2008 FMA Annual Meeting Program

Session 001
→ Click here for a description of the Doctoral Student Consortium Sessions

SPECIAL DOCTORAL STUDENT CONSORTIUM PAPER SESSION
  Dynamic Issues in Asset Pricing
    Thursday, 8:00 am - 9:30 am

Chairperson: Pradeep Yadav, University of Oklahoma
Discrete -time Asset Pricing Models based on Time-changed Levy Processes with GARCH Dynamics
    Chayawat Ornthanalai, McGill University
Testing for Instability in Factor Structure of Yield Curves
    Dennis Philip, Cass Business School
Economic Growth, Business Cycles, and Expected Stock Returns
    Caroline Muller, HEC Paris
Discussant
  Olaf Korn, University of Goettingen
Discussant
  Yuanyuan Zhang, Lingnan University
Discussant
  Evgenia Golubeva, Univ of Oklahoma

Session 002
→ Click here for a description of the Doctoral Student Consortium Sessions

SPECIAL DOCTORAL STUDENT CONSORTIUM PAPER SESSION
  Financial Distress
    Thursday, 8:00 am - 9:30 am

Chairperson: Sheridan Titman, University of Texas
Governance Strength and Default Probability: Evidence from CEO/CFO Turnover
    Andy (Young Han) Kim, University of Minnesota
Triving in the Midst of Financial Distress? An Analysis of the Strategic Use of Chapter 11 by Firms Exposed to Asbestos Litigation
    Jerome Taillard, The Ohio State University
Chapter 11 Bankruptcy: Sorting Efficiency, Executory Contracts, and the Cross-Section of Firm Changes
    Yung-Ya Ma, University of Utah
Discussant: Ayla Kayhan, Louisiana State University Discussant: Anzhela Knyazeva, University of Rochester Discussant: Vahap Uysal, University of Oklahoma

Session 003
  Cross-Country Evidence on Corporate Governance
    Thursday, 8:00 am - 9:30 am
Chairperson: Craig Wilson, University of Saskatchewan
European Corporate Governance Codes: An Empirical Analysis of Their Variability, Convergence and Impact
    Stephen P. Ferris, University of Missouri
    Armin J. Kammel, Austrian Association of Investment Fund Management Companies
    Gregory Noronha, University of Washington - Tacoma
    James Cicon, University of Missouri
Poitics and Volatility
    Maria Boutchkova, Concordia University
   
Hitesh Doshi, McGill University
    Art Durnev, McGill University
    Alexander Molchanov, Massey University
Stock price informativeness and corporate governance: An international study
    Jing Yu, Nanyang Business School & University of Western Australia
Discussant
  Maria Boutchkova, Concordia University
Discussant
  Gregory Noronha, University of Washington - Tacoma
Discussant
  Tracy Xu, University of Denver

Session 004
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Corporate Governance
    Thursday, 8:00 am - 9:30 am

Chairperson: Gary Caton, Montana State University
Boardroom Brawls: An Empirical Analysis of Disputes Involving Directors
    Anup Agrawal, University of Alabama
    Mark A. Chen, Georgia State University
Hedge funds as shareholder activists from 1994-2005
    Nicole M. Boyson, Northeastern University
   
Robert M. Moordian, Northeastern University
The Certification and Monitoring Roles of Underwriters in IPO Earnings Management
    Yong Sun, Virginia State University
    Kenneth Yung, Old Dominion University
Discussant
  Sridhar Gogineni, University of Oklahoma
Discussant
  Veljko Fotak, University of Oklahoma
Discussant
  Frank Kerins, Montana State University

Session 005
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Risk and Return in Time-series and Cross-section
    Thursday, 8:00 am - 9:30 am

Chairperson: Ralitsa Petkova, Texas A&M University
A Simulation-Based Assessment of Cross-Sectional CAPM Testing Methodology
    Robert A. Connolly, University of North Carolina - Chapel Hill
    Richard J. Rendleman, Jr., University of North Carolina - Chapel Hill
Investigating ICAPM with Dynamic Conditional Correlations
    Turan G. Bali, Baruch College
   
Robert F. Engle, New York University
Systematic Technology Risk and the Cross-section of Stock Returns
    Po-Hsuan Hsu, Unversity of Connecticut
    Dayong Huang, Gustavus Adolphus College
Discussant
  Nadia Vozlyublennaia, Texas Tech University
Discussant
  Ralitsa Petkova, Texas A&M University
Discussant
  Claudia Moise, Case Western Reserve University

Session 006
  Mortgage and SME Credit Markets
    Thursday, 8:00 am - 9:30 am
Chairperson: Wei Yu, Cal State Poly Univ, Pomona
Real Interest Rates, Expected Inflation, and Real Estate Returns: A Comparison of the US and Canada
    Kuntara Pukthuanthong-Le, San Diego State University
    Richard Roll, UCLA
Does debtor protection really protect debtors? Evidence from the small business credit market
    Allen N. Berger, University of South Carolina
    Geraldo Cerqueiro, Tilburg University - CentER
    María Fabiana Penas, Tilburg University - CentER
Discussant
  Ekaterina Chernobai, Cal State Poly Univ, Pomona
Discussant
  Yaxuan Qi, Concordia University

Session 007
  Herding and Investor Behavior
    Thursday, 8:00 am - 9:30 am
Chairperson: Lin peng, Baruch College, City University of New York
Do Stock Exchanges Corral Investors into Herding?
    Aditya Kaul, School of Business, University of Alberta
    Vikas Mehrotra, School of Business, University of Alberta
    Carmen Stefanescu, School of Business, University of Alberta
Institutional Herding and Its Impact on Stock Price
    Honghui Chen, University of Central Florida
   
Hoang Huy Nguyen, University of Baltimore
Investor inattention and the underreaction to stock recommendations
    Roger K Loh, Ohio State University
Discussant
  Yi Tang, Fordham University
Discussant
  Qiang Bu, Penn State University at Harrisburg
Discussant
  Sonya Lim, DePaul University

Session 009
SPECIAL PANEL SESSION
  State of Risk Management Education
    Thursday, 8:00 am - 9:30 am

Session 010
  Shareholder Activism and Proxies
    Thursday, 8:00 am - 9:30 am
Chairperson: Margarida Abreu, ISEG-UTL
A Comparative Analysis of Shareholder Activism in the US and UK: Evidence from Shareholder Proposals
    Bonnie Buchanan, Seattle University
    Tina Yang, Clemson University
The Success and Relevance of Shareholder Activism through Proxy Proposals
    Luc Renneboog, Tilburg University
   
Peter Gabor Szilagyi, Judge Business School - University of Cambridge
The Role of Mutual Funds in Corporate Governance: Evidence from Mutual Funds’ Proxy Voting and Trading Behavior
    Ying Duan, University of Alberta
Discussant
  Ying Duan, Univ of Alberta
Discussant
  Maria Teresa Marchica, Manchester Business School
Discussant
  Fei Xie, George Mason University

Session 011
  Merger Waves and Cross-Border M&As
    Thursday, 8:00 am - 9:30 am
Chairperson: Manohar Singh, Willamette University
Does Business Cycle Affect Aggregate Merger Activity?
    Srdan Komlenovic, University of Saskatchewan
    Abdullah Mamun, University of Saskatchewan
    Dev Mishra, University of Saskatchewan
Early-Mover versus Late-Mover Benefits in Cross-Border Mergers and Consequences on Rival Bidders
    Tanja Steigner, Emporia State University
   
Ninon Sutton, University of South Florida
Effects of Cultural Difference and Liquidity on Cross Country Mergers and Acquisitions
    Kiyoung Chang, Indiana University South Bend
    Ha-Chin Yi, Texas State University-San Marcos
    Yewmun Yip, University of South Dakota
Discussant
  Vladimir I Ivanov, University of Kansas
Discussant
  Daryl Manullang, University of Rhode Island
Discussant: Abbas Noorbakhsh, Slippery Rock Univ of Pennsylvania

Session 012
  M&A and Financial Intermediaries
    Thursday, 8:00 am - 9:30 am
Chairperson: Matthew Hood, University of Southern Mississippi
The Information Role of Venture Capitalists
    Colin Ross Jones, The Pennsylvania State University
The Value of “Boutique” Financial Advisors in Mergers and Acquisitions
    Weihong Song, University of Cincinnati
   
Jie (Diana) Wei, University of Cincinnati
Trading and Style Preferences of Target Institutional Owners in Stock Financed Acquisitions
    Timothy R. Burch, University of Miami
    Vikram Nanda, Arizona State University
    Sabatino Silveri, Arizona State University
Matthew Hood, University of Southern Mississippi Jack Wolf, Clemson University Angela Morgan, Clemson University

Session 013
  Debt Issuance
    Thursday, 8:00 am - 9:30 am
Chairperson: Robin Chou, National Central University
Debt Issuance in the Face of Tax Loss Carryforwards
    Anne Anderson, Lehigh University
    Nandkumar Nayar, Lehigh University
Debt Location and Multinational Corporations
    Matteo P. Arena, Marquette University
   
Andrew H. Roper, Cornerstone Research
Initial Public Debt Issues and Accompanying Corporate Behavior
    Laurence Booth, University of Toronto
    Sean Cleary, Saint Mary's University
    Lynnette Purda, Queen's University
Discussant
  Andrew Roper, Cornerstone Research
Discussant
  Sean Cleary, Saint Mary's University
Discussant
  Anne M. Anderson, Lehigh University

Session 014
  Underwriting Practices
    Thursday, 8:00 am - 9:30 am
Chairperson: Sami Torstila, Helsinki School of Economics
A cost comparison of accelerated and fully bookbuilt shelf equity offerings
    Don M Autore, Florida State University
    Irena Hutton, Florida State University
    Tunde Kovacs, Northeastern University
How does venture investment by classes of financial institutions affect the equity underwriting process?
    Xi Li, Acadian Asset Management
   
Ronald Masulis, Vanderbilt University
Why is Multiple Bookrunning on the Rise?
    Cheolwoo Lee, Ferris State University
Discussant
  Cathy Cao, University of Texas at Dallas
Discussant
  Jess Cornaggia, University of Texas at Dallas
Discussant
  Michael J. Highfield, Mississippi State University

Session 015
  Payout Policy I
    Thursday, 8:00 am - 9:30 am
Chairperson: Shane Underwood, Rice University
Geography and Dividend Policy
    Kose John, New York University
    Anzhela Knyazeva, University of Rochester
    Diana Knyazeva, University of Rochester
Seeking safety in bad times: Dividend initiation returns and the economy
    Vahap Uysal, University of Oklahoma
    Evgenia Portniaguina, University of Oklahoma
Discussant
  Neal Galpin, Texas A&M University
Discussant
  Anand Goel, DePaul University

Session 016
  Analysts' Forecasts
    Thursday, 8:00 am - 9:30 am
Chairperson: Frank Handforth, Prairie View A&M University
Are Analysts’ Recommendations for Investment Banks Biased?
    Erik Devos, University of Texas - El Paso
Relative Accuracy of Analysts' Earnings Forecasts over Time - a Markov Chain Analysis
    Derann Hsu, University of Wisconsin - Milwaukee
   
Cheng-Huei Michael Chiao, Missouri Western State University
Does affiliation bias analyst long-term earnings growth forecasts?
    Ekkachai Saenyasiri, Arizona State University
Discussant
  Keke Song, York University
Discussant
  Suresh Paul, SUNY-Binghamton
Discussant
  Vahap Uysal, University of Oklahoma

Session 017
  Capital Gains Taxes and Asset Prices
    Thursday, 8:00 am - 9:30 am
Chairperson: Harold Zhang, University of Texas at Dallas
Capital gains taxes, agency costs, and closed-end fund discounts
    Ravi Jain, National University of Singapore
    Michael Brennan, UCLA
Do Capital Gains Taxes Explain Long-Term Return Reversals?
    Ajay Bhootra, Virginia Tech
Effect of Capital Gains Taxes and Stock Prices
    Zhaojin Xu, Washington State University
Discussant
  Yexiao Xu, University of Texas at Dallas
Discussant
  Michael F. Gallmeyer, Texas A&M University
Discussant
  Ravi Jain, National University of Singapore

Session 018
  Microstructure and Markets
    Thursday, 8:00 am - 9:30 am
Chairperson: Marios A Panayides, University of Utah
Market Making in Options Markets
    Naomi E Boyd, George Washington University and the US CFTC
    Peter Locke, Texas Christian University
The role of Institutional Investors in panics: Evidence form the open-end real estate fund crisis in Germany
    Michael Wedow, Deutsche Bundesbank
   
Falko Fecht, Deutsche Bundesbank
Speed and Stock Market Quality: The NYSE's Hybrid
    Terrence Hendershott, University of California, Berkeley
    Pamela C. Moulton, Fordham University
Discussant
  Haiwei Chen, California State University, San Bernardino
Discussant
  Michael Halling, University of Utah
Discussant
  Marios A Panayides, University of Utah

Session 019
  Portfolio Managers and Advisors
    Thursday, 8:00 am - 9:30 am
Chairperson: Wolfgang Bessler, University of Giessen
Do Investment Banks Take Their Own Advice?
    Bradford D Jordan, University of Kentucky
    Mark H Liu, University of Kentucky
    Qun Wu, University of Kentucky
Can Investors Profit from Gender Heterogeneity among the Prophets?
    Peter de Goeij, Tilburg University
   
Kristien Smedts, Catholic University of Leuven
Do Mutual Fund Media Recommendations Hold Value? An Empirical Analysis of The Wall Street Journal's SmartMoney Fund Screen
    George Comer, Georgetown University
    Norris Larrymore, Quinnipiac University
    Javier Rodriguez, University of Puerto Rico
Discussant
  Gautam Vora, University of New Mexico
Discussant
  Wolfgang Bessler, University of Giessen
Discussant
  Anna Agapova, Florida Atlantic University

Session 020
  Equity Volatility
    Thursday, 8:00 am - 9:30 am
Chairperson: Munir Hassan, Park University
The Relation between Trading Time and Volatility: What is a “Day”?
    John C Banko, University of Florida
    Mark J Flannery, University of Florida
Learning and Investing during Transition: Evidence from Naturally-Occurring Auctions
    Jan Hanousek, CERGE-EI
   
Evzen Kocenda, CERGE-EI
On Forecasting Daily Stock Volatility: the Role of Intraday Information and Market Conditions
    Ana Maria Fuertes, Cass Business School
    Marwan Izzeldin, Lancaster University
    Elena Kalotychou, Cass Business School
Discussant: David Berger, Oregon State University Discussant: Dai Rui, York University Discussant: Jan Hanousek, CERGE-EI

Session 021
  Interest Rates and Term Structure
    Thursday, 8:00 am - 9:30 am
Chairperson: Janikan Supvanij, St Cloud State University
A Structural Decomposition of the US Yield Curve
    Ferre De Graeve, Fed Res Bank Dallas
    Marina Emiris, National Bank of Belgium
    Raf Wouters, National Bank of Belgium
The Role of No-arbitrage on Forecasting: Lessons from a Parametric Term Structure Model
    Caio Almeida, Getulio Vargas Foundation
   
José Vicente, Central Bank of Brazil
Inflation Risk Premium: Evidence from TIPS Market
    Olesya Grishchenko, Penn State University
    Jing-zhi Huang, Penn State University
Discussant: Olesya Grishchenko, Penn State Univ Discussant to be announced Discussant: Linda Yu, Univ of Wisconsin Whitewater

Session 022
  Capital Markets I
    Thursday, 8:00 am - 9:30 am
Chairperson: M. Kabir Hassan, University of New Orleans
Capital Market Frictions and Trade Credit Provisions
    Rongrong Zhang, Georgia Southern University
Do Location Advantages Exist for Trading U.S. Equities?
    Ryan Garvey, Duquesne University
   
Fei Wu, Massey University
Linking the Missing Market: Effect of Bond Market on Economic Growth
    Chong Soo Pyun, University of Memphis
    Yoonbai Kim, University of Kentucky
    Patara Thumrongvit, University of Kentucky
Discussant
  Larry D Wall, Federal Reserve Bank of Atlanta
Discussant
  Michael Eric Trachtenberg, University of New Orleans
Discussant
  Mohammed Ashraful Haque, Texas A&M University-Texarkana

Session 023
  Governance and Banking
    Thursday, 8:00 am - 9:30 am
Chairperson: Alexander Ljungqvist, New York University
Control and Compensation in Financial Institutions
    Peter Went, GARP
Target's Corporate Governance and Bank Merger Payoffs
    Eli Brewer, DePaul University
   
William Jackson, Univ. of Alabama
    Julapa Jagtiani, Federal Reserve Bank of Kansas City
The Impact of Changes in Bank Ownership Structure on the Allocation of Capital
    Alvaro G Taboada, The Ohio State University
Discussant: Jamie McNutt, Rutgers University Discussant: Amine Tarazi, University of Limoges Discussant: Kuan-Hui Lee, Korea University

Session 024
  Venture Capital
    Thursday, 8:00 am - 9:30 am
Chairperson: Vladimir Ivanov, University of Kansas
On the Matching of Companies and their Financial Intermediaries: Evidence from Venture Capital
    Mehmet Sinan Goktan, Cal State East Bay
    Alexander W. Butler, The University of Texas at Dallas
How does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface
    Thomas J Chemmanur, Boston College
   
Karthik Krishnan, Boston College
    Debarshi K Nandy, York University
Is there a marginal investor in the venture capital market?
    Oghenovo A Obrimah, Virginia Commonwealth University
    Puneet Prakash, Virginia Commonwealth University
    Nanda Rangan, Virginia Commonwealth University
Discussant
  Na Dai, University of New Mexico
Discussant
  Douglas Cumming, York University
Discussant
  Vladimir Ivanov, University of Kansas

Session 025
  Corporate Hedging
    Thursday, 8:00 am - 9:30 am
Chairperson: Prakash K Pai, University of Texas Permian Basin
Corporate Risk Management under Information Asymmetry: Evidence on R&D and Hedging in the Pharmaceutical Industry
    J. Jay Choi, Temple University
    Connie X. Mao, Temple University
    Arun D. Upadhyay, University of Alaska Anchorage
Does Derivatives Use Reduce Stock Price Exposure? Evidence from UK Firms
    Pinghsun Huang, National Cheng Kung University
   
M. Humayun Kabir, Massey University
    Yan Zhang, Binghamton University
Does Hedging Increase Firm Value? Evidence from the Gold Mining Industry
    Yanbo Jin, California State University, Northridge
    Philippe Jorion, University of California, Irvine
Discussant: Jonathan Godbey, Georgia State University Discussant: Kuifang Zheng, Construction Bank of China Discussant: Samuel C Weaver, Lehigh University

Session 026
  Option Pricing
    Thursday, 8:00 am - 9:30 am
Chairperson: K.C. Chen, California State University, Fresno
NON-PARAMETRIC BOUNDS FOR EUROPEAN OPTION PRICES AND MARKET EFFICIENCY OF S&P 500 OPTIONS
    Ren-Raw Chen, Rutgers University, U.S.A.
    Hsuan-Chu Lin, National Cheng Kung University, Taiwan
    Oded Palmon, Rutgers University, U.S.A.
On the bounds of option prices and embedded risk-premium parameters.
    Serguey Khovansky, Mount Saint Mary College
Option Pricing using Realized Volatility
    Lars Stentoft, Department of Finance, HEC Montreal
Discussant
  Ghulam Sarwar, California State University, San Bernardino
Discussant: Kashi Nath Tiwari, KNT's Academic Financial Research Discussant
  Prakash K. Pai, University of Texas of the Permian Basin

Session 027
  Investments in Emerging Markets
    Thursday, 8:00 am - 9:30 am
Chairperson: Iuliana Ismailescu, Pace University
Can investor heterogeneity be useful in explaining the cross-section of average stock returns in emerging markets?
    Chan Shik Jung, Korea University
    Dong Wook Lee, Korea University
    Kyung-Suh Park, Korea University
Consideration and Release of Trading Constraint in China Stock Market
    Wenxuan Hou, Manchester Business School
    Sydney Howell, Manchester Business School
Corporate Diversification in China: Causes and Consequences
    Joseph PH Fan, Chinese University of Hong Kong
    Jun Huang, Chinese University of Hong Kong
    Felix Oberholzer-Gee, Harvard Business School
    Mengxin Zhao, Bentley College
Discussant
  Eliza Wu, Australian School of Business
Discussant
  Tai David Yi, SUNY Fredonia
Discussant
  Musa Essayyad, University of Texas at Brownsville

Session 028
→ Click here for a description of the Doctoral Student Consortium Sessions

SPECIAL DOCTORAL STUDENT CONSORTIUM PAPER SESSION
  Asset Pricing
    Thursday, 9:45 am - 11:15 am

Chairperson: Albert (Pete) Kyle, University of Maryland
A Full Equilibrium Model of the Disposition Effect and Stock Return Momentum
    Liyan Yang, Cornell University
Intertemporal Asset Prcing with Information Quality Risk
    Yan Wang, University of Manitoba
A Long-Run Risk Model of Asset Pricing with Fat Tails
    Zhiguang Wang, Florida International University

Session 029
→ Click here for a description of the Doctoral Student Consortium Sessions

SPECIAL DOCTORAL STUDENT CONSORTIUM PAPER SESSION
  CEOS and Deals
    Thursday, 9:45 am - 11:15 am

Chairperson: Kose John, New York University
Is there Asymmetric Benchmarking in Pay for Top Management Team Members?
    Zenu Sharma, Rensselaer Polytechnic Institute
When Bad Stocks Make Good Investments: The Role of Hedge Funds in Leveraged Buyouts
    Jiekun Huang, Boston College
CEO Deal-Making Activity, CEO Compensation, and Firm Value
    Adam Yore, Drexel University

Session 030
  Compensation
    Thursday, 9:45 am - 11:15 am
Chairperson: Marc Martos-Vila, University of California, Los Angeles
Governance Effects of LBO Events
    Jeffrey Oxman, Syracuse University
    Yildiray Yildirim, Syracuse University
Heterogeneous Institutional Investors and Executive Compensation
    Yudan Zheng, Long Island University
The Impact of a Strategic Regulator on Executive Compensation and Fraudulent Misreporting
    Michael Ferguson, University of Cincinnati
    Buhui Qiu, University of Cincinnati
    Weihong Song, University of Cincinnati
Discussant
  David Offenberg, Loyola Marymount University
Discussant
  Ashwini Aggrawal, University of Chicago
Discussant
  Filippos Papakonstantinou, Princeton University

Session 031
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Payout Policy: Governance, Cash Flow, and Liquity Effects
    Thursday, 9:45 am - 11:15 am

Chairperson: Viet anh Dang, Manchester Business School
Dividends, Investment, and Financial Flexibility
    Naveen Daniel, Drexel University
    David Denis, Purdue University
    Lalitha Naveen, Temple University
The Market Liquidity Impact of Open Market Share Repurchases
    Jonas Raasbrant, Stockholm University
   
Adri Ridder, Gotland University
Which companies deliver on the dividend promise? New evidence on divident smoothing and dynamic dividend behavior
    Anzhela Knyazeva, University of Rochester
Discussant
  Viet anh Dang, Manchester Business School
Discussant: James Cummings, University of Sydney Discussant: Bin Chang, University of Ontario Inst of Tech

Session 032
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Information and Stock Returns
    Thursday, 9:45 am - 11:15 am

Chairperson: Katherine Guthrie, College of William and Mary
Does Stock Return Synchronicity Really Matter In Terms of Stock Price Informativeness?
    Christos Pantzalis, University of South Florida
    Ziwei Xu, University of South Florida
Information Content of Whispers Relative to Firm Size
    Maretno Augus Harjoto, Pepperdine University and SJSU
   
Janis K Zaima, San Jose State University
    Jian (Jane) Zhang, San Jose State University
The Value of Research
    Bryan Kelly, New York University
    Alexander Ljungqvist, New York University
Discussant
  Katherine Guthrie, College of William and Mary
Discussant
  Erik Devos, University of Texas at El Paso
Discussant
  Alexander W. Butler, University of Texas at Dallas

Session 033
  Real Estate Investing
    Thursday, 9:45 am - 11:15 am
Chairperson: Michael J. Highfield, Mississippi State University
Credit Regulation and Termination of Subprime Mortgages
    Jevgenijs Steinbuks, George Washington University
Overoptimism Around REIT Equity Offerings
    Erik Devos, University of Texas - El Paso
   
Seow Eng Ong, National University of Singapore
    Andrew C Spieler, Hofstra University
Political Cycles and REIT Returns
    Sanjay Ramchander, Colorado State University
    Marc W. Simpson, University of Texas-Pan American
    James R. Webb, Cleveland State University
Discussant
  Frank Nothaft, Freddie Mac
Discussant
  Patrick A. Lach, Eastern Illinois University
Discussant
  Matthew D. Hill, University of Mississippi

Session 034
  Investor Psychology and Rationality
    Thursday, 9:45 am - 11:15 am
Chairperson: Ajay Bhootra, Virginia Tech
Are Men More Optismistic?
    Ben Jacobsen, Massey University
    John B Lee, Massey University
    Wessel Marquering, RSM Erasmus University
Intangible Return, Momentum, and Investor Psychology
    Yen-cheng Chang, University of Washington
The Performance and Persistence of Individual Investors: Rational Agents or Tulip Maniacs?
    Rob Bauer, Maastricht University
    Mathijs Cosemans, Maastricht University
    Piet Eichholtz, Maastricht University
Discussant
  Jacqueline M Wise, Fordham University
Discussant
  Ajay Bhootra, Virginia Tech
Discussant: David Dubofsky, University of Louisville

Session 035
  Special Session
  Current Topics at the SEC
    Thursday, 9:45 am - 11:15 am
The topics currently on the agenda at the SEC are often tomorrow’s hot research topics. This panel will discuss current topics of interest to the SEC with the intention of inspiring academics in the development of new research projects. These topics span virtually all areas of Financial Economics.
Moderator: Jim Overdahl, Chief Economist, SEC

Panelists:
Mutual Recognition of Regulatory Agencies
Jennifer Marietta-Westberg, Financial Economist, SEC

Credit Rating Agencies
Lori Walsh, Financial Economist, SEC

Interactive Data
Scott Bauguess, Academic Fellow, SEC

Corporate Governance
Cindy Alexander, Assistant Chief Economist, Corporation Finance and Disclosure, SEC

Short Selling
Jim Overdahl, Chief Economist, SEC

Session 036
  Special Session
  Insights from Management Consulting
    Thursday, 9:45 am - 11:15 am

This thematic session on corporate governance will feature leading management consultants from Booz and Company. They will discuss their perspectives on the topic with specific emphasis around three areas – the role of the board, performance measurement for compensation and the market for corporate control. They will draw on their experience of advising boards and senior management on highlighting what the most salient issues in this space are, and what pragmatic approaches may be useful in addressing them. This session should be of interest to graduate students and professors teaching or writing in the area of corporate finance.
Moderator: Mark Flannery, University of Florida

Panelists
Paul Branstad, Senior Executive Advisor, Booz & Company
Evan Hirsh, Vice President, Booz & Company
Justin Pettit, Vice President, Booz & Company

Session 037
  Corporate Governance in Asia
    Thursday, 9:45 am - 11:15 am
Chairperson: Woojin Kim, Korea University Business School
Family Control and the Implied Cost of Equity: Evidence before and After the Asian Financial Crisis
    Narjess Boubakri, American University of Sharjah & HEC-Montreal
    Omrane Guedhami, University of South Carolina
    Dev Mishra, University of Saskatchewan
Value of shareholder activism: evidence from the switchers
    Woojin Kim, Korea University
   
Woochan Kim, KDI School of Public Policy and Management
    Kap-Sok Kwon, KT
When Loans are Bad News: Market Reactions to Loan Announcements under Poor Governance
    Weihua Huang, Maastricht University
    Shan Zhao, Universite de Toulouse
Discussant
  Woojin Kim, Korea University
Discussant
  Vijaya Subrahmanyam, Mercer University
Discussant
  Scott Lee, Texas A&M University

Session 038
  Corporate Governance and Takeover Activity
    Thursday, 9:45 am - 11:15 am
Chairperson: Tao-Hsien Dolly King, UNC Charlotte
Bondholder Wealth Effects in Going Private Transactions
    Lindsay Baran, UNC Charlotte
    Tao-Hsien Dolly King, UNC Charlotte
Corporate governance and takeover gains
    Sinan Goktan, Cal State East Bay
   
Robert Kieschnick, University of Texas at Dallas
    Rabih Moussawi, Barclays Global Investors
Corporate Governance and the Use of Fairness Opinions
    Melissa B Frye, University of Central Florida
    Lin Tan , California State Polytechnic University
    Weishen Wang, Marshall University
Discussant
  Robert Kieschnick, University of Texa at Dallas
Discussant
  Melissa Frye, University of Central Florida
Discussant
  Tao-Hsien Dolly King, UNC Charlotte

Session 039
  Value Creation from Divestitures
    Thursday, 9:45 am - 11:15 am
Chairperson: Yiming Qian, University of Iowa
Misvaluation and Corporate Spin-offs
    Ying-Chou Lin, Missouri University Science and Technology
   
Kenneth Yung, Old Dominion University
Partial Price Adjustments and Equity Carve-outs
    Thomas Hall Thompson, Lamar University
Asset-sales or Spin-offs? An Empirical Analysis of the Corporate Restructuring Mechanism
    Manish Gupta, Boston College
Discussant
  Zhan Jiang, University of Iowa
Discussant
  Yiming Qian, University of Iowa
Discussant
  Jay Cai, Drexel University
Discussant
  Zhan Jiang, University of Iowa

Session 040
  Pipes
    Thursday, 9:45 am - 11:15 am
Chairperson to be announced
Equity Financing and External Contracting at Biopharmaceutical Firms: Evidence from PIPEs
    Christopher William Anderson, University of Kansas
    Jenny Ying Zhang, Missouri State University
The Quality and Price of Investment Banks¡¯ Service: Evidence from the PIPE Market
    Na Dai, University of New Mexico
   
John Schatzberg, University of New Mexico
The Networking Function of Investment Banks: Evidence from Private Investments in Public Equity
    Rongbing Huang, Kennesaw State University
    Zhaoyun Shangguan, Robert Morris University
    Donghang Zhang, University of South Carolina
Discussant
  Daisy Yun Li, University of Western Ontario
Discussant to be announced Discussant
  Joshua Spizman, Binghamton University

Session 041
  Financial Constraints
    Thursday, 9:45 am - 11:15 am
Chairperson: Munir Hassan, Park University
FINANCIAL FLEXIBILITY AND INVESTMENT DECISIONS: EVIDENCE FROM LOW- LEVERAGE FIRMS
    Roberto Mura, Manchester Business School
    Maria-Teresa Marchica, Manchester Business School
Stock PIKs-Taking A Firm By Its Tails
    Karan Bhanot, University of Texas, San Antonio
   
Antonio Mello, University of Wisconsin, Madison
Target Debt ratios: The impact of equity mis-pricing
    William B Elliott, University of Texas at El Paso
    Johanna Koëter-Kant, VU University Amsterdam
    Richard S Warr, North Carolina State University
Discussant: Maria Fabiana Penas, Tilburg University Discussant to be announced Discussant: Kristopher Kemper, Oklahoma State University

Session 043
  Time and Market Efficiency
    Thursday, 9:45 am – 11:15 am
Chairperson: Katsiaryna Salavei, Fairfield University
What Happens When an Index is Created and Index Membership Composition is Withheld? Price and Liquidity Effects Associated with the Release of Don Jones Islamic Equity Market Index
    M Cary Collins, Bryant University
    John M Wachowicz Jr, University of Tennessee
    Tianning Li, University of Tennessee
Risk and the January Effect
    Qian Sun, Xiamen University
    Wilson HS Tong, Hong Kong Polytechnic University
Discussant: Katsiaryna Salavei, Fairfield University Discussant to be announced

Session 044
  Idiosyncratic Volatility
    Thursday, 9:45 am - 11:15 am
Chairperson: Yexiao Xu, University of Texas at Dallas
Earnings Forecasts and Idiosyncratic Volatilities
    Sana Mohsni, Concordia University
    Lawrence Kryzanowski, Concordia University
Economic Significance of Idiosyncratic Risk
    David Lee Manzler, Suffolk University
   
Steve Slezak, University of Cincinnati
Gambling in the New Year? The January Idiosyncratic Volatility Puzzle
    James S. Doran, Florida State University
    Danling Jiang, Florida State University
    Dave R. Peterson, Florida State University
Discussant
  Danling Jiang, Florida State University
Discussant
  Yexiao Xu, University of Texas at Dallas
Discussant
  Jie Cao, University of Texas at Austin

Session 045
  Microstructure and Methodology
    Thursday, 9:45 am - 11:15 am
Chairperson: Ravi Shukla, Syracuse University
An Autoregressive Conditional Filtering Process to Remove Intraday Seasonal Volatility
    Jang-Hyung Cho, San Jose State University
    Robert T. Daigler, Florida International University
Simulation Tests of Typical Adverse Selection Measures
    Qin Wang, University of Arizona
Using announcement and implementation event dates to disentangle competing theories of stock splits
    Jiwei Dong, Lancaster University
    Mark B Shackleton, Lancaster University
    Pradeep Yadav, Oklahoma University
Discussant
  Tom Barkley, Syracuse University
Discussant
  Grigori Erenburg, Chapman University
Discussant
  Pia Bandyopadhyay, Cal. State University, Long Beach

Session 046
  Bond Portfolio Management
    Thursday, 9:45 am - 11:15 am
Chairperson: Sheen Liu, Washington State Univ Vancouver
Optimal Investment with Defaultable Bonds
    Sheen Liu, Washington State University Vancouver
An Evaluation of Contingent Immunization
    Antonio Díaz, Universidad de Castilla
   
María de la O González, Universidad de Castilla
    Eliseo Navarro, Universidad de Castilla
    Frank Skinner, University of Surrey
The immunization performance of traditional and stochastic durations: A mean-variance analysis
    Pascal Francois, HEC Montréal
    Franck Moraux, Université de Rennes 1
Discussant to be announced Discussant to be announced Discussant: Frank Skinner, University of Surrey

Session 047
  The Information Environment and Stock Returns
    Thursday, 9:45 am - 11:15 am
Chairperson: Jeffrey M. Mercer, Texas Tech University
Accounting Quality, Stock Returns, and Macroeconomic Conditions
    Dongcheol Kim, Korea University
    Yaxuan Qi, Concordia University
Cross-Listing Effect on Information Environment of Foreign Firms: ADR Type and Country Characteristics
    Hei Wai Lee, The University of Michigan - Dearborn
   
Magali Valero, The University of Michigan - Dearborn
Dispersion Change and its Effect on Asset Returns during Reg FD: Value versus Growth Stocks
    Pieter de Jong, University of Texas at Arlington
    Vince Apilado, University of Texas at Arlington
Discussant
  Jeffrey M. Mercer, Texas Tech University
Discussant
  Madhu Kalimipalli, Wilfrid Laurier University
Discussant
  Scott E. Hein, Texas Tech University

Session 048
  Investors and Institutions
    Thursday, 9:45 am - 11:15 am
Chairperson: Xavier Garza Gomez, University of Houston - Victoria
Can Investors Benefit from Dealer Affiliation?
    Xin Zhao, Penn State Erie
    Mingsheng Li, Bowling Green State University
can fund managers fool investors with window dressing?
    Leng Ling, Georgia State University
Do Institutional Investors Have an Information Advantage?
    George Aragon, Arizona State University
    Recep Bildik, Global Association of Risk Professionals
    Deniz Yavuz, Arizona State University
Discussant
  Minh Vo, Metropolitan State University
Discussant
  Raymond M. Brooks, Oregon State University
Discussant
  Qin Lei, Southern Methodist University

Session 049
  Financial Institutions and Regulation
    Thursday, 9:45 am - 11:15 am
Chairperson: Fulbert Tchana Tchana, University of Cape Town
The Role of Aviation Laws and Legal Liability in Aviation Disasters: A Financial Market Perspective
    Kuntara Pukthuanthong-Le, San Diego State University
    Thomas Walker, Concordia University
    Dolruedee Thiengtham, Concordia University
The Role of Financial Intermediation in the Evolution of Property Rights Institutions
    Modupe Babajide Wintoki, University of Georgia
   
Mihail Miletkov, University of Georgia
Closure Rules and the Valuation of Pension Benefit Guaranty
    Jin-Ping Lee, Feng-Chia University
    Min-Teh Yu, Providence University
Discussant
  Fulbert Tchana Tchana, University of Cape Town
Discussant
  Tayyeb Shabbir, California State University Dominguez Hills
Discussant to be announced

Session 050
  Commercial Lending
    Thursday, 9:45 am - 11:15 am
Chairperson: Steven A. Dennis, University of North Dakota
Dogs that Bark: Why are bank loan announcements news worthy?
    Laura Gonzalez, University of Florida
The Surprising Use of Credit Scoring in Small Business Lending by Community Banks and the Attendant Effects on Credit Availability and Risk
    Allen N. Berger, University of South Carolina
   
Adrian M. Cowan, St. Mary's University
    W. Scott Frame, Federal Reserve Bank of Atlanta
How Do Relationship Lenders Price Loans to Small Firms? Hold-Up Costs, Transparency, and Private and Public Security
    Wako Watanabe, Keio University
Discussant
  Steven A. Dennis, University of North Dakota
Discussant
  Wako Watanabe, Keio University
Discussant
  Robert E. Carpenter, The Federal Reserve Bank of Richmond

Session 051
  Financial Markets I
    Thursday, 9:45 am - 11:15 am
Chairperson: Michael Hertzel, Arizona State University
The Persistence and Transition of Institutional Ownership
    Xuying Cao, University of Texas Dallas
What¡¦s in a Name? Causes and Consequences of Corporate Name Changes
    David T Robinson, Duke University
   
YiLin Wu, National Tsing Hua University
 
Discussant
  Chris Clifford, University of Kentucky
Discussant
  Michael Hertzel, Arizona State University
 

Session 052
  Current Issues in Corporate Risk Management
    Thursday, 9:45 am - 11:15 am
Chairperson: Phillip Humphrey, Oklahoma State University
Derivatives Use and the Cost of Equity
    Gerald Gay, Georgia State University
    Stephen Smith, Georgia State University
    Chen-Miao Lin, Clayton State University
Corporate Management of Highly Dynamic Risks: The Case of Terrorism Insurance in Germany
    Razvan Pascalau, University of Alabama
   
Christian Thomann, University of Alabama and Leibniz University Hannover
    J.-Matthias Graf von der Schulenburg, Leibniz University Hannover
    Bruno Gas, Erasmus AG
Managerial Biases and Selective Hedging
    Tim R Adam, National University of Singapore
    Chitru S Fernando, University of Oklahoma
    Evgenia V Golubeva, University of Oklahoma
Discussant
  Evgenia Golubeva, University of Oklahoma
Discussant
  Phillip Humphrey, Oklahoma State University
Discussant
  Nan Li, Dowling College

Session 053
  GARCH Models
    Thursday, 9:45 am - 11:15 am
Chairperson: Hsiang-Tai Lee, National Chi Nan University
A Jump Switching Generalized Orthogonal GARCH model for Dynamic Futures Hedging
    Hsiang-Tai Lee, Department of Banking and Finance, National Chi Nan University
Stock Market Momentum, Business Conditions, and GARCH Option Pricing Models
    Min-Hsien Chiang, Institute of International Business, National Cheng Kung University
   
Hsin-Yi Huang, Institute of International Business, National Cheng Kung University
The Impact of Volatility Long Memory on Option Valuation: Component GARCH versus FIGARCH
    Yintian Wang, Tsinghua University
Discussant
  Yintian Wang, Tsinghua University
Discussant
  Hsiang-Tai Lee, National Chi Nan University
Discussant: David D Cho, Nova Southeastern University

Session 054
  Loans, Funds, and Emerging Economies
    Thursday, 9:45 am - 11:15 am
Chairperson: Lalith P Samarakoon, University of St. Thomas
Bank Loans with Chinese Characteristics
    Warren Bailey, Cornell University
    Wei Huang, University of Hawaii at Manoa
    Zhishu Yang, Tsinghua University
Corporate governance, creditor protection, and Bank Loan Contracting in emerging markets
    Bill Francis, Rensselaer Polytechnic Institute
   
Iftekhar Hasan, Rensselaer Polytechnic Institute
    Liang Song, Rensselaer Polytechnic Institute
Emerging-Market Closed-End Funds Managerial Performance And Other Factors Affecting Fund Premiums
    Iuliana Ismailescu, Pace University
Discussant
  David O Vang, University of St. Thomas
Discussant
  Sunil K Mohanty, University of St. Thomas
Discussant
  Thadavillil Jithendranathan, University of St. Thomas

Session 055
→ Click here for a description of the Doctoral Student Consortium Sessions

SPECIAL DOCTORAL STUDENT CONSORTIUM PAPER SESSION
  CEOs and Strategies
    11:30 am - 1:00 pm

Chairperson: Lemma W Senbet, University of Maryland
Pay-Performance Sensitivity, Risk-Incentive Trade-Off, and Board Independence
    Hae Jin Chung, New York University
Do Acquiring Firms Manage Earnings?
    Raunaq Pungaliya, University of Iowa
If it's Good for the Firm, it's Good for Me: Insider Trading and Repurchases Motivated by Undervaluation
    Shrikant Jategaonkar, University of Arizona

Session 056
→ Click here for a description of the Doctoral Student Consortium Sessions

SPECIAL DOCTORAL STUDENT CONSORTIUM PAPER SESSION
  Relationships and Corporate Control
    Thursday, 11:30 am - 1:00 pm

Chairperson: Anthony Saunders, New York University
Lending Relationship and Distressed Firms
    Li Yan, University of Singapore
One Share-One Vote is Unenforceable and Sub-optimal
    Shagun Pant, University of Utah
CEO Characteristics, CEO-Firm Match, and Corporate Refocus Value
    Sheng Huang, Washington University in St Louis

Session 057
  Boards of Directors
    Thursday, 11:30 am - 1:00 pm
Chairperson: J Ronald Hoffmeister, Arizona State University
Bankers on Boards, Financial Constraints, and Financial Distress
    Karlyn Mitchell, North Carolina State University
    Mark D. Walker, North Carolina State University
Board Meetings, Committee Structure, and Firm Performance
    Ivan E. Brick, Rutgers University
   
N. K. Chidambaran, Rutgers University
Co-opted Boards: Costs, Benefits, Causes, and Consequences
    Jeffrey L Coles, Arizona State University
    Naveen D Daniel, Drexel University
    Lalitha Naveen, Temple University
Discussant: Brian Young, Arizona State University Discussant: Claire Crutchley, Auburn University Discussant: David Maber, Harvard Business School

Session 058
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Executive Compensation: Information, Incentives, and Shareholder Preferences
    Thursday, 11:30 am - 1:00 pm

Chairperson: Gregory L Nagel, Mississippi State University
Informed option exercises around M&A announcements: Evidence from acquirers
    Daniel Bradely, University of South Florida
    Brandon Neil Cline, Clemson University
    Qin Lian, North Dakota State University
Does shareholder approval of equity compensation plans matter?
    Nataliya Zaiats, Simmons College
   
Lilian Ng, University of Wisconsin-Milwaukee
    Qinghai Wang, Georgia Institute of Technology
EXECUTIVE STOCK OPTIONS AND CORPORATE INNOVATIVE ACTIVITIES
    Yenn-Ru Chen, National Cheng Kung University
    Chi-Gun Chu, National Cheng Kung University
Discussant
  Gregory L Nagel, Mississippi State University
Discussant
  Gregory L Nagel, Mississippi State University
Discussant
  Suresh Paul, SUNY-Binghamton

Session 059
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Analyst Forecasts
    Thursday, 11:30 am - 1:00 pm

Chairperson: Marian Turac, Georgia State University
Analyst Forecast Biases and Stock Returns
    Mitch Warachka, SMU
    Zhi Da, Notre Dame
Analyst Forecast Inefficiency in Reaction to Earnings News: Cognitive Bias vs. Economic Incentives
    Chansog (Francis) Kim, City University of Hong Kong
   
Sangwoo Lee, University of Illinois Urbana Champaign
    Chris Pantzalis, University of South Florida
Unraveling a puzzle: The case of Value Line timeliness rank upgrades
    Nandkumar Nayar, Lehigh University
    Ajai K Singh, Case Western Reserve University
    Wen Yu, University of St. Thomas
Discussant
  Chris Pantzalis, University of South Florida
Discussant
  Marian Turac, Georgia State University
Discussant
  Sangwoo Lee, City Universsity of Hong Kong

Session 060
  Home Mortgages
    Thursday, 11:30 am - 1:00 pm
Chairperson: Patrick Lach, Eastern Illinois University
Home price sensitivity to capital market factors: analysis of zip code data
    Christopher William Anderson, University of Kansas
    Eli Beracha, East Carolina University
Valuing participation mortgage loans using profit caps and floors
    M. Shahid Ebrahim, Nottingham University
   
Mark B. Shackleton, Lancaster University
    Rafal M. Wojakowski, Lancaster University
Subprime Mortgage Default Rates by Metropolitan Area: An Analysis by Origination Vintages and Projections for 2007
    Gerald A Hanweck, George Mason University
Discussant: Ying Zhang, Fannie Mae Discussant to be announced Discussant: Jevgenijs Steinbuks, University of Cambridge

Session 061
  Overconfidence
    Thursday, 11:30 am - 1:00 pm
Chairperson: Anzhela Knyazeva, University of Rochester
CEO Overconfidence and Dividend Policy: Theory and Evidence
    Sanjay Deshmukh, DePaul University
    Anand M. Goel, DePaul University
    Keith M. Howe, DePaul University
CFO Overconfidence, Optimism, and Corporate Financing
    Malte Brettel, RWTH Aachen University
   
Michael Kasch, RWTH Aachen University
    Andreas Mueller, RWTH Aachen University
Disposition bias and overconfidence in institutional trades
    Jan Annaert, Antwerp University
    Dries Heyman, Ghent University
    Michèle Vanmaele, Ghent University
   
Sofieke Van Osselaer, Ghent University
Discussant
  Anzhela Knyazeva, University of Rochester
Discussant
  Kristina Minnick, Bentley College
Discussant
  Leng Ling, Georgia State

Session 062
  Special Session
  The Subprime Mortgage Crisis
    Thursday, 11:30 am - 1:00 pm

Moderator: Diana Hancock, Federal Reserve System

Presentations
An Overview of the Subprime Mortgage Crisis
    Andreas Lehnert, Federal Reserve System

Policy Responses to the Subprime Mortgage Crisis
    Scott Frame, Federal Reserve Bank of Atlanta

The Private Sector's Response to the Recent Turmoil
    Peter Lupoff, Millennium Partners

Fundamental Causes of the Subprime Mortgate Crisis
    Jay Hartzell, University of Texas

Session 063
Special Panel Session
  Introducing an Increased Stakeholder Focus into Core Corporate Finance Courses
    Thursday, 11:30 am - 1:00 pm

The panel will discuss the integration of corporate social responsibility and a stakeholder view of the firm into a traditional corporate finance curriculum.

Panel

John R Becker-Blease, Assistant Professor of Finance
Washington State University, Vancouver

Dan Rogers, Associate Professor of Finance
Portland State University

John Byrd, Senior Instructor
University of Colorado, Denver

Manohar Singh, Associate Professor of Finance
Willamette University

Session 065
  M&A: International Evidence
    Thursday, 11:30 am - 1:00 pm
Chairperson: William Megginson, University of Oklahoma
Does Corporate Diversification by Business Groups Create Value? Evidence from Korean Chaebols
    Sung C Bae, Bowling Green State University
    Taek Ho Kwon, Chonnam National University
    Jang W. Lee, Dongeui University
Mergers and Value Creation in a Post-Liberalized Environment: The Case of India
    Alex Meisami, University of Texas at San Antonio
   
Lalatendu Misra, University of Texas at San Antonio
Short-term Performance, Deal Characteristics, and Corporate Governance: Canadian Evidence on M&A
    Kent Baker, American University, Washington DC
    Shantanu Dutta, St. Francis Xavier University, Nova Scotia
    Samir Saadi, Queens University, Ontario
   
Peng Cheng Zhu, Carleton University, Ontario
Discussant
  Haksoon Kim, Lousiana State University
Discussant
  William Megginson, University of Oklahoma
Discussant
  Angela Morgan, Clemson University

Session 066
  Determinants of Takeover Premium
    Thursday, 11:30 am - 1:00 pm
Chairperson: Thomas Bates, University of Arizona
Takeover Premium and Divergence of Opinion
    Sris Chatterjee, Fordham University
   
Kose John, New York University
    An Yan, Fordham University
Target-Country Shareholder Protection and Acquirer Returns
    Steven Freund, University of Massachusetts Lowell
    Duong Nguyen, University of Massachusetts Dartmouth
    Gopala K Vasudevan, University of Massachusetts Dartmouth
A Re-examination of Bidder's Gains in Acquisitions: Evidence from Termination Announcements
    Tilan Tang, Michigan State University
Discussant
  Adam Yore, Drexel University
Discussant
  Thomas Bates, University of Arizona
Discussant
  Jason Howell, University of Georgia

Session 067
  Corporate Debt
    Thursday, 11:30 am - 1:00 pm
Chairperson: Cesario Mateus, University of Greenwich
Industry Structure and Debt Maturity
    Otgontsetseg Erhemjamts, Bentley College
    Kartik Raman, Bentley College
    Husayn Shahrur, Bentley College
LEVERAGE, DEBT MATURITY AND FIRM INVESTMENT: AN EMPIRICAL ANALYSIS
    Viet Anh Dang, Manchester Business School
Project finance and determinants of its leverage
    Jaemin Kim, San Diego State University
    Sean Sehyun Yoo, Belmont University
Discussant: Viet anh Dang, Manchester Business School Discussant: Cesario Mateus, University of Greenwich Discussant: Otgontsetseg Erhemjamts, Bentley College

Session 068
  Capital Structure
    Thursday, 11:30 am - 1:00 pm
Chairperson: Zhipeng (Alan) Yan, New Jersey Inst of Technology
Leverage dynamics, the endogeneity of corporate tax status and financial distress costs, and capital structure
    Evangelos Charalambakis, Manchester Business School
    Susanne Espenlaub, Manchester Business School
    Ian Garrett, Manchester Business School
MARKET FRICTIONS AND ABILITY TO INVEST: A CASH HOLDING POLICY PERSPECTIVE
    Maria-Teresa Marchica, Manchester Business School
   
Roberto Mura, Manchester Business School
Multi-stage investment, long-term asymmetric information and pecking-order theory revisited
    Anton Miglo, University of Guelph
Discussant: Yelena Larkin, Cornell University Discussant: Brian Clark, Rensselaer Poly Inst Discussant: Costanza Meneghetti, West Virginia University

Session 069
  Cross Border Payout Policy I
    Thursday, 11:30 am - 1:00 pm
Chairperson: Gohar G. Stepanyan, Purdue University
Do Cross-listed Firms Pay out More Cash to Shareholders?
    Lubomir Petrasek, Penn State University
Is National Culture a Missing Piece of the Dividend Puzzle?
    Liang Shao, University of South Carolina
   
Chuck C.Y. Kwok, University of South Carolina
    Omrane Guedhami, University of South Carolina
The Impact of Rule 10b5-1 on Firms’ Actual Stock Repurchases
    Jin S Kim, Winston-Salem State University
Discussant
  Gohar G. Stepanyan, Purdue University
Discussant
  Lubomir Petrasek, Pennsylvania State University
Discussant to be announced

Session 070
  Coskewness
    Thursday, 11:30 am - 1:00 pm
Chairperson: Ronald F. Singer, University of Houston
Conditional Co-skewness in Stock and Bond Markets: Time Series Evidence
    Jian Yang, University of Colorado Denver
    Yinggang Zhou, Black Creek Global Advisors
The Coskewness Puzzle and Stochastic Discount Factor Volatility
    Valerio Poti, Dublin City University
Skewness and Co-skewness in Bond Returns
    I-Hsuan Ethan Chiang, Boston College
Discussant
  I-Hsuan Ethan Chiang, Boston College
Discussant
  Deniz Kebabci, San Francisco State University
Discussant
  Valerio Poti, Dublin City University

Session 071
  Asset Prices and the Macroeconomy
    Thursday, 11:30 am - 1:00 pm
Chairperson: David A. Dubofsky, University of Louisville
Interest Rate Changes and Stock Return Dynamics
    Antonios Antoniou, University of Durham
    Gregory Koutmos, Fairfield University
Investor Sentiment and the Stock Market’s Reaction to Monetary Policy
    Alexander Kurov, West Virginia University
The Stock Market Reaction to Oil Price Changes
    Sridhar Gogineni, University of Oklahoma
Discussant
  James Conover, University of North Texas
Discussant
  Dan W. French, University of Missouri
Discussant
  George Bittlingmayer, University of Kansas

Session 072
  Short Selling
    Thursday, 11:30 am - 1:00 pm
Chairperson: Adam YC Lei, Midwestern State University
Are Short-sellers Different?
    Florian Bardong, Lancaster University
    Sohnke M. Bartram, Lancaster University
    Pradeep K. Yadav, University of Oklahoma
Do Short Sellers Stealth Trade?
    Benjamin M Blau, University of Mississippi
   
Bonnie F Van Ness, University of Mississippi
    Robert A Van Ness, University of Mississippi
Short-Sales Constraints: Reductions in Costs of Capital or Overvaluation?
    Eric C. Chang, The University of Hong Kong
    Joseph W. Cheng, The Chinese University of Hong Kong
    J. Michael Pinegar, Brigham Young University
   
Yinghui Yu, Barclays Banks PLC
Discussant: Norris Larrymore, Quinnipiac University Discussant
  Adam YC Lei, Midwestern State University
Discussant: Chris Schwarz, UC Irvine

Session 073
  Commodities
    Thursday, 11:30 am - 1:00 pm
Chairperson: Peter Went, GARP
Price Discovery and Market Quality of Crude Oil Futures Market
    Elena Skouratova, University of Texas at San Antonio
    Yiuman Tse, University of Texas at San Antonio
Can Precious Metals Make Your Portfolio Shine
    C. Mitchell Conover, University of Richmond
   
Gerald R. Jensen, Northern Illinois University
    Robert R. Johnson, CFA Institute
    Jeffrey M. Mercer, Texas Tech University
Gold Betas
    Vijay Gondhalekar, Grand Valley State University
    Lawrence Blose, Grand Valley State University
Discussant: Bart Frijns, Auckland Univ of Tech Discussant: Marcel Prokopczuk, University of Mannheim Discussant: Brian Lucey, Trinity College Dublin

Session 074
  Limitations of Asset Pricing Models
    Thursday, 11:30 am - 1:00 pm
Chairperson: Robert A. Connoly, University of North Carolina - Chapel Hill
Asset Pricing with Heterogeneous Consumers: When the data has yet to meet a theory it likes
    Olesya Grishchenko, Penn State University
    Marco Rossi, Penn State University
Equity Market Participation, Risk Aversion, and Information-Aggregation Bias
    James Eric Gunderson, University of Wyoming
Failure of Asset Pricing Models: Transaction Cost, Irrationality, or Missing Factors
    Joon Chae, Seoul National University
    Cheol-Won Yang, Seoul National University
Discussant
  Valery Polkovnichenko, University of Texas at Dallas
Discussant
  Robert A. Connolly, University of North Carolina - Chapel Hill
Discussant
  Jack De Jong, University of Hawaii

Session 075
  Investment Style
    Thursday, 11:30 am - 1:00 pm
Chairperson: Abhay Kaushik, Radford University
On Equity and Fixed Income Investing Styles: A Look at Hybrid Mutual Funds
    George Comer, Georgetown University
Smart Money Meets Smart Size
    Nelson Lacey, University of Massachusetts Amherst
   
Qiang Bu, Penn State Harrisburg
UK Evidence on the Profitability and the Risk-Return Characteristics of Merger Arbitrage
    Sudi Sudarsanam, Cranfield University
    Dzung Nguyen, Cranfield University
Discussant
  Dongmin Ke, Kean University
Discussant
  Abhay Kaushik, Radford University
Discussant to be announced

Session 076
  Effects of Regulation
    Thursday, 11:30 am - 1:00 pm
Chairperson: Jacqueline M. Volkman, Fordham University
Price reversals in the Property-Liability Insurance and Other Regulated Industries
    Hing-Gay Fung, University of Missouri-St. Louis
    Wilkin K Leung, Chinese University of Hong Kong
Does Disclosure Regulation Work? Evidence from International IPO Markets
    Charles Shi, University of California at Irvine
   
kuntara Pukthuanthong-Le, San Diego State University
    Thomas Walker, Concordia University
Factors Influencing the Relationship between Financial Development and Emerging Country Growth
    Hsin-Yu Liang, Feng Chia University, Taiwan
    Alan Reichert, Cleveland State University
    Francisca Richter, Fed Res Bank Cleveland
Discussant
  John Tooker, Union County Community College
Discussant to be announced Discussant to be announced

Session 077
  Issues in Banking
    Thursday, 11:30 am - 1:00 pm
Chairperson: Fang Zhao, Siena College
Endogenous Timing and Banking Competition in a Mixed Oligopoly----a theoretical perspective on the banking industry in China
    Xiang yi Zhou, Xi'an Jiaotong University
    Xiao hui Hou, Xi'an Jiaotong University
    Sheng liang Ji, Xi'an Technology University
THE REACTION BY INDUSTRY INSIDERS TO M&As IN THE EUROPEAN FINANCIAL INDUSTRY
    Jose Campa, IESE Business School
    Ignacio Hernando, Bank of Spain
Discussant
  Syed Hyat, Central Connecticut State University
Discussant
  Fang Zhao, Siena College

Session 078
  Market Efficiency
    Thursday, 11:30 am - 1:00 pm
Chairperson: Timothy Simin, Penn State
Emerging from bankruptcy with when-issued trading
    Raymond M. Brooks, Oregon State University
    J. Jimmy Yang, Oregon State University
Overpricing and Overnight Returns
    Henk Berkman, Massey University
   
Paul Koch, University of Kansas
    Laura Tuttle, American University of Sharjah
    Ying Zhang, Missouri State University
The Interval of Observation
    Ben Jacobsen, Massey University
    Ben Marshall, Massey University
    Nuttawat Visaltanachoti, Massey University
Discussant
  Laurel Franzen, University of Texas at Dallas
Discussant
  Marco Rossi, Penn State
Discussant
  Lucas Roth, Penn State

Session 079
  Risk Management at the Extremes
    Thursday, 11:30 am - 1:00 pm
Chairperson: Jie (Diana) Wei, OCC
Asymmetric Dependence Implications for Extreme Risk Management
    Georges Tsafack, Suffolk University
Bounds for Extreme Probabilities and Value at Risk
    Samuel H. Cox, University of Manitoba
   
Yijia Lin, University of Nebraska - Lincoln
    Ruilin Tian, Georgia State University
    Luis F. Zuluaga, University of New Brunswick
Risk Management with Value-at-Risk and Stress Testing: An Alternative to Conditional Value-at-Risk?
    Gordon J. Alexander, University of Minnesota
    Alexandre M. Baptista, The George Washington University
    Shu Yan, University of South Carolina
Discussant: David Manzler, Suffolk University Discussant to be announced Discussant to be announced

Session 080
  VIX
    Thursday, 11:30 am - 1:00 pm
Chairperson: Yun Li, University of Toronto
Hedging Forward Volatility
    Yueh-Neng Lin, National Chung Hsing University
Pricing and Hedging VIX Options under Stochastic Volatility and Correlated Jumps in S&P 500 Price and Variance Processes
    Yueh-Neng Lin, National Chung Hsing University
   
Chien-Hung Chang, Providence University
The Performance of VIX Options Pricing Models: Empirical Evidence beyone Simulation
    Zhiguang Wang, Florida International University
    Robert T Daigler, Florida International University
Discussant
  Yun Li, University of Toronto
Discussant
  Serguey Khovansky, Mount Saint Mary College
Discussant
  Juan Carlos Rodriguez, Tilburg University

Session 081
  Credit Risk and Financial Markets in Emerging Markets
    Thursday, 11:30 am - 1:00 pm
Chairperson: Jens Hilscher, Brandeis University
Market Segmentation Effects in Corporate Credit Rating Changes: The Case of Emerging Markets
    Yoon Soo Shin, Loyola College in Maryland
    William Ted Moore, University of South Carolina
    Seung Hun Han, Information & Communications University
    Walter Reinhart, Loyola College in Maryland
International bank flows to emerging markets: influence of sovereign credit ratings and its regional spillover effects
    Suk-Joong Kim, University of New South Wales
   
Eliza Wu, University of New South Wales
The Pecking Order, Information Asymmetry and Financial Market Efficiency
    Abu M Jalal, Suffolk University
Discussant
  Jaideep Chowdhury, Virginia Tech
Discussant
  Jens Hilscher, Brandeis University
Discussant
  Jose Liberti, DePaul University

Session 084
  Topics in Corporate Governance
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Laarni T Bulan, Brandeis University
What Does it Take to Close the Gender Gap in Executive Compensation?
    Kristina Leigh Minnick, Bentley College
    Otgo Erhemjamts, Bentley College
No More Share Classes: A Study of U.S. Dual Class Stock Unifications
    Jason W. Howell, University of Georgia
Stock Option Grants to Target CEOs during Merger Negotiations
    Jie Cai, Drexel University
    Eliezer M Fich, Drexel University
    Anh L Tran, Drexel University
Discussant
  Suresh Paul, Binghamton University
Discussant: Shagun Pant, University of Utah Discussant
  Laarni Bulan, Brandeis University

Session 085
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Pay for Performance
    Thursday, 2:00 pm - 3:30 pm

Chairperson: Janikan Supanvanij, St. Cloud State University
Strategic Flexibility and the Optimality of Pay for Luck
    Radhakrishnan Gopalan, Washington University in St. Louis
    Todd Milbourn, Washington University in St. Louis
    Fenghua Song, The Penn State University
TOO MUCH PAY PERFORMANCE SENSITIVITY?
    Ivan E. Brick, Rutgers University
   
Oded Palmon, Rutgers University
    John K. Wald, University of Texas at San Antonio
Urban Agglomoration and CEO Pay
    Bill Francis, Rennesaeler Polytechnic Institute
    Iftekhar Hasan, Rennesaeler Polytechnic Institute
    Kose John, New York University
   
Maya Waisman, Fordham University
Discussant to be announced Discussant
  Nataliya Zaiats, University of Wisconsin-Milwaukee
Discussant
  Willie Zhao, Worcester Polytecnhic Institute

Session 086
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  The Accrual Anomaly
    Thursday, 2:00 pm - 3:30 pm

Chairperson: Umit G. Gurun, University of Texas at Dallas
Accruals, Net Stock Issues and Value-Glamour Anomalies: New Evidence on their Relation
    Gikas Hardouvelis, University of Piraeus
    George Papanastasopoulos, University of Piraeus
    Dimitrios Thomakos, University of Peloponnese
    Tao Wang, CUNY
Can the earnings fixation hypothesis explain the accrual anomaly?
    Linna Shi, Nanyang Technological University
   
Huai Zhang, Nanyang Technological University and Hong Kong University
Cashflow Risk, Earnings Revisions, and the Cross-Section of Stock Returns
    Mitch Warachka, Singapore Management University
    Zhi Da, University of Notre Dame
Discussant
  Jens Hilscher, Brandeis University IBS
Discussant
  Xiaoquan (John) Jiang, Florida International University
Discussant
  Tao Wang, City University of New York

Session 087
  Mortgage Financing
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Munir Hassan, Park University
Global Property Market Diversification
    John G Gallo, University of Texas-Arlington
    Zhang Clement Ying, University of Texas-Arlington
Mortgage Fraud’s Impact on Housing Markets: An Atlanta Case Study in Neighborhood Collateral Damage
    M. Cary Collins, Bryant University
   
Ann Fulmer, InterThinx, Inc.
    Keith D. Harvey, Boise State University
    Peter J. Nigro, Bryant University
Shifting Real Estate Licensee Liability
    Gary Stanley Moore, University of Toledo
    Beth Eisler, University of Toledo
Discussant to be announced Discussant: Chintal Desai, Univ of Texas Pan American Discussant to be announced

Session 088
  Insider Trading
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Zhipeng (Alan) Yan, New Jersey Inst of Technology
Social Network Characteristics and Market Manipulations in an Agent Based Model
    Nicholas S. P. Tay, University of San Francisco
    Reza Oladi, Department of Economics, Utah State University
What is the form of informed trading in options markets preceding tender offer announcements?
    Tom Arnold, University of Richmond
   
Lance Nail, University of Southern Mississippi
    Terry Nixon, Miami University
Elements of Effective Insider Trading Laws
    Bart Frijns, AUT University
    Aaron Gilbert, Auckland University of Technology
    Alireza Tourani-Rad, Auckland University of Technology
Discussant to be announced Discussant: Re-Jin Guo, University of Illinois Discussant to be announced

Session 089
Special Panel Session
  Issues in Energy Risk Management
    Thursday, 2:00 pm - 3:30 pm

Session 090
Special Panel Session
  Teaching and Researching "Finance and Global Sustainability"
    Thursday, 2:00 pm - 3:30 pm

The connection between responsible, sustainable behavior and financial management is little researched or understood, yet there is substantial evidence that sustainability issues are entering business and financial thinking at an increasing rate. In this session, FMA members can share their perspectives and experiences in incorporating global sustainability concerns and opportunities into their teaching and research agendas, hopefully leading to further teaching and research and the formation of a community of interested scholars and practitioners.
Presented By
Frank Werner
Fordham University

James AF Stoner
Fordham University

Session 091
  Legal Origin
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Audra Boone, University of Kansas
Legal Origin, Creditor Protection and Bank Lending: Evidence from Emerging Markets
    Rebel A. Cole, DePaul University
    Rima Turk-Ariss, Lebanese American University
The Determinants of Corporate Cash Management Policy: Evidence from around the World
    Yuanto Kusnadi, City University of Hong Kong
   
K.C. John Wei, Hong Kong University of Science & Technology
The Influence of Geographic Location on the Performance of US-Based Multinationals: An Empirical Analysis
    NyoNyo Aung Kyaw, Iona College
    Sijing Zong, California State University Stanislaus
Discussant
  Robert Nash, Wake Forest University
Discussant
  Shawn Mobbs, University of Alabama - Tuscaloosa
Discussant
  Gemma Lee, Seton Hall University

Session 093
  Insider Trading and Corporate Spin-offs
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Stanley Block, Texas Christian University
Information Leakages in Financial Markets:Evidence from Shorting around Insider Sales
    Bidisha Chakrabarty, Saint Louis University
    Andriy Shkilko, Wilfrid Laurier University
Institutional Trading, Information Production, and Corporate Spin-offs
    Thomas J. Chemmanur, Boston College
    Shan He, Louisiana State University
Discussant
  Scott Lee, Texas A&M University
Discussant
  Jim Lockwood, University of South Carolina

Session 094
  Timing Equity Issuances
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Ryan Polansky, Arizona State University
ADR Market Timing: In which Market do Issuers Possess Better Market-Timing Ability and what is the Role of Regulations?
    Oi Lin Cheung, Arizona State University
In good times or in bad: Market conditions, fundamentals, and the equity issuance decision
    Alexander W. Butler, University of Texas at Dallas
   
Yin Li, University of Texas at Dallas
Pseudo-market timing and benchmark returns
    Walt Pohl, University of Texas at Dallas
Discussant
  Zhen Shi, Arizona State University
Discussant
  Ryan Polansky, Arizona State University
Discussant to be announced

Session 095
  Determinants of Capital Structure
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Dalia Marciukaityte, Louisiana Tech University
Debt Maturity and Auditor Quality: International Evidence from Private and Public Firms
    Sorin Rizeanu, University of South Carolina
Financial Flexibility and Capital Structure Decision
    Soku Byoun, Baylor University
Ownership Concentration and the Determinants of Capital Structure in Latin America
    Maximiliano Gonzalez, Universidad de los Andes
    Carlos Alberto Molina, IESA
    Jacelly Cespedes, IESA
Discussant: Drew B Winters, Texas Tech University Discussant
  Dalia Marciukaityte, Louisiana Tech University
Discussant: Andres Ramirez, Bryant University

Session 096
  Cross Border Payout Policy II
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Yong G. Lee, University of Houston-Victoria
payout Policy, Ownership Concentration and Corporate Governance: Evidence from China
    Stephen P. Ferris, University of Missouri
    Nilanjan Sen, Nanyang Technological University
    Zhang Le, Nanyang Technological University
Tax versus attention: the ex-date experience in Taiwan
    Shing-Yang Hu, National Taiwan University
   
Yun-lan Tseng, National Ping Tung Institute of Commerce
The Impact of Dividend-Protected Employee Stock Options on Payout Policies: Evidence from Taiwan
    Ming-Cheng Wu, National Changhua University of Education
    Erin H. C. Kao, Ling Tung University
    Hung-Gay Fung, University of Missouri-St. Louis
Discussant
  Jin S. Kim, Winston-Salem State University
Discussant
  Susan Elkinawy, Loyola Marymount University
Discussant
  Yong G. Lee, University of Houston-Victoria

Session 097
  Equity Trading Strategies
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Deniz Kebabci, San Francisco State University
Momentum Profit and its Sources
    Joon Chae, Seoul National University
    Yunsung Eom, Hansung University
Sustainable Growth and Stock Returns
    Wikrom Prombutr, University of Texas at Arlington
   
Larry Lockwood, Texas Christian University
    Chanwit Phengpis, Cal State Long Beach
Discussant
  Ryan Andrew McKeon, University of Georgia
Discussant
  Po-Hsuan Hsu, Unversity of Connecticut

Session 098
  Informative Investors
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Naresh Bansal, Saint Louis University
Do Index Fund Managers Trade Opportunistically Around Index Changes? An Empirical Examination of S&P 500 Index Funds
    Lee M. Dunham, Creighton University
    Thuy H. Simpson, University of Nebraska - Lincoln
Foreign Shareholder Activism and Insider Trading Before Material News Announcements
    Meziane Lasfer, Cass Business School
   
Adriana Korczak, Manchester Business School
Global Institutional Investors and Local Equity Prices: Evidence from Japan
    Hao Jiang, RSM Erasmus University
    Takeshi Yamada, National University of Singapore
Discussant
  Naresh Bansal, Saint Louis University
Discussant to be announced Discussant to be announced

Session 099
  Liquidity and Transparency
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Deniz Ozenbas, Montclair University
Changes in the Liquidity of Closed-End Country Funds after the Introduction of World Equity Benchmarks
    Honghui Chen, University of Central Florida
    Joel N Morse, University of Baltimore
    Hoang Nguyen, University of Florida
How Does Bunching Affect Bid-Ask Spread Component Estimation?
    Prem Mathew, Oregon State University
   
David Michayluk, University of Technology, Sydney
An Examination of Low Transparency through Repurchase Activities
    James S Ang, Florida State University
    Yung Ling Lo, Western Kentucky University
Discussant
  Valeria Martinez, Fairfield University
Discussant
  Yin-Feng Gau, National Chi Nan University (unable to attend)
Discussant
  Volkan Kayacetin, University of Alberta

Session 100
  Issues in Equity Ownership
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Ronald Melicher, University of Colorado
The Effect of Corporate Break-ups on Information Asymmetry: A Market Microstructure Analysis
    Florian Bardong, Lancaster University
    Sohnke M. Bartram, Lancaster University
    Pradeep K. Yadav, University of Oklahoma
The “Best Corporate Citizens:” Are they good for their shareholders?
    Greg Filbeck, Penn State Erie
   
Raymond Gorman, Miami University
    Xin Zhao, Penn State Erie
The Evolution of Aggregate Stock Ownership: A Unified Explanation
    Kristian Rydqvist, Binghamton University
    Joshua Spizman, Binghamton University
    Ilya Strebulaev, Stanford University
Discussant to be announced Discussant: Joon Ho Hwang, Korea University Discussant: David Koslowsky, University of Manitoba

Session 101
  Liquidity and Equity Valuation
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Omrane Guedhami, Univ of South Carolina to be announced
Is liquidity endogenously determined?
    Robert Kieschnick, University of Texas at Dallas
    Douglas O. Cook, University of Alabama
    Onur Arugaslan, Western Michigan University
The Impact of Stock Transfer Restrictions on the Private Placement Discount
    John D. Finnerty, Fordham University
Settlement Differences and the Law of One Price
    Palani-Rajan Kadapakkam, University of Texas at San Antonio
    Umesh Kumar, University of Texas at San Antonio
Discussant: Jing Yu, UWA Business School & Nanyang Business School Discussant to be announced Discussant to be announced

Session 102
  Investment Strategy
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Ying Li, Indiana University South Bend
Downside Risk: Risk Arbitrage for Collared Stock Swap Offers Versus Uncollared Stock Swap Offers
    Jia Wang, Rowan University
    Ben Branch, University of Massachusetts at Amherst
Fundamental Indexing
    Ben Shirley Branch, University of Massachusetts
   
Lily Cai, University of Massachusetts
Market Timing of CTAs - An Examination of Systematic CTAs vs. Discretionary CTAs
    Hossein Kazemi, University of Massachusetts Amherst
    Ying Li, Indiana University South Bend
Discussant
  Ying Li, Indiana University South Bend
Discussant
  Jia Wang, Rowan University
Discussant
  Li Cai, University of Massachusetts Amherst

Session 103
  Earnings Forecasts and the Performance of Financial Analysts
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Ekkachai Saenyasiri, Arizona State University
The Impact of the Sarbanes-Oxley Act on Security Analysts' Performance
    Sheryl-Ann K. Stephen, Butler University
    Vince P. Apilado, University of Texas at Arlington
US Analyst Regulation and the Earnings Forecast Bias around the World
    Ekkachai Saenyasiri, Arizona State University
   
Armen Hovakimian, Baruch College (CUNY)
Regulating the financial analysis industry: Is the European Directive effective?
    Michel G. Dubois, University of Neuchatel
    Pascal Dumontier, HEC Geneve
Discussant
  Joe Brocato, Tarleton State University
Discussant
  Sheryl-Ann Stephen, Butler University
Discussant
  Xavier Garza Gomez, University of Houston Victoria

Session 104
  Risk and Banking
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Laura Gonzalez, University of Florida
Geographic Diversification as a Motive for Bank Mergers: New Evidence from Takeover Premiums
    Bill Keeton, Federal Reserve Bank Kansas City
The Federal Home Loan Banks and Commercial Bank Risk Taking: An Overstated Moral Hazard?
    Jonathan A Scott, Temple University
   
Scott E Hein, Texas Tech University
The impact of revenue diversity on banking system stabiltiy
    Olivier De Jonghe, Ghent University
Discussant
  Scott Hein, Texas Tech University
Discussant
  Olivier De Jonghe, Ghent University
Discussant
  Bill Keeton, Federal Reserve Bank Kansas City

Session 105
  Capital Market Monitoring
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Ravi Shukla, Syracuse University
Absolute or Relative? Which standard do credit rating agencies follow?
    Richard D Phillips, Georgia State University
    Puneet Prakash, Virginia Commonwealth University
Analyst Firm Parent-Subsidiary Relationship and Conflict of Interest: Evidence from IPO Recommendations
    Cheolwoo Lee, Ferris State University
Effects of National Recognition on the Influence of Credit Rating Agencies
    Yoon Soo Shin, Loyola College in Maryland
    William Ted Moore, University of South Carolina
Discussant
  Mohammed Ashraful Haque, Texas A&M University - Texarkana
Discussant
  Ravi Shukla, Syracuse University
Discussant
  Milena Petrova, Syracuse University

Session 106
  Commodity Derivatives
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Ludwig Chincarini, Georgetown University/ Pomona College
A preference-free formula to value commodity derivatives
    Juan Carlos Rodriguez, Tilburg University
Integrating Multiple Commodities in a Model of Stochastic Price Dynamics
    Raphael Paschke, University of Mannheim
   
Marcel Prokopczuk, University of Mannheim
Natural Gas Futures and Spread Position Risk: Lessons from the Collapse of Amaranth Advisors L.L.C.
    Ludwig B Chincarini, Pomona College/Georgetown University
Discussant
  Aparna Gupta, Rensselaer Polytechnic Institute
Discussant
  Prakash Pai, University of Texas Permian Basin
Discussant
  Juan Carlos Rodriguez, Tilburg University

Session 107
  Options, Futures, and Liquidity
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Thomas Barkley, Syracuse University
Dynamic Dependence between Liquidity and S&P 500 Index Futures-Cash Basis: A Copula Approach
    Ger Rui Lim, University of New South Wales
    Li Yang, University of New South Wales
Option Market Liquidity: Commonality and Other Characteristics
    Melanie Cao, York University
    Jason Wei, University of Toronto
VOLATILITY FORECASTING AND LIQUIDITY: LARGE SAMPLE EVIDENCE USING INDIVIDUAL STOCKS
    Peter Brous, Seattle University
    Ufuk Ince, University of Washington Bothell
    Ivilina Popova, Seattle University
Discussant: Kashi Nath Tiwari, KNT's Academic Financial Research < Discussant
  Aparna Gupta, Rensselaer Polytechnic Institute
Discussant
  Thomas Barkley, Syracuse University

Session 108
  Diversity, Internationalization, and Performance
    Thursday, 2:00 pm - 3:30 pm
Chairperson: Maria Boutchkova, Concordia University
The human capital and its diversity of independent outside directors and firm performance: Evidence from Korea after corporate governance reform in 1998
    Haksoon Kim, Louisiana State University
    Chanwoo Lim, The Catholic University of Korea
The Impact of Internationalization on Firm Performance: A Quantile Regression Analysis
    Tan Lee, Yuan Ze University
   
Hsin-Ya Chan, Yuan Ze Univesity
    Jin-Huei Yeh, National Central University
    Kam C Chan, Western Kentucky University
The Influence of Rumors on Price Changes and Trading Activity in Taiwan's Stock Market
    Chun-Da Chen, Tennessee State University
    Dharmendra Dhakal, Tennessee State University
Discussant
  Johnny Chan, Western Kentucky University
Discussant
  Maria Boutchkova, Concordia University
Discussant
  Haksoon Kim, Lousiana State University

Session 111
  Governance and Corporate Decision Making
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Hatice Uzun, Long Island University
Corporate Governance and Payout Policy: Evidence from Korean Business Groups
    Lee-Seok Hwang, Seoul National University
    Kwangwoo Park, Korea Advanced Institute of Science and Technology (KAIST)
    Raesoo Park, Gyeongsang National University
The Choice of ADRs
    Narjess Boubakri, HEC Montreal
   
Jean-Claude Cosset, HEC Montreal
    Anis Samet, HEC Montreal
To wait or not to wait: When are announced splits be made effective?
    William Rolland Sodjahin, Laval University
    Marie-Claude Beaulieu, Laval University
Discussant
  Yong G. Lee, University of Houston-Victoria
Discussant
  Michael Dewally, Marquette University
Discussant
  Michael Trachtenberg, University of New Orleans

Session 112
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Empirical Corporate Finance
    Thursday, 3:45 pm - 5:15 pm

Chairperson: Karlyn Mitchell, North Carolina State University
Financial structure, liquidity and firm locations
    Andres Almazan, University of Texas
    Adolfo de Motta,
    Sheridan Titman, University of Texas at Austin
    Vahap Uysal, University of Oklahoma
Financial determinants of FDI - Evidence from European firms' cross-border acquisitions
    Jens Forssbaeck, Lund University/Copenhagen Business School
   
Lars Oxelheim, Lund University/Research Institute of Industrial Economics
The Cost of Equity Capital Implied by Option Market Prices
    Antonio Camara, Oklahoma State University
    San-Lin Chung, National Taiwan University
    Yaw-Huei Wang, National Taiwan University
Discussant
  Jarrad Harford, University of Washington
Discussant
  Tayyeb Shabbir, Wharton School and California State University Dominguez Hills
Discussant
  Michael Imerman, Rutgers University

Session 113
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Liquidity
    Thursday, 3:45 pm - 5:15 pm

Chairperson: Michael Pagano, Villanova School of Business
Liquidity Olympics: The Performance of Low Frequency Measures
    Diego A. Agudelo, EAFIT University
    Sam James Henkel, Indiana University
    Craig W. Holden, Indiana University
    Charles A. Trzcinka, Indiana University
Systematic Liquidty in the Xetra Order Book: A Multi-Stage Approach
    Emanuel Albin Kopp, Vienna University
   
Michael Huetl, Vienna University
    Otto Loistl, Vienna University
    Johannes Prix, Vienna University
The monitoring role of stock liquidity and the demand for short-term debt
    Sudarshan Jayaraman, Washington University in St. Louis
    Kartik Raman, Bentley College
Discussant
  Aziz Lookman, University of Pittsburgh
Discussant
  Andriy Shkilko, Wilfrid Laurier University
Discussant
  Roberto Mura, Manchester Business School

Session 114
  Real Estate Studies
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Russell Myers Price, Howard University
Modeling the Dynamic Interdependence among Major Property Stock Markets
    Nafeesa Yunus,
Does Real Estate Investment Trusts show Downside Risk?
    Yunqing Wang, St. Cloud State University
   
Atsuyuki Naka, University of New Orleans
Dynamic Interaction among Securitized Property Market, Stock Market and Macroeconomic Fundamentals: International Evidence
    Nafeesa Yunus,
Discussant to be announced Discussant
  William G. Hardin III, Florida International University
Discussant to be announced

Session 115
  Investing and Preferences
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Mahmud Rahman, Eastern Michigan University
Why Susie owns Starbucks: The Name Letter Effect in Security Selection
    Heather Knewtson, Washington State University
    Richard Sias, Washington State University
The Effect of Prior Beliefs and Preferences on Information Processing in an Investment Experiment
    Kwangmin Jeremy Ko, Pennsylvania State University
    Oliver Hansch, Goldman Sachs, Inc.
Discussant
  Robert M Kiss, Eastern Michigan University
Discussant to be announced

Session 117
Special Panel Session
  A Research Wish List from the Industry
    Thursday, 3:45 pm - 5:15 pm

Former academics currently in industry will distill observations from industry and access the "practice" relevance of academic research. The panel will attempt to identify first-order effects in key finance areas – capital structure decisions, role of information asymmetries in markets and financing decisions, M&A and corporate governance – based on their industry experiences, thereby highlighting areas where practice would like academia to advance. The session will be of interest to graduate students and research faculty in all areas.
Moderator: Mark Flannery, University of Florida

Panelists
Cathy Niden, Director, LECG
Kasturi Rangan, Associate, Booz Allen Hamilton
Subu Venkataraman, Risk Manager, Highbridge Capital Management
Marc Zenner, Managing Director, JP Morgan Securities, Inc

Unfortunately, this session has been cancelled.

Session 118
  Boards as Advisors
    Thursday, 3:45 pm - 5:15 pm
Chairperson: William Johnson, University of New Hampshire
Are Foreign Directors Valuable Advisors or Ineffective Monitors?
    Ronald Masulis, Vanderbilt University
    Cong Wang, Chinese University of Hong Kong
The Advisory Role of the Board of Directors
    John R. Becker-Blease, Washington State University, Vancouver
   
Barbara M. Grein, Drexel University
The Monitoring and Advisory Functions of Corporate Boards: Theory and Evidence
    Dong Chen, Duke University
Discussant
  William Johnson, University of New Hampshire
Discussant
  Ranadeb Chaudhuri, Michigan State University
Discussant
  Karthik Vijayapalan, Michigan State University

Session 120
  Analysis of Merger Returns
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Ran Duchin, University of Michigan
Value, valuation, and the long-run performance of merged firms
    Qingzhong Ma, Cornell University
    David A. Whidbee, Washington State University
    Wei Zhang, Washington State University
What Drives Private and Public Merger Waves in Europe?
    Benjamin Blunck, University of Aarhus
   
Jan Bartholdy, University of Aarhus
Why Do Acquirers Under-Perform their Matching Firms: a Liquidity Story
    Ning Gao, University of Manchester
    Weimin Liu, University of Nottingham
Discussant
  Qingqing Wu, Arizona State University
Discussant
  Ran Duchin, University of Michigan
Discussant
  Jianfei Sun, University of Nevada

Session 121
  Topics in IPO and Rights Offerings
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Hsin-Hui Chiu, Chapman University
Divergent Opinions in the Pre-Issue Market and the Pricing of Initial Public Offerings
    Rong Qi, St. John's University
    Xianming Zhou, University of Hong Kong
Institutional and Individual Trading around Rights Offerings in Sweden: Evidence from Domestic and Overseas Investors
    Adri De Ridder, Gotland University
   
Jonas Rasbrant, Stockholm University
The Market for Shareholder-Voting Rights Around Mergers and Acquisitions: Evidence from Institutional Daily Trading and Voting
    Jennifer Bethel, Babson College
    Gang Hu, Babson College
    Qinghai Wang, Georgia Insitute of Technology
Discussant to be announced Discussant
  Hsin-Hui Chiu, Chapman University
Discussant: Shing-yang Hu, National Taiwan University

Session 122
Special Panel Session
 
    Thursday, 3:45 pm – 5:15 pm

Session 123
  Payout Policy II
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Laarni T. Bulan, Brandeis University
Does size of ownership or voting power determines preferences for compensation?
    Xiaoying Chen, California State University, Long Beach
    Amit K Sinha, Indiana State University
Founding Family Ownership, Management and Payout Policy
    Yan Hu, Temple University
   
Dechun Wang, University of Nebraska-Lincoln
    Shaorong Zhang, Marshall University
The Impact of Taxation on Dividends: A Cross-Country Analysis
    Meziane Lasfer, Cass Business School
    Mohammed AlZahrani, King Fahed University of Petroleum
Discussant
  Laarni T. Bulan, Brandeis University
Discussant
  Lee M. Dunham, Creighton University
Discussant
  Laura Moreau Laura Moreau, Louisiana Tech University

Session 124
  Idiosyncratic Risk
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Po-Hsuan Hsu, University of Connecticut
Idiosyncratic Volatility and Stock Returns: A Cross Country Analysis
    Kuntara Pukthuanthong-Le, San Diego State University
    Nuttawat Visaltanachoti, Massey University
Tests of Idiosyncratic Risk: Informed Trading versus Noise and Arbitrage Risk
    Christos Pantzalis, University of South Florida
   
Jung Chul Park, Louisiana Tech University
World Market Risk, Country-Specific Risk and Expected Returns in International Stock Markets
    Turan G Bali, Baruch College
    Nusret Cakici, Arizona State University
Discussant
  Po-Hsuan Hsu, University of Connecticut
Discussant
  Bin Wei, City University of New York
Discussant
  Hui Guo, University of Cincinnati

Session 125
  Asset Composition and Stock Prices
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Ruilin Tian, North Dakota State University
Do Productivity Shocks Explain the Excess Return of R&D Intensive Stocks?
    Weiqi Zhang, National University of Singapore
Mispricing vs Risk Premia in R&D-Intensive Firms
    Ben Branch, University of Massachusetts Amherst
   
Cosette Chichirau, University of Massachusetts Amherst
The Real Asset Anomaly: A Critical Long View of Capital Markets and Institutions from Relized Returns of Corporate Assets in over 50 Years
    James S. Ang, Florida State University
    Gregory Leo Nagel, Mississippi State University
    Jun Yang, Indiana University
Discussant
  Ben Branch, University of Massachusetts Amherst
Discussant
  Weiqi Zhang, National University of Singapore
Discussant to be announced

Session 126
  Market Efficiency
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Gordon J Alexander, University of Minnesota
Abnormal Returns with Momentum/Contrarian Strategies Using Exchange Traded Funds
    Jack C. De Jong, Jr., University of Hawaii
    S. Ghon Rhee, University of Hawaii
Different priors, investor trading activities and the lead-lag relationship between market return and trading volume: Evidence from China
    Udomsak Wongchoti, Massey University
   
Fei Wu, Massey University
    Martin Young, Massey University
Hiding Behind the Veil: Pre-Trade Transparency, Informed Traders and Market Quality
    Sankar De, Indian School of Business
    Kiran Kumar, Indian School of Business
    Pradeep Kumar Yadav, University of Oklahoma
Discussant
  Gene Birz, SUNY Binghamton
Discussant
  Anne Anderson, Lehigh University
Discussant
  Robert Connolly, UNC Chapel Hill

Session 127
  Portfolio Diversification
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Musa Essayyad, University of Texas Brownsville
International diversification through country index funds and ETFs
    Yan Zhao, Brandeis University
Benefits of international diversification with investment constraints: An over-time perspective
    Wan-Jiun Paul Chiou, Shippensburg University
Discussant: Javier Estrada, IESE Business School Discussant: Iuliana Ismailescu, Pace University

Session 128
  Equity Valuation: Analysts, Dividends, and Insiders
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Stephen Christophe, George Mason University
Dividend Yields and Stock Returns: Evidence From a Country without Taxes
    Michael L. Lemmon, University of Utah
    Thanh L. Nguyen, University of Utah
If it is good for the firm, it’s good for me: Insider trading and repurchases motivated by undervaluation.
    Shrikant Jategaonkar, University of Arizona
Informed Trading Before Analyst Downgrades: Evidence from Short Sellers
    Stephen E. Christophe, George Mason University
    Michael G. Ferri, George Mason University
    Jim Hsieh, George Mason University
Discussant to be announced Discussant
  Thanh Nguyen, University of Utah
Discussant
  Shrikant Jategaonkar, University of Arizona

Session 129
  Measuring Bond Portfolio Returns
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Danielle Xu, Gonzaga University
Persistent Performance in Corporate-Bond Mutual Funds
    Roberto C. Gutierrez Jr., University of Oregon
    William F. Maxwell, University of Arizona
    Danielle Xu, Gonzaga University
Measuring Bond Mutual Fund Performance with Portfolio Characteristics
    Fabio Moneta, Boston College
Timing Ability of Government Bond Fund Managers: Evidence from Portfolio Holdings
    Ying Wang, Penn State University
Discussant
  Fabio Moneta, Boston College
Discussant
  Sheen Liu, Washington State University Vancouver
Discussant
  Danielle Xu, Gonzaga State University

Session 130
  Capital Markets II
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Shane Underwood, Rice University
Modeling and Forecasting the Realized Volatility of US Dollar / Canadian Dollar using High Frequency Data
    Jia Geng, Clemson University
The Valuation Effects of Capital versus Non-Capital Raising ADRs: Revisiting European Evidence
    Franck Bancel, ESCP-EAP European School of Management
   
Madhu Kalimipalli, Wilfrid laurier University
    Usha Mittoo, University of Manitoba
The Cross-Section of S&P 500 Index Additions: Trading Activity, Liquidity, Idiosyncratic Volatility, and Price Effects
    Maria Kasch, University of Bonn
Discussant
  Hung-Chia (Scott) Hsu, The University of Wisconsin at Milwaukee
Discussant
  David McLean, Alberta
Discussant
  Shane Underwood, Rice University

Session 131
Special Panel Session
  Financial Research in China
    Thursday, 3:45 pm - 5:15 pm

Moderator
Michael Lemmon, Wasatch Advisors Professor of Finance, University of Utah

Panelists
G Andrew Karolyi,The Ohio State University
Roger Loh, Singapore Management University
Mi Luo, Villanova University
Qian Sun, Xiamen University
Martin Young, Massey University

Interest in financial research in Asia and especially China is growing rapidly. However, there are numerous issues that those who aspire to do research in the region should be aware of. This panel discussion will include people who are successfully conducting research in Asia/China. Among the topics panelists will address are which issues are important (and which are not), which are unique, what data is available for researchers, and other topics.

Session 132
  Equity Market Issues
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Jorge Brusa, Texas A&M International University
Predatory Trading around Russell Reconstitution
    Zhan Onayev, State Street Global Advisors
    Vladimir Zdorovtsov, State Street Global Advisors
Reciprocity in Syndicate Participation and Issuer’s Welfare: Evidence from Initial Public Offerings
    Bum J. Kim, Soongsil University, Korea
   
Cheolwoo Lee, Ferris State University
    Jin Q Jeon, University of Alabama
Are Congressional Votes Influenced by the Stock Portfolios of Voting Legislators? (An Examination of Voting Behavior Related to the Bankruptcy Abuse Prevention, Consumer Protection Act)
    Christopher B. Colburn, Old Dominion University
    Ahmed El Bakry, Old Dominion University
    Sylvia C. Hudgins, Old Dominion University
Discussant
  Gautam Vora, University of New Mexico
Discussant: Jian Cai, Washington University in St Louis Discussant
  Dona Siregar, SUNY Oneonta

Session 133
  Applying Risk Management Approaches
    Thursday, 3:45 pm - 5:15 pm
Chairperson: James Barrese, St. John's University
Valuation of a Hydro-Electricity Power Project: An Emerging Market Investment Proposal
    Richard E Ottoo, Pace University
Integrated Risk Management of a Corporate Bond Portfolio
    Ying N/A Zhang, Fannie Mae
   
George Jabbour, The George Washington University
The Predictive Power of Value at Risk Models in Commodity Futures Markets
    Roland Füss, European Business School
    Zeno Adams, University of Freiburg
    Dieter G. Kaiser, Feri Institutional Advisors
Discussant
  Nicos A Scordis, St. John's University
Discussant
  Michael Jacobs, Office of the Comptroller of the Currency
Discussant
  Vipul K Basal, St. John's University

Session 134
  Volatility
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Jia Hao, Wayne State University
The Market for Volatility: Variance Futures
    Yuqin Huang, University of Hong Kong
    Jin Zhang, University of Hong Kong
Can Trading Volume Help Explain Exchange Rate Volatility? Competing Hypotheses and Evidence from Currency Futures Markets
    Raj Aggarwal, University of Akron
   
Mbodja Mougoué, Wayne State University
Heterogeneous Beliefs and Option-implied Volatility Smile
    Geoffrey C. Friesen, University of Nebraska-Lincoln
    Yi Zhang, University of Nebraska-Lincoln
    Thomas S. Zorn, University of Nebraska-Lincoln
Discussant to be announced Discussant
  Yuqin Huang, University of Hong Kong
Discussant
  Jia Hao, Wayne State University

Session 135
  Emerging Equity and Future Markets
    Thursday, 3:45 pm - 5:15 pm
Chairperson: Chuck C.Y. Kwok, University of South Carolina
Spillover Effects between Developed and Emerging Markets with Investment Obstacles: Theory and Empirical Evidence from Copper Futures Markets
    Kuifang Zheng, Construction Bank of China
   
Liyan Han, Beijing University of Aeronautics and Astronautics
    Li Yang, Univeristy of New South Wales
Stock Market Uncertainty and Developed-Emerging Market Return Relation
    Xi Dong, Boston College
Discussant
  Liang Shao, University of South Carolina
Discussant
  Yan Xu, University of Rhode Island

Session 136
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Topics in New Issues
    Friday, 8:30 am - 10:00 am

Chairperson: Michael Keefe, University of Texas at Dallas
Strategic Disclosure and the Pricing of Initial Public Offerings
    Kathleen Weiss Hanley, Securities and Exchange Commission
    Gerard Hoberg, University of Maryland
Product Market Advertising, IPO Valuation, and Long-run Stock Returns
    An Yan, Fordham University
   
Thomas Chemmanur, Boston College
Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation
    Abe de Jong, Erasmus University Rotterdam
    Marie Dutordoir, Erasmus University Rotterdam
    Patrick Verwijmeren, Erasmus University Rotterdam
Discussant
  Valentin Dimitrov, Rutgers Business School
Discussant
  Srinivasan Krishnamurthy, Binghamton University
Discussant
  John Wald, University of Texas at San Antonio

Session 137
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Derivatives Usage by International Financial Institutions
    Friday, 8:30 am - 10:00 am

Chairperson: John W Kensinger, University of North Texas
An Economic Analysis of Bonus Certificates — Second-Generation of Structured Products
    Rodrigo Javier Hernandez, Radford University
    Jorge Brusa, Texas A&M International University
    Pu Liu, University of Arkansas
An Economic Analysis of the Japanese Reverse Exchangeable Market
    Rodrigo Javier Hernandez, Radford University
   
Wayne Y. Lee, University of Arkansas
    Pu Liu, University of Arkansas
Equity Options and Underlying Stocks’ Behavior: Further Evidence from Japan
    Shinhua Liu, Texas A&M Int'l University
Discussant
  Helen Xu, Holy Names University
Discussant
  James A, Conover, University of North Texas
Discussant
  Eric Lin, University of California Sacramento

Session 138
  Litigation and Financial Markets
    Friday, 8:30 am - 10:00 am
Chairperson: Christine Panasian, University of Richmond
An International Look at the Lawsuit Avoidance Hypothesis of IPO Underpricing
    Hui Ling Lin, Concordia University
    Kuntara Pukthuanthong-Le, San Diego State University
    Thomas Walker, Concordia University
PSLRA and Litigation Backed Investor Speculation
    Ansley Chan Chua, Florida State University
   
Bruce Haslem, Florida State University
Delaware incorporation matters for new ventures: Evidence from venture capital investment and the going public process
    Haizhi Wang, Rensselaer Polytechnic Institute
    Robert Wuebker, Rensselaer Polytechnic Institute
Discussant
  Manohar Singh, Willamette University
Discussant to be announced Discussant: I-Ju Chen, Yuan Ze University

Session 139
Special Panel Session
  Corporate Governance in Korea
    Friday, 8:30 am - 10:00 am

Moderator: Seungmook Choi, University of Nevada Las Vegas

Corporate Governance and Shareholder Activism

Panelist: Ha Sung Jang Dean of the College of Business, Korea University President, Korea Finance Association.
Corporate Governance and Korean Firm Performance
Panelist: Jinwoo Park Editor , Asia-Pacific Journal of Financial Studies Professor of Finance, Hankuk University of Foreign Studies.
Recent Advancement of Corporate Governance
Panelist: Dr. Jang, Beomsik, President of Korea Security Association Professor of Finance, Soongsil University
Korean Government’s Policy on Corporate Governance of Large Business Groups
Panelist: Sunghoon Cho, Vice President, Korea Securities Research Institute

Session 140
Special PDDARI Session
Click here for a description of the PDDARI Sessions

Corporate Finance
    Friday, 8:30 am – 10:00 am

Chairperson: Rawley Thomas, LifeCycle Returns

Discussant: Cathy Niden, LECG

Guidepost to Wealth Creation: Value-Relevant Track Records

Bartley Madden

The choice of public vs private equity: Evidence from the SEO and PIPE markets

Milena Petrova, Syracuse University
Ya-Wei Yang,Syracuse University
Yildiray Yildirim, Syracuse University

Employee stock option valuation: Modeling the voluntary early exercise boundary

Neil Brisley, University of Western Ontario
Chris K Anderson,Cornell University

CEO Pay Increase Quantified by Source

Gregory L Nagel, Mississippi State University

Session 141
Special Panel Session
  Technology in Financial Education
    Friday, 8:30 am - 10:00 am

Computers have become integrated into every facet of our lives, both personal and professional. Developments in distance learning, web applications, and software have also kept pace with this rapidly advancing technology. This panel will bring together experts on web/distance learning and financial software to explore new applications and uses of technology in financial education.

Session objectives include:

Present an overview of recent innovations.

  • Provide a description and demonstration of new technologies and web-based resources.
  • Discuss publishers' future plans for integrating technology.

  • Discuss faculty involvement and suggestions for implementing technology.

  • Identify the role of technology with a view towards the future in education.

Moderator : Stuart Michelson, Stetson University

Panelists
Matt Dorsey, Marketing Editor, Pearson Education
Ashley Smith, Marketing Manager, McGraw-Hill/Irwin
Mark Sunderman, Professor, Morris Fogelman Real Estate Distinguished Chair of Excellence University of Memphis
Mike Reynolds, Marketing Manager, Cengage Learning

Session 142
  SOX and Stocks
    Friday, 8:30 am - 10:00 am
Chairperson: N.K. Chidambaran , Fordham Business School
Bargaining between Directors and CEOs: the SOX Effect
    Minhua Yang, University of Central Florida
DOES ONE SIZE FIT ALL? THE UNINTENDED INFORMATIONAL CONSEQUENCE OF THE SARBANES-OXLEY ACT
    Huijing Fu, Texas Christian University
   
Xiaoyun Yu, Indiana University
Shareholders’ Say on Pay: Does It Create Value?
    Jie Cai, Drexel University
    Ralph A Walkling, Drexel University
Discussant
  Kelsey Wei, University of Texas at Dallas
Discussant
  Natasha Burns, University of Texas at San Antonio
Discussant
  N.K. Chidambaran , Fordham University

Session 143
  Ownership and Firm Performance
    Friday, 8:30 am - 10:00 am
Chairperson: Anzhela Knyazeva, University of Rochester
Hedge Funds vs. Private Equity Funds as Shareholder Activists – Differences in Value Creation
    Mark Mietzner, European Business School
    Denis Schweizer, European Business School
Capital Markets and Corporate Control: Empirical Evidence from Hedge Fund Activism in Germany
    Wolfgang Bessler, University of Giessen
   
Julian Holler, University of Giessen
New outside blockholder, performance and governance in Germany
    Friedel Drees, European Business School (ebs), Oestrich-Winkel
    Dirk Schiereck, European Business School (ebs), Oestrich-Winkel
Discussant
  Jay Wellman, Cornell University
Discussant
  Collin Pillay, Gannon University
Discussant: Marina Murdock, Florida Atlantic University

Session 144
  The Value of Cash
    Friday, 8:30 am - 10:00 am
Chairperson: Lars Oxelheim, Lund University
Cash Financed Acquisitions: The Sources of Funds and Acquirer Returns
    Chander Shekhar, University of Melbourne
    Michael Smolyansky, University of Melbourne
Geographic Location and the Value of Cash
    Brian J Clark, Rensselaer Polytechnic Institute
   
Bill B Francis, Rensselaer Polytechnic Institute
    Iftekhar Hasan, Rensselaer Polytechnic Institute
The Effects of National Culture on Corporate Cash Holdings beyond Corporate Governance and Financial Development Factors
    Kiyoung Chang, Indiana University South Bend
    Abbas Noorbakhsh, Slippery Rock University
Discussant to be announced Discussant to be announced Discussant to be announced

Session 145
  Backdating of Options
    Friday, 8:30 am - 10:00 am
Chairperson: Yuan Gao, George Mason University
Backdating Executive Stock Option Grants: An Agency Problem or just Optimal Contracting?
    Huasheng Gao, University of British Columbia
    Hamed Mahmudi, University of Toronto
Backdating of CEO Stock Option Grants and Timing of Earnings Disclosures
    Wenli Huang, Boston University
   
Hai Lu, University of Toronto
Market Response to the Announcement of Backdating of Executive Stock Option Awards
    Lalatendu Misra, University of Texas at San Antonio
    Yilun Shi, University of Texas at San Antonio
Discussant
  Yuan Gao, George Mason University
Discussant
  Katsiaryna Salavei, Fairfield University
Discussant: Seoyoung Kim, Emory University

Session 146
  Networking and IPOs
    Friday, 8:30 am - 10:00 am
Chairperson: Gil Cohen, Emek Yezreen Academic College
Alliance Network and Post-IPO Performance
    Shao-Chi Chang, National Cheng Kung University
    Sheng-Syan Chen, National Taiwan University
    Li-Yu Chen, National Cheng Kung University
Working for the enemy: An examination of investment banker job changes
    Daniel Bradley, University of South Florida
   
Hyung-Suk Choi, Georgia Institute of Technology
    Jonathan Clarke, Georgia Institute of Technology
To be optimistic or not to be: Underwriter hierarchy/network, analyst recommendations, and securities fraud
    Connie Mao, Temple University
    Wei-Ling Song, Louisiana State University
Discussant: Ann B Gillette, Kennesaw State University Discussant: Rongbing Huang, Kennesaw State University Discussant: J Jimmy Yang, Oregon State University

Session 147
  Firm Boundaries, Capital Structure, and Ownership
    Friday, 8:30 am - 10:00 am
Chairperson: Walid Y. Busaba, University of Western Ontario
Firm Boundaries and the Working of Internal Capital Markets
    Jaideep Shenoy, Georgia State University
Leverage and Firm Value: A Global Perspective
    Raj Aggarwal, University of Akron
   
NyoNyo A Kyaw, Iona College
    Xinlei Zhao, Kent State University
Managerial Ownership with Rent-Seeking Employees
    Linus T. Wilson, University of Louisiana at Lafayette
Discussant
  William B. Elliott, University of Texas at El Paso
Discussant
  Anne Anderson, Lehigh University
Discussant
  Ali Nejadmalayeri, Oklahoma State University

Session 148
  Distress: Banks, Counterparty Risk, and Political Costs
    Friday, 8:30 am - 10:00 am
Chairperson: Prakash K Pai, University of Texas Permian Basin
Bankruptcy Resolution and Political Costs
    Anand Jha, Indiana University
Credit contagion from counterparty risk
    Philippe Jorion, University of California at Irvine
   
Gaiyan Zhang, University of Missouri-St. Louis
Do Banks Predict Accounting Restatements? Evidence from Secondary Loan Market
    Jong Chool Park, Rensselaer Polytechnic Institute
    Qiang Wu, Rensselaer Polytechnic Institute
Discussant: David Dicks, UNC Chapel Hill Discussant: Melissa Woodley, Samford University Discussant: Aiwu Zhao, Skidmore College

Session 149
  Equity Market Volatility and Bubbles
    Friday, 8:30 am - 10:00 am
Chairperson: Jill L. Wetmore, Saginaw Valley State University
Unexpected Volatility Change, Volatility Feedback Effect, and Intertemporal Risk-Return Relation
    Kiseok Nam, Yeshiva University
    Joshua Krausz, Yeshiva University
Short Term Predictability, Volume and Microstructure Effects in Stock Prices
    Shima Amini, Leeds University
   
Robert Simon Hudson, Leeds University
    Kevin Keasey, Leeds University
Was there a bubble in NASDAQ?—Information-based re-examination
    Peter B. Lerner, Syracuse University
Discussant
  Xavier Garza Gomez, University of Huston-Victoria
Discussant
  Thomas W Barkley, Syracuse University
Discussant
  Jill L Wetmore, Saginaw Valley State University

Session 150
  Structural Corporate Bond Pricing and Empirical Evidence
    Friday, 8:30 am - 10:00 am
Chairperson: Dragon Tang, University of Hong Kong
A Structural Model of Corporate Debt with Stochastic Volatility
    Xiaofei Li, York University
Can the performance of structural corporate bond models be improved
    Zhongyan Zhu, Indiana University Bloomington
Market Condition, Default Risk and Credit Spreads
    Dragon Yongjun Tang, University of Hong Kong
    Hong Yan, University of South Carolina
Discussant
  Zhongyan Zhu, Indiana University Bloomington
Discussant
  Xiaofei Li, York University
Discussant: Dan Luo, Univ of Hong Kong

Session 151
  Trading Activity
    Friday, 8:30 am - 10:00 am
Chairperson: Yuhang Xing, Rice University
Strategic Order Splitting in Automated Markets
    Zinat Shaila Alam, Georgia State University
    Isabel Tkatch, Georgia State University
The Significance of Trading Activity around the Open
    Zhaohui Zhang, Long Island University
   
Jiamin Wang, Long Island University
    Ronald Bremer, Texas Tech University
Trading Volume Shocks and Stock Returns: Evidence from U.S. and Asian Financial Markets
    Zhaodan Huang, Utica College
    James B. Heian, Utica College
    Ting Zhang, University of Rhode Island
Discussant: Zhaohui Zhang, Long Island University Discussant: Zhaodan Huang, Utica College Discussant: Yuhang Xing, Rice University

Session 152
  Arbitrage Opportunities in Securities Markets
    Friday, 8:30 am - 10:00 am
Chairperson: Hao Jiang, Erasmus University
Arbitrage in Dual Classes: The Case of Berkshire Hathaway
    Adam Y.C. Lei, Midwestern State University
Do Hedge Funds Arbitrage Market Anomalies?
    Daniel Thomas Lawson, Florida State University
   
David Robert Peterson, Florida State University
The Rise and Demise of the Convertible Arbitrage Strategy
    Igor Loncarski, University of Ljubljana
    Jenke ter Horst, Tilburg University
    Chris Veld, University of Stirling and Simon Fraser University
Discussant
  Wee Yong Yeo, National University of Singapore
Discussant
  Jenke ter Horst, Tilburg University
Discussant
  Carmen Stefanescu, University of Alberta

Session 153
  Studies in Efficiency and Performance
    Friday, 8:30 am - 10:00 am
Chairperson: Christian Lundblad, University of North Carolina, Chapel Hill
Who Leads?
    Bin Chang, University of Toronto
Efficiency and Financial Performance: Evidence from Mergers & Acquisitions of U.S. Property-Liability Insurance Industry
    Jeungbo Shim, Illinois Wesleyan University
The good news in short interest
    Zsuzsa R. Huszar, Cal Poly - Pomona
    Bradford D. Jordan, University of Kentucky
Discussant
  Han Xia, University of North Carolina, Chapel Hill
Discussant to be announced Discussant
  Christian Lundblad, University of North Carolina, Chapel Hill

Session 154
  Mutual Fund Investing
    Friday, 8:30 am - 10:00 am
Chairperson to be announced
Dynamic Liquidity Preferences of Mutual Funds
    Jiekun Huang, Boston College
Is There Value in Small Cap Value Funds?
    F. Larry Detzel, California State University San Marcos
Which Incentive Mechanisms Work in the Mutual Fund Industry?
    Fan Chen, University of Mississippi
    Li-Wen Chen, National Chi-Nan University
Discussant
  Anna Agapova, Florida Atlantic University
Discussant
  Musa Essayyad, University of Texas at Brownsville
Discussant: Hao Zhang, Univ at Buffalo, SUNY

Session 155
  Finance and Macro Shocks
    Friday, 8:30 am - 10:00 am
Chairperson: Gang Xiao, University of South Carolina
The Response of the Small Business Sector to Changes in Monetary Policy
    William C Dunkelberg, Temple University
    Jonathan A Scott, Temple University
Fed Speak: A Market Microstructure Analysis
    Kee H Chung, University at Buffalo
   
John Elder, North Dakota State Univ
    Jang-Chul Kim, North Dakota State Univ
Securitization, Liquidity, and Banks’ Risk Exposures
    Deming Wu, Office of the Comptroller of the Currency
    Jiawen Yang, George Washington University
    Han Hong, Stanford University
Discussant: Michael E Williams, University of Denver Discussant: Yelena Larkin, Cornell University Discussant: Alan Reichert, Cleveland State University

Session 156
  The Structure of the Banking Industry
    Friday, 8:30 am - 10:00 am
Chairperson: Timothy W. Koch, University of South Carolina
Bank Competition and Financial Stability
    Allen N. Berger, University of South Carolina
    Leora F. Klapper, World Bank
    Rima Turk-Ariss, Lebanese American University
Cost Efficiency, Technological Progress and Productivity Growth of Public, Private, and Foreign Banks in People's Republic of China: Evidence from Pre and Post WTO Accession
    Rasoul Rezvanian, Northeastern Illinois University
   
Rima Turk Ariss, Lebanese American University
    Seyed Mahmood Mehdian, University of Michigan-Flint
Efficient Competition? Testing the 'Quiet Life' of U.S. Banks with Adjusted Lerner Indices
    Michael Koetter, University of Groningen
    James W. Kolari, Mays Business School, Texas A&M University
    Laura Spierdijk, University of Groningen
Discussant
  Lamont K. Black, Federal Reserve Board
Discussant
  Mingming Zhou, University of Alaska Fairbanks
Discussant
  W. Scott Frame, Federal Reserve Bank of Atlanta

Session 157
  Earnings Management
    Friday, 8:30 am - 10:00 am
Chairperson: Vanthuan Nguyen, Morgan State University
Earnings Smoothing Among Growth and Value Firms
    Pawan Madhogarhia, Pennsylvania State University
    Ninon Sutton, University of South Florida
    Theodor Kohers, Mississippi State University
The Impact of Exchange Rate Risk Management on Stock Return Exposure:Financial Hedging vs. Earnings Management
    Feng-Yi Chang, Yuan Ze University
   
Chin-Wen Hsin, Yuan Ze University
    Shin-Rong Shiah-Hou, Yuan Ze University
Measurement Errors in the Accrual Model: A Nonlinear Perspective
    Ruei-Shian Wu, Yuan Ze University
    Michael Eames, Santa Clara University
Discussant
  Arun Upadhyay, University of Alaska
Discussant: Steven Cahan, University of Auckland Discussant to be announced

Session 158
  Futures
    Friday, 8:30 am - 10:00 am
Chairperson: Qingfeng "Wilson" Liu, James Madison University
Empirical Investigation of the Size and the Nature of the Eurodollar Futures-Forward Differential
    Andrei Shynkevich, Louisiana State University
Individual trades, Institutional trades and Intraday futures Price Behavior:Evidence from the Taiwan Futures Exchange
    Robin K Chou, National Central University
   
George H. K. Wang, George Mason University
    Yun-Yi Wang, National Central University
    Johan Bjursell, George Mason University
Tax effects on the pricing of Australian stock index futures
    James Richard Cummings, University of Sydney
    Alex Frino, University of Sydney
Discussant
  George H.K. Wang, George Mason University
Discussant: Kashi Nath Tiwari, KNT's Academic Financial Research < Discussant
  Qingfeng "Wilson" Liu, James Madison University

Session 159
  Automation, Risk, and Firm Performance
    Friday, 8:30 am - 10:00 am
Chairperson: Michael Pagano, Villanova University
A Model of Asset Pricing under Country Risk
    Sandro C Andrade, University of Miami
Liquidity Dynamics and Stock Market Automation
    Sam James Henkel, Indiana University
   
Pankaj K. Jain, University of Memphis
    Christian T. Lundblad, UNC Chapel Hill
The Speed of Learning about Firms’ Profitability and their Price Multiples: A Global Perspective
    Udomsak (Jeff) Wongchoti, Massey University
    Pankaj Jain, University of Memphis
Discussant: Maria Gabriela Schutte, Michigan Tech University Discussant: Yee Cheng (YC) Loon, Binghamton University Discussant
  Musa Essayyad, University of Texas at Brownsville

Session 160
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Working Capital Management
    Friday, 10:15 am - 11:45 am

Chairperson: Arif Qayyum, Mississippi State University
Determinants of Opertating Working Capital Policy: A First Look
    Matthew D. Hill, University of Mississippi
    G. Wayne Kelly, Mississippi State University
    Michael J. Highfield, Mississippi State University
Monetary Policy and Menu Costs on Credit Policy and Product Pricing
    William Lim, York University
   
Muhammad Rashid, University of New Brunswick
Working Capital Management, Corporate Governance, and Firm Value
    Robert Kieschnick, University of Texas at Dallas
    Mark LaPlante, University of Georgia
    Rabih Moussawi, Barclays Global Investors
Discussant
  Mark LaPlante, University of Georgia
Discussant
  Charod Dodd, Mississippi State University
Discussant
  Matthew Hill, University of Mississippi

Session 161
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Considering Covariance: Cross-Asset Pricing and Hedging of Derivatives
    Friday, 10:15 am - 11:45 am

Chairperson: Michael Jacobs, Office of the Comptroller of the Currency
Minimum Variance Cross-Hedging Under Mean Reverting Spreads, Stochastic Convenience Yields and Jumps: Application to the Airline Industry
    Mark Bertus, Auburn University
    Jonathan M Godbey, James Madison University
    Jimmy E Hilliard, Louisiana State University
Multi-asset Spread Option Pricing and Hedging
    Minqiang Li, Georgia Institute of Technology
   
Shi-Jie Deng, Georgia Institute of Technology
    Jieyun Zhou, Georgia Institute of Technology
Characterizing the Comovement of the Stock and Bond Markets
    Chunhua Lan, Boston College
Discussant
  Ahmet K. Karagozoglu, Hofstra University
Discussant
  Malcolm Wardlaw, University of Texas at Austin
Discussant
  Margot Quijano, Texas State University

Session 162
  Using Financial Markets to Build Businesses
    Friday, 10:15 am - 11:45 am
Chairperson: Yan Xu, Univ of Rhode Island
Sectorial Differences in Corporate Financial Behavior: An International Survey
    Joseph Yagil, University of Haifa
    Gil Cohen, Emek Yezreel Academic College
THE EFFECTS OF BUSINESS METHOD PATENTS ON GRANTEES AND THEIR INDUSTRY RIVALS
    André Fred Gygax, University of Melbourne
   
Asjeet Lamba, University of Melbourne
    Eu-Jin Teo, University of Melbourne
    Sarah Hinchliffe, Monash University
Venture Capital and Innovation Strategies
    Marco Da Rin, Tilburg University - CentER
    María Fabiana Penas, Tilburg University - CentER
Discussant
  Yan Xu, Univ of Rhode Island
Discussant
  Ken M. Norton, Nova University/Kings College
Discussant
  Eugenie Goodwin, Louisiana Tech

Session 163
Special Panel Session
  Emerging Markets in Asia
    Friday, 10:15 am - 11:45 am

Moderator
Hoje Jo
Santa Clara University

Private Investment in Public Equity (PIPE) in Asia

Panelist: Na Dai Assistant Professor of Finance, University of New Mexico
Hedge Fund in Asia
Panelist: Sharath Suri CEO, S4 Capital (Hedge Fund)
Emerging China Financial Market
Panelist: Sung C. Bae Professor of Finance, Bowling Green State University

Session 164 – Friday, October 10, 10:15 am - 11:45 am
Special PDDARI Session
Equity Valuation
Chairperson: Michael Lindh, Richards & Tierney

Discussant: David Ikenberry, University of Illinois Urbana/Champaign

Vice vs. Virtue Investing

Sebastien Lobe, University of Regensburg
Stefan Roithmeier,University of Regensburg

Portfolio Valuation Creates Opportunities/Problems

Randall Schostag, Minnesota Business Valuation Group

Risk Premia in International Equity Markets Revisited

Stephen J Brown, New York University
Takato Hiraki,Kwansei Gakuin University
Kiyoshi Arakawa, SG Asset Management
Saburo Ohno, SG Asset Management

The Fundamentals of Automated DCF Modeling

Robert J Atra, Lewis University
O Rawley Thomas,LifeCycle Returns

Session 165
Special Tutorial Presentation
  Standard Errors in Panel Data: Advice and Reflections for Researchers and Referees
    Friday, 10:15 am - 11:45 am

Presented by
Professor Mitchell A. Petersen, Glen Vasel Professor of Finance
Kellogg School of Management, Northwestern University

This talk will be based on Dr. Petersen's work on how standard errors are estimated in research papers and how they should be estimated. He will lay out the logic behind why different methods for standard errors sometimes give the wrong answer and will provide a guide for researchers and referees on how to select the correct method. He will also share what I learned about the process of research in finance while working on this paper.
Moderator
Jacqueline Garner, Drexel University

Session 166
  External Corporate Governance Mechanisms
    Friday, 10:15 am - 11:45 am
Chairperson: Yudan Zheng, Long Island University
Do Foreign Investors Exhibit a Corporate Governance Disadvantage? An Information Asymmetry Perspective
    Jin-Mo Kim, Rutgers University
    Jun-Koo Kang, Nanyang Technological University and Michigan State University
Product Market Competition and Corporate Governance
    Wen-Hsiu Chou, Florida International University
   
Lilian Ng, University of Wisconsin-Milwaukee
    Qinghai Wang, Georgia Institute of Technology
Which Monitors Monitor the Most? Dual-Stock Structure, Analyst Following, and Corporate Governance
    Hoje Jo, Santa Clara University
    Young Sang Kim, Northern Kentucky University
Discussant
  Vincent Intintoli, SIU Carbondale
Discussant
  Libo Sun, Cal Poly Pomona
Discussant
  Weishen Wang, Marshall University

Session 167
  Cash Constraints
    Friday, 10:15 am - 11:45 am
Chairperson: Meziane Lasfer, Cass Business School
A Bright Side of Financial Constraints in Cash Management
    Mi Luo, Villanova University
Corporate Transparency and Cash Holdings: Evidence from Firm-Level Data
    Pinghsun Huang, National Cheng Kung University
   
Yan Zhang, Binghamton University
Earnings Quality and Corporate Cash Holdings
    Qian Sun, Old Dominion University
    Kenneth Yung, Old Dominion University
Discussant
  Lubomir Petrasek, Penn State University
Discussant
  Mara Faccio, Purdue University
Discussant
  Meziane Lasfer, Cass Business School

Session 168
  Mergers and Risk
    Friday, 10:15 am - 11:45 am
Chairperson: R David McLean, University of Alberta
Mergers and the Risk of Acquiring Firms: An Empirical Examination
    John H. Evans, University of Pittsburgh
    Kyonghee Kim, University of Illinois-Chicago
    Sukesh Patro, Kansas State University
Political Risk and Purchases of Privatized State Owned Enterprises
    Mina Glambosky, Florida Atlantic University
   
Kimberly Gleason, Florida Atlantic University
    Jeff Madura, Florida Atlantic University
Strategic Competition and Sequential Horizontal Mergers
    Vinod Venkiteshwaran, Ohio University
Discussant
  Xi Dong, Boston College
Discussant
  Sukesh Patro, Kansas State University
Discussant
  Diana Wei, OCC

Session 169
  Executive Compensation: Managerial Power and Tournaments
    Friday, 10:15 am - 11:45 am
Chairperson: Donald Monk, Tulane University
Internal Dispersion of Compensation and Productivity
    Bill Francis, Rensselaer Polytechnic Institute
    Iftekhar Hasan, Rensselaer Polytechnic Institute
    Zenu Sharma, Rensselaer Polytechnic Institute
Managerial Power, Compensation Gap and Firm Performance -- Evidence form Chinese Public Listed Companies
    Bing-Xuan Lin, University of Rhode Island
   
Rui Lu, Sun Yat-sen University
Using Executive Stock Options to Pay Top Management
    Douglas W. Blackburn, Fordham University
    Andrey D. Ukhov, Indiana University
Discussant
  Donald Monk, Tulane University
Discussant
  John Preminger, Tulane University
Discussant
  Frank Hugh Koger III, Tulane University

Session 170
  SEOs
    Friday, 10:15 am - 11:45 am
Chairperson: Jon A Garfinkel, University of Iowa
Bought Deals: The Value of Underwriter Certification in Seasoned Equity Offerings
    Ari Pandes, York University
Is Management Quality Important in Seasoned Equity Offerings?
    Thomas J. Chemmanur, Boston College
   
Imants Paeglis, Concordia University
    Karen Simonyan, Suffolk University
Timing of seasoned equity offerings: a duration analysis
    Hong Qian, Oakland University
Discussant
  Jon Fulkerson, University of Kentucky
Discussant
  Alice Bonaime, University of Kentucky
Discussant
  Ozgur Ince, Virginia Tech

Session 171
  Agency Problems and Managerial Compensation
    Friday, 10:15 am - 11:45 am
Chairperson: Steve Slezak, University of Cincinnati
CEO Decision Horizon, Firm Valuation and Information Risk
    Murad Antia, University of South Florida
    Christos Pantzalis, University of South Florida
    Jung Chul Park, Louisiana Tech University
The Impact of two agency problems on the cost of capital
    Tung-Hsiao Yang, National Chung Hsing University
The Strategic Interaction between Committing and Detecting Fraudulent Misreporting
    Steve L. Slezak, University of Cincinnati
    Buhui Qiu, University of Cincinnati
Discussant
  Jie Cai, Drexel University
Discussant
  Diana Knyazeva, University of Rochester
Discussant
  Mark Chen, Georgia State University

Session 172
  Bankruptcy: Impact on Employees and Markets
    Friday, 10:15 am - 11:45 am
Chairperson: Subbu Iyer, Oklahoma State University
Key Employee Retention Plans in Bankruptcy
    Claire Crutchley, Auburn University
    Keven Yost, Auburn University
The information content of Administration and Administrative Receivership filings in the UK
    Maria Carapeto, Cass Business School
    Lukas Stuflesser, Cass Business School
Discussant to be announced Discussant to be announced Discussant to be announced

Session 173
  Return Predictability
    Friday, 10:15 am - 11:45 am
Chairperson: Yuming Li, Cal State Fullerton
Mispricing in Linear Asset Pricing Models
    Qiang Kang, University of Miami
Time-Varying Short Horizon Predictability
    Sam James Henkel, Indiana University
   
J. Spencer Martin, Carnegie Mellon University
    Federico Nardari, Arizona State University
Inter-temporal Variation in the Illiquidity Premium
    Gerald Jensen, Northern Illinois University
    Theodore Moorman, Northern Illinois University
Discussant
  Zhijian (James) Huang, Penn State University
Discussant
  Ziwei Xu, University of South Florida
Discussant: Paulo Miao, Bilkent University

Session 174
  Credit Risk and Liquidity
    Friday, 10:15 am - 11:45 am
Chairperson: Frank Nothaft, Freddie Mac
Macroeconomic News and Risk Factor Innovations
    Thomas F Gosnell, Oklahoma State University
    Ali Nejadmalayeri, Oklahoma State University
Macroeconomic Variables, Pricing Kernels and Expected Default-Free and Defaultable Bond Returns
    Ai-ru (Meg) Cheng, University of California at Santa Cruz
   
Yuriy Kitsul, Georgia State University
Asymmetries in the Reaction of Stock Prices to Macroeconomic News
    Tolga Cenesizoglu, HEC Montreal
Discussant
  Andrea Heuson, University of Miami
Discussant
  M. Cary Collins, Bryant College
Discussant
  Dennis Lasser, SUNY-Binghamton

Session 175
  Information Content of Public Signals
    Friday, 10:15 am - 11:45 am
Chairperson: Weihua Huang, Universiteit Maastricht
Information content of S&P 500 index additions: A reexamination using Russell 1000 reconstitutions
    Swaminathan Kalpathy, Washington State University
    Mukunthan Santhanakrishnan, Idaho State University
Investing in Mad Money: Price and Style Effects
    Paul J. Bolster, Northeastern University
   
Emery A. Trahan, Northeastern University
The discrepancy of rationality between the options and equity markets: Evidence from price pressure driven by “Mad Money”
    Carl Chen, University of Dayton
    Ying Huang, Northern Kentucky University
    Peter Lung, Univ of Texas Arlington
    J David Diltz, Univ of Texas Arlington
Discussant
  Gautam Vora, University of New Mexico
Discussant: Weihua Huang, Universiteit Maastricht Discussant: Oliver Schnusenberg, Univ of North Florida

Session 176
  Corporate Events and Stock Returns
    Friday, 10:15 am - 11:45 am
Chairperson: Fei Xie, George Mason University
Could Market Misvaluation Explain Post-Merger Underperformance?
    Hsuan-Chu Lin, National Cheng Kung University
    Ting-Kai Chou, National Cheng Kung University
    Jia-Chi Cheng, National Cheng Kung University
LITIGATION RISK AND MARKET REACTION TO RESTATEMENTS
    Katsiaryna Salavei, Fairfield University
   
Joseph Golec, University of Connecticut
    John Harding, University of Connecticut
The Relationship Insurance Role of Financial Conglomerates: Evidence from Earnings Momentum
    Wei-Ling Song, Louisiana State University
    Jiun-Lin Chen, Louisiana State University
Discussant
  Shantanu Dutta, St. Francis Xavier University
Discussant
  Michael Trachtenberg, University of New Orleans
Discussant
  Christine Panasian, Texas Tech University

Session 177
  Microstructure: Costs and Execution
    Friday, 10:15 am - 11:45 am
Chairperson: Marc Lipson, University of Virginia
The Effect of Quote Cancellations on Transaction Cost in the Post RegNMS Environment
    Pankaj Jain, University of Memphis
    James Edward Upson, University of Memphis
    Robert Wood, University of Memphis
Stock Splits, Trading Continuity, and the Cost of Equity Capital
    Ji-Chai Lin, Louisiana State University
   
Ajai K. Singh, Case Western Reserve University
    Wen Yu, University of St. Thomas
The Price Impact of Trades Executed Using Multiple Brokers
    Kingsley Fong, University of New South Wales
    David R Gallagher, University of New South Wales
    Adrian D. Lee, University of New South Wales
Discussant
  Shane Cowin, University of Notre Dame
Discussant
  Sandra Mortal, University of Memphis
Discussant
  Michael Pagano, Villanova University

Session 178
  Portfolio Management
    Friday, 10:15 am - 11:45 am
Chairperson: Robert A. Connolly, UNC Chapel Hill
A Unified Approach to Mean-Variance Portfolio Selection in Discrete and Continuous Time
    Paul Bekker, University of Groningen
    Kees Bouwman, Erasmus University Rotterdam
Investment decisions in the presence of long term dependencies
    Alexander Galenko, University of Texas Austin
   
Elmira Popova, University of Texas Austin
    Ivilina Popova, Seattle University
The economic value of predicting correlation for asset allocation
    He R Huang, University of Cologne
    Georg Keienburg F Keienburg, University of Cologne
    Duane R Stock, University of Oklahoma
Discussant
  Pascal Francois, HEC Montréal
Discussant
  Kees E. Bouwman, Erasmus University Rotterdam
Discussant
  Robert A. Connolly, UNC Chapel Hill

Session 179
  Financial Markets II
    Friday, 10:15 am - 11:45 am
Chairperson to be announced
What Moves Interest Rates? Ex-Ante Determinants of Interest Rate Volatility
    Louis Ederington, University of Oklahoma
    Duong Le, University of Oklahoma
The Openness-Inflation Puzzle Panel Data Evidence
    Omar M. Al Nasser, University of Texas. Pan American
   
Adolfo Sachsida, Da Universidade Católica de Brasília.
    Mário Jorge Cardoso de Mendonça , Institute of Applied Economic Research (IPEA)
Fiscal Deficits and Exchange Rates
    Jingping Gu, Texas A&M University
    Qi Li, Texas A&M University
    Jian Yang, University of Colorado Denver
Discussant
  Jian Yang, University of Colorado Denver
Discussant to be announced Discussant to be announced

Session 180
  Bank Monitoring and Regulation
    Friday, 10:15 am - 11:45 am
Chairperson: Anoop Rai, Hofstra University
Bank Capital Ratios Across Countries: Why Do They Vary?
    Elijah Brewer III, DePaul University
    George G. Kaufman, Loyola University Chicago
    Larry D. Wall, Federal Reserve Bank of Atlanta
Market Monitoring of Banks - Do Short Sellers Monitor Banks?
    Bhanu Balasubramanian, University of Mississippi
   
Ken B Cyree, University of Mississippi
Regulatory Monitoring and the Impact of Ownership on Bank Risk
    Hatice Uzun, Long Island University
    Elizabeth Webb, Federal Reserve Bank of Philadelphia
Discussant
  Michael Wedow, Deutsche Bundesbank
Discussant
  Simon Kwan, Federal Reserve Bank of San Francisco
Discussant
  Mark Flood, Federal Housing Finance Board

Session 181
  Corporate Investment Policy
    Friday, 10:15 am - 11:45 am
Chairperson: Sana Mohsni, Concordia University
The Declining Investment-Cash Flow Sensitivity: The Rise of Equity Markets and the Changing Composition of Investment
    James R. Brown, Montana State University
    Bruce C. Petersen, Washington University in St. Louis
Do Internal Capital Markets Improve Following the Adoption of Economic Profit Plans?
    Tomas Jandik, University of Arkansas
   
Anil K. Makhija, The Ohio State University
Is the Stock Market still a Sideshow for Corporate Investments? New Evidences on Information, Financing and Agency Effects
    Siu-Kuen Scott Fung, California State University East Bay
    Shih-Chuan Tsai, Taiwan Ling Tung University
Discussant
  Jing Huang, University of South Carolina
Discussant: Yenn-Ru Chen, National Cheng Kung Univ Discussant: Sijing Zong, Cal State Stanislaus

Session 182
  Futures Markets
    Friday, 10:15 am - 11:45 am
Chairperson: Valeria Martinez, Fairfield University
Measuring information flow in Futures Markets
    Brian Lucey, Trinity College Dublin
    Alexander Eastman, Trinity College Dublin
The Impact of large Outside Customer Trades on S&p 500 Index Futures Prices
    Alex Frino, University of Sydney
   
Andrew Lepone, University of Sydney
    George H. K. Wang, George Mason University
The Impact of the Method of Delivery on Ownership Concentration in Interest Rate Futures Markets
    Cora M. Barnhart, Palm Beach Atlantic University
    Scott W. Barnhart, Florida Atlantic University
Discussant: Wilson Liu, James Madison University Discussant to be announced Discussant to be announced

Session 183
  Analyst Conflict and Stock Performance
    Friday, 10:15 am - 11:45 am
Chairperson: Johanna Koëter-Kant, VU University Amsterdam
Are Analysts Recommendations Mutually Beneficial to Brokerages and Their Clients?
    Yu-Jane Liu, Department of Finance, National Chengchi University
    Vivian W. Tai, Dapartment of Banking and Finance, National Chi Nan University
Asset Growth and Stock Returns: Evidence from the Pacific-Basin Stock Markets
    Shaw Chen, University of Rhode Island
   
Tong Yao, University of Arizona
    Tong Yu, University of Rhode Island
    Ting Zhang, University of Rhode Island
Do Analyst Conflicts of Interest Matter? Evidence from Analyst Recommendation Changes Subsequent to Firm Large Earnings Surprises
    Henry Oppenheimer, University of Rhode Island
    Ting Zhang, University of Rhode Island
Discussant
  Hong V Nguyen, University of Scranton
Discussant to be announced Discussant
  Amy Burnett, St. Edward's University

Session 184
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Credit and Financial Intermediation
    Friday, 2:00 pm - 3:30 pm

Chairperson: Gang Xiao, Univ of South Carolina
Does Access to Finance Improve Productivity? Evidence from a Natural Experiment
    Alexander W. Butler, University of Texas at Dallas
    Jess N. Cornaggia, University of Texas at Dallas
Credit Spreads and Real Activity
    Philippe Mueller, Columbia University
Monetary policy and the cross-section of stock returns: Small versus large and value versus growth
    Paulo Fraga Maio, Bilkent University
    José Tavares, Universidade Nova de Lisboa
Discussant: Radhakrishnan Gopalan, Washington University St Louis Discussant: Ferre De Graeve, Fed Res Bank Dallas Discussant: Delroy Hunter, Univ of South Florida

Session 185
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Volatility, Information, and Returns
    Friday, 2:00 pm - 3:30 pm

Chairperson: Gary S Moore, University of Toledo
Expected returns, risk premia, and volatility surfaces implicit in option market prices
    Antonio Camara, Oklahoma State University
    Tim Krehbiel, Oklahoma State University
    Weiping Li, Oklahoma State University
The information content of implied volatilities and model-free volatility expectations: Evidence from options written on individual stocks
    Stephen Taylor, Lancaster University
   
Pradeep Yadav, Lancaster University
    Yuanyuan Zhang, Lancaster University
The Informational Content of Implied Prices Derived from Option Boundary Conditions
    Peter Lung, University of Texas Arlington
    Albert Wang, University of Dayton
Discussant
  Gary Moore, University of Toledo
Discussant
  Xuewu Wang, University of Michigan
Discussant
  Tim Krehbiel, Oklahoma State University

Session 186
  Cash and Cash-like Investments
   

Informational Barriers and Credit Rationing in the Market for Credit Cards

    Xiaoqiang Cheng, University of Leuven
    Hans Degryse, CentER – Tilburg University, TILEC, University of Leuven & CESIfo

Determinants of Cash Holdings in Small Firms

    Blaise Roncagli, Cleveland State University
    Chenchu Bathala, Cleveland State University

Why are Trade Credits do Damn Expensive?

    M Martin Boyer, HEC Montreal
Discussant: Sriram Villupuram, Colorado State University Discussant: Rebel Cole, DePaul University Discussant: Mike Alderson, Saint Louis University

Session 187
  Hedging Exchange Rate Risk
    Friday, 2:00 pm - 3:30 pm
Chairperson: Igor Kozhanov, SUNY Buffalo
A 3 Factor Model Investigation on the Determinates of Foreign Exchange Rate Exposure
    Stephen P Huffman, University of Wisconsin Oshkosh
    Stephen D Makar, University of Wisconsin Oshkosh
    Scott B Beyer, University of Wisconsin Oshkosh
Do firms hedge the translation risk?
    Stefano Bonini, Bocconi University
   
Maurizio Dallocchio, Bocconi University
    Philippe Raimbourg, Sorbonne Pantheon Unviersity
    Antonio Salvi, EM Lyon - Bocconi University
Exchange Rate Exposure: Evidence from Industry-Specific Exchange Rates
    Ming-Shiun Pan, Shippensburg University
    Angela Y. Liu, National Chung Cheng University
Discussant: Igor Kozhanov, SUNY Buffalo Discussant Discussant: Yihui Pan, University of Minnesota Discussant: Elias J Semaan, James Madison University

Session 188
Special Panel Session
  A Tribute to the Work of George Benston: A Renaissance Financial Economist
    Friday, 2:00 pm - 3:30 pm

This panel celebrates the many research contributions to financial economics by George Benston, who passed away earlier this year. George was truly a renaissance researcher. His contributions covered financial institutions and markets, investments, corporate finance, public policy, regulation, accounting, and economics. The different panel members, who are each recognized scholars in their areas, will each review and evaluate George's major contributions to their respective specialty area.
Moderator
George Kaufman
Loyola University Chicago

Panelists
Allen Meltzer, Carnegie Mellon University    
Robert Eisenbeis, Cumberland Associates
Lemma Senbet, University of Maryland 
Rashad Abdel-Khalik, University of Illinois 
James Rosenfled, Emory University

Session 189
Special Panel Session
Structural Modeling and Econometric Remedies in Empirical Corporate Finance

In this session we compare the advantages, disadvantages, and efficacy of using structural models versus econometric approaches to examine firm performance, structure, and governance.  By way of illustration, we also assess the effectiveness of using structural models and econometric remedies to address the endogeneity and causation problems that plague empirical corporate finance.
Panelists:
Jeffrey Coles
Francis J. and Mary B. Labriola Endowed Chair in Competitive Business Finance
Arizona State University

Michael Lemmon
Wasatch Advisors Professor of Finance
University of Utah

Moderator
Jacqueline Garner
Drexel University

Session 190
  Board Ineffectiveness and Scandals
    Friday, 2:00 pm - 3:30 pm
Chairperson: Maria Teresa Marchica, Manchester Business School
Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover
    Anup Agrawal, University of Alabama
    Tommy Cooper, Kansas State University
Upheaval in the Boardroom: Outside Director Resignations, Motivations, and Consequences
    Michaël Dewally, Marquette University
   
Sarah W Peck, Marquette University
Voluntary versus Forced Financial Restatements: The Role of Board Independence
    Dalia Marciukaityte, Louisiana Tech University
    Samuel H. Szewczyk, Drexel University
    Raj Varma, University of Delaware
Discussant
  Anzhela Knyazeva, University of Rochester
Discussant
  Natalya Delcoure, University of St Thomas
Discussant
  Diana Knyazeva, University of Rochester

Session 191
  Governance and Turnover
    Friday, 2:00 pm - 3:30 pm
Chairperson: Ed Nelling, Drexel University
The Dynamics of Post-Merger Boards: Retention Decisions and Performance Effects
    Kevin W. McLaughlin, University of Connecticut
    Chinmoy Ghosh, University of Connecticut
The executive turnover risk premium
    Florian Peters, University of Zurich
   
Alexander Florian Wagner, University of Zurich
The Role of Banks and Private Lenders in Forced CEO Turnovers
    Sadi Ozelge, New York University
Discussant
  David Becher, Drexel University
Discussant
  Stuart Gillan, Texas Tech University
Discussant
  Robert Kieschnick, University of Texas at Dallas

Session 192
  Trading Strategies
    Friday, 2:00 pm - 3:30 pm
Chairperson: Spencer Martin, Carnegie Mellon University
Changes in Price and Trading Volume: Bull vs. Bear Markets
    Ki Choong Han, Suffolk University
    Suk Hun Lee, Loyola University of Chicago
    David Youngsoon Suk, Rider University
Momentum and the Disposition Effect: The Role of Individual Investors
    Jungshik Hur, Louisiana Tech
   
Mahesh Pritamani, Russell Investment Group
    Vivek Sharma, University of Michigan-Dearborn
Professional Trader Daily Income Targets
    Peter R. Locke, Texas Christian University
    Steven C. Mann, Texas Christian University
Discussant
  Adam Lei, Midwestern State University
Discussant
  Susan Ji, Baruch College
Discussant
  John Hund, Tulane University

Session 193
  CEO Compensation and Incentives
    Friday, 2:00 pm - 3:30 pm
Chairperson: Tung-Hsiao Yang, National Chung Hsing University
Search for Optimal CEO Compensation: theory and empirical evidence
    Rong Wang, Singapore Management University
    Melanie Cao, York University
Is there a Social Circle Premium in CEO Compensation?
    James S. Ang, Florida State University
   
Gregory Leo Nagel, Mississippi State University
    Jun Yang, Indiana University
Managerial Incentives and Risk-taking in Banks
    Yan Peng, Fordham University
    Meng Yan, Fordham University
Discussant
  Douglas W Blackburn, Fordham University
Discussant
  Melanie Cao, York University
Discussant
  John Wald, University of Texas at San Antonio

Session 194
  Private Placements and Convertible Securities
    Friday, 2:00 pm - 3:45 pm
Chairperson: Srinivasan Krishnamurthy, Binghamton University
Risk Dynamics Surrounding the Issuance of Convertible Bonds
    Felix Zeidler, European Business School
    Dirk Schiereck, European Business School
Placement Agents, Reputation, and the Costs of Placing Equity Pivately
    Kartik Raman, Bentley College
Private Placements and Liquidity
    Ari Pandes, York University
Discussant
  Olaf Korn, Georg-August-Universität Göttingen
Discussant
  Murali Jagannathan, Binghamton University
Discussant
  Josh Spizman, Binghamton University

Session 195
  Contractual Responses to Agency Problems and Transactions Costs
    Friday, 2:00 pm - 3:30 pm
Chairperson: Nisan Langberg, University of Houston
The Economics of Large Scale Infrastructure Project Finance: An Empirical Examination
    Rajeev Janardan Sawant, Tufts University
The effect of executive option repricing on managerial risk taking
    Chandra Subramaniam, University of Texas at Arlington
   
JinDong Park, University of Texas at Arlington
What Drives Financial Analyst Compensation?
    Boris Groysberg, Harvard Business School
    Paul M. Healy, Harvard Business School
    David Maber, Harvard Business School
Discussant
  Abu Amin, University of Houston
Discussant
  David Dicks, UNC Chapel Hill
Discussant
  Daniel Cohen, New York University

Session 196
  Issues in Lending
    Friday, 2:00 pm - 3:30 pm
Chairperson: Gaiyan Zhang, Univ of Missouri St Louis
Bank Lending, Financing Constraints, and SME Investment
    Santiago Carbo-Valverde, University of Granada & Fed Res Bank Chicago
    Francisco Rodriguez-Fernandez, University of Granada
    Gregory F Udell, Indiana University
Predict Default Correlation from Equity Correlation
    Howard Qi, Michigan Tech University
   
Yan Alice Xie, University of Michigan-Dearborn
    Sheen Liu, Washington State University-Vancouver
    Chunchi Wu, Singapore Management University
Risk and the Use of Collateralized Open Market Paper During the Great Depression
    John V Duca, Federal Reserve Bank of Dallas
Discussant: Jose Manuel Feria-Dominguez, Pablo de Olavide Univ Discussant: Franck Moraux, University de Rennes 1 and CNRS Discussant: Iman van Lelyveld, Bank of England

Session 197
  Information and Equity Returns
    Friday, 2:00 pm - 3:30 pm
Chairperson: Eliza Wu, University of New South Wales
Financial Ratios, Expected Returns, and Fundamentals
    Xiaoquan Jiang, Florida International University
    Bong-Soo Lee, Florida State University
The Opacity of Insurance Companies
    Sojung C Park, University of Pennsylvania
Realizing the impacts of sovereign ratings on stock and currency markets
    Eliza Wu, University of New South Wales
    Sirimon Treepongkaruna, Australian National University
Discussant
  Pawan Madhogarhia, Penn State University Fayette
Discussant to be announced Discussant to be announced

Session 198
  Macroeconomic News and the Returns on Stocks and Bonds
    Friday, 2:00 pm - 3:30 pm
Chairperson: Xiaoling Pu, University of Massachusetts
Corporate Credit Default Swap Liquidity and Its Implications for Corporate Bond Spreads
    Ren-raw Chen, Rutgers University
    Frank J. Fabozzi, Yale University
    Ronald Sverdlove, Long Island University
Credit Risk and Liquidity in Bond and CDS Markets
    Wolfgang Buehler, University of Mannheim
   
Monika Trapp, University of Mannheim
The Impact of Liquidity on Corporate Bond Yield Spreads
    Melissa Woodley, Samford University
Discussant: Jean Helwege, Penn State Univ Discussant
  Xiaoling Pu, University of Massachusetts
Discussant: Monika Trapp, University of Mannheim

Session 199
  Corporate Financing Activities
    Friday, 2:00 pm - 3:30 pm
Chairperson: Rezaul Kabir, University of Stirling
Corporate Financing Activities and Contrarian Investment
    Turan G. Bali, Baruch College
    K. Ozgur Demirtas, Baruch College
    Armen Hovakimian, Baruch College
Information Uncertainty, Earnings Management and Performance of IPO Firms
    Shao-Chi Chang, National Cheng Kung University, Taiwan
   
Sheng-Syan Chen, National Taiwan University, Taiwan
    Wen-Chun Lin, National Cheng Kung University, Taiwan
IPO First-Day Return and Ex Ante Equity Premium
    Hui Guo, University of Cincinnati
Discussant: Viet Cao, Durham Business School Discussant: Rezaul Kabir, University of Stirling Discussant: Xiaotian (Tina) Zhang, Saint Mary's College of California

Session 200
  Trading Activity around Earnings Announcements
    Friday, 2:00 pm - 3:30 pm
Chairperson: Bidisha Chakrabarty, Saint Louis University
Liquidity and Speculative Trading: Evidence From Stock Price Adjustments to Quarterly Earnings Announcements
    Ji-Chai Lin, Louisiana State University
    Gary C Sanger, Louisiana State University
    Hsiao-Fen Yang, Louisiana State University
Overpricing and Speculative Trading Before Earnings Announcements
    Henk Berkman, Massey University
   
Paul Koch, University of Kansas
Short Sales and Post Earnings Announcement Drift
    Lin Zheng, Cornell University
Discussant
  Bidisha Chakrabarty, Saint Louis University
Discussant: Byoung-Hyoun Hwang, Emory University Discussant
  Alan Yan, New Jersey Inst of Tech

Session 201
  Information and Microstructure I
    Friday, 2:00 pm - 3:30 pm
Chairperson: Tanweer Hasan, Roosevelt University
Common Effects in Imbalances and Returns: Style-Based Comovement and Flight-to-Quality
    Volkan Kayacetin, University of Alberta
    Aditya Kaul, University of Alberta
Return-Dependent Probability of Information-Based Trading
    Yelena Larkin, Cornell University
Splitting orders, serial correlation, and spurious asymmetric information
    Lynn L Doran, Georgetown University
    Michael A Goldstein, Babson College
    Evgenia V Golubeva, University of Oklahoma
   
Eric N Hughson, Claremont McKenna College
Discussant: Michael Halling, Univ of Utah Discussant to be announced Discussant: Steve L Slezak, University of Cincinnati

Session 202
  Portfolio Management Strategies
    Friday, 2:00 pm - 3:30 pm
Chairperson: Dongmin Ke, Kean University
Black Swans and Market Timing: How Not to Generate Alpha
    Javier Estrada, IESE Business School
Tournament Behavior: Managing by Risk or Return?
    Christopher George Schwarz, University of Massachusetts Amherst
Why foreign investors trade more frequently?
    Vicentiu Covrig, California State University
    Kalok Chan, Hong Kong University of Science and Technology
Discussant: Yan Zhao, Brandeis University Discussant: Vincentiu Covrig, Cal State Northridge Discussant
  Dongmin Ke, Kean University

Session 203
  Financial Markets III
    Friday, 2:00 pm - 3:30 pm
Chairperson: Wayne Passmore, Federal Reserve Board
THE TAX STRUCTURE CHALLENGE IN AN INTERDEPENDENT GLOBAL ECONOMY FROM A FIRM’S FINANCIAL STAKEHOLDERS’ PERSPECTIVE
    Ronald W. Spahr, University of Memphis
    Pankaj Jain, University of Memphis
    Fariz Huseynov, University of Memphis
Creating a Smarter Consensus Forecast Conditional on Determinants of Analyst Persistence
    Lawrence D. Brown, Georgia State University
   
Gerald D. Gay, Georgia State University
    Marian Turac, Georgia State University
The Impact of Bond Rating Changes on Corporate Bond Prices
    Anthony Douglas May, University of Oklahoma
Discussant
  Jose M. Berrospide, Federal Reserve Board
Discussant
  Rochelle M. Edge, Federal Reserve Board
Discussant
  Sean Chu, Federal Reserve Board

Session 204
Special PDDARI Session
  Portfolio Management
    Friday, 2:00 pm - 3:30 pm

Chairperson: Paul Kaplan, Morningstar

Discussant to be announced

Empirical Performance of a Spline Based Implied Volatility Surface

Greg Orosi, University of Calgary

Shortfall Risk of Target Date Funds During Retirement

John J Spitzer, SUNY Brockport
Sandeep Singh,SUNY Brockport

Performance Measures and Incentives: Loading Negative Coskewness to outperform the CAPM

Alexandros Kostakis, University of York

Applying Fundamental Index Methodology to Fixed Income

Robert D Arnott, Research Affiliates LLC
Jason C Hsu,Research Affiliates LLC & UCLA
Feifei Li, Research Affiliates LLC
Shane Shepherd, Research Affiliates LLC

Session 205
  Institutional Trades
    Friday, 2:00 pm - 3:30 pm
Chairperson: C R Narayanaswamy, Clayton State University
Brokerage Commissions, Institutional Trading, and Information Production around Stock Splits
    Thomas J. Chemmanur, Boston College
    Gang Hu, Babson College
    Jiekun Huang, Boston College
Are sophisticated investors smart enough? Evidence from the private equity placements
    An-Sing Chen, National Chung Cheng University
   
Lee-Young Cheng, National Chung Cheng University
    Shu-Wei Chih, National Chung Cheng University
Corporate trading in own securities
    Claudio Loderer, University of Bern
    Lukas Roth, Pennsylvania State University
Discussant
  Rasha Ashraf, Georgia State University
Discussant
  Chen-Miao Lin, Clayton State University
Discussant
  C R Narayanaswamy, Clayton State University

Session 206
  Real Options
    Friday, 2:00 pm - 3:30 pm
Chairperson: Kashi Nath Tiwari, KNT's Academic Financial Research
In or Out: The Effect of Euro Membership on the Exercise of Real Options
    Tom Aabo, University of Aarhus
    Christos Pantzalis, University of South Florida
Multinational Real Options: An Examination of Value Effects of Real Options in Cross-Border Acquisitions
    H. Young Baek, Nova Southeastern University
   
Dong-Kyoon Kim, Montclair State University
    Joung W Kim, Nova Southeastern University
Valuing Synergies from Business Combinations and Testing Goodwill for Impairment: A Real Options Approach
    Francesco Baldi, University of Rome La Sapienza
    Lenos Trigeorgis, University of Cyprus
Discussant
  Kirby R Cundiff, Northeastern State University
Discussant
  Fang Zhao, Siena College
Discussant
  Aziz Alimov, California State University, Fullerton

Session 207
  Asian and Eastern European Equity Markets
    Friday, 2:00 pm - 3:30 pm
Chairperson: Nan Li, Dowling College
Firm-Specific Variations in Returns and Fundamentals in Emerging Asian Stock Markets
    M. Arifur Rahman, University of Western Sydney
    M. Kabir Hassan, University of New Orleans
The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors
    Alexander Groh, GSCM - Montpellier Business School
   
Heinrich von Liechtenstein, IESE Business School
    Karsten Lieser, IESE Business School
Where Do Return and Volatility Come From? The Case of Asian ETFs
    Jose A Guttierrez, University of Texas at San Antonio
    Valeria Martinez, Fairfield University
    Yiuman Tse, University of Texas at San Antonio
Discussant: Igor Semenenko, University of Alberta Discussant: Lobna Bouslimi, HEC Montreal Discussant: Alexander Groh, IESE Business School

Session 208
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Organizational Issues in Banking
    Friday, 3:45 pm - 5:15 pm

Chairperson
  Robert DeYoung, University of Kansas Chairperson
Economies of Scope in Financial Services: A Semi-Parametric Approach
    Gabriel Asaftei, University of Richmond
    Christopher F Parmeter, Virginia Polytechnic Institute and State University
    Yuan Yuan, University of Wisconsin - Whitewater
Internal capital markets and lending by multinational bank subsidiaries
    Ralph T.A de Haas, EBRD
   
Iman P.P. van Lelyveld, Radboud University
Non-Interest Income Diversification and Information Asymmetry of Bank Holding Companies
    Elyas Elyasiani, Temple University
    Yong Wang, Temple University
Discussant
  M Kabir Hassan, University of New Orleans
Discussant
  Dmytro Holod, State University of New York at Stony Brook
Discussant
  Robert DeYoung, University of Kansas

Session 209
→ Click here for a description of the "Top Ten" Sessions

"TOP TEN" SESSION
  Exposure for Foreign Exchange
    Friday, 3:45 pm - 5:15 pm

Chairperson: Larry Wall, Federal Reserve Bank of Atlanta
Foreign Currency Exposure and Hedging: Evidence from Foreign Acquisitions
    Natasha Burns, University of Texas San Antonio
    Sohnke Bartram, University of Lancaster
    Jean Helwege, Penn State University
Political Rights and the Cost of Debt
    Yaxuan Qi, Concordia University
    Lukas Roth, Pennsylvania State University
    John K. Wald, University of Texas at San Antonio
Liquidity and Credit Risk in Emerging Debt Markets
    John Hund, Tulane University
   
David Lesmond, Tulane University
Discussant
  Stefano Bonini, Bocconi University
Discussant
  Larry D. Wall, Federal Reserve Bank of Atlanta
Discussant
  Mohammad Kabir Hassan, University of New Orleans

Session 210
  Sarbanes Oxley Implications
    Friday, 3:45 pm - 5:15 pm
Chairperson: Hatice Uzun, Long Island University
Impact of Sarbanes-Oxley Act on Cross-Listing
    Dobrina G. Georgieva, University of Arkansas
    Wayne Lee, University of Arkansas
Discounting in REIT Seasoned Equity Offers
    Kimberly R. Goodwin, University of Alabama
Sarbanes-Oxley and the Benefit to REITs
    Russell Myers Price, Howard University
    Magdy Noguera, Southeastern Louisiana University
Discussant: Linus Wilson, Univ of Louisiana Lafayette Discussant: Magdy Noguera, SE Louisiana University Discussant: Kimberly Goodwin, University of Alabama

Session 211
  Stock Markets
    Friday, 3:45 pm - 5:15 pm
Chairperson: Susan Elkinawy, Loyola Marymount University
Extreme Day Returns and Investment Behavior: Evidence from Sweden
    Adri De Ridder, Gotland University
    Boualem Djehiche, Royal Institute of Technology in Stockholm
Analyzing Duration Dependence in Bull and Bear Stock Markets
    Haigang Zhou, Cleveland State University
Jump risks in Chinese stock market
    John Qi Zhu, Shanghai Jiao Tong University
    Haigang Zhou, Cleveland State University
Discussant
  Susan Elkinawy, Loyola Marymount University
Discussant
  Qianqiu Liu, University of Hawaii at Manoa
Discussant
  Tai David Yi, SUNY Fredonia

Session 212
  Academic Stats
    Friday, 3:45 pm - 5:15 pm
Chairperson: Jung Chul Park, Louisiana Tech University
Citation Patterns Within the Leading Top-Tier Finance Journals: Implications for Journal Ranking and Other Issues
    Edwin D. Maberly, Monash University
    Raylene Pierce, Deakin University
Do Clickers Click in the Finance Classroom?
    Jean C Snavely, Western Kentucky University
   
Kam C Chan, Western Kentucky University
What Drives the Productivity of Finance PhDs?
    Donald Flagg, University of Tampa
    Jung Chul Park, Louisiana Tech University
Discussant
  Kam C Chan, Western Kentucky University
Discussant
  Sundarrajan Sankar, Tarleton State University
Discussant
  Raylene Pierce-Maberly, Deakin University

Session 213
Special Panel Session
  Federal Reserve Research on Subprime Issues
    Friday, 3:45 pm – 5:15 pm
Moderator: Harvey Rosenblum, Federal Reserve Bank of Dallas

Presentations

Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
    Paul Willen, Federal Reserve Bank of Boston
    Kris Gerardi, Boston University
    Adam Shapiro, Boston University

The Subprime Mortgage Crisis: Underwriting, Mortgage Innovation, and Defaults
    Christopher Mayer, Columbia University
    Karen Pence, Federal Reserve System
    Shane Sherlund, Federal Reserve System

Financial Stability and the Right to Buy Back your Mortgage
    Diana Hancock, Federal Reserve System
Wayne Passmore, Federal Reserve System

Federal Home Loan Bank Lending during the Subprime Liquidity Crisis
    Adam Ashcraft, Federal Reserve Bank of New York
    Morten Bech, Federal Reserve Bank of New York
    Scott Frame, Federal Reserve Bank of Atlanta

Session 214
  Board Composition
    Friday, 3:45 pm - 5:15 pm
Chairperson: Erik Devos, University of Texas - El Paso
Are Interlocked Directors Effective Monitors?
    Erik Devos, University of Texas - El Paso
    Andrew Prevost, Ohio University
    John Puthenpurackal, University of Nevada - Las Vegas
Are Local Directors Better Monitors
    Hong Wan, SUNY Oswego
   
Christos Pantzalis, University of South Florida
Corporate Cultures and Fabricated Boards: Should the Board Structure Be Regulated?
    Wei-Ling Song, Louisiana State University
Discussant
  Srinivasan Krishnamurthy, Binghamton University (SUNY)
Discussant
  Murali Jagannathan, Binghamton University (SUNY)
Discussant
  Ming Liu, Binghamton University (SUNY)

Session 215
  Investment Efficiency
    Friday, 3:45 pm - 5:15 pm
Chairperson: Vahap Uysal, University of Oklahoma
Corporate Governance and Investment Efficiency of Diversified firms: Evidence from Corporate Asset Purchases
    I-Ju Chen, Yuan Ze University, Taiwan
    Sheng-Syan Chen, Department of Finance, National Taiwan University, Taiwan
Family Control and Stock Market Reactions to Announcements of Corporate Venturing
    Shao-Chi Chang, National Cheng Kung University
   
Wann-Yih Wu, National Cheng Kung University
    Ying-Jiuan Wong, National Cheng Kung University
Operating Performance Changes Associated with Corporate Mergers and the Role of Corporate Governance
    Nicholas F Carline, Lancaster University
    Scott C Linn, University of Oklahoma
    Pradeep K Yadav, University of Oklahoma
Discussant
  Michael Trachtenberg, University of New Orleans
Discussant
  Arun Upadhyay, University of Alaska, Anchorage
Discussant
  Wanli Zhao, Worcester Polytechnic Institute

Session 216
  Shared Governance
    Friday, 3:45 pm - 5:15 pm
Chairperson to be announced
CEOs Under Fire: Pressure From Within-The Effects of Inside Directors on CEO Compensation and Turnover
    H Shawn Mobbs, Vanderbilt University
It takes Two: The Incidence and Effectiveness of Shared Corporate Executive Leadership
    Matteo P. Arena, Marquete University
   
Stephen P. Ferris, University of Missouri
    Emre Unlu, University of Nebraska-Lincoln
The Family Behind the Family Firm: Evidence from Transitions in Danish Firms
    Morten Bennedsen, Copenhagen Business School
    Kasper Meisner Nielsen, Chinese University of Hong Kong
    Daniel Wolfenzon, New York University
Discussant
  Nina Baranchuk, University of Texas Dallas
Discussant
  H Shawn Mobbs, University of Alabama
Discussant
  Heitor Almeida, University of Illinois, Urbana-Champaign

Session 217
  CEO Turnover
    Friday, 3:45 pm - 5:15 pm
Chairperson: David C. Mauer, University of Texas at Dallas
CEO Compensation and the Market for Corporate Control
    John R. Becker-Blease, Washington State University
    Swami Kalpathy, Washington State University
    Donna L. Paul, Washington State University
Finding Talent in the CEO Labor Market
    Gregory Leo Nagel, Mississippi State University
   
William G. Hardin III, Florida International University
Incentives and Managerial Turnover
    Jayant Kale, Georgia State University
    Ebru Reis, Miami University
    Anand Venkateswaran, Northeastern University
Discussant
  Yiming Qian, University of Iowa
Discussant
  Jay Li, University of Texas at Dallas
Discussant
  Yixin Liu, University of New Hampshire

Session 218
  Mergers and Acquisitions
    Friday, 3:45 pm - 5:15 pm
Chairperson: Scott HC Hsu, Univ of Wisconsin Milwaukee
Industry Shocks and Merger Activity: An Analysis of U.S. Public Utilities
    David A. Becher, Drexel University
    J. Harold Mulherin, University of Georgia
    Ralph A. Walkling, Drexel University
The Information Content of Deal Initiation in Mergers & Acquisitions
    Serif Aziz Simsir, Cornell University
The relation among targets¡¯ R&D activities, acquirers¡¯ returns, and in-process R&D
    Kathy Hsu, University of Louisiana Lafayette
    Young Sang Kim, Northern Kentucky University
    Kyojik "Roy" Song, SungKyunKwan University
Discussant: Chander Shekhar, Univ of Melbourne Discussant: Dung Pham, University of South Florida Discussant: Tanja Steigner, Emporia State Univ

Session 219
  Regulation and Corporate Finance: SOX and SFAS 133
    Friday, 3:45 pm - 5:15 pm
Chairperson: Amar Gande, Southern Methodist University
Cross-listing and earnings management surrounding SOX
    Dong-Kyoon Kim, Montclair State University
    Myungsoo Son, California State University at Fullerton
    Nilufer Usmen, Montclair State University
STRATEGIC MEETING OR BEATING EX