"Top-Ten Percent" Session Session 001 – Equity Valuation Thursday, October 12, 8:00 am - 9:30 am Presentations Commission Costs, Illiquidity And Stock Returns Jinliang Li, Northeastern University Robert Mooradian, NortheasternUniversity W David Zhang, Arizona State University Firm-Specific Risk And Equity Market Development Gregory Brown, UNC Chapel Hill Nishad Kapadia, UNC Chapel Hill The Fed Model: The Bad, The Worse, And The Ugly Javier Estrada, IESE Business School

"Top-Ten Percent" Session Session 002 – Asset Management Thursday, October 12, 8:00 am - 9:30 am Presentations Is What Is Best For Employees Best For Shareholders? Olubunmi Faleye, Northeastern University Emery Trahan, NortheasternUniversity The Effect Of Geographic Diversification On Firm Value Wenlian Gao, University of Wisconsin Milwaukee Lilian Ng, University of Wisconsin Milwaukee Qinghai Wang, University of Wisconsin Milwaukee The Impact Of Illiquidity On The Asset Management Of Insurance Companies Thomas Berry-Stölzle, University of Cologne

"Top-Ten Percent" Session Session 003 – Market Integration, Contagion, and Pricing Thursday, October 12, 8:00 am - 9:30 am Presentations A New Information Share Measure And Its Application To Futures And Spot Markets Donald Lien, University of Texas San Antonio Keshab Shrestha, Nanyang Technological University International Capital Asset Pricing: Evidence From Options Hengyong Mo, City University of New York Liuren Wu, Baruch College Is There Hedge Fund Contagion? Nicole M Boyson, Northeastern University Christof W Stahel, George Mason University René M Stulz, The Ohio State University

"Top-Ten Percent" Session Session 004 – Mortgages Thursday, October 12, 8:00 am - 9:30 am Presentations Nominal Mortgage Contracts And The Effects Of Inflation On Portfolio Allocation Joseph B Nichols, Federal Reserve System Mortgage Contracts And Household Risk Management Amy Crews Cutts, Freddie Mac Richard K. Green, George Washington University Buchi Ramagopal, Citigroup Discrimination In Prime And Subprime Mortgage Lending And The Impact Of Predatory Lending Legislation Darius Palia, Rutgers University Wei Yu, Rutgers University

Session 005 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 006 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 007 –"Held for Special Doctoral Student Seminar Paper Presentations"

Session 008 –"Held for Special Session"

Session 009 – Options and Information

Thursday, October 12, 8:00 am - 9:30 am

Do Options Contribute To Price Discovery In Emerging Markets?

P Peter Lung, University of Dayton
Kam C Chan, WeStatern Kentucky University
Yuan Cheng Chang, National Chengchi University

Aysegul Ates, Akdeniz University
George HK Wang, CFTC

James S Doran, Florida State University
David R Peterson, Florida State University
Brian C Tarrant, Florida State University

Session 010 – Firm Taxes and Leverage

Thursday, October 12, 8:00 am - 9:30 am

Taxes And Corporate Debt Policy : Evidence For Unlisted Firms Of Sixteen European Countries

Cesario Mateus, Aarhus School of Business

Malte Brettel, Aachen University
Wolfgang Breuer, Aachen University
Kerstin Faass, Aachen University
Christian Kuehn Aachen University

Sudarshan Jayaraman, UNC Chapel Hill

Session 011 – Bookbuilding in IPOs

Thursday, October 12, 8:00 am - 9:30 am

Book Building Versus Auction Selling Methods: A Study Of U.S. Ipos

Kuntara Pukthuanthong, San Diego State University
Nikhil P Varaiya, San Diego State University
Thomas J Walker, Concordia University

Richard H Pettway, University of Florida
Satish Thosar, University of Redlands
Scott Walker, University of Technology Sydney

Hsuan-Chi Chen, Yuan Ze University
Keng-Yu Ho, National Central University
Cheng-Huan Wu, Yuan Ze University

Session 012 – Dividend Policy: International Evidence

Thursday, October 12, 8:00 am - 9:30 am

Cross-Sectional Determinants Of Dividend Payments: International Evidence

J. B. Chay, Sungkyunkwan University
Jungwon Suh, Ewha Womans University

Grzegorz Trojanowski, University of Exeter
Luc Renneboog, Tilburg University and ECGI

Douglas O Cook, University of Alabama
Jin Q Jeon, University of Alabama

Session 013 – Ownership Structure, Liquidity, and Market Monitoring

Thursday, October 12, 8:00 am - 9:30 am

Ownership Control, Liquidity And Changes In Firm Value: Evidence From Canadian Earnings Announcements

Lawrence Kryzanowski, Concordia University
Arturo Rubalcava, University of Regina

Jennifer (Huihua) Li, St Cloud State University

Yan Zhang, Indiana University

Session 014 – New Explorations in Corporate Governance

Thursday, October 12, 8:00 am - 9:30 am

Corporate Governance And Equity Mispricing

Joon Chae, SUNY Buffalo
Dong Wook Lee, University of Kentucky

Joseph PH Fan, Chinese University of Hong Kong
Oliver Meng Rui, Chinese University of Hong Kong
Mengxin Zhao, Bentley College

Vladimir I Ivanov, University of Kansas
Ronald Masulis, Vanderbilt University

Session 015 – Corporate Advisors and Value

Thursday, October 12, 8:00 am - 9:30 am

How do Firms Choose Financial Advisors and Why Do They Switch

Bill Francis, Rensselaer Polytechnic Institute
Iftekhar Hasan, Rensselaer Polytechnic Institute
Xian Sun, Rensselaer Polytechnic Institute

Weishen Wang, University of Central Florida
S Sinan Erzurumlu, University of Texas Austin

Giuliano Iannotta, Bocconi University & SDA Bocconi
Marco Navone, Bocconi University & SDA Bocconi

Session 016 – Reversals

Thursday, October 12, 8:00 am - 9:30 am

Reconciling Daily And Weekly Return Behavior Following Positive And Negative Events

Rakesh Bharati, SIU Edwardsville
Susan J Crain, Missouri State University
Prasad Nanisetty, Julius Baer

Hyung-Suk Choi, Georgia Tech
Narayanan Jayaraman, Georgia Tech

Kiseok Nam, University of Texas Pan American

Session 017 – Asset Allocation

Thursday, October 12, 8:00 am - 9:30 am

International Asset Allocation Under Regime Switching, Skew And Kurtosis Preferences

Massimo Guidolin, Federal Reserve Bank St Louis
Allan Timmermann, University of California San Diego

Hazel Bateman, University of New South Wales
Susan Thorp, University of Technology Sydney

David Louton, Bryant University
Hakan Saraoglu, Bryant University

Session 018 – Bond Valuation

Thursday, October 12, 8:00 am - 9:30 am

Securitization Of Catastrophe Mortality Risks

Yijia Lin, Georgia State University
Samuel H Cox, Georgia State University

Gurupdesh S Pandher, DePaul University

Amy F Lipton, Saint Joseph's University
Nandu Nayar, Lehigh University

Session 019 – New Methodologies

Thursday, October 12, 8:00 am - 9:30 am

Why Does Stock Market Volatility Change Over Time? A Time-Varying Variance Decomposition For Stock Returns

Federico Nardari, Arizona State University
John T Scruggs, University of Georgia

Sutthisit Jamdee, St Cloud State University
Cornelis Los, Kazakh-British Technology University

Yan Liu, Emory University
Qi Zhu, Emory University

Session 020 – Informed Trading and Spreads

Thursday, October 12, 8:00 am - 9:30 am

Price History And Asymmetry In The Impact Of Institutional Trades

Chiraphol Chiyachantana, Singapore Management University
Pankaj Jain, University of Memphis
Christine Jiang, University of Memphis
Robert Wood, University of Memphis

Alexey Serednyakov, University of Minnesota

Hao Lin, University of Warwick & Cal State Sacramento
Antonio S Mello, University of Wisconsin Madison

Session 021 – Alternative Investments

Thursday, October 12, 8:00 am - 9:30 am

The Risk-Adjusted Performance Of US Buyouts

Alexander Groh, Darmstadt University of Technology
Oliver Gottschalg, HEC School of Management

Xiaoqing Eleanor Xu, Seton Hall University

Matthew Hood, University of Southern Mississippi
John R Nofsinger, Washington State University

Session 022 – Evaluating Investment Strategies

Thursday, October 12, 8:00 am - 9:30 am

The Home Team Weather Advantage And Biases In The NFL Betting Market

Richard Borghesi, Texas State University

George Papanastasopoulos, University of Peloponnese
Dimitrios Thomakos, University of Peloponnese
Tao Wang, City University of New York

Tao Shu, University of Texas Austin

Session 023 – Issues in Financial Education

Thursday, October 12, 8:00 am - 9:30 am

Attitude And Change: Conditioning In The Business School Environment

Todd A Brown, University of Nebraska Lincoln
John A Sautter, University of Nebraska Lincoln
Levi L Littvay, University of Nebraska Lincoln

Zhuomng "Joe" Peng, SUNY Oswego

William G Hardin III, Mississippi State University
Kartono Liano, Mississippi State University
Kam C Chan, Western Kentucky University
Robert CW Fok, University of Wisconsin Parkside

Session 024 – Stock or Options?

Thursday, October 12, 8:00 am - 9:30 am

Executive Portfolio Decisions: The Interaction of Executive Stock Ownership and Options

Paul A Grout, University of Bristol
Anna Zalewska, University of Bath

Jean M Canil, University of Adelaide
Bruce A Canil, University of Adelaide

Jianxin (Daniel) Chi, North Dakota State University
Shane A Johnson, Texas A&M University

Session 025 – Regulatory Monitoring in Different Markets

Thursday, October 12, 8:00 am - 9:30 am

Credit Rating And Bank Monitoring Ability

Leonard I Nakamura, Federal Reserve Bank Philadelphia
Kasper Roszbach, Sveriges Riksbank

Alfred Lehar, University of Calgary
Duane Seppi, Carnegie Mellon University
Günter Strobl, UNC Chapel Hill

Robert A Eisenbeis, Federal Reserve Bank Atlanta
George G Kaufman, Loyola University

Session 026 – Insurance Companies and Financial Markets

Thursday, October 12, 8:00 am - 9:30 am

Closure Rules And The Valuation Of Pension Benefit Guaranty

Jin-Ping Lee, Feng-Chia University
Min-Teh Yu, Providence University

John Polonchek, Oklahoma State University
Ronald K Miller, Oklahoma State University

Qiang Liu, University of Mississippi

Session 027 – International Lending Markets

Thursday, October 12, 8:00 am - 9:30 am

Factors Underlying The Credit Risk Exposure Of Sovereign Loans

Elena Kalotychou, Cass Business School
Sotiris K. Staikouras, City University

Larissa Kyj, Rowan University
Ihsan Isik, Rowan University

Session 028 – Global Investing

Thursday, October 12, 8:00 am - 9:30 am

Measuring International Financial Integration Through Stochastic Discount Factors

Saira Latif, University of Massachusetts Lowell
Hossein B Kazemi, University of Massachusetts Amherst

Yiuman Tse, University of Texas San Antonio
Valeria Martinez, University of Texas San Antonio

Timothy R Burch, University of Miami
Larry Fauver, University of Miami

"Top-Ten Percent" Session Session 029 – Volatility Volume and Information Thursday, October 12, 9:45 am - 11:15 am Presentations Information, Sell Side Research And Market Making Leonardo Madureira, Case Western Reserve University Shane Underwood, Rice University Volatility, Market Structure, And Liquidity Kee H Chung, SUNY Buffalo Youngsoo Kim, University of Regina The Trading Volume Migration Of NYSE-Listed Stocks Following Decimalization Wei Huang, University of Hawaii Manoa S. Ghon Rhee, University of Hawaii Manoa Ning Tang, Wilfrid Laurier University

"Top-Ten Percent" Session Session 030 – Governance and Managerial Decisions Thursday, October 12, 9:45 am - 11:15 am Presentations Do Entrenched Managers Pay Their Workers More? Henrik Cronqvist, The Ohio State University Fredrik Heyman, The Research Institute of Industrial Economics Mattias Nilsson, Worcester Polytechnic Institute Helena Svaleryd, The Research Institute of Industrial Economics Dual-Class Share Issues And Mitigating The Costs Of Corporate Democracy Suman Banerjee, Tulane University The Choice Of Corporate Liquidity And Corporate Governance Hayong Yun, Columbia University

"Top-Ten Percent" Session Session 031 – Credit Default Swaps Thursday, October 12, 9:45 am - 11:15 am Presentations Liquidity, Liquidity Spillover, And Credit Default Swap Spreads Dragon Yongjun Tang, Kennesaw State University Hong Yan, University of Texas Austin & SEC Restructuring Risk In Credit Default Swaps: An Empirical Study Antje Berndt, Carnegie Mellon University Robert A Jarrow, Cornell University ChoongOh Kang, Cornell University Pricing Credit Default Swaps With The Extended Geske-Johnson Model Shih-Kuo Yeh, National Chun Hsing University Ren-Raw Chen, Rutgers University

"Top-Ten Percent" Session Session 032 – Investment Patterns Thursday, October 12, 9:45 am - 11:15 am Presentations Order Flow Patterns Around Seasoned Equity Offerings And Their Implications For Stock Price Movements Avanidhar Subrahmanyam, UCLA Sahn-Wook Huh, Brock University Mutual Fund Flows And Investor Returns: An Empirical Examination Of Fund Investor Timing Ability Geoffrey C Friesen, University of Nebraska Lincoln Travis RA Sapp, Iowa State University Sex Matters: Gender And Mutual Funds Alexandra Niessen, University of Cologne Stefan Ruenzi, University of Cologne

Session 033 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 034 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 035 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 036 – "Held for Special Session"

Session 037 – Issues in Option Pricing

Thursday, October 12, 9:45 am - 11:15 am

Bounds And Prices Of Currency Cross-Rate Options

San-Lin Chung, National Taiwan University
Yaw-Huei Wang, Nional Central University

R Stafford Johnson, Xavier University
Richard A Zuber, UNC Charlotte
John M Gandar, UNC Charlotte

Elton Daal, University of New Orleans
Jung-Suk Yu, University of New Orleans

Session 038 – International Capital Structure Choice I

Thursday, October 12, 9:45 am - 11:15 am

Bond Market Accessibility, Credit Quality And Capital Structure: Canadian Evidence

Usha R Mittoo, University of Manitoba
Zhou Zhang, University of Manitoba

Gabriela Rocha Teixeira, FEG - Universidade Católica Portuguesa
Mário Coutinho dos Santos, FEG - Universidade Católica Portuguesa

Joao Zani, Unisinos
Jairo Laser Procianoy, PPGA/EA/UFRGS

Session 039 – What Drives the Equity Issue Decision?

Thursday, October 12, 9:45 am - 11:15 am

The Choice Of IPO versus M&A: Evidence From Banking Industry

Bill Francis, Rensselaer Polytechnic Institute
Iftekhar Hasan, Rensselaer Polytechnic Institute
Dona Siregar, SUNY Oneonta

Bingsheng Yi, Cal State Dominguez Hills
Scott Besley, University of South Florida
Christos Pantzalis, University of South Florida

Mark D Walker, North Carolina State University
Keven Yost, Auburn University

Session 040 – Dividend Initiations and Omissions

Thursday, October 12, 9:45 am - 11:15 am

Dividend Drops and Firm Retrenchment

Gerald E Jensen, Northern Illinois University
Robert Miller, Northern Illinois University

Jouahn Nam, Pace University
John. H Thornton Jr., Kent State University
P. V Viswanath, Pace University
Jun Wang Louisiana State Univesity

Mia Twu, Chengchi University
Chin-Hsian Shen, Chengchi University

Session 041 – Institutional Investors and Corporate Governance

Thursday, October 12, 9:45 am - 11:15 am

Does Institutional Investor Composition Influence Managerial Myopia? The Case Of Accounting Restatements

Laura Yue Liu, University of Oregon

Carlos Francisco Alves, CEMPRE - Universidade do Porto
Victor Augusto Mendes, CMVM

Yixi Ning, University of Houston Victoria

Session 042 – Governance: Responding to Proposals

Thursday, October 12, 9:45 am - 11:15 am

The Effect Of Non-Binding Board Recommendations: The Case Of The Dey Report And Publicly Listed Canadian Firms

Philip C English II, Texas Tech University
Andrew K Prevost, Ohio University
Christine Panasian, Texas Tech University

James F Cotter, Wake Forest University
Randall S Thomas, Vanderbilt Univ

Fabrizio Ferri, Harvard Business School
Yonca Ertimur, Stanford University
Stephen Stubben, Stanford University

Session 043 – Information and Governance

Thursday, October 12, 9:45 am - 11:15 am

Corporate Governance Scores, Tobin's Q And Equity Prices: Evidence From Canadian Capital Markets

Parveen P Gupta, Lehigh University
Duane B Kennedy, University of Werloo
Samuel C Weaver, Lehigh University

Stephen Yan-Leung Cheung, City University of Hong Kong
J Thomas Connelly, Chulalongkorn University
Piman Limpaphayom, Chulalongkorn University
Lynda Zhou City University of Hong Kong

Kee-Hong Bae, Queen's University
Warren Bailey, Cornell University
Connie X Mao, Temple University

Session 044 – Event Studies II

Thursday, October 12, 9:45 am - 11:15 am

Abnormal Returns In The Vicinity Of Insider Transactions: Unbiased Estimates For Germany

Marco Klinge, Roland Berger Strategy Consultants
Udo Seifert, Humboldt Universitat zu Berlin
Richard Stehle, Humboldt Universitat zu Berlin

Jedrzej Bialkowski, Auckland University of Technology
Katrin Gottschalk, European University Viadrina
Tomasz Piotr Wisniewski, Auckland University of Technology

Shao-Chi Chang, National Cheng Kung University
Sheng-Syan Chen, National Taiwan University
Li-Yu Chen, National Cheng Kung University

Session 045 – No Session Scheduled

Session 046 – Bond Ratings

Thursday, October 12, 9:45 am - 11:15 am

The Impact Of Rating Agency Reputation On Local Government Bond Yields

Arthur Allen, University of Nebraska Lincoln
Donna Dudney, University of Nebraska Lincoln

Arthur Allen, University of Nebraska Lincoln
George Sanders, Western Washington University
Donna Dudney, University of Nebraska Lincoln

K Stephen Haggard, University of Missouri Columbia
Ravi Jain, University of Massachusetts Lowell
Xiumin Martin, University of Missouri Columbia
Raynolde Pereira, University of Missouri Columbia

Session 047 – Stock Return Puzzles

Thursday, October 12, 9:45 am - 11:15 am

Momentum Profits And Non-Normality Risks

Ana-Maria Fuertes, Cass Business School
Joelle Miffre, City University
Wooi-Hou Tan, Cyberring Ltd

Valerio Potě, Dublin City University

Jahangir Sultan, Bentley College

Session 048 – Market Microstructure: Patterns and Competition

Thursday, October 12, 9:45 am - 11:15 am

Market Performance, Competition, And Information Known To Market Makers

Arman Kosedag, Berry College
Jinhu Qian, Le Moyne College

Van T Nguyen, Fairleigh Dickinson University
Bonnie F Van Ness, University of Mississippi
Robert A Van Ness, University of Mississippi

Asli Ascioglu, Bryant University
Murat Aydogdu, Bryant University
Robin K Chou, National Central University Taiwan
Lynn Phillips Kugele, Christian Brothers University

Session 049 – Portfolios: Allocation and Performance Issues

Thursday, October 12, 9:45 am - 11:15 am

Analysis Of The Wealth Impact Of Re-Allocation Decisions By Institutional Plan Sponsors

Jeffrey Heisler, Gottex Fund Management
Christopher R Knittel, University of California Davis
John J Neumann, St John's University
Scott D Stewart, Boston University

Peter Christoffersen, McGill University
Kris Jacobs, McGill University
Yintian Wang, McGill University

Chanwit Phengpis, Cal State Long Beach
Wikrom Prombutr, University of Texas Arlington

Session 050 – Information and Market Efficiency

Thursday, October 12, 9:45 am - 11:15 am

Predicting Future Stock Returns: A Bayesian Perspective

James A Turner, Weber State University

Gady Jacoby, University of Manitoba
Yan Wang, University of Manitoba

Robert J Yan, University of Western Ontario
John Nuttall, University of Western Ontario
Charles X Ling, University of Western Ontario

Session 051 – Issues in Real Estate

Thursday, October 12, 9:45 am - 11:15 am

Information Asymmetry, Market Liquidity, And The Age Of Residential Property

Yibing Du, University of Texas Arlington
Andrew Hansz, University of Texas Arlington

Frank E Nothaft, Freddie Mac
Yan Chang, Freddie Mac

Monica Paiella, Bank of Italy
Alberto Franco Pozzolo, Universita' degli Studi del Molise

Session 052 – New Findings on Executive Compensation

Thursday, October 12, 9:45 am - 11:15 am

Compensation Distribution In The Top Executive Suite

Laxmikant Shukla, University of Pittsburgh
Akin Sayrak, University of Pittsburgh
John D Martin, Baylor University

Jeffrey T Brookman, University of Nevada Las Vegas
Tomas Jandik, University of Arkansas
Craig G Rennie, University of Arkansas

Stephen Bryan, Wake Forest University
Robert Nash, Wake Forest University
Ajay Patel, Wake Forest University

Session 053 – Lending, Performance, and Efficiency

Thursday, October 12, 9:45 am - 11:15 am

CRA Agreements And Small Business Lending: Is There A “There” There?

Raphael W Bostic, University of Southern California
Breck L Robinson, University of Delaware

David Becher, Drexel University
George Deltas, University of Illinois
George Pinteris, University of Illinois

Victoria Geyfman, Federal Reserve Bank Philadelphia & Bloomsburg University of Pennsylvania

Session 054 – Firm Value Studies

Thursday, October 12, 9:45 am - 11:15 am

Corporate Diversification, Relatedness, Group Affiliation, And Firm Value: Evidence From Korean Firms

Sung C Bae, Bowling Green State University
Taek Ho Kwon, Yosu Nional University
Jang W Lee, Dongeui University

Zhicheng Wang, Peking University

Vigdis W Boasson, Ithaca College
Emil Boasson, Ithaca College

Session 055 – International Capital Structure Choices

Thursday, October 12, 9:45 am - 11:15 am

Capital Structure And Debt Maturity: Evidence From Emerging Markets

Cesario Mateus, Aarhus School of Business
Paulo RS Terra, Unisinos, University of Sinos

Matthew R McBrady, University of Virginia
Michael J Schill, University of Virginia

Thomas William Hall, University of Alabama Huntsville & City University
Fredrick Joergensen, Southern Stockholm University

Session 056 – Global Markets and Pricing

Thursday, October 12, 9:45 am - 11:15 am

Foreign Exchange Risk And The Cross Section Of Stock Returns

James W Kolari, Texas A&M University
Ted C Moorman, University of New Hampshire
Sorin M Sorescu, Texas A&M University

Yuan-Chen Chang, National Chengchi University
Robert CW Fok, University of Wisconsin Parkside
P Peter Lung, University of Dayton

Ilian Draganov, University of Washington Bothell
Ufuk Ince, University of Washington Bothell

"Top-Ten Percent" Session Session 057 – Returns, Spreads, and Prices Thursday, October 12, 11:30 am - 1:00 pm Presentations Portfolio Cross-Autocorrelation Puzzles Dan Bernhardt, University of Illinois Ryan J Davies, Babson College Decomposing David Michayluk, University of Technology, Sydney Laurie Prather, Bond University Li-Anne E Woo, Bond University Henry YK Yip University of New South Wales Price Aggressiveness And Quantity: How Are They Determined Together In A Limit Order Market? Ingrid Lo, Bank of Canada Stephen Sapp, University of Western Ontario

"Top-Ten Percent" Session Session 058 – Firm Productivity and Risk Thursday, October 12, 11:30 am - 1:00 pm Presentations CEO Incentives And Firm Productivity Paroma Sanyal, Brandeis University Laarni Bulan, Brandeis University Zhipeng Yan, Brandeis University Do CEO Stock Options Encourage Risk Taking? Jingtao Wu, Iowa State University Sergio H Lence, Iowa State University Pensions And Corporate Performance: Effects Of The Shift From Defined Benefit To Defined Contribution Pension Plans James A Brander, University of British Columbia Sean Finucane, University of Exeter

"Top-Ten Percent" Session Session 059 – Pricing Options Thursday, October 12, 11:30 am - 1:00 pm Presentations Dynamic Equilibrium With Overpriced Put Options Sergei Isaenko, Concordia University Microstructural Biases In Empirical Tests Of Option Pricing Models Patrick Dennis, University of Virginia Stewart Mayhew, SEC Is Systematic Risk Priced In Options? Jin-Chuan Duan, University of Toronto Jason Z Wei, University of Toronto

"Top-Ten Percent" Session Session 060 – Bank Relationship Thursday, October 12, 11:30 am - 1:00 pm Presentations Banks And Bubbles: How Good Are Bankers At Spotting Winners? Laura Gonzalez, University of Florida Christopher James, University of Florida Are Current Consolidations Of Financial Institutions And Syndicated Loan Alliances Related To Past Alliances? Claudia Champagne, Concordia University Lawrence Kryzanowski, Concordia University Are Banking Relations Beneficial To Established Firms? Evidence From Seasoned Equity Offerings Yang Liu, California Polytechnic State University J Jimmy Yang, Oregon State University

Session 061 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 062 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 063 – "Held for Special Doctoral Student Seminar Paper Presentations"

Session 064 – "Held for Special Session"

Session 065 – Option Prices, Stock Returns, and Volatility

Thursday, October 12, 11:30 am - 1:00 pm

A Matrix-Based Lattice Model To Value Employee Stock Options

Mukesh Bajaj, LECG
Sumon Mazumdar, LECG
Rahul Surana, LECG
Sanjay Unni, LECG

Nejat Seyhun, University of Michigan
Xuewu Wang, University of Michigan

Erik Benrud, American University

Session 066 – International Capital Structure Choice II

Thursday, October 12, 11:30 am - 1:00 pm

Capital Structure Around The World: The Roles Of Firm- And Country-Specific Determinants

Abe de Jong, RSM Erasmus University
Rezaul Kabir, University of Stirling
Thuy Thu Nguyen, RSM Erasmus University

Xin Chang, University of Melbourne
Gilles Hilary, Hong Kong University of Science and Technology
Chia Mei Shih, University of Melbourne
Lewis HK Tam University of Macau

Joseph Farhat, Southern Connecticut State University
Carmen Cotei, Univesity of Hartford
Benjamin Abugri, Southern Connecticut State University

Session 067 – Motivations for Convertible Debt

Thursday, October 12, 11:30 am - 1:00 pm

Why Issue Putable Convertibles? An Empirical Analysis

Thomas J Chemmanur, Boston College
Karen Simonyan, Suffolk University

Camelia S Rotaru, University of Texas Pan American

Marie Dutordoir, Katholieke Universiteit Leuven
Linda Van de Gucht, Katholieke Universiteit Leuven

Session 068 – Dividend Policy and Taxes

Thursday, October 12, 11:30 am - 1:00 pm

The Effect of Taxes, Trading Frictions, and Fund Premium on the Ex-dividend Day Price Behavior of Closed-end Funds

Ravi Jain, Indian School of Business

Yi Zhang, University of Nebraska Lincoln
Todd A Brown, University of Nebraska Lincoln

Robert Hull, Washburn University
William Roach, Washburn University
Robert A Weigand, Washburn University

Session 069 – Corporate Governance and Financial Policy

Thursday, October 12, 11:30 am - 1:00 pm

Security Choice And Corporate Governance

John S Howe, University of Missouri Columbia
Brett C Olsen, University of Missouri Columbia

Elif Sisli Ciamarra, New York University

Chiraphol New Chiyachantana, Singapore Management University
Pornsit Jiraporn, Texas A&M International University
Pattanaporn Kitsabunnarat, Texas A&M International University

Session 070 – Ownership Structure and Firm Performance

Thursday, October 12, 11:30 am - 1:00 pm

Foreign Ownership And Corporate Performance

Jongmoo Jay Choi, Temple University
Sehyun (Sean) Yoo, San Diego State University

Scott Fung, Hong Kong Polytechnic University
Richard Chung, Hong Kong Polytechnic University
Jayendu Patel, ChoiceStream, Inc., Cambridge, MA

John D Knopf, University of Connecticut
Walter Dolde, University of Connecticut

Session 071 – Corporate Governance and Real Performance

Thursday, October 12, 11:30 am - 1:00 pm

Corporate Governance And Corporate Survival

M Sinan Goktan, University of Texas Dallas
Robert Kieschnick, University of Texas Dallas
Rabih Moussawi, Wharton Research Data Services

Marcus V Braga Alves, University of Pittsburgh
Gershon N Mandelker, University of Pittsburgh
Mengxin Zhao, Bentley College

Omrane Guedhami, Memorial University of Newfoundland
Jeffrey Pittman, Memorial University of Newfoundland

Session 072 – Event Studies I

Thursday, October 12, 11:30 am - 1:00 pm

Why Prices Of IPO Stocks Drop Upon Lockup Expiration? Evidence From Intraday Data

Yuan Gao, George Mason University

Sergey S Barabanov, University of St Thomas
Kuntara Pukthuanthong, San Diego State University
Thomas J Walker, Concordia University

Adam YC Lei, Midwestern State university
Huihua Li, St Cloud State University

Session 073 – No Session Scheduled

Session 074 – Lending

Thursday, October 12, 11:30 am - 1:00 pm

Information Opacity, Credit Risk, and the Design of Loan Contracts for Private Firms

Lucy F Ackert, Kennesaw State University/Fed Res Bank Atlanta
Rongbing Huang, Kennesaw State University
Gabriel G Ramirez, Kennesaw State University

Wei-Huei Hsu, Massey University
Abdullah Mamun, University of Saskatchewan
Lawrence Rose, Massey University

Elijah Brewer III, DePaul University & Federal Reserve Bank Chicago
Mennatallah Eltaki, University of Iowa
William E Jackson III, Federal Reserve Bank Atlanta

Session 075 – Household Investing

Thursday, October 12, 11:30 am - 1:00 pm

The Relation Between Dividend Changes And Future Earnings Changes In High Versus Low Dividend Premium Years

Ashiq Ali, University of Texas Dallas
Oktay Urcan, University of Texas Dallas

Yaxuan Qi, Rutgers University
Yangru Wu, Rutgers University

Andrea Tiseno, Banca D'Italia
Monica Paiella, Banca D'Italia

Session 076 – Intermarket Competition

Thursday, October 12, 11:30 am - 1:00 pm

Short- And Long-Term Effects Of Multimarket Trading

Van T Nguyen, Fairleigh Dickinson University
Bonnie F Van Ness, University of Mississippi
Robert A Van Ness, University of Mississippi

Xin Zhao, Penn State Erie
Kee H Chung, SUNY Buffalo

Michael Goldstein, Babson College
Andriy Shkilko, University of Mississippi
Bonnie Van Ness, University of MIssissippi
Robert Van Ness, University of Mississippi

Session 077 – Portfolio Formation

Thursday, October 12, 11:30 am - 1:00 pm

Time-Variation In Diversification Benefits Of Commodity, Reits, And TIPS

Zhaodong Zhong, Penn State University
Jingzhi Huang, Penn State University

Dongmin Ke, University of Wisconsin Milwaukee
Lilian K Ng, University of Wisconsin Milwaukee
Qinghai Wang, University of Wisconsin Milwaukee

Vladyslav Kyrychenko, York University
Pauline Shum, York University

Session 078 – Calendar Patterns in Returns

Thursday, October 12, 11:30 am - 1:00 pm

Japanese Day-Of-The-Week Return Patterns: New Results

Wentworth Boynton, University of New Haven
Henry R Oppenheimer, University of Rhode Island
Sean F Reid, Salisbury University

Cliff R Moll, Florida State University
Stephen P Huffman, University of Wisconsin Oshkosh

Ou Hu, Youngstown Sate University
Zhaodan Huang, Utica College
Bih-shuang Liao, Chihlee Institute of Technology

Session 079 – REITs I

Thursday, October 12, 11:30 am - 1:00 pm

The Asymmetric Response Of Equity REIT Returns To Inflation

Marc W Simpson, University of Texas Pan American
Sanjay Ramchander, Colorado State University
James R Webb, Cleveland State University

Christopher W Anderson, University of Kansas
Eli Beracha, University of Kansas

Michael J Highfield, Mississippi State University
Dennis F Steele, Mississippi State University

Session 080 – Managerial Incentives and Takeovers

Thursday, October 12, 11:30 am - 1:00 pm

Target Manager Incentives And Takeover Wealth Gains: An Empirical Investigation

Ebru Reis, Georgia State University

Sudi Sudarsanam, Cranfield University
Jian Huang, Cranfield University

Olgun Fuat Sahin, Minnesota State University Moorhead
Nont Dhiensiri, University of New Hampshire
Pattarake Sarajoti, Chulalongkorn University

Session 081 – Mutual Fund and Brokerage Services

Thursday, October 12, 11:30 am - 1:00 pm

Risky Decisions And Mutual Fund Performance

Zhijian (James) Huang, Penn State University

Yaman O Erzurumlu, University of Central Florida
S Sinan Erzurumlu, University of Texas Austin

Danilo Drago, Universitŕ della Calabria and SDA Bocconi
Valter Lazzari, Universitŕ Cattaneo & SDA Bocconi
Marco Navone, Universitŕ Bocconi & SDA Bocconi

Session 082 – Insider Behavior and Firm Value

Thursday, October 12, 11:30 am - 1:00 pm

Do Managers Throw Dust Into Investors Eyes? Evidence From Earnings Management And Exchange Rate Exposure

Feng-Yi Chang, Yuan Ze University
Chin-Wen Hsin, Yuan Ze University
Shin-Rong Shiah-Hou, Yuan Ze University

Karyl Leggio, University of Missouri Kansas City
Harry Weng, Cerner

Jairo Laser Procianoy, PPGA/EA/UFRGS

Session 083 – China's Capital Markets

Thursday, October 12, 11:30 am - 1:00 pm

The Effects Of Market Integration On Market Efficiency And Volatility Dynamics: Evidence From The A- And B-Share Markets In China

Changjiang Lu, Jilin University
Haiwei Chen, Cal State San Bernardino
James Chong, California State University, Northridge
Kemin Wang, Jilin University

Qian Sun, Nanyang Technological University
Wilson HS Tong, Hong Kong Polytechnic University
Yujun Wu, Fudan University

Dongmin Kong, Sun Yat-Sen University
Haigang Zhou, University of Nebraska Lincoln

Session 084 – International Studies

Thursday, October 12, 11:30 am - 1:00 pm

Can The Random Walk Model Be Beaten In Out-Of-Sample Density Forecast?: Evidence From Intraday Foreign Exchange Rates

Yongmiao Hong, Cornell University
Haitao Li, University of Michigan
Feng Zhao, Rutgers University

Julinda Nuri, University of Surrey
Frank S Skinner, University of Surrey

Robin K Chou, National Central University
George HK Wang, CFTC

"Top-Ten Percent" Session Session 085 – Markets and Structure Thursday, October 12, 2:00 pm - 3:30 pm Presentations Cubes To Quads: The Move Of The QQQ ETF From AMEX To NASDAQ Kevin D Broom, University of Mississippi Robert A Van Ness, University of Mississippi Richard S Warr, North Carolina State University Quote-Based Competition, Market Share, And Execution Quality In NASDAQ-Listed Securities Kee H Chung, SUNY Buffalo Chairat Chuwonganant, Indiana University - Purdue University Fort Wayne Duration And Time-Of-Day Price Impacts Of Trades In U.S. Treasury Market Peter Chen, Youngstown State University Kasing Man, Syracuse University Junbo Wang, City University of Hong Kong Chunchi Wu, Singarpore Management University

"Top-Ten Percent" Session Session 086 – Alternatives in Compensation Thursday, October 12, 2:00 pm - 3:30 pm Presentations Stocks Or Options? A Theoretical Justification For Using Stocks As A Compensation Tool Melanie Cao, York University Jason Wei, University of Toronto Cost-Of-Capital Indexed Options: An Alternative Of Stock Option Compensation Tung-Hsiao Yang, Louisiana State University Compensation Under Manipulation Antonio Camara, University of Michigan Flint Vicky Henderson, Princeton University

Session 087 – No Session Scheduled

"Top-Ten Percent" Session Session 088 – Bank Management and Performance Thursday, October 12, 2:00 pm - 3:30 pm Presentations On Bankers And Their Incentives Under Universal Banking David Gaddis Ross, New York University Bank Loan-Loss Provisioning, Methodology And Application Jean Dermine, INSEAD Cristina Neto de Carvalho, Universidade Católica Portuguesa Institutional Ownership Persistence And BHC Performance Elyas Elyasiani, Temple University Jingyi Jia, Temple University

Session 089 – "Held for Special Session"

Session 090 – "Held for Special Session"

Session 091 – "Held for Special Session"

Session 092 – "Held for Special Session"

Session 093 – New Developments in Futures Markets

Thursday, October 12, 2:00 pm - 3:30 pm

Price Changes In The S&P 500 Future Option: Empirical Analysis And Hedging Implications

Jitka Hilliard, Louisiana State University
Jimmy E Hilliard, Louisiana State University
Adam Schwartz, University of Mississippi

Johan Bjursell, George Mason University
Alex Frino, University of Sydney
Yiuman Tse, University of Texas San Antonio
George HK Wang CFTC

Valeria Martinez, University of Texas San Antonio
Yiuman Tse, University of Texas San Antonio

Session 094 – Issues in Capital Structure

Thursday, October 12, 2:00 pm - 3:30 pm

Capital Structure And The Quality Of Corporate Disclosures

Aloke Ghosh, Baruch College, CUNY
Doocheol Moon, SUNY Old Westbury

Karan Bhanot, University of Texas San Antonio
Antonio S Mello, University of Wisconsin Madison

Soku Byoun, Baylor University

Session 095 – New Evidence on the Motivations and Costs of Crosslistings

Thursday, October 12, 2:00 pm - 3:30 pm

How Do Investment Banks Price Underwriting Services For American Depository Receipts?

Hsuan-Chi Chen, Yuan Ze University
Pei-Ching Yang, Yuan Ze University
Larry Fauver, University of Miami

Lin Guo, Suffolk University
Liang Tang, Elizabethtown College

Franck Bancel, ESCP-EAP
Madhu Kalimipalli, Wilfrid Laurier University
Usha Mittoo, University of Manitoba

Session 096 – Share Repurchases

Thursday, October 12, 2:00 pm - 3:30 pm

Mimicking Repurchases

Massimo Massa, INSEAD
Zahid Rehman, INSEAD
Theo Vermaelen, INSEAD

Douglas O Cook, University of Alabama
Jin S Kim, University of Alabama

Nandkumar Nayar, Lehigh University
Ajai K Singh, Case Western Reserve university
Allan A Zebedee, US SEC & San Diego State University