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.