2005 FMA European Conference 8 through 11 June 2005 University of Siena – Faculta di Economia

Day, Date, and Time: Thursday, 9 June 2005, 8:30 am - 10:00 am

Moderator : Harald Benink, RSM Erasmus University & FMG/LSE & European SFRC

Panelists
Sang-Yong Park, Yonsei University & Asian SFRC
Ken Scott, Stanford University & US SFRC
Clas Wihlborg, Copenhagen Business School & European SFRC

Chairperson : Robert Boldin, Indiana University of Pennsylvania

Presentations

When Should a Venture Capitalist Replace an Owner-Manager: Theory and Empirics

Thomas William Hall, Univ of Alabama Huntsville/Cass Business School
Robert Cressy, Cass School of Business

R&D Incentives, Syndication and Reputation in Venture Capital Contracting

Ralph Bachmann, Nanyang Technological University
Ibolya Schindele, Norwegian School of Management, BI

Chairperson : Mark Flannery, University of Florida

Presentations

Are Bank Lending Relationships Always Beneficial? The Case of Germany

Andreas Rauterkus, Siena College

The Evolution of Corporate Borrowers: Prime versus LIBOR

Patricia A McGraw, Ryerson University, Canada
Kamphol Panyagometh, National Institute of Development Administration, Thailand
Gordon S Roberts, York University, Canada

Chairperson : To Be Announced

Presentations

Interest Rate Option Markets: The Role of Liquidity in Volatilty Smiles

Prachi Deuskar, New York University
Anurag Gupta, Case Western Reserve University
Marti G Subrahmanyam, New York University

Institutional Trading and Share Returns

F. Douglas Foster, University of New South Wales/ANU
David R Gallagher, University of New South Wales
Adrian Looi, University of New South Wales

Tax-induced Dissimilarities between Domestic and Foreign Mutual Funds in Italy

Roberto Savona, University of Brescia

Chairperson : Bruce Benet, Central Michigan University

Presentations

Pricing Forward Start Options under the CEV Model with Applications in Financial Engineering

Brian Eales, London Metropolitan University
Radu Sebastian Tunaru, Cass Business School

Why are Structured Products Markets Expanding in the USA? The Case of Reverse-Exchangeable Securities (RES)

Bruce A Benet, Central Michigan University
Antionne Giannetti, Florida Atlantic University
Seema Pissaris, Florida Atlantic University

Chairperson : Kate Phylaktis, Cass Business School

Presentations

Imperfect Competition and Market Liquidity with a Supply Informed Trader

Ariadna Dumitrescu, ESADE Business School

The Determinants of the Time to Efficiency in Options Markets : A Survival Analysis Approach

Laurent Deville, CNRS - CEREG Paris-Dauphine University
Fabrice Riva, CEREG - Paris-Dauphine University

The Index Effect: An Investigation of the Price, Volume and Trading Effects Following Changes to the S&P Australian Indices

Daniel Pullen, University of Melbourne
Gerard L Gannon, Deakin University

Chairperson : DJ Juttner, Macquarie University

Presentations

The Dynamics of Hedge Fund Flows and Performance

Guillermo P Baquero, Erasmus Universiteit Rotterdam
Marno Verbeek, Erasmus Universiteit Rotterdam

The Real Term Structure Implicit In Nominal Bond Yields

Andreas Berardi, University of Verona

Elasticity of Demand, Marginal Cost, and Risk

Thomas O'Brien, University of Connecticut

Chairperson : Ronald Watson, Drexel University

Presentations

A More Complete Conceptual Framework for SME Finance

Gregory F Udell, Indiana University
Allen N Berger, Federal Reserve Board

Internal and External Determinants of SME Growth

Minna Martikainen, Laurea Polytechnic
Jussi Nikkinen, University of Vaasa

Global Effects of the New Basel Capital Accord's Implementation on SMEs

Ed Altman, New York University
Gabriele Sabato, University of Rome La Sapienza

Chairperson To Be Announced

Presentations

Capital Structure Convergence and a Dominant-Country Effect: A Case Study of the European Union

Dev Prasad, University of Massachusetts
Walayet A Khan, University of Evansville
H Kent Baker, American University

Trade Liberalization, Profitability and Financial Leverage

Jen Baggs, Queen's School of Business
James Brander, Sauder School of Business

Capital Structure and Characteristics of Supplier and Customer Markets

Jayant R Kale, Georgia State University
Husayn K Shahrur, Bentley College

Chairperson : Iraj Fooladi, Dalhousie University

Presentations

Minority Shareholder Expropriation and Asymmetric Information Flows in a Global Registered Share: The Saga of DaimlerChrysler

Frederick H DeB Harris, Wake Forest University
Sherry L Jarrell, Wake Forest University
Thomas H McInish, University of Memphis
Robert A Wood, University of Memphis

The Evolving Role of Nucleus Financial Firms in Japanese Business Groups: 1990 to 2000

Ronald E Shrieves, University of Tennessee

Exchange rate Fluctuations and Cross-Market Correlations in International Stock Markets

Kyung Chun Mun, Truman State University

Chairperson : Duane Stock, University of Oklahoma

Presentations

The Sensitivity of Corporate Bond Volatility to Macroeconomic Announcements

Duane Stock, University of Oklahoma
Nikolay Kosturov, University of Oklahoma

Degrees of Specialness: An Empirical Analysis of the Italian BTP Repo Market

Frank S Skinner, University of Reading
Alfonso Dufour, University of Reading

Pricing Differences and Liquidity Effects between Corporate Bonds and Credit Default Swaps in Europe: Are Corporate Bond and Credit Protection Markets Integrated?

Didier Cossin, International Institute for Management Development (IMD)
Hongze Lu, IMD/HEC, University of Lausanne

Day, Date, and Time: Thursday, 9 June 2005, 10:30 am - 12:00 noon

Moderator
William Megginson, University of Oklahoma

Panelists
Riccardo Gallo
University of Rome
Global Advisory Committee on Privatization
(the Comitato Privatazzione)

Dario Scannapieco
Italian Ministry of Economics and Finance
Director General
Italy’s Privatization Program

Chairperson : Betty Simkins, Oklahoma State University

Presentations

Corporate Hedging Policy and Equity Mispricing

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

An Analysis of the Interest Rate Sensitivity of Common Stocks

Frank K Reilly, University of Notre Dame
David J Wright, University of Wisconsin - Parkside
Robert R Johnson, CFA Instititue

The Effect of Exchange Rate Variability on U.S.Shareholders' Wealth

Aline Muller, Radboud University Nijmegen
Willem Verschoor, Radboud University Nijmegen

Chairperson : Cesario Mateus, The Aarhus School of Business

Presentations

Balanced Performance Index and its Implications: Evidence from Taiwan's Commercial Banks

Dar-Yeh James Hwang, National Taiwan University
Chi-Chun Liu, National Taiwan University
Lishu Ouyang, Chinese Culture University

Discussant Ron Shrieves, University of Tennessee

Lending, Looting, and Pyramids

Pramuan Bunkanwanicha, University of Paris 1-Sorbonne
Jyoti Gupta, ESCP-EAP European School of Management

Chairperson To Be Announced

Presentations

Option Pricing When the Underlying Stock Price Belongs to the Class of Exponential Levy Processes: Theoretical and Empirical Analysis

Paola Zerilli, Boston College

Intermediation and Value Creation in an Incomplete Market: Implications for Securitization

Vishal Gaur, New York University
Sridhar Seshadri, New York University
Marti G Subrahmanyam, New York University

Option pricing under Stochastic Volatility and Trading Volume

Sadayuki Ono, University of York

Chairperson To Be Announced

Presentations

Liquidity, Size and Cycle of Order Flow in an Order-Driven Stock Exchange

William MY Cheung, Hong Kong Polytechnic University
Frank Song, University of Hong Kong

Systematic Asset Liquidity in Electronic Limit Order Markets

Alexander Kempf, University of Cologne
Daniel Mayston, University of Cologne

Predicting Liquidity from Order Book Data

Knut Griese, University of Cologne
Alexander Kempf, University of Cologne

The Microstructure of the Italian Overnight Money Market

Ovidiu Precup, Kings College
Giulia Iori, Kings College
Giampaolo Gabbi, University of Siena

Chairperson : Jonathan Dark, Monash University

Presentations

Profiting from Mean-Reverting Yield Curve Strategies

Choong Tze Chua, Singapore Management University
Winston Koh, Singapore Management University
Krishna Ramaswamy, University of Pennsylvania

A Dynamic Model for the Forward Curve

Choong Tze Chua, Singapore Management University
Dean Foster, University of Pennsylvania
Krishna Ramaswamy, University of Pennsylvania
Robert Stine, University of Pennsylvania

Modelling Comovements in Equity Returns and Short-Term Interest Rates: Levels Effects and Asymmetric Volatility Dynamics

Olan T Henry, University of Melbourne
Nilss Olekalns, University of Melbourne
Sandy Suardi, University of Melbourne/ University of Queensland

Chairperson : Ralph Walkling, The Ohio State University

Presentations

Influencing Merger Outcomes: The Role of Investment Analysts in Merger Success

David A Becher, Drexel University
Jennifer L Juergens, Arizona State University

Anticipation, Acquisitions and the Bidder Return Puzzle

Moon H Song, San Diego State University
Ralph A Walkling, Ohio State University

Impact of Independent Directors and the Regulatory Environment on Bank Merger Prices: Evidence from Takeover Activity in the 1990s

Elijah Brewer, Federal Reserve Bank Chicago
William Jackson, UNC Chapel Hill
Julapa Jagtiani, Federal Reserve Bank Kansas City

Chairperson : Andreas Rauterkus, Siena College

Presentations

Managerial Stock Ownership and the Maturity Structure of Corporate Debt

Sudip Datta, Wayne State University
Mai Iskandar-Datta, Wayne State University
Kartik Raman, Bentley College

Information Efficiency of Loans versus Bonds: Evidence from Secondary Market Prices

Edward I Altman, New York University
Amar Gande, Vanderbilt University
Anthony Saunders, New York University

Managerial Equity Holdings, Compensation and Financial Leverage

Richard A Lord, Montclair State University

Chairperson : Mark Frigo, DePaul University

Presentations

Opportunty and Incentive: Impact of Controller Owners in U.S. Firms with Unequal Voting

Chun-Keung (Stan) Hoi, Rensselaer Polytechnic Institute
Ashok Robin, Rensselaer Polytechnic Institute

Director Compensation and Board Effectiveness

Anwar Boumosleh, University of Central Florida

Does your Vote Count? When Firms Bypass Shareholder Approval of Board Appointments

Matteo P Arena, University of Missouri - Columbia
Stephen P Ferris, University of Missouri - Columbia

Chairperson : Javier Estrada, IESE

Presentations

Calendar Anomalies: Daylights Savings Effects

Claudio Biodo, University of Siena
Antonio Fasano, University of Salerno

Look at Me Now: The Role of Cross-Listings in Attracting US Investors

John Ammer, Board of Governors
Sara Holland, UC Berkeley
David Smith, University of Minnesota
Francis E Warnock, University of Virginia

Is it the Weather?

Ben Jacobsen, Erasmus University Rotterdam
Wessel Marquering, Erasmus University Rotterdam

Day, Date, and Time: Thursday, 9 June 2005, 13:45 pm - 5:15 pm

This panel of experts will discuss security issues including risks to stock market systems and records from criminals, protection from terrorist attacks, and security systems to prevent technology invasions for stock markets in countries facing a wide variety of potential threats.

Panelists : (listed alphabetically)
Mr. Jaanus Erlemann
Chief Operating Officer and Management Board Member
Tallinn Stock Exchange of Estonia

Dr. Yair Orgler
Chairman, Tel Aviv Stock Exchange of Israel

Chairperson : Frank Reilly, University of Notre Dame

Presentations

Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies

Jonathan Clarke, Georgia Institute of Technology
Stephen Ferris, University of Missouri, Columbia
Narayanan Jayaraman, Georgia Institute of Technology
Jinsoo Lee, Georgia Institute of Technology

The Effect of Regulation FD on Analysts' Recommendations

Eurico J Ferreira, Indiana State University
Stanley D Smith, University of Central Florida

Do Analyst Bias Drive Stock Return Anomalies? An Empirical Analysis

Ravi Jagannathan, Northwestern University/NBER
Tongshu Ma, University of Utah
Antonio Baldaque de Silva, Northwestern University

Chairperson To Be Announced

Presentations

Diversification and Performance in Banking: The Israeli Case

Yoram Landskroner, Hebrew University/New York University
David Ruthenberg, Bank of Israel/Hebrew University
David Zaken, Bank of Israel/Hebrew University

Banking Geography and Productivity Growth of US Commercial Banks: 1971-1995

Dogan Tirtiroglu, Concordia University/University of Cambridge
Kenneth Daniels, Virginia Commonwealth University
Ercan Tirtiroglu, University of Massachusetts-Dartmouth

Regulation and Efficiency and Banking in a Transitional Economy: The Case of Romania

Gabriel Asaftei, University of Richmond
Subal Kumbhakar, SUNY Binghamton

Chairperson : Keith Brown, University of Texas Austin

Presentations

The Right Answer to the Wrong Question: Identifying Superior Active Portfolio Management

Keith C Brown, University of Texas
W. Van Harlow, Fidelity Investments

Implied Measures of Relative Fund Performance

Mitch Warachka, Singapore Management University
Steve Hogan, Credit Suisse First Boston

Hedge Funds Performance: 1990-2003

Bill Ding, University at Albany, SUNY
Hany A Shawky, University at Albany, SUNY

Chairperson : Kenneth Eades, University of Virginia

Presentations

Hedging the Euro: Evidence from a Dynamic Error Correction Model

Asim Ghosh, St. Joseph's University
Robert Boldin, Indiana University of Pennsylvania

Efficient Analytic Approximation of the Optimal Hedging Strategy for a European Call Option with Transaction Costs

Valeri Zakamouline, Bodoe Graduate School of Business

Bank Hedging and Derivatives Use: The Impact on and Sources of Shareholder Value and Risk

Ken B Cyree, University of Mississippi
Pinghsun Huang, Massey University

The Hedging Performance of the Libor Market Model: The Cap Market Case

Sami Attaoui, Universite Paris I

Chairperson : Frank Skinner, University of Reading

Presentations

Optimal Ratings: Theory and Evidence

Christian Koziol, University of Mannheim
Tim Oliver Thabe, University of Mannheim

The Effects of Rating through the Cycle on Rating Stability, Rating Timeliness and Default Prediction Performance

Edward I Altman, New York University
Herbert A Rijken, Vrije University

Do Major Financial Crises Provide Information on Sovereign Risk to the Rest of the World? A Look at Credit Default Swap Markets

Didier Cossin, IMD
Gero Jung, HEI, University of Geneva

Chairperson To Be Announced

Presentations

On the Link between Exchange Rate Regimes and Monetary Policy Autonomy

Jens Forssbaeck, Lund University
Lars Oxelheim, Lund University

Central Bank Transparency and Bank Lending Rates: Australian Evidence

Nigel J Morkel-Kingsbury, Monash University
David E Allen, Edith Cowan University

Chairperson : Frederik Schlingemann, University of Pittsburgh

Presentations

Valuation Effect of Institutional Ownership: The Case of Corporate Takeovers

George Alexandridis, University of Durham
Antonios Antoniou, University of Durham
Huainan Zhao, University of Durham

Mars-Venus Marriages: Culture and Cross-Border M&A

Rajesh Chakrabarti, Georgia Institute of Technology
Narayanan Jayaraman, Georgia Institute of Technology
Swastika Mukherjee, Georgia Institute of Technology

Do Acquirers with More Uncertain Growth Prospects Gain Less from Acquisitions?

Sara B Moeller, Southern Methodist University
Frederik P Schlingemann, University of Pittsburgh
Rene M Stulz, The Ohio State University

Chairperson : Christine Brown, University of Melbourne

Presentations

Bypassing the Financial Growth Cycle : Evidence fron Capital Pool Companies

Cécile Carpentier, Laval University
Jean-Marc Suret, Laval University

The Effect of Taxation on Equal Access Share Buy Backs in Australia

Christine Brown, The University of Melbourne
Katrina Efthim, The University of Melbourne

Financing Preferences of Spanish Firms: Evidence on the Pecking Order Theory

Javier Sánchez-Vidal, Universidad Politécnica de Cartagena
Juan Francisco Martín-Ugedo, Universidad de Murcia

Chairperson : Matteo Arena, University of Missouri

Presentations

Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations

Christian Leuz, University of Pennsylvania
Alex Triantis, University of Maryland
Tracy Yue Wang, University of Maryland

Classified Boards

Olubunmi Faleye, Northeastern University

Corporate Governance Mechanisms and Corporate Cash Holdings

Yuanto Kusnadi, Hong Kong University of Science and Technology

Presentations

Emerging Market Bond Returns - An Investor Perspective

Dieter Johannes Jüttner, Macquarie University
David Chung, Investment Bank
Wayne Leung, Macquarie University

Investors' Self-Confidence in Financial Choices: The Italian Case

Alberto Bertoni, Universita Luigi Bocconi di Milano
Carlo Maria Pinardi, Universita Luigi Bocconi di Milano
Francesca Chiara Gennaro, Universita Luigi Bocconi di Milano
Giorgio Bertinetti, Universita Ca' Foscari di Venezia

Day, Date, and Time: Friday, 10 June 2005, 8:30 am -10:00 am

Moderator
Charles Elson, University of Delaware

Panelists
Don Chew, Morgan Stanley and Company
Dennis Logue, University of Oklahoma
Daniel Rupen, UBS

Chairperson : Jo Danbolt, University of Glasgow

Presentations

Splitting the Equity Beta

Ian RC Hirst, Heriot-Watt University
Jo Danbolt, University of Glasgow
Edward AE Jones, University of Wales Swansea

The Financing of Breakthrough Innovations

Julian Atanassov, University of Michigan
Vikram Nanda, University of Michigan
Amit Seru, University of Michigan

Chairperson : Francesco Saita, Bocconi University

Presentations

Bank Capital Regulation in a Barrier Option Framework

Athanasios Episcopos, Athens University of Economics & Business

Ex Ante Versus Ex Post Regulation of Bank Capital

Arup Daripa, Birkbeck College
Simone Varotto, ISMA Centre, University of Reading

Chairperson : Michael Ehrhardt, University of Tennessee

Presentations

Self-Interest on Mutual Fund Management: Evidence from the Portuguese Market

Carlos Francisco Alves, University of Porto
Victor Augusto Mendes, CMVM - Comissăo do Mercado de Valores Mobiliários

Fiduciary Standards and Institutions' Preference for Dividend-Paying Stocks

Kristine Watson Hankins, University of Florida
Mark J Flannery, University of Florida
M. Nimalendran, University of Florida

Countries versus Industries in Europe: A Normative Portfolio Approach

Javier Estrada, IESE Business School
Mark Kritzman, Windham Capital Magement
Simon Myrgren, State Street Associates
Sebastien Page, State Street Associates

Chairperson : Leonardo Madureira, University of Pennsylvania

Presentations

Price Discovery and Analyst Performance in a Commodity Market: The Case of Natural Gas

Gerald D Gay, Georgia State University
Betty J Simkins, Oklahoma State University
Marian Turac, Oklahoma State University

Block Trades in Futures and Options Markets

Jana Hranaiova, Commodities Futures Trading Commission (CFTC)
Michael Haigh, Commodities Futures Trading Commission (CFTC)
James Overdahl, Commodities Futures Trading Commission (CFTC)

Credit Derivatives: Capital Requirements and Strategic Contracting

Antonio Nicolo', University of Padua
Loriana Pelizzon, University of Padua

Chairperson : Frederick H deB Harris, Wake Forest University

Presentations

Are Warrants Redundant? Spanning Tests and Price Discovery

Michael Aitken, University of New South Wales
Frederick H deB Harris, Babcock School, Wake Forest University
Thomas H McInish, University of Memphis
Reuben Segara, University of Sydney

Informed Trading Ahead of Takeovers: Evidence of Strategic or Competitive Trading?

Michael R King, Bank of Canada
Maksym Padalko, Bank of Canada

One Tick Fits All? A Study of the Island and Instinet ECN Merger

Bidisha Chakrabarty, Saint Louis University
Rahul Tripathi, Elsevier Science

Chairperson : Petko Kalev, Monash University

Presentations

Signals Sent by Financial Statement Restatements

Katsiaryna Georgievna Salavei, University of Connecticut
Norman Moore, University of Connecticut

The Information Content of Abnormal Trading Volume

Emanuele Bajo, University of Bologna

Stealth Trading in Volatile Markets

Sugato Chakravarty, Purdue University
Petko S Kalev, Monash University
Linh T Pham, Monash University

Chairperson : Laurence Booth, University of Toronto

Presentations

The Principle of Proportionality: Separating the Impact of Dual Class Shares, Pyramids, and Cross-ownership on Firm Value across Legal Regimes in Western Europe

Morten Bennedsen, Copenhagen Business School & CEBR
Kasper Meisner Nielsen, CEBR & University of Copenhagen

Public Debt Markets and Dividend Policy

Varouj Aivazian, University of Toronto
Laurence Booth, University of Toronto
Sean Cleary, St. Mary's University

Ex-dividend Day Trading: Who, How, and Why?

Elias Henrikki Rantapuska, Helsinki School of Economics

Chairperson : Mahmud Rahman, Eastern Michigan University

Presentations

Volatility and Error Transmission Between Cross-Listed Equities Across Different European Countries

Athanasios Koulakiotis, University of Macedonia
Katerina Lyroudi, University of Macedonia
Apostolos Dasilas, University of Macedonia
Stergios Athianos, TEI of Serres

Does the Market Pick up on the Total Value Added to the Peruvian Companies by a Devaluation of the Peruvian Nuevo Sol?

Eva Raquel Porras Gonzalez, Intituto de Empresa

Do Investors Herd Intraday?

Julia LK Henker, University of New South Wales
Thomas Henker, University of New South Wales
Anna Mitsios, Deutsche Bank Australia

Chairperson To Be Announced

Presentations

What's Different About Bancassurance? Evidence of Wealth Gains to Banks and Insurance Companies

Paige Fields, Texas A&M University
James W Kolari, Texas A&M University
Donald R Fraser, Texas A&M University

Evaluating Liquidation Strategies for Insurance Companies

Thomas Berry-Stölzle, University of Cologne

Comparative Sensitivities and Intra-industry Transmission of Return and Risk: A System-GARCH Model of Insurance Companies

Elijah Brewer III, Federal Reserve Bank Chicago
James M Carson, Florida State University
Elyas Elyasiani, Temple University
Iqbal Mansur, Widener University

Sponsored by Vontobel Asset Management

Click Here for Session Details  »

Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

The Vontobel Group, founded in 1924, is focused on asset management in the Swiss private banking tradition. It is one of the leading Swiss asset managers for private and institutional customers. The core competencies of the Vontobel Group are private banking, investment banking, asset management and investment funds.

An essential component of the Group’s identity is its independence. The Vontobel family and the Vontobel Foundation own the majority of the publicly quoted Vontobel Holding AG. This ownership structure means that Vontobel is one of the few independent Swiss banking groups.

Moderator
Ruggero Bertelli

University of Siena

Round Table Participants
Thomas Wittwer
Managing Director, Institutional Marketing and Sales
Vontobel Asset Management and Investment Funds

Vitae  »

Heinrich Schlegel
Director of Research, President & CEO
Vontobel Asset Management and Investment Funds

Vitae  »

Session Number: 046
Session Title: Capital Investment Models
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson To Be Announced

Presentations

Capital Cash Flows, APV and Valuation

Laurence David Booth, University of Toronto

Discussant Sebastian Lobe, University of Regensburg

Optimal Investment Timing When External Financing Is Costly

Stefan Hirth, Universität Karlsruhe (TH)
Marliese Uhrig-Homburg, Universität Karlsruhe (TH)

Discussant Athanasios Episcopos, Athens University of Economics and Business

Investment under Uncertainty, Debt and Taxes

Andrea Gamba, University of Verona
Gordon Sick, University of Calgary
Carmen Aranda Leon, University of Navarra

Discussant Stefan Hirth, Universität Karlsruhe (TH)

---

Session Number: 047
Session Title: Basel II
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : Kevin Davis, University of Melbourne

Presentations

The Basel Committee Proposal on Risk-Weights and External Ratings: What do we Learn from Bond Spreads?

Andrea Sironi, Bocconi University
Andrea Resti, Bergamo University

Discussant David Walker, Georgetown University

Optimal Bank Size From the Perspective of Systemic Risk

Randall L McFadden, Universite de Paris 1 - Sorbonne

Discussant Kevin Davis, University of Melbourne

Regulatory Banking Capital, Estimation Error, and Systemic Risk Under Basel II

Daniel Roesch, University of Regensburg

Discussant Randall McFadden, Unviersity of Paris 1 Sorbonne

---

Session Number: 048
Session Title: Bonds
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : Richard Lord, Montclair State University

Presentations

Are European Corporate Bond and Default Swap Markets Segmented?

Didier Cossin, IMD
Hongze Lu, IMD/HEC University of Lausanne

Discussant Richard Lord, Montclair State University

Debt and Taxes: A New Measure for Non-Debt Tax Shields

James Schallheim, University of Utah/University of Florida
Kyle Wells, University of Utah

Discussant Craig Lewis, Vanderbilt Univ

The Effect of Auctions on Daily Treasury-bill Volatility

Michael P Hughes, Francis Marion University
Stanley D Smith, University of Central Florida
Drew B Winters, Texas Tech University

Discussant: Tim Thabe, University of Mannheim

---

Session Number: 049
Session Title: Issues in Option Pricing
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : P Raghavendra Rau, Purdue University

Presentations

Closing Time? Mutual Fund Closures and the Scalability of Fund Performance

Arturo Bris, Yale School of Management
Huseyin Gulen, Virginia Tech
Padma Kadiyala, Pace University
P Raghavendra Rau, Purdue Univ

Pricing Multiasset Equity Options with Copulas: An Empirical Test

Francesco Saita, SDA and Newfin, Universitŕ Bocconi
Maria Egle Romano, Capital Allocation and Risk Management - Unicredito Italiano
Francesca Campolongo, Joint Research Center of the European Commission

---

Session Number: 050
Session Title: Liquidity
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : Chris Muscarella, Penn State University

Presentations

Decimalization, IPO Aftermath and Liquidity

Charlie Charoenwong, Nanyang Technological University
David K Ding, Nanyang Technological University
Tiong Yang Thong, Nanyang Technological University

Discussant Chris Muscarella, Penn State University

Information Shocks and Stock Market Liquidity: A Comparison of the New York Stock Exchange and Nasdaq

Kenneth Lehn, University of Pittsburgh
Sukesh Patro, University of Pittsburgh
Kuldeep Shastri, University of Pittsburgh

Discussant Giovanni Petrella, Catholic University

Home Bias and Market Liquidity

Wenjin Kang, National University of Singapore

Discussant Michael R King, Bank of Canada

---

Session Number: 051
Session Title: Financial Structure, Consumer Stock Holdings, and Industrial Growth
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : Uma Sridharan, Lander University

Presentations

Mutual Funds and the Evolving Long-Run Effects of Stock Wealth on U.S. Consumption

John V Duca, Federal Reserve Bank of Dallas

Discussant: Meijun Qian, Boston College

A Global Analysis of Technology Adoption and Economic Performance

Christopher J Surfield, Lander University
Uma V Sridharan, Lander University

Financial Structure Does Matter for Industrial Growth : A Direct Evidence from OECD Countries

Kibeom Binh, Korea Securities Research Institute
Sangyong Park, Yonsei University
Bosung Shin, Korea Securities Research Institute

Discussant Yosra Bejar, Paris Dauphine University

---

Session Number: 052
Session Title: IPOs 1
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson To Be Announced

Presentations

Intertemporal Substitution Activities and Optimal Design of Securities

Anton Miglo, University of Guelph

The Determinants of Issue Cycles for Initial Public Offerings

Vladimir I Ivanov, Vanderbilt University
Craig M Lewis, Vanderbilt University

Discussant Andriy Bodnaruk, Stockholm School of Economics

Shareholder Diversification and IPOs

Andriy Bodnaruk, Stockholm School of Economics
Eugene Kandel, Hebrew University and CEPR
Massimo Massa, INSEAD/CEPR
Andrei Simonov, Stockholm School of Economics

Discussant Sung Bae, Bowling Green State University

---

Session Number: 053
Session Title: Market Integration
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : David Wright, University of Wisconsin Parkside

Presentations

Default Probabilities In Emerging Market Bond Prices

Andrea Berardi, UNIVERSITA' DI VERONA
Michele Trova, Monte Pashi Siena SGR

Discussant Michael Gallmeyer, Carnegie Mellon University

Equilibrium Dynamics of Sovereign Debt under Heterogeneous Beliefs about Default

Stephan Dieckmann, Arizona State University
Michael Gallmeyer, Carnegie Mellon University

Discussant Norris Larrymore, Quinnipiac University

Stock Price Reaction to Corporate Bond Rating Downgrades after 2001

Norris L Larrymore, Quinnipiac University

Discussant David Wright, University of Wisconsin Parkside

---

Session Number: 054
Session Title: Private Information
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson : David Becher, Drexel University

Presentations

Do Insiders Crowd Out Analysts?

Aaron Gilbert, Auckland University of Technology
Alireza Tourani-Rad, Auckland University of Technology
Tomasz Piotr Wisniewski, Auckland University of Technology

Discussant Michael DeWally, Marquette University

Firm Performance: Do Non-Executive Directors have a Mind of their Own? Evidence from UK Panel Data

Roberto Mura, Unversity of York

Discussant David Becher, Drexel University

The Long-Run Performance of Underwriter Warrants Compensation in Seasoned Equity Offerings

Sung C Bae, Bowling Green State University
Hoje Jo, Santa Clara University

Discussant James S Schallheim, University of Utah/University of Florida

Restructuring of Family Firms after the East Asian Financial Crisis: Shareholder Expropriation or Alignment?

Yupana Wiwattanakantang, Hitotsubashi University
Piruna Polsiri, Dhurakijpundit University
Chaiyasit Anuchitworawong, Hitotsubashi University

---

Session Number: 055
Session Title: Issues in Real Estate Investments
Day, Date, and Time: Friday, 10 June 2005, 10:30 am - 12:00 noon

Chairperson To Be Announced

Presentations

The Conditional Performance of REIT Stock Repurchases

Erasmo Giambona, Roger Williams University
Joseph Golec, University of Connecticut
Carmelo Giaccotto, University of Connecticut

Expected Returns and the Expected Growth in Rents of Commercial Real Estate

Alberto Plazzi, University of Verona
Walter Torous, UCLA
Rossen Valkanov, UCLA

Discussant Claudio Porzio, Universita degli studi di Napoli Parthenope

Real Estate Investments: The Case of Italian Market

Claudio Porzio, University of Naples Parthenope
Gabriele Sampagnaro, University of Naples Parthenope

Discussant Carmelo Giaccotto, University of Connecticut

---

Session Number: 056
Session Title: New Perspectives for Credit and Operational Risk Management Following the New Basel II Framework: USA and European Experiences
Special Session Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Sponsored By
Banca Monte dei Paschi di Siena

BMPS, which is believed to be the oldest bank in the world, has operated continuously since 1472, when its original charter was approved by the General Council of the Republic of Siena. The Bank, then known as “Monte di Pietŕ”, was originally established by the Republic of Siena for the purpose of providing a controlled source of lending for the local community, principally to fight usury.

Banca Monte dei Paschi di Siena S.p.A. is the parent company of a leading Italian banking group operating throughout Italy, with a particularly strong presence in central Italy. The Monte dei Paschi Group offers a wide range of financial services and products to private individuals and corporations. The products and services include ordinary and specialised deposit-taking and lending, including leasing and factoring; payment services; administration services for securities held in custody; asset management; brokerage services; private banking and corporate finance - project finance, merchant banking, financial consulting - and tax collection services.

Moderators
Pierfrancesco Cocco
Head of Group Risk Management
Banca Monte dei Paschi di Siena

Marco Massacesi
Head of Group Internal Auditing
Banca Monte dei Paschi di Siena

Round Table Participants
Rainer Masera
Professor, Guido Carli Social Studies University, Rome
Senior Advisor, Mercer Oliver Wyman

William C (Curt) Hunter
Dean of the School of Business
University of Connecticut

Andrea Sironi
Professor of Financial Markets and Institutions
Luigi Bocconi University, Milan

Giampaolo Gabbi
Professor of Financial Markets and Institutions
University of Siena

---

Session Number: 057
Session Title: Stock Returns and Asset Pricing
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Kathleen Walsh, University of New South Wales

Presentations

Internal vs. External Habit Formation: The Relative Importance for Asset Pricing

Olesya V Grishchenko, New York University

Discussant Alberto Plazzi, University of Verona

Is the Ex Ante Premium Always Positive? Evidence and Analysis from Australia

Kathleen D Walsh, University of New South Wales

Discussant Olesya Grishchenko, New York University

Examining the Statistical Properties of Financial Ratios

Charlotte Strunk Hansen, Baruch College/CUNY
Bjorn E Tuypens, Oak Hill

Discussant Kathleen Walsh, University of New South Wales

---

Session Number: 058
Session Title: Corporate Governance Issues for Mutual Funds and Security Firms
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Stefan Ruenzi, University of Cologne

Presentations

Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry

Ajay Khorana, Georgia Institute of Technology
Peter Tufano, Harvard Business School and NBER
Lei Wedge, Georgia Institute of Technology

Discussant Stefan Ruenzi, University of Cologne

Conflicts of Interest, Regulations, and Stock Recommendations

Leonardo Madureira, University of Pennsylvania

Discussant Julian Atanassov, University of Michigan

Regulation of "guru" Analysts' Conflicts

Antoine Biard, University Paris Dauphine

Discussant Sandeep Singh, SUNY Brockport

---

Session Number: 059
Session Title: Accounting, Law, and Finance
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Tom Hall, University of Alabama Birmingham

Presentations

Law, Finance, and Venture Capital: The Cost of Capital for High-Tech Firms

Thomas Hall, Univ of Alabama Huntsville/Cass Business School

Discussant Gabriele Sabato, University of Rome/New York University

How Accounting and Auditing Systems Can Counteract Risk-Shifting of Safety-Nets in Banking: Some International Evidence

Francisco González, University of Oviedo
Ana Isabel Fernández, University of Oviedo

Discussant Thomas Hall, University of Alabama Huntsville/Cass Business School

Law, Finance, and Emerging Markets

Bonnie Buchanan, University of Melbourne
Philip C English II, Texas Tech University

Discussant Joan TA Gabel, Georgia State University

---

Session Number: 060
Session Title: Options
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : University of Alabama Birmingham

Presentations

Dynamic Equilibrium with Overpriced Put Options

Sergey Isaenko, Concordia University

Mispricing of S&P 500 Index Options

George M Constantinides, University of Chicago/NBER
Jens Carsten Jackwerth, University Konstanz
Stylianos Perrakis, Concordia University

What is the Form of Informed Trading in Options Markets Preceding Tender Offer Announcements?

Tom Arnold, University of Richmond
Gayle Erwin, University of Virginia
Lance Nail, University of Alabama Birmingham
Terry Nixon, Miami University

Testing the Martingale Restriction for Option Implied Densities

Thomas Busch, University of Aarhus

---

Session Number: 061
Session Title: Tests of Microstructure Theory
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Stephen Sapp, University of Western Ontario

Presentations

Brokerage Commissions and Institutional Trading Patterns

Michael Goldstein, Babson College
Paul Irvine, University of Georgia
Eugene Kandel, Hebrew University and CEPR
Zvi Wiener, Hebrew University

Discussant Stephen Sapp, University of Western Ontario

Order Submission: The Choice between Limit and Market Orders

Ingrid Lo, Bank of Canada
Stephen Sapp, University of Western Ontario

Discussant Bidisha Chakrabarty, Saint Louis University

Intraday Returns and Heterogeneous Liquidity Sources

Wenjin Kang, National University of Singapore

---

Session Number: 062
Session Title: Market Efficiency: Efficiency of Price Discovery
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Patrick Kelly, Arizona State University

Presentations

Informed Trading, Return Synchronicity and Equilibrium Asset Pricing

Arzu Ozoguz, INSEAD/Queen's University

Discussant Patrick Kelly, Arizona State University

Is Heavy Trading Good or Bad for Price Discovery? A Direct-test using Model-free Implied Volatilities

Veronika Krepely, Vanderbilt University

Information Efficiency and Firm-Specific Return Variation

Patrick J Kelly, Arizona State University

Discussant Veronika Krepely, Vanderbilt University

---

Session Number: 064
Session Title: Global Markets
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Niclas Andren, Lund University

Presentations

Jump Spillover in International Equity Markets

Hossein Asgharian, Lund University
Christoffer Bengtsson, Lund University

Discussant Syed Mujahid Hussain, Hanken Finland

Modelling the Efficiency of Equity Markets: Asymmetric Response to Price Innovations

Christina Atanasova, University of York
Robert Hudson, Leeds University

Discussant Sandy Suardi, University of Queensland

Choice of Foreign Listing Location: Experience of Chinese Firms

Ting Yang, Auckland University of Technology
Sie Ting Lau, Nanyang Technological University

Discussant Niclas Andren, Lund University

---

Session Number: 066
Session Title: Behavioral Finance 2
Day, Date, and Time: Friday, 10 June 2005, 13:45 pm - 15:15 pm

Chairperson : Thomas Henker, University of New South Wales

Presentations

Specialist Trading and the Price Discovery Process of NYSE-Listed Non-US Stocks

Kate Phylaktis, Cass Business School
Piotr Korczak, University of Bristol

Discussant Thomas Henker, University of New South Wales

The Dynamics of Overconfidence: Evidence from Stock Market Forecasters

Richard Deaves, McMaster University
Erik Lueders, Laval University/Center for European Economic Research (ZEW)
Michael Schroeder, Center for European Economic Research (ZEW)

Discussant Elias Rantapuska, Helsinki School of Economics

The Effectiveness of Insider Trading Regulation around the Globe

Art Durnev, University of Miami
Amrita Nain, University of Michigan

Discussant Aaron Gilbert, Auckland University of Technology

---

Session Number: 067
Session Title: Supervision of Cross-border Banking
Special Session

Day, Date, Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Moderator
Clas Wihlborg, Copenhagen Business School

Panelists
David Mayes, Bank of Finland

Richard Sweeney, Georgetown University

Session Number: 068
Session Title: Predicting Stock Returns
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Bjorn Hansson, Lund University

Presentations

Book-to-Market and Size Effects: Risk Compensations or Market Inefficiencies?

Hossein Asgharian, Lund University
Björn Hansson, Lund University

Discussant Burkhard Erke, Fachhochschule Gelsenkirchen

Aggregate Liquidity and Stock Returns

Jinliang Li, Northeastern University
Robert M Mooradian, Northeastern University
W David Zhang, SUNY-Fredonia

Discussant Bjorn Hansson, Lund University

A Two-Stage Non Discretionary Trading Suspension Mechanism: Effects on Market Quality

Giovanni Petrella, Catholic University
Mario Anolli, Catholic University

---

Session Number: 069
Session Title: Issues in Institutional Investors
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Gordon Roberts, York University

Presentations

Does Relationship Banking Create Value? The Role of Universal Banks in Belgium at the Beginning of the 20th Century

Wouter Van Overfelt, University of Antwerp
Jan Annaert, Ghent University
Marc De Ceuster, University of Antwerp
Marc Deloof, University of Antwerp

Discussant Gordon Roberts, York University

Investment Behavior of Chilean Pension Funds

Jose A Olivares, Universidad del Desarrollo

Discussant Robert Hudson, University of Leeds

Mutual Fund Growth in Standard and Specialist Market Segments

Stefan Ruenzi , University of Cologne and Centre for Financial Research (CFR) Cologne

Discussant Claudio Porzio, University of Naples Parthenope

---

Session Number: 070
Session Title: Law and Emerging Markets
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Omrane Guedhami, Memorial University of NewFoundland

Presentations

The Legal and Extra-Legal Determinants of Expropriation

Narjess Boubakri, HEC Montreal
Omrane Guedhami, Memorial University of Newfoundland
Oumar Sy, McGill University

Discussant Que Giang Tran Thi, University of Paris Dauphine

Privatization and Fiscal Deficits in Emerging Markets

David Walker, Georgetown Univ

Discussant Conrad Ciccotello, Georgia State University

How Does Law Affect Finance? An Empirical Examination of Tunneling in an Emerging Market

Vladimir Atanasov, Babson College
Conrad Ciccotello, Georgia State University
Stanley Gyoshev, Drexel University

Discussant Joan TA Gabel, Georgia State University

---

Session Number: 071
Session Title: GARCH Models and Related Applications
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Yintian Wang, McGill University

Presentations

Option Valuation with Long-run and Short-run Volatility Components

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

Discussant Thomas Busch, University of Aarhus

Semiparametric Multivariate GARCH Model

Aman Ullah, UC Riverside
Xiangdong Long, UC Riverside

Basis Convergence and Long Memory in Volatility when Dynamic Hedging with Futures

Jonathan Dark, Monash University

Discussant Yintian Wang, McGill University

---

Session Number: 073
Session Title: Market Efficiency 1
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Tom Fetherston, University of Alabama Birmingham

Presentations

Hedging, Information Asymmetry, and Acquirer Stock Performance in International Mergers: The Long and Short of It

Ping Huang, Massey University
Barry Lin, University of South Florida
Jung Chul Park, University of South Florida

Discussant Tom Fetherston, University of Alabama Birmingham

Intraday Seasonalities and Macro Economic News Announcements

Kari Kristian Harju, Hanken Finland
Hussain Mujahid Syed, Hanken Finland

---

Session Number: 074
Session Title: IPOs 2
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Lena Chua Booth, Thunderbird, The Garvin School of International Management

Presentations

Do IPO Analysts Issue Unfavorable Recommendations on Non-IPO Firms?

Simona Mola, Purdue University

Discussant Nivine Richie, Susquehanna University

Why is IPO Underpricing a Global Phenomenon?

James R Booth, Arizona State University
Lena Chua Booth, Thunderbird, The Garvin School of International Management

Discussant Simona Mola, Purdue University

The Asymmetric Adjustment of IPO Prices in Response to Positive versus Negative Information: The Role of R&D in IPO Pricing

Mun-Soo Choi, Soongsil University
Yong H Kim, University of Cincinnati

Discussant : James Booth, Arizona State University

---

Session Number: 075
Session Title: Costs and Impact of Corporate Governance
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Alexander Triantis, University of Maryland

Presentations

Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules

Vidhi Chhaochharia, Cornell University
Yaniv Grinstein, Cornell University

Discussant Alexander Triantis, University of Maryland

Governance Costs and the Allocation of Inventories Between Suppliers and Customers

Gary W Emery, University of Oklahoma
Manuela A Marques, Catholic University of Portugal

Discussant Yaniv Grinstein, Cornell University

---

Session Number: 076
Session Title: Corporate Governance: Managerial Incentives
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson To Be Announced

Presentations

The Effect of Board Structure on Bidder-Shareholders' Wealth: Further Evidence from the UK Bidding Firms

Charalambos Th Constantinou, University of Edinburgh
Costas Th Constantinou, University of Strathclyde

A Resource Based Interpretation of Performance Enhancing Capital Structure Changes: The OM Scott LBO Revisited

Peter Wirtz, Université Lyon 2

---

Session Number: 077
Session Title: Psychology and Investing
Day, Date, and Time: Friday, 10 June 2005, 15:45 pm - 17:15 pm

Chairperson : Richard Deaves, McMaster University

Presentations

Psychological Barriers in Gold Prices?

Raj Aggarwal, Kent State University
Brian M Lucey, Trinity College Dublin

IPO and the Repeated Equity Selling Game

Ayi Gavriel Ayayi, Ryerson University

Discussant Antoine Baird, University Paris Dauphine

---

Session Number: 078
Session Title: Global Economic Outlook
The North American Outlook
Special Session

Day, Date, and Time: Saturday, 11 June 2005, 8:30 am - 10:00 am

(Note: this session continues at 10:30 am)

Moderator: James Smith, UNC Chapel Hill

Presentations by:
William C Dunkelberg
Chief Economist, National Federation of Independent Business
Temple University

James Smith
Director, Center for Business Forecasting
UNC Chapel Hill

---

Session Number: 079
Session Title: Returns
Day, Date, and Time: Saturday, 11 June 2005, 8:30 am - 10:00 am

Chairperson : M Nimalrendran, University of Florida

Presentations

Volatility Risk Premiums Embedded in S&P 500 Index Returns

Yueh-Neng Lin, National Chung Hsing University
Ken Hung, National Dong Hwa University

Discussant Paola Zerilli, Boston College

Bond Ratings, Private Information and Decling Credit Quality

Miles Livingston, University of Florida
Andy Naranjo, University of Florida
M Nimalrendran, University of Florida
Lei Zhou, Miami University of Ohio

Discussant : Kevin Davis, University of Melbourne

Access Regime Design and Required Rates of Return: Pitfalls in Adjusting for Inflation and Tax Effects

Kevin Davis, University of Melbourne

---

Session Number: 081
Session Title: Bank Regulation, Risk, and Performance
Day, Date, and Time: Saturday, 11 June 2005, 8:30 am - 10:00 am

Chairperson : Benton Gup, The University of Alabama

Presentations

Regulatory Guidelines Regarding the Evaluation of Operational Risk in Banks: Critical Organizational and Methodological Aspects

Simona Cosma, University of Lecce

Discussant Riccardo DeLisa, Universita degli Studi di Cagliari

Basel II: Operational Risk, Moral Hazard, and Corporate Culture

Benton E Gup, The University of Alabama

Discussant Gabriel Aseftei, Universit of Richmond

---

Session Number: 082
Session Title: Real Options and Related Applications
Day, Date, and Time: Saturday, 11 June 2005, 8:30 am - 10:00 am

Chairperson To Be Announced

Presentations

Sequential Options with Exogenous Jumps and Active Interacting Managerial Control Actions

Nicos Koussis, University of Cyprus
Spiros Martzoukos, University of Cyprus
Lenos Trigeorgis, University of Cyprus

Discussant Anne MacDonnell, University of Wales Swansea

Exposure-based Cash-Flow-at-Risk under Macroeconomic Uncertainty

Niclas Andrén, Lund University
Hĺkan Jankensgĺrd, Lund University
Lars Oxelheim, Lund University

Acquisitions as a Real Options Bidding Game

Wouter De Maeseneire, Ghent University/Erasmus University
Ward Van den Berg, Erasmus University
Han Smit, Erasmus University