Session 10 (Panel Session) Thursday, 4 June, 10:30 am - 12:00 noon Corporate Governance Much attention has been given to executive compensation during the financial crisis (AIG bonuses, limits on executive comp for firms taking government "bailout" funds, possible legislative initiatives such as say on pay, and potential government intervention in other areas of compensation). What should the goals of a compensation scheme be? Is executive compensation in need of a systemic "fix"? If it is, what should be done? If it is not, how should boards of directors structure compensation to accomplish the goals intended? One can make an argument that the boards of many financial institutions have failed when it comes to the issue of firm-wide risk management. Are there indications that boards of many financial institutions have failed when it comes to the issue of firm-wide risk management and in what respects? What are the responsibilities of the boards of financial institutions in establishing policy for an in monitoring and firm-wide risk management? The laws governing governance are frequently a patchwork of responses to immediate problems rather than a carefully thought out portfolio of regulations. Assuming regulation is necessary to promulgate "good" governance, what should be the philosophical basis of such regulation? How can the likelihood of adverse unintended consequences be minimized? What are the implications of government taking a more active role in the boardroom? Moderator Ralph Walkling, Stratakis Chair In Corporate Governance and Accountability Drexel Univ Panelists Martjin Cremers, Associate Professor of Finance Yale Univ Ronald Masulis, Frank K. Houston Professor of Finance Vanderbilt Univ Rohan Williamson, Holowesko Research Fellow and Area Coordinator Georgetown Univ

Session 11 Measuring and Managing Firm Value     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Stephen Foerster
The Effect of Financial Reports’ Quality on Firm’s Performance   Claudia Maria Lopes,   Antonio Melo Cerqueira,   Elisio Brandão,	Entry Choice and Valuation Effects of Financial Services Firms Conducting Foreign Direct Investment in Developing Countries   Kimberly Gleason, Florida Atlantic University   Anita K. Pennathur, Florida Atlantic University   Sean M. Davis, Florida Atlantic University	The Impact of Management Earnings Forecasts on Firm Risk and Firm Value   Stephen Foerster, University of Western Ontario   Stephen Sapp, University of Western Ontario   Yaqi Shi, University of Western Ontario
Presenter: Claudia Maria Ferreira Pereira Lopes	Presenter: Sean M. Davis	Presenter: Stephen Foerster
Discussant: Stephen R Foerster   University of Western Ontario	Discussant: Claudia Lopes   ISCAP	Discussant: Sean M Davis   Florida Atlantic University

Session 12 Cross Country Corporate Governance     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Marc Deloof
Cultural Dimensions of Corporate Governance Systems   Wolfgang Breuer, RWTH Aachen   Astrid Salzmann, RWTH Aachen	The Value of Management and Board Ownership in European Banks with Different Strategy   Hanna Ulrika Westman, HANKEN School of Economics	Banks’ Centrality in Corporate Interlock Networks: Evidences in Italy   Vincenzo Farina, University of Rome Tor Vergata
Presenter: Astrid Salzmann	Presenter: Hanna Westman	Presenter: Vincenzo Farina
Discussant: Barbara Petracci   Bocconi University	Discussant: Vincenzo Farina   University of Rome Tor Vergata	Discussant: Marc Deloof   University of Antwerp

Session 13 Mergers and Acquisitions     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Stefan Wendt
Dual Role Advisors and Conflicts of Interest   Linus Siming, Stockholm School of Economics	Takeovers and Divergence of Investor Opinion   Sris Chatterjee, Fordham University   Kose John, New York University   An Yan, Fordham University	Markup Pricing Revisited   Sandra Betton, Concordia University   B Espen Eckbo, Dartmouth College   Karin Thorburn, Dartmouth College
Presenter: Linus Siming	Presenter: Sris Chatterjee	Presenter: Sandra Betton
Discussant: Federico Marinelli   IESE Business School	Discussant: Ettore Croci   University of Milan-Bicocca	Discussant: Stefan Wendt   Bamberg University

Session 14 Price Prediction     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Dennis Philip
Estimating Daily Stock Returns among Industries: Economic Variables and Fama and French Model Comparisons   LeRoy Brooks, John Carroll University   Marc D. Richards, John Carroll University	Are VIX Futures Prices Preditable? An Empirical Investigation   Eirini Konstantinidi, University of Piraeus   George Skiadopoulos, University of Piraeus and University of Warwick	Does the January Anomaly Survive in Equity Exchange-Traded Funds?   Tony (Jun) Ruan, Xiamen University   Gang Hu, Babson College
Presenter: Roy Brooks	Presenter: Konstantinidi Eirini	Presenter: Tony (Jun) Ruan
Discussant: Tony (Jun) Ruan   Xiamen University	Discussant: Dennis Philip   Cass Business School	Discussant: Marco Navone   Bocconi University

Session 15 Bank Loans     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Laura Gonzalez
Choice of Financing by Independent or Bank-affiliated Venture Capital Firm   Guillaume Andrieu, GSCM Montpellier Business School	Duration of Syndication Process and Syndicate Organization   Christophe J. Godlewski, University of Strasbourg - LaRGE & EM Strasbourg Business School	Dogs that Bark: Why Are Bank Loan Announcements Newsworthy?   Laura Gonzalez, Fordham University
Presenter: Guillaume Andrieu	Presenter: Christophe J. GODLEWSKI	Presenter: Laura Gonzalez
Discussant: Laura Gonzalez   Fordham University	Discussant: Paola De Vincentiis   University of Torino	Discussant: Timothy J Curry   FDIC

Session 16 Market Efficiency and Information     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Allaudeen Hameed
Does Naive Pairs Trading Still Work?   Binh Do, Monash University   Robert Faff, Monash University	Comovement, Information Production and the Business Cycle   Paul Brockman, University of Missouri   Ivonne Liebenberg, University of Mississippi   Maria Schutte, Michigan Tech University	Information in Order Backlog: Change versus Level   Li Gu, Fordham University   Zhiqiang Wang, Xiamen University   Jianming Ye, Baruch College
Presenter: Binh Do	Presenter: Maria Schutte	Presenter: Zhiqiang Wang
Discussant: Nick Motson   Cass Business School	Discussant: Allaudeen Hameed   National University of Singapore	Discussant confirmation pending

Session 17 Hedging     Friday, 5, June, 10:30 am - 12:00 noon Chairperson: Marcel Prokopczuk
Are Corporate Hedging Announcements Informative?   Vikas Raman, University of Oklahoma   Chitru Fernando, University of Oklahoma	Investing in Commodity Futures Markets: Can Spot Price Models Help?   Raphael Paschke, University of Mannheim   Marcel Prokopczuk, University of Mannheim
Presenter: Vikas Raman	Presenter: Raphael Paschke
Discussant: Marcel Prokopczuk   University of Mannheim	Discussant: Binh Do   Monash University

Session 18 Overconfidence and Investing     Thursday, 4 June, 10:30 am - 12:00 noon Chairperson: Gordon Alexander
Understanding Investor Sentiment: The Case of Soccer   Gennaro Bernile, University of Miami/Securities & Exchange Commission   Evgeny Lyandres, Boston University	Profitability, Overconfidence, and Disposition Effect: An Examination of Individual Traders in the Taiwan Futures Exchange   Teng-Yuan Cheng, National Cheng Kung University   Chao-Hsien Lin, National Kaohsiung First University of Science and Technology   Chun I Lee, Loyola Marymount University   Hung-Chih Li, National Cheng Kung University	Who is the More Overconfident Trader? Institutional Investors versus Individual Investors   Wen-I Chuang, National Taiwan University of Science and Technology   Rauli Susmel, University of Houston
Presenter: Gennaro Bernile	Presenter: Teng-Yuan Cheng	Presenter: Wen-I Chuang
Discussant: Michael Halling   University of Utah	Discussant: Wen-I Chuang   National Taiwan Univ of Science & Tech	Discussant: Gordon Alexander   University of Minnesota

Thursday, 4 June – 14:00 (2:00) pm - 15:30 (3:30) pm

Session 19 (Panel Session) Sustainable Responsible Investment     Thursday, 4 June, 14:00 pm - 15:30 pm This special panel session will compare US and European responsible investments. Participants in this panel will include representatives of EUROSIS (European Social Investing Forum), Vontobel (The Vontobel Group offers the unique combination of an independent Swiss private bank with the innovative strength of an active international asset manager), and Fondaco. Moderator Ruggero Bertelli, University of Siena Panelists Davide dal Maso, Forum per la Finanza Sostenibile Giulio Casuccio, FONDACO Sabine Doebeli, Vontobel Bank

Session 20 Managing Firm Value and Real Options     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Gayane Hovakimian
Strategic Use of Capital Structure in Duopoly with Asymmetric Information   Baran Siyahhan, Vienna Graduate School of Finance	Core-business Expertise, Managerial Discretion and Value Destroying Conglomerates   Claudia Perdigao Custodio, London School of Economics	Partial Divestment and Firm Sale under Uncertainty   Sebastian Gryglewicz, Erasmus University Rotterdam
Presenter: Baran Siyahhan	Presenter: Claudia Custodio	Presenter: Sebastian Gryglewicz
Discussant: Sebastian Gryglewicz   Erasmus University Rotterdam	Discussant: Gayane Hovakimian   Fordham University	Discussant: Baran Siyahhan   Vienna Graduate School of Finance

Session 21 Corporate Governance     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Hanna Westman
Trading when you Cannot Trade: Black-out Periods of Italian Firms   Barbara Petracci, University of Bologna	Corporate Governance and Analyst Behavior   Ji-Chia Lin, Louisiana State University   Vivian W Tai, National Chi Nan University	Emerging Regulatory Governance: Contextual Evidence on Going Private Transactions   Gilles Chemla, Imperial College London   Diana Pop, University Paris 1 Panthéon-Sorbonne   Adrian Pop, University of Nantes
Presenter: Barbara Petracci	Presenter: Vivian Tai	Presenter: Diana Pop
Discussant: Alexei Ovtchinnikov   Vanderbilt University	Discussant: Jean-Philippe Weisskopf   Universite de Fribourg	Discussant: Nicolas Aubert   Universite de la Mediterranee

Session 22 Mergers and Acquisitions II     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Sris Chatterjee
Which Spin-offs Generate Value and Performance Improvements?   Dmitri Boreiko, Free University of Bolzano-Bozen   Maurizio Murgia, Free University of Bolzano-Bozen	Financial Determinants of Counter-Cyclical Acquisitions   Håkan Jankensgård, Lund University	Developed Market Acquisitions of Foreign Targets: Do they Impact Emerging and Developed Markets Differently?   Natasha A. Burns, University of Texas at San Antonio   Ivonne L. Moya, University of Mississippi
Presenter: Dmitri Boreiko	Presenter: Håkan Jankensgård	Presenter: Natasha Burns
Discussant: Sris Chatterjee   Fordham University	Discussant: Nilanjan Basu   Concordia University	Discussant: Iuliana Ismailescu   Pace University

Session 23 Equity Risk     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Walt Reinhart
Multinationality and Idiosyncratic Risk   Tom Aabo, Aarhus School of Business   Christos Pantzalis, University of South Florida   Jung Chul Park, Louisiana Tech University	The Implied Equity Duration - Empirical Evidence for Explaining the Value Premium   Florian Esterer, Swisscanto Asset Management AG   David Schröder, EDHEC Business School	Bears and Bulls: Greater Volatility without Ticks?   Ronnie Clayton, Jacksonville State University   Walter Reinhart, Loyola College in Maryland   Bill Schmidt, Jacksonville State University
Presenter: Chris Pantzalis	Presenter: Florian Esterer	Presenter: Ronnie Clayton
Discussant: Allen Goss   Ryerson University	Discussant: Bo Young Chang   McGill University	Discussant: Chris Pantzalis   Univ of South Florida

Session 24 Changes in the Banking Sector     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Kevin Davis
How Does Bank Lending React to Unexpected Changes in Bank Supervision?   Carlos D. Ramirez, George Mason University and FDIC   Tim Curry, Federal Deposit Insurance Corporation   Gary Fissel, Federal Deposit Insurance Corporation	Intra-Industry Contagion Effects of Earnings Surprises in the Banking Sector   Marcel Prokopczuk, University of Mannheim	The Federal Home Loan Bank System: Lender of Next-to-Last Resort?   Adam Ashcraft, Fed Res Bank New York   Morten L Bech, Fed Res Bank New York   W Scott Frame, Fed Res Bank Atlanta
Presenter: Tim Curry	Presenter: Marcel Prokopczuk	Presenter: Adam Ashcraft
Discussant: Kevin Davis   University of Melbourne	Discussant: Alfredo Martin-Oliver   Bank of Spain	Discussant: Andrea Heuson   University of Miami

Session 25 Asset Pricing Factors     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Robert Faff
Return Predictability along the Supply Chain: The International Evidence   Husayn Shahrur, Bentley University   Ying L Becker, State Street Global Advisors   Didier Rosenfeld, State Street Global Advisors	Equilibrium Implications of Delegated Asset Management under Benchmarking   Markus Leippold, Imperial College London   Philippe Rohner, University of Zurich	Default Risk, Size and the Business Cycle: Three Decades of Australian Asset Pricing Evidence   Howard Chan, University of Melbourne   Robert Faff, Monash University   Paul Kofman, University of Melbourne
Presenter: Ying L. Becker	Presenter: Philippe Rohner	Presenter: Robert Faff
Discussant: Robert Faff   Monash University	Discussant: Denitsa Stefanova   VU University Amsterdam	Discussant: Ying Becker   State Street Global Advisors

Session 26 Mutual Funds     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Marco Wilkens
Search Costs and Mutual Fund Fee Dispersion   Giuliano Iannotta, Università Bocconi   Marco Navone, Università Bocconi	Are Traditional Timing Models Well Specified?   Luis Ferruz, Universidad de Zaragoza   Fernando Munoz, Universidad de Zaragoza   Maria Vargas, Universidad de Zaragoza	Sturm und Drang in Money Market Funds: When Money Market Funds Cease to Be Narrow   Stephan Jank, University of Tuebingen   Michael Wedow, Deutsche Bundesbank/ECB
Presenter: Marco Navone	Presenter: Fernando Munoz	Presenter: Jank, Wedow
Discussant: Stephan Jank   University of Tubingen	Discussant: Marco Wilkens   Catholic University of Eichstatt-Ingolstadt	Discussant: Shengsui Hu   ETH Zurich

Session 27 Connections, Capital, and Governance     Thursday, 4 June, 14:00 pm - 15:30 pm Chairperson: Oliver Rui
Political Connections and Cost of Equity Capital   Narjess Boubakri, HEC Montreal   Omrane Guedhami, University of South Carolina   Dev Mishra, University of Saskatchewan   Walid Saffar, University of Southern Indiana	Alma Mater Matters: The Value of School Ties in the Venture Capital Industry   Tage Daniel Sunesson, Stockholm School of Economics	Corporate Governance and Individual Sentiment Beta   Huimin Chung, National Chiao Tung University   Chih-Liang Liu, National Chiao Tung University   Jian-You Lee, National Chiao Tung University
Presenter: Walid Saffar	Presenter: Tage Daniel Sunesson	Presenter: Chih-Liang Liu
Discussant: Daniel Sunesson   Stockholm School of Economics	Discussant: Betty (HT) Wu   University of Vaasa	Discussant: Oliver Rui   Chines University of Hong Kong

15:30 (3:30) pm - 16:00 (4:00) pm Coffee Break Ground and First Floor Foyers

Thursday, 4 June – 16:00 (4:00) pm - 17:30 (5:30) pm

Session 29 Firm Performance and Value     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Wolfgang Aussenegg (tentative)
Do Really Diversified Firms Underperform: An Analysis of the Outstanding Performance Persistence   Federico Marinelli, IESE Business School	Earnings Management, Underpricing and Underperformance of Chinese IPOs   Zhe Shen, Xiamen University   Jerry Coakley, University of Essex   Norvald Instefjord, University of Essex	Market Power in Multiple-choice Demand Functions of Banking Services: An Application to Spanish Banks   Alfredo Martin-Oliver, Banco de Espana
Presenter: Federico Marinelli	Presenter: Zhe Shen	Presenter: Alfredo Martin-Oliver
Discussant: Zhe Shen   Xiamen University	Discussant: Wolfgang Aussenegg   University of Vienna	Discussant: Francesco Vallascas Univ of Cagliari

Session 30 Governance and Payout Policy     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: LeRoy Brooks
Insider Trading and Share Repurchases: Do Insiders and Firms Trade in the Same Direction?   Alice Adams Bonaime, University of Kentucky   Michael D Ryngaert, University of Florida	Double Signals or Single Signal? An Investigation of Insider Trading Around Share Repurchases   Michael Firth, Lingnan University of Hong Kong   T. Y. Leung, City University of Hong Kong   Oliver M. Rui, Chinese University of Hong Kong
Presenter: Alice Bonaime	Presenter: Oliver M Rui
Discussant: LeRoy D Brooks   John Carroll University	Discussant: Wolfgang Bessler   Justus-Liebig-Universitat Giessen

Session 31 Merger and Acquisition Returns     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Diana Pop
Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions   Ettore Croci, University of Milan-Bicocca   Dimitris Petmezas, University of Surrey   Evangelos Vagenas-Nanos, Durham University	Idiosyncratic Volatility, Takeover Premiums and Target Gains   Ettore Croci, University of Milan - Bicocca   Dimitris Petmezas, University of Surrey   Nickolaos G Travlos, Alba Graduate Business School	High-tech Mergers during the Stock Market Bubble   Nilanjan Basu, Concordia University   Haibo Jiang, Concordia University   Reena Kamath,
Presenter: Evangelos Vagenas-Nanos	Presenter: Ettore Croci	Presenter: Nilanjan Basu
Discussant: Sandra Betton   Concordia University	Discussant: Michael Kisser   Vienna Graduate School of Finance	Discussant: Diana Pop   University of Paris I Pantheon - Sorbonne

Session 32 Information and Equity Pricing     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Tom Barkley
Deafened by Noise: Do Noise Traders Affect Volatility and Returns?   Edward Podolski–Boczar, Monash University   Petko Stefanov Kalev, Monash University   Huu Nhan Duong, Monash University	Where's the Liquidity? Information and Trading Costs in Asset Pricing   Thomas Barkley, Syracuse University   Andy Naranjo, University of Florida   Mahendrarajah Nimalendran, University of Florida
Presenter: Petko Kalev	Presenter: Tom Barkley
Discussant: Matthias Burghardt   University of Karlsruhe	Discussant: Maria Schutte   Michigan Tech University

Session 33 Structured Lending     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Iraj Fooladi
Mortgage Delivery Options   Andrea Heuson, University of Miami   Tie Su, University of Miami	The 2007 Meltdown in Structured Securitization: Searching for Lessons not Scapegoats   Gerard Caprio, Williams College   Asli Demirguc-Kunt, World Bank   Edward J Kane, Boston College	The Neighborhood Impact of Subprime Lending, Predatory Lending and Foreclosure   Norman G Miller, University of San Diego   Stephanie Yates Rauterkus, University of Alabama at Birmingham   Michael A Sklarz, New City Corporation
Presenter: Andea Heuson	Presenter: Edward J Kane	Presenter: Stephanie Yates Rauterkus
Discussant: Adam Ashcraft   Fed Res Bank New York	Discussant: Iraj Fooladi   Dalhousie University	Discussant: Ronnie Clayton   Jacksonville State University

Session 34 Performance Measurement     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Walt Reinhart
Selection, Timing and Total Performance of Equity Mutual Funds: On the Relevance of Model Specification   Sebastian Krimm, Catholic University of Eichstaett-Ingolstadt   Hendrik Scholz, Catholic University of Eichstaett-Ingolstadt   Marco Wilkens, Catholic University of Eichstaett-Ingolstadt	Should Benchmark Indices Have Alpha?   Martijn Cremers, Yale University   Antti Petajisto, Yale University   Eric Zitzewitz, Dartmouth College	Coherent Measures of Portfolio Performance   Enrico De Giorgi, University of Lugano   Valeri Zakamouline, University of Agder
Presenter: Marco Wilkins	Presenter: Martijn Cremers	Presenter: Valeri Zakamouline
Discussant: Fernando Munoz   Universidad de Zaragoza	Discussant: Philippe Rohner   University of Zurich	Discussant: Martijn Cremers   Yale University

Session 35 Bias and Diversification in Portfolio Management     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Jan Hanousek
A Cultural Explanation of the Foreign Bias in International Asset Allocation   Bart Frijns, Auckland University of Technology   Sjoerd Beugelsdijk, University of Groningen	Taking Advantage of Global Diversification: A Multivariate-GARCH Approach   Elena Kalotychou, Cass Business School   Sotiris K. Staikouras, Cass Business School   Gang Zhao, Cass Business School
Presenter: Bart Frijns	Presenter: Elena Kalotychou
Discussant: Jan Hanousek   CERGE-EI	Discussant: Bart Frijns   Australian University of Technology

Session 36 Emerging Market Dynamics     Thursday, 4 June, 16:00 pm - 17:30 pm Chairperson: Lidija Lovreta
Spillovers, News Reaction and Volatility: Evidence from Emerging European Stock Markets   Evzen Kocenda, CERGE-EI   Jan Hanousek, CERGE-EI	The Reaction of Emerging Markets Credit Default Swap Spreads to Sovereign Credit Rating Changes and Country Fundamentals   Iuliana Ismailescu, Pace University
Presenter: Evzen Kocenda	Presenter: Iuliana Ismailescu
Comments provided by Iuliana Ismailescu	Discussant: Lidija Lovreta   ESADE Business School

Keynote Address 18:00 (6:00) pm Fermi (Basement 1) Robert Whaley Valere Blair Potter Professor of Management Vanderbilt University Robert Whaley is the Valere Blair Potter Professor of Management at the Owen Graduate School of Management, Vanderbilt University. He received his bachelors of commerce degree from the University of Alberta, and his masters of business administration and doctorate degrees from the University of Toronto. His past teaching positions include Duke University, the University of Chicago, and the University of Alberta. The Gala Reception will follow Dr. Whaley's Keynote Address at 19:00 (7:00 pm) in the Marconi Room (Ground Floor). Advance reservations are required.

Friday, 5 June – 8:30 am - 10:00 am

Session 37 (Panel Session) The Global Economic Outlook in a Time of Recession and Financial Distress     Friday, 5 June, 8:30 am - 10:00 am A panel of expert practitioners will offer their views on how the countries that produce 80% of global output have coped with the current financial panic that began on August 9, 2007. Not only will these experienced panelists give their views and forecasts of the economic outlook through 2011 but will gladly answer any questions you may have about the global economic outlook. Moderator James F Smith, Chief Economist Parsec Financial Management Panelists William Dunkelberg, Chief Economist National Federation of Independent Business John Greenwood, Chief Economist Invesco Manuel Balmaseda, Chief Economist CEMEX

Session 38 Securities Issuance and Design     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Jacqueline Garner
Auctioned IPOs: The U.S. Evidence   Francois Degeorge, University of Lugano   Francois Derrien, HEC Paris   Kent L Womack, Dartmouth College	Strategic Waiting in the IPO Markets   Gonul Colak, Florida State University   Hikmet Gunay, University of Manitoba	Exchange Traded Contracts for Difference: Design, Pricing and Effects   Kevin Davis, University of Melbourne   Christine Brown, University of Melbourne   Jonathan Dark, University of Melbourne
Presenter: Francois Degeorge	Presenter: Gonul Colak	Presenter: Kevin Davis
Discussant: Jacqueline Garner   Drexel University	Discussant: Dmitri Boreiko   Free University of Bolzano-Bozen	Discussant: Gonul Colak   Florida State Univ

Session 39 Regulation, Law, and Economics     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Francesca Arnaboldi
Regulation, Board Monitoring and Merger Performance: Evidence from Acquiring Banks in the US and Europe   Jens Hagendorff, University of Leeds   Michael Collins, University of Leeds   Kevin Keasey, University of Leeds	A Distinction between Business Groups and Conglomerates: The Limited Liability Effect   Sunae Lee, Graduate School of Management, KAIST   S. Hun Seog, Graduate School of Finance, KAIST	Does Enforcement of Intellectual Property Rights Matter? Evidence from Financing and Investment Choices in the High Tech Industry   James Ang, Florida State University   Yingmei Cheng, Florida State University   Chaopeng Wu, Florida State University
Presenter: Jens Hagendorff	Presenter: Sunae Lee	Presenter: Yingmei Cheng
Discussant: Francesca Arnaboldi   Università di Milano	Discussant: James Ang   Florida State University	Discussant: Walid Saffar   University of Southern Indiana

Session 40 Cash and Dividends     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Alice Bonaime
Market Movements and the Excess Cash Theory of Dividends   Ebenezer Asem, University of Lethbridge   Eldon Gardner, University of Lethbridge   Shamsul Alam, University of Lethbridge	The Value of Internal Funds   Michael Kisser, Vienna Graduate School of Finance	Information Asymmetry and the Value of Cash   Wolfgang Drobetz, University of Hamburg   Matthias Grüninger, University of Basel   Simone Hirschvogl, Universite Libre de Bruxelles
Presenter: Ebenezer Asem	Presenter: Michael Kisser	Presenter: Wolfgang Drobetz
Discussant: Florian Esterer   Swisscanto Asset Management	Discussant: Hakan Jankensgard   Lund University	Discussant: Alice Bonaime   University of Kentucky

Session 41 Equity Risk Measurement     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Javier Estrada
The Gain-Loss Spread: A New and Intuitive Measure of Risk   Javier Estrada, IESE Business School	Market Volatility, Skewness, and Kurtosis Risks and the Cross-Section of Stock Returns   Bo Young Chang, McGill University   Peter Christoffersen, McGill University & CREATES   Kris Jacobs, McGill University & Tilburg University	Extreme Downside Risk and Expected Stock Returns   Feng Wu, University of Hawaii at Manoa   Wei Huang, University of Hawaii at Manoa   Qianqiu Liu, University of Hawaii at Manoa   Ghon Rhee, University of Hawaii at Manoa & SKKU
Presenter: Javier Estrada	Presenter: Bo Young Chang	Presenter: S Ghon Rhee
Discussant: Valeri Zakamouline   University of Agder	Discussant: Antoni Vaello Sebastia   University of Illes Balears	Discussant: Javier Estrada   IESE Business School

Session 42 Option Pricing     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Ako Doffou
New Methodologies in the Valuation of Interest Rate Options   Ako Doffou, Monterey Institute of International Studies	An Efficient and Accurate Lattice for Pricing Derivatives under a Jump-Diffusion Process   Tian-Shyr Dai, National Chiao Tung University   Chuan-Ju Wang, National Taiwan University   Yuh-Dauh Lyuu, National Taiwan University   Yen-Chun Liu, National Chiao Tung University	The Valuation of Forward-Start Rainbow Options   Jung-Ying Chen, National Taiwan University   Jr-Yan Wang, National Taiwan University
Presenter: Ako Doffou	Presenter: Tian-Shyr Dai	Presenter: Jr-Yan Wang
Discussant: Tian-Shyr Dai   National Chiao Tung University	Discussant: Jr-Yan Wang   National Taiwan University	Discussant: Ako Doffou   Monterey Institute of Intl Studies

Session 43 People and Portfolio Performance     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Ryan Davies
The Impact of UK Manager Changes on Fund Performance and Fund Flows   Andrew Clare, Cass Business School   Svetlana Sapuric, Cass Business School   Natasa Todorovic, Cass Business School	Why is Persistent Mutual Fund Performance so Difficult to Achieve? The Impact of Fund Flows and Management Turnover   Wolfgang Bessler, Justus-Liebig-University Giessen   David Blake, Cass Business School   Peter Lueckoff, Justus-Liebig-University Giessen   Ian Tonks, University of Exeter	Investors' Misperception: A Hidden Source of High Markups in the Mutual Fund Industry   Shengsui Hu, ETH Zurich   Yannick Malevergne, University of Saint-Etienne   Didier Sornette, ETH Zurich
Presenter: Natasa Todorovic	Presenter: Wolfgang Bessler	Presenter: Shengsui Hu
Discussant: Andrew Ainsworth   University of New South Wales	Discussant: Natasha Todorovic   Cass Business School	Discussant: Ryan J Davies   Babson College

Session 44 Hedge Funds     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Christof Stahel
Why do Hedge Funds’ Worst Returns Cluster? Common Liquidity Shocks vs. Contagion   Nicole M Boyson, Northeastern University   Christof W Stahel, George Mason University   Rene M Stulz, Ohio State University	Locking in the Profits or Putting it all on Black? An Empirical Investigation into the Risk-taking Behaviour of Hedge Fund Managers   Nicholas Motson, Cass Business School   Andrew Clare, Cass Business School	Risk and Beta Anatomy in the Hedge Fund Industry   Roberto Savona, University of Brescia
Presenter: Christof W Stahel	Presenter: Nicholas Motson	Presenter: Roberto Savona
Discussant: Roberto Savona   University of Brescia	Discussant: Christof Stahel   George Mason University	Discussant: Sunil Poshakawale   Cranfield University

Session 45 Influence and Responsibility     Friday, 5 June, 8:30 am - 10:00 am Chairperson: Nick Laopodis
Corporate Social Responsibility and the Cost of Debt Financing   Allen Goss, Ryerson University   Gordon S. Roberts, York University	Are Fundamentals Still Relevant for European Economies in the Post-Euro Period?   Nikiforos Laopodis, Fairfield University	The Influence of Investor Protection on Foreign Equity Portfolio Investments   Chandra Thapa, Cranfield University   Sunil S Poshakwale, Cranfield University
Presenter: Allen Goss	Presenter: Nick Laopodis	Presenter: Sunil S Poshakwale
Discussant: Claudia Custodio   London School of Economics	Discussant: Alexander Popov   European Central Bank	Discussant: Nikiforos Laopodis   Fairfield University

10:00 am - 10:30 am Coffee Break Ground and First Floor Foyers

Friday, 5 June – 10:30 am - 12:00 noon

Session 46 (Panel Session) Securitization and Credit Ratings: The View from the Financial Economists Roundtable     Friday, 5 June, 10:30 am - 12:00 noon Much of the blame for the recent turmoil in financial markets both in the US and abroad is widely attributed to the inappropriate design and use of securitized home mortgages and to incomplete evaluations of the credit risk associated with the resulting securities by the major credit rating agencies and undue reliance on the ratings by both issuers and investors. The adverse aggregate welfare losses of the turmoil in most industrial countries has been substantial and likely offsets much of the recent welfare gains from developing more complete markets and may stifle financial innovation in the immediate future. The Financial Economists Roundtable (FER) discussed these problems at its annual meeting in July 2009 and drafted a report. The report identifies the sources of the mistakes, the counterproductive incentives of many market participant that encouraged and propagated  the problems, and the public policy implications. It also proposes remedies to prevent both continuation of the turmoil and such incidents in the future with minimum damage to financial market efficiency.   Moderator George Kaufman, John F. Smith Professor of Finance and Economics Loyola Univ Chicago Panelists Franklin Edwards, Arthur F. Burns Chair in Free and Competitive Enterprise Colombia Univ Richard Herring, Jacob Safra Professor of International Banking; Professor of Finance and Co-Director, Wharton Financial Institutions Center The Wharton School, Univ of Pennsylvania Edward Kane, James F. Cleary Professor of Finance Boston College

Session 47 Capital and Investment     Friday, 5, June, 10:30 am - 12:00 noon Chairperson: Donia Trabelsi
Does Private Equity Spur Innovation? Evidence from Europe   Alexander Popov, European Central Bank   Peter Roosenboom, Erasmus University	Venture Capital and Sequential Investment   Donia Trabelsi, University Paris 1 - Pantheon - Sorbonne	An Empirical Investigation of Zero-leverage and Ultra-low Leverage Firms: Some UK Evidence   Viet Anh Dang, Manchester Business School
Presenter: Alexander Popov	Presenter: Donia Trabelsi	Presenter: Viet Anh Dang
Discussant: Donia Trabelsi   Universite Paris I Pantheon-Sorbonne	Discussant: Guillaume Andrieu   GSCM Montpellier Business School	Discussant: Yingmei Cheng   Florida State University

Session 48 Management Compensation     Friday, 5, June, 10:30 am - 12:00 noon Chairperson: Chris Florackis
Subjective Executive Stock Options Valuation using Simulations   Angel Leon, University of Alicante   Antoni Vaello-Sebastia, University of Illes Balears	Outside and Inside Hired CEOs: A Financial Surprise   Gregory Leo Nagel, Mississippi State University   James S. Ang, Florida State University	CEOs Under Fire: Pressure from within: The Effects of Inside Directors on CEO Compensation and Turnover   Shawn Mobbs, University of Alabama
Presenter: Antoni Vaello-Sebastia	Presenter: James Ang	Presenter: Shawn Mobbs
Discussant: Sunae Lee   KAIST	Discussant: Chris Florackis   University of Liverpool	Discussant: Chih-Liang Liu   National Chiao Tung University

Session 49 Financial Structure Decisions     Friday, 5, June, 10:30 am - 12:00 noon Chairperson: Wolfgang Drobetz
Predicting the Share Repurchase Behaviour of Australian Corporations   Christine Brown, The University of Melbourne   Daniel Norman, The University of Melbourne	The Dividend Policy of Privately Held Companies: Stand Alone Companies and Group Companies in Belgium   An Rommens, University of Antwerp   Ludo Cuyvers, University of Antwerp   Marc Deloof, University of Antwerp and Université Catholique de Louvain	Corporate Choice of Banks: Decision Factors, Process and Responsibility – First Evidence   Steven Ongena, Tilburg University   Bram Vermeer,   Gunseli Tumer-Alkan, Vrije University Amsterdam
Presenter: Christine Brown	Presenter: Marc Deloof	Presenter: Gunseli Tumer-Alkan
Discussant: Graham Partington   University of Sydney	Discussant: Wolfgang Drobetz   Universitat Hamburg	Discussant: Christophe Godlewski   University of Strasbourg

Session 50 Credit Risk     Friday, 5, June, 10:30 am - 12:00 noon Chairperson: Evzen Kocenda
Rating Migrations: The Effect of History and Time   Huong D. Dang, University of Sydney   Graham H. Partington, University of Sydney	Credit Risk Mitigation and SMEs Bank Financing in Basel II: The Case of the Loan Guarantee Associations   Clara Cardone-Riportella, Universidad Carlos III de Madrid   Antonio Trujillo-Ponce, Universidad Pablo de Alavide   Maria Jose Casasola, Universidad Carlos III de Madrid	Credit Risk Discovery in the Stock and CDS Market: Who, When and Why Leads?   Santiago Forte, ESADE - Universitat Ramon Llull   Lidija Lovreta, ESADE - Universitat Ramon Llull
Presenter: Graham Partington	Presenter: Maria Jose Casasola	Presenter: Lidija Lovreta
Discussant: Evzen Kocenda   CERGE-EI	Discussant: Regis Blazy   Univ of Strasbourg	Discussant: Mascia Bedendo   Universita Bocconi

Session 51 Pricing and Risk in Banking     Friday, 5, June, 10:30 am - 12:00 noon Chairperson confirmation pending
Systemic Risk Potential, Opacity and Disclosure in European Banks   Francesco Vallascas, University of Cagliari   Kevin Keasey, Leeds University	The Determinants of Retail Bank Fees in Central Europe   Jan Hanousek, CERGE-EI   Pavel Dvorak, CERGE-EI	Price Discovery in Opaque Markets   Jeffrey S Jones, Drury University   Wayne Y Lee, University of Arkansas   Timothy J Yeager, University of Arkansas
Presenter: Francesco Vallascas	Presenter: Jan Hanousek	Presenter: Tim Yeager
Discussant confirmation pending	Discussant: Robert Edmister   Bowling Green State University	Discussant: Wenjia Zhang   Old Dominion University

Session 52 Forecasting Stocks     Friday, 5, June, 10:30 am - 12:00 noon Chairperson confirmation pending
Why are Equity Analysts so Inaccurate in their Target Price Forecasts? Empirical Evidence from the Italian Market   Paola De Vincentiis, University of Torino	The FED Model and Expected Asset Returns   Paulo Maio, Bilkent University	Are International Equity Market Returns Predictable?   Sungju Chun, Boston University
Presenter: Paola De Vincentiis	Presenter: Paulo Maio	Presenter: Sungju Chun
Discussant: Vivian Tai   National Chi Nan University	Discussant: Sungju Chun   Boston University	Discussant: Paulo Maio   Bilkent University

Session 53 Portfolio Investment Strategies     Friday, 5 June, 10:30 am - 12:00 noon Chairperson: Andrew Ainsworth
Institutional Trading around the Ex-Dividend Day   Andrew Ainsworth, University of New South Wales   Kingsley Y.L. Fong, University of New South Wales   David R. Gallagher, University of New South Wales   Graham Partington, University of Sydney	Capital Gains Taxes, Agency Costs, and Closed-end Fund Discounts   Michael Brennan, UCLA and University of Manchester   Ravi Jain, National University of Singapore	The Impact of Nonsynchronous Trading on Differences in Portfolio Cross-autocorrelations   Dan Bernhardt, University of Illinois   Ryan J Davies, Babson College
Presenter: Andrew Ainsworth	Presenter: Ravi Jain	Presenter: Ryan Davies
Discussant: Ravi Jain   National University of Singapore	Discussant: Charles-Henri Reuter   ESCP-EAP & Université de Paris X	Discussant's attendance confirmation pending

Session 54 Competition, Regulation, and Firm Performance     Friday, 5, June, 10:30 am - 12:00 noon Chairperson: Les Coleman
Capital Structure Decisions: Evidence from Deregulated Industries   Alexei V Ovtchinnikov, Vanderbilt University	The Impact of Capital Market Imperfections on the Relationship between Competition and Corporate Performance   Frederiek Schoubben, KU Leuven   Cynthia Van Hulle, KU Leuven	Synergy versus Collusion in Mergers: An Analysis of Stock and Product Prices in the Utility Industry   David Becher, Drexel University   J. Harold Mulherin, University of Georgia   Ralph Walkling, Drexel University
Presenter: Alexei V. Ovtchinnikov	Presenter: Frederiek Schoubben	Presenter: Ralph Walkling
Discussant: Ebenezer Asem   University of Lethbridge	Discussant: Les Coleman   University of Melbourne	Discussant: Evangelos Vagenas-Nanos   Durham University

Friday, 5 June – 14:00 (2:00) pm - 15:30 (3:30) pm

Session 56 Cost of Debt     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Matteo Arena
Does the Early Bird Get the Worm? The Informativeness of Credit Watch Placements   Sugato Chakravarty, Purdue University   Chiraphol Chiyachantana, Singapore Management University   Yen Teik Lee, Singapore Management University	SOX, Corporate Transparency, and the Cost of Debt   Sandro C Andrade, University of Miami   Gennaro Bernile, University of Miami and SEC   Frederick M Hood, Virginia Tech	Debt Location and Multinational Corporations   Matteo P Arena, Marquette University   Andrew H Roper, Cornerstone Research
Presenter: Chiraphol Chiyachantana	Presenter: Sandro C Andrade	Presenter: Matteo Arena
Discussant: Matteo Arena   Marquette University	Discussant confirmation pending	Discussant: Viet Anh Dang   Manchester Business School

Session 57 Management and Compensation     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Shawn Mobbs
Earnings Management and Local vs International Accounting Standards of European Public Firms   Wolfgang Aussenegg, Vienna University of Technology   Petra Inwinkl, Vienna University of Technology   Georg Schneider, University of Paderborn	Pay for Performance? CEO Compensation and Acquirer Returns in BHCs   Kristina Minnick, Bentley University   Haluk Unal, University of Maryland & FDIC   Liu Yang, UCLA
Presenter: Wolfgang Aussenegg	Presenter: Kristi Minnick
Discussant: Rong Ding   University of Bradford	Discussant: Shawn Mobbs   University of Alabama

Session 58 Dynamic Capital Structure     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Hsien-hsing Liao
Target Debt Ratios: Speed of Adjustment and Equity Mis-pricing   Wiliam B Elliott, University of Texas El Paso   Johanna Koeter Koeter-Kant, VU University Amsterdam   Richard S Warr, North Carolina State University	A Dynamic Optimal Capital Structure Model with Costly Adjustment Mechanisms---A Real Option Perspective   Hsien-hsing Liao, National Taiwan University   Yi-Hsuan Tung, National Taiwan University   Tsung-Kang Chen, Nationa Taiwan University	Capital Structure Dynamics in Private Business Groups   Nico Dewaelheyns, Lessius University College/Catholic University of Leuven (K.U.Leuven)   Cynthia Van Hulle, Catholic University of Leuven
Presenter: Anjo Koeter-Kant	Presenter: Hsien-hsing Liao	Presenter: Nico Dewaelheyns
Discussant: Hsien-Hsing Liao   National Taiwan University	Discussant: Anastasiya Shamshur   CERGE-EI	Discussant: Felix Lopez-Hurriaga   Universidad De Valladolid

Session 59 Risk Management     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Ako Doffou
Credit Risk Transfer Practices in US Commercial Banks   Mascia Bedendo, Bocconi University and Carefin   Brunella Bruno, Bocconi University	An Empirical Study of the Returns on Defaulted Debt and the Discount Rate for Loss-Given-Default   Michael Jacobs Jr, US OCC	What Fuels Oil Company Risk?   Les Coleman, University of Melbourne
Presenter: Mascia Bedendo	Presenter: Michael Jacobs	Presenter: Les Coleman
Discussant: Timothy Yeager   University of Arkansas	Discussant: Thomas Barkley   Syracuse University	Discussant: Tom Aabo   University of Aarhus

Session 60 Banking     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Elena Kalotychou
Do Foreign Correspondent Relationships Indicate Bank Quality?   Robert Edmister, Bowling Green State University   Lucy Chernykh, Bowling Green State University	Internet Banking in Europe: A Comparative Analysis   Francesca Arnaboldi, Università di Milano   Peter Claeys, Universitat de Barcelona	Does the Stock Market Compensate Banks for Diversifying into the Insurance Business?   Panayiotis Dontis-Charitos, Cass Business School   Philip Molyneux, Bangor Business School, Bangor University   Sotiris K. Staikouras, Cass Business School
Presenter: Robert Edmister	Presenter: Francesca Arnaboldi	Presenter: Sotiris Staikouras
Comments provided by Elena Kalotychou (tentative)	Discussant: Sotiris Staikouras   Cass Business School	Discussant: Jens Hagendorff   Leeds University

Session 61 Market Microstructure     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Rob Bliss
Regulatory Uncertainty and Financial Contagion: Evidence from the Hybrid Capital Securities Market   John D. Finnerty, Fordham University   Jeffrey Turner, Finnerty Economic Consulting, LLC   Jack Chen, Finnerty Economic Consulting, LLC   Rachael Park, Finnerty Economic Consulting, LLC	Naked Short Selling: Good, Bad or Ugly?   Veljko Fotak, University of Oklahoma   Vikas Raman, University of Oklahoma   Pradeep K. Yadav, University of Oklahoma
Presenter: John D. Finnerty	Presenter: Veljko Fotak
Discussant: Vikas Raman   University of Oklahoma	Discussant: Rob Bliss   Wake Forest University

Session 62 Volatility Measurement     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Thorsten Lehnert
An Empirical Examination of Multifactor Deterministic Volatility Function Models   I-Doun Kuo, Tunghai University   Ian-Jie Liao, Tunghai University	Asymmetric Return-Volatility Relation, VolatilityTransmission and Implied Volatility Indexes   Ihsan Ullah Badshah, Hanken School of Economics	Volatility Forecasting: The Jumps Do Matter   Roberto Reno, Università di Siena   Fulvio Corsi, Università di Siena
Presenter: I-Doun Kuo	Presenter: Ihsan Ullah Badshah	Presenter: Roberto Reno
Discussant: Eirini Konstantinidi   University of Piraeus	Discussant: Yi-Hsuan Chen   National Taiwan University	Discussant: Thorsten Lehnert   Maastricht University

Session 63 Investor Sentiment     Friday, 5 June, 14:00 pm - 15:30 pm Chairperson: Ron Guido
Not so Dumb Money: The Prognostic Power of Investor Sentiment over Time   Jördis Hengelbrock, University of Bonn   Erik Theissen, University of Bonn   Christian Westheide, University of Bonn	A Tale of Two Strategies: Cash Flow, Accruals and the Role of Investor Sentiment   Xavier Gerard, State Street Global Advisors   Ron Guido, State Street Global Advisors   Christos Koutsoyannis, State Street Global Advisors
Presenter: Christian Westheide	Presenter: Ron Guido
Discussant: Ron Guido   State Street Global Advisors	Discussant: Christian Westerheide   Bonn Graduate School of Economics

15:30 (3:30) pm - 16:00 (4:00) pm Coffee Break Ground and First Floor Foyers

Friday, 5 June – 16:00 (4:00) pm - 17:30 (5:30) pm

Session 65 Managing SMEs and High-Tech Firms     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Anjo Koeter-Kant
The Changing Role of the Board in High Tech Sectors: From Monitoring to Advising   Pablo de Andres Alonso, University of Valladolid   Felix J. Lopez Iturriaga, University of Valladolid   Juan Antonio Rodriguez Sanz, University of Valladolid	Does Trade Credit Facilitate Access to Bank Finance? Empirical Evidence from Portuguese and Spanish Small Medium Size Enterprises   Ana Paula Gama, University of Beira Interior   Cesario Mateus, University of Greenwich   Andreia Teixeira, University of Beira Interior	Cash Conversion Cycle in SMEs   Sonia Banos-Caballero, University of Murcia   Pedro J Garcia-Teruel, University of Murcia   Pedro Martinez-Solano, University of Murcia
Presenter: Felix J. Lopez Iturriaga	Presenter: Cesario Mateus	Presenter: Pedro Martinez-Solano
Discussant: Maria Jose Casasola Martinez   Universidad Carlos III de Madrid	Discussant: Pedro Garcia-Teruel   University of Murcia	Discussant: Anjo Koeter-Kant   Vrije Universiteit Amsterdam

Session 66 Executive Compensation Incentives     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Alexandra Niessen (tentative)
Is Executive Compensation Shaped by Public Attitudes?   Camelia M. Kuhnen, Northwestern University   Alexandra Niessen, University of Texas at Austin	Is Backdating Vicious? - An Investigation on the Rationale of Backdating CEO Stock Options   Betty (H.T.) Wu, University of Amsterdam	Managerial Incentives and Voluntary Turnover   Jayant Kale, Georgia State University   Ebru Reis, Miami University   Anand Venkateswaran, Northeastern University
Presenter: Alexandra Niessen	Presenter: Betty (H.T.) Wu	Presenter: Anand Venkateswaran
Discussant: Anand Venkateswaran   Northeastern University	Discussant: Gennaro Bernile   University of Miami & US SEC	Discussant: Alexandra Niessen   University of Cologne

Session 67 The Structure of Capital Structure     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Zhenxu Tong
Moral Hazard and the Structure of Debt Contracts   Robert R. Bliss, Wake Forest University   Stephen D. Cauley, UCLA	Capital Structure and Employee Pay: An Empirical Analysis   Thomas Chemmanur, Boston College   Yingmei Cheng, Florida State University   Tianming Zhang,	Coinsurance Effect and Bank Lines of Credit   Zhenxu Tong, University of Exeter
Presenter: Robert R. Bliss	Presenter: Yingmei Cheng	Presenter: Zhenxu Tong
Discussant: Duane Stock   University of Oklahoma	Discussant: Zhenxu Tong   University of Exeter	Discussant: Gunseli Tumer-Alkan   Vrije Universiteit Amsterdam

Session 68 Term Structure and Credit Spreads     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Michael Jacobs (tentative)
Information Asymmetry in the Government Bond Markets:How Liquidity Can Help   William T Lin, Tamkang University   Shih-Chuan Tsai, Ling Tung University   David S Sun, Taiwan Academy of Banking and Finance	Estimation of Factors for Term Structures with Dependence Clusters   Dennis Philip, Cass Business School	Analyzing Credit Spreads Using a Two Factor Model with Multiple Default Thresholds and Varying Covenant Protection   S. R. Lakshmivarahan, University of Oklahoma   Shengguang G. Qian, University of Oklahoma   Duane Robert Stock, University of Oklahoma
Presenter: David S. Sun	Presenter: Dennis Philip	Presenter: Duane Stock
Discussant confirmation pending	Discussant: David Sun   Taiwan Academy of Banking and Finance	Discussant: Michael Jacobs   Comptroller of the Currency

Session 69 Market Liquidity and Volume     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Petko Kalev
Dynamic Short-Sales Constraints, Price Limits and Price Delays   Tse-Chun Lin, University of Amsterdam	The Effect of Cross-Listing on Trading Volume: Reducing Segmentation versus Signaling Investor Protection   Abed Al-Nasser Abdallah, American University of Sharjah   Wissam Abdallah, Lebanese American University   Mohsen Saad, American University of Sharjah
Presenter: Tse-Chun Lin	Presenter: Wissam Abdallah
Discussant: Petko Kalev   Monash University	Discussant: Chiraphol New Chiyachantana   Singapore Management University

Session 70 Behavioral Finance     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Doug Emery
Moral Hazard and Screening in an Experimental Market   Monica Capra, Emory University   Irene Comeig, Univ. Geneva, Univ. Valencia and LINEEX   Matilde O. Fernandez Blanco, University of Valencia	On the Performance of Sentiment-based Trading Rules   Wouter Janssen, Van Lanschot Bankiers   Thorsten Lehnert, Maastricht University	Low Risk and High Return - How Emotional Attitudes Shape Stock Expectations   Alexander Kempf, University of Cologne   Christoph Merkle, University of Mannheim   Alexandra Niessen, University of Texas
Presenter: Irene Comeig	Presenter: Thorsten Lehnert	Presenter: Christoph Merkle
Discussant: Douglas Emery   University of Miami	Discussant: Ruggero Bertelli (tentative)	Discussant: Irene Comeig   Universidad de Valencia

Session 71 Risk Management and Measurement     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Betty Simkins
Stress-Testing Probability of Default and Migration Rate with respect to Basel II Requirements   Bogie Ozdemir, Standard and Poors   Peter Miu, McMaster University	Integrated Foreign Exchange Risk Management: The Role of Import in Medium-Sized, Manufacturing Firms   Tom Aabo, University of Aarhus   Jochen Kuhn, A.P. Moller - Maersk A/S	Portfolio Value-at-Risk Estimation with a Time-varying Copula Approach: An Illustration of Model Risk   Yi-Hsuan Chen, Chung-Hua University   Anthony H. Tu, National Chengchi University
Presenter: Bogie Ozdemir	Presenter: Tom Aabo	Presenter: Yi-Hsuan Chen
Discussant confirmation pending	Discussant: Betty Simkins   Oklahoma State University	Discussant confirmation pending

Session 72 Market Integration     Friday, 5 June, 16:00 pm - 17:30 pm Chairperson: Andreas Hanhardt
Measuring Stock Market Integration in the Eurozone Via a Stochastic Discount Factor Approach   Andreas Hanhardt, ESADE Business School   Carmen Ansotegui, ESADE Business School	What's Driving U.S. Energy Firms Going Abroad? Some Evidence from Internationally Taking over Four Emerging Markets, Japan and E.U. Firms   Wenjia Zhang, Old Dominion University	Multimarket Trading, Volume Dynamics, and Market Integration   Michael Halling, University of Utah   Pamela C. Moulton, Fordham University   Marios Panayides, University of Utah
Presenter: Andreas Hanhardt	Presenter: Wenjia Zhang	Presenter: Michael Halling
Discussant to be announced	Discussant: Andreas Hanhardt   ESADE Business School	Discussant: Ihsan Ullah Badshah   Hanken School of Economics