnan University of Hong Kong           TY Leung, City University of Hong Kong           Oliver M. Rui, Chinese University of Hong Kong Discussant: Joao Paulo Vieito, Polytechnic Institute of Viana do Castelo	Executive Compensation and Macroeconomic Fluctuations           Lars Oxelheim, Lund Institute of economic research, Lund University           Clas Wihlborg, Chapman University           Jianhua Zhang, University of Gothenburg Discussant: Zhenxu Tong, University of Exeter
Session 55     Management and Value         Thursday, 5 June, 4:00 pm - 5:30 pm
The Executive Turnover Risk Premium           Alexander Wagner, University of Zurich           Florian S Peters, University of Zurich Discussant: Claudio Loderer, Universitat Bern	Financing Decisions and Discretionary Accruals: Managerial Manipulation Or Managerial Overoptimism           Dalia Marciukaityte, Louisiana Tech University           Samuel H. Szewczyk, Drexel University Discussant: Stephen Sapp, University of Western Ontario	Is Management Quality Value Relevant?           Vineet Agarwal, Cranfield School of Management           Richard Taffler, University of Edinburgh           Mike Brown, Nottingham Trent University Discussant: Marco Bigelli, University of Bologna
Session 56     International Equity Pricing         Thursday, 5 June, 4:00 pm - 5:30 pm
Equity Premia In Emerging Markets: An Investigation of National Characteristics           Raj Aggarwal, University of Akron           John W Goodell, Baldwin-Wallace College Discussant: Benton Gup, University of Alabama	The Reaction of Asset Prices To Macroeconomic Announcements In New EU Markets: Evidence From Intraday Data           Jan Hanousek, CERGE-EI           Evzen Kocenda, Charles University           Ali M Kutan, SIU Edwardsville Discussant: Magdalena Malinowska, Universitat zu Koln	Is the Long-Run Performance of Cross-Listed Firms Anomalous?           Cecile Carpentier, Laval University           Jean-Francois L'Her, la Caisse de depot et placement du Quebec           Jean-Marc Suret, Laval University Discussant: Suherman, University of Jakarta
Session 57     Funds and Funds of Funds         Thursday, 5 June, 4:00 pm - 5:30 pm
Mutual Fund Starts: Performance, Characteristics and the Relation With Stock Markets           Aymen Karoui, HEC Montreal           Iwan Meier, HEC Montreal Discussant: Vaneesha Boney, University of Denver	Reputation and Mutual Fund Choice           Laura T Starks, University of Texas at Austin           Michael C Yates, Auburn University Discussant: Pablo Ruiz-Verdu, Universidad Carlos III Madrid	Selectivity and Timing Performance of Funds of Hedge Funds: A Time-Varying Approach           Oliver Schwindler, Bamberg University           Marco Rummer, Oxford University Discussant: Roberto Savona, University of Brescia
Session 58     Risk Management         Thursday, 5 June, 4:00 pm - 5:30 pm
Default Dependence: the Equity Default Relationship           Stuart Turnbull, University of Houston           Jun Yang, Bank of Canada Discussant: Janya Golubeva, University of Oklahoma		Risk Management With Value-At-Risk and Stress Testing: An Alternative To Conditional Value-At-Risk           Gordon J. Alexander, University of Minnesota           Alexandre M. Baptista, The George Wshington University           Shu Yan, University of South Carolina Discussant: Gabriele Sabato, ABN AMRO
Session 59     Bank Regulation II         Thursday, 5 June, 4:00 pm - 5:30 pm
Does Bank Monitoring Benefit Or Hurt Shareholders? Mergers For Coinsurance During Japan’s Banking Crisis In the 1990s           Huong N Higgins, Worcester Polytechnic Institute Discussant: Fulbert Tchana Tchana, University of Cape Town	The Welfare Cost of Banking Regulation           Fulbert Tchana Tchana, University of Cape Town Discussant: Jens Forssbaeck, Lund University
Session 60     Firm Financing Decisions         Thursday, 5 June, 4:00 pm - 5:30 pm
Manager Characteristics and Capital Structure: Theory and Evidence           Sanjai Bhagat, University of Colorado, Boulder           Brian Bolton, University of New Hampshire           Ajay Subramanian, Georgia State University Discussant: Aydin Ozkan, Hull University	Financial Strength and Product Market Performance: the Real Effects of Corporate Cash Holdings           Laurent Fresard, University of Neuchatel Discussant Brian Bolton, University of New Hampshire	Strategic Behavior, Financing, and Stock Returns           Philip Valta, University of Lausanne Discussant: James Gentry, University of Illinois

Thursday, 5 June 7:00 (19.00) pm Gala Dinner (advance reservations required) The Gala dinner will take place in the Smetana Hall of the Municipal House, Prague's most prominent Art Nouveau building. The history of the site where Prague's Municipal House now stands is both interesting and complex. The adjacent Powder Tower, a unique fragment of Prague's Old Town fortifications dating from the Gothic period, recalls the times when an important trade route arrived at this point. This was probably only one of many reasons why King Wenceslas IV decided in the late 14th century to establish his residence in this area, beside the fortification walls. The residence was given the name King's Court. From the 16th century - time of Habsburgs' reign in Bohemia - the former royal residence was unoccupied

Friday, 6 June
8:30 am - 10:00 am

Session 61   Employee Stock Options: How Can They be Redesigned to Improve their Economic Efficiency?     Friday, 6 June, 8:30 am - 10:00 am
The panel will explore the reasons why employee stock options have often produced undesirable incentive effects and suggest modifications that might improve the instrument’s economic efficiency. The panel will include an employee compensation consultant who will identify important differences in ESO structures between the US and Europe and explain the rationale for the main differences. It will also address the valuation problems and the social, ethical, and public policy issues that arise on both sides of the Atlantic especially with the more complex ESO structures. Moderator John Finnerty, Fordham University & Finnerty Economic Consulting Panelists John Boatright, Loyola University Chicago Robert Kolb, Loyola University Chicago Andy Restaino, Towers Perrin
Session 62     Dividend Policy         Friday, 6 June, 8:30 am - 10:00 am
Impact of Inclusion in the S&P 500 Index on a Stock's Trading Volume and Return Volatility           Eric Lin, Sacramento State University           John Kensinger, University of North Texas Discussant: Blake Phillips, University of Alberta	International Differences In Dividend Policy: Catering, Legal, and Cultural Effects           Stephen P Ferris, University of Missouri Columbia           Narayanan Jayaraman, Georgia Institute of Technology           Sanjiv Sabherwal, University of Texas a Arlington Discussant: Cahit Adaoglu, Eastern Mediterranean University	Market Participation and Dividend Clienteles           Marco Rossi, Penn State University Discussant: Narayanan Jayaraman, Georgia Tech
Session 63     Activists, Owners, and Control         Friday, 6 June, 8:30 am - 10:00 am
Ownership, Control and Market Liquidity           Edith Ginglinger, Université Paris Dauphine           Jacques Hamon, Université Paris Dauphine Discussant: Ariadna Dumitrescu, ESADE Business School	Hedge Funds As Shareholder Activists From 1994-2005           Nicole M Boyson, Northeastern University           Robert M Mooradian, Northeastern University Discussant: Peter Brous, Seattle University	Hedge Funds versus Private Equity Funds As Shareholder Activists – Differences in Value Creation           Denis Schweizer, European Business School           Mark Mietzner, European Business School Discussant: Karl Okamoto, Drexel University
Session 64     Issues in IPOs II         Friday, 6 June, 8:30 am - 10:00 am
Venture Capital and Timing of IPO           Donia Trabelsi, University of Paris 1 - Panthéon-Sorbonne Discussant: Giordano Maria Cogliati, University of Bergamo	Initial Public Debt Issues and Accompanying Corporate Behavior           Laurence Booth, University of Toronto           Sean Cleary, Saint Mary's University           Lynnette Purda, Queen's University Discussant: Richard Taffler, University of Edinburgh	The Impact of Effective Investor Relations On Market Value           Vineet Agarwal, Cranfield School of Management           Angel Liao, University of Edinburgh           Elly Nash,           Richard Taffler, University of Edinburgh Discussant: Sean Cleary, Saint Mary's University
Session 65     Bankruptcy and Reorganization         Friday, 6 June, 8:30 am - 10:00 am
Filtering Speed in a Continental European Reorganization Procedure           Nico Dewaelheyns, KU Leuven & Lessius University           Cynthia Van Hulle, KU Leuven Discussant: Keunho Hwang, KAIST Grad School of Management	How Does Creditor's Liquidation Decision Affect Debt and Equity Values?           Keunho Hwang, KAIST Graduate School of Management           Jangkoo Kang, KAIST Graduate School of Management Discussant: Agnes Fimayer, Luxembourg School of Finance	Financial Distress and Bankruptcy in Highly Levered Transactions: the comparative roles of debt composition and governance changes           Paul Halpern, University of Toronto           Robert Kieschnick, University of Texas Dallas           Wendy Rotenberg, University of Toronto Discussant: Chao-Rung Ho, National Chengchi University
Session 66     Factors Affecting Returns         Friday, 6 June, 8:30 am - 10:00 am
International Price and Earnings Momentum           Harald Lohre, Union Investment Institutional GmbH & University of Zurich           Markus Leippold, Imperial College London Discussant: Zaher Zantout, American University of Sharjah	Empirical Evidence On Corporate R&D Investment, Risk and Security Returns           Mohsen Saad, American University of Sharjah           Zaher Zantout, American University of Sharjah Discussant: Yen-Cheng Chang, University of Washington	Predictors of Stock Markets in Emerging Equity Markets           Juliana Caicedo-Llano, University of Paris 10           Thomas Dionysopoulos, SGIB Discussant: Tomasz Piotr Wisniewski, University of Leicester
Session 67     Accounting for Return Asymmetries in Performance         Friday, 6 June, 8:30 am - 10:00 am
Liquidity Shocks, Size and the Relative Performance of Hedge Fund Strategies           Bill Ding, University at Albany SUNY           Hany A. Shawky, University at Albany SUNY           Jianbo Tian, University at Albany SUNY Discussant: Wenxuan Hou, Manchester Business School	Performance Measures and Incentives: Loading Negative Coskewness To Outperform the Capm           Alexandros Kostakis, University of York Discussant: Hany Shawky, University at Albany	Accounting For Skewness Preferences in Investment Decisions           Steen Koekebakker, University of Agder           Valeri Zakamouline, University of Agder Discussant : Kathy Walsh, University of New South Wales
Session 68     Venture Capital         Friday, 6 June, 8:30 am - 10:00 am
Stock Exchange Markets For New Ventures           Cecile Carpentier, Laval University           Jean-François L'Her, La Caisse de depot et placement du Quebec           Jean-Marc Suret, Laval University Discussant: Donia Trabelsi, Universite Paris I Pantheon-Sorbonne	The Effect of Venture Capital On Innovation Strategies           Marco Da Rin, CentER Tilburg University & IGIER           María Fabiana Penas, CentER Tilburg University & TILEC Discussant: Diego Liechti, Universitat Bern
Session 69     Banking, Reputation, and Stability         Friday, 6 June, 8:30 am - 10:00 am
Canadian-Bank Stability During the Great Depression: the Role of Bank-Note Issuance and Finance-Act Advances           John D. Wagster, Wayne State University Discussant: Richard Sweeney, Georgetown University	Hamilton, Madison and the Restoration of United States Credit: An Option Approach To Defaulted Government Debt           Richard Sweeney, Georgetown University Discussant to be announced	International Correspondent Bank Reputation           Lucy Chernykh, Bowling Green State University           Robert Edmister, Bowling Green State University Discussant: Steven Ongena, Tilburg University
Session 70     International Finance         Friday, 6 June, 8:30 am - 10:00 am
What Matters More For European Private Equity Cross-Border Deals: Fund Or Firm Regulation?           Andrea Schertler, Kiel University           Tereza Tykvová, ZEW Mannheim Discussant: William Megginson, University of Oklahoma	Does Country Characteristics Matter For Share Issue Privatizations?           Juliet D'Souza, Georgia Gwinnett College           Robert Nash, Wake Forest University           William Megginson, University of Oklahoma Discussant: Jie (Jay) Cai, Drexel University	Legal Systems, Information Asymmetry, and Firm Boundaries: Cross-Border Choices To Diversify Through Mergers, Joint Ventures, Or Strategic Alliances           Tomas Jandik, University of Arkansas           Raja Kali, University of Arkansas Discussant: Usha Mittoo, University of Manitoba

Friday, 6 June
10:00 am - 10:30 am

Coffee Break

Friday, 6 June
10:00 am - 12:00 noon

Session 71   Privatization in Emerging Economies Friday, 6 June, 10:30 am - 12:00 noon
Moderator William Megginson, Universite Paris Dauphine & University of Oklahoma Presentations The Political Determinants of the Cost of Equity: Evidence from Newly Privatized Firms Hamdi Ben Nasr Laval University Narjess Boubakri HEC Montreal American University of Sharjah Jean-Claude Cosset HEC Montreal Auditor Choice in Privatized Firms: Empirical Evidence on the Role of State and Foreign Owners Omrane Guedhami University of South Carolina Jeffrey Pittman Hong Kong University of Science and Technology Walid Saffar HEC Montreal The Financial Impact of Sovereign Wealth Fund Investments in Listed Companies Veljko Fotak University of Oklahoma William Megginson Universite Paris Dauphine University of Oklahoma
Session 72     Market Microstructure I         Friday, 6 June, 10:30 am - 12:00 noon
The Price Formation of Substitute Markets: Theory and Empirical Application           Michael Tuan Chng, University of Melbourne           Aihua Xia, University of Melbourne Discussant: John McDermott, Fairfield University	Best Execution and Competition Between Markets: the Curious Case of Japan           Asli Ascioglu, Bryant University           Carole Comerton-Forde, University of Sydney           John B McDermott, Fairfield University           Thomas H McInish, University of Memphis Discussant: Marios Panayides, University of Utah	Where Did All the Information Go? Trade in the Corporate Bond Market           Tavy Ronen, Rutgers University           Xing Zhou, Rutgers University Discussant Frank Reilly, University of Notre Dame
Session 73     Governance: Insiders and Compensation         Friday, 6 June, 10:30 am - 12:00 noon
Corporate Governance, Regulatory Compliance and Insider Trading           Emanuele Bajo, University of Bologna           Marco Bigelli, University of Bologna           David Hillier, University of Leeds           Barbara Petracci, University of Bologna Discussant: Piotr Korczak, University of Bristol	Option Grants To Ceos of Target Firms: Rent Extraction Or Incentive Alignment?           Jay Cai, Drexel University           Eliezer M Fich, Drexel University           Anh L Tran, Drexel University Discussant: Teodora Paligorova, Bank of Canada	Banking Mergers and Acquisitions ’ Performance and Executive Compensation in Europe           Francesca Arnaboldi, Universita di Milano           Rym Ayadi, Centre for European Policy Studies Discussant: John Wagster, Wayne State University
Session 74     Derivative Pricing         Friday, 6 June, 10:30 am - 12:00 noon
Pricing Interest Rate Options           Xiaoquan Liu, University of Essex           Jing-Ming Kuo, University of Essex           Jerry Coakley, University of Essex Discussant: Ako Doffou, Sacred Heart University	The Bino-Trinomial Tree: A Simple Model For Efficient and Accurate Option Pricing           Tian-Shyr Dai, National Chiao-Tung University           Yuh-Dauh Lyuu, National Taiwan University Discussant: Jim Hilliard, Louisiana State University	Duration, Trading Volume and the Price Impact of Trades in an Emerging Futures Market           Mike Bowe, Manchester Business School           Stuart Hyde, Manchester Business School           Lavern McFarlane, Manchester Business School Discussant to be announced
Session 75     Bond Prices         Friday, 6 June, 10:30 am - 12:00 noon
Missing the Marks: Dispersion In Corporate Bond Valuations Across Mutual Funds           Gjergji Cici, College of William & Mary           Scott Gibson, College of William & Mary           John Merrick, College of William & Mary Discussant: Hsien-hsing Liao, National Taiwan University	Internal Liquidity Risk In Corporate Bond Credit Spreads           Hsien-hsing Liao, National Taiwan University           Pei-Ling Tsai , Taiwan Cooperative Bank Discussant: Frank Skinner, University of Surrey	The Impact of Bond Rating Changes On Corporate Bond Prices           Anthony D May, University of Oklahoma Discussant: Paula Hill, University of Bristol
Session 76     Security Analysts I         Friday, 6 June, 10:30 am - 12:00 noon
Do German Security Analysts Herd?           Marcel Naujoks, University of Tuebingen           Kevin Aretz, Lancaster University           Alexander Kerl, University of Tuebingen           Andreas Walter, University of Tuebingen Discussant: Nandu Nayar, Lehigh University	Regulating the Financial Analysis Industry: Is the European Directive Effective?           Michel Dubois, University of Neuchatel           Pascal Dumontier, University of Geneva Discussant: Huong N Higgins, Worcester Polytechnic Institute	Unraveling A Puzzle: the Case of Value Line Timeliness Rank Upgrades           Nandu Nayar, Lehigh University           Ajai K Singh, Case Western Reserve University           Wen Yu, University of St. Thomas Discussant: Alexander Kerl, University of Tuebingen
Session 77     Pension Plans         Friday, 6 June, 10:30 am - 12:00 noon
The Impact of Taxation On Optimal Portfolio Rules of Pension Funds           Katarzyna Romaniuk, University of Paris 1 Panthéon-Sorbonne Discussant: Yul (Eugene) Lee, University of Rhode Island	Pension Liability Valuation and Asset Allocation In the Presence of Funding Risk           Joachim Inkmann, CentER & Netspar & Tilburg University           David Blake, Cass Business School Discussant: Katarzyna Romaniuk, University Paris I - Pantheon-Sorbonne	Do Corporations Manipulate Earnings To Meet Or Beat Analysts' Forecasts? Evidence From Pension Plan Assumption Changes           Ting Zhang, University of Rhode Island           Yul W Lee, University of Rhode Island Discussant: Iain Clacher, Leeds University
Session 78     Banking and Information Sharing         Friday, 6 June, 10:30 am - 12:00 noon
What Drives the Arrangement Timetable of Bank Loan Syndication ?           Christophe J. Godlewski, Louis Pasteur University Discussant: Drew Dahl, Utah State University	Capital Market Regimes and Bank Competition in Europe           Ronald E Shrieves, University of Tennessee           Drew Dahl, Utah State University           Michael F Spivey, Clemson University Discussant: Andrea Schertler, University Kiel	Do Credit Watch Procedures Affect the Information Content of Sovereign Credit Rating Changes?           Paula Hill, University of Bristol           Robert Faff, Monash University Discussant: Anthony May, University of Oklahoma
Session 79     Markets and Rates         Friday, 6 June, 10:30 am - 12:00 noon
Credit Spreads and Real Activity           Philippe Mueller, Columbia University Discussant: Nick Laopodis, Fairfield University	Government Bond Market Integration Within the European Union           Nikiforos T Laopodis, Fairfield University Discussant: Ed Jankovic, Fairfield University & Pace University
Session 80     Experimental Economics         Friday, 6 June, 10:30 am - 12:00 noon
Rational Bubbles in the Laboratory           Sebastien Pouget, University of Toulouse           Sophie Moinas, University of Toulouse Discussant: Elena Asparouhova, University of Utah	Prices and Holdings in Dynamically Complete Experimental Asset Markets           Debrah Meloso, Universita Bocconi           Peter Bossaerts, Lausanne University           William Zame, UCLA Discussant: Sebastien Pouget, University of Toulouse	Overreaction and Investment Choices: An Experimental Analysis           Bruno Biais, University of Toulouse           Alen Nosic, University of Mannheim           Martin Weber, University of Mannheim Discussant: Michael Lemmon, University of Utah

Friday, 6 June
12:00 noon - 2:00 pm

Luncheon

Friday, 6 June
2:00 (14.00) pm - 3:30 (15.30) pm

Session 81   IPOs     Friday, 6 June, 2:00 pm - 3:30 pm
This thought-provoking session will begin with a general overview of IPOs and raising capital, then address special issues that have arisen as countries try to privatize various assets and raise the capital to support the privatization. The role of exchanges in raising capital in emerging economies and firms and the special challenges inherent therein will be explored. The panel discussion will conclude with an overview of what has worked and what has not. Moderator Jan Hanousek, CERGE-EI Panelists Cynthia Campbell, Iowa State University William Megginson, Universite Paris Dauphine & University of Oklahoma Petr Koblic, Prague Stock Exchange
Session 82     Market Microstructure: Liquidity         Friday, 6 June, 2:00 pm - 3:30 pm
Liquidity Provision In Periods of High Information Flow           Dieter Hess, University of Cologne           Magdalena Malinowska, University of Cologne Discussant: Allaudeen Hameed, National University of Singapore	Stock Price Synchronicity and Liquidity           Kalok Chan, Hong Kong University of Science and Technology           Allaudeen Hameed, National University of Singapore           Wenjin Kang, National University of Singapore Discussant: He Huang, University of Cologne	Liquidity and Optimal Market Transparency           Ariadna Dumitrescu, ESADE Business School Discussant: Alessia Falsarone, AIG Investments
Session 83     Accounting and Information         Friday, 6 June, 2:00 pm - 3:30 pm
Fair Value Accounting and Managerial Discretion           Alistair Byrne, University of Edinburgh           Iain Clacher, University of Leeds           David Hillier, University of Leeds           Allan Hodgson, Universiteit van Amsterdam Discussant: Pascal Dumontier, University of Geneva	Should Firms Really Be Obliged To Provide Financial Interim Reports?           Marisa Nöldeke, University of Zurich           Christoph Jorns, University of Zurich Discussant: Praveen Sinha, Chapman University	The Efficacy of Regulation Fair Disclosure           Christopher Gadarowski, Rowan University           Praveen Sinha, Chapman University Discussant: Jan Jindra, Cornerstone Research
Session 84     Derivatives and the Underlying         Friday, 6 June, 2:00 pm - 3:30 pm
Option Introduction, Short Sale Constraints and the Speed of Stock Price Adjustment To Negative News           Blake R Phillips, University of Alberta Discussant: Emanuele Bajo, University of Bologna	The Risk-Shifting Effect and the Value of A Warrant           Emanuele Bajo, University of Bologna           Massimiliano Barbi, Catholic University of Milano Discussant: Nabil Tahani, York University	An Economic Analysis of Bonus Certificates — Second-Generation of Structured Products           Rodrigo Hernandez, Radford University           Jorge Brusa, Texas A&M International University           Pu Liu, University of Arkansas Discussant: Giovanna Zanotti, Universita Commerciale Luigo Bocconi
Session 85     Valuing Debt         Friday, 6 June, 2:00 pm - 3:30 pm
How Do Relationship Lenders Price Loans To Small Firms? Hold-up Costs, Transparency, and Private and Public Security           Wako Watanabe, Keio University Discussant Duane Stock, University of Oklahoma	Debt Maturity and Relationship Lending: An Analysis of European Smes           Johanna Koëter-Kant, VU University Amsterdam           Ginés Hernández-Cánovas, Polytechnic University of Cartagena Discussant: Wako Watanabe, Keio University
Session 86     Market Efficiency         Friday, 6 June, 2:00 pm - 3:30 pm
An Empirical Analysis of Mean Reversion of the S&P 500's P/E Ratios           Benton Gup, University of Alabama           Junsoo Lee, University of Alabama Discussant: Kyle Wells, Dixie State College	To Trade Or Not To Trade: the Strategic Trading of Insiders Around News Announcements           Adriana Korczak, Manchester Business School           Piotr Korczak, University of Bristol           Meziane Lasfer, Cass Business School Discussant: Joon Chae, Seoul National University	Is the Post-Earnings Announcement Drift Rational Or Behavioral? Evidence From Intra-Industry Information Transfers           Tunde Kovacs, Northeastern University Discussant: Sirajum Munira, Cass Business School
Session 87     People and Performance         Friday, 6 June, 2:00 pm - 3:30 pm
The Influence of Management Structure On the Performance of Fund of Funds           Laurie Prather, Bond University           William J Bertin, Bond University Discussant: Richard Evans, University of Virginia	The Impact of Workgroup Diversity On Performance: Large Sample Evidence From the Mutual Fund Industry           Alexandra Niessen, University of Cologne and Centre for Financial Research           Michaela Baer, University of Cologne and Centre for Financial Research           Stefan Ruenzi, University of Cologne and University of Texas at Austin Discussant: Iwan Meier, HEC Montreal	Understanding the Relationship between Insider Ownership and Performance in Europe           Ines Lisboa, Institute Polytechnic of Leiria           Jose Paulo Esperanca, University Institute for Social Sciences Discussant: Giang Tran, Dauphine University
Session 88     Real Estate         Friday, 6 June, 2:00 pm - 3:30 pm
A Study On the Key Elements of the Real Estate Investment Trust: An Application of Grey Relational Analysis and Artificial Neural Network           Jo-Hui Chen, Chung Yuan Christian University           Ting-Tzu Chang, Chung Yuan Christian University           Chao-Rung Ho, National Chengchi University Discussant to be announced	Mortgage Brokers and Mortgage Rate Spreads           M. Cary Collins, Bryant University           Keith D. Harvey, Boise State University Discussant: Andrea Heuson, University of Miami
Session 89     Foreign Banks         Friday, 6 June, 2:00 pm - 3:30 pm
Transmission of Monetary Policy Via Domestic and Foreign Banks In Emerging Economies: Evidence From Bank-Level Data           Ji Wu, Drexel University           Alina Cristina Luca, Drexel University           Bang Nam Jeon, LeBow College of Drexel University Discussant: Wook Sohn, KDI School of Public Policy & Mgmt	The Effect of Foreign Bank Entry On the Cost of Credit In Transition Economies.           Emilia Jurzyk, KU Leuven           Hans Degryse, Tilburg University and KU Leuven           Olena Havrylchyk, CEPII           Sylwester Kozak, National Bank of Poland Discussant: Alina Luca, Drexel University	Lending By Example: Direct and Indirect Effects of Foreign Bank Entry in Emerging Markets           Mariassunta Giannetti, Stockholm School of Economics & CEPR           Steven Ongena, Tilburg University & CEPR Discussant: Emilia Jurzyk, KU Leuven

Friday, 6 June
3:30 pm - 4:00 pm

Coffee Break

Friday, 6 June
4:00 (16.00) - 5:30 (17.30) pm

Session 92     Market Microstructure II         Friday, 6 June, 4:00 pm - 5:30 pm
Geographic Proximity and Price Discovery: Evidence From Nasdaq           Amber Anand, Syracuse University           Vladimir A Gatchev, University of Central Florida           Leonardo Madureira, Case Western Reserve University           Christo A Pirinsky, Cal State Fullerton           Shane Underwood, Rice University Discussant: Tavy Ronen, Rutgers University	Serial Correlation In the Limit Order Flow: Causes and Impact           WEE YONG YEO, National University of Singapore Discussant: Michael Chng, University of Melbourne	Order Aggressiveness of Institutional and Individual Investors         Huu Nhan Duong, Monash University         Petko Kalev, Monash University         Chandrasekhar Krishnamurti, Auckland University of Technology Discussant: WEE YONG YEO, National University of Singapore
Session 93     Corporate Governance and Firm Performance         Friday, 6 June, 4:00 pm - 5:30 pm
The Causes and Consequences of CEO, COB, and Board Turnover           Urs Waelchli, Universität Bern Discussant: Marisa Noldeke, University of Zurich	Are Busy Directors Good Or Bad For Firm Performance?           Laura Arranz-Aperte, Swedish School of Economics and Business Administration & HECER           Tom P Berglund, Swedish School of Economics and Business Administration & HECER Discussant: Daniel Pu Liu, University of Arkansas	Substitute and Complementary Corporate Governance Mechanisms: A Simultaneous Equation Approach.           Diego Cueto, Concordia University Discussant: Wissam Abdallah, Lebanese American University
Session 94     IPO Pricing         Friday, 6 June, 4:00 pm - 5:30 pm
IPO Underpricing, Post-Listing Liquidity, and Information Asymmetry In the Secondary Market           Jean-François Gajewski, Université de Savoie           Carole Gresse, Université Paris Dauphine Discussant: Dimitrios Gounopoulos, University of Surrey	Price Cap Effect In the Performance of Greek Ipos           Dimitrios Gounopoulos, University of Surrey           Christos Nounis, University of Athens           Andreas Merikas, University of Piraeus Discussant: Cecile Carpentier, Laval University	Market Sentiment, IPO Valuation and Underpricing           Cynthia J Campbell, Iowa State University           Yan (Daphne) Du, Barclays Global Investors           S Ghon Rhee, University of Hawaii - Manoa           Ning (Tony) Tang, Wilfrid Laurier University Discussant: Emir Hrnjic, National University of Singapore
Session 95     Issues in Debt and Debt Markets         Friday, 6 June, 4:00 pm - 5:30 pm
Is the Bright Line Between Agency and Corporate Debt Dim?           Timothy R. Burch, University of Miami           Andrea J. Heuson, Discussant: John Merrick, College of William & Mary	Is There Any Contagion In Emerging Debt Markets?           Iuliana Ismailescu, University of Massachusetts Amherst           Hossein Kazemi, University of Massachusetts Amherst Discussant: Lucia Morales, University of Limerick	Currency Denomination of Bank Loans: Evidence From Small Firms in Transition Countries           Martin Brown, Swiss National Bank           Steven Ongena, CentER - Tilburg University and CEPR           Pinar Yesin, Swiss National Bank Discussant: Clas Wihlborg, Chapman University
Session 96     Security Analysts II         Friday, 6 June, 4:00 pm - 5:30 pm
The Impact of Blog Recommendations On Security Prices and Trading Volumes           Veljko Fotak, University of Oklahoma Discussant: Laurie Prather, Bond University	Do Financial Analysts Restrain Insiders’ Informational Advantage?           Andrew Ellul, Indiana University           Marios A Panayides, University of Utah Discussant: Amber Anand, Syracuse University	The Roles of Cognitive Bias and Conflicts of Interest in Analyst Stock Recommendations           Thabang Mokoteli, University of Witwatersrand           Richard Taffler, University of Edinburgh Discussant: Veljko Fotak, University of Oklahoma
Session 97     Measuring Performance         Friday, 6 June, 4:00 pm - 5:30 pm
Cost of Capital Estimation: Something Better Than the Standard CAPM?           Kathryn Barraclough, Vanderbilt University           Kathleen Walsh, University of New South Wales           Geoff Warren, Russell Investment Group and University of New South Wales Discussant: Ines Lisboa, Institute Poly of Leiria	Survivorship Bias and Mutual Fund Performance: Relevance, Significance and Methodical Differences.           Martin Rohleder, Katholic University of Eichstaett-Ingolstadt           Hendrik Scholz, Katholic University of Eichstaett-Ingolstadt           Marco Wilkens, Katholic University of Eichstaett-Ingolstadt Discussant : Manuel Rocha Armada, University of Minho	The Incubation Bias           Richard B. Evans, University of Virginia Discussant: Martin Rohleder, Catholic University of Eichstaett-Ingolstadt
Session 98     Reputation         Friday, 6 June, 4:00 pm - 5:30 pm
Reputation Concerns and Effort Choices of Security Analysts: Theory and Evidence           Jonathan E Clarke, Georgia Tech           Ajay Subramanian, Georgia State University Discussant: Alexey Malakhov, University of Arkansas	Your Former Employees Matter: Private Equity Firms and Their Financial Advisors           Linus Siming, Stockholm School of Economics, Department of Finance Discussant: Jonathan Clarke, Georgia Tech
Session 99     Currencies and Commodities         Friday, 6 June, 4:00 pm - 5:30 pm
Petko Kalev, Monash University
Volatility Spillovers Between Stock Returns and Foreign Exchange Rates: Evidence From Four Eastern European Countries           Lucia Morales, University of Limerick	Covered Interest Rate Parity In Emerging Markets           Frank S Skinner, University of Surrey	An Agent-based Network Model of Currency Cascades           Michael J Naylor, Massey University           Lawrence C Rose, Massey University           Brendan J Moyle, Massey University
Session 100     International Investing         Friday, 6 June, 4:00 pm - 5:30 pm
An Event Study of Price Movements Following Realized Jumps           Hossein Asgharian, Lund University           Mia Holmfeldt, Lund University           Marcus Larson, Lund University Discussant: Jing-Ming Kuo, University of Essex	Decomposition of Momentum Returns: Which Component Contributes Most?           Sirajum Munira, Cass Business School           Gulnur Muradoglu, Cass Business School           SooSung Hwang GSA Capital, Discussant: Harald Lohre, Union Inv Inst GmbH & University of Zurich	Matching Algorithms of International Exchanges           Karel Janecek, RSJ Invest           Martin Kabrhel, RSJ Invest Discussant to be announced

Main Sponsors
Gala Dinner and Best Paper Award Sponsor	Opening Reception Sponsor

Sponsors
Keynote Address Sponsor	Doctoral Student Consortium Sponsor

Media Partners