Discussant to be announced
Decentralized Investment Management: An Analysis Of Non-Profit Pension Funds

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

Discussant to be announced
How Many Mutual Funds are Need to Form a Well-diversified Asset Allocated Portfolio?

David Louton, Bryant University
Hakan Saraoglu, Bryant University

Discussant to be announced

Session 009 – Options and Information

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

Chairperson : Soku Byoun, Baylor University
Presentations
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

Discussant: Aysegul Ates, Akdeniz University
Liquidity And Price Discovery On Open-Outcry Versus Electronic Trading Foreign Exchange Futures Markets

Aysegul Ates, Akdeniz University
George HK Wang, CFTC

Discussant : Michael Hemler, University of Notre Dame
Is There Information In The Volatility Skew?

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

Discussant : Yuan Chen Chang, National Chengchi University

Session 010 – Firm Taxes and Leverage

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

Chairperson: Ronald F Singer, University of Houston
Presentations
Taxes And Corporate Debt Policy : Evidence For Unlisted Firms Of Sixteen European Countries

Cesario Mateus, Aarhus School of Business

Discussant: Tian Zhao, University of Houston
Capital Structure Decisions Of Institutional Buyouts

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

Discussant: Frank D'Souza, Oklahoma State University
Firm Value And Tax Benefits Of Debt: Large Sample Evidence Of Modigliani And Miller (1963)

Sudarshan Jayaraman, UNC Chapel Hill

Discussant: Diana Knyazeva, New York University

Session 011 – Bookbuilding in IPOs

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

Chairperson: Jacqueline Garner, Drexel University
Presentations
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

Discussant : Satish Thosar, University of Redlands
Auctions Versus Book-Built Ipos: Further Evidence

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

Discussant : Hong Wan, University of South Florida
Initial Public Offerings: An Asset Allocation Perspective

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

Discussant : Jacqueline Garner, Drexel University

Session 012 – Dividend Policy: International Evidence

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

Chairperson: Thomas Chemmanur, Boston College
Presentations
Cross-Sectional Determinants Of Dividend Payments: International Evidence

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

Discussant: Elena Loutskina, University of Virginia
Patterns In Payout Policy And Payout Channel Choice Of UK Firms

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

Discussant: Karthik Krishnan, Boston College
Foreign Ownership, Domestic Ownership And Payout Policy

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

Discussant: Yawen Jiao, Rensselaer Poly Inst

Session 013 – Ownership Structure, Liquidity, and Market Monitoring

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

Chairperson: Hatice Uzun, Long Island University
Presentations
Ownership Control, Liquidity And Changes In Firm Value: Evidence From Canadian Earnings Announcements

Lawrence Kryzanowski, Concordia University
Arturo Rubalcava, University of Regina

Discussant: Lucy Chernykh, Bowling Green State University
Liquidity And Market Monitoring - An Examination Of Changes In Market Monitoring For Successful Bidders

Jennifer (Huihua) Li, St Cloud State University
Harley E Ryan, Georgia State University

Discussant: Mine Ertigrul, University of Toledo
Liquidity, A Blessing Or Curse For Block Holdings

Yan Zhang, Indiana University

Discussant: Zekeriya Eser, Eastern Kentucky University

Session 014 – New Explorations in Corporate Governance

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

Chairperson : Bing-Xuan Li, University of Rhode Island
Presentations
Corporate Governance And Equity Mispricing

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

Discussant: Dalia Marciukaityte, Louisiana Tech
Rent Seeking And Corporate Finance: Evidence From Corruption Cases

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

Discussant : Sunil Mohanty, University of St Thomas
Corporate Venture Capitalists, Strategic Alliances, And The Governance Of Newly Public Firms

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

Discussant : Arun Khanna, Butler University

Session 015 – Corporate Advisors and Value

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

Chairperson: Samuel C Weaver, Lehigh University
Presentations
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

Discussant : Samuel C Weaver, Lehigh University
Managerial Entrenchment, Use Of Investment Banks, And Acquiring Firms' Long-Run Performance

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

Discussant : Qian Li, Midwestern State University
Which Factors Affect Bond Underwriter Fees? The Role Of Banking Relationships

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

Discussant : Herbert Rijken, Vrije Universiteit Amsterdam

Session 016 – Reversals

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

Chairperson: Chris Stivers, University of Georgia
Presentations
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

Discussant: Hyung-Suk Choi, Georgia Tech
Is Reversal Of Large Stock-Price Declines Caused By Overreaction Or Information Asymmetry: Evidence From Stock And Option Markets

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

Discussant: Yan Wang, University of Manitoba
Intertemporal Behavior Of Expected Returns: Another Look

Kiseok Nam, University of Texas Pan American

Discussant: Chris Stivers, University of Georgia

Session 018 – Bond Valuation

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

Chairperson: Mark H Liu, University of Kentucky
Presentations
Securitization Of Catastrophe Mortality Risks

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

Discussant: Naresh Bansai, University of Georgia
Bond Valuation Under HJM Forward Rates With Diffusive Acceleration

Gurupdesh S Pandher, DePaul University

Discussant: Dragon Tang, Kennesaw State University
Timing Of Calls Of Corporate Callable Bonds: An Empirical Examination Using Survival Analysis

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

Discussant: Joseph C Smolira, Belmont University

Session 019 – New Methodologies

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

Chairperson: John Scruggs, University of Georgia
Presentations
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

Discussant: Danling Jiang, Florida State University
Multifractal Modeling Of The US Treasury Term Structure And Fed Funds Rate

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

Discussant: Wulin Suo, Queen's University
Predictive Regressions: Method Of Least Autocorrelation

Yan Liu, Emory University
Qi Zhu, Emory University

Discussant: Yangru Wu, Rutgers University

Session 020 – Informed Trading and Spreads

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

Chairperson : Prakash Pai, University of Texas Permian Basin
Presentations
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

Discussant : Dayong Huang, Gustavus Adolphus College
A Model Of The Components Of The Bid-Ask Spread

Alexey Serednyakov, University of Minnesota

Discussant : Ivelina Pavlova, Florida International University
Informed Trading In Derivatives With Hedging By Market Makers

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

Discussant to be announced

Session 021 – Alternative Investments

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

Chairperson: CR Narayanaswamy, Clayton State University
Presentations
The Risk-Adjusted Performance Of US Buyouts

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

Discussant: Iraj Fooladi, Dalhousie University
What Drives The Return On Venture Capital Funds?

Xiaoqing Eleanor Xu, Seton Hall University

Discussant: Sudi Sudarsanam, Cranfield University
The Normal Equivalent: Evaluating Non-Normal Portfolio Characteristics

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

Discussant: Ravi Shukla, Syracuse University

Session 022 – Evaluating Investment Strategies

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

Chairperson: Natalia Scotto Piqueira, University of Houston
Presentations
The Home Team Weather Advantage And Biases In The NFL Betting Market

Richard Borghesi, Texas State University
,

Discussant: David Hunter, University of Maryland
The Implications Of Retained And Distributed Earnings For Future Profitability And Market Mispricing

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

Discussant: Tao Shu, University of Texas Austin
Inertia, Traders Composition, And The Cross-Section Of Stock Returns

Tao Shu, University of Texas Austin

Discussant: Tian Liang, Cornell University

Session 023 – Issues in Financial Education

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

Chairperson: Lin Klein, University of Connecticut
Presentations
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

Discussant: Amy Burnett, St Edward's University
Applying Internet-based Technologies to Teaching Corporate Finance and Investments

Zhuomng "Joe" Peng, SUNY Oswego

Discussant: Pamela Peterson Drake, Florida Atlantic University
Research Achievement And Finance Editorial Board Membership

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

Discussant: Samuel Weaver, Lehigh University

Session 024 – Stock or Options?

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

Chairperson: Kathleen Farrell, University of Nebraska Lincoln
Presentations
Executive Portfolio Decisions: The Interaction of Executive Stock Ownership and Options

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

Discussant: Craig Rennie, University of Arkansas
CEO Stock Options: The Impact Of Pre-Award Ceo Stock Ownership And Plan And Award Conditions

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

Discussant: Melissa Frye, University of Central Florida
The Value Of Vesting Restrictions On Executive Stock And Options

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

Discussant: Haigang Zhou, Cleveland State University

Session 025 – Regulatory Monitoring in Different Markets

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

Chairperson: Janice Barrow, Kennesaw State University
Presentations
Credit Rating And Bank Monitoring Ability

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

Discussant to be announced
Using Price Information As An Instrument Of Market Discipline In Regulating Bank Risk

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

Discussant: Janice Barrow, Kennesaw State University
Cross Border Banking: Challenges For Deposit Insurance And Financial Stability In The European Union

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

Discussant: Gunter Strobl, UNC Chapel Hill

Session 026 – Insurance Companies and Financial Markets

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

Chairperson : Marco Pagani, San Jose State University
Presentations
Closure Rules And The Valuation Of Pension Benefit Guaranty

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

Discussant : Puneet Prakash, Virginia Commonwealth University
The Wealth Effects Of Multiple Insurance Company Share Repurchases

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

Discussant : Henry Oppenheimer, University of Rhode Island

Session 027 – International Lending Markets

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

Chairperson: Amit Sinha, Indiana State University
Presentations
Factors Underlying The Credit Risk Exposure Of Sovereign Loans

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

Discussant: Thomas Hall, University of Alabama & Cass Business School
Bank Ownership, Production Location And Bank Efficiency In Ukraine

Larissa Kyj, Rowan University
Ihsan Isik, Rowan University

Discussant: Demir Yener, BearingPoint, Inc

Session 028 – Global Investing

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

Chairperson: Brian Lucey, Trinity College Dublin
Presentations
Measuring International Financial Integration Through Stochastic Discount Factors

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

Discussant: Dirk Baur, Trinity College Dublin
Price Discovery and Informational Efficiency of International iShares Funds

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

Discussant: Brian Lucey, Trinity College Dublin
Why Do Us Firms List Abroad

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

Discussant: Hilla Ranta, University of Kansas

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 029 – Volatility Volume and Information

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

Chairperson: Michael Pagano, Villanova University
Presentations
Information, Sell Side Research And Market Making

Leonardo Madureira, Case Western Reserve University
Shane Underwood, Rice University

Discussant : Paul Irvine, University of Georgia
Volatility, Market Structure, And Liquidity

Kee H Chung, SUNY Buffalo
Youngsoo Kim, University of Regina

Discussant : Michael Pagano, Villanova University
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

Discussant : Shaojun Zhang, Nanyang Tech University

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 030 – Governance and Managerial Decisions

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

Chairperson: Jeffrey L Coles, Arizona State University
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

Discussant: Robert Parrino, University of Texas Austin
Dual-Class Share Issues And Mitigating The Costs Of Corporate Democracy

Suman Banerjee, Tulane University

Discussant: Scott Bauguess, Texas Tech University
The Choice Of Corporate Liquidity And Corporate Governance

Hayong Yun, Columbia University

Discussant: Stuart Gilllan, Arizona State University & Texas Tech University

Session 031 – Credit Default Swaps

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

Chairperson: John Finnerty, Forham University
Presentations
Liquidity, Liquidity Spillover, And Credit Default Swap Spreads

Dragon Yongjun Tang, Kennesaw State University
Hong Yan, University of Texas Austin & SEC

Discussant John Finnerty, Forham University
Pricing Credit Default Swaps With The Extended Geske-Johnson Model

Shih-Kuo Yeh, National Chun Hsing University
Ren-Raw Chen, Rutgers University

Discussant: Michael Hemler, University of Notre Dame

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 032 – Investment Patterns

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

Chairperson: Werner DeBondt, DePaul University
Presentations
Order Flow Patterns Around Seasoned Equity Offerings And Their Implications For Stock Price Movements

Avanidhar Subrahmanyam, UCLA
Sahn-Wook Huh, Brock University

Discussant: David Shrider, Miami University Ohio
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

Discussant: William Higbee, Winona State University
Sex Matters: Gender And Mutual Funds

Alexandra Niessen, University of Cologne
Stefan Ruenzi, University of Cologne

Discussant: William Forbes, Loughborough University

Session 033 –

2006 FMA Doctoral Student Seminar Special Paper Presentation Session

Session 034 –

2006 FMA Doctoral Student Seminar Special Paper Presentation Session

Session 035 –

2006 FMA Doctoral Student Seminar Special Paper Presentation Session

Session 036 – Special Session

Hot Topics in Corporate Finance and Investments

Session 037 – Issues in Option Pricing

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

Chairperson: Lloyd P Blenman, UNC Charlotte
Presentations
Bounds And Prices Of Currency Cross-Rate Options

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

Discussant: Antonio Camara, Oklahoma State University
Pricing Stock Options Under Expected Increasing And Decreasing Price Cases

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

Discussant: Steven P Clark, UNC Charlotte
An Examination On The Roles Of Diffusions And Stochastic Volatility In The Exponential Lévy Jumps Models

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

Discussant: Peter B Lerner, Syracuse University

Session 038 – International Capital Structure Choice I

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

Chairperson: Usha Mittoo, University of Manitoba
Presentations
Bond Market Accessibility, Credit Quality And Capital Structure: Canadian Evidence

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

Discussant: Arturo Rubalcava, University of Regina
Do Firms Have Financing Preferences Along Their Life Cycles? Theory and Evidence From Iberia

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

Discussant: Manohar Singh, Willamette University
The Cash Flow Sensitivity Of Cash Windfalls To Brazilian Firms

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

Discussant: Mario Coutinho dos Santos, Universidade Catolica Portuguesa

Session 039 – What Drives the Equity Issue Decision?

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

Chairperson to be announced
Presentations
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

Discussant: Elena Loutskina, University of Virginia
Information Asymmetry, Information Production, And The Types Of External Financing

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

Discussant: James Brau, Brigham Young University
Why Firms Issue Seasoned Equity

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

Discussant to be announced

Session 040 – Dividend Initiations and Omissions

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

Chairperson: Joe Tanimura, San Diego State University
Presentations
Dividend Drops and Firm Retrenchment

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

Discussant: Pisun (Tracy) Xu, University of Washington
Information Revelation Through Dividend Initiations

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

Discussant: Jaemin Kim, San Diego State University

Session 041 – Institutional Investors and Corporate Governance

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

Chairperson: Dev Mishra, University of Saskatchewan
Presentations
Does Institutional Investor Composition Influence Managerial Myopia? The Case Of Accounting Restatements

Laura Yue Liu, University of Oregon

Discussant: Rajeev Singhal, Oakland University
Universal Banking And Institutional Investor Activism

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

Discussant to be announced
Large Changes In Institutional Ownership And CEO Compensation Risk

Yixi Ning, University of Houston Victoria

Discussant : Hoang Nguyen, University of Central Florida

Session 042 – Governance: Responding to Proposals

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

Chairperson: Jacqueline Garner, Drexel University
Presentations
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

Discussant: Jay Dahya, CUNY, Baruch College
Shareholder Proposals Post-Enron: What's Changed, What's The Same?

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

Discussant: Ann Marie Whyte, University of Central Florida
Board Of Directors’ Responsiveness To Shareholders: Evidence From Majority-Approved Shareholder Proposals

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

Discussant: Jacqueline Garner, Drexel University

Session 043 – Information and Governance

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

Chairperson : David Reeb, Temple University
Presentations
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

Discussant : Arun Upadhyay, Temple University
Determinants Of Corporate Disclosure And Transparency: Evidence From Hong Kong And Thailand

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

Discussant : Wanli Zhao, Temple University
Stock Market Liberalization And The Information Environment

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

Discussant : Ronald Anderson, American University

Session 044 – Event Studies II

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

Chairperson: Sean F Reid, Salisbury University
Presentations
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

Discussant: Mark Pyles, College of Charleston
Stock Market Volatility Around National Elections

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

Discussant: Adam YC Lei, Midwestern State University
The Long-Run Performance Of New Product Introductions

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

Discussant: Rahul Ravi, University of Alberta

Session 046 – Bond Ratings

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

Chairperson: Van Son Lai, Laval University
Presentations
The Impact Of Rating Agency Reputation On Local Government Bond Yields

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

Discussant: George Theocharides, University of Arizona
Should More Local Governments Purchase A Bond Rating?

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

Discussant: Naresh Bansal, University of Georgia
Information Quality And Split Bond Ratings

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

Discussant: Van Son Lai, Laval University

Session 047 – Stock Return Puzzles

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

Chairperson: Yangru Wu, Rutgers University
Presentations
Estimating Factor Models With Coskewness: Stochastic Discount Factor Volatility And The Problem Of Luck

Valerio Potì, Dublin City University

Discussant: Yuming Li, Cal State Fullerton
Arbitrage, Replication, And Cointegration: Evidence From Closed-End Funds

Jahangir Sultan, Bentley College

Discussant: Scott W Barnhart, Florida Atlantic University

Session 048 – Market Microstructure: Patterns and Competition

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

Chairperson : Colin Pillay, Saint Michael's College
Presentations
Market Performance, Competition, And Information Known To Market Makers

Arman Kosedag, Berry College
Jinhu Qian, Le Moyne College

Discussant : Bonnie VanNess, University of Mississippi
Inter-Market Competition For Exchange Traded Funds

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

Discussant : Soumen De, University of Evansville
An Analysis Of Intraday Patterns In ETF And Common Stock Spreads

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

Discussant : Jialin Yu, Columbia University

Session 049 – Portfolios: Allocation and Performance Issues

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

Chairperson: George Comer, Georgetown University
Presentations
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

Discussant: Yintian Wang, McGill University
Volatility Components: Affine Restrictions And Non-Normal Innovations

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

Discussant: Russell Price, Florida State University & Howard University
Performance Stability and Predictability of Equity Styles: A Time Series Analysis of Equity Style Indices

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

Discussant: John Neumann, St John's University

Session 050 – Information and Market Efficiency

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

Chairperson to be announced
Presentations
Predicting Future Stock Returns: A Bayesian Perspective

James A Turner, Weber State University

Discussant : Rand Martin, Bloomsburg University
Intertemporal Asset Pricing With Information Quality Risk

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

Discussant to be announced
Can Machine Learning Challenge The Efficient Market Hypothesis?

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

Discussant : Shishir Singh, Concordia University

Session 051 – Issues in Real Estate

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

Chairperson: David H Downs, Virginia Commonwealth University
Presentations
Information Asymmetry, Market Liquidity, And The Age Of Residential Property

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

Discussant: Gary A Patterson, University of South Florida
De-Mystifying The Refi-Share Mystery

Frank E Nothaft, Freddie Mac
Yan Chang, Freddie Mac

Discussant: Wally Boudry, UNC Chapel Hill

Session 052 – New Findings on Executive Compensation

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

Chairperson : Wendell Licon, Arizona State University
Presentations
Compensation Distribution In The Top Executive Suite

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

Discussant: Rob Nash, Wake Forest University
A Comparison Of CEO Compensation Data Sources

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

Discussant: Chris Clifford, Arizona State University
The Structure Of Executive Compensation: International Evidence From 1996-2004

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

Discussant : Jesus Salas, University of Oklahoma

Session 053 – Lending, Performance, and Efficiency

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

Chairperson: Ronald Watson, Rutgers University
Presentations
CRA Agreements And Small Business Lending: Is There A “There” There?

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

Discussant: William Jackson III, Federal Reserve Bank Atlanta
Reconsidering The Degree Of Inefficiency Of Financial Institutions

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

Discussant: Doug Evanoff, Federal Reserve Bank Chicago
Risk-Adjusted Performance Measures At Bank Holding Companies With Section 20 Subsidiaries

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

Discussant: Carl Hudson, Federal Reserve Bank Atlanta

Session 054 – Firm Value Studies

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

Chairperson: Maria Manuela Marques, Catholic University of Portugal
Presentations
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
Discussant: Sridhar Gogineni, University of Oklahoma

Where Are The Sources Of Conglomerate's Diversification Discount

Zhicheng Wang, Peking University

Discussant: Maria Manuela Marques, Catholic University of Portugal
Stock Market Returns And Knowledge Investments

Vigdis W Boasson, Ithaca College
Emil Boasson, Ithaca College

Discussant: Dean B Kiefer, Eastern Washington University

Session 055 – International Capital Structure Choices

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

Chairperson: Tai Shin, Virginia Commonwealth University
Presentations
Capital Structure And Debt Maturity: Evidence From Emerging Markets

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

Discussant to be announced
Foreign Currency Denominated Borrowing In The Absence Of Operating Incentives

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

Discussant to be announced
Legal Variation And External Finance

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

Discussant to be announced

Session 056 – Global Markets and Pricing

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

Chairperson : Keith Vorkink, Brigham Young University
Presentations
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

Discussant : Yuan-Chen Chang, National Chengchi University
An Examination Of Random Walk Hypothesis For Gold Prices

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

Discussant : Ted Moorman, University of New Hampshire

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 057 – Returns, Spreads, and Prices

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

Chairperson to be announced
Presentations
Portfolio Cross-Autocorrelation Puzzles

Dan Bernhardt, University of Illinois
Ryan J Davies, Babson College

Discussant: Brian Lucey, Trinity College Dublin
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

Discussant: Peter Locke, George Washington University

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 058 – Firm Productivity and Risk

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

Chairperson: Robert Parrino, University of Texas Austin
Presentations
CEO Incentives And Firm Productivity

Paroma Sanyal, Brandeis University
Laarni Bulan, Brandeis University
Zhipeng Yan, Brandeis University

Discussant: Audra Boone, University of Kansas
Do CEO Stock Options Encourage Risk Taking?

Jingtao Wu, Iowa State University
Sergio H Lence, Iowa State University

Discussant: Lalitha Naveen, Georgia State University/Purdue 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

Discussant: Jay C Hartzell, University of Texas Austin

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 059 – Pricing Options

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

Chairperson : Amar Gande, Southern Methodist University
Presentations
Dynamic Equilibrium With Overpriced Put Options

Sergei Isaenko, Concordia University

Discussant to be announced
Microstructural Biases In Empirical Tests Of Option Pricing Models

Patrick Dennis, University of Virginia
Stewart Mayhew, SEC

Discussant : Veronika Krepely Pool, Indiana University
Is Systematic Risk Priced In Options?

Jin-Chuan Duan, University of Toronto
Jason Z Wei, University of Toronto

Discussant : Craig Lewis, Vanderbilt University

→ Click here for a description of "Top-Ten Percent" Sessions

"Top-Ten Percent" Session
Session 060 – Bank Relationship

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

Chairperson to be announced
Presentations
Banks And Bubbles: How Good Are Bankers At Spotting Winners?

Laura Gonzalez, University of Florida
Christopher James, University of Florida

Discussant to be announced
Are Current Consolidations Of Financial Institutions And Syndicated Loan Alliances Related To Past Alliances?

Claudia Champagne, Concordia University
Lawrence Kryzanowski, Concordia University

Discussant to be announced
Are Banking Relations Beneficial To Established Firms? Evidence From Seasoned Equity Offerings

Yang Liu, California Polytechnic State University
J Jimmy Yang, Oregon State University

Discussant to be announced

Session 061 –

2006 Doctoral Student Seminar Special Paper Presentation Session

Session 062 –

2006 Doctoral Student Seminar Special Paper Presentation Session

Session 064 –

Special Session

Session 065 – Option Prices, Stock Returns, and Volatility

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

Chairperson: Michael Hemler, University of Notre Dame
Presentations
A Matrix-Based Lattice Model To Value Employee Stock Options

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

Discussant: Don M Chance, Louisiana State University
Past Stock Returns And Option Prices

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

Discussant: David A Dubofsky, University of Louisville
Predicting Volatility Using Forecast Dispersion: A Model And A Comparison To Option-Implied Volatility

Erik Benrud, American University

Discussant: Thomas W Miller, Jr, Saint Louis University

Session 066 – International Capital Structure Choice II

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

Chairperson : Cesario Mateus, Aarhus School of Business
Presentations
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

Discussant : Cesario Mateus, Aarhus School of Business
Keiretsu Membership, Market Timing, And Capital Structure

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

Discussant : Ying Huang, Manhattan College
The Pecking Order Hypothesis versus the Static Trade-off Theory under Different Institutional Environments

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

Discussant : Darshana Palkar, University of North Texas

Session 067 – Motivations for Convertible Debt

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

Chairperson : Nivine Richie, Susquehanna University
Presentations
Why Issue Putable Convertibles? An Empirical Analysis

Thomas J Chemmanur, Boston College
Karen Simonyan, Suffolk University

Discussant: Randall S Billingsley, Virginia Tech
On Raising Capital With New Convertible Securities: A New Theory of Empirical Evidence

Camelia S Rotaru, University of Texas Pan American

Discussant to be announced
Are There Windows Of Opportunity For Convertible Debt Issuance? Evidence For Western Europe

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

Discussant to be announced

Session 068 – Dividend Policy and Taxes

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

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

Ravi Jain, National University of Singapore

Discussant to be announced
Ex-Dividend Day Price Behavior: The Case Of 2003 Dividend Tax Cut

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

Discussant: Ravi Jain, National University of Singapore
An Experiential Learning Exercise In Determining A Firm's Payout Policy

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

Discussant : Daria Auciello, University of Nebraska Lincoln

Session 069 – Corporate Governance and Financial Policy

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

Chairperson: Robert Kieschnick, University of Texas Dallas
Presentations
Security Choice And Corporate Governance

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

Discussant: Douglas Cook, University of Alabama
Bankers as Directors: Do They Affect Firm Capital Structure?

Elif Sisli Ciamarra, New York University

Discussant: Sinan Goktan, University of Texas Dallas
Capital Structure And Corporate Governance Quality

Chiraphol New Chiyachantana, Singapore Management University
Pornsit Jiraporn, Penn State University Great Valley
Pattanaporn Kitsabunnarat, Chulalongkorn University

Discussant: Craig G Rennie, University of Arkansas

Session 070 – Ownership Structure and Firm Performance

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

Chairperson: Ali Akyol, University of Alabama
Presentations
Foreign Ownership And Corporate Performance

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

Discussant : Kemal Saatcioglu, Sabanci University
Ownership Breadth And Institutional Ownership: Determinants And Performance For U.S. Firms, 1988-98

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

Discussant : Paul Koch, University of Kansas
Impact Of Corporate Ownership And Governance On Thrift Risk-Taking And Returns

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

Discussant : Peter Went, Bucknell University

Session 071 – Corporate Governance and Real Performance

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

Chairperson: Jack Wolf, Clemson University
Presentations
Corporate Governance And Corporate Survival

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

Discussant: Gregory Nagel, Mississippi State University
Governance In Firms That Undergo Bankruptcy Proceedings

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

Discussant: Rajeev Singhal, Oakland University
Ownership Concentration In Privatized Firms: The Role Of Disclosure Standards, Auditor Choice, And Auditing Infrastructure

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

Discussant: David S North, University of Richmond

Session 072 – Event Studies I

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

Chairperson: Jay Coughenour, University of Delaware
Presentations
On The Market’s Reaction To Railroad Disasters: An Empirical Analysis

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

Discussant: Margot Quijano, University of Texas San Antonio
Trading Volume Shocks And Subsequent Stock Returns

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

Discussant: Jay Coughenour, University of Delaware

Session 074 – Lending

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

Chairperson: Jie Cao, University of Texas Austin
Presentations
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

Discussant: George Theocharides, University of Arizona
The Intra-Industry Effect Of Bank Loan Ratings

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

Discussant: Gaiyan Zhang, University of Missouri St Louis
Did Federal Home Loan Banks Lending To Financially Distressed Thrifts Increase The Cost Of The S&L Debacle? You Bet It Did

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

Discussant: Jie Cao, University of Texas Austin

Session 075 – Household Investing

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

Chairperson : Yolanda Ruiz-Vargas, University of Puerto Rico Mayagez
Presentations
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

Discussant : Gary Benesh, Florida State University
The Importance Of Background Risk On Stock Market Participation And Portfolio Choice: Empirical Evidence

Yaxuan Qi, Rutgers University
Yangru Wu, Rutgers University

Discussant : Lee Dunham, University of Nebraska Lincoln
Stock Market Optimism And Participation Cost: A Mean-Variance Estimation

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

Discussant to be announced

Session 076 – Intermarket Competition

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

Chairperson: Mark Peterson, SIU Carbondale
Presentations
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

Discussant: Bidisha Chakrabarty, St Louis University
Information Disclosure And Market Quality - The Effect Of SEC Rule 11AC1-5 On Trading Costs

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

Discussant: Janya Golubeva, University of Oklahoma
Competition And Consolidation In The Market For The NYSE-Listed Securities

Michael Goldstein, Babson College
Andriy S