"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

Session 097 – Boards

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

Too Busy To Show Up? An Analysis Of Directors’ Absences

Pornsit Jiraporn, Texas A&M International University

Mine Ertugrul, University of Toledo
Shantaram Hegde, University of connecticut

Chia-wei Chen, University of South Florida
Barry Lin, University of South Florida Sarasota
Bingsheng Yi, Cal State Dominguez Hills

Session 098 – Ownership Structure and Performance: Evidence from China, Japan, and South Korea

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

Debt Financing, Money Encirclement, And Ownership Structure Of Chinese Listed Firms

Chao Chen, Cal State Northridge
Rongjie Chen, Tsinghua University
Xiao Chen, Tsinghua University

Rongrong Zhang, Georgia Southern University

Yong-Cheol Kim, University of Wisconsin Milwaukee
Byungmo Kim, KAIST
Kooyul Jung, KAIST

Session 099 – The Effect of Governance Reforms

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

The Impact Of Location On The Firm’s Cost Of Capital

Maya Waisman, Rensselaer Polytechnic Institute

Lorne Switzer, Concordia University
Catherine Kelly, Concordia University

Timo Korkeamaki, Gonzaga University
Yrjo Koskinen, Boston University
Tuomas Takalo, Bank of Finland

Session 100 – Financial Analysts

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

Persistence Of Analysts' Performance In Earnings Forecasts

Derann Hsu, University of Wiscsonsin Milwaukee
Michael Cheng-Huei Chiao, University of Wisconsin Milwaukee

Yingmei Cheng, Florida State University

Michael Aitken, University of New South Wales
Niall Almeida, Deutsche Bank AG
Frederick H DeB Harris, Wake Forest University
Thomas H McInish, University of Memphis

Session 101 – No Session Scheduled

Session 102 – A Closer Look at Bonds

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

Inflation Information And Maturing UK Index-Linked Gilts

Jeng-Hong Chen, Albany State University
Quentin C Chu, University of Memphis
Deborah N Pittman, Rhodes College

Ricardo J Rodriguez, University of Miami

William J Trainor Jr, Western Kentucky University
Edward R Wolfe, Western Kentucky University

Session 103 – Equity Risk Premium

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

Equity Market Volatility And Expected Risk Premium

Long Chen, Michigan State University
Hui Guo, Federal Reserve Bank St Louis
Lu Zhang, University of Rochester

Fadi Zaher, Lund University
Tarek Zaher, Indiana State University

Douglas W Blackburn, Indiana University
Andrey D Ukhov, Indiana University

Session 104 – Short-Selling

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

Failure Is An Option: Impediments To Short Selling And Options Prices

Richard Evans, Boston College
Christopher Geczy, University of Pennsylvania
David Musto, University of Pennsylvania
Adam Reed, UNC Chapel Hill

Mark A Peterson, SIU Carbondale
Gordon J Alexander, University of Minnesota

Stephen E Christophe, George Mason University
Michael G Ferri, George Mason University
James J Angel, Georgetown University

Session 105 – Value of International Diversification

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

Long-Run Information, Short-Run Information And International Diversification Gains: Evidence From Ishares

Chanwit Phengpis, Cal State Long Beach
Peggy E Swanson, University of Texas Arlington

Wan-Jiun Paul Chiou, Shippensburg University

Jie Cao, University of Texas Austin

Session 106 – No Session Scheduled

Session 107 – REITs II

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

The Impact Of Structural Changes In The REIT Industry On REIT Returns And Volatility

Benjamas Jirasakuldech, University of the Pacific
Riza Emekter, Sakarya University
Robert D Campbell, Hofstra University

Andrew C Spieler, Hofstra University
Erik DeVos, Ohio University
Robert D Campbell, Hofstra University

Gregory L Adams, Brigham Young University
James C Brau, Brigham Young University
Andrew Holmes, Brigham Young University

Session 108 – Evidence on Executive Stock Options

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

Growth Opportunities, Executive Stock Options, Capital Investment, And Performance: A Dynamic Setting

Yenn-Ru Chen, National Cheng Kung University
Bong-Soo Lee, Florida State University
Pei-Chi Jen, National Cheng Kung University

Fabrizio Ferri, Harvard Business School
Tatiana Sandino, University of Southern California
Garen Markarian, Concordia University

Robert Brooks, University of Alabama
Don Chance, Louisiana State University
Brandon N Cline, University of Alabama

Session 109 – Mutual Fund Governance Issues

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

Forgive And Forget? The Mutual Fund Scandal

Christopher G Schwarz, University of Massachusetts Amherst

Li-Wen Chen, National Chi Nan University
Fan Chen, Louisiana State University

Fan Chen, Louisiana State University
Li-Wen Chen, National Chi Nan University
Ji-Chai Lin, Louisiana State University

Session 110 – New Evidence on the Value of Diversification

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

Stock Market Valuation Of R&D – Role Of Contagion Shocks

Aiyaswami Prasad, Ohio Northern University

J Barry Lin, University of South Florida Sarasota
Christos Pantzalis, University of South Florida
Jung Chul Park, University of South Florida

Ekaterina E Emm, Seattle University
Jayant R Kale, Georgia State University

Session 111 – Market Structure and Trading in Global Markets

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

The Magnet Effect Of Price Limits: Evidence From Transactions Data

Ping-Hung Hsieh, Oregon State University
Yong H Kim, University of Cincinnati
J. Jimmy Yang, Oregon State University

Lin Tan, Cal Poly Pomona

Session 112 – Central Bank Intervention in Foreign Exchange Markets

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

Bubbles, Crashes, And Sterilized Central Bank Interventions

Martin DD Evans, Georgetown University
Marcos Rietti Souto, International Monetary Fund

Alan H Chang, National Chengchi University
Yuanchen Chang, National Chengchi University

Marc W Simpson, University of Texas Pan American
Tao Wang, Queens College & CUNY
Jian Yang, Prairie View A&M University

"Top-Ten Percent" Session Session 113 – Risk and Return Thursday, October 12, 3:45 pm - 5:15 pm Presentations Risk And Return In The Next Frontier Eric Girard, Siena College Amit Sinha, Indiana State University The Potential Effect Of US Baby-Boom Retirees On Stock Returns Haim Kedar-Levy, Ben Gurion University Dynamic Downside Risk Measure And Optimal Asset Allocation Xun Li, National University of Singapore Zhenyu Wu, University of Calgary

"Top-Ten Percent" Session Session 114 – Valuation Studies Thursday, October 12, 3:45 pm - 5:15 pm Presentations Security Market Reaction To FDA Fast Track Designation Christopher W Anderson, University of Kansas Ying Jenny Zhang, University of Kansas Value Of Conglomerates And Capital Market Conditions An Yan, Fordham University

"Top-Ten Percent" Session Session 115 – Flexibility and Boundaries Thursday, October 12, 3:45 pm - 5:15 pm Presentations Financial Flexibility And Investment Decisions: Evidence From Low-Leverage Firms Roberto Mura, Manchester Buisness School Bounds On Real Options In Incomplete Markets With Risk Aversion Antonio S Mello, University of Wisconsin Madison Unyong Pyo, Brock University Managerial Flexibility, Uncertainty, And Corporate Investment: The Real Options Effect KC John Wei, Hong Kong University of Science & Technology Feixue 'Faith' Xie, University of Texas El Paso

"Top-Ten Percent" Session Session 116 – Sentiment and Rational Choice Thursday, October 12, 3:45 pm - 5:15 pm Presentations Do Borrowers Make Rational Choices On Points And Refinancing? Yan Chang, Freddie Mac Abdullah Yavas, Penn State University Trading Volume Trend, Investor Sentiment, And Stock Returns Shane A Johnson, Texas A&M University Adam YC Lei, Midwestern State University Ji-Chai Lin, Louisiana State University Gary C Sanger Louisiana State University Does Sentiment Affect Stock Market Liquidity? Shuming Liu, University of Texas Austin

Session 117 – "Held for Special Session"

Session 118 – "Held for Special Session"

Session 119 – "Held for Special Session"

Session 120 – "Held for Special Session"

Session 121 – Derivatives and Price Behavior

Thursday, October 12, 3:45 pm - 5:15 pm

Long Run Dependence In The Conditional Variance Of Futures Returns

Eugene Kouassi, West Virginia University
Walter Labys, West Virginia University
Mbodja Mougoue, Wayne State University

Mark Bertus, Auburn University
Scott Beyer, University of Wisconsin Oshkosh
Jonathan Godbey, James Madison University
Christoph Hinkelmann Auburn University

Yueh-Neng Lin, National Chung Hsing University
Ken Hung, National Dong Hwa University
Suresh C Srivastava, University of Alaska Anchorage

Session 122 – Capital Structure Choice in the EMU

Thursday, October 12, 3:45 pm - 5:15 pm

Market To Book Ratios, Equity Market-Timing And Capital Structure: International Evidence

Arvind Mahajan, Texas A&M University
Semih Tartaroglu, Texas A&M University

Rozalia Pal, European University Viadrina

Ginka Ognyanova Borisova, University of Oklahoma

Session 123 – Trading in Equity Offers: The Long and the Short of it

Thursday, October 12, 3:45 pm - 5:15 pm

Seasoned Offer Discounting And Rule 10b-21: What Can We Learn From The Shelf Exemption?

Don Autore, Virginia Tech

Petko S Kalev, Monash University
Peter K Pham, University of New South Wales
Sherman Wong, Monash University

Duane Robert Stock, University of Oklahoma
Nandu Nayar, Lehigh University

Session 124 – Stock Dividends, Stock Splits, and Liquidity

Thursday, October 12, 3:45 pm - 5:15 pm

Do Stock Splits Improve Liquidity?

Ruslan Y Goyenko, Indiana University
Craig W Holden, Indiana University
Andrey D Ukhov, Indiana University

Louis TW Cheng, Hong Kong Polytechnic University
Hung-Gay Fung, University of Missouri St. Louis
Ty Leung, City University of Hong Kong

Gohar G Stepanyan, Purdue University

Session 125 – Governance: Required or Voluntary?

Thursday, October 12, 3:45 pm - 5:15 pm

Voluntary Adoption Of Corporate Governance Mechanisms: The Role Of Domestic And International Governance Guidelines

Anita Anand, Yale Law School/Queen's University
Frank Milne, Queen's University
Lynnette Purda, Queen's University

Melissa B Frye, University of Central Florida
Minhua Yang, University of Central Florida

Reena Aggarwal, Georgetown University
Rohan Williamson, Georgetown University

Session 126 – Employees versus Shareholders

Thursday, October 12, 3:45 pm - 5:15 pm

Golden Parachutes And Shark Repellents And Shareholders' Interest: Some New Evidence

Atreya Chakraborty, University of Massachusetts

Tatyana Sokolyk, Penn State University

Christopher Tobler, University of Arkansas

Session 127 – CEOs and Governance

Thursday, October 12, 3:45 pm - 5:15 pm

CEO Illiness Announcements And Rules Of Succession

Wallace N Davidson III, SIU Carbondale
Shenghui Robert Tong, Illinois College
Dan L Worrell, SIU Carbondale
Wei Rowe, University of Nebraska Omaha

Gregory L Nagel, Mississippi State University
James S Ang, Florida State University

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

Session 128 – Post-earnings Announcement Drift

Thursday, October 12, 3:45 pm - 5:15 pm

Intra-Industry Information Transfer And The Post-Earnings Announcement Drift

Tunde Kovacs, Virginia Tech

Pieter T Elgers, University of Massachusetts Amherst
May H Lo, Western New England College
Le Emily Xu, University of New Hampshire

Herbert A Rijken, Vrije Unieversity Amsterdam

Session 129 –

Session 130 – Pricing and Issuing Bonds

Thursday, October 12, 3:45 pm - 5:15 pm

Does The Quality Of Financial Advice Affect Prices?

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

Philippe Jorion, University of California Irvine
Ashley Wang, University of California Irvine
Gaiyan Zhang, University of Missouri St Louis

Oktay Urcan, University of Texas Dallas
Robert Kieschnick, University of Texas Dallas

Session 131 – Asset Pricing Studies

Thursday, October 12, 3:45 pm - 5:15 pm

Dividend Initiations, Analysts Forecasts, And The Cost Of Capital

Jesus M Salas, University of Oklahoma

Ren Raw Chen, Rutgers University
Micheal S Long, Rutgers University
Xiaoli Wang, Rutgers Business School

Niclas Andrén, Lund University
Mĺns Kjellsson, Lund University

Session 132 – Microstructure Quality and Liquidity

Thursday, October 12, 3:45 pm - 5:15 pm

Marketwide Liquidity And Another Look At Liquidity Risk

Natalia Scotto Piqueira, University of Houston

S Gowri Shankar, University of Washington Bothell
Dipinder S Randhawa, National University of Singapore

Amber Anand, University of Central Florida
Carsten Tanggaard, Aarhus School of Business
Daniel G Weaver, Rutgers University

Session 133 – Mutual Fund Management Skills

Thursday, October 12, 3:45 pm - 5:15 pm

Do Mutual Fund Managers Have Superior Skills?: An Analysis Of The Portfolio Deviations From A Benchmark

Jean-Francois Guimond, Universite Laval

W D Allen, University of Missouri Columbia
Dan W French, University of Missouri Columbia

Yan (Albert) Wang, Arizona State University

Session 134 –

Session 135 – Property Markets

Thursday, October 12, 3:45 pm - 5:15 pm

Short Interest And Property Market Valuations

Honghui Chen, University of Central Florida
David H Downs, Virginia Commonwealth University
Gary A Patterson, University of South Florida

Chee Cheong, Flinders University
Simon Stevenson, City University London
Patrick James Wilson, University of Technology Sydney
Ralf Zurbruegg Adelaide University

Nafeesa Yunus, University of Texas Arlington
Peggy Swanson, University of Texas Arlington

Session 136 –

Session 137 – Understanding Mutual Funds

Thursday, October 12, 3:45 pm - 5:15 pm

The Behavior Of International Mutual Funds

Thomas S Zorn, University of Nebraska Lincoln
Anna V Vygodina, Cal State Sacramento
Richard A DeFusco, University of Nebraska Lincoln
Michael R Melton, Roger Williams University

Anna Agapova, Georgia State University

Qiang Bu, Slippery Rock University
Nelson Lacey, University of Massachusetts Amherst

Session 138 – No Session Scheduled

Session 139 – International Corporate Governance Issues

Thursday, October 12, 3:45 pm - 5:15 pm

Political Connections And IPO Underpricing: China Evidence

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

Sehyun (Sean) Yoo, San Diego State University

Urbi Garay, IESA
Maximiliano González, IESA
Carlos A Molina, IESA

Session 140 – Managing Currency Risk Exposure

Thursday, October 12, 3:45 pm - 5:15 pm

Asymmetric Exposure Of US MNCs

David Carter, Oklahoma State University
Christos Pantzalis, University of South Florida
Betty Simkins, Oklahoma State University

Rafael F Schiozer, Fundacao Getulio Vargas/EAESP - Brazil
Richard Saito, Fundacao Getulio Vargas/EAESP - Brazil

Lloyd P Blenman, UNC Charlotte
Baeyong Lee, Fayetteville State University
Mark Walker, University of Mississippi

"Top-Ten Percent" Session Session 141 – Playing Momentum Friday, October 13, 8:30 am - 10:00 am Presentations Momentum And Credit Rating Doron Avramov, University of Maryland Tarun Chordia, Emory University Gergana Jostova, George Washington University Alexander Philipov, American University Does Financial Distress Drive The Momentum Anomaly? Vineet Agarwal, Cranfield University Richard Taffler, University of Edinburgh Spurious Predictive Power Of Macroeconomic Variables For Momentum Seung-Chan Park, Millersville University Phillip Daves, University of Tennessee

"Top-Ten Percent" Session Session 142 – Constraints and Firm Value Friday, October 13, 8:30 am - 10:00 am Presentations Managerial Entrenchment, Dividend Policy And Capital Structure Hao Wang, McGill University Investment And Financing Constraints: Do Firms Invest Savings From Net Operating Loss Carryforward Tax Shields? Jonathan B Cohn, University of Michigan Do Financial Constraints Affect Internal Capital Markets? Gayane Hovakimian, Fordham University

"Top-Ten Percent" Session Session 143 – IPO Pricing and Issuances Friday, October 13, 8:30 am - 10:00 am Presentations The Impact Of Location On Equity Issuance Tim Loughran, University of Notre Dame Paul Schultz, University of Notre Dame Institutional Investors And The Long-Run Performance Of Private Placements Michael Hertzel, Arizona State University James Linck, University of Georgia M Babajide Wintoki, University of Georgia Restrictions On Allocation Discretion: Evidence From Clawbacks In Hong Kong Ipos Emmanuel Morales-Camargo, University of Arizona

"Top-Ten Percent" Session Session 144 – Investor Behavior Friday, October 13, 8:30 am - 10:00 am Presentations Investor Overreaction, Cross-Sectional Dispersion Of Firm Valuations, And Expected Stock Returns Danling Jiang, The Ohio State University Estimating Preferences Toward Risk: Evidence From Dow Jones Douglas W Blackburn, Indiana University Andrey D Ukhov, Indiana University Momentum And Asymmetric Information Tian Liang, Cornell University

Session 145 – "Held for Special Session"

Session 146 – "Held for Special Session"

Session 147 – Special Session

FHLB Advances and Mortgage Finance

Scott Frame, Federal Reserve Bank Atlanta
Diana Hancock, Federal Reserve Board
Wayne Passmore, Federal Reserve Board

Dwight Jaffee, UC Berkeley

Xudong An, University of Southern California
Raphael Bostic, University of Southern California
Yongheng Deng, University of Southern California

Session 148 – "Held for Special Session"

Session 149 – VaR Estimation

Friday, October 13, 8:30 am - 10:00 am

Intraday Value At Risk (Ivar) Using Tick-By-Tick Data With Application To The Toronto Stock Exchange

Georges Dionne, HEC Montreal
Pierre Duchesne, Universite de Montreal
Maria Pacurar, Dalhousie University

Turan Bali, New York University
Hongyong Mo, City University of New York
Yi Tang, Baruch College

Yaw-Huei Wang, National Central University
Chih-Chiang Hsu, National Central University

Session 150 – Studies of Mergers and Acquisitions

Friday, October 13, 8:30 am - 10:00 am

The Rhetoric Of M&A Deals: Analysis Of Insiders' Forecasts During The Merger Wave Of The 1990s

Gennaro Bernile, University of Miami & University of Rochester

Mike Corey Lockerbie, Penn State University

An Yan, Fordham University
John D Finnerty, Fordham University

Session 151 – IPOs: The Second Time Around

Friday, October 13, 8:30 am - 10:00 am

Market Timing, Window Dressing, And Secondary Offerings In The IPO Process

Mingsheng Li, University of Louisiana Monroe
Dan Klein, Bowing Green State University

Hsin-Hui Chiu, Georgia State University

Hei-Wai Lee, University of Michigan Dearborn
Nianyun (Kelly) Cai, University of Michigan Dearborn

Session 152 – Divestitures, Leverage, and Liquidity

Friday, October 13, 8:30 am - 10:00 am

Issuing Debt To Pay Dividends

Stephen J Ciccone, University of New Hampshire
James S Ang, Florida State University

Richard A Lord, Montclair State University

Christi Wann, University of Tennessee Chattanooga

Session 153 – Governance and M&A

Friday, October 13, 8:30 am - 10:00 am

Merger Deal Structure And Investment Strategy: Collar Mergers

Taewon Yang, Cal State San Bernardino
Ben Branch, University of Massachusetts

Rayna Brown, University of Melbourne
Neal Sarma, University of Melbourne

Angela G Morgan, Clemson University
Jack G Wolf, Clemson University

Session 154 – Does "Good Governance" Cause Performance?

Friday, October 13, 8:30 am - 10:00 am

Governance Indices And Valuation Multiples: Which Causes Which?

Kenneth Lehn, University of Pittsburgh
Sukesh Patro, Kansas State University
Mengxin Zhao, Bentley College

Charu G Raheja, Vanderbilt University
John C Easterwood, Virginia Tech

NK Chidambaran, Rutgers University
Darius Palia, Rutgers University
Yudan Zheng, Rutgers University

Session 155 – Corporate Growth and Diversification

Friday, October 13, 8:30 am - 10:00 am

Legal Systems, Information Asymmetry, And Firm Boundaries: Cross-Border Choices To Diversify Through Mergers, Joint Ventures, Or Strategic Alliances

Tomas Jandik, University of Arkansas
Raja Kali, University of Arkansas

Manohar Singh, Willamette University
Ike Mathur, SIU Carbondale
Ali Nejadmaleyari, University of Nevada Reno

Raj Aggarwal, Kent State University
NyoNyo Aung Kyaw, Iona College

Session 156 – Modeling

Friday, October 13, 8:30 am - 10:00 am

Asset Pricing In A Monetary Economy With Heterogeneous Beliefs

Benjamin Croitoru, McGill University
Lei Lu, McGill University

Lorne N Switzer, Concordia University
Haibo Fan, Concordia University

George Jabbour, George Washington University
Ying Zhang, George Washington University

Session 157 – Mutual Fund Risk Management

Friday, October 13, 8:30 am - 10:00 am

Determining A Mutual Fund's Equity Class

Larry Detzel, Cal State San Marcos

Cheryl J Frohlich, University of North Florida
Anita K Pennathur, Florida Atlantic University
Oliver Schnusenberg, University of West Florida

Hendrik Scholz, Catholic University of Eichstaett-Ingolstadt
Marco Wilkens, Catholic University of Eichstaett-Ingolstadt

Session 158 – No Session Scheduled

Session 159 – Financial Development

Friday, October 13, 8:30 am - 10:00 am

Finance, Growth And Volatility

Yan (Julian) Xu, University of South Carolina

Douglas Cumming, Rensselaer Polytechnic Institute
Sofia Johan, University of Tilburg

David A Walker, Georgetown University

Session 160 – Market Liquidity

Friday, October 13, 8:30 am - 10:00 am

Earnings Surprises and Changes in Market Liquidity

Jeffrey Ng, University of Pennsylvania

Bidisha Chakrabarty, University of Missouri
Ken Shaw, University of Missouri

Chia-Wei Chen, University of South Florida
Jung Chul Park, University of South Florida

Session 161 – Volatility

Friday, October 13, 8:30 am - 10:00 am

Market Information, Futures Trading And The Volatility Of The Underlying Asset

Elena Kalotychou, City University
Sotiris K Staikouras, City University

Deniz Ozenbas, Montclair State University
Michael S Pagano, Villanova University
Robert A Schwartz, Baruch College

Sónia Rodrigues de Sousa, Universidade do Porto
Ana Paula Serra, CEMPRE, Universidade do Porto

Session 162 – Banks, Thrifts, and Closed-end Funds

Friday, October 13, 8:30 am - 10:00 am

An Examination Of Returns On Converting Thrifts With Implications For Behavioral Finance

Geoffrey C Friesen, University of Nebraska Lincoln
Chris Swift, University of Nebraska Lincoln

Ariel M Viale, Texas A&M University
James W Kolari, Texas A&M University
Donald R Fraser, Texas A&M University
Sorin Sorescu Texas A&M University

Stuart Rosenstein, East Carolina University
Scott W Barnhart, Florida Atlantic Unversity

Session 163 – Bad Behavior

Friday, October 13, 8:30 am - 10:00 am

'Captive Markets': The Impact Of Kidnappings On Corporate Investment In Colombia

Gustavo A Suarez, Federal Reserve System
Rony Pshisva, Protego, Mexico

Erik Benrud, American University

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

Session 164 – Options and Futures

Friday, October 13, 8:30 am - 10:00 am

Analyst Recommendations And Option Market Reactions

Woojin Kim, KDI School of Public Policy and Management

Vivek Bhargava, Alcorn State University
DK Malhotra, Philadelphia University

Ren-Raw Chen, Rutgers University
Hsuan-Chu Lin, Rutgers University
Oded Palmon, Rutgers University

Session 165 – Financial Analyst and Institutional Investor Stock Ratings

Friday, October 13, 8:30 am - 10:00 am

Anatomy Of The Financial Analyst Rankings

Douglas Emery, University of Miami
Xi Li, University of Miami

Phillip J McKnight, University of St Andrews
Steven K Todd, Loyola University Chicago

Tian Tang, University of Alabama
Douglas O Cook, University of Alabama

Session 166 – Bank Relationships and Lending

Friday, October 13, 8:30 am - 10:00 am

Bank Monitoring And Profit Efficiency

Aigbe Akhigbe, University of Akron
James McNulty, Florida Atlantic University

Wook Sohn, KDI School of Public Policy and Management
Hyo-soon Choi, University of Michigan and KDIC

Bradley A Stevenson, University of Akron

Session 167 – Global Returns

Friday, October 13, 8:30 am - 10:00 am

Time-Varying International Stock Returns And Risk Sharing Under Labor Income Risk

Yuming Li, Cal State Fullerton

Cheol S Eun, Georgia Tech
Jinsoo Lee, Georgia Tech

Peter Locke, George Washington University
Hui He, George Washington University

Session 168 – Selling Information

Friday, October 13, 8:30 am - 10:00 am

Mutual Fund Advertising 1997-2003: A First Look At A Comprehensive New Database

Murat Aydogdu, Bryant University
Jay W Wellman, Binghamton University

Weishen Wang Wang, University of Central Florida
Lin Tan, Cal Poly Pomona

Janikan Supanvanij, St Cloud State University

"Top-Ten Percent" Session Session 169 – Mutual Funds: Flows, Tournaments, and Mergers Friday, October 13, 10:15 am - 11:45 am Presentations Implicit Incentives And Tournament Behavior In The Mutual Fund Industry Marco Pagani, Georgia State University Mutual Fund Mergers: A Long-Term Analysis Bill Ding, SUNY Albany A Study Of Mutual Fund Flow And Market Return Volatility Charles Q Cao, Pennsylvania State University Eric C Chang, University of Hong Kong Ying Wang, Penn State University

"Top-Ten Percent" Session Session 170 – Monitoring in Corporate Finance Friday, October 13, 10:15 am - 11:45 am Presentations An Empirical Analysis Of The Relations Between Financial Statement Misreporting And Firms’ Use Of Bank Debt Brooke W Stanley, Texas A&M University Mergers And Investment Banks: How Do Banks Help Targets? Qingzhong Ma, University of Southern California Corporate Working Capital Management: Determinants And Consequences Robert Kieschnick, University of Texas Dallas Mark LaPlante, University of Texas Dallas Rabih Moussawi, WRDS

"Top-Ten Percent" Session Session 171 – IPOs: Structural Issues Friday, October 13, 10:15 am - 11:45 am Presentations Debt Financing, Venture Capital, And Initial Public Offerings Christopher B Barry, Texas Christian University Vassil Mihov, Texas Christian University Pre-IPO Ownership Structure And Its Impact On The IPO Process Arash Alavi, Macquarie Bank Peter Kien Pham, University of New South Wales TOAN MY PHAM, University of New South Wales Valuation Uncertainty, Overreaction, And IPO Underpricing Alison Yuhong Fan, Old Dominion University Mohammed Najand, Old Dominion University Kenneth Yung, Old Dominion University

"Top-Ten Percent" Session Session 172 – Risk and Investment Strategies Friday, October 13, 10:15 am - 11:45 am Presentations Idiosyncratic Risk And The Performance Of Hedge Funds Cristian-Ioan Tiu, University of Texas Austin Risk And Return In Convertible Arbitrage Strategies: Evidence From The Convertible Bond Market And Hedge Funds Vikas Agarwal, Georgia State University William H Fung, London Business School Yee Cheng Loon, Georgia State University Narayan Y Naik London Business School Risk Measures For Hedge Funds: A Cross-Sectional Approach Hyuna Park, University of Massachusetts Amherst

Session 173 – "Held for Special Session"

Session 174 – "Held for Special Session"

Session 175 – Special Session

Presentations

ARMS, Mortgage Diversity, and the American Mortgage System

Andreas Lehnert, Federal Reserve Board
Shane Sherlund, Federal Reserve Board
Wayne Passmore, Federal Reserve Board
Gillian Burgess, New York University

Chris Downing, Rice University
Nancy Wallace, University of California Berkeley

Stuart Gabriel, University of Southern California
Stuart Rosenthal, Syracuse University

Session 176 – "Held for Special Session"

Session 178 – What Drives M&A Activity and Asset Sales? New Theory and Evidence

Friday, October 13, 10:15 am - 11:45 am

Mergers And Acquisitions In The U.S. Property-Liability Insurance Industry: Productivity And Efficiency Effects

J David Cummins, University of Pennsylania
Xiaoying Xie, Cal State Fullerton

James E Owers, Georgia State University
Kaysia T Campbell, Georgia State University

Kathleen A Farrell, University of Nebraska Lincoln
Haigang Zhou, University of Nebraska Lincoln

Session 179 – Certification in Equity Offers: Others to Thank besides the Bank

Friday, October 13, 10:15 am - 11:45 am

Accommodate Growth Or Screen Lemons? The Role Of Industries In Seasoned Equity Offerings

Tong Yu, University of Rhode Island
LeRoy Brooks, John Carroll University
Xuanjuan Chen, UNC Wilmington

James C Brau, Brigham Young University
Gregory L Adams, Brigham Young University
Michael Murff, Brigham Young University

Steve X Zheng, University of Manitoba
David A Stangeland, University of Manitoba

Session 180 – International Dividend Policy

Friday, October 13, 10:15 am - 11:45 am

Inside Shareholders' Effective Tax Rates And Dividends

John D Knopf, University of Connecticut
Martin Holmen, Uppsala University
Stefan Peterson, Storebrand

Tarun K Mukherjee, University of New Orleans
H Kent Baker, American University
Ohannes George Paskelian, University of New Orleans

Stephen P Ferris, University of Missouri Columbia
Gregory Noronha, University of Washington
Emre Unlu, University of Missouri Columbia

Session 181 – Governance: External or Internal Monitoring?

Friday, October 13, 10:15 am - 11:45 am

Information Asymmetry And Internal Monitoring

Jianfei Sun, University of Southern California

Manisha Singal, Virginia Tech
Vijay Singal, Virginia Tech

Burak Ciceksever, Independent
Jayant R Kale, Georgia State University
Harley E Ryan, Georgia State University

Session 182 – Governance, Bonding, and Markets

Friday, October 13, 10:15 am - 11:45 am

Reputational Bonding With Restricted Global Depositary Receipts

J Michael Pinegar, Brigham Young University
Ravi Ravichandran, Brigham Young University

Jon Witmer, Queen's University

Timothy A Kruse, University of Arkansas
Craig G Rennie, University of Arkansas

Session 183 – Earnings Management

Friday, October 13, 10:15 am - 11:45 am

Property Rights And Earnings Manipulations

Anton Miglo, University of Guelph

Peter J DaDalt, Morgan State University
Pornsit Jiraporn, Texas A&M International University
Varda Yaari, Morgan State University

De-Wai Chou, Yuan Ze University
Michael Gombola, Drexel University
Feng-Ying Liu, Rider University

Session 184 – Equity Pricing: What Matters?

Friday, October 13, 10:15 am - 11:45 am

CCAPM, Wealth Shock, And Stock Market Anomalies

Samuel Xin Liang, Hong Kong University of Science and Technology
K.C. John Wei, Hong Kong University of Science and Technology

K. Stephen Haggard, University of Missouri Columbia
Xiumin Martin, University of Missouri Columbia
Raynolde Pereira, University of Missouri Columbia

Axel Grossmann, University of Texas Pan American
Dave Jackson, University of Texas Pan American

Session 185 – No Session Scheduled

Session 186 – Issues on Indexes and Indexing I

Friday, October 13, 10:15 am - 11:45 am

Do Index Effects Reflect Idiosyncratic Or Industry Effects? A Re-Examination Of The Winners And Losers Of S&P 500 Index Addition

Isaac Otchere, University of New Brunswick
Andre Gygax, University of Melbourne

Michael Boldin, University of Pennsylvania
Gjergji Cici, University of Pennsylvania

Elton Daal, University of New Orleans
Atsuyuki Naka, University of New Orleans
Vijay Vishwakarma, University of New Orleans

Session 187 – Ethics and Social Responsibility

Friday, October 13, 10:15 am - 11:45 am

Faith-Based Ethical Investing: The Case Of Dow Jones Islamic Indexes

Eric Girard, Siena College
M. Kabir Hassan, University of New Orleans

Ed Nelling, Drexel University
Elizabeth Webb, Federal Reserve Bank Philadelphia

A Austin Stone, Paris Dauphine University
Anne Zissu, Temple University

Session 188 – Liquidity

Friday, October 13, 10:15 am - 11:45 am

Horseraces Of Monthly And Annual Liquidity Measures

Ruslan Goyenko, Indiana University
Craig Holden, Indiana University
Christian Lundblad, Indiana University
Charles Trzcinka, Indiana University

Murat Aydogdu, Bryant University
Chander Shekhar, University of Melbourne

Maria Gĺrdängen, Lund University

Session 189 – Performance Measurement

Friday, October 13, 10:15 am - 11:45 am

International Financial Integration and the Performance of International Mutual Funds

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

Paul Bolster, Northeastern University
Dan diBartolomeo, Northfield Information
Sandy Warrick, Northfield Information

Bob Korkie, Washington State University
Ranjini Sivakumar, Washington State University
H J Turtle, Washington State University

Session 190 – Idiosyncratic Risk

Friday, October 13, 10:15 am - 11:45 am

Costly Arbitrage and Idiosyncratic Risk: Evidence from Short-Sellers

Ying Duan, Boston College
Gang Hu, Babson College
R David McLean, University of Alberta

Dong Wook Lee, University of Kentucky
Mark H Liu, University of Kentucky

Wei Huang, University of Hawaii Manoa
Qianqiu Liu, University of Hawaii Manoa
Ghon Rhee, University of Hawaii Manoa
Liang Zhang, University of Hawaii Manoa

Session 191 – Overconfidence and Overreaction

Friday, October 13, 10:15 am - 11:45 am

Overconfidence And Endogenous Information Acquisition

Tian Liang, Cornell University

Lalatendu Misra, University of Texas San Antonio
Yilun Shi, University of Texas San Antonio

Joăo Vasco Soares, Universidade do Porto
Ana Paula Serra, CEMPRE, Universidade do Porto

Session 192 – Cases and Methodologies for the Classroom

Friday, October 13, 10:15 am - 11:45 am

Perdue Farms

Sean Reid, Salisbury University
Danny Ervin, Salisbury University
Tylor Claggett, Salisbury University

Jason Fink, James Madison University
Kristin E Fink, James Madison University

John D McGinnis, Penn State Altoona College

Session 193 – Capital Investment Constraints

Friday, October 13, 10:15 am - 11:45 am

Another Look At Financing Constraint

Tony Ruan, SUNY Binghamton

Hongyan Li, University of Pittsburgh

Mohammed Alzahrani, Oklahoma State University

Session 194 – Derivatives Activity at Banks

Friday, October 13, 10:15 am - 11:45 am

The Impact Of Derivatives On Commercial Banks (2000-2004)

James H Gilkeson, University of Central Florida
Stanley D Smith, University of Central Florida

Pingshun Huang, Massey University
Ken Cyree, University of Mississippi

Carolin Schellhorn, Saint Joseph's University
Ahmet Tezel, Saint Joseph's University
Ginette McManus, Saint Joseph's University

Session 195 – Exchange-Traded Funds

Friday, October 13, 10:15 am - 11:45 am

Exploitable Cross Autocorrelations Among Ishares

Ting-Heng Chu, East Tennessee State University
M. Imtiaz Mazumder, Auckland University of Technology
Edward M Miller, University of New Orleans
Larry J Prather, Southeastern Oklahoma State University

Paramita Bandyopadhyay, University of Texas San Antonio
Yang-Pin Shen, Yuan Ze University

Ravi Lonkani, Chiang Ma University
Anya Khanthavit, Thammasat University
Pornchai Chunnahachinda, Thammasat University

Session 196 – The Long and Short of Event Studies

Friday, October 13, 10:15 am - 11:45 am

Sample Selection And Event Study Estimation

Kenneth R Ahern, UCLA

Ronald Bremer, Texas Tech University
Bonnie Buchanan, University of Melbourne
Phillip C English II, Texas Tech University

Scott Fung, Hong Kong Polytechnic University
Jayendu Patel, ChoiceStream, Inc

"Top-Ten Percent" Session Session 197 – Portfolio Construction Friday, October 13, 2:00 pm - 3:30 pm Presentations Asymmetric Risk And International Portfolio Choice Susan Thorp, University of Technology, Sydney George D Milunovich, Macquarie University Information Flows Within Financial Conglomerates: Evidence From The Banks-Mutual Funds Relationship Massimo Massa, INSEAD Zahid Rehman, INSEAD Multivariate Realized Volatility Gregory H Bauer, Bank of Canada Keith Vorkink, Massachuetts Institute of Technology

"Top-Ten Percent" Session Session 198 – Assets for Sale Friday, October 13, 2:00 pm - 3:30 pm Presentations The Real Determinants Of Asset Sales Liu Yang, University of Maryland Seller Pressures And Buyer Returns In The Market For Corporate Assets Qingzhong Ma, University of Southern California Stock Price Informativeness And Firm Performance: Evidence From Corporate Spinoffs Youngsuk Yook, UNC Chapel Hill

"Top-Ten Percent" Session Session 199 – IPOs: Cycles and Information Friday, October 13, 2:00 pm - 3:30 pm Presentations Equity Issues And Aggregate Market Returns Under Information Asymmetry Xiaoquan Jiang, University of Northern Iowa Bong-Soo Lee, Florida State University Cycles In The IPO Market Chris Yung, University of Colorado Gonul Colak, Wichita State University Wei Wang, University of Colorado Institutional Trading, Allocation Sales, And Private Information In Ipos Thomas J Chemmanur, Boston College Gang Hu, Babson College

"Top-Ten Percent" Session Session 200 – Issues in International Investing Friday, October 13, 2:00 pm - 3:30 pm Presentations International Day-Of-The-Week Effects: An Empirical Examination Of Ishares M Imtiaz Mazumder, Auckland University of Technology Ting-Heng Chu, East Tennessee State University Edward M Miller, University of New Orleans Larry J Prather, Southeastern Oklahoma State University Home Bias, Foreign Mutual Fund Holdings, And The Voluntary Adoption Of International Accounting Standards Vicentiu M Covrig, California State University Mark L DeFond, University of Southern California Mingyi Hung, University of Southern California Do Investors Still Benefit From International Diversification With Investment Constraints? Wan-Jiun Paul Chiou, Shippensburg University Alice C Lee, San Francisco State University

Session 201 – "Held for Special Session"

Session 202 – "Held for Special Session"

Session 203 – "Held for Special Session"

Session 204 – "Held for Special Session"

Session 205 – Risk Management I

Friday, October 13, 2:00 pm - 3:30 pm

An Examination Of Us Dollar Risk Management By Canadian Non-Financial Firms

Alex Faseruk, Memorial University of Newfoundland
Dev R Mishra, University of Saskchewan

Joseph H Meredith, Elon University

David A Carter, Oklahoma State University
W Gary Simpson, Oklahoma State University
Arun K Tandon, University of South Florida

Session 206 – Agency Problems and Corporate Governance in Mergers and Acquisitions

Friday, October 13, 2:00 pm - 3:30 pm

Bidder’s Shareholder Wealth Effects Of Canadian Cross-Border And Domestic Acquisitions - The Role Of Corporate Governance Differences

Imen Tebourbi, Université Paris Dauphine

Laxmikant Shukla, University of Pittsburgh

Rupendra Paliwal, Sacred Heart University
Shantaram P Hegde, University of Connecticut

Session 207 – Cycles and Certification in Equity Issues

Friday, October 13, 2:00 pm - 3:30 pm

A Sequential Search Model For IPO Pricing And Contracting

Ko Wang, Baruch College, CUNY
Jing Yang, Cal State Fullerton

John S Howe, University of Missouri Columbia
Shaorong Zhang, Marshall University

Don Autore, Virginia Tech
Raman Kumar, Virginia Tech
Dilip Shome, Virginia Tech

Session 208 – Persistence

Friday, October 13, 2:00 pm - 3:30 pm

State Of The Economy And The Stock Market’s Reaction To Monetary Policy

Arabinda Basistha, West Virginia University
Alexander Kurov, West Virginia University

Joseph M Marks, Seton Hall University
Eric Gettleman, University of Illinois

Lawrence Kryzanwoski, Concordia University
Sana Mohsni, Concordia University

Session 209 – Effects of Governance Structures

Friday, October 13, 2:00 pm - 3:30 pm

Legal Protection, Equity Dependence And Corporate Investment: Evidence From Around The World

Yuanto Kusnadi, Hong Kong University of Science and Technology
KC John Wei, Hong Kong University of Science and Technology

Keldon Bauer, Illinois State University

Antonio J Macias, Purdue University
Francisco J Roman, Rice University

Session 210 – Directors

Friday, October 13, 2:00 pm - 3:30 pm

Multiple Directorships And Corporate Diversification: An Empirical Examination

Pornsit Jiraporn, Texas A&M International University
Young Sang Kim, Northern Kentucky University

Patricia L Wollan, Rochester Institute of Technology

Rajesh Chakrabarti, Georgia Tech
Richard Fu, Georgia Tech
Narayanan Jayaraman, Georgia Tech
Rasha Ashraf, Georgia Tech

Session 211 – Agency Problems in Venture Capital

Friday, October 13, 2:00 pm - 3:30 pm

Bargaining Power, Adverse Selection Problems, And Entrepreneurs' Choice Of Venture Capitalists

Oghenovo Obrimah, Virginia Commonwealth University

Gennaro Bernile, University of Miami
Douglas Cumming, Rensselaer Polytechnic Institute
Evgeny Lyandres , Rice University

Yrjo Koskinen, Boston University
Michael J Rebello, Tulane University
Jun Wang, Louisiana State University & Baruch College

Session 212 – Derivatives Market Trading

Friday, October 13, 2:00 pm - 3:30 pm

Forward-Looking Information And Stock Price Around Earnings Announcement

James S Ang, Florida State University
Shaojun Zhang, Nanyang Technological University

Shingo Goto, University of South Carolina
Anitha Manohar, University of South Carolina

Duong Nguyen, Florida International University
Robert Daigler, Florida International University

Session 213 – No Session Scheduled

Session 214 – Investment Strategies

Friday, October 13, 2:00 pm - 3:30 pm

Value Versus Growth: Stochastic Dominance Criteria

Abhay Abhyankar, University of Edinburgh
Keng-Yu Ho, Nional Central University
Huainan Zhao, University of Durham

Lubomir Petrasek, Wright State University
Nicolas Gressis, Wright State University
Marlena Akhbari, Wright State University

George Athanassakos, University of Western Ontario

Session 215 –

Session 216 – Earnings Management and Concentration

Friday, October 13, 2:00 pm - 3:30 pm

Spread Behavior Around Board Meetings For Firms

Suchi Mishra, Florida International University
Wei Rowe, University of Nebraska Omaha
Arun Prakash, Florida International University
Dilip K Ghosh, Institute of Policy Analysis

Julia Sawicki, Nanyang Tech Univ

Huimin Chung, National Chiao Tung University
Robin K Chou, National Central University
Juo-Lien Wang, National Chiao Tung University

Session 217 – Issues in Pension Funds

Friday, October 13, 2:00 pm - 3:30 pm

The Effect of the Pension Funding Equity Act on Corporate Value

Joel T Harper, Oklahoma State University

Phillip R Daves, University of Tennessee
Michael C Ehrhardt, University of Tennessee

Thomas F Gosnell, Oklahoma State University
Joel T Harper, Oklahoma State University

Session 218 – Dividend and Stock Prices

Friday, October 13, 2:00 pm - 3:30 pm

Ex-Dividend Stock Price Behavior: Evidence from a Century of Tax Law Changes

Jeff Whitworth, University of Houston Clear Lake
Ramesh P Rao, Oklahoma State University

Thomas Henker, University of New South Wales
Vyas Balasubramaniam, University of New South Wales

Norris L Larrymore, Quinnipiac University
Javier Rodriguez, University of Puerto Rico

Session 219 – Trading Strategies and Financial Engineering

Friday, October 13, 2:00 pm - 3:30 pm

Skewness And Asymmetry In Futures Returns And Volumes

Brian M Lucey, Trinity College Dublin
Alexander A Eastman,

Serguey K Khovansky, University of Virginia

Giampaolo Gabbi, University of Siena
Giovanna Zanotti, Bocconi University

Session 220 – Academia Finance Topics

Friday, October 13, 2:00 pm - 3:30 pm

Ranking Finance Journals Using Author Affiliation Index

Carl R Chen, University of Dayton
Ying Huang, Manhtan College

Kent Hickman, Gonzaga University
Mark Shrader, Gonzaga University
Dan Friesner, Gonzaga University

Ernest N Biktimirov, Brock University
Kenneth J Klassen, Brock University

Session 221 – Investments and Real Options

Friday, October 13, 2:00 pm - 3:30 pm

Cash Flow Sensitivity Of Investment

Armen Hovakimian, Baruch College
Gayane Hovakimian, Fordham University

Chuang-Chang Chang, National Central University
Miao-Ying Chen, Chin-Yun University

J. David Diltz, University of Texas Arlington
SingRu Hoe, University of Texas Arlington

Session 222 – Bank Funding Studies

Friday, October 13, 2:00 pm - 3:30 pm

Diversification And The Cost Of Debt Of Bank Holding Companies

Saiying (Esther) Deng, University of Minnesota Duluth
Elyas Elyasiani, Temple University
Connie X Mao, Temple University

Elizabeth Webb, Federal Reserve Bank Philadelphia

Dmytro Holod, SUNY Stony Brook
Joe Peek, University of Kentucky

Session 223 – Cross-Border Investment and Acquisition Activity

Friday, October 13, 2:00 pm - 3:30 pm

Where Does The Market Matter? Stock Prices And Investment Around The World

Matias Braun, UCLA
Christian Johnson, Universidad Adolfo Ibanez

Richard A Brealey, London Business School
Ian A Cooper, London Business School
Evi Kaplanis,

Donna L Paul, Washington State University
Rossitza B Wooster, Cal State Sacramento

Session 224 – Methodology

Friday, October 13, 2:00 pm - 3:30 pm

Event-Study Methodology: Correction For Cross-Sectional Correlation In Standardized Abnormal Return Tests

James Kolari, Texas A&M University
Seppo Pynnonen, University of Vaasa

Catherine Shenoy, University of Kansas
Riza Demirer, SIU Edwardsville
Ron Mau, University of Kansas

Mounther H Barakat, University of Houston Clear Lake
Rory Terry, Fort Hays State University

"Top-Ten Percent" Session Session 225 – Mutual Funds: Families, Teams, and Brokers Friday, October 13, 3:45 pm - 5:15 pm Presentations The Economics Of Mutual-Fund Brokerage: Evidence From The Cross Section Of Investment Channels Susan Christoffersen, McGill University & CIRANO Richard Evans, Boston College David Musto, University of Pennsylvania Team Management And Mutual Funds Michaela Baer, University of Cologne and (CFR) Alexander Kempf, University of Cologne and Centre for Financial Research (CFR) Stefan Ruenzi, University of Cologne and Centre for Financial Research (CFR) Do Families Matter In Institutional Money Management Industry: The Case Of New Portfolio Openings Janis Berzins, Indiana University

"Top-Ten Percent" Session Session 226 – Smart Money Friday, October 13, 3:45 pm - 5:15 pm Presentations On Market Timing Ability: Evidence From Balanced Funds Dongmin Ke, University of Wisconsin Milwaukee Do Fund Managers Use Private Information In Their Asset Allocation Decisions? Evidence From Macroeconomic Announcements Bill B Francis, Rensselaer Polytechnic Institute Delroy M Hunter, University of South Florida Boyce D Watkins, Syracuse University Is Ethical Money Financially Smart? Luc Renneboog, CentER, Tilburg University and ECGI Jenke ter Horst, CentER, Tilburg University Chendi Zhang, CentER, Tilburg University and ECGI

Session 227 – No Session Scheduled

"Top-Ten Percent" Session Session 228 – Term Structure Modelling Friday, October 13, 3:45 pm - 5:15 pm Presentations Modeling The Term Structure Of Defaultable Bonds Under Recovery Risk Lotfi Karoui, McGill University Quadratic Term Structure Models With Jumps In Incomplete Currency Markets Elton Antonio Daal, University of New Orleans Term Structure Estimation In Markets With Infrequent Trading Gonzalo Cortazar, Pontificia Universidad Catolica de Chile Eduardo S Schwartz, UCLA Lorenzo F Naranjo, New York University

Session 229 – Venture Capital

Friday, October 13, 3:45 pm - 5:15 pm

Do Venture Capitalists Add Value To Public Firms? Evidence From VC-Led Pipes

Na Dai, University of Kansas

Onur Bayar, Boston College
Thomas J Chemmanur, Boston College

Steven D Dolvin, Butler University
Donald J Mullineaux, University of Kentucky
Mark K Pyles, College of Charleston

Session 230 – "Held for Special Session"

Session 231 – "Held for Special Session"

Session 232 – "Held for Special Session"

Session 233 – Credit Risk Management

Friday, October 13, 3:45 pm - 5:15 pm

The Valuation Of Loan With Corporate Exposure Under New Basel Capital Accord

Jiun Fei Chiu,
Chia Tien Chang,

Ren-raw Chen, Rutgers University
Frank Fabozzi, Yale School of Management
Ging-Ging Pan, National Ping-Tung University of Sciences and Technology
Ronald Sverdlove, Rutgers University

Session 234 – Takeovers and M&A

Friday, October 13, 3:45 pm - 5:15 pm

Takeover Success Prediction: Pair-Matched Design Vs. Non-Pair-Matched Design

Ben Branch, University of Massachusetts Amherst
Jia Wang, University of Massachusetts Amherst
Taewon Yang, Cal State San Bernardino

J Fred Weston, UCLA
Kenneth R Ahern, UCLA

Rebel Cole, DePaul University
Ali Fatemi, DePaul University
Joseph Vu, DePaul University

Session 235 – Studies of SEOs, IPOs, and IDSs

Friday, October 13, 3:45 pm - 5:15 pm

The Examination Of SEO Share Lockups

gemma lee, Vanderbilt University

Mingming Zhou, Rensselaer Polytechnic Institute

Zhuoming "Joe" Peng, SUNY Oswego

Session 236 – Financial Distress and Default Risk

Friday, October 13, 3:45 pm - 5:15 pm

Contagion: Evidence From The Bond Market

George Theocharides, University of Arizona

Claire M Rosenfeld, University of Minnesota

Daniel M Covitz, Federal Reserve Board
Song Han, Federal Reserve Board
Beth Anne Wilson, Federal Reserve Board

Session 237 – Evidence on Corporate Governance

Friday, October 13, 3:45 pm - 5:15 pm

Does Corporate Governance Predict Firms' Market Values? Time Series Evidence From Korea

Bernard S Black, University of Texas Law School
Woochan Kim, KDI School of Public Policy and Management
Hasung Jang, Korea University
Kyung-Suh Park, Korea University

Kimberly Gleason, Florida Atlantic University
Yong H Kim, University of Cincinnati
Young Sang Kim, Northern Kentucky University

Haluk Unal, University of Maryland
Kristina Minnick, Bentley College
Liu Yang, University of Maryland

Session 238 – Investment and Capital Structure Interaction

Friday, October 13, 3:45 pm - 5:15 pm

Is There Room For Growth? Capital Structure And The Deregulation Of U.S. Electric Utilities

Laarni Tobia Bulan, Brandeis University
Paroma Sanyal, Brandeis University

Christine Harrington, SUNY Oneonta

Maria-Teresa Marchica, University of Manchester

Session 239 – Design of Debt Contracts

Friday, October 13, 3:45 pm - 5:15 pm

Convertible Debt Under Asymmetric Information And Agency Problems

Fernando R Diaz, Purdue University

Steven A Dennis, East Tennessee State University
Weili Lu, Cal State Fullerton

John Banko, Norhtern Illinois University
Lei Zhou, Northern Illinois University

Session 240 – New Evidence on How Leverage Affects Stock Return Distributions

Friday, October 13, 3:45 pm - 5:15 pm

Determinants Of The Common Stock Price Changes Upon Announcements Of Convertible Debt Issuances

William R McDaniel, Florida Atlantic University
Camelia S Rotaru, University of Texas Pan American

Alexander W Butler, University of Texas Dallas
Hong Wan, University of South Florida

Scott Beyer, University of Wisconsin Oshkosh
Luis Garcia-Feijoo, Creighton University
Robert R Johnson, CFA Institute

Session 241 – No Session Scheduled

Session 242 –

Session 243 – Cross-Country Studies of Regulation and Institutional Factors

Friday, October 13, 3:45 pm - 5:15 pm

Securities Laws, Firm Size, And Capital Issuance

April M Knill, Florida State University
Nela Thomas Richardson, Freddie Mac

Anzhela Knyazeva, New York University
Diana Knyazeva, New York University
Joseph Stiglitz, Columbia University

Christos Pantzalis, University of South Florida
Jung Chul Park, University of South Florida
Ninon Sutton, University of South Florida

Session 244 – Trade Classifications

Friday, October 13, 3:45 pm - 5:15 pm

Strategic Trading In The Wrong Direction By A Large Institutional Insider

Erasmo Giambona, University of Amsterdam
Joseph Golec, University of Connecticut

Bidisha Chakrabarty, St Louis University
Bingguang Li, Shenandoah University
Van T Nguyen, Fairleigh Dickinson University
Robert A Van Ness University of Mississippi

Yuxing Yan, WRDS
Shaojun Zhang, Nanyang Technological University

Session 245 – Asset Allocation

Friday, October 13, 3:45 pm - 5:15 pm

Asset Allocation With Differential Borrowing And Lending Rates

Dennis Olson, American University of Sharjah
Jorg Bley, American University of Sharjah

Ivilina Popova, Seattle University
David Morton, University of Texas Austin
Elmira Popova, University of Texas Austin
Jot Yau Seattle University

Brian M Lucey, Trinity College Dublin
Dirk Baur, Trinity College Dublin

Session 246 – Short Selling

Friday, October 13, 3:45 pm - 5:15 pm

The Effect Of Short Sales Contraints On SEO Pricing

Charlie Charoenwong, Nanyang Technological University
David K. Ding, Nanyang Technological University
Ping Wang, Nanyang Technological University

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

Hemang Desai, Southern Methodist University
Srinivasan Krishnamurthy, SUNY - Binghamton University
Kumar Venkataraman, Southern Methodist University

Session 247 – Options

Friday, October 13, 3:45 pm - 5:15 pm

Do Price Limits Limit Price Discovery In The Presence Of Options?

David Reiffen, CFTC
Michael Haigh, CFTC

J Scott Chaput, University of Otago
Louis H Ederington, University of Oklahoma

Shinhua Liu, Texas A&M International University

Session 248 – Risk Management II

Friday, October 13, 3:45 pm - 5:15 pm

Business Cycle Effects On Capital Requirements: Scenario Generation Through Dynamic Factor Analysis

Andrea Cipollini, University of London
Giuseppe Missaglia, ICCREA Holding

Klaus Duellmann, Deutsche Bundesbank
Nancy Masschelein, National Bank of Belgium

Hyuna Park, University of Massachusetts Amherst

Session 249 – Capital

Friday, October 13, 3:45 pm - 5:15 pm

Internal Capital Markets And Bank Relationship

Yoon Choi, University of Central Florida
Seung Han, University of Central Florida

Aiyaswami Natesa Prasad, Ohio Northern University

Tak Yan Leung, City University of Hong Kong
Oliver Meng Rui, Chinese University of Hong Kong
Steven Shuye Wang, Hong Kong Polytechnic University

Session 250 – Banking, Security, and Compensation

Friday, October 13, 3:45 pm - 5:15 pm

Bank Lending And Interest-Rate Derivatives

Fang Zhao, Louisiana Tech University

Bhanu Balasubramanian, University of Mississippi
Ken Cyree, University of Mississippi

John Byrd, University of Colorado Denver
Elizabeth S Cooperman, University of Colorado Denver
Glenn A Wolfe, University of Toledo

Session 251 – Multi-Market Trading and Liquidity

Friday, October 13, 3:45 pm - 5:15 pm

Locals, Foreigners, And Multi-Market Trading Of Equities: Some Intraday Evidence

Warren Bailey, Cornell University
Connie X Mao, Temple University
Kulpatra Sirodom, Thammasat University

Sunando Sengupta, Arizona State University

Demissew Diro Ejara, William Paterson University

Session 252 – Estimation Issues in Empirical Corporate Finance

Friday, October 13, 3:45 pm - 5:15 pm

A Note On The Dangers Of Analyzing Price-Normalized Earnings Forecasts

Geoffrey C Friesen, University of Nebraska Lincoln

Emilio Venezian, Rutgers University
Xiaoli Wang, Rutgers University

Ronald Bremer, Texas Tech University
Zhaohui Zhang, Long Island University CW Post

"Top-Ten Percent" Session Session 253 – Payout Saturday, October 14, 8:30 am - 10:00 am Presentations Determinants Of The Trends In Aggregate Corporate Payout Policy Qinghai Wang, University of Wisconsin Milwaukee Jim Hsieh, George Mason University Analyst Coverage And Dividend Policy Kai Li, University of British Columbia Xinlei Zhao, Kent State University Payout Policy, Agency Conflicts, And Corporate Governance Kose John, New York University Anzhela Knyazeva, New York University

"Top-Ten Percent" Session Session 254 – Information and Microstructure Saturday, October 14, 8:30 am - 10:00 am Presentations Seasoned Equity Offerings: Quality Of Accounting Information And Expected Flotation Costs Gemma P Lee, Vanderbilt University Ronald W Masulis, Vanderbilt University Opacity Of A Firm And Information Asymmetry In The Financial Market Rahul Ravi, University of Alberta Impact Of Firm-Specific Public Information On The Relation Between Prices And Trading Srinivasan Sankaraguruswamy, National University of Singapore Jianfeng Shen, National University of Singapore Takeshi Yamada, National University of Singapore

"Top-Ten Percent" Session Session 255 – Mis-pricing? Saturday, October 14, 8:30 am - 10:00 am Presentations Trader Reactions And Investor Rationality - A Prospect Theory Exegesis Deanne Butchey, Florida International University Ali M Parhizgari, Florida International University Information And Accruals Strategy: When Does The Market Mis-Price Accruals? Qiao Liu, University of Hong Kong Rong Qi, St John's University Effective Fair Pricing Of International Mutual Funds Choong Tze Chua, Singapore Management University Sandy Lai, Singapore Management University Yangru Wu, Rutgers University

"Top-Ten Percent" Session Session 256 – Evaluating Stock Returns Saturday, October 14, 8:30 am - 10:00 am Presentations An Equilibrium Model With Buy And Hold Investors Tao L Wu, SUNY Buffalo Evaluating Stock Returns And The Consumption To Wealth Ratio Conditional On Income H. J Smoluk, University of Southern Maine James Bennett, University of Southern Maine Is Value Premium A Proxy For Time-Varying Investment Opportunities: Some Time Series Evidence Hui Guo, Federal Reserve Bank St Louis Robert Savickas, George Washington University Zijun Wang, Texas A&M University Jian Yang, Prairie View A&M University

Session 257 – Bank Lending and Securitization