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
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"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,