2009 FMA Annual Meeting Program October 21 - 24, 2009 Reno, Nevada

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Session 001 The Consequence of Climate Changes for Financial Markets   Thursday, 8:00 am - 9:30 am Moderator: John Byrd, University of Colorado at Denver Panelists Doug Cogan, RiskMetrics Kelly George, Willis Group's Environmental Risk Insurance Group

Session 002 Funding, Liquidity, and Subprime Loans   Thursday, 8:00 - 9:30 Chairperson: W Scott Frame Federal Reserve Bank of Atlanta
Core Deposit Funding of Subprime Mortgages and the Effect of Monetary Policy   Lamont King Black, Federal Reserve Board   Diana Hancock, Federal Reserve Board   Stuart Wayne Passmore, Federal Reserve Board	Does Regulatory Disclosure Affect Lending Practices? A Study of Subprime Lending to Minority Neighborhoods   Zsuzsa R Huszar, NUS Business School   George H Lentz, California State Polytechnic University - Pomona   Wei Yu, California State Polytechnic University - Pomona	Determinants of Bank Liquidity Creation - Evidence from Savings Banks   Christian Rauch, Goethe University Frankfurt   Sascha Steffen, Goethe University Frankfurt   Andreas Hackethal, Goethe University Frankfurt   Marcel Tyrell, Zeppelin University Friedrichshafen
Presenter: Lamont Black	Presenter: Zsuzsa R. Huszar	Presenter: Christian Rauch
Discussant: Larry Wall Federal Reserve Bank of Atlanta	Discussant:Song Han Federal Reserve Board	Discussant:Rochelle Edge Federal Reserve Board

Session 003 The SEC and Market Regulation: Current Research Topics of Interest   Thursday, 8:00 am - 9:30 am The past year has produced numerous opportunities for studying applied questions in financial economics. A panel of SEC economists will discuss current topics of interest to the SEC with the intention of inspiring academics in the development of new research topics. Topics include: Executive compensation - Under the TARP and around the bend Proxy access - Shareholders nominating directors Breaking the buck - The risk in money market funds Securities lending - Coming up short Lessons from recent enforcement cases - Current issues in financial economics Moderator Amy Edwards, US SEC Panelists Nandu Nayar, Lehigh University Don Monk, SEC and Tulane University Ayla Kayhan, SEC and Louisiana State University Woodrow Johnson, SEC Tim McCormick, SEC

Session 004 Mutual Funds and Hedge Funds   Thursday, 8:00 - 9:30 Chairperson: Zheng Sun University of California Irvine
Connected Companies’ Compensation   Alexander W. Butler, Rice University   Umit G Gurun, University of Texas at Dallas	Hedge Funds and Return Smoothing: Evidence from Debt Holding   Adam Aiken, Arizona State University	Sector Fund Performance and Fund Flow over Market Ups and Downs   Abhay Kaushik, Radford University   Scott W Barnhart, Florida Atlantic University   Anita K Pennathur, Florida Atlantic University
Presenter: Alexander Butler	Presenter: Adam Aiken	Presenter: Anita Pennathur
Discussant: Adam Aiken Arizona State University	Discussant:Xi Dong Boston College	Discussant:Zheng Sun University of California Irvine

Session 005 Bank Mergers and Acquisitions   Thursday, 8:00 - 9:30 Chairperson: Gwinyai Utete Auburn University
Do Mergers Improve Credit Quality in the Banking Industry?   Morris Knapp, Miami Dade College   Alan Gart, Indiana University of Pennsylvania	Does Diversity Pay? Evidence from Bank Acquisitions after the Financial Services Modernization Act   Lonnie L Bryant, College of Charleston   Delroy M Hunter, University of South Florida	Evidence of regulatory arbitrage in cross-border mergers of banks in the EU   Santiago Carbo-Valverde, Unversidad de Granada   Edward Kane, Boston College   Francisco Rodriguez-Fernandez, Universidad de Granada
Presenter: Morris Knapp	Presenter: Lonnie Bryant	Presenter: Francisco Rodriguez
Discussant: Ken Norton Mid-Continent University	Discussant: Francisco Rodriguez Unversidad de Granada	Discussant:Kashi Nath Tiwari KNT’s Academic Financial Research

Session 006 Legal and Regulatory Issues   Thursday, 8:00 - 9:30 Chairperson: Chun-Pin Hsu, City University of New York
Agency problem and investment-cash flow sensitivity:Evidence from antitakeover legislation   Bill B. Francis, Lally School of Management and Technology of Rensselaer Polytechnic Institute   Iftekhar Hasan, Lally School of Management and Technology of Rensselaer Polytechnic Institute   Liang Song, Lally School of Management and Technology of Rensselaer Polytechnic Institute	The Causes and Consequences of Securities Class Action Litigation   Brian C. McTier, University of Texas San Antonio   John K Wald, University of Texas San Antonio	Legal Opportunism, Litigation Risk, and IPO Underpricing   Kuntara Pukthuanthong-Le, San Diego State University   Thomas Walker, Concordia University   Harry Turtle, Washington State University
Presenter: Liang Song	Presenter: Brian McTier	Presenter: Thomas Walker
Discussant: Eric Fricke Cal State Eastbay	Discussant:Chin-Wen Huang Edinboro Univ of Pennsylvania	Discussant: Rahnuma Ahsan CUNY

Session 007 Cross-listings around the World   Thursday, 8:00 - 9:30 Chairperson: Janikan Supanvanij St Cloud State University
Cross-listing and the pricing efficiency: The informational and anchoring role played by the reference price   Eric C. Chang, University of Hong Kong   Jinjuan Ren, University of Hong Kong	An Empirical Study of Multiple Foreign Listings   Leyuan Wendy You, University of Alaskan Anchorage   Brian Lucey, Trinity College	Short Changed? The Market's Reaction to the Short Sale Ban of 2008   Louis Gagnon, Queen's University   Jonathan Lee Witmer, Bank of Canada
Presenter: Jinjuan Ren	Presenter: Leyuan You	Presenter: Jonathan Witmer
Discussant: Michael Halling University of Utah	Discussant:Qian Sun Xiamen University	Discussant:Marcus V Braga-Alves Marquette University

Session 008 Strategic Capital Raising Decisions "Top" Session   Thursday, 8:00 - 9:30 Chairperson: Hong Qian Oakland University
The Decline in the Cost of Private Placements   Mark R Huson, University of Alberta   Paul H Malatesta, University of Washington   Robert Parrino, University of Texas at Austin	Management Disclosure around Seasoned Equity Offerings   Amy X. Sun, Penn State University   Weining Zhang, University of Texas Dallas	Corporate Financing Decisions and Managerial Market Timing   Alexander W. Butler, Rice University   Jess Cornaggia, University of Texas at Dallas   Gustavo Grullon, Rice University   James Weston, Rice University
Presenter: Robert Parrino	Presenter: Weining Zhang	Presenter: Jess Cornaggia
Discussant: Joon Ho Hwang Korea University	Discussant:Chander Shekhar University of Melbourne	Discussant:Eugene Pilotte Rutgers University

Session 009 International Payout Policy   Thursday, 8:00 - 9:30 Chairperson: Xiaotian Tina Zhang St Mary's College of California
Culture, Corporate Governance, and Dividend Policy: International Evidence   Sung C. Bae, Bowling Green State University   Kiyoung Chang, Indiana University South Bend   Eun Kang, California State University San Marcos	An International Analysis of Dividend Policy: Balancing the Interests between Shareholders and Creditors   Liang Shao, University of South Carolina   Chuck CY Kwok, University of South Carolina   Omrane Guedhami, University of South Carolina	Dividend stickiness and the determinants of the propensity to pay - International evidence   Mia Twu, National Chengchi University
Presenter: Kiyoung Chang	Presenter: Liang Shao	Presenter: Mia Twu
Discussant: Janice How Queensland Univ of Technology	Discussant:Mia Twu National Chengchi University	Discussant:Yolando Ruiz-Vargas University of Puerto Rico Mayaguez

Session 010 Firm Operations and Stock Returns   Thursday, 8:00 - 9:30 Chairperson: Aziz Alimov University of Arizona
Capital Investment Growth and Economic Risk Factors   Eric Fricke, Cal State East Bay   Scott Fung, Cal State East Bay	Order Backlog and Momentum Profits   Li Gu, Fordham University   Dayong Huang, UNC Greensboro	Do Relative Leverage and Relative Distress Really Explain Size and Book-to-Market Anomalies   Pin-Huang Chou, National Central University   Kuan-Cheng Ko, National Chi Nan University   Shinn-Juh Lin, National Chengchi University
Presenter: Eric Fricke	Presenter: Dayong Huang	Presenter: Kuan-Cheng Ko
Discussant: Aziz Alimov University of Arizona	Discussant:Min Kim USC Marshall School	Discussant:Scott Fung Cal State East Bay

Session 011 Return Factors   Thursday, 8:00 - 9:30 Chairperson: Jose Moreno University of the Incarnate Word
Illiquidity as a priced factor: evidence from intradaily data   Sahn-Wook Huh, Brock University	Does Equity Duration Capture Common Risk Factors in Stock Returns?   Thuy H Simpson, University of Nebraska-Lincoln   John M Geppert, University of Nebraska-Lincoln	Stocks Versus Bonds and Shortfall Risk   David C Hyland, Xavier University   Brian Balyeat, Xavier University
Presenter: Sahn-Wook Huh	Presenter: Thuy Simpson	Presenter: Brian Balyeat
Discussant: Yuxing Yan Wharton Research Data Services	Discussant:Harald Lohre Union Investment	Discussant:Joshua Pickrell Texas Tech University

Session 012 Information and Cross-border Trading   Thursday, 8:00 - 9:30 Chairperson: Louis Gagnon Queen's University
Do foreign investors have an extrapolative expectation? An analysis of their quotes on domestic stock index futures   Hyung Cheol Kang, University of Seoul   Dong Wook Lee, Korea University Business School   Eun Jung Lee, Hanyang University   Kyung Suh Park, Korea University Business School	Is Information the Motive for Home Bias? A New Perspective from Motives of Trading   Xi Dong, Boston College
Presenter: Dong Wook Lee	Presenter: Xi Dong
Discussant: Denise W. Streeter Old Dominion University	Discussant:Louis Gagnon Queen's University

Session 013 Index Fund Performance   Thursday, 8:00 - 9:30 Chairperson: Sofia Ramos ISCTE Business School
Exchange Traded Funds: Performance and Competition   Marko Svetina, University of San Diego	Do bear market fund time the market?   Qiang Bu, Penn State Harrisburg   Nelson Lacey, University of Massachusetts	Do Enhanced-Return Index Funds Show Excellent Management Skills? New Evidence from a Bootstrap Analysis   An-Sing Chen, National Chung Cheng University, Taiwan   Yueh-Chung Chu, Southern Taiwan University   Mark Leung, University of Texas at San Antonio
Presenter: Marko Svetina	Presenter: Qiang Bu	Presenter: An-Sing Chen
Discussant: Javier Estrada IESE Business School	Discussant: Chris Stivers University of Georgia	Discussant: John Adams University of North Florida

Session 014 Equity Valuation   Thursday, 8:00 - 9:30 Chairperson: Randolph A Pohlman Nova Southeastern University
Extreme Downside Risk and Expected Stock Returns   Wei Huang, University of Hawaii at Manoa   Qianqiu Liu, University of Hawaii at Manoa   S Ghon Rhee, University of Hawaii at Manoa & SKKU   Feng Wu, University of Macau	A Generalized Earning-Based Stock Valuation Model with Learning   Gady Jacoby, University of Manitoba   Alexander Paseka, University of Manitoba   Yan Wang, University of Manitoba	Stock Option Compensation and Equity Valuation   John D. Stowe, Ohio University
Presenter: Feng Wu	Presenter: Yan Wang	Presenter: John D. Stowe
Discussant: Wentworth Boynton University of New Haven	Discussant: Nancy Anderson Mississippi College	Discussant:Kai Chen University of Wisconsin Milwaukee

Session 015 Accruals, Capital Investments, and Stock Returns   Thursday, 8:00 - 9:30 Chairperson: Brian John Adams University of Portland
A Tale of Two Strategies: Cash Flow, Accruals, and the Role of Investor Sentiment   Xavier Gerard, State Street Global Advisors   Ron Guido, State Street Global Advisors   Christos Koutsoyannis, State Street Global Advisors	Abnormal Investment, Overinvestment, and Stock Returns   K.C. John Wei, Hong Kong University of Science and Technology   Feixue Xie, University of Texas at El Paso	Accruals and Conditional Equity Premium   Hui Guo, University of Cincinnati   Xiaowen Jiang, University of Cincinnati
Presenter: Ron Guido	Presenter: Feixue Xie	Presenter: Hui Guo
Discussant: Payam Bahamin Columbia University	Discussant:Nga Nguyen Texas Tech University	Discussant:Ryan Polansky Arizona State University

Session 016 Special Doctoral Student Paper Presentation Session Issues in Debt Policies   Thursday, 8:00 am - 9:30 am Chairperson James Schallheim, University of Utah
The Information Content of Asset Backed Securities Downgrades and the Motivation behind Them   Adi Mordel, Drexel University	The Litigation Environment of a Firm and its Impact on Financial Policy   Alan D Crane, University of Texas Austin	Debt Reclassifications and Rollover: Determinants and Real Impact   Yunling Chen, Hong Kong Institute of Science & Technology
Discussant: Steve Johnson, Sam Houston State University	Discussant to be announced	Discussant: Mi Luo, Villanova University

Session 017 Special Doctoral Student Consortium Paper Presentation Session Corporate Finance Topics   Thursday, 8:00 - 9:30 Chairperson Lalitha Naveen, Temple University
The Supply-Side Determinants of Contract Strictness   Justin Murfin, Duke University	Determinants of defined-benefit pension plan policies   Frederick Bereskin, University of Rochester	The Determinants and Impact of Executive-Firm Matches   Yihui Pan, University of Minnesota
Discussant: Felix Meschke, University of Minnesota	Discussant: Duong Truong, National University of Singapore	Discussant:Nina Baranchuk, University of Texas Dallas

Session 018 Boards and Blocks   Thursday, 8:00 - 9:30 Chairperson: Ronald F Singer University of Houston
Blockholder Ownership and Corporate Control: The Role of Liquidity   William Christopher Gerken, Auburn University	On the Objective of Corporate Boards: Theory and Evidence   Katherine Guthrie, College of William & Mary   Illoong Kwon, SUNY Albany   Jan Sokolowsky, University of Michigan	Board Size, Firm Risk and Equity Discount   Arun D Upadhyay, University of Alaska Anchorage
Presenter: William Gerken	Presenter: Jan Sokolowsky	Presenter: Arun Upadhyay
Discussant: Ronald F Singer University of Houston	Discussant: Arun Upadhyay University of Alaska Anchorage	Discussant:Brian J Bolton University of New Hampshire

Session 019 Corporate Governance and Firm Performance   Thursday, 8:00 - 9:30 Chairperson: Xiankui Hu Arkansas State University
Option Backdating and Board Oversight: Evidence from Firms Interlocked with Backdating Investigation Targets   Veronika Krepely Pool, Indiana University   Cong Wang, Chinese University of Hong Kong   Fei Xie, George Mason University	Do Corporate Governance Characteristics Influence Effective Tax Rates?   Kristina L Minnick, Bentley University   Tracy Noga, Bentley University	Corporate Governance and Equity Finance   Young K Park, Sungkyunkwan University   Myungsoo Son, California State University, Fullerton
Presenter: Fei Xie	Presenter: Kristina Minnick	Presenter: Young K. Park
Discussant: Dona Siregar SUNY Oneonta	Discussant: Karen Simonyan Suffolk University	Discussant:Hatice Uzun Long Island University

Session 020 Shareholder Proposals on Executive Compensation   Thursday, 8:00 - 9:30 Chairperson: Steve L. Slezak University of Cincinnati
Performance-oriented Shareholder Proposal and CEO compensation   Chandra Subramaniam, University of Texas- Arlington   Frank Wang, Saint Louis University	Conflicts of Interest and Mutual Fund Proxy Voting: Evidence from Shareholder Proposals on Executive Compensation   Rasha Ashraf, Georgia State University   Narayanan Jayaraman, Georgia Tech   Harley E. Ryan, Georgia State University	What Motivates Block Share Ownership?   Asjeet S. Lamba, University of Melbourne   Geof Stapledon, University of Melbourne
Presenter: Chandra Subramaniam	Presenter: Rasha Ashraf	Presenter: Asjeet S. Lamba
Discussant: David L. Manzler Suffolk University	Discussant:Jianxin D. Chi Arizona State University	Discussant:Woojin Kim Korea University Business School

Session 021 Debt Contracting   Thursday, 8:00 - 9:30 Chairperson: Turan Bali Baruch College, CUNY
Moral Hazard and the Structure of Debt Contracts   Robert R Bliss, Wake Forest University   Stephen D Cauley, Anderson School of Management, UCLA	Financial Contracting and re-rating experience, the cases of whole make, claw back and otherwise ordinary callable bonds   Frank Skinner, University of Surrey   Dimitrios Gounopoulos, University of Surrey	THE ROLE OF BORROWER STRATEGIC DEFAULT PROPENSITY ON THE STRUCTURE AND PRICING OF SYNDICATED LOANS   Farah Yunus, Iowa State University   Roger Stover, Iowa State University
Presenter: Robert Bliss	Presenter: Frank Skinner	Presenter: Farah Yunus
Discussant: Thomas Moeller Texas Christian University	Discussant: Peggy Huang Indiana University	Discussant:Andrew Spieler Hofstra University

Session 022 What Drives Acquisitions?   Thursday, 8:00 - 9:30 Chairperson: Xian Sun Office of the Comptroller of the Currency
Acquisitions Driven by Stock Overvaluation   Fangjian Fu, Singapore Management University   Leming Lin, Singapore Management University   Micah Officer, Loyola Marymount University	Takeover Risk and the Correlation between Stocks and Bonds   Karan Bhanot, New York University   John Wald, UTSA   Sattar Mansi, Virginia Tech	Does style matter? The effect of target shareholder preferences on bid composition and premiums   Timothy R Burch, University of Miami   Vikram Nanda, Georgia Institute of Technology   Sabatino Silveri, Arizona State University
Presenter: Micah Officer	Presenter: Karan Bhanot	Presenter: Sabatino Silveri
Discussant: Sridhar Sundaram Grand Valley State University	Discussant:Xian Sun Office of the Comptroller of the Currency	Discussant:Milena Petrova Syracuse University

Session 023 Risk Aversion   Thursday, 8:00 - 9:30 Chairperson: T Jeffrey Zhang University of Dayton
Are Women More Risk Averse than Men?   Ann Marie Hibbert, West Virginia University   Edward Lawrence, Florida International University   Arun Prakash, Florida International University	Gender Differences in Financial Reporting Decision-Making: Evidence from Accounting Conservatism   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan, Rensselaer Polytechnic Institute   Jong Chool Park, Rensselaer Polytechnic Institute   Qiang Wu, Rensselaer Polytechnic Institute	A Longitudinal Study of Financial Risk Tolerance   Gerhard T. Van de Venter, CFA Institute   David Michayluk, University of Technology Sydney
Presenter: Ann Marie Hibbert	Presenter: Qiang Wu	Presenter: Gerhard Van de Venter
Discussant: Dean Diavatopoulos Villanova University	Discussant:Meifang Xiang University of Wisconsin Whitewater	Discussant:Sebastian Krimm Catholic University of Eichstatt-Ingolstadt

Session 024 Investing Strategies   Thursday, 8:00 - 9:30 Chairperson: Christophe Spaenjers Tilburg University
Buying Beauty: On Prices and Returns in the Art Market   Luc Renneboog, Tilburg University   Christophe Spaenjers, Tilburg University	Forbes Platinum 400 Lists for the Best Big Companies: Are They Good Investments?   Salil K Sarkar, The University of Texas at Arlington   Fahad Almudhaf, The University of Texas at Arlington	Predictive Regressions with Time-Varying Coefficients   Thomas Dangl, Vienna University of Technology   Michael Halling, University of Utah
Presenter: Christophe Spaenjers	Presenter: Fahad Almudhaf	Presenter: Michael Halling
Discussant:Eleni Gousgounis Baruch College, CUNY	Discussant:Adam Lei Midwestern State University	Discussant:Christophe Spaenjers Tilburg University

Session 025 Recognition of Elton & Gruber in Portfolio Management   Thursday, 9:45 - 11:15 For four decades, Edwin Elton and Martin Gruber have made substantial contributions to the world of finance. Panelists will discuss their contributions and the impact the two have had on the field of portfolio management. Moderator: George Comer, Georgetown University Presenter Frank Reilly, University of Notre Dame

Session 026 The Frontiers of Research in Corporate Finance   Thursday, 9:45 - 11:15 Panelists will describe how they see the field of applied corporate finance evolving over the next few years. Moderator: Murillo Campello, University of Illinois Panelists Michael Lemmon, University of Utah C Ted Fee, Michigan State University Daniel Carvalho, University of Southern California

Session 028 Analysts   Thursday, 9:45 am - 11:15 am Chairperson: David L Ikenberry University of Illinois at Urbana-Champaign
An Analysis of Causality in the Relationship between Analysts’ Forecast Revisions and Market Prices: The European Experience   Ron Bird, Univerity of Technology Sydney   Lorenzo Casavecchia, University of Technology Sydney	Who Follows REITs?   Erik Devos, University of Texas at El Paso   Seow Eng Ong, National University of Singapore   Andrew Spieler, Hofstra University	Are Financial Advisor Appointments Used to Solicit Analyst Coverage?   Valeriy Sibilkov, University of Wisconsin - Milwaukee   Miroslava Straska, Ohio University   Gregory Waller, Ohio University
Presenter: Ron Bird	Presenter: Andrew Spieler	Presenter: Valeriy Sibilkov
Discussant: Paul D. Kaplan Morningstar, Inc.	Discussant:Jay C. Hartzell University of Texas at Austin	Discussant:Geoff P. Smith Thunderbird School of Global Mgmt

Session 029 Cross-border and Cross-cultural Banking   Thursday, 9:45 am - 11:15 am Chairperson: Klaus Schaeck University of Bangor
Contribution of Rural Banks to Regional Economic Development: Evidence from the Philippines   Céline Meslier Crouzille, Université de Limoges   Emmanuelle Nys, Université de Limoges   Alain Sauviat, Université de Limoges   Jessica Los Banos, University of the Philippines	Geographic Consistency of Subprime Loan Features and Foreclosures   Morgan J. Rose, Office of the Comptroller of the Currency; University of Maryland, Baltimore County
Presenter: Emmanuelle NYS	Presenter: Morgan J. Rose
Discussant:Nguyen Thi Canh Vietnam National University	Discussant:Alexander Popov European Central Bank

Session 030 Sovereign Wealth, Foreign Investment, and Credit Growth   Thursday, 9:45 am - 11:15 am Chairperson: Gautam Vora University of New Mexico
‘Sleeping with the Enemy’ or ‘An Ounce of Prevention’: Sovereign Wealth Fund Investments and Market Instability   April Knill, Florida State University   Bong-Soo Lee, Florida State University   Nathan Mauck, Florida State University	AMERICAN CREDIT GROWTH   David A Walker, Georgetown Univeristy   Keith Ord, Georgetown University   Thomas A Durkin, The George Washington University	The Changing Dynamics of Foreign Equity Investment in the United States   Joseph Jerome French, University of Northern Colorado   Nazneen Ahmad, Weber State University
Presenter: April Knill	Presenter: David A. Walker	Presenter: Joseph French
Discussant: Junqiang Xie Baruch College (CUNY)	Discussant:Irena Hutton Florida State University	Discussant:Guangzhong Li Baruch College (CUNY)

Session 031 Exchange Rate Anomalies   Thursday, 9:45 am - 11:15 am Chairperson: Esther Eiling University of Toronto, Rotman School of Management
Dynamic Dependence between Chinese Yuan and Asia-Pacific Country Exchange Rates of Non-deliverable Forward Contracts   Li Yang, University of New South Wales   Chunyang Zhou, Shanghai Tiao Tong University	Liquidity Risk, Deviations from PPP, Asymmetries, and the Forward Discount Bias: The Case of British Pound and Euro Exchange Rates Using Currencies from Developed and Developing Countries   Axel Grossmann, Radford University   Marc W Simpson, Northern Illinois University	The Magnified Effect of Financial Crises on Forward Discount Bias: Evidence from Emerging Economies in Crisis   Shuming Bai, University of Texas of the Permian Basin   Andre V Mollick, University of Texas - Pan American
Presenter: Li Yang	Presenter: Axel Grossmann	Presenter: Shuming Bai
Discussant: Jin-Wan Cho Korea University Business School	Discussant:Gordon Bodnar The Johns Hopkins University	Discussant:Axel Grossman Radford University

Session 032 Analyst Forecasts   Thursday, 9:45 am - 11:15 am Chairperson: Roger Loh Singapore Management University
Banking Relationships and Sell-Side Research   Leonardo Madureira, Case Western Reserve University   Ozgur Emre Ergungor, Federal Reserve Bank of Cleveland   Nandkumar Nayar, Lehigh University   Ajai Singh, Case Western Reserve University	The extent and duration of analysts’ optimistic expectations of initial public offer firms   Asher Curtis, University of Utah   Julian Yeo, Columbia Business School	Does Initial Placement Matter for Equity Analysts' Forecast Accuracy   Lin Zou, The University of Texas at Dallas   Jess Cornaggia, The University of Texas at Dallas
Presenter: Leonardo Madureira	Presenter: Julain Yeo	Presenter: Lin Zou
Discussant: Mark Chen Georgia State University	Discussant:Larry Fauver University of Tennessee	Discussant:Anand Venkateswaran Northeastern University

Session 033 Dividend Policy and Corporate Governance   Thursday, 9:45 am - 11:15 am Chairperson: Swami Kalpathy Southern Methodist University
Agency Conflicts and Corporate Payout Policies: A Global Study   Sohnke Bartram, University of Lancaster   Philip Brown, University of New South Wales   Janice How, Queensland University of Technology   Peter Verhoeven, Queensland University of Technology	Dividend Irrelevance and Firm Control   Steven A Dennis, University of North Dakota   William Steven Smith, University of North Dakota	Dividend Policy and Corporate Governance Quality   Pornsit Jiraporn, Pennsylvania State University Great Valley   Jang-Chul Kim, Northern Kentucky University   Young Sang Kim, Northern Kentucky University
Presenter: Janice How	Presenter: Steven A. Dennis	Presenter: Young Kim
Discussant: John Becker-Blease Washington state University (Vancouver)	Discussant:Weicheng Wang Washington State University	Discussant:Albert Wang Chinese University of Hong Kong

Session 034 Financial Modeling with Jumps   Thursday, 9:45 am - 11:15 am Chairperson: Cornelis A Los University of Lethbridge
Weather, Inventory and Common Jump Dynamics in Natural Gas Futures and Spot Markets   Wing H Chan, Wilfrid Laurier University   George H. K. Wang, George Mason University   Li Yang, University of New South Wales	Volatility Dynamics of Startup Firms with Jump Risk and Stage-Clearing   Shu Feng, Boston University   Xi Dong, Boston College
Presenter: George H. K. Wang	Presenter: Shu Feng
Discussant:Cornelis A Los University of Lethbridge	Discussant: Robert Brooks, University of Alabama

Session 035 Risk and Risk Aversion "Top" Session   Thursday, 9:45 am - 11:15 am Chairperson: Murray Carlson University of British Columbia
What does the cross-section tell about itself? An asset pricing model with cross-sectional moments   Paulo Fraga Maio, Durham Business School	What Explains the Asset Growth Effect in Stock Returns?   Marc Lipson, University of Virginia   Sandra Mortal, University of Memphis   Michael Schill, University of Virginia	What Drives Stochastic Risk Aversion   Sungjun Cho, Manchester Business School
Presenter: Paulo Maio	Presenter: Sandra Mortal	Presenter: Sungjun Cho
Discussant: Murray Carlson University of British Columbia	Discussant:Qianqiu Liu University of Hawaii at Manoa	Discussant:Oleg Rytchkov University of Texas at Austin

Session 036 The Information Content of Large Orders   Thursday, 9:45 am - 11:15 am Chairperson: Bhanu Balasubramnian Emporia State University
Is Information Risk Priced? Evidence from the Price Discovery of Large Trades   Xiaolin Qian, Nanyang Technological University   Chuan Yang Hwang, Nanyang Technological University	Strategic Order Splitting, Order Choice and Aggressiveness: Evidence from the Taiwan Futures Exchange   Robin K Chou, National Central University   Yun-Yi Wang, National Central University
Presenter: Xiaolin Qian	Presenter: Robin K Chou
Discussant: Hao Wang University of Mississippi	Discussant:Sara E. Bennett Kent State University

Session 037 Corporate Bond Pricing "Top" Session   Thursday, 9:45 am - 11:15 am Chairperson: Bidisha Chakrabarty St. Louis University
COST OF TRADING AND EXECUTION OF LARGE ORDERS IN THE CORPORATE BOND MARKET   Padma Kadiyala, Pace University   P.V. Viswanath, Pace University	Dealer Behavior and the Trading of Newly Issued Corporate Bonds   Michael A. Goldstein, Babson College   Edith S. Hotchkiss, Boston College	Internal Liquidity Risk in Corporate Bond Yield Spreads - Bond and Market Level Evidences   Hsien-hsing Liao, National Taiwan University   Tsung-Kang Chen, Fu Jen Catholic University   Chia-Wu Lu, Providence University
Presenter: Padma Kadiyala	Presenter: Michael A. Goldstein	Presenter: Chia-Wu Lu
Discussant: Chinmay Jain University of Memphis	Discussant:Xiankui Bill Hu Arkansas State University	Discussant:Fariz Huseynov North Dakota State University

Session 038 International Stock Returns   Thursday, 9:45 am - 11:15 am Chairperson: Janikan Supanvanij St Cloud State University
Jump Risk and Cross Section of Stock Returns: Evidence from China's Stock Market   Haigang Zhou, Cleveland State University   Qi Zhu, Antai College of Economics & Management, Shanghai Jiao Tong University	Informational relatedness among broad indices: The context of extreme return clusters   Anh Phuong Nguyen, New Mexico State University   Harikumar Sankaran, New Mexico State University   Jayashree Harikumar, New Mexico State University
Presenter: Qi Zhu	Presenter: Harikumar Sankaran
Discussant: Serguey Khovansky University of Virginia	Discussant: Ghulam Sarwar Cal State San Bernadino

Session 039 Analysts and Information   Thursday, 11:30 - 1:00 Chairperson: Otgo Erhemjamts Bentley College
Analyst Earnings Forecast Accuracy: A Second Look   Wenjuan Xie, University of New Hampshire	The Effect of Macroeconomic News on Stock Returns: New Evidence from Newspaper   Gene Birz, Binghamton University   John R. Lott, Jr., University of Maryland	On the variation of forecast accuracy within international analysts’ research portfolios   Omesh Kini, Georgia State University   Michael Rebello, University of Texas, Dallas   Anand Venkateswaran, Northeastern University
Presenter: Wenjuan Xie	Presenter: Gene Birz	Presenter: Anand Venkateswaran
Discussant: Reca Blerina Washington State University	Discussant:Wikrom Prombutr University of North Carolina-Pembroke	Discussant:Tai David Yi SUNY Fredonia

Session 040 Special Doctoral Student Consortium Paper Presentation Session Empirical Asset Pricing   Thursday, 9:45 - 11:15 Chairperson: Michael Halling, University of Utah
Innovations in Future Labor Income Growth and the Cross-Section of Equity Returns   Byoung Kyu Min, KAIST	Risk-Adjusted Information from Option Prices   Durga P Panda, Rutgers University	Jumps, Liquidity, and Credit Risk   Marco Rossi, Penn State University
Discussant: Michael Halling, University of Utah	Discussant: Jan Bena, University of British Columbia	Discussant: Asher Curtis, University of Utah

Session 041 Special Doctoral Student Consortium Paper Presentation Session   Thursday, 9:45 - 11:15 Chairperson: Jeff Coles, Arizona State University
Security Design given Heterogeneous Beliefs between Insiders and Outsiders   Frank Kroger, Tulane University	Investment and Financing under Reverse Asset Substitution   Indraneel Chakraborty, University of Pennsylvania	Margin Requirements, Asset Pricing and Welfare Implications   Yajun Wang, Washington University in St Louis

Session 042 Institutions, Mergers, and Acquisitions "Top" Session   Thursday, 9:45 am - 11:15 am Chairperson: Amedeo De Cesari Aston Business School
Institutional Investor Preferences and Firm Value   Gwinyai Utete, Auburn University	Shareholder Voting Rights and Mutual Fund Trading in Takeovers   Jim Hsieh, George Mason University   Qinghai Wang, Georgia Tech	Wealth Effects of Antitakeover Provisions in Mergers   Mehmet Sinan Goktan, California State University, East Bay   Robert Kieschnick, The University of Texas at Dallas
Presenter: Gwinyai Utete	Presenter: Jim Hsieh	Presenter: Mehmet Sinan Goktan
Discussant: Amedeo De Cesari Aston Business School	Discussant:Iwan Meier HEC Montreal	Discussant:Liang Song Rensselaer Polytechnic Institute

Session 043 Governance and Cost of Capital   Thursday, 9:45 am - 11:15 am Chairperson: Milena Petrova Syracuse University
Political Connections and the Cost of Equity Capital   Narjess Boubakri, HEC Montreal   Omrane Guedhami, University of South Carolina   Dev Mishra, University of Saskatchewan   Walid Saffar, University of Southern Indiana	Hedge Funds, Syndicated Lending, and Short Selling: Their Impact on Corporate Performance   Nadia Ziad Massoud, York University   Debarshi Nandy, York University   Anthony Saunders, New York University   Keke Song, York University	The Political Determinants of the Cost of Equity: Evidence from Newly Privatized Firms   Hamdi Ben Nasr, Laval University   Narjess Boubakri, HEC Montreal and AUS   Jean Claude Cosset, HEC Montreal
Presenter: Dev Mishra	Presenter: Nadia Massoud	Presenter: Hamdi Ben Nasr
Discussant: Milena Petrova Syracuse University	Discussant:Sadok El Ghoul Campus Saint-Jean, University of Alberta	Discussant:Ayca Altintig Chapman University

Session 044 Compensation Issues   Thursday, 9:45 am - 11:15 am Chairperson: Diana Knyazeva University of Rochester, Simon School of Business
Sued or Glued – How To Compensate The CEO?   Rob Bauer, Maastricht University   Robin Braun, Maastricht University   Frank Moers, Maastricht University	Downward Wage Rigidity of Chief Executives   Xiaoying Chen, Cal State Long Beach   Jasmine Yur-Austin, Cal State Long Beach   Yenn-Ru Chen, National Cheng Kung University	Say on Pay Vote and CEO Compensation: Evidence from the UK   Fabrizio Ferri, Harvard Business School   David Maber, University of Southern California
Presenter: Robin Braun	Presenter: xiaoying chen	Presenter: David Maber
Discussant: Mark Dwayne Walker NCSU	Discussant:Fernando Diaz Universidad de los Andes, Chile	Discussant:Diana Knyazeva University of Rochester, Simon School of Business

Session 045 Determinants of Capital Structure   Thursday, 9:45 am - 11:15 am Chairperson: Samuel C Weaver Lehigh University
Asset Downsizing, Capital Structure Choice, and Macroeconomic Conditions   Tian (Lori) Tang, California State University, Fresno   Douglas O Cook, University of Alabama   Xudong Fu, California State University,. Fresno	International Tests of the Pecking Order Theory   Wolfgang Bessler, University of Giessen   Wolfgang Drobetz, University of Hamburg   Matthias Grüninger, University of Basel	Small Firm Capital Structure and the Syndicated Loan Market   Pankaj Kumar Maskara, Eastern Kentucky University   Donald J Mullineaux, University of Kentucky
Presenter: Tian (Lori) Tang	Presenter: Wolfgang Drobetz	Presenter: Pankaj K Maskara
Discussant: Mark Kamstra York University & Stanford University	Discussant:Jinlin Liu Concordia University	Discussant:Yiwei Fang Renssaeler Poly Inst

Session 046 Mergers and Acquisitions and the Deal Process   Thursday, 9:45 am - 11:15 am Chairperson: Thomas Moeller Texas Christian University
Insider Trading and Affiliated Dealers: Evidence from Corporate Bonds   Simi Kedia, Rutgers University   Xing Zhou, Rutgers University	M&A Advisor Relationships: The Impact on Shareholder Wealth   Tuugi Chuluun, Georgia Institute of Technology	Deal Process, Asymmetric Bidder and Target Premium   Kangzhen Xie, Washington University in Saint Louis
Presenter: Xing Zhou	Presenter: Tuugi Chuluun	Presenter: Kangzhen Xie
Discussant: Tanakorn Makaew University of Maryland	Discussant:Dobrina Georgieva University of St. Thomas, Minnesota	Discussant: Stuart Gillan, Texas Tech University

Session 047 Credit Risk Management   Thursday, 9:45 am - 11:15 am Chairperson: Ling Lo, Western Kentucky University
Credit Risk Price Discovery in Equity, Debt, and Credit Derivatives Markets   Yibing Du, University of Texas, Arlington   J. Andrew Hansz, University of Texas, Arlington	Model Specification, Data History, and CDO (Mis)Pricing: A Little Knowledge is a Dangerous Thing   Dan Luo, University of Hong Kong   Dragon Yongjun Tang, University of Hong Kong   Sarah Qian Wang, University of Hong Kong	RISK-BASED CAPITAL AND CREDIT INSURANCE PORTFOLIOS   Van Son Lai, Laval University   Issouf Soumare, Laval University
Presenter: Yibing Du	Presenter: Luo Dan	Presenter: Issouf Soumare
Discussant: Mike Anderson The Ohio State University	Discussant:Erik Heitfiled Federal Reserve, Board of Governors	Discussant:Jack Bao The Ohio State University

Session 048 Cross-listing   Thursday, 9:45 am - 11:15 am Chairperson: Juliet D'Souza Georgia Gwinnett College
An Empirical Analysis of Cross-Listing Decisions in Share-Issue Privatizations: Evidence from Developed and Developing Countries   Juliet D'Souza, Georgia Gwinnett College   William Megginson, University of Oklahoma   Robert Nash, Wake Forest University	How Does Privatization Affect Information Asymmetry? Evidence from the European Union.   Ginka Borisova, Iowa State University   Pradeep Yadav, University of Oklahoma	ANALYSTS’ FORECASTS AND THE LONG –RUN PERFORMANCE OF NEWLY PRIVATIZED FIRMS   Lobna Bouslimi, HEC montreal   Narjess Boubakri, HEC montreal
Presenter: Juliet D'Souza	Presenter: Ginka Borisova	Presenter: lobna bouslimi
Discussant: Ginka Borisova Iowa State University	Discussant: Lobna Bouslimi HEC Montreal	Discussant: Juliet D'Souza Georgia Gwinnett College

Session 049 Estimating Long-run Abnormal Returns   Thursday, 11:30 - 1:00 Tutorial Presentation by: Brad M Barber Maurice J. and Marcia G. Gallagher Chair in Finance Director, Center for Investor Welfare and Corporate Responsibility University of California, Davis Many studies in financial economics analyze the long-run stock returns following corporate events. In this session, Professor Barber will provide an overview of research and methods used to calculate long-run returns. He will emphasize common pitfalls in the studies of long-run returns and will outline reasonable solutions to the pitfalls.

Session 050 Understanding the Federal Reserve Responses to the Recent Financial Crisis   Thursday, 11:30 - 1:00 This session will feature discussion about the Federal Reserve's response to the ongoing financial crisis. Topics will include: The establishment of new liquidity facilities Individual financial institution bailouts credit policies The quantitative easing of monetary policy. Moderator: S Wayne Passmore, Federal Reserve System Panelists Diana Hancock, Assistant Director in Research & Statistics, Federal Reserve System W Scott Frame, Financial Economist, Federal Reserve Bank Atlanta Peter Lupoff, Managing Director, Millennium Partners

Session 051 Banking and Lending Practices around the World   Thursday, 11:30 - 1:00 Chairperson: Larry D. Wall Federal Reserve Bank of Atlanta
An Analysis of Discouraged Small Businesses: An International Perspective   Sugato Chakravarty, Purdue University   Meifang Xiang, University of Wisconsin - Whitewater	Interbank Market Integration, Bank Competition, and Loan Rates   Alexander Popov, European Central Bank   Steven Ongena, Tilburg University	Barbarians in the Bank? State Fund Investments in the Financial Services Industry   Mark Mietzner, European Business School   Dirk Schiereck, TU Darmstadt   Marc W Simpson, Northern Illinois University
Presenter: Meifang Xiang	Presenter: Alexander Popov	Presenter: Dirk Schiereck
Discussant: Rebel A. Cole DePaul University	Discussant:Rocco Huang Federal Reserve Bank of Philadelphia	Discussant:Larry D. Wall Federal Reserve Bank of Atlanta

Session 052 Securities Issuance   Thursday, 11:30 - 1:00 Chairperson: J Jimmy Yang Oregon State University
Motives and Valuation Effects of Share Repurchase Announcements in Germany: A Comparison of Established Firms and Initial Public Offerings   Wolfgang Bessler, University of Giessen   Wolfgang Drobetz, University of Hamburg   Martin Seim, University of Giessen	Equity Market Timing, Investment Opportunity and Shareholder Benefit   Frank P D'Souza, Loyola College in Maryland   Ramesh Rao, Oklahoma State University	Is Investor Sentiment Driven by IPO Pricing Mechanism? Evidence from India   Taufique Samdani, University of Paris 1 Pantheon-Sorbonne & ESCP Europe   Jyoti Gupta, ESCP Europe
Presenter: Wolfgang Bessler	Presenter: Frank D'Souza	Presenter: Taufique Samdani
Discussant: Jung Chul Park Louisiana Tech University	Discussant:Taufique Samdani Universite Paris 1 Pantheon Sorbonne	Discussant:Yen-Sheng Lee Bellevue University

Session 053 Cross-listings II   Thursday, 11:30 - 1:00 Chairperson: Leyuan Wendy You University of Alaska Anchorage
The Home Stigma: Adverse Selection in ADRs and The Home Capital Market Environment   Qiaoqiao Zhu, University of Michigan/QUT	The Option Listing Effect and Depositary Receipts: Is it Different from that of Domestic Stocks?   Erik Charles Benrud, Drexel University   Elena Smirnova, State University of New York at Old Westbury	Multimarket Trading, Volume Dynamics, and Market Integration   Michael Halling, University of Utah   Pamela C. Moulton, Fordham University   Marios Panayides, University of Utah
Presenter: Qiaoqiao Zhu	Presenter: Erik Benrud	Presenter: Pamela C. Moulton
Discussant: Roger Silvers University of Massachusetts	Discussant: Kenneth Hunsader University of South Alabama	Discussant:Leyuan Wendy You University of Alaska Anchorage

Session 054 Emerging Debt Markets   Thursday, 11:30 - 1:00 Chairperson: Matteo Arena Marquette University
Do sovereign credit ratings influence regional stock and bond market interdependencies in emerging countries?   Rachel Christopher, University of New South Wales   Suk-Joong Kim, University of New South Wales   Eliza Wu, University of New South Wales	What Does Sovereign CDS Tell Us about Country-Specific Risk?   Feng Zhao, University of Texas Dallas   Xing Zhou, Rutgers Business School   Horacio Sapriza, Rutgers Business School	Is There Any Contagion in Emerging Debt Markets?   Iuliana Ismailescu, Pace University   Hossein Kazemi, UMass Amherst
Presenter: Eliza Wu	Presenter: Feng Zhao	Presenter: Iuliana Ismailescu
Discussant: Feng Zhao University of Texas Dallas	Discussant:Iuliana Ismailescu Pace University	Discussant:Eliza Wu University of New South Wales

Session 055 Foreign Exchange Exposure   Thursday, 11:30 - 1:00 Chairperson: Denise W Streeter Old Dominion University
Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets   Gordon M Bodnar, SAIS, Johns Hopkins University   Sohnke Bartram, Lancaster University	Does Exchange Rate Risk Matter?   Ding Du, Northern Arizona University	Is the Exchange Risk Premium in Stock Markets Related to Firm Characteristics   Huynchul Chung, Hanyang University   Basma Majerbi, University of Victoria
Presenter: Gordon Bodnar	Presenter: Ding Du	Presenter: Basma Majerbi
Discussant: Thomas J O'Brien University of Connecticut	Discussant:Chaiporn Vithessonthi Mahasarakham University	Discussant: Xiaolin Qian Nanyang Tech University

Session 056 Earnings Management around Security Offerings   Thursday, 11:30 - 1:00 Chairperson: Qiang Bu Penn State Univ Harrisburg
Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Fool Rating Agencies and the Bond Market?   Gary L Caton, Montana State University   Chiraphol N Chiyachantana, Singapore Management University   Chua Choong Tze, Singapore Management University   Jeremy Goh, Singapore Management University	EARNINGS MANAGEMENT AROUND SECONDARY EQUITY OFFERINGS BY INSIDERS   Hui Di, Indiana University - Purdue University Fort Wayne   Dalia Marciukaityte, Drexel University   Samuel H Szewczyk, Drexel University	Do more reputable financial institutions reduce earnings management by IPO issuers?   Gemma Lee, Seton Hall University   Ronald W. Masulis, Vanderbilt University
Presenter: Gary Caton	Presenter: Hui Di	Presenter: Gemma Lee
Discussants: Pankaj Maskara Eastern Kentucky University	Discussant: Norris Larrymore, Quinnipiac University	Discussant:Thomas J Boulton Miami University

Session 057 Accelerated Stock Repurchases   Thursday, 11:30 - 1:00 Chairperson: Alice Bonaime University of Kentucky
Do Accelerated Stock Repurchases Deter Takeovers? An Empirical Analysis   Ali C Akyol, University of Melbourne   Jin San Kim, Winston-Salem State University   Chander Shekhar, University of Melbourne	Why do Firms Undertake Accelerated Share Repurchase Programs?   Thomas Chemmanur, Boston College   Yingmei Cheng, Florida State University   Tianming Zhang, Florida State University	Insider ownership, institutional ownership, and the timing of open market stock repurchases   Amedeo De Cesari, Aston Business School   Susanne Espenlaub, Manchester University   Arif Khurshed, Manchester University   Michael Simkovic, Attorney
Presenter: Ali C. Akyol	Presenter: Thomas Chemmanur	Presenter: Amedeo De Cesari
Discussant: Bruno Rabarison University of Kentucky	Discussant:Alice Bonaime University of Kentucky	Discussant:Ani Manakyan University of Florida

Session 058 Time Varying Risk Premia   Thursday, 11:30 - 1:00 Chairperson: Joon Chae Seoul National University
Time-Varying Preferences and SAD: Evidence from an Asset-Pricing Model   Mark Kamstra, York University   Lisa Kramer, University of Toronto   Maurice Levi, University of British Columbia   Tan Wang, University of British Columbia	State uncertainty in stock markets: How big is the impact on the cost of equity?   Yufeng Han, University of Colorado Denver	Foreign Ownership and Exchange Rate Risks: Evidence from Korean Stock Returns   AiLian Bian, Korea University   Jin-Wan Cho, Korea University
Presenter: Mark Kamstra	Presenter: Yufeng Han	Presenter: Jin-Wan Cho
Discussant: Dong Wook Lee Korea University	Discussant:Jung-Wook Kim University of Alberta	Discussant:Rahmi Erdem Aktug Lehigh University

Session 059 Empirical Tests of Asset Pricing   Thursday, 11:30 - 1:00 Chairperson: Jie Jay Cao Chinese Univ of Hong Kong
Intertemporal CAPM with bond risk premia   Paulo Fraga Maio, Durham Business School	On the Consistency Between the Fama-French Daily and Monthly Factors   Yuxing Yan, Wharton Research Data Services	Effects of Beta Distribution and Persistent Factors on the Two-Pass Cross-Sectional Regression   Marcos Fabricio Perez, Wilfrid Laurier University   Seung C Ahn, Arizona State University   Christopher Gadarowski, Rowan University
Presenter: Paulo Maio	Presenter: Yuxing Yan	Presenter: Marcos Fabricio Perez
Discussant: Jean-Sebastien Fontaine Bank of Canada	Discussant:Jie Cao Chinese Univ of Hong Kong	Discussant:Paulo Maio Durham Business School

Session 060 Short Sales, Squeezes, and Returns   Thursday, 11:30 - 1:00 Chairperson: Prakash K. Pai The University of Texas of the Permian Basin
Stock Splits, Credible Signals, and Short Squeezes   Andriy Shkilko, Wilfrid Laurier University	Do Short Sellers Make Money?   Jon A Fulkerson, University of Kentucky	Does short-selling amplify price declines or align stocks with their fundamental values?   Asher Curtis, University of Utah   Neil Fargher, The Australian National University
Presenter: Andriy Shkilko	Presenter: Jon Fulkerson	Presenter: Asher Curtis
Discussant: Debra Skaradzinski Rhode Island College	Discussant:Samuel Weaver Lehigh University	Discussant:Shuming Bai The University of Texas of the Permian Basin

Session 061 Portfolio Management and Mutual Funds   Thursday, 11:30 - 1:00 Chairperson: Alexander W Butler Rice University
Termination of closed end funds and behavior of their discounts   Lalatendu Misra, University of Texas at San Antonio   Jullavut Kittiakarasakun, University of Texas at San Antonio   Sinan Yildirim, Texas Wesleyan University	Mutual Fund Flows, Performance Persistence, and Board Quality   Sandy Lai, Singapore Management University   Ashish Tiwari, University of Iowa   Zhe Zhang, Singapore Management University	What if mutual fund fees were regulated?Evidence from China   Natalie Oh, University of New South Wales   Jerry Parwada, University of New South Wales   Michael Skully, Monash University   Kian Ming Tan, Monash University
Presenter: Lalatendu Misra	Presenter: Ashish Tiwari	Presenter: Natalie Oh
Discussant: Byoung Hwang Emory University	Discussant:Tina Yang Villanova University	Discussant:Danielle Xu Gonzaga University

Session 062 Stock Return Variation   Thursday, 11:30 - 1:00 Chairperson: C R Narayanaswamy Clayton State University
The Gain-Loss Spread: A New and Intuitive Measure of Risk   Javier Estrada, IESE Business School	Excess Comovement and a Transient Factor in Stock Returns   Yuriy Kitsul, Georgia State University   Reza Mahani, Georgia State University	Do Residual Earnings Price Ratios Explain Cross-Sectional Variations in Stock Returns?   Donna M. Dudney, University of Nebraska-Lincoln   Benjamas Jirasakuldech, Slippery Rock University of Pennsylvannia   Thomas Zorn, University of Nebraska-Lincoln
Presenter: Javier Estrada	Presenter: Yuriy Kitsul	Presenter: Donna Dudney
Discussant: C R Narayanaswamy Clayton State University	Discussant:Ravi Shukla Syracuse University	Discussant:Glenn Pettengill Grand Valley State University

Session 063 Locality "Top" Session   Thursday, 11:30 am - 1:00 pm Chairperson: Stephen Dimmock Michigan State University
Staying Close to Home: Foreign Bank Participation in Syndicated Loans   Glenn Boyle, University of Canterbury   Roger Stover, Iowa State University	Local Sports Sentiment and the Returns and Trading Behavior of Locally Headquartered Stocks: A Firm-Level Analysis   Shao-Chi Chang, National Cheng Kung University   Sheng-Syan Chen, National Taiwan University   Robin K Chou, National Central University   Yueh-Hsiang Lin, National Taipei College of Business	Location, Location Location,Venture Capital Contracts and the importance of geography and distance.   Ola Bengtsson, Cornell University   S. Abraham Ravid, Rutgers Univ & University of Pennsylvania
Presenter: Roger Stover	Presenter: Yueh-Hsiang Lin	Presenter: S. Abraham Ravid
Discussant: Brian Henderson George Washington University	Discussant:Stephen Dimmock Michigan State University	Discussant:William Gerken Auburn University

Session 064 Special Doctoral Student Consortium Paper Session Financial Institutions and Mutual Funds   Thursday, 11:30 - 1:00 Chairperson: John Bizjak, Portland State University
Credit Information Sharing, Creditor Rights and Bank Cross-border Consolidation   Emma Hui Dong, University of Hong Kong	The Effects of Financial Institution's Dual Holdings of Debt and Equity   Jiun-Lin Chen, Louisiana State University	Changes in Mutual Fund Flows and Incentives for Active Management   Min S Kim, University of Southern California

Session 065 Special Doctoral Student Consortium Paper Session Information and Trading   Thursday, 11:30 - 1:00 Chairperson: Kumar Venkataraman, Southern Methodist University
A Trans-Niagara Tale of Informed Traders   Paul Moon Sub Choi, Cornell University	The Impact of Institutional Structure on Fund Trading and Performance: Mutual Funds vs. Pension Funds   Russell Jame, Emory University	A Glimpse into the Dark: Price Formation, Transaction Cost and Market Share of the Crossing Network   Mao Ye, Cornell University
Discussant: Amber Anand, Syracuse University	Discussant: Johan Suleaman, Southern Methodist University	Discussant: Kumar Venkataraman, Southern Methodist University

Session 066 International Corporate Governance "Top" Session   Thursday, 11:30 - 1:00 Chairperson: Fei Xie George Mason University
Pyramids: Empirical Evidence on the Costs and Benefits of Family Business Groups   Ronald W Masulis, Vanderbilt University   Peter K Pham, University of New South Wales   Jason Zein, University of New South Wales	Why do Shareholders Value Marriage?   Pramuan Bunkanwanicha, ESCP-EAP European School of Management   Joseph P.H. Fan, Chinese University of Hong Kong   Yupana Wiwattanakantang, Hitotsubashi University	Do country-level investor protections impact security-level contract design? Evidence from foreign bond covenants.   Darius Miller, Southern Methodist University   Natalia Reisel, Southern Methodist University
Presenter: Peter K Pham	Presenter: Pramuan Bunkanwanicha	Presenter: Natalia Reisel
Discussant: Morgan J Rose University of Maryland Baltimore County	Discussant:Peter K Pham University of Sydney	Discussant: Ronald Masulis Vanderbilt University

Session 067 Volatility and Correlation   Thursday, 11:30 - 1:00 Chairperson: Lilian Ng University of Wisconsin
Performance of Time Varying Correlation Estimation Methods   Michael Jacobs, Office of the Comptroller of the Currency   Ahmet K Karagozoglu, Hofstra University	The Role of Non-accounting Information in Understanding Stock Return Volatility   Yaowen Shan, University of Technology Sydney   Stephen Taylor, University of Technology Sydney   Terry Walter, University of Technology Sydney	Estimation Risk in Covariance   David Daewhan Cho, Nova Southeastern University
Presenter: Ahmet K. Karagozoglu	Presenter: Yaowen Shan	Presenter: David D. Cho
Discussant: David D Cho Nova Southeastern University	Discussant:Praveen K Das University of Lousiana	Discussant:Hyeongsop Shim University of Wisconsin

Session 068 Governance, Ownership, and Compensation   Thursday, 11:30 - 1:00 Chairperson: Jan Jindra Menlo College
The Impact of CEO Turnover on Property-Liability Insurer Performance   Enya He, University of North Texas   David W. Sommer, St. Mary’s University   Xiaoying Xie, California State University, Fullerton	Cashing in on Managerial Malfeasance: A Trading Strategy around Forecasted Executive Stock Option Grants   Ivo Ph Jansen, Rutgers University   Lee W Sanning, University of Wyoming	Cash Dividend Policy, Corporate Pyramids and Ownership Structure: Evidence from China   William Bradford, University of Washington   Chao Chen, Fudan University   Song Zhu, Beijing Normal University
Presenter: Xiaoying Xie	Presenter: Lee W. Sanning	Presenter: Chao Chen
Discussant: Vincent Intintoli Southern Illinois University Carbondale	Discussant:Jan Jindra Menlo College	Discussant:Chinmoy Ghosh University of Connecticut

Session 069 Optimal Capital Structure and Speed of Adjustment   Thursday, 11:30 - 1:00 Chairperson: Marco Aurelio dos Santos Rocha University of Illinois at Urbana-Champaign
Ownership Concentration and Capital Structure Adjustments   Salma Kasbi, Paris-Dauphine University	On the nature of corporate capital structure persistence and convergence   Douglas O. Cook, University of Alabama   Robert L Kieschnick, University of Texas at Dallas	Adjusting to target capital structure: The effect of credit lines   G. Brandon Lockhart, University of Nebraska Lincoln
Presenter: Salma Kasbi	Presenter: Robert Kieschnick	Presenter: G. Brandon Lockhart
Discussant: Fabricio D'Almeida University of Illinois at Urbana-Champaign	Discussant:George Brandon Lockhart University of Florida	Discussant:Jun Zhou University of Toronto

Session 070 Divestitures   Thursday, 11:30 - 1:00 Chairperson: Murali Jagannathan SUNY Binghamton
The Impact of Merger Activity on Executive Compensation of Acquiring Firms   Wenqing Hu, University of Melbourne   Chander Shekhar, University of Melbourne	Vertical Divestitures through Equity Carve-outs and Spin-offs: A Product Market Perspective   Bharat Jain, Towson University   Omesh Kini, Georgia State University   Jaideep Shenoy, Georgia State University	Divestitures, Corporate Governance and Wealth Effects   Sian Owen, University of New South Wales   Liting Shi,   Alfred Yawson, University of New South Wales
Presenter: Chander Shekhar	Presenter: Jaideep Shenoy	Presenter: Alfred Yawson
Discussant: Yilun Shi UT San Antonio	Discussant:Erik Devos UT El Paso	Discussant:Joshua Spizman University of Central Florida

Session 071 Behavioral and Cultural Biases   Thursday, 11:30 - 1:00 Chairperson: Thomas Henker University of New South Wales
International Evidence on Analyst Monitoring and Earnings Management: The Roles of Corporate Disclosure and National Culture   Sam Han, Korea University   Tony Kang, Oklahoma State University   Gerald Lobo, University of Houston   Yong Keun Yoo, Korea University	Information Matters, Noises Don't:: Internet Message Boards Affect Stock Returns   Xing Lu, University of Alabama   Douglas O Cook, University of Alabama	Security Analysts' Incentive and Cognitive Processing Bias: Evidence from Analysts' Recommendations   Hsiou-wei W. Lin, National Taiwan University   Ruei-Shian Wu, Yuan Ze University
Presenter: Sam Han	Presenter: Xing Lu	Presenter: Ruei-Shian Wu
Discussant: Brian Adams University of Portland	Discussant:Ying Zhang Monmouth University	Discussant:Gautam Vora University of Mexico

Session 072 Volatility, Options, and Timing   Thursday, 11:30 - 1:00 Chairperson: Tao Wang City University of New York
Volatility Timing and Portfolio Construction using Realized Volatility   Tao Wang, City University of New York   Dimitrios Thomakos, University of Peloponnese	IMPLIED VOLATILITY IN CRUDE OIL AND NATURAL GAS MARKETS   DUONG T LE, THE UNIVERSITY OF OKLAHOMA	Seasonal Patterns in the Information Content of Implied Volatility   Cliff R. Moll, University of Wisconsin Oshkosh   David R. Peterson, Florida State University   James S. Doran, Florida State University
Presenter: Tao Wang	Presenter: DUONG LE	Presenter: Cliff R. Moll
Discussant: Kashi Nath Tiwari KNT’s Academic Financial Research	Discussant:Cliff Moll University of Wisconsin Oshkosh	Discussant:Tao Wang City University of New York

Session 073 Overcoming the Data Hurdle in Muni Bond Analysis   Thursday, 2:00 - 3:30 The volume of outstanding municipal bonds is $3 trillion, representing 2 million individual Cusips. Although the size of the asset class is on the same scale as corporates and treasuries, there is a glaring dearth of academic research in munis. Undoubtedly, the most significant hurdle is access to the voluminois data (terms, prices, tax-exempt yield curves). We will suggest a simple solution to this problem, to stimulate academic research and to enable finance professionals to take a critical look at the debt management practices of their local municipalities. The added bonus is earning 'points' for community service in the process. Moderator: Andy Kalotay, Andrew Kalotay Associates Panelists to include: Greg Carlin, Vice President - Securities Evaluations Products Standard & Poor's Securities Evaluations Bob Breslin, Mergent

Session 074 Using Web-Based Platforms for Enhancing the Educational Process   Thursday, 2:00 - 3:30 This session will provide a concise introduction to the different web-based platforms that are being used in finance courses today. Moderator: Beverly Hadaway, University of Texas Panelists Melissa Caughlin, McGraw-Hill Irwin Susan Prager, Aplia Inc Matthew Dorsey, Pearson Finance & Economics Judith Joseph, John Wiley & Sons Inc

Session 075 The Past, Present, and Future of Mortgage Securitization   Thursday, 2:00 - 3:30 This session will: Provide an overview of the growth and development of mortgage securitization Discuss the relationship between the housing crisis and secondary mortgage markets Outline prospective policy options for reforms and prospects for the future. Moderator Diana Hancock, Federal Reserve System Panelists Scott Frame, Financial Economist & Policy Advisor, Federal Reserve Bank Atlanta Stuart Gabriel, Professor of Finance, UCLA Wayne Passmore, Deputy Associate Director in Research & Statistics, Federal Reserve System David Mordecai, President, Risk Economics Limited

Session 076 Venture Capital and Private Equity   Thursday, 2:00 - 3:30 Chairperson: Richard Smith University of California, Riverside
A Parsimonious, Preference Based Model of the Risk and Return of Venture Capital   Oghenovo A Obrimah, Virginia Commonwealth University   Puneet Prakash, Virginia Commonwealth University   Nanda K Rangan, Virginia Commonwealth University	Fund Size and Valuation   Na Dai, SUNY Albany   Douglas Cumming, York University	Explaining Returns in Private Equity Investments   Stefano Caselli, Universita Bocconi   Emilia Garcia-Appendini, Universita Bocconi   Filippo Ippolito, Universita Bocconi
Presenter: Oghenovo Obrimah	Presenter: Na Dai	Presenter: Filippo Ippolito
Discussant: Cornelis Los University of Lethbridge	Discussant:Fei Xie George Mason University	Discussant:Rebel Cole DePaul University

Session 077 Contemporary Issues in the Banking Industry   Thursday, 2:00 - 3:30 Chairperson: Rocco Huang FRB-Philadelphia
Competition, efficiency, and soundness in banking: An industrial organization perspective   Klaus Schaeck, Bangor Business School   Martin Cihak, International Monetary Fund	Bank Branching Deregulation, Consolidation, and Corporate Cash Holdings: U.S. Evidence   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan, Rensselaer Polytechnic Institute   Haizhi Wang, Illinois Institute of Technology	Bank Derivatives Usage, Loan Growth, and Internal Funds   Elijah Brewer, III, DePaul University   Sanjay Deshmukh, DePaul University   Timothy Opiela, DePaul University
Presenter: Klaus Schaeck	Presenter: Haizhi Wang	Presenter: Sanjay Deshmukh
Discussant: Ha-Chin Yi Texas State University	Discussant:Rocco Huang FRB-Philadelphia	Discussant:Lamont K Black Federal Reserve System

Session 078 Diversification in Financial Institutions   Thursday, 2:00 - 3:30 Chairperson: Michael Pagano Villanova University
The Effect of Mergers on Credit Union Performance   Keldon Bauer, Illinois State University   Linda L. Miles, Illinois State University   Takeshi Nishikawa, St. John's University	DOES THE STOCK MARKET COMPENSATE BANKS FOR DIVERSIFYING INTO THE INSURANCE BUSINESS?   Panayiotis Dontis-Charitos, Cass Business School   Philip Molyneux, Bangor University   Sotiris K Staikouras, Cass Business School
Presenter: Keldon Bauer	Presenter: SOTIRIS K. STAIKOURAS
Discussant:Kathryn Schumann University of Tennessee	Discussant:Brian J. Adams University of Portland

Session 079 Foreign Exchange Market Efficiency   Thursday, 2:00 - 3:30 Chairperson: Iuliana Ismailescu Pace University
The Size and Adjustment Speed of Mispricing in Forex Markets   Juan F. Cabrera, Ramapo College of New Jersey	Foreign Exchange Reversals in New York Time   Yan Zhao, Brandeis University   Blake LeBaron, Brandeis University	The Profitability of Momentum and Contrarian Strategies in the Foreign Exchange Market   Changmei Zhang, Old Dominion University
Presenter: Juan F. Cabrera	Presenter: Yan Zhao	Presenter: Changmei Zhang
Discussant: Peter Lerner	Discussant:Catherine Bonser-Neal Kelley School of Business, Indiana University	Discussant:Ding Du Northern Arizona University

Session 080 Liquidity and Security Issuance   Thursday, 2:00 - 3:30 Chairperson: Huihua Li St Cloud State University
THE DETERMINANTS OF CROSS-SECTIONAL LIQUIDITY IN THE IPO AFTERMARKET   Yen-Sheng Lee, Bellevue University	Liquidity and the Pricing of Corporate Bond Issues   Michael A. Goldstein, Babson College   Edith S. Hotchkiss, Boston College   David J. Pedersen, Drexel University	Stock market liquidity and the rights offer paradox   Edith Ginglinger, Université Paris-Dauphine, DRM   Laure Koenig-Matsoukis, Université Paris-Dauphine, DRM   Fabrice Riva, Université Paris-Dauphine, DRM
Presenter: Yen-Sheng Lee	Presenter: David J. Pedersen	Presenter: Fabrice Riva
Discussant: Vikas Raman University of Oklahoma	Discussant:Frank Nothaft Freddie Mac	Discussant:Huihua Li St Cloud State University

Session 081 Determinants of Dividend Policy   Thursday, 2:00 - 3:30 Chairperson: Robert Kieschnick University of Texas at Dallas
Market Movements and the Excess Cash Theory of Dividends   Ebenezer Asem, University of Lethbrige   Eldon Gardner, University of Lethbrige   Shamsul Alam, University of Lethbrige	Financial Policy and Compensation: Payout Policy, Dividend Covenants and Pay-Performance Sensitivity   Alan Douglas, University of Waterloo   Ranjini Jha, University of Waterloo	On the Dividend Initiation Decisions of Newly Public Firms   Jayant R Kale, Georgia State University   Omesh Kini, Georgia State University   Janet D Payne, Texas State University
Presenter: Ebenezer Asem	Presenter: Ranjini Jha	Presenter: Jayant R Kale
Discussant: Robert Antenucci Kent State University	Discussant:Jeff Whitworth University of Houston - Clear Lake	Discussant:Michael Keefe University of Texas at Dallas

Session 082 Corporate Governance: Inside and Outside the Firm   Thursday, 2:00 - 3:30 Chairperson: Naveen Daniel Drexel University
Family Ownership and Agency Costs: Evidence from the Valuation and Level of Cash Holdings   Paul Brockman, Lehigh University   Xiumin Martin, Washington University - St. Louis   Dechun Wang, Texas A&M University   Shaorong Zhang, Marshall University	The Role of IRS Monitoring in Corporate Governance: Evidence from Equity Pricing in U.S. Public Firms   Sadok El Ghoul, University of Alberta   Omrane Guedhami, University of South Carolina   Jeffrey Pittman, Hong Kong University of Science and Technology	How Laws Affect Contracts: Empirical Evidence from Yankee Bond Covenants   Yaxuan Qi, Concordia University   Lukas Roth, Penn State University   John K Wald, University of Texas at San Antonio
Presenter: Shaorong Zhang	Presenter: Sadok El Ghoul	Presenter: Yaxuan Qi
Discussant: Jacqueline Garner Drexel University	Discussant:Scott Bauguess Securities and Exchanges Commission	Discussant:Naveen Daniel Drexel University

Session 083 Derivatives Pricing   Thursday, 2:00 - 3:30 Chairperson: Tao Shu University of Georgia
Momentum and Mean Reversion in Futures Prices   Lee M Dunham, Creighton University   John M Geppert, University of Nebraska-Lincoln   Richard A DeFusco, University of Nebraska-Lincoln	OPEC Credibility and Clustering in Crude Oil Prices   Rakesh Bharati, Southern Illinois University - Edwardsville   Susan J Crain, Missouri State University   Vincent Kaminski, Rice University	Volatility and Jump Dynamics in U.S. Energy Futures Markets   Johan Bjursell, George Mason University   James E Gentle, George Mason University   George H. K. Wang, George Mason University
Presenter: John M. Geppert	Presenter: Rakesh Bharati	Presenter: George HK Wang
Discussant: George Wang George Mason University	Discussant:Tao Shu	Discussant:Dan Luo University of HongKong

Session 084 Short Selling and Market Quality "Top" Session   Thursday, 2:00 - 3:30 Chairperson: Amber Anand Syracuse University
Don't Shoot the Messenger: Short interest, returns, and fundamentals   Ferhat Akbas, Texas A&M University   Ekkehart Boehmer, Texas A&M University   Bilal Erturk, Oklahoma State University   Sorin Sorescu, Texas A&M University	Short Selling in Volatile Markets   Benjamin M Blau, Brigham Young University   Bonnie F Van Ness, University of Mississippi   Robert A Van Ness, University of Mississippi   Robert Wood, University of Memphis	The Impact of Naked Short Selling on Market Quality   Veljko Fotak, University of Oklahoma   Vikas Raman, University of Oklahoma   Pradeep K. Yadav, University of Oklahoma; Lancaster University
Presenter: Bilal Erturk	Presenter: Bonnie F. Van Ness	Presenter: Veljko Fotak
Discussant: Kumar Venkataraman Southern Methodist University	Discussant:Fotak Veljko University of Oklahoma	Discussant:Andriy Shkilko Wilfrid Laurier University

Session 085 Portfolio Management and Investment Styles   Thursday, 2:00 - 3:30 Chairperson: Tai David Yi
Style Investing with Uncertainty   Deniz Kebabci, San Francisco State University	Multiscale Explanations of the Size and Value Premia   Byoung Uk Kang, Hong Kong Polytechnic University   Francis In, Monash University   Tong Suk Kim, KAIST Business School	Shariah-Compliant Stocks vs. Sin Stocks: A Business Cycle Comparison of Relative Portfolio Performance   Gokce Soydemir, The University of Texas-Pan American   Daniel Perez Liston, The University of Texas-Pan American
Presenter: Deniz KEBABCI	Presenter: Byoung Uk Kang	Presenter: Daniel Perez
Discussant: Daniel Perez The Univesity of Texas-Pan American	Discussant:Deniz Kebabci San Francisco State University	Discussant:Byoung Uk Kang KAIST Business School

Session 086 Analysts, Earnings, and Accruals   Thursday, 2:00 - 3:30 Chairperson: Carmen Stefanescu ESSEC Business School
Pension Underfunding, Analyst Experience, and Analyst Underreaction   Ting Zhang, University of Rhode Island   Xuanjuan Chen, Kansas State University   Tong Yu, University of Rhode Island   Tong Yao, University of Iowa	R2 and the Accrual Anomaly: Domestic and International Evidence   Ronnie Qi, St. John's University   Thom Thurston, Queens College and Graduate Center, CUNY   Alex Chung, The Graduate Center, CUNY	The Timing of Forecast Revision, the Sources of Value in Analysts' Earnings Forecasts, and Analyst Characteristics   Yongtae Kim, Santa Clara University   Minsup Song, Sogang University
Presenter: Ting Zhang	Presenter: Alex Chung	Presenter: Yongtae Kim
Discussant: Russell Jame Goizueta Business School, Emory University	Discussant:Marcos Perez Wilfrid Laurier University	Discussant:Sinan Yildirim Texas Wesleyan University

Session 087 Stock Return Dynamics: Seasonality and Cross Sectional Dispersion   Thursday, 2:00 - 3:30 Chairperson: Joshua Spizman University of Central Florida
An Examination of Stock Market Dynamics in the Frequency Domain   Emiliano Giudici, Stephen F. Austin State University   Marc W. Simpson, Northern Illinois University	Another Look at Seasonality in the Cross-section of Stock Returns   Scott E Yonker, Ohio State University	Are Momentum Profits Driven by the Cross-Sectional Dispersion in Expected Stock Returns?   Ajay Bhootra, California State University, Fullerton
Presenter: Emiliano Giudici	Presenter: Scott E. Yonker	Presenter: Ajay Bhootra
Discussant: Adam Y.C. Lei Midwestern State University	Discussant:Randall Kimmel Kent State University	Discussant:Susana Yu Montclair State University

Session 088 Lending and Creditor Rights   Thursday, 2:00 - 3:30 Chairperson: Stefanie Kleimeier Maastricht University
COST OF TRADING AND EXECUTION OF LARGE ORDERS IN THE CORPORATE BOND MARKET   Padma Kadiyala, Pace Univ   PV Viswanath, Pace University	Economic Value in Tranching of Syndicated Loans   Pankaj Kumar Maskara, Eastern Kentucky University	Guilt by association: Creditor rights and industry effects in lending   Anzhela Knyazeva, University of Rochester   Diana Knyazeva, University of Rochester
Presenter: Padma Kadiyala	Presenter: Pankaj K Maskara	Presenter: Diana Knyazeva
Discussant: Nivine Richie UNC Wilmington	Discussant:Donna Dudney University of Nebraska Lincoln	Discussant:Sarah Qian Wang Hong Kong University

Session 089 Financial Constraints and Financial Flexibility   Thursday, 2:00 - 3:30 Chairperson: Laurie Krigman Babson College
On the negative relation between investment-cash flow sensitivities and cash-cash flow sensitivities   Bert D'Espallier, Lessius Hogeschool   Ludo Peeters, Hasselt University	Strategic Financial Management: Evidence from Seasoned Equity Offerings   Michael J. Barclay, University of Rochester   Fangjian Fu, Singapore Management University   Clifford W. Smith, University of Rochester	Why are firms unlevered? A comparison of the managerial entrenchment, tax, and flexibility hypotheses   Erik Devos, UT El Paso, Texas   Upinder Dhillon, SUNY - Binghamton University   Murali Jagannathan, SUNY - Binghamton University   Srinivasan Krishnamurthy, SUNY - Binghamton University
Presenter: Bert D'Espallier	Presenter: Fangjian Fu	Presenter: Srinivasan Krishnamurthy
Discussant: Jaideep Chowdhury Virginia Tech	Discussant:Laurie Krigman Babson College	Discussant:Rocco Huang Federal Reserve Bank of Philadelphia

Session 090 Synergies, Efficiency, and the Pricing of Merger Deals "Top" Session   Thursday, 2:00 - 3:30 Chairperson: Tatyana Sokolyk University of Wyoming
Do Efficient Firms Make Better Acquisitions?   J. Tyler Leverty, University of Iowa   Yiming Qian, University of Iowa	Does financial synergy help explain the rationale of conglomerate mergers   Hyeongsop Shim, University of Wisconsin Milwaukee	Markup pricing revisited   Sandra Betton, Concordia University   B. Espen Eckbo, Dartmouth College   Karin S. Thorburn, Dartmouth College
Presenter: Yiming Qian	Presenter: Hyeongsop Shim	Presenter: Sandra Betton
Discussant: Ali Akyol University of Melbourne	Discussant:Yingchou Lin Missouri Univ of Science and Technology	Discussant: Ebru Reis Bentley College

Session 091 The Effect of Cross-Listing on Firms   Thursday, 2:00 - 3:30 IMPORTANT NOTICE! Due to illness, the Brockman/Cicon paper has been moved to Session 36 (Thursday, 9:45 am - 11:15) am Session 91 will no longer be held. Chairperson: Paolo Colla Bocconi University
The effect of cross listing on the sensitivity of managerial compensation to firm performance   Oliver Rui, Chinese University of Hong Kong   Bin Ke, Penn State University   Wei Yu, Chinese University of Hong Kong	The Information Content of Management Earnings Forecasts: An Analysis of Hard versus Soft Data   Paul Brockman, Lehigh University   Jim Cicon, University of Missouri
Presenter: Oliver Rui	Presenter: Jim Cicon
Discussant: William Lim York University	Discussant: Gary Caton Montana State University

Session 092 CEO and Board Turnover   Thursday, 2:00 - 3:30 Chairperson: Narjess Boubakri HEC Montreal
Economic Shock, Owner-Manager Incentives, and Corporate Restructuring: Evidence from the Financial Crisis in Korea   Jun-Koo Kang, Nanyang Technological University   Inmoo Lee, National University of Singapore   Hyun-Seung Na, City University of Hong Kong	Organizational Structure and Managerial Turnover   John C. Adams, University of North Florida   Sattar Mansi, Virginia Tech   Takeshi Nishikawa, St Johns University	The Value of Independent Directors: Evidence from Sudden Deaths   Bang Dang Nguyen, Chinese University of Hong Kong   Kasper Meisner Nielsen, Chinese University of Hong Kong
Presenter: Hyun-Seung Na	Presenter: John Adams	Presenter: Kasper Meisner Nielsen
Discussant: Stephen Thode Lehigh University	Discussant:Christine Panasian University of Richmond	Discussant:Qingzhong Ma Cornell University

Session 093 Corporate Financial Policies - International Evidence I   Thursday, 2:00 - 3:30 Chairperson Gulnur Muradoglu, Cass Business School
Capital Structure and Debt Maturity in Europe: The Role of Integration and FDI   Gulnur Yaz Muradoglu, Cass Business School   Ceylan Onay, Cass Business School   Kate Phylaktis, Cass Business School	AN EMPIRICAL ANALYSIS OF ZERO-LEVERAGE AND ULTRA-LOW LEVERAGE FIRMS: SOME UK EVIDENCE   Viet A Dang, University of Manchester	Operating and Stock Returns Following ADR Listings: Impact of Cash Flow News   Cynthia Campbell, Iowa State University   George J Papaioannou, Hofstra University   Anoop Z Rai, Hofstra University
Presenter: Gulnur Muradoglu	Presenter: Viet Anh Dang	Presenter: George J. papaioannou
Discussant: Viet Dang University of Manchester	Discussant:Gulnur Muradoglu Cass Business School	Discussant: Victoria Javine University of South Alabama

Session 094 Derivative Trading   Thursday, 2:00 - 3:30 Chairperson: Vivek Bhargava Alcorn State University
Optimal Trading with Terminal-Time Leverage Constraints   Serguey Khovansky, Clark University	Migration of Trading and the Introduction of Single Stock Futures on the underlying US stocks   Andre F. Gygax, University of Melbourne   Thomas Henker, University of New South Wales   Wai-Man Raymond Liu, University of New South Wales   Kok Wen Loong, University of Melbourne	Is S&P 500 Index Tradable?   Peng Xu, ESSEC Business School
Presenter: Serguey Khovansky	Presenter: Thomas Henker	Presenter: Peng Xu
Discussant: Kashi Nath Tiwari KNT's Academic Financial Research	Discussant:Harikumar Sankaran New Mexico State University	Discussant:Vivek Bhargava Alcorn State University

Session 095 Venture Capital II   Thursday, 2:00 - 3:30 Chairperson: William Elliott University of Texas at El Paso
Financial Contract Design and Staging in Venture Capital   Lei Gao, Washington University in St. Louis	Agency Risk and Firm Valuation: An Empirical Analysis of Venture Capitalists' Private Expectations   Thomas Hartmann-Wendels, University of Cologne   Georg Keienburg, University of Cologne   Soenke Sievers, University of Cologne	The Long-Run Supply and Demand for Venture Capital Funds: Information and Endogenous Entry   Chris Yung, Univ of Colorado
Presenter: Lei Gao	Presenter: Georg Keienburg	Presenter: Chris Yung
Discussant: Stefano Bonini New York University	Discussant:Erik Devos University of Texas at El Paso	Discussant: Ann Gillette Kennesaw State University

Session 096 Bond Ratings and Credit Risk   Thursday, 2:00 - 3:30 Chairperson: Dennis Lasser SUNY-Binghamton
The Effects of Corporate Governance Attributes on Credit Ratings and Bond Yields   Michael Bradley, Duke University   Dong Chen, University of Baltimore   George Dallas, F&C Management Ltd   Elizabeth Snyderwine, University of Nortre Dame	Modeling Bankruptcy Proceedings for High Yield Debt Portfolios   Dror Parnes, University of South Florida	DO MANAGERS REALLY CARE ABOUT BOND RATINGS? – EVIDENCE FROM THE TIMING OF BOND CALLS   AMY LIPTON, ST JOSEPH'S UNIVERSITY   NANDKUMAR NAYAR, LEHIGH UNIVERSITY
Presenter: Dong Chen	Presenter: Dror Parnes	Presenter: NANDKUMAR NAYAR
Discussant: Gennaro Bernile University of Miami and SEC	Discussant:Michael Jacobs OCC	Discussant:Philip Tew University of MIssissippi till summer, then Arkansas State University

Session 097 Community Banking and the Financial Crisis   Thursday, 3:45 - 5:15 The financial crisis has created numerous obstacles and opportunities for community banks. Regulators appear to have increased scrutiny of banks’ asset quality, liquidity and capital adequacy. Most market participants anticipate another special assessment to shore up the Deposit Insurance Fund which will lower bank profits and limit capital formation. A panel of regulators, academics and a community banker will discuss current topics related to: Value of relationship banking and community bank franchises Regulatory enforcement actions Efforts to replenish the deposit insurance fund Strategies to best position the community bank for the future Anticipated changes in the regulatory environment Moderator: Tim Koch, University of South Carolina Panelists: Cynthia Blankenship, Bank of the West George French, FDIC Joseph Smith Jr, NC Dept of Banking Scott Hein, Texas Tech Univ Tom Dujenski, FDIC

Session 098 The CFA Institute and the Academic Finance Community   Thursday, 3:45 - 5:15 The session will discuss educational initiatives at CFA Institute and opportunities for collaboration with university faculty. Particular focus will be on the CFA Program curriculum development process and the University Partner Program. Panelists Kazuhiko Ohashi, Hitotsubashi University Gerhard Van de Venter, CFA Institute Frank Reilly, University of Notre Dame Robert Lamy, CFA Institute Mustafa Gultekin, University of North Carolina

Session 099 PDDARI   Thursday, 3:45 - 5:15 Chairperson: Rawley Thomas, LifeCycle Returns
Commitment Options: Real Options Characteristics of Project Termination and Executive Compensation   Charles Evans, Florida Atlantic University	Controlling trade selection algorithms Using Statistical Process Control   Andrew L Kumiega, Infinium Capital Management   Ben Van Vliet, Illinois Institute of Technology	Linking Automated Discounted Cash Flow Valuation with Stable Paretian Portfolio Construction   Rawley Thomas, LifeCycle Returns, Inc.   Dandan Yang, LifeCycle Returns, Inc.   Robert J. Atra, Lewis University	Outside and Inside Hired CEOs: A Performance Surprise   James Ang, Florida State University   Gregory Nagel, Mississippi State University
Presenter: Charles Evans	Presenter: Andrew Kumiega	Presenter: Robert J. Atra	Presenter: Greg Nagel

Session 100 Subprime Crisis and Mortgage Meltdown   Thursday, 3:45 - 5:15 Chairperson: Sudheer Chava Texas A&M University
Pay Me Now or Pay Me Later: Alternative Mortgage Products and the Mortgage Crisis   Michael LaCour-Little, California State University at Fullerton   Jing Yang, California State University at Fullerton	Dynamic Relationships among House Price Returns, Mortgage Rates and Default Rates: a Study of Recent Mortgage Meltdown   Shaun Wang, Georgia State University   Xiangjing Wei, Georgia State University	Contagion And Sunspots Surrounding Speculative Home Equity Lending Losses   William W Lim, York University
Presenter: Jing Yang	Presenter: Xiangjing Wei	Presenter: William Lim
Discussant: Kershen Huang Texas A&M University	Discussant:Andrea Heuson University of Miami	Discussant:Andrea Heuson University of Miami

Session 101 Asymmetric Information in Financial Institutions   Thursday, 3:45 - 5:15 Chairperson: Peter Went GARP
Tests of Ex Ante versus Ex Post Theories of Collateral using Private and Public Information   Allen N Berger, University of South Carolina & Wharton Financial Institutions Center, CentER, Tilburg University   W Scott Frame, Federal Reserve Bank of Atlanta   Vasso Ioannidou, CentER, Tilburg University	Intra-Industry Contagion Effects of Earnings Surprises in the Banking Sector   Marcel Prokopczuk, ICMA Centre, University of Reading	Does the Market Value Mandated Disclosure?   Robert Battalio, University of Notre Dame   Brian Hatch, University of Cincinnati   Tim Loughran, University of Notre Dame
Presenter: Allen Berger	Presenter: Marcel Prokopczuk	Presenter: robert battalio
Discussant: Feng Wu University of Macau	Discussant:Peter Went GARP	Discussant:Kurt W Rothoff Seton Hall University

Session 102 Issues in International Investing   Thursday, 3:45 - 5:15 Chairperson: Ying Sophie Huang Northern Kentucky University
Asymmetries in exchange rate risk exposure: Evidence on the impact of nominal and real changes on the returns of American Depositary Receipts   Alma D. Hales, University of Texas-Pan American	Wealth effects of rating changes in Europe   Federico Calderoni, Banca Agrileasing S.p.A.   Paolo Colla, Università Bocconi   Stefano Gatti, Università Bocconi	Nonnegotiable Shares, Controlling Shareholders, and Dividend Payments in China   Juan Juan Huang, Xiamen University   Yifeng Shen, Xiamen University   Qian Sun, Xiamen University
Presenter: Alma D. Hales	Presenter: Paolo Colla	Presenter: Qian Sun
Discussant: Kenneth Norton Nova Southeastern University	Discussant:Xijuan Bellotti University of Edinburgh	Discussant:Alma D Hales University of Texas Pan American

Session 103 Interest Rate Derivatives   Thursday, 3:45 - 5:15 Chairperson: Dinesh Padmanabhan, Stonehill College
Options on Fed Funds Futures and Interest Rate Volatility   Jahangir Sultan, Bentley University	Monetary policy announcements and interest rates volatility: evidence from the Mexican TIIE futures market   Pedro Gurrola, European Business School, London   Renata Herrerias, Instituto Tecnologico Autonomo de Mexico	Interest Rate Cycles and Corporate Interest Rate Management   Peter F Christoffersen, McGill University   Amrita Nain, McGill University   Jaideep S. Oberoi, McGill University
Presenter: Jahangir Sultan	Presenter: Renata Herrerias	Presenter: Jaideep Oberoi
Discussant: David Nanigian Texas Tech University	Discussant: Alex Kurov West Virginia University	Discussant: Dinesh Padmanabhan Stonehill College

Session 104 IPOs: Information, Valuation, and Performance   Thursday, 3:45 - 5:15 Chairperson: Nanda K. Rangan Virginia Commonwealth University
Do IPO Earnings and Revenue Surprises Surprise Investors?   Hsuan-Chi Chen, University of New Mexico   Yang-Pin Shen, Yuan Ze University   Yu Hsu, Yuan Ze University   Larry Fauver, University of Tennessee Martin	Does Information Production Reduce IPO Overvaluation?   Ming Dong, York University   Jean-Sébastien Michel, York University   Ari Pandes, York University	On the Performance of Financial Initial Public Offerings   Xuanjuan Chen, Kansas State University   Zhenzhen Sun, University of Rhode Island
Presenter: Larry Fauver	Presenter: Jean-Sebastian Michel	Presenter: Zhenzhen Sun
Discussant: Anna K. Danielova McMaster University	Discussant:Srinivasan K. Krishnamurthy SUNY Binghamton University	Discussant: J Jimmy Yang, Oregon State University

Session 105 International Dividend Policy II "Top" Session   Thursday, 3:45 - 5:15 Chairperson: Anwar Boumosleh Lebanese American University
Demand Effects in Corporate Dividend Policy: The International Evidence   Stephen P. Ferris, University of Missouri   Narayanan Jayaraman, Georgia Institute of Technology   Sanjiv Sabherwal, University of Texas at Arlington	Financial Development and Corporate Payout Policy - A Multi-Country Analysis   Carrie H Pan, Santa Clara University	Lost in Translation: Delayed Ex-dividend Price Adjustments of Hong Kong ADRs   Palani-Rajan Kadapakkam, University of Texas San Antonio   Alex Meisami, University of Texas San Antonio   Yilun Shi, University of Texas San Antonio
Presenter: Narayanan Jayaraman	Presenter: Carrie Pan	Presenter: Alex Meisami
Discussant: Kathleen Fuller University of Mississippi	Discussant:Yong Lee University of Houston - Victoria	Discussant:Saravanan Palanisamy Goa Institute of Management

Session 106 Idiosyncratic Volatility   Thursday, 3:45 - 5:15 Chairperson: Hai Feng Chen University of Winnipeg
Industry-Specific Human Capital, Idiosyncratic Risk and the Cross-Section of Expected Stock Returns   Esther Eiling, University of Toronto	Multinationality and Idiosyncratic Risk   Tom Aabo, University of Aarhus   Christos Pantzalis, University of South Florida   Jung Chul Park, Louisiana Tech University	Idiosyncratic Risk, Costly Arbitrage, and the Cross-Section of Stock Returns   Jie Cao, Chinese University of Hong Kong
Presenter: Esther Eiling	Presenter: Jung Chul Park	Presenter: JIE CAO
Discussant: Jaideep Oberoi McGill University	Discussant: Hai Feng Chen University of Winnipeg	Discussant:Sukwon (Thomas) Kim University of California Riverside

Session 107 Macro-Economic Events and Stock Returns   Thursday, 3:45 - 5:15 Chairperson: Arif Qayyum Mississippi State University
Asymmetric Volatility and the Cross-Section of Returns: Is Implied Market Volatility a Risk Factor?   R. Jared Delisle, Florida State University   James S. Doran, Florida State University   David R. Peterson, Florida State University	Regime-switching stochastic volatility: Evidence from the crude oil market   Minh T Vo, Metropolitan State University
Presenter: Jared Delisle	Presenter: Minh Vo
Discussant:Huimin Zhao University of Hong Kong	Discussant:Jean-Guy Simonato HEC Montreal

Session 108 Limit Order Books   Thursday, 3:45 - 5:15 Chairperson: Thomas McInish University of Memphis
Clean Sweep: Informed Trading through Intermarket Sweep Orders   Sugato Chakravarty, Purdue University   Pankaj Jain, University of Memphis   James Upson, University of Texas at El Paso   Robert Wood, University of Memphis	Limit Order Book Liquidity and Liquidity Imbalance   Wee Yong Yeo, National University of Singapore
Presenter: James Upson	Presenter: WEE YONG, YEO
Discussant: Thomas Henker University of New South Wales	Discussant:Petko Kalev Monash University

Session 109 Managing Mutual Funds   Thursday, 3:45 - 5:15 Chairperson: Hung-Chia (Scott) Hsu University of Wisconsin-Milwaukee
Down but Not Out Mutual Fund Manager Turnover within Fund Families   Lonnie L. Bryant, College of Charleston	Style Rotation and Performance Persistence of Mutual Funds   Iwan Meier, HEC Montreal   Jeroen V. K. Rombouts, HEC Montreal	Investor's Ability in Selecting Funds and the Determinants of Fund Flows: Evidence on Enhanced Index Funds   Ching-chieh Chang, University of Washington
Presenter: Lonnie L. Bryant	Presenter: Iwan Meier	Presenter: Ching-chieh Chang
Discussant: Matthew Ringgenberg UNC-Chapel Hill	Discussant:Hung-Chia (Scott) Hsu University of Wisconsin-Milwaukee	Discussant:Ajay Bhootra California State University, Fullerton

Session 110 Stock Return Distribution   Thursday, 3:45 - 5:15 Chairperson: Charod Dodd Mississippi State University
How Asymmetric Is U.S. Stock Market Volatility?   Louis Ederington, University of Oklahoma   Wei Guan, University of South Florida St Petersburg	Is the Distribution of Stock Returns Predictable?   Tolga Cenesizoglu, HEC Montreal   Allan Timmermann, University of California, San Diego & CREATES	The Dispersion Effect in International Stock Returns   Harald Lohre, Union Investment   Markus Leippold, University of Zurich
Presenter: louis ederington	Presenter: Tolga Cenesizoglu	Presenter: Harald Lohre
Discussant: Guan Jun Wang Florida A&M University	Discussant:Liyan Yang University of Toronto	Discussant:Ivelina Pavlova University of Houston Clear Lake

Session 111 Capital Markets Anomalies   Thursday, 3:45 - 5:15 Chairperson: Jeff Whitworth University of Houston Clear Lake
Does the conditional CAPM explain the financial distress anomaly?   Michael O'Doherty, University of Iowa	The Enterprise Multiple Factor and the Value Premium   Tim Loughran, University of Notre Dame   Jay W. Wellman, Cornell University	Does the January Anomaly Survive in Equity Exchange-Traded Funds?   Tony Ruan, Xiamen University   Gang Hu, Babson College
Presenter: Michael O'Doherty	Presenter: Tim Loughran	Presenter: Gang Hu
Discussant: Alan Gregory University of Exeter	Discussant:Christian Walkshaeusl University of Regensburg	Discussant:Xing Lu University of Alabama

Session 112 Liquidity in Fixed Income Securities   Thursday, 3:45 - 5:15 Chairperson: Sris Chatterjee Fordham University
Bond Liquidity Premia   Jean-Sebastien Fontaine, Bank of Canada   Rene Garcia, EDHEC Business School	Macro Factors and Volatility of Treasury Bond Returns   Lei Lu, Shanghai University of Finance and Economics   Jing-zhi Huang, Pennsylvania State University
Presenter: Jean-Sebastien Fontaine	Presenter: Lei Lu
Discussant:Sinan Tan Fordham University	Discussant:Sris Chatterjee Fordham University

Session 113 Incentives and Managerial Behavior   Thursday, 3:45 - 5:15 Chairperson: Walid Busaba University of Western Ontario
Managerial Preferences and Competition in Internal Capital Markets   Uwe Wilhelm Bloos, Goethe UniversityFrankfurt   Christian Perter Gerhardt, Deutsche Bank	Market Competition and Earnings Management   Dalia Marciukaityte, Drexel University   Jung Chul Park, Louisiana Tech University	Managerial Hedging Ability and Firm Risk   Lee M Dunham, Creighton University
Presenter: Uwe-WilhelmBloos	Presenter: Dalia Marciukaityte	Presenter: Lee M. Dunham
Discussant: Ali Nejadmalayeri Oklahoma State University	Discussant:Ranjini Jha University of Waterloo	Discussant:Dalia Marciukaityte Drexel University

Session 114 Individual Investor Behavior   Thursday, 3:45 - 5:15 Chairperson: Syed Abul Hyat Central Connecticut State University
Home country bias: Does domestic experience help investors enter foreign markets?   Margarida Abreu, ISEG - UTL   Victor Mendes, CMVM   Joao Santos, Federal Reserve Bank of New York	Environmental Stressors, Mood, and Investment Decisions: Evidence from Ambient Air Pollution   Gabriele Mario Lepori, Copenhagen Business School	Behavioral traits, ambiguity, ambiguity aversion, rollover risk and market freezes. A possible connection.   Francesca Rinaldi, Manchester Business School
Presenter: Victor Mendes	Presenter: Gabriele Mario Lepori	Presenter: Francesca Rinaldi
Discussant: Hilla Skiba University of Wyoming	Discussant: Zhipeng (Alan) Yan, New Jersey Institute of Technology	Discussant:R.Daniel Pace University of West Florida

Session 115 Corporate Transparency   Thursday, 3:45 - 5:15 Chairperson: Stephen F Thode Lehigh University
Targets' Information Environment and Bidders' Takeover Decisions   Kartik Raman, Bentley University   Lakshmanan Shivakumar, London Business School   Ane Tamayo, London Business School	Voluntary Disclosure and Dividend Policy   Meg Mi Luo, Villanova University   Marlene Plumlee, University of Utah	Why Should We Like Firms That Voluntarily Disclose? Evidence from Profit Warning Firms   Kuntara Pukthuanthong-Le, San Diego State University   Fayez Elayan, Brock University
Presenter: Kartik Raman	Presenter: Mi (Meg) Luo	Presenter: Fayez Elayan
Discussant: Pankaj Maskara Eastern Kentucky University	Discussant:Kiyoung Chang Indiana University South Bend	Discussant:Nandu Nayar Lehigh University

Session 116 Control Contestability and Investor Activism   Thursday, 3:45 - 5:15 Chairperson: Albert Wang Chinese University of Hong Kong
Corporate Governance and Individual Sentiment Beta   Huimin Chung, National Chiao Tung University   Chih-Liang Liu, National Chiao Tung University   Jian-You Lee, National Chiao Tung University	What makes firms issue death spirals? A control enhancing story   Woochan Kim, KDI School of Public Policy and Management   Woojin Kim, Korea University Business School   Hyung-Seok Kim, Korea University Business School	Does Shareholder Activism Help or Hinder Shareholder Value Enhancement?: Empirical Evidence from the UK   Sudi Sudarsanam, Cranfield School of Management   Tim Broadhurst, Cranfield School of Management
Presenter: Chih-Liang Liu	Presenter: Hyung-Seok Kim	Presenter: Sudi Sudarsanam
Discussant: Swaminathan Kalpathy Southern Methodist University	Discussant:John Robinson Arizona State University	Discussant:Kasper Meisner Nielsen Chinese University of Hong Kong

Session 117 Corporate Financial Policies - International Evidence II   Thursday, 3:45 - 5:15 Chairperson: Fangjian Fu Singapore Management University
Linkages between the Financial and Real Sectors: Lessons from the Subprime Crisis   Jose M. Berrospide, Federal Reserve Board   Rochelle M. Edge, Federal Reserve Board	Do Financing Expectations Affect Firm Performance?   Mark J Kamstra, York University   Debarshi K Nandy, York University   Pei Shao, University of Northern British Columbia	Credit Information Quality and Corporate Debt Maturity: Theory and Evidence   Marco Sorge, World Bank   Chendi Zhang, Warwick Business School
Presenter: Jose Berrospide	Presenter: Debarshi Nandy	Presenter: Chendi Zhang
Discussant: Alexander Barinov University of Georgia	Discussant:Weining Zhang University of Texas Dallas	Discussant:Yongqiang Chu University of South Carolina

Session 118 Insurance   Thursday, 3:45 - 5:15 Chairperson: James Barrese St. John's University
The Effect of Regulation on Comparative Advantages of Different Organizational Forms: Evidence from the German Property-Liability Insurance Industry   Sabine Wende, University of Cologne   Thomas R. Berry-Stoelzle, University of Georgia   Gene C. Lai, Washington State University	Optimal Demand for Insurance with Consumption Commitment   Hua Chen, Temple University   Reza S. Mahani, Georgia State University	Regulatory Capital Requirement, Portfolio Risk, and Capital Determinants: Empirical Evidence from U.S. Property-Liability Insurers   Jeungbo Shim, Illinois Wesleyan University
Presenter: Sabine Wende	Presenter: Hua Chen	Presenter: Jeungbo Shim
Discussant: Maria Manuela Athayde Marques Universidade Católica Portuguesa	Discussant:Jacqueline M Wise Fordham University	Discussant:Nandita Das Wilkes University

Session 121 Estimating Volatility   Friday, 8:30 - 10:00 Tutorial Presentation By David Chapman Associate Professor of Finance Boston College David Chapman will discuss volatility estimation methods that are used in finance research. The lecture will cover GARCH models, range based estimators, and estimators based on high frequency data.

Session 122 Current Issues in the Korean Financial Markets   Friday, 8:30 - 10:00 This session will address a wide variety of issues, including: The separation between financial and industrial capital Implementation of the Capital Market Consolidation Act Moderator: Kee Chung SUNY at Buffalo Panelists Jieun Lee, Korea Institute of Finance Sung Hoon Cho, Korea Capital Market Institute Kwangwoo Park, KAIST Graduate School of Finance Hoje Jo, Santa Clara University

Session 123 The Frontiers of Research on Financial Institutions and Markets   Friday, 8:30 - 10:00 The current crisis has underlined the crucial importance of this area. Leading researchers in the field will discuss how they approach research in this area. Moderator: Franklin Allen, University of Pennsylvania Panelists: Kose John, New York University Maureen O'Hara, Cornell University Raghuram Rajan, University of Chicago Anthony Saunders, New York University

Session 124 Venture Capital I   Friday, 8:30 - 10:00 Chairperson: Chris Yung University of Colorado
Does Managerial Optimism Lead to Long-Run Underperformance? Evidence from Venture Capital-Backed IPOs   Jean-Sebastien Michel, York University	Keep a Tight Leash: What does Venture Capital Stage Financing Tell the Market?   Xuan Tian, Indiana University	The Impact of Investor Heterogeneity - Evidence from VC Syndication   Shane Michael Moser, University of Kansas
Presenter: Jean-Sebastien Michel	Presenter: Xuan Tian	Presenter: Shane Moser
Discussant: Richard Smith UC - Riverside	Discussant:Lei Gao Washington University - St. Louis	Discussant:Chris Yung University of Colorado

Session 125 Current Topics in Finance Pedagogy   Friday, 8:30 - 10:00 Chairperson: Jung Chul Park Louisiana Tech University
Learning About Investor Behavior Using Experimental Markets   Stephanie Yates Rauterkus, University of Alabama at Birmingham   Andreas Rauterkus, University of Alabama at Birmingham	Ranking Finance Journals: A Dissertation Citation Analysis   Kam C. Chan, Western Kentucky University   Kam C Chan, Pace University	The Impact of PhD Programs on Finance Research   Dave O Jackson, University of Texas-Pan American   Cynthia J Brown, University of Texas-Pan American	Wherever you go, do as you see others do: Using Spanish proverbs for teaching finance to Hispanic students   Ernest Biktimirov, Brock University
Presenter: Stephanie Rauterkus	Presenter: Kam C. Chan	Presenter: Dave Jackson	Presenter: Ernest Biktimirov

Session 126 "Top" Session Equity Market Liberalization   Friday, 8:30 - 10:00 Chairperson: Bong-Soo Lee Florida State University
Idiosyncratic Risk in Emerging Market Liberalization   Biqing Huang, University of Texas at San Antonio   John Wald, University of Texas at San Antonio   Rodolfo Martell, Barclay's Global Investors	Equity market liberalization and corporate governance   Kee-Hong Bae, York University   Vidhan Goyal, HKUST	Do Implicit Barriers Matter for Investability and Globalization?   Francesca Carrieri, McGill University   Ines Chaieb, University of Amsterdam   Vihang Errunza, McGill University
Presenter: BIQING HUANG	Presenter: Kee-Hong Bae	Presenter: Francesca Carrieri
Discussant: Esther Eiling University of Toronto	Discussant:John Wald University of Texas at San Antonio	Discussant:Kee-Hong Bae Schulich School of Business, York University

Session 127 Empirical Options Pricing   Friday, 8:30 - 10:00 Chairperson: Ryan McKeon University of San Diego
The Information Content of Implied Skewness and Kurtosis Changes Prior to Earnings Announcements for Stock and Option Returns   Dean Diavatopoulos, Villanova University   James S Doran, Florida State University   Andy Fodor, Ohio University   David Peterson, Florida State University	The Weekend Effect in Equity Index Option Returns   Christopher S Jones, USC Marshall School   Joshua Shemesh, USC Marshall School	A random walk down the options market   George J. Jiang, University of Arizona   Yisong S. Tian, York University
Presenter: Dean Diavatopoulos	Presenter: Joshua Shemesh	Presenter: Yisong Tian
Discussant: Sojung Park University of Pennsylvania	Discussant:Robert Hudson Newcastle University	Discussant: Andrew Fodor Ohio University

Session 128 SEOs   Friday, 8:30 - 10:00 Chairperson: Rongbing Huang Kennesaw State University
Seasoned Equity Issuers’ R&D Investments: Signaling or Over-optimism   Hong Qian, Oakland University   Ke Zhong, Central Washington University   Zhaodong Zhong, Rutgers, The State University of New Jersey	Seasoned Equity Offers: The Effect of Inside Ownership and Float   Vincent J. Intintoli, Southern Illinois University Carbondale   Kathleen M. Kahle, The University of Arizona	Trading Dynamics during Pre-Announcement, Registration, and Offer Periods for Seasoned Equity Offerings   Darshana Palkar, Minnesota State University, Mankato   Niranjan Tripathy, University of North Texas
Presenter: Hong Qian	Presenter: Vincent J. Intintoli	Presenter: Darshana Palkar
Discussant: Hsuan-Chi Chen University of New Mexico	Discussant:Rongbing Huang Kennesaw State University	Discussant:Vincent Intintoli Southern Illinois University Carbondale

Session 129 Diversification and Firm Value   Friday, 8:30 - 10:00 Chairperson: Kristen Fink James Madison University
THE EFFECT OF FOREIGN SEGMENT’S LOCATION ON THE GEOGRAPHIC DIVERSICATION DISCOUNT   THANH NGO, THE UNIVERSITY OF TEXAS - PAN AMERICAN   JORY SURENDRANATH, UNIVERSITY OF MICHIGAN IN FLINT	Diversification and Firm’s Cost of Capital   Elyas Elyasiani, Temple University   Yong Wang, Western New England College	Global Diversification: A Longitudinal Analysis of Diversification’s Impact on Firm Value   Sean Michael Davis, Florida Atlantic University
Presenter: JORY SURENDRANATH	Presenter: Elyas Elyasiani	Presenter: Sean M. Davis
Discussant: Jen Itzkowitz University of Florida	Discussant:Surendranath Jory University of Michigan Flint	Discussant:Elyas Elyasiani Temple University

Session 130 Momentum in Stock Returns   Friday, 8:30 - 10:00 Chairperson: Greg Durham Montana State University
The Momentum Effect: A Statistical Illusion?   Anurag Banerjee, Durham Business School   Chi-Hsiou Hung, Durham Business School	Are momentum premia robust to trade frictions? Tests of large-stock portfolios   Wentworth Boynton,   Steven J. Jordan,	INTERNATIONAL MOMENTUM STRATEGIES: A GENETIC ALGORITHM APPROACH   Ivelina A. Pavlova, University of Houston - Clear Lake   Ali M. Parhizgari, Florida International University
Presenter: Chi-Hsiou Hung	Presenter: Wentworth Boynton	Presenter: Ivelina Pavlova
Discussant: Ferhat Akbas Texas A&M University	Discussant:Scott Bauguess SEC	Discussant:Marcos Fabricio Perez Wilfrid Laurier University

Session 131 The Information Content of Short Sales   Friday, 8:30 - 10:00 Chairperson: Wei Zhang North Dakota State University
An Analysis of Short Selling and Put Option Activity   Chip Wade, University of Mississippi   Benjamin M. Blau, Brigham Young University	The information role of cross-stock short selling: an intraday analysis   Wei Zhang, North Dakota State University	Private Information Driven Short Selling and Uptick Rules   Min Zhao, Middle Tennessee State University   Phillip Daves, University of Tennessee
Presenter: Chip Wade-University of Mississippi	Presenter: Wei Zhang	Presenter: Phillip Daves
Discussant: Wei Zhang North Dakota State University	Discussant:Min Zhao Middle Tennessee State University	Discussant:Shuang Feng University of Massachusetts Amherst

Session 133 Global Diversification   Friday, 8:30 - 10:00 Chairperson: J Ronald Hoffmeister, Arizona State University
Time-Variation in the Benefits and Asset Allocation of Feasible Internationally Diversifying Strategies   Wan-Jiun Paul Chiou, Shippensburg University	Country Allocation and Global Equity Diversification   John G Gallo, University of Iowa   Ying Zhang, Monmouth University	Home Bias and International Diversification in Closed-End and Open-End Mutual Funds   Mark Fedenia, University of Wisconsin - Madison   Mark Hirschey, University of Kansas   Hilla Skiba, University of Wyoming
Presenter: Wan-Jiun Paul Chiou	Presenter: YING ZHANG	Presenter: Hilla Skiba
Discussant: Yan Zhao Brandeis University	Discussant: Charod Dodd Mississippi State University	Discussant:Qiaoqiao Zhu University of Michigan/QUT

Session 134 Distributions and Fees   Friday, 8:30 - 10:00 Chairperson: Dobrina Georgieva University of St. Thomas
Dynamic Setting of Distribution Fees in the US Mutual Fund Industry   Lorenzo Casavecchia, University of Technology Sydney   Massimo Scotti, University of Technology Sydney	Investor Timing and Fund Distribution Channels   Mercer Bullard, University of Mississippi   Geoffrey Friesen, University of Nebraska-Lincoln   Travis Sapp, Iowa State University	Search Costs and Mutual Fund Fee Dispersion   Giuliano Iannotta, Università Bocconi   Marco Navone, Università Bocconi
Presenter: Lorenzo Casavecchia	Presenter: Jiri Tresl	Presenter: Marco Navone
Discussant: Marco Navone Università Bocconi	Discussant:Lorenzo Casavecchia University of Technology Sydney	Discussant: Jiri Tresl University of Nebraska-Lincoln

Session 135 Limits to Arbitrage and Market Efficiency   Friday, 8:30 - 10:00 Chairperson: Susana Yu Montclair State University
Put-Call Parity Violations around Earnings Announcements   Catherine Anitha Manohar, University of South Carolina	Small Trades, Excess Return and Arbitrage Limitations   Xiaoting Hao, University of Houston	Institutional holding and market friction   Ping-Wen Sun, Louisiana State University
Presenter: Catherine Anitha Manohar	Presenter: Xiaoting Hao	Presenter: Ping-Wen Sun
Discussant: Ping-Wen Sun Louisiana State University	Discussant:Anitha Manohar University of South Carolina	Discussant:Xiao Ting Hao University of Houston

Session 136 Bankruptcy Risk   Friday, 8:30 - 10:00 Chairperson: Frank Nothaft Freddie Mac
Consumer Bankruptcy and Default: The Role of Individual Social Capital   Sumit Agarwal, Federal Reserve Bank of Chicago   Souphala Chomsisengphet, Office of the Comptroller of the Currency   Chunlin Liu, University of Nevada, Reno	An Empirical Study of the Returns on Defaulted Debt and the Discount Rate for Loss-Given-Default   Michael Jacobs, Jr., Office of the Comptroller of the Currency	Investing in Chapter 11 Stocks: Liquidity and Performance   Lily Li, New York University   Ken Zhong, Rutgers, The State University of New Jersey
Presenter: Chunlin Liu	Presenter: Michael Jacobs, Jr.	Presenter: Ken Zhong
Discussant: Michael LaCour-Little Cal State Fullerton	Discussant:Duane Stock University of Oklahoma	Discussant:Stephen Treanor Cal State Chico

Session 137 "Top" Session Banking   Friday, 8:30 - 10:00 Chairperson: Robert Schweitzer University of Delaware
Bank Loan Specialness Revisited: Ascertainment Bias in Loan Announcement Studies   Pankaj Kumar Maskara, Eastern Kentucky University   Donald J Mullineaux, University of Kentucky	When do companies choose relationship lenders, when do they switch?   Christoph Memmel, Deutsche Bundesbank   Christian Schmieder, European Investment Bank   Ingrid Stein, Deutsche Bundesbank
Presenter: Pankaj K Maskara	Presenter: Ingrid Stein
Discussant: Yuri Khoroshilov University of Ottawa Telfer School of Management	Discussant: Robert Schweitzer University of Delaware

Session 138 Liquidity and Asset Pricing "Top" Session   Friday, 8:30 - 10:00 Chairperson: Daryl Manullang University of Rhode Island
Flight to Liquidity due to Heterogeneity in Investment Horizon   Qin Lei, Southern Methodist University	Asset Liquidity, Business Risk, and Beta   Ali Nejadmalayeri, Oklahoma State University   Antonio Camara, Oklahoma State University	Liquidity effects on corporate bond spreads   Yuan Wang, Penn State University
Presenter: Qin Lei	Presenter: Ali Nejadmalayeri	Presenter: Yuan Wang
Discussant: Zhaodan Huang Utica College	Discussant: Xue Wang, Loyola University New Orleans	Discussant:Daryl Manullang University of Rhode Island

Session 139 Corporate Ownership   Friday, 8:30 - 10:00 Chairperson: Neviana Petkova University of Oregon
Does Foreign Ownership Improve Firm Performance?   Neviana Petkova, University of Oregon	Managerial Ownership and Shareholder Wealth Gains in Going-Private Transactions   Kai Chen, University of Wisconsin-Milwaukee   Yong-Cheol Kim, University of Wisconsin-Milwaukee   Richard D. Marcus, University of Wisconsin-Milwaukee	A Servant to Many Masters: Competing Shareholder Preferences and Limits to Catering   Alberto Manconi, Insead   Massimo Massa, Insead
Presenter: Neviana Petkova	Presenter: Kai Chen	Presenter: Alberto Manconi
Discussant: Kasper Meisner Nielsen Chinese Univ of Hong Kong	Discussant:Qingzhong Ma Cornell University	Discussant:Neviana Petkova University of Oregon

Session 140 Corporate Boards and Power   Friday, 8:30 - 10:00 Chairperson: Nikolay Halov, UC San Diego
HETEROGENEITY IN CORPORATE GOVERNANCE: Theory and Evidence   Indraneel Chakraborty, University of Pennsylvania	Reluctant Board Power   David Becher, Drexel University   Zhaohui Chen, Temple University   David Reeb, Temple University	Disciplining effect of general shareholder meetings: Evidence from earnings management   Melissa B. Frye, University of Central Florida   Weishen Wang, Marshall University   Ann Marie Whyte, University of Central Florida
Presenter: Indraneel Chakraborty	Presenter: David Reeb	Presenter: Weishen Wang
Discussant: Julian Atanassov University of Oregon	Discussant:Nikolay Halov, UC San Diego	Discussant:Nikolay Halov University of California San Diego

Session 141 Managers and Managerial Incentives   Friday, 8:30 - 10:00 Chairperson: Shawn Mobbs University of Alabama
The Determinants and Impact of Executive-firm Matches   Yihui Pan, University of Minnesota	Managerial Incentives and the Choice between Public and Bank Debt   Costanza Meneghetti, West Virginia University	DOES MANDATORY DISCLOSURE OF DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE CURB MANAGERIAL OPPORTUNISM? EVIDENCE FROM THE CANADIAN SECONDARY MARKET   Narjess Boubakti,   Nabil Ghalleb,
Presenter: Yihui Pan	Presenter: Costanza Meneghetti	Presenter: Nabil Ghalleb
Discussant: Shawn Mobbs University of Alabama	Discussant:Diana Knyazeva University of Rochester	Discussant:Thomas Moeller Texas Christian University

Session 142 Governance and Performance   Friday, 8:30 - 10:00 Chairperson: Maria-Teresa Marchica Manchester Business School
How do entrenched managers handle analyst pressure?   Terry L. Campbell, University of Delaware   Melissa B. Frye, University of Central Florida   Weishen Wang, Marshall University	Director Stock Ownership Plans and Firm Performance   Kathleen A Farrell, University of Nebraska   Rashiqa Kamal, University of Wisconsin - Whitewater	Private Benefits: Ownership vs. Control   Bill Hu, Arkansas State University   Joon Ho Hwang, Korea University
Presenter: Melissa B. Frye	Presenter: Rashiqa Kamal	Presenter: Joon Ho Hwang
Discussant: Rashiqa Kamal University of Wisconsin - Whitewater	Discussant:Joon Ho Hwang Korea University	Discussant:Melissa Frye University of Central Florida

Session 143 Expectations, Preferences, and Sentiment   Friday, 8:30 - 10:00 Chairperson: Carrie Pan Santa Clara University
Is there a link between money illusion and homeowners' expectations of housing prices?   Lucy F Ackert, Kennesaw State University   Bryan K Church, Georgia Tech   Narayanan Jayaraman, Georgia Tech	Investor Trading Behavior, Market Liquidity, and the Role of the Investor Sentiment   Wei-Pen Chen, Shih Hsin University   Junmao Chiu, National Chiao Tung University   Huimin Chung, National Chiao Tung University   Keng-Yu Ho, National Taiwan University	IDIOSYNCRATIC VOLATILITY AND RETAIL INVESTOR PREFERENCES IN THE AUSTRALIAN MARKET   Julia L.K. Henker, University of New South Wales   Deborah Tan, University of New South Wales
Presenter: Lucy Ackert	Presenter: Huimin Chung	Presenter: Julia L.K. Henker
Discussant: Petra Halling University of Vienna	Discussant:Zhijian Huang University of Wisconsin - Milwaukee	Discussant:Carrie Pan Santa Clara University

Session 144 Wealth Gains in Takeovers   Friday, 8:30 - 10:00 Chairperson: Chris J Muscarella Penn State University
Mergers Increase Default Risk   Craig Furfine, Northwestern University   Richard Rosen, Federal Reserve Bank of Chicago	Who Gains from Buying Bad Bidders?   David Offenberg, Loyola Marymount University   Miroslava Straska, Ohio University   Gregory Waller, Ohio University	Managerial Incentives and Takeover Wealth Gains   Ebru Reis, Bentley College
Presenter: Richard Rosen	Presenter: David Offenberg	Presenter: Ebru Reis
Discussant: Samuel C. Weaver Lehigh University	Discussant:Chris J. Muscarella Penn State University	Discussant:Jing Zhao North Carolina State University

Session 145 Capital Structure and Firm Stakeholders I   Friday, 8:30 - 10:00 Chairperson: Anup Agrawal University of Alabama
The Structure of Executive Stock Option Compensation and the Cost of Debt   Erik Devos, University of Texas - El Paso   Andrew K Prevost, Ohio University   Ramesh P Rao, Oklahoma State University	Optimal Capital Structure, Capacity Choice and Product Market Competition   Yongqiang Chu, University of South Carolina	Capital Structure and Employee Pay: An Empirical Analysis   Thomas Chemmanur, Boston College   Yingmei Cheng, Florida State University   Tianming Zhang, Florida State University
Presenter: Andrew Prevost	Presenter: Yongqiang Chu	Presenter: Thomas Chemmanur
Discussant: Ryan Williams Georgia State University	Discussant: Mark Lane, Hawaii Pacific University	Discussant:Avri Ravid Rutgers University

Session 146 Instrumental Variables   Friday, 10:15 - 11:45 Tutorial Presentation By: Jay Hartzell Associate Professor of Finance Allied Bancshares Centennial Fellow Director, Real Estate Finance and Investment Center University of Texas Jay Hartzell will discuss the use of instrumental variables methods in corporate finance research. The lecture will cover both the technical issues and the intuition behind these important methods.

Session 147 Financial Research in the Asia Pacific Region   Friday, 10:15 - 11:45 Possible topics for this session and questions to be answered include: The long term assessment of finance research performance among Asia-Pacific academic institutions Investor reaction to female directors in Singapore Is Korea an emerging market? A study on the classifications of Korea by major equity index providers will be presented. Panelists Kam C Chan, Professor, Western Kentucky University David Ding, Associate Professor, Singapore Management University Jaemin Kim, Assistant Professor, San Diego State University Kee Chung, Professor, SUNY at Buffalo

Session 148 Spiritual Bankruptcy?: Has Our Teaching Contributed to the "Great Depression of 2008-2009"   Friday, 10:15 - 11:45 This session will explore some negative consequences of what we teach (and don't teach) as finance professors. More specifically, has what we teach contributed, and so to what extent, to the severe economic downturn of 2008-2009 and, even worse to a severely unsustainable way of being on this planet. We intend this session to explore the possibility that there may be a "dark side" to what we teach, what we research, and how we frame the doing of both. By sharing how finance as a discipline frames the very purpose of our work and how we approach such topics as the global environmental crisis and the 2008-2009 financial collapse, we may find that they are negative consequences of finance theories and teachings that we have not been studying as rigorously as they may warrant. Presenters Frank Werner, Fordham University James AF Stoner, Fordham University

Session 149 Competition, Fund Flows, and Fees in Mutual Fund Industry   Friday, 10:15 - 11:45 Chairperson: Puneet Jaiprakash Virginia Tech
Mutual Fund Industry Competition and Concentration: International Evidence   Sofia Brito Ramos, ISCTE Business School   Miguel Almeida Ferreira, Universidade Nova de Lisboa	Redemption Fees: Reward for Punishment   Michael Finke, Texas Tech University   David Nanigian, Texas Tech University   William Waller, UNC Chapel Hill	A Closer Look at the Aggregate Fund Flows and Market Returns Relationship   Puneet Jaiprakash, Virginia Tech   Raman Kumar, Virginia Tech
Presenter: Sofia B. Ramos	Presenter: David Nanigian	Presenter: Puneet Jaiprakash
Discussant: Ashish Tiwari University of Iowa	Discussant:Natalie Oh University of New South Wales	Discussant:Gong Zhan University of Massachusetts Amherst

Session 150 Retirement Planning and Pension Plans   Friday, 10:15 - 11:45 Chairperson: Bill Reichenstein Baylor University
The Impact of Asset Allocation, Savings and Retirement Horizons, Savings Rates, and Social Security Solvency in Retirement Planning: A Monte Carlo Analysis   Danny M Ervin, Salisbury University   Gregory K Faulk, Belmont University   Joseph C Smolira, Belmont University	IRAs Under Progressive Tax Regimes and Income Growth   Stephen Michael Horan, CFA Institute   Ashraf Zaman, St. Mary's University	Newly added mutual funds and revenue sharing in 401(k) plans   Hsuan-Chi Chen, University of New Mexico   Christine W Lai, Yuan Ze University   Sheng-Ching Wu, Dayeh University
Presenter: Joe Smolira	Presenter: Stephen Horan	Presenter: Hsuan-Chi Chen
Discussant: Harry Turtle Washington State University	Discussant:Bill Reichenstein Baylor University	Discussant:Marco Navone Bocconi University

Session 151 Equity Markets in China   Friday, 10:15 - 11:45 Chairperson: K.C. Chen California State University, Fresno
On the predictability of Chinese stock returns   Xuanjuan Chen, Kansas State University   Kenneth A Kim, State University of New York at Buffalo   Tong Yao, University of Iowa   Tong Yu, University of Rhode Island	CROSS-MARKET INTERDEPENDENCE UNDER INCREASED MARKET INTEGRATION: EVIDENCE FROM AN EMERGING MARKET   Liu Wang, Old Dominion University	Asset Pricing, Jump Risk, and China's B-Share Discount Puzzle   Haigang Zhou, Cleveland State University   Qi Zhu, Shanghai Jiao Tong University
Presenter: Xuanjuan Chen	Presenter: Liu Wang	Presenter: Haigang Zhou
Discussant: Xiaotian Tina Zhang Saint Mary's College of California	Discussant:Ching-chieh Chang University of Washington	Discussant:Xian Sun Office of the Comptroller of the Currence

Session 152 Advances in Derivatives Valuation and Volatility Estimation   Friday, 10:15 - 11:45 Chairperson: Robert Brooks University of Alabama
Efficient Valuation of Prepayment and Default Risky Securities   Serge Slavinsky, The Bank of Nova Scotia   Edwin H Neave, Queen's Univesity	How Does the Market Price Risk: Evidence from Stock Options   Zhiguang Wang, South Dakota State University
Presenter: Serge Slavinsky	Presenter: Zhiguang Wang
Discussant:Jason Jia Western Governors University	Discussant:Hari Sankaran New Mexico State University

Session 153 Going Public Decision   Friday, 10:15 - 11:45 Chairperson: Gang Hu Babson College
Going public through the back door: A comparative analysis of SPACs and IPOs   Vinay Datar, Seattle University   Ekaterina E Emm, Seattle University   Ufuk Ince, University of Washington, Bothell	Merger-motivated IPOs   Armen Hovakimian, Baruch College   Irena Hutton, Florida State University
Presenter: Ekaterina Emm	Presenter: Irena Hutton
Discussant: Irena Hutton Florida State University	Discussant:Ekaterina Emm Seattle University

Session 154 Risk, Firm Value, and Cost of Capital   Friday, 10:15 - 11:45 Chairperson: Patrick Lach Eastern Illinois University
Information and Risk: An Empirical Assessment   Mark Bertus, Auburn University   Peter J DaDalt, University of Rhode Island   Keven Yost, Auburn University   Bing-Xuan Lin, University of Rhode Island	Impact of Change in Retirement Benefit Plans on Firm Value and Risk   Hieu V Phan, University of Connecticut   Hegde Shantaram, University of Connecticut	THE IMPACT OF ENVIRONMENTAL RISK ON THE COST OF EQUITY CAPITAL: EVIDENCE FROM THE TOXIC RELEASE INVENTORY   Lucia Gao, University of Massachusetts Boston   Elizabeth Connors, University of Massachusetts Boston
Presenter: Keven Yost	Presenter: Hieu Phan	Presenter: Lucia Gao
Discussant: R Jared Delisle Florida State University	Discussant:Marcel Prokopczuk ICMA Centre, University of Reading	Discussant:Chih-Liang Liu National Chiao Tung University

Session 155 Predictability in Stock Returns   Friday, 10:15 - 11:45 Chairperson: Naresh Bansal Saint Louis University
Predicting Superior Asset Returns from Model Parameter Estimations   Antonio Camara, Oklahoma State University   Joel T. Harper, Oklahoma State University	Information Uncertainty, Investor Sophistication and Return Predictability   Chiraphol Chiyachantana, Singapore Management University   Zong Fei Yang, Singapore Management University	Are International Equity Market Returns Predictable?   Sungju Chun, Boston University
Presenter: Joel T. Harper	Presenter: Chiraphol Chiyachantana	Presenter: Sungju Chun
Discussant: Han-Sheng Chen University of Texas Arlington	Discussant: Naresh Bansal Saint Louis University	Discussant:Minh Vo Metropolitan State University

Session 156 Liquidity and Funding Constraints   Friday, 10:15 - 11:45 Chairperson: Kewei Hou Ohio State University
Dynamic Margin Constraints   Oleg Rytchkov, University of Texas at Austin	The Importance of the Liquidity Premium in the Presence of Declining Transactions Cost   Wei-Xuan Li, Gustavus Adolphus College   Neal Maroney, University of New Orleans	Turnover: Liquidity or Uncertainty?   Alexander Barinov, University of Georgia
Presenter: Oleg Rytchkov	Presenter: Neal Maroney	Presenter: Alexander Barinov
Discussant: Sophie Shive University of Notre Dame	Discussant:Jung-min Kim University of Connecticut	Discussant:Roger Loh Singapore Management University

Session 157 Information and Trading ML   Friday, 10:15 - 11:45 Chairperson: Thomas McInish The University of Memphis
The Makings of an Information Leader: The Intraday Price Discovery Process for Individual Stocks in the DJIA   Marc W Simpson, Northern Illinois University   Jose F Moreno, University of the Incarnate Word   Teofilo Ozuna, Unversity of Texas - Pan American	Is order imbalance related to information?   Sukwon Kim, University of California Riverside   Hans Stoll, Vanderbilt University	The Information Content of the Supply and Demand for Liquidity in Stock and Option Markets   Thomas Rourke, Duquesne University
Presenter: Jose F. Moreno	Presenter: Sukwon Kim	Presenter: Thomas Rourke
Discussant: Fariz Huseynov North Dakota State University	Discussant:James Upson University of Texas at El Paso	Discussant:Bill Hu Arkansas State University

Session 158 Investor Behavior   Friday, 10:15 - 11:45 Chairperson: Adam Lei Midwestern State U.
De better educated investors make smarter investment decisions?   Petra Halling, University of Vienna	Gravity as a cultural artefact: Culture and distance in foreign portfolio investment   Brian Lucey, Trinity college dublin   Colm Kearney, Trinity College Dublin   Raj Aggarwal, University of Akron	Gender and Portfolio Choice: Are women more risk averse when selecting pension funds   Jose A Olivares, Universidad del Desarrollo   Daniela Diaz, Universidad del Desarrollo   Magdelena Besser, Universidad del Desarrollo
Presenter: Petra Halling	Presenter: lucey	Presenter: Jose A. Olivares
Discussant: Yaqoub Alabdullah Kuwait U.	Discussant:Hilla Maaria Skiba U. of Wyoming	Discussant:Michael Dewally Marquette U.

Session 159 Stock Returns and Cycles   Friday, 10:15 - 11:45 Chairperson: Jason Fink James Madison University
Seasonal Return Patterns by Firm Age   Jason D. Fink, James Madison University   Kristin E. Fink, James Madison University   Jonathan M. Godbey, Georgia State University	Macroeconomic risk and the cross-section of stock returns   Jangkoo Kang, Korea Advanced Institute of Science and Technology   ChangJun Lee, Korea Advanced Institute of Science and Technology   ByoungKyu Min, Korea Advanced Institute of Science and Technology	Sector Rotation across Business Cycles   Jeffrey Stangl, Massey University   Ben Jacobsen, Massey University   Nuttawat Visaltanachoti, Massey University
Presenter: Jason Fink	Presenter: ChangJun Lee	Presenter: Jeffrey Stangl
Discussant: Yufeng Han University of Colorado Denver	Discussant:Jeffrey Stangl Massey University	Discussant:Jonathan Godbey Georgia State University

Session 160 Informed Agents and Stock Return Predictability   Friday, 10:15 - 11:45 Chairperson: Qin Lei Southern Methodist University
Portfolio Manager Ownership and the Pricing of Closed-end Funds   Ajay Khorana, Citigroup   Henri Servaes, London Business School   Lei Wedge, University of South Florida	The Effect of Accrued Capital Gains on Ex-Dividend Day Pricing   Jeff Whitworth, University of Houston-Clear Lake   Yi Zhang, Prairie View A&M University	Insider trading in Glamour and Value firms   Alan Gregory, University of Exeter   Rajesh Tharyan, University of Exeter   Ian Tonks, University of Exeter
Presenter: Lei Wedge	Presenter: Jeff Whitworth	Presenter: Alan Gregory
Discussant: Byoung-Hyoun Hwang Purdue University	Discussant:Ryan McKeon University of San Diego	Discussant:Volkan Kayacetin University of Alberta

Session 161 Debt and Financial Distress   Friday, 10:15 - 11:45 Chairperson: Gary W Emery University of Oklahoma
Limited Liability Effect with Endogenous Debt and Investment   jaideep chowdhury, virginia tech	Liquidity Crisis and Credit Crunch: Default, Leverage, and Pyramiding   Fukuo Albert Wang, University of Dayton	An Empirical Analysis of the Effect of Financial Distress on Trade Credit   Carlos A Molina, IESA - Instituto de Estudios Superiores de Administración   Lorenzo A Preve, IAE Business School, Universidad Austral
Presenter: jaideep chowdhury	Presenter: Fukuo Albert Wang	Presenter: Lorenzo A. Preve
Discussant: Jungsuk Han London Business School	Discussant:Christian Rauch Goethe Universitat Frankfurt	Discussant:Gary W Emery University of Oklahoma

Session 162 Financial Crisis and Liquidity "Top" Session   Friday, 10:15 - 11:45 Chairperson: Leonard Nakamura Federal Reserve Bank of Philadelphia
Bank Capital, Survival, and Performance around Financial Crises   Allen N. Berger, University of South Carolina   Christa H.S. Bouwman, Massachusetts Inst of Technology & Case Western Reserve University	Liquidity, Runs, and Security Design --Lessons from the Collapse of the Auction Rate Municipal Bond Market   Song Han, Federal Reserve Board   Dan Li, Federal Reserve Board
Presenter: Allen N. Berger	Presenter: Song Han
Discussant: John Finnerty Fordham University	Discussant: Jim Forest University of Connecticut

Session 163 Making Markets "Top" Session   Friday, 10:15 - 11:45 Chairperson: Marc Lipson University of Virginia
Earning More Attention: The Impact of Market Design on Attention Constraints   Bidisha Chakrabarty, Saint Louis University   Pamela C. Moulton, Fordham University	Specialists as Risk Managers: The Competition between Intertmediated and Non-Intermediated Markets   Wen Mao, Villanova University   Michael S. Pagano, Villanova University	Informed Trading, Predictable Noise Trading Activities and Market Manipulation   Jungsuk Han, London Business School
Presenter: Bidisha Chakrabarty	Presenter: Michael S. Pagano	Presenter: Jungsuk Han
Discussant: Jay Coughenour University of Delaware	Discussant:Sabrina Buti University of Toronto	Discussant:Alex Boulatov University of Houston

Session 164 The Role of Corporate Insiders   Friday, 10:15 - 11:45 Chairperson: Soumen De Menlo College
Insiders' Trading around Open Market Share Repurchases: Evidence from the Taiwanese Stock Market   Chia-Cheng Ho, National Chung Cheng University   Su-Yin Cheng, Kainan University   Walayet A Khan, University of Evansville	Local Director Talent and Board Composition   Anzhela Knyazeva, University of Rochester   Diana Knyazeva, University of Rochester   Ronald Masulis, Vanderbilt University	Insider trading and share repurchases: Do insiders and firms trade in the same direction?   Alice Bonaime, University of Kentucky   Michael Ryngeart, University of Florida
Presenter: Walayet A. Khan	Presenter: Anzhela Knyazeva	Presenter: Alice Bonaime
Discussant: Ming-Chang Wang National Chung Cheng University	Discussant:Wanli Zhao Worchester Poly Institute	Discussant:Qin Lian Louisiana Tech University

Session 165 Boards and Governance "Top" Session   Friday, 10:15 - 11:45 Chairperson: Roberto Mura Manchester Business School
Employee Ownership, Board Representation, and Corporate Financial Policies   Edith Ginglinger, Université Paris-Dauphine, DRM   William L Megginson, University of Oklahoma   Timothée Waxin, Université Paris-Dauphine, DRM	The Benefits of Focus vs. Heterogeneity: An Analysis of Corporate Boards   Anzhela Knyazeva, University of Rochester   Diana Knyazeva, University of Rochester   Charu Raheja, Wake Forest University	Earnings Management and Forced CEO Turnover: Empirical Evidence   Sonali Hazarika, Baruch College, CUNY   Jonathan M Karpoff, University of Washington   Rajarishi Nahata, Baruch College, CUNY
Presenter: William L Megginson	Presenter: Diana Knyazeva	Presenter: Jonathan M. Karpoff
Discussant:Diane Denis Purdue University	Discussant: Jonathan Karpoff University of Washington	Discussant:William Megginson University of Oklahoma

Session 166 Agency Costs and Corporate Control   Friday, 10:15 - 11:45 Chairperson: Adam Yore Drexel University
Agency Costs and the Stock Price Response to Capital Expenditures   Sungsoo Kim, Rutgers University   Eugene Pilotte, Rutgers University   Joon Sun Yang, Sogang University	Empirical Evidence on Ownership Structure, Management Control and Agency Costs   Sridhar Gogineni, University of Oklahoma   Scott C Linn, University of Oklahoma   Pradeep K Yadav, University of Oklahoma	CEO career concerns and corporate policy   Li Zhang, McGill University
Presenter: Eugene Pilotte	Presenter: Sridhar Gogineni	Presenter: Li Zhang
Discussant: Adam Yore Drexel University	Discussant:Rebel A Cole DePaul University	Discussant:Anand Venkateswaran Northeastern University

Session 167 Corporate Governance and Firm Transparency I   Friday, 10:15 - 11:45 Chairperson: Stuart Gillan Texas Tech University
Corporate Governance Ratings in Europe: The Role of Country and Industry Factors   Pedro Verga Matos, ISEG   Ana Paula Serra, FEP and CEMPRE	Do Shareholders Agree With ISS? Evidence from ISS Vote Recommendations   Suresh Paul, SUNY-Binghamton	Reassessing What matters in Corporate Governance: Evidence from the Market for Directors' and Officers' Liability Insurance   Stuart L. Gillan, Texas Tech University   Christine A. Panasian, University of Richmond
Presenter: Ana Paula Serra	Presenter: Suresh Paul	Presenter: Christine Panasian
Discussant: Robin Braun Maastricht University	Discussant:Sudi Sudarsanam Cranfield University	Discussant:Nabil Ghalleb King Faud University of Petroleum & Minerals

Session 168 Capital Structure and Firm Stakeholders II   Friday, 10:15 - 11:45 Chairperson: Ling Lo, Western Kentucky University
Frictions, Leasing and Investment   Vasantha Rao Chigurupati, University of Connecticut   Shantaram P Hegde, Univeristy of Connecticut	Asset Buyers and Leverage   Khaled Amira, Suffolk University   Alexandros P. Prezas, Sufffolk University   Gopala K. Vasudevan, University of Massachusetts, Dartmouth	off the book debt and capital structure   ayla kayhan, SEC (on leave from LSU)   Peggy Weber, University of Illinois
Presenter: Vasantharao Chigurupati	Presenter: Khaled Amira	Presenter: ayla kayhan
Discussant: Rochelle M Edge Federal Reserve System	Discussant:Sinan Yildirim Texas Wesleyan University	Discussant:Gulnur Yaz Muradoglu Cass Business School

Session 169 M&A Timing   Friday, 10:15 - 11:45 Chairperson: Jing Zhao North Carolina State University
Board Networks and Merger Performance   Robert J Schonlau, University of Washington   Param Vir Singh, Carnegie Mellon University	Skill in Corporate Acquisitions   Jeffrey Jaffe, The Wharton School   David Pedersen, Drexel University   Torben Voetmann, Cornerstone Research	Vertical Integrations and Merger Waves   Jon Garfinkel, University of Iowa   Kristine Watson Hankins, University of Kentucky
Presenter: Robert Schonlau	Presenter: Torben Voetmann	Presenter: Kristine Hankins
Discussant: Seoyoung Kim Emory University	Discussant:Qingzhong Ma Cornell University	Discussant:Mark Walker North Carolina State University

Session 170 Small Business Lending "Top" Session   Friday, 10:15 - 11:45 Chairperson: Amar Gande Southern Methodist University
An Analysis of the Pricing of Small Business Lines of Credit   Alan K. Reichert, Cleveland State University   Ray Posey, Mount Union College	Don’t Lions Help Lambs? Small Bank Supply and Small Business Activity   Jay Yin Li, The University of Texas at Dallas	The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship   Jan Bena, University of British Columbia
Presenter: Ray Posey	Presenter: Jay Y. Li	Presenter: Jan Bena
Discussant: Johanna (Anjo) Koëter-Kant VU University Amsterdam	Discussant: Jian Cai, Fed Reserve Bank of Cleveland	Discussant: Johan Sulaeman Southern Methodist University

Session 171 Reflections on the Credit Crisis   Friday, 2:00 - 3:30 Raghuran G Rajan Eric J. Gleacher Distinguished Service Professor of Finance University of Chicago Raghuram G. Rajan served as Chief Economist at the International Monetary Fund between 2003 and 2006. His major research focus is on economic growth, and the role finance plays in it. Rajan believes there is no issue with greater urgency or moral imperative than economic development. As for his students, he hopes they walk away with "a greater awareness of the world they live in. And in a small way," he says, "I want to help them reflect on how they can make it better."

Session 172 The Bond Market in the Crisis of 2008 and After   Friday, 2:00 - 3:30 A panel discussion of the unusual events in fixed income that occurred in 2008 and that will likely continue in 2009. These include the flight to safety and historically low treasury yields and the increase in risk premiums for much of the fixed income sector. Moderator: George Bittlingmayer, University of Kansas Panelists: Vineer Bhansali, PIMCO Til Schuermann, Federal Reserve Bank of New York Andrew Kalotay, Andrew Kalotay Associates

Session 173 Case Studies: Managerial Applications of Corporate Finance   Friday, 2:00 - 3:30 Chairperson: Samuel C. Weaver Lehigh University
Fuel Hedging in the Airline Industry: The Case of Southwest Airlines   David Carter, Oklahoma State University   Daniel Rogers, Portland State University   Betty J Simkins, Oklahoma State University   Stephen Treanor, Cal State Chico	Honolulu Pacific Tower 2008   Mark A. Lane, Hawaii Pacific University	Red River Cooperative Limited: The Distribution Decision   Charles Edward Mossman, University of Manitoba   Brian Oleson, University of Manitoba
Presenter: Betty Simkins	Presenter: Dr. Mark Lane	Presenter: Charles Mossman
Discussant: Stephen F Thode Lehigh University	Discussant:Kashi Nath Tiwari KNT's Academic Financial Research	Discussant: Robert Stretcher Sam Houston State University

Session 174 Mutual Fund Flows and Herding   Friday, 2:00 - 3:30 Chairperson: Henrik Cronqvist Claremont McKenna University
Portfolios Weighted by Repurchase and Total Payout   Jack Francis, Baruch College   Christopher Hessel, Baruch College   Jun Wang, Baruch College   Ge Zhang, Long Island University	Do mutual funds herd in industries?   Gokhan Sonaer, Virginia Tech	Should I Stay or Should I Go? Mutual Fund Managers Who Stay (or Leave) to Run Hedge Funds   Fan Chen, University of Mississippi   Li-Wen Chen, National Chi Nan University   Ken B Cyree, University of Mississippi
Presenter: Jun Wang	Presenter: Gokhan Sonaer	Presenter: Fan Chen
Discussant: Henrik Cronqvist Claremont McKenna University	Discussant:Bilal Erturk Oklahoma State University	Discussant:Jon Fulkerson Loyola College in Maryland

Session 175 Banks and Credit Risk   Friday, 2:00 - 3:30 Chairperson: Prakash K. Pai The University of Texas of the Permian Basin
Credit Risk Transfer Practices in US Commercial Banks   Mascia Bedendo, Bocconi University   Brunella Bruno, Bocconi University	Credit Ratings and Bank Monitoring Ability   Leonard Nakamura, Federal Reserve Bank of Philadelphia   Kasper Roszbach, Sveriges Riksbank	Pricing Credit Insurance: Are Customers Exploited in the payment protection insurance market?   John Ashton, University of East Anglia   Robert Hudson, Newcastle University
Presenter: Mascia Bedendo	Presenter: Leonard Nakamura	Presenter: Robert Hudson
Discussant: Prakash K. Pai The University of Texas of the Permian Basin	Discussant:Kenneth Norton Mid-Continent University (Kentucky)	Discussant:Michael B. Imerman Rutgers Business School

Session 176 Topics in International Investing   Friday, 2:00 - 3:30 Chairperson: Mohamed M Rahoui Old Dominion University
The 52-Week High Momentum Strategy in International Stock Markets   Ming Liu, Binghamton University-SUNY   Qianqiu Liu, University of Hawaii   Tongshu Ma, Binghamton University-SUNY	The Trading Behavior and Price Impact of Foreign, Institutional, and Individual Investors: Evidence from Korean Equity Market   Gwangheon Hong, Sogang University   Bong-Soo Lee, Florida State University	The Diversification Effects of Real Estate Investment Trusts: A Global Perspective   Robin K Chou, National Central University   Keng-Yu Ho, National Taiwan University   Chiuling Lu, National Chengchi University
Presenter: Ming Liu	Presenter: Gwangheon Hong	Presenter: Keng-Yu Ho
Discussant: Mohamed M Rahoui Old Dominion University	Discussant:Huimin Chung National Chiao Tung University	Discussant:Changha Jin University of Texas Pan American

Session 177 Option Prices and their Relation to Underlying Asset Prices   Friday, 2:00 - 3:30 Chairperson: Marcel Prokopczuk ICMA Centre, University of Reading
Re-thinking the Relation between Implied and Realized Volatility   Guan Jun Wang, Florida A&M University	The Impact of Option introductions on the Price and Volatility of Underlying Securities: A Study of American Depository Receipts   Spencer Case, Texas State Univeristy   Janet Payne, Texas State University	A Tale of Two Cities: The Nexus between Options Market and Firm-Level Characteristics and Performances   Scott Fung, California State University, East Bay   William Cheung, University of Macau
Presenter: Guan Jun Wang	Presenter: Dr. Spencer Case	Presenter: William Cheung
Discussant: Michele Bonollo Banco Popolare	Discussant: Soumen De Menlo College	Discussant:Mascia Bedendo Bocconi University

Session 178 IPO Process   Friday, 2:00 - 3:30 Chairperson: Michael J Highfield Mississippi State University
Strategic Waiting in the IPO Markets   Gonul Colak, Florida State University   Hikmet Gunay, University of Manitoba	The Quiet Period Has Something To Say   Patrick A. Lach, Eastern Illinois University   Michael J. Highfield, Mississippi State University	Short-Selling, Margin-Trading, and Market Valuation   Zhaodan Huang, Utica College   Yangyu Wu, Rutgers University
Presenter: Gonul Colak	Presenter: Patrick Lach	Presenter: Zhaodan Huang
Discussant: An Yan Fordham University	Discussant:Asher Curtis University of Utah	Discussant: Christo Pirinsky George Washington University

Session 179 Product Relationships and Corporate Decisions   Friday, 2:00 - 3:30 Chairperson: C. Edward Fee Michigan State University
CEO Turnover and the Wealth Effect of Competitors, Suppliers and Corporate Customers   Sheng-Syan Chen, National Taiwan University   Shao-Chi Chang, National Cheng Kung University   Wen-Chun Lin, Providence University   Ching-Yi Chou, National Taiwan University	Cash Holdings and the Characteristics of Suppliers   Jennifer Itzkowitz, University of Florida	Product Market Relationships and Cost of Bank Loans: Evidence from Strategic Alliances   Yiwei Fang, Rensselaer Polytechnic Institute   Bill Francis, Rensselaer Polytechnic Institute   Iftekhar Hasan, Rensselaer Polytechnic Institute   Haizhi Wang, Illinois Institute of Technology
Presenter: Wen-Chun Lin	Presenter: Jennifer Itzkowitz	Presenter: Yiwei Fang
Discussant: Kathleen A. Farrell University of Nebraska-Lincoln	Discussant:Tilan Tang Clemson University	Discussant:C. Edward Fee Michigan State University

Session 180 Informational Content of Security Prices   Friday, 2:00 - 3:30 Chairperson: Feifei Zhu University of Wisconsin Milwaukee
Information Revelation and Stock Returns   Umut Gokcen, Boston College	Asymmetric Information, Dynamic Information Production and Initial Public Offerings   Coskun Cetin, California State University, Sacramento   Rafiqul Bhuyan Rafiq, California State University, San Bernardino