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,